/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/150325.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, March 25, 2015, Vol. 19, No. 84 Headlines ACTIVISION BLIZZARD: S&P Revises Outlook to Pos. & Affirms BB+ CCR ALLIED NEVADA: Meeting of Creditors Set for April 15 ALLIED NEVADA: U.S. Trustee Forms Creditors' Committee ALLISON TRANSMISSION: S&P Raises CCR to 'BB'; Outlook Stable AMERICAN SPECTRUM: Ringstad & Sanders Withdraws as Ch. 11 Counsel ATLANTIC CITY, NJ: Managers Propose Further Layoffs BANKRATE INC: S&P Lowers CCR to 'B+' on Extended Investigations BERNARD L. MADOFF: April 16 Hearing Set for Recovery Agreement BLUE DOG AT 399: Case Summary & 5 Largest Unsecured Creditors BPZ RESOURCES: Employs Houlihan Lokey as Financial Advisor BPZ RESOURCES: Had $108 Million Net Loss in 2014 BPZ RESOURCES: Meeting of Creditors Set for May 12 BPZ RESOURCES: Seeks to Tap BakerHostetler as Special Counsel C WONDER: Authorized to Sell Inventory to Marmaxx Group C WONDER: Sells Interest in Soho Section to Landlord for $1.65M C. WONDER: Consents to H.W.I. Int'l.'s Selling of 2,835 Garments CAL COMMUNITY COLLABORATIVE: Hiring of Arias and Lockwood Okayed CAL DIVE: Hires Carl Marks to Provide Crisis Managers and CRO CAMBRIDGE CAPITAL: Marcum Expresses Going Concern Doubt CERAMICA AZULEJOS: Case Summary & 20 Largest Unsecured Creditors CHASSIX HOLDINGS: Has Interim OK to Ink Agreements with Customers CHASSIX HOLDINGS: Has Interim OK to Pay $5MM to Critical Vendors CHRYSLER GROUP: CEO Testimony Begins Trial Over Boy's Death in Jeep CTI FOODS: S&P Affirms 'B' Corp. Credit Rating on Better Earnings CYTORI THERAPEUTICS: KPMG LLP Expresses Going Concern Doubt DENDREON CORP: Ernst & Young Approved as Tax Advisors DORAL FINANCIAL: FDIC Files Statement Regarding Bank Receivership DORAL FINANCIAL: Taps Garden City Group as Claims & Noticing Agent ERWEE GROUP: Case Summary & Largest Unsecured Creditor FEDERATION EMPLOYMENT: Has $10MM Financing From United Jewish FEDERATION EMPLOYMENT: Section 341(a) Meeting Set for April 17 FEDERATION EMPLOYMENT: Taps JL Consulting as Financial Advisor GO DADDY: S&P Puts 'B' Corp. Credit Rating on CreditWatch Positive GT ADVANCED: U.S. Trustee Balks at Payment of Put Option Premium GULFPORT ENERGY: S&P Revises Outlook to Pos. & Affirms 'B' CCR IXIA: Receives NASDAQ Listing Non-Compliance Notice KALOBIOS PHARMACEUTICALS: E&Y Expresses Going Concern Doubt KARMALOOP INC: Proposes $30.9MM DIP Financing From Comvest KARMALOOP INC: Proposes Rust Omni as Claims and Noticing Agent KARMALOOP INC: Secures DIP Financing as Part of 363 Sale Process KROGEN KOVE: Case Summary & 12 Largest Unsecured Creditors LEWIS LUMBER: Case Summary & 20 Largest Unsecured Creditors MANNKIND CORP: Deloitte & Touche Expresses Going Concern Doubt NATROL INC: Amends Plan to Reduce Initial Equity Distribution NJ HEALTHCARE: Section 341 Meeting of Creditors Set for April 22 NTELOS HOLDINGS: S&P Lowers CCR to 'B', Off Watch Negative NVA HOLDINGS: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable OCATA THERAPEUTICS: BDO USA LLP Express Going Concern Doubt OCWEN FINANCIAL: Shrinkage Continues as NYSE Threatens Delisting PARK FLETCHER: Hires KC Cohen as Bankruptcy Counsel PARK FLETCHER: Taps Richey Mills as Financial Advisor PARK MERIDIAN: Files Updated Cash Collateral Budget PETRO RIVER OIL: Reports $1.05-Mil. Net Loss For Q3 Ending Jan. 31 PLATTSBURG SUITES: Owners to Stay by Backstopping Payments PLATTSBURG SUITES: Receiver Balks at Bid to Terminate Receivership PLATTSBURGH SUITES: Bid to End Receivership Opposed REVSTONE INDUSTRIES: Delaware Court Confirms Chap. 11 Plans SARKIS INVESTMENTS: Judge Approves Wells Fargo Deal to Lift Stay SARKIS INVESTMENTS: Signs Agreement With Wells Fargo to Lift Stay SHALE HOLDINGS: Voluntary Chapter 11 Case Summary SHIROKA DEVELOPMENT: Sale of Property to Fund Plan SHIROKIA DEVELOPMENT: Taps Besen & Associates to Sell NY Property SHOTWELL LANDFILL: SCG Won't Waive Poyner Spruill Conflict SOBELMAR ANTWERP: Court Grants Interim Relief Request STANDARD REGISTER: April 1 Hearing on Bidding Procedures STANDARD REGISTER: Can Tap Prime Clerk as Claims & Noticing Agent STANDARD REGISTER: Files First Omnibus Motion to Reject Leases STANDARD REGISTER: Has Interim Approval of Equity Trading Protocol STANDARD REGISTER: Has Interim OK to Pay $15MM to Vendors, Shippers WASHINGTON MUTUAL: WMI Trust Provides Information on Escrow CUSIPs WEST COAST GROWERS: Case Summary & 18 Top Unsecured Creditors WEST COAST GROWERS: Files for Ch. 11 with $60M in Debt WEST COAST GROWERS: Klein Denatale Serves as Counsel WINLAND OCEAN: Hires Claro Group as Advisor & Robert Ogle as CRO WINLAND OCEAN: Hires Okin & Adams as Counsel [*] Alvarez & Marsal Launching Investment Management Arm [*] Two Bankruptcy Attorneys Join McGlinchey's Louisiana Office ********* ACTIVISION BLIZZARD: S&P Revises Outlook to Pos. & Affirms BB+ CCR ------------------------------------------------------------------ Standard & Poor's Ratings Services said that it revised its rating outlook on Santa Monica, Calif.-based Activision Blizzard Inc. to positive from stable. At the same time, S&P affirmed its ratings on the company, including the 'BB+' corporate rating. "The outlook revision is based on the company's strong operating results and good performance from several new titles (some of which are likely to be new franchise titles)," said Standard & Poor's credit analyst Andy Liu. Additionally, the company's financial policy has been fairly conservative: It applies a portion of its discretionary cash flow toward debt reduction in excess of scheduled amortization. The 'BB+' corporate credit rating on Activision reflects S&P's expectation for the company's operating performance (adjusting for changes in its release slate) to remain stable. The rating also reflects the heightened competition for leisure time activity from other electronic media, the increasing barriers to entry, the intense industry rivalry between video game publishers, and the unpredictable success of new video game titles that are not franchise titles. The rating outlook is positive. S&P believes that Activision's revenues will decline by a low-single-digit percentage in 2015 due to changes in its release slate and unfavorable currency movements. However, S&P believes that debt leverage will remain low. S&P could raise the rating by one notch if Activision is able to maintain operating momentum (subject to changes in its release sales and unfavorable currency movements) with its core franchise titles, if it continues to gain traction with its nascent titles (such as Destiny and Hearthstone), and if it maintains its adjusted debt leverage at below 1x. The company's operating performance depends on several key video game franchises, and their sales can fluctuate depending on customer perception and reviews. S&P could revise the outlook to table or lower the rating if sales of one or more of these video game franchises experience meaningful (and likely continuing) declines without a new video game franchise to offset the decline, pushing debt leverage above 2.5x on a sustained basis. A shift in financial policy to emphasize significantly higher cash return to shareholders could also lead to a downgrade. A long-term risk is migration toward more simple, online video games. ALLIED NEVADA: Meeting of Creditors Set for April 15 ---------------------------------------------------- The meeting of creditors of Allied Nevada Gold Corp. is set to be held on April 15, at 2:00 p.m. (prevailing Eastern Time), according to a filing with the U.S. Bankruptcy Court for the District of Delaware. The meeting will be held at J. Caleb Boggs Federal Building, 5th Floor, Room 5209, 844 King Street, in Wilmington, Delaware. 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 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: U.S. Trustee Forms Creditors' Committee ------------------------------------------------------ The U.S. trustee overseeing the Chapter 11 case of Allied Nevada Gold Corp. appointed three creditors of the company to serve on the official committee of unsecured creditors: (1) Computershare Trust Company of Canada Indenture Trustee Attn: Nicole Clement 510 Burrard Street, 3rd Floor Vancouver, British Columbia Phone: 604-662-9591 Fax: 604-661-9403 (2) FLSmidth USA Inc. Attn: Mark Taylor 7158 South FL Smidth Drive Midvale, UT 84047 Phone: 801-871-7240 Fax: 310-557-8982 (3) International Lining Technology Attn: Becky Jenne 850 Maestro Dr., 101 Reno, NV 89511 Phone: 775-284-2929 Fax: 775-284-2930 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 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. ALLISON TRANSMISSION: S&P Raises CCR to 'BB'; Outlook Stable ------------------------------------------------------------ Standard & Poor's Ratings Services raised its corporate credit rating on Indianapolis, Ind.-based Allison Transmission Inc. to 'BB' from 'BB-'. The outlook is stable. At the same time, S&P assigned its 'BB+' issue-level rating to the company's proposed $470 million senior secured term loan and '2' recovery rating, indicating S&P's expectation for substantial (70%-90%; upper half of the range) recovery in the event of a payment default. S&P also revised its recovery rating on the company's existing senior secured credit facilities to '2' from '1', indicating S&P's expectation for substantial (70%-90%; upper half of the range) recovery in the event of a payment default. The issue-level ratings on the senior secured credit facilities remain 'BB+'. S&P also raised the rating on the company's senior unsecured notes to 'BB-' from 'B+'. The recovery rating remains '5', indicating S&P's expectation for modest (10%-30%; lower half of the range) recovery in the event of a payment default. S&P expects to withdraw the ratings on these notes once they are repaid. "The upgrade reflects the improvement in Allison's credit metrics and our expectation that they will remain appropriate for the rating, despite our expectation of flat-to-slightly negative sales growth in 2015," said Standard & Poor's credit analyst Robyn Shapiro. S&P assumes continued recovery in the company's North America on-highway end market, a reduction in the U.S. defense spending, continued weakness in the on-highway end market outside North America, and lower demand for North America Hybrid-Propulsion Systems for transit buses. S&P expects that Allison will continue generate free operating cash flow (FOCF) to total debt of 10% or more, funds from operations (FFO) to debt will remain above 20%, and debt to EBITDA will be 4x or less over the next year. The stable rating outlook reflects S&P's expectation that Allison will maintain these credit measures. S&P believes the company's tightly controlled cost structure will enable it to generate positive FOCF, even if certain key end markets unexpectedly begin to weaken, which S&P do not assume in its base case. Though unlikely over the next 12 months, S&P could lower the rating if commercial vehicle production in the company's end markets unexpectedly declines, if margin deterioration leads to FOCF generation that is significantly below S&P's expectations for multiple quarters, or if S&P believes debt to EBITDA, including its adjustments, would exceed 4x on a sustained basis, stemming from lower profitability and weak demand. Although also unlikely given the company's publicly stated leverage targets of net leverage 3.0x-3.5x, S&P could raise the rating if it expected the company to maintain FOCF to debt of at least 15%, FFO to total debt of at least 30%, and leverage in the 2x-3x range. S&P would also need to believe that the company intends to maintain even more conservative financial policies and could also maintain these metrics despite the industry's inherent cyclicality. AMERICAN SPECTRUM: Ringstad & Sanders Withdraws as Ch. 11 Counsel ----------------------------------------------------------------- Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, discharged Todd C. Ringstad, Esq., and his firm, Ringstad & Sanders LLP, from any further obligations as counsel to American Spectrum Realty, Inc. The order follows Ringstad's request to withdraw as counsel for the Debtor due to its inability to effectively communicate with the Debtor due to the failure of key management to respond to telephone calls and email messages. Moreover, Ringstad said the Debtor failed to provide additional retainer as a condition of the firm's engagement. About American Spectrum Realty American Spectrum Realty, Inc. -- http://www.asrmanagement.com/-- is a real estate investment company that owns, through an operating partnership, interests in office, industrial/commercial, retail, self-storage, retail, multi-family properties and undeveloped land throughout the United States. American Spectrum Management Group, Inc., a wholly-owned subsidiary of the Company, manages and leases all properties owned by American Spectrum Realty, Inc. as well as for third-party clients, totaling 7 million square feet in multiple states. American Spectrum Realty was formed in 2000 and began publicly trading on the New York Stock Exchange in 2001. Alleged creditors -- namely, D&A Daily Mortgage Fund III, L.P., D&A Semi-Annual Mortgage Fund III, L.P., and D&A Intermediate-Term Mortgage Fund III, L.P. -- filed an involuntary Chapter 11 petition for American Spectrum in Santa Ana, California, on Feb. 13, 2015 (Bankr. C.D. Cal. Case No. 15-10721). The involuntary case is assigned to Judge Scott C Clarkson. James C Bastian, Jr., Esq., and Melissa Davis Lowe, Esq., at Shulman Hodges & Bastian LLP, in Irvine, California, serve as counsel to the Petitioning Creditors. American Spectrum has affiliates that have pending bankruptcy cases. One of them is Verdugo, LLC, a single asset real estate that filed a Chapter 11 bankruptcy petition (Bank. C.D. Cal. Case No. 15-10701) on Feb. 12, 2015. The Debtor estimated assets of $10 million to $50 million and liabilities of $1 million to $10 million. Judge Scott C. Clarkson presides over the case. ATLANTIC CITY, NJ: Managers Propose Further Layoffs --------------------------------------------------- Josh Dawsey and Heather Haddon, writing for The Wall Street Journal, reported that emergency managers appointed by New Jersey Gov. Chris Christie to study Atlantic City's finances are proposing more layoffs for the troubled seaside city but are stopping short of recommending bankruptcy proceedings, according to people familiar with the matter. The Journal said the managers, who were tapped by the governor in January, are expected to release their report in the coming days. In addition to City Hall, the report will address the city’s troubled schools, proposing cuts to close a budget shortfall as well as the potential restructuring of contracts for school and city employees, the Journal related. BANKRATE INC: S&P Lowers CCR to 'B+' on Extended Investigations --------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its corporate credit rating on North Palm Beach, Fla.-based Bankrate Inc. to 'B+' from 'BB-'. All of S&P's ratings on Bankrate remain on CreditWatch with negative implications, where S&P had placed them on Sept. 15, 2014, following the announced SEC and internal investigations into financial reporting relating to the company's 2012 financials. "The downgrade reflects our reassessment of Bankrate's management and governance, which we revised to 'weak' from 'fair,'" said Standard & Poor's credit analyst Jawad Hussain. When the SEC and internal investigations were announced in September 2014, S&P's initial expectation was for it to be resolved in a within three to six months and that the company would provide audited and revised financial statements during that time. "The recent SEC filing indicating the company's inability to file its 2014 annual report suggests that the investigation will continue beyond both our initial estimate and the March 31, 2015, initial deadline outlined in the supplemental indenture to the senior notes," said Mr. Hussain. The unreliability of Bankrate's financial statements dating back to 2011 creates uncertainty with respect to its financial metrics. The lack of clarity regarding the investigation's scope and duration creates additional uncertainty about the company's internal controls and financial transparency, which was a determining factor in S&P's revised management and governance assessment. S&P aims to resolve the CreditWatch placement within the next three months, after receiving the results of the SEC investigation and the company's internal review. According to the supplemental indenture to the senior notes, Bankrate's second consent payment to noteholders (which is payable on April 1, 2015) allows the company until May 15, 2015, to deliver full-year audited financial results. If the conclusion of the SEC investigation and subsequent financial restatements results in a material impact on the previous financial statements or significant fines, S&P could lower the ratings further. If the SEC investigation is concluded with minimal impact on the company, S&P could affirm the ratings. On the other hand, if the investigation goes beyond the May 15, 2015, deadline to produce audited financial statements outlined in the supplemental indenture to the senior notes, S&P could also consider suspending the rating until the audited financial statements can be provided. BERNARD L. MADOFF: April 16 Hearing Set for Recovery Agreement -------------------------------------------------------------- Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), filed a motion on March 23 in the United States Bankruptcy Court for the Southern District of New York seeking approval of a recovery agreement with Defender Limited and related entities. Defender was a Madoff feeder fund that deposited its assets with BLMIS. Under the terms of the agreement, the BLMIS Customer Fund will benefit by $93 million, representing 100 percent of the fraudulent transfers and preference payments which the SIPA Trustee sought to recover from Defender. In addition, the SIPA Trustee will allow the Defender BLMIS customer claim in the amount of $522.8 million. Once the claim is allowed, Defender is entitled to catch-up payments from the five interim distributions the SIPA Trustee has made to BLMIS victims to date. Out of these catch-up payments, the first $93 million will be used to pay the amount Defender owes to the BLMIS Customer Fund. As an allowed claimant, Defender will receive future distributions along with all other BLMIS customers with allowed claims who are not yet fully satisfied. The settlement also will further the SIPA Trustee's avoidance and recovery efforts through additional discovery in other adversary proceedings in which the SIPA Trustee is seeking to recover more than a half-billion dollars of customer property. "The SIPA Trustee's settlement with the Defendants will result in a significant, direct monetary benefit for the BLMIS Customer Fund," said Keith R. Murphy, partner at BakerHostetler, the court-appointed counsel to the SIPA Trustee. "This agreement furthers the interest of BLMIS customers by recovering all of the fraudulent transfers and preference payments alleged by the SIPA Trustee, resolving claims between the SIPA Trustee and the Defendants, and avoiding the cost and delay of what could otherwise be lengthy and contentious litigation." One hundred percent of the SIPA Trustee's recoveries will be allocated to the Customer Fund for distribution to BLMIS customers with allowed claims. As of March 23, the SIPA Trustee has recovered or reached agreements to recover approximately $10.64 billion and has distributed more than $7.2 billion, which includes more than $823 million in committed advances from the Securities Investor Protection Corporation (SIPC). The costs associated with the SIPA Trustee's recovery and settlement efforts are paid by SIPC, which administers a fund drawn upon assessments on the securities industry. No fees or other costs of administration are paid from recoveries obtained by the SIPA Trustee for the benefit of BLMIS customers with allowed claims. The SIPA Trustee's motion -- as well as information on overall recoveries to date, ongoing legal actions, settlements, and other issues -- can be found on the SIPA Trustee's website: http://www.madofftrustee.com The Bankruptcy Court will hold a hearing for approval of the settlement motion on April 16, 2015 at 10 a.m. In addition to Mr. Murphy, SIPA Trustee Irving H. Picard and his Chief Counsel, David J. Sheehan, would like to thank SIPC counsel Kevin Bell and Nathanael Kelley who worked on this agreement, as well as the BakerHostetler attorneys who worked on both the Picard v. Defender adversary proceeding as well as the resulting settlement: Oren J. Warshavsky, Frederick W. Chockley III, John J. Burke, Katherine L. McKnight and Dena S. Kessler. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims. The fifth pro rata interim distribution slated of Jan. 15, 2015, totaled $322 million, and brought the amount distributed to eligible claimants to $7.2 billion, which includes more than $823 million in advances committed to the SIPA Trustee for distribution to allowed claimants by the SIPC. As of Nov. 30, 2014, the SIPA Trustee has recovered or reached agreements to recover approximately $10.5 billion since his appointment in December 2008. BLUE DOG AT 399: Case Summary & 5 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Blue Dog at 399 Inc. 2440 Broadway, Suite 280 New York, NY 10024 Case No.: 15-10694 Nature of Business: Restaurant, Catering Chapter 11 Petition Date: March 24, 2015 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. Michael E. Wiles Debtor's Counsel: Paul R. DeFilippo, Esq. WOLLMUTH MAHER & DEUTSCH LLP 500 Fifth Avenue, 12th Floor New York, NY 10110 Tel: (212) 382-3300 Fax: (212) 382-0050 Email: pdefilippo@wmd-law.com Debtor's SEYFARTH SHAW LLP Special Litigation Counsel: Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Elizabeth Slavutsky, sole director and shareholder. A list of the Debtor's five largest unsecured creditors is available for free at http://bankrupt.com/misc/nysb15-10694.pdf BPZ RESOURCES: Employs Houlihan Lokey as Financial Advisor ---------------------------------------------------------- BPZ Resources, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas, Victoria Division, to employ Houlihan Lokey Capital, Inc., as financial advisor and investment banker. The services to be provided by Houlihan Lokey include the following: (a) assisting the Company in the development and distribution of selected information, documents and other materials, including, if appropriate, advising the Company in the preparation of an offering memorandum; (b) assisting the Company in soliciting, coordinating and/or evaluating indications of interest and proposals regarding any Transaction(s) from current and/or potential lenders, equity investors, acquirers and/or strategic partners; (c) assisting the Company with the negotiation of any Transaction(s), including participating in negotiations with creditors and other parties involved in any Transaction(s); (d) providing expert advice and testimony regarding financial matters related to any Transaction(s), if necessary; (e) attending meetings of the Company's Board of Directors, creditor groups, official constituencies and other interested parties, as the Company and Houlihan Lokey mutually agree; and (f) providing other financial advisory and investment banking services as may be required by additional issues and developments not anticipated on the Effective Date. On Dec. 3, 2014, the Company engaged Houlihan Lokey to provide general investment banking and financial advice in connection with the Debtor's attempts to complete a strategic restructuring, reorganization and/or recapitalization of all or a significant portion of the Debtor's outstanding indebtedness, as well as to prepare for the potential commencement of the Chapter 11 case. On March 9, 2015, the Company and Houlihan Lokey amended the terms of the engagement to include services relating to a sale transaction. Prior to the Petition Date and under the terms of the Engagement Agreements, the Debtor paid Houlihan Lokey fees of $600,000, for services rendered, and for reasonable out-of-pocket expenses related thereto of $44,104. The Company has agreed to pay Houlihan Lokey during the Chapter 11 case the following: -- a non-refundable cash fee of $150,000; -- a non-refundable cash fee of $150,000 upon the first monthly anniversary of the effective date and on every monthly anniversary of the effective date during the term of the engagement agreement; -- a cash fee of $1,750,000 upon the earliest to occur of: (i) in the case of an out-of-court restructuring transaction, the consummation of that transaction, and (ii) in the case of an in-court restructuring transaction, the date of confirmation of a plan of reorganization under Chapter 11; -- upon the closing of a financing transaction, other than a debtor-in-possession financing, a cash fee of: (i) 2.0% of the gross proceeds of any indebtedness raised or committed that is senior to other indebtedness of the Company; (ii) 2.5% of the gross proceeds of any indebtedness raised or committed that is secured by a lien, is unsecured, and/or is subordinated; and (iii) 5.0% of the gross proceeds of all equity or equity-linked securities placed or committed; and -- upon the closing of a sale transaction, a cash fee of $1,750,000. In addition to all of the fees, the Debtor will reimburse Houlihan Lokey for its reasonable out-of-pocket expenses. John-Paul Hanson, a managing director of Houlihan Lokey Capital, Inc., assures the Court that his firm is a "disinterested person," as the term is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b), and does not hold nor represent any interest adverse to the Debtor and its estate. Mr. Hanson may be reached at: John-Paul Hanson Managing Director HOULIHAN LOKEY CAPITAL, INC. Tel: (212) 497-4262 About BPZ Resources BPZ Energy -- http://www.bpzenergy.com/-- which trades as BPZ Resources, Inc., under ticker symbol BPZ on the New York Stock Exchange and the Bolsa de Valores in Lima, is an independent oil and gas exploration and production company which has license contracts covering 1.9 million net acres in offshore and onshore Peru. BPZ Resources maintains an office in Victoria, Texas, and through its subsidiaries maintains offices in Lima and Tumbes, Peru and Quito, Ecuador. BPZ Resources sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 15-60016) in Victoria, Texas, on March 9, 2015. The case is pending before the Honorable David R. Jones. The Debtor has tapped Stroock & Stroock & Lavan LLP as bankruptcy counsel, Hawash Meade Gaston Neese & Cicack LLP, as local Texas counsel, Houlihan Lokey Capital, Inc., as investment banker, Baker Hostetler, as the audit committee's special counsel; and Kurtzman Carson Consultants as claims and noticing agent. The Debtor disclosed total assets of $364 million and debt of $275 million. BPZ RESOURCES: Had $108 Million Net Loss in 2014 ------------------------------------------------ BPZ Energy reported a net loss of $107.9 million on $83.9 million in revenue for the year ended Dec. 31, 2014, compared to a net loss of $57.7 million on $50.7 million of revenues in the same period last year. The Company's balance sheet at Dec. 31, 2014, showed $291 million in total assets, $258 million in total liabilities, and stockholders' equity of $33.4 million. BDO USA LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company failed to make a required payment on certain of its outstanding debt obligations subsequent to Dec. 31, 2014, and filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code on March 9, 2015. A copy of the Form 10-K is available at: http://is.gd/9xTs0N About BPZ Resources BPZ Energy -- http://www.bpzenergy.com/-- which trades as BPZ Resources, Inc., under ticker symbol BPZ on the New York Stock Exchange and the Bolsa de Valores in Lima, is an independent oil and gas exploration and production company which has license contracts covering 1.9 million net acres in offshore and onshore Peru. BPZ Resources maintains an office in Victoria, Texas, and through its subsidiaries maintains offices in Lima and Tumbes, Peru and Quito, Ecuador. BPZ Resources sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 15-60016) in Victoria, Texas, on March 9, 2015. The case is pending before the Honorable David R. Jones. The Debtor has tapped Stroock & Stroock & Lavan LLP as bankruptcy counsel, Hawash Meade Gaston Neese & Cicack LLP, as local Texas counsel, Houlihan Lokey Capital, Inc., as investment banker, Baker Hostetler, as the audit committee's special counsel; and Kurtzman Carson Consultants as claims and noticing agent. The Debtor disclosed total assets of $364 million and debt of $275 million. BPZ RESOURCES: Meeting of Creditors Set for May 12 -------------------------------------------------- The meeting of creditors of BPZ Resources Inc. is set to be held on May 12, at 10:00 a.m., according to a filing with the U.S. Bankruptcy Court for the Southern District of Texas. The meeting will be held at Suite 3401, 515 Rusk Avenue, in Houston, Texas. 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 BPZ Resources BPZ Energy -- http://www.bpzenergy.com/-- which trades as BPZ Resources, Inc., under ticker symbol BPZ on the New York Stock Exchange and the Bolsa de Valores in Lima, is an independent oil and gas exploration and production company which has license contracts covering 1.9 million net acres in offshore and onshore Peru. BPZ Resources maintains an office in Victoria, Texas, and through its subsidiaries maintains offices in Lima and Tumbes, Peru and Quito, Ecuador. BPZ Resources sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 15-60016) in Victoria, Texas, on March 9, 2015. The case is pending before the Honorable David R. Jones. The Debtor has tapped Stroock & Stroock & Lavan LLP as bankruptcy counsel, Hawash Meade Gaston Neese & Cicack LLP, as local Texas counsel, Houlihan Lokey Capital, Inc., as investment banker, Baker Hostetler, as the audit committee's special counsel; and Kurtzman Carson Consultants as claims and noticing agent. The Debtor disclosed total assets of $364 million and debt of $275 million. BPZ RESOURCES: Seeks to Tap BakerHostetler as Special Counsel ------------------------------------------------------------- BPZ Resources, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas, Victoria Division, to employ Baker & Hostetler LLP as special counsel. Attorneys at BakerHostetler have served as counsel to the Debtor and its Board of Directors for years, and Debtor wishes to have the firm continue in that role post-petition. The Debtor seeks to retain BakerHostetler to provide services that may become necessary during the course of this case, including, but not limited to, the following: (a) To advise and provide corporate advice to the Debtor as may be necessary and appropriate; (b) To advise the Board and any committees thereof with respect to matters and proceedings in the bankruptcy case; (c) To advise the Board with respect to their duties to the bankruptcy estate and other creditors; (d) To advise and represent the Board with regard to motions and other developments in the bankruptcy case and other related matters; (e) To advise the Board with respect to potential actions and/or claims against the Debtor, third parties and/or insiders of the Debtor; and (f) To advise and represent the Board with regard to the negotiation and confirmation of any plan of reorganization. BakerHostetler has agreed to undertake the matter at the standard hourly rates for its attorneys and paraprofessionals, which range from $350 to $875 per hour. BakerHostetler will also bill the bankruptcy estate for all reasonable and necessary out-of-pocket expenses incurred as permitted by applicable provisions of the Bankruptcy Code, Bankruptcy Rules, and UST Guidelines. The firm has received a retainer of $54,205 to serve as special counsel in this case. Bryce Linsenmayer, a partner at BakerHostetler, in Houston, Texas, assures the Court that his firm does not hold or represent an interest adverse to the Debtor or its estate, and is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Linsenmayer may be reached at: Bryce Linsenmayer, Esq. BAKER & HOSTETLER LLP 811 Main Street Suite 1100 Houston, TX 77002-6111 Tel: (713) 276-1686 Fax: (713) 751-1717 E-mail: blinsenmayer@bakerlaw.com About BPZ Resources BPZ Energy -- http://www.bpzenergy.com/-- which trades as BPZ Resources, Inc., under ticker symbol BPZ on the New York Stock Exchange and the Bolsa de Valores in Lima, is an independent oil and gas exploration and production company which has license contracts covering 1.9 million net acres in offshore and onshore Peru. BPZ Resources maintains an office in Victoria, Texas, and through its subsidiaries maintains offices in Lima and Tumbes, Peru and Quito, Ecuador. BPZ Resources sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 15-60016) in Victoria, Texas, on March 9, 2015. The case is pending before the Honorable David R. Jones. The Debtor has tapped Stroock & Stroock & Lavan LLP as bankruptcy counsel, Hawash Meade Gaston Neese & Cicack LLP, as local Texas counsel, Houlihan Lokey Capital, Inc., as investment banker, Baker Hostetler, as the audit committee's special counsel; and Kurtzman Carson Consultants as claims and noticing agent. The Debtor disclosed total assets of $364 million and debt of $275 million. C WONDER: Authorized to Sell Inventory to Marmaxx Group ------------------------------------------------------- U.S. Bankruptcy Judge Michael B. Kaplan authorized C. Wonder LLC, et al., to sell certain inventory to the MarMaxx Group. The Debtors, in their motion, stated that in addition to liquidating their inventory through the going out of business stores, the Debtors have been soliciting offers for the sale, in bulk, of approximately 70,000 units of inventory consisting of certain apparel and home fashions products. The Debtors contacted several off-price retailers of apparel and home fashions including Burlington Coat Factory and MarMaxx regarding the sale of the inventory. Both Burlington and MarMaxx submitted offers for the inventory. The offer submitted by MarMaxx for the inventory at $5.90 per unit was the highest and best offer received. About C. Wonder Founded by J. Christopher Burch in 2010, C. Wonder is a specialty retailer with retail stores in the United States. With headquarters in New York, the company sells women's clothing, jewelry, shoes, handbags and other accessories as well as select home goods under the C. Wonder brand. The Company maintains two distribution centers in New Jersey. The Company opened its first retail store in New York in 2011. By 2014, the Company had expanded its operations to include 29 locations across 13 states including its flagship location in Soho, New York. Amid mounting losses, C. Wonder closed 16 of its retail stores by the end of 2014. C. Wonder closed 9 additional stores in January 2015. As of the bankruptcy filing, C. Wonder had four retail stores in the U.S. (Soho, Flat Iron, Time Warner Center and Manhasset). C. Wonder LLC and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 15-11127) in Trenton, New Jersey on Jan. 22, 2015. The cases are assigned to Judge Michael B. Kaplan. The Debtors have tapped Cole, Schotz, Meisel, Forman & Leonard, P.A., as counsel, and Marotta, Gund, Budd & Dzera, LLC, as crisis management services provider. As of the Filing Date, the Debtors had assets with a book value of $43.7 million and liabilities of $61.0 million. The U.S. Trustee for Region 3 has appointed three members to the Official Committee of Unsecured Creditors. The Creditors' Committee has tapped Porzio, Bromberg & Newman, P.C., as counsel, and CBIZ Accounting, Tax & Advisory of New York, LLC, as financial advisors. C WONDER: Sells Interest in Soho Section to Landlord for $1.65M --------------------------------------------------------------- U.S. Bankruptcy Judge Michael B. Kaplan entered an order authorizing C. Wonder LLC, et al., to sell their interest in their nonresidential real property lease in the Debtors' flagship location in the Soho section of lower Manhattan in New York City, to Spring Street Co. LLC, through its agent The Propeller Co. ("landlord"). The landlord's offer at $1,650,000 bid was determined as the successful bid at an auction held on March 12, 2015. The Debtors were authorized to sell and assign their interest in the lease pursuant to the terms of the asset purchase agreement dated of March 8, 2015, between landlord and Debtor. Apoposh was approved as the alternate bidder at the sum of $1,600,000. The break-up fee in the amount of $50,000 to Apoposh is approved. On Feb. 18, the Court authorized the Debtors to sell their interest in their nonresidential real property lease at an auction led by Apoposh as stalking horse bidder. Pursuant to the APA with dated Feb. 10, 2015, Apoposh was to open the auction with its offer of $1,200,000. About C. Wonder Founded by J. Christopher Burch in 2010, C. Wonder is a specialty retailer with retail stores in the United States. With headquarters in New York, the company sells women's clothing, jewelry, shoes, handbags and other accessories as well as select home goods under the C. Wonder brand. The Company maintains two distribution centers in New Jersey. The Company opened its first retail store in New York in 2011. By 2014, the Company had expanded its operations to include 29 locations across 13 states including its flagship location in Soho, New York. Amid mounting losses, C. Wonder closed 16 of its retail stores by the end of 2014. C. Wonder closed 9 additional stores in January 2015. As of the bankruptcy filing, C. Wonder had four retail stores in the U.S. (Soho, Flat Iron, Time Warner Center and Manhasset). C. Wonder LLC and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 15-11127) in Trenton, New Jersey on Jan. 22, 2015. The cases are assigned to Judge Michael B. Kaplan. C. WONDER: Consents to H.W.I. Int'l.'s Selling of 2,835 Garments ---------------------------------------------------------------- C. Wonder LLC, et al., and the Official Committee of Unsecured Creditors notified the Bankruptcy Court that they consented creditor H.W.I. International, Inc., to: -- fill the purchase order which it received from the Two Way Streets of Seventh Avenue, the purchaser; and -- ship to the purchaser the 2,385 garments which had been prepared by H.W.I. to be shipped to the Debtor. The Debtor related that they had advised H.W.I. that it does not desire to accept delivery of certain garments (total price $55,159) which were ordered prepetition. In this connection, H.W.I. has received an offer from the purchaser to purchase a portion of the garments which had been ordered by the Debtor prior to the filing. H.W.I. desires to accept the order from the purchaser and to ship to the garments at a total selling price of $7,155. In order to effect the sale, H.W.I. requires the consent and approval of the Debtor to ship such goods to the purchaser with the trade name and trademarks of the Debtor as same have been affixed to the garments. The Debtor and H.W.I. have agreed that the net proceeds of the sale will reduce the dollar amount of the proof of claim to be filed by H.W.I. against the Debtor. The Debtors' attorneys can be reached at: Felice Yudkin, Esq. COLE SCHOTZ, P.C. Office and Post Office Address 25 Main Street Hackensack, NJ 07601 Tel: (201) 489-3000 The Committee's attorneys can be reached at: John S. Mairo, Esq. PORZIO BROMBERG & NEWMAN P.C. Office and Post Office Address 100 South Gate Parkway Morristown, NJ 07962-1997 Tel: (973) 538-4006 About C. Wonder Founded by J. Christopher Burch in 2010, C. Wonder is a specialty retailer with retail stores in the United States. With headquarters in New York, the company sells women's clothing, jewelry, shoes, handbags and other accessories as well as select home goods under the C. Wonder brand. The Company maintains two distribution centers in New Jersey. The Company opened its first retail store in New York in 2011. By 2014, the Company had expanded its operations to include 29 locations across 13 states including its flagship location in Soho, New York. Amid mounting losses, C. Wonder closed 16 of its retail stores by the end of 2014. C. Wonder closed 9 additional stores in January 2015. As of the bankruptcy filing, C. Wonder had four retail stores in the U.S. (Soho, Flat Iron, Time Warner Center and Manhasset). C. Wonder LLC and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 15-11127) in Trenton, New Jersey on Jan. 22, 2015. The cases are assigned to Judge Michael B. Kaplan. The Debtors have tapped Cole, Schotz, Meisel, Forman & Leonard, P.A., as counsel, and Marotta, Gund, Budd & Dzera, LLC, as crisis management services provider. As of the Filing Date, the Debtors had assets with a book value of $43.7 million and liabilities of $61.0 million. The U.S. Trustee for Region 3 has appointed three members to the Official Committee of Unsecured Creditors. The Creditors' Committee has tapped Porzio, Bromberg & Newman, P.C., as counsel, and CBIZ Accounting, Tax & Advisory of New York, LLC, as financial advisors. CAL COMMUNITY COLLABORATIVE: Hiring of Arias and Lockwood Okayed ---------------------------------------------------------------- California Community Collaborative, Inc. sought and obtained permission from the Hon. Christopher M. Klein of the U.S. Bankruptcy Court for the Eastern District of California to employ Christopher D. Lockwood of Arias and Lockwood as special counsel for certain state-court litigation, effective Feb. 23, 2015. Arias and Lockwood will bill the Debtor at its customary hourly rates for professional services rendered. Arias and Lockwood will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher D. Lockwood assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Christopher D. Lockwood, Esq. ARIAS AND LOCKWOOD 355 S. Grand Avenue, Suite 2450 Los Angeles, CA 90071 Tel: (213) 943-1317 About California Community California Community Collaborative filed a Chapter 11 bankruptcy petition (Bankr. E.D. Cal. Case No. 14-26351) on June 17, 2014. Merrell G. Schexnydre, the company's president, signed the petition. The Debtor estimated assets of at least $10 million and liabilities of $1 million to $10 million. The Debtor is represented by Meegan, Hanschu & Kassenbrock. Judge Christopher M. Klein presides over the case. On Jan. 14, 2014, Kristina M. Johnson was appointed the Chapter 11 trustee. CAL DIVE: Hires Carl Marks to Provide Crisis Managers and CRO ------------------------------------------------------------- Cal Dive International, Inc. and its debtor-affiliates seek authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Carl Marks Advisory Group LLC ("CMAG") as crisis managers for the Debtors and appoint F. Duffield Meyercord as chief restructuring officer of the Debtors, nunc pro tunc to March 12, 2015. The Debtors propose to appoint Mr. Meyercord as CRO and to retain CMAG to provide the Additional Personnel on the terms and conditions set forth in the Retention Agreement. Working with the Debtors' senior management team and the Debtors' boards of directors, as well as the Debtors' other professionals, the Engagement Personnel will assist the Debtors in evaluating and implementing strategic and tactical options throughout the chapter 11 process. The Engagement Personnel will support the Debtors in, among other things: (a) managing and coordinating the Debtors' compliance with the milestones set forth in its DIP Facility Agreement, including sales of assets as provided therein; (b) managing the process for the Debtors' engagement of brokers, investment bankers and other professionals in connection with the asset sales; (c) providing comprehensive restructuring advisory and crisis management services; (d) reviewing the Debtors' current financial condition and the related financial projections along with their underlying assumptions, and assisting in preparing financial information for distribution to the Debtors' constituents, the DIP Lenders, and the second lien administrative agent, including, without limitation, cash flow projections and budgets, cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transactions for which the Debtors seek Bankruptcy Court approval; (e) reviewing, analyzing, and, if necessary, assisting in developing cash flow forecasts and liquidity budgets to help manage cash and monitor DIP financing as necessary; (f) advising the Debtors on negotiations with key constituents; (g) assisting in and advising the Debtors in formulating and implementing a cost reduction plan, including actions that may involve operational changes and rejection of executory contracts that may be possible in chapter 11; (h) assisting the Debtors in formulating and negotiating an acceptable chapter 11 plan and preparing a disclosure statement; (i) assisting management in developing presentations regarding the status of restructuring activities and the Debtors' current or future financial performance, as Cal Dive requests; (j) participating in conference calls and attending meetings of Cal Dive's Board of Directors, creditors, or other parties in interest; (k) participating in biweekly conference calls with the Debtors' DIP Lenders and the second lien administrative agent; (l) providing management assistance and/or stepping into certain management or executive roles in the event there are executive departures; (m) assisting in coordinating the Debtors' reporting requirements under their existing debtor-in-possession financing obligations, as requested; (n) providing administrative support for the Debtors' chapter 11 cases and proposed asset sales; (o) providing post-closing support for any potential sales; (p) providing valuation services, as required on a mutually agreeable fee basis, including expert testimony in preparation for contested hearings and trials; and (q) performing such other tasks and duties related to this engagement as are directed by Cal Dive and are reasonably acceptable to CMAG. The terms of the retention of the Engagement Personnel are set forth in detail in the Retention Agreement and are summarized as follows: -- Term. Upon approval by the Court, the Retention Agreement will be deemed to have commenced on March 12, 2015. Either Cal Dive or CMAG may terminate the Retention Agreement for any reason upon 10 business days' written notice to the other party. -- Fees. Cal Dive will pay CMAG a monthly advisory fee of $315,000, prorated to $203,226 for March 2015, and prorated accordingly for the last month of the Retention Agreement, commencing on March 12, 2015, and concluding on the date the Retention Agreement is terminated. Upon this Court's approval of the Retention Agreement, Cal Dive will pay CMAG a $35,000 retainer. -- Expenses. In addition to the fees set forth above, CMAG will bill for reasonable and documented out-of-pocket expenses it incurs in the performance of its duties under the Retention Agreement. -- Indemnification. Cal Dive will indemnify Mr. Meyercord and CMAG personnel solely to the extent indemnification is provided for Cal Dive's other officers and directors as provided for in Cal Dive's corporate bylaws, under applicable state law, and in Cal Dive's existing insurance policies. Carl Marks will also be reimbursed for reasonable out-of-pocket expenses incurred. F. Duffield Meyercord, partner of Carl Marks, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The Court for the District of Delaware will hold a hearing on the application on April 6, 2015, at 10:00 a.m. Objections, if any, are due March 30, 2015, at 4:00 p.m. Carl Marks can be reached at: F. Duffield Meyercord CARL MARKS ADVISORY GROUP LLC 900 Third Avenue 33rd Floor New York, NY 10022 Tel: (212) 909-8400 E-mail: dmeyercord@carlmarks.com About Cal Dive International Cal Dive International, Inc., headquartered in Houston, Texas, is a marine contractor that provides manned diving, pipelay and pipe burial, platform installation and salvage, and light well intervention services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, West Africa, the Middle East, and Europe, with a diversified fleet of dive support vessels and construction barges. Cal Dive had decided not to pay $2.2 million in interest due Jan. 15, 2015, on its 5.00% convertible senior notes due 2017. Cal Dive and its U.S. subsidiaries filed simultaneous voluntary petitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015. Through the Chapter 11 process, the Company intends to sell non-core assets and intends to reorganize or sell as a going concern its core subsea contracting business. The Debtors tapped Richards, Layton & Finger, P.A., as counsel, O'Melveny & Myers LLP, as co-counsel; and Kurtzman Carson Consultants, LLC, as claims and noticing agent. CAMBRIDGE CAPITAL: Marcum Expresses Going Concern Doubt ------------------------------------------------------- Cambridge Capital Acquisition Corporation filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the year ended Dec. 31, 2014. Marcum LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has no present revenue and the Company's cash and working capital as of Dec. 31, 2014 are not sufficient to complete its planned activities for the upcoming year. The Company reported a net loss of $915,000 for the fiscal year ended Dec. 31, 2014, compared with a net loss of $8,300 in the prior year. The Company's balance sheet at Dec. 31, 2014, showed $81.4 million in total assets, $235,000 in total liabilities, $76.2 million in common stock and total stockholders' equity of $5 million. A copy of the Form 10-K is available at: http://is.gd/fmGhFJ Cambridge Capital Acquisition Corp. operates as a blank check company. The company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization and other similar business combination. Cambridge Capital Acquisition was founded on October 1, 2013 and is headquartered in West Palm Beach, FL. CERAMICA AZULEJOS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Ceramica, Azulejos, Terrazos, Inc. dba Losetas El Italiano P.O. Box 4315 Bayamon, PR 00958-4315 Case No.: 15-02085 Chapter 11 Petition Date: March 23, 2015 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Nilda M. Gonzalez Cordero, Esq. GONZALEZ CORDERO LAW OFFICES PO Box 3389 Guaynabo, PR 00970 Tel: 787-721-3437 Email: ngonzalezc@ngclawpr.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million $50 million The petition was signed by Maria Lizbeth Fernandez Santos, secretary. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-02085.pdf CHASSIX HOLDINGS: Has Interim OK to Ink Agreements with Customers ----------------------------------------------------------------- Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York gave Chassix Holdings, Inc., et al., interim authority to enter into accommodation agreements with General Motors LLC, Ford Motor Company, FCS US LLC, f/k/a Chrysler Group LLC, and Nissan North America, Inc. These automakers are among the Debtors' largest OEM customers, according to court papers. The Debtors' contracted programs relate to nearly all of the high volume vehicles produced in North America, including, without limitation: (a) Chrysler: Jeep Grand Cherokee, Chrysler 300, Dodge Challenger, Dodge Charger, Dodge Durango and Dodge Ram; (b) GM: Chevy Cruze, Chevy Malibu, Chevy Impala, Chevy Silverado, GMC Sierra, Chevy Tahoe, GMC Yukon, Cadillac Escalade, GMC Acadia, Buick Enclave, Chevy Corvette, Cadillac SRX, Cadillac XTS and Chevy Traverse; (c) Ford: F-150, Fusion, Explorer, Mustang, Taurus, Edge and Transit; and (d) Nissan: Altima, Maxima, Rogue and Pathfinder. A copy of the Debtors' motion is available for free at http://bankrupt.com/misc/Chassix_Accommodation_Motion.pdf A hearing to consider entry of an order granting the relief in the Motion on a final basis will be held on April 7, 2015, at 11:00 a.m. (Prevailing Eastern Time), and any objections or responses to the Motion must be filed so as to be received no later than March 30. 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 Debtors have tapped Weil, Gotshal & Manges LLP, as attorneys; Lazard Freres & Co, LLC, as investment banker; FTI Consulting, Inc. to provide an interim CFO and additional restructuring services; and Prime Clerk LLC, as claims and noticing agent. CHASSIX HOLDINGS: Has Interim OK to Pay $5MM to Critical Vendors ---------------------------------------------------------------- Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York gave Chassix Holdings, Inc., et al., interim authority to critical vendor claims in an amount not to exceed $5 million. The Debtors are seeking authority, based on their business judgment, to pay critical vendors all or a portion of their critical vendor claim in return for the continued supply of critical goods and supplies (even if not on the customary trade terms). Following an extensive evaluation by the members of the Vendor Contingency Team, the Debtors estimate that the aggregate amount owed to Critical Vendors for goods delivered or services provided during the period before the Commencement Date should not exceed $40 million (the "Critical Vendor Cap"). Of this amount, the Debtors are requesting authority to pay approximately $16 million of Critical Vendor Claims prior to the final hearing. According to the Interim Order, the Debtors are directed to undertake all appropriate efforts to cause the critical vendors, including those with claims under Section 503(b)(9) of the Bankruptcy Code to enter into an agreement in terms favorable to the Debtors. Judge Wiles also gave the Debtors interim authority to (i) pay, perform and honor prepetition tooling and warranty program obligations, and (ii) continue, renew, replace, implement new, and terminate the tooling and warranty programs in the ordinary course of business. The final hearing on the motions will be held on April 7, 2015, at 11:00 a.m. (Eastern Time), and any objections to the final approval of the requests must be received no later than March 30. 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. CHRYSLER GROUP: CEO Testimony Begins Trial Over Boy's Death in Jeep ------------------------------------------------------------------- Mike Spector and Christina Rogers, writing for The Wall Street Journal, reported that Fiat Chrysler CEO Sergio Marchionne said the automaker conducted a "thorough review" of older Jeeps and the design of their fuel tanks is "not a safety defect." According to the Journal, Mr. Marchionne's testimony was given in the trial of a wrongful-death lawsuit over a four-year old boy killed in a rear-end Jeep crash in 2012. Lawyers for the boy's family, which alleges Chrysler was responsible for his wrongful death, played a videotaped deposition of Mr. Marchionne for a jury. About Chrysler Group Chrysler Group LLC, formed in 2009 from a global strategic alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles and products. Headquartered in Auburn Hills, Michigan, Chrysler Group LLC's product lineup features some of the world's most recognizable vehicles, including the Chrysler 300, Jeep Wrangler and Ram Truck. Fiat will contribute world-class technology, platforms and powertrains for small- and medium-sized cars, allowing Chrysler Group to offer an expanded product line including environmentally friendly vehicles. Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter 11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case No. 09-50002). The U.S. and Canadian governments provided Chrysler with $4.5 billion to finance its bankruptcy case. In connection with the bankruptcy filing, Chrysler reached an agreement to sell all assets to an alliance between Chrysler and Italian automobile manufacturer Fiat. Under the terms approved by the Bankruptcy Court, the company formerly known as Chrysler LLC in June 2009, formally sold substantially all of its assets to the new company, named Chrysler Group LLC. In January 2014, the American car manufacturer officially became 100% Italian when Fiat Spa completed its deal to purchase the 40% it did not already own of Chrysler. Fiat has shared ownership of Chrysler with the health care fund of the United Automobile Workers unions since Chrysler emerged from bankruptcy in 209. * * * Standard & Poor's Ratings Services raised its ratings on U.S.- based auto manufacturer Chrysler Group LLC, including the corporate credit rating to 'BB-' from 'B+' in mid-January 2014. The outlook is stable. CTI FOODS: S&P Affirms 'B' Corp. Credit Rating on Better Earnings ----------------------------------------------------------------- Standard & Poor's Ratings Services affirmed all ratings on Idaho-based CTI Foods Holding Co. LLC, including the 'B' corporate credit rating on the company. The outlook is stable. The ratings reflect CTI's narrow product focus, small market position, exposure to volatile commodity/input costs, and high customer concentration, partially offset by its long term relationships with key customers and pass-through pricing mechanisms on the majority of its customer contracts. These factors support S&P's "vulnerable" business risk assessment. The ratings also reflect CTI's financial sponsor ownership and the company's high leverage, with debt to EBITDA of 10.2x. S&P treats the proposed preferred stock units as 100% debt-like under its hybrid capital criteria. Although S&P recognizes the preferred stock provides the company with some financial flexibility, such as no maturity and the ability to accrue its preferential return, S&P treats the preferred units as 100% debt in its financial ratios based primarily on S&P's belief that the preferred units are unlikely to be a permanent part of the company's capital structure. These factors support S&P's "highly leveraged" financial risk assessment. CTI is a small player in the U.S. food-prepared-away-from-home market, and, in S&P's view, has very limited product, geographic, and customer diversity. The company primarily manufactures processed food items for the restaurant industry, including precooked products and uncooked frozen meat products. Many of its products are custom developed to meet specific customer requirements. CTI's pricing structure with the majority of its customers involves pass-through pricing, which reduces its exposure to raw material cost fluctuations. The company has some geographic concentration, focusing its operations in the western and southwestern regions of the U.S. The stable outlook reflects Standard & Poor's expectation that CTI will continue to grow EBITDA with cost savings and customer expansion. CYTORI THERAPEUTICS: KPMG LLP Expresses Going Concern Doubt ----------------------------------------------------------- Cytori Therapeutics filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the fiscal year ended Dec. 31, 2014. KPMG LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has recurring losses from operations, liquidity position, and debt service requirements. The Company reported a net loss of $37.4 million on $4.95 million in revenue for the year ended Dec. 31, 2014, compared to a net loss of $26.2 million on $7.12 million of revenue in the same period last year. The Company's balance sheet at Dec. 31, 2014, showed $38.7 million in total assets, $44.4 million in total liabilities, and a stockholders' deficit of $5.7 million. A copy of the Form 10-K is available at: http://is.gd/drgpTh About Cytori Based in San Diego, California, Cytori Therapeutics (NASDAQ: CYTX) -- http://www.cytori.com/-- is an emerging leader in providing patients and physicians around the world with medical technologies, which harness the potential of adult regenerative cells from adipose tissue. The Company's StemSource(R) product line is sold globally for cell banking and research applications. DENDREON CORP: Ernst & Young Approved as Tax Advisors ----------------------------------------------------- Dendreon Corporation, et al., sought and obtained authority from the U.S. Bankruptcy Court for the District of Delaware to employ Ernst & Young LLP as their tax advisors, nunc pro tunc to the November 10, 2014. Ernst & Young will render various services to the Debtors. A description of each of the Services is summarized: A. Tax Compliance Services; B. Expatriate Tax Services; C. Transfer Pricing Benchmarking Study; D. Project Drone Tax Assistance; E. Georgia Business Tax Credits Services; F. Routine On-Call Advisory Services; G. Access to Audit Work Papers; and H. German Tax Compliance Services. Carl Mackleit, a Partner in Ernst & Young's Seattle office, assures the Court that it is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The Debtors will pay EY LLP of $60,000 for the tax compliance Services, provided that EY receives all information necessary for the completion of the returns (in electronic form, where requested) by June 1, 2015. Additional state returns, if required, will be $1,500 for each state. Additional Forms 5471, if required, will be $1,500 for each form. The rates, by level of tax professional, are: Title Rate Per Hour ----- ------------- National Executive Director/Principal/Partner $930 Executive Director/Principal/Partner $715 to $815 Senior Manager $645 to $670 Manager $540 Senior $395 to $510 Staff $140 to $260 The firm can be reached at: Carl Mackleit Partner Ernst & Young LLP 999 Third Avenue, Suite 3500 Seattle, WA 98104 Telephone: (206) 621-1800 Fax: (206) 654-6330 E-mail: carl.mackleit@ey.com The Court order provides that the firm may apply a $52,017 credit to the fees and expenses it incurred during the period from the petition date through November 29, 2014. Any fees the firm incurred during that period in excess of the $52,017 are waived. The Hon. Laurie Selber Silverstein, who signed the Order, said the firm will not be entitled to indemnification or reimbursement of expenses pursuant to the Engagement Letters unless the indemnification or reimbursement of expenses are approved by the Court. About Dendreon Corp With corporate headquarters in Seattle, Washington, Dendreon Corporation, a biotechnology company focused on the development of novel cellular immunotherapies to significantly improve treatment options for cancer patients. Dendreon's first product, PROVENGE (sipuleucel-T), was approved by the U.S. Food and Drug Administration (FDA) and became commercially available for the treatment of men with asymptomatic or minimally symptomatic castrate-resistant (hormone-refractory) prostate cancer in April 2010. Dendreon is traded on the NASDAQ Global Market under the symbol DNDN. Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy protection (Bankr. D. Del.) on Nov. 10, 2014. The Debtors requested that their cases be jointly administered under Case No. 14-12515. The petitions were signed by Gregory R. Cox, interim chief financial officer and treasurer. Dendreon sought bankruptcy protection after it reached agreements on the terms of a financial restructuring with certain holders of the Company's 2.875% Convertible Senior Notes due 2016 representing 84% of the $620 million aggregate principal amount of the 2016 Notes. The financial restructuring may take the form of a stand-alone recapitalization or a sale of the Company or its assets. The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP, as counsel; Lazard Freres & Co. LLC, as investment banker; AlixPartners, as restructuring advisors; and Prime Clerk LLC as claims and noticing agent. The Debtors disclosed $365 million in total assets and $664 million in total liabilities as of June 30, 2014. The U.S. Trustee for Region 3 appointed three members to the Official Committee of Unsecured Creditors. DORAL FINANCIAL: FDIC Files Statement Regarding Bank Receivership ----------------------------------------------------------------- The Federal Deposit Insurance Corporation, in its capacity as receiver of Doral Bank, filed a statement with the U.S. Bankruptcy Court for the Southern District of New York, saying it is committed to cooperation with Doral Bank's principal affiliate and former equity holder, Doral Financial Corporation, and to transparency to the Bankruptcy Court to the extent it has inquiry. The FDIC adds that in the immediate term it is acting in its capacity as a regulatory agency to enforce its regulatory powers with respect to the orderly closing and resolution of Doral Bank. At present, this includes facilitating the transition of the banking operations, including substantially all of the deposits of Doral Bank, to Banco Popular, and ensuring seamless operation of each of Doral Bank's 26 former branches and continued protection for all depositors throughout the transition. The FDIC is represented by: B. Amon James, Esq., Senior Counsel Nicholas Katsonis, Esq., Counsel FEDERAL DEPOSIT INSURANCE CORPORATION 3501 Fairfax Drive, Room VS-D-7060 Arlington, VA 22226 Tel: (703) 562-2089 Fax: (703) 562-2475 Email: bajames@FDIC.gov nkatsonis@FDIC.gov Counsel to FDIC as receiver to Doral Bank: Christopher K. Kiplok, Esq. Jason C. Benton, Esq. Gabrielle Glemann, Esq. HUGHES HUBBARD & REED LLP One Battery Park Plaza New York, NY 10004-1482 Tel: (212) 837-6000 Fax: (212) 422-4726 Email: chris.kiplok@hugheshubbard.com jason.benton@hugheshubbard.com gabrielle.glemann@hugheshubbard.com -- and -- Scott H. Christensen, Esq. HUGHES HUBBARD & REED LLP 1775 I Street, N.W., Suite 600 Washington, D.C. 20006-2401 Tel: (202) 721-4600 Fax: (202) 721-4646 Email: scott.christensen@hugheshubbard.com 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. DORAL FINANCIAL: Taps Garden City Group as Claims & Noticing Agent ------------------------------------------------------------------ Doral Financial Corporation seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to employ Garden City Group, LLC, as claims and noticing agent. The Claims and Noticing Agent will perform the following tasks: (a) Prepare and serve required notices and documents in the Chapter 11 case in accordance with the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure in the form and manner directed by the Debtor and/or the Court, including (i) notice of the commencement of the Chapter 11 case and the initial meeting of creditors under Bankruptcy Code Section 341(a), (ii) notice of any claims bar date, (iii) notices of transfers of claims, (iv) notices of objections to claims and objections to transfers of claims, (v) notices of any hearings on a disclosure statement and confirmation of the Debtor's plan or plans of reorganization, including under Bankruptcy Rule 3017(d), (vi) notice of the effective date of any plan and (vii) all other notices, orders, pleadings, publications and other documents as the Debtor or Court may deem necessary or appropriate for an orderly administration of the chapter 11 case; (b) Maintain an official copy of the Debtor's schedules of assets and liabilities and statement of financial affairs, listing the Debtor's known creditors and the amounts owed thereto; (c) Maintain (i) a list of all potential creditors, equity holders and other parties-in-interest; and (ii) a "core" mailing list consisting of all parties described in sections 2002(i), (j) and (k) and those parties that have filed a notice of appearance pursuant to Bankruptcy Rule 9010; update said lists and make said lists available upon request by a party-in-interest or the Clerk; (d) Furnish a notice to all potential creditors of the last date for the filing of proofs of claim and a form for the filing of a proof of claim, after such notice and form are approved by the Court, and notify said potential creditors of the existence, amount and classification of their respective claims as set forth in the Schedules, which may be effected by inclusion of such information (or the lack thereof, in cases where the Schedules indicate no debt due to the subject party) on a customized proof of claim form provided to potential creditors; (e) Maintain a post office box or address for the purpose of receiving claims and returned mail, and process all mail received; (f) For all notices, motions, orders or other pleadings or documents served, prepare and file or caused to be filed with the Clerk an affidavit or certificate of service within 7 business days of service which includes (i) either a copy of the notice served or the docket numbers(s) and title(s) of the pleading(s) served, (ii) a list of persons to whom it was mailed (in alphabetical order) with their addresses, (iii) the manner of service, and (iv) the date served; (g) Process all proofs of claim received, including those received by the Clerk's office, check said processing for accuracy, and maintain the original proofs of claim in a secure area; (h) Maintain the official claims register for the Debtor on behalf of the Clerk; upon the Clerk's request, provide the Clerk with certified, duplicate unofficial Claims Register; and specify in the Claims Register the following information for each claim docketed: (i) the claim number assigned, (ii) the date received, (iii) the name and address of the claimant and agent, if applicable, who filed the claim, (iv) the amount asserted, (v) the asserted classification(s) of the claim (e.g., secured, unsecured, priority, etc.), and (vi) any disposition of the claim; (i) Implement necessary security measures to ensure the completeness and integrity of the Claims Register and the safekeeping of the original claims; (j) Record all transfers of claims and provide any notices of such transfers as required by Bankruptcy Rule 3001(e); (k) Relocate, by messenger or overnight delivery, all of the Court-filed proofs of claim to the offices of Claims and Noticing Agent, not less than weekly; (l) Upon completion of the docketing process for all claims received to date for each case, turn over to the Clerk copies of the Claims Register for the Clerk's review; (m) Monitor the Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed, and make necessary notations on and/or changes to the Claims Register; (n) Assist in the dissemination of information to the public, and respond to requests for administrative information regarding this chapter 11 case as directed by the Debtor or the Court, including through the use of a case website and/or call center; (o) If the Chapter 11 case is converted to Chapter 7, contact the Clerk's office within three days of the notice to Claims and Noticing Agent of entry of the order converting the chapter 11 case; (p) Thirty days prior to the close of the Chapter 11 case, to the extent practicable, request that the Debtor submits to the Court a proposed order dismissing the Claims and Noticing Agent and terminating the services of the agent upon completion of its duties and responsibilities and upon the closing of the Chapter 11 case; (q) Within 7 days of notice to Claims and Noticing Agent of entry of an order closing the Chapter 11 case, provide to the Court the final version of the Claims Register as of the date immediately before the close of the Chapter 11 case; (r) At the close of the Chapter 11 case, box and transport all original documents, in proper format, as provided by the Clerk's office, to (i) the Federal Archives Record Administration, located at Central Plains Region, 200 Space Center Drive, Lee's Summit, MO 64064 or (ii) any other location requested by the Clerk's office; and (s) Provide other related claims and noticing services as the Debtor may require in connection with the Chapter 11 case. Garden City will be paid the following hourly rates: Administrative, Mailroom and Claims Control $45 to $55 Project Administrators $70 to $85 Project Supervisors $95 to $110 Graphic Support & Technology Staff $100 to $200 Project Managers and Senior Project Managers $125 to $175 Directors and Asst. Vice Presidents $200 to $295 Vice President $295 Garden City will also be reimbursed for any necessary out-of-pocket expenses. Angela Ferrante, a vice president of Garden City Group, LLC, assures the Court that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Ms. Ferrante may be reached at: Angela Ferrante Vice President, Operations GARDEN CITY GROUP, LLC Tel: (631) 470-1852 Email: angela.ferrante@gardencitygroup.com 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. ERWEE GROUP: Case Summary & Largest Unsecured Creditor ------------------------------------------------------ Debtor: Erwee Group Inc. 211 Riverside Avenue Rialto, CA 92376 Case No.: 15-12812 Chapter 11 Petition Date: March 23, 2015 Court: United States Bankruptcy Court Central District of California (Riverside) Judge: Hon. Mark D. Houle Debtor's Counsel: M Jonathan Hayes, Esq. SIMON RESNIK HAYES LLP 15233 Ventura Blvd., Suite 250 Sherman Oaks, CA 91403 Tel: (818) 783-6251 Fax: (818) 827-4919 Email: jhayes@srhlawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to 1 million The petition was signed by Rafaela Morales, secretary. The Debtor listed Del Toro Loan Servicing as its largest unsecured creditor holding a claim of $163,000. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/cacb15-12812.pdf FEDERATION EMPLOYMENT: Has $10MM Financing From United Jewish ------------------------------------------------------------- Federation Employment & Guidance Service, Inc., asks the U.S. Bankruptcy Court for the Eastern District of New York for approval to obtain secured, superpriority postpetition financing in an aggregate amount not to exceed $10,000,000, of which $5,000,000 will be available on an interim basis, from lender United Jewish Appeal Federation of Jewish Philanthropies of New York, Inc. Access to the DIP Facility and the use of cash collateral is critical and vital to the Debtor's ability to fund its postpetition operating requirements in a manner that will permit the continued safe and orderly transition of its numerous client related services to other providers while preserving the value of its assets. The proceeds of the DIP facility will be used to permit the Debtor to pay its professional staff and other employees in order to provide critical client care, maintain already strained business relationships with vendors and suppliers, purchase new inventory, and otherwise finance its operations. The proposed DIP facility will be a superpriority non-amortizing multiple draw term loan facility in a principal amount of up to $10 million, up to $5 million of which will be made available to the Debtor pursuant to an interim order. The DIP Facility will mature Dec. 31, 2015. The DIP facility will bear interest at 6 percent per annum, with interest rising to 7 percent in an event of default. The DIP Facility will be secured by first priority security interests in and liens and mortgages upon all personal and real property assets of the Debtor, subject only to a care-out for the Debtors' professionals as well as for accrued but unpaid fees of the United States Trustee. In addition, the DIP facility will constitute allowed superpriority administrative expense claims, subject to the carve-out. The DIP Credit Agreement provides certain milestones including with the transfer of the Debtor's behavioral health programs from the Debtor to Jewish Board for Family and Child Services ("JBFCS"). Events of default include: -- failure of the Debtor to file a motion with the Bankruptcy Court by April 30, 2015, seeking approval of the BH Agreement, -- failure of the Bankruptcy Court to enter a final order approving the BH Agreement by May 22, 2015; or -- failure of the BH Agreement to close by June 1, 2015; or -- termination of the BH Agreement for any reason other than JBFCS' default under the terms of the BH Agreement. As reported in the March 23, 2015 edition of the TCR, 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 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. The Lender can be reached at: Irvin A. Rosenthal Chief Financial Officer UJA-Federation of New York 130 East 59th Street New York, NY 10022 E-mail: rosenthali@ujafedny.org The Lender's counsel can be reached at: WEIL, GOTSHAL & MANGES LLP Attn: Stephen Karotkin, Esq. 767 Fifth Avenue New York, NY 10153 E-mail: stephen.karotkin@weil.com 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. FEDERATION EMPLOYMENT: Section 341(a) Meeting Set for April 17 -------------------------------------------------------------- A meeting of creditors in the bankruptcy case of Federation Employment & Guidance Service, Inc. will be held on April 17, 2015, at 10:00 a.m. at Room 561, 560 Federal Plaza, CI, New York. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. About FEGS Established in 1934 amidst the Great Depression, Federation Employment & Guidance Service, Inc. 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. Kristin Woodlock signed the petition as chief executive officer. The Debtor estimated assets and debts of $100 million to $500 million. 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. FEDERATION EMPLOYMENT: Taps JL Consulting as Financial Advisor -------------------------------------------------------------- Federation Employment & Guidance Service, Inc., asks for approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ JL Consulting, LLC, as financial advisor and restructuring advisor, nunc pro tunc to the date of the filing of the case. In consideration of the size, complexity and scope of the various social services provided by the Debtor, the significant regulatory overlay and the enormity of the Debtor's exigent financial circumstances, the Debtor has determined that the services of an experienced restructuring and financial advisor will substantially enhance the Debtor's ability to streamline its restructuring efforts. In the period leading up to the Petition Date, JLC has worked closely with the Debtor's management and other professionals in assisting with the myriad requirements of the Chapter 11 case, including the preparation of necessary cash flows, proposed budgets and balance sheets. The Debtor's prepetition engagement letter, dated Dec. 2, 2014, will continue to govern the Debtor's retention of JLC for the Chapter 11 case. Among other things, JLC will provide assistance to the Debtor with respect to management of the overall restructuring process, including the development of an ongoing liquidity strategy and supporting restructuring negotiations among the Debtor, its advisors and its creditors with respect to an overall exit strategy for the Chapter 11 case. John Lavan is the principal of JLC who is leading the assignment. In accordance with the terms of the Engagement Letter, JLC will continue to receive a monthly retainer of $30,000, against which the JLC professionals will charge their customary hourly billing rates which are as follows: Hourly Rate ----------- John Lavan $600 Maria Arciero $315 In addition, JLC will be reimbursed for the reasonable out-of-pocket expenses of the JLC professionals incurred in connection with this assignment, such as travel, lodging, third party duplications, messenger and telephone charges. As of the Petition Date, JLC has received payment totaling $161,000 for services performed for the Debtor in connection with the filing of the Chapter 11 case, which includes an initial retainer of $30,000. To the best of the Debtor's knowledge, JLC believes it is a "disinterested person" as defined by Sec. 101(14) of the Bankruptcy Code. JLC can be reached at: JL CONSULTING, LLC 149 Windsor Ave. Rockville Centre, NY 11570 Tel: 516 536 3497 Fax: 516 298 2801 - and - 126 Club Course Dr. Hilton Head, SC, 29928 Tel: 843 671 2908 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. GO DADDY: S&P Puts 'B' Corp. Credit Rating on CreditWatch Positive ------------------------------------------------------------------ Standard & Poor's Ratings Services said that it placed all of its ratings on Go Daddy Operating Co. LLC, including the 'B' corporate credit rating, on CreditWatch with positive implications. The CreditWatch placement follows Go Daddy's announcement that it plans to raise at least $396 million through an IPO. From the proceeds, the company will use $315 million to repay existing senior notes, $26 million to pay its private equity sponsors for terminating the transaction and monitoring fee agreement, about $33 million to pay transaction-related expenses. "We believe that the company's financial policy, cash flow generation, and debt leverage will likely improve with the IPO," said Standard & Poor's credit analyst Elton Cerda. Go Daddy has not announced the precise timeline for the IPO, and the amount of equity to be raised is unknown at this point. Based on S&P's estimates, it believes that the company's operating cash flow could exceed $200 million in 2015 due to interest savings and continued strong operating performance. Additionally, S&P estimates that its discretionary cash flow to debt ratio could increase above 11% by the end of 2015. S&P will meet with management to discuss its business outlook, review the new capital structure, and assess its post-IPO financial policy. S&P will likely resolve the CreditWatch placement when the IPO is completed. GT ADVANCED: U.S. Trustee Balks at Payment of Put Option Premium ---------------------------------------------------------------- William K. Harrington, the U.S. Trustee for Region 1, objects to GT Advanced Technologies Inc., et al.'s motion for authorization to pay: -- certain unaffiliated holders of GT convertible notes put option premium equal to 3.0% of the entire committed amount of the $95 million DIP facility; and -- expenses to certain unaffiliated GT Noteholders in connection with debtor-in-possession financing commitment and approving information sharing obligations and indemnity thereunder. According to the U.S. Trustee, the Debtors have lost in excess of $319 million dollars since the cases were filed and now have filed a motion to approve the payment of millions of dollars and fees and expenses for a $95 million DIP facility, whose exact terms have not yet come before the Court, to be heard on extraordinarily short notice. The U.S. Trustee stated that there is no legal basis to award the fees and expenses to individual creditors at this time absent allowance under Section 503(b) of the Bankruptcy Code. DIP Financing Motion In their motion, the Debtors stated that the next phase in their cases was to obtain DIP financing to meet their cash needs while implementing the business plan and formulating a plan of reorganization. GTAT and its advisors have been working since the earliest stages of the cases to obtain DIP financing. Rothschild, Inc., GTAT's financial advisor, contacted forty-nine parties and first distributed non-disclosure agreements to potential DIP lenders on Oct. 7, 2014. Twenty-four parties (inclusive of certain parties' advisors) signed NDAs and were granted access to GTAT's DIP budget and an electronic data room. The put option premium of 3.0% of the DIP financing commitment is fully earned upon the entry of the Commitment Letter Order by the Bankruptcy Court and payable in cash. Commitment Parties: Certain holders of the Borrower's 3.00% Senior Convertible Notes due 2017 and 3.00% Senior Convertible Notes due 2020 and their affiliates that provide commitments to fund the DIP Loans. Lenders: Holders of the Prepetition Convertible Notes will be provided the opportunity to subscribe for a portion of DIP Loans pursuant to procedures reasonably acceptable to the Backstop Lenders and the Borrower. The Backstop DIP Commitments will be reduced ratably upon funding of DIP Loans by a Lender that is not a Backstop Lender. Type, Amount and A term loan facility in the aggregate Maturity: principal amount of $95 million. Amounts paid or prepaid under the DIP Facility may not be reborrowed. The DIP Facility will mature and will be paid in full in cash on the date that is the earliest to occur of (i) the 12 month anniversary of the Closing Date, (ii) the effective date of a chapter 11 plan for the reorganization of the borrower, and (iii) the acceleration of the DIP Loans in accordance with the Definitive Financing Documentation. Upon the Effective Date of a chapter 11 plan, the DIP Facility may be converted into an exit facility on terms and conditions to be agreed upon by the Backstop Lenders and the Borrower and satisfactory to each Backstop Lender in its sole discretion. Liens/Priority subject the DIP Facility will be secured by to the Carve-Out: a first priority perfected lien on all assets of the borrower and the guarantors; provided that the collateral will be subject to permitted Liens and certain exceptions to be mutually agreed (including (x) any equitable claim or other similar claim Tera Xtal Technology Corp. may have against up to 34 ASF furnaces located in Mesa, Arizona, pursuant to the terms of the Dec. 15, 2014 order of the Bankruptcy Court approving the terms of the Apple Settlement, (y) the rights of Meyer Burger Technology AG and its affiliates Diamond Materials Tech, Inc., Meyer Burger, AG, and MBT Systems Ltd. as described in the Dec. 15, 2014 order of the Bankruptcy Court approving the terms of the Apple Settlement and (z) the escrow account created in favor of Kerry Logistics in an approximate amount of $900,000, in each case of (x), (y) and (z), solely upon the entry of a court order providing that such party has a lien or security interest in such assets). Use of Proceeds: The DIP Loans will be available on the closing date of the DIP Facility. Proceeds of the DIP Loans will be used to (i) fund working capital requirements, (ii) pay costs, fees and expenses incurred in connection with the DIP Facility and the transactions contemplated thereby and (iii) pay other costs and expenses with respect to the administration of the cases, in each case, pursuant to the approved budget. Interest Rate: 9.5% per annum payable monthly in cash; 3.0% per annum payable in kind. After the occurrence and during the continuance of an event of default, interest on all DIP Loans and all other outstanding amounts under the Definitive Financing Documentation will bear interest at a rate equal to 3.0% per annum plus the otherwise applicable rate, and such additional default interest will be payable in kind (other than on the Maturity Date). Original Issue Discount: 97% Milestones: The Definitive Financing Documentation will contain only these milestones relating to the cases: -- the Debtors will have filed a plan of reorganization and disclosure statement with respect to the Proposed Plan contemplating a repayment in full in cash of the DIP Facility upon the consummation of such Proposed Plan on or prior to Nov. 30, 2015; -- the Bankruptcy Court will have entered an order approving the Disclosure Statement for the approved plan on or prior to Jan. 8, 2016; -- the Bankruptcy Court will have entered an order confirming the approved plan on or prior to Feb. 15, 2016; and -- the approved plan will have been consummated on or prior to Feb. 28, 2016. About GT Advanced Technologies Headquartered in Merrimack, New Hampshire, GT Advanced Technologies Inc. -- http://www.gtat.com/-- produces materials and equipment for the electronics industry. On Nov. 4, 2013, GTAT announced a multiyear supply deal with Apple Inc. to produce sapphire glass material for use in consumer electronics products. Under the deal, Apple would provide GTAT with a prepayment of approximately $578 million paid in four installments and, starting in 2015, GTAT would reimburse Apple for the prepayment over a five-year period. GT is a publicly held corporation whose stock was traded on NASDAQ under the ticker symbol "GTAT." GTAT was de-listed from the NASDAQ stock exchange in October 2014. As of June 28, 2014, the GTAT Group's unaudited and consolidated financial statements reflected assets totaling $1.5 billion and liabilities totaling $1.3 billion. As of Sept. 29, 2014, GTAT had $85 million in cash, $84 million of which is unencumbered. On Oct. 6, 2014, GT Advanced Technologies and eight affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 14-11916). GT says that it has sought bankruptcy protection due to a severe liquidity crisis brought about by its issues with Apple. The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as attorneys and Kurtzman Carson Consultants LLC as claims and noticing agent. The U.S. Trustee has named seven members to the Official Committee of Unsecured Creditors. The Committee' professionals are Kelley Drye as its bankruptcy counsel; Devine, Millimet & Branch, Professional Association as local counsel; EisnerAmper LLP as financial advisors; and Houlihan Lokey Capital, Inc. as investment banker. GTAT has reached a settlement with Apple. The settlement gives Apple an approved claim for $439 million secured by more than 2,000 sapphire furnaces that GT Advanced owns and has four years to sell, with proceeds going to Apple. In addition, Apple gets royalty-free, non-exclusive licenses for GTAT's technology. GULFPORT ENERGY: S&P Revises Outlook to Pos. & Affirms 'B' CCR -------------------------------------------------------------- Standard & Poor's Ratings Services revised its rating outlook on Oklahoma City-based Gulfport Energy Corp. to positive from stable. At the same time, S&P affirmed its 'B' corporate credit rating on the company. S&P is also affirming the 'B' senior unsecured debt rating. The recovery rating remains '4', indicating S&P's expectation of average (30% to 50%) recovery in the event of default. S&P's recovery expectations are in the upper half of the 30% to 50% range. "The positive outlook reflects our assessment of Gulfport's recent success in increasing production and reserves in the Utica shale," said Standard & Poor's credit analyst Stephen Scovotti. "If Gulfport can continue to increase production and reserves and meet its public production guidance, we could raise the rating over the next 12 months," said Mr. Scovotti. The ratings on Gulfport continue to reflect its geographic concentration in the Utica shale, its falling short of public production forecasts in 2013 and 2014 and its aggressive capital spending over the past few years, which S&P expects to continue at more moderate level. The ratings also reflect the volatility and capital-intensive nature of the oil and gas E&P industry. These weaknesses are partially buffered by a liquids-rich reserve base with significant growth potential in the Utica shale. S&P characterizes Gulfport's business risk as "vulnerable," its financial risk as "significant," and its liquidity as "adequate." The positive outlook reflects the potential for an upgrade if the company is able to continue to increase production and proved reserves in the Utica shale while maintaining appropriate credit metrics. S&P could revise the outlook to stable if the company is unable to increase production and proved developed reserves at the pace S&P expect. S&P could also revise the outlook to stable if the company pursues a move aggressive financial policy, which may include outspending cash flows by more than S&P's expectations or making a debt funded acquisition. S&P could raise the rating due to its assessment of an improvement in the company's business profile and the company's ability to meet its public production guidance while maintaining FFO to debt above 20%. An improvement in the business profile would be due to continued growth in production and proved developed reserves. IXIA: Receives NASDAQ Listing Non-Compliance Notice --------------------------------------------------- Ixia on March 23 disclosed that because the company has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2014 with the Securities and Exchange Commission, on March 19, 2015 the company received a letter from The NASDAQ Stock Market LLC notifying the company that it is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the SEC. The company filed a Form 12b-25 Notification of Late Filing with the SEC on March 2, 2015 reporting that it planned to file the Form 10-K with the SEC within the extension period of 15 calendar days beyond the original due date of March 2, 2015 (i.e., on or before March 17, 2015). The company was, however, unable to file by the extended deadline. The company continues to devote substantial resources to and is far along in the process of completing the Form 10-K. Management does not anticipate that the Form 10-K will reflect any material adjustments to the company's previously announced preliminary financial results for the quarter and fiscal year ended December 31, 2014. The company expects that it will be in a position to complete and file the Form 10-K as soon as (i) the company finalizes its 2014 financial statements and management completes its assessment of the effectiveness of the company's internal control over financial reporting as of December 31, 2014, and (ii) the company's independent registered public accounting firm completes its audit of such financial statements and internal control over financial reporting. As reported in the Form 12b-25, the company expects to disclose in the Form 10-K that its internal control over financial reporting and disclosure controls and procedures were not effective as of December 31, 2014. Nasdaq's letter provides that the company has 60 calendar days from the company's receipt thereof to submit to Nasdaq a plan to regain compliance with the Listing Rule. If such a plan is required as a result of any continuing delay in the filing of the Form 10-K, the company intends to submit such a plan to Nasdaq. About Ixia Ixia (Nasdaq:XXIA) -- http://www.ixiacom.com-- provides application performance and security resilience solutions to validate, secure, and optimize businesses' physical and virtual networks. KALOBIOS PHARMACEUTICALS: E&Y Expresses Going Concern Doubt ----------------------------------------------------------- KaloBios Pharmaceuticals, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the fiscal year ended Dec. 31, 2014. Ernst & Young LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has recurring losses from operations. The Company reported a net loss of $38 million on $nil in revenue for the year ended Dec. 31, 2014, compared to a net loss of $42.0 million on $44 of revenues in the same period last year. The Company's balance sheet at Dec. 31, 2014, showed $43.0 million in total assets, $18.4 million in total liabilities, and stockholders' equity of $24.6 million. A copy of the Form 10-K is available at: http://is.gd/ZOHGlM Based in South San Francisco, Calif., KaloBios Pharmaceuticals, Inc., is a company biopharmaceutical company focused on the development of monoclonal antibody therapeutics. KARMALOOP INC: Proposes $30.9MM DIP Financing From Comvest ---------------------------------------------------------- Karmaloop, Inc. and KarmaloopTV, Inc., ask for approval from the U.S. Bankruptcy Court for the District of Delaware to obtain secured postpetition superpriority financing from its existing prepetition senior secured lenders, and use cash collateral on an interim and final basis pursuant to the terms and condition of a DIP Credit Agreement with, the lender parties Comvest Capital II, L.P., and CapX Fund IV, L.P., and Comvest Capital II, as agent. The Debtors seek authority to borrow up to $30,866,658 under the DIP Facility. The DIP Facility will mature 90 days following the entry of the Interim DIP Order, absent intervening occurrences in the cases or under the terms of the DIP Credit Agreement. As security for the DIP Facility, the Debtors propose to grant the DIP Agent a first-priority lien in all of the Debtor's assets, subject only to a care-out for the Debtors' professionals as well as for accrued but unpaid fees of the United States Trustee. The Debtors also propose to grant the DIP Agent a superpriority administrative claim, subject to the carveout, as further security for the repayment of the advances under the DIP Facility. The DIP facility will bear interest at 12 percent per annum. The facility fees are a closing fee of $150,000, an unused line fee, plus a termination fee of $60,000. All costs and expenses of the DIP Agent and the DIP Lenders' professional fees are to be reimbursement by Karmaloop. The Debtors seek authorization on an interim basis to borrow up to $29,066,658 under the DP Credit Agreement and to remit cash collateral for repayment of amounts outstanding under the Prepetition Credit Agreement pending the final hearing. Prepetition, the Debtors owe Comvest Capital II, L.P., senior secured debt that's secured by a valid first-priority continuing lien on all of the Debtors' assets. The Debtors have two levels of junior secured debt: (i) Eastward Capital Partners V. L.P. provided two loans in the aggregate principal of $10 million, all of which remains outstanding, with Eastward granted a junior all-asset lien by the Debtors; and (ii) there are several junior and subordinated secured lenders that hold a third lien position ($5,000,000 debt to Insight Venture Partners, et al., a $2,762,500 insider secured bridge loans and $7,156,667 non-insider secured bridge loans). Although to the extent Eastward and the Junior Secured Creditors presently hold valid and perfected subordinate liens, and they would retain such liens, immediately prior to and immediately following the Petition Date, the Debtors believe that both Eastward and the Junior Secured Creditors are fully undersecured and, as such, are not entitled to receive adequate protection at this time with respect to such junior liens. About Karmaloop Inc. Karmaloop, Inc., founded in 1999 by Gregory Selkoe, is a cross-platform digital commerce and media property company that specializes in the sale of global streetwear fashion and culture. Karmaloop specializes in the sale of over 400 brands of apparel, shoes and accessories via an e-commerce business model, primarily using the Web site http://wwww.karmaloop.com/ The company has nearly 5 million monthly unique visitors, 2.2 million Facebook followers and 800,000 Twitter followers. On March 23, 2015, Karmaloop, Inc. and KarmaloopTV, Inc. filed voluntary Chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the District of Delaware (Lead Case No. 15-10635). The cases are assigned to Judge Kevin J. Carey. The Debtors tapped Burns & Levinson LLP and Womble Carlyle Sandridge & Rice, LLP as attorneys; CRS Capstone Partners LLC as financial advisor and Capstone's Brian L. Davies, Jr., as restructuring officer; and Omni Management Group, LLC as claims and noticing agent. Karmaloop Inc. estimated $10 million to $50 million in assets and $100 million to $500 million in debt. KARMALOOP INC: Proposes Rust Omni as Claims and Noticing Agent -------------------------------------------------------------- Karmaloop, Inc. and KarmaloopTV, Inc., ask approval from the U.S. Bankruptcy Court for the District of Delaware to employ Rust Consulting Omni Bankruptcy, a division of Rust Consulting, Inc., as claims and noticing agent in the Chapter 11 cases. Rust Omni will assume full responsibility for the distribution of notices and maintenance, processing, and docketing proofs of claim filed in the Chapter 11 cases. The services to be rendered by Rust Omni will be billed at rates ranging from $31.50 to $175.50 per hour, which represents a 10 percent discount off Rust Omnis standard hourly rates. In addition, Rust Omni has agreed to a one $110 rate cap, to be calculated on a quarterly basis. The firm's rates for standard and custom services are: Position Hourly Rate -------- ----------- Clerical Support $31.50 to $45.00 Project Specialist $58.50 to $76.50 Project Supervisors $76.50 to $94.50 Consultants $94.50 to $126.00 Technology/Programming $99.00 to $148.50 Senior Consultants $157.50 to $175.50 Equity Services $202.50 The firm will charge $50.00 per 1,000 e-mails for e-mail noticing, and $0.10 per image for fax noticing. For inputting proofs of claims, the firm will charge at its hourly rates. For data storage, the firm will charge for $.06 per record for over 10,000 records and $0.05 per record for over 100,000 records. With respect to the informational Web site, the firm will charge $63.75 per hour for data entry and $99 to $139.50 per hour for programming and customization. For the preparation of schedules and statements, the firm will charge $58.50 to $175.50 per hour. Prior to the Petition Date, the Debtor provided Rust Omni a retainer in the amount of $15,000. Prior to its selection of Rust Omni, the Debtor obtained and reviewed engagement proposals from at least two other court-approved claims and noticing agent to ensure selection through a competitive process. About Karmaloop Inc. Karmaloop, Inc., founded in 1999 by Gregory Selkoe, is a cross-platform digital commerce and media property company that specializes in the sale of global streetwear fashion and culture. Karmaloop specializes in the sale of over 400 brands of apparel, shoes and accessories via an e-commerce business model, primarily using the Web site http://wwww.karmaloop.com/ The company has nearly 5 million monthly unique visitors, 2.2 million Facebook followers and 800,000 Twitter followers. On March 23, 2015, Karmaloop, Inc. and KarmaloopTV, Inc. filed voluntary Chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the District of Delaware (Lead Case No. 15-10635). The cases are assigned to Judge Kevin J. Carey. The Debtors tapped Burns & Levinson LLP and Womble Carlyle Sandridge & Rice, LLP as attorneys; CRS Capstone Partners LLC as financial advisor and Capstone's Brian L. Davies, Jr., as restructuring officer; and Omni Management Group, LLC as claims and noticing agent. Karmaloop Inc. estimated $10 million to $50 million in assets and $100 million to $500 million in debt. KARMALOOP INC: Secures DIP Financing as Part of 363 Sale Process ---------------------------------------------------------------- Karmaloop Inc., a 15 year-old online retailer specializing in streetwear, action sports and music-inspired clothing for 18-35 year old males, on March 23 disclosed that it has begun a formal restructuring as part of a 363 sale process. The restructuring and new funding provides an opportunity to address existing debt that was incurred to support the launch of four new business divisions and development of television content between 2011 and 2013. Over time, these ventures proved not to be economically feasible and the debt that remained as a vestige of these past efforts was hindering working capital for the core business The main property, Karmaloop.com, has continued to dominate the streetwear space, with more than 500 brands and close to 4 million monthly unique visitors. The Company, subject to court approval, has secured debtor-in-possession "DIP" financing from a lending group led by Comvest Partners to support reorganization efforts and the forthcoming Sec. 363 sale process. The Comvest-led lending group has also submitted an offer to convert a portion of its debt to equity to own the business should no higher or better offer emerge through the Section 363 sale process. Karmaloop has retained retail and consumer products investment bank specialist Consensus to assist in marketing the Company for sale. "Comvest is a big believer in Karmaloop and we are excited to partner with management to restructure and grow the business," said Daniel Lee, Managing Director of Comvest Partners. "The Karmaloop team has built a unique, market-leading platform through its 15-year history, and will now be poised to continue building the company without the strain of debt." Said Karmaloop CEO and Founder Greg Selkoe, "The Karmaloop brand is solid and powerful, we simply have been carrying too much debt from past ancillary business startups that were discontinued. We're excited to be able to restructure Karmaloop to focus on and enhance our core business strategy and continue to execute on our plans for profitability. This restructuring will assist with our strategic move to vendor direct." Karmaloop's eponymous website will continue full operations during this process, as will the Company's wholly-owned European Web site StreetAmmo, the Company's PLNDR division, its off-price members-only sale section, and its Kazbah division, the company's underground brand marketplace. Said Consensus's CEO Michael O'Hara, "Karmaloop provides a buyer with the unique opportunity to immediately gain access to an established online platform with real scale that has an unusually passionate customer base. Karmaloop has few if any direct competitors, and its core demographic is increasingly influential and affluent." Karmaloop filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. The Company received an investment of $3 million led by Comvest Partners along with co-lender CapX Partners to support the restructuring. About Karmaloop Inc. Karmaloop, Inc., founded in 1999 by Gregory Selkoe, is a cross-platform digital commerce and media property company that specializes in the sale of global streetwear fashion and culture. Karmaloop specializes in the sale of over 400 brands of apparel, shoes and accessories via an e-commerce business model, primarily using the Web site http://wwww.karmaloop.com/ The company has nearly 5 million monthly unique visitors, 2.2 million Facebook followers and 800,000 Twitter followers. On March 23, 2015, Karmaloop, Inc. and KarmaloopTV, Inc. filed voluntary Chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the District of Delaware (Lead Case No. 15-10635). The cases are assigned to Judge Kevin J. Carey. The Debtors tapped Burns & Levinson LLP and Womble Carlyle Sandridge & Rice, LLP as attorneys; CRS Capstone Partners LLC as financial advisor and Capstone's Brian L. Davies, Jr., as restructuring officer; and Omni Management Group, LLC as claims and noticing agent. KROGEN KOVE: Case Summary & 12 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Krogen Kove Properties, LLC P.O. Box 579 Natalbany, LA 70451 Case No.: 15-10669 Chapter 11 Petition Date: March 23, 2015 Court: United States Bankruptcy Court Eastern District of Louisiana (New Orleans) Judge: Hon. Elizabeth W. Magner Debtor's Counsel: Frederick L. Bunol, Esq. THE DERBES LAW FIRM, L.L.C. 3027 Ridgelake Drive Metairie, LA 70002 Tel: (504) 837-1230 Fax: (504) 832-0327 Email: fbunol@derbeslaw.com Total Assets: $7.05 million Total Liabilities: $8.24 million The petition was signed by Randolph E. Felder, member. A list of the Debtor's 12 largest unsecured creditors is available for free at http://bankrupt.com/misc/laeb15-10669.pdf LEWIS LUMBER: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Lewis Lumber and Supply, LLC dba Lewis Lighting and Home 718 S East St. Benton, AR 72015 Case No.: 15-11390 Chapter 11 Petition Date: March 23, 2015 Court: United States Bankruptcy Court Eastern District of Arkansas (Little Rock) Debtor's Counsel: Kevin P. Keech, Esq. KEECH LAW FIRM, PA 4800 West Commercial Drive N. Little Rock, AR 72116 Tel: (501) 221-3200 Fax: (501) 221-3201 Email: kkeech@keechlawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gary Keeter, managing member. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/areb15-11390.pdf MANNKIND CORP: Deloitte & Touche Expresses Going Concern Doubt -------------------------------------------------------------- MannKind Corporation filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the fiscal year ended Dec. 31, 2014. Deloitte & Touche LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing the Company's existing cash resources and its operating losses since inception. The Company reported a net loss of $198 million on $nil of revenue for the year ended Dec. 31, 2014, compared to a net loss of $191 million on $nil of revenue in the prior year. The Company's balance sheet at Dec. 31, 2014, showed $394 million in total assets, $468 million in total liabilities, and a stockholders' deficit of $73.8 million. A copy of the Form 10-K is available at: http://is.gd/5hpY3u MannKind Corporation -- http://www.mannkindcorp.com/-- is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutic products for diseases such as diabetes. The Company is a Delaware corporation headquartered in Valencia, California. NATROL INC: Amends Plan to Reduce Initial Equity Distribution ------------------------------------------------------------- Leaf123, Inc., f/k/a Natrol, Inc., and its debtor affiliates amended their joint liquidating plan to, among other things, provide that the initial distribution to holders of equity interests in Leaf123 will be in the amount of $5 million, down from the $10 million proposed under the previous iteration of the plan. The Amended Plan, however, provides that to the extent Claims in the Reserves are resolved, the amount of the distribution to equity holders will be increased in an amount not to exceed $10 million in the aggregate. The Amended Plan provides that equity holders are not voting on the Plan as they are deemed to accept the Plan. The previous iteration included the equity holders among the voting classes. Moreover, the Amended Plan, filed March 20, 2015, provides that the Debtors will establish a General Unsecured Claims Reserve in the aggregate amount of $2.59 million, an Administrative Expense Claims Reserve in the aggregate amount of $280,000, and a Wind-Down Expense Reserve in the aggregate amount of $1.76 million. Furthermore, the Amended Plan provides that nothing in the Plan will be construed as enjoining VRS Chatsworth, LLC, solely with respect to any guaranty obligations from enforcing its rights that may exist between VRS Chatsworth and Plethico India with respect to those leases of real property located in Chatsworth, California, which was assumed by the Purchaser through the sale transaction. The amendments also include the Committee Administration Guidelines and an explanation of reserves as exhibits to the disclosure statement explaining the plan. A black-lined version of the Disclosure Statement for the First Amended Plan, dated march 20, 2015, is available at http://bankrupt.com/misc/NATROLds0320.pdf Nature's Products, Inc., objected to the disclosure statement, complaining that it does not provide accurate information as to the projected distribution to general unsecured creditors and that the disclosure statement inaccurately characterizes general unsecured creditors as unimpaired. NPI is represented by: Thomas J. Francella, Jr., Esq. Stephen B. Gerald, Esq. WHITEFORD TAYLOR & PRESTON LLC The Renaissance Centre 405 North King Street, Suite 500 Wilmington, DE 19801 Tel: (302) 357-3252 Fax: (302) 357-3272 E-mail: tfrancella@wtplaw.com sgerald@wtplaw.com About Natrol, Inc. Headquartered in Chatsworth, Calif., Natrol, Inc., sold herbs and botanicals, multivitamins, specialty and sports nutrition supplements made to support health and wellness throughout all ages and stages of life. Natrol, Inc., was a wholly owned subsidiary of Plethico Pharmaceuticals Limited (BSE: 532739. BO: PLETHICO). Natrol, Inc., and its six affiliates sought bankruptcy protection (Bankr. D. Del. Case No. 14-11446) on June 11, 2014. The case is assigned to Judge Brendan Linehan Shannon. The Debtors are represented by Robert A. Klyman, Esq., and Samuel A. Newman, Esq., at Gibson, Dunn & Crutcher LLP, in Los Angeles, California; and Michael R. Nestor, Esq., Maris J. Kandestin, Esq., and Ian J. Bambrick, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware. The Debtors' Claims and Noticing Agent is Epiq Systems INC. The Debtors requested that the Court approve the employment of (i) Jeffrey C. Perea of the firm Conway MacKenzie Management Services, LLC as chief financial officer and for CMS to provide temporary employees to assist Mr. Perea in carrying out his duties; (ii) Stephen P. Milner of the firm Squar, Milner, Peterson, Miranda & Williamson LLP as chief restructuring officer and for CMS to provide temporary employees to assist Mr. Milner in carrying out his duties; (iv) BDO USA, LLP as auditor; (v) TaxGroup Partners as tax services provider. The Official Committee Of Unsecured Creditors tapped Otterbourg P.C. as lead counsel; Pepper Hamilton LLP as Delaware counsel; and CMAG as financial advisors. On Nov. 10, 2014, the Debtors held an auction for the sale of the assets, and Aurobindo Pharma USA Inc. emerged as the successful bidder. The Court approved the sale and the sale closed on Dec. 4, 2014. The Debtors changed their names to Leaf123, Inc., following the sale. * * * The hearing to consider confirmation of the Debtors' liquidating plan is currently scheduled for May 6, 2015, at 10:00 a.m. (ET). Objections to confirmation are due April 29. NJ HEALTHCARE: Section 341 Meeting of Creditors Set for April 22 ---------------------------------------------------------------- A meeting of creditors of NJ Healthcare Facilities Management LLC has been scheduled for April 22, 2015, at 10:00 a.m. at Suite 1401, One Newark Center. Creditors have until July 21, 2015, to submit their proofs of claim. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. 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 has tapped Anthony Sodono, III, Esq., at Trenk, DiPasquale, Della Fera & Sodono, in West Orange, New Jersey, as counsel. NTELOS HOLDINGS: S&P Lowers CCR to 'B', Off Watch Negative ---------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its corporate credit rating on Waynesboro, Va.-based NTELOS Holdings Corp. to 'B' from 'B+' and removed the ratings from CreditWatch, where S&P had placed them with negative implications on Dec. 3, 2014. The outlook is stable. At the same time, S&P lowered its issue-level rating on NTELOS' senior secured term loan to 'B' from 'B+'. The recovery rating remains '4', indicating S&P's expectation for average (30%-50%; at the higher end of the range) recovery of principal for lenders in the event of a payment default. "The downgrade follows NTELOS' announcement that it will exit the eastern Virginia markets and focus on operations in western Virginia and West Virginia," said Standard & Poor's credit analyst Eric Nietsch. "Although we view the decision as moderately positive in the long term, since the eastern markets have been intensely competitive, we believe the resultant transaction will push leverage above 5x over the next few years." The stable outlook reflects S&P's expectation that leverage will remain below 6x and that FFO to debt will be less than 12%. Although S&P expects the Sprint contract to provide some stability, S&P also expects that the company will face ongoing competitive pressures from other larger wireless carriers. S&P could lower the rating if there is material erosion in the company's retail wireless customer base with no offsetting growth in average revenue per user. For example, competitive pressures along with a reduction in wholesale revenue from Sprint could result in leverage rising above 6x on a sustained basis. S&P believes such a scenario could occur if the consolidated EBITDA margin declined below 25% on a sustained basis. S&P believes an upgrade is unlikely over the next 12 months, given the company's dependence on a single, small, and highly competitive wireless market. NTELOS would need to reduce adjusted leverage to below 5x on a sustained basis, which S&P believes would be challenging. NVA HOLDINGS: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable ----------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' corporate credit rating to NVA Holdings Inc. and withdrew its corporate credit rating on NVA Merger Sub Inc. following its merger into NVA Holdings Inc. The outlook is stable. S&P also affirmed its 'B' issue-level rating on the company's $404 million first-lien term loan and $70 million revolver. The recovery rating is a '3' indicating S&P's expectation of a meaningful (50% to 70%; in the higher end of the range) recovery in the event of payment default. At the same time S&P affirmed its 'CCC+' issue-level rating on NVA's $160 million second-lien term loan. The recovery rating is a '6' indicating a negligible (0% to 10%) recovery in the event of payment default. "The ratings on NVA Holdings reflect our belief that 2015 adjusted leverage will be around 8x, inclusive of the $60 million incremental addition to the first-lien loan and the $73 million shareholder loan issued by NVA's parent company," said Standard & Poor's credit analyst Maryna Kandrukhin. S&P expects leverage will improve to around 7.5x in 2016 but will remain higher than 5.0x over the long-term as the company's acquisition-driven growth strategy and financial sponsor ownership shape NVA's financial policy. In S&P's opinion, financial policy will favor shareholder returns over permanent debt reduction, keeping leverage above 5.0x, despite anticipated EBITDA growth and healthy free operating cash flow generation. This supports S&P's assessment of a highly leveraged financial risk profile. The stable outlook reflects S&P's expectation that NVA will continue generating acquisition-driven double-digit revenue growth and steady EBITDA margins. At the same time, S&P expects the company's aggressive debt-financed growth strategy will enable it sustain leverage above 5.0x through 2015. S&P could lower the rating if the company's revenues decline, contributing to round 500 basis points in EBITDA margin contraction, and resulting in discretionary cash outflows. This would most likely be due to nonaccretive acquisitions. An upgrade is unlikely over the next year given NVA's niche position, high level of adjusted leverage, and track record of using debt to partly fund acquisitions. Over the longer term, S&P could consider an upgrade if the company's financial policy shifts to focus on permanent debt reduction. Currently, S&P believes any debt reduction would be temporary, with additional debt capacity used to fund shareholder friendly initiatives that prevent a sustained improvement in credit metrics. OCATA THERAPEUTICS: BDO USA LLP Express Going Concern Doubt ----------------------------------------------------------- Ocata Therapeutics, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K for the fiscal year ended Dec. 31, 2014. BDO USA LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has suffered recurring losses from operations and has a net capital deficiency. The Company reported a net loss of $34.8 million on $95,400 in revenue for the year ended Dec. 31, 2014, compared to a net loss of $31.02 million on $143,000 of revenue in the same period last year. The Company's balance sheet at Dec. 31, 2014, showed $5.74 million in total assets, $8.47 million in total liabilities, and a stockholders' deficit of $2.74 million. A copy of the Form 10-K is available at: http://is.gd/BoDWzQ About Ocata Marlborough, Mass.-based Ocata Therapeutics, Inc., formerly Advanced Cell Technology, Inc. -- http://www.ocata.com-- is a biotechnology company, engaged in the development and commercialization of human pluripotent stem cell technology in the field of regenerative medicine. OCWEN FINANCIAL: Shrinkage Continues as NYSE Threatens Delisting ---------------------------------------------------------------- Dan Freed, writing for The Deal, reported that Ocwen Financial announced the latest step in its restructuring with the sale of a $25 billion mortgage servicing portfolio to rival Nationstar Mortgage Holdings. According to the report, the sale is one of several steps mortgage debt collector Ocwen is taking to try and right itself following an intense regulatory crackdown that forced the resignation of its de facto leader and caused shares of the once high-flying stock to plummet nearly 80% over the past 12 months. On March 23, the NYSE threatened Ocwen with delisting as it has delayed the filing of its 10-K, and the mortgage debt collector has also been forced to renegotiate terms with lenders, for example to ease restrictions on selling assets, the Deal said. As previously reported by The Troubled Company Reporter, citing Law360, Ocwen retained turnaround shop Moelis & Co. and investment bank Barclays Capital Inc. to explore potential debt adjustments amid revelations that the mortgage servicer would record a potential $420 million non-cash write-off and accelerate its exit from servicing government-backed home loans. * * * The Troubled Company Reporter, on Jan. 29, 2015, reported that Moody's Investors Service has affirmed Ocwen Financial Corporation's Corporate Family Rating at B3; Senior Secured Bank Credit Facility at B3; Senior Unsecured Debt at Caa1, following the developments with respect to Ocwen's settlement with the California Department of Business Oversight (DBO), along with the potential exposure to other investigations, litigation and claims that exist or could be prompted by recent actions taken by regulators and stakeholders. PARK FLETCHER: Hires KC Cohen as Bankruptcy Counsel --------------------------------------------------- Park Fletcher Realty, LLC seeks authorization from the U.S. Bankruptcy Court for the Southern District of Indiana to employ KC Cohen, Lawyer, PC as bankruptcy counsel. The Debtor requires KC Cohen to: (a) give your applicant advice with respect to its duties, powers and responsibilities in this case; (b) investigate and pursue any actions on behalf of the estate in order to recover assets for or best enable this estate to reorganize fairly; (c) represent the Debtor in these proceedings in an effort to maximize the value of the assets available herein, and to pursue confirmation of a successful Plan of Reorganization; and (d) perform such other legal services as may be required and in the interest of the estate herein. KC Cohen will be paid $325 per hour. KC Cohen will also be reimbursed for reasonable out-of-pocket expenses incurred. KC Cohen assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. KC Cohen can be reached at: KC Cohen, Esq. KC COHEN, LAWYER, PC 151 N. Delaware St., Ste. 1106 Indianapolis, IN 46204-2573 Tel: (317) 715-1845 Fax: (317) 916-0406 E-mail: kc@esoft-legal.com About Park Fletcher Realty Park Fletcher Realty, LLC filed a Chapter 11 bankruptcy petition (Bank. S.D. Ind. Case No. 15-00843) on Feb. 15, 2015. The petition was signed by Shawn Williams as managing member. KC Cohen, Esq., at KC Cohen, Lawyer, PC, serves as the Debtor's counsel. The Debtors estimated assets and liabilities of $10 million to $50 million. Judge Jeffrey J. Graham presides over the case. PARK FLETCHER: Taps Richey Mills as Financial Advisor ----------------------------------------------------- Park Fletcher Realty, LLC seeks authorization from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Richey, Mills & Associates, LLP as financial advisor. The Debtor requires Richey Mills to: (a) investigate the financial history of and book keeping for the Debtor and to create financial models to analyze all aspects of its business operations to assist in determining how to re-structure and successfully reorganize; (b) assist in the preparation of interim financial reports, including those required by secured creditors and the monthly operating reports required by the US Trustee; (c) assist the Debtor in finding financing alternatives to its current lender; and (d) perform such other financial advisory as may be required and in the interest of the estate herein without duplicating the effort of Bankruptcy Counsel whose employment is separately sought herein. Richey Mills will be paid at these hourly rates: Kenneth K. Wolff $325 Stan Mills $225 Daniel D. Bowser $225 Richey Mills will also be reimbursed for reasonable out-of-pocket expenses incurred. Richey Mills has requested a retainer of $7,500, and the Debtor has agreed to pay such retainer upon approval of this application. Richey Mills assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. RICHEY, MILLS & ASSOCIATES, LLP 3815 River Crossing Parkway, Suite 170 Indianapolis, IN 46240-7757 Tel: (317) 713-7540 Fax: (317) 713-7541 About Park Fletcher Realty Park Fletcher Realty, LLC filed a Chapter 11 bankruptcy petition (Bank. S.D. Ind. Case No. 15-00843) on Feb. 15, 2015. The petition was signed by Shawn Williams as managing member. KC Cohen, Esq., at KC Cohen, Lawyer, PC, serves as the Debtor's counsel. The Debtors estimated assets and liabilities of $10 million to $50 million. Judge Jeffrey J. Graham presides over the case. PARK MERIDIAN: Files Updated Cash Collateral Budget --------------------------------------------------- Park Meridian, LLC, has filed with the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, an amendment to its cash collateral motion for the purposes of attaching an updated budget. A copy of the cash collateral budget is available is available for free at http://is.gd/Qp6vM4 Park Meridian has sought approval to use cash collateral securing its prepetition indebtedness to meet its ordinary operating expenses. To the extent that the Debtor uses the cash collateral, the Debtor proposes to grant Northside-Rosser Debt Holdings LLC replacement liens in rents generated postpetition of the same kind, extent and priority as those existing prepetition. About Park Meridian Park Meridian owns a commercial building located at 3890 Johns Creek Parkway, in Suwanee, Forsyth County, Georgia. Northside-Rosser asserts a first priority lien on the property and the rents therefrom to secure a claim in the disputed amount of $10,549,229. The Debtor says the property has a market value of at least $11,000,000. Park Meridian sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 15-20447) in Gainesville, Georgia, on March 2, 2015, stating that it was unable to pay its debts as they generally mature. The Debtor is represented by William A. Rountree, Esq., at Macey, Wilensky & Hennings LLC, in Atlanta, Georgia. The Atlanta-based debtor estimated $10 million to $50 million in assets and debt. PETRO RIVER OIL: Reports $1.05-Mil. Net Loss For Q3 Ending Jan. 31 ------------------------------------------------------------------ Petro River Oil Corp. filed its quarterly report on Form 10-Q, disclosing a net loss of $1.05 million on $488,000 of revenue for the three months ended Jan. 31, 2015, compared with a net loss of $1.63 million on $117,713 of revenue for the same period last year. The Company's balance sheet at Jan. 31, 2015, showed $19.06 million in total assets, $1.2 million in total liabilities, and stockholders' equity of $17.9 million. The Company has not generated any significant revenues from ongoing operations and incurred net losses since inception. These matters raise substantial doubt about the Company's ability to continue as a going concern, according to the regulatory filing. A copy of the Form 10-Q is available at: http://is.gd/MS79O0 Houston, Texas-based Petro River Oil Corp. is engaged in the exploration and exploitation of heavy oil properties. It has interests in approximately 115,000 gross acres of oil and gas assets in the Mississippi Lime play, which consist of a 100% interest in 120 oil and gas leases that cover approximately 85,000 gross mineral acres located in various counties in the state of Kansas. PLATTSBURG SUITES: Owners to Stay by Backstopping Payments ---------------------------------------------------------- Plattsburgh Suites, LLC, has proposed a reorganization plan that offers 15 cents on the dollar to unsecured creditors and let current owners retain control of the company. According to the Disclosure Statement, the Debtor proposes to pay all allowed real property taxes in full with statutory interest of 12% on or before Jan. 15, 2020. The Debtor proposes to pay the allowed secured claim of Stabilis Fund II on a 30-year amortization schedule at 4.25%, with a balloon in 10 years. Unsecured creditors will receive 1.5% per year for 10 years for a total distribution of 15%. Insider unsecured creditors will receive 0.5% per year for 10 years for a total distribution of 5%. The current owners of the Debtor will retain 100% membership in exchange for backstopping payments to non-insider unsecured creditors. The Debtor reported gross revenue for the past two years before the bankruptcy filing have been between $2,100,000 and $2,400,000, with operating expenses of approximately $1,200,000.00. The Debtor has also paid bankruptcy fees and other bankruptcy related expenses and is making adequate protection payments. The Debtor believes it will have sufficient revenue to make the proposed Plan payments to Stabilis Fund II and the Taxing Authorities. Unsecured creditor payments total $180,000 per year for non- insiders and approximately $60,000 for insiders. A copy of the Disclosure Statement is available for free at: http://is.gd/jGjA0N About the Debtor Plattsburgh Suites, LLC, owns one parcel of real estate, an off-campus student housing complex adjacent to SUNY Plattsburgh. The property has been in a possession of a receiver since November 2013. Plattsburgh Suites filed for Chapter 11 protection (Bankr. N.D.N.Y. Case No. 15-10077) in Albany, New York, on Jan. 16, 2015. The case is assigned to Judge Robert E. Littlefield Jr. The Debtor has tapped Richard L. Weisz, Esq., at Hodgson Russ LLP, in Albany, New York, as counsel. In its amended schedules, the Debtor disclosed $15.7 million in assets and $32.1 million in liabilities as of the Chapter 11 filing. PLATTSBURG SUITES: Receiver Balks at Bid to Terminate Receivership ------------------------------------------------------------------ Jonathan B. Shultz of Onyx Equities, LLC, the receiver appointed by state court for the property of debtor Plattsburgh Suites, LLC, objected to the Debtor's motion in Bankruptcy Court to terminate the receivership. The Receiver tells the Bankruptcy Court that: (1) he has not failed to pay 2015 real property taxes; (2) he has complied with all provisions of the receiver order; and (3) he has attempted to work closely with the lender and the Debtor. On March 10, 2015, the Debtor filed documents seeking to terminate the state court receivership, obtain an accounting and fee application by the receiver, and turnover of the funds held by the receiver. The Debtor also said it intended to continue to use Unite Realty Management Corp., on the same terms as the receiver did. In a memorandum of law in support of the motion, the Debtor submitted that the receivership is not necessary particularly since the state court receiver has been relying on the Debtor's foreclosure management company to actually manage its facility. Lender Stabilis Fund II, LLC, has objected to the Debtor's motion. About the Debtor Plattsburgh Suites, LLC, owns one parcel of real estate, an off-campus student housing complex adjacent to SUNY Plattsburgh. The property has been in a possession of a receiver since November 2013. Plattsburgh Suites filed for Chapter 11 protection (Bankr. N.D.N.Y. Case No. 15-10077) in Albany, New York, on Jan. 16, 2015, disclosing $32.06 million in liabilities. The case is assigned to Judge Robert E. Littlefield Jr. The Debtor has tapped Richard L. Weisz, Esq., at Hodgson Russ LLP, in Albany, New York, as counsel. In an amended schedules, the Debtor disclosed $15,700,000 in assets and $32,088,977 in liabilities as of the Chapter 11 filing. PLATTSBURGH SUITES: Bid to End Receivership Opposed --------------------------------------------------- Jonathan B. Shultz of Onyx Equities, LLC, the receiver appointed by state court for the property of debtor Plattsburgh Suites, LLC, objected to the Debtor's motion in Bankruptcy Court to terminate the receivership. The Receiver tells the Bankruptcy Court that: (1) he has not failed to pay 2015 real property taxes; (2) he has complied with all provisions of the receiver order; and (3) he has attempted to work closely with the lender and the Debtor. On March 10, 2015, the Debtor filed documents seeking to terminate the state court receivership, obtain an accounting and fee application by the receiver, and turnover of the funds held by the receiver. The Debtor also said it intended to continue to use Unite Realty Management Corp., on the same terms as the receiver did. In a memorandum of law in support of the motion, the Debtor submitted that the receivership is not necessary particularly since the state court receiver has been relying on the Debtor's foreclosure management company to actually manage its facility. Lender Stabilis Fund II, LLC, has objected to the Debtor's motion. About the Debtor Plattsburgh Suites, LLC, owns one parcel of real estate, an off-campus student housing complex adjacent to SUNY Plattsburgh. The property has been in a possession of a receiver since November 2013. Plattsburgh Suites filed for Chapter 11 protection (Bankr. N.D.N.Y. Case No. 15-10077) in Albany, New York, on Jan. 16, 2015. The case is assigned to Judge Robert E. Littlefield Jr. The Debtor has tapped Richard L. Weisz, Esq., at Hodgson Russ LLP, in Albany, New York, as counsel. In its amended schedules, the Debtor disclosed $15,700,000 in assets and $32,088,977 in liabilities as of the Chapter 11 filing. REVSTONE INDUSTRIES: Delaware Court Confirms Chap. 11 Plans ----------------------------------------------------------- Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware on March 23, 2015, confirmed the Joint Chapter 11 Plan of Reorganization of Revstone Industries, LLC, Spara, LLC, Greenwood Forgings, LLC, and US Tool & Engineering, LLC, and the Chapter 11 plan of liquidation of TPOP, LLC, f/k/a Metavation, LLC. Judge Shannon signed the confirmation orders after an overwhelming majority of holders of all classes of claims entitled to vote on the two Plans voted to accept the Plans. Catherine Nownes-Whitaker, an employee of Rust Consulting/Omni Bankruptcy, filed a declaration saying 100% in number and 100% in dollar amount of holders of GUC and PBGC Claims voted to accept the Plan. Prior to the confirmation hearing, TPOP filed plan supplements disclosing the qualifications of, and the proposed compensation for, the Plan Administrator, and the identification of any executory contracts and/or leases to be assumed pursuant to the Plan. All objections and reservation of rights pertaining to confirmation of the Revstone and TPOP Plans that have not been withdrawn, waived, or settled are overruled on the merits. Ascalon Enterprises, LLC, 100% owner and sole member of Revstone and Spara, objected to the confirmation of TPOP's plan, complaining that the injunctions, releases and exculpations of third parties included in the TPOP Plan exceeds the statutory authorization of the Bankruptcy Code. In response to Ascalon's objection, TPOP argued that to the extent Ascalon is challenging not just third-party releases but is also challenging an alleged de facto discharge of claims a liquidating debtor, it has no standing as a non-creditor to make the latter objection. The Revstone Plan also received two objections -- from Ascalon and Medley Capital Corp. -- but the Revstone Debtors argued that these objections should be overruled as they have come to a settlement in principle with Medley and the Ascalon objection is over a narrow release Revstone asserts is appropriate under bankruptcy law, Law360 reported. The Revstone Confirmation Order states that the Plan and the Confirmation Order do not discharge (i) any environmental liability to any governmental unit that is not a claim as defined in Section 101(5) of the Bankruptcy Code; (ii) any environmental claim of any governmental unit arising on or after the effective date; (iii) any environmental liability to any governmental unit on the part of any entity as the owner or operator of property after the effective date; or (iv) any liability to the United States on the part of any person or entity other than the Debtors or Reorganized Debtors. The TPOP Confirmation Order states that the Plan and the Confirmation Order do not reduce any rights or defenses of the TPOP or General Motors LLC including, without limitation, any affirmative DIP Financing Claims and/or Prepetition Credit Agreement Secured Claims. As previously reported by The Troubled Company Reporter, Revstone Industries, LLC, Spara, LLC, Greenwood Forgings, LLC, and US Tool & Engineering, LLC, on Dec. 10, 2014, filed with the Bankruptcy Court a joint Chapter 11 plan and disclosure statement, which incorporate the Bankruptcy Court-approved settlement between the Debtors and each of their respective debtor and non-debtor subsidiaries, except TPOP, LLC, the Pension Benefit Guaranty Corporation, the Official Committee of Unsecured Creditors, and Boston Finance Group, LLC, and a separate intercompany settlement among Revstone and Spara and each of their respective debtor and non-debtor subsidiaries. Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that for Revstone's unsecured creditors with claims ranging from $24.5 million to $41.5 million, the projected recovery is 7.2 percent to 12.2 percent. For unsecured creditors of affiliate Spara LLC, the predicted recovery is about 4.2 percent to creditors with some $13 million in claims, while unsecured creditors of Greenwood Forgings LLC and US Tool & Engineering LLC donâ€™t get anything, the report said. The PBGC is projected for recovery of $77 million, although not less than $75 million, after giving credit to money earmarked for unsecured creditors, the Bloomberg report added. About Revstone Industries, et al. Lexington, Kentucky-based Revstone Industries LLC, a maker of truck parts, filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No. 12-13262) on Dec. 3, 2012. Judge Brendan Linehan Shannon oversees the case. Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Colin Robinson, Esq., at Pachulski Stang Ziehl & Jones LLP represent Revstone. In its petition, Revstone estimated under $50 million in assets and debts. Affiliate Spara LLC filed its Chapter 11 petition (Bankr. D. Del. Case No. 12-13263) on Dec. 3, 2012. Lexington-based Greenwood Forgings, LLC (Bankr. D. Del. Case No. 13-10027) and US Tool & Engineering LLC (Bankr. D. Del. Case No. 13-10028) filed separate Chapter 11 petitions on Jan. 7, 2013. Judge Shannon also oversees the cases. Duane David Werb, Esq., at Werb & Sullivan, serves as bankruptcy counsel to Greenwood and US Tool. Greenwood estimated $1 million to $10 million in assets and $10 million to $50 million in debts. US Tool & Engineering estimated under $1 million in assets and $1 million to $10 million in debts. The petitions were signed by George S. Homeister, chairman. Metavation, also known as Hillsdale Automotive, LLC, joined parent Revstone in Chapter 11 (Bankr. D. Del. Case No. 13-11831) on July 22, 2013, to sell the bulk of its assets to industry rival Dayco for $25 million. Following the sale, Metavation changed its name to TPOP LLC. Metavation tapped Pachulski as its counsel. Pachulski also serves as counsel to Revstone and Spara. Metavation also has tapped McDonald Hopkins PLC as special counsel, and Rust Consulting/Omni Bankruptcy as claims agent and to provide administrative services. Stuart Maue is fee examiner. Mark L. Desgrosseilliers, Esq., Ericka Fredricks Johnson, Esq., Steven K. Kortanek, Esq., and Matthew P. Ward, Esq., at Womble Carlyle Sandridge & Rice, LLP, represent the Official Committee of Unsecured Creditors in Revstone's case. Boston Finance Group, LLC, a committee member, also has hired as counsel Gregg M. Galardi, Esq., and Sarah E. Castle, Esq., at DLA Piper LLP. * * * Revstone Industries, LLC, Spara, LLC, Greenwood Forgings, LLC, and US Tool & Engineering, LLC, on Dec. 10, 2014, filed with the Bankruptcy Court a joint Chapter 11 plan and disclosure statement, which incorporate the Bankruptcy Court-approved settlement between the Debtors and each of their respective debtor and non-debtor subsidiaries, except TPOP LLC fka Metavation, the Pension Benefit Guaranty Corporation, the Official Committee of Unsecured Creditors, and Boston Finance Group, LLC, and a separate intercompany settlement among Revstone and Spara and each of their respective debtor and non-debtor subsidiaries. Under the Plan, Revstone's unsecured creditors with claims ranging from $24.5 million to $41.5 million, the projected recovery is 7.2% to 12.2%. For unsecured creditors of affiliate Spara LLC, the predicted recovery is about 4.2% to creditors with some $13 million in claims, while unsecured creditors of Greenwood Forgings LLC and US Tool & Engineering LLC don't get anything. The PBGC is projected for recovery of $77 million, although not less than $75 million, after giving credit to money earmarked for unsecured creditors. Judge Shannon on Jan. 15, 2015, approved the disclosure statement explaining the Chapter 11 Plan and scheduled the confirmation hearing to commence on March 5, 2015, at 10:00 a.m. (prevailing Eastern time). Plan votes are due Feb. 20. Objections are also due Feb. 20. Blacklined versions of the Plan and Disclosure statement are available at http://bankrupt.com/misc/REVSTONEplan0114.pdf SARKIS INVESTMENTS: Judge Approves Wells Fargo Deal to Lift Stay ---------------------------------------------------------------- U.S. Bankruptcy Judge Robert Kwan approved an agreement that would allow Wells Fargo Bank N.A. to foreclose on a property in California. The agreement between Sarkis Investments Company LLC and Wells Fargo terminates the automatic stay with respect to the property located at 130 Spinnaker Cove, in Hercules, California. The automatic stay is an injunction that halts actions by creditors against a company in bankruptcy protection. Sarkis Investments asserts no interest in the property, which was transferred to the company without its knowledge, according to court filings. About Sarkis Investments Company, LLC Sarkis Investments Company, LLC, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 13-29180) on July 29, 2013. Sarkis owns and leases several parcels of commercial real property in Ontario, California: 3550 Porsche Way; 3640 Porsche Way; 3660 Porsche Way; 3700 Inland Empire Blvd; and 3760 Inland Empire Blvd. Judge Robert Kwan presides over the case. Pamela Muir signed the petition as manager. The Debtor estimated assets and debts of at least $10 million. Ashley M. McDow, Esq., at Baker & Hostetler, LLP, serves as the Debtor's counsel. Patrick Galentine was appointed by a state court as receiver for the Debtor's assets. The receiver is represented by Reed Waddell, Esq., at Frandzel Robins Bloom & Csato, LC. MSCI 2007-IQ13 Ontario Retail Limited Partnership, which initiated the receivership proceedings against Sarkis in state court, is represented by Ron Oliner, Esq., at Duane Morris LLP. In April 2014, the Debtor filed a Second Amended Reorganization Plan and disclosure statement. The Debtors seeks to accomplish payments under the plan by paying creditors on account of their allowed claims in full over time from cash flows generated from future operations or the proceeds from the sale of the Company or the properties. SARKIS INVESTMENTS: Signs Agreement With Wells Fargo to Lift Stay ----------------------------------------------------------------- Sarkis Investments Company LLC signed an agreement with Wells Fargo Bank N.A. that would allow the bank to foreclose on a real property in California. The agreement, which is subject to court approval, terminates the automatic stay with respect to the property located at 83 Castillejo Drive, in Daly City, California. The automatic stay is an injunction that halts actions by creditors against a company in bankruptcy protection. Sarkis Investments does not have ownership interest in the property. Title to the property was reportedly transferred to the company without its knowledge, according to court filings. About Sarkis Investments Company, LLC Sarkis Investments Company, LLC, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 13-29180) on July 29, 2013. Sarkis owns and leases several parcels of commercial real property in Ontario, California: 3550 Porsche Way; 3640 Porsche Way; 3660 Porsche Way; 3700 Inland Empire Blvd; and 3760 Inland Empire Blvd. Judge Robert Kwan presides over the case. Pamela Muir signed the petition as manager. The Debtor estimated assets and debts of at least $10 million. Ashley M. McDow, Esq., at Baker & Hostetler, LLP, serves as the Debtor's counsel. Patrick Galentine was appointed by a state court as receiver for the Debtor's assets. The receiver is represented by Reed Waddell, Esq., at Frandzel Robins Bloom & Csato, LC. MSCI 2007-IQ13 Ontario Retail Limited Partnership, which initiated the receivership proceedings against Sarkis in state court, is represented by Ron Oliner, Esq., at Duane Morris LLP. In April 2014, the Debtor filed a Second Amended Reorganization Plan and disclosure statement. The Debtors seeks to accomplish payments under the plan by paying creditors on account of their allowed claims in full over time from cash flows generated from future operations or the proceeds from the sale of the Company or the properties. SHALE HOLDINGS: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Shale Holdings, Inc. 561 Chestnut Street Dunmore, PA 18512 Case No.: 15-01121 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: March 23, 2015 Court: United States Bankruptcy Court Middle District of Pennsylvania (Wilkes-Barre) Judge: Hon. John J Thomas Debtor's Counsel: Mark J. Conway, Esq. LAW OFFICES OF MARK J CONWAY, P.C. 502 South Blakely Street Dunmore, PA 18512 Tel: 570 343-5350 Fax: 570 343-5377 Email: MJC@mjconwaylaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Joseph D. Palko, president. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. SHIROKA DEVELOPMENT: Sale of Property to Fund Plan -------------------------------------------------- Shirokia Development, LLC, has a Chapter 11 plan that will be funded with the net proceeds from the refinance or sale of the Debtor's property. The Debtor will market the Property and, subject to Bankruptcy Court approval, engage a real estate broker to assist in such efforts, in order to refinance or sell and liquidate the Property for the highest and best price on or before the Sale Closing Date. Upon Closing, the proceeds of sale shall be distributed to holders of Claims and interests. At an auction, 38 AR will be entitled to and have the absolute right to credit bid the full amount of its secured claim. The Debtor will have the absolute right, through refinance, sale or otherwise, to satisfy the 38 AR Allowed Secured Claim at any time, up to the commencement of the auction. In the event that the Debtor satisfies the claim in full prior to the auction, the auction shall be deemed canceled. A copy of the Second Amended Disclosure Statement filed in support of its Second Amended Reorganization Plan dated March 9, 2015, is available for free at http://is.gd/QXucnn About Shirokia Shirokia Development, LLC, a real property owner in Flushing, New York, currently being controlled by a receiver, filed a Chapter 11 bankruptcy petition in Manhattan, on Aug. 12, 2014. Hong Qin Jiang signed the petition as authorized individual. The Debtor disclosed, in an amended schedules total assets of $28.4 million and total liabilities of $16.8 million. The Debtor has tapped Dawn Kirby Arnold, Esq., at DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, as counsel. SHIROKIA DEVELOPMENT: Taps Besen & Associates to Sell NY Property ----------------------------------------------------------------- Shirokia Development LLC filed with the U.S. Bankruptcy Court an agreement with Besen & Associates, Inc., which provides that Besen will have an exclusive right until March 31, 2015, to sell, net lease or otherwise dispose of all or any portion of the real property and air rights at 42-28 38th Avenue Flushing, New York. The Debtor said that the asking price for the property will be $24,750,000. Besen will receive a commission equal to 5 percent of the purchase price of the property, to be paid upon the occurrence of any of these: 1. The property is sold or otherwise conveyed during the term by Besen or seller, or any other person or entity; or 2. A buyer is procured during the term who is ready, willing and able to purchase the property on the terms and conditions acceptable to the seller and if the title subsequently does not close due to the willful default of the seller; or 3. A sale, exchange or other conveyance of the property is made within one year after the expiration of the term to a person or entity with whom Besen has negotiated with. About Shirokia Shirokia Development, LLC, a real property owner in Flushing, New York, currently being controlled by a receiver, filed a Chapter 11 bankruptcy petition in Manhattan, on Aug. 12, 2014. Hong Qin Jiang signed the petition as authorized individual. The Debtor disclosed, in an amended schedules total assets of $28.4 million and total liabilities of $16.8 million. The Debtor has tapped Dawn Kirby Arnold, Esq., at DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, as counsel. SHOTWELL LANDFILL: SCG Won't Waive Poyner Spruill Conflict ---------------------------------------------------------- LSCG Fund 18, LLC, filed a limited objection to Shotwell Landfill, Inc., et al.'s application to employ Keith H. Johnson and Poyner Spruill LLP as special counsel. LSCG noted that that Poyner Spruill is employed by affiliate companies of LSCG to perform work unrelated to the bankruptcy case. LSCG agreed to waive the conflict only if the parties executed a settlement agreement pursuant to the settlement term sheet. LSCG noted that almost four months after the agreement to settle, the parties have not executed a settlement agreement and at this time, LSCG does not waive the conflict. The Debtors tapped the special counsel to provide advice relating to regulatory provisions in the Debtor's Settlement Agreement with LSCG. Mr. Johnson has been with the firm located at 301 Fayetteville Street, Suite 1900, Raleigh, North Carolina, and his hourly rate is $440. Mr. Johnson and the firm have performed legal work related to permit and franchise compliance and regulatory issues for the Debtor for a number of years. About Shotwell Landfill Raleigh, North Carolina-based Shotwell Landfill, Inc., and its affiliates filed Chapter 11 bankruptcy petitions (Bankr. E.D.N.C. Lead Case No. 13-02590) in Wilson on April 19, 2013. Blake P. Barnard, Esq., William P. Janvier, Esq., and Samantha Y. Moore, Esq., at the Janvier Law Firm, PLLC, in Raleigh, N.C., serve as the Debtors' counsel. William W. Pollock, Esq., at Ragsdale Liggett PLLC, in Raleigh, N.C., is the special counsel. Shotwell Landfill appointed Doug Gurkins as restructuring officer. Shotwell, in its amended schedules, disclosed $23.2 million in assets and $10.05 million in liabilities. * * * Judge Stephani W. Humrickhouse has terminated the exclusivity period within which the affiliate debtors of Shotwell Landfill Inc., may file a chapter 11 plan and disclosure statement. On August 25, 2014, secured creditor LSCG Fund 18, LLC, filed with the Bankruptcy Court a Second Amended Consolidated Chapter 11 Plan of Liquidation for Shotwell Landfill et al. The Plan states that the Debtors' creditors are best served if the landfill located at 4724 Smithfield Road, Wendell, North Carolina 27591, and all of the Debtors' property are managed, marketed, and liquidated. Within six months of the confirmation date (or at a later time as a liquidation trustee will determine only after consultation and approval by LSCG and the Unsecured Creditors' Committee), the Liquidation Trustee will conduct an auction of the property, including the Landfill. SOBELMAR ANTWERP: Court Grants Interim Relief Request ----------------------------------------------------- Sobelmar Antwerp on March 24 disclosed that, in connection with its Chapter 11 proceedings in Hartford, Connecticut, the Court has granted all of the interim relief that Sobelmar requested. This includes for the M/V Brasschaat, the M/V Vyritsa, the M/V Kovdor and the M/V Zarachensk: -- The right to continue to operate and pay all voyage and operating expenses in the ordinary course -- The right to continue to pay employees and crew in the ordinary course -- The right to continue all cash management procedures in the ordinary course -- The right to continue to maintain all insurance in the ordinary course According to a spokesperson for Sobelmar, "It is business as usual for our vendors, customers and charter parties. We have been authorized to continue to pay all of our operating expenses in the ordinary course of business and to honor all of our existing and new charter commitments without risk of business interruption or vessel arrest. We thank our many industry friends for their continuing business with us as we move forward towards a speedy emergence from Chapter 11 as an even stronger business for many years to come." Here is a list of answers to "frequently answered questions". Why did Sobelmar file for Chapter 11? Despite our success over the past several years in implementing our business plan and our continued servicing of our vessel debt service, we were unable to reach an agreement concerning our future debt repayments. We believe that the Chapter 11 process will help facilitate a restructuring, which is designed to continue Sobelmar as a strong, profitable shipping business. We are already working closely with our vessel lender and are confident that the process will be successful and we will emerge as an even stronger, more competitive company. Can charter customers be confident to continue chartering Sobelmar's vessels and that there will be no delays or complications with respect to the shipping and delivery of their cargo? Absolutely. Our Chapter 11 restructuring is the result of our debt repayment schedule, not any defaults or difficulties with respect to vessel charters or the timely of vessel cargoes. Our vessel operations remain "business as usual" and we look forward to continuing our excellent relationships with our charter parties and our cargo customers. How are charter customers protected from potential vessel arrests and other possible interruptions in service? You are protected in two critical ways. First, Chapter 11 serves as an "automatic stay" of any creditor enforcement actions, meaning the US Court has issued an order with worldwide effect that prevents persons from arresting our vessels or disrupting our services. Second, because the US Court has authorized us to continue to pay our suppliers, vendors, port charges and other operating expenses in the ordinary course of business, and because we are also authorized to continue to maintain all necessary insurance coverage and class and other certifications, there is no basis for any person to seek to arrest our vessels or disrupt our services even if they were not prevented from doing so by Chapter 11. Will suppliers continue to be paid for goods and services provided after the Chapter 11 filing? Absolutely. US law gives administrative priority to payments for goods and services received after the Chapter 11 filing and Sobelmar is both fully able to and completely committed to paying its suppliers and other operating expenses in the ordinary course of business. What about unpaid supplier invoices for goods and services provided before Sobelmar filed for Chapter 11 reorganization? Sobelmar greatly values our excellent relationships with our vendors and charter parties and with the full cooperation of our lender, Sobelmar has already obtained approval from the US Court to pay our pre-Chapter 11 invoices in the ordinary course of business on ordinary credit terms. Does Sobelmar have enough cash to stay in business? Absolutely. We already have a consensual agreement in place with our lender that has received approval from the US Court to continue in the ordinary course to pay employees and crew, to maintain all insurance and to continue to operate and pay all operating expenses -- all without the need to borrow any new funds. So what does Sobelmar intend to accomplish through its Chapter 11 filing? Sobelmar has been in business for more than 20 years and, through our Chapter 11 filing, we intend to continue to remain in business as an even stronger, more competitive industry participant. We thank all of our charter customers, vendors, suppliers, employees and crew for their support and look forward to continuing our relationships with them for many years to come. Sobelmar's principal legal advisor for the restructuring process and Chapter 11 proceedings is Bracewell & Giuliani LLP, with the Hamburg-based Falkenberg Law Office continuing to provide normal course corporate and maritime legal services. Sobelmar's financial advisor is Odinbrook Global Advisors LLC. 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. STANDARD REGISTER: April 1 Hearing on Bidding Procedures -------------------------------------------------------- The Standard Register Company, et al., are slated to appear before the U.S. Bankruptcy Court for the District of Delaware on April 1, 2015 at 10:00 a.m. to seek approval of proposed procedures in connection with a sale process where a group led by Silver Point Capital, L.P., would serve as stalking horse bidder. As aggregate consideration, the Silver Point group is offering $275,000,000, which includes an estimated cash component of $130,000,000 and an estimated initial credit bid of $113,000,000. Objections to the proposed bidding procedures are due March 25, 2015 at 4:00 p.m. Due to the Debtors' severe liquidity constraints, Debtors and investment banker Lazard Middle Market LLC did not engage in a complete pre-filing marketing process of the Debtors' business However, the Debtors and Lazard were approached by several potential strategic buyers that expressed an interest in evaluating the transaction. Following negotiations, the Debtors executed an Asset Purchase Agreement, dated as of March 11, 2015, to sell the assets to a group led by an affiliate of Silver Point Capital, as the buyer and stalking horse bidder, subject to higher and better offers. The entity formed by the Silver Point group -- Standard Acquisition Holdings, LLC -- has agreed to purchase substantially all of the Debtors’ assets in exchange for aggregate consideration in amount of approximately $275,000,000, which includes the assumption of the assumed liabilities. It is contemplated that the Debtors' prepetition first lien lenders will satisfy a substantial portion of the purchase price by a credit bid of the obligations under the Prepetition First Lien Credit Agreement. Pursuant to First Lien Credit Agreement, dated Aug. 1, 2013, with Silver Point Finance LLC, as agent, the Debtors owe an aggregate principal amount of $115.4 million on a term loan (the "First Lien Debt") secured by a first priority security interest in the Debtors' owned real property. The Debtors propose to solicit bids for the assets. The Debtors intend to conduct an auction in a controlled, fair and opening manner to enable the Debtors to select the highest or otherwise best offer for the assets. The Debtors propose these procedures: -- Objections, if any, to the sale of the assets to the Silver Point Group must be filed and served by May 21, 2015 at 4:00 p.m. (prevailing Eastern Time); -- Interested parties must submit initial bids on or before June 1, 2015 at 5:00 p.m. (prevailing Eastern Time); -- If no qualified bids are received by the bid deadline, the sale hearing to approve the sale of the assets to the Silver Point Group will be held on June 4, 2015; -- To the extent that the Debtors received qualified bids, an auction will take place on June 8, 2015 at 10:00 a.m. (prevailing Eastern Time) at the offices of counsel for the Debtors, Gibson, Dunn & Crutcher LLP, 200 Park Avenue, New York, NY 10166; -- Objections, if any, to the selection of the successful bidder (if not the Silver Point Group) or to the conduct of the auction must be filed and served by June 10, 2015 at 4:00 p.m. (prevailing Eastern Time); and -- If there is an auction, the sale hearing to approve the sale of the assets to the successful bidder will be held on June 12, 2015. In the event the Debtors close the sale with another party, the Debtors propose to grant the Silver Point Group a break-up fee in the amount of 2% of the Purchase Price, and reimbursement of its actual and reasonable expenses, including attorney's fees, in an amount not to exceed 1.5% of the Purchase Price. A copy of the Bidding Procedures Motion is available for free at: http://bankrupt.com/misc/SRC_Sale_Motion.pdf Silver Point is represented by: Ron E. Meisler, Esq. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 155 N. Wacker Dr., Suite 2700 Chicago, IL 60606 E-mail: ron.meisler@skadden.com -- and -- Sarah E. Pierce, Esq. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP One Rodney Square 920 N. King Street Wilmington, DE 19801 E-mail: sarah.pierce@skadden.com About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. STANDARD REGISTER: Can Tap Prime Clerk as Claims & Noticing Agent ----------------------------------------------------------------- The Standard Register Company, et al., obtained authority from the U.S. Bankruptcy Court for the District of Delaware 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. Although the Debtors have not yet filed their schedules of assets and liabilities, they anticipate that there will be in excess of 50,000 entities to be noticed. Prime Clerk will provide services on an as-needed basis and upon request or agreement of the Company, in each case in accordance with the rate structure. The rate structure was not included in the engagement agreement that was submitted to the bankruptcy court. Prior to the Petition Date, the Debtors provided Prime Clerk a retainer in the amount of $35,000. The claims agent can be reached at: PRIME CLERK LLC 830 3rd Avenue, 9th Floor New York, NY 10022 Attn: Shai Waisman Tel: (212) 257-5450 E-mail: swaisman@primeclerk.com About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company sought Chapter 11 protection (Bankr. D. Del. Case No. 15-10541) on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The Debtors have tapped Young Conaway Stargatt & Taylor LLP as counsel, and Prime Clerk LLC as claims agent. STANDARD REGISTER: Files First Omnibus Motion to Reject Leases -------------------------------------------------------------- Judge Brendan L. Shannon will convene a hearing on April 13, 2015 at 10:00 a.m. to consider approval to The Standard Register Company, et al.'s first omnibus motion for an order authorizing rejection of certain unexpired leases. Following Standard Register's acquisition of WorkflowOne, LLC, in 2013, the Debtors commenced a restructuring process to streamline their operations and to implement various savings and efficiency initiatives, including the consolidation of facilities and warehouses. Certain leased properties were vacated in the course of this restructuring process. Because the Debtors no longer occupy and use these properties, the Debtors seek the Court's authorization to reject, nunc pro tunc to the Petition Date, the currently unexpired lease agreements related thereto: * 60 Walnut Ave., Suite 310 Clark, NJ 07066; Lease Term Expiration: 7/31/2015; Monthly Expense: $6,328; Landlord: TAK Realty and Investment, LLC ; * 13545 Barrett Parkway, Ste. 350, St. Louis, MO 63021; Lease Term Expiration: 7/31/2015; Monthly Expense: $4,339; Landlord: BWC Exchangepoint LLC c/o Solon Gershman Inc.; * 2 International Dr., Ste. 306 Nashville, TN 37217; Lease Term Expiration: 9/30/2015; Monthly Expense: $3,585; Landlord: MPC Holdings, LLC; * 1609 S. Bluebell Rd. Brenham, TX 77833; Lease Term Expiration: 1/31/2016; Monthly Expense: $16,500; Landlord: Rita Blumenfeld; * 1-5 Sassacus Dr. Westborough, MA 01581; Lease Term Expiration: 3/30/2016; Monthly Expense: $79,772; Landlord: The Realty Associates Fund IX; * 2481-B 152nd Ave. Redmond, WA 98052; Lease Term Expiration: 5/31/2016; Monthly Expense: $2,727; Landlord: PS Business Parks; and * 1650 Westfork Dr., Ste. 101-108 Lithia Springs, GA 30057; Lease Term Expiration: 2/28/2016; Monthly Expense: $28,666 Landlord: ProLogis Trust. As part of their cost-cutting, restructuring and consolidation efforts, the Debtors have decided that they will no longer need and can no longer afford to support the costs of the Vacant Leases on a going-forward basis. Objections to the First Omnibus Motion are due by March 27, 2015. About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. STANDARD REGISTER: Has Interim Approval of Equity Trading Protocol ------------------------------------------------------------------ The Standard Register Company, et al., obtained interim authority from the U.S. Bankruptcy Court for the District of Delaware to establish notification procedures for dispositions of, or claims of worthless stock deductions with respect to, Standard Register stock. The Debtors have incurred significant net operating losses ("NOLs"), in the recent past. The Debtors' NOLs available to be utilized are currently estimated to be $100.4 million for 2001 through 2013, plus $50 million for 2014, which are collectively worth significant potential future income tax savings based on the Debtors' 35% federal corporate tax rate. Additional state tax savings may also be available by utilizing the Debtors' corresponding state NOLs. Because an "ownership change" may negatively impact the Debtors' utilization of their NOLs, the Debtors proposed these procedures: * Any "substantial shareholder" -- any (a) entity with Beneficial Ownership of at least 378,014 shares of Standard Register's Common Stock (i.e., approximately 4.5% of the outstanding 8,400,320 shares of Common Stock), or (b) entity with Beneficial Ownership of any shares of Standard Register's Class A Stock -- must serve and file a declaration on or before the later of (i) 20 days after the date of the interim order approving the procedures and (ii) 10 days after becoming a substantial shareholder. * Prior to effectuating any transfer of the equity securities that would result in another entity becoming a substantial shareholder, the parties to such transaction must serve and file a notice of the intended stock transaction. * The Debtors have 5 calendar days after receipt of the stock transaction notice to object to the proposed transaction. * If the Debtors do not object, the proposed transaction may proceed. * Any transfer of the equity securities in violation of the procedures will be null and void ab initio. The Debtors also proposed procedures that would restricting the ability of shareholders that currently are, or become, a 50% Shareholder to claim a deduction for the worthlessness of their Stock on their federal or state tax returns (including on any such amended Tax Returns) for any tax year ending before the Debtors’ emergence from chapter 11 protection. Under the proposed procedures, any entity who currently is or becomes a 50% Shareholder must serve notice of such status on or before the later of (i) 20 days after the date of the Notice of Order and (ii) 10 days after becoming a 50% Shareholder. A final hearing on the motion will be conducted on April 1, 2015, at 10:00 a.m. (ET). The deadline by which objections to entry of the final order must be filed is March 25. If no objections to the entry of a final order is timely filed, the Court may enter a final order without further notice or a hearing. About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company sought Chapter 11 protection (Bankr. D. Del. Case No. 15-10541) on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The Debtors have tapped Young Conaway Stargatt & Taylor LLP as counsel, and Prime Clerk LLC as claims agent. STANDARD REGISTER: Has Interim OK to Pay $15MM to Vendors, Shippers ------------------------------------------------------------------- Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware gave The Standard Register Company, et al., interim authority to pay critical vendor claims and shipper claims in an amount not to exceed $12.2 million and $2.8 million, respectively. The Debtors are seeking final approval to pay in their discretion critical vendor claims and shipper claims in the amount of up to $20 million in the aggregate, approximately $17.2 million of which relates to critical vendor claims and $2.8 million of which relates to shipper claims. The Debtors reserve the right to seek to increase the vendor claims cap if necessary, subject to the Court's approval. According to the Interim Order, the Debtors are authorized to pay the Critical Vendor Claims in the ordinary course of business when due, not on an accelerated basis, provided, however, that any Critical Vendor that accepts payment must agree to (a) supply goods and services to the Debtors postpetition on customary trade terms or on other favorable terms as are acceptable to the Debtors, and (b) not cancel on less than 90 days' notice any contract or agreement whereby it provides goods and/or services to the Debtors. The Final Hearing will take place on April 1, 2015, at 10:00 a.m. (prevailing Eastern Time). Any objections or responses to the Motion must be filed on or before March 25. About Standard Register Standard Register -- http://www.standardregister.com/-- provides market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company sought Chapter 11 protection (Bankr. D. Del. Case No. 15-10541) on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The Debtors have tapped Young Conaway Stargatt & Taylor LLP as counsel, and Prime Clerk LLC as claims agent. WASHINGTON MUTUAL: WMI Trust Provides Information on Escrow CUSIPs ------------------------------------------------------------------ WMI Liquidating Trust, formed pursuant to the confirmed Seventh Amended Joint Plan of Affiliated Debtors under Chapter 11 of the United States Bankruptcy Code of Washington Mutual, Inc. ("WMI"), on March 24 provided additional information regarding certain Escrow CUSIPs issued to eligible former shareholders of WMI. Eligible former shareholders are those who timely submitted relevant documentation, including the release required under Section 41.6 of the Plan. As of the Effective Date of the Plan, Depository Trust Company established and maintains positions in the Escrow CUSIPs. These Escrow CUSIPs represent nominees' positions that would be used to make future distributions, if any, of common stock issued by WMI Holdings Corp. ("WMIHC"). Pursuant to the Plan, such shares of WMIHC's common stock were deposited in the Disputed Equity Escrow established in accordance with the Plan and are to be maintained in the Disputed Equity Escrow until such time as Claims involving Disputed Equity Interests are either allowed or disallowed. Upon resolution of those Claims, the related portion of the shares maintained in the Disputed Equity Escrow will be distributed to the claimant holding the newly allowed claim or, if the claim is disallowed, the related portion of the shares will be redistributed to beneficiaries of the Trust in accordance with the distribution mechanics set forth in the Plan. In the event any future distributions of WMIHC common stock are made from the Disputed Equity Reserve, DTC will be instructed to allocate such common stock to each of the Escrow CUSIPs on a pro rata basis. As stated above, the Escrow CUSIPs were established for any potential distributions of shares of WMIHC common stock. The only source of common stock available for any such a distribution would be from the 2.9 million of shares remaining on deposit in the Disputed Equity Escrow. Specifically, the Escrow CUSIPs do not, in and of themselves, entitle their holders to any possible future cash distributions from the Trust, WMIHC or the Federal Deposit Insurance Corporation (either in its corporate capacity or as the receiver for Washington Mutual Bank). The Trust will issue Liquidating Trust Interests to WMI's former shareholders if the Trust is able to monetize Liquidating Trust Assets in amounts sufficient to pay-in-full claims held by beneficiaries of the Trust who are senior to members of Classes 19 and 22, and if a shareholder satisfied all conditions applicable to receiving any such Liquidating Trust Interests. There can be no assurances that the Trust will be able to monetize assets in a manner sufficient to give effect to the foregoing. The Trust discloses the status of its operations (including the status of pending litigations) and unaudited financial information in a Form 10-K filed annually with the Securities and Exchange Commission. In addition, the Trust files a Quarterly Summary Report with the Bankruptcy Court and under Form 8-K with the Securities Exchange Commission. Capitalized terms used and not otherwise defined in this Press Release have the meanings given to such terms of the Plan. The Plan and additional information about WMI Liquidating Trust can be found at http://www.wmitrust.com About Washington Mutual Based in Seattle, Washington, Washington Mutual Inc. -- http://www.wamu.com/-- was the holding company for Washington Mutual Bank as well as numerous non-bank subsidiaries. Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S. government regulators. The next day, WaMu and its affiliate, WMI Investment Corp., filed separate petitions for Chapter 11 relief (Bankr. D. Del. 08-12229 and 08-12228, respectively). WaMu owns 100% of the equity in WMI Investment. WEST COAST GROWERS: Case Summary & 18 Top Unsecured Creditors ------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ ------- West Coast Growers, Inc. 15-11079 a California corporation PO Box 296 Biola, CA 93606-0296 Salwasser, Inc. 15-11080 4087 North Howard Avenue Kerman, CA 93630 Chapter 11 Petition Date: March 20, 2015 Court: United States Bankruptcy Court Eastern District of California (Fresno) Judge: Hon. Richard Lee West Coast's Counsel: Hagop T. Bedoyan, Esq. KLEIN, DENATALE, GOLDNER 5260 N Palm Ave #201 Fresno, CA 93704 Tel: 559-438-4374 Email: hbedoyan@kleinlaw.com Salwasser's Counsel: Peter L. Fear, Esq. FEAR LAW GROUP, P.C. 7750 N Fresno St #101 Fresno, CA 93720-1145 Tel: (559) 436-6575 Total Total Assets Liabilities ----------- ------------ West Coast $10.1-Mil. $59.6-Mil. Salwasser $10MM-$50MM $10MM-$50MM The petition was signed by Charlotte E. Salwasser, vice president. A. List of West Coast's 18 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ RDX, Inc. Account Payable $436,327 PO Box 1490 Selma, CA 93662 Internal Revenue Service Payroll Taxes $360,000 PO Box 7346 Philadelphia, PA 19101-7346 USDA Account Payable $145,190 Raisin Administrative Committee Account Payable $116,793 International Paper Account Payable $82,529 Landsberg Account Payable $37,825 Anthem Blue Cross Account Payable $37,154 IEH Laboratories Account Payable $32,468 UNIVAR Account Payable $22,347 Commercial Manufacturing Account Payable $21,806 Georgia-Pacific Account Payable $16,396 Jonan Energy Ltd. Account Payable $13,046 ARAMAK Account Payable $12,419 PG&E Account Payable $6,442 JM Equipment Account Payable $6,406 Weber Packaging Account Payable $4,093 United Site Services Account Payable $387 Dellavalle Account Payable $305 B. List of Salwasser's three Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Central Valley Community Bank $0 Charlotte Salwasser Unknown West Coast Growers Unknown WEST COAST GROWERS: Files for Ch. 11 with $60M in Debt ------------------------------------------------------ California raisin distributor West Coast Growers, Inc., sought bankruptcy protection disclosing $59.7 million in debt against only $10.1 million in assets According to Web site http://www.westcoastgrowers.net/,West Coast Growers was established August 1993 for the purpose of processing and distributing bulk California raisins in partnership with a major fruit packing company. In August 2004, West Coast Growers, began processing raisins on its own behalf under the ownership of George and Charlotte Salwasser. The company claims to be a worldwide player in the raisin market, with all of the processing and shipping done from its plant in Kerman, California. In its statement of financial affairs, the Debtor said it had gross sales of $20.6 million from August 20, 2014 to date, $61.4 million of gross sales from August 2013 to July 31, 2014, and $52.2 million in fiscal 2013. In its schedules of assets and liabilities, the Debtor disclosed: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $0 B. Personal Property $10,111,211 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $51,805,338 E. Creditors Holding Unsecured Priority Claims $360,000 F. Creditors Holding Unsecured Non-priority Claims $7,486,941 ----------- ----------- TOTAL $10,111,211 $59,652,278 Most of the secured debt is owed to Central Valley Community Bank, which asserts a blanket UCC lien on all assets of the Debtor. A copy of the schedules filed together with the petition is available for free at: http://bankrupt.com/misc/caeb15-11079_SAL.pdf About West Coast Growers West Coast Growers, Inc., a Kerman, California-based processor and distributor of California raisins, sought Chapter 11 bankruptcy protection (Bankr. E.D. Cal. Case No. 15-11079) on March 20, 2015, in Fresno, California. The case is assigned to Judge W. Richard Lee. Related entity Salwasser, Inc. (the 100% shareholder of WCG) also sought bankruptcy protection on March 20, 2015 (Case No. 15-11080). Charlotte Ellen Salwasser filed a Chapter 11 petition (Case No. 15-10705) on Feb. 26, 2015. Ms. Salwasser an husband George Salwasser are the principals and 50% shareholders of Salwasser, Inc. Mr. Salwasser is the president of WCG, and Ms. Salwasser is the vice president and secretary of WCG. The Debtors' attorneys can be reached at: Hagop T. Bedoyan, Esq. Jacob L. Eaton, Esq. Lisa A. Holder, Esq. KLEIN, DENATALE, GOLDNER, COOPER, ROSENLIEB & KIMBALL, LLP 5260 N. Palm Avenue, Suite 201 Fresno, California 93704 Tel: (559) 438-4374 Fax: (559) 432-1847 E-mail: hbedoyan@kleinlaw.com jeaton@kleinlaw.com lholder@kleinlaw.com WEST COAST GROWERS: Klein Denatale Serves as Counsel ---------------------------------------------------- West Coast Growers Inc. said it has agreed to pay attorney Klein, Denatale, Goldner, Cooper, Rosenlieb & Kimball, LLP a fee for legal services rendered based on this hourly fee schedule: Hourly Rate ----------- Hagop T. Bedoyan $350 Other Partners or Senior Attorneys $265 to $425 Associate or Junior Attorneys $155 to $295 Legal Assistants $85 to $150 Costs and expenses will be reimbursed by the Debtor according to the terms of the legal services agreement dated Feb. 18, 2015. The Debtor paid the firm a $40,000 retainer. The firm applied $32,100 to fees and costs incurred prepetition. About West Coast Growers West Coast Growers, Inc., a Kerman, California-based processor and distributor of California raisins, sought Chapter 11 bankruptcy protection (Bankr. E.D. Cal. Case No. 15-11079) on March 20, 2015, in Fresno, California. The case is assigned to Judge W. Richard Lee. Related entity Salwasser, Inc. (the 100% shareholder of WCG) also sought bankruptcy protection on March 20, 2015 (Case No. 15-11080). Charlotte Ellen Salwasser filed a Chapter 11 petition (Case No. 15-10705) on Feb. 26, 2015. Ms. Salwasser an husband George Salwasser are the principals and 50% shareholders of Salwasser, Inc. Mr. Salwasser is the president of WCG, and Ms. Salwasser is the vice president and secretary of WCG. The Debtors' attorneys can be reached at: Hagop T. Bedoyan, Esq. Jacob L. Eaton, Esq. Lisa A. Holder, Esq. KLEIN, DENATALE, GOLDNER, COOPER, ROSENLIEB & KIMBALL, LLP 5260 N. Palm Avenue, Suite 201 Fresno, CA 93704 Tel: (559) 438-4374 Fax: (559) 432-1847 E-mail: hbedoyan@kleinlaw.com jeaton@kleinlaw.com lholder@kleinlaw.com WINLAND OCEAN: Hires Claro Group as Advisor & Robert Ogle as CRO ---------------------------------------------------------------- Winland Ocean Shipping Corporation, et al., seek authorization from the U.S. Bankruptcy court for the Southern District of Texas to employ The Claro Group, LLC as Debtors' financial advisor and consultant and Robert Ogle as Debtors' chief restructuring officer. The Debtors require Claro Group to serve as, financial advisor and consultant in this case and to: (a) analyze the cash position and cash needs of the Debtors and all related entities and businesses; (b) analyze claims against assets held by the Debtors and all related entities and businesses; (c) provide technical and analytical support with regard to the abandonment, return or liquidation of the Debtors' assets; (d) provide technical and analytical support in connection with the reconciliation and collection of pre- and post-petition Accounts Receivable; (e) provide technical and analytical support in connection with the preparation or amendment of the Debtors' Schedules and Statement of Financial Affairs and for any related entities or businesses, if necessary; (f) prepare operating reports and financial statements; (g) provide forensic accounting and litigation support services to the Debtors; (h) provide forensic data preservation and data analytics; (i) provide a cash management system to control cash deposits; (j) analyze employee payroll information; and (k) provide such other services as may be required by the Debtors. In addition to the general support services to be provided by Claro Group, Ogle has been retained to act as the Debtors' CRO. As more fully set forth in the Consent, Claro Group, as CRO, will exercise the following powers as an officer of the Debtors: (a) to execute and file all petitions, statements, schedules, motions, lists, applications, pleadings, plans and other papers in these chapter 11 cases and, in connection therewith, to employ, retain and obtain assistance from other legal counsel, accountants, financial advisors or other professionals or advisors which he deems necessary, proper or desirable in connection these chapter 11 cases. (b) to open and close any bank or deposit accounts, negotiate, execute, deliver, certify, file and/or record and perform (or to cause the negotiation, execution, delivery, certification, filing and/or recordation and performance on behalf of the Debtors of) such agreements, instruments, motions, affidavits, applications for approvals or rulings of governmental or regulatory authorities, certificates or other documents, and any amendments or supplements thereto. (c) to take such other action, pay all fees and expenses, and do or cause to be done all such further acts and thins as in the discretion of the CRO appear to be or become necessary, proper or desirable in connection with these chapter 11 cases or the other matters contemplated by the Consent. The Debtors propose to pay Claro Group, in connection with the Engagement Letter and these chapter 11 cases, as follows (the "Fee Structure"): -- Fixed Monthly Fee: Upon the entry of an order approving Claro Group and Ogle's retention, the Debtors will pay Claro Group a fixed monthly fee of $18,000 per month, which monthly fee shall be calculated on a period of thirty (30) calendar days. -- Retainer: Claro Group has received a pre-petition retainer of $110,000 from the Debtors. As of the Petition Date, a balance of $62,453.59 remained. -- Non-Debtor Guaranty: Pursuant to the Engagement Letter, Pioneer Creation Holdings Limited, the parent company of Winland, and Mr. Li Honlin have each agreed to guarantee payment of fees in excess of the retainer. -- Expenses: The Debtors will be responsible for all of Claro Group's reasonable and customary out-of-pocket expenses incurred by Claro Group in this engagement. -- Success Fee: The Debtors have agreed to pay Claro Group a success fee in the amount of $150,000 upon completion of (i) a sale of all, or substantially all, of the company's assets, (ii) the confirmation of a reorganization plan of the company, or (iii) confirmation of a liquidating plan of the company that distributes money to unsecured creditors or equity holders. Douglas J. Brickley, managing director of Claro Group, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Okin & Adams can be reached at: Douglas J. Brickley The Claro Group, LLC 1221 McKinney Street, Suite 2850 Houston, TX 77010 Tel: (713) 454-7741 Fax: (713) 236-0033 E-mail: dbrickley@theclarogroup.com About Winland Ocean Shipping Winland Ocean Shipping Corp. is mainly engaged in ocean transportation of dry bulk cargoes worldwide through the ownership and operation of dry bulk vessels and chartering brokerage services. The company operates in the People's Republic of China, Japan, Korea, the Russian Federation, and southern and eastern Asia. Winland Ocean Shipping is based in Sheung Wan, Hong Kong. Winland Ocean Shipping Corporation and its five affiliates sought protection under Chapter 11 of the Bankruptcy Code on Feb. 12, 2015 (Bankr. S.D. Tex., Case No. 15-60007). The case is assigned to Judge David R Jones. The Debtors are represented by Matthew Scott Okin, Esq., George Y. Nino, Esq., and Ruth E. Piller, Esq., at Okin & Adams LLP, in Houston, Texas. The petition was signed by Robert E. Ogle, chief restructuring officer. WINLAND OCEAN: Hires Okin & Adams as Counsel -------------------------------------------- Winland Ocean Shipping Corporation, et al., seek authorization from the U.S. Bankruptcy court for the Southern District of Texas to employ Okin & Adams LLP as counsel to the Debtors. The Debtors require Okin & Adams to: (a) advise the Debtors with respect to their rights, duties and powers in this case; (b) assist and advise the Debtors in their consultations relative to the administration of this case; (c) assist the Debtors in analyzing the claims of the creditors and in negotiating with such creditors; (d) assist the Debtors in the analysis of and negotiations with any third party concerning matters relating to, among other things, the terms of plans of reorganization; (e) represent the Debtors at all hearings and other proceedings; (f) review and analyze all applications, orders, statements of operations and schedules filed with the Court and advise the Debtors as to their propriety; (g) assist the Debtors in preparing pleadings and applications as may be necessary in furtherance of the Debtors' interests and objectives; and (h) perform such other legal services as may be required and are deemed to be in the interests of the Debtors in accordance with the Debtors' powers and duties as set forth in the Bankruptcy Code. As set forth in the Declaration, Okin Adams has received from the Debtors a collective retainer of $300,000, which was remitted in four payments between Nov. 17, 2014 and Feb. 12, 2015. Immediately prior to the bankruptcy filing, Okin Adams applied the Retainer to pay all fees and expenses then incurred by the Debtors. In total, Okin Adams was paid $76,663.31 in fees and expenses prior to the Petition Date. As of the filing of the Debtors' bankruptcy cases, Okin Adams was not owed any fees and expenses by the Debtors, and $223,336.69 of the Retainer remained in the client trust account. Matthew S. Okin, partner Okin & Adams, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Okin & Adams can be reached at: Matthew S. Okin, Esq. OKIN & ADAMS LLP 1113 Vine St. Suite 201 Houston, TX 77002 Tel: (713) 228-4100 Fax: (888) 865-2118 E-mail: mokin@okinadams.com About Winland Ocean Shipping Winland Ocean Shipping Corp. is mainly engaged in ocean transportation of dry bulk cargoes worldwide through the ownership and operation of dry bulk vessels and chartering brokerage services. The company operates in the People's Republic of China, Japan, Korea, the Russian Federation, and southern and eastern Asia. Winland Ocean Shipping is based in Sheung Wan, Hong Kong. Winland Ocean Shipping Corporation and its five affiliates sought protection under Chapter 11 of the Bankruptcy Code on Feb. 12, 2015 (Bankr. S.D. Tex., Case No. 15-60007). The case is assigned to Judge David R Jones. The Debtors are represented by Matthew Scott Okin, Esq., George Y. Nino, Esq., and Ruth E. Piller, Esq., at Okin & Adams LLP, in Houston, Texas. The petition was signed by Robert E. Ogle, chief restructuring officer. [*] Alvarez & Marsal Launching Investment Management Arm -------------------------------------------------------- Joseph Checkler, writing for Daily Bankruptcy Review, reported that restructuring and business services firm Alvarez & Marsal gained so much experience managing the assets of Lehman Brothers that it decided to launch an investment arm of its own, the company told the Wall Street Journal. According to the report, the new entity, A&M Investment Management LLC, marks the first time Alvarez & Marsal will actively manage money, said Bill Post, an A&M managing director who will serve as co-national business leader for the group. [*] Two Bankruptcy Attorneys Join McGlinchey's Louisiana Office --------------------------------------------------------------- McGlinchey Stafford on March 24 disclosed that four attorneys have joined the firm in Louisiana: Dustin Alonzo, Mark Chaney and Bonnie Dye have joined the firm as Associates in New Orleans, and Melissa Grand has joined the firm as an Associate in Baton Rouge. "The addition of these four outstanding attorneys will strengthen our commercial litigation and consumer financial services practices in Louisiana," said Rudy Aguilar, Managing Member of McGlinchey Stafford. "We are excited to be able to offer these great resources to our clients." Founded in New Orleans in 1974, McGlinchey Stafford continues to maintain its two largest offices in Louisiana, with fifty-seven attorneys practicing in New Orleans and thirty-four in Baton Rouge. The national law firm has experienced substantial growth and now serves clients from twelve offices located across the country. About the Attorneys Dustin Alonzo has joined the firm as an Associate in New Orleans handling consumer financial services compliance and litigation. He advises clients nationwide on compliance with state and federal laws governing consumer financial services products and represents financial institutions in litigation. Mr. Alonzo received his J.D. from Loyola University New Orleans College of Law in 2014 (magna cum laude), and his B.S. from Washington & Lee University in 2009. Mark Chaney has joined the firm as an Associate in the commercial litigation section of the New Orleans office. Mr. Chaney primarily focuses on bankruptcy litigation and general commercial litigation. He received his J.D. from the University of Arkansas School of Law in 2014 (summa cum laude) and his B.A. from the University of Mississippi in 2004. Bonnie Dye has joined the firm as an Associate in the New Orleans office primarily focusing on bankruptcy litigation, consumer financial services litigation and general commercial litigation. She has extensive experience handling bankruptcy and restructuring matters for secured and unsecured lenders, creditors and creditors' committees in Chapter 11 insolvencies, as well as representing a number of financial institutions in complex and high-profile bankruptcy cases. Ms. Dye received her J.D. from Tulane University Law School in 2008 and her B.S. from Louisiana State University in 2005 (magna cum laude). Melissa Grand has joined the firm as an Associate in the commercial litigation section of the firm's Baton Rouge office. Ms. Grand represents mortgage lenders and other financial services clients in consumer financial services litigation. She also has experience handling complex commercial litigation cases in the areas of construction litigation, insurance defense and procurement matters. Ms. Grand received her J.D. and D.C.L. from Louisiana State University Paul M. Hebert Law Center in 2009 and her B.A. from Louisiana State University in 2005 (cum laude). About McGlinchey Stafford McGlinchey Stafford -- http://www.mcglinchey.com/-- is a full-service law firm providing innovative legal counsel to business clients nationwide. Guiding clients wherever business and law intersect, McGlinchey Stafford's 190 attorneys are based in twelve offices in California, Florida, Louisiana, Mississippi, New York, Ohio, Texas and Washington, DC. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***