TCR_Public/150323.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, March 23, 2015, Vol. 19, No. 82

                            Headlines

173 CORTLANDT: Case Summary & 2 Largest Unsecured Creditors
21ST CENTURY ONCOLOGY: Posts $22.7 Million Net Loss in Q4
ALLIED NEVADA: Has Authority to Employ Prime Clerk as Claims Agent
ALLIED NEVADA: Noteholders Group Files Rule 2019 Statement
ALLY FINANCIAL: Barbara Yastine to Step Down as Bank CEO

ALVOGEN PHARMA: Moody's Affirms B3 CFR & Alters Outlook to Positive
AMPLIPHI BIOSCIENCES: Randal Kirk Holds 23% Stake as of March 16
AMPLIPHI BIOSCIENCES: Sells 78.8 Million Common Shares
ARCH COAL: Bank Debt Trades at 25% Off
ARCHDIOCESE OF ST. PAUL: Parishes Seek Greater Representation

AWAL FINANCE: Updated Chapter 15 Case Summary
AWAL MASTER FUND: Cayman SPVs File Chapter 15 Petitions
AWAL MASTER FUND: Liquidators Seek Joint Administration of Cases
BATE LAND: Court Denies Bid for Trustee Appointment or Conversion
BINDER & BINDER: Deadline to Remove Suits Extended to July 14

BINDER & BINDER: Gets Court Approval to Assume CBAs With USWU
BRAND ENERGY: Bank Debt Trades at 3% Off
BROADWAY FINANCIAL: Posts $716,000 Net Income in Fourth Quarter
BUCCANEER ENERGY: Ch. 11 Plan Declared Effective
BUNGE LIMITED: Moody's Affirms 'Ba1' Rating on Preferred Stock

CACHE INC: Liquidator Begins GOB Sales at 153 Stores
CAESARS ENTERTAINMENT: Legal Fees Could Pass $100M
CAESARS ENTERTAINMENT: March 24 Hearing on Pier Shops Lawsuit
CAESARS ENTERTAINMENT: Rejects Deals w/ Kansas City Chiefs, Others
CARLOS ROBLES TILE: Case Summary & 20 Largest Unsecured Creditors

CHAMPION INDUSTRIES: Shareholders Elect Seven Directors to Board
CHASSIX HOLDINGS: Has Until April 10 to File Schedules
CHINA TELETECH: Shareholders Oust Dong Liu From Board
CLAIRE'S STORES: Reports Q4 Preliminary Net Loss of $122 Million
CLIFFS NATURAL: BNS Files $52.6 Million Suit Over Alleged Breach

COLDWATER CREEK: Trustee Wants to Extend Deadline to Remove Suits
COMMUNITY ENVIRONMENTAL: Case Summary & 20 Top Unsec. Creditors
CONNTECH PRODUCTS: Case Summary & 20 Largest Unsecured Creditors
CORD BLOOD: Cryo-Cell Reports 9.6% Equity Stake as of March 10
DANDRIT BIOTECH: Appoints Lone Degn as Dandrit Denmark CFO

DEX MEDIA EAST: Bank Debt Trades at 20% Off
DILLARD'S INC: Moody's Alters Outlook to Positive, Affirms Ba1 CFR
DIOCESE OF HELENA: Obtains Confirmation of Second Amended Plan
DORAL FINANCIAL: Has Until April 24 to File Schedules
EDENOR SA: Reports ARS780 Million Net Loss for 2014

EDENOR SA: To Convene Shareholders' Meeting on April 28
EDMENTUM INC: Moody's Cuts CFR to Caa1, Alters Outlook to Negative
EMERALD INVESTMENTS: Amends Schedules of Assets and Liabilities
ENDICOTT INTERCONNECT: Huron's Bid for Administrative Claim Denied
ENDICOTT INTERCONNECT: Intergrian APA Amended to Cancel Estate Note

ENERGY & EXPLORATION: Bank Debt Trades at 17% Off
ERF WIRELESS: Issued 120M Shares Pursuant to Convertible Notes
ESCO MARINE: Won't Change Management Team; 300 Workers Laid Off
EXIDE TECHNOLOGIES: City of Frisco Blocks Ch. 11 Plan Confirmation
FEDERATION AND EMPLOYMENT: Files for Ch 11 Bankruptcy Protection

FEDERATION EMPLOYMENT: New York's FEGS Files Ch. 11 to Wind Down
FEDERATION EMPLOYMENT: To Assume, Assign Pacts for 8 Programs
FORTESCUE METALS: Bank Debt Trades at 10% Off
FOX TROT: Fails to Win Court Approval to Sell Kentucky Property
FRAC TECH: Bank Debt Trades at 20% Off

FUTUREMARK MANISTIQUE: Closing Facility Due to Lack of Funding
GELTECH SOLUTIONS: President Reports 52% Stake as of Feb. 27
GENIUS BRANDS: Jeffrey Weiss Quits as Director
GUIDED THERAPEUTICS: Extends Due Date of Tonaquint Note to May 10
HALCON RESOURCES: Director David Hunt Won't Stand for Re-Election

HALCON RESOURCES: Inks $150 Million Equity Pact with BMO, et al.
HUNTSMAN INT'L: Moody's Rates New EUR300MM Unsecured Notes B1
HUNTSMAN INT'L: S&P Assigns 'B+' Rating to EUR300 Unsecured Notes
HUTCHESON MEDICAL: Catoosa County Taps Former CEO as Consultant
INTERLEUKIN GENETICS: Posts $6.3 Million Net Loss in 2014

INTERNATIONAL TEXTILE: Directors S. Bosworth and D. Tessoni Resign
IZEA INC: Posts $1 Million Net Income in Fourth Quarter
IZEA INC: Posts $3.2 Million Net Income in 2014
JOE'S JEANS: Mill Road Reports 3.8% Stake as of March 13
LEVEL 3: Amends 2014 Annual Report to Provide More Information

LIQUIDMETAL TECHNOLOGIES: To Issue 40MM Shares Under Equity Plan
MACKEYSER HOLDINGS: Liquidating Plan Declared Effective
MARBURN CURTAINS: Files for Ch 11, To Close Unprofitable Stores
MATAGORDA ISLAND: Lien Creditors Back Dismissal Bid with Pictures
MEG ENERGY: Bank Debt Trades at 5% Off

MESTIZO RESTAURANT: In Chapter 11 Due to Debt
MIDSTATES PETROLEUM: Posts $128 Million Net Income in 2014
MISSION NEWENERGY: Provides More Info on Joint Venture
MMRGLOBAL INC: Douglas Helm Quits as Director
MOBILESMITH INC: Reports $7.33 Million Net Loss in 2014

MOBIVITY HOLDINGS: Obtains $4.8 Million From Private Placement
MOBIVITY HOLDINGS: Talkot Fund Holds 9% Stake as of March 9
NAKED BRAND: Bard Associates Reports 34.9% Stake as of Dec. 31
NATIONAL CINEMEDIA: AMC Reports 24% Stake as of March 17
NATIONAL CINEMEDIA: Units Ownership of Funding Member Group

NBTY: Bank Debt Trades at 2% Off
NET ELEMENT: Files Revised Copy of Binding Offer Letter
NET ELEMENT: To Acquire Leading Payment Innovator PayOnline
NGPL PIPECO: Bank Debt Trades at 5% Off
NII HOLDINGS: Noteholders Seek Mediation

NJ HEALTHCARE FACILITIES: Files for Chapter 11 in Newark
NJ HEALTHCARE: Case Summary & 20 Largest Unsecured Creditors
NVA HOLDINGS: Moody's B3 CFR Not Affected by Proposed Debt Add-On
NY MILITARY ACADEMY: US Trustee Unable to Form Committee
OCEAN RIG: Bank Debt Trades at 18% Off

PACIFIC DRILLING: Bank Debt Trades at 18% Off
PANTRY INC: Moody's Withdraws B2 CFR Following Merger Completion
PARAGON OFFSHORE: Bank Debt Trades at 32% Off
PEABODY ENERGY: Bank Debt Trades at 12% Off
PERRY LLC: Case Summary & 6 Largest Unsecured Creditors

POST HOLDINGS: Moody's Lowers CFR to 'B2'; Outlook Stable
PREMIER EXHIBITIONS: Jack Jacobs Resigns as Director
PULSE ELECTRONICS: Incurs $32.9 Million Net Loss in 2014
QUICKSILVER RESOURCES: Gets Approval of All "First Day Motions"
QUICKSILVER RESOURCES: Moody's Lowers PDR to D-PD on Ch. 11 Filing

QUICKSILVER RESOURCES: Terminal Project in Canada Suffers Setback
RADIOSHACK CORP: Salus Capital Wants Credit Bidding Capped
REED AND BARTON: US Trustee Forms Creditors' Committee
RESPONSE BIOMEDICAL: Incurs $2.09 Million Net Loss in 2014
RETROPHIN INC: Offering of 6.8 Million Shares of Common Stock

RETROPHIN INC: QVT Financial Reports 7% Stake as of Dec. 31
RETROPHIN INC: To Acquire Cholbam From Asklepion
RICE ENERGY: Moody's Affirms B2 CFR & Revises Outlook to Positive
RITE AID: Moody's Assigns B3 Rating on $1.8BB Sr. Unsecured Notes
RITE AID: Plans to Offer $1.8 Billion Senior Unsecured Notes

RITE AID: Prices Offering of $1.8 Billion Senior Notes
RITE AID: S&P Revises Outlook to Positive & Affirms 'B' CCR
ROYAL ADHESIVES: Moody's Raises CFR to 'B2'; Outlook Stable
SAGE AUTOMOTIVE: Moody's Affirms B2 Rating on First Lien Term Loan
SAN BERNARDINO, CA: Has Defaulted on $10-Mil. on Bond Payments

SARATOGA RESOURCES: Forbearance Agreements Extended to April 30
SEADRILL LTD: Bank Debt Trades at 8% Off
SEARS HOLDINGS: Weakened Financial Position Strains Supply Chain
SHELBOURNE NORTH: Chapter 11 Bankruptcy Case Ends
SJM LIMITED: Voluntary Chapter 11 Case Summary

SOBELMAR ANTWERP: Belgian Carrier Pursues Restructuring in U.S.
SOBELMAR ANTWERP: Proposes to Pay $455,000 to Critical Vendors
SOBELMAR ANTWERP: Wants Court to Enforce Automatic Stay
SOBELMAR ANTWERP: Wants to Use HSH's Cash Collateral
SPANISH BROADCASTING: Regains Compliance with NASDAQ Rule

STARR PASS: Disclosure Statement Hearing on April 13
STATION CASINO: Moody's Rates $300MM Sr. Notes Add-On 'Caa1'
TALOS PRODUCTION: Moody's Affirms B3 CFR & Revises Outlook to Neg.
TELESAT CANADA: Moody's Affirms B1 CFR & Revises Outlook to Neg.
TERVITA CORP: Bank Debt Trades at 8% Off

THERAPEUTICSMD INC: Names Two Biopharma Executives to Board
TRAVELPORT WORLWIDE: Annual Shareholders Meeting Set for June 11
TS EMPLOYMENT: Meeting of Creditors Moved to April 15
U.S. CAVALRY: Walter John Lesnett Sues Co. for Breaching Contract
US CAPITAL: EHOFDH Makes $37.7MM Winning Bid for Fashion Mall

VANTAGE DRILLING: 2017 Bank Debt Trades at 34% Off
VANTAGE DRILLING: 2019 Bank Debt Trades at 43% Off
VERMILLION INC: Director Robert Goggin to Retire
VIGGLE INC: Gets Proposal to Buy Interest in Wetpaint Business
VIGGLE INC: Has Total Outstanding Demand Notes of $4.7 Million

VIGGLE INC: Robert Sillerman Reports 59.6% Stake as of March 19
WALTER ENERGY: Bank Debt Trades at 40% Off
WALTER ENERGY: To Pay 50% of Oct. 1 Senior Notes Interest in Cash
WEATHER CHANNEL: Bank Debt Trades at 4% Off
WIZARD WORLD: Reports Increased Convention Revenue in 2014

WIZARD WORLD: Swings to $995,000 Net Income in 2014
WORLD BITCOIN: Files for Chapter 11 Bankruptcy Protection
YRC WORLDWIDE: Spectrum Group Reports 2.7% Stake as of Dec. 31
ZOGENIX INC: Broadfin Capital Reports 7% Stake as of March 11

                            *********

173 CORTLANDT: Case Summary & 2 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: 173 Cortlandt Street LLC
        150 Cortlandt Street
        Sleepy Hollow, NY 10591

Case No.: 15-22363

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: March 20, 2015

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

Judge: Hon. Robert D. Drain

Debtor's Counsel: George W. Echevarria, Esq.
                  100 Executive Boulevard
                  Ossining, NY 10562
                  Tel: (914) 923-3600
                  Fax: (914)923-2556
                  Email: gwechevarr@aol.com
                         echevarrialaw@verizon.net

Total Assets: $1.5 million

Total Liabilities: $849,160

The petition was signed by Cirilo Rodriguez, sole member/managing
member.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/nysb15-22363.pdf


21ST CENTURY ONCOLOGY: Posts $22.7 Million Net Loss in Q4
---------------------------------------------------------
21st Century Oncology Holdings, Inc., reported a net loss of $22.7
million on $270 million of total revenues for the three months
ended Dec. 31, 2014, compared with a net loss of $14.3 million on
$203.4 million of total revenues for the same period in 2013.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $343 million on $1.02 billion of total revenues compared to a
net loss of $78.2 million on $737 million of total revenues in
2013.

As of Dec. 31, 2014, the Company had $1.14 billion in total assets,
$1.22 billion in total liabilities, $329 million in series A
convertible redeemable preferred stock, $49.8 million in
noncontrolling interests - redeemable, and a $457 million total
deficit.

Dr. Daniel Dosoretz, founder and chief executive officer,
commented, "We closed 2014 with continued growth in same store
freestanding treatments which resulted in our fourth consecutive
quarter of year-over-year Pro Forma Adjusted EBITDA margin
expansion.  We expect these trends of treatment growth and EBITDA
margin expansion will continue into 2015.  A major Company
milestone occurred in September 2014 when we received a $325
million cash equity investment from CPPIB.  During the remainder of
the year we used these proceeds to reduce debt by $200 million,
bolster liquidity, complete a successful OnCure capital upgrade
program, and enter 2015 with a large joint venture in attractive
new markets.  The resulting deleveraging and liquidity improvement
enabled us to maintain our focus during the final months of the
year on organic growth, operational improvements, integration
execution, improving results in underperforming markets, and
expense management."

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

                         http://is.gd/coLPPE

                          About 21st Century

21st Century Oncology, Inc., formerly known as Radiation Therapy
Services, Inc. ("RTS") owns and operates radiation treatment
facilities in the US and Latin America.

                            *     *     *

As reported by the TCR on Aug. 14, 2014, Moody's Investors Service
downgraded 21st Century Oncology, Inc.'s Corporate Family Rating
to Caa2 from B3 and Probability of Default Rating to Caa2-PD from
B3-PD.  The rating action follows the company's July 29, 2014
announcement that it has entered into a Recapitalization Support
Agreement with Vestar Capital Partners and a group of holders of
its outstanding subordinated notes, under which the company
expects to obtain additional liquidity through an equity
contribution or subordinated debt of at least $150 million on or
before October 1, 2014.

In the Aug. 4, 2014, edition of the TCR, Standard & Poor's Ratings
Services lowered all of its ratings on 21st Century Oncology
Holdings Inc., including the corporate credit rating to 'CCC+'.

"We lowered our ratings because of increased risk that the company
could exchange its $380 million subordinated notes for equity,"
said credit analyst Tulip Lim.


ALLIED NEVADA: Has Authority to Employ Prime Clerk as Claims Agent
------------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware authorized Allied Nevada Gold Corp., et al., to employ
Prime Clerk LLC as claims and noticing agent to, among other
things: (i) distribute required notices to parties-in-interest,
(ii) receive, maintain, docket and otherwise administer the proofs
of claim filed in the Debtors' Chapter 11 cases, and (iii) provide
other administrative services as required by the Debtors that would
fall within the purview of services to be provided by the Clerk's
Office.

                        About Allied Nevada

Allied Nevada Gold Corp. ("ANV"), a Delaware corporation, is a
publicly traded U.S.-based gold and silver producer engaged in
mining, developing and exploring properties in the State of
Nevada.
ANV's common stock trades on the NYSE and the TSX.

ANV was spun off from Vista Gold Corp. in 2006 and began
operations
in May 2007.  Nevada-based mining properties acquired from Vista
include the Hycroft Mine, an open-pit heap leach operation located
54 miles west of Winnemucca, Nevada.  ANV controls 75 exploration
properties throughout Nevada as of Dec. 31, 2014,

On March 10, 2015, ANV and 13 affiliated debtors each filed a
voluntary petition for relief under Chapter 11 of the United
States
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware.  The Debtors have requested that their cases
be jointly administered under Case No. 15-10503.  The cases are
assigned to Judge Mary F. Walrath.

The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer
& Feld LLP as attorneys; FTI Consulting Inc. as financial advisor;
Moelis & Company as financial advisor; and Prime Clerk LLC as
claims and noticing agent.

ANV disclosed $941 million in total assets and $664 million in
total debt as of Dec. 31, 2014.


ALLIED NEVADA: Noteholders Group Files Rule 2019 Statement
----------------------------------------------------------
An ad hoc group of beneficial holders, or investment advisors or
managers of certain funds or accounts of beneficial holders of
Allied Nevada Gold Corp. 8.75% Senior Unsecured Notes due 2019
filed a verified statement pursuant to Rule 2019 of the Federal
Rules of Bankruptcy Procedure disclosing that, as of March 11,
2015, the group members hold approximately $271,183,000 in
aggregate principal amount of the notes.

A subset of the Ad Hoc Group provided the Debtors with a proposed
DIP facility pursuant to a certain Secured Multiple Draw
Debtor-In-Possession Credit Agreement among the borrowers party
thereto, the lenders party thereto, and Wilmington Savings Fund
Society, FSB, as administrative agent and collateral agent.

The group members are:

                                      Nature and Amount
                                      of Disclosable
   Name                               Economic Interest
   ----                               -----------------
   Aristeia Capital LLC                    C$21,311,000
   CI Investments                          C$68,000,000
   Guardian Capital                        C$16,750,000
   Mudrick Capital Management, LP          C$64,872,000
   Newport Global Advisors                  C$5,000,000
   Third Avenue Management LLC             C$61,500,000
   Whitebox Advisors LLC                   C$25,750,000
   Wolverine Asset Management, LLC          C$8,000,000

The Ad Hoc Group is represented by:

         Robert S. Brady, Esq.
         Matthew B. Lunn, Esq.
         Robert F. Poppiti, Jr., Esq.
         YOUNG CONAWAY STARGATT & TAYLOR, LLP
         Rodney Square
         1000 North King Street
         Wilmington, DE 19801
         Tel: (302) 571-6600
         Fax: (302) 571-1256
         Email: rbrady@ycst.com
                mlunn@ycst.com
                rpoppiti@ycst.com

            -- and --

         Kristopher M. Hansen, Esq.
         Jayme T. Goldstein, Esq.
         STROOCK & STROOCK & LAVAN LLP
         180 Maiden Lane
         New York, NY 10038
         Tel: (212) 806-5400
         Fax: (212) 806-6006
         Email: khansen@stroock.com
                jgoldstein@stroock.com

                        About Allied Nevada

Allied Nevada Gold Corp. ("ANV"), a Delaware corporation, is a
publicly traded U.S.-based gold and silver producer engaged in
mining, developing and exploring properties in the State of
Nevada.
ANV's common stock trades on the NYSE and the TSX.

ANV was spun off from Vista Gold Corp. in 2006 and began
operations
in May 2007.  Nevada-based mining properties acquired from Vista
include the Hycroft Mine, an open-pit heap leach operation located
54 miles west of Winnemucca, Nevada.  ANV controls 75 exploration
properties throughout Nevada as of Dec. 31, 2014,

On March 10, 2015, ANV and 13 affiliated debtors each filed a
voluntary petition for relief under Chapter 11 of the United
States
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware.  The Debtors have requested that their cases
be jointly administered under Case No. 15-10503.  The cases are
assigned to Judge Mary F. Walrath.

The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer
& Feld LLP as attorneys; FTI Consulting Inc. as financial advisor;
Moelis & Company as financial advisor; and Prime Clerk LLC as
claims and noticing agent.

ANV disclosed $941 million in total assets and $664 million in
total debt as of Dec. 31, 2014.


ALLY FINANCIAL: Barbara Yastine to Step Down as Bank CEO
--------------------------------------------------------
Ally Financial Inc. announced that Barbara Yastine has elected to
resign from her positions as chair, chief executive officer and
president of the Ally Bank subsidiary.  A successor will be named
in the near-term, and Yastine will remain with the company until
June to assist with the transition.

"Barbara has played a number of key roles in restoring the company
to financial and strategic health, most notably as CEO and
president of Ally Bank," said Ally chief executive officer Jeffrey
J. Brown.  "She is a talented leader, and we wish her continued
success in her future endeavors."

"I am very proud of what we have accomplished at Ally and remain
very optimistic about the company's future," said Yastine.  "I will
greatly miss my colleagues, but as Ally enters a new chapter, it is
also a fitting time for me to seek out new challenges."

Yastine joined Ally as chief administrative officer in May 2010,
with responsibility for risk, technology, legal and compliance, as
well as chairmanship of Ally Bank.  She became CEO and president of
Ally Bank in May 2012.  Among Yastine's accomplishments were her
contributions to the strengthening of Ally Bank and the successful
operational navigation through a variety of strategic issues facing
Ally, which were ultimately instrumental in the company's
transformation, including achieving financial holding company
status.  She also has continued to build the bank's position as the
leading online deposit bank with expanding customer relationships.
During her tenure, Ally Bank has received numerous recognitions,
including being named Best Online Bank for four consecutive years
by MONEY Magazine.  Yastine was named to American Banker's Most
Powerful Women in Banking list for the last two years.

                            *    *     *

In connection with the emergence of Ally from the Troubled Assets
Relief Program at the end of 2014, Ally said it will implement a
more customary executive compensation program beginning in 2015,
which will emphasize incentive-based remuneration opportunities
tied to sustainable performance results.  For each of our executive
officers the new program is expected to include cash base salary,
an annual cash incentive opportunity and long-term equity-based
incentives.

On March 18, 2015, the Compensation, Nominating and Governance
Committee of the Board of Directors of Ally approved the
discontinuation, effective as of the payroll period starting on
March 13, 2015, of the TARP practice of the award of vested
Deferred Stock Units as a component of executive officer base
compensation and also approved the cash base salaries for Ally's
executive officers.  The annual cash base salaries approved for the
Company's named executive officers effective March 13, 2015, are:
Jeffrey Brown (CEO) - $1,000,000; Christopher A. Halmy (CFO) -
$600,000; and William Solomon - $500,000.

To provide alignment with Shareholders as well as appropriate
retention incentives during this critical period as Ally
transitions out of TARP and into its new compensation program,
effective March 18, 2015, the Committee authorized special one-time
Ally LEADer Equity Participation awards under the Ally Financial
Inc. 2014 Incentive Compensation Plan for certain executive
officers.  These ALEP Awards will vest in 25% increments on March
18 of each of 2016, 2017, 2018 and 2019, subject to the generally
applicable vesting and settlement conditions under the Plan.  The
number of shares covered by the ALEP Awards granted to our named
executive officers is: Jeffrey Brown - 236,407 shares; Christopher
A. Halmy - 106,383 shares; and William Solomon - 47,282 shares.

                       About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the 'Ba3' corporate family and 'B1' senior unsecured
ratings of Ally Financial, Inc. and revised the outlook for the
ratings to positive from stable.  Moody's affirmed Ally's ratings
and revised its rating outlook to positive based on the company's
progress toward sustained improvements in profitability and
repayment of government assistance received during the financial
crisis.


ALVOGEN PHARMA: Moody's Affirms B3 CFR & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Investors Service affirmed the B3 Corporate Family Rating
and B3-PD Probability of Default Rating of Alvogen Pharma US, Inc.
Moody's also assigned a B3 rating to the proposed $675 million
senior secured term loan B.  The proceeds of the loan will be used
to refinance existing debt at the borrower (Alvogen) as well as
debt held by the parent company Alvogen Lux Holdings Sarl and
various other subsidiaries outside of the credit group.  Moody's
also changed the outlook to positive from stable.

The positive outlook reflects improved liquidity following the
refinancing transaction as well as improved scale and diversity
following the acquisition of four branded hypertension drugs from
AstraZeneca.  The positive outlook also reflects the potential for
meaningfully improved diversity, cash flow and lower leverage if
the company is able to successfully execute on recent acquisitions
and launch key products from its near-term pipeline.

Ratings Affirmed:

Corporate Family Rating, at B3

Probability of Default Rating, at B3-PD

Ratings assigned:

$675 million senior secured term loan B, B3 (LGD4)

Ratings affirmed and to be withdrawn at the close of the
financing:

$225 million senior secured term loan B, B3 (LGD3)

The outlook is positive.

RATINGS RATIONALE

Alvogen's B3 Corporate Family Rating reflects its modest size and
scale within the highly competitive generic pharmaceutical
industry.  The rating also reflects the company's high dependence
on a relatively few products for much of its revenue and cash flow,
most of which are not patent protected and subject to rapid shifts
in price and market share depending on the competitive landscape.
The rating also reflects the risk that value will continue to be
transferred to outside of the credit group as well as the fact that
the company relies on an entity outside of the credit group (Pine
Brook) for internal growth since the credit group lacks internal
research and development capabilities.

The rating is supported by pro forma adjusted debt to EBITDA that
is relatively moderate, at approximately 4.0 times (pro forma for
the acquisition of the AstraZeneca products), when looking at the
credit group only.  Leverage would be higher, however, if
considering the operations and debt outside of the credit group.
The rating is supported by Moody's expectation that Alvogen will
generate positive free cash flow, a portion of which will go
towards debt repayment as per the proposed credit agreement terms,
including a 5% mandatory annual term loan amortization and a 25%
quarterly excess free cash flow sweep (stepping up to 50% after the
first year).  Moody's anticipates most of the residual cash flows
after mandatory debt repayment will be deployed to support
operations and business development outside of the credit group.

If Alvogen successfully executes on its pricing strategy for the
newly acquired products and launches key products in its pipeline,
namely rivastigmine transdermal patch (to treat symptoms of
Alzheimer's disease) such that product diversification, earnings
and cash flow all improve, Moody's could upgrade the ratings.
Specifically if leverage at the credit group is sustained below 3.5
times, combined with demonstrated improvement in EBITDA and cash
flow at entities outside of the credit agreement, Moody's could
upgrade the ratings.  The ratings could be downgraded should there
be material deterioration in any key product or if the company
fails to obtain new product launches and business wins to replace
the declines in the current base business.  If leverage were to
increase above 6.0 times or free cash flow turns negative Moody's
could downgrade the ratings.  Further, if liquidity were to
materially weaken or the company provides support to the operations
outside of the credit group to a degree that is detrimental to US
creditors, Moody's could downgrade the ratings.

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

Alvogen Pharma US, Inc. is a subsidiary of Alvogen Lux Holdings
Sarl ("LuxCo").  Alvogen comprises the US generic pharmaceuticals
and contract manufacturing operations of LuxCo, which also has
international and other operations not included in the US credit
group.  Alvogen's US third party sales exceeded $300M pro forma for
recent acquisitions for the year ended Dec. 31, 2014.  Alvogen is
majority owned by Pamplona Capital Management LLP with minority
stake ownership by Aztiq SICAR investment fund (fully controlled by
the company's CEO Robert Wessman).



AMPLIPHI BIOSCIENCES: Randal Kirk Holds 23% Stake as of March 16
----------------------------------------------------------------
Randal J. Kirk disclosed in a Schedule 13D filed with the
Securities and Exchange Commission that as of March 16, 2015, he
beneficially owns 84,725,104 shares of common stock of Ampliphi
Biosciences Corporation, which represents 23.7 percent of the
shares outstanding.  

                              Amount of        
                             Common Stock          
                             Beneficially        Percent
Reporting person               Owned            of Class
----------------            ------------        --------
Randal J. Kirk               84,725,104           23.7%
Third Security, LLC          46,785,712           13.1%      
NRM VII Holdings I, LLC      46,785,712           13.1%   
Intrexon Corporation         37,939,392           10.6%

On March 16, 2015, the Company entered into a Subscription
Agreement with certain accredited investors, pursuant to which the
Company agreed to sell to the Purchasers an aggregate of 78,787,880
shares of Common Stock at a purchase price of $0.165 per share, as
well as warrants to purchase 0.25 shares of Common Stock for each
share of Common Stock purchased, for a total offering amount of $13
million.  The Company closed the Offering on March 16, 2015, and on
that date issued 78,787,880 shares of Common Stock and 19,696,971
warrants to purchase shares of Common Stock.  Intrexon purchased
13,939,392 shares of Common Stock and 3,484,848 warrants to
purchase Common Stock in the Offering.  The warrants will be
exercisable beginning on the date the Company effects a reverse
stock split or increases the number of authorized shares of Common
Stock, in either case in an amount sufficient to permit the
exercise in full of these warrants.

Mr. Kirk could be deemed to have indirect beneficial ownership of
the shares of Common Stock directly beneficially owned by NRM VII
Holdings and Intrexon.

A copy of the regulatory filing is available for free at:

                         http://is.gd/9MquUH

                            About AmpliPhi

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

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

PBMares, LLP, in Richmond, Virginia, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has had recurring losses from operations and has an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

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


AMPLIPHI BIOSCIENCES: Sells 78.8 Million Common Shares
------------------------------------------------------
AmpliPhi Biosciences Corporation disclosed in a Form 8-K filing
with the Securities and Exchange Commission that it completed a
private placement with certain accredited investors of 78,787,880
shares of the Company's Common Stock, par value $0.01 per share at
a purchase price of $0.165 per share, for an aggregate of
$13,000,000, and warrants to purchase an aggregate of 19,696,971
shares of Common Stock, which will be exercisable in accordance
with the terms set forth therein at a price of $0.215 per share.

The Warrants expire five years after the closing date.  The
securities were sold to accredited investors pursuant to the
exemptions from registration under Rule 506 of Regulation D,
promulgated under the United States Securities Act of 1933.

The Common Stock and Warrants sold pursuant to the Subscription
Agreement are subject to registration rights set forth in the
Registration Rights Agreement entered between the Company and the
Purchasers into in connection with the offering.  Under the terms
of the Registration Rights Agreement, the Company has agreed to
file an initial registration statement on Form S-1 on or prior to
April 16, 2015, that would register the Common Stock that has been
issued to the Purchasers pursuant to the Subscription Agreement and
the Common Stock underlying the Warrants.

                           About AmpliPhi

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

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

PBMares, LLP, in Richmond, Virginia, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has had recurring losses from operations and has an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

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


ARCH COAL: Bank Debt Trades at 25% Off
--------------------------------------
Participations in a syndicated loan under which Arch Coal Inc. is a
borrower traded in the secondary market at 74.60 cents-on-the-
dollar during the week ended Friday, March 20, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents a decrease of 5.20
percentage points from the previous week, The Journal relates. Arch
Coal Inc. pays 500 basis points above LIBOR to borrow under the
facility.  The bank loan matures on May 20, 2018, and carries
Moody's B1 rating and Standard & Poor's B+ rating.  The loan is one
of the biggest gainers and losers among 237 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



ARCHDIOCESE OF ST. PAUL: Parishes Seek Greater Representation
-------------------------------------------------------------
Tom Corrigan, writing for Daily Bankruptcy Review, reported that
about 113 parishes of the Roman Catholic Archdiocese of St. Paul
and Minneapolis want their own voice as creditors in the
archdiocese's bankruptcy case, a development that is "troubling" to
victims of alleged clergy sexual abuse and their advocates, who say
another creditors' committee would effectively give the archdiocese
a place on both sides of the bargaining table.

According to the report, in papers filed with the U.S. Bankruptcy
Court in St. Paul, Minn., the parishes are seeking increased
representation in their bid to reach a settlement with victims and
to avoid future sexual abuse lawsuits.  If their request is
approved by a bankruptcy judge, any legal fees generated by a
separate committee would also be paid by the archdiocese, sparing
the parishes a significant expense, the report related.

                    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.



AWAL FINANCE: Updated Chapter 15 Case Summary
---------------------------------------------
Chapter 15 Petitioners: Christopher Dorrien Johnson, Russell
                        Homer, Bruce Alexander Mackay, and
                        Geoffrey Lambert Carton-Kelly

Chapter 15 Debtors:

       Name                                          Case No.
       ----                                          --------
       Awal Finance Company (No. 5) Limited          15-10652
       c/o Chris Johnson Associates
       P.O. Box 2499, Phase III Elizabethan Squ
       80 Shedden Road
       George Town Grand Cayman KY1-1104
       Cayman Islands

       Awal Master Fund                              15-10653

       Awal Feeder 1 Fund Limited                    15-10654

       Awal Finance Company Limited                  15-10655

       Awal Finance Company (No. 2) Limited          15-10656

       Awal Finance Company (No. 3) Limited          15-10657

       Awal Finance Company (No. 4) Limited          15-10658

Nature of Business: The Debtors are subsidiaries of, and are 100%
                    owned by, Awal Bank, a foreign banking
                    corporation in administration in the Kingdom
                    of Bahrain.

Chapter 15 Petition Date: March 19, 2015

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

Chapter 15 Petitioners' Counsel: David Molton, Esq.
                                 Rebecca L. Fordon, Esq.
                                 Kiersten A. Taylor, Esq.
                                 BROWN RUDNICK LLP
                                 7 Times Square
                                 Times Square Tower
                                 New York, NY 10036
                                 Tel: 212-209-4800
                                 Fax: 212-209-4801
                                 Email: dmolton@brownrudnick.com
                                        rfordon@brownrudnick.com
                                        ktaylor@brownrudnick.com

Estimated Assets: $50 million to $100 million

Estimated Debts: $100 million to $500 million


AWAL MASTER FUND: Cayman SPVs File Chapter 15 Petitions
-------------------------------------------------------
Awal Finance Company (No. 5) Limited and six other special purpose
vehicles owned by Bahrain's Awal Bank BSC have sought bankruptcy
protection in the U.S.

Awal Finance, et al., are undergoing insolvency proceedings under
Cayman Islands law.  However, the liquidators claim that a
long-running legal dispute with the Saudi Arabian holding company
is preventing liquidators from winding up the companies.

"At this point in the liquidations, the final bar preventing the
Petitioners from distributing the Debtors' remaining assets to
their creditors is a disputed claim pending against the collective
Debtors and others for $9.2 billion, which is being vigorously
defended, which claim is held by the Ahmad Hamad Algosaibi and
Brothers Company ("AHAB")," said David J. Molton, Esq., at Brown
Rudnick LLP, U.S. counsel for the liquidators.

The liquidators are engaged in litigation with AHAB over the amount
of this claim in the Cayman Islands Grand Court.  

After a thorough investigation of each AwalCo Entity, the
liquidators were able to identify and effect the liquidation of
substantially all of the Debtors' assets, an aggregate amount of
approximately $230 million.  Approximately $17 million of these
funds have been expended in the liquidation, with $213 million
remaining.

The liquidators say they are aware of several assets in the
territorial jurisdiction of the United States, including a
significant asset in the form of debtor Awal Master Fund's
interests in the Touradji Private Equity Offshore Fund Ltd. hedge
fund and associated distributions.  In order to maximize the
recovery to creditors, the liquidators ask the U.S. Court that they
be entrusted to realize and administer the Debtors' assets within
the territorial jurisdiction of the United States pursuant to
Section 1521(a)(5).

A copy of the memorandum in support of the Ch. 15 petitions is
available for free at:

        http://bankrupt.com/misc/Awal_SPV_Memo_Ch15.pdf

                          About Awal SPVs

Awal Finance Company (No. 5) Limited et al., are special purpose
investment vehicle established by Awal Bank to hold specific
investment securities.

Awal Finance and other SPVs on Nov. 16, 2009, commenced insolvency
proceedings, under Cayman Islands law, currently pending before the
Grand Court of the Cayman Islands, Financial Services Division.

The SPVs filed Chapter 15 bankruptcy petitions (Bankr. S.D.N.Y.
Lead Case No. 15-10652) in Manhattan on March 19, 2015 to seek U.S.
recognition of the Cayman proceedings.

Christopher Dorrien Johnson, Russell Homer, Bruce Alexander Mackay,
and Geoffrey Lambert Carton-Kelly, in their capacity as the Joint
Official Liquidators, signed the Ch. 15 petitions.
The JOLs are represented in the U.S. cases by David Molton, Esq.,
at Brown Rudnick LLP, in New York.

                          About Awal Bank

Awal Bank BSC is a Bahrain lender owned by Saudi Arabian Saad
Group.  Awal Bank was principally an investment company that
provides wholesale banking services in Bahrain including the
acceptance of deposits and the making of loans.

Awal Bank was taken into administration by the Central Bank of
Bahrain on July 30, 2009, after defaulting on loans.  Stewart Hey,
Esq., at Charles Russell LLP, as external administrator of Awal
Bank, made a voluntary petition under Chapter 15 of the U.S.
Bankruptcy Code for the bank (Bankr. S.D.N.Y. Case No. 09-15923) on
Sept. 30, 2009, following the administration proceedings.

In 2010, the bank began experiencing a liquidity squeeze brought,
in part, by the global economic crisis.  The bank ceased to operate
as a going concern since it was place into administration.

Awal Bank filed a Chapter 11 petition (Bankr. S.D.N.Y. Case
No. 10-15518) in Manhattan on Oct. 21, 2010.  Awal Bank exited U.S.
bankruptcy protection in 2012.  Awal Bank was represented in the
U.S. proceedings by lawyers at Brown Rudnick LLP.


AWAL MASTER FUND: Liquidators Seek Joint Administration of Cases
----------------------------------------------------------------
Christopher Dorrien Johnson, Russell Homer, Bruce Alexander Mackay,
and Geoffrey Lambert Carton-Kelly, in their capacity as the joint
official liquidators and duly appointed foreign representatives of
the AwalCo Entities -- namely Awal Master Fund; Awal Feeder 1 Fund
Limited; Awal Finance Company Limited (2434); Awal Finance Company
(No. 2) Limited; Awal Finance Company (No. 3) Limited; Awal Finance
Company (No. 4) Limited; and Awal Finance Company (No. 5) Limited
-- ask the U.S. Bankruptcy Court for the Southern District of New
York to approve the joint administration of the Chapter 15 cases
for the entities under Case No. 15-10652.

The JOLs contend that joint administration will enable them to
preserve assets of the Debtors' estates, and avoid considerable and
unnecessary expense and loss of time by obviating the necessity for
filing duplicate motions, requesting duplicate orders and
forwarding duplicate notices that affect one or all of the Debtors
and related parties in interest.


BATE LAND: Court Denies Bid for Trustee Appointment or Conversion
-----------------------------------------------------------------
The Bankruptcy Court entered an order relating to Bate Land
Company, LP's motion to:

   i) appoint a Chapter 11 trustee in the Chapter 11 case of debtor
Bate Land & Timber, LLC; or, in the alternative,

  ii) convert the Debtor's case; and
  
iii) set aside ratification of prior special warranty deed and
non-warranty deeds.

The Court denied BLC's motion to appoint trustee or convert the
Debtor's case.

The Court granted BLC's motion to set aside as the postpetition
conveyances are void and will have no force or effect.  The
Debtor's postpetition execution and recordation of the ratification
and the non-warranty deeds occurred without notice and opportunity
for hearing or approval from the Court, were in violation of the
Bankruptcy Code, and are void and invalid as a matter of law.

These instruments are void and will have no force or effect:

   A. The Ratification of Prior Special Warranty Deed recorded in
Book 598, Page 439 of the Pamlico County Registry on Jan. 16,
2015;

   B. The Non-Warranty Deed recorded in Book 598, Page 443 of the
Pamlico County Registry on Jan. 16, 2015;

   C. The Non-Warranty Deed recorded in Book 3330, Page 744 of the
Craven County Registry on Jan. 21, 2015;

   D. The Non-Warranty Deed recorded in Book 598, Page 503 of the
Pamlico County Registry on Jan. 21, 2015; and

   E. The Non-Warranty Deed recorded in Book 1863, Page 193 of the
Beaufort County Registry on Jan. 21, 2015.

The costs incurred by the Debtor in having these transactions set
aside will be addressed in a separate order.

As reported in the Troubled Company Reporter on Feb. 11, 2015, BLC,
in its motion, said that the Debtor's conveyance of eight tracts of
land to BLC has not been approved by the Court, was done without
notice or hearing, is in direct violation of the Bankruptcy Code,
and therefore constitutes cause to appoint a chapter 11 trustee.
BLC asserted that the Debtor's blatant violation of the Bankruptcy
Code showed that the Debtor is no longer trustworthy when dealing
with property of the estate or compliance with the rules all
debtors must live by when in Chapter 11.  In the alternative, BLC
wanted the cases converted to Chapter 7 liquidation.

The Debtor opposed the motion, stating that the appointment of a
trustee or a conversion of the Debtor's case to one under Chapter 7
would add another level of administrative fees and expensive to a
case already unfairly saddled with outrageous claims for interest
and creditor attorney fees, with no commensurate benefit to the
bankruptcy estate.

                    About Bate Land & Timber

Willotte, North Carolina-based Bate Land & Timber, LLC, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D.N.C. Case No. 13-04665) on July 25, 2013.  Judge Stephani W.
Humrickhouse oversees the Chapter 11 case.

The Debtor, in amended schedules, disclosed $53,477,624 in assets
and $74,162,211 liabilities as of the Chapter 11 filing.  The
petition was signed by Brad Cheers, manager.

The Bankruptcy Administrator for the Eastern District of North
Carolina was unable to organize and recommend the appointment of a
committee of creditors holding unsecured claims against the
Debtor.



BINDER & BINDER: Deadline to Remove Suits Extended to July 14
-------------------------------------------------------------
U.S. Bankruptcy Judge Robert Drain has given Binder & Binder until
July 14, 2015, to file notices of removal of lawsuits involving the
company and its affiliates.

                     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: Gets Court Approval to Assume CBAs With USWU
-------------------------------------------------------------
Binder & Binder, one of the largest social security disability
firms in the United States, received court approval to assume its
collective bargaining agreements with the United Service Workers
Union, IUJAT, Local 455.

The CBAs, which had been recently revised, provide for a 2% salary
increase for employees for 2015.  Certain employees of the firm may
also receive more than 2% increase in their salary under the
agreements.

The court order signed by U.S. Bankruptcy Judge Robert Drain also
authorizes the firm to assume another contract called the Associate
Membership Agreement dated Feb. 1, 2014.  

The agreement provides benefits to executives and managers who are
not covered by the firm's collective bargaining agreements with the
union.  

                     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.


BRAND ENERGY: Bank Debt Trades at 3% Off
----------------------------------------
Participations in a syndicated loan under which Brand Energy &
Infrastructure Services is a borrower traded in the secondary
market at 97.11 cents-on-the- dollar during the week ended Friday,
March 20, 2015, according to data compiled by LSTA/Thomson Reuters
MTM Pricing and reported in The Wall Street Journal.  This
represents an increase of 0.37 percentage points from the previous
week, The Journal relates.  Brand Energy pays 375 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
Nov. 12, 2020, and carries Moody's B1 rating and Standard & Poor's
B rating.  The loan is one of the biggest gainers and losers among
237 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



BROADWAY FINANCIAL: Posts $716,000 Net Income in Fourth Quarter
---------------------------------------------------------------
Broadway Financial Corporation reported net income of $716,000 on
$4.18 million of interest income for the three months ended Dec.
31, 2014, compared to a net loss of $41,000 on $4.06 million of
interest income for the same period in 2013.

For the 12 months ended Dec. 31, 2014, the Company reported net
income of $2.52 million on $15.7 million of interest income
compared to a net loss of $301,000 on $16.0 million of interest
income during the prior year.

Total assets increased by $18.4 million to $351 million at Dec. 31,
2014, from $333 million at Dec. 31, 2013, primarily due to an
increase in loans receivable and securities available-for-sale,
partially offset by a decrease in cash and cash equivalents.  In
order to grow total interest income and improve the yield on
interest-earning assets, the Company invested excess federal funds
into multi-family loans and securities.  Loan originations totaled
$95.6 million for the year ended Dec. 31, 2014, compared to $38.5
million of loan originations and $10.6 million of loan purchases
for the year ended Dec. 31, 2013.

Stockholders' equity was $37.3 million, or 10.62% of the Company's
total assets, at Dec. 31, 2014, compared to $25.6 million, or 7.70%
of the Company's total assets, at Dec. 31, 2013.  The Company's
book value was $1.28 per share as of Dec. 31, 2014, compared to
$1.27 per share as of Dec. 31, 2013.

Chief Executive Officer, Wayne Bradshaw stated, "In 2014 we
transitioned from addressing problem assets to executing our growth
strategy focused primarily on originating multi-family loans for
the low-to-moderate income communities throughout Southern
California.  I am proud to announce that we originated almost $96
million of new loans during the year, which indicates the strength
of our customer relationships and established capabilities for
serving this large market.  In addition, we retired all of our
senior debt, extended the maturity of our reduced subordinated debt
for ten years, and raised almost $10 million of new common equity.
As a result, we ended 2014 with strong capital ratios, healthy net
interest margins, and good asset quality.  We are continuing to
work diligently to maintain asset quality and striving to obtain
rescission of the regulatory orders that were originally entered
into in 2010.

We wish to thank our stockholders for their continued support, and
our employees for their dedication, commitment to excellence, and
continuing focus on our mission of providing quality financial
services to underserved, low-to-moderate income communities in
Southern California."

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

                        http://is.gd/hLDMb1

                      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.


BUCCANEER ENERGY: Ch. 11 Plan Declared Effective
------------------------------------------------
BankruptcyData reported that Buccaneer Energy Limited's First
Amended Joint Chapter 11 Plan, as modified, became effective; and
the Company emerged from Chapter 11 protection.

The U.S. Bankruptcy Court for the Southern District of Texas,
Victoria Division, on Jan. 13, 2015, approved the disclosure
statement and confirmed the First Amended Joint Chapter 11 Plan of
Buccaneer Resources, LLC, et al.

The Plan proposes the orderly liquidation of the Debtors' Estates.

On Oct. 31, 2014, the Court approved the sale of the Kenai Loop
Assets to AIX.  The closing of this sale, the transfer of the
Settlement Payment to the Liquidating Trust, and the funding of
the
Administrative Claims Account are conditions precedent to the
Effective Date.

                      About Buccaneer Energy

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

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

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

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

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

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

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

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


BUNGE LIMITED: Moody's Affirms 'Ba1' Rating on Preferred Stock
--------------------------------------------------------------
Moody's Investor's Service affirmed the Baa2 ratings of Bunge
Limited and changed its outlook to stable from negative.  This
change reflects the sustained improvement in credit metrics to
levels that adequately support the Baa2 rating.

"While consistent growth in earnings remains a challenge, Bunge's
EBITDA generation has stabilized in the $1.8 billion to $2 billion
range.  EBITDA in this range, along with a conservative balance
sheet will generate credit metrics that support the company's Baa2
rating," stated John Rogers, Senior Vice President at Moody's.

Affirmations:

Issuer: Bunge Limited

  Pref. Stock Preferred Stock (Local Currency), Affirmed Ba1
  Outlook Actions:

Issuer: Bunge Limited

  Outlook, Changed To Stable From Negative

Affirmations:

Issuer: Bunge Limited Finance Corp.
  Senior Unsecured Regular Bond/Debenture (Local Currency),
    Affirmed Baa2
  Outlook, Changed To Stable From Negative

Affirmations:

Issuer: Bunge N.A. Finance L.P.

  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
   Affirmed Baa2

Issuer: Bunge N.A. Finance L.P.

  Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Bunge's Baa2 rating reflects its relatively conservative balance
sheet (as measured by net working capital/balance sheet debt), an
established position in the agricultural commodity industry, and
its geographic diversity.  While the company's ratings have been
stressed by volatility in its financial metrics in the past, Bunge
has improved Net Debt/ EBITDA in 2013 and 2014 to under 2.5x due to
good EBITDA generation and debt reduction due to lower crop prices.
Moody's expect improved performance in 2015 due to the elimination
of losses from its Brazilian sugarcane & ethanol segment, which
remains under pressure due to low sugar prices. However, the
ratings are still constrained by a low return on invested capital
(ROIC).  Management is focused on improving ROIC, which is expected
to reach 9%, excluding the Sugar and Bio-Energy business, in 2015.

Over the next few years, Bunge's earnings and cash flow should
benefit from management's stated strategy of focusing on core
operations (grain and oilseeds) as well as growing their downstream
food and ingredients business.  Furthermore, Moody's is very
positive on the growth in agricultural trade flows due to long term
growth trends in developing countries and the expected improvement
in their standards of living.  Moreover, the long term decline in
the global stock-to-use ratio (level of global inventories relative
to global demand per annum) for most agricultural commodities,
indicates that crop prices will remain volatile and elevated
compared to historical norms.  In the past, high crop prices have
resulted in increased profitability at all the major global
merchandisers.  However, due to strong harvests over the past two
years, and reduced near-term global GDP growth, crop prices are
expected to remain near current levels through 2016.

The stable outlook reflects Moody's expectation that credit metrics
will remain supportive of the Baa2 rating with Net Debt/EBITDA of
roughly 2.5x and Funds From Operations/Net Debt of 25% A rating
upgrade is unlikely at the current time.  However, if the company
were to sustain Net Debt/ EBITDA below 2.0x or Funds From
Operations/Net Debt above 30%, Moody's would raise the company's
rating.  The ratings could be downgraded if Bunge's credit metrics
sustainably weaken with Net Debt/EBITDA above 3.0x and Funds From
Operations/Net Debt below 20%.

The principal methodology used in this rating was Trading Companies
published in March 2015.

Bunge Ltd., headquartered in White Plains, New York, is a global
agribusiness company engaged in acquiring, storing, transporting,
processing and marketing agricultural commodities and products,
including soybeans, wheat, canola, and corn.  Bunge has a broad
presence in the food chain from origination to the marketing of
products including sugar, shortenings, edible oils, milled corn and
wheat.  Bunge is also a leading producer of fuel ethanol in
Brazil.



CACHE INC: Liquidator Begins GOB Sales at 153 Stores
----------------------------------------------------
Great American Group LLC said it has begun going-out-of-business
sales at Cache Inc.'s retail stores nationwide.

Great American Group, a subsidiary of B. Riley Financial Inc., will
run the going-out-of-business sales at 153 Cache retail stores
pursuant to its agency agreement with the women's clothing chain.


The agreement, which was approved on March 6 by U.S. Bankruptcy
Judge Mary Walrath, was selected as the winning bid at a bankruptcy
auction that took place earlier this month.

Under the deal, Great American Group will pay $18 million for
Cache's assets, which is a $6.5 million increase from the stalking
horse bid.  The assets include the clothing chain's inventory,
fixtures, intellectual property and designation rights for its
commercial leases.   

Great American Group will also pay the stalking horse bidder's
break-up fee in the amount of $425,000, according to the agreement.


A copy of the agency agreement and Judge Walrath's sale order is
available for free at http://is.gd/i3Yn2a

The sales will offer significant discounts on Cache's inventory of
women's apparel and accessories.  Select furniture, fixtures and
equipment at stores, warehouses and corporate offices will also be
for sale.

                       About CACHE, Inc.

Cache, Inc., operates 236 women's apparel specialty stores under
the trade name "Cache."  On Dec. 4, 2014, New York-based Cache
announced that it has received an inquiry from a third party
regarding a potential sale of the Company.

Cache, Inc., and its two affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 15-10172) on
Feb. 4, 2015.  The case is assigned to Judge Mary F. Walrath.

The Debtors are represented by Laura Davis Jones, Esq., Peter J.
Keane, Esq., and Colin R. Robinson, Esq., at Pachulski Stang Ziehl
& Jones LLP, in Wilmington, Delaware.  The Debtors' restructuring
advisors is FTI Consulting Inc., while their investment banker and
financial advisor is Janney Montgomery Scott LLC.  Thompson Hine
represents the Debtors in corporate and securities matter, while
Jackson Lewis P.C. represents the Debtors in employment matters.

The Debtors' communications services provider is Epiq Systems,
Inc., while their noticing and claims management services provider
is Kurtzman Carson Consultants.  A&G Realty Partners, LLC, serves
as the Debtors' real estate consultants.

The Debtors had total assets of $53.7 million and total liabilities
of $51.1 million as of Sept. 27, 2014.

The U.S. Trustee for Region 3 has appointed seven members to the
Official Committee of Unsecured Creditors in the Debtors' case.


CAESARS ENTERTAINMENT: Legal Fees Could Pass $100M
--------------------------------------------------
Emanuel Grillo, Esq., a partner at Baker Botts which isn't involved
in the case and has handled complex corporate Chapter 11
bankruptcies, estimated that Caesars Entertainment Operating Co.'s
legal fees could easily pass $100 million, Kimberly Pierceall at
The Associated Press reports.

According to The AP, Mr. Grillo said that despite the pre-arranged
restructuring agreement with its first-in-line creditors, "there's
still a lot of people at the table hovering around looking for
their piece."  Two months in and the Company, "hasn't even set the
table yet . . . .  This will be a long and ugly one," the report
quoted Mr. Grillo as saying.

The AP relates that the Company is paying Kirkland & Ellis $170 an
hour for a paralegal and up to $1,355 for a partner.  Court
documents show that after paying a $500,000 retainer in July 2014,
the Company has spent at least $15.7 million since, including
another $3 million retainer.  Citing a Caesars official, the report
explains that the rates are what they are because the case
involves, "great complexity, high stakes and severe time
pressures."

Steven Pesner, Esq., another attorney for the Company, said that
there could be a resolution within the calendar year, but expect
longer if there's litigation, The AP reports.

The complexity lies in matters including ongoing state lawsuits
from creditors accusing the Company and its parent, Caesars
Entertainment Corp., of robbing the operating company of assets by
transferring them to other entities and removing a guarantee on
their investments, The AP states, citing University of Chicago law
professor Anthony Casey.

According to court documents, 63 former workers are owed almost $33
million in retirement as part of a supplemental plan the Company
inherited in earlier acquisitions and stopped paying when it filed
for bankruptcy.

                     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.

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.


CAESARS ENTERTAINMENT: March 24 Hearing on Pier Shops Lawsuit
-------------------------------------------------------------
John V. Santore at Pressofatlanticcity.com reports that U.S.
Bankruptcy Judge Andrew B. Altenburg, Jr., will consider at a
hearing on March 24, 2015, Caesars Atlantic City's request for a
court order requiring developer Bart Blatstein to appoint a "fiscal
agent" to manage the Pier Shops' finances, and preventing him "from
making any changes, of any kind, to the Property."

Pressofatlanticcity.com relates that the Company also wants Mr.
Blatstein to turn over his books documenting the dealings he's had
with Pier tenants since Nov. 17, 2014, and "copies of all current
utility bills," and bar him from publicly claiming to own the Pier,
or publicly discussing "any plans to change develop or redevelop
the Property."

The Company said in court documents that Mr. Blatstein and his
fellow defendants, including HQ13-1 Atlantic Ocean, LLC, and Pier
Renaissance, "have unlawfully appointed themselves as the de-facto
sub-landlord of the Pier at Caesars."  According to the court
filings, Mr. Blatstein hasn't paid the Company the rent, property
taxes, or utility bills due on the Pier, in addition to making
"false statements regarding the property to third parties."

Mr. Blatstein's lawyers said that their client acquired in 2014 the
Pier's lease from its previous owners, HQ13-1 Atlantic and
Torchlight Loan Services, LLC, for $2.7 million,
Pressofatlanticcity.com reports.  The Company, the report states,
still owns the property, and claims it didn't approve the transfer
of the lease to Mr. Blatstein, as is its right.

                     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.

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.


CAESARS ENTERTAINMENT: Rejects Deals w/ Kansas City Chiefs, Others
------------------------------------------------------------------
Kimberly Pierceall, writing for The Associated Press, reported that
a bankruptcy judge has allowed an arm of casino giant Caesars
Entertainment Corp. to tear up contracts it had with the Kansas
City Chiefs, a hotel in Louisiana and an audio company as it looks
to shed millions of dollars of costs.

According to the report, the deals involved renting a suite at the
football team's stadium sometimes used as a perk for its gambling
customers, buying a guaranteed block of rooms each month at the
Springhill Suites next to the company's Louisiana Downs Racetrack
and Casino for its patrons and selling promotional space to Monster
Inc. to market its audio products at a Britney Spears show at
Planet Hollywood.

Judge Benjamin Goldgar in Chicago ruled that Caesars Entertainment
Operating Co. could void the agreements as part of its bankruptcy
case but the company would have to try again if it wants to void
agreements it has with the New York Mets, The Forum in Los Angeles
and a motor coach company because it didn't give them enough notice
last time, the report related.

                    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.


CARLOS ROBLES TILE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Carlos Robles Tile & Stone, Inc.
        PO Box 193249
        San Juan, PR 00919

Case No.: 15-02004

Chapter 11 Petition Date: March 19, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Luis D Flores Gonzalez, Esq.
                  LUIS D FLORES GONZALEZ LAW OFFICE
                  80 Calle Gerogetti Suite 202
                  San Juan, PR 00925-3624
                  Tel: 787 758-3606
                  Fax: 787-753-5317
                  Email: ldfglaw@coqui.net

Total Assets: $800,000

Total Liabilities: $3.6 million

The petition was signed by Carlos Robles Marin, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-02004.pdf


CHAMPION INDUSTRIES: Shareholders Elect Seven Directors to Board
----------------------------------------------------------------
At the annual meeting of shareholders of Champion Industries, Inc.,
held March 16, 2015, shareholders approved a proposal to fix the
number of directors to seven and elected Louis J. Akers, Philip E.
Cline, Harley F. Mooney, Jr., Michael Perry, Marshall T. Reynolds,
Neal W. Scaggs and Glenn W. Wilcox, Sr. to the Board of Directors.
The shareholders also approved, in an advisory (non-binding) vote,
the Company's executive compensation disclosed in the proxy
statement for the annual meeting.

                     About Champion Industries

Champion Industries, Inc., is engaged in the commercial printing
and office products and furniture supply business in regional
markets east of the Mississippi River.  The Company also publishes
The Herald-Dispatch daily newspaper in Huntington, West Virginia
with a total daily and Sunday circulation of approximately 23,000
and 28,000.

Champion Industries reported a net loss of $1.13 million for the
year ended Oct. 31, 2014, compared to net income of $5.71 million
in 2013.

As of Oct. 31, 2014, the Company had $24 million in total assets,
$20.8 million in total liabilities and $3.20 million in total
shareholders' equity.


CHASSIX HOLDINGS: Has Until April 10 to File Schedules
------------------------------------------------------
Judge Michael E. Wiles of the U.S. Bankruptcy Court for the
Southern District of New York extended through and including April
10, 2015, the deadline by which Chassix Holdings, Inc., et al.,
must file their schedules of assets and liabilities and statements
of financial affairs.

The Debtors are also granted an extension until April 10, 2015 to
file their initial 2015.3 Reports or to file a motion seeking a
modification of the reporting requirements, for cause.

                      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.


CHINA TELETECH: Shareholders Oust Dong Liu From Board
-----------------------------------------------------
The holders of more than a majority of the issued and outstanding
common stock of China Teletech Holding, Inc. removed Mr. Dong Liu,
without cause, from his positions as a member of the Board of
Directors of the Company and as the Chairman of the Board,
effective March 19, 2015, according to a document filed with the
Securities and Exchange Commission.

The Majority Shareholders elected Ms. Yankuan Li as the Chairwoman
of the Board, effective as of March 20, 2015.

                        About China Teletech

Tallahassee, Fla.-based China Teletech Holding, Inc., is a
national distributor of prepaid calling cards and integrated
mobile phone handsets and a provider of mobile handset value-added
services.  The Company is an independent qualified corporation
that serves as one of the principal distributors of China Telecom,
China Unicom, and China Mobile products in Guangzhou City.

On June 30, 2012, the Company strategically sold its wholly-owned
subsidiary, Guangzhou Global Telecommunication Company Limited
("GGT"), to a third party.  GGT was engaged in the trading and
distribution of cellular phones and accessories, prepaid calling
cards, and rechargeable store-value cards.

China Teletech reported a net loss of $1.96 million on
$30.9 million of sales for the year ended Dec. 31, 2013, as
compared with net income of $53,500 on $26.6 million of sales in
2012.

As of Sept. 30, 2014, the Company had $11.3 million in total
assets, $13.9 million in total liabilities and a $2.53 million
total deficit.

WWC, P.C., in San Mateo, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013, citing that the Company has incurred
substantial losses which raise substantial doubt about its ability
to continue as a going concern.


CLAIRE'S STORES: Reports Q4 Preliminary Net Loss of $122 Million
----------------------------------------------------------------
Claire's Stores, Inc., announced its preliminary unaudited
financial results for the fiscal 2014 fourth quarter and fiscal
year, which ended Jan. 31, 2015.

The Company reported a net loss of $122 million on $412 million of
net sales for the three months ended Jan. 31, 2015, compared to net
income of $7.41 million on $436 million of net sales for the three
months ended Feb. 1, 2014.

For the 12 months ended Jan. 31, 2015, the Company reported a net
loss of $208 million on $1.49 billion of net sales compared to a
net loss of $65.3 million on $1.51 billion of net sales for the 12
months ended Feb. 1, 2014.

As of Jan. 31, 2015, Claire's Stores had $2.46 billion in total
assets, $2.79 billion in total liabilities and a $327 million
stockholders' deficit.

As of Jan. 31, 2015, cash and cash equivalents were $29.4 million,
including restricted cash of
$2 million.

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

                         http://is.gd/8RpIts

                        About Claire's Stores

Claire's Stores, Inc. -- http://www.clairestores.com/-- operates
as a specialty retailer of fashion accessories and jewelry for
preteens and teenagers, as well as for young adults in North
America and internationally.  It offers jewelry products that
comprise costume jewelry, earrings, and ear piercing services; and
accessories, including fashion accessories, hair ornaments,
handbags, and novelty items.

Based in Pembroke Pines, Florida, Claire's Stores operates under
two brands: Claire's(R), which operates worldwide and Icing(R),
which operates only in North America.  As of Jan. 31, 2009,
Claire's Stores, Inc., operated 2,969 stores in North America and
Europe.  Claire's Stores also operates through its subsidiary,
Claire's Nippon, Co., Ltd., 213 stores in Japan as a 50:50 joint
venture with AEON, Co., Ltd.  The Company also franchises 198
stores in the Middle East, Turkey, Russia, South Africa, Poland
and Guatemala.

Claire's Stores reported a net loss of $65.30 million for the
fiscal year ended Feb. 1, 2014, following net income of $1.28
million for the fiscal year ended Feb. 2, 2013.

                        Bankruptcy Warning

"If we are unable to generate sufficient cash flow and are
otherwise unable to obtain funds necessary to meet required
payments of principal, premium, if any, and interest on our
indebtedness, or if we otherwise fail to comply with the various
covenants, including financial and operating covenants in the
instruments governing our indebtedness, we could be in default
under the terms of the agreements governing such indebtedness.  In
the event of such default,

   * the holders of such indebtedness may be able to cause all of
     our available cash flow to be used to pay such indebtedness
     and, in any event, could elect to declare all the funds
     borrowed thereunder to be due and payable, together with
     accrued and unpaid interest;

   * the lenders under our Credit Facility could elect to
     terminate their commitments thereunder, cease making further
     loans and institute foreclosure proceedings against our
     assets; and

   * we could be forced into bankruptcy or liquidation," the
     Company stated in its annual report for the fiscal year ended
     Feb. 1, 2014.

                           *     *     *

As reported by the TCR on Oct. 1, 2012, Moody's Investors Service
upgraded Claire's Stores, Inc.'s Corporate Family and Probability
of Default ratings to 'Caa1' from 'Caa2'.  The upgrade of Claire's
Corporate Family Rating to 'Caa1' reflects its ability to address
its substantial term loan maturity in 2014 by refinancing it with
a $625 million add-on to its existing senior secured first lien
notes due 2019.

Claire's Stores, Inc., carries a 'B-' corporate credit rating from
Standard & Poor's Ratings Services.


CLIFFS NATURAL: BNS Files $52.6 Million Suit Over Alleged Breach
----------------------------------------------------------------
The Bank of Nova Scotia filed a lawsuit in the U.S. District Court
for the Northern District of Ohio, Eastern Division, against Cliffs
Natural Resources Inc. asserting that the Company breached its
obligations under a guaranty of certain equipment loans pursuant to
a Master Loan and Security Agreement, dated Sept. 27, 2013, among
certain members of the Bloom Lake Group and Key Equipment Finance
Inc. (BNS' predecessor-in-interest).  

According to a document filed with the Securities and Exchange
Commission, BNS is seeking an award of $52.6 million plus unpaid
accrued interest and expenses.  Among other defenses to this
litigation, the Company asserts it is current in its payment
obligations under the Equipment Loans.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain of
its affiliates, including Cliffs Quebec Iron Mining ULC commenced
restructuring proceedings in Montreal, Quebec, under the Companies'
Creditors Arrangement Act (Canada).  Certain obligations of the
Bloom Lake Group, including equipment loans, are guaranteed by the
Company.  

                    About Cliffs Natural Resources

Cliffs Natural Resources Inc. is a mining and natural resources
company.  The Company is a major supplier of iron ore pellets to
the U.S. steel industry from its mines and pellet plants located
in Michigan and Minnesota.  Cliffs also produces low-volatile
metallurgical coal in the U.S. from its mines located in West
Virginia and Alabama.  Additionally, Cliffs operates an iron ore
mining complex in Western Australia and owns two non-operating
iron ore mines in Eastern Canada. Driven by the core values of
social, environmental and capital stewardship, Cliffs' employees
endeavor to provide all stakeholders operating and financial
transparency.

Other information on the Company are available at
http://www.cliffsnaturalresources.com/    

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain of
its affiliates, including Cliffs Quebec Iron Mining ULC commenced
restructuring proceedings in Montreal, Quebec, under the Companies'
Creditors Arrangement Act (Canada).  The initial CCAA order will
address the Bloom Lake Group's immediate liquidity issues and
permit the Bloom Lake Group to preserve and protect its assets for
the benefit of all stakeholders while restructuring and sale
options are explored.

As of Dec. 31, 2014, the Company had $3.16 billion in total assets,
$4.89 billion in total liabilities and a $1.73 billion total
deficit.

The Company reported a net loss of $8.31 billion in 2014 following
net income of $362 million in 2013.

                          *    *     *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'.  The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision
of the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions.  The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.

The TCR reported in March 2015 that Moody's Investors Service
downgraded Cliffs Natural Resources Inc. Corporate Family Rating
and Probability of Default Rating to B1 and B1-PD respectively.
"The downgrade in the CFR to B1 reflects expectations for a weaker
performance in the Asia Pacific iron ore (APIO) segment, which has
a greater exposure to the movement of iron ore prices in the
seaborne market", said Carol Cowan, Moody's senior vice president.


COLDWATER CREEK: Trustee Wants to Extend Deadline to Remove Suits
-----------------------------------------------------------------
The official liquidating trustee of CWC Liquidation Inc. has filed
a motion seeking additional time to remove lawsuits involving the
company and its affiliates.

In his motion, Peter Kravitz asked the U.S. Bankruptcy Court in
Delaware to move the deadline for filing notices of removal of the
lawsuits to July 3, 2015.

The extension, if granted, would give the trustee enough time to
resolve claims without litigation and make "informed decisions"
concerning removal of the lawsuits, according to his lawyer, Dennis
Meloro, Esq., at Greenberg Traurig LLP, in Wilmington, Delaware.

                         About Coldwater Creek

Coldwater Creek is a multi-channel retailer that offers its
merchandise through retail stores across the country, its catalog
and its e-commerce Web site, http://www.coldwatercreek.com/

Originally founded in Sandpoint, Idaho in 1984 as a direct,
catalog-based marketer, Coldwater evolved into a multi-channel
specialty retailer operating 334 premium retail stores, 31 factory
outlet stores and seven day spa locations throughout the United
States.

As of the bankruptcy filing, the Debtors domestically employ a
total of approximately 5,990 employees throughout their retail
locations, corporate headquarters and distribution, design and call
centers.

Coldwater Creek Inc. and its debtor-affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10867) on
April 11, 2014, to liquidate their assets.

Coldwater Creek disclosed assets of $721 million plus undetermined
amount and liabilities of $425 million plus undetermined amount.
Affiliate Coldwater Creek U.S. Inc. estimated $100 million to $500
million in assets and liabilities.

The Debtors have drawn $37.5 million and have $10 million in
letters of credit outstanding under a senior secured credit
facility (ABL facility) provided by lenders led by Wells Fargo
Bank, National Association, as agent.  The Debtors also owe $96
million, which includes accrued interest and approximately $23
million representing a prepayment premium payable, under a term
loan from lenders led by CC Holding Agency Corporation, as agent.

Aside from the funded debt, the Debtors have accumulated a
significant amount of accrued and unpaid trade and other unsecured
debt in the normal course of their business.

The Debtors have tapped Young Conaway Stargatt & Taylor, LLP, and
Shearman & Sterling LLP as attorneys, Perella Weinberg Partners LP
as financial advisor, Alvarez & Marsal as restructuring advisor,
and Prime Clerk LLC as claims and noticing agent.

The U.S. Trustee for Region Three named seven creditors to serve on
the official committee of unsecured creditors.  Lowenstein Sandler
LLP represents the Committee.

CWC Liquidation Inc., formerly known as Coldwater Creek Inc., et
al., notified the Bankruptcy Court that the effective date of its
Modified Third Amended Joint Plan of Liquidation occurred on Sept.
26, 2014.

The Troubled Company Reporter, on Dec. 29, 2014, reported that the
Bankruptcy Court entered a final decree closing the Chapter 11
cases of consolidated non-lead debtors in the cases of CWC
Liquidation Inc. formerly known as Coldwater Creek Inc, et al.


COMMUNITY ENVIRONMENTAL: Case Summary & 20 Top Unsec. Creditors
---------------------------------------------------------------
Debtor: Community Environmental Center, Inc.
        69 9th Street
        Brooklyn, NY 11215

Case No.: 15-41173

Chapter 11 Petition Date: March 19, 2015

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

Judge: Hon. Carla E. Craig

Debtor's Counsel: Ashley Koenen, Esq.
                  ROSEN & ASSOCIATES PC
                  747 Third Avenue
                  New York, NY 10017
                  Tel: 212-223-1100
                  Fax: 212-223-1102
                  Email: akoenen@rosenpc.com

Total Assets: $852,431

Total Liabilities: $5.33 million

The petition was signed by John Keefe, vice president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nyeb15-41173.pdf


CONNTECH PRODUCTS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: ConnTech Products Corporation
        P.O. Box 309
        Cheshire, CT 06410

Case No.: 15-30397

Chapter 11 Petition Date: March 19, 2015

Court: United States Bankruptcy Court
       District of Connecticut (New Haven)

Judge: Hon. Julie A. Manning

Debtor's Counsel: Neil Crane, Esq.
                  LAW OFFICES OF NEIL CRANE, LLC
                  2679 Whitney Avenue
                  Hamden, CT 06518
                  Tel: (203) 230-2233
                  Fax: 203-230-8484
                  Email: neilcranecourt@neilcranelaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Mark S. Fenney, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ctb15-30397.pdf


CORD BLOOD: Cryo-Cell Reports 9.6% Equity Stake as of March 10
--------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Cryo-Cell International, Inc. disclosed that as of
March 10, 2015, it beneficially owned 85,484,158 shares of common
stock of Cord Blood America, Inc., which represents 9.6 percent of
the shares outstanding.  The amount of funds expended by Cryo-Cell
to acquire the 85,484,158 shares of Common Stock it holds in its
name is $200,538.  Those funds were provided from Cryo-Cell's
working capital.  These Common Stock acquisitions were made between
April 3, 2014, and March 18, 2015.  

on March 10, 2015, Cryo-Cell filed a lawsuit in the Pinellas County
Court, Florida in order to compel CBAI to hold an annual meeting of
shareholders for the purpose of electing directors.  It is
Cryo-Cell's current intention to nominate a slate of directors for
election at this annual meeting.  If Cryo-Cell were successful in
its effort to elect directors to the board of CBAI, it is
anticipated that Cryo-Cell would explore various alternatives,
including the potential for a merger with CBAI, with Cryo-Cell as
the surviving entity.

In the fourth quarter of 2014, Cryo-Cell conducted due diligence on
CBAI and was in negotiations at that time with CBAI to engage in a
business combination with, or make a capital investment in, CBAI.

A copy of the regulatory filing is available for free at:

                        http://is.gd/wquXTG

                      About Cord Blood America

Based in Las Vegas, Nevada, Cord Blood America, Inc., is primarily
a holding company whose subsidiaries include Cord Partners, Inc.,
CorCell Co. Inc., CorCell Ltd.; CBA Professional Services, Inc.
D/B/A BodyCells, Inc.; CBA Properties, Inc.; and Career Channel
Inc, D/B/A Rainmakers International.  Cord specializes in
providing private cord blood stem cell preservation services to
families.  BodyCells is a developmental stage company and intends
to be in the business of collecting, processing and preserving
peripheral blood and adipose tissue stem cells allowing
individuals to privately preserve their stem cells for potential
future use in stem cell therapy.  Properties was formed to hold
the corporate trademarks and other intellectual property of CBAI.
Rain specializes in creating direct response television and radio
advertising campaigns, including media placement and commercial
production.

Cord Blood reported a net loss of $2.97 million on $5.97 million
of revenue for the year ended Dec. 31, 2013, as compared with a
net loss of $3.49 million on $5.99 million of revenue in 2012.

Rose, Snyder & Jacobs, LLP, in Encino, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has sustained recurring operating losses and has
an accumulated deficit at Dec. 31, 2012.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

The Company's balance sheet at Sept. 30, 2014, showed
$3.95 million in total assets, $4.66 million in total liabilities,
and a $708,000 total deficit.


DANDRIT BIOTECH: Appoints Lone Degn as Dandrit Denmark CFO
----------------------------------------------------------
DanDrit Biotech USA, Inc., wholly owned subsidiary DanDrit Biotech
A/S ("DanDrit Denmark"), and Robert E. Wolfe entered into an
agreement pursuant to which Mr. Wolfe ceased to be chief financial
officer of DanDrit Denmark effective as of the date a replacement
chief financial officer is engaged.  Mr. Wolfe continues to serve
as a director of the Company.

In connection with Mr. Wolfe's departure, Lone Degn was appointed
to serve as chief financial officer of DanDrit Denmark effective as
of March 12, 2015.  

In accordance with the terms of a contract of employment, dated as
of the Effective Date by and between DanDrit Denmark and Ms. Degn,
Ms. Degn will be employed by DanDrit Denmark for an indefinite term
unless earlier terminated.  The Degn Employment Agreement provides
that Ms. Degn will receive a salary of DKK 60,000 gross per month,
to be paid monthly on the last business day of each month and
subject to annual review and increases by the board of directors of
DanDrit Denmark, as it deems appropriate, according to a document
filed with the Securities and Exchange Commission.

In addition to her salary, Ms. Degn will be entitled to receive
reimbursement of all reasonable costs and expenses incurred in
connection with the performance of her duties in accordance with
the terms of the Degn Employment Agreement.

Either DanDrit Denmark or Ms. Degn may terminate the employment in
accordance with the Danish Salaried Employees Act.

A full-text copy of the Employment Agreement by and Between Dandrit
Denmark and Ms. Lone Degn is available for free at:

                        http://is.gd/Jj9Nx2

                           About DanDrit

DanDrit Biotech USA, Inc., a biotechnology company, develops
vaccine for the treatment of colorectal cancer primarily in the
United States, Europe, and Asia.  Its lead compound includes
MelCancerVac(MCV), a cellular therapy, which is in a comparative
Phase IIb/III clinical trial for advanced colorectal cancer.  It
also develops MelVaxin that is similar to the lysate component of
MCV for injecting into the skin to promote natural dendritic cell
responses that will attack the tumor expressing cancer/testis
antigens.  The company was founded in 2001 and is headquartered in
Copenhagen, Denmark.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of $1.41 million compared to a net loss of $1.11 million
for the same period in 2013.

As of Sept. 30, 2014, Dandrit had $2.55 million in total assets,
$4.93 million in total liabilities and a $2.38 million total
stockholders' deficit.

"The Company has incurred significant losses, has not yet been
successful in establishing profitable operations and has current
assets in excess of current liabilities.  These factors raise
substantial doubt about the ability of the Company to continue as a
going concern as of Sept. 30, 2014," the Company stated in its Form
10-Q Report.


DEX MEDIA EAST: Bank Debt Trades at 20% Off
-------------------------------------------
Participations in a syndicated loan under which Dex Media East LLC
is a borrower traded in the secondary market at 80.20 cents-on-
the-dollar during the week ended Friday, March 20, 2015, according
to data compiled by LSTA/Thomson Reuters MTM Pricing and reported
in The Wall Street Journal.  This represents a decrease of 0.92
percentage points from the previous week, The Journal relates.
Dex Media East LLC pays 450 basis points above LIBOR to borrow
under the facility.  The bank loan matures on Oct. 24, 2016.  The
bank debt carries is not rated by Moody's and Standard &
Poor's.  The loan is one of the biggest gainers and losers
among 237 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



DILLARD'S INC: Moody's Alters Outlook to Positive, Affirms Ba1 CFR
------------------------------------------------------------------
Moody's Investors Service revised Dillard's Inc. rating outlook to
positive from stable.  The company's Ba1 Corporate Family Rating
was affirmed as well as its SGL-1 Speculative Grade Liquidity
rating.  All ratings affirmed are detailed:

"The rating outlook revision to positive from stable reflects
Moody's view that Dillard's operating performance has shown
increasing stability as a result of improved merchandising, cost
controls, and integration of its online business" said Moody's Vice
President Scott Tuhy.  He added "we also expect the company to
maintain balanced shareholder policies with only limited amounts of
funded debt and we expect the company to further simplify its
capital structure over time which would lead to a capital structure
more appropriate for an investment grade rating".

These ratings were affirmed:

Issuer: Dillard's, Inc.

  Probability of Default Rating, Affirmed Ba1-PD
  Speculative Grade Liquidity Rating, Affirmed SGL-1
  Corporate Family Rating, Affirmed Ba1
  Subordinate Regular Bond/Debenture, Affirmed Ba3(LGD6)
  Senior Unsecured Regular Bond/Debenture, Affirmed Ba2(LGD4)
  Senior Unsecured Commercial Paper, Affirmed NP

Issuer: Dillard's Capital Trust I

  Backed Pref. Stock Preferred Stock, Affirmed Ba3(LGD6)
  Issuer: Dillard Investment Company, Inc.
  Senior Unsecured Commercial Paper, Affirmed NP

Outlook Actions:

Issuer: Dillard's, Inc.

  Outlook, Changed To Positive From Stable

Issuer: Dillard's Capital Trust I

  Outlook, Changed To Positive From Stable

RATINGS RATIONALE

Dillard's Ba1 rating reflects its good credit metrics as a result
of its low level of funded debt which results in modest leverage
with debt/EBITDA near 1.4 times and EBITA/Interest expense around 7
times.  The rating also reflects the company's increasingly
consistent operating performance and Moody's expects the company to
sustain high single digit EBIT margins.  This reflects the
company's continued improvements in merchandising along with
ongoing disciplined inventory management are driving its ability to
maintain the improvements it has made in operating margins and that
its operating performance will be more predictable going forward
than it had been in the past.  Dillard's rating is also supported
by its very good liquidity and its sizable portfolio of company
owned real estate and our expectations the company will maintain
balanced financial policies.  The ratings are constrained by the
company's geographic concentration in the southern and southwestern
United States, the continued traffic challenges facing traditional
mall-based department stores and the company's still moderate
operating margins relative to investment grade peers.

The positive rating outlook reflects our view that the company
could be upgraded to investment grade given its improved operating
performance and moderate leverage which offset its position as a
regionally concentrated department store chain while maintaining
debt/EBITDA below 2.25x.

Ratings could be upgraded if the company maintains balanced
financial policies, stable operating performance while moving over
time toward a capital structure less reliance on secured
financing.

In view of the positive outlook ratings are unlikely to be
downgraded.  The rating outlook could be stabilized if the
company's financial policies were to become more aggressive, if the
company were to be expected to remain reliance on a meaningful
amount of secured debt in its capital structure. or if the
company's margins evidenced erosion versus peers.  Ratings could be
downgraded if the company were to engage in more aggressive
financial policies, such as monetizing a meaningful portion of its
owned real estate.  Ratings could be downgraded if debt/EBITDA
approached 3.5 times or if the company's excellent liquidity
profile were to meaningfully erode.

Headquartered in Little Rock, Arkansas, Dillard's, Inc., is a
regional department store chain operating 277 Dillard's locations
and 20 clearance centers in 29 states and an Internet store as of
Jan. 31, 2015.  LTM revenues are $6.8 billion.

The principal methodology used in these ratings was Global Retail
Industry published in June 2011.  Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.



DIOCESE OF HELENA: Obtains Confirmation of Second Amended Plan
--------------------------------------------------------------
U.S. Bankruptcy Judge Terry L. Myers confirmed the Second Amended
Joint Reorganization Plan filed by The Roman Catholic Bishop of
Helena, Montana early this month.

The Plan reflects negotiated terms and compromises of the largest
group of unsecured creditors, the tort claimants, and the
resolution of disputes with various insurance entities.  The Plan
is the culmination of extensive settlement negotiations that have
been ongoing prior to and during the pendency of this Chapter 11
Case.  The Plan sets forth a just and fair procedure for valuing
the Tort Claimants' claims and distributing compensation to them on
account of their claims.  The Plan provides that no less than $16.9
million, plus an additional $3.95 million (or $4.45 million, as the
case may be) will be distributed to a Trust to be administered on
behalf of the Tort Claimant beneficiaries.  In addition, the Debtor
provides for payment in full of its Unsecured General Claims, other
than entities related to the Debtor through Canon Law, such as
parishes and programs, which will be provided for through the
funding of a Deposit and Loan Fund Restoration Trust.

There were no objections to confirmation of the Plan, and creditors
in all classes who are entitled to vote have accepted the Plan in
numbers far in excess of the margins necessary for confirmation.

The Debtor has filed a Motion to Approve the Settlement Agreement
with Great American Insurance Company.  No objections have been
filed to the Great American Settlement.  The Debtor has also moved
the Court to approve the sale of the Legendary Lodge, which
proceeds will be used to fund Debtor's obligations pursuant to the

Plan, and no objections have been filed to that Motion.  There are
no pending matters outside of the  confirmation Hearing that should
be noted as having an adverse effect of the relief sought.

The Plan provides the means for settling and paying all Claims
asserted against the Debtor.  The Plan provides for the creation of
a Trust and channeling of all Channeled Claims to the Trust for
allowance and Distribution to Tort Claimants.  The Trust's assets
will consist of Cash from the Debtor, contributions by Settling
Insurers, and the portion of the Province Contribution allocated to
the Trust.  Trust assets will be used to fund certain of the
Trust's costs and expenses and payments to Tort Claimants.

Distributions and reserves from the Trust to Tort Claimants will be
determined by application of the Allocation Plans and, where
applicable, the Trustee's business judgment.  Annuitants are
unimpaired.  Many scheduled claimants are not true creditors of
the Diocese, as they are part of the Diocese.  Such liabilities
shall be administered pursuant to Canon Law.  Deposit and Loan
Fund Claimants will receive nothing through this Plan.  However,
such Claimants shall be separately classified, and a Deposit and
Loan Fund Restoration Trust shall be created on the Effective Date

for purposes of administering Deposit and Loan Fund Accounts
Receivable and future assets yet to be determined, which will be
dedicated to the Deposit and Loan Fund Trust, which beneficiaries
shall be with Deposit and Loan Fund Claimants.  

The Endowment Fund, Annuity Fund, Latin American Fund and the
Guatemala Fund will retain their investments and continue to
serve their charitable purposes, but will receive nothing through
this Plan. Allowed General Unsecured Claimants will receive their
Pro Rata share of $1.29 million, based on known amounts.  This
figure may change after the conclusion of the Claims objection
process, depending on the allowance or disallowance of certain
Claims.

If the Confirmation Order does not include the Province Channeling
Injunction, and the Province Alternate Settlement of $3.95 million
is approved, the Province Contribution Claim, if and to the extent
Allowed, will be subject to the Province Contribution Claim Cap.
Such Claim, if and to the extent Allowed, will be paid over 3 years
from the date of allowance.  The Debtor will receive the benefit of
a Sec. 1141(d) discharge.  Settling Insurers will receive the
benefit of injunctions provided under the Plan and their particular
Insurance Settlement Agreement.  The Province, if the Court so
orders and the $4.45 million settlement is approved, will receive
the benefit of the Province Channeling Injunction.  

A copy of the Second Amended Reorganization Plan is available at:

                        http://is.gd/wxDpkH

                    About the Diocese of Helena

The Roman Catholic Bishop of Helena, Montana, a Montana Religious
Corporation Sole (a/k/a Diocese of Helena) sought protection
under Chapter 11 of the Bankruptcy Code on Jan. 31, 2014, to
resolve more than 350 sexual-abuse claims.  The Chapter 11 case
(Bankr. D. Mont. Case No. 14-60074) was filed in Butte, Montana.

Attorneys at Elsaesser Jarzabek Anderson Elliott & MacDonald,
Chtd., serve as counsel to the Debtor.  Gough, Shanahan, Johnson &
Waterman PLLP has been tapped as special counsel to provide legal
advice relating to sexual abuse claims.

Several Roman Catholic dioceses in the U.S. have filed for
bankruptcy to settle claims from current and former parishioners
who say they were sexually molested by priests.

The Roman Catholic Bishop of Helena filed its schedules of assets
and liabilities, which show assets with a value of more than
$16.037 million against debt totaling $33.6 million.  The filings
also showed that the diocese has $4.7 million in secured debt.
Creditors of the diocese assert $28.89 million in unsecured
non-priority claims.

The U.S. Trustee for Region 18 appointed seven creditors to serve
on the Official Committee of Unsecured Creditors.  The Committee
has retained Pachulski Stang Ziehl & Jones LLP as counsel.

The Court installed Michael R. Hogan as the legal representative
for these sex abuse victims: (a) are under 18 years of age before
the Claims Bar Date; (b) neither discovered nor reasonably should
have discovered before the Claims Bar Date that his or her injury
was caused by an act of childhood abuse; or (c) have a claim that
was barred by the applicable statute of limitations as of the
Claims Bar Date but is no longer barred by the applicable statute
of limitations for any reason, including for example the passage
of legislation that revives such claims.

                           *     *     *

Under the Diocese's plan, which was negotiated between the church
and its official committee representing clergy-abuse victims, the
church will contribute $2 million to a victims' fund, while seven
insurance companies will contribute $14.4 million to the fund in
return for ending their liability under policies they issued years
ago.  The report said the church's portion will come from a $3.5
million loan to be secured by the diocese's real estate.  General
unsecured creditors, whose claims are estimated to total less than
$1 million, will be paid in full.



DORAL FINANCIAL: Has Until April 24 to File Schedules
-----------------------------------------------------
Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York extended the deadline by which Doral
Financial Corporation must file its schedules of assets and
liabilities and statement of financial affairs through and
including April 24, 2015.

                        About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices in
New York City, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The Debtor's Chapter 11 plan and Disclosure Statement are due July
9, 2015.  The initial case conference is set for April 10, 2015.


EDENOR SA: Reports ARS780 Million Net Loss for 2014
---------------------------------------------------
Edenor S.A. reported a loss of ARS780 million on ARS3.59 billion of
revenue for the year ended Dec. 31, 2014, compared with profit of
ARS773 million on ARS3.44 billion of revenue in 2013.  As of Dec.
31, 2014, Edenor had ARS8.63 billion in total assets, ARS8.24
billion in total liabilities and ARS358 million in total equity.  A
full-text copy of the Report is available for free at
http://is.gd/BlQhTv

At the Company Board of Directors meeting held on March 9, 2015,
the following documents were approved: Annual Report, Statement of
Financial Position, Statement of Comprehensive (Loss) Income,
Statement of Changes in Equity, Statement of Cash Flows, Notes to
the Financial Statements, Informative Summary and the information
required by section 68 of the aforementioned regulations, relating
to the year ended Dec. 31, 2014.

                   Shareholders Meeting on April 28

on March 16, 2015, after brief discussion, the Board unanimously
resolved to call a general ordinary and extraordinary shareholders'
Meeting to be held on April 28, 2015, at 11:00 am on first call and
at 12:00 am on second call, in the case of the Ordinary
Shareholders' Meeting in order to consider the following Agenda:

  1) Appointment of two shareholders to approve and sign the
     minutes;

  2) Consideration of accounting documents as provided for in
     Section 234, Companies' Law 19.550 for the 23rd fiscal year
     ended Dec. 31, 2014, consisting in: the Board of Directors'
     Annual Report and its Schedule, Corporate Governance Report;
     Company's Financial Statements including General Balance
     Sheet, Statement of Income, Statement of Changes in
     Shareholders' Equity, Statement of Cash Flows, and Notes to
     the Financial Statements, Informative Report and Additional
     Information as required by the Rules of the Argentine
     Securities and Exchange Commission and under section 68 of
     the Regulations of the Buenos Aires Stock Exchange, Reports
     of the Certifying Accountant and the Supervisory Committee;

  3) Allocation of profits for the fiscal year ended Dec. 31,
     2014;

  4) Consideration of the Board of Directors' performance during
     the fiscal year ended Dec. 31, 2014;

  5) Consideration of the Supervisory Committee's performance
     during the fiscal year ended Dec. 31, 2014;

  6) Consideration of compensation payable to members of the Board

     of Directors (ARS2,622,452) for the fiscal year ended
     Dec. 31, 2014, which recorded a loss accountable for under
     the Rules of the Argentine Securities and Exchange
     Commission;

  7) Consideration of compensation payable to members of the
     Supervisory Committee (ARS325,000) for the fiscal year ended
     Dec. 31, 2014, which recorded a loss accountable for under
     the Rules of the Argentine Securities and Exchange
     Commission;

  8) Appointment of 12 regular directors and 12 alternate
     directors; seven regular directors and seven alternate
     directors holding Class A shares, five regular directors and
     five alternate directors holding Classes B and C shares,
     jointly;

  9) Appointment of three regular members and three alternate
     members of the Supervisory Committee, two regular members and
     two alternate members holding Class A shares and one regular
     member and one alternate member holding Classes B and C
     shares, jointly;

10) Decision regarding the Certifying Accountant's fees for the
     fiscal year ended Dec. 31, 2014;

11) Appointment of a Certified National Accountant who shall
     certify the Financial Statements of the fiscal year commenced
     on Jan. 1, 2015;

12) Consideration of the budget of the Audit Committee for 2015
     fiscal year;

13) Consideration of the budget of the Board of Directors'
     Executive Board for 2015 fiscal year;

14) Consideration of the mandatory capital reduction under
     section 206, Companies' Law 19.550;

15) Amendment to section 5 of the By-laws, subject to approval by
     Ente Nacional Regulador de la Electricidad (ENRE) (this item
     shall be considered and resolved by the Extraordinary
     Shareholders' Meeting); and

16) Granting of authorizations to carry out any proceedings and
     filings required to obtain relevant registrations.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.


EDENOR SA: To Convene Shareholders' Meeting on April 28
-------------------------------------------------------
Edenor S.A.'s Board of Directors resolved, at its meeting held
March 17, 2015, to convene a general ordinary and extraordinary
shareholders' meeting to be held on April 28, 2015, at 11:00 a.m.
on first call, and at 12:00 a.m. on second call for the Ordinary
Shareholders' Meeting, at the Company's corporate office at Avenida
del Libertador 6363, Ground Floor, City of Buenos Aires.

The Board also resolved to expressly include as issues on the
Agenda of that Meeting: (i) Consideration of mandatory capital
reduction pursuant to section 206, Argentine Companies' Law No.
19.550, as the Company meets the requirements set forth therein as
of Financial Statements closing date on Dec. 31, 2014, by means of
a reduction in the face value of the Company's shares; and (ii)
Amendment to Section 5 of the By-laws, subject to the Approval by
Ente Nacional Regulador de la Electricidad.

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

As of Sept. 30, 2014, the Company had ARS7.99 billion in total
assets, ARS8.26 billion in total liabilities and a ARS267 billion
total deficit.

For the nine months ended Sept. 30, 2014, the Company reported a
net loss of ARS1.44 billion compared to net profit of ARS792.04
million for the same period the year before.

Edenor reported profit of ARS773 million on ARS3.44 billion of
revenue from sales for the year ended Dec. 31, 2013, as compared
with a loss of ARS1.01 billion on ARS2.97 billion of revenue from
sales in 2012.  Edenor reported a net loss of ARS291 million in
2011.



EDMENTUM INC: Moody's Cuts CFR to Caa1, Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Edmentum,
Inc., including the corporate family rating to Caa1 from B2 and
probability of default rating to Caa1-PD from B2-PD.  At the same
time, Moody's downgraded the ratings on the company's senior
secured revolving credit facility and 1st lien term loan to B2 from
Ba3 and rating on the company's second lien term loan to Caa3 from
Caa1.  The rating outlook was changed to negative from stable.

The downgrade was driven by the company's underperformance to
expectations, year over year declines in revenue and profitability,
continued elevated leverage level and a weakened liquidity profile.
The company is in violation of its maximum leverage ratio covenant
and needs to obtain a waiver and/or amendment and is currently
operating under a forbearance agreement.

These rating actions were taken:

Corporate Family Rating, downgraded to Caa1 from B2;

Probability of Default Rating, downgraded to Caa1-PD from B2-PD;

First lien senior secured revolving credit facility due 2017,
downgraded to B2 (LGD3) from Ba3 (LGD2);

First lien senior secured term loan due 2018, downgraded to B2
(LGD3) from Ba3 (LGD2);

Second lien senior secured term loan due 2019, downgraded to Caa3
(LGD5) from Caa1 (LGD5);

Rating outlook to negative from stable.

RATINGS RATIONALE

The Caa1 corporate family rating reflects Edmentum's weak liquidity
profile, small scale, high leverage, modest coverage of interest
expense, and balance sheet debt that is well in excess of revenue.
The rating also considers some product concentration, competition
from large scale well-capitalized companies, and susceptibility to
school budgetary pressures.  Notwithstanding these risks, the
rating derives support from Edmentum's business position as a
provider of online curriculum and assessments to the kindergarten
through adult education markets, a material proportion of recurring
subscription-based revenue, modest customer concentration, and good
operating margins.

The negative outlook reflects the company's weak liquidity profile
and the need to renegotiate covenants.  The outlook further
incorporates the continued pressured operating results as evidenced
in year over year declines in revenue and EBITDA levels.

Moody's could downgrade the ratings if the company's liquidity
position does not improve and covenant relief is not obtained.  A
continued challenging operating environment, customer contract
losses, and/or further weakening of the company's liquidity profile
could also result in a ratings downgrade.

Moody's could upgrade the ratings if Edmentum improves its
liquidity profile, organically grows its scale and improves
profitability while generating positive free cash flow.  Leverage
under 6.5 times and EBITA to interest above 1.5 times would also
need to be maintained.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.  Other
methodologies used include Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Headquartered in Bloomington, Minnesota, Edmentum, Inc. is a
provider of online instruction, curriculum management, assessment,
and related services to K-12 schools, community colleges, and other
educational institutions.  The company is privately owned by
affiliates of Thoma Bravo.  In May 2012, the company acquired
Archipelago Learning, Inc., a provider of online test preparation,
formative assessment and supplemental instruction solutions.



EMERALD INVESTMENTS: Amends Schedules of Assets and Liabilities
---------------------------------------------------------------
Emerald Investments, LLC, filed with the U.S. Bankruptcy Court for
the Southern District of New York amended schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                   $10,000
  B. Personal Property               Unknown
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $1,183,682
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $2,797,480
                                 -----------      -----------
        TOTAL                        Unknown       $3,981,162

In its amended schedules, the Debtor disclosed $10,000 in real
property.  In the prior iteration of the schedules, the Debtor
disclosed no real property.

A copy of the amended schedules is available for free at

  http://bankrupt.com/misc/EMERALDINVESTMENTS_31_sal_amended.pdf

                     About Emerald Investments

Emerald Investments, LLC, sought Chapter 11 protection (Bankr.
S.D.N.Y. Case No. 14-13407) in Manhattan on Dec. 15, 2014.

The case is assigned to Judge Martin Glenn.

Norwalk, Connecticut-based Emerald Investments estimated $10
million to $50 million in assets and less than $10 million in
debt.
The formal schedules of assets and liabilities, as well as the
statement of financial affairs, are due Dec. 29, 2014.

The Debtor has tapped David Y. Wolnerman, Esq., at White &
Wolnerman, PLLC, in New York, as counsel.


ENDICOTT INTERCONNECT: Huron's Bid for Administrative Claim Denied
------------------------------------------------------------------
U.S. Bankruptcy Judge Diane Davis denied the motion filed by Huron
Real Estate Associates, LLC, to enjoin Endicott Interconnect
Technologies, Inc., et al., from distributing funds and seek
allowance of Huron's administrative expense claim.  Huron had moved
the Court for an order (i) awarding Huron an administrative expense
claim in the amount of $158,706; (ii) enjoining distributions to
other creditors under the Debtor's Chapter 11 plan, pursuant to
Rule 7065 of the Federal Rules of Bankruptcy
Procedure; and (iii) directing Travelers Indemnity Company to pay
any refunds to Huron in place of the Debtor.

                   About Endicott Interconnect

Endicott Interconnect Technologies, Inc., and its affiliates filed
a Chapter 11 petition (Bankr. N.D.N.Y. Case No. 13-61156) in
Utica, New York, on July 10, 2013, to sell the business before
cash runs out by the end of September.  David W. Van Rossum is the
Debtors' sole officer.  Bond, Schoeneck & King, PLLC, is counsel
to the Debtor.

Based in Endicott, New York, and formed in 2002, EIT is the
successor to the microelectronics division of IBM Corp.  The
products are used in aerospace, defense and medication
applications, among others.

The Company sought Chapter 11 bankruptcy protection after
suffering $100 million in operating losses in the last four years.
In addition to $16 million in secured claims, trade suppliers are
owed $34 million.  There is another $32 million owing for loans
made by shareholders.  The Company said the book value of property
is $36 million.

On Feb. 13, 2015, signed an order confirming the Debtor's Chapter
11 liquidating plan.  The accompanying disclosure materials had
unsecured creditors getting an estimated recovery of 1% to 2% on
about $35 million in claims.

An official committee of unsecured creditors has been appointed in
the case with Avnet Electronics Marketing, Arrow Electronics,
Inc., Acbel Polytech, Inc., Cadence Design Systems, Inc.,
Orbotech, Inc., Tyco Electronics, and High Performance Copper
Foil, Inc. as members.  The committee is represented by Arent Fox
LLP.

The official creditors' committee said there could be $20.8
million in claims to bring against insiders.  In August 2013, the
judge authorized the committee to conduct an investigation of the
insiders.


ENDICOTT INTERCONNECT: Intergrian APA Amended to Cancel Estate Note
-------------------------------------------------------------------
U.S. Bankruptcy Judge Diane Davis entered an order confirming
Endicott Interconnect Technologies, Inc., et al.'s Second Amended
Plan of Liquidation dated Jan. 22, 2015.

The Court also ordered that all objections to the Plan are
overruled in their entirety.  The asset purchase agreement between
the Debtor and Integrian Holdings, LLC dated Sept. 19, 2013, as
amended on Oct. 31, 2013, is modified to provide for the
cancellation of the estate note and the termination of the
administrative expense reserve.  Integrian Holdings, LLC or its
assignee will be paid $50,000 from the cash receipts and upon
receipt of the funds, will be deemed to have released and waived
any further claim to the remaining cash receipts.

                   About Endicott Interconnect

Endicott Interconnect Technologies, Inc., and its affiliates filed
a Chapter 11 petition (Bankr. N.D.N.Y. Case No. 13-61156) in
Utica, New York, on July 10, 2013, to sell the business before
cash runs out by the end of September.  David W. Van Rossum is the
Debtors' sole officer.  Bond, Schoeneck & King, PLLC, is counsel
to the Debtor.

Based in Endicott, New York, and formed in 2002, EIT is the
successor to the microelectronics division of IBM Corp.  The
products are used in aerospace, defense and medication
applications, among others.

The Company sought Chapter 11 bankruptcy protection after
suffering $100 million in operating losses in the last four years.
In addition to $16 million in secured claims, trade suppliers are
owed $34 million.  There is another $32 million owing for loans
made by shareholders.  The Company said the book value of property
is $36 million.

On Feb. 13, 2015, signed an order confirming the Debtor's Chapter
11 liquidating plan.  The accompanying disclosure materials had
unsecured creditors getting an estimated recovery of 1% to 2% on
about $35 million in claims.

An official committee of unsecured creditors has been appointed in
the case with Avnet Electronics Marketing, Arrow Electronics,
Inc., Acbel Polytech, Inc., Cadence Design Systems, Inc.,
Orbotech, Inc., Tyco Electronics, and High Performance Copper
Foil, Inc. as members.  The committee is represented by Arent Fox
LLP.

The official creditors' committee said there could be $20.8
million in claims to bring against insiders.  In August 2013, the
judge authorized the committee to conduct an investigation of the
insiders.


ENERGY & EXPLORATION: Bank Debt Trades at 17% Off
-------------------------------------------------
Participations in a syndicated loan under which Energy &
Exploration Partners is a borrower traded in the secondary marketat
83.57 cents-on-the-dollar during the week ended Friday, March 20,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
an increase of 0.86 percentage points from the previous week, The
Journal relates.  Energy & Exploration pays 675 basis points above
LIBOR to borrow under the facility.  The bank loan matures on Jan.
14, 2019.  Moody's and Standard & Poor's did not give a rating to
the loan.  The loan is one of the biggest gainers and losers among
237 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



ERF WIRELESS: Issued 120M Shares Pursuant to Convertible Notes
--------------------------------------------------------------
ERF Wireless, Inc., issued 120,313,824 common stock shares pursuant
to existing convertible promissory notes from March 14 through
March 20, 2015, according to a document filed with the Securities
and Exchange Commission.

The Company receives no additional compensation at the time of the
conversions beyond that previously received at the time the
Convertible Promissory Notes were originally issued.  The shares
were issued at an average of $0.000416 per share.  The issuance of
the shares constitutes 25.075% of the Company's issued and
outstanding shares based on 479,819,182 shares issued and
outstanding as of March 13, 2015.

                         About ERF Wireless

Based in League City, Texas, ERF Wireless, Inc., provides secure,
high-capacity wireless products and services to a broad spectrum of
customers in primarily underserved, rural and suburban parts of the
United States.

ERF Wireless reported a net loss attributable to the company of
$7.26 million in 2013, a net loss of $4.81 million in 2012, and a
net loss of $3.37 million in 2011.

As of Sept. 30, 2014, the Company had $3.59 million in total
assets, $10.4 million in liabilities, and a $6.84 million
shareholders' deficit.


ESCO MARINE: Won't Change Management Team; 300 Workers Laid Off
---------------------------------------------------------------
ESCO Marine, Inc., vice president Kris Wood said in an email on
March 18, 2015, that the Company won't change its management team,
Steve Clark at The Brownsville Herald reports.  The report adds
that the Company laid off more than 300 workers and closed down its
operations at the Port of Brownsville in February.

The Brownsville Herald recalls that on Dec. 31, 2014, Callidus
Capital Corp. sued the Company, its executives and several
affiliated companies over a $31.4 million loan, which the Lender
claims is in default.  Court documents state that the Lenders'
lawyers allege that the Company's president, Richard Jaross, and
other company executives used collateral to fund operations, an
accusation that the Company denied, saying that the Lender
improperly withheld payments the Company was entitled to in order
to sustain its ship-recycling operation.  The Company said in a
statement, "Callidus has refused to fund the payroll and other
operational costs for our workers and for our business from our own
cash flow."

                          About ESCO Marine

ESCO Marine, Inc., and four affiliates sought Chapter 11 bankruptcy
protection in Corpus Christi, Texas (Bankr. S.D. Tex.) on March 7,
2015.

ESCO Marine disclosed $28.8 million in assets and $35.5 million in
debt as of Jan. 31, 2015.

The cases are assigned to Judge Richard S. Schmidt.  The Debtors
filed an emergency motion seeking joint administration of their
Chapter 11 cases, requesting to designate as the "main case" the
proceedings of ESCO Marine, Inc., Case No. 15-20107.

ESCO Metals, LLC, ESCO Shredding, LLC, Texas Best Recycling, LLC,
and Texas Best Equipment LLC are affiliates of ESCO Marine.  ESCO
Marine is the operating parent company.

The Debtors have tapped Roderick Glen Ayers, Jr., Esq., at Langley
Banack Inc., in San Antonio, as counsel.


EXIDE TECHNOLOGIES: City of Frisco Blocks Ch. 11 Plan Confirmation
------------------------------------------------------------------
Valerie Wigglesworth at The Dallas Morning News reports that the
city of Frisco has filed an objection to Exide Technologies' plan
of reorganization, calling it "questionable at best" and raises
doubts about whether the reorganized company "will have the
financial wherewithal to remediate Frisco" without the funds set
aside in the agreement.

The Morning News says that a hearing on the Plan will be held on
March 27, 2015.

The Morning News states that the Company hasn't said it will uphold
the terms of an agreement reached with the city in 2012, which
called for the Company to clean up the contamination on the site
within 18 months of the plant's closure, but that hasn't happened.
Under the agreement, the city would, in return, buy about 180 acres
of undeveloped land that surrounds the Company's former operations
for $45 million, the report says.  The Morning News relates that
the Company's bankruptcy filing put the agreement in limbo.

The Morning News quoted Richard Abernathy, Esq., the attorney for
the city, as saying, "We are continuing to negotiate and continue
to make progress."

                    About Exide Technologies

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

Exide first sought Chapter 11 protection (Bankr. Del. Case No.
02-11125) on April 14, 2002, and exited bankruptcy two years after.

Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland &
Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl &
Jones LLP represented the Debtors in their successful
restructuring.

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

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

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

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

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

                            *     *     *

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

Exide already has a plan of reorganization in place.  Reorganized
Exide's debt at emergence will comprise: (i) an estimated $225
million Exit ABL Revolver Facility; (ii) $264 million of New First
Lien High Yield Notes; (iii) $284 million of New Second Lien
Convertible Notes.  The Debtor's non-debtor European subsidiaries
are also expected to have approximately $23 million; (b) The New
Second Lien Convertible Notes will be convertible into 80% of the
New Exide Common Stock on a fully diluted basis; and (c) New Exide
Common Stock would be allocated as follows: 15.0% to Holders of
Senior Secured Note Claims after conversion of the New Second Lien
Convertible Notes into New Exide Common Stock; 3.0% on account of
the DIP/Second Lien Conversion Funding Fee; and 2.0% on account of
the DIP/Second Lien Backstop Commitment Fee.  A full-text copy of
the Disclosure Statement dated Nov. 17, 2014, is available at
http://bankrupt.com/misc/EXIDEds1117.pdf   

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


FEDERATION AND EMPLOYMENT: Files for Ch 11 Bankruptcy Protection
----------------------------------------------------------------
Josh Nathan-Kazis, writing for Forward.com, reports that Federation
and Employment Guidance Services filed for Chapter 11 bankruptcy
protection in the U.S. Bankruptcy Court for the Eastern District of
New York on March 18, 2015.

The Agency's CEO, Kristin M. Woodlock said in a statement, "This
filing represents the next step in our commitment to transfer all
programs and services to appropriate parties in a way that ensures
our clients experience uninterrupted care and support."

Laura Nahmias, writing for Capitalnewyork.com, relates that the
Agency, which will continue to operate during the bankruptcy
process, said its operations will be financed in the short term
with a $10 million loan from UJA-Federation.

Capitalnewyork.com states that the Agency said earlier this year it
would close amid an unexpected $19 million budget shortfall,
raising questions about its management of its finances, and the
circumstances surrounding its closure are being scrutinized by at
least two nonprofit task forces, the New York State Attorney
General's office, and the Manhattan District Attorney's office.

The flaws in the Agency's financial management system handicapped
the organization, Forward.com says, citing Ms. Woodlock.  According
to the report, Ms. Woodlock said that the Agency had failed to cut
costs amid declining revenues, and "operational and administrative
inefficiencies . . .  pervaded [FEGS's] programs."  Ms. Woodlock
said that an "administrative cost structure" that was
"significantly more than target industry standards," plus an overly
complex organizational structure, made it difficult for the Agency
cut its losses, the report states.

According to Forward.com, Ms. Woodlock blamed a "concentration on
top line growth without due concern to contract viability," which
caused the Agency to enter into unprofitable contracts and to
neglect to put aside funds to repay government advances and other
associated contract costs.  Ms. Woodlock claimed that the Agency's
losses were also caused by relationships with its for-profit
affiliates, Forward.com relates.  The report explains that the
Agency was "forced to fund these affiliates' cash requirements and
losses" when they failed to attract enough customers besides the
Agency.

Federation and Employment Guidance Services is a Jewish social
service agency.


FEDERATION EMPLOYMENT: New York's FEGS Files Ch. 11 to Wind Down
----------------------------------------------------------------
Federation Employment & Guidance Service ("FEGS"), a nonprofit
health and human services organization, has sought Chapter 11
bankruptcy protection in New York as part of its plans to transfer
its programs and services and eventually wind down its operations.


FEGS said in a statement that the Chapter 11 filing will provide
the best opportunity for the uninterrupted continuation of FEGS
programs and services to clients under different agencies.

"This filing represents the next step in our commitment to transfer
all programs and services to appropriate parties in a way that
ensures our clients experience uninterrupted care and support,"
said Kristin M. Woodlock, CEO of FEGS.  "Utilizing the Chapter 11
process will best position FEGS to accomplish our goal. The
employees of FEGS have seen to it that clients continue to receive
the high quality service for which FEGS has been known. I want to
recognize their heroism during this very difficult time."

FEGS fully expects to continue to operate during the bankruptcy
process, including maintaining:

    * Wages and benefits for employees, with full protection under
U.S. federal law for qualified retirement plans.

    * Continuing to deliver the high quality service for clients
that FEGS is known for.

    * Payment to vendors and suppliers for all goods and services
provided after the date of the Chapter 11 filing.

In conjunction with the filing, FEGS has arranged for a loan
facility of up to $10 million from UJA-Federation of New York that
will support continued operations as programs are transferred and
ensure payment to suppliers and service providers in the ordinary
course of business.  FEGS will seek immediate approval of the
borrowing from the Court.

To date, FEGS has made substantial progress in transferring several
of its programs and services to appropriate social service
organizations that intend to continue their operation.  Several
major employment, workforce development and youth education
programs have already been successfully transferred to other
providers.  FEGS is working closely with government and several
other organizations to transfer its remaining programs and services
and ensure continuity of care.  These remaining transfers are well
underway and expected to be completed in the near future.

As of June 30, 2014, FEGS' total unrestricted assets as reported on
the balance sheet were just over $144 million and its liabilities
totaled $105 million.  Its revenues for fiscal year ended June 30,
2014 totaled $264 million while aggregate expenses totaled $285
million.  As of the Petition Date, FEGS continued to employ 1,902
skilled professionals, with biweekly payroll at $3.6 million.

                         Road to Chapter 11

Ms. Woodlock explained in a court filing that a confluence of
factors and events have led to FEGS' financial crisis.  A
continuing decrease in revenue without essential corresponding cost
cuts led to substantial operating losses and escalating financial
difficulties.  The Debtor also devoted working capital to
investments in for-profit affiliates outside its usual service
areas in hopes of generating income, including AllSector Technology
Group, Inc., HR Dynamics, Inc., and Single Point Care Network, LLC.
However, these affiliates were unable to function as stand-alone
entities, which forced FEGS to fund these affiliates' cash
requirements and losses.

For 2014, FEGS incurred a loss of $19.4 million, inclusive of more
than $11 million in operating loss and write off of more than $7.8
million of accrued accounts receivable.

Following an intensive review process, the Debtors new management
with the assistance of restructuring consultants determined that
the FEGS WeCare, Back to Work and developmental and behavioral
health programs simply could not be sustained and had to be
transferred to other, more financially viable service providers.

                        Transfer of Programs

On Jan. 26, 2015, an assignment agreement was executed for the
transfer of the WeCare contract and subcontracts for clinical and
psychiatric care to Fedcap Rehabilitation Services ("Fedcap) after
the contemplated effective date of April 1, 2015.  The parties are
in the process of working through the logistics of equipment
conversion and space allocation as well as the hand-off of the
program so as to ensure a seamless transition without interruption
to the client population.

FEGs' developmentally disable housing programs posed additional
challenges.  To ensure continuity of care for developmentally
challenged clients, the Office for People With Development
Disabilities ("OPWDD") conducted an emergency request for proposals
from agencies and received expressions of interest from more than
40 agencies to accept various portions of the programs.  The
transfer process for the developmentally disable programs sponsored
by OPWDD is in process as of the filing date.  The approval of the
transfer will be subject of a separate motion filed after the
commencement of the Chapter 11 case.

The Debtor was one of the largest behavioral health services
providers in the New York City region.  The behavioral health
division employs 900 individuals and provides services and programs
to over 23,000 individuals throughout New York City and Nassau and
Suffolk counties.  The New York State Office of Mental Health
("OMH") determined that it was in the clients' best interests to
transfer all of the associated licenses and program assets to
Jewish Board for Family and Child Services ("JBFCS").  JBFCS and
FEGS are in the process of negotiating an appropriate agreement for
the transfer of all real and personal property and the assignment
of associated leases.  The transfer of the program licenses and
sale and transfer of associated program assets and properties will
be the subject of a separate motion which the Debtor intends to
file after the commencement of the Chapter 11 case.

FEGS' remaining programs, largely centered on employment, youth and
education have been in certain ceases prior to the Chapter 11
filing, or will be in the context of the case, transferred to other
vendors and providers who are best determined to provide the
designated services.  FEGS is working with the New York City Human
Resources Administration ("HRA"), Department of Education ("DOE"),
Department of Youth and Community Development ("DYCD") and other
relevant agencies to effectuate these transfers with client
interests being the primary driver.  Filed contemporaneously with
the Chapter 11 petition is a motion to approve the transfer of the
WeCare program and certain of the educated and youth related
programs that are scheduled to move on April 1, 2015.

                        First Day Motions

The Debtor on the Petition Date filed motions to:

   -- extend the time to file its schedules of assets and
liabilities;

   -- continue using its cash management system;

   -- pay prepetition wages and benefits;

   -- continue its existing insurance policies; and

   -- obtain postpetition financing and use cash collateral.

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

   http://bankrupt.com/misc/FEGS_1st_Day_Affidavit.pdf

                            About FEGS

Established in 1934 amidst the Great Depression, Federation
Employment & Guidance Service ("FEGS") is a not-for-profit provider
of various health and social services to more than 120,000
individuals annually in the areas of behavioral health,
disabilities, housing, home care, employment/workforce, education,
youth and family services.  At its peak, FEGs' network of programs
operated over 350 locations throughout metropolitan New York and
Long Island and employed 2,217 highly skilled professionals.

FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case
No. 15-71074) in Central Islip, New York on March 18, 2015.

The Chapter 11 plan and disclosure statement are due by July 16,
2015.

The Debtor filed applications to hire Garfunkel, Wild, P.C., as
general bankruptcy counsel; Togut, Segal & Segal, LLP, as
co-counsel; JL Consulting LLC as Restructuring Advisor, as
restructuring advisor; and Rust Consulting/Omni Bankruptcy as
claims and noticing agent.

The meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for
April 17, 2015.


FEDERATION EMPLOYMENT: To Assume, Assign Pacts for 8 Programs
-------------------------------------------------------------
Federation Employment & Guidance Service, Inc., asks the U.S.
Bankruptcy Court for the Eastern District of New York to approve
the assumption and assignment of contracts in connection with its
WeCare program and 7 other programs.

Following an intensive contract-by-contract review process and an
analysis of its cash needs to continue operations, FEGS determined
that the FEGS WeCare, Back to Work, education and youth,
developmental disabilities and behavioral health programs simply
could not be sustained and had to be transferred to other, more
financially viable service providers.

After potential program assignees were identified, the Debtor
entered into a series of tri-party discussions resulting in the
execution of various assumption and assignment agreements (the
"Prepetition Assignment Agreements") with agencies throughout the
metropolitan area and Long Island.  Certain of the programs were
transferred prepetition, but the filing interrupted the completion
of the transfer of approximately 12 programs and contracts which
must move on or prior to April 1, 2012.

Given the magnitude of the Debtor's WeCare losses, a transfer of
that contact was a priority.  On Jan. 26, 2015, a Prepetition
Assignment Agreement was executed providing for the transfer of the
WeCare contract and subcontracts for clinical psychiatric care to
Fedcap Rehabilitation Services, Inc. ("Fedcap") and Fedcap's
assumption of program and leasehold obligations on and after the
contemplated effective date of April 1, 2015. The parties are in
the process of working through the logistics of equipment
conversion and space allocation as well as the hand-off of the
program so as to ensure a seamless transition.

This process is not simple as merely assigning the Debtor's leases
to FedCap, as much of the space the WeCare program currently
utilizes constitutes a portion of the overall leased space at 315
Hudson Street (the Debtor's Manhattan headquarters).  Accordingly,
the Debtro has working closely with the landlord for 315, Fedcap
and other providers who will take over programs currently housed at
315 in order to assure that all parties get the necessary space to
run their programs.  WeCare utilizes space at several other of the
Debtor's commercial leased properties (e.g. 2432 Grand Concourse,
Bronx, NY and 350 West 51st Street, New York, NY).  Fedcap has
negotiated consensual agreements for the transfer of that space.

Similar discussions took place with other proposed assignees, the
result of which was the execution of the Prepetition Assignment
Agreements which collectively effectuate the consensual transfer of
more than 25 programs in the Debtor's portfolio (inclusive of
WeCare contracts and subcontracts) that were losing money to new
providers.  Where possible, the transition of programs was
effectuated prepetition.

However, for a number of reasons the Debtor was not able to
transfer all of these programs prior to the commencement of the
Chapter 11 case.  Aside from the WeCare program contracts and
subcontracts, seven additional programs are slated to transfer on,
or after, April 1, 2015.  Accordingly the Debtor is seeking the
authority to assume the remaining Prepetition Assignment Agreements
in order to assume and assign the Assigned Agreements.

These remaining programs, which service the recently incarcerated,
persons with HIV, at risk youth and the aging, include the
following:

  (a) NNORC Hands on Huntington (a neighborhood naturally occurring
retirement community) assists seniors in place with improved
quality of life and continued engagement in their community.  There
is no ancillary space with the program.  The Debtor is still in the
process of finalizing and assignment agreement with respect to this
program.

  (b) Housing and Supportive Services For People Living with
HIV/AIDS is part of a comprehensive support program providing care,
advocacy, counseling and education to the HIV population.

  (c) Link Program provides care management for recently
incarcerated persons. There is no ancillary space with the
program.

  (d) The Social Innovation Fund Project Rise Program, in the
Bronx, Adult Literacy Program ABE/HSE, Young Adult Internship
Program and Neighborhood Development Area, Bronx are education and
job training and placement programs for at risk youth who age out
of foster care or otherwise are disadvantaged.  These programs are
all being transferred to The Door, A Center of Alternatives, Inc.,
a New York based not for profit, and will continue to be
administered out of the Debtor's leased space at 424 East 147th
Street, Bronx, NY.

  (e) Renewal Agreement for Out of School Time Programs for High
School Youth provide education and job support programming to
out-of-school, unemployed young adults to help young people meet
their personal, educational, and professional goals.  The program
will transfer to Mosholu Montefiore Community Center, Inc.  There
is no ancillary space associated with this program.

                            About FEGS

Established in 1934 amidst the Great Depression, Federation
Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit
provider of various health and social services to more than 120,000
individuals annually in the areas of behavioral health,
disabilities, housing, home care, employment/workforce, education,
youth and family services.  At its peak, FEGs' network of programs
operated over 350 locations throughout metropolitan New York and
Long Island and employed 2,217 highly skilled professionals.

FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case
No. 15-71074) in Central Islip, New York on March 18, 2015.

The Chapter 11 plan and disclosure statement are due by July 16,
2015.

The Debtor filed applications to hire Garfunkel, Wild, P.C., as
general bankruptcy counsel; Togut, Segal & Segal, LLP, as
co-counsel; JL Consulting LLC as Restructuring Advisor, as
restructuring advisor; and Rust Consulting/Omni Bankruptcy as
claims and noticing agent.

The meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for
April 17, 2015.


FORTESCUE METALS: Bank Debt Trades at 10% Off
---------------------------------------------
Participations in a syndicated loan under which Fortescue Metals
Group Ltd is a borrower traded in the secondary market at 90.93
cents-on-the-dollar during the week ended Friday, March 20, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease of
1.90 percentage points from the previous week, The Journal relates.
The Company pays 325 basis points above LIBOR to borrow under the
facility.  The bank loan matures on June 13, 2019, and carries
Moody's Baa3 rating and Standard & Poor's BBB rating.  The loan is
one of the biggest gainers and losers among widely-quoted
syndicated loans in secondary trading in the week ended Friday
among the 237 loans with five or more bids. All loans listed are
B-term, or sold to institutional investors.



FOX TROT: Fails to Win Court Approval to Sell Kentucky Property
---------------------------------------------------------------
Fox Trot Corp. has failed to win court approval to sell one of its
real properties in Fayette County, Kentucky.

U.S. Bankruptcy Judge Tracey Wise on March 13 denied the request of
the company to sell 105 acres of property located at 432 North
Cleveland Road.

The company wanted to sell the property for at least $1.3 million
to pay its creditors, excluding insiders holding unsecured claims,
who are owed as much as $979,257.  

Fox Trot owns approximately 1,200 acres of real properties in
Fayette County.  The company estimates the value of the properties
at $8 million to $15 million.

The move to sell the property previously drew flak from Poplar
Ridge Enterprises Inc., which asserts $637,872 in claims against
the company.  Poplar Ridge expressed concern that the proceeds
derived from the sale wouldn't be enough to pay all creditors in
full.  

Fox Trot defended its request, saying that approximately $1.222
million would be realized from the sale even after a commission is
deducted from the sale proceeds, which is enough to pay all claims
in full.

                   About Fox Trot Corporation

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

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


FRAC TECH: Bank Debt Trades at 20% Off
--------------------------------------
Participations in a syndicated loan under which Frac Tech Services
Ltd is a borrower traded in the secondary market at 79.70
cents-on-the-dollar during the week ended Friday, March 20, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease of
1.30 percentage points from the previous week, The Journal relates.
Frac Tech pays 475 basis points above LIBOR to borrow under the
facility.  The bank loan matures on April 3, 2021, and carries
Moody's B2 rating and Standard & Poor's B rating.  The loan is one
of the biggest gainers and losers among 237 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



FUTUREMARK MANISTIQUE: Closing Facility Due to Lack of Funding
--------------------------------------------------------------
Everett O'Neill, vice president of operations at MPI Acquisition
LLC dba FutureMark Manistique, said in a March 17, 2015 letter to
Stephanie L. Beckhorn, manager of Workforce Development Agency,
that the Company is permanently closing its facility located at 453
S. Mackinac Avenue, Manistique, Michigan, by March 24 as a result
of sudden and unanticipated events, including a loss of liquidity,
inability to effectuate adequate refinancing, and inability to
attract a new owner to operate the mill.

The Company's ability to continue operating until March 24 is
contingent on continued support from the lending group and
suppliers.  Should the support not be available, layoffs could
begin earlier than March 24.  Employees at the facility will be
permanently laid off.  Joe Boomgaard at MiBiz relates that the
paper mill has 147 workers.

The Company, according to MiBiz, attributed the closing to "large
cash needs."  The Company said funding never materialized, the
report adds.

MiBiz relates that the Company said it recently started marketing
the mill to potential new owners.

FutureMark Manistique CEO Matthew Nightingale said in a statement,
"(W)e have been pursuing every option to keep the mill running
including a capital raise or an outright sale to a new owner.
Right up to today's announcement, we had a number of possibilities,
but today it became apparent that none would go forward in the time
frame needed to keep the plant operating.  We will continue these
efforts even after closing the mill."

MPI Acquisition LLC dba FutureMark Manistique is a Manistique,
Michigan-based manufacturer of recycled paper.  It supplies paper
for books, magazines, commercial printing and packaging.

The former Manistique Papers Inc. filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 11-12562) on Aug. 12, 2011.
Godfrey & Kahn, S.C. represents the Debtor in its restructuring
effort.  Morris, Nichols, Arsht & Tunnell LLP serves as its
Delaware bankruptcy co-counsel.  Vector Consulting, L.L.C., serves
as its financial advisor.  Baker Tilly Virchow Krause, LLC, serves
as its accountant.

The Official Committee of Unsecured Creditors appointed in the
case is represented by Lowenstein Sandler PC as lead counsel and
Ashby & Geddes, P.A., as Delaware counsel.  J.H. Cohn LLC serves
as the panel's financial advisor.

Manistique Papers disclosed $19,688,471 in assets and $24,633,664
in liabilities as of the Chapter 11 filing.

Joe Boomgaard at MiBiz recalls that Watermill Group acquired
Manistique Papers in 2012 after the Debtor emerged from bankruptcy.


GELTECH SOLUTIONS: President Reports 52% Stake as of Feb. 27
------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Michael Lloyd Reger, president of Geltech Solutions,
Inc., disclosed that as of Feb. 27, 2015, he beneficially owned
32,569,398 shares of common stock of the Company, which represents
52.4 percent of the shares outstanding.

On Feb. 5, 2015, Mr. Reger was issued 428,032 shares in lieu of a
$149,811 cash interest payment due under a convertible note.  

On Feb. 12, 2015, the Company and Mr. Reger agreed to amend two
outstanding notes held by Mr. Reger.  The maturity date of
$1,000,000 July 2013 Note and the $1,997,482 February 2013 Note
were extended to Dec. 31, 2020.  In consideration for extending the
maturity dates, the Company agreed to amend the both notes to make
them secured by all of the Company's assets including its
intellectual property and inventory and reduced the conversion
price of the $1,000,000 July 2013 Note from $1.00 to $0.35 per
share.    

Also on Feb. 12, 2015, the Company issued Mr. Reger a $150,000 7.5%
secured convertible note in consideration for a $150,000 loan.  The
note is convertible at $0.27 per share and matures on Dec. 31,
2020.  Additionally, the Company issued Mr. Reger 277,778 two-year
warrants exercisable at $2.00 per share.  

On Feb. 27, 2015, the Company issued the reporting person a
$150,000 7.5% secured convertible note in consideration for a
$150,000 loan.  The note is convertible at $0.24 per share and
matures on Dec. 31, 2020.  Additionally, the Company issued Mr.
Reger 312,500 two-year warrants exercisable at $2.00 per share.

On March 11, 2015, the Company issued the reporting person a
$175,000 7.5% secured convertible note in consideration for a
$175,000 loan.  The note is convertible at $0.27 per share and
matures on Dec. 31, 2020.  Additionally, the Company issued Mr.
Reger 324,074 two-year warrants exercisable at $2.00 per share.

On Jan. 29, 2015, Mr. Reger purchased 652,174 shares of common
stock and 326,087 two-year warrants (exercisable at $2.00 per
share) for $150,000.

A copy of the regulatory filing is available for free at:

                        http://is.gd/myft20

                           About GelTech
        
Jupiter, Fla.-based GelTech Solutions. Inc., is a Delaware
corporation organized in 2006.  The Company markets four products:
(1) FireIce(R), a water soluble fire retardant used to protect
firefighters, structures and wildlands; (2) Soil2O(R) 'Dust
Control', its new application which is used for dust mitigation in
the aggregate, road construction, mining, as well as, other
industries that deal with daily dust control issues; (3)
Soil2O(R), a product which reduces the use of water and is
primarily marketed to golf courses, commercial landscapers and the
agriculture market; and (4) FireIce(R) Home Defense Unit, a system
for applying FireIce(R) to structures to protect them from
wildfires.

The Company reported a net loss of $950,000 on $111,000 of sales
for the three months ended Sept. 30, 2014, compared with a net
loss of $1.91 million on $530,800 of sales for the same period
last year.

The Company's balance sheet at Dec. 31, 2014, showed $1.5 million
in total assets, $2.81 million in total liabilities, and a total
stockholders' deficit of $1.31 million.


GENIUS BRANDS: Jeffrey Weiss Quits as Director
----------------------------------------------
Jeffrey Weiss resigned from his position as a director of Genius
Brands International, Inc. effective March 16, 2015, according to a
document filed with the Securities and Exchange Commission.  Mr.
Weiss did not resign due to any disagreement with the Company or
its management regarding any matters relating to the Company's
operations, policies or practices.  Mr. Weiss will act as an unpaid
advisor to the Company.

On March 18, 2015, the Company's Board of Directors appointed
Margaret Loesch as a director of the Company.  Beginning in 2009
through 2014, Ms. Loesch, 68, served as chief executive officer and
president of The Hub Network, a cable channel for children and
families, including animated features.  The Company has, in the
past, provided The Hub Network with certain children's programming.
From 2003 through 2009 Ms. Loesch served as co-chief executive
officer of The Hatchery, a family entertainment and consumer
product company.  From 1998 through 2001 Ms. Loesch served as chief
executive officer of the Hallmark Channel, a family related cable
channel.  From 1990 through 1997 Ms. Loesch served as the chief
executive officer of Fox Kids Network, a children's programming
block and from 1984 through 1990 served as the chief executive
officer of Marvel Productions, a television and film studio
subsidiary of Marvel Entertainment Group.  Ms. Loesch's 40 years of
experience at the helm of major children and family programming and
consumer product channels brings a great deal of expertise and
experience to the Company.  Ms. Loesch obtained her bachelors of
science from the University of Southern Mississippi.

Ms. Loesch has no family relationship with any of the executive
officers or directors of the Company.  There are no arrangements or
understandings between Ms. Loesch and any other person pursuant to
which she was appointed as a director of the Company.

                        About Genius Brands

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

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

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


GUIDED THERAPEUTICS: Extends Due Date of Tonaquint Note to May 10
-----------------------------------------------------------------
Guided Therapeutics, Inc., on March 10, 2015, entered into an
amendment agreement with Tonaquint, Inc. pursuant to which the
terms of the secured promissory note issued to Tonaquint on
Sept. 10, 2014, were amended to, among other things, extend the
date upon which the balance of the Note is due to May 10, 2015.

During the two-month extension, interest will accrue on the Note at
a rate of the lesser of 18% per year or the maximum rate permitted
by applicable law, according to a document filed with the
Securities and Exchange Commission.  

In addition, while the Note remains outstanding, Tonaquint will
have the right to convert up to $150,000 of the outstanding balance
of the Note into shares of the Company's common stock, at a
conversion price per share equal to the lower of (1) $0.25 and (2)
75% of the lowest daily volume weighted average price per share of
the Company's common stock during the five business days prior to
conversion.  If the conversion price would be lower than $0.15 per
share, the Company has the option of delivering the conversion
amount in cash in lieu of shares.  

Tonaquint has agreed that, in any given calendar week, it will not
sell conversion shares in an amount exceeding the greater of (a)
15% of the Company's weekly dollar trading volume in that week, or
(b) $75,000.  Tonaquint has further agreed not to engage in any
"short sale" transactions in the Company's common stock during the
two-month extension.

                      About Guided Therapeutics

Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP)
-- http://www.guidedinc.com/-- is developing a rapid and painless
test for the early detection of disease that leads to cervical
cancer.  The technology is designed to provide an objective result
at the point of care, thereby improving the management of cervical
disease.  Unlike Pap and HPV tests, the device does not require a
painful tissue sample and results are known immediately.  GT has
also entered into a partnership with Konica Minolta Opto to
develop a non-invasive test for Barrett's Esophagus using the
LightTouch technology platform.

Guided Therapeutics reported a net loss attributable to common
stockholders of $10.39 million on $820,000 of contract and grant
revenue for the year ended Dec. 31, 2013, as compared with a net
loss of $4.35 million on $3.33 million of contract and grant
revenue during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $3.72
million in total assets, $7.66 million in total liabilities and a
$3.94 million total stockholders' deficit.

UHY LLP, in Sterling Heights, Michigan, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company's recurring losses from operations and accumulated
deficit raise substantial doubt about its ability to continue as a
going concern.


HALCON RESOURCES: Director David Hunt Won't Stand for Re-Election
-----------------------------------------------------------------
Mr. David S. Hunt informed the board of directors of Halcon
Resources Corporation of his decision not to stand for re-election
as a director at the Company's 2015 annual meeting of stockholders.
According to a document filed with the Securities and Exchange
Commission, the decision not to stand for re-election is not as a
result of any disagreement with the Company.  Mr. Hunt serves as a
member of the Board's Reserves Committee.

                       About Halcon Resources

Halcon Resources Corporation acquires, produces, explores and
develops onshore liquids-rich assets in the United States.  This
independent energy company operates in the Bakken/Three Forks, El
Halcon and Tuscaloosa Marine Shale formations.

As of Dec. 31, 2014, the Company had $6.43 billion in total assets,
$4.54 billion in total liabilities, $117 million in redeemable
noncontrolling interest and $1.77 billion in total stockholders'
equity.

                          *     *      *

As reported by the TCR on Jan. 27, 2015, Moody's Investors Service
downgraded Halcon's Corporate Family Rating to 'Caa1' from 'B3' and
the Probability of Default Rating to 'Caa1-PD' from 'B3-PD'.  The
downgrade reflects growing risk for Halcon's business profile
because of high financial leverage and limited liquidity as its
existing hedges roll-off and stop contributing to its borrowing
base over the next 12-18 months.

In the June 30, 2014, Standard & Poor's Ratings Services affirmed
all its ratings, including its 'B' corporate credit rating, on
Houston-based Halcon.


HALCON RESOURCES: Inks $150 Million Equity Pact with BMO, et al.
----------------------------------------------------------------
Halcon Resources Corporation entered into an equity distribution
agreement with BMO Capital Markets Corp., Jefferies LLC and MLV &
Co. LLC, on March 18, 2015, according to a document filed with the
Securities and Exchange Commission.  Pursuant to the terms of the
Agreement, the Company may sell, from time to time through the
Managers, shares of the Company's common stock having an aggregate
offering price of up to $150,000,000.  Sales of the Shares, if any,
will be made by means of ordinary brokers' transactions through the
facilities of the New York Stock Exchange at market prices, or as
otherwise agreed by the Company and the Managers.

Under the terms of the Agreement, the Company may also sell Shares
from time to time to a Manager as principal for its own account at
a price to be agreed upon at the time of sale.  Any sale of Shares
to a Manager as principal would be pursuant to the terms of a
separate terms agreement between the Company and such Manager.

The Shares will be issued pursuant to the Company's existing
effective shelf registration statement on Form S-3, as amended
(Registration No. 333-188640).

The Agreement contains customary representations, warranties and
agreements by the Company, indemnification obligations of the
Company and the Managers, including for liabilities under the
Securities Act of 1933, as amended, other obligations of the
parties and termination provisions.

An affiliate of BMO Capital Markets Corp. is a lender under the
Company's revolving credit facility and may receive a portion of
the proceeds from the transactions contemplated by the Agreement,
to the extent those proceeds are used to repay amounts drawn under
the revolving credit facility.  In addition, the Managers and their
respective affiliates are full service financial institutions
engaged in various activities, which may include sales and trading,
commercial and investment banking, advisory, investment management,
investment research, principal investment, hedging, market making,
brokerage and other financial and non-financial activities and
services.  Certain of the Managers and their respective affiliates
have provided, and may in the future provide, a variety of these
services to the Company and to persons and entities with
relationships with the Company, for which they received or will
receive customary fees and expenses.

                      About Halcon Resources

Halcon Resources Corporation acquires, produces, explores and
develops onshore liquids-rich assets in the United States.  This
independent energy company operates in the Bakken/Three Forks, El
Halcon and Tuscaloosa Marine Shale formations.

As of Sept. 30, 2014, Halcon Resources had $5.93 billion in total
assets, $3.59 billion in total liabilities, $110.7 million in
redeemable noncontrolling interest, and $1.51 billion in total
stockholders' equity.

                          *     *      *

As reported by the TCR on Jan. 27, 2015, Moody's Investors Service
downgraded Halcon's Corporate Family Rating to 'Caa1' from 'B3' and
the Probability of Default Rating to 'Caa1-PD' from 'B3-PD'.  The
downgrade reflects growing risk for Halcon's business profile
because of high financial leverage and limited liquidity as its
existing hedges roll-off and stop contributing to its borrowing
base over the next 12-18 months.

In the June 30, 2014, Standard & Poor's Ratings Services affirmed
all its ratings, including its 'B' corporate credit rating, on
Houston-based Halcon.


HUNTSMAN INT'L: Moody's Rates New EUR300MM Unsecured Notes B1
-------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Huntsman
International LLC's (HI) new EUR300 million senior unsecured notes
offering.  The proceeds from the notes are expected to be used to
fund the repayment of a portion of its 8.625% subordinated notes
due 2021.  No other ratings were affected.  HI is a direct
subsidiary of Huntsman Corporation (Huntsman), and both entities
have Corporate Family Ratings (CFRs) of Ba3 with stable outlooks.

"Huntsman is taking advantage of the current low interest rate
environment to refinance its high cost subordinated debt," stated
John Rogers Senior Vice President at Moody's.

Ratings assigned

Huntsman International LLC

-- New EUR300 million senior unsecured note at B1 (LGD5)

RATINGS RATIONALE

The Ba3 Corporate Family Rating (CFR) at Huntsman and HI reflect
their solid competitive position in urethanes, epoxies and TiO2, as
well as an experienced management team.  Additional support for the
rating considers management's stated intention to reduce net
leverage to about 2.0 to 2.5 times on a normalized EBITDA basis
(this ratio does not incorporate Moody's adjustments).  However,
current credit metrics are relatively weak for the rating due to
the October 1, 2014 acquisition of Rockwood Specialties Group
Inc.'s (Rockwood) Pigments and Performance Additives (P&PA)
business for $1.2 billion ($1 billion in cash and $233 in pension
liabilities). Huntsman's pro forma Debt/EBITDA, for 2014, is just
under 5x. as margin recovery in TiO2 has been slow.  The weakness
in TiO2 prices in the second half of 2014 indicates that the
recovery in TiO2 margins will be delayed and will likely challenge
Huntsman's ability undertake an initial public offering of this
business in 2016.

While Huntsman's Pigments (TiO2) business remains challenged, three
of its other segments (Performance Products, Advanced Materials and
Textile Effects) have demonstrated significant year-over-year
improvements in 2014.  Moody's expects that Huntsman's financial
performance will continue to improve in 2015 allowing credit
metrics to strengthen to levels that support the rating, even in
the absence of a recovery in the Pigments business.

The Debt/EBITDA metric cited above incorporates Moody's standard
adjustments, which add roughly $1.55 billion of additional debt
($978 million in pensions, and $578 million in capitalized
operating leases).

The B1 rating on the new unsecured notes is the same as HI's other
senior unsecured notes.  Due to the size and priority of the
secured term loans after the P&PA acquisition, the notes are rated
one notch below Huntsman's CFR of Ba3.  Even if Huntsman's
remaining subordinated notes are refinanced with unsecured debt,
the rating on the unsecured notes would not be lowered.

The stable outlook reflects the expected improvement in Huntsman's
financial metrics in 2015, from the weak pro forma levels cited
above, given the anticipated growth in Huntsman's other businesses.
Moody's could downgrade Huntsman's ratings if TiO2 margins fail to
recover and Debt/EBITDA is expected to be sustained above 4.5x for
an extended period.  The ratings currently have limited upside due
to the P&PA acquisition, but could be upgraded if Huntsman
successfully reduced leverage toward 3.0x on a sustainable basis.

Huntsman's Speculative Grade Liquidity rating of SGL-2 is supported
by an elevated cash balance and the expectation for over $500
million of free cash flow over the next four quarters. Huntsman's
secondary liquidity is provided by a $625 million undrawn revolver
due in 2019 and over $200 million of availability under its US and
European accounts receivable programs due 2018.

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

Huntsman Corporation is a global manufacturer of differentiated and
commodity chemical products.  Huntsman's products are used in a
wide variety of end markets, including aerospace, automotive,
construction, consumer products, electronics, medical, packaging,
coatings, refining and synthetic fibers.  Huntsman has revenues of
almost $12 billion.



HUNTSMAN INT'L: S&P Assigns 'B+' Rating to EUR300 Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
senior unsecured debt rating and '6' recovery rating to Huntsman
International LLC's proposed note offering of up to EUR300.

All existing ratings on Huntsman International LLC and parent
company Huntsman Corp. remain unchanged, which includes the 'BB'
corporate credit ratings.  The outlooks remain stable.  S&P expects
the company to use proceeds from the proposed notes to pay down
existing subordinated debt.

Huntsman International LLC is a wholly owned subsidiary of Huntsman
Corp.  The issue rating is two notches below the 'BB' corporate
credit rating.  The '6' recovery rating indicates prospects for
negligible (0% to 10%) recovery in the event of a payment default.

The ratings reflect S&P's assessment of Huntsman's business risk
profile as "fair" as a diversified chemical manufacturer and S&P's
assessment of its financial risk profile as "significant."  All
modifiers are neutral for the rating.

RATINGS LIST

Huntsman International LLC
Huntsman Corp.

Corporate credit ratings             BB/Stable/--

New Rating

Huntsman International LLC
EUR300 proposed sr unsecd notes     B+
  Recovery rating                    6



HUTCHESON MEDICAL: Catoosa County Taps Former CEO as Consultant
---------------------------------------------------------------
Tyler Jett at Timesfreepress.com reports that Catoosa County in
Georgia has hired former Hutcheson Medical Center CEO Roger Forgey
as consultant.  According to the report, Mr. Forgey will be paid
$150 per hour.

Timesfreepress.com relates that local officials hope Mr. Forgey can
help predict the Hospital's financial future.  Mr. Forgey, the
report says, will meet with County Attorney Clifton Patty every
couple of weeks to discuss the Hospital's latest monthly financial
filings.

County officials will try to pull the plug if they don't think the
Hospital can sustain itself long term, Timesfreepress.com states,
citing Mr. Patty.  Timesfreepress.com says that the county
officials aren't sure the Hospital can be saved.

Court documents show that the Hospital has $80 million in
liabilities against $30 million in assets.  According to
Timesfreepress.com, the Hospital spent in December 2014 $100,000
more than it made, which jumped to $300,000 in January 2015.

Citing Mr. Patty, Timesfreepress.com relates that county officials
will seek to convert the Hospital's Chapter 11 case to one under
Chapter 7 if they believe the Hospital can't surmount the financial
tide.

                  About Hutcheson Medical Center

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

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

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

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

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

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

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


INTERLEUKIN GENETICS: Posts $6.3 Million Net Loss in 2014
---------------------------------------------------------
Interleukin Genetics, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$6.33 million on $1.81 million of total revenue for the year ended
Dec. 31, 2014, compared to a net loss of $7.05 million on $2.42
million of total revenue during the prior year.

As of Dec. 31, 2014, the Company had $13.3 million in total assets,
$8.75 million in total liabilities, and $4.51 million in total
stockholders' equity.

As of Dec. 31, 2014, Interleukin had cash and cash equivalents of
$11.5 million.

Grant Thornton LLP, in Boston, Massachusetts, issued a "going
concern" qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has incurred recurring losses from operations and has an
accumulated deficit that raise substantial doubt about the
Company's ability to continue as a going concern.

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

                       http://is.gd/72bVIV

                        About Interleukin

Waltham, Mass.-based Interleukin Genetics, Inc., is a personalized
health company that develops unique genetic tests to provide
information to better manage health and specific health risks.


INTERNATIONAL TEXTILE: Directors S. Bosworth and D. Tessoni Resign
------------------------------------------------------------------
Stephen W. Bosworth, a director since 2006 and Chair of the
Compensation Committee of the board of directors of International
Textile Group, Inc., tendered his resignation from those positions
effective April 1, 2015, according to a document filed with the
Securities and Exchange Commission.

Also on March 18, 2015, Dr. Daniel D. Tessoni, a director since
2005 and Chair of the Audit Committee of the Company's board of
directors, tendered his resignation from those positions effective
April 1, 2015.

The Company expresses its deep gratitude to Mr. Bosworth and Dr.
Tessoni for their long service and many contributions to the
Company.

John W. Gildea, a director of the Company, will become Chair of the
Compensation Committee effective April 1, 2015.

William P. Carmichael, a director of the Company, will become Chair
of the Audit Committee of the Company's board of directors
effective April 1, 2015.  

The Company's board of directors has determined that Mr. Carmichael
is an audit committee financial expert (within the meaning of Item
407(d) of Regulation S-K, promulgated under the Exchange Act) with
respect to the Company.  In making such determination, the board
took into consideration, among other things, the express provision
in Item 407(d) of Regulation S-K that the designation of a person
as an audit committee financial expert shall not impose any greater
responsibility or liability on that person than the responsibility
and liability imposed on such person as a member of the audit
committee and the board of directors, nor shall it affect the
duties and obligations of other audit committee members or the
board.  The common stock of the Company is not traded on the New
York Stock Exchange or any other national securities exchange;
however, the Company's board of directors has determined that Mr.
Carmichael is independent within the meaning of NYSE Rule 303A.02
and Rule 10A-3(b) promulgated under Section 10A of the Exchange
Act.

                    About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam.  ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.

International Textile reported a net loss attributable to common
stock of the Company of $10.9 million in 2013, as compared with a
net loss attributable to common stock of the Company of $91.5
million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $339 million
in total assets, $403 million in total liabilities and a $64.8
million total stockholders' deficit.


IZEA INC: Posts $1 Million Net Income in Fourth Quarter
-------------------------------------------------------
IZEA, Inc., reported net income of $1.03 million on $2.46 million
of revenue for the three months ended Dec. 31, 2014, compared with
a net loss of $569,000 on $1.96 million of revenue for the same
period in 2013.

For the 12 months ended Dec. 31, 2014, the Company reported net
income of $3.18 million on $8.32 million of revenue compared to a
net loss of $3.32 million on $6.62 million of revenue during the
prior year.

As of Dec. 31, 2014, IZEA had $10.1 million in total assets, $5.84
million in total liabilities and $4.25 million in total
stockholders' equity.

"IZEA made significant investments in client services and
engineering ahead of revenue last year, and that investment is
beginning to be reflected in our organic growth momentum," said Ted
Murphy, IZEA's Chairman and chief executive officer.  "I am proud
of what our team accomplished in 2014 and have never been more
optimistic about our future.  The investments we made last year,
combined with our acquisition of Ebyline, Inc. in January 2015,
have set the stage for a transformational year ahead for the
company.  We project 177% bookings growth in 2015, with $25 million
in bookings driving an estimated $23 million in revenue."

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

                         http://is.gd/5LaKWK

                           About IZEA, Inc.

IZEA, Inc., headquartered in Orlando, Fla., considers itself the
world leader in social media sponsorships ("SMS"), a rapidly
growing segment within social media where a company compensates a
social media publisher to share sponsored content within their
social network.  The Company accomplishes this by operating
multiple marketplaces that include its platforms SocialSpark,
SponsoredTweets and WeReward, as well as its legacy platforms
PayPerPost and InPostLinks.

                             *    *    *

This concludes the Troubled Company Reporter's coverage of IZEA,
Inc. until facts and circumstances, if any, emerge that demonstrate
financial or operational strain or difficulty at a level sufficient
to warrant renewed coverage.


IZEA INC: Posts $3.2 Million Net Income in 2014
-----------------------------------------------
Izea, Inc., filed with the Securities and Exchange Commission its
annual report on Form 10-K disclosing net income of $3.18 million
on $8.32 million of revenue for the 12 months ended Dec. 31, 2014,
compared to a net loss of $3.32 million on $6.62 million of revenue
in 2013.

As of Dec. 31, 2014, Izea had $10.10 million in total assets, $5.84
million in total liabilities and $4.25 million in total
stockholders' equity.

The Company's cash position was $6.52 million as of Dec. 31, 2014,
as compared to $530,000 as of Dec. 31, 2013, an increase of $5.99
million primarily as a result of proceeds received in the Company's
2014 Private Placement.  The Company has incurred significant net
losses and negative cash flow from operations since its inception
which has resulted in a total accumulated deficit of $22.9 million
as of Dec. 31, 2014.   

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

                        http://is.gd/e8f9YR

                          About IZEA, Inc.

IZEA, Inc., headquartered in Orlando, Fla., considers itself the
world leader in social media sponsorships ("SMS"), a rapidly
growing segment within social media where a company compensates a
social media publisher to share sponsored content within their
social network.  The Company accomplishes this by operating
multiple marketplaces that include its platforms SocialSpark,
SponsoredTweets and WeReward, as well as its legacy platforms
PayPerPost and InPostLinks.


JOE'S JEANS: Mill Road Reports 3.8% Stake as of March 13
--------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Thomas E. Lynch, Scott P. Scharfman, Mill Road Capital
II GP LLC, and Mill Road Capital II, L.P. disclosed that as of
March 13, 2015, they beneficially owned 2,661,367 shares of common
stock of Joe's Jeans Inc., which represents 3.8 percent of the
shares outstanding.

The Reporting Persons acquired beneficial ownership of an aggregate
of 2,661,367 shares of Common Stock for $3,295,420 using working
capital from the Fund and the proceeds of margin loans under margin
loan facilities maintained in the ordinary course of business by
the Fund with a broker on customary terms and conditions.

A copy of the regulatory filing is available for free at:

                       http://is.gd/WeNPfl
                         
                        About Joe's Jeans

Joe's Jeans Inc. -- http://www.joesjeans.com/-- designs, produces  

and sells apparel and apparel-related products to the retail and
premium markets under the Joe's(R) brand and related trademarks.

In its audit report on the consolidated financial statements for
the year ended Nov. 30, 2014, Moss Adams LLP expressed substantial
doubt about the Company's ability to continue as a going concern,
citing that the Company has a net working capital deficiency due to
debt covenant violations and has suffered recurring losses from
operations.

The Company reported a net loss of $27.7 million on $189 million of
net sales for the fiscal year ended Nov. 30, 2014, compared with a
net loss of $7.31 million on $140 million of net sales in 2013.
The Company's balance sheet at Oct. 31, 2014, showed $203.9 million
in total assets, $163 million in total liabilities and total
stockholders' equity of $41 million.

                          *     *     *

The Troubled Company Reporter, on Nov. 27, 2014, reported that
Joe's Jeans received a letter on November 24, 2014 from The Nasdaq
Stock Market indicating that the Company is not in compliance with
Nasdaq Listing Rule 5550(a)(2) because the closing bid price per
share of its common stock has been below $1.00 per share for 30
consecutive trading days.  The Nasdaq letter was issued in
accordance with standard Nasdaq procedures.  In accordance with
Nasdaq Listing Rule 5810(c)(3)(A), the Company will be provided
with 180 calendar days, or until May 26, 2015, to regain compliance
with the Bid Price Rule.


LEVEL 3: Amends 2014 Annual Report to Provide More Information
--------------------------------------------------------------
Level 3 Communications, Inc., filed an amended annual report on
Form 10-K/A for the fiscal year ended Dec. 31, 2014, solely to
provide supplemental information and clarification with respect to
the disclosure included in the 2014 Form 10-K under the caption
"Equity Compensation Plan Information" contained under Item 5.  

The Company has two equity compensation plans under which it may
issue shares of its common stock to employees, officers, directors
and consultants.  They are the Level 3 Communications, Inc. Stock
Plan and the 2000 tw telecom inc. Employee Stock Plan.

The Company assumed the 2000 tw telecom inc. Employee Stock Plan in
connection with the acquisition of tw telecom.  Awards outstanding
under the 2000 tw telecom inc. Employee Stock Plan at the
acquisition date were cancelled and converted into the right to
receive merger consideration.  In addition, in connection with the
Company's acquisition of Global Crossing, the Company assumed
sponsorship of the 2003 Global Crossing Limited Stock Incentive
Plan.  Options outstanding under the 2003 Global Crossing Limited
Stock Incentive Plan at the closing of the acquisition were
automatically exchanged for options to purchase shares of our
common stock.  Since this plan's term has expired, no shares remain
for future issuances under this plan, but shares do remain for
awards outstanding as of the expiration of the term.

A full-text copy of the amended Annual Report is available at:

                        http://is.gd/LT4LlR

                    About Level 3 Communications

Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc., is a publicly traded international communications company
with one of the world's largest communications and Internet
backbones.

For the year ended Dec. 31, 2014, the Company reported net income
of $314 million on $6.77 billion of revenue compared to a net loss
of $109 million on $6.31 billion of revenue during the prior year.

As of Dec. 31, 2014, the Company had $20.9 billion in total
assets, $14.6 billion in total liabilities and $6.36 billion in
stockholders' equity.

                           *     *     *

In June 2014, Fitch Ratings upgraded the Issuer Default Rating
(IDR) assigned to Level 3 Communications, Inc. (LVLT) and its
wholly owned subsidiary Level 3 Financing, Inc. (Level 3
Financing) to 'B+' from 'B'.

"The upgrade of LVLT's ratings is supported by the continued
strengthening of the company's credit profile since the close of
the Global Crossing Limited (GLBC) acquisition, positive operating
momentum evidenced by expanding gross and EBITDA margins, and
ongoing revenue growth within the company's Core Network Services
(CNS) segment and its position to generate meaning FCF," Fitch
stated.

In June 2013, Standard & Poor's Ratings Services raised its
corporate credit rating on Level 3 to 'B' from 'B-'.  "The upgrade
reflects improved debt leverage, initially from the acquisition of
the lower-leveraged Global Crossing in October 2011, and
subsequently from realization of the bulk of what the company
expects to eventually be $300 million of annual operating
synergies," said Standard & Poor's credit analyst Richard
Siderman.

As reported by the TCR on Oct. 31, 2014, Moody's Investors Service
upgraded Level 3's corporate family rating (CFR) to 'B2' from
'B3'.

Level 3's B2 CFR is based on the company's ability to generate
relatively modest free cash flow of between $250 million and $300
million in 2016 and, inclusive of debt which is presumed to be
converted to equity in 2015, to de-lever by approximately 0.5x to
4.8x (Moody's adjusted) by the end of 2016.


LIQUIDMETAL TECHNOLOGIES: To Issue 40MM Shares Under Equity Plan
----------------------------------------------------------------
Liquidmetal Technologies, Inc., filed with the Securities and
Exchange Commission a Form S-8 registration statement to register
40,000,000 shares of common stock issuable under the Company's 2015
Equity Incentive Plan.  The proposed maximum aggregate offering
price is $5.4 million.  A copy of the regulatory filing is
available for free at http://is.gd/4e23qd

                  About Liquidmetal Technologies

Based in Rancho Santa Margarita, Cal., Liquidmetal Technologies,
Inc., and its subsidiaries are in the business of developing,
manufacturing, and marketing products made from amorphous alloys.
Liquidmetal Technologies markets and sells Liquidmetal(R) alloy
industrial coatings and also manufactures, markets and sells
products and components from bulk Liquidmetal alloys that can be
incorporated into the finished goods of its customers across a
variety of industries.  The Company also partners with third-
party licensees and distributors to develop and commercialize
Liquidmetal alloy products.

Liquidmetal Technologies reported a net loss and comprehensive loss
of of $6.55 million on $603,000 of total revenues for the year
ended Dec. 31, 2014, compared to a net loss and comprehensive loss
of $14.2 million on $1.02 million of total revenue in 2013.

As of Dec. 31, 2014, the Company had $12.28 million in total
assets, $3.72 million in total liabilities and $8.56 million in
total shareholders' equity.

SingerLewak LLP, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that the Company has suffered recurring losses from
operations, has negative cash flows from operations and has an
accumulated deficit.  This raises substantial doubt about the
Company's ability to continue as a going concern.


MACKEYSER HOLDINGS: Liquidating Plan Declared Effective
-------------------------------------------------------
Mackeyser Holdings, LLC, et al., notified the Bankruptcy Court that
the effective date of the First Amended Joint Plan of Liquidation
occurred on Feb. 27, 2015.

The Court confirmed on Feb. 2, 2015, the Amended Plan proposed by
the Debtors and the Official Committee of Unsecured Creditors.

The Court also ordered that the final request for payment of
professional fee claims must be filed no later April 13, 2015.

On Feb. 20, the Debtors filed a motion asking the Court to issue a
final decree with an order closing all but the case of Mackeyser
Holdings, LLC, and delay entry of final order in that case until a
motion is filed requesting that the Court enter a final decree.

Meanwhile, the Debtor filed amended Schedule E - Creditors Holding
Priority Claims.  A copy of the schedules is available for free
at:

  http://bankrupt.com/misc/MacKeyserHoldings_848_amendedSAL.pdf

                    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.

Thomas J. Allison was appointed as liquidating trustee as of the
effective date of the Joint Plan of Liquidation proposed by
Mackeyser Holdings, LLC, et al., and the Official Committee of
unsecured creditors.


MARBURN CURTAINS: Files for Ch 11, To Close Unprofitable Stores
---------------------------------------------------------------
Joan Verdon at NorthJersey.com reports that Marburn Curtains has
filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy
Court in Newark, New Jersey, blaming its cash shortage on an
economy in which its core customers -- lower- and middle-income --
are still struggling, as well as the harsh winters in 2014 and
2015.  

NorthJersey.com relates that Judge Vincent Papalia will hold a
hearing in the case on April 7, 2015.

According to court documents, the Company had gross sales of $25
million in 2014, but suffered an operating loss of $2.5 million.
The Company owes vendors and suppliers $1.6 million and owes rent
payments totaling $400,000.

The Company will be shutting down unprofitable stores or making
changes to make them profitable, including negotiating with
landlords on rents, NorthJersey.com states, citing Daniel Stolz,
Esq., the attorney for the Company.  "The winter months this year
just absolutely killed them to the point that they wound up with a
cash shortage that required them to freeze the creditor claims,"
while deciding which stores to retain as they restructured, the
report quoted Mr. Stolz as saying.

Edwin Hund, the Company's president, said that the Company believes
it can become profitable after it sheds some of its underperforming
stores, NorthJersey.com states.  According to the report, Mr. Hund
said that the Company will keep most of its 18 stores open as it
restructures the business.

The Company, according to NorthJersey.com, has closed: (i) the
Paramus store on Route 17, (ii) the Fairview store attached to the
Company's headquarters on Division Street, and (iii) a store in
Nanuet, N.Y., in recent weeks, leaving it with 18 stores in New
York, Pennsylvania and New Jersey.

Headquartered in Fairview, Bergen County, New Jersey, 59-year-old
Marburn Curtains is a retail chain.  The Company was founded in
1956 by Bernie Hinden, who originally leased space at the Home Fair
store in Union City.


MATAGORDA ISLAND: Lien Creditors Back Dismissal Bid with Pictures
-----------------------------------------------------------------
Stallion Offshore Quarters, Inc., and Wood Group PSN, Inc.,
formerly known as Wood Group Production Services, Inc., lien
creditors and parties-in-interest, supplemented their memorandum in
support of the U.S. Trustee's motion to convert case of Matagorda
Island Gas Operations, LLC, to one under Chapter 7 of the
Bankruptcy Code.

Both Stallion and Wood Group hold liens against the property.  As
noted in the memorandum, the platform is deserted, non-producing,
unmanned, and upon information and belief, still completely
uninsured.  Wood Group's personnel flew out to an adjacent
platform, and passed near the MI 632 to take photographs of the
property, and would offer them to the Court in support of the
memorandum for demonstrative purposes.

The seven images depict the MI 632 from different aerial angles.  A
copy of the supplement is available for free at
http://bankrupt.com/misc/Matagorda_78_53_supp_caseconversion.pdf

As reported in the Troubled Company Reporter on March 4, 2015, the
Bankruptcy Court continued until March 31, 2015, the motion to
convert the case of the Debtor.  At the hearing, the Court will
also consider objections and responses to the motion filed by the
U.S. Trustee.

The Debtor, in its objection, stated that it will have the funds
necessary to pay the indicated insurance premium and obtain a
certificate of appropriate insurance.  Therefore, the Debtor
requested that the Court deny the motion.

The Debtor related that since the filing of the opposition, it has
worked to obtain both a quote for liability insurance as well as
funding to pay the annual premium for such insurance.  On Jan. 5,
2015, the Debtor obtained a quote from Donnaway Insurance, Inc.,
for insurance indicating that the annual premium would be $96,000.

On Jan. 25, the Debtor received an executed debtor-in-possession
loan term sheet with AIC Investments Limited dated Jan. 23.

Stallion Offshore Quarters, Inc., creditor and party-in-interest,
expressed support to the U.S. Trustee's motion to convert case.
Stallion believed that the Debtor has repeatedly failed to obtain
insurance for certain high value assets which are property of the
estate, including the offshore well that the crew quarters are on,
which is a ground to convert the case.  The Debtor contracted with
Stallion to provide rental crew quarters and various other rental
services to be delivered and used on one of the Debtor's offshore
wells.  After non-payment, Stallion filed mineral liens and
obtained a state court judgment against the Debtor.  According to
Stallion, the crew quarters have never been returned and are still
sitting on the offshore platform.

                        Debtor's Objection

As reported in the TCR on Jan. 14, 2015, the Debtor opposed to the
U.S. Trustee's motion for conversion/dismissal, stating that there
is no mandatory cause for dismissal or conversion insofar as the
current lack of insurance poses no credible risk to the estate or
to the public at this time.  Additionally, the Debtor pointed out
that it has and continues to attempt to comply with the order to
the debtor in possession and to obtain the necessary insurance and
believes that such insurance can be put in place prior to the
existence of any actual risk to the estate or public.

Shamrock Energy Solutions, LLC, supports the U.S. Trustee's motion,
but said it believes that it would be in the best interest of all
creditors if the case were converted to a Chapter 7 and not
dismissed.

In its motion for conversion or dismissal, the U.S. Trustee said it
has repeatedly asked the Debtor to obtain and provide proof of
insurance as required by the order to the Debtor starting with the
initial Debtor interview on Sept. 24, 2014, and continuing at the
341 Meetings on Oct. 7, and Nov. 4.  In addition, the attorney and
the analyst for the U.S. Trustee have contacted Debtor's counsel
several times requesting proof of insurance.  According to the U.S.
Trustee, to date, the Debtor has not provided proof to that (1) the
Debtor has general liability insurance and (2) all assets are
covered by property insurance.

                      About Matagorda Island

Matagorda Island Gas Operations, LLC, filed a Chapter 11
bankruptcy petition (Bankr. W.D. La. Case No. 14-51099) in
Lafayette, Louisiana, on Sept. 3, 2014. The case is assigned to
Judge Robert Summerhays.  The Debtor has tapped Lugenbuhl, Wheaton,
Peck, Rankin & Hubbard as counsel.  The Debtor disclosed $891
million in assets and $26.1 million in liabilities as of the
Chapter 11 filing.


MEG ENERGY: Bank Debt Trades at 5% Off
--------------------------------------
Participations in a syndicated loan under which MEG Energy Corp is
a borrower traded in the secondary market at 95.50 cents-on-the-
dollar during the week ended Friday, March 20, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents a decrease of 1.40
percentage points from the previous week, The Journal relates. MEG
Energy Corp pays 275 basis points above LIBOR to borrow under the
facility.  The bank loan matures on March 16, 2020, and carries
Moody's Ba1 rating and Standard & Poor's BBB- rating.  The loan is
one of the biggest gainers and losers among 237 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



MESTIZO RESTAURANT: In Chapter 11 Due to Debt
---------------------------------------------
Mestizo, Inc., aka Mestizo Restaurant, filed for Chapter 11
bankruptcy protection (Bankr. M.D. La. Case No. 15-10125) on Feb.
6, 2015.

The Company filed for bankruptcy because of the debt left over from
a second restaurant, La Mestiza in Prairieville, Ted Griggs at The
Advocate relates, citing Patrick S. Garrity, Esq., at Steffes,
Vingiello, & McKenzie, LLC, the Company's bankruptcy counsel.  

The Advocate reports that when that restaurant closed, the Company
was saddled with its debt, and dealing with the additional burden
created some cash-flow issues.  Mr. Garrity said that the Company
is going to reorganize to handle the cash-flow issues and move on,
the report states.

The Advocate quoted Mr. Garrity as saying, "The fact that Mestizo's
is in Chapter 11 is not going to have any impact on the current
operations of the restaurant.  Nothing is going to change.  They'll
continue to have the same product they have had the past 15 years
or so."   

Court documents show that the Company has $505,437 in debt, all of
it unsecured.

Mestizo, Inc., aka Mestizo Restaurant, is an Acadian Thruway
restaurant.  The upscale Mexican restaurant has been in business
since 1999 and is owned by James Urdiales.


MIDSTATES PETROLEUM: Posts $128 Million Net Income in 2014
----------------------------------------------------------
Midstates Petroleum Company, Inc. reported net income of $128
million on $277 million of total revenues for the three months
ended Dec. 31, 2014, compared to a net loss of $316 million on $161
million of total revenues for the same period in 2013.

For the 12 months ended Dec. 31, 2014, the Company reported net
income of $117 million on $794 million of total revenues compared
to a net loss of $344 million on $470 million of total revenues
during the prior year.

As of Dec. 31, 2014, the Company had $2.47 billion in total assets,
$2 billion in total liabilities and $466 million in total
stockholders' equity.

Nelson Haight, senior vice president and chief financial officer
commented, "We are very proud of our accomplishments in 2014,
growing production, lowering costs and bringing spending more in
line with Adjusted EBITDA.  Through geological understanding and
engineering, we have built a premium position in the Mid-Continent
that can serve as a foundation for future organic value growth.  We
successfully grew our Miss Lime reserves by 105% and production by
66% year over year, and as a result of our best in class success,
we have increased our type curve EUR by approximately 25%.  Our
finding and development costs in the Miss Lime were an extremely
attractive $4.86 per Boe.  In the current pricing environment, we
must continue to drive costs lower, maximize cash flow and focus
all of our drilling efforts on our top tier Mississippian Lime
acreage, where we are generating 30% IRRs."

Jake Brace, incoming Interim CEO noted, "We will continue to
evaluate all strategic options to unlock the value of this
outstanding asset base and strengthen our liquidity and balance
sheet.  We will add to our liquidity with the $44 million sale of
our Dequincy properties and believe that our strong reserve and
production growth in the Miss Lime, coupled with our 2015 hedges
and focus on generating $75 to $100 million in Adjusted EBITDA in
excess of our capex, will provide us the flexibility to begin to
address our balance sheet over the coming months."

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

                       http://is.gd/RFIe6y

                 About Midstates Petroleum Company

Midstates Petroleum Company, Inc. --
http://www.midstatespetroleum.com/-- is an independent exploration
and production company focused on the application of modern
drilling and completion techniques in oil and liquids-rich basins
in the onshore U.S. Midstates' drilling and completion efforts are
currently focused in the Mississippian Lime oil play in Oklahoma
and Anadarko Basin in Texas and Oklahoma.  The Company's operations
also include the upper Gulf Coast tertiary trend in central
Louisiana.

                           *     *     *

Midstates Petroleum carries a 'B' corporate credit rating with
'negative' outlook from Standard & Poor's Ratings Services. It
carries a 'Caa1' corporate family rating with 'negative' outlook
from Moody's.


MISSION NEWENERGY: Provides More Info on Joint Venture
------------------------------------------------------
Mission NewEnergy Limited disclosed in a document filed with the
U.S. Securities and Exchange Commission that pursuant to the
announcement made on Feb. 19, 2015, the following detailed
information is provided:

  * The calculation of the 40.28 cents per Share Value Accretion
    was made up of:

     -- the enterprise value of the new Joint Venture (JV) of
        29.84 cents per share which is calculated by dividing the
        JV agreed Enterprise Value of A$60.9 million by
        40,870,275, issued ordinary shares.  The Enterprise Value
        is the sum of the Equity injected by each JV partner and
        the Debt raised to meet the asset acquisition and
        technology retrofit cost; and

     -- the cash value available to Mission from the transaction
        of 10.44 cents per share which is calculated by dividing
        the cash retained by the group from the transaction of
        A$4.3 million by 40,870,275 issued ordinary shares.

As reported by the TCR on Feb. 24, 2015, Mission NewEnergy has
successfully completed the company transformation plan commenced in
2012.  Management have continued to improve the balance sheet and
restructure the Company's operations achieving major milestones in
2013 and 2014.

Mission had achieved the final step of the transformation plan
being:

  * Completion of the sale of its 250,000 tpa biodiesel refinery
    for US$22.5 million

  * Settlement of all outstanding convertible note debt of
    approximately A$25 million

  * Retention of a 20% stake in a highly prospective Joint Venture
    with the world's largest oil palm plantation company and one
    of the United States' most promising disruptive fuels
    technology providers

  * Retention of approximately two years in general working
    capital to cover operational and legal expenses

Mission has added 40.28 cents per share of asset value on a fully
diluted basis from this Transaction including 10.44 cents per share
of cash and enterprise value of Mission's interest in the Joint
Venture of 29.84 cents per share.

                     About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.

The Company's balance sheet at June 30, 2014, showed $4.04 million
in total assets, $15.40 million in total liabilities and a $11.35
million total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


MMRGLOBAL INC: Douglas Helm Quits as Director
---------------------------------------------
Douglas H. Helm provided notice to MMRGlobal, Inc. of his intention
to resign from the board of directors of the Company, effective
March 31, 2015.  Mr. Helm was serving as a member of the Nomination
and Corporate Governance Committee and the Audit Committee of the
Board prior to his resignation.  Mr. Helm's decision to resign is
solely for personal reasons and time considerations and did not
involve any disagreement with the Company, the Company's management
or the Board, according to a Form 8-K filed with the Securities and
Exchange Commission.

The Company expects that the Board will appoint a current member of
the Board to serve as a member of the Audit Committee of the Board
as soon as practicable to replace Mr. Helm.

                          About MMRGlobal

Los Angeles, Calif.-based MMR Global, Inc. (OTC BB: MMRF)
-- http://www.mmrglobal.com/-- through its wholly-owned operating
subsidiary, MyMedicalRecords, Inc., provides secure and easy-to-
use online Personal Health Records (PHRs) and electronic safe
deposit box storage solutions, serving consumers, healthcare
professionals, employers, insurance companies, financial
institutions, and professional organizations and affinity groups.

MMRGlobal reported a net loss of $7.63 million in 2013, as
compared with a net loss of $5.90 million in 2012.

Rose, Snyder & Jacobs LLP, in Encino, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred significant operating losses and
negative cash flows from operations during the years ended
December 31, 2013 and 2012.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


MOBILESMITH INC: Reports $7.33 Million Net Loss in 2014
-------------------------------------------------------
MobileSmith, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$7.33 million on $879,000 of total revenue for the year ended
Dec. 31, 2014, compared to a net loss of $27.5 million on $339,000
of total revenue in 2013.

As of Dec. 31, 2014, MobileSmith had $1.42 million in total assets,
$33.2 million in total liabilities and a $31.7 million total
stockholders' deficit.

Cherry Bekaert LLP, in Raleigh, North Carolina, issued a "going
concern" qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has suffered recurring losses from operations and has a
working capital deficiency as of Dec. 31, 2014.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.

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

                        http://is.gd/bfFqzq

                         About Smart Online

Durham, North Carolina-based Smart Online, Inc., develops and
markets a full range of mobile application software products and
services that are delivered via a SaaS/PaaS model.  The Company
also provides Web site and mobile consulting services to not-for-
profit organizations and businesses.


MOBIVITY HOLDINGS: Obtains $4.8 Million From Private Placement
--------------------------------------------------------------
Mobivity Holdings Corp. completed a private placement of its
securities to 24 accredited investors for the gross offering
proceeds of $4,805,000, according to a Form 8-K report filed with
the Securities and Exchange Commission.  Pursuant to the private
placement, the Company sold 4,805,000 units of the Company's
securities at a price of $1.00 per unit.  Each unit consists of one
share of the Company's common stock and a common stock purchase
warrant to purchase one-quarter share of the Company's common
stock, over a five year period, at an exercise price of $1.20 per
share.  The initial closing of the private placement took place on
March 2, 2015.

The units were issued pursuant to the exemption from registration
provided by Section 4(a)(2) of the Securities Act of 1933 and Rule
506(b) thereunder.  Emerging Growth Equities, Ltd. acted as
placement agent for the private placement and received $234,500 in
commissions from the Company.  In addition, for its services as
placement agent, the Company issued to Emerging Growth Equities
warrants to purchase an aggregate of 234,500 units, exercisable
over a period of five years from the closing date, at an exercise
price of $1.00 per unit.

                      About Mobivity Holdings

Mobivity Holdings Corp. was incorporated as Ares Ventures
Corporation in Nevada in 2008.  On Nov. 2, 2010, the Company
acquired CommerceTel, Inc., which was wholly-owned by CommerceTel
Canada Corporation, in a reverse merger.  Pursuant to the Merger,
all of the issued and outstanding shares of CommerceTel, Inc.,
common stock were converted, at an exchange ratio of 0.7268-for-1,
into an aggregate of 10,000,000 shares of the Company's common
stock, and CommerceTel, Inc., became a wholly owned subsidiary of
the Company.  In connection with the Merger, the Company changed
its corporate name to CommerceTel Corporation on Oct. 5, 2010.
In connection with the Company's acquisition of assets from
Mobivity, LLC, the Company changed its corporate name to Mobivity
Holdings Corp. and its operating company to Mobivity, Inc, on
Aug. 23, 2012.

Mobivity Holdings reported a net loss of $16.8 million in 2013,
a net loss of $7.33 million in 2012 and a net loss of $16.3
million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $11.4
million in total assets, $3.35 million in total liabilities and
$8.07 million in total stockholders' equity.


MOBIVITY HOLDINGS: Talkot Fund Holds 9% Stake as of March 9
-----------------------------------------------------------
Thomas B. Akin and Talkot Fund, L.P., disclosed in a regulatory
filing with the Securities and Exchange Commission that they
beneficially own 2,508,500 shares of common stock of Mobivity
Holdings Corp. as of March 9, 2015, which represents 9 percent
based on 27,864,078 shares of Common Stock issued and outstanding
as of March 17, 2015, as reported by Mobivity Holding Corporation's
chief financial officer on March 17, 2015.

Of the 2,508,500 shares of Common Stock, Mr. Akin directly
beneficially owns 1,008,500 shares of Common Stock, and Talkot Fund
directly beneficially owns 1,500,000 shares of Common Stock.

A copy of the regulatroy filing is available for free at:

                       http://is.gd/4BniCg

                    About Mobivity Holdings

Mobivity Holdings Corp. was incorporated as Ares Ventures
Corporation in Nevada in 2008.  On Nov. 2, 2010, the Company
acquired CommerceTel, Inc., which was wholly-owned by CommerceTel
Canada Corporation, in a reverse merger.  Pursuant to the Merger,
all of the issued and outstanding shares of CommerceTel, Inc.,
common stock were converted, at an exchange ratio of 0.7268-for-1,
into an aggregate of 10,000,000 shares of the Company's common
stock, and CommerceTel, Inc., became a wholly owned subsidiary of
the Company.  In connection with the Merger, the Company changed
its corporate name to CommerceTel Corporation on Oct. 5, 2010.
In connection with the Company's acquisition of assets from
Mobivity, LLC, the Company changed its corporate name to Mobivity
Holdings Corp. and its operating company to Mobivity, Inc, on
Aug. 23, 2012.

Mobivity Holdings reported a net loss of $16.8 million in 2013,
a net loss of $7.33 million in 2012 and a net loss of $16.3
million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $11.4
million in total assets, $3.35 million in total liabilities and
$8.07 million in total stockholders' equity.


NAKED BRAND: Bard Associates Reports 34.9% Stake as of Dec. 31
--------------------------------------------------------------
Bard Associates, Inc., disclosed in a Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2014, it
beneficially owned 20,500,007 shares of common stock of Naked Brand
Group, Inc., which represents 34.9 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/8wuEsJ

                         About Naked Brand

Naked Brand Group Inc. designs, manufactures, and sells men's
innerwear and lounge apparel products in the United States and
Canada.  It offers various innerwear products, including trunks,
briefs, boxer briefs, undershirts, T-shirts, and lounge pants
under the Naked brand, as well as under the NKD sub-brand for men.
The company sells its products to consumers and retailers through
wholesale relationships and direct-to-consumer channel, which
consists of an online e-commerce store, thenakedshop.com.  Naked
Brand Group Inc. is based in New York, New York.

As at July 31, 2014, the Company had not yet achieved profitable
operations and expects to incur significant further losses in the
development of its business, which casts substantial doubt about
the Company's ability to continue as a going concern, the Company
stated in the quarterly report for the period ended July 31, 2014.

The Company's balance sheet at Oct. 31, 2014, showed $3.90 million
in total assets, $18.8 million in total liabilities, and a
$14.8 million stockholders' capital deficit.


NATIONAL CINEMEDIA: AMC Reports 24% Stake as of March 17
--------------------------------------------------------
nationalIn an amended Schedule 13D filed with the Securities and
Exchange Commission, AMC Entertainment Holdings, Inc., AMC
Entertainment Inc. and American Multi-Cinema, Inc. disclosed that
as of
March 17, 2015, they beneficially own 19,663,664 shares of common
stock of National CineMedia, Inc., which represents 24.1 percent of
the shares outstanding.

On March 17, 2015, pursuant to the CUA Agreement, the National
CineMedia, LLC notified AMC that it will receive 469,163 newly
issued Units of NCM LLC in accordance with the 2014 Annual
Adjustment.  The Units will be settled on March 31, 2015, but NCM
LLC's obligation to issue those Units became irrevocable on March
17, 2015.

A copy of the regulatory filing is available for free at:

                        http://is.gd/GKF5C8

                      About National CineMedia

National CineMedia, Inc., is the holding company of National
CineMedia, LLC.  NCM LLC operates the largest digital in-theatre
network in North America, allowing NCM to distribute advertising,
Fathom entertainment programming events and corporate events under
long-term exhibitor services agreements with American Multi-Cinema
Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal
Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment
Group; and Cinemark USA, Inc., a wholly owned subsidiary of
Cinemark Holdings, Inc.  NCM LLC also provides such services to
certain third-party theater circuits under "network affiliate"
agreements, which expire at various dates.

                            *    *    *

As reported by the TCR on March 24, 2011, Standard & Poor's
Ratings Services raised its corporate credit ratings on
Centennial, Colorado-based National CineMedia Inc. and
operating subsidiary National CineMedia LLC (which S&P analyzes on
a consolidated basis) to 'BB-' from 'B+'.  "The 'BB-' corporate
credit rating reflects S&P's expectation that NCM's EBITDA growth
will enable the company to continue to de-lever over the
intermediate term despite its aggressive dividend policy," said
Standard & Poor's credit analyst Jeanne Shoesmith.


NATIONAL CINEMEDIA: Units Ownership of Funding Member Group
-----------------------------------------------------------
National CineMedia, Inc., as sole manager of National CineMedia,
LLC, provided written notice setting forth the determination of
common membership units due to/from the members of NCM LLC in
accordance with the Common Unit Adjustment Agreement dated as of
Feb. 13, 2007, by and among NCM, Inc., NCM LLC, Regal CineMedia
Holdings, LLC, American Multi-Cinema, Inc., Cinemark Media, Inc.,
Regal Cinemas, Inc. and Cinemark USA, Inc.  Regal, AMC and Cinemark
are referred to collectively as the "Founding Members."  

The common membership units are expected to be issued on March 31,
2015, the settlement date.

Following is a summary of the NCM LLC ownership units that will
result from this most recent Common Unit Adjustment:

                           Total Number
                             of Units             Ownership
                          Owned Post 2014        Interest Post
                             Adjustment         2014 Adjustment
Founding Member Group   (as of Jan. 1, 2015) (as of Jan. 1, 2015)
---------------------   --------------------  -------------------
AMC                          19,663,664             15.07%
Cinemark                     25,631,046             19.65%        
                 
Regal                        26,409,784             20.24%
NCM, Inc.                    58,750,926             45.04%
---------                   -----------
Total                       130,455,420

Pursuant to NCM, Inc.'s Amended and Restated Certificate of
Incorporation and NCM LLC's Third Amended and Restated Limited
Liability Company Operating Agreement, as amended, members of NCM
LLC, other than NCM, Inc., may choose to have common membership
units redeemed, and NCM, Inc. may elect to issue cash or shares of
its common stock on a one-for-one basis.  Therefore, the NCM LLC
units issued to the Founding Members may be redeemable for an equal
number of shares of NCM, Inc.'s common stock.

Neither NCM, Inc. nor NCM LLC received any cash consideration in
exchange for the issuance of the units.  In addition to the
issuance of the units, cash will be paid in lieu of partial units
in the amounts of $12.44, $3.66 and $6.62 to AMC, Cinemark USA,
Inc. and RCI, respectively.

The units will be issued in reliance upon the exemption from the
registration requirements of the Securities Act provided for by
Section 4(2) thereof for transactions not involving a public
offering. Appropriate legends will be affixed to the securities
issued in this transaction.  The Founding Members had adequate
access, through business or other relationships, to information
about NCM, Inc.

A full-text copy of the Form 8-K report as filed with the
Securities and Exchange Commission is available for free at:

                        http://is.gd/9gtdRG

                      About National CineMedia

National CineMedia, Inc., is the holding company of National
CineMedia, LLC.  NCM LLC operates the largest digital in-theatre
network in North America, allowing NCM to distribute advertising,
Fathom entertainment programming events and corporate events under
long-term exhibitor services agreements with American Multi-Cinema
Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal
Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment
Group; and Cinemark USA, Inc., a wholly owned subsidiary of
Cinemark Holdings, Inc.  NCM LLC also provides such services to
certain third-party theater circuits under "network affiliate"
agreements, which expire at various dates.

                            *    *    *

As reported by the TCR on March 24, 2011, Standard & Poor's
Ratings Services raised its corporate credit ratings on
Centennial, Colorado-based National CineMedia Inc. and
operating subsidiary National CineMedia LLC (which S&P analyzes on
a consolidated basis) to 'BB-' from 'B+'.  "The 'BB-' corporate
credit rating reflects S&P's expectation that NCM's EBITDA growth
will enable the company to continue to de-lever over the
intermediate term despite its aggressive dividend policy," said
Standard & Poor's credit analyst Jeanne Shoesmith.


NBTY: Bank Debt Trades at 2% Off
--------------------------------
Participations in a syndicated loan under which NBTY is a borrower
traded in the secondary market at 97.88 cents-on-the-dollar during
the week ended Friday, March 20, 2015, according to data compiled
by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street
Journal.  This represents a decrease of 1.50 percentage points from
the previous week, The Journal relates. NBTY pays 250 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
Oct. 15, 2017, and carries Moody's Ba3 rating and Standard & Poor's
B+ rating.  The loan is one of the biggest gainers and losers among
237 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



NET ELEMENT: Files Revised Copy of Binding Offer Letter
-------------------------------------------------------
Net Element, Inc., filed an amended current report on Form 8-K with
the Securities and Exchange Commission on March 17, 2015, in order
to correct errors in the copy of a Binding Offer Letter entered
into by TOT Group Europe, Ltd., a subsidiary of the Company that
was attached to the Original Filing as Exhibit 2.1, in the names of
the parties accepting the Offer and to clarify the names of the
PayOnline group of companies.

On March 16, 2015, TOT Group Europe entered into the Offer with
Maglenta Enterprises Inc. and Champfremont Holding Ltd. to acquire
all of the issued and outstanding equity interests of the PayOnline
group of companies to be named in the course of preparation of
legally binding acquisition agreement.  A copy of the Offer is
available for free at http://is.gd/STvAMD

                        About Net Element

Miami, Fla.-based Net Element International, Inc., formerly Net
Element, Inc., currently operates several online media Web sites
in the film, auto racing and emerging music talent markets.

Net Element reported a net loss of $48.3 million in 2013, as
compared with a net loss of $16.4 million in 2012.  

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has suffered recurring losses from operations and has
used substantial amounts of cash to fund its operating activities
that raise substantial doubt about its ability to continue as a
going concern.


NET ELEMENT: To Acquire Leading Payment Innovator PayOnline
-----------------------------------------------------------
Net Element, Inc., disclosed entry into a binding term sheet by its
wholly owned subsidiary TOT Group Europe, Ltd. to acquire and
operate PayOnline, a regional industry leader in online transaction
processing services and payment-enabling technology.

PayOnline enables online payment for more than 10 million active
consumers and thousands of merchants in Commonwealth of Independent
States, Europe and Asia, Net Element said.

The purchase price will consist of $3.6 million in cash and
restricted shares of the Company's common stock with a value of
$3.6 million, according to a document filed with the Securities and
Exchange Commission.  Pursuant to the Offer, the aggregate
valuation of PayOnline on a debt-free basis will be $8,482,000, and
the purchase price will not exceed that amount.

"Our market position and user base allows Net Element to accelerate
growth in the region and gives our payment innovations greater
global reach," commented Marat Abasaliev, PayOnline chief executive
officer. "We expect to contribute greatly to the success of Net
Elements business plan."

"PayOnline's market-leading services, partnerships and technologies
are an ideal fit for Net Element's expansion initiatives and to its
existing portfolio of subsidiaries," said Oleg Firer, chief
executive officer of Net Element.  "With this acquisition, we
expect to grow business faster by catering to a broader range of
users in the United States, Russia and other markets."

Closing of the acquisition is subject to Net Element's satisfactory
completion of due diligence, definitive documentation and other
customary closing conditions.

The parties agreed to negotiate the transaction structure and a
definitive sale and purchase agreement with customary
representations, warranties conditions and covenants.

A copy of the Binding Offer Letter, dated March 16, 2015, among TOT
Group Europe Ltd., PayOnline System LLC and Social Discovery
Ventures is available for free at http://is.gd/yh2x2m

                        About Net Element

Miami, Fla.-based Net Element International, Inc., formerly Net
Element, Inc., currently operates several online media Web sites
in the film, auto racing and emerging music talent markets.

Net Element reported a net loss of $48.3 million in 2013, as
compared with a net loss of $16.4 million in 2012.  

The Company's balance sheet at Sept. 30, 2014, showed $15.8 million
in total assets, $8.81 million in total liabilities, and
stockholders' equity of $6.97 million.

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has suffered recurring losses from operations and has
used substantial amounts of cash to fund its operating activities
that raise substantial doubt about its ability to continue as a
going concern.


NGPL PIPECO: Bank Debt Trades at 5% Off
---------------------------------------
Participations in a syndicated loan under which NGPL PipeCo LLC is
a borrower traded in the secondary market at 95.30
cents-on-the-dollar during the week ended Friday, March 20, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease of
0.70 percentage points from the previous week, The Journal relates.
NGPL PipeCo LLC pays 550 basis points above LIBOR to borrow under
the facility. The bank loan matures on May 4, 2017, and carries
Moody's Caa2 rating and Standard & Poor's CCC+ rating.  The loan is
one of the biggest gainers and losers among 237 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



NII HOLDINGS: Noteholders Seek Mediation
----------------------------------------
BankruptcyData reported that an ad hoc group of NII Capital 2021
Noteholders asked the U.S. Bankruptcy Court to direct NII Holdings
to participate in mediation.

According to BData, the motion explains, "The Debtors have now
filed two successive plan support agreements, each of which have
been structured to reallocate value of the Debtors' estates to a
few preferred creditors in violation of the requirements of
Bankruptcy Code, and in what amounts to the equitable subordination
of the 7.625% Senior Notes issued by NII Capital Corp. due in 2021
(the "2021 CapCo Notes"). Each of the Debtors' plan support
agreements was constructed without any input from holders of a
substantial amount of the 2021 CapCo Notes, who unlike the holders
who negotiated these agreements with the Debtors, do not hold the
other series of CapCo Notes (as defined below). It is these other
series of CapCo Notes that receive significantly larger
distributions than the 2021 CapCo Notes under the Debtors' plan
proposal. These larger distributions come at the expense of the
distributions to the holders of the 2021 CapCo Notes,
notwithstanding the fact that CapCo Notes are all contractually and
structurally pari passu with one another. The Movant submits that
had the Debtors and their preferred creditors accepted rather than
rebuffed the Movant's multiple requests to be included in plan
negotiations, this Motion would have been unnecessary. The proposed
plan favors those creditors the Debtors included in negotiations
under the guise of a purported settlement at the expense of those
they excluded from negotiations, the Movant....The Debtors are
holding companies, and as such, a hypothetical chapter 7
liquidation of the Debtors would permit going-concern sales of the
Debtors' equity in their non-debtor subsidiaries that hold valuable
businesses. In such hypothetical chapter 7 liquidation, the
Transferred Guarantor Claims would be litigated, proven meritless,
and accorded no value. The result would be equal distributions to
claims of equal dignity - a fundamental right for creditors that
each plan proposed by the Debtors has failed to honor. A consensual
resolution of these chapter 11 cases is in the best interest of all
constituents and may indeed be achievable. It should at least be
given a chance, particularly when there is time before a hearing on
an as-yet-unfiled disclosure statement."

                         About NII Holdings

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

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

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

The U.S. Trustee for Region 2 appointed five creditors of NII
Holdings to serve on the official committee of unsecured
creditors.
The Committee is represented by Kenneth H. Eckstein, Esq., and
Adam C. Rogoff, Esq., at KRAMER LEVIN NAFTALIS & FRANKEL LLP.

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

Aurelius, one of the Backstop Parties, is represented by Daniel H.
Golden, Esq., David H. Botter, Esq., and Brad M. Kahn, Esq., at
AKIN GUMP STRAUSS HAUER & FELD LLP.

                            *   *   *

The Plan and Disclosure Statement, filed on Dec. 22, 2014, allow
the Debtors to strengthen their balance sheet by converting $4.35
billion of prepetition notes into new stock and provide the
Debtors
with $500 million of new capital.  The Plan also permits the
Debtors to avoid the incurrence of significant litigation costs
and
delays in connection with potential litigation claims and exit
bankruptcy protection expeditiously and with sufficient liquidity
to execute their business plan.


NJ HEALTHCARE FACILITIES: Files for Chapter 11 in Newark
--------------------------------------------------------
NJ Healthcare Facilities Management LLC, doing business as Advanced
Care Center at Lakeview, sought Chapter 11 protection (Bankr.
D.N.J. Case No. 15-14871) in Newark, New Jersey, on March 19,
2015.

The Debtor estimated $10 million to $50 million in assets and debt.
The official schedules of assets and liabilities, as well as the
statement of financial affairs, are due April 2, 215.

According to the docket, the Debtor's exclusive right to file a
plan expires on July 17, 2015.  The appointment of a healthcare
ombudsman is due by April 9, 2015.

The case is assigned to Judge Vincent F. Papalia.

The Debtor tapped Anthony Sodono, III, Esq., at Trenk, DiPasquale,
Della Fera & Sodonom, in West Orange, New Jersey, as counsel.



NJ HEALTHCARE: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: NJ Healthcare Facilities Management LLC
           aka New Jersey Health Care Facilities Management LLC
           dba Advanced Care Center at Lakeview
        130 Terhune Avenue
        Wayne, NJ 07470

Case No.: 15-14871

Type of Business: Health Care

Chapter 11 Petition Date: March 19, 2015

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

Judge: Hon. Vincent F. Papalia

Debtor's Counsel: Anthony Sodono, III, Esq.
                  TRENK, DIPASQUALE, DELLA FERA & SODONO, P.C.
                  347 Mt. Pleasant Avenue
                  Suite 300
                  West Orange, NJ 07052
                  Tel: 973-243-8600
                  Fax: 973-243-8600
                  Email: asodono@trenklawfirm.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Linda Bowersox, managing member.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
FNR Lakeview, LLC                                     $1,500,000
Attn: Mr. Zvi Feiner
8170 McCormick Boulevard
Suite 100
Skokie, IL 60076
zvi@feinerinvestments.com

Internal Revenue Service             Taxes            $1,397,214
PO Box 80110
Cincinnati, OH 45280-0110
1-800-829-0115

JZ Ventures Limited/BZ Foley                          $1,300,000
209 East 11th Avenue
Roselle, NJ 07203

NJ Division of Taxation               Taxes             $545,496
PO Box 59
Trenton, NJ 08646-0059
Tel: 609-633-6400

Discover RX                          Trade Debt         $400,000
Lock Box 8371
PO Box 8500
Philadelphia, PA 19178-8371
Tel: 516-432-3800

Specialty RX                         Trade Debt          $99,000

Twin Med LLC                         Trade Debt          $79,955

Hospitality Consulting               Trade Debt          $79,530

Gerimedix, Inc.                      Trade Debt          $76,591

Medline Industires, Inc.             Trade Debt          $64,386

Venture Respiratory                  Trade Debt          $60,626

Continental Health Group             Trade Debt          $53,376

Invacare Supply Group                Trade Debt          $47,060

Capflow Funding Group                Trade Debt          $41,976

Ace Endicio                          Trade Debt          $40,547

Guston & Guston, LLP                 Legal Fees          $36,662

Amerihealth Casualty                 Trade Debt          $31,916

Future Care Consultants              Trade Debt          $29,000

Western Environmental                Trade Debt          $25,785

Hellring Lindeman Goldstein          Legal Fees          $24,525
& Seigal


NVA HOLDINGS: Moody's B3 CFR Not Affected by Proposed Debt Add-On
-----------------------------------------------------------------
Moody's Investors Service said that NVA Holdings, Inc.'s  proposed
add-on to its first lien term loan is credit neutral and does not
currently impact the B3 Corporate Family Rating, the B1 rating on
the first lien senior secured credit facilities, the Caa2 rating on
the second lien senior secured credit facilities or the stable
rating outlook.

Based in Agoura Hills, California, NVA Holdings, Inc. is a leading
provider of veterinary medical services, operating approximately
252 locally-branded animal hospitals across 39 U.S. states and
Canada as of Dec. 31, 2014.  NVA provides medical, diagnostic
testing, and surgical services to support veterinary care.  The
company also offers ancillary services including boarding and
grooming, and the sale of pet food and other retail pet care
products.  NVA is privately owned by funds affiliated with Ares
Management LLC and Crescent Capital.  The company generated
reported revenues of approximately $438 million for the twelve
months ended Dec. 31, 2014.




NY MILITARY ACADEMY: US Trustee Unable to Form Committee
--------------------------------------------------------
The U.S. trustee overseeing the Chapter 11 case of New York
Military Academy said it wasn't able to form a committee of
unsecured creditors.

"Sufficient indications of willingness to serve on a committee of
unsecured creditors have not been received from persons eligible to
serve on such committee," the bankruptcy watchdog said in a March
16 filing it made in U.S. Bankruptcy Court for the Southern
District of New York.

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense.  They may investigate the debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                About New York Military Academy

New York Military Academy, a private coeducational boarding school,
filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No.
15-35379) on March 3, 2015.  David B. Fields signed the petition as
first vice-president.  The Debtor reported total assets of $10.5
million and total debts of $10.9 million.  Lewis D. Wrobel, Esq.,
at Lewis D. Wrobel, represents the Debtor as counsel.


OCEAN RIG: Bank Debt Trades at 18% Off
--------------------------------------
Participations in a syndicated loan under which Ocean Rig is
a borrower traded in the secondary market at 82.30 cents-on-the-
dollar during the week ended Friday, March 20, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents a decrease of 2.33
percentage points from the previous week, The Journal relates.
Ocean Rig pays 450 basis points above LIBOR to borrow under
the facility. The bank loan matures on July 17, 2021, and carries
Moody's withdrawn rating and Standard & Poor's B+ rating.  The loan
is one of the biggest gainers and losers among 237 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



PACIFIC DRILLING: Bank Debt Trades at 18% Off
---------------------------------------------
Participations in a syndicated loan under which Pacific Drilling
Ltd is a borrower traded in the secondary market at 82.35
cents-on-the-dollar during the week ended Friday, March 20, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease
of 0.95 percentage points from the previous week, The Journal
relates. The Company pays 350 basis points above LIBOR to borrow
under the facility.  The bank loan matures on May 15, 2018, and
carries Moody's B1 rating and Standard & Poor's B+ rating.  The
loan is one of the biggest gainers and losers among 237 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended Friday.



PANTRY INC: Moody's Withdraws B2 CFR Following Merger Completion
----------------------------------------------------------------
Moody's Investors Service withdrew The Pantry, Inc.'s B2 Corporate
Family Rating, the B1 rating of Pantry's senior secured credit
facilities.  Additionally, Moody's confirmed the Caa1 rating of
Pantry's senior notes.

The withdrawal follows the announcement that Pantry has consummated
its merger with a U.S. wholly-owned indirect subsidiary of
Alimentation Couche-Tard Inc. which as a Baa2 stable rating.  The
merger was completed on March 16, 2015 and Pantry is now an
indirect wholly owned subsidiary of Couche-Tard.  The Senior Notes
are expected to be redeemed in the next 30 days.  This concludes
Moody's ratings review.

RATINGS RATIONALE

All the outstanding amounts under the senior secured credit
facilities have been repaid and the credit agreements have been
terminated.  The merger constitutes a change of control as defined
in the indenture of the senior notes which gives the note holders
the right to put the notes back to the company at 101% of the
principal amount plus accrued and unpaid interest.  Under the
indenture Pantry can also exercise its right to redeem the notes.
Pantry has sent out the redemption notices to note holders and
Couche-Tard intends to use its cash balances to redeem the notes
within the next 30 days.

These ratings are withdrawn:

-- Corporate Family Rating at B2
-- Probability of Default Rating at B2-PD
-- $225 million senior secured revolving credit
    facility expiring 2017 at B1 (LGD 3)
-- $250 million senior secured term loan maturing
    2019 at B1 (LGD 3)

The following ratings are confirmed:

-- $250 million senior notes due 2020 at Caa1 (LGD 5)



PARAGON OFFSHORE: Bank Debt Trades at 32% Off
---------------------------------------------
Participations in a syndicated loan under which Paragon Offshore is
a borrower traded in the secondary market at 68.35
cents-on-the-dollar during the week ended Friday, March 20, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease of
1.44 percentage points from the previous week, The Journal relates.
The Company pays 275 basis points above LIBOR to borrow under the
facility.  The bank loan matures on July 14, 2021, and carries
Moody's Ba1 rating and Standard & Poor's BB+ rating.  The loan is
one of the biggest gainers and losers among 237 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



PEABODY ENERGY: Bank Debt Trades at 12% Off
-------------------------------------------
Participations in a syndicated loan under which Peabody Energy
Power Corp. is a borrower traded in the secondary market at 87.90
cents-on-the-dollar during the week ended Friday, March 20, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease of
2.43 percentage points from the previous week, The Journal relates.
Peabody Energy pays 325 basis points above LIBOR to borrow under
the facility.  The bank loan matures on Sept. 20,
2020, and carries Moody's Ba2 rating and Standard & Poor's BB
rating.  The loan is one of the biggest gainers and losers among
237 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



PERRY LLC: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Perry, LLC
        22850 Perry St
        Perris, CA 92570-9725

Case No.: 15-12688

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: March 19, 2015

Court: United States Bankruptcy Court
       Central District of California (Riverside)

Judge: Hon. Wayne E. Johnson

Debtor's Counsel: Christopher J Langley, Esq.
                  THE LAW OFFICES OF LANGLEY & CHANG
                  261 N Sycamore St
                  Santa Ana, CA 92701
                  Tel: 714-515-5656
                  Fax: 877-483-4434
                  Email: chris@langleylegal.com

Total Assets: $2.99 million

Total Liabilities: $2.08 million

The petition was signed by Grant Murphy, manager.

A list of the Debtor's six largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb15-12688.pdf


POST HOLDINGS: Moody's Lowers CFR to 'B2'; Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
(CFR) of Post Holdings, Inc to B2 from B1 and correspondingly
downgraded the company's senior secured debt rating to Ba2/LGD2
from Ba1/LGD2 and senior unsecured debt rating to B3/LGD5 from
B2/LGD4.  Moody's also upgraded the company's Speculative Grade
Liquidity rating to SGL-2 from SGL-3.  The rating outlook is
stable.  This action concludes the ratings review for downgrade
that began on Jan. 26, 2015, following Post's announcement that it
had agreed to acquire cereal maker MOM Brands Company ("MOM
Brands") for $1.15 billion.

Post plans to fund the MOM Brands acquisition primarily through a
proposed $700 million senior secured term loan, to which Moody's
has assigned a Ba2 rating, and approximately $440 million of common
equity, about $100 million of which will be issued to the seller.

The CFR downgrade to B2 reflects the accelerated pace and large
sizes of recent acquisitions undertaken by Post and, in Moody's
view, a general lack of transparency regarding its acquisition
strategy that has reduced the ratings tolerance for financial
leverage.  In addition, the pending purchase of MOM Brands will
increase the company's exposure to the declining ready-to-eat (RTE)
cereal category, which Moody's expects also will be reflected in
Post's future cereal segment performance.  These risks, along with
ongoing integration challenges related to several other businesses
that recently have been added through acquisitions, led Moody's to
conclude that high financial leverage will likely be sustained for
the foreseeable future.

The SGL rating upgrade to SGL-2 reflects Moody's expectation that
Post will generate over $200 million of positive free cash flow in
the year following the MOM Brands acquisition, and that the company
will have a generous amount of covenant headroom under its amended
term loan agreements.

RATINGS RATIONALE

The B2 Corporate Family Rating reflects Post's investment holding
company profile, characterized by high financial leverage and a
serial pace of acquisitions.  Moody's expects that Post's future
financial policy will be driven substantially by its access to
acquisition financing, which Moody's expects will continue to
include both debt and equity raises.  However, Moody's anticipates
that debt/EBITDA will remain above 6.0 times.  Moody's has taken
into consideration the added sales diversification provided by
recent acquisitions, but this benefit is offset by an unfavorable
portfolio mix shift toward newly-acquired businesses with higher
earnings volatility, including Mom Brands.  Post's ratings are
supported by the high margins and cash flow generated in its RTE
cereal business along with its strong North American market
position in egg products.

"While the MOM Brands acquisition should not cause leverage to rise
materially due to the significant amount of equity raised for the
transaction, the deterioration in earnings quality resulting from
this and recent acquisitions calls for lower leverage in order to
maintain the same risk profile," commented Brian Weddington, a
Moody's Senior Credit Officer.

Closing leverage before synergies will approximate debt/EBITDA of
7.0x.

Post Holdings, Inc.

Ratings downgraded:

-- Corporate Family Rating to B2 from B1;
-- Probability of Default Rating to B2-PD from B1-PD;
-- Senior secured bank debt to Ba2/LGD2 from Ba1/LGD2;
-- Senior unsecured debt to B3/LGD5 from B2/LGD4.

Rating upgraded:

-- Speculative Grade Liquidity to SGL-2 from SGL-3.

Rating assigned:

-- $700 million proposed senior secured term loan at Ba2/LGD2.

The outlook is stable.

Post's rapid pace of disparate acquisitions has increased
integration risk and hampered its progress toward reducing
financial leverage.  While the company has raised over $1.2 billion
through the issuance of equity-like securities to partially fund
these transactions, financial leverage, which is only modestly
restricted by light bank loan covenants, has trended higher.
Moreover, the company's rapid pace of acquisitions has not allowed
sufficient time between transactions for metrics to recover.  As a
result debt/EBITDA has remained well above 6x.

Post should gain scale benefits from the consolidation of MOM
Brands — the company projects $50 million of cost synergies —
however, these benefits will not outweigh the headwind of volume
declines in the cereal category.  The acquisition of MOM Brands
will increase the percent of consolidated sales derived from cereal
to about 34% from 22%.

A rating downgrade could result if operational challenges or a
leveraged acquisition causes a significant deterioration in
financial metrics such that debt/EBITDA is likely to be sustained
above 7.0x or if the company fails to generate free cash flow.

A rating upgrade is unlikely until the pace of acquisitions slows
and operating profit margins in the company's core RTE cereal
business has stabilized.  However, the ratings could eventually be
upgraded if Post is able to sustain debt/EBITDA below 5.75 times.

The principal methodology used in these ratings was Global Packaged
Goods published in June 2013.  Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
Post Holdings, based in St. Louis Missouri, is a manufacturer of
shelf-stable center-of-the-store cereal, active nutrition and
private label food products.  Through the June 2014 Michael Foods
acquisition, Post is also a producer and distributor of egg
products, cheese and other dairy-case and potato products. Proforma
fiscal 2014 sales, including only completed acquisitions, were
about $4.3 billion.



PREMIER EXHIBITIONS: Jack Jacobs Resigns as Director
----------------------------------------------------
Jack H. Jacobs notified Premier Exhibitions, Inc., of his
resignation from the Board of Directors of the Company, effective
March 16, 2015.  According to a document filed with the Securities
and Exchange Commission, Mr. Jacobs has not stated that his
resignation was due to any disagreement with the Company.

Following Mr. Jacobs' resignation, the Company's Audit Committee
currently consists of only two members, Douglas Banker and Rick
Kraniak.  On March 20, 2015, the Company notified the NASDAQ Stock
Market LLC that the Company is currently not in compliance with the
NASDAQ Listing Rule 5605(c)(2)(A), which requires that the audit
committee of a listed company be composed of at least three
independent directors and have an audit committee financial expert.
The Company's audit committee does not currently have a member
whom the Board has determined to be an audit committee financial
expert.

The Company expects to add an additional director to the Board in
the near future in order to meet the NASDAQ listing requirements
described above.

                     About Premier Exhibitions

Premier Exhibitions, Inc., develops, deploys and operates
exhibition products that are presented to the public in exhibition
centers, museums and non-traditional venues.  The Atlanta-based
Company's exhibitions generate income primarily through ticket
sales, third-party licensing, sponsorships and merchandise sales.

Premier reported a net loss of $778,000 for the year ended  
Feb. 28, 2014, compared to net income of $1.86 million for the year
ended Feb. 28, 2013.

                        Bankruptcy Warning

"If our efforts to raise additional funds are unsuccessful, the
Company will be required to delay, reduce or eliminate portions of
our strategic plan and may be required to seek the protection of
the U.S. bankruptcy laws and/or cease operating as a going concern.
In addition, if the Company does not meet its payment obligations
to third parties as they come due, the Company may be subject to an
involuntary bankruptcy proceeding or other litigation claims.  Even
if the Company were successful in defending against these potential
claims and proceedings, such claims and proceedings could result in
substantial costs and be a distraction to management, and may
result in unfavorable results that could further adversely impact
our financial condition.

If the Company makes a bankruptcy filing, is subject to an
involuntary bankruptcy filing, or is otherwise unable to continue
as a going concern, the Company may be required to liquidate its
assets and may receive less than the value at which those assets
are carried on its financial statements, and it is likely that
shareholders will lose all or a part of their investments.  These
financial statements do not include any adjustments that might
result from the outcome of this uncertainty," the Company stated in
the quarterly report for the period ended Nov. 30, 2014.


PULSE ELECTRONICS: Incurs $32.9 Million Net Loss in 2014
--------------------------------------------------------
Pulse Electronics Corporation filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $32.9 million on $344 million of net sales for the year
ended Dec. 26, 2014, compared to a net loss of $27.02 million on
$356 million of net sales for the year ended
Dec. 27, 2013.

For the three months ended Dec. 26, 2014, the Company reported a
net loss of $9.58 million on $80.1 million of net sales compared to
a net loss of $7.08 million on $87.8 million of net sales for the
three months ended Dec. 27, 2013.

As of Dec. 26, 2014, Pulse Electronics had $165 million in total
assets, $246 million in total liabilities and a $81.3 million total
shareholders' deficit.

The company had $21 million of cash and cash equivalents at Dec.
26, 2014, compared with $26.9 million at Dec. 27, 2013.  The
decrease in cash mainly reflects the payment of cash consideration
for the convertible bond exchange transactions, redemption of
remaining convertible bonds, refinancing transaction fees and
expenses, capital expenditures, and increases in working capital.
Cash generated by operating activities in the fourth quarter was
$1.3 million.

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

                         http://is.gd/VkZyng

                      About Pulse Electronics

San Diego, California-based Pulse Electronics Corporation --
http://www.pulseelectronics.com/-- is a global producer of
precision-engineered electronic components and modules, operating
in three business segments: Network product group; Power product
group; and Wireless product group.

As reported by the TCR on July 8, 2013, the Company dismissed
KPMG LLP as its independent registered public accounting
firm.  Grant Thornton LLP was hired as replacement.


QUICKSILVER RESOURCES: Gets Approval of All "First Day Motions"
---------------------------------------------------------------
Quicksilver Resources Inc. announced the approval by the United
States Bankruptcy Court for the District of Delaware of all of the
Company's "first day" motions.

"The Court's approval is a positive step forward in our efforts to
address current financial challenges and to position Quicksilver as
a strong competitor in the oil and gas industry," said Glenn
Darden, Quicksilver's chief executive officer.  "Today's results
will give our employees, suppliers, royalty and working interest
owners confidence that our operations will continue without
interruption."

The Company also announced that it received Court approval to,
among other things, pay employee wages, health benefits, and
certain other employee obligations.  Additionally, the Company is
authorized to honor royalty obligations, working interest
obligations, and other obligations related to oil and gas leases.

Star-Telegram reports that a final hearing on the rulings is set
for April 15, 2015.

Quicksilver has established a toll-free Restructuring Information
Hotline for employees, suppliers, landowners, royalty owners,
investors, and other interested parties, at (877) 940-2410.  For
access to Court documents and other general information about the
chapter 11 cases, visit http://www.gardencitygroup.com/cases/kwk

                         About Quicksilver

Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration and
production company engaged in the development and production of
long-lived natural gas and oil properties onshore North America.
Based in Fort Worth, Texas, the company claims to be a leader in
the development and production from unconventional reservoirs
including shale gas, and coal bed methane.  Following more than 30
years of operating as a private company, Quicksilver became public
in 1999.

The company has U.S. offices in Fort Worth, Texas; Glen Rose,
Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,
Montana.  The Company's Canadian subsidiary, Quicksilver Resources
Canada Inc., is headquartered in Calgary, Alberta.

On March 17, 2015, Quicksilver Resources Inc. and 13 of its
affiliates filed voluntary petitions for relief under Chapter 11 of
title 11 of the United States Code in Delaware (Bankr. D. Del. Lead
Case No. 15-10585).

The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLP
in the U.S. and Bennett Jones in Canada.  Richards Layton & Finger,
P.A., is legal co-counsel in the Chapter 11 cases.  Houlihan Lokey
Capital, Inc. is serving as the Debtors' financial advisor.  Garden
City Group Inc. is the Debtors' claims and noticing agent.


QUICKSILVER RESOURCES: Moody's Lowers PDR to D-PD on Ch. 11 Filing
------------------------------------------------------------------
Moody's Investors Service downgraded Quicksilver Resources Inc.'s
Probability of Default Rating (PDR) to D-PD from Caa3-PD and the
Corporate Family Rating (CFR) to Ca from Caa3 following the
company's announcement that it filed for a voluntary petition for
reorganization under Chapter 11 of the US Bankruptcy Code.  In
addition, Moody's also downgraded the second lien senior secured
obligations to Ca from Caa2, the senior notes to C from Ca, and the
senior subordinated notes to C from Ca.  Moody's will withdraw all
ratings for the company in the near future.

Downgrades:

Issuer: Quicksilver Resources Inc.

-- Probability of Default Rating, Downgraded to D-PD from Caa3-PD

-- Corporate Family Rating (Local Currency), Downgraded to Ca
    from Caa3

-- Senior Subordinated Regular Bond/Debenture (Local Currency),
    Downgraded to C, LGD6 from Ca, LGD6

-- Senior Secured Bank Credit Facility (Local Currency),
    Downgraded to Ca, LGD4 from Caa2, LGD3

-- Senior Secured Regular Bond/Debenture (Local Currency),
    Downgraded to Ca, LGD4 from Caa2, LGD3

-- Senior Unsecured Regular Bond/Debenture (Local Currency),  
    Downgraded to C, LGD5 from Ca, LGD5

Outlook Actions:

Issuer: Quicksilver Resources Inc.

-- Outlook, Remains Negative

Affirmations:

Issuer: Quicksilver Resources Inc.

--  Speculative Grade Liquidity Rating, Affirmed SGL-4

RATING RATIONALE

On Feb. 17, 2015, Quicksilver announced its decision to not make
the interest payment on its 9.125% senior notes due 2019.  On March
17, 2015, the company announced its decision to file for
bankruptcy, resulting in Moody's downgrading the PDR to D-PD from
Caa3-PD.  Quicksilver's Canadian subsidiaries were excluded from
the Chapter 11 filing and the company reached an agreement with its
first lien secured lenders regarding a forbearance until June 16,
2015, of any default under the Quicksilver Resources Canada Inc.'s
first lien credit agreement arising due to the Chapter 11 filing.
However, Moody's does not recognize forbearance agreements and
treats missed interest payments on the senior notes beyond the
30-day grace period as a default.  Quicksilver's management
indicated that a strategic marketing process did not produce viable
options for asset sales or other alternatives to fully address the
company's liquidity and capital structure issues resulting in the
decision to file for bankruptcy.  The downgrade of the CFR to Ca
from Caa3, the second lien senior secured obligations to Ca from
Caa2, the senior notes to C from Ca, and the senior subordinated
notes to C from Ca reflect the default and Moody's view on the
potential overall recovery of 30%-40%.  All ratings will be
withdrawn in the near future consistent with Moody's practice for
companies operating under the purview of the bankruptcy courts
wherein information flow typically becomes much more limited.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011.  Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Quicksilver Resources Inc. is an independent exploration and
production company headquartered in Fort Worth, Texas.



QUICKSILVER RESOURCES: Terminal Project in Canada Suffers Setback
-----------------------------------------------------------------
J.R. Rardon at the Campbell River Mirror reports that a proposed
LNG production and shipping terminal at the former Elk Falls Mill
site suffered a setback when Quicksilver Resources Inc. filed for
Chapter 11 bankruptcy protection.

Campbell River Mirror relates that the Company's Canadian assets,
which aren't included in the bankruptcy filing, include natural
gas-rich deposits in the Horn River Basin in northeast B.C. and the
shuttered Elk Falls Paper Mill, which Quicksilver Resources Canada,
Inc., plans to turn into the Discovery LNG terminal.  The report
recalls that Quicksilver Resources Canada applied in July 2014 for
a license to ship LNG from the facility, which would also convert
natural gas piped from Horn River Basin into liquid form and
provide storage.

Campbell River Mirror quoted David Erdman, Quicksilver's Director
of Investment Relations, as saying, "Any plan to develop that area
as an LNG facility was always contingent upon Quicksilver Resources
Canada being able to secure a partner for our Horn River Basin
Integrated Project.  We continue to seek a partner for that asset,
but with the filings and the announcement (March 17), our efforts
have not produced . . .  a viable solution for Quicksilver.  That's
the reason we did the Chapter 11 filing."

                         About Quicksilver

Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration and
production company engaged in the development and production of
long-lived natural gas and oil properties onshore North America.
Based in Fort Worth, Texas, the company claims to be a leader in
the development and production from unconventional reservoirs
including shale gas, and coal bed methane.  Following more than 30
years of operating as a private company, Quicksilver became public
in 1999.

The company has U.S. offices in Fort Worth, Texas; Glen Rose,
Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,
Montana.  The Company's Canadian subsidiary, Quicksilver Resources
Canada Inc., is headquartered in Calgary, Alberta.

The Company disclosed $1.21 billion in assets and $2.35 billion in
liabilities as of Dec. 31, 2014.

On March 17, 2015, Quicksilver Resources Inc. and certain of its
affiliates filed voluntary petitions for relief under Chapter 11 of
title 11 of the United States Code in Delaware.  The Debtors are
seeking joint administration under the main case, In re Quicksilver
Resources Inc. Case No. 15-10585.  Quicksilver's Canadian
subsidiaries were not included in the chapter 11 filing.

The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLP
in the U.S. and Bennett Jones in Canada.  Richards Layton & Finger,
P.A., is legal co-counsel in the Chapter 11 cases.  Houlihan Lokey
Capital, Inc. is serving as financial advisor.  Garden City Group
Inc. is the claims and noticing agent.


RADIOSHACK CORP: Salus Capital Wants Credit Bidding Capped
----------------------------------------------------------
Jim Christie at Reuters reports that Salus Capital LLC has filed an
adversary complaint seeking to hold credit bidding in the
RadioShack Corp.'s upcoming auction to $111 million.  According to
the report, it is unclear how much of its credit Standard General
will use in its initial bid for the Company at the March 23, 2015
auction.

Lance Murray and Korri Kezar at Dallas Business Journal relates
that Standard General made a $145.5 million proposal -- well below
what is needed to cover the Company's estimated $500 million debt
-- that it claims would save 9,000 jobs.  

According to the Business Journal, some analysts are skeptical
about whether the buyout would actually do anything for the
Company.  The report quoted Wedbush Securities analyst Michael
Pachter as saying, "I think Standard General should try to recoup
everything they put into this bad investment.  But I don't think
anyone should be optimistic that Standard General is going to run
the Company any better than the RadioShack executive team, which
was actually quite competent . . . .  The forces that put
RadioShack in bankruptcy are still in play, including Internet
sales.  RadioShack is not going to suddenly become relevant because
Standard General wants it to be."

                  About Radioshack Corporation

Fort Worth, Texas-based RadioShack (NYSE: RSH) --
http://www.radioshackcorporation.com/-- is a retailer of mobile  
technology products and services, as well as products related to
personal and home technology and power supply needs.  RadioShack's
retail network includes more than 4,300 company-operated stores in
the United States, 270 company-operated stores in Mexico, and
approximately 1,000 dealer and other outlets worldwide.

RadioShack Corporation and affiliates filed separate Chapter 11
bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-10197) on
Feb. 5, 2015.  The petitions were signed by Joseph C. Maggnacca,
chief executive officer.  Judge Kevin J. Carey presides over the
case.

David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki,
Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M.
Green, Esq., at Jones Day serve as the Debtors' bankruptcy counsel.
David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H.
Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel.
Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors'
restructuring advisor.  Maeva Group, LLC, is the Debtors'
turnaround advisor.  Lazard Freres & Co. LLC is the Debtors'
investment banker.  A&G Realty Partners is the Debtors' real estate
advisor.  Prime Clerk is the Debtors' claims and noticing agent.

The Debtors disclosed total assets of $1.2 billion, versus total
debt of $1.3 billion.

Radioshack reported a net loss of $400.2 million in 2013, a net
loss of $139 million in 2012, and net income of $72.2 million in
2011.  The Company's balance sheet at Aug. 2, 2014, showed $1.14
billion in total assets, $1.21 billion in total liabilities, and a
$63 million total shareholders' deficit.

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


REED AND BARTON: US Trustee Forms Creditors' Committee
------------------------------------------------------
The U.S. Trustee for Region 1 appointed three creditors of Reed and
Barton Corp. to serve on the official committee of unsecured
creditors.

The unsecured creditors' committee is composed of:

     (1) Rolf Poeting
         Rolf Glass
         402 East Main Street
         Mount Pleasant, PA 15666
         Phone: 724-547-7500x202
         Email: Rolf@rolfglass.com

     (2) Rosse and Associates
         Attn. Chris Rosse
         230 Spring Street, Suite 818
         Atlanta, GA 30303
         Phone: 404-522-7574
         Email: CRosse@aol.com

     (3) Dallas Market Center Operating, L.P.
         Attn. Mitzi Tally, Authorized Agent
         2100 N. Stemmons Freeway MS #650
         Dallas, TX 75207
         Phone: 214-655-7622
         Email: mtally@mcmcmail.com

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense.  They may investigate the debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                       About Reed and Barton

Founded in 1824, Reed and Barton Corporation is a designer and
distributor of high quality silverware and tableware, along with
flatware, crystal drinkware, picture frames, ornaments, and baby
giftware.  Reed and Barton, which sells products with the Reed &
Barton, Lunt, R&B EveryDay, and Williamsburg brands, is based in
Taunton, Massachusetts.  The privately held company's stock is
owned by 28 record shareholders who either are descendants of Henry
Reed or trusts for their benefit.  Aside from selling its products
in department stores and TV shopping networks, the company has an
on-site factory store in Taunton and a showroom in Atlanta,
Georgia.

Reed and Barton sought Chapter 11 bankruptcy protection (Bankr. D.
Mass. Case No. 15-10534) in Boston, Massachusetts, on Feb. 17,
2015.  The case is assigned to Judge Henry J. Boroff.

The Debtor has tapped Holland & Knight, in Boston, as counsel;
Financo, LLC, as investment banker; and Verdolino & Lowey, P.C., as
accountant.

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


RESPONSE BIOMEDICAL: Incurs $2.09 Million Net Loss in 2014
----------------------------------------------------------
Response Biomedical Corp. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss and
comprehensive loss of $2.09 million on $11.01 million of total
revenue for the year ended Dec. 31, 2014, compared to a net loss
and comprehensive loss of $5.99 million on $11.53 million of total
revenue in 2013.

As of Dec. 31, 2014, Response Biomedical had $13.62 million in
total assets, $14.52 million in total liabilities and a $894,000
total shareholders' deficit.

PricewaterhouseCoopers LLP, in Vancouver, Canada, in its report on
the consolidated financial statements for the year ended Dec. 31,
2014, noted that the company has incurred recurring losses from
operations and has an accumulated deficit at Dec. 31, 2014, that
raises substantial doubt about its ability to continue as a going
concern.

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

                        http://is.gd/8gtp0N

                      About Response Biomedical

Based in Vancouver, Canada, Response Biomedical Corporation
develops, manufactures and sells diagnostic tests for use with its
proprietary RAMP(R) System, a portable fluorescence immunoassay-
based diagnostic testing platform.  The RAMP(R) technology
utilizes a unique method to account for sources of error inherent
in conventional lateral flow immunoassay technologies, thereby
providing the ability to quickly and accurately detect and
quantify an analyte present in a liquid sample.  Consequently, an
end-user on-site or in a point-of-care setting can rapidly obtain
important diagnostic information.  Response Biomedical currently
has thirteen tests available for clinical and environmental
testing applications and the Company has plans to commercialize
additional tests.


RETROPHIN INC: Offering of 6.8 Million Shares of Common Stock
-------------------------------------------------------------
Retrophin, Inc., announced an underwritten public offering of
6,840,000 shares of its common stock at a price to the public of
$19.00 per share.  The gross proceeds to Retrophin from this
offering, before deducting underwriting discounts and commissions
and offering expenses payable by Retrophin, are expected to be
approximately $130 million.

Retrophin has granted the underwriters a 30-day option to purchase
up to an aggregate of 1,026,000 additional shares of common stock.
The offering is expected to close on or about March 24, 2015,
subject to customary closing conditions.  Retrophin anticipates
using the net proceeds from the offering to fund its research and
development efforts, acquisitions or investments in additional
complementary businesses, products and technologies, including $27
million to fund the initial cash milestone payment payable in
connection with the acquisition of an additional clinical asset
from Asklepion Pharmaceuticals, LLC, and for general corporate
purposes, including working capital.

Leerink Partners LLC and Deutsche Bank Securities Inc. are acting
as joint book-running managers for the offering.  Nomura Securities
International, Inc. and JMP Securities LLC are acting as
co-managers for the offering.

A full-text copy of the free writing prospectus is available at:

                       http://is.gd/RhpL9x

                          About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

Retrophin reported a net loss of $111 million for 2014 following a
net loss of $34.6 million for 2013.  As of Dec. 31, 2014, Retrophin
had $135 million in total assets, $173 million in total
liabilities, and a $37.3 million total stockholders' deficit.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014.  The accounting firm noted that the Company has
suffered recurring losses from operations, used significant amounts
of cash in its operations, and expects continuing future losses.
In addition, at Dec. 31, 2014 the Company had deficiencies in
working capital and net assets of $70.2 million and $37.3 million,
respectively.  Finally, while the Company was in compliance with
its debt covenants at Dec. 31, 2014, it expects to not be in
compliance with these covenants in 2015.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


RETROPHIN INC: QVT Financial Reports 7% Stake as of Dec. 31
-----------------------------------------------------------
QVT Financial LP, et al., disclosed in a regulatory filing with the
Securities and Exchange Commission that as of Dec. 31, 2014, they
beneficially own 2,053,019 shares of common stock of Retrophin,
Inc., which represents 7.47 percent of the shares outstanding.  A
copy of the regulatory filing is available for free at
http://is.gd/BZcYl2

                          About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

Retrophin reported a net loss of $111 million for 2014 following a
net loss of $34.6 million for 2013.  As of Dec. 31, 2014, Retrophin
had $135 million in total assets, $173 million in total
liabilities, and a $37.3 million total stockholders' deficit.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014.  The accounting firm noted that the Company has
suffered recurring losses from operations, used significant amounts
of cash in its operations, and expects continuing future losses.
In addition, at Dec. 31, 2014 the Company had deficiencies in
working capital and net assets of $70.2 million and $37.3 million,
respectively.  Finally, while the Company was in compliance with
its debt covenants at Dec. 31, 2014, it expects to not be in
compliance with these covenants in 2015.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


RETROPHIN INC: To Acquire Cholbam From Asklepion
------------------------------------------------
The U.S. Food and Drug Administration, on March 17, 2015, approved
Cholbam for the treatment of pediatric and adult patients with bile
acid synthesis disorders due to single enzyme defects and for the
treatment of patients with peroxisomal disorders, according to a
document filed with the Securities and Exchange Commission.

As a result of the approval, the Company said it will exercise its
right to acquire Cholbam and related assets, including a Rare
Pediatric Disease Priority Review Voucher also granted to Asklepion
by the FDA, in exchange for a one-time cash payment of $27 million,
in addition to approximately 661,278 shares of the Company's common
stock (initially valued at $9 million at the time of the Purchase
Agreement), which assumes Cholbam received an approval for a CTX
indication.  The Company has also agreed to pay Asklepion up to an
additional $37 million upon the completion of milestones related to
future net revenues associated with Cholbam, and has agreed to pay
tiered royalties to Asklepion based on future net revenues
associated with Cholbam.

In a Current Report on Form 8-K, filed with the SEC on Jan. 13,
2015, Retrophin announced the signing of a definitive agreement
pursuant to which the Company acquired the exclusive right to
obtain from Asklepion Pharmaceuticals, LLC, all worldwide rights,
titles, and ownership of Cholbam, which is Asklepion's product
containing cholic acid as an active ingredient.

Under the terms of the Purchase Agreement, the Company paid
Asklepion an upfront payment of $5 million for the exclusive right
to acquire Cholbam following its approval by the FDA.  

The effectiveness of Cholbam has been demonstrated in clinical
trials for bile acid synthesis disorders and the adjunctive
treatment of peroxisomal disorders.  There are approximately 30
patients currently receiving Cholbam through an open label
extension of these trials.  The estimated incidence of bile acid
synthesis disorders due to single enzyme defects is 1 to 9 per
million live births.  Peroxisomal disorders are believed to affect
approximately 1 in 50,000 live births. Cholbam will have seven
years market exclusivity in the United States conferred by its
designation as an orphan drug.

The Company expects to close this transaction and be able to begin
distributing therapy in as few as two to four weeks.  Consummation
of this transaction is subject to the satisfaction of customary
closing conditions, including, among other matters, (i) absence of
any law or governmental order prohibiting or preventing the
consummation of the transactions contemplated by the Purchase
Agreement, (ii) receipt of certain contractual consents, (iii) the
accuracy of the representations and warranties and compliance with
the covenants set forth in the Purchase Agreement, each in all
material respects, and (iv) the execution and delivery of specified
ancillary agreements.

                          About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

Retrophin reported a net loss of $111 million for 2014 following a
net loss of $34.6 million for 2013.  As of Dec. 31, 2014, Retrophin
had $135 million in total assets, $173 million in total
liabilities, and a $37.3 million total stockholders' deficit.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014.  The accounting firm noted that the Company has
suffered recurring losses from operations, used significant amounts
of cash in its operations, and expects continuing future losses.
In addition, at Dec. 31, 2014 the Company had deficiencies in
working capital and net assets of $70.2 million and $37.3 million,
respectively.  Finally, while the Company was in compliance with
its debt covenants at Dec. 31, 2014, it expects to not be in
compliance with these covenants in 2015.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


RICE ENERGY: Moody's Affirms B2 CFR & Revises Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service affirmed Rice Energy Inc.'s B2 Corporate
Family Rating (CFR), B2-PDR Probability of Default Rating, B3
senior unsecured note rating, and SGL-3 Speculative Grade Liquidity
Rating.  The rating outlook has been changed to positive from
stable.

"Rice's rating affirmation and positive outlook reflect Rice's
strong growth in production and proved developed reserves at
favorable returns, which we expect will continue through 2016,"
commented Gretchen French, Moody's Vice President.  "However, in
order to be upgraded, Rice will also need to demonstrate that it
can continue to maintain consolidated credit metrics indicative of
a higher rating category as it continues to grow both its upstream
and midstream operations."

Rice Energy Inc. Ratings List:

Corporate Family Rating, affirmed at B2
Probability of Default Rating, affirmed at B2-PD
Senior unsecured notes due 2022, affirmed at B3 (LGD 5)
Speculative Grade Liquidity Assessment (SGL), affirmed at SGL-3
Rating Outlook, changed to Positive from Stable

RATINGS RATIONALE

Rice's B2 CFR benefits from the company's low cost, early entry
position in the Marcellus Shale, where it has established a
favorable acreage position and demonstrated strong drilling and
operating performance relative to peers, both of which support
continued, visible production and cash flow growth potential.  In
addition, the company has proven its willingness to use equity to
finance acreage acquisitions.  However, the company faces several
years of outspending cash flow as it further develops and holds its
acreage positions in both the Marcellus and still early stage Utica
shale, which entails both execution risk and the need to maintain
strong access to funding sources.

Rice's rating continues to be constrained by the company's
improving but still short operating history compared to higher
rated, B1 exploration and production (E&P) peers, with an overall
high portfolio decline rate and production concentration in the
Marcellus.  Although, with the formation of a midstream master
limited partnership (MLP) in late 2014, Rice has expanded its
sources of liquidity and partially monetized its valuable midstream
infrastructure, the MLP formation has also increased the company's
structural complexity.  The high payouts associated with the MLP,
along with expectations of increased debt at both the MLP and at
Rice's retained midstream business, will constrain Rice's
consolidated retained cash flow/debt metrics.

The B3 rating on Rice's senior unsecured notes reflects both Rice's
overall probability of default, to which Moody's assigns a PDR of
B2-PD, and a loss given default of LGD 5.  The senior notes benefit
from upstream guarantees from all subsidiaries except for its
midstream subsidiaries.  The notes are unsecured and contractually
subordinated to the senior secured credit facility's potential
priority claim to the company's assets.  The borrowing base under
the revolver is currently $550 million, with the next
redetermination scheduled for April 2015.  The size of the
potential senior secured claims relative to the unsecured notes
outstanding results in the senior notes being notched one rating
below the B2 CFR under Moody's Loss Given Default Methodology.

Rice's SGL-3 Speculative Grade Liquidity Rating reflects adequate
liquidity over the next 12-15 months.  Constraining Rice's
liquidity profile is its high level of cash flow outspending, as
Rice will outspend internally generated cash flow through at least
2016, depleting its cash balances and increasing its reliance on
its revolvers to fund project based capital expenditures, as well
as provide for growing letters of credit needs for its firm
transportation contracts.  Supporting Rice's liquidity profile is
strong sources of capital, with good revolver availability across
the consolidated company, high cash balances, good projected
covenant compliance, and alternative liquidity provided by its
midstream business.

As of Dec. 31, 2014, Rice had full availability under its $550
million borrowing base credit facility and $256 million in cash on
the balance sheet.  Rice's borrowing base credit facility has $1.5
billion of commitments, and Moody's expects the borrowing base to
grow as Rice ramps up its drilling program.  The borrowing base
revolving credit facility matures in January 2019, and requires
that Rice maintain a minimum current ratio of 1.0x and a minimum
interest coverage ratio of 2.5x.  Moody's expects Rice to remain
well in compliance with these covenant ratios through mid-2016.
Rice also has a $300 million revolver at Rice Midstream Holdings
that is secured by its midstream assets, including the General
Partner of its midstream MLP.  The Midstream Holdings revolver
matures in 2019 and has a maximum debt/EBITDA covenant of 4.25x and
a minimum EBITDA/Interest covenant of 2.5x.  Rice's midstream MLP,
Rice Midstream Partners, also has a $450 million secured revolver
(secured by the MLP's assets, but non-recourse to Rice). The MLP's
revolver matures in 2019 and has a maximum debt/EBITDA covenant of
4.75x and a minimum EBITDA/Interest covenant of 2.5x. As of
December 31, 2014, Rice has no cash drawings under any of its
revolvers, but did have letters of credit of $67 million
outstanding under its borrowing base revolver.

An upgrade could be considered if Rice successfully grows
production at sound returns while also maintaining sufficient
liquidity and debt/average daily production less than $25,000 per
barrel of oil equivalent (boe)/day and retained cash flow/debt of
at least 15%.

A downgrade is possible if debt to average daily production is
sustained above $30,000 boe/day or liquidity tightens.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011.  Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Rice Energy Inc. is an exploration and production company with
operations in the Appalachian Basin.  Rice is headquartered in
Canonsburg, Pennsylvania.



RITE AID: Moody's Assigns B3 Rating on $1.8BB Sr. Unsecured Notes
-----------------------------------------------------------------
Moody's Investors Service rates Rite Aid Corporation's proposed
$1.8 billion senior guaranteed unsecured notes offering at B3.
There is no change to Rite Aid's B2 Corporate Family Rating, B2-PD
Probability of Default Rating, and stable outlook.

This rating is assigned:

Proposed $1.8 billion guaranteed senior unsecured notes due 2023 at
B3, LGD 5

Rite Aid's B2 Corporate Family Rating reflects its high leverage
with debt to EBITDA likely remaining around 6.5 times over the next
twelve months.  Although leverage is high, interest coverage is
adequate with EBITA to interest expense of 1.5 times.  The rating
incorporates Rite Aid's mid tier competitive position as the fourth
largest drug store chain in the US after Walgreen, CVS, and
Walmart.  It also reflects Envision's small scale relative to other
pharmacy benefit managers ("PBM")and its full service PBM
capabilities.  In addition, the rating balances the strengthening
of the retail pharmacy division and the expected high growth of
specialty pharmacy with the high price competition and contract
renewal risk associated with a PBM.  Positive ratings consideration
is given to Rite Aid's good liquidity, its large revenue base, and
the solid opportunities of the prescription drug industry.

Rite Aid's proposed $1.8 billion in senior unsecured guaranteed
debt is rated B3, one notch lower than the Corporate Family Rating,
reflecting its position behind the first lien and second lien debt
classes.  It also reflects the senior unsecured debt's relative
size in the capital structure.

The stable outlook acknowledges that Moody's expects Rite Aid will
not face any significant challenges from the Envision acquisition
and that Rite Aid will repay a portion of borrowings under its
revolving credit facility thus reducing overall debt levels.

Ratings could be lowered if Rite Aid experiences a decline in
earnings (whether due to operating pressures at its Rite Aid
pharmacies or at Envision post acquisition), makes any further
acquisitions, or increases debt such that debt to EBITDA is likely
to remain above 7.0 times and EBITA to interest expense is likely
to remain below 1.25 times .  Ratings could also be downgraded
should free cash flow become persistently negative.

Although not anticipated in the near term given the increase in
debt to acquire Envision, an upgrade would require Rite Aid's
operating performance to further improve or absolute debt levels to
fall such that it demonstrates that it can maintain debt to EBITDA
below 5.5 times and EBITA to interest expense above 1.75 times.  In
addition, a higher rating would require evidence that the
acquisition of Envision has gone smoothly with no disruption to
operating performance and Rite Aid to continue maintain at least an
adequate liquidity profile.

Rite Aid Corporation, headquartered in Camp Hill, Pennsylvania,
operates nearly 4,600 drug stores in 31 states and the District of
Columbia.  Revenues are about $26 billion.  Envision Pharmaceutical
Services, headquartered in Twinsburg, Ohio, is a full-service
pharmacy benefit management company.  Annual revenues are about $5
billion.  Pro forma for the transaction, combined revenues will be
over $31 billion.

The principal methodology used in this rating was Global Retail
Industry published in June 2011.  Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.



RITE AID: Plans to Offer $1.8 Billion Senior Unsecured Notes
------------------------------------------------------------
Rite Aid Corporation intends to offer $1.8 billion aggregate
principal amount of senior unsecured notes due 2023.  Rite Aid
intends to use the net proceeds of the offering, together with
other available cash, to fund the cash portion of the consideration
and related fees and expenses payable by Rite Aid to equity holders
of Envision Pharmaceutical Services upon closing of Rite Aid's
previously announced acquisition of EnvisionRx.  In the event the
acquisition is not completed, Rite Aid has the ability use the net
proceeds to refinance certain of its existing indebtedness or to
redeem the Notes.

The Notes will be unsecured, unsubordinated obligations of Rite Aid
and will be fully and unconditionally guaranteed, jointly and
severally, on an unsubordinated basis, by substantially all of Rite
Aid's subsidiaries, and, upon completion of the acquisition, by
EnvisionRx and certain of its domestic subsidiaries.

The acquisition is expected to close by September 2015, subject to
regulatory approvals and other customary closing conditions.

The offering of the Notes is subject to market and other customary
closing conditions, and is not conditioned upon the completion of
the acquisition.  There can be no assurance that the acquisition
will be completed on the terms described herein or at all.

                        About Rite Aid Corp.

Drugstore chain Rite Aid Corporation (NYSE: RAD) --
http://www.riteaid.com/-- is a drugstore chain based in Camp
Hill, Pennsylvania.

Rite Aid disclosed net income of $118 million on $25.4 billion
of revenue for the year ended March 2, 2013, as compared with a
net loss of $369 million on $26.1 billion of revenue for the
year ended March 2, 2012.

As of Nov. 29, 2014, the Company had $7.18 billion in assets, $8.97
billion in liabilities, and a $1.79 billion stockholders' deficit.

                           *     *     *

As reported by the TCR in March 2015, Moody's Investor Service
confirmed its B2 Corporate Family Rating of Rite Aid Corporation.
The confirmation of Rite Aid's B2 Corporate Family Rating reflects
Moody's expectation that Rite Aid will maintain debt to EBITDA
below 7.0 times after closing the acquisition of Envision
Pharmaceutical Holdings, Inc.

As reported by the TCR on Oct. 2, 2013, Standard & Poor's Ratings
Services said it raised its ratings on Rite Aid Corp., including
the corporate credit rating, which S&P raised to 'B' from 'B-'.

In the April 21, 2014, edition of the TCR, Fitch Ratings has
upgraded its ratings on Rite Aid Corporation (Rite Aid), including
its Issuer Default Rating (IDR) to 'B' from 'B-'.  The upgrades
reflect the material improvement in the company's operating
performance, credit metrics and liquidity profile over the past 24
months.


RITE AID: Prices Offering of $1.8 Billion Senior Notes
------------------------------------------------------
Rite Aid Corporation announced the terms of an offering of $1.8
billion aggregate principal amount of 6.125% senior unsecured notes
due 2023.  Rite Aid intends to use the net proceeds of the
offering, together with other available cash, to fund the cash
portion of the consideration and related fees and expenses payable
by Rite Aid to equity holders of Envision Pharmaceutical Services
upon closing of Rite Aid's previously announced acquisition of
EnvisionRx.  In the event the acquisition is not completed, Rite
Aid has the ability to use the net proceeds to refinance certain of
its existing indebtedness or to redeem the Notes.

Rite Aid also said that the U.S. Federal Trade Commission granted
early termination of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976 (HSR Act), effective as of March
9, 2015, with respect to Rite Aid's pending acquisition of
EnvisionRx.  The early termination of the waiting period under the
HSR Act satisfies one of the conditions to the closing of the
pending acquisition, which remains subject to  regulatory approvals
and other customary closing conditions.  The acquisition is
expected to close by September 2015.

The offering is expected to close on April 2, 2015, subject to
customary closing conditions.  The offering of the Notes is not
conditioned upon the completion of the acquisition.  There can be
no assurance that the acquisition will be completed on the terms
described herein or at all.

The Notes and the related subsidiary guarantees will be offered in
the United States to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933, as amended, and outside
the United States pursuant to Regulation S under the Securities
Act.  The Notes and the related subsidiary guarantees have not been
registered under the Securities Act and may not be offered or sold
in the United States without registration or an applicable
exemption from the registration requirements.

                        About Rite Aid Corp.

Rite Aid is a drugstore chain with 4,570 stores in 31 states and
the District of Columbia and fiscal 2014 annual revenues of $25.5
billion.

Rite Aid reported net income of $118 million for the year ended
March 2, 2013, compared with a net loss of $369 million for the
year ended March 2, 2012.  As of Nov. 29, 2014, the Company had
$7.18 billion in assets, $8.97 billion in liabilities, and a $1.79
billion stockholders' deficit.

                           *     *     *

In March 2015, Moody's Investor Service confirmed its 'B2'
Corporate Family Rating of Rite Aid.  The confirmation reflects
Moody's expectation that Rite Aid will maintain debt to EBITDA
below 7.0 times after closing the acquisition of Envision
Pharmaceutical Holdings, Inc.

As reported by the TCR on Oct. 2, 2013, Standard & Poor's Ratings
Services said it raised its ratings on Rite Aid, including the
corporate credit rating, which S&P raised to 'B' from 'B-'.

In April 2014, Fitch Ratings upgraded its ratings on Rite Aid,
including its Issuer Default Rating to 'B' from 'B-'.  The upgrades
reflect the material improvement in the company's operating
performance, credit metrics and liquidity profile over the past 24
months.


RITE AID: S&P Revises Outlook to Positive & Affirms 'B' CCR
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Rite Aid Corp. to positive from stable.  S&P affirmed all existing
ratings on the company, including its 'B' corporate credit rating.

At the same time, S&P assigned its 'CCC+' issue-level rating, with
a '6' recovery rating to Rite Aid's proposed $1.8 billion of senior
unsecured guaranteed notes.  The '6' recovery rating reflects S&P's
expectations for negligible (0%-10%) recovery in the event of
default.

The company plans to use the proceeds from the offering, along with
$200 million equity contribution to finance acquisition of Envision
Pharmaceutical Services LLC (EnvisionRx).

"The outlook revision incorporates our our belief that the
acquisition of EnvisionRx will provide Rite Aid with new growth
opportunities and strengthen its competitive position in the
evolving drug retailing industry to a more consumer driven health
care marketplace," said credit analyst Mariola Borysiak.  "In
addition, we expect Rite Aid’s store renovation strategy, its
Wellness 65+ loyalty program, and merchandise innovations will
continue to drive stronger front-end sales, while higher drug
utilization and expanded health care services will help drive
script count growth and stronger sales in the pharmacy department.
As a result, S&P also revised its assessment of the company's
business risk profile to "fair" from "weak"."

S&P believes the transaction, which combines Rite Aid's retail
pharmacy operations and EnvisionRx PBM services, provides Rite Aid
with access to the complementary specialty pharmaceutical and mail
order services as well as cash-pay infertility discount drug
program and Medicare Part D prescription drug plan.  Longer term,
S&P believes the acquisition will allow Rite Aid further expand
health care offerings for its customers and help drive foot traffic
to its stores.

The ratings outlook is positive and incorporates S&P's expectation
that Rite Aid successfully integrates EnvisionRx.  S&P anticipates
the acquisition to provide additional growth opportunities, which
together with Rite Aid's current turnaround strategy will continue
to propel modest profit gains in the upcoming year.

Upside Scenario

S&P would consider raising its ratings over the next year if Rite
Aid sustains profitability growth and reduces its debt leverage
toward 5x.  S&P calculates that about 2% EBITDA growth over 2014
levels and a $300 million reduction in debt would likely result in
debt leverage declining to about 5.1x at the end of fiscal 2015.

Downside Scenario

S&P would revise the outlook back to stable if it believes Rite Aid
will not be able to reduce its debt leverage toward 5x within one
year.  In S&P's view, this scenario is likely if Rite Aid's
profitability and cash flow generation is hurt by increasing
reimbursement rates pressure for prescription drugs, the company
faces issues with integration of EnvisionRx, or if EnvisionRx fails
to win new or loses existing PBM contracts.



ROYAL ADHESIVES: Moody's Raises CFR to 'B2'; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service upgraded Royal Holdings, Inc.'s, parent
company of Royal Adhesives and Sealants, Inc., Corporate Family
Rating to B2 from B3.  Moody's also affirmed the B1 ratings on the
company's senior secured bank debt, including a proposed $40
million add-on to fund a small strategic acquisition, and upgraded
to Caa1 from Caa2 the company's second lien senior secured bank
debt.  The rating outlook is stable.

"The upgrade reflects our expectation that Royal's adjusted
financial leverage will be sustained well below levels seen at the
initial rating assignment and reduced integration risk following
significant progress on the ADCO transaction," said Ben Nelson,
Moody's Assistant Vice President and lead analyst for Royal
Holdings, Inc.

Moody's Actions:

Issuer: Royal Holdings, Inc.

-- Corporate Family Rating, Upgraded to B2 from B3;
-- Probability of Default Rating, Upgraded to B2-PD from
    Caa1-PD;
-- Speculative Grade Liquidity Rating, Affirmed SGL-3;
-- Outlook, Stable.

Issuer: Royal Adhesives & Sealants LLC

-- First Lien Senior Secured Credit Facilities, Affirmed B1
    (LGD3 from LGD2);
-- Second Lien Senior Secured Credit Facilities, Upgraded to
     Caa1 (LGD5) from Caa2 (LGD4);
-- Outlook, Stable.

RATINGS RATIONALE

The B2 CFR is constrained primarily by the expectation for leverage
to remain elevated as the company pursues an acquisition-based
growth strategy under private equity ownership.  This strategy
likely will limit cash flow available for debt reduction despite a
business with strong fundamental cash flow conversion
characteristics and good expected stability relative to peers.
Factors supporting these characteristics include the specialty
nature of Royal's products, relatively strong margins at present,
potential for further margin enhancement from synergies related to
recent bolt-on acquisitions, low capital intensity, and diverse
customer base across multiple end markets.  The rating also
benefits from adequate liquidity and some potential near-term
margin expansion from the recent drop in oil prices.

Moody's believes that the company has made significant progress
toward integrating ADCO Global since acquiring the business in
mid-2013.  Credit metrics have also improved meaningfully from when
the company generated weak cash flow in the year leading up to the
transaction and started out with adjusted financial leverage in the
mid 7 times (Debt/EBITDA) as a combined entity. Moody's now expects
the company to operate with adjusted financial leverage in the
range of 5 times (Debt/EBITDA) with retained cash flow of at least
8% (RCF/Debt).  The anticipated cash flow generation will position
the company to reduce its leverage meaningfully from the low 5
times on a pro forma basis for the twelve months ended Dec. 31,
2014, but such deleveraging is not likely on a sustained basis
considering the company's acquisitive financial philosophy and
private equity ownership.  The proposed transaction will mark the
third subsequent acquisition since the initial rating assignment
and the credit agreement contains the flexibility for the company
to continue to make bolt-on acquisitions.

The SGL-3 indicates adequate liquidity to support operations for at
least the next four quarters.  Moody's expects the company will
generate positive free cash flow over that horizon despite some
one-time expenses related to the integration of recent bolt-on
acquisitions.  Secondary liquidity is provided by a $40 million
revolving credit facility expected to have modest drawings at
closing.  Moody's expects the company will remain well in
compliance with the financial maintenance covenant contained in its
senior secured credit agreements - a leverage ratio test.

The stable outlook assumes that credit metrics will remain
appropriate for the rating and the company will refrain from
shareholder-friendly activities in the near-term, including raising
debt at a holding company.  Moody's could upgrade the ratings with
expectations for leverage sustained well below 5 times, retained
cash flow in excess of 10% of debt, and a commitment to more
conservative financial policies.  Moody's could downgrade the
rating with expectations for leverage above 6 times, negative free
cash flow, or deterioration in liquidity.

The principal methodology used in these ratings was Global Chemical
Industry Rating Methodology published in December 2013. Other
methodologies used include Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Royal Holdings, Inc. is a holding company that owns Royal Adhesives
& Sealants and ADCO Global, merged in a transaction that closed in
mid-2013.  The companies manufacture sealants, tapes, adhesives,
and coatings sold into a variety of end markets. Private equity
firm Arsenal Capital Partners has owned the company since 2010.
Headquartered in South Bend, Indiana, the company generated $616
million of revenue for the twelve months ended
Dec. 31, 2014.



SAGE AUTOMOTIVE: Moody's Affirms B2 Rating on First Lien Term Loan
------------------------------------------------------------------
Moody's Investors Service affirmed the ratings for Sage Automotive
Interiors, Inc.'s upsized first lien term loan at B2.  The $30
million increase in the amount of the term loan is expected to be
used to purchase a 51% ownership stake in a targeted acquisition
and an incremental 19% ownership stake in its Sage Wuhan joint
venture, bringing its total ownership in the latter entity to 49%.
Moody's also moved the B2 and B2-PD, Corporate Family Rating (CFR)
and Probability of Default Rating, respectively, to Sage Automotive
Interiors, Inc. and affirmed the rating of Sage's second lien term
loan at Caa1.  Sage is the direct obligor under the first lien and
second lien term loans.  The rating outlook is stable.

These ratings were affirmed:

Sage Automotive Interiors, Inc.

-- $185 million (upsized) 1st lien senior secured term
    loan, at B2 (LGD3)
-- $35 million 2nd lien senior secured term loan, at
    Caa1 (LGD6)

The following ratings were assigned:

Sage Automotive Interiors, Inc.

-- Corporate Family Rating, B2;
-- Probability of Default Rating, B2-PD;

The following ratings were withdrawn:

Sage Automotive Holdings, Inc.

-- Corporate Family Rating, B2;
-- Probability of Default Rating, B2-PD;

The $30 million asset based revolving credit facility is not rated
by Moody's.

RATINGS RATIONALE

The B2 CFR continues to reflect the company's small scale and
narrow focus on seating fabrics, exposure to the highly cyclical
automotive market, and high geographic concentration, balanced by a
strong EBITA margin.  Pro forma for the acquisitions, Sage's
revenues are estimated to be $346 million and the company will
continue to be especially susceptible to cyclical swings in
automotive demand when compared to other participants in the
industry with more scale and product diversity.  Sage's exposure to
one geographic region, North America, remained high in 2014,
representing about 79% of revenue.  However, the targeted
acquisition should help to further diversify revenues by providing
a foothold in premium interiors, broadening its product offering,
while also expanding the company's European presence.  Positive
factors supportive of the rating include the company's strong EBITA
margins which measured over 12% during 2014 and the company's
competitive position as a supplier into many of the top automotive
platforms in North America with established customer relationships.
Pro forma debt/EBITDA is estimated to increase marginally to about
4.6x, and Moody's believes Sage will have limited access to the
targeted acquisition's EBITDA generation because extracting cash
would result in leakage to minority shareholders.

The acquisition of a majority stake in the target and an
incremental stake in Wuhan are viewed as beneficial to the
company's business profile by increasing its international
exposure.  The stake in the targeted acquisition will position the
company well as a supplier of premium interiors to the automotive
market while the increased stake in Wuhan will better enable the
company to participate in the growth in Asia, in particular the
higher growth Chinese market.  As part of the targeted acquisition,
the company has agreed to purchase another 35% in the first quarter
of 2017 for $16.3 million that would bring its ownership stake up
to 86% from the 51% at the close of the current transaction.  This
incremental purchase is expected to be funded out of free cash flow
generation.  Moody's notes that Sage is not required to repay the
upsized amount of the term loan if the acquisition does not close.

The stable outlook reflects Moody's expectation that Sage's scale
and credit metrics will be maintained within the levels anticipated
for the existing rating range over the next 12-18 months with
debt/EBITDA estimated to remain in the mid 4x range by year-end
2015.

Sage is anticipated to maintain an adequate liquidity profile over
the near-term supported by availability under a $30 million senior
secured ABL revolving credit facility expiring in 2019 and modest
free cash flow generation.  The ABL revolving credit facility was
undrawn as of Dec. 31, 2014 and is expected to be undrawn at the
closing of the transaction.  Moody's projects the facility will
remain largely undrawn over the next 12 months and that the
borrowing base will provide full availability to support operating
flexibility.  Cash on hand at Dec. 31, 2014 was approximately $9
million.  Sage's strong margins are expected to support growth
related working capital needs and modest capital expenditure
requirements, resulting in modest free cash flow generation of
between $5 and $10 million over the near-term.  The secured credit
facilities, including the $185 million 1st lien term loan due 2020
(pro forma for the $30 million upsizing) and the $35 million 2nd
lien term loan due 2021, each have a maximum total secured net
leverage ratio financial covenant with the covenant for the 2nd
lien term loan set slightly wide of that for the 1st lien term
loan.  Moody's expects the company to have adequate cushion over
the next 12 months to these financial covenants.  The ABL revolver
has a springing maximum fixed charge coverage ratio covenant based
on excess availability and which Moody's do not expect the company
to spring over the next 12 to 18 months.

The company's relatively small scale and narrow product mix are
challenges that constrain the ratings.  The ratings could improve
if the company's growth and profit levels continue to support
current EBITA margins, EBITA/interest above 3.25x, and Debt/EBITDA
below 3.5x.

The rating could be lowered if North American automobile production
levels deteriorate resulting in weakening profitability or if
consumer preferences move away from the company's product
offerings.  A lower rating could arise if the EBITA margin
deteriorates, EBITA/interest declines to 2x times, or if debt/
EBITDA were to approach 5x.  A deterioration in liquidity or a
financial policy that is focused on shareholder distributions
rather than debt reduction could also lower the company's rating.

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

Sage, headquartered in Greenville, South Carolina, is a leading
manufacturer of specialty fabrics for the automotive interiors
business.  The company is a full-service supplier with design and
manufacturing sites in 19 countries.  Sage is majority owned by a
private investment fund managed by Clearlake Capital Group.
Revenues for 2014 were approximately $295 million.



SAN BERNARDINO, CA: Has Defaulted on $10-Mil. on Bond Payments
--------------------------------------------------------------
Reuters reported that the southern California city of San
Bernardino has defaulted on nearly $10 million in payments on its
privately placed pension bond debt since it declared bankruptcy in
2012.

According to the report, citing a person familiar with the stalled
negotiations, the city has also not negotiated with its bondholders
since September.  The missed payments illustrate the trend among
cities in bankruptcy to favor payments to pension funds over
bondholder obligations, which has increased the hostility between
creditors and municipalities, Reuters pointed out.

                   About San Bernardino, Calif.

San Bernardino, California, filed an emergency petition for
municipal bankruptcy under Chapter 9 of the U.S. Bankruptcy Code
(Bankr. C.D. Cal. Case No. 12-28006) on Aug. 1, 2012.  San
Bernardino, a city of about 210,000 residents roughly 65 miles
(104 km) east of Los Angeles, estimated assets and debts of more
than $1 billion in the bare-bones bankruptcy petition.

The city council voted on July 10, 2012, to file for bankruptcy.
The move lets San Bernardino bypass state-required mediation with
creditors and proceed directly to U.S. Bankruptcy Court.

The city is represented that Paul R. Glassman, Esq., at Stradling
Yocca Carlson & Rauth.

San Bernardino joined two other California cities in bankruptcy:
Stockton, an agricultural center of 292,000 east of San Francisco,
and Mammoth Lakes, a mountain resort town of 8,200 south of
Yosemite National Park.

The City was granted Chapter 9 protection on Aug. 28, 2013.


SARATOGA RESOURCES: Forbearance Agreements Extended to April 30
---------------------------------------------------------------
Saratoga Resources, Inc., on March 19 disclosed that it has entered
amendments extending the terms of the existing forbearance
agreements with (i) all of the holders of notes in the amount of
$54.6 million issued under that certain Indenture dated as of Nov.
22, 2013, by and among the Company and its subsidiaries and The
Bank of New York Mellon Trust Company, N.A., as trustee; and (ii)
75% or more of the holders of notes in the amount of $125.2 million
issued under that certain Indenture dated as of July 12, 2011, as
supplemented or amended, by and among the Company and its
subsidiaries and The Bank of New York Mellon Trust Company, N.A.,
as trustee.

Pursuant to the terms of the amended forbearance agreements, the
forbearance period under the existing Forbearance Agreements has
been extended until April 30, 2015.

The Company also announced that it has engaged Conway MacKenzie
Management Services, LLC to act as its financial advisor in
connection with its ongoing efforts to restructure its Senior Debt.
Pursuant to that engagement, the Company has appointed Jeff N.
Huddleston, of CMS, as Interim Chief Financial Officer, and John T.
Young, Jr., also of CMS, as Strategic Alternatives Officer.
Messrs. Huddleston, Young and CMS will work closely with
management, the independent directors and the board with a view to
maximizing value and achieving a satisfactory restructuring or
repayment of the Senior Debt.

Management Comments

Andy Clifford, President of Saratoga, stated: "We are continuing to
work with our lenders in order to achieve a mutually satisfactory
restructuring and to allow the Company to operate in the current
low commodity price environment.  Over the last quarter, we have
worked tirelessly to bring down our lease operating expenses and
G&A. Estimated lifting costs for January 2015 are down to less than
$18 per BOE, including LOE of less than $14 per BOE, with a gross
operating margin of $21 per BOE. Combined savings expected from
cuts in LOE and G&A to date are expected to amount to more than $15
million annually.  We look forward to adding the capabilities of
CMS and their seasoned team to assist the Company in developing and
implementing our plan to restructure or repay our existing debt."

                   About Saratoga Resources

Saratoga Resources -- http://www.saratogaresources.com/-- is an
independent exploration and production company with offices in
Houston, Texas and Covington, Louisiana.  Principal holdings cover
approximately 52,000 gross/net acres, mostly held by production,
located in the transitional coastline and protected in-bay
environment on parish and state leases of south Louisiana and in
the shallow Gulf of Mexico Shelf.  Most of the company's large
drilling inventory has multiple pay objectives that range from as
shallow as 1,000 feet to the ultra-deep prospects below 20,000 feet
in water depths ranging from less than 10 feet to a maximum of
approximately 80 feet.


SEADRILL LTD: Bank Debt Trades at 8% Off
----------------------------------------
Participations in a syndicated loan under Seadrill Ltd is a
borrower traded in the secondary market at 92.43 cents-on-the-
dollar during the week ended Friday, March 20, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents an decrease of 1.15
percentage points from the previous week, The Journal relates.
Seadrill Ltd pays 300 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Feb. 17, 2021.  The bank debt
carries Moody's B2 and Standard & Poor's B rating.  The loan is one
of the biggest gainers and losers among 237 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



SEARS HOLDINGS: Weakened Financial Position Strains Supply Chain
----------------------------------------------------------------
Suzanne Kapner, writing for The Wall Street Journal, reported that
suppliers of tools and other goods have begun asking for sweetened
payment terms from Sears Holdings Corp. to compensate them for the
risk of shipping to the troubled retailer, people familiar with the
situation said.

According to the Journal, Sears has offered to pay some vendors
within 15 days, faster than its normal terms of up to 60 days for
suppliers of apparel or hard goods, in return for a discount of
around 3% to 5%, one of the people said.

                           About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused

on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

For the year ended Jan. 31, 2015, the Company reported a net loss
attributable to Holdings' shareholders of $1.68 billion compared
to
a net loss attributable to Holdings' shareholders of $1.36 billion
for the year ended Feb. 1, 2014.  As of Jan. 31, 2015, the Company
had $13.20 billion in total assets, $14.15 billion in total
liabilities and a $945 million total deficit.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  
The rating outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SHELBOURNE NORTH: Chapter 11 Bankruptcy Case Ends
-------------------------------------------------
Mary Ellen Podmolik at Chicago Tribune reports that U.S. Bankruptcy
Judge Janet Baer formally ended on March 18, 2015, the Chapter 11
bankruptcy case of Shelbourne North Water Street L.P.

Chicago Tribune relates that Judge Baer told Brian Shaw, Esq., an
attorney for Related Midwest, owner of the Chicago Spire site at
400 N. Lake Shore Drive, "We look forward to seeing what your
client does with the property now."

                About Shelbourne North Water Street

A group of creditors filed an involuntary Chapter 11 petition
against Chicago, Illinois-based Shelbourne North Water Street L.P.
(Bankr. D. Del. Case No. 13-12652) on Oct. 10, 2013.  The case is
assigned to Judge Kevin J. Carey.

The petitioners are represented by Zachary I Shapiro, Esq., and
Russell C. Silberglied, Esq., at Richards, Layton & Finger, P.A.,
in Wilmington, Delaware.

The Debtor consented on Nov. 8, 2013, to being in Chapter 11
reorganization.

FrankGecker LLP represents the Debtor in its restructuring
effort.


SJM LIMITED: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: SJM Limited, LLC
        c/o Mike Patel
        150 North Radnor Chester Road
        Suite F200
        Radnor, PA 19087

Case No.: 15-11877

Chapter 11 Petition Date: March 19, 2015

Court: United States Bankruptcy Court
       Eastern District of Pennsylvania (Philadelphia)

Judge: Hon. Eric L. Frank

Debtor's Counsel: Edmond M. George, Esq.
                  OBERMAYER REBMANN MAXWELL & HIPPEL, LLP
                  1617 John F. Kennedy Blvd.
                  One Penn Center, Suite 1900
                  Philadelphia, PA 19103
                  Tel: (215) 665-3140
                  Email: edmond.george@obermayer.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mike Patel, sole member.

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


SOBELMAR ANTWERP: Belgian Carrier Pursues Restructuring in U.S.
---------------------------------------------------------------
Sobelmar Antwerp N.V., the Belgian owner of four handysize bulk
carriers, sought bankruptcy protection in the United States after
it couldn't reach a deal with its primary lender, HSH Nordbank AG.

Three debtor-subsidiaries of Sobelmar owe HSH Nordbank the
principal of $41,625,000 under a loan used to finance the purchase
of vessels Brasschaat, Vyritsa, and Kovdor.  A fourth subsidiary
owes HSH $14,000,000 on a loan used to acquire the vessel
Zarachensk.  The vessels were delivered in 2009 and 2010 and were
used to renew the Debtors' fleet of three debt-free, older
handysize vessels.

The facilities are secured by first priority mortgages on each of
the vessels.  The HSH facilities provide that the loans will be
paid in 32 quarterly installments with maturity eight years after
delivery of the relevant vessel.  The Debtors were also required to
make "scrap tranche" payments of $3 million following the sale of
each former vessel.

While the Debtors continued to make debt service payments required
under the HSH facilities, the Debtors were unable to provide full
repayment of $6,000,000 of the Scrap Tranches by HSH's Dec. 15,
2014 deadline.  On Dec. 22, 2014, HSH terminated HSH Facility 1 and
demanded immediate repayment of the full amount.

The Debtors pursued an out-of-court agreement with HSH but
negotiations were unsuccessful.

                       Filing in the U.S.

Vladimir Terechtchenko, owner of 50.2 percent of the equity
interests, and the managing director, explains that because, at any
particular time, the Debtors' primary assets -- the vessels -- are
in international waters or foreign ports, there is no single
logical location for an insolvency filing.

After considering the possibility of filings in Belgium and
Germany, the Debtors concluded that the United States provided the
most meaningful opportunity due to, among other reasons, the
extraterritorial reach of the automatic stay and the practical
enforceability of the stay against creditors such as HSH with
business operations in the United States.  

The Debtors were also aware of the commencement of Chapter 11 cases
by numerous other international maritime transportation companies
for similar reasons, including recent filings by Taiwan-based TMT
Shipping (Houston), Athens-based Excel Maritime (New York),
Bermuda-based Nautilus Shipping (New York), Athens-based Omega
Navigation (Houston), and Amsterdam-based Marco Polo Seatrade (New
York).

                        Road to Bankruptcy

Mr. Terechtchenko explains in a court filing that the shipping
industry is highly cyclical, with attendant volatility in charter
hire rates and profitability.  Following record charter rate levels
in 2007 and 2008, charter rates in many sectors of shipping quickly
plummeted to decade-low levels as a result of the global recession.
In the years leading up to the global recession, the Debtors were
in process of renewing their aging fleet.  After taking possession
of the four new vessels, the Debtors faced increasing liquidity
pressure but continued servicing their debt and meeting operating
expenses.

According to Mr. Terechtchenko, realizing the need to restructure
their bank debt obligations, the Debtors hired outside consultants
and engaged in good faith restructuring negotiations with its
lenders.  Unfortunately, and despite the beginnings of rising
charter rates, the parties were unable to come to terms despite
several attempts at a consensual deal.  During the course of
negotiations, it became apparent that the Debtors' primary lender,
HSH, was intent on including the Debtors' vessels in a bundled
investment product rather than in restructuring the HSH Facilities.


HSH had launched a new investment product, bundling vessels and
related debt and then selling them to investors.  Navios, a Greek
company, was the first buyer of the new HSH product (the
"HSH-Navios Platform").  In November 2014, HSH provided the Debtors
an ultimatum: the Debtors could include their fleet of vessels in a
product similar to the HSH-Navios Platform and use HSH as broker in
that transaction, or HSH would enforce its mortgages on the
vessels.  The Debtors rejected the ultimatum as HSH and Navios
would effectively expropriate all value associated with the vessels
from the vessel owners.

In order to preserve their assets and maximize value for all
stakeholders, the Debtors filed for Chapter 11 protection.

                        First Day Motions

The Debtor on the Petition Date filed motions to:

   -- jointly administer their Chapter 11 cases;

   -- enforce and restate the automatic stay;

   -- maintain their existing insurance policies;

   -- pay or honor obligations to foreign creditors;

   -- maintain their cash management system;

   -- use cash collateral; and

   -- pay prepetition wages and benefits to employees.

                      About Sobelmar Antwerp

Sobelmar Antwerp N.V., a Belgium corporation provides worldwide
seaborne transportation services, operating a fleet of four
handysize bulk carriers.  The vessels Brasschaat, Vyritsa, Kovdor,
and Zarachensk, are owned that are all Marshall Islands
corporations.

Sobelmar Antwerp N.V. and its affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Conn. Lead Case No. 15-20423) in
Hartford, Connecticut, in the United States on March 17, 2015.  

The Debtors have approximately $66.2 million in assets and $63
million in liabilities as of Dec. 31, 2014.

The Debtors tapped Bracewell & Giuliani LLP, in Hartford,
Connecticut, as counsel.

The formal schedules of assets and liabilities are due March 31,
2015.


SOBELMAR ANTWERP: Proposes to Pay $455,000 to Critical Vendors
--------------------------------------------------------------
Sobelmar Antwerp N.V. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Connecticut for approval to
pay all or part of the claims of certain vendors, including many
foreign based entities, that have provided (a) essential goods to,
or on behalf of, the Debtors that were received by the Debtors
before the Petition Date; and/or (b) essential services that were
rendered to, or on behalf of, the Debtors before the Petition
Date.

The Debtors estimate that the Critical Vendor payments will not
exceed $455,439 in the aggregate.  Critical Vendor payments
fluctuate in general between $800,000 and $1,000,000 and represent
less than 2% of the Debtors' aggregate debt obligations as of the
Petition Date.  The Debtors contemplate making payments on
prepetition Critical Vendor Claims that become payable postpetition
in the ordinary course of their businesses as and when they become
due.

The Debtors will use their best efforts to condition payments as to
Critical Vendors, as is practical, upon each Critical Vendor's
agreement to continue supplying goods and services to the Debtors
on the normal and customary trade terms, practices and programs
that were in effect prior to the Petition Date.


SOBELMAR ANTWERP: Wants Court to Enforce Automatic Stay
-------------------------------------------------------
Sobelmar Antwerp N.V. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Connecticut to enter an order
enforcing and restating the automatic stay and ipso facto
provisions of the U.S. Bankruptcy Code.

Evan D. Flaschen, Esq., at Bracewell & Giuliani LLP, explains that
the Debtors' business operations are conducted worldwide with
significant assets moving through international waters at any given
time.  As a result, the Debtors have many foreign creditors and
counterparties to contracts who may not be well versed in the
restrictions of the Bankruptcy Code.  Many of these creditors do
not transact business on a regular basis with companies that have
filed for chapter 11, or are unfamiliar with the scope of a debtor
in possession's authority to conduct its business.  These creditors
may be unfamiliar with the operation of the automatic stay and
other provisions of the Bankruptcy Code. Furthermore, the
Debtors' largest secured lender, HSH Nordbank AG, contacted certain
of the Debtors' charter counterparties prior to the Petition Date,
seeking to collect charter fees directly from the charter
counterparties.

Thus, Mr. Flaschen tells the Court, various interested parties may
attempt to seize assets located outside of the United States to the
detriment of the Debtors, their estates and creditors, or take
other actions in contravention of the automatic stay of Sec. 362 of
the Bankruptcy Code.  In addition, upon learning of the
Debtors' bankruptcy, counterparties to leases and executory
contracts may attempt to terminate those leases or contracts
pursuant to ipso facto provisions in contravention of Section 365.

                      About Sobelmar Antwerp

Sobelmar Antwerp N.V., a Belgium corporation provides worldwide
seaborne transportation services, operating a fleet of four
handysize bulk carriers.  The vessels Brasschaat, Vyritsa, Kovdor,
and Zarachensk, are owned that are all Marshall Islands
corporations.

Sobelmar Antwerp N.V. and its affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Conn. Lead Case No. 15-20423) in
Hartford, Connecticut, in the United States on March 17, 2015.  

The Debtors have approximately $66.2 million in assets and $63
million in liabilities as of Dec. 31, 2014.

The Debtors tapped Bracewell & Giuliani LLP, in Hartford,
Connecticut, as counsel.

The formal schedules of assets and liabilities are due March 31,
2015.


SOBELMAR ANTWERP: Wants to Use HSH's Cash Collateral
----------------------------------------------------
Sobelmar Antwerp N.V. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Connecticut for interim and
final approval to use cash collateral in which HSH Nordbank AG may
assert an interest.

The Debtors intend to provide adequate protection, to the extent of
the aggregate decrease in value of Cash Collateral from and after
the Petition Date and to the extent of HSH's interest therein, by:
(i) maintaining the value of HSH's asserted interest in the Cash
Collateral by continuing to operate the business and thereby
generating new cash; (ii) granting HSH postpetition replacement
liens pursuant to Sec. 361(2) in accounts receivable, including
cash generated or received by the Debtors subsequent to the
Petition Date, but only to the extent that the HSH had valid,
perfected prepetition liens and security interests in such
collateral as of the Petition Date; and (iii) providing HSH a
superpriority claim pursuant to Sec. 507(b) over all administrative
expense claims and unsecured claims, of any kind or nature
whatsoever, whether in existence on or arising after the Petition
Date subject to a Carve-Out.

Evan D. Flaschen, Esq., at Bracewell & Giuliani LLP, tells the
Court that as of the Petition Date, the Debtors do not have
unencumbered cash sufficient to fund all of their business
operations and pay present operating expenses.  Notably, HSH
currently approves and releases all electronic funds transfer
requests in connection with certain of the Debtors' bank accounts.
Recently, HSH has refused to approve and release electronic funds
transfer requests the Debtors initiated to pay crew wages in a
timely manner, imperiling the Debtors' businesses and Vessel
safety, jeopardizing the Vessels' insurance coverage, and
potentially breaching applicable laws as to employee payments.
Unless the Court grants the relief requested, the Debtors will be
unable to meet basic operating expenses, which will further imperil
the survival of their business.  Therefore, the Debtors have an
urgent need for the immediate use of Cash Collateral pending a
final hearing on the Motion.

Three debtor-subsidiaries of Sobelmar owe HSH Nordbank the
principal of $41,625,000 under a loan used to finance the purchase
of vessels Brasschaat, Vyritsa, and Kovdor.  A fourth subsidiary
owes HSH $14,000,000 on a loan used to acquire the vessel
Zarachensk.  The vessels were delivered in 2009 and 2010 and were
used to renew the Debtors' fleet of three debt-free, older
handysize vessels.  The facilities are secured by first priority
mortgages on each of the vessels, and are further secured by
assignments of earnings by the vessel owners and pledges of the
Debtors' deposit accounts held at HSH.


SPANISH BROADCASTING: Regains Compliance with NASDAQ Rule
---------------------------------------------------------
Spanish Broadcasting System, Inc., announced that on March 17,
2015, it was informed by The NASDAQ Stock Market that it is in
compliance with the minimum market value of publicly held shares
requirement for continued listing on The NASDAQ Global Market.

The Company had regained compliance with the minimum market value
of publicly held shares requirement of $15,000,000 for a minimum of
10 consecutive business days as set forth in NASDAQ Listing Rule
5450(b)(2)(C).

Previously on Dec. 19, 2014, the Company received a written
deficiency notice from NASDAQ, advising the Company that the market
value of its Class A common stock for the previous 30 consecutive
business days had been below the required Market Value of Publicly
Held Shares Requirement for continued listing on the NASDAQ Global
Market pursuant to the Rule.  Pursuant to NASDAQ Listing Rule
5810(c)(3)(D), the Company was provided an initial grace period of
180 calendar days, or until June 17, 2015, to regain compliance
with the Rule.

                    About Spanish Broadcasting

Spanish Broadcasting System, Inc. owns 20 radio stations located in
the top U.S. Hispanic markets of New York, Los Angeles, Miami,
Chicago, San Francisco and Puerto Rico, airing the Spanish
Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40 and
Latin Rhythmic format genres.  SBS also operates AIRE Radio
Networks, a national radio platform which creates, distributes and
markets leading Spanish-language radio programming to over 100
affiliated stations reaching 88% of the U.S. Hispanic audience.
SBS also owns MegaTV, a television operation with over-the-air,
cable and satellite distribution and affiliates throughout the U.S.
and Puerto Rico.  SBS also produces live concerts and events and
owns 21 bilingual Web sites, including www.LaMusica.com, an online
destination and mobile app providing content related to Latin
music, entertainment, news and culture.  For more information,
visit us online at www.spanishbroadcasting.com.

Spanish Broadcasting reported a net loss of $88.56 million in
2013, as compared with a net loss of $1.28 million in 2012.

As of Sept. 30, 2014, the Company had $461.39 million in total
assets, $529.68 million in total liabilities and a $68.28 million
total stockholders' deficit.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

As reported by the TCR on May 22, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on U.S. Spanish-
language broadcaster Spanish Broadcasting System to 'CCC+' from
'B-'.  "The downgrade reflects our view that the company's current
capital structure is unsustainable, given its inability to redeem
its preferred stock, which was put to the company in October of
2013," said Standard & Poor's credit analyst Chris Valentine.


STARR PASS: Disclosure Statement Hearing on April 13
----------------------------------------------------
Starr Pass Residential LLC has amended its reorganization plan
documents to address concerns raised by parties at the initial
hearing on the disclosure statement.

A hearing on the First Amended Disclosure Statement accompanying
the First Reorganization Plan dated Mar. 5, 2015, is slated for
April 13, 2015, at 10:00 a.m.

Following the initial hearing on the Disclosure Statement, the
Debtor prepared the First Amended Disclosure Statement to address
the concerns raised in the respective objections filed by Receiver

Douglas Wilson and U.S. Bank, N.A., and to comply with the orders
of the Court at the Initial Disclosure Statement Hearing.

The Plan provides for full payment to all holders of Allowed Claims
either on the Effective Date of the Plan, or shortly thereafter, or
as creditors may otherwise agree.  The source of payment for this
full-payment Plan, are from or among the following: (1) third-party
funding; (2) compensation for the use
of the Pond by Receiver, Lender, or new purchaser of the Resort;
(3) the sale of the Pond to a third party; and (4) monetary
recovery from damages for claims currently pending in the State
Court Action.  The value of the Pond, based upon replacement cost,

which can be used to determine rental value also, has been arrived

at using three estimated values: 1) the Debtor's estimate, 2) the
Receiver's consultant and, 3) U.S. Bank's Expert witness.  These
values range from $3.7 million to $12.6 million.

The funds to be used to make Cash payments under the Plan have been
or will be generated from (1) third-party funding; (2) compensation
for the use of the Pond by Receiver, Lender, or purchaser of the
Resort; (3) the sale of the Pond to a third party; and (4) monetary
recovery from damages for claims currently pending in the State
Court Action.  The Reorganized Debtor will make distributions under
the Plan to holders of Allowed Claims and report on activity in
this account in periodic reports to the
Court.

The Debtor anticipates most of its funding to be generated from
monetary awards payable to Debtor and other co-defendants in the
State Court Action.

A copy of the First Amended Disclosure Statement is available for
free at http://is.gd/rJCtjK

                   About Starr Pass Residential

Starr Pass Residential LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D. Ariz. Case No. 14-09117) on June 12, 2014.  Christopher
Ansley signed the petition as authorized officer.  Gust Rosenfeld,
P.L.C., serves as the Debtor's counsel.  The Debtor disclosed
total assets of $7.40 million and liabilities of $146 million.

The bankruptcy case was reassigned to Judge Eileen W. Hollowell
because Judge Brenda Moody Whinery recused herself from hearing
any matter on the Chapter 11 proceeding.

                            *    *    *

The U.S. Trustee for Region 14 informed the Bankruptcy Court that
it was unable to appoint creditors form the Official Committee of
Unsecured Creditors for the Chapter 11 case of Starr Pass
Residential LLC because an insufficient number of persons holding
unsecured claims against the Debtor have expressed interest in
serving on a committee.



STATION CASINO: Moody's Rates $300MM Sr. Notes Add-On 'Caa1'
------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to Station Casino
LLC's proposed $300 million senior note add-on due 2021. The notes
will be issued as an add-on to Station's existing $500 million 7.5%
senior unsecured notes due 2021.  Moody's also affirmed Station's
B2 Corporate Family Rating, B2-PD Probability of Default Rating, B1
credit facility rating along with the Caa1 rating on the company's
existing senior unsecured notes.  The rating outlook is stable.

Proceeds from Station's proposed offering will be used to make a
special distribution to its members.  The company announced that it
is soliciting consents from holders of its outstanding 7.50% Senior
Notes due 2021 to approve an amendment to the restricted payments
to allow it to make the planned special distribution.

The affirmation of Station's B2 Corporate Family Rating considers
that while pro forma leverage is 6.6 times, about a full turn
higher than the 5.7 times for the fiscal year-ended Dec. 31, 2014,
it is still below the 7.0 debt/EBITDA trigger that could cause a
downgrade.  The Caa1 rating assigned to the proposed notes,
2-notches lower than the company's Corporate Family Rating,
considers the considerable amount of senior secured bank debt ahead
of it in the pro forma debt structure.

New rating assigned:

$300 million senior unsecured note add-on due 2021 Caa1 (LGD 5)

Existing ratings affirmed:

Corporate Family Rating, at B2
Probability of Default rating, at B2-PD
$350 million revolver due 2018, at B1 (LGD 3)
$1.625 billion original amount term loan ($1.5 billion
outstanding at Dec. 31, 2014), at B1 (LGD 3)

Existing ratings affirmed and assessments updated:

$500 million senior unsecured notes due 2021 to Caa1 (LGD 5) from
Caa1 (LGD 6)

RATINGS RATIONALE:

In addition to Station's high leverage, key rating concerns include
the company's limited geographic diversification and narrow product
focus.  A significant majority of the company's revenue and
earnings come from the Las Vegas locals market.  As a result,
Station has greater inherent exposure to unfavorable local and
regional trends (economic, legal, demographic, etc.) than more
geographically diversified gaming companies.  Additionally, about
65% of Station's revenues come from traditional casino games making
the company susceptible to any shift in consumer preference away
from this type of personal entertainment.

Positive rating consideration is given to Station's success with
respect to obtaining very profitable casino management contracts
with Native American tribes that help diversify earnings as well as
contribute to the company's relatively high consolidated EBITDA
margin, at almost 30%, which are well above most regional casino
operating margins.  Combined with the company's relatively low cost
of debt capital and limited capital expenditure requirements going
forward, these attributes translate into a considerable amount of
free cash flow before dividends, of about $100 million. Also
considered is the benefit Station receives from Proposition 208
which limits the amount of gaming eligible land for new casino
development in the Las Vegas locals area.

The stable rating outlook incorporates Moody's view that Station's
consolidated revenue and EBITDA will grow, albeit it modestly, and
that this will have some positive impact on leverage, although not
enough to warrant a higher rating.  Additionally, despite Station's
ability to generate a significant amount of free cash flow that can
be used to reduce debt, Moody's anticipates Station will continue
to make the maximum amount of cash distributions permitted by its
debt indentures.  The stable rating outlook also considers
Station's very good liquidity profile.  In addition to having a
positive free cash flow profile, there are no significant debt
maturities until the company's $350 million revolver expires in
2018.  At Dec. 31 2014, the were no amounts outstanding drawn under
this revolver.  A higher rating would require the company achieve
and maintain debt/EBITDA closer to 5.0 times.  Ratings could be
lowered if monthly gaming revenue trends show signs of
deterioration and it appears that Station will not be able to
maintain debt/EBITDA below 7.0 times.

Station owns and operates nine major hotel/casino properties and
ten smaller casino properties (three of which are 50% owned) in the
Las Vegas metropolitan area.  Fertitta Entertainment is the manager
of all Station Casinos assets under a 25 year agreement, which
includes fees of 2% of revenue and 5% of the EBITDA from the
managed properties.  Station also manages the Gun Lake Casino in
Michigan on behalf of the Match-E-Be-Nash-She-Wish Band of
Pottawatomi Indians pursuant to a seven year contract that expires
in 2018, and the Graton Resort & Casino located in Sonoma County,
CA on behalf of The Federated Indians of Graton Rancheria.  The
Graton contract also has a seven year term and expires in 2020.
Station's net revenue for the fiscal year-ended December 21, 2014
was almost $1.3 billion.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.  Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.



TALOS PRODUCTION: Moody's Affirms B3 CFR & Revises Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service affirmed Talos Production LLC's B3
Corporate Family Rating (CFR), B3-PD Probability of Default Rating
and Caa1 senior unsecured notes rating.  Moody's also assigned a
SGL-4 Speculative Grade Liquidity Rating.  The ratings outlook was
changed to negative from stable reflecting the company's
significant reliance on external sources of capital, and the risk
of reduced revolver availability over the next 12 months.

"Talos's SGL-4 rating reflects the company's expected negative cash
flow over the next 12 months and weak potential availability under
its revolving credit facility as its existing 2015 hedges
roll-off," commented Amol Joshi, Moody's Vice President.

Rating Assignments:

  Speculative Grade Liquidity Rating of SGL-4

Ratings Affirmed:

  Corporate Family Rating at B3
  Probability of Default Rating at B3-PD
  $300 million Senior Unsecured Notes due 2018,
   Rated Caa1 (LGD 5)

Outlook Action:

  Outlook, Changed to Negative from Stable

RATINGS RATIONALE

The B3 Corporate Family Rating (CFR) reflects Talos's relatively
small scale, asset concentration and challenges of operating in the
Gulf of Mexico (GoM), especially deepwater.  Operating in the GoM
involves risks of relatively short reserve lives and meaningful
plugging and abandonment (P&A) costs.  The rating is supported by
Talos's active hedging program, exposure to premium crude pricing,
relatively low risk behind-pipe drilling and recompletion
opportunities, and an experienced management team that has a growth
focus and multi-year track record of successfully managing
operations in the GoM.

The rating outlook is negative.  The negative outlook reflects
Talos's weak liquidity over the next 12 months.  The outlook could
be returned to stable presuming Talos successfully rebuilds its
available liquidity.

The SGL-4 Speculative Grade Liquidity Rating reflects its weak
liquidity profile over the next 12 months.  Talos had approximately
$9.5 million in cash as of Sept. 30, 2014 and $96.7 million
available under its revolving credit facility.  The credit facility
has a borrowing base of $475 million and matures in February 2019.
Moody's expects Talos to utilize its balance sheet cash and
availability under its revolving credit facility to fund its
negative cash flow through 2015, including funding the completion
of two deepwater wells, Motormouth and Veronica, that were
discovered in 2014.  The company's existing hedges provide some
cash flow cushion in 2015, with roughly 70% of expected crude oil
production and 65% of total production hedged through 2015. Talos
has roughly 40% of expected production hedged in 2016.

Moody's believes Talos will be in compliance with its debt to
EBITDA covenant of 3.5x over the next 12 months.  The company is
limited in alternate sources of liquidity through asset sales to
withstand the current pricing environment since substantially all
of its assets are encumbered.  Talos's next maturity is in February
2018 when its $300 million senior unsecured notes are due.

The senior unsecured notes are rated Caa1, one notch below the B3
CFR, despite the significant size of the senior secured revolving
credit facility relative to the notes.  Moody's believes that the
Caa1 rating is more appropriate for the senior unsecured notes than
the rating suggested by Moody's Loss Given Default Methodology
because of the asset coverage provided by Talos's oil & gas
properties and the possibility that the proportion of unsecured
notes in the capital structure could increase due to Talos's
efforts to improve its liquidity.

A downgrade is possible if liquidity falls below $100 million, debt
to average daily production is sustained above $30,000 per boe or
debt to PD reserves is sustained above $16 per boe.  An upgrade may
not be considered until liquidity improves, average daily
production is sustained above 35,000 boe per day and PD reserves
are sustained above 65 mmboe.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011.  Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

Talos Production LLC is headquartered in Houston, Texas.



TELESAT CANADA: Moody's Affirms B1 CFR & Revises Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service affirmed Telesat Canada's B1 corporate
family rating and B1-PD probability of default rating, but changed
the company's ratings outlook to negative from developing given
heightened potential of a dividend recapitalization transaction in
which leverage materially increases.  As part of the same rating
action, all individual instrument ratings were also affirmed (see
ratings listing, below) and, owing to Moody's expectations of free
cash flow declining as a result of capital expenditures increasing
over the next two years, the company's speculative grade liquidity
rating was lowered to SGL-2 (good) from SGL-1 (very good).

The rating action was prompted by Loral Space & Communications
Inc.'s (Loral) March 13, 2015 disclosure that discussions between
Loral and the high bidder in the previously disclosed 2014
strategic review process have concluded without an agreement being
reached.  Loral holds a 63% economic interest and a 33% voting
interest in Telesat, with Canada's Public Sector Pension Investment
Board holding the reciprocal positions.  Loral noted that the two
shareholders are exploring "other potential strategic initiatives,
including paying a dividend to Telesat shareholders, of which
[Loral] would use [its] portion to pay a dividend to [its]
stockholders, as well as a combination of Telesat and Loral into a
new public company."

These summarizes Moody's ratings and the rating actions for
Telesat:

Rating and Outlook Actions:

Issuer: Telesat Canada

  Corporate Family Rating: Affirmed at B1
  Probability of Default Rating: Affirmed at B1-PD
  Speculative Grade Liquidity Rating: Lowered to SGL-2 from SGL-1
  Outlook: Changed to Negative from Developing
  Senior Secured Credit Facility: Affirmed at Ba3 (LGD3)
  Senior Unsecured Regular Bond/Debenture: Affirmed at B3 (LGD5)

RATINGS RATIONALE

Telesat's B1 corporate family rating is driven by its stable and
predictable revenue and reasonable leverage, but also by its
unstable ownership and the related risk of future shareholder
payments with increased leverage.  The company's strong business
profile, featuring a stable contract-based revenue stream with a
nearly five-year equivalent revenue backlog of $4.5 billion that is
booked with well-regarded customers, provides a solid positive
consideration.  While Telesat has good liquidity and is expected to
generate modest positive free cash flow, its future allocation as
well as future leverage levels is uncertain because of the
differing strategic objectives of its two owners.

Rating Outlook

The outlook is negative given heightened potential of a dividend
recapitalization transaction in which leverage would materially
increase.

What Could Change the Rating -- UP

Positive ratings pressure would develop if Moody's was to expect:

  Debt/EBITDA to be less than ~5x on a sustained basis
  Free Cash Flow to Debt in excess of ~7.5% on a sustained basis
  Along with:
  Solid industry fundamentals
  Good execution
  Clarity on ownership strategy and leverage

What Could Change the Rating -- DOWN

Negative ratings pressure would develop if we were to expect:

  Debt/EBITDA to be greater than ~6x on a sustained basis
  Free Cash Flow to Debt less than 2.5% on a sustained basis

Corporate Profile

Headquartered in Ottawa, Ontario, Canada, Telesat Canada (Telesat)
is the world's fourth largest provider of fixed satellite services.
The company's fourteen geosynchronous in-orbit satellites are
concentrated in the Americas.  Telesat also has interests in the
Canadian payload on Viasat-1, and manages operations of additional
satellites for third parties.

The principal methodology used in these ratings was Global
Communications Infrastructure Rating Methodology published in June
2011.  Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.



TERVITA CORP: Bank Debt Trades at 8% Off
----------------------------------------
Participations in a syndicated loan under which Tervita Corp is a
borrower traded in the secondary market at 92.43 cents-on-the-
dollar during the week ended Friday, March 20, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents a decrease of 1.15
percentage points from the previous week, The Journal relates.
Tervita Corp pays 500 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Jan. 24, 2018.  The bank debt
carries Moody's B3 rating and S&P's B- rating.  The loan is one of
the biggest gainers and losers among 237 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended Friday.



THERAPEUTICSMD INC: Names Two Biopharma Executives to Board
-----------------------------------------------------------
TherapeuticsMD, Inc., announced the appointment of two
biopharmaceutical senior executives, Angus C. Russell and J. Martin
Carroll, as independent members of its board of directors, and that
Randall S. Stanicky has stepped down from the board of directors.

Angus C. Russell served as CEO of Shire PLC, a biopharmaceutical
company, from June 2008 until April 2013.  Russell served as the
chief financial officer of Shire from 1999 to 2008 and also served
as executive vice president of global finance.  Prior to joining
Shire, Russell served at ICI, Zeneca and AstraZeneca PLC for 19
years, most recently in the role of vice president, corporate
finance at AstraZeneca.  He is a chartered accountant, having
qualified with what is now PriceWaterhouseCoopers LLP.  Russell
also serves as a director of Mallinckrodt PLC and BioTime Inc. and
as the chairman of the board of Revance Therapeutics Inc.  Russell
previously served as a director of Shire PLC, Questcor
Pharmaceuticals Inc. and InterMune Inc.

Martin Carroll served as president and CEO of Boehringer Ingelheim
Corp. (U.S.) from 2003 until 2011.  He also served as global head
of strategy and development for Boehringer Ingelheim (Germany) from
2009 through 2012 and served as chairman of the board for a number
of BI companies.  Previously, Carroll held positions of increasing
responsibility with Merck & Co. Inc. from 1976 to 2001, including
manufacturing, international (Japan) and marketing and sales.  He
left Merck serving as its executive vice president for customer
marketing and sales of the U.S. Human Health Division. From 1972 to
1976, Carroll served in the United States Air Force. Carroll has
previously served on the board of directors for a number of
organizations, including Accredo Health Group Inc., Vivus Inc.,
Durata Therapeutics Inc., and Gwynedd Mercy College, as well as
PhRMA.  He currently serves as a director of Mallinckrodt PLC.

"We are very pleased to add two new independent directors to our
board.  These biopharmaceutical industry leaders have a wealth of
experience in both serving as directors and in practical senior
leadership responsibilities at successful organizations," said
TherapeuticsMD CEO Robert G. Finizio.  "This is an exciting time in
our company's growth and development, and we look forward to the
insight of Angus and Marty."

Finizio commended the contributions of outgoing director Randall
Stanicky, who currently serves as managing director of global
equity research, with a focus on specialty pharmaceuticals, at RBC
Capital Markets.

"We would like to thank Randall for his help, contributions and
commitment to TherapeuticsMD as a valued board member who will be
missed," Finizio said.  "Randall's unique experience and extensive
knowledge in this sector have been very helpful as we advance our
hormone therapy portfolio and gain greater leadership in the
women's healthcare space.  We sincerely thank Randall for his
tenure with us."

                       About TherapeuticsMD

Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a
women's healthcare product company focused on creating and
commercializing products targeted exclusively for women.  The
Company currently manufactures and distributes branded and generic
prescription prenatal vitamins as well as over-the-counter
vitamins and cosmetics.  The Company is currently focused on
conducting the clinical trials necessary for regulatory approval
and commercialization of advanced hormone therapy pharmaceutical
products designed to alleviate the symptoms of and reduce the
health risks resulting from menopause-related hormone
deficiencies.

TherapeuticsMD reported a net loss of $54.2 million on $15.02
million of net revenues for the year ended Dec. 31, 2014, compared
with a net loss of $28.4 million on $8.77 million of net revenues
for the year ended Dec. 31, 2013.

As of Dec. 31, 2014 the Company had $59.07 million in total assets,
$10.69 million in total liabilities, all current, and $48.4 million
in total stockholders' equity.


TRAVELPORT WORLWIDE: Annual Shareholders Meeting Set for June 11
----------------------------------------------------------------
Travelport has set June 11, 2015, as the date for the Company's
2015 annual general meeting of shareholders.  The exact time and
location will be specified in the Company's proxy statement related
to the Annual Meeting.  The Board of Directors has established
April 17, 2015, as the record date for determining shareholders
entitled to vote at the Annual Meeting.

Pursuant to applicable Securities and Exchange Commission rules and
the Company's by-laws, the deadline for the submission of proposals
to be included in the Company's proxy materials, or for director
nominations or other business to be brought before the Annual
Meeting by a shareholder, is the close of business on
April 10, 2015.  Written notice for any such proposals, nominations
or other business must be received by the Company at its principal
executive office (Travelport Worldwide Limited, Attention: General
Counsel or Secretary, Axis One, Axis Park, Langley, Berkshire,
United Kingdom SL3 8AG) by the close of business on April 10,
2015.

                    About Travelport Worldwide

Travelport Worldwide Limited is a travel commerce platform
providing distribution, technology, payment and other solutions
for the global travel and tourism industry.

As at Dec. 31, 2014, Travelport had $2.89 billion in total assets,
$3.23 billion in total liabilities and a $338 million total
deficit.

                           *     *     *

As reported by the TCR in March 2015, Standard & Poor's Ratings
Services raised to 'B' from 'B-' its long-term corporate credit
rating on U.K.-based travel services provider Travelport Worldwide
Ltd.  The rating action reflects Travelport's good operating
performance in 2014.


TS EMPLOYMENT: Meeting of Creditors Moved to April 15
-----------------------------------------------------
The meeting of creditors of TS Employment Inc. has been moved to
April 15, 2015, at 2:30 p.m., according to a filing with the U.S.
Bankruptcy Court for the Southern District of New York.

The meeting will be held at the Office of the U.S. Trustee, 4th
Floor, 80 Broad Street, in New York.

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

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

                         About TS Employment

Based in New York, TS Employment Inc. is a professional employer
organization that provides payroll-related services.  Its only
customer is publicly held Corporate Resource Services, Inc., a
diversified technology, staffing, recruiting, and consulting
services firm.  TS processes payroll of up to 30,000 employees.

TS Employment sought Chapter 11 for protection (Bankr. S.D.N.Y.
Case No. 15-10243) in Manhattan on Feb. 2, 2015.  Judge Martin
Glenn is assigned to the case.

The Debtor estimated at least $100 million in assets and debt.

The Debtor tapped Scott S. Markowitz, Esq., at Tarter Krinsky &
Drogin LLP, in New York, as counsel.  Realization Services Inc.
serves as the Debtor's consultant.


U.S. CAVALRY: Walter John Lesnett Sues Co. for Breaching Contract
-----------------------------------------------------------------
Kyla Asbury, writing for The West Virginia Record, reports that
Walter John Lesnett has sued U.S. Cavalry Stores, ERMC Property
Management Company of Illinois LLC, and U.S. Cavalry LLC in the
Ohio Circuit Court for allegedly breaching contract with him and
causing him damages.  Mr. Lesnett said in court documents that the
Defendants' actions constitute fraud.  He is seeking compensatory
and punitive damages with interest, The Record relates.

Mr. Lesnett claimed in court documents that he made several orders
of retail law enforcement equipment from the defendants in 2012,
for which his credit account was charged, but the items were never
given to him.  Mr. Lesnett said that the Defendants didn't list him
as creditor and failed to include him on its mailing matrix, even
though he was then a creditor of U.S. Cavalry Stores.

Mr. Lesnett said that to rectify the situation and avoid lawsuit as
well as claims against it, U.S. Cavalry Stores offered in September
2013 to send him any retail items offered for sale on its website
at 50% of the asking retail price if ordered through the end of
2013's calendar year.  Mr. Lesnett ordered in December 2013 two
EOTech HHS rifle sights at a retail cost of $1,089.99 each, which
would cost him $1,0899.99 for two, pursuant to the negotiated
agreement.

U.S. Cavalry Stores sold in July 2014 its retail business to ERMC
and U.S. Cavalry LLC additionally acquired ownership interests in
the website in May 2014, The Record relates, citing Mr. Lesnett.
The report states that the Defendants didn't ship the items to Mr.
Lesnett until October 2014, and charged him $2,179.98, instead of
the agreed upon price of $1,089.99.

The Defendants' agents said that it was an accounting error, bu the
Defendants later said that they would not abide by the promises and
agreements made in September 2013 and that money would only be
refunded if ordered by a court, The Record reports, citing Mr.
Lesnett.

The Record says that Mr. Lesnett is being represented by Gail W.
Kahle of Kahle Law.

Headquartered in Radcliff, Kentucky, U.S. Cavalry Store, Inc.
(Bankr. W.D. Ky. Case No. 13-31315) and Cavalry Security Group, LLC
(Bankr. W.D. Ky. Case No. 13-31316) filed separate Chapter 11
petitions on March 28, 2013.  The petitions were signed by James
Leonard, president.

U.S. Cavalry and Cavalry Security estimated their assets at up to
$50,000 and debts at between $1 million and $10 million each.

Sandra D. Freeburger, Esq., at Deitz Shields & Freeburger, LLP,
serves as U.S. Cavalry's bankruptcy counsel.


US CAPITAL: EHOFDH Makes $37.7MM Winning Bid for Fashion Mall
-------------------------------------------------------------
EHOFDH Development, LLC, placed a $37.7 million bid for Fashion
Mall in Plantation, which was $13.7 million more than the opening
bid and the highest offer at the auction held on Thursday, Miriam
Valverde at Sun Sentinel reports, citing Glenn Moses, Esq., the
attorney for Kenneth A. Welt, the property's trustee.

According to Sun Sentinel, Mr. Moses said that the Property
attracted four four qualified bidders.  The other bidders were W/E
Palisades (BL) LLC, Fifteen Plantation LLC, and Ram Realty
Acquisitions LLC (the stalking horse), the report states, citing
Mr. Moses.

                    About US Capital Holdings

US Capital/Fashion Mall is the owner of the former "Fashion Mall
at Plantation", now vacant, located at 321 N. University Drive, in
Plantation, Florida.  US Capital Holdings is the 100% owner of US
Capital/Fashion Mall.  The mall -- http://www.321north.com/-- is
presently dormant, in part, as a result of a redevelopment plan
for the mall of a project called 321 North, which is intended to
be a major, retail, office and residential project.  The mall
suffered extensive hurricane damage from Hurricane Wilma.

US Capital Holdings, LLC, and an affiliate, US Capital/Fashion
Mall, LLC, filed Chapter 11 petitions (Bankr. S.D. Fla. Case Nos.
12-14517 and 12-14519) in Forth Lauderdale, Florida, on Feb. 24,
2012.  The Debtor listed assets of $11,496 and liabilities of
$22,777,428.  Judge John K. Olson presides over the case.  

On Oct. 14, 2014, US Capital/Fashion Mall, LLC, filed for Chapter
7 liquidation (Bankr. S.D. Fla. Case No. 14-32819).  Judge John K.
Olson presides over the case.  

The Debtor is represented by:

      Thomas M. Messana, Esq.
      Messana P.A.
      Las Olas City Centre, Suite 1400
      401 East Las Olas Boulevard
      Fort Lauderdale, FL 33301
      Tel: (954)712-7415
      E-mail: tmessana@messana-law.com

As reported by the the Troubled Company Reporter on Oct. 16, 2014,
Brian Bandell, Senior Reporter at the South Florida Business
Journal, said US Capital listed both its assets and debts between
$10 million and $50 million each.  Business Journal added that
parent company Mapuche LLC also filed for Chapter 7 in the same
month.  Business Journal stated that Wei Chen -- the manager of
Mapuche LLC, the entity that controls the Debtor -- signed the
Chapter 7 liquidation petition on behalf of Mapuche, the Debtor
and U.S. Capital/Fashion Mall.


VANTAGE DRILLING: 2017 Bank Debt Trades at 34% Off
--------------------------------------------------
Participations in a syndicated loan under which Vantage Drilling
Co. is a borrower traded in the secondary market at 65.90
cents-on-the-dollar during the week ended Friday, March 20, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease of
2.02 percentage points from the previous week, The Journal relates.
The Company pays 400 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Oct. 25, 2017, and carries
Moody's B3 rating and Standard & Poor's B- rating.  The loan is one
of the biggest gainers and losers among widely-quoted syndicated
loans in secondary trading in the week ended Friday among the 237
loans with five or more bids. All loans listed are B-term, or sold
to institutional investors.



VANTAGE DRILLING: 2019 Bank Debt Trades at 43% Off
--------------------------------------------------
Participations in a syndicated loan under which Vantage Drilling
Co. is a borrower traded in the secondary market at 56.80
cents-on-the-dollar during the week ended Friday, March 20, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents a decrease of
3.70 percentage points from the previous week, The Journal relates.
The Company pays 400 basis points above LIBOR to borrow under the
facility.  The bank loan matures on April 4, 2019, and carries
Moody's B3 rating and Standard & Poor's B- rating.  The loan is one
of the biggest gainers and losers among widely-quoted syndicated
loans in secondary trading in the week ended Friday among the 237
loans with five or more bids. All loans listed are B-term, or sold
to institutional investors.



VERMILLION INC: Director Robert Goggin to Retire
------------------------------------------------
Robert S. Goggin, a director of Vermillion, Inc., advised the
Company that he intends to retire from the board of directors of
the Company at the end of his current term and will therefore not
stand for re-election to the Board at the Company's 2015 annual
meeting of shareholders.  Mr. Goggin advised the Company that his
decision to retire was not the result of any disagreement with the
Company, according to a document filed with the Securities and
Exchange Commission.

On March 16, 2015, the Compensation Committee of the Board approved
the 2014 bonus payout amounts to each of the named executive
officers.  The 2014 cash bonus payout amounts for Mr. Munroe and
Mr. Schoen were determined based primarily on (1) continued
commercialization (volume and revenue) of OVA1, (2) the launch of
ASPiRA LABS, Inc., (3) payer contract coverage rates and number of
covered lives, (4) generation of health economic data, (5) progress
on platform migration, (6) advancement of a next-generation
diagnostic test and (7) management of operating expenses.  James
LaFrance was appointed as president and chief executive officer of
the Company on April 23, 2014, and his bonus payout was determined
based primarily on (1) expansion of the Company's strategy,
pipeline and five-year operating plan and (2) recruitment of an
appropriate successor.  The amounts below together represent
approximately 73% of the aggregate target bonus amount for such
named executive officers.  Mr. LaFrance's payout was prorated based
upon his start date of April 23, 2014.

                                    Bonus Target   Bonus Payout
Name and Title                       for 2014       for 2014
--------------                     ------------   ------------
James T. LaFrance                      50%          $129,375
Former President and
Chief Executive Officer

Donald G. Munroe, Ph.D.                40%           $66,000
Senior Vice President of
Business Development and
Chief Scientific Officer

Eric J. Schoen                         35%           $47,250
Vice President, Finance and
Chief Accounting Officer

                          About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-11091) on March 30, 2009.  Vermillion's legal
advisor in connection with its successful reorganization efforts
wass Paul, Hastings, Janofsky & Walker LLP.  Vermillion emerged
from bankruptcy in January 2010.  The Plan called for the Company
to pay all claims in full and equity holders to retain control of
the Company.

Vermillion incurred a net loss of $8.81 million in 2013, a net
loss of $7.14 million in 2012 and a net loss of $17.8 million in
2011.

As of Sept. 30, 2014, Vermillion had $18.4 million in total
assets, $5.83 million in total liabilities and $12.6 million in
total stockholders' equity.


VIGGLE INC: Gets Proposal to Buy Interest in Wetpaint Business
--------------------------------------------------------------
Viggle has confirmed that it has received a proposal from Robert
F.X. Sillerman, its founder, executive chairman and chief executive
officer, for the acquisition of a 25% interest in the Company's
Wetpaint business for an aggregate consideration of $10 million in
cash.

Viggle Inc. is a mobile and web-based entertainment marketing
platform for media companies, brands and consumers.  Wetpaint.com,
a property of Viggle, is an entertainment web destination that
targets the 18-to-34 female demographic.  Wetpaint currently has a
combined social reach of approximately ten million total fans and
approximately 16 million monthly unique visitors and 71 million
monthly page views.

According to Mr. Sillerman's proposal, he has offered to pay Viggle
$10 million in cash consideration for a 25% interest in the
Wetpaint business.  His proposal further provides for him to
receive an option to acquire within 24 months the remaining 75% of
the WetPaint business for $40 million, payable by a minimum of $20
million in cash and the balance through the issuance of a 5 year
note bearing interest at 6% per annum.

Mr. Sillerman's proposal is subject to receipt of all necessary
approvals of the Viggle Board and any Special Committee formed for
the purpose of evaluating the proposal, and the execution of a
mutually agreeable stock purchase agreement.  The proposal also
provides that any transaction would be subject to customary closing
conditions.

Viggle's Board of Directors expects to form a Special Committee of
independent directors to evaluate the proposal from Mr. Sillerman.

                            About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss of $68.4 million on $18 million of
revenues for the year ended June 30, 2014, compared with a net
loss of $91.4 million on $13.9 million of revenues for the year
ended June 30, 2013.

As of Dec. 31, 2014, the Company had $72.1 million in total assets,
$51.02 million in total liabilities, $3.75 million in series C
convertible redeemable preferred stock, and $17.4 million in total
stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2014, has a deficiency in working capital that raises substantial
doubt about its ability to continue as a going concern.


VIGGLE INC: Has Total Outstanding Demand Notes of $4.7 Million
--------------------------------------------------------------
Viggle Inc. and Sillerman Investment Company III LLC, on Oct. 24,
2014, entered into a securities purchase agreement pursuant to
which SIC III agreed to purchase certain securities issued by the
Company for a total of $30,000,000.  Pursuant to the Securities
Purchase Agreement, the Company issued a Line of Credit Promissory
Note, which provides for a $20,000,000 line of credit to the
Company.  In addition, SIC III agreed to purchase 10,000 shares of
a new class of Series C Convertible Preferred Stock for a total of
$10,000,000, as requested by the Company.  The Company also agreed
to issue to SIC III warrants to purchase 1,500,000 shares of the
Company's common stock.  

The Securities Purchase Agreement provides that the warrants will
be issued in proportion to amounts the Company draws under the Note
and amounts paid for the Shares.  The exercise price of the warrant
will be 10% above the closing price of the Company's shares on the
date prior to the issuance of the warrants.  Exercise of the
warrants was subject to approval of the Company's stockholders, and
the Company's stockholders approved the exercise of the warrants on
Jan. 13, 2015.  The current outstanding balance of the Note is
$20,000,000.  In addition, SIC III previously purchased 3,000
shares of Series C Convertible Preferred Stock.  On March 16, 2015,
SIC III purchased 7,000 shares of Series C Convertible Preferred
Stock pursuant to the Securities Purchase Agreement, for a purchase
price of $7,000,000.  Pursuant to the terms of the Securities
Purchase Agreement, the Company also issued SIC III warrants to
purchase 350,000 shares of the Company's common stock at an
exercise price of $1.78.

In addition, Robert F.X. Sillerman, the executive chairman and
chief executive officer of the Company has made unsecured demand
loans to the Company totaling $8,750,000, bearing interest at the
rate of 12% per annum.  These Demand Loans were previously reported
on the Company's Current Reports on Form 8-K filed on Dec. 24,
2014, Jan. 19, 2015, Feb. 20, 2015, March 2, 2015, and March 4,
2015, and in the Company's quarterly report on Form 10-Q for the
period ending Dec. 31, 2014.  On March 16, 2015, SIC III made an
additional unsecured demand loan to the Company in the amount of
$3,000,000.  The New Note bears interest at a rate of 12% per
annum.  After the funding of the New Note, the total outstanding
principal amount of the Demand Notes totaled $11,750,000.

The Company used the $7,000,000 proceeds from the sale of 7,000
shares of Series Convertible Stock to pay $7,000,000 in principal
amount of the Demand Notes.  In addition, the Company used $797,727
of the proceeds of the New Note to pay all accrued and unpaid
interest on the Note and the Demand Loans, and the Company intends
to use the balance of the proceeds of the New Note to fund working
capital requirements and for general corporate purposes.
Accordingly, after above transactions, the total outstanding
principal amount of the Demand Notes is $4,750,000, and all accrued
and unpaid interest on the Note and the Demand Note through March
16, 2015, has been paid in full.

The Series C Convertible Preferred Stock and the Warrants were
issued in a transaction exempt from registration under the
Securities Act of 1933, as amended, in reliance on Section 4(a)(2)
thereunder and Rule 506 of Regulation D promulgated thereunder.

The Board of Directors also unanimously approved for purposes of
Rule 16b-3 promulgated under the Securities Exchange Act of 1934,
as amended, each transaction described in the foregoing sections
and each transaction arising out of or under each of the Securities
Purchase Agreement, including the issuance of the Shares and the
Warrants.

Because the transactions described in the Securities Purchase
Agreement, including the issuance of the Shares and the Warrants,
were between the Company and Robert F.X. Sillerman or an affiliate
of Robert F.X. Sillerman, who is the executive chairman and chief
executive officer of the Company, the Company previously formed a
special committee of independent directors to review those proposed
transactions.  That special committee reviewed and unanimously
approved those transactions.  The Committee engaged an independent
financial adviser in connection with its determination.

Because the issuance of the New Note was also an affiliate
transaction also involving Mr. Sillerman, a majority of the
Company's independent directors approved the terms of the New Note
transaction.

                            About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss of $68.4 million on $18 million of
revenues for the year ended June 30, 2014, compared with a net
loss of $91.4 million on $13.9 million of revenues for the year
ended June 30, 2013.

As of Dec. 31, 2014, the Company had $72.1 million in total
assets,
$51.02 million in total liabilities, $3.75 million in series C
convertible redeemable preferred stock, and $17.4 million in total
stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2014, has a deficiency in working capital that raises substantial
doubt about its ability to continue as a going concern.


VIGGLE INC: Robert Sillerman Reports 59.6% Stake as of March 19
---------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Robert F.X. Sillerman disclosed that as of March 19,
2015, he beneficially owned 12,661,204 shares of common stock of
Viggle Inc., which represents 59.6 percent of the shares
outstanding.

On March 19, 2015, Mr. Sillerman made a proposal to the Board of
Directors of the Company to acquire 25% of the Company's WetPaint
business for $10 million in cash.  In addition, as part of the
Proposed Transaction, Mr. Sillerman would have the option to
acquire the remaining 75% of the WetPaint business within 24 months
of closing for aggregate consideration valued at $40 million.  Mr.
Sillerman would pay at least $20 million of the consideration in
cash; the remaining balance would be paid in the form of a five
year note bearing interest at 6% per annum.

A copy of the regulatory filing is available for free at:

                        http://is.gd/Gfl29L

                            About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss of $68.4 million on $18 million of
revenues for the year ended June 30, 2014, compared with a net
loss of $91.4 million on $13.9 million of revenues for the year
ended June 30, 2013.

As of Dec. 31, 2014, the Company had $72.1 million in total assets,
$51.02 million in total liabilities, $3.75 million in series C
convertible redeemable preferred stock, and $17.4 million in total
stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2014, has a deficiency in working capital that raises substantial
doubt about its ability to continue as a going concern.


WALTER ENERGY: Bank Debt Trades at 40% Off
------------------------------------------
Participations in a syndicated loan under which Walter Energy, Inc
is a borrower traded in the secondary market at 60.00 cents-on-
the-dollar during the week ended Friday, March 20, 2015, according
to data compiled by LSTA/Thomson Reuters MTM Pricing and reported
in The Wall Street Journal.  This represents a decrease of 5.58
percentage points from the previous week, The Journal relates.
Walter Energy, Inc. pays 575 basis points above LIBOR to borrow
under the facility.  The bank loan matures on March 14, 2018.  The
bank debt carries Moody's B3 rating and Standard & Poor's B-
rating.  The loan is one of the biggest gainers and losers among
237 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



WALTER ENERGY: To Pay 50% of Oct. 1 Senior Notes Interest in Cash
-----------------------------------------------------------------
Walter Energy, Inc., on March 20, 2015, delivered a notice to
Wilmington Trust, National Association, in its capacity as trustee
under the Indenture governing the Second Lien Notes, that on the
Oct. 1, 2015, interest payment date of the Second Lien Notes, the
Company will pay 50% of that interest payment in Cash Interest and
the remainder in PIK Interest.

According to a document filed with the Securities and Exchange
Commission, Walter Energy is permitted under the applicable
indenture to elect, for any interest payment period prior to
Oct. 1, 2019, to use the payment-in-kind feature of its 11.0%/12.0%
Senior Secured Second Lien PIK Toggle Notes due 2020.  The Company
may pay interest on the Second Lien Notes (1) entirely in cash, at
a rate of 11.0%, or, if it uses the PIK feature, (2) with a 50%/50%
or 75%/25% combination of (i) Cash Interest and (ii)(a) an increase
in the principal amount of the Second Lien Notes outstanding or (b)
an issuance of additional notes, in the case of each of clause (a)
and (b), at a rate per annum equal to 12%.

With respect to the interest payment due on the Second Lien Notes
for the period commencing on April 1, 2015, the Company has elected
to pay 50% in Cash Interest (approximately $9.9 million) and the
balance in PIK Interest (approximately $10.8 million).

The Company intends to evaluate this option prior to the beginning
of each eligible interest period, taking into account market
conditions and other relevant factors at that time.

                        About Walter Energy

Walter Energy is a leading, publicly traded "pure-play"
metallurgical coal producer for the global steel industry with
strategic access to steel producers in Europe, Asia and South
America.  The Company also produces thermal coal, anthracite,
metallurgical coke and coal bed methane gas.  Walter Energy employs
approximately 2,700 employees, with operations in the United
States, Canada and the United Kingdom.  For more information about
Walter Energy, please visit www.walterenergy.com.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.

As of Dec. 31, 2014, Walter Energy had $5.38 billion in total
assets, $5.10 billion in total liabilities and $282 million in
stockholders' equity.

                            *    *    *

As reported by the TCR on Aug. 19, 2014, Standard & Poor's Ratings
Services said it raised its corporate credit rating on Birmingham,
Ala.-based Walter Energy to 'CCC+' from 'SD'.  S&P believes the
company's capital structure is likely unsustainable in the
long-term absent an improvement in met coal prices.

The TCR reported on July 10, 2014, that Moody's downgraded the
Corporate Family Rating of Walter Energy to 'Caa2' from 'Caa1'.
"The downgrade in the corporate family rating reflects the
anticipated deterioration in performance, increased cash burn and
increase in leverage, given the recent met coal benchmark
settlement of $120 per tonne for high quality coking coal and our
expectation that meaningful recovery in metallurgical coal markets
is twelve to eighteen months away."


WEATHER CHANNEL: Bank Debt Trades at 4% Off
-------------------------------------------
Participations in a syndicated loan under which Weather Channel is
a borrower traded in the secondary market at 96.04 cents-on-the-
dollar during the week ended Friday, March 20, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents an decrease of 0.29
percentage points from the previous week, The Journal relates.
TXU Corp. pays 275 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Feb. 4, 2017 band carries
Moody's Ba3 rating and Standard & Poor's B+ rating.  The loan is
one of the biggest gainers and losers among 237 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



WIZARD WORLD: Reports Increased Convention Revenue in 2014
----------------------------------------------------------
Wizard World, Inc., has released its 2014 audited financial results
in its annual report on Form 10-K for the year ended Dec. 31,
2014.

Convention revenue for the year ended Dec. 31, 2014, was $23.1
million, an increase of $11.9 million (or 106%) from $11.2 million
reported in the comparable year ended Dec. 31, 2013.  The
significant increase in revenue in 2014 is primarily accredited to
the increased number of events, better advertised and marketed
events including more programming, an exciting list of celebrities
and artists, and an increasing fan base, which all translates to
higher revenue growth.  Average revenue per event was $1.36
million.
       
Operating expenses were $6.82 million in YE 2014, as compared to
$3.92 million for the same period in 2013, which was the result of
increases in staffing and employment costs due to the increased
number and size of the events, however the Company's operating
margins have improved year-over-year due to operating the events
more efficiently.

Income from operations was $1.47 million in YE 2014, as compared to
$344,000 for the comparable period in 2013.  The increase is
primarily attributable to running more events and more profitable
events during 2014, as compared to 2013.
       
The Company reported a net income of $996,000 or income per share
of $0.02 for YE 2014, as compared to a net loss of $(3.64 million)
or loss per share of ($0.09), in the comparable period in 2013.
Income in 2014 was primarily generated from convention revenue and
stronger profit margin versus the loss in 2013, which was non-cash
generated from a loss on the fair value of the Company's derivative
liabilities.  By the end of 2013, the Company successfully
extinguished all derivative instruments.
       
As of Dec. 31, 2014, the Company had working capital of $3.84
million and as of March 16, 2015, there were 51,358,386 shares of
common stock issued and outstanding.
    
"As I reflect and look back at the year, it gives me great pleasure
to know we are building a brand presence among the pop culture
world and the comic con circuit.  I cannot be more proud of our
management team and staff for delivering an amazing 2014 tour,"
commented John Macaluso, CEO of Wizard World, Inc.  "2015 will also
be an exciting year for us all, fans and shareholders included, as
we continue to strive to increase revenues by expanding into other
markets and other endeavors such as CONtv."

                         About Wizard World

Based in New York, N.Y., Wizard World, Inc., is a producer of pop
culture and multimedia conventions ("Comic Cons") across North
America that markets movies, TV shows, video games, technology,
toys, social networking/gaming platforms, comic books and graphic
novels.  These Comic Cons provide sales, marketing, promotions,
public relations, advertising and sponsorship opportunities for
entertainment companies, toy companies, gaming companies,
publishing companies, marketers, corporate sponsors and retailers.

Wizard World incurred a net loss attributable to common
stockholders of $3.88 million in 2013, a net loss attributable to
common stockholders of $3.13 million in 2012 and a net loss of
$2.01 million in 2011.

As of Sept. 30, 2014, the Company had $7.95 million in total
assets, $3.12 million in total liabilities and $4.82 million in in
total stockholders' equity.


WIZARD WORLD: Swings to $995,000 Net Income in 2014
---------------------------------------------------
Wizard World, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing net income of
$996,000 on $23.1 million of convention revenue for the year ended
Dec. 31, 2014, compared to a net loss of $3.63 million on $11.2
million of convention revenue during the prior year.

As of Dec. 31, 2014, the Company had $8.19 million in total assets,
$3.92 million in total liabilities and $4.26 million in total
stockholders' equity.

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

                         http://is.gd/lr2Xgu

                         About Wizard World

Based in New York, N.Y., Wizard World, Inc., is a producer of pop
culture and multimedia conventions ("Comic Cons") across North
America that markets movies, TV shows, video games, technology,
toys, social networking/gaming platforms, comic books and graphic
novels.  These Comic Cons provide sales, marketing, promotions,
public relations, advertising and sponsorship opportunities for
entertainment companies, toy companies, gaming companies,
publishing companies, marketers, corporate sponsors and retailers.

                            *   *    *

This concludes the Troubled Company Reporter's coverage of Wizard
World until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.



WORLD BITCOIN: Files for Chapter 11 Bankruptcy Protection
---------------------------------------------------------
Stan Higgins, writing for Coindesk.com, reports that World Bitcoin
Association has filed for Chapter 11 bankruptcy protection,
estimating between $100,000 and $500,000 in liabilities against up
to $50,000 in assets.  

Shafferman & Feldman LLP serves as the Organization's bankruptcy
counsel, Coindesk.com relates.

The Organization said in court documents that it expects to have
enough funds to pay unsecured creditors, with a creditor meeting
set for April 17, 2015.

According to Coindesk.com, Bitcoin Center NYC co-founder Nick
Spanos said that the company is planning to file a motion for the
dismissal of the bankruptcy case.  The Bitcoin Center NYC remains
open, the report adds, citing Mr. Spanos.

Coindesk.com recalls that the Organization sued its landlord, 40
Broad Associates No 2 LLC, in October 2014, claiming that it failed
to address water leakage problems at 40 Broad Street, which houses
Bitcoin Center NYC, that resulted in thousands of dollars in
damages and operational complications.  The report says that the
Organization sought $100,000 in damages as well as interest and
court fees.  Jacques Catafago, Esq., at The Catafago Law Firm,
P.C., represents the Organization in those proceedings, according
to the report.

Coindesk.com states that 40 Broad Associates sought and obtained in
the same month civil court authorization to evict the Organization
from the premises, but an appellate court later put in place a stay
of proceedings, requiring the Organization to pay a $150,000 bond.
The Organization instead filed for bankruptcy protection, the
report says, citing Mr. Catafago.

World Bitcoin Association operates Bitcoin Center NYC.


YRC WORLDWIDE: Spectrum Group Reports 2.7% Stake as of Dec. 31
--------------------------------------------------------------
Spectrum Group Management LLC and Jeffrey A. Schaffer disclosed in
an amended regulatory filing with the Securities and Exchange
Commission that as of Dec. 31, 2014, they beneficially owned
839,416 shares of common stock of YRC Worldwide Inc., which
represents 2.7 percent of the shares outstanding.  A copy of the
regulatory filing is available for free at http://is.gd/XOM4Th

                        About YRC Worldwide

Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ:
YRCW) -- http://www.yrcw.com/-- is a holding company that offers
its customers a wide range of transportation services.  These
services include global, national and regional transportation as
well as logistics.

YRC Worldwide reported a net loss 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.


ZOGENIX INC: Broadfin Capital Reports 7% Stake as of March 11
-------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Broadfin Capital, LLC, Broadfin Healthcare Master Fund,
Ltd. and Kevin Kotler disclosed that as of March 11, 2015, they
beneficially owned 10,737,645 shares of common stock of Zogenix,
Inc., which represents 7 percent of the shares outstanding.  A copy
of the regulatory filing is available for free at
http://is.gd/xc50mK

                         About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

As of Dec. 31, 2014, Zogenix Inc. had $203 million in total
assets, $148 million in total liabilities and $55.3 million in
stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company's recurring losses from operations and lack of
sufficient working capital raise substantial doubt about its
ability to continue as a going concern.


                            *********

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.
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                   *** End of Transmission ***