TCR_Public/150223.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, February 23, 2015, Vol. 19, No. 54

                            Headlines

22ND CENTURY: Crede Reports 9.9% Stake as of Dec. 31
A123 SYSTEMS: Sues Apple for Hiring Former Workers
A123 SYSTEMS: Sues Apple for Poaching Employees
ABSOLUTELY ITALIAN: Case Summary & 16 Largest Unsecured Creditors
ACCESSION GROUP: Case Summary & 6 Largest Unsecured Creditors

ADAMIS PHARMACEUTICALS: Eses Owns 12.9% Stake as of Jan. 9
ADAMIS PHARMACEUTICALS: Sio Capital Reports 11% Stake at Dec. 31
ADVANCED MICRO DEVICES: Widens Net Loss to $403 Million in 2014
AEROGROW INTERNATIONAL: Posts $1.2 Million Net Income for Q3
ALEXZA PHARMACEUTICALS: Approves 2015 Cash Bonus Plan

ALEXZA PHARMACEUTICALS: Lansdowne Reports 8.9% Stake as of Dec. 31
ALIXPARTNERS LLP: Zolfo Cooper Deal No Impact on Moody's 'B2' CFR
ALLEN SYSTEMS: Asks for April 3 Extension to File Schedules
ALLEN SYSTEMS: Prepackaged Plan to Reduce Debt by 64%
ALLEN SYSTEMS: Targeting March Confirmation of Prepack Plan

ALLEN SYSTEMS: Wants Court to Enforce Bankruptcy Code Protections
ALLIANCE HOME: Case Summary & 20 Largest Unsecured Creditors
ALTEGRITY INC: Court Issues Joint Administration Order
ALTEGRITY INC: Has Authority to Pay $8-Mil. to Critical Vendors
AMERICAN POWER: Reports $1.4-Mil. Net Loss for First Quarter

AMPLIPHI BIOSCIENCES: RA Capital Holds 9.7% Stake as of Dec. 31
ANACOR PHARMACEUTICALS: Baker Bros. Has 9.8% Stake as of Dec. 31
ANACOR PHARMACEUTICALS: Kingdon Reports 2.75% Stake as of Dec. 31
ANACOR PHARMACEUTICALS: Palo Alto Reports 5.8% Stake as of Dec. 31
ANDOVER COILS: Case Summary & 20 Largest Unsecured Creditors

AOXING PHARMACEUTICAL: Reports $602,000 Net Profit in Q2
APOLLO MEDICAL: Delays Dec. 31 Form 10-Q; Sees Loss at $1.9MM
APPLIED MINERALS: Registers 40.9 Million Shares for Resale
AQH LLC: Case Summary & 17 Largest Unsecured Creditors
ARRAY BIOPHARMA: Redmile Group Reports 8.6% Stake as of Dec. 31

ASSETS OVERSEAS: Case Summary & 20 Largest Unsecured Creditors
AUXILIUM PHARMACEUTICALS: AQR Reports 5% Stake as of Dec. 31
AUXILIUM PHARMACEUTICALS: Palo Alto Holds 9% Stake as of Dec. 31
AXIALL CORP: Moody's Assigns 'Ba1' Rating to New $250MM Sr. Loan
AXIALL CORP: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable

AZIZ CONVENIENCE: Mulls Selling 28 Quick Stop Stores
BALL CORP: Fitch Affirms 'BB+' Issuer Default Rating
BALL CORP: Moody's Rates New $3 Billion Revolver at 'Ba1'
BALL CORP: S&P Revises Outlook to Negative & Affirms 'BB+' CCR
BEAZER HOMES: GSO Capital No Longer a Shareholder as of Dec. 31

BUILDERS FIRSTSOURCE: Posts $2.42-Million Net Income in 4th Qtr.
C. WONDER: Prime Clerk Serves as Claims Agent
CAESARS ENTERTAINMENT: Trustee Demands Payment of $3.8 Billion
CASPIAN SERVICES: Needs More Time to File Dec. 31 Form 10-Q
CHINA LOGISTICS: Magna Mgt. No Longer Owns Shares as of Dec. 31

CHINA PRECISION: Edward Wedbush Reports 5% Stake as of Dec. 31
CNCPROS INTERNATIONAL: Case Summary & 2 Top Unsecured Creditors
DEAN FOOD: Moody's Rates $700MM Senior Unsecured Notes at B2
DEAN FOODS: S&P Assigns 'B+' Rating on $700MM Sr. Unsecured Notes
DEERFIELD RANCH WINERY: Seeks to Use Rabobank Cash Collateral

DEERFIELD RANCH WINERY: To Reorganize Rather Than Sell
DEERFIELD RANCH: May Continue Operations Until End of March
DELPHI AUTOMOTIVE: To Sell Thermal Business to MAHLE
DENDREON CORP: Court Approves Sale of Assets to Valeant
ECO BUILDING: Posts $1.4 Million Net Loss for Second Quarter

EFT HOLDINGS: Reports $4.1 Million Net Loss for Third Quarter
ELBIT IMAGING: York Capital Owns 19.8% of Shares as of Dec. 31
ENERGY & EXPLORATION: Bank Debt Trades at 4% Off
ENERGY FUTURE: 'Make-Whole' Tender Offer Survives Appeal
EVEREST COLLEGES: Files Bankruptcy Assignment Under BIA

FIRST CLASS AUTO: Case Summary & 20 Largest Unsecured Creditors
FIRST NATIONAL: Begins Trading on the OTCQX Marketplace
FIRST QUANTUM: S&P Puts 'B+' CCR on CreditWatch Negative
FOX TROT CORP: Poplar Balks at UST's Conversion or Dismissal Bid
FREDERICK'S OF HOLLYWOOD: Hires Liquidators to Shutter 93 Stores

FREDERICK'S OF HOLLYWOOD: May Close Down One-Third of Stores
GALAXY RECYCLING: Meeting to Form Creditors' Panel Set for March 6
GENERAL MOTORS: Craig Glidden to Join Co. as Top Lawyer
GENERAL MOTORS: Names Craig Glidden as New General Counsel
GENIUS BRANDS: Iroquois Capital Reports 6.9% Stake as of Dec. 31

GEOMET INC: Incurs $2 Million Net Loss in Fourth Quarter
GLYECO INC: Engages David Ide CEO and President
HERCULES OFFSHORE: Files Fleet Status Report as of Feb. 19
HILO HATTIE: Hawaiian Retailer Files for Bankruptcy
HIPCRICKET INC: Files Schedules of Assets and Liabilities

HIPCRICKET INC: Gets Final OK to Access SITO's $3.5-Mil. DIP Loan
HIPCRICKET INC: Hires Johnson Assoc as Bonus Plan Expert Witness
HORIZON LINES: Agrees to Settle Merger-Related Litigation
HS 45 JOHN: Case Summary & 7 Largest Unsecured Creditors
IHEARTCOMMUNICATIONS INC: Fitch Rates Proposed $550MM Notes CCC

IHEARTCOMMUNICATIONS INC: Incurs $794-Mil. Net Loss in 2014
IHEARTCOMMUNICATIONS INC: Moody's Rates New $550MM Notes 'Caa1'
IHEARTCOMMUNICATIONS INC: S&P Rates Proposed $550MM Notes 'CCC+'
INSITE VISION: Coliseum Capital Reports 8.3% Stake as of Dec. 31
INSITE VISION: Posts $26.7 Million Net Income for 2014

ISTAR FINANCIAL: Reports $28.4 Million Net Loss for Fourth Quarter
ITUS CORP: Amit Kumar Reports 6.6% Stake as of Feb. 18
IVANHOE ENERGY: To File Bankruptcy Proposal Under BIA
IVANHOE ENERGY: To File for Bankruptcy in Canada
JACKSONVILLE BANCORP: Endeavour Reports 9.9% Stake as of Dec. 31

JETBLUE AIRWAYS: Fitch Raises Issuer Default Rating to 'B+'
KEMET CORP: Files Copy of Investor Presentation with SEC
LEONARD WALLACE: District Court Affirms Orders in Suit vs. Hayes
LIFE PARTNERS: Can File Schedules & Statement Until February 27
LIFE PARTNERS: Committee Wants to Hire Munsch Hardt as Attorney

LIFE PARTNERS: Names Kevin Buchanan as Special Litigation Counsel
LIFE PARTNERS: Taps Forshey & Prostok as Attorney
LIGHTSQUARED INC: Further Expands Scope of E&Y's Services
LIGHTSQUARED INC: Has Access to Cash Collateral Until April 30
MAGNETIC RESONANCE: Voluntary Chapter 11 Case Summary

MAINTENANCE DYNAMICS: Case Summary & 8 Top Unsecured Creditors
MARINA BIOTECH: Posts $6.5 Million Net Loss for 2014
MEDICAL ALARM: Delays Filing of Dec. 31 Form 10-Q
MICROVISION INC: Ben Farhi Reports 1.7% Stake as of Feb. 17
MONTEZUMA MEXICAN: Voluntary Chapter 11 Case Summary

MOUNTAIN PROVINCE: Has Rights Offering of 23.7MM Common Shares
NATIONAL CINEMEDIA: Janus Capital Reports 11.2% Stake as of Dec. 31
NATROL INC: Debtor Files Ch. 11 Liquidating Plan
NAVISTAR INTERNATIONAL: Stockholders Elected 9 Directors
NET ELEMENT: Amends Sept. 30, 2014 Form 10-Q

NET ELEMENT: Crede CG No Longer a Shareholder as of Dec. 31
NIELSEN N.V.: S&P Raises Corp. Credit Rating to BB+
NII HOLDINGS: Can Proceed with March 20 Auction of Mexican Assets
NPS PHARMACEUTICALS: Incurs $8.7 Million Net Loss in 2014
NPS PHARMACEUTICALS: Janus Capital Reports 5% Stake as of Dec. 31

OXFORD RESOURCE: AIM Oxford Owns 1% of Common Units as of Dec. 31
OXFORD RESOURCE: Westmoreland Reports 79% Stake as of Dec. 31
PACIFIC ARCHITECTS: Moody's Alters Outlook to Neg & Affirms B2 CFR
PACIFIC GOLD: Magna Management Does Not Own Common Shares
PASSAIC HEALTHCARE: Creditors' Panel Hires Arent Fox as Counsel

PASSAIC HEALTHCARE: Creditors' Panel Taps CBIZ as Advisors
PETRON ENERGY: Magna Mgt. Reports 0% Stake as of Dec. 31
POMARE LTD: Case Summary & 20 Largest Unsecured Creditors
POMARE LTD: Files for Chapter 11 for Second Time
QUALITY DISTRIBUTION: Amends Term of CFO's Employment

QUALITY DISTRIBUTION: Skyline Reports 4.7% Stake as of Dec. 31
QUANTUM FUEL: Closes $11.5-Mil. Public Offering of Common Stock
QUICKSILVER RESOURCES: Delisted From NYSE
QUICKSILVER RESOURCES: S&P Cuts CCR to D on Missed Interest Payment
RADIOSHACK CORP: Has Go Signal to Start Selling Store Leases

RESEARCH SOLUTIONS: Incurs $94K Net Loss in Dec. 31 Quarter
RESIDENTIAL ACCREDIT: $235MM Settlement Has Court's Preliminary OK
RESTORGENEX CORP: Ernest Moody Reports 5.1% Stake as of May 2014
RETROPHIN INC: Broadfin Reports 9.6% Stake as of Dec. 31
RETROPHIN INC: Consonance Capman Reports 9.6% Stake as of Dec. 31

RETROPHIN INC: QVT Financial Reports 7.4% Stake as of Dec. 31
REVEL AC: Allowed to Scrap Second Bankruptcy Sale
REVEL AC: Court Allows Termination of Glenn Straub Sale Deal
REYNOLDS GROUP: Moody's Confirms 'B3' CFR, Outlook Stable
RIVER CITY: Court Allows Debtors to Re-Solicit Bids for Assets

ROMAN DEVELOPMENT: Files for Ch 11, Dodges Foreclosure on Property
RONALD COHEN: 3rd Circuit Denies Plea to Dismiss Landlord's Suit
ROSETTA GENOMICS: Signs Equity Sales Agreement with Cantor
SALADWORKS LLC: Case Summary & 20 Largest Unsecured Creditors
SALADWORKS LLC: Meeting to Form Creditors' Panel Set for Feb. 26

SEQUENOM INC: Palo Alto Reports 8.4% Stake as of Dec. 31
SHILO INN: California Bank & Trust Objects to Exit Plan
SHILO INN: California Bank Files Adversary Proceeding v. Moses Lake
SILVERSUN TECHNOLOGIES: Further Amends 701,138 Shares Prospectus
SOUTHERN MANUFACTURING: Case Summary & 20 Top Unsec. Creditors

SPORTS AUTHORITY: Moody's Cuts CFR to 'Caa1', Outlook Negative
SPRINT CORP: Fitch Rates Proposed $1BB Sr. Unsecured Notes 'B+'
SPRINT CORP: Moody's Assigns B2 Rating on New $1BB Unsecured Notes
SPRINT CORP: S&P Assigns 'B+' Rating on New $1BB Sr. Notes Due 2025
STELLAR BIOTECHNOLOGIES: Shareholders Elect 6 Directors

SUMMIT ACADEMY: S&P Revises Outlook & Affirms 'BB' Rating on Bonds
SUNGARD AVAILABILITY: Moody's Affirms 'B2' CFR, Outlook Negative
SUNVALLEY SOLAR: To Sell Subsidiary to Sungold Holdings
TECHPRECISION CORP: Incurs $946K Net Loss in Third Quarter
THE GREENBRIER: Owner Paid Mechel OAO $5MM for Bluestone Coal

THERAPEUTICSMD INC: RA Capital Reports 2.1% Stake as of Dec. 31
TOLLENAAR HOLSTEINS: Schedules and Statement Due Today
TRANSGENOMIC INC: Robert Patzig Named Board Chairperson
TRAVELPORT WORLDWIDE: TDS Reports 10% Stake as of Dec. 31
TRUMP ENTERTAINMENT: Donald Trump Wins Round in Bid to Reclaim Name

TUTTI MANGIA: Case Summary & 20 Largest Unsecured Creditors
UNIVERSAL DOOR: Case Summary & 20 Largest Unsecured Creditors
URBAN AG: Magna Mgt. No Longer Owns Shares as of Dec. 31
VIGGLE INC: Frazier Tech No Longer a Shareholder as of Dec. 31
VISCOUNT SYSTEMS: Paul Brisgone Quits From Board

VOGUE INT'L: Fitch Lowers IDR to B+ Then Withdraws Rating
VYCOR MEDICAL: Fountainhead Holds 70% of Series D Shares
VYCOR MEDICAL: Peter Zachariou Owns 26% of Series D Shares
WAFERGEN BIO-SYSTEMS: Deerfield Mgmt Reports Shares Ownership
WAFERGEN BIO-SYSTEMS: Great Point Reports 2% Stake as of Dec. 31

WAFERGEN BIO-SYSTEMS: Merlin BioMed Holds 3% Stake as of Dec. 31
WAFERGEN BIO-SYSTEMS: RA Capital Reports 9.9% Stake as of Dec. 31
WALTER ENERGY: Marketfield Asset No Longer a Shareholder
WALTER ENERGY: Reports $128 Million Net Loss for Fourth Quarter
WATERFORD GAMING: Moody's Withdraws Ratings Including 'Ca' CFR

WBH ENERGY: Files List of Real Property in Court
WEST CORP: Posts $158 Million Net Income in 2014
WESTMORELAND COAL: Depositary Shares Delisted From NASDAQ
WESTMORELAND COAL: Owns 79% of Units in Westmoreland Resource
WIZARD WORLD: Bristol Reports 14% Stake as of Feb. 13

WIZARD WORLD: John Macaluso Reports 16.4% Stake as of Dec. 31
WPCS INTERNATIONAL: Iroquois Capital Has 9.99% Stake as of Dec. 31
WPCS INTERNATIONAL: Issues 1.1 Million Common Shares
XCCENT INC: Files for Chapter 11 Bankruptcy Protection
YRC WORLDWIDE: Spectrum Group Reports 2.7% Stake as of Dec. 31

[*] Huron Consulting Bags 9th Annual M&A Advisor Turnaround Award
[^] BOND PRICING: For the Week From February 16 to 20, 2015

                            *********

22ND CENTURY: Crede Reports 9.9% Stake as of Dec. 31
----------------------------------------------------
As of Dec. 31, 2014, each of Crede CG III, Ltd, Crede Capital
Group, LLC, Acuitas Financial Group, LLC and Terren S. Peizer
may be deemed to have beneficial ownership of 6,375,726 shares of
common stock of 22nd Century Group, Inc., which consists of
6,309,505 shares of Common Stock and 66,221 shares of Common Stock
issuable upon exercise or exchange of a tranche 1A warrant held by
Crede CG III, and all those shares of Common Stock represent 9.9%
of the Common Stock, based on (1) 64,335,042 shares of Common Stock
issued and outstanding on Feb. 4, 2015, as reported in the Annual
Report on Form 10-K filed by the Issuer on Feb. 6, 2015, plus (2)
66,221 shares of Common Stock issuable upon exercise or exchange of
the Tranche 1A Warrant.

The foregoing excludes (I) 1,183,779 shares of Common Stock
issuable upon exercise or exchange of the Tranche 1A Warrant held
by Crede CG III and (II) 1,000,000 shares of Common Stock issuable
upon exercise or exchange of a tranche 1B warrant held by Crede CG
III because each of the Tranche 1A Warrant and the Tranche 1B
Warrant contains a blocker provision under which the holder thereof
does not have the right to exercise the Warrants to the extent that
such exercise would result in beneficial ownership by the holder
thereof or any of its affiliates of more than 9.9% of the Common
Stock.  Without those blocker provisions, each of the Reporting
Persons may be deemed to have beneficial ownership of an additional
2,183,779 shares of Common Stock.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/jvc0LZ

                         About 22nd Century

Clarence, New York-based 22nd Century Group, Inc., through its
wholly-owned subsidiary, 22nd Century Ltd, is a plant
biotechnology company using technology that allows for the level
of nicotine and other nicotinic alkaloids (e.g., nornicotine,
anatabine and anabasine) in tobacco plants to be decreased or
increased through genetic engineering and plant breeding.

22nd Century reported a net loss of $15.6 million on $529,000 of
revenue for the year ended Dec. 31, 2014, compared to a net loss of
$26.2 million on $7.27 million of revenue during the prior year.

As of Dec. 31, 2014, the Company had $21.9 million in total
assets, $6.73 million in total liabilities and $15.2 million in
total shareholders' equity.


A123 SYSTEMS: Sues Apple for Hiring Former Workers
--------------------------------------------------
The Associated Press reports that A123 Systems Inc. has filed U.S.
District Court in Massachusetts a lawsuit against Apple, seeking a
restraining order and preliminary injunction to stop former
employee Mujeeb Ijaz from hiring other former A123 employees at
Apple, where he now works.

The Company said in court documents that Apple is starting a
battery division almost identical to that of the Company.
According to The AP, the Company claims that Apple aggressively
poached some key staff members in violation of their nondisclosure
and noncompete agreements when they left the Company.

                        About A123 Systems

Based in Waltham, Massachusetts, A123 Systems Inc. designed,
developed, manufactured and sold advanced rechargeable lithium-ion
batteries and battery systems and provided research and
development services to government agencies and commercial
customers.  A123 was the recipient of a $249 million federal grant
from the Obama administration.

A123 and U.S. affiliates, A123 Securities Corporation and Grid
Storage Holdings LLC, sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 12-12859 to 12-12861) on Oct. 16, 2012.
A123 disclosed assets of $459.8 million and liabilities totaling
$376 million.  Lawyers at Richards, Layton & Finger, P.A., and
Latham & Watkins LLP serve as the Debtors' counsel.  Lazard Freres
& Co. LLC acts as the Debtors' financial advisors, while Alvarez &
Marsal serves as restructuring advisors.  Logan & Company Inc.
serves as the Debtors' claims and noticing agent.  Brown Rudnick
LLP and Saul Ewing LLP serve as counsel to the Official Committee
of Unsecured Creditors.

Prior to the bankruptcy filing, A123 had an agreement to sell an
80% stake in the business to Chinese auto-parts maker Wanxiang
Group Corp.  U.S. lawmakers opposed the deal over concerns on the
transfer of American taxpayer dollars and technology to China.
When it filed for bankruptcy, the Debtors presented a deal to sell
all assets to Johnson Controls Inc., subject to higher and better
offers.  At the auction in December 2012, most of the assets ended
up being sold for $256.6 million to Wanxiang.  The deal received
approval from the Committee on Foreign Investment in the U.S. on
Jan. 29, 2013.

A123 Systems was renamed B456 Systems Inc., following the sale.

Wanxiang America Corporation and Wanxiang Clean Energy USA Corp.
are represented in the case by lawyers at Young Conaway Stargatt &
Taylor, LLP, and Sidley Austin LLP.  JCI is represented in the
case by Josh Feltman, Esq., at Wachtell Lipton Rosen & Katz LLP.

In May 2013, the Delaware bankruptcy court confirmed the
liquidation plan for A123 Systems Inc.  The Plan repays all
secured creditors in full with some money left over for unsecured
creditors.  Holders of $143.8 million in subordinated notes are
projected to recoup 36.3 percent.  If B456 Systems Inc., the
company's new name, reduces claims to amounts the company believes
correct, the recovery on the subordinated notes could increase to
62.9 percent, according to the disclosure statement.  General
unsecured creditors, who previously were said to have $124 million
in claims, would have roughly the same recovery.


A123 SYSTEMS: Sues Apple for Poaching Employees
-----------------------------------------------
John D. Stoll, writing for The Wall Street Journal, reported that
A123 Systems, a lithium-ion battery maker for electric cars and
other business sectors, is suing Apple Inc. for what it alleges is
an "aggressive campaign to poach employees."

According to the report, the complaint, filed in Massachusetts,
names five employees that have either defected to Apple or appear
to be in the process recruiting others to join Apple.  The Journal
says A123 believes Apple aims to build a competing battery
business, partially relying on expertise from former A123 employees
to help it succeed.

                        About A123 Systems

Based in Waltham, Massachusetts, A123 Systems Inc. designed,
developed, manufactured and sold advanced rechargeable lithium-ion
batteries and battery systems and provided research and
development services to government agencies and commercial
customers.  A123 was the recipient of a $249 million federal grant
from the Obama administration.

A123 and U.S. affiliates, A123 Securities Corporation and Grid
Storage Holdings LLC, sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 12-12859 to 12-12861) on Oct. 16, 2012.
A123 disclosed assets of $459.8 million and liabilities totaling
$376 million.  Lawyers at Richards, Layton & Finger, P.A., and
Latham & Watkins LLP serve as the Debtors' counsel.  Lazard Freres
& Co. LLC acts as the Debtors' financial advisors, while Alvarez &
Marsal serves as restructuring advisors.  Logan & Company Inc.
serves as the Debtors' claims and noticing agent.  Brown Rudnick
LLP and Saul Ewing LLP serve as counsel to the Official Committee
of Unsecured Creditors.

Prior to the bankruptcy filing, A123 had an agreement to sell an
80% stake in the business to Chinese auto-parts maker Wanxiang
Group Corp.  U.S. lawmakers opposed the deal over concerns on the
transfer of American taxpayer dollars and technology to China.
When it filed for bankruptcy, the Debtors presented a deal to sell
all assets to Johnson Controls Inc., subject to higher and better
offers.  At the auction in December 2012, most of the assets ended
up being sold for $256.6 million to Wanxiang.  The deal received
approval from the Committee on Foreign Investment in the U.S. on
Jan. 29, 2013.

A123 Systems was renamed B456 Systems Inc., following the sale.

Wanxiang America Corporation and Wanxiang Clean Energy USA Corp.
are represented in the case by lawyers at Young Conaway Stargatt &
Taylor, LLP, and Sidley Austin LLP.  JCI is represented in the
case by Josh Feltman, Esq., at Wachtell Lipton Rosen & Katz LLP.

In May 2013, the Delaware bankruptcy court confirmed the
liquidation plan for A123 Systems Inc.  The Plan repays all
secured creditors in full with some money left over for unsecured
creditors.  Holders of $143.8 million in subordinated notes are
projected to recoup 36.3 percent.  If B456 Systems Inc., the
company's new name, reduces claims to amounts the company believes
correct, the recovery on the subordinated notes could increase to
62.9 percent, according to the disclosure statement.  General
unsecured creditors, who previously were said to have $124 million
in claims, would have roughly the same recovery.

The Liquidation Trustee appointed in the Chapter 11 cases of B456
Systems, Inc., et al., notified the Bankruptcy Code that the Plan
Effective Date occurred on June 28, 2013.


ABSOLUTELY ITALIAN: Case Summary & 16 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Absolutely Italian, Inc.
        946 S. Grand Ave.
        Glendora, CA 91740

Case No.: 15-12506

Chapter 11 Petition Date: February 19, 2015

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

Judge: Robert N. Kwan

Debtor's Counsel: Michael S Kogan, Esq.
                  KOGAN LAW FIRM APC
                  1901 Avenue of the Stars Ste 1050
                  Los Angeles, CA 90067
                  Tel: 310-432-2310
                  Email: mkogan@koganlawfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Edward Inglese, president.

A list of the Debtor's 16 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb15-12506.pdf


ACCESSION GROUP: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: The Accession Group, LLC
           dba Accession Group
        632 Lockerbie Place
        Carmel, IN 46032

Case No.: 15-01024

Chapter 11 Petition Date: February 19, 2015

Court: United States Bankruptcy Court
       Southern District of Indiana (Indianapolis)

Judge: Hon. Robyn L. Moberly

Debtor's Counsel: Jeffrey M. Hester, Esq.
                  TUCKER HESTER BAKER & KREBS, LLC
                  One Indiana Square, Suite 1600
                  Indianapolis, IN 46204-1816
                  Tel: 317-833-3030
                  Fax: 317-833-3031
                  Email: jhester@thbklaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michael P. Coyle, member.

A list of the Debtor's six largest unsecured creditors is available
for free at http://bankrupt.com/misc/insb15-01024.pdf


ADAMIS PHARMACEUTICALS: Eses Owns 12.9% Stake as of Jan. 9
----------------------------------------------------------
Eses Holdings (FZE) and Ahmed Shayan Fazlur Rahman disclosed in an
amended Schedule 13G filed with the U.S. Securities and Exchange
Commission that as of Jan. 9, 2015, they beneficially owned
1,635,312 shares of common stock of Adamis Pharmaceuticals
Corporation, which represents 12.9 percent based upon the
12,667,780 shares of Common Stock outstanding as of Jan. 9, 2015,
as reported by the Company in its Form 424B5 filed with the SEC on
Jan. 9, 2015.  The Reporting Persons filed the amendment to report
the change in their beneficial ownership of Common Stock due to
their open market sale of 80,076 shares of Common Stock and an
increase in the number of Common Stock outstanding.  A full-text
copy of the regulatory filing is available at http://is.gd/nPSkfZ

                            About Adamis

San Diego, Calif.-based Adamis Pharmaceuticals Corporation (OTC
QB: ADMP) is a biopharmaceutical company engaged in the
development and commercialization of specialty pharmaceutical and
biotechnology products in the therapeutic areas of respiratory
disease, allergy, oncology and immunology.

Adamis reported a net loss of $8.15 million for the year ended
March 31, 2014, as compared with a net loss of $7.19 million for
the year ended March 31, 2013.

Mayer Hoffman McCann P.C., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended March 31, 2014.  The independent auditors noted
that the Company has incurred recurring losses from operations and
has limited working capital to pursue its business alternatives.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

As of June 30, 2014, the Company had $11.6 million in total
assets, $1.90 million in total liabilities and $9.65 million in
total stockholders' equity.

                         Bankruptcy Warning

"Our management intends to attempt to secure additional required
funding through equity or debt financings, sales or out-licensing
of intellectual property assets, seeking partnerships with other
pharmaceutical companies or third parties to co-develop and fund
research and development efforts, or similar transactions.
However, there can be no assurance that we will be able to obtain
any required additional funding.  If we are unsuccessful in
securing funding from any of these sources, we will defer, reduce
or eliminate certain planned expenditures and delay development or
commercialization of some or all of our products.  If we do not
have sufficient funds to continue operations, we could be required
to seek bankruptcy protection or other alternatives that could
result in our stockholders losing some or all of their investment
in us," the Company said in its quarterly report for the period
ended June 30, 2014.


ADAMIS PHARMACEUTICALS: Sio Capital Reports 11% Stake at Dec. 31
----------------------------------------------------------------
Sio Capital Management, LLC disclosed in a Schedule 13G filed with
the U.S. Securities and Exchange Commission that as of Dec. 31,
2014, it beneficially owned 1,168,566 shares of common stock of
Adamis Pharmaceuticals Corporation, which represents 11.07 percent
based on 10,551,519 shares of common stock outstanding as of
Sept. 30, 2014, as reported in the Issuer's Form 10-Q filed with
the SEC on Nov. 14, 2014.  A full-text copy of the regulatory
filing is available for free at http://is.gd/QqNP5S

                            About Adamis

San Diego, Calif.-based Adamis Pharmaceuticals Corporation (OTC
QB: ADMP) is a biopharmaceutical company engaged in the
development and commercialization of specialty pharmaceutical and
biotechnology products in the therapeutic areas of respiratory
disease, allergy, oncology and immunology.

Adamis reported a net loss of $8.15 million for the year ended
March 31, 2014, as compared with a net loss of $7.19 million for
the year ended March 31, 2013.

Mayer Hoffman McCann P.C., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended March 31, 2014.  The independent auditors noted
that the Company has incurred recurring losses from operations and
has limited working capital to pursue its business alternatives.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

As of June 30, 2014, the Company had $11.6 million in total
assets, $1.90 million in total liabilities and $9.65 million in
total stockholders' equity.

                         Bankruptcy Warning

"Our management intends to attempt to secure additional required
funding through equity or debt financings, sales or out-licensing
of intellectual property assets, seeking partnerships with other
pharmaceutical companies or third parties to co-develop and fund
research and development efforts, or similar transactions.
However, there can be no assurance that we will be able to obtain
any required additional funding.  If we are unsuccessful in
securing funding from any of these sources, we will defer, reduce
or eliminate certain planned expenditures and delay development or
commercialization of some or all of our products.  If we do not
have sufficient funds to continue operations, we could be required
to seek bankruptcy protection or other alternatives that could
result in our stockholders losing some or all of their investment
in us," the Company said in its quarterly report for the period
ended June 30, 2014.


ADVANCED MICRO DEVICES: Widens Net Loss to $403 Million in 2014
---------------------------------------------------------------
Advanced Micro Devices, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-K disclosing a
net loss of $403 million on $5.50 billion of net revenue for the
year ended Dec. 27, 2014, compared to a net loss of $83 million on
$5.29 billion of net revenue for the year ended Dec. 28, 2013.  For
the year ended Dec. 29, 2012, the Company incurred a net loss of
$1.18 billion.

As of Dec. 27, 2014, Advanced Micro had $3.76 billion in total
assets, $3.58 billion in total liabilities and $187 million in
total stockholders' equity.

As of Dec. 27, 2014, the Company's cash, cash equivalents and
marketable securities of $1 billion were lower compared to $1.2
billion as of Dec. 28, 2013.  The decrease was primarily due to the
final $200 million cash payment made in the first quarter of 2014
related to GF's waiver of a portion of the Company's obligations
for wafer purchase commitments for the fourth quarter of 2012 and
the timing of sales and related collections.

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

                        http://is.gd/W0ZOyX

                     About Advanced Micro Devices

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

                          *     *     *

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

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

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


AEROGROW INTERNATIONAL: Posts $1.2 Million Net Income for Q3
------------------------------------------------------------
Aerogrow International, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $1.18 million on $10.98 million of net revenue for
the three months ended Dec. 31, 2014, compared to net income of
$302,000 on $4.96 million of net revenue for the same period in
2013.

For the nine months ended Dec. 31, 2014, the Company reported a net
loss of $184,000 on $14.4 million of net revenue compared to a net
loss of $246,000 on $6.76 million of net revenue for the same
period a year ago.

As of Dec. 31, 2014, the Company had $12.27 million in total
assets, $10.98 million in total liabilities, all current and $1.28
million in shareholders' equity.

"The headline for the quarter is our tremendous revenue growth
coupled with significant profitability," said President and CEO J.
Michael Wolfe.  "Our core strategy for fiscal year 2015 has been to
grow at a rapid rate while generating at least a modest bottom
line, and these results are a strong validation of our approach.
Quarterly revenue exceeded annual revenue for all of fiscal 2014
and I think this speaks to the velocity of our growth and the
emerging acceptance of our product line in the market place.

"Our growth was driven largely by sales in our Retail distribution
channel, which increased by 241% over the prior year period.  We
continued to show strong results with our on-line retail partners,
including Amazon, Costco.com, Walmart.com, HomeDepot.com, and
others.  Additionally, the Fall of 2014 marked our re-entry into
the in-store retail distribution channel where we tested with
multiple accounts at different price points, demographics and
geographies.  These tests included Costco, Walmart, True Value and
others.  Overall, we are pleased with the results we achieved in
this area while also learning a great deal about how to better
execute our in-store efforts.  As we go forward, we now have a base
to build on and are very excited about our future in this important
channel."

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

                         http://is.gd/YtSQC3

                           About AeroGrow

Boulder, Colo.-based AeroGrow International, Inc., is a developer,
marketer, direct-seller, and wholesaler of advanced indoor garden
systems designed for consumer use and priced to appeal to the
gardening, cooking, and healthy eating, and home and office decor
markets.

Aerogrow International reported a net loss attributable to common
shareholders of $4.13 million for the year ended March 31, 2014, a
net loss attributable to common shareholders of $8.25 million for
the year ended March 31, 2013, and a net loss of $3.55 million for
the year ended March 31, 2012.


ALEXZA PHARMACEUTICALS: Approves 2015 Cash Bonus Plan
-----------------------------------------------------
The Board of Directors of Alexza Pharmaceuticals, Inc., approved
the adoption of the 2015 Cash Bonus Plan for the Company's
employees, including Thomas B. King, Edwin S. Kamemoto, Robert A.
Lippe and Mark K. Oki.  The Bonus Plan was adopted to motivate and
retain the Company's employees.  At the end of 2015, the cash bonus
for each employee, including the Executive Officers, will become
payable, according to a Form 8-K filed with the U.S. Securities and
Exchange Commission.

The Board has set corporate goals for 2015, which may be updated at
the Board's discretion during 2015.  To pay any cash bonus award to
any employee under the Bonus Plan, including the Executive
Officers, the Company must achieve 70% of the Corporate Goals, as
determined by the Board.  To receive any portion of his or her cash
bonus award, each employee must be actively employed by the Company
on Dec. 31, 2015, and be an employee in good standing.

Under the terms of the Bonus Plan, each employee, including each
Executive Officer, has been assigned a target bonus percentage of
such employee's current base salary for 2015, based on an
evaluation by an outside compensation consulting firm of similar
programs for similar companies.  Pursuant to the terms of the Bonus
Plan, the target bonus percentage is set at 60% of base salary for
the Chief Executive Officer, and 40% of base salary for the other
Executive Officers.  The bonus amount payable to each employee is
targeted at such employee's target bonus percentage, but employees,
including the Executive Officers, may receive more than or less
than 100% of their target bonus percentage, depending on corporate
goal achievement, individual performance and Board discretion.

The amounts payable will be weighted for each employee, including
Executive Officers, such that the Board's determination of the
achievement of the Corporate Goals will account for 80% of the
evaluation factor of the bonus potential for each employee, with
the remaining 20% of the bonus potential being subject to the
discretion of the Company's compensation committee of the Board.

A copy of the 2015 Cash Bonus Plan is available for free at:

                       http://is.gd/1oBRVK

                           About Alexza

Mountain View, California-based Alexza Pharmaceuticals, Inc., was
incorporated in the state of Delaware on Dec. 19, 2000, as FaxMed,
Inc.  In June 2001, the Company changed its name to Alexza
Corporation and in December 2001 became Alexza Molecular Delivery
Corporation.  In July 2005, the Company changed its name to Alexza
Pharmaceuticals, Inc.

The Company is a pharmaceutical development company focused on the
research, development, and commercialization of novel proprietary
products for the acute treatment of central nervous system
conditions.

Alexza Pharmaceuticals reported a net loss of $39.6 million in
2013, a net loss of $28 million in 2012 and a net loss of
$40.5 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $65.8
million in total assets, $115 million in total liabilities, and
a stockholders' deficit of $48.8 million.


ALEXZA PHARMACEUTICALS: Lansdowne Reports 8.9% Stake as of Dec. 31
------------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Lansdowne Partners Austria Gmbh and Lansdowne
Investment Company Limited disclosed that as of Dec. 31, 2014, they
beneficially owned 1,739,389 shares of common stock of Alexza
Pharmaceuticals, Inc., which represents 8.94 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/WoWBu2

                            About Alexza

Mountain View, California-based Alexza Pharmaceuticals, Inc., was
incorporated in the state of Delaware on Dec. 19, 2000, as FaxMed,
Inc.  In June 2001, the Company changed its name to Alexza
Corporation and in December 2001 became Alexza Molecular Delivery
Corporation.  In July 2005, the Company changed its name to Alexza
Pharmaceuticals, Inc.

The Company is a pharmaceutical development company focused on the
research, development, and commercialization of novel proprietary
products for the acute treatment of central nervous system
conditions.

Alexza Pharmaceuticals reported a net loss of $39.6 million in
2013, a net loss of $28 million in 2012 and a net loss of
$40.5 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $65.8 million
in total assets, $115 million in total liabilities, and a
stockholders' deficit of $48.8 million.


ALIXPARTNERS LLP: Zolfo Cooper Deal No Impact on Moody's 'B2' CFR
-----------------------------------------------------------------
Moody's Investors Service said that AlixPartners, LLP's acquisition
of Zolfo Cooper Europe is credit positive since it is expected to
provide diversification benefits and contribute to earnings
generation, but will not result in changes to AlixPartners'
ratings, including its B2 corporate family rating.

AlixPartners LLP is a provider of a broad range of consulting
services, including enterprise improvement, financial advisory,
information management, and turnaround and restructuring in the
U.S., Europe, and Asia.



ALLEN SYSTEMS: Asks for April 3 Extension to File Schedules
-----------------------------------------------------------
Allen Systems Group, Inc., and its debtor-affiliates ask the
Bankruptcy Court to extend their time to file schedules of assets
and liabilities and statements of financial affairs through and
including April 3, 2015.  The Debtors also ask the Court to waive
the requirement that the Debtors file the Schedules and Statements
on the date of the confirmation of the Plan if confirmation occurs
on or before April 3.

The Debtors explain that they have thousands of creditors, many of
whom are customers.  The ordinary operation of the Debtors'
businesses requires the Debtors to maintain voluminous books,
records and complex accounting systems.

                        About Allen Systems

Allen Systems Group, Inc., and two affiliates provide
mission-critical enterprise information technology ("IT")
management software solutions to large enterprises and small and
medium-sized businesses.  Founded in 1986 by Arthur L. Allen in
Naples, Florida, ASG has more than 100 offices worldwide, primarily
in the United States and Europe.  As of Feb. 17, 2015, ASG had
1,054 employees in 114 locations in 25 countries.

Allen Systems and two affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 15-10332) in Delaware on Feb.
18, 2015.  The case is assigned to Judge Kevin J. Carey.

The Debtor tapped Pachulski Stang Ziehl & Jones LLP as counsel;
Latham & Watkins LLP as special counsel; and Epiq Bankruptcy
Solutions as claims and noticing agent.

Allen Systems estimated $100 million to $500 million in assets and
$500 million to $1 billion in debt.


ALLEN SYSTEMS: Prepackaged Plan to Reduce Debt by 64%
-----------------------------------------------------
Allen Systems Group, Inc., sought Chapter 11 bankruptcy protection
with a prepackaged Chapter 11 plan that reduces its secured debt
load from over $666 million to $240 million.

The Debtors commenced the Chapter 11 cases in order to effectuate a
consensual balance sheet restructuring pursuant to the Plan, which,
pursuant to a Plan Support Agreement is supported by 100% of the
Debtors' first lien lenders, and the holders of in excess of 72% of
the Debtors' second lien notes and the holder of
100% of the existing equity interests in ASG.

The consolidated funded debt obligations of ASG are:

   -- DOMESTIC CREDIT FACILITY.  As of Jan. 31, 2015, ASG owes $315
million on a term loan and revolving loan provided by lenders led
by Wilmington Trust, N.A, successor agent to TPG Allison Agent,
LLC.  The loans are secured by first priority liens on the Debtors'
assets.

   -- FOREIGN CREDIT FACILITY.  Atempo, a wholly owned non-debtor
subsidiary of ASG, owes $12 million under a credit agreement with
Natixis, New York Branch, as lender.  The loans are secured by
first priority liens on, among other things, all or substantially
all of the assets of Atempo and certain of ASG's foreign
subsidiaries who are guarantors.
   
   -- SECOND LIEN NOTES: As of Jan. 31, 2015, ASG owes $340 million
pursuant to $300 million of 10.5% Senior Secured Second Lien Notes
due 2015 issued by ASG pursuant to an Indenture dated as of Nov.
22, 2010, with The Bank of New York Mellon Trust, Company as
indenture trustee.

As of the Petition Date, the Debtors estimate that their unsecured
obligations are roughly $197.8 million, which includes a Notes
deficiency claim of $166.7 million.

                         Missed Payments

As a result of industry challenges and other factors, the Company's
revenues and earnings have declined in recent years. Total revenue
in 2013 was $22 million lower than in 2012, decreasing from $298
million in 2012 to $276 million in 2013.  Audited financial
information for 2014 is not presently available, but the Company
projects a significant further reduction in total revenue for 2014
to $247 million.

As a result of deteriorating financial performance and substantial
secured indebtedness, the Company has faced liquidity constraints
and has not been able to make required interest payments on its
funded debt starting in April of 2014

As the Company's financial condition grew increasingly distressed,
the Company engaged Rothschild, Inc., as its investment banker to
evaluate strategic alternatives for the Company.  As part of this
process, Rothschild conducted an extensive restructuring,
recapitalization, and sale process for the Company during 2014 and
the beginning of 2015.

The Company negotiated and entered into the Restructuring Support
Agreement, dated as of Jan. 13, 2015, with the Foreign Lenders, the
lenders under the Domestic Credit Facility, a majority of the
holders of the Notes, and Arthur Allen, founder and former Chairman
of the board, CEO and President of ASG, and his affiliates.

                         Prepackaged Plan

Pursuant to the Support Agreement, the Plan is supported by (i) the
"Consenting Lenders", who hold of 100% of the Domestic Credit
Facility Claims and 100% of the Domestic Credit Facility Claims and
100% of the Foreign Credit Facility, (ii) the Consenting Note
Holders, who hold 72% in amount of Notes Claims, and (iii) and
ASG's sole stockholder.

The Debtors intend to effect a balance sheet restructuring pursuant
to the Plan under which, except as otherwise provided in the Plan,
the Domestic Credit Facility and Foreign Credit Facility will be
repaid in full on the Effective Date unless two-thirds in amount of
claims under the Domestic Credit Facility and the Foreign Credit
Facility agree to less favorable treatment, and ASG will cancel the
Notes Claims in exchange for the Notes Claims Stock representing
41.5% of Reorganized ASG's New Common Stock; in addition, Eligible
Holders of Notes Claims will receive Subscription Rights to
participate in the Rights Offering to acquire their pro rata share
of the Rights Offering Stock, representing the remaining 58.5% of
Reorganized ASG's New Common Stock.  The Debtors' general unsecured
creditors, other than holders of Notes Deficiency Claims and Allen
Claims, will be paid in full, and existing equity securities in ASG
will be cancelled.

In order to fund the Chapter 11 cases, the Debtors intend to obtain
and enter into the DIP Facility in an amount up to $40 million.

                           Plan Funding

In order to fund the Plan, the Debtors or Reorganized Debtors
will:

  a. enter into the exit facilities, consisting of:

     -- A first lien revolving loan facility in the amount of $25
million, which is expected to be undrawn as of the Effective Date;

     -- A first lien term loan facility in the minimum principal
amount of $150 million; and

     -- A second lien term loan exit facility in a principal amount
of $90 million, which facility will be fully backstopped by the
Consenting Creditors.

  b. consummate the $130 million rights offering in exchagne for
the Rights Offering Stock representing 58.5% of the New Common
Stock;

  c. utilize other available cash.

Copies of the Plan and Disclosure Statement are available for free
at:

     http://bankrupt.com/misc/Allen_Systems_Disclosures.pdf
     http://bankrupt.com/misc/Allen_Systems_Plan.pdf

                         First Day Motions

The Debtor on the Petition Date filed motions to, among other
things:

  -- direct joint administration of their Chapter 11 cases;
  -- continue to operate their cash management system;
  -- pay prepetition wages and benefits;
  -- pay prepetition taxes and fees;
  -- continue insurance coverage entered prepetition;
  -- grant adequate assurance of payment for utility services;
  -- pay prepetition claims in the ordinary course;
  -- enforce protections of 11 U.S.C. Sec. 362 and 525;
  -- obtain DIP financing and use cash collateral; and
  -- extend the time to file its schedules and statements.

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

  http://bankrupt.com/misc/Allen_Systems_1st_Day_Affidavit.pdf

                        About Allen Systems

Allen Systems Group, Inc., and two affiliates provide
mission-critical enterprise information technology ("IT")
management software solutions to large enterprises and small and
medium-sized businesses.  Founded in 1986 by Arthur L. Allen in
Naples, Florida, ASG has more than 100 offices worldwide, primarily
in the United States and Europe.  As of Feb. 17, 2015, ASG had
1,054 employees in 114 locations in 25 countries.

Allen Systems and two affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 15-10332) in Delaware on Feb.
18, 2015.  The case is assigned to Judge Kevin J. Carey.

The Debtor tapped Pachulski Stang Ziehl & Jones LLP as counsel;
Latham & Watkins LLP as special counsel; and Epiq Bankruptcy
Solutions as claims and noticing agent.

Allen Systems estimated $100 million to $500 million in assets and
$500 million to $1 billion in debt.


ALLEN SYSTEMS: Targeting March Confirmation of Prepack Plan
-----------------------------------------------------------
Allen Systems Group, Inc., and its debtor-affiliates ask the
Bankruptcy Court to schedule a combined hearing on March 26, 2015,
to consider confirmation of their Joint Prepackaged Chapter 11 Plan
and the adequacy of the Disclosure Statement.

The Debtors filed the Chapter 11 cases to implement a consensual
financial restructuring with the majority of their prepetition
institutional debt holders. The Restructuring Support Agreement,
dated Jan. 13, 2015, was entered into by and among the Debtors,
holders of 72% of the Debtors' prepetition second lien debt (the
"Consenting Note Holders"), holders of 100% of the Debtors'
prepetition first lien debt (the "Consenting Lenders" and, together
with the Consenting Note Holders, the "Consenting Creditors") and
ASG's sole shareholder and related parties.

In order to effectuate the financial restructuring timely, the
Debtors initiated solicitation of votes on the Plan on Feb. 9,
2015.

Among other things, the Debtors seek approval of the solicitation
procedures and this proposed schedule:

            Event                                  Date
            -----                                  ----
     Voting Record Date                           2/03/15
     Start of Solicitation                        2/09/15
     Rights Offering Record Date                  2/13/15
     Start of Rights Offering                     2/17/15
     Petition Date                                2/18/15
     Notice Date                                  2/20/15
     Voting Deadline and Subscription Deadline    3/11/15
     Objection Deadline                           3/19/15
     Reply Deadline                               3/23/15
     Confirmation Hearing                         3/26/15

The Debtors also request authority to effectuate a rights offering
-- the proceeds of which will fund the restructuring.  Pursuant to
the Support Agreement and the Plan, the Debtors' prepetition first
lien secured debt will be repaid and holders of the Debtors' senior
secured second lien notes will receive 41.5% of the common stock to
be issued by reorganized ASG subject to dilution as provided in the
Plan.  To fund the financial restructuring, the Support Agreement
contemplates that the Debtors will consummate a
$130 million rights offering.  Proceeds of the Rights Offering,
along with proceeds of new exit term and revolving facilities, will
be used to, among other things, repay the Debtors' first lien debt
and to fund operations going forward.  Because the Rights Offering
is a necessary component of the restructuring negotiated in the
Support Agreement and embodied by the Plan, the Debtors  seek the
Court's approval to conduct the Rights Offering at the same time
the Debtors solicit votes to accept or reject the Plan. The Debtors
commenced the Rights Offering on Feb. 17, 2015.

                        About Allen Systems

Allen Systems Group, Inc., and two affiliates provide
mission-critical enterprise information technology ("IT")
management software solutions to large enterprises and small and
medium-sized businesses.  Founded in 1986 by Arthur L. Allen in
Naples, Florida, ASG has more than 100 offices worldwide, primarily
in the United States and Europe.  As of Feb. 17, 2015, ASG had
1,054 employees in 114 locations in 25 countries.

Allen Systems and two affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 15-10332) in Delaware on Feb.
18, 2015.  The case is assigned to Judge Kevin J. Carey.

The Debtor tapped Pachulski Stang Ziehl & Jones LLP as counsel;
Latham & Watkins LLP as special counsel; and Epiq Bankruptcy
Solutions as claims and noticing agent.

Allen Systems estimated $100 million to $500 million in assets and
$500 million to $1 billion in debt.


ALLEN SYSTEMS: Wants Court to Enforce Bankruptcy Code Protections
-----------------------------------------------------------------
Allen Systems Group, Inc., and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to enter an order
enforcing the protections of Section 362 and 525 of the U.S.
Bankruptcy Code and bankruptcy anti-termination provisions of
Section 365 of the Bankruptcy Code.

To aid in the administration of the Debtors' chapter 11 cases and
to ensure that their business is not disrupted, the Debtors, out of
an abundance of caution, seek entry of an order enforcing the
Bankruptcy Code's automatic stay provisions and bankruptcy
anti-termination provisions, and the protections thereunder.  As a
part of the order, the Debtors request that the Court prohibit the
escrow agents from releasing the Debtors' source code which they
hold in escrow to non-debtor third parties without the prior
written authorization of the Debtors or further order of this
Court.

Due to the global nature of the Debtors' business and their
dealings with non-U.S. contract counter-parties who may be
unfamiliar with the protections of the Bankruptcy Code, such an
order is necessary and appropriate to apprise those parties
affected by Section 362 of the Bankruptcy Code of that provision
and the automatic stay protections provided to the Debtors.
Moreover, upon learning of the commencement of the Debtors' chapter
11 cases, such non-U.S. contract counter-parties that are party to
executory contracts and unexpired leases with the Debtors may try
to terminate such executory contracts or unexpired leases pursuant
to bankruptcy termination provisions contained therein -- which
would be in direct contravention of Section 365 of the Bankruptcy
Code.

The Debtors are further concerned that non-debtor licensees of the
Debtors' products may use the pretense of the Debtors' chapter 11
filing to seek to obtain the source code (which is the subject of
their licenses with the Debtors) from the escrow agents who hold
such source code in escrow pursuant to various escrow agreements
-- which also would represent a violation of Section 365 of the
Bankruptcy Code.

                        About Allen Systems

Allen Systems Group, Inc., and two affiliates provide
mission-critical enterprise information technology ("IT")
management software solutions to large enterprises and small and
medium-sized businesses.  Founded in 1986 by Arthur L. Allen in
Naples, Florida, ASG has more than 100 offices worldwide, primarily
in the United States and Europe.  As of Feb. 17, 2015, ASG had
1,054 employees in 114 locations in 25 countries.

Allen Systems and two affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 15-10332) in Delaware on Feb.
18, 2015.  The case is assigned to Judge Kevin J. Carey.

The Debtor tapped Pachulski Stang Ziehl & Jones LLP as counsel;
Latham & Watkins LLP as special counsel; and Epiq Bankruptcy
Solutions as claims and noticing agent.

Allen Systems estimated $100 million to $500 million in assets and
$500 million to $1 billion in debt.


ALLIANCE HOME: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Alliance Home Healthcare, Inc.
        11001 Southwest Highway
        Palos Hills, IL 60465

Case No.: 15-05642

Nature of Business: Health Care

Chapter 11 Petition Date: February 19, 2015

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

Judge: Hon. Pamela S. Hollis

Debtor's Counsel: Stephen J Costello, Esq.
                  COSTELLO & COSTELLO
                  19 N Western Ave Rt 31
                  Carpentersville, IL 60110
                  Tel: 847-428-4544
                  Email: steve@costellolaw.com

                    - and -

                  James A Young, Esq.
                  DIZON & YOUNG, LLP
                  524 W. State St., Unit 2
                  Geneva, IL 60134
                  Tel: (630)- 761-5670
                  Fax: (630)- 689-1302
                  Email: jyoung@dizonyoung.com

Total Assets: $3.51 million

Total Liabilities: $18.93 million

The petition was signed by Reginaldo Sulit, secretary.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ilnb15-05642.pdf


ALTEGRITY INC: Court Issues Joint Administration Order
------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware signed off an order directing the joint
administration of the Chapter 11 cases of Altegrity, Inc., and its
debtor affiliates, under the lead case no. 15-10226.

                        About Altegrity Inc.

Altegrity Inc. provides background investigations for the U.S.
government; employment background and mortgage screening for
commercial customers; technology-driven legal services and
software
for data management; and investigative, analytic, consulting, due
diligence, and security services.  Altegrity is principally owned
by investment funds affiliated with Providence Equity Partners.

Altegrity Inc. and 37 of its affiliates filed Chapter 11
bankruptcy
petitions (Bankr. D. Del. Lease Case No. 15-10226) on Feb. 8,
2015.
Jeffrey S. Campbell signed the petitions as president and chief
financial officer.  The Debtors disclosed total assets of $1.7
billion and total liabilities of $2.1 billion as of June 30, 2014.

M. Natasha Labovitz, Esq., Jasmine Ball, Esq., and Craig A.
Bruens,
Esq., at Debevoise & Plimpton LLP serve as the Debtors' counsel.
Joseph M. Barry, Esq., Ryan M. Bartley, Esq.,
and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & Taylor,
LLP, act as the Debtors' Delaware and conflicts counsel.  
Stephen Goldstein and Lloyd Sprung, at Evercore Group, LLC, are
the
Debtors' investment bankers.  Kevin M. McShea and Carrianne J. M.
Basler, at Alixpartners LLP serve as the Debtors' restructuring
advisors.  Prime Clerk LLC is the Debtors' claims and noticing
agent.  PricewaterhouseCoopers LLP serves as the Debtors'
independent auditors.


ALTEGRITY INC: Has Authority to Pay $8-Mil. to Critical Vendors
---------------------------------------------------------------
Altegrity, Inc., et al., sought and obtained authority from the
U.S. Bankruptcy Court for the District of Delaware to pay the
claims of critical vendors in an aggregate amount not to exceed $8
million.

The Debtors will use their commercially reasonable efforts to cause
the Critical Vendors to enter into an agreement, which will require
that the customary trade terms will be no less favorable than the
most favorable trade terms provided by the critical vendor to the
Debtors in the four months before the Petition Date, as a condition
of payment of each critical vendor claim.

If a critical vendor refuses to supply goods or services to the
Debtors on the customary trade terms following payment of its
critical vendor claim, or fails to comply with any vendor
agreement, the Debtors are authorized to declare that any vendor
agreement is terminated or declare that any payment made is deemed
to have been payment of the outstanding postpetition claims.

                        About Altegrity Inc.

Altegrity Inc. provides background investigations for the U.S.
government; employment background and mortgage screening for
commercial customers; technology-driven legal services and
software
for data management; and investigative, analytic, consulting, due
diligence, and security services.  Altegrity is principally owned
by investment funds affiliated with Providence Equity Partners.

Altegrity Inc. and 37 of its affiliates filed Chapter 11
bankruptcy
petitions (Bankr. D. Del. Lease Case No. 15-10226) on Feb. 8,
2015.
Jeffrey S. Campbell signed the petitions as president and chief
financial officer.  The Debtors disclosed total assets of $1.7
billion and total liabilities of $2.1 billion as of June 30, 2014.

M. Natasha Labovitz, Esq., Jasmine Ball, Esq., and Craig A.
Bruens,
Esq., at Debevoise & Plimpton LLP serve as the Debtors' counsel.
Joseph M. Barry, Esq., Ryan M. Bartley, Esq.,
and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & Taylor,
LLP, act as the Debtors' Delaware and conflicts counsel.  
Stephen Goldstein and Lloyd Sprung, at Evercore Group, LLC, are
the
Debtors' investment bankers.  Kevin M. McShea and Carrianne J. M.
Basler, at Alixpartners LLP serve as the Debtors' restructuring
advisors.  Prime Clerk LLC is the Debtors' claims and noticing
agent.  PricewaterhouseCoopers LLP serves as the Debtors'
independent auditors.


AMERICAN POWER: Reports $1.4-Mil. Net Loss for First Quarter
------------------------------------------------------------
American Power Group Corporation reported a net loss available to
common stockholders of $1.38 million on $1.05 million of net sales
for the three months ended Dec. 31, 2014, compared to a net loss
available to common stockholders of $409,000 on $1.84 million of
net sales for the same period in 2013.

As of Dec. 31, 2014, the Company had $9.53 million in total assets,
$5.55 million in total liabilities and $3.97 million in
stockholders' equity.

Lyle Jensen, American Power Group Corporation's chief executive
officer stated, "Due to the economic and geo-political
ramifications of increasing oil reserves and projected lower
short-term growth in oil demand, the price of oil has dropped to
the $50 per barrel range.  This has resulted in a dramatic drop in
diesel prices which have gone well below the average $3.00 per
gallon level projected by the energy experts just sixty days ago.
While natural gas prices at the pump have remained relatively
stable in the $2.00 to $2.25 per gallon range, the price spread
between lower diesel prices and natural gas has tightened.  Because
our dual fuel technology displaces higher cost diesel fuel with
lower cost and cleaner burning natural gas, the recent oil/diesel
pricing and tighter price spreads have impacted inventory
replenishment and implementation schedules of existing and
prospective customers."

A full-text copy of the press release is available for free at:

                        http://is.gd/nHXDZc

                    About American Power Group

American Power Group's alternative energy subsidiary, American
Power Group, Inc., provides a cost-effective patented Turbocharged
Natural Gas conversion technology for vehicular, stationary and
off-road mobile diesel engines.  American Power Group's dual fuel
technology is a unique non-invasive energy enhancement system that
converts existing diesel engines into more efficient and
environmentally friendly engines that have the flexibility to run
on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and
compressed natural gas; (3) diesel fuel and pipeline or well-head
gas; and (4) diesel fuel and bio-methane, with the flexibility to
return to 100 percent diesel fuel operation at any time.  The
proprietary technology seamlessly displaces up to 80% of the
normal diesel fuel consumption with the average displacement
ranging from 40 percent to 65 percent.  The energized fuel balance
is maintained with a proprietary read-only electronic controller
system ensuring the engines operate at original equipment
manufacturers' specified temperatures and pressures.  Installation
on a wide variety of engine models and end-market applications
require no engine modifications unlike the more expensive invasive
fuel-injected systems in the market.  Additional information at
http://www.americanpowergroupinc.com/   

American Power reported a net loss available to common
stockholders of $3.25 million on $6.28 million of net sales for
the year ended Sept. 30, 2014, compared to a net loss available to
common stockholders of $2.92 million on $7.01 million of net sales
for the year ended Sept. 30, 2013.


AMPLIPHI BIOSCIENCES: RA Capital Holds 9.7% Stake as of Dec. 31
---------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, RA Capital Management, LLC and Peter
Kolchinsky disclosed that as of Dec. 31, 2014, they beneficially
owned 26,785,712 shares of common stock of AmpliPhi Biosciences
Corporation, which represents 9.7 percent of the shares
outstanding.  RA Capital Healthcare Fund, L.P. also beneficially
owned 21,428,575 shares as of that date.  A copy of the regulatory
filing is available at http://is.gd/u6OhzW

                           About AmpliPhi

AmpliPhi Biosciences Corp. is a biopharmaceutical company that
develops bacteriophage-based therapeutics.  It also develops an
internally generated pipeline of naturally occurring viruses
called bacteriophage (Phage) for the treatment of bacterial
infection, such as drug-resistant strains of bacteria that are
commonly found in the hospital setting.  The company's Phage
discovery also focuses on acute & chronic lung, sinus and
gastrointestinal infections.  AmpliPhi Biosciences was founded in
March 1989 and is headquartered in Glen Allen, Virginia.

The Company reported a net loss of $57.6 million on $325,000 of
total revenue for the year ended Dec. 31, 2013, compared with a
net loss of $1.11 million on $664,000 of total revenue in 2012.

PBMares, LLP, in Richmond, Virginia, 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 had recurring losses from operations and has an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

As of Sept. 30, 2014, the Company had $28.4 million in total
assets, $17.08 million in total liabilities and $11.3 million in
total stockholders' equity.


ANACOR PHARMACEUTICALS: Baker Bros. Has 9.8% Stake as of Dec. 31
----------------------------------------------------------------
Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Felix J.
Baker and Julian C. Baker disclosed in an amended regulatory filing
with the U.S. Securities and Exchange Commission that as of Dec.
31, 2014, they beneficially owned 4,204,702 shares of common stock
of Anacor Pharmaceuticals, Inc., which represents 9.8 percent based
on 42,897,186 shares of common stock outstanding as of Oct. 30,
2014, as reported in the Issuer's Form 10-Q filed with the SEC on
Nov. 7, 2014.  A copy of the regulatory filing is available for
free at http://is.gd/bfKdVL

                    About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

The Company's balance sheet at Sept. 30, 2014, showed $159 million
in total assets, $90.2 million in total liabilities, $4.95 million
in redeemable common stock and $63.4 million in total stockholders'
equity.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $77.02 million on $11.04 million of total revenues
compared to a net loss of $46 million on $8.74 million of total
revenues for the same period in 2013.

Anacor reported net income of $84.8 million in 2013, a net loss
of $56.08 million in 2012 and a net loss of $47.9 million in
2011.


ANACOR PHARMACEUTICALS: Kingdon Reports 2.75% Stake as of Dec. 31
-----------------------------------------------------------------
Kingdon Capital Management, L.L.C. and Mark Kingdon disclosed in an
amended Schedule 13G filed with the U.S. Securities and Exchange
Commission that as of Dec. 31, 2014, they beneficially owned
1,180,306 shares of common stock of Anacor Pharmaceuticals, Inc.,
which represents 2.75 percent of the shares outstanding.  A copy of
the regulatory filing is available at http://is.gd/Mgrr9Z

                    About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

The Company's balance sheet at Sept. 30, 2014, showed $159 million
in total assets, $90.2 million in total liabilities, $4.95 million
in redeemable common stock and $63.4 million in total stockholders'
equity.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $77.02 million on $11.04 million of total revenues
compared to a net loss of $46 million on $8.74 million of total
revenues for the same period in 2013.

Anacor reported net income of $84.8 million in 2013, a net loss
of $56.08 million in 2012 and a net loss of $47.9 million in
2011.


ANACOR PHARMACEUTICALS: Palo Alto Reports 5.8% Stake as of Dec. 31
------------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Palo Alto Investors, LLC, Patrick Lee, MD and Anthony
Joonkyoo Yun, MD, disclosed that as of Dec. 31, 2014, they
beneficially owned 2,521,822 shares of common stock of
Anacor Pharmaceuticals, Inc., which represents 5.88 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/RMcGjJ

                   About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

The Company's balance sheet at Sept. 30, 2014, showed $159 million
in total assets, $90.2 million in total liabilities, $4.95 million
in redeemable common stock and $63.4 million in total stockholders'
equity.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $77.02 million on $11.04 million of total revenues
compared to a net loss of $46 million on $8.74 million of total
revenues for the same period in 2013.


ANDOVER COILS: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Andover Coils, LLC
           dba Andover, Inc.
           dba Andover Coils
        P.O. Box 4848
        Lafayette, IN 47903

Case No.: 15-01027

Chapter 11 Petition Date: February 19, 2015

Court: United States Bankruptcy Court
       Southern District of Indiana (Indianapolis)

Judge: Hon. Robyn L. Moberly

Debtor's Counsel: Jeffrey M. Hester, Esq.
                  TUCKER HESTER BAKER & KREBS, LLC
                  One Indiana Square, Suite 1600
                  Indianapolis, IN 46204-1816
                  Tel: 317-833-3030
                  Fax: 317-833-3031
                  Email: jhester@thbklaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michael Coyle, authorized individual.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/insb15-01027.pdf


AOXING PHARMACEUTICAL: Reports $602,000 Net Profit in Q2
--------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing net profit of $602,000 on $6.43 million of sales for the
three months ended Dec. 31, 2014, compared to a net loss of $1.91
million on $3.46 million of sales for the same period in 2013.

For the six months ended Dec. 31, 2014, the Company reported net
profit of $599,600 on $10.95 million of sales compared to a net
loss of $4.26 million on $7.04 million of sales for the same period
a year ago.

As of Dec. 31, 2014, Aoxing had $40.92 million in total assets,
$38.5 million in total liabilities and $2.43 million in total
equity.

The Company's cash balance as of Dec. 31, 2014, was $1.34 million,
compared to $2.33 million as of June 30, 2014.  The Company
sustained its cash position through generating $3.4 million
operating cash flow during the period.

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

                        http://is.gd/Bk3bkY

                            About Aoxing

Aoxing Pharmaceutical Company, Inc., is a Jersey City, New Jersey-
based specialty pharmaceutical company.  The Company is engaged in
the development, production and distribution of pain-management
products, narcotics and other drug-relief medicine.

In its report on the consolidated financial statements for the
year ended June 30, 2014, BDO China Shu Lun Pan Certified Public
Accountants LLP expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
continues to incur losses from operations, has negative cash flow
from operations and a working capital deficit.

The Company reported a net loss of $8.63 million for the fiscal
year ended June 30, 2014, compared to a net loss of $17.3 million
last year.


APOLLO MEDICAL: Delays Dec. 31 Form 10-Q; Sees Loss at $1.9MM
-------------------------------------------------------------
Apollo Medical Holdings, Inc., has filed a Form 12b-25 with the
U.S. Securities and Exchange Commission to delay the filing of its
quarterly report for the period ended Dec. 31, 2014.  The Company
said the compilation, dissemination and review of the information
required to be presented in the Form 10-Q for the relevant period
has imposed time constraints that have rendered timely filing of
the Form 10-Q impracticable without undue hardship and expense to
the Company.  It expects to file that report no later than five
calendar days after its original prescribed due date.

The Company has made various acquisitions during its fiscal year
that have had a significant effect on the Company's results of
operations.  As a result, for the three months ended Dec. 31, 2104,
compared to the three months ended Dec. 31, 2013, the Company
expects that its net revenues increased to approximately $7.7
million from approximately $2.8 million and the Company expects
that its net loss increased to approximately $1.9 million from
approximately $1.1 million.

                        About Apollo Medical

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

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

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


APPLIED MINERALS: Registers 40.9 Million Shares for Resale
----------------------------------------------------------
Applied Minerals, Inc. filed a Form S-1 registration statement with
the U.S. Securities and Exchange Commission relating to the offer
and sale, from time to time, by Samlyn Offshore Masterfund Ltd, IBS
Turnaround Fund (A Limited Partnership), Koyote Capital, et al., of
up to 40,931,093 shares of common stock, par value $.001, issuable
on conversion of 10% PIK-Election Convertible Notes due 2018 issued
on Nov. 3, 2014.

The Company's Common Stock is quoted on the OTCBB under the symbol
"AMNL."  On Feb. 13, 2015, the closing bid quotation of the
Company's Common Stock was $0.65.

The Company will receive none of the proceeds for the sale of the
Shares.

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

                        http://is.gd/DSy5uo

                       About Applied Minerals

New York City-based Applied Minerals, Inc. (OTC BB: AMNL) is a
leading global producer of halloysite clay used in the development
of advanced polymer, catalytic, environmental remediation, and
controlled release applications.  The Company operates the Dragon
Mine located in Juab County, Utah, the only commercial source of
halloysite clay in the western hemisphere.  Halloysite is an
aluminosilicate clay that forms naturally occurring nanotubes.

Applied Minerals incurred a net loss of $13.06 million in 2013, a
net loss of of $9.73 million in 2012 and a net loss of $7.43
million in 2011.

As of Sept. 30, 2014, Applied Minerals had $9.04 million in total
assets, $12.5 million in total liabilities and a $3.44 million
total stockholders' deficiency.

                        Bankruptcy Warning

"The Company has had to rely mainly on the proceeds from the sale
of stock and convertible debt to fund its operations.  If the
Company is unable to fund its operations through the
commercialization of its minerals at the Dragon Mine, there is no
assurance that it will be able to raise funds through the sale of
equity or debt.  If so, it may have to file bankruptcy," according
to the Company's 2013 Annual Report filed with the U.S.
Securities and Exchange Commission.


AQH LLC: Case Summary & 17 Largest Unsecured Creditors
------------------------------------------------------
Debtor: AQH, LLC
           dba Aquifer LLC
        440 North Wolfe Road, #243
        Sunnyvale, CA 94085

Case No.: 15-50553

Chapter 11 Petition Date: February 19, 2015

Court: United States Bankruptcy Court
       Northern District of California (San Jose)

Judge: Hon. Arthur S. Weissbrodt

Debtor's Counsel: Reno F.R. Fernandez, Esq.
                  MACDONALD FERNANDEZ LLP
                  221 Sansome St. 3rd Fl.
                  Tel: San Francisco, CA 94104
                  Tel: (415)362-0449
                  Email: reno@macfern.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sean Walsh, managing member.

A list of the Debtor's 17 largest unsecured creditors is available
for free at http://bankrupt.com/misc/canb15-50553.pdf


ARRAY BIOPHARMA: Redmile Group Reports 8.6% Stake as of Dec. 31
---------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Redmile Group, LLC and Jeremy C. Green disclosed that
as of Feb. 13, 2015, they beneficially owned 12,142,022 shares of
common stock of Array BioPharma Inc., which represents 8.69 percent
of the shares outstanding.  The calculation of percentage of
beneficial ownership was derived from the Issuer's quarterly report
on Form 10-Q filed with the SEC on Feb. 4, 2015, in which the
Issuer stated that the number of shares of its common stock
outstanding as of Jan. 30, 2015, was 139,696,856.  A copy of the
regulatory filing is available at http://is.gd/ohuZS6

                        About Array Biopharma

Boulder, Colo.-based Array BioPharma Inc. is a biopharmaceutical
company focused on the discovery, development and
commercialization of targeted small-molecule drugs to treat
patients afflicted with cancer and inflammatory diseases.  Array
has four core proprietary clinical programs: ARRY-614 for
myelodysplastic syndromes, ARRY-520 for multiple myeloma, ARRY-797
for pain and ARRY-502 for asthma.  In addition, Array has 10
partner-funded clinical programs including two MEK inhibitors in
Phase 2: selumetinib with AstraZeneca and MEK162 with Novartis.

As of Dec. 31, 2014, the Company had $164 million in total assets,
$178 million in total liabilities, and a $13.9 million total
stockholders' deficit.

Array Biopharma incurred a net loss of $85.3 million for the year
ended June 30, 2014, a net loss of $61.9 million for the year
ended June 30, 2013, and a net loss of $23.6 million for the year
ended June 30, 2012.

"If we are unable to generate enough revenue from our existing or
new collaboration and license agreements when needed or to secure
additional sources of funding, it may be necessary to
significantly reduce the current rate of spending through further
reductions in staff and delaying, scaling back, or stopping
certain research and development programs, including more costly
Phase 2 and Phase 3 clinical trials on our wholly-owned or co-
development programs as these programs progress into later stage
development.  Insufficient liquidity may also require us to
relinquish greater rights to product candidates at an earlier
stage of development or on less favorable terms to us and our
stockholders than we would otherwise choose in order to obtain up-
front license fees needed to fund operations.  These events could
prevent us from successfully executing our operating plan and, in
the future, could raise substantial doubt about our ability to
continue as a going concern," according to the quarterly report
for the period ended Sept. 30, 2014.


ASSETS OVERSEAS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Assets Overseas, LLC
        12773 W. Forest Hill Blvd Suite 107
        Wellington, FL 33414

Case No.: 15-13093

Chapter 11 Petition Date: February 19, 2015

Court: United States Bankruptcy Court
       Southern District of Florida (West Palm Beach)

Judge: Hon. Erik P. Kimball

Debtor's Counsel: Jeffrey Harrington, Esq.
                  HARRINGTON LAW ASSOCIATES
                  100 S Olive Ave.
                  West Palm Beach, FL 33401
                  Tel: 561.253.6690
                  Fax: 561.429.8488
                  Email: jeff@myhlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Karla Carrillo, managing member.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flsb15-13093.pdf


AUXILIUM PHARMACEUTICALS: AQR Reports 5% Stake as of Dec. 31
------------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, AQR Capital Management, LLC disclosed that as of Dec.
31, 2014, it beneficially owned 2,611,580 shares of common stock of
Auxilium Pharmaceuticals, Inc., which represents 5.12 percent of
the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/yn9f6z

                           About Auxilium

Auxilium Pharmaceuticals, Inc. -- http://www.Auxilium.com/-- is a
fully integrated specialty biopharmaceutical company with a focus
on developing and commercializing innovative products for
specialist audiences.  With a broad range of first- and second-
line products across multiple indications, Auxilium is an emerging
leader in the men's healthcare area and has strategically expanded
its product portfolio and pipeline in orthopedics, dermatology and
other therapeutic areas.

Auxilium now has a broad portfolio of 12 approved products.  Among
other products in the U.S., Auxilium markets edex(R) (alprostadil
for injection), an injectable treatment for erectile dysfunction,
Osbon ErecAid(R), the leading device for aiding erectile
dysfunction, STENDRATM (avanafil), an oral erectile dysfunction
therapy, Testim(R) (testosterone gel) for the topical treatment of
hypogonadism, TESTOPEL(R) (testosterone pellets) a long-acting
implantable testosterone replacement therapy, XIAFLEX(R)
(collagenase clostridium histolyticum or CCH) for the treatment of
Peyronie's disease and XIAFLEX for the treatment of Dupuytren's
contracture.

The Company also has programs in Phase 2 clinical development for
the treatment of Frozen Shoulder syndrome and cellulite.

The Company's balance sheet at Sept. 30, 2014, showed $1.14
billion in total assets, $983 million in total liabilities and
total stockholders' equity of $162 million.

                           *     *     *

As reported by the TCR on May 7, 2014, Moody's Investors Service
downgraded the ratings of Auxilium  including the Corporate Family
Rating to 'B3' from 'B2'.  "The downgrade reflects Moody's
expectations that declines in Testim, Auxilium's testosterone gel,
will materially reduce EBITDA in 2014, resulting in negative free
cash flow, a weakening liquidity profile, and extremely high
debt/EBITDA," said Moody's Senior Vice President Michael Levesque.

The TCR reported on Sept. 23, 2014, that Standard & Poor's Ratings
Services raised its corporate credit rating on Auxilium to 'CCC+'
following the announced restructuring program and a $50 million
add-on to its existing first-lien term loan.


AUXILIUM PHARMACEUTICALS: Palo Alto Holds 9% Stake as of Dec. 31
----------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Palo Alto Investors, LLC, Patrick Lee, MD,
Anthony Joonkyoo Yun, MD, and Palo Alto Healthcare Master Fund II,
L.P. disclosed that as of Dec. 31, 2014, they beneficially owned
4,915,931 shares of common stock of Auxilium Pharmaceuticals, Inc.,
which represents 9.64 percent of the shares outstanding.
A copy of the regulatory filing is available for free at:

                        http://is.gd/qTjaTZ

                          About Auxilium

Auxilium Pharmaceuticals, Inc. -- http://www.Auxilium.com/-- is a
fully integrated specialty biopharmaceutical company with a focus
on developing and commercializing innovative products for
specialist audiences.  With a broad range of first- and second-
line products across multiple indications, Auxilium is an emerging
leader in the men's healthcare area and has strategically expanded
its product portfolio and pipeline in orthopedics, dermatology and
other therapeutic areas.

Auxilium now has a broad portfolio of 12 approved products.  Among
other products in the U.S., Auxilium markets edex(R) (alprostadil
for injection), an injectable treatment for erectile dysfunction,
Osbon ErecAid(R), the leading device for aiding erectile
dysfunction, STENDRATM (avanafil), an oral erectile dysfunction
therapy, Testim(R) (testosterone gel) for the topical treatment of
hypogonadism, TESTOPEL(R) (testosterone pellets) a long-acting
implantable testosterone replacement therapy, XIAFLEX(R)
(collagenase clostridium histolyticum or CCH) for the treatment of
Peyronie's disease and XIAFLEX for the treatment of Dupuytren's
contracture.

The Company also has programs in Phase 2 clinical development for
the treatment of Frozen Shoulder syndrome and cellulite.

The Company's balance sheet at Sept. 30, 2014, showed $1.14
billion in total assets, $983 million in total liabilities and
total stockholders' equity of $162 million.

                           *     *     *

As reported by the TCR on May 7, 2014, Moody's Investors Service
downgraded the ratings of Auxilium  including the Corporate Family
Rating to 'B3' from 'B2'.  "The downgrade reflects Moody's
expectations that declines in Testim, Auxilium's testosterone gel,
will materially reduce EBITDA in 2014, resulting in negative free
cash flow, a weakening liquidity profile, and extremely high
debt/EBITDA," said Moody's Senior Vice President Michael Levesque.

The TCR reported on Sept. 23, 2014, that Standard & Poor's Ratings
Services raised its corporate credit rating on Auxilium to 'CCC+'
following the announced restructuring program and a $50 million
add-on to its existing first-lien term loan.


AXIALL CORP: Moody's Assigns 'Ba1' Rating to New $250MM Sr. Loan
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Axiall
Corporation's proposed $250 million senior secured bank credit
facility, or Term Loan B, due 2022.  

Axiall has stated that proceeds from the new term loan will be used
to refinance the existing senior secured bank credit facility
currently due in 2017.  The existing term loan was issued by Eagle
Spinco Inc., a wholly owned Axiall subsidiary.  Axiall Holdco,
Inc., also a wholly owned subsidiary of Axiall, will be the issuer
of the new senior secured bank credit facility.  In addition to
fully repaying the existing term loan, Axiall has stated that the
proceeds from the new term loan will also be used to pay
transaction fees and expenses, and for general corporate purposes.
The company's rating outlook continues to be stable.

"Despite our stable outlook, Axiall is currently weakly positioned
in the Ba-rating category.  The company's profitability suffered in
2014 due to weak caustic soda prices, and elevated ethylene and
natural gas prices; additionally, Axiall's chloro-vinyls business
suffered significantly in 2014 due to a December 2013 plant fire, "
says Anthony Hill, a Moody's Vice President - Senior Credit Officer
and lead analyst for Axiall.

Issuer: Axiall Holdco, Inc.

   -- $250 million Senior Secured Bank Credit Facility due 2022,
      Assigned Ba1/LGD2

   -- Outlook, Assigned Stable

Axiall's Ba2 corporate family rating (CFR) primarily reflects the
company's narrow product focus which is significantly exposed to
cyclical end markets, including the North American housing and
construction markets, were over two-thirds of Axiall's sales are
attributed to; and the caustic soda end markets, such as the pulp
and paper, and alumina industries.  Further tempering the company's
rating is its exposure to volatile raw material prices and limited
operational and geographic diversity (large facilities concentrated
on the Gulf Coast of the US).  However, the rating also reflects
Axiall's position as one of North America's largest chlor-alkali
producers.  Additionally, Axiall's vertical integration and
conservative financial policies continue to support its credit
profile.

Axiall's credit metrics suffered significantly in 2014 mainly due
to unplanned outages and lower selling prices for chlorine, caustic
soda, and vinyl resins markets. For example, for fiscal year-end
December 2014, Moody's expects Axiall's Moody's-adjusted leverage
will be around 3.7x debt/EBITDA, versus 2.6x debt/EBITDA for FYE
2013.  Additionally, the company's Moody's-adjusted EBITDA margins
are expected to be around 11% for FYE December 2014, versus 15% for
the year prior.

Axiall sells the vast majority of its caustic soda into the
merchant market for chemical, pulp and paper, detergent, alumina,
and water treatment applications, as well as for other general
industrial uses.  In 2014, these markets exhibited weak growth, and
in some cases, negative growth.  As a result, Axiall's caustic soda
business suffered from lower sales volumes and prices in 2014.
Offsetting this somewhat where higher vinyl resin prices in 2014.
Moody's expects North American vinyl resin prices and volumes to
experience a moderate decline in the first quarter of 2015 due to
lower ethylene prices; however, for most of 2015 Moody's expects
North American vinyl resin volumes to show modest growth.

Natural gas and ethylene are two primary raw materials for Axiall
that have been subject to recent volatility.  For example,
uncharacteristically cold weather experienced by much of the US in
2014 drove natural gas and ethylene prices higher for the first
half of 2014. Moody's expects these costs to return to more
favorable levels in 2015.

Due to Axiall's limited operational diversity, the company carries
substantial credit risk as it relates to unplanned outages.  This
risk was highlighted by a fire, in December 2013, at Axiall's vinyl
chloride manufacturing area of the company's Lake Charles chemicals
complex in Louisiana, US.  Because of this fire, Axiall's VCM
production at this plant suffered a 6-month outage or slowdown,
negatively affecting the company's 2014 cost profile.

Using Moody's Loss Given Default (LGD) methodology, Axiall's senior
secured bank credit facility, issued by Axiall Holdco, Inc., is
rated Ba1, one notch above Axiall's Ba2 CFR.  This is due to the
first-lien senior secured facility's priority over the subordinated
$450 million notional, 4.875% senior unsecured notes due 2023
issued by Axiall, and the subordinated $688 million notional,
4.625% senior unsecured notes due 2021 issued by Eagle Spinco, Inc.
Both senior unsecured notes are rated Ba3, one notch below the
CFR, reflecting their subordinated ranking in the capital
structure.

The stable outlook reflects Moody's expectations that, throughout
2015, the company will experience improved caustic soda volumes and
modest increase in price, and the North American vinyl resins
business will remain resilient.

Moody's sees limited upside to Axiall's ratings until the company's
credit metrics return to adequate levels for the Ba-rating
category.

Moody's would consider downgrading Axiall's rating if the company's
credit metrics or liquidity profile deteriorate further due to a
weakening of its operational performance; or the undertaking of any
aggressive, debt financed, expansion projects.  Quantitatively, the
rating agency would likely downgrade Axiall's ratings if Moody's
projections show the company's (1) Moody's-adjusted EBITDA margin
falling sustainably to the low teens, on a percentage basis, into
2016; (2) debt/EBITDA ratio moving sustainably above 3.5x into
2016; or (3) Moody's-adjusted retained cash flow/debt ratio falls
sustainably below 15%.

Axiall (formerly known as Georgia Gulf Corporation) is an Atlanta,
Georgia (US)-based manufacturer of commodity chemicals and building
products.  The company operates through three main divisions, (1)
chlorovinyls, whose primary products include chlorine, caustic
soda, vinyl chloride monomer (VCM), polyvinyl chloride (PVC) resins
and vinyl compounds; (2) building products, whose primary focus is
PVC fabricated products such as pipe and pipe fittings, siding,
moulding, window and door profiles; and (3) aromatics, which
produce cumene, phenol, and acetone.

Axiall was formed from a series of transactions that saw Georgia
Gulf Corporation merge with the chlor-alkali (chlorine and caustic
soda) and derivatives business of PPG Industries, Inc. (Baa1
stable) in January 2013.

For FYE December 2014, Axiall's reported net sales and
company-adjusted EBITDA were approximately $4.6 billion and $436.3
million, respectively. These figures were approximately $4.7
billion and $672 million for the year prior.

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.


AXIALL CORP: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' issue rating
and '1' recovery rating (indicating its expectation for very high
recovery (90% to 100%) in the event of payment default) to Atlanta,
Ga.-based chlorine, caustic soda, and vinyl producer Axiall Corp.'s
proposed $250 million term loan due 2022.  The borrower is Axiall
Holdco, a subsidiary of Axiall Corp.  The company plans to use
proceeds to refinance its existing term loan due in 2017.

All existing ratings on Axiall, including the 'BB' corporate credit
rating, are unchanged.  The outlook is stable.

The ratings on Axiall reflect S&P's assessments of Axiall's "fair"
business profile and "significant" financial risk profile.

RATING LIST

Axiall Corp.
Corp credit rating                          BB/Stable/--

New Rating
Axiall Holdco
$250 mil proposed term loan due 2022       BBB-
  Recovery rating                           1



AZIZ CONVENIENCE: Mulls Selling 28 Quick Stop Stores
----------------------------------------------------
Greg Lindenberg at CPS Daily News reports that Aziz Convenience
Stores, L.L.C., has been considering selling its 28 Quick Stop
convenience stores and gas stations in southern Texas.

CPS relates that since filing for bankruptcy, the Company has been
exploring opportunities to emerge from bankruptcy that also include
transactions like the sale-leaseback of the stores,
recapitalization, refinancing, joint-venture partnership and more.
The report adds that the Company could also sell excess non-core
assets like a 200-acre development site.

According to CPS, a spokesperson for Keen-Summit Capital Partners
LLC, New York, which is helping the Company with this process, said
that a sale would be an option once the alternatives have been
exhausted.

CPS states that the Company is also evaluating cost-cutting
proposals and opportunities to boost its performance including
equipment upgrades, standardization of management policies and
procedures and the renovation of some branches.

                     About Aziz Convenience

Aziz Convenience Stores, L.L.C., owner of convenience stores with
gas pumps in Texas, filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Tex. Case No. 14-70427) in its hometown in McAllen, Texas, on
Aug. 4, 2014, without stating a reason.

The Debtor owns properties in Mission, San Juan, Pharr, McAllen,
Sullivan City, Edinburg, La Joya, Donna, Alamo, Alton, Edinburg,
all in Texas.  It appears that none of the Debtor's convenience
stores are on leased property as the schedule of unexpired leases
only shows the contract with Valero LP.

The Debtor is represented by William A Csabi, Esq., from
Harlingen, Texas.


BALL CORP: Fitch Affirms 'BB+' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has affirmed the 'BB+' Issuer Default Rating (IDR)
and all of the outstanding long-term debt of Ball Corporation
(BLL).  Fitch has withdrawn the ratings on the existing senior
secured revolving credit facility (RCF).  In addition, Fitch
assigns a 'BBB-/RR1' rating to Ball's $3 billion secured revolving
credit facility due February 2018.  The Rating Outlook is Stable.

KEY RATING DRIVERS

Fitch believes the proposed $8.4 billion acquisition of Rexam PLC
(Rexam) will allow Ball to materially improve its business risk
profile, profitability and financial flexibility owing to the
combined capabilities, production efficiencies and scale of these
No. 1 and 2 global beverage can manufacturers.  Thus, the
combination should improve Ball's competitive position to better
optimize beverage can price to customers relative to other
alternative packaging substrates.  The transaction also provides
access to additional geographies and new customers that will
increase Ball's exposure to growing beverage segments along with
the ability to better leverage specialty package technology and
efficiencies.

The combined company would have approximately $15 billion in
revenue and $2.4 billion in adjusted EBITDA excluding
considerations for asset divestitures.  Fitch believes Ball should
have opportunities to exceed the net synergy target of $300 million
on an annual basis.  Non-recurring integration costs are estimated
at approximately $300 million over the first three years.

The transaction, which is expected to close in the first half of
2016, is subject to approval from each company's shareholders,
regulatory approvals and customary closing conditions.  Given the
substantial market concentration of the two companies across the
U.S., Europe and South America, the regulatory process will be much
longer than normal and could result in considerable divestitures if
approved.  A breakup fee that varies depending on certain
conditions including antitrust divestitures is included in the
co-operation agreement.

Currently, Ball has very good liquidity provided by the company's
free cash flow (FCF), availability under its credit agreement, and
balance sheet cash.  FCF (net cash provided by operating activities
less capital expenditures and dividends) for 2014 was $549 million.
At the end of 2014, Ball had cash of $191 million and $986 million
of availability on its $1 billion multicurrency revolver that
matures in 2018 with significant covenant flexibility and basket
capacity.

Ball has taken steps to bolster the necessary liquidity required
for the proposed transaction by closing on a new $3 billion
multicurrency RCF maturing in February 2018 and 3.3 billion
sterling multicurrency bridge term loan facilities.  The lengthy
review period will also allow Ball and Rexam the opportunity to
build cash in anticipation of the transaction closing to strengthen
the balance sheets.  Ball expects to generate at least $500 million
in FCF (Fitch defined) during 2015.

Expected financing for the transaction will include a mix of bank
and unsecured debt, a significant equity component and excess cash.
Fitch expects Ball will finance a substantial portion of the
transaction with foreign currencies in various geographies,
effectively mitigating the deleveraging risk from trapped foreign
cash due to the significant international cash generation.

The affirmation considers the material increase in Ball's leverage.
Pro forma for the transaction, Fitch expects leverage will be in
the low- to mid-4x range at the end of 2016 depending on the extent
of required divestitures.  Ball's leverage was 2.6x at the end of
2014, which is historically low for the company. Ball and Rexam's
combined FCF generation should allow the company to rapidly
delever, primarily though debt reduction, although Fitch expects
some benefit through execution of its synergy targets.  During
2017, leverage should further decline to less than 3.5x, back
within current negative rating sensitivities.  Ball has a strong
track record for deleveraging following large transactions, which
is an important rating consideration.

Maturities are relatively modest during the next several years with
$55 million due in 2015 and $165 million during the following two
years.  The next maturity of Ball's senior notes is $500 million of
6.75% notes due in 2020 that becomes callable in March 2015.  Ball
has announced notices of redemption for all of its 6.75% senior
notes due 2020 and 5.75% senior notes due 2021, which is subject to
a make-whole provision.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

   -- Regulatory approval is gained and antitrust related
      divestures are in the $1 billion range which provides
      additional deleveraging benefits through debt reduction;

   -- A minimum of a 12-month regulatory review period that will
      allow Ball to meaningfully build excess cash;

   -- Ball will not repurchase any shares until net leverage
      decreases below 3x;

   -- Margin expansion of at least 150 basis points through 2018
      driven by the increased scale and synergy opportunities;

   -- FCF approaching $1 billion in 2017;

   -- 2016 leverage would increase to the mid-4x range pro forma
      for the transaction, decreasing to less than 3.5x during
      2017.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating include:

   -- Sustained leverage greater than 3.5x;

   -- Significant revenue decline/pressure on EBITDA causing a
      material drop in profitability and lower cash generation;

   -- Change in financial policy or initiation of material share
      repurchases before net leverage is reduced below 3x
      following the close of the proposed acquisition.

Positive: Future developments that may, individually or
collectively, lead to positive rating:

   -- Fitch does not view a ratings upgrade as likely at this
      time given the expected increase in leverage due to the
      proposed transaction.

Fitch has affirmed these ratings:

   -- IDR at 'BB+';
   -- Senior unsecured debt at 'BB+/RR4';
   -- Senior secured term loan C facility at 'BBB-/RR1'.

Fitch has withdrawn this rating:

   -- Senior secured RCF at 'BBB-'.

Fitch has assigned this new rating:

   -- $3 billion senior secured RCF rated 'BBB-/RR1'.



BALL CORP: Moody's Rates New $3 Billion Revolver at 'Ba1'
---------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Ball
Corporation's new $3,000 million revolver and placed the rating
under review for downgrade.  Moody's also placed the Ba1 corporate
family rating, Ba1-PD probability of default rating, and all other
instrument ratings under review for downgrade.  The review follows
Ball's announcement that it has offered to acquire Rexam PLC in a
cash and stock transaction.  The new $3,000 million revolver will
replace Ball's existing $1,000 million revolver which expires June
2018 and has substantially the same terms and conditions.

On Feb. 19, 2015, Ball Corporation announced the terms of its offer
to acquire all the outstanding shares of Rexam PLC in a cash and
stock transaction.  The proposal from Ball values Rexam at GBP6.10
total value per share based on a consideration of approximately
two-thirds in cash and one-third in new Ball shares (approximately
$6.6 billion in total equity value as of February 17, 2015).  This
transaction is subject to the approval of regulators and
shareholders from each company and is expected to close in the
first half of 2016.

Moody's took the following rating actions for Ball Corporation:

  -- Assigned Ba1 (LGD 4) to the $3,000 million multi currency
     revolver due February 2018

The rating is subject to the receipt and review of the final
documentation.

Moody's placed the following ratings under review for downgrade:

  --  Ba1 corporate family rating

  -- Ba1-PD probability of default rating

  -- Ba1, LGD4 senior secured bank credit facilities (including new
and old revolver; old revolver expected to be withdrawn after close
of the current revolver    refinancing transaction)

  -- Ba1, LGD4 senior unsecured notes

  -- (P)Ba1 senior unsecured shelf

The review for downgrade reflects the significant deterioration in
proforma credit metrics, the length of time until the close and the
uncertainties inherent in the regulatory process.  Proforma LTM
leverage is over 5.0 times (excluding any divestitures and
synergies), but there are uncertainties regarding the leverage at
close and the plan for deleveraging.  Ball is expected to use all
free cash flow for debt reduction prior to the projected close of
the transaction in the first half of 2016 (as well as post
acquisition until unadjusted leverage declines to 3.5 times).
Additionally, the company is expected to refinance certain debt at
a lower interest rate.  Divestitures and synergies are also
expected to have a material impact on the ability of the combined
entity to reduce leverage.  However, the regulatory process is
lengthy and Ball will not know the exact level of divestitures and
synergies until the process is complete.  Additionally, Rexam is
allowed to accept other bids until the process is complete.

Moody's review will focus on the final terms of the deal including
divestitures and synergies, proforma credit metrics at close, and
the plan to deleverage.  The corporate family rating downgrade, if
any, is expected to be no more than one notch.

Ball's Ba1 Corporate Family Rating reflects the company's stable
profitability, well-consolidated industry structure with
long-standing competitive equilibrium and scale.  The Ba1 rating
also reflects the company's high percentage of long-term contracts
with strong cost pass-through provisions, geographic
diversification and continued emphasis on innovation and product
diversification.

The ratings are constrained by Ball's aggressive financial policy,
acquisitiveness and concentration of sales.  The ratings are also
constrained, to a lesser extent, by an EBIT margin that is weak for
the rating category and a primarily commoditized product line.

The ratings could be downgraded should an acquisition, new
shareholder initiative or exogenous shock impair cash generation.
Deterioration in the operating and competitive environment or the
failure to refinance the existing credit facilities in a timely
manner and maintain adequate liquidity could also result in a
downgrade. Specifically, the ratings could be downgraded if
adjusted total debt to EBITDA rises above 4.0 times, EBIT margins
decline below 9% and/or free cash flow to debt declines below the
high single digits.

Ball's financial aggressiveness is the primary impediment to an
upgrade.  An upgrade in ratings would require a commitment to
maintain less aggressive financial policies or significantly more
cushion within the contemplated higher rating category.
Additionally, an upgrade would require an improvement in the EBIT
margin and continued stability in the competitive and operating
environment.  Specifically, the rating could be upgraded if the
EBIT margin improved to the low teens, adjusted total debt to
EBITDA improved to 3.0 times or better and adjusted free cash flow
to debt remained above 10% on a sustainable basis.

The principal methodology used in these ratings was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.


BALL CORP: S&P Revises Outlook to Negative & Affirms 'BB+' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Ball
Corp. to negative from stable.  S&P also affirmed its 'BB+'
corporate credit rating.

At the same time, S&P assigned its 'BBB-' issue-level rating and
'2' recovery rating to the company's proposed $3 billion revolving
credit facility due 2018.  The '2' recovery rating indicates S&P's
expectation of a substantial (70% to 90%) recovery in the event of
a payment default.

All other existing issue-level and recovery ratings are unchanged.

The company will use the new facility to retire its existing senior
secured credit facility and to refinance senior unsecured notes due
in 2020 and 2021.  The facility is also available for general
corporate purposes and to support the company's proposed
acquisition of Rexam, which it does not expect to close until first
half of 2016.  Recovery prospects on the new facility are lower
than on the existing credit facility due to the larger facility
size and, to a lesser extent, the absence of direct borrowings by
foreign subsidiaries that benefit from additional guarantees and
collateral.

S&P expects FFO to adjusted debt to initially fall to the
low-to-midteens percentage area after the proposed transaction.
S&P expects FFO to adjusted debt to strengthen toward 20% in the 12
to 18 months following the close of the transaction.  "However, we
could lower the ratings if financial policies, integration
challenges, or modest deterioration in operating performance
potentially delay the company from restoring credit measures to the
appropriate levels in the 12 to 18 months following the close of
the proposed transaction," said Standard & Poor's credit analyst
Henry Fukuchi.

If the transaction is completed, the combined company should
benefit from increased product and geographic diversity and various
synergies.  Based on current information, S&P views the business
risk profile as "satisfactory" and the financial risk profile as
"significant," which results in an outcome of
'bbb-/bb+'.  S&P utilized the higher rating for the anchor score,
reflecting its view that the business risk profile is in the higher
end of the "satisfactory" category.  S&P adjusts its anchor
downward by one notch because it applies a negative financial
policy modifier, given the potential for additional debt-funded
acquisitions or shareholder rewards beyond S&P's base-case
scenario.  S&P's assessment reflects its expectation that Ball
Corp. will continue to pursue acquisitions and share repurchases
that will lead to credit ratios remaining at the weaker end of the
"significant" range.

The negative outlook reflects the potential for a lower rating if
the company does not improve its FFO to adjusted debt toward 20% in
the 12 to 18 months following the close of the proposed
transaction.

S&P could lower the ratings if financial policies, integration
challenges, or a modest deterioration in operating performance
potentially delay the company from restoring credit measures to the
appropriate levels in the 12 to 18 months following the close of
the proposed transaction.

An upgrade is highly unlikely in light of the proposed transaction
and expected deterioration in credit measures.



BEAZER HOMES: GSO Capital No Longer a Shareholder as of Dec. 31
---------------------------------------------------------------
GSO Capital Partners LP, et al., disclosed in an amended Schedule
13G filed with the U.S. Securities and Exchange Commission that as
of Dec. 31, 2014, they no longer owned shares of common stock of
Beazer Homes USA Inc.  They previously reported beneficial
ownership of 1,513,968 shares or 6 percent equity stake last year.
A copy of the regulatory filing is available for free at:

                        http://is.gd/vMIZu4

                         About Beazer Homes

Beazer Homes USA, Inc. (NYSE: BZH) -- http://www.beazer.com/--
headquartered in Atlanta, is one of the country's 10 largest
single-family homebuilders with continuing operations in Arizona,
California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada,
New Jersey, New Mexico, North Carolina, Pennsylvania, South
Carolina, Tennessee, Texas, and Virginia.  Beazer Homes is listed
on the New York Stock Exchange under the ticker symbol "BZH."

As of Dec. 31, 2014, Beazer Homes had $1.98 billion in total
assets, $1.73 billion in total liabilities and $258 million in
total stockholders' equity.

                           *     *     *

Beazer carries a 'B-' issuer credit rating, with "negative"
outlook, from Standard & Poor's.

In January 2013, Moody's Investors Service raised Beazer's
corporate family rating to 'Caa1' from 'Caa2' and probability of
default rating to 'Caa1-PD' from 'Caa2-PD'.  The ratings upgrade
reflects Moody's increasing confidence that Beazer's credit
metrics, buoyed by a strengthening housing market, will gradually
improve for at least the next two years and that the company may be
able to return to a modestly profitable position as early as fiscal
2014.


BUILDERS FIRSTSOURCE: Posts $2.42-Million Net Income in 4th Qtr.
----------------------------------------------------------------
Builders FirstSource, Inc. reported net income of $2.42 million on
$397 million of sales for the three months ended Dec. 31, 2014,
compared to net income of $4.52 million on $369 million of sales
for the same period in 2013.

For the fiscal year ended Dec. 31, 2014, Builders Firstsource
reported net income of $18.2 million on $1.60 billion of sales
compared to a net loss of $42.7 million on $1.48 billion of sales
for the same period last year.

As of Dec. 31, 2014, the Company had $583 million in total assets,
$543 million in total liabilities and $40.2 million in total
stockholders' equity.

Commenting on the Company's results, Builders FirstSource CEO Floyd
Sherman said, "Though the level of new construction activity was
not what we expected in 2014, we were still able to deliver
profitable top-line growth while also expanding our product
offerings and customer base via multiple acquisitions within very
attractive housing markets.  We reported sales of approximately
$397 million for the fourth quarter of 2014, up 7.5 percent from a
year ago.  Excluding the impact of recent acquisitions, our fourth
quarter sales increased 3.0 percent.  Quarter-over-quarter
commodity price fluctuations had minimal impact on our sales."

Continuing, Mr. Sherman added, "For fiscal 2014, we reported sales
of approximately $1.6 billion, up 7.7 percent over 2013.  Excluding
the impact of recent acquisitions, our sales for fiscal 2014
increased 5.8 percent compared to last year, as sales volume grew
7.9 percent before a 2.1 percent negative impact of commodity price
deflation on our sales.  From a single-family housing starts
perspective, the Census Bureau reported 2014 actual starts in the
South Region, which encompasses all of our markets, increased 6.0
percent compared to 2013."

Total liquidity at Dec. 31, 2014 was $147 million, including $17.8
million of cash and $129 million in borrowing availability under
the Company's revolver.  The Company had no new borrowings under
its revolver during the quarter, and had $30 million in outstanding
borrowings as of Dec. 31, 2014.

A copy of the press release is available for free at:

                        http://is.gd/p4hFUT

                    About Builders FirstSource

Headquartered in Dallas, Texas, Builders FirstSource Inc. --
http://www.bldr.com/-- supplies and manufactures building
products for residential new construction.  The Company operates
in nine states, principally in the southern and eastern United
States, and has 55 distribution centers and 51 manufacturing
facilities, many of which are located on the same premises as its
distribution facilities.

Builders Firstsource reported a net loss of $42.7 million on
$1.48 billion of sales for the year ended Dec. 31, 2013, as
compared with a net loss of $56.9 million on $1.07 billion of
sales in 2012.  The Company incurred a $65 million net loss in
2011.

                           *     *     *

As reported by the TCR on May 15, 2013, Standard & Poor's Ratings
Services Inc. said it raised its corporate credit rating on
Dallas-based Builders FirstSource to 'B' from 'CCC'.  "The upgrade
acknowledges U.S.-based building materials manufacturer and
distributor Builders FirstSource's 'strong' liquidity based on the
company's proposed recapitalization," said Standard & Poor's credit
analyst James Fielding.

In the May 13, 2014, edition of the TCR, Moody's Investors Service
upgraded Builders FirstSource's Corporate Family Rating to 'B3'
from 'Caa1'.  The upgrade reflects Moody's expectation that BLDR's
operating performance will continue to benefit from improved
housing construction, repair and remodeling.


C. WONDER: Prime Clerk Serves as Claims Agent
---------------------------------------------
C. Wonder LLC, et al., has engaged Prime Clerk LLC as official
noticing and claims agent.

Prime Clerk will assume the full responsibility for the
distribution of notices and the maintenance, processing and
docketing of proofs of claim filed in the Debtors’ Chapter 11
cases.

Although the Debtors have not yet filed their schedules of assets
and liabilities, they anticipate that there will be in excess of
1,000 entities to be noticed.  Due to the magnitude of parties who
would be receiving notice in the Chapter 11 cases from the Clerk's
Office of the U.S. Bankruptcy Court for the District of New Jersey,
the Debtors have determined that it would be in the estates' best
interest to retain an outside firm to provide notices and to
process claims.

On Jan. 16, 2015, Prime Clerk received a retainer of $20,000 from
the Debtors for claims and noticing services to be rendered for and
on behalf of the Debtors after the Filing Date.

For its claims and noticing services, Prime Clerk will charge the
Debtors at these hourly rates:

                                    Hourly Rate
                                    -----------
     Analyst                           $45
     Technology Consultant            $115
     Consultant                       $135
     Senior Consultant                $165
     Director                         $190

For the firm's solicitation, balloting and tabulation services,
the rates are:

                                    Hourly Rate
                                    -----------
     Solicitation Consultant          $190
     Director of Solicitation         $210

The firm will charge $0.10 per page for printing, $0.10 per page
for fax noticing, and no charge for e-mail noticing.  Hosting of
the case Web site is free of charge and on-line claim filing
services are free of charge.  For data administration and
management, the firm will charge $0.10 per record per month for
data storage, maintenance and security.

The claims agent can be reached at:

         PRIME CLERK LLC
         830 3rd Avenue, 9th Floor
         New York, NY 10022
         Attn: Shai Waisman
         Tel: (212) 257-5450
         E-mail: swaisman@primeclerk.com

                           About C. Wonder

Founded by J. Christopher Burch in 2010, C. Wonder is a specialty
retailer with retail stores in the United States.  With
headquarters in New York, the company sells women's clothing,
jewelry, shoes, handbags and other accessories as well as select
home goods under the C. Wonder brand.  The Company maintains two
distribution centers in New Jersey.

The Company opened its first retail store in New York in 2011.  By
2014, the Company had expanded its operations to include 29
locations across 13 states including its flagship location in
Soho,
New York.  Amid mounting losses, C. Wonder closed 16 of its retail
stores by the end of 2014.   C. Wonder closed 9 additional stores
in January 2015.  As of the bankruptcy filing, C. Wonder had four
retail stores in the U.S. (Soho, Flat Iron, Time Warner Center and
Manhasset).

C. Wonder LLC and its affiliates sought Chapter 11 bankruptcy
protection (Bankr. D.N.J. Lead Case No. 15-11127) in Trenton, New
Jersey on Jan. 22, 2015.  The cases are assigned to Judge Michael
B. Kaplan.

The Debtors have tapped Cole, Schotz, Meisel, Forman & Leonard,
P.A., as counsel, and Marotta, Gund, Budd & Dzera, LLC, as crisis
management services provider.

As of the Filing Date, the Debtors had assets with a book value of
$43.7 million and liabilities of $61.0 million.


CAESARS ENTERTAINMENT: Trustee Demands Payment of $3.8 Billion
--------------------------------------------------------------
Caesars Entertainment Corporation disclosed that it received a
demand for payment of guaranteed obligations from Wilmington
Savings Fund Society, FSB, in its capacity as successor Trustee for
the 10.00% Second-Priority Senior Secured Notes due 2018 issued
under the Indenture, dated April 15, 2009, by and among Caesars
Entertainment Operating Company, Inc., a majority owned subsidiary
of CEC, CEC and U.S. Bank National Association, as trustee.

According to a document filed with the Securities and Exchange
Commission, the Notice alleges that CEC has unconditionally
guaranteed the obligations of CEOC under the Indenture and the
Notes, including CEOC's obligation to timely pay all principal,
interest and any premium due on the Notes, and demands that CEC
immediately pay the Trustee cash in an amount of not less than
$3,680.5 million, plus accrued and unpaid interest (including
without limitation the $184 million interest payment due
Dec. 15, 2014, that CEOC elected not to pay) and accrued and unpaid
attorneys' fees and other expenses due to CEOC's commencement of a
voluntary case under Chapter 11 of the U.S. Bankruptcy Code.  The
Notice also alleges that the interest, fees and expenses continue
to accrue.

CEC asserts that in accordance with the terms of the Indenture
it is not subject to the Alleged CEC Guarantee and, as a result,
the Trustee's demand is meritless.

                    About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.
-- http://www.caesars.com/-- is one of the world's largest casino
companies.  Caesars casino resorts operate under the Caesars,
Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names.
The Company has its corporate headquarters in Las Vegas.  Harrah's
announced its re-branding to Caesar's in mid-November 2010.  

Caesars Entertainment reported a net loss of $2.93 billion in
2013, as compared with a net loss of $1.50 billion in 2012.  The
Company's balance sheet at Sept. 30, 2014, showed $24.5 billion in
total assets, $28.2 billion in total liabilities and a $3.71
billion total deficit.

In January 2015, Caesars Entertainment and subsidiary CEOC
announced that holders of more than 60% of claims in respect of
CEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% senior
secured notes due 2020 and CEOC's 9% senior secured notes due 2020
have signed the Amended and Restated Restructuring Support and
Forbearance Agreement, dated as of Dec. 31, 2014, among Caesars
Entertainment, CEOC and the Consenting Creditors.  As a result,
The RSA became effective pursuant to its terms as of Jan. 9, 2015.

Appaloosa Investment Limited, et al., owed $41 million on account
of 10% second lien notes in the company, filed an involuntary
Chapter 11 bankruptcy petition against Caesars Entertainment
Operating Company, Inc. (Bankr. D. Del. Case No. 15-10047) on Jan.
12, 2015.  The bondholders are represented by Robert S. Brady,
Esq., at Young, Conaway, Stargatt & Taylor, LLP.

CEOC and 172 other affiliates -- operators of 38 gaming and resort
properties in 14 U.S. states and 5 countries -- filed Chapter 11
bankruptcy petitions (Bank. N.D. Ill.  Lead Case No. 15-01145) on
Jan. 15, 2015.  CEOC disclosed total assets of $12.3 billion and
total debt of $19.8 billion as of Sept. 30, 2014.

As reported in the Troubled Company Reporter on Feb. 4, 2015, the
bankruptcy proceedings will proceed in the U.S. Bankruptcy Court
for the Northern District of Illinois, according to a ruling by
Delaware Bankruptcy Judge Kevin Gross.

Kirkland & Ellis serves as the Debtors' counsel.  AlixPartners is
the Debtors' restructuring advisors.  Prime Clerk LLC acts as the
Debtors' notice and claims agent.  Judge Benjamin Goldgar presides
over the cases.

The U.S. Trustee has appointed seven noteholders to serve in the
Official Committee of Second Priority Noteholders and nine members
to serve in the Official Unsecured Creditors' Committee.


CASPIAN SERVICES: Needs More Time to File Dec. 31 Form 10-Q
-----------------------------------------------------------
Caspian Services, Inc., filed a Form 12b-25 with the U.S.
Securities and Exchange Commission to delay the filing of its
quarterly report on Form 10-Q for the period ended Dec. 31, 2014.
The Company said it requires additional time to compile and verify
the data required to be included in the report.  The report will be
filed within five calendar days of the date the original report was
due.

The Company anticipates that during the fiscal quarter ended Dec.
31, 2014, total revenues will have decreased approximately 38%
compared to the fiscal quarter ended Dec. 31, 2013.  The Company
anticipates this decrease will be attributable to decreases in
vessel, geophysical services and marine base revenues of
approximately 10%, 76% and 7%, respectively.

The Company believes that total costs and operating expenses will
have decreased approximately 19% during the first fiscal quarter
2015.  This decrease is principally related to anticipated
decreases in vessel costs of approximately 19%, geophysical service
costs of approximately 45% and marine base service costs of
approximately 7%.  The Company also anticipates general and
administrative will have decreased approximately 12%.

The Company expects to realize a loss from operations during the
quarter ended Dec. 31, 2014, of approximately $0.62 million
compared to income from operations for the quarter ended December
31, 2013 of approximately $1.4 million.  This change from income
from operations to a loss from operations is largely attributable
to the anticipated decrease in geophysical services revenue which
outpaced decreases in total costs and operating expenses.  The
Company expects net other expenses will have increased
approximately 21% during the first fiscal quarter 2015.  This
increase is principally the result of an anticipated increase in
interest expense of approximately 12%.

During the quarter ended Dec. 31, 2014, the Company anticipates
realizing a comprehensive loss attributable to Caspian Services of
approximately $2.3 million compared to a comprehensive loss
attributable to Caspian Services of $0.72 million, during the
quarter ended Dec. 31, 2013.

                       About Caspian Services

Headquartered in Salt Lake City, Caspian Services, Inc., was
incorporated under the laws of the state of Nevada on July 14,
1998.  Since February 2002 the Company has concentrated its
business efforts to provide diversified oilfield services to the
oil and gas industry in western Kazakhstan and the Caspian Sea,
including providing a fleet of vessels, onshore, transition zone
and marine seismic data acquisition and processing services and a
marine supply and support base in the port of Bautino, in Bautino
Bay, Kazakhstan.

Caspian reported a net loss of $18.8 million on $29.9 million of
total revenue for the year ended Sept. 30, 2014, compared with a
net loss of $11.8 million on $33.08 million of total revenues for
the year ended Sept. 30, 2013.

As of Sept. 30, 2014, Caspian had $67.06 million in assets, $101.5
million in liabilities and a $34.5 million total deficit.

The Company's independent auditors, Haynie & Company, P.C., in Salt
Lake City, Utah, issued a "going concern" qualification on the 2014
consolidated financial statements citing that, "[A] Company
creditor has indicated that it believes the Company may be in
violation of certain covenants of certain substantial financing
agreements.  The financing agreements have acceleration right
features that, in the event of default, allow for the loan and
accrued interest to become immediately due and payable."  According
to the auditors, as a result of this uncertainty, the Company has
included the note payable and all accrued interest as current
liabilities at Sept. 30, 2014.  At Sept. 30, 2014, the Company had
negative working capital of $85.0 million and for the year ended
Sept. 30, 2014, the Company had a net loss of $16.6 million."


CHINA LOGISTICS: Magna Mgt. No Longer Owns Shares as of Dec. 31
---------------------------------------------------------------
Magna Management, LLC, Magna Equities II, LLC and Joshua Sason
disclosed in an amended Schedule 13G filed with the U.S. Securities
and Exchange Commission that as of Dec. 31, 2014, they ceased to
beneficially own shares of common stock of China Logistics Group,
Inc.  A copy of the regulatory filing is available at
http://is.gd/NkhMu5

                       About China Logistics

Shanghai, China-based China Logistics Group, Inc., is a Florida
corporation and was incorporated on March 19, 1999, under the name
of ValuSALES.com, Inc.  The Company changed its name to Video
Without Boundaries, Inc., on Nov. 16, 2001.  On Aug. 31, 2006, it
changed its name from Video Without Boundaries, Inc., to
MediaReady, Inc., and on Feb. 14, 2008, it changed its name from
MediaReady, Inc., to China Logistics Group, Inc.

On Dec. 31, 2007, the Company entered into an acquisition
agreement with Shandong Jiajia International Freight and
Forwarding Co., Ltd., and its sole shareholders Messrs. Hui Liu
and Wei Chen, through which the Company acquired a 51% interest in
Shandong Jiajia.  The transaction was accounted for as a capital
transaction, implemented through a reverse recapitalization.

Shandong Jiajia, formed in 1999 as a Chinese limited liability
company, is an international freight forwarder and logistics
management company.  Headquartered in Qingdao, Shandong Jiajia has
branches in Shanghai, Xiamen, Lianyungang and Tianjin with
additional sales office in Rizhao.

The Company's balance sheet at Sept. 30, 2013, showed
$4.56 million in total assets, $4.44 million in total liabilities
and $120,000 in total stockholders' equity.

The Company has an accumulated deficit of $20.7 million at
Sept. 30, 2013.  During the nine months ended Sept. 30, 2013, the
Company used cash in operating activities of $374,000.  The Company
has reported net loss of $447,000 and net income of $491,000 for
the nine months ended Sept. 30, 2013 and 2012, respectively.  The
Company's ability to continue as a going
concern is dependent upon its ability to increase its revenues to
historic levels, generate profitable operations in the future and
to obtain any necessary financing to meet its obligations and
repay its liabilities arising from normal business operations when
they come due.  The outcome of these matters cannot be predicted
at this time.  These matters raise substantial doubt about the
ability of the Company to continue as a going concern, the
Company said in the quarterly report on Form 10-Q for the period
ended Sept. 30, 2013.


CHINA PRECISION: Edward Wedbush Reports 5% Stake as of Dec. 31
--------------------------------------------------------------
Edward W. Wedbush, et al., disclosed in a document filed with the
Securities and Exchange Commission that as of Dec. 31, 2014, they
beneficially owned 215,026 shares of common stock of China
Precision Steel, Inc., which represents 5.5 percent of the shares
outstanding.  

Mr. Wedbush owns approximately 50% of the issued and
outstanding shares of WEDBUSH, Inc., which is the sole shareholder
of Wedbush Securities Inc.  Mr. Wedbush is also the Chairman of
the Board of WEDBUSH, Inc. and the president of Wedbush Securities
Inc.  

A copy of the regulatory filing is available for free at
http://is.gd/XzUALv

                   About China Precision Steel

China Precision Steel -- http://chinaprecisionsteelinc.com/-- is
a niche precision steel processing company principally engaged in
the production and sale of high precision cold-rolled steel
products and provides value added services such as heat treatment
and cutting medium and high carbon hot-rolled steel strips. China
Precision Steel's high precision, ultra-thin, high strength (7.5
mm to 0.05 mm) cold-rolled steel products are mainly used in the
production of automotive components, food packaging materials, saw
blades, steel roofing and textile needles.  The Company sells to
manufacturers in the People's Republic of China as well as
overseas markets such as Nigeria, Ethiopia, Thailand and
Indonesia.  China Precision Steel was incorporated in 2002 and is
headquartered in Sheung Wan, Hong Kong.

China Precision reported a net loss of $37.5 million on
$47.2 million of sales revenues for the year ended June 30, 2014,
compared to a net loss of $68.9 million on $36.5 million of
sales revenues in 2013.

As of Dec. 31, 2014, the Company had $66.3 million in total assets,
$63.7 million in total liabilities, all current, and $2.61 million
in total stockholders' equity.

MSPC Certified Public Accountants and Advisors, A Professional
Corporation, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
suffered very significant losses for the years ended June 30, 2014,
and 2013, respectively.  Additionally, the Company defaulted on
interest and principal repayments of bank borrowings that raise
substantial doubt about its ability to continue as a going
concern.


CNCPROS INTERNATIONAL: Case Summary & 2 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: CNCPros International, Inc.
           dba CNCPROS.NET,Inc.,
        272 SW Fifth Avenue
        Meridian, ID 83642

Case No.: 15-00152

Chapter 11 Petition Date: February 19, 2015

Court: United States Bankruptcy Court
       District of Idaho (Boise)

Judge: Hon. Terry L Myers

Debtor's Counsel: Frances R Stern, Esq.
                  MOORE, SMITH, BUXTON & TURCKE, CHARTERED
                  950 W. Bannock, Ste. 520
                  Boise, ID 83702
                  Tel: (208)331-1800
                  Fax: (208)331-1202
                  Email: frs@msbtlaw.com

Total Assets: $1.83 million

Total Liabilities: $1.60 million

The petition was signed by Brian Denny, president.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/idb15-00152.pdf


DEAN FOOD: Moody's Rates $700MM Senior Unsecured Notes at B2
------------------------------------------------------------
Moody's Investors Service assigned a B2 (LGD 5) rating to Dean Food
Company's $700 million senior unsecured notes due 2023.  The rating
outlook is stable.  There are no changes to Dean's existing ratings
including the B1 Corporate Family Rating, B1-PD Probability of
Default Rating, Ba3 senior secured rating and B3 senior unsecured
rating at Dean Holding Company.

Proceeds will be used to fully repay the 7% senior unsecured notes
due 2016, and partially repay borrowings outstanding under the
receivables backed facility and revolving credit facility.

Dean Foods Company's B1 Corporate Family Rating reflects its narrow
margins and the commodity oriented nature of the fluid milk
business.  It also reflects the company's limited product,
geographic and customer diversification compared to some of its
food and agriculture company peers, and the potential for high
earnings volatility due to fluctuating milk prices and low pricing
power.  The rating also reflects certain challenges facing the
category, including declining US milk consumption and dependence on
government farm policy for milk subsidies.  However, the rating is
supported by the company's leading market share, national scale in
the US dairy industry, and strong distribution network with
comprehensive refrigerated direct store delivery systems.
Furthermore, we expect that the company's margins will rise as a
result of the significantly lower raw milk prices (down 31% since
year end), price realization efforts, and cost reduction efforts.
Debt to EBITDA (including Moody's standard adjustments) was 5.8
times for the twelve months ended Dec. 31, 2014.

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

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

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

The B2 rating on Dean's unsecured debt is one notch below the B1
Corporate Family Rating reflecting its subordination to the secured
revolving credit facility.  It also reflects guarantees provided by
substantially all of the company's wholly owned US subsidiaries
(except the US receivables securitization subsidiaries) giving it
priority over Dean Holding Company's (subsidiary) senior unsecured
debt.

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

Dean, headquartered in Dallas, Texas, is the largest processor and
distributor of milk and various other dairy products in the United
States.  The company had sales of $9.5 billion for the twelve
months ended December 31, 2014.


DEAN FOODS: S&P Assigns 'B+' Rating on $700MM Sr. Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its issue-level and
recovery ratings to Dean Foods Co.'s proposed rule 144A $700
million senior unsecured notes issue.  S&P assigned a 'B+' issue
rating to the notes, and assigned a recovery rating of '5',
indicating its expectations for modest recovery (10% to 30%) in the
event of a payment default.  Net proceeds of the bond issue will
primarily redeem the company's outstanding 2016 notes, including
any prepayment premiums.  S&P expects Dean Foods will have
approximately $1 billion of debt outstanding at the close of the
transaction and completion of the 2016 bond redemption.

While Dean Foods is the leading fluid dairy company in the U.S.,
like the rest of the industry it faces challenging dairy processing
conditions (characterized by reduced fluid milk demand), excess
production capacity in many regions, consumers' shift away from
higher-margin branded milk sales in times of economic weakness, and
recently volatile commodity input costs (including record high raw
milk costs in 2014).  Still, Dean Foods generates good levels of
free cash flow, which should meaningfully improve in fiscal 2015 as
milk costs drop, permitting the company to reduce its
debt-to-EBITDA ratio below 4x and maintain a funds from
operations-to-debt ratio above 20%.

RATINGS LIST

Dean Foods Co.
Corporate credit rating          BB-/Stable/--

Ratings Assigned
Dean Foods Co.
Senior unsecured
  $700 mil. sr. notes due 2023    B+
   Recovery rating                5



DEERFIELD RANCH WINERY: Seeks to Use Rabobank Cash Collateral
-------------------------------------------------------------
Deerfield Ranch Winery, LLC, seeks authorization from the
Bankruptcy Court to use cash collateral as necessary in the
ordinary course of the operation of its business.

As an operating winery, Deerfield requires use of its cash on a
continual basis in order to pay its employees and pay other routine
expenses in the ordinary course.

On an emergency interim basis, pending final relief, Deerfield
seeks relief to disburse $249,000 during the next four weeks.
During this four week period, Deerfield projects that its net cash
will decrease by $45,000, but increase substantially through week
seven.  Deerfield also seeks final relief granting it the right to
use cash collateral on an ongoing basis in the ordinary course of
its business, consistent with its 13-week cash flow budget, as
updated from time to time.

Rabobank N.A., Deerfield's primary secured lender asserts that it
holds a duly perfected security interest in substantially all of
Deerfield's assets, including its cash.  Deerfield does not believe
that any other creditor holds an interest in cash collateral.

Deerfield owes $10.9 million to Rabobank on two loans taken out in
late 2008.  The value of the business far exceeds the amount of the
loans, meaning that unsecured creditors are in a position to
receive payment in full, and that there should be substantial
recovery to be preserved for equity.

Deerfield submits that Rabobank is protected by an equity cushion
of not less than $5 million, or 45%, even using depressed
liquidation values.

Deerfield seeks to use cash collateral through the middle of May
2015.  


Although issues with Deerfield's secured lender have necessitated
this filing, the winery operations are strong, profitable, and
growing.

                   About Deerfield Ranch Winery

Deerfield Ranch Winery, LLC, is an award-winning winery located in
the heart of the Sonoma Valley, founded in 1982 by Robert and PJ
Rex.   The Deerfield estate is approximately 47 acres, located in
Kenwood, California, and was acquired in 2000.  Annual production
totals approximately 30,000 cases annually, including both
Deerfield brands and the winery's substantial custom-crush
business, which includes 12 small family-owned wineries.  The
winery LLC is owned by 87 members, who have contributed more than
$15 million to the business.

Deerfield Ranch Winery filed a Chapter 11 bankruptcy petition
(Bank. N.D. Cal. Case No. 15-10150) on Feb. 13, 2015.  The Debtor
estimated assets and liabilities of $10 million to $50 million.
Scott H. McNutt, Esq., and Shane J. Moses, Esq., at McNutt Law
Group LLP serve as the Debtor's counsel.  Jigsaw Advisors LLC acts
as the Debtor's restructuring financial advisor.  Judge Alan
Jaroslovsky is assigned to the case.


DEERFIELD RANCH WINERY: To Reorganize Rather Than Sell
------------------------------------------------------
Deerfield Ranch Winery, LLC, has sought bankruptcy protection with
plans to file a reorganization plan rather than pursue a sale of
the assets in the immediate term.

Deerfield said in a court filing that it believes that any attempt
sell the business in the immediate term would result in depressed
offers that do not reflect the actual value of the business.  While
Deerfield is amenable to exploring a sale if it appears that an
appropriate value can be realized for the benefit of all of its
constituencies, it is probable that a reorganization process is
more likely to protect the rights of all of Deerfield's creditors
and equity holders.

Deerfield therefore expects to promptly propose a plan of
reorganization, which restructures its debt so that it can operate
successfully for some period, perhaps five years.  Within that
time, the company would expect to sell the business or refinance
the debt.  The plan of reorganization will most likely contemplate
extending the Rabobank debt for a period of time, at a reasonable
interest rate that is fair to both the bank and other creditors/
equity holders.

Reorganization of the Rabobank loans into a long-term, fully
amortized note or notes is also a possibility.  In either case,
Deerfield expects that it will be able to propose a plan that pays
unsecured creditors in full, over time, allowing equity to remain
in place.

                        The Rabobank Loans

Shane J. Moses, Esq., at McNutt Law Group LLP, explains that the
cost of construction of the winery was funded in part through the
sale of member equity, various bridge loans, loans from members,
and construction loans.  In 2007, Deerfield approached Rabobank and
was told, after Rabobank conducted months of due diligence, that
Deerfield qualified for an $11 million fully amortized term loan to
refinance and consolidate the various loans that had financed
construction. When Deerfield's managers received the initial loan
documents back from Rabobank at the end of 2008, they were informed
that Rabobank would only provide an $8 million term loan, because
of the dramatic downturn in the market.  This was in late 2008, in
the early stages of the Great Recession, when the banking system
was on the verge of collapse and the credit market had virtually
dried up.  Rabobank offered to provide the other $3 million in the
form of a line of credit, secured by Deerfield's inventory and
accounts receivable borrowing base, which would come due in 2010.
Deerfield expressed concern about these terms, because it would be
impossible for Deerfield to repay the $3 million line of credit in
15 months.

Mr. Moses relates that Deerfield was assured by Rabobank that the
bank would roll the $3 million line of credit into the term loan
when it became due in 2010.  When the line of credit came due,
however, Rabobank refused to do this.  It was the understanding of
Deerfield management that the $8 million term loan was amortized,
after a short interest-only period, with monthly principal and
interest payments over its 7-year term.  This was what the managers
were told by Rabobank, and nothing in the initial documents
indicated otherwise.  Deerfield's management did not understand
there to be any annual balloon payments.  Instead, they understood
that the monthly payments were for the amortized amount.  As
required by Rabobank, the loan documents were reviewed by the
accounting firm of Moss Adams.  The Moss Adams review did not
reflect that the loans required anything other than regular monthly
payments.

During the first year of the Rabobank loans, Deerfield made all
payments in a timely fashion.  In January 2010, however, Deerfield
was informed that Rabobank was demanding an annual principal
payment of $206,000 on the $8 million term loan. Deerfield had
understood the term loan to not require any balloon principal
payments prior to its maturity.  In response to Deerfield's
inquiry, Rabobank provided a "Schedule of Principal Payments of
Term Loans," showing annual principal payments due on December 1 of
each year, starting in 2009.  Deerfield management had never seen
this document before, nor had the accounting firm that reviewed the
loan files, Moss Adams.  This is supported by the fact that the
original review by Moss Adams had a note reflecting that the
repayment schedule for the $8 million term loan was "interest only
payments until December 1, 2009; monthly payments of principal and
interest thereafter."

Because the winery could not support these large principal
pay-downs, Deerfield management sought a modification of the loans
to amortize the principal pay-downs.  This would have allowed
Deerfield to meet its obligations without default. Despite the
efforts of Deerfield management to address the situation in a
responsible manner, Rabobank refused to amortize the principal
payments, and instead threatened foreclosure, despite the fact that
Deerfield had made its monthly payments consistently and without
fail.

According to Mr. Moses, under duress, Deerfield was forced to
accept Rabobank's amendment, which simply delayed the date of the
balloon payment, and actually accelerated the due date of the line
of credit from August to April 2010.  Over the next four years,
Deerfield was forced to sign multiple further amendments, each time
extending the due date of the line of credit by only a few months.

Mr. Moses avers that although Deerfield made substantial principal
pay-downs, the modifications that Rabobank required ultimately
consolidated multiple balloon payments into one massive payment of
$567,000, followed by a pay-off of the $3,000,000 line of credit
three months later.  Deerfield could not hope to pay these amounts
on this schedule. Inevitably, Deerfield was unable to make this
unreasonable payment of $567,000 on Dec. 31, 2013, and the
$3,000,000 line of credit due March 31, 2014.  Rabobank then filed
a judicial foreclosure action in February 2014 (the "Foreclosure
Action").

During the entire five years the loans were outstanding, prior to
Rabobank filing the Foreclosure Action in February 2014, Deerfield
consistently and without fail made its regular monthly payments.
These payments totaled $43,000 per month for the two loans and the
costly interest rate swap agreement required by Rabobank. Deerfield
continued making these payments reliably throughout the course of
the loans, until Rabobank halted the ACH for the term loan and the
line of credit withdrawals starting in January 2014.  Rabobank
continued to withdraw interest swap payments on Jan. 2, 2014 in the
amount of $14,351, and on Feb. 2, 2014 in the amount of $14,805.
Even after Rabobank filed its foreclosure action on Feb. 10, 2014,
Deerfield continued to make interest payments, paying more than
$360,000 in 2014.  

The loans were assigned to Rabobank's Special Assets group in April
2010.  Being assigned to Special Assets resulted in substantial
fees, in addition to the regular monthly payments, which Deerfield
continued to make.

While Deerfield's management feels that it was substantially misled
by Rabobank in connection with the terms of the loans, Deerfield
acknowledges that any claims based on this were most likely
released in subsequent amendments.  Deerfield presently has no
intentions of pursuing any action against the bank, and believes
that the focus should be on how to restructure these substantially
oversecured loans.

Over the past five years, Deerfield has paid more than $275,000 in
fees levied in connection with modifications to extend the due date
of the line of credit, and other Special Assets requirements.
Deerfield also made more than $325,000 in principal payments on the
term loan during this time, in addition to the regular monthly
payments on both loans.  In sum, over the five years and two months
between the funding of the loans and Rabobank filing a foreclosure
action, Deerfield paid Rabobank more than $4.1 million on these
loans totaling $11 million.

                  Deerfield's Current Operations

Deerfield is a highly respected, profitable business with a very
high likelihood of a successful reorganization, despite its
troubles with the Rabobank loans.  After opening to the public in
2008, the winery business has grown steadily despite being hampered
by the banking relationship.  Deerfield has been profitable in 2012
and 2013, even after debt service, including the substantial annual
payments made that were required by Rabobank.  Net profit was
$100,000 on $3.1 million in revenue in 2012, $125,000 on $3.4
million in 2013.  During these past three years EBITDA has been
$972,000 in 2012, $1.2 million in 2013, and $767,000 in 2014.  Even
with the debt service and the punishing additional expenses
associated with being assigned to Special Assets, Deerfield has had
a generally positive bottom line. Without the $84,687 in
extraordinary costs associated with the foreclosure action and
receivership in 2014, adjusted EBITDA was
$850,000, meaning that net profit would have been $77,000 without
these extraordinary costs.

In addition to production and sale of Deerfield Ranch Winery brand
wine, the business also includes production and sale of wine under
Deerfield's second Deerfield@Wine brand, a substantial custom crush
business, and routine sale of excess bulk wine.

Deerfield has continued to pay its vendors in the ordinary course
of business in spite of its struggles with Rabobank.  As a result,
Deerfield's unsecured debt is only the routine accounts that are to
be expected for a winery at this point in the year.

Deerfield's only other substantial debt is a Sonoma County property
tax lien, in the principal amount of $565,800, with accrued
interest of approximately $189,000.  When Deerfield was forced to
make large principal payments to Rabobank, the only way that it
could make these payments without jeopardizing operations was to
use funds that otherwise would have gone to pay real property
taxes.

The Budget illustrates Deerfield's expected cash flows over the
thirteen weeks beginning Feb. 9, 2015.  Starting cash position on
February 9 was approximately $195,000.  Over the Budget period,
this is expected to increase to $325,886.  A substantial part of
this positive net cash flow comes from the wine club shipment
scheduled for the week of March 23, 2015.

                   About Deerfield Ranch Winery

Deerfield Ranch Winery, LLC, is an award-winning winery located in
the heart of the Sonoma Valley, founded in 1982 by Robert and PJ
Rex.   The Deerfield estate is approximately 47 acres, located in
Kenwood, California, and was acquired in 2000.  Annual production
totals approximately 30,000 cases annually, including both
Deerfield brands and the winery's substantial custom-crush
business, which includes 12 small family-owned wineries.  The
winery LLC is owned by 87 members, who have contributed more than
$15 million to the business.

Deerfield Ranch Winery filed a Chapter 11 bankruptcy petition
(Bank. N.D. Cal. Case No. 15-10150) on Feb. 13, 2015.  The Debtor
estimated assets and liabilities of $10 million to $50 million.
Scott H. McNutt, Esq., and Shane J. Moses, Esq., at McNutt Law
Group LLP serve as the Debtor's counsel.  Jigsaw Advisors LLC acts
as the Debtor's restructuring financial advisor.  Judge Alan
Jaroslovsky is assigned to the case.


DEERFIELD RANCH: May Continue Operations Until End of March
-----------------------------------------------------------
Christian Kallen at Sonoma Index-Tribune reports that Deerfield
Ranch Winery, LLC, has reached a cash collateral agreement with its
lender Rabobank, delaying the foreclosure of the winery at least
until the end of March 2015.

As reported by the Troubled Company Reporter on Feb. 20, 2015,
Kevin McCallum at The Press Democrat reported that the Company
filed for bankruptcy to prevent the winery from being auctioned off
to pay its $11 million debt to Rabobank.  According to court
filings, Rabobank filed for judicial foreclosure in 2014 for
outstanding balances on an $8 million loan and $3 million line of
credit, both obtained in late 2008, and receiver John Hawkins was
appointed in December 2014.

Index-Tribune relates that the agreement reached prior to a Feb.
19, 2015 hearing in the Bankruptcy Court allow the winery to
continue operations until the end of March, when a reorganization
plan is due.

                       About Deerfield Ranch

Deerfield Ranch Winery, LLC -- http://www.deerfieldranch.com/-- is
headquartered in Glen Ellen, California.  Robert W. Rex and his
wife, Paulette, are the founders and managing members of the
32-year-old Winery.  The Winery has 22 workers and makes 15,000
cases a year for its own projects, mostly of the Deerfield Ranch
brand, retailing for $24–$85 a bottle, some for the
4-year-old
Deerfield@Wine second label and some private labels.  The Winery
also produces 12,000–20,000 cases a year for a dozen
custom-winemaking clients.

The Winery filed a Chapter 11 bankruptcy petition (Bank. N.D. Cal.
Case No. 15-10150) on Feb. 13, 2015.  It estimated assets and
liabilities of $10 million to $50 million.  Scott H. McNutt, Esq.,
and Shane J. Moses, Esq., at McNutt Law Group LLP serve as the
debtor's counsel.  Jigsaw Advisors LLC acts as the debtor's
restructuring financial advisor.  Judge Alan Jaroslovsky is
assigned to the case.  The petition was signed by Mr. Rex.


DELPHI AUTOMOTIVE: To Sell Thermal Business to MAHLE
----------------------------------------------------
Delphi Automotive PLC has entered into a definitive agreement to
sell its wholly-owned thermal business to MAHLE GmbH for cash
consideration of approximately $727 million, subject to closing
adjustments, which represents an implied EV/LTM EBITDA multiple of
approximately 9.5x.  The transaction is expected to close in the
third quarter of 2015, subject to regulatory approvals.  Proceeds
from the transaction will be used to fund growth initiatives,
including acquisitions and share repurchases.

Delphi and MAHLE also signed a separate letter of intent to sell
Delphi's stake in Shanghai Delphi Automotive Air-Conditioning
System Co., Ltd.  Proceeds from this transaction will be in
addition to the $727 million paid for the wholly-owned operations.

"This agreement represents a great outcome for both Delphi and our
Thermal division.  The transaction positions Delphi with a more
focused high-growth product portfolio that addresses the trends of
safe, green and connected.  The acquisition of the business by
MAHLE, a leading global supplier of thermal systems, ensures
continued industry-leading service to our customers and stability
for our employees," Rodney O'Neal, Delphi's chief executive officer
and president.

Delphi's Thermal division had 2014 revenues of $1.6 billion, with
approximately 6,700 employees and 13 plants globally.  The results
of operations of the Thermal division business will be reported as
discontinued operations beginning in the first quarter of 2015.

Prof. Heinz K. Junker, MAHLE chairman of the Management Board and
chief executive officer, said, "The acquisition of Delphi's Thermal
division enhances our good position in the thermal market.  The
transaction extends our production footprint in Europe, North
America, and Asia and further strengthens our product range and
systems competence -- particularly with air conditioning
compressors.  This step represents the continued strategic
progression for MAHLE."

Mr. O'Neal stated, "Under MAHLE ownership, Delphi Thermal will
become part of a leading systems supplier in the thermal industry,
better positioned to serve customers with a global footprint and
industry-leading technology portfolio.  The business is a good
strategic fit for MAHLE, which will benefit our Thermal customers
and our Thermal employees."

Barclays is serving as Delphi's financial advisor and Latham &
Watkins LLP is serving as its legal counsel.

                         About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation --
http://www.delphi.com/-- is a global supplier of electronics and  

technologies for automotive, commercial vehicle and other market
segments.  Delphi operates major technical centers, manufacturing
sites and customer support facilities in 30 countries.

The Company filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead
Case No. 05-44481) on Oct. 8, 2005.  John Wm. Butler Jr., Esq.,
John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, represented the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represented the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed $9.16 billion in
assets and $23.7 billion in debt.

The Court confirmed Delphi's plan on Jan. 25, 2008.  The Plan was
not consummated after a group led by Appaloosa Management, L.P.,
backed out from their proposal to provide $2.55 billion in equity
financing to Delphi.  At the end of July 2009, Delphi obtained
confirmation of a revised plan, build upon a sale of the assets to
a entity formed by some of the lenders who provided $4 billion of
debtor-in-possession financing, and General Motors Company.

On Oct. 6, 2009, Delphi's Chapter 11 plan of reorganization became
effective.  A Master Disposition Agreement executed among Delphi
Corporation, Motors Liquidation Company, General Motors Company,
GM Components Holdings LLC, and DIP Holdco 3, LLC, divides Delphi's
business among three separate parties -- DPH Holdings LLC, GM
Components, and DIP Holdco 3.

Delphi emerged from Chapter 11 as DPH Holdings.  DPH Holdings is
responsible for the post-Effective Date administration and eventual
closing of the Chapter 11 cases as well as the disposition of
certain retained assets and payment of certain retained liabilities
as provided under the Modified Plan.

Delphi Automotive PLC is UK-based company formed in May 2011 as a
holding company for US-based automotive parts manufacturer Delphi
Automotive LLP.  Delphi Automotive LLP is the successor to the
former Delphi Corporation.  At the time of its formation, Delphi
Automotive PLC filed an initial public offering seeking to raise at
least $100 million.

As reported by the Troubled Company Reporter on Jan. 15, 2015, Sara
Randazzo, writing for Daily Bankruptcy Review, reported that
two hedge funds sued Delphi Automotive PLC accusing the auto-parts
supplier of failing to pay up to $300 million promised to creditors
as part of its bankruptcy plan.


DENDREON CORP: Court Approves Sale of Assets to Valeant
-------------------------------------------------------
U.S. Bankruptcy Judge Laurie Selber Silverstein in Delaware
authorized Dendreon Corporation, et al., to sell substantially all
of their assets to Drone Acquisition Sub Inc., a wholly-owned
direct subsidiary of Valeant Pharmaceuticals International.

Prior to the sale approval hearing, Dendreon disclosed in filings
with the U.S. Securities and Exchange Commission that it entered
into a second amendment to its acquisition agreement, dated Feb.
19, 2015, with Valeant.  The Feb. 19 acquisition agreement amends
certain terms of the Amended Stalking Horse Agreement and provides
for an aggregate purchase price of $495 million, which includes the
purchase of $80 million in cash, for an effective increase of $15
million over the Amended Stalking Horse Agreement for the purchase
of certain additional assets of the Debtors, of which $445.5
million is payable in cash at closing and $49.5 million is payable
in common shares of Valeant to be issued to the Company on the
anticipated date of effectiveness of a plan of liquidation or
reorganization in the Chapter 11 Cases and subsequently distributed
to creditors in accordance with such plan and the terms of the
Acquisition Agreement, BankruptcyData reported.

The Acquisition Agreement includes the Debtors' assets related to
their enteric coated D-3263 hydrochrolide product candidate, as
well as $80 million of cash of the Debtors, BData said.

Moreover, BData relates that the parties have agreed that the
Acquisition Agreement will constitute a "plan of reorganization" of
the Company and the Purchaser for purposes of Sections 368 and 354
of the Internal Revenue Code of 1986, as amended.

As previously reported by The Troubled Company Reporter, the
Debtors canceled an auction of its assets scheduled after they
didn't receive bids from other potential buyers.

Judge Silverstein earlier approved Valeant Pharmaceuticals as the
stalking horse bidder.  The company initially offered $295 million
for the assets but it agreed to increase its bid by 35% to retain
its place as stalking horse.

Dendreon anticipates the completion of the sale to Valeant to
occur
by the end of February 2015, subject to certain closing
conditions,
including approval from the Court.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as the
Company's legal advisor, AlixPartners is serving as its financial
advisor and Lazard is serving as its investment bank.

Weil, Gotshal & Manges LLP acted as legal advisor to Valeant.

                       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
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.


ECO BUILDING: Posts $1.4 Million Net Loss for Second Quarter
------------------------------------------------------------
Eco Building Products, Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $1.40 million on $777,000 of total revenue for the
three months ended Dec. 31, 2014, compared to a net loss of $2.44
million on $316,000 of total revenue for the same period in 2013.

For the six months ended Dec. 31, 2014, the Company reported a net
loss of $873,000 on $1.65 million of total revenue compared to a
net loss of $4.32 million on $725,000 of total revenue for the same
period last year.

As of Dec. 31, 2014, Eco Building had $1.86 million in total
assets, $24.5 million in total liabilities and a $22.6 million
total stockholders' deficit.

On Dec. 31, 2014, the Company had $75,500 cash on hand.  

"Our continuation as a going concern is dependent upon obtaining
the additional working capital necessary to sustain our operations.
Our future is dependent upon our ability to obtain financing and
upon future profitable operations.  There is no assurance that our
current operations will be profitable or that we will raise
sufficient funds to continue operating," the Company stated in the
Report.  

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

                        http://is.gd/R05NYZ

                        About Eco Building

Vista, Calif.-based Eco Building Products is a manufacturer of
proprietary wood products treated with an eco-friendly proprietary
chemistry that protects against mold, rot, decay, termites and
fire.

Eco Building reported a net loss of $28.9 million on $1.46
million of total revenue for the year ended June 30, 2014,
compared to a net loss of $24.6 million on $5.22 million of total
revenue for the year ended June 30, 2013.

Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2014.  The independent
auditors noted that the Company has generated minimal operating
revenues, losses from operations, significant cash used in
operating activities and its viability is dependent upon its
ability to obtain future financing and successful operations.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.


EFT HOLDINGS: Reports $4.1 Million Net Loss for Third Quarter
-------------------------------------------------------------
EFT Holdings, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $4.12 million on $263,000 of net sales revenues for the three
months ended Dec. 31, 2014, compared to a net loss of $9.47 million
on $434,000 of net total revenues for the same period last year.

For the nine months ended Dec. 31, 2014, the Company reported a net
loss of $4.36 million on $800,040 of net total revenues compared to
a net loss of $12.1 million on $1.58 million of net total revenues
for the same period during the prior year.

As of Dec. 31, 2014, the Company had $8.21 million in total assets,
$14.7 million in total liabilities, and a $6.52 million total
deficiency.

The Company has negative working capital of $7.82 million and an
accumulated deficit of $59.3 million as of Dec. 31, 2014 and has
reported net losses for the past two fiscal years.  The Company
expects to continue incurring losses for the foreseeable future and
may need to raise additional capital from external sources such as
bank borrowings or capital issuances in order to continue the
long-term efforts contemplated under its current business plan.
Management is also considering different marketing strategies to
generate more revenues and plans to continue to reduce certain
operating expenses going forward.  In addition, the Company is
seeking to recover $21 million through the U.S. federal courts, but
there can be no assurance that it will be successful in doing so.
These circumstances, among others, raise substantial doubt about
the Company's ability to continue as a going concern," according to
the 10-Q report.

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

                        http://is.gd/eRBAUk

EFT Holdings, Inc., is an Industry, California-based company whose
products are sold directly to customers through its Web site.  The
Company sells 27 nutritional products, consisting of oral sprays,
personal care products, a house cleaner, and a portable drinking
container.


ELBIT IMAGING: York Capital Owns 19.8% of Shares as of Dec. 31
--------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, York Capital Management Global Advisors, LLC
disclosed that as of Dec. 31, 2014, it beneficially owned
5,447,850 ordinary shares of Elbit Imaging, which represents 19.8
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/soqH3Z

                         About Elbit Imaging

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

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

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

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

Elbit Imaging reported a loss of NIS1.56 billion on
NIS361 million of total revenues for the year ended Dec. 31,
2013, as compared with a loss of NIS484 million on NIS418
million of total revenues in 2012.

As of June 30, 2014, the Company had NIS4.05 billion in total
assets, NIS3.16 billion in total liabilities and NIS890 million
shareholders' equity.

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


ENERGY & EXPLORATION: Bank Debt Trades at 4% Off
------------------------------------------------
Participations in a syndicated loan under which Energy &
Exploration Partners is a borrower traded in the secondary market
at 96.95 cents-on-the-dollar during the week ended Friday, Feb. 20,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
an increase of 0.93 percentage points from the previous week, The
Journal relates.  Energy & Exploration pays 675 basis points above
LIBOR to borrow under the facility.  The bank loan matures on Jan.
14, 2019.  Moody's and Standard & Poor's did not give a rating to
the loan.  The loan is one of the biggest gainers and losers among
209 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


ENERGY FUTURE: 'Make-Whole' Tender Offer Survives Appeal
--------------------------------------------------------
William J Rochelle III, a bankruptcy columnist for Bloomberg News,
reported that tender offers that might not be possible outside of
bankruptcy court got a blessing from a federal district judge in an
appeal involving the reorganization of Energy Future Holdings Corp.
Energy Future.

To recall, Energy Future entered into a settlement which allowed it
to pay off first-lien debt with 5 percent extra for holders who
gave up claims for a so-called make-whole, a premium investors can
collect when their bonds are paid off early, Mr. Rochelle relates.
The indenture trustee for one of the noteholder groups appealed a
bankruptcy court's ruling approving the settlement and contended
that the settlement was a coercive tender offer that wouldn't pass
muster outside bankruptcy and shouldn't have been allowed in
bankruptcy either, Mr. Rochelle further related.

U.S. District Judge Richard G. Andrews in Wilmington, Delaware,
explained in his 17-page opinion that the differing recoveries
resulted from maturity dates and interest rates on the two issues
that weren't identical, and rejected the argument that tender
offers can't be used in Chapter 11 reorganizations before plan
approval because the U.S. Securities and Exchange Commission isn't
involved in the process of approving solicitation materials as it
would be outside of bankruptcy, according to Mr. Rochelle.

Law360 pointed out that the Delaware district judge allowed Energy
Future to refinance $4 billion in debt via the tender offer,
shooting down the affected creditors' protests that they have to be
treated equally and that the move could invite a Wild West of
pre-confirmation settlements.

The appeal is Delaware Trust Co. v. Energy Future Holdings Corp.
(In re Energy Future Holdings Corp.), 14-cv-00723, U.S. District
Court, District of Delaware (Wilmington).

                     About Energy Future

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

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

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

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

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

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

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

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

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


EVEREST COLLEGES: Files Bankruptcy Assignment Under BIA
-------------------------------------------------------
Corinthian Colleges, Inc. on Feb. 20 disclosed that its indirect,
wholly-owned subsidiary, Everest Colleges Canada, Inc. (Everest
Canada), a private career college corporation, has filed an
assignment in bankruptcy under the Bankruptcy & Insolvency Act,
R.S.C., 1985, c. B-3 (BIA).  Duff & Phelps Canada Restructuring
Inc. will serve as the trustee in bankruptcy for the administration
and management of the case.  The filing has no impact on the U.S.
operations of Corinthian.

The assignment into bankruptcy was necessitated by the closure of
Everest Canada's 14 campuses across Ontario by the Ontario Ministry
of Training, Colleges and Universities (Ministry), which provides
regulatory oversight over the colleges.  At the time of the
closings, the colleges had approximately 2,450 students and 450
employees.

"We are extremely disappointed that the Ministry has taken these
abrupt actions.  Our Canadian subsidiary had been working with the
Ministry for an extended period of time with the goal of achieving
a satisfactory outcome for students, employees and other
stakeholders in Canada," stated Jack Massimino, Chairman and CEO of
Corinthian.

The Trustee in Bankruptcy can be reached via email at
everestcollege@duffandphelps.com

Everest Colleges Canada, Inc. is a privately held career college
corporation.


FIRST CLASS AUTO: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: First Class Auto Salvage, Inc.
        105 Patterson Ave
        Trenton, NJ 08610

Case No.: 15-12813

Chapter 11 Petition Date: February 19, 2015

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

Judge: Hon. Michael B. Kaplan

Debtor's Counsel: Carol L. Knowlton, Esq.
                  GORSKI & KNOWLTON PC
                  311 Whitehorse Avenue; Suite A
                  Hamilton, NJ 08610
                  Tel: 609-964-4000
                  Fax: 609-585-2553
                  Email: cknowlton@gorskiknowlton.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 milliont to $10 million

The petition was signed by Salvatore DiPasquale, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/njb15-12813.pdf


FIRST NATIONAL: Begins Trading on the OTCQX Marketplace
-------------------------------------------------------
First National Community Bancorp, Inc., the parent company of
Dunmore-based First National Community Bank, disclosed that its
common stock initiated trading on the OTCQX marketplace, effective
Feb. 17, 2015, under its existing ticker symbol FNCB.  The
Company's common shares previously traded on the OTCQB Venture
Marketplace. Launched in the spring of 2014, OTCQX for Banks is an
expansion of the OTCQX marketplace which was designed to increase
the visibility of well-managed, strongly-capitalized community
banks in the public markets.   

"Our objective in upgrading FNCB shares to OTCQX is to elevate
awareness of the operating strengths and growth potential of our
Company," said Steven R. Tokach, president and chief executive
officer.  "Trading on OTCQX will improve the quality and
availability of information available for the investment community,
and should make our shares more widely accessible to investors, as
well as increase the liquidity of our common stock over time.
We're excited to be utilizing a trading platform that was designed
by OTC Markets Group specifically for our industry, and which
attracted 34 U.S. community banks to join the OTCQX marketplace in
2014."

OTCQX for Banks, an expansion of the OTCQX marketplace, was created
for strongly capitalized and well managed banks that have committed
to provide a higher level of financial reporting and greater
transparency.  To qualify for trading on OTCQX, a bank must meet
high financial standards, be current with its regulatory reporting,
post quarterly results and report material events in a timely
manner.  Companies must also appoint a "Corporate Broker," a FINRA
member broker-dealer specializing in bank stocks, to serve as their
OTCQX advisor.  Boenning & Scattergood, a well-respected
securities, asset management and investment banking firm, will
serve as First National Community Bancorp's Corporate Broker on the
OTCQX.

INVESTOR CONTACT:

          James M. Bone, Jr., CPA
          EVP and CFO
          First National Community Bank
          Tel: (570) 348-6419
          E-mail: james.bone@fncb.com

                         About First National

Headquartered in Dunmore, Pa., First National Community Bancorp,
Inc., is a Pennsylvania corporation, incorporated in 1997 and is
registered as a bank holding company under the Bank Holding
Company Act ("BHCA") of 1956, as amended.  The Company became an
active bank holding company on July 1, 1998, when it acquired
ownership of First National Community Bank (the "Bank").  The Bank
is a wholly-owned subsidiary of the Company.

The Company's primary activity consists of owning and operating
the Bank, which provides customary retail and commercial banking
services to individuals and businesses.  The Bank provides
practically all of the Company's earnings as a result of its
banking services.

First National reported net income of $6.38 million on $32.9
million of total interest income for the year ended Dec. 31, 2013,
as compared with a net loss of $13.7 million on $37.02 million of
total interest income for the year ended Dec. 31, 2012.

                         Regulatory Matters

The Bank is under a Consent Order from the Office of the
Comptroller of the Currency dated Sept. 1, 2010.  The Company is
also subject to a Written Agreement with the Federal Reserve Bank
of Philadelphia dated Nov. 24, 2010.

The Bank, pursuant to a Stipulation and Consent to the Issuance of
a Consent Order dated Sept. 1, 2010, without admitting or denying
any wrongdoing, consented and agreed to the issuance of the Order
by the OCC, the Bank's primary regulator.  The Order requires the
Bank to undertake certain actions within designated timeframes,
and to operate in compliance with the provisions thereof during
its term.  The Order is based on the results of an examination of
the Bank as of March 31, 2009.  Since the examination, management
has engaged in ongoing discussions with the OCC and has taken
steps to improve the condition, policies and procedures of the
Bank.  Compliance with the Order is monitored by a committee of at
least three directors, none of whom is an employee or controlling
shareholder of the Bank or its affiliates or a family member of
any such person.  The Committee is required to submit written
progress reports to the OCC on a monthly basis.  The Committee has
submitted each of the required monthly progress reports with the
OCC.  The members of the Committee are John P. Moses, Joseph
Coccia, Joseph J. Gentile and Thomas J. Melone.


FIRST QUANTUM: S&P Puts 'B+' CCR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its 'B+'
long-term corporate credit rating on copper miner First Quantum
Minerals Ltd. (FQM) on CreditWatch with negative implications.

The CreditWatch placement has been triggered by the change in S&P's
price assumptions for commodities, including copper and nickel,
which may result in a decline in FQM's cash flow generation and
weaker credit metrics.

In S&P's base-case scenario, it now assumes copper prices of $2.7
per pound (/lb) in 2015 and 2016, compared with the previous
assumption of $3.1/lb.  In addition, S&P anticipates nickel prices
of $6.5/lb in 2015 and $7.2/lb in 2016, compared with $8.0/lb
previously.  S&P anticipates that the impact of the lower prices
should be somewhat mitigated by the depreciation of commodity
currencies and the lower crude oil prices.

In addition, Zambia -- operations from which contribute about 50%
of FQM's EBITDA -- has seen a number of negative developments over
the last few months, including the government's request for help
from the International Monetary Fund; the death of the president;
and the introduction of a new royalty regime for miners.  These may
increase Zambia's country risk.  S&P believes that the current soft
copper prices may lead to lower tax revenues, placing more pressure
on the economy.  As of Sept. 30, 2014, the government held delayed
VAT payments of about $210 million to FQM.

In response to the current soft prices, the company has recently
reduced its capital expenditure (capex) guidance for 2015 by more
than $0.5 billion to $1.2 billion-$1.4 billion.  While this
countermeasure should mitigate some of the fall in EBITDA that S&P
expect, it believes that free operating cash flows will remain
negative in 2015.

In S&P's view, FQM's liquidity will weaken, notably the company's
headroom under its financial covenants.  As a result, S&P now
assess the company's liquidity position as "less than adequate."

S&P would be likely to lower the rating on FQM if it expected
higher negative free operating cash flows than in S&P's previous
assumptions, with the Standard & Poor's-adjusted debt-to-EBITDA
ratio remaining above 3x in 2015.  In addition to the recent capex
cut, S&P believes that the company will take further steps to
protect its cash flows. However, the timing and impact of such
measures are uncertain.

S&P will resolve the CreditWatch over the next several weeks after
meeting with the company's management team to discuss their action
plans in light of lower commodity prices.  If S&P takes a negative
rating action based on these discussions, it would be likely to
lower the rating by only one notch, unless it assess liquidity as
weak.


FOX TROT CORP: Poplar Balks at UST's Conversion or Dismissal Bid
----------------------------------------------------------------
Poplar Ridge Enterprises Inc., secured creditor of Fox Trot
Corporation, filed with the U.S. Bankruptcy Court for the Eastern
District of Kentucky an objection to the request of the U.S.
Trustee to convert Fox Trot Corp.'s Chapter 11 case to a Chapter 7
proceeding, or, in the alternative, dismiss its case.

Poplar Ridge suggests that the Court appoint a Chapter 11 trustee
to oversee the Debtor's bankruptcy case instead of dismissing the
Debtor's case.  The Chapter 11 trustee will marshal and sell the
Debtor's assets in order to pay creditors, Poplar Ridge pointed
out.

Poplar Ridge lamented that a dismissal, by contrast, would penalize
unsecured creditors for having waited so long for the Debtor to do
nothing.  Moreover, if dismissed, the creditors will be forced to
pursue costly remedies in state court against the Debtor and its
assets in order collect payment.

Poplar Ridge told the Court that, since Oct. 12, 2013, the Debtor
has not tendered a plan of reorganization.  The Debtor has taken
very little action to reorganize its affairs and assure unsecured
creditors of payment, despite having 1,223 acres of unencumbered
farm land in Fayette County, Kentucky, with an approximate value of
$8,000,000.  Indeed, the Debtor has offered to make none of the Fox
Trot Farm available to satisfy the claims of the unsecured
creditors in this case, including Poplar Ridge.

According to court documents, Poplar Ridge filed proofs of claim
totaling $451,055 against the Debtor.  Poplar Ridge has additional
post-petition claims arising from the Debtor's sale of interest in
business concerns for which Poplar Ridge was not paid a fee the
Debtor was contractually obligated to pay.

The U.S. Trustee's motion was passed by general agreement and is
re-noticed for hearing on Feb. 25, 2015

Poplar Ridge retained as counsel:

  Stanton L. Cave, Esq.
  Law Office of Stan Cave
  P.O. Box 910457
  Lexington, KY 40591-0457
  Tel: (859) 309-3000
  Fax: (859) 309-3001
  Email: stan.cave@stancavelaw.com

                   About Fox Trot Corporation

Fox Trot Corporation, which maintains its principal place of
business in Lexington, Fayette County, Kentucky, sought protection
under Chapter 11 of the Bankruptcy Code on Oct. 12, 2013 (Case No.
13-52471, Bankr. E.D. Ky.).  The case is assigned to Judge Gregory
R. Schaaf.  Adam R. Kegley, Esq., at Frost Brown Todd LLC,
represents the Debtor in its restructuring effort.  In its
schedules, the Debtor disclosed $25,570,806.02 in total assets and
$3,913,035.20 in total liabilities.

The Debtor employed Duane Cook & Associates PLC as special counsel
to advise the Debtor with respect to all matters involved in the
prosecution of an appeal and counterclaims.  The Debtor hired
David Beck, CPA, as accountant.


FREDERICK'S OF HOLLYWOOD: Hires Liquidators to Shutter 93 Stores
----------------------------------------------------------------
Sara Randazzo and Lillian Rizzo, writing for The Wall Street
Journal, reported that Frederick's of Hollywood has hired
liquidators to help shutter at least a third of its 93 stores as
the troubled lingerie retailer works to turn itself around.

According to the report, Great American Group is handling
going-out-of-business sales at 31 of the chain's locations,
Frederick's Chief Operating Officer Bill Soncini said, and the
number could inch slightly higher.

                      Frederick's of Hollywood

Frederick's of Hollywood Group Inc. (NYSE Amex: FOH) --
http://www.fredericks.com/-- through its subsidiaries, sells  
women's intimate apparel, swimwear and related products under its
proprietary Frederick's of Hollywood brand through 122 specialty
retail stores, a world-famous catalog and an online shop.

Frederick's of Hollywood sought bankruptcy in July 10, 2000.  On
Dec. 18, 2002, the court approved the company's plan of
reorganization, which became effective on Jan. 7, 2003, with the
closing of the Wells Fargo Retail Finance exit financing facility.

Mayer Hoffman McCann expressed substantial doubt about the
Company's ability to continue as a going concern, citing the
company has suffered recurring losses from continuing operations,
has negative cash flows from operations, has a working capital and
a shareholders' deficiency at July 27, 2013.

The Company reported a net loss of $22.5 million on $86.5 million
of net sales in 2013, compared with a net loss of $6.43 million in
2012.  As of Jan. 25, 2014, the Company had $39.8 million in total
assets, $69.01 million in total liabilities, and a $29.2 million
total shareholders' deficiency.


FREDERICK'S OF HOLLYWOOD: May Close Down One-Third of Stores
------------------------------------------------------------
Frederick's of Hollywood Group Inc. is reportedly shutting down
one-third or 31 of its 93 locations, including its flagship
Hollywood store, in the coming months, Tom Huddleston, Jr., at
Fortune.com reports.

Fortune.com says that the Company will close its flagship store in
Hollywood in April 2015.

The number of the stores to be closed could increase slightly, The
Wall Street Journal states, citing the Company's COO, Bill Soncini.
According to WSJ, the Company has hired Great American Group to
help wind down operations for the stores.  WSJ quoted Mr. Soncini
as saying, "We're in the process of re-engineering the whole
business.  Landlords have been very, very agreeable of letting us
out of some very unprofitable locations . . . .  These stores
should have been closed years ago."

Fortune.com recalls that the Company filed for Chapter 11
protection in 2000, and emerged from bankruptcy three years.

                      Frederick's of Hollywood

Frederick's of Hollywood Group Inc. (NYSE Amex: FOH) --
http://www.fredericks.com/-- through its subsidiaries, sells  
women's intimate apparel, swimwear and related products under its
proprietary Frederick's of Hollywood brand through 122 specialty
retail stores, a world-famous catalog and an online shop.

Frederick's of Hollywood sought bankruptcy in July 10, 2000.  On
Dec. 18, 2002, the court approved the company's plan of
reorganization, which became effective on Jan. 7, 2003, with the
closing of the Wells Fargo Retail Finance exit financing facility.

Mayer Hoffman McCann expressed substantial doubt about the
Company's ability to continue as a going concern, citing the
company has suffered recurring losses from continuing operations,
has negative cash flows from operations, has a working capital and
a shareholders' deficiency at July 27, 2013.

The Company reported a net loss of $22,522,000 on $86,507,000 of
net sales in 2013, compared with a net loss of $6,432,000 in 2012.
As of Jan. 25, 2014, the Company had $39.79 million in total
assets, $69.01 million in total liabilities and a $29.22 million
total shareholders' deficiency.


GALAXY RECYCLING: Meeting to Form Creditors' Panel Set for March 6
------------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on March 6, 2015, at 10:00 a.m. in the
bankruptcy cases of Galaxy Recycling, Inc. and Empire Recycling.

The meeting will be held at:

         United States Trustee's Office
         One Newark Center, 1085 Raymond Blvd.
         21st Floor, Room 2106
         Newark, NJ 07102

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.

Galaxy Recycling, Inc. (Bankr. D. NJ. Case No. 15-11859), and
Empire Recycling, Inc. (Bankr. D. NJ. Case No. 15-11860) sought
Chapter 11 bankruptcy protection on Feb. 3, 2015, in District of
New Jersey (Newark).

The Debtors has tapped Richard J. Kwasny, Esq. of KWASNY & REILLY
as counsel.  Galaxy Recycling, Inc. estimated $500,000 - $1 million
to $1 million - $10 million in assets and debt.  Empire Recycling
estimated $500,000 - $1 million to $1 million - $10 million in
assets and debt.



GENERAL MOTORS: Craig Glidden to Join Co. as Top Lawyer
-------------------------------------------------------
Greg Gardner at Detroit Free Press reports that Craig Glidden,
Esq., from LyondellBasell Industries will join General Motors as
its top lawyer on March 1, 2015, taking the place of Mike Millikin,
Esq., who is scheduled to retire on July 1, 2015.

Detroit Free Press relates that Mr. Glidden will, among other
things, oversee the continuing litigation against the Company
arising from the delayed recall of about 2.5 million small cars
from model years 2003 through 2007 that were equipped with
defective ignition switches.

                      About General Motors

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is also
represented by Jenner & Block LLP and Honigman Miller Schwartz and
Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is providing
legal advice to the GM Board of Directors.  GM's financial advisors
are Morgan Stanley, Evercore Partners and the Blackstone Group LLP.
Garden City Group is the claims and notice agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP served as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long served as counsel on supplier
contract matters.  FTI Consulting Inc. served as financial advisors
to the Creditors Committee.  Elihu Inselbuch, Esq., at Caplin &
Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On the
Dissolution Date, pursuant to the Plan and the Motors Liquidation
Company GUC Trust Agreement, dated March 30, 2011, between the
parties thereto, the trust administrator and trustee -- GUC Trust
Administrator -- of the Motors Liquidation Company GUC Trust,
assumed responsibility for the affairs of and certain claims
against MLC and its debtor subsidiaries that were not concluded
prior to the Dissolution Date.

                        *     *     *

The Troubled Company Reporter, on Sep. 29, 2014, reported that
Standard & Poor's Ratings Services raised its corporate credit
rating on U.S. automaker General Motors Co. (GM) to 'BBB-' from
'BB+', and revised the outlook to stable from positive.  At the
same time, S&P raised its issue-level rating on GM's unsecured debt
to 'BBB-' from 'BB+' and simultaneously withdrew its '4' recovery
rating on that debt, because S&P do not assign recovery ratings to
the issues of investment-grade companies.

On Oct. 21, 2014, the TCR reported that Fitch Ratings has assigned
a rating of 'BB+' to GM's amended unsecured credit facilities.
Fitch currently rates GM's Issuer Default Rating (IDR) 'BB+'.  The
Rating Outlook is Positive.  Fitch has also affirmed and withdrawn
the 'BB+' IDR of GM's General Motors Holdings LLC (GM Holdings)
subsidiary, as there is no longer any rated debt at the subsidiary,
and Fitch does not expect the subsidiary to be an active issuer
going forward.  Fitch has also withdrawn GM Holdings' unsecured
credit facility rating of 'BB+' as the subsidiary is no longer a
borrower on the facilities.

The TCR, on Nov. 6, 2014, reported that Fitch Ratings has assigned
a rating of 'BB+' to GM's proposed issuance of senior unsecured
notes.  The existing Issuer Default Rating (IDR) for GM is 'BB+'
and the Rating Outlook is Positive.


GENERAL MOTORS: Names Craig Glidden as New General Counsel
----------------------------------------------------------
Jeff Bennett, writing for The Wall Street Journal, reported that
General Motors Co. has selected Craig Glidden, 57, to succeed
Michael Millikin as its new general counsel.

According to the Journal, Mr. Glidden, who has worked the past six
years for LyondellBasell Industries NV, will assume the auto
maker's top lawyer job March 1.  Law360 reported that Mr. Millikin
-- who faced criticism from lawmakers last year over his
department's role in the automaker's delay in addressing a
potentially fatal ignition switch defect -- will retire in July,
after almost 40 years at the company.  After his retirement,
Millikin will be available for consulting services through the rest
of the year, Law360 said, citing GM.

The Journal pointed out that the replacement of Mr. Millikin comes
at a time when GM is still sorting the legal fallout from its
faulty-ignition-switch drama and investigations—namely by the
Justice Department—continue to hang over the company.  The change
also means the departure of one of Chief Executive Mary Barra's
closest allies, the Journal noted.  Ms. Barra publicly defended Mr.
Millikin last year when senators called for his firing after
failing to alert top leaders to out-of-court settlements being made
on the company's behalf over accident and death claims involving
the faulty ignition switch, the Journal recalled.

                      About General Motors

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also
represented by Jenner & Block LLP and Honigman Miller Schwartz and
Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is providing
legal advice to the GM Board of Directors.  GM's financial
advisors
are Morgan Stanley, Evercore Partners and the Blackstone Group
LLP.
Garden City Group is the claims and notice agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP served as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long served as counsel on supplier
contract matters.  FTI Consulting Inc. served as financial
advisors
to the Creditors Committee.  Elihu Inselbuch, Esq., at Caplin &
Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On
the
Dissolution Date, pursuant to the Plan and the Motors Liquidation
Company GUC Trust Agreement, dated March 30, 2011, between the
parties thereto, the trust administrator and trustee -- GUC Trust
Administrator -- of the Motors Liquidation Company GUC Trust,
assumed responsibility for the affairs of and certain claims
against MLC and its debtor subsidiaries that were not concluded
prior to the Dissolution Date.

                        *     *     *

The Troubled Company Reporter, on Sep. 29, 2014, reported that
Standard & Poor's Ratings Services raised its corporate credit
rating on U.S. automaker General Motors Co. (GM) to 'BBB-' from
'BB+', and revised the outlook to stable from positive.  At the
same time, S&P raised its issue-level rating on GM's unsecured
debt
to 'BBB-' from 'BB+' and simultaneously withdrew its '4' recovery
rating on that debt, because S&P do not assign recovery ratings to
the issues of investment-grade companies.

On Oct. 21, 2014, the TCR reported that Fitch Ratings has assigned
a rating of 'BB+' to GM's amended unsecured credit facilities.
Fitch currently rates GM's Issuer Default Rating (IDR) 'BB+'.  The
Rating Outlook is Positive.  Fitch has also affirmed and withdrawn
the 'BB+' IDR of GM's General Motors Holdings LLC (GM Holdings)
subsidiary, as there is no longer any rated debt at the
subsidiary,
and Fitch does not expect the subsidiary to be an active issuer
going forward.  Fitch has also withdrawn GM Holdings' unsecured
credit facility rating of 'BB+' as the subsidiary is no longer a
borrower on the facilities.

The TCR, on Nov. 6, 2014, reported that Fitch Ratings has assigned
a rating of 'BB+' to GM's proposed issuance of senior unsecured
notes.  The existing Issuer Default Rating (IDR) for GM is 'BB+'
and the Rating Outlook is Positive.


GENIUS BRANDS: Iroquois Capital Reports 6.9% Stake as of Dec. 31
----------------------------------------------------------------
Iroquois Capital Management L.L.C., Joshua Silverman and Richard
Abbe disclosed in an amended Schedule 13G filed with the U.S.
Securities and Exchange Commission that as of Dec. 31, 2014, they
beneficially owned 467,102 shares of common stock of Genius Brands
International, Inc., which represents 6.9 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/E345oi

                        About Genius Brands

San Diego, Calif.-based Genius Brands International, Inc., creates
and distributes music-based products which it believes are
entertaining, educational and beneficial to the well-being of
infants and young children under its brands, including Baby Genius
and Little Genius.

Genius Brands reported a net loss of $7.21 million in 2013, a net
loss of $2.06 million in 2012 and a net loss of $1.37 million in
2011.

As of Sept. 30, 2014, the Company had $18.3 million in total
assets, $3.67 million in total liabilities and $14.6 million in
total stockholders' equity.


GEOMET INC: Incurs $2 Million Net Loss in Fourth Quarter
--------------------------------------------------------
GeoMet, Inc. reported a net loss available to common stockholders
of $1.95 million for the quarter ended Dec. 31, 2014, compared to a
net loss available to common stockholders of $4.33 million for the
same period a year ago.

For the year ended Dec. 31, 2014, the Company reported net income
available to common stockholders of $53.3 million compared to net
income available to common stockholders of $27.8 million during the
prior year.

As of Dec. 31, 2014, the Company had $23.04 million in total
assets, $278,000 in total liabilities, $48.7 million in series A
convertible redeemable preferred stock and a $25.9 million total
stockholders' deficit.

A full-text copy of the press release is available at:

                        http://is.gd/68MSUD

                         About Geomet Inc.

Houston, Texas-based GeoMet, Inc., is an independent energy
company primarily engaged in the exploration for and development
and production of natural gas from coal seams (coalbed methane)
and non-conventional shallow gas.  Its principal operations and
producing properties are located in the Cahaba and Black Warrior
Basins in Alabama and the central Appalachian Basin in Virginia
and West Virginia.  It also owns additional coalbed methane and
oil and gas development rights, principally in Alabama, Virginia,
West Virginia, and British Columbia.  As of March 31, 2012, it
owns a total of 192,000 net acres of coalbed methane and oil and
gas development rights.

As reported by the TCR on Feb. 20, 2015, GeoMet said it has no
operations and minimal assets, which raises substantial doubt about
its ability to return any additional value to its stockholders.
The Company added it may file a plan of dissolution if it cannot
consummate a corporate transaction/merger prior to the third
quarter of 2015.


GLYECO INC: Engages David Ide CEO and President
-----------------------------------------------
GlyEco, Inc. disclosed in a document filed with the Securities and
Exchange Commission that it entered into a consulting agreement
with David Ide, the Company's interim chief executive officer and
president.

Pursuant to the Agreement, the Company engaged Mr. Ide to serve as
the Company's chief executive officer and president and to have the
duties and responsibilities ascribed to those positions in the
Company's Amended and Restated Bylaws.  Mr. Ide's engagement
commences on Feb. 1, 2015 , and will continue for a term of 12
months.  Thereafter, Mr. Ide's engagement may be extended by a
written agreement.

In consideration for his services during the term, the Company will
compensate Mr. Ide with cash compensation of $15,000 per month of
which 50% will be paid in cash and 50% will be paid in restricted
common stock, which restricted stock shall be priced at the closing
price of the Company's common stock on the last trading day of each
month.  Mr. Ide will also receive equity compensation of $90,000
worth of restricted common stock priced as of the day after the
Effective Date at $0.31.  The equity compensation will vest 100%
upon the Company attaining EBITDA positive results by Aug. 1, 2015,
using an adjusted EBITDA calculation.

                         About GlyEco, Inc.

Phoenix, Ariz.-based GlyEco, Inc., is a green chemistry company
formed to roll-out its proprietary and patent pending glycol
recycling technology that transforms waste glycols, a hazardous
material, into profitable green products.

GlyeCo reported a net loss of $4.01 million in 2013, a net loss of
$1.86 million in 2012, and a net loss of $592,000 in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $15.5
million in total assets, $2.49 million in total liabilities and
$13.03 million in total stockholders' equity.

Semple, Marchal & Cooper, LLP, in Phoenix, Arizona, 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 yet to achieve profitable
operations and is dependent on its ability to raise capital from
stockholders or other sources to sustain operations and to
ultimately achieve viable profitable operations.  These factors
raise substantial doubt about the Company's ability to continue as
a going concern.


HERCULES OFFSHORE: Files Fleet Status Report as of Feb. 19
----------------------------------------------------------
Hercules Offshore, Inc. posted on its Web site at
www.herculesoffshore.com a report entitled "Hercules Offshore Fleet
Status Report".  The Fleet Status Report includes the Hercules
Offshore Rig Fleet Status (as of Feb. 19, 2015), which contains
information for each of the Company's drilling rigs, including
contract dayrate and duration.  The Fleet Status Report also
includes the Hercules Offshore Liftboat Fleet Status Report, which
contains information by liftboat class for January 2015, including
revenue per day and operating days.  The Fleet Status Report is
available for free at http://is.gd/477R9O

                       About Hercules Offshore

Hercules Offshore Inc. (NASDAQ: HERO) --
http://www.herculesoffshore.com/-- provides shallow-water   
drilling and marine services to the oil and natural gas
exploration and production industry in the United States, Gulf of
Mexico and internationally.  The Company provides these services
to integrated energy companies, independent oil and natural gas
operators and national oil companies.  The Company operates in six
business segments: Domestic Offshore, International Offshore,
Inland, Domestic Liftboats, International Liftboats and Delta
Towing.

Hercules incurred a net loss of $68.1 million in 2013, a net loss
of $127 million in 2012 and a net loss of $76.1 million in 2011.
As of Sept. 30, 2014, the Company had $2.19 billion in total
assets, $1.42 billion in total liabilities and $767 million in
stockholders' equity.

                           *     *     *

The Troubled Company Reporter reported on April 11, 2013, that
Moody's Investors Service upgraded Hercules Offshore's Corporate
Family Rating to 'B2' from 'B3'.  Hercules' B2 CFR is supported by
its improved cash flow and lower leverage on the back of increased
drilling activity and higher day-rates in the Gulf of Mexico.

As reported by the TCR on Dec. 30, 2014, S&P lowered its corporate
credit rating on Hercules Offshore Inc. to 'B-' from 'B'.  The
downgrade reflects S&P's estimate for increased leverage as a
result of lower day-rates and utilization for the company's
offshore rigs, both in the company's Domestic Offshore and
International Offshore segments.  S&P's estimates of lower
utilization and day-rates are a result of S&P's expectation of
decreased offshore drilling given lower oil prices.  S&P now
expects FFO to debt to be below 12% and debt to EBITDA to exceed
5x in 2015.


HILO HATTIE: Hawaiian Retailer Files for Bankruptcy
---------------------------------------------------
Katy Stech, writing for The Wall Street Journal, reported that
Hawaii's Hilo Hattie stores have filed for bankruptcy on Feb. 19
with the hope of surviving as one of the island's popular spots for
tourists to buy travel trinkets and souvenirs.

According to the report, the struggling chain, which recently
closed three of its seven stores, filed for bankruptcy protection
with $2.2 million worth of inventory.  In documents filed in U.S.
Bankruptcy Court in Honolulu, Chief Operating Officer Mark Storfer
blamed the company's problems on slow sales, the Journal said.

The retailer has already downsized once in a 2008 bankruptcy after
it became "financially and operationally over-extended" from
aggressively opening new stores in Guam and in mainland U.S., the
Journal added, citing court documents.


HIPCRICKET INC: Files Schedules of Assets and Liabilities
---------------------------------------------------------
Hipcricket Inc. filed its schedules of assets and liabilities in
the U.S. Bankruptcy Court for the District of Delaware,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                $4,388,940
  B. Personal Property            
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $2,026,698
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $409,779
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $10,304,588
                                 -----------      -----------
        TOTAL                     $4,388,940      $10,304,588

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


HIPCRICKET INC: Gets Final OK to Access SITO's $3.5-Mil. DIP Loan
-----------------------------------------------------------------
The Hon. Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware authorized, on a final basis, Hipcricket
Inc. to obtain senior secured postpetition financing up to an
aggregate principal amount of $3,500,000, from SITO Mobile, Ltd.,
as lender, in accordance to the senior secured super-priority
debtor-in-possession promissory note dated Jan. 23, 2015.

Judge Silverstein also authorized the Debtor to use cash collateral
pursuant to the budget, which is available for free at
http://is.gd/xVIj7U

The debtor-in-possession financing will bear interest at 13% per
annum payable monthly.  The DIP lender will be entitled to recover
all of its reasonable attorney's feed and other professional fees
as well as all costs and expenses incurred in connection with the
DIP financing, as and to the extend provided in the budget.

As reported in the Troubled Company Reporter on Jan. 28, 2015,
Judge Silverstein gave Hipcricket, Inc., interim authority to
obtain senior secured postpetition financing up to an aggregate
principal amount of $2,588,000, from SITO Mobile.

TCR said SITO Mobile, the proposed purchaser of the Debtor's
assets, has committed to provide up to $3.5 million of postpetition
financing to the Debtor.  The DIP obligations will be due and
payable on the earlier of the date the sale is consummated or April
3, 2015.

The DIP Financing may be used to fund the day-to-day working
capital needs and Chapter 11 administrative expenses of the Debtor
during the pendency of the Chapter 11 case and to allow the Debtor,
if subsequently approved by the Court, to effectuate a sale of
substantially all of the Debtor's assets, TCR added.

As of Jan. 22, 2014, the Debtors was indebted and liable to Fast
Pay Partners, LLC, for $1,833,713.

                     About Hipcricket Inc.

Headquartered in Bellevue, Washington, Hipcricket, Inc., formerly
known as Augme Technologies, is a publicly held Delaware
corporation.  Hipcricket is in the business of providing
end-to-end, data-driven mobile advertising and marketing solutions
through its proprietary AD LIFE software-as-a service platform a
proprietary, mobile engagement platform for businesses to
communicate with customers through cellphones, tablets and other
mobile devices.  The Company had 77 full-time employees as of the
bankruptcy filing.

Hipcricket sought Chapter 11 protection (Bankr. D. Del. Case No.
15-10104) on Jan. 20, 2015, with a deal to sell its assets.

The Debtor has tapped Pachulski Stang Ziehl & Jones LLP as
counsel,
Canaccord Genuity Inc. as investment banker, Perkins Coie LLP as
special corporate counsel, and Omni Management Group, LLC,
as claims and noticing agent.

As of Jan. 20, 2015, the Company had total assets of $16.8 million
and liabilities of $12.06 million.

The U.S. Trustee for Region 3 appointed five creditors of
Hipcricket Inc. to serve on the official committee of unsecured
creditors.


HIPCRICKET INC: Hires Johnson Assoc as Bonus Plan Expert Witness
----------------------------------------------------------------
The Hon. Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware authorized Hipcricket Inc. to employ
Johnson Associates Inc. to provide expert witness services to the
Debtor nunc pro tunc to Jan. 20, 2015.

The Debtor said the firm will provide expert testimony regarding
the reasonableness of the Debtor's proposed key employee incentive
program.

The Debtor noted the firm will be compensated at the hourly rates
that are in effect from time to time, not to exceed $7,500 in the
aggregate.   The firm received a retainer of $15,000 for its
services rendered prepetition.  The firm will roll the balance of
the prepetition retainer, if any, to a new postpetition retainer
from which postpetition fees will be paid in accordance with the
Bankruptcy Code, the Debtor added.

Jeff Visithpanich, managing director of the firm, said he will bill
$420 per hour for services rendered to the Debtor, and the firm
will charge $275 per hour for analyst support.

The Debtor 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:

  Johnson Associates Inc.
  c/o Jeff Visithpanich
  19 West 44th Street, Suite 511
  New York, NY 10036
  Tel: 212.221.7400
  Fax: 212.221.3191

                     About Hipcricket Inc.

Headquartered in Bellevue, Washington, Hipcricket, Inc., formerly
known as Augme Technologies, is a publicly held Delaware
corporation.  Hipcricket is in the business of providing
end-to-end, data-driven mobile advertising and marketing solutions
through its proprietary AD LIFE software-as-a service platform a
proprietary, mobile engagement platform for businesses to
communicate with customers through cellphones, tablets and other
mobile devices.  The Company had 77 full-time employees as of the
bankruptcy filing.

Hipcricket sought Chapter 11 protection (Bankr. D. Del. Case No.
15-10104) on Jan. 20, 2015, with a deal to sell its assets.

The Debtor has tapped Pachulski Stang Ziehl & Jones LLP as
counsel,
Canaccord Genuity Inc. as investment banker, Perkins Coie LLP as
special corporate counsel, and Omni Management Group, LLC,
as claims and noticing agent.

As of Jan. 20, 2015, the Company had total assets of $16.8 million
and liabilities of $12.06 million.

The U.S. Trustee for Region 3 appointed five creditors of
Hipcricket Inc. to serve on the official committee of unsecured
creditors.


HORIZON LINES: Agrees to Settle Merger-Related Litigation
---------------------------------------------------------
Horizon Lines, Inc., has reached an agreement in principle
providing for the settlement and dismissal, with prejudice, of the
consolidated putative class action complaint pending in the
Delaware Court of Chancery in connection with Horizon's proposed
merger with Matson Navigation, Inc., a subsidiary of Matson, Inc.

Pursuant to the settlement with plaintiffs, which is subject to
Court approval, Horizon agreed to make certain supplemental
disclosures to Horizon's stockholders through a supplement to
Horizon's proxy statement.  Further, Horizon agreed to amend the
Agreement and Plan of Merger, dated as of Nov. 11, 2014, by and
among Horizon, Matson, and Hogan Acquisition Inc., a wholly-owned
subsidiary of Matson to reduce the termination fee that may be
payable by Horizon to Matson under certain circumstances from
$17,149,600 to $9,500,000.

The settlement will not affect the merger consideration to be paid
to Horizon's stockholders in connection with the Merger or the
timing of the special meeting of Horizon's stockholders scheduled
for Feb. 25, 2015, at 10:00 a.m., local time, at 601 Lexington
Avenue, 50th Floor, New York, New York 10022, to consider and to
vote upon a proposal to adopt the Merger Agreement, among other
things.

Horizon and its board of directors believe that the claims in the
actions are entirely without merit but are entering into this
settlement because it will eliminate the risks, costs, and other
burdens of litigation.  In the event the Court does not approve the
settlement, Horizon and its board of directors intend to contest
the claims vigorously.

                       About Horizon Lines

Horizon Lines, Inc., is a domestic ocean shipping company and the
only ocean cargo carrier serving all three noncontiguous domestic
markets of Alaska, Hawaii and Puerto Rico from the continental
United States.  The company owns a fleet of 13 fully Jones Act
qualified vessels and operates five port terminals in Alaska,
Hawaii and Puerto Rico.  A trusted partner for many of the
nation's leading retailers, manufacturers and U.S. government
agencies, Horizon Lines provides reliable transportation services
that leverage its unique combination of ocean transportation and
inland distribution capabilities to deliver goods that are vital
to the prosperity of the markets it serves.  The company is based
in Charlotte, NC, and its stock trades on the over-the-counter
market under the symbol HRZL.

For the year ended Dec. 22, 2013, the Company reported a net loss
of $31.9 million following a net loss of $94.7 million for the
year ended Dec. 23, 2012.

The Company's balance sheet at Sept. 21, 2014, showed $628 million
in total assets, $691 million in total liabilities, and a
$62.2 million total stockholders' deficit.

                           *     *     *

In June 2012, Moody's Investors Service affirmed Horizon Lines'
Corporate Family Rating and Probability of Default Rating at 'Caa2'
and removed the 'LD' ("Limited Default") designation from the
rating in recognition of the conversion to equity of the $228
million of Series A and Series B Convertible Senior Secured notes
due in October 2017 ("Notes").

Moody's said the affirmation of the CFR and PDR considers that
total debt has been reduced by the conversion of the Notes, but
also recognizes the significant operating challenges that the
company continues to face.


HS 45 JOHN: Case Summary & 7 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: HS 45 John LLC
        45 John Street
        New York, NY 10038

Case No.: 15-10368

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 20, 2015

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

Judge: Hon. Sean H. Lane

Debtor's Counsel: Kevin J. Nash, Esq.
                  GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
                  1501 Broadway, 22nd Floor
                  New York, NY 10036
                  Tel: (212)-301-6944
                  Fax: (212) 422-6836
                  Email: KNash@gwfglaw.com

Estimated Assets: $50 million to $100 million

Estimated Liabilities: $50 million to $100 million

The petition was signed by David L. Smith, manager.

List of Debtor's seven Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Madison Realty Capital and                            $48,400,000
Affiliates
825 Third Avenue, 37th Floor
New York, NY 10022

Mordy and Pinky Sohn                    Loan          $14,330,000
PO Box 1168
Flushing, NY 11354

Eastern Consolidated                   Contract          $750,000
355 Lexington Avenue
New York, NY 10017

Meridian Capital Inc.                  Contract          $700,000
One Battery Park Plaza
New York, NY 10004

Orin Management Corp.                  Services           $50,000

I Dachs & Son                          Insurance          $30,000

Alan Rosenberg                         Services           $10,000


IHEARTCOMMUNICATIONS INC: Fitch Rates Proposed $550MM Notes CCC
---------------------------------------------------------------
Fitch Ratings has assigned a 'CCC/RR4' rating to
iHeartCommunications, Inc.'s (iHeart) proposed $550 million
priority guarantee notes (PGNs) due 2023.  The Rating Outlook
remains Negative.  Proceeds are to be used to prepay at par
approximately $532.7 million of the term loan B facility and
approximately $8.8 million of the term loan C asset sale facility
and to pay accrued and unpaid interest on those loans and
associated offering fees.

The new PGN notes are expected to share the same terms as the
existing PGN notes.  Fitch expects the company to consider
increasing the size of the facility depending on market conditions,
with any additional proceeds to be used to address 2016 maturities.


Fitch views the transaction favorably as it will reduce iHeart's
2016 maturity wall, which compensates for the expected increase in
total interest expense.

KEY RATING DRIVERS

   -- The ratings reflect iHeart's highly leveraged capital
      structure.  Fitch estimates current total and secured
      leverage of 11.6x and 7.1x, respectively, as of the LTM
      ended Dec. 31, 2014.  Total leverage exceeds levels at the
      leveraged buyout, as a weak operating profile has limited
      EBITDA growth and free cash flow (FCF) generation. EBITDA
      has not returned to pre-downturn levels.

   -- The ratings and Negative Outlook reflect the limited
      tolerance for further erosion of iHeart's operating profile
      and its precarious liquidity position.

   -- Fitch recognizes that the company completed a series of
      capital market transactions which have extended a material
      amount of its secured maturities to 2019 and beyond,
      providing much needed financial flexibility.

   -- Fitch expects iHeart's FCF to be negative over the next two
      years reflecting the interest burden associated with the
      company's capital structure and operating profile.

   -- Remaining 2016 maturities totalling approximately $583
      million elevate the refinancing risk attributable to
      iHeart's credit profile (assumes proposed issuance is not
      upsized).

Overall, Fitch's ratings reflect the company's highly leveraged
capital structure, tenuous liquidity position with significant
scheduled maturities remaining in 2016, and Fitch's expectation
that the company's considerable and growing interest burden will
hinder near-term FCF generation.  In addition, iHeart's operating
profile is subject to ongoing technological threats and secular
pressures in radio broadcasting along with exposure to cyclical
advertising revenue.  The ratings are supported by the company's
leading position in both the outdoor and radio industries, as well
as the positive fundamentals and digital opportunities in the
outdoor advertising space.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

   -- iHeart is strongly positioned within a secularly challenged
      radio sector;

   -- Fitch does not expect a material amount of improvement of
      iHeart's credit profile or absolute debt reduction over the
      next several years, given the expected negative FCF;

   -- Although the proposed debt issuance will reduce scheduled
      2016 maturities, iHeart will still have to contend with
      approximately $583 million remaining due in 2016;

   -- Potential asset sales, including the announced sale of 411
      broadcast communication tower sites for up to $400 million,
      could support iHeart's liquidity position.

Liquidity and Debt

Fitch regards iHeart's current liquidity as limited, particularly
in light of near-term maturities.  As of Dec. 31, 2014, iHeart had
approximately $271 million in cash, excluding $186 million in cash
held at Clear Channel Outdoor Holdings (CCOH.)  Backup liquidity
consists of an undrawn $535 million asset-based lending (ABL)
facility (subject to an undisclosed borrowing base and a total
leverage covenant) that matures in December 2017 and is subject to
springing maturities.  The proposed prepayment of iHeart's term
loans will ameliorate the springing lien concern at this time.

Recovery Ratings (RRs)

iHeart's RRs reflect Fitch's expectation that the enterprise value
of the company will be maximized in a restructuring scenario (going
concern), rather than a liquidation.  Fitch employs a 6x distressed
enterprise value multiple reflecting the value of the company's
radio broadcasting licenses in top U.S. markets.  Fitch assumes
going-concern EBITDA at $860 million and that iHeart has maximized
the debt-funded dividends from CCOH and used the proceeds to repay
bank debt.  In addition, Fitch assumes that iHeart would receive
90% of the value of a sale of CCOH after the CCOH creditors had
been repaid.  Fitch estimates the adjusted distressed enterprise
valuation in restructuring to be approximately $7 billion.

The 'CCC/RR4' rating for the bank debt and secured notes reflect
Fitch's estimate for a recovery range of 31%-50%.  Fitch expects no
recovery for the senior unsecured legacy notes, the new 10% senior
notes, and senior guarantee notes due to their position below the
secured debt in the capital structure, and they are assigned 'RR6'.
However, Fitch rates the senior guaranteed notes 'CC' given the
subordinated guarantee.

CCOH's RRs also reflect Fitch's expectation that enterprise value
would be maximized as a going concern.  Fitch stresses outdoor
EBITDA by 15%, and applies a 7x valuation multiple.  Fitch
estimates the enterprise value would be $4 billion.  This indicates
100% recovery for the unsecured senior notes.  However, Fitch
notches the debt up only two notches from the IDR given the
unsecured nature of the debt.  In Fitch's analysis, the
subordinated notes recover in the 31% to 50% 'RR4' range, leading
to no notching from the IDR.

RATING SENSITIVITIES

Negative: An inability to extend maturities would result in a
downgrade.  This inability may derive from a prolonged consolidated
cash burn, whether driven by cyclical or secular pressures,
reducing iHeart's ability to fund debt service and near-term
maturities.  Also, cyclical or secular pressures on operating
results that further weaken credit metrics could result in negative
rating pressure.  Finally, indications that a distressed debt
exchange is probable in the near term would also drive a
downgrade.

Positive: The current Rating Outlook is Negative.  As a result,
Fitch's sensitivities do not currently anticipate a rating
upgrade.

As of Dec. 31, 2014, iHeart had approximately $20.6 billion in
consolidated debt.  Debt held at iHeart was $15.6 billion and
consisted of:

   -- $7.2 billion secured term loans ($931 million in 2016 and
      $6.3 billion in 2019);

   -- $5.3 billion secured PGNs, maturing 2019-2022;

   -- $1.7 billion in senior unsecured 12% cash pay / 2% PIK notes

      maturing in February 2021;

   -- $730 million senior unsecured 10% notes due 2018 (net of
      FinCo holdings of $120 million);

   -- $668 million senior unsecured legacy notes, with maturities
      of 2016-2027 (net of FinCo holdings of $57 million.)

Debt held at Clear Channel Worldwide Holdings, Inc. (CCWH) was $4.9
billion and consisted of:

   -- $2.7 billion in senior unsecured 6.5% notes due 2022;

   -- $2.2 billion in subordinated 7.625% notes due 2020.

Fitch currently rates iHeart as:

iHeartCommunications, Inc.

   -- Long-term IDR 'CCC';

   -- Senior secured term loans 'CCC/RR4';

   -- Senior secured priority guarantee notes 'CCC/RR4';

   -- Senior unsecured guarantee notes due 2021 'CC/RR6';

   -- Senior unsecured legacy notes 'C/RR6'.

The Rating Outlook for iHeart is Negative.

Clear Channel Worldwide Holdings, Inc.

   -- Long-term IDR at 'B';

   -- Senior unsecured notes at 'BB-/RR2';

   -- Senior subordinated notes at 'B/RR4'.

The Rating Outlook for Clear Channel Worldwide Holdings, Inc. is
Stable.



IHEARTCOMMUNICATIONS INC: Incurs $794-Mil. Net Loss in 2014
-----------------------------------------------------------
IHeartcommunications, Inc. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing
a net loss attributable to the Company of $794 million on $6.31
billion of revenue for the year ended Dec. 31, 2014, compared to a
net loss attributable to the Company of $606.9 million on $6.24
billion of revenue for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $14.04 billion in total
assets, $23.70 billion in total liabilities and a $9.66 billion
total shareholders' deficit.

                         Bankruptcy Warning

"We and our subsidiaries may not generate cash flow from operations
in an amount sufficient to fund our liquidity needs.  We anticipate
cash interest requirements of approximately $1.6 billion during
2015.  At December 31, 2014, we had debt maturities totaling $3.6
million, $1,126.9 million (net of $57.1 million due to a subsidiary
of ours), and $8.2 million in 2015, 2016, and 2017, respectively.
We are currently exploring, and expect to continue to explore, a
variety of transactions to provide us with additional liquidity.
We cannot assure you that we will enter into or consummate any such
liquidity-generating transactions, or that such transactions will
provide sufficient cash to satisfy our liquidity needs, and we
cannot currently predict the impact that any such transaction, if
consummated, would have on us."

"The ability to refinance the debt will depend on the condition of
the capital markets and our financial condition at such time.  Any
refinancing of the debt could be at higher interest rates and
increase debt service obligations and may require us and our
subsidiaries to comply with more onerous covenants, which could
further restrict our business operations.  The terms of existing or
future debt instruments may restrict us from adopting some of these
alternatives.  These alternative measures may not be successful and
may not permit us or our subsidiaries to meet scheduled debt
service obligations.  If we or our subsidiaries cannot make
scheduled payments on indebtedness, we or our subsidiaries, as
applicable, will be in default under one or more of the debt
agreements and, as a result we could be forced into bankruptcy or
liquidation," the Company stated in the Report.

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

                        http://is.gd/nsMFcm

                       iHeartMedia's Statement

"Throughout 2014, we further strengthened iHeartMedia's position as
the leading media and entertainment company in the digital age -
building on our one-of-a-kind multi-platform assets that deliver
unparalleled reach, scale and impact.  We continue to develop
powerful marketing solutions for our advertising and brand partners
while providing the most live entertainment - with more content and
more events in more places on more devices - to the industry's most
engaged audiences, wherever they are," Chairman and Chief Executive
Officer Bob Pittman said.  "We once again outperformed the
broadcast radio market last year, a testament to our ability to
attract advertising dollars to our platform.  At iHeartRadio, we
recently surpassed 60 million registered users, growing faster than
any other digital radio or music service, and our social media
presence is stronger than ever with more than 70 million social
followers.  At outdoor, we saw steady improvement this year in our
domestic business, while continuing our strong momentum
internationally.  We look forward to more progress in 2015, as we
continue to run our businesses more efficiently than ever and
launch innovative initiatives across our unique mix of broadcast
radio, digital, mobile, social and event platforms."

The Company also announced that Richard Bressler, currently
iHeartMedia, Inc.'s president and CFO, is adding the title of chief
operating officer for iHeartMedia, Inc. in order to better reflect
his actual role and responsibilities since joining the Company in
August 2013.

"Since joining us internally at iHeartMedia, Inc. in 2013, Rich has
been an enormously valuable partner, both for me and for our entire
company," said Pittman.  "In the last year we have made incredible
strides, and Rich has played an important role in operations and
finance, as well as strategy, for all of iHeartMedia, Inc.  We're
delighted to recognize his contributions by adding this title,
which better reflects the impact he has made and will continue to
make."

"Both iHeartMedia and our Outdoor business delivered revenue and
OIBDAN growth in 2014, even in the face of a challenging first half
of the year," said Rich Bressler, president, chief financial and
operating officer of iHeartMedia, Inc.  "Our focus on improving
operating efficiency resulted in virtually flat expenses year over
year and OIBDAN growth of 3%.  We continued to execute on our
revenue and efficiency initiatives that are building a strong
foundation for our long-term success, and most importantly, our
capital markets activities over the past months - including
refinancing approximately $1 billion of our term loans and
announcing the sale of a select portfolio of tower assets for up to
$400 million - have given us even more financial and operating
flexibility."

iHeartMedia, Inc. is the parent company of iHeartCommunications,
Inc.

                     About iHeartCommunications

iHeartCommunications, Inc., (formerly known as Clear Channel
Communications, Inc.) is a global media and entertainment company.
The Company specializes in radio, digital, outdoor, mobile,
social, live events, on-demand entertainment and information
services for local communities, and uses its unparalleled national
reach to target both nationally and locally on behalf of its
advertising partners.  The Company is dedicated to using the
latest technology solutions to transform the company's products
and services for the benefit of its consumers, communities,
partners and advertisers, and its outdoor business reaches over 40
countries across five continents, connecting people to brands
using innovative new technology.

                           *     *     *

In May 2013, Moody's Investors Service said that Clear Channel's
upsize of the term loan D to $4 billion from $1.5 billion will not
impact the Caa1 facility rating assigned.  Clear Channel's
Corporate Family Rating is unchanged at Caa2.  The outlook remains
stable.

As reported by the TCR on May 21, 2013, Standard & Poor's Ratings
Services announced that its issue-level rating on San
Antonio, Texas-based Clear Channel's senior secured term loan
remains unchanged at 'CCC+' following the company's upsize of the
loan to $4 billion from $1.5 billion.  The rating on parent
company CC Media Holdings remains at 'CCC+' with a negative
outlook, which reflects the risks surrounding the long-term
viability of the company's capital structure.

As reported by the TCR on Feb. 4, 2015, Fitch Ratings has affirmed
the Issuer Default Rating (IDR) of iHeartCommunications, Inc.
(iHeart) at 'CCC'.


IHEARTCOMMUNICATIONS INC: Moody's Rates New $550MM Notes 'Caa1'
---------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to
iHeartCommunications, Inc.'s proposed $550 million Priority
Guarantee Notes maturing in 2023.  iHeart's corporate family rating
is unchanged at Caa2.  The outlook remains stable.

"We rate the proposed PGN, existing PGNs (due in 2019, 2021 and
2022), and the bank credit facility the same to reflect the senior
secured position in the capital structure.  There are differences
in the security package including a Collateral Sharing Agreement
that the PGN which matures in 2019 benefits from that the PGNs
maturing in 2021, 2022, and 2023 do not.  The difference in the
security package leads to different point estimates in our LGD
methodology between the PGN classes. None of the PGNs will have
financial covenants while the credit facilities have financial
covenants that cause the point estimates for the credit facilities
to be slightly better than all the PGNs," Moody's said.

The proposed notes will be used to refinance a portion of the
remaining $931 million of term loan B & Cs that mature in January
2016 and are the last significant outstanding debt of its 2016
maturity wall.  The only other debt that matures in 2016 is the
$193 million of legacy senior notes due in December.  A repayment
of the 2016 legacy notes would trigger the equal and ratable clause
that would cause the remaining legacy notes due in 2018 and 2027 to
be secured by principal property and eliminate the limitations on
principal property contained in the legacy notes indenture.  The
elimination of the limitations on principal property are not
expected to change any of the debt ratings although the Loss Given
Default (LGD) of the 14% senior notes due 2021 would change to LGD5
from LGD4 and the remaining legacy notes due in 2018 and 2027 would
change to LGD4 from LGD5 given the improved security position.

The maturity extension of its capital structure provides the
company with additional time to improve revenue, EBITDA, and free
cash flow levels.  However, as in past maturity extensions, the
interest rate will be materially higher than the existing term
loans and will lead to approximately $35 million in higher interest
expense depending on the final coupon rate.  The weighted average
interest rate has increased to 8.1% as of Q4 2014 from 6.3% at Q4
2009.

Details of the rating actions are as follows:

iHeartCommunications, Inc.

   -- $550 million Priority Guarantee Notes due 2023, Assigned a
      Caa1 LGD-2 rating

   -- Corporate Family Rating, unchanged at Caa2

   -- Probability of Default Rating, unchanged at Caa3-PD

   -- Outlook, unchanged at Stable

   -- SGL-3 unchanged

iHeart's Caa2 corporate family rating (CFR) reflects the very high
leverage level of 11.6x on a consolidated basis as of Q4 2014
(excluding Moody's standard lease adjustments), negative free cash
flow, and interest coverage of 1.1x. While the extension and
exchange of a substantial amount of debt in the past few years is
positive, the increase in interest rates will leave the company
more vulnerable to a slowdown in the economy given the heightened
sensitivity that its radio and outdoor businesses have to consumer
ad spending.  The combination of higher interest rates and lower
EBITDA in the event of a future economic downturn could materially
impair its interest coverage and liquidity position.  In addition,
there are secular pressures on its terrestrial radio business that
could weigh on results as competition for advertising dollars and
listeners are expected to increase going forward.  Also
incorporated in the rating, is the expectation that leverage will
remain high over the rating horizon compared to the underlying
asset value of the firm.

Since the beginning of 2013, iHeart completed several debt issues
that reduced its 2016 debt maturity wall from $10.1 billion in 2012
to $583 million pro-forma for the proposed transaction.  The
substantial progress refinancing or extending its balance sheet
leaves the company with manageable debt maturities over the next
three years.  Despite the company's highly leveraged balance sheet,
iHeart possesses significant share, geographic diversity and
leading market positions in most of the over 150 markets in which
the company operates.  The credit also benefits from its 90%
ownership stake in Clear Channel Outdoor (CCO) which is one of the
largest outdoor media companies in the world, although it is not a
guarantor to iHeart's debt.  Its outdoor assets generate attractive
EBITDA margins, good free cash flow, and will benefit from digital
billboards that offer higher EBITDA margins than static billboards.
The company has devoted considerable resources to growing national
ad sales in radio and outdoor, so weakness experienced in its
Americas Outdoor national business during the first half of 2014 is
a concern, but Moody's expects an improvement in 2015.  Moody's
expects that leverage will remain high over the next several years
and the company will remain poorly positioned to withstand another
economic downturn or any material weakness in terrestrial radio in
the future.

"The SGL-3 liquidity rating reflects the company's adequate
liquidity profile.  iHeart benefits from $457 million cash balance
as of Q4 2014 (which includes cash held at CCO) and the absence of
material near-term debt maturities.  While we expect free cash flow
to be negative in 2015, the announced tower and building leaseback
transactions should boost liquidity when they are completed.  The
company could also reduce its capex if necessary ($318 million of
capex spend in 2014 and $300 to $350 million expected in 2015) and
we believe there are other liquidity options available such as the
resale of company debt held by unrestricted subsidiary CC Finco.
Given the size and diverse range of assets as well as the
flexibility of its debt agreements, there are a wide range of other
levers the company can exercise to generate additional liquidity.
The company has sold non-consolidated equity positions ($221
million was generated in Q1 2014 from the sale of a 50% ownership
position in Australian Radio Network) and is expected to consider
selling other non-consolidated or consolidated ownership positions
going forward.  Other options include selling shares of CCO or
other radio and outdoor assets or divisions.  While a sale of
domestic radio assets would likely increase leverage given the
multiples that radio assets trade for, it would still be a source
of liquidity if conditions warranted.  The company is working to
improve the working capital efficiency of the firm that could also
help its liquidity," said Moody's.

iHeart also has a Corporate Services Agreement with CCO that allows
for free cash flow generated at CCO to be up streamed to iHeart.
There is a revolving promissory note due from iHeart to CCO in the
amount of $948 million as of Q4 2014.  A settlement with some CCO
shareholders in 2013 has led to partial repayments of the loan that
led to special dividends being paid out in the same amount with
iHeart receiving its share of the proceeds in line with its
ownership percentage of CCO.  In August 2014, $175 million of the
note was repaid and a dividend was paid out to CCO's stockholders
with iHeart receiving 88% of the dividend and public shareholders
in CCO receiving the remaining 12%. While still a source of
liquidity for iHeart, the settlement reduces the attractiveness of
the revolving promissory note and increases the odds that balances
of approximately $1 billion could lead to additional repayments
with 10% (following CC Finco's purchase of $2 million shares in
January 2015) of the proceeds being paid out to CCO's public
shareholders.

iHeart's $535 million ABL revolver matures in December 2017, but
the maturity date will change to Oct. 31, 2015 if greater than $500
million of the term loan B & C facilities are outstanding one day
prior to that date.  If the proposed transaction is completed, it
would resolve this issue. There is no balance outstanding on the
facility as of Q4 2014.  iHeart has a substantial cushion under its
secured leverage covenant of 8.75x as of Q4 2014 (which excludes
the senior notes at Clear Channel Worldwide Holdings, Inc).  The
secured leverage metric defined by the terms of the credit
agreement is calculated net of cash at 6.3x as of Q4 2014 which
represents a cushion of 28%.  The company also has the ability to
buy back its term loans through a Dutch auction.

"The stable outlook reflects our expectation for modestly positive
revenue and EBITDA growth in 2015 which will lead to modest
deleveraging from its current level by the end of 2015.  The
company faces minimal debt maturities until 2018 which should
provide the company time to improve results, despite negative free
cash flow, given the liquidity options available to a firm of this
size so we don't foresee any liquidity issues for the company over
the next twelve to eighteen months barring a material decline in
the economy or a dramatic secular change in the radio industry,"
said Moody's.

A sustained improvement in revenue and EBITDA that led to a
reduction in leverage to under 10.5x with improved enterprise
values could lead to an upgrade.  Free cash flow would have to be
positive with a free cash flow to debt ratio of at least 1.5%.
Confidence that any pending debt maturities would be met would also
be required.

The rating could be lowered if EBITDA were to materially decline
due to economic weakness or if secular pressures in the radio
industry escalate so that leverage increases back above 13x.
Ratings would also be lowered if a default or debt restructuring is
imminent due to inability to extend or refinance material amounts
of debt. A deterioration in its liquidity position could also lead
to negative rating pressure.

iHeartCommunications, Inc. (iHeart) (fka Clear Channel
Communications, Inc.) with its headquarters in San Antonio, Texas,
is a global media and entertainment company specializing in mobile
and on-demand entertainment and information services for local
communities and advertisers.  The company's businesses include
digital music, radio broadcasting and outdoor displays (via the
company's 90% ownership of Clear Channel Outdoor Holdings Inc.
("CCO")).  iHeart's consolidated revenue was approximately $6.3
billion in FY 2014.

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


IHEARTCOMMUNICATIONS INC: S&P Rates Proposed $550MM Notes 'CCC+'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' issue-level
rating and '3' recovery rating to San Antonio, Texas-based
iHeartCommunications Inc.'s proposed $550 million priority
guarantee notes due 2023.  The '3' recovery rating indicates S&P's
expectations for meaningful recovery (50%-70%) of principal in the
event of a payment default.

The proposed transaction reduces the company's 2016 maturities to
about $583 million from roughly $1.1 billion.  Leverage remains
extremely high, at roughly 8.8x as of Dec. 31, 2014, and will be
largely unchanged after transaction closes.  S&P estimates that the
transaction reduces the company's debt maturities through 2016 to
levels below its cash and asset-backed revolver capacity of roughly
$450 million and $250 million, respectively, or $700 million
combined, based on S&P's estimation. iHeartMedia Inc.,
iHeartCommunications' parent company, also expects to receive up to
$400 million related to the sale lease-back of 411 broadcast
communication tower sites that was announced in December 2014.

iHeartMedia's progress in refinancing debt at interest rates that
are about 5% higher, on average, than the current rates will cause
EBITDA coverage of interest to remain in the low-1x area.  S&P
expects discretionary cash flow deficits of about $75 million to
$125 million in 2015 under S&P's base-case scenario, which will
keep liquidity extremely limited.

RATINGS LIST

iHeartCommunications Inc.
Corporate Credit Rating                 CCC+/Negative/--

New Ratings
iHeartCommunications Inc.
Senior Secured
  $550 million priority guarantee notes
    due 2023                             CCC+
   Recovery Rating                       3



INSITE VISION: Coliseum Capital Reports 8.3% Stake as of Dec. 31
----------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Coliseum Capital Management, LLC, et al.,
disclosed that as of Dec. 31, 2014, they beneficially owned
10,889,895 shares of common stock of InSite Vision Incorporated,
which represents 8.3 percent based on an assumed total of
131,951,033 shares of Common Stock outstanding as of Nov. 6, 2014,
as reported in the Issuer's Form 10-Q for the quarterly period
ended Sept. 30, 2014, as filed with the SEC on Nov. 7, 2014.  A
copy of the regulatory filing is available for free at:

                        http://is.gd/t9Fhxh

                           InSite Vision

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

Insite Vision reported net income of $26.8 million in 2014
following net income of $5.78 million in 2013.

As of Dec. 31, 2014, Insite Vision had $4.90 million in total
assets, $12.40 million in total liabilities and a $7.50 million
total stockholders' deficit.

Burr Pilger Mayer, Inc., in E. Palo Alto, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company's recurring losses from operations, available cash balance
and accumulated deficit raise substantial doubt about its ability
to continue as a going concern.


INSITE VISION: Posts $26.7 Million Net Income for 2014
------------------------------------------------------
Insite Vision Incorporated filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing net
income of $26.8 million on $8.21 million of total revenues for the
year ended Dec. 31, 2014, compared to net income of $5.78 million
on $30.8 million of total revenues for the year ended Dec. 31,
2013.

As of Dec. 31, 2014, Insite Vision had $4.90 million in total
assets, $12.40 million in total liabilities and a $7.50 million
total stockholders' deficit.

"During 2014, InSite's product pipeline achieved considerable
regulatory progress.  Our NDA for BromSite for the treatment of
inflammation and prevention of pain following cataract surgery is
nearly complete and remains on track for filing with the FDA during
the first quarter of 2015.  Currently, more than three million
cataract surgeries are performed annually in the United States and
the global cataract surgical market continues to grow with aging
populations," said Timothy Ruane, InSite's chief executive officer.
"We continue to carefully manage the company's resources, but
remain focused on bringing this important product to market."

As of Dec. 31, 2014, InSite had cash and cash equivalents of $1.7
million.  Total cash usage in the fourth quarter of 2014 was $3.9
million.  InSite expects that cash on hand anticipated cash flow
from operations and current borrowings under its debt agreements
will only be adequate to fund operations until May 2015. Additional
funding is being sought through the aforementioned debt financing,
collaborative or other partnering arrangements, equity financing,
and from other sources.

Burr Pilger Mayer, Inc., in E. Palo Alto, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company's recurring losses from operations, available cash balance
and accumulated deficit raise substantial doubt about its ability
to continue as a going concern.

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

                       http://is.gd/kOqImZ

                          InSite Vision

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


ISTAR FINANCIAL: Reports $28.4 Million Net Loss for Fourth Quarter
------------------------------------------------------------------
iStar Financial Inc. reported a net loss allocable to common
shareholders of $28.4 million on $109.9 million of total revenues
for the three months ended Dec. 31, 2014, compared to a net loss
allocable to common shareholders of $57.9 million on $101.07
million of total revenues for the same period in 2013.

For the 12 months ended Dec. 31, 2014, the Company reported a net
loss allocable to common shareholders of $48.8 million on $462
million of total revenues compared to a net loss allocable to
common shareholders of $156 million on $391 million of total
revenues during the prior year.

As of Dec. 31, 2014, iStar Financial had $5.44 billion in total
assets, $4.20 billion in total liabilities, $11.2 million in
redeemable noncontrolling interests and $1.23 billion in total
equity.

"This was a strong year for iStar as we made significant strides on
a number of fronts including growing investment volume and
generating over $90 million of adjusted income.  A significant
portion of our $1 billion land portfolio is still under development
and therefore largely not yet generating revenues, but as these
projects come on-line we expect them to start contributing to our
growth," said Jay Sugarman, iStar's chairman and chief executive
officer.  "While markets remain competitive, we are excited about
the potential to create value in each of our four businesses."

A full-text copy of the press release is available at:

                        http://is.gd/CQguLB

                        About iStar Financial

New York-based iStar Financial Inc. (NYSE: SFI) provides custom-
tailored investment capital to high-end private and corporate
owners of real estate, including senior and mezzanine real estate
debt, senior and mezzanine corporate capital, as well as corporate
net lease financing and equity.  The Company, which is taxed as a
real estate investment trust, provides innovative and value added
financing solutions to its customers.

                            *     *     *

As reported by the TCR on June 26, 2014, Fitch Ratings had
affirmed the Issuer Default Rating (IDR) of iStar Financial
at 'B'.  The 'B' IDR is driven by improvements in the company's
leverage, continued demonstrated access to the capital markets and
new sources of growth capital and material reductions in non-
performing loans (NPLs).

As reported by the TCR on Oct. 5, 2012, Standard & Poor's Ratings
Services affirmed its 'B+' long-term issuer credit rating on iStar
Financial.

In October 2012, Moody's Investors Service upgraded the corporate
family rating to 'B2' from 'B3'.  The current rating reflects the
REIT's success in extending near term debt maturities and
improving fundamentals in commercial real estate.  The ratings on
the October 2012 senior secured credit facility takes into account
the asset coverage, the size and quality of the collateral pool,
and the term of facility.


ITUS CORP: Amit Kumar Reports 6.6% Stake as of Feb. 18
------------------------------------------------------
Amit Kumar disclosed in a document filed with the Securities and
Exchange Commission that as of Feb. 18, 2015, he beneficially owned
15,492,795 shares of common stock of ITUS Corporation, representing
6.6 percent of the shares outstanding.

Mr. Kumar is a director and strategic advisor of the Company and is
the chief executive officer of Geo Fossil Fuels LLC.

Mr. Kumar was previously granted options for no consideration.
Certain of these options vested or will vest within 60 days which
caused his beneficial ownership to increase above 5 percent.  

A full-text copy of the regulatory filing is available at:

                        http://is.gd/m6LLPU

                       About ITUS Corporation

ITUS Corp. -- http://www.ITUScorp.com/-- develops and acquires
patented technologies for the purposes of patent monetization and
patent assertion.  The company currently has 10 patent portfolios
in the areas of Key Based Web Conferencing Encryption, Encrypted
Cellular Communications, E-Paper(R) Electrophoretic Display, Nano
Field Emission Display ("nFED"), Micro Electro Mechanical Systems
Display ("MEMS"), Loyalty Conversion Systems, J-Channel Window
Frame Construction, VPN Multicast Communications, Internet
Telephonic Gateway, and Enhanced Auction Technologies.

CopyTele changed its name to "ITUS Corporation" on Sept. 2, 2014,
to reflect the Company's change in its business operations.

Itus Corporation reported a net loss of $9.60 million on $3.66
million of total revenue for the year ended Oct. 31, 2014, compared
to a net loss of $10.08 million on $389,0000 of total revenue for
the year ended Oct. 31, 2013.  The Company also reported a net loss
of $4.25 million for the year ended Oct. 31, 2012, and a net loss
of $7.37 million for the year ended Oct. 31, 2011.

As of Oct. 31, 2014, the Company had $9.05 million in total assets,
$5.04 million in total liabilities and $4 million in total
shareholders' equity.


IVANHOE ENERGY: To File Bankruptcy Proposal Under BIA
-----------------------------------------------------
Ivanhoe Energy Inc. on Feb. 20 disclosed that, with the
authorization and approval of its board of directors, the company
has made a determination to file a Notice of Intention to Make a
Proposal (Notice of Intention) pursuant to the provisions of Part
III of the Bankruptcy and Insolvency Act (BIA) (Canada).

Pursuant to the Notice of Intention, Ernst & Young Inc. has been
appointed as the trustee in the company's proposal proceedings (the
Proposal Trustee) and in that capacity will monitor and assist the
company in its restructuring efforts.

It was determined by the company's board of directors that as a
result of the company's current financial situation, seeking
protection under the BIA would be in the best interests of the
company and all of its stakeholders.  While under BIA protection,
the company will continue with its efforts to pursue strategic
alternatives, including restructuring its existing debt obligations
and pursuing the sale of assets.  

A Notice of Intention is the first stage of a restructuring process
under the BIA, which permits the company to pursue a restructuring
of its financial affairs, through a formal Proposal process.  The
filing of the Notice of Intention has the effect of imposing an
automatic stay of proceedings (Stay) that will protect the company
and its assets from the claims of creditors and others while the
company pursues this objective.  The initial Stay period of 30 days
can be extended to a maximum six months, during which time the
company will assess its ability to present a viable Proposal to its
creditors.

The company continues to be actively engaged in discussions with
various stakeholders to recapitalize the company. Strategic and
financial alternatives under consideration are focused on relieving
the financial burden of the company's current debt structure and
obtaining additional financing necessary to fund ongoing
operations.  There can be no assurance that the current process
will result in a transaction or, if a transaction is undertaken,
that it will be successfully concluded in a timely manner or at
all.  Failure by the company to achieve its financing and
restructuring goals through an approved Proposal would result in
the company becoming bankrupt.

All inquiries regarding the BIA proceedings should be directed to
the Proposal Trustee at +1-403-206-5003.  Court materials and other
information about the BIA proceedings will be available on the
Proposal Trustee's website at www.ey.com/ca/ivanhoeenergy

Ivanhoe Energy -- http://www.ivanhoeenergy.com/-- is an
independent international heavy-oil exploration and development
company focused on pursuing long-term growth using advanced
technologies, including its proprietary heavy-oil upgrading process
(HTL(R)).


IVANHOE ENERGY: To File for Bankruptcy in Canada
------------------------------------------------
Judy McKinnon, writing for The Wall Street Journal, reported that
Ivanhoe Energy Inc., the oil exploration company founded by mining
magnate Robert Friedland, said on Feb. 20 it would file for
bankruptcy protection in Canada as it continues to pursue
restructuring options.

According to the report, the Vancouver company, which has struggled
to make interest payments on its debts and recently received a
$2.37 million bridge loan from Mr. Friedland, said its board
determined the move would be in the best interest of the company
given its current financial situation.

The Company said in a Feb. 20 press release that, with the
authorization and approval of its board of directors, the company
has made a determination to file a Notice of Intention to Make a
Proposal (Notice of Intention) pursuant to the provisions of Part
III of the Bankruptcy and Insolvency Act (BIA) (Canada).  Pursuant
to the Notice of Intention, Ernst & Young Inc. (EY) has been
appointed as the trustee in the company's proposal proceedings (the
Proposal Trustee) and in that capacity will monitor and assist the
company in its restructuring efforts.

"It was determined by the company's board of directors that as a
result of the company's current financial situation, seeking
protection under the BIA would be in the best interests of the
company and all of its stakeholders. While under BIA protection,
the company will continue with its efforts to pursue strategic
alternatives, including restructuring its existing debt obligations
and pursuing the sale of assets," the press release stated.

"A Notice of Intention is the first stage of a restructuring
process under the BIA, which permits the company to pursue a
restructuring of its financial affairs, through a formal Proposal
process. The filing of the Notice of Intention has the effect of
imposing an automatic stay of proceedings (Stay) that will protect
the company and its assets from the claims of creditors and others
while the company pursues this objective. The initial Stay period
of 30 days can be extended to a maximum six months, during which
time the company will assess its ability to present a viable
Proposal to its creditors," the press release further related.

"The company continues to be actively engaged in discussions with
various stakeholders to recapitalize the company. Strategic and
financial alternatives under consideration are focused on relieving
the financial burden of the company's current debt structure and
obtaining additional financing necessary to fund ongoing
operations. There can be no assurance that the current process will
result in a transaction or, if a transaction is undertaken, that it
will be successfully concluded in a timely manner or at all.
Failure by the company to achieve its financing and restructuring
goals through an approved Proposal would result in the company
becoming bankrupt," the press release added.

Ivanhoe Energy Inc. on Feb. 16 disclosed that the company received
a letter from The Bank of New York Mellon, as trustee of the
company's outstanding 5.75% convertible, unsecured, subordinated
debentures.  The letter notified the company that an Event of
Default has occurred by reason of the company not paying the
interest due on the debentures on December 31, 2014 and the
expiration of the 30-day grace period for paying the interest
payment.

                          Ivanhoe Energy

Ivanhoe Energy -- http://www.ivanhoeenergy.com/-- is an  
independent international heavy-oil exploration and development
company focused on pursuing long-term growth using advanced
technologies, including its proprietary heavy-oil upgrading
process
(HTL(R)).


JACKSONVILLE BANCORP: Endeavour Reports 9.9% Stake as of Dec. 31
----------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Endeavour Capital Advisors Inc., et al.,
disclosed that as of Dec. 31, 2014, they beneficially owned 314,292
shares of common stock of Jacksonville Bancorp, Inc., which
represents 9.9 percent of the shares outstanding.  A copy of the
regulatory filing is available at http://is.gd/GMXJTM

                     About Jacksonville Bancorp

Jacksonville Bancorp, Inc., a bank holding company, is the parent
of The Jacksonville Bank, a Florida state-chartered bank focusing
on the Northeast Florida market with eight full-service branches
in Jacksonville, Duval County, Florida, as well as the Company's
virtual branch.  The Jacksonville Bank opened for business on
May 28, 1999, and provides a variety of community banking services
to businesses and individuals in Jacksonville, Florida.

Jacksonville Bancorp reported a net loss available to common
shareholders of $32.4 million in 2013, a net loss available to
common shareholders of $43.04 million in 2012 and a net loss
available to common shareholders of $24.05 million in 2011.

The Company's balance sheet at Sept. 30, 2014, the Company had
$510 million in total assets, $474 million in total
liabilities and $36.3 million in total shareholders' equity.


JETBLUE AIRWAYS: Fitch Raises Issuer Default Rating to 'B+'
-----------------------------------------------------------
Fitch Ratings has upgraded JetBlue Airways Corp.'s (JBLU) Issuer
Default Rating (IDR) to 'B+' from 'B'.  The Rating Outlook is
Stable.  Fitch has also upgraded JBLU's unsecured rating to
'B+/RR4' from 'B-/RR5' and the senior secured credit facility to
'BB+/RR1' from 'BB/RR1'.

The upgrade is supported by JetBlue's consistent profitability,
solid financial flexibility and the improving health of its balance
sheet.  The rating action also incorporates JBLU's recent
announcement of revenue enhancing initiatives that Fitch believes
should drive higher margins over the intermediate term, and by
Fitch's expectation that JBLU will produce meaningful free cash
flow (FCF) over the next several years.  The ratings also benefit
from the significant cash savings expected to come from the recent
drop in fuel prices.  Fitch expects JBLU to utilize the increased
cash from lower fuel prices to further improve its credit profile
by paying down debt or paying for aircraft with cash.

Primary ratings concerns include the cyclicality and high degree of
operating leverage that is typical for the airline industry. Other
concerns include the risks around implementing JBLU's recent
changes in strategy (i.e. bag fees, fare families, and seat
densification), and any negative feedback that those changes could
generate from the company's customer base.  Fitch also notes, that
JetBlue will continue to pursue a growth strategy that is more
aggressive than its peer group, though that risk is offset by the
company's successful track record.  Financial leverage also remains
a concern though JetBlue's balance sheet is much stronger than it
has been in recent years.

Improving Balance Sheet Health: Fitch calculates JetBlue's total
adjusted debt/EBITDAR at 4.5x, down from 5.3x at year-end 2013.
Fitch expects JBLU's leverage to continue declining at least
through 2015 driven both by higher expected EBITDAR (lower fuel
prices, revenue enhancing initiatives) and through incremental debt
reduction.  Leverage improvement in 2014 was largely driven by
JetBlue's sale of its LiveTV subsidiary.  JBLU used a portion of
the sale proceeds to prepay $299 million of floating rate notes.
The note prepayment also caused 13 aircraft to become unencumbered.
JetBlue's unencumbered asset base now stands at 39 aircraft and 33
spare engines.  Fitch considers high quality unencumbered aircraft
to be a good additional source of financial flexibility.

Revenue Initiatives Expected to Boost Margins: Fitch expects the
various initiatives announced at JBLU's 2014 investor day to lift
operating margins over the intermediate term.  The company's Fare
Families initiative is scheduled for implementation in 2015.  Once
implemented, the cheapest available ticket option on JetBlue
flights will no longer include a free checked bag, leaving
Southwest alone as the only major North American airline to include
checked baggage in the ticket price.  While this initiative may
create some negative consumer sentiment, Fitch believes the
incremental revenue will outweigh any negative effects,
particularly now that paying for checked baggage has largely become
accepted practice for travellers.  JetBlue forecasts that Fare
Families will generate an incremental $65 million in revenue in
2015 with an annual run rate of $200 million by 2018.  Fitch views
these forecasts as achievable and potentially conservative based on
industry averages for checked bag fees.

The other major initiative announced at Investor Day was the plan
to add 15 extra seats to JetBlue's fleet of A320s, increasing their
capacity to 165 seats.  The additional seats will be beneficial
from a unit cost perspective, with the fixed costs of flying the
aircraft to be spread out over a greater number of seats.  Seat
densification also allows JBLU to add incremental capacity without
the need for as many new aircraft, reducing capital expenditures in
the 2016-2018 timeframe, and supporting Fitch's expectations for
higher FCF.  Like the introduction of bag fees, the decision to
reduce legroom could receive negative feedback from customers.
This risk is partially mitigated by the fact that JBLU will
maintain a better than industry average pitch despite the
additional seats.  In addition, the retrofitted A320 cabins will
roughly match the cabin experience on JBLU's A321s, which,
according to the company, tend to generate positive customer
feedback.  JBLU plans to start retrofitting aircraft interiors by
the second quarter of 2016.

Areas of Pressure on Operating Costs: Although Fitch expects non
fuel unit costs to continue to rise in the near term, Fitch expects
the rate of increase to slow.  Rising salaries and maintenance
expenses have caused JBLU's ex-fuel CASM to rise in recent years,
pressuring operating margins.  JetBlue still faces pressures from
higher maintenance costs in 2015 primarily due to a higher number
of heavy aircraft checks, and from rising pilot wages.  Pilot wages
are a potential risk area since JBLU's pilots decided in 2014 to
unionize for the first time.  Negotiations with the pilots union
are still in their early stages, and Fitch does not expect a
near-term impact, but at this point the potential impact of a newly
negotiated union contract represents an unknown.

Solid Financial Flexibility for the Rating: FCF was better than
expected in 2014 as the solid operating environment and modest
margin improvement pushed operating cash above Fitch's prior
forecast.  Fitch now expects JBLU to generate substantial positive
FCF over the next few years driven by lower fuel costs and
decreased capex stemming from the company's decision to defer some
aircraft deliveries during the 2016-2018 time frame.  Using a
conservative assumption for fuel prices, Fitch believes that FCF in
2015 could exceed $300 million.

JBLU produced $55 million of FCF for full year 2014, which is down
from from $121 million in 2013 but better than Fitch's original
expectation for FCF to potentially turn negative.  JetBlue has now
produced positive FCF in four out of the last five years despite
sluggish economic growth and persistently high fuel prices.

Liquidity is supportive of the ratings.  As of Dec. 31, 2014
JetBlue had a cash and equivalents balance of $341 million, short
term investment securities of $367 million and an undrawn revolver
balance of $400 million.  JBLU's revolver matures in April of 2018.
Total liquidity including the undrawn revolver is equivalent to
19% of latest 12 months (LTM) revenue, which Fitch considers to be
more than adquate to address near-term needs. Upcoming debt
maturities are quite manageable, with no significant maturities in
the near term aside from two classes of floating rate notes due in
2016.  Fitch expects JBLU to generate sufficient operating cash in
the near term to cover its capital expenditures and debt maturities
without the need for further borrowing.

Financial flexibility is also supported by JBLU's growing base of
unencumbered assets.  Fitch considers JBLU's unencumbered Airbus
A320s to be high quality assets which should ensure capital market
access in the case of a liquidity crunch.  Fitch expects JBLU to
further expand its base of unencumbered assets over the coming
years as it opportunistically pays for some aircraft with cash.

Credit Metrics: Leverage has improved in the past year, and should
fall further as EBITDAR continues to expand.  As of year end, total
adjusted leverage/EBITDAR stood at roughly 4.5x compared to 5.3x at
year-end 2013.  Fitch notes that leverage has improved since the
recession when debt/EBITDAR peaked at 9x.  The company will
continue to strategically reduce debt in the coming years as
opportunities arise.  Funds from operations (FFO) fixed charge
coverage has increased to 2.55x at year-end 2014 from 2.35x a year
ago.  Fitch expects fixed charge coverage to exceed 3x in 2015.

Recovery Ratings: Fitch has also upgraded the ratings for JetBlue's
senior unsecured debentures to 'B+/RR4' from 'B-/RR5'. Fitch's
recovery analysis reflects a scenario in which a distressed
enterprise value is allocated to the various debt classes.  The
upgrade is based on a higher estimated distressed enterprise value
based on JBLU's growing EBITDA generation and general improvements
in the airline industry.  Unsecured recovery ratings also benefit
from the lower amount of secured debt outstanding at year-end
2014.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for JBLU include:

   -- Stable demand environment for air travel in the U.S. in the
      near term.

   -- JetBlue continues to grow capacity in the mid-to-high single

      digits annually. Yields are assumed to grow in the low
      single digits through Fitch's forecast period.

   -- Fitch's base forecast incorporates a conservative assumption

      for jet fuel of roughly $2.20/gallon in 2015, implying that
      crude oil quickly rebounds from recent lows.  This is not a
      forecast but rather a conservative assumption for Fitch's
      rating case.

   -- JBLU is able to fund upcoming debt maturities and capex with

      internally generated funds.

RATING SENSITIVITIES

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

   -- Continued positive FCF generation with FCF margin rising to
      the mid-single digits.

   -- Further reduction in leverage with adjusted debt/EBITDAR to
      be maintained below 4x.

   -- FFO fixed charge coverage expanding to more than 3.0x.

   -- Evidence that Fare Families and cabin refresh strategies are

      margin accretive.

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

   -- Sustained negative FCF.

   -- Liquidity weakens to below management targets.

   -- A change in management strategy to direct cash to
      dividends/share repurchases at the expense of a healthy
      balance sheet.

   -- Adjusted leverage increasing towards 5x.

Fitch has upgraded JetBlue's ratings as follows:

   -- IDR to 'B+' from 'B';

   -- Senior secured credit facility to 'BB+/RR1' from 'BB/RR1';

   -- Senior unsecured debt to 'B+/RR4' from 'B-/RR5'.



KEMET CORP: Files Copy of Investor Presentation with SEC
--------------------------------------------------------
Per-Olof Loof, chief executive officer, and William M. Lowe, Jr.,
executive vice president and chief financial officer, of KEMET
Corporation, provided certain investor information, including
investor presentations commencing on Wednesday, Feb. 18, 2015, in
New York.  The slide package used in connection with these
presentations is available for free at http://is.gd/9aCDFO

                            About KEMET

KEMET, based in Greenville, South Carolina, is a manufacturer and
supplier of passive electronic components, specializing in
tantalum, multilayer ceramic, film, solid aluminum, electrolytic,
and paper capacitors.  KEMET's common stock is listed on the NYSE
under the symbol "KEM."

As of Dec. 31, 2014, the Company had $800 million in total assets,
$584 million in total liabilities and $216 million in total
stockholders' equity.

                          *     *     *

As reported by the TCR on March 26, 2013, Moody's Investors
Service downgraded KEMET Corp.'s Corporate Family Rating to 'Caa1'
from 'B2' and the Probability of Default Rating to 'Caa1-PD' from
'B2- PD' based on Moody's expectation that KEMET's liquidity will
be pressured by maturing liabilities and negative free cash flow
due to the interest burden and continued operating losses at the
Film and Electrolytic segment.

As reported by the TCR on Aug. 9, 2013, Standard & Poor's Ratings
Services lowered its corporate credit rating on KEMET to 'B-' from
'B+'.  "The downgrade is based on continued top-line and margin
pressures and lagging results from the restructuring of the Film &
Electrolytic [F&E] business, which combined with cyclical weak
end-market demand, has resulted in sustained, elevated leverage
well in excess of 5x, persistent negative FOCF, and diminishing
liquidity," said Standard & Poor's credit analyst Alfred
Bonfantini.

The TCR reported in August 2014 that S&P revised its outlook on
KEMET to 'stable' from 'negative'.  S&P affirmed the ratings,
including the 'B-' corporate credit rating.


LEONARD WALLACE: District Court Affirms Orders in Suit vs. Hayes
----------------------------------------------------------------
Judge Edward J. Lodge of the U.S. District Court for the District
of Idaho affirms the Bankruptcy Court's (i) May 15, 2014 denial of
Leonard Otto Wallace's Rule 60(b) Motion, and (ii) May 27, 2014
denial of Mr. Wallace's request for reconsideration in the in the
appellate case captioned Leonard Otto Wallace v. Norman Hayes, and
Rodney Hayes, Case No. 2:14-CV-00229-EJL.

In addition, Judge Lodge denies the (i) Hayes' Motion to Dismiss
Appeal and for Attorney Fees and Costs, and (ii) Wallace's Request
that the Court take Judicial Notice of various documents related to
the Montana litigation.

Mr. Wallace appeals the Summary Order Regarding Debtors' Rule 60(b)
Motion and Creditors' Motion for Protective Order, and the denial
of reconsideration of the Summary Order entered by the Bankruptcy
Court in his bankruptcy case.  Mr. Wallace does not address any
specific error allegedly committed by the Bankruptcy Court, but
instead attempts to challenge and ultimately reverse rulings made
in a Montana arbitration that occurred more than ten years ago, as
well as a decision by the Montana Supreme Court affirming the
arbitration award.

Mr. Wallace and the Hayes have been involved in litigation for
approximately 13 years.  The contentious litigation and collection
efforts have spanned numerous jurisdictions and involved multiple
appeals.  In brief, Mr. Wallace commenced an action on October 29,
2001, against MagTrac Bolus, a Wyoming limited liability company,
in which he was a member, as well as against six other LLC members,
including the Hayes.  The LLC's primary purpose was to own, develop
and market products for radio frequency identification and
temperature monitoring of livestock.  Mr. Wallace's complaint
alleged fraud, negligent misrepresentation, and breach of
partnership obligations.

A full-text copy of the Memorandum Decision and Order dated
December 8, 2014, is available at http://bit.ly/1Lt2UFffrom
Leagle.com.

The Appellees are represented by:

          Daniel J. Gibbons, Esq.
          WITHERSPOON KELLEY
          422 W. Riverside Ave., Suite 1100
          Spokane, WA 99201
          Telephone: (509) 624-5265
          E-mail: DJG@witherspoonkelley.com

Leonard O. Wallace and Pamela R. Wallace filed a joint Chapter 11
petition (Bankr. D. Idaho Case No. 11-21077) on Aug. 15, 2011.  The
Wallaces previously filed for Chapter 11 (Bankr. D. Idaho Case No.
09-20496) on May 14, 2009.  Bruce A. Anderson, Esq., represented
the Debtors in the 2009 case.  The Wallaces estimated assets and
debts ranging from $10 million to $50 million.


LIFE PARTNERS: Can File Schedules & Statement Until February 27
---------------------------------------------------------------
The U.S. Bankruptcy Court for the  Northern District of Texas
extended until Feb. 27, 2015, the deadline within which Life
Partners Holdings Inc. can file its schedules of assets and
liabilities, and statement of financial affairs.

Headquartered in Waco, Texas, Life Partners Holdings, Inc. --
http://www.lphi.com/-- is a financial services company engaged in
the secondary market for life insurance known as life settlements.

Life Partners Holdings, Inc., sought protection under Chapter 11 of
the Bankruptcy Code on Jan. 20, 2015 (Bankr. N.D. Tex., Case No.
15-40289).  The case is assigned to Judge Russell F. Nelms.

The U.S. Trustee for Region 6 appointed three creditors of Life
Partners Holdings, Inc. to serve on the official committee of
unsecured creditors.   Tracy A. Bolt of BDO USA, LLP, was named as
examiner in the Debtor's case.


LIFE PARTNERS: Committee Wants to Hire Munsch Hardt as Attorney
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Life Partners
Holdings Inc. asks the U.S. Bankruptcy Court for the Northern
District of Texas for permission to retain Munsch Hardt Kopf & Harr
P.C. as its attorney.

The firm will:

   a) serve as attorneys of record for the Committee generally in
      all aspects, which may include adversary proceedings   
      commenced in connection with the Bankruptcy Case, and
      providing representation and legal advice to the Committee
      throughout its tenure;

   b) assist, advise, and represent the Committee with respect to
      the administration of the Bankruptcy Case, including
      consulting with the Debtor, any other estate fiduciaries and

      professionals, major creditor constituencies, and the UST
      with respect thereto;

   c) provide all necessary legal advice with respect to the
      Committee's powers and duties;

   d) assist the Committee in working to maximize the value of
      the Debtor's assets for the benefit of the Debtor's
      unsecured creditors;

   e) assist the Committee with respect to evaluating and
      negotiating a plan of reorganization and, if necessary,
      either challenging or supporting as appropriate, the
      confirmation of a plan and the approval of an associated
      disclosure statement;

   f) conduct any investigation, as the Committee deems
      appropriate, concerning, among other things, the assets,
      liabilities, financial condition and operating issues of the

      Debtor;

   g) commence and prosecute any and all necessary and appropriate
      actions and proceedings on behalf of the Committee in the
      Bankruptcy Case;

   h) prepare, on behalf of the Committee, necessary applications,

      pleadings, responses, correspondence, motions, answers,
      orders, reports and other legal papers;

   i) communicate with the Committee's constituents and others
      as the Committee may consider necessary or desirable in
      furtherance of its responsibilities;

   j) appear before this Court and any appellate courts or
      other courts having jurisdiction over any matter associated
      with the Bankruptcy Case in order to represent the interests

      of the Committee; and

   k) perform all other legal services for the Committee which
      are appropriate, necessary and proper in connection with the

      Bankruptcy Case in accordance with the Committee's powers
      and duties as set forth in the Bankruptcy Code.

The firm's current hourly rates:

     Professional                 Designation    Hourly Rate
     ------------                 -----------    -----------
     Joseph J. Wielebinski, Esq.  Shareholder    $635
     Dennis Roossien, Esq.        Shareholder    $450
     Jay H. Ong, Esq.             Shareholder    $415
     Thomas D. Berghman, Esq.     Associate      $280
     Isaac Brown, Esq.            Associate      $250

     Designation                                 Hourly Rate
     -----------                                 -----------
     shareholders                                $320-$740
     Associates                                  $240-$365
     Paralegals                                  $180-$275

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

The firm can be reached at:

    Joseph J. Wielebinski, Esq.
    Jay Ong, Esq.
    Dennis Roossien, Esq.
    Thomas D. Berghman, Esq.
    Isaac Brown, Esq.
    MUNSCH HARDT KOPF & HARR, P.C.
    500 Ross Tower
    3800 Lincoln Plaza
    Dallas, Texas 75201-6659
    Tel: (214) 855-7500
    Fax: (214) 855-7584
    E-mail: jwielebinski@munsch.com
            jong@munsch.com
            droossien@munsch.com
            tberghman@munsch.com
            ibrown@munsch.com

Headquartered in Waco, Texas, Life Partners Holdings, Inc. --
http://www.lphi.com/-- is a financial services company engaged in
the secondary market for life insurance known as life settlements.

Life Partners Holdings, Inc., sought protection under Chapter 11 of
the Bankruptcy Code on Jan. 20, 2015 (Bankr. N.D. Tex., Case No.
15-40289).  The case is assigned to Judge Russell F. Nelms.

The U.S. Trustee for Region 6 appointed three creditors of Life
Partners Holdings, Inc. to serve on the official committee of
unsecured creditors.   Tracy A. Bolt of BDO USA, LLP, was named as
examiner for the Debtor's case.


LIFE PARTNERS: Names Kevin Buchanan as Special Litigation Counsel
-----------------------------------------------------------------
Life Partners Holdings Inc. asks the U.S. Bankruptcy Court for the
Northern District of Texas for permission to employ Kevin Buchanan
& Associates PLLC as its special litigation counsel to represent
the Debtor in connection with these lawsuits:

  a) Danny Birtcher v. LPHI, LPI, Brian Pardo, Scott Peden, and
     Pardo Family Holdings, Ltd., Cause No 14C1411-102b (102nd
     judicial Dist. Ct., Bowie County, Texas) (the "Birtcher
     Lawsuit");

  b) State of Texas v. LPHI, LPI, Brian Pardo and Scott Peden, et
     al., Cause No. 140226 (Tex. Sup. Ct.);

  c) Selma Stone, et al. v. LPHI, Brian Pardo, Scott Peden and
     David Martin, Civil Action No. DR-11-CV-16-AM (U.S. Dist. Ct.

     W.D. Tex);

  d) Robert Whitehurst VS. LPHI, LPI, Brian Pardo, Scott Peden,
     and Pardo Family Holdings, Ltd., Cause No. 2014DCV-5498-C
     (94th Judicial Dist. Ct., Nueces County, Texas) (the
     "Whitehurst Lawsuit");

  e) David Whitmire & Somerset Partners Strategic Assets, Inc., v.

     LPHI, LPI, Brian Pardo, Scott Peden, and Pardo Family
     Holdings, Ltd., Cause No. 1-14-1126 (382nd Judicial Dist.
     Ct., Rockwall County, Texas) (the "Whitmire Lawsuit"); and

  f) John Willingham et al. v. LPHI, LPI, Brian Pardo, Scott
     Peden, and Pardo Family Holdings, Ltd., Cause No. DC-11-10639

     (1915t Judicial Dist. Ct., Dallas County, Texas).

The firm's current hourly rates:

     Professional               Hourly Rate
     ------------               -----------
     Kevin Buchanan, Esq.       $350
     Associate Attorneys        $250
     Paralegals/Clerks          $50-$125

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

Headquartered in Waco, Texas, Life Partners Holdings, Inc. --
http://www.lphi.com/-- is a financial services company engaged in
the secondary market for life insurance known as life settlements.

Life Partners Holdings, Inc., sought protection under Chapter 11 of
the Bankruptcy Code on Jan. 20, 2015 (Bankr. N.D. Tex., Case No.
15-40289).  The case is assigned to Judge Russell F. Nelms.

The U.S. Trustee for Region 6 appointed three creditors of Life
Partners Holdings, Inc. to serve on the official committee of
unsecured creditors.   Tracy A. Bolt of BDO USA, LLP, was named as
examiner in the Debtor's case.


LIFE PARTNERS: Taps Forshey & Prostok as Attorney
-------------------------------------------------
Life Partners Holdings Inc. asks the U.S. Bankruptcy Court for the
Northern District of Texas for permission to employ Forshey &
Prostok LLP as its attorney.

The firm will:

  a) advise the Debtors of its rights, powers and duties as Debtor

     and debtor-in-possession continuing to manage its affairs and

     properties;

  b) advise the Debtor concerning, and assisting in the
     negotiation and documentation of agreements, debt
     restructuring, and related transactions;

  c) review the nature and validity of liens asserted against the
     property of the Debtor and advise the Debtor concerning the
     enforceability of such liens;

  d) advise the Debtor concerning the actions that it might take
     to collect and to recover property for the benefit of the
     Debtor's estate;

  e) prepare on behalf of the Debtor all necessary and appropriate

     applications, motions, pleadings, proposed orders, notices,
     schedules and other documents, and review all financial and
     other reports to be filed in the Chapter 11 case;

  f) advise the Debtor concerning, and preparing responses to,
     applications, motions, pleadings, notices and other papers
     that may be filed and served in the Chapter 11 case;

  g) counsel the Debtor in connection with the formulation,
     negotiation and promulgation of a plan of reorganization and
     related documents; and

  h) perform all other legal services for and on behalf of the
     Debtor that may be necessary or appropriate in the  
     administration of the Chapter 11 case or in the management of

     the property of the Debtor's bankruptcy estate, including
     advising and assisting the Debtor with respect to debt
     restructuring, stock or asset dispositions, and general
     corporate, securities, tax, finance, real estate and
     litigation matters.

The firm's current hourly rates:

     Professional       Hourly Rate
     ------------       -----------
     Partners           $500
     Associates         $275-$375
     Paralegals         $150-$195

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

The firm can be reached at:

    J. Robert Forshey, Esq.
    Jeff P. Prostok, Esq.
    Suzanne K. Rosen, Esq.
    FORSHEY & PROSTOK LLP
    777 Main Street, Suite 1290
    Forth Worth, Texas 76102
    Tel: (817) 877-8855
    Fax: (817) 877-4151
    Email: bforshey@forsheyprostok.com
           jprostok@forsheyprostok.com
           srosen@forsheyprostok.com

Headquartered in Waco, Texas, Life Partners Holdings, Inc. --
http://www.lphi.com/-- is a financial services company engaged in
the secondary market for life insurance known as life settlements.

Life Partners Holdings, Inc., sought protection under Chapter 11 of
the Bankruptcy Code on Jan. 20, 2015 (Bankr. N.D. Tex., Case No.
15-40289).  The case is assigned to Judge Russell F. Nelms.

The U.S. Trustee for Region 6 appointed three creditors of Life
Partners Holdings, Inc. to serve on the official committee of
unsecured creditors.   Tracy A. Bolt of BDO USA, LLP, was named as
examiner in the Debtor's case.


LIGHTSQUARED INC: Further Expands Scope of E&Y's Services
---------------------------------------------------------
LightSquared Inc. said it entered into a new statement of work for
the company's tax compliance services for the year ended Dec. 31,
2014, which expanded the scope of Ernst & Young LLP's services as
of Jan. 19, 2015.  

The company also entered into a new statement of work for
LightSquared LP's tax compliance services for the year ended Dec.
31, 2014.  The new SOW also amended the scope of its engagement of
Ernst & Young as of Jan. 19, 2015, to include additional services.

The new SOWs can be accessed for free at http://is.gd/YolNHw

The deadline for filing objections is Feb. 24.  A hearing will be
held if LightSquared receives an objection.

                     About LightSquared Inc.

LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, to resolve regulatory issues that have prevented it
from building its coast-to-coast integrated satellite 4G wireless
network.

LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network.  In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries.  In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.

LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with liquidity
and runway necessary to resolve its issues with the FCC.

Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties.

Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors.  Alvarez & Marsal North America, LLC, is the financial
advisor.  Kurtzman Carson Consultants LLC serves as claims and
notice agent.

                          *     *     *

Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York on Jan. 20, 2015, approved the Second
amended specific disclosure statement explaining Lightsquared Inc.,
et al.'s second amended joint plan, after determining that the
disclosures contain adequate information within the meaning of
Section 1125(a) of the Bankruptcy Code.

As previously reported by The Troubled Company Reporter, the
Debtors, in December, filed a joint plan and disclosure statement,
which contemplate, among other things, (A) new money investments by
the New Investors in exchange for a combination of preferred and
common equity, (B) the conversion of the Prepetition LP Facility
Claims into new second lien debt obligations, (C) the repayment in
full, in cash, of the Inc. Facility Prepetition Inc. Facility
NonSubordinated Claims immediately following confirmation of the
Plan, (D) the payment in full, in cash, of LightSquared's general
unsecured claims, (E) the provision of $1.25 billion in new money
working capital for the Reorganized Debtors, (F) the assumption of
certain liabilities, (G) the resolution of all inter-Estate
disputes, and (H) the contribution by Harbinger of the Harbinger
Litigations.


LIGHTSQUARED INC: Has Access to Cash Collateral Until April 30
--------------------------------------------------------------
LightSquared Inc. received approval from U.S. Bankruptcy Judge
Shelley Chapman to continue to use the cash collateral of lenders
under a 2010 credit agreement until April 30.  A full-text copy of
the court order can be accessed for free at http://is.gd/2DapI5

                     About LightSquared Inc.

LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, to resolve regulatory issues that have prevented it
from building its coast-to-coast integrated satellite 4G wireless
network.

LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network.  In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries.  In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.

LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with liquidity
and runway necessary to resolve its issues with the FCC.

Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties.

Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors.  Alvarez & Marsal North America, LLC, is the financial
advisor.  Kurtzman Carson Consultants LLC serves as claims and
notice agent.

                          *     *     *

Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York on Jan. 20, 2015, approved the Second
amended specific disclosure statement explaining Lightsquared Inc.,
et al.'s second amended joint plan, after determining that the
disclosures contain adequate information within the meaning of
Section 1125(a) of the Bankruptcy Code.

As previously reported by The Troubled Company Reporter, the
Debtors, in December, filed a joint plan and disclosure statement,
which contemplate, among other things, (A) new money investments by
the New Investors in exchange for a combination of preferred and
common equity, (B) the conversion of the Prepetition LP Facility
Claims into new second lien debt obligations, (C) the repayment in
full, in cash, of the Inc. Facility Prepetition Inc. Facility
NonSubordinated Claims immediately following confirmation of the
Plan, (D) the payment in full, in cash, of LightSquared's general
unsecured claims, (E) the provision of $1.25 billion in new money
working capital for the Reorganized Debtors, (F) the assumption of
certain liabilities, (G) the resolution of all inter-Estate
disputes, and (H) the contribution by Harbinger of the Harbinger
Litigations.


MAGNETIC RESONANCE: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Magnetic Resonance Imaging Associates of Queens, P.C.
        92-37 Metropolitan Avenue
        Forest Hills, NY 11375

Case No.: 15-40644

Nature of Business: Health Care

Chapter 11 Petition Date: February 19, 2015

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

Judge: Hon. Nancy Hershey Lord

Debtor's Counsel: Jae Y Kim, Esq.
                  LAW OFFICES OF JAE Y. KIM, LLC
                  One University Plaza, Suite 212
                  Hackensack, NJ 07601
                  Tel: (201) 488-8600
                  Fax: (201) 488-8633
                  Email: jkim@jyklaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by John Nathenas, president.

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


MAINTENANCE DYNAMICS: Case Summary & 8 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Maintenance Dynamics, Inc.
        4490 Grant Street
        Gary, IN 46408

Case No.: 15-20357

Chapter 11 Petition Date: February 19, 2015

Court: United States Bankruptcy Court
       Northern District of Indiana (Hammond Division)

Judge: Hon. Philip Klingeberger

Debtor's Counsel: Daniel L. Freeland, Esq.
                  DANIEL L. FREELAND & ASSOCIATES, P.C.
                  9105 Indianapolis Boulevard
                  Highland, IN 46322
                  Tel: (219) 922-0800
                  Email: dlf9601@aol.com

                    - and -

                  Daniel Freeland(MAG), Esq.
                  DANIEL L. FREELAND & ASSOCIATES, P.C.
                  9105 Indianapolis Boulevard
                  Highland, IN 46322
                  Tel: (219) 922-0800
                  Email: dlf9601@aol.com

                    - and -

                  Sheila A. Ramacci (MAG), Esq.
                  DANIEL L. FREELAND & ASSOCIATES, P.C.
                  9105 Indianapolis Boulevard
                  Highland, IN 46322
                  Tel: (219) 922-0800
                  Fax: (219) 922-1261
                  Email: sar4198@aol.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Clara Cleary, vice president.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/innb15-20357.pdf


MARINA BIOTECH: Posts $6.5 Million Net Loss for 2014
----------------------------------------------------
Marina Biotech, Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$6.47 million on $500,000 of license and other revenue for the year
ended Dec. 31, 2014, compared to a net loss of $1.57 million on
$2.11 million of license and other revenue in 2013.

As of Dec. 31, 2014, Marina Biotech had $9.21 million in total
assets, $13.58 million in total liabilities, and a $4.37 million
stockholders' deficit.

Wolf & Company, P.C., in Boston, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing the Company has suffered
recurring losses from operations, has a significant accumulated
deficit and has been unable to raise sufficient capital to fund its
operations through the end of 2015.  This raises substantial doubt
about the Company's ability to continue as a going concern, the
auditors noted.

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

                        http://is.gd/aZGxuF

                        About Marina Biotech

Marina Biotech, Inc., headquartered in Bothell, Washington, is a
biotechnology company focused on the discovery, development and
commercialization of nucleic acid-based therapies utilizing gene
silencing approaches such as RNA interference ("RNAi") and
blocking messenger RNA ("mRNA") translation.  The Company's goal
is to improve human health through the development, either through
its own efforts or those of its collaboration partners and
licensees, of these nucleic acid-based therapeutics as well as the
delivery technologies that together provide superior treatment
options for patients.  The Company has multiple proprietary
technologies integrated into a broad nucleic acid-based drug
discovery platform, with the capability to deliver novel nucleic
acid-based therapeutics via systemic, local and oral
administration to target a wide range of human diseases, based on
the unique characteristics of the cells and organs involved in
each disease.

On June 1, 2012, the Company announced that, due to its financial
condition, it had implemented a furlough of approximately 90% of
its employees and ceased substantially all day-to-day operations.
Since that time substantially all of the furloughed employees have
been terminated.  As of Sept. 30, 2012, the Company had
approximately 11 remaining employees, including all of its
executive officers, all of whom are either furloughed or working
on reduced salary.  As a result, since June 1, 2012, its internal
research and development efforts have been minimal, pending
receipt of adequate funding.


MEDICAL ALARM: Delays Filing of Dec. 31 Form 10-Q
-------------------------------------------------
Medical Alarm Concepts, Inc. disclosed in a document filed with the
Securities and Exchange Commission it was unable to file, without
unreasonable effort or expense, its quarterly report on Form 10-Q
for the period ended Dec. 31, 2014, in a timely manner. According
to the Company, additional time was needed for it to compile and
analyze supporting documentation in order to complete the Form 10-Q
and in order to permit the Company's independent registered public
accounting firm to complete its review of the unaudited condensed
consolidated financial statements included in the Form 10-Q.

                        About Medical Alarm

Plymouth Meeting, Pa.-based Medical Alarm Concepts Holding, Inc.,
utilizes new technology in the medical alarm industry to provide
24-hour personal response monitoring services and related products
to subscribers with medical or age-related conditions.

Medical Alarm reported net income of $225,041 on $1.15 million of
revenue for the year ended June 30, 2014, compared to net income
of $3.18 million on $573,000 of revenue during the prior year.

Paritz & Company, P.A., in Hackensack, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014.  The independent auditors noted
that the Company had working capital deficit of $636,000, a
stockholders' deficit of $2.036 million, did not generate cash
from
its operations, and had operating loss for past two years.  These
circumstances, among others, raise substantial doubt about the
Company's ability to continue as a going concern, according to the
auditors.


MICROVISION INC: Ben Farhi Reports 1.7% Stake as of Feb. 17
-----------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Ben Lawrence Farhi disclosed that as of Feb.
17, 2015, it beneficially owned 755,157 shares of common stock of
MicroVision, Inc., which represents 1.7 percent of the shares
outstanding.  He acquired 43,714 Common Shares on Nov. 12, 2013, at
a weighted average purchase price of $1.42 per share and sold
2,000,000 Common Shares on Dec. 30, 2014, at $1.78 per share.
A copy of the regulatory filing is available for free at:

                        http://is.gd/K48hwd

                       About Microvision Inc.

Headquartered in Redmond, Washington, MicroVision, Inc. (NASDAQ:
MVIS) is the creator of PicoP(R) display technology, an ultra-
miniature laser projection solution for mobile consumer
electronics, automotive head-up displays and other applications.

MicroVision reported a net loss of $13.2 million in 2013, as
compared with a net loss of $22.7 million in 2012.

As of Sept. 30, 2014, the Company had $14.4 million in total
assets, $4.64 million in total liabilities, and $9.70 million in
total stockholders' equity.

Moss Adams LLP, in Seattle, Washington, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has suffered recurring losses from operations and has
a net capital deficiency that raise substantial doubt about its
ability to continue as a going concern.


MONTEZUMA MEXICAN: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Montezuma Mexican Restaurant Inc.
        119 West Kingbridge Road #3
        Bronx, NY 10468

Case No.: 15-10365

Chapter 11 Petition Date: February 20, 2015

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

Judge: Hon. Martin Glenn

Debtor's Counsel: David C. McGrail, Esq.
                  MCGRAIL & BENSINGER LLP
                  676A Ninth Avenue, # 211
                  New York, NY 10036
                  Tel: (646) 285-8476
                  Fax: (646) 224-8377
                  Email: dmcgrail@mcgrailbensinger.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Magdalena Dominguez, president.

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


MOUNTAIN PROVINCE: Has Rights Offering of 23.7MM Common Shares
--------------------------------------------------------------
Mountain Province Diamonds Inc. is issuing to the holders of its
outstanding common shares of record at the close of business on
Feb. 27, 2015, rights to subscribe for a maximum of 23,761,783
common shares, representing approximately 17.57% of the issued and
outstanding Common Shares on Feb. 19, 2015.

Each registered holder of Common Shares on the Record Date will
receive one Right for each Common Share held.  5.69 Rights plus the
sum of $4.00 are required to subscribe for one Rights Share.  The
Rights expire at 5:00 p.m. (Toronto time) on March 30, 2015, after
which time unexercised Rights will be void and of no value.

The Rights Offering will result in maximum proceeds of
approximately $95,047,135 from the sale of the Rights Shares, less
estimated expenses of the Rights Offering in the amount of
approximately $75,000 and the Stand-By Fee.

The completion of the Rights Offering is not conditional upon MPV
receiving any minimum amount of subscriptions for the Rights Shares
from shareholders of the Corporation.
       
The Corporation intends to use the net proceeds of the Rights
Offering to fund the Overrun Facility.

The Rights will be listed on the TSX under the symbol "MPV.RT" and
will be posted for trading on the TSX until 12:00 p.m. (Toronto
time) on the Rights Expiry Date at which time they will be halted
for trading.

Dermot Desmond has agreed to subscribe for, at the Subscription
Price, those Rights Shares not otherwise subscribed for on the
exercise of the Rights under the Basic Subscription Privilege and
the Additional Subscription Privilege.  A copy of the Stand-by
Guarantee Agreement is available at http://is.gd/hvUuxQ

No managing dealer or soliciting dealer has been engaged in
connection with this Offering.
       
Computershare Investor Services Inc. will act as the subscription
agent for the Rights Offering and is also the registrar and
transfer agent for the Common Shares.
       
The Rights may be transferred only through the facilities of the
TSX in transactions that comply with Regulation S under the U.S.
Securities Act.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/hvUuxQ

                  About Mountain Province Diamonds

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

Mountain Province reported a net loss of C$26.6 million in 2013,
a net loss of C$3.33 million in 2012 and a net loss of C$11.5
million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed C$200.8
million in total assets, C$41.4 million in total liabilities and
C$159 million in total shareholders' equity.

                           Going Concern

"The Company currently has no source of revenues.  In the years
ended December 31, 2013, 2012 and 2011, the Company incurred
losses, had negative cash flows from operating activities, and
will be required to obtain additional sources of financing to
complete its business plans going into the future.  Although the
Company had working capital of $35,133,368 at December 31, 2013,
including $35,687,694 of cash and short-term investments, the
Company has insufficient capital to finance its operations and the
Company's share of development costs of the Gahcho Kue Project
(Note 8) over the next 12 months.  The Company is currently
investigating various sources of additional funding to increase
the cash balances required for ongoing operations over the
foreseeable future.  These additional sources include, but are not
limited to, share offerings, private placements, rights offerings,
credit and debt facilities, as well as the exercise of outstanding
options.  However, there is no certainty that the Company will be
able to obtain financing from any of those sources.  These
conditions indicate the existence of a material uncertainty that
results in substantial doubt as to the Company's ability to
continue as a going concern," the Company said in the 2013 Annual
Report.


NATIONAL CINEMEDIA: Janus Capital Reports 11.2% Stake as of Dec. 31
-------------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Janus Capital Management LLC disclosed that as
of Dec. 31, 2014, it beneficially owned 6,838,246 shares of common
stock of National CineMedia, Inc., which represents 11.2 percent of
the shares outstanding.

Janus Capital has a direct 96.8% ownership stake in INTECH
Investment Management and a direct 100% ownership stake in Perkins
Investment Management LLC.  Due to the above ownership
structure, holdings for Janus Capital, Perkins and INTECH are
aggregated for purposes of this filing.  Janus Capital, Perkins and
INTECH are registered investment advisers, each furnishing
investment advice to various investment companies registered under
Section 8 of the Investment Company Act of 1940 and to individual
and institutional clients.

Janus Triton Fund, owner of 3,597,437 shares, is an investment
company registered under the Investment Company Act of 1940 and is
one of the Managed Portfolios to which Janus Capital provides
investment advice.

A copy of the regulatory filing is available for free at:

                        http://is.gd/VQrTDt

                      About National CineMedia

National CineMedia, Inc., is the holding company of National
CineMedia, LLC.  NCM LLC operates the largest digital in-theatre
network in North America, allowing NCM to distribute advertising,
Fathom entertainment programming events and corporate events under
long-term exhibitor services agreements with American Multi-Cinema
Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal
Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment
Group; and Cinemark USA, Inc., a wholly owned subsidiary of
Cinemark Holdings, Inc.  NCM LLC also provides such services to
certain third-party theater circuits under "network affiliate"
agreements, which expire at various dates.

As of Sept. 25, 2014, National CineMedia had $994 million in
total assets, $1.19 billion in total liabilities and a $200.2
million total deficit.

                            *    *    *

As reported by the TCR on March 24, 2011, Standard & Poor's
Ratings Services raised its corporate credit ratings on
Centennial, Colorado-based National CineMedia Inc. and
operating subsidiary National CineMedia LLC (which S&P analyzes on
a consolidated basis) to 'BB-' from 'B+'.  "The 'BB-' corporate
credit rating reflects S&P's expectation that NCM's EBITDA growth
will enable the company to continue to de-lever over the
intermediate term despite its aggressive dividend policy," said
Standard & Poor's credit analyst Jeanne Shoesmith.


NATROL INC: Debtor Files Ch. 11 Liquidating Plan
------------------------------------------------
Leaf123, Inc., f/k/a Natrol Inc., and its debtor affiliates filed
with the U.S. Bankruptcy Court for the District of Delaware a
Chapter 11 plan of liquidation and accompanying disclosure
statement, pursuant to which tax refunds and credits, all shares of
capital stock or other Equity Interests in Natrol UK, all
Avoidance Actions not otherwise purchased by the Buyer under the
Purchase Agreement, the proceeds from prepetition litigation, the
proceeds from the Sale Transaction, and certain other assets are
being pooled and distributed to persons or entities holding allowed
claims in accordance with the priorities of the Bankruptcy Code.

Under the Plan, Class 1 (Non-priority Tax Claims) and Class 2
(General Unsecured Claims) are unimpaired and will receive 100% of
their allowed claims amount.

Class 3 (Equity Interests) is impaired and is the only class
entitled to vote on the Plan.  On the Effective Date, all equity
interests in Leaf123 Products, Leaf123 Direct, Leaf123 Acquisition
Corp., Leaf123 Nutrition, Leaf123 Research Institute, and Natrol UK
will be deemed cancelled, and Holders of Equity Interests in these
Debtors will not receive any distribution on account of such
interests.

The Debtors intend to present the Disclosure Statement for approval
at a hearing on March 30, 2015, at 10:00 a.m. (prevailing Eastern
Time).  Objections, if any, to the approval of the Disclosure
Statement must be submitted on or before March 18.

The Debtors request that a hearing on confirmation of the Plan be
scheduled for May 6, 2015, at 10:00 a.m. (ET) and the deadline for
filing confirmation objections be set on April 29.  The Debtors
also propose that a ballot must be properly executed and delivered
on or before April 29 to be counted as a vote to accept or reject
the Plan.

A full-text copy of the Disclosure Statement dated Feb. 18, 2015,
is available at http://bankrupt.com/misc/NATROLds0218.pdf

                     About Natrol, Inc.

Headquartered in Chatsworth, Calif., Natrol, Inc. --
http://www.natrol.com-- is a wholly owned subsidiary of Plethico  
Pharmaceuticals Limited.  Plethico Pharmaceuticals Limited (BSE:
532739. BO: PLETHICO) engages in the manufacturing, marketing and
distribution of pharmaceutical and allied healthcare products
around the world.  Natrol products are made in the U.S.
Established in 1980, Natrol, Inc. has been a global leader in the
nutrition industry, and a trusted manufacturer and marketer of a
superior quality of herbs and botanicals, multivitamins, specialty
and sports nutrition supplements made to support health and
wellness throughout all ages and stages of life.  Natrol products
are available in health food stores, drug and grocery stores, and
mass-market retailers, and through Natrol.com and other online
retailers.  Natrol distributes products nationally through more
than 54,000 retailers as well as internationally in over 40 other
countries through distribution partners.

Natrol, Inc., and its six affiliates sought bankruptcy protection
on June 11, 2014 (Case No. 14-11446, Bankr. D. Del.).  The case is
assigned to Judge Brendan Linehan Shannon.  The Debtors are
represented by Robert A. Klyman, Esq., and Samuel A. Newman, Esq.,
at GIBSON, DUNN & CRUTCHER LLP, in Los Angeles, California; and
Michael R. Nestor, Esq., Maris J. Kandestin, Esq., and Ian J.
Bambrick, Esq., at YOUNG CONAWAY STARGATT & TAYLOR, LLP, in
Wilmington, Delaware.  The Debtors' Claims and Noticing Agent is
EPIQ SYSTEMS INC.

The Debtors requested that the Court approve the employment of (i)
Jeffrey C. Perea of the firm Conway MacKenzie Management Services,
LLC as chief financial officer and for CMS to provide temporary
employees to assist Mr. Perea in carrying out his duties; (ii)
Stephen P. Milner of the firm Squar, Milner, Peterson, Miranda &
Williamson LLP as chief restructuring officer and for CMS to
provide temporary employees to assist Mr. Milner in carrying out
his duties; (iv) BDO USA, LLP as auditor; (v) TaxGroup Partners as
tax services provider.

The Official Committee Of Unsecured Creditors tapped Otterbourg
P.C. as lead counsel; Pepper Hamilton LLP as Delaware counsel; and

CMAG as financial advisors.

On Nov. 10, 2014, the Debtors held an auction for the sale of the
assets, and Aurobindo Pharma USA Inc. emerged as the successful
bidder.  The Court approved the sale and the sale closed on Dec.
4,
2014.


NAVISTAR INTERNATIONAL: Stockholders Elected 9 Directors
--------------------------------------------------------
Navistar International Corporation disclosed with the Securities
and Exchange Commission that it held its annual meeting on
Feb. 11, 2015, at which the stockholders:

   (1) elected Troy A. Clarke, John D. Correnti, Michael N.
       Hammes, Vincent J. Intrieri, James H. Keyes, General
      (Retired) Stanley A. McChrystal, Samuel J. Merksamer,
       Mark H. Rachesky and Michael F. Sirignano to the Board of
       Directors to serve a one-year term expiring at the 2016
       Annual Meeting of Stockholders and until their successors
       are duly elected and qualified;

   (2) approved the ratification of the appointment of KPMG LLP as
       the Company's independent registered public accounting firm
       for the fiscal year ending Oct. 31, 2015;

   (3) approved the non-binding advisory vote on executive
       compensation;

   (4) approved the amendment and restatement of the Certificate
       to eliminate a supermajority voting provision and the no
       longer outstanding Class B Common Stock; and

   (5) approved the amendment and restatement of the Certificate
       to eliminate a number of provisions that have either lapsed

       or which concern classes of securities no longer
       outstanding.

Director Dennis D. Williams did not stand for election at the
Annual Meeting.  His term of office as a director continued after
that meeting.  Mr. Williams fills a seat that is appointed by the
United Automobiles, Aerospace and Agricultural Implement Workers of
America and is not elected by stockholders.  His term of office
continues until his removal by the UAW.

                    About Navistar International

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

Navistar International reported a net loss attributable to the
Company of $619 million for the year ended Oct. 31, 2014, compared
to a net loss attributable to the Company of $898 million for the
year ended Oct. 31, 2013.

As of Oct. 31, 2014, the Company had $7.44 billion in total
assets, $12.06 billion in total liabilities, and a $4.62 billion
stockholders' deficit.

                          *     *     *

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

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

In January 2013, Fitch Ratings affirmed the issuer default ratings
for Navistar International at 'CCC' and removed the negative
outlook on the ratings.  The removal reflects Fitch's view that
immediate concerns about liquidity have lessened, although
liquidity remains an important rating consideration as NAV
implements its selective catalytic reduction engine strategy.


NET ELEMENT: Amends Sept. 30, 2014 Form 10-Q
--------------------------------------------
Net Element, Inc., filed an amended quarterly report on Form 10-Q
with the Securities and Exchange Commission in order to correct an
error in reporting in the original filing of the shares outstanding
and the stock-based compensation award that was granted to the
Company's chief executive officer.  The Amendment contains the
corrected number of shares outstanding and such compensation award,
resulting in a reduction to reported net loss, a reduction in the
number of shares outstanding and a related reduction to the per
share loss amounts reported.

On Sept. 11, 2014, per recommendation of the Compensation Committee
of the Board of Directors of the Company, the Board of Directors
approved and authorized the issuance to Oleg Firer, the CEO of the
Company, 1,438,137 restricted shares of common stock of the Company
to compensate for Oleg Firer's efforts and results of effectuating
the Company's debt and equity financings in the first half of 2014.
The stock award vests in three equal installments of 479,379
shares on Nov. 11, 2014, Nov. 11, 2015, and Nov. 11, 2016.

The Company reported a net loss of $4.96 million on $6.02 million
of net revenues for the three months ended Sept. 30, 2014, compared
to a net loss of $9.05 million on $6.02 million of net revenues as
originally reported.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $7.20 million on $15.8 million of revenues compared to
a net loss of $11.3 million on $15.8 million of net revenues as
previously reported.

The number of outstanding shares of common stock, $.0001 par value,
of the Company as of Nov. 13, 2014, was 45,622,111.

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

                        http://is.gd/yiKsIO

                         About Net Element

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

Net Element reported a net loss of $48.3 million in 2013, as
compared with a net loss of $16.4 million in 2012.  The Company's
balance sheet at June 30, 2014, showed $16.6 million in total
assets, $22.8 million in total liabilities and a $6.21 million
total stockholders' deficit.

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


NET ELEMENT: Crede CG No Longer a Shareholder as of Dec. 31
-----------------------------------------------------------
As of Dec. 31, 2014, each of Crede CG III, Ltd., Crede Capital
Group, LLC and Acuitas Financial Group, LLC may be deemed to have
beneficial ownership of zero shares of common stock of Net Element,
Inc., according to a document filed with the U.S. Securities and
Exchange Commission, a copy of which is available for free at
http://is.gd/enZLqu

                         About Net Element

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

Net Element reported a net loss of $48.3 million in 2013, as
compared with a net loss of $16.4 million in 2012.  The Company's
balance sheet at June 30, 2014, showed $16.6 million in total
assets, $22.8 million in total liabilities and a $6.21 million
total stockholders' deficit.

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


NIELSEN N.V.: S&P Raises Corp. Credit Rating to BB+
---------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on New York City-based global information
and measurement company Nielsen N.V. to 'BB+' from 'BB'.  The
rating outlook is stable.

At the same time, S&P raised its issue-level rating on the
company's senior secured debt to 'BBB' from 'BBB-'.  The '1'
recovery rating remains unchanged, indicating S&P's expectations
for very high recovery (90%-100%; high end of the range) of
principal in the event of a payment default.

S&P also raised its issue-level rating on Nielsen's senior
unsecured debt to 'BB+' from 'BB'.  The '3' recovery rating remains
unchanged, indicating S&P's expectations for meaningful recovery
(50%-70%; high end of the range) of principal in the event of a
payment default.

"The upgrades reflect Nielsen's lower leverage and our expectation
that the company will remain committed to maintaining adjusted
leverage below 4x on a sustained basis, which translates to about
3.6x, as the company reported," said Standard & Poor's credit
analyst Naveen Sarma.  "We estimate that adjusted leverage, which
includes adjustments for pensions, other postemployment benefits
(OPEBs), operating leases, and surplus cash, declined to 4x as of
Dec. 31, 2014."

S&P's stable rating outlook reflects its expectation that average
adjusted leverage will remain below 4x on a sustained basis.  S&P
expects that dividends, share repurchases, and acquisitions could
exceed free cash flow generation, with the deficit financed by
modest annual incremental debt issuance.  S&P views a downgrade as
more likely than an upgrade.

S&P could lower its rating if Nielsen's adjusted leverage rises
above 4x on a sustained basis, which could occur with a change in
financial policy (including more aggressive share repurchases and a
higher dividend payout), debt-financed acquisitions, or indications
that competition is intensifying and leading to revenue, EBITDA, or
margin deterioration.

S&P views an upgrade as unlikely, given the company's publicly
stated goal of maintaining leverage (based on its definition, which
does not include S&P's adjustments) in the 3x area, which results
in an adjusted leverage, based on S&P's methodology, in the mid- to
high-3x area.  At a minimum, given S&P's "satisfactory" business
risk assessment, the company would likely need to commitment to a
more conservative leverage threshold for us to consider raising the
rating to an investment-grade
('BBB-' or higher) level.



NII HOLDINGS: Can Proceed with March 20 Auction of Mexican Assets
-----------------------------------------------------------------
U.S. Bankruptcy Judge Shelley C. Chapman in New York approved the
procedures governing the sale and bidding of NII Holdings, Inc., et
al.'s stake in NII Mexico, and scheduled an auction for March 20,
2015, at 10:00 a.m. (Prevailing Eastern Time) at the offices of
Jones Day, located at 222 East 41st Street, in New York.

A hearing to approve the Purchase Agreement and the sale of NII
Mexico to proposed purchaser New Cingular Wireless Services, Inc.,
an affiliate of AT&T, or a Successful Bidder other than the
Purchaser is scheduled to be conducted on March 23, at 2:00 p.m.
(Prevailing Eastern Time).

Prior to the bidding procedures approval hearing, the Debtors'
counsel, Scott J. Greenberg, Esq., at Jones Day, in New York,
notified the Bankruptcy Court that the Debtors have not received
any answer, objection or other responsive pleading with respect to
the bidding procedures motion and that no answer, objection or
other responsive pleading has appeared on the Bankruptcy Court's
docket in the Debtors' chapter 11 cases.

As previously reported by The Troubled Company Reporter, the AT&T
affiliate offered to purchase NII Mexico for approximately $1.875
billion and its bid will serve as the stalking horse bid in the
auction and sale process.  The Purchaser's offer is supported by
major creditor constituencies; specifically, a group of entities
managed by Aurelius Capital Management, LP; a group of entities
managed by Capital Research and Management Company; and the
Official Committee of Unsecured Creditors, each of which is a party
to the existing Plan Support Agreement.

                        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,
were publicly traded under the symbol NIHD on the NASDAQ Global
Select Market.

NII Holdings and 12 wholly owned subsidiaries sought bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-12611) in Manhattan
on Sept. 15, 2014.  The Debtors' cases are jointly administered
and
are assigned to Judge Shelley C. Chapman.  The Debtors have tapped
Jones Day as counsel and Prime Clerk LLC as claims and noticing
agent.  NII Holdings disclosed $1.22 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.

NIU Holdings LLC, holder of 100% of the equity of Nextel
International (Uruguay), LLC, sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 15-10155) on Jan. 25, 2015.
NIU Holdings is a direct subsidiary of Netherlands-based NIHD
Telecom Holdings, B.V., and affiliated with debtors NII Holdings,
Inc., et al.  NIU Holdings' principal asset is its equity
Interests in Nextel Uruguay.  The Debtor estimated its assets at
$500 million to $1 billion and debt at $0 to $50,000.


NPS PHARMACEUTICALS: Incurs $8.7 Million Net Loss in 2014
---------------------------------------------------------
NPS Pharmaceuticals, Inc. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $8.70 million on $224 million of total revenues for the
year ended Dec. 31, 2014, compared to a net loss of $13.5 million
on $156 million of total revenues for the year ended Dec. 31, 2013.
The Company also incurred a net loss of $18.7 million in 2012.

As of Dec. 31, 2014, NPS Pharmaceuticals had $290 million in total
assets, $156 million in total liabilities and $134 million in total
stockholders' equity.

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

                        http://is.gd/RTeVPU

                     About NPS Pharmaceuticals

Based in Bedminster, New Jersey, NPS Pharmaceuticals Inc. (Nasdaq:
NPSP) -- http://www.npsp.com/-- is developing new treatment
options for patients with rare gastrointestinal and endocrine
disorders.


NPS PHARMACEUTICALS: Janus Capital Reports 5% Stake as of Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Janus Capital Management LLC disclosed that as
of Dec. 31, 2014, it beneficially owned 6,086,048 shares of common
stock of NPS Pharmaceuticals, Inc., which represents 5.7 percent of
the shares outstanding.

Janus Capital has a direct 96.81% ownership stake in INTECH
Investment Management and a direct 100% ownership stake in Perkins
Investment Management LLC.  Due to the above ownership
structure, holdings for Janus Capital, Perkins and INTECH are
aggregated for purposes of this filing.

Janus Capital does not have the right to receive any dividends
from, or the proceeds from the sale of, the securities held in the
Managed Portfolios and disclaims any ownership associated with
those rights.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/xAeTzI

                     About NPS Pharmaceuticals

Based in Bedminster, New Jersey, NPS Pharmaceuticals Inc. (Nasdaq:
NPSP) -- http://www.npsp.com/-- is developing new treatment
options for patients with rare gastrointestinal and endocrine
disorders.

NPS Pharmaceuticals reported a net loss of $8.70 million in 2014, a
net loss of $13.5 million in 2013 and a net loss of $18.7 million
in 2012.

As of Dec. 31, 2014, NPS Pharmaceuticals had $290 million in total
assets, $156 million in total liabilities and $134 million in total
stockholders' equity.


OXFORD RESOURCE: AIM Oxford Owns 1% of Common Units as of Dec. 31
-----------------------------------------------------------------
AIM Oxford Holdings, LLC, AIM Coal Management, LLC, Matthew P.
Carbone, Robert B. Hellman, Jr. and George E. McCown disclosed in
an amended Schedule 13G filed with the U.S. Securities and Exchange
Commission that as of Dec. 31, 2014, they beneficially owned 59,095
common units of Westmoreland Resource Partners, LP, which
represents 1.1 percent based on 5,505,087 Common Units outstanding
as of Dec. 31, 2014, as reported to the Reporting Persons by the
Issuer.  A copy of the regulatory filing is available for free at
http://is.gd/ITd4Vy

                       About Oxford Resource

Columbus, Ohio-based Oxford Resource Resource Partners, LP, is a
low-cost producer of high value steam coal, and is the largest
producer of surface mined coal in Ohio.

The Company reported a net loss of $20.2 million on $287 million of
revenues for the nine months ended Sept. 30, 2012, compared with a
net loss of $4 million on $304.1 million of revenues for the same
period of 2011.

The Company's balance sheet at Sept. 30, 2014, showed $203.9
million in total assets, $218 million in total liabilities, and a
partners' deficit of $14.2 million.


OXFORD RESOURCE: Westmoreland Reports 79% Stake as of Dec. 31
-------------------------------------------------------------
In a Schedule 13D filed with the U.S. Securities and Exchange
Commission, Westmoreland Coal Company disclosed that as of Dec. 31,
2014, it beneficially owned 4,512,500 common units representing
limited partner interests of Westmoreland Resource Partners, LP,
which represents 79.01 percent based on an aggregate of 5,711,636
of the Issuer's Common Units outstanding as of Feb. 12, 2015.  

Westmoreland Coal is an energy company with coal operations
including sub-bituminous and lignite coal mining in the Western
United States and Canada, a char production facility, and a 50%
interest in an activated carbon plant.  Its power operations
include ownership of a two-unit coal-fired power plant in North
Carolina.

On Dec. 31, 2014, pursuant to the terms of a contribution
agreement, dated Oct. 16, 2014, between the Issuer and Westmoreland
Coal, the Reporting Person contributed to the Issuer 100% of the
membership interests in the Reporting Person's wholly owned
subsidiary, Westmoreland Kemmerer Fee Coal Holdings, LLC, a
Delaware limited liability company.  WKFCH holds fee simple
interests in certain coal reserves and related surface lands at the
Reporting Person's Kemmerer Mine in Lincoln County, Wyoming. The
Contribution was made in exchange for 4,512,500 Common Units of the
Issuer.

A copy of the regulatory filing is available for free at:

                       http://is.gd/aKhOtj

                       About Oxford Resource

Columbus, Ohio-based Oxford Resource Resource Partners, LP, is a
low-cost producer of high value steam coal, and is the largest
producer of surface mined coal in Ohio.

The Company reported a net loss of $20.2 million on $287 million of
revenues for the nine months ended Sept. 30, 2012, compared with a
net loss of $4 million on $304.1 million of revenues for the same
period of 2011.

The Company's balance sheet at Sept. 30, 2014, showed $203.9
million in total assets, $218 million in total liabilities, and a
partners' deficit of $14.2 million.


PACIFIC ARCHITECTS: Moody's Alters Outlook to Neg & Affirms B2 CFR
------------------------------------------------------------------
Moody's Investors Service changed the rating outlook of Pacific
Architects and Engineers Incorporated to negative from stable.  All
ratings, including the B2 Corporate Family Rating and the B2 senior
secured credit facility rating, have been affirmed.  In January
2015 PAE issued a $60 million incremental term loan under its
existing bank credit facility that funded the acquisition of
entities from US Investigation Services, LLC.  The acquisition
expands PAE's professional services contracting credentials with
the federal government.  In addition to the incremental borrowing,
PAE's financial sponsor made a $20 million equity contribution with
proceeds going toward general corporate purposes.

Affirmations:

   -- Corporate Family Rating, Affirmed B2

   -- Probability of Default Rating, Affirmed B2-PD

   -- Senior Secured Bank Credit Facility, Affirmed B2 (LGD3)

Outlook Actions:

   -- Outlook, Changed to Negative From Stable

The negative rating outlook considers lower than expected earnings
and free cash flow generation in 2014 against a low total liquidity
amount and a demanding term loan amortization schedule ahead.
Without greater total liquidity developing over the next quarter or
two, resilience against negative performance developments will
remain modest, and could become out-of-step with the B2 Corporate
Family Rating.  Quarterly term loan amortizations will consume free
cash flow, slowing the rate at which revolver borrowings may be
reduced from the high utilization level expected by March 31st
(could reach $90 million on the $150 million commitment).

The B2 CFR has been affirmed because despite lower than expected
earnings financial leverage metrics are still at levels sufficient
for the rating, and revenues have been growing while most other
defense services contractors have experienced revenue declines.
Further, one-time costs in 2014 partially drove the earnings
underperformance.  Liquidity profile weakness should improve with
working capital declines over the last nine months of 2015.
Moody's expects that PAE should sufficiently cover its next-twelve
month term loan amortizations ($22 million) through its free cash
flow, while also being able to reduce revolver borrowing to about
$50 million by year-end.  Although liquidity is tight, ample
headroom under the bank facility's covenant test thresholds exists,
allowing for full revolver access.  The company's well established
reputation, a global U.S. diplomatic presence in which PAE
operates, and recent contract wins add support to the B2 CFR.

The rating will likely be downgraded with continued low free cash
flow or if the liquidity profile fails to show improvement by
mid-year.

Stabilization of the rating outlook would depend on expectation of
cash plus revolver availability closer to $120 million by year-end,
FCF/debt in the high single digit percentage range with, minimally,
a sustained revenue/earnings level.

Upward rating momentum would depend on debt/EBITDA below 4x,
FCF/debt above 10%, good liquidity and rising backlog.

The principal methodology used in these ratings was Global
Aerospace and Defense Industry 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.

Pacific Architects and Engineers Incorporated ("PAE") provides
contract support services to US government agencies, international
organizations, and foreign governments. Annual revenues for 2014
pro forma for acquisitions in early 2015 would have been
approximately $1.9 billion.  The company is majority-owned by
entities of Lindsay Goldberg LLC.


PACIFIC GOLD: Magna Management Does Not Own Common Shares
---------------------------------------------------------
Magna Management, LLC, Magna Equities II, LLC and Joshua Sason
disclosed in an amended Schedule 13G filed with the U.S. Securities
and Exchange Commission that as of Dec. 31, 2014, they no longer
owned shares of common stock of Pacific Gold Corp.  A copy of the
regulatory filing is available at http://is.gd/JENzDL

                        About Pacific Gold

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

The Company reported a net loss of $696,000 on $0 of revenue for
the three months ended June 30, 2014, compared with a net loss of
$515,000 on $0 of revenue for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $1.1 million
in total assets, $3.81 million in total liabilities and a
stockholders' deficit of $2.71 million.

The Company's independent auditors, in their report on the
consolidated financial statements, have indicated that the Company
has experienced recurring losses from operations and may not have
enough cash and working capital to fund its operations beyond the
very near term, which raises substantial doubt about our ability to
continue as a going concern.


PASSAIC HEALTHCARE: Creditors' Panel Hires Arent Fox as Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Passaic Healthcare
Services, LLC dba Allcare Medical and its debtor-affiliates seeks
authorization from the U.S. Bankruptcy Court for the District of
New Jersey to retain Arent Fox LLP as attorneys to the Committee,
nunc pro tunc to Jan. 14, 2015.

The Committee requires Arent Fox to:

   (a) advise the Committee of its rights, duties, and powers in
       these Chapter 11 cases;

   (b) assist, advise, and represent the Committee in its  
       consultation with the Debtors relative to the
       administration of these Chapter 11 cases;

   (c) assist, advise, and represent the Committee in
       investigating and analyzing the Debtors' assets and
       liabilities, investigating the extent and validity of liens

       and participating in and reviewing any proposed asset
       sales or dispositions;

   (d) attend meetings and negotiate with the representatives of
       the Debtors and secured creditors and other parties in
       interest;

   (e) assist and advise the Committee in its examination,
       investigation, and analysis of the conduct of the Debtors'
       affairs;

   (f) assist the Committee in the review, analysis, and
       negotiation of any plan that may be filed and to assist the

       Committee in the review, analysis, and negotiation of the
       disclosure statement accompanying any plan of
       reorganization or liquidation;

   (g) assist the Committee in the review, analysis, and
       negotiation of any financing or funding agreements;

   (h) take all necessary actions to protect and preserve the
       interests of the Committee, including, without limitation,
       the prosecution of actions on its behalf, negotiations
       concerning all litigation in which the Debtors are
       involved, and review and analysis of all claims filed
       against the Debtors' estates;

   (i) generally prepare on behalf of the Committee all necessary
       motions, applications, answers, orders, reports, and papers

       in support of positions taken by the Committee;

   (j) appear, as appropriate, before this Court, the Appellate
       Courts, and other courts in which matters may be heard and
       to protect the interests of the Committee before said
       Courts and the United States Trustee;

   (k) perform such other legal services as may be required or
       deemed to be in the interests of the Committee; and

   (l) perform all other necessary legal services in these cases.

Arent Fox will be paid at these hourly rates:

       Partners                  $500-$825
       Of Counsel                $475-$790
       Associates                $280-$545
       Paraprofessionals         $155-$280

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

Robert M. Hirsh, partner of Arent Fox, 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.

Arent Fox can be reached at:

       Robert M. Hirsh, Esq.
       ARENT FOX LLP
       1675 Broadway
       New York, NY 10019
       Tel: (212) 484-3900
       Fax: (212) 484-3990
       E-mail: robert.hirsh@arentfox.com

                    About Passaic Healthcare

Based in Plainview, New York, Passaic Healthcare Services, LLC,
doing business as Allcare Medical, is a full service durable
medical equipment company specializing in clinical respiratory,
wound care and support services.  Passaic, which employs 200
individuals, has seven locations in New Jersey, New York and
Pennsylvania.

Passaic began operations in December 2010 after it acquired
substantially all of the assets of C&C Homecare, Inc., and Extended
Care Concepts through a bankruptcy sale under 11 U.S.C. Sec. 363.
After acquiring 100% of the equity interests in Galloping Hill
Surgical, LLC, and Allcare Medical SNJ, LLC, Passaic began using
"Allcare Medical" as trade name for its entire business, and
discontinued marketing under the name C&C Homecare.

Passaic Healthcare filed a Chapter 11 bankruptcy petition (Bankr.
D.N.J. Case No. 14-36129) in Trenton, New Jersey, on Dec. 31, 2014.
The case is assigned to Judge Christine M. Gravelle.

The Debtor has tapped Joseph J. DiPasquale, Esq., and Thomas
Michael Walsh, Esq., at Trenk, DiPasquale, Della Fera & Sodono,
P.C., in West Orange, New Jersey, as counsel.

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

The Debtor's schedules of assets and liabilities and other
incomplete filings are due Jan. 14, 2015.  The Debtor's exclusive
period to propose a plan expires on April 30, 2015.


PASSAIC HEALTHCARE: Creditors' Panel Taps CBIZ as Advisors
----------------------------------------------------------
The Official Committee of Unsecured Creditors of Passaic Healthcare
Services, LLC dba Allcare Medical and its debtor-affiliates, seeks
authorization from the Hon. Christine M. Gravelle of the U.S.
Bankruptcy Court for the District of New Jersey to retain CBIZ
Accounting, Tax & Advisory of New York, LLC as financial advisors
to the Committee, nunc pro tunc to Jan. 14, 2015.

The Committee requires CBIZ Accounting to:

   (a) assist the Committee in its evaluation of the Debtors'
       post-petition cash flow and other projections and budgets
       prepared by the Debtors;

   (b) monitor the Debtors' activities regarding cash expenditures

       and general business operations subsequent to the filing of

       the petition under Chapter 11;

   (c) assist the Committee in its review of monthly operating
       reports submitted by the Debtors;

   (d) manage or assist with any investigation into the pre-
       petition acts, conduct, transfers property, liabilities and

       financial condition of the Debtors, their management, or
       creditors, including the operation of the Debtors'
       businesses;

   (e) provide financial analysis related to any proposed DIP
       financing, including advising the Committee concerning such

       matters, if applicable;

   (f) analyze transactions with vendors, insiders, related and
       affiliated entities, subsequent and prior to the date of
       the filing of the petition under Chapter 11;

   (g) assist the Committee or its counsel in any litigation
       proceedings against insiders and other potential
       adversaries;

   (h) assist the Committee in its review of the financial aspects

       of any proposed sale agreement or evaluating any plan of
       reorganization/liquidation and, if applicable, assist the
       Committee in negotiating, evaluating and quantifying any
       competing offers;

   (i) attend meetings with representatives of the Committee and
       its counsel, and prepare presentations to the Committee
       that provides analyses and updates on diligence performed;
       and

   (j) perform any other services that may be necessary in our
       role as financial advisor to the Committee or that may be
       requested by Committee counsel or the Committee.

CBIZ Accounting will be paid at these hourly rates:

       Charles Berk, Managing Director    $650
       Robert Neumann, Senior Manager     $420
       Directors and Managing Directors   $420-$725
       Managers and Senior Managers       $305-$420
       Senior Associates and Staff        $150-$335

CBIZ has agreed to discount its standard hourly rate by 10%.

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

Charles Berk, lead managing director of CBIZ Accounting, 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.

CBIZ Accounting can be reached at:

       Charles Berk
       CBIZ ACCOUNTING, TAX &
       ADVISORY OF NEW YORK, LLC
       1065 Avenue of the Americas
       11th Floor
       New York, NY 10018
       Tel: 212-790-5883
       E-mail: cberk@cbiz.com

                    About Passaic Healthcare

Based in Plainview, New York, Passaic Healthcare Services, LLC,
doing business as Allcare Medical, is a full service durable
medical equipment company specializing in clinical respiratory,
wound care and support services.  Passaic, which employs 200
individuals, has seven locations in New Jersey, New York and
Pennsylvania.

Passaic began operations in December 2010 after it acquired
substantially all of the assets of C&C Homecare, Inc., and Extended
Care Concepts through a bankruptcy sale under 11 U.S.C. Sec. 363.
After acquiring 100% of the equity interests in Galloping Hill
Surgical, LLC, and Allcare Medical SNJ, LLC, Passaic began using
"Allcare Medical" as trade name for its entire business, and
discontinued marketing under the name C&C Homecare.

Passaic Healthcare filed a Chapter 11 bankruptcy petition (Bankr.
D.N.J. Case No. 14-36129) in Trenton, New Jersey, on Dec. 31, 2014.
The case is assigned to Judge Christine M. Gravelle.

The Debtor has tapped Joseph J. DiPasquale, Esq., and Thomas
Michael Walsh, Esq., at Trenk, DiPasquale, Della Fera & Sodono,
P.C., in West Orange, New Jersey, as counsel.

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

The Debtor's schedules of assets and liabilities and other
incomplete filings are due Jan. 14, 2015.  The Debtor's exclusive
period to propose a plan expires on April 30, 2015.


PETRON ENERGY: Magna Mgt. Reports 0% Stake as of Dec. 31
--------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Magna Management, LLC, Magna Equities II, LLC
and Joshua Sason disclosed that as of Dec. 31, 2014, none of them
beneficially own shares of common stock of Petron Energy II, Inc.
A copy of the regulatory filing is available for free at:

                        http://is.gd/nzuRVc

                       About Petron Energy

Dallas-based Petron Energy II, Inc., is engaged primarily in the
acquisition, development, production, exploration for and the sale
of oil, gas and gas liquids in the United States.  As of Dec. 31,
2011, the Company is operating in the states of Texas and
Oklahoma.  In addition, the Company operates two gas gathering
systems located in Tulsa, Wagoner, Rogers and Mayes counties of
Oklahoma.  The pipeline consists of approximately 132 miles of
steel and poly pipe, a gas processing plant and other ancillary
equipment.  The Company sells its oil and gas products primarily
to a domestic pipeline and to another oil company.

Petron Energy reported a net loss of $4.30 million in 2013
following a net loss of $8.32 million in 2012.

As of Sept. 30, 2014, the Company had $3.74 million in total
assets, $13.8 million in total liabilities and a $10.09 million
total stockholders' deficit.

KWCO, PC, in Odessa, TX, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2013.  The independent auditors noted that the Company's
significant operating losses since inception raise substantial
doubt about its ability to continue as a going concern.


POMARE LTD: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Pomare, Ltd.
        700 North Nimitz Hwy.
        Honolulu, HI 96817

Case No.: 15-00203

Chapter 11 Petition Date: February 19, 2015

Court: United States Bankruptcy Court
       District of Hawaii (Honolulu)

Judge: Hon. Robert J. Faris

Debtor's Counsel: Chuck C. Choi, Esq.
                  WAGNER CHOI & VERBRUGGE
                  745 Fort Street, Suite 1900
                  Honolulu, HI 96813
                  Tel: 808.533.1877
                  Fax: 808.566.6900
                  Email: cchoi@hibklaw.com

                     - and -

                  James A. Wagner, Esq.
                  WAGNER CHOI & VERBRUGGE
                  745 Fort Street, Suite 1900
                  Honolulu, HI 96813
                  Tel: 808.533.1877
                  Fax: 808.566.6900
                  Email: jwagner@hibklaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Mark J. Storfer, executive V.P.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/hib15-00203.pdf


POMARE LTD: Files for Chapter 11 for Second Time
------------------------------------------------
Star-Advertiser reports that Hilo Hattie's parent company Pomare
Ltd. filed with the U.S. Bankruptcy Court in Hawaii on Feb. 19,
2015, a petition for Chapter 11 bankruptcy protection, listing $1
million to $10 million in total assets and $10 million to $50
million in total liabilities.

Lorin Eleni Gill at Pacific Business News recalls that the Company
previously filed for bankruptcy in 2008, but emerged in 2009.

Hilo Hattie Executive Vice President Mark Storfer said in a
statement, "We've adjusted every part of the business plan under
our control to adapt to the rapidly changing dynamics of Hawaii's
retail landscape.  We have seen a slow but steady climb toward
profitability as we've adjusted our positioning, product mix, and
retail experience to meet shopper demand.  But a key component of
our plan was finding a retail footprint that fit today's market,
and that has proven elusive."

Pacific Business relates that the Hilo Hattie shut down three
stores in Kihei on Maui and in Kona and Hilo on the Big Island in
January 2015, leaving 60 people without jobs.  

According to Rick Daysog at HawaiiNewsNow, the attorney for the
Company said that his client plants to emerge from bankruptcy and
retain its remaining 100 workers.

Based in Honolulu, Hawaii, Pomare Ltd., dba Hilo Hattie, is a
tourist-destination retailer with operations chiefly in Hawaii.
It has seven stores in Hawaii and two in California.  It has 109
full and part-time workers and oversees four stores, two on Oahu,
one on Kauai, and one and Maui.


QUALITY DISTRIBUTION: Amends Term of CFO's Employment
-----------------------------------------------------
Quality Distribution, Inc., disclosed it modified the terms of its
employment with Joseph J. Troy, executive vice president and chief
financial officer of the Company.  According to a document filed
with the Securities and Exchange Commission, the modification
extends from 52 to 104 weeks the period for which Mr. Troy would
receive severance pay equal to his then-current base salary and
continued coverage under Company medical plans if Mr. Troy's
employment is terminated by the Company without cause or by Mr.
Troy with good reason.  The remaining severance and other
provisions of Mr. Troy's employment agreement with the Company are
unchanged.

                     About Quality Distribution

Quality Distribution, LLC, and its parent holding company, Quality
Distribution, Inc., are headquartered in Tampa, Florida.  The
company is a transporter of bulk liquid and dry bulk chemicals.
The company's 2010 revenues are approximately $686 million.
Apollo Management, L.P., owns roughly 30 percent of the common
stock of Quality Distribution, Inc.

Quality Distribution reported a net loss of $42.03 million on
$930 million of total operating revenues for the year ended
Dec. 31, 2013, as compared with net income of $50.07 million on
$842 million of total operating revenues in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $440 million
in total assets, $470.01 million in total liabilities and a $30.4
million total shareholders' deficit.

                        Bankruptcy Warning

The Company had consolidated indebtedness and capital lease
obligations, including current maturities, of $383.3 million as of
Dec. 31, 2013.  The Company must make regular payments under the
ABL Facility, including the $17.5 million senior secured term loan
facility that was fully funded on July 15, 2013, and the Company's
capital leases and semi-annual interest payments under its 2018
Notes.

"The ABL Facility matures August 2016.  Obligations under the Term
Loan mature on June 14, 2016 or the earlier date on which the ABL
Facility terminates.  The maturity date of the ABL Facility,
including the Term Loan, may be accelerated if we default on our
obligations.  If the maturity of the ABL Facility and/or such
other debt is accelerated, we may not have sufficient cash on hand
to repay the ABL Facility and/or such other debt or be able to
refinance the ABL Facility and/or such other debt on acceptable
terms, or at all.  The failure to repay or refinance the ABL
Facility and/or such other debt at maturity would have a material
adverse effect on our business and financial condition, would
cause substantial liquidity problems and may result in the
bankruptcy of us and/or our subsidiaries.  Any actual or potential
bankruptcy or liquidity crisis may materially harm our
relationships with our customers, suppliers and independent
affiliates," the Company said in the Annual Report for the year
ended Dec. 31, 2013.

                           *    *     *

As reported in the TCR on June 28, 2013, Moody's Investors Service
upgraded Quality Distribution, LLC's Corporate Family Rating to
'B2' from 'B3' and Probability of Default Rating to 'B2-PD' from
'B3-PD'.

The upgrade of Quality's CFR to 'B2' was largely driven by the
expectation that credit metrics will improve over the next twelve
to eighteen months, through a combination of EBITDA growth and
debt paydowns, to levels consistent with the 'B2' rating level.
The company is in the process of integrating the bolt-on
acquisitions made in its Energy Logistics business sector since
2011.


QUALITY DISTRIBUTION: Skyline Reports 4.7% Stake as of Dec. 31
--------------------------------------------------------------
Skyline Asset Management, L.P., disclosed in a document filed with
the U.S. Securities and Exchange Commission that as of Dec. 31,
2014, it beneficially owned 1,326,800 shares of common stock of
Quality Distribution, Inc., which represents 4.7 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/mnVlqq

                     About Quality Distribution

Quality Distribution, LLC, and its parent holding company, Quality
Distribution, Inc., are headquartered in Tampa, Florida.  The
company is a transporter of bulk liquid and dry bulk chemicals.
The company's 2010 revenues are approximately $686 million.
Apollo Management, L.P., owns roughly 30 percent of the common
stock of Quality Distribution, Inc.

Quality Distribution reported a net loss of $42.03 million on
$930 million of total operating revenues for the year ended
Dec. 31, 2013, as compared with net income of $50.07 million on
$842 million of total operating revenues in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $440 million
in total assets, $470.01 million in total liabilities and a $30.4
million total shareholders' deficit.

                        Bankruptcy Warning

The Company had consolidated indebtedness and capital lease
obligations, including current maturities, of $383.3 million as of
Dec. 31, 2013.  The Company must make regular payments under the
ABL Facility, including the $17.5 million senior secured term loan
facility that was fully funded on July 15, 2013, and the Company's
capital leases and semi-annual interest payments under its 2018
Notes.

"The ABL Facility matures August 2016.  Obligations under the Term
Loan mature on June 14, 2016 or the earlier date on which the ABL
Facility terminates.  The maturity date of the ABL Facility,
including the Term Loan, may be accelerated if we default on our
obligations.  If the maturity of the ABL Facility and/or such
other debt is accelerated, we may not have sufficient cash on hand
to repay the ABL Facility and/or such other debt or be able to
refinance the ABL Facility and/or such other debt on acceptable
terms, or at all.  The failure to repay or refinance the ABL
Facility and/or such other debt at maturity would have a material
adverse effect on our business and financial condition, would
cause substantial liquidity problems and may result in the
bankruptcy of us and/or our subsidiaries.  Any actual or potential
bankruptcy or liquidity crisis may materially harm our
relationships with our customers, suppliers and independent
affiliates," the Company said in the Annual Report for the year
ended Dec. 31, 2013.

                           *    *     *

As reported in the TCR on June 28, 2013, Moody's Investors Service
upgraded Quality Distribution, LLC's Corporate Family Rating to
'B2' from 'B3' and Probability of Default Rating to 'B2-PD' from
'B3-PD'.

The upgrade of Quality's CFR to 'B2' was largely driven by the
expectation that credit metrics will improve over the next twelve
to eighteen months, through a combination of EBITDA growth and
debt paydowns, to levels consistent with the 'B2' rating level.
The company is in the process of integrating the bolt-on
acquisitions made in its Energy Logistics business sector since
2011.


QUANTUM FUEL: Closes $11.5-Mil. Public Offering of Common Stock
---------------------------------------------------------------
Quantum Fuel Systems Technologies Worldwide, Inc. disclosed the
closing of its previously announced underwritten offering of its
common stock.  The Company raised $11.5 million in gross proceeds
by issuing 4,600,000 shares of its common stock, which included the
issuance of an additional 600,000 shares as a result of the
exercise of the underwriters’ over-allotment option, at a price
to the public of $2.50 per share.  Cowen and Company, LLC and FBR
Capital Markets & Co. acted as joint bookrunners for the offering.

Net proceeds from the sale of the shares after underwriting
discounts and estimated offering expenses were approximately $10.54
million.  The Company intends to use the net proceeds of the
offering for general corporate and working capital purposes.

                         About Quantum Fuel

Lake Forest, Cal.-based Quantum Fuel Systems Technologies
Worldwide, Inc. (Nasdaq: QTWW) develops and produces advanced
vehicle propulsion systems, fuel storage technologies, and
alternative fuel vehicles.  Quantum's portfolio of technologies
includes electronic and software controls, hybrid electric drive
systems, natural gas and hydrogen storage and metering systems and
other alternative fuel technologies and solutions that enable fuel
efficient, low emission, natural gas, hybrid, plug-in hybrid
electric and fuel cell vehicles.

Quantum Fuel reported a net loss attributable to stockholders of
$23.04 million in 2013, a net loss attributable to stockholders of
$30.9 million in 2012 and a net loss attributable to common
stockholders of $38.5 million in 2011.


QUICKSILVER RESOURCES: Delisted From NYSE
-----------------------------------------
The New York Stock Exchange LLC filed a Form 25 with the Securities
and Exchange Commission notifying the removal from listing or
registration of Quicksilver Resources Inc.'s common stock on the
Exchange.

                         About Quicksilver

Quicksilver Resources Inc. is an exploration and production
company engaged in the development and production of long-lived
natural gas and oil properties onshore North America.  Based in
Fort Worth, Texas, the company is widely recognized as a leader in
the development and production from unconventional reservoirs
including shale gas, and coal bed methane.  Following more than 30
years of operating as a private company, Quicksilver became public
in 1999 and is listed on the New York Stock Exchange under the
ticker symbol KWK.  The company has U.S. offices in Fort Worth,
Texas; Glen Rose, Texas; Steamboat Springs, Colorado; Craig,
Colorado and Cut Bank, Montana.  The Company's Canadian
subsidiary, Quicksilver Resources Canada Inc., is headquartered in
Calgary, Alberta.

Quicksilver Resources posted net income of $162 million in 2013
following a net loss of $2.35 billion in 2012.  The Company's
balance sheet at Sept. 30, 2014, showed $1.26 billion in total
assets, $2.36 billion in total liabilities and a $1.09 billion
stockholders' deficit.

Quicksilver in February 2015 disclosed it may need to seek
voluntary protection under Chapter 11 of Bankruptcy Code if it
won't be successful in restructuring its indebtedness.  This
announcement came after the Company had decided not to make the
approximately $13.6 million interest payment due Feb. 17, 2015, on
its 9.125% senior notes due 2019.


QUICKSILVER RESOURCES: S&P Cuts CCR to D on Missed Interest Payment
-------------------------------------------------------------------
Standard & Poor's Rating Services lowered its corporate credit on
Quicksilver Resources Inc. to 'D' from 'CCC-' and the issue-level
ratings on the company's second-lien debt, unsecured notes, and
subordinated notes to 'D' from 'CCC-','C', and 'C', respectively.
The 'D' ratings reflect the missed interest payment on the
company's 9.125% senior notes due 2019.  At the same time, S&P
revised the recovery rating on the second-lien debt to '3' from '4'
indicating "meaningful" (upper half of the 50% to 70% range) from
'4' to reflect the presence of cash on the company's balance sheet,
which improves the potential value available to the second-lien
lenders.

"The downgrade reflects the company's decision not to pay
approximately $13.6 million in interest that was due on Feb. 17,
2015 on its 9.125% senior notes due 2019," said Standard & Poor's
credit analyst Paul Harvey.  

The company has entered into a 30-day grace period during which it
could make the interest payment.  If the company does not make the
interest payment before the end of the grace period, the trustee or
the holders of at least 25% in the aggregate principal amount of
the outstanding 2019 notes may declare the principal and accrued
interest for all 2019 notes due and payable immediately.

The company has retained Houlihan Lokey Capital Inc., Deloitte
Transactions and Business Analytics LLP, and other advisors to
collectively assist with the evaluation of the company's options to
address near-term debt maturities, enhancement of its liquidity
position, and evaluation of strategic alternatives.



RADIOSHACK CORP: Has Go Signal to Start Selling Store Leases
------------------------------------------------------------
Alexander Maxham at Android Headlines reports that RadioShack Corp.
has obtain permission from the Hon. Brendan Shannon of the U.S.
Bankruptcy Court for the District of Delaware to start the bidding
and auction process for the leases for the Company's 1,100
abandoned stores which will be closing by the end of this month.  

Tom Hals at Reuters reports that an auction will be held this week
for leases that draw multiple bids.  The Company said that it will
disclose in a court filing which leases drew bids, Reuters states.

Android Headlines relates that the Company will be looking for
court approval to sell the leases of an additional 2,400 stores.  

The Company was moving quickly to close a number of stores so they
wouldn't get stuck paying for March's rent for the stores, Android
Headlines says.

Mani at Valuewalk.com reports David M. Fournier, Esq., at Pepper
Hamilton LLP, the attorney for the Company, indicated that his
client may have dozens of bidders for its stores.

The Company, Valuewalk.com relates, has a tentative deal to sell up
to 2,400 of its 4,100 stores to an affiliate of Standard General,
but any better bids, which Mr. Fournier indicated could include
liquidation offers, may trump that deal.  According to the report,
the Company would accept all kinds of bids for its assets,
including from liquidators, though any transaction would require
court approval.

Standard General, according to Android Headlines, plans to act as
an initial bidder for the locations that remain open and bring in
Sprint as a partner to operate those stores.

                About Radioshack Corporation

Fort Worth, Texas-based RadioShack (NYSE: RSH) --
http://www.radioshackcorporation.com/-- is a retailer of mobile
technology products and services, as well as products related to
personal and home technology and power supply needs.  RadioShack's
retail network includes more than 4,300 company-operated stores in
the United States, 270 company-operated stores in Mexico, and
approximately 1,000 dealer and other outlets worldwide.

RadioShack Corporation (Bankr. D. Del. Case No. 15-10197) and
affiliates Atlantic Retail Ventures, Inc. (Bankr. D. Del. Case No.
15-10199), Ignition L.P. (Bankr. D. Del. Case No. 15-10200), ITC
Services, Inc. (Bankr. D. Del. Case No. 15-10201), Merchandising
Support Services, Inc. (Bankr. D. Del. Case No. 15-10202),
RadioShack Customer Service LLC (Bankr. D. Del. Case No.
15-10203), RadioShack Global Sourcing Corporation (Bankr. D. Del.
Case No. 15-10204), RadioShack Global Sourcing Limited Partnership
(Bankr. D. Del. Case No. 15-10206), RadioShack Global Sourcing,
Inc. (Bankr. D. Del. Case No. 15-10207), RS Ig Holdings
Incorporated (Bankr. D. Del. Case No. 15-10208), RSIgnite, LLC
(Bankr. D. Del. Case No. 15-10209), SCK, Inc. (Bankr. D. Del. Case
No. 15-10210), Tandy Finance Corporation (Bankr. D. Del. Case No.
15-10211), Tandy Holdings, Inc. (Bankr. D. Del. Case No.
15-10212), Tandy International Corporation (Bankr. D. Del. Case No.
15-10213), TE Electronics LP (Bankr. D. Del. Case No. 15-10214),
Trade and Save LLC (Bankr. D. Del. Case No. 15-10215), and TRS
Quality, Inc. (Bankr. D. Del. Case No. 15-10217) filed separate
Chapter 11 bankruptcy petitions on Feb. 5, 2015.  The petitions
were signed by Joseph C. Maggnacca, chief executive officer.  Judge
Kevin J. Carey presides over the case.

David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki,
Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul
M. Green, Esq., at Jones Day serve as the Debtors' bankruptcy
counsel.  David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and
John H. Schanne, II, Esq., at Pepper Hamilton LLP serve as
co-counsel.  Carlin Adrianopoli at FTI Consulting, Inc., is the
Debtors' restructuring advisor.  Maeva Group, LLC, is the Debtors'
turnaround advisor.  Lazard Freres & Co. LLC is the Debtors'
investment banker.  A&G Realty Partners is the Debtors' real
estate advisor.  Prime Clerk is the Debtors' claims and noticing
agent.

In their Petitions, the Debtors disclosed total assets of $1.2
billion, versus total debts of $1.3 billion.

Radioshack reported a net loss of $400.2 million in 2013, a net
loss of $139 million in 2012, and net income of $72.2 million in
2011.  The Company's balance sheet at Aug. 2, 2014, showed $1.14
billion in total assets, $1.21 billion in total liabilities and a
$63 million total shareholders' deficit.

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


RESEARCH SOLUTIONS: Incurs $94K Net Loss in Dec. 31 Quarter
-----------------------------------------------------------
Research Solutions, Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $94,200 on $7.93 million of revenue for the three
months ended Dec. 31, 2014, compared to a net loss of $447,000 on
$7.38 million of revenue for the same period in 2013.

For the six months ended Dec. 31, 2014, the Company reported net
income of $1.05 million on $15.5 million of revenue compared to a
net loss of $589,500 on $14 million of revenue for the same period
last year.

As of Dec. 31, 2014, the Company had $7.13 million in total assets,
$6.32 million in total liabilities and $813,000 in total
stockholders' equity.

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

                       http://is.gd/Rtds8G

                     About Research Solutions

Research Solutions, Inc. provides research information services
and software to research-intensive industries in the Life Sciences
and other fields.  The Encino, California-based Company delivers
copyrighted copies of published content, including articles from
published journals, to content users in hard copy or electronic
form.

The Company reported a net loss of $1.87 million for the fiscal
year ended June 30, 2014, compared with net income of $192,000 for
the year ended June 30, 2013.


RESIDENTIAL ACCREDIT: $235MM Settlement Has Court's Preliminary OK
------------------------------------------------------------------
The Hon. Katherine Failla of the U.S. District Court for the
Southern District of New York granted on Feb. 19, 2015, preliminary
approval to a $235 million settlement with the underwriters
involved in the class action lawsuit brought by purchasers of
mortgage-backed securities issued by Residential Accredit Loans,
Inc., according to Lead Plaintiffs' counsel Cohen Milstein Sellers
& Toll PLLC.

Led by the New Jersey Carpenters Health Fund, the settlement with
underwriters Citigroup Global Markets Inc., Goldman Sachs & Co.,
and UBS Securities LLC, along with the previously approved $100
million settlement with RALI, its affiliates, and the individual
Defendants in 2013, brings the total case settlement to $335
million.

"We are pleased with the preliminary approval of this settlement,"
said Plaintiffs' lead attorney, Joel P. Laitman, Esq., at Cohen
Milstein Sellers & Toll PLLC.  "It was a long and complex
litigation that lasted over six years.  Plaintiffs overcame many
obstacles including an initial denial of class certification and we
believe the $335 million settlement provides a meaningful recovery
to investors in the class."

Cohen Milstein Managing Partner Steven J. Toll, Esq., whose firm
was Lead Counsel in the consolidated class action, added, "This
settlement will at long last give closure and substantial monetary
relief to investors who suffered losses in connection with these
RALI mortgage-backed securities.  The perseverance of our
litigation team was key to achieving this terrific result for the
Class of investors we represented, and we are all grateful for
their efforts."

Preliminarily approved by Judge Failla, the settlement -- upon
final approval -- will mark the end of years of intense,
complicated litigation over MBS offerings issued and sold to the
New Jersey fund and other investors from 2006 through 2007 by RALI
and certain of its affiliates.

The Plaintiffs alleged that the defendants, including the
underwriters, committed Securities Act violations in connection
with the public offerings of these MBS and systematically
disregarded the applicable underwriting guidelines when originating
the mortgage loans underlying the securities at issue.  Further
complicating the legal action, in May 2012, RALI and its affiliates
sought voluntary Chapter 11 bankruptcy.  Despite this, in 2013, the
plaintiffs were able to secure a $100 million settlement against
RALI and its affiliates.  That settlement amount is being held in
escrow until the settlement with the underwriters receives final
approval.  Judge Failla will hold a final approval hearing on July
31, 2015.

The $235 million settlement with the underwriter defendants was
reached in November 2014 after years of mediation before retired
Judge Daniel Weinstein, a well-regarded national mediator.

In addition to Laitman and Toll, the Lead Plaintiffs are
represented by attorneys Christopher Lometti, Esq., Michael
Eisenkraft, Esq., Joshua Devore, Esq., Richard A. Speirs, Esq.,
Daniel B. Rehns, Esq., Kenneth M. Rehns, Esq., and S. Douglas
Bunch, Esq., all of Cohen Milstein Sellers & Toll PLLC.


RESTORGENEX CORP: Ernest Moody Reports 5.1% Stake as of May 2014
----------------------------------------------------------------
Ernest W. Moody Revocable Trust disclosed in a document filed with
the Securities and Exchange Commission that as of May 2, 2014, it
beneficially owned 975,000 shares of common stock of RestorGenex
Corp, which represents 5.17 percent of the shares outstanding.
A copy of the regulatory filing is available for free at:

                         http://is.gd/4AV9nH

                         About RestorGenex

RestorGenex Corporation operates as a biopharmaceutical company.
It focuses on dermatology, ocular disease, and women's health
areas.  The company was formerly known as Stratus Media Group,
Inc., and changed its name to RestorGenex Corporation in March
2014.  RestorGenex Corporation is based in Los Angeles,
California.

Restorgenex reported a net loss of $2.45 million in 2013 following
a net loss of $6.85 million in 2012.  For the nine months ended
Sept. 30, 2014, the Company reported a net loss of $9.28 million.

The Company's balance sheet at Sept. 30, 2014, showed $50.5 million
in total assets, $7.74 million in total liabilities and $42.8
million in total stockholders' equity.

Goldman Kurland and Mohidin LLP, in Encino, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that RestorGenex Corporation has suffered recurring
losses and has negative cash flow from operations.  These
conditions, the auditors said, raise substantial doubt as to the
ability of RestorGenex Corporation to continue as a going concern.



RETROPHIN INC: Broadfin Reports 9.6% Stake as of Dec. 31
--------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Broadfin Capital, LLC, Broadfin Healthcare
Master Fund, Ltd. and Kevin Kotler disclosed that as of Dec. 31,
2014, they beneficially owned 2,549,874 shares of common stock of
Retrophin, Inc., which represents 9.6 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/JaNEea

                          About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

The Company's balance sheet at Sept. 30, 2014, showed $146 million
in total assets, $156 million in total liabilities, and a
stockholders' deficit of $10.2 million.

"Management believes that the Company will continue to incur losses
for the immediate future.  For the nine months ended
Sept. 30, 2014, the Company has generated revenue and is trying to
achieve positive cash flow from operations.  The Company's future
depends on the costs, timing, and outcome of regulatory reviews of
its product candidates, ongoing research and development, the
funding of planned or potential acquisitions, other planned
operating activities, and the costs of commercialization
activities, including ongoing, product marketing, sales and
distribution.  The Company expects to finance its cash needs from
results of operations and depending on the results of operations,
the Company may need additional private and public equity offerings
and debt financings, corporate collaboration and licensing
arrangements and grants from patient advocacy groups, foundations
and government agencies.  Although management believes that the
Company has access to capital resources, there are no commitments
for financing in place at this time, nor can management provide any
assurance that such financing will be available on commercially
acceptable terms, if at all.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern,"
according to the quarterly report for the period ended Sept. 30,
2014.


RETROPHIN INC: Consonance Capman Reports 9.6% Stake as of Dec. 31
-----------------------------------------------------------------
Consonance Capman GP LLC, et al., disclosed in a Schedule 13G filed
with the U.S. Securities and Exchange Commission that as of Dec.
31, 2014, they beneficially owned 2,551,535 shares of common stock
of Retrophin, Inc., which represents 9.6 percent based on
26,699,847 shares of common stock outstanding as of Nov. 12, 2014,
as reported in the Issuers Form 10-Q filed with the SEC on
Nov. 13, 2014.  A copy of the regulatory filing is available for
free at http://is.gd/bW2GDs

                          About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

The Company's balance sheet at Sept. 30, 2014, showed $146 million
in total assets, $156 million in total liabilities, and a
stockholders' deficit of $10.2 million.

"Management believes that the Company will continue to incur losses
for the immediate future.  For the nine months ended
Sept. 30, 2014, the Company has generated revenue and is trying to
achieve positive cash flow from operations.  The Company's future
depends on the costs, timing, and outcome of regulatory reviews of
its product candidates, ongoing research and development, the
funding of planned or potential acquisitions, other planned
operating activities, and the costs of commercialization
activities, including ongoing, product marketing, sales and
distribution.  The Company expects to finance its cash needs from
results of operations and depending on the results of operations,
the Company may need additional private and public equity offerings
and debt financings, corporate collaboration and licensing
arrangements and grants from patient advocacy groups, foundations
and government agencies.  Although management believes that the
Company has access to capital resources, there are no commitments
for financing in place at this time, nor can management provide any
assurance that such financing will be available on commercially
acceptable terms, if at all.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern,"
according to the quarterly report for the period ended Sept. 30,
2014.


RETROPHIN INC: QVT Financial Reports 7.4% Stake as of Dec. 31
-------------------------------------------------------------
QVT Financial LP, QVT Financial GP LLC, and QVT Associates GP LLC
disclosed that as of Dec. 31, 2014, they beneficially owned
2,053,019 shares of common stock of Retrophin, Inc., which
represents 7.47 percent of the shares outstanding.  QVT Fund V LP
also reported beneficial ownership of 1,607,675 common shares as of
that date.  A copy of the regulatory filing is available for free
at http://is.gd/BZcYl2

                          About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

The Company's balance sheet at Sept. 30, 2014, showed $146 million
in total assets, $156 million in total liabilities, and a
stockholders' deficit of $10.2 million.

"Management believes that the Company will continue to incur losses
for the immediate future.  For the nine months ended
Sept. 30, 2014, the Company has generated revenue and is trying to
achieve positive cash flow from operations.  The Company's future
depends on the costs, timing, and outcome of regulatory reviews of
its product candidates, ongoing research and development, the
funding of planned or potential acquisitions, other planned
operating activities, and the costs of commercialization
activities, including ongoing, product marketing, sales and
distribution.  The Company expects to finance its cash needs from
results of operations and depending on the results of operations,
the Company may need additional private and public equity offerings
and debt financings, corporate collaboration and licensing
arrangements and grants from patient advocacy groups, foundations
and government agencies.  Although management believes that the
Company has access to capital resources, there are no commitments
for financing in place at this time, nor can management provide any
assurance that such financing will be available on commercially
acceptable terms, if at all.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern,"
according to the quarterly report for the period ended Sept. 30,
2014.


REVEL AC: Allowed to Scrap Second Bankruptcy Sale
-------------------------------------------------
U.S. Bankruptcy Judge Gloria Burns in New Jersey allowed Revel AC,
LLC, to scrap the sale of its casino to Glenn Straub's Polo North
Country Club Inc., giving the bankrupt casino operator a third
chance to find another buyer, various news sources reported.

Michael Bathon, writing for Bloomberg News, Judge Burns gave Revel
permission to cancel its $95.4 million deal with Polo North and
allowed it to keep the bidder’s $10 million deposit, which will
be held in escrow.  Mr. Straub is weighing an appeal, his attorney
Stuart Moskovitz said in an e-mail, the Bloomberg report said.

As previously reported by The Troubled Company Reporter, Revel
urged the bankruptcy court to allow it to terminate the sale of its
casino to Polo North.  The move came as a result of Polo North's
request for an extension of the Feb. 9 sale closing date, because
numerous conditions to closing remain unresolved.  Polo North said
in court papers that before it can or should be compelled to close,
there should and must be (i) a full adjudication of ACR Energy's,
IDEA Boardwalk's and the restaurant Amenity Tenants' possessory
rights, if any, in the property; (ii) a full adjudication on the
pending motions pertaining to ACR's rights to disconnect and shut
off power to the Revel building; (iii) receipt by Polo North of its
Gaming Approvals; and (iv) satisfaction of each of the title
conditions contained in the title commitment so that Polo North
receives clear and marketable title to the properties that are the
subject of the Polo North APA.

Revel will seek permission at a Feb. 25 hearing to use the
forfeited deposit to help fund it’s expenses going forward, John
K. Cunningham, an attorney for the company, said, the Bloomberg
report further related.

                          About Revel AC

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

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

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

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

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

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

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


REVEL AC: Court Allows Termination of Glenn Straub Sale Deal
------------------------------------------------------------
Harold Brubaker at The Inquirer reports that the Bankruptcy Court
has allowed the lawyers, lenders, and restructuring experts in
charge of Revel AC, Inc., to end the deal with Glenn Straub.

As reported by the Troubled Company Reporter on Feb. 20, 2015,
Michael Bathon, writing for Bloomberg News, reported that the
Company urged the Bankruptcy Court to allow it to terminate the
sale of its Atlantic City casino to Glenn Straud's Polo North
County Club Inc., and try, for the third time, to find a buyer.
According to the report, Revel's lawyers told Judge Burns that
while Polo North  has stated that it's still willing to go through
with the deal "the truth is they're not."

The Inquirer says that the Company's nightclub and restaurant
tenants, who have protected their rights to stay in the property
under a new owner, could continue making a sale difficult, and the
Company's utility supplier would still have significant leverage.

                          About Revel AC

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

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

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

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

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

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

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


REYNOLDS GROUP: Moody's Confirms 'B3' CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service confirmed the B3 corporate family rating,
B3-PD probability of default rating and other instrument ratings of
Reynolds Group Holdings Limited and its subsidiaries.  The rating
outlook is stable.  The confirmation follows RGHL's announcement
that it plans to use 100% of the proceeds from the pending sale of
the SIG division for debt reduction.  This concludes the review for
downgrade initiated on Nov. 25, 2014.

On Feb. 17, 2015, RGHL announced the commencement of offers to
purchase senior secured notes and senior unsecured notes with the
proceeds from the sale of the SIG division.  The amount of cash
proceeds (net of certain adjustments described in the indentures
governing the notes) to be received at the closing of the SIG
disposition is currently estimated to be $4.15 billion.  The
company intends to publicly disclose the precise amount of the
proceeds at least 6 business days prior to the closing of the SIG
disposition.  In addition, RGHL is concurrently seeking an
amendment to the term loan facility credit agreement to allow the
company to use the asset sale proceeds to pay down higher coupon
notes rather than term loans.

Moody's confirmed the following ratings:

Reynolds Group Holdings Limited

  -- B3 corporate family rating

  -- B3-PD probability of default rating

Reynolds Group Holdings Inc.

  -- All senior secured facilities, B1 (LGD2)

Beverage Packaging Holdings (Luxembourg) II S.A., (Co-Issued by
Beverage Packaging Holdings II Issuer Inc. (USA))

  -- All senior unsecured notes, Caa2 (LGD5)

  -- All senior subordinated notes, Caa2 (LGD6)

Reynolds Group Issuer Inc., (Co-Issued by Reynolds Group Issuer
LLC, Reynolds Group Issuer (Luxembourg) S.A.)

  -- All senior secured notes, B1 (LGD2)

  -- All senior unsecured notes, Caa2 (LGD5)

Pactiv Corporation

  -- All senior unsecured notes, Caa2 (LGD6)

The outlook is stable.

The confirmation of RGHL and its subsidiaries ratings reflects
management's pledge to use 100% of the proceeds from the pending
sale of the SIG division for debt reduction.  While leverage is
expected to remain above 7.0 times over the near-term, RGHL is
expected to continue to improve its operating performance, pay down
debt and improve credit metrics.  Additionally, the company is
expected to continue to maintain good liquidity. Free cash flow to
debt is also expected to improve at least slightly following the
completion of the tender offer.  Specific instrument ratings may
change depending upon which debt the company repays.

The B3 corporate family rating reflects RGHL's weak credit metrics,
lengthy raw material cost pass-through provisions and the
concentration of sales.  The rating also reflect the company's
acquisitiveness and financial aggressiveness.  The company has a
complex capital and organizational structure and limited
transparency into its various segments.  RGHL operates in a
fragmented and competitive industry and has a significant
percentage of commodity products.  The company is owned by a single
individual-financier Graeme Hart.

Strengths in the company's profile include its strong brands and
market positions in certain segments, scale and high percentage of
blue-chip customers.  Scale, as measured by revenue, is significant
for the industry and helps RGHL lower its raw material costs.  The
company also has high exposure to food and beverage packaging. RGHL
also maintains adequate liquidity with a large cash balance on
hand.

The stable outlook reflects an expectation that RGHL will continue
to improve its operating performance, pay down debt and improve
credit metrics.

The ratings could be downgraded if there is deterioration in credit
metrics, liquidity or the competitive and operating environment.
The ratings could also be downgraded if the company pays a dividend
or undertakes any significant acquisition.  Specifically, the
ratings could be downgraded if debt to EBITDA remains above 7.0
times, EBIT to interest expense declined below 1.0 time, and free
cash flow to debt remained below 1.0%.

The rating could be upgraded if RGHL sustainably improves its
credit metrics within the context of a stable operating and
competitive environment while maintaining adequate liquidity
including ample cushion under financial covenants.  Specifically,
RGHL would need to improve debt to EBITDA to below 6.3 times, EBIT
to interest expense to at least 1.4 times and free cash flow to
debt to above 3.5% while maintaining the EBIT margin in the high
single digits.

The principal methodology used in these ratings was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.


RIVER CITY: Court Allows Debtors to Re-Solicit Bids for Assets
--------------------------------------------------------------
The U.S. Bank National Association -- as trustee for the registered
holders of Wachovia Bank Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2005-C22, and U.S. Bank
National Association, as trustee for the registered holders of
Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2006-C23, and through CWCapital
Asset Management LLC, solely in its capacity as Special Servicer
for the trusts -- filed a response to the Sale Motion lodged by
River City Renaissance, LC and River City Renaissance III, LC.

Each of the Holders were determined the high bidders with respect
to the Debtors' Properties at the auction, held by the Debtors and
their professionals on December 18, 2014.  The Debtors represented
to the Court in their Sale Motion and again at the hearing held on
December 23, 2014, that it was their intention to move forward with
each of the sales, subject to a few minor tasks that had not yet
been addressed due to the press of business.  Similarly, as
represented by the Holders at the Post-Auction Hearing, it is the
Holders' intention to close on the sale transaction upon execution
of an acceptable asset purchase agreement and the entry of an order
approving the sale.

Matthew W. Levin, Esq., at Kilpatrick Townsend & Stockton LLP, in
Atlanta, Georgia -- rrahman@kilpatricktownsend.com -- tells the
Court that certain issues have arisen since the Post-Auction
Hearing that require the Court's input:

   (1) Issue on purchase price for which the RCR Holder will
       purchase the RCR Properties.  The RCR Holder asserts that
       the purchase price for the RCR Properties should be no
       more than $30,250,000.  The Debtors believe the purchase
       price should be $30,500,000.  The disagreement arises out
       of the Debtors' revelation, well after the conclusion of
       the Auction,  that it has reconsidered its original
       well-documented understanding of the outcome of the
       Auction but, nevertheless, is unwilling to revise the
       results of the Auction to reflect their new understanding
       of the same;

   (2) Issue with respect to the Holder's request to include in
       any sale order a finding that the Holders are entitled to
       the protections of Sections 363(m) and (n) of the
       Bankruptcy Code, as a good-faith purchaser.  At this time,
       the Holders are uncertain whether the Debtors will request
       that the Holder's receive those protections,
       notwithstanding their representation that the approvals
       would be sought; and

   (3) Issue with respect to the Holders' payment of property
       taxes with respect to the Properties.  In particular, on
       January 2, 2015, and January 5, 2015, the Holders advanced
       $198,634 in cash to pay accrued property taxes with
       respect to the Properties for the 2014 period.  Absent
       advancements by the Holders to pay the 2014 Taxes, a tax
       lien would have arisen with respect to the Debtors assets,
       including the Properties.  Therefore, Mr. Levin says, the
       Holders' advancements inured to the benefit of the
       Debtors' estates.

To the extent they are unwilling to do so voluntarily, the Holders
should be required to reimburse the Holders in cash at the closing
of the sale of the Properties, Mr. Levin contends.

Mr. Levin assures the Court that the Holders remain committed to
purchasing the Properties on the terms set forth in the asset
purchase agreement, signed prior to the Auction (subject to several
minor modifications).  However, prior to any such closing, the
Holders believe it is appropriate for the Court to decide several
issues that, as of the filing of this pleading, the parties have
been unable to resolve.

                         Debtors' Reply

The Debtors filed a reply to the Holders' Response, and (i) seek
continuance and amendment to the Sale & Bid Procedures in
connection with the Sale Motion, and (ii) ask for finding that the
Holders are good faith purchasers.

The Holders' Response contains material misstatements of fact and
partial recitations of fact concerning, among other issues, the
Auction and events that transpired after the Auction, the Debtors
contend.  The Debtors assert that the Holders' Response attempts to
cobble together certain facts along with several critical
inaccuracies in an effort to reduce the RCR Holders' prevailing bid
to $30,250,000.

The Debtors tell the Court that they have had little to no dialogue
with the Holders concerning the issue raised in the Holders'
Response regarding the 2014 Taxes, and, in light of the request for
a continuance on the sale and these matters, any disposition as to
the 2014 Taxes is necessarily not yet ripe.  Hence, the Debtors ask
that any ruling on the reimbursement of 2014 Taxes be held in
abeyance.

The Debtors also seek authorization for them and the Auctioneer to
re-solicit bids, market the Properties, and seek offers from
potential purchasers and potential stalking-horse bidders during
the Extension Period, and authorization for the Debtors and the
Auctioneer to represent to interested parties that the payoff
figures for each respective Debtor are not greater than these
figures, through January 23, 2015: (i) RCR: $30,887,372, and (ii)
RCR III: $6,520,222.

                          *     *     *

Bankruptcy Judge Keith L. Phillips modified the Sale and Bid
Procedures relating to the Sale Motion and reconvened a hearing on
February 10, 2015, as to the issues raised in the Holders'
Response.

Judge Phillips authorized the Debtors and the Auctioneer to
re-solicit bids for the purchase of the Properties to determine the
market interest and willingness of interested parties to submit
bids or act as a stalking-horse bidder.

The Credit-Bid Order is modified and the Debtors and the Auctioneer
are authorized to represent to interested parties that, with the
exception of accruing costs and expenses, the payoff figures for
each respective Debtor are not greater than these figures: (i) RCR:
$30,887,372, and (ii) RCR III: $6,520,222.

                  About River City Renaissance

Richmond, Virginia-based, River City Renaissance, LC, and River
City Renaissance III, LC, sought Chapter 11 protection (Bankr. E.D.
Va. Case Nos. 14-34080 and 14-34081) in Richmond, Virginia, on July
30, 2014.  The cases are assigned to Judge Keith L. Phillips.
Robert H. Chappell, III, Esq., at Spotts Fain PC, represents the
Debtors in their cases.  River City Renaissance LC disclosed $27.3
million in assets and $29.2 million in liabilities as of the
Chapter 11 filing.  Renaissance III estimated less than $10 million
in assets and debts.  The Debtors have tapped Spotts Fain PC as
counsel.


ROMAN DEVELOPMENT: Files for Ch 11, Dodges Foreclosure on Property
------------------------------------------------------------------
Michael Thompson at Richmond BizSense reports that Roman
Development LLC filed for Chapter 11 bankruptcy protection on Feb.
18, 2015, staving off a foreclosure attempt on its 104-year-old
former bank building in Richmond, Virginia, by Fulton Bank, after
the Company defaulted on a loan issued in 2005.

BizSense relates that the loan was originally for $225,000 and in
2006, it was modified to $481,000.

"We filed the Chapter 11 to stay a sale.  The reason for the filing
is the lender would not renew, or decided not to renew, the note
that is secured by the property," BizSense quoted Kevin Lake, Esq.,
at McDonald, Sutton & DuVal, the Company's bankruptcy counsel.  The
plan is to either refinance the property or sell it, and the income
from the building's occupant, the Vanquish bar and restaurant, will
help find a buyer, the report states, citing Mr. Lake.

According to BizSense, Steve Goodwin is listed as the Company's
registered agent.

Roman Development LLC owns the century-old bank-turned-restaurant
space at 1005 E. Main Street in Richmond, Virginia.  It is
currently home to a nightclub and restaurant.


RONALD COHEN: 3rd Circuit Denies Plea to Dismiss Landlord's Suit
----------------------------------------------------------------
Danny Jacobs at The Daily Record reports that a Montgomery County
Circuit Court judge has denied Ronald Cohen Management Company's
motion to dismiss a second lawsuit brought by landlord Tower Oaks
Boulevard LLC, claiming that the Company set up "sham" holding
companies and fraudulently conveyed millions of dollars.

"Three judges have now found they acted in bad faith and
fraudulently.  Hopefully we're making progress, but we still
haven't been paid a dime," The Daily Record quoted Christopher C.
Fogleman, Esq., the attorney for Tower Oaks.

The Daily Record recalls that the Company filed for bankruptcy
protection minutes before the August 2014 auction of three of its
properties aimed at satisfying judgment owed to Tower Oaks.  The
Company listed Tower Oaks' $6.7 million claim as "disputed".
According to The Daily Record, Tower Oaks has alleged that the
Company and Ronald Cohen Investments twice forced it into
foreclosure by failing to pay rent.

The defendant Cohen companies have no ownership stake in any of the
properties, which are owned by Cohen family members through holding
companies, The Daily Record states, citing Eric Siegel, Esq., the
attorney for Cohen Siegel Investors LLC, the new name for the Cohen
Cos., the real estate investment firm founded by Ronald J. Cohen.

Ronald Cohen Management "candidly admits" it filed for bankruptcy
to stop the foreclosure of the properties that it also claims are
not part of its estate because they are owned by other companies,
and "in this sense, the Debtor seeks to have it both ways . . . .
Because the Debtor filed this case to invoke the automatic stay not
on its behalf, but to attempt to protect entities who it concedes
are not included in the estate, the court concludes that the case
was filed with subjective bad faith," Bankruptcy Judge Thomas J.
Catliota said in a Feb. 5 opinion.

Court documents say that the Company has since filed a motion to
reconsider the dismissal.

                        About Ronald Cohen

Ronald Cohen Management Company, based in Rockville, Maryland,
filed for Chapter 11 bankruptcy (Bankr. D. Md. Case No. 14-23399)
on Aug. 27, 2014.  Judge Wendelin I. Lipp presided over the case.
Stephen A. Metz, Esq., at Shulman, Rogers, Gandal, Pordy & Ecker,
P.A., served as the Debtor's counsel.  Ronald Cohen estimated under
$50,000 in assets and $1 million to $10 million in liabilities.
The petition was signed by Ronald J. Cohen, president.  A list of
the eight largest unsecured creditors is available for free at
http://bankrupt.com/misc/mdb14-23399.pdf


ROSETTA GENOMICS: Signs Equity Sales Agreement with Cantor
----------------------------------------------------------
Rosetta Genomics Ltd. entered into a controlled equity offering
sales agreement with Cantor Fitzgerald & Co., as sales agent,
according to a document filed with the Securities and Exchange
Commission.  Under the Agreement, Rosetta may offer and sell
ordinary shares, par value NIS 0.6 per share, from time to time
through Cantor, acting as agent.  Rosetta intends to file a
prospectus supplement relating to the offer and sale, from time to
time, of its ordinary shares having an aggregate offering price of
up to $14,400,000  pursuant to the Agreement.  Rosetta intends to
use the net proceeds from the offering, if any, for its operations
and for other general corporate purposes, including, but not
limited to, repayment or refinancing of future indebtedness or
other future corporate borrowings, working capital, intellectual
property protection and enforcement, capital expenditures,
investments, acquisitions or collaborations, research and
development and product development.

Rosetta is not obligated to sell any Shares pursuant to the
Agreement.  Subject to the terms and conditions of the Agreement,
Cantor will use commercially reasonable efforts, consistent with
its normal trading and sales practices and applicable state and
federal law, rules and regulations and the rules of The NASDAQ
Capital Market, to sell Shares from time to time based upon
Rosetta's instructions, including any price, time or size limits or
other customary parameters or conditions Rosetta may impose.

Under the Agreement, Cantor may sell Shares by any method deemed to
be an "at-the-market" offering as defined in Rule 415 promulgated
under the Securities Act of 1933, as amended, including sales made
directly on The NASDAQ Capital Market, on any other existing
trading market for the Shares or to or through a market maker.  In
addition, pursuant to the terms and conditions of the Agreement and
subject to the instructions of Rosetta, Cantor may sell Shares by
any other method permitted by law, including in privately
negotiated transactions.

The Agreement will terminate upon the earlier of (i) the sale of
all ordinary shares subject to the Agreement, or (ii) termination
of the Agreement as otherwise permitted therein.  The Agreement may
be terminated by Cantor or Rosetta at any time upon 10 days' notice
to the other party, or by Cantor at any time in certain
circumstances, including the occurrence of a material adverse
change in Rosetta.

Rosetta will pay Cantor a commission of up to 5.0% of the aggregate
gross proceeds from each sale of Shares and has agreed to provide
Cantor with customary indemnification and contribution rights.

The Shares will be issued pursuant to Rosetta's previously filed
and effective Registration Statement on Form F-3 (File No.
333-185338), the base prospectus dated Dec. 19, 2012, filed as part
of that Registration Statement, and a prospectus supplement to be
filed by Rosetta with the Securities and Exchange Commission.  

                           About Rosetta

Based in Rehovot, Israel, Rosetta Genomics Ltd. is seeking to
develop and commercialize new diagnostic tests based on a recently
discovered group of genes known as microRNAs.  MicroRNAs are
naturally expressed, or produced, using instructions encoded in
DNA and are believed to play an important role in normal function
and in various pathologies.  The Company has established a CLIA-
certified laboratory in Philadelphia, which enables the Company to
develop, validate and commercialize its own diagnostic tests
applying its microRNA technology.

Rosetta Genomics incurred a net comprehensive loss after
discontinued operations of $12.9 million on $405,000 of revenues
for the year ended Dec. 31, 2013, as compared with a net
comprehensive loss after discontinued operations of $10.5 million
on $201,000 of revenues in 2012.

Rosetta Genomics Ltd. reported a net loss after discontinued
operations of $7.18 million on $554,000 of revenues for the six
months ended June 30, 2014, compared to a net loss after
discontinued operations of $6.29 million on $193,000 of revenues
for the same period a year ago.

The Company's balance sheet at June 30, 2014, showed $21.7
million in total assets, $1.79 million in total liabilities and
$19.9 million in total shareholders' equity.

                         Bankruptcy Warning

"We will require substantial additional funding and expect to
augment our cash balance through financing transactions, including
the issuance of debt or equity securities and further strategic
collaborations.  On December 7, 2012, we filed a shelf
registration statement on Form F-3 with the SEC for the issuance
of ordinary shares, various series of debt securities and/or
warrants to purchase any of such securities, either individually
or in units, with a total value of up to $75 million, from time to
time at prices and on terms to be determined at the time of such
offerings.  The filing was declared effective on December 19,
2012.  As of the time of the filing of this Annual Report on Form
20-F, we had sold through the Cantor Sales Agreement an aggregate
of 1,559,537 of our ordinary shares for gross proceeds of $5.9
million under this shelf registration statement, leaving an
aggregate of approximately $69.1 million of securities available
for sale.  If we need additional funding, there can be no
assurance that we will be able to obtain adequate levels of
additional funding on favorable terms, if at all.  If adequate
funds are needed and not available, we may be required to:

   * delay, reduce the scope of or eliminate certain research and
     development programs;

   * obtain funds through arrangements with collaborators or
     others on terms unfavorable to us or that may require us to
     relinquish rights to certain technologies or products that we
     might otherwise seek to develop or commercialize
     independently;

   * monetize certain of our assets;

   * pursue merger or acquisition strategies; or

   * seek protection under the bankruptcy laws of Israel and the
     United States," the Company stated in the 2013 Annual Report.


SALADWORKS LLC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Saladworks, LLC
        161 Washington Street #300
        Conshohocken, PA 19428

Case No.: 15-10327

Type of Business: Fesh Salad Chain

Chapter 11 Petition Date: February 17, 2015

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Laurie Selber Silverstein

Debtor's Counsel:    Kimberly A. Brown, Esq.
                     LANDIS RATH & COBB LLP
                     919 N. Market Street, Suite 1800
                     PO Box 2087
                     Wilmington, DE 19899
                     Tel: 302-467-4400
                     Fax: 302-467-4450
                     Emails: brown@lrclaw.com

                       - and -

                     Adam G. Landis, Esq.
                     LANDIS RATH & COBB LLP
                     919 Market Street, Suite 1800
                     Wilmington, DE 19801
                     Tel: 302-467-4400
                     Fax: 302-467-4450
                     Email: landis@lrclaw.com

                        - and -

                     Kerri K. Mumford, Esq.
                     LANDIS RATH & COBB LLP
                     919 Market Street, Suite 1800
                     Wilmington, DE 19801
                     Tel: (302) 467-4414
                     Fax: (302) 467-4450
                     Email: mumford@lrclaw.com


Debtor's              SSG Advisors, LLC
Investment
Bankers:

Debtor's              EISNERAMPER LLP
Financial
Advisors:

Debtor's              UPSHOT SERVICES LLC
Claims, Noticing
and Administrative
Agent:

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Paul Steck, president.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
JVSW LLC                           Disputed Debt      $8,865,356
14000 Horizon Way
Suite 1000
Mount Laurel, NJ 08054
Tel: 856-439-9200

WS Financial LLC                   Unsecured Debt     $2,482,134
P.O. Box 4999
Harrisburg, PA 17111
Tel: 888-937-0004

Stradley Ronon                     Professional Debt    $352,422
2005 Market Street
Suite 2600
Philadelphia, PA 19103
Tel: 215-564-8000

Sovran Limited Company             Trade Debt           $312,208
5003 Overlea Court
Bethesda, MD 20816
Tel: 703-435-9335

St. Clair                          Professional Fees    $120,035
101 West Elm Street
Suite 500
Conshohocken, PA 19428
Tel: 856-482-5600

Eight Tower Bridge Development     Lease Obligation     $116,310
Associates Two Tower Bridge
One Fayette Street
Suite 450
Conshohocken, PA 19428
Tel: 610-834-3185

The Star Group                     Trade Debt            $76,720

Michael Bartell                    Unsecured Debt        $76,144

Federal Realty Investment          Settlement            $60,043
                                   Agreement

SDI Commercial                     Trade Debt            $50,000

Nixon Peabody, LLP                 Professional Debt     $30,875

Baltimore Center Associates        Settlement            $29,835
                                   Agreement

US Foods                           Trade Debt            $10,608

231 Lanc, LLC                      Lease Obligation       $8,750

Singer Equipment Company           Trade Debt             $5,973

Comtrex                            Trade Debt             $5,000

Travelers Insurance                Insurance              $4,117

Strategic Reflections              Trade Debt             $3,124

NW Sign Industries                 Trade Debt             $2,408

Belles Katz LLC                    Professional Fees      $2,252


SALADWORKS LLC: Meeting to Form Creditors' Panel Set for Feb. 26
----------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on Feb. 26, 2015, at 11:00 a.m. in the
bankruptcy case of Saladworks, LLC.

The meeting will be held at:

         J. Caleb Boggs Federal Court House
         844 N. King Street
         5th Floor; Room 5209
         Wilmington, DE 19801

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.

                  About Saladworks, LLC

Developed in 1986, Saladworks, LLC, is the first and largest
fresh-salad franchise concept in the United States. From its
beginning in the Cherry Hill Mall, Saladworks quickly expanded to
12 additional locations in area malls and soon thereafter began
franchising.  The company has franchise agreements with 162
different franchisees.  The equity owners are J Scar Holdings,
Inc., (70%) and JVSW LLC (30%).

Saladworks, LLC, sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 15-10327) on Feb. 17, 2015.  The case assigned to
Judge Laurie Selber Silverstein.

The Debtor has tapped Landis Rath & Cobb LLP as counsel; SSG
Advisors, LLC, as investment banker; EisnerAmper LLP, as financial
advisor; and Upshot Services LLC, as claims and noticing agent.

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



SEQUENOM INC: Palo Alto Reports 8.4% Stake as of Dec. 31
--------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Palo Alto Investors, LLC, Patrick Lee, MD
and Anthony Joonkyoo Yun, MD, disclosed that as of Dec. 31, 2014,
they beneficially owned 9,925,742 shares of common stock of
Sequenom Inc., which represents 8.46 percent of the shares
outstanding.

PAI is a registered investment adviser and is the general partner
and investment adviser of investment limited partnerships and is
the investment adviser to other investment funds.  PAI's clients
have the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, the Stock.  No
individual client separately holds more than five percent of the
outstanding Stock.

Dr. Lee and Dr. Yun co-manage PAI.  The Filers are filing this
Schedule 13G jointly, but not as members of a group, and each of
them expressly disclaims membership in a group.

A copy of the regulatory filing is available for free at:

                        http://is.gd/kzHTBm

                           About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

Sequenom incurred a net loss of $107.4 million in 2013, a net
loss of $117 million in 2012 and a net loss of $74.1 million in
2011.

As of Sept. 30, 2014, the Company had $135 million in total
assets, $186 million in total liabilities, and a $51.9 million
total stockholders' deficit.


SHILO INN: California Bank & Trust Objects to Exit Plan
-------------------------------------------------------
California Bank & Trust submitted to the U.S. Bankruptcy Court for
the Central District of California its preliminary objections to
the confirmation of the Fourth Amended Disclosure Statement and
Fourth Amended Plan of Reorganization dated November 12, 2014, and
revised December 11, 2014, for each of these Debtors:

   * Shilo Inn, Twin Falls, LLC;
   * Shilo Inn, Boise Airport, LLC;
   * Shilo Inn, Seaside East, LLC;
   * Shilo Inn, Moses Lake, Inc.; and
   * Shilo Inn, Rose Garden, LLC.

Through the proposed Plan, the Debtor attempts to modify the loan
and pay the secured debt owed to CB&T over a ten-year period with a
large balloon payment at the end of the term, H. Mark Mersel, Esq.,
at Bryan Cave LLP, in Irvine, California --
mark.mersel@bryancave.com -- tells the Court.  In the alternative,
he asserts, the Debtor intends to surrender the collateral through
a deed in lieu of foreclosure.

However, Mr. Mersel argues, that treatment impermissibly modifies
CB&T's rights as to the Debtor, the collateral and third-parties.
As for the unsecured claims, he contends, the Debtor intends to pay
only a fraction of CB&T's significant deficiency claims over 10
years, while at the same time paying other unsecured creditors in
full in three short months, permitting payment to insiders, and
providing that the equity interest holders retain their interests
for a de minimus contribution of $100,000.

"These provisions are patently unfair and inequitable to CB&T, are
not in the best interests of creditors, and render the Plan
unconfirmable," Mr. Mersel says.  He adds that the Debtor has
improperly classified CB&T's unsecured claims separately from other
unsecured creditors and has artificially impaired both the Class 1
tax claims and the Class 5 unsecured claims in bad faith, solely to
gerrymander a vote in favor of the Plan.

The facts, law and equity all require that confirmation of the Plan
be denied, and that CB&T be permitted to proceed to exercise its
rights provided under applicable nonbankruptcy law, Mr. Mersel
contends.

                   About Shilo Inn, Twin Falls

Shilo Inn, Twin Falls, LLC, and six affiliates filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 13-21601) on May 1, 2013.
Judge Richard M. Neiter presides over the case.  Shilo Inn, Twin
Falls, estimated assets of at least $10 million and debts of at
least $1 million.

Shilo Inn, Twin Falls; Shilo Inn, Nampa Blvd, LLC; Shilo Inn,
Newberg, LLC; Shilo Inn, Seaside East, LLC, Shilo Inn, Moses Lake,
Inc.; and Shilo Inn, Rose Garden, LLC each operates and owns a
hotel.  California Bank and Trust is the primary, senior secured
lender for each of the Debtors.

The Debtors sought Chapter 11 protection after CBT on May 1, 2013,
filed for receiverships in district court.

David B. Golubchick, Esq., Kurt Ramlo, Esq., and J.P. Fritz, Esq.,
at Levene, Neale, Bender, Yoo & Brill LLP, in Los Angeles,
represent the Debtors in their restructuring effort.

The Debtors' Joint Plan of Reorganization dated Aug. 29, 2013,
provides for payment of all claims in full, unless otherwise agreed
with the claimholder, with unsecured claims to be paid over a
three-month period from the Plan Effective Date.


SHILO INN: California Bank Files Adversary Proceeding v. Moses Lake
-------------------------------------------------------------------
California Bank & Trust -- a California banking corporation, as
assignee of the Federal Deposit Insurance Corporation, as Receiver
for Vineyard Bank -- commenced an adversary proceeding against
Debtor Shilo Inn, Moses Lake, Inc., a Washington corporation, and
Does 1-9, inclusive, in the U.S. Bankruptcy Court for the Central
District of California.

On October 18, 2005, the Plaintiff provided financing to the
Defendant in the original principal amount of $3 million, which was
secured by, among other things, a leasehold deed of trust against
nonresidential real property located in Moses Lake, Washington.
The Loan is evidenced, in part, by various documents, including the
Deed of Trust dated October 18, 2005, made by the Defendant for the
benefit of Vineyard Bank.  The Plaintiff acquired the Loan in
September 2009 by agreement with the FDIC, as Receiver for Vineyard
Bank.

The Plaintiff alleges that the Defendant failed to satisfy its
obligations to the Plaintiff under the Loan, and defaults under
Loan Documents occurred in November 2011.  Since then, the
Defendant has continued to be in default under the terms of the
Loan Documents, including the failure to pay off the Loan in full
when it matured on December 31, 2013, according to the complaint.

Accordingly, the Plaintiff seeks (i) judgment against the Defendant
for costs and attorneys' fees, (ii) a preliminary and permanent
injunction enjoining and restraining the Defendant from refusing to
cooperate in inspections and testing, and ordering the Defendant to
comply with its obligations under the Loan Documents to allow
inspections and testing, and (iii) a declaratory relief that there
exists an obligation by the Defendant to cooperate with the
Plaintiff to complete the environmental testing/inspection.

                   About Shilo Inn, Twin Falls

Shilo Inn, Twin Falls, LLC, and six affiliates filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 13-21601) on May 1, 2013.
Judge Richard M. Neiter presides over the case.  Shilo Inn, Twin
Falls, estimated assets of at least $10 million and debts of at
least $1 million.

Shilo Inn, Twin Falls; Shilo Inn, Nampa Blvd, LLC; Shilo Inn,
Newberg, LLC; Shilo Inn, Seaside East, LLC, Shilo Inn, Moses Lake,
Inc.; and Shilo Inn, Rose Garden, LLC each operates and owns a
hotel.  California Bank and Trust is the primary, senior secured
lender for each of the Debtors.

The Debtors sought Chapter 11 protection after CBT on May 1, 2013,
filed for receiverships in district court.

David B. Golubchick, Esq., Kurt Ramlo, Esq., and J.P. Fritz, Esq.,
at Levene, Neale, Bender, Yoo & Brill LLP, in Los Angeles,
represent the Debtors in their restructuring effort.

The Debtors' Joint Plan of Reorganization dated Aug. 29, 2013,
provides for payment of all claims in full, unless otherwise agreed
with the claimholder, with unsecured claims to be paid over a
three-month period from the Plan Effective Date.


SILVERSUN TECHNOLOGIES: Further Amends 701,138 Shares Prospectus
----------------------------------------------------------------
SilverSun Technologies, Inc., has amended its Form S-1 registration
statement with the Securities and Exchange Commission relating to
the offering of 701,138 shares of its common stock and warrants to
purchase 350,569 shares of its Common Stock.  The Company amended
the Registration Statement to delay its effective date.

The warrant to purchase one share of Common Stock will have an
exercise price of $ [    ] per share (125% of the public offering
price of the Common Stock).  The warrants are exercisable
immediately and will expire five years from the date of issuance.
Currently, the Company's Common Stock is quoted on the OTCQB
Marketplace operated by the OTC Markets Group, under the symbol
"SSNT".  Currently, there is no market for the Company's warrants
The last reported sale price of the Company's Common Stock on the
OTCQB on Feb. 13, 2015, was $5.70 per share.  On Feb. 4, 2015, the
Company effected a 1-for-30 reverse stock split of its outstanding
common stock.  For 20 days following the effectiveness of the
Reverse Stock Split, the Company's common stock will be quoted on
the OTCQB under the symbol "SSNTD".

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

                        http://is.gd/sXremp

                           About SilverSun

Livingston, N.J.-based SilverSun Technologies, Inc., formerly
known as Trey Resources, Inc., focuses on the business software
and information technology consulting market, and is looking to
acquire other companies in this industry.  SWK Technologies, Inc.,
the Company's subsidiary and the surviving company from the
acquisition and merger with SWK, Inc., is a New Jersey-based
information technology company, value added reseller, and master
developer of licensed accounting and financial software published
by Sage Software.  SWK  Technologies also publishes its own
proprietary supply-chain software, the Electronic Data Interchange
(EDI) solution "MAPADOC."  SWK Technologies sells services and
products to various end users, manufacturers, wholesalers and
distribution industry clients located throughout the United
States, along with network services provided by the Company.

Silversun Technologies posted net income of $323,000 on $17.4
million of net total revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $1.23 million on $13.2 million of net
total revenues for the year ended Dec. 31, 2012.

As of Sept. 30, 2014, the Company had $5.12 million in total
assets, $4.89 million in total liabilities and $238,000 in total
stockholders' equity.


SOUTHERN MANUFACTURING: Case Summary & 20 Top Unsec. Creditors
--------------------------------------------------------------
Debtor: Southern Manufacturing Group, LLC
        PO Box 160944
        Boiling Springs, SC 29316

Case No.: 15-00931

Chapter 11 Petition Date: February 19, 2015

Court: United States Bankruptcy Court
       District of South Carolina (Spartanburg)

Debtor's Counsel: Randy A. Skinner, Esq.
                  SKINNER LAW FIRM, LLC
                  300 North Main Streetn, Suite 201
                  Greenville, SC 29601
                  Tel: (864) 232-2007
                  Fax: (864) 232-8496
                  Email: main@skinnerlawfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Roger Blaine Trivette, member manager.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/scb15-00931.pdf


SPORTS AUTHORITY: Moody's Cuts CFR to 'Caa1', Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded The Sports Authority Inc.'s
Corporate Family Rating to Caa1 from B3 and Probability of Default
Rating to Caa1-PD from B3-PD. Moody's also downgraded the rating on
the company's $300 million senior secured term loan to Caa1 from
B3.  The ratings outlook is negative.

Ratings downgraded:

   -- Corporate Family Rating to Caa1 from B3;

   -- Probability of Default Rating to Caa1-PD from B3-PD ;

   -- $300 million senior secured term loan due 2017 to Caa1
      (LGD 3) from B3 (LGD 3)

The downgrade of the Corporate Family Rating to Caa1 reflects
Sports Authority's weak liquidity stemming from the need for the
company to address near-term debt maturities.  While maturing on
Nov. 16, 2017, the company's senior secured term loan will come due
on Feb. 2, 2016 if its subordinated notes remain outstanding on
that day.  In Moody's view, the term loan effectively became
current on Feb. 2, 2015.  In addition, the company's operating
performance and debt protection metrics remain weak, with
lease-adjusted debt/EBITDAR rising to over 8.25 times and
EBITA/interest falling well below 1.0 time in the latest twelve
month period ended Nov. 1, 2014. At these operating levels, Sports
Authority's capital structure is unsustainable over the longer
term, and the risk of a default, including a distressed exchange,
is high given the upcoming maturities.

Management continues to implement its operational improvement plan,
which includes cost savings initiatives and investments in the
customer shopping experience through improved product merchandising
and stock levels, more strategic store remodel/relocation and
marketing plans, and e-commerce initiatives.  However, when
considering margin pressures stemming from a highly promotional
retail environment and increased shipping costs related to higher
e-commerce sales, these investments have exacerbated EBITDA
declines.  Should these initiatives not bear fruit over the next
twelve months, refinancing its capital structure could be
challenging.

Sports Authority's $350 million subordinated notes (not rated by
Moody's) mature on May 3, 2016.  The $300 million secured term loan
matures on Nov. 16, 2017, but could come due on Feb. 2, 2016 if any
subordinated notes remain outstanding on that day, or if the
subordinated notes are not refinanced with an extended maturity
date greater than 91 days after the term loan maturity date.  The
$650 million ABL (unrated by Moody's) expires on May 17, 2017.

The Caa1 rating on the senior secured term loan reflects its junior
position to the $650 million ABL, which has a first lien on the
company's more liquid assets.  The rating is also supported by the
cushion provided by more junior claims in the capital structure,
including $343 million of subordinated notes.

The negative outlook reflects the company's need to show
improvement in operations and improve liquidity by addressing near
term debt maturities.

The ratings could be downgraded if the probability of a default
increases over the very near term through the inability to
refinance its debt, or should substantive progress not be made by
the time the subordinated notes become current on May 3, 2015.
Continued weakening in operating performance and debt protection
metrics could also lead to a ratings downgrade.

The outlook could return to stable if the company addresses its
near term refinancing risk while maintaining adequate liquidity.
An upgrade would require maintenance of adequate liquidity via the
successful refinancing of its full capital structure, as well as
improved operating performance such that lease-adjusted
debt/EBITDAR falls below 7 times and EBITA/interest expense is
sustained above 1 times.

The Sports Authority, Inc. is a full-line sporting goods retailer
operating 467 stores in 41 states and Puerto Rico. Revenues
approached $2.7 billion for the twelve months ended Nov. 1, 2014.
The company is owned by private equity firm Leonard Green &
Partners, L.P.

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


SPRINT CORP: Fitch Rates Proposed $1BB Sr. Unsecured Notes 'B+'
---------------------------------------------------------------
Fitch Ratings has assigned a 'B+/RR4' rating to Sprint
Corporation's proposed $1 billion senior unsecured notes due 2025.
The proceeds from the offering will be used for general corporate
purposes, which may include, working capital requirements,
retirement or service requirements of outstanding debt and network
expansion and modernization.   The Rating Outlook is Stable.

The senior notes will be fully and unconditionally guaranteed on a
senior unsecured basis by Sprint's wholly owned subsidiary, Sprint
Communications, Inc.

KEY RATING DRIVERS

   -- Fitch views a strong strategic linkage exists between
      Softbank and Sprint given the numerous affirmative steps
      taken to strengthen the relationship since providing
      tangible support of a $5 billion capital infusion at the
      time of the acquisition.  As such, the ratings reflect that
      Softbank may consider additional financial assistance such
      as loans in the event Sprint required funding outside of
      current plans to develop its business.  Thus, Softbank's
      implied support materially benefits Sprint's IDR and reduces

      the importance of Sprint's standalone financial position
      relative to the current ratings on Sprint's credit profile.

   -- Fitch believes Sprint's standalone financial profile has
      deteriorated to the low single 'B' rating.  Sprint's
      financial profile will also remain weak for an extended
      period due to the time required to address the numerous
      executional and operational challenges which has caused the
      company to seek additional liquidity to fund operating
      deficits.  Additionally, Sprint must combat an intense
      competitive environment that experienced more pricing
      actions during 2014 than at any other time and has continued

      into 2015.

   -- Previous Sprint management initiatives triggered several
      missteps which exacerbated Sprint's poor brand image,
      resulted in uncompetitive plan pricing, failed to take
      stronger actions to reduce the industry's highest cost
      structure, increased Sprint's exposure to a greater subprime

      mix and caused substantial network disruption thus causing
      the firm's turnaround strategy to stall.  Consequently,
      churn has persisted above 2%, operations remain pressured,
      which caused declining trends in Sprint's operational and
      financial performance.

   -- Sprint has taken aggressive, positive actions since last
      August to completely realign Sprint's consumer value
      proposition, implement a creative iPhone leasing program,
      reduce their subprime exposure, target a $1.5 billion cost
      reduction program and refocus the network infrastructure
      initiatives.  Whether Sprint can sustain the initial
      momentum and continue to attract consumers in this ultra-
      competitive environment remains uncertain.  Results in the
      past four months demonstrate progress toward improving
      customer experience and stabilizing subscriber trends as
      postpaid gross additions, postpaid prime/subprime mix, LTE
      network performance and porting ratios have improved.

However, other initiatives to decrease postpaid churn rates to
competitive levels, improve LTE network performance on a national
basis and address their bloated cost structure will take
substantially more time.  While still in the early stages, Sprint's
agreement to broaden its direct distribution by leasing space in
approximately 1,750 cobranded RadioShack stores could accelerate
efforts to improve its competitive position in a cost effective
way, thus allowing the company to close the distribution gap
relative to its peers.

   -- The 2.5 GHz spectrum assets are integral to Sprint's long-
      term LTE plans.  Sprint plans to deploy its high-band 2.5
      GHz spectrum in high-capacity, urban core areas through the
      expansion of its TDD-LTE network and an expected
      complementary solution using carrier aggregation with its
      1900 MHz PCS spectrum.  This should strengthen Sprint's
      long-term competitive position and ability to offer a
      differentiated unlimited wireless broadband plan versus its
      national peers.  The AWS-3 spectrum auction results also
      reflect the increased value in commercially available
      spectrum, thus highlighting Sprint's spectrum depth and
      carriers desire to potentially acquire spectrum to support
      rapidly growing data consumption.

However, while improved, Sprint's lagging LTE build-out and
substandard network performance combined with other operators'
aggressive LTE capital investment has caused the company to
materially trail its peers.  Consequently, Sprint remains at a
significant competitive disadvantage across numerous metropolitan
areas with offering comparable network data speeds and must attempt
to focus its message on delivering the best value in wireless until
they can close the network speed gap.  This could mitigate Sprint's
sizeable spectrum advantage during at least the next couple of
years if not longer.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch's rating case for the issuer
include:

   -- Leverage (Debt to EBITDA) to increase to the upper end of
      the 5x range by the end of 2015.

   -- FFO adjusted leverage to increase to the mid 6x range for
      2015.

   -- EBITDA growth of 5% in 2015.

   -- FFO margin to be in the low double digit range in 2015.

   -- 2015 FCF deficit to likely exceed $5 billion.

   -- Minimum cash liquidity of about $2 billion.

Liquidity, Maturities

Sprint's LTM free cash flow deficit was $3.6 billion.  Previous
rating expectations had considered 2015 as an inflection point
where on a run rate basis, the FCF deficit would reach breakeven.
However, with the FCF deficit likely to exceed $5 billion in 2015,
Sprint must address a material funding gap over the rating horizon.
Drivers for the deficit include the effects of postpaid subscriber
losses, cash capital expenditure timing, equipment installment
billing program and various competitive responses.

Sprint has pursued multiple avenues to seek additional liquidity to
finance its initiatives.  As of Dec. 31, 2014, Sprint's liquidity
position was approximately $7.5 billion supported by $3.7 billion
of cash and short-term investments, $2.8 billion in borrowing
capacity under its $3.3 billion revolver that matures in 2018 and
$1.0 billion available under its $1.3 billion securitization
facility that matures May 2016.  Sprint had not yet sold any
receivables to the conduit at the end of the latest fiscal quarter.
This benchmark offering will bolster the cash position.

In December 2015, Sprint closed on $2.1 billion of financing with
three new vendor financing agreements that totaled $1.8 billion and
an existing $300 million expansion under its export development
Canada (EDC) loan facility that matures in December 2019 to $800
million.  The company is also in the process of expanding the
receivable securitization to include installment billing and lease
receivables.  Net installment receivables and net leased devices
totaled $1.5 billion and $900 million as of Dec. 31, 2014 with 77%
of net installment receivables considered prime.

Sprint has fully drawn its $1 billion secured equipment credit
facility due in 2017.  At the end of the third fiscal quarter, $635
million was outstanding after a $127 million semiannual principal
repayment was made in September 2017.  Fitch believes Sprint will
maintain about $2 billion of cash to ensure adequate liquidity.
Sprint's upcoming maturities are $127 million in FY2014 and $754
million in FY2015.  In FY016 and FY2017 the maturity towers become
more sizeable at $3.5 billion and $1.3 billion respectively.

Leverage, Financial Covenants & Guarantees

In October 2014, Sprint amended the covenants in their revolving
bank credit facility to modify, among other things, the leverage
ratio (total indebtedness to adjusted EBITDA as defined by the
credit facility) not to exceed 6.5x through the quarter ended
Dec. 31, 2015 and 6.25x through December 2016.  In December 2014,
Sprint also amended agreements with lenders for both the EDC
facility and secured equipment credit facility on similar terms as
the revolving bank credit facility.  On Dec. 31, 2014, leverage
under the covenant was 5.1x.

The unsecured credit facilities at Sprint benefit from upstream
unsecured guarantees from all material subsidiaries.  The credit
agreement allows carve-outs for indebtedness composed of unsecured
guarantees that are expressly subordinated to the credit facility.
The unsecured junior guaranteed debt is senior to the unsecured
notes at Sprint Communications Inc. and Sprint Capital Corporation.
The unsecured senior notes at these entities are not supported by
an upstream guarantee from the operating subsidiaries.

The $1 billion vendor financing facility is jointly and severally
borrowed by all of the Sprint subsidiaries that guarantee the
Sprint credit facility, Export Development Canada loan and junior
guaranteed notes.  The facility additionally benefits from a parent
guarantee and first priority lien on certain network equipment.
This places the vendor facility structurally ahead of the unsecured
notes.

The Clearwire notes benefit from a full and unconditional guarantee
by the Issuers' wholly-owned direct and indirect domestic
subsidiaries that own the spectrum assets.  In addition, Sprint
Corporation and Sprint Communications Inc. provide an unconditional
guarantee to the 2040 exchangeable notes.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

   -- Sustained gross addition share in mid-teen range with
      improved mix of prime subscribers;

   -- Sustained improvement in churn by at least 25 basis points;

   -- Positive net postpaid additions with sustained improvement
      in net porting ratios;

   -- Sprint meeting or exceeding expected reduction in cost
      structure of $1.5 billion;

   -- Improvement in network operating performance that materially

      closes the gap versus national peers;

   -- The improved operating trends above drive financial results
      that mostly exceed Fitch's current expectations for revenue,

      EBITDA, FFO, CFO, FCF and leverage.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Lack of expected improvement in the operating metrics for
      gross addition share, churn, net postpaid additions, prime
      subscriber mix, net porting ratios and network operating
      performance that further degrades financial profile.  Fitch
      would become more concerned with Sprint's ability to
      effectively compete in the marketplace if the company does
      not demonstrate and sustain material improvement in these
      core metrics during 2015;

   -- Changes in the level or the expectations for support from
      Softbank that materially affects the operating and financial

      profile of Sprint.  If Sprint began selling core assets
      including spectrum as opposed to bolstering capital
      structure to address liquidity issues, Fitch would become
      concerned with Softbank providing further tangible support.

The ratings for Sprint Corporation and its subsidiaries are as:

Sprint Corporation

   -- IDR 'B+';
   -- Senior unsecured notes 'B+/RR4'.

Sprint Communications Inc.

   -- IDR 'B+';
   -- Unsecured credit facility 'BB/RR2';
   -- Junior guaranteed unsecured notes 'BB/RR2';
   -- Senior unsecured notes 'B+/RR4'.

Sprint Capital Corporation

   -- Senior unsecured notes at 'B+/RR4'.

Clearwire Communications LLC

   -- IDR 'B+';
   -- Senior unsecured notes 'BB+/RR1';
   -- First priority senior secured notes 'BB+/RR1'.



SPRINT CORP: Moody's Assigns B2 Rating on New $1BB Unsecured Notes
------------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Sprint
Corporation's proposed offering of $1 billion Senior Unsecured
Notes.  The proceeds will be used for general corporate purposes,
which may include, among other things, working capital
requirements, retirement or service requirements of outstanding
debt and network expansion and modernization.  Sprint's other
ratings and negative outlook remain unchanged.

Rating Assigned:

Issuer: Sprint Corporation

  -- Senior Unsecured Notes -- B2, LGD5

Sprint's B1 Corporate Family Rating recognizes its scale, its
valuable spectrum assets, renewed strategic focus under a new CEO
and the implicit support from Sprint's parent company and majority
shareholder, SoftBank Corp (LT Issuer Rating of Ba1).  Offsetting
these strengths are high leverage, weak margins, a deteriorating
liquidity position and our projection for substantial negative free
cash flow through 2017.  Near flawless execution across all aspects
of the business, including the requirement to quickly redesign and
modernize its entire network will be necessary before Sprint can
hope to grow its market share in the brutally competitive US
wireless industry.

Given the negative outlook, a ratings upgrade for Sprint is very
unlikely.  However, if leverage were to drop and remain below 5.5x,
and free cash flow were to turn positive, upward rating pressure
could ensue (note that all cited financial metrics are referenced
on a Moody's adjusted basis).  In addition, significant financial
support from Softbank in the form of a debt guarantee or material
equity capital infusion could also support Sprint's ratings.

Sprint's ratings could be lowered if leverage were to exceed 6.5x
(Moody's adjusted) or if liquidity weakens further (i.e. SGL-4).

The principal methodology used in this rating was the Global
Telecommunications Industry published in December 2010.  Other
methodologies used include Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada and EMEA published in
June 2009.


SPRINT CORP: S&P Assigns 'B+' Rating on New $1BB Sr. Notes Due 2025
-------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue-level
rating and '3' recovery rating to Overland Park, Kan.-based
wireless service provider Sprint Corp.'s proposed $1 billion of
senior notes due 2025.  The '3' recovery rating indicates S&P's
expectation for meaningful (50%-70%) recovery in the event of
payment default.

S&P expects net proceeds from the notes will be used to fund
working capital outflows, debt repayment, and the upgrade and
expansion of its network.

While the new debt offering will bolster Sprint's liquidity
position, S&P still expects that the company will require at least
$3 billion of new capital in 2016 to fund free operating cash flow
deficits and upcoming maturities.  Moreover, S&P believes that
Sprint will be challenged to grow its post-paid customer base due
to poor brand recognition and aggressive competition from the other
wireless carriers, which could push adjusted leverage above 6x by
2016.  As such, the 'B+' corporate credit rating on Sprint is
unchanged and the outlook remains negative.

RATINGS LIST

Sprint Corp.
Corporate Credit Rating                 B+/Negative/--

New Rating

Sprint Corp.
$1 bil. notes due 2025
Senior Unsecured                        B+
  Recovery Rating                        3



STELLAR BIOTECHNOLOGIES: Shareholders Elect 6 Directors
-------------------------------------------------------
Stellar Biotechnologies, Inc. disclosed in a document filed with
the Securities and Exchange Commission that it held its 2015 annual
general meeting of shareholders on Feb. 12, 2015, at which the
shareholders elected Frank R. Oakes, David L. Hill, Mayank Sampat,
Daniel E. Morse, Gregory T. Baxter and Tessie M. Che as directors
to serve until the Company's annual general meeting of shareholders
to be held in 2016 or until their successors are duly elected and
qualified.  The shareholders also ratified the appointment of Moss
Adams LLP as the Company's auditors and independent registered
public accounting firm for the ensuing year.

                            About Stellar

Port Hueneme, Cal.-based Stellar Biotechnologies, Inc.'s
business is to commercially produce and market Keyhole Limpet
Hemocyanin ("KLH") as well as to develop new technology related to
culture and production of KLH and subunit KLH ("suKLH")
formulations.  The Company markets KLH and suKLH formulations to
customers in the United States and Europe.

KLH is used extensively as a carrier protein in the production of
antibodies for research, biotechnology and therapeutic
applications.

Stellar Biotechnologies reported a net loss of $8.43 million on
$372,132 of total revenues for the year ended Aug. 31, 2014,
compared to a net loss of $14.5 million on $545,000 of total
revenues for the year ended Aug. 31, 2013.  The Company also
reported a net loss of $5.52 million for the year ended Aug. 31,
2012.

As of Dec. 31, 2014, the Company had $13.42 million in total
assets, $4.18 million in total liabilities and $9.23 million in
total shareholders' equity.


SUMMIT ACADEMY: S&P Revises Outlook & Affirms 'BB' Rating on Bonds
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to stable
from negative and affirmed its 'BB' long-term rating on Summit
Academy, Mich.'s series 2005 public school academy revenue and
refunding bonds.

"The revision of the outlook to stable reflects our view of the
school's improvement to surplus operations, maximum annual debt
service coverage that has grown to above 1x, and improved
liquidity," said Standard & Poor's credit analyst Debra Boyd.  "We
also consider the closure of the Notice of Intent to Revoke from
the charter authorizer, Central Michigan University, to have
strengthened the school's credit quality," added Ms. Boyd.

Partly tempering these improvements is the lack of wait-list depth,
leading to a lack of flexibility in the event of enrollment
fluctuations, and the school's dependence on short-term cash flow
borrowing.  The academy had $390,911 in short-term borrowing as of
June 30, 2014, compared with only $549,732 in unrestricted cash at
that same time.

Summit Academy is a public charter school located in Flat Rock,
Mich., approximately 25 miles southwest of downtown Detroit that
currently serves 455 students in grades kindergarten through
eight.



SUNGARD AVAILABILITY: Moody's Affirms 'B2' CFR, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service affirmed Sungard Availability Services
Capital, Inc.'s corporate family and probability-of-default ratings
at B2 and B2-PD, respectively.  All debt ratings have also been
affirmed.  The rating outlook has been revised to negative from
stable.

The negative outlook reflects Moody's view that the Availability
Services business model transformation will take longer than
expected due to faster than expected run off of the traditional
data recovery business, continuing pressures on co-location
pricing, and implementation delays related to new
Recovery-as-a-Service ("RaaS") and managed services contracts.

Accordingly, Moody's believes that Availability Services' revenue
and profits will continue to decline over the next two years with
negative cash flow and adjusted debt to EBITDA rising to above 5x.
The challenges associated with the transition from traditional
recovery to RaaS and managed service offerings (in the midst of
declining co-location fees) is partly mitigated by good liquidity
and no near term debt maturities.  Availability Services maintains
about $140 million of cash and an undrawn revolver of $250 million
as well as data center assets that can be sold to raise additional
proceeds to pay down debt.  The nearest debt maturity is the $1.013
billion secured term loan due March 2019 (the revolving credit
facility matures in March 2018).

The B2 CFR considers that while managed services and cloud hosting
offer solid long term growth prospects, Availability Services faces
substantial competition and evolving technological shifts (e.g.,
virtualized data center platforms and web enabled, third party
storage and computing) which will require the company to invest
considerably.  The current business already has high capex
requirements to support multiple recovery centers and data centers
that provide co-location and critical IT functions.  Additional R&D
and sales investments and data center capacity may be needed to
enhance market positioning, service delivery, and technological
capabilities in an industry where scale is essential.

The ratings could be downgraded if the prospects of a rebound in
revenue and profit growth appears unlikely in 2017, monthly
recurring revenues decline significantly, adjusted debt to EBITDA
exceeds mid 5x for an extended period of time, or liquidity
deteriorates to the point that combined total of cash and available
revolver capacity falls below $250 million.  Upwards rating
pressure could arise with consistent revenue and profitability
growth (in the mid single digits) and adjusted debt to EBITDA
maintained below 3 times on a sustained basis.

Ratings affirmed:

  -- Corporate Family Rating - B2

  -- Probability of Default Rating - B2-PD

  -- Senior Secured Revolving Credit Facility - Ba3 (LGD 3)

  -- Senior Secured Term Loan - Ba3 (LGD 3)

  -- Senior Unsecured Notes -- Caa1 (LGD 5)

  -- Rating outlook is negative.

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

With about $1.3 billion of projected annual revenues, SunGard
Availability Services is a provider of disaster recovery services
and managed IT services and is owned by a consortium of private
equity investors (including Bain, Blackstone, KKR, Silver Lake,
Texas Pacific Group, GS Partners, and Providence Equity).


SUNVALLEY SOLAR: To Sell Subsidiary to Sungold Holdings
-------------------------------------------------------
Sunvalley Solar, Inc., has agreed to sell 100% of its stock
ownership of its wholy owned subsidiary, Sunvalley Solar Tech,
Inc., to Sungold Holdings, according to a document filed with the
Securities and Exchange Commission.

The Company's sale of Sunvalley Solar Tech, Inc. will be for a sale
price of $2,500,000 plus five percent of all of Sunvalley Solar
Tech, Inc.'s gross sales during 2015 through 2018, which could
increase the sale price to a maximum of $4,500,000.

Sungold will deposit $100,000 of the Purchase Price into a Fully
Refundable Escrow within five days from the execution of the
Agreement.  Upon the Close of Escrow said Deposit and all accrued
interest will be applicable to and credited towards the Purchase
Price.

The Escrow will close on or before March 20, 2015.

A full-text copy of the Form 8-K filing is available at:

                        http://is.gd/ziIhOH

                       About Sunvalley Solar

Sunvalley Solar, Inc., is a California-based solar power
technology and system integration company.  Since the inception of
its business in 2007, the company has focused on developing its
expertise and proprietary technology to install residential,
commercial and governmental solar power systems.

Sunvalley Solar reported net income of $764,000 in 2013, a net
loss of $1.76 million in 2012, and a net loss of $399,000 in 2011.

As of Sept. 30, 2014, the Company had $9.07 million in total
assets, $7.61 million in total liabilities and $1.45 million in
total stockholders' equity.

Sadler, Gibb & Associates, LLC, in Salt Lake City, Utah, 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 an accumulated deficit of
$2,361,317, which raises substantial doubt about its ability to
continue as a going concern.


TECHPRECISION CORP: Incurs $946K Net Loss in Third Quarter
----------------------------------------------------------
Techprecision Corporation filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $946,000 on $3.51 million of net sales for the three
months ended Dec. 31, 2014, compared to a net loss of $758,000 on
$5.16 million of net sales for the same period in 2013.

For the nine months ended Dec. 31, 2014, the Company reported a net
loss of $2.86 million on $14.3 million of net sales compared to a
net loss of $3 million on $17.5 million of net sales for the same
period last year.

As of Dec. 31, 2014, the Company had $14.41 million in total
assets, $13.5 million in total liabilities and $937,000 in total
stockholders' equity.

"Our sharp focus continues on top line growth with key customers,
restructuring actions, and productivity initiatives, all of which
are on track.  I continue to be impressed with our team of people
and the amount of operational leverage and customer satisfaction
they are obtaining.  Their capabilities and hard work over the last
six months have enabled us to achieve significant progress in our
military and nuclear sectors, where quoting activity on
opportunities that truly fit the Company is now on solid footing.
This will in turn clearly enrich our backlog and order flow,'
stated Alexander Shen, TechPrecision president and chief executive
officer.

"Additionally, on December 22, 2014, TechPrecision achieved a key
milestone in our turnaround process when we completed a $2.25
million refinancing and retired the remaining balance outstanding
on the Company's Series A Bonds with our legacy bank.  All of the
Company's debt obligations are now held by asset based lenders and
are governed by credit agreements that support the Company's
ongoing efforts to execute a financial recovery," said Mr. Shen.
"Going forward, we remain focused on growth, operational execution,
and free cash flow.  We are pleased that the uncertainty associated
with covenant defaults on our legacy credit facilities has been
resolved."

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

                        http://is.gd/in8GpQ

                        About TechPrecision

TechPrecision Corporation (OTC BB: TPCSE), through its wholly
owned subsidiaries, Ranor, Inc., and Wuxi Critical Mechanical
Components Co., Ltd., globally manufactures large-scale, metal
fabricated and machined precision components and equipment.

TechPrecision reported a net loss of $7.09 million for the year
ended March 31, 2014, as compared with a net loss of $2.41 million
for the year ended March 31, 2013.

At June 30, 2014, TechPrecision had negative working capital of
$3.4 million as compared with negative working capital of
$2 million at March 31, 2014.  As of June 30, 2014, the Company
had $0.9 million in cash and cash equivalents compared to
$1.1 million at March 31, 2014.

KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern"
qualification on the consolidated financial statements for the
year ended March 31, 2013.  The independent auditors noted that
the Company was not in compliance with the fixed charges and
interest coverage financial covenants under their credit facility,
and the Bank has not agreed to waive the non-compliance with the
covenants.  Since the Company is in default, the Bank has the
right to accelerate payment of the debt in full upon 60 days
written notice.  The Company has suffered recurring losses from
operations, and the Company's liquidity may not be sufficient to
meet its debt service requirements as they come due over the next
twelve months.  These circumstances raise substantial doubt about
the Company's ability to continue as a going concern.


THE GREENBRIER: Owner Paid Mechel OAO $5MM for Bluestone Coal
-------------------------------------------------------------
Paul J. Nyden at Wvgazette.com reports that The Greenbrier's owner
Jim Justice paid Mechel OAO $5 million in cash for Bluestone Coal
in Southern West Virginia.

The deal includes an immediate cash payment of $5 million, royalty
payments on coal mined and sold in an amount of $3.00 per ton, and
portion of any future sale of the company and its assets of 12.5%
of the sale price if within five years of transaction close or 10%
of the sale price after year five, but before year ten.

In addition, as part of the transaction, the parties agreed to
terminate all claims against each other, including their unresolved
dispute related to the calculation of a contingent payment
obligation arising out of the 2009 transaction in which Mechel
obtained the Bluestone assets from Justice.

Wvgazette.com recalls that Mr. Justice sold the operations to
Mechel in 2009 for $436 million in cash and 83.3 million preferred
shares of Mechel stock in a deal which included Mechel agreeing to
assume about $132 million in debts Bluestone Coal had run up.  The
report says that the sale of the Bluestone operations in May 2009
was critical to Mr. Justice's purchase of The Greenbrier.  Citing
Mr. Justice, the report states that Bluestone Coal was sold a day
after the purchase of The Greenbrier from the CSX Corp. for almost
$23 million in May 2009 was announced.

Mr. Justice, according to Wvgazette.com, said his new company,
Bluestone Resources Inc., will reopen mining operations and create
150 new coal mining jobs within the next three months and
additional jobs in the future.

The Greenbrier is a resort in White Sulphur Springs.  Wvgazette.com
says that The Greenbrier filed for Chapter 11 bankruptcy on March
19, 2009, reporting it lost more than $90 million during the
previous five years.  The Greenbrier blamed those losses on worker
wages and benefits that were higher than industry averages, as well
as a decline in people willing to pay for luxury hotel rooms,
Wvgazette.com recalls.


THERAPEUTICSMD INC: RA Capital Reports 2.1% Stake as of Dec. 31
---------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Peter Kolchinsky, RA Capital Management, LLC,
and RA Capital Healthcare Fund, L.P. disclosed that as of Dec. 31,
2014, they beneficially owned 3,211,132 shares of common stock of
TherapeuticsMD, Inc., which represents 2.1 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/Nu9zI9

                       About TherapeuticsMD

Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a
women's healthcare product company focused on creating and
commercializing products targeted exclusively for women.  The
Company currently manufactures and distributes branded and generic
prescription prenatal vitamins as well as over-the-counter
vitamins and cosmetics.  The Company is currently focused on
conducting the clinical trials necessary for regulatory approval
and commercialization of advanced hormone therapy pharmaceutical
products designed to alleviate the symptoms of and reduce the
health risks resulting from menopause-related hormone
deficiencies.

TherapeuticsMD reported a net loss of $28.4 million in 2013, a
net loss of $35.1 million in 2012, and a net loss of $12.9
million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $74.6 million
in total assets, $11 million in total liabilities, all current, and
$63.6 million in total stockholders' equity.


TOLLENAAR HOLSTEINS: Schedules and Statement Due Today
------------------------------------------------------
The Hon. Christopher D. Jaime of the U.S. Bankruptcy Court for the
Eastern District of California gave Tollenaar Holsteins until Feb.
23, 2015, to file its schedules of assets and liabilities, and
statement of financial affairs.

Tollenaar Holsteins, Friendly Pastures, LLC, and T Bar M Ranch,
LLC, filed Chapter 11 bankruptcy petitions (Bankr. E.D. Cal. Lead
Case No. 15-20840) on Feb. 4, 2015.  Tami Tollenaar signed the
petitions as general partner.  Judge Christopher D. Jaime is
assigned to the cases.  Felderstein Fitzgerald Willboughby &
Pascuzzi LLP serves as the Debtors' counsel.  The Debtors estimated
assets and liabilities of at least $10 million.


TRANSGENOMIC INC: Robert Patzig Named Board Chairperson
-------------------------------------------------------
The Board of Directors of Transgenomic, Inc. unanimously voted to
appoint Robert Patzig as the standing Chairperson of the Board,
effective Feb. 12, 2015, according to a document filed with the
Securities and Exchange Commission.  Mr. Patzig has served as a
member of the Board since 2010 and, prior to his appointment as
standing Chairperson of the Board, was serving as interim Board
Chairperson.  

Additionally, the Board unanimously voted to appoint John Thompson
as Chairperson of the Audit Committee of the Board, effective that
date.  Mr. Thompson has served as a member of the Board since May
2014 and as a member of the Audit Committee of the Board since his
appointment to the Board.

                         About Transgenomic

Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global
biotechnology company advancing personalized medicine in
cardiology, oncology, and inherited diseases through its
proprietary molecular technologies and world-class clinical and
research services.  The Company is a global leader in cardiac
genetic testing with a family of innovative products, including
its C-GAAP test, designed to detect gene mutations which indicate
cardiac disorders, or which can lead to serious adverse events.
Transgenomic has three complementary business divisions:
Transgenomic Clinical Laboratories, which specializes in molecular
diagnostics for cardiology, oncology, neurology, and mitochondrial
disorders; Transgenomic Pharmacogenomic Services, a contract
research laboratory that specializes in supporting all phases of
pre-clinical and clinical trials for oncology drugs in
development; and Transgenomic Diagnostic Tools, which produces
equipment, reagents, and other consumables that empower clinical
and research applications in molecular testing and cytogenetics.
Transgenomic believes there is significant opportunity for
continued growth across all three businesses by leveraging their
synergistic capabilities, technologies, and expertise.  The
Company actively develops and acquires new technology and other
intellectual property that strengthens its leadership in
personalized medicine.

The Company reported a net loss available to common stockholders
of $16.7 million in 2013, a net loss available to common
stockholders of $8.98 million in 2012 and a net loss available to
common stockholders of $10.8 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $30.8
million in total assets, $20.6 million in total liabilities and
$10.2 million in stockholders' equity.


TRAVELPORT WORLDWIDE: TDS Reports 10% Stake as of Dec. 31
---------------------------------------------------------
Travelport Intermediate Limited disclosed in a document filed with
the Securities and Exchange Commission that it directly holds
12,504,740 shares of common stock of Travelport Worldwide Limited,

which represents 10.3 percent of the shares outstanding.
Travelport Intermediate Limited is wholly-owned by TDS Investor
(Cayman) L.P.  The general partner of TDS Investor (Cayman) L.P. is
TDS Investor (Cayman) GP Ltd.

TDS Investor (Cayman) GP Ltd. is collectively controlled by
Blackstone Capital Partners (Cayman) V L.P., Blackstone Capital
Partners (Cayman) V-A L.P., BCP (Cayman) V-S L.P. and BCP V Co-
Investors (Cayman) L.P., Blackstone Family Investment Partnership
(Cayman) V L.P. and Blackstone Participation Partnership (Cayman) V
L.P. and Blackstone Family Investment Partnership (Cayman) V-SMD
L.P.

A copy of the regulatory filing is available for free at:

                        http://is.gd/XSyjwC

                    About Travelport Worldwide

Travelport Worldwide Limited is a travel commerce platform
providing distribution, technology, payment and other solutions
for the global travel and tourism industry.

The Company's balance sheet at Sept. 30, 2014, showed $2.99
billion in total assets, $3.20 billion in total liabilities and a
$210 million total deficit.

                           *     *     *

As reported by the TCR on Sept. 8, 2014, Standard & Poor's Ratings
Services raised to 'B-' from 'CCC+' its long-term corporate credit
ratings on U.K.-based travel services provider Travelport
Worldwide Limited and its new wholly owned financing entity,
Travelport Finance (Luxembourg) S.a.r.l. (Travelport Finance).
The outlook is stable.  The rating action follows the completion of
Travelport's debt refinancing, announced on Aug. 4, and reflects
the positive impact this has had on Travelport's credit metrics and
stand-alone credit profile.


TRUMP ENTERTAINMENT: Donald Trump Wins Round in Bid to Reclaim Name
-------------------------------------------------------------------
Peg Brickley, writing for The Wall Street Journal, reported that a
bankruptcy judge in Delaware gave the green light to a lawsuit by
Donald and Ivanka Trump that seeks to reclaim the Trump name from
the troubled Trump Taj Mahal casino in Atlantic City.

According to the Journal, the ruling is a victory for the Trumps,
who say the battered casino operation, which is struggling to get
out of bankruptcy, isn't worthy of their luxury brand.

As previously reported by The Troubled Company Reporter, the
Trumps, in a lawsuit, are seeking to disassociate themselves from
Trump Entertainment Resorts Inc., and have their name stripped from
the Trump Taj Mahal casino, and the Debtor itself, claiming that
the Debtor let its two casinos fall into disrepair that it breached
quality standards agreed to by both sides.  Mr. Trump said he has
nothing to do with the Debtor other than licensing his name to it
since 2009.

                About Trump Entertainment Resorts

Trump Entertainment Resorts Inc., owner of the Atlantic City
Boardwalk casinos that bear the name of Donald Trump, returned to
Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on Sept.
9, 2014, with plans to shutter its casinos.

TER and its affiliated debtors own and operate two casino hotels
located in Atlantic City, New Jersey.  TER said it will close the
Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union
concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2014.

The Debtors have sought an order authorizing the joint
administration of their Chapter 11 cases and the consolidation
thereof for procedural purposes only.  Judge Kevin Gross presides
over the Chapter 11 cases.

The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as
counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan
Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as
noticing and claims agent.

TER estimated $100 million to $500 million in assets as of the
bankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $286 million in principal plus
accrued but unpaid interest of $6.6 million under a first lien debt
issued under their 2010 bankruptcy-exit plan.  The Debtors also
have trade debt in the amount of $13.5 million.

The Official Committee of Unsecured Creditors tapped Gibbons P.C.
as its co-counsel, the Law Office of Nathan A. Schultz, P.C., as
co-counsel, and PricewaterhouseCoopers LLP as its financial
advisor.


TUTTI MANGIA: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Tutti Mangia Italian Grill, Inc.
        102 Harvard Ave.
        Claremont, CA 91711

Case No.: 15-12483

Chapter 11 Petition Date: February 19, 2015

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

Judge: Hon. Sandra R. Klein

Debtor's Counsel: Michael S Kogan, Esq.
                  KOGAN LAW FIRM APC
                  1901 Avenue of the Stars Ste 1050
                  Los Angeles, CA 90067
                  Tel: 310-432-2310
                  Email: mkogan@koganlawfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Edward Inglese, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb15-12483.pdf


UNIVERSAL DOOR: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Universal Door and Window Manufacture, Inc.
           aka Universal Door and Windows Manufacturing, Inc.
        HC 2 BOX 24892
        San Sebastian, PR 00685

Case No.: 15-01120

Chapter 11 Petition Date: February 19, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Winston Vidal-Gambaro, Esq.
                  WINSTON VIDAL LAW OFFICE
                  PO BOX 193673
                  San Juan, PR 00919-3673
                  Tel: (787) 751-2864
                  Fax: (787) 763-6114
                  Email: wvidal@prtc.net

Total Assets: $1.54 million

Total Liabilities: $2.86 million

The petition was signed by Evelio Crespo Traverzo,
president/treasurer.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-01120.pdf


URBAN AG: Magna Mgt. No Longer Owns Shares as of Dec. 31
--------------------------------------------------------
Magna Management, LLC, Magna Equities II, LLC and Joshua Sason
disclosed in an amended Schedule 13G filed with the U.S. Securities
and Exchange Commission that as of Dec. 31, 2014, none of them
beneficially own shares of common stock of Urban Ag Corp.  A copy
of the regulatory filing is available for free at:

                        http://is.gd/0GZaAy

                           About Urban AG

North Andover, Massachusetts-based Urban AG. Corp, through its
wholly-owned subsidiary CCS Environmental World Wide, Inc.,
provides hazardous material abatement and environment remediation
services.

The Company's balance sheet at Sept. 30, 2013, showed $3.33
million in total assets, $12.84 million in total liabilities and a
$9.50 million total stockholders' deficit.

                        Bankruptcy Warning

"Urban Ag is in the process of attempting to secure sufficient
financing to continue operations.  We have been working to obtain
financing from outside investors for more than 12 months, but have
not yet been successful.  In the interim, short-term debt
financing provided primarily by a corporate investor has secured
all of the company's assets, and is being utilized to support
governance and compliance activities.  Additionally, non-payment
of professional and other service providers and reduced general
spending have been instituted until such time as financing is
secured, if ever.  If we are unable to obtain financing, we will
be required to further curtail our operations or cease conducting
business.  Given our current level of debt, we do not expect that
our stockholders would receive any proceeds if we declare
bankruptcy or seek to liquidate the Company," the Company said in
its quarterly report for the period ended Sept. 30, 2013.


VIGGLE INC: Frazier Tech No Longer a Shareholder as of Dec. 31
--------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Frazier Technology Ventures II, L.P., FTVM II,
L.P. and Frazier Technology Management, L.L.C. disclosed that as of
Dec. 31, 2014, they no longer owned shares of common stock of
Viggle Inc.  The reporting persons previously disclosed beneficial
ownership of 7,346,142 common shares or 6.23 percent equity stake
last year.  A copy of the regulatory filing is available for free
at http://is.gd/SjRabJ

                            About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss of $68.4 million on $18 million of
revenues for the year ended June 30, 2014, compared with a net
loss of $91.4 million on $13.9 million of revenues for the year
ended June 30, 2013.

As of Dec. 31, 2014, the Company had $72.1 million in total assets,
$51.02 million in total liabilities, $3.75 million in series C
convertible redeemable preferred stock, and $17.4 million in total
stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2014, has a deficiency in working capital that raises substantial
doubt about its ability to continue as a going concern.


VISCOUNT SYSTEMS: Paul Brisgone Quits From Board
------------------------------------------------
Paul Brisgone resigned as a director of Viscount Systems, Inc., and
accordingly resigned as Independent Chair of the Company's
Nominating Committee and as a Member of the Company's Audit
Committee, Corporate Governance Committee and Compensation and Risk
Committee.  Mr. Brisgone's resignation was not the result of any
disagreement with the Company, according to a document filed with
the U.S. Securities and Exchange Commission.

                      About Viscount Systems

Burnaby, Canada-based Viscount Systems, Inc., is a manufacturer,
developer and service provider of access control security
products.

The Company's bank credit facility was suspended on December 30,
2011 due to the bank's assessment of the Company's financial
position.  Management has determined that the Company will need to
raise a minimum of C$500,000 by way of new debt or equity
financing to continue normal operations for the next twelve
months.  Management has been actively seeking new investors and
developing customer relationships, however a financing arrangement
has not yet completed.  Short-term loan financing is anticipated
from related parties, however there is no certainty that loans
will be available when required.  These factors raise substantial
doubt about the ability of the Company to continue operations as a
going concern.

Dale Matheson Carr-Hilton LaBonte LLP expressed substantial doubt
about the Company's ability to continue as a going concern, citing
that the Company has an accumulated deficit of C$11.7 million for
the year ended Dec. 31, 2013.  The Company requires additional
funds to meet its obligations and the costs of its operations.

The Company reported a net loss of C$3.08 million on
C$4.13 million of sales in 2013, compared with a net loss of
C$2.68 million on C$3.6 million of sales in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $2.14
million in total assets, $5.74 million in total liabilities and a
$3.59 million total stockholders' deficit.


VOGUE INT'L: Fitch Lowers IDR to B+ Then Withdraws Rating
---------------------------------------------------------
Fitch Ratings has downgraded Vogue International LLC's Issuer
Default Rating (IDR) to 'B+' from 'BB-', affirmed the 'BB+' rating
on the company's existing $30 million senior secured revolver
maturing in 2019 and $415 million senior secured term loan B
maturing in 2020, and assigned a 'RR1' recovery rating to those
issuances following the downgrade of Vogue's IDR.  Fitch is also
withdrawing its ratings on Vogue due to business reasons.

Fitch has not assigned a rating to the $205 million add-on term
loan launched yesterday.  Proceeds from the new term loan will be
used to pay dividends to Vogue's shareholders.  Term loan balances
upon closing will be in the $600 million range with pro forma
leverage, based on Sept. 30, 2014 latest 12 months [LTM] EBITDA of
approximately 4.9x, compared with actual leverage as of Sept. 30 of
3.3x.

The downgrade reflects Fitch's view that Vogue is likely to operate
with higher leverage than originally anticipated as exemplified by
the above mentioned debt-financed dividend.  Fitch recognizes that
Vogue's financial performance has been better than expected and
that the company has the ability to de-lever rapidly. However, a
'B+' IDR reflects business risk associated with Vogue's small size
relative to larger well capitalized competitors as well as
uncertainty regarding the company's on-going financial strategy.

KEY RATING DRIVERS

PROVEN MARKETER

Vogue is a small private company whose point of differentiation is
in offering products using ingredients that address specific hair
conditions similar to the products found in a salon but at more
affordable price points.  Most of the company's brand support is
with retailers rather than investments in national advertising to
pull consumers into the store.  Consumers make the final purchase
decisions in store.  Vogue's approach has proven successful despite
low brand awareness relative to competitors and it is continuing to
gain share.

Vogue has had a growing presence on-shelf with major retailers,
particularly in the mass and drug channel, for more than a decade.
Major retailers such as Target have grouped Vogue's OGX brand under
a 'salon affordable' banner, easily attracting consumers desiring
specific hair solutions.  Fitch notes that over the past several
years many large household and personal care companies have
modestly pulled back on advertising and increased trade spending to
gain more last minute attention from consumers.

GROWING NICHE, GOOD POSITIONING

Vogue participates in the mass premium hair care category, which
has exhibited solid growth rates vis a vis a relatively flat
overall category.  Financially pressured consumers limited visits
to the expensive salon channel and migrated down to mass premium
brands during the Great Recession and sales trends have remained
positive through the recovery.  As a point of reference, Fitch
notes that Nexxus, a leading a mass premium brand competitor, also
had strong revenue growth during the recession, despite premium
pricing to mid-tier brands.  Given this, Fitch believes there is
good support for Vogue's subcategory throughout the economic
cycle.

Vogue's ability to generate new, well-received products has led to
increased sales among existing and new customers.  New product
development is led by the 51% owner (post The Carlyle Group's
investment), Todd Christopher.  Fitch expects Mr. Christopher to
continue leading the business.

ATTRACTIVE COST STRUCTURE, FCF

Manufacturing is outsourced resulting in a highly variable cost
structure.  Net sales growth has exceeded the low to mid-single
digit average organic rate experienced by the company's
significantly larger peers.  Margins have improved sequentially for
a number of years due to top line growth and a more modest rate of
overhead increases.  Limited fixed investments are required.  The
company's free cash flow (FCF) efficiency (Cash Flow from
Operations - Capex/Net Income) has been in the 90% range, in line
with larger consumer product companies such as the Procter & Gamble
Company, and is expected to remain so.

SIZE, LACK OF DIVERSIFICATION

Vogue participates primarily in hair care, with the majority of its
revenues derived from the United States.  Revenues are also small
in relationship to its several large peers.  Vogue may not have the
scale or resources to compete if a large competitor invested
heavily in advertising and trade spending for a protracted period
of time.

EVENT RISK VIEWED AS HIGH

The Carlyle Group (Carlyle) owns 49% of Vogue after its $391
million investment.  Carlyle is expected to exit its position in
its investment at some point which could increase event risk.

DEBT STRUCTURE AND LIQUIDITY

Mandatory excess cash flow requirements in Vogue's credit agreement
and the company's strong cash flow give Vogue the opportunity to
meaningfully reduce debt.  Protection for creditors is provided by
a net first lien leverage ratio which steps down from 5.25x at June
30, 2014 to 3.75x at March 31, 2016 and thereafter.  It is
anticipated that Vogue will continue to ably meet requirements with
a solid cushion.

Liquidity is adequate and supported mainly by Vogue's cash flow and
the $30 million, five-year senior secured revolver.  Capital
requirements are minimal and debt maturities on the term loan are
structured to be modest at approximately $4.2 million annually.

Recovery Ratings

The 'RR1' recovery rating on Vogue's secured debt reflects Fitch's
expectations regarding the firm's pro forma capital structure and
view of the new company's enterprise value as a going concern.
Fitch estimates that recovery on Vogue's secured revolver and term
loan A would be outstanding at 100% in a distressed situation.

Key Assumptions:

   -- Vogue's operating performance, in terms of sales growth and
      operating cash flow generation, will remain solid;

   -- Management may be willing to maintain higher leverage than
      Fitch had originally anticipated.



VYCOR MEDICAL: Fountainhead Holds 70% of Series D Shares
--------------------------------------------------------
Fountainhead Capital Management Limited disclosed in an amended
Schedule 13D filed with the Securities and Exchange Commission that
as of Feb. 16, 2015, it beneficially owned 169,894 of 7% series D
convertible redeemable preferred Stock par value $0.0001
of Vycor Medical, Inc., which represents 69.68% of the shares
outstanding.

On Feb. 16, 2015, Fountainhead Capital received an additional 5,745
shares of Series D as a dividend on its prior holdings of Series D.
Fountainhead has previously reported ownership of 6,414,665 shares
of Company Common Stock par value $0.0001, comprising ownership of
4,366,844 Common Shares and Warrants to purchase an aggregate of
2,047,821 Common Shares and 164,149 shares of Series D.

A copy of the regulatory filing is available for free at:

                        http://is.gd/4r8dAq

                        About Vycor Medical

Boca Raton, Fla.-based Vycor Medical, Inc. (OTC BB: VYCO)
-- http://www.VycorMedical.com/-- is a medical device company
committed to making neurological brain, spinal and other surgical
procedures safer and more effective.  The Company's flagship,
Patent Pending ViewSite(TM) Surgical Access Systems represent an
exciting new minimally invasive access and retraction system that
holds the potential for speedier, safer and more economical brain,
spinal and other surgeries and a quicker patient discharge.
Vycor's innovative medical instruments are designed to optimize
neurosurgical site access, reduce patient risk, accelerate
recovery, and add tangible value to the professional medical
community.

Vycor Medical reported a net loss of $2.47 million on $1.08
million of revenue for the year ended Dec. 31, 2013, as compared
with a net loss of $2.93 million on $1.20 million of revenue for
the year ended Dec. 31, 2012.

The Company's balance sheet at Sept. 30, 2014, showed $4.45
million in total assets, $1.02 million in total liabilities and
$3.43 million in total stockholders' equity.


VYCOR MEDICAL: Peter Zachariou Owns 26% of Series D Shares
----------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Peter C. Zachariou disclosed that as of Feb.
16, 2015, he beneficially owned 62,674 shares of Vycor Medical,
Inc.'s 7% series D convertible redeemable preferred stock par value
$0.0001, which represents 25.7 percent of the shares outstanding.
A copy of the regulatory filing is available for free at
http://is.gd/DhyXjP

                        About Vycor Medical

Boca Raton, Fla.-based Vycor Medical, Inc. (OTC BB: VYCO)
-- http://www.VycorMedical.com/-- is a medical device company
committed to making neurological brain, spinal and other surgical
procedures safer and more effective.  The Company's flagship,
Patent Pending ViewSite(TM) Surgical Access Systems represent an
exciting new minimally invasive access and retraction system that
holds the potential for speedier, safer and more economical brain,
spinal and other surgeries and a quicker patient discharge.
Vycor's innovative medical instruments are designed to optimize
neurosurgical site access, reduce patient risk, accelerate
recovery, and add tangible value to the professional medical
community.

Vycor Medical reported a net loss of $2.47 million on $1.08
million of revenue for the year ended Dec. 31, 2013, as compared
with a net loss of $2.93 million on $1.20 million of revenue for
the year ended Dec. 31, 2012.

The Company's balance sheet at Sept. 30, 2014, showed $4.45
million in total assets, $1.02 million in total liabilities and
$3.43 million in total stockholders' equity.


WAFERGEN BIO-SYSTEMS: Deerfield Mgmt Reports Shares Ownership
-------------------------------------------------------------
Deerfield Mgmt, L.P., et al., disclosed in an amended Schedule 13G
filed with the U.S. Securities and Exchange Commission that as of
Dec. 31, 2014, they beneficially owned 809,522 shares of common
stock of WaferGen Bio-systems, Inc., which represents 9.98 percent
of the shares outstanding.

The Shares comprised of warrants to purchase 809,522 shares of
common stock held by Deerfield Special Situations Fund, L.P.,
Deerfield Special Situations International Master Fund, L.P.,
Deerfield Private Design Fund II, L.P. and Deerfield Private Design
International II, L.P., of which Deerfield Mgmt, L.P. is the
general partner.  The provisions of the warrants beneficially owned
by the reporting person restrict the exercise or conversion of
those securities to the extent that, upon such exercise or
conversion, the number of shares then beneficially owned by the
holder and its affiliates and any other person or entities with
which such holder would constitute a Section 13(d) "group" would
exceed 9.98% of the total number of shares of the Issuer then
outstanding.  Accordingly, notwithstanding the number of shares
reported, the reporting person disclaims beneficial ownership of
the shares underlying those warrants to the extent beneficial
ownership of those shares would cause all reporting persons, in the
aggregate, to exceed the Ownership Cap.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/6wYjyu

                     About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.

WaferGen reported a net loss attributable to common stockholders
of $17.7 million in 2013, following a net loss attributable to
common stockholders of $8.97 million in 2012.

SingerLewak LLP, in San Jose, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has incurred operating losses and negative cash flows from
operating activities since inception which raise substantial doubt
about the Company's ability to continue as a going concern.


WAFERGEN BIO-SYSTEMS: Great Point Reports 2% Stake as of Dec. 31
----------------------------------------------------------------
Great Point Partners, LLC, Dr. Jeffrey R. Jay, M.D. and Mr. David
Kroin disclosed in an amended Schedule 13G filed with the U.S.
Securities and Exchange Commission that as of Dec. 31, 2014, they
beneficially owned 132,456 shares of common stock of WaferGen
Bio-systems, Inc., which represents 2.21 percent based on a total
of 5,870,793 shares outstanding, as reported by the Issuer on a
Form 10-Q filed with the SEC on Nov. 12, 2014.  A copy of the
regulatory filing is available for free at http://is.gd/VJoU33

                     About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.

WaferGen reported a net loss attributable to common stockholders
of $17.7 million in 2013, following a net loss attributable to
common stockholders of $8.97 million in 2012.

SingerLewak LLP, in San Jose, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has incurred operating losses and negative cash flows from
operating activities since inception which raise substantial doubt
about the Company's ability to continue as a going concern.


WAFERGEN BIO-SYSTEMS: Merlin BioMed Holds 3% Stake as of Dec. 31
----------------------------------------------------------------
Merlin BioMed Private Equity Advisors, LLC, Merlin Nexus III, L.P.
and Dominique Semon disclosed in an amended Schedule 13G filed with
the U.S. Securities and Exchange Commission that as of
Dec. 31, 2014, they beneficially owned 193,730 shares of common
stock of Wafergen Bio-Systems, Inc., which represents 3.3 percent
based upon 5,870,793 shares outstanding as of Nov. 10, 2014, as set
forth in the Issuer's Form 10-Q filed with the SEC on Nov. 12,
2014.  A copy of the regulatory filing is available at:

                        http://is.gd/pr4F8V

                     About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.

WaferGen reported a net loss attributable to common stockholders
of $17.7 million in 2013, following a net loss attributable to
common stockholders of $8.97 million in 2012.

SingerLewak LLP, in San Jose, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has incurred operating losses and negative cash flows from
operating activities since inception which raise substantial doubt
about the Company's ability to continue as a going concern.


WAFERGEN BIO-SYSTEMS: RA Capital Reports 9.9% Stake as of Dec. 31
-----------------------------------------------------------------
RA Capital Management, LLC and Peter Kolchinsky disclosed in an
amended Schedule 13G filed with the U.S. Securities and Exchange
Commission that as of Dec. 31, 2014, they beneficially owned
560,000 shares of common stock of Wafergen Bio-Systems, Inc., which
represents 9.9 percent of the shares outstanding.  RA Capital
Healthcare Fund, L.P. also reported beneficial ownership of 462,560
shares as of that date.  A full-text copy of the regulatory is
available for free at http://is.gd/0WvLOC

                    About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.

WaferGen reported a net loss attributable to common stockholders
of $17.7 million in 2013, following a net loss attributable to
common stockholders of $8.97 million in 2012.

SingerLewak LLP, in San Jose, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has incurred operating losses and negative cash flows from
operating activities since inception which raise substantial doubt
about the Company's ability to continue as a going concern.


WALTER ENERGY: Marketfield Asset No Longer a Shareholder
--------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Marketfield Asset Management LLC disclosed
that as of Dec. 31, 2014, it no longer owned shares of common stock
of Walter Energy, Inc.  Last year, Marketfield Asset reported
beneficial ownership of 5,210,406 shares or 8.3 percent equity
stake as of Dec. 31, 2013.  A copy of the regulatory filing is
available for free at http://is.gd/Q7nStr

                        About Walter Energy

Walter Energy is a leading, publicly traded "pure-play"
metallurgical coal producer for the global steel industry with
strategic access to high-growth steel markets in Asia, South
America and Europe.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas.  Walter
Energy employs approximately 2,900 employees with operations in
the United States, Canada and United Kingdom.

                            *    *    *

As reported by the TCR on Aug. 19, 2014, Standard & Poor's Ratings
Services said it raised its corporate credit rating on Birmingham,
Ala.-based Walter Energy to 'CCC+' from 'SD'.  S&P believes the
company's capital structure is likely unsustainable in the
long-term absent an improvement in met coal prices.

The TCR reported on July 10, 2014, that Moody's downgraded the
Corporate Family Rating of Walter Energy to 'Caa2' from 'Caa1'.
"The downgrade in the corporate family rating reflects the
anticipated deterioration in performance, increased cash burn and
increase in leverage, given the recent met coal benchmark
settlement of $120 per tonne for high quality coking coal and our
expectation that meaningful recovery in metallurgical coal markets
is twelve to eighteen months away."


WALTER ENERGY: Reports $128 Million Net Loss for Fourth Quarter
---------------------------------------------------------------
Walter Energy, Inc. reported a net loss of $128 million on $286
million of revenues for the three months ended Dec. 31, 2014,
compared to a net loss of $174 million on $472 million of revenues
for the same period a year ago.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million on $1.40 billion of revenues compared to a net loss
of $359 million on $1.86 billion of revenues for the same period a
year ago.

As of Dec. 31, 2014, Walter Energy had $5.38 billion in total
assets, $5.10 billion in total liabilities and $282 million in
stockholders' equity.

"We remain focused on improving our operational performance while
implementing cost containment measures across our Company," said
Walt Scheller, chief executive officer.  "For the full year 2014,
we aggressively reduced costs - both in operational and
administrative areas - all while improving production efficiency at
our mines; opportunistically restructured our balance sheet to
enhance liquidity and provide additional financial flexibility; and
ensured that our emphasis on safety remained paramount," said
Scheller.  "As 2015 unfolds, we will maintain our focus on
improving safety, increasing productivity and reducing costs."

Available liquidity was $481.2 million at the end of 2014,
consisting of cash and cash equivalents of $468.5 million plus
$12.7 million in availability under the Company's $76.9 million
revolving credit facilities, net of outstanding letters of credit
of $64.2 million.

A full-text copy of the press release is available at:

                        http://is.gd/z3VYeO

                        About Walter Energy

Walter Energy is a leading, publicly traded "pure-play"
metallurgical coal producer for the global steel industry with
strategic access to high-growth steel markets in Asia, South
America and Europe.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas.  Walter
Energy employs approximately 2,900 employees with operations in
the United States, Canada and United Kingdom.

                            *    *    *

As reported by the TCR on Aug. 19, 2014, Standard & Poor's Ratings
Services said it raised its corporate credit rating on Birmingham,
Ala.-based Walter Energy to 'CCC+' from 'SD'.  S&P believes the
company's capital structure is likely unsustainable in the
long-term absent an improvement in met coal prices.

The TCR reported on July 10, 2014, that Moody's downgraded the
Corporate Family Rating of Walter Energy to 'Caa2' from 'Caa1'.
"The downgrade in the corporate family rating reflects the
anticipated deterioration in performance, increased cash burn and
increase in leverage, given the recent met coal benchmark
settlement of $120 per tonne for high quality coking coal and our
expectation that meaningful recovery in metallurgical coal markets
is twelve to eighteen months away."


WATERFORD GAMING: Moody's Withdraws Ratings Including 'Ca' CFR
--------------------------------------------------------------
Moody's Investors Service withdrew all ratings of Waterford Gaming,
LLC including its Ca Corporate Family Rating, D-PD Probability of
Default Rating and Ca senior unsecured notes rating.

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

On Sept. 15, 2014, Waterford defaulted on its notes when the
company failed to repay the outstanding balance of it senior
unsecured notes in full at maturity.  The company is currently
operating under a forbearance agreement with a majority of its
lenders pursuant to which the note holders have agreed to forbear
from exercising their rights and remedies under the indenture
governing the notes.

Waterford is a special purpose company formed solely for the
purpose of holding its 50% partnership interest, as a general
partner, in Trading Cove Associates, a Connecticut general
partnership and the manager (until Jan. 1, 2000) and developer of
the Mohegan Sun Casino located in Uncasville, CT.  TCA received
relinquishment fees based on certain gross revenues of the Mohegan
Sun Casino, which is owned and operated by the Mohegan Tribal
Gaming Authority (B3, negative).  The final relinquishment fee was
received on Jan. 25, 2015.  After the final payment is applied,
there is estimated to be an approximately $35 million shortfall in
its senior unsecured notes which we expect will be forgiven by the
bank lenders.

Ratings withdrawn are:

   -- Corporate Family Rating at Ca

   -- Probability of Default Rating at D-PD

   -- Approximate $41 million 8.625% senior unsecured notes at Ca
      (LGD4)


WBH ENERGY: Files List of Real Property in Court
------------------------------------------------
WBH Energy LP filed its "Schedule A - List of Real Property" with
the United State Bankruptcy Court for the Western District of
Texas.  A full-text copy of the schedule is available for free at
http://is.gd/ZIvdqV

                         About WBH Energy

WBH Energy Partners LLC (Bankr. W.D. Tex. Case No. 15-10004) and
its affiliates -- WBH Energy, LP (Bankr. W.D. Tex. Case No.
15-10003) and WBH Energy GP, LLC (Bankr. W.D. Tex. Case No.
15-10005) separately filed for Chapter 11 bankruptcy protection on
Jan. 4, 2015.  The petitions were signed by Joseph S. Warnock,
vice president.

Judge Christopher Mott presides over WBH Energy, LP's case, while
Judge Tony M. Davis presides over WBH Energy Partners' and WBH
Energy GP's cases.

William A. (Trey) Wood, III, Esq., at Bracewell & Giuliani LLP,
serves as the Debtors' bankruptcy counsel.

The U.S. Trustee for Region 7 appointed seven creditors to serve
on the official committee of unsecured creditors.


WEST CORP: Posts $158 Million Net Income in 2014
------------------------------------------------
West Corporation filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing net income of
$158.4 million on $2.21 billion of revenue for the year ended Dec.
31, 2014, compared to net income of $143 million on $2.12 billion
of revenue for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, West Corp had $3.81 billion in total assets,
$4.47 billion in total liabilities, and a $660 million total
stockholders' deficit.

                         Bankruptcy Warning

"If our cash flows and capital resources are insufficient to fund
our debt service obligations and to fund our other liquidity needs,
we may be forced to reduce or delay capital expenditures or the
payment of dividends, sell assets or operations, seek additional
capital or restructure or refinance our indebtedness. We cannot
make assurances that we would be able to take any of these actions,
that these actions would be successful and permit us to meet our
scheduled debt service obligations or that these actions would be
permitted under the terms of our existing or future debt
agreements, including our senior secured credit facilities or the
indenture that governs our outstanding notes. Our senior secured
credit facilities documentation and the indenture that governs the
notes restrict our ability to dispose of assets and use the
proceeds from the disposition.  As a result, we may not be able to
consummate those dispositions or use the proceeds to meet our debt
service or other obligations, and any proceeds that are available
may not be adequate to meet any debt service or other obligations
then due.

If we cannot make scheduled payments on our debt, we will be in
default of such debt and, as a result:

   * our debt holders could declare all outstanding principal and
     interest to be due and payable;

   * our debt holders under other debt subject to cross default or
     cross acceleration provisions could declare all outstanding
     principal and interest on such other debt to be due and
     payable;

   * the lenders under our senior secured credit facilities could
     terminate their commitments to lend us money and foreclose
     against the assets securing our borrowings; and

   * we could be forced into bankruptcy or liquidation," the
     Company stated in the Report.

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

                        http://is.gd/OFPf5N

                       About West Corporation

Omaha, Neb.-based West Corporation is a global provider of
communication and network infrastructure solutions.  West helps
manage or support essential enterprise communications with
services that include conferencing and collaboration, public safety
services, IP communications, interactive services such as automated
notifications, large-scale agent services and telecom services.

                          *     *     *

As reported by the TCR on June 21, 2013, Standard & Poor's Ratings
Services raised its corporate credit rating on West Corp. to 'BB-'
from 'B+'.  The upgrade reflects Standard & Poor's view that lower
debt leverage and a less aggressive financial policy will
strengthen the company's financial profile.

In the April 4, 2013, edition of the TCR, Moody's Investor Service
upgraded West Corporation's Corporate Family Rating to 'B1' from
'B2'.  "The CFR upgrade to B1 reflects West's shift to a more
conservative capital structure and financial policies as a publicly
owned company," stated Moody's analyst Suzanne Wingo.


WESTMORELAND COAL: Depositary Shares Delisted From NASDAQ
---------------------------------------------------------
The NASDAQ Stock Market LLC filed a Form 25 with the Securities and
Exchange Commission to remove from listing or registration the
depositary shares, rep. 1/4 of a share of Ser. A preferred stock
of Westmoreland Coal Co.

                       About Westmoreland Coal

Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE
AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest
independent coal company in the United States.  The Company's coal
operations include coal mining in the Powder River Basin in
Montana and lignite mining operations in Montana, North Dakota and
Texas.  Its power operations include ownership of the two-unit
ROVA coal-fired power plant in North Carolina.

Westmoreland Coal incurred a net loss applicable to common
shareholders of $6.05 million in 2013, a net loss applicable to
common shareholders of $8.58 million in 2012 and a net loss
applicable to common shareholders of $34.5 million in 2011.

                           *     *     *

As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating
Services raised its corporate credit rating on Westmoreland Coal
Co. one-notch to 'B' from 'B-'.  "The stable outlook is supported
by Westmoreland's committed sales position over the next year,
which should result in stable cash flows," said Standard & Poor's
credit analyst Chiza Vitta.

Moody's upgraded the corporate family rating (CFR) of Westmoreland
Coal Company to 'B3' from 'Caa1', and assigned 'Caa1' rating to
the company's proposed new $300 million First Lien Term Loan, the
TCR reported on Nov. 20, 2014.  The upgrade of the CFR reflects the
company's successful integration of the Canadian mines acquired in
April 2014, and Moody's expectation that the company's Debt/ EBITDA
will track at around 5x in 2015 and 2016 and that the
company will be break-even to modestly free cash flow positive
over the same time period.


WESTMORELAND COAL: Owns 79% of Units in Westmoreland Resource
-------------------------------------------------------------
Westmoreland Coal Company disclosed in a Schedule 13D filed with
the U.S. Securities and Exchange Commission that as of Dec. 31,
2014, it beneficially owned 4,512,500 common units representing
limited partner interests of Westmoreland Resource Partners, LP,
which represents 79.01 percent based on an aggregate of 5,711,636
of the Issuer's Common Units outstanding as of Feb. 12, 2015.

On Dec. 31, 2014, pursuant to the terms of a contribution agreement
dated Oct. 16, 2014, between the Issuer and the Reporting Person,
Westmoreland Coal contributed to the Issuer  100% of the membership
interests in the Reporting Person's wholly owned subsidiary,
Westmoreland Kemmerer Fee Coal Holdings, LLC. WKFCH holds fee
simple interests in certain coal reserves and related surface lands
at the Reporting Person's Kemmerer Mine in Lincoln County, Wyoming.
The Contribution was made in exchange for 4,512,500 Common Units
of the Issuer.

A copy of the regulatory filing is available for free at:

                        http://is.gd/aKhOtj

                      About Westmoreland Coal

Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE
AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest
independent coal company in the United States.  The Company's coal
operations include coal mining in the Powder River Basin in
Montana and lignite mining operations in Montana, North Dakota and
Texas.  Its power operations include ownership of the two-unit
ROVA coal-fired power plant in North Carolina.

Westmoreland Coal incurred a net loss applicable to common
shareholders of $6.05 million in 2013, a net loss applicable to
common shareholders of $8.58 million in 2012 and a net loss
applicable to common shareholders of $34.5 million in 2011.

                           *     *     *

As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating
Services raised its corporate credit rating on Westmoreland Coal
Co. one-notch to 'B' from 'B-'.  "The stable outlook is supported
by Westmoreland's committed sales position over the next year,
which should result in stable cash flows," said Standard & Poor's
credit analyst Chiza Vitta.

Moody's upgraded the corporate family rating (CFR) of Westmoreland
Coal Company to 'B3' from 'Caa1', and assigned 'Caa1' rating to
the company's proposed new $300 million First Lien Term Loan, the
TCR reported on Nov. 20, 2014.  The upgrade of the CFR reflects the
company's successful integration of the Canadian mines acquired in
April 2014, and Moody's expectation that the company's Debt/ EBITDA
will track at around 5x in 2015 and 2016 and that the
company will be break-even to modestly free cash flow positive
over the same time period.


WIZARD WORLD: Bristol Reports 14% Stake as of Feb. 13
-----------------------------------------------------
As of Feb. 13, 2015, (i) Bristol Investment Fund, Ltd. owns
7,278,568 common shares, which represents approximately 14.18% of
the Shares outstanding, based upon 51,341,524 Shares outstanding as
of Nov. 4, 2014, as reported by the Issuer in its 10Q filed on
Nov. 5, 2014, (ii) Bristol Capital, LLC owns 444,000 Shares, which
represents approximately 0.865% of the 51,341,524 shares
outstanding, (iii) Paul Kessler owns 78,700 shares, which
represents approximately 0.153% of the shares outstanding and (iv)
Bristol Capital Advisors Profit Sharing Plan owns 588,000 shares,
which represents approximately 1.145% equity stake.

Paul Kessler, as manager of the investment advisor to Bristol
Investment Fund, Ltd., manager of Bristol Capital, LLC, and manager
of Bristol Capital Advisors Profit Sharing Plan, has the power to
vote and dispose of the Shares owned by BIF, BC and BCA PSP, as
well as the shares owned my Mr. Kessler himself.  Mr. Kessler
disclaims beneficial ownership of the Shares owned by BIF.

A copy of the regulatory filing is available for free at:

                        http://is.gd/49LAgu

                         About Wizard World

Based in New York, N.Y., Wizard World, Inc., is a producer of pop
culture and multimedia conventions ("Comic Cons") across North
America that markets movies, TV shows, video games, technology,
toys, social networking/gaming platforms, comic books and graphic
novels.  These Comic Cons provide sales, marketing, promotions,
public relations, advertising and sponsorship opportunities for
entertainment companies, toy companies, gaming companies,
publishing companies, marketers, corporate sponsors and retailers.

Wizard World incurred a net loss attributable to common
stockholders of $3.88 million in 2013, a net loss attributable to
common stockholders of $3.13 million in 2012 and a net loss of
$2.01 million in 2011.

As of Sept. 30, 2014, the Company had $7.95 million in total
assets, $3.12 million in total liabilities and $4.82 million in in
total stockholders' equity.


WIZARD WORLD: John Macaluso Reports 16.4% Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, John M. Macaluso disclosed that as of Dec. 31,
2014, he beneficially owned 8,450,213 shares of common stock of
Wizard World, which represents 16.5 percent based on 51,358,386
shares of common stock issued and outstanding as of Feb. 17, 2015.
A copy of the regulatory filing is available for free at
http://is.gd/0aELmz

                         About Wizard World

Based in New York, N.Y., Wizard World, Inc., is a producer of pop
culture and multimedia conventions ("Comic Cons") across North
America that markets movies, TV shows, video games, technology,
toys, social networking/gaming platforms, comic books and graphic
novels.  These Comic Cons provide sales, marketing, promotions,
public relations, advertising and sponsorship opportunities for
entertainment companies, toy companies, gaming companies,
publishing companies, marketers, corporate sponsors and retailers.

Wizard World incurred a net loss attributable to common
stockholders of $3.88 million in 2013, a net loss attributable to
common stockholders of $3.13 million in 2012 and a net loss of
$2.01 million in 2011.

As of Sept. 30, 2014, the Company had $7.95 million in total
assets, $3.12 million in total liabilities and $4.82 million in in
total stockholders' equity.


WPCS INTERNATIONAL: Iroquois Capital Has 9.99% Stake as of Dec. 31
------------------------------------------------------------------
Iroquois Capital Management L.L.C., Joshua Silverman, and Richard
Abbe disclosed in an amended Schedule 13G filed with the U.S.
Securities and Exchange Commission that as of Dec. 31, 2014, they
beneficially owned 14,303 shares of common stock and 6,150,000
shares of common stock issuable upon conversion of convertible
preferred stock of WPCS International Incorporated, which
represents 9.99 percent of the shares outstanding.

Pursuant to the terms of the Reported Securities, the Reporting
Persons cannot convert any of the Reported Securities if they would
beneficially own, after any such conversion, more than 9.99% of the
outstanding shares of Common Stock.  Consequently, at this time,
the Reporting Persons are not able to convert all of those Reported
Securities due to the 9.99% Blocker.

The Company's quarterly report on Form 10-Q for the quarterly
period ended Oct. 31, 2014, filed with the SEC on Dec. 22, 2014,
disclosed that the total number of outstanding shares of Common
Stock as of Dec. 19, 2014, was 13,913,164.

Mr. Abbe and Mr. Silverman are the members of Iroquois Capital
Management who have the authority and responsibility for the
investments made on behalf of the Iroquois Master Fund, in whose
name the Reported Securities are held.  As such, Mr. Abbe and Mr.
Silverman may be deemed to be the beneficial owner of all shares of
Common Stock, including shares of Common Stock underlying the
Reported Securities, held for the account of the Iroquois Master
Fund.  Each of Messrs. Abbe and Silverman disclaims beneficial
ownership of the shares of Common Stock held by the Iroquois Master
Fund, except to the extent of their pecuniary interest.

A full-text copy of the regulatory filing is available at:

                        http://is.gd/yzaPCB

                About WPCS International Incorporated

WPCS -- http://www.wpcs.com/-- operates in two business segments
including: (1) providing communications infrastructure contracting
services to the public services, healthcare, energy and corporate
enterprise markets worldwide; and (2) developing a Bitcoin trading
platform.

As reported by the TCR on Feb. 7, 2014, WPCS appointed Marcum LLP
as its new independent registered public accounting firm.
CohnReznick LLP resigned on Dec. 20, 2013.

WPCS International incurred a net loss attributable to common
shareholders of $11.2 million for the year ended April 30, 2014,
as compared with a net loss attributable to common shareholders of
$6.91 million for the year ended April 30, 2013.  As of Oct. 31,
2014, the Company had $17.7 million in total assets, $17.3
million in total liabilities and $397,000 in total equity.

Marcum LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2014.  The independent auditing firm
noted that the Company has incurred significant losses and needs
to raise additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


WPCS INTERNATIONAL: Issues 1.1 Million Common Shares
----------------------------------------------------
WPCS International Incorporated issued 1,100,000 shares of its
common stock, par value $0.0001 per share, from Jan. 23, 2015,
through Feb. 17, 2015, in transactions that were not registered
under the Securities Act of 1933, according to a Form 8-K filed
with the U.S. Securities and Exchange Commission.  

The issuances on Feb. 17, 2015, resulted in an increase in the
number of shares of Common Stock outstanding by more than 5%
compared to the number of shares of Common Stock reported
outstanding in the Company's last quarterly report on Form 10-Q
filed with the Securities and Exchange Commission on Dec. 22, 2104,
and amended by Amendment No. 1 on Dec. 23, 2014.  

The Company has issued a total of 1,100,000 shares of Common Stock
to holders of its Series F-1 Convertible Preferred Stock upon the
conversion of shares of Series F-1 Convertible Preferred Stock.
The shares of Common Stock issued upon the conversion of shares of
Series F-1 Convertible Preferred Stock were issued in reliance upon
the exemption from registration in Section 3(a)(9) of the
Securities Act of 1933.  As of Feb. 17, 2015, the Company has
15,013,164 shares of Common Stock outstanding.

                About WPCS International Incorporated

WPCS -- http://www.wpcs.com/-- operates in two business segments
including: (1) providing communications infrastructure contracting
services to the public services, healthcare, energy and corporate
enterprise markets worldwide; and (2) developing a Bitcoin trading
platform.

As reported by the TCR on Feb. 7, 2014, WPCS appointed Marcum LLP
as its new independent registered public accounting firm.
CohnReznick LLP resigned on Dec. 20, 2013.

WPCS International incurred a net loss attributable to common
shareholders of $11.2 million for the year ended April 30, 2014,
as compared with a net loss attributable to common shareholders of
$6.91 million for the year ended April 30, 2013.  As of Oct. 31,
2014, the Company had $17.7 million in total assets, $17.3
million in total liabilities and $397,000 in total equity.

Marcum LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2014.  The independent auditing firm
noted that the Company has incurred significant losses and needs
to raise additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


XCCENT INC: Files for Chapter 11 Bankruptcy Protection
------------------------------------------------------
Xccent, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D.
Minn. Case No. 15-30475) on Feb. 13, 2015, estimating its assets
between $1 million and $10 million and its liabilities between $1
million and $10 million.  The petition was signed by John P.
Mathiesen, president.  Judge Michael E Ridgway presides over the
case.  Michael F McGrath, Esq., at Ravich Meyer Kirkman & McGrath
Nauman & Tansey P.A., serves as the Company's bankruptcy counsel.

Sheila Stogsdill at Tulsa World relates that the Company, along
with Noah's Parks and Playground and the Wyandotte School District,
settled in October 2013 a civil lawsuit for an undisclosed amount
of money with the family of Alyssa Avila, the fourth-grader who
died in August 2010 after falling from the Company's X-Wave
playground equipment at the Wyandotte Elementary School.

According to Tulsa World, the equipment has since been removed from
Wyandotte.  The report adds that Oklahoma school districts Moore,
Edmond, Oklahoma City, Putnam City, Deer Creek, and Norman either
removed the playground equipment or kept children off it.

Wyoming, Minnesota-based Xccent, Inc., manufactures playground
equipment.


YRC WORLDWIDE: Spectrum Group Reports 2.7% Stake as of Dec. 31
--------------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Spectrum Group Management LLC and Jeffrey A.
Schaffer disclosed that as of Dec. 31, 2014, they beneficially
owned 839,416 shares of common stock of YRC Worldwide Inc., which
represents 2.7 percent of the shares outstanding.  A copy of the
regulatory filing is available for free at http://is.gd/XOM4Th

                        About YRC Worldwide

Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ:
YRCW) -- http://www.yrcw.com/-- is a holding company that offers
its customers a wide range of transportation services.  These
services include global, national and regional transportation as
well as logistics.

YRC Worldwide reported a net loss of $67.7 million in 2014
following a net loss of $83.6 million in 2013.  As of Dec. 31,
2014, the Company had $1.98 billion in total assets, $2.45 billion
in total liabilities, and a $474 million total stockholders'
deficit.

                            *    *    *

As reported by the TCR on Feb. 18, 2014, Moody's Investors Service
had upgraded the Corporate Family Rating for YRC Worldwide Inc.
("YRCW") from Caa3 to B3, following the successful closing of its
refinancing transactions.

In the Jan. 31, 2014, edition of the TCR, Standard & Poor's
Ratings Services said that it raised its ratings on Overland Park,
Kansas-based less-than-truckload (LTL) trucker YRC Worldwide Inc.
(YRCW), including the corporate credit rating to 'CCC+' from
'CCC', and removed them from CreditWatch negative, where they were
placed on Jan. 10, 2014.  "The upgrades reflect YRCW's improved
liquidity position and minimal debt maturities as a result of its
proposed refinancing," said Standard & Poor's credit analyst Anita
Ogbara.


[*] Huron Consulting Bags 9th Annual M&A Advisor Turnaround Award
-----------------------------------------------------------------
Huron Consulting Group on Feb. 20 disclosed that it received the
Annual M&A Advisor Turnaround Award for work with Nephron
Pharmaceuticals.

"Huron is honored to receive this prestigious award for our work
with Nephron Pharmaceuticals," said Geoffrey Frankel, managing
director, Huron Transaction Advisory.  "Huron's investment banking
team worked seamlessly with our financial consulting and life
sciences colleagues to provide a complete solution that helped the
client achieve their financing goal."

Nephron Pharmaceuticals Corporation, a manufacturer of nebulized
pharmaceutical products used to treat chronic respiratory
conditions, engaged Huron to help reposition its operating and
financial story to lenders.  Within a relatively short period of
time, the Company received multiple refinancing proposals resulting
in the successful closing of a $205 million senior credit facility
and $75 million of mezzanine notes.

For a complete case study on the results visit:

                      http://is.gd/Wy8aGw

On Monday, February 23, The M&A Advisor will present the 2015
awards at a black tie Awards Gala at The Colony Hotel in Palm
Beach, Fla., in conjunction with the 2015 M&A Advisor Distressed
Investing Summit that will feature 200 of the industry's leading
professionals participating in exclusive interactive forums led by
a faculty of restructuring industry stalwarts and Bloomberg media
experts.  For an event profile, visit:

                       http://is.gd/uyiXiM

If you are interested in speaking with Geoffrey Frankel about the
Nephron refinancing or another one of Huron's transaction advisory
experts, please contact:

Jennifer Frost Hennagir
312-880-3260
jfrost-hennagir@huronconsultinggroup.com

Jenna Nichols
312-880-5693
jnichols@huronconsultinggroup.com

                About Huron Transaction Advisory

Huron Transaction Advisory LLC, a registered broker-dealer, brings
extensive corporate finance and investment banking expertise to
middle-market companies in acquisition or divestiture strategies,
growth initiatives, additional capital, and special situation
financings as they seek to maximize value.  Huron's broker-dealer
services are part of the Huron Business Advisory segment.

                  About Huron Consulting Group

Huron Consulting Group -- http://www.huronconsultinggroup.com--  
helps clients in diverse industries improve performance, transform
the enterprise, reduce costs, leverage technology, process and
review large amounts of complex data, address regulatory changes,
recover from distress and stimulate growth.  The Company's
professionals employ their expertise in finance, operations,
strategy and technology to provide its clients with specialized
analyses and customized advice and solutions that are tailored to
address each client's particular challenges and opportunities to
deliver sustainable and measurable results.  The Company provides
consulting services to a wide variety of both financially sound and
distressed organizations, including healthcare organizations,
leading academic institutions, Fortune 500 companies, governmental
entities and law firms.  Huron has worked with more than 425 health
systems, hospitals, and academic medical centers; more than 400
corporate general counsel; and more than 350 universities and
research institutions.


[^] BOND PRICING: For the Week From February 16 to 20, 2015
-----------------------------------------------------------
  Company               Ticker  Coupon Bid Price  Maturity Date
  -------               ------  ------ ---------  -------------
Abyssinia Missionary
  Baptist Church
  Ministries Inc        ABYSS    7.500    20.000      9/15/2016
Allen Systems
  Group Inc             ALLSYS  10.500    34.000     11/15/2016
Allen Systems
  Group Inc             ALLSYS  10.500    34.000     11/15/2016
Alpha Natural
  Resources Inc         ANR      6.000    31.800       6/1/2019
Alpha Natural
  Resources Inc         ANR      9.750    42.266      4/15/2018
Alpha Natural
  Resources Inc         ANR      3.750    39.895     12/15/2017
Altegrity Inc           USINV   14.000    38.000       7/1/2020
Altegrity Inc           USINV   13.000    37.625       7/1/2020
Altegrity Inc           USINV   14.000    37.625       7/1/2020
American Eagle
  Energy Corp           AMZG    11.000    42.500       9/1/2019
American Eagle
  Energy Corp           AMZG    11.000    39.000       9/1/2019
Arch Coal Inc           ACI      7.000    29.500      6/15/2019
Arch Coal Inc           ACI      9.875    36.000      6/15/2019
BPZ Resources Inc       BPZ      8.500    17.700      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR     10.000    17.500     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.750    20.895       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR     12.750    16.500      4/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      6.500    24.875       6/1/2016
Caesars Entertainment
  Operating Co Inc      CZR      5.750    28.000      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR     10.000    17.500     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.750     8.750       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR      5.750    29.500      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR     10.000    17.750     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.750    22.375       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR     10.000    17.750     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.000    17.500     12/15/2018
Cal Dive
  International Inc     CDVI     5.000    10.000      7/15/2017
Champion
  Enterprises Inc       CHB      2.750     0.250      11/1/2037
Chassix Holdings Inc    CHASSX  10.000    11.750     12/15/2018
Chassix Holdings Inc    CHASSX  10.000    12.250     12/15/2018
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    34.706     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    38.500     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    38.500     11/15/2017
Endeavour
  International Corp    END     12.000    25.750       3/1/2018
Endeavour
  International Corp    END      5.500     1.220      7/15/2016
Endeavour
  International Corp    END     12.000    25.625       3/1/2018
Endeavour
  International Corp    END     12.000    25.625       3/1/2018
Energy Conversion
  Devices Inc           ENER     3.000     7.875      6/15/2013
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc           TXU     10.000     9.750      12/1/2020
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc           TXU     10.000     9.750      12/1/2020
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc           TXU      6.875     4.022      8/15/2017
Exide Technologies      XIDE     8.625     5.000       2/1/2018
Exide Technologies      XIDE     8.625     5.875       2/1/2018
Exide Technologies      XIDE     8.625     5.875       2/1/2018
FBOP Corp               FBOPCP  10.000     1.843      1/15/2009
FairPoint
  Communications
  Inc/Old               FRP     13.125     1.879       4/2/2018
Fleetwood
  Enterprises Inc       FLTW    14.000     3.557     12/15/2011
GT Advanced
  Technologies Inc      GTAT     3.000    33.550      10/1/2017
Goodrich
  Petroleum Corp        GDP      5.000    44.500      10/1/2032
Gymboree Corp/The       GYMB     9.125    41.750      12/1/2018
Hartford Life
  Insurance Co          HIG      4.700    89.500      6/15/2015
James River Coal Co     JRCC    10.000     0.429       6/1/2018
James River Coal Co     JRCC    10.000     0.429       6/1/2018
Las Vegas Monorail Co   LASVMC   5.500     3.227      7/15/2019
Lehman Brothers
  Holdings Inc          LEH      5.000    12.500       2/7/2009
Lehman Brothers Inc     LEH      7.500     9.125       8/1/2026
MF Global
  Holdings Ltd          MF       6.250    32.000       8/8/2016
MF Global
  Holdings Ltd          MF       3.375    32.000       8/1/2018
MF Global
  Holdings Ltd          MF       1.875    32.000       2/1/2016
MModal Inc              MODL    10.750    10.125      8/15/2020
Molycorp Inc            MCP      6.000    14.900       9/1/2017
Molycorp Inc            MCP      3.250    17.375      6/15/2016
Molycorp Inc            MCP      5.500    18.000       2/1/2018
Momentive Performance
  Materials Inc         MOMENT  11.500     1.875      12/1/2016
NII Capital Corp        NIHD    10.000    45.250      8/15/2016
OMX Timber Finance
  Investments II LLC    OMX      5.540    25.125      1/29/2020
Powerwave
  Technologies Inc      PWAV     2.750     0.125      7/15/2041
Powerwave
  Technologies Inc      PWAV     1.875     0.125     11/15/2024
Powerwave
  Technologies Inc      PWAV     1.875     0.125     11/15/2024
Quicksilver
  Resources Inc         KWKA     9.125    10.500      8/15/2019
Quicksilver
  Resources Inc         KWKA    11.000    10.750       7/1/2021
RAAM Global Energy Co   RAMGEN  12.500    43.861      10/1/2015
RadioShack Corp         RSH      6.750    16.000      5/15/2019
RadioShack Corp         RSH      6.750    16.750      5/15/2019
RadioShack Corp         RSH      6.750    94.125      5/15/2019
Sabine Oil & Gas Corp   SOGC     7.250    31.513      6/15/2019
Sabine Oil & Gas Corp   SOGC     9.750    47.000      2/15/2017
Samson Investment Co    SAIVST   9.750    35.875      2/15/2020
Saratoga
  Resources Inc         SARA    12.500    14.000       7/1/2016
Savient
  Pharmaceuticals Inc   SVNT     4.750     0.225       2/1/2018
Swift Energy Co         SFY      7.125    52.000       6/1/2017
TMST Inc                THMR     8.000    10.000      5/15/2013
Terrestar
  Networks Inc          TSTR     6.500    10.000      6/15/2014
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     15.000    15.750       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.500     8.375      11/1/2016
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     15.000    14.800       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.500     8.000      11/1/2016
Tunica-Biloxi
  Gaming Authority      PAGON    9.000    65.250     11/15/2015
Walter Energy Inc       WLT      9.875    14.000     12/15/2020
Walter Energy Inc       WLT      8.500    13.220      4/15/2021
Walter Energy Inc       WLT      9.875    13.625     12/15/2020
Walter Energy Inc       WLT      9.875    13.625     12/15/2020
Western Express Inc     WSTEXP  12.500    97.000      4/15/2015
Western Express Inc     WSTEXP  12.500    95.814      4/15/2015


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

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.

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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.

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