/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/150226.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, February 26, 2015, Vol. 19, No. 57 Headlines 134-31 HOOK CREEK: Foreclosure Sale Set for March 20 2412 GROUP: Files for Ch 11; Sec. 341(a) Meeting Set for March 18 38 61 10TH STREET: Faces Foreclosure Sale on March 27 ACCENTIA BIOPHARMACEUTICALS: KCG Reports 6.96% Stake as of Dec. 31 ACTIVECARE INC: Posts $2.7 Million Net Loss for Dec. 31 Quarter ALLEN SYSTEMS: Disclosure Statement & Plan Hearing Set for March 26 AMERICAN AIRLINES: Moody's Alters Outlook to Pos & Affirms B1 CFR AMERICAN AXLE: Reports $143 Million Net Income for 2014 AMERICAN MEDIA: Posts $9.9 Million Net Income for Third Quarter AMERICAN SPECTRUM: Receives Delisting Notice From NYSE MKT APOLLO MEDICAL: Incurs $1.7 Million Net Loss in Second Quarter ARCHDIOCESE OF ST. PAUL: To Sell Four Properties to Pay Creditors ARMSTRONG WORLD: Moody's Alters Ratings Outlook to Negative BAXANO SURGICAL: Assets Sold for $7.8-Mil. to Four Buyers BERNARD L. MADOFF: 5th Distribution Brings 48.8% Total Recovery BRUCE HIMMELFARB: Designation No Reason to Violate Confidentiality C. WONDER: Chapter 11 Cases Jointly Administered C. WONDER: US Trustee Forms Five-Member Creditor's Committee CACHE INC: Nantahala Reports 5.6% Stake as of Dec. 31 CAESARS ENTERTAINMENT: Receives Demand Letter From Trustee CAESARS ENTERTAINMENT: Seeks Approval of Plan Agreement CASPIAN SERVICES: Reports $2.8 Million Net Loss for Dec. 31 Qtr. CHARLOTTE RUSSE: S&P Raises CCR to 'B+' on Improved Credit Metrics CHASSIX INC: Works to Finalize Pre-Arranged Bankruptcy COLLAVINO CONSTRUCTION: Says Port Authority Owes Co. $87MM CONNEAUT LAKE: Taxing Authorities Want Sale If Payments Not Made COVINGTON COAL: Case Summary & 20 Largest Unsecured Creditors CROSS ISLAND REO: Foreclosure Sale Set for March 27 CWNZ PURCELLVILLE: Files for Ch 11; Sec 341(a) Meeting on March 26 DAVID DRUMM: Blames Lawyers for Bad Result in Court DIGICEL LIMITED: Fitch Expects to Rate New $925MM Sr. Notes 'B' DIGICEL LIMITED: Moody's Assigns 'B1' Rating on New $925MM Notes DISH NETWORK: S&P Affirms 'BB-' CCR, Off CreditWatch Negative DISTRICT OF COLUMBIA CANCER: Files for Chapter 7 Liquidation DOLAN COMPANY: Asks Court to Extend Deadline to Remove Suits DUNE ENERGY: Alexander Kulpecz Quits as Director DUNE ENERGY: Eos Petro Extends Tender Offer Expiration Anew DUNKIN' BRANDS: S&P Withdraws 'B+' CCR After Debt Paydown ENDEAVOUR INT'L: Smedvig Funds Reports 13.6% Stake as of Dec. 31 ENDEAVOUR INT'L: Steelhead Owns 5.7% Stake as of Dec. 31 ENDEAVOUR INTERNATIONAL: McClain et al No Longer Own Shares ENDEAVOUR INTERNATIONAL: Samberg Reports 7.7% Stake ENERGY FUTURE: Lenders Okay Use of $750MM to Repay 2nd Lien Notes ENERGY FUTURE: Majority of Lenders Support $750-Mil. Cash Use EVERYWARE GLOBAL: Appoints SVP of Operations & Supply Chain FAIRPOINT COMMUNICATIONS: Union Workers Accept New Contract FLINTKOTE COMPANY: Seeks Oct. 31 Extension of Exclusive Periods FOODS INC: Two Buyers Approved to Purchase Most of Assets FOURTH QUARTER: MLIC et al. Want Case Moved to Wyoming GARRETT PROPERTIES: Case Summary & 7 Largest Unsecured Creditors GENERAL MOTORS: JPMorgan Loses Secured Interest on $1.5BB Loan GENMAR HOLDINGS: Lousy Lawyering Results in $65,000 Preference GETHSEMANE CHURCH LAFAYETTE: Case Summary & 4 Top Unsec Creditors GFI GROUP: Moody's Reviews for Downgrade 'B1' Debt Ratings GLYECO INC: Obtains $3.5 Million From Private Placement HEPAR BIOSCIENCE: Pork By-Products Supplier Enters Chapter 11 HEPAR BIOSCIENCE: Seeks Approval to Use Cash Collateral HOME LOAN: Moody's Reviews 'B3' CFR for Upgrade HUFFMAN CONSTRUCTION: Case Summary & 11 Top Unsecured Creditors IBAHN CORP: Chapter 11 Case is Dismissed INFINITY ENTERPRISES: Case Summary & 20 Top Unsecured Creditors INT'L FOREIGN EXCHANGE: Liquidating Plan Approved INTELLIPHARMACEUTICS INT'L: Incurs $3.8 Million Loss in 2014 IVANHOE ENERGY: To Delist Shares From Toronto Stock Exchange JOSEPH LODATO: Foreclosure Auction Set for March 20 LATTICE SEMICONDUCTOR: S&P Assigns 'BB-' CCR; Outlook Stable MAPLE HEIGHTS CITY: Moody's Cuts GOLT Debt Rating to 'Ba2' MERCY MEDICAL: S&P Puts 'BB' 2000 Bonds Rating on Watch Positive METALICO INC: Adam Weitsman Submits $0.78 Apiece Proposal METALICO INC: Hires Gordian for Strategic Review MINERAL PARK: Trucks Fraught With Safety Issues, Inspector Says NASSAU TOWER: Court to Close Bankruptcy Case on March 17 NICHOLS CREEK: RS2 LLC Balks at Whitney Bank's Bid to Dismiss Case NII HOLDINGS: Vanguard Group No Longer Holds Shares NNN 1818 MARKET STREET: Opposes Daymark's Case Dismissal Motion NPS PHARMACEUTICALS: Shire Completes Acquisition NUINSCO RESOURCES: TSX Initiates Remedial Delisting Review OMNOVA SOLUTIONS: Moody's Says Shareholder Deal Avoids Proxy Fight OZ GAS: Gets Court Approval of Premium Finance Agreement With PAC PANHANDLE EASTERN: Fitch Affirms 'BB' Rating on Jr. Sub. Notes PARK FLETCHER: Schedules Filing Extended to March 17 PARK FLETCHER: Seeks to Use FOE Cash Collateral PARK FLETCHER: Wants Lender to Turnover Rents PARLIAMENT HOUSE: Exits Chapter 11 Bankruptcy Protection PERFETTI TRUCKING: Case Summary & 20 Largest Unsecured Creditors PREMIER GOLF: Case Summary & 20 Largest Unsecured Creditors PULSE ELECTRONICS: To Restart Submission of Periodic Reports QUALITY TEAM MANAGEMENT: Case Summary & 11 Top Unsec. Creditors RADIOSHACK CORP: Cerberus Fights CDS Cash-Out Claims in Ch. 11 RADIOSHACK CORP: Litespeed Reports 8.8% Stake as of Dec. 31 RADIOSHACK CORP: Urges Fast Sales for 'Melting Ice Cube' of Assets RADIOSHACK CORP: Vanguard Reports 2.97% Stake RADIOSHACK CORP: Wants Sale to Standard General Moved to March 26 RESEARCH NOW: S&P Affirms 'B' CCR; Outlook Stable RESIDENTIAL CAPITAL: Defective Mortgage Suits Mostly Survives RESTORGENEX CORP: David Smith Reports 5.5% Stake as of May 12 RIVIERA HOLDINGS: Issued Non-Voting Shares to Warrant Holders RIVIERA HOLDINGS: S&P Discontinues 'CCC+' CCR Over Casino Sale RON'S PROPERTIES: Voluntary Chapter 11 Case Summary SAINT CATHERINE: To Close Indiana Hospital; Sale Talks Ongoing SALADWORKS LLC: Says Vernon Hill Lawsuit Made Finding Buyer Hard SAMUEL WYLY: Plans to Sell Off Art, Antiques SANDRINE'S LIMITED: Sold for $776,000 SANJAC SECURITY: Voluntary Chapter 11 Case Summary SCH CORP: Court Says Payment Extension Counts as Plan Modification SIGA TECHNOLOGIES: Jet Capital Reports 9.14% Stake SIGA TECHNOLOGIES: Prescott Group Reports 5.5% Stake SILICON GENESIS: Lists $16.5-Mil. in Assets, $7.9-Mil. in Debt SILICON GENESIS: Seeks Authority to Use Cash Collateral SPENDSMART NETWORKS: Turns Profit in January STAG INDUSTRIAL: Fitch Rates $139MM Preferred Stock 'BB' TENET HEALTHCARE: Reports $12 Million Net Income for 2014 TRANS ENERGY: To Present at Enercom's Oil & Services Conference TRAVELPORT WORLDWIDE: Reports $43 Million Net Loss for Q4 TRAVELPORT WORLDWIDE: Travelport Intermediate Reports 10% Stake US COAL: Court Approves 'Adequate Protection' Payments to Lenders WCI COMMUNITIES: Stonehill Capital Reports 25.8% Stake WET SEAL: Ameriprise, Columbia Management No Longer Hold Stake WET SEAL: Committee Wrangles Changes in Purchase Price WET SEAL: Hudson Bay Discloses 9.99% Stake as of Dec. 31 WPCS INTERNATIONAL: Settles Debt with Zurich American Insurance YONKERS INDUSTRIAL: Moody's Cuts 2004 Bonds Rating to 'Ba2' YRC WORLDWIDE: Incurs $85.8 Million Net Loss in 2014 [*] Bankruptcies May Have Bottomed Out at 59,000 in January [*] Second-Lien Financings Began Drying Up in Middle of Last Year [] Independent Contractors Can Be Fired for Bankruptcy [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 134-31 HOOK CREEK: Foreclosure Sale Set for March 20 ---------------------------------------------------- Pursuant to judgment of foreclosure and sale entered Dec. 2, 2014, Craig David Zim, Esq., at Novick Edelstein in Yonkers, as referee, will sell at public auction in Courtroom #25 of the Queens County Supreme Court, 88-11 Sutphin Blvd., Jamaica, NY on March 20, 2015, at 10:00 a.m., the premises known as 134-31 Hook Creek Blvd., Queens, NY a/k/a Block 13219, Lot 0009. The approximate amount of judgment is $28,107.73 plus costs and interest. The premises will be sold subject to terms and conditions of filed judgment and terms of sale. The case is, NYCTL 1998-2 TRUST SUCCESSOR IN INTEREST TO NYCTL 2011-A TRUST AND THE BANK OF NEW YORK MELLON AS COLLATERAL AGENT AND CUSTODIAN, Pltf. vs. 134-31 HOOK CREEK BOULEVARD, LLC, et al, Defts, pending before the Supreme Court of Queens County. The Plaintiffs are represented by lawyers at: SHAPIRO, DICARO, BARAK, LLC 105 Maxess Rd., Ste. N109 Melville, NY 2412 GROUP: Files for Ch 11; Sec. 341(a) Meeting Set for March 18 ----------------------------------------------------------------- 2412 Group, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D.C. Case No. 15-00073) on Feb. 12, 2015, estimating its assets and debts at between $1 million and $10 million each. The petition was signed by Bentley V. Plummer, president. Judge Martin Teel, Jr., presides over the case. Richard H. Gins, Esq., at The Law Office of Richard H. Gins LLC serves as the Company's bankruptcy counsel. A Section 341(a) meeting is scheduled for March 18, 2015, at 2:00 a.m. Proofs of claim are due by June 26, 2015. 2412 Group, Inc., is headquartered in Washington, DC. 38 61 10TH STREET: Faces Foreclosure Sale on March 27 ----------------------------------------------------- Pursuant to a Judgment of Foreclosure and Sale dated November 21, 2014 and entered on December 8, 2014, Catherine R. Glover, Esq., as referee, will sell at public auction at the Queens County Supreme Courthouse 88 11 Sutphin Blvd in Courtroom # 25, Jamaica, NY on March 27, 2015 at 10:00 a.m., the premises known as 38 61 10th Street, Astoria, NY. The approximate amount of the lien is $11,560.62 plus interest and costs. The premises will be sold subject to provisions of filed judgment and terms of sale. The Foreclosure case is, NYCTL 2012 A TRUST, and THE BANK OF NEW YORK MELLON, as Paying Agent and Collateral Agent and Custodian for the NYCTL 2012 A TRUST, Plaintiffs against 38 61 10TH STREET CORP., et al Defendant(s), pending before the Supreme Court County of Queens. The Plaintiffs are represented by lawyers at: SEYFARTH SHAW LLP 620 Eighth Avenue New York, NY 10018 ACCENTIA BIOPHARMACEUTICALS: KCG Reports 6.96% Stake as of Dec. 31 ------------------------------------------------------------------ KCG Americas LLC 22-3660471 disclosed in a Schedule 13G filing with the Securities and Exchange Commission that as of December 31, 2014, it may be deemed to beneficially own 6,251,241 shares or roughly 6.96% of the common stock of Accentia Biopharmaceuticals, Inc., based on outstanding shares reported in the Company's Form 10-Q filed with the SEC for the period ended December 31, 2012. A copy of the filing is available at http://is.gd/cpvrvo About Accentia Biopharmaceuticals Headquartered in Tampa, Florida, Accentia Biopharmaceuticals, Inc. (PINK: "ABPI") -- http://www.Accentia.net/-- is a biotechnology company that is developing Revimmune as a system of care for the treatment of autoimmune diseases. Through subsidiary, Biovest International, Inc., it is developing BiovaxID as a therapeutic cancer vaccine for treatment of follicular non-Hodgkin's lymphoma (FL) and mantle cell lymphoma (MCL). Through subsidiary, Analytica International, Inc., it conducts a health economics research and consulting business, which it market to the pharmaceutical and biotechnology industries, using its operating cash flow to support its corporate administration and product development activities. Accentia BioPharmaceuticals and nine affiliates filed for Chapter 11 protection (Bankr. M.D. Fla. Lead Case No. 08-17795) on Nov. 10, 2008. Accentia emerged from bankruptcy on Nov. 17, 2012, after receiving confirmation of a reorganization plan on Nov. 2, 2010. The Company incurred a net loss of $9.18 million for the year ended Sept. 30, 2012, compared with a net loss of $15.65 million during the prior year. The Company's balance sheet at Dec. 31, 2012, showed $2.81 million in total assets, $89.21 million in total liabilities, and a $86.39 million total stockholders' deficit. Accentia Biopharmaceuticals last delivered financial reports to the Securities and Exchange Commission in February 2013. In a Form NT 10-Q filed in June 2013, the Company said that, due to its lack of operating funds and decrease in personnel, it "is unable to complete and timely file its Quarterly Report on Form 10-Q for period ended June 30, 2013 due on August 14, 2013." ACTIVECARE INC: Posts $2.7 Million Net Loss for Dec. 31 Quarter --------------------------------------------------------------- ActiveCare, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common stockholders of $2.71 million on $1.50 million of chronic illness monitoring revenues for the three months ended Dec. 31, 2014, compared to a net loss attributable to common stockholders of $5.15 million on $2 million of chronic illness monitoring revenues for the same period a year ago. As of Dec. 31, 2014, ActiveCare had $4.10 million in total assets, $10.95 million in total liabilities and a $6.84 million total stockholders' deficit. "The Company continues to incur negative cash flows from operating activities and net losses. The Company had negative working capital and negative total equity as of September 30, 2014 and December 31, 2014 and is in default with respect to certain debt. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern," according to the Form 10-Q. A copy of the Form 10-Q is available for free at: http://is.gd/JPmdkW About ActiveCare South West Valley City, Utah-based ActiveCare, Inc., is organized into three business segments based primarily on the nature of the Company's products. The Stains and Reagents segment is engaged in the business of manufacturing and marketing medical diagnostic stains, solutions and related equipment to hospitals and medical testing labs. The CareServices segment is engaged in the business of developing, distributing and marketing mobile health monitoring and concierge services to distributors and customers. The Chronic Illness Monitoring segment is primarily engaged in the monitoring of diabetic patients on a real time basis. The Company's business plan is to develop and market products for monitoring the health of and providing assistance to mobile and homebound seniors and the chronically ill, including those who may require a personal assistant to check on them during the day to ensure their safety and well being. ActiveCare reported a net loss attributable to common stockholders of $16.4 million for the year ended Sept. 30, 2014, compared to a net loss attributable to common stockholders of $27.5 million for the year ended Sept. 30, 2013. Tanner LLC, in Salt Lake City, Utah, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2014. The independent auditors noted that the Company has recurring losses, negative cash flows from operating activities, negative working capital, negative total equity, and certain debt that is in default. These conditions, the auditors said, among others, raise substantial doubt about the Company's ability to continue as a going concern. ALLEN SYSTEMS: Disclosure Statement & Plan Hearing Set for March 26 ------------------------------------------------------------------- Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware will convene a hearing on March 26, 2015, at 2:00 p.m., prevailing Eastern Time, to consider the adequacy of the disclosure statement explaining Allen Systems Group, Inc., et al.'s prepackaged reorganization plan and confirmation of the Plan. Any objections to the Disclosure Statement or confirmation of the Plan must be filed on or before March 19. As previously reported by The Troubled Company Reporter, the Debtors 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 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. 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 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. AMERICAN AIRLINES: Moody's Alters Outlook to Pos & Affirms B1 CFR ----------------------------------------------------------------- Moody's Investors Service changed its rating outlook on American Airlines Group, Inc. to positive from stable, upgraded four of the company's Enhanced Equipment Trust Certificates, and affirmed all other ratings including the B1 Corporate Family Rating. The positive outlook reflects Moody's expectation of improving operating profit and free cash flow in 2015 because of the sharp drop in the cost of jet fuel, leading to significantly stronger credit metrics. Moody's anticipates Debt to EBITDA of less than four times and EBIT to Interest approaching five times at the end of 2015, using an average fuel price assumption of $1.97 per gallon. "The positive outlook balances the expected improvement in metrics this year against the potential for fuel prices to retrace their recent decline, the uncertainty of how much of the aircraft order book will be funded with new debt and risk in the integration of the operating systems of American Airlines and US Airways," said Senior Credit Officer, Jonathan Root. "Using debt to fund about 50% or more of the about $5.0 billion of annual aircraft capital expenditures while producing meaningful free cash flow would forego opportunities to strengthen the balance sheet to help contain future increases in leverage when the cost of jet fuel increases or during troughs in passenger demand,' continued Root. Nevertheless, the positive outlook contemplates that the combination of AAG's leading market position, the potential for fuel costs to remain below their 2014 peak level through 2016 and the company's very good liquidity can mitigate increases in funded debt and integration risks, such that credit metrics can remain supportive of a Ba rating beyond 2015. The upgrades of the three A-tranche EETCs (AWA: 2001-1, US Airways: 2000-2 and 2000-3) reflect growing equity cushions of these transactions in the next 15 months to above 60% based on Moody's estimates of loan-to-values and continuing relevance of the respective aircraft collateral to the combined operation. AAG will retrofit the cabins of each of the A319s in each of these transactions as part of a $2.0 billion Customer Improvements program announced this past December. The fourth EETC upgrade in this action, American Airlines Series 2011-1 B-tranche to Ba1 from Ba2, levels the rating of this tranche with the ratings of other of the company's B-tranches with similar LTVs. The Boeing B737-800 and B777-200ER aircraft in this transaction will also remain core to the company's network over the remaining life of this transaction. The ratings could be upgraded if the company sustains unrestricted cash (excluding cash in Venezuela) above $6.0 billion while the merger integration is ongoing. Metrics, such as Debt to EBITDA approaching 4.0 times, EBIT to Interest of about 3.0 times, an EBITDA margin of about 20% and Retained Cash Flow to Net Debt that approaches 20% could support an upgrade of the ratings. Conservative allocation of free cash flow to shareholders that facilitates more measured debt issuance, be it for funding aircraft capital expenditures or for general corporate purposes will be an important consideration for any possible rating upgrade. A negative rating action could follow if unrestricted cash fell below $4.0 billion. The inability to control non-fuel operating costs or to sustain competitive yields, either of which would challenge the company to maintain its operations over the long-term could also lead to a downgrade. Debt to EBITDA that approaches 6.5 times, EBIT to Interest that approaches 1.5 times or an EBITDA margin that approaches 17% or sustained negative free cash flow generation could pressure the ratings. American Airlines Group ("AAG") is the holding company for American Airlines, Inc. and US Airways, Inc. Together with American Eagle and US Airways Express, these airlines operate an average of nearly 6,700 flights per day to 339 destinations in 54 countries from their hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D.C. With annual revenue of more than $42 billion, AAG is the largest passenger airline in the world, measured by annual revenues. Upgrades: Issuer: America West Airlines, Inc. -- Series 1998-1A Tranche Enhanced Equipment Trust, Upgraded to Baa1 from Baa2 Issuer: American Airlines, Inc. -- Series 2011-1B Tranche Enhanced Equipment Trust, Upgraded to Ba1 from Ba2 Issuer: US Airways, Inc. -- Series 2000-2G Tranche Enhanced Equipment Trust, Upgraded to Baa1 from Baa3 -- Series 2000-3G Tranche Enhanced Equipment Trust, Upgraded to Baa1 from Baa3 Affirmations: Issuer: America West Airlines, Inc. -- Series 1999-1G Tranche Enhanced Equipment Trust, Affirmed Baa3 -- Series 2000-1G Tranche Enhanced Equipment Trust, Affirmed Baa3 -- Series 2001-1G Tranche Enhanced Equipment Trust, Affirmed Ba1 -- Series 1998-1B Tranche Enhanced Equipment Trust, Affirmed Ba1 Issuer: American Airlines Group Inc. -- Probability of Default Rating, Affirmed B1-PD -- Speculative Grade Liquidity Rating, Affirmed SGL-1 -- Corporate Family Rating, Affirmed B1 -- Senior Unsecured Regular Bond/Debenture Oct 1, 2019, Affirmed B3 (LGD5) Issuer: American Airlines, Inc. -- Senior Secured Bank Credit Facilities Oct 10, 2019, Affirmed Ba2 (LGD2) -- Series 2001-1A Tranche Enhanced Equipment Trust, Affirmed B2 -- Series 2011-1A Tranche Enhanced Equipment Trust, Affirmed Baa1 -- Series 2001-1B Tranche Enhanced Equipment Trust, Affirmed Caa3 -- Series 2001-1C Tranche Enhanced Equipment Trust, Affirmed Caa3 Issuer: Hillsborough County Aviation Authority, FL -- Senior Secured Revenue Bonds Jan 15, 2022, Affirmed B3 (LGD5) Issuer: Indianapolis Airport Authority, IN -- Revenue Bonds Jul 1, 2019, Affirmed B3 (LGD5) Issuer: Pennsylvania Economic Dev. Fin. Auth. -- Senior Unsecured Revenue Bonds, Affirmed B3 (LGD5) Issuer: Phoenix Industrial Development Authority, AZ -- Senior Unsecured Revenue Bonds Apr 1, 2023, Affirmed B3 (LGD5) -- Senior Unsecured Revenue Bonds Jun 1, 2019, Affirmed B3 (LGD5) Issuer: Port Authority of New York and New Jersey -- Revenue Bonds Dec 1, 2015, Affirmed B3 (LGD 5) Issuer: US Airways Group, Inc. -- Multiple Seniority Shelf May 24, 2015, Affirmed (P)B3 -- Senior Unsecured Regular Bond/Debenture Jun 1, 2018, Affirmed B3 (LGD5) Issuer: US Airways, Inc. -- Senior Secured Bank Credit Facilities Affirmed Ba2 (LGD2) -- Series 1998-1A Tranche Enhanced Equipment Trust, Affirmed Baa1 -- Series 1999-1A and A2 Tranches Enhanced Equipment Trusts, Affirmed Baa1 -- Series 2001-1G Tranche Enhanced Equipment Trust, Affirmed Baa2 -- Series 2010-1A Tranche Enhanced Equipment Trust, Affirmed Baa1 -- Series 2011-1A Tranche Enhanced Equipment Trust, Affirmed Baa1 -- Series 2012-1A Tranche Enhanced Equipment Trust, Affirmed Baa1 -- Series 2012-2A Tranche Enhanced Equipment Trust, Affirmed Baa1 -- Series 2013-1A Tranche Enhanced Equipment Trust, Affirmed Baa1 -- Series 1998-1B Tranche Enhanced Equipment Trust, Affirmed Ba1 -- Series 1999-1B Tranche Enhanced Equipment Trust, Affirmed Ba1 -- Series 2010-1B Tranche Enhanced Equipment Trust, Affirmed Ba1 -- Series 2011-1B Tranche Enhanced Equipment Trust, Affirmed Ba1 -- Series 2012-1B Tranche Enhanced Equipment Trust, Affirmed Ba1 -- Series 2012-2B Tranche Enhanced Equipment Trust, Affirmed Ba1 -- Series 2013-1B Tranche Enhanced Equipment Trust, Affirmed Ba1 -- Series 1998-1C Tranche Enhanced Equipment Trust, Affirmed B1 -- Series 1999-1C Tranche Enhanced Equipment Trust, Affirmed Ba3 -- Series 2000-3C Tranche Enhanced Equipment Trust, Affirmed B2 -- Series 2001-1C Tranche Enhanced Equipment Trust, Affirmed Ba3 -- Series 2012-1C Tranche Enhanced Equipment Trust, Affirmed B1 -- Series 2012-2C Tranche Enhanced Equipment Trust, Affirmed B1 Outlook Actions: Issuer: America West Airlines, Inc. -- Outlook, Changed To Positive From Stable Issuer: American Airlines Group Inc. -- Outlook, Changed To Positive From Stable Issuer: American Airlines, Inc. -- Outlook, Changed To Positive From Stable Issuer: US Airways Group, Inc. -- Outlook, Changed To Positive From Stable Issuer: US Airways, Inc. -- Outlook, Changed To Positive From Stable The methodologies used in these ratings were Global Passenger Airlines published in May 2012 and Enhanced Equipment Trust And Equipment Trust Certificates 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. AMERICAN AXLE: Reports $143 Million Net Income for 2014 ------------------------------------------------------- American Axle & Manufacturing Holdings, Inc. filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K disclosing net income of $143 million on $3.69 billion of net sales for the year ended Dec. 31, 2014, compared with net income of $94.5 million on $3.20 billion of net sales during the prior year. As of Dec. 31, 2014, American Axle had $3.25 billion in total assets, $3.14 billion in total liabilities and $113.4 million in total stockholders' equity. "2014 was a very successful year for AAM. AAM's sales growth outpaced the industry in 2014 and our financial performance was highlighted by improved profitability and a positive inflection in cash flow generation," said AAM's Chairman, President and Chief Executive Officer, David C. Dauch. "As we look to the future, we remain focused on delivering our plan to sustain strong free cash flow performance while leveraging AAM's technology leadership to develop innovative, market driven products to achieve profitable growth and business diversification." A full-text copy of the Form 10-K is available for free at: http://is.gd/1O0o63 Amends Q3 Form 10-Q On Feb. 19, 2015, the Audit Committee of the Board of Directors of American Axle, after discussion with management and the Company's independent registered public accounting firm, Deloitte & Touche LLP, concluded that the financial statements contained in the Company's quarterly report on Form 10-Q for the period ended Sept. 30, 2014, as previously filed with the SEC on Oct. 31, 2014, should no longer be relied upon. In connection with the preparation of the Company's consolidated financial statements for the year ended Dec. 31, 2014, the Company determined that entries recorded in the third quarter of 2014 to reduce certain accrued accounts payable balances by $8.4 million were previously recorded as a reduction of cost of goods sold but should have been recorded as an adjustment to opening accumulated deficit because the amounts giving rise to the correction originated in periods prior to Jan. 1, 2012. While management determined that it was necessary to restate the Sept. 30, 2014, interim period and revise management's conclusion regarding the effectiveness of disclosure controls and procedures as a result of a material weakness in internal controls over financial reporting, the effect of correcting these errors was not material to opening accumulated deficit as of Jan. 1, 2012. The cumulative impact of the error was a decrease of $6.9 million in opening accumulated deficit as of Jan. 1, 2012. As restated, the Company reported net income of $44 million on $950.8 million of net sales for the three months ended Sept. 30, 2014, compared to net income of $48.6 million on $950.8 million of net sales as reported. For the nine months ended Sept. 30, 2014, the Company disclosed a restated net income of $130 million on $2.75 billion of net sales compared to net income of $134 million on $2.75 billion of net sales as originally reported. The Company restated balance sheet at Sept. 30, 2014, showed $3.22 billion in total assets, $3.05 billion in total liabilities and $171.6 million in total stockholders' equity. A copy of the amended Form 10-Q is available for free at: http://is.gd/e1TZIL About American Axle Headquartered in Detroit, Michigan, American Axle & Manufacturing Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- manufactures, engineers, designs and validates driveline and drivetrain systems and related components and chassis modules for light trucks, sport utility vehicles, passenger cars, crossover vehicles and commercial vehicles. * * * In September 2012, Moody's Investors Service affirmed the 'B1' Corporate Family Rating (CFR) and Probability of Default Rating (PDR) of American Axle. American Axle carries a 'BB-' corporate credit rating from Standard & Poor's Ratings Services. "The 'BB-' corporate credit rating on American Axle reflects the company's 'weak' business risk profile and 'aggressive' financial risk profile, which incorporate substantial exposure to the highly cyclical light- vehicle market," S&P said, as reported by the TCR on Sept. 6, 2012. As reported by the TCR on Sept. 1, 2014, Fitch Ratings had upgraded the Issuer Default Ratings (IDRs) of American Axle & Manufacturing Holdings, Inc. (AXL) and its American Axle & Manufacturing, Inc. (AAM) subsidiary to 'BB-' from 'B+'. The upgrade of the IDRs for AXL and AAM is supported by the fundamental improvement in the drivetrain and driveline supplier's credit profile over the past several years. AMERICAN MEDIA: Posts $9.9 Million Net Income for Third Quarter --------------------------------------------------------------- American Media, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income attributable to the Company of $9.96 million on $70.68 million of total operating revenues for the three months ended Dec. 31, 2014, compared to a net loss of $50.38 million on $74.64 million of total operating revenues for the same period a year ago. For the nine months ended Dec. 31, 2014, the Company reported a net loss attributable to the Company of $32.07 million on $223 million of total operating revenues compared to a net loss attributable to the Company of $52.4 million on $256 million of total operating revenues during the prior year. As of Dec. 31, 2014, American Media had $529.37 million in total assets, $568 million in total liabilities, $3 million in redeemable non-controlling interests and a $41.8 million total stockholders' deficit. The Company's former second-largest wholesaler ceased operations in May 2014 and filed for bankruptcy in June 2014. The Company currently working with the two remaining major wholesalers and retailers to transition the newsstand circulation to them. This is expected to have an adverse impact on single copy newsstand sales and liquidity in fiscal 2015. "There can be no assurances that, after completing the transition of newsstand circulation, our revenue will not be temporarily or permanently reduced if consumers at the impacted retailers do not resume purchasing our publications at the same rate or quantities previously purchased or if the transition to certain retailers is not successful," the Company said. A full-text copy of the Form 10-Q is available for free at: http://is.gd/EWdGV3 On Feb. 23, 2015, representatives of American Media began making presentations to investors regarding the Company using the slides. The Company used the Slides, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others that commenced Feb. 23, 2015. A copy of the presentation materials is available at http://is.gd/YqFWyQ About American Media Based in New York, American Media, Inc., publishes celebrity journalism and health and fitness magazines in the U.S. These include Star, Shape, Men's Fitness, Fit Pregnancy, Natural Health, and The National Enquirer. In addition to print properties, AMI manages 14 different Web sites. The company also owns Distribution Services, Inc., an in-store magazine merchandising company. American Media, Inc., and 15 units, including American Media Operations, Inc., filed for Chapter 11 protection in Manhattan (Bankr. S.D.N.Y. Case No. 10-16140) on Nov. 17, 2010, with a prepackaged plan. The Debtors emerged from Chapter 11 reorganization in December 2010, handing ownership to former bondholders. The new owners include hedge funds Avenue Capital Group and Angelo Gordon & Co. American Media reported a net loss of $54.3 million on $344 million of total operating revenues for the fiscal year ended March 31, 2014, following a net loss of $56.2 million on $349 million of total operating revenues for the year ended March 31, 2013. * * * As reported in the Jan. 9, 2015 edition of the TCR, American Media carries a 'Caa1' corporate family rating from Moody's. American Media's Caa1 CFR reflects the company's elevated total debt to EBITDA leverage that Moody's expect will rise to the 8-9x range (Moody's adjusted) over the rating horizon from about 7x as of Sept. 30, 2014 as a result of lower EBITDA performance that stems from a reduction in circulation sales associated with the bankruptcy filing of AMI's second largest publications wholesaler, Source Interlink Distribution ("Source"). The rating also captures AMI's weak liquidity profile and deteriorating EBITDA cushion under the revolver's first-lien leverage covenant resulting from the lower circulation revenue aggravated by the Source bankruptcy, which required temporary covenant relief through an amendment to the credit facility. As reported in the Jan. 14, 2015 edition of the TCR, Standard & Poor's Ratings Services said that its ratings on U.S. magazine publisher American Media Inc., including the 'CCC' corporate credit rating, are not affected by the company's announcement that it is exchanging $32 million of its first-lien 11.5% notes due 2017 for $39 million in new second-lien 7% notes due 2020. The negative rating outlook remains unchanged. AMERICAN SPECTRUM: Receives Delisting Notice From NYSE MKT ---------------------------------------------------------- American Spectrum Realty, Inc., a real estate investment management and leasing company, on Feb. 25 disclosed that it has received a letter indicating that the staff of NYSE Regulation, Inc. has determined to commence proceedings to delist the Company's common stock from the NYSE MKT LLC. Trading in the Company's common stock has been halted on a continuous basis since NYSE Regulation initiated a trading halt on April 15, 2014. Trading in the Company's common stock was immediately suspended intra-day on February 19, 2015. As determined by NYSE Regulation, the suspension is the result of: -- the Company's inability to complete its outstanding SEC filings, per Sections 134 and 1101 of the NYSE MKT Company Guide; -- the financial condition of the Company, which is so impaired that it appears questionable, in the opinion of the NYSE MKT, as to whether the Company will be able to continue operations and/or meet its obligations as they mature, per Section 1003(a)(iv) of the Company Guide; and -- the Company's failure to timely disclose corporate events per Section 1003(d) of the Company Guide. As previously disclosed on November 14, 2014 and January 8, 2015, the Company had submitted plans to the NYSE MKT outlining steps to regain compliance with the requirements of the Company Guide and the NYSE MKT had granted the Company a period through February 19, 2016 for the Company to regain compliance as outlined in its plans of compliance, so long as the Company made progress consistent with such plans. However, due to the financial condition of the Company, the Company was unable to make progress consistent with such plans, and accordingly, the Board has determined it to be in the best interest of the Company and its shareholders to not appeal NYSE Regulation's delisting determination. Currently, the Company's shares of common stock are quoted on the Pink Sheets, LLC under the symbol "AQQS". About American Spectrum Realty, Inc. American Spectrum Realty, Inc. -- http://www.asrmanagement.com/-- is a real estate investment company that owns, through an operating partnership, interests in office, industrial/commercial, retail, self-storage, retail, multi-family properties and undeveloped land throughout the United States. American Spectrum Management Group, Inc., a wholly-owned subsidiary of the Company, manages and leases all properties owned by American Spectrum Realty, Inc. as well as for third-party clients, totaling 7 million square feet in multiple states. APOLLO MEDICAL: Incurs $1.7 Million Net Loss in Second Quarter -------------------------------------------------------------- Apollo Medical Holdings, Inc. filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to the Company of $1.69 million on $7.64 million of net revenues for the three months ended Dec. 31, 2014, compared to a net loss attributable to the Company of $965,000 on $2.83 million of net revenues for the same period a year ago. For the nine months ended Dec. 31, 2014, the Company reported a net loss attributable to the Company of $1.99 million on $23.4 million of net revenues compared to a net loss attributable to the Company of $3.87 million on $7.97 million of net revenues for the same period during the prior year. As of Dec. 31, 2014, the Company had $15.02 million in total assets, $16.5 million in total liabilities, and a $1.47 million total stockholders' deficit. At Dec. 31, 2014, the Company had cash equivalents of approximately $7 million compared to cash and cash equivalents of approximately $6.8 million at March 31, 2014. At Dec. 31, 2014, the Company had borrowings totaling $8.6 million compared to borrowings at March 31, 2014, of $6.7 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/8dNMju 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. ARCHDIOCESE OF ST. PAUL: To Sell Four Properties to Pay Creditors ----------------------------------------------------------------- The Associated Press reports that The Archdiocese of St. Paul and Minneapolis' chief financial officer, Tom Mertens, said in a creditors' committee meeting on Feb. 24, 2015, that the Archdiocese will seek a bankruptcy trustee's permission to possibly sell properties to help pay creditors. The Archdiocese is planning to sell a property in Northfield and three St. Paul buildings, including the chancery, The AP relates, citing Mr. Mertens. According to the report, Mr. Mertens said that the Archdiocese will consider leasing office space elsewhere. Elizabeth Mohr, writing for TwinCities.com, reports that Mr. Mertens said during the meeting that the Archdiocese didn't move funds in the year before it filed for bankruptcy protection to avoid paying victims of clergy sexual abuse. Citing Mr. Mertens, the report states that because parishioners were concerned that their donations are being used to pay for legal expenses related to claims of sex abuse, independent fund Catholic Services Appeal Foundation was established to assure donors that their money would be used only for ministry programs. According to TwinCities.com, Mr. Mertens said during the meeting that about 60% of the Archdiocese's revenue comes from assessments of parishes, and last year it amounted to about $15.5 million. TwinCities.com quoted Mr. Mertens as saying, "I think the filing was (the result of) the number of claims we had against us, which was in excess of 20, and notice of claims served, which numbered about 120." Martin Moylan at Mprnews.org relates that five alleged victims of clergy sex abuse have been named to the committee. The report says that the Archdiocese and attorneys for abuse victims hope that insurance will cover a large portion of abuse claims that will be settled through the bankruptcy process, with church insurers potentially providing $100 million or more. According to the report, insurers are contesting coverage claims by the Archdiocese, with some companies claiming they owe the Archdiocese nothing for claims related to abusers whom the church identified but failed to stop. Mprnews.org states that there is probably more than $100 million in the priest and lay employee pension plans overseen by the Archdiocese, but the Archdiocese officials say the pensions are not archdiocese property and "our understanding is that the plan assets should not be available to the creditors." The report adds that the Archdiocese contends that the plans currently do not have enough money to pay future obligations. About Archdiocese of St. Paul The Archdiocese of Saint Paul and Minneapolis was originally established by the Vatican in 1850 and serves a geographical area consisting of 12 greater Twin Cities metro-area counties in Minnesota, including Ramsey, Hennepin, Anoka, Carver, Chisago, Dakota, Goodhue, Le Sueur, Rice, Scott, Washington, and Wright counties. There are 187 parishes and approximately 825,000 Catholic individuals in the region. These individuals and parishes are served by 3999 priests and 173 deacons. The Archdiocese of St. Paul and Minneapolis filed for Chapter 11 protection (Bankr. D. Minn. Case No. 15-30125) in Minnesota on Jan. 16, 2015, saying it has large and growing liabilities related to child sexual abuse and that its pension obligations are underfunded. The Debtor disclosed $45,203,010 in assets and $15,890,460 in liabilities as of the Chapter 11 filing. The Debtor has tapped Briggs and Morgan, P.A., as Chapter 11 counsel; BGA Management LLC d/b/a Alliance Management as financial advisor; Lindquist & Vennum LLP as attorney. According to the docket, the Debtor's exclusivity period for Filing plan and disclosure statement ends May 18, 2015. Governmental proofs of claims are due July 15, 2015. Eleven other dioceses have commenced Chapter 11 bankruptcy cases in the United States to settle claims from current and former parishioners who say they were sexually molested by priests. ARMSTRONG WORLD: Moody's Alters Ratings Outlook to Negative ----------------------------------------------------------- Moody's Investors Service changed Armstrong World Industries, Inc.'s rating outlook to negative from positive following the company's announcement that it is separating its flooring business from its ceilings (building products) business, creating two independent publicly traded companies. In related rating actions, Moody's affirmed Armstrong's ratings. The following ratings/assessments were also affected by this action: -- Corporate Family Rating affirmed at B1 -- Probability of Default Rating affirmed at B1-PD -- Senior Secured Revolving Credit Facility due 2018 affirmed at B1 (LGD3) -- Senior Secured Term Loan A due 2018 affirmed at B1 (LGD3) -- Senior Secured Term Loan B due 2020 affirmed at B1 (LGD3) -- Speculative grade liquidity rating affirmed at SGL-2. The change in Armstrong's rating outlook to negative from positive reflects the uncertainty surrounding Armstrong's new capital structure, earnings, free cash flow potential and future liquidity profile once flooring is separated from ceilings (building products). Armstrong recently announced that the separation of its businesses will allow each division with little existing overlap to focus on its respective markets and future growth opportunities. The separation is intended to be a tax-free spin-off of the Flooring business to the Company's shareholders, and is expected to be completed in the first quarter of 2016. This announcement follows Armstrong's decision in December 2014 to exit its European flooring business ("DLW"), which posted an operating loss of $23.7 million for 2014, and to cease further funding this subsidiary. DLW subsequently filed for insolvency in Germany. Moody's estimates the flooring business represents about 50% of Armstrong's revenues and approximately 25% of its forward-guidance EBITDA, after corporate expenses. Armstrong will need to amend its bank credit agreement to allow the spin-off. Armstrong's B1 Corporate Family Rating remains appropriate at this time. However, key debt credit metrics weaken on a pro form basis following the spin-off of the flooring business due to the loss of revenues and earnings. Moody's estimates leverage increasing to the range of 4.5x - 4.75x from about 3.5x at FYE14, and interest coverage, measured as EBITA-to-interest expense, falling to 3.25x -- 3.5x from approximately 4.5x for 2014 (all ratios incorporate Moody's standard adjustments). Armstrong's SGL-2 Speculative Grade Liquidity Rating reflects the company's ability to generate free cash flow throughout the year, and $185.3 million of cash on hand at FYE14, providing sufficient financial flexibility to meet any potential shortfall in operating cash flow to cover its working capital and capital expenditure needs over the near term. Stabilization of Armstrong's ratings could ensue once the new capital structure and resulting credit metrics have been determined after the flooring business is separated from ceilings (building products). Resulting adjusted debt credit metrics supporting stabilization of ratings would be leverage below 4.75x, or interest coverage, measured as EBITA-to-interest, above 2.5x. A downgrade could occur if Armstrong's new debt capital structure results in adjusted credit metrics such that leverage is sustained 5.5x, interests coverage is 1.5x, or there is a deterioration in the company's liquidity. Armstrong World Industries, Inc. ("Armstrong"), headquartered in Lancaster, PA, is a global manufacturer and distributor of flooring products and ceiling systems for use primarily in the construction and renovation of residential, commercial and institutional buildings. The Asbestos Personal Injury Settlement Trust ("Asbestos Trust") and affiliates of ValueAct Group are the majority shareholder of Armstrong, each owning about 17% of the company's stock. Revenues for the 12 months through Dec. 31, 2014 totaled approximately $2.5 billion. The principal methodology used in these ratings was Global Manufacturing Companies published in July 2014. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. BAXANO SURGICAL: Assets Sold for $7.8-Mil. to Four Buyers --------------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that Baxano Surgical Inc., a maker of devices for minimally invasive spine surgery, got court approval Jan. 29 to sell assets for an aggregate of about $7.8 million to ExWorks Capital Fund I LP, Choice Spine LP, Quandary Medical LLC and City Surgical LLC. According to the report, before the auction, ExWorks was offering $4 million for assets used in developing and selling the company's iO-Flex and iO-Tome product lines and bone-graft harvesting products. ExWorks ended up with the high bid of $5.53 million for those assets, the report related. About Baxano Surgical Based in Raleigh, North Carolina, Baxano Surgical Inc. develops, manufactures and markets minimally invasive medical products designed to treat degenerative conditions of the spine affecting the lumbar region. As of March 31, 2013, over 13,500 fusion procedures and 7,000 decompression procedures have been performed globally using its products. Baxano Surgical filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 14-12545) on Nov. 12, 2014. The case is assigned to Judge Christopher S. Sontchi. The Debtor estimated $10 million to $50 million in assets and debt. The Debtor has tapped John D. Demmy, Esq., at Stevens & Lee, P.C., in Wilmington, Delaware, as bankruptcy counsel. The Debtor is also employing the law firm of Goodwin Proctor LLP as special counsel, and the law firm of Hogans Lovell as special healthcare regulatory counsel. The Debtor is engaging Tamarack Associates to, among other things, provide John L. Palmer as CRO. Houlihan Lokey is serving as the Debtor's investment banker. Rust Consulting Omni is the claims and noticing agent. The Official Committee of Unsecured Creditors selected Pillsbury Winthrop Shaw Pittman LLP and Morris, Nichols, Arsht & Tunnell LLP as co-counsel. The Committee also tapped Urbanowicz Consulting, LLC, as consultant. The Debtor's Chapter 11 plan and disclosure statement are due March 12, 2015. BERNARD L. MADOFF: 5th Distribution Brings 48.8% Total Recovery --------------------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that Bernard Madoff's victims are receiving a fifth distribution of $355.8 million, bringing the total recovery to 48.8 percent for those not already paid in full. According to the report, the new distribution of 2.7 percent begun on Feb. 6 was about $33 million larger than the estimate Irving Picard, the trustee unwinding Bernard L. Madoff Investment Securities LLC, made when seeking court approval for the payments in December. Made to creditors of record on Jan. 15, the distribution largely became possible thanks to $642 million recovered in late 2014, the report related. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims. The fifth pro rata interim distribution slated for Jan. 15, 2015, will total $322 million and will bring the amount distributed to eligible claimants to approximately $7.2 billion, which includes more than $822.5 million in advances committed to the SIPA Trustee for distribution to allowed claimants by the SIPC. As of Nov. 30, 2014, the SIPA Trustee has recovered or reached agreements to recover approximately $10.5 billion since his appointment in December 2008. BRUCE HIMMELFARB: Designation No Reason to Violate Confidentiality ------------------------------------------------------------------ Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that Chief U.S. District Judge Susan Oki Mollway in Honolulu ruled in January that even if a party improperly designated all discovery documents as "confidential," that doesn't excuse violation of a confidentiality order. According to the report, on appeal, Judge Mollway upheld a bankruptcy court's holding an individual in Chapter 11 in contempt for violating confidentiality order, saying that even if the designations of confidential material were overbroad, that didn't excuse a willful violation of the confidentiality order. The case is In re Himmelfarb, 14-00352, U.S. Bankruptcy Court, District of Hawaii (Honolulu). C. WONDER: Chapter 11 Cases Jointly Administered ------------------------------------------------ The Hon. Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey ordered that the Chapter 11 bankruptcy cases of C. Wonder LLC and its debtor-affiliates will be jointly administered and that parties should consult the docket for Case No. 15-11127 for all matters relevant to the within jointly-administered cases. 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. C. WONDER: US Trustee Forms Five-Member Creditor's Committee ------------------------------------------------------------ Andrew R. Vara, the U.S. Trustee for Region 3, appointed five creditors to serve on the Official Committee of Unsecured Creditors for the bankruptcy cases of C. Wonder LLC and its debtor-affiliates. The members of the Committee are: a) Simon Property Group, Inc. and its affiliated entities 225 W. Washington Street Indianapolis, IN 46204 Tel.: (317) 636-1600 Fax: (317) 263-7901 Attn: Catherine Martin, Esq. (Co-Chairperson) b) KRG Enterprises, Inc. 9901 Blue Grass Road Philadelphia, PA 19114 Tel.: (215) 708-2811, Ext. 207 Fax: (215) 335-2448 Attn: Robert Oulahan, CFO c) Fisher Design, LLC 777 W. Putnam Avenue Greenwich, CT 06880 Tel.: (203) 302-2885 Fax: (203) 302-2985 Attn: Matthew Burris, CFO (Co-Chairperson) d) Al Tayer Trends, LLC P.O. Box 2623 Dubai, United Arab Emirates Tel.: + 971 4 201 1775 Fax: + 971 4 282 4559 Attn: Timothy Frost, Esq. e) Popular Talent Co., Ltd. Room 1702, Sino Centre 5582-592 Nathan Road Mongkok, Kowloon, Hong Kong Tel.: (0769) 82311399 Fax: (0769) 82313192 Attn: Tera Lin 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. CACHE INC: Nantahala Reports 5.6% Stake as of Dec. 31 ----------------------------------------------------- Nantahala Capital Management, LLC said in a Schedule 13G filing with the Securities and Exchange Commission that as of December 31, 2014, it may be deemed to be the beneficial owner of 1,727,057 shares of common stock of Cache, Inc. Nantahala added it may be deemed to be the beneficial owner of 5.6% of the total number of Shares outstanding (based upon information provided by the Company on Form 10-Q filed November 12, 2014, there were 31,037,384 Shares outstanding as of November 7, 2014). A copy of the filing is available at http://is.gd/DAAqoe About CACHE Inc. Cache, Inc., operates 236 women's apparel specialty stores under the trade name "Cache." On Dec. 4, 2014, New York-based Cache announced that it has received an inquiry from a third party regarding a potential sale of the Company. Cache, Inc., and its two affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 15-10172) on Feb. 4, 2015. The case is assigned to Judge Mary F. Walrath. The Debtors are represented by Laura Davis Jones, Esq., Peter J. Keane, Esq., and Colin R. Robinson, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware. The Debtors' restructuring advisors is FTI Consulting Inc., while their investment banker and financial advisor is Janney Montgomery Scott LLC. Thompson Hine represents the Debtors in corporate and securities matter, while Jackson Lewis P.C. represents the Debtors in employment matters. The Debtors' communications services provider is Epiq Systems, Inc., while their noticing and claims management services provider is Kurtzman Carson Consultants. A&G Realty Partners, LLC, serves as the Debtors' real estate consultants. The Debtors had total assets of $53.7 million and total liabilities of $51.1 million as of Sept. 27, 2014. The U.S. Trustee for Region 3 has appointed seven members to the Official Committee of Unsecured Creditors in the Debtors' case. CAESARS ENTERTAINMENT: Receives Demand Letter From Trustee ---------------------------------------------------------- Caesars Entertainment Corporation, on Feb. 18, 2015, received a demand for payment of guaranteed obligations from BOKF, N.A., in its capacity as successor trustee for the 12.75% Second-Priority Senior Secured Notes due 2018 issued under the Indenture, dated as of April 16, 2010, by and among Caesars Entertainment Operating Company, Inc., a majority owned subsidiary of CEC, CEC and U.S. Bank National Association, as former 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 $750 million, plus accrued and unpaid interest, accrued and unpaid attorneys' fees and other expenses and all other monetary obligations of CEOC to the holders and Trustee under the Indenture 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. The Company asserts 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. CAESARS ENTERTAINMENT: Seeks Approval of Plan Agreement ------------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that Caesars Entertainment Operating Co. is seeking bankruptcy court approval of an agreement laying the cornerstone for the casino owner’s reorganization. According to the report, the latest version of the support agreement, dated Jan. 14, is the product of discussions with holders of more than 80%, or $5 billion of first-lien debt and has support from 20% of secured bank lenders with $1 billion in claims. 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: Reports $2.8 Million Net Loss for Dec. 31 Qtr. ---------------------------------------------------------------- Caspian Services, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $2.86 million on $6.09 million of total revenues for the three months ended Dec. 31, 2014, compared to a net loss of $699,000 on $9.75 million of total revenues for the same period in 2013. As of Dec. 31, 2014, the Company had $66.3 million in total assets, $103.6 million in total liabilities, all current, and a $37.3 million total deficit. "Our ability to continue as a going concern is dependent upon, among other things, our ability to (i) successfully restructure our financial obligations to EBRD and Investor, (ii) increase our revenues and improve our operating results to a level that will allow us to service our financial obligations, and/or (iii) attract other significant sources of funding and a return to higher world oil prices. Uncertainty as to the outcome of each of these events raises substantial doubt about our ability to continue as a going concern," the Company said in the Report. At Dec. 31, 2014, the Company had cash on hand of $3.50 million compared to cash on hand of $1.96 million as of Sept. 30, 2014. A full-text copy of the Form 10-Q is available for free at: http://is.gd/rd82Mu 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. 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." CHARLOTTE RUSSE: S&P Raises CCR to 'B+' on Improved Credit Metrics ------------------------------------------------------------------ Standard & Poor's Ratings Services raised its corporate credit rating on Charlotte Russe Inc. to 'B+' from 'B'. The outlook is stable. At the same time, S&P raised the issue-level rating on the senior secured term loan facility to 'B+' from 'B'. The recovery rating on the term loan remains '4', indicating S&P's expectations for average recovery (30%-50%) in the event of a default. "The rating action reflects our expectation for continued lower debt levels and credit metrics that will remain relatively stable over the next 12 months, driven by our anticipation of continued somewhat moderated financial policies along with good operating performance," said credit analyst Helena Song. "We are projecting modest same-store sales and margin gains in 2015." The stable outlook reflects S&P's view that credit metrics will be relatively stable over the next 12 months, as S&P expects company financial policy to remain moderated over this time period. S&P is also forecasting company operating performance in 2015 to be in line with 2014. Upside scenario S&P could raise the rating if the company's private equity sponsors were to sell off a significant ownership stake, causing S&P to view the company's financial policies more favorably. In addition, credit metrics would further improve, with leverage approaching 3.0x. For example, this could happen if the company reduces debt by $50 million and EBITDA grows by 10%. Downside scenario S&P could lower the ratings if the company's operating performance is weaker than expected, resulting in leverage approaching the mid-4.0x. A likely scenario for this to occur would be if merchandise missteps resurface or a significant slowdown in consumer spending negatively affects performance. As a result, the company would have to increase its promotional activity to drive sales. Under this scenario, same-store sales would be negative and margins would erode by more than 300 bps, leading to leverage around the mid-4.0x. A negative rating action could also result from more aggressive financial policy leading to higher leverage. CHASSIX INC: Works to Finalize Pre-Arranged Bankruptcy ------------------------------------------------------ Matt Jarzemsky and Mike Spector, writing for Daily Bankruptcy Review, reported that Chassix Inc., a supplier of steering knuckles, control arms and brake components to large auto makers, is working to finalize a restructuring plan with creditors and seek bankruptcy protection as soon as next week, said people familiar with the matter. According to the Journal, citing the people, the Southfield, Mich., company, owned by private-equity firm Platinum Equity LLC, is negotiating a prearranged bankruptcy plan that would hand ownership stakes to creditors in exchange for forgiving debt and rework contracts with big auto makers including General Motors Co. and Ford Motor Co. The company aims to have the plan in place before a bankruptcy filing with a goal of streamlining its trip through court, the Journal related. * * * The Troubled Company Reporter, on Nov. 24, 2014, reported that Moody's Investors Service downgraded the Corporate Family and Probability of Default Ratings of Chassix, Inc. to Caa2 and Caa2-PD, from Caa1 and Caa1-PD, respectively. The company's $375 million 9.25% notes were downgraded to Caa2 from Caa1. The rating of the $150 million notes of Chassix Holdings, Inc., an intermediate holding company of Chassix, Inc., were downgraded to Ca from Caa3. Moody's said the downgrade of the Corporate Family Rating to Caa2 reflects the uncertainty surrounding the company's current operating performance and the increased likelihood that additional restructuring actions may need to be taken given the company's high debt level and weak operations. COLLAVINO CONSTRUCTION: Says Port Authority Owes Co. $87MM ---------------------------------------------------------- Katherine Clarke at New York Daily News reports that Collavino Construction Company Limited claims that it is struggling to stay afloat after the Port Authority of New York and New Jersey refused to pay up $87 million for services the Company rendered. The Port Authority hired the Company in 2007 to construct the 105-floor concrete superstructure for the 1 World Trade Center. According to the Daily News, the Company said that it successfully completed the work in 2013. The Daily News relates that a business entity tied to Collavino Construction Company has filed for Chapter 11 bankruptcy protection, claiming it can't afford to pay its suppliers until it's been paid. The Company, the Daily News reports, said that it is facing seven separate lawsuits from various subcontractors and suppliers. About Collavino Construction Family-owned The Collavino Group owns entities that operate in various sectors of the construction industry in the New York-New Jersey metropolitan area, Canada, and the Detroit metropolitan area. With over half a century's experience in the construction industry, the Collavino Group performs contracts in both the public and private sectors as a general contractor, design-build consultant, construction manager and prime subcontractor for cast-in-place and precast concrete works. Pursuant to World Trade Center Contract No. WTC-1001.04-1, Collavino Construction Company Limited ("CCCL") contracted with The Port Authority of New York and New Jersey on the public construction project known as the Reconstruction of One World Trade Center - Freedom Tower. Collavino Construction Company Inc. ("CCCI"), a subsidiary of CCCL, provides all the necessary labor to CCCL in connection with the performance of work on the WTC Project. As a result of, among other things, delays to the progress of work caused by conditions beyond the control of CCCL and CCCI, and the Port Authority's unilateral election to terminate the contract with CCCL for convenience, effective as of Jan. 18, 2013, CCCL incurred a multi-million dollar damage claim against the Port Authority on the WTC Project. CCCI sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 14-12908) in Manhattan on Oct. 17, 2014, estimating $1 million to $10 million in assets and debt. CCCL sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10344) on Feb. 18, 2015, estimating $50 million to $100 million in assets and $1 million to $10 million in liabilities. Judge Shelley C. Chapman presides over the cases. The Court has entered an order approving joint administration of the two cases. The Debtors have tapped Cullen and Dykman LLP as counsel, and Peckar & Abramson, P.C., as special litigation counsel. CCCI obtained an order extending by 90 days (a) the exclusive period during which only the Debtor may file a plan through and including May 15, 2015, and (b) the exclusive period to solicit acceptances of a Chapter 11 plan for the Debtor through and including July 14, 2015. CONNEAUT LAKE: Taxing Authorities Want Sale If Payments Not Made ---------------------------------------------------------------- Valerie Myers at Erie Times-News reports that Jeffery Deller, chief judge of the U.S. Bankruptcy Court of the Western District of Pennsylvania was slated to consider at a hearing on Feb. 24, 2015 the request of Crawford County, Conneaut School District and local townships to allow the Park's sale if they don't receive interest on back taxes owed to them, plus payments toward 2015 taxes. According to court documents, Larry Bolla, Esq., the attorney for the taxing bodies, is asking that the Park be required to pay the interest in $6,958 monthly installments. Mr. Bolla is also asking that taxing authorities be allowed to place additional liens on the Park for unpaid 2014 taxes, and that the Park be required to pay $5,000 monthly toward 2015 taxes. Erie Times-News recalls that the bankruptcy filing by the Park's trustees stopped a sheriff sale scheduled for Dec. 5, 2014. Erie Times-News says that the Park owes $927,813 in 1996-2013 real estate taxes to local taxing authorities, including Summit and Sadsbury townships in Crawford County. Mr. Bolla said in court filings that the two townships are entitled to 9% interest on that amount, or $83,503 a year. George Snyder, Esq., the attorney for the Park's trustees, filed an objection to Mr. Bolla's motion, saying that the Park has more than sufficient assets to pay its tax debt, and taxing authorities will have a priority claim as the Park reorganizes its finances, Erie Times-News states. Court documents show that the Park's property is valued at more than $3 million. Citing Mr. Snyder, Erie Times-News relates that taxing authorities could also be entitled to a $611,000 insurance settlement on the Park's Beach Club due to their claims, and that issue should be resolved before the Bankruptcy Court imposes interest payments. Mr. Snyder, Erie Times-News reports, said that the Park will apply for tax-exempt status as a public trust before 2015 taxes are due, so it should not be required to make monthly payments toward future tax obligations. The Park simply cannot make monthly payments, either for future taxes or interest on tax debt, as "summer is its prime season. Winter is not. Conneaut Lake Park is currently closed, and virtually no revenue is generated during the winter and spring seasons to fund equal monthly payments," the report quoted Mr. Snyder as saying. About Conneaut Lake Park Conneaut Lake Park is a summer amusement resort, located in Conneaut Lake, Pennsylvania. Trustees of Conneaut Lake Park, Inc., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 14-11277) in Erie, Pennsylvania, on Dec. 4, 2014. The case is assigned to Judge Thomas P. Agresti. The Debtor tapped George T. Snyder, Esq., at Stonecipher Law Firm, in Pittsburgh, as counsel. The Debtor estimated assets and debt of $1 million to $10 million. Trustees of Conneaut Lake Park filed for bankruptcy protection less than 20 hours before the Crawford County amusement park was scheduled to go to sheriff's sale for almost $930,000 in back taxes and related fees. COVINGTON COAL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Covington Coal Company, LLC P O Box C Charleston, WV 25365 Case No.: 15-20079 Chapter 11 Petition Date: February 24, 2015 Court: United States Bankruptcy Court Southern District of West Virginia (Charleston) Judge: Hon. Ronald G. Pearson Debtor's Counsel: Brian Richard Blickenstaff, Esq. TURNER & JOHNS, PLLC 216 Brooks St, Suite 200 Charleston, WV 25301 Tel: 304 -720-2300 Fax: 304-720-2311 Email: bblickenstaff@turnerjohns.com Total Assets: $1.08 million Total Liabilities: $9.26 million The petition was signed by Peter K. Moran, president and managing member. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/wvsb15-20079.pdf CROSS ISLAND REO: Foreclosure Sale Set for March 27 --------------------------------------------------- Pursuant to a Judgment of Foreclosure and Sale entered on Jan. 20, 2015, Eli Babaev, Esq., as referee will sell at public auction at the Queens County Supreme Courthouse 88 11 Sutphin Blvd in Courtroom # 25, Jamaica, NY on March 27, 2015, at 10:00 a.m., the premises known as 442 Beach 64th Street, Arverne, NY. The approximate amount of the lien is $11,582.61 plus interest and costs. The premises will be sold subject to the provisions of filed judgment and terms of sale. The case is, NYCTL 2012 A TRUST AND THE BANK OF NEW YORK MELLON, AS COLLATERAL AGENT AND CUSTODIAN, Plaintiffs against CROSS ISLAND REO INC., et al Defendant(s), pending before the Supreme Court County of Queens. The Plaintiffs are represented by lawyers at: PHILLIPS LYTLE LLP 1400 First Federal Plaza Rochester, NY 14614 CWNZ PURCELLVILLE: Files for Ch 11; Sec 341(a) Meeting on March 26 ------------------------------------------------------------------ CWNZ Purcellville, LLC, filed for Chapter 11 bankruptcy protection (Bankr. E.D. Va. Case No. 15-10534) on Feb. 16, 2015. The Company estimated its assets at between $50,001 and $100,000 and its liabilities at between $500,001 and $1 million, according to Aaron Gregg at The Washington Post. The report says that Ibrahim Zarou, the Company's largest unsecured creditor, is owed $450,000. Frank Bredimus, Esq., at the Law Office of Frank Bredimus serves as the Company's bankruptcy counsel. Robert G. Mayer presides over the case. The Section 341(a) meeting of creditors will be held on March 26, 2015, at 2:00 p.m. at Office of the U.S. Trustee (Chapter 11), 115 South Union Street, Suite 208, Alexandria, Virginia. Proofs of claim are due by June 24, 2015. Governmental unit proof of claim must be filed by Sept. 22, 2015. Complaint for determination of dischargeability of debt must be filed by May 26, 2015. CWNZ Purcellville, LLC, is based in Ashburn, Virginia. DAVID DRUMM: Blames Lawyers for Bad Result in Court --------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that David K. Drumm, the former chief executive officer of Anglo Irish Bank Corp., blamed his lawyers and financial advisers for mistakes that resulted in a finding that he knowingly and fraudulently concealed transfers of cash and real estate to his wife. According to the report, in a 122-page ruling in January, U.S. Bankruptcy Judge Frank J. Bailey in Boston said Drumm was "not remotely credible" in his testimony at a trial over the transfers. The judge denied Drumm a discharge, meaning his debts will survive bankruptcy, even though a trustee will sell his assets, the report related. In papers outlining his arguments on appeal, Drumm said he fully disclosed all transactions to his professional advisers and followed their advice in how to show the transfers in his official lists of assets, debt and transactions that Bailey found to be false, the report further related. The appeal is Drumm v. Dwyer (In re Drumm), 15-cv-10184, U.S. District Court, District of Massachusetts (Boston). The lawsuit on Drumm's discharge is Irish Bank Resolution Corp. Ltd. v. Drumm (In re Drumm), 11-01267, U.S. Bankruptcy Court, District of Massachusetts (Boston). DIGICEL LIMITED: Fitch Expects to Rate New $925MM Sr. Notes 'B' --------------------------------------------------------------- Fitch Ratings expects to rate Digicel Limited's (DL) proposed USD925 million senior notes due 2023 'B/RR4(EXP)'. Proceeds from the issuance are expected to be used mainly to fully redeem its USD800 million 8.25% senior notes due 2017 and to pay for a tender premium for such redemption, as well as the associated accrued interest. Securities rated 'RR4' have characteristics consistent with securities historically recovering 31%-50% of the principal and related interest. KEY RATING DRIVERS Digicel's ratings reflect its solid performance and cash flow from operations (CFFO) generation, geographic diversification with a leading market position, strong brand recognition, as well as Fitch's expectation for stable credit metrics over the medium term. The ratings are tempered by its aggressive shareholder distribution, high leverage and the exposure of its operations to low-rated countries. Under Fitch's approach to rating entities within a corporate group structure, the Issuer Default Ratings (IDR) of Digicel Group Limited (DGL) and its subsidiaries, DL and Digicel International Finance Limited (DIFL), are the same and viewed on a consolidated basis as they have a weaker parent and the degree of linkage between parent and subsidiaries is considered strong. For issue ratings, Fitch rates debt at DIFL one notch higher than its parent DL, reflecting its above-average recovery prospects. DL's ratings reflect the increased burden the DGL subordinated notes place on the operating assets and the loss of financial flexibility. The ratings of DGL incorporate their subordination to debt at DIFL and DL, as well as the subordinated notes' below-average recovery prospects in the event of default. Stable Operating Trends Digicel has generated stable operating results in the first nine months of fiscal year 2015 (FY2015), ending on March 31, 2015, and Fitch expects this trend to continue over the medium term. The company's constant-currency-based revenue posted stable growth of 5% with a solid EBITDA margin of 43% during the period. This was mainly driven by increasing data revenue supporting ARPU, and steady growth in Papua New Guinea (PNG), Trinidad & Tobago, and Other Markets segment. Stable subscriber base expansion continued, with the total subscriber base reaching 13.8 million as of December 2014 from 13.4 million a year ago. Although revenue growth as reported in USD is likely to remain weak due to the local currency depreciation in some of its markets, the operational impact should not be material given the close revenue-cost currency match. Positive Revenue Diversification Ongoing revenue diversification away from the traditional mobile voice is positive. The revenue and EBITDA contribution from data-based value-added services (VAS) should continue to steadily increase over the medium term, mitigating negative pressures on the voice segment, which has suffered from a high level of competition and reduced mobile termination rates in some markets. For the quarter ended December 2014, VAS revenues increased by 8% from a year ago, accounting for 27% of service revenues. Increasing smartphone penetration, which rose to 31% as of December 2014 from 20% a year ago, should continue to support this trend. The company has made several acquisitions in the submarine fiber network and cable operations to cope with the data capacity increase and reinforce this strategy. Digicel's business solutions business also grew strongly by 55% to USD32 million during the quarter ended December 2014 versus a year ago. Revenue contribution is yet to be significant as it represented only 4.7% of the consolidated service revenue in the quarter, but this segment is likely to become a meaningful cash generator over the long term, as the demand outlook is solid. Negative FCF in and FY2015 Fitch forecasts Digicel to generate negative free cash flow (FCF) in FY2015 due to high capex, despite stable performance. During the year, annual capex is expected to increase to above USD600 million, from USD550 million in FY2014, as a result of network expansion, including cable networks as well as a tower project in Myanmar. Positively, Fitch believes that FCF generation could turn positive from FY2016 as expansionary capex falls in the absence of any sizable special dividend. The capex-to-revenue ratio is expected to trend toward 10% with a stable annual dividend policy of USD40 million in the next few years. Leverage to Remain Stable Fitch expects the company's financial leverage to remain stable over the medium term given its high cash balance. Despite forecasted negative FCF and some pending investments, its cash balance of USD512 million at December 2014 should cover any shortfall from CFFO without a significant need for external financing. Therefore, Fitch does not foresee any material increase in the company's gross debt level, which was USD6.4 billion at December 2014. Fitch's base case scenario indicates Digicel's debt-to-EBITDAR ratio to remain in the range of 5.0x-5.5x over the medium term, in line with the current rating level. Improved Debt Maturities Profile Digicel's liquidity profile has substantially improved with the the extension of debt maturities of DIFL's USD857 million facility loans during June 2014. Following the extension, the company faces no significant debt maturities until FY2018 when the USD202 million portion of the facility becomes due. These loans were due during FY2015 - FY2017. The proposed notes should also bolster Digicel's liquidity position. Fitch currently rates DGL and its subsidiaries as: DGL -- Long-term IDR 'B' with a Stable Outlook; -- USD 2 billion 8.25% senior subordinated notes due 2020 'B-/RR5'; -- USD 1 billion 7.125% senior unsecured notes due 2022 'B-/RR5'. DL -- Long-term IDR 'B' with a Stable Outlook; -- USD 800 million 8.25% senior notes due 2017 'B/RR4'; -- USD 250 million 7% senior notes due 2020 'B/RR4'; -- USD 1.3 billion 6% senior notes due 2021 'B/RR4'. DIFL -- Long-term IDR a 'B' with a Stable Outlook; -- Senior secured credit facility 'B+/RR3'. RATING SENSITIVITIES A negative rating action could be considered if consolidated leverage at DGL approaches 6.0x, due to competitive pressures and aggressive capex/shareholder distributions. Conversely, a positive rating action could be considered in the case of a sustained reduction in consolidated gross leverage to 4.0x or below, and an increase in FCF generation. DIGICEL LIMITED: Moody's Assigns 'B1' Rating on New $925MM Notes ---------------------------------------------------------------- Moody's Investors Service assigned a B1 rating to Digicel Limited's proposed offering of $925 million Senior Unsecured Notes due 2023. The use of proceeds will be used to redeem 100% of the existing Digicel Limited 8.25% Senior Unsecured Notes due 2017, including redemption premiums, accrued interest and fees, and the remaining net proceeds will be used to add cash to the balance sheet to be used for general corporate purposes. Issuer: Digicel Limited -- Senior Unsecured Notes due 2023 -- B1 (LGD3) Digicel Group Limited's ("DGL" or "Digicel") B2 Corporate Family Rating is supported by its leading position as the largest wireless telecommunications carrier in the Caribbean (also providing services in the Asia Pacific and Central America), as well as its successful track record at gaining significant market share and producing solid operating results relatively quickly after new markets are launched. Profitability and cash flows have expanded steadily over the past few years. Moody's expect that the company's expansion into cable TV and business services will be successful as it will allow Digicel to leverage existing customer relationships and a strong brand. Consequently, cash flow growth is expected to remain strong as these new services offset slowing growth in legacy wireless services. However, Digicel's history of debt funded acquisitions and sizable dividend payments weigh down the rating. While the company continues to have strong geographic diversification, this is mitigated by its exposure to Jamaica (about 15% of total revenue), which is struggling to revive its economy and experiencing competitive telecom pricing following the implementation of a new regulatory and tax scheme designed to increase government receipts. Further, slowing subscriber growth, lower pricing plans and adverse foreign currency movements relative to the US dollar in Digicel's three largest geographies (Jamaica, Haiti and Papua New Guinea) accounting for over 45% of revenue have resulted in flat year-over-year revenue growth for the three months ended September 30, 2014. In constant currency terms, revenues increased by 3%. The stable rating outlook reflects Moody's opinion that DGL is unlikely to drive debt to EBITDA leverage to under 4x (Moody's adjusted) over the rating horizon. Moody's could upgrade Digicel's rating if the company demonstrated a less aggressive dividend philosophy, financial policies targeted leverage lower than 4x debt to EBITDA (Moody's adjusted), and if the operations exhibited positive free cash flow generation in excess of 5% of total debt (Moody's adjusted) on a sustained basis while maintaining very good liquidity. The ratings could be downgraded if operational shortfalls or unexpected acquisitions/investments elevated Digicel's leverage above 6x debt to EBITDA (Moody's adjusted) within an 18 - 24 month horizon. The ratings will likely experience downward pressure if competition escalates in the company's core markets or if deterioration in the political, economic and regulatory environments in the Caribbean or South Pacific markets result in declining operating cash flows and weak liquidity. 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. Incorporated in Hamilton, Bermuda, with headquarters in Kingston, Jamaica, W.I., Digicel is the largest provider of wireless telecommunication services in the Caribbean. Revenue for the twelve months ended September 30, 2014 totaled $2.8 billion. DISH NETWORK: S&P Affirms 'BB-' CCR, Off CreditWatch Negative ------------------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its ratings, including its 'BB-' corporate credit rating, on Englewood, Colo.-based DISH Network Corp., and removed all ratings from CreditWatch, where S&P had placed them with negative implications on Feb. 2, 2015. The rating outlook is negative. "The ratings affirmation follows our review of the company's plans to fund spectrum purchases in the AWS-3 auction," said Standard & Poor's credit analyst Michael Altberg. "While the distribution of the majority of the company's sizeable cash balances does not impair gross leverage at DISH Network, we believe this greatly reduces the company's liquidity position and will likely result in the need for additional debt issuance to fund future spectrum investments, acquisitions, or wireless build-outs," he added. As a result of the depletion in cash balances, S&P has revised its liquidity assessment to "adequate" from "strong." The negative outlook reflects the company's reduced flexibility due to a depletion of cash balances, and the potential for a downgrade if future wireless-related investments or acquisitions cause a meaningful rise in net leverage, without commensurate improvement in the company's business risk profile. S&P could lower the rating if adjusted leverage increases above 5x, with no clear path for improvement. While S&P do not believe DISH Network will look to fund a wireless build-out on its own, S&P believes the array of options available to it (e.g. acquisition, spectrum sharing, joint ventures, etc.) will bring additional investment requirements that could push leverage above this threshold. As previously stated, the 5x threshold reflects S&P's current view of the company's "fair" business risk profile, which is based primarily on its core pay-TV business. As a result, S&P will look to reassess its business risk profile and the appropriateness of this threshold as longer-term developments around the company's wireless strategy unfold. S&P could revise the outlook to stable if it had greater confidence that the company could pursue a wireless strategy while maintaining "adequate" liquidity and leverage below 5x. Additionally, such a scenario would incorporate a relatively stable performance in its pay-TV business. Because the uncertainty regarding the company's wireless strategy could extend for a prolonged period, S&P could revise the outlook to stable over the near term until further developments unfold. DISTRICT OF COLUMBIA CANCER: Files for Chapter 7 Liquidation ------------------------------------------------------------ Aaron Gregg at The Washington Post reports that District of Columbia Cancer Consortium filed for Chapter 7 liquidation (Bankr. D.C. Case No. 15-00074) on Feb. 13, 2015, estimating its assets up to $50,000 and liabilities between $500,001 and $1 million. According to The Washington Post, the Company's largest unsecured creditor is George Washington University, owed at $454,000. Mary F. Caloway, Esq., serves as the Company's bankruptcy counsel, The Washington Post says. S. Martin Teel, Jr., presides over the case. District of Columbia Cancer Consortium is based in Washington, D.C. DOLAN COMPANY: Asks Court to Extend Deadline to Remove Suits ------------------------------------------------------------ The Dolan Company has filed a motion seeking additional time to remove lawsuits involving the company and its affiliates. In its motion, the company asked the U.S. Bankruptcy Court in Delaware to move the deadline for filing notices of removal of the lawsuits to May 17. The extension would give Dolan enough time to make "fully-informed decisions" concerning removal of any lawsuit involving the company, according to its lawyer, Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware. A court hearing to consider the motion is scheduled for March 18. About The Dolan Company Minneapolis, Minn.-based The Dolan Company (OTC:DOLN) and its subsidiaries provide professional services and business information to the legal, financial and real estate sectors. The Dolan Company and several affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 14-10614 to 14-10637) on March 23, 2014. The Company has said it expects to emerge from bankruptcy within two months. Judge Brendan L. Shannon oversees the cases. Marc Kieselstein, P.C., Jeffrey D. Pawlitz, Esq., and Joseph M. Graham, Esq., at Kirkland & Ellis LLP, serve as the Debtors' counsel. Timothy P. Cairns, Esq., Laura Davis Jones, Esq., and Michael Seidl, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as local counsel. Kevin Nystrom serves as the Company's chief restructuring officer. Faegre Baker Daniels LLP serves as the Debtors' special counsel; Peter J. Solomon Company serves as financial advisors; and Kurtzman Carson Consultants, LLC, serves s noticing and balloting agent. Deloitte Tax LLP serves as tax advisors. Zolfo Cooper LLC also serves as advisors. Dolan listed $236.2 million in total assets and $185.9 million in total debts at Sept. 30, 2013. The petitions were signed by Vicki J. Duncomb, authorized signatory. Global investment management firm T. Rowe Price Associates, Inc., owns nearly 10% of the company's stock, while James Dolan owns 6.8%. Dolan's e-discovery business, DiscoverReady LLC, did not file a chapter 11 petition and its operations will not be affected by the chapter 11 process. On March 18, 2014, Dolan and its lenders and certain of its swap counterparties executed a restructuring support agreement that sets forth the material terms of the chapter 11 restructuring and secures the support of the secured creditors for that process. In accordance with the RSA, the Company commenced solicitation for votes on the chapter 11 plan from secured creditors, the only parties entitled to vote under the plan of reorganization. The chapter 11 plan contemplates that the secured lenders will become the owner of DiscoverReady and The Dolan Company upon the completion of the restructuring process and each business will be operated as separate and distinct entities. Investment funds managed by Bayside Capital, Inc. will become the majority owner of DiscoverReady and The Dolan Company. Bayside Capital is an affiliate of H.I.G. Capital, a global private investment firm with more than $15 billion of equity capital under management. The chapter 11 plan process will allow the filing subsidiaries of the Company to deleverage its capital structure by reducing its projected secured debt obligations from approximately $170 million to approximately $50 million. The RSA also secures support from the lenders to refinance DiscoverReady's capital structure with a $10 million unfunded secured revolving facility. The existing preferred and common shares will be cancelled and will not receive a recovery in the chapter 11 plan. After emergence from bankruptcy, both The Dolan Company and DiscoverReady LLC will be privately held companies. The lenders are to provide a $10 million DIP loan to fund the cash needs of the Company and DiscoverReady through the reorganization process. Bayside Capital is represented in the case by Akin Gump Strauss Hauer & Feld LLP's Michael S. Stamer, Esq., and Sarah Link Schultz, Esq. An Official Committee of Equity Security Holders is represented by Neil B. Glassman, Esq., GianClaudio Finizio, Esq., and Justin R. Alberto, Esq., at Bayard, P.A., in Wilmington, Delaware; Robert J. Stark, Esq., at Brown Rudnick LLP, in New York; and Steven B. Levine, Esq., at Brown Rudnick LLP, in Boston, Massachusetts. The Debtors have filed a request to disband the Equity Committee, given the "hopeless insolvency" of their estates. Dolan Company and its subsidiaries on June 12 disclosed that they have emerged from chapter 11 only 81 days after voluntarily filing for bankruptcy protection. As previously announced, the United States Bankruptcy Court for the District of Delaware confirmed the Company's plan of reorganization on June 9, 2014. DUNE ENERGY: Alexander Kulpecz Quits as Director ------------------------------------------------ Alexander A. Kulpecz resigned from the Board of Directors of Dune Energy, Inc., and from all committees of the Company of which he was a member, effective Feb. 19, 2015. Mr. Kulpecz's resignation is not because of any disagreement with the Company on any matter relating to the Company's operations, policies or practices, according to a document filed with the Securities and Exchange Commission. About Dune Energy Dune Energy, Inc. (NYSE AMEX: DNE) -- http://www.duneenergy.com/ -- is an independent energy company based in Houston, Texas. Since May 2004, the Company has been engaged in the exploration, development, acquisition and exploitation of natural gas and crude oil properties, with interests along the Louisiana/Texas Gulf Coast. The Company's properties cover over 90,000 gross acres across 27 producing oil and natural gas fields. Dune Energy reported a net loss of $47 million in 2013, a net loss of $7.85 million in 2012 and a net loss of $60.4 million in 2011. The Company's balance sheet at Sept. 30, 2014, showed $229 million in total assets, $144 million in total liabilities and $85.2 million in total stockholders' equity. "Our primary sources of liquidity are cash provided by operating activities, debt financing, sales of non-core properties and access to capital markets. As previously discussed, the Company is now subject to a Forbearance Agreement and Fourth Amendment to the Credit Agreement. Under the terms of this agreement, we have a borrowing base set at $40 million. Pursuant to the terms of the agreement, so long as we remain in compliance with the terms of the agreement, Dune has $1 million of borrowing capacity available. Nevertheless, this will not provide sufficient liquidity to continue normal operations absent a longer-term solution prior to the end of the forbearance period. "These and other factors raise substantial doubt about our ability to continue as a going concern beyond Dec. 31, 2014, should the Merger with Eos not occur," the Company stated in its quarterly report for the period ended Sept. 30, 2014. DUNE ENERGY: Eos Petro Extends Tender Offer Expiration Anew ----------------------------------------------------------- In connection with the previously announced agreement and plan of merger, dated Sept. 17, 2014, between Dune Energy, Inc., Eos Petro, Inc., and Eos Merger Sub, Inc., the parties have agreed to extend the expiration of the tender offer to acquire all of the outstanding shares of common stock of Dune to Tuesday, Feb. 24, 2015, at 12:00 Midnight, New York City time, to allow them additional time to negotiate revised terms to the Merger Agreement. The tender offer was previously scheduled to expire on Feb. 20, 2015, at 12:00 Midnight, New York City time. The depositary for the tender offer has advised that, as of the close of business on Feb. 20, 2015, a total of approximately 62,205,210 shares or 85.20848% of outstanding shares had been validly tendered and not properly withdrawn pursuant to the tender offer, which is sufficient to satisfy the minimum tender condition contemplated by the Merger Agreement. Eos has informed Dune that, due to the recent severe decline in oil prices, Eos cannot proceed to complete the merger and tender described in the Merger Agreement, at least not on the terms originally negotiated. Because of the severe decline in oil prices, Eos' sources of capital for the merger and tender offer were withdrawn. Dune and Eos are currently in the process of negotiating potential revised terms for the Merger Agreement upon which the merger and tender offer could still be completed. Those revised terms may include, but are not limited to, revising the $0.30 per share price for the shares of Dune common stock tendered for purchase in the tender offer. If the parties are able to agree on revised terms, the tender offer will remain open for a minimum of 10 business days from the date those revised terms are made publicly available, in order to give Dune's investors adequate time to consider the revised terms. However, there is no assurance that the parties will be able to agree on revised terms. If such terms are agreed upon, the parties do not expect the revised per share price for the shares of Dune common stock tendered for purchase in the tender offer to be more than nominal. About Dune Energy Dune Energy, Inc. (NYSE AMEX: DNE) -- http://www.duneenergy.com/ -- is an independent energy company based in Houston, Texas. Since May 2004, the Company has been engaged in the exploration, development, acquisition and exploitation of natural gas and crude oil properties, with interests along the Louisiana/Texas Gulf Coast. The Company's properties cover over 90,000 gross acres across 27 producing oil and natural gas fields. Dune Energy reported a net loss of $47 million in 2013, a net loss of $7.85 million in 2012 and a net loss of $60.4 million in 2011. The Company's balance sheet at Sept. 30, 2014, showed $229 million in total assets, $144 million in total liabilities and $85.2 million in total stockholders' equity. "Our primary sources of liquidity are cash provided by operating activities, debt financing, sales of non-core properties and access to capital markets. As previously discussed, the Company is now subject to a Forbearance Agreement and Fourth Amendment to the Credit Agreement. Under the terms of this agreement, we have a borrowing base set at $40 million. Pursuant to the terms of the agreement, so long as we remain in compliance with the terms of the agreement, Dune has $1 million of borrowing capacity available. Nevertheless, this will not provide sufficient liquidity to continue normal operations absent a longer-term solution prior to the end of the forbearance period. "These and other factors raise substantial doubt about our ability to continue as a going concern beyond Dec. 31, 2014, should the Merger with Eos not occur," the Company stated in its quarterly report for the period ended Sept. 30, 2014. DUNKIN' BRANDS: S&P Withdraws 'B+' CCR After Debt Paydown --------------------------------------------------------- Standard & Poor's Ratings Services withdrew its 'B+' corporate credit rating, 'B+' senior secured issue rating, and '3' recovery rating on Canton, Mass.-based global fast food franchisor Dunkin' Brands Inc. Dunkin' Brands recently repaid all outstanding amounts under its senior secured bank credit facilities with proceeds from a securitized debt facility. As a result, S&P has withdrawn the corporate credit, issue-level, and recovery ratings on Dunkin' Brands. ENDEAVOUR INT'L: Smedvig Funds Reports 13.6% Stake as of Dec. 31 ---------------------------------------------------------------- Smedvig Funds Plc et al. disclosed in a Schedule 13G (Amendment No. 7) filing with the Securities and Exchange Commission that as of December 31, 2014, SF -- and, by reason of Smedvig Asset Allocation AS being SF's investment manager and John Thore Olsen serving as its chief investment officer, SAA and JTO as well -- had sole beneficial ownership of an aggregate of 8,103,482 shares of Common Stock of Endeavour International Corporation, composed of: (x) 5,215,910 shares of Common Stock issuable upon the conversion of the Guaranteed Convertible Bonds due 2016; (y) 1,234,278 shares of Common Stock issuable upon the exercise of warrants; and (z) 1,653,294 shares of outstanding Common Stock. As of that date, the aggregate amount of shares beneficially owned represented approximately 13.63% of the shares of Common Stock outstanding, determined in accordance with Rule 13d-3(d)(1)(i) under the Exchange Act (based on the number of shares outstanding as of November 5, 2014, as reported in the Company's Quarterly Report on Form 10-Q filed November 11, 2014, (53,000,000 shares) plus the shares issuable to SF upon conversion of the Bonds and exercise of the Warrants). The Bonds were issued by Endeavour Energy Luxembourg sarl ("LuxCo"), and are guaranteed by LuxCo's parent, the Company (also, the "Guarantor"), and are convertible into shares of Common Stock of the Company. The Bonds bear interest at a rate of 11.5% per annum which is capitalized quarterly on March 31, June 30, September 30 and December 31 of each year, commencing on March 31, 2008. Beginning with the interest period commencing on March 31, 2014, the Bonds bear interest at the rate of 7.5% per annum. At the option of the holders thereof, the Bonds may be converted at the principal amount thereof together with accrued interest capitalized to the conversion date into shares of Common Stock at the conversion price. Such conversion right commences on the day falling one month after January 24, 2008 and expires 15 business days prior to January 24, 2016. The number of shares of Common Stock which shall be delivered upon conversion per U.S.$ principal amount of the Bonds is determined by dividing the outstanding principal amount of the Bond (including capitalized interest) by the conversion price then in effect. The initial conversion price for the Bonds was $2.36. The initial conversion price is subject to adjustments, calculated by the Guarantor in the event of (a) dividends or other distributions to all holders of outstanding Common Stock, (b) stock splits and (c) issue of rights or warrants to all holders of outstanding Common Stock to subscribe for or purchase shares at a price less than the market price or the issue of Common Stock at a price below $2.36. After the Company's 1-for-7 reverse stock split on November 18, 2010, the as-adjusted initial conversion price became $16.52. The Guarantor can convert the Bonds if less than 15% of the outstanding principal amount is outstanding. Bondholders holding at least 25% of the Bonds have a put right on January 24, 2016, if the weighted average closing price for a share of Common Stock for the 30 day period ending two business days prior to such date is less than $2.36, which amount was adjusted to $16.52 after the Company's 1-for-7 reverse stock split on November 18, 2010. LuxCo must redeem the Bonds at their outstanding principal amount (which includes the capitalized interest). If holders of the Bonds do not exercise such put right, then the conversion price will be reset to the market price for a share of Common Stock if it is lower than the conversion price on such date. Each holder of a Bond has a put right upon a change of control and LuxCo is required to redeem the Bonds at a Change of Control Redemption Price, which is the greater of (a) number of shares that bondholder would have received if it had exercised its conversion rights multiplied by the price of the Common Stock tendered in the change of control and (b) an amount equal to the greater of: (i) 115% of the outstanding principal amount (including capitalized interest) and (ii) an amount sufficient to generate a 15% pre-tax annual IRR on such Bonds. SF is a self-managed fund under AIFMD. SAA is the investment manager for SF and is regulated by the Norwegian FSA. JTO serves as the Chief Executive Officer and Chief Investment Officer of SAA. A copy of the filing is available at http://is.gd/Vgewqk About Endeavour International Houston, Texas-based Endeavour International Corporation (OTC: ENDRQ) (LSE: ENDV) is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. On Oct. 10, 2014, Endeavour International and five affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code after reaching a restructuring deal with noteholders. The cases are pending joint administration under Endeavour Operating Corp.'s Case No. 14-12308 before the Honorable Kevin J. Carey (Bankr. D. Del.). As of June 30, 2014, the Company had $1.55 billion in total assets, $1.55 billion in total liabilities, $43.7 million in series c convertible preferred stock, and a $41.5 million stockholders' deficit. The Debtors have tapped Weil, Gotshal & Manges LLP as counsel; Richards, Layton & Finger, P.A., as co-counsel; The Blackstone Group L.P., as financial advisor; AlixPartners, LLP, as restructuring advisor; and Kurtzman Carson Consultants LLC, as claims and noticing agent. The U.S. Trustee for Region 3 has appointed three members to the Official Committee of Unsecured Creditors in the Chapter 11 cases of Endeavour Operating Corporation and its debtor affiliates. The Committee is represented by David M. Bennett, Esq., Cassandra Sepanik Shoemaker, Esq., and Demetra L. Liggins, Esq., at Thompson & Knight LLP, and Neil B. Glassman, Esq., Scott D. Cousins, Esq., and Evan T. Miller, Esq., at Bayard, P.A. Alvarez & Marsal North America, LLC, serves as financial advisors to the Committee, while UpShot Services LLC serves as website administrator. * * * U.S. Bankruptcy Judge Kevin J. Carey in of Delaware, on Dec. 22, 2014, approved the disclosure statement explaining Endeavour Operating Corporation, et al.'s joint plan of reorganization. The Amended Plan, dated Dec. 19, 2014, provides that it is supported by creditors who collectively hold 82.99% of the March 2018 Notes Claims (Class 3), 70.88% of the June 2018 Notes Claims (Class 4), 99.75% of the 7.5% Convertible Bonds Claims (Class 5), and 69.08% of the Convertible Notes Claims (Class 6). The Amended Plan also provides that holders of general unsecured claims will recover an estimated 15% of the total claims amount, which is estimated to be $6,000,000. The hearing to consider confirmation of the Amended Joint Plan of Reorganization, dated Dec. 23, 2014, of Endeavour Operating Corporation and its affiliated debtors, including Endeavour International Corporation, has been adjourned to a date to be determined. ENDEAVOUR INT'L: Steelhead Owns 5.7% Stake as of Dec. 31 -------------------------------------------------------- Steelhead Partners, LLC, James Michael Johnston, Brian Katz Klein, and Steelhead Navigator Master, L.P. disclosed in a Schedule 13G filing with the Securities and Exchange Commission that as of December 31, 2014, Steelhead and Steelhead Navigator are the beneficial owners of 3,000,000 shares -- or 5.7% -- of the voting common stock of Endeavour International Corporation. The Securities are held by and for the benefit of Steelhead Navigator. Steelhead, as the investment manager of Steelhead Navigator, and as the sole member of Steelhead Navigator's general partner, and each of J. Michael Johnston and Brian K. Klein, as the member-managers of Steelhead, may be deemed to beneficially own the Securities owned by Steelhead Navigator for the purposes of Rule 13d-3 of the Securities Exchange Act of 1934, insofar as they may be deemed to have the power to direct the voting or disposition of those Securities. Neither the filing of this Schedule nor any of its contents shall be deemed to constitute an admission that any of Steelhead, Mr. Johnston or Mr. Klein is, for any other purpose, the beneficial owner of any of the Securities, and each of Steelhead, Mr. Johnston and Mr. Klein disclaims beneficial ownership as to the Securities, except to the extent of his or its pecuniary interests therein. Under the definition of "beneficial ownership" in Rule 13d-3 under the Act, it is also possible that the individual general partners, executive officers, and members of the foregoing entities might be deemed the "beneficial owners" of some or all of the Securities insofar as they may be deemed to share the power to direct the voting or disposition of such Securities. Neither the filing of this Schedule nor any of its contents shall be deemed to constitute an admission that any of such individuals is, for any purpose, the beneficial owner of any of the Securities, and such beneficial ownership is expressly disclaimed. The calculation of percentage of beneficial ownership was derived from the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 12, 2014, in which the Company stated that the number of shares of its Common Stock outstanding as of November 5, 2014 was 53.0 million shares. A copy of the filing is available at http://is.gd/G9DCYn About Endeavour International Houston, Texas-based Endeavour International Corporation (OTC: ENDRQ) (LSE: ENDV) is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. On Oct. 10, 2014, Endeavour International and five affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code after reaching a restructuring deal with noteholders. The cases are pending joint administration under Endeavour Operating Corp.'s Case No. 14-12308 before the Honorable Kevin J. Carey (Bankr. D. Del.). As of June 30, 2014, the Company had $1.55 billion in total assets, $1.55 billion in total liabilities, $43.7 million in series c convertible preferred stock, and a $41.5 million stockholders' deficit. The Debtors have tapped Weil, Gotshal & Manges LLP as counsel; Richards, Layton & Finger, P.A., as co-counsel; The Blackstone Group L.P., as financial advisor; AlixPartners, LLP, as restructuring advisor; and Kurtzman Carson Consultants LLC, as claims and noticing agent. The U.S. Trustee for Region 3 has appointed three members to the Official Committee of Unsecured Creditors in the Chapter 11 cases of Endeavour Operating Corporation and its debtor affiliates. The Committee is represented by David M. Bennett, Esq., Cassandra Sepanik Shoemaker, Esq., and Demetra L. Liggins, Esq., at Thompson & Knight LLP, and Neil B. Glassman, Esq., Scott D. Cousins, Esq., and Evan T. Miller, Esq., at Bayard, P.A. Alvarez & Marsal North America, LLC, serves as financial advisors to the Committee, while UpShot Services LLC serves as website administrator. * * * U.S. Bankruptcy Judge Kevin J. Carey in of Delaware, on Dec. 22, 2014, approved the disclosure statement explaining Endeavour Operating Corporation, et al.'s joint plan of reorganization. The Amended Plan, dated Dec. 19, 2014, provides that it is supported by creditors who collectively hold 82.99% of the March 2018 Notes Claims (Class 3), 70.88% of the June 2018 Notes Claims (Class 4), 99.75% of the 7.5% Convertible Bonds Claims (Class 5), and 69.08% of the Convertible Notes Claims (Class 6). The Amended Plan also provides that holders of general unsecured claims will recover an estimated 15% of the total claims amount, which is estimated to be $6,000,000. The hearing to consider confirmation of the Amended Joint Plan of Reorganization, dated Dec. 23, 2014, of Endeavour Operating Corporation and its affiliated debtors, including Endeavour International Corporation, has been adjourned to a date to be determined. ENDEAVOUR INTERNATIONAL: McClain et al No Longer Own Shares ----------------------------------------------------------- McClain Value Management LLC, Phillip C. McClain, and Joseph W. Donaldson declared in a joint Schedule 13G/A (Amendment No. 2) filing with the Securities and Exchange Commission that as of December 31, 2014, they no longer held shares of common stock of Endeavour International Corporation. McClain Value Management LLC is a registered investment advisor and Messrs. McClain and Donaldson are its sole members. Mr. McClain is the managing member. A copy of the filing is available at http://is.gd/ZJNXMS About Endeavour International Houston, Texas-based Endeavour International Corporation (OTC: ENDRQ) (LSE: ENDV) is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. On Oct. 10, 2014, Endeavour International and five affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code after reaching a restructuring deal with noteholders. The cases are pending joint administration under Endeavour Operating Corp.'s Case No. 14-12308 before the Honorable Kevin J. Carey (Bankr. D. Del.). As of June 30, 2014, the Company had $1.55 billion in total assets, $1.55 billion in total liabilities, $43.7 million in series c convertible preferred stock, and a $41.5 million stockholders' deficit. The Debtors have tapped Weil, Gotshal & Manges LLP as counsel; Richards, Layton & Finger, P.A., as co-counsel; The Blackstone Group L.P., as financial advisor; AlixPartners, LLP, as restructuring advisor; and Kurtzman Carson Consultants LLC, as claims and noticing agent. The U.S. Trustee for Region 3 has appointed three members to the Official Committee of Unsecured Creditors in the Chapter 11 cases of Endeavour Operating Corporation and its debtor affiliates. The Committee is represented by David M. Bennett, Esq., Cassandra Sepanik Shoemaker, Esq., and Demetra L. Liggins, Esq., at Thompson & Knight LLP, and Neil B. Glassman, Esq., Scott D. Cousins, Esq., and Evan T. Miller, Esq., at Bayard, P.A. Alvarez & Marsal North America, LLC, serves as financial advisors to the Committee, while UpShot Services LLC serves as website administrator. * * * U.S. Bankruptcy Judge Kevin J. Carey in of Delaware, on Dec. 22, 2014, approved the disclosure statement explaining Endeavour Operating Corporation, et al.'s joint plan of reorganization. The Amended Plan, dated Dec. 19, 2014, provides that it is supported by creditors who collectively hold 82.99% of the March 2018 Notes Claims (Class 3), 70.88% of the June 2018 Notes Claims (Class 4), 99.75% of the 7.5% Convertible Bonds Claims (Class 5), and 69.08% of the Convertible Notes Claims (Class 6). The Amended Plan also provides that holders of general unsecured claims will recover an estimated 15% of the total claims amount, which is estimated to be $6,000,000. The hearing to consider confirmation of the Amended Joint Plan of Reorganization, dated Dec. 23, 2014, of Endeavour Operating Corporation and its affiliated debtors, including Endeavour International Corporation, has been adjourned to a date to be determined. ENDEAVOUR INTERNATIONAL: Samberg Reports 7.7% Stake --------------------------------------------------- Arthur J. Samberg declared in a Schedule 13G (Amendment No. 1) filing with the Securities and Exchange Commission that as of December 31, 2014, he may be deemed to be the beneficial owner of a total of 4,173,500 shares of Common Stock of Endeavour International Corporation, consisting of (i) 2,673,500 shares of Common Stock, and (ii) 1,500,000 shares of Common Stock deliverable upon the exercise of options that are exercisable within 60 days of December 31, 2014. Mr. Samberg's shares represent 7.7% of the Common Stock outstanding. A copy of the filing is available at http://is.gd/3qiuhV About Endeavour International Houston, Texas-based Endeavour International Corporation (OTC: ENDRQ) (LSE: ENDV) is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. On Oct. 10, 2014, Endeavour International and five affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code after reaching a restructuring deal with noteholders. The cases are pending joint administration under Endeavour Operating Corp.'s Case No. 14-12308 before the Honorable Kevin J. Carey (Bankr. D. Del.). As of June 30, 2014, the Company had $1.55 billion in total assets, $1.55 billion in total liabilities, $43.7 million in series c convertible preferred stock, and a $41.5 million stockholders' deficit. The Debtors have tapped Weil, Gotshal & Manges LLP as counsel; Richards, Layton & Finger, P.A., as co-counsel; The Blackstone Group L.P., as financial advisor; AlixPartners, LLP, as restructuring advisor; and Kurtzman Carson Consultants LLC, as claims and noticing agent. The U.S. Trustee for Region 3 has appointed three members to the Official Committee of Unsecured Creditors in the Chapter 11 cases of Endeavour Operating Corporation and its debtor affiliates. The Committee is represented by David M. Bennett, Esq., Cassandra Sepanik Shoemaker, Esq., and Demetra L. Liggins, Esq., at Thompson & Knight LLP, and Neil B. Glassman, Esq., Scott D. Cousins, Esq., and Evan T. Miller, Esq., at Bayard, P.A. Alvarez & Marsal North America, LLC, serves as financial advisors to the Committee, while UpShot Services LLC serves as website administrator. * * * U.S. Bankruptcy Judge Kevin J. Carey in of Delaware, on Dec. 22, 2014, approved the disclosure statement explaining Endeavour Operating Corporation, et al.'s joint plan of reorganization. The Amended Plan, dated Dec. 19, 2014, provides that it is supported by creditors who collectively hold 82.99% of the March 2018 Notes Claims (Class 3), 70.88% of the June 2018 Notes Claims (Class 4), 99.75% of the 7.5% Convertible Bonds Claims (Class 5), and 69.08% of the Convertible Notes Claims (Class 6). The Amended Plan also provides that holders of general unsecured claims will recover an estimated 15% of the total claims amount, which is estimated to be $6,000,000. The hearing to consider confirmation of the Amended Joint Plan of Reorganization, dated Dec. 23, 2014, of Endeavour Operating Corporation and its affiliated debtors, including Endeavour International Corporation, has been adjourned to a date to be determined. ENERGY FUTURE: Lenders Okay Use of $750MM to Repay 2nd Lien Notes ----------------------------------------------------------------- Energy Future Holdings Corp. and the substantial majority of its direct and indirect subsidiaries, including Energy Future Intermediate Holding Company LLC -- EFIH -- entered on February 12, 2015, into a written consent with the required lenders under its Senior Secured Superpriority Debtor-in-Possession Credit Agreement, dated as of June 19, 2014, that permits, under certain circumstances and subject to the approval of the Bankruptcy Court, EFIH to use up to $750 million of its cash to repay principal and accrued interest on EFIH's 11.00% Second Lien Notes due 2021 and its 11.75% Second Lien Notes due 2022. As of February 18, 2015 (i.e. the final date for lenders to enter into the Consent and receive the Consent Fee (as defined below)), a total of approximately 97% of the lenders under the DIP Facility entered into in the Consent. In connection with the Consent, EFIH will pay, subject to the approval of the Bankruptcy Court, the consenting lenders an aggregate fee equal to approximately $13 million. EFIH filed a motion with the Bankruptcy Court requesting approval of, among other things, the Repayment, the Consent, and the Consent Fee. Pursuant to the Consent, such Bankruptcy Court approvals must be obtained by March 13, 2015. About Energy Future Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt. The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). The Debtors are seeking to have their cases jointly administered for procedural purposes. As of Dec. 31, 2013, EFH Corp. reported total assets of $36.4 billion in book value and total liabilities of $49.7 billion. The Debtors have $42 billion of funded indebtedness. EFH's legal advisor for the Chapter 11 proceedings is Kirkland & Ellis LLP, its financial advisor is Evercore Partners and its restructuring advisor is Alvarez & Marsal. The TCEH first lien lenders supporting the restructuring agreement are represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, and Millstein & Co., LLC, as financial advisor. The EFIH unsecured creditors supporting the restructuring agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as legal advisor, and Centerview Partners, as financial advisor. The EFH equity holders supporting the restructuring agreement are represented by Wachtell, Lipton, Rosen & Katz, as legal advisor, and Blackstone Advisory Partners LP, as financial advisor. Epiq Systems is the claims agent. Wilmington Savings Fund Society, FSB, the successor trustee for the second-lien noteholders owed about $1.6 billion, is represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee represents the interests of the unsecured creditors of ONLY of Energy Future Competitive Holdings Company LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings Company LLC; and EFH Corporate Services Company, and of no other debtors. The Committee has selected Morrison & Foerster LLP and Polsinelli PC for representation in this high-profile energy restructuring. The lawyers working on the case are James M. Peck, Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC. ENERGY FUTURE: Majority of Lenders Support $750-Mil. Cash Use ------------------------------------------------------------- Energy Future Intermediate Holding Company LLC disclosed in a document filed with the Securities and Exchange Commission that as of Feb. 18, 2015, a total of approximately 97% of the lenders under its senior secured superpriority debtor-in-possession credit agreement, dated as of June 19, 2014, have consented to the use of up to $750 million of its cash to repay principal and accrued interest on EFIH's 11.00% Second Lien Notes due 2021 and its 11.75% Second Lien Notes due 2022. On Feb. 12, 2015, EFIH entered into a written consent with the required lenders under tbe DIP Facility, subject to the approval of the Bankruptcy Court. In connection with the Consent, EFIH will pay, subject to the approval of the Bankruptcy Court, the consenting lenders an aggregate fee equal to approximately $13 million. EFIH filed a motion with the Bankruptcy Court requesting approval of, among other things, the Repayment, the Consent, and the Consent Fee. Pursuant to the Consent, those Bankruptcy Court approvals must be obtained by March 13, 2015. 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. EVERYWARE GLOBAL: Appoints SVP of Operations & Supply Chain ----------------------------------------------------------- EveryWare Global, Inc., announced that Anthony Reisig has been appointed senior vice president of Operations and Supply Chain, with responsibility for worldwide supply chain and all manufacturing and operations in the Company's multiple production facilities. Mr. Reisig is a senior executive with extensive global experience. He was most recently president of National Supply Chain Operations for KMM Telecommunications, a privately held company delivering logistics and supply chain services to the telecommunications industry, where he was responsible for all aspects of supply chain for 23 facilities across the U.S. Prior to KMM, he held executive roles in operations, business transformations and supply chain for companies in the aerospace, printing and technology industries. "We are very pleased to have someone with Anthony's experience joining the EveryWare team at this time in the Company's evolution and growth," said Sam Solomon, president and CEO of EveryWare Global. "His proven success implementing Lean Six Sigma, Kaizen and other business and quality management systems will be an asset to our operations as we focus on delivering the quality, consistency and innovation that our customers expect from EveryWare." Mr. Reisig added: "It's very rewarding to be part of a company that has the opportunity to make a significant impact in its industry. EveryWare embodies the rich heritage and success of century-old American brands but the opportunities ahead of us truly excite me. Our operations are key to moving the Company to the next level and I look forward to making that happen." In connection with his hiring, Mr. Reisig entered into an employment agreement with the Company on Feb. 20, 2015. Mr. Reisig's initial base salary under the Employment Agreement is $265,000 per year to be reviewed annually. Mr. Reisig is further entitled to a grant of stock options to purchase 25,000 shares of the the Company's common stock. Mr. Reisig's target bonus will be 75% of his annual base salary. The bonus will be paid at the direction of the Board of Directors, in its sole discretion to the extent the Company's operating targets have been met pursuant to the Company's short term incentive plan as adopted by the Board of Directors. Mr. Reisig is also entitled to up to $75,000 in reimbursements to relocate his home to the Columbus, Ohio, area in connection with his hiring. About EveryWare EveryWare Global, Inc. is a global marketer of tabletop and food preparation products for the consumer and foodservice markets, with operations in the United States, Canada, Mexico, Latin America, Europe and Asia. Its global platform allows it to market and distribute internationally its total portfolio of products, including bakeware, beverageware, serveware, storageware, flatware, dinnerware, crystal, buffetware and hollowware; premium spirit bottles; cookware; gadgets; candle and floral glass containers; and other kitchen products, all under a broad collection of widely-recognized brands. For the six months ended June 30, 2014, the Company reported a net loss of $65.3 million on $195 million of total revenues compared to a net loss of $2 million on $200 million of total revenue for the same period during the prior year. As of June 30, 2014, the Company had $274 million in total assets, $400 million in total liabilities, and a $126 million stockholders' deficit. * * * As reported by the TCR on Aug. 6, 2014, Standard & Poor's Ratings Services raised its corporate credit rating on EveryWare Global Inc. to 'CCC+' from 'CCC-'. "The upgrade reflects our view that a default scenario is less likely as a result of a $20 million investment from majority owner, Monomoy Capital Partners, in addition to a waiver received for the covenant default in the quarter ended March 2014 and the expected covenant default in the quarter ended June 2014. FAIRPOINT COMMUNICATIONS: Union Workers Accept New Contract ----------------------------------------------------------- Edward D. Murphy at Portland Press Herald reports that more than 1,700 International Brotherhood of Electrical Workers and Communications Workers of America in northern New England members ratified a new contract over the weekend and resumed their jobs Wednesday at FairPoint Communications. The Associated Press relates that FairPoint Communications reached a tentative agreement with two unions representing more than 1,700 employees to end a four-month strike. The AP recalls that workers in Maine, New Hampshire, and Vermont went on strike in October 2014. According to David Sharp at Burlington Free Press, the workers ratified the deal in three days of voting that ended Sunday. Press Herald says that the contract bridges a $500 million gap between what the Company wanted in concessions and what the unions were willing to make, a compromise that preserved the workers' pension plan, although the Company's contribution will be decreased. The report states that under the new contract: (i) workers will pay for a portion of their health insurance, although the Union came up with an insurance plan that is cheaper than what the Company had provided; (ii) health insurance for retirees was eliminated, although the Company will provide a cash stipend in its stead; (iii) the Company can hire outside contractors, with limitations; and (iv) employees will get a flat payment of $400 and small raises the next two years. It will take a month to a month-and-a-half for the Company's workforce to restore service quality to prestrike levels, Free Press states, citing Barry Sine, an analyst at New York-based brokerage Drexel Hamilton who follows the Company. According to Free Press, replacement workers will remain on the job for a couple weeks, overlapping with the return of the union workers. Officials, Free Press reports, said that the two groups won't be working side by side, and they won't be located under one roof. About FairPoint Communications FairPoint Communications, Inc. (NYSE: FRP) -- http://www.fairpoint.com/-- owns and operates local exchange companies in 18 states offering advanced communications with a personal touch, including local and long distance voice, data, Internet, television and broadband services. FairPoint is traded on the New York Stock Exchange under the symbols FRP and FRP.BC. FairPoint and its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 09-16335) on Oct. 26, 2009. Rothschild Inc. is acting as financial advisor for the Company; AlixPartners, LLP, as the restructuring advisor; and Paul, Hastings, Janofsky & Walker LLP is the Company's counsel. BMC Group is the claims and notice agent. As of June 30, 2009, FairPoint reported $3.24 billion in total assets, $321 million in total current liabilities, $2.91 billion in total long-term liabilities, and $1.23 million in stockholders' equity. Andrews Kurth is counsel to the Official Committee of Unsecured Creditors. Altman Vilandrie is the operational consultant to the Creditors' Committee. Verrill Dana is the Creditors' Committee's special regulatory counsel. Jeffries serves as the Creditors' Committee's financial advisor. FairPoint on Jan. 24, 2011, successfully completed its balance sheet restructuring and emerged from Chapter 11. As a result of the restructuring, FairPoint reduced its outstanding debt by roughly 64%, from roughly $2.8 billion -- including interest rate swap liabilities and accrued interest -- to roughly $1.0 billion. In addition, the Company has a $75 million revolving credit facility available for working capital and general corporate purposes. Existing stock in the Company was cancelled and holders did not receive any distributions. * * * The Troubled Company Reporter, on Feb. 4, 2013, reported that Standard & Poor's Ratings Services assigned its 'B' issue-level rating and '3' recovery rating to Charlotte, N.C.-based incumbent local exchange carrier (ILEC) FairPoint Communications Inc.'s proposed $650 million senior secured term loan B, $75 million revolving credit facility, and $300 million of secured notes. The company will use proceeds to repay borrowings under its existing bank loan, which currently totals about $950 million. FLINTKOTE COMPANY: Seeks Oct. 31 Extension of Exclusive Periods --------------------------------------------------------------- The Flintkote Company and Flintkote Mines Limited filed their 29th motion asking the U.S. Bankruptcy Court for the District of Delaware to extend the period during which they have exclusive right to file a Chapter 11 plan of reorganization for up to an additional six month through and including Aug. 31, 2015, and the period during which they have exclusive right to solicit acceptances of that plan through Oct. 31, 2015. As previously reported by The Troubled Company Reporter, the Debtors and its former parent, Imperial Tobacco Canada Limited, submitted an additional letter requesting the Court to renew its stay as the Debtors pursue confirmation of the Plan. The Debtors are now actively pursuing Court approval of voting procedures that will allow creditors who previously voted on the Prior Plan the opportunity to change their votes, which would otherwise be counted as votes on the Plan. A hearing on the resolicitation motion is currently scheduled for March 17, 2015. The Court has tentatively scheduled the confirmation hearing for Aug. 10, pending its ruling on the Resolicitation Motion. Kevin T. Lantry, Esq., at Sidley Austin LLP, in Los Angeles, California, asserts that at this stage in the Debtors' cases, terminating exclusivity will not result in a "better" plan, but may instead impair the Plan Proponents' ability to confirm the Plan, which resolves ITCAN's remaining objections in the Chapter 11 cases and results in an additional $575 million for the estates. About The Flintkote Company Headquartered in San Francisco, California, The Flintkote Company is engaged in the business of manufacturing, processing and distributing building materials. Flintkote Mines Limited is a subsidiary of Flintkote Company and is engaged in the mining of base-precious metals. The Flintkote Company filed for Chapter 11 protection (Bankr. D. Del. Case No. 04-11300) on April 30, 2004. Flintkote Mines Limited filed for Chapter 11 relief (Bankr. D. Del. Case No. 04-12440) on Aug. 25, 2004. Kevin T. Lantry, Esq., Jeffrey E. Bjork, Esq., Dennis M. Twomey, Esq., Jeremy E. Rosenthal, Esq., and Christina M. Craige, Esq., at Sidley Austin, LLP, in Los Angeles; James E. O'Neill, Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Del., represent the Debtors in their restructuring efforts. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, in New York, N.Y.; Peter Van N. Lockwood, Esq., Ronald E. Reinsel, Esq., at Caplin & Drysdale, Chartered, in Washington, D.C.; and Philip E. Milch, Esq., at Campbell & Levine, LLC, in Wilmington, Del., represent the Asbestos Claimants Committee as counsel. James J. McMonagle, is the legal representative for future claimants. The FCR has retained Dr. Timothy Wyant as claims evaluation consultant. The FCR is represented by James L. Patton, Jr., Esq., and Edwin J. Harron, Esq., at Young Conaway Stargatt & Taylor, LLP; and Reginald W. Jackson, Esq., at Vorys, Sater, Seymour & Pease LLP. When Flintkote filed for protection from its creditors, it estimated more than $100 million each in assets and debts. When Flintkote Mines Limited filed for protection from its creditors, it estimated assets of $1 million to $50 million, and debts of more than $100 million. The Debtors' Chapter 11 cases have been re-assigned to Judge Mary F. Walrath in line with the retirement of former Bankruptcy Judge Judith Fitzgerald. FOODS INC: Two Buyers Approved to Purchase Most of Assets --------------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg Neews, reported that Dahl's Foods obtained preliminary approval from a bankruptcy court to sell most of its assets for $6.25 million to two buyers. According to the report, the real estate, buildings and equipment in Clive, Iowa, are going to Equity Ventures Commercial Development LC for $2.8 million, while most of the rest is being bought by the primary lender and supplier, Associated Wholesale Grocers Inc., for $2.45 million plus the cost of inventory. About Foods Inc. Dahl's Foods owns and operates 10 full-line grocery stores in and around the Des Moines, Iowa area. Since the 1970s, Dahl's has been employee owned pursuant to an ESOP with 97% of the ownership held by the ESOP. The remaining 3% is owned by certain past and present members of management and other former employees. Individual grocery store square footage ranges from 28,820 to 70,000 and averages 55,188. Dahl's employs over 950 people. For the 52 weeks ended June 28, 2014, Dahl's generated sales of $136.8 million. Foods, Inc. dba Dahl's Foods, Dahl's Food Mart, Inc., and Dahl's Holdings I, LLC, sought bankruptcy protection (Bankr. S.D. Iowa Lead Case No. 14-02689) in Des Moines, Iowa on Nov. 9, 2014, with a deal to sell to Associated Wholesale Grocers Inc. for $4.8 million. The Debtors have tapped Bradshaw, Fowler, Proctor & Fairgrave, P.C., as bankruptcy counsel, Crowe & Dunlevy, P.C., as special reorganization and conflicts counsel, and Foods Partners, LLC as financial advisor and investment banker. The U.S. Trustee for Region 12 appointed four creditors of Foods, Inc. to serve on the official committee of unsecured creditors. FOURTH QUARTER: MLIC et al. Want Case Moved to Wyoming ------------------------------------------------------ MLIC Asset Holdings LLC and MLIC CB Holdings LLC ask the U.S. Bankruptcy Court for the Northern District of Georgia to move the Chapter 11 case of Fourth Quarter Properties 86 LLC to the U.S. Bankruptcy Court for the District of Wyoming because all of the Debtor's assets and the majority of its creditors are located in Wyoming. MLIC entities say the Debtor's operation is an about 3,000-acre ranch in Pinedale, Wyoming, and the Debtor's sole connection to Georgia is that the ownership entities are located in Georgia. According to court documents, MLIC entities are secured lender of the Debtor with an outstanding debt of about $27 million. The loan was in default, accelerated, and a foreclosure judgment was entered on Dec. 24, 2013, against the Debtor and Stanley E. Thomas, jointly and severally in the amount of $31.9 million as of Aug. 23, 2013, plus interest of $9,144 per day through Dec. 14, 2013, plus interest at a per diem rate of $9,144 per day. The Debtor say, while its principal physical assets are unquestionably located in Sublette County, Wyoming, its principal place of business and the "nerve center" of its operations are located in Coweta County, Georgia. The operations of the Little Jennie Ranch are managed along with five additional ranches through a central office located in Sharpsburg, in this Division, by Dick Beck, one of the premier ranch managers in the United States. According to the Debtor, since January of 2005, Mr. Beck has served as General Manager of Three Trees Ranch, Inc., one of the largest purebred Angus operations in the nation. With operational headquarters at Sharpsburg, Georgia, and four ranch locations that total in excess of 12,000 acres in Georgia, Three Trees Ranch also manages the Little Jennie Ranch cattle operation in Sublette County, Wyoming, containing approximately 3,000 additional acres, with grazing permits for more than 1,400 animal units. Three Trees Ranch breeds and markets Angus, Angus Plus, Brangus and AnChar purebred and composite cattle. Mr. Beck makes all the mating decisions and manages and markets all of the genetics created at Three Trees Ranch and also participates in the marketing programs of other major seedstock producers. The Debtor notes the financial and record-keeping operations of the Little Jennie Ranch are managed by the Debtor at 45 Ansley Drive, in Newnan, Georgia, where Lamar Maddox serves as its CFO and maintains substantially all business records of the Debtor. All bills are paid by accounts located in Newnan, Georgia with the exception of one small account located at Wells Fargo Bank in Wyoming used only for immediate disbursement of on-site expenses. All substantial bills are submitted to the Debtor at its Newnan address and paid through accounts located in Georgia, the Debtor states. The Debtor further says all employees of the Debtor are supplied by Three Rivers Ranch, headquartered in Sharpsburg, Georgia. The Debtor's principal funding and proposed DIP lending entity, Fourth Quarter Properties 100, LLC is co-located with the Debtor at 45 Ansley Drive in Newnan. The Debtor's Members are located in Newnan. MLIC entities retained as counsel: Gary A. Barnes, Esq. Baker, Donelson, Bearman, Caldwell Berkowitz, P.C. 1600 Monarch Plaza 3414 Peachtree Road, N.E. Atlanta, Georgia 30326 Tel: 404.577.6000 Fax: 404.577.6501 Email: gbarnes@bakerdonelson.com About Fourth Quarter Fourth Quarter Properties 86, LLC, sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 15-10135) in Newnan, Georgia, on Jan. 22, 2015. According to the docket, the Debtor's Chapter 11 plan and disclosure statement are due May 22, 2015. Little Suwanee Holdings, LLC, owns 95 percent of the membership interests in the Debtor while J. Bruce Williams, Jr., holds the remaining 5 percent. The Debtor is represented by Ward Stone, Jr., Esq., at Stone & Baxter LLP, in Macon, Georgia. The Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in debt. GARRETT PROPERTIES: Case Summary & 7 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Garrett Properties, LLC 322 West Washington Street Charleston, WV 25302 Case No.: 15-20085 Chapter 11 Petition Date: February 24, 2015 Court: United States Bankruptcy Court Southern District of West Virginia (Charleston) Judge: Hon. Ronald G. Pearson Debtor's Counsel: James M. Pierson, Esq. PIERSON LEGAL SERVICES PO Box 2291 Charleston, WV 25328 Tel: (304) 925-2400 Email: jpierson@piersonlegal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million A list of the Debtor's seven largest unsecured creditors is available for free at http://bankrupt.com/misc/wvsb15-20085.pdf GENERAL MOTORS: JPMorgan Loses Secured Interest on $1.5BB Loan -------------------------------------------------------------- The Second Circuit Court of Appeals has determined that JPMorgan Chase & Co. released its security interest on a $1.5 billion loan to General Motors Co.'s bankrupt predecessor by virtue of the mistaken filing of a UCC-3 termination statement, according to the American Bar Association Young Lawyer Division Bankruptcy Committee Winter 2015 Newsletter. As reported by the Troubled Company Reporter on Feb 9, 2015, Linda Sandler, writing for Bloomberg News, reported that JPMorgan asked an appeals to reconsider a negative ruling on its loan, saying that its lawyers accidentally gave up its rights to security for the loan and JPMorgan wanted its collateral back because the lawyers weren't authorized to act on the deal. The appeals court in January sided with GM's creditors, Bloomberg News states. The Newsletter relates that the Second Circuit concluded that erroneous termination statement was filed with actual authority. The Newsletter says that the Second Circuit found that both parties had reviewed drafts, including review by their counsel. 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. GENMAR HOLDINGS: Lousy Lawyering Results in $65,000 Preference -------------------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that in the bankruptcy case of Genmar Holdings, Inc., a manufacturer of powerboats, a poorly drafted settlement agreement left a consumer liable for a $65,000 preference. According to the report, the U.S. Court of Appeals for the Eighth Circuit in St. Louis held that the consumer failed to carry his burden of proof on the defense of contemporaneous exchange for new value under Section 547(c)(1) of the Bankruptcy Code. The Eighth Circuit pointed out that there was a 19-day gap between the delivery of title documents and the $65,000 payment and that gap alone didn't obviate the contemporaneous value defense because "many exchanges the parties intend to be contemporaneous cannot be completed instantly, or even within a few days." The case is Dietz v. Calandrillo (In re Genmar Holdings Inc.), 13-3023, U.S. Court of Appeals for the Eighth Circuit (St. Louis). About Genmar Holdings Pulaski, Wisconsin-based Carver Italia, LLC, and its affiliates, including Genmar Holdings, Inc. -- http://www.genmar.com/-- were the world's second-largest manufacturer of fiberglass powerboats. The company generated $460 million in annual revenue making boats using brand names including Carver, Four Winns, Glastron, Larson, and Wellcraft. On June 1, 2009, Genmar Holdings, Inc., and 22 subsidiaries, including Wood Manufacturing Company, Inc., filed voluntary Chapter 11 petitions (Bankr. D. Minn. Case No. 09-33773) in the District of Minnesota. The cases were being jointly administered. Carver Italia estimated $10 million to $50 million in assets and $100 million to $500 million in debts. James L. Baillie, Esq., and Ryan Murphy, Esq., at Fredrikson & Byron, PA, assisted the Debtors in their restructuring efforts. Manchester Companies, Inc., was named Chief Restructuring Officer of Genmar. In early 2010, Genmar obtained approval to sell its assets in an auction. Platinum Equity acquired essentially all of the assets for $70 million. J&D Acquisitions bought the Carver/Marquis brands for $6.05 million. MCBC Hydra Boats purchased the Hydra- Sport business for $1 million. The case was subsequently converted to Chapter 7 liquidation and the Office of the U.S. Trustee for Region 12 appointed Charles W. Ries as Chapter 7 case trustee. GETHSEMANE CHURCH LAFAYETTE: Case Summary & 4 Top Unsec Creditors ----------------------------------------------------------------- Debtor: Gethsemane Church of God in Christ of Lafayette, Louisiana 701 E Pinhook Rd Lafayette, LA 70501 Case No.: 15-50199 Chapter 11 Petition Date: February 24, 2015 Court: United States Bankruptcy Court Western District of Louisiana (Lafayette) Judge: Hon. Robert Summerhays Debtor's Counsel: Michael A. Crawford, Esq. TAYLOR, PORTER, BROOKS & PHILLIPS LLP POB 2471 Baton Rouge, LA 70821 Tel: (225) 381-0201 Email: mike.crawford@taylorporter.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Bishop Alton E. Gatlin, board member. A list of the Debtor's four largest unsecured creditors is available for free at http://bankrupt.com/misc/lawb15-50199.pdf GFI GROUP: Moody's Reviews for Downgrade 'B1' Debt Ratings ---------------------------------------------------------- Moody's Investors Service announced that it is continuing its review for downgrade on GFI Group Inc.'s B1 long-term issuer and senior unsecured debt ratings, after GFI's board of directors unanimously agreed to support BGC Partners' (unrated) tender offer for all of the outstanding shares of GFI common stock. Moody's placed GFI's ratings on review for downgrade on Feb. 4, 2015 following the termination of the merger agreement with CME Group (Aa3, stable), given increased uncertainty about GFI's strategic direction. While the endorsement of the BGC bid decreases this uncertainty, deal closure remains uncertain. If this transaction does not close, Moody's would assess the effects on GFI's credit profile from the ongoing strategic uncertainty that could lead to an erosion of franchise value resulting from potential customer and employee defections. Given the current review for downgrade, upward rating pressure is not foreseen. The following factors could put downward pressure on the rating: - Prolonged lack of strategic clarity - Customer or employee attrition leading to deteriorating financial performance - Aggressive financial policy GFI is the fifth-largest Inter-Dealer Broker (IDB) globally with operations in the Americas, Europe, the Middle East, and Africa (EMEA), and Asia Pacific, with a primary focus on various Fixed Income, Currencies, and Commodities(FICC) and some equity products. Its subsidiaries provide brokerage, clearing, technology, and market data services to institutional clients. The principal methodology used in these ratings was Global Securities Industry Methodology published in May 2013. GLYECO INC: Obtains $3.5 Million From Private Placement ------------------------------------------------------- GlyEco, Inc., disclosed in a document filed with the Securities and Exchange Commission that it completed a private placement offering of units of the Company's securities at a price of $0.325 per Unit, with each Unit consisting of one share of the Company's common stock, par value $0.0001 per share. In connection with the Offering, the Company entered into subscription agreements with 18 accredited investors and one (1) non-accredited investor, pursuant to which the Company sold to the Investors, for an aggregate purchase price of $3,581,880, a total of 11,021,170 Units, consisting of 11,021,170 shares of common stock. The Company utilized the services of a FINRA registered placement agent for the Offering. In connection with the Offering, the Company paid an aggregate cash fee of $34,826 to the Placement Agent and shall issue to the Placement Agent five-year stock options to purchase up to 107,160 shares of common stock at an exercise price of $0.325 per share. The net proceeds to the Company from the Offering, after deducting the foregoing cash fee and other expenses related to the Offering, are expected to be approximately $3,547,053. 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. HEPAR BIOSCIENCE: Pork By-Products Supplier Enters Chapter 11 ------------------------------------------------------------- Jefferson, South Dakota-based Hepar BioScience LLC sought bankruptcy protection after a diarrhea virus detected in pork by-products affected its peptone supply business. The Debtor is in the business of receiving porcine (pork) by-products (concentrated peptone, a functional pork protein and animal fat) from its largest supplier (SPLIMobren) and other meat by-products from other suppliers that are primary used in the porcine animal nutrition feed industry (concentrated porcine peptone) and biodiesel or animal feed business (animal fat). In mid-May 2013, PEDv (porcine epidemic diarrhea virus) was first detected in the United States having arrived from and identified originally from China by its unique DNA. Some leading experts in the pork industry have advocated against same species feeding consumption similar to the governmental FDA imposed prohibition of same species ruminant (bovine or beef) origin animal protein feeding in 2009. As it relates to the business of Hepar, this advice has adversely affected its ability to sell concentrated porcine peptone including affecting its value. The long term affect PEDv will have on pork producers across the globe is uncertain. In the short term, there has been a significant shift on the part of producers, away from same species feed in favor of lower risk functional proteins (vegetable based and non-porcine species) as a hedge against same species feed consumption risk. This shift has resulted in what appears to be a "new normal" and many producers have made adjustments to their feeding practices. Whether those changed buying habits can be reversed in the event that the PEDv is controlled is unknown at best. Starting the first quarter of 2014, Hepar's business has been severely impacted. Hepar had its best year ending in 2013, at an EBITDA of nearly $14MM. Hepar currently has an annualized EBITDA of less than $5 million. Hepar has an outstanding bank loan balance as of Feb. 17, 2015, in the principal amount of $19.1 million owed to Northwest Bank. On January 26th, 2015, Hepar was sent a "Notice of Default" relative to this indebtedness. Hepar has been in the process of constructing a plant in North Sioux City, SD. That process has been ongoing since 2012. Hepar has a Processing Agreement executed in 2012 with SPL/Mobren which obligates Hepar to process certain raw materials "at cost" for SPL/Mobren. In order to be able to meet the obligations under the Processing Agreement, Hepar will be required to spend $6.5 million including taxes. If Hepar is not able to meet the requirements of the Processing Agreement, it runs the risk of losing the SPL/Mobren Supply Agreement. Without the SPL/Mobren Supply Agreement, Hepar will not be able to continue its business. The Debtor on the Petition Date filed motions to (i) pay employee wages and benefits and (ii) use cash collateral of its prepetition lender. About Hepar BioScience Hepar BioScience LLC filed a Chapter 11 bankruptcy petition (Bankr. D. S.D. Case No. 15-40057) in Sioux Falls, South Dakota, on Feb. 20, 2015. The case is assigned to Judge Charles L. Nail, Jr. The meeting of creditors under 11 U.S.C. Sec. 341 is slated for March 25, 2015. The deadline for filing claims is May 26, 2015. The Debtor is represented by Clair R. Gerry, Esq., at Gerry & Kulm Ask, Prof. LLC, in Sioux Falls, serves as counsel. The Debtor estimated $10 million to $50 million in assets and debt. The official schedules of assets and liabilities are due March 6, 2015. HEPAR BIOSCIENCE: Seeks Approval to Use Cash Collateral ------------------------------------------------------- Hepar BioScience LLC seeks approval from the Bankruptcy Court to use cash collateral until April 2015. Hepar has an outstanding bank loan balance of $19.1 million owed to Northwest Bank of Sioux City, Iowa. Northwest Bank holds a perfected lien possession on all of the Debtor's business assets. The Debtor needs to use accounts receivable to continue its business and proceed in its Chapter 11 case. The Debtor seeks preliminary authorization to fund expenses from the Petition Date until March 11, 2015. Following another hearing, the Debtor seeks authorization to sue cash collateral for the period March 12, to March 31, 2015. Following another hearing, the Debtor intends to seek approval to use cash collateral until the end of April 2015, pursuant to a budget set out on a monthly basis. As adequate protection, the Debtor proposes to grant Northwest Bank a replacement lien for the use of cash collateral on all postpetition receivables to the extent the collateral is used. Furthermore, the Debtor will grant Northwest the right to inspect the collateral, and the Debtor agrees to keep the collateral insured and to maintain all collateral in its present condition, absent ordinary wear and tear. About Hepar BioScience Jefferson, South Dakota-based Hepar BioScience LLC filed a Chapter 11 bankruptcy petition (Bankr. D. S.D. Case No. 15-40057) in Sioux Falls, South Dakota, on Feb. 20, 2015. The case is assigned to Judge Charles L. Nail, Jr. The meeting of creditors under 11 U.S.C. Sec. 341 is slated for March 25, 2015. The deadline for filing claims is May 26, 2015. The Debtor is represented by Clair R. Gerry, Esq., at Gerry & Kulm Ask, Prof. LLC, in Sioux Falls, serves as counsel. The Debtor estimated $10 million to $50 million in assets and debt. The official schedules of assets and liabilities are due March 6, 2015. HOME LOAN: Moody's Reviews 'B3' CFR for Upgrade ----------------------------------------------- Moody's Investors Service placed Home Loan Servicing Solutions, Ltd's (HLSS) B3 Corporate Family and Senior Secured Bank Credit Facility ratings on review for upgrade. On Review for Upgrade: Issuer: Home Loan Servicing Solutions, Ltd -- Corporate Family Rating, Placed on Review for Upgrade, currently B3 -- Senior Secured Bank Credit Facility Jun 27, 2020, Placed on Review for Upgrade, currently B3 Outlook Actions: -- Outlook, Changed To Rating Under Review From Negative The review for upgrade reflects the February 22 announcement that HLSS has entered into a definitive agreement to merge into a wholly owned subsidiary of New Residential Investment Corp. (unrated). The acquisition by New Resi provides stability to HLSS, particularly the potential for additional liquidity and capital resources. The companies have not announced whether the senior secured term loan will be repaid at closing of the acquisition. It is uncertain whether the two companies will ultimately be merged together or whether HLSS will remain a separate subsidiary and if so what level of support it will receive from New Residential. Without support, HLSS would remain highly reliant on Ocwen Financial Corp (B3 negative outlook). During the review, Moody's will assess HLSS' or the new term loan obligor's: 1) organizational structure, 2) funding strategy, 3) liquidity and capital resources, as well as 4) the impact of Ocwen on its financial strength. HLSS' ratings could be downgraded if the company loses its primary source of funding for its servicer advance assets or in the event that Ocwen's ratings are downgraded. Negative rating pressure could also result if the company's financial fundamentals weaken, with particular focus on: a) adequate funding availability and b) financial leverage. HLSS' ratings could be upgraded if the capital and liquidity resources of New Residential are deemed to provide additional protection for the term loan lenders at the same time that the uncertainties with respect to Ocwen lessen. The principal methodology used in these ratings was Finance Company Global Rating Methodology published in March 2012. HUFFMAN CONSTRUCTION: Case Summary & 11 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Huffman Construction, Inc. 10149 South 300 East Warren, IN 46792 Case No.: 15-10261 Chapter 11 Petition Date: February 24, 2015 Court: United States Bankruptcy Court Northern District of Indiana (Fort Wayne Division) Judge: Hon. Robert E. Grant Debtor's Counsel: David R. Krebs, Esq. TUCKER HESTER BAKER & KREBS, LLC One Indiana Square, Suite 1600 Indianapolis, IN 46204 Tel: 317-833-3030 Fax: 317-608-1133 Email: dkrebs@thbklaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Cynthia M. Huffman, treasurer. A list of the Debtor's 11 largest unsecured creditors is available for free at http://bankrupt.com/misc/innb15-10261.pdf IBAHN CORP: Chapter 11 Case is Dismissed ---------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that IBahn Corp.'s Chapter 11 has been dismissed at the company's behest after exhausting its cash. According to the report, a Delaware bankruptcy judge obliged, signing the order on Feb. 3, saying the dismissal in no way would upset the sale. About iBahn Corp. Salt Lake City, Utah-based IBahn Corp., a provider of Internet services to hotels, sought bankruptcy protection (Bankr. D. Del., Case No. 13-12285), citing a loss of contracts with largest customer Marriott International Inc. and patent litigation costs. IBahn Chief Financial Officer Ryan Jonson said the company had assets of $13.6 million and it listed liabilities of as much as $50 million in the Chapter 11 filing on Sept. 6, 2013. The petitions were signed by Ryan Jonson as chief financial officer. Judge Peter J. Walsh presides over the case. Laura Davis Jones, Esq., Davis M. Bertenthal, Esq., James E. O'Neill, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang, Ziehl Young & Jones, LLP, serve as the Debtors' counsel. The Debtors' claims and noticing agent is Epiq Bankruptcy Solutions. Epiq also serves as administrative agent. Houlihan Lokey Capital, Inc., serves as financial advisor and investment banker. INFINITY ENTERPRISES: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Infinity Enterprises Worldwide Corp. aka Infinique, LIV aka Premier USA Inc. aka dfi 5668 Strand Court Naples, FL 34110 Case No.: 15-01743 Chapter 11 Petition Date: February 24, 2015 Court: United States Bankruptcy Court Middle District of Florida (Ft. Myers) Debtor's Counsel: Michael R Dal Lago, Esq. HAHN LOESER & PARKS LLP 5811 Pelican Bay Blvd., Suite 650 Naples, FL 34108 Tel: (239) 571-6877 Email: mike@dallagolaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Nir Sharon, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb15-01743.pdf INT'L FOREIGN EXCHANGE: Liquidating Plan Approved ------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that International Foreign Exchange Concepts Holdings Inc., is on the cusp of wrapping up a 16-month excursion through bankruptcy following the court's approval of a Chapter 11 plan. According to the report, the plan, approved in a Feb. 3 confirmation order, resulted from discussions with lender AMF-FXC Finance LLC. AMF has claims totaling about $34 million. As a result of substantial negotiations with AMF, the Plan contemplates that all creditors other than AMF who hold allowed general unsecured claims will be paid on, or as soon as reasonably practicable after, the Effective Date of the Plan (i) in the IFEC LP bankruptcy case, cash in an amount equal to 50% of such claims, and (ii) in the IFEC Holdings bankruptcy case, cash in an amount equal to 10% of such claims. The Plan contemplates that FXC creditors will be paid in full in cash. AMF will receive the remaining net proceeds of the IFEC Holdings and IFEC LP Assets, which are currently estimated to be cash in an amount equal to 9% to 17% of AMF's claims as of the Effective Date, plus rights to receive certain payments in the future, if any. About International Foreign Exchange International Foreign Exchange Concepts Holdings, Inc., and International Foreign Exchange Concepts, L.P., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 13-13380) on Oct. 17, 2013. Judge Robert Gerber oversees the case. Counsel to the Debtors is Henry P. Baer, Jr., Esq., at Finn Dixon & Herling LLP, in Stamford, Connecticut. The Debtors' restructuring advisors is CDG Group. DiConza Traurig LLP serves as conflicts counsel. The Debtors' special counsel is Withers Bergman LLP. The Debtors' notice, claims, solicitation and balloting agent is Logan & Company, Inc. Counsel to AMF-FXC Finance LLC, the DIP lender, is Michael L. Cook, Esq., and Christopher Harrison, Esq., at Schulte Roth & Zabel LLP, in New York. International Foreign Exchange Concepts Holdings Inc., the parent of investment adviser FX Concepts LLC, sold assets for $7.48 million to Ruby Commodities Inc., at an auction held Nov. 25, 2013. The sale was an old-fashioned auction with the assets first offered in six lots and then in bulk. The piecemeal auction fetched combined bids of $3.38 million. When the assets were offered in bulk, Ruby came out on top with an offer of $7.48 million. INTELLIPHARMACEUTICS INT'L: Incurs $3.8 Million Loss in 2014 ------------------------------------------------------------ Intellipharmaceutics International Inc. reported a net loss of $3.85 million on $8.76 million of revenues for the year ended Nov. 30, 2014, compared to a net loss of $11.5 million on $1.52 million of revenues during the prior year. As of Nov. 30, 2014, the Company had $7.87 million in total assets, $2.96 million in total liabilities and $4.90 million in shareholders' equity. Dr. Isa Odidi, Chairman and CEO, stated, "2014 was a pivotal year for Intellipharmaceutics. It represents the first full year of sales under our commercialization agreement with Par for dexmethylphenidate hydrochloride extended-release capsules. We are also excited about the progress we continue to make in the development of our Rexista abuse-deterrent delivery technologies including a variant under development which holds promise in mitigating against the likelihood of opioid overdose. The Company is now expanding the use of its complex generic drug delivery capabilities by increased focus on innovative applications in the specialty new-drug space." Domenic Della Penna, chief financial officer, stated, "In 2014 we reduced our operating losses by 48%, and while we are not cash flow positive, we are moving towards commercial readiness should any pending generic drug applications be approved in the near term. The recent achievement of an 'acceptable' rating from the FDA for our Toronto manufacturing facility is an important part of that readiness." Deloitte LLP, Toronto, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Nov. 30, 2014, citing that the Company's recurring losses from operations and the accumulated deficit cast substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 6-K Report is available at: http://is.gd/efx3HY About Intellipharmaceutics Toronto, Canada-based Intellipharmaceutics International Inc. is incorporated under the laws of Canada. Intellipharmaceutics is a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs. Its patented Hypermatrix(TM) technology is a multidimensional controlled- release drug delivery platform that can be applied to the efficient development of a wide range of existing and new pharmaceuticals. Based on this technology, Intellipharmaceuticshas a pipeline of product candidates in various stages of development, including filings with the FDA in therapeutic areas that include neurology, cardiovascular, gastrointestinal tract, diabetes and pain. Deloitte LLP, in Toronto, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Nov. 30, 2013. The independent auditors noted that Company's recurring losses from operations and the accumulated deficit raise substantial doubt about its ability to continue as a going concern. IVANHOE ENERGY: To Delist Shares From Toronto Stock Exchange ------------------------------------------------------------ Ivanhoe Energy Inc. on Feb. 25 disclosed that the Toronto Stock Exchange has determined to delist the common shares and the convertible debentures of the company at the close of business on March 26, 2015 for failure to meet the continued listing requirements of the TSX. The common shares and debentures, which were suspended from trading on the TSX on February 20, 2015, will remain suspended until the delisting date. 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))). JOSEPH LODATO: Foreclosure Auction Set for March 20 --------------------------------------------------- Pursuant to a Judgment of Foreclosure and Sale dated January 12, 2015 and entered on January 20, 2015, Craig David Zim, Esq., at Novick Edelstein in Yonkers, as referee, will sell at public auction at the Queens County Supreme Courthouse 88-11 Sutphin Blvd in Courtroom # 25, Jamaica, NY on March 20, 2015 at 10:00 a.m., the premises known as 69 Lane, Middle Village, NY. The approximate amount of the lien is $3,069.00 plus interest and costs. The premises will be sold subject to provisions of filed judgment and terms of sale. The Foreclosure case is, NYCTL 2012-A TRUST, and THE BANK OF NEW YORK MELLON, as Paying Agent and Collateral Agent and Custodian for the NYCTL 2012-A TRUST, Plaintiffs against JOSEPH LODATO, INC., et al Defendant(s), pending before the Supreme Court County of Queens. The Plaintiffs are represented by lawyers at: SEYFARTH SHAW LLP 620 Eighth Avenue New York, NY 10018 LATTICE SEMICONDUCTOR: S&P Assigns 'BB-' CCR; Outlook Stable ------------------------------------------------------------ Standard & Poor's Ratings Services said it assigned its 'BB-' corporate credit rating to Hillsboro, Ore.-based Lattice Semiconductor Corp. The outlook is stable. At the same time, S&P assigned its 'BB-' issue-level rating and '3' recovery rating to the company's proposed $350 million senior secured term loan due 2021. The '3' recovery rating indicates S&P's expectation for meaningful (50% to 70%) recovery of principal in the event of payment default. "The ratings on Lattice reflect our view of the company's challenging business conditions in 2015, competitive programmable logic devices (PLD) landscape, and near-term integration risk, which our expectation for consistently positive free operating cash flow (FOCF) and debt reduction through excess cash flow sweep partially offset," said Standard & Poor's credit analyst Andrew Chang. The stable outlook reflects S&P's expectation that Lattice will not encounter major issues as it integrates Silicon Image and as it adheres to its stated goal of reducing leverage through debt reduction. S&P would consider a lower rating if Lattice is unsuccessful in integrating Silicon Image's business, leading to margin compression or market share loss in its key products, or if the company doesn't use FOCF for debt repayment, such that adjusted leverage rises above mid-3x. An upgrade is unlikely over the next 12 months given Lattice's small scale compared to that of its peers, the Silicon Image integration risk, and the near-term revenue risk reflecting vulnerability to industry cycles. MAPLE HEIGHTS CITY: Moody's Cuts GOLT Debt Rating to 'Ba2' ---------------------------------------------------------- Moody's Investors Service downgraded the City of Maple Heights, OH's general obligation limited tax (GOLT) debt rating to Ba2 from Baa3, affecting $14 million of outstanding bonds. Concurrently, the rating has been placed under review for possible downgrade. The downgrade to Ba2 reflects the continued deterioration of the city's financial position based on fiscal 2013 financial results, as well as the city's recent failure to make timely payment on three Ohio Water Development Authority (OWDA) loans. Additionally, the rating incorporates the city's weak economic, tax base and demographic fundamentals which have continued to decline since the recession; extremely narrow liquidity and reserves across all governmental funds; average debt burden and above average exposure to unfunded pension liabilities based on participation in two statewide cost-sharing plans. The placement of the city under review for potential downgrade is due to continued deterioration of the city's financial position during fiscals 2013 and 2014 resulting in late payments on state loans. The review will seek information related to fiscal 2014 year-end results; the fiscal 2015 budget and year-to-date performance; the status of expected revenue enhancements and expenditure reductions outlined in the city's Financial Recovery Plan; and any expected delays in future debt service or state loan payments. What could make the rating go up: -- Sustained economic development leading to expansion and diversification of the tax base -- Significant improvement in General and governmental fund reserves -- Successful implementation of a feasible financial recovery plan What could make the rating go down: -- Further economic and demographic challenges -- Continued weakening of the city's financial position in fiscal 2014 -- Delay or failure to pay debt and debt-like obligations Maples Heights is a mostly residential, inner-ring suburb of Cleveland. As of the 2010 census, the city's population was 23,128. Debt service on the city's GOLT bonds is secured by the city's general obligation limited tax pledge, subject to the State of Ohio's (Aa1 stable) 10 mill limitation. The principal methodology used in this rating was US Local Government General Obligation Debt published in January 2014. MERCY MEDICAL: S&P Puts 'BB' 2000 Bonds Rating on Watch Positive ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB' long-term rating on Cuyahoga County, Ohio's series 2000 hospital facilities revenue bonds, issued for Mercy Medical Center (MMC), on CreditWatch with positive implications. "The CreditWatch placement reflects the application of our group rating methodology criteria and our view of MMC's 'highly strategic' group status within Sisters of Charity Health System," said Standard & Poor's credit analyst Santo Barretta. S&P anticipates receiving further information from the SCHS management team within 90 days to generate a clearer understanding of its group credit profile. S&P anticipates resolving the CreditWatch listing within that timeframe and will publish a full report on MMC at that time. METALICO INC: Adam Weitsman Submits $0.78 Apiece Proposal --------------------------------------------------------- Adam Weitsman of Upstate Shredding, LLC, the East Coast's largest privately owned scrap metal processor and recycling center, announced that he has submitted a written proposal to the chairman, president and chief executive officer of Metalico, Inc. (NYSE MKT: MEA) to acquire all of the outstanding shares of Metalico for $0.78 per share in cash. Mr. Weitsman's proposal represents an approximately 32% premium to the average market price of Metalico's shares over the past 30 days and an approximately 27% premium to the closing price of Metalico's shares on Feb. 20, 2015. Mr. Weitsman currently owns approximately 11.7% of the outstanding common stock of Metalico. "I am deeply disappointed by the apparent unwillingness of MEA's Board and management to meet with me to date, despite my significant holdings in MEA," said Mr. Weitsman. "As a result, I have decided to publicly announce my proposal to acquire MEA, which I believe represents a compelling opportunity for MEA's stockholders to obtain liquidity for their shares while maximizing the value of their shares at a premium. I strongly believe that MEA has great potential but do not believe it is in the best interest of stockholders for MEA to continue as an independent company, let alone a public company, given MEA's long-term underperformance and poor stock price performance," continued Mr. Weitsman. Weitsman's proposal is conditioned upon the satisfactory completion of confirmatory due diligence, obtaining all material and necessary consents and approvals, including by MEA's convertible noteholders and bank lenders, waiver of any Company anti-takeover provisions, including redemption of the Company's poison pill, other customary conditions for a transaction of this type and size and the execution of a definitive agreement. Weitsman is prepared to open up discussions with MEA's convertible noteholders and bank lenders and is highly confident of receiving their consent for this transaction based on Upstate Shredding's financial strength and reputation in the industry. Upstate Shredding will pursue replacement financing if necessary. With 36 straight quarters of profitability, Upstate Shredding has considerable financial strength and full knowledge and expertise in the geographical region in which MEA operates. Upstate Shredding is the recipient of a number of awards, including, in 2014, the Platts, a division of McGraw Hill, global award for Scrap Company of the Year. Upstate Shredding was also a finalist for AMM (American Metal Market) Scrap Company of the Year in 2014. Weitsman's affiliates have been in the scrap metal recycling business since 1938 and therefore limited confirmatory due diligence will be required. About Metalico Metalico, Inc., is a holding company with operations in two principal business segments: ferrous and non-ferrous scrap metal recycling, and fabrication of lead-based products. The Company operates recycling facilities in New York, Pennsylvania, Ohio, West Virginia, New Jersey, Texas, and Mississippi and lead fabricating plants in Alabama, Illinois, and California. Metalico's common stock is traded on the NYSE MKT under the symbol MEA. Metalico reported a net loss attributable to the Company of $34.8 million in 2013 following a net loss attributable to the Company of $13.1 million in 2012. For the nine months ended Sept. 30, 2014, Metalico reported a net loss attributable to the Company of $10.52 million. As of Sept. 30, 2014, the Company had $294 million in total assets, $157 million in total liabilities, and $138 million in total equity. METALICO INC: Hires Gordian for Strategic Review ------------------------------------------------ Metalico, Inc., has retained Gordian Group, LLC, a leading independent investment banking firm, to assist the Company with an overall review of its business strategies going forward. Gordian will conduct a thorough evaluation of the Company and advise its Board of Directors as the Board considers alternatives for Metalico's future, including continued independence as a public corporation, combinations or joint ventures with suitable partners or investors, sales of assets, and a sale of the Company, including an analysis of an unsolicited non-binding offer made by a stockholder Monday afternoon and other unsolicited bids previously delivered to Metalico or to come in the future. The firm was chosen from among a number of qualified investment banks following a detailed selection process conducted by the Board over several weeks. Earlier this month the Company adopted a Stockholder Rights Plan to assure that all of the Company's stockholders receive fair and equal treatment in the event of any proposed takeover of the Company and to guard against tactics to gain control of the Company without paying all stockholders a premium for that control. The Rights Plan and the overall review are intended to enhance the interests of the Company's shareholders. A portion of the compensation due to Gordian is provided in the form of 1,000,000 shares of the Company's common stock, par value $0.001 per share, vesting in three installments: 333,333 shares vested as of Feb. 23, 2015; 333,333 shares vesting as of March 25, 2015; and 333,334 shares vesting as of April 24, 2015, according to a document filed with the Securities and Exchange Commission. About Metalico Metalico, Inc., is a holding company with operations in two principal business segments: ferrous and non-ferrous scrap metal recycling, and fabrication of lead-based products. The Company operates recycling facilities in New York, Pennsylvania, Ohio, West Virginia, New Jersey, Texas, and Mississippi and lead fabricating plants in Alabama, Illinois, and California. Metalico's common stock is traded on the NYSE MKT under the symbol MEA. Metalico reported a net loss attributable to the Company of $34.8 million in 2013 following a net loss attributable to the Company of $13.1 million in 2012. For the nine months ended Sept. 30, 2014, Metalico reported a net loss attributable to the Company of $10.52 million. As of Sept. 30, 2014, the Company had $294 million in total assets, $157 million in total liabilities, and $138 million in total equity. MINERAL PARK: Trucks Fraught With Safety Issues, Inspector Says --------------------------------------------------------------- Most of the trucks at the Mineral Park open-pit copper mine in Chloride in Mohave County were "junk" and fraught with safety issues, Hubble Ray Smith at Daily Miner reports, citing Joe Hart, Arizona's mine inspector. Daily Miner quoted Mr. Hart as saying at the Conservative Republican Club of Kingman's monthly meeting last week, "They thought we were trying to shut them down, and I said, 'If there's any mine I want to save, it's Mineral Park.' But they've got to do it safely. They wanted to run on a shirt-tail operation." Citing Dan Worthington, chairperson and chief executive officer of CTGX Mining, which filed a motion in the bankruptcy case for an extension of restructuring, Daily Miner relates that the Bankruptcy Court approved on Jan. 20 the sale of Mineral Park's assets to Origin Mining Corp. for $10 million -- $5 million less than what the Mine owes Mohave County in delinquent property taxes -- without allowing enough time for objections to the sale, setting Jan. 16 as a reasonable opportunity for any interested party to make the highest and best offer for the assets. Daily Miner quoted Mr. Worthington as saying, "Despite our efforts to make a better offer, and despite the objections of the many parties, the court finalized the sale of the Mercator mine to the original party on or about Jan. 29. CTGX tried to insert itself into the discussions with a better offer, but I guess we were too late. We were planning to operate the Mercator mine and the contiguous mining property." Daily Miner states that Mineral Park requested a tax abatement of 20 to 30 percent of the total amount owed based on devaluation of the mine, which according to Mohave County Assessor Ron Nicholson, fell from more than $600 million in value down to about $300 million and now has a buyer for $10 million. Mineral Park currently owes the county $3.8 million in back property taxes, more than $7 million to various school districts and about $1.5 million to Mohave Community College, the report says, citing Mohave County Supervisor Gary Watson. About Mineral Park Mineral Park, Inc., Bluefish Energy Corp. and two affiliates commenced proceedings under Chapter 11 of the Bankruptcy Code in Delaware on Aug. 25, 2014. The cases are pending before the Honorable Kevin J. Carey and are jointly administered under Case No. 14-11996. Mineral Park and its affiliated debtors are subsidiaries of Mercator Minerals Ltd. ("MML"), a mineral resource company engaged through various subsidiaries in the mining, exploration, development and operation of its mineral properties in Mohave County, Arizona, and Sonora, Mexico. Mineral Park's principal asset is the Mineral Park Mine, a producing copper-molybdenum mine located near Kingman, Arizona. Bluefish is the owner and operator of the industrial gas turbine power generator at the Mine. British Columbia, Canada-based MML, which has shares trading on the Toronto Stock Exchange under the trading symbol "ML", is not included in the bankruptcy filing. The Debtors have tapped Pachulski Stang Ziehl & Jones LLP as counsel, Evercore Group LLC as investment banker, FTI Consulting, Inc., as financial advisor, FTI's David J. Beckman as CRO, and FTI's Paul Hansen as assistant CRO. Prime Clerk LLC is the claims and noticing agent. The U.S. Trustee for Region 3 appointed three creditors of Mineral Park, Inc. and its affiliates to serve on the official committee of unsecured creditors. The Committee selected Stinson Leonard Street LLP and Hiller & Arban LLC as its counsel. Mineral Park reported $286 million in total assets and $266 million in total liabilities. NASSAU TOWER: Court to Close Bankruptcy Case on March 17 -------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey signaled it will close the Chapter 11 bankruptcy case of Nassau Tower Realty LLC on or after March 17, 2015, unless an objection to the closing is filed with the court and served on the United States Trustee by March 9. In the event a timely objection is filed, a hearing will be held on March 16, 2015, at 11:00 a.m., U.S. Bankruptcy Court, Courtroom #8, 402 East State Street in Trenton, New Jersey. About Nassau Tower Bay Head, N.J.-based Nassau Tower Realty LLC filed for Chapter 11 relief (Bankr. D.N.J. Case No. 13-24984) on July 9, 2013. The Hon. Judge Michael B. Kaplan presides over the case. Paul Maselli, Esq., and Kimberly Pelkey Sdeo, Esq., at Maselli Warren, P.C., represent the Debtor as counsel. The Debtor estimated assets of $10 million to $50 million and debts of $10 million to $50 million. The Debtor is the owner of 17 parcels of real estate. It owns 13 parcels in New Jersey, 3 parcels in Pennsylvania, one parcel in Maine. Most of the properties generate income in the form of rents paid by tenants. The petition was signed by Louis Mercatanti, officer of Nassau Holdings, Inc. NICHOLS CREEK: RS2 LLC Balks at Whitney Bank's Bid to Dismiss Case ------------------------------------------------------------------ RS2 LLC told the U.S. Bankruptcy Court for the Middle District of Florida that the Chapter 11 Bankruptcy case of Nichols Creek Development LLC should not be dismissed because the argument of Whitney Bank that the Debtor's case was filed in bad faith is without merit, and the dismissal will only benefit the bank and it is detrimental to the remaining secured creditors. As reported in the Troubled Company Reporter on Feb. 24, 2015, the Debtor asked the Court to deny Whitney Bank's motion to dismiss the Debtor's Chapter 11 case or, in the alternative, for relief from the automatic stay with respect to the Debtor's property located at 9595 New Berlin Court, Jacksonville. The Debtor related that Whitney Bank, formerly known as Hancock Bank, cannot establish bad faith and is not entitled to relief under Section 362 or Section 1112 of the Bankruptcy Code. Additionally, the Debtor said that there is a substantial equity cushion in the property for Whitney and the property is not declining in value. In fact, it agreed, subject to Court approval, to sell the property for $14,900. On Jan. 9, 2015, Hancock Bank, now Whitney Bank, filed proof of claim in the amount of $8,753,776 regarding a loan secured by a separate real estate parcel owned by another company. On Feb. 4, Hancock Bank amended the proof of claim to change the amount of the claim to $8,680,438, TCR noted. The Debtor avers that the amended proof of claim is misleading on its face and should be a claim amount of $0. RS2 LLC retained as counsel: David K. Manicci, Esq. W. Crit Smith, Esq. Smith, Thompson, Shaw, Minacci & Colon P.A. 3520 Thomasville Road Tallahassee, Florida 32309-3469 Tel: (850) 893-4105 Fax: (850) 893-7229 Email: davidm@stslaw.com crits@stslaw. About Nichols Creek Nichols Creek Development, LLC, sought Chapter 11 bankruptcy for protection (Bankr. M.D. Fla. Case No. 14-04699) on Sept. 26, 2014, in Jacksonville, Florida. R.L. Mitchell signed the petition as member manager. The Debtor disclosed total assets of $21.7 million and total liabilities of $11.5 million. The Debtor owns property at 9596 New Berlin Court, Jacksonville, Florida, which is valued at $21.8 million and pledged as collateral to secured creditors owed a total of $11.6 million. There is no secured debt. The Law Offices of Jason A. Burgess, LLC, serves as the Debtor's counsel. NII HOLDINGS: Vanguard Group No Longer Holds Shares --------------------------------------------------- The Vanguard Group - 23-1945930 disclosed in a Schedule 13G (Amendment No. 2) filing with the Securities and Exchange Commission that as of December 31, 2014, it no longer held shares of NII Holdings Inc. common stock. A copy of the filing is available at http://is.gd/umHMhn 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. NNN 1818 MARKET STREET: Opposes Daymark's Case Dismissal Motion --------------------------------------------------------------- NNN 1818 Market Street 16, LLC, et al., ask the U.S. Bankruptcy Court for the Central District of California to deny a bid by Daymark Properties Realty, Inc., for dismissal of their jointly administered Chapter 11 cases. The Debtors assert that they can, and will demonstrate, that there are at least methodologies for reorganization that will result in a higher return for them and other tenant-in-common ("TIC") investors. Counsel to the Debtors, John L. Smaha, Esq., of Smaha Law Group, APC, relates that the Debtors have two potential plan approaches which will significantly increase the return for real property. For one, the Debtors have a term sheet commitment from The Broe Group, a private equity real estate firm, which provides a methodology by which the Debtors would effectively refinance the real property and allow for the continued ownership and future distribution of dividends back to the ownership group, including the Debtors. The current proposal being considered from The Broe Group includes a property management component that would significantly reduce the management fees involved and would increase annual returns on the real property. Under the plan, the refinancing would occur in late 2015 or early 2016, unless a defeasance is waived by the secured creditors. A plan of reorganization based on The Broe Group's proposal would provide for a tax free roll up to TIC investors with a valuation of $190 million and a new 75% loan of $142,500 leaving $47,500 of equity or roughly a dollar for dollar return to the original investments. The new loan would pay the first and second of about $130 million with the defeasance cost being eliminated. The Plan would propose that investors could remain as investors or be bought out with a higher return than the alternative Shorenstein purchase would generate. In the alternative, by holding off on the sale of the real property until December 2015 or later, the real property would realize an increased return of as much as $10 million to $15 million. This increased profit from the sale of the real property would be separate and apart from other claims that could be determined as between Daymark and the TIC investors including but not limited to LNR fees of $2,600,000, $6,000,000 of improper management fees and interest, and over $3,000,000 of improper credit and interest. Daymark, which was formerly known as Triple Net Properties Realty Inc., was an integral part of the TIC interests securities offering which was structured as a sale of TIC O's ownership of the Market Street property to the subsequent TIC's, including the Debtors. According to the Debtors, during the offering process, Daymark engaged in a pattern and practice of non-disclosure of material facts while doing business in Pennsylvania acting as a real estate broker. Among other things, the Debtors claim that Daymark never disclosed to them or any of the TICs the fact that it was not licensed at the time that it received $5,904,000. A copy of the Debtors' objection to the Dismissal of Motion is available at: http://bankrupt.com/misc/NNN_1818_Market_Obj_Dismissal.pdf About NNN 1818 Market Street NNN 1818 Market Street 16, LLC, filed a Chapter 11 bankruptcy petition on Jan. 5, 2015. The Debtor estimated assets and debts of $10 million to $50 million. Two affiliates, NNN 1818 Market Street 21, LLC and and NNN 1818 Market Street 37, LLC sought bankruptcy protection on Jan. 6, 2015. The cases are jointly administered under the lead case of NNN 1818 Market Street 16, LLC, case number 2:15-bk-10111-TD. The Debtors are fractional owners of 1818 Beneficial Bank Place, a 37-story, Class-A office building (located in the prestigious West of Broad office submarket in Philadelphia. Specifically, the Debtors are tenants-in-common (TIC) holding 3 of 38 TICs holding fractional percentage interests in the property located at 1818 Market Street, Philadelphia. John L. Smaha, Esq., at Smaha Law Group serves as the Debtors' counsel. NPS PHARMACEUTICALS: Shire Completes Acquisition ------------------------------------------------ Shire plc completed its tender offer for all of the outstanding shares of NPS Pharmaceuticals, Inc., and the acquisition of NPS Pharma. The tender offer expired Feb 20, 2015, and was not extended. As of the expiration of the tender offer, a total of approximately 88,869,118 common shares of NPS Pharma (excluding 7,599,694 common shares of NPS Pharma guaranteed to be delivered within the next three NASDAQ trading days) had been validly tendered and not withdrawn pursuant to the tender offer, representing approximately 81.7% of the outstanding common shares of NPS Pharma. All shares that were validly tendered and not withdrawn pursuant to the tender offer were accepted for payment. After the acceptance of shares that were validly tendered and not withdrawn pursuant to the tender offer, Shire completed the acquisition of NPS Pharma through a merger of one of Shire's subsidiaries with and into NPS Pharma. In connection with the merger, all common shares of NPS Pharma that were not accepted for payment in the tender offer (excluding any shares held by NPS Pharma as treasury stock (other than any shares held in an NPS Pharma benefit plan) and any shares with respect to which the holders have properly demanded appraisal rights in accordance with Delaware law) were converted into the right to receive $46.00 per share in cash, without interest and less any applicable withholding taxes, the same price that will be paid for shares accepted for payment in the tender offer. Following completion of the merger, NPS Pharma became a wholly owned subsidiary of Shire and NPS Pharma's shares ceased to be traded on NASDAQ. Shire's Chief Executive Officer, Flemming Ornskov, MD, MPH, commented: "We are delighted to have completed the acquisition of NPS Pharma, and look forward to working with their talented employees to transform the lives of patients with rare diseases and specialty conditions. Shire's global strength and expertise in both rare diseases and GI medicines, coupled with NPS Pharma's rare disease capabilities, and our shared deep commitment to serving the needs of patients, make this an excellent strategic fit. Together, we aim to provide more patients and their families around the world with much needed medicines and enhanced support services." As a result of the Merger, the Company has terminated all offerings of its securities pursuant to its existing registration statements. Terminates Indenture On Feb. 23, 2014, in connection with the Merger, the Company, as issuer, terminated the Indenture dated as of Aug. 8, 2013, by and between the Company and The Bank of New York Mellon, as trustee. No termination penalties were incurred by the Company. NASDAQ Delisting On Feb. 21, 2015, in connection with the Merger, the Company provided notice to NASDAQ of the completion of the Merger and requested that NASDAQ halt trading in the Shares for Feb. 23, 2015, and suspend trading of the Shares effective Feb. 23, 2015. In addition, the Company requested that NASDAQ file a Notification of Removal from Listing or Registration on Form 25 with the SEC to delist the Shares from NASDAQ and deregister the Shares under section 12(b) of the Securities Exchange Act of 1934, as amended. Subsequently, on Feb. 23, NASDAQ filed a Form 25 with the SEC to remove from listing or registration the common stock of NPS Pharmaceuticals. Change in Control As a result of the consummation of the Offer and the Merger, a change in control of the Company occurred. Upon the Effective Time, the Company became a wholly owned subsidiary of Shire. At the Effective Time, the directors of Shire, immediately prior to the Effective Time, became the directors of the Surviving Corporation. Accordingly, each of Francois Nader, Peter G. Tombros, Michael W. Bonney, Colin Broom, Georges Gemayel, Pedro Granadillo, James G. Groninger, Pierre Legault and Rachel R. Selisker ceased serving as members of the Company's board of directors as of the Effective Time. In addition, immediately following the Effective Time, all of the officers of the Company immediately prior to the Effective Time were removed and were replaced by the officers of Purchaser. Pursuant to the Merger Agreement, at the Effective Time, the certificate of incorporation of the Company was amended and restated in its entirety. In addition, immediately after the Effective Time, the bylaws of the Company were amended and restated in their entirety. 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. NUINSCO RESOURCES: TSX Initiates Remedial Delisting Review ---------------------------------------------------------- Nuinsco Resources Limited on Feb. 25 disclosed that it has received a letter advising the Company that the Toronto Stock Exchange is reviewing the eligibility for continued listing on the TSX of the securities of the Company. The TSX initiated its delisting review because the price and market value of the publicly-held common shares of Nuinsco fell below levels required under TSX rules. Under the TSX's remedial review process, the Company has been granted 120 days to comply with all requirements for continued listing. It is the intent of the Company to maintain a public listing for the Company's shares. In addition to working with the TSX during this period, management will evaluate alternative listing options. There can be no assurance that either the Company will be able to achieve compliance with the TSX's listing requirements within the required time frame or will secure an alternative listing. About Nuinsco Resources Limited Nuinsco -- http://www.nuinsco.ca-- is a growth-oriented, multi-commodity mineral exploration company that is evaluating projects located in world-class mineralized belts in Canada and internationally. In addition to its property holdings in Ontario, Saskatchewan and Turkey, Nuinsco owns common shares in Victory Nickel Inc. as well as a participating interest in Victory Nickel Inc.'s sales of frac sand and 7.5% of CBay Minerals Inc., a private company that is a dominant player in Quebec's Chibougamau mining camp with assets including a permitted mill and tailings facility, eight past-producing copper/gold mines and a 38,850 hectare land position. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI. OMNOVA SOLUTIONS: Moody's Says Shareholder Deal Avoids Proxy Fight ------------------------------------------------------------------ Moody's Investors Service said that OMNOVA Solutions, Inc.'s agreement with Barrington Capital Group, L.P., will enable the company to avoid a credit negative proxy fight in the spring, but the extent to which the company will adopt Barrington's proposals and the resultant impact on OMNOVA's credit profile remains uncertain at present. As previously reported by The Troubled Company Reporter, OMNOVA carries a B1 Long Term Corporate Family Rating since 2013. Headquartered in Beachwood, Ohio, OMNOVA Solutions Inc. manufactures decorative and functional surfaces, emulsion polymers, and specialty chemicals. The company operates in two business segments: Performance Chemicals, which includes binders, coatings, and adhesives for the paper and carpet industries; and Engineered Surfaces, which includes coated fabrics, decorative laminates, and performance films. OZ GAS: Gets Court Approval of Premium Finance Agreement With PAC ----------------------------------------------------------------- OZ Gas Ltd.'s bankruptcy trustee received approval from U.S. Bankruptcy Judge Thomas Agresti to enter into an agreement with Premium Assignment Corp. Under the agreement, PAC will provide $43,665 in financing to Guy Fustine, the bankruptcy trustee, to purchase insurance coverage for OZ Gas' business. As collateral, PAC will be granted a security interest in the unearned premiums of the insurance policies, according to the agreement. PAC can terminate the insurance policies and collect the unearned premium once the bankruptcy trustee fails to pay the company under the agreement. About John D. Oil & Gas; OZ Gas; and Great Plains Exploration Mentor, Ohio-based John D. Oil & Gas Co., is in the business of acquiring, exploring, developing, and producing oil and natural gas in Northeast Ohio. The Company has 58 producing wells. The Company also has one self storage facility located in Painesville, Ohio. The self-storage facility is operated through a partnership agreement between Liberty Self-Stor Ltd. and the Company. John D. Oil's affiliated entities -- Oz Gas, LTD., and Great Plains Exploration, LLC -- filed voluntary Chapter 11 petitions (Bankr. W.D. Pa. Case Nos. 12-10057 and 12-10058) on Jan. 11, 2012. Two days later, John D. Oil filed its own Chapter 11 petition (Bankr. W.D. Pa. Case No. 12-10063). On Nov. 21, 2011, at the request of the lender RBS Citizens, N.A., dba Charter One, a receiver was appointed for all three corporate Debtors, in the United States District Court for the Northern District of Ohio at case No. 11-cv-2089-CAB. District Judge Christopher A. Boyko issued an order appointing Mark E. Dottore as receiver. The Receivership Order was appealed to the Sixth Circuit Court of Appeals on Dec. 19, 2011, and the appeal is currently pending. Judge Thomas P. Agresti oversees the Chapter 11 cases. Robert S. Bernstein, Esq., at Bernstein Law Firm P.C., serves as counsel to the Debtors. Each of Great Plains and Oz Gas estimated $10 million to $50 million in assets and debts. John D. Oil's balance sheet at Dec. 31, 2011, showed $6.98 million in total assets, $13.3 million in total liabilities, and a stockholders' deficit of $6.28 million. The petitions were signed by Richard M. Osborne, CEO. The United States Trustee said a committee under 11 U.S.C. Sec. 1102 has not been appointed because no unsecured creditor responded to the U.S. Trustee's communication for service on the committee. PANHANDLE EASTERN: Fitch Affirms 'BB' Rating on Jr. Sub. Notes -------------------------------------------------------------- Fitch Ratings has affirmed its Issuer Default Rating (IDR) and senior unsecured rating on Panhandle Eastern Pipe Line Co. (Panhandle) at 'BBB-' and its junior subordinated notes at 'BB'. The Rating Outlook is Stable. Approximately $1.1 billion in debt is affected by today's action. KEY RATING DRIVERS Parent Company Affiliation: The affirmation reflects Panhandle's affiliation with Energy Transfer Partners, LP (ETP; IDR: 'BBB-'/Stable Outlook) and expectations that ETP will continue to manage Panhandles's credit metrics and liquidity needs at levels appropriate to support its 'BBB-' rating. Panhandle is a wholly-owned subsidiary of ETP. Panhandle was merged with Southern Union Company (SUG) last year, with all notes of SUG and Panhandle becoming pari passu. Fitch does not expect any additional material transactions or growth initiatives at Panhandle and expects that future debt maturities will be financed through issuance at the ETP level. ETP is expected to provide any liquidity needs to Panhandle and refinance any Panhandle maturities at the ETP level and take any excess cash flow to use at ETP. Panhandle's standalone credit profile is consistent with a 'BBB-' or better IDR; however, given their strategic, operational and legal ties, Fitch believes it appropriate to link Panhandle's ratings with those of its parent ETP. An upgrade or downgrade at ETP would likely lead to an upgrade or downgrade at Panhandle. Stable Cash Flow: Panhandle's revenue is largely derived from long-term capacity reservation contracts for its pipeline operations. The majority of Panhandle's revenue and cash flow is from volume and commodity price-insensitive reservation contracts on its various pipelines and storage assets. Panhandle's operations currently consist of interstate pipelines that transport natural gas from the Gulf of Mexico, South Texas and the Panhandle regions of Texas and Oklahoma to major U.S. markets in the Midwest and Great Lakes region, as well as underground storage. Fitch expects liquidity at Panhandle to be adequate given support from ETP and leverage to be roughly 3x to 3.5x over the next several years. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for the issuer include: -- Large growth projects, such as the Trunkline conversion to oil service, will be developed outside of Panhandle. -- Future debt maturities to be refinanced through issuance at ETP level; any liquidity needs provided by ETP. -- Any excess cash upstreamed to ETP RATINGS SENSITIVITIES Negative: Future developments that may, individually or collectively, lead to a negative rating action include: -- Weakening credit metrics with leverage above 5x; -- Negative ratings action at ETP. Positive: Future developments that may, individually or collectively, lead to a positive rating action include: -- Positive ratings action at ETP. Fitch has affirmed these ratings with a Stable Outlook: -- IDR at 'BBB-'; -- Senior unsecured notes at 'BBB-'; -- Jr. subordinate notes at 'BB'. PARK FLETCHER: Schedules Filing Extended to March 17 ---------------------------------------------------- Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the Southern District of Indiana extended Park Fletcher Realty, LLC's deadline to file its schedules of assets and liabilities and statement of financial affairs to March 17, 2015. In support of the extension request, the Debtor's counsel, KC Cohen, Esq., in Indianapolis, Indiana, stated, "This case was filed in response to the appointment of a receiver in an emergency fashion and additional time is needed to accumulate and present the required documents." Park Fletcher Realty, LLC filed a Chapter 11 bankruptcy petition (Bank. S.D. Ind. Case No. 15-00843) on Feb. 15, 2015. The petition was signed by Shawn Williams as managing member. KC Cohen, Esq., at KC Cohen, Lawyer, PC, serves as the Debtor's counsel. The Debtors estimated assets and liabilities of $10 million to $50 million. Judge Jeffrey J. Graham presides over the case. PARK FLETCHER: Seeks to Use FOE Cash Collateral ----------------------------------------------- Park Fletcher Realty, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to obtain postpetition use of cash collateral securing the prepetition indebtedness from Filbert Orton EAT, LLC. Prior to the Petition Date, the Debtor's liquidity needs were met by the rent revenue generated from operating the 15 multi-tenant and 2 single-tenant industrial flex and office-warehouse building. The Debtor's loan facility with FOE was essentially crafted to finance the acquisition of the Real Estate. FOE's claim arises from its financing of the transaction in which FOE sold the Real Estate to the Debtor. The Debtor had a short window to refinance that transaction and simply was not able to close in time to avoid default. FOE commenced litigation to collect on its Note and alleged a balance due of less than $12,6000,000, all of which is secured by the Real Estate and the rents derived from operating it. KC Cohen, Esq., in Indianapolis, Indiana, tells the Court that the Debtor does not have access to any other source of financing for its postpetition operations in the near term and this inability to obtain and maintain sufficient operating liquidity to meet its post petition obligations on a timely basis may result in a permanent and irreplaceable loss of value in its assets and a resultant diminution in the value of the Debtor to the detriment of its creditors. The Debtor proposes to grant adequate protection to FOE in the form of replacement liens and the payments shown in the Budget. It is expected that upon closing of a transaction with a take-out lender FOE will be paid in full from the proceeds of the closing, Mr. Cohen says. Park Fletcher Realty, LLC filed a Chapter 11 bankruptcy petition (Bank. S.D. Ind. Case No. 15-00843) on Feb. 15, 2015. The petition was signed by Shawn Williams as managing member. KC Cohen, Esq., at KC Cohen, Lawyer, PC, serves as the Debtor's counsel. The Debtors estimated assets and liabilities of $10 million to $50 million. Judge Jeffrey J. Graham presides over the case. PARK FLETCHER: Wants Lender to Turnover Rents --------------------------------------------- Park Fletcher Realty, LLC, asks the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to compel Filbert Orton EAT, LLC, to turnover any rent it is holding. The Debtor is engaged in the business of owning and operating a portfolio consisting of 15 multi-tenant and 2 single tenant industrial flex and office-warehouse building containing a combined rentable area of 807,986 square feet situated on a non-contiguous 65.114 acre site. According to KC Cohen, Esq., in Indianapolis, Indiana, subsequent to the Debtor's default under the FOE Loan Facility, FOE notified the Debtor's tenants that it was exercising its assignment rights and directed those tenants to pay it instead of the Debtor. FOE shared its accounting of rents so received in the gross amount of $77,000. To the extent those funds had not been applied to the Debtor's obligation to FOE, they are cash collateral, Mr. Cohen asserts. Mr. Cohen points out that Section 543 of the Bankruptcy Code directs a person in possession of any property belonging to a debtor to deliver that property to the trustee or debtor-in-possession and the Debtor asserts that turnover of the rents is thereby appropriate. Park Fletcher Realty, LLC filed a Chapter 11 bankruptcy petition (Bank. S.D. Ind. Case No. 15-00843) on Feb. 15, 2015. The petition was signed by Shawn Williams as managing member. KC Cohen, Esq., at KC Cohen, Lawyer, PC, serves as the Debtor's counsel. The Debtors estimated assets and liabilities of $10 million to $50 million. Judge Jeffrey J. Graham presides over the case. PARLIAMENT HOUSE: Exits Chapter 11 Bankruptcy Protection -------------------------------------------------------- Billy Manes at Orlando Weekly reports that Parliament House has emerged from Chapter 11 bankruptcy protection. According to Orlando Weekly, the Company is spending $1 million on revamps for currently existing rooms, and is reportedly spending $10 million on a new development. The report says that a country club for gays is also in the works. Orlando, Florida-based Parliament Partners, Inc., dba Parliament House, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 14-08503) on July 25, 2014. The Debtor's counsel is R Scott Shuker, Esq., at Latham, Shuker, Eden & Beaudine LLP, Orlando, Florida. PERFETTI TRUCKING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Perfetti Trucking, Inc. 186 Perfetti Lane Blairsville, PA 15717-7686 Case No.: 15-70120 Chapter 11 Petition Date: February 24, 2015 Court: United States Bankruptcy Court Western District of Pennsylvania (Johnstown) Judge: Hon. Jeffery A. Deller Debtor's Counsel: Kevin J. Petak, Esq. SPENCE CUSTER SAYLOR WOLFE & ROSE, LLC P.O. Box 280 Johnstown, PA 15907-0280 Tel: 814-536-0735 Fax: 814-539-1423 Email: kpetak@spencecuster.com Total Assets: $2.06 million Total Liabilities: $1.96 million The petition was signed by John A. Perfetti, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/pawb15-70120.pdf PREMIER GOLF: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Premier Golf Properties, LP 3121 Willow Glen Drive El Cajon, CA 92019 Case No.: 15-01068 Type of Business: Golf Course Chapter 11 Petition Date: February 24, 2015 Court: United States Bankruptcy Court Southern District of California (San Diego) Judge: Hon. Christopher B. Latham Debtor's Counsel: Jack Fitzmaurice, Esq. FITZMAURICE & DEMERGIAN 1061 Tierra del Rey, Suite 204 Chula Vista, CA 91910 Tel: (619) 591-1000 Fax: (619) 591-1010 Email: lalmaraz@fitzmauricelaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Daryl Idler, secretary, Premier Golf Property Management Inc, general partner. List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Patrick O'Connor $71,500 5464 Grossmont Center Drive La Mesa CA 91942 SDG&E $46,767 PO Box 25111 Santa Ana CA 92799 Tina Brewer $40,880 c/o Mark T Brisebois 2488 Historic Decatur Road Ste 200 San Diego CA 92106 Yamaha $39,500 c/o Armen Hairapetian 70 S Lake Avenue Ste 820 Pasadena CA 91101 Preferred Employers Insurance Co $11,194 File Number 55624 Los Angeles CA 90074 Barrett Pump $8,255 1695 National Avenue San Diego CA 92113 Cart Mart Inc $6,544 237 South Bent Ave San Marcos CA 92078 Turf Maker $5,083 651 Anita St Chula Vista CA 91911 US Trustee $4,875 402 W Broadway Suite 600 San Diego CA 92101 Otay Water District $4,565 PO Box 51375 Los Angeles CA 90051 California Choice $3,543 PO Box 7088 Orange CA 92863 State Board of Equalization $2,949 San Diego District Office 15015 Avenue of Science #200 San Diego CA 92128 Golf Carts & More $2,851 1145 Industrial Ave Ste D Escondido CA 92029 Helix Mechanical $2,652 1100 N. Magnolia Ave Suite L El Cajon CA 92020 SKS Petroleum Distributors $2,607 PO Box 46110 Escondido CA 92046 Crest Beverage LLC $2,081 PO Box 848536 Los Angeles CA 90084 Republic Master Chefs $1,640 PO Box 15267 Los Angeles CA 90015 SCGA $1,551 PO Box 7186 North Hollywood CA 91615 Cox Communications San Diego $1,277 PO Box 53214 Phoenix AZ 85072 US Foodservice $1,247 PO Box 100131 Pasadena CA 91189 PULSE ELECTRONICS: To Restart Submission of Periodic Reports ------------------------------------------------------------ Pulse Electronics Corporation has withdrawn its Form 15 filings with the Securities and Exchange Commission on Oct. 16, 2014, and Dec. 29, 2014, stating it will recommence its submission of required filings under the Securities Exchange Act of 1934. About Pulse Electronics San Diego, California-based Pulse Electronics Corporation -- http://www.pulseelectronics.com/-- is a global producer of precision-engineered electronic components and modules, operating in three business segments: Network product group; Power product group; and Wireless product group. As reported by the TCR on July 8, 2013, the Company dismissed KPMG LLP as its independent registered public accounting firm. Grant Thornton LLP was hired as replacement. Pulse Electronics reported a net loss of $27.02 million on $356 million of net sales for the year ended Dec. 27, 2013, as compared with a net loss of $32.09 million on $373 million of net sales for the year ended Dec. 28, 2012. The Company's balance sheet at Sept. 26, 2014, showed $179 million in total assets, $250 million in total liabilities, and a $71.5 million shareholders' deficit. QUALITY TEAM MANAGEMENT: Case Summary & 11 Top Unsec. Creditors --------------------------------------------------------------- Debtor: Quality Team Management, Inc. dba Riverside Hotels, LLC 4430 Stratford Drive Middletown, OH 45042 Case No.: 15-30453 Chapter 11 Petition Date: February 24, 2015 Court: United States Bankruptcy Court Southern District of Ohio (Dayton) Judge: Hon. Guy R Humphrey Debtor's Counsel: John Paul Rieser, Esq. RIESER & MARX LLC 7925 Graceland Street Dayton, OH 45459 Tel: (937) 224-4128 Email: attyecfdesk@riesermarx.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Nayeem Aziz, president/owner. A list of the Debtor's 11 largest unsecured creditors is available for free at http://bankrupt.com/misc/ohsb15-30453.pdf RADIOSHACK CORP: Cerberus Fights CDS Cash-Out Claims in Ch. 11 -------------------------------------------------------------- Law360 reported that Cerberus Capital Management LP, which holds $100 million in secured RadioShack Corp. debt, fought allegations in Delaware bankruptcy court that it breached its fiduciary duty to the company, saying it never purchased the swaps positions it allegedly cashed in on after the bankruptcy. According to the report, calling those accusations "patently false," Cerberus responded to claims by the unsecured creditors committee that it hindered the retailer's attempted turnaround to profit off of advantageous credit default swap positions on its debt. Law360 related that unsecured creditors have asked the Delaware court to investigate who benefited from and controlled the timing of RadioShack's bankruptcy, claiming that the sale of credit agreement loans in October to major shareholder Standard General and to Litespeed Management LLC was a breach of fiduciary duty. Additionally, the committee alleged that Cerberus and Salus Capital Partners LLC, a separate lender with whom Cerberus shared a $250 million term loan for RadioShack, held credit default swap positions on the retailer's debt. Cerberus is represented by Adam C. Harris, David M. Hillman, Taejin Kim and Brian C. Tong of Schulte Roth & Zabel LLP, and Adam G. Landis and Kerri K. Mumford of Landis Rath & Cobb LLP. The unsecured creditors committee is represented by Richard S. Kanowitz, Esq. -- rkanowitz@cooley.com -- Jay R. Indyke, Esq. -- jindyke@cooley.com -- Cathy Hershcopf, Esq. -- chershcopf@cooley.com -- Jeffrey L. Cohen, Esq. -- jcohen@cooley.com -- and Seth Van Aalten, Esq. -- svanaalten@cooley.com -- of Cooley LLP and other counsel. 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. RADIOSHACK CORP: Litespeed Reports 8.8% Stake as of Dec. 31 ----------------------------------------------------------- Litespeed Management, L.L.C., Litespeed Master Fund, Ltd., and Jamie Zimmerman disclosed in a Schedule 13G filing with the Securities and Exchange Commission that as of December 31, 2014, they may be deemed to beneficially own 8,875,000 shares -- or roughly 8.8% -- of the common stock of RadioShack Corp. A copy of Litespeed's filing is available at http://is.gd/jMt4Z2 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. RADIOSHACK CORP: Urges Fast Sales for 'Melting Ice Cube' of Assets ------------------------------------------------------------------ Dawn McCarty, writing for Bloomberg News, reported that RadioShack Corp. pushed back against the Official Committee of Unsecured Creditors' criticisms of its proposed auction procedures, saying a drawn-out sales process could diminish the value of the assets and hurt recoveries. The Troubled Company Reporter previously reported that the Creditors' Committee opposed Standard General LP's credit bid for some of the retailer's stores and asserted that the lender should instead buy the stores using cash. According to the Bloomberg report, the Committee said credit bidding will "potentially freeze" out competition and complained that the $3,000-a-store price is inadequate for assets not covered by Standard General's lien because RadioShack is asking for a minimum of $20,000 for each lease not being bought in the going-concern transaction. In its response, RadioShack told the court that "[a]lthough the committee closes its eyes to it, the debtors' estate is in fact a 'melting ice cube' that is losing value on a daily basis." Standard General also jumped to defend the auction procedures, calling the creditor criticisms a "litany of innuendo and irrelevant detail." The Bloomberg report said that to address an objection by the U.S. Trustee, the Justice Department's bankruptcy watchdog, RadioShack amended the proposed bidding procedures to include the appointment of a privacy ombudsman to protect customers' personal information. Law360 reported that landlords took issue with RadioShack's plan to auction thousands of stores to Standard General, saying that the proposed process omits key details about the treatment of their leases. Various groups lodged objections in Delaware bankruptcy court, arguing that the bidding procedures laid out for the stalking horse auction do not require RadioShack to identify the actual assignee of leases involved in the deal and do not give landlords information about adequate assurance information prior to the sale hearing. 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. RADIOSHACK CORP: Vanguard Reports 2.97% Stake --------------------------------------------- The Vanguard Group - 23-1945930 disclosed in a Schedule 13G filing with the Securities and Exchange Commission that as of December 31, 2014, it may be deemed to beneficially own 2,992,275 or roughly 2.97% of the common stock of RadioShack Corp. A copy of the filing is available at http://is.gd/1guIGd 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. RADIOSHACK CORP: Wants Sale to Standard General Moved to March 26 ----------------------------------------------------------------- RadioShack Corp. has asked the Hon. Brendan Shannon of the U.S. Bankruptcy Court for the District of Delaware that the sale of stores to Standard General be moved from March 12 to March 26, Tom Hals at Reuters reports, citing Greg Gordon, the bankrupt Company's attorney. Reuters relates that Mr. Gordon said that Standard General had lessened the number of stores it plans to bid on to a range of 1,700 to 2,050 from its initial proposal for 1,500 to 2,400 as it continued to review the locations. Mr. Gordon said the Company's name and other intellectual property would be auctioned separately and that Standard General would bid at least $20 million, the report states. Mr. Gordon, according to Reuters, said that the Company will slow the process of selling its surviving stores. If other bidders emerge by March 17, an auction will be held on March 23, the report states, citing Mr. Gordon. Creditors were concerned that a rushed sale would discourage other potential bidders, Reuters relates. James Covert, writing for New York Post, says that Standard General LP had called for a fast-track auction of the Company's most profitable stores -- to be completed in over a month. A committee of unsecured creditors complained that, in addition to beefing about tight bidding deadlines, the rules for the auction have been stacked unfairly in favor of Standard General, NY Post states. The creditors, according to NY Post, accused Standard General of exploiting its status as a secured lender to claim store leases in its bid at prices far below market rates. GameStop Corp has expressed interest in some of the Company's 1,100 stores that are being closed this month, Reuters reports, citing Mr. Gordon. Tom Howley, also an attorney for the Company, said that the interest from Spring Communications, owned by GameStop, was "a significant development," Reuters states. Reuters adds that leases for a third batch of stores to be closed next month will be auctioned as well. 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 NOW: S&P Affirms 'B' CCR; Outlook Stable ------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Dallas-based digital data collection company Research Now Group Inc. The outlook is stable. At the same time, S&P assigned the company's senior secured first-lien term loan B and revolving credit facility S&P's 'B' issue-level rating. The recovery rating on this debt is '3', indicating S&P's expectation for meaningful (50% to 70%; high end of the range) recovery for lenders in the event of a payment default. Both the $35 million revolving credit facility and $255 million term loan B are due 2021. S&P also assigned a 'B-' issue rating to Research Now's proposed $135 million second-lien term loan due 2022 (one notch lower than S&P's 'B' corporate credit rating on the company). The recovery rating on this debt is '5', indicating S&P's expectation of minimal (10% to 30%; low end of the range) recovery for lenders in the event of a payment default. Research Now plans to use the aggregate debt proceeds, along with equity contributed by Court Square Capital Partners, to finance the acquisition. S&P will withdraw the issue-level ratings on Research Now's existing secured term loan due 2018 once the acquisition is completed, which S&P expects will occur in the first quarter of 2015. "The 'B' corporate credit rating reflects our expectation for limited debt leverage reduction over the next few years due to modest discretionary cash flow and an aggressive financial policy," said Standard & Poor's credit analyst Elton Cerda. "We view Research Now's business risk profile as "weak," primarily because of its niche market focus and limited scope of operation, and vulnerability to fluctuations in marketing budgets. These factors are only slightly tempered by Research Now's good market position in its niche, strong panel retention rate, and high survey response rate. The company's high adjusted debt leverage, pro forma for the transaction we estimate it was 6.1x (as of Dec. 31, 2014), and private equity ownership underpin our assessment of a "highly leveraged" financial risk profile. We expect Research Now to grow revenues at a mid- to high-single-digit percentage rate with a healthy high-teens EBITDA margin. We believe that the company will use its free cash flow for bolt-on acquisitions, and to a lesser extent, debt repayment," S&P said. Research Now is a small-to-midsize provider of permission-based digital data collection services to market research agencies, management consulting, media agencies and corporations focused on conducting online research for clients who required servey access to business-to-business, business-to-consumer, and hard-to-reach audiences. S&P characterizes Research Now's business risk profile as "weak," reflecting the company's narrow market focus, participation in a highly fragmented industry, exposure to fluctuations in advertising spending and technology risk, and relatively low barriers to entry. The amount of survey conducted in any given year completely depends on customer's demand which is tied to marketing budgets and new product development, which fluctuate with the economy. Nevertheless, the company holds a leading global market share in its niche, with its diverse customer base, high panelist retention rates, and exclusive relationships with sponsors. The stable outlook reflects S&P's expectation that the company will continue to grow revenue and EBITDA and that leverage will be around the high-5x area. S&P views a downgrade more likely than an upgrade over the intermediate term. S&P could lower the rating if revenue and EBITDA begin to decline as a result of a deteriorating operating performance that, potentially accompanied by economic weakness, convince S&P that covenant headroom will contract to about 15% or discretionary cash flow will swing negative. This could also occur as a result of additional shareholder-favoring actions. Conversely, S&P could raise the rating over the intermediate term if it concludes that the company will be able to broaden its business base, maintain its leverage in the mid-4x area, and demonstrate a commitment to a less-aggressive financial policy. Based on its private equity ownership, it is more than likely that the company will pursue further shareholder-favoring actions such as a debt-financed special dividend. RESIDENTIAL CAPITAL: Defective Mortgage Suits Mostly Survives ------------------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that the trust created for creditors of Residential Capital LLC can keep pursuing most lawsuits pending in New York against banks that sold it allegedly defective home mortgages. According to the report, U.S. Bankruptcy Judge Martin Glenn in New York, in early February, decided seven cases allowing the suits to proceed to the extent they are based on mortgages sold after May 14, 2006. Aside from claims deemed too old, Judge Glenn upheld the trust's suits, at least for the time being, the report related. One of the suits in bankruptcy court is Residential Funding Co. LLC v. HSBC Mortgage Corp. (USA) (In re ResCap Liquidating Trust Mortgage Purchase Litigation), 14-ap-07900, U.S. Bankruptcy Court, Southern District of New York (Manhattan). The suit in New York is ResCap Liquidating Trust v. PHH Mortgage Corp., 14-cv-05315, U.S. District Court, Southern District of New York (Manhattan). A Minnesota lawsuit is Residential Funding Co. LLC v. Mortgage Outlet Inc., 13-3447, U.S. District Court, District of Minnesota (Minneapolis). About Residential Capital Residential Capital LLC, the unprofitable mortgage subsidiary of Ally Financial Inc., filed for bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012. Neither Ally Financial nor Ally Bank is included in the bankruptcy filings. ResCap, one of the country's largest mortgage originators and servicers, was sent to Chapter 11 with 50 subsidiaries amid "continuing industry challenges, rising litigation costs and claims, and regulatory uncertainty," according to a company statement. ResCap disclosed $15.7 billion in assets and $15.3 billion in liabilities at March 31, 2012. Centerview Partners LLC and FTI Consulting are acting as financial advisers to ResCap. Morrison & Foerster LLP is acting as legal adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is the conflicts counsel. Rubenstein Associates, Inc., is the public relations consultants to the Company in the Chapter 11 case. Morrison Cohen LLP is advising ResCap's independent directors. Kurtzman Carson Consultants LLP is the claims and notice agent. Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves as counsel to Ally Financial. ResCap sold most of the businesses for a combined $4.5 billion. The Bankruptcy Court in November 2012 approved ResCap's sale of its mortgage servicing and origination platform assets to Ocwen Loan Servicing, LLC and Walter Investment Management Corporation for $3 billion; and its portfolio of roughly 50,000 whole loans to Berkshire Hathaway for $1.5 billion. Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11 Plan co-proposed by Residential Capital and the Official Committee of Unsecured Creditors. RESTORGENEX CORP: David Smith Reports 5.5% Stake as of May 12 ------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, David E. Smith disclosed that as of May 12, 2014, he beneficially owned 1,035,000 shares of common stock of Restorgenex Corporation, which represents 5.5 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/KSLC5j 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. RIVIERA HOLDINGS: Issued Non-Voting Shares to Warrant Holders ------------------------------------------------------------- Riviera Holdings Corporation disclosed in a regulatory filing with the Securities and Exchange Commission that: -- on Feb. 12, 2015, three holders of the Company's warrants exercisable into the the Company's Class B Non-Voting Common Stock exercised their Class B Warrants in full at the total stated aggregate exercise price of $0.03 and the Company issued to the holders an aggregate of 71,291 shares of Class B Non-Voting Common Stock as a result; and -- on Feb. 13, 2015, one holder of the Company's Class B Warrants exercised its Class B Warrant at the stated aggregate exercise price of $0.01 and the Company issued to the holder 43,150 shares of Class B Non-Voting Common Stock as a result. "The issuances of the Class B Non-Voting Common Stock were exempt from registration under the Securities Act of 1933, as amended, because (i) the Class B Warrants were originally issued under Section 1145 of the United States Bankruptcy Code, which generally exempts from such registration requirements the issuance of securities underlying warrants issued under a plan of reorganization, and (ii) Section 4(a)(2) of the Securities Act because the issuance did not involve any public offering in that we issued the shares of Class B Non-Voting Common Stock to existing holders of our Class B Warrants, who are also creditors, and we placed a legend on the stock certificates stating that the securities have not been registered under the Securities Act and cannot be sold or otherwise transferred without registration or an exemption therefrom," the Company said. About Riviera Holdings Riviera Holdings Corporation, through its wholly owned subsidiary, Riviera Operating Corporation, owns and operates the Riviera Hotel & Casino located on Las Vegas Boulevard in Las Vegas, Nevada. Riviera Hotel & Casino, which opened in 1955, has a long-standing reputation for delivering traditional Las Vegas-style gaming, entertainment and other amenities. On July 12, 2010, RHC, ROC and the Riviera Black Hawk casino filed petitions for relief under the provisions of Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Nevada. On Nov. 17, 2010, the Bankruptcy Court entered a written order confirming the Debtors' Second Amended Joint Plan of Reorganization. On December 1, 2010, the Plan became effective. On April 1, 2011, the Debtors emerged from reorganization proceedings under the Bankruptcy Code. Thomas H. Fell, Esq., at Gordon Silver, represented the Debtors in the Chapter 11 cases. XRoads Solutions Group, LLC, served as the financial and restructuring advisor. Garden City Group Inc. served as the claims and notice agent. On April 26, 2012, RHC completed the sale of Riviera Black Hawk casino to Monarch Casino and Resorts, Inc., and its wholly-owned subsidiary Monarch Growth Inc. The Buyer purchased Riviera Black Hawk by acquiring all of the issued and outstanding shares of common stock of RHC's subsidiary Riviera Black Hawk. The Buyer paid $76 million for the stock, subject to certain post-closing working capital adjustments. At the closing, ROC paid or satisfied substantially all of RBH's indebtedness (which consisted of inter-company accounts and equipment leases) and placed $2.1 million of working capital in a restricted bank account. Accordingly, the Company has reflected the business, including gain on sale, as discontinued operations. In July 2013, Moody's Investors Service downgraded Riviera Holdings' ratings, including its Corporate Family Rating to 'Caa3' from 'Caa2' and its Probability of Default Rating to 'Caa3-PD' from 'Caa2-PD'. At the same time, Moody's downgraded Riviera's first lien term loan and revolver to 'Caa2' from 'Caa1', its second lien term loan to 'Ca' from 'Caa3' and its Speculative Grade Liquidity rating to 'SGL-4' from 'SGL-3'. The rating outlook is negative. The downgrade reflected Moody's view that Riviera's capital structure is unsustainable given growing operating losses and its inability to cover debt service and capex needs given limited available cash balances. Moody's at that time said that, although the company continues to pay required interest on time, it remains in technical default of financial covenants. RIVIERA HOLDINGS: S&P Discontinues 'CCC+' CCR Over Casino Sale -------------------------------------------------------------- Standard & Poor's Ratings Services discontinued its 'CCC+' corporate credit rating on Riviera Holdings Corp. following the sale of the Riviera Hotel & Casino in Las Vegas to the Las Vegas Convention & Visitors Authority and the repayment of all of Riviera's previously outstanding debt. RATINGS LIST Ratings Discontinued Riviera Holdings Corp. To From Corporate Credit Rating NR CCC+/Negative/-- RON'S PROPERTIES: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Ron's Properties, LLC 1800 Clove Road Staten Island, NY 10304 Case No.: 15-70725 Chapter 11 Petition Date: February 24, 2015 Court: United States Bankruptcy Court Eastern District of New York (Central Islip) Judge: Hon. Louis A. Scarcella Debtor's Counsel: Chad B Friedman, Esq. RAVIN GREENBERG, LLC 101 Eisenhower Parkway Roseland, NJ 07068 Tel: (973) 226-1500 Fax: (973) 226-6888 Email: cfriedman@ravingreenberg.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ron Israeli, manager. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. SAINT CATHERINE: To Close Indiana Hospital; Sale Talks Ongoing -------------------------------------------------------------- Bethanni Williams, writing for Whas11.com, reports that the St. Catherine Regional Hospital in Charlestown, Indiana, is set for closure. Gary Popp at Newsandtribune.com relates that talks are ongoing about a possible purchase of the hospital. Newsandtribune.com says that liquidation remains a strong possibility after the hospital closed its emergency room last week, transferred virtually all of its inpatients to other area facilities and informed the majority of staff to not return to work. The report quoted Lyen Crews, the Chapter 11 trustee and acting CEO of the hospital, as saying, "There may be other [bidders] in the mix, so I, really, can't comment as to what will happen. We are listening to anybody that has a bid. We are entertaining the bid, and we are discussing it with them. I will exhaust every opportunity." According to Newsandtribune.com, a bid from Procure Heath had been accepted to purchase the hospital, but the agreement fell through last week. Mr. Crews, Newsandtribune.com reports, said that other firms are interested in the hospital, but he is not sure how long he will be able to entertain bids before going into liquidation. About Saint Catherine Hospitals Saint Catherine Hospital of Indiana LLC -- http://www.saintcatherinehospital.com/-- an acute-care hospital in Charlestown, Indiana, filed for Chapter 11 protection June 19 in New Albany, Indiana (Bankr. S.D. Ind. Case No. 12-91316). Saint Catherine Hospital of Indiana is a regional facility that performs weight-loss surgery and other procedures. The Debtor estimated assets worth less than $10 million and debt exceeding $10 million. A buyer has been located to purchase the operation while in Chapter 11, according to a report by Bill Rochelle, the bankruptcy columnist for Bloomberg News. Mr. Rochelle also reports that, in addition to losses from operations, bankruptcy was the result of a lawsuit begun by the trustee for Saint Catherine Hospital of Pennsylvania, which filed for bankruptcy reorganization in April in Wilkes-Barre, Pennsylvania. The Chapter 11 trustee in the Pennsylvania hospital's case filed a lawsuit to recover $300,000 allegedly transferred to the Indiana institution. Saint Catherine Hospital of Pennsylvania, LLC, dba Saint Catherine Medical Center of Fountain Springs, filed a Chapter 11 petition (Bankr. M.D. Pa. Case No. 12-02073) on April 9, 2012, estimating under $50,000 in assets and debts. It is a non-operating 107-bed hospital in Ashland, Pennsylvania. John H. Doran, Esq., at Doran & Doran, P.C., in Wilkes-Barre, Pennsylvania, served as counsel. Nine days after the bankruptcy filing, U.S. Bankruptcy Judge John J. Thomas granted the request of the Chapter 11 trustee to convert the Chapter 11 case of Saint Catherine Hospital of Pennsylvania to a liquidation in Chapter 7. SALADWORKS LLC: Says Vernon Hill Lawsuit Made Finding Buyer Hard ---------------------------------------------------------------- Saladworks, LLC, said in court documents that it was litigation with a minority shareholder that caused it trouble in finding a buyer and paying out obligations, leading to the bankruptcy. Gina Passarella at Delaware Law Weekly reports that Vernon Hill -- the former Commerce Bank founder who controls Saladworks minority shareholder JVSW LLC -- and the Company are in the midst of litigation in Pennsylvania over loan obligations. Paul Steck, the Company's president, said in court filings that Mr. Hill has also filed actions against the Company in the Delaware Court of Chancery over the Company's management and his request to have his shares bought back for $7.75 million. Citing the Company, Law Weekly relates that the Delaware and Pennsylvania litigation have also made it difficult for the Company to expand through selling more franchises. Law Weekly recalls that when Mr. Hill sought payment for his shares, the Company started looking at its strategic options moving forward. According to Law Weekly, John G. Harris, Esq., and David B. Anthony, Esq., at Berger Harris are representing the Company in the Chancery litigation, while Blake A. Bennett, Esq., and Thomas A. Uebler, Esq., at Cooch and Taylor are representing JVSW in that litigation. Messrs. Harris and Anthony can be reached at: Berger Harris 1105 North Market Street, 11th Floor Wilmington, DE 19801 Tel: (302) 655-1140 Fax:(302) 655-1131 E-mail: jharris@bergerharris.com danthony@bergerharris.com Messrs. Bennett and Uebler can be reached at: Cooch and Taylor The Brandywine Building 1000 West Street, 10th Floor P.O. Box 1680 Wilmington, DE 19899-1680 Blake A. Bennett, Esq. Director Tel: (302) 984-3889 Fax: (302) 984-3939 E-mail: bbennett@coochtaylor.com Thomas A. Uebler, Esq. Associate Tel: (302) 984-3806 Fax: (302) 984-3939 E-mail: tuebler@coochtaylor.com Law Weekly relates that Kenneth Roeberg, Esq., at Narducci, Moore, Fleisher & Roeberg is representing the Company in the Metro Bank litigation in Montgomery County, Pennsylvania, while WS Financial, the entity owned by Mr. Hill associated with Metro Bank, is represented by Walter Weir, Jr., Esq., at Weir Partners LLP. Mr. Roeberg can be reached at: Narducci, Moore, Fleisher & Roeberg LLP 589 Skippack Pike, Suite 300 Blue Bell, PA 19422 Tel: (215) 628-3939 E-mail: kroeberg@bluebelllaw.com Mr. Weir can be reached at: Weir Partners LLP The Widener Building Suite 500 1339 Chestnut Street Philadelphia, PA 19107 Tel: (215) 241-7751 Fax: (215) 665-8191 E-mail: wweir@weirpartners.com 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. SAMUEL WYLY: Plans to Sell Off Art, Antiques -------------------------------------------- Katy Stech, writing for The Wall Street Journal, reported that former billionaire Sam Wyly is preparing to sell dozens of pieces of art and antiques through a Dallas auction house on May 20. According to the report, the proposed auction is Mr. Wyly's latest effort to cut his expenses while facing a $198.1 million judgment, which came after securities regulators accused him of using a complex web of offshore trusts to hide stock sales. About Samuel Wyly Samuel Wyly filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 14-35043) on Oct. 19, 2014, weeks after a judge ordered him to pay several hundred million dollars in a civil fraud case. In September, a federal judge ordered Mr. Wyly and the estate of his deceased brother to pay more than $300 million in sanctions after they were found guilty of committing civil fraud to hide stock sales and nab millions of dollars in profits. About Caroline Wyly Caroline Wyly is the widow of business tycoon Charles Wyly. She and her brother-in-law Sam Wyly sought Chapter 11 bankruptcy protection as leverage to settle a looming tax bill and a $329 million claim from the Securities and Exchange Commission. Her bankruptcy is In re Caroline D. Wyly, 14-35074, in U.S. Bankruptcy Court, Northern District Texas (Dallas). SANDRINE'S LIMITED: Sold for $776,000 ------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that Sandrine's Bistro, a French restaurant in Cambridge, Massachusetts, and its equipment were sold at a sealed-bid auction for $776,000 to Classic Restaurant Concepts LLC. According to the report, the opening bid at the auction was $480,000 from Pierre Honneger, the owner of Boston's La Voile restaurant. Based in Cambridge, Massachusetts, Sandrine's Limited Liability Company filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 14-15702) on Dec. 10, 2014, disclosing $35,000 in assets against $1.37 million in liabilities. The petition was signed by Gwyneth B. Trost, manager and the Debtor's majority owner. Judge William C. Hillman presides over the case. Alex F. Mattera, Esq., at Demeo, LLP, serves as the Debtor's bankruptcy counsel. SANJAC SECURITY: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Sanjac Security, Inc. P.O. Box 654 Humble, TX 77347-0654 Case No.: 15-31008 Chapter 11 Petition Date: February 24, 2015 Court: United States Bankruptcy Court Southern District of Texas (Houston) Judge: Hon. Jeff Bohm Debtor's Counsel: Margaret Maxwell McClure, Esq. ATTORNEY AT LAW 909 Fannin, Suite 3810 Houston, TX 77010 Tel: 713-659-1333 Fax: 713-658-0334 Email: margaret@mmmcclurelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Jeffrey Scott Theis, president. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. SCH CORP: Court Says Payment Extension Counts as Plan Modification ------------------------------------------------------------------ Saranac Hale Spencer at The Legal Intelligencer reports that the U.S. Court of Appeals for the Third Circuit has agreed that the proposed extension of the payment period to 2017 in the Chapter 11 bankruptcy of SCH Corp. would count as a modification of the plan. Plan funder National Corrective Group, according to the Third Circuit's opinion, written by Senior Judge Robert E. Cowen, agreed to a settlement under which it would make three additional payments of up to $100,000 each year until 2017. According to The Intelligencer, the Third Circuit has vacated for the second time the Bankruptcy Court's decision in a case involving the bankruptcy of the Company that is facing consumer class-action lawsuits. The U.S. District Court for the District of Delaware had previously upheld the Bankruptcy Court's opinion, the report adds. The Intelligencer recalls that the Company was facing class-action lawsuits in California, Florida, and Indiana brought under the Fair Debt Collection Practices Act when it filed for bankruptcy. Members of those class actions, the report says, are the ones who challenged the proceedings in the Bankruptcy Court, bringing the case to the Third Circuit. According to the Opinion, the CFI claimants rejected the first plan for liquidation since it included a third-party release that would have barred claims against the Company's buyer, Levine Leichtman Capital Partners. The Intelligencer states that the Bankruptcy Court later approved an amended plan that involved NCG agreeing to pay $200,000 per year for five years. The Opinion states that the payments could be offset by up to a total of $500,000 for the defense of consumer lawsuits. The Intelligencer relates that NCG later used those offset rights. The Intelligencer quoted Judge Cowen as saying, "Therefore, very little, if any, funds have been distributed to unsecured creditors under the confirmed plan. In particular, it claimed offsets for litigation expenses reimbursed by insurance." NCG then agreed to the settlement, but the CFI claimants objected on a number of grounds, The Intelligencer states, citing Judge Cowen. "According to them, 'the proposed three-year extension of the plan is, in effect, a proposed, post-confirmation request to modify the plan' that 'would be governed by 11 U.S.C. Section 1127(b), and, by incorporation, 11 U.S.C. Section 1129.' Noting that the bankruptcy court must review a proposed settlement under the four-factor standard established by this court in In re Martin, the CFI claimants argued that '"the paramount interest of the creditors" -- the fourth Martin factor -- would not be furthered in any way by the compromise.' The CFI claimants also questioned whether the settlement was the result of arm's-length negotiations," The Intelligencer quoted Judge Cowen as saying. According to The Intelligencer, the Third Circuit agreed that the proposed extension of the payment period to 2017 would count as a modification of the plan under Section 1127 of Chapter 11. The report quoted Judge Cowen as saying, "The confirmed plan required NCG to make five annual payments, subject to offsets for litigation expenses, by April 2014, while the purported settlement approved by the bankruptcy court provided for three additional payments subject to the same basic offset mechanism in 2015, 2016 and 2017." About SCH Corp. SCH Corp., American Corrective Counseling Services Inc. and ACCS Corp. were in the debt collection business in January 2009 when they filed for Chapter 11 bankruptcy in the District of Delaware. They filed for bankruptcy on Jan. 19, 2009 (Bankr. D. Del. Case No. 09-10198). The Debtors obtained confirmation of an amended Chapter 11 plan on Nov. 2, 2009, which plan was declared effective on Dec. 21, 2009. SIGA TECHNOLOGIES: Jet Capital Reports 9.14% Stake -------------------------------------------------- Jet Capital Investors, L.P. and its general partner, Jet Capital Management, L.L.C., said in a Schedule 13G/A (Amendment No. 1) filed with the Securities and Exchange Commission that they may be deemed to beneficially own 4,888,484 shares or roughly 9.14% of the common stock of SIGA Technologies, Inc. A copy of the filing is available at http://is.gd/WUdY0N About SIGA Technologies Publicly held SIGA Technologies, Inc., with headquarters in Madison Avenue, New York, is a biotech/pharmaceutical company that specializes in the development and commercialization of solutions for serious unmet medical needs and biothreats. SIGA's lead product is Tecovirimat, also known as ST-246, an orally administered antiviral drug that targets orthopoxviruses. SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 14-12623) on Sept. 16, 2014, in Manhattan. The case is assigned to Judge Sean H. Lane. The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and Prime Clerk LLC as claims agent. The Debtor's Chapter 11 plan and disclosure statement are due May 14, 2015. The Debtor disclosed total assets of $132 million and $7.95 million in liabilities as of the Chapter 11 filing. The Statutory Creditors' Committee is represented by Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at PROSKAUER ROSE LLP. The Committee tapped to retain Guggenheim Securities, LLC, as its financial advisor and investment banker. SIGA TECHNOLOGIES: Prescott Group Reports 5.5% Stake ---------------------------------------------------- Prescott Group Capital Management, L.L.C. and its affiliated entities said in a Schedule 13G filed with the Securities and Exchange Commission that they may be deemed to beneficially own 2,948,849 shares or roughly 5.5% of the common stock of SIGA Technologies, Inc. A copy of the filing is available at http://is.gd/FxVm39 The filing entities are Prescott Group Capital Management, L.L.C.; Prescott Group Aggressive Small Cap, L.P.; Prescott Group Aggressive Small Cap II, L.P.; and Mr. Phil Frohlich. They may be reached at: Phil Frohlich PRESCOTT GROUP CAPITAL MANAGEMENT, L.L.C. 1924 South Utica, Suite 1120 Tulsa, OK 74104-6529 Prescott Capital is an Oklahoma limited liability company. The Small Cap Funds are Oklahoma limited partnerships. Mr. Phil Frohlich is the principal of Prescott Capital and is a U.S. citizen. About SIGA Technologies Publicly held SIGA Technologies, Inc., with headquarters in Madison Avenue, New York, is a biotech/pharmaceutical company that specializes in the development and commercialization of solutions for serious unmet medical needs and biothreats. SIGA's lead product is Tecovirimat, also known as ST-246, an orally administered antiviral drug that targets orthopoxviruses. SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 14-12623) on Sept. 16, 2014, in Manhattan. The case is assigned to Judge Sean H. Lane. The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and Prime Clerk LLC as claims agent. The Debtor's Chapter 11 plan and disclosure statement are due May 14, 2015. The Debtor disclosed total assets of $132 million and $7.95 million in liabilities as of the Chapter 11 filing. The Statutory Creditors' Committee is represented by Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at PROSKAUER ROSE LLP. The Committee tapped to retain Guggenheim Securities, LLC, as its financial advisor and investment banker. SILICON GENESIS: Lists $16.5-Mil. in Assets, $7.9-Mil. in Debt -------------------------------------------------------------- Silicon Genesis Corporation filed with the U.S. Bankruptcy Court for the Northern District of California its schedules of assets and liabilities disclosing that it has $16,559,802 in assets and $7,951,043 in liabilities. The Debtor's liabilities are composed of $7,688,182 in secured claims, $186 in unsecured priority claims, and $262,675 in unsecured non-priority claims. Full-text copies of the Schedules are available at http://bankrupt.com/misc/SILICONsal0218.pdf Silicon Genesis Corporation filed a Chapter 11 bankruptcy petition (N.D. Calif. Case No. 15-50525) on Feb. 17, 2015. Theodore E. Fong signed the petition as president and CEO. The Debtor estimated assets of $10 million to $50 million and liabilities of $1 million to $10 million. Kevin W. Coleman, Esq., Schnader Harrison Segal and Lewis LLP represents the Debtor as counsel. Judge Elaine Hammond is assigned to the case. SILICON GENESIS: Seeks Authority to Use Cash Collateral ------------------------------------------------------- Silicon Genesis Corporation seeks authority from the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, to use $244,146 in cash collateral on a preliminary basis through March 31, 2015. Kevin W. Coleman, Esq., at Schnader Harrison Segal & Lewis LLP, in San Francisco, California, the Debtor is required to pay various ongoing expenses in the ordinary course of business to preserve and enhance the value of its assets for the benefit of creditors and other stakeholders. Firsthand Technology Value Fund, Inc., Convexa Capital VIII AS, Convexa Capital IX AS, and PV Capital AS, is the only creditor known by the Debtor to have an interest in cash collateral, and it is substantially over-secured, Mr. Coleman tells the Court. Specifically, as of the Petition Date, the Lender is owed approximately $7.7 million, and the payment intangibles, intellectual property, accounts receivable, and equipment that purportedly secure its claim are worth more than $15.8 million, Mr. Coleman says. The Debtor must use cash collateral to satisfy its immediate obligations as access to these funds is a necessary precondition to the success of the Debtor's bankruptcy case and the proper administration of the Debtor's assets, Mr. Coleman further assets. Silicon Genesis Corporation filed a Chapter 11 bankruptcy petition (N.D. Calif. Case No. 15-50525) on Feb. 17, 2015. Theodore E. Fong signed the petition as president and CEO. The Debtor estimated assets of $10 million to $50 million and liabilities of $1 million to $10 million. Kevin W. Coleman, Esq., Schnader Harrison Segal and Lewis LLP represents the Debtor as counsel. Judge Elaine Hammond is assigned to the case. SPENDSMART NETWORKS: Turns Profit in January -------------------------------------------- SpendSmart Networks, Inc., achieved its first profitable month in January 2015. Based on unaudited preliminary financials, and excluding non-cash expenses such as stock based compensation and depreciation, January 2015 is the first profitable month for the company in recent history. "This is another great milestone as we leverage our amazing team, board of directors, licensees and merchants to build a world-class organization. Our year-over-year revenue growth for January is almost 900%. We achieved this while expanding our team significantly to almost 50 people in San Luis Obispo, and getting our fiscal house in order. Closing the card business to focus on our core competency has placed the company in a more strategic stance for the future. Investing in our mobile division and making a strategic acquisition last year of TechXpress were aggressive moves that are already paying off," explains Alex Minicucci, CEO of SpendSmart. Last year SpendSmart grew from approximately 55 Masterminds licensees to 170 by year-end, and from 1.4M customers to 3M at year-end. On Jan 5, 2015, a second software license, referred to as the "THRIVE license" was launched using resources from the TechXpress acquisition. As of Feb 18th, SpendSmart has 58 "THRIVE" licensees. Minicucci continues, "We are excited by the results of the THRIVE license launch; it's a much needed solution for merchants and a strategic asset for our licensees. Coming in April we will be launching Off Day Trainer, our first niche product designed for the fitness industry. By leveraging our licensee network we deploy rapidly in markets across the country, creating new recurring revenue streams for ourselves and our licensees." About SpendSmart Networks SpendSmart Networks, Inc., provides proprietary loyalty systems and a suite of digital engagement and marketing services that help local merchants build relationships with consumers and drive revenues. These services are implemented and supported by a vast network of certified digital marketing specialists, aka "Certified Masterminds," who drive revenue and consumer relationships for merchants via loyalty programs, mobile marketing, mobile commerce and financial tools, such as prepaid card and reward systems. We enter into licensing agreements for our proprietary loyalty marketing solution with "Certified Masterminds" which sell and support the technology in their respective markets. The Company's products aim to make Consumers' dollars go further when they spend it with merchants in the SpendSmart network of merchants, as they receive exclusive deals, earn rewards and ultimately build a connection with their favorite merchants. For the 12 months ended Sept. 30, 2013, the Company reported a net loss and comprehensive loss of $12.6 million on $1.02 million of revenues compared with a net loss and comprehensive loss of $21.09 million on $1 million of revenues for the same period in 2012. As of Sept. 30, 2014, the Company had $12.02 million in total assets, $1.92 million in total liabilities and $10.1 million in total stockholders' equity. EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has incurred net losses since inception and has an accumulated deficit at Dec. 31, 2013. These factors among others raise substantial doubt about the ability of the Company to continue as a going concern. STAG INDUSTRIAL: Fitch Rates $139MM Preferred Stock 'BB' -------------------------------------------------------- Fitch Ratings has assigned a 'BBB-' rating to STAG Industrial Operating Partnership, L.P.'s $120 million unsecured notes issued through a private placement on Feb. 20, 2015. The notes comprise $100 million of 10-year notes bearing interest at 4.32% and $20 million of 12-year notes bearing interest at 4.42%. This issuance completes the $200 million note purchase agreement that STAG announced on Nov. 24, 2014. The Rating Outlook is Positive. STAG has earmarked the proceeds from the private placement to repay amounts outstanding under its unsecured revolving credit facility and for general corporate purposes, including the funding of future acquisitions. KEY RATING DRIVERS The ratings reflect STAG's credit strengths, which include low leverage and strong fixed charge coverage for the rating, excellent liquidity, a sizable unencumbered asset pool and improving access to capital, including unsecured private placements and term loans and common equity via underwritten follow-on common equity offerings and ATM programs. These credit positives are balanced by the company's portfolio concentration in secondary industrial markets and short operating history as a public company. The Positive Outlook reflects the upward momentum in STAG's credit profile, including rapid organizational growth, improving fixed-charge coverage and enhanced access to unsecured debt capital - all in the context of leverage sustaining in the low 5.0x range. STAG has achieved many of the rating sensitivities Fitch has identified as potentially leading to positive ratings momentum. However, the Positive Outlook captures pending additional seasoning in the company's operating portfolio and metrics. Specifically, Fitch will watch closely for evidence of stabilization in the company's same-store net operating income (NOI) growth following a period of unanticipated weakness during most of 2013 and 2014. Weak Internal Growth STAG's cash same-store NOI declined by 2.3% during 2014, with the quarterly cadence including year-over-year decreases of 4.9% in the first quarter of 2014 (1Q'14), 1.2% in 2Q'14, 0.6% in 3Q'14 and 1.5% in 4Q'14. The company's annualized same store NOI change has been negative since 2Q'13. Positively, STAG retained 71.7% of its expiring leased square footage in 4Q'14, resulting in an annual tenant retention rate of 69.7%. During 2013, STAG attributed its same-store NOI declines to unusually low tenant retention due to a period of heightened corporate change and, to a lesser extent, the harsh weather during the late 2013/early 2014 winter. The company has cited the dynamics of its single-tenant acquisition led growth model for its recent same-store NOI declines, whereby the law of large numbers pulls STAG's portfolio occupancy rate closer to market (roughly 95%), despite most properties entering the portfolio 100% leased. Low Leverage STAG's leverage was 4.9x based on an annualized run rate of STAG's recurring operating EBITDA for the quarter ending Dec. 31, 2014, which is strong for the 'BBB-' rating. This compares with 5.4x on an annualized basis for the quarter ending Dec. 31, 2013 and 6.3x for the quarter ending Dec. 31, 2012. Adjusting 4Q'14 earnings for the impact of partial period acquisitions would reduce STAG's leverage to 4.7x. Fitch's projections anticipate that the company will sustain leverage of approximately 5.0x during the next three years on an annualized basis that includes a full-year's impact of earnings from projected acquisitions. Improving Capital Access STAG's issuances of senior unsecured notes in July 2014, December 2014 and February 2015 have been important milestones in the company's transition to a predominantly unsecured borrowing strategy, evidencing broader access to unsecured debt capital. The company also completed a $600 million refinancing of its unsecured revolving credit facility and term loans in December 2014. Prior to the company's inaugural private unsecured notes placement, STAG's unsecured borrowings were limited to three bank term loans, as well as drawdowns under the company's unsecured revolver. However, Fitch continues to view STAG as a relatively less seasoned unsecured bond issuer pending further private placement issuance. Strong Fixed-Charge Coverage Fitch expects the company's fixed charge coverage to sustain in the low 3.0x through 2016. The low interest rate environment and higher capitalization rates on class B industrial properties in secondary markets should allow STAG to continue deploying capital on a strong spread investing basis. STAG's fixed charge coverage was 3.4x for the year-ended Dec. 31, 2014 and 3.3x and 2.8x for the years ending Dec. 31, 2013 and 2012, respectively. Excellent Liquidity STAG completed a $600 million refinancing of its unsecured bank debt in December 2014. The refinancing reduced the company's cost of fully committed unsecured bank debt to Libor + 1.41% from Libor + 1.66% and increased the weighted average term to 5.9 years from 3.8 years. STAG also replaced its $200 million unsecured revolving credit facility with a new $300 million revolver that has a lower cost and extends the maturity by three years to December 2019 through the refinancing. STAG's unencumbered assets, defined as unencumbered NOI (as calculated in accordance with the company's unsecured loan agreements) divided by a stressed capitalization rate of 10%, covered its unsecured debt by 3.0x in 4Q'14, which is strong for the current ratings. The company's substantial unencumbered asset pool is a source of contingent liquidity that enhances STAG's credit profile. Straightforward Business Model STAG has not made investments in ground-up development or unconsolidated joint venture partnerships. The absence of these items helps simplify the company's business model, improve financial reporting transparency and reduce potential contingent liquidity claims, which Fitch views positively. While the company may selectively pursue the acquisition of completed build-to-suit (BTS) development projects in the future, Fitch anticipates only a moderate amount of such activity by STAG on an ongoing basis. Fitch views the acquisition of completed BTS projects developed by third parties as less risky than the traditional ground-up speculative and BTS development undertaken by some of STAG's industrial REIT peers. Secondary Market Locations STAG's strategy centers on the acquisition of individual class B, single tenant industrial properties (warehouse/distribution and manufacturing assets) predominantly in secondary markets throughout the United States by sourcing third party purchases and structured sale-leasebacks. Such transactions typically range in price from $5 million to $50 million and have higher going-in yields, stronger internal rates of return, and less competition from other buyers. The company has only minimal exposure to what are traditionally considered the 'core' U.S. industrial and logistics markets, which include Chicago, Los Angeles/Inland Empire, Dallas - Fort Worth, Atlanta and New York/Northern New Jersey. Fitch views this as a credit negative given superior liquidity characteristics for industrial assets in 'core' markets - both in terms of financing and transactions. Limited Public Company Track Record STAG has a limited track record as a public company, having gone public in 2Q'11. This track record is balanced by 1) the homogeneity of industrial properties, 2) management's prior experience successfully managing STAG's predecessor as a private company that dates back to 2004 and 3) management's extensive real estate and capital markets experience. Preferred Stock Notching The two-notch differential between STAG's IDR and preferred stock rating is consistent with Fitch's criteria for a U.S. REIT with an IDR of 'BBB-'. These preferred securities are deeply subordinated and have loss absorption elements that would likely result in poor recoveries in the event of a corporate default. Positive Outlook The Positive Outlook is based on Fitch's expectation for stabilization and improvement in the company's cash same-store NOI growth over the rating horizon, coupled with Fitch's expectation that STAG will maintain leverage and fixed-charge coverage of approximately 5.0x and 3.0x on a run rate basis, metrics that are consistent with a 'BBB' IDR. KEY ASSUMPTIONS Fitch's base case rating assumptions for STAG include these: -- Stabilization and improvement in STAG's tenant retention and same-store NOI growth; -- Leverage sustaining in the low 5.0x range over the rating horizon (approximately one to three years); -- Fixed-charge coverage improving to the mid-3.0x range through 2016; -- Industrial property acquisitions of $400 million in 2015 and $500 million in 2016; -- STAG funds its near-to-medium term external growth with roughly 60% equity and 40% debt financing; and -- Dividend growth of 5% per annum. RATING SENSITIVITIES These factors may have a positive impact on STAG's ratings: -- Stabilization, followed by sustained improvement in STAG's tenant retention and same-store NOI growth is Fitch's primary consideration for positive ratings momentum; -- Continued access to the unsecured bond market; -- Leverage calculated on an annualized basis adjusted for acquisitions sustaining below 5.5x (leverage was 4.7x as of Dec. 31, 2014); -- Fixed charge coverage to sustaining above 3.0x (coverage was 3.4x as of Dec. 31, 2014). These factors may have a negative impact on the company's ratings and/or Outlook: -- Fitch's expectation for leverage sustaining above 6.5x; -- Fixed charge coverage sustaining below 2.0x; -- A meaningful increase in the percentage of STAG's encumbered assets relative to gross assets. In addition to the $80 million of unsecured notes, Fitch currently rates STAG as: STAG Industrial, Inc. -- Issuer Default Rating (IDR) 'BBB-'; -- $139 million preferred stock 'BB'. STAG Industrial Operating Partnership, L.P. -- IDR 'BBB-'; -- $300 million senior unsecured revolving credit facility 'BBB-'; -- $180 million senior unsecured notes 'BBB-'; -- $150 million senior unsecured term loans 'BBB-'. TENET HEALTHCARE: Reports $12 Million Net Income for 2014 --------------------------------------------------------- Tenet Healthcare Corporation filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K disclosing net income attributable to the Company's shareholders of $12 million on $16.6 billion of net operating revenues for the year ended Dec. 31, 2014, compared to a net loss attributable to the Company's shareholders of $134 million on $11.1 billion of net operating revenues during the prior year. As of Dec. 31, 2014, Tenet Healthcare had $18.1 billion in total assets, $16.9 billion in total liabilities, $401 million in redeemable non-controlling interest in equity of consolidated subsidiaries, and $785 million in total equity. "Another quarter of robust earnings growth across our entire business capped off Tenet's strongest year in a decade," said Trevor Fetter, president and chief executive officer. "Our strategies to capture incremental market share, combined with an improving economy and expanded health coverage, generated admissions growth that was among the highest in the industry. Conifer also achieved record growth and continues to gain recognition as a leading provider of revenue cycle management and value-based care services. We are well-positioned to continue driving strong performance in 2015." Cash and cash equivalents were $193 million at Dec. 31, 2014, compared to $200 million at Sept. 30, 2014. A full-text copy of the Form 10-K is available for free at: http://is.gd/Zi40XU About Tenet Tenet Healthcare Corporation -- http://www.tenethealth.com/-- is a national, diversified healthcare services company with more than 105,000 employees united around a common mission: to help people live happier, healthier lives. The Company operates 80 hospitals, more than 210 outpatient centers, six health plans and Conifer Health Solutions, a leading provider of healthcare business process services in the areas of revenue cycle management, value based care and patient communications. * * * Tenet carries a 'B' IDR from Fitch Ratings, 'B' corporate credit rating from Standard & Poor's Ratings Services and 'B1' Corporate Family Rating from Moody's Investors Service. TRANS ENERGY: To Present at Enercom's Oil & Services Conference --------------------------------------------------------------- Trans Energy, Inc., announced that Chairman Steve Lucado will present Wednesday, Feb. 18, 2015, at EnerCom's The Oil & Services Conference being held at the Omni Hotel located in San Francisco, California. The presentation will begin at 4:00 p.m. Pacific Time (7:00 p.m. Eastern time) and will be webcast live. The webcast of the Trans Energy, Inc. presentation can be accessed at the following internet address: http://www.oilandgas360.com/tosc-webcast/teng/ Additional information regarding Trans Energy, including maps, investor presentations, news releases and videos can be found at the Company's new Web site http://www.transenergyinc.com/ Trans Energy will regularly update information on the Web site to provide investors with the most up to date information on the Company and its operations. About Trans Energy St. Mary's, West Virginia-based Trans Energy, Inc. (OTC BB: TENG) -- http://www.transenergyinc.com/-- is an independent energy company engaged in the acquisition, exploration, development, exploitation and production of oil and natural gas. Its operations are presently focused in the State of West Virginia. Trans Energy reported a net loss of $17.7 million in 2013 following a net loss of $21.2 million in 2012. the Company's balance sheet at Sept. 30, 2014, showed $103.6 million in assets, $130.2 million in total liabilities and a $26.6 million total stockholders' deficit. TRAVELPORT WORLDWIDE: Reports $43 Million Net Loss for Q4 --------------------------------------------------------- Travelport Worldwide reported a net loss attributable to the Company of $43 million on $496 million of net revenue for the three months ended Dec. 31, 2014, compared to a net loss attributable to the Company of $50 million on $480 million of net revenue for the same period in 2013. For the year ended Dec. 31, 2014, the Company reported net income attributable to the Company of $86 million on $2.14 billion of net revenue compared to a net loss attributable to the Company of $206 million on $2.07 billion of net revenue during the prior year. As of Dec. 31, 2014, Travelport had $2.89 billion in total assets, $3.23 billion in total liabilities and a $338 million total deficit. Gordon Wilson, president and CEO of Travelport, commented: "These financial results seal a transformational year for Travelport. With double-digit growth in Beyond Air and real innovations in Air, we have been able to substantively improve the strength of our Travel Commerce Platform. This is apparent in the near $90 billion of commerce transacted across the Platform last year, placing us amongst the global leaders of e-commerce marketplaces. With a 7% increase in hospitality segments booked per 100 airline tickets issued in the fourth quarter, and a nearly 60% increase in revenue from eNett over the same period, we are starting to see strong and progressive returns on the focused investments that we have made. Central to these trends are the innovations that we bring to our industry, including most recently our industry-defining Rich Content & Branding merchandising solution for airlines. With such investments, a transformed capital structure and the resolution of two key legacy contracts, Travelport is well positioned for 2015." A full-text copy of the press release is available at: http://is.gd/mBAlyO 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. * * * 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. TRAVELPORT WORLDWIDE: Travelport Intermediate Reports 10% Stake --------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Travelport Intermediate Limited, et al., disclosed that as of Dec. 31, 2014, they beneficially owned 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. Travelport Intermediate Limited directly holds 12,504,740 shares of Common Stock. 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.. A copy of the regulatory filing is available 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. For the year ended Dec. 31, 2014, the Company reported net income attributable to the Company of $86 million on $2.14 billion of net revenue compared to a net loss attributable to the Company of $206 million on $2.07 billion of net revenue during the prior year. As of Dec. 31, 2014, Travelport had $2.89 billion in total assets, $3.23 billion in total liabilities and a $338 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. US COAL: Court Approves 'Adequate Protection' Payments to Lenders ----------------------------------------------------------------- U.S. Coal Corp. received court approval for a deal that would allow the company to pay Dean McAfee Holdings LLC and three other lenders. Under the deal, U.S. Coal agreed to pay the lenders $25,000 this month and another $25,000 in March as "adequate protection" of the security interests asserted by the lenders on assets owned by the company's subsidiaries, which include J.A.D. Coal Company Inc., Fox Knob Coal Co. Inc., and Sandlick Coal Company LLC. U.S. Coal acquired ownership of the three companies from the lenders in 2008, according to court filings. A copy of the agreement is available for free at http://is.gd/Fpqex4 About U.S. Coal and Licking River On May 22, 2014, an involuntary Chapter 11 petition was filed against Licking River Mining, LLC, before the United States Bankruptcy Court for the Eastern District of Kentucky. On May 23, 2014, an involuntary Chapter 11 petition was filed against Licking River Resources, Inc. and Fox Knob Coal., Inc. On June 3, 2014, an involuntary Chapter 11 petition was filed against S.M. & J., Inc. On June 4, 2014, an involuntary Chapter 11 petition was filed against J.A.D. Coal Company, Inc. On June 12, 2014, the Court entered an order for relief in each of the bankruptcy cases. On June 10, 2014, an involuntary Chapter 11 petition was filed against U.S. Coal Corporation. On June 27, 2014, the Court entered an order for relief in U.S. Coal's bankruptcy case. On Nov. 4, 2014, Harlan County Mining, LLC, Oak Hill Coal, Inc., Sandlick Coal Company, LLC, and U.S. Coal Marketing, LLC, filed petitions in the United States Bankruptcy Court for the Eastern District of Kentucky seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases have been assigned to Chief Judge Tracey N. Wise. The Debtors are seeking to have their cases jointly administered for procedural purposes, meaning that upon entry of such an order all pleadings will be maintained on the case docket for Licking River Mining, LLC, Case No. 14-10201. U.S. Coal produces and sells thermal coal purchased primarily by utilities and trading companies and specialty coal purchased by various industrial customers and trading companies (known as "stoker" coal). U.S. Coal operates through two divisions: (1) the Licking River Division that was formed through the acquisition of LR Mining, LRR, and S.M. & J., and Oak Hill Coal, Inc. in January 2007 for $33 million., and (2) the J.A.D. Division that was formed through the acquisition of JAD and Fox Knob, and Sandlick Coal Company, LLC and Harlan County Mining, LLC in April 2008 for $41 million. Both the LRR Division and the JAD Division are located in the Central Appalachia region of eastern Kentucky. The LRR Division has approximately 26.3 million tons of surface reserves under lease. The JAD Division has 24.4 million tons of surface reserves, both leased and owned real property. At present, U.S. Coal has three surface mines in operation between the LRR Division and JAD Division. The Official Committee of Unsecured Creditors has tapped Barber Law PLLC and Foley & Lardner as attorneys. The Debtors are represented by Amelia Martin Adams, Esq., and Laura Day DelCotto, Esq. of Delcotto Law Group PLLC; and Dennis J. Drebsky, Esq., and Christopher M. Desiderio, Esq., of Nixon Peabody LLP. WCI COMMUNITIES: Stonehill Capital Reports 25.8% Stake ------------------------------------------------------ Stonehill Capital Management LLC and its affiliated entities said in a Schedule 13G (Amendment No. 2) filing with the Securities and Exchange Commission that they may be deemed to beneficially own 6,708,499 shares or roughly 25.8% of the common stock of homebuilder WCI Communities, Inc. The Schedule 13G is being filed on behalf of: (i) Stonehill Capital Management LLC (ii) Stonehill Institutional Partners, L.P. (iii) John Motulsky (iv) Christopher Wilson (v) Wayne Teetsel (vi) Thomas Varkey (vii) Jonathan Sacks (viii) Peter Sisitsky (ix) Michael Thoyer (x) Michael Stern The firm may be reached at: Stonehill Capital Management LLC 885 Third Avenue, 30th Floor New York, NY 10022 A copy of the filing is available at http://is.gd/mTIij9 About WCI Communities Headquartered in Bonita Springs, Florida, WCI Communities, Inc. (Pink Sheets: WCIMQ) -- http://www.wcicommunities.com/-- is a fully integrated homebuilding and real estate services company with more than 50 years' experience in the design, construction and operation of leisure-oriented, amenity rich master-planned communities. It has operations in Florida, New York, New Jersey, Connecticut, Virginia and Maryland. The Company and 126 of its affiliates filed for Chapter 11 protection on Aug. 4, 2008 (Bankr. D. Del. Lead Case No. 08-11643 through 08-11770). On July 1, 2009, debtor-affiliates WCI 2009 Corporation, WCI 2009 Management, LLC and WCI 2009 Asset Holding, LLC filed separate Chapter 11 petitions (Case Nos. from 09-12269 to 09-12271). Thomas E. Lauria, Esq., Frank L. Eaton, Esq., and Linda M. Leali, Esq., at White & Case LLP, in Miami, Florida, represented the Debtors as counsel. Eric Michael Sutty, Esq., and Jeffrey M. Schlerf, Esq., at Fox Rothschild LLP, represented the Debtors as Delaware counsel. Lazard Freres & Co. LLC acted as the Debtors' financial advisor. Epiq Bankruptcy Solutions LLC served as the claims and notice agent for the Debtors. The U.S. Trustee for Region 3 appointed five creditors to serve on an official committee of unsecured creditors. Daniel H. Golden, Esq., Lisa Beckerman, Esq., and Philip C. Dublin, Esq., at Akin Gump Strauss Hauer & Feld LLP; and Laura Davis Jones, Esq., Michael R. Seidl, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, represented the committee. WCI disclosed total assets of $2,178,179,000 and total debts of $1,915,034,000 when it filed for Chapter 11. The Bankruptcy Court on Aug. 26, 2009, confirmed the Second Amended Joint Chapter 11 Plan of Reorganization for WCI Communities, Inc. and its affiliates. The Plan became effective Sept. 3, 2009. WET SEAL: Ameriprise, Columbia Management No Longer Hold Stake -------------------------------------------------------------- Ameriprise Financial, Inc. and Columbia Management Investment Advisers, LLC said in a Schedule 13G (Amendment No. 1) filed with the Securities and Exchange Commission that as of Dec. 31, 2014, they no longer held shares of Wet Seal Inc. common stock. A copy of the filing is available at http://is.gd/FxVm39 About Wet Seal The Wet Seal, Inc., and three affiliates -- The Wet Seal Retail, Inc., Wet Seal Catalog, Inc., and Wet Seal GC, LLC, filed separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 15-10081 to 15-10084) on Jan. 15, 2015. The Debtors are a national multi-channel retailer selling fashion apparel and accessory items designed for female customers aged 13 to 24 years old. Wet Seal listed total assets of $92.8 million and total liabilities of $103.4 million as of Nov. 1, 2014. The Hon. Christopher S. Sontchi presides over the jointly administered cases. Maris J. Kandestin, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP; Lee R. Bogdanoff, Esq., Michael L. Tuchin, Esq., David M. Guess, Esq., and Jonathan M. Weiss, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP; and Paul Hastings LLP, serve as the Debtors' Chapter 11 counsel. FTI Consulting serves as the Debtors' restructuring advisor. The Debtors' investment banker is Houlihan Lokey. The Debtors tapped Donlin, Recano & Co., Inc. as claims and noticing agent. The petitions were signed by Thomas R. Hillebrandt, interim chief financial officer. B. Riley, the DIP lender and plan sponsor, is represented by Van C. Durrer, II, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP. The United States Trustee for Region 3 has appointed five entities to the Official Committee of Unsecured Creditors in Wet Seal's case. WET SEAL: Committee Wrangles Changes in Purchase Price ------------------------------------------------------ Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that the Official Committee of Unsecured Creditors negotiated an increase in the sale price and changes in financing for the clothing chain’s bankruptcy reorganization. According to the report, the committee persuaded B. Riley Financial Inc., the stalking horse bidder, to raise the purchase price to $25 million. At the committee's behest, Riley dropped a so-called no- shop provision, opening the way for Wet Seal and the creditors to solicit competing offers, the report related. About Wet Seal The Wet Seal, Inc., and three affiliates -- The Wet Seal Retail, Inc., Wet Seal Catalog, Inc., and Wet Seal GC, LLC, filed separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 15-10081 to 15-10084) on Jan. 15, 2015. The Debtors are a national multi-channel retailer selling fashion apparel and accessory items designed for female customers aged 13 to 24 years old. Wet Seal listed total assets of $92.8 million and total liabilities of $103.4 million as of Nov. 1, 2014. The Hon. Christopher S. Sontchi presides over the jointly administered cases. Maris J. Kandestin, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP; Lee R. Bogdanoff, Esq., Michael L. Tuchin, Esq., David M. Guess, Esq., and Jonathan M. Weiss, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP; and Paul Hastings LLP, serve as the Debtors' Chapter 11 counsel. FTI Consulting serves as the Debtors' restructuring advisor. The Debtors' investment banker is Houlihan Lokey. The Debtors tapped Donlin, Recano & Co., Inc. as claims and noticing agent. The petitions were signed by Thomas R. Hillebrandt, interim chief financial officer. B. Riley, the DIP lender and plan sponsor, is represented by Van C. Durrer, II, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP. The U.S. Trustee has appointed five members to the Official Committee of Unsecured Creditors. WET SEAL: Hudson Bay Discloses 9.99% Stake as of Dec. 31 -------------------------------------------------------- Hudson Bay Capital Management, L.P. as Investment Manager and Sander Gerber disclosed in a Schedule 13G filing that as of December 31, 2014, they may be deemed to beneficially own: -- 2,087,090 shares of Common Stock of The Wet Seal, Inc.; -- 13,532,609 shares of Common Stock issuable upon conversion of senior secured convertible notes of Wet Seal; -- 8,804,348 shares of Common Stock issuable upon exercise of warrants of Wet Seal The shares represent 9.99% of the total outstanding issued by the Company. The reported securities, Hudson said, are subject to a 9.99% blocker. A copy of Hudson's filing is available at http://is.gd/LnS56a Mr. Gerber serves as the managing member of Hudson Bay Capital GP LLC, which is the general partner of the Investment Manager. Mr. Gerber disclaims beneficial ownership of these securities. About Wet Seal The Wet Seal, Inc., and three affiliates -- The Wet Seal Retail, Inc., Wet Seal Catalog, Inc., and Wet Seal GC, LLC, filed separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 15-10081 to 15-10084) on Jan. 15, 2015. The Debtors are a national multi-channel retailer selling fashion apparel and accessory items designed for female customers aged 13 to 24 years old. Wet Seal listed total assets of $92.8 million and total liabilities of $103.4 million as of Nov. 1, 2014. The Hon. Christopher S. Sontchi presides over the jointly administered cases. Maris J. Kandestin, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP; Lee R. Bogdanoff, Esq., Michael L. Tuchin, Esq., David M. Guess, Esq., and Jonathan M. Weiss, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP; and Paul Hastings LLP, serve as the Debtors' Chapter 11 counsel. FTI Consulting serves as the Debtors' restructuring advisor. The Debtors' investment banker is Houlihan Lokey. The Debtors tapped Donlin, Recano & Co., Inc. as claims and noticing agent. The petitions were signed by Thomas R. Hillebrandt, interim chief financial officer. B. Riley, the DIP lender and plan sponsor, is represented by Van C. Durrer, II, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP. The United States Trustee for Region 3 has appointed five entities to the Official Committee of Unsecured Creditors in Wet Seal's case. WPCS INTERNATIONAL: Settles Debt with Zurich American Insurance --------------------------------------------------------------- WPCS International Incorporated has entered into a settlement agreement with Zurich American Insurance Company that management believes significantly improves the Company's financial condition and clearly demonstrates that its restructuring plan continues to be implemented as contemplated. On Feb. 20, 2015, the Company entered into a Settlement and Mutual Release Agreement with Zurich which provides for the payment to Zurich of $650,000 to settle the Company's outstanding balance of approximately $1,850,000 that had been in default and was previously due in full on Dec. 31, 2013, under an existing forbearance agreement with Zurich. Upon execution of the Zurich Agreement, the Company paid Zurich $200,000, with the remaining balance of $450,000 payable in 10 equal monthly installments of $45,000. Sebastian Giordano, interim chief executive officer, stated, "We are extremely pleased to have amicably resolved this issue. On the heels of having recently eliminated the $898,000 in secured convertible debt, the $500,000 secured note, and $735,000 of unsecured promissory notes, this is yet another positive step forward. Debt reduction is a critical component of successfully executing our restructuring plan and improving the Company's financial position. We will continue to aggressively pursue all viable options to strengthen our balance sheet, while simultaneously working on improving operations and identifying growth opportunities." As part of the Zurich Agreement, Zurich is still entitled to receive a customer payment in the amount of approximately $324,000 related to the Company's previous Cooper Medical Center of Rowan University project in Camden, New Jersey, for the Camden County Improvement Authority, but only if such amount is collected by the Company. Moreover, conditioned upon receipt of the full settlement amount, Zurich has agreed to release all of its entire right, title and interest in and to the Cooper Project, against which the Company recently filed an action to recover approximately $2,400,000 from the CCIA. 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. YONKERS INDUSTRIAL: Moody's Cuts 2004 Bonds Rating to 'Ba2' ----------------------------------------------------------- Moody's Investors Service downgraded to Ba2 from Ba1 Yonkers Industrial Development Agency's (NY) Multi-Family Housing Revenue Bonds (Herriot Street Housing, L.P. Project) Series 2004. $11,860,000 of outstanding debt is affected. This rating action concludes the review for downgrade initiated on Jan. 16, 2015 and removes the bonds from review for downgrade. The rating action is based on the continued deterioration of the bond program's financial position. Cash flow projections demonstrate parity insufficiency in 10 years and a revenue insufficiency prior to final bond maturity due to a mismatch between the maturity of the credit-enhanced mortgage on July 1, 2035 and final bond maturity on Nov. 1, 2036. The Ba2 reflects the possibility for rising interest rates to mitigate the severity of the revenue insufficiency. Strengths: -- Mortgage is enhanced by a Standby Credit Enhancement Instrument by Fannie Mae which is backed by the full faith and credit of the US (Aaa stable) Challenges: -- Revenues cease on 7/1/2035 when mortgage matures but final bond maturity occurs 16 months later on 11/1/2036. -- Asset-to-debt ratio below 100% is projected in 10 years What Could Change the Rating Up -- Not likely. An infusion of assets that eliminates projected parity and revenue insufficiencies. What Could Change the Rating Down -- Expected recovery that is below that indicated by the current rating. The principal methodology used in this rating was US Stand-Alone Housing Bond Programs Secured by Credit Enhanced Mortgages published in December 2012. YRC WORLDWIDE: Incurs $85.8 Million Net Loss in 2014 ---------------------------------------------------- YRC Worldwide Inc. filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss attributable to common shareholders of $85.8 million on $5.06 billion of operating revenue for the year ended Dec. 31, 2014, compared to a net loss attributable to common shareholders of $83.6 million on $4.86 billion of operating revenue in 2013. The Company also reported a net loss attributable to common shareholders of $140.4 million in 2012. As of Dec. 31, 2014, YRC Wordwide had $1.98 billion in total assets, $2.45 billion in total liabilities and a $474.3 million total stockholders' deficit. A copy of the Form 10-K is available for free at: http://is.gd/hjYwTe 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. * * * 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. [*] Bankruptcies May Have Bottomed Out at 59,000 in January ----------------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that Epiq Systems Inc. reported that the 59,000 cases in January were 9.2 percent fewer than the same month in 2014 although 3 percent more on a daily rate than December. Those filings were down 12.2 percent from the year before, although 8 percent higher than in December, on a daily rate, according to the report. [*] Second-Lien Financings Began Drying Up in Middle of Last Year ----------------------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that Fitch Ratings said second-lien financings, which set a near-record in 2014, are pulling back this year as investors demand higher interest rates on riskier issuances. According to the report, last year, investors bought $38.7 billion of new second-lien debt, slightly less than the record $39.2 billion in 2007. The 2014 totals are deceptive, however, because the market peaked in the second quarter and drew back so much that the fourth quarter accounted for only 14 percent of the year's issuances, Fitch said in a Feb. 2 report, the report related. [] Independent Contractors Can Be Fired for Bankruptcy ------------------------------------------------------ Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that an independent contractor isn't protected by Section 525(b) of the Bankruptcy Code, which prohibits a "private employer" from firing an employee for filing bankruptcy. According to the report, a person who performed after-hours cleaning at two bank branches sued the bank after she was fired for discharging her loans at the bank's branches during her bankruptcy. U.S. District Judge Donald E. Walter in Monroe, Louisiana, dismissed the suit, agreeing with four other courts that have similarly concluded independent contractors aren't covered by Section 525 because they aren't employees within the meaning of the statute, the report related. The case is Williams v. First Tower Loan LLC, 13-03012, U.S. District Court, Western District Louisiana (Monroe). [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Marck Properties Group LLP Bankr. D. Md. Case No. 15-12020 Chapter 11 Petition filed February 13, 2015 See http://bankrupt.com/misc/mdb15-12020(1).pdf http://bankrupt.com/misc/mdb15-12020(2).pdf Filed Pro Se In re Harry Hampar Diramarian Bankr. C.D. Cal. Case No. 15-12368 Chapter 11 Petition filed February 17, 2015 represented by: Vakhe Khodzhayan, Esq. KG LAW E-mail: vahe@lawyer.com In re Rev. Dr. Leroy B. Johnson Foundation, Inc. Bankr. S.D. Fla. Case No. 15-12842 Chapter 11 Petition filed February 17, 2015 See http://bankrupt.com/misc/flsb15-12842.pdf Filed Pro Se In re ABS Welding, Inc. Bankr. S.D. Miss. Case No. 15-50245 Chapter 11 Petition filed February 17, 2015 See http://bankrupt.com/misc/mssb15-50245.pdf represented by: R. Michael Bolen, Esq. HOOD & BOLEN, PLLC E-mail: rmb@hoodbolen.com In re Wesley James Wiley Bankr. E.D.N.Y. Case No. 15-40597 Chapter 11 Petition filed February 17, 2015 In re Humberto Vela, Jr. Bankr. S.D. Tex. Case No. 15-50016 Chapter 11 Petition filed February 17, 2015 In re Sean Paul Desilva Bankr. M.D. Fla. Case No. 15-01325 Chapter 11 Petition filed February 17, 2015 In re Scituate Reality LLC Bankr. M.D. Fla. Case No. 15-01484 Chapter 11 Petition filed February 17, 2015 See http://bankrupt.com/misc/flmb15-01484.pdf Filed Pro Se In re Torchys LLC Bankr. M.D. Fla. Case No. 15-01565 Chapter 11 Petition filed February 18, 2015 See http://bankrupt.com/misc/flmb15-01565.pdf represented by: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. E-mail: jake@jakeblanchardlaw.com In re Clint B. Carlson and Patricia A. Carlson Bankr. E.D. Mich. Case No. 15-30390 Chapter 11 Petition filed February 18, 2015 In re Jose Ismael Rivera Otero Bankr. D.P.R. Case No. 15-01083 Chapter 11 Petition filed February 18, 2015 In re Pedro V. Perez Ortiz and Doris Martinez Martin Bankr. D.P.R. Case No. 15-01075 Chapter 11 Petition filed February 18, 2015 In re Lincoln Trust dba Social Enterprises, LLC Bankr. W.D. Tenn. Case No. 15-21549 Chapter 11 Petition filed February 18, 2015 See http://bankrupt.com/misc/tnwb15-21549.pdf represented by: John Edward Dunlap, Esq. E-mail: jdunlap00@gmail.com In re Randy Lyn Levitt Bankr. S.D. Tex. Case No. 15-30942 Chapter 11 Petition filed February 18, 2015 In re Roman Development, LLC Bankr. E.D. Va. Case No. 15-30787 Chapter 11 Petition filed February 18, 2015 See http://bankrupt.com/misc/vaeb15-30787.pdf represented by: Kevin A. Lake, Esq. MCDONALD, SUTTON & DUVAL, PLC E-mail: klake@mcdonaldsutton.com In re Straightline Drywall & Acoustical, LLC Bankr. N.D. Ala. Case No. 15-80443 Chapter 11 Petition filed February 19, 2015 See http://bankrupt.com/misc/alnb15-80443.pdf represented by: S. Mitchell Howie, Esq. E-mail: mitch@huntsvillelaw.info In re Z Companies Development & Consulting, LLC Bankr. D. Ariz. Case No. 15-01604 Chapter 11 Petition filed February 19, 2015 See http://bankrupt.com/misc/azb15-01604.pdf represented by: Hilary L. Barnes, Esq. ALLEN MAGUIRE & BARNES, PLC E-mail: hbarnes@ambazlaw.com In re Maritza Aviezer Bankr. C.D. Cal. Case No. 15-10541 Chapter 11 Petition filed February 19, 2015 represented by: M. Jonathan Hayes, Esq. SIMON RESNIK HAYES, LLP E-mail: jhayes@srhlawfirm.com In re Robert Edward Hayner Bankr. N.D. Cal. Case No. 15-50547 Chapter 11 Petition filed February 19, 2015 In re Patricia A. Masse Bankr. S.D. Fla. Case No. 15-13048 Chapter 11 Petition filed February 19, 2015 In re Yummy Yogurt MUD TN LLC dba Orange Leaf Frozen Yogurt Bankr. S.D. Ind. Case No. 15-01023 Chapter 11 Petition filed February 19, 2015 See http://bankrupt.com/misc/insb15-01023.pdf represented by: Harley K. Means, Esq. KROGER GARDIS & REGAS, LLP E-mail: hkm@kgrlaw.com In re RSI Associates, Inc. Bankr. D. Minn. Case No. 15-30533 Chapter 11 Petition filed February 19, 2015 See http://bankrupt.com/misc/mnb15-30533.pdf represented by: Lynn J.D. Wartchow, Esq. WARTCHOW LAW OFFICE, LLC E-mail: lynn@wartchowlaw.com In re Jose Anaya and Beatriz Anaya Bankr. D. Nev. Case No. 15-10795 Chapter 11 Petition filed February 19, 2015 In re Valent & Cook at 57 Street Corp. dba C-est Bon Cafe 57 Napoli Brick Oven Ristorante Bankr. S.D.N.Y. Case No. 15-10350 Chapter 11 Petition filed February 19, 2015 See http://bankrupt.com/misc/nysb15-10350.pdf represented by: Douglas J. Pick, Esq. PICK & ZABICKI, LLP E-mail: dpick@picklaw.net In re Diversified Solutions, LLC Bankr. S.D. Ohio Case No. 15-30414 Chapter 11 Petition filed February 19, 2015 See http://bankrupt.com/misc/ohsb15-30414.pdf represented by: John C. A. Juergens, Esq. JUERGENS & JUERGENS E-mail: john@jcajuergenslaw.com In re Carl Dayton Woodard Bankr. N.D. Tex. Case No. 15-40704 Chapter 11 Petition filed February 19, 2015 In re Big G Express, LLC Bankr. S.D. Tex. Case No. 15-30955 Chapter 11 Petition filed February 19, 2015 See http://bankrupt.com/misc/txsb15-30955.pdf represented by: Margaret Maxwell McClure, Esq. LAW OFFICE OF MARGARET M. MCCLURE E-mail: margaret@mmmcclurelaw.com In re Tejas Water Well, LLC Bankr. W.D. Tex. Case No. 15-50459 Chapter 11 Petition filed February 19, 2015 See http://bankrupt.com/misc/txwb15-50459.pdf represented by: David T. Cain, Esq. LAW OFFICE OF DAVID T. CAIN E-mail: caindt@swbell.net In re South Beach Land Investments, Inc. Bankr. M.D. Fla. Case No. 15-00642 Chapter 11 Petition filed February 17, 2015 See http://bankrupt.com/misc/flmb15-00642.pdf Filed Pro Se In re Epic Sports Bar & Grille LLC Bankr. M.D. Fla. Case No. 15-01385 Chapter 11 Petition filed February 19, 2015 See http://bankrupt.com/misc/flmb15-01385.pdf Filed Pro Se In re MRG Management, Inc. Bankr. D. Ariz. Case No. 15-01615 Chapter 11 Petition filed February 20, 2015 See http://bankrupt.com/misc/azb15-01615.pdf represented by: Scott D. Gibson, Esq. LAW OFFICE OF SCOTT D. GIBSON, PLLC E-mail: ecf@sdglaw.net In re Sayeeh Shamtob Bankr. C.D. Cal. Case No. 15-10549 Chapter 11 Petition filed February 20, 2015 represented by: M. Jonathan Hayes, Esq. SIMON RESNIK HAYES, LLP E-mail: jhayes@srhlawfirm.com In re Kenneth Leonard Dymmel and Ruth Elizabeth Dymmel Bankr. C.D. Cal. Case No. 15-12558 Chapter 11 Petition filed February 20, 2015 represented by: Robert M. Aronson, Esq. LAW OFFICE OF ROBERT M ARONSON E-mail: robert@aronsonlawgroup.com In re M.K. Auto, Inc. Bankr. E.D. Cal. Case No. 15-21296 Chapter 11 Petition filed February 20, 2015 See http://bankrupt.com/misc/caeb15-21296.pdf Filed Pro Se In re Elk Grove Communications Tower, Inc. Bankr. E.D. Cal. Case No. 15-21313 Chapter 11 Petition filed February 20, 2015 See http://bankrupt.com/misc/caeb15-21313.pdf Filed Pro Se In re Antonelli & Sons Fish & Poultry, Inc. Bankr. N.D. Cal. Case No. 15-30197 Chapter 11 Petition filed February 20, 2015 See http://bankrupt.com/misc/canb15-30197.pdf represented by: Scott J. Sagaria, Esq. LAW OFFICES OF SCOTT J. SAGARIA E-mail: ECFGotNotices@gmail.com In re Christina Alfano Bachman aka Tina Bachman Bankr. S.D. Cal. Case No. 15-00978 Chapter 11 Petition filed February 20, 2015 represented by: Craig E. Dwyer, Esq. E-mail: craigedwyer@aol.com In re Wireless Links, LLC Bankr. E.D. La. Case No. 15-10391 Chapter 11 Petition filed February 20, 2015 See http://bankrupt.com/misc/laeb15-10391.pdf represented by: Richard W. Martinez, Esq. RICHARD W. MARTINEZ, APLC E-mail: richard@rwmaplc.com In re Tim E. Bertagnolli aka T. E. Bertagnolli Tim Eugene Bertagnolli Tim Bertagnolli Bankr. D. Nev. Case No. 15-50214 Chapter 11 Petition filed February 20, 2015 represented by: Stephen R. Harris, Esq. HARRIS LAW PRACTICE, LLC E-mail: steve@harrislawreno.com In re Maxwell M. Oaks and Linda C. Oaks Bankr. E.D.N.C. Case No. 15-00984 Chapter 11 Petition filed February 20, 2015 In re Steve Maxwell Elmore and Edith Eason Elmore Bankr. E.D.N.C. Case No. 15-00992 Chapter 11 Petition filed February 20, 2015 In re Butterfliez Services, LLC Bankr. S.D. Ohio Case No. 15-50914 Chapter 11 Petition filed February 20, 2015 See http://bankrupt.com/misc/ohsb15-50914.pdf represented by: James E. Nobile, Esq. NOBILE & THOMPSON CO., L.P.A. E-mail: lahennessy@ntlegal.com In re Tonya Lee Brown Bankr. S.D. Ohio Case No. 15-50925 Chapter 11 Petition filed February 20, 2015 In re Screen Graphix LLC Bankr. N.D. Tex. Case No. 15-40718 Chapter 11 Petition filed February 20, 2015 See http://bankrupt.com/misc/txnb15-40718.pdf represented by: Warren V. Norred, Esq. NORRED LAW, PLLC E-mail: wnorred@norredlaw.com In re Homeland Tech Business Services LLC dba PostNet Bankr. E.D. Va. Case No. 15-10600 Chapter 11 Petition filed February 20, 2015 See http://bankrupt.com/misc/vaeb15-10600.pdf represented by: George LeRoy Moran, Esq. MORAN MONFORT, P.L.C. E-mail: glmoran@yahoo.com In re Jennifer Ruth Krizan-Whalen and Carter Edward Whalen Bankr. W.D. Wash. Case No. 15-10981 Chapter 11 Petition filed February 20, 2015 In re Carlos Sandoval Bankr. D. Nev. Case No. 15-10836 Chapter 11 Petition filed February 21, 2015 represented by: Gina M. Corena, Esq. LAW OFFICE OF GINA M. CORENA, ESQ. E-mail: gina@lawofficecorena.com In re Brian Forte Bankr. M.D. Fla. Case No. 15-01684 Chapter 11 Petition filed February 22, 2015 In re Aleksandr Goldshtadt aka Alex Gold Bankr. C.D. Cal. Case No. 15-12692 Chapter 11 Petition filed February 23, 2015 represented by: David B. Golubchik, Esq. LEVENE NEALE BENDER RANKIN & BRILL LLP E-mail: dbg@lnbyb.com In re Exit 42, LLC dba A1 Diner Bankr. D. Conn. Case No. 15-30250 Chapter 11 Petition filed February 23, 2015 See http://bankrupt.com/misc/ctb15-30250.pdf represented by: Peter L. Ressler, Esq. GROOB RESSLER & MULQUEEN E-mail: ressmul@yahoo.com In re Pavel Savenok Bankr. N.D. Ill. Case No. 15-05998 Chapter 11 Petition filed February 23, 2015 In re Grand Hotels, LLC Bankr. S.D. Ind. Case No. 15-01117 Chapter 11 Petition filed February 23, 2015 See http://bankrupt.com/misc/insb15-01117.pdf represented by: Finis Tatum, IV, Esq. FOLEY & ABBOTT, P.A. E-mail: ftatum@foleyandabbott.com In re Consolidated Energy Holdings, LLC Bankr. W.D. La. Case No. 15-80199 Chapter 11 Petition filed February 23, 2015 See http://bankrupt.com/misc/lawb15-80199.pdf represented by: William S. Robbins, Esq. STEWART, ROBBINS & BROWN, LLC E-mail: wrobbins@stewartrobbins.com In re Port Asset Acquisition LLC Bankr. W.D. La. Case No. 15-80201 Chapter 11 Petition filed February 23, 2015 See http://bankrupt.com/misc/lawb15-80201.pdf represented by: William S. Robbins, Esq. STEWART, ROBBINS & BROWN, LLC E-mail: wrobbins@stewartrobbins.com In re The Learning Tree Academy, Ltd. Bankr. S.D. Ohio Case No. 15-10589 Chapter 11 Petition filed February 23, 2015 See http://bankrupt.com/misc/ohsb15-10589.pdf represented by: Andrew Zeigler, Esq. THOMPSON & DEVENY CO. LPA E-mail: andrew@thompsonanddeveny.com In re Steven Daniel Budke Bankr. W.D. Wash. Case No. 15-11026 Chapter 11 Petition filed February 23, 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. 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