TCR_Public/150120.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Tuesday, January 20, 2015, Vol. 19, No. 20

                            Headlines

A & T MANAGEMENT: Case Summary & 5 Largest Unsecured Creditors
ABERDEEN LAND: Parties Want Hearings Moved Amid Talks
ACORN ENERGY: Receives Nasdaq Listing Non-Compliance Notice
AK CEDAR CHASE: Involuntary Chapter 11 Case Summary
ALCO STORES: Has Until March 11 to Decide on Unexpired Leases

ALEXANDRA TRUST: Revises List of Top Unsecured Creditors
ALEXANDRA TRUST: Revises Schedules of Assets and Liabilities
ARAMID ENTERTAINMENT: Wants Plan Exclusivity Extended to Mid-April
ARCHDIOCESE OF SAINT PAUL: Case Summary & 28 Top Unsec. Creditors
ARCHDIOCESE OF ST PAUL-MINNEAPOLIS: Some Parishes Hire Attorneys

ARMORWORKS ENTERPRISES: Slams Houlihan Lokey's $1M Fees Request
ATHERTON FINANCIAL: Seeks Dismissal of Bankruptcy Case
ATHERTON FINANCIAL: Wins Approval to Use Cash Collateral
BAXANO SURGICAL: Gets Court Nod to Implement Incentive Programs
BERJAC: Bankr. Court Remands Cox vs. Holcomb to State Court

BERNARD L. MADOFF: Aide Alleges Gov't Misconduct In Bail Bid
BERNARD L. MADOFF: Victims Seek Testimony From The Man Himself
BINDER & BINDER: Wants to Hire DSI's Bill Brandt as CRO
BOMBARDIER INC: Fitch Affirms 'BB-' IDR & Revises Outlook to Neg.
BOMBARDIER INC: Moody's Puts Ba3 CFR on Review for Downgrade

BRUGNARA PROPERTIES IV: Creditors' Meeting Set for Feb. 10
CAPNIA INC: Needs More Financing to Continue as Going Concern
CENTRAL OKLAHOMA: Case Reassigned to Judge Niles Jackson
CHC GROUP: S&P Raises Sr. Unsecured Notes Rating to 'B'
CONYERS 138: Unsecured Creditors' Meeting Moved to Jan. 22

CROSSMARK HOLDINGS: S&P Affirms 'B' CCR; Outlook Stable
DENDREON CORP: Case Transferred to Hon. Laurie Selber Silverstein
DOTS LLC: Needs Until July 20 to Propose Chapter 11 Plan
ENDEAVOUR INT'L: Committee Hires UpShot as Website Administrator
ENDEAVOUR INT'L: Creditors' Panel Hires Bayard as Co-counsel

ENDEAVOUR INT'L: Panel Taps Alvarez & Marsal as Financial Advisors
ENDEAVOUR INT'L: Panel Taps Thompson & Knight as Counsel
ENERGY FUTURE: Bondholders Press Appeal of $4B Bankruptcy Deal
EXIDE TECHNOLOGIES: PBGC, Others Object to Disclosure Statement
FALCON STEEL: Stipulates to Extend Cash Collateral Use Until March

FL 6801: Judge Extends Deadline to Remove Suits to March 13
GASFRAC ENERGY: Files Ch. 15 in 1st Cross-Border Oil Price Casualty
GENERAL CABLE: S&P Affirms 'BB-' CCR & Removes From Watch Neg.
GETTY PETROLEUM: Akin Gump Shakes Former Owners' Malpractice Suit
GLIMCHER REALTY: S&P Raises Corp. Credit Rating From 'BB-'

GOLD RIVER VALLEY: Case Summary & 7 Largest Unsecured Creditors
GRIDWAY ENERGY: Withdraws Motion to Employ Chip Cummins as CEO
GT ADVANCED: Asks Court to Extend Deadline to Remove Suits
GT ADVANCED: Court Approves Beacon Hill to Provide Review Services
GT ADVANCED: Seeks Approval of Employee Bonus Plans

HAAS ENVIRONMENTAL: Gets Approval to Sell Glen Dale Property
HEI INC: U.S. Trustee Opposes Hiring of Counsel, Consultants
HOME LOAN: S&P Revises Outlook to Neg. & Affirms 'B+' ICR
HUTCHESON MEDICAL: Court Okays Hiring of Hunter Maclean as Counsel
HUTCHESON MEDICAL: Feb. 18 Final Hearing on Cash Collateral Use

IMERJN INC: Has Limited Liquidity to Finance Operations
INFINITY ENERGY: Needs More Capital to Fund Nicaraguan Operations
IVANHOE ENERGY: Receives NASDAQ Listing Non-Compliance Notice
JAMMIN JAVA: Reports $2.94-Mil. Net Loss in Q3 of 2014
JOHNS-MANVILLE CORP: En Banc Bid in $570M Travelers Loss Axed

KIOR INC: Mississippi, Creditor Object to Disclosure Statement
L & A AUTOMOTIVE: NY Court Tosses Long Oil Heat's Appeal
LAKSHMI HOSPITALITY: Court Dismisses Bankruptcy Case
LDK SOLAR: To Issue $264MM in Convertible Senior Notes Due 2018
LDK SOLAR: To Issue $358MM in Convertible Senior Notes Due 2016

LE-NATURE INC: Judge Rejects Fraud Appeal by Convicted Ex-CEO
LEONARD BRONK: College Savings Accounts Exempt from Execution
LOS GATOS HOTEL: Has Access to Cash Collateral Until June 30
MARYWOOD UNIVERSITY: S&P Cuts Rating on 2005 Revenue Bonds to 'BB+'
MILLER AUTO: Can File Chapter 11 Plan Until July 13

MILLER AUTO: Court Sets March 16 as Claims Bar Date
MOMENTIVE PERFORMANCE: Moody's Assigns B3 Corporate Family Rating
NATIONAL SPORTS ACADEMY: Case Summary & 20 Top Unsec. Creditors
NEW LOUISIANA HOLDINGS: Wants to File Plan Until March 31
NGPL PIPECO: Moody's Lowers Corporate Family Rating to Caa2

NII HOLDINGS: Can File Chapter 11 Plan Until April 13
NII HOLDINGS: Disclosure Statement Hearing Pushed Back to Feb. 13
ONE SOURCE INDUSTRIAL: Caterpillar Financial Objects to Financing
PAUL F. SOARES: Loses Court Battle Against Rangel, Lorono et al.
PLATTSBURGH SUITES: Case Summary & 5 Largest Unsecured Creditors

PODS LLC: S&P Assigns 'B' Corp Credit Rating; Outlook Stable
PROSPECT PARK: Solicitation Period Extended to Feb. 3
PSL-NORTH AMERICA: Judge Extends Deadline to Remove Suits
REICHHOLD HOLDINGS: Wants Court to Set March 9 as Claims Bar Date
RENAULT WINERY: Can Hire Sharer Petree as Accountant

RITE AID: Hikes Credit Facility to $3.7 Billion
SELECT-TV SOLUTIONS: Reports $892K Net Loss in Q2 Ending Oct. 31
SEMGROUP LP: Trustee Challenges Closure of Ch. 11 Case
SHORING COMPANY: Involuntary Chapter 11 Case Summary
SIT'N BULL CLUB: Case Summary & 4 Largest Unsecured Creditors

STG-FAIRWAY ACQUISITIONS: Moody's Withdraws B3 Corp. Family Rating
STORY-MCLAUGHLIN PLAZA: Case Summary & 7 Top Unsecured Creditors
STREAMTRACK INC: KLJ Expresses Going Concern Doubt
TECHNIPLAS LLC: S&P Assigns 'B' Corp Credit Rating, Outlook Stable
TOMNIK FOOD: Case Summary & 11 Largest Unsecured Creditors

TOUCHPOINT METRICS: Amends 2013 Report
TOWERGATE FINANCE: Moelis Submits Offer to Acquire Towergate Group
TRI-STATE FINANCIAL: $1.19 Million Belongs to Bankruptcy Estate
ULTIMATE NUTRITION: Unsecured Creditors' Meeting Moved to Jan. 21
W.R. BERKLEY: Moody's Assigns (P)Ba1 Preferred Securities Rating

WISHGARD LLC: Court Rejects Former Contractor's Claims
XIANGTIAN USA: Reports $304K Net Loss for Quarter Ended Oct. 31
YARWAY CORP: Court Sets March 18 as Claims Bar Date
YONKERS INDUSTRIAL: Moody's Puts Ba1 Rating on 2004 Bonds on Review
[*] ABI Proposal Is Cold Comfort for Madoff Victims

[*] Gibson Dunn Adds Finance Partner Jamie Thomas in Singapore
[*] Nelson Mullins Expands Bankruptcy Practice with 3 New Partners
[*] S&P Raises 51 Issue Ratings Over Revised Revolver Assumptions
[*] S&P Takes Actions on 23 US Oil & Gas Exploration Companies
[*] Washington Post Lists Seven Bankruptcy Filings as of Jan. 14

[^] Large Companies With Insolvent Balance Sheet

                            *********

A & T MANAGEMENT: Case Summary & 5 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: A & T Management & Holdings LLC
        15 Kevin Court
        Jericho, NY 11753

Case No.: 15-70177

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: January 16, 2015

Court: United States Bankruptcy Court
       Eastern District of New York (Central Islip)

Judge: Hon. Robert E. Grossman

Debtor's Counsel: Roy J Lester, Esq.
                  LESTER & ASSOCIATES
                  600 Old Country Road, Suite 229
                  Garden City, NY 11530
                  Tel: (516) 357-9191
                  Fax: (516) 357-9281
                  Email: rlester@rlesterlaw.com

Total Assets: $1.07 million

Total Liabilities: $1.76 million

The petition was signed by Harry Aurora, sole member.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/nyeb15-70177.pdf


ABERDEEN LAND: Parties Want Hearings Moved Amid Talks
-----------------------------------------------------
Aberdeen Land II, LLC, the Aberdeen Community Development District,
and U.S. Bank National Association ask the Bankruptcy Court to
continue the hearing scheduled for Jan. 26, 2015, to a date in
March 2015, on:

    i) the motion to convert case to Chapter 7 filed by BBX Capital
Asset Management, LLC;

   ii) the Debtor's motion to dismiss the case;

  iii) joinder in the Debtor's motion to dismiss, and objection to
BBX Capital's motion to convert by Aberdeen Community Development
District, U.S. Bank as trustee; and

   iv) joint motion for relief from stay by Aberdeen Community
Development District and U.S. Bank.

U.S. Bank is the trustee under the Master Trust Indenture dates as
of Oct. 1, 2005, by and between Aberdeen Community Development
District and the trustee and BBX Capital Asset Management, LLC.

The parties relate that since the filing of the Conversion and
Dismissal Motion, and joinder & objection, the parties have been
working on negotiating and drafting a settlement that will resolve
the issues raised by the various parties in these proceedings and
provide for the sale of the Debtor's assets.

As a result of those settlement discussions and subject to the
approval of the Bankruptcy Court, the parties executed on Dec. 19,
2014, a master agreement, a bond purchase and sale agreement and a
property purchase and sale agreement, pursuant to the terms of
which, among other things, resolves the issues raised in the
conversion motion, dismissal motion, joinder & objection and stay
relief motion.

The parties explain that the continuation of the hearing would
enable them to finalize and implement the terms and conditions of
the settlement agreements and file a motion to approve the sale and
settlement agreements.

                      About Aberdeen Land II

Aberdeen Land II, LLC, doing business as Aberdeen, owns a 1,316-
acre master- planned community near Jacksonville, Florida.  The
project is designed for 1,623 single-family homes and 395 multi-
family units.  More than 1,000 units have been sold, leaving
Aberdeen with 856 undeveloped lots and 28.1 acres zoned for
commercial or residential use.

Aberdeen filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
13-04103) on July 1, 2013, in Jacksonville, Florida.  The Debtor
has tapped Genovese Joblove & Battista, P.A., as counsel, Kapila &
Company as accountant, Kellerhals Ferguson Fletcher Kroblin, PLLC,
as special counsel, and Fishkind & Associates as expert
consultants.

Aberdeen owes $24 million in bonds that financed the project and
more than $20 million to secured lenders with mortgages on the
property.

In its amended schedules, the Debtor disclosed $41.2 million in
assets and $31.2 million in liabilities as of the petition date.

No creditors' committee was appointed in the case.

The Debtor filed a motion for voluntary dismissal of its Chapter
11 case on Sept. 3, 2014.

BBX Capital Asset Management, LLC, filed a motion to convert the
case to Chapter 7 liquidation.  BBX said the plan support agreement
has been breached, the confirmation hearing has been canceled and
the Debtor now claimed that it no longer has the ability to confirm
a plan.


ACORN ENERGY: Receives Nasdaq Listing Non-Compliance Notice
-----------------------------------------------------------
Acorn Energy, Inc. on Jan. 16 disclosed that on January 13, 2015,
it received a letter from the Nasdaq Listings Qualification Staff
stating that the Company is not in compliance with the continued
listing requirements of The Nasdaq Global Market because the bid
price of the Company's common stock has closed below the minimum
$1.00 per share requirement of Listing Rule 5450(a)(1) for 30
consecutive business days.

Pursuant to Listing Rule 5810(c)(3)(A), the Company will be
provided a period of 180 calendar days, or until July 13, 2015, to
regain compliance.  If at any time before July 13, 2015, the bid
price of the Company's common stock closes at $1.00 per share or
more for a period determined by Nasdaq (which shall be a minimum of
10 consecutive business days), it will provide written notification
to the Company that it complies with the Rule.

In the event the Company does not regain compliance with the Rule,
the Company may be eligible for an additional 180-day cure period.
To qualify, the Company must submit, no later than the expiration
date, an application to transfer the listing of the Company's
securities from the Nasdaq Global Market to the Nasdaq Capital
Market.  The Company would be required to meet the continued
listing requirement for market value of publicly held shares and
all other initial listing standards for the Nasdaq Capital Market,
with the exception of the bid price requirement, and would need to
provide written notice of its intention to cure the deficiency
during the second compliance period by effecting a reverse stock
split if necessary.  As part of its review process, Staff would
make a determination of whether it believes the Company would be
able to cure this deficiency.  Should Staff conclude that the
Company will not be able to cure the deficiency, or should the
Company determine not to submit a transfer application or make the
required representation, the Staff would provide notice that the
Company's securities will be subject to delisting.

The Company would have the right to appeal to a Nasdaq Hearings
Panel any determination to delist the Company's securities.  The
Company's securities would remain listed on Nasdaq until the
completion of this appeal process.

The Company intends to monitor the bid price for its securities
between now and July 13, 2015 and will consider all available
options to resolve the deficiency and regain compliance with the
minimum bid price requirement.

                   About Acorn Energy, Inc.

Acorn Energy, Inc. -- http://www.acornenergy.com/ -- is a holding
company whose four portfolio companies help their customers achieve
greater productivity, reliability, security, and efficiency --
factors which can lead to greater profitability.
GridSense(R)provides monitoring for all critical points along the
electricity delivery system.  OmniMetrix(TM) remotely monitors
emergency back-up power generation systems to increase their
reliability.  US Seismic Systems(R) supplies fiber optic sensing
solutions to increase oil/gas production and lower costs.  DSIT
provides security solutions from underwater threats to naval and
marine based energy assets.


AK CEDAR CHASE: Involuntary Chapter 11 Case Summary
---------------------------------------------------
Alleged Debtor: AK Cedar Chase LLC
                4800 Montgomery Lane, 10th Fl
                Bethesda, MD 20814

Case Number: 15-10690

Type of Business: Single Asset Real Estate

Involuntary Chapter 11 Petition Date: January 16, 2015

Court: United States Bankruptcy Court
       District of Maryland (Greenbelt)

Petitioner's Counsel: Dennis J. Shaffer, Esq.
                      WHITEFORD, TAYLOR & PRESTON LLP
                      7 Saint Paul St.
                      Baltimore, MD 21202
                      Tel: (410) 347-8700
                      Email: dshaffer@wtplaw.com

   Petitioner                    Nature of Claim  Claim Amount
   ----------                    ---------------  ------------
Treehouse 1998 Irrevocable Trust      Loan          $2,600,000
4833 Montgomery Avenue, 10th Fl
Bethesda, MD 20814


ALCO STORES: Has Until March 11 to Decide on Unexpired Leases
-------------------------------------------------------------
The Bankruptcy Court extended until March 11, 2015, ALCO Stores
Inc.'s period to assume or reject leases of nonresidential real
property.

                         About ALCO Stores

ALCO Stores, Inc., operates 198 stores in 23 states throughout the
central United States.  ALCO offers 35,000 items at its stores,
which are located at smaller markets usually not served by other
regional or national broad line retail chains.  The company was
founded in 1901 as a general merchandising operation in Abilene,
Kansas.

ALCO is a public company, and its common stock is quoted on the
NASDAQ National Market tier of the NASDAQ Stock Market under the
ticker symbol "ALCS."

ALCO Stores and ALCO Holdings LLC sought Chapter 11 bankruptcy
protection (Bankr. N.D. Tex. Lead Case No. 14-34941) in Dallas,
Texas, on Oct. 12, 2014, with plans to let liquidators conduct
store closing sales or sell the business to a going-concern buyer.

Judge Stacey G. Jernigan presides over the Chapter 11 cases.

The Debtors have DLA Piper LLP (US) as counsel, Houlihan Lokey
Capital, Inc., as financial advisor, and Prime Clerk LLC as claims
and noticing agent.  Michael Moore has been named consultant to
the Debtors.

As of July 2014, ALCO Stores had assets totaling $222 million and
liabilities totaling $162 million.  The bulk of the liabilities
was total debt outstanding under a credit facility with Wells
Fargo Bank, National Association, of which the aggregate
outstanding was $104.2 million as of the Petition Date.

The Debtor received court approval to sell some of its real estate
along with store leases.

The U.S. Trustee for Region 6 appointed seven creditors to serve
in the official committee of unsecured creditors of ALCO Stores,
Inc.  The Law Office of Judith W. Ross serve as local counsel to
the Committee.



ALEXANDRA TRUST: Revises List of Top Unsecured Creditors
--------------------------------------------------------
Alexandra Trust filed with the U.S. Bankruptcy Court for the
Northern District of Texas, Dallas Division, a revised list of
creditors holding the 20 largest unsecured claims in its case:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Rapid Management Company           Land Transaction    $2,600,000
5501 Stanford
Dallas, TX 75309

NQTEL, Inc.                        Business Debt       $1,300,000
3102 Oakland
Suite 777
Dallas, TX 75219

Mike Starkweather, Atty at Law     Consulting Fees       $180,000
1983 East Everleigh Court
Sandy, Utah 84093

Don A. Bailey                      Disputed Shares       $100,000
6341 Stewart Avenue
Suite 242
Galveston, TX 77551

Ron Lewis                          Disputed Shares        $85,000
580 County Road 2
Gallion, AL 36742

AGT Global Holding, LLC            Business Debt          $75,000
c/o David Dafinoiu
3102 Oaklawn
Suite 777
Dallas, TX 75219

Montague, Pittman & Varnado, P.A.  Legal Fees             $73,832
525 Main Street
Hattisburg, MS 39401

Edward Roush                       Loan                   $50,000
2104 Underwood Road
La Porte, TX 77571

Chase Tabor                        Business Debt          $50,000
P.O. Box 1447
Sherman, TX 75091

William Johns                      Business Debt          $20,000
518 Dauphine Street
New Orleans, LA 70112

Tim Palmer                         Business Debt          $20,000
13306 Goodland Place
Suite C
Farmers Branch, TX 75234

Edward Roush                       Business Debt          $19,000
2104 Underwood Road
La Porte, TX 77571

John Holaday                       Legal Fees                  $0
586 Lakeland East Drive
Suite C
Flowood, MS 39232-9020

B.O.S. Consulting, LLC             Consulting Services         $0
310 Calvary Drive
Euless, TX 76040

Avondale Shipyards, Inc.           Lawsuit                     $0
2421 Fulton Drive
Garland, TX 75044

Vicksburg Hotel, LLC               Litigation                  $0
c/o Charles Lambert
680 Bay COve Drive
Biloxi, MS 39532

NIT Management                     Business Debt               $0
1828 Dew Valley
Carrollton, TX 75010

Niki Weiss                         Disputed Shares of Stock    $0
1828 Dew Valley Lane
Carrollton, TX 75010

M Street Investments, Inc.         Litigation                  $0
Attn: John Moore
301 Highland Park Cove
Suite B
Ridgeland, MS 39158

As reported in the Oct. 28, 2014 edition of the Troubled Company
Reporter, NQTEL, Inc., led the previous version of the list of top
unsecured creditors, with a claim of $4,900,000; B.O.S. Consulting,
LLC, was second, with a claim of $4,800,000; and Magal USA, Inc.,
was third with a claim of $1,300,000.

                       About Alexandra Trust

Garland, Texas-based Alexandra Trust sought protection under
Chapter 11 of the Bankruptcy Code on Oct. 20, 2014 (Case No. 14-
35049, Bankr. N.D. Tex.).  The case is assigned to Judge Barbara
J. Houser.  The Debtor's counsel is Arthur I. Ungerman, Esq., in
Dallas, Texas.  The Debtor has estimated assets ranging from $100
million to $500 million and estimated debts ranging from $500,000
to $1 million.  The petition was signed by Richard Dale Sterritt,
Jr., trustee.


ALEXANDRA TRUST: Revises Schedules of Assets and Liabilities
------------------------------------------------------------
Alexandra Trust filed with the U.S. Bankruptcy Court for the
Northern District of Texas revised schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                   $20,000
  B. Personal Property          $861,105,941
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                       $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $4,572,832
                                 -----------      -----------
        TOTAL                   $861,125,941       $4,572,832

The prior iteration of the schedules provided that real property
totaled $193,270 and unsecured non-priority claims totaled
$4,739,000.

A copy of the revised Schedules is available for free at:

       http://bankrupt.com/misc/Alexandra_T_SALs_Rev.pdf

                       About Alexandra Trust

Garland, Texas-based Alexandra Trust sought protection under
Chapter 11 of the Bankruptcy Code on Oct. 20, 2014 (Case No. 14-
35049, Bankr. N.D. Tex.).  The case is assigned to Judge Barbara
J. Houser.  The Debtor's counsel is Arthur I. Ungerman, Esq., in
Dallas, Texas.  The Debtor has estimated assets ranging from $100
million to $500 million and estimated debts ranging from $500,000
to $1 million.  The petition was signed by Richard Dale Sterritt,
Jr., trustee.


ARAMID ENTERTAINMENT: Wants Plan Exclusivity Extended to Mid-April
------------------------------------------------------------------
Aramid Entertainment Fund Limited, Aramid Liquidating Trust, Ltd.
and Aramid Entertainment, Inc., filed with the U.S. Bankruptcy
Court for the Southern District of New York a second motion for the
further extension of (a) their exclusive periods to file a plan of
reorganization through and including April 16, 2015; and (b) their
exclusive  period to solicit acceptances of that plan through and
including June 23, 2015.

The Debtors' current Exclusive Filing Period expired on January 14,
2015.  

The Debtors filed the Second Exclusivity Motion in late December
2014 in order to preserve exclusivity so that, after there is a
resolution of parties' efforts to dismiss the so-called "LA
Bankruptcy Litigation" and the "LA Bankruptcy Cases," they will
have time to formulate and draft a plan and accompanying disclosure
statement.

James C. McCarroll, Esq., at Reed Smith LLP, relates that since the
Debtors' duly appointed joint voluntary liquidators realized that
the litigations between the Debtors; and parties related to David
Molner, on one hand; and David Bergstein, and parties related to
Mr. Bergstein, on the other hand; continued to consume an
extraordinary amount of the Debtors' time and resources, the
Debtors negotiated a "settlement agreement" among many parties
involved in the litigations.

Section 3.9 of the Settlement Agreement provides, in part, that
"The parties will use their commercially reasonable best efforts to
obtain as expeditiously as possible subject to approval by the L.A.
Bankruptcy Court as necessary, either the settlement or a final
nonappealable order dismissing the L.A. Bankruptcy Court
litigations which the parties will cooperate with one another in
good faith and in a manner which is best designed to achieve the
relief contemplated by the agreement."

                          The Litigations

As previously reported in the Sept. 16, 2014 edition of The
Troubled Company Reporter, one of the litigations refer to the
adversary proceeding the Aramid Debtors filed to enforce the
automatic stay under Section 362 of the Bankruptcy Code to halt
threatened action against their property.  The adversary proceeding
stemmed from threatened actions by the Chapter 11 trustee presiding
over several bankruptcies, including Thinkfilm, LLC, pending before
the U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division.  Jordan W. Siev, Esq., at Reed Smith LLP, in
New York, said the actions attempt to exercise control over highly
valuable property of Aramid's estates in violation of the automatic
stay.

Some litigation are currently being pursued on a derivative basis
by a control party of Aramid's former investment adviser, Screen
Capital International Corp. Screen Capital obtained the ability to
prosecute and control the litigations by virtue of a settlement
agreement involving the very same parties that are the subjects of
the adversary proceeding. Aramid had advanced millions of dollars
in costs and expenses for those litigations.

                      Orders in the Litigations

On Nov. 24, 2014, in the matter of Screen Capital International
Corp. v. Library Asset Acquisition Company, Ltd. (In re ThinkFilm,
LLC), the U.S. District Court for the Central District of
California issued an (In Chambers) Order Granting Motion by Trustee
to Protect this Court's Jurisdiction and to Protect the Estates by
[1] Substituting Trustee for SCIC as the Representative of the
Estates; and [2] Revoking the Derivative Status of SCIC
in the matter of Screen Capital International Corp. v. Library
Asset Acquisition Company, Ltd. (In re ThinkFilm, LLC), case
2:13-cv-09538-PSG (the "California Order").  By an order entered
Dec. 22, 2014 (the "California Clarification Order"), the District
Court clarified that its California Order was "limited to In re
ThinkFilm, LLC, 2:13-cv-9538-PSG, stemming from the adversary
proceeding 2:12-ap-01600-BR, in turn stemming from main bankruptcy
10-bk-10012- BR.  It does not apply to any other cases."

                      Settlement Approval Order

As indicated at the hearing on the Settlement Approval Motion, the
Court required a revision to Section 3.9 of the Settlement
Agreement.

The revisions just make it clear that to the extent the LA
Bankruptcy Court litigations are not dismissed or settled, "the
Debtors would need to come back to the Bankruptcy Court to seek
approval to take either one of those two actions either rendering
the settlement agreement null and void or seeking authority to
indemnify various parties."

On Dec. 23, 2015, the New York Bankruptcy Court entered an order
approving the Settlement Agreement, as amended.

                           Plan Progress

Mr. McCarroll relays that the parties to the Settlement Agreement
are in the process of requesting dismissal of the L.A. Bankruptcy
Court litigations.

The Debtors, he adds, have continued to move forward to consummate
the Settlement Agreement and to address the terms of the Settlement
Agreement regarding dismissal of the Actions in light of the
California Order and the California Clarification Order.

As the Settlement Agreement was recently approved, Mr. McCarroll
continues, the Debtors have also begun working on a plan and
disclosure statement.  He reveals that the exact terms of the plan
and disclosure statement, however, are not yet determined because
they are dependent upon the success of the parties' efforts to
dismiss the L.A. Bankruptcy Court Litigations and the L.A.
bankruptcy cases pursuant to Sections 3.8 and 3.9 of the Settlement
Agreement.

                     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 ("JVLs") 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.


ARCHDIOCESE OF SAINT PAUL: Case Summary & 28 Top Unsec. Creditors
-----------------------------------------------------------------
Debtor: The Archdiocese of Saint Paul and Minneapolis
        226 Summit Ave
        Saint Paul, MN 55102

Case No.: 15-30125

Type of Business: The Archdiocese is organized as a religious
                  Diocesan Corporation and was elevated to
                  archdiocese in 1888.

Chapter 11 Petition Date: January 16, 2015

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

Judge: Hon. Robert J Kressel

Debtor's Counsel: Richard D Anderson, Esq.
                  BRIGGS AND MORGAN PA
                  2200 IDS Center
                  80 South 8th Street
                  Minneapolis, Mn 55402
                  Tel: 612-977-8640
                  Fax: 612-977-8650
                  Email: randerson@briggs.com

                     - and -

                  Benjamin Gurstelle, Esq.
                  BRIGGS AND MORGAN PA
                  2200 IDS Center, 80 S 8th St
                  Minneapolis, MN 55402
                  Tel: 612-977-8722
                  Email: bgurstelle@briggs.com

                     - and -

                  Aaron G. Thomas, Esq.
                  BRIGGS AND MORGAN PA
                  2200 IDS Center
                  80 South 8th Street
                  Minneapolis, MN 55402
                  Tel: 612-977-8400
                  Email: athomas@briggs.com

                     - and -

                  James A. Lodoen, Esq.
                  LINDQUIST & VENNUM LLP
                  4200 IDS Center
                  80 South Eighth St
                  Minneapolis, MN 55402
                  Tel: 612-371-3234
                  Email: jlodoen@lindquist.com

                     - and -

                  Charles E. Nelson, Esq.
                  LINDQUIST & VENNUM LLP
                  4200 IDS Center
                  80 South 8th Street
                  Minneapolis, MN 55402
                  Tel: 612-371-2438
                  Email: cnelson@lindquist.com

                    - and -

                  Jeffrey D Smith, Esq.
                  LINDQUIST & VENNUM LLP
                  4200 IDS Center
                  80 S Eighth St
                  Minneapolis, MN 55402
                  Tel: 612-752-6982
                  Email: jsmith@lindquist.com

Debtor's          BGA Management, LLC
Financial           dba Alliance Management
Advisor:

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $50 million to $100 million

The petition was signed by Thomas J. Mertens, treasurer/chief
financial officer.

List of Debtor's 28 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Personal Injury Plaintiff in         Personal           Unknown
Doe 27 v. The Order of St.            Injury
Benedict, Archdiocese of
St Paul and Minneapolis,
Saint Luke Institute,
Francis Hoefgen
Case No. 19HA-CV-13-4599
(Dakota City, Dist. Ct.)
c/o Jeff Anderson & Associates, P.A.

Personal Injury Plaintiff in         Personal           Unknown
Doe 26 v. Archdiocese of              Injury
St. Paul and Minneapolis
and Fr Jerome C Kern
Case No. 62-CV-13-7799
(Ramsey Cty, Dist. Ct.)
c/o Jeff Anderson &
Associates, P.A.

Personal Injury Plaintiff in         Personal           Unknown
Doe 23 v. Archdiocese of              Injury
St Paul and Minneapolis
and Fr. Robert M. Thurner
Case No. 62-CV-13-7566
(Ramsey Cty. Dist. Ct.)
c/o Jeff Anderson &
Associates, P.A.

Personal Injury Plaintiff in         Personal           Unknown
Doe 39 v. Order of St.                Injury
Benedict, a/k/a and d/b/a
St. John's Abbey,
Archdiocese of St. Paul
and Minneapolis
Case No. 62-CV-6408
(Ramsey Cty. Dist. Ct.)
c/o Jeff Andeson &
Associates, P.A.

Personal Injury Plaintiff in         Personal           Unknown
John Doe 108 v. Archdiocese           Injury
of St. Paul and Minneapolis
Case No. 62-CV-13-8564
(Ramsey Cty. Dist. Ct.)
c/o Noaker Law Firm LLC
333 Washington Avenue N,
Suite 329
Minneapolis, MN 55401

Personal Injury Plaintiff in         Personal           Unknown
Doe 20 v. Keating,                    Injury
Archdiocese of St. Paul
and Minneapolis, McDonough
Case No. 62-CV-13-7283
(Ramsey Cty. Dist. Ct.)
c/o Jeff Anderson & Associates,
P.A.

Personal Injury Plaintiff in         Personal           Unknown
John Doe 107 v. Archdiocese           Injury
of St. Paul and Minneapolis,
Diocese of New Ulm
Case No. 62-CV-13-8000
(Ramsey Cty. Dist. Ct.)
c/o Noaker Law Firm LLC
333 Washington Avenue N,
Suite 329
Minneapolis, MB 55401

Personal Injury Plaintiff in         Personal           Unknown
John Doe 109 V. Archdiocese           Injury
of St. Paul and Minneapolis,
Diocese of New Ulm
Case No. 62-CV-14-4275
(Ramsey Cty. Dist. Ct.)
c/o Noaker Law Firm LLC
333 Washington Avenue N,
Suite 329
Minneapolis, MN 55401

Personal Injury Plaintiff in         Personal           Unknown
John Doe 115 v. Archdiocese           Injury
of St. Paul and Minneapolis
Case No. 62-CV-14-6661
(Ramsey Cty. Dist. Ct.)
c/o Noaker Law Firm LLC
333 Washington Avenue N,
Suite 329
Minneapolis, MN 55401

Personal Injury Plaintiff in         Personal           Unknown
John Doe 104 v. Archdiocese           Injury
of St. Paul and Minneapolis
Case No. 62-CV-13-5755
(Ramsey Cty. Dist. Ct.)
c/o Noaker Law Firm LLC
333 Washington Avenue N,
Suite 329
Minneapolis, MN 55401

Personal Injury Plaintiff in         Personal           Unknown
John Doe 139 v.                       Injury
Archdiocese of St. Paul
and Minneapolis
Case No. 62-CV-13-8462
62-CV-10-11230
(consolidated)
(Ramsey Cty. Dist. Ct.)
c/o Jeff Anderson &
Associates, P.A.
366 Jackson Street
Suite 100
Saint Paul, MN 55101-2989

Personal Injury Plaintiff in         Personal           Unknown
John Doe 140 v.                       Injury
Archdiocese of St. Paul
and Minneapolis
Case No. 62-CV-13-8461
62-CV-10-11230
(consolidated)
(Ramsey Cty. Dist. Ct.)
c/o Jeff Anderson &
Associates, P.A.
366 Jackson Street
Suite 100
Saint Paul, MN 55101-3989

Personal Injury Plaintiff in         Personal           Unknown
John Doe 141 v.                       Injury
Archdiocese of St. Paul
and Minneapolis
Case No. 62-CV-10-2618
62-CV-10-11230
(consolidated)
(Ramsey Cty. Dist. Ct.)
c/o Jeff Anderson & Associates
P.A.
366 Jackson Street
Suite 100
Saint Paul, MN 55101-2989

Personal Injury Plaintiff in         Personal           Unknown
John Doe 150 v.                       Injury
Archdiocese of St. Paul
and Minneapolis
Case No. 62-CV-13-4732
(Ramsey Cty. Dist. Ct.)
c/o Jeff Anderson &
Associates, P.A.
366 Jackson Street
Suite 100
Saint Paul, MN 55101-2989

Personal Injury Plaintiff in         Personal           Unknown
John Doe 151 v.                       Injury
Archdiocese of St. Paul
and Minneapolis
Case No. 62-CV-10-11230
(consolidated)
(Ramsey Cty. Dist. Ct.)
c/o Jeff Anderson &
Associates, P.A.

Personal Injury Plaintiff in         Personal           Unknown
John Doe 152 v.                       Injury
Archdiocese of St. Paul and
Minneapolis
Case No. 62-CV-10-11230
(consolidated)
(Ramsey Cty. Dist. Ct.)
c/o Jeff Anderson &
Associates, P.A.

Personal Injury in                   Personal           Unknown
John Doe 153 v.                       Injury
Archdiocese of St. Paul
and Minneapolis
Case N. 62-CV-10-11230
(consolidated)
(Ramsey Cty. Dist. Ct.)
c/o Jeff Anderson &
Associates, P.A.

Personal Injury Plaintiff in         Personal           Unknown
John Doe 154 v.                       Injury
Archdiocese of St. Paul
and Minneapolis
Case No. 62-CV-10-11230
(consolidated)
(Ramsey Cty. Dist. Ct.)
c/o Jeff Anderson &
Associates, P.A.

Personal Injury Plaintiff in         Personal           Unknown
John Doe 175 v.                       Injury
Archdiocese of St. Paul
and Minneapolis
Case No. 62-CV-13-7845
62-CV-10-11230
(consolidated)
(Ramsey Cty. Dist. Ct.)
c/o Jeff Anderson &
Associates, P.A.

Personal Injury Plaintiff in         Personal           Unknown
John Doe 176 v.                       Injury
Archdiocese of St. Paul
and Minneapolis
Case No. 62-CV-13-7846
62-CV-10-11230
(consolidated)
(Ramsey Cty. Dist. Ct.)
c/o Jeff Anderson &
Associates, P.A.

Personal Injury Plaintiff in         Personal           Unknown
Doe 31 by and through his             Injury
Guardian, Guardian Doe 31
v. Archdiocese of St. Paul
and Minneapolis, Curtis
Wehmeyer
Case no. 62-CV-14-647
c/o Jeff Anderson &
Associates, P.A.

Archdiocese of St. Paul and          Underfunded        Unknown
Minneapolis Pension Plan for           Pension
Lay Employees                         Liability
328 Kellogg Blvd. W
Saint Paul, Mn 55102

Archdiocese of St. Paul              Underfunded        Unknown
and Minneapolis Pension                Pension
Plan for Priests                      Liability

Personal Injury Claimants            Personal           Unknown
with noticed claims, but who          Injury
have not commenced litigation
c/o Jeff Anderson &
Associates, P.A.

St. Anne/St. Joseph Hein             Inter-parish      $496,459
2627 Queen Ave N.                     loan fund
Minneapolis, MN 55411                  claim

Basilica of Saint Mary               Claims for         Unknown
88 North 17th Street                 contributions
Minneapolis, MN 55405                to various
                                     insurance and
                                     other plans

St. Hubert Catholic                  Claims for         Unknown
Community                            contributions
8201 Main Street                     to various
Chanhassen, MN 55317                 insurance and
                                     other plans

Saint Anthony Academy                Claims for         Unknown
949 Mendota Heights Road             contributions
Mendota Heights, MN                  to various
55120                                insurance and
                                     other plans


ARCHDIOCESE OF ST PAUL-MINNEAPOLIS: Some Parishes Hire Attorneys
----------------------------------------------------------------
The Associated Press reports that after the Archdiocese of St. Paul
and Minneapolis filed for bankruptcy, some Twin Cities-area
parishes, fearful about their financial futures, have hired
attorneys.

The Archdiocese of St. Paul and Minneapolis filed for Chapter 11 on
Jan. 16, 2015, with the U.S. Bankruptcy Court for the District of
Minnesota, saying it has large and growing liabilities related to
child sexual abuse and that its pension obligations are
underfunded.  The Debtor estimated under $50 million in assets and
under $100 million in liabilities.

According to Jean Hopfensperger and Tony Kennedy at
Startribune.com, about 50 parishes -- one-quarter of the total
within the archdiocese -- have hired Mary Jo Jensen-Carter, Esq.,
at White Bear Lake, while other parishes are hiring their own
attorneys or weighing the option to join the larger group.

The AP relates that despite Archbishop John Nienstedt's assurance
that parishes would not be affected by the bankruptcy filing, which
he said would allow the church to equitably compensate victims of
clergy abuse and continue to carry out its mission, Don Grant,
acting parish administrator at St. Olaf Catholic Church in downtown
Minneapolis, stated, "Many parishes have said, 'We need a seat at
the table so that we can protect our money.'

Individual parishes typically have not been sued in other
bankruptcy cases, though some have been sued in bankruptcies in San
Diego and Wilmington, Delaware, and in both cases, the parishes
employed priests who abused the children and had insurance
coverage, the AP says, citing Mike Finnegan, Esq., a victims'
attorney.

According to The AP, Guardian Angels of Oakdale parish
administrator Denny Farrell said that even though his parish hasn't
employed any priest found to have been credibly accused, his parish
has hired a bankruptcy attorney, "just to make sure we are doing
everything we can to protect Guardian Angels now."  Citing Mr.
Farrell, the report adds that the parish doesn't owe the bankrupt
archdiocese any money, but other parishes do and might be called
upon to pay their debts.



ARMORWORKS ENTERPRISES: Slams Houlihan Lokey's $1M Fees Request
---------------------------------------------------------------
Law360 reported that ArmorWorks Enterprises LLC blasted Houlihan
Lokey Capital Inc.'s bid to collect $1.1 million in fees from an
unsuccessful attempt to sell the bankrupt company, alleging the
investment bank failed to find a buyer and breached its engagement
contract.

According to the report, in an objection filed in Arizona
bankruptcy court, the defense contractor calls on U.S. Bankruptcy
Judge Brenda Moody Whinery to reject Houlihan Lokey's request --
$1,075,000 in fees and $29,083 in expenses -- saying the bank did
nothing to assist in confirmation of its reorganization plan.

                  About ArmorWorks Enterprises

Military armor systems provider ArmorWorks Enterprises, LLC, and
affiliate TechFiber LLC sought Chapter 11 protection (Bankr. D.
Ariz. Case Nos. 13-10332 and 13-10333) in Phoenix on June 17,
2013, along with a plan that resolves a dispute with a minority
shareholder and $3.5 million of financing that would save the
company from running out of cash.

ArmorWorks develops advanced survivability technology and designs
and manufactures armor and protective products.  ArmorWorks has
produced over 1.25 million ceramic armor and composite armor
protection components for a variety of personnel armor, aircraft,
and vehicle applications.

The Debtors have tapped Todd A. Burgess, Esq., John R. Clemency,
Esq., Lindsi M. Weber, Esq., and Janel M. Glynn, Esq., at
Gallagher & Kennedy, as counsel; and MCA Financial Group, Ltd.,
as financial advisor.  ArmorWorks estimated $10 million to
$50 million in assets and liabilities.

The U.S. Trustee for Region 14 appointed creditors to serve on an
Official Committee of Unsecured Creditors.  Forrester & Worth,
P.L.L.C. represents the Committee as its general counsel.

As of May 26, 2012, ArmorWorks had total assets of $30.9 million
and total liabilities of $12.04 million.

ArmorWorks and TechFiber sought and obtained an order
(i) transferring the In re TechFiber, LLC chapter 11 case to
the Honorable Brenda Moody Whinery, the judge assigned to the
ArmorWorks Chapter 11 case, and (ii) authorizing the joint
administration of the Debtors' cases.

On July 24, 2014, the Court approved the disclosure statement
explaining the Debtors' Plan of Reorganization on a final basis
and found that the Plan should be confirmed based on proposed
findings of fact and conclusions of law stated on the record.  A
confirmation order has not been entered.

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


ATHERTON FINANCIAL: Seeks Dismissal of Bankruptcy Case
------------------------------------------------------
Atherton Financial Building LLC filed a motion for an order (1)
authorizing the disbursement of funds to creditors; and (2)
dismissing its Chapter 11 case.

The Debtor recounts that at a hearing held on Dec. 3, 2014, the
Bankruptcy Court authorized the sale of its property for an
aggregate purchase price of $14.3 million.  The sale closed on Dec.
8, 2014, and all secured claims and tax claims have been satisfied.
Pursuant to the Court's order, the Debtor's counsel is holding
over $3.5 million in its client trust account pending further order
of the Court.

After payment of claims from escrow, the Debtor's remaining claims
total $246,923.  This takes into account: (1) the consensually
agreed-upon amount for Hue & Cry's unsecured claim of $2,430, and
(2) the outstanding balance of $0 currently owed to Travelers
Casualty Insurance Company of America.  The foregoing excludes the
Debtor's counsel's attorneys' fees and costs, which for purposes of
full disclosure, are estimated to be $25,000 over the $75,000
retainer received.  Pursuant to the motion, the Debtor seeks Court
authority to pay all estate claims in full and dismiss the case.

                     About Atherton Financial

Atherton Financial Building LLC owned a commercial building located
at 1906 El Camino Real, Menlo Park, CA 94027.

Atherton Financial filed a Chapter 11 petition (Bankr. C.D. Cal.
Case No. 14-27223) in Los Angeles, on Sept. 9, 2014.  Benjamin Kirk
signed the petition as managing member of manager of Sunshine
Valley LLC.  The case is assigned to Judge Thomas B. Donovan.  The
Debtor tapped David B Golubchik, Esq., at Levene Neale Bender
Rankin & Brill LLP, in Los Angeles, as counsel.

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


ATHERTON FINANCIAL: Wins Approval to Use Cash Collateral
--------------------------------------------------------
Atherton Financial Building, LLC, obtained Court approval to use
cash collateral pledged to secured creditors.  The Debtor obtained
approval of a stipulation with for use of cash collateral to pay
all of the expenses set forth in the budget.

The Debtor, in its motion, said that it would use the cash
collateral to pay the expenses of maintaining and operating the
property -- a commercial building located at 1906 El Camino Real,
Menlo Park, California.

The Debtor submitted that secured creditors (consisting of the
various taxing authorities with real property tax claims, first
deed of trust holders, and second deed of trust holders) are
adequately protected by the use of cash collateral.  Additionally,
the secured creditors are protected by equity cushions.

The Debtor further requested that the Court to approve the
stipulation entered into between the Debtor and Bank SinoPac, the
first lienholder on the property; which provides for, among other
things:

   -- authorization to use cash collateral to pay all of the
expenses, with authority to deviate from the line items contained
in the budgets by not more than 15% on each line item and not more
than 5% on a cumulative basis; and

   -- authorizing the Debtor to provide adequate protection.

                    About Atherton Financial

Atherton Financial Building LLC filed a Chapter 11 petition (Bankr.
C.D. Cal. Case No. 14-27223) in Los Angeles, on Sept. 9, 2014.
Benjamin Kirk signed the petition as managing member of manager of
Sunshine Valley LLC.  The Company estimated $10 million to $50
million in assets and debt.  The case is assigned to Judge
Thomas B. Donovan.  The Debtor has tapped David B Golubchik, Esq.,
at Levene Neale Bender Rankin & Brill LLP, in Los Angeles, as
counsel.  The Debtor disclosed $15.0 million in assets and
$10.0 million in liabilities as of the Chapter 11 filing.



BAXANO SURGICAL: Gets Court Nod to Implement Incentive Programs
---------------------------------------------------------------
The bankruptcy court authorized Baxano Surgical, Inc., to implement
(i) a key employee retention program for the Debtor's national
sales director and assistant controller; and (ii) a key employee
incentive plan for the Debtor's vice president of operations, and
authorized the payments contemplated thereunder.

The Debtor is engaged to sell its assets on a going concern basis
by the end of January 2015.

                             The KERP

The participants in the retention plan are the Debtor's national
sales director and assistant controller whose continuing efforts
will be critical to the success of the Debtor's sale efforts.  Both
of these individuals are involved in the day to day operations of
the Debtor.  None of these participants are officers or directors
of the Debtor and are not "insiders" within the meaning of Section
101(31) of the Bankruptcy Code.

The total amount of the payments to these individuals is $110,000
of which the national sales manager will receive $70,000 and the
assistant controller will receive $40,000.  The retention plan
payments represent 33% of the national sales manager's annual
salary and 47% of the assistant controller's annual salary.

To qualify for the retention plan payment, each of the retention
plan participants must be employed by the Debtor until Jan. 31,
2015 unless terminated earlier by the Debtor without cause.

                             The KEIP

The only participant in the incentive retention program will be the
Debtor's vice president of operations whose continuing efforts will
likewise be critical to the success of the Debtor's efforts to sell
its assets on a going concern basis.  Like the retention plan
participants, the incentive plan participant is intimately involved
in the day to day operations of the Debtor.

In particular, the incentive plan participant is the Debtor
employee most critical to the transitioning of the manufacturing of
the iO products (which account for in excess of 50% of the Debtor's
sales volume) to Venta Medical, a transition which is of crucial
importance to the ability of the Debtor to maintain the going
concern value of its iO product business.  That transition process
is complex and simply cannot be completed absent the continued
service of the incentive plan participant.
The total amount of the proposed payments to this individual is
$75,000.  The proposed incentive plan payment represents
approximately 33% of the vice president of operation's annual
salary.

To qualify for the incentive plan payment: (i) the incentive plan
participant must be employed by the Debtor until Jan. 31, unless
terminated earlier by the Debtor without cause; and (ii) by no
later than Jan. 1, 2015, Venta must be manufacturing iO products
available for sale to the Debtor's customers.

Hercules Technology Growth Capital, Inc., the Debtor's secured
prepetition lender and postpetition lender DIP Lender, has
consented to include the proposed retention plan and the proposed
incentive plan and to a carve out from its collateral for the plan
payments if and only if gross sales proceeds from asset sale(s)
(excluding gross sale proceeds achieved pursuant to a liquidation
of the assets of the Debtor under Chapter 7 or Chapter 11) is equal
to or greater than $4.50 million.

                       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 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.



BERJAC: Bankr. Court Remands Cox vs. Holcomb to State Court
-----------------------------------------------------------
Plaintiffs in Cox et al., v. Holcomb Family Limited Partnership et
al., ADV. NO. 14-3260, filed a class action complaint alleging
violation of Oregon securities law arising from their purchase of
securities issued by Berjac of Oregon and Berjac of Portland, which
subsequently merged.  Defendants are an Oregon individual and
Oregon entities that are alleged to have materially aided or
otherwise played an essential role in the fraud relating to the
sale of the Berjac securities.

Berjac is a debtor in bankruptcy. Michael Holcomb and Gary Holcomb
were general partners of Berjac. Involuntary petitions for
bankruptcy relief were entered against both of them.

The complaint alleges that Berjac, Michael Holcomb, and Gary
Holcomb are not named as defendants in this action because they are
debtors in bankruptcy.  The complaint was filed in state court.
Defendants removed the case to federal court, alleging federal
jurisdiction under the Class Action Fairness Act (CAFA), 28 U.S.C.
Section 1332(d)(2), and bankruptcy "related to" jurisdiction under
Section 28 U.S.C. Section 1334(b).

On motion by plaintiffs, the district court declined to exercise
jurisdiction under the CAFA and referred the complaint to the
bankruptcy court to decide plaintiffs' motion for remand to state
court.

Judge Elizabeth L. Perris of the United States Bankruptcy Court for
the District Oregon, on January 8, 2015, concluded that this
complaint should be remanded to state court.  According to her
decision, a copy of which is available at http://is.gd/FqQSxHfrom
Leagle.com, "this is an Oregon law claim asserted by largely Oregon
plaintiffs against Oregon defendants. The claim asserted is not
closely connected to this bankruptcy case, the defendants
acknowledge that trial of the claims against them asserted by the
Berjac trustee should not be consolidated with trial of this
complaint, and the Berjac trustee will oppose any consolidation.
There is no indication that the state court cannot timely resolve
this litigation. The effect of the outcome of this case will have
on the bankruptcy estates of Berjac, Michael Holcomb, and Gary
Holcomb can be easily dealt with by the bankruptcy court. The
factors favoring remand heavily outweigh the factors that weigh in
favor of retaining this adversary proceeding in bankruptcy court.
Mr. Stephens should submit an order denying the motion for
abstention and granting the motion for remand."

Counsel involved in the adversary case are:

John W. Stephens Esler, Esq.
STEPHENS & BUCKLEY, LLP
121 SW Morrison St., Ste. 700
Portland, OR 97204-3183
E-mail: stephens@eslerstephens.com

Laura J. Walker, Esq.
1001 SW 5th Ave. #2000
Portland, OR 97204

Thomas R. Johnson, Esq.  
PERKINS COIE LLP
1120 NW Couch St, 10th Floor
Portland, OR 97209-4128
E-mail: TRJohnson@perkinscoie.com

Timothy S. Dejong, Esq.
STOLL STOLL BERNE LOKTING & SHLACHTER PC
209 SW Oak St. Ste. 500
Portland, OR 97204
E-mail: tdejong@stollberne.com

Thomas A. Larkin, Esq.
STEWART SOKOL & LARKIN LLC
2300 SW 1st Ave. #200
Portland, OR 97201-5047
E-mail: tlarkin@lawssl.com

                      About Berjac of Oregon

Berjac of Oregon filed a bare-bones Chapter 11 petition (Bankr. D.
Ore. Case No. 12-63884) in Eugene on Aug. 31, 2012.  Its
affiliate, Berjac of Portland, Oregon, also sought Chapter 11
bankruptcy protection.

Berjac -- http://www.berjac.com/-- has provided insurance premium
financing to insureds in the Western United States since 1963.
Michael S. Holcomb, owns the Berjac partnerships with his brother
Gary.

According to The Oregonian, on the date of the bankruptcy filing,
state regulators fined Berjac $900,000, saying that 275 investors
might have lost up to $35 million making risky loans to the
Holcombs' firms.  The Oregonian said state officials moved quickly
to issue a press release before the Labor Day weekend to warn
other investors of the firm's alleged illegal scheme and apparent
financial woes.

In cease-and-desist orders issued late August 2012, the Oregon
Division of Finance and Corporate Securities accused Berjac and
the Holcomb brothers of violating Oregon securities laws.  The
orders allege the Holcombs sold unsecured notes to investors
without registering them, getting a license or offering investors
a detailed prospectus.

Judge Frank R. Alley, III, presides over the case.  The Law
Offices of Keith Y. Boyd, Esq., serves as the Debtors' counsel.
Berjac of Oregon disclosed $5,412,444 in assets and $44,761,597 in
liabilities as of the Chapter 11 filing.

Thomas A. Huntsberger is appointed as the Chapter 11 trustee.
Thomas A. Geber and the law firm of Bullivant Houser Bailey,
P.C.O, serves as the trustee's general counsel.

The seven-member Official Committee of Unsecured Creditors is
represented by David B. Mills.


BERNARD L. MADOFF: Aide Alleges Gov't Misconduct In Bail Bid
------------------------------------------------------------
Law360 reported that former Bernie Madoff aide Daniel Bonventre has
asked the Second Circuit to let him remain free on bail while he
appeals his conviction over the Ponzi scheme, claiming the verdict
was tainted by "deplorable" government misconduct including a
prosecutor's alleged racially charged remarks.

According to the report, in a Dec. 30 court filing, Bonventre's
attorney Andrew Frisch criticized a closing statement by prosecutor
Randall Jackson in which he implored jurors to approach their
deliberations with the same "courageous" attitude displayed by
Constance Baker Motley, a civil rights lawyer.

                     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.


BERNARD L. MADOFF: Victims Seek Testimony From The Man Himself
--------------------------------------------------------------
Law360 reported that a persistent group of investors seeking to
hold a primary investor in Bernard Madoff's Ponzi scheme
responsible for their losses asked a Delaware federal judge to
order a deposition of the convicted investment manager before he
dies in prison.

According to the report, the so-called Florida plaintiffs -- Adele
Fox, Susanne Stone Marshall, Marsha Peshkin, Russell Oasis and
Pamela Goldman -- are seeking ammunition to go after the estate of
former Madoff investor Jeffery Picower, in spite of a 2011 deal
worth $7.2 billion with the SIPA trustee.

                     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.


BINDER & BINDER: Wants to Hire DSI's Bill Brandt as CRO
-------------------------------------------------------
Binder & Binder – The National Social Security Disability
Advocates (NY), LLC, et al., ask the U.S. Bankruptcy Court to
authorize Development Specialists, Inc., to provide them with a
chief restructuring officer and additional personnel.

The Debtors also ask that the Court approve the designation of
William A. Brandt, Jr., president and chief executive officer of
DSI, as CRO effective as of the Petition Date.

Mr. Brandt and DSI will, among other things:

   a) manage the ongoing operations of the Debtors;

   b) assist the Debtors in developing strategies to improve cash
flow, enhance profitability and to reduce expenses; and

   c) assist the Debtors in identifying and implementing both
short-term and long-term liquidity generating initiatives,
including forecasting and reporting cash flow performance.

Some DSI's personnel may also be engaged in the representation to
assist Mr. Brandt and compensated on an hourly basis.  The 2014
hourly rates for other DSI consultants are $425 to $625 for
senior consultants and $175 to $325 for consultants.  DSI has
identified certain of its personnel who would likely constitute the
core group for the matter.  These consultants (along with their
corresponding billing rates) are:

         Name                        2014 Hourly Rate
         ----                        ----------------
   Eric R. Sweitzer                       $435
   Patrick J. O'Malley                    $580
   Yale Bogen                             $435
   Shelly L. Cuff                         $250

On July 21, 2014, DSI received a retainer from the Debtors in the
amount of $150,000.  Additionally, for the period of July 2014
through shortly before the Petition Date, DSI incurred and was paid
for fees and expenses in the approximate amount of $1.052 million.

To the best of the Debtors' knowledge, Mr. Brandt and DSI are a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The Debtors will present the matter before the Court on Jan. 21,
2015, at 12:00 p.m.

The Debtors are represented by:

         Kenneth A. Rosen, Esq.
         Mary E. Seymour, Esq.
         Cassandra M. Porter, Esq.
         Nicholas B. Vislocky, Esq.
         LOWENSTEIN SANDLER LLP
         1251 Avenue of the Americas, 17th Floor
         New York, NY 10020
         Tel: (212) 262-6700
         Fax: (212) 262-7402

                     About Binder & Binder

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

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

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



BOMBARDIER INC: Fitch Affirms 'BB-' IDR & Revises Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating (IDR) and
long-term debt and bank facility ratings for Bombardier Inc. (BBD)
at 'BB-'.  The Rating Outlook is revised to Negative from Stable.

NEGATIVE RATING OUTLOOK

The Negative Rating Outlook reflects heightened concerns about
BBD's free cash flow (FCF) and liquidity following the company's
announcement yesterday regarding operating results and a
significant charge.  FCF in 2014 will be substantially weaker than
originally expected and margins and cash flow at Bombardier
Aerospace (BA) and Bombardier Transportation (BT) will be lower. In
addition, BBD will recognize a $1.4 billion charge to 'pause'
development of the Learjet 85 aircraft.

Fitch believes BBD's lower margins and large negative FCF in 2014
could signal ongoing operating challenges and a slower recovery in
FCF over the long term.  As a result, BBD's liquidity and financial
flexibility will be lower through the first half of 2015 when FCF
is typically negative.  Weak results also increase the risk of a
covenant breach under BBD's bank facilities.  Cash balances at the
end of 2014 were adequate at $2.4 billion but, in the absence of
stronger operating results or a capital raising transaction, could
decline below the threshold near $2 billion that Fitch previously
indicated could lead to a negative rating action.

In the event that BBD does not begin to resolve these concerns
within the next one or two quarters, the ratings could be
downgraded by at least one notch.  The Rating Outlook could be
revised to Stable if BBD were to raise equity and boost cash
without increasing existing debt levels, or if FCF improves quickly
from a very weak level in 2014 although Fitch views this as
unlikely in light of BBD's significant near term challenges.

KEY RATING DRIVERS

Fitch previously estimated FCF after dividends in 2014 would
improve to a range of negative $700 million - negative $800
million, compared to negative $1.5 billion in 2013.  Fitch
currently estimates FCF in 2014 approached negative $1.4 billion -
1.5 billion due to weaker than expected FCF performance at both BA
and BT.  Even if FCF improves, BBD's liquidity is likely to remain
at lower than expected levels despite a $500 million net increase
in debt during 2014.  It is unclear how soon FCF will become
positive, but likely not before 2016.

Liquidity could be reduced by approximately $750 million of debt
scheduled to mature in January 2016 if not refinanced.  At Sept.
30, 2014, debt due within the next 12 months was $50 million.  In
addition to long-term debt, BBD had $811 million of other current
financial liabilities including refundable government advances,
sale and leaseback obligations, lease subsidies and other items.
BBD also has contingent liabilities related to aircraft sales and
financing and to foreign currency risk.

BBD's liquidity at Dec. 31, 2014 included cash of $2.4 billion and
approximately $1.4 billion of availability under bank facilities.
At Sept. 30, 2014, liquidity included approximately $1.9 billion of
cash, plus availability under a $750 million bank revolver that
matures in 2017.  In addition, BT has a separate EUR500 revolver
that matures in 2016.  Both facilities were unused at Sept. 30,
2014.  BA and BT also have letter of credit (LC) facilities that
are used to support performance risk and secure advance payments
from customers.  The bank facilities contain various leverage and
liquidity requirements for both BA and BT, which remained in
compliance at Sept. 30, 2014.  Minimum required liquidity at the
end of each quarter is $500 million at BA and EUR600 million at BT.
BBD does not publicly disclose required levels for other
covenants, but compliance is a concern.

In addition to the two committed facilities, BBD has other
facilities including a performance security guarantee (PSG)
facility that is renewed annually as well as bilateral agreements
and bilateral facilities with banks and insurance companies.  BA
uses committed sale and leaseback facilities ($176 million
outstanding at Sept. 30, 2014) to help finance its trade-in
inventory of used business aircraft.  In addition, BT uses
off-balance-sheet, non-recourse factoring facilities in Europe that
have recently ranged between $1.1 billion (at Sept. 30, 2014) and
$1.5 billion.

BBD's credit metrics are already weak for the rating and are
exacerbated by low margins at BA and BT and high development
spending for the CSeries and other aircraft programs.  BBD
initiated significant restructuring programs in both segments
during 2014 and previously estimated it would realize annual
savings of $200 million at BA and $68 million at BT when completed.
However, weak margins reported by BBD indicate that achieving
these expected benefits could be slow.

Debt/EBITDA at Sept. 30, 2014 was 6x, roughly flat compared to 6.2x
at the end of 2013.  Total adjusted debt/operating EBITDAR was 7x
at Sept. 30, 2014.  Leverage could increase in the near term as a
result of weaker earnings, rather than remain steady as previously
expected by Fitch, even without an increase in debt. Even if BBD
resolves its operating challenges promptly, a decline in leverage
is not expected by Fitch until cash requirements for the CSeries
are reduced through a combination of lower development spending and
new revenue after EIS.

At the end of 2013, the net pension obligation was nearly $1.7
billion, including $725 million of unfunded plans.  Gross pension
obligations were nearly $10 billion.  As of early 2014, BBD
expected to contribute $410 million to its plans in 2014 compared
to $481 million in 2013.  The 2014 contribution does not include a
$94 million planned contribution to defined contribution plans.

A key rating concern is CSeries development costs and entry into
service (EIS) for the CS100 which BBD estimates will occur in the
second half of 2015 following a significant engine-related delay in
2014.  The impact of the delay on total costs has not been
estimated but may have contributed, in Fitch's view, to the larger
than expected negative FCF in 2014.  Fitch views BBD's estimated
EIS window for the CSeries as challenging given the amount of new
technology involved in the aircraft.  There are currently 243 firm
orders from approximately 15 customers - a relatively low level
compared to other aircraft programs such as the Airbus 320neo and
737 MAX which compete for at least a portion of the CSeries'
potential customer base.  Orders for the CSeries are weighted
toward the larger CS300 aircraft, which has 180 orders.

At BA, demand is recovering for regional jets (RJ) and turboprops.
Demand for large business jets is solid, but the market for small
jets remains at low, albeit improving, levels.  Although BA's
backlog of commercial aircraft has increased, orders include the
CSeries aircraft which will be delivered over several years.  BA's
margins before special items have recently been negatively affected
by provisions for credit and residual value guarantees, pricing
pressure on new aircraft, and reduced values on used aircraft.

At BT, which represented 49% of BBD's revenues through the first
nine months of 2014, margins reflect execution challenges at BT on
certain large projects as well as competitive pricing across the
industry.  The risk of cost overruns is an inherent part of BT's
project work as contracts are usually on a fixed-price basis.

Fitch estimates credit metrics could deteriorate due to weak
results and may not improve until BBD effectively executes its
restructuring actions.  Rating concerns are mitigated by BBD's
diversification and market positions in the aerospace and
transportation businesses and BA's portfolio of commercial aircraft
and large business jets.  The company has continued to refresh its
aircraft portfolio which should position it to remain competitive.
The Global 7000 and 8000 aircraft are well positioned to take
advantage of solid demand for large business jets and are scheduled
for entry into service in 2016 and 2017, respectively.

In accordance with Fitch's updated Recovery Rating (RR)
methodology, Fitch is now providing RRs to issuers with IDRs in the
'BB' category.  The Recovery Rating (RR) of '4' for BBD's senior
unsecured debt supports a rating of 'BB-', the same as BBD's IDR,
and reflects average recovery prospects in a distressed scenario.
The RR '6' for preferred stock reflects a low priority position
relative to BBD's debt.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead to
a rating downgrade include:

   -- Insufficient liquidity to carry BBD through the current
      development cycle at BA.  Fitch would view liquidity as a
      significant concern if scheduled debt maturities cannot be
      repaid or refinanced on a timely basis, cash balances fall
      materially below roughly $2 billion, or if there is an
      increase in BBD's outstanding debt.  Fitch believes debt
      issuance has become more likely following weaker than
      expected FCF in the fourth quarter of 2014.  In addition,
      BBD's $500 million of net debt issuance in 2014 now provides

      an important level of long term support for liquidity,
      rather than serving as a temporary source of liquidity as
      originally expected by Fitch.

   -- Inability by BBD to return to consistently positive
      annualized FCF by the end of 2015.  A return to positive FCF

      in 2016 may be more likely but could still be challenging.

   -- The CSeries is delayed again or there are significant order
      cancellations.

   -- Restructuring initiated in 2014 fails to address execution
      issues at BT or fails to generate improved margins at BA
      over the long term.

A positive rating action is unlikely in the near term.  Credit
metrics are weak for the ratings and a substantial improvement is
not expected by Fitch before BBD's development spending declines
and BBD demonstrates a consistent recovery in operating results.

Fitch has affirmed BBD's ratings, and assigned recovery ratings,
as:

   -- IDR 'BB-';
   -- Senior unsecured bank credit facilities 'BB-'/'RR4';
   -- Senior unsecured debt 'BB-'/'RR4';
   -- Preferred stock 'B'/'RR6'.

The Rating Outlook is Negative.

BBD's debt, as calculated by Fitch, totaled nearly $7.8 billion at
Sept. 30, 2014.  The amount includes sale and leaseback obligations
and is adjusted for $347 million of preferred stock which Fitch
gives 50% equity interest.  The debt amount excludes adjustments
for interest swaps reported in long-term debt as the adjustments
are expected to be reversed over time.



BOMBARDIER INC: Moody's Puts Ba3 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service placed Bombardier Inc.'s Ba3 Corporate
Family rating (CFR), Ba3-PD probability of default rating and Ba3
senior unsecured ratings under review for possible downgrade.
Moody's also lowered the company's speculative grade liquidity
rating to SGL-3 from SGL-2.

Ratings Rationale

The rating's review follows Bombardier's announcement that it has
materially lowered its earnings and cash flow expectations for
2014. Consequently, Moody's believes Bombardier will need to raise
additional debt to fund the cash shortfall and address its weakened
liquidity position, which would further pressure the company's
adjusted leverage from an already high level of approximately 7x
currently. As well, given ongoing execution challenges in its
Transportation division, relatively weak order flow for certain of
its aircraft, and the potential for further cost escalation related
to its CSeries aircraft program, Moody's believes the company will
continue to consume cash through at least 2015. Bombardier's $2.4
billion of cash and $1.4 billion of available revolvers provides
adequate liquidity, however continued covenant compliance through
the next year is a concern in Moody's opinion.

Moody's review will focus on Bombardier's plans to strengthen its
liquidity position, as well as the company's prospects for
improving its earnings and reducing its cash consumptiveness
through 2016.

Bombardier's unsecured notes, which do not benefit from upstream
guarantees, could be lowered by more than the CFR, particularly if
the company obtains secured debt with any funding initiatives.

The principal methodology used in this rating was the Global
Aerospace and Defense published in April 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.

Issuer: Bombardier Inc.

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

  Corporate Family Rating, Placed on Review for Downgrade,
  currently Ba3

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba3-PD

  Senior Unsecured Regular Bonds/Debentures, Placed on Review
  for Downgrade, currently Ba3, LGD4

Outlook Action:

Issuer: Bombardier Inc.

  Outlook, Change to Rating Under Review for Downgrade from Stable

Issuer: Broward (County of) FL

Senior Unsecured Revenue Bonds, Placed on Review for Downgrade,
currently Ba3, LGD4

Issuer: Connecticut Development Authority

Senior Unsecured Revenue Bonds, Placed on Review for Downgrade,
currently Ba3, LGD4

Issuer: Dallas-Fort Worth Intl. Airp. Fac. Imp. Corp.

Senior Unsecured Revenue Bonds, Placed on Review for Downgrade,
currently Ba3, LGD4

Headquartered in Montreal, Quebec, Canada, Bombardier is a globally
diversified manufacturer of business and commercial jets as well as
rail transportation equipment. Annual revenues total roughly $20
billion.



BRUGNARA PROPERTIES IV: Creditors' Meeting Set for Feb. 10
----------------------------------------------------------
The meeting of creditors of Brugnara Properties VI is set to be
held on Feb. 10, at 10:30 a.m., according to the U.S. Bankruptcy
Court for the Northern District of California.

The meeting will be held at the Office of the U.S. Trustee, 235
Pine Street, Suite 850, in San Francisco, California.

The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                    About Brugnara Properties

Brugnara Properties VI filed a Chapter 11 petition (Bankr. N.D.
Cal. Case No. 14-31867) in San Francisco, California, on Dec. 31,
2014, without stating a reason.  

On January 2, 2015, Judge Hannah L. Blumensteil of the U.S.
Bankruptcy Court for the Northern District of California
transferred the Chapter 11 case of Brugnara Properties to Judge
Dennis Montali.

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

The Debtor only filed the Schedule D - Creditors Holding Secured
Claims in its Schedules of Assets and Liabilities.  

The Debtor disclosed that Wells Fargo Home Mortgage is owed $6.15
million on a first note secured by the Debtor's property, and Saxe
Mortgage Co. is owed $1.7 million on a second note.

The deadline for filing claims is May 4, 2015.

The Debtor is represented by Erik G. Babcock, Esq., at Law Office
of Erik G. Babcock, in Oakland, California.


CAPNIA INC: Needs More Financing to Continue as Going Concern
-------------------------------------------------------------
Capnia, Inc., filed its quarterly report on Form 10-Q, disclosing
a net loss of $2.39 million on $nil of revenue for the three
months ended Sept. 30, 2014, compared with a net loss of $1.59
million on $nil of revenue for the same period last year.

The Company's balance sheet at Oct. 31, 2014, showed $1.7 million
in total assets, $19.6 million in total liabilities, and a
stockholders' deficit of $44.08 million.

As of Sept. 30, 2014, the Company had cash and cash equivalents of

approximately $0.1 million, including the net proceeds received
from convertible note financing in April and August 2014.  As of
Sept. 30, 2014, there was substantial doubt about its ability to
continue as a going concern, if it did not secure additional
financing.

A copy of the Form 10-Q is available at http://is.gd/AfgZvS

Redwood City, Calif.-based Capnia, Inc., develops diagnostics and
therapeutics based on its proprietary technology for precision
metering of gas flow.



CENTRAL OKLAHOMA: Case Reassigned to Judge Niles Jackson
--------------------------------------------------------
U.S. Bankruptcy Judge Sarah A. Hall has reassigned the Chapter 11
case of Central Oklahoma United Methodist Retirement Facility, Inc.
to the Hon. Niles L. Jackson.

Judge Hall also struck the hearing on the application to approve
counsel Gable & Gotwals, P.C.'s allowance and payment of interim
compensation, reimbursement of expenses because she cannot preside
over the hearing on the application or the case as a whole.

Judge Hall cannot preside over the hearing because a conflict of
interest arose when attorneys from Mulinix, Ogden, Hall & Ludlam,
P.L.L.C., entered their appearance on creditor and
party-in-interest William Hicks' behalf.

              About Central Oklahoma United Methodist

Central Oklahoma United Methodist Retirement Facility, Inc., dba
Epworth Villa, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Okla. Case No. 14-12995) on July 18,
2014.  The case is before Judge Sarah A. Hall.

The Debtor's counsel is Brandon Craig Bickle, Esq., Sidney K.
Swinson, Esq., and Mark D.G. Sanders, Esq., at Gable & Gotwals,
P.C., in Tulsa, Oklahoma; and G. Blaine Schwabe, III, Esq., at
Gable & Gotwals, P.C., in Oklahoma City, Oklahoma.

The Debtor reported $118 million in assets and $108 million in
liabilities.



CHC GROUP: S&P Raises Sr. Unsecured Notes Rating to 'B'
-------------------------------------------------------
Standard & Poor's Ratings Services said it has reviewed its
recovery and issue credit ratings in Canada for nonfinancial
speculative-grade companies with cash flow revolver facilities in
the capital structure, following the publication of its revised
methodology for revolver usage assumptions Nov. 20, 2014.  S&P is
raising two Canadian issue-level ratings.  In addition, S&P is
revising the recovery ratings on three Canadian issues to reflect
their improved recovery prospects.

These rating actions stem solely from the application of S&P's
revised revolver usage assumptions and do not reflect any change in
S&P's assessment of the companies' fundamental credit quality.

RATINGS LIST

Ratings Raised/Recovery Ratings Revised

                                        To      From
CHC Group Ltd.
Senior unsecured notes                 B       B-
  Recovery rating                       5       6

DirectCash Payments Inc.
Senior unsecured notes                 B+      B
  Recovery rating                       4       5

Rating Affirmed/Recovery Rating Revised

Parkland Fuel Corp.
Senior unsecured notes                 BB-     BB-
  Recovery rating                       3       4



CONYERS 138: Unsecured Creditors' Meeting Moved to Jan. 22
----------------------------------------------------------
The meeting of creditors of Conyers 138, LLC, has been moved to
Jan. 22, 2015, from Jan. 8, according to a filing with the U.S.
Bankruptcy Court for the Northern District of Georgia.  The meeting
will be held at Room 362, Third Floor, Russell Federal Building, 75
Spring Street, SW, in Atlanta, Georgia.

The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                        About Conyers 138

Conyers 138, LLC, filed a Chapter 11 bankruptcy petition (Bankr.
N.D. Ga. Case No. 14-73659) in Atlanta, Georgia, on Dec. 1, 2014,
without stating a reason.

The Debtor, a Single Asset Real Estate as defined 11 U.S.C. Sec.
101(51B), estimated $10 million to $50 million in assets and debt
of $500,000 to $1 million.

The Law Offices of Evan M. Altman, Esq., in Atlanta, serves as the
Debtor's counsel.


CROSSMARK HOLDINGS: S&P Affirms 'B' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on CROSSMARK Holdings Inc.  The outlook is stable.

S&P also affirmed the 'B' rating on CROSSMARK's secured first-lien
debt, and its 'CCC+' rating on its second-lien debt.  S&P's '4'
recovery ratings on the first-lien debt indicates its expectation
of average (30%-50%) recovery in the event of default.  S&P's '6'
recovery ratings on the second-lien debt indicates its expectation
of negligible (0%-10%) recovery in the event of default.

S&P also adjusted its key ratings factors underpinning its downside
outlook opinion.  S&P would now consider lowering the rating on
CROSSMARK if operating performance continues to deteriorate and
free operating cash flow (FOCF) turns negative.  In S&P's prior
analysis, it stated that it could lower its ratings if liquidity
becomes constrained and EBITDA interest coverage falls below 2.0x,
which would translate to leverage above 9.0x.

"The affirmation reflects our view that CROSSMARK will regain some
of the volume it lost in 2014, while also improving EBITDA margins
through cost savings initiatives implemented in 2014," said
Standard & Poor's credit analyst Brennan Clark.  "Revenues and
EBITDA have come in below our expectations because of lost volume
from key customers and higher-than-expected integration and
restructuring costs.  Despite this weaker-than-expected operating
performance, we believe the company's good level of FOCF continues
to support a stable outlook."

The stable outlook reflects S&P's view that CROSSMARK's credit
ratios will improve modestly in 2015, as the company benefits from
modest revenue growth and the positive effects of cost savings
initiatives implemented in 2014.  In addition, S&P expects the
company will generate FOCF of approximately $20 million in 2014 and
$30 million in 2015.  S&P also expects it to have minimal usage
under the revolver.



DENDREON CORP: Case Transferred to Hon. Laurie Selber Silverstein
-----------------------------------------------------------------
U.S. Bankruptcy Judge Brendan L. Shannon reassigned the Chapter 11
cases of Dendreon Corporation, et al., to the Hon. Laurie Selber
Silverstein.  Judge Peter J. Walsh was initially assigned to the
cases.  The order of reassignment was entered on Jan. 7, 2015.

                       About Dendreon Corp

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

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

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

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

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

The U.S. Trustee for Region 3 appointed five members to the
Official Committee of Unsecured Creditors.



DOTS LLC: Needs Until July 20 to Propose Chapter 11 Plan
--------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Dots LLC, the women's-wear retailer that has
ceased operations and closed all its stores, asked a bankruptcy
judge in Newark, New Jersey, to further extend its exclusive period
to file a plan through and including July 20 in order to give it
time to focus on winding down its Chapter 11 case.

According to the report, the company said it has began resolving
some 140 so-called avoidance actions where it's hoping for
recoveries to benefit creditors and has began reconciling claims to
determine how much is available for creditors.  Expiration of the
exclusive right to propose a Chapter 11 plan would disrupt
resolution of the suits, Dots said, the report related.

                         About DOTS LLC

Dots is a retailer of fashionable clothing, accessories, and
footwear for price-conscious women.  Dots provides missy and plus
size choices to fashion savvy 25 to 35 year old women at
approximately 400 retail stores throughout the Midwest, East, and
South United States.  Dots' workforce includes 3,500 individuals
in their stores, distribution center, and corporate headquarters.

Dots, LLC, and its affiliates sought bankruptcy protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No.
14-11016) on Jan. 20, 2014, to sell some or all of their assets.

Lowenstein Sandler LLP serves as counsel to the Debtors.
PricewaterhouseCoopers LLP is financial advisor and investment
banker.  Donlin, Recano & Company, Inc., is the claims and notice
agent.

As of the Petition Date, the Debtors have outstanding secured debt
owed to senior lender Salus Capital Partners, LLC, of which
$14.5 million remains outstanding under a revolving facility and
$16.1 million is owed under a term facility.  The Debtors also
have not less than $17 million outstanding under subordinated term
loan agreements with Irving Place Capital Partners III L.P.
("IPC") and related entities.  Moreover, the Debtors have
aggregate unsecured debts of $47.0 million.  The Debtors disclosed
$51,574,560 in assets and $85,442,656 in liabilities as of the
Chapter 11 filing.

Salus, the prepetition senior lender and the DIP lender, is
represented by Morgan, Lewis & Bockius, LLP.  The prepetition
subordinated lenders are represented by Okin Hollander & DeLuca,
LLP.

The Company has arranged to borrow $36 million to keep operating
as it reorganizes under court protection.

Otterbourg P.C. serves as counsel to the Official Committee of
Unsecured Creditors; and FTI Consulting, Inc., serves as its
financial advisor.


ENDEAVOUR INT'L: Committee Hires UpShot as Website Administrator
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Endeavour
International Corporation and its debtor-affiliates seeks
authorization from the U.S. Bankruptcy Court for the District of
Delaware to retain UpShot Services LLC as website administration
agent.

The Committee requires UpShot Services to:

   (a) provide the Committee with consulting services including,
       but not limited to, noticing, claims management and related

       reconciliation, solicitation, balloting, tabulation,
       disbursements and any other services on an as-needed basis,

       agreed upon by the Committee and otherwise required by
       applicable law, government regulations or Court Order/rules

       (collectively, the "Services").  

   (b) provide the following to the Committee during the term of
       the Services Agreement: (i) UpShot's standard data reports
       as well as consulting and programming support for
       Committee-requested reports, (ii) dedicated website
       creation & ongoing maintenance, (iii) support/training for
       UpShot's proprietary database and related software, (iv)
       computer program modifications, and (v) other
       features/services referenced in the Fee Structure.

   (c) upon request from the Committee, UpShot may provide (i)
       confidential, online workspaces or virtual data rooms and
       publish certain documents thereto and (ii) creditor
       communications materials to be utilized by UpShot
       employees;

   (d) services will be provided by UpShot when (i) specifically
       requested by the Committee or (ii) required by applicable
       law, government regulations or court order/rules.  Services

       are deemed delivered and accepted by the Committee when
       provided by UpShot.
   (e) Committee agrees that none of the Services provided by
       UpShot contain legal advice or opinion, and neither UpShot
       nor its personnel shall be or are deemed to practice law
       thereunder.

UpShot Services will be paid at these hourly rates:

       Clerical                      $30
       Case Assistant                $55–$65
       IT Manager                    $125-$145
       Case Consultant               $140–$155
       Case Director                 $175
       Public Securities Director    $225

UpShot Services will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Travis K. Vandell, CEO of UpShot Services, 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.

UpShot Services can be reached at:

       Travis K. Vandell
       UPSHOT SERVICES LLC
       7808 Cherry Creek South Drive, Suite 112
       Denver, CO 80231
       Tel: (855) 812-6112
       E-mail: tvandell@upshotservices.com

                    About Endeavour International

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

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

As of June 30, 2014, the Company had $1.55 billion in total
assets, $1.55 billion in total liabilities, $43.7 million in
series c convertible preferred stock, and a $41.5 million
stockholders' deficit.

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


ENDEAVOUR INT'L: Creditors' Panel Hires Bayard as Co-counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Endeavour
International Corporation and its debtor-affiliates seeks
authorization from the U.S. Bankruptcy Court for the District of
Delaware to retain Bayard, P.A. as co-counsel to the Committee,
nunc pro tunc to Dec. 11, 2014.

The Committee requires Bayard to:

   (a) provide legal advice where necessary with respect to the
       Committee's powers and duties;

   (b) provide substantive and strategic advice on how to
       accomplish the Committee's goals in connection with the
       prosecution of these cases, bearing in mind that the Court
       relies on co-counsel such as Bayard to be involved in all
       aspects of each bankruptcy proceeding;

   (c) assist and advise the Committee in its consultation with
       the Debtors and the U.S. Trustee relative to the
       administration of these cases;

   (d) assist the Committee and Thompson & Knight LLP, as
       necessary, in the investigation of the acts, conduct,
       assets, liabilities and financial condition of the
       Debtors, the operation of the Debtors' businesses, and
       any other matter relevant to these cases or to the
       formulation of a plan or plans of reorganization;

   (e) assist the Committee and T&K, where necessary, in the
       review, analysis and negotiation of the Debtors' Disclosure
       Statement for the Debtors' Joint Plan of Reorganization
       under Chapter 11 of the Bankruptcy Code (as may be amended,

       the "Disclosure Statement") and the Debtors' Joint Plan of
       Reorganization Under Chapter 11 of the Bankruptcy Code (as
       may be amended, the "Plan");

   (f) provide legal advice regarding the Local Rules, practices,
       and procedures of this Court;

   (g) review, comment and prepare drafts of documents to be
       filed with this Court;

   (h) file documents as requested by T&K and coordinating service

       of the same;
   (i) appear in Court and at any meeting of the U.S. Trustee, the
       Committee and meetings between the Committee and the
       Debtors;

   (j) monitor the case docket and coordinating with T&K and A&M
       on matters impacting the Committee;

   (k) prepare, update and distribute critical dates memoranda;
       and

   (l) perform various services in connection with the
       administration of these cases, including, without
       limitation, (i) preparing certificates of no objection,
       certifications of counsel, notices of fee applications and
       hearings, and hearing binders of documents and pleadings,
       (ii) monitoring the docket for filings and coordinating
       with T&K on pending matters that need responses, (iii)
       preparing and maintaining critical dates memoranda to
       monitor pending applications, motions, hearing dates and
       other matters and the deadlines associated with the same,
       and (iv) handling inquiries and calls from creditors and
       counsel to interested parties regarding pending matters and

       the general status of these cases and coordinating with T&K

       on any necessary responses;

   (m) perform a lien search with regard to the Debtors' assets;
       and

   (n) perform all other legal services assigned by the Committee,

       in consultation with T&K, to Bayard as co-counsel to the
       Committee, and to the extent the firm determines that such
       services fall outside of the scope of services historically

       or generally performed by Bayard as co-counsel in a
       bankruptcy proceeding, Bayard will file a supplemental
       declaration.

Bayard will be paid at these hourly rates:

       Neil B. Glassman           $950
       Scott D. Cousins           $675
       Evan T. Miller             $425
       Larry Morton (paralegal)   $295
       Directors                  $500-$950
       Associates                 $350-$450
       Paraprofessionals          $240-$295

Bayard will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Neil B. Glassman, director of Bayard, 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.

In compliance with paragraph D.l. of the New UST Guidelines, Bayard
represents as follows:

   (a) Bayard and the Committee did not agree to any variations
       from, or alternatives to, Bayard's standard and customary
       billing arrangements for this engagement;

   (b) none of the Bayard professionals included in this
       engagement vary their rates based on the geographic
       location of the applicable case;

   (c) Bayard did not represent the Committee in the 12 months
       preceding the Petition Date; and

   (d) the Committee has approved Bayard's proposed rates and
       staffing plan.  With respect to a prospective budget,
       Bayard intends to negotiate an acceptable budget with the
       Committee.

Bayard can be reached at:

       Neil B. Glassman, Esq.
       BAYARD, P.A.
       222 Delaware Ave., Suite 900
       Wilmington, DE 19801
       Tel: (302) 429-4224
       Fax: (302) 658-6395
       E-mail: nglassman@bayardlaw.com

                    About Endeavour International

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

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

As of June 30, 2014, the Company had $1.55 billion in total
assets, $1.55 billion in total liabilities, $43.7 million in
series c convertible preferred stock, and a $41.5 million
stockholders' deficit.

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


ENDEAVOUR INT'L: Panel Taps Alvarez & Marsal as Financial Advisors
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Endeavour
International Corporation and its debtor-affiliates seeks
authorization from the U.S. Bankruptcy Court for the District of
Delaware to retain Alvarez & Marsal North America, LLC as financial
advisors to the Committee, effective as of
Dec. 17, 2014.

Alvarez & Marsal will provide consulting and advisory services to
the Committee and its legal advisors as Alvarez & Marsal and the
Committee deem appropriate and feasible in order to advise the
Committee in the course of these chapter 11 cases, including but
not limited to:

   (a) advise the Committee on matters related to its interests in

       the reorganization of the Debtor's assets;

   (b) assist the Committee with a review of the Debtors'
       cost/benefit evaluations with respect to the assumption or
       rejection of executory contracts and unexpired leases;

   (c) assist with a review of the business model, operations,
       Liquidity situation, properties, assets and liabilities,
       financial condition and prospects of the Debtor;

   (d) assist in the review of financial information distributed
       by the Debtor to the Committee, its advisors and creditors
       and others, including, but not limited to, cash flow
       projections and budgets, cash receipts and disbursement
       analysis, business plans, valuations and analysis of
       various asset and liability accounts;

   (e) attend meetings with the Debtors, the Debtors' lenders and
       creditors, the Committee and any other official committees
       organized in these chapter 11 cases, the U.S. Trustee,
       other parties in interest and professionals hired by the
       same, as requested;

   (f) assist the Committee with a review of the Debtors' proposed
       key employee retention and other critical employee benefit
       programs;

   (g) assist the Committee with its review of monthly statements
       of operations submitted by the Debtors;

   (h) assist the Committee with the preparation of certain
       valuation analyses of the Debtors' businesses and assets
       using various professionally accepted methodologies;

   (i) assist the Committee with the an analysis of pre-petition
       activities of the Debtors in order to identify potential
       causes of action, including investigating intercompany
       transfers, improvements in position, and fraudulent
       transfers;

   (j) assist the Committee with the an analysis of the Debtors'
       transactions with insiders, related and affiliated
       companies;

   (k) assist the Committee with the an analysis of the Debtors'
       transactions with their financing institutions;

   (l) assist the Committee in its review and the preparation of
       information and analysis necessary for the confirmation of
       the Debtors' plan in these chapter 11 cases, including its
       review of the financial aspects of a plan of reorganization

       or liquidation submitted by the Debtors and perform any
       related analyses, including liquidation analyses and
       feasibility analyses and evaluate best exit strategy;

   (m) assist counsel to the Committee in preparing for any
       depositions and testimony, as well as prepare for and
       provide expert testimony at depositions and court hearings,

       as requested; and

   (n) render other general business consulting or such other
       assistance as the Committee or its counsel may deem
       necessary, consistent with the role of a financial advisor
       and not duplicative of services provided by other
       professionals in these chapter 11 cases.

Alvarez & Marsal will be paid at these hourly rates:

       Managing Directors           $750-$950
       Directors                    $550-$750
       Associates                   $400-$550
       Analysts                     $350-$400

Alvarez & Marsal will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Kelly Stapleton, managing director of Alvarez & Marsal, 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.

Alvarez & Marsal can be reached at:

       Kelly Stapleton
       ALVAREZ & MARSAL NORTH AMERICA, LLC
       600 Madison Avenue, 8th Floor
       New York, NY 10022
       Tel: (+1) 212 763 9750
       E-mail: kstapleton@alvarezandmarsal.com

                    About Endeavour International

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

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

As of June 30, 2014, the Company had $1.55 billion in total
assets, $1.55 billion in total liabilities, $43.7 million in
series c convertible preferred stock, and a $41.5 million
stockholders' deficit.

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


ENDEAVOUR INT'L: Panel Taps Thompson & Knight as Counsel
--------------------------------------------------------
The Official Committee of Unsecured Creditors of Endeavour
International Corporation and its debtor-affiliates seeks
authorization from the U.S. Bankruptcy Court for the District of
Delaware to retain Thompson & Knight LLP as counsel to the
Committee, nunc pro tunc to Dec. 11, 2014.

The Committee believes Thompson & Knight  will provide legal
services necessary for the Committee to fulfill its fiduciary
duties in these bankruptcy cases and to ensure that the recovery to
unsecured creditors is maximized.  Thompson & Knight is expected
to, among others:

   (a) advise the Committee in connection with its powers and
       duties under the Bankruptcy Code and the Bankruptcy Rules;

   (b) assist, advise, and represent the Committee in its
       consultation with the Debtors relative to the
       administration of these cases;

   (c) assist, advise, and represent the Committee in analyzing
       the Debtors' assets and liabilities, investigating the
       extent and validity of liens and participating in and
       reviewing any proposed asset sales, any asset dispositions,

       financing arrangements, and cash collateral stipulations,
       or proceedings;

   (d) assist, advise, and represent the Committee in any manner
       relevant to reviewing and determining the Debtors rights
       and obligations under leases and other executory contracts;

   (e) assist, advise, and represent the Committee investigating
       the acts, conducts, assets, liabilities and financial
       condition of the Debtors, the Debtors' operations and the
       desirability of the continuance of any portion of those
       operations and any other matters relevant to these cases,
       the Plan, or any other plan of reorganization;

   (f) assist, advise, and represent the Committee in connection
       with any sale of the Debtors' assets;

   (g) assist, advise, and represent the Committee in respect of
       the Disclosure Statement and the Committee's Objections to
       the Disclosure Statement;

   (h) assist, advise, and represent the Committee in connection
       with its recommendation regarding the Plan;

   (i) assist, advise, and represent the Committee in
       understanding its powers and its duties under the
       Bankruptcy Code and the Bankruptcy Rules and in performing
       other services as are interest of those represented by the
       Committee;

   (j) assist, advise, and represent the Committee in the
       evaluation of claims and of any litigation matters,
       including avoidance actions; and

   (k) provide other services to the Committee as may be
       necessary in these cases.

Thompson & Knight will be paid at these hourly rates:

       David Bennett                     $845
       Demetra Liggins                   $595
       Cassandra Sepanik Shoemaker       $480
       Partners                          $560-$845
       Associates                        $280-$515
       Paraprofessionals                 $160-$280

Thompson & Knight will also be reimbursed for reasonable
out-of-pocket expenses incurred.

David M. Bennett, partner of Thompson & Knight, 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.

In compliance with paragraph D.l. of the New U.S. Trustee
Guidelines, Thompson & Knight represents as follows:

   (a) Thompson & Knight and the Committee did not agree to any
       variations from, or alternatives to, Thompson & Knight's
       standard and customary billing arrangements for this
       engagement;

   (b) none of the Thompson & Knight professionals included in
       this engagement vary their rates based on the geographic
       location of the applicable case;

   (c) Thompson & Knight did not represent the Committee in the
       twelve months preceding the Petition Date; and

   (d) the Committee has approved Thompson & Knight's proposed
       rates and staffing plan.  With respect to a prospective
       budget, Thompson & Knight intends to negotiate an
       acceptable budget with the Committee.

Thompson & Knight can be reached at:

       David M. Bennett, Esq.
       THOMPSON & KNIGHT LLP
       One Arts Plaza
       1722 Routh Street, Suite 1500
       Dallas, TX 75201-2533
       Tel: (214) 969-1700
       Fax: (214) 969-1751
       E-mail: David.Bennett@tklaw.com

                    About Endeavour International

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

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

As of June 30, 2014, the Company had $1.55 billion in total
assets, $1.55 billion in total liabilities, $43.7 million in
series c convertible preferred stock, and a $41.5 million
stockholders' deficit.

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


ENERGY FUTURE: Bondholders Press Appeal of $4B Bankruptcy Deal
--------------------------------------------------------------
Law360 reported that CSC Trust Co. of Delaware, the indenture
trustee for 10 percent notes issued by EFH subsidiary Energy Future
Intermediate Holding Co. LLC pressed its appeal of a bankruptcy
court's approval of a settlement that partially repaid $4 billion
in debt through a tender offer, arguing the judge made an "error of
law" when he green lit the deal.

According to the report, CSC's attorney contended that U.S.
Bankruptcy Judge Christopher S. Sontchi erred by giving the nod to
a settlement that was derived through a "completely improper
procedure."  The settlement was connected to EFIH's $5.4 billion
debtor-in-possession financing package and consisted of parent EFH
repurchasing hundreds of millions of dollars in first-lien notes
issued by its subsidiary, the report recalled.

If it is allowed to go forward in the EFH case, the deal would set
a precedent for all manner of what CSC calls "coercive" deals,
allowing debtors to "divide and conquer" creditor constituencies
and dodge several provisions of the Bankruptcy Code, the indenture
trustee said, the report related.

                   About Energy Future Holdings

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

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

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

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

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

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

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

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

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


EXIDE TECHNOLOGIES: PBGC, Others Object to Disclosure Statement
---------------------------------------------------------------
Multiple parties, including Gables Capital Management, Pension
Benefit Guaranty Corporation, Union Oil Company of California,
Texaco Downstream Properties, Chevron U.S.A., Berks County,
Pennsylvania and the City of Frisco, Texas, separately objected to
the adequacy of the disclosure statement explaining Exide
Technologies' reorganization plan.

As previously reported by The Troubled Company Reporter, the
Official Committee of Unsecured Creditors; Roberta A. DeAngelis,
U.S. Trustee for Region 3, Praxair, Inc., the Lower Willamette
Group Members; an Ad Hoc Group of Exide Tort Claimants; and Wells
Fargo Bank, National Association, objected to the approval of the
disclosure statement.  U.S. Bank National Association, as indenture
trustee for the Floating Rate Convertible Senior Subordinated Notes
due 2013, joined in the objection raised by the Creditors'
Committee.

A filing with the court indicated that the on the approval of the
Disclosure Statement is adjourned to Feb. 2, 2015, at 10:00 a.m.
(Eastern).

                    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's 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.


FALCON STEEL: Stipulates to Extend Cash Collateral Use Until March
------------------------------------------------------------------
Falcon Steel Company, and New Falcon Steel, LLC, ask the Bankruptcy
Court to approve a stipulation regarding extension of agreed final
order for use of cash collateral and providing partial adequate
protection.

The stipulation, entered among the Debtors, the Official Committee
of Unsecured Creditors and Texas Capital Bank, National
Association, provides that, among other things:

   1. Paragraph 28 of the order is amended to extend the
termination date of the use of cash collateral until March 31,
2015, unless extended by agreement or further order of the Court.

   2. All terms, conditions, and provisions of the order are
not otherwise altered and will remain in full force and effect.

                       About Falcon Steel

Falcon Steel Company and New Falcon Steel, LLC, sought Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Texas, Fort Worth Division (Case Nos. 14-42585 and 14-42586) on
June 29, 2014.  Falcon Steel claims to be the only American-owned
company that builds steel lattice towers for high electrical
transmission lines.

Falcon Steel was formed in 1963 and has operated continuously since
that time as a manufacturer engaged in fabricating and galvanizing
structural steel for customers in the United States.  New Falcon, a
subsidiary, suspended operations in June 2013 and is being held for
sale.

Falcon has three manufacturing plants in the DFW area in Texas,
with one facility in Haltom City, another in Euless, and the third
facility in Kaufman, Texas.  The company's corporate headquarters
is located at its Haltom City plant.  It currently employs
approximately 255 employees.

Bankruptcy Judge D. Michael Lynn, in an amended order, directed the
joint administration of the case of Falcon Steel Company and New
Falcon Steel, LLC (Lead Case No. 14-42585).

Falcon Steel estimated assets and debt of $10 million to $50
million.

The Debtors have tapped Forshey & Prostok, LLP, as general counsel
and Decker, Jones, McMackin, McClane, Hall & Bates, P.C. as special
corporate counsel.  Ryan LLC acts as property tax consultant.  The
Debtors also tapped Western Operations LLC as financial consultant,
and Rylander, Clay & Opitz, LLP, as accountants.

The U.S. Trustee has appointed a five-member panel to serve as the
official unsecured creditors committee in the Debtors' cases.  The
Committee has tapped McCathern, PLLC, as counsel.


FL 6801: Judge Extends Deadline to Remove Suits to March 13
-----------------------------------------------------------
U.S. Bankruptcy Judge Shelley Chapman has given FL 6801 Spirits LLC
until March 13 to file notices of removal of lawsuits involving the
company and its affiliates.

                      About FL 6801 Spirits

FL 6801 Spirits LLC, a wholly owned subsidiary of Lehman Brothers
Holdings Inc. and three of its wholly owned subsidiaries filed
voluntary Chapter 11 petitions, seeking bankruptcy protection for
their condominium hotel property in Miami Beach.  The affiliates
are FL 6801 Collins North LLC, FL 6801 Collins Central LLC, and FL
6801 Collins South LLC.

FL Spirits' Canyon Ranch Living Hotel and Spa is a luxury
full-service, ocean front condominium hotel located at the site of
the old Carillon Hotel in Miami Beach, Florida.  The current
operator of the hotel, Canyon Ranch Living, is not a debtor, and
operations at the property are expected to continue without
interruption.

FL Spirits and the three affiliates companies have sought joint
administration, with pleadings to be maintained at FL 6801's case
docket (Bankr. S.D.N.Y. Lead Case No. 14-11691).

FL Spirits has tapped Togut, Segal & Segal LLP as general
bankruptcy counsel, Shutts & Bowen LLP as special real estate
counsel, CBRE, Inc., as real estate broker, and Prime Clerk as
claims and notice agent.

Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 08-13555) on Sept. 15, 2008.  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in U.S.
history.  Lehman's Chapter 11 plan became effective on March 6,
2012.


GASFRAC ENERGY: Files Ch. 15 in 1st Cross-Border Oil Price Casualty
-------------------------------------------------------------------
Canadian waterless fracking company GASFRAC Energy Services Inc. on
Jan. 15 filed for Chapter 15 bankruptcy protection in San Antonio
after obtaining protection in Canada under the Companies' Creditors
Arrangement Act.

GASFRAC commenced proceedings and obtained court protection under
the CCAA pursuant to an initial order granted by the Court of
Queen's Bench, in the Province of Alberta, on January 15, 2015, "as
a result of a combination of continuing negative operating results,
limited access at the present time to capital markets for junior
issuers such as the Corporation, reduced industry activity
resulting from depressed petroleum and natural gas commodity prices
and the inability of the Corporation to obtain a suitable offer for
the purchase of the Corporation or its assets after a strategic
alternative process, which commenced on November 13, 2014, that
would satisfy all of the Corporation's existing financial
obligations, both secured and unsecured."

Law360 reported that GASFRAC's Chapter 15 bankruptcy is the first
cross-border bankruptcy related to tumbling oil prices and noted
that the news comes about two months after the company announced it
could not comply with the terms of its $35 million revolving credit
facility with PNC Bank Canada Branch.

Headquartered in Calgary, Canada, GASFRAC Energy Services Inc. --
http://www.gasfrac.com/-- is an oil and gas service company, whose
business is to provide liquid petroleum gas (LPG) fracturing
services to oil and gas companies in Canada and the United States
of America.  As of Dec. 31, 2011, GASFRAC had
three 32 tons and nine 100 tons sand storage vessels, 47 fracturing
pumpers, 150 LPG storage tanks and related equipment.  GASFRAC's
services are marketed and operated under the name of its wholly
owned subsidiary GASFRAC Energy Services Limited Partnership.



GENERAL CABLE: S&P Affirms 'BB-' CCR & Removes From Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB-'
corporate credit rating and various issue-level ratings on General
Cable Corp. and removed the ratings from CreditWatch, where S&P had
placed them with negative implications on Oct. 8, 2014.  The
outlook is negative.

The rating action reflects the company's success in amending its
ABL revolving credit facility so that it is able to exclude the
repayment of the senior floating rate notes due 2015 and certain
other debt payments from its calculation of fixed charges.  The
company was also successful in selling the stock it owned in an
indirect subsidiary in the Philippines for $67 million in cash,
proceeds of which were used to repay borrowings under the ABL
facility.

General Cable is a global processor and distributor of copper,
aluminum, and fiber-optic wires and cables.  S&P views General
Cable's large scale and global diversification, with more than 55%
of sales outside of North America, as somewhat offsetting the
regional demand cyclicality for wire and cable products.  Broadly,
demand for General Cable's products is driven by residential and
nonresidential construction, industrial activity, and
infrastructure spending (especially in the electricity sector).
S&P expects near-term demand to be flat, overall, as economic
weakness in major markets Brazil, France, and Spain are offset by
improving conditions for construction and industrial activity in
North America.

The negative rating outlook reflects the possibility of a downgrade
in the next 12 months if operating performance is worse than
expected such that debt leverage is expected to remain above 5x.
This could result from weak macroeconomic conditions in certain
global markets.  Downside rating risk would increase if the cost
restructuring program does not yield anticipated benefits.

S&P could lower the ratings if adjusted debt to EBITDA is sustained
above 5x through mid-2015, which S&P would view to be indicative of
a "highly leveraged" financial risk profile.  S&P could also lower
the rating if it determines liquidity to be "less than adequate,"
which could occur if General Cable experiences weakening operating
performance that causes the company's sources of liquidity to be
less than 1.2x of its uses of liquidity.

S&P would revise the outlook to stable when adjusted debt to EBITDA
declines below 5x and it views the lower leverage as sustainable.
S&P do not anticipate an upgrade in the next 12 months given its
expectation that General Cable's leverage measures will remain
"aggressive" (4x-5x EBITDA), at best.



GETTY PETROLEUM: Akin Gump Shakes Former Owners' Malpractice Suit
-----------------------------------------------------------------
Law360 reported that a New York bankruptcy judge let Akin Gump
Strauss Hauer & Feld LLP off the hook for now in a suit alleging it
should back two investors who have been accused of pocketing $6.5
million of now-bankrupt Getty Petroleum Marketing Inc.'s money but
claim they were acting on the firm's bad advice.

According to the report, U.S. Bankruptcy Judge Shelley C. Chapman
tossed the third-party complaint filed by Cambridge Securities LLC
and its owners Bjorn Aaserod and Joseph Scott Karro -- who are
accused of taking the money from Getty's coffers after they bought
it -- granting leave for the investors to amend their complaint to
detail their relationship with Akin Gump.

The adversary case is Alfred T. Giuliano as trustee of The Getty
Petroleum Liquidating Trust v. Cambridge Securities LLC, et al.,
case number 1:13-ap-01720, in the U.S. Bankruptcy Court for the
Southern District of New York.

                      About Getty Petroleum

A remnant of J. Paul Getty's oil empire, Getty Petroleum Marketing
markets gasoline, hydraulic fluids, and lubricating oils through a
network of gas stations.  Getty Petroleum had more than 800 gas
stations in the Mid-Atlantic states.  After scaling back the
company's operations to cut debt, in 2011 LUKOIL sold Getty
Petroleum Marketing to investment firm Cambridge Petroleum Holding
for an undisclosed price.

Getty Petroleum and three affiliates filed for Chapter 11
bankruptcy (Bankr. S.D.N.Y. Case Nos. 11-15606 to 11-15609) on Dec.
5, 2011.  Judge Shelley C. Chapman presides over the case.  Getty
Petroleum disclosed $46.6 million in assets and $316.8 million in
liabilities as of the Petition Date.

Loring I. Fenton, Esq., John H. Bae, Esq., Kaitlin R. Walsh, Esq.,
and Michael J. Schrader, Esq., at Greenberg Traurig, LLP, in New
York, N.Y., serve as the Debtors' counsel.  Ross, Rosenthal &
Company, LLP, serves as accountants for the Debtors.  The Official
Committee of Unsecured Creditors is represented by Wilmer Cutler
Pickering Hale and Dorr LLP.  Alvarez & Marsal North America, LLC,
serves as the Committee's financial advisors.

The TCR on Aug. 30, 2012, reported that Getty Petroleum's
creditors' committee revised the liquidating Chapter 11 plan twice
and won approval from the bankruptcy judge in an Aug. 24, 2012
confirmation order.  Confirming the plan required the use of the
cramdown procedure because only 40% of $240 million in unsecured
claims voted in favor.


GLIMCHER REALTY: S&P Raises Corp. Credit Rating From 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Glimcher Realty Trust to 'BBB' from 'BB-' with a negative
outlook following the completion of the merger with WP GLIMCHER
(formerly Washington Prime Group Inc.).  This equalizes S&P's
rating on Glimcher with that of WP GLIMCHER.  S&P previously placed
the rating on CreditWatch with positive implications on Sept. 16,
2014, when the acquisition was announced.

S&P subsequently withdrew the corporate credit rating on Glimcher
Realty Trust.

In addition, S&P raised its rating on Glimcher Realty Trust's
preferred stock to 'BB+' from 'B-'.  The preferred shares will have
the same terms and are now obligations of WP GLIMCHER.



GOLD RIVER VALLEY: Case Summary & 7 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Gold River Valley, LLC
        3218 E. Holt Avenue #210
        West Covina, CA 91791

Case No.: 15-10691

Chapter 11 Petition Date: January 16, 2015

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

Judge: Hon. Vincent P. Zurzolo

Debtor's Counsel: David B Golubchik, Esq.
                  LEVENE NEALE BENDER RANKIN & BRILL LLP
                  10250 Constellation Blvd Ste 1700
                  Los Angeles, CA 90067
                  Tel: 310-229-1234
                  Email: dbg@lnbyb.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Benjamin Kirk, authorized agent.

List of Debtor's seven Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Charles Dunn Real Estate Services                       $2,262
800 West 6th Street, Suite 600
Los Angeles, CA 90017

City of Pasadena (Water & Power)                          $922
150 South Los Robles
Avenue #200
Pasadena, CA 91101

Receivership Specialist                                   $730
11150 W. Olympic Blvd.
Suite 810
Los Angeles, CA 90064

Quezada Landscaping                                       $395
1322 W Bainbridge Ave
West Covina, CA 91790-4703

Waste Management                                          $284
9081 Tujunga Avenue
Sun Valley, CA 91352

City of Pasadena (Water & Power)                          $235
150 South Los Robles
Avenue #200
Pasadena, CA 91101

City of Pasadena (Water & Power)                           $92
150 South Los Robles
Avenue #200
Pasadena, CA 91101


GRIDWAY ENERGY: Withdraws Motion to Employ Chip Cummins as CEO
--------------------------------------------------------------
Gridway Energy Holdings, Inc., et al., notified the Bankruptcy
Court that they had withdrawn the motion to authorize and approve
agreement between the Debtors and RPA Advisors, LLC, employing Chip
Cummins to serve as the Debtors' chief executive officer and
employing the additional personnel, nunc pro tunc to Nov. 14,
2014.

The Debtors, in their motion, said that Mr. Cummins served as CEO
of Bosque Power Company, LLC and has served as executive vice
president, chief financial officer and chief restructuring officer
for Solar Trust of America, LLC.  Both of these Companies were in
or exited Chapter 11 at the time of his appointment providing
valuable experience in such situations.

The hourly rates of professionals are:

         Mr. Cummins                       $690
         Executive Directors           $595 - $795
         Consulting Staff              $215 - $485
         Support Staff                 $135 - $215

To the best of the Debtors' knowledge, RPA and Mr. Cummins are
"disinterested persons" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The Debtors are represented by:

         Donald J. Bowman, Jr., Esq.
         Michael R. Nestor, Esq.
         Joseph M. Barry, Esq.
         Donald J. Bowman, Jr., Esq.
         Rodney Square, Esq.
         YOUNG CONAWAY STARGATT & TAYLOR, LLP
         1000 North King Street
         Wilmington, DE 19801
         Tel: (302) 571-6600
         Fax: (302) 571-1253

         Alan M. Noskow, Esq.
         Mark A. Salzberg, Esq.
         SQUIRE PATTON BOGGS (US) LLP
         2550 M St. NW
         Washington, DC 20037
         Tel: (202) 457-6000
         Fax: (202) 457-6315

                       About Gridway Energy

Gridway Energy Holdings, Inc., and its affiliates, including
Glacial Energy Holdings -- providers of electricity and natural
gas
in markets that have been restructured to permit retail
competition
-- sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead
Case No. 14-10833) on April 10, 2014.

The Debtors have 200,000 electric residential customers and 55,000
gash residential customers across the U.S.  A large portion of the
customers' energy consumption and revenue is generated in the
northeast U.S., Ohio, Illinois and Texas (collectively accounting
for 80% of revenue), with the remaining portion coming from
California and other states.

The Debtors blamed the bankruptcy due to lower revenue brought by
increased market competition, which caused the Debtors to default
on certain of their obligations.  Gridway defaulted on $60 million
of debt.

Prepetition, the Debtors negotiated a stock purchase transaction
with an interested buyer.  But in March 2014, the purchaser
withdrew from the transaction because of the large amount of debt
that the purchaser would become liable through a stock
transaction.

The Debtors are represented by Michael R. Nestor, Esq., Joseph M.
Barry, Esq., and Donald J. Bowman, Jr., Esq., at Young Conaway
Stargatt & Taylor, LLP; and Alan M. Noskow, Esq., and Mark A.
Salzberg, Esq., at Patton Boggs LLP.  They employed Omni Management
Group, LLC, as claims and notice agent.

Gridway Energy estimated assets of $500 million to $1 billion and
debt of more than $1 billion.

The Creditors' Committee is represented by Sharon Levine, Esq.,
and
Philip J. Gross, Esq., at Lowenstein Sandler LLP; and Frederick B.
Rosner, Esq., and Julia B. Klein, Esq., at The Rosner Law Group
LLC.

Vantage is represented in the case by Ingrid Bagby, Esq., David E.
Kronenberg, Esq., Kenneth Irvin, Esq., and Karen Dewis, Esq., at
Cadwalader, Wickersham & Taft LLP, and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A.


GT ADVANCED: Asks Court to Extend Deadline to Remove Suits
----------------------------------------------------------
GT Advanced Technologies Inc. has filed a motion seeking additional
time to remove lawsuits involving the company and its affiliates.
In its motion, GTAT asked the U.S. Bankruptcy Court for the
District of New Hampshire to move the deadline for filing notices
of removal of the lawsuits to May 5, 2015. The extension "will
permit GTAT to timely review its pending litigation matters and
properly evaluate them," according to its lawyer, James Grogan,
Esq., at Paul Hastings LLP, in New York.

                  About GT Advanced Technologies

Headquartered in Merrimack, New Hampshire, GT Advanced Technologies
Inc. -- http://www.gtat.com/-- produces materials and equipment
for the electronics industry.  On Nov. 4, 2013, GTAT announced a
multiyear supply deal with Apple Inc. to produce sapphire glass
material for use in consumer electronics products.

Under the deal, Apple would provide GTAT with a prepayment of
approximately $578 million paid in four installments and, starting
in 2015, GTAT would reimburse Apple for the prepayment over a
five-year period.

GT is a publicly held corporation whose stock was traded on NASDAQ
under the ticker symbol "GTAT."  GTAT was de-listed from the NASDAQ
stock exchange in October 2014.

As of June 28, 2014, the GTAT Group's unaudited and consolidated
financial statements reflected assets totaling $1.5 billion and
liabilities totaling $1.3 billion.  As of Sept. 29, 2014, GTAT had
$85 million in cash, $84 million of which is unencumbered.

On Oct. 6, 2014, GT Advanced Technologies and eight affiliates
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 14-11916).  GT
says that it has sought bankruptcy protection due to a severe
liquidity crisis brought about by its issues with Apple.

The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as
attorneys and Kurtzman Carson Consultants LLC as claims and
noticing agent.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee' professionals are Kelley
Drye as its bankruptcy counsel; Devine, Millimet & Branch,
Professional Association as local counsel; EisnerAmper LLP as
financial advisors; and Houlihan Lokey Capital, Inc. as investment
banker.

GTAT has reached a settlement with Apple.  The settlement gives
Apple an approved claim for $439 million secured by more than 2,000
sapphire furnaces that GT Advanced owns and has four years to sell,
with proceeds going to Apple.  In addition, Apple gets
royalty-free, non-exclusive licenses for GTAT's technology.


GT ADVANCED: Court Approves Beacon Hill to Provide Review Services
------------------------------------------------------------------
The Hon. Henry J. Boroff of the U.S. Bankruptcy Court for the
District of New Hampshire authorized GT Advanced Technologies Inc.
and its debtor-affiliates to retain the Beacon Hill Attorneys,
effective as of Dec. 18, 2014, to provide document review services
in connection with regulatory inquiries.

In addition, the firm will assist Ropes & Gray, the Debtors'
special counsel for the regulatory inquiries, in reviewing
documents and data for production in response to the document
requests and any subsequent requests from the regulatory
authorities for the production of documents and information related
to the regulatory inquiries.

The Debtors said they are currently negotiating with the regulatory
authorities regarding the full scope of documents to be reviewed
but estimate that complying with the document requests will require
the Debtors to review tens of thousands, and likely hundreds of
thousands, of documents.

The Debtors have negotiated an hourly rate of $45 for the Beacon
Hill Attorneys; provided that the Debtors may also retain through
Beacon Hill a project manager attorney who would bill at $62 per
hour.

Jennifer A. Griffith of Beacon Hill Staffing Group assured 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:

   Jaime Winchenbach, Esq.
   Beacon Hill Staffing Group LLC
   152 Bowdoin St.
   Boston, MA 02108
   Tel: 617.326.4000
   Fax: 617.227.1220

               About GT Advanced Technologies Inc.

Headquartered in Merrimack, New Hampshire, GT Advanced Technologies
Inc. -- http://www.gtat.com/-- produces materials and equipment
for the electronics industry.  On Nov. 4, 2013, GTAT announced a
multiyear supply deal with Apple Inc. to produce sapphire glass
material for use in consumer electronics products.

Under the deal, Apple would provide GTAT with a prepayment of
approximately $578 million paid in four installments and, starting
in 2015, GTAT would reimburse Apple for the prepayment over a
five-year period.

GT is a publicly held corporation whose stock was traded on NASDAQ
under the ticker symbol "GTAT."  GTAT was de-listed from the NASDAQ
stock exchange in October 2014.

As of June 28, 2014, the GTAT Group's unaudited and consolidated
financial statements reflected assets totaling $1.5 billion and
liabilities totaling $1.3 billion.  As of Sept. 29, 2014, GTAT had
$85 million in cash, $84 million of which is unencumbered.

On Oct. 6, 2014, GT Advanced Technologies and eight affiliates
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 14-11916).  GT
says that it has sought bankruptcy protection due to a severe
liquidity crisis brought about by its issues with Apple.

The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as
attorneys and Kurtzman Carson Consultants LLC as claims and
noticing agent.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee' professionals are Kelley
Drye as its bankruptcy counsel; Devine, Millimet & Branch,
Professional Association as local counsel; EisnerAmper LLP as
financial advisors; and Houlihan Lokey Capital, Inc. as investment
banker.

GTAT has reached a settlement with Apple.  The settlement gives
Apple an approved claim for $439 million secured by more than 2,000
sapphire furnaces that GT Advanced owns and has four years to sell,
with proceeds going to Apple.  In addition, Apple gets
royalty-free, non-exclusive licenses for GTAT's technology.


GT ADVANCED: Seeks Approval of Employee Bonus Plans
---------------------------------------------------
GT Advanced Technologies Inc., et al., ask the U.S. Bankruptcy
Court to approve a Key Employee Incentive Plan for certain
insiders; and a Key Employee Retention Plan for non-insiders.

The Debtors have requested for authorization to publicly file a
redacted form of the KEIP/KERP motion on the docket, and file an
unredacted version of the KEIP/KERP motion under seal to protect
confidential commercial information contained in the KEIP/KERP
motion.

The Debtors determined that to preserve the value of their estates
they must wind down their sapphire manufacturing operations and
refocus its resources on its other business lines, including the
sale of advanced sapphire crystallization furnaces.  The goals of
these programs are to:

   -- encourage participants to stay focused on GTAT's core
operations to facilitate a smooth reorganization;

   -- align the interests of GTAT's senior executives with those of
its stakeholders;

   -- reward essential employees if critical goals are satisfied;
and

   -- motivate and preserve essential personnel through the
successful reorganization of GTAT.

The KEIP and KERP will, respectively, provide performance
incentives for nine senior executive employees and retention
incentives to 28 non-executive employees, whose institutional
knowledge and skill are essential to GTAT's restructuring efforts.

The KERP provides retention bonus payments to the 28 Non-Insider
Employees, which range from 10% to 53% of the annual base salary of
each Non-Insider Employee.  An additional discretionary pool, not
to exceed $300,000 in the aggregate or $50,000 individually, will
be made available for GTAT's chief executive officer to award
retention bonuses on an as-needed basis for employees that are not
insiders.

The Debtors requested that the Court consider the matter at a
hearing on Jan. 16 or Jan. 21, at 10:00 a.m.

                  About GT Advanced Technologies

Headquartered in Merrimack, New Hampshire, GT Advanced Technologies
Inc. -- http://www.gtat.com/-- produces materials and equipment
for the electronics industry.  In November 2013 GTAT
announced a multiyear supply deal with Apple Inc. to produce
sapphire glass material for use in consumer electronics products.
Under the deal, Apple would provide GTAT with a prepayment of $578
million paid in four installments and, starting in 2015, GTAT would
reimburse Apple for the prepayment over a five-year period.

GT is a publicly held corporation whose stock was traded on NASDAQ
under the ticker symbol "GTAT."  GTAT was de-listed from the NASDAQ
stock exchange in October 2014.

As of June 28, 2014, the GTAT Group's unaudited and consolidated
financial statements reflected assets totaling $1.5 billion and
liabilities totaling $1.3 billion.  As of Sept. 29, 2014, GTAT had
$85 million in cash, $84 million of which is unencumbered.

On Oct. 6, 2014, GT Advanced Technologies and eight affiliates
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 14-
11916).  GT says that it has sought bankruptcy protection due to a
severe liquidity crisis brought about by its issues with Apple.

The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as
attorneys and Kurtzman Carson Consultants LLC as claims and
noticing agent.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee' professionals are Kelley
Drye as its bankruptcy counsel; Devine, Millimet & Branch,
Professional Association as local counsel; EisnerAmper LLP as
financial advisors; and Houlihan Lokey Capital, Inc. as investment
banker.

GTAT has reached a global settlement that would resolve its issues
with Apple.  The settlement gives Apple an approved claim for $439
million secured by more than 2,000 sapphire furnaces that GT
Advanced owns and has four years to sell, with proceeds going to
Apple.  In addition, Apple gets royalty-free, non-exclusive
licenses for GTAT's technology.



HAAS ENVIRONMENTAL: Gets Approval to Sell Glen Dale Property
------------------------------------------------------------
Haas Environmental Inc. received approval from the U.S. Bankruptcy
Court in New Jersey to sell a property to Ellsworth Scherich for
$99,000.

The property is located at 1210 Grandview Road, Glen Dale, West
Virginia.  The company obtained a title report dated Aug. 30, 2013,
which shows that there are no liens against the property.

Haas Environmental no longer needs the property for its operations,
according to its lawyer, Jerrold Poslusny Jr., Esq., at Sherman,
Silverstein, Kohl, Rose & Podolsky P.A., in Moorestown, New
Jersey.

                     About Haas Environmental

With corporate offices located at Vincentown, New Jersey, Haas
Environmental, Inc., performs industrial cleaning and maintenance
at steel mills, and provides support services to companies involved
in "fracking" operations.  The company's steel mill operations are
located in Trinity, Alabama; Armorel, Arkansas; and Burns Harbor,
Indiana.

Haas Environmental filed a Chapter 11 petition (Bankr. D.N.J. Case
No. 13-27297) on Aug. 6, 2013.  Judge Kathryn C. Ferguson presides
over the case.  The Debtor disclosed $10.1 million in assets and
$11.6 million in liabilities as of the Chapter 11 filing.  

The Debtor tapped Cozen O'Conner as counsel from the Petition Date
through Dec. 8, 2013, and Sherman Silverstein from Dec.9, 2013 to
the present.  Woodworth & St. John is the Debtor's accountant;
Guida Realty is the realtor to assist with the sale of the
Seubenville, Ohio property; and Kennen & Kennen, Inc. as realtor
for the sale of the Glen Dale property.

Mary E. Seymour, Esq., at Lowenstein Sandler LLP, serves as counsel
for the Official Committee of Unsecured Creditors.  EisnerAmper LLP
serves as the Committee's financial advisor.


HEI INC: U.S. Trustee Opposes Hiring of Counsel, Consultants
------------------------------------------------------------
Daniel M. McDermott, the U.S. Trustee for Region 12, opposed HEI
Inc.'s application seeking authority to employ Winthrop &
Weinstein, P.A., as special counsel; Fredrikson & Byron, P.A., as
attorneys; and Alliance Management as consultants.

The U.S. Trustee recommends that the U.S. Bankruptcy Court for the
District of Minnesota not approve the employment of Winthrop under
the terms proposed, pointing out that Winthrop will be able to take
funds from the bankruptcy estate without notice to parties, a
hearing and court approval.  In addition, the U.S. Trustee says the
description of Winthrop's proposed representation goes far beyond
what subsection 327(e) of the Bankruptcy Code allows, and instead
rises to the level of general representation.

With respect to Fredrikson, the U.S. Trustee asserts that while the
firm is disinterested and otherwise qualified to represent the
Chapter 11 estate, it cannot do so under terms that explicitly
contravene the requirements of the bankruptcy code.  The terms of
the employment application and proposed order would contravene the
bankruptcy code and the employment therefore cannot be approved,
the U.S. Trustee says.

The U.S. Trustee tells the Court that the proposed employment of
Alliance is under terms that explicitly contravene the requirements
of the bankruptcy code and cannot be approved.  Alliance, the U.S.
Trustee says, cannot be allowed to take funds out of the bankruptcy
estate without notice to creditors and a hearing.  This is
particularly important in a liquidation case where continued notice
and review of fees by creditor is needed to monitor the ongoing
liquidation process.  Finally, the employment of Alliance cannot be
approved because the "incentive" compensation would result in
excessive and unnecessary charges against the estate which are
disproportionate to any value derived by creditors, the U.S.
Trustee adds.

                          About HEI, Inc.

Headquartered in Victoria, Minnesota, HEI, Inc., develops and
manufactures microelectronics, substrates, electromechanical
hardware and embedded software for the medical, telecommunications,
military, aerospace and industrial markets.  It has operations in
Arizona, Colorado and Minnesota.

The Debtor 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 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.

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


HOME LOAN: S&P Revises Outlook to Neg. & Affirms 'B+' ICR
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Cayman
Island-based Home Loan Servicing Solutions Ltd. (HLSS) to negative
from stable.  At the same time, S&P affirmed its 'B+' issuer credit
and senior secured ratings on HLSS.

"The negative outlook follows news that the California Department
of Business Oversight (DBO) filed an accusation in October 2014
against HLSS' sole subservicer, Ocwen Loan Servicing LLC, seeking
the suspension of Ocwen's residential mortgage lender and loan
servicer license for a period of up to 12 months for failure to
timely provide borrower records and documents to the department,"
said Standard & Poor's credit analyst Stephen Lynch.  As of Sept.
30, 2014, HLSS had a servicing portfolio with $165.5 billion of
mortgage assets valued on its balance sheet at $619 million. HLSS
did not disclose how much of its portfolio is in California, but
S&P believes it should be about the same as Ocwen's exposure, which
is 23%.

Under HLSS' purchase and subservicing agreements with Ocwen, HLSS
is permitted to cancel and reassign its subservicing contract if
the subservicer loses its state licenses.  If a new subservicer was
assigned, S&P believes that HLSS would likely have to renegotiate a
new subservicing contract and that the base and incentive fee paid
to the new subservicer could be substantially more than what HLSS
is currently paying to Ocwen.  A new contract could therefore lead
to lower realized earnings on HLSS' rights to mortgage servicing
rights (RMSRs).  S&P is uncertain, however, whether HLSS would
experience impairments to the RMSRs on its balance sheet since HLSS
currently values RMSRs using third-party subservicing cost
assumptions and not the actual subservicing cost it incurs with
Ocwen.

As noted in the news release S&P published on Jan. 13, Ocwen has
indicated that it sent the DBO additional documentation in December
2014 and is hopeful that such information will satisfy the DBO's
previous request.  If so, the matter could effectively be dropped,
according to Ocwen. If not, Ocwen will try to reach a
settlement--in a process that could continue until at least July
2015, according to Ocwen.  However, S&P could take a negative
rating action on HLSS before July if S&P believes the relationship
with Ocwen and the California DBO further deteriorates and makes
the probability of a settlement less likely.

S&P's rating on HLSS reflects the company's narrow focus, reliance
on Ocwen, short operating history, and uncertain long-term
strategy.  The company's low leverage and stable profitability are
positive rating factors.

The negative outlook is based on the risk that the company's sole
subservicer, Ocwen, could lose the right to servicing mortgages in
California--HLSS' largest state exposure.  The negative outlook
also reflects Ocwen's broader regulatory challenges.

S&P would likely lower its rating on the company if Ocwen loses its
license to service loans in California, if HLSS makes substantial
impairments to its MSR portfolio, or if a reduction in its
servicing assets leads to quarterly losses.

An upgrade is unlikely until management establishes a longer track
record, slows its rate of growth, diversifies its revenue mix, and
reduces its dependence on Ocwen.



HUTCHESON MEDICAL: Court Okays Hiring of Hunter Maclean as Counsel
------------------------------------------------------------------
Hutcheson Medical Center, Inc. and Hutcheson Medical Division, Inc.
sought and obtained permission from the U.S. Bankruptcy Court for
the Northern District of Georgia to employ Hunter, Maclean, Exley &
Dunn, P.C. as special counsel to the Debtors.

The Debtors said Hunter Maclean's services, as requested by the
Debtors, will not include conducting the Chapter 11 case or
otherwise duplicate the work of the Debtors' general bankruptcy
counsel.

Hunter Maclean will be paid at these hourly rates:

       Attorneys              $195-$475
       Legal Assistants       $75-$185

Hunter Maclean will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Rachel Young Fields, partner of Hunter Maclean, 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.

Hunter Maclean can be reached at:

       Rachel Young Fields, Esq.
       HUNTER, MACLEAN, EXLEY & DUNN, P.C.
       200 E. Saint Julian Street
       P.O. Box 9848
       Savannah, GA 31412
       Tel: (912) 236-0261
       Fax: (912) 236-4936
       E-mail: rfields@HunterMaclean.com

                   About Hutcheson Medical Center

Hutcheson Medical Center, Inc., operates the 179-bed hospital and
related ancillary facilities, including, without limitation, a
skilled nursing home and an ambulatory surgery center, located in
Ft. Oglethorpe, Georgia, known as Hutcheson Medical Center.  HMC
leases the land and buildings that comprise the Medical Center from
The Hospital Authority of Walker, Dade and Catoosa Counties.

HMC and Hutcheson Medical Division, Inc., sought Chapter 11
bankruptcy protection (Bankr. N.D. Ga. Case No. 14-42863 and
14-42864) in Rome, Georgia, on Nov. 20, 2014.  The cases are
jointly administered under Case No. 14-42863.

The cases have been assigned to the Honorable Paul W. Bonapfel.

The Debtors are represented by Ashley Reynolds Ray, Esq., and J.
Robert Williamson, Esq., at Scroggins and Williamson, in Atlanta,
Georgia.

The Debtors' Chapter 11 Plan and Disclosure Statement are due March
20, 2015.

HMC estimated $10 million to $50 million in assets and $50 million
to $100 million in debt.

No request has been made for the appointment of a trustee or
examiner.


HUTCHESON MEDICAL: Feb. 18 Final Hearing on Cash Collateral Use
---------------------------------------------------------------
Bankruptcy Judge Paul W. Bonapfel, in a corrected second interim
order, authorized Hutcheson Medical Center, Inc. et al., to use the
cash collateral of Regions Bank and U.S. Foods, Inc.

A final hearing on the Debtors' use of cash collateral is scheduled
for Feb. 18, 2015, at 9:25 a.m.  Objections, if any, are due Feb.
13.

As of the Petition Date, Regions asserts that the Debtors owe $25
million.  U.S. Foods asserts that one or both Debtors was indebted
to it in the approximate amount of $265,000.

The Debtors would use the cash collateral, the proceeds and any
revenues from the prepetition collateral that the Debtors are
holding for general working capital purposes and general corporate
purposes.

As adequate protection from any diminution in value of the lenders'
collateral, the Debtor will grant the lenders replacement liens
upon all of their assets.

A copy of the budget is available for free at        

      http://bankrupt.com/misc/HutchesonMedical_CC_Order.pdf

At the hearing held Jan. 7, 2015, the Court overruled the
objections to the Debtor's motion.  

The Debtors and the Official Committee of Unsecured Creditors
previously stipulated that Committee's objection deadline is
extended until Jan. 5.

                  About Hutcheson Medical Center

Hutcheson Medical Center, Inc., operates the 179-bed hospital and
related ancillary facilities, including, without limitation, a
skilled nursing home and an ambulatory surgery center, located in
Ft. Oglethorpe, Georgia, known as Hutcheson Medical Center.  HMC
leases the land and buildings that comprise the Medical Center from
The Hospital Authority of Walker, Dade and Catoosa Counties.

HMC and Hutcheson Medical Division, Inc., sought Chapter 11
bankruptcy protection (Bankr. N.D. Ga. Case No. 14-42863 and
14-42864) in Rome, Georgia, on Nov. 20, 2014.  The cases are
jointly administered under Case No. 14-42863.

The cases have been assigned to the Honorable Paul W. Bonapfel.

The Debtors are represented by Ashley Reynolds Ray, Esq., and J.
Robert Williamson, Esq., at Scroggins and Williamson, in Atlanta,
Georgia.

The Debtors' Chapter 11 Plan and Disclosure Statement are due March
20, 2015.

HMC disclsoed $32.8 million in assets and $52.9 million in
liabilities as of the Chapter 11 filing.

No request has been made for the appointment of a trustee or
examiner.


IMERJN INC: Has Limited Liquidity to Finance Operations
-------------------------------------------------------
Imerjn Inc. reported net income of $657,000 on $278,000 of total
revenue for the quarter ended Oct. 31, 2014, compared with a net
loss of $165,000 on $nil million of total revenue for the same
period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed
$3.39 million in assets, $4.29 million in liabilities, and a
stockholders' deficit of $902,000.

As of Oct. 31, 2014, the Company has an accumulated deficit of
$12.9 million, limited liquidity and has not completed its efforts
to establish a stabilized source of revenues sufficient to cover
operating costs for the next twelve month period.  These factors
raise substantial doubt regarding the Company's ability to continue
as a going concern, according to the regulatory filing.

A copy of the Form 10-Q filed with the U.S. Securities and Exchange
Commission is available at:

                        http://is.gd/vVFsH4

Imerjn Inc., through its Rocky Mountain Tracking Inc. subsidiary,
is a provider of GPS tracking solutions in North America.


INFINITY ENERGY: Needs More Capital to Fund Nicaraguan Operations
-----------------------------------------------------------------
Infinity Energy Resources, Inc., filed its quarterly report on
Form 10-Q, disclosing a net loss of $625,070 on $nil of revenue for
the three months ended June 30, 2014, compared with a net loss of
$1.55 million on $nil of revenue for the same period last year.

The Company's balance sheet at June 30, 2014, showed $10.3 million
in total assets, $12.7 million in total liabilities, and a
stockholders' deficit of $2.38 million.

On Feb. 28, 2012, the Company signed definitive agreements with
Amegy Bank and Off-Shore Finance, LLC, relating to outstanding debt
and other obligations owed to them.  On Dec. 30, 2013, the Company
completed the exchange of all 130,000 shares of Series A Preferred
Stock and accrued dividends that Amegy owned for a total of
3,591,250 shares of our common stock.  Although the cash outflow
necessary to pay Amegy has been eliminated under terms of the
agreements, the Company still in need of additional capital to meet
obligations under the Nicaraguan Concessions, and are seeking
sources of additional equity or debt financing.

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

                         http://is.gd/4tCH6e

                        About Infinity Energy

Overland Park, Kansas-based Infinity Energy Resources and its
subsidiaries, are engaged in the acquisition and exploration of oil
and gas properties offshore Nicaragua in the Caribbean Sea.

Infinity Energy disclosed net income of $2.90 million for the year
ended Dec. 31, 2012, as compared with a net loss of $3.52 million
during the prior year.

Infinity Energy reported a net loss applicable to common
shareholders of $5.58 million for the year ended Dec. 31, 2013,
compared to net income applicable to common shareholders of
$895,000 for the year ended Dec. 31, 2012.

As of Dec. 31, 2013, the Company had $10.5 million in assets, $11.7
million in liabilities, $1.65 million in redeemable, convertible
preferred stock, and a $2.87 million stockholders' deficit.

EKS&H LLLP, in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has suffered recurring losses, has no on-going
operations, and has a significant working capital deficit, which
raises substantial doubt about its ability to continue as a going
concern.


IVANHOE ENERGY: Receives NASDAQ Listing Non-Compliance Notice
-------------------------------------------------------------
Ivanhoe Energy Inc. on Jan. 16 disclosed that on January 13, 2015,
the company received a letter from the Listing Qualifications
Department of the NASDAQ Stock Market notifying the company that
the minimum bid price per share for its common stock was below
$1.00 for a period of 30 consecutive business days and that the
company did not meet the minimum bid price requirement set forth in
Nasdaq Listing Rule 5550(a)(2).

The Nasdaq notification letter makes clear that the company's
common shares will continue to trade uninterrupted on the Nasdaq
Capital Market under the symbol "IVAN", and does not result in the
immediate delisting of the company's common shares.  The company's
common shares continue to trade on the Toronto Stock Exchange (TSX)
under the symbol "IE" and are in full compliance with TSX listing
requirements.  The company's listing on the TSX is completely
independent of, and will not be affected by, the status of its
Nasdaq listing.

Ivanhoe Energy has a grace period of 180 calendar days, or until
July 13, 2015, to regain compliance with Nasdaq's minimum bid price
requirement.  If at any time during the 180-day grace period, the
minimum closing bid price per share of the company's common stock
closes at or above $1.00 for a minimum of 10 consecutive business
days, Ivanhoe Energy will regain compliance and the matter will be
closed.  In the event the company does not regain compliance within
this grace period, it may be eligible to receive an additional
180-day grace period; provided that the company meets the continued
listing requirement for market value of publicly held shares and
all other initial listing standards for the Nasdaq Capital Market,
with the exception of the minimum bid price requirement, and
provides written notice of its intention to cure the minimum bid
price deficiency during the second 180-day grace period, by
effecting a reverse stock split, if necessary.  If it appears to
the Nasdaq staff that the company will not be able to cure the
deficiency or if the company is not otherwise eligible for the
additional grace period, the company's common stock will be subject
to delisting by Nasdaq.

Ivanhoe Energy -- -- http://www.ivanhoeenergy.com/-- is an
independent international heavy oil exploration and development
company focused on pursuing long-term growth in its reserves and
production using advanced technologies, including its proprietary
heavy oil upgrading process (HTL((R))).  Core operations are in
Canada, the United States and Ecuador, with business development
opportunities worldwide.


JAMMIN JAVA: Reports $2.94-Mil. Net Loss in Q3 of 2014
------------------------------------------------------
Jammin Java Corp. filed its quarterly report on Form 10-Q,
reporting a net loss of $2.94 million on $2.84 million of total
revenue for the quarter ended Sept. 30, 2014, compared with a net
loss of $1.38 million on $2.28 million of total revenue for the
same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $3.82
million in total assets, $2 million in total liabilities, and
stockholders' equity of $1.82 million.

The Company incurred a net loss of $2.94 million and $7.87 million
for the three and nine months ending Oct. 31, 2014, and has an
accumulated deficit since inception of $21.6 million.  The Company
has a history of losses and has only recently begun to generate
revenue as part of its principal operations.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.

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

                        http://is.gd/AOBxB4

Denver-based Jammin Java Corp. (OTC QB: JAMN) provides premium,
artisan roasted coffee to the grocery, retail, online, service,
hospitality, office coffee service and big box store industry.
Under its exclusive licensing agreement with 56 Hope Road, the
company continues to develop its coffee lines under the Marley
Coffee brand.


JOHNS-MANVILLE CORP: En Banc Bid in $570M Travelers Loss Axed
-------------------------------------------------------------
Law360 reported that the Second Circuit refused to rehear en banc a
July decision requiring Travelers Property Casualty Corp. to pay
thousands of asbestos injury plaintiffs more than $570 million in
connection with the insurer's coverage of bankrupt policyholder
Johns-Manville Corp.

According to Laww360, in July 2014, a unanimous panel overturned a
decision that freed Travelers from its obligations to compensate
asbestos victims who suffered exposure from products made by
Johns-Manville, reversing a district court's 2012 conclusion that a
key condition required under the deals had not been met.  The panel
reinstated a bankruptcy court's judgment that Travelers could not
shred the deals simply because a 2004 clarifying order that
insulated the company from any future lawsuits involving its
handling of the underlying asbestos claims was later partially
overturned on appeal by nonparty Chubb Insurance Co., the Law360
report related.  The panel also ordered Travelers to pay more than
$70 million in prejudgment interest, the Law360 report added.

Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, pointed out that the last hope for Travelers to avoid paying
more than $537 million in lawsuits related to the Johns Manville
bankruptcy now lies with the U.S. Supreme Court, following the
Second Circuit's ruling.

To grab the attention of the Supreme Court, Travelers may need to
raise a different issue as the high court usually takes cases that
involve principles of federal or constitutional law over which
courts of appeal disagree, the Bloomberg report noted.

The case is Common Law Settlement Counsel et al. v. Travelers
Indemnity Co. et al., case number 12-1094, in the U.S. Court of
Appeals for the Second Circuit.

                       About Johns-Manville

Johns-Manville Corp. was, by most sources, the largest
manufacturer of asbestos-containing products and the largest
supplier of raw asbestos in the United States from the 1920s until
the 1970s.  Manville sold raw asbestos to manufacturers of
asbestos-based products in 58 countries and distributed its own
asbestos-based products "across the entire spectrum of industries
and employment categories subject to asbestos exposure."

As a result of studies linking asbestos with respiratory disease,
Manville became the target of a growing number of products
liability lawsuits in the 1960s and 1970s.  Buckling under the
weight of its asbestos liability, Manville filed for Chapter 11
protection on August 26, 1982, before Judge Lifland.

To avoid the uncertainty of insurance litigation and to fund its
plan of reorganization, Manville sought to settle its insurance
claims.  Manville obtained in excess of $850,000,000 from
settlements with its insurers.  The U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Debtors' Second Amended and Restated Plan of Reorganization on
Dec. 22, 1986.


KIOR INC: Mississippi, Creditor Object to Disclosure Statement
--------------------------------------------------------------
The Mississippi Development Authority and Leidos Engineering, LLC,
object to the approval of the disclosure statement explaining Kior
Inc.'s reorganization plan, complaining that the disclosures do not
contain adequate information for creditors to make an informed
decision on the plan.

Among other things, the MDA complains that the Disclosure
Statement’s description of the Restructuring Transaction states
the Debtor’s business will be preserved as a "going concern", but
does not inform creditors that (i) the Debtor has no commercially
viable product, (ii) the Debtor needs significant additional time
and capital in order to continue its efforts to discover a workable
product -- potentially hundreds of millions of dollars; and (iii)
its efforts to commercialize a product may never be successful.

Leidos complains that the Disclosure Statement fails to disclose
the identity of the general unsecured creditors eligible for
separate classification as Class 7 Continuing Trade Creditors
compared to those who would otherwise be classified under Class 9
General Unsecured Creditors.  Given the importance of creditors
understanding their classification and corresponding treatment,
Leidos says it cannot make a reasonably informed decision as to how
to vote on the Plan without this information.

The MDA is represented by:

         Dennis A. Meloro, Esq.
         GREENBERG TRAURIG, LLP
         The Nemours Building
         1007 North Orange Street, Suite 1200
         Wilmington, DE 19801
         Tel: (302) 661-7000
         Fax: (302) 661-7360
         E-mail: MeloroD@gtlaw.com

            -- and --

         David B. Kurzweil, Esq.
         R. Kyle Woods, Esq.
         GREENBERG TRAURIG, LLP
         Terminus 200
         3333 Piedmont Road, NE, Suite 2500
         Atlanta, GA 30305
         Tel: (678) 553-2680
         Fax: (678) 553-2681
         E-mail: KurzweilD@gtlaw.com
         E-mail: WoodsK@gtlaw.com

            -- and --

         Shari L. Heyen, Esq.
         GREENBERG TRAURIG, LLP
         1000 Louisiana, Suite 1700
         Houston, TX 77002
         Tel: (713) 374-3564
         Fax: (713) 818-3795
         E-mail: HeyenS@gtlaw.com

            -- and --

         Douglas C. Noble, Esq.
         William M. Quin II, Esq.
         MCCRANEY MONTAGNET QUIN & NOBLE, PLLC
         602 Steed Road, Suite 200
         Ridgeland, MS 39157
         Tel: (601) 707-5725
         Fax: (601) 510-2939
         E-mail: Dnoble@mmqnlaw.com
                 Wquin@mmqnlaw.com

Leidos is represented by:

         Mark Minuti, Esq.
         SAUL EWING LLP
         222 Delaware Avenue, Suite 1200
         P.O. Box 1266
         Wilmington, DE 19899
         Tel: (302) 421-6840
         Fax: (302) 421-5873
         E-mail: mminuti@saul.com

            -- and --

         Monique Bair DiSabatino, Esq.
         SAUL EWING LLP
         Centre Square West
         1500 Market Street, 38th Floor
         Philadelphia, PA 19102
         Tel: (215) 972-8564
         Fax: (215) 972-7725
         E-mail: mdisabatino@saul.com

            -- and --

         Christine E. Baur, Esq.
         Kathryn T. Anderson, Esq.
         LAW OFFICE OF CHRISTINE E. BAUR
         4653 Carmel Mountain Road, Suit 308 #332
         San Diego, CA 92130
         Tel: (858) 350-3757
         Fax: (858) 876-9480
         E-mail: christine@baurbklaw.com
                 kathryn@baurbklaw.com

                          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 $58.3 million in assets and $261 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 million 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.


L & A AUTOMOTIVE: NY Court Tosses Long Oil Heat's Appeal
--------------------------------------------------------
The Appellate Division of the Supreme Court of New York, Third
Department, ruled dismissed the appellate case, LONG OIL HEAT,
INC., Appellant, v. LEWIS A. POLSINELLI JR., Doing Business as L &
A AUTOMOTIVE CENTER, Respondent, et al., Defendant, 518847 (N.Y.
Sup.).

Specifically, the Appeals Court said the appeal is dismissed,
without costs, unless -- within 60 days of the Appeals Court's
decision -- plaintiff prepares, settles and files with the Court a
transcript of the trial record.

L & A Automotive Center, Inc. is a domestic corporation that was
dissolved by the Secretary of State in September 1997. In May 2007,
Long Oil Heat allegedly began delivering various types of fuel and
providing certain equipment and services to L & A.  When L & A
purportedly failed to pay for such goods and services, Long Oil
Heat sued Lewis A. Polsinelli Jr. -- apparently the sole officer of
L & A -- setting forth causes of action for breach of contract and
an account stated.  By stipulation, L & A thereafter was added as a
party defendant.

A nonjury trial ensued, at the conclusion of which Supreme Court
found in favor of Long Oil Heat.  In so doing, however, Supreme
Court rejected its claim that Polsinelli bore any personal
liability for the debt incurred.

By judgment dated September 11, 2013, Long Oil Heat was awarded
judgment against L & A in the sum of $58,989.14, and the action
against Polsinelli was dismissed. L & A filed a notice of appeal
with respect to this judgment, which it did not perfect, and,
shortly thereafter, filed for Chapter 11 bankruptcy. A separate
order and judgment -- dated September 11, 2013 and entered on
September 27, 2013 -- dismissed the action against Polsinelli.
Long Oil Heat appeals.

Long Oil Heat argues that the Supreme Court erred in finding that
Polsinelli was not personally liable for the debt incurred by L &
A.  Contending that its argument in this regard constitutes an
exception to a ruling on a question of law made after the matter
was finally submitted, Long Oil Heat has elected not to provide the
Appeals Court with a copy of the trial transcript.

The Appeals Court said the flaw in Long Oil Heat's argument on this
point is that it is not actually challenging a ruling on a question
of law; rather, Long Oil Heat is challenging the conclusions of law
reached by Supreme Court based upon the proof adduced at trial and
the court's factual findings with respect thereto -- the propriety
of which simply cannot be reviewed without a complete trial
transcript.  The Appeals Court pointed to the rulings in Harbor
Assoc. v Asheroff, 33 A.D.2d 778, 779 [1969]; Smoley v Merrick
Estates Civic Assn., 20 AD2d at 654-655).

A copy of the Appeals Court's January 15, 2015 Memorandum and Order
is available at http://is.gd/1fvWSgfrom Leagle.com.

Long Oil Heat is represented by:

     Robert E. Ganz, Esq.
     GANZ WOLKENBREIT & SIEGFELD LLP
     1 Columbia Cir
     Albany, NY 12203-6383
     Tel: (518) 869-9500
     Fax: (518) 869-9556
     Tel: reg@gwlaw.com

Polsinelli is represented by:

     KOURAY & KOURAY
     Steven X. Kouray, Esq.
     525 State Street
     Schenectady, NY 12305
     Tel: (518) 374-1200
     E-mail: kourayandkouray@kouray.com


LAKSHMI HOSPITALITY: Court Dismisses Bankruptcy Case
----------------------------------------------------
Judge Margaret M. Mann entered an order dismissing the Chapter 11
case of Lakshmi Hospitality Group, LLC, effective as of Dec. 9,
2014, subject to these terms:

  -- The Debtor will pay all remaining, non-insider prepetition
unsecured claims in full no later than the close of business on
Jan. 8, 2015; and

-- No later than Jan. 8, the Debtor will pay the United States
Trustee the amount due for the fourth calendar quarter of 2014
pursuant to 28 U.S.C. Sec. 1930.

                 About Lakshmi Hospitality Group

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

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

The U.S. Trustee was unable to form a committee of unsecured
creditors.


LDK SOLAR: To Issue $264MM in Convertible Senior Notes Due 2018
---------------------------------------------------------------
LDK Solar CO., Ltd., filed with the U.S. Securities and Exchange
Commission a Form T-3 document related to the planned issuance of
5.535% Convertible Senior Notes due 2018.

LDK Solar intends to issue $264 million aggregate principal amount
of the Notes plus amounts paid-in-kind as permitted by an
indenture.  The issuance is subject to any increase at the closing
of Ordinary Creditors' election pursuant to the Cayman Scheme,
which closing has yet to occur.

A copy of the Form T-3 is available at http://is.gd/BWx6AU

The Bank of New York Mellon, London Branch, serves as Trustee, as
Paying Agent and as Conversion Agent under the indenture.  The Bank
of New York Mellon (Luxembourg) S.A., serves as Transfer Agent and
as Registrar under the indenture.

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on Dec.
10, 2014, that the Cayman Islands schemes of arrangement in respect
of LDK Solar and LDK Silicon & Chemical Technology Co., Ltd. and
the Hong Kong schemes of arrangement in respect of LDK Solar, LDK
Silicon and LDK Silicon Holding Co., Limited became effective as of
that day.  The Cayman Islands schemes of arrangement were
previously sanctioned by the Grand Court of the Cayman Islands, and
the Hong Kong schemes of arrangement were previously sanctioned by
the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated Dec. 10, 2014, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of LDK
Solar were restored. With effect from December 10, the directors
may exercise all their powers as such, subject to the powers
granted to the scheme supervisors in respect of the Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on Dec. 17, 2014.

On Dec. 18, 2014, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and LDK
Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on Dec. 17, 2014.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was due
to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).
On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq., at
Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors' Delaware
counsel is Robert S. Brady, Esq., Maris J. Kandestin, Esq., and
Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73 Taylor,
LLP, in Wilmington, Delaware.  The U.S. Debtors' financial advisor
is Jefferies LLC.  The Debtors' voting and noticing agent is Epiq
Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on Sept.
17, 2014 from the holders of LDK Solar's 10% Senior Notes due 2014,
as guarantors of the Senior Notes, and required such holders of the
Senior Notes to return their ballots by Oct. 15, 2014.  Holders of
the Senior Notes voted overwhelmingly in favor of accepting the
Prepackaged Plan.


LDK SOLAR: To Issue $358MM in Convertible Senior Notes Due 2016
---------------------------------------------------------------
LDK Solar CO., Ltd. filed with the U.S. Securities and Exchange
Commission a Form T-3 document related to the planned issuance of
5.535% Convertible Senior Notes due 2016.

LDK Solar intends to issue $358,743,400 aggregate principal amount
plus amounts paid-in-kind as permitted by the indenture.  

A copy of the Form T-3 is available at http://is.gd/VxUuSF

The Bank of New York Mellon, London Branch, serves as Trustee, as
Paying Agent and as Conversion Agent; The Bank of New York Mellon
(Luxembourg) S.A. serves as Transfer Agent and as Registrar; and
The Bank of New York Mellon, London Branch, serves as Collateral
Agent under the indenture.

              Schemes of Arrangement Become Effective

LDK Solar and its Joint Provisional Liquidators, Tammy Fu and
Eleanor Fisher, both of Zolfo Cooper (Cayman) Limited, said on Dec.
10, 2014, that the Cayman Islands schemes of arrangement in respect
of LDK Solar and LDK Silicon & Chemical Technology Co., Ltd. and
the Hong Kong schemes of arrangement in respect of LDK Solar, LDK
Silicon and LDK Silicon Holding Co., Limited became effective as of
that day.  The Cayman Islands schemes of arrangement were
previously sanctioned by the Grand Court of the Cayman Islands, and
the Hong Kong schemes of arrangement were previously sanctioned by
the High Court of Hong Kong.

LDK Solar and the JPLs also confirmed that pursuant to an order of
the Cayman Court dated Dec. 10, 2014, the powers of the JPLs were
suspended (except for certain residual powers required to finalize
the provisional liquidation) and the powers of the directors of LDK
Solar were restored. With effect from December 10, the directors
may exercise all their powers as such, subject to the powers
granted to the scheme supervisors in respect of the Schemes.

Pursuant to the terms of the Schemes, the consummation of the
restructuring transactions as contemplated in the Schemes was to
occur on Dec. 17, 2014.

On Dec. 18, 2014, LDK stated that, pursuant to the terms of the
Cayman Islands schemes of arrangement in respect of LDK Solar and
LDK Silicon & Chemical Technology Co., Ltd. and the Hong Kong
schemes of arrangement in respect of LDK Solar, LDK Silicon and LDK
Silicon Holding Co., Limited, the closing date for the
restructuring transactions in respect of LDK Solar's senior
noteholders and preferred shareholders, as contemplated in the
Schemes, occurred on Dec. 17, 2014.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was due
to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384).
On Oct. 21, 2014, LDK Solar filed a petition in the same U.S.
Bankruptcy Court for recognition of the provisional liquidation
proceeding in the Grand Court of the Cayman Islands. The Chapter
15 case is In re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-
12387).

The U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq., at
Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors' Delaware
counsel is Robert S. Brady, Esq., Maris J. Kandestin, Esq., and
Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73 Taylor,
LLP, in Wilmington, Delaware.  The U.S. Debtors' financial advisor
is Jefferies LLC.  The Debtors' voting and noticing agent is Epiq
Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on Sept.
17, 2014 from the holders of LDK Solar's 10% Senior Notes due 2014,
as guarantors of the Senior Notes, and required such holders of the
Senior Notes to return their ballots by Oct. 15, 2014.  Holders of
the Senior Notes voted overwhelmingly in favor of accepting the
Prepackaged Plan.


LE-NATURE INC: Judge Rejects Fraud Appeal by Convicted Ex-CEO
-------------------------------------------------------------
Law360 reported that a Pennsylvania federal judge has rejected an
attempt by the former head of defunct soft-drink company
Le-Nature's to vacate the 20-year prison sentence he is serving for
his role in a $668 million accounting fraud, saying the executive
waived his right to make the request.

According to the report, Gregory Podlucky, who pled guilty in 2011
to money laundering and tax and securities fraud, argued in October
2013 that the waiver was unenforceable because the government
breached an agreement in his plea deal by failing to return
jewelry.

The Troubled Company Reporter, on Oct. 14, 2013, reported that the
former CEO asked a Pennsylvania federal judge to vacate the 20-year
prison sentence he is serving for his role in a $668 million
accounting fraud, saying his attorney was incompetent and
laundering fees.

The case is USA v. PODLUCKY et al., Case No. 2:09-cr-00279 (W.D.
Pa.).

                      About Le-Nature's Inc.

Headquartered in Latrobe, Pennsylvania, Le-Nature's Inc. --
http://www.le-natures.com/-- made bottled waters, teas, juices  
and nutritional drinks.  Its brands included Kettle Brewed Ice
Teas, Dazzler fruit juice drinks and lemonade, and AquaAde
vitamin-enriched water.

On Oct. 27, 2006, the Delaware Chancery Court appointed Kroll
Zolfo Cooper, Inc., as custodian of Le-Nature's, placing it in
charge of management and operations.  Within several days, Kroll
uncovered massive fraud at Le-Nature's.  On Nov. 1, 2006, Steven
G. Panagos, a Kroll managing director, filed an affidavit with the
Delaware Chancery Court setting forth the evidence of the
financial fraud he had discovered at Le-Nature's.

Four unsecured creditors of Le-Nature's filed an involuntary
Chapter 7 petition against the Company (Bankr. W.D. Pa. Case No.
06-25454) on Nov. 1, 2006.  Kroll converted the proceedings from
Chapter 7 to Chapter 11.

On Nov. 6, 2006, two of Le-Nature's subsidiaries, Le-Nature's
Holdings Inc., and Tea Systems International Inc., filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code.

The Debtors' cases were jointly administered.  The Debtors'
schedules filed with the Court showed $40 million in total assets
and $450 million in total liabilities.

Douglas Anthony Campbell, Esq., Ronald B. Roteman, Esq., and
Stanley Edward Levine, Esq., at Campbell & Levine, LLC,
represented the Debtors in their restructuring efforts.  The Court
appointed R. Todd Neilson as Chapter 11 Trustee.  Dean Z. Ziehl,
Esq., Richard M. Pachulski, Esq., Stan Goldich, Esq., Ilan D.
Scharf, Esq., and Debra Grassgreen, Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub LLP, represented the Chapter 11
Trustee.  David K. Rudov, Esq., at Rudov & Stein, and S. Jason
Teele, Esq., and Thomas A. Pitta, Esq., at Lowenstein Sandler PC,
represented the Official Committee of Unsecured Creditors.  Edward
S. Weisfelner, Esq., Robert J. Stark, Esq., and Andrew Dash, Esq.,
at Brown Rudnick Berlack Israels LLP, and James G. McLean, Esq., at
Manion McDonough & Lucas, represented the Ad Hoc Committee of
Secured Lenders.  Thomas Moers Mayer, Esq., and Matthew J.
Williams, Esq. at Kramer Levin Naftalis & Frankel LLP, represented
the Ad Hoc Committee of Senior Subordinated Noteholders.

On July 8, 2008, the Bankruptcy Court issued an order confirming
the liquidation plan for Le-Nature's.


LEONARD BRONK: College Savings Accounts Exempt from Execution
-------------------------------------------------------------
The U.S. Court of Appeals for the Seventh Circuit, in a decision
dated Jan. 5, 2015, ruled that college savings accounts established
by a bankrupt individual prior to bankruptcy are exempt from
execution under Wis. Stat. section 815.18(3)(p).  Account owners,
not just beneficiaries, may claim the exemption, the Circuit Court
said.

The Circuit Court also ruled that as for the annuity, the contract
in question satisfies the basic definition of an exempt "retirement
benefit" under section 815.18(3)(j)1, which broadly includes
"[a]ssets held or amounts payable under any . . . annuity . . . or
similar plan or contract providing benefits by reason of age,
illness, disability, death, or length of service."  The debtor's
annuity provides a death benefit, so the lower courts properly
allowed him to exempt it in full under section 815.18(3)(j), the
Circuit Court said.

The Circuit Court, however, noted that to qualify as a fully exempt
retirement benefit under section 815.18(3)(j), the plan or contract
in question must be either employer sponsored or comply with the
Internal Revenue Code.  The annuity clearly is not employer
sponsored; whether it complies with the Internal Revenue Code has
not been established, but the trustee raised this issue far too
late in the proceedings and so it is waived, the Circuit Court
added.

The appeals case is JOHN M. CIRILLI, Trustee,
Plaintiff-Appellee/Cross-Appellant, v. LEONARD D. BRONK,
Defendant-Appellant/Cross-Appellee, Nos. 13-1123 & 13-1516 (7th
Cir.).  A full-text copy of the Circuit Court's Decision is
available
at http://bankrupt.com/misc/BRONK0105.pdf


LOS GATOS HOTEL: Has Access to Cash Collateral Until June 30
------------------------------------------------------------
U.S. Bankruptcy Judge Arthur S. Weissbrodt approved a seventh
stipulation between Los Gatos Hotel Corporation and secured
creditor GCCFC 2006-GG7 Los Gatos Lodging Limited Partnership,
which authorizes the Debtors' use of cash collateral until June 30,
2015.

                       About Los Gatos Hotel

San Jose, California-based Los Gatos Hotel Corporation, dba Hotel
Los Gatos, was formed in 2000 to build and operate Hotel Los
Gatos, a full-service boutique hotel in downtown Los Gatos,
California.

Los Gatos Hotel filed for Chapter 11 bankruptcy protection on
December 27, 2010 (Bankr. N.D. Cal. Case No. 10-63135).  The
Debtor disclosed $17,191,277 in assets and $12,896,468 in
liabilities as of the Chapter 11 filing.  Affiliate Blossom Valley
Investors, Inc., filed a separate Chapter 11 petition on Sept. 10,
2009 (Bankr. N.D. Cal. Case No. 09-57669).

Jeffry A. Davis, Esq., at Mintz Levin Cohn Ferris Glovsky Popeo,
serves as the Debtor's bankruptcy counsel.  The Debtor has tapped
OSAS Inc. as financial advisor and investment banker.


MARYWOOD UNIVERSITY: S&P Cuts Rating on 2005 Revenue Bonds to 'BB+'
-------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating on
Abington Township Municipal Authority, Pa.'s series 2005B and 2005C
revenue bonds and Pennsylvania Higher Education Facility
Authority's series 2007 revenue bonds, both issued for Marywood
University, to 'BB+' from 'BBB-'.  The outlook is stable.

"The downgrade reflects a significant decrease in operating
performance in fiscal 2014, which resulted in a violation of the
university's debt service coverage covenant," said Standard &
Poor's credit analyst Luke Gildner.  S&P understands waivers of the
violation have been obtained from the bond trustee and the banks.
"The downgrade also reflects consecutive years of undergraduate
enrollment declines, the university's weakened financial position
and increased reputational risk associated with the loss and
subsequent reinstatement of accreditation for its nursing program."
In addition, Marywood issued $20 million of private placement debt
in fiscal 2014, which it plans to draw down over the next year
further pressuring financial resources.

The stable outlook reflects Standard & Poor's opinion that in the
next two years, university operations will continue to be
challenged and will likely result in deficits on a full-accrual
basis.  S&P could lower the rating if the university is unable to
stabilize the demand profile or if operations continue to produce
deficits on a cash basis.  Additional debt, beyond the current
issuance, would also likely pressure the rating.

S&P does not expect to take a positive rating action during the
two-year outlook period; however, S&P would view a return to
historical undergraduate enrollment levels favorably as well as if
the university posts break-even operations generating at least
1.25x maximum annual debt service coverage.  Marywood University
was founded in 1915 by the Sisters, Servants of the Immaculate
Heart of Mary as a seminary for girls in Scranton.  It has been
coeducational since 1968 and gained university status in 1997.  The
university had a headcount of 3,091, or 2,887 full-time-equivalent
(FTE) students, for fall 2014, 66% of which were undergraduates.



MILLER AUTO: Can File Chapter 11 Plan Until July 13
---------------------------------------------------
The Hon. Mary Grace Diehl of the U.S. Bankruptcy Court for the
Northern District of Georgia extended the exclusive periods of
Miller Auto Parts & Supply Company Inc. and its debtor-affiliates
to file one or more Chapter 11 plan(s) through and including July
13, 2015, and to solicit acceptance thereto through and including
Sept. 11, 2015.

As reported in the Troubled Company Reporter on Jan. 8, 2015, 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: Court Sets March 16 as Claims Bar Date
---------------------------------------------------
The Hon. Mary Grace Diehl of the U.S. Bankruptcy Court for the
Northern District of Georgia set March 16, 2015, at 5:00 p.m.
(Eastern) as deadline for creditors to file proofs of claim against
Miller Auto Parts & Supply Company Inc. and its debtor-affiliates.

As reported in the Troubled Company Reporter on Jan. 8, 2015, the
Debtors told the Court that establishing the proposed claims bar
date will give creditors more than 75 days to 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 noted.

All proofs of claim must be filed with:

  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.


MOMENTIVE PERFORMANCE: Moody's Assigns B3 Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a corporate family rating
(CFR) of B3 and a probability of default rating (PDR) of B3-PD to
Momentive Performance Materials Inc. Concurrently, Moody has
assigned a B3 rating to Momentive's $1.1 billion, at 3.88%,
first-lien senior secured notes due 2021; and a Caa2 rating to
Momentive's $250 million, at 4.69%, second-lien senior secured
notes due 2022. Moody's has also assigned an SGL-3 speculative
grade liquidity rating. The outlook on the ratings is stable.

This is the first time that Moody's has assigned ratings to
Momentive since it filed for reorganization under Chapter 11 of the
United States Bankruptcy Code on April 13, 2014. Momentive
announced its emergence from Chapter 11 bankruptcy on October 24,
2014.

"The assigned B3 ratings reflect Momentive's high financial
leverage, relative to similar sized companies in the B-rating
category, and Moody's expectation that Momentive's product margins
will continue to come under pressure due to the company's low level
of backward integration, and the highly competitive market
conditions for global silicones," says Anthony Hill, a Moody's Vice
President - Senior Credit Officer and lead analyst for Momentive.

Assignments:

Issuer: Momentive Performance Materials Inc.

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Speculative Grade Liquidity Rating, Assigned SGL-3

Senior Secured First Lien Notes, Assigned B3, LGD3

Senior Secured Second Lien Notes, Assigned Caa2, LGD5

Ratings Rationale

The B3 CFR assigned to Momentive reflects the company's high
financial leverage, which Moody's expects will be around 6.6x
debt/EBITDA (on a Moody's-adjusted basis) for the fiscal year ended
December 2014. Moody's expects that Momentive, having recently
emerged from bankruptcy, will have an adequate liquidity profile,
comprised of a stable level of modest cash generation, over at
least the next 18-24 months. However, the company is almost
entirely exposed to a global silicone market that is highly
competitive and currently experiencing a cyclical period of
oversupply, and weak global demand within some sub-segments.
Additionally, relative to its major competitors, Momentive's
backward integration is low. This lack of backward integration
means that the company must purchase most of its raw materials
directly from the open market, presumably, at a premium relative to
its competitors who are more integrated. In Moody's opinion, this
limited business profile, which is structural and difficult to
overcome, will pressure Momentive's margins over the coming years.

Moody's also notes that certain aspects of Momentive's bankruptcy
reorganization plan (the plan) are currently under appeal by some
of the company's former creditors. Moody's is currently assigning a
low probability to a successful outcome for any of the pending
appeals. However, if any of the appeals are successful, Momentive's
ratings may be adversely affected. Moody's expects a resolution on
the pending appeals by mid-2015.

Yet for all of these concerns, the B3 CFR also reflects Momentive's
strength as a leading global producer of silicone products, with a
track record of maintaining adequate market share positions across
a diverse product portfolio. Additionally, while Momentive's EBITDA
margin is currently around 10% (down from a peak of around 20% in
2010), a significant portion of the company's product portfolio is
able to generate stable EBITDA margins of greater than 20%. The
rating also acknowledges Momentive's adequate liquidity profile,
which has greatly improved since emerging from bankruptcy.

Moody's believes that Momentive's liquidity will comfortably cover
its near-term cash requirements. For fiscal year ended December
2014, Moody's expects the company to exhibit a cash balance of
approximately $230 million. Internally generated cash flow and the
committed $270 million asset-based revolving credit facility will
cover the company's ongoing basic cash needs, such as debt service,
working capital, expected capital expenditures.

Using Moody's Loss Given Default (LGD) methodology, the PDR is
equal to the CFR, based on a 50% recovery rate, primarily due to
the covenant-lite structure of the senior secured notes. Moody's
also used this methodology to assign a B3 rating to the first-lien
senior secured notes. In Moody's opinion, the level of US-based
collateral backing Momentive's US-issued debt is not adequate to
warrant any upward notching of the ratings of the first-lien senior
secured notes. Additionally, the $1.1 billion first-lien notes
represent more than 70% of the company's debt capital structure,
subordinated only by the $250 million second-lien notes. As a
result, the first-lien notes are also rated B3, at the same as the
CFR. The second-lien notes are rated Caa2, two notches below the
CFR, reflecting their subordinated ranking in Momentive's debt
capital structure.

The stable outlook reflects Moody's expectation that Momentive's
credit metrics will remain stable throughout 2015, and begin to
exhibit some modest improvements in 2016.

Moody's would consider upgrading Momentive's ratings if the company
is able to (1) maintain its operating performance; (2) improve its
profitability such that its EBITDA margins are sustainably around
12%; (3) generate a sustained positive retained cash flow/debt
ratio of around 10%; and (3) improve its leverage profile such that
its debt/EBITDA ratio is around 5.0x.

Conversely, Moody's would consider downgrading Momentive's ratings
if the company's liquidity profile and credit metrics deteriorate
as a result of (1) a weakening of its operational performance; (2)
adverse court rulings related to the company's bankruptcy
reorganization plan; or (3) an aggressive change in its financial
policy. Quantitatively, Moody's would also consider downgrading
Momentive's ratings if (1) its debt/EBITDA ratio rises above 7.0x;
or (2) its EBITDA margins fall towards 8%; or (3) its retained cash
flow/debt ratio falls towards 4%. All figures are on a
Moody's-adjusted basis.

The principal methodology used in these ratings was Global Chemical
Industry Rating Methodology published in December 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.

Based in New York, US, Momentive Performance Materials Inc. is one
of the largest global producer of silicones and silicone
derivatives. The company has two divisions, (1) silicones, which
account for approximately 92% of revenues; and (2) quartz.
Silicones, or more accurately polymerized siloxanes or
polysiloxanes, are mixed inorganic-organic polymers that are used
in a wide variety of industrial and consumer applications including
agriculture, automotive, electronics, healthcare, paper, personal
care, textiles and sealants (the most recognizable application is
for bathroom, kitchen and window sealants around the home).
Momentive is approximately 40% owned by funds managed or owned by
the private equity division of Apollo Global Management (unrated).
For the last 12 months ending 30 September 2014, Momentive's
revenues and Moody's-adjusted EBITDA were approximately $2.5
billion and $258 million, respectively.



NATIONAL SPORTS ACADEMY: Case Summary & 20 Top Unsec. Creditors
---------------------------------------------------------------
Debtor: National Sports Academy at Lake Placid
        821 Mirror Lake Drive
        Lake Placid, NY 12946-3829

Case No.: 15-10082

Chapter 11 Petition Date: January 17, 2015

Court: United States Bankruptcy Court
       Northern District of New York (Albany)

Debtor's Counsel: Christopher James Baum, Esq.
                  BAUM & BAILEY, P.C.
                  48 Wall Street, 11th Floor
                  New York, NY 10005
                  Tel: 212-918-4519
                  Email: cbaum@baumbaileylaw.com

Total Assets: $1.81 million

Total Liabilities: $1.86 million

The petition was signed by Lisa Wint, head of school.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nynb15-10082.pdf


NEW LOUISIANA HOLDINGS: Wants to File Plan Until March 31
---------------------------------------------------------
New Louisiana Holdings LLC and its debtor-affiliates filed with the
U.S. Bankruptcy Court for the Western District of Louisiana an
amended request to extend their exclusive periods to file a plan of
reorganization through and including March 31, 2015, and a
corresponding extension of the exclusive period to solicit
acceptances to May 29, 2015.

The Debtors and the Official Committee of Unsecured Creditors have
begun discussions regarding a plan.  However, the Committee has
only recently selected and, subject to the Court's approval,
engaged a financial advisor, and the Committee's professionals are
in the early stages of conducting the diligence necessary to enable
the Committee to negotiate a plan with the Debtors.

According to court documents, extension of the Debtors' exclusive
periods is reasonable in the context of the Debtors' Chapter 11
cases, and necessary to provide sufficient time for the Committee
to investigate various issues related to the Debtors, and for the
Debtors to negotiate a plan with the primary stakeholders,
including the Committee, obtain approval of a disclosure statement,
solicit acceptances for the plan, and confirm a plan.

A hearing is set for Jan. 27, 2015, at 10:00 a.m., to consider
approval of the Debtors' extension request.

                   About New Louisiana Holdings

New Louisiana Holdings LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. La. Case No. 14-50756), on June
25, 2014.

Ten affiliates of New Louisiana -- Acadian 4005 Tenant, LLC (Case
No. 14-50850), Atrium 6555 Tenant, LLC, dba The Atrium at
Lafreniere Assisted Living (Case No. 14-50851), Citiscape 5010
Tenant, LLC, dba Citiscape Apartments (Case No. 14-50853), Lakewood
Quarters Assisted 8585 Tenant, LLC (Case No. 14-50854), Lakewood
Quarters Rehab 8225 Tenant, LLC (Case No. 14-50855), Panola 501
Partners, LP (Case No. 14-50862), Regency 14333 Tenant, LLC (Case
No. 14-50861), Retirement Center 14686 Tenant, LLC (Case
No. 14-50856), Sherwood 2828 Tenant, LLC (Case No. 14-50857), St.
Charles 1539 Tenant, LLC (Case No. 14-50858) and Woodland Village
5301 Tenant, LLC (Case No. 14-50859) filed Chapter 11 bankruptcy
petitions on July 16, 2014.

Fifteen additional affiliates of New Louisiana -- SA-PG Ocala LLC
(Case No. 14-50909), SA-PG Operator Holdings LLC (Case No.
14-50912), SA-PG Clearwater LLC (Case No. 14-50913), SA-PG
Gainesville LLC (Case No. 14-50914), SA-PG Jacksonville LLC (Case
No. 14-50915), SA-PG Largo LLC (Case No. 14-50916), SA-PG North
Miami LLC (Case No. 14-50917), SA-PG Orlando LLC (Case No.
14-50918), SA-PG Pinellas LLC (Case No. 14-50919), SA-PG Port St.
Lucie LLC (Case No. 14-50920), SA-PG Sun City Center LLC (Case No.
14-50921), SA-PG Tampa LLC (Case No. 14-50922), SA-PG Vero Beach
LLC (Case No. 14-50923), SA-PG West Palm Beach LLC (Case No.
14-50924) and SA-PG Winterhaven LLC (Case No. 14-50925) filed
separate Chapter 11 bankruptcy petitions on July 28, 2014.

Four more affiliates of New Louisiana -- CHC-CLP Operator Holding
LLC (Case No. 14-51104), SA-St. Petersburg LLC (Case No. 14-51101),
SA-Clewiston LLC (Case No. 14-51102) and SA-Lakeland LLC (Case No.
14-51103) -- that operate skilled nursing facilities located in
Lakeland, Clewiston and St. Peterburg, Florida, sought protection
under Chapter 11 of the Bankruptcy Code on Sept. 3, 2014.

The Chapter 11 cases are jointly consolidated with New Louisiana's
Chapter 11 case at Case No. 14-50756 before Judge Robert Summerhays
of the United States Bankruptcy Court for the Western District of
Louisiana (Lafayette).

The Debtors are represented by Patrick J. Neligan, Jr., Esq., at
Neligan Foley LLP, in Dallas, Texas.  Jan M. Hayden and Baker
Donelson Bearman Caldwell & Berkowitz, P.C. serves as local
counsel.

The U.S. Trustee for Region 5 on Oct. 3, 2014, appointed three
creditors of New Louisiana Holdings, LLC, to serve on the official
committee of unsecured creditors.  Pepper Hamilton LLP and
McGlinchey Stafford PLLC serve as counsel to the Committee.


NGPL PIPECO: Moody's Lowers Corporate Family Rating to Caa2
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of NGPL PipeCo,
LLC, including its Corporate Family Rating (CFR) to Caa2 from B3
and Probability of Default Rating (PDR) to Caa2-PD from B3-PD. The
Speculative Grade Liquidity Rating was affirmed at SGL-4 and the
rating outlook remains negative.

Downgrades:

Issuer: NGPL PipeCo. LLC

Probability of Default Rating, Downgraded to Caa2-PD from B3-PD

Corporate Family Rating, Downgraded to Caa2 from B3

Senior Secured Bank Credit Facility, Downgraded to Caa2(LGD3) from
B3(LGD3)

Senior Secured Regular Bond/Debenture, Downgraded to Caa2(LGD3)
from B3(LGD4)

Outlook Actions:

Issuer: NGPL PipeCo. LLC

Outlook, Remains Negative

Affirmations:

Issuer: NGPL PipeCo. LLC

Speculative Grade Liquidity Rating, Affirmed SGL-4

Ratings downgraded for NGPL PipeCo. LLC (Old) debts assumed by NGPL
PipeCo. LLC

Senior Secured Regular Bond/Debenture, Downgraded to Caa2(LGD3)
from B3(LGD4)

Ratings Rationale

The downgrade of NGPL's CFR to Caa2 from B3 reflects the company's
untenable capital structure and insufficient liquidity reserves,
which calls into question the sustainability of NGPL's business
model.

"Some form of balance sheet restructuring is likely" said Ryan
Wobbrock, Assistant Vice President "because the potential for a
covenant default within the next nine months is rising."

Moody's liquidity calculations conclude that NGPL required
borrowings under its $75 million revolver to support its weak cash
flows and meet its December cash interest payments of over $90
million. Borrowing from a revolver to meet debt service is viewed
as a material credit negative.

NGPL has too much debt, so the company's financial profile will
continue to weaken due to declined use of its system (particularly
the Louisiana Line), low natural gas prices and competitive
pressures from Marcellus shale supply. The combination of declining
contract rates with the estimated cash demands for 2Q15 and 3Q15
will likely surpass any cash balances generated in 1Q15, which is
typically the most profitable quarter for the pipeline. Moody's
project that NGPL will produce between $20 - $25 million of Funds
from Operations (FFO) in 1Q15. In 2Q15, Moody's expect negative FFO
production, on top of a term loan payment of $25 million and around
$90 million of cash interest payments, making it a particularly
tight quarter from a liquidity standpoint.

Fundamentally, Moody's view NGPL's owned assets as having strong
value given the pipeline's large size, supply diversity and market
access. While NGPL's owners have the financial resources to
recapitalize the pipeline, Moody's see a sizeable equity infusion
as unlikely given over $1.7 billion of maturities facing the
company in 2017. That said, Moody's calculations also identify the
need for the NGPL's sponsors to infuse around $20 million in an
"equity cure," in order to bring NGPL into compliance with its 9.75
maximum Debt to EBITDA covenant for 4Q14.

The negative outlook for NGPL reflects Moody's expectation for a
continued erosion of liquidity, including the $75 million revolving
credit facility and $50 million of an equity cure reserve, which is
earmarked for covenant compliance purposes and has specific
application parameters.

What Could Change the Rating -- UP

A stabilization of NGPL's financial profile and liquidity reserves
would put the company on a positive rating trajectory. This would
require a sizeable equity infusion or other material balance sheet
recapitalization. This could be accompanies by its ratio of Debt to
EBITDA falling comfortably below 9.5x, on a sustainable basis.

What Could Change the Rating -- DOWN

NGPL's rating could be downgraded if a material restructuring is
not actualized in the coming months; if the company's liquidity
reserves or access to liquidity continues to erode; or if the
financial profile continues to deteriorate. The rating could also
fall further if the company materially reduces its maintenance
capital expenditures or otherwise alters its corporate financial
policies to the detriment of asset operations.

The principal methodology used in these ratings was Natural Gas
Pipelines published in November 2012. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.



NII HOLDINGS: Can File Chapter 11 Plan Until April 13
-----------------------------------------------------
The Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York extended the exclusive periods of NII
Holdings Inc. and its debtor-affiliates to:

  a) file a Chapter 11 plan until April 13, 2015; and
  b) solicit acceptances of that plan until June 12, 2015.

The Official Committee of Unsecured Creditors told Judge Chapman
that it supports an extension of the Debtors' exclusivity periods
because the progress made by the Debtors during the first four
months of these cases is significant.

On the other hand, Ad Hoc LuxCo Group objected to the Debtors'
extension request, saying it is unhappy that the Debtors selected a
competing proposal as the basis of the plan.

As reported by the Troubled Company Reporter on Jan. 12, 2015, the
Debtors provided notice to parties-in-interest of a major milestone
in their Chapter 11 cases -- their entry into a Plan Support
Agreement.

On Dec. 22, 2014, the Debtors a Chapter 11 plan of reorganization
and disclosure statement, which proposes to:

   (a) convert all of the outstanding senior unsecured notes  
       issued by CapCo and LuxCo -- totaling $4.35 billion -- into
       equity interests in the reorganized Debtors;

   (b) implement a proposed settlement of certain disputed inter-
       estate and inter-debtor claims and disputed third party
       creditor claims; and

   (c) provide the reorganized Debtors with $500 million in new
       capital to support the continued turnaround of the Debtors'
       business.

Party to the PSA are four of the Debtors' major creditor
constituencies:

   (a) a group of entities managed by Aurelius Capital Management,

       LP;

   (b) a group of entities managed by Capital Research and
       Management Company;

   (c) American Tower Corporation, American Tower do Brasil -
       Cessao de Infraestruturas Ltda. and MATC Digital S. de R.L.

       de C.V.; and

   (d) the Official Committee of Unsecured Creditors, which is
       also a co-proponent with the Debtors of the Plan.

The PSA and the Plan are the result of months of intense and
continuous negotiations between the Debtors and various
parties-in-interest that began prior to the Petition Date in March
2014.  Those negotiations involved an active, frequent and
cooperative dialogue with various holders of Notes and their
respective professionals over the key components of the Debtors'
restructuring and the holders' respective due diligence efforts.

The Debtors add that as the Court is aware, they have resolved
issues surrounding the appointment of the Independent Manager to
review the reasonableness of the Proposed Settlement, and on
December 11, 2014, the Court ruled on the Stipulation Regarding the
Appointment and Scope of an Independent Manager for NII
International Telecom S.C.A.  In accordance with the terms of the
Stipulation, on Dec. 12, 2014, Scott W. Winn (the "Independent
Manager") was appointed as a Class C Manager to the board of
managers of NII International Holdings S.a r.l. to review the
Proposed Settlement and, within 45 days of appointment (unless such
initial time period is extended by the Court for good cause shown
upon application of the Independent Manager), on behalf of LuxCo,
either (a) confirm the reasonableness of, and recommend to the
Board of Managers that it cause LuxCo to join in, the Proposed
Settlement pursuant to Bankruptcy Code section 1123(b)(3) and
Federal Rule of Bankruptcy Procedure 9019 or (b) state his
recommendation to the Board of Managers that LuxCo not join in the
Proposed Settlement.  Under the terms of the PSA, if the
Independent Manager recommends to the Board of Managers that LuxCo
not join in the Proposed Settlement, the Debtors, the Creditors'
Committee and each of the Requisite Consenting Noteholders have the
option to terminate the PSA.

The Debtors also related that they have achieved a number of other
important tasks to date in these bankruptcy cases, including: (a)
obtaining interim and final relief from the Court with respect to
the relief requested in various first-day and second-day motions to
allow them continued and seamless operation during these Chapter 11
cases; (b) filing their schedules of assets and liabilities and
statements of financial affairs; (c) establishing a claims bar
date; (d) retaining numerous professionals to assist them; (e)
rejecting the lease for an unused property and amending the lease
for their headquarters; and (f) establishing procedures to sell or
abandon assets of de minimis value.

                     About NII Holdings

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

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

The Debtors have tapped Jones Day's Scott J. Greenberg, Esq. and
Michael J. Cohen, Esq., as counsel and Prime Clerk LLC as claims
and noticing agent.  NII Holdings disclosed $1.22 billion in assets
and $3.068 billion in liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 2 appointed five creditors of NII
Holdings to serve on the official committee of unsecured creditors.
The panel is represented by Kenneth H. Eckstein, Esq. and Adam C.
Rogoff, Esq. of Kramer Levin Naftalis & Frankel LLP.  Kurtzman
Carson Consultants LLC is the panel's information agent.

                        *   *   *

NII Holdings, Inc., and 12 of its its U.S. and Luxembourg-domiciled
subsidiaries are seeking Court approval of a Backstop Commitment
Agreement in relation to a the rights offering whereby the NII
Debtors seek to raise $250 million in connection with their
proposed plan of reorganization.

Capital Group, one of the Backstop Parties, is represented by
Andrew N. Rosenberg, Esq., Elizabeth R. McColm, Esq. and Lawrence
G. Wee, Esq. of PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP.

Aurelius Investment LLC, another Backstop Party, is represented by
Daniel H. Golden, Esq., David H. Botter, Esq., and Brad M. Kahn,
Esq. of AKIN GUMP STRAUSS HAUER & FELD LLP.


NII HOLDINGS: Disclosure Statement Hearing Pushed Back to Feb. 13
-----------------------------------------------------------------
The hearing to consider the adequacy of the disclosure statement
explaining NII Holdings Inc.'s $4.35 billion debt-reduction plan is
further pushed back to Feb. 13, following an ad hoc noteholders
committee's request to delay such hearing.

As previously reported by the Troubled Company Reporter, citing
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, an ad hoc committee of holders of senior unsecured notes
issued by NII International Telecom SA, known as Luxco, complained
that the Jan. 28 hearing on the approval of NII Holdings Inc.'s
disclosure statement should be postponed because the Luxco
independent manager isn't scheduled to file his report until Jan.
26 and say whether he recommends joining or opposing the plan.

Under the plan, holders of about $1.69 billion on two issues of
senior unsecured notes issued by Luxco will have 63.5 percent of
the new stock and 36.8 percent of the rights offering.  Their
predicted recovery, 90.7 percent, drops to 87.9 percent assuming
participation in the rights offering.

                         About NII Holdings

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

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

The Debtors tapped Jones Day as counsel and Prime Clerk LLC as
claims and noticing agent.  NII Holdings disclosed $1.22 billion in
assets and $3.068 billion in liabilities as of the Chapter 11
filing.

The Plan of Reorganization will (a) convert all of the outstanding
senior unsecured notes issued by CapCo and LuxCo -- totaling $4.35
billion -- into equity interests in the reorganized Debtors; and
(b) implement a proposed settlement of certain disputed
inter-estate and inter-debtor claims and disputed third party
claims; and (c) provide the reorganized Debtors with $500 million
in new capital to support the continued turnaround of the Debtors'
business.

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


ONE SOURCE INDUSTRIAL: Caterpillar Financial Objects to Financing
-----------------------------------------------------------------
Caterpillar Financial Services Corporation objected to the approval
of One Source Industrial Holdings, LLC, et al.'s request for
postpetition financing, complaining the proposed financing should
be denied with respect to the leases, rentals and other proceeds of
the nine units of Caterpillar heaby equipment that Caterpillar
Financial holds perfected security interests in.

In response, the Debtors argue that none of the equipment
identified by Caterpillar is leased or generates any proceeds based
on the sale, exchange or disposition thereof.  As a result, the
equipment does not generate any proceeds which might even arguably
constitute cash collateral as to Caterpillar, the Debtors tell the
Court.

Caterpillar is represented by:

         John Mayer, Esq.
         ROSS, BANKS, MAY, CRON & CAVIN, P.C.
         2 Riverway, Suite 700
         Houston, TX 77056
         Tel: (713) 626-1200
         Fax: (713) 623-6014
         Email: jmayer@rossbankscom

                    About One Source Industrial

One Source Industrial Holdings, LLC, and One Source Industrial LLC
are both limited liability companies that are part of a corporate
family of affiliated companies.

One Source Industrial Holdings holds equipment utilized by various
related entities which provide rental equipment and industrial
services to businesses in the oil and gas, refining, manufacturing,
pipeline, shipping, and construction industries.  The types of
equipment possessed by One Source include, e.g., hazardous material
transportation vehicles, frac tanks, tank trailers, barrel mix tank
and vacuum tankers, air machines, and waste and other industrial
boxes and tanks.  Industrial provides executive management,
accounting, and overhead services for Holdings.

Holdings sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex.
Case No. 14-44996) in Ft. Worth, Texas, on Dec. 16, 2014.  One
Industrial sought Chapter 11 bankruptcy protection (Bankr. N.D.
Tex. Case No. 15-400038) on Jan. 4, 2015.

Holdings' case is assigned to Judge Russell F. Nelms.

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

The Debtors are represented by J. Robert Forshey, Esq., and Suzanne
K. Rosen, Esq., at Forshey & Prostok, LLP, in Ft. Worth, Texas.

No creditor's committee has been appointed in the cases.  Further,
no trustee or examiner has been requested or appointed in the
Debtors' Chapter 11 cases.


PAUL F. SOARES: Loses Court Battle Against Rangel, Lorono et al.
----------------------------------------------------------------
California District Judge William H. Orrick handed debtor Paul F.
Soares defeat in a civil action in federal district court and an
adversary proceeding in bankruptcy court, which cases have been
consolidated.

In the civil proceeding, Soares brought causes of action for breach
of contract, breach of warranty, and fraud against contractors
Adolfo Rangel, and Village Heating and Sheet Metal, and against
Lisa and Jeffrey Lorono and Salinas Valley Roofing Incorporated.

In the adversary proceeding, Village and SVR sought the
establishment and liquidation of debts owed to them and requested a
finding of non-dischargeability of these debts pursuant to 11
U.S.C. Sections 523(a)(2)(A) and 523(a)(6).

Judge Orrick said Soares failed to meet the burden of proof for his
claims of breach of contract and breach of warranty because he did
not prove damages or causation. In addition, he failed to present
any evidence of fraud. Therefore, the Court ruled against Soares
and in favor of the defendants on all causes of action in the civil
proceeding.

In the adversary proceeding, the judge said the amounts of Soares's
debts to SVR and Village are largely undisputed.  He said Soares
owes a debt of $5,697 to SVR and $14,517 to Village, and both of
these debts are non-dischargeable under Section 523(a)(6). Soares
has engaged in an extensive pattern of wrongful conduct that was
intentionally designed to avoid paying debtors such as SVR and
Village, including using sham corporations that he formed abroad to
insulate himself from liability.  The judge also said SVR is
entitled to attorney's fees pursuant to a settlement agreement
between Soares and SVR, in an amount to be calculated after SVR
files a motion for fees within 14 days of entry of judgment.

The parties' relationship dates back to 2006, when Soares
contracted with SVR, owned by Jeffrey Lorono, to provide work and
materials on his Monterey apartment building. A year later, Soares
entered into an oral contract with Village, owned by Rangel, for
sheet metal work on the roof. After Soares breached both
agreements, SVR and Village filed separate lawsuits against him in
the Monterey Superior Court. SVR and Soares reached a settlement
agreement in 2008, which Soares ultimately breached through his
failure to pay, spurring further litigation in superior court.
Soares filed for Chapter 11 bankruptcy in 2009.

The adversary case and civil case proceeded on separate tracks
until September 2014, when the adversary case went to trial before
U.S. Bankruptcy Judge Arthur Weissbrodt. After two days of trial,
the substantial overlap between the adversary proceeding and the
civil matter became apparent, and Judge Weissbrodt directed the
parties to raise the possible consolidation of the matters with the
U.S. District Court for the Northern District of California before
Judge William H. Orrick.  

Judge Orrick then consolidated the adversary proceeding with the
civil case in District Court since some of the underlying issues
are the same in each case and Soares's civil claims serve as
potential defenses in the adversary proceeding.  On December 8,
2014, the case proceeded to trial without a jury.

The case before the District Court is, PAUL F. SOARES, Plaintiff,
v. JEFFREY LORONO, et al., Defendants, CASE NO. 12-CV-05979-WHO
(N.D. Cal.).  A copy of Judge Orrick's January 12, 2015 Memorandum
Opinion is available at http://is.gd/VdDHXhfrom Leagle.com.


PLATTSBURGH SUITES: Case Summary & 5 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Plattsburgh Suites, LLC
        59 Broad Street
        Plattsburgh, NY 12901

Case No.: 15-10077

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: January 16, 2015

Court: United States Bankruptcy Court
       Northern District of New York (Albany)

Judge: Hon. Robert E. Littlefield Jr.

Debtor's Counsel: Richard L. Weisz, Esq.
                  HODGSON RUSS LLP
                  677 Broadway
                  Albany, NY 12207
                  Tel: (518) 465-2333
                  Email: Rweisz@hodgsonruss.com

Total Assets: $15.7 million

Total Debts: $32.05 million

The petition was signed by Michael J. Uccellini, on behalf of
Plattsburgh Suites, LLC, authorized representative of majority
member.

List of Debtor's five Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
American Construction Co., LLC     Construction       $1,735,987
Rensselaer Technology Park         Services
300 Jordan Road
Troy, NY 12180

DCG/UGOC Income Fund LLC                              $9,686,347
c/o Richard Davis
9009B Perimeter Woods Drive
Charlotte, NC 28216

Estate of Walter F. Uccellini                         $2,058,242
c/o Jessica F. Steffensen
Co-Executor
1839 North Cleveland Avenue
Chicago, IL 60614

Stabilis Fund II, LLC                                $17,023,866
767 Fifth Avenue, 12th Floor
New York, NY 10153

United Group of Companies, Inc.    Advance              $550,000
Rensselaer Technology Park
300 Jordan Road
Troy, NY 12180


PODS LLC: S&P Assigns 'B' Corp Credit Rating; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
corporate credit rating to PODS LLC.  The outlook is stable.

At the same time, S&P assigned its 'B+' issue rating and '2'
recovery rating to the company's proposed $390 first-lien term loan
due 2022 and $50 million revolver due 2020.  The '2' recovery
rating indicates S&P's expectation for substantial (70%-90%)
recovery in the event of a payment default.

S&P also assigned its 'CCC+' issue rating and '6' recovery rating
to the company's proposed $170 million second-lien term loan due in
2023.  The '6' recovery rating indicates S&P's expectation for
negligible (0%-10%) recovery in the event of a payment default.

"The rating on PODS reflects our expectation for moderate leverage
following the proposed purchase by Ontario Teachers, with
improvement likely over the next 12 months, which the company's
steady positive free cash flow generation should support," said
Standard & Poor's credit analyst Tatiana Kleiman.

S&P expects revenues and earnings to increase modestly over the
next year because of a combination of contributions from acquired
franchises and growth in the Corporate Operations (Corp Ops) and
Inter Franchise (IF) businesses.  S&P assess the company's business
risk profile as "weak," reflecting its position as a leading
provider of portable storage units, fairly good and improving
operating efficiency, limited end-market diversity, and narrow
scope of operations.  S&P assess PODS' financial risk profile as
"aggressive," based on the company's somewhat moderate debt
leverage, steady cash flow, aggressive financial policy, and
"adequate" liquidity.



PROSPECT PARK: Solicitation Period Extended to Feb. 3
-----------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware extended the exclusive period in which Prospect Park
Networks, LLC, may solicit acceptances of its Chapter 11 plan
through and including Feb. 3, 2015.

As previously reported by The Troubled Company Reporter, citing
Sherri Toub, a bankruptcy columnist for Bloomberg News, Prospect
Park said it needs until Feb. 3 to solicit acceptances of its
liquidating Chapter 11 plan and will seek to delay the hearing on
the approval of its disclosure statement.  PPN said it can't
represent to the court that its amended plan is "feasible" until it
has completed a tax credit transfer process and paid the law firm
that will represent it in its pending litigation against American
Broadcasting Cos.

                   About Prospect Park Networks

Prospect Park Networks, LLC, a Los Angeles, Calif.-based talent
and management company, filed for Chapter 11 bankruptcy (Bankr. D.
Del. Case No. 14-10520) in Wilmington, on March 10, 2014,
estimating $50 million to $100 million in assets, and $10 million
to $50 million in debts.  The petition was signed by Jeffrey
Kwatinetz, president.

William E. Chipman, Jr., Esq., and Mark D. Olivere, Esq., at
Cousins Chipman & Brown LLP, in Wilmington, Delaware; and John H.
Genovese, Esq., Michael Schuster, Esq., and Heather L. Harmon,
Esq., at Genovese Joblove & Battista, P.A., serve as the Debtor's
bankruptcy counsel.  The Debtor also hired Cohn Reznick LLP as an
ordinary course professional.

The U.S. Trustee for Region 3 selected three creditors to serve on
the Official Committee of Unsecured Creditors.  Cole, Schotz,
Meisel, Forman & Leonard, P.A., serves as the Committee's counsel.


PSL-NORTH AMERICA: Judge Extends Deadline to Remove Suits
---------------------------------------------------------
The U.S. Bankruptcy Court in Delaware has given PSL-North America
LLC until March 16, 2015, to file notices of removal of lawsuits
involving the company and its affiliates.

                     About PSL-North America

Founded in 2006, PSL-North America LLC is a manufacturer and
coater of large diameter steel pipes.  The company has a
state-of-the-art facility located in Bay St. Louis, Mississippi,
with the land leased for 99 years.  The company is an
American-based partially owned subsidiary of India's largest
producer and manufacturer of steel piping, PSL Limited.

On June 16, 2014, PSL-North America LLC and PSL USA Inc., filed
voluntary petitions in Delaware (Lead Case No. 14-11477) seeking
relief under chapter 11 of the United States Bankruptcy Code.  The
Debtors' cases have been assigned to Judge Peter J. Walsh.

The Debtors seek to have their cases jointly administered
for procedural purposes.

PSL-North America LL disclosed $93.3 million in assets and
$204 million in liabilities as of the Chapter 11 filing.  As of the
Petition Date, the company had total outstanding debt obligations
of $130 million, according to a court filing.

Counsel for the Debtor are John H. Knight, Esq., Paul N. Heath,
Esq., Tyler D. Semmelman, Esq., Amanda R. Steele, Esq. and William
A. Romanowicz, Esq. at Richards, Layton & Finger, P.A. of
Wilmington, Delaware.   Epiq Bankruptcy Solutions serves as claims
agent.


REICHHOLD HOLDINGS: Wants Court to Set March 9 as Claims Bar Date
-----------------------------------------------------------------
Reichhold Holdings U.S. Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to set March 9, 2015,
at 5:00 p.m. (Eastern Time) for creditors to file proofs of claim.

The Debtors propose March 30, 2015, at 5:00 p.m. (Eastern Time) for
governmental units to file their claims.

All proofs of claim must be filed at:

   Logan & Company Inc.
   Attn: Reichhold Holdings U.S. Inc.
   546 Valley Road
   Upper Montclair, New Jersey 07043

A hearing is set for Jan. 27, 2015, at 10:30 a.m., to consider
approval of the Debtors' request.  Objections, if any, are due Jan.
20, 2015, at 4:00 p.m.

                         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.


RENAULT WINERY: Can Hire Sharer Petree as Accountant
----------------------------------------------------
Renault Winery, Inc., was granted approval by Judge Andrew B.
Altenburg, Jr., to hire Sharer Petree Brotz & Snyder as
accountant.

                       About Renault Winery

Renault Winery, Inc., and its affiliates own and operate a hotel,
two restaurants, a golf course, and a winery.  The hotel is
located in Egg Harbor City, N.J., and the other businesses are
located on adjacent property in Galloway Township, N.J.  Renault
Winery has served South Jersey as a winery and restaurant facility
for the past 150 years.  Joseph Milza and his wife, Geraldine,
took over the operations of Renault Winery in 1974.

The companies that operate the businesses are Renault Winery
Inc. (winery, restaurant and gift shop), Renault Golf LLC (golf
course), and Tuscany House LLC (hotel, restaurant, and banquet
facility).  Renault Realty Co., Renault Winery Property LLC, and
Renault Winery Inc., own the real estate on which the businesses
operate, as well as other real estate in the immediate area.


RITE AID: Hikes Credit Facility to $3.7 Billion
-----------------------------------------------
Rite Aid Corporation amended its senior secured credit facility,
which, among other things, increased the maximum commitments up to
$3 billion or $3.7 billion upon the repayment of the 8.00% secured
note and extended the term of the senior secured credit facility to
January 2020.  Rite Aid used borrowings under the Amended Revolver
to repay and retire all of the $1.147 billion outstanding under its
Tranche 7 Senior Secured Term Loan due 2020, along with associated
fees and expenses.

The amendment relates to the Credit Agreement dated as of June 27,
2001, among Rite Aid, the lenders, and Citicorp North America,
Inc., as administrative agent and collateral processing agent.

The senior secured credit facility provides for customary events of
default including nonpayment, misrepresentation, breach of
covenants and bankruptcy.  It is also an event of default if Rite
Aid fails to make any required payment on debt having a principal
amount in excess of $50 million or any event occurs that enables,
or which with the giving of notice or the lapse of time would
enable, the holder of such debt to accelerate the maturity or
require the prepayment repurchase, redemption or defeasance of such
debt.  The mandatory repurchase of the 8.5% convertible notes due
2015 or any other convertible debt is excluded from this event of
default.

Rite Aid said it cannot assure if or when it will retire its 8.0%
Senior Secured Notes due 2020 prior to their maturity.

A copy of the Amended Credit Facility, dated as of Jan. 13, 2015,
is available for free at http://is.gd/gT2nKB

                        About Rite Aid Corp.

Drugstore chain Rite Aid Corporation (NYSE: RAD) --
http://www.riteaid.com/-- is a drugstore chain based in Camp
Hill, Pennsylvania.

Rite Aid disclosed net income of $118 million on $25.4 billion
of revenue for the year ended March 2, 2013, as compared with a
net loss of $369 million on $26.1 billion of revenue for the
year ended March 2, 2012.

As of Nov. 29, 2014, the Company had $7.18 billion in assets, $8.97
billion in liabilities, and a $1.79 billion stockholders' deficit.

                           *     *     *

As reported by the TCR on March 1, 2013, Moody's Investors Service
upgraded Rite Aid Corporation's Corporate Family Rating to B3 from
Caa1 and Probability of Default Rating to B3-PD from Caa1-PD.  At
the same time, the Speculative Grade Liquidity rating was revised
to SGL-2 from SGL-3.  This rating action concludes the review for
upgrade initiated on Feb. 4, 2013.

As reported by the TCR on Oct. 2, 2013, Standard & Poor's Ratings
Services said it raised its ratings on Rite Aid Corp., including
the corporate credit rating, which S&P raised to 'B' from 'B-'.

In the April 21, 2014, edition of the TCR, Fitch Ratings has
upgraded its ratings on Rite Aid Corporation (Rite Aid), including
its Issuer Default Rating (IDR) to 'B' from 'B-'.  The upgrades
reflect the material improvement in the company's operating
performance, credit metrics and liquidity profile over the past 24
months.


SELECT-TV SOLUTIONS: Reports $892K Net Loss in Q2 Ending Oct. 31
----------------------------------------------------------------
Select-TV Solutions Inc. filed its quarterly report on Form 10-Q,
reporting a net loss of $892,000 on $29,800 of total revenue for
the quarter ended Oct. 31, 2014, compared with a net loss of $3,254
on $nil of total revenue for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed
$4.92 million in total assets, $290,300 in total liabilities, and
stockholders' equity of $4.63 million.

The Company has incurred a net loss of $2.035 million for the six
months ended Oct. 31, 2014, and has incurred cumulative losses
since inception of $2.53 million.  These conditions raise
substantial doubt about the ability of the Company to continue as a
going concern, according to the regulatory filing.

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

                        http://is.gd/mlqvNf

Select-TV Solutions Inc., formerly Sedition Films Inc., is an end-
to-end Internet protocol television (IPTV) solutions provider for
the hospitality and telecommunication sectors.  The Company's
solutions include EMAGINE hotels, EMAGINE healthcare, EMAGINE
homes and XCREENS signage.



SEMGROUP LP: Trustee Challenges Closure of Ch. 11 Case
------------------------------------------------------
Law360 reported that the litigation trustee for petroleum company
SemGroup LP's estate appealed a bankruptcy judge's decision to
close the case, weeks after the trust opposed the move, arguing
that it could eliminate the ability to pursue avoidance actions
connected to one pending appeal in the Third Circuit.

According to the report, in a brief notice to the Delaware
bankruptcy court, Bettina M. Whyte, who oversees the litigation
trust created by SemGroup's Chapter 11 plan, challenged U.S.
Bankruptcy Judge Brendan L. Shannon's Dec. 18 order to close the
case, which came at the request of SemCrude LP, the reorganized
company that exited bankruptcy five years ago.

                       About SemGroup, L.P.

SemGroup, L.P. -- http://www.semgrouplp.com/-- is a midstream  
service company that provides diversified services for end users
and consumers of crude oil, natural gas, natural gas liquids and
refined products.  Services include purchasing, selling,
processing, transporting, terminalling and storing energy.
SemGroup serves customers in the United States, Canada, Mexico and
Wales.

SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection (Bankr. D. Del. Case No. 08-11525) on July 22, 2008.
John H. Knight, Esq., L. Katherine Good, Esq. and Mark
D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller,
Esq., Michael P. Kessler, Esq., and Sherri L. Toub, Esq., at Weil,
Gotshal & Manges LLP; and Martin A. Sosland, Esq., and Sylvia A.
Mayer, Esq., at Weil Gotshal & Manges LLP, represented the Debtors
in their restructuring efforts.  Kurtzman Carson Consultants
L.L.C. served as the Debtors' claims agent.  The Blackstone Group
L.P. and A.P. Services LLC acted as the Debtors' financial
advisors.

Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye
Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter
Anderson & Corroon LLP, represented the Debtors' prepetition
lenders.

SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008.  Ernst & Young, Inc.,
is the appointed monitor of SemCanada Crude Company and its
affiliates' reorganization proceedings before the Canadian
Companies' Creditors Arrangement Act.

SemGroup LP won confirmation from the Bankruptcy Court of its
Fourth Amended Plan of Reorganization on Oct. 28, 2008.  The
Plan, which distributed more than $2.5 billion in value to
stakeholders, was declared effective on Nov. 30, 2008.

As part of the Plan, the Reorganized Debtors entered into two new
credit facilities aggregating $625 million in financing; entered
into a $300 million Second Lien Term Facility; created a new
corporate structure, including issuing shares of common stock and
warrants; and distributed approximately $500 million of cash and
approximately $1 billion in value of new common stock and warrants
to thousands of creditors in accordance with the Plan.


SHORING COMPANY: Involuntary Chapter 11 Case Summary
----------------------------------------------------
Alleged Debtor: The Shoring Company of Louisiana, LLC
                650 Poydras Street
                Suite 2600
                New Orleans, LA 70130

Case Number: 15-10134

Involuntary Chapter 11 Petition Date: January 16, 2015

Court: United States Bankruptcy Court
       Eastern District of Louisiana (New Orleans)

Judge: Hon. Jerry A. Brown

Petitioners' Counsel: Not indicated

List of Petitioners:

   Name                           Nature of Claim    Claim Amount
   ----                           ---------------    ------------
River Parish Disposal LLC            Disposal              $220
P.O. Box 10482                       Services
New Orleans, LA 70181

Master Builders & Contractors      Commissions &       $242,236
3326 Prytania Street                  Labor
New Orleans, LA 70115

Albert J. Nicaud                  Attorneys fees        $16,901
3000 18th Street
Metairie, LA 70002

Gurtler Bros. Consultants, Inc.       Labor             $28,250
622 City Park Avenue
New Orleans, LA 70119

Beep Me Plumbing, Inc.              Plumbing             $4,750
419 S. Salcedo                      Services
New Orleans, LA 70119


SIT'N BULL CLUB: Case Summary & 4 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Sit'n Bull Club
           aka 1000 Acres Golf Club
        465 Warrensburg Road
        Stony Creek, NY 12878

Case No.: 15-10080

Nature of Business: Gulf Course

Chapter 11 Petition Date: January 16, 2015

Court: United States Bankruptcy Court
       Northern District of New York (Albany)

Judge: Hon. Robert E. Littlefield Jr.

Debtor's Counsel: Michael J. Toomey, Esq.
                  THE TOOMEY LAW FIRM, PLLC
                  One South Western Plaza
                  PO Box 2144
                  Glens Falls, NY 12801
                  Tel: (518)743-9000
                  Email: michaeljtoomeyesq@nycap.rr.com

Total Assets: $750,000

Total Liabilities: $1.05 million

The petition was signed by John Arehart, president.

A list of the Debtor's four largest unsecured creditors is
available for free at http://bankrupt.com/misc/nynb15-10080.pdf


STG-FAIRWAY ACQUISITIONS: Moody's Withdraws B3 Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings for STG-Fairway
Acquisitions, Inc. (First Advantage), including the B3 Corporate
Family Rating and B2 and Caa2 first- and second-lien senior secured
loan ratings. The withdrawals follow the cancellation of the
company's planned debt raise, the proceeds of which were to be used
to refinance existing debt and make a dividend payment to First
Advantage's owners.

Ratings Rationale

First Advantage does not have any rated debt outstanding.

Moody's has withdrawn the following ratings and outlook for
STG-Fairway Acquisitions, Inc.:

Corporate Family Rating, B3

Probability of Default, B3-PD

Senior secured facilities (first lien revolver and term loan), B2,
LGD3

Senior secured facilities (second lien term loan), Caa2, LGD5

Outlook, stable

A portfolio company of Symphony Technology Group, First Advantage
provides screening and background-check services to a variety of
industries, including retail, industrial, professional services,
finance, staffing, and healthcare.



STORY-MCLAUGHLIN PLAZA: Case Summary & 7 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Story-McLaughlin Plaza, LLC
        1587 Cleo Springs Drive
        San Jose, CA 95131

Case No.: 15-50145

Chapter 11 Petition Date: January 16, 2015

Court: United States Bankruptcy Court
       Northern District of California (San Jose)

Judge: Hon. Arthur S. Weissbrodt

Debtor's Counsel: M. Jonathan Hayes, Esq.
                  SIMON RESNIK HAYS LLP
                  15233 Ventura Blvd #250
                  Sherman Oaks, CA 91403
                  Tel: (818) 783-6251
                  Email: jhayes@SRHLawFirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kim-Hue Thi Nguyen, managing member.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/canb15-50145.pdf


STREAMTRACK INC: KLJ Expresses Going Concern Doubt
--------------------------------------------------
StreamTrack, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K for the fiscal year ended
Aug. 31, 2014.

KLJ & Associates, LLP, expressed substantial doubt about the
Company's ability to continue as a going concern, citing the
Company has incurred losses from operations, has negative working
capital and is in need of additional capital to grow its
operations.

The Company reported a net loss of $1.16 million on $1.73 million
in revenues for the year ended Aug. 31, 2014, compared with a net
loss of $2.61 million on $1.73 million of revenues in the same
period last year.

The Company's balance sheet at Aug. 31, 2014, showed $1.08 million

in total assets, $4.51 million in total liabilities, and a
stockholders' deficit of $3.43 million.

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

                       http://is.gd/NBHVNF

                        About StreamTrack

Santa Barbara, California-based StreamTrack is a digital media and
technology services company.  The Company provides audio and video
streaming and advertising services through the RadioLoyalty(TM)
Platform to over a global group of over 1,500 internet and
terrestrial radio stations and other broadcast content providers.


TECHNIPLAS LLC: S&P Assigns 'B' Corp Credit Rating, Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Wisconsin-based plastics manufacturer Techniplas
LLC.  The outlook is stable.

At the same time, S&P assigned its 'B' issue-level and '3' recovery
ratings to the company's $160 million senior secured notes.  The
'3' recovery rating indicates S&P's expectation that the
debtholders would realize a meaningful (50%-70%) recovery in the
event of a payment default.

The debt issuance also includes unrated revolving credit
facilities, which S&P expects to be undrawn and will provide the
company with borrowing capacity of $20 million and CHF15 million.

"Our ratings reflect the multiple industry risks facing automotive
suppliers, including volatile demand, high fixed costs, intense
competition, and the potential for severe pricing pressures," said
Standard & Poor's credit analyst Naomi Dsouza.  "Techniplas'
relatively small scale and narrow scope selling highly engineered
plastic components in fragmented markets expose Techniplas to these
risks, which the company's technical capabilities and longstanding
customer relationships partly offset.  We believe the company is
well positioned to benefit somewhat from the trend of metal to
plastic conversion in the auto sector, propelled by the industry
emphasis on light weighting and fuel efficiency. Furthermore, the
company's most recent acquisition of Swiss-based Weidplas expands
its geographic reach and manufacturing footprint and will allow it
to participate in the global platform strategy of the original
equipment manufacturers over the longer term. Still, the company's
smaller size relative to most rated auto suppliers could limit its
maneuverability should auto production become more volatile or
should raw material prices rise unexpectedly."

The stable outlook reflects Standard & Poor's view that the company
will continue to sustain its average profitability, generate a
ratio of free operating cash flow to debt of above 5%, and maintain
leverage at less than 5x, consistent with S&P's expectation for the
rating.



TOMNIK FOOD: Case Summary & 11 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Tomnik Food Services, Inc.
           aka Tomnick Food Services
        127 Route 304
        Bardonia, NY 10954

Case No.: 15-22086

Chapter 11 Petition Date: January 19, 2015

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

Debtor's Counsel: Anne J. Penachio, Esq.
                  PENACHIO MALARA LLP
                  235 Main Street, Sixth Floor
                  White Plains, NY 10601
                  Tel: (914) 946-2889
                  Fax: (914) 946-2882
                  Email: apenachio@pmlawllp.com
                         FMalara@PMLawLLP.com

Total Assets: $4,650

Total Liabilities: $699,000

The petition was signed by Tom Voustas, president.

A list of the Debtor's 11 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nysb15-22086.pdf


TOUCHPOINT METRICS: Amends 2013 Report
--------------------------------------
Touchpoint Metrics, Inc., filed with the U.S. Securities and
Exchange Commission its amended annual report on Form 10-K/A.  A
copy of the document is available at http://is.gd/zuFBxA

The Company disclosed a net loss of $716,000 on $940,000 of total
revenue for  the year ended Dec. 31, 2014, compared with a net loss
of $307,000 on $900,000 of total revenue for the same period in the
prior year.

The Company's balance sheet at Sept. 30, 2014, showed $1.03 million
in total assets, $277,000 in liabilities and stockholders' equity
of $757,000.

For the year ended Dec. 31, 2013, the Company had a net loss of
$716,000.  In addition, the Company had a net loss of $307,000 for
the year ended Dec. 31, 2012.  These circumstances result in
substantial doubt as to the Company's ability to continue as a
going concern.  The Company's ability to continue as a going
concern is dependent upon the Company's ability to generate
sufficient revenues to operate profitably or raise additional
capital through debt financing and/or through sales of common
stock.

San Francisco, Calif.-based Touchpoint Metrics is engaged in the
business of developing and delivering technology-enabled products
and services that improve customer experience management
capabilities for corporations.


TOWERGATE FINANCE: Moelis Submits Offer to Acquire Towergate Group
------------------------------------------------------------------
Moelis & Company UK LLP, as financial adviser to the ad hoc
committee of creditors holding approximately 67% of the total
principal amount outstanding of the senior secured debt of
Towergate Finance Plc, on Jan. 16 announced the submission of the
detailed terms of its offer to acquire Towergate Insurance Limited
and its affiliates that form the Towergate Insurance group (the
"Towergate Group".  The detailed terms contemplate a credit bid for
an amount equal to the aggregate amount of indebtedness owing to
the Towergate Group's senior secured creditors being GBP715 million
(and accrued interest plus one pound).  The Ad Hoc Committee has
provided these detailed terms following their written expression of
interest in making this credit bid, which was announced on December
24, 2014.

A spokesman acting on behalf of the Ad Hoc Committee said: "We are
pleased to submit a formal offer to acquire the Towergate Group
which provides for a substantially deleveraged capital structure
and a new money facility to put the Towergate Group on a stable,
long-term footing.  Our offer enables the Towergate Group to fully
benefit from further growth opportunities while establishing the
stability required to maintain the support of Towergate's
customers, suppliers and employees.  We view Towergate's employees
as critical to Towergate's future success and we look forward to
working with them to strengthen Towergate's position as a
market-leading UK insurance provider."

The Ad Hoc Committee remains fully supportive of Towergate's
employees, customers and third party suppliers and will continue to
make regular updates through this process.

This submission of non-binding detailed offer terms remains subject
to the satisfactory completion and outcome of due diligence,
mutually acceptable definitive transaction agreements and related
documentation, approval by the members of the Ad Hoc Committee and
the requisite senior secured creditors and closing conditions to be
set out in the definitive transaction agreements, including
obtaining any applicable regulatory approvals.

Accordingly, there can be no assurance that a transaction will
ensue.

Maidstone, England-based Towergate Finance is Europe's largest
insurance broker.


TRI-STATE FINANCIAL: $1.19 Million Belongs to Bankruptcy Estate
---------------------------------------------------------------
The Nebraska bankruptcy court reversed its stance on the ownership
of $1.19 million in funds related to Chapter 11 proceedings of
Tri-State Financial, LLC, d/b/a North Country Ethanol.

Bankruptcy Judge Shon Hastings ruled that the funds are property of
the bankruptcy estate.  A copy of Judge Hastings' Jan. 13, 2015
Order is available at http://is.gd/qd2qDWfrom Leagle.com.

Bankruptcy Trustee Thomas D. Stalnaker filed an adversary
proceeding, requesting the Court to determine ownership of $1.19
million he received from the bankruptcy estate of Tri-State Ethanol
Company, LLC.  Trial of this matter was held in late October 2013.
The Court found that the funds were property of the Defendants
other than Centris Federal Credit Union and not property of the
Tri-State Financial, LLC, bankruptcy estate.

The Court also concluded that the bankruptcy estate is entitled to
reimbursement for legal fees and expenses incurred in this
adversary proceeding as well as those incurred in litigating and
settling the claim for $1.19 million Stalnaker pursued in In re
Tri-State Ethanol Company, LLC.  The Court concluded that the
$61,900 in legal fees and expenses the estate incurred in
litigating this adversary case and the $35,900 in legal fees and
expenses it incurred in litigating Tri-State Financial's claim in
In re Tri-State Ethanol Company, LLC should be surcharged against
the $1.19 million Stalnaker received from the Tri-State Ethanol
bankruptcy estate. It entered judgment accordingly.

Stalnaker and Centris appealed the judgment to the extent the Court
determined that the $1.19 million was not property of the
bankruptcy estate. George Allison, Jr., Frank and Phyllis Cernik,
Chris and Amy Daniel, Distefano Family Ltd. Partnership, Timothy
Jackes, James G. Jandrain, George Kramer and Bernie Marquardt
appealed the judgment to the extent the Court surcharged the
$61,900 in legal fees and expenses the estate incurred in
litigating this adversary case against the $1.19 million Stalnaker
received from the Tri-State Ethanol bankruptcy estate.

The U.S. Bankruptcy Appellate Panel for the Eighth Circuit reversed
and remanded this case for further proceedings.  Specifically, the
Bankruptcy Appellate Panel found that the Court did not address the
argument -- asserted by both Stalnaker and Centris -- that
Defendants/Appellees (also referred to as the Omaha Group) should
be judicially and equitably estopped from asserting ownership to
the $1.19 million Stalnaker received from the Tri-State Ethanol
bankruptcy estate or from claiming that Debtor Tri-State Financial
does not own the funds.  The Bankruptcy Appellate Panel also found
that the Court did not address Centris' and Stalnaker's argument
that a release executed in August 2006 by all but two members of
the Omaha Group "includes any claimed obligation of [Tri-State
Financial] to turn over the [$1,190,000] to [those parties]."

Rather than interpreting the Court's silence as an implicit
rejection of these arguments, it reversed and remanded the case to
allow the Court an opportunity to articulate its findings and
explain its reasoning. It declined to consider any of the issues
raised on appeal, noting that review of the issues was premature.

Since the Bankruptcy Appellate Panel did not consider or resolve
any issues on appeal, the Bankruptcy Court found that it was free
to reconsider its original ruling.  Although hesitant to enter a
decision inconsistent with the Feb. 13, 2013 Order out of great
respect for the original trial court judge, upon reconsideration
the Court reached a different conclusion.  On May 22, 2014, the
Court entered an Order finding that the $1.19 million at issue is
property of the bankruptcy estate.  It entered judgment on the same
day.

Most of the named defendants appealed.  On appeal, American
Interstate Bank argued, inter alia, that the Bankruptcy Court did
not comply with Rule 63 of the Federal Rules of Civil Procedure
which applies to bankruptcy proceedings pursuant to Rule 9028 of
the Federal Rules of Bankruptcy Procedure. The Bankruptcy Appellate
Panel agreed. It reversed and remanded the case for further
proceedings consistent with its opinion.

The Bankruptcy Appellate Panel issued its mandate on Nov. 25, 2014.
On the same day, the Bankruptcy Court entered a Certification of
Familiarity pursuant to Rule 9028 of the Federal Rules of
Bankruptcy Procedure.  In its certification, it granted the parties
who appeared at trial 21 days to request recall of any witness
whose testimony it claims is material and disputed and who is
available to testify again without undue burden.

On Dec. 15, 2014, Defendants Radio Engineering Industries, Inc.,
American Interstate Bank, John Hoich and Denise Hoich filed a Joint
List of Witnesses Certain Defendants Wish to Recall for Further
Testimony.  Centris Federal Credit Union and Trustee Thomas
Stalnaker objected to Defendants' request to recall witnesses.

In their pleading, Defendants neither asserted that testimony from
the witnesses listed was material and disputed nor did they explain
why it is necessary for the Court to hear this testimony in person
rather than relying on the transcript and trial recordings
previously considered.  Also, Defendants did not advise whether the
witnesses were available without undue burden. The Court ordered
the parties to provide this information in a brief filed not later
than Friday, Jan. 9, 2015.  None of the Defendants filed the brief
requested.  Rather, they withdrew their joint list of witnesses.

No other parties requested that the Court rehear testimony or
argument.

"The Court finds that the $1,190,000 in funds is property of the
bankruptcy estate. Centris established that it holds a perfected
security interest in the funds and that its claim is superior to
Stalnaker's claim on behalf of unsecured creditors. Accordingly,
the balance of the funds (after deducting payments made pursuant to
a default judgment, assignments and stipulations and after
deducting attorney's fees and expenses surcharged against these
funds) are awarded to Centris," Judge Hastings said.

The case is, Thomas D. Stalnaker, Trustee, Plaintiff, v. George
Allison, Jr.; Frank Cernik; Phyllis Cernik; Chris Daniel; Amy
Daniel; Distefano Family Ltd. Partnership; Mark E. Ehrhart; Robert
G. Griffin; John L. Hoich; Denise Hoich; Timothy Jackes; James G.
Jandrain; American Interstate Bank; George Kramer; Bernie
Marquardt; Radio Engineering Industries, Inc.; Joseph Vacanti,
Trustee of the Joseph & Cynthia Vacanti Trust; and Centris Federal
Credit Union, Defendants. Centris Federal Credit Union,
Counterclaim and Cross-Claim Plaintiff, v. Thomas D. Stalnaker,
Trustee, Counterclaim Defendant, and George Allison, Jr.; Frank
Cernik; Phyllis Cernik; Chris Daniel; Amy Daniel; Distefano Family
Ltd. Partnership; Mark E. Ehrhart; Robert G. Griffin; John L.
Hoich; Denise Hoich; Timothy Jackes; James G. Jandrain; Linda L.
Klassmeyer; George Kramer; Bernie Marquardt; Radio Engineering
Industries, Inc.; and Joseph Vacanti, Trustee of the Joseph &
Cynthia Vacanti Trust, Cross-Claim Defendants, Nos. BK08-83016,
A10-8052 (Bankr. D. Neb.).

                     About Tri-State Financial

Tri-State Financial LLC, owner of the North Country Ethanol plant
near Rosholt, South Dakota, filed a Chapter 11 petition (Bankr. D.
Neb. Case No. 08-83016) on Nov. 21, 2008, in Omaha, Nebraska.  The
company listed assets of $35 million and debt totaling $27 million.
Centris Federal Credit Union holds a secured claim aggregating
$19.6 million.  The Chapter 11 case was filed four days after
Centris launched a foreclosure action against Tri-State.  Tri-State
Financial's Chapter 11 case was converted to a case under chapter 7
on Feb. 11, 2013.  Thomas D. Stalnaker was named as Chapter 7
trustee.


ULTIMATE NUTRITION: Unsecured Creditors' Meeting Moved to Jan. 21
-----------------------------------------------------------------
The meeting of creditors of Ultimate Nutrition, Inc. and Prostar,
Inc. has been moved to Jan. 21, 2015, from Jan. 14, according to a
filing with the U.S. Bankruptcy Court for the District of
Connecticut.

The meeting will be held at The Office of the U.S. Trustee located
at The Giaimo Federal Building, 150 Court Street, Room 309, at the
intersection of Court and Orange Streets in New Haven,
Connecticut.

The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. Trustee, the Justice Department's bankruptcy
watchdog.

                     About Ultimate Nutrition

Ultimate Nutrition, Inc., develops and distributes nutritional
supplements for body building, enhanced athletic performance and
fitness.  The products are sold worldwide in over 100 countries.
The business was founded in 1979 by the late Victor H. Rubino, one
of the top amateur power lifters in the United States at that
time.

The company has two facilities located in Farmington, Connecticut,
one product distribution center in New Britain, Connecticut and a
research and development center in West Palm Beach, Florida.

Ultimate Nutrition and affiliate Prostar, Inc., sought Chapter 11
bankruptcy protection (Bankr. D. Conn. Case Nos. 14-22402 and
14-22403) on Dec. 17, 2014.

The Debtors have tapped Pullman & Comley, in Bridgeport,
Connecticut, as counsel; LaQuerre Michaud & Company, LLC, as
accountant; and Marcum LLP, as financial advisor.

Ultimate Nutrition estimated $10 million to $50 million in assets
and debt.

The deadline to file claims is April 14, 2015.


W.R. BERKLEY: Moody's Assigns (P)Ba1 Preferred Securities Rating
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings (senior
unsecured debt at (P)Baa2), to W.R. Berkley Corporation's (NYSE:
WRB) multi-seniority shelf registration statement. This new shelf
registration statement, filed on November 20, 2014, replaces W.R.
Berkley's previous shelf registration statement filed on November
22, 2011. The company maintains its shelf registration for general
corporate purposes, which may include capital expenditures,
acquisitions, and stock repurchases. The outlook for the ratings is
stable.

Ratings Rationale

W.R. Berkley's ratings reflect the company's strong franchise
within the commercial and specialty insurance segment, its
diversified revenue streams, disciplined approach to underwriting,
and its strong earnings and good risk-adjusted capitalization.
Somewhat offsetting these positive factors are the company's
opportunistic appetite for elevated operating and financial
leverage at times during the underwriting cycle. Other challenges
include W.R. Berkley's exposure to long-tail casualty businesses,
which have greater reserve and pricing risk, and risks associated
with entering new lines of business where historical actuarial data
is limited.

Factors that could potentially lead to an upgrade for W. R. Berkley
and its principal operating subsidiaries include the following:
sustained adjusted financial leverage in the mid-to-low 20%'s;
gross underwriting leverage of 3x or lower; consistent
profitability through the insurance cycle (sustained returns on
capital in the 8% or higher range). Factors that could potentially
lead to a downgrade include the following: adjusted financial
leverage over 35%; interest coverage below 4x; gross underwriting
leverage above 5x; decline in shareholders' equity by 10% or more
as a result of losses; or adverse reserve development (more than 4%
of reserves).

Moody's has assigned the following provisional debt ratings:

  W.R. Berkley Corporation: provisional senior unsecured debt at
(P)Baa2;
  provisional subordinated debt at (P)Baa3; provisional preferred
securities at
  (P)Ba1;

  W.R. Berkley Capital Trust III: provisional preferred securities
at (P)Baa3;

Based in Greenwich, CT, W. R. Berkley Corporation is an insurance
holding company that conducts business in many segments of the
property & casualty insurance market through its operating
subsidiaries. The group's operations are subdivided into three
business segments: Insurance-Domestic, Insurance-International, and
Reinsurance-Global. For the first nine months of 2014, W. R.
Berkley reported gross premiums written of $5.4 billion and net
income of $538 million. As of September 30, 2014, common
shareholders' equity was approximately $4.7 billion.

The principal methodology used in these ratings was Global Property
and Casualty Insurers published in August 2014.



WISHGARD LLC: Court Rejects Former Contractor's Claims
------------------------------------------------------
Bankruptcy Judge Carlota M. Bohm denied the application of William
A. Rice for payment of administrative expense claim in the
bankruptcy case of Wishgard, LLC, and sustained the debtor's
objection to Mr. Rice's proof of claim.

Throughout this case, the claims of William "Andy" Rice have been
hotly contested by Wishgard. According to Mr. Rice, he was employed
by Wishgard from approximately December 2010 through May 2013. On
August 30, 2013, Mr. Rice filed a Proof of Claim alleging unpaid
wages and commissions. In an addendum to his Proof of Claim, Mr.
Rice sets forth his claim for a total of $27,500 in unpaid
prepetition salary, a $200,000 flat fee, an undetermined commission
related to the sale of leases by Wishgard, and an entitlement to
payment of an unknown amount of his tax liability on payments made
to him by Wishgard. Within the addendum, Mr. Rice noted that
additional amounts owed to him would be set forth in an
administrative expense claim as those claims arose after the
commencement of the case.

On October 10, 2013, Mr. Rice filed his Application seeking payment
of an administrative expense claim for postpetition commissions and
postpetition salary.

Wishgard denies Mr. Rice's assertion that he was an employee of
Wishgard as opposed to an independent contractor. Wishgard further
contests the date identified by Mr. Rice as the date of the
agreement to provide a commission and the terms of such payments.
Most significantly, Wishgard asserts that Mr. Rice was fully
compensated and, in fact, overpaid.

The Official Committee of Unsecured Creditors appointed in the case
also filed a response to Rice's request.

A copy of Judge Bohm's January 13, 2015 Memorandum Opinion is
available at http://is.gd/FtsC8Efrom Leagle.com.

                        About Wishgard LLC

Wishgard, LLC is a Pennsylvania limited liability company with its
principal place of business in Eighty Four, Pennsylvania.  Wishgard
was formed in approximately June of 2010.  The members of Wishgard
are Edward "Kip" Tygard and Aaron Wishart, who possess the majority
and minority interests in Wishgard, respectively.

Wishgard is in the business of soliciting landowners for the
purpose of acquiring oil and gas rights which Wishgard then sells
in packages to other companies for drilling on the landowners'
property. Wishgard's primary operations have been in West Virginia
and Ohio.

Wishgard's bankruptcy case was commenced on February 13, 2013, by
the filing of an involuntary petition (Bankr. W.D. Pa. 13-20613)
against Wishgard under Chapter 7 of the Bankruptcy Code. Although
the involuntary petition was contested by Wishgard, ultimately, the
Bankruptcy Court entered an order for relief under Chapter 7 on
April 25, 2013.  Shortly thereafter, Wishgard's request to convert
to a case under Chapter 11 was granted.  Since that time, Wishgard
proposed a plan which was confirmed on January 30, 2014.


XIANGTIAN USA: Reports $304K Net Loss for Quarter Ended Oct. 31
---------------------------------------------------------------
Xiangtian (USA) Air Power Co., Ltd., filed its quarterly report on

Form 10-Q, disclosing a net loss of $304,400 on $nil of revenue for
the three months ended Oct. 31, 2014, compared with a net loss of
$116,000 on $nil of revenue for the same period last year.

The Company's balance sheet at Oct. 31, 2014, showed $28.3 million
in total assets, $19.6 million in liabilities, and stockholders'
equity of $8.74 million.

The Company has incurred losses since its inception resulting in an
accumulated deficit of $1.17 million as of Oct. 31, 2014, and
further losses are anticipated in the development of its business
raising substantial doubt about the Company's ability to continue
as a going concern.  The ability to continue as a going concern is
dependent upon the Company generating profitable operations in the
future and/or obtaining the necessary financing to meet its
obligations and repay its liabilities arising from normal business
operations when they become due.

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

                        http://is.gd/4dyeor

Hong Kong-based Xiangtian (USA) Air Power Co., Ltd., utilizes a
proprietary compressed air energy storage power generation
technology that can operate in conjunction with electricity
produced by other alternative energy sources, such as solar, wind,
geothermal, and tidal as raw power to generate additional
electricity without the use of fossil fuels.  When the alternative
energy source is intermittent or unavailable, its novel approach
of releasing the compressed air to operate a compressed air engine
linked with a generator and thereby creating electricity provides
customers with an advanced power generation capability with no
carbon or toxic emissions.  The resulting power can either be used
for the customer's operations or for sale to the State Grid
Corporation of China.



YARWAY CORP: Court Sets March 18 as Claims Bar Date
---------------------------------------------------
The Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware set March 18, 2015, as deadline for creditors
to file proofs of claim against Yarway Corporation.

As reported in the Troubled Company Reporter on Dec. 29, 2014, the
Debtor sought to set the bar date to ensure that appropriate notice
is given to all potential creditors, both know and unknown, and
that it has accurate information regarding the university of
prepetition non-asbestos claims that may be asserted against it.

                   About Yarway Corporation

Yarway Corporation sought Chapter 11 protection (Bankr. D. Del.
Case No. 13-11025) on April 22, 2013, to deal with claims arising
from asbestos containing products it allegedly sold as early as the
1920s.

Yarway was founded in 1908 by Robert Yarnall and Bernard Waring as
the Simplex Engineering Company and originally manufactured pipe
clamps, steam traps, valves and controls.  Based in Pennsylvania,
Yarway was a privately-owned company until 1986 when KeyStone
International, Inc. bought equity in the company.  Yarway became a
unit of Tyco International Ltd. when Tyco purchased KeyStone in
1997.

Yarway's asbestos-related liabilities derive from Yarway's (i)
purported use of asbestos-containing gaskets and packing,
manufactured by others, in its production of steam valves and traps
from the 1920s to 1970s, and (ii) alleged manufacture of expansion
joint packing that was allegedly made up of a compound of Teflon
and asbestos from the 1940s to the 1970s.

Over the past five years, about 10,021 new asbestos claims have
been asserted against Yarway, including 1,014 in Yarway's 2013
fiscal year ending March 31, 2013.

The Debtor estimated assets and debts in excess of $100 million as
of the Chapter 11 filing.

Attorneys at Cole, Schotz, Meisel, Forman & Leonard, P.A. and
Sidley Austin LLP serve as the Debtor's counsel in the Chapter 11
case.  Logan and Co. is the claims and notice agent.

On May 6, 2013, the U.S. Trustee for Region 3, appointed an
official committee of asbestos personal injury claimants.  The
Committee tapped Elihu Inselbuch, Esq. at Caplin & Drysdale,
Chartered, as lead bankruptcy counsel.


YONKERS INDUSTRIAL: Moody's Puts Ba1 Rating on 2004 Bonds on Review
-------------------------------------------------------------------
Moody's Investors Service has placed Ba1 rating of Yonkers
Industrial Development Agency's (NY) Multi-Family Housing Revenue
Bonds (Herriot Street Housing, L.P. Project) Series 2004 under
review for possible downgrade. $11,860,000 of outstanding debt is
affected.

Summary Rating Rationale

The rating action is based on the continued deterioration of the
bond program's financial position. Cash flow projections
demonstrate parity insufficiency in 5 to 10 years and a revenue
insufficiency prior to final bond maturity.

Strengths

-- Mortgage is enhanced by a Standby Credit Enhancement Instrument
by
    Fannie Mae which is backed by the full faith and credit of the
US
    (Aaa stable)

Challenges

-- Asset-to-debt ratio below 100% is projected in 5-10 years

-- Performance relies on proper administration and adherence to
mandatory
    provisions of the trust indenture by all parties

What Could Change the Rating UP

-- Not likely. An infusion of assets that eliminates projected
parity and revenue
    insufficiencies.

What Could Change the Rating DOWN

-- Expected recovery that is below that indicated by the current
rating.

Methodology

The principal methodology used in this rating was US Stand-Alone
Housing Bond Programs Secured by Credit Enhanced Mortgages
published in December 2012.



[*] ABI Proposal Is Cold Comfort for Madoff Victims
---------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that victims of Bernard Madoff's Ponzi scheme might
have recovered all their $17 billion in losses had proposals issued
last month by an American Bankruptcy Institute panel been the law
of the land.

According to Bloomberg, the ABI commission recommended that
bankruptcy trustees be exempted from the in pari delicto rule, as
state and federal court receivers already are.  The commission
deadlocked on whether creditor committees and litigation trustees
likewise should be exempt and made no recommendation on that score,
Bloomberg noted.


[*] Gibson Dunn Adds Finance Partner Jamie Thomas in Singapore
--------------------------------------------------------------
Gibson, Dunn & Crutcher LLP announced that Christopher James
(Jamie) Thomas has joined the Singapore office as a partner.
Formerly with White & Case, he will continue his banking, finance
and restructuring practice, with a focus on senior credit and
subordinate debt, infrastructure and energy lending, and related
restructurings.

"We welcome Jamie to the firm," said Ken Doran, Chairman and
Managing Partner of Gibson Dunn.  "Jamie is an energetic and
talented lawyer.  Jamie's practice is primarily focused on
leveraged finance, restructurings, debt buy-backs, asset-backed
lending, structured lending and cross-border finance in Singapore,
Indonesia and emerging markets across Southeast Asia.  He also has
experience with project finance for power projects and the telecoms
industry, and the secondary debt markets."

"We are pleased to have Jamie on board," said Jai Pathak, Partner
in Charge of the Singapore office.  "Jamie has deep knowledge of
all aspects of the finance markets in the South and Southeast Asia
region and has a strong reputation in the local markets for his
work for banks and financial institutions as well as energy and
infrastructure companies.  We have been growing in Asia, and his
practice will complement our current strengths."

                        About Jamie Thomas

Thomas, an English-qualified lawyer, focuses his practice on
complex banking, finance and restructuring transactions.  His
experience includes transactions in London, Singapore, Indonesia,
India, Vietnam, the Philippines and Sri Lanka.

Representative transactions include representation of the lead
creditors in the restructuring of US$1.5 billion aromatics facility
in Indonesia owned by PT Trans-Pacific Petrochemical Indotama;
representation of PT Bakrie Sumatera Plantations in the acquisition
and debt restructuring of the Domba Mas Group's oleochemical
business; JBIC and Mizuho Corporate Bank, Ltd. on a JPY-denominated
project finance loan equivalent to approximately US$326.3 million
to PT Indonesia Chemical Alumina (an Indonesian SPV) for the
construction of the US$450 million Tayan Chemical Grade Alumina
project.

Thomas "is noted for his ‘very strong' knowledge of the Indian
market, and has also been active on Indonesian-related matters" and
is lauded for having "a better understanding of local and regional
banking regulatory issues than the vast majority of finance lawyers
in South-East Asia" in Chambers Asia-Pacific, based on feedback
from clients and peers.

Thomas practiced with White & Case since 2007 in Singapore and
briefly in London.  Prior, he worked with Clifford Chance in London
from 1999 to 2005.  He graduated from College of Law, Guilford in
1996.

Mr. Thomas may be reached at:

         Christopher James Thomas, Esq.
         GIBSON, DUNN & CRUTCHER LLP
         One Raffles Quay
         Level #37-01, North Tower
         Singapore 048583
         Tel: +65-6507-3609
         Fax: +65-6507-3650
         Email: jthomas@gibsondunn.com


[*] Nelson Mullins Expands Bankruptcy Practice with 3 New 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
         E-mail: 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
         E-mail: 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. Dylan 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
         E-mail: 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, ext. 9794


[*] S&P Raises 51 Issue Ratings Over Revised Revolver Assumptions
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it has reviewed its
recovery and issue-level ratings in the U.S. for nonfinancial
speculative-grade credits with cash flow revolving facilities in
the capital structure, following the publication of its revised
methodology for revolver usage assumptions on Nov. 20, 2014.  S&P
related on Jan. 16, 2015 that it is raising 51 U.S. issue-level
ratings.  In addition, S&P is revising the recovery rating on 64
U.S. issues to reflect their improved recovery prospects.

These rating actions, issued on Jan. 16, 2015, stem solely from the
application of S&P's revised revolver usage assumptions and do not
reflect any change in S&P's assessment of the companies'
fundamental credit quality.

In addition, S&P notes that it has completed its global review of
its recovery ratings on non-financial corporates, applying its
revised revolver usage assumption criteria.

RATINGS LIST

Issue Ratings Raised, Recovery Ratings Revised Due To Revised
Recovery Rating
Criteria
                                         To          From
Allison Transmission Inc.
Senior secured
  $1.795 mil. term loan B-3 due 2019     BB+         BB
   Recovery rating                       1           2
  $465 mil. revolver due 2019            BB+         BB
   Recovery rating                       1           2
  $474 mil. term loan B-2 due 2017       BB+         BB
   Recovery rating                       1           2
Senior unsecured
  $500 mil. 7.125% notes due 2019        B+          B
   Recovery rating                       5           6

Alpha Natural Resources Inc.
Senior secured
  $500 mil. 7.5% 2nd lien notes
  due 2020                               B+          B
   Recovery rating                       2           3

Brock Holdings III Inc.
Senior secured
  $105 mil. revolver due 2016            B+          B
   Recovery rating                       2           3
  $510 mil. 1st lien term loan B
  due 2017                               B+          B
   Recovery rating                       2           3

CCH II LLC
Senior unsecured
$1.766 bil. 13.5% notes due 2016        BB-         B+
   Recovery rating                       4           5

CCO Holdings Capital Corp.
Senior unsecured
  $1 bil. 7.25% notes due 2017           BB-         B+
   Recovery rating                       4           5
  $1 bil. 5.125% notes due 2023          BB-         B+
   Recovery rating                       4           5
  $1 bil. 5.25% notes due 2022           BB-         B+
   Recovery rating                       4           5
  $1 bil. 5.75% notes due 2024           BB-         B+
   Recovery rating                       4           5
  $1.1 bil. 7% notes due 2019            BB-         B+
   Recovery rating                       4           5
  $1.5 bil. 6.5% notes due 2021          BB-         B+
   Recovery rating                       4           5
  $500 mil. 5.25% notes due 2021         BB-         B+
   Recovery rating                       4           5
  $500 mil. 5.75% notes due 2023         BB-         B+
   Recovery rating                       4           5
  $700 mil. 8.125% notes due 2020        BB-         B+
   Recovery rating                       4           5
  $750 mil. 6.625% notes due 2022        BB-         B+
   Recovery rating                       4           5
  $750 mil. notes due 2020               BB-         B+
   Recovery rating                       4           5
  $900 mil. 7.875% notes due 2018        BB-         B+
   Recovery rating                       4           5

CCOH Safari LLC
Senior unsecured
  $2 bil. 5.75% notes due 2024           BB-         B+
   Recovery rating                       4           5
  $1.5 bil. 5.5% notes due 2022          BB-         B+
   Recovery rating                       4           5

CoreLogic Inc.
Senior secured
  $100 mil. multi-currency revolver
  due 2018                               BBB-        BB+
   Recovery rating                       1           2
  $450 mil. revolver due 2018            BBB-        BB+
   Recovery rating                       1           2
  $850 mil. term loan A due 2018         BBB-        BB+
   Recovery rating                       1           2

Crown Castle International Corp.
Senior unsecured
  $1.65 mil. 5.25% notes due 2023        BB+         BB
   Recovery rating                       4           5
  $850 mil. 4.875% notes due 2022        BB+         BB
   Recovery rating                       4           5

Ducommun Inc.
Senior unsecured
  $200 mil. 9.75% notes due 2018         B+          B
   Recovery rating                       4           5

Dycom Investments Inc.
Senior unsecured
  $277.5 mil. 7.125% notes due 2021      BB          BB-
   Recovery rating                       4           5

First Quality Finance Co. Inc.
Senior unsecured
  $600 mil. 4.625% notes due 2021        BB          BB-
   Recovery rating                       4           5

Four Seasons Holdings Inc.
Senior secured
  $100 mil. revolver due 2017            BB          BB-
   Recovery rating                       1           2
  $750 mil. 1st lien term loan
  due 2020                               BB          BB-
   Recovery rating                       1           2

FTI Consulting Inc.
Senior unsecured
  $300 mil. 6% notes due 2022            BB          BB-
   Recovery rating                       4           5
  $400 mil. 6.75% notes due 2020         BB          BB-
   Recovery rating                       4           5
  $215 mil. 7.75% notes due 2018         BB          BB-
   Recovery rating                       4           5

GenCorp Inc.
Senior unsecured
  $460 mil. 7.125% 2nd priority notes
  due 2021                               B           B-
   Recovery rating                       4           5

Holly Energy Finance Corp.
Holly Energy Partners L.P.
$300 mil. 6.5% notes 2020               BB          BB-
   Recovery rating                       4           5

Oxbow Carbon LLC
Oxbow Calcining LLC
Senior secured
  $350 mil. 2nd lien term loan B
  due 2020                               BB-         B+
   Recovery rating                       4           5

Stater Bros. Markets
Senior secured
  $150 mil. revolver due 2019            BB-         B+
   Recovery rating                       2           3
  $275 mil. term loan A due 2019         BB-         B+
   Recovery rating                       2           3
  $300 mil. term loan B due 2021         BB-         B+
   Recovery rating                       2           3

Station Casinos LLC
Senior secured
  $1.625 bil. term loan due 2020         B+          B
   Recovery rating                       2           3
  $350 mil. revolver due 2018            B+          B
   Recovery rating                       2           3

Swift Transportation Co. LLC
Senior secured
  $400 mil. term loan B due 2021         BB          BB-
   Recovery rating                       1           2
  $450 mil. revolver due 2019            BB          BB-
   Recovery rating                       1           2
  $500 mil. term loan A due 2019         BB          BB-
   Recovery rating                       1           2

Tempur Sealy International Inc.
Senior secured
  $350 mil. revolver due 2017            BB+         BB
   Recovery rating                       1           2
  $550 mil. term loan A due 2017         BB+         BB
   Recovery rating                       1           2
  $870 mil. term loan B due 2019         BB+         BB
   Recovery rating                       1           2

USIC Holdings Inc.
Senior secured
  $430 mil. term loan due 2020           B+          B
   Recovery rating                       2           3
  $75 mil. revolver due 2018             B+          B
   Recovery rating                       2           3

Issue Ratings Affirmed, Recovery Ratings Revised Due To Revised
Recovery
Rating Criteria
                                         To          From
EnPro Industries Inc.
Senior unsecured
  $300 mil. 5.875% notes due 2022        BB-         BB-
   Recovery rating                       3           4

Hanesbrands Inc.
Senior unsecured
  $1 bil. 6.375% notes due 2020          BB          BB
   Recovery rating                       3           4
  $500 mil. 8% notes due 2016            BB          BB
   Recovery rating                       3           4

Natural Resource Partners L.P.
NRP Finance Corp.
Senior unsecured
  $425 mil. 9.125% notes due 2018        B+          B+
   Recovery rating                       3           4

ON Semiconductor Corp.
Subordinated
  $484 mil. 2.625% convertible notes
  due 2026                               BB+         BB+
   Recovery rating                       3           4

Ozburn-Hessey Holding Co. LLC
Senior secured
  $270 mil. term loan B due 2019         B-          B-
   Recovery rating                       3           4
  $50 mil. revolver due 2018             B-          B-
   Recovery rating                       3           4

Rayonier A.M. Products Inc.
Senior unsecured
  $500 mil. 5.5% notes due 2024          BB+         BB+
   Recovery rating                       3           4

Sensata Technologies B.V.
Senior unsecured
  $400 mil. notes                        BB+         BB+
   Recovery rating                       3           4
  $500 mil. 4.875% notes due 2023        BB+         BB+
   Recovery rating                       3           4
  $700 mil. 6.5% notes due 2019          BB+         BB+
   Recovery rating                       3           4

Time Inc.
Senior unsecured
  $700 mil. 5.75% notes due 2022         BB          BB
   Recovery rating                       3           4

Tutor Perini Corp.
Senior unsecured
  $300 mil. 7.625% notes due 2018        BB-         BB-
   Recovery rating                       3           4



[*] S&P Takes Actions on 23 US Oil & Gas Exploration Companies
--------------------------------------------------------------
Standard & Poor's Ratings Services, on Jan. 16, 2015, took rating
actions on 23 U.S. oil and gas exploration and production companies
after completing a review of the sector.  The review comes after
S&P's recent downward revision of its hydrocarbon price deck
assumptions.  The oil price decline has been precipitous and severe
over the past two months.  S&P believes this will lead to
meaningful declines in company credit measures in 2015 and 2016.

Despite the lower prices and the potential for high-yield issuers
facing borrowing-base reductions at their revolving credit
redeterminations in April, S&P found liquidity in general, to be
adequate for the next 12 months.  This was largely due to:

   -- A meaningful percentage of low-rated companies that have
      hedged;

   -- Many issuers having refinanced revolving credit facility
      borrowings by issuing debt before oil prices turned; and

   -- Most producers are drastically cutting capital spending to
      preserve liquidity for 2015.

If prices don't rebound in 2016, however, some producers could face
material liquidity pressures.

S&P has taken actions on these companies:

DOWNGRADES

S&P is lowering its rating on WPX Energy Inc. to 'BB/Stable' from
'BB+/Negative'.  The downgrade reflects S&P's estimate for
increased leverage due to the reduction in S&P's oil and natural
gas price deck assumptions.  S&P now expects funds from operations
(FFO)/debt to fall and remain below 45% and debt/EBITDA to approach
2.5x for the next few years, leverage levels S&P views as too high
for a 'BB+' rating given the company's "fair" business risk
profile.

"We are lowering our corporate credit rating on Energy XXI
(Bermuda) Ltd. to 'B/Negative' from 'B+/Negative'.  The downgrade
reflects our expectation that under our revised price assumptions
financial measures will materially deteriorate.  We expect debt to
EBITDA to exceed 5.5x in 2015 and FFO/debt to remain below 12%,
which we consider inconsistent with the rating.  The negative
outlook reflects the risk of additional deterioration of the
company's credit measures, and potential restriction in the
company's ability to borrow under its revolving credit facility if
it fails to address its covenant issues to allow for covenant
cushion," S&P said.

"We are lowering our rating on Warren Resources Inc. to 'B-/Stable'
from 'B/Stable'.  The downgrade reflects our estimate for increased
leverage due to the reduction in our oil and natural gas price deck
assumptions, the company's limited hedge position, the company's
recently announced $80 million capital budget for 2015 (down from
an estimated $105 million in 2014), and our assumption of lower
production levels in 2015 and 2016.  We now expect FFO/debt to fall
and remain below 12% and debt to EBITDA to exceed 5x for the next
few years.  We continue to assess liquidity as "adequate", given
the sharp reduction in capital spending plans," S&P added.

S&P is lowering its rating on Swift Energy Co. to 'B-/Stable' from
'B/Stable'.  The downgrade reflects S&P's estimate for increased
leverage as a result of S&P's revised price deck assumptions, the
company's lack of hedges, its recently announced $100 million-$125
million capital budget for 2015 (down from an estimated $395
million in 2014), and S&P's assumption of lower production levels
in 2015 and 2016.  S&P now expects FFO/debt to fall and remain
below 12% and debt to EBITDA to exceed 5x for the next few years.
S&P continues to assess liquidity as "adequate", given the sharp
reduction in capital spending plans.

"We are lowering our corporate credit rating on Midstates Petroleum
Co. Inc. to 'B-/Negative' from 'B/Stable'.  The downgrade reflects
our expectation that financial measures and liquidity will weaken
under our revised price assumptions, resulting in a liquidity
assessment of "less than adequate".  The negative outlook reflects
that liquidity could erode further if the company's lenders reduce
its credit facility borrowing base given current low crude oil and
natural gas prices.  This, in turn, could hurt operating
performance and cash flows if Midstates is forced to reduce capital
spending to stay within available cash flows," S&P said.

"We are lowering our ratings on Magnum Hunter Resources Corp. to
'CCC+/Negative' from 'B-/Negative'.  The rating action reflects our
expectation that the company's operating cash flows will be
insufficient to support its interest burden and maintenance capital
spending on an ongoing basis under our price assumptions. In
addition, we believe that Magnum Hunter's liquidity position will
likely deteriorate in 2015 due to low commodity prices," S&P
noted.

S&P is lowering its corporate credit rating on Black Elk Energy
Offshore Operations LLC to 'CCC-/Negative' from 'CCC+/Negative'.
The downgrade reflects S&P's expectation that the company will be
unable to repay its secured notes when they mature on Dec. 1, 2015
without raising funds by selling assets or issuing equity.  Lower
commodity prices increase the difficulty of executing these
options.

S&P is lowering its ratings on Rooster Energy Ltd. to
'CCC-/Negative' from 'CCC+/Developing'.  The rating action reflects
S&P's view that the company's liquidity position is tight pro forma
for the November debt refinancing, and that it will likely
deteriorate in 2015 given the low commodity prices.

OUTLOOK REVISIONS

S&P is revising the rating outlook on Chesapeake Energy Corp. to
stable from positive and affirming its 'BB+' corporate credit
rating on the company.  The outlook revision reflects S&P's
expectation that credit measures will weaken due to its reduced oil
and natural gas price assumptions, and that the company will not
meet its upgrade trigger of sustainable debt/EBITDA below 2x within
the next 24 months.

S&P is revising its rating outlook to negative from stable on
Whiting Petroleum Corp. and affirming its 'BB+' corporate credit
rating.  The outlook revision reflects S&P's expectation that
leverage could exceed levels it views as appropriate for the rating
over the next two years.  S&P now expects FFO/debt to approach 20%
and debt/EBITDA to run between 3.5x  and 4x, unless the company
reins in capital spending or improves operating margins.

S&P is revising the rating outlook on SM Energy Co. to stable from
positive and affirming its 'BB' corporate credit rating on the
company.  Although S&P expects that the company will improve its
operational scale and its reserve life, it forecasts that financial
measures will weaken.  The outlook revision reflects S&P's
expectation that its reduced price assumptions will result in
FFO/debt below 50%, versus the 60% expected for an upgrade within
the next 12 months.

"We are revising our outlook on Denbury Resources Inc. to negative
from stable and affirming our 'BB' corporate credit rating.  The
outlook revision reflects S&P's expectation that Denbury's credit
measures will deteriorate over the next two years based on S&P's
revised price deck.  Under S&P's assumptions that the company will
reduce capital spending to its public guidance of $550 million
while keeping production roughly flat at 75,000 barrels per day,
S&P expects leverage to approach 4x and FFO/debt to weaken to about
20% in 2015.

S&P is revising its outlook on Legacy Reserves L.P. to negative
from stable and affirming its 'B+' corporate credit rating, given
S&P's view that leverage could exceed levels it views as
appropriate for the rating over the next two years.  S&P now
expects FFO/debt to approach 12% and debt/EBITDA to near 5x unless
the company reins in capital spending, cuts distributions, or
improves operating margins.

"We are revising the rating outlook on Chaparral Energy Inc. to
stable from positive and affirming our 'B' corporate credit rating
on the company.  The outlook revision reflects our expectation that
credit measures will weaken due to our reduced price assumptions,
and that the company will not meet our upgrade trigger of
sustainable average debt/EBITDA of below 4x within the next 12
months," S&P said.

"We are revising the rating outlook on Halcon Resources Corp. to
negative from stable and affirming our 'B' corporate credit rating
on the company.  The outlook revision reflects our view that credit
measures will weaken because of our lower price assumptions.
Although hedges support price realizations in 2015, we expect
leverage to be above 5x debt to EBITDA in 2016.  We note that the
company has reduced capital spending substantially in response to
lower prices and has full credit facility availability, although
the amount could be reduced at the next borrowing base
redetermination this spring," S&P added.

"We are revising the rating outlook on SandRidge Energy Inc. to
negative from stable and affirming our 'B' corporate credit rating
on the company.  The outlook revision reflects our view that credit
measures will weaken because of our lower gas price assumptions.
Hedges will support price realizations this year, but we expect
leverage to be above 5x debt to EBITDA in 2016.  We note that the
company has reduced capital spending substantially in response to
lower prices and has ample liquidity in the form of cash on hand
and an undrawn credit facility," S&P noted.

"We are revising the rating outlook on Sabine Oil & Gas LLC to
negative from stable and affirming our 'B' corporate credit rating
on the company.  The outlook revision reflects our view that credit
measures will weaken because of our lower price assumptions.  We
expect commodity hedges to support price realizations this year,
but we project leverage to be above 5x debt to EBITDA in 2016.  We
note that the company has reduced capital spending substantially in
response to lower prices and has ample liquidity in the form of
cash on hand and an undrawn credit facility, but the amount could
be reduced at the next borrowing base redetermination this spring,"
S&P said.

"We are revising the outlook on Clayton Williams Energy Inc. to
negative from stable and affirming the 'B' corporate credit rating.
The revision reflects our expectation that Clayton Williams'
credit measures will deteriorate over the next two years based on
our lower price deck assumptions.  Although we believe that Clayton
Williams will reduce capital spending significantly in 2015, the
company has no hedges in place and we expect EBITDA to weaken due
to lower oil prices.  Under our price assumptions, we expect
leverage will be more than 5x and FFO/debt will decrease to below
15% in 2015," S&P said.

S&P is revising the outlook on EXCO Resources Inc. to negative from
stable and affirming its 'B' corporate credit rating.  The outlook
revision reflects S&P's expectation that Exco's credit ratios will
deteriorate over the next two years based on S&P's price deck
assumptions.  Although S&P believes that Exco will meaningfully
reduce capital spending in 2015 and the company's hedging book will
somewhat mitigate the impact of lower commodity prices, S&P expects
leverage to increase to 4.5x to 5x and FFO/debt to weaken to less
than 15% in 2015.

"We are revising the outlook on American Eagle Energy Corp. to
negative from stable and affirming its 'CCC+' corporate credit
rating.  The outlook revision reflects our belief that American
Eagle's liquidity position will likely deteriorate in the next 12
months due to our lower price deck assumptions.  Although the
company has suspended its drilling activities and 2015 and capital
spending will be minimal, we believe that EBITDA will be
insufficient to cover interest expenses in 2015 due to lower oil
prices.  The company will have to rely on its cash balance and
proceeds from potential asset sales to meet its financial
commitments," S&P said.

PLACED ON CREDITWATCH NEGATIVE

"We are placing the 'A-/A-2' ratings of Apache Corp. on CreditWatch
with negative implications.  The CreditWatch placement reflects our
view that lower oil prices will hurt Apache's cash flow generation
and that leverage is likely to exceed the level we view as
appropriate for the current rating, even considering recent asset
sales and North American capital spending reductions. In our
review, we will assess additional measures the company plans to
pursue to deal with weak commodity prices, including additional
asset sales, capital spending reductions, or operating margin
improvements," S&P added.

"We are placing our ratings on Breitburn Energy Partners on
CreditWatch with negative implications.  The CreditWatch listing
reflects our view that the partnership may face constrained
liquidity if it cannot refinance a portion of its credit facility
borrowings in the near term.  Facility availability is limited, and
because of lower commodity prices we may reduce the borrowing base
at the next redetermination scheduled for April," S&P noted.

RATING AFFIRMED; FINANCIAL DESCRIPTOR REVISED

S&P is affirming its 'BBB-' corporate credit rating on Continental
Resources Inc.  The outlook is stable.  S&P is revising its view of
the company's financial profile to "significant" from
"intermediate" to reflect S&P's estimate of increased leverage due
to the lower oil and natural gas price assumptions.  S&P now expect
FFO of about 30% and debt to EBITDA of about 2.5x in 2015.

RATINGS LIST
                               To              From
Ratings Lowered

WPX Energy Inc.
Corp credit rating             BB/Stable/--      BB+/Negative/--

Energy XXI (Bermuda) Ltd.
Corp credit rating             B/Negative/--     B+/Negative/--

Warren Resources Inc.
Corp credit rating             B-/Stable/--      B/Stable/--

Swift Energy Co.
Corp credit rating             B-/Stable/--      B/Stable/--

Midstates Petroleum Co. Inc.
Corp credit rating             B-/Negative/--    B/Stable/--

Magnum Hunter Resources Corp.
Corp credit rating             CCC+/Negative/--  B-/Negative/--

Black Elk Energy Offshore Operations LLC
Corp credit rating             CCC-/Negative/--  CCC+/Negative/--

Rooster Energy Ltd.
Corp credit rating           CCC-/Negative/--  CCC+/Developing/--

Ratings Affirmed; Outlook Revised

Chesapeake Energy Corp.
Corp credit rating             BB+/Stable/--     BB+/Positive/--

Whiting Petroleum Corp.
Corp credit rating             BB+/Negative/--   BB+/Stable/--

SM Energy Co.
Corp credit rating             BB/Stable/--      BB/Positive/--

Denbury Resources Inc.
Corp credit rating             BB/Negative/--    BB/Stable/--

Legacy Reserves L.P.
Corp credit rating             B+/Negative/--    B+/Stable/--

Chaparral Energy Inc.
Corp credit rating             B/Stable/--       B/Positive

Halcon Resources Corp.
Corp credit rating             B/Negative/--     B/Stable/--

SandRidge Energy Inc.
Corp credit rating             B/Negative/--     B/Stable/--

Sabine Oil & Gas LLC
Corp credit rating             B/Negative/--     B/Stable/--

Clayton Williams Energy Inc.
Corp credit rating             B/Negative/--     B/Stable/--

EXCO Resources Inc.
Corp credit rating             B/Negative/--     B/Stable/--

American Eagle Energy Corp.
Corp credit rating             CCC+/Negative/--  CCC+/Stable/--

Ratings Placed On CreditWatch Negative

Apache Corp.
Corp credit rating             A-/Watch Neg/A-2  A-/Stable/A-2

Breitburn Energy Partners
Corp credit rating             B+/Watch Neg/--   B+/Negative/--

Rating Affirmed

Continental Resources Inc.
Corp credit rating             BBB-/Stable/--



[*] Washington Post Lists Seven Bankruptcy Filings as of Jan. 14
----------------------------------------------------------------
The Washington Post reports four Chapter 11 bankruptcy filings and
two Chapter 7 liquidation filings by companies as of Jan. 14, 2015.


According to The Washington Post, Chapter 11 bankruptcy filings are
those of:

      a. Ashburn, Virginia-based Blue Rain LLC, filed on Jan. 8,
         2015.  The Debtor is representing itself, and has not
         disclose its total assets and liabilities, as well as its

         largest unsecured creditor;

      b. Prince Frederick, Maryland-based Shadow Stone LLC, filed
         on Jan. 7, 2015.  The Debtor estimated its assets and
         liabilities at between $1 million and $10 million each.  
         Richard M. McGill, Esq., represents the debtor.  The
         debtor has not disclosed the amount it owes its largest
         unsecured creditor is Calvert County Treasurer;

      c. Chevy Chase, Maryland-based SLBR LLC, filed on Jan. 8,
         2015, with its assets estimated at between $100,001 and
         $500,000, and its liabilities estimated at between
         $500,001 and $1 million.  Steven H. Greenfeld, Esq.,
         serves as the debtor's counsel.  The debtor's largest
         unsecured creditor, Small Business Administration, is
         owed at $415,019;

      d. Washington, D.C.-based Cheng & Company LLC, filed on
         Jan. 13, 2015.  It estimatws its assets and liabilities
         at between $1 million and $10 million each.  Ronald Jay
         Drescher, Esq., serves as the debtor's counsel.  The
         Debtor's largest unsecured creditor, MR 619 H Street
         Capital LLC, is owed $1.25 million; and

      e. Washington, D.C.-based Homes for the Homeless and the Low

         Income Inc., filed on Jan. 14, 2015.  It estimated its
         assets and liabilities at between $100,001 and $500,000
         each.  William C. Johnson Jr., Esq., serves as the
         debtor's bankruptcy counsel.  The largest unsecured
         creditor, District of Columbia Office of Tax and Tax
         Revenue, is owed $164,000.

The Washington Post relates that these firms recently filed for
Chapter 7 liquidation:

      a. Aldie, Virginia-based Candi's Candies LLC filed for
         Chapter 7 bankruptcy on Jan. 9, 2015, estimating its
         assets and debts at up to $50,000 each.  Mark Christian
         Orndorff, Esq., represents the debtor.  Bank of America,
         its largest unsecured creditor, is owed at $15,161; and

      b. Leesburg, Virginia-based The Beer Joint Brewing Leesburg
         LLC filed for Chapter 7 bankruptcy on Jan. 13, 2015,
         estimating its assts at up to $50,000 and its liabilities

         at between $100,001 and $500,000.  Joseph Michael
         Langone, Esq., represents the debtor.


[^] Large Companies With Insolvent Balance Sheet
------------------------------------------------
                                                Total
                                               Share-      Total
                                     Total   Holders'    Working
                                    Assets     Equity    Capital
  Company          Ticker             ($MM)      ($MM)      ($MM)
  -------          ------           ------   --------    -------
ABSOLUTE SOFTWRE   ALSWF US          138.4      (12.0)       2.2
ABSOLUTE SOFTWRE   OU1 GR            138.4      (12.0)       2.2
ABSOLUTE SOFTWRE   ABT CN            138.4      (12.0)       2.2
ACCRETIVE HEALTH   ACHI US           510.0      (85.6)     (17.7)
ACCRETIVE HEALTH   6HL GR            510.0      (85.6)     (17.7)
ADVANCED EMISSIO   ADES US           106.4      (46.1)     (15.3)
ADVANCED EMISSIO   OXQ1 GR           106.4      (46.1)     (15.3)
ADVENT SOFTWARE    ADVS US           432.9      (76.3)    (106.9)
ADVENT SOFTWARE    AXQ GR            432.9      (76.3)    (106.9)
AIR CANADA         ADH2 GR        10,545.0   (1,400.0)     164.0
AIR CANADA         ACEUR EU       10,545.0   (1,400.0)     164.0
AIR CANADA         ADH2 TH        10,545.0   (1,400.0)     164.0
AIR CANADA         ACDVF US       10,545.0   (1,400.0)     164.0
AIR CANADA         AC CN          10,545.0   (1,400.0)     164.0
ALLIANCE HEALTHC   AIQ US            473.5     (127.3)      62.8
AMC NETWORKS-A     9AC GR          3,663.3     (388.0)     659.4
AMC NETWORKS-A     AMCX US         3,663.3     (388.0)     659.4
AMC NETWORKS-A     AMCX* MM        3,663.3     (388.0)     659.4
AMER RESTAUR-LP    ICTPU US           33.5       (4.0)      (6.2)
AMYLIN PHARMACEU   AMLN US         1,998.7      (42.4)     263.0
ANGIE'S LIST INC   ANGI US           161.0      (39.4)     (22.7)
ANGIE'S LIST INC   8AL TH            161.0      (39.4)     (22.7)
ANGIE'S LIST INC   8AL GR            161.0      (39.4)     (22.7)
ARRAY BIOPHARMA    AR2 TH            135.3      (37.6)      66.2
ARRAY BIOPHARMA    ARRY US           135.3      (37.6)      66.2
ARRAY BIOPHARMA    AR2 GR            135.3      (37.6)      66.2
AUTOZONE INC       AZ5 QT          7,717.1   (1,662.8)  (1,383.4)
AUTOZONE INC       AZ5 TH          7,717.1   (1,662.8)  (1,383.4)
AUTOZONE INC       AZOEUR EU       7,717.1   (1,662.8)  (1,383.4)
AUTOZONE INC       AZ5 GR          7,717.1   (1,662.8)  (1,383.4)
AUTOZONE INC       AZO US          7,717.1   (1,662.8)  (1,383.4)
AVALANCHE BIOTEC   AVU GR            167.2      155.7      161.9
AVALANCHE BIOTEC   AAVL US           167.2      155.7      161.9
AVID TECHNOLOGY    AVID US           197.2     (341.2)    (173.2)
BENEFITFOCUS INC   BTF GR            131.7      (31.2)      34.2
BENEFITFOCUS INC   BNFT US           131.7      (31.2)      34.2
BERRY PLASTICS G   BP0 GR          5,268.0     (101.0)     665.0
BERRY PLASTICS G   BERY US         5,268.0     (101.0)     665.0
BRP INC/CA-SUB V   BRPIF US        2,115.5       (9.5)     184.7
BRP INC/CA-SUB V   DOO CN          2,115.5       (9.5)     184.7
BRP INC/CA-SUB V   B15A GR         2,115.5       (9.5)     184.7
BURLINGTON STORE   BUI GR          2,796.9     (167.9)      77.6
BURLINGTON STORE   BURL US         2,796.9     (167.9)      77.6
CABLEVISION SY-A   CVC US          6,563.7   (5,068.0)     158.9
CABLEVISION SY-A   CVY GR          6,563.7   (5,068.0)     158.9
CABLEVISION-W/I    8441293Q US     6,563.7   (5,068.0)     158.9
CABLEVISION-W/I    CVC-W US        6,563.7   (5,068.0)     158.9
CADIZ INC          2ZC GR             56.0      (49.7)       3.0
CADIZ INC          CDZI US            56.0      (49.7)       3.0
CAESARS ENTERTAI   C08 GR         24,491.5   (3,714.4)   1,363.3
CAESARS ENTERTAI   CZR US         24,491.5   (3,714.4)   1,363.3
CAPMARK FINANCIA   CPMK US        20,085.1     (933.1)       -
CASELLA WASTE      CWST US           661.8       (6.7)      (0.5)
CENTENNIAL COMM    CYCL US         1,480.9     (925.9)     (52.1)
CHOICE HOTELS      CZH GR            664.2     (397.0)     206.0
CHOICE HOTELS      CHH US            664.2     (397.0)     206.0
CIENA CORP         CIE1 QT         2,072.6      (69.6)     912.1
CIENA CORP         CIEN US         2,072.6      (69.6)     912.1
CIENA CORP         CIEN TE         2,072.6      (69.6)     912.1
CIENA CORP         CIE1 TH         2,072.6      (69.6)     912.1
CIENA CORP         CIE1 GR         2,072.6      (69.6)     912.1
CINCINNATI BELL    CBB US          1,952.6     (584.4)      50.1
CIVITAS SOLUTION   CIVI US         1,031.5      (62.0)      66.1
CIVITAS SOLUTION   1CI GR          1,031.5      (62.0)      66.1
CLEAR CHANNEL-A    CCO US          6,383.9     (132.6)     376.9
CLEAR CHANNEL-A    C7C GR          6,383.9     (132.6)     376.9
CLIFFS NATURAL R   CLF US          4,811.2     (177.3)     242.3
CLIFFS NATURAL R   CLF* MM         4,811.2     (177.3)     242.3
CLIFFS NATURAL R   CVA GR          4,811.2     (177.3)     242.3
CLIFFS NATURAL R   CVA TH          4,811.2     (177.3)     242.3
COMVERSE INC       CM1 GR            649.6       (2.8)       4.3
COMVERSE INC       CNSI US           649.6       (2.8)       4.3
CONNECTURE INC     CNXR US            85.8      (67.7)     (55.8)
CONNECTURE INC     2U7 GR             85.8      (67.7)     (55.8)
CORCEPT THERA      CORT US            37.2       (1.3)      19.9
CORINDUS VASCULA   CVRS US             0.0       (0.0)      (0.0)
CVSL INC           CVSL US            66.0       (4.7)       2.8
DIPLOMAT PHARMAC   7DP TH            322.7        6.6      (39.9)
DIPLOMAT PHARMAC   7DP GR            322.7        6.6      (39.9)
DIPLOMAT PHARMAC   DPLO US           322.7        6.6      (39.9)
DIRECTV            DIG1 GR        22,594.0   (5,557.0)      43.0
DIRECTV            DTVEUR EU      22,594.0   (5,557.0)      43.0
DIRECTV            DTV CI         22,594.0   (5,557.0)      43.0
DIRECTV            DTV SW         22,594.0   (5,557.0)      43.0
DIRECTV            DTV US         22,594.0   (5,557.0)      43.0
DOMINO'S PIZZA     DPZ US            510.9   (1,281.7)     112.9
DOMINO'S PIZZA     EZV GR            510.9   (1,281.7)     112.9
DOMINO'S PIZZA     EZV TH            510.9   (1,281.7)     112.9
DUN & BRADSTREET   DNB US          1,789.2   (1,083.4)      (0.3)
DUN & BRADSTREET   DB5 GR          1,789.2   (1,083.4)      (0.3)
DURATA THERAPEUT   DTA GR             82.1      (16.1)      11.7
DURATA THERAPEUT   DRTXEUR EU         82.1      (16.1)      11.7
DURATA THERAPEUT   DRTX US            82.1      (16.1)      11.7
EDGEN GROUP INC    EDG US            883.8       (0.8)     409.2
EMPIRE RESORTS I   NYNY US            42.4      (14.3)      (9.9)
EMPIRE RESORTS I   LHC1 GR            42.4      (14.3)      (9.9)
EOS PETRO INC      EOPT US             1.3      (28.4)     (29.5)
EXTENDICARE INC    EXE CN          1,885.0       (7.2)      77.0
EXTENDICARE INC    EXETF US        1,885.0       (7.2)      77.0
FAIRPOINT COMMUN   FRP US          1,488.5     (395.7)       9.4
FAIRPOINT COMMUN   FONN GR         1,488.5     (395.7)       9.4
FAIRWAY GROUP HO   FWM US            371.8       (8.6)      19.9
FERRELLGAS-LP      FEG GR          1,680.4     (138.8)     (37.1)
FERRELLGAS-LP      FGP US          1,680.4     (138.8)     (37.1)
FMSA HOLDINGS IN   FM1 GR          1,447.5      (21.7)     271.3
FMSA HOLDINGS IN   FMSA US         1,447.5      (21.7)     271.3
FMSA HOLDINGS IN   FMSAEUR EU      1,447.5      (21.7)     271.3
FREESCALE SEMICO   1FS TH          3,306.0   (3,593.0)   1,333.0
FREESCALE SEMICO   1FS GR          3,306.0   (3,593.0)   1,333.0
FREESCALE SEMICO   FSL US          3,306.0   (3,593.0)   1,333.0
FRESHPET INC       FRPTEUR EU         74.5      (34.2)       1.2
FRESHPET INC       FRPT US            74.5      (34.2)       1.2
FRESHPET INC       7FP GR             74.5      (34.2)       1.2
GAMING AND LEISU   GLPI US         2,595.4      (77.9)     (44.2)
GAMING AND LEISU   2GL GR          2,595.4      (77.9)     (44.2)
GARDA WRLD -CL A   GW CN           1,356.8     (243.8)      57.4
GENCORP INC        GY US           1,749.7      (48.5)      70.2
GENCORP INC        GCY GR          1,749.7      (48.5)      70.2
GENTIVA HEALTH     GHT GR          1,225.2     (285.2)     130.0
GENTIVA HEALTH     GTIV US         1,225.2     (285.2)     130.0
GLG PARTNERS INC   GLG US            400.0     (285.6)     156.9
GLG PARTNERS-UTS   GLG/U US          400.0     (285.6)     156.9
GOLD RESERVE INC   GRZ CN             28.0      (10.5)       4.9
GRAHAM PACKAGING   GRM US          2,947.5     (520.8)     298.5
GYMBOREE CORP/TH   GYMB US         1,284.0     (321.3)      39.5
HCA HOLDINGS INC   2BH GR         29,825.0   (6,018.0)   2,895.0
HCA HOLDINGS INC   2BH TH         29,825.0   (6,018.0)   2,895.0
HCA HOLDINGS INC   HCA US         29,825.0   (6,018.0)   2,895.0
HD SUPPLY HOLDIN   HDS US          6,523.0     (657.0)   1,396.0
HD SUPPLY HOLDIN   5HD GR          6,523.0     (657.0)   1,396.0
HERBALIFE LTD      HLFEUR EU       2,364.5     (420.6)     508.8
HERBALIFE LTD      HOO GR          2,364.5     (420.6)     508.8
HERBALIFE LTD      HLF US          2,364.5     (420.6)     508.8
HOVNANIAN ENT-A    HOV US          2,289.9     (117.8)   1,403.7
HOVNANIAN ENT-B    HOVVB US        2,289.9     (117.8)   1,403.7
HOVNANIAN-A-WI     HOV-W US        2,289.9     (117.8)   1,403.7
HUBSPOT INC        096 GR             58.9      (13.7)     (17.9)
HUBSPOT INC        HUBS US            58.9      (13.7)     (17.9)
HUGHES TELEMATIC   HUTCU US          110.2     (101.6)    (113.8)
IHEARTMEDIA INC    IHRT US        14,306.0   (9,506.2)   1,003.2
INCYTE CORP        ICY TH            785.3      (89.6)     538.0
INCYTE CORP        ICY GR            785.3      (89.6)     538.0
INCYTE CORP        INCY US           785.3      (89.6)     538.0
INFOR US INC       LWSN US         6,778.1     (460.0)    (305.9)
IPCS INC           IPCS US           559.2      (33.0)      72.1
ISTA PHARMACEUTI   ISTA US           124.7      (64.8)       2.2
JUST ENERGY GROU   1JE GR          1,570.4     (311.6)     159.7
JUST ENERGY GROU   JE CN           1,570.4     (311.6)     159.7
JUST ENERGY GROU   JE US           1,570.4     (311.6)     159.7
L BRANDS INC       LTD TH          7,149.0     (433.0)   1,050.0
L BRANDS INC       LB US           7,149.0     (433.0)   1,050.0
L BRANDS INC       LTD GR          7,149.0     (433.0)   1,050.0
L BRANDS INC       LBEUR EU        7,149.0     (433.0)   1,050.0
LEAP WIRELESS      LWI TH          4,662.9     (125.1)     346.9
LEAP WIRELESS      LWI GR          4,662.9     (125.1)     346.9
LEAP WIRELESS      LEAP US         4,662.9     (125.1)     346.9
LEE ENTERPRISES    LEE US            811.3     (177.5)     (22.6)
LORILLARD INC      LO US           3,275.0   (2,155.0)     918.0
LORILLARD INC      LLV TH          3,275.0   (2,155.0)     918.0
LORILLARD INC      LLV GR          3,275.0   (2,155.0)     918.0
MANNKIND CORP      MNKD US           386.8      (40.7)    (100.3)
MANNKIND CORP      NNF1 TH           386.8      (40.7)    (100.3)
MANNKIND CORP      NNF1 GR           386.8      (40.7)    (100.3)
MARRIOTT INTL-A    MAQ GR          6,847.0   (1,842.0)  (1,186.0)
MARRIOTT INTL-A    MAQ TH          6,847.0   (1,842.0)  (1,186.0)
MARRIOTT INTL-A    MAR US          6,847.0   (1,842.0)  (1,186.0)
MDC COMM-W/I       MDZ/W CN        1,707.3      (86.7)    (256.5)
MDC PARTNERS-A     MDZ/A CN        1,707.3      (86.7)    (256.5)
MDC PARTNERS-A     MD7A GR         1,707.3      (86.7)    (256.5)
MDC PARTNERS-A     MDCA US         1,707.3      (86.7)    (256.5)
MDC PARTNERS-EXC   MDZ/N CN        1,707.3      (86.7)    (256.5)
MERITOR INC        MTOR US         2,502.0     (585.0)     254.0
MERITOR INC        AID1 GR         2,502.0     (585.0)     254.0
MERRIMACK PHARMA   MACK US           188.6      (99.9)      40.9
MERRIMACK PHARMA   MP6 GR            188.6      (99.9)      40.9
MICHAELS COS INC   MIM GR          2,030.0   (2,269.0)     409.0
MICHAELS COS INC   MIK US          2,030.0   (2,269.0)     409.0
MONEYGRAM INTERN   MGI US          4,600.2     (157.2)      87.1
MORGANS HOTEL GR   M1U GR            632.3     (221.3)      89.3
MORGANS HOTEL GR   MHGC US           632.3     (221.3)      89.3
MOXIAN CHINA INC   MOXC US             4.9       (1.2)      (4.0)
MPG OFFICE TRUST   1052394D US     1,280.0     (437.3)       -
NATIONAL CINEMED   NCMI US           993.6     (200.2)      51.8
NATIONAL CINEMED   XWM GR            993.6     (200.2)      51.8
NAVISTAR INTL      NAV US          7,443.0   (4,618.0)     782.0
NAVISTAR INTL      IHR TH          7,443.0   (4,618.0)     782.0
NAVISTAR INTL      IHR GR          7,443.0   (4,618.0)     782.0
NEFF CORP-CL A     NEFF US           612.1     (343.7)      (1.5)
NEW ENG RLTY-LP    NEN US            178.9      (25.9)       -
NORTHWEST BIO      NWBO US            29.4      (31.2)     (41.7)
NORTHWEST BIO      NBYA GR            29.4      (31.2)     (41.7)
OMEROS CORP        OMER US            25.3      (26.6)       9.0
OMEROS CORP        3O8 GR             25.3      (26.6)       9.0
OMTHERA PHARMACE   OMTH US            18.3       (8.5)     (12.0)
PALM INC           PALM US         1,007.2       (6.2)     141.7
PATRIOT NATIONAL   PN US             137.0      (38.7)     (25.7)
PBF LOGISTICS LP   11P GR            360.0      (47.3)      15.6
PBF LOGISTICS LP   PBFX US           360.0      (47.3)      15.6
PHILIP MORRIS IN   PMI SW         35,401.0   (8,677.0)    (356.0)
PHILIP MORRIS IN   PM1 TE         35,401.0   (8,677.0)    (356.0)
PHILIP MORRIS IN   PM FP          35,401.0   (8,677.0)    (356.0)
PHILIP MORRIS IN   PM1CHF EU      35,401.0   (8,677.0)    (356.0)
PHILIP MORRIS IN   4I1 GR         35,401.0   (8,677.0)    (356.0)
PHILIP MORRIS IN   4I1 TH         35,401.0   (8,677.0)    (356.0)
PHILIP MORRIS IN   PM US          35,401.0   (8,677.0)    (356.0)
PHILIP MORRIS IN   PM1EUR EU      35,401.0   (8,677.0)    (356.0)
PLAYBOY ENTERP-A   PLA/A US          165.8      (54.4)     (16.9)
PLAYBOY ENTERP-B   PLA US            165.8      (54.4)     (16.9)
PLY GEM HOLDINGS   PG6 GR          1,304.9      (73.5)     238.9
PLY GEM HOLDINGS   PGEM US         1,304.9      (73.5)     238.9
PROTALEX INC       PRTX US             0.8      (10.3)      (0.0)
PROTECTION ONE     PONE US           562.9      (61.8)      (7.6)
PROTEON THERAPEU   PRTO US            24.2        9.6       19.3
QUALITY DISTRIBU   QDZ GR            439.6      (30.4)     105.2
QUALITY DISTRIBU   QLTY US           439.6      (30.4)     105.2
QUINTILES TRANSN   QTS GR          3,106.7     (536.2)     511.8
QUINTILES TRANSN   Q US            3,106.7     (536.2)     511.8
RAYONIER ADV       RYQ GR          1,246.3      (13.4)     167.3
RAYONIER ADV       RYAM US         1,246.3      (13.4)     167.3
REGAL ENTERTAI-A   RGC* MM         2,553.5     (755.1)       6.5
REGAL ENTERTAI-A   RETA GR         2,553.5     (755.1)       6.5
REGAL ENTERTAI-A   RGC US          2,553.5     (755.1)       6.5
RENAISSANCE LEA    RLRN US            57.0      (28.2)     (31.4)
RENTPATH INC       PRM US            208.0      (91.7)       3.6
RETROPHIN INC      17R GR            145.9      (10.2)      (3.7)
RETROPHIN INC      RTRX US           145.9      (10.2)      (3.7)
REVLON INC-A       REV US          1,912.6     (570.6)     300.9
REVLON INC-A       RVL1 GR         1,912.6     (570.6)     300.9
RITE AID CORP      RTA TH          7,186.0   (1,792.7)   1,895.3
RITE AID CORP      RTA GR          7,186.0   (1,792.7)   1,895.3
RITE AID CORP      RAD US          7,186.0   (1,792.7)   1,895.3
ROCKWELL MEDICAL   RWM GR             23.9       (5.5)       2.6
ROCKWELL MEDICAL   RWM TH             23.9       (5.5)       2.6
ROCKWELL MEDICAL   RMTI US            23.9       (5.5)       2.6
ROUNDY'S INC       4R1 GR          1,089.7      (66.8)      71.8
ROUNDY'S INC       RNDY US         1,089.7      (66.8)      71.8
RURAL/METRO CORP   RURL US           303.7      (92.1)      72.4
RYERSON HOLDING    RYI US          2,006.2      (38.2)     749.5
RYERSON HOLDING    7RY GR          2,006.2      (38.2)     749.5
SALLY BEAUTY HOL   S7V GR          2,030.0     (347.1)     640.6
SALLY BEAUTY HOL   SBH US          2,030.0     (347.1)     640.6
SBA COMM CORP-A    SBJ GR          7,809.0     (297.6)    (671.8)
SBA COMM CORP-A    SBAC US         7,809.0     (297.6)    (671.8)
SBA COMM CORP-A    SBJ TH          7,809.0     (297.6)    (671.8)
SECOND SIGHT MED   24P GR              9.6      (19.5)       4.4
SECOND SIGHT MED   EYES US             9.6      (19.5)       4.4
SEQUENOM INC       QNMA GR           134.6      (51.9)      36.5
SEQUENOM INC       QNMA TH           134.6      (51.9)      36.5
SEQUENOM INC       SQNM US           134.6      (51.9)      36.5
SILVER SPRING NE   SSNI US           552.9     (139.0)      82.8
SILVER SPRING NE   9SI GR            552.9     (139.0)      82.8
SILVER SPRING NE   9SI TH            552.9     (139.0)      82.8
SIRIUS XM CANADA   SIICF US          336.0      (91.2)    (159.5)
SIRIUS XM CANADA   XSR CN            336.0      (91.2)    (159.5)
SPORTSMAN'S WARE   06S GR            315.7      (35.0)      83.3
SPORTSMAN'S WARE   SPWH US           315.7      (35.0)      83.3
SUPERVALU INC      SVU US          5,078.0     (647.0)     277.0
SUPERVALU INC      SVU* MM         5,078.0     (647.0)     277.0
SUPERVALU INC      SJ1 TH          5,078.0     (647.0)     277.0
SUPERVALU INC      SJ1 GR          5,078.0     (647.0)     277.0
THERAVANCE         HVE GR            553.7     (193.1)     237.4
THERAVANCE         THRX US           553.7     (193.1)     237.4
THRESHOLD PHARMA   THLD US            76.7      (21.0)      49.1
TOWN SPORTS INTE   CLUB US           482.6      (53.8)      69.7
TRANSDIGM GROUP    T7D GR          6,756.8   (1,556.1)   1,103.7
TRANSDIGM GROUP    TDG US          6,756.8   (1,556.1)   1,103.7
TRINET GROUP INC   TN3 GR          1,393.3      (48.9)      17.3
TRINET GROUP INC   TNETEUR EU      1,393.3      (48.9)      17.3
TRINET GROUP INC   TN3 TH          1,393.3      (48.9)      17.3
TRINET GROUP INC   TNET US         1,393.3      (48.9)      17.3
UNILIFE CORP       4UL GR             80.7       (2.7)       0.4
UNILIFE CORP       4UL TH             80.7       (2.7)       0.4
UNILIFE CORP       UNIS US            80.7       (2.7)       0.4
UNISYS CORP        UIS US          2,279.4     (521.2)     343.9
UNISYS CORP        USY1 TH         2,279.4     (521.2)     343.9
UNISYS CORP        UISCHF EU       2,279.4     (521.2)     343.9
UNISYS CORP        UIS1 SW         2,279.4     (521.2)     343.9
UNISYS CORP        USY1 GR         2,279.4     (521.2)     343.9
UNISYS CORP        UISEUR EU       2,279.4     (521.2)     343.9
VECTOR GROUP LTD   VGR GR          1,643.4       (7.9)     561.5
VECTOR GROUP LTD   VGR US          1,643.4       (7.9)     561.5
VENOCO INC         VQ US             756.5     (100.0)    (762.9)
VERISIGN INC       VRSN US         2,207.4     (748.8)    (326.3)
VERISIGN INC       VRS TH          2,207.4     (748.8)    (326.3)
VERISIGN INC       VRS GR          2,207.4     (748.8)    (326.3)
VERIZON TELEMATI   HUTC US           110.2     (101.6)    (113.8)
VIRGIN AMERICA I   2VA1 GR           876.0     (313.0)      19.0
VIRGIN AMERICA I   2VA1 TH           876.0     (313.0)      19.0
VIRGIN AMERICA I   VA US             876.0     (313.0)      19.0
VIRGIN MOBILE-A    VM US             307.4     (244.2)    (138.3)
WEIGHT WATCHERS    WTW US          1,558.3   (1,357.7)      60.6
WEIGHT WATCHERS    WW6 TH          1,558.3   (1,357.7)      60.6
WEIGHT WATCHERS    WW6 GR          1,558.3   (1,357.7)      60.6
WEIGHT WATCHERS    WTWEUR EU       1,558.3   (1,357.7)      60.6
WEST CORP          WSTC US         3,929.2     (684.9)     284.7
WEST CORP          WT2 GR          3,929.2     (684.9)     284.7
WESTMORELAND COA   WLB US          1,578.5     (264.3)     101.2
WESTMORELAND COA   WME GR          1,578.5     (264.3)     101.2
WESTMORELAND RES   2OR1 GR           204.0      (14.2)     (57.7)
WESTMORELAND RES   WMLP US           204.0      (14.2)     (57.7)
WORKIVA INC        WK US              82.6      (23.4)     (23.4)
WORKIVA INC        0WKA GR            82.6      (23.4)     (23.4)
XERIUM TECHNOLOG   XRM US            611.2      (51.2)     102.1
XERIUM TECHNOLOG   TXRN GR           611.2      (51.2)     102.1
XOMA CORP          XOMA US            70.9      (18.1)      28.5
XOMA CORP          XOMA GR            70.9      (18.1)      28.5
YRC WORLDWIDE IN   YRCW US         2,046.6     (361.2)     195.9
YRC WORLDWIDE IN   YEL1 GR         2,046.6     (361.2)     195.9
YRC WORLDWIDE IN   YEL1 TH         2,046.6     (361.2)     195.9


                            *********

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 ***