/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/150317.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, March 17, 2015, Vol. 19, No. 76 Headlines AC I INV MANAHAWKIN: Court Extends Exclusive Right to File Plan ACE EDUCATION: Case Summary & 5 Largest Unsecured Creditors ACME DEVELOPERS: Case Summary & 4 Largest Unsecured Creditors AGRITEK HOLDINGS: Files Amendment to Sept. 30 Quarter Report ALCO STORES: Files Chapter 11 Plan of Liquidation ALLEN SYSTEMS: Seeks to Hire Grant Thornton as Auditor AMERICAN CAPITAL: Fitch Affirms 'BB-' Longterm IDR; Outlook Stable ARCHDIOCESE ST. PAUL: BGA Management Okayed as Financial Advisor ASSOCIATED WHOLESALERS: Taps ROCK as Broker for PA Properties ASSOCIATED WHOLESALERS: Wants Until July to Decide on Leases ATLS ACQUISITION: Court OKs Changes in Bankruptcy Case Caption ATLS ACQUISITION: Court OKs Changes in RSR Reporting Requirements BERNARD L. MADOFF: Del. Judge Dodges Involvement in Disputes BERNARD L. MADOFF: Partner Investors Claims Are Barred BINDER & BINDER: Klestadt Winters Approved as Committee Counsel BINDER & BINDER: Stellus Balks After Being Removed From Committee BIOSCRIP INC: Moody's Caa1 CFR Unaffected by $62.5MM Stock Issuance BLOOMFIELD DENTAL: Case Summary & 15 Largest Unsecured Creditors BROADWAY FINANCIAL: Amends 18.9 Million Shares Resale Prospectus CAESARS ENTERTAINMENT: Judge Directs Appointment of Ch. 11 Examiner CAL DIVE: Wants to File Schedules & Statements Until May 17 CHASSIX HOLDINGS: Has Prime Clerk as Claims and Noticing Agent CHASSIX HOLDINGS: Proposes May 21 General Claims Bar Date CHASSIX HOLDINGS: Seeks Court Nod for Weil Gotshal as Counsel CHASSIX HOLDINGS: Targeting June Approval of Reorganization Plan CIRCLE C RANCHLANDS: Case Summary & 5 Top Unsecured Creditors CIVIC PARTNERS: Legal Fight Over Complex Hampers Leasing CLEVELAND BIOLABS: Meaden & Moore Expresses Going Concern Doubt CORPORATE CAPITAL: Fitch Affirms BB+ Longterm IDR; Outlook Stable DAEBO INTERNATIONAL: Chapter 15 Case Summary DEB STORES: Sells Lease to Landlord for $1.14 Million DELIAS INC: To Auction Antitrust Claims After Selling Inventory DENDREON CORP: American Red Cross Resigns as Committee Member DENDREON CORP: Files Ch. 11 Plan of Liquidation DRUG TRANSPORT: March 23-25 Global Online Auction Set for Assets EAT AT JOE'S: Changes Company Name to SPYR, Inc. ECO BUILDING: Amends Dec. 31, 2014 Quarterly Report ENGLOBAL CORP: Posts $6 Million Net Income for 2014 EVANS & SUTHERLAND: Incurs $1.3 Million Net Loss in 2014 FIFTH STREET FINANCE: Fitch Affirms 'BB+' Issuer Default Rating FIRSTLIGHT HYDRO: Fitch Affirms 'BB-' Rating on $320MM Bonds FISHER ISLAND: Bankruptcy Judge Can Decide Company's Ownership GENERAL MOTORS: Ignition Switch Death Claims Rise to 67 GOLD RIVER: Hearing on Trustee Motion Continued Until April 1 HC GROUP: Moody's Assigns 'B3' CFR, Outlook Stable HEPAR BIOSCIENCE: Amends Membership of Creditors' Committee HEPAR BIOSCIENCE: Files Schedules of Assets and Liabilities HORIZON LINES: Reports $94.6 Million Net Loss for 2014 HORIZON LINES: Sells Puerto Rico Terminal Assets to Luis Ayala HUDBAY MINERALS: S&P Lowers Rating on Sr. Unsecured Debt to 'B-' INTL MANUFACTURING: April 29 Hearing on Zions' Bid to Lift Stay INTL MANUFACTURING: Community 1st's Lift Stay Motion Granted JENSEN FARMS: Settles Listeria Cantaloupe Lawsuits KEEN EQUITIES: Can File Chapter 11 Plan Until September 15 KIOR INC: Has Until June 8 to Make Lease-Related Decisions LA QUINTA HOLDINGS: S&P Ups CCR to BB- on Reduced Blackstone Stake LAMSON & GOODNOW: Sells 12.5 Acres for $1.3 Million LDR INDUSTRIES: Court Approves $25.4M Asset Sale to Coda Resources LEHMAN BROTHERS: Judge Allowed to Issue Recommended Decisions LEHMAN BROTHERS: Judge Approves Deal With Reinsurance Unit LIFE PARTNERS: Asks Court to Appoint Chief Restructuring Officer LIFE PARTNERS: Assailed by SEC Over Press Release LIONS GATE: S&P Retains 'BB-' Rating on Sr. Sec. 2nd Lien Facility LIONS GATE: Upsized Term Loan No Impact on Moody's 'Ba3' CFR MACKEYSER HOLDINGS: Withdraws Bid to Estimate Disputed Claims MARBURN STORES: Case Summary & 20 Largest Unsecured Creditors MAURY ROSENBERG: Circuits Split on Attys' Fees in Bad-Faith Filing MORGAN HILL PARTNERS: Owner Named as Responsible Individual MORGAN HILL PARTNERS: Seeks to Hire Binder & Malter as Counsel MORGANS HOTEL: Incurs $66.5 Million Net Loss in 2014 NEUROMETRIX INC: PwC LLP Expresses Going Concern Doubt NEXTEER AUTOMOTIVE: 2014 Results Supports Moody's 'Ba1' CFR OCTAGON 88: Incurs $1.04-Mil. Net Loss for Dec. 31 Quarter OMEGA HEALTHCARE: Fitch Assigns 'BB+' Rating on Subordinated Debt PARK MERIDIAN: Creditor Objects to Macy Wilensky's Employment PARK MERIDIAN: Seeks to Use Northside-Rosser Cash Collateral PLY GEM HOLDINGS: Reports $31.2 Million Net Loss for 2014 PORTER BANCORP: Mark Wheeler Quits From Board PORTER BANCORP: To Issue Additional 600,000 Shares Under Plans QUALITY DISTRIBUTION: Posts $20.6 Million Net Income for 2014 RIENZI & SONS: Needs Until March 31 to File Schedules RIENZI & SONS: Seeks Protections under Secs. 362 and 525 RIENZI & SONS: Seeks to Use Alma Bank Cash Collateral ROYCE FUND: Board of Trustees Approves Plan of Liquidation SAMUEL WYLY: Judge Imposes $300-Mil. Damages Judgment in SEC Suit SAN JUAN RESORT: Seeks to Employ Carrasquillo as Fin'l Consultant SAN JUAN RESORT: Seeks to Employ William Vidal as Ch. 11 Counsel SCIENTIFIC GAMES: William Thompson Quits From Board SEANERGY MARITIME: Claudia Restis Reports 43% Stake as of Dec. 30 SEEGRID CORP: SSG Acted as Advisor in Ch. 11 Reorganization SOUPMAN INC: MaloneBailey Expresses Going Concern Doubt SOUTHERN PACIFIC RESOURCES: S&P Withdraws 'D' Corp. Credit Rating STANDARD REGISTER: Has $275M Deal With Silver Point STEVIA CORP: Files Amendment to Dec. 31 Quarter Report SUPER BUY: Court Order Dissolution of Unsecured Creditors Panel TALBOT ENTERPRISES: Case Summary & 4 Largest Unsecured Creditors TRUMP ENTERTAINMENT: Court OKs Deal With Trump and Icahn Parties TRUMP ENTERTAINMENT: Deadline to Decide on Sweep Road Lease Moved TRUMP ENTERTAINMENT: DIP Credit Agreement Revised TRUMP ENTERTAINMENT: Has Until Aug. 10 to Decide on Steinberg Lease UTSTARCOM HOLDINGS: Incurs $14.2 Million Net Loss for Q4 VESTOR HOMES: Voluntary Chapter 11 Case Summary VIRTUAL PIGGY: Issues $2 Million 10% Convertible Notes WEBSTER FINANCIAL: Fitch Affirms 'B+' Rating on Preferred Stock WEST CORP: Prices Secondary Offering of Common Stock WESTERN EXPRESS: S&P Raises CCR to 'B-' Then Withdraws Rating WET SEAL: Versa Capital Affiliate Declared Winning Bidder WET SEAL: Versa Capital Outbids B. Riley WILD GOOSE: Case Summary & 6 Largest Unsecured Creditors WOLF MOUNTAIN: Court Converts Case to Chapter 7 Proceeding YRC WORLDWIDE: Adopts New Form of Restricted Stock Agreement [*] Haynes & Boone's Patrick Hughes Inducted as Bankruptcy Fellow [*] Moody's: Sale-Leasebacks Could Raise Capital for US Gaming Cos. [^] Large Companies With Insolvent Balance Sheet ********* AC I INV MANAHAWKIN: Court Extends Exclusive Right to File Plan --------------------------------------------------------------- AC I Inv Manahawkin LLC obtained a court order extending the period of time during which it alone holds the right to file a Chapter 11 plan. The order signed by U.S. Bankruptcy Judge Robert Drain extended the company's exclusive right to propose a plan to March 20 and solicit votes from creditors to May 19. The extension would prevent others from filing rival plans in court and maintain the company's control over its bankruptcy case. About AC I Inv AC I Inv Manahawkin LLC, AC I Manahawkin Mezz LLC and AC I Manahawkin LLC filed separate Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Case Nos. 14-22791, 14-22792 and 14-22793) on June 4, 2014. The petitions were signed by David Goldwasser, of GC Realty Advisors LLC, managing member. The Debtors estimated assets of $50 million to $100 million and debts of $0 to $50 million. Robinson Brog Leinwand Greene Genovese & Gluck, P.C., serves as the Debtors' counsel. Judge Robert D. Drain presides over the cases. Affiliates of AC I Inv., et al., have pending bankruptcy cases before Judge Drain. NY Affordable Housing Albany Assocs. LLC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 13-20007) on July 26, 2013. First Bronx LLC sought bankruptcy protection (Bankr. S.D.N.Y. Case NO. 14-22047) on Jan. 13, 2014. Ollie Allen Holding Company LLC sought bankruptcy (Case NO. 14-22204) on Feb. 18, 2014. U.S. Trustee was unable to form an official unsecured creditors' committee. ACE EDUCATION: Case Summary & 5 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Ace Education International, Inc. 483 Walker Drive McDonough, GA 30253 Case No.: 15-54833 Nature of Business: School Chapter 11 Petition Date: March 13, 2015 Court: United States Bankruptcy Court Northern District of Georgia (Atlanta) Debtor's Counsel: Joseph Chad Brannen, Esq. BRANNEN LAW GROUP, P.C. Suite G, 7147 Jonesboro Road Morrow, GA 30260 Tel: (770) 474-0847 Fax: 770-474-6078 Email: chad@brannenlawfirm.com Total Assets: $843,000 Total Liabilities: $1.38 million The petition was signed by Kimberly S. Morey, president. A list of the Debtor's five largest unsecured creditors is available for free at http://bankrupt.com/misc/ganb15-54833.pdf ACME DEVELOPERS: Case Summary & 4 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: ACME Developers, LLC 552 Franklin Ave. Nutley, NJ 07110 Case No.: 15-14420 Chapter 11 Petition Date: March 13, 2015 Court: United States Bankruptcy Court District of New Jersey (Newark) Judge: Hon. Novalyn L. Winfield Debtor's Counsel: Richard Honig, Esq. HELLRING LINDEMAN GOLDSTEIN & SIEGAL LLP One Gateway Center, 8th Floor Newark, NJ 07102 Tel: (973) 621-9020 Email: rbhonig@hlgslaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Alex Badalamenti, managing member. A list of the Debtor's four largest unsecured creditors is available for free at http://bankrupt.com/misc/njb15-14420.pdf AGRITEK HOLDINGS: Files Amendment to Sept. 30 Quarter Report ------------------------------------------------------------ Agritek Holdings Inc. filed with the U.S. Securities and Exchange Commission an amendment to its quarterly report on Form 10-Q, a copy of which is available for free at http://is.gd/Fl7phf The Company disclosed a net loss of $544,000 on $2,397 of total revenue for the three months ended Sept. 30, 2014, compared with a net loss of $182,000 on $47,300 of total revenue for the same period during the prior year. The Company's balance sheet at Sept. 30, 2014, showed $1.78 million in total assets, $1.91 million in total liabilities, and a stockholders' deficit of $123,000. As of Sept. 30, 2014, the Company had an accumulated deficit of $10.5 million and working capital deficit of $460,000. These conditions raise substantial doubt about the Company's ability to continue as a going concern, according to the regulatory filing. Agritek Holdings is engaged in the digitization of patient records and distribution of hemp based nutritional products to the medicinal marijuana sector in the United States. The company operates in two segments, Merchant Services and Wholesale Sales. Its products include data management system, a technology platform, which enables consumers to file, store, and retrieve original and authentic personal health documents through the Internet; and energy and hemp ice tea drink products. The company also provides a range of solutions for electronically processing merchant and patient transactions in the healthcare industry. In addition, it is involved in importing and distributing vaporizers and e-cigarettes under the Mont Blunt brand; and managing real property for fully-licensed and compliant growers, and dispensaries in regulated medicinal and recreational markets. The company was formerly known as MediSwipe, Inc. and changed its name to Agritek Holdings, Inc., in May 2014. Agritek Holdings was incorporated in 1997 and is based in West Palm Beach, Florida. ALCO STORES: Files Chapter 11 Plan of Liquidation ------------------------------------------------- Alco Stores, Inc., et al., filed with the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, a plan of liquidation, allowing holders of general unsecured claims to recover 2.4 percent to 11.1 percent on their claims. The Plan contemplates that (a) the net sale proceeds of the sales, (b) certain assets excluded from the sales, (c) various claims and causes of action belonging to the Debtors and their estates, and (d) all other unencumbered assets of the Debtors will be transferred to a liquidating trust for the benefit of the Debtors' creditors. The liquidating trust is to be managed by a Liquidating Trustee who will be responsible for liquidating the Liquidating Trust Assets and making distributions to holders of allowed claims as well as all other administrative tasks necessary for the ultimate resolution of the Chapter 11 cases, the Debtors said. Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that the Plan follows the Debtors' going-out-of-business sales at their 198 stores in 23 states. The store liquidation, completed by March 8, will pay off secured debt in full, the Bloomberg report said. After paying secured debt but before expenses of bankruptcy and priority claims, net liquidation proceeds will range from $14 million to $17.4 million, and the residual for unsecured creditors will be $1.2 million to $5.5 million, producing a recovery of 2.4 percent to 11.1 percent, Bloomberg said, citing a draft disclosure statement. A hearing to consider approval of the Disclosure Statement is scheduled for April 10, 2015, at 09:30 AM. A full-text copy of the Plan dated Feb. 18, 2015, is available at http://bankrupt.com/misc/ALCOplan0218.pdf About ALCO Stores ALCO Stores, Inc., operates 198 stores in 23 states throughout the central United States. ALCO offers 35,000 items at its stores, which are located at smaller markets usually not served by other regional or national broad line retail chains. The company was founded in 1901 as a general merchandising operation in Abilene, Kansas. ALCO is a public company, and its common stock is quoted on the NASDAQ National Market tier of the NASDAQ Stock Market under the ticker symbol "ALCS." ALCO Stores and ALCO Holdings LLC sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 14-34941) in Dallas, Texas, on Oct. 12, 2014, with plans to let liquidators conduct store closing sales or sell the business to a going-concern buyer. Judge Stacey G. Jernigan presides over the Chapter 11 cases. The Debtors have DLA Piper LLP (US) as counsel, Houlihan Lokey Capital, Inc., as financial advisor, and Prime Clerk LLC as claims and noticing agent. Michael Moore has been named consultant to the Debtors. As of July 2014, ALCO Stores had assets totaling $222 million and liabilities totaling $162 million. The bulk of the liabilities was total debt outstanding under a credit facility with Wells Fargo Bank, National Association, of which the aggregate outstanding was $104.2 million as of the Petition Date. The Debtor received court approval to sell some of its real estate along with store leases. The U.S. Trustee for Region 6 appointed seven creditors to serve in the official committee of unsecured creditors of ALCO Stores, Inc. The Law Office of Judith W. Ross serve as local counsel to the Committee. ALLEN SYSTEMS: Seeks to Hire Grant Thornton as Auditor ------------------------------------------------------ Allen Systems Group, Inc., et al., sought to employ Grant Thornton LLP as auditor, nunc pro tunc to the Petition Date. Grant Thornton is a nationally recognized tax, audit, and financial advisory firm with particular experience in providing audit services to large and mid-size, public and private companies. The firm has provided accounting and audit services to numerous companies involved in Chapter 11 cases. Grant Thornton is expected to audit the consolidated balance sheet of Allen Systems Group and its subsidiaries and ALA Services, LLC, as of Dec. 31, 2014, and the related consolidated statements of operations, stockholders' equity and cash flows for the year then ended. Grant Thornton will apply for compensation of professional services rendered and reimbursement of expenses in connection with the Debtors' Chapter 11 cases. For audit work for the year ending Dec. 31, 2014, the fees paid prior to Feb. 25, 2015, were $258,000 and the expenses were $17,480. To the best of the Debtors' knowledge, Grant Thornton is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. About Allen Systems Allen Systems Group, Inc., and two affiliates provide mission-critical enterprise information technology ("IT") management software solutions to large enterprises and small and medium-sized businesses. Founded in 1986 by Arthur L. Allen in Naples, Florida, ASG has more than 100 offices worldwide, primarily in the United States and Europe. As of Feb. 17, 2015, ASG had 1,054 employees in 114 locations in 25 countries. Allen Systems and two affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 15-10332) in Delaware on Feb. 18, 2015. The case is assigned to Judge Kevin J. Carey. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as counsel; Latham & Watkins LLP as special counsel; and Epiq Bankruptcy Solutions as claims and noticing agent. Allen Systems estimated $100 million to $500 million in assets and $500 million to $1 billion in debt. AMERICAN CAPITAL: Fitch Affirms 'BB-' Longterm IDR; Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed the 'BB-' long-term Issuer Default Rating (IDR), 'BB+' secured debt rating, and 'BB-' unsecured debt rating of American Capital, Ltd. (ACAS). The Rating Outlook is Stable. These actions are being taken in conjunction with a broader industry review, which includes 10 business development companies (BDCs). KEY RATING DRIVERS The ratings affirmations and Stable Outlook reflect ACAS' relatively low leverage, improved operating performance since the crisis and access to the capital markets at reasonable terms. As a C corporation, ACAS can retain earnings, which is also viewed positively. Rating constraints include ACAS' current outsized equity exposure relative to peer BDCs, which can generate material unrealized depreciation on its investment portfolio, large but improving levels of non-accruals and PIK, and its limited funding flexibility and dependence on a recovery in portfolio valuations and the firm's stock price. The company's evolving business strategy and organizational structure also limit positive rating momentum at this time. On Nov. 5, 2014, ACAS announced that its board of directors had unanimously approved a plan to split the company's businesses by transferring most of the firm's investment assets into two newly established BDCs and having ACAS continue to operate primarily in the asset management business, through American Capital Asset Management (ACAM). It is contemplated that ACAS will spin off the new BDCs to its shareholders, resulting in three, publicly traded companies. The BDCs are anticipated to qualify and elect to be taxed as registered investment companies (RICs) with the objective of paying market rate dividends. ACAS will continue to operate as a taxable C corporation, retaining any net operating losses that exist at the time of the spinoff. In 2014, ACAM raised five new funds including, a new BDC (American Capital Senior Floating Rate) invested in senior floating rate loans and CLO equity; a private equity fund (American Capital Equity III) focused on the lower middle market; two CLOs (CLO 2014-1 and 2014-2); and a fund invested in senior and mezzanine debt (ECAS UK SME Debt) of small and medium sized enterprises in the United Kingdom. Subsequent to these investments, ACAS increased total earning assets under management at ACAM by 19% to $14.5 billion as of Dec. 31, 2014 from $12.6 billion, as of Dec. 31, 2013. These actions continue to signal ACAS' strategic shift to focus on raising third-party funds for fee income, as opposed to direct on-balance sheet investments. Generally speaking, Fitch views less balance sheet intensive activities favorably, although the stability and diversity of the fee sources would also need to be considered. During the 4Q14 earnings call, ACAS announced that it had consolidated European Capital Limited (ECAS) on balance sheet as part of the SEC's recent guidance on wholly-owned subsidiaries of BDCs where the operations are considered an extension of the firm's investment operations. The impact to net asset value (NAV) at ACAS was modest as the $87 million of ECAS' unrealized appreciation is mostly offset by $71 million of tax provisions due to the removal of a deferred tax asset previously recorded on ACAS' equity investment in ECAS. In addition, ACAS announced during the 4Q14 earnings call that it continues to make progress with its advisors and regulators on the contemplated spinoff to help the firm separate its investment and asset management businesses in a legally-, regulatorily-, and tax-efficient manner. The company did not provide any further details on the timing, but Fitch expects the corporate transformation will likely occur in 2015, subject to certain conditions including shareholder and regulatory approvals, receipt of an opinion from its tax advisors, and the refinancing of ACAS' debt and the establishment of new credit facilities for the new BDCs. Although underlying portfolio trends have improved markedly, asset quality remains a concern as non-accrual loans remain elevated and among the highest levels for BDCs. Non-accruals to 5.8% on a cost basis, at Dec. 31, 2014, down from 17.0% at Dec. 31, 2013. On a dollar basis, non-accruing loans at cost also improved to $201 million from $287 million during the same period. Inclusive of ECAS as of Dec. 31, 2014, non-accruals would have amounted to $371 million at cost, representing 9.4% of total loans. The overall improvement in non-accruals was primarily driven by improved portfolio company performance, exits, and write-offs. Non-accruing loans were valued at 57.7% of cost (39.9% inclusive of ECAS), as of Dec. 31, 2014, which is ACAS' expected recovery rate on the investments and consistent with the firm's more mezzanine and equity focus. Fitch would view positively continued improvements in ACAS' overall asset quality metrics. Direct exposure to oil, gas and consumable fuels represented 2.3% of the total investment portfolio, with an additional 0.3% of energy exposure derived from collateral held in CLOs, as of Dec. 31, 2014. The combined energy exposure of 2.6% is well below the peer average of 10.5%. Fitch conducted a stress test on the firm's energy exposure along with the rest of the peer group, and views the impact of valuation declines on the firm's leverage as negligible. Leverage, as measured by debt-to-equity, amounted to 0.31x at Dec. 31, 2014, inclusive of the ECAS consolidation during 4Q14. ACAS' leverage is among the lowest of the BDCs, but Fitch believes it is appropriate given the company's outsized equity exposure. Leverage ticked up from 0.15x at Dec. 31, 2014 due to the use of revolver capacity to fund new investments in senior floating rate loans. As the firm continues to ramp-up additional assets for the spinoff, Fitch will evaluate leverage in the context of the increased leverage that may be applied to senior floating rate loans relative to the more conservative leverage that may be applied to junior investments. Currently, Fitch views ACAS' funding flexibility as being limited given its corporate structure and depressed portfolio valuations and share price. However, Fitch views positively, ACAS' recent actions to obtain funding at economic terms. For example, in June 2014 and October 2014, the firm closed on a two-year, $750 million and a two-year, $500 million revolver through wholly-owned special purpose vehicles formed for the purpose of purchasing floating rate senior loans. Borrowings under the facilities bear interest at LIBOR plus 1.60% and are subject to borrowing base requirements. In March 2015, ACAS upsized the two-year facility by $500 million to $1.25 billion and the maturity was extended by two-years to March 2017. ACAS' liquidity profile is considered adequate, with $676 million of balance sheet cash and $723 million under its revolving credit facilities, subject to borrowing base requirements, at Dec. 31, 2014. Cash flows from investment repayments and exits amounted to $2.8 billion in 2014, an increase from $1.4 billion in 2013. Net cash available to support new portfolio investments was $2.8 billion in 2014, an increase from $840 million in 2013. Generally, Fitch monitors non-cash income closely, as RIC regulations require distributing 90% of taxable earnings on an annual basis. However, ACAS does not currently qualify as a RIC and, therefore, is able to retain earnings. Fitch will continue to closely monitor PIK levels relative to investment income, even though ACAS is not expected to return to RIC status. RATING SENSITIVITIES ACAS dropped its RIC status several years ago, and has more recently focused on raising third-party funds for fee income. The firm has also been funding new investments in anticipation of its plan to spin-off two new BDCs to shareholders with ACAM operating primarily in the asset management business. Fitch believes these actions signal a change in the company's strategy and/or organizational structure over the near- to medium-term. This could translate into rating action depending upon more clarity with respect to ACAS' ultimate strategy and structure, and importantly, where the rated debt resides. In the intervening time until there is more clarity with respect to ACAS' end state, upward rating momentum is unlikely, but could potentially be driven by improved funding flexibility, increased unsecured debt and access to equity capital, stronger asset quality trends and a decline in the proportion of equity investments in the portfolio. Conversely, interim negative rating action could be driven by a material increase in leverage, significant unrealized portfolio depreciation, a spike in non-accrual levels, and/or higher PIK income. Based in Bethesda, MD, ACAS is a publicly traded private equity firm and alternative asset manager organized in 1986 which completed its IPO in 1997. As of Dec. 31, 2014, the company managed $22 billion of assets, including balance sheet assets and fee-earning assets under management by affiliated managers with $86 billion of total assets under management. Fitch has affirmed these ratings: American Capital, Ltd. -- Long-term IDR at 'BB-'; -- Senior secured debt at 'BB+'; -- Senior unsecured debt at 'BB-'. The Rating Outlook is Stable. ARCHDIOCESE ST. PAUL: BGA Management Okayed as Financial Advisor ---------------------------------------------------------------- Bankruptcy Judge Robert J. Kressel authorized The Archdiocese of Saint Paul and Minneapolis to employ BGA Management, LLC, doing business as Alliance Management, as financial advisor. BGA is expected to: a) analyze and review the business, operations, financial condition and prospects of the Debtor and assist the Debtor in the preparation of schedules and the statement of financial affairs; b) assist the debtor in budgeting matters; c) provide financial advice and assistance to the Debtor; and d) assist the Debtor in evaluating, structuring, negotiating and implementing a restructuring plan. As reported in the Troubled Company Reporter on Jan. 30, 2015, Alliance has been consulting with the Debtor since June 3, 2014. Since that time, the Debtor has paid Alliance a total of $379,000, including a bankruptcy retainer of $102,500. Alliance will submit its bills monthly to the Debtor, and will be paid in accordance with local bankruptcy practice. Alliance will be reimbursed its fees and paid for work performed on the basis described in the Professional Services Agreement. Alliance's professionals will charge hourly rates ranging from $285 to $495, subject to normal and customary increases which occur in January of each calendar year. The Professional Services Agreement provides that the Debtor will reimburse Alliance's reasonable business and travel expenses, including reasonable attorneys' fees incurred in the preparation for or work in bankruptcy, processing fee applications, providing litigation support, and similar legal issues arising in the course of the engagement. The Debtor has reviewed the unsworn declaration of Alliance founder and president Michael Knight, and believes that the employment of Alliance is in the best interests of its estate and that Alliance does not represent or hold or represent any interest adverse to the estates, and is "disinterested" within the meaning of Section 327(a) of the Bankruptcy Code. 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. The U.S. Trustee for Region 12 appointed five creditors to serve on the official committee of unsecured creditors. ASSOCIATED WHOLESALERS: Taps ROCK as Broker for PA Properties ------------------------------------------------------------- ADI Liquidation, Inc., f/k/a AWI Delaware, Inc., et al., seek permission ask the U.S. Bankruptcy Court for the District of Delaware for approval to employ ROCK Commercial Real Estate, LLC, as real estate broker to the Debtors, nunc pro tunc to Jan. 7, 2015. On Oct. 29, 2014, following a successful competitive auction, the Court entered an order approving the sale of substantially all of the Debtors' assets to C&S Wholesale Grocers, Inc. The Acquired Assets did not include, among other things, (i) a 4.16-acre parcel of land located at 3025 Carlisle Road in Dover Township, Pennsylvania and (ii) a 5.52-acre parcel of land located at the intersection of South Richland Avenue and Indian Rock Dam Road in Spring Garden Township, Pennsylvania (together, the "PA Properties"). On Jan. 7, 2015, the Debtors and ROCK entered into the Listing Agreements, under which ROCK agreed, subject to Court approval, to represent the Debtors in marketing and procuring buyers for the PA Properties. Notably, ROCK has already been able to procure an interested buyer for the PA Properties and, subject to Court approval, the Debtors have entered into Agreements of Sale with this buyer for the properties. The Debtors intend to seek Court approval of these agreements by separate motion(s). The Listing Agreements provide that the Debtors will pay ROCK a broker's fee equal to 5% of the sale price of the property, subject to reduction (the "Broker's Fee"), 3 if (i) the PA Properties, or any ownership interest in such properties, is sold at the listed price or any price acceptable to the Debtors during the length or term of the agreement by ROCK, ROCK's licensee, the Debtors or any other person or broker; (ii) negotiations pending at the "Ending Date" of the agreements (which is May 31, 2015) result in a sale; or (iii) after the Ending Date, the PA Properties are sold in whole or in part within 180 days and the properties were presented to the buyer or negotiated by the buyer during the term of the Listing Agreements. Additionally, if a sale does not occur within the term of the Listing Agreements, ROCK will be entitled to a Broker's Fee that is calculated on the listed price of the respective PA Property if, inter alia: (i) a buyer is found by ROCK or by anyone, including the Debtors, and such buyer actually purchases the property; (ii) the property, or any part of it, is subject to eminent domain; (iii) the property, or an interest in it, is voluntarily or involuntarily donated or transferred; or (iv) the Debtors breach, terminate or cancel the Listing Agreements or cause the PA Properties to be made unmarketable. Finally, if a buyer enters into an agreement of sale with respect to a PA Property and then refuses, or is unable, to buy the property, the Debtors will pay ROCK 50% of any amounts paid by the buyer, and retainable by the Debtors, in connection with the transaction, not to exceed the amount of the Broker's Fee. The Debtors and ROCK have agreed to certain indemnification language. ROCK has informed that Debtors that it (a) does not hold or represent any interest adverse to the Debtors' estates and (b) is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. About Associated Wholesalers Founded in 1962 and headquartered in Robesonia, Pennsylvania, Associated Wholesalers Inc. serviced 800 supermarkets, specialty stores, convenience stores and superettes with grocery, meat, produce, dairy, frozen foods and general merchandise/health and beauty care products. AWI, with distribution facilities in Robesonia, Pennsylvania, and York, Pennsylvania, served the mid- Atlantic United States. AWI is owned by its 500 retail members, who in turn operate supermarkets. AWI had 1,459 employees. White Rose Inc. is a food wholesaler and distributor serving the greater New York metropolitan area. The company traces its origins to 1886, when brothers Joseph and Sigel Seeman founded Seeman Brothers & Doremus to provide grocery deliveries throughout New York City. White Rose carries out its operations through three leased warehouse and distribution centers, two of which are located in Carteret, New Jersey, and one in Woodbridge, New Jersey. White Rose has 777 employees. Associated Wholesalers and its affiliates sought Chapter 11 bankruptcy protection on Sept. 9, 2014, to sell their assets under 11 U.S.C. Sec. 363 to C&S Wholesale Grocers, absent higher and better offers. The Debtors have sought joint administration of their Chapter 11 cases for procedural purposes, seeking to maintain all pleadings on the case docket for AWI Delaware, Inc., Bankr. D. Del. Case No. 14-12092. As of the Petition Date, the Debtors owe the Bank Group (consisting of lenders, Bank of America, N.A., Bank of American Securities LLC as sole lead arranger and joint book runner, Wells Fargo Capital Finance, LLC as joint book runner and syndication agent, and RBS Capita, as documentation agent) an aggregate principal amount of not less than $131,857,966 (inclusive of outstanding letters of credit), plus accrued interest. The Debtors estimate trade debt of $72 million. AWI Delaware disclosed $11,440 in assets and $125,112,386 in liabilities as of the Chapter 11 filing. Saul Ewing LLP and Rhoads & Sinon LLP are serving as legal advisors to the Debtors, Lazard Middle Market is serving as financial advisor, and Carl Marks Advisors is serving as restructuring advisor to AWI. Carl Marks' Douglas A. Booth has been tapped as chief restructuring officer. Epiq Systems serves as the claims agent. The Official Committee of Unsecured Creditors tapped to retain Hahn & Hessen LLP as its lead counsel; Pepper Hamilton LLP as its co-counsel; and Capstone Advisory Group, LLC, together with its wholly-owned subsidiary Capstone Valuation Services, LLC, as its financial advisors. The Troubled Company Reporter, on Nov. 5, 2014, reported that the Bankruptcy Court authorized Associated Wholesalers, which changed its name to AWI Delaware, Inc., prior to the approval of the sale, to sell substantially all of its assets, including their White Rose grocery distribution business, to C&S Wholesale Grocers, Inc. The C&S purchase price consists of the lesser of the amount of the bank debt, which totals about $18.1 million and $152 million, plus other liabilities, which amount is valued at $194 million. C&S, according to Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, ended up paying $86.5 million more cash to be anointed as the winner at the auction. AWI Delaware notified the Bankruptcy Court on Nov. 12, 2014, that closing occurred in connection with the sale of their assets to C&S. AWI Delaware subsequently changed its name to ADI Liquidation, Inc., following the closing of the sale. ASSOCIATED WHOLESALERS: Wants Until July to Decide on Leases ------------------------------------------------------------ ADI Liquidation, Inc., f/k/a AWI Delaware, Inc., et al., ask the U.S. Bankruptcy Court for the District of Delaware to extend the deadline by which they must assume or reject unexpired leases of non-residential real property through and including July 6, 2015. On Oct. 29, 2014, following a successful competitive auction, the Court entered an order approving the sale of substantially all of the Debtors' assets to C&S Wholesale Grocers, Inc. The sale closed on Nov. 12, 2014. The assets of debtor Co-Op Agency, Inc. were excluded from the Sale. Co-Op is a party to two non-residential real property leases for leased property in Pennsylvania (the "Co-Op Leases"). The Debtors believe that other than these Co-Op Leases, they are not a party to any non-residential real property leases that have not already been rejected or assumed and assigned to the Purchaser. Out of an abundance of caution, however, the Debtors seek authority to extend the Assumption/Rejection Deadline for any other unknown Unexpired Leases. Mark Minuti, Esq., at Saul Ewing LLP, explains that because the Debtors are not prepared at this time to make a final determination regarding the assumption or rejection of the Unexpired Leases, the Debtors require an extension of the deadline. The Debtors have reached out to the landlords for the Co-Op Leases and have obtained consent from both Landlords to the July extension. About Associated Wholesalers Founded in 1962 and headquartered in Robesonia, Pennsylvania, Associated Wholesalers Inc. serviced 800 supermarkets, specialty stores, convenience stores and superettes with grocery, meat, produce, dairy, frozen foods and general merchandise/health and beauty care products. AWI, with distribution facilities in Robesonia, Pennsylvania, and York, Pennsylvania, served the mid- Atlantic United States. AWI is owned by its 500 retail members, who in turn operate supermarkets. AWI had 1,459 employees. White Rose Inc. is a food wholesaler and distributor serving the greater New York metropolitan area. The company traces its origins to 1886, when brothers Joseph and Sigel Seeman founded Seeman Brothers & Doremus to provide grocery deliveries throughout New York City. White Rose carries out its operations through three leased warehouse and distribution centers, two of which are located in Carteret, New Jersey, and one in Woodbridge, New Jersey. White Rose has 777 employees. Associated Wholesalers and its affiliates sought Chapter 11 bankruptcy protection on Sept. 9, 2014, to sell their assets under 11 U.S.C. Sec. 363 to C&S Wholesale Grocers, absent higher and better offers. The Debtors have sought joint administration of their Chapter 11 cases for procedural purposes, seeking to maintain all pleadings on the case docket for AWI Delaware, Inc., Bankr. D. Del. Case No. 14-12092. As of the Petition Date, the Debtors owe the Bank Group (consisting of lenders, Bank of America, N.A., Bank of American Securities LLC as sole lead arranger and joint book runner, Wells Fargo Capital Finance, LLC as joint book runner and syndication agent, and RBS Capita, as documentation agent) an aggregate principal amount of not less than $131,857,966 (inclusive of outstanding letters of credit), plus accrued interest. The Debtors estimate trade debt of $72 million. AWI Delaware disclosed $11,440 in assets and $125,112,386 in liabilities as of the Chapter 11 filing. Saul Ewing LLP and Rhoads & Sinon LLP are serving as legal advisors to the Debtors, Lazard Middle Market is serving as financial advisor, and Carl Marks Advisors is serving as restructuring advisor to AWI. Carl Marks' Douglas A. Booth has been tapped as chief restructuring officer. Epiq Systems serves as the claims agent. The Official Committee of Unsecured Creditors tapped to retain Hahn & Hessen LLP as its lead counsel; Pepper Hamilton LLP as its co-counsel; and Capstone Advisory Group, LLC, together with its wholly-owned subsidiary Capstone Valuation Services, LLC, as its financial advisors. The Troubled Company Reporter, on Nov. 5, 2014, reported that the Bankruptcy Court authorized Associated Wholesalers, which changed its name to AWI Delaware, Inc., prior to the approval of the sale, to sell substantially all of its assets, including their White Rose grocery distribution business, to C&S Wholesale Grocers, Inc. The C&S purchase price consists of the lesser of the amount of the bank debt, which totals about $18.1 million and $152 million, plus other liabilities, which amount is valued at $194 million. C&S, according to Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, ended up paying $86.5 million more cash to be anointed as the winner at the auction. AWI Delaware notified the Bankruptcy Court on Nov. 12, 2014, that closing occurred in connection with the sale of their assets to C&S. AWI Delaware subsequently changed its name to ADI Liquidation, Inc., following the closing of the sale. ATLS ACQUISITION: Court OKs Changes in Bankruptcy Case Caption -------------------------------------------------------------- The U.S. Bankruptcy Court authorized ATLS Acquisition LLC, et al., to change their case caption from: 1. ATLS Healthcare Group, Inc., to Liberty Healthcare Group, Inc.; 2. ATLS Medical Supply, Inc., to Liberty Medical Supply, Inc.; 3. ATLS Healthcare Pharmacy of Nevada, LLC, to Liberty Healthcare Pharamcy of Nevada, LLC; 4. ATLS Lane Condominium Association, Inc., to Liberty Lane Condominium Association, Inc.; 5. ATLS Marketplace, Inc., to Liberty Marketplace, Inc.; and 6. ATLS Liberty Lane Development Company, Inc., to Liberty Lane Development Company, Inc. About Liberty Medical Entities that own diabetics supply provider Liberty Medical led by ATLS Acquisition, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-10262) on Feb. 15, 2013, just less than three months after a management buy-out and amid a notice by the lender who financed the transaction that it's exercising an option to acquire the business. Liberty has been in business for 22 years serving the needs of both type 1 and type 2 diabetic patients. Liberty is a mail order provider of diabetes testing supplies. In addition to diabetes testing supplies, the Debtors also sell insulin pumps and insulin pump supplies, ostomy, catheter and CPAP supplies and operate a large mail order pharmacy. Liberty operates in seven different locations and has 1,684 employees. Dennis A. Meloro, Esq., at Greenberg Traurig, LLP, serves as the Debtor's counsel; Ernst & Young LLP to provide investment banking advice; and Epiq Bankruptcy Solutions, LLC, as claims and noticing agent for the Clerk of the Bankruptcy Court. An official committee of unsecured creditors has been appointed in the case and consists of LifeScan, Inc., Abbott Laboratories, and Teva Pharmaceuticals USA, Inc. They are represented by Joseph H. Huston Jr., Esq., Maria Aprile Sawczuk, Esq., and Camille C. Bent, Esq., of Stevens & Lee P.C. as well as Bruce Buechler, Esq., S. Jason Teele, Esq., and Nicole Stefanelli, Esq. of Lowenstein Sandler LLP. The Committee has tapped Mesirow Financial Consulting, LLC, as financial advisors. * * * ATLS Acquisition, LLC, et al., have filed with the U.S. Bankruptcy Court for the District of Delaware a joint plan of reorganization and an accompanying disclosure statement, which propose to fund a liquidating trust with proceeds from the sale of the Debtors' assets. A full-text copy of the Disclosure Statement dated Aug. 15, 2014, is available at http://is.gd/aLMnQP In November 2014, the Debtor received the green light from the Bankruptcy Court for its $68.5 million sale to an investment group led by private equity firm Palm Beach Capital. The auction for the assets boosted the purchase price by more than $20 million. ATLS ACQUISITION: Court OKs Changes in RSR Reporting Requirements ----------------------------------------------------------------- The U.S. Bankruptcy Court authorized ATLS Acquisition, LLC, et al., to expand the scope of employment of RSR Consulting, LLC, specifically as to Robert S. Rosenfield, and change in reporting requirements. As reported in the Troubled Company Reporter on July 25, 2013, the Court authorized the Debtor to employ RSR to provide a chief restructuring officer; and appoint Robert Rosenfeld as CRO. The firm is expected to, among other things: a) provide services with respect to the Debtors' complex Chapter 11 restructuring activities; b) provide operational and financial restructuring support in connection with the Debtors' business operations; and c) provide services in managing and advising on various ongoing litigation cases. The hourly rates of the firm's personnel are: Managing Director and Directors $325 - $375 Managers & Consultants $225 - $295 To the best of the Debtors' knowledge, RSR holds no interest adverse to the Debtors, their creditors, or in any party-in- interest. About Liberty Medical Entities that own diabetics supply provider Liberty Medical led by ATLS Acquisition, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-10262) on Feb. 15, 2013, just less than three months after a management buy-out and amid a notice by the lender who financed the transaction that it's exercising an option to acquire the business. Liberty has been in business for 22 years serving the needs of both type 1 and type 2 diabetic patients. Liberty is a mail order provider of diabetes testing supplies. In addition to diabetes testing supplies, the Debtors also sell insulin pumps and insulin pump supplies, ostomy, catheter and CPAP supplies and operate a large mail order pharmacy. Liberty operates in seven different locations and has 1,684 employees. Dennis A. Meloro, Esq., at Greenberg Traurig, LLP, serves as the Debtor's counsel; Ernst & Young LLP to provide investment banking advice; and Epiq Bankruptcy Solutions, LLC, as claims and noticing agent for the Clerk of the Bankruptcy Court. An official committee of unsecured creditors has been appointed in the case and consists of LifeScan, Inc., Abbott Laboratories, and Teva Pharmaceuticals USA, Inc. They are represented by Joseph H. Huston Jr., Esq., Maria Aprile Sawczuk, Esq., and Camille C. Bent, Esq., of Stevens & Lee P.C. as well as Bruce Buechler, Esq., S. Jason Teele, Esq., and Nicole Stefanelli, Esq. of Lowenstein Sandler LLP. The Committee has tapped Mesirow Financial Consulting, LLC, as financial advisors. * * * ATLS Acquisition, LLC, et al., have filed with the U.S. Bankruptcy Court for the District of Delaware a joint plan of reorganization and an accompanying disclosure statement, which propose to fund a liquidating trust with proceeds from the sale of the Debtors' assets. A full-text copy of the Disclosure Statement dated Aug. 15, 2014, is available at http://is.gd/aLMnQP In November 2014, the Debtor received the green light from the Bankruptcy Court for its $68.5 million sale to an investment group led by private equity firm Palm Beach Capital. The auction for the assets boosted the purchase price by more than $20 million. BERNARD L. MADOFF: Del. Judge Dodges Involvement in Disputes ------------------------------------------------------------ Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that several victims of Bernard Madoff's Ponzi scheme lost their latest bid to sidestep New York courts in pursuit of their own lawsuit against the estate of the late Jeffry Picower. According to the report, in the largest single recovery on behalf of fraud victims, Irving Picard, the trustee winding down Madoff's investment firm, reached a settlement in 2010 under which Picower's estate paid $7.2 billion, in return for a court order barring anyone else from suing. Several customers who wanted to sue Picower on their own in Florida appealed, but U.S. District Judge John G. Koeltl in New York upheld the settlement, and the U.S. Court of Appeals for the Second Circuit in Manhattan agreed with Judge Koeltl. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims. The fifth pro rata interim distribution slated for Jan. 15, 2015, will total $322 million and will bring the amount distributed to eligible claimants to approximately $7.2 billion, which includes more than $822.5 million in advances committed to the SIPA Trustee for distribution to allowed claimants by the SIPC. As of Nov. 30, 2014, the SIPA Trustee has recovered or reached agreements to recover approximately $10.5 billion since his appointment in December 2008. BERNARD L. MADOFF: Partner Investors Claims Are Barred ------------------------------------------------------ Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that some victims of Bernard Madoff's Ponzi scheme failed in their latest attempt to circumvent court decisions barring feeder-fund investors from making claims of their own against the convicted swindler's investment firm. According to the report, about 160 people were general partners in partnerships that invested entirely with Madoff. U.S. Bankruptcy Judge Stuart M. Bernstein agreed with the trustee liquidating Mr. Madoff's company, citing case law saying that customer status must be "narrowly interpreted." He said the partners themselves weren't customers individually because "they did not entrust any cash or securities with" Madoff, 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. BINDER & BINDER: Klestadt Winters Approved as Committee Counsel --------------------------------------------------------------- The Bankruptcy Court authorized the Official Committee of Unsecured Creditors in the Chapter 11 case of Binder & Binder - The National Social Security Disability Advocates (NY), LLC, et al., to retain Klestadt Winters Jureller Southard & Stevens, LLP as its counsel. To the best of the Committee's knowledge, Klestadt Winters is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Binder & Binder Founded in 1979 by brothers Harry and Charles Binder, Binder & Binder is the nation's largest provider of social security disability and veterans' benefits advocacy services, with operating scale and efficiencies unrivaled by its competitors in the highly fragmented advocacy market. The company has more than 950 employees in 35 offices across the United States. In 2010, H.I.G. Capital, LLC acquired a controlling equity interest in the company. Binder & Binder - The National Social Security Disability Advocates (NY), LLC, et al., sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 14-23728) in White Plains, New York on Dec. 18, 2014. The cases are assigned to Judge Robert D. Drain. The Debtors have tapped Kenneth A. Rosen, Cassandra Porter, Esq., and Nicholas B. Vislocky, Esq., at Lowenstein Sandler as counsel. The Debtors have engaged Development Specialists, Inc., as financial advisor, and BMC Group Inc. as claims and notice agent. A four-member panel serves as Official Committee of Unsecured Creditors in the Debtors' cases. BINDER & BINDER: Stellus Balks After Being Removed From Committee ----------------------------------------------------------------- Stellus Capital Investment Corporation, prepetition unsecured lender Binder & Binder - The National Social Security Disability Advocates (NY), LLC, et al., responded and reserved it right regarding the U.S. Trustee's removal of Stellus from the Official Committee of Unsecured Creditors. On Jan. 30, 2015, the U.S. Trustee advised Stellus that it was reconstituting the Committee to exclude Stellus based on the fact that Stellus offered to provide the Debtors alternative debtor-in-possession financing. Stellus related that the U.S. Trustee lacked the authority to unilaterally remove Stellus from the Committee. However, even if the U.S. Trustee possesses such authority, its use of power in the instance was improper. Additionally, Stellus says that its willingness to make a potential DIP facility available to the Debtors, at the specific request of the Debtors and with the encouragement of the Committee, has enhanced the Debtors' prospects for a plan of reorganization that will make meaningful and substantial payments to the unsecured creditors in the case, as opposed to a forced liquidation commenced after six months strictly for the benefit of senior secured lenders. Stellus is represented by: Stephen E. Gruendel, Esq. MOORE & VAN ALLEN, PLLC 100 N. Tryon St., Suite 4700 Charlotte, NC 28205 Tel: (704) 331-3533 Fax: (704) 339-5833 About Binder & Binder Founded in 1979 by brothers Harry and Charles Binder, Binder & Binder is the nation's largest provider of social security disability and veterans' benefits advocacy services, with operating scale and efficiencies unrivaled by its competitors in the highly fragmented advocacy market. The company has more than 950 employees in 35 offices across the United States. In 2010, H.I.G. Capital, LLC acquired a controlling equity interest in the company. Binder & Binder - The National Social Security Disability Advocates (NY), LLC, et al., sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 14-23728) in White Plains, New York on Dec. 18, 2014. The cases are assigned to Judge Robert D. Drain. The Debtors have tapped Kenneth A. Rosen, Cassandra Porter, Esq., and Nicholas B. Vislocky, Esq., at Lowenstein Sandler as counsel. The Debtors have engaged Development Specialists, Inc., as financial advisor, and BMC Group Inc. as claims and notice agent. A four-member panel serves as Official Committee of Unsecured Creditors in the Debtors' cases. BIOSCRIP INC: Moody's Caa1 CFR Unaffected by $62.5MM Stock Issuance ------------------------------------------------------------------- Moody's Investors Service said that BioScrip, Inc.'s privately placed issuance of $62.5 million of convertible preferred stock is credit positive, but does not impact the Caa1 Corporate Family Rating or the stable outlook. Headquartered in Elmsford, New York, BioScrip, Inc. is a national provider of home infusion and pharmacy benefit management ("PBM") services. The company's clinical management programs and services provide access to prescription medications for patients with chronic and acute healthcare conditions, including gastrointestinal abnormalities, infectious diseases, cancer, pain management, multiple sclerosis, organ transplants, bleeding disorders, rheumatoid arthritis, immune deficiencies and heart failure. As of Dec. 31, 2014, BioScrip had a total of 77 service locations across 29 states. For the year ended Dec. 31, 2014, BioScrip generated revenues from continuing operations of approximately $984 million. BLOOMFIELD DENTAL: Case Summary & 15 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Bloomfield Dental Arts, PC 1018 Broad STreet Bloomfield, NJ 07003 Case No.: 15-14366 Chapter 11 Petition Date: March 13, 2015 Court: United States Bankruptcy Court District of New Jersey (Newark) Judge: Hon. Novalyn L. Winfield Debtor's Counsel: Leonard S. Singer, Esq. ZAZELLA & SINGER, ESQS. 36 Mountain View Blvd. Wayne, NJ 07470 Tel: (973) 696-1700 Fax: 973-696-3228 Email: zsbankruptcy@gmail.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Joseph Moussa, president/secretary. A list of the Debtor's 15 largest unsecured creditors is available for free at http://bankrupt.com/misc/njb15-14366.pdf BROADWAY FINANCIAL: Amends 18.9 Million Shares Resale Prospectus ---------------------------------------------------------------- Broadway Financial Corporation has amended its Form S-1 registration statement relating to the resale or other disposition by certain selling stockholders of up to 18,975,549 shares of common stock, which would constitute 65.26% of the Company's outstanding common stock if all those shares are sold. The Company is not offering any shares of common stock for sale pursuant to this prospectus and it will not receive any of the proceeds from sales of the shares. The Company's common stock is currently traded on the NASDAQ Capital Market under the symbol "BYFC." On March 11, 2015, the closing sale price for the Company's common stock, as reported by the NASDAQ Capital Market, was $1.30 per share. The Company amended the Registration Statement to delay its effective date. A full-text copy of the amended registration statement is available for free at http://is.gd/W3YPzM About Broadway Financial Los Angeles, Calif.-based Broadway Financial Corporation was incorporated under Delaware law in 1995 for the purpose of acquiring and holding all of the outstanding capital stock of Broadway Federal Savings and Loan Association as part of the Bank's conversion from a federally chartered mutual savings association to a federally chartered stock savings bank. In connection with the conversion, the Bank's name was changed to Broadway Federal Bank, f.s.b. The conversion was completed, and the Bank became a wholly owned subsidiary of the Company, in January 1996. The Company is regulated by the Board of Governors of the Federal Reserve System. The Bank is regulated by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. Broadway Financial reported a loss allocable to common stockholders of $1.08 million in 2013, a loss allocable to common stockholders of $693,000 in 2012 and a net loss available to common shareholders of $15.4 million in 2011. CAESARS ENTERTAINMENT: Judge Directs Appointment of Ch. 11 Examiner ------------------------------------------------------------------- Tom Hals and Nick Brown, writing for Reuters, reported that U.S. Bankruptcy Judge Benjamin Goldgar in Chicago directed the U.S. Trustee to appoint an independent examiner to investigate transactions by Caesars Entertainment Operating Co. According to Reuters, court papers said the examiner will be tasked with analyzing the propriety of a number of intercompany deals that are at the heart of the bankruptcy of CEOC. As the operating company struggled to overhaul its operations prior to filing for bankruptcy, it transferred a number of its most valuable properties and casinos to affiliates of the parent company, Reuters related. Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that Caesars sought an investigator with a limited budget, limited time to work and limited issues to probe, while second-lien noteholders are asking for a broader investigation. The ad hoc lenders also want the examiner to investigate alleged bad faith by the second-lien bondholders with regard to claims of invalidity in the senior debt, the Bloomberg report said. About Caesars Entertainment Caesars Entertainment Corp., formerly Harrah's Entertainment Inc., 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. The Company's balance sheet at Sept. 30, 2014, showed $24.5 billion in total assets against $28.2 billion in total liabilities. In January 2015, Caesars Entertainment and subsidiary Caesars Entertainment Operating Company, Inc., 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 CEOC (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. Delaware Bankruptcy Judge Kevin Gross entered a ruling that the bankruptcy proceedings will proceed in the U.S. Bankruptcy Court for the Northern District of Illinois. 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. CAL DIVE: Wants to File Schedules & Statements Until May 17 ----------------------------------------------------------- Cal Dive International Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Delaware to extend the deadline for them to file their schedules of assets and liabilities, and statements of financial affairs until May 17, 2015. A hearing is set for March 30, 2015, at 2:00 p.m., to consider the Debtors' extension request. Objections, if any, are due March 23, 2015, at 4:00 p.m. The Debtors say they submit that under the circumstances of their chapter 11 cases, sufficient cause exists to extend the deadline to file their schedules and statements. Completing the schedules and statements requires the expenditure of considerable time and effort by their employees and advisors to collect, review and assemble copious amounts of information. According to the Debtors, before the Petition Date, they focused primarily on preparing the necessary pleadings to commence these cases and engaging in extensive negotiations with their lenders and other parties in interest. Given the amount of work entailed in completing their schedules and statements, and the competing demands upon their personnel to address critical operational matters during the initial postpetition period, they will not be in a position to properly and accurately complete the schedules and statements within the required 30-day period. About Cal Dive International Cal Dive International, Inc., headquartered in Houston, Texas, is a marine contractor that provides manned diving, pipelay and pipe burial, platform installation and salvage, and light well intervention services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, West Africa, the Middle East, and Europe, with a diversified fleet of dive support vessels and construction barges. Cal Dive had decided not to pay $2.2 million in interest due Jan. 15, 2015, on its 5.00% convertible senior notes due 2017. Cal Dive and its U.S. subsidiaries filed simultaneous voluntary petitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015. Through the Chapter 11 process, the Company intends to sell non-core assets and intends to reorganize or sell as a going concern its core subsea contracting business. The Debtors tapped Richards, Layton & Finger, P.A., as counsel, O'Melveny & Myers LLP, as co-counsel; and Kurtzman Carson Consultants, LLC, as claims and noticing agent. CHASSIX HOLDINGS: Has Prime Clerk as Claims and Noticing Agent -------------------------------------------------------------- Chassix Holdings, Inc., et al., ask the U.S. Bankruptcy Court for the Southern District of New York for approval to employ Prime Clerk LLC as their claims and noticing agent in the chapter 11 cases. Although the Debtors have not yet filed their schedules of assets and liabilities, they anticipate that there will be in excess of 2,000 entities to be noticed. The Debtors filed a separate application to employ Prime Clerk as administrative advisor. The firm will, among other things, assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a chapter 11 plan. For its claims and noticing services, Prime Clerk will charge the Debtors at these hourly rates: Hourly Rate ----------- Analyst $45 Technology Consultant $110 Consultant $135 Senior Consultant $160 Director $190 For the firm's solicitation, balloting and tabulation services, the rates are: Hourly Rate ----------- Solicitation Consultant $185 Director of Solicitation $210 The firm will charge $0.10 per page for printing, $0.10 per page for fax noticing, and no charge for e-mail noticing. Hosting of the case Web site is free of charge and on-line claim filing services are free of charge. For data administration and management, the firm will charge $0.10 per record per month for data storage, maintenance and security. Prior to the Petition Date, the Debtors provided Prime Clerk a retainer in the amount of $25,000. To the best of the Debtors' knowledge, Prime Clerk is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as required by Section 327(a). The claims agent can be reached at: PRIME CLERK LLC 830 3rd Avenue, 9th Floor New York, NY 10022 Attn: Shai Waisman Tel: (212) 257-5450 E-mail: swaisman@primeclerk.com About Chassix Holdings Chassix is a global manufacturer and supplier of aluminum and iron chassis sub-frame components and powertrain products with both casting and machining capabilities. Based in Southfield, Michigan, Chassix and its subsidiaries operate 23 manufacturing facilities across six countries, providing safety critical automotive components, having content on approximately 64% of the largest platforms in North America. Their product mix maintains an even balance among trucks, minivans and SUVs, as well as small and medium size cars and cross-over vehicles. For the twelve months ended Dec. 31, 2014, the Debtors generated $1.37 billion in revenue on a consolidated basis. As of Dec. 31, 2014, the Debtors had $833 million in assets and $784 million in liabilities on a consolidated basis. Chassix Holdings, Inc., et al., sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 15-10578) in Manhattan on March 12, 2015, with a Chapter 11 plan that was negotiated with lenders and customers. Chassix Holdings estimated $500 million to $1 billion in assets and debt. The formal schedules of assets and liabilities are due March 26, 2015. The Debtors have tapped Weil, Gotshal & Manges LLP, as attorneys; Lazard Freres & Co, LLC, as investment banker; FTI Consulting, Inc. to provide an interim CFO and additional restructuring services; and Prime Clerk LLC, as claims and noticing agent. CHASSIX HOLDINGS: Proposes May 21 General Claims Bar Date --------------------------------------------------------- Chassix Holdings, Inc., et al., ask the U.S. Bankruptcy Court for the Southern District of New York to establish: -- May 21, 2015 at 5:00 p.m. (Eastern Time) as the deadline for each person or entity (including, without limitation, individuals, partnerships, corporations, joint ventures, trusts, but not including governmental units to file a proof of claim in respect of a prepetition claim, including, for the avoidance of doubt, secured claims, priority claims, and claims arising under Section 503(b)(9) of the Bankruptcy Code against any of the Debtors; and -- Sept. 9, 2015 at 5:00 p.m. (Eastern Time) as the deadline for Governmental Units to file a Proof of Claim in respect of a prepetition claim against any of the Debtors. Proofs of Claim must be filed either (i) electronically through the Web site of the Debtors' Court-approved claims agent, Prime Clerk LLC), using the interface available on such Web site located at https://cases.primeclerk.com/chassix under the link entitled "Submit a Claim" or (ii) by delivering the original Proof of Claim form by hand, or mailing the original Proof of Claim form on or before the applicable Bar Date as follows: * If by overnight courier, hand delivery or first class mail: Chassix Holdings, Inc. Claims Processing Center c/o Prime Clerk LLC 830 3rd Avenue, 9th Floor New York, NY 10022 * If by hand delivery: United States Bankruptcy Court, SDNY One Bowling Green New York, NY 10004-1408 The Debtors submit that the proposed bar date and procedures provide sufficient time for all parties in interest, including foreign creditors, to assert their claims. About Chassix Holdings Chassix is a global manufacturer and supplier of aluminum and iron chassis sub-frame components and powertrain products with both casting and machining capabilities. Based in Southfield, Michigan, Chassix and its subsidiaries operate 23 manufacturing facilities across six countries, providing safety critical automotive components, having content on approximately 64% of the largest platforms in North America. Their product mix maintains an even balance among trucks, minivans and SUVs, as well as small and medium size cars and cross-over vehicles. For the twelve months ended Dec. 31, 2014, the Debtors generated $1.37 billion in revenue on a consolidated basis. As of Dec. 31, 2014, the Debtors had $833 million in assets and $784 million in liabilities on a consolidated basis. Chassix Holdings, Inc., et al., sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 15-10578) in Manhattan on March 12, 2015, with a Chapter 11 plan that was negotiated with lenders and customers. Chassix Holdings estimated $500 million to $1 billion in assets and debt. The formal schedules of assets and liabilities are due March 26, 2015. The Debtors have tapped Weil, Gotshal & Manges LLP, as attorneys; Lazard Freres & Co, LLC, as investment banker; FTI Consulting, Inc. to provide an interim CFO and additional restructuring services; and Prime Clerk LLC, as claims and noticing agent. CHASSIX HOLDINGS: Seeks Court Nod for Weil Gotshal as Counsel ------------------------------------------------------------- Chassix Holdings, Inc., et al., ask the U.S. Bankruptcy Court for the Southern District of New York for approval to employ Weil, Gotshal & Manges LLP as attorneys, nunc pro tunc to the Petition Date. The Debtors request that the Court approve the retention of Weil, under a general retainer, as their attorneys to perform the extensive legal services that will be required during the Chapter 11 cases in accordance with Weil's normal hourly rates in effect when services are rendered and Weil's normal reimbursement policies. The Debtors have been informed that Marcia L. Goldstein and Ray C. Schrock, P.C., members of Weil, as well as other members of, counsel to, and associates of Weil, who will be employed in these Chapter 11 cases, are members in good standing of, among others, the Bar of the State of New York and the United States District Court for the Southern District of New York. Weil's current customary hourly rates, subject to change from time to time, are $865 to $1,250 for members and counsel, $465 to $850 for associates, and $195 to $350 for paraprofessionals. Weil is not a creditor of the Debtors. During the 90-day period prior to the Petition Date, Weil received advances in the amount of $4.81 million for services to be performed and expenses incurred, including in preparation for the commencement of the Chapter 11 cases. Based upon Mr. Schrock's declaration, the Debtors submit that Weil is a “disinterested person” as that term is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b). Attorney Statement Pursuant to Fee Guidelines The following is provided in response to the request for additional information set forth in Paragraph D.1 of the Fee Guidelines. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Weil represented the Debtors for approximately five months prior to the Commencement Date. Paragraph 18 herein discloses the billing rates used by Weil for the prepetition engagement. Weil's billing rates and material financial terms with respect to this matter have not changed postpetition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Yes, our client has approved a prospective budget in connection with its debtor-in-possession financing through the period ending July 31, 2015. Our client has also approved a staffing plan. About Chassix Holdings Chassix is a global manufacturer and supplier of aluminum and iron chassis sub-frame components and powertrain products with both casting and machining capabilities. Based in Southfield, Michigan, Chassix and its subsidiaries operate 23 manufacturing facilities across six countries, providing safety critical automotive components, having content on approximately 64% of the largest platforms in North America. Their product mix maintains an even balance among trucks, minivans and SUVs, as well as small and medium size cars and cross-over vehicles. For the twelve months ended Dec. 31, 2014, the Debtors generated $1.37 billion in revenue on a consolidated basis. As of Dec. 31, 2014, the Debtors had $833 million in assets and $784 million in liabilities on a consolidated basis. Chassix Holdings, Inc., et al., sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 15-10578) in Manhattan on March 12, 2015, with a Chapter 11 plan that was negotiated with lenders and customers. Chassix Holdings estimated $500 million to $1 billion in assets and debt. The formal schedules of assets and liabilities are due March 26, 2015. The Debtors have tapped Weil, Gotshal & Manges LLP, as attorneys; Lazard Freres & Co, LLC, as investment banker; FTI Consulting, Inc. to provide an interim CFO and additional restructuring services; and Prime Clerk LLC, as claims and noticing agent. CHASSIX HOLDINGS: Targeting June Approval of Reorganization Plan ---------------------------------------------------------------- Chassix Holdings, Inc., et al., seek approval from the U.S. Bankruptcy Court for the Southern District of New York of this proposed timeline in connection with the confirmation process for their pre-negotiated plan of reorganization: Event Date ----- ---- Objection Deadline to Disclosure Statement April 7, 2015 at 5:00 p.m. Disclosure Statement Hearing April 16, 2015 at 10:00 a.m. Record Date April 16, 2015 Solicitation Date April 23, 2015 Voting Deadline June 4, 2015 at 5:00 p.m. Plan Objection Deadline June 4, 2015 at 5:00 p.m. Confirmation Hearing June 18, 2015 at 10:00 a.m. As of the Petition Date, the Debtors had outstanding funded debt obligations totaling $680 million, consisting of (i) $135 million in secured borrowings under a Revolving ABL Facility, (ii) $375 million in principal amount of secured notes, (iii) $158 million in principal amount of unsecured notes, and (iv) $12 million in capital lease obligations. The Plan treats claims and interests as follows: -- Holders of Secured Note Claims ($395 million) are slated for a 79.8% recovery. In accordance with the Global Settlement, the holders of these claims will receive their pro rata share of approximately 97.5% of the new common stock (subject to dilution). -- Holders of Unsecured Note Claims ($158 million) are slated to recover 8.3%. The unsecured noteholders will receive their pro rata share of 2.5% (subject to dilution) of the Reorganized Debtors' new common stock and warrants to purchase an additional 5% of the new common stock. -- Holders of General Unsecured Trade Claims ($31 million) are slated to recover 25 cents on the dollar. They will receive split $1 million in cash, provided that any holder of the claims that enters into an agreement to extend customary trade terms will receive its pro rata share of the $1 million, and, in addition, its pro rata share of an additional $4 million. -- Holders of Other General Unsecured Claims (Undetermined) will recover 5%. Holders of these claims will split $2 million in cash provided that they vote in favor of the Plan. Those rejecting the Plan will not receive anything. -- Holders of Subordinated Securities Claims (N/A) will not receive or retain any property under the Plan on account of those claims. -- Holders of existing Chassix Holdings Equity Interests will not receive or retain any property under the Plan on account of those interests. Only holders of Secured Note Claims (Class 3), Unsecured Note Claims (Class 4), and General Unsecured Trade Claims (Class 5), and Other General Unsecured Claims (Class 6) are entitled to vote on the Plan. Holders of claims that are not impaired -- Other Priority Claims (Class 1), Other Secured Claims (Class 2), Intercompany Claims (Class 7), and Intercompany Interests (Class 8) -- are deemed to accept the Plan. Holders of Subordinated Securities Claims (Class 9) and Existing Holdco Equity Interests (Class 10), who won't receive anything under the Plan, are deemed to reject the Plan. To expedite a determination as to which creditors and interest holders may vote on the Plan, the Debtors have submitted a motion and order to the Court that states that the Debtors will file their schedules of assets and liabilities by April 10, 2015. In addition, the Debtors have submitted, or will soon submit, an order to the Court that, among other things, sets (a) May 21, 2015 at 5:00 p.m. (Eastern Time) as the proposed deadline for any parties in interest to file proofs of claim and (b) Sept. 9, 2015 at 5:00 p.m. (Eastern Time) as the proposed deadline for governmental units to file proofs of claim. For voting purposes, the Debtors propose that each claim within the voting classes be temporarily allowed in an amount equal to the amount of such claim set forth in the Schedules subject to certain exceptions. The procedures provide, among other things, that if a claim for which a proof of claim has been timely filed is wholly contingent, unliquidated, or disputed, such claim is accorded one vote and valued at $1.00 for voting purposes only. If any creditor seeks to challenge the allowance of its claim for voting purposes, the Debtors propose that the creditor file with the Court a motion for an order pursuant to Bankruptcy Rule 3018(a) temporarily allowing such claim for voting purposes in a different amount. The Debtors propose a May 28, 2015 objection deadline, and a June 4 deadline to file the motion. A copy of the Plan of Reorganization dated March 12, 2015, is available for free at: http://bankrupt.com/misc/Chassix_Plan.pdf A copy of the Disclosure Statement dated March 12, 2015, is available for free at: http://bankrupt.com/misc/Chassix_Plan_Outline.pdf Plan Backed by Customers, Lenders As reported in the March 13, 2015 edition of the TCR, the Debtors have reached an agreement on the terms of a financial and operational restructuring with their major stakeholders, including an ad hoc committee comprised of holders of approximately 72% of the Debtors' senior secured notes and approximately 80% of the Debtors' unsecured notes (the "Informal Committee of Noteholders"), Platinum Equity Advisors LLC, the Debtors' prepetition private equity sponsor, and certain affiliated entities and investment funds (collectively, "Platinum Equity"), and all of the Debtors' largest customers, including Ford Motor Company, General Motors LLC, FCA US LLC f/k/a Chrysler Group LLC, Nissan North America, Inc., and BMW Manufacturing Co., LLC, which will result in a significant and substantial infusion of new capital in the Debtors in the form of new debtor-in-possession and exit financing. The Debtors further anticipate exiting chapter 11 with a 68% reduction in their funded indebtedness and substantial improvements to their prospects for long-term stability and profitability. Specifically, pursuant to the prearranged chapter 11 plan of reorganization, the Debtors are proposing a restructuring that will achieve: (a) Approximately $250 million in debtor-in-possession financing comprised of a new $150 million revolving asset based lending facility to be provided by PNC Bank, National Association and a new $100 million term loan (which will convert to an exit term loan at emergence) to be provided by the Debtors' prepetition secured noteholders, to facilitate operations in chapter 11; (b) An infusion of $50 million by certain secured noteholders in the form of an additional exit term loan at emergence, as well as a commitment from the ABL DIP Lenders to work in good faith on acceptable terms for converting the $150 million revolving asset based lending facility to an exit asset based lending facility, that will provide ongoing liquidity for the Debtors post-emergence; (c) Conversion of $375 million of the Debtors' senior secured notes and $158 million of the Debtors' unsecured notes to equity; (d) Agreements with the OEM Customers on long-term accommodations that will provide the Debtors with $45 million in annual price increases new business and programs, as well as certain other valuable accommodations and protections, including waivers of setoff and plan distributions on account of the OEM Customers' substantial claims against the Debtors; (e) Prompt emergence from chapter 11; and (f) Pro rata distributions to holders of allowed General Unsecured Claims subject to certain conditions set forth in the Plan. The Plan also implements a global release and settlement of numerous Debtor-creditor and inter-creditor issues with the Debtors' existing equity sponsor, Platinum Equity, and the members of the Informal Committee of Noteholders. Professionals Involved in Case The Debtor's attorneys can be reached at: WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, NY 10153 Attn: Marcia L. Goldstein, Esq. Ray C. Schrock, P.C. Cantor Fitzgerald Securities, in its capacity as administrative agent and collateral agent for the DIP Term Lenders under the DIP Term Facility, is represented by: SHIPMAN & GOODWIN LLP One Constitution Plaza Hartford, CT 06103-1919 Facsimile: (860) 251-5099 Attention: Nathan Z. Plotkin, Esq. PNC Bank, National Association, in its capacity as administrative agent and collateral agent for the Revolving DIP Lenders under the Revolving DIP Credit Facility, is represented by: BODMAN PLC 6th Floor at Ford Field 1901 St. Antoine Street Detroit, MI 48226 Facsimile: (313) 393-7579 Attention: Robert J. Diehl, Jr., Esq. The Informal Committee of Noteholders has tapped AlixPartners LLP as financial advisor. The Noteholders' attorneys are: PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, NY 10019 Facsimile: (212) 492-0158 Attention: Andrew N. Rosenberg, Esq. Alice B. Eaton, Esq. Platinum Equity Advisors, LLC, tapped Houlihan Lokey Capital, Inc., as financial advisor. Platinum's attorneys can be reached at: MILBANK, TWEED, HADLEY & MCCLOY LLP 28 Liberty Street New York, NY 10005 Facsimile: (212) 530-5219 Attention: Dennis F. Dunne, Esq. Samuel A. Khalil, Esq. Counsel to FCA US LLC: DICKINSON WRIGHT PLLC 500 Woodward Avenue Suite 4000 Detroit, MI 48226 Facsimile: (313) 223-3598 Attention: James A. Plemmons, Esq. Colin T. Ferguson, Esq. Counsel to General Motors LLC: FROST BROWN TODD LLC 150 3rd Avenue South, Suite 1900 Nashville, TN 37201 Facsimile: (615) 251-5551 Attention: Robert V. Sartin, Esq. Michelle Drinkard Balfour, Esq. Counsel to Ford Motor Company: MILLER, CANFIELD, PADDOCK AND STONE, P.L.C. 150 West Jefferson Suite 2500 Detroit, MI 48226 Facsimile: (313) 496-7500 Attention: Jonathan S. Green, Esq. Stephen S. LaPlante, Esq. Counsel to BMW Manufacturing Co., LLC: JAFFE RAITE HEUER & WEISS, P.C. 27777 Franklin Road, Suite 2500 Detroit, MI 48034 Facsimile: (313) 961-1200 Attention: Richard E. Kruger, Esq. Counsel to Nissan North America, Inc.: WALLER LANSDEN DORTCH & DAVIS, LLP 511 Union Street, Suite 2700 Nashville, TN 37219 Facsimile: (313) 961-1200 Attention: Mike Paslay, Esq. About Chassix Holdings Chassix is a global manufacturer and supplier of aluminum and iron chassis sub-frame components and powertrain products with both casting and machining capabilities. Based in Southfield, Michigan, Chassix and its subsidiaries operate 23 manufacturing facilities across six countries, providing safety critical automotive components, having content on approximately 64% of the largest platforms in North America. Their product mix maintains an even balance among trucks, minivans and SUVs, as well as small and medium size cars and cross-over vehicles. For the twelve months ended Dec. 31, 2014, the Debtors generated $1.37 billion in revenue on a consolidated basis. As of Dec. 31, 2014, the Debtors had $833 million in assets and $784 million in liabilities on a consolidated basis. Chassix Holdings, Inc., et al., sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 15-10578) in Manhattan on March 12, 2015, with a Chapter 11 plan that was negotiated with lenders and customers. Chassix Holdings estimated $500 million to $1 billion in assets and debt. The formal schedules of assets and liabilities are due March 26, 2015. The Debtors have tapped Weil, Gotshal & Manges LLP, as attorneys; Lazard Freres & Co, LLC, as investment banker; FTI Consulting, Inc. to provide an interim CFO and additional restructuring services; and Prime Clerk LLC, as claims and noticing agent. CIRCLE C RANCHLANDS: Case Summary & 5 Top Unsecured Creditors ------------------------------------------------------------- Debtor: Circle C Ranchlands W.M.U. LLC 16000 Ventura Blvd., Ste 1000 Encino, CA 91436 Case No.: 15-10873 Chapter 11 Petition Date: March 13, 2015 Court: United States Bankruptcy Court Central District of California (San Fernando Valley) Judge: Hon. Maureen Tighe Debtor's Counsel: Yi S Kim, Esq. GREENBERG & BASS 16000 Ventura Blvd, Ste 1000 Encino, CA 91436 Tel: 818-382-6200 Fax: 818-986-6534 Email: ykim@greenbass.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by James R. Felton, receiver. A list of the Debtor's five largest unsecured creditors is available for free at http://bankrupt.com/misc/cacb15-10873.pdf CIVIC PARTNERS: Legal Fight Over Complex Hampers Leasing -------------------------------------------------------- A protracted legal fight over a $13 million entertainment complex developed by Civic Partners Sioux City LLC has made it impossible to close a deal to fill the retail space that wrapped around the Promenade Cinema 14, Dave Dreeszen at the Sioux City Journal reports, citing United Commercial's Beau Braunger. The City Journal relates that the Company promised to quickly fill the retail space with a mixture of restaurants, bars and shops that would appeal to theater-goers and visitors to the adjacent Historic Fourth District, but a decade later, almost all the 12,000 square feet of retail space remains vacant. The report adds that the complex only has the theater and 6 South Designs, a women's clothing and event-planning store, as tenants. The City Journal quoted Mr. Braunger as saying, "It's very frustrating. The way it's listed, it's a full-price offer. The bank and the courts are just sitting on it. It's been a complete stalemate it seems." Bill Barstow, president of Main Street Theatres, said in a statement that the lengthy legal dispute involving the Civic Partners property "hasn't been good for Sioux City. We have big ideas for the Promenade, and we hope to move forward soon. We hope to broaden our connection to Sioux City as soon as the courts rule in our favor . . . We're convinced we will have the opportunity to entertain Sioux City in the heart of their community for years to come." The City Journal relates that the legal dispute recently moved a step closer to a potential resolution, but leasing the remaining retail space in the complex will continue to be challenging until the bankruptcy runs its course. The City Journal reports that Chief Bankruptcy Judge Thad Collins, who denied the Company's reorganization plan in October 2013, is yet to rule on a motion by the city, Main Street Theatres, and First National Bank of Sioux City -- which holds the first mortgage on the building and has proceeded to foreclosure -- seeking to dismiss the bankruptcy petition or convert it to a Chapter 7 liquidation. Civic Partners Sioux City, LLC, based in Huntington Beach, California, filed for Chapter 11 bankruptcy (Bankr. N.D. Iowa Case No. 11-00829) on April 14, 2011. A. Frank Baron, Esq., at Baron, Sar, Goodwin, Gill & Lohr, serves as the Debtor's counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and debts. The petition was signed by Steven P. Semingson, managing member. CLEVELAND BIOLABS: Meaden & Moore Expresses Going Concern Doubt --------------------------------------------------------------- Cleveland BioLabs, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the fiscal year ended Dec. 31, 2014. Meaden & Moore Ltd. expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has suffered recurring losses from operations and has a net capital deficiency. The Company reported net income of $35,400 on $3.7 million of grants and contracts for the year ended Dec. 31, 2014, compared to a net loss of $20.13 million on $8.49 million of grants and contracts in the prior year. The Company's balance sheet at Dec. 31, 2014, showed $9.81 million in total assets, $8.03 million in total liabilities and total stockholders' equity of $1.79 million. A copy of the Form 10-K is available at: http://is.gd/vWT2ra About Cleveland BioLabs Buffalo, N.Y.-based Cleveland BioLabs, Inc. is a biotechnology company focused on developing biodefense, tissue protection and cancer treatment drugs based on the concept of modulation of cell death for therapeutic benefit. The Company was incorporated in Delaware and commenced business operations in June 2003. CORPORATE CAPITAL: Fitch Affirms BB+ Longterm IDR; Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed the Long-term Issuer Default Rating (IDR) and secured debt rating of Corporate Capital Trust (CCT) at 'BB+'. The Rating Outlook is Stable. These actions are being taken in conjunction with a broader industry review, which includes 10 business development companies (BDCs). KEY RATING DRIVERS The rating affirmations reflect the strength of CCT's relationship with CNL Fund Advisors Company (CNL) and KKR Credit Advisors (US) LLC (KKR Credit), low leverage, relatively low portfolio concentrations, limited exposure to equity investments, and strong asset quality. CNL has demonstrated its ability to raise and administer capital in the retail market over a long period of time, while KKR Credit has a strong and established track record underwriting credit and has strong access to deal flow, given its affiliation with KKR & Co. L.P. (KKR, rated 'A' by Fitch). Rating constraints include a limited operating history as a business development company (BDC), weaker-than-peer earnings yields, a fully secured funding profile, higher-than-average non-cash income, weaker relative earnings coverage of the dividend, and the potential that CCT will be unable to access the equity markets for capital following the expiration of issuing authority, likely in 2015, barring an accelerated liquidity event. Leverage, as measured by debt to equity, amounted to 0.32(x) at Sept. 30, 2014, or 0.28x net of cash, which is well below the peer average. The firm's targeted leverage is 0.67x, but Fitch believes that it may be some time before that level is reached, given the current continuous stock offering structure. At Sept. 30, 2014, first and second lien senior debt accounted for 75.4% of the investment portfolio, which compares favorably to a rated peer average of 69.3%. Exposure to equity investments, which can experience meaningful valuation volatility, was relatively low, at 4.3%, with an additional 1.4% in structured products. Asset quality trends have been strong since inception, supported, in part, by market conditions. CCT had its second non-accrual in 3Q14, which amounted to 0.23% of the portfolio at value, but Fitch believes credit metrics for CCT and the industry more broadly are at unsustainably low levels longer-term. The investment portfolio was relatively more diverse than peers at Sept. 30, 2014, with the top ten investments accounting for 29.2% of assets and 37.3% of equity. Still, Fitch expects portfolio concentrations to increase modestly over time, as CCT transitions the portfolio away from broadly syndicated credit and into directly originated transactions. That said; CCT is likely to maintain a greater exposure to liquid credit than the peer group, as the firm co-invests alongside other KKR credit vehicles, including CLOs, in addition to its less liquid direct senior lending and mezzanine funds. CCT's obligor exposure to the energy sector accounted for approximately 6.5% of its portfolio at Sept. 30, 2014, according to Fitch's calculations, which was below the peer average of 10.5%. Oil & gas exposure, more specifically, was also below the peer average of 7.1%, at 2.7% of the portfolio. Fitch conducted a stress test on the firm's exposure along with the rest of the peer group, and views the impact of valuation declines on the firm's leverage as negligible. CCT's operating history is relatively short, having only recently completed four full years of investment operations. Net investment income (NII) has been on an upward trajectory given 189% portfolio growth in 2013, followed by an additional 17.6% portfolio growth in the first three quarters of 2014. NII more than doubled in 2014, although the NII yield on the portfolio remains below the peer average, given the lower revenue yield. CCT is expected to close that gap over time, with a greater focus on more illiquid credits. CCT's funding profile is fully secured, consisting of two special purpose vehicles (SPVs), a corporate revolver, and a secured term loan. Borrowing capacity is more than $1.4 billion, and $581.6 million was outstanding at Sept. 30, 2014. The firm also has a $500 million total return swap (TRS), which is used opportunistically to fund investments in the liquid markets. CCT's debt maturity profile improved in 2014, with the issuance of secured term debt and the renewal of CCT Funding, LLC. However, $200 million of borrowing capacity matures in 364 days and the TRS matures in January 2016. Fitch expects CCT will look to extend its debt maturity profile over time and could access the unsecured markets to improve funding flexibility. CCT's liquidity profile is considered sound with $80.5 million of balance sheet cash, and $846.4 million of availability on various secured funding facilities, subject to borrowing base requirements, at Sept 30, 2014. Additionally, cash flows from investment repayments and exits were significant in 2014, amounting to $793.8 million through the first three quarters of 2014, and a meaningful portion of the portfolio was considered liquid, with about 49% of the portfolio considered level 2 for valuation purposes. NII dividend coverage, which adjusts for non-cash incentive payment accruals and realized gains, was sound, amounting to 97.4% through 3Q14. However, coverage ratios fall significantly if non-cash income is removed from NII, as CCT has a meaningful amount of paid-in-kind income. Realizations of non-cash income, to date, have been limited, given the relatively short operating history of the BDC. Fitch would view an improvement in cash income coverage of the dividend favorably. The Stable Outlook reflects Fitch's expectations for continued operating consistency, improved earnings yields, given the gradual shift into less-liquid direct originations, the maintenance of good asset quality, modest leverage, and improved dividend coverage. That said, Fitch sees a number of emerging industry challenges that could pressure ratings, or at least increase rating differentiation amongst BDCs over a longer-term horizon. These challenges include increased competition, which is yielding tighter market spreads and looser underwriting terms, including higher underlying portfolio company leverage and weaker covenant packages. Should competition continue to intensify, market yields could decline further, which would reduce earnings generation and pressure dividend coverage for the space. RATING SENSITIVITIES Negative rating actions for CCT could be driven by an extended increase in leverage above the targeted range of approximately 0.67x (asset coverage of 250%), resulting from increased borrowings or material realized or unrealized depreciation, and/or a meaningful increase in the proportion of equity holdings without a commensurate decline in leverage. A spike in non-accrual levels, a continued increase in non-cash income, an inability to refinance near-term debt maturities, and weaker cash income dividend coverage would also be viewed unfavorably from a ratings perspective. Positive rating momentum for CCT is viewed as limited over the near-term, particularly given the challenging market backdrop, but could develop over time with increased funding flexibility, including an extension of the debt maturity profile, access to the public unsecured debt markets, and the ability to issue public equity for growth capital. Other positive rating factors could include an improvement in net investment income yields, a continuation of solid asset quality performance, particularly given the competitive market environment, reduced non-cash income, and stronger cash earnings dividend coverage. CCT is an externally managed business development company, organized in June 2010 and commencing investment operations in July 2011. As of Sept. 30, 2014, the company had investments in 111 portfolio companies amounting to approximately $2.5 billion. Fitch has affirmed these with a Stable Outlook: Corporate Capital Trust -- Long-term Issuer Default Rating at 'BB+'; -- Secured Debt Rating at 'BB+'. DAEBO INTERNATIONAL: Chapter 15 Case Summary -------------------------------------------- Chapter 15 Petitioner: Chang-Jung Kim, CEO Chapter 15 Debtor: Daebo International Shipping Co., Ltd. 7th floor 15 Saemunan-ro 3-gil (Dangju-dong) Jongno-gu, Seoul, Korea Chapter 15 Case No.: 15-10616 Type of Business: The Company is engaged in the business of shipping bulk cargoes, such as iron ore, coal, grains and steel products. Chapter 15 Petition Date: March 16, 2015 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. Michael E. Wiles Chapter 15 Petitioner's Counsel: Michael B. Schaedle, Esq. John D. Kimball, Esq. Gregory F. Vizza, Esq. BLANK ROME LLP One Logan Square 130 North 18th Street Philadelphia, PA 19103 Tel: 215-569-5762 Fax: 215-832-5762 Email: schaedle@blankrome.com JKimball@BlankRome.com Vizza@BlankRome.com Estimated Assets: $100 million to $500 million Estimated Debts: $100 million to $500 million DEB STORES: Sells Lease to Landlord for $1.14 Million ----------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that U.S. Bankruptcy Judge Kevin Gross in Delaware authorized Deb Stores to sell one of its leases back to Simon Property Group Inc. after the landlord presented the highest and best offer at a Feb. 12 auction. According to the report, as part of the deal, Simon will pay $1.14 million plus any security deposit to take back the lease for property at the Mills at Jersey Gardens in Elizabeth, New Jersey. It will also waive an $18,800 so-called cure claim and any other unpaid, post-bankruptcy amounts owed, the report related. All proceeds will be paid by Deb to Ableco LLC, as agent on a pre-bankruptcy secured term loan, the report added. About Deb Stores Headquartered in Philadelphia, Pennsylvania, Deb Stores is a mall-based retailer in the juniors "fast-fashion" specialty sector that operates under the name "DEB" and offers moderately priced, fashionable, coordinated women's sportswear, dresses, coats, lingerie, accessories and shoes for junior and plus sizes. The company, founded by Philip Rounick and Emma Weiner, opened its first store under the name JOY Hosiery in Philadelphia, Pennsylvania in 1932. As of Sept. 30, 2014, the company operated a total of 295 retail store locations (primarily in the East and Midwest, especially Pennsylvania, Ohio and Michigan) as well as an e-commerce channel. On June 26, 2011, Deb Stores' predecessors -- DSI Holdings Inc. and its subsidiaries -- sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 11-11941) and closed the sale of the assets three months later to Ableco Finance, LLC, the agent for the first lien lenders. Deb Stores Holding LLC and eight affiliated companies commenced Chapter 11 bankruptcy cases in Delaware on Dec. 4, 2014. The Debtors are seeking to have their cases jointly administered, with pleadings maintained on the case docket for Deb Stores Holding (Case No. 14-12676). The cases are assigned to Judge Mary F. Walrath. Laura Davis Jones, Esq., Colin R. Robinson, Esq., at and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, serve as counsel to the Debtors. Epiq Bankruptcy Solutions, LLC, is the claims and noticing agent. As of Dec. 31, 2014, the Debtors' most recent audited consolidated financial statements reflected assets totaling $90.5 million and liabilities totaling $120.1 million. The Official Committee of Unsecured Creditors tapped Cooley LLP as its lead counsel; Drinker Biddle & Reath LLP as its co-counsel; and Zolfo Cooper, LLC as its bankruptcy consultants and financial advisors. DELIAS INC: To Auction Antitrust Claims After Selling Inventory --------------------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that Delia's Inc. completed going-out-of-business sales at its 92 clothing and accessories stores on Feb. 23 and filed papers seeking permission from the bankruptcy judge in White Plains, New York, to hold an auction for the company's antitrust claims against Visa Inc. and MasterCard Inc. According to the report, no one is yet under contract to purchase those claims and whoever makes the best offer to become the so-called stalking horse at auction will qualify for a 3 percent fee if outbid. The sale-approval hearing will take place March 20, after the March 18 auction, the report said. About DELIA*S INC. Launched in 1993, dELiA*s Inc., is a retailer which sells apparel, accessories, footwear, and cosmetics marketed primarily to teenage girls and young women. The dELiA*s brand products are sold through the Company's mall-based retail stores, direct mail catalogs and e-commerce Web sites. On Dec. 7, 2014, dELiA*s and eight of its subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y.). The Debtors have requested that their cases be jointly administered under Case No. 14-23678. As of the bankruptcy filing, dELiA*s owns and operates 92 stores in 29 states. The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking Group LLC, as restructuring advisor, Janney Montgomery Scott LLC, as investment banker, and Prime Clerk LLC as claims agent. As of the Petition Date, the Debtors had $47.0 million in total assets and $50.5 million in liabilities. The Debtors have sought court approval of a deal for Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC, to launch going-out-of-business sales. The Official Committee of Unsecured Creditors tapped to retain Kelley Drye & Warren LLP as its counsel, and Capstone Advisory Group, LLC, and Capstone Valuation Services, LLC, as financial advisors. DENDREON CORP: American Red Cross Resigns as Committee Member ------------------------------------------------------------- Roberta A. DeAngelis, U.S. Trustee for Region 3, notified the U.S. Bankruptcy Court for the District of Delaware that she has amended the composition of the Official Committee of Unsecured Creditors appointed in the Chapter 11 cases of Dendreon Corp., et al., to reflect resignation of New York Blood Center, Inc., and American Red Cross from the Committee. The Committee members are: (1) Document Technologies, LLC Attn: Jeffrey W. Jacobs Two Ravinia Dr., Ste. 850 Atlanta, GA 30346 Phone: 770-390-2700 Fax: 770-390-2705 (2) Piedmont – Bridgewater NJ, LLC c/o Piedmont Office Realty Trust, Inc. Attn: Thomas A. McKean 11695 Johns Creek Pkwy., Ste. 350 John Creek, GA 30097 Phone: 770-418-8611 Fax: 770-418-8711 (3) GlaxoSmithKline Attn: Tim Thelen, Esq. 5 Moore Dr. PO Box 13398 Research Triangle Park, NC 27709 Phone: 919-483-1480 Fax: 704-899-9234 About Dendreon Corp With corporate headquarters in Seattle, Washington, Dendreon Corporation, a biotechnology company focused on the development of novel cellular immunotherapies to significantly improve treatment options for cancer patients. Dendreon's first product, PROVENGE (sipuleucel-T), was approved by the U.S. Food and Drug Administration (FDA) and became commercially available for the treatment of men with asymptomatic or minimally symptomatic castrate-resistant (hormone-refractory) prostate cancer in April 2010. Dendreon is traded on the NASDAQ Global Market under the symbol DNDN. Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy protection (Bankr. D. Del.) on Nov. 10, 2014. The Debtors requested that their cases be jointly administered under Case No. 14-12515. The petitions were signed by Gregory R. Cox, interim chief financial officer and treasurer. Dendreon sought bankruptcy protection after it reached agreements on the terms of a financial restructuring with certain holders of the Company's 2.875% Convertible Senior Notes due 2016 representing 84% of the $620 million aggregate principal amount of the 2016 Notes. The financial restructuring may take the form of a stand-alone recapitalization or a sale of the Company or its assets. The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP, as counsel; Lazard Freres & Co. LLC, as investment banker; AlixPartners, as restructuring advisors; and Prime Clerk LLC as claims and noticing agent. The Debtors disclosed $365 million in total assets and $664 million in total liabilities as of June 30, 2014. The U.S. Trustee for Region 3 appointed three members to the Official Committee of Unsecured Creditors. The Creditors' Committee retained Sullivan & Cromwell LLP as its counsel; Young Conaway Stargatt & Taylor, LLP, as its co-counsel; Deloitte Financial Advisory Services LLP as its financial advisor; Centerview Partners LLC as its investment banker; and Epiq Bankruptcy Solutions, LLC, as noticing agent. DENDREON CORP: Files Ch. 11 Plan of Liquidation ----------------------------------------------- Dendreon Corporation, et al., filed with the U.S. Bankruptcy Court for the District of Delaware a plan of liquidation and accompanying disclosure statement following approval of the sale of substantially all of their assets to Valeant Pharmaceuticals International. A second amended acquisition agreement provides for a higher purchase price, consisting of common shares of Valeant, having an aggregate value of $49.5 million as of the close of the market on the Trading Day immediately prior to the Effective Date, paid to the Debtors as partial consideration for the assets acquired by the Purchaser pursuant to the Sale Order, plus $445.5 million in cash to be delivered at closing of the sale transaction. Pursuant to the Second Amended Acquisition Agreement, if the amount of the allowed prepetition general unsecured claims did not exceed $200 million in the aggregate, then the Valeant Shares could be distributed proportionately in respect of the 2016 Noteholder Claims. The consideration under the Second Amended Acquisition Agreement provided an additional $15 million in incremental value to the Debtors' Estates over that provided for under the Amended Acquisition Agreement, and $140 million more than the minimum Qualified Bid. The Acquired Assets under the Second Amended Acquisition Agreement included all of the assets contemplated under the Amended Acquisition Agreement, plus the D-3263 Assets and $80 million of cash and cash equivalents of the Debtors. The Court has scheduled a hearing to consider confirmation of the Plan for June 2, 2015, at 10:00 a.m. (Eastern Time). The Court has directed that objections, if any, to confirmation of the Plan be filed and served on or before May 19. A hearing to consider approval of the Disclosure Statement will be held on April 14, at 2:00 p.m. (Eastern). Objections are due April 7. A full-text copy of the Disclosure Statement dated March 10, 2015, is available at http://bankrupt.com/misc/DENDREONds0310.pdf About Dendreon Corp With corporate headquarters in Seattle, Washington, Dendreon Corporation, a biotechnology company focused on the development of novel cellular immunotherapies to significantly improve treatment options for cancer patients. Dendreon's first product, PROVENGE (sipuleucel-T), was approved by the U.S. Food and Drug Administration (FDA) and became commercially available for the treatment of men with asymptomatic or minimally symptomatic castrate-resistant (hormone-refractory) prostate cancer in April 2010. Dendreon is traded on the NASDAQ Global Market under the symbol DNDN. Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy protection (Bankr. D. Del.) on Nov. 10, 2014. The Debtors requested that their cases be jointly administered under Case No. 14-12515. The petitions were signed by Gregory R. Cox, interim chief financial officer and treasurer. Dendreon sought bankruptcy protection after it reached agreements on the terms of a financial restructuring with certain holders of the Company's 2.875% Convertible Senior Notes due 2016 representing 84% of the $620 million aggregate principal amount of the 2016 Notes. The financial restructuring may take the form of a stand-alone recapitalization or a sale of the Company or its assets. The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP, as counsel; Lazard Freres & Co. LLC, as investment banker; AlixPartners, as restructuring advisors; and Prime Clerk LLC as claims and noticing agent. The Debtors disclosed $365 million in total assets and $664 million in total liabilities as of June 30, 2014. The U.S. Trustee for Region 3 appointed three members to the Official Committee of Unsecured Creditors. DRUG TRANSPORT: March 23-25 Global Online Auction Set for Assets ---------------------------------------------------------------- Heritage Global Partners, a provider of asset advisory and auction services and a subsidiary of Heritage Global Inc., on March 12 disclosed that it is managing an upcoming global online auction of a fleet of 115 trucks, tractors and trailers later this month. HGP's sale of these key assets of Drug Transport, Inc. is being made by order of US Bankruptcy Court Case #14-65621. The global online fleet equipment auction, which is excess to the continuing operations of Drug Transport, Inc. -- an organization that filed for Chapter 11 bankruptcy protection in August 2014 --includes: -- 15 truck tractors (INTERNATIONAL and VOLVO) -- 36 large straight trucks (INTERNATIONAL and HINO) -- 3 small straight trucks (ISUZU NPR-HD) and, -- 61 box trailers (WABASH, HYUNDAI, PINES and STRICK) The equipment is presently housed in terminals located in Tucker, Douglas and Augusta, Georgia, as well as Greenville, Alabama. The below link includes summary equipment specification for all trucks, tractors and trailers to be sold. A complete catalog featuring photos, mileage, engine information, vehicle/axle weight and more will be posted soon. Global Online Auction of Transportation Fleet Equipment Assets March 23, 2015 (7:00 am EDT) – March 25, 2015 (12:00 pm EDT) http://www.hgpauction.com/auctions/72562/drug-transport-inc/ Please contact Nick Dove of HGP with any questions or for sale preview information "We expect that there will be a lot of interest and active participation from prospective bidders across many industries when we launch our forthcoming global online transportation equipment auction sale in less than two weeks," stated Heritage Global Inc. Director of Sales Nick Dove. "DTI's diverse fleet was well maintained and we believe these attractive transportation assets will certainly appeal to a wide array of potential buyers seeking one or more trucks, tractors or trailers for their large or small businesses." Heritage Global Partners is a provider of worldwide asset advisory and auction services firms and a subsidiary of publicly traded Heritage Global Inc. About Drug Transport Drug Transport, Inc., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 14-65621) on Aug. 11, 2014. The case is assigned to Judge Barbara Ellis-Monro. The Debtors' counsel is James C. Cifelli, Esq., Gregory D. Ellis, Esq., and William D. Matthews, Esq., at Lamberth, Cifelli, Stokes, Ellis & Nason, P.A., in Atlanta, Georgia. The petition was signed by Bayard Hollingsworth, chief restructuring officer. EAT AT JOE'S: Changes Company Name to SPYR, Inc. ------------------------------------------------ Eat at Joe's, Ltd.'s Board of Directors met and unanimously approved and resolved to recommend to the shareholders that the name of the Company be changed from Eat at Joe's, Ltd. to SPYR, Inc. On Feb. 12, 2015, a majority of the Company's shareholders eligible to vote, met in a special meeting of the shareholders authorized pursuant to Sections 2.2 and 2.11 of the Company's By-Laws. Shareholders representing 68% of the shares eligible to vote were present in person and resolved to authorize the Board of Directors to take such actions as were necessary to amend the company's articles of incorporation to change the name of the Company to SPYR, Inc. and to make the required filings with FINRA to affect the name change and acquire a new trading symbol consistent with the Company's new name. On Feb. 26, 2015, the Company filed the requisite application with the Nevada Secretary of State's office to change its name to SPYR, Inc. The Nevada Secretary of State's office processed a Certificate of Amendment, and the Company's name was changed to SPYR, Inc. On the same day, the Company filed an Issuer Company Related Action Notification Form with FINRA, formally requesting that its name and ticker symbol be changed. On March 9, 2015, FINRA notified the Company that its application for a name change was approved; that the new ticker symbol: "SPYR" was assigned to the Company; and, that the changes would be announced on March 11, 2015 and would be effective March 12, 2015. About Eat at Joe's Scarsdale, N.Y.-based Eat at Joe's, Ltd., presently owns and operates one theme restaurant located in Philadelphia, Pennsylvania. Eat at Joe's reported a net loss of $1.38 million in 2013 following net income of $2.84 million in 2012. Robison, Hill & Co., in Salt Lake City, Utah, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has suffered recurring losses from operations raising substantial doubt about its ability to continue as a going concern. ECO BUILDING: Amends Dec. 31, 2014 Quarterly Report --------------------------------------------------- Eco Building Products, Inc., filed with the U.S. Securities and Exchange Commission an amendment to its quarterly report on Form 10-Q disclosing a net loss of $1.4 million on $777,000 of total revenue for the three months ended Dec. 31, 2014, compared with a net loss of $2.44 million on $316,000 of total revenue for the same period in the prior year. The Company's balance sheet at Dec. 31, 2014, showed $1.86 million in total assets, $24.5 million in total liabilities, and a stockholders' deficit of $22.6 million. The Company's continuation as a going concern is dependent upon obtaining the additional working capital necessary to sustain its operations. Its future is dependent upon its ability to obtain financing and upon future profitable operations. The Company estimates the current operational expenses of approximately three hundred thousand dollars a month is required to continue to operate. This is achieved either through profit from sales; or by management seeking additional financing through the sale of its common stock, and/or through private placements. The minimum operational expenses must be met in order to relive the threat of the company's ability to continue as a going concern. There is no assurance that its current operations will be profitable or that it will raise sufficient funds to continue operating. The Company continues to trim overhead expenses to meet revenues. These factors raise substantial doubt about the Company's ability to continue as a going concern. A copy of the Form 10-Q/A is available at: http://is.gd/dbUf2Q About Eco Building Vista, Calif.-based Eco Building Products is a manufacturer of proprietary wood products treated with an eco-friendly proprietary chemistry that protects against mold, rot, decay, termites and fire. The Company reported a net income of $532,000 on $876,000 of total revenue for the three months ended Sept. 30, 2014, compared with a net loss of $1.87 million on $408,328 of total revenue for the same period a year ago. As of Sept. 30, 2014, the Company had $1.74 million in total assets, $24.03 million in total liabilities and a $22.3 million total stockholders' deficit. On Sept. 30, 2014, the Company had $128,000 cash on hand. ENGLOBAL CORP: Posts $6 Million Net Income for 2014 --------------------------------------------------- ENGlobal Corporation filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing net income of $6.03 million on $107.9 million of operating revenues for the year ended Dec. 27, 2014, compared with a net loss of $2.98 million on $169 million of operating revenues for the year ended Dec. 28, 2013. As of Dec. 27, 2014, the Company had $51.7 million in total assets, $22.6 million in total liabilities, and $29.03 million in total stockholders' equity. Mark Hess, ENGlobal's chief financial officer, said: "We are proud to have exceeded our financial targets for 2014, which was driven by an increase in margins, consistent project execution, as well as internal growth. We maintained a substantial cash balance and had no borrowings from our working capital lines during 2014. We also successfully replaced our credit facility with a similar three-year facility that will help provide the working capital needed to further our growth." William Coskey, P.E., chairman and chief executive officer of ENGlobal added: "I would like to sincerely congratulate the outstanding men and women of ENGlobal for their contributions toward a successful 2014. We will not be immune to some industry headwinds during 2015, but are currently encouraged by the continued level of spending by our largely midstream and downstream clientele. Having regained our footing once again, we now expect to explore acquisition opportunities for external growth." A full-text copy of the Form 10-K is available for free at: http://is.gd/0X8Y6E About ENGlobal Houston-based ENGlobal Corporation (Nasdaq: ENG) is a provider of engineering and related project services primarily to the energy sector throughout the United States and internationally. ENGlobal operates through two business segments: Automation and Engineering. ENGlobal's Automation segment provides services related to the design, fabrication and implementation of advanced automation, control, instrumentation and process analytical systems. The Engineering segment provides consulting services for the development, management and execution of projects requiring professional engineering, construction management, and related support services. EVANS & SUTHERLAND: Incurs $1.3 Million Net Loss in 2014 -------------------------------------------------------- Evans & Sutherland Computer Corporation filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $1.30 million on $26.5 million of sales for the year ended Dec. 31, 2014, compared with net income of $1.17 million on $29.6 million of sales for the same period in 2013. As of Dec. 31, 2014, the Company had $25.5 million in total assets, $56.2 million in total liabilities, and a $30.7 million total stockholders' deficit. Distress Termination Application On Jan. 7, 2013, the Company submitted a PBGC Form 600 Distress Termination, Notice of Intent to Terminate, to the PBGC. The Company's goal in seeking a distress termination of the Pension Plan is to ensure that the pension benefits of all Pension Plan participants are paid up to federally guaranteed limits and that the Company continues to operate as a going concern while avoiding the costly damage and disruption to the business which would result from bankruptcy reorganization. The Company has been pursuing a conclusion of the process and a settlement of the resulting liabilities. Based upon recent correspondence with the PBGC, the Company believes that the application process will likely result in a settlement of the Pension Plan liabilities on terms that will enable the Company to continue to operate as a going concern. However, as of March 12, 2015, the Company is uncertain of the timing or the ultimate outcome. A full-text copy of the Form 10-K is available for free at: http://is.gd/434xCV About Evans & Sutherland Salt Lake City, Utah-based Evans & Sutherland Computer Corporation in conjunction with its wholly owned subsidiary, Spitz Inc., creates innovative digital planetarium systems and cutting-edge, fulldome show content. E&S has developed Digistar 5, the world's leading digital planetarium with fulldome video playback, real- time computer graphics, and a complete 3D digital astronomy package fully integrated into a single theater system. This technology allows audiences to be immersed in full-color, 3D computer-generated interactive worlds. As a full-service system provider, E&S also offers Spitz domes, hybrid planetarium systems integrated with Digistar and a full range of theater systems from audio and lighting to theater automation. E&S markets include planetariums, science centers, themed attraction venues, and premium large-format theaters. E&S products have been installed in over 1,300 theaters worldwide. FIFTH STREET FINANCE: Fitch Affirms 'BB+' Issuer Default Rating --------------------------------------------------------------- Fitch Ratings has affirmed Fifth Street Finance Corp.'s (FSC) Long-term Issuer Default Rating (IDR), secured debt rating, and unsecured debt rating at 'BB+'. The Rating Outlook remains Negative. On Feb. 22, 2015, Fitch downgraded FSC's Long-term IDR to 'BB+' from 'BBB-', removed the Rating Watch Negative, and assigned a Negative Rating Outlook. For more information on this rating action, please see the rating action commentary entitled 'Fitch Downgrades Fifth Street Finance Corp.'s Ratings to 'BB+'; Outlook Negative'. There has been no material change in FSC's credit profile since the previous rating actions. The affirmations are being taken in conjunction with a broader industry review, which includes 10 business development companies (BDCs). KEY RATING DRIVERS The rating affirmations reflect the absence on material changes in FSC's credit profile since the downgrade on Feb. 22, 2015. The rating downgrade at that time reflected FSC's higher leverage levels, combined with increased portfolio risk, an inconsistent dividend policy, material portfolio growth in a very competitive underwriting environment, asset quality deterioration, and weaker operating performance. The Negative Rating Outlook reflects longer-term uncertainties relating to management's fundamental risk appetite regarding leverage, portfolio risk, growth, and dividend management. RATING SENSITIVITIES The ratings could be adversely affected by further deterioration in asset quality, which yields sizeable realized losses and prevents the firm from reducing leverage to a level commensurate with its risk profile. A reduction in dividend coverage, a weakening liquidity profile, and/or an equity market discount that puts the firm at a competitive disadvantage could also drive negative rating momentum. Resolution of the Negative Outlook could develop over time based on a track record of sufficient dividend coverage, solid credit performance of post-crisis vintages, improved operating consistency, and the maintenance of leverage at an appropriate level given the asset risk. The portfolio risk profile will be analyzed in the context of portfolio mix and diversity and underlying portfolio company leverage and yields. Fitch has affirmed these ratings: Fifth Street Finance Corp. -- Long-term IDR at 'BB+'; -- Secured Debt at 'BB+'; -- Unsecured Debt at 'BB+'. The Rating Outlook is Negative. FIRSTLIGHT HYDRO: Fitch Affirms 'BB-' Rating on $320MM Bonds ------------------------------------------------------------ Fitch Ratings has affirmed FirstLight Hydro Generating Company's (HGC) $320 million ($265 million outstanding) senior secured first mortgage bonds due in 2026 at 'BB-'. The Outlook is revised to Stable from Negative. KEY RATING DRIVERS The rating reflects a merchant revenue structure amid persistent low power prices, mitigated by sponsor commitments to support project cash flows. Moderate leverage, fixed-rate fully amortizing debt, and lower capital expenditures (capex) after 2015 help mitigate revenue volatility. The return to a Stable Outlook is based on HGC's indirect parent GDF Suez Energy North America, Inc's (GSENA) demonstrated and ongoing commitment to provide sufficient revenues to fully fund planned capex and ensure debt service coverage ratios (DSCR) of at least 1.40x. Exposure to Merchant Revenue HGC manages a portfolio of hydropower assets that sell a bundled product to an affiliate under a power purchase agreement (PPA) expiring in 2019. The PPA includes a pass-through provision for capex. Fitch, however, assesses the project's revenues as exposed to the volatility of merchant power prices because the PPA is contracted with an unrated affiliate. Stable Operating Performance The project benefits from a long history of stable operations at its conventional and run-of-river hydro units. Large capex particularly at the Northfield pumped storage facility are expected to be passed through via the PPA and should result in increased plant output and reliability. Supply Risk Hydrology variability is mitigated by projections based on actual historical water flows, which include drought-like conditions, to minimize output volatility in expected energy production. Conventional Debt Structure Debt is fixed-rate and fully amortizing through 2026, eliminating refinancing risk, and leverage levels are lower than similarly rated peers. Debt Service Under Fitch's rating case financial scenario, which assumes merchant market operations in absence of the PPA, DSCRs average 1.49x but fluctuate significantly, declining to around 1.20x. The rating assumes the sponsor will continue to provide financial support through the PPA with its subsidiary, as necessary to maintain DSCRs of at least 1.40x. Peer Comparison The merchant power projects Fitch rates have suffered material cash flow erosion amid generally depressed market prices in recent years. FirstLight benefits from fully amortizing fixed-rate debt, avoiding refinancing risk faced by comparable merchant hydropower projects. Leverage is also relatively lower at 8.59x Debt to CFADS or $242/Kw. RATING SENSITIVITIES Negative -- Failure of the sponsor to fund planned capex via the PPA and maintain the targeted DSCR of at least 1.40x coverage levels; Negative -- Persistent weakness in the merchant power prices and material decline in capacity prices; and Negative -- Persistent reductions in hydrology that materially reduce overall energy production. TRANSACTION SUMMARY The projected rating case financial profile post 2019 is more indicative of a rating in the 'B' category, but the sponsor's demonstrated commitment to maintain at least 1.40x DSCRs supports the current rating and a return to a Stable Outlook. As a result of stable plant operations, favorable energy production and increased pricing, revenues in 2014 increased 13% compared to 2013. The 2014 debt service coverage ratio also improved to 1.46x compared to 1.21x in 2013. Volatility and uncertainty in market pricing continues, despite recent increases in power and capacity pricing. Average 2014 market power prices in Massachusetts were 13% higher than 2013, buoyed by high power prices in 2014 Q1. Average power prices for the remainder of 2014 were below 2013 levels by an average of 16%. Forward capacity revenues will receive a material boost from 2017 to 2019, as New England's forward capacity auction prices have increased to $7.00/kW/month in Auction 8 and to $9.55/kW/month in Auction 9 from current levels of about $3.50/kW/month. Capacity revenues beyond this period are uncertain as the region grapples with adequate gas pipeline capacity, transmission and new generation. Fitch's rating case financial analysis assumes continued low power prices, higher contracted capacity prices from 2017-2019, followed by a return to a $3.50/kW/month capacity price thereafter given the uncertainty in future pricing. Routine operating costs are inflated at 2.5%. Capex of approximately $40 million in 2015 will increase power capacity at the Northfield facility as well as support environmental compliance and other activities to relicense all of the hydro facilities, as the current FERC licenses expire in 2018. The financial profile in the rating case demonstrates that the project can meet debt obligations but would need sponsor support to achieve 1.40x DSCR in 2015 due to high capex and from 2020 through debt maturity due to reduced capacity prices. Though capex declines materially after 2015, debt service materially increases, further pressuring DSCRs. However, projected DSCRs in 2017 through 2019 are at least 1.88x under higher contracted capacity prices. The project remains exposed to potential operational stresses, such as low hydrology, availability, and higher costs, which can further erode financial performance. GSENA owns HGC, which serve the NEISO region. HGC is a portfolio of primarily hydroelectric power plants, including the 1,146-megawatt (MW) Northfield Mountain pumped storage facility, 12 hydroelectric plants (run-of-the river and conventional) totaling 195 MW and a 22.5-MW combustion turbine. FISHER ISLAND: Bankruptcy Judge Can Decide Company's Ownership -------------------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that the U.S. Court of Appeals in Atlanta ruled that when ownership of a company is in dispute, the outcome of resulting litigation is within the power of a bankruptcy judge to decide. According to the report, in the case of Fisher Island Investments Inc., after one group of alleged owners put the company in Chapter 11, another group claiming control consented to having the bankruptcy judge determine ownership. U.S. Circuit Judge Frank M. Hull said that ruling on ownership "was critical to the administration of the alleged debtors' estates and directly affected the debtor-creditor relationship." Writing for a three-judge panel, he said the "bankruptcy court necessarily had to determine who actually owned the alleged debtor to adjudicate the validity of the alleged $32 million debt," the report related. The case is In re Fisher Island Investments Inc., 12-15595, U.S. Court of Appeals for the 11th Circuit (Atlanta). About Fisher Island Investments Solby+Westbrae Partners; 19 SHC Corp.; Ajna Brands Inc.; 601/1700 NBC LLC; Axafina Inc.; and Oxana Adler, LLM, filed an involuntary Chapter 11 petition against Miami Beach, Florida-based Fisher Island Investments, Inc. (Bankr. S.D. Fla. Case No. 11-17047) on March 17, 2011. On the same date, involuntary Chapter 11 petitions were also filed against the Company's affiliates, Mutual Benefits Offshore Fund, LTD (Bankr. S.D. Fla. Case No. 11-17051) and Little Rest Twelve, Inc. (Bankr. S.D. Fla. Case No. 11-17061). Judge A. Jay Cristol presides over the case. The case was previously assigned to Judge Laurel M. Isicoff. Petitioning creditors are represented by Craig A. Pugatch, Esq., and George L. Zinkler, Esq., at Rice Pugatch Robinson & Schiller, P.A., 101 NE 3 Ave. Suite 1800, Fort Lauderdale FL 33301. John F. O'Sullivan, Esq., at Hogan Lovells US LLP, Patricia A. Redmond, Esq., at Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A.,, and Terrance A. Dee, Esq., at DiBello, Lopez & Castillo, P.A., represent Alleged Debtor Fisher Island Investments, Inc., as counsel. GENERAL MOTORS: Ignition Switch Death Claims Rise to 67 ------------------------------------------------------- Jeff Bennett, writing for The Wall Street Journal, reported that the number of eligible deaths linked to the General Motors Co. faulty ignition switch stood at 67 on March 16 as the number of outstanding claims continues to fall. According to the report, the auto maker's compensation fund, operated by Washington D.C. attorney Ken Feinberg and Camille Biros, confirmed the number of eligible death claims climbed by three people. Meanwhile, the number of confirmed injury claims rose to 113 people from 108, the Journal said. 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. GOLD RIVER: Hearing on Trustee Motion Continued Until April 1 ------------------------------------------------------------- The Bankruptcy Court approved a stipulation continuing until April 1, 2015, at 2:00 p.m., the hearing to consider the motion to appoint a Chapter 11 trustee in the case of Gold River Valley, LLC. The stipulation was entered between the Debtor and Lana and Elaine Tsang. A reported in the Troubled Company Reporter on Feb. 6, 2015, the Tsangs, equity security holders of Gold River, filed a motion asking the Court to appoint a trustee to oversee the Debtor's bankruptcy case. The Tsangs said the Debtor needs an independent fiduciary to make appropriate business decisions, which will hopefully lead to a successful reorganization, payment in full to all of Debtors creditors, and a return to equity security holders. According to the Tsangs, this is a single asset real estate bankruptcy case filed by Debtor, an entity that was used as a vehicle to perpetrate a fraud against the Tsangs, creditors, and tenants who stand to have their leases eliminated. Contrary to Debtor's resolution of authorization and list of equity security holders, which were both filed under penalty of perjury in this case, Sunshine Valley LLC, is not the Debtor's sole member. Together, the Tsangs own a 40% membership interest in Debtor. These perjuries reflect the latest of a series of bad acts orchestrated by Debtor's principal, Benny Ko, and non-member, third-party, Lucy Gao. Mr. Ko has perpetrated a fraudulent real estate investment scheme, causing over $3 million in damages to the Tsangs. The Tsangs related Mr. Ko creates entities for the purpose of buying distressed commercial real property through foreclosure sales. The Tsangs were solicited by Mr. Ko and his associates to contribute over $3 million combined for a combined 40% ownership interest in Debtor. Mr. Ko promised the contributions would be used to purchase, renovate, manage, and sell a 12-unit condominium project. Mr. Ko took the Tsangs' money, provided them an operating agreement for Debtor showing their combined 40% ownership interest, and even caused Debtor to issue Schedule K-1 forms that the Tsangs used in filing their tax returns. The Tsangs added Mr. Ko and his cohorts later caused the Debtor to take out a $4 million loan secured by the Debtor's real property and sole asset, the 12-unit condominium project. In obtaining the loan, Mr. Ko and Ms. Gao presented a different story to the lender -- that Debtor's sole and managing member was Ms. Gao. The Tsangs discovered the existence of the loan when the lender filed a complaint for judicial foreclosure and the appointment of a receiver. A receiver was appointed and the lender had a non-judicial foreclosure sale scheduled for Jan. 20, 2015. The equity security holders are represented by: Eric R. McDonough, Esq. Daniel R. Sable, Esq. SEYFARTH SHAW LLP 333 S. Hope Street, Suite 3900 Los Angeles, CA 90071 Tel: (213) 270-9600 E-mail: emcdonough@seyfarth.com dsable@seyfarth.com - and - Marianne M. Dickson, Esq. SEYFARTH SHAW LLP 560 Mission Street, Suite 3100 San Francisco, CA 94105 Tel: (415) 397-2823 E-mail: mdickson@seyfarth.com About Gold River Valley Gold River Valley, LLC, sought Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 15-10691) in Los Angeles, on Jan. 16, 2015. The case is assigned to Judge Vincent P. Zurzolo. The Debtor disclosed $12,000,000 in assets and $8,720,911 in liabilities as of the Chapter 11 filing. HC GROUP: Moody's Assigns 'B3' CFR, Outlook Stable -------------------------------------------------- Moody's Investors Service assigned a B3 Corporate Family Rating and B3-PD Probability of Default Rating to HC Group Holdings III, Inc., an entity formed in relation to Madison Dearborn Partners entering into a definitive agreement to buy a majority interest in Walgreens Infusion Services from Walgreens Boots Alliance. Moody's also assigned B2 (LGD 3) ratings to the company's proposed senior secured first lien credit facilities. These include a $415 million senior secured first lien term loan and an $80 million senior secured first lien revolving credit facility. The outlook for the ratings is stable. This is the first time Moody's has publicly rated HC Group Holdings III, Inc. The proceeds, along with a $150 million senior secured 2nd lien note offering (not rated) and a $313 million cash equity contribution from MDP will be used to purchase WIS equity and pay related fees and expenses. Moody's assigned the following ratings: HC Group Holdings III, Inc.: -- Corporate Family Rating, B3 -- Probability of Default Rating, B3-PD -- $80 million senior secured first lien revolving credit facility at B2 (LGD 3) -- $415 million senior secured first lien term loan at B2 (LGD 3) All ratings are subject to review of final documentation. The company's B3 Corporate Family Rating reflects the company's high financial leverage, modest interest coverage, and uncertainty related to the potential challenges of operating as a stand-alone company. The ratings also reflect Moody's expectation that the company will likely continue to pursue acquisitions in an industry where recent integrations have proved challenging. The ratings are supported by the company's solid scale and market position as the largest player within the highly fragmented market for home infusion services, with favorable industry dynamics. Moody's also acknowledges the significant equity component of the transaction, representing roughly 53% of the company's total capitalization. On a pro forma basis for the transaction and the full year contribution of recent acquisitions and related synergies, Moody's estimates the company's adjusted debt to EBITDA to be in excess of 7 times. The stable outlook incorporates Moody's expectation that the company will effectively create the infrastructure needed to operate as a stand-alone company and exhibit steady organic revenue and earnings growth such that leverage declines from the currently very high levels. The stable outlook also incorporates Moody's expectation that the company will maintain a disciplined growth strategy and financial policy. The ratings could be downgraded if the company's key credit metrics or liquidity profile weakens. In addition, the ratings could be downgraded if financial policies become more aggressive or if free cash flow remains negative on a sustained basis. The ratings could be upgraded if the company achieves margin expansion and EBITDA growth alongside a disciplined growth strategy and financial policy. From a credit metrics perspective, we would need to see financial leverage (debt to EBITDA) sustained below 5.5 times and free cash flow to debt above 5% for an upgrade to be considered. The principal methodology used in these ratings was Global Healthcare Service Providers published in December 2011. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. HC Group Holdings III, Inc. is a holding company whose principal operating subsidiary is Walgreens Infusion Services, Inc. ("WIS"). Headquartered in Deerfield, Illinois, WIS is a national provider of home and alternate treatment site infusion services involving the preparation, delivery, administration and monitoring of medication for a broad range of conditions including anti-infectives, nutrition, heart failure, bleeding disorders, autoimmune disorders, and a variety of other rare conditions. WIS operates 92 infusion pharmacies across 40 states. Following the sale by Walgreens Boots Alliance ("WBA") of a majority interest in WIS to Madison Dearborn Partners ("MDP") during the second quarter of calendar year 2015, MDP will hold a 51% equity interest in the company with the remaining 49% equity ownership held by WBA. For the twelve months ended Nov. 30, 2014, WIS generated net revenues from continuing operations of approximately $1.3 billion. HEPAR BIOSCIENCE: Amends Membership of Creditors' Committee ----------------------------------------------------------- The U.S. Trustee for Region 12 amended the membership of the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy cases of Hepar Bioscience LLC. The new members of the Committee are: a) William B. Rohde, President Rohde Trucking, Inc. P.O. Box 355 Homer, NE 68030 Tel: 402-698-2032 Fax: 402-698-2046 Email: bjrbluff@msn.com b) Christa L. Maxey, Manager Triland Foods, Inc. 311 8th Street Sergeant Bluff, IA 51054 Tel: 712-943-7675 Fax: 712-943-6776 Email: cmaxey@trilandfoods.com c) John Pollock, Owner Protein Resources, Inc. P.O. Box 21 Marshall, MN 56258 Tel: 507-532-2279 Email: John.Pollock@chsinc.com d) David R. Knauss, Director of Finance Mobren Transport, Inc. c/o Scientific Protein Laboratories, LLC 700 E. Main Street, P.O. Box 158 Waunakee, WI 53597 Tel: 608-849-1243 Fax: 608-849-4053 Email: knaussd@splpharma.com e) Tom Wagner, Executive Vice President Mollers North America, Inc. 5215 52nd Street SE Grand Rapids, MI 49512 Tel: 616-942-6504 Fax: 616-942-8825 Email: t.wagner@mollersna.com The U.S. Trustee said Christa L. Maxey is designated as acting chairperson of the Committee pending selection by the Committee members of a permanent chairperson. 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. HEPAR BIOSCIENCE: Files Schedules of Assets and Liabilities ----------------------------------------------------------- Hepar BioScience LLC filed a summary of schedules of assets and liabilities in the U.S. Bankruptcy Court for the District of South Dakota, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $3,350,000 B. Personal Property $8,637,018 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $19,268,387 E. Creditors Holding Unsecured Priority Claims F. Creditors Holding Unsecured Non-priority Claims $2,974,763 ----------- ----------- TOTAL $11,987,018 $22,243,151 A full-text copy of the schedules is available for free at http://is.gd/jSll5s 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. HORIZON LINES: Reports $94.6 Million Net Loss for 2014 ------------------------------------------------------ Horizon Lines, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $94.6 million on $1.07 billion of operating revenue for the year ended Dec. 21, 2014, compared to a net loss of $31.9 million on $1.03 billion of operating revenue for the year ended Dec. 22, 2013. For the quarter ended Dec. 21, 2014, the Company reported a net loss of $76.3 million on $256 million of operating revenue compared to a net loss of $14.2 million on $255 million of operating revenue for the quarter ended Dec. 22, 2013. As of Dec. 21, 2014, Horizon Lines had $580 million in total assets, $725 million in total liabilities and a $145 million in total stockholders' deficiency. "We have incurred significant net losses from continuing operations in the recent past, and such losses may continue in the future, which may result in a need for increased access to capital. If our cash provided by operating and financing activities is insufficient to fund our cash requirements, we could face substantial liquidity problems," the Company stated in the Report. "Horizon Lines' fourth-quarter adjusted EBITDA increased 26.6% over the same period a year ago. The improvement in adjusted EBITDA was driven largely by higher fuel recovery, lower transit and replacement vessel costs associated with dry-docking of our vessels and increased space charter revenue," said Steve Rubin, president and chief executive officer. "The factors driving adjusted EBITDA growth were partially offset by modestly lower rates, net of fuel and higher vessel operating costs. Results represent the third consecutive quarter of growth in adjusted EBITDA over prior-year results. The fourth-quarter operating loss was driven by a $65.7 million pre-tax restructuring charge related to the decision to exit our Puerto Rico market." A full-text copy of the Form 10-K is available for free at: http://is.gd/AzBL8T About Horizon Lines Horizon Lines, Inc., is a domestic ocean shipping company and the only ocean cargo carrier serving all three noncontiguous domestic markets of Alaska, Hawaii and Puerto Rico from the continental United States. The company owns a fleet of 13 fully Jones Act qualified vessels and operates five port terminals in Alaska, Hawaii and Puerto Rico. A trusted partner for many of the nation's leading retailers, manufacturers and U.S. government agencies, Horizon Lines provides reliable transportation services that leverage its unique combination of ocean transportation and inland distribution capabilities to deliver goods that are vital to the prosperity of the markets it serves. The company is based in Charlotte, NC, and its stock trades on the over-the-counter market under the symbol HRZL. * * * In June 2012, Moody's Investors Service affirmed Horizon Lines' Corporate Family Rating and Probability of Default Rating at 'Caa2' and removed the 'LD' ("Limited Default") designation from the rating in recognition of the conversion to equity of the $228 million of Series A and Series B Convertible Senior Secured notes due in October 2017 ("Notes"). Moody's said the affirmation of the CFR and PDR considers that total debt has been reduced by the conversion of the Notes, but also recognizes the significant operating challenges that the company continues to face. HORIZON LINES: Sells Puerto Rico Terminal Assets to Luis Ayala -------------------------------------------------------------- Horizon Lines, Inc., entered into and executed an asset purchase agreement with Luis Ayala Colon Sucres., Inc. selling certain San Juan, Puerto Rico, container terminal assets and assigning its lease with the Puerto Rico Ports Authority effective March 11, 2015. Pursuant to the Asset Purchase Agreement, the Purchaser paid the Company $7.3 million at closing and assumed certain liabilities, including San Juan terminal lease payments of approximately $12.8 million, associated with the purchased assets. The Asset Purchase Agreement also contains representations and warranties customary for a transaction of this nature. The Agreement follows Horizon Lines' announcement on Nov. 11, 2014, to cease providing liner service between the U.S. and Puerto Rico by the end of 2014, which actually occurred in early January 2015, and to terminate San Juan terminal services by the end of the first quarter of 2015. About Horizon Lines Horizon Lines, Inc., is a domestic ocean shipping company and the only ocean cargo carrier serving all three noncontiguous domestic markets of Alaska, Hawaii and Puerto Rico from the continental United States. The company owns a fleet of 13 fully Jones Act qualified vessels and operates five port terminals in Alaska, Hawaii and Puerto Rico. A trusted partner for many of the nation's leading retailers, manufacturers and U.S. government agencies, Horizon Lines provides reliable transportation services that leverage its unique combination of ocean transportation and inland distribution capabilities to deliver goods that are vital to the prosperity of the markets it serves. The company is based in Charlotte, NC, and its stock trades on the over-the-counter market under the symbol HRZL. Horizon Lines reported a net loss of $94.6 million for the year ended Dec. 21, 2014, compared to a net loss of $31.9 million for the year ended Dec. 22, 2013. As of Dec. 21, 2014, Horizon Lines had $580.06 million in total assets, $725 million in total liabilities and a $145.26 million in total stockholders' deficiency. * * * In June 2012, Moody's Investors Service affirmed Horizon Lines' Corporate Family Rating and Probability of Default Rating at 'Caa2' and removed the 'LD' ("Limited Default") designation from the rating in recognition of the conversion to equity of the $228 million of Series A and Series B Convertible Senior Secured notes due in October 2017 ("Notes"). Moody's said the affirmation of the CFR and PDR considers that total debt has been reduced by the conversion of the Notes, but also recognizes the significant operating challenges that the company continues to face. HUDBAY MINERALS: S&P Lowers Rating on Sr. Unsecured Debt to 'B-' ---------------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its recovery rating on Toronto-based base metals producer HudBay Minerals Inc.'s senior unsecured notes to '3' from '2' following the increase in the size of the company's senior secured revolving credit facility. A '3' recovery rating corresponds with an issue-level rating that is the same as the long-term corporate credit rating on HudBay. As a result, Standard & Poor's lowered its issue-level rating on the notes to 'B-' from 'B'. The 'B-' long-term corporate rating and positive outlook on HudBay are unchanged. "The downgrade and revision follow the company's announcement that it has increased the size of its revolving credit facility to US$300 million from US$100 million," said Standard & Poor's credit analyst Jarrett Bilous. Based on S&P's recovery analysis for HudBay, it now estimates a higher amount of senior secured debt will be outstanding in S&P's simulated default scenario. Given that S&P's estimated distressed valuation for the company has not changed from its previous review, the increase in higher-ranking debt reduces S&P's estimated recovery expectations for senior unsecured noteholders to meaningful (50%-70%, at the high end of the range), which corresponds with a '3' recovery rating and no notching from S&P's long-term corporate credit rating on HudBay. The previous '2' recovery rating (70%-90% estimated recovery) corresponded with an issue-level rating one notch above the long-term corporate credit rating. The amended facility will mature in 2018, with effectively the same security over HudBay's Canadian assets. S&P assumes the facility is 85% drawn, less letters of credit, in the simulated default year and fully covered by the pledged assets. After other priority claims, including equipment loans and subsidiary-level debt (but excluding its precious metals stream agreement, which S&P assumes remains funded through the simulated default year), S&P estimates unsecured noteholders have a claim on the remaining estimated value of the company. The senior secured covenant under the amended facility becomes more restrictive in the four subsequent quarters of achieving commercial production at Constancia, but S&P do not expect this will be an issue for HudBay under S&P's base-case scenario. The increase in credit capacity provides additional liquidity, if needed, as the Constancia project ramps up to commercial production. However, the long-term corporate rating and outlook are unchanged and are linked primarily to the ramp-up of Constancia. S&P's positive outlook on HudBay reflects the potential that it could upgrade the company if it achieves commercial production at Constancia in mid-2015 with output and costs in line with S&P's expectations. In this scenario, S&P would expect HudBay's estimated adjusted debt-to-EBITDA to decline below 5x. RATINGS LIST HudBay Minerals Inc. Corporate credit rating B-/Positive/-- Downgraded; Recovery Rating Revised To From Senior unsecured notes B- B Recovery rating 3H 2 INTL MANUFACTURING: April 29 Hearing on Zions' Bid to Lift Stay --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California will hold a hearing on April 29 to consider the request of Zions First National Bank to lift the automatic stay. The request, if granted, would allow the bank to exercise its rights in a real property located at 879 F. Street, in West Sacramento, Yolo County, California. Zions First holds a deed of trust on the property, which secures a commercial loan to Wannas Enterprises LLC, an entity that was substantively consolidated into International Manufacturing Group Inc. Wannas owes the bank more than $1.697 million, according to court filings. Zions First is represented by: Donna T. Parkinson, Esq. Margaret E. Garms, Esq. Parkinson Phinney 400 Capitol Mall, Suite 2560 Sacramento, California 95814 Tel: (916) 449-1444 Fax: (916) 449-1440 About International Manufacturing Deepal Wannakuwatte, the mastermind of a $150 million Ponzi scheme, put himself and his company, International Manufacturing Group Inc., into Chapter 11 after he pleaded guilty to one count of wire fraud and agreed to a 20-year prison sentence. The bankruptcy filing was part of his plea bargain with federal prosecutors. Mr. Wannakuwatte is the former owner of the Sacramento Capitols tennis team. International Manufacturing Group, Inc., filed a bare-bones Chapter 11 bankruptcy petition (Bankr. E.D. Cal. Case No. 14-25820) in Sacramento, on May 30, 2014. The case is assigned to Judge Robert S. Bardwil. The Debtor has tapped Marc A. Caraska, in Sacramento, as counsel. In June 2014, Beverly N. McFarland was appointed as Chapter 11 trustee for the Debtor. She has tapped Felderstein Fitzgerald Willoughby & Pascuzzi LLP as her bankruptcy counsel; Diamond McCarthy LLP as her special litigation counsel; Gabrielson & Company as accountant; and Karen Rushing as bookkeeper outside the ordinary course of business. The U.S. Trustee for Region 7 appointed a three-member unsecured creditors panel comprising of Byron Younger, Janine Jones, and Steve Whitesides. INTL MANUFACTURING: Community 1st's Lift Stay Motion Granted ------------------------------------------------------------ U.S. Bankruptcy Judge Robert Bardwil lifted the automatic stay to allow Community 1st Bank to foreclose on a real property located at 1370 Furneaux Road, in Olivehurst, California. The property is owned by Olivehurst Glove Manufacturers LLC, which is reportedly in default of its obligations under its loan agreements with the bank. Olivehurst is not in bankruptcy but it is one of those proposed to be substantively consolidated into the bankruptcy case of International Manufacturing Group Inc., according to court filings. About International Manufacturing Deepal Wannakuwatte, the mastermind of a $150 million Ponzi scheme, put himself and his company, International Manufacturing Group Inc., into Chapter 11 after he pleaded guilty to one count of wire fraud and agreed to a 20-year prison sentence. The bankruptcy filing was part of his plea bargain with federal prosecutors. Mr. Wannakuwatte is the former owner of the Sacramento Capitols tennis team. International Manufacturing sought Chapter 11 bankruptcy protection (Bankr. E.D. Cal. Case No. 14-25820) in Sacramento, on May 30, 2014. The case is assigned to Judge Robert S. Bardwil. The Debtor tapped Marc A. Caraska, in Sacramento, as counsel. In June 2014, Beverly N. McFarland was appointed as Chapter 11 trustee for the Debtor. She has tapped Felderstein Fitzgerald Willoughby & Pascuzzi LLP as her bankruptcy counsel; Diamond McCarthy LLP as her special litigation counsel; Gabrielson & Company as accountant; and Karen Rushing as bookkeeper outside the ordinary course of business. The U.S. Trustee for Region 7 appointed a three-member unsecured creditors panel comprising of Byron Younger, Janine Jones, and Steve Whitesides. JENSEN FARMS: Settles Listeria Cantaloupe Lawsuits -------------------------------------------------- Bill Marler at the Food Poison Journal reports that Jensen Farms has resolved the lawsuit filed by 66 families of victims of the 2011 Listeria outbreak linked to cantaloupe grown by the Company. The settlement has been finalized, but the settlement amount is confidential, according to the report. The Centers for Disease Control and Prevention states that a total of 147 persons -- 29 of them dead -- infected with any of the five outbreak-associated subtypes of Listeria monocytogenes were reported to CDC from 28 states. Food Poison Journal relates that Marler Clark, which represented the families of 46 victims, filed lawsuits against multiple defendants in courts in 12 states. The Food Poison Journal says that Marler Clark pursued compensation from the Company, the firms that audited the farm's food safety practices, the companies that distributed the Listeria-contaminated cantaloupes and the retailers that sold the unsafe food. According to the Food Poison Journal, all of the Marler Clark clients' claims with the Company were resolved through bankruptcy proceedings, but claims against other parties were resolved in the last weeks. The report adds that the Jensen brothers were criminally charged. Total past medical expenses to date were in excess of $15 million, the Food Poison Journal reports. About Jensen Farms Jensen Farms, a Colorado cantaloupe producer, filed a Chapter 11 petition (Bankr. D. Colo. Case No. 12-20982) in Denver on May 25, 2012. Donald D. Allen, Esq., and James T. Markus, Esq., at Markus Williams Young & Zimmermann, LLC, in Denver, serve as counsel to the Debtor. The Law Offices of Michael W. Callahan LLC has been tapped as special partnership counsel. Richard C. Maxwell and Woods Rogers PLC is the special Listeria claims counsel. The Debtor estimated assets of $1 million to $10 million and debts of under $50 million. KEEN EQUITIES: Can File Chapter 11 Plan Until September 15 ---------------------------------------------------------- The Hon. Nancy Hershey Lord of the U.S. Bankruptcy Court for the Eastern District of New York granted the request of Keen Equities LLC to extend the period of time during which it alone holds the right to file a plan to exit Chapter 11 protection until Sept. 15, 2015, and to confirm that plan no later than Dec. 31, 2015. About Keen Equities, LLC Keen Equities, LLC, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 13-46782) on Nov. 12, 2013. The petition was signed by Y.C. Rubin as manager. The Debtor disclosed total assets of $15.1 million and total liabilities of $6.84 million. Judge Nancy Hershey Lord presides over the case. Goldberg Weprin Finkel Goldstein LLP serves as the Debtor's counsel. The Debtor is comprised of a New York limited liability company consisting of 12 members/investors. The Debtor is the owner of approximately 860 acres of vacant land (the Lake Anne property) situated close to the Hassidic community of Kiryas Joel, in Monroe, New York. The Lake Anne Property was purchased in 2006 with the goal of building residential homes to meet the growing needs of the Kiryas Joel community (the project). KIOR INC: Has Until June 8 to Make Lease-Related Decisions ---------------------------------------------------------- The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware extended the time of KiOR Inc. to assume or reject unexpired lease of nonresidential real property until June 8, 2015, or the date upon which the Debtor's first amended Chapter 11 plan of reorganization is confirmed. As reported in the Troubled Company Reporter on Feb. 27, 2015, the Debtor wanted more time to decide on the Pasadena Lease through the earlier of 90 days or the date upon which its first amended plan (as may be amended) is confirmed in the case. The Debtor is a tenant under the unexpired nonresidential real property lease in Pasadena, Texas. The Debtor maintains corporate offices, research and development facilities, and a test-scale demonstration facility at the Pasadena site, the TCR reported. The TCR added, pending its election to assume or reject the Lease, the Debtor asserts that it will perform its obligations arising from and after the Petition Date, to the extent required by Section 365(d)(3) of the Bankruptcy Code, including the payment of postpetition rent. About KiOR Inc. KiOR, Inc., and wholly owned subsidiary KiOR Columbus, LLC, are development stage, renewable fuels companies based in Pasadena, Texas and Columbus, Mississippi, respectively. KiOR, Inc., was founded in 2007 as a joint venture between Khosla Ventures, LLC, and BIOeCon B.V. KiOR Inc.'s primary business is the development and commercialization of a ground-breaking proprietary technology designed to generate a renewable crude oil from non-food cellulosic biomass. KiOR, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 14-12514) on Nov. 9, 2014, in Delaware. Through the chapter 11 case, the Debtor intends to reorganize its business or sell substantially all of its assets so that it can continue its core research and development activities. KiOR Columbus did not seek bankruptcy protection. The Debtor disclosed $58.3 million in assets and $261 million in liabilities as of June 30, 2014. The Debtor is represented by Mark W. Wege, Esq., Edward L. Ripley, Esq., and Eric M. English, Esq., at King & Spalding, LLP, in Houston, Texas; and John Henry Knight, Esq., Michael Joseph Merchant, Esq., and Amanda R. Steele, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware. The Debtor's financial advisor is Alvarez & Marsal. Guggenheim Securities, LLC, is the Debtor's investment banker. Epiq Bankruptcy Solutions, LLC, is the Debtor's claims and noticing agent. Pasadena Investments, LLC, as administrative agent for a consortium of lenders, committed to provide up to $15 million in postpetition financing. The DIP Agent is represented by Thomas E. Patterson, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los Angeles, California, and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware. LA QUINTA HOLDINGS: S&P Ups CCR to BB- on Reduced Blackstone Stake ------------------------------------------------------------------ Standard & Poor's Ratings Services said it raised its corporate credit rating on Irving, Texas-based La Quinta Holdings Inc. to 'BB-' from 'B+'. The rating outlook is stable. At the same, S&P raised its issue-level rating on the company's senior secured credit facility to 'BB' from 'BB-'. S&P's recovery rating on this debt remains '2', indicating S&P's expectation for substantial (70%-90%; lower half of the range) recovery for lenders in the event of payment default. "The upgrade follows the filing yesterday of a secondary offering in which affiliates of the Blackstone Group L.P announced their intent to sell 17.5 million shares of La Quinta common stock, which would reduce the financial sponsor's ownership stake in the company to about 30% from 45%," said Standard & Poor's credit analyst Shivani Sood. Blackstone has not yet sold the shares associated with the S-1 filing. However, S&P believes the sponsor's intent to reduce its ownership stake to a level below that of a controlling owner and management's publicly stated financial policy target of net debt to EBITDA in the 4x area provide S&P with sufficient confidence that La Quinta will be able to sustain adjusted debt to EBITDA under 5x and funds from operations to adjusted debt above 12%, even incorporating significant anticipated revenue and EBITDA volatility over the lodging cycle. These are thresholds in line with an improved "aggressive" financial risk assessment and a one notch higher 'BB-' corporate credit rating on La Quinta. The stable outlook reflects S&P's expectation for good RevPAR and rooms growth and that La Quinta will maintain leverage below 5x and FFO to debt above 12% through 2016. S&P could lower the rating if it believes La Quinta will sustain adjusted debt to EBITDA above 5x or FFO to debt below 12%, as a result of either a leveraging transaction or sustained significant weakness in the lodging sector. Higher ratings are unlikely at this time given high EBITDA volatility over the lodging cycle and La Quinta's public financial policy goal of leverage in the net 4x area. However, S&P could raise the rating if it is confident that La Quinta will sustain total debt to EBTIDA under 4x and FFO to debt above 20% on average. LAMSON & GOODNOW: Sells 12.5 Acres for $1.3 Million --------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that a judge in Springfield, Massachusetts, authorized Lamson & Goodnow Manufacturing Co., to sell 12.5 acres of its real property for $1.3 million. According to the report, the bankruptcy judge is allowing the Debtor to use as much as $190,000 from sale proceeds to move operations to another location. The Debtor's entire 18-acre property has several buildings with almost 60,000 square feet of retail, office and warehouse space. The whole property was listed for sale at $2.1 million, the Bloomberg report said. About Lamson & Goodnow Lamson & Goodnow Manufacturing Co., based in Shelburne Falls, Massachusetts, founded in 1837, is the nation's oldest cutlery manufacturer. Lamson & Goodnow started out as a scythe maker in 1837, on the Shelburne side of the Deerfield River. During the Civil War, it had roughly 500 employees making bayonets for the weapons of Union soldiers. M ost recently, the company developed a line of quality barbecue tools sold by L.L. Bean, Williams-Sonoma, Brookstone and Stoddards. Lamson & Goodnow Manufacturing, Lamson and Goodnow, LLC, and Lamson and Goodnow Retail, LLC, each filed separate Chapter 11 bankruptcy petitions (Bankr. D. Mass. Lead Case No. 14-30798) on Aug. 15, 2014. Judge Henry J. Boroff presides over the cases. Gary M. Weiner, Esq., at Weiner & Lange, P.C., serves as the Debtors' bankruptcy counsel. In its bankruptcy petition, Lamson & Goodnow Manufacturing disclosed $1 million to $10 million in estimated assets and $1 million to $10 million in estimated debts. LDR INDUSTRIES: Court Approves $25.4M Asset Sale to Coda Resources ------------------------------------------------------------------ Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that U.S. Bankruptcy Judge Pamela S. Hollis in Chicago approved the sale of LDR Industries LLC's assets to Coda Resources Ltd. after no competing offers emerged. According to the report, when Coda Resources got approval to be the so-called stalking horse in a bankruptcy auction, the purchase price under the sale contract was an estimated $25.4 million, including cash to pay off secured lender JPMorgan Chase Bank NA and assumed liabilities of about $6.5 million. The sale-approval order calls for paying about $16.9 million to the lender, the report said. International Fidelity Insurance Co. objected to the proposed sale, saying in a court filing that it should be conducted through a liquidating plan affording the safeguards provided by Chapter 11, including disclosure and voting, the report related. About LDR Industries For over 75 years, Chicago-based LDR Industries and its predecessor companies have engaged in the distribution of plumbing products to the home improvement industry, including faucets, showers, sinks, toilet seats and variety of other specialty lines such as lead-free valves. LDR Industries, LLC, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 14-32138) in Chicago, Illinois on Sept. 2, 2014, with plans to sell the business following a dispute with the U.S. Customs. The bankruptcy case is assigned to Honorable Judge Pamela S. Hollis. The Debtor is represented by attorneys at Reed Smith LLP. The Debtor disclosed $27,538,561 in assets and $29,751,647 in liabilities as of the Chapter 11 filing. LEHMAN BROTHERS: Judge Allowed to Issue Recommended Decisions ------------------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that U.S. District Judge Paul A. Englemayer in Manhattan ruled that when a bankruptcy spawns myriad similar lawsuits, the district court should leave the cases in bankruptcy court and let the judge there issue recommended judgments. According to the report, the question arose in the wake of Lehman Brothers Holdings Inc.'s confirmed Chapter 11 plan and from the creditors' trustee lawsuit against a bank that sold allegedly defective mortgages to Lehman before its 2008 bankruptcy. The decision can be interpreted as giving Lehman settlement leverage because the bank now knows it must face the bankruptcy judge, unless it has the right to a jury trial, the report said. Even so, the bankruptcy judge could rule initially on dispositive motions, Judge Engelmayer said, the report related. About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. The Chapter 11 plan for the Lehman companies other than the broker was confirmed in December 2011. As of Oct. 2, 2014, Lehman's total distributions to unsecured creditors have amounted to $92.0 billion. As of Sept. 30, 2014, the brokerage trustee has substantially completed customer claims distributions, distributing more than $106 billion to 111,000 customers. LEHMAN BROTHERS: Judge Approves Deal With Reinsurance Unit ---------------------------------------------------------- Joseph Checkler, writing for Daily Bankruptcy Review, reported that U.S. Bankruptcy Judge Shelley C. Chapman in Manhattan approved a settlement between the trustee unwinding the Lehman Brothers Inc. brokerage and the Lehman Re Ltd. reinsurance subsidiary that gives Lehman Re a $125 million allowed claim against the brokerage, instead of the $195 million the subsidiary was seeking. According to the report, Judge Chapman called the settlement "fair, equitable and in the best interest of the estates." About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. The Chapter 11 plan for the Lehman companies other than the broker was confirmed in December 2011. As of Oct. 2, 2014, Lehman's total distributions to unsecured creditors have amounted to $92.0 billion. As of Sept. 30, 2014, the brokerage trustee has substantially completed customer claims distributions, distributing more than $106 billion to 111,000 customers. LIFE PARTNERS: Asks Court to Appoint Chief Restructuring Officer ---------------------------------------------------------------- Life Partners Holdings, Inc., filed a motion asking the U.S. Bankruptcy Court for the Northern District of Texas to authorize the implementation of a Chief Restructuring Officer to assume operational control over its bankrupt estate, as well as executive control over management. Once appointed by the Court, the CRO will have all the power and authorization o the president and chief executive officer of the Debtor. The CRO's duties will include, but not limited to: -- providing operational and financial management and oversight; -- evaluating the Debtor's overall financial and operational condition; -- overseeing the Debtor's accounting and financial reporting; -- overseeing the Debtor's compliance with federal and state securities laws and regulations; and -- identifying and assisting the implementation of cost reduction and operational improvement opportunities. The Debtor believes that the services of a CRO are necessary to enable it to continue operating in an effort to maximize the value of its estate and successfully reorganize. About Life Partners Life Partners Holdings, Inc., is the parent company of the world's oldest company engaged in the secondary market for life insurance, commonly called "life settlements." Since its incorporation in 1991, Life Partners, Inc. has completed over 162,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value. Headquartered in Waco, Texas, Life Partners Holdings, Inc. -- http://www.lphi.com/-- is a financial services company engaged in the secondary market for life insurance known as life settlements. Life Partners Holdings, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex., Case No. 15-40289) on Jan. 20, 2015. The case is assigned to Judge Russell F. Nelms. The U.S. Trustee for Region 6 appointed three creditors of Life Partners Holdings to serve on the official committee of unsecured creditors. Tracy A. Bolt of BDO USA, LLP, was named as examiner for the Debtor's case. LIFE PARTNERS: Assailed by SEC Over Press Release ------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that the U.S. Securities and Exchange Commission said a press release issued by Life Partners Holdings Inc. showed that the bankrupt life-settlement firm's management should be removed because it "lacks the judgment necessary to guide the company through the Chapter 11 process." On Feb. 23, Life Partners issued a statement saying a trustee might pool all the insurance policies the company holds, resulting in losses for investors and potentially wiping out shareholders, according to the report. The SEC on Feb. 24 asked the judge to reopen the record and take the press release into evidence as additional reason for having a trustee, arguing that the statement showed how "current management is woefully inexperienced and lacks the judgment necessary to guide the company through the Chapter 11 process," the report related. The SEC also said the press release failed to disclose that the president resigned on Feb. 18 in the face of the motion for a trustee, the report added. About Life Partners Headquartered in Waco, Texas, Life Partners Holdings, Inc. -- http://www.lphi.com/-- is a financial services company engaged in the secondary market for life insurance known as life settlements. Life Partners sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20, 2015. The case is assigned to Judge Russell F. Nelms. The U.S. Trustee for Region 6 appointed three creditors of Life Partners Holdings, Inc. to serve on the official committee of unsecured creditors. Tracy A. Bolt of BDO USA, LLP, was named as examiner for the Debtor's case. LIONS GATE: S&P Retains 'BB-' Rating on Sr. Sec. 2nd Lien Facility ------------------------------------------------------------------ Standard & Poor's Ratings Services said that its 'BB-' issue-level rating and '4' recovery rating on Santa Monica, Calif.-based independent film studio Lions Gate Entertainment Corp.'s senior secured second-lien term facility due 2022 are unchanged following the company's announcement that it has upsized the facility to $375 million. The '4' recovery rating reflects S&P's expectations for average recovery (30%-40%; low end of the range) of principal in the event of a payment default. The company plans to use the net proceeds to fully repay the $225 million senior secured second lien-term loan due July 2020, to repay a portion of the outstanding borrowings under the existing senior revolving credit facility ($160.5 million outstanding as of Dec. 31, 2014), and for general corporate purposes. The 'BB-' corporate credit rating on Lions Gate reflects S&P's assessment of the company's business risk profile as "weak," based on S&P's criteria. This assessment stems from the inherent volatility of the motion picture industry due to the high upfront costs, timing, and uncertain success of film releases. S&P's assessment of Lions Gate's financial risk profile as "significant" reflects the rating agency's expectations for discretionary cash flow to debt of more than 20% (including production loans) and leverage of 3x-4x over the next two years due to the Hunger Games and Divergent franchises' success and the company's risk mitigation strategy. S&P's assessment also reflects the cash flow volatility and formidable upfront cash requirements inherent in the film studio business. Leverage, pro forma for the proposed transaction and including production loans is about 4.1x, as of Dec. 31, 2014. RATINGS LIST Lions Gate Entertainment Corp. Corporate Credit Rating BB-/Stable/-- Ratings Unchanged Lions Gate Entertainment Corp. Senior Secured $375 mil. second-lien term facility due 2022 BB- Recovery Rating 4 LIONS GATE: Upsized Term Loan No Impact on Moody's 'Ba3' CFR ------------------------------------------------------------ Moody's Investors Service said that Lions Gate Entertainment Corp.'s Ba3 Corporate Family rating, Ba3-PD Probability of Default rating and the Ba3 rating on the new 5% fixed rate senior secured second lien term loan are not affected by the announced $125 million increase in the size of its second lien term loan to a total of $375 million. The incremental proceeds will be used to further reduce amounts outstanding under the $800 million first lien senior secured revolver, under which there was $160 million outstanding at Dec. 31, 2014. Even though the upsizing of the second lien term loan will result in a higher percentage of second lien debt in the company's capital structure, the change in debt mix does not impact the individual instrument ratings under Moody's Loss Given Default methodology. Additionally, while the reduction in revolver borrowings will temporarily decrease the amount of first lien debt in the capital structure, we anticipate that Lions Gate will continue to remain reliant on the revolver to meet working capital needs arising from significant upfront payments associated with film and television production. Since the additional proceeds will be used to repay debt, the transaction is essentially leverage-neutral and will not impact the company's credit ratings. However, the deal certainly strengthens the company's liquidity profile by increasing revolver availability, allowing the company to raise low cost long-term fixed-rate debt and reduce exposure to future interest rate fluctuations. In Moody's opinion, the company is taking advantage of the favorable interest rate environment to lock-in long-term financing at attractive terms reducing uncertainty over potentially rising rates, and over the long run, savings from lower interest expense should positively impact the company's operating cash flows. Lions Gate Entertainment Corp., domiciled in British Columbia, Canada (headquartered in Santa Monica, CA), is a motion picture studio with a diversified presence in the production and distribution of motion pictures, television programming, home entertainment, video-on-demand and digitally delivered content. Consolidated revenues for LTM Dec. 31, 2014 were about $2.5 billion. MACKEYSER HOLDINGS: Withdraws Bid to Estimate Disputed Claims ------------------------------------------------------------- MacKeyser Holdings, LLC, et al., notified the U.S. Bankruptcy Court of the withdrawal of its motion to estimate disputed claims for purposes of setting appropriate reserves and all requests for discover related to the motion. About MacKeyser Holdings MacKeyser Holdings, LLC and its operating affiliates -- American Optical Services, LLC, and Exela Hearing Services, LLC -- manage integrated eye care and hearing systems providers with over 80 optical retail, optometry and ophthalmology locations in 14 states. Within certain of the Company's locations, dedicated audiology and dispensing staff conduct diagnostics, fitting and dispensing of hearing systems. MacKeyser Holdings, LLC, American Optical Services, Inc. and their affiliates filed for Chapter 11 bankruptcy (Bankr. D. Del. Case Nos. 14-11528 to 14-11550) on June 20, 2014. David R. Hurst, Esq., and Marion M. Quirk, Esq., at Cole, Schotz, Meisel, Forman & Leonard, PA. The Debtors' financial advisor is GlassRatner Advisory & Capital Group. The investment banker is Hammond Hanlon Camp LLC. The noticing and claims management agent is American Legal Claim Services, LLC. In its petition, MacKeyser Holdings estimated $50 million to $100 million in both assets and liabilities. The petitions were signed by Thomas J. Allison, authorized officer. The Official Committee of Unsecured Creditors retained Cooley LLP as lead counsel; Klehr Harrison Harvey Branzburg LLP as co-counsel; and Giuliano, Miller & Company, LLC as financial advisor. MARBURN STORES: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Marburn Stores, Inc. 13-A Division Street Fairview, NJ 07022 Case No.: 15-14411 Chapter 11 Petition Date: March 13, 2015 Court: United States Bankruptcy Court District of New Jersey (Newark) Judge: Hon. Vincent F. Papalia Debtor's Counsel: Donald W Clarke, Esq. WASSERMAN, JURISTA & STOLZ, P.C. 110 Allen Road, Suite 304 Basking Ridge, NJ 07920 Tel: (973) 467-2700 Fax: (973) 467-8126 Email: dclarke@wjslaw.com - and - Daniel Stolz, Esq. WASSERMAN, JURISTA & STOLZ 110 Allen Road, Esq. Suite 304 Basking Ridge, NJ 07920 Tel: (973) 467-2700 Email: dstolz@wjslaw.com Total Assets: $7.25 million Total Liabilities: $2.85 million The petition was signed by Edwin F. Hund, president & CEO. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/njb15-14411.pdf MAURY ROSENBERG: Circuits Split on Attys' Fees in Bad-Faith Filing ------------------------------------------------------------------ The U.S. Court of Appeals for the Eleventh Circuit affirmed in part, vacated in part, and remanded for further proceedings, a lower court's decision affirming the bankruptcy court's final order awarding appellee Maury Rosenberg attorney's fees and costs. DVI Receivables XIV, LLC; DVI Receivables XVI, LLC; DVI Receivables XVII, LLC; DVI Receivables XVIII, LLC; DVI Receivables XIX, LLC; DVI Funding, LLC; Lyon Financial Services, Inc., d/b/a U.S. Bank Portfolio Services; and U.S. Bank, N.A., appealed the district court's decision affirming the bankruptcy court's final order. Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that writing for the three-judge panel, U.S. Circuit Judge Frank M. Hull disagreed with the U.S. Court of Appeals in San Francisco and ruled that Section 303(i)(1) of the Bankruptcy Code entitles a bankruptcy court to award appellate attorneys' fees for upholding dismissal on appeal. He said that section in its language doesn't limit the award to fees incurred in bankruptcy court before dismissal, the report related. The appeals case is DVI RECEIVABLES XIV, LLC, DVI RECEIVABLES XVII, LLC, DVI RECEIVABLES XVIII, LLC, DVI RECEIVABLES XIX, LLC, DVI FUNDING, LLC, LYON FINANCIAL SERVICES, INC., U.S. BANK, N.A., DVI RECEIVABLES XVI, LLC, Plaintiffs-Appellants, versus MAURY ROSENBERG, Defendant-Appellee, D.C. Docket Nos. 1:12-cv-23886-RSR; 10-bkc-03812-AJC (11th Circ.). A full-text copy of the Decision dated Feb. 27, 2015, is available at http://bankrupt.com/misc/ROSENBERG0227.pdf MORGAN HILL PARTNERS: Owner Named as Responsible Individual ----------------------------------------------------------- Judge Arthur S. Weissbrodt of the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, authorized Morgan Hill Partners, LLC, to appoint Manouchehr Mobedshahi, its Member/Owner, whose business address is 4030 E. Dunne Avenue, Morgan Hill, California 95037, as the natural person to be responsible for the duties and obligations of the Debtor during the pendency of the Chapter 11 case. About Morgan Hill Partners Morgan Hill Partners, LLC, sought Chapter 11 protection (Bankr. N.D. Cal. Case No. 15-50775) in San Jose, California, on March 6, 2015. The case is assigned to Judge Arthur S. Weissbrodt. The meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for April 8, 2015. Michael W. Malter, Esq., at Law Offices of Binder and Malter, in Santa Clara, California, serves as counsel. MORGAN HILL PARTNERS: Seeks to Hire Binder & Malter as Counsel -------------------------------------------------------------- Morgan Hill Partners, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of California, Division 5, to employ Binder & Malter, LLP, as counsel. MHP initially engaged Binder & Malter, LLP, for bankruptcy analysis and a Chapter 11 filing on or about Feb. 25, 2015, in the sum of $130,000. On Feb. 25, MHP executed an Attorney-Client Fee Agreement for bankruptcy analysis effective as of Feb. 19. Prior to the filing of the petition, Binder & Malter rendered services on behalf of the Debtor for pre-bankruptcy analysis and creditor negotiations in the sum of $22,002, which was deducted from the initial retainer. A Chapter 11 filing fee of $1,717 was paid from the retainer, leaving a retainer balance of $106,281 for MHP. Binder & Malter assures the Court that it is a disinterested person and does not hold or represent any interest adverse to MHP or its estate. About Morgan Hill Partners Morgan Hill Partners, LLC, sought Chapter 11 protection (Bankr. N.D. Cal. Case No. 15-50775) in San Jose, California, on March 6, 2015. The case is assigned to Judge Arthur S. Weissbrodt. The meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for April 8, 2015. Michael W. Malter, Esq., at Law Offices of Binder and Malter, in Santa Clara, California, serves as counsel. MORGANS HOTEL: Incurs $66.5 Million Net Loss in 2014 ---------------------------------------------------- Morgans Hotel Group Co. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss attributable to common stockholders of $66.6 million on $235 million of total revenues for the year ended Dec. 31, 2014, compared with a net loss attributable to common stockholders of $58.5 million on $236 million of total revenues during the prior year. As of Dec. 31, 2014, Morgans Hotel had $551 million in total assets, $779 million in total liabilities, $5.04 million in redeemable noncontrolling interest and a $232.45 million total deficit. For the three months ended Dec. 31, 2014, the Company reported a net loss attributable to common stockholders of $10.6 million on $62.4 million of total revenues compared to a net loss attributable to common stockholders of $10.7 million on $64.9 million of total revenues for the same period in 2013. At Dec. 31, 2014, the Company had approximately $13.5 million in cash and cash equivalents and $13.9 million in restricted cash. Jason T. Kalisman, interim chief executive officer, stated, "Throughout 2014, we continued to make progress against our plan of strengthening our balance sheet and delivering on our asset-light, brand focused strategy, leveraging our position as the leader in the international boutique hotel segment. We successfully refinanced the debt of Hudson and Delano on attractive terms, streamlined our cost-structure throughout the organization and sold our controlling interest in TLG - all of which has led to stronger financial positioning, value creation and a greater ability to grow our portfolio of one-of-a-kind brands. We're extremely pleased with these achievements and the performance of our current operations and our key projects in 2014 - including Mondrian London and Delano Las Vegas." A full-text copy of the Form 10-K is available for free at: http://is.gd/Mejs2c About Morgans Hotel Group Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) -- http://www.morganshotelgroup.com/-- is widely credited as the creator of the first "boutique" hotel and a continuing leader of the hotel industry's boutique sector. Morgans Hotel Group operates and owns, or has an ownership interest in, Morgans, Royalton and Hudson in New York, Delano and Shore Club in South Beach, Mondrian in Los Angeles and South Beach, Clift in San Francisco, Ames in Boston, and Sanderson and St Martins Lane in London. Morgans Hotel Group and an equity partner also own the Hard Rock Hotel & Casino in Las Vegas and related assets. Morgans Hotel Group also manages hotels in Isla Verde, Puerto Rico and Playa del Carmen, Mexico. Morgans Hotel Group has other property transactions in various stages of completion, including projects in SoHo, New York and Palm Springs, California. NEUROMETRIX INC: PwC LLP Expresses Going Concern Doubt ------------------------------------------------------ NeuroMetrix, Inc., filed with the U.S. Securities and Exchange Commission on Feb. 25, 2015, its annual report on Form 10-K for the year ended Dec. 31, 2014. PricewaterhouseCoopers LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities. The Company reported a net loss of $7.77 million on $5.51 million of revenues for the year ended Dec. 31, 2014, compared with a net loss of $8.02 million on $5.28 million of revenues in 2013. The Company's balance sheet at Dec. 31, 2014, showed $11.4 million in total assets, $8.01 million in total liabilities and total stockholders' equity of $3.39 million. A copy of the Form 10-K is available at: http://is.gd/Erm4cs NeuroMetrix, Inc., is a medical device company that develops and markets home use and point-of-care devices for the treatment and management of chronic pain, peripheral neuropathies, and associated neurological disorders. It focuses on diabetic neuropathies. The company markets the SENSUS Pain Management System for treating chronic pain, focusing on physicians managing patients with painful diabetic neuropathy. The company also markets the DPNCheck device, which is a rapid, accurate, and quantitative point-of-care test for diabetic neuropathy. This product is used to detect diabetic neuropathy at an early stage and to guide treatment. NeuroMetrix was founded by Shai N. Gozani in June 1996 and is headquartered in Waltham, MA. NEXTEER AUTOMOTIVE: 2014 Results Supports Moody's 'Ba1' CFR ----------------------------------------------------------- Moody's Investors Service said that Nexteer Automotive Group Limited's improved financial results for 2014 support its Ba1 corporate family rating and senior unsecured rating as well as the stable rating outlook. "Nexteer's posting of robust revenue growth and an improved EBITDA margin in 2014 exceeded our expectations, driven mainly by the ramping up of its newly launched electric power steering programs with better gross margin," says Chenyi Lu, a Moody's Vice President and Senior Analyst. "The company also achieved new customer and program wins in China, and made progress on cost cutting." Based on Nexteer's announcement, revenue grew 24.8% year-on-year to $2.98 billion in 2014 from $2.39 billion in 2013. The company's adjusted EBITDA margin also improved to 9.3% from 6.8%. Consequently, adjusted EBITDA increased by 70.7% year-on-year to $276 million from $161 million 2013. The increase in earnings led in turn to an improvement in Nexteer's financial leverage to 3.0x in 2014 from 4.2x in 2013, despite the rise in debt. Adjusted debt grew to $817 million at end-2014 from $673 million at end-2013, driven mainly by a bond issuance of $250 million in November 2014. However, this level of leverage is in line with its Ba1 rating. Moody's expects Nexteer's revenue to grow by high-single digits on an annual basis over the next 12-18 months, driven by the ramping up of its newly launched electric power steering programs this year and the last two years, and its growing customer base and new program wins in China. Moody's also expect its EBITDA margin to stay at current levels as Nexteer expands its scale of operations and continues with cost improvements to counter the effects of the price reductions demanded by auto manufacturers. Moody's expects Nexteer's adjusted debt/EBITDA to decline to 2.5x-3.0x over the next 12-18 months, given the company's expected robust revenue growth and stable margins. Nexteer's liquidity position is adequate. The company had unrestricted cash of $380 million at end-2014, more than sufficient to cover capex of $175 million and short-term maturing debt of $97 million. The Ba1 corporate family rating incorporates a two-notch uplift based on Moody's expectation of strong support in times of financial distress, mainly from Aviation Industry Corporation of China (unrated), the ultimate owner of AVIC Automobile Industry Holding Co., Ltd. (unrated), which has a beneficial ownership of 34% in Nexteer. The principal methodology used in this rating was Global Automotive Supplier Industry published in May 2013. Headquartered in Saginaw, Michigan, and listed on the Hong Kong Stock Exchange in October 2013, Nexteer Automotive Group Limited manufactures steering and driveline systems. The company has 20 manufacturing plants located across North and South America, Europe and Asia. Nexteer is 67.3%-owned by Pacific Century Motors, Inc., which is in turn 51% owned by AVIC Automobile Industry Holding Co., Ltd. (AVIC Auto, unrated), and 49% owned by Beijing E-Town International Investment & Development Co. Ltd. (unrated), which is controlled by Beijing's municipal government, AVIC Auto is wholly owned by Aviation Industry Corporation of China (unrated), a Chinese central government-owned enterprise. OCTAGON 88: Incurs $1.04-Mil. Net Loss for Dec. 31 Quarter ---------------------------------------------------------- Octagon 88 Resources, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.04 million on $nil of revenues for the three months ended Dec. 31, 2014, compared with a net loss of $5.16 million on $nil of revenues for the same period during the prior year. The Company's balance sheet at Dec. 31, 2014, showed $59.8 million in total assets, $116,000 in total liabilities, and total stockholders' equity of $59.7 million. From inception through Dec. 31, 2014, the Company has incurred operating losses of $11.01 million, of which $1.01 million represents actual cash losses. At Dec. 31, 2014, its cash on hand was $9,762. These factors raise substantial doubt about the Company's ability to continue as a going concern, according to the regulatory filing. A copy of the Form 10-Q is available at: http://is.gd/NFmP69 Octagon 88 Resources is a natural resource company based in Steinhausen, Switzerland. The Company intends to operate oil and gas assets in the United States and Canada. The Company reported a net loss of $1.18 million on $nil of total revenue for the quarter ended Sept. 30, 2014, compared with a net loss of $201,185 on $nil of total revenue for the same period in 2013. The Company's balance sheet at Sept. 30, 2014, showed $60.3 million in total assets, $111,000 in total liabilities, and stockholders' equity of $60.23 million. OMEGA HEALTHCARE: Fitch Assigns 'BB+' Rating on Subordinated Debt ----------------------------------------------------------------- Fitch Ratings has assigned a 'BBB-' rating to the $700 million 4.5% senior unsecured notes due 2027 issued by Omega Healthcare Investors, Inc. (NYSE: OHI, 'Omega'). The notes were priced at 98.456% of par for a yield to maturity of 4.659%. Omega intends to use the net proceeds for general corporate purposes, which may include the repayment of Aviv REIT, Inc. (NYSE: AVIV) indebtedness in connection with their previously announced merger, the repayment of future maturities and/or future acquisitions. KEY RATING DRIVERS OHI's ratings reflect that its announced merger with AVIV (the transaction) will have a negligible effect on leverage and fixed-charge coverage and will provide incremental improvement to the combined company's portfolio diversification and quality. Moreover, OHI's essentially undrawn $1 billion revolving credit facility and lack of debt maturities until 2019 afforded the company flexibility as to how and when it refinances AVIV's debt. The senior note issuance could fund the majority of the refinancing of AVIV's debt assuming closing of the transaction. Of interest to Fitch will be the transaction's effect on OHI's equity valuation given management's track record of using common stock issuances to fund acquisitions on a leverage-neutral basis. Fitch estimates the transaction values AVIV at a 6.5% property net operating income (NOI) yield as compared to OHI's past acquisitions which ranged from 8% - 10%. KEY METRICS REMAIN APPROPRIATE FOR THE RATING OHI has consistently maintained quarterly leverage between 4.2x and 5.1x since 2011 and was 4.9x at Dec. 31, 2014 (Fitch views quarterly leverage as more meaningful than trailing 12 months for OHI given the lack of seasonality in reported earnings and timing effects of acquisitions). Fitch expects the AVIV merger will have a negligible effect on combined company's leverage. Fitch forecasts that leverage will remain between 4x - 5x over the next 12-to-24 months. Fitch defines leverage as debt net of readily available cash divided by recurring operating EBITDA. Fixed-charge coverage is strong for the rating at 3.6x for the year ended Dec. 31, 2014, compared with 3x and 3.5x for 2012 and 2013, respectively. Fitch expects OHI's fixed-charge coverage will continue to improve driven by contractual rental escalators and reduced fixed charges as OHI refinances AVIV's senior unsecured notes and OHI's 2022 6.75% notes become callable. AVIV's senior unsecured notes have a weighted average coupon of 7.1% as compared to OHI's most recent issuance at 4.5%. Fitch defines fixed-charge coverage as recurring operating EBITDA less straight-line rents divided by total interest incurred. CORPORATE LIQUIDITY PROVIDES FUNDING FLEXIBILITY Fitch expects OHI will repay AVIV's secured and bank facility debt when the merger closes in part via proceeds from the offering. In addition, OHI may consider using its revolving credit facility as a bridge before permanently refinancing AVIV's high-cost senior unsecured debt. DEBT-MATURITY STAGGERING SHOULD BENEFIT REFINANCING The transaction reduces the largest percentage of OHI's debt due in any one year, which is a credit positive. Fitch has previously highlighted OHI's concentrated (albeit long-dated) debt maturities as a key concern. Longer-term, Fitch expects OHI will seek to lengthen and stagger its debt maturities as it refinances AVIV's debt and its 2022 notes become callable. MARGINALLY STRONGER PORTFOLIO QUALITY The transaction reduces OHI's reimbursement exposure and tenant concentration and has no effect on operator coverage, all credit positives. Concentration of OHI's three largest tenant operators will decline to 22% from 29%, while the 10 largest will decline to 52% from 69%. However, the magnitude of the benefit from reduced concentration is limited by the commonality of tenant revenue sources, in Fitch's view. Operator coverage will be unaffected at 1.8x and 1.4x for EBITDARM and EBITDAR, respectively, and Fitch estimates OHI's tenants will reduce their reliance on federal and state reimbursements to 88% from 92%. The outsized financial volatility for OHI's operator tenants during periods when reimbursement rates have changed is the largest constraint on OHI's ratings. Healthcare legislation, together with budgetary concerns at both the federal and state levels will likely continue to pressure operator margins and operators' capacity to honor lease obligations. OHI and AVIV sourced much of their acquisitions from their operators, thus the expanded relationships (33 new operators) should increase OHI's pipeline of opportunities. FAIR CONTINGENT LIQUIDITY UNAFFECTED The majority of OHI's assets are unencumbered and Fitch estimates unencumbered asset coverage of unsecured debt ranges from 1.6x to 2.1x based on a stressed capitalization range of 9%-12% at Dec. 31, 2014. The transaction and subsequent equity offering may improve this metric. SUBORDINATED DEBT NOTCHING The one-notch differential between OHI's IDR and the subordinated debt assumed as part of the CapitalSource transaction considers the relative subordination within OHI's capital structure. The interest is due and payable only to the extent that there is rent being received from the tenants of the acquired properties to cover the interest expense related to the debt, and the principal is due only to the extent that all rent has been paid for the term of the debt. Fitch rates OHI as: -- IDR 'BBB-'; -- Unsecured revolving credit facility 'BBB-'; -- Senior unsecured notes 'BBB-'; -- Senior unsecured term loan 'BBB-'; -- Subordinated debt 'BB+'. STABLE OUTLOOK The Stable Outlook reflects Fitch's expectation that metrics will remain appropriate for the rating and OHI will lengthen and stagger its forward debt maturities over the next 12-to-24 months. Additionally, Fitch expects that any reimbursement pressures at the operator level would have a minimal impact on OHI cash flows given lease length, covenants and coverage. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- SSNOI growth of 2.5% through 2016; -- The AVIV merger closes in 1H15 and is leverage neutral; -- Net acquisitions in addition to the AVIV merger of $500 million at a 9% cap rate, annually; -- Equity issuances via the at-the-market program to partially fund net investment activity; -- The refinancing of higher coupon senior unsecured notes once callable. RATING SENSITIVITIES Fitch does not expect management to operate the company consistent with those metrics that could otherwise result in positive momentum in OHI's ratings and/or Outlook: -- Increased scale and diversification; -- Fitch's expectation of net debt-to-recurring operating EBITDA sustaining below 4x (leverage was 4.9x at Dec. 31, 2014); -- Fitch's expectation of fixed-charge coverage sustaining above 3.5x (coverage was 3.6x for 2014). These factors may result in negative momentum in OHI's ratings and/or Outlook: -- Further pressure on operators through reimbursement cuts; -- Fitch's expectation of leverage sustaining above 5.5x; -- Fitch's expectation of fixed-charge coverage sustaining below 2.5x. PARK MERIDIAN: Creditor Objects to Macy Wilensky's Employment ------------------------------------------------------------- Northside-Rosser Debt Holdings LLC, a secured creditor, objects to Park Meridian, LLC's application to employ bankruptcy attorneys. Northside-Rosser says it has no substantive objection to the proposed retention of the law firm Macey, Wilensky & Hennings, LLC, as bankruptcy counsel, but complains that consideration of applications to employ professionals are not appropriate for a "first day" hearing that has been set on shortened notice because the Federal Rules of Bankruptcy Procedure explicitly provide that an order on those motions may not be entered except to the extent necessary to avoid immediate and irreparable harm and the Debtor has made no such representation in the Motion. Moreover, Northside-Rosser complains that the employment application includes a representation that the Debtor paid to Macey Wilensky a retainer of $26,717 prior to the Petition Date. To the extent that the payment of a retainer by the Debtor to Macy Wilensky was made with Northside-Rosser collateral, it was an unauthorized transfer and should be reversed and otherwise disgorged, the secured creditor argues. Park Meridian sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 15-20447) in Gainesville, Georgia, on March 2, 2015, stating that it was unable to pay its debts as they generally mature. The Atlanta-based debtor estimated $10 million to $50 million in assets and debt. PARK MERIDIAN: Seeks to Use Northside-Rosser Cash Collateral ------------------------------------------------------------ Park Meridian, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to use cash collateral securing its prepetition indebtedness to meet its ordinary operating expenses. To the extent that the Debtor uses the cash collateral, the Debtor proposes to grant Northside-Rosser Debt Holdings LLC replacement liens in rents generated postpetition of the same kind, extent and priority as those existing prepetition. The Debtor owns a commercial building located at 3890 Johns Creek Parkway, in Suwanee, Forsyth County, Georgia. Northside-Rosser asserts a first priority lien on the Property and the rents therefrom to secure a claim in the disputed amount of $10,549,229. The Debtor tells the Court that the Property has a market value of at least $11,000,000. North-Rosser also holds a note from Marconi Park, LLC, and Quarry, LLC (the "Rosser Debtors"). The Rosser Debtors own and operate an office building located at 524 West Peachtree Street, in Atlanta, Georgia. The Rosser Note and the Debtor's note to Northside-Rosser are purportedly cross-collateralized by the Rosser Building and the Property. The Rosser Building is currently not generating any income, the Debtor tells the Court. In order to maintain the Rosser Building pending a sale, the Debtor says it is necessary for the Rosser Debtors to expend approximately $10,000 per month. Given the purported cross-collateralized nature of the debt and the considerable excess cash flow from the Property, it is in the best interest of the Debtor's estates' creditors to use a portion of the excess cash flow to cover the Rosser Building's expenses, the Debtor tells the Court. Northside-Rosser tells the Court that it has no objection to the use of its cash collateral to pay the normal operating expenses of the Property. However, to the extent the Motion is seeking final approval of the use of cash collateral for the entire six month period set forth in the budget, Northside-Rosser objects as that relief is wholly inappropriate at this early stage in the case. Northside-Rosser also asserts that most importantly, the Debtor is unable to provide Northside-Rosser with adequate protection of its interests in the Property. Park Meridian, L.L.C., sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 15-20447) in Gainesville, Georgia, on March 2, 2015, stating that it was unable to pay its debts as they generally mature. The Atlanta-based debtor estimated $10 million to $50 million in assets and debt. PLY GEM HOLDINGS: Reports $31.2 Million Net Loss for 2014 --------------------------------------------------------- Ply Gem Holdings, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $31.3 million on $1.56 billion of net sales for the year ended Dec. 31, 2014, compared to a net loss of $79.5 million on $1.36 billion of net sales for the year ended Dec. 31, 2013. As of Dec. 31, 2014, Ply Gem Holdings had $1.25 billion in total assets, $1.35 billion in total liabilities and a $96.7 million total stockholders' deficit. The Company intends to fund its ongoing capital and working capital requirements, including its internal growth, through a combination of cash flows from operations and, if necessary, from borrowings under the revolving credit portion of its senior secured asset based revolving credit facility. As of Dec. 31, 2014, the Company had approximately $993.2 million of indebtedness, approximately $293.3 million of contractual availability under the ABL Facility, and approximately $216.2 million of borrowing base availability, reflecting $0.0 million of ABL borrowings and approximately $6.7 million of letters of credit and priority payable reserves issued under the ABL Facility. A full-text copy of the Form 10-K is available for free at: http://is.gd/3oh2TG About Ply Gem Based in Cary, North Carolina, Ply Gem Holdings Inc. is a diversified manufacturer of residential and commercial building products, which are sold primarily in the United States and Canada, and include a wide variety of products for the residential and commercial construction, the do-it-yourself and the professional remodeling and renovation markets. * * * In May 2010, Standard & Poor's Ratings Services raised its (unsolicited) corporate credit rating on Ply Gem to 'B-' from 'CCC+'. "The ratings upgrade reflects our expectation that the Company's credit measures are likely to improve modestly over the next several quarters to levels that we would consider more in line with the 'B-' corporate credit rating," said Standard & Poor's credit analyst Tobias Crabtree. PORTER BANCORP: Mark Wheeler Quits From Board --------------------------------------------- Mark F. Wheeler notified Porter Bancorp, Inc. that he was resigning as a director effective March 10, 2015, to accept an executive leadership position with another financial institution. Mr. Wheeler served as a director of Porter Bancorp since May 2014. About Porter Bancorp Porter Bancorp, Inc., is a bank holding company headquartered in Louisville, Kentucky. Through its wholly-owned subsidiary PBI Bank, the Company operates 18 full-service banking offices in 12 counties in Kentucky. During the first nine months of 2014, the Company reported a net loss attributable to common shareholders of $8.8 million, compared with net loss attributable to common shareholders of $2.4 million for the first nine months of 2013. The increase in 2014 compared to 2013 is primarily attributable to an increase in provision for loan losses expense, coupled with a decrease in net interest income and non-interest income. At Sept. 30, 2014, the Company continued to be involved in various legal proceedings in which it disputes the material factual allegations. After conferring with its legal advisors, the Company believes it has meritorious grounds on which to prevail. "If we do not prevail, the ultimate outcome of any one of these matters could have a material adverse effect on our financial condition, results of operations, or cash flows," the Company said. The Company added that these matters create substantial doubt about its ability to continue as a going concern. For the year ended Dec. 31, 2014, the Company reported a net loss of $11.2 million on $29.7 million of net interest income compared to a net loss of $1.58 million on $32.08 million of net interest income during the prior year. As of Dec. 31, 2014, the Company had $1.01 billion in total assets, $985 million in total liabilities and $33.5 million in total stockholders' equity. PORTER BANCORP: To Issue Additional 600,000 Shares Under Plans -------------------------------------------------------------- Porter Bancorp, Inc., filed a Form S-8 registration statement with the Securities and Exchange Commission for the purpose of registering an additional 300,000 shares of the Common Stock of the Company which may be awarded under the Porter Bancorp, Inc. 2006 Non-Employee Directors Stock Ownership Incentive Plan. The Plan has been amended to increase the number of shares of common stock issuable under that plan by 300,000 shares. The Company separately filed a Form S-8 prospectus for the purpose of registering an additional 300,000 shares of the Common Stock of the Company which may be awarded under the Porter Bancorp, Inc. Amended and Restated 2006 Stock Incentive Plan. The Plan has been amended to increase the number of shares of common stock issuable under that plan by 300,000 shares. About Porter Bancorp Porter Bancorp, Inc., is a bank holding company headquartered in Louisville, Kentucky. Through its wholly-owned subsidiary PBI Bank, the Company operates 18 full-service banking offices in 12 counties in Kentucky. During the first nine months of 2014, the Company reported a net loss attributable to common shareholders of $8.8 million, compared with net loss attributable to common shareholders of $2.4 million for the first nine months of 2013. The increase in 2014 compared to 2013 is primarily attributable to an increase in provision for loan losses expense, coupled with a decrease in net interest income and non-interest income. At Sept. 30, 2014, the Company continued to be involved in various legal proceedings in which it disputes the material factual allegations. After conferring with its legal advisors, the Company believes it has meritorious grounds on which to prevail. "If we do not prevail, the ultimate outcome of any one of these matters could have a material adverse effect on our financial condition, results of operations, or cash flows," the Company said. The Company added that these matters create substantial doubt about its ability to continue as a going concern. For the year ended Dec. 31, 2014, the Company reported a net loss of $11.2 million on $29.7 million of net interest income compared to a net loss of $1.58 million on $32.08 million of net interest income during the prior year. As of Dec. 31, 2014, the Company had $1.01 billion in total assets, $985 million in total liabilities and $33.5 million in total stockholders' equity. QUALITY DISTRIBUTION: Posts $20.6 Million Net Income for 2014 ------------------------------------------------------------- Quality Distribution, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing net income of $20.6 million on $992 million of total operating revenues for the year ended Dec. 31, 2014, compared to a net loss of $42.03 million on $930 million of total operating revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $428 million in total assets, $459 million in total liabilities and a $31.7 million total shareholders' deficit. Bankruptcy Warning "We have substantial indebtedness and may not be able to make required payments on our indebtedness. We had consolidated indebtedness and capital lease obligations, including current maturities of $351.3 million, as of December 31, 2014. We must make regular payments under the ABL Facility, including the Term Loan, thereunder, and our capital leases and semi-annual interest payments under our 2018 Notes. The ABL will mature at the earlier of November 2019 and the date that is 91 days prior to the maturity of the Company's currently outstanding 2018 Notes or any replacement notes if the outstanding amount of such debt is above a certain threshold. The Term Loan matures on November 3, 2017 but we are subject to mandatory prepayment of the principal amount of the Term Loan in equal quarterly payments beginning as early as November 2015. The maturity date of the ABL Facility, including the Term Loan, may be accelerated if we default on our obligations. If the maturity of the ABL Facility and/or such other debt is accelerated, we may not have sufficient cash on hand to repay the ABL Facility and/or such other debt or be able to refinance the ABL Facility and/or such other debt on acceptable terms, or at all. The failure to repay or refinance the ABL Facility and/or such other debt at maturity would have a material adverse effect on our business and financial condition, would cause substantial liquidity problems and may result in the bankruptcy of us and/or our subsidiaries. Any actual or potential bankruptcy or liquidity crisis may materially harm our relationships with our customers, suppliers and independent affiliates," the Company states in the Report. A full-text copy of the Form 10-K is available for free at: http://is.gd/HgXbYW About Quality Distribution Quality Distribution, LLC, and its parent holding company, Quality Distribution, Inc., are headquartered in Tampa, Florida. The company is a transporter of bulk liquid and dry bulk chemicals. The company's 2010 revenues are approximately $686 million. Apollo Management, L.P., owns roughly 30 percent of the common stock of Quality Distribution, Inc. * * * As reported in the TCR on June 28, 2013, Moody's Investors Service upgraded Quality Distribution, LLC's Corporate Family Rating to 'B2' from 'B3' and Probability of Default Rating to 'B2-PD' from 'B3-PD'. The upgrade of Quality's CFR to 'B2' was largely driven by the expectation that credit metrics will improve over the next twelve to eighteen months, through a combination of EBITDA growth and debt paydowns, to levels consistent with the 'B2' rating level. The company is in the process of integrating the bolt-on acquisitions made in its Energy Logistics business sector since 2011. RIENZI & SONS: Needs Until March 31 to File Schedules ----------------------------------------------------- Rienzi & Sons, Inc., asks the U.S. Bankruptcy Court for the Eastern District of New York to extend through March 31, 2015, the time by which its must file its schedules of assets and liabilities and statement of financial affairs. The Debtor tells the Court that it intends to retain a financial advisor, who first started performing services for the Debtor shortly before the Petition Date and who has not had an opportunity to conduct a complete review of the Debtor's financial information sufficient to complete the Schedules. The Debtor says it will be unable to file completed Schedules and Statement of Affairs by the initial deadline of March 17. Rienzi & Sons, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 15-40926) on March 3, 2015. The petition was signed by Michael Rienzi as president. The Debtor estimated assets and debts of $10 million to $50 million. Vincent J Roldan, Esq., and Michael J. Sheppeard, Esq., at Ballon Stoll Bader & Nadler P.C., serve as counsel to the Debtor. Judge Nancy Hershey Lord presides over the Chapter 11 case. RIENZI & SONS: Seeks Protections under Secs. 362 and 525 -------------------------------------------------------- Rienzi & Sons, Inc., asks the U.S. Bankruptcy Court for the Eastern District of New York to enforce protections of Sections 362 and 525 of the Bankruptcy Code and approve notice to customers, suppliers and other stakeholders of the Debtor's non-debtor Italian affiliate. According to the Debtor's counsel, Vincent J. Roldan, Esq., at Ballon Stoll Bader & Nadler, P.C., in New York, the Debtor obtains most of its goods overseas from suppliers in Italy. It also has a non-debtor subsidiary, Rienzi Italia SRL, who is in Italy. The SRL indirectly supplies additional goods to Debtor, by growing tomatoes, and sending those tomatoes to a third party processor. The processed tomatoes are then shipped and sold to the Debtor. The Debtor's extensive dealings with non-U.S. creditors who are unfamiliar with the protections afforded Chapter 11 debtors under the Bankruptcy Code require, out of an abundance of caution, that an order implementing these protections be entered by this Court, Mr. Roldan tells the Court. In addition, to alleviate the confusion that likely will arise concerning the SRL, the Debtor seeks approval from the Court of a notice to its suppliers and stakeholders of the SRL confirming that the SRL is not included in the Chapter 11 case and is not subject to (a) the supervision of this Court, or (b) the provisions of the Bankruptcy Code. Rienzi & Sons, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 15-40926) on March 3, 2015. The petition was signed by Michael Rienzi as president. The Debtor estimated assets and debts of $10 million to $50 million. Vincent J Roldan, Esq., and Michael J. Sheppeard, Esq., at Ballon Stoll Bader & Nadler P.C., serve as counsel to the Debtor. Judge Nancy Hershey Lord presides over the Chapter 11 case. RIENZI & SONS: Seeks to Use Alma Bank Cash Collateral ----------------------------------------------------- Rienzi & Sons, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral securing its prepetition indebtedness to Alma Bank to pay for ordinary expenses, like goods, ingredients, utilities, payroll, taxes, and insurance. The current outstanding secured obligation to Alma Bank is $1 million. The Debtor has about $2.0 million inventory and about $500,000 in accounts receivable. Further, the Debtor has about $2.5 million equipment. Accordingly, the Debtor tells the Court that Alma Bank is significantly oversecured. To adequately protect Alma Bank with respect to the cash collateral utilized during its case, the Debtor proposes to maintain the value of its business though payment of the normal monthly expenditures in general accord with the Budget. Furthermore, the Debtor proposes to pay Alma Bank monthly interest of $4,500. In addition, the proposed order provides that, as adequate protection for the Debtor's use of cash collateral, the Debtor will grant replacement liens in all of its prepetition and postpetition assets and proceeds, to the extent that Alma Bank has a valid security interests in those prepetition assets on the Petition Date and in the continuing order of priority that existed as of the Petition Date. The replacement liens will be subject and subordinate only to: (i) the claims of Chapter 11 professionals; (ii) United States Trustee fees pursuant to 28 U.S.C. Section 1930 and 31 U.S.C. Section 3717 and any Clerk's filing fees; (iii) fees and expenses incurred in connection with any investigation of the nature, extent and validity of Citibank's or Grant's liens and security interests in an amount not to exceed $10,000; (iv) the fees and commissions of a hypothetical Chapter 7 trustee in an amount not to exceed $10,000; and (v) the recovery of funds or proceeds from the successful prosecution of avoidance actions pursuant to Sections 502(d), 544, 545, 547, 548, 549, 550 or 553 of the Bankruptcy Code. Rienzi & Sons filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 15-40926) on March 3, 2015. The petition was signed by Michael Rienzi as president. The Debtor estimated assets and debts of $10 million to $50 million. Vincent J Roldan, Esq., and Michael J. Sheppeard, Esq., at Ballon Stoll Bader & Nadler P.C., serve as counsel to the Debtor. Judge Nancy Hershey Lord presides over the Chapter 11 case. ROYCE FUND: Board of Trustees Approves Plan of Liquidation ---------------------------------------------------------- The Royce Fund's Board of Trustees has approved a plan of liquidation for Royce Select Fund II, Enterprise Select, SMid-Cap Value, Partners, and Global Dividend Value Funds, to be effective on April 23, 2015. The Funds are being liquidated primarily because they have not attracted and maintained assets at a sufficient level to be viable. Distributions from Royce Enterprise Select, SMid-Cap Value, and Partners Funds are being paid on March 13, 2015 to shareholders of record on March 12, 2015. Royce Select Fund II and Royce Global Dividend Value Funds will not have distributions. Following close of business on Feb. 26, 2015, the Funds were no longer offering their respective shares for purchase and were not accepting any investments. FINAL DISTRIBUTIONS In advance of the Funds' scheduled liquidations on April 23, 2015, Royce Enterprise Select, SMid-Cap Value, and Partners Funds have declared their respective final 2015 distributions. If you have any questions regarding this release, please call Investor Services at 1-800-221-4268. For further information on The Royce Funds, please visit our website at http://www.roycefunds.com A copy of the distribution schedule is available at http://is.gd/wDpO0G About Royce & Associates, LLC For more than 40 years Royce & Associates, LLC is an investment adviser to The Royce Funds. Royce & Associates, LLC is a wholly owned affiliate of Legg Mason Inc. Royce Fund Services, Inc., the Fund's distributor, is a member of FINRA and the SIPC. SAMUEL WYLY: Judge Imposes $300-Mil. Damages Judgment in SEC Suit ----------------------------------------------------------------- Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that U.S. District Judge Shira Scheindlin in Manhattan ordered Samuel Wyly to pay the U.S. Securities and Exchange Commission $198.1 million for violating securities laws, while saying the estate of his deceased brother is liable for $101.2 million more. The SEC can only collect the damages against Sam Wyly through bankruptcy proceedings or if the bankruptcy is dismissed, according to Judge Scheindlin, the report related. The SEC can’t get anything from the estate of Charles Wyly until a bankruptcy judge in Dallas rules on whether his widow's filing has the effect of barring collection, the report further related. According to the report, the judgment is the culmination of a lawsuit begun in 2010 against the brothers, who helped build companies including arts-and-crafts retailer Michaels Stores Inc. The SEC lawsuit is SEC v. Wyly, 10-cv-05760, U.S. District Court, Southern District of New York (Manhattan). 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 2014, 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). SAN JUAN RESORT: Seeks to Employ Carrasquillo as Fin'l Consultant ----------------------------------------------------------------- San Juan Resort Owners, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ CPA Luis R. Carrasquillo & Co., P.S.C., as financial consultant to assist the Debtor in the restructuring of the business by providing advice in strategic planning and the preparation of amended schedules, plan of reorganization, disclosure statement and business plan, and participating in negotiations with creditors. The Debtor has retained Carrasquillo on the basis of a $25,000 retainer, against which Carrasquillo will bill as per the hourly billing rates. Carrasquillo assures the Court that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor or its estates. Except that Carrasquillo has acted as financial consultant in other bankruptcy cases in which William Vidal Carvajal, Esq., has or is representing other debtors and/or other party-in-interest, Carrasquillo has no prior connections with the Debtor, any creditor, or other party-in-interest. Mr. Carrasquillo may be reached at: Luis R. Carrasquillo Ruiz, CPA, CIRA 28th Street, #TI-26 Turabo Gardens Avenue Caguas, PR 00725 Tel: (787) 746-4555 Fax: (787) 746-4564 E-mail: luis@cpacarrasquillo.com About San Juan Resort San Juan Resort Owners Inc. sought Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 15-01627) in Old San Juan, Puerto Rico on March 5, 2015. The petition was signed by Luis A. Carreras Perez as president. The Debtor is represented by William M. Vidal, Esq., at William Vidal Carvajal Law Offices in San Juan, Puerto Rico. The Debtor disclosed total assets of $12.7 million and total liabilities and $32.9 million as of the bankruptcy filing. The Debtor owns a parcel of land of 1,637 square meters, with commercial property known as the San Juan Beach Hotel, a 96-room hotel. The hotel is located at 1045, Ashford Avenue, Condado, San Juan, Puerto Rico. The company claims the property is worth $11 million based on appraised value. Banco Popular de Puerto Rico is owed $17.5 million, of which $6.56 million is unsecured. SAN JUAN RESORT: Seeks to Employ William Vidal as Ch. 11 Counsel ---------------------------------------------------------------- San Juan Resort Owners, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ William Vidal, Esq., as bankruptcy counsel. The Debtor employs Mr. Vidal on the basis of a $25,000 retainer, against which the law firm will bill on the basis $250 per hour, plus expenses, for work performed or to be performed by Mr. Vidal. Mr. Vidal assures the Court that he is a "disinterested person" as the term is defined by Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Mr. Vidal may be reached at: William Vidal Carvajal, Esq. MCS Plaza, Suite 801 Ponce de Leon Ave. San Juan, PR 00918 Tel: (787) 764-6867 Fax: (787) 764-6496 E-mail: william.m.vidal@gmail.com About San Juan Resort San Juan Resort Owners Inc. sought Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 15-01627) in Old San Juan, Puerto Rico on March 5, 2015. The petition was signed by Luis A. Carreras Perez as president. The Debtor is represented by William M. Vidal, Esq., at William Vidal Carvajal Law Offices in San Juan, Puerto Rico. The Debtor disclosed total assets of $12.7 million and total liabilities and $32.9 million as of the bankruptcy filing. The Debtor owns a parcel of land of 1,637 square meters, with commercial property known as the San Juan Beach Hotel, a 96-room hotel. The hotel is located at 1045, Ashford Avenue, Condado, San Juan, Puerto Rico. The company claims the property is worth $11 million based on appraised value. Banco Popular de Puerto Rico is owed $17.5 million, of which $6.56 million is unsecured. SCIENTIFIC GAMES: William Thompson Quits From Board --------------------------------------------------- Scientific Games Corporation's Board of Directors elected William C. Thompson, Jr., as a director effective March 5, 2015. Shortly following the filing of the Form 8-K on March 11, 2015, the Company learned that Mr. Thompson cannot simultaneously serve on both the Company's Board and the New York State Gaming Facility Location Board (on which Mr. Thompson also currently serves). Mr. Thompson informed the Company that he would be resigning from the Company's Board, effective immediately, and that his resignation was not in connection with any disagreement with the Company on any matter relating to operations, policies or practices, according to a document filed with the Securities and Exchange Commission. About Scientific Games Scientific Games Corporation is a developer of technology-based products and services and associated content for worldwide gaming and lottery markets. The Company's portfolio includes instant and draw-based lottery games; electronic gaming machines and game content; server-based lottery and gaming systems; sports betting technology; loyalty and rewards programs; and social, mobile and interactive content and services. Visit http://www.scientificgames.com/ Scientific Games reported a net loss of $30.2 million in 2013, a net loss of $62.6 million in 2012 and a net loss of $12.6 million in 2011. The Company's balance sheet at Sept. 30, 2014, showed $4.03 billion in total assets, $3.93 billion in total liabilities and $105.7 million in total stockholders' equity. * * * The TCR reported on May 21, 2014, that Moody's Investors Service downgraded Scientific Games Corporation's ("SGC") Corporate Family Rating to 'B1'. The downgrade reflects Moody's view that slower than expected growth in SGC's Gaming and Instant Products segments will cause Moody's adjusted leverage to exceed 6.0 times by the end of 2014. As reported by the TCR on Aug. 5, 2014, Standard & Poor's Ratings Services lowered its corporate credit rating to 'B+' from 'BB-' on Scientific Games Corp. "The downgrade and CreditWatch placement follow Scientific Games' announcement that it has agreed to acquire Bally Technologies for $5.1 billion, including the refinancing of about $1.8 billion in net debt at Bally," said Standard & Poor's credit analyst Ariel Silverberg. SEANERGY MARITIME: Claudia Restis Reports 43% Stake as of Dec. 30 ----------------------------------------------------------------- In a Schedule 13D filed with the U.S. Securities and Exchange Commission, Claudia Restis disclosed that as of Dec. 30, 2014, she beneficially owned 8,707,173 shares of common stock of Seanergy Maritime Holdings Corp., which represents 43.8 percent of the shares outstanding. Also as of that date, Jelco Delta Holding Corp. benefically owned 4,440,000 common shares and Comet Shipholding Inc. beneficially owned 4,267,173 common shares. Comet Shipholding reported the acquisition of an additional 800,000 shares of Common Stock on Sept. 30, 2014, at a price of $0.60 per share, pursuant to a Share Purchase Agreement entered into among the Company, Plaza Shipholding Corp. and Comet, dated Sept. 29, 2014. Jelco Delta Holding Corp. reported the acquisition of 4,440,000 shares of Common Stock on Dec. 30, 2014, at a price of $0.25 per share, pursuant to a Share Purchase Agreement entered into between the Company and Jelco dated Dec. 19, 2014. No borrowed funds were used to purchase the Acquired Shares, other than funds borrowed from affiliates of the Reporting Persons used for working capital purposes in the ordinary course of business. A full-text copy of the regulatory filing is available at: http://is.gd/BxtLUP About Seanergy Athens, Greece-based Seanergy Maritime Holdings Corp. is an international company providing worldwide seaborne transportation of dry bulk commodities. The Company owns and operates a fleet of seven dry bulk vessels that consists of three Handysize, two Supramax and two Panamax vessels. Its fleet carries a variety of dry bulk commodities, including coal, iron ore, and grains, as well as bauxite, phosphate, fertilizer and steel products. Seanergy Maritime reported net income of $10.90 million on $23.07 million of net vessel revenue for the year ended Dec. 31, 2013, as compared with a net loss of $194 million on $55.6 million of net vessel revenue for the year ended Dec. 31, 2012. Ernst & Young (Hellas) Certified Auditors Accountants S.A., in Athens, Greece, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company, as of December 31, 2013 continued to be in breach of certain terms and covenants of the loan facility with its remaining lender, and had a working capital deficit and an accumulated deficit. Following the disposal of its entire fleet subsequent to December 31, 2013 in the context of its restructuring plan, the Company is unable to generate sufficient cash flow to meet its obligations and sustain its continuing operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Sept. 30, 2014, the Company had $3.13 million in total assets, $317,000 in total liabilities and $2.82 million in total shareholders' equity. SEEGRID CORP: SSG Acted as Advisor in Ch. 11 Reorganization ----------------------------------------------------------- SSG Capital Advisors, LLC, acted as the investment banker and financial advisor to Seegrid Corporation in the restructuring of Seegrid's multiple tranches of secured and unsecured debt pursuant to a Chapter 11 Plan of Reorganization in the U.S. Bankruptcy Court for the District of Delaware. The transaction closed in January 2015. Pittsburgh-based Seegrid, the pioneer and leader in three-dimensional vision navigation, provides unique and revolutionary automation technology for materials handling. Engineered with state-of-the-art Seegrid Vision, industrial pallet and tow trucks are transformed to vision guided vehicles. Seegrid's automation system integrates a proprietary and patented software technology to see its environment, map it in a virtual grid and guide the vehicle. Giant Eagle Inc. is the Company's largest shareholder and lender. As Seegrid brought its product to market, it sought additional funding to further exploit its proprietary technology. Despite multiple marketing efforts by third parties and management, the Company was unable to find the funding it needed and instead relied on its existing shareholders, primarily Giant Eagle, for funding. In the summer of 2014, a large portion of Seegrid's debt matured and the Company did not have enough cash to satisfy those obligations. All but one of the lenders holding the debt agreed to extend maturity. As a result, the Company filed a Chapter 11 to effectuate a Plan of Reorganization to allow Seegrid to continue as an ongoing entity. The Company retained SSG to provide various services to support the proposed Plan, including an enterprise valuation, liquidation valuation, feasibility analysis and expert reports and testimony. After only three months in Chapter 11, the Plan was confirmed and closed in January, 2015. Other professionals who worked on the transaction include: * Robert J. Dehney, Curtis S. Miller, John P. DiTomo, Kenneth J. Nachbar, Megan Ward Cascio, Daniel B. Butz, Matthew R. Clark, Matthew B. Harvey, Zi-Xiang Shen and Richard J.W. Li of Morris, Nichols, Arsht & Tunnell LLP, counsel to Seegrid Corporation; * Thomas G. Buchanan, James D. Newell, Zakarij O. Thomas, Tyler S. Dischinger and Kathleen A. Murphy of Buchanan Ingersoll & Rooney PC, counsel to Seegrid Corporation; * Paul M. Singer, J. Cory Falgowski, Joseph D. Filloy and Luke Sizemore of Reed Smith LLP, counsel to Giant Eagle Inc.; * Patrick Neligan, Jr., Douglas J. Buncher and Seymour Roberts, Jr. and Douglas Dunn of Neligan Foley LLP, counsel to the Horbal Group; * Andrew Affa, Catherine A. Pastrikos, Preston Postlethwaite, Erik Harmon, Ian Shaw and John Barrett of Bickel and Brewer, counsel to the Horbal Group; * Mark D. Collins, Marcos A. Ramos, Robert J, Stearn, Jr., and Robert C. Maddox of Richards Layton and Finger, PA, counsel to the Horbal Group; and * Albert S. Conly of FTI Consulting, expert witness for the Horbal Group. About SSG Capital Advisors, LLC SSG Capital Advisors is an independent boutique investment bank that assists middle-market companies and their stakeholders in completing special situation transactions. It provides its clients with comprehensive investment banking services in the areas of mergers and acquisitions, private placements, financial restructurings, valuations, litigation and strategic advisory. SSG has a proven track record of closing over 250 transactions in North America and Europe and is one of the leaders in the industry. Securities are offered through SSG Capital Advisors, LLC (Member SIPC, Member FINRA). All other transactions are effectuated through SSG Advisors, LLC, both of which are wholly owned by SSG Holdings, LLC. SSG is a registered trademark for SSG Capital Advisors, LLC and SSG Advisors, LLC. SSG provides investment banking, restructuring advisory, merger, acquisition and divestiture services, private placement services and valuation opinions. About Seegrid Corporation Pittsburgh-based Seegrid Corporation is a developer of robotic vision-guided automated vehicles. It was founded in 2003 by two Carnegie Mellon University robotic scientists, Hans Moravec and Scott Friedman. Seegrid Corporation filed for Chapter 11 bankruptcy protection (Bank. D. Del. Case No. 14-12391) on Oct. 21, 2014, estimating its assets at $1 million to $10 million and its debt at $50 million to $100 million. The Hon. Brendan Linehan Shannon presides over the case. The petition was signed by David Hellman, president. SOUPMAN INC: MaloneBailey Expresses Going Concern Doubt ------------------------------------------------------- Soupman, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the fiscal year ended Aug. 31, 2014. MaloneBailey, LLP, expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company incurred net losses for the year ended Aug. 31, 2014 and has a working capital deficit as of Aug. 31, 2014. The Company reported a net loss of $3.35 million on $3.1 million of total revenue for the fiscal year ended Aug. 31, 2014, compared with a net loss of $6.57 million on $2.38 million of total revenue in the prior year. The Company's balance sheet at Aug. 31, 2014, showed $1.07 million in total assets, $11.48 million in total liabilities and total stockholders' deficit of $10.41 million. A copy of the Form 10-K is available at: http://is.gd/E2ac2h About Soupman Inc. Staten Island, New York-based Soupman, Inc., currently manufactures and sells soup to grocery chains and other outlets and to its franchised restaurants under the brand name "The Original Soupman". The Company reported a net loss of $299,000 on $756,000 of total revenue for the three months ended May 31, 2014, as compared with a net loss of $521,000 on $496,000 of total revenue for the same period last year. The Company's balance sheet at May 31, 2014, showed $1.17 million in total assets, $10.96 million in total liabilities, and a stockholders' deficit of $9.79 million. SOUTHERN PACIFIC RESOURCES: S&P Withdraws 'D' Corp. Credit Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services said it withdrew its ratings, including its 'D' long-term corporate credit rating, on Calgary, Alta.-based Southern Pacific Resources Corp. due to a lack of information. Southern Pacific has filed for creditor protection under the Companies' Creditors Arrangement Act bankruptcy process on Jan. 20, 2015. Subsequently, the company announced that it will not be filing its interim financial statements and management discussion and analysis for the three and six months ended Dec. 31, 2014; and related disclosures that were due Feb. 13, 2015. On Feb. 20, Southern Pacific announced its intent to sell or restructure the company. STANDARD REGISTER: Has $275M Deal With Silver Point --------------------------------------------------- The Standard Register Company on March 12 disclosed that it and its subsidiaries have filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company also disclosed that it is pursuing a sale process and has entered into an acquisition agreement with an affiliate of Silver Point Capital, L.P. The agreement was submitted to the Bankruptcy Court on March 12. Under the proposed agreement, the Company's assets will be sold for approximately $275 million plus the assumption of certain other liabilities. The sale agreement contemplates a Court-supervised auction process, which is designed to facilitate a competitive sale process. Subject to the results at auction, the closing of the transaction is subject to the satisfaction of usual and customary conditions, including obtaining Court approval and all necessary regulatory consents. The Company believes that this sale will right-size the business' balance sheet by significantly reducing its outstanding indebtedness and other liabilities to better position the business for long-term growth and profitability in the hands of a capable buyer. Silver Point Capital is a private investment firm managing approximately $8.5 billion. The Company is supported by its existing secured lenders, including Bank of America, N.A. and Silver Point, who have agreed to extend $155 million in financing in the form of a debtor-in-possession (DIP) credit facility. The DIP facility should provide the Company with ample liquidity to facilitate its sale process and to fund operations. The Company also has filed and expects to obtain approval for various customary motions seeking court authorization to continue to support its business operations during the sale process, including honoring employee wages and benefits in the ordinary course and honoring its customer programs. The Company intends to pay suppliers under normal terms for goods and services provided on or after the filing date of March 12, 2015. The Company appreciates the support of its customers and suppliers and expects to continue its relationships with them in the ordinary course of business. "Standard Register has a fundamentally stable underlying business with a large, diverse customer base and a strong portfolio of solutions that include integrated communications, product marking and decoration (labels), document management, promotional marketing and technology/professional services, but our ability to invest in growth has been hampered by our debt structure and legacy liabilities," said Joseph P. Morgan, Jr., president and chief executive officer. "In response to the traditional print market decline, Standard Register repositioned itself as a market focused integrated communications provider where today, the majority of both revenue and profit are being derived." "The Board and management team have conducted a rigorous assessment of all of our strategic options and believe that this process represents the best possible solution for Standard Register. We are grateful for the support of our lenders and have sufficient financing to fund our operations as we complete a process that should result in greater flexibility for investment in the future," concluded Mr. Morgan. "We are thankful to our dedicated employees who continue to work diligently to deliver value and a high level of customer service." As recently announced, Kevin Carmody, a Practice Leader with McKinsey Recovery & Transformation Services U.S., LLC, has been appointed Chief Restructuring Officer. The Company indicated that it expects to provide additional details with respect to the Chapter 11 filing as soon as they are available. More information, including access to court documents, can be accessed at http://cases.primeclerk.com/standardregister(court-appointed claims agent site) or http://www.deb.uscourts.gov-- the official Bankruptcy Court website. The Company's shareholders are cautioned that trading in shares of the Company's common stock during the pendency of the bankruptcy process will be highly speculative and will pose substantial risks. The Company believes it is probable there will be no recovery for any equity holder in the bankruptcy proceedings. Accordingly, the Company urges extreme caution with respect to existing and future investments in its common stock. About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. Standard Register's legal advisor for the Chapter 11 proceedings is Gibson, Dunn & Crutcher LLP. Lazard Freres & Co. LLC serves as financial advisor to the Company. STEVIA CORP: Files Amendment to Dec. 31 Quarter Report ------------------------------------------------------ Stevia Corp. filed with the U.S. Securities and Exchange Commission an amendment to its quarterly report on Form 10-Q for the quarter ended Dec. 31, 2014. A copy of the Form 10-Q/A is available at http://is.gd/xIqgkQ The Company disclosed a net loss of $1.18 million on $255,000 of total revenue for the three months ended Dec. 31, 2014, compared with a net loss of $831,000 on $389,000 of total revenue for the same period during the prior year. The Company's balance sheet at Dec. 31, 2014, showed $6.99 million in total assets, $4.15 million in total liabilities, and stockholders' equity of $2.84 million. The Company had an accumulated deficit at Dec. 31, 2014, and net cash used in operating activities for the reporting period then ended. These factors raise substantial doubt about the Company's ability to continue as a going concern, according to the regulatory filing. Indianapolis, Indiana-based Stevia Corp. was incorporated on May 21, 2007, in the State of Nevada under the name Interpro Management Corp. On March 4, 2011, the Company changed its name to Stevia Corp. and effectuated a 35 for 1 forward stock split of all of its issued and outstanding shares of common stock. SUPER BUY: Court Order Dissolution of Unsecured Creditors Panel --------------------------------------------------------------- The Bankruptcy Court entered an order dissolving the Unsecured Creditors Committee in the Chapter 11 cases of Super Buy Furniture Inc., also known as Casa Pitusa Muebles y Enseres. Guy G. Gebhardt, Acting U.S. Trustee for Region 21, has requested the Committee be dissolved as it was considered as not duly constituted either for lack of members or creditors who are willing to serve in the same, or do not meet the statutory requirements. The U.S. Trustee related that multiple agreements have been reached between the Committee and the Debtor, and after the modification, four of the remaining members transferred their claims to another entity leaving only one creditor as a member (P.F. Stores, Inc., c/o Israel Kopel Amster) On Feb. 17, 2015, at the hearing to consider the approval of the disclosure statement, the Debtor and the Committee reaffirmed their agreements and the disclosure statement was approved. About Super Buy Furniture Cidra, Puerto Rico-based Super Buy Furniture, Inc., operator of furniture stores throughout Puerto Rico under the business name of "Casa Pitusa Muebles y Enseres", filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 14-05523) in Old San Juan, Puerto Rico, on July 3, 2014. The Company disclosed $18.2 million in assets and $26.8 million in debt in its original schedules. The Company has tapped the firm O'Neill & Borges, in San Juan, Puerto Rico, as counsel, and CPA Luis R. Carrasquillo & Co., P.S.C., as financial consultant. The Debtor, the Official Committee of General Unsecured Creditors, Empresas Berrios, Inc., and Rent Express by Berrios, Inc., submitted a Joint Plan of Reorganization and explanatory Disclosure Statement dated Dec. 23, 2014. The Plan contemplates the orderly liquidation of Super Buy's assets through their sale in an organized manner overseen by Debtor and the Committee. It is estimated that the liquidation will take from six to nine months, as of Dec. 1, 2014. Discounts for the sale of Debtor's assets will be agreed to by the Parties and will depend on the demand by customers. The U.S. Trustee for Region 21 appointed seven creditors to serve in the official committee of unsecured creditors in the case. Javier Vilarino and Ferraiuoli, LLC, serve as legal counsel to the Creditors Committee. TALBOT ENTERPRISES: Case Summary & 4 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Talbot Enterprises of Pine Bluff, Inc. dba White Hall Store It All 7003 Dollarway Road White Hall, AR 71602 Case No.: 15-11195 Chapter 11 Petition Date: March 13, 2015 Court: United States Bankruptcy Court Eastern District of Arkansas (Pine Bluff) Judge: Hon. Richard D. Taylor Debtor's Counsel: J. Brad Moore, Esq. FREDERICK S. WETZEL, III, P.A. 200 North State Street, Suite 200 Little Rock, AR 72201 Tel: 501-663-0535 Fax: 501-372-1550 Email: jbmoore@fswetzellaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Beau Talbot, president. A list of the Debtor's four largest unsecured creditors is available for free at http://bankrupt.com/misc/areb15-11195.pdf TRUMP ENTERTAINMENT: Court OKs Deal With Trump and Icahn Parties ---------------------------------------------------------------- Trump Entertainment Resorts, Inc., et al., sought and obtained the Court's approval of a settlement by and among (i) the Debtors, (ii) Trump AC Casino Marks LLC, Donald J. Trump, Ivanka Trump and DJT Aerospace LLC, and (iii) Icahn Agency Services, LLC, Icahn Partners LP, Icahn Partners Master Fund LP and IEH Investments I LLC. In the interest of preserving and maximizing estate assets, and paving the way towards confirmation of the Plan, the Debtors and the First Lien Parties engaged the Trump Parties in extensive good faith and arm's length discussions regarding (i) the Second Amended and Restated Trademark License Agreement with the Trump Parties ("TLA"), (ii) the Equipment Lease Claim amounting to $263,981 asserted by DJT Aerospace, (iii) the DJT Ground Lease Claim in an aggregate amount of not less than $172,216, and (iv) various disputes with respect to the Trump Parties' issues regarding the Plan. As a result of these discussions, the Parties have reached a resolution that is embodied in the Settlement Agreement. The key terms of the Settlement Agreement are: -- Pending the hearing on this Motion, the Trump Parties will not assert or pursue any objection to the Plan (and will discontinue any discovery in connection with a potential objection to the Plan by the Trump Parties), and through the time, all rights, claims and objections of the Trump Parties will be preserved. From and after the Settlement Effective Date, the Trump Parties will and will cause any and all of their affiliates to support confirmation of the Plan; -- On the Settlement Effective Date, Trump AC will cause the State Court Action filed by Trump AC in the Superior Court of New Jersey, Chancery Division, Atlantic County, against certain of the Debtors and Icahn Agency Services, LLC, to be dismissed without prejudice; provided, however, on the Plan Effective Date, the State Court Action will be deemed to be dismissed with prejudice; -- On the Settlement Effective Date, (i) Trump Marina and Trump Plaza will no longer constitute Qualifying Casino Properties, provided that Trump AC will not claim that the Licensee Entities are in default under the TLA in connection with Trump Marina or Trump Plaza so long as the Licensee Entities comply with the provisions of the Settlement Agreement); -- Effective as of the Settlement Effective Date, the Licensee Entities will remove, at their sole cost and expense, and to Trump AC's reasonable satisfaction, any and all vestiges of the names "Trump Plaza", "Trump" and any and all derivations thereof on the exterior of Trump Plaza on or before the date that is 30 days following the receipt by the Licensee Entities of written notice from Trump AC directing them to perform that work; -- Effective as of the Settlement Effective Date, in the event that Trump Taj will cease to be continuously and uninterruptedly occupied and operated as a Qualifying Casino Property for a period of more than 90 days, Trump AC will have the immediate right to terminate the TLA by giving written notice of termination to the Licensee Entities; -- On the Settlement Effective Date, the Debtors will amend the Plan to be consistent with the Settlement Agreement; -- On the Settlement Effective Date, based solely on the Amendment, and contingent upon the occurrence of the Plan Effective Date, Trump AC consents and will be deemed to have consented in accordance with the TLA to the Reorganized Debtors' assumption of the TLA; -- On the Plan Effective Date, the parties to the TLA will enter into an amendment to the TLA; -- On the Plan Effective Date, the Reorganized Debtors will pay to DJT the sum of $172,216 in full satisfaction of the DJT Ground Lease Claim. -- On the Plan Effective Date, the Reorganized Debtors will assume the Ground Lease, cure any and all monetary defaults under the Ground Lease, and will promptly thereafter deliver to DJT evidence of the assumption and cure; and -- On the Plan Effective Date, the Reorganized Debtors will pay to DJT Aerospace the amount of the Equipment Lease Claims as are determined by the Bankruptcy Court to be allowed administrative expense claims. About Trump Entertainment Resorts Trump Entertainment Resorts Inc., owner of the Atlantic City Boardwalk casinos that bear the name of Donald Trump, returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on September 9, 2014, with plans to shutter its casinos. TER and its affiliated debtors own and operate two casino hotels located in Atlantic City, New Jersey. TER said it will close the Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2014. The Debtors have sought an order authorizing the joint administration of their Chapter 11 cases and the consolidation thereof for procedural purposes only. Judge Kevin Gross presides over the Chapter 11 cases. The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as noticing and claims agent. TER estimated $100 million to $500 million in assets as of the bankruptcy filing. The Debtors as of Sept. 9, 2014, owe $286 million in principal plus accrued but unpaid interest of $6.6 million under a first lien debt issued under their 2010 bankruptcy-exit plan. The Debtors also have trade debt in the amount of $13.5 million. The Official Committee of Unsecured Creditors tapped Gibbons P.C. as its co-counsel, the Law Office of Nathan A. Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as its financial advisor. TRUMP ENTERTAINMENT: Deadline to Decide on Sweep Road Lease Moved ----------------------------------------------------------------- Trump Entertainment Resorts, Inc., et al., submitted to the U.S. Bankruptcy Court for the District of Delaware a statement in further support of their certification of counsel regarding the proposed order further extending the time within which the Debtors must assume or reject a certain unexpired lease of nonresidential real property with the prior written consent of the lessor under the lease and response to the preliminary objection and supplemental objection of Donald J. Trump to the Certification of Counsel. Prior to the Petition Date, through a series of several assignments, the Debtors became a party to the Lease, pursuant to which the Debtors lease a parcel of land known as the "sweep road," which provides certain access to the Trump Plaza Hotel and Casino. Under the Lease, the Debtors are required to pay rent on an annual basis on September 1st of each year, and to pay real property taxes related to the Lease directly to the appropriate taxing authority, as and when those taxes come due. The Debtors understand that at some point in December 2014, Atlantic City sold a tax certificate for the 2014 Taxes. Thereafter, the Debtors understand from discussions with, and pleadings filed by, Mr. Trump and R&R Associates, that R&R Associates requested, again pursuant to the Guaranty, that Mr. Trump satisfy the 2014 Taxes. As a result of an agreement with R&R Associates, Mr. Trump advanced to R&R Associates the funds necessary for R&R Associates to redeem the tax certificate for the 2014 Taxes, which the Debtors understand (as a result of the Objection and the Response) R&R Associates did. As the Debtors have previously advised the Court in connection with various matters, including the Court's entry of an order authorizing the Debtors' rejection of their collective bargaining agreement with Local 54-Unite Here for the Trump Taj Mahal Casino Resort, the Debtors deferred paying real estate taxes due to the City of Atlantic City for the third and fourth quarters of 2014, in light of the outstanding dispute with Atlantic City regarding the assessed values of the underlying real property, including the Lease Property. As set forth in the Certification of Counsel, the Court extended the deadline for the Debtors to assume or reject unexpired leases of nonresidential real property under which one or more of the Debtors are lessees, through and including the earlier of (i) April 7, 2015, and (ii) the date of the entry of an order confirming a plan of reorganization. In light of the Current Deadline rapidly approaching, the Debtors asked consent, and R&R Associates consented, to an extension of the Current Deadline for the Lease, through and including the earlier of (i) July 10, 2015, and (ii) the Effective Date. Mr. Trump subsequently filed a preliminary objection and a supplemental objection. The Debtors argue that there is no basis for Mr. Trump to insert himself into a consensual agreement between the Debtors, as the lessee, and R&R Associates, as the lessor, for an extension of the Current Deadline with respect to the Lease. The Debtors contend that Mr. Trump has no standing to object to the Extension or the entry of the Proposed Order or any ability to usurp, limit or condition the consent of R&R Associates to the Extension because he is not the lessor under the Lease or even a party to it. Accordingly, the Debtors ask the Court to overrule the Objection. * * * The Court granted the Debtors' request and extended the deadline for the Debtors to assume the Lease through and including the earlier of (i) July 10, 2015, and (ii) the Effective Date of the Debtors' Plan of reorganization. About Trump Entertainment Resorts Trump Entertainment Resorts Inc., owner of the Atlantic City Boardwalk casinos that bear the name of Donald Trump, returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on September 9, 2014, with plans to shutter its casinos. TER and its affiliated debtors own and operate two casino hotels located in Atlantic City, New Jersey. TER said it will close the Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2014. The Debtors have sought an order authorizing the joint administration of their Chapter 11 cases and the consolidation thereof for procedural purposes only. Judge Kevin Gross presides over the Chapter 11 cases. The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as noticing and claims agent. TER estimated $100 million to $500 million in assets as of the bankruptcy filing. The Debtors as of Sept. 9, 2014, owe $286 million in principal plus accrued but unpaid interest of $6.6 million under a first lien debt issued under their 2010 bankruptcy-exit plan. The Debtors also have trade debt in the amount of $13.5 million. The Official Committee of Unsecured Creditors tapped Gibbons P.C. as its co-counsel, the Law Office of Nathan A. Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as its financial advisor. TRUMP ENTERTAINMENT: DIP Credit Agreement Revised ------------------------------------------------- Trump Entertainment Resorts, Inc., et al., filed papers asking the U.S. Bankruptcy Court for the District of Delaware for an order (i) authorizing the Debtors to execute and deliver and perform under an amendment to the Superpriority Senior Secured Priming Debtor-In-Possession Credit Agreement previously approved by the Court pursuant to the Final DIP Order, and (ii) amending the Final DIP Order on account of the DIP Credit Agreement Amendment. On January 30, 2015, the Court entered the Final DIP Order, which among other things, authorized the Debtors to enter into the DIP Credit Agreement, pursuant to which the DIP Lenders agreed to provide the Debtors with a credit facility under which term loans are to be advanced to the Debtors in the aggregate principal amount of up to $20 million. As the Debtors have previously advised the Court in connection with the Court's entry of an order authorizing them to reject their collective bargaining agreement with Local 54-Unite Here for the Trump Taj Mahal Casino Resort and various other matters, the Debtors deferred paying real estate taxes to Atlantic City for the third and fourth quarters of 2014, in light of the outstanding dispute with Atlantic City regarding the assessed values of the underlying real property. However, since the entry of the Final DIP Order, the Debtors have determined that payment of their first quarter 2015 real estate taxes in the aggregate amount of $8,927,000 by April 1, 2015, to Atlantic City is a critical step in preserving the Debtors' ability to appeal these taxes at the appropriate time. In order to pay the Real Estate Taxes, the Debtors have determined that it is desirable and in the best interests of the Debtors, their estates and creditors and other interested parties to increase the principal amount available under the DIP Facility. In light of these circumstances, the Debtors commenced discussions with the DIP Lenders regarding an amendment to the DIP Credit Agreement that would provide the Debtors with the necessary additional funding. As a result of these discussions, the Debtors and the DIP Lenders entered into the agreement providing for, among other things, the DIP Credit Agreement to be amended through the DIP Credit Agreement Amendment. The salient terms of the DIP Credit Agreement Amendment are: -- The maximum aggregate principal amount of the Term Loans will be increased by $6.5 million by replacing "$20,000,000" with "$26,500,000" in Section 2.01 of the DIP Credit Agreement; -- The Additional Commitment Utilization will be increased by $7 million by replacing "$5,000,000" with "$12,000,000" in Section 5.01(a)(iii) of the DIP Credit Agreement; -- The Debtors will be authorized to pay the Real Estate Taxes out of the Additional Commitment Utilization by: * inserting after clause (c) in Section 5.01(a)(iii) of the DIP Credit Agreement, "(d) with the consent of the Administrative Agent, the Loan Parties shall pay the real estate taxes for the first quarter of 2015 in the amount of $8,927,000 by no later than March 31, 2015"; * changing "(c)" to "(d)" in the definition of "Additional Commitment Utilization" in Section 5.01(a)(iii) of the DIP Credit Agreement; and * changing "(a) through (c)" to "(a) through (d)" in the further proviso in Section 5.01(a)(iii) of the DIP Credit Agreement; and -- Reducing the maximum amount of the Term Loan Commitment that may be used for any permitted purpose under the DIP Credit Agreement other than the Additional Commitment Utilization by $500,000 by replacing "$15,000,000" with "$14,500,000" in Section 5.01(a)(iii) of the DIP Credit Agreement. About Trump Entertainment Resorts Trump Entertainment Resorts Inc., owner of the Atlantic City Boardwalk casinos that bear the name of Donald Trump, returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on September 9, 2014, with plans to shutter its casinos. TER and its affiliated debtors own and operate two casino hotels located in Atlantic City, New Jersey. TER said it will close the Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2014. The Debtors have sought an order authorizing the joint administration of their Chapter 11 cases and the consolidation thereof for procedural purposes only. Judge Kevin Gross presides over the Chapter 11 cases. The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as noticing and claims agent. TER estimated $100 million to $500 million in assets as of the bankruptcy filing. The Debtors as of Sept. 9, 2014, owe $286 million in principal plus accrued but unpaid interest of $6.6 million under a first lien debt issued under their 2010 bankruptcy-exit plan. The Debtors also have trade debt in the amount of $13.5 million. The Official Committee of Unsecured Creditors tapped Gibbons P.C. as its co-counsel, the Law Office of Nathan A. Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as its financial advisor. TRUMP ENTERTAINMENT: Has Until Aug. 10 to Decide on Steinberg Lease ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware extended the time within which Trump Entertainment Resorts, Inc., et al., may assume or reject a certain lease agreement effective as of January 1, 2005, between Exempt Trust u/w Ellsworth H. Steinberg, et al., and Debtor Trump Plaza Associates, LLC, through and including the earlier of (i) August 10, 2015, and (ii) the Effective Date. The Order is without prejudice to the rights of the Debtors and their estates to request additional extensions of time to assume or reject the Lease consistent with Section 365(d)(4)(B)(ii) of the Bankruptcy Code. About Trump Entertainment Resorts Trump Entertainment Resorts Inc., owner of the Atlantic City Boardwalk casinos that bear the name of Donald Trump, returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on September 9, 2014, with plans to shutter its casinos. TER and its affiliated debtors own and operate two casino hotels located in Atlantic City, New Jersey. TER said it will close the Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2014. The Debtors have sought an order authorizing the joint administration of their Chapter 11 cases and the consolidation thereof for procedural purposes only. Judge Kevin Gross presides over the Chapter 11 cases. The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as noticing and claims agent. TER estimated $100 million to $500 million in assets as of the bankruptcy filing. The Debtors as of Sept. 9, 2014, owe $286 million in principal plus accrued but unpaid interest of $6.6 million under a first lien debt issued under their 2010 bankruptcy-exit plan. The Debtors also have trade debt in the amount of $13.5 million. The Official Committee of Unsecured Creditors tapped Gibbons P.C. as its co-counsel, the Law Office of Nathan A. Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as its financial advisor. UTSTARCOM HOLDINGS: Incurs $14.2 Million Net Loss for Q4 -------------------------------------------------------- UTStarcom Holdings Corp. reported a net loss of $14.2 million on $32.9 million of net sales for the three months ended Dec. 31, 2014, compared to a net loss of $16.05 million on $38.3 million of net sales for the same period during the prior year. For the 12 months ended Dec. 31, 2014, the Company reported a net loss of $30.26 million on $129 million of net sales compared to a net loss of $22.7 million on $164 million of net sales during the previous year. As of Dec. 31, 2014, the Company had $279 million in total assets, $164 million in total liabilities, and $115 million in total equity. As of Dec. 31, 2014, cash and cash equivalents were $77.8 million. Mr. William Wong, UTStarcom's chief executive officer, stated, "We are pleased that we continued to make progress in the transformation of our business during 2014, despite various market challenges and headwinds. Throughout the year we consistently exceeded revenue expectations, brought further discipline and efficiency to our business, and maintained a very strong balance sheet. Further, we made significant progress in further building out our business to enable and support stronger and more effective growth going forward. Specifically, we appointed a number of experienced executives to aggressively drive our go-to-market strategies, continued to evolve our product mix to include higher margin offerings that our customers are planning to adopt, extended important client relationships and made great strides in our aggressive geographic expansion in target markets including India, North America, and Japan. We continued to streamline our operational efficiencies and achieved over a 30% reduction in expenses. While we continue to move through the transition of our business, we are confident that we have put in place a very strong foundation for future growth. Our full Board and management team are solely focused on maximizing the opportunities for global growth that are ahead of us in our dynamic industry." Mr. Min Xu, UTStarcom's chief financial officer, said, "By tightly managing our operations during the year, we were able to beat revenue expectations, deliver a 32.3% reduction in operation expenses, and further streamlined our operations. Our $40 million share repurchase program highlighted not only our confidence in the future of our business but also our strong intention to enhance shareholder value. While the operating environment remains challenging, we are confident that we are on the right track to succeed over the long-term." A full-text copy of the press release is available at: http://is.gd/Bk2Ek9 About UTStarcom, Inc. UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a global leader in IP-based, end-to-end networking solutions and international service and support. The Company sells its solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost-efficient, end-to-end IP networks. The Company's headquarters are currently in Alameda, California, with its research and design operations primarily in China. VESTOR HOMES: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Vestor Homes LLC 1600 Calebs Path Hauppauge, ny 11788 Case No.: 15-70991 Chapter 11 Petition Date: March 13, 2015 Court: United States Bankruptcy Court Eastern District of New York (Central Islip) Judge: Hon. Louis A. Scarcella Debtor's Counsel: Chauncey D Henry, Esq. HENRY LAW GROUP 825 E Gate Blvd, Ste 106 Garden City, NY 11530 Tel: 516-366-4367 Email: chauncey.henry@lawhenry.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The Debtor did not include a list of its largest unsecured creditors when it filed the petition. VIRTUAL PIGGY: Issues $2 Million 10% Convertible Notes ------------------------------------------------------ Virtual Piggy, Inc., disclosed in a document filed with the U.S. Securities and Exchange Commission that it issued $2,000,000 aggregate principal amount of its 10% Secured Convertible Promissory Notes due March 5, 2016, to certain accredited investors on March 6, 2015. The Notes are convertible by the holders, at any time, into shares of the Company's Series B Cumulative Convertible Preferred Stock at a conversion price of $90.00 per share, subject to adjustment for stock splits, stock dividends and similar transactions with respect to the Series B Preferred Stock only. Each share of Series B Preferred Stock is currently convertible into 100 shares of the Company's common stock at a current conversion price of $0.90 per share, subject to anti-dilution adjustment as described in the Certificate of Designation of the Series B Preferred Stock. In addition, pursuant to the terms of a Security Agreement entered into on March 6, 2015, by and among the Company, the Investors and a collateral agent acting on behalf of the Investors, the Notes are secured by a lien against substantially all of the Company's business assets. Pursuant to the Purchase Agreement, the Company also granted piggyback registration rights to the holders of the Series B Preferred Stock upon a conversion of the Notes. About Oink (Virtual Piggy, Inc.) Virtual Piggy is the provider of Oink, a secure online and in-store teen wallet. Oink enables teens to manage and spend money within parental controls, while gaining valuable financial management skills. The technology company also delivers payment platforms designed for the Under 21 age group in the global market, and enables online businesses the ability to function in a manner consistent with the Children's Online Privacy Protection Act and similar international children's privacy laws. The company, based in Hermosa Beach, CA, is on the Web at: http://www.oink.com/and holds three technology patents, US Patent No. 8,762,230, 8,650,621 and 8,812,395. The Company's balance sheet at Sept. 30, 2014, showed $4.11 million in total assets, $5.59 million in total liabilities and a stockholders' deficit of $1.49 million. "The Company has incurred significant losses and experienced negative cash flow from operations during the development stage. These conditions raise substantial doubt about the Company's ability to continue as a going concern," according to the Company's quarterly report for the period ended Sept. 30, 2014. WEBSTER FINANCIAL: Fitch Affirms 'B+' Rating on Preferred Stock --------------------------------------------------------------- Fitch Ratings has affirmed and withdrawn the 'BBB/F2' long- and short-term IDRs for Webster Financial Corporation (WBS) and its principal banking subsidiary Webster Bank, NA. The ratings are being withdrawn for commercial reasons. KEY RATINGS DRIVERS - IDRs, VRs, AND SENIOR DEBT WBS' rating affirmation reflects its solid Connecticut franchise and operating performance and asset quality in line with its rating category. Moreover, WBS has further strengthened its franchise through the third-quarter 2014 (3Q'14) announced acquisition of JP Morgan's health savings account (HSA) business. The HSA business provides a solid source of long-duration deposit funding for the WBS, which will be a benefit to the bank over the long term. Fitch views WBS' earnings profile as being representative of its rating category. Earnings measures are solid and finished above 2014 the mid-tier median peer level. Earnings are relatively more concentrated in spread revenues than its peers. However, WBS has maintained a more stable net interest margin than its peers. WBS solid earnings are due in part to relatively stronger operating leverage than its peers. In addition, WBS' earnings profile is also aided by a relatively higher yielding securities portfolio due to a sizeable CMBS portfolio, which has had strong performance. Over 25% of WBS' securities portfolio is invested in higher yielding and relatively riskier, non-government guaranteed securities. Asset quality is also an attribute that Fitch views representative of WBS' rating category. Although nonperforming assets (NPAs) rank in the top quartile of the mid-tier group at over 2.7%, this number is significantly impacted by WBS' conservative approach to trouble debt restructure (TDR) identification which Fitch includes in its NPA calculation. Over 50% of the bank's nonperforming assets are performing TDRs. As a result, Fitch expects WBS' NPA levels to continue to rank in the top quartile of the mid-tier bank group since TDRs retain their classification for the life of the loan. Capital levels, although adequate, represent a modest weakness relative to WBS' rating. WBS' tangible common equity ratio was 7.45% at the end of 2014, which ranks in the bottom quartile of the mid-tier bank group. RATING SENSITIVIES - IDRs, VRs, AND SENIOR DEBT Rating sensitivities are no longer relevant given rating withdrawal. KEY RATING DRIVERS - LONG AND SHORT TERM DEPOSIT RATINGS Webster Bank's uninsured deposit ratings are rated one notch higher than WBS' IDR and senior unsecured debt because U.S. uninsured deposits benefit from depositor preference. Fitch believes U.S. depositor preference gives deposit liabilities superior recovery prospects in the event of default. RATING SENSITIVITIES - LONG AND SHORT TERM DEPOSIT RATINGS Rating sensitivities are no longer relevant given the rating withdrawal. KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR The Support Rating of '5' and Support Ratings Floor of 'NF' reflect Fitch's view that WBS and Webster Bank are not considered systemically important and therefore, the probability of support is unlikely. RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR Rating sensitivities are no longer relevant given rating withdrawal. KEY RATING DRIVERS - HOLDING COMPANY The IDR and VR of WBS are equalized with those of its chief operating company, Webster Bank, reflecting its role as the bank holding company, which is mandated in the U.S. to act as a source of strength for its bank subsidiaries. RATING SENSITIVITIES - HOLDING COMPANY Rating sensitivities are no longer relevant given the rating withdrawal. Fitch has affirmed and withdrawn these ratings with a Stable Outlook: Webster Financial Corporation -- Long-term IDR 'BBB'; -- Short-term IDR 'F2'; -- Senior debt 'BBB'; -- Viability Rating 'bbb'; -- Preferred stock 'B+'; -- Support'5'; -- Support Floor 'NF'; Webster Bank, NA -- Long-term IDR 'BBB'; -- Short-term IDR 'F2'; -- Viability Rating 'bbb'; -- Long-term deposits 'BBB+'; -- Short-term deposits 'F2'; -- Support '5'; -- Support Floor 'NF'; WEST CORP: Prices Secondary Offering of Common Stock ---------------------------------------------------- West Corporation announced the pricing of an underwritten public offering of 11,000,000 shares of common stock by certain of its existing stockholders at a public offering price of $30.75 per share. The underwriters of the offering have a 30-day option to purchase up to an additional 1,650,000 shares of common stock from the selling stockholders at the public offering price, less underwriting discounts and commissions. Subject to customary conditions, the offering is expected to close on March 18, 2015. All of the shares of common stock in the offering will be sold by investors related to Thomas H. Lee Partners, L.P. and Quadrangle Group LLC. Neither the Company nor the Company's management is selling any shares of common stock in the offering, and the Company will not receive any proceeds from the offering by the selling stockholders. In addition, as previously announced, the Company has entered into an agreement with the selling stockholders to repurchase 1,000,000 shares of common stock from the selling stockholders in a private transaction, concurrently with the closing of the offering. The shares will be repurchased at a price of $29.60 per share, for an aggregate purchase price of $29,600,000. The closing of the share repurchase is contingent on, and expected to occur simultaneously with, the closing of the offering, subject to the satisfaction of other customary conditions. The closing of the offering is not contingent on the closing of the share repurchase. The lead joint book-running managers of the offering are Goldman, Sachs & Co. and Morgan Stanley & Co. LLC, along with book-running managers BofA Merrill Lynch, Barclays Capital Inc., Citigroup, Deutsche Bank Securities Inc. and Wells Fargo Securities. A shelf registration statement (including prospectus) relating to these securities was filed and became effective with the Securities and Exchange Commission on March 9, 2015. Information about the offering is available in the prospectus supplement to be filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may be obtained by contacting: Goldman, Sachs & Co. Morgan Stanley & Co. LLC Prospectus Department Prospectus Department 200 West Street 180 Varick Street, 2nd Floor New York, NY 10282 New York, NY 10014 telephone: 866-471-2526 telephone: 866-718-1649 facsimile: 212-902-9316 email: prospectus@morganstanley.com email: prospectus-ny@ny.email.gs.com About West Corporation Omaha, Neb.-based West Corporation is a global provider of communication and network infrastructure solutions. West helps manage or support essential enterprise communications with services that include conferencing and collaboration, public safety services, IP communications, interactive services such as automated notifications, large-scale agent services and telecom services. West Corp reported net income of $158 million in 2014 following net income of $143 million in 2013. As of Dec. 31, 2014, West Corp had $3.81 billion in total assets, $4.47 billion in total liabilities, and a $660 million total stockholders' deficit. Bankruptcy Warning "If our cash flows and capital resources are insufficient to fund our debt service obligations and to fund our other liquidity needs, we may be forced to reduce or delay capital expenditures or the payment of dividends, sell assets or operations, seek additional capital or restructure or refinance our indebtedness. We cannot make assurances that we would be able to take any of these actions, that these actions would be successful and permit us to meet our scheduled debt service obligations or that these actions would be permitted under the terms of our existing or future debt agreements, including our senior secured credit facilities or the indenture that governs our outstanding notes. Our senior secured credit facilities documentation and the indenture that governs the notes restrict our ability to dispose of assets and use the proceeds from the disposition. As a result, we may not be able to consummate those dispositions or use the proceeds to meet our debt service or other obligations, and any proceeds that are available may not be adequate to meet any debt service or other obligations then due. If we cannot make scheduled payments on our debt, we will be in default of such debt and, as a result: * our debt holders could declare all outstanding principal and interest to be due and payable; * our debt holders under other debt subject to cross default or cross acceleration provisions could declare all outstanding principal and interest on such other debt to be due and payable; * the lenders under our senior secured credit facilities could terminate their commitments to lend us money and foreclose against the assets securing our borrowings; and * we could be forced into bankruptcy or liquidation," the Company stated in its 2014 Report. * * * As reported by the TCR on June 21, 2013, Standard & Poor's Ratings Services raised its corporate credit rating on West Corp. to 'BB-' from 'B+'. The upgrade reflects Standard & Poor's view that lower debt leverage and a less aggressive financial policy will strengthen the company's financial profile. In the April 4, 2013, edition of the TCR, Moody's Investor Service upgraded West Corporation's Corporate Family Rating to 'B1' from 'B2'. "The CFR upgrade to B1 reflects West's shift to a more conservative capital structure and financial policies as a publicly owned company," stated Moody's analyst Suzanne Wingo. WESTERN EXPRESS: S&P Raises CCR to 'B-' Then Withdraws Rating ------------------------------------------------------------- Standard & Poor's Ratings Services raised its corporate credit rating on Western Express Inc. to 'B-' from 'CCC'. The outlook is stable. At the same time, S&P raised the issue-level rating on the $285 million senior secured notes to 'CCC+' from 'CCC-'. The '5' recovery rating, indicates S&P's expectation for modest (10%-30%, at the high end of the range) recovery in the event of a default. S&P then withdrew the ratings on Western Express at the company's request. The rating actions follow the planned refinancing of Western Express' $285 million senior secured notes due April 15, 2015, with a $126 million revolving credit facility due 2020 and $182 million term loan due 2022. The company has issued a notice of redemption for the notes and made the irrevocable deposit of funds, with the effective redemption date of March 25, 2015. Because Western Express' credit profile improves with the successful completion of the refinancing, S&P raised the ratings. S&P is withdrawing the ratings in a separate action at the company's request. WET SEAL: Versa Capital Affiliate Declared Winning Bidder --------------------------------------------------------- Versa Capital Management, LLC, on March 16 disclosed that one of its affiliates was declared the winning bidder in the auction for the business of The Wet Seal, Inc., a specialty retailer in reorganization proceedings. Versa's winning bid includes replacement debtor-in-possession financing, which will be presented for Court approval at a hearing scheduled on March 18, 2015, in the United States Bankruptcy Court for the District of Delaware. Pursuant to Versa's bid, Wet Seal is completing the sale under Section 363 of the Bankruptcy Code. To this end, Wet Seal and an affiliate of Versa have entered into an asset purchase agreement which the parties intend to submit to the Court. Under the purchase agreement, the buyer is to acquire substantially all of the assets of Wet Seal, subject to Court approval and other conditions. More information about the auction and relevant motions can be accessed at http://www.donlinrecano.com/wetseal "Versa Capital is pleased to have prevailed in our effort to acquire Wet Seal's business," said Greg Segall, Chairman and CEO of Versa. "We have been assessing the dramatically shifting landscape in Wet Seal's category for more than a year and determined that Wet Seal, among the many companies we evaluated, was best positioned in the marketplace, and thus we pursued this deal with determination. We now look forward to working with CEO Ed Thomas and the rest of the dedicated Wet Seal team to conclude the transaction and pursue the many opportunities for growth and profitability now available under Versa's ownership." "We believe our agreement with Versa provides the best possible outcome for our creditors, employees, customers and other constituents," said Ed Thomas, CEO of Wet Seal. "We are focused on executing an orderly emergence from bankruptcy court supervision and collaborating with Versa to improve the operational and financial performance of the business." Versa is being advised by Greenberg Traurig LLP, Klehr Harrison Harvey Branzburg LLP, and KPMG LLP. Wet Seal is being advised by Klee, Tuchin, Bogdanoff & Stern LLP, Paul Hastings LLP, and Houlihan Lokey Capital, Inc. About Versa Capital Management Based in Philadelphia, Versa Capital Management -- http://www.versa.com/-- is a private equity investment firm with more than $1.4 billion of assets under management focused on control investments in special situations involving middle market companies where value and performance growth can be achieved through enhanced operational and financial management. Versa's portfolio includes retailers Avenue Stores and Vestis (Bob's Stores, Eastern Mountain Sports and Sport Chalet); restaurants such as Black Angus Steakhouses; community newspapers under Civitas Media; and manufacturers that service a variety of industries. 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. WET SEAL: Versa Capital Outbids B. Riley ---------------------------------------- Sara Randazzo, writing for The Wall Street Journal, reported that a competitive auction over the future of Wet Seal Inc. ended with Versa Capital Management LLC agreeing to take over at least 140 of the teen clothing chain's stores and sink an initial $10 million into the company's operations. According to the Journal, citing people familiar with the matter, Wet Seal's initial savior, B. Riley Financial Inc., was outbid by Philadelphia-based private equity Versa, whose offer includes $7.5 million in cash slated for unsecured creditors, an agreement to pay so-called cure costs as well as administrative and priority claims, and $10 million in exit financing. Versa also agreed to take over a $20 million bankruptcy financing commitment from B. Riley and pay B. Riley a $625,000 breakup fee, the Journal said. 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. There are four members of the Official Committee of Unsecured Creditors. WILD GOOSE: Case Summary & 6 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Wild Goose Farm, LLC 767 East Washington Street Charles Town, WV 25414 Case No.: 15-00237 Chapter 11 Petition Date: March 13, 2015 Court: United States Bankruptcy Court Northern District of West Virginia (Martinsburg) Judge: Hon. Patrick M. Flatley Debtor's Counsel: Tate Morgan Russack, Esq. RUSSACK ASSOCIATES, LLC 100 Severn Ave, Suite 101 Annapolis, MD 21403 Tel: 410-505-4150 Fax: 410-510-1390 Email: Tate@russacklaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Christopher B. Shultz, managing member. A list of the Debtor's six largest unsecured creditors is available for free at http://bankrupt.com/misc/wvnb15-00237.pdf WOLF MOUNTAIN: Court Converts Case to Chapter 7 Proceeding ---------------------------------------------------------- The Hon. Joel T. Marker of the U.S. Bankruptcy Court for the District of Utah converted the Chapter 11 case of Wolf Mountain Products LLC to a Chapter 7 proceeding due to lack of activity on the docket; failure to prosecute a plan or disclosure statement; and failure to file monthly operating reports for December or January. About Wolf Mountain Products Wolf Mountain Products' business consists of harvesting buried wood and bark fines from property it owns in Panguitch, Utah and in Lindon, Utah, and from leased property in Fredonia, Arizona and thereafter selling its products to its customers. Wolf Mountain Products, L.L.C., filed a Chapter 11 petition (Bankr. D. Utah Case No. 13-33869) in Salt Lake City on Dec. 12, 2013. Bryce J. Burns signed the petition as manager. The Orem, Utah-based company disclosed $40,666,583 in assets and $5,627,349 in liabilities as of the Petition Date. Anna W. Drake, Esq., at the law firm of Anna W. Drake, P.C., in Salt Lake City, serves as the Debtor's counsel. Judge Joel T. Marker presides over the case. The U.S. Trustee for Region 19 has selected three creditors to the Official Committee of Unsecured Creditors for the case of the Debtor. YRC WORLDWIDE: Adopts New Form of Restricted Stock Agreement ------------------------------------------------------------ Pursuant to the YRC Worldwide Inc. Amended and Restated 2011 Incentive and Equity Award Plan, YRC Worldwide Inc. may grant from time to time, among other things, restricted stock and performance-based awards to employees, non-employee directors and consultants or independent contractors to the Company. On March 9, 2015, the Compensation Committee of the Board of Directors of the Company adopted a new form of Restricted Stock Agreement and a form of Performance Stock Unit Agreement to grant restricted stock and performance-based stock unit awards, respectively, pursuant to the Plan. The performance-based stock unit awards are intended to align with current market practices in executive compensation and to align executive pay with Company performance. The maximum number of shares that may be earned pursuant to the Performance Stock Unit Agreement will be determined based upon the performance measure of return on invested capital of the Company, measured over a one-year period. The portion of such maximum number of shares that ultimately vest will be based upon continued employment over a three-year period. Depending on the Company's ROIC performance over the performance period and duration that the recipient remains employed with, or provides services to, the Company, the recipient may earn up to 200% of the target number of shares underlying the performance-based stock unit award. Vested units are settled in shares of the Company's common stock. The form of Performance Stock Unit Agreement provides for accelerated or pro-rata vesting and settlement of stock units underlying the performance-based stock unit award in certain circumstances, including in the event of a termination without cause or resignation for good reason, a termination without cause or resignation for good reason within 12 months following a change of control of the Company, or upon death or becoming permanently and totally disabled. About YRC Worldwide Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ: YRCW) -- http://www.yrcw.com/-- is a holding company that offers its customers a wide range of transportation services. These services include global, national and regional transportation as well as logistics. YRC Worldwide reported a net loss attributable to common shareholders of $85.8 million in 2014, a net loss attributable to common shareholders of $83.6 million in 2013 and a net loss attributable to common shareholders of $140.4 million in 2012. As of Dec. 31, 2014, YRC Worldwide had $1.98 billion in total assets, $2.45 billion in total liabilities and a $474.3 million total stockholders' deficit. * * * As reported by the TCR on Feb. 18, 2014, Moody's Investors Service had upgraded the Corporate Family Rating for YRC Worldwide Inc. ("YRCW") from Caa3 to B3, following the successful closing of its refinancing transactions. In the Jan. 31, 2014, edition of the TCR, Standard & Poor's Ratings Services said that it raised its ratings on Overland Park, Kansas-based less-than-truckload (LTL) trucker YRC Worldwide Inc. (YRCW), including the corporate credit rating to 'CCC+' from 'CCC', and removed them from CreditWatch negative, where they were placed on Jan. 10, 2014. "The upgrades reflect YRCW's improved liquidity position and minimal debt maturities as a result of its proposed refinancing," said Standard & Poor's credit analyst Anita Ogbara. [*] Haynes & Boone's Patrick Hughes Inducted as Bankruptcy Fellow ----------------------------------------------------------------- Haynes and Boone, LLP Partner Patrick Hughes has been inducted as a fellow in the 26th Class of the American College of Bankruptcy. He is one of 34 new fellows being honored for their professional excellence and exceptional contributions to the restructuring and insolvency fields. The American College of Bankruptcy is an honorary association of bankruptcy and insolvency professionals, and plays an important role in sustaining professional excellence in the industry. Nominees are extended an invitation to join based on a sustained record of achievement reflecting the highest standards of professionalism, ethics, character, integrity, professional expertise and leadership contributing to the enhancement of bankruptcy and insolvency law and practice; sustained evidence of scholarship, teaching, lecturing or writing on bankruptcy or insolvency; and commitment to elevate knowledge and understanding of the profession and public respect for the practice. Hughes joins three other Haynes and Boone lawyers who have been inducted into the college -- Bob Albergotti, Charles Beckham and Robin Phelan. "We join together to welcome our outstanding partner Patrick Hughes to the college," the three lawyers said. "In our minds, Pat clearly embodies the high values and strong legal ethics the American College of Bankruptcy was established to honor. This accolade is certainly well deserved." At the firm, Mr. Hughes is the administrative partner of the new Denver office. He has particular experience in restructuring matters affecting energy companies, and companies subject to mass tort or large litigation claims. His practice has involved key roles in some of the largest business bankruptcy cases filed and has advocated for clients such as Dow Corning Corporation, GAF Corp., Quigley Corporation, Armstrong Industries, and Garlock Corporation. He is credited with a number of reported court decisions in many noteworthy cases of regional and national significance, and is recognized in the field as someone who understands what the bankruptcy process can do, and how it may help solve problems. In addition to his business-centered practice, Mr. Hughes is dedicated to the provision of legal services for the underprivileged. He is committed to ensuring his clients are directly involved in the legal process that affects them. He has been recognized by the state and local bar for his work as chair of the Houston Bar Association's Bankruptcy Pro Bono Section since its 1999 inception. The induction ceremony and reception in honor of the new fellows took place at the Smithsonian Donald W. Reynolds Center for American Art and Portraiture on March 13. About Haynes and Boone Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Colorado, Washington, D.C., Shanghai and Mexico City, providing a full spectrum of legal services in technology, financial services, energy and private equity. With more than 550 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal. In 2014 the firm was named the Best National Firm for Diversity in North America in the Americas Women in Business Law Awards. [*] Moody's: Sale-Leasebacks Could Raise Capital for US Gaming Cos. ------------------------------------------------------------------- Sale-leasebacks could become an important means of raising capital in the US gaming sector, Moody's Investors Service says in a new report. Many gaming companies are already financially stretched, and in the face of higher interest rates, for some such an arrangement could ultimately be the only viable financing option. "US gaming companies for the most part are struggling with weak consumer demand, oversupply and a high fixed-cost structure, to the detriment of their earnings and cash flow," says Senior Vice President, Keith Foley. "Most really can't afford to pay much more in interest, and large debt maturities are beginning to appear on the horizon." Moody's thinks Gaming and Leisure Properties, Inc.'s recent hostile bid to buy rival Pinnacle Entertainment, Inc.'s casino assets for $4.1 billion is indicative of things to come, according to the new report, "Sale-Leasebacks May Be the Solution for the Highly Leveraged Gaming Sector." The proposed deal, which would be the first of its kind between two unrelated gaming companies in the US, involves a sale-leaseback of all of Pinnacle's casino properties. "Sale-leasebacks would provide US gaming companies with cost effective way to address their upcoming debt maturities," Foley says. "And for some, sale-leasebacks could prove to be one of few available sources of capital." Gaming and Leisure Properties was spun off from Penn National Gaming in November 2013, and has since established itself as the first gaming-focused REIT, or real estate investment trust, in the US. The proposed acquisition of Pinnacle Entertainment's casino properties would be credit positive for Gaming and Leisure Properties, absent a material increase in leverage, Moody's says. The REIT would increase in size and scale, for instance, and have better tenant diversification. There is however a risk that the REIT will sweeten its offer, potentially increasing leverage. Meanwhile, Pinnacle is working on its own sale-leaseback solution, but its path is likely to be more difficult given the plan's complexities and the need to reduce its high leverage in order to bolster its cost of capital. [^] Large Companies With Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------ ABSOLUTE SOFTWRE ALSWF US 138.6 (11.0) (2.4) ABSOLUTE SOFTWRE OU1 GR 138.6 (11.0) (2.4) ABSOLUTE SOFTWRE ABT CN 138.6 (11.0) (2.4) ACCRETIVE HEALTH 6HL GR 510.0 (85.6) (17.7) ACCRETIVE HEALTH ACHI US 510.0 (85.6) (17.7) ADVANCED EMISSIO ADES US 106.4 (46.1) (15.3) ADVANCED EMISSIO OXQ1 GR 106.4 (46.1) (15.3) ADVENT SOFTWARE ADVS US 434.9 (64.8) (122.0) ADVENT SOFTWARE AXQ GR 434.9 (64.8) (122.0) AGILE THERAPEUTI 0AL GR 60.9 42.4 39.8 AGILE THERAPEUTI AGRX US 60.9 42.4 39.8 AIR CANADA ACDVF US 10,648.0 (1,133.0) (59.0) AIR CANADA ADH2 GR 10,648.0 (1,133.0) (59.0) AIR CANADA ACEUR EU 10,648.0 (1,133.0) (59.0) AIR CANADA ADH2 TH 10,648.0 (1,133.0) (59.0) AIR CANADA AC CN 10,648.0 (1,133.0) (59.0) AK STEEL HLDG AK2 TH 4,858.5 (77.0) 900.5 AK STEEL HLDG AKS US 4,858.5 (77.0) 900.5 AK STEEL HLDG AKS* MM 4,858.5 (77.0) 900.5 AK STEEL HLDG AK2 GR 4,858.5 (77.0) 900.5 ALLIANCE HEALTHC AIQ US 473.5 (127.3) 62.8 AMC NETWORKS-A AMCX* MM 3,976.6 (147.3) 597.4 AMC NETWORKS-A 9AC GR 3,976.6 (147.3) 597.4 AMC NETWORKS-A AMCX US 3,976.6 (147.3) 597.4 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMYLIN PHARMACEU AMLN US 1,998.7 (42.4) 263.0 ANGIE'S LIST INC 8AL GR 154.5 (22.2) (13.3) ANGIE'S LIST INC ANGI US 154.5 (22.2) (13.3) ANGIE'S LIST INC 8AL TH 154.5 (22.2) (13.3) ARRAY BIOPHARMA ARRY US 163.6 (13.9) 82.8 ARRAY BIOPHARMA AR2 GR 163.6 (13.9) 82.8 ARRAY BIOPHARMA AR2 TH 163.6 (13.9) 82.8 AUTOZONE INC AZ5 GR 7,717.1 (1,662.8) (1,383.4) AUTOZONE INC AZO US 7,717.1 (1,662.8) (1,383.4) AUTOZONE INC AZ5 QT 7,717.1 (1,662.8) (1,383.4) AUTOZONE INC AZOEUR EU 7,717.1 (1,662.8) (1,383.4) AUTOZONE INC AZ5 TH 7,717.1 (1,662.8) (1,383.4) AVID TECHNOLOGY AVID US 197.2 (341.2) (173.2) BENEFITFOCUS INC BTF GR 140.0 (42.8) 25.0 BENEFITFOCUS INC BNFT US 140.0 (42.8) 25.0 BERRY PLASTICS G BERY US 5,176.0 (93.0) 660.0 BERRY PLASTICS G BP0 GR 5,176.0 (93.0) 660.0 BRP INC/CA-SUB V BRPIF US 2,115.5 (9.5) 184.7 BRP INC/CA-SUB V B15A GR 2,115.5 (9.5) 184.7 BRP INC/CA-SUB V DOO CN 2,115.5 (9.5) 184.7 BURLINGTON STORE BURL US 2,796.9 (167.9) 77.6 BURLINGTON STORE BUI GR 2,796.9 (167.9) 77.6 CABLEVISION SY-A CVY GR 6,765.2 (5,032.0) 180.5 CABLEVISION SY-A CVC US 6,765.2 (5,032.0) 180.5 CABLEVISION-W/I CVC-W US 6,765.2 (5,032.0) 180.5 CABLEVISION-W/I 8441293Q US 6,765.2 (5,032.0) 180.5 CADIZ INC CDZI US 56.0 (49.7) 3.0 CADIZ INC 2ZC GR 56.0 (49.7) 3.0 CAESARS ENTERTAI C08 GR 23,535.0 (4,742.0) (14,607.0) CAESARS ENTERTAI CZR US 23,535.0 (4,742.0) (14,607.0) CASELLA WASTE WA3 GR 661.8 (6.7) (0.5) CASELLA WASTE CWST US 661.8 (6.7) (0.5) CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1) CHOICE HOTELS CZH GR 647.3 (428.8) 151.3 CHOICE HOTELS CHH US 647.3 (428.8) 151.3 CIENA CORP CIEN US 2,056.2 (88.6) 902.8 CIENA CORP CIE1 GR 2,056.2 (88.6) 902.8 CIENA CORP CIEN TE 2,056.2 (88.6) 902.8 CIENA CORP CIE1 TH 2,056.2 (88.6) 902.8 CINCINNATI BELL CIB GR 1,819.7 (648.5) (73.2) CINCINNATI BELL CBB US 1,819.7 (648.5) (73.2) CLEAR CHANNEL-A C7C GR 6,362.4 (140.9) 362.1 CLEAR CHANNEL-A CCO US 6,362.4 (140.9) 362.1 CLIFFS NATURAL R CVA TH 3,164.0 (1,734.3) 490.3 CLIFFS NATURAL R CLF US 3,164.0 (1,734.3) 490.3 CLIFFS NATURAL R CVA GR 3,164.0 (1,734.3) 490.3 CLIFFS NATURAL R CLF* MM 3,164.0 (1,734.3) 490.3 COMVERSE INC CM1 GR 649.6 (2.8) 4.3 COMVERSE INC CNSI US 649.6 (2.8) 4.3 CONNECTURE INC 2U7 GR 85.8 (67.7) (55.8) CONNECTURE INC CNXR US 85.8 (67.7) (55.8) CORCEPT THERA CORT US 34.6 (3.4) 16.7 CORCEPT THERA HTD GR 34.6 (3.4) 16.7 CORINDUS VASCULA CVRS US 0.0 (0.0) (0.0) DIPLOMAT PHARMAC DPLO US 322.7 6.6 (39.9) DIPLOMAT PHARMAC 7DP TH 322.7 6.6 (39.9) DIPLOMAT PHARMAC 7DP GR 322.7 6.6 (39.9) DIRECTV DTVEUR EU 25,459.0 (4,828.0) 1,860.0 DIRECTV DTV US 25,459.0 (4,828.0) 1,860.0 DIRECTV DIG1 GR 25,459.0 (4,828.0) 1,860.0 DIRECTV DIG1 QT 25,459.0 (4,828.0) 1,860.0 DIRECTV DTV CI 25,459.0 (4,828.0) 1,860.0 DOMINO'S PIZZA DPZ US 619.3 (1,219.5) 162.8 DOMINO'S PIZZA EZV TH 619.3 (1,219.5) 162.8 DOMINO'S PIZZA EZV GR 619.3 (1,219.5) 162.8 DUN & BRADSTREET DB5 GR 1,986.2 (1,194.6) (223.0) DUN & BRADSTREET DNB US 1,986.2 (1,194.6) (223.0) DURATA THERAPEUT DRTX US 82.1 (16.1) 11.7 DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7 DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7 EDGEN GROUP INC EDG US 883.8 (0.8) 409.2 EMPIRE RESORTS I LHC1 GR 39.9 (17.1) 3.2 EMPIRE RESORTS I NYNY US 39.9 (17.1) 3.2 ENTELLUS MEDICAL 29E GR 14.0 (8.0) 4.8 ENTELLUS MEDICAL ENTL US 14.0 (8.0) 4.8 EOS PETRO INC EOPT US 1.3 (28.4) (29.5) EXTENDICARE INC EXE CN 1,885.0 (7.2) 77.0 EXTENDICARE INC EXETF US 1,885.0 (7.2) 77.0 FAIRPOINT COMMUN FRP US 1,466.0 (600.3) (5.0) FAIRPOINT COMMUN FONN GR 1,466.0 (600.3) (5.0) FAIRWAY GROUP HO FGWA GR 372.2 (16.5) 17.9 FAIRWAY GROUP HO FWM US 372.2 (16.5) 17.9 FERRELLGAS-LP FGP US 1,680.4 (138.8) (37.1) FERRELLGAS-LP FEG GR 1,680.4 (138.8) (37.1) FMSA HOLDINGS IN FMSAEUR EU 1,447.5 (21.7) 271.3 FMSA HOLDINGS IN FM1 GR 1,447.5 (21.7) 271.3 FMSA HOLDINGS IN FMSA US 1,447.5 (21.7) 271.3 FREESCALE SEMICO 1FS GR 3,275.0 (3,581.0) 1,324.0 FREESCALE SEMICO FSLEUR EU 3,275.0 (3,581.0) 1,324.0 FREESCALE SEMICO 1FS TH 3,275.0 (3,581.0) 1,324.0 FREESCALE SEMICO FSL US 3,275.0 (3,581.0) 1,324.0 FRESHPET INC FRPT US 75.3 (43.5) 0.4 FRESHPET INC 7FP GR 75.3 (43.5) 0.4 GAMING AND LEISU GLPI US 2,564.6 (124.7) 12.7 GAMING AND LEISU 2GL GR 2,564.6 (124.7) 12.7 GARDA WRLD -CL A GW CN 1,356.8 (243.8) 57.4 GENCORP INC GCY GR 1,921.6 (170.9) 99.2 GENCORP INC GCY TH 1,921.6 (170.9) 99.2 GENCORP INC GY US 1,921.6 (170.9) 99.2 GENTIVA HEALTH GTIV US 1,225.2 (285.2) 130.0 GENTIVA HEALTH GHT GR 1,225.2 (285.2) 130.0 GLG PARTNERS INC GLG US 400.0 (285.6) 156.9 GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9 GOLD RESERVE INC GDRZF US 28.0 (10.5) 4.9 GOLD RESERVE INC GOD GR 28.0 (10.5) 4.9 GOLD RESERVE INC GRZ CN 28.0 (10.5) 4.9 GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5 GYMBOREE CORP/TH GYMB US 1,284.0 (321.3) 39.5 HCA HOLDINGS INC 2BH TH 31,199.0 (6,498.0) 3,450.0 HCA HOLDINGS INC 2BH GR 31,199.0 (6,498.0) 3,450.0 HCA HOLDINGS INC HCA US 31,199.0 (6,498.0) 3,450.0 HD SUPPLY HOLDIN 5HD GR 6,523.0 (657.0) 1,396.0 HD SUPPLY HOLDIN HDS US 6,523.0 (657.0) 1,396.0 HERBALIFE LTD HOO GR 2,374.9 (334.4) 518.6 HERBALIFE LTD HLFEUR EU 2,374.9 (334.4) 518.6 HERBALIFE LTD HOO QT 2,374.9 (334.4) 518.6 HERBALIFE LTD HLF US 2,374.9 (334.4) 518.6 HOVNANIAN ENT-A HO3 GR 2,461.4 (130.0) 1,608.3 HOVNANIAN ENT-A HOV US 2,461.4 (130.0) 1,608.3 HOVNANIAN ENT-B HOVVB US 2,461.4 (130.0) 1,608.3 HOVNANIAN-A-WI HOV-W US 2,461.4 (130.0) 1,608.3 HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8) IHEARTMEDIA INC IHRT US 14,306.0 (9,506.2) 1,003.2 INCYTE CORP ICY TH 830.1 (81.6) 477.7 INCYTE CORP ICY GR 830.1 (81.6) 477.7 INCYTE CORP INCY US 830.1 (81.6) 477.7 INFOR US INC LWSN US 6,778.1 (460.0) (305.9) INOVALON HOLDI-A IOV TH 317.3 (23.4) 156.4 INOVALON 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QT 6,865.0 (2,200.0) (1,139.0) MDC COMM-W/I MDZ/W CN 1,648.9 (153.6) (269.3) MDC PARTNERS-A MD7A GR 1,648.9 (153.6) (269.3) MDC PARTNERS-A MDCA US 1,648.9 (153.6) (269.3) MDC PARTNERS-A MDZ/A CN 1,648.9 (153.6) (269.3) MDC PARTNERS-EXC MDZ/N CN 1,648.9 (153.6) (269.3) MERITOR INC MTOR US 2,346.0 (576.0) 268.0 MERITOR INC AID1 GR 2,346.0 (576.0) 268.0 MERRIMACK PHARMA MACK US 188.6 (99.9) 40.9 MERRIMACK PHARMA MP6 GR 188.6 (99.9) 40.9 MICHAELS COS INC MIM GR 2,030.0 (2,269.0) 409.0 MICHAELS COS INC MIK US 2,030.0 (2,269.0) 409.0 MONEYGRAM INTERN MGI US 4,642.2 (182.7) 48.5 MORGANS HOTEL GR MHGC US 632.3 (221.3) 89.3 MORGANS HOTEL GR M1U GR 632.3 (221.3) 89.3 MOXIAN CHINA INC MOXC US 4.9 (1.2) (4.0) MPG OFFICE TRUST 1052394D US 1,280.0 (437.3) - NATIONAL CINEMED NCMI US 991.4 (208.7) 65.2 NATIONAL CINEMED XWM GR 991.4 (208.7) 65.2 NAVISTAR INTL NAV US 6,785.0 (4,688.0) 844.0 NAVISTAR INTL IHR TH 6,785.0 (4,688.0) 844.0 NAVISTAR INTL IHR GR 6,785.0 (4,688.0) 844.0 NEFF CORP-CL A NEFF US 612.1 (343.7) (1.5) NORTHWEST BIO NBYA GR 29.4 (31.2) (41.7) NORTHWEST BIO NWBO US 29.4 (31.2) (41.7) OMEROS CORP OMER US 25.3 (26.6) 9.0 OMEROS CORP 3O8 GR 25.3 (26.6) 9.0 OMTHERA PHARMACE OMTH US 18.3 (8.5) (12.0) PALM INC PALM US 1,007.2 (6.2) 141.7 PATRIOT NATIONAL PN US 137.0 (38.7) (25.7) PBF LOGISTICS LP PBFX US 394.0 (120.3) 21.8 PBF LOGISTICS LP 11P GR 394.0 (120.3) 21.8 PHILIP MORRIS IN 4I1 TH 35,187.0 (11,203.0) 372.0 PHILIP MORRIS IN 4I1 GR 35,187.0 (11,203.0) 372.0 PHILIP MORRIS IN PM FP 35,187.0 (11,203.0) 372.0 PHILIP MORRIS IN PM1 TE 35,187.0 (11,203.0) 372.0 PHILIP MORRIS IN PM1EUR EU 35,187.0 (11,203.0) 372.0 PHILIP MORRIS IN PM1CHF EU 35,187.0 (11,203.0) 372.0 PHILIP MORRIS IN PMI SW 35,187.0 (11,203.0) 372.0 PHILIP MORRIS IN PM US 35,187.0 (11,203.0) 372.0 PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9) PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9) PLY GEM HOLDINGS PG6 GR 1,254.6 (96.7) 204.5 PLY GEM HOLDINGS PGEM US 1,254.6 (96.7) 204.5 PROTALEX INC PRTX US 0.8 (10.3) (0.0) PROTECTION ONE PONE US 562.9 (61.8) (7.6) PROTEON THERAPEU PRTO US 24.2 9.6 19.3 QUALITY DISTRIBU QLTY US 427.8 (31.7) 115.0 QUALITY DISTRIBU QDZ GR 427.8 (31.7) 115.0 QUINTILES TRANSN QTS GR 3,305.8 (704.0) 674.2 QUINTILES TRANSN Q US 3,305.8 (704.0) 674.2 RAYONIER ADV RYAM US 1,304.7 (63.8) 188.6 RAYONIER ADV RYQ GR 1,304.7 (63.8) 188.6 REGAL ENTERTAI-A RGC US 2,539.5 (897.3) (135.6) REGAL ENTERTAI-A RGC* MM 2,539.5 (897.3) (135.6) REGAL ENTERTAI-A RETA GR 2,539.5 (897.3) (135.6) RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4) RENTPATH INC PRM US 208.0 (91.7) 3.6 RETROPHIN INC RTRX US 135.5 (37.3) (70.2) RETROPHIN INC 17R GR 135.5 (37.3) (70.2) REVLON INC-A REV US 1,944.1 (644.1) 308.9 REVLON INC-A RVL1 GR 1,944.1 (644.1) 308.9 RITE AID CORP RAD US 7,186.0 (1,792.7) 1,895.3 RITE AID CORP RTA TH 7,186.0 (1,792.7) 1,895.3 RITE AID CORP RTA GR 7,186.0 (1,792.7) 1,895.3 ROUNDY'S INC 4R1 GR 1,089.7 (66.8) 71.8 ROUNDY'S INC RNDY US 1,089.7 (66.8) 71.8 RURAL/METRO CORP RURL US 303.7 (92.1) 72.4 RYERSON HOLDING RYI US 2,006.2 (38.2) 749.5 RYERSON HOLDING 7RY GR 2,006.2 (38.2) 749.5 RYERSON HOLDING 7RY TH 2,006.2 (38.2) 749.5 SALLY BEAUTY HOL SBH US 2,097.0 (255.6) 753.8 SALLY BEAUTY HOL S7V GR 2,097.0 (255.6) 753.8 SBA COMM CORP-A SBJ TH 7,841.1 (660.8) (4.2) SBA COMM CORP-A SBACEUR EU 7,841.1 (660.8) (4.2) SBA COMM CORP-A SBJ GR 7,841.1 (660.8) (4.2) SBA COMM CORP-A SBAC US 7,841.1 (660.8) (4.2) SEARS HOLDINGS SEE GR 13,209.0 (945.0) (213.0) SEARS HOLDINGS SHLD US 13,209.0 (945.0) (213.0) SEARS HOLDINGS SEE TH 13,209.0 (945.0) (213.0) SECOND SIGHT MED EYESEUR EU 9.6 (19.5) 4.4 SECOND SIGHT MED EYES US 9.6 (19.5) 4.4 SECOND SIGHT MED 24P GR 9.6 (19.5) 4.4 SEQUENOM INC SQNM US 161.1 (31.2) 65.7 SEQUENOM INC QNMA TH 161.1 (31.2) 65.7 SEQUENOM INC QNMA GR 161.1 (31.2) 65.7 SILVER SPRING NE 9SI TH 548.2 (133.8) 78.4 SILVER SPRING NE 9SI GR 548.2 (133.8) 78.4 SILVER SPRING NE SSNI US 548.2 (133.8) 78.4 SIRIUS XM CANADA SIICF US 336.0 (91.2) (159.5) SIRIUS XM CANADA XSR CN 336.0 (91.2) (159.5) SPORTSMAN'S WARE 06S GR 315.7 (35.0) 83.3 SPORTSMAN'S WARE SPWH US 315.7 (35.0) 83.3 SUPERVALU INC SJ1 GR 5,078.0 (647.0) 277.0 SUPERVALU INC SJ1 TH 5,078.0 (647.0) 277.0 SUPERVALU INC SVU US 5,078.0 (647.0) 277.0 THERAVANCE THRX US 521.7 (223.3) 238.4 THERAVANCE HVE GR 521.7 (223.3) 238.4 THRESHOLD PHARMA NZW1 GR 68.4 (24.0) 40.7 THRESHOLD PHARMA THLD US 68.4 (24.0) 40.7 TOWN SPORTS INTE CLUB US 409.8 (118.1) 52.3 TRANSDIGM GROUP T7D GR 6,913.6 (1,464.7) 1,231.3 TRANSDIGM GROUP TDG US 6,913.6 (1,464.7) 1,231.3 TRINET GROUP INC TN3 TH 1,393.3 (48.9) 17.3 TRINET GROUP INC TNETEUR EU 1,393.3 (48.9) 17.3 TRINET GROUP INC TN3 GR 1,393.3 (48.9) 17.3 TRINET GROUP INC TNET US 1,393.3 (48.9) 17.3 UNILIFE CORP 4UL TH 86.4 (19.9) 2.4 UNILIFE CORP UNIS US 86.4 (19.9) 2.4 UNILIFE CORP 4UL GR 86.4 (19.9) 2.4 UNISYS CORP USY1 GR 2,348.7 (1,452.4) 319.6 UNISYS CORP UIS US 2,348.7 (1,452.4) 319.6 UNISYS CORP UIS1 SW 2,348.7 (1,452.4) 319.6 UNISYS CORP UISCHF EU 2,348.7 (1,452.4) 319.6 UNISYS CORP UISEUR EU 2,348.7 (1,452.4) 319.6 UNISYS CORP USY1 TH 2,348.7 (1,452.4) 319.6 VENOCO INC VQ US 756.5 (100.0) (762.9) VERISIGN INC VRS GR 2,154.9 (883.5) (429.9) VERISIGN INC VRS TH 2,154.9 (883.5) (429.9) VERISIGN INC VRSN US 2,154.9 (883.5) (429.9) VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8) VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3) WEIGHT WATCHERS WTW US 1,515.2 (1,384.3) 50.7 WEIGHT WATCHERS WW6 GR 1,515.2 (1,384.3) 50.7 WEIGHT WATCHERS WW6 QT 1,515.2 (1,384.3) 50.7 WEIGHT WATCHERS WTWEUR EU 1,515.2 (1,384.3) 50.7 WEIGHT WATCHERS WW6 TH 1,515.2 (1,384.3) 50.7 WEST CORP WSTC US 3,818.1 (659.6) 369.8 WEST CORP WT2 GR 3,818.1 (659.6) 369.8 WESTMORELAND COA WLB US 1,829.6 (349.4) (13.1) WESTMORELAND COA WME GR 1,829.6 (349.4) (13.1) WESTMORELAND RES 2OR1 GR 204.0 (14.2) (57.7) WESTMORELAND RES WMLP US 204.0 (14.2) (57.7) XERIUM TECHNOLOG TXRN GR 594.0 (74.1) 97.7 XERIUM TECHNOLOG XRM US 594.0 (74.1) 97.7 YRC WORLDWIDE IN YEL1 GR 1,985.0 (474.3) 148.2 YRC WORLDWIDE IN YEL1 TH 1,985.0 (474.3) 148.2 YRC WORLDWIDE IN YRCW US 1,985.0 (474.3) 148.2 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***