TCR_Public/141222.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Monday, December 22, 2014, Vol. 18, No. 355

                            Headlines

401 PROPERTIES: Case Summary & 15 Unsecured Creditors
ACADEMY SPORTS: Bank Debt Trades at 3% Off
ADVANCED MICRO DEVICES: Amends Loan Agreement With BoA
AEMETIS INC: Approves Salary Increases for Executive Officers
ALLENS INC: Unpaid Farmers Sue Bankruptcy Advisers

ALLY FINANCIAL: To Allow DOJ to Pursue Its Investigation
ALLY FINANCIAL: Feds Subpoena Co. Over Subprime Auto Finance
ALSIP ACQUISITION: MWRCD Withdraws Bid for Venue Transfer
AMC NETWORKS: Bank Debt Trades at 3% Off
AMERICAN APPAREL: Names Schneider as CEO, Terminates Dov Charney

AMERICAN APPAREL: New CEO to be Paid $600,000 Annually
AMSTERDAM HOUSE: Reorganization Plan Declared Effective
APOLLO MEDICAL: To Authorize Issuance of Uncertificated Shares
APOLLO MEDICAL: Adrian Vazquez Has 19.3% Stake as of Dec. 11
ARCHETYPE CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors

BASS PRO: Fishing Holdings Deal No Impact on Moody's Ba3 CFR
BG MEDICINE: Noubar Afeyan Has 15.5% Stake as of Dec. 3
BINDER & BINDER: Seeks Chapter 11 Bankruptcy Protection
BINDER & BINDER: Case Summary & 20 Largest Unsecured Creditors
BREITBURN ENERGY: Moody's Affirms B1 Corporate Family Rating

BRIGHTER CHOICE: Fitch Cuts Revenue Bonds Rating to 'B+'
CAESARS ENTERTAINMENT: Unit to File For Bankruptcy in Mid-January
CAESARS ENTERTAINMENT: Reaches Agreement with 1st Lien Noteholder
CAESARS ENTERTAINMENT: Says Indenture Default Claim Has No Basis
CAESARS ENTERTAINMENT: Cooperman Has 5.4% Stake as of Dec. 12

CAESARS ENTERTAINMENT: 2017 Bank Debt Trades at 13% Off
CBS OUTDOOR: 2021 Bank Debt Trades at 3% Off
CEVA GROUP: 2021 Bank Debt Trades at 7% Off
CLEAN UP AMERICA: Case Summary & 20 Largest Unsecured Creditors
CONCHO RESOURCES: Moody's Alters Outlook to Pos., Affirms CFR

CONTAC SERVICES: Receiver Has Court Approval to Sell Properties
CONTRAVIR PHARMACEUTICALS: Posts $1.47-Mil. Net Loss in Q3
DAPS INC: Case Summary & 2 Unsecured Creditors
DEAN FOOD: Moody's Affirms B1 Corporate Family Rating
DENDREON CORP: Feb. 5 Hearing on Approval of Sale of Assets

DETROIT, MI: Moody's Assigns B3 Issuer Rating; Outlook Stable
EDGEN MURRAY: Moody's Raises Senior Secured Notes Rating to Ba3
EMANUEL COHEN: Reorganization Case Converted to Chapter 7
EMERALD INVESTMENTS: Files Bare-Bones Ch. 11 Petition
EMPIRE RESORTS: Unit Chosen to Apply for Gaming Facility License

ENDEAVOUR INT'L: Committee Wants Disclosure Statement Modified
ENERGY FOCUS: Narrows Loss to $403K in Third Quarter
ENERGY FUTURE: Has Until Dec. 31 to Decide on Unexpired Leases
ENERGY SERVICES: Going Concern Opinion Removed
ENERGY TRANSFER: Bank Debt Trades at 4% Off

EPICOR SOFTWARE: Bank Debt Trades at 2% Off
EPIQ SYSTEMS: S&P Retains 'BB-' CCR on CreditWatch Negative
EVOLUTION ACADEMY: S&P Lowers Rating on Revenue Bonds to 'B-'
FEDERAL-MOGUL CORP: Bank Debt Trades at 2% Off
FLINTRIDGE CRESTAVILLA: Foreclosure Sale Set for Dec. 26

FIRST DATA: Bank Debt Trades at 3% Off
FIRST FINANCIAL: Shareholders Approved Merger With CBIN
FULLCIRCLE REGISTRY: SEC Registration Declared Effective
GATES GROUP: Bank Debt Trades at 3% Off
GETTY IMAGES: Bank Debt Trades at 9% Off

GREEN MOUNTAIN: Appoints Lee Katz as Chief Restructuring Officer
GREEN WORLD PATH: Case Summary & 13 Largest Unsecured Creditors
GYMBOREE CORP: Bank Debt Trades at 39% Off
HANGER INC: Moody's Puts Ba3 CFR on Review for Downgrade
HOSPIRA INC: Moody's Affirms Ba1 CFR & Raises Outlook to Positive

HOVNANIAN ENTERPRISES: Posts $307 Million Net Income in 2014
IDERA PHARMACEUTICALS: Pillar Sells 1.1 Million Common Shares
IMAGEWARE SYSTEMS: Jon Gruber Has 5% Stake as of Dec. 18
INTERNATIONAL TEXTILE: Further Amends Credit Agreement With GECC
INSITE VISION: Registers 5 Million Common Shares for Resale

INSITE VISION: Annual Stockholders Meeting Set for March 2015
IPCELERATE INC: IP, Other Assets to Be Auctioned Off Dec. 29
IRON MOUNTAIN: Moody's Lowers Sr. Unsecured Debt Rating to Ba2
LAKSHMI HOSPITALITY: Parties Object to Bid to Dismiss
LEHMAN BROTHERS: LB Bankhaus $1.35BB Claims Settlement Okayed

LEHMAN BROTHERS: Dodges Ruling That Could Block Distributions
LEHMAN BROTHERS: LBI Seeks Top Court Review on Barclays Case
LEHMAN BROTHERS: Plan Trust Extended for Another 3 Years
LEHMAN BROTHERS: Putnam Claims Settlement Approved
LINKEDIN CORP: S&P Assigns 'BB+' CCR; Outlook Stable

MALLINCKRODT GROUP: Bank Debt Trades at 3% Off
MEDICURE INC: Changes Fiscal Year End to Dec. 31
MERGEWORTHRX CORP: Lack of Financing Raises Going Concern Doubt
MERRIMACK PHARMACEUTICALS: Sarah Nash Quits From Board
MISSION NEWENERGY: Appoints Advisor Nizam to Board

MONITRONICS INTERNATIONAL: Bank Debt Trades at 2% Off
MOUNTAIN PROVINCE: To Begin Trading on NASDAQ Stock Market
MULTI PACKAGING SOLUTIONS: Moody's Changes Outlook to Negative
NAVISTAR INTERNATIONAL: Carl Icahn Has 19.9% Stake as of Dec. 17
NAVISTAR INTERNATIONAL: Rachesky Has 17.8% Stake as of Dec. 17

NEPHROS INC: Completes $3 Million Rights Offering
NET ELEMENT: Authorized Common Shares Hiked to 200 Million
NEXSTAR BROADCASTING: Moody's Hikes Corporate Family Rating to B1
NII HOLDINGS: Plan-Support Agreement Gets Independent Review
NORTHERN STAR BANK: BankVista Assumes Bank's Deposits

NORTHLAND RESOURCES: Luxembourg Court Approves Bankruptcy Request
ONE SOURCE: Files for Chapter 11, Wants Sanctions Against Volvo
PACIFIC GOLD: Sells 15 Million Shares of Pacific Metals
PANAMA'S GLOBAL: Moody's Affirms Ba1 Long Term Deposit Rating
PETTERS COMPANY: PBE Debtors Okayed to Use Case Until Dec. 2015

PORTEX MINERALS: Seeks Approval of Debt-for-Equity Conversion
REACON INC: Case Summary & 4 Unsecured Creditors
RECYCLE SOLUTIONS: Committee Taps Bridgforth & Buntin as Counsel
RECYCLE SOLUTIONS: Rikard & Neal Approved to Prepare Tax Returns
RECYCLE SOLUTIONS: Harris Shelton Approved as Bankruptcy Counsel

REDPRAIRIE CORP: Bank Debt Trades at 8% Off
RESOLUTE ENERGY: Moody's Lowers Unsecured Notes Rating to Caa1
RESPONSE BIOMEDICAL: Renegotiates Term Loan with Silicon Valley
RESPONSE BIOMEDICAL: Says Losses to Continue in Near Future
REXNORD: Bank Debt Trades at 3% Off

RITE AID: Posts $104.8 Million Net Income in Third Quarter
SABRE HOLDINGS: Bank Debt Trades at 3% Off
SEARS HOLDINGS: Extends Maturity of $400-Mil. Loan to February
SHENANDOAH VALLEY: Case Summary & 7 Unsecured Creditors
SHIPPY REALTY: Case Summary & Largest Unsecured Creditors

SNTECH INC: Files Voluntary Chapter 11 Bankruptcy Petition
SOLAR POWER: Enters Into Various Agreements With Investors
SPORTSMAN'S WAREHOUSE: Moody's Withdraws B2 Corp. Family Rating
SPRINT CORP: Moody's Cuts Corporate Family Rating to B1
TRACK GROUP: Incurs $8.7 Million Net Loss in Fiscal 2014

TREETOPS ACQUISITION: Has Interim Use of Cash Collateral
TRUMP ENTERTAINMENT: $20MM Lifeline From Icahn Being Crafted
UMED HOLDINGS: Recurring Net Losses Raises Going Concern Doubt
UNI-PIXEL INC: To Present at Needham Conference on Jan. 14
UNIVERSITY GENERAL: Has Agreement to Sell Senior Living Business

UROLOGIX INC: Narrows Net Loss to $437K in Sept. 30 Quarter
VERMILLION INC: Promotes Valerie Palmieri to CEO
VIGGLE INC: Pays Off $15 Million Deutsche Bank Loan
VISTEON CORP: Halla Visteon Deal No Impact on Moody's B1 CFR
WAVE SYSTEMS: Amends $15 Million Securities Prospectus

WEST CORP: Bank Debt Trades at 3% Off
WINDSTREAM HOLDINGS: Moody's Keeps Ba3 Rating on Structure Change
WOUND MANAGEMENT: Has $671K Net Loss in Third Quarter
YELLOWSTONE MOUNTAIN: $20MM Lifeline From Icahn Being Crafted
YOU ON DEMAND: Posts $2.12-Mil. Net Loss in Sept. 30 Quarter

ZAYO GROUP: Bank Debt Trades at 3% Off

* Moody's Low B3-Rated Corp. Lists Show Calm Credit Condition

* bestattorneysrankings.com Unveils Top 30 Bankruptcy & Debt Firms

* BOND PRICING: For The Week From December 15 to 19, 2014


                             *********


401 PROPERTIES: Case Summary & 15 Unsecured Creditors
-----------------------------------------------------
Debtor: 401 Properties Limited Partnership
        401 S. LaSalle Street, Suite 203
        Chicago, IL 60605

Case No.: 14-44983

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: December 18, 2014

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Hon. Jacqueline P. Cox

Debtor's Counsel: Peter J Roberts, Esq.
                  SHAW FISHMAN GLANTZ & TOWBIN LLC
                  321 North Clark St, Suite 800
                  Chicago, IL 60654
                  Tel: 312-276-1322
                  Fax: 312-980-3888
                  E-mail: proberts@shawfishman.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Michael B. Horrell, authorized agent of
general partner.

A list of the Debtor's 15 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ilnb14-44983.pdf


ACADEMY SPORTS: Bank Debt Trades at 3% Off
------------------------------------------
Participations in a syndicated loan under which Academy Sports &
Outdoors is a borrower traded in the secondary market at 97.45
cents-on-the-dollar during the week ended Friday, Dec. 19, 2014,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease
of 1.49 percentage points from the previous week, The Journal
relates.  Academy Sports & Outdoors pays 325 basis points above
LIBOR to borrow under the facility.  The bank loan matures on July
20, 2018, and carries Moody's B1 rating and Standard & Poor's B
rating.  The loan is one of the biggest gainers and losers among
205 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


ADVANCED MICRO DEVICES: Amends Loan Agreement With BoA
------------------------------------------------------
Advanced Micro Devices, Inc., and AMD International Sales &
Service, Ltd., a wholly-owned subsidiary of the Company
("Borrowers"), entered into a first amendment to loan and security
agreement by and among the Borrowers, the financial institutions
party thereto as lenders and Bank of America, N.A., a national
banking association, as agent for the Lenders, which modifies that
certain Loan and Security Agreement, dated as of Nov. 12, 2013.

The First Amendment amends the Loan Agreement to reduce the
minimum amount of domestic cash or cash equivalents held in
certain accounts of the Borrowers from $500,000,000 to
$250,000,000, which the Borrowers are required to hold in order to
avoid triggering certain financial covenants and other restrictive
terms contained in the Loan Agreement, as well as to change
certain financial and other definitions.

The First Amendment was designed to provide the Company with
greater operational flexibility.

The Borrowers did not pay any amendment fees to the Lenders in
connection with the First Amendment.

                   About Advanced Micro Devices

Sunnyvale, California-based Advanced Micro Devices, Inc., is a
global semiconductor company.  The Company's products include x86
microprocessors and graphics.

Advanced Micro incurred a net loss of $83 million on $5.29 billion
of net revenue for the year ended Dec. 28, 2013, as compared with
a net loss of $1.18 billion on $5.42 billion of net revenue for
the year ended Dec. 29, 2012.

As of Sept. 27, 2014, the Company had $4.32 billion in total
assets, $3.79 billion in total liabilities and $535 million in
total stockholders' equity.

                          *     *     *

In August 2013, Standard & Poor's Ratings Services revised its
outlook on Advanced Micro to negative from stable.  At the same
time, S&P affirmed its 'B' corporate credit and senior unsecured
debt ratings on AMD.

As reported by the TCR on June 5, 2014, Fitch Ratings had upgraded
the long-term Issuer Default Rating (IDR) for Advanced Micro
Devices Inc. (NYSE: AMD) to 'B-' from 'CCC'.  The upgrade
primarily reflects AMD's improved financial flexibility from
recent refinancing activity, which extends meaningful debt
maturities until 2019.

In the Feb. 4, 2013, edition of the TCR, Moody's Investors Service
lowered Advanced Micro Devices' corporate family rating to B2 from
B1.  The downgrade of the corporate family rating to B2 reflects
AMD's prospects for weaker operating performance and liquidity
profile over the next year as the company commences on a multi-
quarter strategic reorientation of its business in the face of a
challenging macro environment and a weak PC market.


AEMETIS INC: Approves Salary Increases for Executive Officers
-------------------------------------------------------------
The Governance, Compensation and Nominating Committee of the Board
of Directors of Aemetis, Inc., approved increases to annual base
salaries for Eric McAfee, chairman and chief executive officer;
Todd Waltz, executive vice president and chief financial officer;
Andy Foster, executive vice president and president of Aemetis
Advanced Fuels; and Sanjeev Gupta, executive vice president and
managing director of Universal Biofuels Pvt. Ltd.

Effective as of Jan. 1, 2015, the annual base salaries of Messrs.
McAfee, Waltz, Foster and Gupta will be increased to $250,000,
$230,000, $210,000 and $210,000, respectively.

                           About Aemetis

Cupertino, Calif.-based Aemetis, Inc., is an international
renewable fuels and specialty chemical company focused on the
production of advanced fuels and chemicals and the acquisition,
development and commercialization of innovative technologies that
replace traditional petroleum-based products and convert first-
generation ethanol and biodiesel plants into advanced
biorefineries.

Aemetis reported a net loss of $24.43 million on $177.51 million
of revenues for the year ended Dec. 31, 2013, as compared with a
net loss of $4.28 million on $189.04 million of revenues in 2012.

As of Sept. 30, 2014, the Company had $95.1 million in total
assets, $94.5 million in total liabilities and $647,000 in total
stockholders' equity.

                          Bankruptcy Warning

The Company said in the Annual Report for the year ended Dec. 31,
2013, "The adoptions of new technologies at our ethanol and
biodiesel plants, along with working capital, are financed in part
through debt facilities.  We may need to seek additional financing
to continue or grow our operations.  However, generally
unfavourable credit market conditions may make it difficult to
obtain necessary capital or additional debt financing on
commercially viable terms or at all.  If we are unable to pay our
debt we may be forced to delay or cancel capital expenditures,
sell assets, restructure our indebtedness, seek additional
financing, or file for bankruptcy protection."


ALLENS INC: Unpaid Farmers Sue Bankruptcy Advisers
--------------------------------------------------
Katy Stech, writing for The Wall Street Journal, reported that
Alvarez & Marsal, the financial advisory firm that guided
vegetable-canning company Allens Inc. through bankruptcy to
survival was sued for $24.8 million.

According to the report, produce farmers, which had shipped more
than $36 million worth of fresh crops to the company shortly after
it filed for bankruptcy, argued that the farmers' bills must be
repaid before nearly all of Allens' other debts -- including money
already paid to bankruptcy advisers -- under the 1930 Perishable
Agricultural Commodities Act.

                        About Allens Inc.

Siloam Springs, Arkansas-based Allens, Inc., a maker of canned and
frozen vegetables in business since 1926, filed for bankruptcy
(Bankr. W.D. Ark. Case No. 13-73597) on Oct. 28, 2013, seeking to
sell some divisions or reorganize as a new company.  Its
affiliate, All Veg Inc., also sought bankruptcy protection.

Bankruptcy Judge Ben T. Barry presides over the cases.  The
Debtors are represented by Stan D. Smith, Esq., Lance R. Miller,
Esq., and Chris A. McNulty, Esq., at Mitchell, Williams, Selig,
Gates & Woodyard, P.L.L.C., in Little Rock, Arkansas; and Nancy A.
Mitchell, Esq., Maria J. DiConza, Esq., and Matthew L. Hinker,
Esq., at Greenberg Traurig, LLP, in New York.  Jonathan Hickman of
Alvarez & Marsal North America, LLC, serves as the Debtors' chief
restructuring officer.  Cary Daniel, Nick Campbell and Markus
Lahrkamp of A&M serve as assistant CROs.  Lazard Freres & Co. LLC
and Lazard Middle Market LLC serve as investment bankers, while GA
Keen Realty Advisors, LLC, serves as real estate advisor to the
Debtors.

Allens Inc. scheduled $294,465,233 in total assets and
$287,945,167 in total liabilities.

The Official Committee of Unsecured Creditors tapped Eichenbaum
Liles P.A.'s Martha Jett McAlister, Esq.; and Cooley LLP's Cathy
Hershcopf, Esq., Jeffrey L. Cohen, Esq., Seth Van Aalton, Esq.,
and Robert B. Winning, Esq., as counsel.

On Feb. 12, 2014, the Court entered the order (i) authorizing and
approving the sale of substantially all of the assets of the
Allens Inc. to Sager Creek Acquisition Corp. -- which is owned by
investment funds controlled or advised by Sankaty Advisors LLC and
GB Credit Partners LLC -- free and clear of all liens, claims,
encumbrances, and interests; and (ii) approving the assumption and
assignment of certain of the Debtor's executory contracts and
unexpired leases.  The sale closed Feb. 28.

The Associated Press said the assets will be sold to Sager Creek
for $124.78 million.  Katy Stech, writing for Daily Bankruptcy
Review, reported that the investment vehicle won the bidding with
a $160 million offer, topping stalking horse bidder Seneca Foods
Corp. at a bankruptcy auction.  Seneca Foods signed an agreement
to purchase the Debtors' assets for $148 million plus assumption
of specified debt.

Counsel to the stalking horse purchaser is Tim C. Loftis, Esq., at
Jaeckle, Fleishmann & Mugel, LLP, in Buffalo, New York.  Local
counsel to the stalking horse purchaser is Charles T. Coleman,
Esq., at Wright, Lindsey & Jennings, LLP, in Little Rock,
Arkansas.

The Troubled Company Reporter, on June 9, 2014, reported that the
Court issued an order converting Allens' (nka Veg Liquidation)
Chapter 11 reorganization case to Chapter 7 liquidation status,
following the Company's request for conversion.  Allen changed its
name to Veg Liquidation Inc. after the sale of its assets.


ALLY FINANCIAL: To Allow DOJ to Pursue Its Investigation
--------------------------------------------------------
At the request of the U.S. Department of Justice, Ally Financial
Inc. recently entered into an agreement to voluntarily extend the
statutes of limitations to allow the DOJ to continue its
investigation of potential claims under the False Claims Act
related to representations made by the Company regarding
Residential Capital, LLC, the Company's former mortgage
subsidiary, in connection with investments in Ally made by the
United States Department of the Treasury pursuant to the Troubled
Asset Relief Program beginning six years ago, in December 2008.

Separately, Ally recently received a subpoena from the DOJ
requesting information in connection with its investigation
related to subprime automotive finance and related securitization
activities.  Other financial institutions have disclosed receiving
similar requests earlier this year, according to a regulatory
filing with the U.S. Securities and Exchange Commission.

                        About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the Ba3 corporate family and B1 senior unsecured ratings
of Ally Financial, Inc. and revised the outlook for the ratings to
positive from stable.  Moody's affirmed Ally's ratings and revised
its rating outlook to positive based on the company's progress
toward sustained improvements in profitability and repayment of
government assistance received during the financial crisis.


ALLY FINANCIAL: Feds Subpoena Co. Over Subprime Auto Finance
------------------------------------------------------------
Julie Steinberg, writing for Daily Bankruptcy Review, reported
that Ally Financial Inc. has received a subpoena from the U.S.
Justice Department asking for information related to the bank's
subprime automotive finance lending practices, the bank said.
According to the report, Ally said in a filing that the Justice
Department has also asked for information on the lender's related
securitization activities.

                       About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the Ba3 corporate family and B1 senior unsecured ratings
of Ally Financial, Inc. and revised the outlook for the ratings to
positive from stable.  Moody's affirmed Ally's ratings and revised
its rating outlook to positive based on the company's progress
toward sustained improvements in profitability and repayment of
government assistance received during the financial crisis.


ALSIP ACQUISITION: MWRCD Withdraws Bid for Venue Transfer
---------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that the Metropolitan Water Reclamation District of
Greater Chicago, which requested on Nov. 24 that Alsip Acquisition
LLC's Chapter 11 case be transferred from Delaware to Illinois,
filed a notice of withdrawal on Dec. 12, according to the court's
docket.

According to the report, four days after Alsip sought bankruptcy
protection, the Metropolitan Water Reclamation District of Greater
Chicago, which claims to have a lien on the mill to secure payment
of about $3.5 million for unpaid user charges, penalties and
interest, asked for the case to be sent to the bankruptcy court in
its hometown in Illinois, saying there's "absolutely nothing
supporting venue in Delaware."

In an objection to the case transfer, Alsip raised a much-
discussed topic, pointing out that "certainly all counsel are well
aware that many Chapter 11 cases are filed in Delaware, and the
vast majority of those cases have no particular contact with
Delaware except as the place of formation," the report related.

                     About Alsip Acquisition

Alsip Acquisition, LLC and APCA, LLC were the leading North
American provider of responsibly made recycled paper for books and
magazines, as well as for commercial printing and packaging
applications.  The operational and manufacturing headquarters are
located in Alsip, Illinois, and consist of a 40-year-old mill and
a leased warehouse in Alsip, Illinois.  The mill and warehouse
were idled in September 2014 following cash losses.  Most of
Alsip's stock is owned by FutureMark Holdings, LLC.

On Nov. 20, 2014, Alsip Acquisition and APCA each filed petitions
seeking relief under chapter 11 of the United States Bankruptcy
Code.  The Debtors' cases have been assigned to Judge Kevin J.
Carey (KJC). The cases have been jointly administered, with
pleadings maintained on the case docket for Case No. 14-12596.

The Debtors have tapped Mintz Levin Cohn Ferris Glovsky and Popeo
PC as counsel and Pachulski Stang Ziehl & Jones as co-counsel.
Epiq Bankruptcy Solutions LLC is the claims and notice agent.

As of Oct. 31, 2014, the Debtors had approximately $7,742,972 of
funded indebtedness and related obligations outstanding.

The goal of the Debtors is to consummate the sale of the assets to
Resolute FP Illinois LLC pursuant to an asset purchase agreement
or another bidder pursuant to the bid procedures.  In addition,
the Debtors intend to vacate their leased locations in Connecticut
and New Jersey, liquidate their other assets, and distribute any
proceeds pursuant to the claims process established by the
Bankruptcy Code.


AMC NETWORKS: Bank Debt Trades at 3% Off
----------------------------------------
Participations in a syndicated loan under which AMC Networks is a
borrower traded in the secondary market at 97.5 cents-on-the-
dollar during the week ended Friday, Dec. 19, 2014, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents a decrease of 0.92
percentage points from the previous week, The Journal relates.
AMC Networks pays 275 basis points above LIBOR to borrow under the
facility.  The bank loan matures on April 30, 2020, and carries
Moody's Ba2 rating and Standard & Poor's BB- rating.  The loan is
one of the biggest gainers and losers among 205 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.


AMERICAN APPAREL: Names Schneider as CEO, Terminates Dov Charney
----------------------------------------------------------------
The Board of Directors of American Apparel, Inc., has appointed
veteran fashion executive Paula Schneider as chief executive
officer, effective Jan. 5, 2015.  This appointment follows the
termination of Dov Charney, former president and chief executive
officer, for cause in accordance with the terms of his employment
agreement.  Scott Brubaker, who has been serving as Interim CEO,
will continue in the post until Ms. Schneider joins the company,
after which he will remain as a consultant to ensure an orderly
transition.

The Employment Agreement provides that Ms. Schneider will receive
a base salary of $600,000 per year, subject to increase based on
the annual review of the Compensation Committee.  Ms. Schneider
will be eligible to receive an annual incentive compensation
award, with a target payment based on a bonus matrix providing for
a range of 50% to 75% of her salary during each such fiscal year,
subject to the terms and conditions of the Company's annual bonus
plan and further subject to certain targets or criteria reasonably
determined by the Board of Directors or the Compensation
Committee.

An experienced executive with an extensive track record in design,
merchandising, sales, manufacturing, finance, licensing and human
resources, Ms. Schneider has a well-earned reputation for
improving the financial performance and operational efficiencies
of numerous global fashion brands.  She has served as president or
senior officer of a number of retail and apparel companies,
including Warnaco, Gores Group, BCBG Max Azria, and Laundry by
Shelli Segal.

"American Apparel has a unique and incredible story, and it's
exciting to become part of such an iconic brand," said Ms.
Schneider.  "My goal is to make American Apparel a better company,
while staying true to its core values of quality and creativity
and preserving its sweatshop-free, Made in USA manufacturing
philosophy."

"This company needs a permanent CEO who can bring stability and
strong leadership in this time of transition, and we believe Ms.
Schneider fits the bill perfectly," said David Danziger, Co-
Chairman of the Board.  "We remain grateful to Scott Brubaker for
his hard work and invaluable insights towards improving our
operations."

Mr. Charney was suspended as president and CEO by the Board on
June 18 for alleged misconduct and violations of company policy.
Under terms of an agreement signed by Mr. Charney on July 9, a
special committee of the Board oversaw an internal investigation
conducted by FTI Consulting into the allegations against Mr.
Charney.  Based on this investigation, the special committee
determined that it would not be appropriate for Mr. Charney to be
reinstated as CEO or an officer or employee of the Company.  While
under suspension as CEO, Mr. Charney had been serving as a
consultant to the Company.  This relationship has now been
terminated.

"We're pleased that what we set out to do last spring - namely, to
ensure that American Apparel had the right leadership - has been
accomplished," said Allan Mayer, Co-Chairman of the Board.  "We
are confident that Paula Schneider has the skills and background
to lead the company to long-term success."

                      About American Apparel

American Apparel is a vertically-integrated manufacturer,
distributor, and retailer of branded fashion basic apparel based
in downtown Los Angeles, California.  As of Sept. 30, 2014,
American Apparel had approximately 10,000 employees and operated
245 retail stores in 20 countries including the United States and
Canada.  American Apparel also operates a global e-commerce site
that serves over 60 countries worldwide at
http://www.americanapparel.com. In addition, American Apparel
operates a leading wholesale business that supplies high quality
T-shirts and other casual wear to distributors and screen
printers.

Amid liquidity problems and declining sales, American Apparel in
early 2011 reportedly tapped law firm Skadden, Arps, Slate,
Meagher & Flom and investment bank Rothschild Inc. for advice on a
restructuring.

In April 2011, American Apparel said it raised $14.9 million in
rescue financing from a group of investors led by Canadian
financier Michael Serruya and private equity firm Delavaco Capital
Corp., allowing the casual clothing retailer to meet obligations
to its lenders for the time being.  Under the deal, the investors
were buying 15.8 million shares of common stock at 90 cents
apiece.  The deal allows the investors to purchase additional
27.4 million shares at the same price.

American Apparel has been in the red as far back as 2010.  The
Company reported a net loss of $106.29 million on $633.94 million
of net sales for the year ended Dec. 31, 2013, as compared with a
net loss of $37.27 million on $617.31 million of net sales for the
year ended Dec. 31, 2012.  American Apparel posted a net loss of
$39.31 million on $547.33 million of net sales for the year ended
Dec. 31, 2011, compared with a net loss of $86.31 million on
$532.98 million of net sales during 2010.  In 2011, American
Apparel announced a restatement of its 2009 financial reports.

The Company's balance sheet at Sept. 30, 2014, the Company had
$307.18 million in total assets, $394.78 million in total
liabilities and a $87.59 million total stockholders' deficit.

                           *     *     *

The TCR reported on Nov. 21, 2013, that Moody's Investors Service
downgraded American Apparel Inc.'s corporate family rating to
Caa2.  The clothing retailer's probability of default was also
lowered one level and the outlook is negative.

As reported by the TCR on Sept. 2, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on Los Angeles-based
American Apparel Inc. to 'CCC-' from 'CCC'.  The outlook is
negative.

"The downgrade reflects our assessment that a debt restructuring
appears inevitable within six months, absent unanticipated
significantly favorable changes in the company's circumstances,"
said Standard & Poor's credit analyst Ryan Ghose.


AMERICAN APPAREL: New CEO to be Paid $600,000 Annually
------------------------------------------------------
Angela Chen, writing for Daily Bankruptcy Review, reported that
new American Apparel Inc. Chief Executive Paula Schneider will
receive an annual salary of $600,000 when she steps into the role
next month.  According to the report, Ms. Schneider may be faced
with deciding whether to work to stem the retailer's sliding sales
or explore a potential sale of the company, following the
departure of founder Dov Charney.

                      About American Apparel

American Apparel is a vertically-integrated manufacturer,
distributor, and retailer of branded fashion basic apparel based
in downtown Los Angeles, California.  As of Sept. 30, 2014,
American Apparel had approximately 10,000 employees and operated
245 retail stores in 20 countries including the United States and
Canada.  American Apparel also operates a global e-commerce site
that serves over 60 countries worldwide at
http://www.americanapparel.com. In addition, American Apparel
operates a leading wholesale business that supplies high quality
T-shirts and other casual wear to distributors and screen
printers.

Amid liquidity problems and declining sales, American Apparel in
early 2011 reportedly tapped law firm Skadden, Arps, Slate,
Meagher & Flom and investment bank Rothschild Inc. for advice on a
restructuring.

In April 2011, American Apparel said it raised $14.9 million in
rescue financing from a group of investors led by Canadian
financier Michael Serruya and private equity firm Delavaco Capital
Corp., allowing the casual clothing retailer to meet obligations
to its lenders for the time being.  Under the deal, the investors
were buying 15.8 million shares of common stock at 90 cents
apiece.  The deal allows the investors to purchase additional
27.4 million shares at the same price.

American Apparel has been in the red as far back as 2010.  The
Company reported a net loss of $106.29 million on $633.94 million
of net sales for the year ended Dec. 31, 2013, as compared with a
net loss of $37.27 million on $617.31 million of net sales for the
year ended Dec. 31, 2012.  American Apparel posted a net loss of
$39.31 million on $547.33 million of net sales for the year ended
Dec. 31, 2011, compared with a net loss of $86.31 million on
$532.98 million of net sales during 2010.  In 2011, American
Apparel announced a restatement of its 2009 financial reports.

The Company's balance sheet at Sept. 30, 2014, the Company had
$307.18 million in total assets, $394.78 million in total
liabilities and a $87.59 million total stockholders' deficit.

                           *     *     *

The TCR reported on Nov. 21, 2013, that Moody's Investors Service
downgraded American Apparel Inc.'s corporate family rating to
Caa2.  The clothing retailer's probability of default was also
lowered one level and the outlook is negative.

As reported by the TCR on Sept. 2, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on Los Angeles-based
American Apparel Inc. to 'CCC-' from 'CCC'.  The outlook is
negative.

"The downgrade reflects our assessment that a debt restructuring
appears inevitable within six months, absent unanticipated
significantly favorable changes in the company's circumstances,"
said Standard & Poor's credit analyst Ryan Ghose.


AMSTERDAM HOUSE: Reorganization Plan Declared Effective
-------------------------------------------------------
Amsterdam House Continuing Care Retirement Community, Inc.,
notified the bankruptcy court that the Effective Date of Amended
Plan of Reorganization occurred on Nov. 13, 2014.

As reported in the Troubled Company Reporter on Oct. 31, 2014,
Judge Alan S. Trust of the U.S. Bankruptcy Court for the Eastern
District of New York, on Oct. 23, 2014, issued a findings of fact,
conclusions of law, and order confirming the Plan.

The Plan is the result of negotiations by and among the Debtor,
the 2007 Bond Trustee, and the Consenting Holders.  The Consenting
Holders hold all rights with respect to or otherwise having
authority to vote the Series 2007A Bonds and the Series 2007C
Bonds that are party to the Plan Support Agreement.

The Plan provides for the payment and full satisfaction of all
Allowed Administrative Claims, Allowed Priority Tax Claims,
Allowed U.S. Trustee Fees, Allowed Other Priority Claims, Allowed
Other Secured Claims, and Allowed General Unsecured Claims against
the Debtor.

The Plan also provides that the holders of Allowed Series 2007A/B
Bond Claims and Series 2007C Bond Claims, in full and final
satisfaction and discharge of and in exchange for those Allowed
Claims, will receive certain 2014 Bonds and payment in Cash on
account of accrued and unpaid prepetition interest.  In addition,
the Plan provides that the holder of the Allowed Subvention Claim
will accept the treatment proposed by the Plan in full
satisfaction of that holder's Claim.

The Reorganized Debtor is represented by:

         Ingrid Bagby, Esq.
         Christopher J. Updike, Esq.
         CADWALADER, WICKERSHAM & TAFT LLP
         One World Financial Center
         New York, NY 10281
         Tel: (212) 504-6000
         Fax: (212) 504-6666

         John Thompson, Esq.
         700 Sixth Street
         N.W. Washington, D.C. 20001
         Tel: (202) 862-2200
         Fax: (202) 862-2400

                    About Amsterdam House

Amsterdam House Continuing Care Retirement Community, Inc., owns
and operates Harborside, an upscale retirement community is
situated on 8.9 acres in Port Washington, New York.  Harborside
-- http://www.theamsterdamatharborside.com/-- is Nassau County's
first and only CCRC licensed under Article 46 of the New York
Public Health Law.  CCRCs provide senior citizens with a full
range of living accommodations and healthcare services during
their retirement years.  Harborside currently offers 329 units of
varying sizes for independent, enriched, and skilled nursing care.

Amsterdam House filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 14-73348) on July 22, 2014, in Central Islip,
New York, to implement a prenegotiated bankruptcy-exit plan.

The case is assigned to Judge Alan S Trust.

Ingrid Bagby, Esq., at Cadwalader Wickersham & Taft LLP, serves as
the Debtor's counsel.  Grant Thornton LLP serves as financial
advisors, Herbert J. Sims & Co., Inc., serves as investment
bankers, and Kurtzman Carson Consultants LLC acts as claim and
noticing agent.

The Company said that total assets were $286 million and debt was
$437 million as of April 30, 2014.


APOLLO MEDICAL: To Authorize Issuance of Uncertificated Shares
--------------------------------------------------------------
Apollo Medical Holdings, Inc., amended its By-Laws to permit the
issuance of shares in uncertificated form upon the adoption by the
Company's Board of Directors of resolutions authorizing those
issuances and to permit the transfer of uncertificated shares.
The Board of Directors adopted resolutions authorizing the
issuance of shares in uncertificated form on Dec. 13, 2014.

                       About Apollo Medical

Glendale, Calif.-based Apollo Medical Holdings, Inc., provides
hospitalist services in the Greater Los Angeles, California area.
Hospitalist medicine is organized around the admission and care of
patients in an inpatient facility such as a hospital or skilled
nursing facility and is focused on providing, managing and
coordinating the care of hospitalized patients.

Apollo Medical reported a net loss of $4.55 million for the year
ended Jan. 31, 2014, following a net loss of $8.90 million for the
year ended Jan. 31, 2013.

As of Sept. 30, 2014, the Company had $16.05 million in total
assets, $16.56 million in total liabilities and a $504,025 total
stockholders' deficit.


APOLLO MEDICAL: Adrian Vazquez Has 19.3% Stake as of Dec. 11
------------------------------------------------------------
Adrian Vazquez, M.D., disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission on Dec. 11, 2014, that he
beneficially owned 9,442,381 shares of common stock of Apollo
Medical Holdings, Inc., representing 19.3 percent of the shares
outstanding.

Pursuant to an Agreement and Plan of Merger dated June 13, 2008,
by and among Apollo Medical Holdings, Inc., Apollo Medical
Management, Inc., and Apollo Medical Acquisition Co., Inc., the
Company issued Dr. Vazquez 9,123,387 shares of the Company's
Common Stock in consideration for the capital stock of Apollo
Medical Management, Inc., which were owned by Dr. Vazquez.  In
connection with his service as an executive officer and member of
the Board of Directors of the Company, on Dec. 9, 2010, the
Company granted to Dr. Vazquez options to purchase 300,000 shares
of the Stock, all of which have vested.  In connection with his
service as an executive officer, on July 14, 2014, the Company
granted him options to purchase 100,000 shares of the Stock, of
which 19,444 shares have vested or will vest within 60 days after
Dec. 11, 2014.

A copy of the regulatory filing is available at:

                        http://is.gd/TCszKl

                       About Apollo Medical

Glendale, Calif.-based Apollo Medical Holdings, Inc., provides
hospitalist services in the Greater Los Angeles, California area.
Hospitalist medicine is organized around the admission and care of
patients in an inpatient facility such as a hospital or skilled
nursing facility and is focused on providing, managing and
coordinating the care of hospitalized patients.

Apollo Medical reported a net loss of $4.55 million for the year
ended Jan. 31, 2014, following a net loss of $8.90 million for the
year ended Jan. 31, 2013.

As of Sept. 30, 2014, the Company had $16.05 million in total
assets, $16.6 million in total liabilities, and a $504,000
stockholders' deficit.


ARCHETYPE CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: Archetype Construction Corp.
        P.O. Box 4
        Hawthorne, NY 10532

Case No.: 14-23726

Chapter 11 Petition Date: December 18, 2014

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Judge: Hon. Robert D. Drain

Debtor's Counsel: Erica Feynman Aisner, Esq.
                  DELBELLO DONNELLAN WEINGARTEN WISE
                    & WIEDERKEHR, LLP
                  One North Lexington Avenue
                  White Plains, NY 10601
                  Tel: 914-681-0200
                  Fax: 914-684-0288
                  E-mail: erf@ddw-law.com

                    - and -

                  Jonathan S. Pasternak, Esq.
                  DELBELLO DONNELLAN WEINGARTEN WISE
                    & WIEDERKEHR, LLP
                  One North Lexington Avenue
                  White Plains, NY 10601
                  Tel: (914) 681-0200
                  Fax: (914) 684-0288
                  E-mail: jpasternak@ddw-law.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Duarte Pereira, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nysb14-23726.pdf


BASS PRO: Fishing Holdings Deal No Impact on Moody's Ba3 CFR
------------------------------------------------------------
Moody's Investors Service said that Bass Pro Group, LLC's December
11, 2014 announcement that it has agreed to acquire fishing boat
maker Fishing Holdings, LLC ("Fishing Holdings") from Platinum
Equity is a modest credit negative because leverage will increase
moderately, but has no impact on Bass Pro's Ba3 Corporate Family
Rating, B1 secured term loan rating, or the stable rating outlook.
The transaction is subject to regulatory approval, and Moody's
expect it to close in the first half of 2015.

The principal methodology used in these ratings was Global Retail
Industry published in June 2011. Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies
in the U.S., Canada and EMEA published in June 2009.

Headquartered in Springfield, Missouri, Bass Pro Group LLC
operates "Bass Pro Shops", a retailer of outdoor recreational
products throughout the US and Canada. The company also
manufactures and sells recreational boats and related marine
products under the "Tracker", "Mako", "Tahoe" and "Nitro" brand
names. The company also owns the Big Cedar Lodge in Ridgedale,
Missouri. Fishing Holdings, LLC is a manufacturer of fishing boats
under the "Ranger Boats," "Stratos" and "Triton" brands.


BG MEDICINE: Noubar Afeyan Has 15.5% Stake as of Dec. 3
-------------------------------------------------------
Noubar B. Afeyan, PhD, a member of BG Medicine, Inc.'s Board of
Directors, and his affiliates disclosed that as of Dec. 3, 2014,
they beneficially owned 5,424,777 shares of common stock of BG
Medicine representing 15.5 percent of the shares outstanding.  A
copy of the regulatory filing is available for free at:

                         http://is.gd/9WduaZ

                          About BG Medicine

Waltham, Mass.-based BG Medicine is a diagnostics company focused
on the development and commercialization of novel cardiovascular
diagnostic tests to address significant unmet medical needs,
improve patient outcomes and contain healthcare costs.  The
Company is currently commercializing two diagnostic tests, the
first of which is the BGM Galectin-3 test, a novel assay for
measuring galectin-3 levels in blood plasma or serum for use as an
aid in assessing the prognosis of patients diagnosed with heart
failure.  The Company's second diagnostic test is the CardioSCORE
test, which is designed to identify individuals at high risk for
near-term, significant cardiovascular events, such as heart attack
and stroke.

BG Medicine reported a net loss of $15.84 million on $4.07 million
of total revenues for the year ended Dec. 31, 2013, as compared
with a net loss of $23.76 million on $2.81 million of total
revenues during the prior year.  The Company's balance sheet at
June 30, 2014, showed $11.24 million in total assets, $7.25
million in total liabilities and $3.98 million in total
stockholders' equity.

Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company's recurring losses from operations, recurring
cash used in operating cash flows and stockholders' deficit raise
substantial doubt about its ability to continue as a going
concern.


BINDER & BINDER: Seeks Chapter 11 Bankruptcy Protection
-------------------------------------------------------
Binder & Binder, one of the nation's largest social security
disability firms, filed for Chapter 11 bankruptcy after its bid to
obtain incremental financing or a capital infusion failed to yield
tangible results.

Binder & Binder has not conveyed plans to sell the assets or a
restructuring of the balance sheet.  It only said in court filings
that it intends to explore "all strategic alternatives" for the
optimal resolution of the Chapter 11 cases.

Since 1979, the company has handled over 300,000 disability cases
under programs operated by the Social Security Administration.
The company is presently representing disability claimants in more
than 57,000 active cases with the SSA and the Department of
Veterans Affairs.

For fiscal year 2013, the Debtors generated $83.7 million of
revenue, of which $83.4 million (99.68%) came from SSA/VA Fees.

As of the Petition Date, $6,499,733 was outstanding under a
secured revolver and $16,548,500 was outstanding under the secured
term loan with Capital One, N.A. and U.S. Bank National
Association, as lenders, and U.S. Bank as administrative agent.
Unsecured obligations include $16,748,578 of mezzanine debt owed
to D.E. Shaw Direct Capital Portfolios, L.L.C. Co., and $6,000,000
in trade debt.

The Debtors have arranged bankruptcy financing not to exceed $26
million (comprising an amount equal to the prepetition obligations
plus $3 million sublimit) from their existing lenders.  The DIP
facility will mature Aug. 31, 2016, or 18 months following the
Petition Date.  The Debtors are required to file a plan
contemplating a controlled liquidation within the six months of
the Petition Date.

                         Road to Bankruptcy

William A. Brandt, Jr., the CRO, explained in a court filing that
the Debtors' revenue declined during the first quarter of 2013 as
a result of the federal sequestration, a temporary curtailment of
certain federal spending.  Although benefits payments under the
various programs operated by the SSA were exempt from the funding
cuts implemented as part of the federal sequestration, workflow
disruptions at the SSA and uncertainty as to how the sequestration
might impact new claims delayed the processing of claims.  Claims
processing times eventually returned to normal levels later in
2013, but the federal government shutdown in October 2013 yet
again caused delays in case resolution.

During the shutdown, the SSA and VA continued to conduct hearings,
but the shutdown caused significant delays in their issuance of
post-hearing decisions.  As a result, the Debtors' rate of
successful adjudications dropped significantly in the fourth
quarter of 2013, with revenues falling short of projections by
approximately 20%.  The resulting disruption in the Debtors'
operating cash flow and the post-shutdown lag in case adjudication
have severely impacted the Debtors' operating performance and
liquidity, necessitating a financial restructuring.

Facing a liquidity crisis in early 2014, the Debtors engaged
Lincoln International LLC to solicit incremental financing or a
capital infusion.  That endeavor, however, did not yield tangible
results.  As a result, the Debtors retained DSI in July 2014 to
explore their strategic alternatives and undertake an operational
restructuring.  In light of the Debtors' continued inability to
service the Senior Secured Debt, the Debtors determined, in an
exercise of their business judgment, that it was necessary to
commence the Chapter 11 Cases.

During the course of the Chapter 11 cases, the Debtors seek to
protect, preserve, restructure, and maximize the value of their
business for the benefit of their claimants, creditors, employees,
and other stakeholders.  The Debtors intend to explore all
strategic alternatives for the optimal resolution of the Chapter
11 cases.

While resolution of these Chapter 11 Cases is the ultimate goal of
the Debtors' postpetition operation of their business, the
Debtors' ability to seamlessly continue servicing the more than
57,000 active SSA/VA Cases presently pending is of paramount
concern at the outset of the Chapter 11 cases.  As such, the
Debtors have taken numerous measures to ensure that the interests
of the disability claimants are not jeopardized in any way by the
filing of the Chapter 11 cases.

The Debtors have gone to great lengths to ensure that adequate
funds are set aside and reserved for the complete adjudication of
the active SSA/VA Cases.  The Debtors have sought permission from
multiple potential lenders and negotiated, as part of their
postpetition financing, to make ongoing contributions from cash
receipts to an account that will be maintained to ensure adequate
funding to pay the ordinary administrative costs and expenses
related to the adjudication of the SSA/VA Cases after the full
repayment or other maturity of the Debtors' postpetition financing
facility.

Further, recognizing that their revenue is tied to the continued
intake and processing of SSA/VA Cases and receipt of SSA/VA Fees,
the Debtors are negotiating actively and in good faith with their
Advocates and Union employees to provide postpetition compensation
and benefits comparable to prepetition wages in return for their
continued service.

The Debtors believe that these collective measures will not only
ensure the successful resolution of the Chapter 11 cases, but also
preserve the crucial interests of the 57,000 disability claimants
currently relying on the Debtors to adjudicate their SSA/VA Cases
and aid them in obtaining the benefits essential to their
livelihood.

                        First Day Motions

The Debtors on the Petition Date filed motions to:

   -- jointly administer their Chapter 11 cases;
   -- extend the deadline to file their schedules and statements;
   -- authorize the payment of prepetition wages and benefits;
   -- maintain their existing bank accounts;
   -- prohibit utility providers from discontinuing service;
   -- maintain their insurance policies;
   -- pay taxes and governmental charges;
   -- hire professionals in the ordinary course of business; and
   -- approve the rejection of unexpired contracts.

A copy of the affidavit in support of the first day motions is
available for free at:

         http://bankrupt.com/misc/Binder_1st_Day_Affidavit.PDF

                       About Binder & Binder

Founded in 1979 by brothers Harry and Charles Binder, Binder &
Binder is the nation's largest provider of social security
disability and veterans' benefits advocacy services, with
operating scale and efficiencies unrivaled by its competitors in
the highly fragmented advocacy market.  The company has more than
950 employees in 35 offices across the United States.  In 2010,
H.I.G. Capital, LLC acquired a controlling equity interest in the
company.

Binder & Binder - The National Social Security Disability
Advocates (NY), LLC, et al., sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-23728) in White
Plains, New York on Dec. 18, 2014.  The cases are assigned to
Judge Robert D. Drain.

The Debtors have tapped Kenneth A. Rosen, Cassandra Porter, Esq.,
and Nicholas B. Vislocky, Esq., at Lowenstein Sandler as counsel.
The Debtors have engaged Development Specialists, Inc., as
financial advisor, and BMC Group Inc. as claims and notice agent.


BINDER & BINDER: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

   Debtor                                       Case No.
   ------                                       --------
   Binder & Binder - The National Social        14-23728
   Security Disability Advocates (NY), LLC

   Binder & Binder - The National Social        14-23729
   Security Disability Advocates LLC

   SSDI Holdings, Inc.                          14-23730

   Binder & Binder - The National Social        14-23731
   Security Disability Advocates (DC), LLC

   Binder & Binder - The National Social        14-23732
   Security Disability Advocates (LA), LLC

   Binder & Binder - The National Social        14-23733
   Security Disability Advocates (MD), LLC

   Binder & Binder - The National Social        14-23734
   Security Disability Advocates (MI), LLC

   Binder & Binder - The National Social        14-23735
   Security Disability Advocates (NC), LLC

   Binder & Binder - The National Social        14-23736
   Security Disability Advocates (NJ), LLC

   Binder & Binder - The National Social        14-23737
   Security Disability Advocates (OH), LLC

   Binder & Binder - The National Social        14-23738
   Security Disability Advocates (PA), LLC

   Binder & Binder - The National Social        14-23739
   Security Disability Advocates (TX), LLC

   Binder & Binder - The National Social        14-23740
   Security Disability Advocates VA, LLC

   Binder & Binder - The National Social        14-23741
   Security Disability Advocates (WA), LLC

   Binder & Binder - The National Social        14-23742
   Security Disability Advocates (CO), LLC

   Binder & Binder - The National Social        14-23743
   Security Disability Advocates (CT), LLC

   Binder & Binder - The National Social        14-23744
   Security Disability Advocates (FL), LLC

   Binder & Binder - The National Social        14-23745
   Security Disability Advocates (GA), LLC

   Binder & Binder - The National Social        14-23746
   Security Disability Advocates (IL), LLC

   Binder & Binder - The National Social        14-23747
   Security Disability Advocates (AZ), LLC

   Binder & Binder - The National Social        14-23748
   Security Disability Advocates (CA), LLC

   Binder & Binder - The National Social        14-23749
   Security Disability Advocates (MO), LLC

   The Rep for Vets LLC                         14-23750


   National Veterans Disability Advocates LLC   14-23751
   (dba The Rep for Vets LLC)

   The Social Security Express Ltd.             14-23752

Chapter 11 Petition Date: December 18, 2014

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Judge: Hon. Robert D. Drain

Debtors' Counsel: Kenneth A. Rosen, Esq.
                  Nicholas B. Vislocky, Esq.
                  LOWENSTEIN SANDLER LLP
                  65 Livingston Avenue
                  Rosaland, NJ 07068
                  Tel: (973) 597-2548
                  Fax: (973) 597-2549
                  E-mail: krosen@lowenstein.com

Debtors' Claims   BMC GROUP, INC.
and Noticng
Agent:

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petitions were signed by William A. Brandt, Jr., chief
restructuring officer.

Consolidated List of Debtors' 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Robert Collins                        Note           $16,748,577
Stellus Capital Management, LLC
4400 Post Oak Parkway, Suite 2200
Houston, TX 77027
Tel: (713) 292-5434
rcollins@stelluscapital.com

Julio Villeda                         Trade Debt      $2,743,820
Intergrated Media Solutions
909 3rd Ave., 31st Floor
New York, NY 10022
Tel: (212) 373-9594

Carmen Bonayon                        Trade Debt        $821,299
Google, Inc.
1600 Amphitheater Pkwy
Mountain View, CA 94043-1351
Tel: (866) 954-0453 X8544

Donna Russomagno                      Trade Debt        $200,172
LexisNexis c/o Martindale Hubble
121 Chanlon Road
New Providence, NJ 07974
Tel: (800) 526-4902 X5432

Yahoo! Inc.                           Trade Debt        $175,205

Information Analysis Inc.             Trade Debt        $158,568

CenturyLink                           Trade Debt        $126,299

Webmetro                              Trade Debt        $109,615

De Lage Landen                        Trade Debt        $108,141

W. B. Mason Co., Inc.                 Trade Debt        $106,755

Teaktronics, Inc.                     Trade Debt         $85,329

TGI Office Automation                 Trade Debt         $64,042

WLNY-TV                               Trade Debt         $54,672

United Welfare Fund                   Health Benefits    $48,401

United Service Workers Sec. Division  Security Fraud     $45,032

North Country                         Trade Debt         $41,209

Bullseye Telecom                      Trade Debt         $37,861

American Express                      Trade Debt         $33,849

Promenet, Inc.                        Trade Debt         $31,847

News 12 Networks, LLC                 Trade Debt         $28,473


BREITBURN ENERGY: Moody's Affirms B1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed Breitburn Energy Partners LP's
(Breitburn or BBEP) B1 Corporate Family Rating (CFR) and SGL-3
Speculative Grade Liquidity Rating, and changed the outlook to
negative from stable. The B3 rating on its existing senior notes
is affirmed. Moody's additionally withdrew the assigned rating on
BBEP's proposed senior notes offering, which was withdrawn by
Breitburn due to market conditions after being announced in
October 2014.

Ratings Affirmed:

Corporate Family Rating at B1

Probability of Default Rating at B1-PD

Speculative Grade Liquidity Rating at SGL-3

$305 million senior notes due 2020 at B3 (LGD 5)

$400 million senior notes due 2022 at B3 (LGD 5)

$450 million senior notes due 2022 at B3 (LGD 5)

Ratings Withdrawn:

$400 million senior notes due 2023 at B3 (LGD 5)

Ratings Rationale

Breitburn's B1 CFR reflects its increased size on both a
production and reserves basis, improved diversification, and
higher liquids mix achieved through the QR Energy, LP (QRE)
acquisition. The B1 CFR is restrained by Breitburn's high leverage
profile, and the structural risks inherent in the master limited
partnership (MLP) business model which entails continuous cash
distributions and external funding requirements in order to fund
growth. If the current weak commodity price environment continues,
Moody's expects the company to significantly reduce capital
expenditures and strive to roughly maintain current production
through 2016. Pro forma for the QRE acquisition, Breitburn's debt
to average daily production and debt to proved developed reserves
are roughly $57 -- $59,000 per barrel of oil equivalent (boe) and
about $12 -- 13 per boe, respectively, both high for a B1 CFR. If
commodity prices do improve, Moody's believe BBEP will finance its
growth projects in a balanced manner. The issuance of roughly $250
million in net equity proceeds in October 2014 was in line with
Moody's expectation that Breitburn would access the equity capital
markets to partially fund the QRE acquisition.

Breitburn's senior notes are rated two notches below Breitburn's
B1 CFR under Moody's Loss Given Default Methodology because of the
priority claim of its relatively large secured revolving credit
facility, which currently has a borrowing base of $2.5 billion
with approximately $2.132 billion drawn under the revolver as of
November 20, 2014.

The outlook could return to stable if Breitburn is able to adjust
its capital expenditures and unit distributions relative to its
expected cash flow and BBEP's leverage level reasonably allows the
partnership to weather this cyclical downturn. Also, any
acquisitions and growth capital expenditures will need to be
adequately funded with equity.

Moody's could downgrade the ratings if leverage on production is
sustained above $60,000 boe per day, if distributions are not
adjusted lower to reflect expected cash flow and maintenance
capital expenditures or if liquidity tightens further. It is
unlikely that Breitburn's ratings would be upgraded in the near-
term. Moody's could upgrade the ratings if Breitburn is able to
grow its production base to over 60,000 boe per day while
achieving appropriate leverage (debt to average daily production
of less than $40,000 Boe per day and debt to PD reserves of less
than $8.00).

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Breitburn Energy Partners LP is a publicly traded independent oil
and gas master limited partnership focused on the acquisition,
development and production of oil and gas properties throughout
the United States. Breitburn's producing and non-producing crude
oil and natural gas reserves are located in the following seven
areas: the Permian Basin, Michigan/Indiana/Kentucky, Ark-La-Tex,
the Midcontinent, the Rockies, Florida, and California. In
November 2014, Breitburn completed its acquisition of QR Energy,
LP, a publicly-traded upstream MLP headquartered in Houston,
Texas.


BRIGHTER CHOICE: Fitch Cuts Revenue Bonds Rating to 'B+'
--------------------------------------------------------
Fitch Ratings downgrades its rating on approximately $15.1 million
of education facility revenue bonds issued by the Industrial
Development Authority of the City of Phoenix, Arizona on behalf of
Brighter Choice Charter Middle School for Boys and Brighter Choice
Charter Middle School for Girls (BCCMS, the schools) to 'B+' from
'BB-'. In addition, Fitch places the bonds on Rating Watch
Negative.

SECURITY:

Education facility revenue bonds are a general obligation of
BCCMS, with the Brighter Choice Foundation (BCF, the foundation)
providing a guaranty for debt service. A custody agreement directs
state of New York (general obligation bonds rated 'AA+' by Fitch)
educational aid funding received by Albany City School District
(the district) to the bond trustee for the payment of debt
service. Other security provisions include a debt service reserve
funded to maximum annual debt service (MADS) and a first mortgage
lien on the campus.

KEY RATING DRIVERS

RENEWAL CONCERNS DRIVE DOWNGRADE: The downgrade to 'B+' reflects
limited renewal prospects, as BCCMS is not expected to receive
full five-year renewals when the initial provisional charters
expire in January 2015. The schools have applied only for short-
term, three-year renewals. The Negative Watch reflects Fitch's
concern that academic results below authorizer expectations could
adversely affect the renewal outcomes, which would warrant further
negative rating action. BCCMS is authorized by the Charter School
Institute (CSI) of the State University of New York (SUNY).

ACADEMICS REMAIN A CONCERN

Testing results below authorizer expectations drive Fitch's
concerns about the charter renewal. Scores improved slightly in
the 2013-14 academic year but remain below expectations based on
certain comparative measures published by the authorizer.
Additional improvement is required to establish long-term
viability. Fitch notes positively that recent staff changes,
curricular changes, and increasing academic support from the
Albany Charter School Network should support academic growth over
time.

OPERATIONS IMPROVE: BCCMS' operating margin improved to negative
2% in fiscal 2014 (unaudited) as the schools reached full
enrollment by expanding into eighth grade. Fitch expects generally
balanced operations going forward due to stable student demand and
per-pupil revenues now in proportion to fixed costs. Fitch notes
positively that MADS coverage exceeded 1x in fiscal 2014
(unaudited), as expected for the first year of full enrollment.

WEAK LIQUIDITY AND HIGH DEBT BURDEN: Liquid resources held by
BCCMS provide minimal financial cushion against unforeseen
expenses or changes in funding. Further, a small revenue base
results in a high pro-forma debt burden.

RATING SENSITIVITIES:

CHARTER RENEWAL: Fitch expects the Negative Watch to be resolved
by April 2015. Barring other significant changes, Fitch would
expect to remove the obligor from the Negative Watch following a
three-year renewal. The following authorizer outcomes, however,
would lead to further negative rating action: three-year renewal
with unrealistic conditions attached, renewal for a period of less
than three years, or non-renewal.

ACADEMICS AND OPERATIONS: BCCMS' inability to maintain good
coverage from balanced operations or to meaningfully improve
academic performance could cause further negative rating pressure.

CREDIT PROFILE
The schools are separate not-for-profit educational corporations,
each running a single-gender middle school in adjacent facilities
in Albany, NY. Each school received a provisional five-year
charter on Jan. 12, 2010 from SUNY's CSI. The charters expire in
January 2015. Both schools have applied for three-year renewals,
short of the full five-year term allowed by the NY's charter law.
The schools opened to 5th graders in fall 2010 and added one grade
each year until reaching full authorized enrollment of roughly 440
students in grades 5-8 in the 2013-14 academic year. The schools'
start-up costs and facilities were sponsored at inception by the
foundation, which also guarantees debt service on the bonds. The
bonds were issued in early 2012 to finance the schools' purchase
of the facilities from the foundation.

RENEWAL CONCERNS
Limited renewal prospects indicate a credit weakness and heighten
the risk to bondholders. The schools have applied for renewal
terms of only three years for both charters, short of the full
five-year term allowed by state charter law. Fitch believes that
academic results below the authorizer's published expectations
could adversely affect the schools' renewal outcomes. Failure to
obtain a three-year charter term would lead to further negative
rating action. Fitch expects the charter renewal process to be
resolved no later than April 2015.

ACADEMICS REMAIN A CONCERN

Weak academic scores relative to the authorizer's published
guidelines are the main driver of Fitch's renewal concerns. The
authorizer's renewal guidelines weigh academic performance above
other factors; academic expectations are clearly defined.
Positively, the schools achieved modest growth in student scores
for the 2013-14 school year, and the schools slightly outperformed
Albany district schools, which demonstrated low average scores.
However, the schools underperformed on the authorizer's
comparative measures of their achievement versus schools with
similar proportions of economically disadvantaged students, and
BCCMS students' growth was below statewide median growth.

Academic improvement is critical to the schools' viability. Fitch
considers continued academic improvement necessary to maintain the
rating level, even if the schools achieve three-year renewals.
Fitch views current efforts to improve academic scores as
favorable, but notes continued challenges. The schools have made
staff changes and created a strategic academic plan, including
curricular changes and regular intervention blocks throughout the
school day, to improve outcomes. In addition, the schools should
benefit over time from the foundation's strategic shift (through
the closely affiliated Albany Charter School Network) toward
greater academic and operational involvement in its schools.

MARGINS IMPROVE BUT STILL SLIGHTLY NEGATIVE

BCCMS' operating margin improved as expected in fiscal 2014
(unaudited) as the schools reached full enrollment. The rating
incorporates Fitch's expectation that the schools will continue to
operate with generally balanced operations on a GAAP basis and
generate acceptable coverage of debt service obligations. The
schools posted slightly negative margins of 2% in fiscal 2014
(unaudited). They had posted very negative results in fiscal 2013
partially due to recognition of interest expense (including non-
cash amounts capitalized at issuance) and other fixed costs before
reaching full enrollment and receiving associated per-pupil
revenues.

STABLE DEMAND SUPPORTS OPERATIONS

Healthy student demand for the schools supports stable enrollment,
resulting in predictable revenue from per-pupil funding and
leading to balanced operations. Since reaching full enrollment in
fall 2013 with the addition of the eighth grade, the schools have
maintained enrollment at or near the authorized level of 440 (220
apiece). Barring non-renewal of their charters, Fitch expects
demand for the schools to remain healthy based on marketing
support through the network, affiliation with network elementary
schools, and the recent closure of two other middle schools in
area.

GOOD COVERAGE; HIGH DEBT BURDEN

Improved operations led to sound debt service coverage, but the
schools' debt burden remains high. Coverage of MADS ($1.4 million
including subordinate loan payments) from operations improved to
1.2x in fiscal 2014 (unaudited). Fitch anticipates MADS coverage
will remain over 1x given the expectation of balanced operations
going forward. However, the debt burden remains quite high, with
MADS consuming 20% of fiscal 2014 operating revenues (unaudited).
Fitch generally considers a debt burden over 15% to be a
speculative-grade characteristic.

LIMITED OBLIGOR AND GUARANTOR RESOURCES

Liquid resources held by BCCMS provide minimal financial cushion.
Combined available funds, defined by Fitch as cash and investments
not permanently restricted, are very weak compared to both
operations (3.5%) and total debt (1.6%). Limited liquid resources
to absorb unanticipated operating pressures are a credit weakness
and highlight the importance of maintaining balanced operations.

The guaranty of debt service payments by the foundation gives
bondholders the clear expectation of support from foundation
resources. However, Fitch does not believe the foundation guaranty
provides material credit enhancement at this time and does not
include potential BCF support as a rating factor. The foundations
assets are also somewhat limited, with its available funds equal
to an adequate 59.4% of its operating expenses but a weak 8.3% of
its total debt. Fitch estimates that the debt service reserve fund
and foundation resources are sufficient to support debt service
payments for between one and approximately three years at the
current resource levels. While the BCCMS bonds are currently the
foundation's only guaranty, the foundation is not restricted from
spending its resources to support other affiliated charter schools
or from incurring additional liabilities.


CAESARS ENTERTAINMENT: Unit to File For Bankruptcy in Mid-January
-----------------------------------------------------------------
David Gelles, writing for The New York Times' DealBook, reported
that Caesars Entertainment Operating Company said that it, along
with its parent company, Caesars Entertainment, had reached an
agreement with creditors to restructure billions of dollars of
company debt and as part of the process, CEOC expects to file for
voluntary Chapter 11 bankruptcy in mid-January.

According to the report, CEOC, which owns or manages 44 casinos
and resorts in the United States, will also split itself into
several new companies.  In place of the current company, there
will be an operating entity, a real estate investment trust and a
related property company, the report related.

The move will allow CEOC, which operates the Caesars, Harrah's and
Horseshoe casino brands, to reduce its debt to about $8.6 billion,
from a current total of $18.4 billion, while annual interest due
on the debt would be reduced to about $450 million, from $1.7
billion now, the report further related.

                   About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.
-- http://www.caesars.com/-- is one of the world's largest casino
companies.  Caesars casino resorts operate under the Caesars,
Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names.
The Company has its corporate headquarters in Las Vegas.

Harrah's announced its re-branding to Caesar's in mid-November
2010.

Caesars Entertainment reported a net loss of $2.93 billion in
2013, as compared with a net loss of $1.50 billion in 2012.  The
Company's balance sheet at Sept. 30, 2014, showed $24.5 billion in
total assets, $28.20 billion in total liabilities and a
$3.71 billion total deficit.

                           *     *     *

In the April 10, 2014, edition of the TCR, Standard & Poor's
Ratings Services lowered its corporate credit ratings on Las
Vegas-based Caesars Entertainment Corp. (CEC) and wholly owned
subsidiaries, Caesars Entertainment Operating Co. (CEOC) and
Caesars Entertainment Resort Properties (CERP), as well
as the indirectly majority-owned Chester Downs and Marina, to
'CCC-' from 'CCC+'.  The downgrade reflects S&P's expectation that
Caesars' capital structure is unsustainable, and the amount of
cash the company will burn in 2014 and 2015 creates conditions
under which S&P believes a restructuring of some form is
increasingly likely over the near term absent an unanticipated
significantly favorable change in operating performance.

As reported by the TCR on May 1, 2014, Fitch Ratings had
downgraded the Issuer Default Ratings (IDRs) of Caesars
Entertainment Corp (CEC) and Caesars Entertainment
Operating Company (CEOC) to 'CC' from 'CCC'.

In May 2014, Moody's Investors Service affirmed the Caa3 corporate
family rating and Caa3-PD probability of default ratings.  The
negative rating outlook reflects Moody's view that CEOC will
pursue a debt restructuring in the next year. Ratings could be
lowered if CEOC does not take steps to address it unsustainable
capital structure. Ratings improvement is not expected unless
there is a significant reduction in CEOC's $18 billion debt load.


CAESARS ENTERTAINMENT: Reaches Agreement with 1st Lien Noteholder
-----------------------------------------------------------------
Caesars Entertainment Corporation and its subsidiary Caesars
Entertainment Operating Company have reached an agreement with
CEOC's first lien noteholder steering committee regarding terms of
a financial restructuring plan.  The proposed plan will
significantly reduce long-term debt and annual interest payments,
and result in a stronger balance sheet for CEOC.

The restructuring support agreement has been signed by all members
of the first lien noteholder steering committee.

"The planned restructuring of CEOC will allow us to establish a
strong and sustainable capital structure for CEOC and maximize
value for our stakeholders," said Gary Loveman, Chairman of CEOC.
"I want to thank this creditor group for its support of the
restructuring.  We believe the financial restructuring plan we are
announcing today is in the best interests of all of CEOC's
stakeholders.  We look forward to continuing to welcome guests
across our network throughout this process.  Business operations
at all properties and the Total Rewards program will continue as
usual throughout the balance sheet restructuring process."

To implement the balance sheet deleveraging, CEOC expects to
voluntarily commence a reorganization under Chapter 11 of the U.S.
Bankruptcy Code in mid-January 2015.  CEOC and its properties will
continue to operate in the ordinary course throughout the
restructuring process.  Caesars Entertainment, Caesars
Entertainment Resort Properties and Caesars Growth Partners, which
are separate entities with independent debt capital structures,
will not be part of the court-supervised process.

Under the terms of the proposed financial restructuring, CEOC will
convert its corporate structure by separating virtually all of its
US-based gaming operating assets and real property assets into two
companies, including an operating entity and a newly formed,
publicly traded real estate investment trust that will directly or
indirectly own a newly formed property company.

The proposed transactions would reduce CEOC's debt by
approximately $10 billion, providing for the exchange of
approximately $18.4 billion of outstanding debt for $8.6 billion
of new debt.  Annual interest expense would be reduced by
approximately 75%, from approximately $1.7 billion to
approximately $450 million.  PropCo would lease its real property
assets to OpCo in exchange for annual lease payments of $635
million, with the lease payments guaranteed by CEC.

"The highly efficient REIT structure would enable CEOC to maximize
its value and provide the most financial recovery to each of
CEOC's creditor groups," Loveman said.  "The formation of a
publicly traded REIT would also allow CEOC to significantly reduce
its leverage by creating two better capitalized companies with
vastly improved cash flow generation.  The transaction provides
for the continued integration of CEOC's existing properties with
Caesars Entertainment's multi-channel distribution network and
industry-leading Total Rewards loyalty program.  Combined, these
actions will result in a stronger, more competitive and
sustainable CEOC and will better position Caesars Entertainment
for future growth, investment and success."

                      Terms & Capital Structure

The proposed restructuring plan has the support of all members of
the first lien bondholder steering committee.  CEOC is continuing
to work to obtain additional support from its other creditors.

The specifics of the plan are consistent with the plan disclosed
via 8-K on Dec. 12, 2014, however, to further reduce the leverage
of CEOC beyond the previously published plan, first lien note
holders will have the right to backstop the issuance of $300
million convertible preferred equity securities to be issued by
PropCo.  First lien holders who agree to backstop the purchase
will be paid a commitment fee.  The preferred shares will be
convertible into PropCo common stock at plan value.  First lien
holders who sign the restructuring support by Dec. 24, 2014, can
join the backstop.

Under the plan, Caesars Entertainment will contribute up to $1.45
billion in cash to CEOC in support of the restructuring: $700
million to offer to purchase up to 100% of the equity in OpCo from
creditors, $269 million to offer to purchase up to 15% of the
equity in PropCo, $406 million to fund liquidity and cash
recoveries to creditors and a guarantee of up to an additional $75
million of cash, which can be drawn by CEOC under certain
circumstances.  In addition, Caesars Entertainment has agreed to
guarantee OpCo's monetary obligations under the lease to help
facilitate the creation of the valuable REIT structure.

The restructuring is conditioned upon the release of all pending
and potential litigation claims against Caesars Entertainment,
Caesars Acquisition and related parties.  The proposed
restructuring plan is subject to approval by the bankruptcy court
and the receipt of required gaming regulatory approvals.  There
are no assurances that the restructuring support agreement will
become effective or that the proposed restructuring plan will be
completed on the terms contemplated or at all.

Further details on the transaction will be included in Form 8-K
filed with the SEC which is available for free at:

                        http://is.gd/5gVQTh

                    About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.
-- http://www.caesars.com/-- is one of the world's largest casino
companies.  Caesars casino resorts operate under the Caesars,
Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names.
The Company has its corporate headquarters in Las Vegas.

Harrah's announced its re-branding to Caesar's in mid-November
2010.

Caesars Entertainment reported a net loss of $2.93 billion in
2013, as compared with a net loss of $1.50 billion in 2012.  The
Company's balance sheet at Sept. 30, 2014, showed $24.5 billion in
total assets, $28.20 billion in total liabilities and a
$3.71 billion total deficit.

                           *     *     *

In the April 10, 2014, edition of the TCR, Standard & Poor's
Ratings Services lowered its corporate credit ratings on Las
Vegas-based Caesars Entertainment Corp. (CEC) and wholly owned
subsidiaries, Caesars Entertainment Operating Co. (CEOC) and
Caesars Entertainment Resort Properties (CERP), as well
as the indirectly majority-owned Chester Downs and Marina, to
'CCC-' from 'CCC+'.  The downgrade reflects S&P's expectation that
Caesars' capital structure is unsustainable, and the amount of
cash the company will burn in 2014 and 2015 creates conditions
under which S&P believes a restructuring of some form is
increasingly likely over the near term absent an unanticipated
significantly favorable change in operating performance.

As reported by the TCR on May 1, 2014, Fitch Ratings had
downgraded the Issuer Default Ratings (IDRs) of Caesars
Entertainment Corp (CEC) and Caesars Entertainment
Operating Company (CEOC) to 'CC' from 'CCC'.

In May 2014, Moody's Investors Service affirmed the Caa3 corporate
family rating and Caa3-PD probability of default ratings.  The
negative rating outlook reflects Moody's view that CEOC will
pursue a debt restructuring in the next year. Ratings could be
lowered if CEOC does not take steps to address it unsustainable
capital structure. Ratings improvement is not expected unless
there is a significant reduction in CEOC's $18 billion debt load.


CAESARS ENTERTAINMENT: Says Indenture Default Claim Has No Basis
----------------------------------------------------------------
Caesars Entertainment Operating Company, Inc., a majority owned
subsidiary of Caesars Entertainment Corporation, disclosed in a
regulatory filing with the U.S. Securities and Exchange Commission
that it is not aware of any legitimate basis to claim that it is
in default of its obligations to pay the redemption price under
the December 2008 Indenture.

Pursuant to the indenture dated as of Dec. 24, 2008, CEOC was
required to redeem on Dec. 15, 2014, approximately $17.6 million
principal amount of its 10% second-priority senior secured notes
due 2015 and 10% second-priority senior secured notes due 2018
issued under the December 2008 Indenture.

On Dec. 12, 2014, CEOC said it deposited funds in an amount equal
to the required redemption amount with Delaware Trust Company, as
paying agent under the December 2008 Indenture, to fund the
payment of the redemption price, and directed the Paying Agent to
apply the deposited funds on Dec. 15, 2014, to pay the redemption
price.  The deposit of the redemption price with the Paying Agent
on Dec. 12, 2014, satisfied in full CEOC's obligation to pay the
redemption price under the December 2008 Indenture.

CEOC has been advised by Delaware Trust Company that (i) as Paying
Agent, it sent the deposited funds to the registered holder of the
Second Lien Notes, The Depository Trust Company, on Dec. 15, 2014,
and (ii) acting as trustee under the December 2008 Indenture, it
provided instructions to DTC to distribute the funds received in
satisfaction of the redemption price to the beneficial holders of
the Second Lien Notes ratably between principal and interest due
under the December 2008 Indenture in accordance with directions it
received from beneficial holders purporting to own a majority of
the Second Lien Notes.  CEOC has been advised by Delaware Trust
Company that DTC did not distribute the relevant funds to the
applicable beneficial holders of the Second Lien Notes on Dec. 15,
2014.  The instructions from the Trustee to DTC were inconsistent
with both CEOC's direction and the terms of the December 2008
Indenture, the Company stated.

                   About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.
-- http://www.caesars.com/-- is one of the world's largest casino
companies.  Caesars casino resorts operate under the Caesars,
Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names.
The Company has its corporate headquarters in Las Vegas.

Harrah's announced its re-branding to Caesar's in mid-November
2010.

Caesars Entertainment reported a net loss of $2.93 billion in
2013, as compared with a net loss of $1.50 billion in 2012.  The
Company's balance sheet at Sept. 30, 2014, showed $24.5 billion in
total assets, $28.20 billion in total liabilities and a
$3.71 billion total deficit.


CAESARS ENTERTAINMENT: Cooperman Has 5.4% Stake as of Dec. 12
-------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Leon G. Cooperman disclosed that as of Dec. 12, 2014,
he beneficially owned 7,815,990 shares of common stock of
Caesars Entertainment Corporation representing 5.41 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/XaiFVS

                   About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.
-- http://www.caesars.com/-- is one of the world's largest casino
companies.  Caesars casino resorts operate under the Caesars,
Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names.
The Company has its corporate headquarters in Las Vegas.

Harrah's announced its re-branding to Caesar's in mid-November
2010.

Caesars Entertainment reported a net loss of $2.93 billion in
2013, as compared with a net loss of $1.50 billion in 2012.  The
Company's balance sheet at Sept. 30, 2014, showed $24.5 billion in
total assets, $28.20 billion in total liabilities and a
$3.71 billion total deficit.


CAESARS ENTERTAINMENT: 2017 Bank Debt Trades at 13% Off
-------------------------------------------------------
Participations in a syndicated loan under which Caesars
Entertainment Inc. is a borrower traded in the secondary market at
87.61 cents-on-the-dollar during the week ended Friday, December
19, 2014, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
a decrease of 2.33 percentage points from the previous week, The
Journal relates.  Caesars Entertainment Inc. pays 875 basis points
above LIBOR to borrow under the facility.  The bank loan matures
on March 1, 2017, and carries Moody's Caa3 rating and Standard &
Poor's CCC- rating.  The loan is one of the biggest gainers and
losers among 205 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.


CBS OUTDOOR: 2021 Bank Debt Trades at 3% Off
--------------------------------------------
Participations in a syndicated loan under which CBS Outdoor Ltd is
a borrower traded in the secondary market at 96.53 cents-on-the-
dollar during the week ended Friday, December 19, 2014, according
to data compiled by LSTA/Thomson Reuters MTM Pricing and reported
in The Wall Street Journal.  This represents a decrease of 1.01
percentage points from the previous week, The Journal relates.
CBS Outdoor pays 225 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Jan. 7, 2021, and carries
Moody's Ba1 rating and Standard & Poor's BB+ rating.  The loan is
one of the biggest gainers and losers among 205 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.


CEVA GROUP: 2021 Bank Debt Trades at 7% Off
-------------------------------------------
Participations in a syndicated loan under which Ceva Group is a
borrower traded in the secondary market at 92.70 cents-on-the-
dollar during the week ended Friday, December 19, 2014, according
to data compiled by LSTA/Thomson Reuters MTM Pricing and reported
in The Wall Street Journal.  This represents a decrease of 1.40
percentage points from the previous week, The Journal relates.
Ceva Group pays 550 basis points above LIBOR to borrow under the
facility.  The bank loan matures on March 13, 2021, and carries
Moody's B2 rating and Standard & Poor's B- rating.  The loan is
one of the biggest gainers and losers among 205 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.


CLEAN UP AMERICA: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Clean Up America, Inc.
        POB 23315
        Los Angeles, CA 90023

Case No.: 14-33267

Chapter 11 Petition Date: December 18, 2014

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Hon. Vincent P. Zurzolo

Debtor's Counsel: Peter T Steinberg, Esq.
                  STEINBERG NUTTER AND BRENT
                  23801 Calabasas Rd Ste 2031
                  Calabasas, CA 91302
                  Tel: 818-876-8535
                  Fax: 818-876-8536
                  E-mail: mr.aloha@sbcglobal.net

Total Assets: $1.53 million

Total Liabilities: $3.07 million

The petition was signed by Deontay Potter, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb14-33267.pdf


CONCHO RESOURCES: Moody's Alters Outlook to Pos., Affirms CFR
-------------------------------------------------------------
Moody's Investors Service changed Concho Resources Inc.'s rating
outlook to positive from stable. Moody's also affirmed Concho's
Ba2 Corporate Family Rating (CFR), Ba2-PD Probability of Default
Rating, Ba3 senior unsecured notes ratings and SGL-2 Speculative
Grade Liquidity Rating.

"Concho's positive rating outlook reflects expected continued
growth in production and reserves at competitive costs and
maintenance of decent full cycle metrics and financial leverage
over production, even in a challenging crude oil price
environment," commented Arvinder Saluja, Moody's Vice President.
"Concho's in-place hedges for 2015-16 will to a large degree
support its capital expenditure plans and allow it to grow
organically."

Ratings Rationale

The Ba2 CFR reflects Concho's position as one of the largest
producers in the Permian Basin, large drilling inventory, and
competitive cost structure that should allow for adequate cash
margins in a weak oil price environment. The rating also
incorporates Moody's expectation that Concho's leverage on
production and proved developed reserves will remain relatively
stable despite further debt funding of capital expenditures in
2015. With the material decline in crude prices, the company would
not be able to fully self-fund a $3 billion capex budget in 2015
and would utilize its revolving credit facility. However, Moody's
expects that if prices remain at current sub $60/bbl levels that
Concho would ease off its capital spending plans. The company's
2015 cash flows have meaningful protection thanks to the company's
prudent hedging strategy that locks in 15 million Bbls of oil
production for 2015 at an average price of $87 per barrel and 9
million Bbls of oil production for 2016 at an average price of
over $90 per barrel.

Concho's rating also considers the company's history of leveraging
acquisitions, followed by subsequent leverage reduction, and the
risks of its geographic concentration in the Permian Basin.
Moody's expects the production and reserves related leverage
metrics to be maintained over the next 12-18 months, and that any
sizeable opportunistic acquisition would have substantial equity
funding.

The SGL-2 rating is based on Moody's expectation that Concho will
have good liquidity through 2015. The company has a $2.5 billion
committed senior secured revolving credit facility with a
borrowing base of $3.25 billion, leaving meaningful room for
potential reductions in the borrowing base caused by lower oil
prices. Concho had $2.5 billion fully available under their
revolver at the end of third quarter 2014. This gives primary
liquidity for the company's planned capital expenditures in excess
of cash flows over the remainder of 2014 and 2015. The company
would draw on the revolver over the next year but leave meaningful
undrawn capacity. Financial covenants under the facility are net
debt/EBITDAX of not more than 4.25x and a current ratio of at
least 1.0x. Moody's expects Concho to remain well within
compliance with these covenants during the next 12 months. There
are no debt maturities until 2019 when the credit facility
matures. Although substantially all of Concho's oil and gas
properties are encumbered by the credit facility, the excess of
the borrowing base above the committed facility provides some
flexibility to execute asset sales to raise cash for its capital
investment or other liquidity needs.

The Ba3 senior notes rating reflects the large amount of the
potential senior secured claims relative to the outstanding
unsecured notes, which results in the senior notes being rated one
notch beneath the Ba2 CFR under Moody's Loss Given Default
Methodology. The senior notes are unsecured and therefore are
subordinate to the senior secured credit facility's potential
priority claim to the company's assets.

The ratings could be upgraded if Concho continues to grow in size
and scale, achieves debt/average daily production of less than
$30,000/BOE and keeps retained cash flow/debt above 35% despite
lower oil prices, and prudently manages its capital spending and
liquidity through the challenging crude price environment. Good to
strong full cycle metrics relative to peers is an underlying
driver for Concho's positive outlook, and Moody's will look for a
more sustainable oil price environment and supportive industry
fundamentals before considering an upgrade. The ratings could be
downgraded if RCF/debt degrades to below 25% or debt/average daily
production rises and is sustained above $45,000 due to the
outspending of cash flow or a leveraging acquisition.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Concho Resources Inc. is an independent exploration and production
company headquartered in Midland, Texas.


CONTAC SERVICES: Receiver Has Court Approval to Sell Properties
---------------------------------------------------------------
A. Farber & Partners Inc., in its capacity as court-appointed
receiver of Contac Services Inc. and its affiliates -- Onewurld
Supply Chain Solutions Inc., Mywurld Solutions Inc. -- obtained on
Dec. 15, 20l4, an order from the Ontario Superior Court of Justice
approving a sales and investment solicitation process in respect
of the properties:

   i) Onewurld: a supply chain management and distribution
      business specializing in the distribution and order
      fulfillment of consumer products and marketing material
      for third parties.  Onewurld operates out of offices in
      Mississauga, Ontario and Delta, B.C.

  ii) Mywurld: a marketing services company specializing in
      web-based marketing tools for the travel industry.

Interested parties have until 4:00 p.m. (EST) on Jan. 15, 20l5, to
submit a binding offer or proposal.  They are advised that the
receiver is posting documents relevant to the solicitation process
at http://www.farberfinancial.com/ For further information,
contact:

   Rob Stelzer
   Farber Financial Group
   150 York Street, Suite 1600
   Toronto, ON, M5H 355
   Tel: 416-496-3500
   E-mail: rstelzer@farberfinancial.com

Contac Services Inc. provides marketing, communications and
logistics services.  The Company specializes in third-party
distribution management and web-based marketing services.


CONTRAVIR PHARMACEUTICALS: Posts $1.47-Mil. Net Loss in Q3
----------------------------------------------------------
ContraVir Pharmaceuticals, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q,
disclosing a net loss of $1.47 million on $nil of revenues for the
three months ended Sept. 30, 2014, compared to a net loss of
$182,062 on $nil of revenues for the same period in the prior
year.

The Company's balance sheet at Sept. 30, 2014, showed $1 million
in total assets, $464,697 in total liabilities and total
stockholders' equity of $539,874.

A copy of the Form 10-Q is available at:

                       http://is.gd/rXjjqW

ContraVir is a biopharmaceutical company focused primarily on the
development of drugs to treat herpes zoster, or shingles, which is
an infection caused by the reactivation of varicella zoster virus
or VZV.

                           *     *     *

The Company's independent registered public accounting firm has
issued a report on our audited June 30, 2014 financial statements
that included an explanatory paragraph referring to its recurring
losses from operations and stockholder's deficit; and expressing
substantial doubt about the Company's ability to continue as a
going concern without additional capital becoming available.


DAPS INC: Case Summary & 2 Unsecured Creditors
----------------------------------------------
Debtor: Daps Inc.
        24040 Camino Del Avion #323
        Dana Point, CA 92629

Case No.: 14-17305

Chapter 11 Petition Date: December 18, 2014

Court: United States Bankruptcy Court
       Central District of California (Santa Ana)

Judge: Hon. Mark S Wallace

Debtor's Counsel: Timothy L McCandless, Esq.
                  THE LAW OFFICES OF TIMOTHY MCCANDLES
                  4740 Green River Rd., Suite #208
                  Corona, CA 92880
                  Tel: 925-957-9797
                  Fax: (925) 957-9799
                  E-mail: legalsync@prodefenders.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Chris Badsey, director.

A list of the Debtor's two largest unsecured creditors is
available for free at http://bankrupt.com/misc/cacb14-17305.pdf


DEAN FOOD: Moody's Affirms B1 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service affirmed Dean Food Company's B1
Corporate Family Rating and B2 (LGD 5) senior unsecured rating and
lowered its Senior Secured Bank Credit Facility rating to Ba3 (LGD
3) from Ba2 (LGD 2) and Dean Holding Company's senior unsecured
debt rating to B3 (LGD 6) from B2 (LGD 5). The rating outlook is
stable.

The downgrade to the Senior Secured Bank Credit Facility rating
reflects a capital structure that now has a greater proportion of
senior obligations due to a reduction of lower priority
obligations. Pursuant to Moody's Loss Given Default methodology
for Speculative Grade Non-Financial Companies published June 2009,
as senior obligations become a greater portion of the overall
capital structure, their ratings will tend to approach the
Corporate Family Rating.

"The downgrade to the Senior Secured Back Credit Facility is based
solely on a change in proportion of senior obligations to junior
obligations and does not indicate a deterioration in credit
quality at Dean Foods" said Dominick D'Ascoli, Vice President at
Moody's. "The reduction in lower priority obligations,
particularly the high coupon bonds, is a credit positive" added
Mr. D'Ascoli.

The downgrade to Dean Holding Company's senior unsecured 6.9%
notes due 2017 reflect Moody's recognition of the note's lower
priority of payment position due to a lack of guarantees and does
not indicate a deterioration in credit quality of the company. The
unsecured notes at the parent company (Dean Foods Company) benefit
from guarantees by many of Dean Foods Company's subsidiaries
including Dean Holding Company and several Dean Holding Company
subsidiaries.

Downgrades:

Issuer: Dean Foods Company

Senior Secured Bank Credit Facility (Local Currency) Jul 2, 2018,
Downgraded to Ba3(LGD3) from Ba2(LGD2)

Issuer: Dean Holding Company

Senior Unsecured Regular Bond/Debenture (Local Currency) Oct 15,
2017, Downgraded to B3(LGD6) from B2(LGD5)

Affirmations:

Issuer: Dean Foods Company

  Probability of Default Rating, Affirmed B1-PD

  Speculative Grade Liquidity Rating, Affirmed SGL-2

  Corporate Family Rating (Local Currency), Affirmed B1

  Senior Unsecured Regular Bond/Debenture (Local Currency) Jun 1,
  2016, Affirmed B2(LGD5)

Withdrawals:

Issuer: Dean Foods Company

  Senior Unsecured Regular Bond/Debenture (Local Currency) Dec
  15, 2018, Withdrawn , previously rated B2 (LGD5)

Outlook Actions:

Issuer: Dean Foods Company

  Outlook, Remains Stable

Issuer: Dean Holding Company

  Outlook, Remains Stable

Ratings Rationale

Dean Foods Company's B1 Corporate Family Rating reflects its
narrow margins and the commodity oriented nature of the fluid milk
business. It also reflects the company's limited product,
geographic and customer diversification compared to some of its
food and agriculture company peers, and the potential for high
earnings volatility due to fluctuating milk prices and low pricing
power. The rating also reflects certain challenges facing the
category, including declining US milk consumption and dependence
on government farm policy for milk subsidies. However, the rating
is supported by the company's leading market share, national scale
in the US dairy industry, and strong distribution network with
comprehensive refrigerated direct store delivery systems.
Furthermore, the USDA announced on December 17, 2014 a significant
reduction in Class I milk prices to $18.58 per hundred weight from
$22.53. We expect that raw milk prices will continue to decline
over the next 12 to 18 months and that the company's margins will
rise as a result of lower raw milk prices, price realization
efforts, and cost reduction efforts.

The stable outlook incorporates Moody's expectation that raw milk
prices will continue to decline over the next 12 to 18 months
allowing industry margins to return to more historical levels. The
stable outlook also reflects Moody's expectation that Dean's cost
cutting and price realization efforts will allow the company to
realize additional modest improvements to margins. Additionally,
Moody's expect Dean to balance the interests of its shareholders
and creditors in light of its more shareholder friendly financial
policies.

A downgrade could result if raw milk prices return to the high
levels experienced in 2014 or if industry margins fail to return
to more historical levels. A downgrade could also result from
declining cash flow, deterioration in liquidity, volume declines
that are not offset by pricing and efficiency gains, leverage
sustained above 5 times (on a Moody's adjusted basis), or any
large debt funded shareholder returns or large debt funded
acquisitions.

Ratings could be upgraded over time if Dean can demonstrate that
it is able to sustain less volatility than it has in the past in
its fluid milk business, achieve greater cost efficiencies, and
permanently reduce leverage below 3.5 times (on a Moody's adjusted
basis), and improve interest coverage.

Dean, headquartered in Dallas, Texas, is the largest processor and
distributor of milk and various other dairy products in the United
States. The company had sales of $9.4 billion for the twelve
months ended September 30, 2014.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.


DENDREON CORP: Feb. 5 Hearing on Approval of Sale of Assets
-----------------------------------------------------------
The Bankruptcy Court will convene a hearing on Feb. 5, 2015, at
9:30 a.m., to consider the highest and best bid for substantially
all of Dendreon Corporation, et al.'s assets.  Objections, if any,
are due Jan. 27.

On Dec. 17, 2014, the Bankruptcy Court entered an order approving
the bidding procedures to govern the sale of the Debtors' assets.
The Court convened a bidding procedures hearing Dec. 9.

Pursuant to the bidding procedures order, if two or more qualified
bids are received, the Debtors will conduct an auction beginning
on Feb. 3, at 10:00 a.m., at the offices of Skadden, Arps, Slate,
Meagher & Flom, 4 Times Square, New York City.  Qualified bids are
due Jan. 27, at 5:00 p.m.

Majestic Airport Center III Building 3, LLC, and NM Majestic
Holdings, LLC, objected to the sale motion, stating that the
proposed timeline must be modified.  Majestic are the owners of a
certain property located at 6715 Oakley Industrial Boulevard,
Union City, Georgia employed by Debtors as, inter alia, a
manufacturing, research and development and warehouse facility
pursuant to a written lease, as amended.

                          About Dendreon

With corporate headquarters in Seattle, Washington, Dendreon
Corporation -- http://www.dendreon.com/-- a biotechnology company
focused on the discovery, development and commercialization of
novel cellular immunotherapies to significantly improve treatment
options for cancer patients.  Dendreon's first product, PROVENGE
(sipuleucel-T), was approved by the U.S. Food and Drug
Administration (FDA) and became commercially available for the
treatment of men with asymptomatic or minimally symptomatic
castrate-resistant (hormone-refractory) prostate cancer in April
2010.  Dendreon is traded on the NASDAQ Global Market under the
symbol DNDN.

Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy
protection (Bankr. D. Del.) on Nov. 10, 2014.  The Debtors have
requested that their cases be jointly administered under Case No.
14-12515.  Judge Peter J. Walsh presides over the cases.  The
petitions were signed by Gregory R. Cox, interim chief financial
officer and treasurer.

Dendreon sought bankruptcy protection after it reached agreements
on the terms of a financial restructuring with certain  holders of
the Company's 2.875% Convertible Senior Notes due 2016
representing 84% of the $620 million aggregate principal amount of
the 2016 Notes.  The financial restructuring may take the form of
a stand-alone recapitalization or a sale of the Company or its
assets.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP,
as counsel; Lazard Freres & Co. LLC, as investment banker;
AlixPartners, as restructuring advisors; and Prime Clerk LLC as
claims and noticing agent.

The Debtors disclosed $365 million in total assets and
$664 million in total liabilities as of June 30, 2014.

To date, no creditors' committee has been appointed in the Chapter
11 Cases by the Office of the United States Trustee for the
District of Delaware.


DETROIT, MI: Moody's Assigns B3 Issuer Rating; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 issuer rating and
stable outlook to the City of Detroit (MI). The issuer rating
reflects the implied strength of the city's unenhanced general
obligation unlimited tax (GOULT) pledge. Concurrently, Moody's has
withdrawn the city's GOULT rating of Caa3, general obligation
limited tax rating of Ca and certificates of participation rating
of C as these bonds are no longer outstanding. The rating outlook
is stable.

Summary Ratings Rationale

The B3 issuer rating reflects Detroit's improved credit profile
and lower risk of near-term default now that it has emerged from
its historic Chapter 9 bankruptcy filing. The improvements include
a reduction in long-term liabilities and stronger near-term cash
flow, as well as significant management and operational changes
that are poised to enhance service delivery and stem population
decline. The gains are balanced by ongoing challenges that still
face the city, including a persistently weak economy and
demographic profile, as well as fixed costs (debt service +
retiree benefit costs) that are projected to consume a substantial
portion of post-bankruptcy revenues. Further, the city may face
difficulties if it experiences even modest declines in the key
revenue streams that support general operations.

The stable outlook reflects Moody's expectation that the city will
be able to resume paying its outstanding debt on time and in full.
It further reflects Detroit's plan of adjustment which, if
adequately implemented, will improve the city's overall cash
position.

Strengths

Confirmation of a plan of adjustment that puts the city on a
potential path of fiscal sustainability

Improved cash position

Strengthened management and operations

Reduction in annual long-term retiree benefit costs over the
near to medium term

Challenges

The city's economy is lagging compared to the rest of the state,
reflected in still high unemployment levels and a persistently
weak demographic profile

Continued declines in property valuations, which are expected to
continue over the near term

Still narrow financial reserves, which are vulnerable to
downturn in key revenues

Despite the city's aggressive debt restructuring plan, fixed
costs still are a significant portion of operating expenditures

Outlook

The stable outlook reflects Moody's expectation that the city will
be able to resume paying its outstanding debt on time and in full.
It further reflects Detroit's plan of adjustment which, if
adequately implemented, will improve the city's overall cash
position.

What Could Make The Rating Go Up

Improvements in the local economy, including increases to key
socio-economic indicators

Material operating surpluses and improved unrestricted cash
balances, achieved through structurally balanced financial
results that will carry forward to future fiscal years

Strong management oversight of operations and improved service
delivery

Reduction of fixed costs as a percent of the city's operating
budget

What Could Make The Rating Go Down

Continued declines in tax base valuation and in key socio-
economic indicators

An economic downturn that drives declines in key revenue sources

A trend of operating deficits and further narrowing of reserve
levels resulting in heightened cash-flow weakness

Elimination of legislative authority for state
oversight/assistance

Increases to the city's overall debt position and/or fixed costs
as a percent of the city's operating budget


EDGEN MURRAY: Moody's Raises Senior Secured Notes Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service upgraded Edgen Murray Corporation's
senior secured notes to Ba3 from B1 to reflect the notes improved
priority position within the company's capital structure. The
senior secured notes represent Edgen's primary secured debt since
it has established unsecured credit facilities with Sumitomo
Corporation of Americas (A2 negative) and its affiliates. At the
same time, Moody's affirmed Edgen Group Inc's (Edgen) Ba3
corporate family rating, Ba3-PD probability of default rating and
maintained the company's Speculative Grade Liquidity Rating of
SGL-3. The ratings outlook remains stable.

The following actions were taken:

  $351 Million Senior Secured Notes due 2020, Upgraded to Ba3
  (LGD 3)

  Corporate Family Rating, Affirmed at Ba3;

  Probability of Default Rating, Affirmed at Ba3-PD;

  Speculative Grade Liquidity Rating, Affirmed at SGL-3

Outlook Actions:

Outlook, Stable

Ratings Rationale

The upgrade of Edgen Murray's senior secured notes reflects the
improved priority position of the notes within the capital
structure of Edgen Group. The senior secured notes are secured on
a first priority basis by substantially all of the assets of the
guarantors of the notes, which include Edgen Group, Inc. and all
its domestic subsidiaries. However, the notes were secured on a
second priority basis on Edgen's current assets before the Global
Credit Agreement was terminated. Edgen terminated this agreement
when it established unsecured domestic and international credit
facilities with Sumitomo Corporation of Americas (SCOA) and its
affiliates. As a result, the security position of the senior
secured notes has improved since it is now the primary secured
debt in the company's capital structure.

Edgen Group's ratings continue to reflect the implicit support
conveyed by Sumitomo Corporation of Americas (SCOA) since Edgen is
a majority owned subsidiary of Sumitomo Corporation of Americas
and an indirect wholly owned subsidiary of Sumitomo Corporation
(A2 negative). This provides an uplift to Edgen's ratings given
Sumitomo's strong credit profile and its financial and liquidity
support. However, Edgen's ratings remain well below Sumitomo's
since they also incorporate its stand-alone risk profile which
reflects its elevated leverage, weak operating results, exposure
to highly competitive and cyclical end markets and the fact that
SCOA is not providing a guarantee on its senior secured notes.

Edgen has experienced an 11% increase in revenues to about $1.4
billion during the first nine months of 2014 driven by increased
oil and gas project activity in the Asia Pacific and Americas
regions and increased Canadian oil sands related project work.
However, this has not translated into increased profitability due
to pricing pressures resulting from competitive market conditions
and increased costs related to establishing new sales offices and
distribution facilities in the Americas region and Europe. Edgen
has not experienced much of a pricing uplift in its oil country
tubular goods (OCTG) distribution business despite the imposition
of anti-dumping duties against six countries beginning in August
2014. This has been offset by continued high import levels in
spite of the duties and continued competitive market conditions
which have held down product prices. As a result, the company's
adjusted EBITDA has declined by about 15% to approximately $55
million during the nine months ended September 2014. Edgen did
experience a substantial improvement in operating results in the
quarter ending September, which could carry over into the December
quarter. Although, that trend is not likely to persist in 2015 due
to the recent significant decline in oil prices and the
expectation for continued pricing pressure on oil country tubular
goods. Therefore, Moody's expect market conditions to remain
competitive through the end of 2015 and for the company's adjusted
EBITDA to remain in a range of about $65 million to $75 million
versus the recent peak of $143 million in 2012. Edgen's business
profile is expected to remain weak and its financial leverage
elevated for its rating, with its adjusted leverage ratio
(Debt/EBITDA) at about 7.5x.

Edgen's speculative grade liquidity rating of SGL-3, indicates an
adequate liquidity profile. The company had a modest cash balance
of only $27 million as of September 30, 2014, but also had access
to about $50 million of borrowing availability on its $220 million
of revolving credit facilities provided by Sumitomo Corporation of
Americas and its affiliates, and about $70 million available on
its $100 million letters of credit facility. The company is
expected to generate modest free cash flow over the next 12 to 18
months as demand ebbs and working capital is reduced, which should
temporarily improve its liquidity position.

Edgen's stable outlook reflects Moody's expectation that the
company's operating results will deteriorate modestly over the
next 12 to 18 months. It also considers the resilience of the
distribution business model, which in a downturn should benefit
from cash generated through reduced working capital.

An upgrade of Edgen Group is not likely in the near term, but
could occur if operating results improve substantially or Sumitomo
provides additional funds to reduce debt, which leads to improved
cash flow and credit metrics. This would include the company's
debt-to-EBITDA ratio declining below 3.5x and its retained cash
flow increasing to more than 8% of total debt on a sustainable
basis.

A downgrade could be triggered if operating results remain weak
and (EBITDA-CapEx)/Interest Expense declines below 1.5x or debt-
to-EBITDA is sustained above 5.0x.

The principal methodology used in these ratings was Global
Distribution & Supply Chain Services published in November 2011.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Edgen Group Inc. (Edgen) is a global distributor of specialized
steel products and services to the energy and industrial
infrastructure markets through its Edgen Murray Corporation and
Bourland & Leverich subsidiaries. Edgen Murray is a global
distributor of high performance pipe, plate, valves and related
components to the upstream, midstream and downstream oil and gas
sector, power, civil construction and mining industries. Bourland
& Leverich is a provider of oil country tubular goods (OCTG) to
the upstream conventional and unconventional onshore drilling
market in the United States. Edgen Group Inc. is headquartered in
Baton Rouge, Louisiana and generated revenues of approximately
$1.8 billion for the twelve month period ended September 30, 2014.
Edgen Group Inc. is a majority owned subsidiary of Sumitomo
Corporation of Americas (A2 negative) and an indirect wholly owned
subsidiary of Sumitomo Corporation (A2 negative).


EMANUEL COHEN: Reorganization Case Converted to Chapter 7
---------------------------------------------------------
The Bankruptcy Court converted the Chapter 11 case of Emanuel L.
Cohen to one under Chapter 7 of the Bankruptcy Code.

The Debtor is directed, if applicable, to immediately remit to the
clerk of court the $15 trustee surcharge fee prescribed by the
Judicial Conference of the United States (if not previously paid
by the debtor).  Failure to pay the fee will result in dismissal
of the case.

As reported in the Troubled Company Reporter on Nov. 21, 2014, the
Debtor said it is unlikely that it will be able to propose a
confirmable plan.

                     About Emanuel L. Cohen

Emanuel L. Cohen, D.I.T. Inc., and Salon's Best, Inc., filed
Chapter 11 bankruptcy petitions (Bankr. S.D. Fla. Lead Case No.
14-23125) at West Palm Beach, Florida, on June 6, 2014.  D.I.T.
and Salon's Best disclosed $12 million in assets and debt.
Emanuel L. Cohen disclosed $6,699,546 in assets and $14,116,055 in
liabilities as of the Petition Date.  Kenneth S. Rappaport, Esq.,
at Rappaport Osborne & Rappaport, PL, in Boca Raton, Florida,
serves as counsel to the Debtors.

As reported in the Troubled Company Reporter on July 25, 2014,
the U.S. Trustee notified the Bankruptcy Court that until further
notice, it will not appoint a committee of creditors pursuant to
Section 1102 of the Bankruptcy Court.


EMERALD INVESTMENTS: Files Bare-Bones Ch. 11 Petition
-----------------------------------------------------
Emerald Investments, LLC, sought Chapter 11 protection (Bankr.
S.D.N.Y. Case No. 14-13407) in Manhattan on Dec. 15, 2014.

The case is assigned to Judge Martin Glenn.

Norwalk, Connecticut-based Emerald Investments estimated
$10 million to $50 million in assets and less than $10 million in
debt.  The formal schedules of assets and liabilities, as well as
the statement of financial affairs, are due Dec. 29, 2014.

The Debtor has tapped David Y. Wolnerman, Esq., at White &
Wolnerman, PLLC, in New York, as counsel.


EMPIRE RESORTS: Unit Chosen to Apply for Gaming Facility License
----------------------------------------------------------------
Empire Resorts, Inc., announced that its wholly owned subsidiary,
Montreign Operating Company, LLC, was selected in a unanimous vote
by the New York State Gaming Facility Location Board as the sole
Catskill/Hudson Valley Region One casino applicant eligible to
apply to the New York State Gaming Commission for a Gaming
Facility License.  The Board announced their selection of
Montreign after having initiated a Request for Applications
competitive process on March 31, 2104.  The Gaming Commission will
award such Gaming Facility Licenses upon confirmation of the
applicants' suitability and their respective ability to complete
the gaming facility.

"It's a great day for Empire Resorts, the resilient residents of
Sullivan County, and our co-developer EPR Properties," said
Emanuel Pearlman, Empire's Chairman.  "Today's decision by the
Board is an important next step as we finalize our plans to
attract tourism to Upstate New York and create thousands of good
paying jobs as well as new revenue for local businesses.  We thank
the Board for their hard work in vetting these applications, and
their decision is very much valued and appreciated.  After
receiving all final regulatory approvals, we will break ground as
soon as possible on what will truly be a Catskills destination
reborn."

                         About Empire Resorts

Based in Monticello, New York, Empire Resorts, Inc. (NASDAQ: NYNY)
-- http://www.empireresorts.com/-- owns and operates Monticello
Casino & Raceway, a video gaming machine and harness racing track
and casino located in Monticello, New York, 90 miles northwest of
New York City.

Empire Resorts reported a net loss applicable to common shares of
$27.05 million in 2013 following a net loss applicable to common
shares of $2.26 million in 2012.

As of June 30, 2014, the Company had $46.11 million in total
assets, $55.62 million in total liabilities and a $9.51 million
total stockholders' deficit.


ENDEAVOUR INT'L: Committee Wants Disclosure Statement Modified
--------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
Chapter 11 cases of Endeavour Operating Corporation, et al., filed
a formal objection to the disclosure statement, complaining that
"the Disclosure Statement should be amended to provide (i) an
explanation or justification for the disparate classification and
treatment of impaired claims including the disparate treatment of
legally identical claims; (ii) additional information as to the
feasibility of the Plan, including specific information regarding
the impact that recent falling commodity prices might have on the
Debtors' business plan and financial projections based on inflated
oil prices; (iii) a more definitive liquidation analysis setting
forth a distribution scheme matches up with the classification of
creditors provided in the Plan; and (iv) consideration of
potential avoidance actions or other remedies."

Moreover, the Creditors' Committee ask that the Debtors' request
for a nunc pro tunc December 17, 2014, voting Record Date in
connection with the Disclosure Statement must be denied because
the Record Date fails to provide creditors with sufficient
opportunity to have their claims allowed for voting purposes.

As previously reported by The Troubled Company Reporter, the
Debtors proposed a Plan of Reorganization that provides for the
reduction of approximately $598 million of the Debtors' existing
debt, the reduction of approximately 43% of the Debtors annual
interest burden, and freeing up of $50 million in annual cash flow
that can be used for reinvestment in the Debtors' business.  Among
other things, the Plan further provides for (i) the cancellation
of all of the Debtors' existing debt and equity and any Interests
in the Debtors other than EIC and (ii) the issuance of $262.5
million in new notes bearing a 9.75% interest rate, new Series A
convertible preferred stock and new shares of common stock.

                  About Endeavour International

Houston, Texas-based Endeavour International Corporation (OTC:
ENDRQ) (LSE: ENDV) is an oil and gas exploration and production
company focused on the acquisition, exploration and development of
energy reserves in the North Sea and the United States.

On Oct. 10, 2014, Endeavour International and five affiliates
filed voluntary petitions for relief under Chapter 11 of the
United States Bankruptcy Code after reaching a restructuring deal
with noteholders.  The cases are pending joint administration
under Endeavour Operating Corp.'s Case No. 14-12308 before the
Honorable Kevin J. Carey (Bankr. D. Del.).

As of June 30, 2014, the Company had $1.55 billion in total
assets, $1.55 billion in total liabilities, $43.70 million in
series c convertible preferred stock, and a $41.48 million
stockholders' deficit.

The Debtors have tapped Weil, Gotshal & Manges LLP as counsel;
Richards, Layton & Finger, P.A., as co-counsel; The Blackstone
Group L.P., as financial advisor; AlixPartners, LLP, as
restructuring advisor; and Kurtzman Carson Consultants LLC, as
claims and noticing agent.


ENERGY FOCUS: Narrows Loss to $403K in Third Quarter
----------------------------------------------------
Energy Focus, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $403,000 on $7.89 million of net sales for the three
months ended Sept. 30, 2014, compared with a net loss of $1.65
million on $4.83 million of net sales for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed
$17.4 million in total assets, $7.03 million in total liabilities
and stockholders' equity of $10.37 million.

The Company's independent public accounting firm has issued an
opinion in connection with the Company's 2013 Annual Report
raising substantial doubt as to its ability to continue as a going
concern.

A copy of the Form 10-Q is available at:

                       http://is.gd/wzHNpn

                     About Energy Focus, Inc.

Solon, Ohio-based Energy Focus, Inc. (OTC QB: EFOI) and its
subsidiaries engage in the design, development, manufacturing,
marketing, and installation of energy-efficient lighting systems
and solutions.


ENERGY FUTURE: Has Until Dec. 31 to Decide on Unexpired Leases
--------------------------------------------------------------
The Bankruptcy Court extended until Dec. 31, 2014, Energy Future
Holdings Corp., et al.'s time to assume or reject a certain
nonresidential real property lease.

                       About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a portfolio
of competitive and regulated energy businesses in Texas.  Oncor,
an 80 percent-owned entity within the EFH group, is the largest
regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).  The Debtors are seeking to have their cases
jointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported total assets of $36.4
billion in book value and total liabilities of $49.7 billion.  The
Debtors have $42 billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
agreement are represented by Akin Gump Strauss Hauer & Feld LLP,
as legal advisor, and Centerview Partners, as financial advisor.
The EFH equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for
the second-lien noteholders owed about $1.6 billion, is
represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and
Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S.
Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq.,
Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee represents the interests of the unsecured
creditors of ONLY of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors.  The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring.  The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.


ENERGY SERVICES: Going Concern Opinion Removed
----------------------------------------------
Energy Services of America Corporation filed with the U.S.
Securities and Exchange Commission its annual report on Form 10-K
disclosing net income available to common shareholders of $3.26
million on $93.27 million of revenue for the year ended Sept. 30,
2014, compared to net income available to common shareholders of
$3.57 million on $108.82 million of revenue for the year ended
Sept. 30, 2013.

As of Sept. 30, 2014, the Company had $42.28 million in total
assets, $23.83 million in total liabilities and $18.45 million in
total stockholders' equity.

The Company's independent registered public accounting firm has
removed the "going concern" opinion in its report on the
consolidated financial statements for the year ended Sept. 30,
2014.  The company cited several factors that successfully
resolved the issues that lead to the "going concern" opinion.
These factors included the termination of the company's
forbearance agreement with its lenders and refinancing the
company's debt, securing a $5.0 million line of credit with its
lenders in a separate agreement, re-establishing an adequate
bonding capacity, reducing corporate overhead, and increased
project profitability.

Douglas Reynolds, President, commented on the announcement, "This
is a very exciting time for Energy Services, C.J. Hughes, and
Nitro Electric.  In fiscal year 2014, we successfully addressed
the financial issues that limited our ability to operate in the
prior two years.  Now we are headed into a new fiscal year with
the ability to operate at full capacity."

A full-text copy of the Form 10-K is available for free at:

                        http://is.gd/bACFoL

                       About Energy Services

Huntington, West Virginia-based Energy Services of America
Corporation provides contracting services to America's energy
providers, primarily the gas and electricity providers.

                            *    *    *

This concludes the Troubled Company Reporter's coverage of Energy
Services until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at
a level sufficient to warrant renewed coverage.


ENERGY TRANSFER: Bank Debt Trades at 4% Off
-------------------------------------------
Participations in a syndicated loan under which Energy Transfer
Equity LP is a borrower traded in the secondary market at 96.15
cents-on-the-dollar during the week ended Friday, December 19,
2014 according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
a decrease of 1.20 percentage points from the previous week, The
Journal relates.  Energy Transfer pays 250 basis points above
LIBOR to borrow under the facility.  The bank loan matures on Nov.
15, 2019, and carries Moody's Ba2 rating and Standard & Poor's BB
rating.  The loan is one of the biggest gainers and losers among
212 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


EPICOR SOFTWARE: Bank Debt Trades at 2% Off
-------------------------------------------
Participations in a syndicated loan under which Epicor Software
Corp. is a borrower traded in the secondary market at 97.75 cents-
on-the-dollar during the week ended Friday, December 19, 2014
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease
of 1.75 percentage points from the previous week, The Journal
relates.  Epicor Software Corp pays 300 basis points above LIBOR
to borrow under the facility.  The bank loan matures on May 16,
2019, and carries Moody's Ba3 rating and Standard & Poor's B+
rating.  The loan is one of the biggest gainers and losers among
212 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


EPIQ SYSTEMS: S&P Retains 'BB-' CCR on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on Kansas
City, Kan.-based Epiq Systems Inc., including the 'BB-' corporate
credit rating and 'BB-' senior secured issue-level rating, will
remain on CreditWatch with negative implications, where they were
placed on Sept. 23, 2014.

The original CreditWatch placement followed Epiq's announcement
that it would review strategic alternatives that may include
acquisitions, divestitures, or a going-private or recapitalization
transaction.

"We believe that actions resulting from the review could result in
leverage increasing to more than 4x," said Standard & Poor's
credit analyst Christian Frank.

The company's board of directors also declined an acquisition
offer by P2 Capital Partners.


EVOLUTION ACADEMY: S&P Lowers Rating on Revenue Bonds to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating to
'B-' from 'BB-' on Texas Public Finance Authority Charter School
Finance Corp.'s series 2010A and 2010B education revenue bonds and
series 2010Q taxable education revenue bonds (qualified school
construction bonds -- direct pay), all issued for Evolution
Academy Charter School (Evolution).  The outlook is negative.

"The lower rating and negative outlook reflect our assessment of
the charter school's exceptionally low liquidity of one day cash
on hand, deficit operations based on unaudited fiscal 2014
financial statements, and a budgeted deficit for fiscal 2015,"
said Standard & Poor's credit analyst Robert Dobbins.  "The rating
also reflects our view of the school's ongoing expansion plans,
which have pressured operations and continue to present elevated
operational risk, in our opinion."

Evolution is in the process of expanding at three new campuses:
Beaumont, Houston, and Port Arthur.  The opening of all three
campuses was delayed, with Beaumont and Houston now operational,
but management does not expect to open the Port Arthur campus
until fall 2015.


FEDERAL-MOGUL CORP: Bank Debt Trades at 2% Off
----------------------------------------------
Participations in a syndicated loan under which Federal-Mogul Corp
is a borrower traded in the secondary market at 97.65 cents-on-
the-dollar during the week ended Friday, December 19, 2014
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease
of 1.03 percentage points from the previous week, The Journal
relates.  Federal-Mogul Corp pays 300 basis points above LIBOR to
borrow under the facility.  The bank loan matures on April 4,
2018, and carries Moody's B1 rating and Standard & Poor's B
rating.  The loan is one of the biggest gainers and losers among
212 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


FLINTRIDGE CRESTAVILLA: Foreclosure Sale Set for Dec. 26
--------------------------------------------------------
Assets of Flintridge Crestavilla Investors, LLC, will be sold at
public auction on Dec. 26 at 9:00 a.m.

The real property is purported to be 30111 and 30121 Niguel Road,
Laguna Niguel, CA.  Proceeds of the sale will be used to pay
$5,989,911.96 in obligations owed to Bixby Bridge Fund I, LLC, the
beneficiary of a Deed of Trust executed by Flintridge.

Chicago Title Company, the trustee appointed under the Deed of
Trust, will conduct the sale.

The auction will be held on the front steps to the entrance of the
Orange Civic Center, 300 East Chapman Orange, CA 92866.

Bixby may be reached at:

     Bixby Bridge Fund II, LLC
     c/o Newmeyer & Dillion LLP
     Attn: Jon J. Janecek, Esq.
     895 Dove Street, 5th Floor
     Newport Beach, CA 92660


FIRST DATA: Bank Debt Trades at 3% Off
--------------------------------------
Participations in a syndicated loan under which First Data Corp.
is a borrower traded in the secondary market at 97.30 cents-on-
the-dollar during the week ended Friday, Dec. 19, 2014, according
to data compiled by LSTA/Thomson Reuters MTM Pricing and reported
in The Wall Street Journal.  This represents a drop of 0.91 of
percentage points from the previous week, The Journal relates.
First Data pays 350 basis points above LIBOR to borrow under the
facility.  The bank loan matures on March 15, 2018, and carries
Moody's B1 rating and Standard & Poor's BB- rating.  The loan is
one of the biggest gainers and losers among 264 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.


FIRST FINANCIAL: Shareholders Approved Merger With CBIN
-------------------------------------------------------
Community Bank Shares of Indiana, Inc., the holding company for
Your Community Bank and The Scott County State Bank, and First
Financial Service Corporation, the holding company for First
Federal Savings Bank of Elizabethtown, Kentucky, jointly announced
that shareholders of both companies have approved the agreement
and plan of share exchange dated April 22, 2014.

Additionally, the companies have received all required regulatory
approvals to consummate the transaction, subject to customary
waiting periods.

Subject to satisfaction of all remaining closing conditions for
the transaction, which is intended to be completed in early
January of 2015, First Federal Savings Bank of Elizabethtown will
be merged with and into Your Community Bank.  First Federal
Savings Bank of Elizabethtown offices will become branches of Your
Community Bank.

Community Bank Shares estimates it will have approximately $1.6
billion in assets and 41 branch offices throughout southeastern
Indiana and Kentucky after the transaction closes.

James D. Rickard, president and CEO of Community Bank Shares of
Indiana, stated, "We are eager to welcome First Federal Savings
Bank customers, employees, and area community partners to our
family.  This is an outstanding opportunity for growth.  With this
merger, we are bolstering our branch network in the Kentucky
counties of Nelson and Jefferson, while adding a new presence in
the dynamic and growing communities of Meade, Bullitt, Hardin, and
Hart counties."

Gregory Schreacke, president of First Financial Service
Corporation said, "Our shareholders expressed great confidence in
the Your Community Bank team to deliver excellent results for our
longtime customers and communities.  The merger of First Federal
into Your Community Bank will provide excellent products and
exceptional customer service.  Our staff is working hard to make
this integration as seamless as possible."

                       About First Financial

Elizabethtown, Kentucky-based First Financial Service Corporation
is the parent bank holding company of First Federal Savings Bank
of Elizabethtown, which was chartered in 1923.  The Bank serves
six contiguous counties encompassing central Kentucky and the
Louisville metropolitan area, through its 17 full-service banking
centers and a commercial private banking center.

As of Sept. 30, 2014, the Company had $752.89 million in total
assets, $718.28 million in total liabilities and $34.60 million in
total stockholders' equity.

First Financial reported a net loss attributable to common
shareholders of $313,000 in 2013, a net loss attributable to
common shareholders of $9.44 million in 2012 and a net loss
attributable to common shareholders of $24.21 million in 2011.


FULLCIRCLE REGISTRY: SEC Registration Declared Effective
--------------------------------------------------------
FullCircle Registry, Inc., announced that its Form S-1
Registration Statement filed with the U.S. Securities and Exchange
Commission became effective, securing a $1.5M financing commitment
from Kodiak Capital Group, LLC.

The Company's CEO, Norman L. Frohreich, noted, "I am very pleased
to have this facility in place as it offers FullCircle access to
additional funds that may be required for working capital and to
start the acquisition of Durable Medical Equipment businesses
(DMEs) in Louisiana and South Carolina."

FullCircle has been searching for funding to proceed with its
acquisition business model for some time.  Over the last year
FullCircle has issued Letters of Intent to purchase several
medical supply businesses, using stock, notes and cash.  The
negotiations involving these acquisitions are contingent on
securing capital.

After considering various financing options FullCircle partnered
with Kodiak Capital for $1.5 million in funding.  The funding will
provide working capital for operations, to develop the DME
infrastructure, acquire DME businesses, and to retire some of the
Company's debt, as described in the Registration Statement.

Mr. Frohreich added, "While I'm disappointed that the S-1 process
has taken so long, we believe that in the long haul the process
will prove beneficial for our shareholders and business partners."

Mr. Frohreich also stated, "While many challenges are still ahead,
I remain optimistic about FullCircle's prospects for the future.
We anticipate that we will be releasing additional information
about our acquisition plans in early 2015.  The funding will be
drawn down as needed over a period of time, because it will take
some time to put all of our plans in motion.  We have identified
and engaged Acquisition Managers in Louisiana and South Carolina,
and installing the infrastructure involving the Internet and
social media marketing in Louisiana will be our first goals."

                      About FullCircle Registry

Shelbyville, Kentucky-based FullCircle Registry, Inc., targets the
acquisition of small profitable businesses.  FullCircle Registry,
Inc., has become a holding company with three subsidiaries.  They
are FullCircle Entertainment, Inc., FullCircle Insurance Agency,
Inc. and FullCircle Prescription Services, Inc.  Target companies
for future acquisition are those in search of exit plans for the
owners and are intended to continue autonomous operations as
current ownership is phased out over a period of 3-5 years.

FullCircle Registry reported a net loss of $448,102 on $1.88
million of revenues for the year ended Dec. 31, 2013, as compared
with a net loss of $369,784 on $1.86 million of revenues during
the prior year.

As of Sept. 30, 2014, the Company had $5.66 million in total
assets, $6.11 million in total liabilities and a $451,000
stockholders' deficit.

Rodefer Moss & Co., PLLC, in New Albany, Indiana, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that FullCircle has suffered recurring losses from operations and
has a net working capital deficiency that raises substantial doubt
about the company's ability to continue as a going concern.

As reported by the TCR on Oct. 20, 2014, Rodefer Moss had resigned
as the Company's auditors.


GATES GROUP: Bank Debt Trades at 3% Off
---------------------------------------
Participations in a syndicated loan under which Gates Group is a
borrower traded in the secondary market at 96.80 cents-on-the-
dollar during the week ended Friday, Dec. 19, 2014, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents a drop of 0.98 of
percentage points from the previous week, The Journal relates.
Gates Group pays 325 basis points above LIBOR to borrow under the
facility.  The bank loan matures on June 18, 2021, and carries
Moody's B2 rating and Standard & Poor's B+ rating.  The loan is
one of the biggest gainers and losers among 264 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.


GETTY IMAGES: Bank Debt Trades at 9% Off
----------------------------------------
Participations in a syndicated loan under which Getty Images Inc.
is a borrower traded in the secondary market at 91.15 cents-on-
the-dollar during the week ended Friday, December 19, 2014,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease
of 2.41 percentage points from the previous week, The Journal
relates.  Getty Images Inc. pays 350 basis points above LIBOR to
borrow under the facility.  The bank loan matures on Oct. 14,
2019, and carries Moody's B2 rating and Standard & Poor's B
rating.  The loan is one of the biggest gainers and losers among
205 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


GREEN MOUNTAIN: Appoints Lee Katz as Chief Restructuring Officer
----------------------------------------------------------------
Lee N. Katz, Principal of GlassRatner Advisory & Capital Group
LLC, has been elected as Chief Restructuring Officer of Green
Mountain Management LLC and Georgia Flattop Partners LLC.  Green
Mountain Management LLC, along with its affiliate, filed a
voluntary petition for reorganization under Chapter 11 of the US
Bankruptcy Court.

Green Mountain provides disposal services for private waste
haulers, municipalities and industrial customers and is based in
Adamsville, Alabama.

The GlassRatner team will assist the Chief Restructuring Officer
in his responsibilities and will be led by Alan Hollander,
Managing Director.

GlassRatner is a national firm dedicated to providing financial
advisory services with eight offices throughout the country.

                        About GlassRatner

GlassRatner Advisory & Capital Group LLC is a national specialty
financial advisory services firm providing solutions to complex
business problems and board level agenda items.  The firm applies
a unique mix of skill sets and experience to address matters of
the utmost importance to an enterprise such as managing through a
business crisis or bankruptcy, planning and executing a major
acquisition or divestiture, pursuing a fraud investigation or
corporate litigation, and other top level non-typical business
challenges.

                     About Green Mountain

Green Mountain Management, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Ga. Case No. 14-64287) on July 25, 2014.
The petition was signed by Daniel B. Cowart, sole member of
Georgia Flattop Partners, LLC, and chairman of Green Mountain
Management, LLC.

According to the docket, the Debtor's Chapter 11 plan and
disclosure statement are due Nov. 24, 2014.

The Debtor estimated $10 million to $50 million in assets and
debt.  Georgia Flattop Partners, LLC is the managing member and
holders of 93% of the stock.

The case is assigned to Judge Barbara Ellis-Monro.

The Debtor is represented by Sage M. Sigler, Esq., at Alston &
Bird, LLP, in Atlanta.


GREEN WORLD PATH: Case Summary & 13 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Green World Path, Inc.
        1665 Donto Way
        Brooksville, FL 34601

Case No.: 14-14635

Chapter 11 Petition Date: December 18, 2014

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Debtor's Counsel: Buddy D. Ford, Esq.
                  BUDDY D. FORD, P.A.
                  115 N. MacDill Avenue
                  Tampa, FL 33609-1521
                  Tel: 813-877-4669
                  Fax: 813-877-5543
                  E-mail: Buddy@tampaesq.com
                         All@tampaesq.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Raymond J. Nielsen, president.

A list of the Debtor's 13 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flmb14-14635.pdf


GYMBOREE CORP: Bank Debt Trades at 39% Off
------------------------------------------
Participations in a syndicated loan under which Gymboree Corp is a
borrower traded in the secondary market at 61.75 cents-on-the-
dollar during the week ended Friday, Dec. 19, 2014 according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents an increase of 3.25
percentage points from the previous week, The Journal relates.
Gymboree Corp pays 350 basis points above LIBOR to borrow under
the facility.  The bank loan matures on Feb. 23, 2018.  The bank
debt carries Moody's B2 and Standard & Poor's B- rating.  The loan
is one of the biggest gainers and losers among 204 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.


HANGER INC: Moody's Puts Ba3 CFR on Review for Downgrade
--------------------------------------------------------
Moody's Investors Service placed Hanger, Inc.'s Ba3 Corporate
Family Rating and Ba3-PD Probability of Default Rating under
review for downgrade. The review follows Hanger's ongoing delay in
filing its September 30, 2014 Form 10-Q with the Securities and
Exchange Commission.

The delay in filing with the SEC is the second time within twelve
months that Hanger has been unable to complete the accounting
review process within the required period. Moody's believe this
highlights continuing deficiencies in Hanger's internal controls
concerning financial reporting and may lead to additional delays
and expenses in reporting future financial results. At this time,
the delay is not considered a default and Hanger has 30 days to
cure the deficiency upon notice from credit facility holders and
90 days upon notice from senior unsecured note holders.
Furthermore, Hanger's credit metrics are weakly positioned in the
Ba3 rating category with a debt/EBITDA leverage for the period
ended June 30, 2014 of 4.0 times.

Moody's review will focus on Hanger's ongoing deficiencies in its
internal controls and its plans to address weak operating
performance and strengthen credit metrics.

The following ratings were placed under review for downgrade:

Corporate Family Rating at Ba3

Probability of Default Rating at Ba3-PD

$200 million senior unsecured notes due 2018 at B1 (LGD 5)

Rating affirmed:

Speculative Grade Liquidity rating at SGL-2

Ratings Rationale

The Ba3 Corporate Family Rating is supported by Hanger's
competitive position as the largest O&P services provider in the
US, its national footprint, and relatively stable, recurring
revenue model. The rating is constrained primarily by the
company's size as well as its revenue concentration from
government entities.

The principal methodologies used in rating Hanger were the Global
Business & Consumer Service Industry published in December 2014.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Hanger, headquartered in Austin, TX, is the leading provider of
orthotic and prosthetic patient-care services in the US. The
company owns and operates over 760 patient care centers in 45
states and the District of Columbia. For the period ending June
30, 2014, Hanger recognized annual revenues of approximately $1.1
billion.


HOSPIRA INC: Moody's Affirms Ba1 CFR & Raises Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service raised Hospira, Inc.'s rating outlook to
positive from negative. At the same time, Moody's affirmed all of
Hospira's other ratings, including its Ba1 Corporate Family
Rating.

Ratings affirmed:

Hospira, Inc.

Corporate Family Rating at Ba1

Probability of Default at Ba1-PD

Senior unsecured notes at Ba1

Senior unsecured shelf at (P)Ba1

Speculative Grade Liquidity Rating at SGL-3

Rating Rationale

"Hospira is turning the corner on certain regulatory matters and
has potential offsets to lost Precedex sales," said Diana Lee, a
Moody's Senior Credit Officer.

The positive outlook reflects Moody's belief that the company has
made substantial progress in regulatory and production challenges
related to its Rocky Mount manufacturing facility. In addition,
Moody's believes that the negative effects associated with generic
competition for Precedex will be partially offset by increased
pricing on other products, several of which are still subject to
shortages, as well as launches of new generic injectibles and
expansion of its biosimilar version of Remicade into larger
countries in the EU.

If Hospira is able to offset the loss of Precedex through price
increases and new products and Moody's believes that recent
improvements in profitability can be sustained, the ratings could
be upgraded. Credit metrics that could support an upgrade include
debt/EBITDA sustained at around 2.5 times and free cash flow/debt,
excluding one-time cash outflows, that approaches 15%. If Moody's
believes the negative effects of generic competition for Precedex
cannot be offset with better pricing and product expansion or if
liquidity becomes impaired, the ratings could be downgraded.
Credit metrics that could lead to a downgrade include debt/EBITDA
sustained above 3.5 times or free cash flow/debt, excluding one-
time cash outflows, sustained around 8%.

Hospira's Ba1 Corporate Family Rating reflects its solid presence
in the specialty injectible pharmaceutical market and good growth
prospects associated with biosimilars. It also reflects the
company's moderate revenues, and conservative financial leverage.
The rating also incorporates the uncertainty surrounding generic
competition for its key branded product, Precedex, as well as its
history of FDA compliance issues at several manufacturing
facilities. The company's leverage has improved and is now in line
with investment grade rated companies after excluding what Moody's
views as one-time expenses. Biosimilars represent a key
distinguishing growth platform for Hospira, which was among the
first companies to launch biosimilars in Europe (including
Inflectra, a biosimilar version of Remicade). The company expects
to file in the US for FDA approval of a biosimilar version of
Epogen by the end of 2014 or early 2015. The negative effects of
generic competition for Precedex will become more apparent during
2015. Moody's anticipates that these effects will be partially
offset by price increases as well as growth in biosimilars, the
introduction of new specialty injectible products (SIP) and the
expansion of SIPs into new regions. While the company still faces
FDA issues at several manufacturing sites, its Rocky Mount
facility is now operating at normalized levels, and its regulatory
matters appear to be substantially resolved. Hospira's replacement
of its infusion pumps (with historical global market share of
about 25%) is taking longer than anticipated, so free cash flow
will erode during 2015.

The principal methodology used in this rating was the Global
Medical Product and Device Industry published in October 2012.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Hospira, Inc., headquartered in Lake Forest, Illinois, is a
leading manufacturer of hospital products, including specialty
injectable pharmaceuticals and medication delivery systems. During
the twelve months ended September 30, 2014, Hospira generated
revenues of around $4.4 billion.


HOVNANIAN ENTERPRISES: Posts $307 Million Net Income in 2014
------------------------------------------------------------
Hovnanian Enterprises, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing net
income of $307.14 million on $2.06 billion of total revenues for
the year ended Oct. 31, 2014, compared to net income of $31.29
million on $1.85 billion of total revenues for the year ended
Oct. 31, 2013.

As of Oct. 31, 2014, the Company had $2.28 billion in total
assets, $2.40 billion in total liabilities and a $117.79 million
in total deficit.

"General economic conditions in the United States remain weak.
Several challenges, such as persistently high unemployment levels
in some of our markets, economic weakness and uncertainty,
declining oil prices, the restrictive mortgage lending environment
and rising mortgage interest rates continue to impact the housing
market and, consequently, our performance.  Our mixed operating
results during the year ended October 31, 2014 and other national
data demonstrate that the pace of the housing recovery has slowed.
However, both national new home sales and our homes sales remain
below historical levels.  We continue to believe that we are still
in the early stages of the housing recovery, but in light of
recent market trends, we currently expect to continue to
experience uneven results across our operating markets.  Further,
a worsening of general economic conditions could have a material
adverse effect on our business, liquidity, and results of
operations," the Company stated in the regulatory filing.

A full-text copy of the Form 10-K is available for free at:

                         http://is.gd/7XwrGJ

                   About Hovnanian Enterprises

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)
-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian,
is one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Kentucky, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and
West Virginia.  The Company's homes are marketed and sold under
the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton
Homes, Parkwood Builders, Town & Country Homes, Oster Homes and
CraftBuilt Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

                           *     *     *

As reported by the Troubled Company Reporter on April 25, 2013,
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Hovnanian Enterprises Inc. to 'B-' from 'CCC+'.
"The upgrade reflects strengthening operating performance
supported by the broader recovery in the housing market that, we
believe, should support modest profitability in 2013," said
Standard & Poor's credit analyst George Skoufis.

In the Dec. 9, 2013, edition of the TCR, Fitch Ratings upgraded
the Issuer Default Rating (IDR) of Hovnanian Enterprises to 'B-'
from 'CCC'.  The upgrade and the Stable Outlook reflects HOV's
operating performance year-to-date (YTD), adequate liquidity
position, and moderately better prospects for the housing sector
during the remainder of this year and in 2014.

The TCR reported on Jan. 9, 2014, that Moody's Investors Service
raised the Corporate Family Rating of Hovnanian Enterprises, Inc.,
to B3 from Caa1.  The upgrade of the Corporate Family Rating to B3
reflects Hovnanian's improved financial performance including
improvement in interest coverage to slightly above 1x and finally
turning net income positive for the fiscal year 2013.


IDERA PHARMACEUTICALS: Pillar Sells 1.1 Million Common Shares
-------------------------------------------------------------
Pillar Invest Corporation has advised the Company that on Dec. 12,
2014, Dec. 15, 2014, and Dec. 16, 2014, Pillar Pharmaceuticals I,
L.P., Pillar Pharmaceuticals II, L.P., Pillar Pharmaceuticals III,
L.P. and Pillar Pharmaceuticals IV, L.P. sold an aggregate of
1,101,751 shares of the Company's common stock, according to a
Form 8-K filed with the U.S. Securities and Exchange Commission.

Meanwhile, Participations Besancon converted 110,901 shares of
Idera Pharmaceuticals, Inc.'s Series E convertible preferred stock
into 2,218,020 shares of the Company's common stock in accordance
with the terms of the Company's Certificate of Designations,
Preferences and Rights of Series E Preferred Stock.  Upon that
conversion, no shares of the Company's Series E preferred stock
remained outstanding.

                    About Idera Pharmaceuticals

Cambridge, Massachusetts-based Idera Pharmaceuticals, Inc., is a
clinical stage biotechnology company engaged in the discovery and
development of novel synthetic DNA- and RNA-based drug candidates
that are designed to modulate immune responses mediated through
Toll-like Receptors, or TLRs.  The Company has two drug
candidates, IMO-3100, a TLR7 and TLR9 antagonist, and IMO-8400, a
TLR7, TLR8, and TLR9 antagonist, in clinical development for the
treatment of autoimmune and inflammatory diseases.

Idera Pharmaceuticals reported a net loss of $18.22 million in
2013, a net loss of $19.24 million in 2012 and a net loss of
$23.77 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed
$60.6 million in total assets, $7.81 million in total liabilities,
and $52.8 million in total stockholders' equity.


IMAGEWARE SYSTEMS: Jon Gruber Has 5% Stake as of Dec. 18
--------------------------------------------------------
Jon D. Gruber disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that as of Dec. 18, 2014, he
beneficially owned 4,226,493 shares of common stock of Imageware
Systems representing 5 percent of the shares outstanding.  A copy
of the regulatory filing is available at http://is.gd/VB1cyg

                      About ImageWare Systems

Headquartered in San Diego, California, ImageWare Systems, Inc.,
is a leader in the emerging market for software-based identity
management solutions, providing biometric, secure credential, law
enforcement and enterprise authorization.  Its "flagship" product
is the IWS Biometric Engine.  Scalable for small city business or
worldwide deployment, the Company's biometric engine is a multi-
biometric platform that is hardware and algorithm independent,
enabling the enrollment and management of unlimited population
sizes.  The Company's identification products are used to manage
and issue secure credentials, including national IDs, passports,
driver licenses, smart cards and access control credentials.  Its
law enforcement products provide law enforcement with integrated
mug shot, fingerprint LiveScan and investigative capabilities.
The Company also provides comprehensive authentication security
software.

Imageware Systems incurred a net loss of $9.84 million in 2013, a
net loss of $10.19 million in 2012 and a net loss of $3.18 million
in 2011.

As of Sept. 30, 2014, the Company had $5.67 million in total
assets, $4.51 million in total liabilities and $1.15 million in
total shareholders' equity.


INTERNATIONAL TEXTILE: Further Amends Credit Agreement With GECC
----------------------------------------------------------------
International Textile Group, Inc., and certain of its U.S.
subsidiaries entered into Amendment No. 12 to its Credit Agreement
with General Electric Capital Corporation, as agent and lender,
and certain other lenders.  The Amendment amends the Credit
Agreement to provide for, among other things, revolving credit
facility availability of $85 million, subject to a borrowing base,
a maturity date on revolving credit facility borrowings of
Dec. 18, 2019, and a maturity date on term loan borrowings of
Jan. 1, 2017, with term loan repayments of approximately $0.25
million per month required until maturity.

Borrowings under the Credit Agreement bear interest at the London
Interbank Offered Rate, plus an applicable margin, or other
published bank rates, plus an applicable margin, at the Company's
option.  The Amendment reduced the applicable margin on all
borrowings by 1.75% per annum and reduced unused commitment fees
on the revolving credit facility from a range of 0.50% to 0.75% to
a range of 0.25% to 0.37.5% annually, depending on amounts
borrowed.

Under the Credit Agreement, the Company is required to maintain
excess availability and average adjusted availability at or above
certain predefined levels, or certain limitations may be imposed
on the Company.  Among other limitations, if the Company's excess
availability falls below certain predefined levels, the lenders
under the Credit Agreement can draw upon an evergreen standby
letter of credit in the amount of $20 million.  No amounts have
been drawn under this letter of credit as of Dec. 19, 2014.  The
Amendment provides for future reductions of the WLR LC of up to $5
million, or termination of the WLR LC, based upon amounts of the
term loan repaid under the Credit Agreement, the maintenance of a
specified fixed charge coverage ratio, the level of average excess
availability, and certain other conditions.  The WLR LC has been
provided by WLR Recovery Fund IV, L.P., which is controlled by
Wilbur L. Ross, Jr., the Company's controlling stockholder and who
served as the Chairman of our Board of Directors until November
2014.  Three other members of the Company's board of directors are
also affiliated with various investment funds controlled by Mr.
Ross, Jr. that own a majority of the Company's voting stock.

                    About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam.  ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.

International Textile reported a net loss attributable to common
stock of the Company of $10.91 million in 2013, as compared with a
net loss attributable to common stock of the Company of $91.45
million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $338.71
million in total assets, $403.48 million in total liabilities and
a $64.76 million total stockholders' deficit.


INSITE VISION: Registers 5 Million Common Shares for Resale
-----------------------------------------------------------
Insite Vision Incorporated filed with the U.S. Securities and
Exchange Commission a Form S-1 registration statement relating to
the resale by Timothy McInerney, Nicky V LLC, Kash Flow 18 LLC, et
al., of 5,078,070 shares of the Company's common stock issuable
upon the exercise of outstanding warrants.  The warrants were
issued and sold to the selling stockholders in a private placement
in October, November and December, 2014.

The Company is not offering any shares of common stock for sale
under this prospectus, and therefore, will not receive any of the
proceeds from the sale.  However, the Company will receive the
exercise price of any warrants exercised for cash.  To the extent
that the Company receives cash upon exercise of any warrants, the
Company expects to use that cash for general corporate purposes.

Insite Vision's common stock is quoted on the OTC Bulletin Board
under the symbol "INSV."  On Dec. 12, 2014, the closing bid price
per share of the Company's common stock was $0.22 per share.

The Company will pay the expenses related to the registration of
the shares of common stock covered by this prospectus.  The
selling stockholders will pay any commissions and selling expenses
they may incur.

A full-text copy of the Form S-1 is available for free at:

                        http://is.gd/GrvqSy

Based in Alameda, California, InSite Vision Incorporated (OTCBB:
INSV) -- http://www.insitevision.com/-- is committed to
advancing new and superior ophthalmologic products for unmet eye
care needs.  The Company's product portfolio utilizes InSite
Vision's proven DuraSite(R) bioadhesive polymer core technology, a
platform that extends the duration of drug retention on the
surface of the eye, thereby reducing frequency of treatment and
improving the efficacy of topically delivered drugs.

Burr Pilger Mayer, Inc., expressed substantial doubt about the
Company's ability to continue as a going concern, citing that the
Company has recurring losses from operations, available cash and
short-term investment balances and accumulated deficit.

The Company's balance sheet at Sept. 30, 2014, showed
$2.49 million in total assets, $7.77 million in total liabilities,
and a stockholders' deficit of $5.28 million.


INSITE VISION: Annual Stockholders Meeting Set for March 2015
-------------------------------------------------------------
InSite Vision Incorporated announced that the Company's 2015
Annual Meeting of Stockholders will be held at 10:00 a.m. Pacific
Time on Monday, March 31, 2015, for stockholders of record on
Feb. 5, 2015.  The Annual Meeting will be held at InSite Vision's
headquarters at 965 Atlantic Avenue, Alameda, California.  InSite
Vision plans to mail notice of internet availability of the
definitive proxy statement for the Annual Meeting and its annual
report in February 2015.

Under the Securities and Exchange Commission's proxy rules, InSite
Vision has set the deadline for submission of proposals to be
included in the proxy materials for the 2015 Annual Meeting as
Dec. 31, 2014.  Accordingly, in order for a stockholder proposal
to be considered for inclusion in InSite Vision's proxy materials
for the 2015 Annual Meeting, the proposal must be received by the
Secretary of InSite Vision at the company's principal executive
offices located at 965 Atlantic Avenue, Alameda, California 94051
no later than 5:00 p.m. Pacific Time on Dec. 31, 2014, and comply
with the procedures and requirements set forth in Rule 14a-8 under
the Securities Exchange Act of 1934.

In accordance with the advance notice requirements contained in
InSite Vision's bylaws, for director nominations or other business
to be brought before the 2015 Annual Meeting by a stockholder,
other than Rule 14a-8 proposals, written notice is required to be
delivered to the Secretary of Insite Vision at the company's
principal executive offices no later than the close of business on
Dec. 31, 2014.

                           InSite Vision

Based in Alameda, California, InSite Vision Incorporated (OTCBB:
INSV) -- http://www.insitevision.com/-- is committed to
advancing new and superior ophthalmologic products for unmet eye
care needs.  The company's product portfolio utilizes InSite
Vision's proven DuraSite(R) bioadhesive polymer core technology, a
platform that extends the duration of drug retention on the
surface of the eye, thereby reducing frequency of treatment and
improving the efficacy of topically delivered drugs.

Burr Pilger Mayer, Inc., expressed substantial doubt about the
Company's ability to continue as a going concern in its report on
the Company's consolidated financial statements for the year ended
Dec. 31, 2013, citing that the Company has recurring losses from
operations, available cash and short-term investment balances and
accumulated deficit.

The Company's balance sheet at Sept. 30, 2014, showed
$2.49 million in total assets, $7.77 million in total liabilities,
and a stockholders' deficit of $5.28 million.

InSite Vision reported net income of $5.78 million in 2013
following a net loss of $8.27 million in 2012.


IPCELERATE INC: IP, Other Assets to Be Auctioned Off Dec. 29
------------------------------------------------------------
Keystone Solutions, Inc., as Agent for the lenders, will sell
property of IPcelerate, Inc. in a public auction on December 29,
2014, at 10:00 a.m., local Chicago time, at the offices of Gould &
Ratner LLP at 222 North LaSalle Street, Suite 800, Chicago,
Illinois 60601.

Assets to be sold include all personal and fixture property,
including without limitation: (a) all proprietary software code,
source code and products; (b) accounts (including license and
royalty receivables); (c) chattel paper (whether tangible or
electronic); (d) Commercial Tort Claims (as defined in the UCC);
(e) Deposit Accounts (as defined in the UCC); (f) documents; (g)
goods (including inventory, equipment, and any accessions
thereto); (h) instruments (including promissory notes); (i)
investment property; (j) letter of credit rights (whether the
letter of credit is evidenced by writing); (k) money; (I) general
intangibles including without limitation: (I) payment intangibles;
and (II) web addresses (www.ipcelerate.com and www.vblast.co):
(m) trademarks including IPsession, IPstudio, IPsession Mobile,
Streamz, and vBlast); (n) the equity interests owned by Debtor,
including Vblast, Inc., (o) insurance and insurance claims; and
(p) supporting obligations and proceeds.

The property will be offered in bulk and in piecemeal, and will be
sold to the highest and best bid for cash.  A 10% deposit will be
required with each bid, with the balance of the bid price to be
paid no later than 24 hours after acceptance of any bids.

Counsel to the Agent are:

     Mark E. Leipold, Esq.
     GOULD & RATNER LLP
     222 North LaSalle Street, Suite 800
     Chicago, IL 60601
     Tel: (312) 236-3003
     E-mail: mleipold@gouldratner.com


IRON MOUNTAIN: Moody's Lowers Sr. Unsecured Debt Rating to Ba2
--------------------------------------------------------------
Moody's Investors Service affirmed Iron Mountain Incorporated's
Ba3 Corporate Family Rating (CFR) and lowered the ratings for its
senior secured credit facilities and senior unsecured debt to Ba2,
from Ba1, and its senior subordinated debt to B2, from B1. Moody's
also lowered Iron Mountain's speculative grade liquidity rating to
SGL-3 from SGL-2. The ratings have a stable outlook.

Ratings Rationale

Consistent with its Loss Given Default methodology, Moody's
lowered the ratings for Iron Mountain's debt instruments by one
notch to reflect the company's plans to redeem $306 million
principal amount of its $412 million 8-3/8% senior subordinated
notes due 2021, which will be financed by drawings under the
revolving credit facility. The debt instrument ratings were
downgraded to reflect lower amounts of junior debt and an increase
in senior unsecured debt relative to senior subordinated debt in
the capital structure. Moody's treats the company's senior secured
credit facilities as effectively pari passu with the senior
unsecured notes since the credit facilities are secured by the
pledge of stock only.

Moody's also lowered Iron Mountain's speculative grade liquidity
rating to SGL-3, from SGL-2, mainly reflecting a high utilization
of its $1.5 billion senior revolving credit facility to fund cash
dividends, including "catch-up" distributions coinciding with the
company's conversion to a Real Estate Investment Trust. In
addition, the anticipated equity issuance has been delayed,
resulting in higher-than-expected utilization of the revolving
line of credit.

The affirmation of the Ba3 CFR continues to reflect Moody's
expectation that leverage will peak around the mid 5x level (total
debt to EBITDA, incorporating Moody's standard analytical
adjustments, mainly non-cash stock compensation and capitalized
operating leases) during 4Q 2014, and should decline and gradually
approach 5.0x (Moody's adjusted) by mid 2016 from EBITDA growth of
about 3% annually and increased use of equity (and correspondingly
lower reliance on debt) to fund its capital requirements.

The stable outlook reflects Moody's expectation for low single
digit revenue growth and steady EBITDA margins in the high 30%
range (Moody's adjusted).

Moody's could downgrade Iron Mountain's ratings if deterioration
in earnings or an increase in debt lead Moody's to believe that
total debt to EBITDA (Moody's adjusted) is unlikely to be
sustained at or below 5x. The rating could also be lowered if Iron
Mountain's liquidity weakens materially.

Although not expected in the near term, Moody's could upgrade Iron
Mountain's ratings if the company generates sustained organic
revenue growth and stable EBITDA margins, such that total debt to
EBITDA is sustained below 4.0 times (Moody's adjusted) and
retained cash flow to net debt is sustained above 15%.

The following ratings were affirmed:

Issuer: Iron Mountain Incorporated

Corporate Family Rating, Ba3

Probability of Default Rating, Ba3-PD

Moody's has downgraded the following ratings:

Speculative Grade Liquidity Rating, SGL-3 from SGL-2

Issuer: Iron Mountain Incorporated

EUR 225 million 6.75% Senior Subordinated Regular Bond/Debenture
due Oct 15, 2018 -- B2 (LGD5) from B1 (LGD5)

$400 million 7.75% Senior Subordinated Regular Bond/Debenture
due Oct 1, 2019 -- B2 (LGD5) from B1 (LGD5)

$550 million 8.375% Senior Subordinated Regular Bond/Debenture
due Aug 15, 2021 -- B2 (LGD5) from B1 (LGD5)

$1000 million 5.75% Senior Subordinated Regular Bond/Debenture
due Aug 15, 2024 -- B2 (LGD5) from B1 (LGD5)

$600 million 6% Senior Unsecured Regular Bond/Debenture due Aug
15, 2023 -- Ba2 (LGD2) from Ba1 (LGD2)

Senior Unsecured Shelf -- (P)Ba2 from (P)Ba1

Issuer: Iron Mountain Information Management, LLC

$1500 million Senior Secured Bank Credit Facility due Jun 27,
2016 -- Ba2 (LGD2) from Ba1 (LGD2)

$250 million (outstanding) Senior Secured Term Loan A due Jun
27, 2016 -- Ba2 (LGD2) from Ba1 (LGD2)

Issuer -- Iron Mountain Europe PLC

GBP400 million Senior Unsecured notes due Sept 15, 2022 -- Ba2
(LGD2) from Ba1 (LGD2)

Issuer: Iron Mountain Canada Operations ULC

Multiple Seniority Shelf Aug 7, 2016 -- (P)Ba2 from (P)Ba1

C$200 million 6.125% Senior Unsecured Regular Bond/Debenture due
Aug 15, 2021 -- Ba2 (LGD2) from Ba1 (LGD2)

Outlook:

Issuer: Iron Mountain Canada Operations ULC

Outlook -- Stable

Issuer: Iron Mountain Incorporated

Outlook -- Stable

Issuer: Iron Mountain Information Management, LLC

Outlook -- Stable

Issuer -- Iron Mountain Europe PLC

Outlook -- Stable

Iron Mountain is an international provider of information storage
and related services. Moody's expects Iron Mountain's consolidated
revenues to exceed $3.1 billion in 2014.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.


LAKSHMI HOSPITALITY: Parties Object to Bid to Dismiss
-----------------------------------------------------
Creditor Marriott International, Inc., and Enterprise Bank and
Trust filed objections to Lakshmi Hospitality Group, LLC's motion
for an order dismissing its Chapter 11 case,

Marriott, a party to franchise agreements with the Debtor for the
Debtor's two hotels, says the Debtor's motion is premised on
Debtor's desire to avoid the confirmation process and to instead
voluntarily dismiss the case and make distributions to creditors
in the ordinary course of Debtor's business.

Secured creditor Enterprise Bank and Trust filed a limited
objection.  According to Enterprise, the Debtor advised the Court
that dismissal is warranted because Enterprise has reached an
agreement to sell its loan to a third party -- that the Debtor
introduced to enterprise -- and the Debtor will no longer need the
protections afforded by the Bankruptcy Code.  Enterprise said that
while it believes that it has an agreement in principal to sell
its loan to the third party, the loan purchase agreement has not
been executed by the third party.

The Debtor is asking the Bankruptcy Court to:

   1. dismiss its Chapter 11 case;

   2. authorize the payment of quarterly fees for the final
quarter of 2014 no later than Jan. 15, 2015; and

   3. pay its unsecured obligations to creditors in the ordinary
course of business.

Marriott is represented by:

         J. Barrett Marum, Esq.
         SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
         A Limited Liability Partnership
         501 West Broadway, 19th Floor
         San Diego, CA 92101
         Tel: (619) 338-6500
         Fax: (619) 234-3815
         E-mail: bmarum@sheppardmullin.com

                     and

         Carren B. Shulman, Esq.
         SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
         A Limited Liability Partnership
         30 Rockefeller Plaza, 39th Floor
         New York, NY 10112
         Tel: (212) 653-8700
         Fax: (212) 653-8701
         E-mail: cshulman@sheppardmullin.com

                 About Lakshmi Hospitality Group

Lakshmi Hospitality Group, LLC, owner of a hotel in Fenton,
Missouri, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Cal.
Case No. 14-07199) in San Diego, California, on Sept. 5, 2014.
Plyush Mehta signed the petition as authorized signatory.  The
Debtor disclosed total assets of $12.7 million and total
liabilities of $8.1 million.

The case is assigned to Judge Margaret M. Mann.  The Debtor has
tapped J. Bennett Friedman, Esq., at Friedman Law Group, P.C., in
Los Angeles, as counsel.

The U.S. trustee wasn't able to appoint a committee of unsecured
creditors in the Debtor's case.


LEHMAN BROTHERS: LB Bankhaus $1.35BB Claims Settlement Okayed
-------------------------------------------------------------
James W. Giddens, the official liquidating Lehman Brothers
Holdings Inc.'s brokerage, received court approval of a deal that
would cut Lehman Brothers Bankhaus AG's $1.35 billion claim
against the brokerage by almost half.

Judge Shelley Chapman of U.S. Bankruptcy Court for the Southern
District of New York on Dec. 10 approved a deal under which
Lehman's German arm will get an "unsecured non-priority general
creditor" claim of US$550 million.

The initial agreement proposed to pay $600 million to Lehman
Bankhaus but the German company agreed to further reduce its claim
to $550 million.  In exchange, the company agreed to release all
other claims it had against the brokerage.

The Lehman parent had previously objected to the $550 million
settlement, saying the amount Lehman Bankhaus would get from it is
"grossly inflated and unjustified."

Mr. Giddens defended the deal, arguing that the amount is the
"approximate midpoint" between two opposing valuations of the
claim: the $810 million as estimated by Lehman Bankhaus and $287
million as estimated by the Lehman parent.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

As of Oct. 2, 2014, Lehman's total distributions to unsecured
creditors have amounted to $92.0 billion.  As of Sept. 30, 2014,
the brokerage trustee has substantially completed customer claims
distributions, distributing more than $106 billion to 111,000
customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LEHMAN BROTHERS: Dodges Ruling That Could Block Distributions
-------------------------------------------------------------
Lehman Brothers Holdings Inc. dodged, for now, a bankruptcy
judge's ruling that could have effectively blocked the company
from making further payments to creditors.

U.S. Bankruptcy Judge Shelley Chapman on Dec. 10 ruled that the
estimated value of more than 209,000 residential mortgage-backed
securities claims should remain capped at $5 billion instead of
being raised to $12.1 billion as requested by a group of trustees,
according to a report by Bloomberg News.

There's "pretty clear case law on this point," the news agency
quoted the bankruptcy judge as saying.

Judge Chapman will continue to hear arguments and expert testimony
over the trustee group's bid to value the loans using statistical
sampling instead of one-by-one, as Lehman advocates, according to
the report.

Lehman and a subcommittee of the official committee of unsecured
creditors oppose the trustees' bid to increase the amount the
company set aside to settle claims tied to mortgage loans it sold.

The company has only set aside $5 billion for the claims held by
the trustees, which include U.S. Bank NA, Deutsche Bank National
Trust Co., Law Debenture Trust Co. of New York, and Wilmington
Trust.

The trustees defend their request to increase the reserve, saying
that a review of the mortgage loans shows that Lehman's liability
is much worse than its initial estimate.

According to the trustees, they estimated their claims through
statistical sampling, a method, which the group says, has been
approved by many courts to determine liability and damages in
cases involving residential mortgage-backed securities claims.

The trustees hit Lehman's proposal that they conduct a review of
every document related to the mortgage loans, saying it would take
years to complete the review and cost them as well as the company
up to $219 million.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

As of Oct. 2, 2014, Lehman's total distributions to unsecured
creditors have amounted to $92.0 billion.  As of Sept. 30, 2014,
the brokerage trustee has substantially completed customer claims
distributions, distributing more than $106 billion to 111,000
customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LEHMAN BROTHERS: LBI Seeks Top Court Review on Barclays Case
------------------------------------------------------------
The official liquidating Lehman Brothers Holdings Inc.'s
brokerage filed a petition with the U.S. Supreme Court seeking a
review of lower court rulings that Barclays Plc is entitled to
about $4 billion of disputed assets.

In a petition for writ of certiorari, James Giddens, the
brokerage's trustee, said lower court rulings awarding margin
assets to Barclays violated bankruptcy rules.

Barclay's acquisition of Lehman's brokerage business in 2008
resulted in a dispute over two major asset groups: about $4
billion of margin assets held by third parties to support a Lehman
exchange-traded derivatives business, and $1.9 billion of
"clearance box" assets used to process securities trades.

Former bankruptcy judge James Peck ruled in February 2011 that
Barclays was entitled to the clearance box assets but not the
margin assets.  U.S. District Judge Katherine Forrest in
Manhattan, however, said in July 2012 that Barclays is entitled to
both.

The district judge's ruling in favor of the British bank was
affirmed by the U.S. Court of Appeals for the Second Circuit in
New York in August this year.  Last month, the appeals court
declined to rehear the trustee's bid to reclaim $4 billion of
margin assets.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

As of Oct. 2, 2014, Lehman's total distributions to unsecured
creditors have amounted to $92.0 billion.  As of Sept. 30, 2014,
the brokerage trustee has substantially completed customer claims
distributions, distributing more than $106 billion to 111,000
customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LEHMAN BROTHERS: Plan Trust Extended for Another 3 Years
--------------------------------------------------------
The U.S. Bankruptcy Court in Manhattan extended the term of the
trust that was created pursuant to Lehman Brothers Holdings Inc.'s
payout plan for another three years.

The trust, which was extended to Dec. 6, 2017, was created to hold
the new Lehman common stock that was issued after all the
company's common and preferred stock was cancelled as well as to
receive and distribute proceeds for the benefit of former Lehman
stockholders.

The plan trust also "preserves important tax attributes of the
Chapter 11 estates that ultimately benefit creditors, fulfills
certain securities laws obligations and benefits former
stockholders," Lehman said in a court filing.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

As of Oct. 2, 2014, Lehman's total distributions to unsecured
creditors have amounted to $92.0 billion.  As of Sept. 30, 2014,
the brokerage trustee has substantially completed customer claims
distributions, distributing more than $106 billion to 111,000
customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LEHMAN BROTHERS: Putnam Claims Settlement Approved
--------------------------------------------------
Lehman Brothers Holdings Inc. received court approval to resolve
the claims of its special financing unit against Putnam Structured
Product Funding 2003-1 Ltd.

The claim stemmed from the early termination of Lehman's swap deal
with ALTA CDO SPC following Lehman's bankruptcy filing.

Under the swap deal, ALTA, a special purpose vehicle, sold "credit
protection" to Lehman's special financing unit and used the money
it received to pay investors, including Putnam, according to court
filings.

Under the settlement, Lehman's special financing unit will be paid
in full by U.S. Bank N.A., which administers the trust created in
connection with the notes issued by ALTA to investors.  In return,
the company agreed to drop its claims tied to the notes against
U.S. Bank and Putnam.

Lehman did not disclose in court filings how much its special
financing unit will receive from U.S. Bank as settlement.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

As of Oct. 2, 2014, Lehman's total distributions to unsecured
creditors have amounted to $92.0 billion.  As of Sept. 30, 2014,
the brokerage trustee has substantially completed customer claims
distributions, distributing more than $106 billion to 111,000
customers.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LINKEDIN CORP: S&P Assigns 'BB+' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
unsolicited 'BB+' corporate credit rating to Mountain View,
Calif.-based professional social networking company LinkedIn Corp.
The outlook is stable.

At the same time, S&P assigned its unsolicited 'BB+' issue-level
rating and unsolicited '3' recovery rating to the company's $1.3
billion convertible notes due 2019.  The '3' recovery rating
indicates S&P's expectation for meaningful recovery (50%-70%) of
principal for debtholders in the event of a payment default.

LinkedIn will use the proceeds from the debt issuance for general
corporate purposes, including operating needs.  Pro forma for the
debt offering, S&P estimates that the company had about $3.6
billion in cash and cash equivalents and short-term investments
and $1.3 billion of debt as of Sept. 30, 2014.

The unsolicited 'BB+' corporate credit rating incorporates S&P's
assumption of double-digit percentage growth in LinkedIn Solution
customers, robust growth in unique visiting members and page
views, positive discretionary cash flow (about 40% of EBITDA), and
minimal debt leverage.

The rating outlook is stable.  "We expect LinkedIn to experience
strong growth over the next two years as the company rolls out new
services and enters new markets," said Standard & Poor's credit
analyst Any Liu.  "We also expect that the company will convert
about 40% of EBITDA into discretionary cash flow, which is modest,
due to high level of capital expenditures."

S&P could raise the rating if LinkedIn can continue to profitably
enter new markets and increase its discretionary cash flow
generation.  More specifically, S&P could raise the rating if it
believes that the company can expand its discretionary cash flow
to more than accommodate growing capital expenditure needs and
acquisition spending, thereby resulting in the removal of the
negative comparable ratings assessment.

S&P could lower the rating if LinkedIn experiences a meaningful
deceleration in revenue growth over the next two years to near
flattish (relative to S&P's expectation of strong growth) and
EBITDA margin contraction.  This would suggest increased
competitive pressure and that discretionary cash flow could
experience a marked decline in the absence of a significant
decrease in cost or capital spending.


MALLINCKRODT GROUP: Bank Debt Trades at 3% Off
----------------------------------------------
Participations in a syndicated loan under which Mallinckrodt Group
Inc. is a borrower traded in the secondary market at 97.45 cents-
on-the-dollar during the week ended Friday, Dec. 19, 2014
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease
of 1.03 percentage points from the previous week, The Journal
relates.  Mallinckrodt Group Inc. pays 275 basis points above
LIBOR to borrow under the facility.  The bank loan matures on Feb.
25, 2021.  The bank debt carries Moody's Ba2 and Standard & Poor's
BB+ rating.  The loan is one of the biggest gainers and losers
among 204 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


MEDICURE INC: Changes Fiscal Year End to Dec. 31
------------------------------------------------
Medicure Inc.'s Board of Directors has approved a change in the
Company's fiscal year end to December 31.  The change will result
in a stub period from June 1, 2014, to Dec. 31, 2014, and as a
result of the change, the first full fiscal year will end on
Dec. 31, 2015.  This change in year end from May 31 to December 31
is being made by the Company to better align the Company's
financial reporting calendar with its industry peers and with most
other companies trading on the TSX.V.

The Company estimates net revenues to be $2.2 million during the
three months ended Nov. 30, 2014, which was previously defined as
the second quarter, compared to $871,000 for the three months
ended Nov. 30, 2013, an increase of approximately 153%.
Additionally, the Company expects positive earnings before
interest, taxes, depreciation and amortization (EBITDA) and net
income for the three months ended Nov. 30, 2014.

Hospital demand for the Company's product, AGGRASTAT, has
increased significantly compared to the previous period, primarily
as a result of FDA approval of the new dosing regimen for
AGGRASTAT.  Additionally, favourable fluctuations in the U.S.
dollar exchange rate contributed to the increase in revenue.  The
Company's commercial team and overall sales and marketing
investment are being expanded as the Company works to grow its
customer base and support hospitals in their transition to
AGGRASTAT.  Based on current activity and interest, the Company
expects sales of AGGRASTAT to continue to increase over the coming
quarters.

The financial amount and statements provided above are estimates
only and are subject to change.  Management has not completed the
usual reporting and analyses for the three month period ended
Nov. 30, 2014.  This early estimate is being provided on a one-
time basis due to the change in the Company's fiscal year end and
the resulting delay in reporting of full results for the period
ended Nov. 30, 2014.

With this fiscal year end change, the Company will report a one-
time, transitional seven month year ending Dec. 31, 2014, that
will be compared to the financial statements for the 12 months
ended May 31, 2014.  The Company's Financial Statements and
Management Discussion and Analysis for the seven month period
ending Dec. 31, 2014, will be due to be filed by April 30, 2015.
Financial results for the period of September 1, 2014 to Nov. 30,
2014, will be presented in conjunction with the transitional seven
month financial year.

A full-text copy of the Notice of Change in Year-End is available
for free at http://is.gd/3EnKPE

                        About Medicure Inc.

Based in Winnipeg, Manitoba, Canada, Medicure Inc. (TSX/NEX:
MPH.H) -- http://www.medicure.com/-- is a biopharmaceutical
company engaged in the research, development and commercialization
of human therapeutics.  The Company has rights to the commercial
product, AGGRASTAT(R) Injection (tirofiban hydrochloride) in the
United States and its territories (Puerto Rico, U.S. Virgin
Islands, and Guam).  AGGRASTAT(R), a glycoprotein GP IIb/IIIa
receptor antagonist, is used for the treatment of acute coronary
syndrome (ACS) including unstable angina, which is characterized
by chest pain when one is at rest, and non-Q-wave myocardial
infarction.

Medicure Inc. reported a net loss of C$1.63 million for the year
ended May 31, 2014, compared to a net loss of C$2.57 million for
the year ended May 31, 2013.

As of Aug. 31, 2014, the Company had C$5.60 million in total
assets, C$9.92 million in total liabilities and a C$4.32 million
total deficiency.

Ernst & Young LLP, issued a "going concern" qualification on the
consolidated financial statements for the year ended May 31, 2014.
The independent auditors noted that Medicure Inc. has experienced
losses and has accumulated a deficit of $127,516,308 since
incorporation and has a working capital deficiency of $869,164 as
at May 31, 2014.  These conditions raise substantial doubt about
its ability to continue as a going concern.


MERGEWORTHRX CORP: Lack of Financing Raises Going Concern Doubt
---------------------------------------------------------------
MergeWorthRx Corp. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $178,000 for the three months ended Sept. 30, 2014,
compared with a net loss of $75,300 for the same period during the
prior year.

The Company's balance sheet at Sept. 30, 2014, showed
$63.5 million in total assets, $333,000 in total liabilities,
$58.2 million in common stock subject to possible redemption and
total stockholders' equity of $5 million.

The Company incurred a net loss of $342,000 for the nine months
ended Sept. 30, 2014.  At Sept. 30, 2014, the Company had $22,300
of cash and a working capital deficit of $283,000.  The Company's
accumulated deficit aggregated $538,000 at Sept. 30, 2014.  The
Company has principally financed its operations from inception
using proceeds from sales of its equity securities in the Public
Offering and loans from shareholders.  The Company anticipates
that in order to fund its working capital requirements, it will
need to use all of the remaining funds not held in trust and the
interest earned on the funds held in the Trust Account.  The
Company may need to enter into contingent fee arrangements with
its vendors or raise additional capital through loans or
additional investments from its Sponsors, officers, directors, or
third parties.  None of the Sponsors, officers or directors is
under any obligation to advance funds to, or invest in, the
Company.  Accordingly, significant uncertainties include the
inability to obtain additional financing.  If the Company is
unable to raise additional capital, it may be required to take
additional measures to conserve liquidity, which could include,
but not necessarily be limited to, curtailing operations,
suspending the pursuit of its business plan, and controlling
overhead expenses.  These conditions raise substantial doubt about
the Company's ability to continue as a going concern, according to
the regulatory filing.

A copy of the Form 10-Q is available at:

                       http://is.gd/U1M7Wz

MergeWorthRx Corp. does not have significant operations.  The
company intends to acquire various businesses or entities through
merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization, or other business combination in
the United States.  It focuses on identifying a target business in
the healthcare industry primarily specialty pharmacy, infusion
pharmacy, and/or drug distribution sectors.  The company was
formerly known as MedWorth Acquisition Corp. and changed its name
to MergeWorthRx Corp. in November 2013.  MergeWorthRx Corp. was
founded in 2013 and is based in Miami, Florida.


MERRIMACK PHARMACEUTICALS: Sarah Nash Quits From Board
------------------------------------------------------
Sarah E. Nash provided notice of her resignation from the Board of
Directors of Merrimack Pharmaceuticals, Inc., effective as of
Dec. 31, 2014, according to a regulatory filing with the U.S.
Securities and Exchange Commission.

The Board elected Russell T. Ray as a director of the Company,
effective as of Jan. 1, 2015, to fill the vacancy created by the
resignation of Ms. Nash.  Mr. Ray was also elected to serve on the
Audit Committee of the Board, effective as of Jan. 1, 2015.

                          About Merrimack

Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc., a
biopharmaceutical company discovering, developing and preparing to
commercialize innovative medicines consisting of novel
therapeutics paired with companion diagnostics.  The Company's
initial focus is in the field of oncology.  The Company has five
programs in clinical development.  In it most advanced program,
the Company is conducting a pivotal Phase 3 clinical trial.

Merrimack reported a net loss of $130.68 million in 2013, a net
loss of $91.75 million in 2012 and a net loss of $79.67 million in
2011.

The Company's balance sheet at Sept. 30, 2014, showed $188.60
million in total assets, $288.46 million in total liabilities,
$150,000 in non-controlling interest and a $99.71 million total
stockholders' deficit.


MISSION NEWENERGY: Appoints Advisor Nizam to Board
--------------------------------------------------
Mission NewEnergy Limited had appointed Dato' Mohamed Nizam bin
Tun Abdul Razak as Advisor to the Board effective Dec. 16, 2014.

Dato' Nizam Razak, a Malaysian, was attached to Bumiputra Merchant
Bankers Bhd, an investment bank, from 1981 to 1984 and to PB
Securities Sdn Bhd, a stockbroking firm from 1984 to 1998.  He is
an independent and non-executive director of Yeo Hiap Seng Limited
and Mamee-Double Decker (M) Sdn Bhd.  He also serves on the board
of several private limited companies engaged in a wide range of
activities and is actively involved in several charitable
foundations such as Noah Foundation, Hong Leong Foundation,
National Children Welfare Foundation, Yayasan Cemerlang, Yayasan
Rahah and Yayasan Wah Seong.  In March 2012, he was appointed Pro-
Chancellor of University Tun Abdul Razak and in July 2013, he was
appointed Chancellor of Unitar International University.

In the past he has held directorships in companies involved in a
wide range of activities such as banking, insurance, mutual funds,
steel, auto parts manufacturing, property development, retail and
food production.

He is currently a value investor engaged in buyouts and private
equity transactions in Malaysia.

Nizam graduated in 1980 with a Bachelor of Arts (Oxon) degree in
Politics, Philosophy and Economics from the Oxford University,
United Kingdom.

In welcoming Dato' Nizam to the board, Datuk Zain Yusuf, Chairman
of Mission NewEnergy said, "I am delighted to welcome Dato' Nizam
to Mission.  He has a wealth of industry knowledge and experience
which will add significant value to Mission.  His appointment
strengthens the board's experience and adds to its capability in
the development and implementation of its new business strategy."

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.

The Company's balance sheet at June 30, 2014, showed $4.04 million
in total assets, $15.40 million in total liabilities and a $11.35
million total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


MONITRONICS INTERNATIONAL: Bank Debt Trades at 2% Off
-----------------------------------------------------
Participations in a syndicated loan under which Monitronics
International is a borrower traded in the secondary market at
97.80 cents-on-the-dollar during the week ended Friday, Dec. 19,
2014 according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
a decrease of 1.26 percentage points from the previous week, The
Journal relates.  Monitronics International pays 325 basis points
above LIBOR to borrow under the facility.  The bank loan matures
on March 19, 2018.  The bank debt carries Moody's Ba3 and Standard
& Poor's B rating.  The loan is one of the biggest gainers and
losers among 204 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.


MOUNTAIN PROVINCE: To Begin Trading on NASDAQ Stock Market
----------------------------------------------------------
Mountain Province Diamonds Inc. has been approved for listing on
the NASDAQ under the symbol MDM.  Trading on the NASDAQ is
expected to commence on Dec. 31, 2014.  The Company's common stock
will continue to trade on the NYSE MKT until the market close on
Dec. 30, 2014.

Patrick Evans, chief executive officer of Mountain Province
Diamonds, commented: "We are pleased to announce our listing on
the NASDAQ.  We believe the move to NASDAQ will improve the
visibility of our stock, enhance trading liquidity in our shares
and provide us with greater exposure to institutional investors."

                  About Mountain Province Diamonds

Headquartered in Toronto, Canada, Mountain Province Diamonds Inc.
(TSX: MPV, NYSE AMEX: MDM) -- http://www.mountainprovince.com/--
is a Canadian resource company in the process of permitting and
developing a diamond deposit known as the "Gahcho Kue Project"
located in the Northwest Territories of Canada.  The Company's
primary asset is its 49 percent interest in the Gahcho Kue
Project.

Mountain Province reported a net loss of C$26.60 million in 2013,
a net loss of C$3.33 million in 2012 and a net loss of C$11.53
million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $201 million
in total assets, $41.4 million in total liabilities and
$159 million in total shareholders' equity.


MULTI PACKAGING SOLUTIONS: Moody's Changes Outlook to Negative
--------------------------------------------------------------
Moody's Investors Service, has changed the ratings outlook for
Multi Packaging Solutions Limited ("MPS") to negative from stable,
and has affirmed the company's B2 Corporate Family Rating ("CFR"),
as well as the B1 rating on MPS's senior secured credit
facilities, and the Caa1 rating on subsidiary Multi Packaging
Solutions, Inc.'s senior unsecured notes. The outlook has been
changed to negative to reflect the elevated pace of debt-financed
acquisitions and the significant merger- and acquisition-related
pro forma adjustments to the company's most recent reported
financial results. Without these pro forma adjustments, credit
metrics are not commensurate with the B2 rating.

Affirmations:

Issuer: Multi Packaging Solutions Limited

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facilities, Affirmed B1 (LGD3)

Issuer: Multi Packaging Solutions, Inc (New)

Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD6)

Outlook Actions:

Issuer: Multi Packaging Solutions Limited

Outlook, Changed To Negative From Stable

Ratings Rationale

The change in ratings outlook reflects risks associated with the
company's acquisition-related growth strategy. Moody's is
particularly concerned about the lack of transparency around
current and near term financial performance due primarily to the
February 2014 merger with Chesapeake Services Limited
("Chesapeake"), as well as subsequent debt-financed acquisitions
this year, including the November 2014 purchase of the print and
packaging business of ASG Group ("ASG").

While pro forma credit metrics support the B2 rating, Moody's
notes that the calculation of these measure requires substantial
upward adjustments to reported financial data, which raises
concerns about the quality of current financial data available to
assess the company's credit condition. MPS' audited financial
statements for the FY 2014 period (ending June 30, 2014) reflect
significant negative operating losses, thin EBITDA levels
(approximately $14 million, before adjustments), and negative
retained cash flow generation, while reporting sizeable debt
levels.

MPS's total funded debt of nearly $1.5 billion as of June 2014
represents approximately 128% of reported revenue for the LTM
period. Moody's recognizes that earnings from acquisitions, in
particular the February 2014 acquisition of Chesapeake, that are
not fully reflected in the FY 2014 financial statements, should be
considered against these debt levels. The company estimates that
Chesapeake, along with the subsequent acquisitions in 2014,
contributed nearly $1 billion of revenue on a pro forma basis for
the LTM June 2014 period. MPS also estimates that pro forma EBITDA
for the same period would increase by over $200 million when
taking into account full year operations of the acquired
businesses, while adding back certain non-recurring costs,
particularly those relating to LBO transaction costs at both MPS
and Chesapeake. On this basis, Moody's estimates pro forma Debt to
EBITDA at approximately 6 times, EBITDA less CAPEX to pro forma
Interest at almost 2 times, and Retained Cash Flow to Debt of over
10%.

While these pro-forma credit metrics are consistent with a B2
rating, Moody's believes MPS faces substantial integration risks
which could result in reported earnings and cash flow for the
company going forward that are below current expectations. In
particular, the limited history of financial results of recently
acquired companies in their current business profiles are
detrimental to the quality of pro forma operating results.

However, the rating is supported by the company's relatively
recession-resistant end markets, track record of organic growth
and a history of successful integration of acquired businesses,
long-term customer relationships, growing market position that
should ensue from acquisitions, and good cash flow typically
generated by its businesses. As well, Moody's notes that financial
results for Q1 2015 (ending September 30), which takes into
account a full quarter of all acquisitions except for ASG, showed
EBITDA of approximately $60 million on revenue of almost $400
million, which is an early indicator supporting expectations that
the company can achieve integrated earnings targets. Nonetheless,
until the company reports successive quarters of similarly
encouraging results in FY 2015 to validate expectations, Moody's
expects that the rating outlook will remain negative.

MPS is expected to maintain adequate liquidity to support its
operations in the near term, including free cash flow in excess of
$30 million in FY 2015, assuming earnings contributions from
acquired entities materialize as planned, which will allow the
company to repay modest levels of debt over this period. MPS
reported a $17 million cash balance as of September 30, 2014.
There are no material debt maturities until 2018 when its $50
million U.S. revolving credit facility terminates. In addition to
the U.S. revolver, MPS maintains a GBP 50 million multi-currency
credit facility, which Moody's views as ample to cover operating
needs outside the U.S. Although the company had approximately $6
million drawn on all facilities as of September 30, 2014, largely
to cover seasonal high working capital use, Moody's expects that
these facilities will be largely un-drawn over the near term as
free cash flow turns positive. Moody's also expects that the
company will be in compliance with financial covenants over the
near term.

Ratings could be lowered if MPS encountered unexpected difficulty
in implementing its integration plans, diminishing revenue growth
and lowering margins over the near term. The negative effects of
such an event would be exacerbated if it were to coincide with a
drop in demand due to weakness in economic drivers, such as during
a recession. Lower ratings could be prompted if Debt to EBITDA
remained above 5.5 times, EBITDA less CAPEX to Interest were to
fall below 1.5 times, or if Retained Cash Flow were to fall below
8% of debt. A material weakening in liquidity, evidenced by a
pattern of negative free cash flow or substantial drawings on
revolving credit facilities, could also pressure ratings.

Although an upgrade is not likely over the near term, higher
rating considerations would require that the company demonstrate
success in integrating its recent acquisitions, steady revenue
growth, and margin improvement, resulting in free cash flow
generation and substantial debt reduction. Debt to EBITDA
sustained below 4 times and EBITDA less CAPEX to Interest of above
2 times would be indicative factors that could drive the rating
up.

The principal methodology used in these ratings was Global Paper
and Forest Products Industry published in October 2013. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Multi Packaging Solutions Limited, through its main operating
subsidiaries in the US and Europe, is a global provider of
consumer packaging products and solutions to the consumer, health
care, and multi-media markets.


NAVISTAR INTERNATIONAL: Carl Icahn Has 19.9% Stake as of Dec. 17
----------------------------------------------------------------
Carl C. Icahn and his affiliates disclosed that as of Dec. 17,
2014, they beneficially owned 16,272,524 shares of common stock of
Navistar International Corporation representing 19.99 percent of
the shares outstanding.  The aggregate purchase price of the
Shares purchased by the Reporting Persons collectively was
approximately $501.9 million (including commissions and premiums).
A copy of the regulatory filing is available for free at:

                        http://is.gd/t4uM5G

                     About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.Navistar.com/-- is a holding company whose
subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The Company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

Navistar International reported a net loss attributable to the
Company of $898 million for the year ended Oct. 31, 2013,
following a net loss attributable to the Company of $3.01 billion
for the year ended Oct. 31, 2012.

The Company's balance sheet at July 31, 2014, showed $7.70 billion
in total assets, $11.74 billion in total liabilities and a $4.04
billion total stockholders' deficit.

                          *     *     *

In the Oct. 9, 2013, edition of the TCR, Moody's Investors Service
affirmed the ratings of Navistar International Corporation,
including the B3 Corporate Family Rating (CFR).  The ratings
reflect Moody's expectation that Navistar's successful
incorporation of Cummins engines throughout its product line up
will enable the company to regain lost market share, and that
progress in addressing component failures in 2010 vintage-engines
will significantly reduce warranty expenses.

As reported by the TCR on Oct. 9, 2013, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on
Illinois-based truckmaker Navistar International Corp. (NAV) to
'CCC+' from 'B-'.  "The rating downgrades reflect our increased
skepticism regarding NAV's prospects for achieving the market
shares it needs for a successful business turnaround," said credit
analyst Sol Samson.

In January 2013, Fitch Ratings affirmed the Issuer Default Ratings
(IDR) for Navistar International Corporation and Navistar
Financial Corporation at 'CCC' and removed the Negative Outlook on
the ratings.  The removal reflects Fitch's view that immediate
concerns about liquidity have lessened, although liquidity remains
an important rating consideration as NAV implements its selective
catalytic reduction (SCR) engine strategy.  Other rating concerns
are already incorporated in the 'CCC' rating.


NAVISTAR INTERNATIONAL: Rachesky Has 17.8% Stake as of Dec. 17
--------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Mark H. Rachesky, M.D., and his affiliates
disclosed that as of Dec. 17, 2014, they beneficially owned
14,519,577 shares of common stock of Navistar International
Corporation representing 17.8 percent of the shares outstanding.
A copy of the regulatory filing is available for free at:

                        http://is.gd/Vdgmw7

                    About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.Navistar.com/-- is a holding company whose
subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The Company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

Navistar International reported a net loss attributable to the
Company of $619 million on $10.80 billion of net sales and
revenues for the year ended Oct. 31, 2014, compared to a net loss
attributable to the Company of $898 million on $10.77 billion of
net sales and revenues for the year ended Oct. 31, 2013.

                          *     *     *

In the Oct. 9, 2013, edition of the TCR, Moody's Investors Service
affirmed the ratings of Navistar International Corporation,
including the B3 Corporate Family Rating (CFR).  The ratings
reflect Moody's expectation that Navistar's successful
incorporation of Cummins engines throughout its product line up
will enable the company to regain lost market share, and that
progress in addressing component failures in 2010 vintage-engines
will significantly reduce warranty expenses.

As reported by the TCR on Oct. 9, 2013, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on
Illinois-based truckmaker Navistar International Corp. (NAV) to
'CCC+' from 'B-'.  "The rating downgrades reflect our increased
skepticism regarding NAV's prospects for achieving the market
shares it needs for a successful business turnaround," said credit
analyst Sol Samson.

In January 2013, Fitch Ratings affirmed the Issuer Default Ratings
(IDR) for Navistar International Corporation and Navistar
Financial Corporation at 'CCC' and removed the Negative Outlook on
the ratings.  The removal reflects Fitch's view that immediate
concerns about liquidity have lessened, although liquidity remains
an important rating consideration as NAV implements its selective
catalytic reduction (SCR) engine strategy.  Other rating concerns
are already incorporated in the 'CCC' rating.


NEPHROS INC: Completes $3 Million Rights Offering
-------------------------------------------------
Nephros, Inc., said it received gross proceeds of $3 million from
its rights offering.

According to the Company, a portion of the proceeds was used for
the repayment of the $1.75 million note issued to Lambda Investors
LLC, Nephros' largest shareholder, in August 2014 in connection
with its loan to Nephros, plus $63,583.33 of accrued interest
thereon.  Based on holders of subscription rights who exercised
their basic subscription rights in full and subscribed for
additional shares of common stock pursuant to the over
subscription privilege, the rights offering was fully subscribed.
Nephros issued a total of 5,000,000 shares of common stock to the
holders of subscription rights who validly exercised their
subscription rights and paid the subscription price in full,
including pursuant to the exercise of the over subscription
privilege.

"We are pleased to have completed this fully subscribed
shareholder rights offering, a clear testament to our solid
shareholder support and appreciation of our growth opportunity,"
said John C. Houghton, president, chief executive officer and
acting chief financial officer.  He added, "The net proceeds from
this offering will enable Nephros to further pursue the
commercialization of our high performance liquid purification
filters and our on-line mid-dilution hemodiafiltration system as
we continue to gain momentum and further execute our growth
strategy."

                           About Nephros

River Edge, N.J.-based Nephros, Inc., is a commercial stage
medical device company that develops and sells high performance
liquid purification filters.  Its filters, which it calls
ultrafilters, are primarily used in dialysis centers and
healthcare facilities for the production of ultrapure water and
bicarbonate.

Nephros, Inc., reported a net loss of $3.69 million in 2013
following a net loss of $3.26 million in 2012.

As of Sept. 30, 2014, the Company had $3.10 million in total
assets, $3.49 million in total liabilities and a $386,000 total
stockholders' deficit.

Rothstein Kass, in Roseland, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has incurred negative cash flow from operations and net
losses since inception.  These conditions, among others, raise
substantial doubt about its ability to continue as a going
concern.


NET ELEMENT: Authorized Common Shares Hiked to 200 Million
----------------------------------------------------------
Net Element, Inc., filed with the Secretary of State of the State
of Delaware a Certificate of Amendment to its Amended and Restated
Certificate of Incorporation, which increased authorized common
stock of Net Element, Inc., to 200 million shares.

                         About Net Element

Miami, Fla.-based Net Element International, Inc. (formerly Net
Element, Inc.,) currently operates several online media Web sites
in the film, auto racing and emerging music talent markets.

Net Element reported a net loss of $48.31 million in 2013, as
compared with a net loss of $16.38 million in 2012.  The Company's
balance sheet at June 30, 2014, showed $16.57 million in total
assets, $22.79 million in total liabilities and a $6.21 million
total stockholders' deficit.

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has suffered recurring losses from operations and has
used substantial amounts of cash to fund its operating activities
that raise substantial doubt about its ability to continue as a
going concern.


NEXSTAR BROADCASTING: Moody's Hikes Corporate Family Rating to B1
-----------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
(CFR) of Nexstar Broadcasting, Inc. to B1 from B2 and upgraded the
rating on its senior unsecured notes to B3 from Caa1. Moody's
changed the company's outlook from positive to stable, affirmed
its SGL-2 speculative grade liquidity rating, and other ratings as
shown below.

Moody's also withdrew all ratings on Rocky Creek Communications,
Inc (Rocky Creek) and assigned a Ba2 rating to the first lien bank
credit facility of Marshall Broadcasting Group, Inc (MBG)($60
million term loan and $2 million revolver). Nexstar and MBG
facilities are cross-collateralized and cross-guaranteed and have
cross default provisions, and the MBG debt will help fund pending
acquisitions.

A summary of the actions follows.

Nexstar Broadcasting, Inc.

Corporate Family Rating, Upgraded to B1 from B2

Probability of Default Rating, Upgraded to B1-PD from B2-PD

Senior Secured Bank Credit Facility, Upgraded to Ba2, LGD2 from
Ba3, LGD2

Senior Unsecured Bonds, Upgraded to B3, LGD5 from Caa1, LGD5

  Affirmed SGL-2 Speculative Grade Liquidity Rating

Outlook, Changed to Stable from Positive

Mission Broadcasting, Inc.

Senior Secured Bank Credit Facility, Upgraded to Ba2, LGD2 from
Ba3, LGD2

Outlook, Changed to Stable from Positive

Marshall Broadcasting Group, Inc.

Senior Secured Bank Credit Facility, Assigned Ba2, LGD2

Assigned Stable Outlook

Rocky Creek Communications, Inc

Withdrew Ba3, LGD2 on Senior Secured Bank Credit Facility

Withdrew Positive Outlook

Ratings Rationale

The upgrade incorporates expectations for Nexstar's leverage to
fall below 5 times debt-to-EBITDA (on a two year average basis,
pro forma for all acquisitions) over the next year, as well as the
benefits of its enhanced scale and geographic diversification
following executed and pending acquisitions. Moody's estimates
Nexstar's two year average revenue at approximately $720 million
pro forma for its announced acquisitions, compared to two year
average revenue of approximately $440 million for 2012 and 2013 as
reported. Furthermore, the use of free cash flow to help fund
acquisitions and the reduction in cost of debt should facilitate
continued strong free cash flow.

Nexstar's high leverage poses challenges for managing a business
vulnerable to advertising spending cycles, incorporated in its B1
CFR. Pro forma for all announced transactions and related
financing, Moody's estimates leverage in the low 5 times debt-to-
EBITDA range as of September 30, 2014 on a two-year average basis.
Moody's anticipates operating synergies from acquisitions,
continued growth in cash flow from retransmission fees and the
digital business, together with some debt repayment, will
facilitate leverage below 5 times by the end of 2015. Moody's
expects the strong EBITDA margin to continue during the next
couple of years even after rising payments to the networks as the
company realizes more synergies given its duopoly strategy and
gains more cash flow by resetting retransmission fees to more
favorable Nexstar terms on to-be acquired stations. Good liquidity
and free cash flow generation also support the B1 CFR. Moody's
forecasts the free-cash flow-to-debt ratio will increase to the
high single-digit percentage by the end of 2015. Nexstar's
consistent number one or two revenue rankings in 75% of its
existing and soon-to-be-added markets and highly rated local news
programs also support the rating, but the company remains
susceptible to economic conditions and faces continued competition
for advertising dollars related to media fragmentation. Recent
developments in digital media, which create an income stream from
subscription-based services as well as advertising revenue,
slightly mitigate cross-media competition and increase
diversification, but are unlikely to materially impact the overall
revenue trends.

Moody's considers it likely that Nexstar will issue more debt
which, together with internally generated cash and existing credit
agreements, will fund recently announced acquisitions. These
include KLAS-TV, the CBS affiliate serving the Las Vegas, Nevada,
market for $145 million (announced in November), KASW-TV, the CW
affiliate serving the Phoenix, Arizona, market for $68 million
(announced in October), and KCWI-TV, the CW affiliate in Des
Moines for $3.5 million (announced in November). Moody's will
evaluate the impact of any new financing on ratings for existing
debt as details of the likely long term financing structure become
more clear.

The stable outlook reflects Moody's expectations that with
integration of acquired stations, continued EBITDA expansion and
debt reduction, pro forma for all announced transactions and
related financing, the leverage will fall below 5 times over the
next 12 to 18 months on a two-year average basis. Given pending
transactions, Moody's also expects that management will
successfully execute on the related integration and realize
synergies within a reasonable timeframe. The outlook also assumes
continued positive free cash flow and maintenance of a good
liquidity.

Moody's would consider an upgrade based on expectations for
sustained two year average leverage below 4 times debt-to-EBITDA
(pro forma for the transactions), sustained positive free cash
flow-to-debt around 10%, as well as expectations for modest growth
in core advertising revenue and continued expansion of the digital
media business. An upgrade would also require maintenance of good
liquidity.

Moody's would likely lower ratings if leverage fails to fall below
5 times or based on expectations for free cash flow-to-debt
sustained below 5% whether due to weak ad demand, operational
challenges, debt funded shareholder returns or acquisitions, or
unexpected inefficiency in acquisition integration. Deterioration
of the liquidity profile could also trigger a negative rating
action.

Based in Irving, Texas, Nexstar owns, operates, programs or
provides sales and other services to 80 television stations with
48 community portal websites in 46 markets or approximately 13% of
all U.S. television households with last twelve months (LTM)
revenue of approximately $577 million as of September 30, 2014.
Nexstar's portfolio includes affiliates of NBC, CBS, ABC, FOX,
MyNetworkTV, The CW, Telemundo, Bounce TV, Me-TV, and LATV.

Pro-forma for the completion of all announced transactions,
Nexstar's portfolio will increase to 110 television stations and
related digital multicast signals reaching 58 markets or
approximately 18% of all U.S. television households with estimated
two year average revenue above $720 million.

The principal methodology used in these ratings was Global
Broadcast and Advertising Related Industries published in May
2012. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.


NII HOLDINGS: Plan-Support Agreement Gets Independent Review
------------------------------------------------------------
Sherri Toub, a bankruptcy columnist for Bloomberg News, reported
that U.S. Bankruptcy Judge Shelley C. Chapman in New York has
approved the appointment of Scott C. Winn as independent manager
of NII International Telecom SCA.

According to the report, the independent manager of NII
International, known as LuxCo, will evaluate the proposed
settlement embodied in the plan-support agreement filed by NII
Holdings Inc. in furtherance of a debt-swap deal.  The settlement,
the report noted, would resolve so-called avoidance claims and
claims that some intercompany debt should be treated as equity.

Within 45 days of appointment, unless the period is extended, the
independent manager will review the settlement on behalf of LuxCo
and either confirm its reasonableness and recommend that LuxCo
join, or advise against it, the report related, citing the court's
order.

                         About NII Holdings

NII Holdings Inc. through its subsidiaries provides wireless
communication services for businesses and consumers in Brazil,
Mexico and Argentina.  NII Holdings has the exclusive right to use
the Nextel brand in its markets pursuant to a trademark license
agreement with Sprint Corporation and offers unique push-to-talk
("PTT") services associated with the Nextel brand in Latin
America.  NII Holdings' shares of common stock, par value $0.001,
are publicly traded under the symbol NIHD on the NASDAQ Global
Select Market.

NII Holdings and its affiliated debtors sought bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-12611) in Manhattan
on Sept. 15, 2014.  The Debtors' cases are jointly administered
and are assigned to Judge Shelley C. Chapman.

The Debtors have tapped Jones Day as counsel and Prime Clerk LLC
as claims and noticing agent.  NII Holdings disclosed
$1,216,071,340 in assets and $3,068,103,749 in liabilities as of
the Chapter 11 filing.

The U.S. Trustee for Region 2 on Sept. 29 appointed five creditors
of NII Holdings to serve on the official committee of unsecured
creditors.


NORTHERN STAR BANK: BankVista Assumes Bank's Deposits
-----------------------------------------------------
Northern Star Bank, Mankato, Minnesota, was closed by the
Minnesota Department of Commerce, which appointed the Federal
Deposit Insurance Corporation (FDIC) as receiver.

To protect the depositors, the FDIC entered into a purchase and
assumption agreement with BankVista, Sartell, Minnesota, to assume
all of the deposits of Northern Star Bank.

The two branches of Northern Star Bank will reopen as branches of
BankVista during their normal business hours.  Depositors of
Northern Star Bank will automatically become depositors of
BankVista.  Deposits will continue to be insured by the FDIC, so
there is no need for customers to change their banking
relationship in order to retain their deposit insurance coverage
up to applicable limits.

Customers of Northern Star Bank should continue to use their
current branch until they receive notice from BankVista that
systems conversions have been completed to allow full-service
banking at all branches of BankVista.

Depositors of Northern Star Bank can continue to access their
money by writing checks or using ATM or debit cards. Checks drawn
on the bank will continue to be processed.  Loan customers should
continue to make their payments as usual.

As of September 30, 2014, Northern Star Bank had approximately
$18.8 million in total assets and $18.2 million in total deposits.
In addition to assuming all of the deposits of Northern Star Bank,
BankVista agreed to purchase essentially all of the failed bank's
assets.


NORTHLAND RESOURCES: Luxembourg Court Approves Bankruptcy Request
-----------------------------------------------------------------
Northland Resources SE on Dec. 19 disclosed that the Company's
request of bankruptcy has been approved by the Luxembourg District
Court.

In accordance with the announcement on December 8, 2014, Northland
Resources SE, the parent company of Northland, has filed for
bankruptcy in Luxembourg on December 17, 2014.

Pursuant to article 437 of the Luxembourg Commercial Code, a
commercial company is considered insolvent ("en faillite") if (1)
it can no longer pay its debts i.e. the company is in a situation
called cessation of payments (cessation des paiements) and if (2)
it is no longer being granted credit (ebranlement du credit).
These two conditions must be met cumulatively.

After review of the Company's accounting documents, the Court
noted that the above mentioned conditions are met and approved the
Company's request by decision dated December 19, 2014. By the same
decision, Maitre Evelyne Korn has been appointed receiver of the
bankruptcy. Subsequently, as the date hereof, only the receiver of
the bankruptcy is authorized to act on behalf of the Company.

In accordance with article 8.15 of Council Regulation (EC) No
2157/2001 of 8 October 2001 on the Statute for a European company
(SE), the process of transferring the registered office of the
Company to Sweden is cancelled due to the Company's bankruptcy.

For more information, please call: +46 978 126 60

Email ir@northland.eu or visit our website: www.northland.eu

Northland is a producer of iron ore concentrate, with a portfolio
of production, development and exploration mines and projects in
northern Sweden and Finland.  The first construction phase of the
Kaunisvaara project is complete and -- production ramp-up started
in November 2012.  The Company expects to produce high-grade,
high-quality magnetite iron concentrate in Kaunisvaara, Sweden,
where the Company expects to exploit two magnetite iron ore
deposits, Tapuli and Sahavaara.  Northland has entered into off-
take contracts with three partners for the entire production from
the Kaunisvaara project over the next seven to ten years.  The
Company has also finalized a Definitive Feasibility Study ("DFS")
for its Hannukainen Iron Oxide Copper Gold ("IOCG") project in
Kolari, northern Finland.


ONE SOURCE: Files for Chapter 11, Wants Sanctions Against Volvo
---------------------------------------------------------------
One Source Industrial Holdings, LLC, sought bankruptcy protection
partly due to the decline in oil prices that hurt its clients in
the oil and gas and manufacturing industries.

One Source is a Texas limited liability company that holds
equipment utilized by various related entities which provide
rental equipment and industrial services to businesses in the oil
and gas, refining, manufacturing, pipeline, shipping, and
construction industries.  The types of equipment possessed by the
Debtor include, e.g., hazardous material transportation vehicles,
frac tanks, tank trailers, barrel mix tank and vacuum tankers, air
machines, and waste and other industrial boxes and tanks.

Prior to the Petition Date, the Debtor experienced cash flow
problems precipitated, in part, by (a) the terms of its financing
agreements on the equipment, and (b) the precipitous drop in oil
prices and its negative impact on oil and gas and related business
activity.

The Debtor commenced the bankruptcy case to preserve and maximize
the value of its operations and assets, preserve the jobs of its
employees, and obtain the time necessary to formulate a plan of
reorganization that will maximize the return to legitimate
creditors.

                        Dispute with Volvo

Among the equipment owned by the Debtor are six Mack trucks.  The
trucks were financed through the financing agreements with Mack
Financial Services, which subsequently has been serviced through
Volvo Financial Services.

The Debtor says the continued use of the Mack Trucks is critical
to continued operations of the Debtor's wholly-owned subsidiary,
Dynamic Rental Systems LLC.

Prior to the Petition Date, the Debtor advised Volvo that a
bankruptcy filing was imminent and requested a 14-day forbearance
while it attempted to work with Volvo and its other lenders in
advance of its bankruptcy filing. The Debtor specifically
requested the forbearance in order to avoid a repossession of the
Mack Trucks and corresponding disruption in their usage by
Dynamic.

Rather than working with the Debtor or granting forbearance, Volvo
repossessed the Mack Trucks on or about Dec. 14, 2014, which has
deprived the Debtor and Dynamic of the equipment necessary to
continue their business operations.  In addition, in the process
of repossession, the tanks/trailers used with the Mack Trucks were
damaged.

Immediately upon the filing of their bankruptcy petition, the
Debtor notified Volvo of its bankruptcy filing and demanded that
Volvo return the Mack Trucks to the Debtor.  In its demand letter,
the Debtor advised Volvo that Mack Trucks constituted property of
the Debtor's estate and that Volvo's refusal to immediately return
the Mack Trucks to the Debtor would constitute a knowing and
willful violation of the automatic stay.

The Debtor filed motions to (i) enforce the automatic stay and for
sanctions for violation thereof from Volvo Financial Services, and
(ii) compel turnover of property of the estate from Volvo.  The
Debtor is seeking an expedited hearing on the motions.

The Debtor requests that the Court enforce the automatic stay
against Volvo under 11 U.S.C. Sec. 362(a)(3) because Volvo is
improperly exercising control over the Mack Trucks, which
constitute property of the estate.  In addition, the Debtor
requests that Volvo be sanctioned for its willful violation of the
automatic stay under 11 U.S.C. Sec. 105(a).

By the turnover motion, the Debtor seeks an order pursuant to
11 U.S.C. Sec. 542 requiring Volvo to immediately return the Mack
Trucks to the Debtor.  The Debtor says that by the plain language
of Section 542, Volvo should be compelled to turn over the Mack
Trucks to the Debtor.

                         About One Source

One Source Industrial Holdings, LLC, sought Chapter 11 bankruptcy
protection (Bankr. N.D. Tex. Case No. 14-44996) in Ft. Worth,
Texas, on Dec. 16, 2014.  The case is assigned to Judge Russell F.
Nelms.

The Debtor estimated $10 million to $50 million in assets and
debt.

The Debtor is represented by J. Robert Forshey, Esq., and Suzanne
K. Rosen, Esq., at Forshey & Prostok, LLP, in Ft. Worth, Texas,
serves as counsel to the Debtor.

The meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for
Feb. 6, 2015.  The deadline for filing claims is slated for May 7,
2015.


PACIFIC GOLD: Sells 15 Million Shares of Pacific Metals
-------------------------------------------------------
Pacific Gold Corp., sold 15,110,823 shares of Pacific Metals Corp.
for $136,000 in a private transaction, according to a regulatory
filing with the U.S. Securities and Exchange Commission.

                         About Pacific Gold

Las Vegas, Nev.-based Pacific Gold Corp. is engaged in the
identification, acquisition, and development of prospects believed
to have gold mineralization.  Pacific Gold through its
subsidiaries currently owns claims, property and leases in Nevada
and Colorado.

Pacific Gold reported a net loss of $463,422 in 2013 following a
net loss of $16.62 million in 2012.

Silberstein Ungar, PLLC, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2013.  The independent auditors noted that the Company has
incurred losses from operations, has negative working capital, and
is in need of additional capital to grow its operations so that it
can become profitable.  These factors raise substantial doubt
about the Company's ability to continue as a going concern.


PANAMA'S GLOBAL: Moody's Affirms Ba1 Long Term Deposit Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the D+ standalone bank
financial strength rating (BFSR), which maps to a ba1 baseline
credit assessment (BCA), of Panama's Global Bank Corporation and
Subsidiaries (Global Bank). Moody's has also affirmed Global
Bank's long and short term foreign currency deposit ratings of Ba1
and Not Prime. The outlook for all ratings remains stable.

The following ratings were affirmed with a stable outlook:

Standalone bank financial strength rating: D+

Long term foreign currency deposit rating: Ba1

Short term foreign currency deposit rating: Not Prime

Ratings Rationale

In affirming Global Bank's ratings, Moody's noted the bank's
expanding profitability owing to loan growth and rising net fee
and insurance income, coupled with well managed efficiency and
declining credit costs. These factors partly offset the bank's
narrowing net interest margins due to tight competition. The bank
has grown its market share considerably in recent years, rising to
8.8% of domestic total loans as of October 2014 from 7.8% by year-
end 2012, and becoming Panama's third largest domestic lender in
the process. The rating agency also noted Global Bank's overall
stable funding structure, chiefly composed of retail deposits, and
the improvement in tenor matches between assets and liabilities.
This enhancement in the bank's liquidity derives in part from
long-term debt issuances since 2012. In addition, capitalization
remains adequate, reflected in a reported tier 1 ratio of 10.7% as
of September 2014.

Nevertheless, Moody's analyst Georges Hatcherian commented that
"Global Bank's ratings are currently constrained by the increase
in asset quality risks derived from above-system average loan
growth, especially in the context of a decelerating economy,
expected rising US interest rates and high single-borrower
concentrations." Since the end of 2012, Global Bank's loan
portfolio has grown by about 35%, about 1.7 times faster than the
system as a whole, driven mostly by commercial, residential
mortgage, and construction lending. While loan growth will likely
slowdown to more sustainable levels in line with the milder
economy and already high levels of financial intermediation in
Panama, this will weigh on the bank's profitability, as will an
expected increase in credit costs. Moreover, should lending
expansion continue at or near current rates over the medium term,
pressure will start to build on the bank's tier 1 ratio.

Hatcherian added, "as Global Bank tries to grow its market share
further, it will face increasing competitive pressures from well
entrenched domestic banks as well as from regional franchises that
have recently entered the country." Maintaining its net interest
margins and strong asset quality in the face of this tougher
competitive environment, is one of the key challenges Global Bank
will have to contend with when executing its multi-product growth
strategy.

Upward pressures on the ratings may occur if the bank manages to
adjust to a lower pace of economic and loan growth without
suffering a deterioration of its asset quality or profitability
indicators. On the other hand, the ratings could face downward
pressure if the increase in nonperforming loans and hence in loan
loss provisions is larger than expected, resulting in a
deterioration in earnings and capitalization.

Global Bank's Ba1 foreign currency deposit rating is equal to the
bank's ba1 BCA. Moody's does not expect systemic support for
privately owned banks in Panama as the country's banking system is
fully and legally dollarized, with no monetary authority to act as
a true lender of last resort.

The principal methodology used in these ratings was Global Banks
published in July 2014.

The last rating action on Global Bank was on 1 March 2012, when
Moody's assigned first-time ratings to the bank.

Global Bank is based in Panama City, Panama, and reported USD4.7
billion in consolidated assets, USD3.7 billion in loans and USD383
million in shareholders' equity, as of 30 September 2014.


PETTERS COMPANY: PBE Debtors Okayed to Use Case Until Dec. 2015
---------------------------------------------------------------
The Bankruptcy Court authorized Douglas Kelley, Chapter 11 trustee
for Petters Company, Inc., et al., to consent the motion of the
PBE Chapter 7 Trustee for use of certain cash collateral until
Dec. 31, 2015.

On Nov. 24, 2014, John R. Stoebner, Chapter 7 Trustee of PBE
Corporation, formerly known as Polaroid Corporation, and its
affiliated debtors, requested for authorization for the use of
cash collateral in which PCI has an interest.

The adequate protection from any diminution in value of the
lenders' collateral, PBE Debtors will, among others: (i) grant the
PCI Debtors replacement liens in certain assets; and (ii) maintain
segregated accounts or books of account for all items of cash
constituting cash collateral and items of cash not constituting
cash collateral.

                      About Petters Company

Based in Minnetonka, Minn., Petters Group Worldwide LLC is a
collection of some 20 companies, most of which make and market
consumer products.  It also works with existing brands through
licensing agreements to further extend those brands into new
product lines and markets.  Holdings include Fingerhut (consumer
products via its catalog and Web site), SoniqCast (maker of
portable, WiFi MP3 devices), leading instant film and camera
company Polaroid (purchased for $426 million in 2005), Sun Country
Airlines (acquired in 2006), and Enable Holdings (online
marketplace and auction for consumers and manufacturers' overstock
inventory).  Founder and chairman Tom Petters formed the company
in 1988.

Petters Company, Inc., is the financing and capital-raising unit
of Petters Group Worldwide.

Thomas Petters, the founder and former CEO of Petters Group, has
been indicted and a criminal proceeding against him is proceeding
in the U.S. District Court for the District of Minnesota.

Petters Company, Petters Group Worldwide and eight other
affiliates filed separate petitions for Chapter 11 protection
(Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008.  In its
petition, Petters Company estimated its debts at $500 million and
$1 billion.  Parent Petters Group Worldwide estimated its debts at
not more than $50,000.

Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed separate petitions for Chapter 11 bankruptcy
protection (Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and
08-35198) on Oct. 6, 2008.  Petters Aviation is a wholly owned
unit of Thomas Petters Inc. and owner of MN Airline Holdings, Sun
Country's parent company.

The Official Committee of Unsecured Creditors is represented by:
David E. Runck, Esq., Lorie A. Klein, Esq., at FAFINSKI MARK &
JOHNSON, P.A.

Trustee Douglas A. Kelley is represented by James A. Lodoen, Esq.,
Mark D. Larsen, Esq., Kirstin D. Kanski, Esq., Adam C. Ballinger,
Esq., at Lindquist & Vennum LLP.


PORTEX MINERALS: Seeks Approval of Debt-for-Equity Conversion
-------------------------------------------------------------
Portex Minerals Inc. on Dec. 19 disclosed that it is seeking
consent of creditors to convert substantially all the outstanding
debt of the Company and its subsidiaries into common shares by
issuing 100 Common Shares of the Company, based on a share price
of $0.01, for each $1 of debt owing.  The conversion rate was
determined between the Company and certain of the creditors based
on the current value and financial position of the Company.

Since the financial crisis in the latter part of 2008 and the
beginning of 2009, global economic growth has slowed significantly
as economic activity in Europe has slowed dramatically and the
economic recovery in North America continues to progress at a
slower pace than many experts had expected.  Growth in emerging
markets has slowed as well and the economic factors that impact
the mining industry have deteriorated.  These factors include
uncertainty regarding the prices of base and precious metals and
the availability of equity financing and other sources of capital
for the purposes of mineral exploration and development.

Currently, access to capital to fund small, base metal exploration
companies is extremely difficult.  The Company's future
performance is largely tied to the development of its current
mineral property interests and continued access to capital.  The
Company has had and continues to have difficulties raising equity
financing for the purposes of mineral exploration and development.
Despite having canvassed many opportunities over the last several
years, the Company has been generally unable to raise sufficient
financing to develop its mineral properties in Spain and Portugal.

As a result, the Company is currently unable to satisfy its
outstanding liabilities, including license and sustaining fees for
its properties.  As at June 30, 2014, the date of its third
quarter financial statements, the Company had negative working
capital of approximately $1.1 million.  This deficiency has since
increased.

Pursuant to the planned Reorganization, the Company will attempt
to have as much of the indebtedness of the Company and its
subsidiaries, subject to regulatory approval, converted into
Common Shares of the Company so that, on the completion of the
Reorganization, an aggregate of up to approximately 200 million
Common Shares may be issued to the Company's debtholders, settling
substantially all of the outstanding debt of the Company and its
subsidiaries.

At present, the Company is continuing its attempts to obtain the
capital required to maintain and develop its assets.  The Company
believes that any prospective investor would require the Company's
indebtedness to be eliminated in the manner contemplated above,
subject to all required approvals.

                          About Portex

Portex is a mineral exploration company, focused on the
acquisition, exploration and development of properties for the
mining of base and precious metals.  It currently has properties
in South West Portugal, North West Spain and Ireland.


REACON INC: Case Summary & 4 Unsecured Creditors
------------------------------------------------
Debtor: Reacon, Inc.
        43 W. Main Street
        Romney, WV 26757

Case No.: 14-01353

Nature of Business: Rental of real estate and leasing of equipment

Chapter 11 Petition Date: December 18, 2014

Court: United States Bankruptcy Court
       Northern District of West Virginia (Martinsburg)

Judge: Hon. Patrick M. Flatley

Debtor's Counsel: Thomas H. Fluharty, Esq.
                  408 Lee Avenue
                  Clarksburg, WV 26301
                  Tel: (304) 624-7832
                  Fax: 304-622-7649
                  E-mail: THFDEBTATTY@wvdsl.net

Total Assets: $568,000

Total Liabilities: $1.04 million

The petition was signed by Charles D. Whitacre, president.

A list of the Debtor's four largest unsecured creditors is
available for free at http://bankrupt.com/misc/wvnb14-03153.pdf


RECYCLE SOLUTIONS: Committee Taps Bridgforth & Buntin as Counsel
----------------------------------------------------------------
U.S. Bankruptcy Judge George W. Emerson, Jr., authorized the
Official Committee of Unsecured Creditors in the Chapter 11 case
of Recycle Solutions, Inc., to retain Adam B. Emerson of
Bridgforth & Buntin, PLLC, as its counsel.

Mr. Emerson is expected to perform any and all necessary or
appropriate legal services for the Committee, with compensation
and reimbursement of expenses of counsel to be paid as an
administrative expense.

To the best of the Committee's knowledge, Mr. Emerson is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                      About Recycle Solutions

Recycle Solutions, Inc., a Tennessee-based company that makes $10
million a year from recycling plastic bottles, paper and cans in
the Southeast, sought Chapter 11 bankruptcy protection in its
home-town in Memphis (Bankr. W.D. Tenn. Case No. 14-31338) on Nov.
4, 2014, disclosing assets of $11.5 million against liabilities of
$6.4 million.

The case is assigned to Judge George W. Emerson Jr.  The Debtor is
represented by Steven N. Douglass, Esq., at Harris Shelton Hanover
Walsh, PLLC, in Memphis.

According to the docket, the Debtor's Chapter 11 plan and
disclosure statement are due March 4, 2015.

Recycle Solutions, founded in 2002 in Memphis, TN, is in the
business of recycling and reusing plastic, wood and packaging for
film rolls.  The company claims to be a pioneer in helping leading
corporations develop and implement innovative programs to reduce
their environmental impact.  James Downing, of Arlington,
Tennessee, founder and president, owns 100% of the stock.

The U.S. Trustee for Region 8 appointed three creditors to serve
on the official committee of unsecured creditors.


RECYCLE SOLUTIONS: Rikard & Neal Approved to Prepare Tax Returns
----------------------------------------------------------------
U.S. Bankruptcy Judge George W. Emerson, Jr. authorized Recycle
Solutions, Inc., to employ Rikard & Neal, CPAs, PLLC, as
accountant.

Rikard is expected to assist in general accounting, including
preparation of tax related assistance preparation of federal and
state corporate income tax returns for 2012.

Rikard will provide the services for an hourly rate of $225 for
partners, $140 for staff and $75 for clerical.

To the best of the Debtor's knowledge, Rikard is a "disinterested
person" as that term is defined in Section 104(14) of the
Bankruptcy Code.

                      About Recycle Solutions

Recycle Solutions, Inc., a Tennessee-based company that makes $10
million a year from recycling plastic bottles, paper and cans in
the Southeast, sought Chapter 11 bankruptcy protection in its
home-town in Memphis (Bankr. W.D. Tenn. Case No. 14-31338) on Nov.
4, 2014, disclosing assets of $11.5 million against liabilities of
$6.4 million.

The case is assigned to Judge George W. Emerson Jr.  The Debtor is
represented by Steven N. Douglass, Esq., at Harris Shelton Hanover
Walsh, PLLC, in Memphis.

According to the docket, the Debtor's Chapter 11 plan and
disclosure statement are due March 4, 2015.

Recycle Solutions, founded in 2002 in Memphis, TN, is in the
business of recycling and reusing plastic, wood and packaging for
film rolls.  The company claims to be a pioneer in helping leading
corporations develop and implement innovative programs to reduce
their environmental impact.  James Downing, of Arlington,
Tennessee, founder and president, owns 100% of the stock.

The U.S. Trustee for Region 8 appointed three creditors to serve
on the official committee of unsecured creditors.


RECYCLE SOLUTIONS: Harris Shelton Approved as Bankruptcy Counsel
----------------------------------------------------------------
U.S. Bankruptcy Judge George W. Emerson, Jr., authorized Recycle
Solutions, Inc., to employ Harris Shelton Hanover Walsh, PLLC, as
counsel.

Harris Shelton has agreed to charge the Debtor at its customary
hourly rates:

         Steven N. Douglass              $350
         Associates                      $150
         Paralegals                       $65

The Debtor has provided Harris Shelton a retainer of $33,283 for
work related to Bankruptcy matters.

To the best of the Debtor's knowledge, Harris Shelton is a
"disinterested person" as that term is defined the Section 101(14)
of the Bankruptcy Code.

The firm can be reached at:

         Steven N. Douglass, Esq.
         HARRIS SHELTON HANOVER WALSH, PLLC
         40 South Main Street, Suite 2700
         Memphis, TN 38103-2555
         Tel: (901) 525-1455

                      About Recycle Solutions

Recycle Solutions, Inc., a Tennessee-based company that makes $10
million a year from recycling plastic bottles, paper and cans in
the Southeast, sought Chapter 11 bankruptcy protection in its
home-town in Memphis (Bankr. W.D. Tenn. Case No. 14-31338) on Nov.
4, 2014, disclosing assets of $11.5 million against liabilities of
$6.4 million.

The case is assigned to Judge George W. Emerson Jr.  The Debtor is
represented by Steven N. Douglass, Esq., at Harris Shelton Hanover
Walsh, PLLC, in Memphis.

According to the docket, the Debtor's Chapter 11 plan and
disclosure statement are due March 4, 2015.

Recycle Solutions, founded in 2002 in Memphis, TN, is in the
business of recycling and reusing plastic, wood and packaging for
film rolls.  The company claims to be a pioneer in helping leading
corporations develop and implement innovative programs to reduce
their environmental impact.  James Downing, of Arlington,
Tennessee, founder and president, owns 100% of the stock.

The U.S. Trustee for Region 8 appointed three creditors to serve
on the official committee of unsecured creditors.


REDPRAIRIE CORP: Bank Debt Trades at 8% Off
-------------------------------------------
Participations in a syndicated loan under RedPrairie Corp is a
borrower traded in the secondary market at 91.83 cents-on-the-
dollar during the week ended Friday, Dec. 19, 2014 according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents a decrease of 1.57
percentage points from the previous week, The Journal relates.
RedPrairie Corp pays 500 basis points above LIBOR to borrow under
the facility.  The bank loan matures on Dec. 12, 2018.  The bank
debt carries Moody's B2 and Standard & Poor's B rating.  The loan
is one of the biggest gainers and losers among 204 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.


RESOLUTE ENERGY: Moody's Lowers Unsecured Notes Rating to Caa1
--------------------------------------------------------------
Moody's Investors Service downgraded Resolute Energy Corporation's
(REN) Corporate Family Rating (CFR) to B3 from B2 and the rating
on its unsecured notes to Caa1 from B3. Moody's also changed REN's
Speculative Grade Liquidity Rating to SGL-4 from SGL-2. The
outlook was changed to negative from stable.

"While the stable, long-lived production from Resolute Energy's
Aneth Field facilitates the company's ability to align its
spending to reduced levels of operating cash flow, its inability
to complete a partial monetization of this asset sets back its
effort to enhance liquidity and reduce debt leverage," commented
Andrew Brooks, Moody's Vice President. "Without an asset sale, the
company's liquidity will be pressured, its balance sheet will
remain over-levered and reduced spending will curtail prospects
for production growth."

Downgrades:

Issuer: Resolute Energy Corporation

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Speculative Grade Liquidity Rating, Changed to SGL-4 from SGL-2

Corporate Family Rating (Local Currency), Downgraded to B3 from
B2

Senior Unsecured Regular Bond/Debenture (Local Currency) May 1,
2020, Downgraded to Caa1(LGD5) from B3(LGD5)

Outlook Actions:

Issuer: Resolute Energy Corporation

Outlook, Changed To Negative From Stable

Ratings Rationale

The B3 CFR reflects the limited scale of REN's operations with 62
million barrels of oil equivalent (Boe) of proved reserves and
third quarter 2014 production of 12,650 Boe per day, its high
quality but concentrated reserve base, high leverage and weak
capital efficiency relative to E&P peers. REN's primary asset is
its Aneth Field in southeastern Utah. Plans to monetize a portion
of this mature, tertiary recovery (CO2), relatively low-risk,
long-lived asset to generate funds for the expansion and
development of its acreage in the Permian and Powder River Basins
have been temporarily shelved. To preserve liquidity, the company
has the flexibility to reduce its capital spending to more closely
align its spending to reduced levels of cash flow, supported by
Aneth's free cash flow generation. However, the company will
remain highly levered absent an asset sale, with limited growth
prospects.

REN's Aneth Field located in southeastern Utah (56% of proved
reserves; 100% crude, 93% proved developed) has been producing
since the 1950s and has been in tertiary CO2 recovery since the
1980s. REN also has interests in the Permian Basin (35% of proved
reserves; 59% crude, 38% PD) and Wyoming's Powder River Basin (9%
of proved reserves; 27% crude, 84% PD). REN expanded its Permian
Basin presence with an approximate $390 million, two-part
acquisition in late-2012 and 2013, a transformation in its asset
base that provided approximately 22 million Boe of proved reserves
and 4,600 Boe per day of production. With a significant portfolio
of incremental drilling locations, REN continues to evaluate
opportunities to enhance its financial flexibility and provide
additional capital to ramp up its development programs in the
Permian and Power River. However, the extent to which REN is
highly leveraged -- approximately $60,000 on production and $16.14
per Boe of PD reserves -- has limited the company's ability to
further develop this acreage.

REN's SGL-4 Speculative Grade Liquidity Rating reflects weak
liquidity. At September 30, REN had $335 million of borrowings
outstanding under its $425 million secured borrowing base
revolving credit facility ($25 million of "non-conforming"
borrowing base is scheduled to expire no later than the next
upcoming redetermination date). The credit facility has a March
2018 scheduled maturity date. REN intends to manage its liquidity
by reducing spending to better align it with reduced cash from
operations, although doing so will stagnate production growth and
cash flow. At September 30, the company reported that it was in
compliance with its credit facility financial covenants. However,
effective with 2015's first quarter, the facility's leverage
covenant (debt/adjusted EBITDA) steps down from 4.75x to 4.0x, a
reduction REN is unlikely to meet without covenant relief, and
which would also limit its access to the remaining liquidity
afforded by unused availability.

The Caa1 rating on REN's $400 million senior unsecured notes
reflects the subordination of the senior unsecured notes to REN's
$425 million senior secured revolving credit facility's priority
claim to the company's assets. The size of the claim relative to
REN's outstanding senior unsecured notes results in the notes
being rated one notch below the B3 CFR under Moody's Loss Given
Default (LGD) Methodology. Any additional secured debt financing
would likely prompt a two-notch rating differential between REN's
B3 CFR and its unsecured debt rating.

The negative outlook reflects the company's highly leveraged
balance sheet, which impedes its ability to raise additional
liquidity with which to fund production growth, as well as REN's
likely need to seek covenant relief early in 2015. The outlook
could be returned to stable presuming REN successfully rebuilds
its available liquidity. Ratings could be downgraded if the
company's liquidity further deteriorates, should it be unable to
recalibrate revolver covenants, should its leveraged full-cycle
ratio fall below 1.0x or should debt on production and debt to
proved developed reserves evidence no improvement from $60,000 and
$15 per Boe, respectively. Ratings could be upgraded if asset
sales, including a partial monetization of the Aneth Field, result
in improved credit metrics and incremental funding for development
projects, if production approaches 20,000 Boe per day and leverage
on production declines below $40,000 per Boe.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Resolute Energy Corporation is an independent E&P company
headquartered in Denver, Colorado.


RESPONSE BIOMEDICAL: Renegotiates Term Loan with Silicon Valley
---------------------------------------------------------------
Response Biomedical Corp. announced that the Company has entered
into an amendment to its existing loan agreement with the lender
under its outstanding term loan, Silicon Valley Bank, as of
Dec. 15, 2014.  Under the terms of the Amended Loan Agreement, SVB
has agreed to continue to advance the remaining outstanding
principal of US$1,359,375 for the same term and interest rate,
waive its rights in respect of the previously announced breaches
of certain financial covenants and to remove any future minimum
revenue and liquidity ratio financial covenants.  SVB will receive
additional warrants and a final payment of up to 4% of the
principal advanced.

The Company continues to be current with all principal and
interest payments due on all outstanding indebtedness.

Under the terms of the Amended Loan Agreement, interest only
payments will be made until April 1, 2015, at which time, 26 equal
monthly installments of principal plus accrued interest will be
made through to maturity on May 1, 2017.  In addition, Response
will pay a final payment of up to 4% of the outstanding principal
advanced upon repayment.  The loan bears an interest rate of Wall
Street Journal Prime Rate plus 2.5% annually.  Response has
provided SVB with 54,905 warrants with an exercise price of $1.00
per warrant and a term of 10 years.  The loan will be secured by
substantially all of the assets of the Company.

                     About Response Biomedical

Based in Vancouver, Canada, Response Biomedical Corporation
develops, manufactures and sells diagnostic tests for use with its
proprietary RAMP(R) System, a portable fluorescence immunoassay-
based diagnostic testing platform.  The RAMP(R) technology
utilizes a unique method to account for sources of error inherent
in conventional lateral flow immunoassay technologies, thereby
providing the ability to quickly and accurately detect and
quantify an analyte present in a liquid sample.  Consequently, an
end-user on-site or in a point-of-care setting can rapidly obtain
important diagnostic information.  Response Biomedical currently
has thirteen tests available for clinical and environmental
testing applications and the Company has plans to commercialize
additional tests.

Response Biomedical reported a net loss and comprehensive loss of
$5.99 million in 2013, a net loss and comprehensive loss of $5.28
million in 2012 and a net loss and comprehensive loss of $5.37
million in 2011.

PricewaterhouseCoopers LLP, in Vancouver, British Columbia, issued
a "going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has incurred recurring losses from
operations and has an accumulated deficit at Dec. 31, 2013, which
raises substantial doubt about its ability to continue as a going
concern.


RESPONSE BIOMEDICAL: Says Losses to Continue in Near Future
-----------------------------------------------------------
Response Biomedical Corp. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing
a net loss and comprehensive loss of C$1.12 million on
C$2.2 million of product sales for the three months ended
Sept. 30, 2014, compared with a net loss and comprehensive loss of
C$2.55 million on C$2.09 million of product sales for the same
period in the prior year.

The Company's balance sheet at Sept. 30, 2014, showed
$12.3 million in total assets, $15.6 million in total liabilities
and total stockholders' deficit of $3.32 million.

The Company has incurred significant losses to date and expects
these losses to continue for the near future.  As of Sept. 30,
2014, the Company had an accumulated deficit of $121 million and
have only generated positive cash flow from operations once, in
the first quarter of 2013.  Its existing cash resources, along
with the funds from the SVB term loan and anticipated
$8.82 million from the funded development from Joinstar, may not
be sufficient to fund operations.  Accordingly, there is
substantial doubt about its ability to continue as a going
concern, according to the regulatory filing.

A copy of the Form 10-Q is available at:

                       http://is.gd/iYJUbZ

                    About Response Biomedical

Based in Vancouver, Canada, Response Biomedical Corporation
develops, manufactures and sells diagnostic tests for use with its
proprietary RAMP(R) System, a portable fluorescence immunoassay-
based diagnostic testing platform.  The RAMP(R) technology
utilizes a unique method to account for sources of error inherent
in conventional lateral flow immunoassay technologies, thereby
providing the ability to quickly and accurately detect and
quantify an analyte present in a liquid sample.  Consequently, an
end-user on-site or in a point-of-care setting can rapidly obtain
important diagnostic information.  Response Biomedical currently
has thirteen tests available for clinical and environmental
testing applications and the Company has plans to commercialize
additional tests.

Response Biomedical reported a net loss and comprehensive loss of
$5.99 million in 2013, a net loss and comprehensive loss of $5.28
million in 2012 and a net loss and comprehensive loss of $5.37
million in 2011.

PricewaterhouseCoopers LLP, in Vancouver, British Columbia, issued
a "going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has incurred recurring losses from
operations and has an accumulated deficit at Dec. 31, 2013, which
raises substantial doubt about its ability to continue as a going
concern.


REXNORD: Bank Debt Trades at 3% Off
-----------------------------------
Participations in a syndicated loan under Rexnord is a borrower
traded in the secondary market at 97.34 cents-on-the-dollar during
the week ended Friday, Dec. 19, 2014 according to data compiled by
LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street
Journal.  This represents a decrease of 1.45 percentage points
from the previous week, The Journal relates.  Rexnord pays 300
basis points above LIBOR to borrow under the facility.  The bank
loan matures on Aug. 15, 2020.  The bank debt carries Moody's B2
and Standard & Poor's BB- rating.  The loan is one of the biggest
gainers and losers among 204 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.


RITE AID: Posts $104.8 Million Net Income in Third Quarter
----------------------------------------------------------
Rite Aid Corporation reported net income of $104.84 million on
$6.69 billion of revenues for the 13 weeks ended Nov. 29, 2014,
compared to net income of $71.54 million on $6.35 billion of
revenues for the 13 weeks ended Nov. 30, 2013.

For the 39 weeks ended Nov. 29, 2014, Rite Aid reported net income
of $274.14 million on $19.68 billion of revenues compared to net
income of $194.03 million on $18.92 billion of revenues for the 39
weeks ended Nov. 30, 2013.

As of Nov. 29, 2014, the Company had $7.18 billion in total
assets, $8.97 billion in total liabilities $1.79 billion in total
stockholders' deficit.

"We are pleased with our results for the third quarter, said Rite
Aid Chairman and CEO John Standley."  Our focus on expanding our
health and wellness offering and delivering a higher level of care
to the communities we serve drove our strong same-store sales,
prescription count and gross profit.  Based upon our strong third-
quarter results, we have raised our guidance for the year."

A full-text copy of the press release is available for free at:

                        http://is.gd/X2LvAi

                        About Rite Aid Corp.

Drugstore chain Rite Aid Corporation (NYSE: RAD) --
http://www.riteaid.com/-- is a drugstore chain based in Camp
Hill, Pennsylvania.

Rite Aid disclosed net income of $118.10 million on $25.39 billion
of revenue for the year ended March 2, 2013, as compared with a
net loss of $368.57 million on $26.12 billion of revenue for the
year ended March 2, 2012.

                           *     *     *

As reported by the TCR on March 1, 2013, Moody's Investors Service
upgraded Rite Aid Corporation's Corporate Family Rating to B3 from
Caa1 and Probability of Default Rating to B3-PD from Caa1-PD.  At
the same time, the Speculative Grade Liquidity rating was revised
to SGL-2 from SGL-3.  This rating action concludes the review for
upgrade initiated on Feb. 4, 2013.

As reported by the TCR on Oct. 2, 2013, Standard & Poor's Ratings
Services said it raised its ratings on Rite Aid Corp., including
the corporate credit rating, which S&P raised to 'B' from 'B-'.

In the April 21, 2014, edition of the TCR, Fitch Ratings has
upgraded its ratings on Rite Aid Corporation (Rite Aid), including
its Issuer Default Rating (IDR) to 'B' from 'B-'.  The upgrades
reflect the material improvement in the company's operating
performance, credit metrics and liquidity profile over the past 24
months.


SABRE HOLDINGS: Bank Debt Trades at 3% Off
------------------------------------------
Participations in a syndicated loan under Sabre Holdings Corp is a
borrower traded in the secondary market at 97.38 cents-on-the-
dollar during the week ended Friday, Dec. 19, 2014 according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents a decrease of 1.18
percentage points from the previous week, The Journal relates.
Sabre Holdings Corp pays 325 basis points above LIBOR to borrow
under the facility.  The bank loan matures on Feb. 19, 2019.  The
bank debt carries Moody's Ba3 and Standard & Poor's B+ rating.
The loan is one of the biggest gainers and losers among 204 widely
quoted syndicated loans with five or more bids in secondary
trading for the week ended Friday.


SEARS HOLDINGS: Extends Maturity of $400-Mil. Loan to February
--------------------------------------------------------------
As reported on a Form 8-K filed with the U.S. Securities and
Exchange Commission on Sept. 15, 2014, Sears Holdings Corporation,
through Sears, Roebuck and Co., Sears Development Co., and Kmart
Corporation, entities wholly-owned and controlled, directly or
indirectly by the Company, entered into a $400 million secured
short-term loan with JPP II, LLC, and JPP, LLC, entities
affiliated with ESL Investments, Inc.  Mr. Edward S. Lampert, the
Company's chief executive officer and Chairman, is the sole
stockholder, chief executive officer and director of Investments.
On Dec. 15, 2014, Borrowers exercised their option to extend the
maturity date of the Loan to Feb. 28, 2015.

                           About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

Sears Holdings reported a net loss of $1.36 billion in 2013, a net
loss of $930 million in 2012 and a net loss of $3.14 billion in
2011.  As of Aug. 2, 2014, Sears Holdings had $16.43 billion in
total assets, $15.51 billion in total liabilities and $919 million
in total equity.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to Caa1 from B3.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SHENANDOAH VALLEY: Case Summary & 7 Unsecured Creditors
-------------------------------------------------------
Debtor: Shenandoah Valley Construction
        288 Rose Road
        Edinburg, VA 22824

Case No.: 14-01352

Nature of Business: Excavation/Construction

Chapter 11 Petition Date: December 18, 2014

Court: United States Bankruptcy Court
       Northern District of West Virginia (Martinsburg)

Judge: Hon. Patrick M. Flatley

Debtor's Counsel: Thomas H. Fluharty, Esq.
                  THOMAS H. FLUHARTY
                  408 Lee Avenue
                  Clarksburg, WV 26301
                  Tel: (304) 624-7832
                  Fax: (304) 622-7649
                  E-mail: THFDEBTATTY@wvdsl.net

Total Assets: $207,121

Total Liabilities: $1.17 million

The petition was signed by Charles D. Whitacre, partner.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/wvnb14-01352.pdf


SHIPPY REALTY: Case Summary & Largest Unsecured Creditors
---------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                   Case No.
       ------                                   --------
       Shippy Realty Corp.                      14-23756
       196 Cortlandt Street
       Sleepy Hollow, NY 10591

       Dari Realty Corp.                        14-23757
       76 Beekman Avenue
       Sleepy Hollow, NY 10591

       Dashley Corp.                            14-23758
       145 Cortlandt Street
       Sleepy Hollow, NY 10591

       144 Cortlandt St., LLC                   14-23759
       144 Cortlandt Street
       Sleepy Hollow, NY 10591

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: December 19, 2014

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Judge: Hon. Robert D. Drain

Debtors' Counsel: Bruce R. Alter, Esq.
                  ALTER & BRESCIA, LLP
                  550 Mamaroneck Avenue
                  Harrison, NY 10528
                  Tel: (914) 670-0030
                  Fax: (914) 670-0031
                  E-mail: altergold@aol.com

                                Estimated    Estimated
                                  Assets    Liabilities
                               ----------   -----------
Shippy Realty Corp.            $1MM-$10MM    $1MM-$10MM
Dari Realty Corp.              $500K-$1MM    $1MM-$10MM
Dashley Corp.                  $1MM-$10MM    $1MM-$10MM
144 Cortlandt St., LLC         $500K-$1MM    $1MM-$10MM

The petitions were signed by Cirilo Rodriguez, president.

A list of Shippy Realty Corp.'s five largest unsecured creditors
is available for free at http://bankrupt.com/misc/nysb14-23756.pdf

A list of Dari Realty Corp.'s  four largest unsecured creditors is
available for free at http://bankrupt.com/misc/nysb14-23757.pdf

A list of Dashley Corp.'s five largest unsecured creditors is
available for free at http://bankrupt.com/misc/nysb14-23758.pdf

A list of 144 Cortlandt's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/nysb14-23759.pdf


SNTECH INC: Files Voluntary Chapter 11 Bankruptcy Petition
----------------------------------------------------------
SNTech Inc. on Dec. 18 disclosed that it filed a voluntary
petition for relief under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
District of Arizona.   The Company intends for the Chapter 11
filing to enable it to seek an acquirer through an expeditious 363
sale process.

The Company, subject to court approval, has secured debtor-in-
possession "DIP" financing from existing SNTech creditors for the
planned 363 sale process.

SNTech has retained the investment bank Gordian Group LLC to
assist in the sale of the Company.

Management believes the acquisition of the Company provides a
buyer with the unique opportunity to immediately gain access to an
established product line, with an increasing customer base.
Management also believes that the highly-engineered nature and
numerous patents of the Company's products protect its operations
from its competition.  The technology has been validated by
leading Fortune 100 HVAC companies, pool suppliers and a major
consultant to the U.S. Navy.

Interested bidders should contact Gordian Group LLC, care of
Ashley Zambito at (212) 486-3600 ext. 126 or amz@gordiangroup.com
-- www.gordiangroup.com for more information.

                        About SNTech

SNTech Inc. -- http://www.sntech.com-- is a developer of high-
efficiency, "smart" electric motors for both commercial and
residential applications.


SOLAR POWER: Enters Into Various Agreements With Investors
----------------------------------------------------------
Solar Power, Inc., on Dec. 12, 2014, entered into a purchase
agreement with Brilliant King Group Ltd., whereby the Company
agreed to issue, and Brilliant King agreed to purchase a total of
6,000,000 shares of common stock of the Company, par value
US$0.0001 per share for an aggregate purchase price of
US$12,000,000, or US$2.00 per share, pursuant to the terms of the
Brilliant King Share Purchase Agreement and subject to the closing
conditions, the Company disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission.

On Dec. 12, 2014, the Company entered into an option agreement
with Brilliant King, whereby the Company agreed to grant Brilliant
King an option to purchase from the Company a total of 6,000,000
Common Shares for an aggregate purchase price of US$12,000,000, or
US$2.00 per share, on or prior to the date of completion of the
listing of the Common Shares on the New York Stock Exchange or the
NASDAQ Stock Market, pursuant to the terms of the Brilliant King
Option Agreement and subject to the closing conditions.

On Dec. 12, 2014, the Company entered into a convertible
promissory note purchase agreement with Brilliant King, whereby
the Company agreed to sell and issue to Brilliant King a
convertible promissory note in an aggregate principal amount of
US$12,000,000 which is convertible into 6,000,000 Common Shares
prior to maturity, pursuant to the terms of the Brilliant King
Note Purchase Agreement and subject to certain closing conditions.

On Dec. 12, 2014, the Company entered into a purchase agreement
with Poseidon Sports Limited whereby the Company agreed to issue,
and Poseidon agreed to purchase a total of 1,500,000 Common shares
of the Company for an aggregate purchase price of US$3,000,000, or
US$2.00 per share, pursuant to the terms of the Poseidon Share
Purchase Agreement and subject to the closing conditions.

On Dec. 12, 2014, the Company entered into an option agreement
with Poseidon, whereby the Company agreed to grant Poseidon an
option to purchase from the Company a total of 1,500,000 Common
Shares for an aggregate purchase price of US$3,000,000, or US$2.00
per share, on or prior to the date of completion of the listing of
the Common Shares on the New York Stock Exchange or the NASDAQ
Stock Market, pursuant to the terms of the Poseidon Option
Agreement and subject certain closing conditions.

On Dec. 12, 2014, the Company entered into a convertible
promissory note purchase agreement with Poseidon whereby the
Company agreed to sell and issue to Poseidon a convertible
promissory note in an aggregate principal amount of US$3,000,000
which is convertible into 1,500,000 Common Shares prior to
maturity, pursuant to the terms of the Poseidon Note Purchase
Agreement and subject to certain closing conditions.

On Dec. 15, 2014, the Company entered into an option agreement
with Union Sky Holding Group Limited whereby the Company agreed to
grant Union Sky an option to purchase from the Company a total of
20,000,000 Common Shares for an aggregate purchase price of
US$40,000,000, or US$2.00 per share, prior to the date of
completion of the listing of the Common Shares on the New York
Stock Exchange or NASDAQ Stock Market, pursuant to the terms of
the Union Sky Option Agreement and subject to the closing
conditions.

On Dec. 15, 2014, the Company entered into a convertible
promissory note purchase agreement with Union Sky, whereby the
Company agreed to sell and issue to Union Sky a convertible
promissory note in an aggregate principal amount of US$20,000,000
which is convertible into 10,000,000 Common Shares prior to
maturity, pursuant to the terms of the Union Sky Note Purchase
Agreement and subject certain closing conditions.

On Dec. 15, 2014, the Company entered into a purchase agreement
with Border Dragon Limited whereby the Company agreed to issue,
and Border Dragon agreed to purchase a total of 2,500,000 Common
shares of the Company for an aggregate purchase price of
US$5,000,000, or US$2.00 per share, pursuant to the terms of the
Border Dragon share Purchase Agreement and subject to certain
closing conditions.

On Dec. 15, 2014, the Company entered into an option agreement
with Border Dragon, whereby the Company agreed to grant Border
Dragon an option to purchase from the Company a total of 2,500,000
Common Shares for an aggregate purchase price of US$5,000,000, or
US$2.00 per share, prior to the date of completion of the listing
of the Common Shares on the New York Stock Exchange or NASDAQ
Stock Market, pursuant to the terms of the Border Dragon Option
Agreement and subject certain closing conditions.

On Dec. 12, 2014, the Company entered into a purchase agreement
with Forwin International Financial Holding Limited whereby the
Company agreed to issue, and Forwin agreed to purchase a total of
5,000,000 Common shares of the Company for an aggregate purchase
price of US$10,000,000, or US$2.00 per share, pursuant to the
terms of the Forwin Share Purchase Agreement and subject to
certain closing conditions.

On Dec. 15, 2014, the Company entered into an option agreement
with Forwin, whereby the Company agreed to grant Forwin to
purchase from the Company a total of 5,000,000 Common Shares for
an aggregate purchase price of US$10,000,000, or US$2.00 per
share, prior to the date of completion of the listing of the
Common Shares on the New York Stock Exchange or NASDAQ Stock
Market, pursuant to the terms of the Forwin Option Agreement and
subject to certain closing conditions.

On Dec. 15, 2014, the Company entered into a purchase agreement
with Central Able Investments Limited, a company established under
the laws of Hong Kong, whereby the Company agreed to issue, and
Central Able agreed to purchase a total of 2,500,000 Common shares
of the Company for an aggregate purchase price of US$5,000,000, or
US$2.00 per share, pursuant to the terms of the Central Able Share
Purchase Agreement and subject to certain closing conditions.

                          About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility ("SEF") developer offering its own brand of high-
quality, low-cost distributed generation and utility-scale SEF
development services.  Primarily, the Company works directly with
and for developers around the world who hold large portfolios of
SEF projects for whom it serves as an engineering, procurement and
construction contractor.  The Company also performs as an
independent, turnkey SEF developer for one-off distributed
generation and utility-scale SEFs.

Solar Power reported a net loss of $32.24 million in 2013
following a net loss of $25.42 million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $112.85
million in total assets, $61.18 million in total liabilities and
$51.67 million in total stockholders' equity.

Crowe Horwath LLP, in San Francisco, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred a current year net loss of $32.2
million, has an accumulated deficit of $56.1 million, has
experienced a significant reduction in working capital, has past
due related party accounts payable and a debt facility under which
a bank has declared amounts immediately due and payable.
Additionally, the Company's parent company LDK Solar Co., Ltd has
experienced significant financial difficulties including the
filing of a winding up petition on Feb. 24, 2014.  These matters
raise substantial doubt about the Company's ability to continue as
a going concern, the auditors noted.


SPORTSMAN'S WAREHOUSE: Moody's Withdraws B2 Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service withdrew all ratings on Sportsman's
Warehouse, Inc:

The following ratings were withdrawn:

Corporate Family Rating at B2;
Probability-of-Default Rating at B2-PD;
Senior secured first-out term loan due 2019 at B2 (LGD4)
Senior secured last-out term loan due 2019 at Caa1 (LGD5)

Outlook, Changed To Rating Withdrawn From Stable

Ratings Rationale

Moody's withdrew the credit ratings because the company's rated
debt has been fully repaid and is no longer outstanding.


SPRINT CORP: Moody's Cuts Corporate Family Rating to B1
-------------------------------------------------------
Moody's Investors Service downgraded several ratings of Sprint
Corporation, including the company's Corporate Family Rating
("CFR") to B1 from Ba3, the company's Probability of Default
Rating ("PDR") to B1-PD from Ba3-PD, Sprint's senior unsecured
rating to B2 from B1 and lowered the company's Speculative Grade
Liquidity Rating to SGL-3 from SGL-1. Moody's also assigned a Ba1
rating to Sprint's existing $3.3 billion revolving credit
facility. The rating action reflects our expectation that intense
competitive challenges and Sprint's limited ability to respond
effectively will lead to a sustained period of very weak earnings
and cash flow. Consequently, leverage is likely to increase, which
when coupled with negative pressure on cash flow from installment
billing plans and its phone leasing option, is expected to lead to
a steady deterioration in Sprint's liquidity position. Sprint's
rating outlook is negative reflecting what Moody's believe to be
limited ability to reverse current trends in the foreseeable
future.

Moody's has taken the following rating actions:

Issuer: Sprint Corporation

Corporate Family Rating -- B1, from Ba3

Probability of Default Rating -- B1-PD, from Ba3-PD

Speculative Grade Liquidity Rating -- SGL-3, from SGL-1

Outlook -- Negative, from Stable

Senior Unsecured Notes -- B2, LGD5 from B1, LGD5

Issuer: Sprint Communications, Inc.

Outlook -- Negative, from Stable

Senior Unsecured Notes -- B2, LGD5 from B1, LGD5

Junior Guaranteed Unsecured Notes -- affirmed at Ba2, LGD2 from
LGD3

Senior Unsecured Gtd. Bank Credit Facility -- Assigned Ba1, LGD2

Issuer: Sprint Capital Corp.

Outlook -- Negative, from Stable

Senior Unsecured Notes -- B2, LGD5 from B1, LGD5

Senior Unsecured MTN Program -- (P)B2 from (P)B1

Issuer: Clearwire Communications LLC

Outlook -- Negative, from Stable

Senior Secured 1st Lien Notes -- Ba1, LGD1 from Baa3, LGD1

Exchangeable Notes due 2040 -- Ba2, LGD2 from Ba1, LGD2

Rating Rationale

"Sprint has repeatedly had to lower subscriber, earnings and cash
flow guidance due to a combination of operational missteps and
rapidly intensifying competitive challenges, especially from a
recently revitalized T-Mobile US," said Moody's Senior Vice
President Dennis Saputo. Moody's expect the continuation of
aggressive price competition will keep pressure on margins, strain
liquidity and restrict Sprint's ability to reinvest in its network
unless the company successfully raises a significant amount of new
capital. "We believe that substantial network investment is
critical in order for Sprint to ensure its long-term viability,"
said Saputo. "Consequently, we expect leverage to increase
steadily during the next few years especially if the company is
successful in securing much needed low band spectrum," concluded
Saputo.

Sprint's B1 CFR recognizes its scale, its valuable spectrum
assets, renewed strategic focus under a new CEO and the implicit
support from Sprint's parent company and majority shareholder,
SoftBank Corp (LT Issuer Rating of Ba1). Offsetting these
strengths are high leverage, weak margins, a deteriorating
liquidity position and our projection for substantial negative
free cash flow through 2017. Near flawless execution across all
aspects of the business, including the requirement to quickly
redesign and modernize its entire network will be necessary before
Sprint can hope to grow its market share in the brutally
competitive US wireless industry.

Consumer perception of Sprint's network, including network
disruptions in certain markets during its network vision overhaul,
its limited amount of low-band spectrum, and failed service plan
offerings from earlier this year have resulted in weakened
financial and operating performance, resulting in increased
leverage and reduced earnings expectations. Sprint platform
postpaid net losses totaled 684,000 for the first nine months of
CY2014 and Moody's expect postpaid handset losses to persist
through 2015 despite renewed focus on this subscriber subset. The
new leadership team has launched aggressive service plans aimed at
growing postpaid handset customers that, even if successful, will
keep operating costs high and preclude margins from expanding
meaningfully.

Moody's expect negative free cash flow until at least 2017 due to
a combination of weak revenue trends, limited margin improvement
and the depressing impact on working capital from increasing
uptake of installment billing plans and a phone leasing option .
Consequently, Moody's expect Sprint will require significant
additional financing. Due to these factors, Moody's expect
leverage (Moody's adjusted) to increase above 6x for CYE2015 and
to trend higher in 2016.

Moody's believes that Sprint will remain at a significant
competitive disadvantage to Verizon and AT&T since the two largest
US wireless carriers have much larger and more robust 4G coverage,
healthy amounts of low-band spectrum, ample financial flexibility
and strong brands. Although Sprint has recently come out with
aggressive service pricing plans and new plans to lease select
smartphones, Verizon, AT&T and a revitalized T-Mobile US are
likely to be reactive in order to protect their respective
subscriber bases.

The lowering of Sprint's SGL rating to SGL-3 indicates our
expectation that the company will sustain adequate liquidity
through the next 12 to 18 months. Moody's believe that additional
liquidity will be required because of Sprint's aggressive pricing
plans and the negative cash flow impact from installment billing
plans. Moody's expect Sprint to remain cash flow negative for
CYE2014 and CYE2015. As of September 30, 2014, Sprint had $5.3
billion in cash and short-term investments and $2.4 billion
borrowing capacity on its $3.3 billion revolving credit facility
and about $1.0 billion under a receivables financing program. As
of September 30, 2014, Sprint has $571 million and $754 million of
debt maturing for FYE2014 and FYE2015 respectively. There are no
significant debt maturities until December 2016 when $2.3 billion
of notes mature.

The negative outlook reflects our belief that a strained balance
sheet, an increasingly competitive operating environment coupled
with a weak brand (due in part to perceived network quality) will
limit Sprint's ability to sustain a profitable improvement in its
operating performance. Consequently, while churn and subscriber
trends may improve over the short-term, EBITDA margins and cash
flows will remain weak. Over the long-term, significant challenges
loom since capital intensity will need to average at least 15% in
order to keep up with usage growth.

Given the negative outlook, a ratings upgrade for Sprint is very
unlikely. However, if leverage were to drop and remain below 5.5x,
and free cash flow were to turn positive, upward rating pressure
could ensue (note that all cited financial metrics are referenced
on a Moody's adjusted basis). In addition, significant financial
support from Softbank in the form of a debt guarantee or material
equity capital infusion could also support Sprint's ratings.

Sprint's ratings would be lowered again if leverage were likely to
be sustained above 6.5 x (Moody's adjusted) or if liquidity
weakens further (i.e. SGL-4). The most likely causes for another
downgrade would be the perception that Sprint's service quality is
well below that of the three other national operators causing
subscriber counts to fall. In addition, if recent efforts to
remove approximately $1.5 billion in operating costs from the
business are not realized quickly rating pressure will ensue since
liquidity will deteriorate faster than currently expected.

The principal methodology used in this rating was the Global
Telecommunications Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.


TRACK GROUP: Incurs $8.7 Million Net Loss in Fiscal 2014
--------------------------------------------------------
SecureAlert, Inc., dba Track Group filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K disclosing
a net loss attributable to common shareholders of $8.76 million on
$12.26 million of total revenues for the fiscal year ended
Sept. 30, 2014, compared to a net loss attributable to common
shareholders of $18.95 million on $15.64 million of total revenues
for the year ended Sept. 30, 2013.

As of Sept. 30, 2014, the Company had $57.88 million in total
assets, $37.96 billion in total liabilities and $19.91 million in
total equity.

"If our cash flows and capital resources are insufficient to fund
our debt service obligations, we may be forced to reduce or delay
investments and capital expenditures, or to sell assets, seek
additional capital or restructure or refinance our indebtedness.

"These alternative measures may not be successful and may not
permit us to meet our scheduled debt service obligations.  In the
absence of such operating results and resources, we could face
substantial liquidity difficulties and might be required to
dispose of material assets or operations to meet our debt service
and other obligations.  We may not be able to consummate those
dispositions or the proceeds that we realize from them may not be
adequate to meet any debt service obligations then due," the
Company stated in the Report.

A full-text copy of the Form 10-K is available for free at:

                        http://is.gd/cRmkCR

                         About Track Group

Track Group (formerly SecureAlert) is a global provider of
customizable tracking solutions that leverage real-time tracking
data, best-practice monitoring, and analytics capabilities to
create complete, end-to-end solutions.  Visit Web site
http://www.trackgrp.com/


TREETOPS ACQUISITION: Has Interim Use of Cash Collateral
--------------------------------------------------------
Sherri Toub, a bankruptcy columnist for Bloomberg News, reported
that Treetops Resort, a golf, ski and spa resort in Gaylord,
Michigan, can operate using cash representing collateral for
secured lenders' claims but must wait to tap as much as $1 million
in new loans.

According to the report, Melling Resorts International Inc., a
secured creditor by virtue of a mortgage, objected to the
financing package, saying it essentially "gives away the farm" to
priority-secured creditor TAC, to the detriment of junior secured
creditors.  A judge in Bay City, Michigan, signed an order Dec. 8
allowing the company to use cash collateral through Jan. 9 in an
amount not to exceed $1.65 million, the report related.

Headquartered in Gaylord, Michigan, Treetops Acquisition Company,
LLC -- dba Treetops Land Company, LLC; Treetops Enterprises, LLC;
Treetops; Treetops South Village Property Management; Association,
INc.; Treetops Sylvan Resort; Treetops Jones Estates Property
Owners Association, Inc.; Treetops Resort; Treetops Holding
Company; Treetops Realty, Inc.; Treetops Land Development Company,
LLC; Treetops Tradition Condominium Association, Inc.; Treetops
North Estates Condominium Association, Inc.; and Sylvan Resort --
owns Treetops Resort and Spa, a northern Michigan golf and ski
destination, and features prominent auto industry investors.

Treetops Acquisition filed for Chapter 11 bankruptcy protection
(Bankr. E.D. Mich. Case No. 14-22602) on Nov. 25, 2014,
estimating its assets at $1 million to $10 million and its
liabilities at $10 million to $50 million.  The petition was
signed by Richard B. Owens, general manager.

Jason W. Bank, Esq., at Kerr, Russell And Weber, PLC, serves as
the Debtor's bankruptcy counsel.


TRUMP ENTERTAINMENT: $20MM Lifeline From Icahn Being Crafted
------------------------------------------------------------
Tom Corrigan, writing for The Wall Street Journal, reported that a
lawyer for Trump Entertainment Resorts Inc. said efforts to reach
a global settlement has been unsuccessful, but the casino operator
and Carl Icahn are working out the details of a proposed $20
million financing package to keep the Trump Taj Mahal open while
negotiations continue.  According to the report, lawyers are
scheduled to meet at the courthouse again today.

                 About Trump Entertainment Resorts

Trump Entertainment Resorts Inc., owner of the Atlantic City
Boardwalk casinos that bear the name of Donald Trump, returned to
Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on
Sept. 9, 2014, with plans to shutter its casinos.

TER and its affiliated debtors own and operate two casino hotels
located in Atlantic City, New Jersey.  TER said it will close the
Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union
concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.

The Debtors have sought an order authorizing the joint
administration of their Chapter 11 cases and the consolidation
thereof for procedural purposes only.  Judge Kevin Gross presides
over the Chapter 11 cases.

The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as
counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan
Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as
noticing and claims agent.

TER estimated $100 million to $500 million in assets as of the
bankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principal
plus accrued but unpaid interest of $6.6 million under a first
lien debt issued under their 2010 bankruptcy-exit plan.  The
Debtors also have trade debt in the amount of $13.5 million.

The U.S. Trustee for Region 3 on Sept. 23 appointed seven
creditors of Trump Entertainment Resorts, Inc., to serve on the
official committee of unsecured creditors.  The Committee tapped
Gibbons P.C. as its co-counsel, the Law Office of Nathan A.
Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as
its financial advisor.


UMED HOLDINGS: Recurring Net Losses Raises Going Concern Doubt
--------------------------------------------------------------
UMED Holdings, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $945,578 on $7,595 of sales for the three months ended
Sept. 30, 2014, compared to a net loss of $616,920 on $966 of
sales for the same period last year.

The Company's balance sheet at Sept. 30, 2014, showed $2.18
million in total assets, $4.03 million in total liabilities and
total stockholders' deficit of $1.85 million.

The Company's recurring net losses and inability to generate
sufficient cash flows to meet its obligations and sustain its
operations raise substantial doubt about the Company's ability to
continue as a going concern.

A copy of the Form 10-Q is available at:

                       http://is.gd/3Assg0

UMED Holdings, Inc., is a Fort Worth, Texas-based global
diversified holding company that owns and operates businesses in a
variety of industries including energy, oil and gas, aerospace,
food and beverage, and mining.


UNI-PIXEL INC: To Present at Needham Conference on Jan. 14
----------------------------------------------------------
UniPixel, Inc., has been invited to present at the Needham Annual
Growth Conference being held on Jan. 11-15, 2015, at the New York
Palace Hotel in NYC.

UniPixel President and CEO Jeff Hawthorne is scheduled to present
on Wednesday, Jan. 14, 2015, at 12:45 p.m. Eastern time, with one-
on-one meetings held throughout the day.  He will discuss
UniPixel's revolutionary InTouch Sensors for mobile and all-in-one
devices the company is developing in partnership with Kodak, and
which is on track for commercial roll-out in 2015.

The presentation will be webcast live and available for replay at
http://wsw.com/webcast/needham69/unxl and the UniPixel Web site
at http://www.unipixel.com

For more information about the conference or to schedule a one-on-
one meeting with UniPixel management, please contact your Needham
representative or visit www.needhamco.com.

                        About Uni-Pixel Inc.

The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL)
-- http://www.unipixel.com/-- is a production stage company
delivering its Clearly Superior(TM) Performance Engineered Films
to the Lighting & Display, Solar and Flexible Electronics market
segments.

Uni-Pixel reported a net loss of $15.18 million in 2013, a net
loss of $9.01 million in 2012 and a net loss of $8.56 million in
2011.

The Company's balance sheet at Sept. 30, 2014, showed $39.44
million in total assets, $5.25 million in total liabilities and
$34.18 million in total shareholders' equity.


UNIVERSITY GENERAL: Has Agreement to Sell Senior Living Business
----------------------------------------------------------------
University General Health System, Inc., and certain of its
subsidiaries executed a purchase agreement dated as of Dec. 12,
2012, with Cornerstone Healthcare Group Holding, Inc., according
to a regulatory filing with the U.S. Securities and Exchange
Commission.  Pursuant to the Purchase Agreement, the Company and
those subsidiaries agreed to sell to Cornerstone the Company's
business of owning and operating senior care living facilities and
related business activities for cash and assumed debt of
approximately $27 million.  The Purchase Agreement provides for a
number of conditions to the closing of the Senior Living
Transactions, including the approval of the contemplated asset
transfers and debt assumptions by the US Department of Housing and
Urban Development.

A copy of the Purchase Agreement is available for free at:

                        http://is.gd/vv1Tr2

                      About University General

University General Health System, Inc., located in Houston, Texas,
is a diversified, integrated multi-specialty health care provider
that delivers concierge physician- and patient-oriented services.
UGHS currently operates one hospital and two ambulatory surgical
centers in the Houston area.  It also owns a revenue management
company, a hospitality service provider and facility management
company, three senior living facilities and manages six senior
living facilities.

University General reported a net loss attributable to common
shareholders of $35.70 million on $163.98 million of total
revenues for the year ended Dec. 31, 2013, as compared with a net
loss attributable to common shareholders of $3.97 million on
$113.22 million of total revenues for the year ended Dec. 31,
2012.

As of Dec. 31, 2013, the Company had $183.26 million in total
assets, $186.91 million in total liabilities, $2.97 million in
series C convertible preferred stock, and a $6.61 million total
deficit.

Moss, Krusick & Associates, LLC, in Winter Park, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has negative working capital and
relative low levels of cash and cash equivalents.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern, the auditors said.


UROLOGIX INC: Narrows Net Loss to $437K in Sept. 30 Quarter
-----------------------------------------------------------
Urologix, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $437,000 on $3.02 million of sales for the three months
ended Sept. 30, 2014, compared to a net loss of $1.33 million on
$3.78 million of sales for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed
$5.52 million in total assets, $12.92 million in total liabilities
and total stockholders' deficit of $7.4 million.

As a result of the Company's history of operating losses and
negative cash flows from operations, as well as its need for
working capital to support operations, there is substantial doubt
about its ability to continue as a going concern.

A copy of the Form 10-Q is available at:

                       http://is.gd/3z4bk1

                       About Urologix, Inc.

Urologix, Inc., develops, manufactures, and markets non-surgical,
office-based therapies for the treatment of the symptoms and
obstruction resulting from non-cancerous prostate enlargement.
The Company's products include the Cooled ThermoTherapy(TM) (CTT)
product line and the Prostiva(R) Radio Frequency (RF) Therapy
System.

The Company reported a net loss of $7.61 million on $14.23 million
of sales for the fiscal year ended June 30, 2014, compared with a
net loss of $4.29 million on $16.59 million of sales last year.

Following Urologix's results for the fiscal 2014 and 2013, Baker
Tilly Virchow Krause, LLP, in Minneapolis, Minnesota, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the company
has suffered recurring operating losses and negative cash flows
from operations, and needs additional working capital to support
future operations.


VERMILLION INC: Promotes Valerie Palmieri to CEO
------------------------------------------------
Vermillion, Inc., announced the next step in its expanded strategy
to rebuild the company into a premier bio-analytics solutions
provider with the naming current chief operating officer, Valerie
Palmieri to president and chief executive officer.  These changes
are effective Jan. 1, 2015.

James T. LaFrance resigned from the position of president and
chief executive officer of Vermillion effective at the close of
business on Dec. 31, 2014.  Mr. LaFrance remains a director and
Chairman of the Board of the Company.

"Jim and Valerie have worked in tandem for the last eight months
to rebuild the Vermillion team, re-set the strategy, and create a
five year operating plan that will position the Company to be a
leader in the bio-analytics field," said Eric Varma, Board member
and partner at Oracle Investment Partners.  "As the company re-
focuses on the substantial opportunity for lab services, Valerie's
experience and expertise in this field gives Vermillion a great
opportunity to realize its vision."

Jim LaFrance stated, "As veterans in the industry, Valerie and I
have known one another for more than 20 years.  I was thrilled to
attract her to Vermillion and have total confidence in her ability
to transform the Company.  As Chairman of the Board, I will
continue to actively work with her and the management team to
achieve the vision we have crafted together.  Valerie's passion
for women's health, coupled with her drive and management skills
make her the ideal CEO to lead Vermillion."

"I am very enthusiastic about the opportunity in front of us,"
stated Valerie Palmieri.  "We have the ability to re-write the
playbook on how gynecologic health issues are managed via bio-
analytics.  The market is substantial, fragmented and largely
misunderstood.  Our goal is to maximize our existing investment
utilizing our current platform and intellectual property and adapt
those resources to serve significantly larger markets.  I am
impressed and amazed at the relationships and partnerships this
company has fostered.  I believe we can build an organization that
addresses targeted and largely unmet medical needs in the area of
women's health, which in turn will deliver growth and greatly
enhance shareholder value over the long term."

Prior to joining Vermillion as chief operating officer in October,
Valerie was president of Momentum Consulting and served as a
strategic advisor to Vermillion for six months.  Prior to
Momentum, Ms. Palmieri served as CEO/President of two healthcare
startups that resulted in a successful exit for one and won her
recognition as one of the "Top 10 Entrepreneurs of Springboard
Enterprises" for the other.  She spent six years as National Vice
President of Anatomic Pathology Operations with LabCorp, the
acquiring company of Dianon Systems where she served as Senior
Vice President of Operations.  Under her leadership, Dianon saw a
six-fold increase in its share price and was sold to LabCorp for
approximately $600 million in 2003.  Both Mr. LaFrance and Ms.
Palmieri will be representing Vermillion at the JP Morgan
Healthcare Conference in San Francisco, January 12-14.

                         Board Appointment

Vermillion announced the appointments of Veronica G. H. Jordan,
Ph.D., and David R. Schreiber to the Company's Board of Directors,
bringing the total number of directors to eight, seven of whom are
independent.

Jim LaFrance, Chairman, president, and chief executive officer of
Vermillion, stated, "I am tremendously pleased to announce the
appointments of Veronica and David to our board of directors.
Each of them brings vast experience in key areas of operations, as
well as broad and deep understanding of the healthcare industry
and the growing need for predictive medicine.  We look forward to
benefiting from their insights and strategic guidance as we
advance our agenda of bringing high value diagnostic and analytics
solutions to the healthcare industry with the goal of improving
patient outcomes in the area of women's health."

Veronica Jordan, Ph.D. is an accomplished entrepreneur and
international business leader.  As an advisor to life science and
healthcare firms, she brings to Vermillion significant experience
in all aspects of the business cycle from raising capital,
integrating acquisitions and negotiating licensing and partnership
arrangements to business development and sales and marketing.
From 2001-2006, she was President/CEO and a director of Medelle
Corporation, a private, venture capital funded medical device
company in women's health.  Prior to that she served for fourteen
years in various executive positions at PAREXEL International.
Earlier, she held business and international leadership roles at
Biogen Idec and managed an R&D department for Baxter
International.  Dr. Jordan currently serves on the board of Albany
Molecular Research Inc. (NASDAQ: AMRI), a global contract drug
discovery, development, and manufacturing company.  She also
serves on the Boards of a number of not-for-profit organizations
working to advance various healthcare initiatives.  Dr. Jordan
received her Bachelor of Arts in Biochemistry from Cambridge
University and her Ph.D. in Biochemistry/Cell Biology from Oxford
University.  She is a member of the National Association of
Corporate Directors, Board Leaders, Corporate Directors Group,
Women's Corporate Directors, and Women Business Leaders in US
Healthcare Industry.

David Schreiber has more than 30 years of corporate and consulting
experience in the healthcare industry, particularly in the area of
corporate finance, operations, and mergers and acquisitions.
Since 2004, he has provided consulting services on a wide variety
of healthcare projects including Welsh Carson Anderson & Stowe's
2014 sale of Solstas Lab Partners to Quest Diagnostics and the
2007 sale of Ameripath/Specialty Laboratories to Quest.  In
addition, he currently supports M&A due diligence research in the
lab industry for Warburg Pincus.  His corporate experience
includes serving as Senior Vice President & Chief Financial
Officer of publicly traded DIANON Systems from 1996 until its
successful sale to LabCorp in 2003.  He has also served in key
management roles at Corning Clinical Laboratories and Unilab
Corporation.  He currently serves on the board of directors of
Response Genetics, Inc. (NASDAQ: RGDX) and has served on the
boards of Nanogen Inc., DIANON Systems and Specialty Laboratories,
Inc., where he served as interim CEO/CFO to oversee its turnaround
and subsequent sale.  Mr. Schreiber received his Bachelor of
Science in Finance and his Masters In Business Administration from
Northern Illinois University.

Additional information is available for free at:

                         http://is.gd/dg932R

                          About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 on March 30, 2009 (Bankr. D. Del.
Case No. 09-11091).  Vermillion's legal advisor in connection with
its successful reorganization efforts wass Paul, Hastings,
Janofsky & Walker LLP.  Vermillion emerged from bankruptcy in
January 2010.  The Plan called for the Company to pay all claims
in full and equity holders to retain control of the Company.

Vermillion incurred a net loss of $8.81 million in 2013, a net
loss of $7.14 million in 2012 and a net loss of $17.79 million in
2011.

As of Sept. 30, 2014, Vermillion had $18.40 million in total
assets, $5.83 million in total liabilities and $12.57 million in
total stockholders' equity.


VIGGLE INC: Pays Off $15 Million Deutsche Bank Loan
---------------------------------------------------
Viggle Inc. paid off all amounts outstanding under its Term Loan
Agreement, dated as of March 11, 2013, with Deutsche Bank Trust
Company Americas.  The principal amount of the DB Line was
$15,000,000, and the Company paid off the DB Line in its entirety.
After this payoff, the DB Line is now retired, the Company
disclosed in a regulatory filing with the U.S. Securities and
Exchange Commission.

           Drawdown Under Line of Credit Promissory Note

As reported in the Current Report on Form 8-K filed by Viggle Inc.
on Oct. 27, 2014, the Company and Sillerman Investment Company III
LLC entered into a Securities Purchase Agreement pursuant to which
SIC III agreed to purchase certain securities issued by the
Company.  Pursuant to the Securities Purchase Agreement, the
Company issued to SIC III a Line of Credit Promissory Note,
pursuant to which SIC will make advances to the Company in an
amount not to exceed $20,000,000 in the aggregate.  As reported in
the Company's Current Report on Form 8-K on Oct. 27, 2014, SIC III
previously advanced $4,500,000 under the Note.  In addition,
pursuant to the terms of the Securities Purchase Agreement, the
Company also agreed to issue to SIC III warrants to purchase
50,000 shares of the Company's common stock for each $1,000,000 of
amounts advanced by SIC III pursuant to the Note.  The Securities
Purchase Agreement provides that the exercise price of the
warrants will be 10% above the closing price of the Company's
shares on the date prior to the issuance of the warrants.
Exercise of the warrants will be subject to approval of the
Company's stockholders.

On Dec. 15, 2014, SIC III made an additional advance in the
principal amount of $15,500,000 pursuant to the terms of the Note.
Together with amounts previously advanced under the Note, the
total outstanding principal amount of the Note is now $20,000,000.
The Note provides for a 3% discount, such that the actual amount
funded by SIC III was 3% less than the associated principal amount
of the advance.  In addition, in accordance with the Securities
Purchase Agreement, the Company also issued to SIC III warrants to
purchase 775,000 shares of the Company's Common Stock at an
exercise price of $3.63, which is 10% above the closing price of
the Company's shares on the date prior to issuance.  Exercise of
these warrants will be subject to approval of the Company's
stockholders.

The Company used the proceeds of this advance to pay off amounts
outstanding under the DB Line.

Because the transactions were between the Company and Robert F.X.
Sillerman or an affiliate of Robert F.X. Sillerman, who is the
Executive Chairman and Chief Executive Officer of the Company, the
Company formed a special committee of independent directors to
review the proposed transactions.  That special committee reviewed
and unanimously approved those transactions.

                           About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss of $68.4 million on $18 million of
revenues for the year ended June 30, 2014, compared with a net
loss of $91.4 million on $13.9 million of revenues for the year
ended June 30, 2013.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2014, has a deficiency in working capital that raises substantial
doubt about its ability to continue as a going concern.


VISTEON CORP: Halla Visteon Deal No Impact on Moody's B1 CFR
------------------------------------------------------------
Moody's Investors Service said the announcement by Visteon
Corporation that it has entered into an agreement to sell its
approximately 70 percent ownership interest in Halla Visteon
Climate Control Corp. (HVCC) for approximately $3.6 billion is a
credit negative event, but does not currently impact Visteon's B1
Corporate Family Rating, Speculative Grade Liquidity Rating at
SGL-3, and stable rating outlook.

Visteon, headquartered in Van Buren Township, Michigan, is a
leading global automotive supplier that designs, engineers and
manufactures innovative products through two technology-focused
core businesses: vehicle cockpit electronics and thermal energy
management. Visteon owns 70 percent of Halla Visteon Climate
Control Corp. (HVCC), the world's second largest provider of
vehicle thermal management solutions. The company has facilities
in 29 countries and employs approximately 29,000 people. Revenues
for the LTM period ending September 30, 2014 were approximately
$8.2 billion.


WAVE SYSTEMS: Amends $15 Million Securities Prospectus
------------------------------------------------------
Wave Systems Corp. amended its Form S-3 registration statement
relating to the offering of $15,000,000 worth of Class A common
stock, preferred stock, warrants and unit.  The Company amended
the Registration Statement to delay its effective date.

The Company said it will provide the specific terms of these
offerings and securities in one or more supplements to this
prospectus.

The Company may sell these securities on a continuous or delayed
basis directly, through agents, dealers or underwriters as
designated from time to time, or through a combination of these
methods.

The Company's Class A common stock is traded on the Nasdaq Capital
Market under the symbol "WAVX."  The applicable prospectus
supplement will contain information, where applicable, as to any
other listing (if any) on a securities exchange or inclusion on an
electronic quotation system.

A full-text copy of the Form S-3/A prospectus is available at:

                         http://is.gd/aeTxpr

                         About Wave Systems

Lee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX) --
http://www.wave.com/-- develops, produces and markets products
for hardware-based digital security, including security
applications and services that are complementary to and work with
the specifications of the Trusted Computing Group, an industry
standards organization comprised of computer and device
manufacturers, software vendors and other computing products
manufacturers.

Wave Systems reported a net loss of $20.32 million in 2013, a net
loss of $33.96 million in 2012 and a net loss of $10.79 million in
2011.

KPMG LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
Wave Systems Corp. has suffered recurring losses from operations
and has an accumulated deficit that raise substantial doubt about
its ability to continue as a going concern.


WEST CORP: Bank Debt Trades at 3% Off
-------------------------------------
Participations in a syndicated loan under West Corp is a borrower
traded in the secondary market at 97.38 cents-on-the-dollar during
the week ended Friday, Dec. 19, 2014 according to data compiled by
LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street
Journal.  This represents a decrease of 1.09 percentage points
from the previous week, The Journal relates.  West Corp pays 250
basis points above LIBOR to borrow under the facility.  The bank
loan matures on June 30, 2018.  The bank debt carries Moody's Ba3
and Standard & Poor's BB rating.  The loan is one of the biggest
gainers and losers among 204 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.


WINDSTREAM HOLDINGS: Moody's Keeps Ba3 Rating on Structure Change
-----------------------------------------------------------------
Moody's Investors Service said that Windstream Holdings Inc.'s
("Windstream") announcement that it has changed the proposed
structure of its REIT spin off to reduce debt at Windstream Corp.
("WinCorp" Ba3, stable) is credit positive, but does not impact
its ratings. Windstream announced that it will retain a 19.9%
share in its planned REIT spinoff which it will then monetize over
a 12 month period and use the proceeds to repay WinCorp debt.

The change in deal structure will provide WinCorp an opportunity
to reduce leverage by up to 0.5x, assuming an 8x to 10x valuation
multiple on the REIT entity. This reduction in leverage will
offset the company's weak fundamentals and keep its credit metrics
within the boundary of the current Ba3 rating.

Moody's forecasts Windstream's leverage (Moody's adjusted) will be
around 4.2x following the REIT transaction after capitalizing the
leased assets at 5x annual rent. Moody's anticipates that
Windstream's weak EBITDA will persist for the next several
quarters, which could push leverage past the previously identified
down trigger of 4.25x. The reduction in debt using the proceeds of
the retained REIT stake will offset this and should support the
current credit profile and ratings. However, Moody's does not
expect Windstream to be able to reduce leverage such that it can
be sustained below the 3.75x level which Moody's has identified as
the trigger for an upgrade to Ba2.

The company also announced that it would increase debt incurred at
the REIT entity by $150 million, slightly shifting the amount of
debt exchanged in the transaction. This incremental debt will not
impact Moody's view of the creditworthiness of the REIT. Moody's
believes that the newly created REIT entity will have a credit
risk profile that is similar and inextricably linked to Windstream
and that the REIT, when or if it is rated by Moody's could
potentially have a corporate family rating that is equivalent to
senior unsecured debt at Windstream Corp., which is currently
rated B1. Moody's continues to view the proposed lease as an
unsecured obligation of Windstream Holdings Inc., subordinate to
all liabilities of Windstream Corp., where all cash flows
originate. But the combination of strong contract terms and a
mutual dependency between the REIT and HoldCo (and WinCorp)
provides additional credit strength.

The principal methodology used in rating this issuer was the
Global Telecommunications Industry published in December 2010.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Windstream Corporation, Inc. ("Windstream" or the "Company") is a
pure-play wireline operator headquartered in Little Rock, AR. The
company was formed by a merger of Alltel Corporation's wireline
operations and Valor Communications Group in July 2006. Windstream
has continued to grow through acquisitions and, following the
acquisition of PAETEC Holding Corp. ("PAETEC") in 2011, Windstream
provides services in 48 states.


WOUND MANAGEMENT: Has $671K Net Loss in Third Quarter
-----------------------------------------------------
Wound Management Technologies, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q, disclosing a net loss of $671,007 on $679,122 of revenues
for the three months ended Sept. 30, 2014, compared with a net
loss of $1.69 million on $472,753 of revenues for the same period
during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed
$1.95 million in total assets, $2.5 million in total liabilities,
and a stockholders' deficit of $548,785.

The Company has current liabilities in excess of current assets
and has a stockholders' deficiency.  The Company has had limited
operations and has not been able to develop an ongoing, reliable
source of revenue to fund its existence.  The Company's day-to-day
expenses have been covered by proceeds obtained and services paid
by the issuance of stock and notes payable.  The adverse effect on
the Company's results of operations due to its lack of capital
resources can be expected to continue until such time as the
Company is able to generate additional capital from other sources.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern, according to the
regulatory filing.

A copy of the Form 10-Q is available at:

                       http://is.gd/JVtOHl

                      About Wound Management

Fort Worth, Texas-based Wound Management Technologies, Inc.,
markets and sells the patented CellerateRX(R) product in the
expanding advanced wound care market; particularly with respect to
diabetic wound applications.

The Company had a net loss for the year ended Dec. 31, 2013, of
$4.15 million compared with a net loss of $1.85 million in 2012,
an increase of 125%.

The report of independent auditors MaloneBailey, LLP, with regard
to the Company's financial statements for the fiscal year ended
Dec. 31, 2013, includes a going concern qualification.  The
Company has suffered recurring net losses and has a working
capital deficit and an accumulated deficit which raises
substantial doubt about its ability to continue as a going
concern.  Pritchett, Siler & Hardy, P.C., in Salt Lake City, Utah,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2012.


YELLOWSTONE MOUNTAIN: $20MM Lifeline From Icahn Being Crafted
-------------------------------------------------------------
Daily Bankruptcy Review, citing the Associated Press, reported
that embattled real estate mogul Tim Blixseth was taken away in
handcuffs after a federal judge ordered the onetime billionaire
jailed until he accounts for millions of dollars he owes his
creditors.  According to the report, Mr. Blixseth's lawyers said
they were uncertain how long it would take for them to come up
with the answers sought by the court, meaning he could remain in
jail for some time.

The new suit is Glasser v. Blixseth, 14-cv-01576, U.S. District
Court, Western District of Washington (Seattle).

                     About Yellowstone Mountain

Located near Big Sky, Montana, Yellowstone Mountain Club LLC --
http://www.theyellowstoneclub.com/-- is a private golf and ski
community with more than 350 members, including Bill Gates and Dan
Quayle.  The Company was founded in 1999.

Yellowstone Club and its affiliates filed for Chapter 11
bankruptcy (Bankr. D. Montana, Case No. 08-61570) on Nov. 10,
2008.  The Company's owner affiliate, Edra D. Blixseth, filed
a separate Chapter 11 petition on March 27, 2009 (Case No.
09-60452).

Attorneys at Bullivant Houser Bailey PC and Bekkedahl & Green
PLLC represented Yellowstone.  The Debtors hired FTI Consulting
Inc. and Ronald Greenspan as CRO.  The official committee of
unsecured creditors were represented by Parsons, Behle and
Latimer; and James H. Cossitt, Esq., as counsel.  Credit Suisse,
the prepetition first lien lender, was represented by Skadden,
Arps, Slate, Meagher & Flom.

In June 2009, the Bankruptcy Court entered an order confirming
Yellowstone's Chapter 11 Plan.  Pursuant to the Plan, CrossHarbor
Capital Partners LLC acquired equity ownership in the reorganized
Club for $115 million.

Marc S. Kirschner, Esq., was appointed the Trustee of the
Yellowstone Club Liquidating Trust created under the Plan.


YOU ON DEMAND: Posts $2.12-Mil. Net Loss in Sept. 30 Quarter
------------------------------------------------------------
YOU On Demand Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing
a net loss of $2.12 million on $644,891 of revenue for the three
months ended Sept. 30, 2014, compared to a net income of $2.98
million on $95,295 of revenue for the same period last year.

The Company's balance sheet at Sept. 30, 2014, showed
$25.2 million in total assets, $6.93 million in total liabilities
and total stockholders' equity of $17.4 million.

For the nine months ended Sept. 30, 2014, the Company incurred a
net loss from continuing operations of $10.7 million and it used
cash for operations of $8.0 million.  Further, the Company has an
accumulated deficit of $92.3 million as of Sept. 30, 2014.  The
Company must continue to rely on debt and equity to pay for
ongoing operating expenses in order to execute its business plan.
On July 5, 2013, the Company completed a Series D Preferred Stock
financing in which we raised $4.0 million and closed on a Bridge
Loan on Nov. 4, 2013 for $2 million.  On Jan. 31, 2014, it
completed a Series E Preferred Stock financing in which it raised
an additional $19.0 million.  In addition, the Company believes it
has access to additional funding through various methods,
including utilization of its $50 million shelf registration, of
which $47.3 million is remaining, as well as other means of
financing such as debt or private investment.  However, financing
may not be available to the Company on terms acceptable to the
Company or at all or such resources may not be received in a
timely manner.  Further it may need approval to seek additional
financing from the shareholders from the August 2012 private
financing in the event the Company does a public financing.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern, according to the regulatory filing.

A copy of the Form 10-Q is available at:

                       http://is.gd/vBYLps

New York, N.Y.-based YOU On Demand Holdings, Inc., operates in the
Chinese media segment through its Chinese subsidiaries and
variable interest entities: (1) a business which provides to cable
providers both an integrated value-added service solution and
platform for the delivery of pay-per-view ("PPV") and video on
demand ("VOD") as well as enhanced premium content for cable
providers and (2) a cable broadband business based in the Jinan
region of China.

UHY, LLP, expressed substantial doubt about the Company's ability
to continue as a going concern, citing that the Company has
incurred significant losses during 2013 and 2012 and has relied on
debt and equity financings to fund their operations.


ZAYO GROUP: Bank Debt Trades at 3% Off
--------------------------------------
Participations in a syndicated loan under Zayo Group is a borrower
traded in the secondary market at 97.41 cents-on-the-dollar during
the week ended Friday, Dec. 19, 2014 according to data compiled by
LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street
Journal.  This represents a decrease of 1.69 percentage points
from the previous week, The Journal relates.  Zayo Group pays 300
basis points above LIBOR to borrow under the facility.  The bank
loan matures on July 2, 2019.  The bank debt carries Moody's B1
and Standard & Poor's B rating.  The loan is one of the biggest
gainers and losers among 204 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.


* Moody's Low B3-Rated Corp. Lists Show Calm Credit Condition
-------------------------------------------------------------
The number of companies on Moody's B3 negative and lower corporate
ratings list incrementally increased during 2014, reaching 174 as
of 1 December compared with a post-crisis low of 146 in March
2013, the rating agency says in a new report. In 2015, credit
conditions for speculative-grade companies should remain stable
and the default rate, low.

Moody's B3 negative and lower corporate ratings list includes all
US non-financial companies with a probability of default rating of
B3 negative or below.

"The slow increase in the B3 negative and lower list this year
underscores the stability of speculative-grade credit conditions
amid continuing low interest rates, ample market liquidity and
slow but steady growth in corporate profits," says Senior Vice
President, David Keisman. "Although the list is larger than it was
a year ago, it is still far from its credit-crisis peak of 290
companies."

High-yield debt issuance this year has been extremely strong as
investors continued to chase higher returns in a low interest rate
environment, Keisman says in "Slow Increase from a Low Base
Supports Stable View." Even speculative-grade companies at the
lowest rating levels have been able to refinance debt maturities
and bolster their liquidity. As a result, many have also been able
to forestall default and so remain on the B3 negative and lower
list.

"Speculative-grade rating downgrades have mainly exceeded upgrades
this year, but the absolute numbers are still low compared to the
historical highs seen during financial crisis," Keisman says. "And
Moody's industry outlooks for non-financial corporate sectors
globally are now for the most part stable, indicating steady
business conditions in the coming 12 to 18 months."

Moody's other proprietary indicators remained stable this year,
continuing to signal calm amid market gyrations stemming from
tensions such as conflict in the Middle East and Ukraine and fears
of a large-scale Ebola outbreak. Moody's Liquidity-Stress Index
remains not far from its all-time low, while its Covenant Stress
Index indicates that few speculative-grade companies are at risk
of violating debt covenants in 2015. As a consequence, Moody's has
forecast a US speculative-grade default rate of just 2.8% a year
from now.


* bestattorneysrankings.com Unveils Top 30 Bankruptcy & Debt Firms
------------------------------------------------------------------
bestattorneysrankings.com has named the 30 top bankruptcy and debt
services supplying firms in the legal industry for the month of
December 2014.  Businesses searching for strong bankruptcy and
debt firms turn to the rankings provided online in order to
identify services which have been investigated by an independent
third party.  The rankings are revisited monthly to account for
the latest accomplishments of top competing legal services and to
showcase the top purveyors of strong firms.

Each month the best bankruptcy and debt agencies are put through
an in-depth evaluation process in order to determine which
agencies produce the best services overall.  The process involves
an in-depth analysis of best performing companies in areas
including collections, chapter 11, debt analysis, chapter 7, and
bankruptcy.  Client evaluations of competing bankruptcy and debt
agencies are contacted in order to obtain their unique inputs and
suggestions on the agencies they have used.

The 30 top bankruptcy and debt firms for December 2014 are:

1) LeClairRyan

2) Mayer Brown LLP

3) Spilman Thomas & Battle, PLLC

4) Woods Rogers PLC

5) McAfee & Taft, A Professional Corporation

6) Taft Stettinius & Hollister LLP

7) Vandeventer Black LLP

8) Jeffer, Mangels, Butler & Marmaro LLP

9) Holland & Hart LLP

10) Williams Mullen

11) Obermayer Rebmann Maxwell & Hippel LLP

12) Kilpatrick Townsend & Stockton LLP

13) Bingham McHale LLP

14) Sutherland Asbill & Brennan LLP

15) Hodgson Russ LLP

16) Bassford Remele, A Professional Association

17) Winstead PC

18) Wilentz, Goldman & Spitzer, A Professional Corporation

19) SmithAmundsen LLC

20) Skadden, Arps, Slate, Meagher & Flom LLP

21) Sheppard, Mullin, Richter & Hampton LLP

22) Porter & Hedges, L.L.P.

23) Wyatt, Tarrant & Combs, LLP

24) Bingham McCutchen LLP

25) Porzio, Bromberg & Newman P.C.

26) Shipman & Goodwin LLP

27) Lathrop & Gage LLP

28) Seyfarth Shaw LLP

29) Kerr, Russell and Weber, PLC

30) Merrick Law Firm LLC

                 About bestattorneysrankings.com

bestattorneysrankings.com is a well-known independent authority on
law firms.  The main objective of bestattorneysrankings.com is to
decide and release those individuals or firms providing the best
legal firms all over the world.  A specialized team of researchers
examine thousands of applicants each month who are seeking to be
ranked as a top legal product or service by the independent
authority.


* BOND PRICING: For The Week From December 15 to 19, 2014
---------------------------------------------------------

   Company              Ticker  Coupon Bid Price  Maturity Date
   -------              ------  ------ ---------  -------------
Allen Systems
  Group Inc             ALLSYS  10.500    35.000     11/15/2016
Allen Systems
  Group Inc             ALLSYS  10.500    36.500     11/15/2016
Alpha Natural
  Resources Inc         ANR      6.000    31.000       6/1/2019
Alpha Natural
  Resources Inc         ANR      9.750    48.500      4/15/2018
American Eagle
  Energy Corp           AMZG    11.000    41.250       9/1/2019
Arch Coal Inc           ACI      7.000    31.343      6/15/2019
Arch Coal Inc           ACI      9.875    39.000      6/15/2019
B/E Aerospace Inc       BEAV     5.250   110.314       4/1/2022
BPZ Resources Inc       BPZ      8.500    34.500      10/1/2017
Black Elk Energy
  Offshore Operations
  LLC / Black Elk
  Finance Corp          BLELK   13.750    73.615      12/1/2015
Caesars Entertainment
  Operating Co Inc      CZR     10.000    17.250     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.750    15.000       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR     10.000    17.500     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      6.500    10.550       6/1/2016
Caesars Entertainment
  Operating Co Inc      CZR     12.750    17.400      4/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.000    13.898     12/15/2015
Caesars Entertainment
  Operating Co Inc      CZR      5.750    12.750      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR     10.000    17.250     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.750    14.250       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR     10.000    14.500     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.000    17.250     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.000    16.875     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.750    14.250       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR      5.750    11.250      10/1/2017
Cal Dive
  International Inc     CDVI     5.000    10.250      7/15/2017
Champion
  Enterprises Inc       CHB      2.750     0.250      11/1/2037
Chassix Holdings Inc    CHASSX  10.000    11.750     12/15/2018
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    41.300     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    41.500     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    41.500     11/15/2017
Dendreon Corp           DNDN     2.875    58.000      1/15/2016
Endeavour
  International Corp    END     12.000    46.500       3/1/2018
Endeavour
  International Corp    END     12.000     3.250       6/1/2018
Endeavour
  International Corp    END      5.500     3.750      7/15/2016
Endeavour
  International Corp    END     12.000    46.250       3/1/2018
Endeavour
  International Corp    END     12.000    46.250       3/1/2018
Energy & Exploration
  Partners Inc          ENEXPR   8.000    36.000       7/1/2019
Energy Conversion
  Devices Inc           ENER     3.000     7.875      6/15/2013
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc      TXU     10.000     9.250      12/1/2020
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc      TXU     10.000     9.250      12/1/2020
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc      TXU      6.875     5.625      8/15/2017
Equinix Inc             EQIX     7.000   112.250      7/15/2021
Exide Technologies      XIDE     8.625     4.800       2/1/2018
Exide Technologies      XIDE     8.625     7.375       2/1/2018
Exide Technologies      XIDE     8.625     7.375       2/1/2018
FBOP Corp               FBOPCP  10.000     2.000      1/15/2009
FairPoint
  Communications
  Inc/Old               FRP     13.125     1.872       4/2/2018
Federal Home
  Loan Banks            FHLB     0.785    99.800      7/23/2019
Fleetwood
  Enterprises Inc       FLTW    14.000     3.557     12/15/2011
Global Geophysical
  Services Inc          GEGS    10.500     1.500       5/1/2017
Global Geophysical
  Services Inc          GEGS    10.500     1.256       5/1/2017
Gymboree Corp/The       GYMB     9.125    39.250      12/1/2018
James River Coal Co     JRCC     7.875     0.250       4/1/2019
James River Coal Co     JRCC    10.000     1.000       6/1/2018
James River Coal Co     JRCC    10.000     1.100       6/1/2018
Las Vegas Monorail Co   LASVMC   5.500     0.090      7/15/2019
Lehman Brothers
  Holdings Inc          LEH      5.000    12.375       2/7/2009
Lehman Brothers Inc     LEH      7.500     9.125       8/1/2026
MF Global
  Holdings Ltd          MF       6.250    31.250       8/8/2016
MF Global
  Holdings Ltd          MF       1.875    31.063       2/1/2016
MF Global
  Holdings Ltd          MF       3.375    31.000       8/1/2018
MModal Inc              MODL    10.750    10.125      8/15/2020
Molycorp Inc            MCP      6.000    30.125       9/1/2017
Molycorp Inc            MCP      3.250    37.500      6/15/2016
Molycorp Inc            MCP      5.500    32.000       2/1/2018
Momentive Performance
  Materials Inc         MOMENT  11.500     1.625      12/1/2016
NII Capital Corp        NIHD     7.625    16.000       4/1/2021
NII Capital Corp        NIHD    10.000    35.375      8/15/2016
NextEra Energy
  Capital
  Holdings Inc          NEE      7.875   100.101     12/15/2015
OMX Timber Finance
  Investments II LLC    OMX      5.540    24.438      1/29/2020
Platinum Energy
  Solutions Inc         PLATEN  14.250    74.750       3/1/2015
Platinum Energy
  Solutions Inc         PLATEN  14.250    74.750       3/1/2015
Powerwave
  Technologies Inc      PWAV     1.875     0.125     11/15/2024
Powerwave
  Technologies Inc      PWAV     1.875     0.125     11/15/2024
Quicksilver
  Resources Inc         KWK      7.125    10.250       4/1/2016
Quicksilver
  Resources Inc         KWK      9.125    21.950      8/15/2019
Quicksilver
  Resources Inc         KWK     11.000    24.500       7/1/2021
RAAM Global Energy Co   RAMGEN  12.500    49.100      10/1/2015
RadioShack Corp         RSH      6.750    15.000      5/15/2019
RadioShack Corp         RSH      6.750    15.875      5/15/2019
RadioShack Corp         RSH      6.750    15.875      5/15/2019
Sabine Oil & Gas LLC /
  Sabine Oil &
  Gas Finance Corp      NFREGY   9.750    57.500      2/15/2017
Saratoga Resources Inc  SARA    12.500    36.750       7/1/2016
TMST Inc                THMR     8.000    20.000      5/15/2013
Terrestar Networks Inc  TSTR     6.500    10.000      6/15/2014
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.250    10.375      11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     15.000    19.000       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.250     9.125      11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     15.000    18.250       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.500     8.000      11/1/2016
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.250     9.125      11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.500     9.250      11/1/2016
Textron Inc             TXT      6.200   100.178      3/15/2015
Tunica-Biloxi
  Gaming Authority      PAGON    9.000    65.250     11/15/2015
Walter Energy Inc       WLT      9.875    19.750     12/15/2020
Walter Energy Inc       WLT      8.500    16.000      4/15/2021
Walter Energy Inc       WLT      9.875    19.250     12/15/2020
Walter Energy Inc       WLT      9.875    19.250     12/15/2020
Western Express Inc     WSTEXP  12.500    89.250      4/15/2015
Western Express Inc     WSTEXP  12.500    92.250      4/15/2015


                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com by e-mail.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to the nation's bankruptcy courts.  The
list includes links to freely downloadable of these small-dollar
petitions in Acrobat PDF documents.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2014.  All rights reserved.  ISSN: 1520-9474.

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