TCR_Public/150108.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, January 8, 2015, Vol. 19, No. 8

                            Headlines

ABLEST INC: Select Staffing to Merge With EmployBridge
ACME REALTY: Case Summary & 3 Largest Unsecured Creditors
ADVANCED LIGHTING: Case Summary & 20 Largest Unsecured Creditors
ALLEN CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors
ALLY FINANCIAL: Divests 40% JV Interest for $1 Billion

AMERICAN AIRLINES: Pilots Want Policies Limiting Pay Changed
AMERICAN EAGLE: Announces Operations and Guidance Update
AMERICAN EAGLE: Announces Operations and Guidance Update
ARAMID ENTERTAINMENT: Settles With Relativity in Film Finance Suit
BAKERSFIELD GROVE: Dismissal Hearing Continued to June 18

BAXANO SURGICAL: Gets Final Approval of Bankruptcy Financing
BERNARD L. MADOFF: Trustee Inks Deal With Cayman Feeder Fund
BUCCANEER ENERGY: Plan Confirmation Hearing Moved to Jan. 13
CAESARS ENTERTAINMENT: Apollo Trying to Salvage Bad Debt
CARIBBEAN PETROLEUM: Co-Defendant Takes Coverage Row to Justices

CHIQUITA BRANDS: Cutrale, Safra Complete $14.50 a Share Bid
CIRCUIT CITY: LG, Epson Shed Some Claims In LCD Price-Fixing MDL
COMMUNITY BANCORP: Execs Settle $11M Feud With FDIC, Insurer
DEB STORES: Liquidators to Run Final Sales
DELIA*S INC: Reaches Tentative Creditor Deal on $20M DIP Loan

DIXIE FOODS: 2014 Results Have Going Concern Qualification
ELBIT IMAGING: Completes NIS37.7MM Sale of "Mango" Operation
EXIDE TECH: Balks at Committee's Bid to Retain Quinn Emanuel
EXIDE TECHNOLOGIES: Taps Kirby McInerney as Expert Witness
FANNIE MAE: Pershing Tangles Over Dismissed Action

GENERAL MOTORS: Moody's Assigns (P)Ba2 Subordinated Shelf Rating
GGW BRANDS: Has Feb. 25 Hearing on Liquidating Plan
GK HOLDINGS: S&P Assigns 'B+' CCR & Rates $ 195MM Sec. Loans 'BB+'
GLOBAL KNOWLEDGE: Moody's Assigns B2 CFR & Rates 1st Lien Debt B1
GREAT NORTHERN PAPER: Rehires Workers

HEI INC: Proposes Alliance Management as Financial Advisor
HOOVER GROUP: Moody's Assigns B2 Corporate Family Rating
HOOVER GROUP: S&P Assigns 'B' CCR & Rates $195MM Sr. Facility 'B'
HPB INVESTMENTS: OSC Grants Full Revocation of Cease Trade Order
HUNTERDON REALTY: Case Summary & 2 Largest Unsecured Creditors

IDEARC INC: Trustee Says 5th Circ. Cut Off Its Right to Jury
INT'L FOREIGN EXCHANGE: Feb. 3 Hearing on Plan Approval
IOWA HIGHER: Fitch Affirms 'BB' Rating on $65.7MM PCF Bonds
J & B PARTNERS: Voluntary Chapter 11 Case Summary
JAMES RIVER: Plan Filing Date Extended to March 13

JC PENNEY: Reports Strong Sales Growth
JOHN ALTORELLI: Schedules Reveal $196,000 Monthly Expense
JSC ALLIANCE: Restructuring Plan Enforced by U.S. Court
KIOR INC: Mississippi Tries to Force Co. Into Liquidation
LIBERTY TOWERS: Discloses Schedules of Assets and Liabilities

LIBERTY TOWERS: Files List of 3 Largest Unsecured Claims
LIGHTSTREAM RESOURCE: Moody's Cuts Corporate Family Rating to B3
LIONS GATE: S&P Raises CCR to 'BB-' on Better Earnings Visibility
LOVELL'S MASONRY: Case Summary & 9 Largest Unsecured Creditors
MILLER AUTO: Can't File Chapter 11 Plan Until July 13

MILLER AUTO: Wants Court to Set March 16 as Claims Bar Date
MINWIND I LLC: Case Summary & Largest Unsecured Creditors
MISSION NEWENERGY: Delays Sale of 250K tpa Biodiesel in Malaysia
MMD HOTEL: Voluntary Chapter 11 Case Summary
MOLYCORP INC: Fails to Comply with NYSE's $1 Min. Bid Price Rule

MONARCH COMMUNITY: Chemical Gets Regulatory OK on Merger Plan
MORRIS BROWN: Plan Has $10.5 Million for AME Church
NATIONAL AIR: Moody's Lowers B747-400 Financing Rating to Caa1
NATURAL MOLECULAR: Chapter 11 Trustee Can Hire Hacker & Willig
NCI BUILDING: Moody's Rates 250MM Notes B3, Lowers Outlook to Neg

NCI BUILDING: S&P Revises Outlook to Negative & Affirms 'B+' CCR
NNN 1818 MARKET: Units' Case Summaries & 18 Top Unsec Creditors
NORTEL NETWORKS: Rockstar Sells Off 4,000 Patents to RPX for $900M
OCZ TECHNOLOGY: Trustee Says Class Plaintiffs Flouted Ch. 11 Stay
OPENTEXT CORP: Moody's Rates on New Sr. Unsecured Notes 'Ba2'

PASSAIC HEALTHCARE: 2 Affiliates' Voluntary Ch.11 Case Summaries
QR ENERGY: Moody's Withdraws Caa1 Senior Unsecured Notes Rating
QUALTEQ INC: Judge Baer Closes Avadama's Chapter 11 Case
REICHHOLD HOLDING: Hires Hilco Valuation as Appraiser & Consultant
REICHHOLD HOLDINGS: Taps Hilco Real Estate as Consultant

RESOLUTE ENERGY: S&P Assigns 'B-' Rating on $150MM 2nd-Lien Loan
RESTORATION MINISTRIES: Case Summary & 2 Top Unsecured Creditors
REVEL AC: Wells Fargo Will Pay Casino's Outstanding Property Taxes
SPECIALTY HOSPITAL: Arrangement on Termination of 401K Plan OK'd
STAG INDUSTRIAL: Fitch Affirms 'BB' Rating on $139MM Pref. Stock

STUART WEITZMAN: Coach Deal No Impact on Moody's B3 Rating
SUPERIOR HEALTHCARE: Voluntary Chapter 11 Case Summary
SWANKE HAYDEN: Case Summary & 20 Largest Unsecured Creditors
T-L CHEROKEE: Has Access to CTB's Cash Collateral Until Feb. 28
TITAN ENERGY: Completes Merger with PTES Acquisition

TRUSTEES OF CONNEAUT LAKE PARK: Asks for Jan. 30 Deadline for Data
WASCO CO: Files for Bankruptcy
WASCO INC: Voluntary Chapter 11 Case Summary
[*] Blank Rome Opens New Office in Downtown Pittsburgh
[*] Competitive Landscape Spurs Bankruptcy of Solar Power Companies

[*] Emanuel Grillo Joins Baker Botts as Bankruptcy Partner
[*] Gordian Group Appoints Fred Zeidman as Chairman
[*] Huron Consulting Announces Senior Level Promotions
[*] Nelson Mullins Expands Bankruptcy Practice with 3 Partners
[*] Ocwen Financial Head to Resign in New York Settlement

[*] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

ABLEST INC: Select Staffing to Merge With EmployBridge
------------------------------------------------------
Pacific Coast Business Times reports that Select Family of Staffing
Cos. said it will merge with Atlanta-based staffing company
EmployBridge.

Business Times relates that the merger will relocate Select
Family's headquarters to Atlanta from Santa Barbara.  Both firms,
according to the report, will continue to operate under their
various subsidiary brand names.  They will maintain this structure
for the foreseeable future as both companies have established
business under a range of brands, the report states, citing Select
Family spokersperson, Delia Cannan.

According to Business Times, the new company's executives include:

      a. EmployBridge's CEO, Tom Bickes, as CEO of the combined
         company;

      b. Select Family executive Paul Sorensen, as the new firm's
         president;

      c. Select Family CEO Steve Sorensen, as vice chairperson of
         the company's board of directors;

      d. EmployBridge president, Shawn Poole, as executive vice
         president and chief financial officer; and

      e. Select Family's board members to be the remainder of the
         board of directors.

                      About Ablest Inc.

Ablest Inc. and its debtor-affiliates sought bankruptcy protection
(Bankr. D. Del. Lead Case No. 14-10717) on April 1, 2014, with a
prepackaged plan of reorganization that will reduce debt by
$300 million.

Ablest together with its affiliates is a leading national provider
of temporary staffing services in the United States and is the
largest provider of temporary staffing services in California.  It
provides staffing services on temporary, "temp-to-hire", and
project-by-project basis through a network of 312 offices in 48
states.  The company currently employs 75,000 full and part time
employees in hourly, salaried, supervisory, management and sales
positions plus 1,500 corporate and branch employees.

During the fiscal year ended Dec. 29, 2013, the Debtors placed
approximately 300,000 temporary employees and provided staffing
services to 11,500 customers.  For fiscal year 2013, the Debtors
had $2 billion in gross revenue.

The Debtors have tapped (i) the law firm of Pachulski Stang Ziehl
& Jones LLP as co-restructuring counsel; (ii) Skadden, Arps,
Slate, Meagher & Flom LLP as co-restructuring counsel and
corporate and securities counsel; (iii) AlixPartners LLP as
restructuring advisors; (iv) Goldman, Sachs & Co., as financial
advisor; and (v) Kurtzman Carson Consultants LLC as claims and
noticing agent.

As of April 1, 2014, the Debtors have outstanding secured
debt in an aggregate amount, including accrued interest, of
approximately $651 million.  Ablest's assets are estimated at
$100 million to $500 million.

The Court approved the Prepackaged Joint Plan of Reorganization
that revolves around a court-approved restructuring support
agreement between the Debtors and (i) approximately 70% of the
Prepetition First Lien Lenders, representing approximately 82% of
the claims under the Prepetition First Lien Credit Agreement and
(ii) approximately 81% of the Prepetition Second Lien Lenders,
representing approximately 87% of the claims under the Prepetition
Second Lien Credit Agreement; and authorized the Debtors to assume
the so-called "Sorensen Support Agreement."

U.S. Trustee for Region 3 was unable to appoint a committee of
unsecured creditors.



ACME REALTY: Case Summary & 3 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Acme Realty Plaza 67, LTD
        P.O. Box 721119
        Dallas, TX 75372

Case No.: 15-40051

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: January 6, 2015

Court: United States Bankruptcy Court
       Eastern District of Texas (Sherman)

Judge: Hon. Brenda T. Rhoades

Debtor's Counsel: Eric A. Liepins, Esq.
                  12770 Coit Road, Suite 1100
                  Dallas, TX 75251
                  Tel: (972) 991-5591
                  Email: eric@ealpc.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steven Shafer, manager of general
partner.

A list of the Debtor's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/txeb15-40051.pdf


ADVANCED LIGHTING: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Advanced Lighting Technologies, LLC
        118 Peter Gill Rd.
        Henderson, NC 27537

Case No.: 15-00081

Chapter 11 Petition Date: January 6, 2015

Court: United States Bankruptcy Court
       Eastern District of North Carolina

Debtor's Counsel: Philip W. Paine, Esq.
                  JORDAN, PRICE, WALL, GRAY, JONES & CARLTON
                  PO Box 10669
                  Raleigh, NC 27605
                  Tel: 919 828-2501
                  Fax: 919 834-8447
                  Email: ppaine@jordanprice.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Robert M. Slack, member.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nceb15-00081.pdf


ALLEN CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors
-------------------------------------------------------------
Debtor: Allen Construction Services, Inc.
           dba Allen Kitchen and Bath
        310 South Industrial Park Road
        Deerfield, WI 53531-9339

Case No.: 15-10033

Chapter 11 Petition Date: January 6, 2015

Court: United States Bankruptcy Court
       Western District of Wisconsin

Judge: Hon. Robert D. Martin

Debtor's Counsel: Eliza M. Reyes, Esq.
                  KREKELER STROTHER, S.C.
                  2901 West Beltline Highway, Suite 301
                  Madison, WI 53713
                  Tel: 608-258-8555
                  Fax: 608-258-8299
                  Email: ereyes@ks-lawfirm.com

Estimated Assets: $100,00 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Gary E. Allen, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/wiwb15-10033.pdf


ALLY FINANCIAL: Divests 40% JV Interest for $1 Billion
------------------------------------------------------
Ally Financial Inc. had reached an agreement to sell its 40%
interest in a motor vehicle finance joint venture in China pursuant
to a Share Transfer Agreement, dated Nov. 21, 2012, as amended,
between Ally, General Motors Financial Company, Inc., and GMAC UK
PLC.  GMF and GMAC UK are each wholly-owned subsidiaries of General
Motors Co.

Ally disclosed in a regulatory filing with the U.S. Securities and
Exchange Commission that, on Jan. 2, 2015, it had completed the
sale of the JV Interest, receiving approximately $1 billion in
total consideration at closing, which is subject to certain
post-closing adjustments.  As a result of completing this sale,
Ally expects to record an after-tax gain of approximately $400
million in the first quarter of 2015.

The JV Interest was classified by Ally as discontinued operations
as of Dec. 31, 2012, and its operating results were removed from
Ally's continuing operations and were presented separately as
discontinued operations, net of tax, in Ally's Consolidated
Financial Statements, included in Ally's Annual Reports on Form
10-K for the years ended Dec. 31, 2012, and 2013, as well as in
Ally's quarterly reports on Form 10-Q for all periods subsequent to
Dec. 31, 2012.  

                        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.


AMERICAN AIRLINES: Pilots Want Policies Limiting Pay Changed
------------------------------------------------------------
Nicholas Sakelaris, writing for Dallas Business Journal, reports
that American Airlines pilots want to get paid when they are away
from home but aren't flying a plane.  Some pilots have spent 20
days or more away from home in a month but only got paid for 72
hours.

Business Journal relates that pilots contend that the Airline is
still acting like it is in Chapter 11 bankruptcy while it raked in
a record $4 billion profit last year. Both United Airlines and
Delta Air Lines had similar policies limiting pilots' pay when
they're not flying.  They got rid of the restrictions post
bankruptcy but American didn't.

The Allied Pilots Association said in a press release, "We have
raised this issue time and again with management during the (joint
collective bargaining agreement process) talks, and each time the
response has been the same -- they're unwilling to agree to
industry-standard duty-rig modifications that would remedy the
problem."  Business Journal adds that pilots have pushed for profit
sharing as part of their compensation but the management resisted.

According to Business Journal, the pilots could get 23% raises with
retroactive back pay and avoid binding arbitration if union members
approve the same contract union leaders adopted.  The report says
that talks on the Airline's final offer will continue this week.
APA members will likely vote on the contract this month, the report
states.   

The APA leadership said in a statement, "While we are disappointed
with the latest turn of events, your APA leadership remains
committed to concluding this process promptly and properly."

                     About American Airlines

AMR Corp. and its subsidiaries including American Airlines filed
for bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-15463)
in Manhattan on Nov. 29, 2011, after failing to secure cost-
cutting labor agreements.  AMR, previously the world's largest
airline prior to mergers by other airlines, is the last of the so-
called U.S. legacy airlines to seek court protection from
creditors.  It was the third largest airline in the United States
at the time of the bankruptcy filing.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtors.  Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law
Group, Chartered, are on board as special counsel.  Rothschild
Inc., is the financial advisor.  Garden City Group Inc. is the
claims and notice agent.

Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., and
Jay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP
serve as counsel to the Official Committee of Unsecured Creditors
in AMR's chapter 11 proceedings.  Togut, Segal & Segal LLP is the
co-counsel for conflicts and other matters; Moelis & Company LLC
is the investment banker, and Mesirow Financial Consulting, LLC,
is the financial advisor.

The Retiree Committee is represented by Jenner & Block LLP's
Catherine L. Steege, Esq., Charles B. Sklarsky, Esq., and Marc B.
Hankin, Esq.

AMR and US Airways Group, Inc., on Feb. 14, 2013, announced a
definitive merger agreement under which the companies will combine
to create a premier global carrier, which will have an implied
combined equity value of approximately $11 billion.

The bankruptcy judge on Sept. 12, 2013, confirmed AMR Corp.'s plan
to exit bankruptcy through a merger with US Airways.  By
distributing stock in the merged airlines, the plan is designed to
pay all creditors in full, with interest.

Judge Sean Lane confirmed the Plan despite the lawsuit filed by
the U.S. Department of Justice and several states' attorney
general complaining that the merger violates antitrust laws.

In November 2013, AMR and the U.S. Justice Department a settlement
of the anti-trust suit.  The settlements require the airlines to
shed 104 slots at Reagan National Airport in Washington and 34 at
LaGuardia Airport in New York.

AMR stepped out of Chapter 11 protection after its $17 billion
merger with US Airways was formally completed on Dec. 9, 2013.

                          *     *     *

The Troubled Company Reporter, on Sep. 2, 2014, reported that
Standard & Poor's Ratings Services revised its rating outlooks on
American Airlines Group Inc. (AAG) and its subsidiaries American
Airlines Inc. and US Airways Inc. to positive from stable.  At the
same time, S&P affirmed its ratings on the companies, including
the 'B' corporate credit ratings.

The TCR, on Sept. 22, 2014, reported that Standard & Poor's
Ratings Services assigned its 'A (sf)' issue rating to American
Airlines Inc.'s series 2014-1 class A pass-through certificates,
which have an expected maturity of Oct. 1, 2026.  At the same
time, S&P assigned its 'BBB- (sf)' issue rating to the company's
series 2014-1 class B pass-through certificates, which have an
expected maturity of Oct. 1, 2022.  The final legal maturity dates
will be 18 months after the expected maturity dates. American
Airlines is issuing the certificates under a Rule 415 shelf
registration.

The TCR, on the same day, reported that Moody's Investors Service
assigned a B3 (LGD5) rating to the $500 million of new five year
unsecured notes that American Airlines Group Inc. ("AAG") offered
for sale earlier. Its subsidiaries, American Airlines, Inc.
("AA"), US Airways Group, Inc. and US Airways, Inc. will guarantee
AAG's payment obligations under the indenture on a joint and
several basis. Moody's Corporate Family rating of AAG is B1 with a
stable outlook.

The TCR also reported that Fitch Ratings has assigned a rating of
'B+/RR4' to the $500 million unsecured notes to be issued by
American Airlines Group Inc. The Issuer Default Ratings (IDR) for
American Airlines Group Inc., American Airlines, Inc., US Airways
Group, Inc., and US Airways, Inc. remain unchanged at 'B+' with a
Stable Outlook.

The TCR, on Oct. 16, 2014, reported that Moody's upgraded its
ratings assigned to the Series 2001-1 Enhanced Equipment Trust
Certificate ("2001 EETCs") of American Airlines, Inc.: A-tranche
to B2 from Caa1, B-tranche to Caa3 from Ca and C-tranche to Caa3
from Ca. Moody's also affirmed all of its other ratings assigned
to American Airlines Group Inc. ("AAG"), including the B1
Corporate Family and B1-PD Probability of Default ratings, and of
American Airlines, Inc. ("AA") and US Airways Group, Inc. and its
subsidiaries, US Airways, Inc. and America West Airlines, Inc. The
outlook is stable and the Speculative Grade Liquidity Rating of
SGL-1 is unchanged. American Airlines Group Inc. guarantees
American Airlines obligations of the 2001 EETCs.


AMERICAN EAGLE: Announces Operations and Guidance Update
---------------------------------------------------------
American Eagle Energy Corporation announced an operations update
and production guidance for the fourth quarter ending Dec. 31,
2014, and capital spending guidance for 2015.

Commodity Hedges Sold for $13 Million

The Company recently monetized all of its crude oil hedge positions
for December 2014 through December 2015, generating proceeds of $13
million.  The hedges represented approximately 414,000 barrels of
oil at an average price of $89.59 per barrel. Proceeds will be used
to improve American Eagle's liquidity position.

Credit Facility and $175 Million Bonds Outstanding

American Eagle has no outstanding indebtedness on its senior
secured revolving credit facility that had an initial borrowing
base of up to $60 million as of Aug. 27, 2014.  Effective Dec. 24,
2014, the borrowing base was reduced to zero.  The Company has been
in compliance with the Credit Facility maintenance covenants.

American Eagle has $175 million of outstanding indebtedness on its
11% secured bonds.  The bonds do not have maintenance covenants.

2015 Capital Spending Guidance

The Company continues to be focused on capital discipline and
maintaining liquidity.  After drilling the Huffman 15-34S well in
November 2014, American Eagle released the drilling rig.  Given
current crude oil prices, American Eagle has suspended its 2015
operated drilling budget and does not anticipate resuming drilling
operations until crude oil prices improve.  The Company expects to
conduct completion operations in the first quarter of 2015 on two
gross (1.9 net) wells (Byron 4-4 and Shelley Lynn 4-4N) that were
drilled during the fourth quarter ended Dec. 31, 2014.  These
operations are estimated to require a capital expenditure of
approximately $4.5 million in 2015.

Operated Well Development

During the fourth quarter ended Dec. 31, 2014, American Eagle added
to production 3 gross (1.8 net) new operated wells and 2 gross (1.3
net) operated wells that were re-completed.  The Donald 15-33S
(Three Forks long lateral) well was the last of six wells developed
under the Company's Farm-Out program.  The Donald 15-33S extends
the productive area two miles west of the Bryce 3-2 well and
appears to prove up an additional 4 to 6 spacing units in the
western part of the field.  The well began producing oil in early
October at an average of approximately 312 barrels of oil
equivalent per day ("BOEPD") during the first 30 days of
production.

The Rick 13-31 (Three Forks short-lateral) well with an 85% working
interest was stimulated earlier in mid-October and began producing
oil in late October.  During the first 30 days of production, the
Rick 13-31 well produced an average of approximately 267 BOEPD.

The Huffman 15-34S (Three Forks long-lateral) well with a 94%
working interest was stimulated in November using a slickwater
stimulation and has been cleaning up after being put on pump in
mid-December with rates exceeding 250 BOEPD for the last few days,
The Huffman 15-34S well is located between the Bryce 3-2 (Three
Forks long-lateral) well that produced approximately 400 BOEPD
during the first 30 days, and the Donald 15-33S (Three Forks
long-lateral) well that produced approximately 312 BOEPD during the
first 30 days.

Remedial completions to correct problems with faulty sleeves were
performed during the fourth quarter of 2014 on the Shelly 3-2N
(Three Forks short-lateral, 97% WI) and the La Plata State 2-16
(Three Forks long lateral, 39% WI) wells, both of which were
drilled and completed during the first half of the year.
Reperforating and restimulation operations were successfully
conducted on both wells and they have been cleaned out and put on
pump but no meaningful production data is available yet.

Production Volume Guidance

The Company anticipates that its average production for the fourth
quarter ended Dec. 31, 2014, will be approximately 2,600 to 2,700
BOEPD. The new estimate is a reduction from its previous guidance
of between 2,700 BOEPD to over 3,000 BOEPD due mostly to
anticipated completion of the Byron 4-4 and Shelley Lynn 4-4N now
scheduled for first quarter of 2015 rather than fourth quarter of
2014.

                       About American Eagle

Littleton, Colorado-based American Eagle Energy Corporation is
engaged in the acquisition, exploration and development of oil and
gas properties.  The Company is primarily focused on extracting
proved oil reserves from those properties.

The Company's balance sheet at Sept. 30, 2014, the Company had
$373 million in total assets, $248 million in total liabilities
and $125 million of stockholders' equity.

                          *     *     *

As reported by the TCR on Aug. 7, 2014, Standard & Poor's Ratings
Services assigned its 'CCC+' corporate credit rating to Denver-
based American Eagle Energy Corp.  "The ratings on American Eagle
reflect our view of the company's participation in the volatile
and capital-intensive oil and gas E&P industry, and its small and
geographically concentrated asset base in Divide County, N.D.,"
said Standard & Poor's credit analyst Christine Besset.

The TCR reported on Aug. 6, 2014, that Moody's Investors Service
assigned first time ratings to American Eagle Energy Corporation's
(American Eagle Energy or AMZG), including a Caa1 Corporate Family
Rating (CFR).


AMERICAN EAGLE: Announces Operations and Guidance Update
---------------------------------------------------------
American Eagle Energy Corporation announced an operations update
and production guidance for the fourth quarter ending Dec. 31,
2014, and capital spending guidance for 2015.

Commodity Hedges Sold for $13 Million

The Company recently monetized all of its crude oil hedge positions
for December 2014 through December 2015, generating proceeds of $13
million.  The hedges represented approximately 414,000 barrels of
oil at an average price of $89.59 per barrel. Proceeds will be used
to improve American Eagle's liquidity position.

Credit Facility and $175 Million Bonds Outstanding

American Eagle has no outstanding indebtedness on its senior
secured revolving credit facility that had an initial borrowing
base of up to $60 million as of Aug. 27, 2014.  Effective Dec. 24,
2014, the borrowing base was reduced to zero.  The Company has been
in compliance with the Credit Facility maintenance covenants.

American Eagle has $175 million of outstanding indebtedness on its
11% secured bonds.  The bonds do not have maintenance covenants.

2015 Capital Spending Guidance

The Company continues to be focused on capital discipline and
maintaining liquidity.  After drilling the Huffman 15-34S well in
November 2014, American Eagle released the drilling rig.  Given
current crude oil prices, American Eagle has suspended its 2015
operated drilling budget and does not anticipate resuming drilling
operations until crude oil prices improve.  The Company expects to
conduct completion operations in the first quarter of 2015 on two
gross (1.9 net) wells (Byron 4-4 and Shelley Lynn 4-4N) that were
drilled during the fourth quarter ended Dec. 31, 2014.  These
operations are estimated to require a capital expenditure of
approximately $4.5 million in 2015.

Operated Well Development

During the fourth quarter ended Dec. 31, 2014, American Eagle added
to production 3 gross (1.8 net) new operated wells and 2 gross (1.3
net) operated wells that were re-completed.  The Donald 15-33S
(Three Forks long lateral) well was the last of six wells developed
under the Company's Farm-Out program.  The Donald 15-33S extends
the productive area two miles west of the Bryce 3-2 well and
appears to prove up an additional 4 to 6 spacing units in the
western part of the field.  The well began producing oil in early
October at an average of approximately 312 barrels of oil
equivalent per day ("BOEPD") during the first 30 days of
production.

The Rick 13-31 (Three Forks short-lateral) well with an 85% working
interest was stimulated earlier in mid-October and began producing
oil in late October.  During the first 30 days of production, the
Rick 13-31 well produced an average of approximately 267 BOEPD.

The Huffman 15-34S (Three Forks long-lateral) well with a 94%
working interest was stimulated in November using a slickwater
stimulation and has been cleaning up after being put on pump in
mid-December with rates exceeding 250 BOEPD for the last few days,
The Huffman 15-34S well is located between the Bryce 3-2 (Three
Forks long-lateral) well that produced approximately 400 BOEPD
during the first 30 days, and the Donald 15-33S (Three Forks
long-lateral) well that produced approximately 312 BOEPD during the
first 30 days.

Remedial completions to correct problems with faulty sleeves were
performed during the fourth quarter of 2014 on the Shelly 3-2N
(Three Forks short-lateral, 97% WI) and the La Plata State 2-16
(Three Forks long lateral, 39% WI) wells, both of which were
drilled and completed during the first half of the year.
Reperforating and restimulation operations were successfully
conducted on both wells and they have been cleaned out and put on
pump but no meaningful production data is available yet.

Production Volume Guidance

The Company anticipates that its average production for the fourth
quarter ended Dec. 31, 2014, will be approximately 2,600 to 2,700
BOEPD. The new estimate is a reduction from its previous guidance
of between 2,700 BOEPD to over 3,000 BOEPD due mostly to
anticipated completion of the Byron 4-4 and Shelley Lynn 4-4N now
scheduled for first quarter of 2015 rather than fourth quarter of
2014.

                       About American Eagle

Littleton, Colorado-based American Eagle Energy Corporation is
engaged in the acquisition, exploration and development of oil and
gas properties.  The Company is primarily focused on extracting
proved oil reserves from those properties.

The Company's balance sheet at Sept. 30, 2014, the Company had
$373 million in total assets, $248 million in total liabilities
and $125 million of stockholders' equity.

                          *     *     *

As reported by the TCR on Aug. 7, 2014, Standard & Poor's Ratings
Services assigned its 'CCC+' corporate credit rating to Denver-
based American Eagle Energy Corp.  "The ratings on American Eagle
reflect our view of the company's participation in the volatile
and capital-intensive oil and gas E&P industry, and its small and
geographically concentrated asset base in Divide County, N.D.,"
said Standard & Poor's credit analyst Christine Besset.

The TCR reported on Aug. 6, 2014, that Moody's Investors Service
assigned first time ratings to American Eagle Energy Corporation's
(American Eagle Energy or AMZG), including a Caa1 Corporate Family
Rating (CFR).


ARAMID ENTERTAINMENT: Settles With Relativity in Film Finance Suit
------------------------------------------------------------------
Law360 reported that Relativity Media LLC's insurers will pay
$750,000 to trustees for bankrupt film financier Aramid
Entertainment Fund Ltd. to settle Aramid's case claiming Relativity
helped deep-six its $44 million interest in the production of 45
Sony Pictures Entertainment films, according to a motion filed in
New York bankruptcy court.

                    About Aramid Entertainment

Aramid Entertainment Fund Limited has been engaged in the business
of providing short and medium term liquidity to producers and
distributors of film, television and other media and entertainment
content by way of loans and equity investments.

On May 7, 2014, Geoffrey Varga and Jess Shakespeare of Kinetic
Partners (Cayman) Limited were appointed under Cayman law as the
joint voluntary liquidators of AEF and two affiliates.

On June 13, 2014, the JVLs authorized AEF and two affiliates to
file for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead
Case No. 14-11802) in Manhattan on June 13, 2014.

The Debtors have tapped James C. McCarroll, Esq., Jordan W. Siev,
Esq., Richard A. Robinson, Esq., and Michael J. Venditto, Esq. of
Reed Smith, LLP, in New York, as counsel and Kinetic Partners
(Cayman) Limited as crisis managers.

AEF estimated at least $100 million in assets and between
$10 million to $50 million in liabilities.


BAKERSFIELD GROVE: Dismissal Hearing Continued to June 18
---------------------------------------------------------
The hearing on Bakersfield Grove Limited, LLC's motion to dismiss
its bankruptcy case has been continued to June 18, 2015 at 10:30
a.m. at Courtroom 5A, 411 W Fourth St., Santa Ana, CA 92701.

Brea, California-based Bakersfield Grove Limited, LLC, owns real
property at Panam Lane in Bakersfield, Calif.  Bakersfield Grove
filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 12-13157) on
March 12, 2012.  Judge Erithe A. Smith presides over the case.
Kathy Bazoian Phelps, Esq., at Danning, Gill, Diamond & Kollitz,
LLP.  The petition was signed by Robert M. Clark, president of
managing member.

The Debtor scheduled total assets of $17.4 million and total
liabilities of $20.7 million.

Steven M. Speier, the receiver of the Debtor's assets, is
represented by Jeffrey B. Gardner, Esq., and Laurie Chavez, Esq.,
at Barry, Gardner & Kincannon.


BAXANO SURGICAL: Gets Final Approval of Bankruptcy Financing
------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that a bankruptcy judge has given Baxano Surgical
Inc., final authority to obtain postpetition financing from
Hercules Technology Growth Capital Inc., the company's prepetition
lender.

As previously reported by The Troubled Company Reporter, the
Bankruptcy Court has authorized, on an interim basis, the Debtor to
obtain postpetition financing in an aggregate principal amount not
to exceed $350,000, plus interest, and use cash collateral securing
its prepetition indebtedness, as it needs liquidity in order to
survive to the closing of any sale of its assets.

The DIP financing provides for term loan advances in an aggregate
principal amount of $350,000 -- $250,000 of which will be
available to the Debtor on an interim basis; provided, however,
that of the said $250,000 available on an interim basis, the
second $150,000 will be advanced solely in the DIP Lender's
discretion.  The DIP Loan accrues interest at 12.5%.

As of the Petition Date, the Debtor was indebted to Hercules,
which is also the Prepetition Lender, in the aggregate principal
amount of $7,300,000.  The Prepetition Lender will be granted
adequate protection for, and in equal amount to, the diminution in
value of its prepetition security interests in the form of super-
priority claims and replacement liens on all assets securing the
DIP Facility which replacement liens will be equal in priority to
the DIP Liens and which super-priority claims will be junior to
the Carve-Out and to the super-priority claims granted to the DIP
Lender.

Under the Final DIP Order, Baxano can borrow as much as $425,000,
an increase of $75,000, the Bloomberg report said.

                       About Baxano Surgical

Based in Raleigh, North Carolina, Baxano Surgical Inc. develops,
manufactures and markets minimally invasive medical products
designed to treat degenerative conditions of the spine affecting
the lumbar region.  As of March 31, 2013, over 13,500 fusion
procedures and 7,000 decompression procedures have been performed
globally using its products.

Baxano Surgical filed a Chapter 11 bankruptcy petition (Bankr. D.
Del. Case No. 14-12545) on Nov. 12, 2014.  The case is assigned to
Judge Christopher S. Sontchi.

The Debtor estimated $10 million to $50 million in assets and
debt.  The formal schedules of assets and liabilities and
statement of financial affairs are due Dec. 1, 2014.

The Debtor has tapped John D. Demmy, Esq., at Stevens & Lee, P.C.,
in Wilmington, Delaware, as bankruptcy counsel.  The Debtor is
also employing the law firm of Goodwin Proctor LLP as special
counsel, and the law firm of Hogans Lovell as special healthcare
regulatory counsel.  The Debtor is engaging Tamarack Associates
to, among other things, provide John L. Palmer as CRO.  Houlihan
Lokey is serving as the Debtor's investment banker.  Rust
Consulting Omni is the claims and noticing agent.

The Chapter 11 plan and disclosure statement are due March 12,
2015.


BERNARD L. MADOFF: Trustee Inks Deal With Cayman Feeder Fund
------------------------------------------------------------
Law360 reported that the trustee tasked with winding down Bernard
Madoff's defunct firm asked for a New York bankruptcy judge's
blessing for a settlement with a Cayman Islands-based feeder fund
that walked away from $25 million in net equity claims against the
recovery pool.

According to the report, Irving Picard, the man charged with
cleaning up the mess from the biggest Ponzi scheme in U.S. history,
unveiled a settlement with Herald (Lux) SICAV, a fund affiliated
with Herald Fund SPC that funneled its money to Bernard L. Madoff
Investment Securities LLC.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970.  The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP
as his counsel, and (iii) removed the SIPA Liquidation proceeding
to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)
(Lifland, J.).  Mr. Picard has retained AlixPartners LLP as claims
agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The petitioning creditors -- Blumenthal &
Associates Florida General Partnership, Martin Rappaport
Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and
Steven Morganstern -- assert US$64 million in claims against Mr.
Madoff based on the balances contained in the last statements they
got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).

From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has commenced distributions to victims. The fifth pro
rata interim distribution slated for Jan. 15, 2015, will total $322
million and will bring the amount distributed to eligible claimants
to approximately $7.2 billion, which includes more than $822.5
million in advances committed to the SIPA Trustee for distribution
to allowed claimants by the SIPC.

As of Nov. 30, 2014, the SIPA Trustee has recovered or reached
agreements to recover approximately $10.5 billion since his
appointment in December 2008.



BUCCANEER ENERGY: Plan Confirmation Hearing Moved to Jan. 13
------------------------------------------------------------
The hearing to consider confirmation of Buccaneer Energy Limited's
first amended joint plan of reorganization is continued to
Jan. 13, 2015, at 3:00 p.m., after the bankruptcy judge in Texas
informed the Debtor of various issues regarding the confirmation
order.

BankruptcyData reported that Buccaneer Energy filed a second
additional Supplement to the Plan Supplement for its First Amended
Plan.  According to BData, the notice stated: "Exhibit A to the
Plan Supplement, titled 'Retained Causes of Action' and filed on
November 21, 2014 with the Bankruptcy Court's at docket number 535
and supplemented on December 5, 2014 by docket number 554, is
hereby supplemented further to include the following additional
paragraph: '32. All Claims, counterclaims, defenses, and Causes of
Action against CURTIS BURTON, SAM PEARSON, RICHARD LOOMIS, WILLIAM
HELFAND, RYAN CANTRELL, AND CHAMBERLAIN, HRDLICKA, WHITE, WILLIAMS
& AUGHTRY (and any and all other current or former employees of the
Debtors and/or other third parties acting under the supervision or
direction of the forgoing persons) under 18 U.S.C. Section 2511 and
Tex. Civ. Prac. Rem. Code Sections 123.001, 123.002 and 123.004 or
other applicable state or federal law governing the unlawful
interception, use, or disclosure of wire, oral or electronic
communications.' Except as otherwise provided and supplemented
above, the Plan Supplement and Exhibit A thereto remains
unmodified."

                     About Buccaneer Energy

Buccaneer Resources, LLC, and eight affiliates, including
Buccaneer Energy Ltd. sought Chapter 11 bankruptcy protection in
Victoria, Texas (Bankr. S.D. Tex. Lead Case No. 14-60041) on
May 31, 2014.

Buccaneer Resources' primary business is the exploration for and
production of oil and natural gas in North America and their
operations are focused on both onshore and offshore activities in
the Cook Inlet of Alaska as well as the development of offshore
projects in the Gulf of Mexico and onshore oil opportunities in
Texas and Louisiana.

Founded in 2006, Buccaneer Energy, Ltd. is a publicly traded
independent oil and gas company listed on the Australian
Securities Exchange under the symbol "BCC".  Although BCC is an
Australian listed entity, the company operates exclusively through
its eight U.S. subsidiary debtors, each of which are headquartered
in the U.S. and which maintain offices in Houston and Dallas,
Texas, and Kenai and Anchorage, Alaska.

CEO Curtis Burton was terminated in May 2014.  Manning the
Debtors' operations is Conway MacKenzie senior managing director
John T. Young, who was appointed chief restructuring officer in
March 2014.

The bankruptcy cases are assigned to Judge David R Jones.  The
Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.  The other debtors are
Buccaneer Energy Limited, Buccaneer Energy Holdings, Inc.,
Buccaneer Alaska Operations, LLC, Buccaneer Alaska, LLC, Kenai
Land Ventures, LLC, Buccaneer Alaska Drilling, LLC, Buccaneer
Royalties, LLC, and Kenai Drilling, LLC.

The Debtors have tapped Robert Andrew Black, Esq., Jason Lee
Boland, Esq., Robert Bernard Bruner, and William R Greendyke,
Esq., at Fulbright Jaworski LLP as counsel.  Norton Rose Fulbright
Australia will render legal services related to cross-border
insolvency and general corporate and litigation matters to
Buccaneer Energy Ltd.  Epiq Systems is the claims and notice
agent.

U.S. Bankruptcy Judge David R. Jones has conditionally approved
Buccaneer's First Amended Disclosure Statement and Plan of
Reorganization dated Nov. 5, 2014.  The Debtors' assets are being
marketed for sale with the assistance of a sales agent based on
prior authorization from the Court.  The Debtors anticipate that
the majority of their oil and gas properties and interests will be
sold at an auction to be held prior to the hearing on the Plan.
The Plan will not become effective until after the closing of this
sale.

The U.S. Trustee for Region 7 on June 10, 2014, appointed five
creditors to serve on the official committee of unsecured
creditors.  The Committee retained Greenberg Traurig, LLP as legal
counsel to the Committee, and Alvarez & Marsal North America, LLC
as financial advisors.


CAESARS ENTERTAINMENT: Apollo Trying to Salvage Bad Debt
--------------------------------------------------------
Matt Jarzemsky and Matt Wirz, writing for Daily Bankruptcy Review,
reported that despite a bad bet on Caesars Entertainment Corp.,
Apollo Global Management LLC may avoid losing all of its chips.

According to the report, through a series of financial maneuvers,
Apollo has positioned itself to salvage some of the $1.7 billion it
invested in Caesars, which it took private seven years ago in a $28
billion leveraged buyout with fellow private-equity firm TPG.  The
restructuring hinges on the bankruptcy of Caesars's largest unit,
which could come as soon as mid-January, and transfers of the
unit's best assets that have infuriated creditors, the report
noted.

                    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.

As reported by the TCR on Dec. 18, 2014, Fitch Ratings downgraded
the Issuer Default Rating (IDR) of Caesars Entertainment Operating
Company (CEOC) to 'C' from 'CC'.  The downgrade of the IDR to 'C'
reflects CEOC's missed $223 million interest payment to the
holders of the 10% second lien notes that was due December 15.

As reported by the TCR on Dec. 18, 2014, Moody's Investors Service
downgraded the ratings of Caesars Entertainment Operating Company,
including the corporate family rating, to Ca from Caa3.

As reported by the TCR on Dec. 18, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating to 'D' from 'CCC-' on
Caesars Entertainment Operating Co. Inc. (CEOC), a majority-owned
subsidiary of Caesars Entertainment Corp.

"We lowered the rating as a result of the company's decision not
to pay approximately $225 million in interest that was due on
Dec. 15, 2014 on $4.5 billion of 10% second-priority senior
secured notes due 2015 and 2018," said Standard & Poor's credit
analyst Melissa Long.




CARIBBEAN PETROLEUM: Co-Defendant Takes Coverage Row to Justices
----------------------------------------------------------------
Law360 reported that Caribbean Petroleum Corp.'s co-defendant in
litigation over a fuel explosion petitioned the U.S. Supreme Court
after having failed to overturn orders in Capeco's bankruptcy that
lumped tort claimants with other general unsecured creditors in the
distribution of $24 million in related insurance proceeds.

According to the report, Interek USA Inc.'s appeal concerns whether
tort claimants with priority payment rights under Puerto Rico law
should have been placed on equal footing with other commercial
creditors following Capeco's entry into Chapter 11.

The case is Intertek USA Inc. v. Caribbean Petroleum Corp. et al.,
Case No. 14-731, in the U.S. Supreme Court.

                    About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico, for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq., at Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors.  Mark D.
Collins, Esq., and Jason M. Madron, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, serve as local counsel.
The Debtors' financial advisor is FTI Consulting Inc.  The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent to the Debtors.

In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million.  Puma
obtained Capeco's entire retail network, which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.

The Fourth Amended Joint Plan of Liquidation for Caribbean
Petroleum and its debtor affiliates became effective on June 3,
2011.


CHIQUITA BRANDS: Cutrale, Safra Complete $14.50 a Share Bid
-----------------------------------------------------------
Rogerio Jelmayer, writing for The Wall Street Journal, reported
that Cutrale and Safra Groups have successfully completed their
$14.50-a-share tender offer for Chiquita Brands International Inc.,
saying 39.79 million shares of the banana grower's common stock had
been validly tendered, representing about 84.46% of the shares
outstanding of Chiquita common stock.

According to the Journal, at the end of December, the companies
extended the tender offer to Jan. 5, 2015, after about 82.24% of
shares outstanding were tendered by the initial Dec. 23, 2014
deadline.

                      About Chiquita Brands

Chiquita Brands (NYSE: CQB) -- http://www.chiquita.com/-- is an  
international marketer and distributor of food products.

                           *     *     *

The March 17, 2014 edition of The Troubled Company Reporter
reported that Standard & Poor's Ratings Services revised its
rating outlook on Chiquita Brands International Inc. to positive
from stable.  At the same time, S&P affirmed the 'B' corporate
credit rating, 'B' senior secured debt rating, and 'CCC+'
unsecured debt rating on the company.

The TCR, on Jan. 30, 2014, reported that Moody's Investors Service
changed the rating outlook for Chiquita Brands International Inc.
to stable from negative while affirming all ratings of the
company, including its B2 Corporate Family Rating (CFR) and B2-PD
Probability of Default Rating (PDR).  Moody's also affirmed the
company's SGL-3 liquidity rating. The change in the outlook to
stable reflects Moody's expectation for continued improvement in
Chiquita's credit metrics, which have recently benefitted from
margin improvement largely as a result of cost saving initiatives.

The Aug. 14, 2014, edition of the TCR reported that Moody's
Investors Service views the proposed non-binding all cash bid from
Cutrale Group and Safra Group to acquire Chiquita Brands
International, Inc. favorably but it does not impact Chiquita's B2
CFR or developing outlook.

The TCR, on Oct. 13, 2014, reported that S&P revised its rating
outlook on Chiquita to developing from positive.  At the same
time, S&P affirmed its 'B' corporate credit rating on the company.
In addition, S&P affirmed the 'B' rating on the company's senior
secured notes due 2021.  The recovery rating remains '3',
indicating S&P's expectation for meaningful (50% to 70%) recovery
in the event of a payment default.  S&P also affirmed its 'CCC+'
rating on the company's unsecured convertible senior notes due
2016.  The recovery rating remains '6', indicating S&P's
expectation for negligible (0% to 10%) recovery in the event of a
payment default.


CIRCUIT CITY: LG, Epson Shed Some Claims In LCD Price-Fixing MDL
----------------------------------------------------------------
Law360 reported that Alfred H. Siegel, the trustee for Circuit City
Stores Inc., agreed to dismiss, with prejudice, his claims against
Epson Imaging Devices Corp. in a liquid crystal display
price-fixing multidistrict litigation, a day after Proview
Technology Inc. stipulated dismissal of its claims against LG
Display Co. Ltd. in the same case.

According to the report, Siegel first sued Epson, along with a slew
of other electronics manufacturers, in 2010, contending the
companies had conspired for a decade to fix prices on LCD panels
and products, causing Circuit City to pay more for the products
than it otherwise would have.

The cases are Alfred H. Siegel, as trustee of the Circuit City
Stores Inc. Liquidating Trust v. AU Optronics Corp. et al, case
number 3:10-cv-05625, and Proview Technology Inc. v. AU Optronics
Corp. et al, case number 3:12-cv-3802, in the U.S. District Court
for the Northern District of California.

The MDL is In Re: TFT-LCD (Flat Panel) Antitrust Litigation, case
number 3:07-md-01827, also in the U.S. District Court for the
Northern District of California.

                        About Circuit City

Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- was a specialty  
retailer of consumer electronics, home office products,
entertainment software and related services in the U.S. and
Canada.

Circuit City Stores together with 17 affiliates filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. E.D. Va. Lead Case No. 08-35653) on Nov. 10, 2008.
InterTAN Canada, Ltd., which runs Circuit City's Canadian
operations, also sought protection under the Companies' Creditors
Arrangement Act in Canada.  The Debtors disclosed total assets of
$3,400,080,000 and debts of $2,323,328,000 as of Aug. 31, 2008.

Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden,
Arps, Slate, Meagher & Flom, LLP, served as the Debtors' general
restructuring counsel.  Dion W. Hayes, Esq., and Douglas M. Foley,
Esq., at McGuireWoods LLP, acted as the Debtors' local counsel.
The Debtors also tapped Kirkland & Ellis LLP as special financing
counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special
securities counsel; and FTI Consulting, Inc., and Rotschild Inc.
as financial advisors.  The Debtors' Canadian general
restructuring counsel was Osler, Hoskin & Harcourt LLP.  Kurtzman
Carson Consultants LLC served as the Debtors' claims and voting
agent.

Circuit City opted to liquidate its 721 stores and obtained the
Bankruptcy Court's approval to pursue going-out-of-business sales,
and sell its store leases in January 2009.

In May 2009, Systemax Inc., a multi-channel retailer of computers,
electronics, and industrial products, acquired certain assets,
including the name Circuit City, from the Debtors through a Court-
approved auction.

On Sept. 14, 2010, the Court entered an order confirming the
Debtors' Plan of Liquidation, which created the Circuit City
Stores, Inc. Liquidating Trust and appointed Alfred H. Siegel as
Trustee.  The Plan became effective Nov. 1, 2010.


COMMUNITY BANCORP: Execs Settle $11M Feud With FDIC, Insurer
------------------------------------------------------------
Law360 reported that former executives at a failed Arizona bank
have settled an $11 million Federal Deposit Insurance Corp. lawsuit
accusing them of misconduct, while reaching a related deal over
Progressive Casualty Insurance Co.'s bid to deny coverage for the
regulator's claims, according to documents filed in federal court.

According to the report, the insurer had held that it has no duty
to defend or indemnify the eight Community Bank of Arizona officers
and directors -- led by CEO Edward Jamison -- in the FDIC's
underlying suit.  While the insurer, the FDIC and the former bank
officials did not disclose the terms of the settlement in the
filing, they said it was contingent on approval from the judge
overseeing the bankruptcy of CBA's parent, Community Bancorp, the
report related.

The insurance case is Progressive Casualty Insurance Co. v. Federal
Deposit Insurance Corp. et al., case number 2:13-cv-00232, in the
U.S. District Court for the District of Arizona.  The underlying
case is FDIC v. Jamison et al., case number 2:12-cv-01508, in the
same court.

                      About Community Bancorp

Community Bancorp -- http://www.community-bancorp.com/
--headquartered in Las Vegas, Nevada, was the holding company for
Community Bank of Nevada and Community Bank of Arizona.  In 2002,
Community Bancorp was formed as the holding company of Community
Bank of Nevada, a Las Vegas based bank organized in July 1995 by
local community leaders and experienced bankers with the mission
of providing superior community banking services.

Community Bancorp filed for Chapter 7 protection (Bankr. D. Nev.
Case No. 10-20038).  This bank holding company is represented by
Richard F. Holley of Santoro, Driggs, Walch, Kearney, Holley &
Thompson.


DEB STORES: Liquidators to Run Final Sales
------------------------------------------
Peg Brickley, writing for Daily Bankruptcy Review, reported that
teen fashion retailer Deb Shops won court approval to launch
going-out-of-business sales that will culminate with the closing of
nearly 300 stores.

According to the report, an auction on Jan. 6 ended in a deal with
liquidators Hilco Merchant Resources LLC and Gordon Brothers Retail
Partners LLC , which will sell off the final inventory, furniture,
fixtures and equipment, said Laura Davis Jones, a lawyer for the
company.

                         About Deb Stores

Headquartered in Philadelphia, Pennsylvania, Deb Stores is a mall-
based retailer in the juniors "fast-fashion" specialty sector that
operates under the name "DEB" and offers moderately priced,
fashionable, coordinated women's sportswear, dresses, coats,
lingerie, accessories and shoes for junior and plus sizes.  The
company, founded by Philip Rounick and Emma Weiner, opened its
first store under the name JOY Hosiery in Philadelphia,
Pennsylvania in 1932.  As of Sept. 30, 2014, the company operated
a total of 295 retail store locations (primarily in the East and
Midwest, especially Pennsylvania, Ohio and Michigan) as well as an
e-commerce channel.

On June 26, 2011, Deb Stores' predecessors -- DSI Holdings Inc.
and its subsidiaries sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 11-11941) and closed the sale of the assets three
months later to Ableco Finance, LLC, the agent for the first lien
lenders.

Deb Stores Holding LLC and 8 affiliated companies commenced
Chapter 11 bankruptcy cases in Delaware on Dec. 4, 2014.  The
Debtors are seeking to have their cases jointly administered, with
pleadings maintained on the case docket for Deb Stores Holding
LLC; Case No. 14-12676.  The cases are assigned to Judge Mary F.
Walrath.

Laura Davis Jones, Esq., Colin R. Robinson, Esq., at and Peter J.
Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington,
Delaware, serve as counsel to the Debtors.  Epiq Bankruptcy
Solutions, LLC, is the claims and noticing agent.

As of Dec. 31, 2014, the Debtors' most recent audited consolidated
financial statements reflected assets totaling $90.5 million and
liabilities totaling $120.1 million.


DELIA*S INC: Reaches Tentative Creditor Deal on $20M DIP Loan
-------------------------------------------------------------
Law360 reported that unsecured creditors of Delia's Inc. have
hammered out a tentative deal to resolve concerns that a $20
million bankruptcy loan would let lender Salus Capital Partners LLC
make off with too much in the retailer's liquidation, attorneys
said at a hearing.

According to the report, an attorney for Delia's outlined a
provisional agreement with its unsecured creditors committee on the
terms of the proposed debtor-in-possession financing, $18.5 million
of which would go to paying down Salus on preexisting loans.

As previously reported by the TCR, dELiA*s and its debtor
affiliates obtained interim authority to obtain secured,
superpriority postpetition financing up to an aggregate amount of
$20 million from Salus Capital Partners, LLC, as administrative and
collateral agent for a consortium of lenders, and use cash
collateral securing their prepetition indebtedness.

The Debtors are parties to a credit agreement dated as of June 14,
2013, as a lender and as agent, of which $18.5 million is
outstanding as of the Petition Date.  On June 14, 2013, the
Debtors entered into a Letter of Credit Agreement with GE Capital,
of which $7.7 million is outstanding as of the Petition Date.

The Interim DIP Order provides that, as adequate protection,
Holyoke Mall Company L.P. and EklecCo NewCo, LLC, (together, the
"Pyramid Landlords"), which assert that as of the Petition Date
they have valid, perfected, first priority liens in all of dELiA*s
Retail Company's inventory, equipment, fixtures, trade fixtures,
improvements and merchandise located at certain premises, consent
to the sale of the Pyramid Collateral.  The Debtors will pay the
Pyramid Landlords currently outstanding rent in a reconciled
aggregate amount not less than $53,000 or more than $59,000 by
December 31, 2014.

                        About DELIA*S INC.

Launched in 1993, dELiA*s Inc., is a retailer which sells apparel,
accessories, footwear, and cosmetics marketed primarily to teenage
girls and young women.  The dELiA*s brand products are sold
through the Company's mall-based retail stores, direct mail
catalogs and e-commerce Web sites.

On Dec. 7, 2014, dELiA*s and eight of its subsidiaries each filed
a voluntary petition for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D.N.Y.).  The Debtors have
requested that their cases be jointly administered under Case No.
14-23678.

As of the bankruptcy filing, dELiA*s owns and operates 92 stores
in 29 states.

The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking
Group LLC, as restructuring advisor, Janney Montgomery Scott LLC,
as investment banker, and Prime Clerk LLC as claims agent.

As of the Petition Date, the Debtors had $47 million in total
assets and $50.5 million in liabilities.

The Debtors have sought court approval of a deal for Gordon
Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC,
to launch going-out-of-business sales.


DIXIE FOODS: 2014 Results Have Going Concern Qualification
----------------------------------------------------------
Dixie Foods International, Inc., filed with the U.S. Securities and
Exchange Commission on Dec. 24, 2014, its annual report on Form
10-K for the fiscal year ended Aug. 31, 2014.

Sadler Gibb, LLC, expressed substantial doubt about the
Company's ability to continue as a going concern, citing that the
Company has a working capital deficit of $8.26 million and an
accumulated deficit of $20.46 million and will need additional
working capital to service its debt and for its planned activities

The Company reported a net loss of $10.7 million on $6.37 million
in revenues for the year ended Aug. 31, 2014, compared to a net
loss of $6.4 million on $4.5 million of revenues in the same
period last year.

The Company's balance sheet at Aug. 31, 2014, showed $4.64
million in total assets, $10.72 million in total liabilities, and
a stockholders' deficit of $4.99 million.

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

                        http://is.gd/kkFTMu

Las Vegas, Nev.-based Dixie Foods International, Inc., operates as

a fast casual restaurant. It operates sandwich shops in
Dallas-Fort Worth, Texas; Orange, San Diego, and Southern Los
Angeles counties in California; and Las Vegas, Nevada. The company

also develops and operates Papa’s John’s in Fresno, Sacramento,
and
Central Valley trade areas.


ELBIT IMAGING: Completes NIS37.7MM Sale of "Mango" Operation
------------------------------------------------------------
Elbit Imaging Ltd.'s wholly owned subsidiary Elbit Fashion Ltd. has
completed the sale of the operation and business of "Mango" retail
stores in Israel to Fox-Wisel Ltd., for consideration of
approximately NIS 37.7 million, out of which NIS 4.9 million were
deposited in escrow, subject to certain adjustments in accordance
with the provisions of the transaction documents.  Following the
closing and consummation of the transaction, Elbit Fashion has
ceased to operate the "Mango" retail stores activity, and
accordingly the said activity will be classified as discontinued
operation at the Company's financial statements.

                       About Elbit Imaging

Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF)
hold investments in real estate and medical companies.  The
Company, through its subsidiaries, also develops shopping and
entertainment centers in Central Europe and invests in and manages
hotels.

Since February 2013, Elbit has intensively endeavored to come to
an arrangement with its creditors.  Elbit has said it has been
hanging by a thread for more than five months.  It has encountered
cash flow difficulties and this burdens its day to day activities,
and it certainly cannot make the necessary investments to improve
its assets.  In light of the arrangement proceedings, and
according to the demands of most of the bondholders, as well as an
agreement that was signed on March 19, 2013, between Elbit and the
Trustees of six out of eight series of bonds, Elbit is prohibited,
inter alia, from paying off its debts to the financial creditors
-- and as a result a petition to liquidate Elbit was filed, and
Bank Hapoalim has declared its debts immediately payable,
threatening to realize pledges that were given to the Bank on
material assets of the Company -- and Elbit undertook not to sell
material assets of the Company and not to perform any transaction
that is not during its ordinary course of business without giving
an advance notice to the trustees.

Accountant Rony Elroy has been appointed as expert for examining
the debt arrangement in the Company.

In July 2013, Elbit Imaging's controlling shareholders, Europe-
Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company
that the Tel Aviv District Court has appointed Adv. Giroa Erdinast
as a receiver with regards to the ordinary shares of the Company
held by Europe Israel securing Europe Israel's obligations under
its loan agreement with Bank Hapoalim B.M.  The judgment stated
that the Receiver is not authorized to sell the Company's shares
at this stage.  Following a request of Europe-Israel, the Court
also delayed any action to be taken with regards to the sale of
those shares for a period of 60 days.  Europe Israel and
Mr. Zisser have also notified the Company that they utterly reject
the Bank's claims and intend to appeal the Court's ruling.

Elbit Imaging reported a loss of NIS1.56 billion on
NIS360.59 million of total revenues for the year ended Dec. 31,
2013, as compared with a loss of NIS483.98 million on NIS418.48
million of total revenues in 2012.

As of June 30, 2014, the Company had NIS4.05 billion in total
assets, NIS3.16 billion in total liabilities and NIS889.58 million
shareholders' equity.

Brightman Almagor Zohar & Co., a member firm of Deloitte Touche
Tohmatsu, in Tel-Aviv, Israel, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.


EXIDE TECH: Balks at Committee's Bid to Retain Quinn Emanuel
------------------------------------------------------------
Exide Technologies asks the U.S. Bankruptcy Court for the District
of Delaware to deny the request to retain Quinn Emanuel Urquhart &
Sullivan LLP as special antitrust counsel to the Official Committee
of Unsecured Creditors.

A hearing on the firm's hiring is set for Jan. 12, 2015 at 10:00
a.m. (Eastern).

According to the Debtor, the Committee's pursuit of potential price
manipulation claims has spanned over a year, including a five-month
joint investigation with the assistance of an economic consultant.
In April 2014, the Debtor agreed to collaborate and fund the
initial phase of work proposed by the Committee, which has been
completed at significant expense.  To date, the lead investigation
proposed by the Committee has cost the estate more than $2.2
million in attorney and consultant fees and costs.  Notwithstanding
such time and expense, the Committee now pushes forward with the
proposed retention of new antitrust counsel to pursue extensive
additional phases of work at the expense of the estate.

The Debtor notes the Committee proposes to retain the firm, on an
hourly basis in anticipation of additional phases of work exceeding
the $2.2 million in attorneys' fees and costs already expended.
The Debtor opposes this retention unless the Committee puts forth
an appropriate fee arrangement on a contingency basis.  The
billable hour fee structure is not the typical fee structure for
plaintiffs' counsel in private antitrust litigation of the type the
Committee has repeatedly referenced in its applications in this
case, nor is it a reasonable approach in the context of this
bankruptcy.

The Debtor says it is committed to undertake the lead investigation
that was discussed at the hearing on April 1, 2014, and has worked
cooperatively with the Committee and the economic consultant.  In
light of the significant fees and expenses the estate has borne
thus far, however, the Debtor opposes the Committee's effort to
retain the firm to pursue further phases of work absent a
contingency fee arrangement.

Certain holders of Exide's 8-5/8% senior secured notes joined in
the Debtor's objection.

                     About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ:
XIDE) -- http://www.exide.com/-- manufactures and distributes lead
acid batteries and other related electrical energy storage
products.

Exide first sought Chapter 11 protection (Bankr. Del. Case No.
02-11125) on April 14, 2002 and exited bankruptcy two years after.
Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland &
Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones
LLP represented the Debtors in their successful restructuring.

Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No.
13-11482) on June 10, 2013.  Exide disclosed $1.89 billion in
assets and $1.14 billion in liabilities as of March 31, 2013.

Exide's international operations were not included in the filing
and will continue their business operations without supervision
from the U.S. courts.

For the new case, Exide has tapped Anthony W. Clark, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang Ziehl
& Jones LLP as counsel; Alvarez & Marsal as financial advisor;
Sitrick and Company Inc. as public relations consultant and GCG as
claims agent.  Schnader Harrison Segal & Lewis LLP was tapped as
special counsel.

The Official Committee of Unsecured Creditors is represented by
Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as
co-counsel.  Zolfo Cooper, LLC serves as its bankruptcy consultants
and financial advisors.  Geosyntec Consultants was tapped as
environmental consultants to the Committee.

Robert J. Keach of the law firm Bernstein Shur as fee examiner has
been appointed as fee examiner.  He has hired his own firm as
counsel.

                            *     *     *

In November 2014, the Bankruptcy Court terminated Exide
Technologies' exclusive period to propose a Chapter 11 plan.  The
Court ordered that any party-in-interest, including the Official
Committee of Unsecured creditors may file and solicit acceptance of
a Chapter 11 Plan.

Exide already has a plan of reorganization in place. Under that
Plan, (a) Reorganized Exide's debt at emergence will comprise: (i)
an estimated $225 million Exit ABL Revolver Facility; (ii) $264.1
million of New First Lien High Yield Notes; (iii) $283.8 million of
New Second Lien Convertible Notes.  The Debtor's non-debtor
European subsidiaries are also expected to have approximately $23
million; (b) The New Second Lien Convertible Notes will be
convertible into 80% of the New Exide Common Stock on a fully
diluted basis; and (c) New Exide Common Stock would be allocated as
follows: 15.0% to Holders of Senior Secured Note Claims after
conversion of the New Second Lien Convertible Notes into New Exide
Common Stock; 3.0% on account of the DIP/Second Lien Conversion
Funding Fee; and 2.0% on account of the DIP/Second Lien Backstop
Commitment Fee.

Exide has entered into an amended and restated plan support
agreement with holders of a majority of the principal amount of its
senior secured notes.

A full-text copy of the Disclosure Statement dated Nov. 17, 2014,
is available at http://bankrupt.com/misc/EXIDEds1117.pdf

In December 2014, Judge Kevin Carey denied the request of Exide
shareholders for appointment of an official equity holders'
committee.  The shareholders have objected to the Plan.


EXIDE TECHNOLOGIES: Taps Kirby McInerney as Expert Witness
----------------------------------------------------------
Exide Technologies asks the Hon. Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware for permission to
employ Kirby McInerney LLP and David E. Kovel to provide expert
witness services nunc pro tunc to Dec. 27, 2014.

A hearing is set for Jan. 12, 2015, at 1:00 p.m. (Eastern) to
consider the Debtor's request.  Objections, if any, are due Jan. 8,
2015, at 4:00 p.m.

The firm and Mr. Kovel are expected to:

   i) provide expert testimony on the issue of financial terms of
      plaintiffs' side legal representation in commodities and
      antitrust litigation in the context of the Chapter 11 Lase;

  ii) assist with the preparation of affidavits/declarations and
      briefing filed in the Chapter 11 Case, if necessary,
      concerning the issue set forth above; and

iii) prepare for and, if necessary, provide court testimony in
      the Chapter 11 Case.

The standard hourly rates for professionals at the firm's New York
office are:

       Designation           Hourly Rates
       -----------           ------------
       Partners              $700-$850
       Associates            $375-$550
       Paraprofessionals     $210-$350

The Debtor assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

   David E. Kovel, Esq.
   KIRBY McINERNEY LLP
   825 Third Avenue
   New York, NY 10022
   Tel: 212-371-6600
        888-529-4787 (toll free)
   Fax: 212-751-2540
   Email: dkovel@kmllp.com

                     About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ:
XIDE) -- http://www.exide.com/-- manufactures and   distributes
lead acid batteries and other related electrical energy storage
products.

Exide first sought Chapter 11 protection (Bankr. Del. Case No.
02-11125) on April 14, 2002 and exited bankruptcy two years after.
Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland &
Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones
LLP represented the Debtors in their successful restructuring.

Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No.
13-11482) on June 10, 2013.  Exide disclosed $1.89 billion in
assets and $1.14 billion in liabilities as of March 31, 2013.

Exide's international operations were not included in the filing
and will continue their business operations without supervision
from the U.S. courts.

For the new case, Exide has tapped Anthony W. Clark, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang Ziehl
& Jones LLP as counsel; Alvarez & Marsal as financial advisor;
Sitrick and Company Inc. as public relations consultant and GCG as
claims agent.  Schnader Harrison Segal & Lewis LLP was tapped as
special counsel.

The Official Committee of Unsecured Creditors is represented by
Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as
co-counsel.  Zolfo Cooper, LLC serves as its bankruptcy consultants
and financial advisors.  Geosyntec Consultants was tapped as
environmental consultants to the Committee.

Robert J. Keach of the law firm Bernstein Shur as fee examiner has
been appointed as fee examiner.  He has hired his own firm as
counsel.

                            *     *     *

In November 2014, the Bankruptcy Court terminated Exide
Technologies' exclusive period to propose a Chapter 11 plan.  The
Court ordered that any party-in-interest, including the Official
Committee of Unsecured creditors may file and solicit acceptance of
a Chapter 11 Plan.

Exide already has a plan of reorganization in place. Under that
Plan, (a) Reorganized Exide's debt at emergence will comprise: (i)
an estimated $225 million Exit ABL Revolver Facility; (ii) $264.1
million of New First Lien High Yield Notes; (iii) $283.8 million of
New Second Lien Convertible Notes.  The Debtor's non-debtor
European subsidiaries are also expected to have approximately $23
million; (b) The New Second Lien Convertible Notes will be
convertible into 80% of the New Exide Common Stock on a fully
diluted basis; and (c) New Exide Common Stock would be allocated as
follows: 15.0% to Holders of Senior Secured Note Claims after
conversion of the New Second Lien Convertible Notes into New Exide
Common Stock; 3.0% on account of the DIP/Second Lien Conversion
Funding Fee; and 2.0% on account of the DIP/Second Lien Backstop
Commitment Fee.

Exide has entered into an amended and restated plan support
agreement with holders of a majority of the principal amount of its
senior secured notes.

A full-text copy of the Disclosure Statement dated Nov. 17, 2014,
is available at http://bankrupt.com/misc/EXIDEds1117.pdf

In December 2014, Judge Kevin Carey denied the request of Exide
shareholders for appointment of an official equity holders'
committee.  The shareholders have objected to the Plan.


FANNIE MAE: Pershing Tangles Over Dismissed Action
--------------------------------------------------
Law360 reported that Bill Ackman's Pershing Square Capital
Management LP argued that the U.S. Department of the Treasury
cannot use other Fannie Mae and Freddie Mac stockholders' recent
legal defeat as leverage in Pershing's own effort to recoup
billions of dollars allegedly misappropriated from the mortgage
giants.

According to the report, a leading critic of the government's
crisis-era dealings, Pershing's famed activist chief launched two
lawsuits in August over the bailout terms set following the
creation of the Federal Housing Finance Agency and its
controversial takeover of Fannie and Freddie.  One suit, in the
U.S. Court of Federal Claims, is still pending, while Pershing
voluntarily dropped the other, in federal court, on Oct. 31 -- one
month after U.S. District Judge Royce C. Lamberth dismissed similar
litigation brought by fellow Fannie and Freddie shareholders
including fund managers Perry Capital LLC and Fairholme Funds Inc.,
the report related.

                       About Fannie Mae

Federal National Mortgage Association, aka Fannie Mae, is a
government-sponsored enterprise that was chartered by U.S.
Congress in 1938 to support liquidity, stability and affordability
in the secondary mortgage market, where existing mortgage-related
assets are purchased and sold.

The U.S. Department of the Treasury owns Fannie Mae's senior
preferred stock and a warrant to purchase 79.9 percent of its
common stock, and Treasury has made a commitment under a senior
preferred stock purchase agreement to provide Fannie with funds
under specified conditions to maintain a positive net worth.

Fannie Mae reported net income of $83.98 billion on $117.54
billion of total interest income for the year ended Dec. 31, 2013,
as compared with net income of $17.22 billion on $129.19 billion
of total interest income for the year ended Dec. 31, 2012.

As of March 31, 2014, the Company had $3.22 trillion in total
assets, $3.21 trillion in total liabilities and $8.09 billion in
total equity.

                          Conservatorship

Fannie Mae has operated under the conservatorship of the Federal
Housing Finance Agency ("FHFA") since Sept. 6, 2008.  Fannie Mae
has not received funds from Treasury since the first quarter of
2012.  The funding the company has received under its senior
preferred stock purchase agreement with Treasury has provided the
company with the capital and liquidity needed to fulfill its
mission of providing liquidity and support to the nation's housing
finance markets and to avoid a trigger of mandatory receivership
under the Federal Housing Finance Regulatory Reform Act of 2008.
For periods through March 31, 2014, Fannie Mae has requested
cumulative draws totaling $116.1 billion and paid $121.1 billion
in dividends to Treasury.  Under the senior preferred stock
purchase agreement, the payment of dividends cannot be used to
offset prior draws.  As a result, Treasury maintains a liquidation
preference of $117.1 billion on the Company's senior preferred
stock.


GENERAL MOTORS: Moody's Assigns (P)Ba2 Subordinated Shelf Rating
----------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to General Motors Financial Company, Inc.'s shelf program.

General Motors Financial Company, Inc.

Senior Unsecured Shelf -- (P)Ba1

Subordinate Shelf -- (P)Ba2

The debt securities of any series may initially be guaranteed by
GMF's subsidiary, AmeriCredit Financial Services, Inc.

Ratings Rationale

GMF has a Corporate Family Rating of Ba1 that incorporates two
notches of uplift from its ba3 Baseline Credit Assessment due to
ownership and support of General Motors Company which has a senior
unsecured rating of Ba1. The uplift relative to the BCA results
from the support agreement with GM that the companies entered into
in September 2014. This support agreement is explicit and provides
evidence of ongoing integration of the captive finance company and
the manufacturing company, an ongoing process since GM's
acquisition of GMF in October 2010.

GMF's ratings could be upgraded based upon an upgrade of GM. GMF
could improve its ba3 BCA if it continues to evolve its funding mix
to materially reduce its reliance on secured debt, thereby
decreasing encumbered asset levels, and if its level of earning
assets and origination volumes continue to evolve towards a heavier
concentration in GM captive businesses.

GMF's ratings could be downgraded if GM's ratings were downgraded,
if there is evidence of removal of GM financial support, if the
strength of the support agreement between GM and GMF weakens,
and/or if a large rating gap between GMF's BCA and GM's rating
occurs. Downward movement in GMF's ba3 BCA could occur if asset
quality, liquidity measures or capital materially deteriorate.

GMF, a wholly owned subsidiary of GM, provides global auto finance
solutions through auto dealers across North America, Europe and
Latin America. The company, which reported total assets of $43.6
billion as of September 30, 2014, is headquartered in Fort Worth,
Texas.



GGW BRANDS: Has Feb. 25 Hearing on Liquidating Plan
---------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that a bankruptcy judge in Los Angeles has approved
the disclosure statement the liquidating Chapter 11 plan proposed
by R. Todd Neilson, as trustee for GGW Brands LLC, owner of the
"Girls Gone Wild" franchise.  According to the report, a
confirmation hearing is scheduled for Feb. 25.

As previously reported by The Troubled Company Reporter, the plan
initially provides about $435,000 to cover more than $34.2 million
of general unsecured claims.

                         About GGW Brands

Santa Monica, California-based GGW Brands, LLC, the company behind
the "Gils Gone Wild" video, filed a Chapter 11 petition (Bankr.
C.D. Cal. Case No. 13-15130) on Feb. 27, 2013.  Judge Sandra R.
Klein oversees the case.  The company is represented by the Law
Offices of Robert M. Yaspan.  The company disclosed $0 to $50,000
in estimated assets and $10 million to $50 million in estimated
liabilities in its petition.

Affiliates GGW Events LLC, GGW Direct LLC and GGW Magazine LLC
also sought Chapter 11 protection.

GGW Marketing, LLC, another affiliate, filed a voluntary Chapter
11 petition on May 22, 2013, before the Bankruptcy Court for the
Central District of California (Los Angeles). The case is assigned
Case No. 13-23452.  Martin R. Barash, Esq., and Matthew Heyn,
Esq., at Klee, Tuchin, Bogdanoff and Stern, LLP, in Los Angeles,
California, represent GGW Marketing.

In April 2013, R. Todd Neilson, an ex-FBI agent, was appointed as
Chapter 11 Trustee to take over the companies.  Mr. Neilson has
investigated failed solar-power company Solyndra and was involved
in the Mike Tyson and Death Row Records bankruptcy cases.  He is
represented by David M Stern, Esq., Jonathan Mark Weiss, Esq., and
Robert J Pfister, Esq., at Klee Tuchin Bogdonaff and Stern LLP.

In April 2014, the Chapter 11 Trustee sold the "Girls Gone Wild"
video franchise and its assets for $1.83 million.  An auction set
earlier that month was canceled because there were no bids to
compete with the so-called stalking horse, who isn't affiliated
with founder Joe Francis.


GK HOLDINGS: S&P Assigns 'B+' CCR & Rates $ 195MM Sec. Loans 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Cary, N.C.-based IT and business skills learning
solutions provider GK Holdings Inc. (Global Knowledge).  The
outlook is stable.

At the same time, S&P assigned its 'B+' issue-level rating and '3'
recovery rating to the company's proposed $20 million senior
secured revolving credit facility due 2020 and $175 million senior
secured first-lien loan due 2021.  The '3' recovery rating
indicates S&P's expectation for meaningful recovery (low end of the
50%-70% range) of principal for debtholders in the event of
default.

S&P also assigned its 'B' issue-level rating and '5' recovery
rating to the company's proposed $50 million senior secured
second-lien loan.  The '5' recovery rating indicates S&P's
expectation for modest (low end of the 10%-30% range) of principal
for debtholders in the event of default.

"The 'B+' corporate credit rating reflects the low barriers to
entry and highly fragmented nature of the IT and business skills
learning solutions industry, Global Knowledge's reliance on a few
IT vendors for a majority of training revenue, and lack of pricing
power," said Standard & Poor's credit analyst Jawad Hussain.  It
also reflects the company's "aggressive" financial risk profile,
resulting from the increased debt in the capital structure due to
Rhone Capital's acquisition of the company.



GLOBAL KNOWLEDGE: Moody's Assigns B2 CFR & Rates 1st Lien Debt B1
-----------------------------------------------------------------
Moody's Investors Service assigned Global Knowledge Training LLC a
B2 Corporate Family Rating and B2-PD Probability of Default Rating.
Concurrently, Moody's assigned B1 ratings to the company's proposed
$20 million senior secured revolving credit facility and $175
million senior secured first lien term loan. A Caa1 rating was
assigned to the company's proposed $50 million second lien term
loan. The rating outlook is stable.

Proceeds from the credit facilities, along with approximately $191
million of equity contribution, will be used to fund the
acquisition of Global Knowledge by funds affiliated with Rhone
Capital L.L.C. (Rhone Capital) for $400 million and pay related
fees and expenses.

The following rating actions were taken (all ratings are subject to
the execution of the transaction as currently proposed and Moody's
review of final documentation):

Corporate family rating, assigned B2;

Probability of default rating, assigned B2-PD;

$20 million senior secured revolving credit facility due 5 years,
assigned B1 (LGD3);

$175 million senior secured term loan due 6 years, assigned B1
(LGD3);

$50 million second lien term loan due 7 years, assigned Caa1
(LGD5);

Outlook stable.

Ratings Rationale

Global Knowledge's B2 corporate family rating reflects its small
scale and high financial leverage which, on a pro-forma basis and
including Moody's standard adjustment for operating leases, is
expected to be over 5 times Debt to EBITDA. The rating further
reflects the competitive and fragmented market for corporate
training services and exposure to trends in corporate spending
which are impacted by regional macroeconomic conditions. While the
company's training services include classes for various IT vendors
with a majority of revenue being certification based, the company's
revenue would likely be negatively impacted during periods of
economic weakness, both regionally and globally, as corporate
customers would likely reduce expenditures on training services due
to their more discretionary nature. The rating derives support from
the company's stable, repeating revenue base, wide geographic
footprint, and flexible cost structure. The company maintains
relationships with a number of large information technology vendors
and is able to offer its corporate clients classroom and virtual
training services on a global basis. Further supporting the rating
is the good liquidity profile and cash flow dynamics of the
business. The company requires minimal capital investment and
receives sizeable amounts of cash up front, aiding the cash
generation of the business.

The stable outlook reflects the anticipation for continued revenue
growth, positive free cash flow generation, and the maintenance of
a good liquidity profile.

Moody's could downgrade the ratings if Debt to EBITDA increases to
and is sustained over 6 times, EBITA to interest falls below 1.75
times or if the company's liquidity profile deteriorates,
demonstrated by reduced cushion under financial covenants,
depleting cash balances or operating cash flow declines. Ratings
could also be pressured should the company engage in shareholder
enhancement initiatives such as dividends or debt financed
acquisitions.

The ratings could be upgraded if Debt to EBITDA (Moody's adjusted)
is sustained near 4 times through a combination of earnings growth
and debt reduction, EBITA to interest exceeds 2.5 times, and free
cash flow is in the high single-digit range as a percentage of
debt. Continued top line growth, consistent positive free cash flow
and the maintenance of a conservative financial policy would also
be needed for an upgrade.

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.

Global Knowledge Training LLC, headquartered in Cary, North
Carolina, provides information technology and business skills
training solutions for corporations and their employees. The
company offers courses in multiple languages including
vendor-specific training for Cisco, Microsoft, IBM, Avaya, Red Hat,
VMware and Citrix technologies and certifications. Following
closing of the acquisition, the company will be primarily owned by
Rhone Capital. Net revenue for the last twelve month period ended
September 30, 2014 was approximately $345 million.



GREAT NORTHERN PAPER: Rehires Workers
-------------------------------------
Daily Bankruptcy Review, citing The Associated Press, reported that
a Maine paper mill that furloughed employees and suspended
operations in August is rehiring 180 of the workers.  According to
the report, the former Old Town Fuel & Fiber mill also plans
additional hiring to fill some remaining positions.  The mill's
former owners cited high operating costs and foreign competition
when they furloughed about 200 workers last year, the report
added.

                    About Great Northern Paper

Headquartered in Millinocket, Maine, Great Northern Paper, Inc.,
one of the largest producers of groundwood specialty papers in
North America, filed for chapter 11 protection (Bankr. Maine, Case
No. 03-10048) on Jan. 9, 2003.  Alex M. Rodolakis, Esq., and
Harold
B. Murphy, Esq., at Hanify & King, P.C., represented the Debtor.
When the Company filed for chapter 11 protection, it listed debts
and assets of more than $100 million each.  In early 2003,
Belgravia purchased substantially all of the Debtor's assets for
approximately $75 million.  The Maine Bankruptcy Court converted
the Debtor's case to a chapter 7 liquidation proceeding on May 22,
2003.  Gary M. Growe was the chapter 7 Trustee for the Debtor's
estate.  Jeffrey T. Piampiano, Esq., at Drummond Woodsum &
MacMahon
represented the chapter 7 Trustee.

GNP Maine Holdings LLC, dba Great Northern Paper Company, filed a
voluntary petition for Chapter 7 bankruptcy (Bankr. D. Del. Case
No. 14-12179) on Sept. 22, 2014 in Wilmington, Delaware.  The next
day, three of Great Northern's trade creditors filed an
involuntary
Chapter 7 petition (Bankr. D. Maine Case No. 14-10756).


HEI INC: Proposes Alliance Management as Financial Advisor
----------------------------------------------------------
HEI, Inc., seeks approval from the U.S. Bankruptcy Court for the
District of Minnesota to hire the financial and turnaround
consulting firm of BGA Management, LLC, doing business as Alliance
Management, to continue to assist it as a financial and turnaround
consultant during the case, to perform other consulting services
necessary to the Debtor's continuing operations, to work with
present and potential lenders, and to advise on and facilitate the
sale of the Debtor's businesses.

Alliance has been consulting with the Debtor since July 24, 2014.
Since July, the Debtor has paid Alliance a total of $355,000,
excluding the pre-bankruptcy retainer.  Based on the Debtor's
prepetition experience, the Debtor believes that Alliance's
consultants are competent and experienced in assisting corporations
in Chapter 11 and that Alliance's employment is in the best
interest of the estate.

The Debtor has paid Alliance a retainer of $117,300 prior to filing
and has agreed that the firm will hold the retainer in trust for
application against its final allowed fees.

The Debtor proposes that employment be on an hourly rate plus costs
plus incentive pay basis.  Alliance's professionals will charge
hourly rates ranging from $295 to $495, subject to normal and
customary increases which occur in January of each calendar year.

The Professional Services Agreement also provides for two forms of
Incentive Compensation.  Alliance is entitled an "Asset Sale Fee"
that is 3% of all purchase price consideration, which includes
cash, promissory note obligations, assumed liabilities, and all
other consideration paid, given, granted, or conveyed to the Debtor
by a buyer, except for the sale of real estate where the buyer is
first contacted by an independent real estate agent. Alliance is
also eligible for a "New Financing Success Fee" if Alliance assists
the Debtor in securing new financing through, among other things,
(a) assists in negotiations with a new lender, (b) prepares a
financing memorandum, or (c) introduces a new party that provides
financing.  The New Financing Success Fee is 1.5% of the value of
senior secured debt and 3% of the value of mezzanine or
subordinated debt.

The Professional Services Agreement provides that the Debtor shall
reimburse Alliance's reasonable business and travel expenses,
including reasonable attorneys' fees incurred in the preparation
for or work in bankruptcy, processing fee applications, providing
litigation support, and similar legal issues arising in the course
of the engagement.

In addition, the Debtor has agreed to indemnify Alliance if, in
connection with any work, service, or matters subject to the
Professional Services Agreement, Alliance or its officers,
directors, employees, or agents become involved in any capacity in
any action or legal proceeding, pending or threatened.

The Debtor believes the employment of Alliance is in the best
interest of the estate and that Alliance does not represent or hold
any interest adverse to the estate, and is "disinterested" within
the meaning of Section 327(a) of the Bankruptcy Code.

The firm may be reached at:

     Alliance Management
     601 Carlson Parkway
     Carlson Towers, Suite 110
     Minneapolis, MN 55305
     Tel: 952-475-2225
     Fax: 952-475-2224

                          About HEI, Inc.

HEI, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. Minn.
Case No. 15-40009) in Minneapolis, Minnesota, on Jan. 4, 2015.  The
case is assigned to Judge Kathleen H. Sanberg.

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

The deadline for governmental entities to file claims is July 6,
2015.

The Debtor has tapped James L. Baillie, Esq., James C. Brand, Esq.,
and Sarah M Olson, Esq., at Fredrikson & Byron P.A., as counsel;
Alliance Management as business and financial consultant; and
Winthrop & Weinstine, P.A., as special counsel.


HOOVER GROUP: Moody's Assigns B2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service assigned Hoover Group, Inc. first-time
ratings, including a B2 Corporate Family Rating ("CFR") and B3-PD
Probability of Default Rating. Concurrently, a B2 rating was
assigned to the company's proposed senior secured first lien bank
debt, consisting of a $30 million revolving credit facility due
2020 and a $165 million term loan due 2022. The company is a global
provider of chemical tanks, cargo carrying units and related
products (through rental and sales) and aftermarket services. The
company operates its business as Hoover Container Solutions. The
ratings outlook is stable.

The proceeds from the bank debt issuance will be used to partially
fund the $330 million acquisition of the company by private equity
firm First Reserve. The transaction includes an equity component of
approximately $175.6 million with management rolling over
approximately $60 million. The B2 rating on the proposed bank debt,
in line with the B2 CFR, reflects the preponderance of first lien
secured debt in the company's debt structure.

The following ratings were assigned (the ratings are based on the
transaction as currently proposed and are subject to Moody's review
of final documentation):

Assignments:

Corporate Family Rating, B2

Probability of Default Rating, B3-PD

$30 million first lien revolver due 2020, B2, LGD-3

$165 million first lien term loan due 2022, B2, LGD-3

Ratings Outlook, Stable

Ratings Rationale

Hoover's B2 CFR considers the company's small revenue base,
moderate leverage for the rating category and acquisitive growth
strategy balanced against the company's geographic diversification,
diversified blue-chip customer base and good market position in the
niche container solutions market. Approximately one quarter of
revenues are generated abroad. Moody's estimates an initial
debt/EBITDA of slightly over 5.0x. Of note, the leverage
calculation includes bolt-on acquisitions that the company has
completed over the last twelve to eighteen months. Supporting the
ratings are the company's different revenue sources, including the
rental of equipment, sales of its manufactured equipment to
third-parties as well as its services business.

Approximately three-quarters of Hoover's revenues are tied to the
oil and gas sector. Importantly this is a diversified revenue
stream comprised of U.S. onshore, offshore as well as international
offshore activity. The remaining quarter is comprised of the
petrochemical and general industrial markets. Of note, forty
percent of revenues are derived from production chemicals. Although
the company is not insulated from oil price declines, Moody's notes
that over sixty percent of the company's energy business is tied to
production, rather than exploration and drilling activity.
Exploration and drilling activity in the oil and gas sector is the
area most immediately impacted by the recent meaningful decline in
global crude oil prices. Production activity, that comprises the
primary segment that Hoover is exposed to, is largely driven by the
installed base of offshore and onshore wells and platforms, rather
than new drilling activity. Also, supporting the credit profile is
Moody's anticipation that the company will maintain an adequate
liquidity profile, largely supported by positive free cash flow
generation and availability under its proposed revolving credit
facility.

The rating outlook is stable based on the expectation that the
company will maintain an adequate liquidity profile with
debt/EBITDA not exceeding the mid-5.0 times range following this
leveraging transaction.

Ratings could be subject to downward pressure if there were to be a
substantial revenue decline, operating performance were to weaken
such that debt/EBITDA were to exceed and be sustained above 5.5
times, if the company were to take on material, additional debt to
finance acquisitions, or if the adequacy of Hoover's liquidity
position were to come into question.

The ratings could be upgraded if leverage (debt / EBITDA on a
Moody's adjusted basis) improves to below 4.0 times, the company
grows its revenue base and its liquidity profile improves through
greater free cash flow generation.

The principal methodology used in these ratings was Equipment and
Transportation Rental 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.

Hoover Container Solutions, headquartered in Houston, Texas, is a
provider of chemical tanks, cargo carrying units and related
products and services to the global energy, petrochemical and
related industrial end markets.



HOOVER GROUP: S&P Assigns 'B' CCR & Rates $195MM Sr. Facility 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to fluid handling products and services provider
Hoover Group Inc. (which is also known as Hoover Container
Solutions).  The outlook is stable.

At the same time, S&P assigned its 'B' issue rating and '3'
recovery rating to the company's proposed $195 million senior
secured credit facility, which consists of a $30 million revolving
credit facility due 2020 and a $165 million term loan due 2022. The
'3' recovery rating indicates S&P's expectation for meaningful
recovery in the event of a payment default.  S&P's recovery
expectations are in the lower end of the 50% to 70% range.

"Hoover operates in the highly fragmented and competitive equipment
rental industry," said Standard & Poor's credit analyst Jaissy
Lorenzo.  The business is capital intensive and the company is
relatively limited in terms of product and end-market diversity.
The company also exhibits moderate customer and geographic
concentration.  Although Hoover is exposed to cyclical end markets,
the company benefits from the relatively stable demand generated
from production-related activities in oil and gas markets. Offering
a full suite of fluid handling solutions and an integrated product
line, Hoover has a strong market position in its industry niche.

Hoover Group Inc. provides chemical tanks, cargo-carrying units,
and related products and services to the global energy,
petrochemical, and related industrial end markets.  The company
derives about 80% of revenues from oil and gas markets, with
roughly 60% of revenues tied to production activity servicing the
existing installed base of offshore and onshore wells and
platforms.  While larger than most of its smallest competitors
serving discrete local markets, with nearly $100 million in
revenues, it remains relatively small in comparison to the larger
national equipment rental companies.  The company generates roughly
75% of revenues from North America, with the remainder spread among
Europe (nearly 20% of revenues), Asia Pacific (5% of revenues), and
Latin America (1% of revenues).

Customer concentration is moderate as the top 15 customers
accounted for about 40% of fiscal 2013 revenues.  These customers
tend to be loyal since Hoover's products comprise a small
percentage of their total project cost and alternatives may be
risky given the high costs associated with failure and poor service
quality.  In addition, Hoover's full product and services suite,
and scale and geographic footprint relative to smaller competitors,
has helped the company maintain a leadership position in the
stainless steel intermediate bulk container (IBC) rental market.

The outlook is stable.  S&P expects moderate revenue growth and
stable margins will allow the company to maintain leverage around
5x.  In addition, S&P expects Hoover to continue to benefit from
the relatively stable demand generated by production-related
activities in oil and gas markets and S&P thinks that softness in
new-well activity will be offset by positive trends in industrial
and petrochemical demand.

S&P could lower the rating if it forecasts leverage approaching 6x
total debt to EBIDA or expect the company to face liquidity
constraints as a result of a decline in the company's operating
performance, rental equipment purchases leading to substantial
negative free cash flow, or from the adoption of a more-aggressive
financial policy (which may include larger-than-expected
acquisitions or distributions to its sponsor).

Although unlikely in the next two years, S&P could raise the
ratings by one notch if Hoover were to meaningfully increase its
scale, scope, and diversity and generate notably positive free
operating cash flow and if credit measures and financial policies
support a higher rating, for instance leverage sustained below 5x.



HPB INVESTMENTS: OSC Grants Full Revocation of Cease Trade Order
----------------------------------------------------------------
HPB Investments Inc. disclosed that on Dec. 31, 2014, the Ontario
Securities Commission granted a full revocation of the cease trade
order imposed in Ontario by the Commission on May 23, 2002, as
extended by a further order made on June 4, 2002, against the
securities of the Company.

The cease trade order had been imposed by the Commission for
failure by the Company to file its audited annual financial
statements for the fiscal year ended December 31, 2001, the
management's discussion and analysis related to such financial
statements by the filing deadline as prescribed by applicable
securities laws.

In connection with the Revocation, the Company provided an
undertaking to the Director of the Commission that:

(a) the Company will hold an annual meeting of shareholders within
three months after the date on which the Revocation is granted;
and

(b) the Company will not complete:

(i) a restructuring transaction involving, directly or indirectly,
an existing or proposed, material underlying business which is not
located in Canada,

(ii) a reverse takeover with a reverse takeover acquirer that has a
direct or indirect, existing or proposed, material underlying
business which is not located in Canada, or

(iii) a significant acquisition involving, directly or indirectly,
an existing or proposed, material underlying business which is not
located in Canada,

unless

(A) the Company files a preliminary prospectus and a final
prospectus with the Commission and obtains receipts for the
preliminary prospectus and the final prospectus from the Director
under the Securities Act (Ontario),

(B) the Company files or delivers with the preliminary prospectus
and the final prospectus the documents required by Part 9 of
National Instrument 41-101 General Prospectus Requirements
including a completed personal information form and authorization
in the form set out in Appendix A of NI 41-101 for each current and
incoming director, executive officer and promoter of the Company,
and

(C) the preliminary prospectus and final prospectus contain the
information required by applicable securities legislation,
including the information required for a probable restructuring
transaction, reverse takeover or significant acquisition (as
applicable).

The Company filed audited annual financial statements for the years
ended December 31, 2011, December 31, 2012, and December 31, 2013
along with the associated MD&A and unaudited financial statements
for the three month period ended March 31, 2014, the six month
period ended June 30, 2014 and the nine month period ended
September 30, 2014, again with the associated MD&A and related
officer's certificates.  The Continuous Disclosure Materials can be
reviewed on SEDAR under the Company's profile at www.sedar.com

The Company is currently inactive and following the Revocation, the
Company intends to reactivate itself.  The Company does not have
any definitive plans in place for the operation of the business
going forward.  In the near term, the Company intends to seek
investment partners to raise financing in order for HPB to have
sufficient funds to carry out its business plans.

Directors and Officers of HPB

Michael Allen (CPA, CA) - Age 50, (President and Director since
July 9, 2001) is a Senior Partner, in the Accounting and Assurance
group at Collins Barrow Toronto LLP, Chartered Accountants, and has
more than 25 years of public accounting experience with a focus
over those years on assurance and tax services.  Michael moved to a
predecessor firm of Collins Barrow Toronto in 1992 and was admitted
into partnership in 1999.  Michael was instrumental in building the
audit and assurance practice at Collins Barrow Toronto LLP in
becoming one of the largest practices focusing on the mid-market in
the greater Toronto Area.  Michael is a member of the Collins
Barrow Toronto LLP management committee.  Michael graduated with a
Bachelor of Business Administration degree from York University.

Harry Blum (CPA, CA)- Age 53, (Chief Financial Officer, Corporate
Secretary and Chair of Audit Committee, Director since June 30,
2000) serves in the dual roles of Senior Partner, Transaction
Advisory Services and Managing Partner of Collins Barrow Toronto
LLP, Chartered Accountants, and has more than 25 years of audit,
tax and transaction advisory experience.  Harry moved to a
predecessor firm of Collins Barrow Toronto in 1992 and was admitted
into partnership in 1995.  Responsible for building one of the most
distinctive advisory practices in Eastern Canada, offering
specialized services across almost every major industry and service
sector, Harry has advised private equity funds and private and
public companies on their acquisition and divestiture strategies.
He has also led complex tax-based transactions and private debt and
equity placements.  His governance duties extend to Collins Barrow
National as a Management Subcommittee member and as National Chair
of Member Firm Recruitment and as a member of the Board of
Directors of Baker Tilly International.  Harry graduated with a
Bachelor of Commerce from the University of Toronto.

Lorne Balsam (PC Lan Engineer) - Age 58 (Director since March 26,
1999) is the President of Techno Solutions Inc., a network/computer
management systems company servicing the small business sector, and
has held this position since January 2000. With over 20 years'
experience in the high tech industry starting as project and
marketing manager for Engineered Fibre Optic Systems Canada Inc.,
Mr. Balsam has been involved in developing and bringing to market
specialized fibre optic medical and dental equipment increasing
product sales, profits and company recognition worldwide.

The directors and officers of the Company collectively own
8,780,000 common shares, which represents approximately 55% of the
issued and outstanding common shares in the capital of HPB.

Mr. Blum was a director of First Metals Inc., which commenced
restructuring proceedings under the federal Bankruptcy and
Insolvency Act which was ultimately approved on June 17, 2009.
Mr. Balsam made a consumer proposal under the BIA that was accepted
by his creditors on October 28, 2014.

Other than with respect to the Company and as disclosed above, no
director or executive officer of the Company:

(a) is, as at the date hereof, or has been, within the 10 years
before the date hereof, a director or executive officer of any
corporation that, while that person was acting in such capacity:

(i) was the subject of a cease trade or similar order or an order
that denied the relevant corporation access to any exemption under
securities legislation for a period of more than 30 consecutive
days;

(ii) was subject to an event that resulted, after the director or
executive officer ceased to be a director or executive officer, in
the corporation being the subject of a cease trade or similar order
or an order that denied the relevant corporation access to any
exemption under securities legislation, for a period of more than
30 consecutive days;

(iii) or within a year of that person ceasing to act in that
capacity, became bankrupt, made a proposal under any legislation
relating to bankruptcy or insolvency or was subject to or
instituted any proceedings, arrangement or compromise with
creditors, or had a receiver, receiver manager or trustee appointed
to hold its assets; or

(b) has, within the 10 years before the date hereof, become
bankrupt, made a proposal under any legislation relating to the
bankruptcy or insolvency, or become subject to or instituted any
proceedings, arrangement or compromise with creditors, or had a
receiver, receiver manager or trustee appointed to hold the assets
of the director, officer or shareholder.

No director or executive officer of the Company has been subject
to:

(a) any penalties or sanctions imposed by a court relating to
securities legislation or by a securities regulatory authority or
has entered into a settlement agreement with a securities
regulatory authority; or

(b) any other penalties or sanctions imposed by a court or
regulatory body that would likely be considered important to a
reasonable investor in making an investment decision.

Headquartered in Toronto, Canada, HPB Investments Inc. --
http://www.housewarmers.com-- is an investment holding company.
The Company acquires businesses in the marketing, data collection,
and management services industries.  HPB acquired Housewarmers
Inc., which develops and markets customer acquisition and retention
programs for retailers and other consumer providers.


HUNTERDON REALTY: Case Summary & 2 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Hunterdon Realty LLC
        3 Robin Hill Rd
        Caldwell, NJ 07006

Case No.: 15-10184

Chapter 11 Petition Date: January 6, 2015

Court: United States Bankruptcy Court
       District of New Jersey (Newark)

Judge: Hon. Rosemary Gambardella

Debtor's Counsel: Andre L. Kydala, Esq.
                  LAW FIRM OF ANDRE L. KYDALA
                  12 Lower Center Street, PO Box 5537
                  Clinton, NJ 08809
                  Tel: (908) 735-2616
                  Fax: (908) 735-0765
                  Email: kydalalaw@aim.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Philip J Barreti, sole member.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/njb15-10184.pdf


IDEARC INC: Trustee Says 5th Circ. Cut Off Its Right to Jury
------------------------------------------------------------
Law360 reported that U.S. Bank NA, the litigation trustee for
bankrupt Idearc Inc., asked the U.S. Supreme Court to reverse a
Fifth Circuit ruling holding it had waived its right to a jury
trial in a $9 billion fraudulent transfer suit against Verizon
Communications Inc.

According to the report, U.S. Bank asserts that a Texas federal
judge wrongly refused to let a jury hear its claims against
Verizon.  It argues in the petition for certiorari, filed Dec. 15,
that both the district court and the Fifth Circuit ignored valid
argument made in motions before the trial judge that it was
entitled to have a jury hear the case, the report related.

The case is US Bank NA v. Verizon Communications Inc., case no.
14-718, in the Supreme Court of the United States.

                       About Idearc Inc.

Headquartered in D/FW Airport, Texas, Idearc, Inc., now known as
SuperMedia Inc., is the second largest U.S. yellow pages
publisher.  Idearc was spun off from Verizon Communications, Inc.
Idearc and its affiliates filed for Chapter 11 protection (Bankr.
N.D. Tex. Lead Case No. 09-31828) on March 31, 2009.  The Debtors'
financial condition as of Dec. 31, 2008, showed total assets of
$1,815,000,000 and total debts of $9,515,000,000.  Toby L. Gerber,
Esq., at Fulbright & Jaworski, LLP, represented the Debtors in
their restructuring efforts.  The Debtors tapped Moelis & Company
as their investment banker; Kurtzman Carson Consultants LLC as
their claims agent.

William T. Neary, the United States Trustee for Region 6,
appointed six creditors to serve on the official committee of
unsecured creditors.  The Committee selected Mark Milbank, Tweed,
Hadley & McCloy LLP, as counsel, and Haynes and Boone, LLP, co-
counsel.

Idearc completed its debt restructuring and its plan of
reorganization became effective as of Dec. 31, 2009.  In
connection with its emergence from bankruptcy, Idearc changed its
name to SuperMedia Inc.  Under its reorganization, Idearc reduced
its total debt from more than $9 billion to $2.75 billion of
secured bank debt.

                         About SuperMedia

SuperMedia Inc. and three affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 13-10545) on March 18, 2013, to
effectuate a merger of equals with Dex One Corp.  SuperMedia
disclosed total assets of $1.4 billion and total debt of $1.9
billion.

Morgan Stanley & Co. LLC is acting as financial advisors to
SuperMedia, and Cleary Gottlieb Steen & Hamilton LLP and Young
Conaway Stargatt & Taylor, LLP are acting as its legal counsel.
Fulbright & Jaworski L.L.P is special counsel.  Chilmark Partners
Is acting as financial advisor to SuperMedia's board of directors.
Epiq Systems serves as claims agent.


INT'L FOREIGN EXCHANGE: Feb. 3 Hearing on Plan Approval
-------------------------------------------------------
Judge Robert E. Gerber of the U.S. Bankruptcy Court for the
Southern District of New York on Dec. 19, 2014, approved the
disclosure statement explaining International Foreign Exchange
Concepts Holdings, Inc., et al.'s first amended liquidating plan
and scheduled the hearing to consider confirmation of the Plan for
Feb. 3, 2015, at 9:45 a.m.

Objections to confirmation of the Plan must be filed on or before
Jan. 26.  The Debtors will file the tabulation affidavits no later
than Jan. 28.

As previously reported by the Troubled Company Reporter, the
Debtors believe that the Plan provides the quickest recovery to
creditors and will maximize their return.  In addition, AMF-FXC
Finance, LLC ("AMF"), which has asserted claims for approximately
$34 million against each of IFEC Holdings and IFEC LP
(approximately 95% of all claims against each such entity),
similarly believes the Plan is reasonable, appropriate, and will
maximize recovery for all constituencies.

The Plan is a liquidating plan, and provides for the separate
treatment of each of the Debtors' Estates. As a result of
substantial negotiations with AMF, the Plan contemplates that all
creditors other than AMF who hold allowed general unsecured claims
will be paid on, or as soon as reasonably practicable after, the
Effective Date of the Plan (i) in the IFEC LP bankruptcy case,
cash in an amount equal to 50% of such claims, and (ii) in the
IFEC Holdings bankruptcy case, cash in an amount equal to 10% of
such claims. The Plan contemplates that FXC creditors will be paid
in full in cash. AMF will receive the remaining net proceeds of
the IFEC Holdings and IFEC LP Assets, which are currently
estimated to be cash in an amount equal to approximately 9% to 17%
of AMF's claims as of the Effective Date, plus rights to receive
certain payments in the future, if any.

Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that unsecured creditors of FX Concepts are expected
to be paid in full, while those with claims against International
Foreign Exchange Concepts LP and International Foreign Exchange
Concepts Holdings Inc. are predicted to recover 50 percent and 10
percent, respectively, on their claims.

             About International Foreign Exchange

International Foreign Exchange Concepts Holdings, Inc., and
International Foreign Exchange Concepts, L.P., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
13-13380) on Oct. 17, 2013.

Judge Robert Gerber oversees the case.  Counsel to the Debtors is
Henry P. Baer, Jr., Esq., at Finn Dixon & Herling LLP, in
Stamford, Connecticut.  The Debtors' restructuring advisors is CDG
Group.  DiConza Traurig LLP serves as conflicts counsel.  The
Debtors' special counsel is Withers Bergman LLP.  The Debtors'
notice, claims, solicitation and balloting agent is Logan &
Company, Inc.

Counsel to AMF-FXC Finance LLC, the DIP lender, is Michael L.
Cook, Esq., and Christopher Harrison, Esq., at Schulte Roth &
Zabel LLP, in New York.

International Foreign Exchange Concepts Holdings Inc., the parent
of investment adviser FX Concepts LLC, sold assets for
$7.48 million to Ruby Commodities Inc., at an auction held
Nov. 25, 2013.  The sale was an old-fashioned auction with the
assets first offered in six lots and then in bulk.  The piecemeal
auction fetched combined bids of $3.38 million.  When the assets
were offered in bulk, Ruby came out on top with an offer of $7.48
million, which the bankruptcy court in New York approved Nov. 26.


IOWA HIGHER: Fitch Affirms 'BB' Rating on $65.7MM PCF Bonds
-----------------------------------------------------------
Fitch Ratings has affirmed its 'BB' rating on $65.7 million private
college facility (PCF) revenue bonds, series 2010 and 2012, issued
by the Iowa Higher Education Loan Authority (IHELA) on behalf of
Upper Iowa University (UIU).

The Rating Outlook is revised to Stable from Negative.

SECURITY

The series 2010 and 2012 bonds are general obligations of the
university, payable from all legally available resources.  The 2012
bonds are further secured by a first mortgage lien on two dormitory
buildings.  Both issues have a debt service reserve fund.

KEY RATING DRIVERS

OPERATING IMPROVEMENT SUPPORTS OUTLOOK: Substantially improved
fiscal 2014 operating results, largely driven by expense controls
and new management, met the debt service coverage covenant but were
still negative on a GAAP basis.  Fitch expects continued
improvement in operating results in fiscal 2015, which supports a
Stable Outlook.

STRAINED BUT IMPROVED COVERAGE: The 'BB' rating reflects UIU
meeting the fiscal 2014 coverage calculation (per the bond
covenants) of at least 1.25x average annual debt service (ADS).
However, using a more conservative coverage calculation, maximum
annual debt service (MADS) coverage from operating revenues
improved significantly over fiscal 2013, but in fiscal 2014 was
still 0.87x MADS and 0.95x ADS.

ENROLLMENT: Fall 2014 enrollment improved at the Fayette campus,
but overall remains a concern for UIU as full time enrollment (FTE)
dipped 5.5%.  The enrollment decline is a concern due to UIU's very
high 94% tuition dependence, as well as net tuition revenue
declining slightly in both fiscal 2013 and 2014.

SLIM BALANCE SHEET: UIU's balance sheet ratios remain more
consistent with the 'BB' category.  In past years, Fitch considered
these low liquidity ratios partially offset by previously strong
operating performance.

HIGH DEBT BURDEN: Fitch considers UIU's 8.7% MADS burden in fiscal
2014 to be high, particularly given negative operating performance
in 2013 and improved but still negative GAAP operations in 2014.
UIU management reports no new long-term debt plans at this time.

RATING SENSITIVITIES

FAILURE TO REVERSE DEFICITS: Failure to steadily improve GAAP
operations, maintain positive MADS coverage from operating
revenues, or meet bond covenants, would result in a negative rating
action.

ADDITIONAL DEBT ISSUANCE: Issuance of additional debt prior to
stabilized financial operations, or without an increase in
resources, would result in a negative rating action.

MANAGE EXPENSES AND ENROLLMENT: UIU's ability over time to manage
expenses, grow net tuition revenue, and maintain stable to growing
enrollment would be viewed favorably, and would support a positive
rating action over time.

CREDIT PROFILE

UIU was founded in 1857 in Fayette, Iowa.  Fayette is located in
north central Iowa, about 37 miles northeast of Waterloo and 65
miles north of Cedar Rapids.  The university offers both
undergraduate and graduate level programming at its residential
Fayette campus, 20 educational extension centers mainly in the
Midwest, six international centers in two countries, and a distance
education center.

UIU's multiple education markets have been viewed favorably in the
past by Fitch but are subject to significant competition and recent
volatility.  This is particularly apparent as the non-traditional
on-line and distance programs (about 70% of operating revenue) are
essentially subsidizing full-time undergraduate students.  Students
attending on-line or at various regional academic centers have six
distinct entry points during each academic year, allowing two
full-credit courses over an eight-week term, and some student
flexibility.  Full-time students at the Fayette campus have a more
traditional two-semester calendar (although the semester has two
terms).  Overall, UIU offers 42 BA degrees, four master degrees,
and 16 certificate programs.

Deficit Operations

UIU reported a $2.6 million operating deficit for fiscal 2014
(negative 4.8% operating margin), which was a significant
improvement over fiscal 2013's $8.2 million deficit (negative
15.6%).  Fiscal 2014 results are more comparable to fiscal 2012,
which had a $1.9 million deficit (negative 4.1%).  The recent
deficits contrast with UIU's average operating surplus of 5.8% in
the prior five fiscal years (2007 - 2011).  Budget stress is
expected to continue in fiscal 2015 and 2016.

UIU's revenues are heavily student-fee concentrated (94% in fiscal
2014), and net tuition revenue decreased slightly for both fiscal
2013 (down 0.4%), and fiscal 2014 (down 0.8%).  While gross tuition
and fees increased in each of these years, so did student
discounting.  Fitch considers flat or declining net tuition revenue
to be a credit concern.  UIU projects net tuition revenue to grow
in fiscal 2015.  Improved operating results in fiscal 2014 largely
came from expense cuts of about 6.6%, in contrast to the two prior
years with 9.2% and 13.5% expense increases, respectively.  UIU
reports that about 87% of faculty are part-time and non-tenured,
which provides some expense flexibility.  Between fiscal 2014 and
2013, UIU improved its deficit operations by $5.5 million, which is
substantial in one year.

Fitch views net tuition revenue growth for the traditional
full-time Fayette campus students as limited by very high discount
rates (over 60% for fall 2014).  Thus, revenue growth is more
likely to be generated by the on-line and academic center programs.
Fitch views the Fayette campus operations as being significantly
subsidized by revenue from these non-traditional programs.

Management Turn-Over

UIU experienced significant management turnover since calendar
years 2013, which Fitch views as limiting the institution's timely
response to the fiscal 2013 operating deficit.  A new president
started in 2013, and a new provost was appointed in 2014.  In July
2014, UIU appointed a new CFO, the fourth in this position in
roughly the same number of years.  A new director of admissions for
Fayette started in mid-2013.  Additionally, UIU reports that senior
staff was re-organized with more administrators reporting to the
provost.  The provost now has responsibility for all UIU academic
programs, as well as admissions, for the Fayette campus as well as
the larger non-traditional on-line and academic center programs.
Fitch understands that UIU is re-starting its strategic planning
process, and management is focused on improving financial
performance.

Fiscal 2015 Budget

The fiscal 2015 current fund budget is balanced on a cash basis,
even with overall enrollment only 94% of initial budget
expectations.  The university budgeted a 2% salary increase for
employees, but is again deferring an employer match for retirement
accounts.  Tuition increases were implemented in fiscal 2015 for
all programs, and the Fayette campus began charging a new student
fee.  Expense controls remain in place.  Management reports that
some vacancies were not filled, that class sizes were increased for
many Fayette, on-line and academic center programs, student
retention programs were enhanced university-wide, and degree
offerings were reviewed, among many actions. A $1.2 million
contingency (subsequently increased to $1.4 million) is part of the
2015 budget, providing some flexibility.  Fitch recognizes
management's actions to address the operating deficit as both
difficult and prudent; the actions support the Stable Outlook.

UIU management projects fiscal 2015 budget results to be close to
break-even, an improvement of at least $500,000 from the final
fiscal 2014 budget results.  However, Fitch notes that GAAP
operating results can vary widely from budgetary results, even with
budgeted depreciation expense.  As a result, Fitch views
achievement of balanced GAAP operating results in fiscal 2015 as
uncertain.  In fiscal 2014, for example, UIU's budgetary result was
negative $653,000, while the audited GAAP operating result was
negative $2.6 million.

PRESSURED DEBT SERVICE COVERAGE

UIU's bond covenants include a 1.25x ADS coverage covenant, which
became effective in fiscal 2013.  Gross operating deficits in
fiscal 2013 resulted in negative 0.38x ADS coverage, well below
covenant levels.  Failure to achieve the coverage covenant was not
initially an event of default under the loan agreement, but would
be in the second full fiscal year (for UIU, fiscal 2015) following
receipt of a consultant report.   The required consultant report
has been issued.  Fiscal 2014 ADS coverage - as calculated per the
loan agreement - returned to 1.45x, which Fitch considers
positively.

Fitch's analysis uses a more conservative coverage calculation that
is based on net operating revenue (rather than gross net revenue
including non-operating operations), and MADS instead of ADS.  This
is particularly relevant to UIU, which has an increasing debt
structure: $4.3 million is due in 2014 and 2015, and MADS of $4.7
million occurs in 2016 and remains level thereafter.  MADS coverage
in fiscal 2013, as calculated by Fitch, was exceptionally weak at
negative 0.44x due to the large deficit. Management reported that
debt service payments in 2013 were supported by unencumbered
financial resources, without drawing on the debt service reserve.
For fiscal 2014, MADS coverage improved to 0.87x, and annual
coverage was 0.97x.  Fitch notes the strong improvement, but
coverage remains weak.

Weak Balance Sheet

UIU's available funds (AF, defined by Fitch as cash and investments
less permanently restricted net assets) were $13.8 million at the
end of fiscal 2014, essentially the same amount as fiscal 2013.
This equaled a slim 24% of expenses and 18% of debt, levels that
are comparable to the 'BB' rating category for private
universities.  As part of the AF calculation, Fitch notes that
unrestricted endowment of $4 million at June 30, 2014 (part of
$11.47 million total endowment) is quite low compared to peer
private institutions.

Stressed Enrollment

UIU's FTE enrollment has fluctuated modestly over the last five
academic years, ranging from 5,139 in fall 2012 to 5,555 in fall
2011.  However, it dipped 5.5% in fall 2014 to 5,034 compared to
5,327 in fall 2013.  The decline was largely related to on-line and
academic center enrollment, which represents about 80% of UIU's
enrollment.  Management reports that overall enrollment for fall
2014 was 94% of initial budget expectations, but that expenses were
adjusted to achieve balance.  Management reports the decline came
from multiple causes, including UIU marketing changes, increased
tuition, and military students deferring enrollment due to federal
funding not being released when expected.  Because the decline was
primarily in older, non-traditional students who tend to take more
part-time classes and may enroll year-round, including about 17%
military related students, there is potential in the current 2015
fiscal year for annualized enrollment to improve.  For fall 2014,
traditional undergraduate enrollment at the Fayette campus
increased 8.5% to 1,093, and exceeded enrollment targets (but not
budget targets). In addition to new undergraduate marketing
initiatives, UIU reported that about one-third of the fall 2014
freshmen were international students.

Non-traditional students (both on-line and at 20 U.S. academic
centers and several international centers) have multiple entry
points in UIU's academic calendar, making full-year revenue
projections difficult.  UIU operations rely heavily on
non-traditional student revenue which is subject to significant
competition.  Many full-time undergraduates come from Iowa or
surrounding Midwest states, which have declining numbers of high
school students.

High Debt Leverage

UIU debt totaled $76.7 million at June 30, 2014, including a $1
million bank line draw, $8.8 million operating leases, and $65.77
million series 2010 and 2012 bonds.  The bonds are fixed rate and
have an increasing debt service structure through 2016 and
essentially level debt service thereafter.  UIU's operating leases
are primarily related to its various academic sites.  The
university has a $2 million bank line, with a $1 million draw
outstanding at the end of fiscal 2014.  Management reports the draw
has subsequently been reduced, and the balance repaid in December,
2014.  No further draws are expected in fiscal 2015.

Bond covenants include a 1.25x ADS coverage test, which was not met
in 2013 (the year the covenant became effective), and an
unrestricted net asset test of 25% of outstanding debt (which was
achieved in both 2014 and 2013).  Importantly, UIU met the debt
service covenant test in fiscal 2014 based on loan agreement
calculations.  Failure to achieve pledged coverage is not an
immediate event of default under the loan agreement.  UIU was
required to hire a consultant, and did so.  The university is
required to achieve pledged coverage within one full fiscal year
after the consultant issues recommendations (fiscal 2015, but did
so in 2014).  Only if the 1.25x coverage test is not achieved in
the required time does it become an event of default.

As discussed in 'Pressured Debt Service Coverage', Fitch uses a
more conservative coverage calculation in its analytical review of
all higher education institutions.  Under that calculation, MADS
and ADS coverage improved substantially in fiscal 2014 but remained
short of 1.0x.  In Fitch's view this tight coverage indicates that
UIU's credit quality is not presently investment grade.



J & B PARTNERS: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                           Case No.
     ------                                           --------
     J & B Partners Management LLC                    15-22017
     400 Veterans Memorial Highway, 2nd Floor
     Bohemia, NY 11716

     J & B Restaurant Partners of Long Island         15-22018
     Holding Co., LLC
     4000 Veterans Memorial Hwy., 2nd Floor
     Bohemia, NY 11716

     J & B Restaurant Partners of Long Island, LLC    15-22019
     4000 Veterans Memorial Hwy., 2nd Floor
     Bohemia, NY 11716

     J & B Real Estate Partners of Long Island, LLC   15-22020

     J & B Real Estate Partners of Long Island II     15-22021

     J & B Restaurant Partners of NYDMA LLC           15-22022

     J & B Restaurant Partners of NJ, LLC             15-22023

     J & B Restaurant Partners of Massapequa Park     15-22024

     J & B Restaurant Partners of Middle Island       15-22025

     J & B Restaurant Partners of Shirley, LLC        15-22026
     4000 Veterans Memorial Hwy, 2nd Floor
     Bohemia, NY 11716  

Chapter 11 Petition Date: January 6, 2015

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

Judge: Hon. Robert D. Drain

Debtors' Counsel: Michael P. Cooley, Esq.
                  AKIN GUMP STRAUSS HAUER & FELD LLP
                  1700 Pacific Avenue, Suite 4100
                  Dallas, TX 75201-4675
                  Tel: 214-969-2723
                  Fax: 214-969-4343
                  Email: mcooley@akingump.com

                    - and -

                  Rakhee V. Patel, Esq.
                  SHACKELFORD, MELTON, MCKINLEY & NORTON, LLP
                  3333 Lee Parkway, Tenth Floor
                  Dallas, TX 75219
                  Tel: 214-780-1415
                  Fax: 214-780-1401
                  Email: rpatel@shacklaw.net

                                          Estimated     Estimated
                                           Assets     Liabilities
                                         ----------   -----------
J & B Partners Management                $50K-$100K   $10MM-$50MM
J & B Restaurant Partners of Long Island $0-$50k      $10MM-$50MM
J & B Restaurant Partners of Long Island $500K-$1MM   $10MM-$50MM
J & B Restaurant Partners of Shirley     $100K-$500K  $10MM-$50MM

The petitions were signed by Joseph Vitrano, president.

The Debtors did not include a list of their largest unsecured
creditors when they filed the petitions.


JAMES RIVER: Plan Filing Date Extended to March 13
--------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court extended
James River Coal's exclusive period to file a plan through and
including March 13, 2015, and its exclusive period to solicit
acceptances through and including May 12.

As previously reported by The Troubled Company Reporter, the James
River Coal and its debtor affiliates relate that since the approval
and closing of the sale of substantially all of their assets,
including the Hampden Mining Complex, the Hazard Mining Complex,
and the Triad Mining Complex, they have focused principally on
marketing and efforts to sell their remaining assets and preserving
cash held in their estates.  The extension of the exclusive
periods, the Debtors say, will advance their efforts to maximize
value for their creditors and increase the prospects of an orderly
conclusion of their Chapter 11 cases.

                        About James River

James River Coal Company is a producer and marketer of coal in the
Central Appalachia ("CAPP") and the Midwest coal regions of the
United States.  James River's principal business is the mining,
preparation and sale of metallurgical coal, thermal coal (which is
also known as steam coal) and specialty coal.

James River and 33 of its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Va. Case Nos. 14-31848 to 14-31886) in
Richmond, Virginia, on April 7, 2014.  The petitions were signed
by Peter T. Socha as president and chief executive officer.
Judge Kevin R. Huennekens oversees the Chapter 11 cases.

On the petition date, James River Coal disclosed total assets of
$1.06 billion and total liabilities of $818.6 million.

The Debtors are represented by Tyler P. Brown, Esq., Henry P.
(Toby) Long, III, Esq., and Justin F. Paget, Esq. at Hunton &
Williams LLP of Richmond, VA and Marwill S. Huebner, Esq, Brian
M. Resnick, Esq., and Michelle M. McGreal, Esq. at Davis Polk &
Wardwell LLP of New York, NY.  Kilpatrick Townsend & Stockton LLP
serves as the Debtors' special counsel.  Perella Weinberg Partners
L.P. is the Debtors' financial advisor.  Deutsche Bank Securities
Inc. serves as the Debtors' investment banker and M&G advisor.
Epiq Bankruptcy Solutions, LLC, acts as the debtors' notice,
claims and administrative agent.

The U.S. Trustee for Region 4 has appointed five creditors to the
Official Committee of Unsecured Creditors.  Michael S. Stamer,
Esq., Alexis Freeman, Esq., and Jack M. Tracy II, Esq., at Akin
Gump Strauss Hauer & Feld LLP; and Jonathan L. Gold, Esq.,
Christopher L. Perkins, Esq., and Christian K. Vogel, Esq., at
LeClairRyan.

The Debtors, in August 2014, won authority to sell the Hampden
Mining Complex (including the assets of Logan & Kanawha Coal
Company, LLC), the Hazard Mining Complex (other than the assets of
Laurel Mountain Resources LLC) and the Triad Mining Complex for
$52 million plus the assumption of certain environmental and other
liabilities, to a unit of Blackhawk Mining.  The Buyer is
represented by Mitchell A. Seider, Esq., and Charles E. Carpenter,
Esq., at Latham & Watkins LLP.


JC PENNEY: Reports Strong Sales Growth
--------------------------------------
Suzanne Kapner, writing for The Wall Street Journal, reported that
J.C. Penney Co. on Jan. 5 reported stronger-than-expected sales for
the holiday period, sending the beleaguered department-store
chain’s stock soaring 20% and provided a positive first indicator
for how retailers fared over the year-end shopping bonanza.

According to the report, Penney said sales rose 3.7% in the nine
weeks through the end of December, excluding newly opened and newly
closed stores.  The strong result led the company to say its
fourth-quarter sales growth should come in at the high end of a
forecast range of 2% to 4% from a year ago, the Journal added.

                         About J.C. Penney

J.C. Penney Company, Inc., is one of the U.S.'s largest department
store operators with about 1,100 locations in the United States
and Puerto Rico.

                           *     *     *

The Troubled Company Reporter, on March 5, 2014, reported that
Standard & Poor's Ratings Services revised its outlook on J.C.
Penney Co. Inc. to stable from negative.  At the same time, S&P
affirmed all other ratings, including the 'CCC+' corporate credit
rating, on the company.

The Troubled Company Reporter, on May 21, 2014, reported that
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of
J.C. Penney Co., Inc. and J.C. Penney Corporation, Inc. at 'CCC'
and assigned a Positive Outlook.

On June 6, 2014, the Troubled Company Reporter said Standard &
Poor's Ratings Services assigned a 'B' issue level rating to J.C.
Penney Corp. Inc.'s $1.85 billion ABL revolving credit facility
and $500 million senior secured first-in last-out term loan with a
'1' recovery rating, indicating S&P's expectation for very high
(90%-100%) recovery in the event of a payment default.  S&P
affirmed all other ratings, including the 'CCC+' corporate credit
rating on parent company J.C. Penney Co. Inc.  The outlook is
stable.

On the same date, Moody's Investors Service rated J.C. Penney
Corporation, Inc.'s proposed asset based revolving credit facility
at B1 and its proposed asset based term loan at B2. At the same
time, Moody's affirmed J.C. Penney Company, Inc.'s Caa1 Corporate
Family Rating ("CFR"), Caa1-PD Probability of Default Rating, and
SGL-3 Speculative Grade Liquidity rating. The rating outlook
remains negative.

In September 2014, Moody's rated J.C. Penney's proposed senior
unsecured notes Caa2. At the same time, Moody's affirmed J.C.
Penney Company, Inc.'s Caa1 Corporate Family Rating ("CFR"), Caa1
- PD Probability of Default Rating, and SGL-3 Speculative Grade
Liquidity rating. The rating outlook remains negative.

Standard & Poor's, on the same month, assigned its 'CCC-' issue-
level rating and '6' recovery rating to J.C. Penney Corp. Inc.'s
proposed $350 million senior unsecured notes due 2019.  The '6'
recovery rating indicates S&P's expectation for negligible
recovery (0%-10%) in a payment default scenario.  The company
intends to use proceeds from the offering to repay debt.  S&P
views the proposed offering and debt repayment as credit neutral
based upon expected debt levels being relatively unchanged.

Likewise, Fitch has assigned a rating of 'CCC/RR4' to J.C.
Penney's proposed issue of five-year $350 million senior unsecured
notes.  The Rating Outlook is Positive.

On Oct. 1, 2014, Moody's affirmed J.C. Penney's Caa1 Corporate
Family Rating, Caa1 - PD Probability of Default Rating, and senior
unsecured notes. At the same time, Moody's changed J.C. Penney's
rating outlook to stable from negative. The change in outlook was
prompted by the successful closing of $400 million senior
unsecured notes which will be used to fund the partial tender
offer for J.C. Penney's $200 million 6.875% notes due October
2015, $200 million 7.675% notes due August 2016, and $285 million
7.95% notes due April 2017. At the same time, Moody's changed the
Speculative Grade Liquidity rating to SGL-2 from SGL-3 due to
improved operating performance and extension of the debt maturity
schedule.


JOHN ALTORELLI: Schedules Reveal $196,000 Monthly Expense
---------------------------------------------------------
Sara Randazzo, writing for The Wall Street Journal, reported that
former Dewey & LeBoeuf LLP partner, John Altorelli, filed schedules
of assets and liabilities in his Chapter 7 bankruptcy case,
disclosing that a monthly income of $135,000 and more than $196,000
in monthly expenses.

According to the Journal, many of the former Dewey partner's
expense stem from real estate, including a $19,000 monthly rent for
an apartment on Manhattan’s Upper West Side and $11,756 per month
in mortgage payments for his seven-bedroom home in New Milford,
Conn.  The Journal added that Mr. Altorelli is also paying $7,450 a
month for a car service, nearly $25,000 in alimony and hefty tax
obligations.

As previously reported by The Troubled Company Reporter, Mr.
Altorelli, who was sued for $12.9 million in the wake of the law
firm's collapse, filed for personal bankruptcy to halt the
collection efforts.  

                      About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) to complete the wind-down of its operations.
The firm had struggled with high debt and partner defections.
Dewey disclosed debt of $245 million and assets of $193 million in
its chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe.  When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28, 2012.
All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11, 2012, for
$6 million.  The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc. was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented a month later.  The plan
created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


JSC ALLIANCE: Restructuring Plan Enforced by U.S. Court
-------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that U.S. Bankruptcy Judge Sean H. Lane in Manhattan
signed an order finding Kazakhstan home to the "foreign main
proceeding" of JSC Alliance Bank's bankruptcy.

According to the report, Judge Lane also agreed to enforce JSC
Alliance's restructuring plan and related orders in the U.S.  The
Kazakh court approved the restructuring on Dec. 11, the report
related.

As previously reported by The Troubled Company Reporter, the
Restructuring Plan is premised on the Bank's consolidation
with two other Kazakhstan banks controlled by Mr. Utemuratov,
Temirbank and ForteBank.  The primary purpose of the consolidation
is to contribute Temirbank's and ForteBank's capital surplus to
the restoration of the Bank's regulatory capital.

The Bank, Temirbank and ForteBank will be consolidated into the
Combined Bank at their respective book values of equity, as
adjusted to reflect each bank's contribution of tax attributes to
the Combined Bank. Under this proposed structure, shareholders of
Temirbank are expected to receive 64.24% of the Combined Bank's
common shares, shareholders of ForteBank are expected to receive
25.42% of the Combined Bank's common shares, and (mostly new)
shareholders of the Bank are expected to receive 10.34% of the
Combined Bank's common shares and 100% of the Combined Bank's
preferences shares.

As a result, the proposed shareholdings of the Combined Bank as of
the closing of the Restructuring (as calculated as of October 13,
2014) are expected to be: (i) Mr. Utemuratov owning 76.47% of the
common shares and 20.02% of the preference shares, (ii) the
claimants of the Bank owning 10.32% of the common shares; (iii)
the Petitioner owning 4.68% of the common shares, (iv) Samruk-
Kazyna holding .01% of the common shares and 51.00% of the
preference shares, and (v) other shareholders of Temirbank
and ForteBank holding the remaining minority of common shares.
Existing shareholders of the Bank are expected to have their
common shares diluted below .01% and to own 28.98% of the
preference shares.

                      About JSC Alliance Bank

JSC Alliance Bank is the ninth largest in terms of total assets in
Kazakhstan, operating as a universal financial institution in all
business segments but focusing primarily on the retail market
and lending to small and medium-sized enterprises. As of June 30,
2014, it had a network of 19 branches and 101 cash offices located
throughout Kazakhstan.

JSC Alliance Bank filed a Chapter 15 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 14-13194) on Nov. 20, 2014, in Manhattan, New
York, in the U.S.

Timur Rizabekovich Issatayev, the chairman of the Bank's
management board, is the foreign representative.  The case is
assigned to Judge Sean H. Lane.  JSC Alliance is represented in
its U.S. case by Richard A. Graham, Esq., and Scott G. Greissman,
Esq., at White & Case, LLP, in New York.


KIOR INC: Mississippi Tries to Force Co. Into Liquidation
---------------------------------------------------------
Daily Bankruptcy Review, citing The Associated Press, reported that
the state of Mississippi is trying to force biofuel maker KiOR into
liquidation, setting up a confrontation with one of Silicon
Valley's most prominent venture capitalists.

                          About Kior Inc.

KiOR, Inc., and wholly owned subsidiary KiOR Columbus, LLC, are
development stage, renewable fuels companies based in Pasadena,
Texas and Columbus, Mississippi, respectively.  KiOR, Inc., was
founded in 2007 as a joint venture between Khosla Ventures, LLC,
and BIOeCon B.V.  KiOR Inc.'s primary business is the development
and commercialization of a ground-breaking proprietary technology
designed to generate a renewable crude oil from non-food
cellulosic biomass.

KiOR, Inc. filed a Chapter 11 petition (Bankr. D. Del. Case No.
14-12514) on Nov. 9, 2014, in Delaware.   Through the chapter 11
case, the Debtor intends to reorganize its business or sell
substantially all of its assets so that it can continue its core
research and development activities.  KiOR Columbus did not seek
bankruptcy protection.

The Debtor disclosed $58.27 million in assets and $261.3 million
in liabilities as of June 30, 2014.

The Debtor is represented by Mark W. Wege, Esq., Edward L. Ripley,
Esq., and Eric M. English, Esq., at King & Spalding, LLP, in
Houston, Texas; and John Henry Knight, Esq., Michael Joseph
Merchant, Esq., and Amanda R. Steele, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware.  The Debtor's financial
advisor is Alvarez & Marsal.  Guggenheim Securities, LLC, is the
Debtor's investment banker.  Epiq Bankruptcy Solutions, LLC, is
the Debtor's claims and noticing agent.

Pasadena Investments, LLC, as administrative agent for a
consortium of lenders, committed to provide up to $15,000,000 in
postpetition financing.  The DIP Agent is represented by Thomas E.
Patterson, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los
Angeles, California, and Michael R. Nestor, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.


LIBERTY TOWERS: Discloses Schedules of Assets and Liabilities
-------------------------------------------------------------
Liberty Towers Realty LLC filed with the U.S. Bankruptcy Court for
the Eastern District of New York its summary of schedules of assets
and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                $8,000,000
  B. Personal Property            
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $16,000,000
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $50,000
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                      
                                 -----------      -----------
        TOTAL                     $8,000,000      $16,050,000

A full-text copy of the schedules is available for free
at http://is.gd/FlVH8a

                  About Liberty Towers

Liberty Towers Realty LLC sought bankruptcy protection in Brooklyn,
New York (Bankr. E.D.N.Y. Case No. 14-45187) on Oct. 15, 2014, just
three years after the dismissal of its previous Chapter 11 case.
The petition was signed by Toby Luria as member.  The Debtor
estimated assets and debts of $10 million to $50 million.  The
Carlebach Law Group serves as the Debtor's counsel.

Liberty Towers' case was initially assigned to Judge Carla E. Craig
but has been reassigned to Judge Elizabeth S. Stong due to
Liberty's previous bankruptcy case (Case 11-42589).  The previous
case was dismissed July 27, 2011.

Related entity Liberty Towers Realty I, LLC, also sought bankruptcy
protection (Case No. 14-45189) on Oct. 15, 2014.


LIBERTY TOWERS: Files List of 3 Largest Unsecured Claims
--------------------------------------------------------
Liberty Towers Realty LLC filed with the U.S. Bankruptcy Court for
the Eastern District of New York a list of creditors holding the 20
largest unsecured claims:

Name of Creditor           Nature of Claim     Amount of Claim
----------------           ---------------     ---------------
Garrison Special Opportun   170 Richmond        $15,000,000
c/o Farrell Fritz           Terrace, Staten     ($8,000,000
100 Motor Parkway           Island, New York    secured)
Hauppauge, NY 11788         10301;
                            178 Richmond
                            Terrace, Staten
                            Island, New York
                            10301;
                            20-24 Stuyvesant
                            Place (a/k/a 27-33
                            Hamilt

NCC Capital                 170 Richmond        $1,000,000
4309 13th Street            Terrace, Staten     (8,000,000
Brooklyn, NY 11219          Island, New York    secured)   
                            10301;              ($15,000,000
                            178 Richmond        senior lien)
                            Terrace, Staten
                            Island, New York
                            10301;
                            20-24 Stuyvesant
                            Place (a/k/a 27-33
                            Hamilt

Mark Mermel, Esq.                               $50,000
2001 Marcus Avenue
Suite W180
New Hyde Park, NY 11042

                  About Liberty Towers

Liberty Towers Realty LLC sought bankruptcy protection in Brooklyn,
New York (Bankr. E.D.N.Y. Case No. 14-45187) on Oct. 15, 2014, just
three years after the dismissal of its previous Chapter 11 case.
The petition was signed by Toby Luria as member.  The Debtor
estimated assets and debts of $10 million to $50 million.  The
Carlebach Law Group serves as the Debtor's counsel.

Liberty Towers' case was initially assigned to Judge Carla E. Craig
but has been reassigned to Judge Elizabeth S. Stong due to
Liberty's previous bankruptcy case (Case 11-42589).  The previous
case was dismissed July 27, 2011.

Related entity Liberty Towers Realty I, LLC, also sought bankruptcy
protection (Case No. 14-45189) on Oct. 15, 2014.


LIGHTSTREAM RESOURCE: Moody's Cuts Corporate Family Rating to B3
----------------------------------------------------------------
Moody's Investors Service downgraded Lightstream Resource's
Corporate Family Rating (CFR) to B3 from B2, Probability of Default
Rating to B3-PD from B2-PD, and its senior unsecured notes rating
to Caa2 from Caa1. Moody's also lowered the Speculative Grade
Liquidity Rating to SGL-4 from SGL-3. The rating outlook was
changed to negative from stable.

"The downgrade reflects Lightstream's declining production and our
expectation that the downward commodity cycle will result in a
decrease to the revolver commitment level in Q2 2015." says Paresh
Chari, Moody's Analyst. "Lower projected EBITDA is also expected to
pressure a leverage covenant, which will require relief from its
banks."

Downgrades:

Issuer: Lightstream Resources Ltd

  Probability of Default Rating, Downgraded to B3-PD from B2-PD

  Speculative Grade Liquidity Rating, Lowered to SGL-4 from SGL-3

  Corporate Family Rating, Downgraded to B3 from B2

  Senior Unsecured Regular Bond/Debenture Feb 1, 2020, Downgraded
to Caa2 from Caa1

Outlook Actions:

Issuer: Lightstream Resources Ltd

  Outlook, Changed To Negative From Stable

Rating Rationale

The B3 CFR primarily reflects Lightstream's weak liquidity
position, high debt level, very low leveraged full-cycle ratio
(LFCR), and a base decline rate that requires significant
sustaining capex to maintain production. The rating is supported by
the company's size in terms of production and reserves, and
adequate cash margins.

The SGL-4 rating reflects weak liquidity through 2015. As of
September 30, 2014, Lightstream had no cash and about C$655 million
available under its C$1.15 billion revolving credit facility due
June 2017. The majority of lenders have an option for a borrowing
base determination, expected to occur in Q2 2015, which Moody's
expect will result in a lower commitment level than the C$1.15
billion. Moody's expect Lightstream to fund negative free cash flow
of C$85 million in 2015 through the revolver. Moody's expect
Lightstream to breach the total debt to EBITDA covenant in 2015
(secured debt to EBITDA less than 3x, total debt to EBITDA less
than 4x, debt to capitalization less than 50%) and it will need to
renegotiate with its lenders to get relief. Alternate liquidity is
limited given that substantially all of the company's assets are
pledged under the revolver. If Lightstream is successful in selling
its remaining core Bakken properties then the proceeds would go to
repaying debt including drawings under the revolver and there would
be a reduction in the commitment level.

In accordance with Moody's Loss Given Default methodology the
senior unsecured notes are rated Caa2, two notches below the B3 CFR
due to the large amount of priority-ranking debt in the capital
structure in the form of the secured revolver.

The negative outlook reflects Lightstream's declining production
from lower investment and lower projected EBITDA that is expected
to pressure a leverage covenant which would require relief from the
banks. If Lightstream can get covenant relief and maintain adequate
liquidity while keeping production above 20,000 Boe/d and E&P debt
to average daily production at about US$50,000/Boe, the outlook
could be stabilized.

The rating could be downgraded if Lightstream's liquidity appears
to be insufficient or if debt to production is likely to be
sustained above US$70,000/boe.

The rating could be upgraded if Lightstream's E&P debt to average
daily production approaches US$40,000/boe on a sustainable basis,
and the LFCR exceeds 1x.

Lightstream, a Calgary, Alberta-based oil and gas exploration and
production company, is focused on developing light oil resources in
the Saskatchewan Bakken formation and the Cardium formation in
central Alberta.

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.



LIONS GATE: S&P Raises CCR to 'BB-' on Better Earnings Visibility
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its ratings
on Santa Monica, Calif.-based Lions Gate Entertainment Corp.,
including the corporate credit rating, to 'BB-' from 'B+'.  The
outlook is stable.

"The upgrades reflect our expectations that Lions Gate revenue and
cash flow visibility will improve over the next two years," said
Standard & Poor's credit analyst Naveen Sarma.  "We believe that
Lions Gate's strategy of focusing on selected larger budget film
franchises and moderate cost films, while preselling certain rights
to reduce the financial risk to the company, improves visibility
into its future earnings."

The stable outlook reflects S&P's expectations that the company
will broaden its cash flow base by firmly establishing new film
franchises, expanding its film library cash flow, and growing its
TV production segment profitably--all of which could reduce
earnings volatility.  As a result, S&P expects that discretionary
cash flow to debt (including production loans) will remain above
20% through fiscal 2016.  S&P expects quarterly earnings and cash
flow to still fluctuate widely, depending on the timing and success
of new releases.  Although the outlook is stable, S&P considers a
downgrade more likely than an upgrade over the next few years.

S&P could lower the rating if the company deviates from its current
strategy of focusing on moderate-cost films and selected franchise
films.  A shift that involves higher average cost films or a higher
annual output with fewer franchise films could result in more
earnings and cash flow volatility.  Additionally, a significant
debt-financed acquisition that we conclude will push discretionary
cash flow to debt (including production loans) below 20%, with no
prospects for returning above 20%, could result in a downgrade.
Increases in shareholder-favoring actions that also push
discretionary cash flow to debt (including production loans) below
20% could result in a downgrade.

S&P considers an upgrade as highly unlikely during the next two
years.  S&P could raise the rating if the company significantly
reduces its cash flow volatility.  This could involve developing
new film franchises that register box office success following the
conclusion of the current franchises, ensuring healthy ongoing
EBITDA and positive discretionary cash flow.  Profitable growth of
the TV production segment, which could reduce earnings volatility
and improve margins, would likely be an important contributor to an
upgrade scenario.



LOVELL'S MASONRY: Case Summary & 9 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Lovell's Masonry, Inc.
        PO Box 281377
        Nashville, TN 37228

Case No.: 15-00069

Chapter 11 Petition Date: January 6, 2015

Court: United States Bankruptcy Court
       Middle District of Tennessee (Nashville)

Judge: Hon. Keith M Lundin

Debtor's Counsel: David Phillip Canas, Esq.
                  Craig Vernon Gabbert, Jr., Esq.
                  Barbara Dale Holmes, Esq.
                  Tracy M Lujan, Esq.
                  R. Alex Payne, Esq.
                  Glenn Benton Rose, Esq.
                  HARWELL HOWARD HYNE GABBERT & MANNER PC
                  333 Commerce Street, Suite 1500
                  Nashville, TN 37201
                  Tel: 615-256-0500
                  Fax: 615-251-1059
                  Email: dpc@h3gm.com
                         cvg@h3gm.com
                         bdh@h3gm.com
                         tml@h3gm.com
                         alex.payne@h3gm.com
                         gbr@h3gm.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by William A. Sneed, Jr., chief executive
officer.

A list of the Debtor's nine largest unsecured creditors is
available for free at http://bankrupt.com/misc/tnmb15-00069.pdf


MILLER AUTO: Can't File Chapter 11 Plan Until July 13
-----------------------------------------------------
Miller Auto Parts & Supply Company Inc. and its debtor-affiliates
ask the U.S. Bankruptcy Court for the Northern District of Georgia
to further extend their exclusive periods to file one or more
Chapter 11 plan(s) through and including July 13, 2015, and solicit
acceptance thereto through and including Sept. 11, 2015.

The Debtors' current exclusive period to file a plan will expire on
Jan. 13, 2015, absent an extension.

According to court documents, the Debtors and the Official
Committee of Unsecured Creditors are working together to identify
and liquidate remaining assets as well as evaluate potential causes
of action.  The Debtors say they need more time to determine the
best course of action to propose in one or more Chapter 11 plan(s).
Thus, cause exists to extend the deadlines for filing one or more
Chapter 11 plan(s) and soliciting acceptances thereto for an
additional 180 days through.  The Committee supports the requested
extension, the Debtors note.

                    About Miller Auto Parts

Miller Auto Parts & Supply Company, Inc., and its affiliates are
distributors of automotive parts and service equipment.  The
companies operate from the Johnson Industries Inc.'s headquarters
in Atlanta, Georgia and have distribution operations in the
southeast, northeast and on-line.  The Southeastern distribution
center is located in Norcross, Georgia and supports nine satellite
centers across the state and supplies parts to key fleet customers
across the country.

Miller Auto Parts and its three subsidiaries sought Chapter 11
bankruptcy protection (Bankr. N.D. Ga.) on Sept. 15, 2014.  The
Debtors have sought joint administration under Lead Case No.
14-68113.  The cases are assigned to Judge Mary Grace Diehl.

The Debtors have tapped Scroggins & Williamson as counsel and Logan
& Co. as claims and noticing agent.

The U.S. Trustee for Region 21 appointed three creditors of Miller
Auto Parts & Supply Company Inc. to serve on the official committee
of unsecured creditors.  The Committee selected Kane Russell
Coleman & Logan as its counsel.


MILLER AUTO: Wants Court to Set March 16 as Claims Bar Date
-----------------------------------------------------------
Miller Auto Parts & Supply Company Inc. and its debtor-affiliates
ask the U.S. Bankruptcy Court for the Northern District of Georgia
to set March 16, 2015, at 5:00 p.m. (Eastern) as deadline for
creditors to file proofs of claim.

The Debtors tell the Court that the proposed deadline will give
creditors more than 75 days of prepare and file their claims, and
request for payment of administrative expense claims.  The 75-day
time period should be more than adequate in all but unusual
circumstances which can be handled by individually requested
extension, the Debtors note.

All proofs of claim must be filed at:

  Miller Auto Parts & Supply Company Inc. et al.
  Claims Docketing Center
  c/o Logan & Company Inc.
  546 Valley Road
  Upper Montclair, NJ 07043

                    About Miller Auto Parts

Miller Auto Parts & Supply Company, Inc., and its affiliates are
distributors of automotive parts and service equipment.  The
companies operate from the Johnson Industries Inc.'s headquarters
in Atlanta, Georgia and have distribution operations in the
southeast, northeast and on-line.  The Southeastern distribution
center is located in Norcross, Georgia and supports nine satellite
centers across the state and supplies parts to key fleet customers
across the country.

Miller Auto Parts and its three subsidiaries sought Chapter 11
bankruptcy protection (Bankr. N.D. Ga.) on Sept. 15, 2014.  The
Debtors have sought joint administration under Lead Case No.
14-68113.  The cases are assigned to Judge Mary Grace Diehl.

The Debtors have tapped Scroggins & Williamson as counsel and Logan
& Co. as claims and noticing agent.

The U.S. Trustee for Region 21 appointed three creditors of Miller
Auto Parts & Supply Company Inc. to serve on the official committee
of unsecured creditors.  The Committee selected Kane Russell
Coleman & Logan as its counsel.


MINWIND I LLC: Case Summary & Largest Unsecured Creditors
---------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                    Case No.
     ------                                    --------
     Minwind I, LLC                            15-30015
     500 Russell St
     Luverne, MN 56156

     Minwind II, LLC                           15-30016     
     500 Russell St
     Luverne, MN 56156

     Minwind III, LLC                          15-30017
     500 Russell St
     Luverne, MN 56156

     Minwind IV, LLC                           15-30018
     500 Russell St
     Luverne, MN 56156

     Minwind V, LLC                            15-30019

     Minwind VI, LLC                           15-30020

     Minwind VII, LLC                          15-30021

     Minwind VIII, LLC                         15-30022

     Minwind IX, LLC                           15-30023
     500 Russell St
     Luverne, MN 56156

Chapter 11 Petition Date: January 6, 2015

Court: United States Bankruptcy Court
       District of Minnesota (St Paul)

Judge: Hon. Kathleen H Sanberg (15-30015, 15-30016, 15-30018, and
                                15-30023)
       Hon. Katherine A. Constantine (15-30017)

Debtors' Counsel: David C. McLaughlin, Esq.
                  FLUEGEL ANDERSON MCLAUGHLIN & BRUTLAG
                  25 2nd St NW, Suite 102
                  Ortonville, MN 56278
                  Tel: 320-839-2549
                  Fax: 320-839-2540
                  Email: david.fhmab@midconetwork.com

                                        Total        Total
                                        Assets    Liabilities
                                      ----------  -----------
Minwind I, LLC                        $133,694     $1.64MM
Minwind II, LLC                       $134,083     $1.81MM
Minwind III, LLC                      $223,217     $1.83MM
Minwind IV, LLC                       $906,895     $1.95MM
Minwind IX, LLC                       $915,662     $1.98MM

The petitions were signed by James Ouverson, authorized
representative.

A list of Minwind I, LLC's two largest unsecured creditors is
available for free at http://bankrupt.com/misc/mnb15-30015.pdf

A list of Minwind II, LLC's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/mnb15-30016.pdf

A list of Minwind III, LLC's four largest unsecured creditors is
available for free at http://bankrupt.com/misc/mnb15-30017.pdf

A list of Minwind IV, LLC's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/mnb15-30018.pdf

A list of Minwind IX, LLC's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/mnb15-30023.pdf


MISSION NEWENERGY: Delays Sale of 250K tpa Biodiesel in Malaysia
----------------------------------------------------------------
Mission NewEnergy Limited announced that the sale of its 250,000
tpa biodiesel refinery located in Kuantan Port, East Malaysia, to
the new joint venture company and the reinvestment of part of the
proceeds to gain a 20% stake in the joint venture as announced in
September 2014 has been delayed.  The closing of the Transaction is
now expected to be completed in the first quarter of 2015, the
Company disclosed in a regulatory filing with the U.S. Securities
and Exchange Commission.

Mission also wishes to revise a reporting deficiency and advise the
that the holder of record of its outstanding series four
convertible notes is Noble Haus Asia Ltd a British Virgin Island
Company.

                      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.


MMD HOTEL: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: MMD Hotel Corinth, LLC
        3501 Hwy 259 North
        Kilgore, TX 75662

Case No.: 15-60013

Chapter 11 Petition Date: January 6, 2015

Court: United States Bankruptcy Court
       Eastern District of Texas (Tyler)

Debtor's Counsel: Arthur I. Ungerman, Esq.
                  ARTHUR I. UNGERMAN, ATTORNEY AT LAW
                  12720 Hillcrest Road, Suite 625
                  Dallas, TX 75230
                  Tel: (972) 239-9055
                  Fax: (972)239-9886
                  Email: arthur@arthurungerman.com

Estimated Assets: $1 million $10 million

Estimated Liabilities: $1 million $10 million

The petition was signed by Mahesh Patel, managing member.

The Debtor did not file a list of its largest unsecured creditors
when it filed the petition.


MOLYCORP INC: Fails to Comply with NYSE's $1 Min. Bid Price Rule
----------------------------------------------------------------
Molycorp, Inc., announced that on Dec. 30, 2014, it was notified by
the New York Stock Exchange that its common stock is not in
compliance with the NYSE's continued listing standard that requires
a minimum average closing price of $1.00 per share over a period of
30 consecutive trading days.

Under the NYSE's rules, the Company has a period of six months from
the date of the NYSE notice to bring its 30-day average share price
back above $1.00.  During this period, the Company's common stock
will continue to be traded on the NYSE, subject to the Company's
compliance with other NYSE listing requirements.  The Company said
it will notify the NYSE of its intent to cure this deficiency.

The Company's business operations, reporting requirements, credit
agreements, and other debt obligations currently are unaffected by
this notification.

For more information:

         Jim Sims, +1 (303) 843-8062
         Vice President, Corporate Communications
         Jim.Sims@Molycorp.com

         Brian Blackman, +1 (303) 843-8067
         Vice President, Investor Relations
         Brian.Blackman@Molycorp.com

                          About Molycorp

Molycorp Inc. -- http://www.molycorp.com-- produces specialized
products from 13 different rare earths (lights, mids and heavies),
the transition metal yttrium, and five rare metals (gallium,
indium, rhenium, tantalum and niobium).  It has 26 locations across
11 countries.  Through its joint venture with Daido Steel and the
Mitsubishi Corporation, Molycorp manufactures next-generation,
sintered neodymium-iron-boron ("NdFeB") permanent rare earth
magnets.

The Company's balance sheet at Sept. 30, 2014, showed
$2.96 billion in total assets and $1.83 billion in total
liabilities.

                           *     *     *

In June 2014, Moody's Investors Service downgraded the corporate
family rating of Molycorp to 'Caa2' from 'Caa1'.  The downgrade
reflects continued weakness in rare earths pricing environment,
ongoing negative free cash flows, weak liquidity and high
leverage.

As reported by the TCR on Dec. 12, 2014, Molycorp has a 'CCC+'
corporate credit rating, with negative outlook, from Standard &
Poor's.  "The negative outlook reflects our view that Molycorp's
business and financial condition will become increasingly
precarious unless the Mountain Pass facility can be brought to full
production capacity," said S&P's credit analyst Cheryl Richer.



MONARCH COMMUNITY: Chemical Gets Regulatory OK on Merger Plan
-------------------------------------------------------------
Chemical Financial Corporation and Monarch Community Bancorp, Inc.,
entered into an Agreement and Plan of Merger on Oct. 31, 2014.
Pursuant to the Merger Agreement, Monarch will be merged with and
into Chemical, with Chemical as the surviving corporation, and
Monarch Community Bank, Monarch's wholly-owned subsidiary bank,
will be consolidated with and into Chemical Bank, Chemical's
wholly-owned subsidiary bank, with Chemical Bank as the surviving
bank.

According to a regulatory filing with the U.S. Securities and
Exchange Commission, Chemical has received regulatory approval of
the Holding Company Merger and the Bank Consolidation from the
Board of Governors of the Federal Reserve System and regulatory
approval of the Bank Consolidation from the State of Michigan
Department of Insurance and Financial Services.  Completion of the
Holding Company Merger is subject to the approval of Monarch's
shareholders and satisfaction of other customary closing
conditions.

                      About Monarch Community

Coldwater, Michigan-based Monarch Community Bancorp, Inc., was
incorporated in March 2002 under Maryland law to hold all of the
common stock of Monarch Community Bank, formerly known as Branch
County Federal Savings and Loan Association.  The Bank converted
to a stock savings institution effective Aug. 29, 2002.  In
connection with the conversion, the Company sold 2,314,375 shares
of its common stock in a subscription offering.

Monarch Community reported a net loss available to common
stockholders of $2.55 million in 2013, a net loss available to
common stockholders of $741,000 in 2012 and a net loss of $353,000
in 2011.

As of Sept. 30, 2014, the Company had $176.88 million in total
assets, $156.89 million in total liabilities, and $19.98 million
in total stockholders' equity.


MORRIS BROWN: Plan Has $10.5 Million for AME Church
---------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Morris Brown College negotiated a settlement
with its Official Committee of Unsecured Creditors and the African
Methodist Episcopal Church Inc., the secured creditor, allowing the
filing of a Chapter 11 plan in December.

According to the report, for its $18 million claim, the church will
receive $10.5 million from the sale of college property and will
retain a $3.5 million security interest in unsold college property.
Most of the assets went to the Atlanta Development Authority and
Friendship Baptist Church for $14.5 million, the report said.

Unsecured creditors, with claims ranging from $6.4 million to $9.5
million, will share $300,000 for a recovery estimated between 3
percent and 5 percent, the report related.

                     About Morris Brown College

Morris Brown College, a black college founded in 1881, filed
for Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No.
12-71188) on Aug. 25, 2012, in Atlanta to stop foreclosure on a
$13 million mortgage.

Morris Brown was denied accreditation from the Commission on
Colleges of the Southern Association of Colleges and Schools in
December 2002.  Without its accreditation, Morris Brown College
didn't qualify for federal funding.

The Debtor estimated assets and liabilities of $10 million to
$50 million as of the Chapter 11 filing.

Morris Brown filed applications to employ Dilworth Paxson LLP as
lead counsel; The Moore Law Group, LLC, as local counsel; and BDO
USA, LLP, as auditors.


NATIONAL AIR: Moody's Lowers B747-400 Financing Rating to Caa1
--------------------------------------------------------------
Moody's Investors Service affirmed National Air Cargo Holdings,
Inc.: ("NAC") Corporate Family ("CFR") and Probability of Default
ratings at Caa2 and Caa2-PD, respectively, and downgraded the
senior secured rating assigned to the company's B747-400 conversion
freighter financing to Caa1 from B3. The outlook is stable.

Ratings Rationale

The Caa2 CFR considers the improvement in earnings that the company
realized in 2014 as it more aggressively managed its operating
expenses during periods of low utilization of its owned aircraft.
Furloughs of flight crews including flight attendants at its
airline subsidiary was a primary tactic. Subsidiaries of NAC own
two B747-400 conversion freighter and two B757-200ER passenger
aircraft. Freight and passenger demand related to response efforts
by the US military to the ebola crisis in West Africa, incremental
demand for troop movements in other theaters of operation and some
charter operations increased aircraft utilization in the second
half of 2014. However, Moody's believes that demand for the
company's air transportation services will remain cyclical,
sustaining significant uncertainty in forecasts of its future
financial performance.

The downgrade of the senior secured rating to Caa1 reflects Moody's
estimate of a loan-to-value in excess of 90%, leaving little, if
any, cushion for noteholders in the event the company does not fund
the final payment at the respective maturity of the notes that
finance each aircraft in either September or October 2015. The
company's liquidity is such that paying off the rated notes at
maturity from internal sources is not likely. Current forecasts of
global economic growth of about three percent (Moody's
Macroeconomic Board) in 2015, slowing economic growth in Asia and
weakening of currencies against the US dollar will prevent a
meaningful increase in demand for air freight in 2015 that would
revive demand for four-engine freighters like the B747-400. As the
least fuel efficient long-range freighter, values of the B747-400
are likely to face sustained pressure in 2015, weighing on
estimates of loan-to-value.

The Caa2 Corporate Family Rating ("CFR") reflects the company's
relatively small size, high reliance on the U.S. Department of
Defense ("DoD") for a significant portion of its revenue,
cyclically weak demand from the commercial sector and weak
liquidity. However, the company's freight-forwarding operation
helps it continue to meet the debt service obligations on its
modest aircraft mortgage debt.

The stable outlook reflects Moody's belief that the company can
continue to service its debt obligations notwithstanding the
headwinds it faces from its largest customer, the DoD. Moody's
foresee little, if any, upwards pressure on the ratings before
there is clarity on how the company will fund the maturities of the
rated senior secured notes. The ratings would face a downgrade if
it became apparent that the company would no longer be able to fund
its debt service obligations. A significant falloff in the
utilization rate of the B757 passenger aircraft or the B747
freighters or in freight-forwarding demand would need to occur for
this to happen.

Downgrades:

Issuer: National Air Cargo Holdings, Inc.

  Senior Secured Regular Bond/Debenture (Local Currency),
Downgraded to Caa1 from
B3

Outlook Actions:

Issuer: National Air Cargo Holdings, Inc.

Outlook, Remains Stable

Affirmations:

Issuer: National Air Cargo Holdings, Inc.

  Probability of Default Rating, Affirmed Caa2-PD

  Corporate Family Rating (Local Currency), Affirmed Caa2

The methodologies used in these ratings were Business and Consumer
Service Industry published in December 2014 and Enhanced Equipment
Trust And Equipment Trust Certificates published in December 2010.


National Air Cargo Holdings, Inc., through various subsidiaries, is
a provider of freight forwarding services with business lines
principally serving military and industrial customers. Another
subsidiary is a Part 121 certificated air carrier.



NATURAL MOLECULAR: Chapter 11 Trustee Can Hire Hacker & Willig
--------------------------------------------------------------
The Hon. Marc Barreca of the U.S. Bankruptcy Court for the Western
District of Washington authorized Mark Calvert, Chapter 11 Trustee
for Natural Molecular Testing Corporation, to employ Hacker &
Willig Inc. P.S. as his special counsel in connection with Natural
Molecular Testing Corporation v. Centers for Medicare & Medicaid
Services, et al., Adversary Case No. 13-01635-MLB (CMS Adversary).

As reported in the Troubled Company Reporter on Nov. 24, 2014, the
Chapter 11 Trustee said that since Oct. 21, 2013, the firm has been
advising and representing the Debtor in this bankruptcy case and
all associated adversaries, including the CMS Adversary.  Thus, the
firm is well versed in all aspects of this case.  The firm is well
qualified to represent and advise the Trustee in the CMS Adversary
or in any related federal or state court proceeding, the Trustee
notes.

The Trustee noted that the firm will be entitled to compensation
for professional services rendered in connection with this case,
subject to and in compliance with applicable provisions of the
Bankruptcy Code.

The Trustee assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                      About Natural Molecular

Natural Molecular Testing Corp., which provides molecular
diagnostic-testing services, including testing for sexually
transmitted diseases and screening and counseling about cystic
fibrosis, filed a petition for Chapter 11 protection (Bankr. W.D.
Wash. Case No. 13-19298) on Oct. 21, 2013, in Seattle.  Hacker &
Willig, Inc., P.S., serves as its bankruptcy counsel. The closely
held company said assets are worth more than $100 million while
debt is less than $50 million.

Gail Brehm Geiger, Acting U.S. Trustee for Region 18, appointed a
five-member Committee of Unsecured Creditors.  Foster Pepper's Jane
Pearson, Esq.; Christopher M. Alston, Esq., and Terrance Keenan,
Esq., serve as the Committee's attorneys.


NCI BUILDING: Moody's Rates 250MM Notes B3, Lowers Outlook to Neg
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the proposed new
$250 million of senior unsecured notes due 2023 of NCI Building
Systems, Inc., proceeds of which will be used to finance the $245
million acquisition of CENTRIA, Inc. In the same rating action,
Moody's affirmed the company's corporate family rating of B1 and
probability of default rating of B1-PD, and Moody's raised the
rating on the company's senior secured term loan to Ba3 from B2 .
Moody's also raised the speculative grade liquidity rating to SGL-2
from SGL-3. The rating outlook was revised down to negative from
stable.

The following rating actions were taken:

  Corporate Family Rating, affirmed at B1;

  Probability of Default Rating, affirmed at B1-PD;

  $235.4 million (current amount) senior secured term loan due
2019, raised to Ba3 (LGD3) from B2 (LGD4);

  $250 million of senior unsecured notes due 2023, assigned a B3
(LGD5);

  Speculative grade liquidity assessment, raised to SGL-2 from
SGL-3;

  Outlook changed to negative from stable

Ratings Rationale

The change in rating outlook to negative from stable incorporates
the rise in the company's debt leverage. If the company can drive
its debt leverage down quickly, as it expects, Moody's will likely
restore the stable outlook. If it performs below expectations in
the next year, the rating will likely be lowered. Separately, the
upgrade of the senior secured term loan is not a credit event. It
instead considers the additional loss absorption provided for the
term loan by the proposed new senior unsecured notes.

The B1 corporate family rating reflects NCI's adjusted debt
leverage of 4.2x, which will rise to 5.9x, pro forma for the $250
million note offering. (Moody's adjusted balance sheet debt
includes an additional $ 82 million to account for pension
liabilities and operating lease commitments). The rating also
acknowledges NCI's weak operating profitability and Moody's
expectations that the adjusted EBITA margin will remain in the
low-single digits over the next 12 months, even with the company's
anticipated improvement.

At the same time, however, Moody's see some positive signals from
the non-residential construction sector. According to the
Architectural Billings Index (ABI) provided by the American
Institute of Architecture, which is generally viewed as a leading
indicator of US non-residential construction activity over the next
nine to 12 months, demand is expected to continue growing over the
near term, albeit at a slower pace than Moody's initially expected.
The index has been above 50 (indicating expansion) for eight
consecutive months, and stood at 52.6 in November, vs. the trough
level of 34.7 reported in January 2009. In addition, NCI's severe
weather-related issues experienced during the first half of fiscal
2014 are now seemingly behind the company, and barring another
unseasonably cold winter season in 2015, revenues and profits
should continue to increase. If demand in the non-residential
construction sector continues to grow at the current pace, and NCI
is successful at increasing its penetration with CENTRIA in the
upper end insulated metal panel market, and the company will have
taken as much costs out of the business as Moody's anticipate,
Moody's project that adjusted debt-to-EBITDA could approach 4x over
the next 12 months. The key, of course, will be the company's
execution.

NCI's liquidity is supported by a $150 million asset-based
revolving credit facility ("ABL") due 2019, which is not rated by
Moody's. Availability under the revolver is determined by a monthly
borrowing base calculation. The facility was undrawn as of November
2, 2014 and had remaining availability of $135.4 million after
accounting for $8.1 million of outstanding letter of credit
commitments. This facility has a springing 1:1 fixed charge
coverage if the company fails to maintain a minimum borrowing
capacity. The company's term loan, as amended in 2013, no longer
has a debt leverage covenant. The company had a cash balance of
$66.7 million as of November 2, 2014 and has a history of free cash
flow generation, particularly during the second half of the year.
The company also has no maturing term debt until 2019, when the
term loan and revolver come due, which provides the company
financial flexibility while it awaits a more substantial recovery
in its end markets.

The ratings and/or outlook could improve if NCI is able to generate
adjusted EBITA margins greater than 5.0%, adjusted
EBITA-to-interest expense approaching 3.0x, and adjusted
debt-to-EBITDA below 4.0x, all on a sustained basis. In addition,
the company would also need to resolve its ultimate ownership, as
private equity-owned companies typically do not achieve Ba rating
status.

The ratings will likely be lowered unless NCI brings its adjusted
debt leverage down quickly and improves its other key metrics.
Specifically, if NCI reports operating losses on a trailing
12-month basis, generates adjusted EBITA-to-interest expense below
1.0x, or maintains an adjusted debt-to-EBITDA above 5.5x, the
rating will be lowered. Also, if the company begins generating
negative adjusted free cash flow, engages in another material
debt-financed acquisition, or if conditions in the non-residential
construction sector again deteriorate, the rating will be lowered.

The Ba3 rating assigned to the $235.4 million senior secured term
loan due 2019 (originally $240 million) is one notch above the
corporate family rating of B1. Even though it is structurally
subordinated to the ABL in NCI's capital structure, it benefits
greatly from the loss absorption provided by the new senor
unsecured notes. The term loan also benefits from a first-priority
interest in all assets not pledged to the ABL and a second-priority
interest in the ABL assets.

NCI Building Systems, Inc. ("NCI") is one of North America's
largest integrated manufacturers of metal products for the
nonresidential building industry. During its 2014 fiscal year that
ended November 2, 2014, the company generated revenues and
Moody's-adjusted EBITDA of approximately $1.4 billion and $67
million, respectively (excluding Centria). Clayton, Dubilier & Rice
("CD&R"), through its investment funds, owns approximately 59% of
NCI as of November 2, 2014.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 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.



NCI BUILDING: S&P Revises Outlook to Negative & Affirms 'B+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its rating
outlook on Houston-based NCI Building Systems Inc.  S&P also
affirmed its 'B+' corporate credit rating on the company.

At the same time, S&P assigned its 'B+' issue-level rating (the
same as the corporate credit rating) to the company's proposed 250
million of unsecured notes due 2023.  The recovery rating is '4',
which indicates S&P's expectation of average (30% to 50%) recovery
for lenders in the event of a default.

"The negative outlook reflects what we view as a substantial amount
of additional financial leverage sustained by the company to fund
its acquisition," said Standard & Poor's credit analyst Pablo
Garces.

S&P expects the company's leverage to increase to 5.6x and remain
elevated above 5x for the next 12 months due to the proposed $250
million note offering.  S&P also expects the company to continue to
maintain strong liquidity based on committed revolving borrowing
capacity and modest capital spending, as well as for leverage
levels to decrease to 5.1x at the end of fiscal 2015.

S&P could lower its rating on NCI if the company does not
demonstrate a consistent commitment to deleverage toward the 5x
mark in 2015.  S&P could also consider lowering its rating if a
moderate recession caused a reversal in nonresidential construction
trends such that NCI's EBITDA levels after the acquisition were
below $85 million, resulting in debt leverage approaching 6x.
However, S&P's economists think there is only a 10% to 15%
probability of a new recession.

S&P could raise its corporate credit rating by one notch if NCI's
operating performance exceeds S&P's forecast levels, which would
reduce debt leverage on an adjusted basis to below 5x in the next
12 months, and consistently remained at such levels.  This would be
consistent with an "aggressive" financial risk profile, as defined
in S&P's criteria.  Also necessary for an upgrade would be a
commitment from NCI's owners/management that the risk of
releveraging was low.

S&P could also raise its ratings if CD&R further divests its
ownership in NCI to below 40% and relinquishes any remaining
operational and strategic control, in accordance with S&P's
criteria regarding companies owned by financial sponsors.  An
upgrade in this case would require a neutral or positive financial
policy framework for NCI after CD&R's exit.



NNN 1818 MARKET: Units' Case Summaries & 18 Top Unsec Creditors
---------------------------------------------------------------
Affiliates of NNN 1818 Market Street 16, LLC, that filed separate
Chapter 11 bankruptcy petitions:

      Debtor                                   Case No.
      ------                                   --------   
      NNN 1818 Market Street 21, LLC,          15-10040
      a Delaware Limited Liability Company
      34 Paseo Alba
      San Clemente, CA 92672-9423

      NNN 1818 Market Street 37, LLC,          15-10121
      a Delaware Limited Liability Company
      2900 South Valley View Blvd., #3
      Las Vegas, NV 89102

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: January 6, 2015

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

Judge: Hon. Theodor Albert

Debtor's Counsel: John L. Smaha, Esq.
                  SMAHA LAW GROUP
                  2398 San Diego Avenue
                  San Diego, CA 92110
                  Tel: 619-688-1557
                  Fax: 619-688-1558
                  Email: jsmaha@smaha.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Daniel P. O'Keefe, manager.

A. List of NNN 1818 Market Street 21 Debtor's 18 Largest Unsecured
Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
A & S Sprinkler Co., Inc.              Trade             $1

Allied Barton Security Services LLC    Trade             $1

American Anchor                        Trade             $1

APEX Elevator Inspection & Testing     Trade             $1

Brocks Fire Protection, Inc.           Trade             $1

Caryl Technologies, Inc.               Trade             $1

Connell-Greene Consulting, Inc.        Trade             $1

CTR Parking Solutions, LLC             Trade             $1

E.J.W. Restoration, LLC                Trade             $1

Energy Management Systems, Inc.        Trade             $1

Fairborn Equipment Co. Mid-Atlantic    Trade             $1

Huneke                                 Trade             $1

INX Technology Corporation             Trade             $1

Paul Rabinowitz Glass Co., Inc.        Trade             $1

S & H Interlorscapes                   Trade             $1

Siemens Industry, Inc.                 Trade             $1

UniFirst Corporation                   Trade             $1

Waste Management, Inc.                 Trade             $1


NORTEL NETWORKS: Rockstar Sells Off 4,000 Patents to RPX for $900M
------------------------------------------------------------------
Law360 reported that patent risk management firm RPX Corp. agreed
to pay $900 million to purchase about 4,000 patents owned by
Rockstar Consortium Inc., the licensing group backed by tech giants
including Apple Inc. and Microsoft Inc. that bought patents from
bankrupt Nortel Networks Corp., then sued Google Inc. and others
for infringement.

According to the report, RPX said Rockstar, formed in 2011 by
Apple, Microsoft, BlackBerry Ltd., Ericsson Inc. and Sony Corp. to
purchase Nortel's 6,000 patents for $4.5 billion, have distributed
2,000 of the patents among themselves, so they are not being sold.

The 4,000 patents that are part of the deal will be licensed to a
syndicate of more than 30 companies, including Google and Cisco
Systems Inc., which have faced patent suits from Rockstar, RPX CEO
John A. Amster said in a statement, the report related.

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation and
its various affiliated entities provided next-generation
technologies, for both service provider and enterprise networks,
support multimedia and business-critical applications.  Nortel did
business in more than 150 countries around the world.  Nortel
Networks Limited was the principal direct operating subsidiary of
Nortel Networks Corporation.

On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent
Nortel Networks Corporation, NNI's direct corporate parent Nortel
Networks Limited and certain of their Canadian affiliates
commenced a proceeding with the Ontario Superior Court of Justice
under the Companies' Creditors Arrangement Act (Canada) seeking
relief from their creditors.  Ernst & Young was appointed to serve
as monitor and foreign representative of the Canadian Nortel
Group.  That same day, the Monitor sought recognition of the CCAA
Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No.
09-10164) under Chapter 15 of the U.S. Bankruptcy Code.

That same day, NNI and certain of its affiliated U.S. entities
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).

In addition, the High Court of England and Wales placed 19 of
NNI's European affiliates into administration under the control of
individuals from Ernst & Young LLP.  Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.

On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A.  On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy
Court for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.

U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases.  Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.

In the Chapter 11 case, James L. Bromley, Esq., and Howard S.
Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New
York, serve as the U.S. Debtors' general bankruptcy counsel; Derek
C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in
Wilmington, serves as Delaware counsel.  The Chapter 11 Debtors'
other professionals are Lazard Freres & Co. LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims and notice
agent.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors in respect of the U.S. Debtors.  Fred S. Hodara, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, in New York, and
Christopher M. Samis, Esq., and Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., in Wilmington, Delaware,
represent the Unsecured Creditors Committee.

An ad hoc group of bondholders also was organized.  An Official
Committee of Retired Employees and the Official Committee of Long-
Term Disability Participants tapped Alvarez & Marsal Healthcare
Industry Group as financial advisor.  The Retiree Committee is
represented by McCarter & English LLP as Delaware counsel, and
Togut Segal & Segal serves as the Retiree Committee.  The
Committee retained Alvarez & Marsal Healthcare Industry Group as
financial advisor, and Kurtzman Carson Consultants LLC as its
communications agent.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion.  The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies.  As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.

Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers.  Nortel has collected roughly $9 billion for
distribution to creditors.  Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation.  The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction.  The
deal closed in July 2011.

Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court.  The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.

The trial on how to divide proceeds among creditors in the U.S.,
Canada, and Europe commenced on Sept. 22, 2014.


OCZ TECHNOLOGY: Trustee Says Class Plaintiffs Flouted Ch. 11 Stay
-----------------------------------------------------------------
Law360 reported that Peter S. Kravitz, the liquidation trustee for
OCZ Technology Group Inc.'s estate, told a Delaware bankruptcy
judge that the lead plaintiffs in a California class action against
the debtor's former brass willfully violated the automatic stay by
trying to push through a settlement and asked to be awarded
damages.

According to the report, the liquidation trustee argued that the
plaintiffs in the California case willfully ignored the bankruptcy
rule that halts other litigation when it asked a Golden State
federal court to approve a $7.5 million settlement, a move he said
was made without informing the estate or the court in Delaware.

The shareholder suit is In re: OCZ Technology Group Inc. Securities
Litigation, case number 3:12-cv-05265, in the U.S. District Court
for the Northern District of California.

                             About OCZ

San Jose, Calif.-based OCZ Technology Group, Inc. (Nasdaq: OCZ)
designs, manufactures, and distributes high-performance solid-
state storage solutions and premium computer components.

OCZ and two affiliates on Dec. 2, 2013, filed for Chapter 11
protection (Bankr. D. Del. Lead Case No. 13-13126) with a deal to
sell all assets under 11 U.S.C. Sec. 363 to Toshiba Corporation
for $35 million.

As of the bankruptcy filing, the Debtors had funded indebtedness
of $29.3 million and general unsecured trade obligations of $31.4
million.

The Debtors are represented by Mayer Brown LLP's Sean T. Scott,
Esq., as counsel and Young Conaway Stargatt & Taylor LLP's Michael
R. Nestor, Esq., Matthew B. Lunn, Esq., and Jaime Luton Chapman,
Esq., as Delaware local counsel.  Deutsche Bank is the Debtors'
investment banker.  Mike Rizzo Jr. at RAS Management Advisors,
LLC, serves as financial advisors to the Debtors.  The Hon. Peter
J. Walsh presides over the case.

Kelley Drye & Warren LLP's Eric R. Wilson, Esq., Jason R. Adams,
Esq., and Gilbert R. Saydah Jr., Esq., serve as counsel to the
official committee of unsecured creditors, and Greenberg Traurig,
LLP's Dennis A. Meloro, Esq. serves as local counsel.

OCZ Technology, on Jan. 17, 2014, received approval from the
Bankruptcy Court to sell substantially all of its assets to
Toshiba Corporation for $35 million.  OCZ Technology changed its
name to ZCO Liquidating Corporation.

The Troubled Company Reporter, on Aug. 12, 2014, reported that the
U.S. Bankruptcy Court confirmed OCZ Technology Group's Chapter 11
Plan of Liquidation, dated May 7, 2014.


OPENTEXT CORP: Moody's Rates on New Sr. Unsecured Notes 'Ba2'
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to OpenText Corp.'s
proposed senior unsecured notes. The Ba1 Corporate Family Rating
and all other ratings are unchanged. The ratings outlook remains
negative.

Proceeds of the new notes, due 2024, will be used to refinance the
outstanding balance of the $600 million senior secured term loan A,
as well as for general corporate purposes, including the funding of
OpenText's recently announced acquisition of Actuate, Inc., a
provider of business analytics software tools.

Upon the closing of the note offering, Moody's expects to assign a
Baa3 rating to the new $300 million secured revolving credit
facility, upgrade the $800 million senior secured term loan B to
Baa3 from Ba1 and revise the Probability of Default Rating to
Ba1-PD from Ba2-PD. The expected upgrade of the $800 million senior
secured term loan A and revision of the PD rating reflects the
introduction of unsecured debt into the capital structure and
reduction of outstanding secured debt.

Ratings Rationale

The Ba1 Corporate Family Rating continues to reflect OpenText's
leading position within the enterprise content management (ECM)
market and the company's modest, though increased financial
leverage (2.9x pro forma for recent acquisitions and the proposed
financing) and strong free cash flow generation capabilities.
Moody's expect free cash flow to debt levels to be maintained at or
near 20%. The rating also recognizes OpenText's continued success
in integrating the acquisition of GSX group and management's
ability to reduce the cost structure across the organization.

Management believes that the acquisition of Actuate will enable
OpenText to provide its existing customer base with analytic
software solutions. It is uncertain whether the Actuate acquisition
will generate meaningful levels of EBITDA in the near term as the
company has been experiencing revenue declines which management
believes are the result of a shift to a subscription software sales
model from a license model. There is potential for OpenText's
leverage to continue to trend upward if management cannot increase
EBITDA through organic revenue growth or continued cost cutting
measures. Given the turnaround challenges at Actuate and the
company's acquisition appetite, OpenText is considered weakly
positioned within the Ba1 category.

The negative outlook reflects the potential that leverage will
continue to trend towards greater than 3x. The negative outlook
also considers recent organic revenue declines in legacy products,
as well as OpenText's willingness to make debt funded acquisitions.
The ratings could face downward pressure if margins or revenue
growth were to deteriorate, or leverage were to exceed 3x on other
than a temporary basis. The outlook could be changed to stable if
the company can demonstrate consistent organic revenue, profit, and
cash flow growth, while successfully integrating Actuate. Given
OpenText's acquisition appetite, a ratings upgrade is unlikely in
the near term.

Liquidity is expected to be very good based on an undrawn $300
million revolver, approximately $455 million of cash on the balance
sheet (pro forma for the debt issuance and Actuate acquisition),
and strong levels of free cash flow. The company is expected to
generate in excess of $300 million of free cash flow over the next
12 months.

Assignments:

Issuer: Open Text Corp.

  Proposed Senior Unsecured Regular Bond/Debenture (Foreign
Currency),
  Assigned Ba2, LGD5

The principal methodology used in this rating was Global Software
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.

Open Text Corp., headquartered in Waterloo, Ontario, Canada, is one
of the largest providers of enterprise content management and
business process management software. For twelve months ended
September 30, 2014, revenues were approximately $1.8 billion.



PASSAIC HEALTHCARE: 2 Affiliates' Voluntary Ch.11 Case Summaries
----------------------------------------------------------------
Affiliates of Passaic Healthcare Services, LLC, that separately
filed Chapter 11 bankruptcy petitions:

      Debtor                                   Case No.
      ------                                   --------
      Galloping Hill Surgical LLC              15-10190   
         dba Allcare Medical
      4470 Bordentown Avenue
      Sayreville, NJ 08872

      Allcare Medical SNJ LLC                  15-10191
         dba Allcare Medical
      8 E. Stow Road, Suite 200
      Marlton, NJ 08053

Type of Business: Health care

Chapter 11 Petition Date: January 6, 2015

Court: United States Bankruptcy Court
       District of New Jersey (Trenton)

Judge: Hon. Christine M. Gravelle

Debtors' Counsel: Joseph J. DiPasquale, Esq.
                  TRENK, DIPASQUALE, DELLA FERA & SODONO, P.C.
                  347 Mt. Pleasant Ave, Suite 300
                  West Orange, NJ 07052
                  Tel: 973-243-8600
                  Fax: 973-243-8677
                  Email: jdipasquale@trenklawfirm.com

                                   Estimated    Estimated
                                    Assets     Liabilities
                                  ----------   -----------
Galloping Hill Surgical           $10MM-$50MM  $10MM-$50MM
Allcare Medical SNJ LLC           $10MM-$50MM  $10MM-$50MM

The petitions were signed by Winthrop Hayes, president.

List of Debtors' 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
McKesson Medical Surgical           Trade Debt       $4,380,132
Attn: Terri
PO Box 630693
Cincinatti, OH 45263-0693
terri.duncan@mckesson.com

Lerner, Richard                     Subordinated     $1,928,423
2333 Morris Avenue, Ste.            Seller Debt
C210
Union, NJ 07083

MagnaCare                           Employee Medical   $666,303
Attn: Sherrill Spatz-Billing        Claims
1600 Stewart Avenue
Suite 700
Westbury, NY 11590

Drive Medical Design &              Trade Debt         $423,596
Manufacturing
Attn: Mike Kelly
99 Seaview Boulevard
Port Washington, NY 11050

Abrams Fensterman                   Legal Fees         $366,410
Fensterman LLP
1111 Marcus Avenue
Suite 107
Lake Success, NY 11042

Respironics                         Trade Debt         $351,763
PO Box 405740
Atlanta, GA 30384
Tel: 724-387-5237
Fax: 724-387-5009

Invacare Corporation                Trade Debt         $344,831
PO Box 824056
Philadelphia, PA 19182-4056

Independence Medical NJ 01          Trade Debt         $315,796
Attn: Accounting
1810 Summit Commerce Park
Twinsburg, OH 44087
Tel: 330-963-7208

Resmed Corp.                        Trade Debt         $274,425
PO Box 534593
Atlanta, GA 30353-4593
Tel: 800-424-0737
Fax: 858-836-5511

A1 International                    Trade Debt         $274,407
2226 Morris Avenue
Union, NJ 07083
Tel: 908-851-2288
Email: bknapp@aoneonline.com

Premier Courier Service             Trade Debt         $187,631

AIG                                 Trade Debt         $154,431

Medix Staffing Solutions            Trade Debt         $137,476

Medline Industries, Inc.            Trade Debt         $134,476

Linde Gas North America             Trade Debt         $132,052

Select Express & Logistics          Trade Debt         $122,880

Rolling Hills Properties LLC        Trade Debt          $99,421

Probasics/PMI                       Trade Debt          $99,253

Brightree LLC                       Trade Debt          $96,369

American Express                    Trade Debt          $91,922


QR ENERGY: Moody's Withdraws Caa1 Senior Unsecured Notes Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for QR
Energy, LP (QRE). The withdrawals follow QRE's acquisition by
Breitburn Energy Partners LP in November 2014 and the final
redemption of QRE's senior notes in December 2014.

Ratings Withdrawn:

Issuer: QR Energy, LP

B2 Corporate Family Rating

B2-PD Probability of Default Rating

SGL-3 Speculative Grade Liquidity Rating

Caa1, LGD5 Senior Unsecured Notes Rating

Outlook Action:

Outlook, Changed To Rating Withdrawn From Rating Under Review

Ratings Rationale

QR Energy, LP is an upstream master limited partnership that was
acquired by Breitburn Energy Partners LP in November 2014 for
approximately $2.5 billion.



QUALTEQ INC: Judge Baer Closes Avadama's Chapter 11 Case
--------------------------------------------------------
The Hon. Janet S. Baer of the U.S. Bankruptcy Court for the
Northern District of Illinois issued an order granting a final
decree closing the Chapter 11 case of Avadamma LLC (Case No.
12-05879), a debtor-affiliate of Qualteq Inc. dba VCT New Jersey
Inc.

Judge Baer said the order does not close any other open chapter 11
case of any other Debtor besides Avadamma.

Fred C. Caruso, solely in his capacity as the liquidator in the
Chapter 11 case of Avadamma, was authorized to take all actions
necessary to effectuate the relief granted pursuant to the order.

                      About Qualteq Inc.

South Plainfield, New Jersey-based QualTeq, Inc., engaged in the
design, manufacture, and personalization of plastic cards in the
United States.  The company manufactured magnetic, contact, and
dual interface smart cards.

Qualteq Inc. and 17 affiliated companies filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-12572) on
Aug. 14, 2011.  Eric Michael Sutty, Esq., and Jeffrey M. Schlerf,
Esq., at Fox Rothschild LLP, serve as local counsel to the Debtors.
K&L Gates LLP is the general bankruptcy counsel.  Eisneramper LLP
is the accountants and financial advisors.  Scouler & Company is
the restructuring advisors.  Lowenstein Sandler PC is counsel to
the Committee.  Avadamma LLC disclosed $38,491,767 in assets and
$36,190,943 in liabilities as of the Petition Date.

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed four
unsecured creditors to serve on the Official Committee of Unsecured
Creditors.  Lowenstein Sandler PC represents the Committee.
EisnerAmper LLP serves as its accountants and financial advisors.

In November 2012, the Qualteq trustee completed the sale of the
business for $51.2 million to Valid USA Inc.  The price included
$46.1 million in cash plus the assumption of liabilities.

At the request of Bank of America NA, the bankruptcy judge
appointed a Chapter 11 trustee in May 2012.  The case was
transferred to Chicago from Delaware in February 2012.

Fred C. Caruso, the Chapter 11 Trustee, tapped Hilco Real Estate,
LLC, as real estate advisors.

In April 2013, the Bankruptcy Court in Chicago signed an order
confirming Qualteq Inc.'s liquidating Chapter 11 plan.  Creditors
with about $9.8 million in claims are being paid in full from a
liquidating trust.  Lenders with mortgages on real estate securing
about $34 million also will be paid in full from sales of the
underlying properties.  Creditors were practically unanimous in
accepting the plan.  The disclosure statement contained a
projection showing $13.7 million left over for the company's owners
after creditors are paid.


REICHHOLD HOLDING: Hires Hilco Valuation as Appraiser & Consultant
------------------------------------------------------------------
Reichhold Holdings US, Inc. and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the District of
Delaware to employ Hilco Valuation Services, LLC as appraiser and
valuation consultant, nunc pro tunc to Dec. 5, 2014.

The Debtors require Hilco Valuation to:

   (a) provide the Debtors with a projection of gross and net
       liquidation value of the Debtors' inventory based upon an
       Orderly Liquidation Value scenario; and

   (b) conduct a field examination based on the Debtors' books,
       financial statements, records and representations of the
       Debtors' management, employees, accountants, attorneys,
       other professionals, or other representatives by applying
       the agreed-upon procedures set forth in the Engagement
       Agreements.

The Debtors will compensate Hilco Valuation in accordance with the
terms and conditions and at the times set forth in the Engagement
Agreements, which provide, in relevant part, for the following
compensation structure (the "Fixed Fee"):

   -- Inventory Evaluation and Appraisal.  Hilco Valuation's fee
      for the inventory evaluation and appraisal is $28,000 plus
      reasonable travel expenses.  Payment in full is due upon
      completion of the appraisal and receipt of invoice;

   -- Field Exam Services.  Hilco Valuation's fee for the field
      exam services is $97,500 plus out-of-pocket expenses.  An
      invoice will be rendered to the Debtors at the end of the
      engagement.

Ian S. Fredericks, assistant general counsel and vice president of
Hilco Valuation, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.

The Court for the District of Delaware will hold a hearing on the
application on Jan. 27, 2015, at 10:30 a.m.  Objections, if any,
are due Jan. 20, 2015, at 4:00 p.m.

Hilco Valuation can be reached at:

       Ian S. Fredericks, Esq.
       HILCO VALUATION SERVICES, LLC
       5 Revere Dr, Suite 300
       Northbrook, IL 60062
       E-mail: ifredericks@hilcoglobal.com

                         About Reichhold

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, USA, is one of the
world's largest manufacturer of unsaturated polyester resins and a
leading supplier of coating resins for the industrial,
transportation, building and construction, marine, consumer and
graphic arts markets.  Reichhold -- http://www.Reichhold.com/--  
has manufacturing operations throughout North America, Latin
America, the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.  In 2013,
the companies generated $1.08 billion in net revenue, and as of
the year-to-date August 2014, $750 million in net revenues.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

The Reichhold Companies are pursuing a sale transaction that has
two elements:

   (i) a consensual foreclosure by the holders of senior secured
notes on their security interests in the common and preferred
stock in Reichhold Holdings Luxembourg, S.a.r.l. ("RHL"), the
ultimate holding company of all of the non-debtor affiliates that
operate outside the U.S., and

  (ii) a purchase of certain assets of the Debtors by Reichhold
Holdings International B.V. through a credit bid pursuant to
Section 363 of the Bankruptcy Code.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.

Logan & Company is the company's claims and noticing agent.

The cases are assigned to Judge Mary F. Walrath.

The U.S. Trustee for Region 3 appointed seven creditors of
Reichhold Holdings US, Inc. to serve on the official committee of
unsecured creditors.  The Creditors' Committee retains Hahn &
Hessen LLP as lead counsel, Blank Rome LLP as co-counsel, and
Capstone Advisory Group, LLC and Capstone Valuation Services, LLC,
as financial advisor.

An Ad Hoc Committee of Asbestos Claimants also appears in the
case.  The Ad Hoc Committee consists of three plaintiff law firms,
Cooney & Conway, Gori Julian & Associates, P.C., and Simmons Hanly
Conroy LLC, each in their capacity as tort counsel for clients of
their firms who have asbestos-related personal injury or wrongful
death claims against the Debtors.  The Committee is represented by
Mark T. Hurford, Esq., at Campbell & Levine, LLC; and Caplin &
Drysdale, Chartered's James P. Wehner, Esq. and Jeffrey A.
Liesemer, Esq.


REICHHOLD HOLDINGS: Taps Hilco Real Estate as Consultant
--------------------------------------------------------
Reichhold Holdings US, Inc. and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the District of
Delaware to employ Hilco Real Estate, LLC as real estate
consultant, nunc pro tunc to Dec. 10, 2014, the date of the Real
Estate Consulting and Advisory Services Agreement.

The Debtors have requested that Hilco Real Estate serve as their
real estate consultant during these Chapter 11 cases to provide
certain real estate consulting and advisory services, including,
but not limited to, the following:

   (a) meeting with the Debtors to ascertain their goals,
       objectives and financial parameters;

   (b) soliciting interested parties for the sale of the Property,

       and marketing the Property for sale; and

   (c) at the Debtors' direction and on the Debtors' behalf,
       negotiating the terms of the sale of the Property.

Subject to the Court's authorization, the Debtors will compensate
Hilco Real Estate in accordance with the terms and conditions and
at the times set forth in the Consulting Agreement, which provides,
in relevant part, for the following compensation structure:

   -- In the event a Property is sold to a buyer (other than the
      Carve-Out Buyer), Hilco Real Estate shall earn a fee equal
      to the greater of (i) 5% of the Gross Sale Proceeds, and
      (ii) $20,000. For purposes of the Consulting Agreement,
      "Gross Sale Proceeds" shall mean the aggregate cash or non-
      cash consideration received by the Debtors in consideration
      of the Property.  The value of non-cash consideration paid
      for a Property shall be determined by mutual agreement
      between Hilco and the Debtors.

   -- All fees payable to Hilco Real Estate shall be free and
      clear of any liens, claims and encumbrances, including the
      liens of any secured parties and shall be payable at the
      time of closing on a sale of the Property.

   -- Subject to the Debtors' prior approval, the Debtors shall
      reimburse Hilco Real Estate for all reasonable and customary

      Reimbursable Expenses up to $40,000 incurred in connection
      with the performance of the services proposed under the
      Consulting Agreement; provided, however, that Hilco Real
      Estate will submit a detailed marketing budget within 10
      business days of entry of an Order approving this
      Application.

Ian S. Fredericks, assistant general counsel and vice president of
Hilco, assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtors and
their estates.

The Court for the District of Delaware will hold a hearing on the
application on Jan. 27, 2015, at 10:30 a.m.  Objections, if any,
are due Jan. 20, 2015, at 4:00 p.m.

Hilco Valuation can be reached at:

       Ian S. Fredericks, Esq.
       Hilco Real Estate, LLC
       1440 Maple Ave., Suite 4B
       Lisle, IL 60532
       E-mail: ifredericks@hilcoglobal.com

                         About Reichhold

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, USA, is one of the
world's largest manufacturer of unsaturated polyester resins and a
leading supplier of coating resins for the industrial,
transportation, building and construction, marine, consumer and
graphic arts markets.  Reichhold -- http://www.Reichhold.com/--  
has manufacturing operations throughout North America, Latin
America, the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.  In 2013,
the companies generated $1.08 billion in net revenue, and as of
the year-to-date August 2014, $750 million in net revenues.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

The Reichhold Companies are pursuing a sale transaction that has
two elements:

   (i) a consensual foreclosure by the holders of senior secured
notes on their security interests in the common and preferred
stock in Reichhold Holdings Luxembourg, S.a.r.l. ("RHL"), the
ultimate holding company of all of the non-debtor affiliates that
operate outside the U.S., and

  (ii) a purchase of certain assets of the Debtors by Reichhold
Holdings International B.V. through a credit bid pursuant to
Section 363 of the Bankruptcy Code.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.

Logan & Company is the company's claims and noticing agent.

The cases are assigned to Judge Mary F. Walrath.

The U.S. Trustee for Region 3 appointed seven creditors of
Reichhold Holdings US, Inc. to serve on the official committee of
unsecured creditors.  The Creditors' Committee retains Hahn &
Hessen LLP as lead counsel, Blank Rome LLP as co-counsel, and
Capstone Advisory Group, LLC and Capstone Valuation Services, LLC,
as financial advisor.

An Ad Hoc Committee of Asbestos Claimants also appears in the
case.  The Ad Hoc Committee consists of three plaintiff law firms,
Cooney & Conway, Gori Julian & Associates, P.C., and Simmons Hanly
Conroy LLC, each in their capacity as tort counsel for clients of
their firms who have asbestos-related personal injury or wrongful
death claims against the Debtors.  The Committee is represented by
Mark T. Hurford, Esq., at Campbell & Levine, LLC; and Caplin &
Drysdale, Chartered's James P. Wehner, Esq. and Jeffrey A.
Liesemer, Esq.


RESOLUTE ENERGY: S&P Assigns 'B-' Rating on $150MM 2nd-Lien Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B-' issue-level rating (same as the corporate credit rating) and
'3' recovery rating to Denver-based oil and gas exploration and
production company Resolute Energy Corp.'s $150 million second-lien
secured term loan (which was funded on Dec. 31, 2014).  The loan
matures six months following the maturity date of the company's
first-lien revolving credit facility (currently March 2018, but
that date is extended from time to time), but no later than Nov. 1,
2019.  The '3' recovery rating indicates S&P's expectation of
meaningful (50% to 70%) recovery in the event of a payment default.
S&P's recovery expectations are in the lower half of the 50% to
70% range.

The company plans to use net proceeds of $134 million to repay a
portion of the borrowings on its revolving credit facility.  The
company's credit facility was also amended to reduce the borrowing
base to $330 million (from $400 million previously) and to
eliminate the total debt to EBITDA covenant.

The terms of the term loan facility allow Resolute Energy to issue
up to $200 million of additional term loan debt for 60 days
following the closing.  If the company were to increase term loan
borrowings, it could affect the recovery rating on this debt, and
S&P would re-evalute the issue-level rating.

The 'B-' corporate credit rating on Resolute Energy reflects
Standard & Poor's assessment of the company's "vulnerable" business
risk and "highly leveraged" financial risk, as well as its
"adequate" liquidity.

Ratings List

Resolute Energy Corp.
Corporate Credit Rating                       B-/Stable/--

New Rating

Resolute Energy Corp.
$150 million 2nd-lien secd term loan          B-
  Recovery Rating                              3



RESTORATION MINISTRIES: Case Summary & 2 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Restoration Ministries ATM, Inc.
        PO Box 2461
        Ellenwood, GA 30294

Case No.: 15-50384

Chapter 11 Petition Date: January 6, 2015

Court: United States Bankruptcy Court
       Northern District of Georgia (Atlanta)

Debtor's Counsel: Sims W. Gordon, Jr., Esq.
                  THE GORDON LAW FIRM PC
                  Suite 1500
                  400 Galleria Parkway, SE
                  Atlanta, GA 30339
                  Tel: (770) 955-5000
                  Fax: (770) 955-5010
                  Email: atllaw06@gordonlawpc.com

Total Assets: $2.50 million

Total Liabilities: $2.1 million

The petition was signed by Marshall S. Lanier McGill, CEO.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ganb15-50384.pdf


REVEL AC: Wells Fargo Will Pay Casino's Outstanding Property Taxes
------------------------------------------------------------------
Law360 reported that Director of Revenue and Finance Michael
Stinson Atlantic City, New Jersey, has reached an agreement under
which Wells Fargo Bank will pay most of Revel Casino Hotel's
outstanding $31 million property taxes, pending approval from the
city and the bankruptcy judge presiding over the beleaguered
casino's case.

                          About Revel AC

Revel AC, Inc. -- http://www.revelresorts.com/-- owns and   
operates Revel, a Las Vegas-style, beachfront entertainment resort
and casino located on the Boardwalk in the south inlet of Atlantic
City, New Jersey.

Revel AC Inc. and five of its affiliates sought bankruptcy
protection (Bankr. D.N.J. Lead Case No. 14-22654) on June 19,
2014, to pursue a quick sale of the assets.

The Chapter 11 cases are assigned to Judge Gloria M. Burns.  The
Debtors' Chapter 11 cases are jointly consolidated for procedural
purposes.

Revel AC estimated assets ranging from $500 million to $1 billion,
and the same amount of liabilities.

White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors'
Counsel, and Moelis & Company, LLC, is the investment banker.  The
Debtors' solicitation and claims agent is Alixpartners, LLP.

The prepetition first lenders are represented by Cadwalader,
Wickersham & Taft LLP.  The prepetition second lien lenders are
represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP.  The
DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP.

This is Revel AC's second trip to bankruptcy.  The company first
sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 13-
16253) on March 25, 2013, with a prepackaged plan that reduced
debt by $1.25 billion.  Less than two months later on May 15,
2013, the 2013 Plan was confirmed and became effective on May 21,
2013.


SPECIALTY HOSPITAL: Arrangement on Termination of 401K Plan OK'd
----------------------------------------------------------------
Bankruptcy Judge S. Martin Teel, Jr., approved a memorandum of
agreement between Specialty Hospital of Washington, LLC, et al.,
and 1199 SEIU United Healthcare Workers East regarding the
termination of the 401(k) Plan.

The agreement provides that the Hadley Debtors (Specialty Hospital
of Washington Hadley, LLC and SHA Hadley SNF, LLC) will (a) for the
time period between May 21, 2014, and the date the 401(k) Plan is
terminated, make matching contributions into the 401(k) Plan, as
otherwise required by the collective bargaining agreement with the
Union, and (b) for the time period between termination of the
401(k) Plan and the sale of the Debtors' assets to DCA
Acquisitions, LLC, make payments to Union employees who participate
in the 401(k) Plan equivalent to the matching contributions that
the Hadley Debtors would have otherwise been required to make into
the 401(k) Plan if the 401(k) Plan were not terminated.

In exchange, the Union will provide the Hadley Debtors with a
general release from claims arising out of or relating to matching
401(k) contributions after the Petition Date, and the Hadley
Debtors' decision to terminate the 401(k) Plan.

The Hadley Debtors and the Union are parties to a collective
Bargaining agreement for the period of May 13, 2012, until
April 20, 2015.  Pursuant to Article 23 of the CBA, the Hadley
Debtors maintain a 401(k) Plan.

                    About Specialty Hospital

Specialty Hospital of America LLC operates nursing home
facilities and long-term acute care hospitals.

On April 23, 2014, an involuntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 14-
10935) was filed against Specialty Hospitals of Washington, LLC
("SHDC").

Capitol Hill Group and five other alleged creditors who signed the
involuntary bankruptcy petition are represented by Stephen W.
Spence, Esq., at Phillips, Goldman & Spence, in Wilmington,
Delaware.  Capitol Hill Group claims to be owed $1.66 million on a
lease for non-residential real property while another creditor,
Metropolitan Medical Group, LLC, claims $837,000 for physician
services.  The petitioners assert $2.69 million in total claims.

On May 9, 2014, the Delaware court transferred the case to
Washington, D.C. (Bankr. D.D.C. Case No. 14-00279).  The Debtor
disclosed $3.12 million in assets and $96.7 million in liabilities
as of the Chapter 11 filing.

On May 21, 2014, SHDC filed an answer and consent for relief under
Chapter 11.  Also on May 21, six affiliates of SHDC, including
Specialty Hospital of America, LLC filed for Chapter 11
protection.  The U.S. Bankruptcy Court entered an order directing
the joint administration the cases under Specialty Hospital of
Washington, LLC, Case No. 14-00279.

The Debtors announced plans to sell all of their assets in
exchange for a $15 million debtor-in-possession loan from Silver
Point Capital, which will allow the Debtors to continue operating
through the bankruptcy process.

The Debtors are represented by Pillsbury Winthrop Shaw Pittman LLP
as counsel.  Alvarez and Marsal Healthcare Industry Group, LLC,
serves as the Debtors' financial advisor.  Cain Brothers &
Company, LLC, is the Debtors' investment banker.

The U.S. Trustee has named three members to the Official Committee
of Unsecured Creditors.



STAG INDUSTRIAL: Fitch Affirms 'BB' Rating on $139MM Pref. Stock
----------------------------------------------------------------
Fitch Ratings has assigned a 'BBB-' rating to STAG Industrial
Operating Partnership, L.P.'s $80 million unsecured notes issued
through a private placement on Dec. 30, 2014.  The notes have a
12-year term and bear interest at a fixed rate of 4.42%.  

The Rating Outlook is Positive.

These notes are the first issuance under a $200 million note
purchase agreement that STAG announced on Nov. 24, 2014.  The
company expects to issue the remaining notes under this purchase
agreement on or around Feb. 20, 2015.  The remaining notes are $20
million of additional 12-year notes bearing interest at 4.42% and
$100 million of 10-year notes bearing interest at 4.32%.

KEY RATING DRIVERS

The ratings reflect STAG's credit strengths, which include low
leverage and strong fixed charge coverage for the rating, excellent
liquidity, a sizable unencumbered asset pool and improving access
to capital, including unsecured private placements and term loans
and common equity via underwritten follow-on common equity
offerings and ATM programs.

These credit positives are balanced by the company's portfolio
concentration in secondary industrial markets and short operating
history as a public company.

The Positive Outlook reflects the upward momentum in STAG's credit
profile, including rapid organizational growth, improving
fixed-charge coverage and enhanced access to unsecured debt capital
- all in the context of leverage sustaining in the low 5.0x range.

STAG has achieved many of the rating sensitivities Fitch has
identified as potentially leading to positive ratings momentum.
However, the Positive Outlook captures pending additional seasoning
in the company's operating portfolio and metrics. Specifically,
Fitch will watch closely for evidence of stabilization in the
company's same-store net operating income (NOI) growth following a
period of unanticipated weakness during most of 2013.

Internal Growth to Stabilize and Improve

STAG's cash same-store NOI declined for the TTM ended Sept. 30,
2014 including year-over-year decreases of 0.7% in fourth quarter
2013 (4Q'13), 4.9% in 1Q'14, 1.2% in 2Q'14 and 0.6% in 3Q'14.  The
same-store weakness can be attributed to unusually low tenant
retention due to a period of heightened corporate change and, to a
lesser extent, the harsh weather during the 2013-2014 winter
season.

The company has replaced some of the larger tenant vacancies,
including the loss of Brown Shoe at its Sun Prairie, WI, asset that
was backfilled with minimal downtime.  However, free rent granted
under selected replacement tenant leases has been a near-term drag
on cash same store NOI growth that should abate as these
concessions burn off.

Fitch projects same store NOI growth of 2.9% in 2015 and 3.3% in
2016, based on improved occupancy and positive GAAP rent spreads
for new and renewal leases.  The agency's projections assume
stabilization and improvement in the company's tenant retention
ratios during 2015 through 2016, towards a more normalized level of
between 70% and 80%.  On Jan. 5, 2015, STAG announced that it
retained 71.7% of its expiring leased square footage in 4Q'14,
resulting in an annual tenant retention rate of 69.7%.

Low Leverage

STAG's leverage was 5.8x based on an annualized run rate of STAG's
recurring operating EBITDA for the quarter ending Sept. 30, 2014,
which is strong for the 'BBB-' rating.  This compares with 5.4x on
an annualized basis for the quarter ending Dec. 31, 2013 and 4.9x
for the quarter ending Sept. 30, 2013.  Adjusting 3Q'14 earnings
for the impact of partial period acquisitions would reduce STAG's
leverage to 5.3x.  Fitch's projections anticipate that the company
will sustain leverage of approximately 5.0x during the next three
years on an annualized basis that includes a full-year's impact of
earnings from projected acquisitions.

Small Size But Improving Access to Capital

STAG's sale of $300 million of private placement unsecured notes
(including an additional $120 million of notes under delayed draw
agreements) is an important milestone in the company's transition
to a predominantly unsecured borrowing strategy that evidences
broader access to unsecured debt capital.  Prior to the company's
inaugural private unsecured notes placement, STAG's unsecured
borrowings were limited to three bank term loans, as well as
drawdowns under the company's unsecured revolver.  However, Fitch
continues to view STAG as a relatively less seasoned unsecured bond
issuer pending further private placement issuance.

Strong Fixed-Charge Coverage

Fitch expects the company's fixed charge coverage to sustain in the
low 3.0x through 2016.  The low interest rate environment and
higher capitalization rates on class B industrial properties in
secondary markets should allow STAG to continue deploying capital
on a strong spread investing basis.  STAG's fixed charge coverage
was 3.3x for the TTM ended Sept. 30, 2014 and 3.2x and 2.5x for the
years ending Dec. 31, 2013 and 2012, respectively.

Excellent Liquidity

STAG completed a $600 million refinancing of its unsecured bank
debt in Dec. 2014.  The refinancing reduced the company's cost of
fully committed unsecured bank debt to Libor + 1.41% from Libor +
1.66% and increased the weighted average term to 5.9 years from 3.8
years.

STAG also replaced its $200 million unsecured revolving credit
facility with a new $300 million revolver that has a lower cost and
extends the maturity by three years to December 2019 through the
refinancing.

STAG's unencumbered assets, defined as unencumbered net operating
income (NOI) (as calculated in accordance with the company's
unsecured loan agreements) divided by a stressed capitalization
rate of 10%, covered its unsecured debt by 3.5x in 3Q'14, which is
strong for the current ratings.  The company's substantial
unencumbered asset pool is a source of contingent liquidity that
enhances STAG's credit profile.

Straightforward Business Model

STAG has not made investments in ground-up development or
unconsolidated joint venture partnerships.  The absence of these
items helps simplify the company's business model, improve
financial reporting transparency and reduce potential contingent
liquidity claims, which Fitch views positively.

While the company may selectively pursue the acquisition of
completed build-to-suit (BTS) development projects in the future,
Fitch anticipates only a moderate amount of such activity by STAG
on an ongoing basis.  Fitch views the acquisition of completed BTS
projects developed by third parties as less risky than the
traditional ground-up speculative and BTS development undertaken by
some of STAG's industrial REIT peers.

Strong Management

Fitch views management favorably due to its successful track record
in executing its single-tenant industrial portfolio acquisition
strategy, as well as its extensive real estate capital markets
experience.  Fitch does not expect the company's appointment of
Geoff Jervis as Chief Financial officer to result in a change in
financial policies.  Fitch anticipates that Mr. Jervis will
continue to broaden STAG's unsecured debt base beyond bank debt and
that the company will remain committed to its low-leverage
strategy.

Secondary Market Locations

STAG's strategy centers on the acquisition of individual Class B,
single tenant industrial properties (warehouse/distribution and
manufacturing assets) predominantly in secondary markets throughout
the United States by sourcing third party purchases and structured
sale-leasebacks.  Such transactions typically range in price from
$5 million to $50 million and have higher going-in yields, stronger
internal rates of return, and less competition from other buyers.

The company has only minimal exposure to what are traditionally
considered the 'core' U.S. industrial and logistics markets, which
include Chicago, Los Angeles/Inland Empire, Dallas - Fort Worth,
Atlanta and New York/Northern New Jersey.  Fitch views this as a
credit negative given superior liquidity characteristics for
industrial assets in 'core' markets - both in terms of financing
and transactions.

Limited Public Company Track Record

STAG has a limited track record as a public company, having gone
public in 2Q'11.  This track record is balanced by 1) the
homogeneity of industrial properties, 2) management's prior
experience successfully managing STAG's predecessor as a private
company that dates back to 2004 and 3) management's extensive real
estate and capital markets experience.

Preferred Stock Notching

The two-notch differential between STAG's IDR and preferred stock
rating is consistent with Fitch's criteria for a U.S. REIT with an
IDR of 'BBB-'.  These preferred securities are deeply subordinated
and have loss absorption elements that would likely result in poor
recoveries in the event of a corporate default.

Positive Outlook

The Positive Outlook is based on Fitch's expectation for
stabilization and improvement in the company's cash same-store NOI
growth over the rating horizon, coupled with Fitch's expectation
that STAG will maintain leverage and fixed-charge coverage of
approximately 5.0x and 3.0x on a run rate basis, metrics that are
consistent with a 'BBB' IDR.

RATING SENSITIVITIES

These factors may have a positive impact on STAG's ratings:

   -- Stabilization, followed by sustained improvement in STAG's
      tenant retention and same-store NOI growth is Fitch's
      primary consideration for positive ratings momentum;

   -- Continued access to the unsecured bond market;

   -- Leverage calculated on an annualized basis adjusted for
      acquisitions sustaining below 5.5x (leverage was 5.3x as of
      Sept. 30, 2014);

   -- Fixed charge coverage to sustaining above 3.0x (coverage was

      3.3x as of Sept. 30, 2014).

These factors may have a negative impact on the company's ratings
and/or Outlook:

   -- Fitch's expectation for leverage sustaining above 6.5x;
   -- Fixed charge coverage sustaining below 2.0x;
   -- A meaningful increase in the percentage of STAG's encumbered

      assets relative to gross assets.

In addition to the $80 million of unsecured notes, Fitch currently
rates STAG as:

STAG Industrial, Inc.

   -- Issuer Default Rating (IDR) 'BBB-';
   -- $139 million preferred stock 'BB'.

STAG Industrial Operating Partnership, L.P.

   -- IDR 'BBB-';
   -- $300 million senior unsecured revolving credit facility
      'BBB-';
   -- $100 million senior unsecured notes 'BBB-';
   -- $300 million senior unsecured term loans 'BBB-'.



STUART WEITZMAN: Coach Deal No Impact on Moody's B3 Rating
----------------------------------------------------------
Moody's Investors Service said that Stuart Weitzman Acquisition Co.
LLC's ratings ("Stuart Weitzman", B3 stable) are not affected by
the January 6 announcement of a definitive agreement for the
company to be acquired by premium handbag and accessories designer
Coach, Inc. for approximately $574 million including contingent
payments.

The principal methodology used in this rating was the Global
Apparel Companies 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.

Headquartered in New York, NY, Stuart Weitzman Acquisition Co. LLC
is a designer and retailer of luxury women's footwear. Revenues for
the last twelve months ended October 4, 2014 were approximately
$300 million. The company has been controlled by Sycamore Partners
since April 2014.



SUPERIOR HEALTHCARE: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Superior Healthcare Investors, Inc.
        1800 New York Avenue
        Superior, WI 54880

Case No.: 15-50439

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: January 6, 2015

Court: United States Bankruptcy Court
       Northern District of Georgia (Atlanta)

Debtor's Counsel: G. Frank Nason, IV, Esq.
                  LAMBERTH, CIFELLI, STOKES ELLIS & NASON, P.A.
                  Ste 550, 3343 Peachtree Rd., NE
                  Atlanta, GA 30326
                  Tel: (404) 262-7373
                  Email: gfn@lcsenlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Douglas K. Mittleider, chief executive
officer.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.


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

     Debtor                                      Case No.
     ------                                      --------
     Swanke Hayden Connell Ltd.                  15-10009
     100 Broadway
     New York, NY 10005

     Design 360 Inc.                             15-10010
     100 Broadway
     New York, NY 10005

     Swanke Hayden Connell & Partners LLP        15-10011
     100 Broadway
     New York, NY 10005

Chapter 11 Petition Date: January 6, 2015

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

Judge: Hon. Shelley C. Chapman

Debtors' Counsel: Leo Fox, Esq.
                  630 Third Avenue, 18th Floor
                  New York, NY 10017
                  Tel: (212) 867-9595
                  Fax: (212) 949-1847
                  Email: leofox1947@aol.com

                                          Total        Total
                                          Assets    Liabilities
                                        ----------  -----------
Swanke Hayden Connell Ltd.              $6.51MM     $6.99MM
Design 360 Inc.                         $717,067    $272,946
Swanke Hayden Connell & Partners LLP    $0-$50K     $0-$50K

The petitions were signed by Richard Seth Hayden, president.

A list of Swanke Hayden Connell Ltd.'s 20 largest unsecured
creditors is available for free at:

             http://bankrupt.com/misc/nysb15-10009.pdf


T-L CHEROKEE: Has Access to CTB's Cash Collateral Until Feb. 28
---------------------------------------------------------------
U.S. Bankruptcy Judge J. Philip Klingeberger signed off on an
interim order that authorizes T-L Cherokee South LLC to use the
cash collateral of Cole Taylor Bank until Feb. 28, 2015.

In return for T-L Cherokee's continued use of the cash collateral,
Cole Taylor Bank is granted a "valid and perfected" mortgage on the
company's property, and security interest in its personal
property.

T-L Cherokee owes the bank $14.39 million in interest and $92,280
in fees as of its bankruptcy filing, according to court filings.

A full-text copy of the court order is available without charge at
http://is.gd/XY9R4l

Judge Klingeberger will hold a hearing on Feb. 24 to consider final
approval of T-L Cherokee's request to use the cash collateral.

                        About T-L Cherokee

T-L Conyers LLC, T-L Cherokee South, LLC, and two affiliates
sought Chapter 11 protection in Hammond, Indiana, on Feb. 1, 2013.

The Debtors are represented by David K. Welch, Esq., at Crane,
Heyman, Simon, Welch & Clar, in Chicago.

The Debtors own various shopping centers in Georgia and Kansas.

T-L Cherokee South (Bankr. N.D. Ind. Case No. 13-20283) estimated
assets and debts of $10 million to $50 million.  T-L Cherokee owns
and operates a commercial shopping center in Overland Park, Kansas
known as "Cherokee South Shopping Center".

The Debtors are entities managed by Westchester, Illinois-based
Tri-Land Properties, Inc., which sought Chapter 11 protection (Case
No. 12-22623) on July 11, 2012.



TITAN ENERGY: Completes Merger with PTES Acquisition
----------------------------------------------------
Titan Energy Worldwide, Inc., completed a short-form merger with
PTES Acquisition II Corp., a wholly-owned indirect subsidiary of
Pioneer Power Solutions, Inc., with PTES II as the surviving
entity, pursuant to that certain Plan and Agreement of Merger,
dated as of Dec. 31, 2014.  Prior to the merger, PTES II completed
the acquisition of 100% of the preferred stock of Titan and owned
96% of the outstanding shares of Titan's capital stock entitled to
vote on a merger.

As a result of the merger, each outstanding share of Titan common
stock was cancelled and converted into the right to receive the
merger consideration of $0.0007 per share of Titan common stock.
Furthermore, as a result of the merger, Titan ceased to be a public
reporting company and its common stock will no longer be quoted for
trading.

Titan stockholders of record as of Dec. 31, 2014, will have the
opportunity to receive the merger consideration upon completing the
letter of transmittal and related instructions to be mailed to them
by Broadridge Corporate Issuer Solutions, Inc., who is serving as
paying agent to Pioneer.  Stockholders of record may seek
additional information by calling Broadridge at (855) 793-5068.

                        About Titan Energy

New Hudson, Mich.-based Titan Energy Worldwide, Inc., is a
provider of onsite power generation, energy management and energy
efficiency products and services.

Titan reported net profit of $108,215 on $21.89 million of net
sales for the year ended Dec. 31, 2013, as compared with a net
loss of $1.65 million on $19.15 million of net sales during the
prior year.

The Company's balance sheet at March 31, 2014, showed
$6.15 million in assets, $10.3 million in liabilities, and a
stockholders' deficit $4.15 million.

"The Company believes it can be profitable for the year 2014 as
some of the factors that created the loss were due to extreme
weather conditions and Management believes it has put into place
new processes and procedures that should mitigate the impact of
these types of conditions in the future.  In addition, the Company
is in the process of restructuring its balance sheet.  If
successful, this should allow the Company to gain access to
capital at a reduced rate.  However, the accumulated deficit and
the notes that are in default raise substantial doubt as to the
Company's ability to continue as a going concern," the Company
stated in the Form 10-Q for the period ended March 31, 2014.

                          *     *     *

As reported in the TCR in November 2014, Titan Energy disclosed in
a regulatory filing that as a result of the ongoing audits and
reviews of its financial statements, which are not yet complete,
the Company concluded that the previously filed financial
statements in the annual report for 2011, 2012 and 2013 and the
quarterly reports for 2012, 2013 and 2014 should no longer be
relied upon.  The Company said that the largest adjustment related
to the goodwill impairment and was not known until the company
completed its step 2 analysis on Oct. 22, 2014.



TRUSTEES OF CONNEAUT LAKE PARK: Asks for Jan. 30 Deadline for Data
------------------------------------------------------------------
Ed Palattella at Erie Times-News reports that the bankruptcy lawyer
for the Conneaut Lake Park trustees, George Snyder, Esq., has asked
the bankruptcy court in Erie, Pennsylvania, to give the Park until
Jan. 30, 2015, to file records detailing all of its debts in its
court filings.

Erie Times relates that over $927,000 in unpaid real estate taxes
largely led the Park to file for bankruptcy in December.  The
report says that the Park owes: (i) Conneaut School District
$636,000 in back taxes; (ii) Crawford County $235,000; (iii) Summit
Township $44,000; and (iv) Sadsbury Township $12,200.  According to
the report, these Creditors said that they will oppose any argument
that the Park is tax exempt and that the tax liens -- covering 1996
through 2013 -- are invalid.  

Erie Times says Mr. Snyder hinted that he might challenge the
validity of the tax liens because the Park has been a nonprofit
corporation since 1997.  Mr. Snyder said in court documents that as
a nonprofit, the Park in 1997 stopped paying property taxes, but
taxing authorities "continued assessing and liening taxes" against
the Park's property.

Citing the attorney for the Creditors, Lawrence Bolla, Erie Times
states that the Park has never been found to be tax exempt and "may
not now argue in this Court that its real property is or has been
exempt from real estate taxes for the years 1996 through 2013."

According to Erie Times, Mr. Bolla said that Crawford County
President Judge Anthony Vardaro on Dec. 3, 2014, rejected arguments
from the Attorney General's Office that the Park, as a charitable
trust, is tax exempt.  Mr. Bolla said in court documents that the
Park never appealed Judge Vardaro's ruling that had allowed the
sheriff sale to proceed and, which, according to Mr. Bolla,
"specifically found that the real property taxes due through the
year 2013 are proper assessments and the property is not exempt"
because, among other things, the Park "never requested an exemption
for any of the tax years involved."

The Park could request an exemption from assessment officials going
forward, but that it would not be retroactive to 1996 through 2013,
Erie Times reports, citing Mr. Bolla.

                     About Conneaut Lake Park

Conneaut Lake Park is a summer amusement resort, located in
Conneaut Lake, Pennsylvania.

Trustees of Conneaut Lake Park, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. W.D. Pa. Case No. 14-11277) in Erie, Pennsylvania,
on Dec. 4, 2014.  The case is assigned to Judge Thomas P. Agresti.
The Debtor tapped George T. Snyder, Esq., at Stonecipher Law Firm,
in Pittsburgh, as counsel.  The Debtor estimated assets and debt of
$1 million to $10 million.

Trustees of Conneaut Lake Park filed for bankruptcy protection less
than 20 hours before the Crawford County amusement park was
scheduled to go to sheriff's sale for almost $930,000 in back taxes
and related fees.


WASCO CO: Files for Bankruptcy
------------------------------
Katy Stech, writing for Daily Bankruptcy Review, reported that
Tennessee bricklayer Wasco Inc. has filed for bankruptcy
protection, saying it can't afford to make the court-ordered
payments into a pension fund for its roughly 300 workers.

Getahn Ward, writing for The Tennessean, reported that the
company's debt includes an estimated $5.5 million penalty claimed
by its former pension plan.  The Tennessean said the filing stemmed
from WASCO's decision four years ago not to renew its union
contract with the Bricklayers & Allied Craftworkers Local Union #5
of Tennessee, which had represented some of the company's
employees.


WASCO INC: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: WASCO, Inc.
        1122 2nd Avenue North, Suite B
        Nashville, TN 37208

Case No.: 15-00068

Chapter 11 Petition Date: January 6, 2015

Court: United States Bankruptcy Court
       Middle District of Tennessee (Nashville)

Judge: Hon. Keith M Lundin

Debtor's Counsel: David Phillip Canas, Esq.
                  Craig Vernon Gabbert, Jr., Esq.
                  Barbara Dale Holmes, Esq.
                  Tracy M Lujan, Esq.
                  R. Alex Payne, Esq.
                  Glenn Benton Rose, Esq.
                  HARWELL HOWARD HYNE GABBERT & MANNER PC
                  333 Commerce Street, Suite 1500
                  Nashville, TN 37201
                  Tel: 615-256-0500
                  Fax: 615-251-1059
                  Emails: dpc@h3gm.com
                          cvg@h3gm.com
                          bdh@h3gm.com
                          tml@h3gm.com
                          alex.payne@h3gm.com
                          gbr@h3gm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by William A. Sneed, Jr., chief executive
officer.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.


[*] Blank Rome Opens New Office in Downtown Pittsburgh
------------------------------------------------------
Blank Rome LLP on Jan. 6 disclosed that it is expanding its
national platform with a new office in downtown Pittsburgh.  As of
Friday, January 9, the office will be anchored by five accomplished
partners, as the Firm begins its strategic expansion to build a
full-service office in Pittsburgh in the coming months.

The Pittsburgh office will be led by George M. Medved.  Prior to
joining Blank Rome, Mr. Medved served as Partner-in-Charge for
Pittsburgh at both Duane Morris and Pepper Hamilton.  Also joining
from Duane Morris in Pittsburgh are Amy Joseph Coles, James P.
Hollihan, and Joseph T. Moran, along with Jayme L. Butcher, who is
joining from Reed Smith in Pittsburgh.  The five attorneys join the
Firm as partners in its Litigation Department and have handled a
broad range of complex litigation matters.  Collectively, they have
handled cases involving corporate, construction, trade secrets,
non-compete and employment litigation, class action defense, as
well as First Amendment, technology/Internet, antitrust,
securities, intellectual property, derivative actions, and
creditors' rights litigation.

Alan J. Hoffman, Blank Rome Chairman and Managing Partner, said,
"Blank Rome has earned a reputation for delivering exceptional
client service from a collegial, collaborative environment.  Our
new partners are a great fit with our culture and with our business
-- they share our values and are eminently capable of meeting the
current and growing demand for our services from clients with
significant interests in Western Pennsylvania.  We are delighted to
have them lead us as we open our Pittsburgh office, and look
forward to continuing to expand in this market."

Blank Rome is growing by adding attorneys that bring new business
opportunities, can serve current clients, and fit strategically
within its preeminent, national platform.  Accordingly, a robust
office in Pittsburgh further strengthens Blank Rome's leading
presence in Pennsylvania; creates a natural connection for the
Firm's energy practice and clients in its Houston, Philadelphia and
New York offices, among others; and increases Blank Rome's ability
to meet the existing and expanding local demand for its legal
services.

"This is an invigorating move for us," said George Medved,
Administrative Partner of the new Pittsburgh office.  "Pittsburgh
is a vibrant commercial market, and Blank Rome has a solid strategy
for establishing and increasing its presence here.  We are excited
most by Blank Rome's depth, experience and reputation,
collaborative culture and diversified practice, and by its
strategic geographic platform, with offices where they matter most
for our clients.  We are happy to be a part of Blank Rome and
thrilled to build the Pittsburgh practice."

Within the last 12 months, Blank Rome has added 25 lateral partners
across a number of the Firm's practices and geographies. Blank Rome
currently has more than 500 attorneys in 13 offices in the United
States, as well as a Representative Office in Shanghai.

Blank Rome's Pittsburgh office is located at 500 Grant Street,
Suite 2900, Pittsburgh, Pennsylvania, 15219. Phone: 412-515-1522.

                         About the Lawyers

   * Jayme L. Butcher, Corporate Litigation Group – Ms. Butcher
focuses on complex commercial litigation and arbitration.  She has
handled matters in diverse areas of litigation, including trade
secret and non-compete law, employment law, pharmaceutical, class
actions, personal injury, breach of contract, oil and gas,
negligence, First Amendment, and general commercial litigation. Ms.
Butcher has also led commercial arbitrations at the American
Arbitration Association and at FINRA, the Financial Industry
Regulatory Authority.  She was Chair of the Pittsburgh Office
Women's Initiative Network at Reed Smith.

   * Amy Joseph Coles, Corporate Litigation Group – Ms. Coles
practices primarily in the areas of general commercial litigation,
complex civil litigation, construction litigation, and class action
defense work.  Ms. Coles has handled a wide range of disputes for
construction owners, contractors, subcontractors, and material
suppliers; she has also represented banks, financial services
providers, healthcare corporations, and pharmaceutical companies in
state and federal cases.  At Duane Morris, she served as Pittsburgh
office liaison to the Women's Initiative Program. She previously
served as judicial law clerk for the Hon. Gary L. Lancaster of the
U.S. District Court for the Western District of Pennsylvania.

   * James P. Hollihan, Labor and Employment Group – Mr. Hollihan
practices in the areas of commercial and business litigation, with
a particular emphasis on employment litigation.  Mr. Hollihan's
employment practice includes defending claims asserted against
clients for race, sex, age, and disability discrimination; sexual
harassment; wrongful discharge; and breach of employment contracts.
He litigates several other types of complex business cases,
including accountant malpractice actions, breach of contract
claims, cases involving violations of federal and state securities
laws, insurance coverage disputes, and ERISA litigation.

   * George M. Medved, Corporate Litigation Group – Mr. Medved is
a seasoned trial lawyer who handles a variety of corporate and
commercial litigation matters, including antitrust, securities,
intellectual property, derivative actions, creditors' rights,
construction, class actions, product liability, real estate, and
employment litigation, as well as contract and Uniform Commercial
Code cases.  Mr. Medved has handled matters in state and federal
courts at the trial and appellate level throughout the country, as
well as in arbitrations both domestically and abroad.

   * Joseph T. Moran, Corporate Litigation Group – Mr. Moran
focuses his practice on commercial and construction litigation,
First Amendment/media law and technology/Internet litigation.  He
has assisted clients on commercial litigation and appellate matters
on ethics and First Amendment issues; privacy, electronic
discovery, media and ethical issues relating to Internet usage in
workplace and media settings; and technology/e-commerce issues.
About Blank Rome LLP

With more than 500 attorneys serving clients around the globe,
Blank Rome
-- http://www.blankrome.com-- is an international law firm
representing businesses and organizations ranging from Fortune 500
companies to start-up entities.  Founded in 1946, Blank Rome
advises clients on all aspects of their businesses, including
commercial and corporate litigation; consumer finance; corporate,
M&A, and securities; environmental, energy, and natural resources;
finance, restructuring, and bankruptcy; intellectual property and
technology; labor and employment; maritime, international trade and
government contracts; matrimonial; products liability, mass torts,
and insurance; real estate; tax, benefits, and private client; and
white collar defense and investigations. Blank Rome also represents
pro bono clients in a wide variety of cases and matters.


[*] Competitive Landscape Spurs Bankruptcy of Solar Power Companies
-------------------------------------------------------------------
Frost & Sullivan estimates that global solar market revenues will
grow between 2014 and 2020 despite the economic uncertainty in the
global markets.  A number of government sponsored initiatives are
expected to boost the proportion of energy coming from "green
sources" and political willingness will also be a key driver of
this market.  With climate change high on the agenda for most
governments, renewable energy has come to the forefront as one of
the solutions proposed to combat global warming.  Incentive
mechanisms are also an important factor encouraging investments for
the growth of the solar power market.

Key Findings

Frost & Sullivan estimates that the global solar market revenue
decreased by % in 2013 compared to the previous year.  Market
revenue is estimated to reach $ billion in 2020 growing at a
compound annual growth rate (CAGR) of %.  The market is expected to
follow a positive growth pattern throughout the forecast period
despite economic uncertainty in the global market.

As a result of significant overcapacity and price decline of
photovoltaic (PV) modules, the market registered negative growth in
2013 and larger global suppliers of PV panels struggled to make a
profit, with some of them filing for bankruptcy.

In 2013, the industrial and public projects segment accounted for
the majority of the annual installed capacity at % and will be the
fastest-growing segment for annual capacity installed at a CAGR of
%.

One of the key drivers for this market has been defining the
structure of feed-in tariffs (FiTs) for solar PV-generated power.
Favorable legislation should continue to propel the growth of the
industry as a whole.

A number of government-sponsored initiatives are expected to boost
the proportion of energy coming from green sources, and political
willingness will also be a key driver of this market throughout the
forecast period.  With climate change high on the agenda for most
governments, renewable energy has come to the forefront as one of
the solutions proposed to combat global warming.

Growth in the solar power market is impacted by the level of
insolation that a region receives.  Insolation is defined as the
amount of solar energy reaching the earth, which is usually
strongest on and around the equator and is measured in kWh/m/day.

Higher latitudes have lower insolation levels, therefore, some
regions are unattractive markets for solar PV.

Key Findings

According to the European Photovoltaic Industry Association (EPIA),
"China and India will lead the way as PV prices fall and economies
rapidly develop in countries located around the equator."  China
and India have become the most attractive markets over the last
years.  Most large PV module manufacturers are building up their
capabilities with tie-ups and alliances in these countries.
Increased investment into this market is a result of the likely
introduction of FiT systems, adequate solar radiation, and
increasing awareness of renewable technologies.  With increased
technological efficiency, the cost of generating solar energy has
decreased significantly, though the installation and maintenance
costs still remain relatively high.  Therefore, incentive
mechanisms are an important factor encouraging investments for
growth of the solar power market.  The reduction of emissions from
greenhouse gases (GHGs) and other pollutants is a priority for many
countries, while energy efficiency is one of the most
cost-effective ways to enhance security of energy supply. In many
ways, energy sufficiency is one of the drivers impacting growth of
the solar power market.  The competitive landscape of the solar
power market has been extremely dynamic with companies registering
high growth at one point and declaring bankruptcy a few years
later.  Low manufacturing costs in Asia, particularly China, have
resulted in the liquidation of some industry pioneers such as BP
Solar, Photowatt (one of the first PV companies to become
profitable), and Evergreen Solar (which closed its solar division,
as was the case for BP).  Q-Cells also closed down (although it was
later rescued by BMW heir, Quandt).  Suntech declared bankruptcy in
March 2013.  However, the market currently looks quite buoyant and
Frost & Sullivan expects the market revenue to reach $ billion in
2014, an increase of % over 2013.

                         About Reportbuyer

Reportbuyer -- http://www.reportbuyer.com-- is an industry
intelligence solution that provides all market research reports
from top publishers.


[*] Emanuel Grillo Joins Baker Botts as Bankruptcy Partner
----------------------------------------------------------
Baker Botts LLP, an international law firm, on Jan. 6, 2015,
disclosed that Emanuel Grillo has joined the firm as a partner in
the Bankruptcy and Workouts Practice.  Mr. Grillo brings more than
20 years of bankruptcy and restructuring experience to Baker Botts,
and is based in the firm's New York office.

"Adding bankruptcy expertise in the New York office augments our
nationwide presence and allows us to support our clients' needs
anywhere in the country," said Baker Botts Managing Partner
Andrew M. Baker.

Prior to joining Baker Botts, Mr. Grillo was a partner in Goodwin
Procter's Financial Institutions Group and chaired its Financial
Restructuring Practice.

Mr. Grillo has broad-based experience representing secured and
unsecured creditors, debtors and court-appointed trustees, as well
as both sellers and purchasers in distressed mergers and
acquisitions conducted under the auspices of the Bankruptcy Code.
His experience includes cross-border and prepackaged bankruptcy
cases.

Mr. Grillo completed his J.D. from Fordham University School of Law
in 1991 and B.S.F.S. from Georgetown University in 1988.

Additional information about the Bankruptcy and Workouts Practice
at Baker Botts is available at:

http://www.bakerbotts.com/bankruptcy-and-workouts-practice-areas/

                      About Baker Botts

Baker Botts -- http://www.BakerBotts.com-- is an international law
firm of 700 lawyers practicing throughout a network of 15 offices
around the globe.


[*] Gordian Group Appoints Fred Zeidman as Chairman
---------------------------------------------------
Gordian Group LLC, a U.S. investment bank specializing in
board-level advice in complex, distressed or "story" financial
matters, has announced that Fred Zeidman has become Chairman of the
firm, effective immediately.  Peter S. Kaufman continues as
President and Henry F. Owsley remains as Gordian Group's Chief
Executive Officer.

Mr. Zeidman has been involved in numerous high-profile workouts,
restructurings and reorganizations.  He was the former CEO,
President and Chairman of Seitel, Inc., a Houston-based provider of
onshore seismic data to the oil and gas industry in North America
where he was instrumental in the highly successful turnaround of
the Company.  He also held the post of Chairman of the Board and
CEO of Unibar Corporation, the largest domestic independent
drilling fluids company, until its sale to Anchor Drilling Fluids.

Mr. Zeidman is also Chairman Emeritus of the United States
Holocaust Memorial Council, Chairman Emeritus of the University of
Texas Health Science System Houston, interim Chief Financial
Officer of the Texas Heart Institute and is Vice Chancellor of the
Houston Community College System.  He further serves on the Board
of Directors and Executive Committee of the University of Saint
Thomas and is National Campaign Chairman of Development Corp of
Israel (Israel Bonds).

He currently serves as Chairman of the Board of CompanionDx (a
healthcare concern) and also Chairman of the Board of Petroflow
Energy, and as a Director of Petro River Oil, Hyperdynamics Corp.,
Lucas Oil, Straight Path Communications, Inc. and Prosperity Bank
in Houston.  He was formerly Bankruptcy Trustee of AremisSoft Corp.
and Co-Chief Restructuring Officer of TransMeridian Exploration
Inc.

"We are excited that Fred will join senior management and become an
integral part of our organization, positioning us for exceptional
growth in the restructuring cycle we see ahead of us.  Access to
board rooms to permit us to provide a suite of value-added services
is always our focus, and Fred will aid greatly in those efforts,"
noted Mr. Kaufman.

Mr. Owsley said, "The expansion of the team to include Fred is an
important step in our efforts to continue to build a firm
responsive to the needs of boards of directors and control
stockholders which find themselves in increasingly more challenging
environments.  We look forward to a long and productive
relationship with Fred, who brings extensive client-side and
operational experience to our core team."

"It is a privilege for me to join Gordian Group," commented
Mr. Zeidman.  "I feel this is the first time I have found a perfect
fit in the advisory sector for what I love to do.  I have come to
know and respect the very talented team at the firm, and the
sophisticated advice and judgment Gordian Group provides to boards
of directors in an increasingly complex and litigious world appeals
to me greatly as a platform.  I look forward to assisting in the
growth of that business."

                          About Gordian

Founded in 1988, Gordian Group -- http://www.gordiangroup.com-- is
an investment bank providing advisory services with respect to
financial restructurings, complex, "story" and/or distressed M&A
and capital raises, both in and out of bankruptcy, as well as
structured finance remediation, opinions and expert witness and
litigation support services.

Gordian Group is continually recognized as a national leader in
solving complex issues and has completed over 275 engagements on
behalf of companies, boards of directors, and shareholders
(including entrepreneurs and private equity firms), as well as a
decades long history advising banking and insurance institutions
and regulators, state governments and federal agencies.


[*] Huron Consulting Announces Senior Level Promotions
------------------------------------------------------
Huron Consulting Group, a provider of business consulting services,
on Jan. 7 disclosed that Erin Bartley, David Felsenthal, Shane
Goss, Paul Klinkhamer, Steve Lothrop, Gerrit Ostermick, Peter
Ostrega, Robert Parris, Tim Patterson, Nicholas Richardson, Chris
Smedley and Allen Zimmerman have been promoted to the role of
managing director.

"This is a significant accomplishment for our new managing
directors, and I am thrilled that we are able to add such a
talented group of individuals to our leadership team at Huron,"
James H. Roth, chief executive officer and president, Huron
Consulting Group.  "These individuals are being recognized for
their ability to help our clients become more successful, their
focus on values-based leadership, and a dedication to growing the
Company."  "We look forward to their leadership and continued
commitment to Huron."

Ms. Bartley was promoted to managing director in Huron Healthcare.
She assists hospitals and health systems in many areas across the
revenue cycle, including patient access, case management, health
information management, billing, collections, and vendor
management.

Mr. Felsenthal was promoted to managing director in Huron's
Enterprise Performance Management and Analytics solutions.  He
helps clients develop and implement enterprise performance
management and business intelligence solutions across a variety of
industries including a specialization in Higher Education.

Mr. Goss was promoted to managing director in Huron Business
Advisory.  He performs valuations for mergers and acquisitions,
corporate compliance and financial reporting, and serves as a
financial consultant to healthcare companies.

Mr. Klinkhamer was promoted to managing director in Huron's Global
Consulting practice.  He leads Huron's Middle East practice and is
based in the United Arab Emirates.  His experience includes
strategy, turnaround, risk management, and mergers and acquisitions
in the Middle East, Europe and Asia.

Lothrop was promoted to managing director in Huron Healthcare.  He
helps provider healthcare organizations maximize productivity and
margins.  His primary focus within the Labor solution is helping
clients address the balance of service, cost and quality, as well
as operations, physician relationship management, organizational
structure and corporate overhead analysis.

Mr. Ostermick was promoted to managing director in Huron
Healthcare.  He specializes in hospital and physician revenue cycle
consulting and has experience leading engagements in a variety of
healthcare settings, including academic medical centers,
multi-facility health systems and physician practice groups.

Mr. Ostrega was promoted to managing director in Huron Legal.  He
focuses on helping large corporations and large law firms solve
complex electronic discovery challenges through the delivery of
comprehensive integrated electronic discovery and document review
services.
Mr. Parris was promoted to managing director in Huron Healthcare.
He helps hospitals and health systems with revenue cycle,
operational process improvement, financial management,
reorganization, revenue optimization, and centralization models.

Mr. Patterson was promoted to managing director in Huron Education.
He specializes in working with large research universities and
academic medical centers on issues related to federal grant and
contract administration, including operational assessments,
strategic planning, financial management and audit/investigation
resolution and other compliance related matters.

Mr. Richardson was promoted to managing director in Huron
Healthcare.  He works as a healthcare consultant in the areas of
information technology and hospital management helping provide
operational improvement for rural community hospitals, large health
systems and academic institutions throughout the country.

Mr. Smedley was promoted to managing director in Huron Healthcare.
He focuses on helping physician organizations become high
performing medical groups with an emphasis on improving
organizational effectiveness, practice efficiency, provider
alignment, financial sustainability, and clinical integration
through strategic, operational, financial, and technological
initiatives.

Mr. Zimmerman was promoted to managing director in Huron
Healthcare.  He focuses on the development and implementation of
strategic plans to improve operations and supply chain
efficiencies, redesign workflows, implement automation
technologies, perform regulatory and accreditation reviews, and
reduce costs for healthcare providers.

                    About Huron Consulting Group

Huron Consulting Group -- http://www.huronconsultinggroup.com/--
helps clients in diverse industries improve performance, transform
the enterprise, reduce costs, leverage technology, process and
review large amounts of complex data, address regulatory changes,
recover from distress and stimulate growth.  The Company provides
consulting services to a wide variety of both financially sound and
distressed organizations, including healthcare organizations,
leading academic institutions, Fortune 500 companies, governmental
entities and law firms.  Huron has worked with more than 425 health
systems, hospitals, and academic medical centers; more than 400
corporate general counsel; and more than 350 universities and
research institutions.


[*] Nelson Mullins Expands Bankruptcy Practice with 3 Partners
--------------------------------------------------------------
Three attorneys with decades of experience in high-profile
bankruptcies, restructurings and liquidations are joining Nelson
Mullins Riley & Scarborough LLP in its Washington, DC office. H.
Jason Gold, Valerie P. Morrison, and Dylan G. Trache will bring
this experience to the firm effective Jan. 1, 2015.

All three are board certified in Business Bankruptcy Law by the
American Board of Certification and have been engaged by parties in
numerous cases in the Washington, DC region and nationally. Mr.
Gold currently is serving as bankruptcy trustee in one of the
largest mortgage fraud and Ponzi scheme cases ever filed in the
Washington, D.C. region. The three have handled complex bankruptcy
matters in the aviation, mass media, real estate, retail, and
telecommunications industries.

The attorneys also represent parties in smaller regional and local
cases and offer assistance and advice in sensitive out-of-court
workouts.  They are joining from another Washington law firm, where
Mr. Gold led the bankruptcy practice.

Mr. Gold has been named as one of Washington, DC's "Top 100
Lawyers" and as one of Virginia's "Top 50 Lawyers" by Super Lawyers
magazine, a Thomson-Reuters publication. He also is recognized in
Chambers USA as one of "America's Leading Lawyers for Business" and
by The Legal 500 US. Mr. Gold has also been listed as a "Top
Bankruptcy Lawyer" by Washingtonian magazine and included as one of
"The Best Lawyers in America" for bankruptcy and creditor-debtor
rights law.

He has more than 30 years of experience in complex restructuring
and insolvency matters. In recent years, the focus of his practice
has been on major media, retail, real estate, aviation, and
telecommunications cases. A member of the Board of Directors of the
National Association of Bankruptcy Trustees, he has also served as
a bankruptcy trustee for more than 20 years and has liquidated or
participated in the restructure of dozens of businesses.

Mr. Gold may be reached at:

          H. Jason Gold, Esq.
          NELSON MULLINS RILEY & SCARBOROUGH LLP
          101 Constitution Avenue, NW
          Suite 900
          Washington, D.C., 20001
          Tel: (202) 545-2819
          Email: jason.gold@nelsonmullins.com

Ms. Morrison represents diverse clients across a range of
bankruptcy matters, including Chapter 11 proceedings, and
receiverships, with an emphasis on the healthcare and media
sectors. She has served as a member of the Advisory Board of the
American Bankruptcy Institute Mid-Atlantic Region and is a member
of the Bankruptcy Task Force of the D.C. Circuit Judicial
Conference on Pro Bono Legal Services. Rated by Chambers USA as one
of Washington, DC's "Leading Lawyers" in her field, she also has
been named by Washingtonian magazine as a "Top Bankruptcy Lawyer."
She also is listed in "The Best Lawyers in America" and in
Thomson-Reuters' "Super Lawyers" in Washington, DC and Virginia in
the areas of bankruptcy and creditor-debtor rights law. The Legal
500 US has recognized her for her corporate restructuring work.

Ms. Morrison may be reached at:

          Valerie P. Morrison, Esq.
          NELSON MULLINS RILEY & SCARBOROUGH LLP
          101 Constitution Avenue, NW
          Suite 900
          Washington, D.C., 20001
          Tel: (202) 545-2884
          Email: val.morrison@nelsonmullins.com

Mr. Trache represents debtor and creditor clients in corporate
restructuring matters throughout the country. His experience
includes representing Chapter 11 debtors, bankruptcy trustees,
major creditors and other parties in business bankruptcy cases in
many industries, including mass media, legal services, aviation,
retail, manufacturing, and food and beverage. Mr. Trache has
experience representing plaintiffs and defendants in avoidable
preference, fraudulent conveyance, claim objections, and other
bankruptcy litigation. His experience also includes representing
buyers and sellers of assets in sales conducted under Section 363
of the United States Bankruptcy Code. He also has been recognized
in "The Best Lawyers in America" directory, The Legal 500 US, and
Virginia and Washington, DC "Super Lawyers."

Mr. Trache may be reached at:

          Dylan Trache, Esq.
          NELSON MULLINS RILEY & SCARBOROUGH LLP
          101 Constitution Avenue, NW
          Suite 900
          Washington, D.C., 20001
          Tel: (202) 545-2993
          Email: dylan.trache@nelsonmullins.com

Established in 1897, Nelson Mullins has more than 500 attorneys and
other professionals with offices in the District of Columbia,
Florida, Georgia, Massachusetts, North Carolina, South Carolina,
Tennessee, and West Virginia. For more information on the Firm, go
to www.nelsonmullins.com.

For additional information, contact:

          Jan Easterling
          Nelson Mullins
          Communications Coordinator
          Tel: (800) 237-2000


[*] Ocwen Financial Head to Resign in New York Settlement
---------------------------------------------------------
James Sterngold and Alan Zibel, writing for The Wall Street
Journal, reported that William C. Erbey, the executive chairman of
Ocwen Financial Corp., will resign as part of a legal settlement
with New York's financial regulator.

According to the report, people familiar with the matter said Ocwen
also will pay $150 million toward New York housing programs and aid
to foreclosed homeowners and appoint two outside directors subject
to state consultation.  In addition, the state will appoint a new
outside monitor to scrutinize nearly every aspect of the company's
operations to insure they are changed to better protect borrowers,
the report related.


[*] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Dasic, LLC
   Bankr. D. Ariz. Case No. 14-18187
     Chapter 11 Petition filed December 11, 2014
         See http://bankrupt.com/misc/azb14-18187.pdf
         represented by: Eric Ollason, Esq.
                         E-mail: eollason@182court.com

In re Cherlyn G. Barrett
   Bankr. C.D. Cal. Case No. 14-15493
      Chapter 11 Petition filed December 11, 2014

In re Shirley Ann Jobe
   Bankr. C.D. Cal. Case No. 14-17194
      Chapter 11 Petition filed December 11, 2014

In re Knollwood Club Condominium Association, Inc.
   Bankr. S.D. Fla. Case No. 14-37101
     Chapter 11 Petition filed December 11, 2014
         See http://bankrupt.com/misc/flsb14-37101.pdf
         represented by: Brian K. McMahon, Esq.
                         E-mail: briankmcmahon@gmail.com

In re John B Culverhouse, Sr.
   Bankr. S.D. Fla. Case No. 14-37141
      Chapter 11 Petition filed December 11, 2014

In re HCTS, LLC
   Bankr. N.D. Ga. Case No. 14-74282
     Chapter 11 Petition filed December 11, 2014
         Filed Pro Se

In re Fixin Cars, LLC
   Bankr. D. Md. Case No. 14-28871
     Chapter 11 Petition filed December 11, 2014
         See http://bankrupt.com/misc/mdb14-28871.pdf
         represented by: Michael E. Crowson, Esq.
                         THE LAW FIRM OF ANN SHAW, P.A.
                         E-mail: michael@lawislocal.com

In re Victor M. Ward and Janice D. Ward
   Bankr. E.D.N.C. Case No. 14-07188
      Chapter 11 Petition filed December 11, 2014

In re Jaleh Elghanian
   Bankr. S.D.N.Y. Case No. 14-13377
      Chapter 11 Petition filed December 11, 2014

In re Everett Griffith, Jr. & Associates, Inc.
   Bankr. E.D. Tex. Case No. 14-90337
     Chapter 11 Petition filed December 11, 2014
         See http://bankrupt.com/misc/txeb14-90337.pdf
         represented by: Patrick Kelley, Esq.
                         IRELAND, CARROLL, & KELLEY
                         E-mail: patkelley@icklaw.com

In re Atlas Wholesale, LLC
   Bankr. N.D. Ala. Case No. 14-83456
      Chapter 11 Petition filed December 23, 2014
         See http://bankrupt.com/misc/alnb14-83456.pdf
         represented by: Harry P. Long, Esq.
                         THE LAW OFFICES OF HARRY P. LONG, LLC
                         E-mail: ecfpacer@gmail.com

In re Charles Henry Utzman and Anna Kathryn Utzman
   Bankr. C.D. Cal. Case No. 14-31828
      Chapter 11 Petition filed December 23, 2014

In re Fantasea Enterprises, Inc.
        dba Pacific Avalon Yacht Charters
   Bankr. C.D. Cal. Case No. 14-17376
      Chapter 11 Petition filed December 23, 2014
         See http://bankrupt.com/misc/cacb14-17376.pdf
         represented by: James Cover, Esq.
                         COVERLAW P.C.
                         E-mail: Info@CoverLaw.com

In re Cham Restaurant Group, LLC
   Bankr. D.D.C. Case No. 14-00745
      Chapter 11 Petition filed December 23, 2014
         See http://bankrupt.com/misc/dcb14-00745.pdf
         Filed Pro Se

In re Armond O. Parks, Jr.
   Bankr. M.D. Ga. Case No. 14-31409
      Chapter 11 Petition filed December 23, 2014

In re GuyCo Footwear, Inc.
        dba Givona Jolie
   Bankr. N.D. Ill. Case No. 14-45706
      Chapter 11 Petition filed December 23, 2014
         See http://bankrupt.com/misc/ilnb14-45706.pdf
         represented by: Jonathan D. Golding, Esq.
                         THE GOLDING LAW OFFICES, P.C.
                         E-mail: jgolding@goldinglaw.net

In re John A. Johnston
   Bankr. N.D. Ill. Case No. 14-45657
      Chapter 11 Petition filed December 23, 2014

In re Fitness Indy LLC
        dba Koko Indy, LLC
   Bankr. S.D. Ind. Case No. 14-11447
      Chapter 11 Petition filed December 23, 2014
         See http://bankrupt.com/misc/insb14-11447.pdf
         represented by: Harley K. Means, Esq.
                         KROGER GARDIS & REGAS, LLP
                         E-mail: hkm@kgrlaw.com

In re Antonio Nobre and Maria Nobre
   Bankr. D.N.J. Case No. 14-35692
      Chapter 11 Petition filed December 23, 2014

In re Domar Corporation
        dba CityPie
   Bankr. S.D.N.Y. Case No. 14-13463
      Chapter 11 Petition filed December 23, 2014
         See http://bankrupt.com/misc/nysb14-13463.pdf
         represented by: Julio E. Portilla, Esq.
                         LAW OFFICE OF JULIO E. PORTILLA, P.C.
                         E-mail: jp@julioportillalaw.com

In re West Penn Hydraulics, Inc.
   Bankr. W.D. Pa. Case No. 14-70887
      Chapter 11 Petition filed December 23, 2014
         See http://bankrupt.com/misc/pawb14-70887.pdf
         represented by: James R. Walsh, Esq.
                         SPENCE CUSTER SAYLOR WOLFE & ROSE
                         E-mail: jwalsh@spencecuster.com

In re Sunrise Memphis Corp.
   Bankr. W.D. Tenn. Case No. 14-32864
      Chapter 11 Petition filed December 23, 2014
         See http://bankrupt.com/misc/tnwb14-32864.pdf
         represented by: John Edward Dunlap, Esq.
                         E-mail: jdunlap00@gmail.com

In re Elko T. Jones
   Bankr. S.D. Tex. Case No. 14-36984
      Chapter 11 Petition filed December 23, 2014

In re Steve's Lawn & Landscaping Service, Inc.
        aka Steve's Landscaping Inc.
   Bankr. D.N.J. Case No. 14-35754
      Chapter 11 Petition filed December 23, 2014
         See http://bankrupt.com/misc/njb14-35754.pdf
         represented by: David L. Stevens, Esq.
                         SCURA, WIGFIELD, HEYER & STEVENS, LLP
                         E-mail: dstevens@scuramealey.com

In re Michael Mavashev
   Bankr. E.D.N.Y. Case No. 14-46442
      Chapter 11 Petition filed December 23, 2014

In re Third Ave & St. Mark's, Inc.
        dba Continental
   Bankr. S.D.N.Y. Case No. 14-13482
      Chapter 11 Petition filed December 23, 2014
         See http://bankrupt.com/misc/nysb14-13482.pdf
         represented by: Joel Shafferman, Esq.
                         SHAFFERMAN & FELDMAN, LLP
                          E-mail: joel@shafeldlaw.com

In re Christopher Lemont Mills
   Bankr. C.D. Cal. Case No. 14-15637
      Chapter 11 Petition filed December 27, 2014

In re Cham Restaurant Group LLC
   Bankr. D.D.C. Case No. 14-00748
      Chapter 11 Petition filed December 28, 2014
         See http://bankrupt.com/misc/dcb14-00748.pdf
         represented by: Asukwo Mendie Archibong, Esq.
                         ARCHIBONG LAW FIRM
                         E-mail: mendie@archibonglaw.com

In re Patrick M. Farrell
   Bankr. D. Ariz. Case No. 14-18789
      Chapter 11 Petition filed December 29, 2014

In re Don W. Morris and Jeannine J. Morris
   Bankr. D. Ariz. Case No. 14-18816
      Chapter 11 Petition filed December 29, 2014

In re Sherry L. Ford Wright
   Bankr. C.D. Cal. Case No. 14-17419
      Chapter 11 Petition filed December 29, 2014

In re Joel B. Michaels
   Bankr. C.D. Cal. Case No. 14-33772
      Chapter 11 Petition filed December 29, 2014

In re Jerry Earl Hairrell
   Bankr. E.D. Okla. Case No. 14-81505
      Chapter 11 Petition filed December 29, 2014

In re Shannon Video, Inc.
   Bankr. N.D. Ga. Case No. 14-43141
      Chapter 11 Petition filed December 29, 2014
         See http://bankrupt.com/misc/ganb14-43141.pdf
         represented by: J. Nevin Smith, Esq.
                         SMITH CONERLY LLP
                         E-mail: cstembridge@smithconerly.com

In re Travel Bank LLC
        dba Keith Jay McGrew
   Bankr. N.D. Ga. Case No. 14-75067
      Chapter 11 Petition filed December 29, 2014
         Filed Pro Se

In re Vic's Restaurant & Lounge, Inc.
   Bankr. W.D. Mich. Case No. 14-07932
      Chapter 11 Petition filed December 29, 2014
         See http://bankrupt.com/misc/miwb14-07932.pdf
         represented by: Robert E. Lee Wright, Esq.
                         THE PEACE TALKS, PLC
                         E-mail: Bob@thepeacetalks.com

In re Wynick Incorporated
        dba The Goddard School
   Bankr. E.D. Pa. Case No. 14-20084
      Chapter 11 Petition filed December 29, 2014
         See http://bankrupt.com/misc/paeb14-20084.pdf
         represented by: Daniel P. Mudrick, Esq.
                         MUDRICK & ZUCKER, PC
                         E-mail: dpmudrick@verizon.net

In re Bao Ly Mong
   Bankr. S.D. Tex. Case No. 14-37027
      Chapter 11 Petition filed December 29, 2014

In re Levi Wallace
   Bankr. S.D.N.Y. Case No. 14-37540
      Chapter 11 Petition filed December 30, 2014

In re Summerfield Studios, LTD
        dba MyChurch Family Album
   Bankr. N.D. Ohio Case No. 14-53369
      Chapter 11 Petition filed December 30, 2014
         See http://bankrupt.com/misc/ohnb14-53369.pdf
         represented by: Marc P. Gertz, Esq.
                         GOLDMAN & ROSEN, LTD
                         E-mail: mpgertz@goldman-rosen.com

In re Levis Suriel Gomez and Nuris Amador Cormoran
   Bankr. D.P.R. Case No. 14-10644
      Chapter 11 Petition filed December 30, 2014

In re John Joseph Ryan
   Bankr. W.D. Ark. Case No. 14-73761
      Chapter 11 Petition filed December 31, 2014

In re Briarwood Acquisition, LLC
   Bankr. D. Conn. Case No. 14-22497
      Chapter 11 Petition filed December 31, 2014
         See http://bankrupt.com/misc/ctb14-22497.pdf
         Filed Pro Se

In re Incase, Inc.
   Bankr. D. Mass. Case No. 14-42821
      Chapter 11 Petition filed December 31, 2014
         See http://bankrupt.com/misc/mab14-42821.pdf
         represented by: David M. Nickless, Esq.
                         NICKLESS, PHILLIPS AND O'CONNOR
                         E-mail: dnickless.nandp@verizon.net

In re Island Breeze Grill, Inc.
        fdba Caribbean Cuisine with Lots of Soul, Inc.
   Bankr. E.D.N.C. Case No. 14-07524
      Chapter 11 Petition filed December 31, 2014
         See http://bankrupt.com/misc/nceb14-07524.pdf
         represented by: Clayton W. Cheek, Esq.
                         OLIVER FRIESEN CHEEK, PLLC
                         E-mail: cwc@ofc-law.com

In re Joel William Anderson, III
   Bankr. W.D. Okla. Case No. 14-15291
      Chapter 11 Petition filed December 31, 2014

In re Sharon M. Wetmore
   Bankr. W.D. Wash. Case No. 14-19287
      Chapter 11 Petition filed December 31, 2014

In re Champion Truck Center, LLC
   Bankr. N.D. Fla. Case No. 15-40001
      Chapter 11 Petition filed January 2, 2014
         See http://bankrupt.com/misc/flnb15-40001.pdf
         represented by: Robert C. Bruner, Esq.
                         E-mail: RobertCBruner@hotmail.com

In re Joseph Wrubel and Selma B. Wrubel
   Bankr. S.D. Fla. Case No. 15-10008
      Chapter 11 Petition filed January 2, 2014

In re Macedonia Baptist Church of Atlanta, Inc.
   Bankr. N.D. Ga. Case No. 15-50108
      Chapter 11 Petition filed January 2, 2014
         See http://bankrupt.com/misc/ganb15-50108.pdf
         represented by: Kenneth Mitchell, Esq.
                         GIDDENS, MITCHELL & ASSOCIATES, P.C.
                         E-mail: gmapclaw1@gmail.com

In re Frederick Stuart Trotter
   Bankr. S.D. Ind. Case No. 15-00002
      Chapter 11 Petition filed January 2, 2014

In re Manuel J Valera and Milagros Guerrero
   Bankr. D. Mass. Case No. 15-10007
      Chapter 11 Petition filed January 2, 2014

In re Escudo
   Bankr. S.D.N.Y. Case No. 15-22003
      Chapter 11 Petition filed January 2, 2014
         See http://bankrupt.com/misc/nysb15-22003.pdf
         represented by: Anne J. Penachio, Esq.
                         PENACHIO MALARA, LLP
                         E-mail: apenachio@pmlawllp.com

In re Adeniran Abraham Ariyo and Sarah Hope Ariyo
   Bankr. N.D. Tex. Case No. 15-30015
      Chapter 11 Petition filed January 2, 2014

In re Vadim Tkach
   Bankr. S.D. Fla. Case No. 15-10031
      Chapter 11 Petition filed January 4, 2014

In re Kenneth R. Meriwether and Margit G. Meriwether
   Bankr. D. Mont. Case No. 15-60002
      Chapter 11 Petition filed January 4, 2014

In re London Finance Group, Ltd.
   Bankr. C.D. Cal. Case No. 15-10097
      Chapter 11 Petition filed January 5, 2014
         See http://bankrupt.com/misc/cacb15-10097.pdf
         represented by: Daniel J. Weintraub, Esq.
                         WEINTRAUB & SELTH, APC
                         E-mail: dan@wsrlaw.net

In re Chatfields Sports Bar & Grill, LLC
        dba R&T Enterprises LLC
   Bankr. D. Colo. Case No. 15-10041
      Chapter 11 Petition filed January 5, 2014
         See http://bankrupt.com/misc/cob15-10041.pdf
         represented by: Joshua Allen Bekerman, Esq.
                         BEKERMAN LAW FIRM, P.C.
                         E-mail: bekermanlawfirm@gmail.com

In re Anisa, Inc.
   Bankr. N.D. Ga. Case No. 15-50339
      Chapter 11 Petition filed January 5, 2014
         See http://bankrupt.com/misc/ganb15-50339.pdf
         represented by: Justin Oliverio, Esq.
                         YOUNKER & OLIVERIO, P.C.
                         E-mail: justin@moneyandfreedomlaw.com

In re Greater Dimensions Christian Fellowship
   Bankr. S.D. Ga. Case No. 15-20006
      Chapter 11 Petition filed January 5, 2014
         Filed Pro Se

In re Ed Lyons Fire Equipment, Inc.
   Bankr. D. Mass. Case No. 15-10018
      Chapter 11 Petition filed January 5, 2014
         See http://bankrupt.com/misc/mab15-10018.pdf
         represented by: Timothy M. Mauser, Esq.
                         LAW OFFICE OF TIMOTHY MAUSER, ESQ.
                         E-mail: tmauser@mauserlaw.com

In re Peter Mavrookas
   Bankr. D.N.J. Case No. 15-10052
      Chapter 11 Petition filed January 5, 2014

In re Ryan Ashley Forman
   Bankr. E.D. Pa. Case No. 15-10087
      Chapter 11 Petition filed January 5, 2014

In re JS Oaks Holdings, LLC
   Bankr. D.S.C. Case No. 15-00056
      Chapter 11 Petition filed January 5, 2014
         See http://bankrupt.com/misc/scb15-00056.pdf
         represented by: Michael W. Mogil, Esq.
                         LAW OFFICE OF MICHAEL W. MOGIL, P.A.
                         E-mail: mwmogil@aol.com

In re TREEM, LLC
   Bankr. N.D. Tex. Case No. 15-40122
      Chapter 11 Petition filed January 5, 2014
         See http://bankrupt.com/misc/txnb15-40122.pdf
         represented by: Behrooz P. Vida, Esq.
                         THE VIDA LAW FIRM, PLLC
                         E-mail: filings@vidalawfirm.com

In re Allstate Utilities and Construction Company, LLC
   Bankr. S.D. Tex. Case No. 15-20013
      Chapter 11 Petition filed January 5, 2014
         See http://bankrupt.com/misc/txsb15-20013.pdf
         represented by: Ralph Perez, Esq.
                         CAVADA LAW OFFICE
                         E-mail: ralph.perez@cavadalawoffice.com

In re B*High-Tech Machine Shop, Inc.
        aka B*High Tech, Inc.
   Bankr. S.D. Tex. Case No. 15-30080
      Chapter 11 Petition filed January 5, 2014
         See http://bankrupt.com/misc/txsb15-30080.pdf
         represented by: Margaret Maxwell McClure, Esq.
                         LAW OFFICE OF MARGARET M. MCCLURE
                         E-mail: margaret@mmmcclurelaw.com

In re Law Office of Margaret M. McClure
   Bankr. D. Utah Case No. 15-20049
      Chapter 11 Petition filed January 5, 2014
         See http://bankrupt.com/misc/utb15-20049.pdf
         represented by: Andres Diaz, Esq.
                         RED ROCK LEGAL SERVICES P.L.L.C.
                         E-mail: courtmailrr@expresslaw.com


                            *********

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.

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 nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

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 2015.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

                   *** End of Transmission ***