TCR_Public/150406.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, April 6, 2015, Vol. 19, No. 96

                            Headlines

ADVANTAGE SALES: Moody's Affirms B2 CFR, Outlook Negative
AES CORP: Moody's Gives 'Ba3' Rating to Sr. Unsecured Notes
AFFIRMATIVE INSURANCE: Posts $32.2 Million Net Loss in 2014
AINSWORTH LUMBER: S&P Raises CCR to 'BB-' on Completed Merger
AIR MEDICAL: Moody's Assigns 'B3' CFR & $920MM 1st Lien Loan 'B2'

AIR MEDICAL: S&P Affirms 'B' Corp. Credit Rating
ALONSO & CARUS: Section 341(a) Meeting Set for May 4
ALTEGRITY INC: Creditors Have Until April 30 to File Claims
AMERICAN EAGLE: Auditors Issue Going Concern Opinion
AMINCOR INC: Needs More Time to File Form 10-K

AMPLIPHI BIOSCIENCES: Delays Form 10-K Over Accounting Review
ANDALAY SOLAR: Delays 2014 Form 10-K
AP GAMING: S&P Lowers CCR to 'B' on Expected Acquisition
APPLIED MINERALS: Appoints Bradley Tirpak to Board of Directors
ARCAPITA BANK: Wants to Have Up to $1B Fund for 2016 Investments

ASPECT SOFTWARE: S&P Lowers CCR to 'CCC+'; Outlook Negative
AVIV REIT: S&P Withdraws 'BB-' CCR on Completed Acquisition
AXION INTERNATIONAL: Incurs $17 Million Net Loss in 2014
BERRY PLASTICS: To Issue 7.5MM Common Shares Under Incentive Plan
BG MEDICINE: Incurs $8.06 Million Net Loss in 2014

BIOFUELS POWER: Form 10-K Filing Delayed Awaiting Confirmations
BIOLITEC INC: 1st Cir. Upholds Civil Contempt Finding v. Parent
BIOLITEC INC: 1st Cir. Upholds Discovery Damages Award v. Parent
C WONDER: To Get $3.7-Mil. from Two Separate Asset Sales
CAESARS ENTERTAINMENT: Bid to Disband Noteholders Panel Denied

CAL DIVE: Seeks Authority to Pay Bonuses
CALMARE THERAPEUTICS: Delays Filing of 2014 Form 10-K
CASCATA HOMES: Case Summary & 20 Largest Unsecured Creditors
CATASYS INC: Incurs $27.3 Million Loss in 2014, Needs More Capital
CATASYS INC: Reports $2 Million Total Revenue for 2014

CENTRAL ENERGY: Incurs $284,000 Net Loss in 2014
CHARTER COMMUNICATIONS: Moody's Says BrightHouse Deal is Credit Pos
CHINA SHIANYUN: Incurs $1.33 Million Net Loss in 2014
CHINA TELETECH: Needs More Time to File Form 10-K
CHROMCRAFT REVINGTON: Must Pay IHFC $632,000 for Default on Lease

CICERO INC: Reports $4.05 Million Net Loss in 2014
CLIFFS NATURAL: Completes Refinancing Transactions
CLIFFS NATURAL: EVP & CFO Paradie Quits
COLT DEFENSE: Delays 2014 Form 10-K, Expects to Report Net Loss
COMMUNICATION INTELLIGENCE: Posts $7.37 Million Net Loss in 2014

COMMUNICATIONS SALES: Fitch Assigns 'BB' Issuer Default Rating
COMMUNICATIONS SALES: Moody's Assigns 'B1' Corporate Family Rating
COMMUNICATIONS SALES: S&P Assigns 'BB-' CCR; Outlook Negative
CONCORDIA HEALTHCARE: Moody's Assigns 'B2' Corp. Family Rating
CONCORDIA HEALTHCARE: S&P Assigns 'B' Corp. Credit Rating

CORD BLOOD: Auditors Issue Going Concern Opinion
CROSSMARK HOLDINGS: S&P Lowers CCR to 'B-'; Outlook Stable
CRYOPORT INC: Enters Into $1.2 Million Private Placement
CTI BIOPHARMA: Had $32M Total Financial Standing as of Feb. 28
CUBIC ENERGY: In Talks with Anchorage Advisors on Restructuring

CVR REFINING: Moody's Ups Corp Family Rating to Ba3, Outlook Stable
DANDRIT BIOTECH: Posts $2.4 Million Net Loss in 2014
DEB STORES: Judge Extends Deadline to Remove Suits to July 2
DELIA'S INC: Credit-Card Antitrust Claim Soars at Auction
DOLPHIN DIGITAL: Needs More Time to File Form 10-K

DOVER DOWNS: Regains Compliance with NYSE's Share Price Rule
DR. TATTOFF: Delays Form 10-K Over Staffing Issues
DUCK SOUP: Not Economically Feasible, Directors Say; Will Close
ECOSPHERE TECHNOLOGIES: Needs More Time to File Form 10-K
EGENIX INC: Court Approves Bankruptcy Loan

ELBIT IMAGING: Appoints CFO as Acting CEO
ELEPHANT TALK: Incurs $21.9 Million Net Loss in 2014
ELEPHANT TALK: Reports Revised Loss of $25.5-Mil. Loss for 2013
EMMAUS LIFE: Reports $20.8 Million Net Loss in 2014
ENERGY FUTURE: EFCH Incurs $6.2 Billion Loss in 2014

ENERGY FUTURE: Says Oncor Bidders Emerging
EPAZZ INC: Needs More Time to File Form 10-K
ERF WIRELESS: Issues 109,752,667 Common Shares
ERF WIRELESS: Needs More Time to File Form 10-K
ESP RESOURCES: Delays Form 10-K for Review

EURAMAX INTERNATIONAL: Files Reclassified Operating Segment Data
EVERYWARE GLOBAL: Delays Form 10-K Filing
EVERYWARE GLOBAL: Expects to File Chapter 11 Petition in Delaware
EVERYWARE GLOBAL: Monomoy Supports Restructuring Plan
EVERYWARE GLOBAL: S&P Lowers CCR to 'D' on Ch. 11 Bankruptcy Plan

EVERYWARE GLOBAL: Will File for Chapter 11 Bankruptcy Protection
EXIDE TECHNOLOGIES: Gets Approval to Hire Baker Botts as Counsel
EXIDE TECHNOLOGIES: In Consent Decree With U.S. Over Air Pollution
FAMILY CHRISTIAN: Hearing on Bidding, Auction Process on April 14
FCC HOLDINGS: Judge Extends Deadline to Remove Suits to May 26

FOUNDATION HEALTHCARE: Incurs $2.1 Million Net Loss in 2014
FOUR OAKS: David Rupp Replaces Ayden Lee as President
FREEDOM INDUSTRIES: Can't Use Insurance for Fees
FRESH PRODUCE: Case Summary & Largest Unsecured Creditors
FUEL PERFORMANCE: Incurs $1.65 Million Net Loss in 2014

FULLCIRCLE REGISTRY: Needs More Time to File Form 10-K
FUSION TELECOMMUNICATIONS: Incurs $2.27 Million Net Loss in Q4
GARB OIL: Has $224K Net Loss in Sept. 30 Quarter
GELTECH SOLUTIONS: Issues $150,000 Convertible Note
GENERAL STEEL: Delays Form 10-K Filing

GENIUS BRANDS: Incurs $3.7 Million Net Loss in 2014
GENIUS BRANDS: Partners with Comcast to Launch Kid Genius Channel
GLYECO INC: Delays 2014 Form 10-K for Review
GRAY TELEVISION: Moody's Lifts Corp. Family Rating to B2
GREAT WOLF: Moody's Puts 'B3' CFR on Review for Downgrade

GREEN BRICK: Posts $50 Million Net Income in 2014
GREENSHIFT CORP: Delays Filing of 2014 Form 10-K
HART OIL: Ch 11 Trustee Says Citizens Bank Helped in Ruining Co.
HEXION INC: Moody's Assigns B3 Rating to New $315MM Secured Notes
HEXION INC: Prices Offering of $315 Million Senior Notes

HOLY HILL: April 9 Hearing on Bidding Rules for Sunset Property
IMAGEWARE SYSTEMS: C. Frischer Reports 5.6% Stake as of Feb. 6
IMPACT MEDICAL: Case Summary & 20 Largest Unsecured Creditors
INSITE VISION: Stockholders Elect Six Directors
IRONSTONE GROUP: Delays Form 10-K Filing

ISC8 INC: Needs More Time to File Form 10-K
ISC8 INC: To Use Sale Proceeds to Pay Administrative Claims
JAMES RIVER: Needs Until July 11 to File Plan
JOE'S JEANS: Amends Form 10-K to Add Information
JOSEPH A. BURALLI: Cameron Judgment Dischargeable

KING COUNTY HOUSING: Moody's Cuts Rating on 1998 Rev Bonds to 'Ba1'
LAKELAND INDUSTRIES: Amends Credit Agreement with AloStar Bank
LAKELAND INDUSTRIES: China Subsidiary Has RMB 8MM Loan Agreement
LAMSON & GOODNOW: Will Move Into New Location This Month
LATTICE INC: Incurs $1.8 Million Net Loss in 2014

LEO MOTORS: Posts $4.5 Million Net Loss in 2014
LIFE PARTNERS: Thomas Moran II Approved as Chapter 11 Trustee
LIME ENERGY: Reports $5.6 Million Net Loss in 2014
LITTLEFORD DAY: Case Summary & 20 Largest Unsecured Creditors
LSI RETAIL II: Case Summary & 11 Largest Unsecured Creditors

MAURY ROSENBERG: Bankruptcy Fee Case Begins Trek to Supreme Court
MCGRAW-HILL GLOBAL: Fitch Affirms 'B+' Issuer Default Rating
MCGRAW-HILL GLOBAL: S&P Revises Outlook to Neg. & Affirms 'B+' CCR
MERRILL COMMUNICATIONS: Legal Solutions Biz Sale is Credit Positive
MHGE PARENT: Moody's Affirms Caa1 Rating on $100MM HoldCo Notes

MIG LLC: Judge Extends Deadline to Remove Suits to May 26
MILESTONE SCIENTIFIC: Incurs $1.7 Million Net Loss in 2014
MINT LEASING: Delays Filing of 2014 Form 10-K
MMRGLOBAL INC: Incurs $2.18 Million Net Loss in 2014
MMRGLOBAL INC: Reports Record $2.58 Million Revenue for 2014

MOBIVITY HOLDINGS: Incurs $10 Million Net Loss in 2014
MOUNTAIN PROVINCE: Completes C$95 Million Rights Offering
MULTIPLAN INC: S&P Raises Sr. Secured Debt Rating to 'B+'
N-VIRO INTERNATIONAL: Delays 2014 Form 10-K
NELSON JIT: Voluntary Chapter 11 Case Summary

NEP/NCP HOLDCO: Moody's Affirms B2 CFR & Lifts 1st Lien Debt to B1
NEP/NCP HOLDCO: S&P Retains 'B' Rating Over Credit Pact Amendment
NEPHROS INC: Delays 2014 Form 10-K Over Restatements
NEPHROS INC: To Restate Previously Filed Financial Statements
NET ELEMENT: Incurs $10.2 Million Net Loss in 2014

NET ELEMENT: Reports $10M Net Loss in 2014
NET TALK.COM: Delays 2014 Form 10-K
NORBORD INC: Moody's Rates New $315MM Secured Bonds 'Ba2'
NORBORD INC: S&P Affirms 'BB-' CCR & Rates New $315MM Notes 'BB-'
O.D. FUNK MANUFACTURING: Case Summary & 20 Top Unsec. Creditors

OAKLEY REDEVELOPMENT: Fitch Affirms 'BB+' Rating on $24.8MM TABs
OMNICOMM SYSTEMS: Posts $4.66 Million Net Loss in 2014
OPTIMUMBANK HOLDINGS: Delays Filing of 2014 Form 10-K
OPTIMUMBANK HOLDINGS: Earns $1.6 Million in 2014
ORANGE REGIONAL: Moody's Assigns Ba1 LT Rating to $69MM Bonds

OSAGE EXPLORATION: Incurs $34M Loss in 2014, Warns of Bankruptcy
OWENS-ILLINOIS INC: Moody's Affirms 'Ba2' CFR, Outlook Stable
OXYSURE SYSTEMS: Reports $2.75 Million Net Loss in 2014
PACIFIC GOLD: Needs More Time to File Form 10-K
PACIFIC MERGER: Moody's Assigns B3 Corporate Family Rating

PARK FLETCHER: Files List of 20 Largest Unsecured Claims
PENN PRODUCTS: Moody's Affirms Ba2 Secured Rating Over Debt Upsize
PETRON ENERGY: Delays Filing of 2014 Form 10-K
PGI INCORPORATED: Incurs $6.5 Million Net Loss in 2014
PHOENIX INDUSTRIAL: S&P Cuts Rating on 2013 Rev. Bonds to 'BB+'

PHOTOMEDEX INC: Court Junks Consumer Suit Against Unit & CEO
PHOTOMEDEX INC: Gets Preliminary OK of Securities Suit Settlement
PHOTOMEDEX INC: LCA-Related Suit Settlement Preliminarily Okayed
PICADILLY RESTAURANTS: Yucaipa Fails to Upset Sale to Atalaya
PLASTIC2OIL INC: Incurs $8.51 Million Net Loss in 2014

PLUG POWER: Names Martin Hull as Chief Accounting Officer
POLAROID CORP: 8th Cir. Upholds Fraudulent Transfer v Ritchie
POLYMER GROUP: Moody's Says Planned Acquisition is Credit Neutral
POSITRON CORP: Incurs $2.58 Million Net Loss in 2014
PREMIER EXHIBITIONS: Gets Non-Compliance Notice From NASDAQ

PREMIER GOLF: Cottonwood Golf Club Said to Be Worth $44-Mil.
PRESSURE BIOSCIENCES: Incurs $6.25 Million Net Loss in 2014
PRONERVE HOLDINGS: Heads to April 8 Auction
PURADYN FILTER: Posts $1.1 Million Net Loss in 2014
QUEST SOLUTION: Needs More Time to File Form 10-K

RAAM GLOBAL: Reports $85.8 Million Net Loss in 2014
RADIAN GUARANTY: Moody's Ups Insurance Fin. Strength Rating to Ba1
RADIOSHACK CORP: Citibank Allowed to Terminate Contract
RADIOSHACK CORP: Final Store Closing Sales Start at 361 Locations
RCS CAPITAL: Moody's Lowers CFR to B3, Outlook Negative

RESTORGENEX CORP: Expects to Report $14.4 Million Loss for 2014
RETROPHIN INC: Appoints New Director; Names Meckler as Chairman
REVEL AC: Judge to Approve $82-Mil. Sale of Casino to Glenn Straub
RICEBRAN TECHNOLOGIES: Warns of Possible Bankruptcy Re-Filing
RISTAR WELLNESS: Delays 2014 Form 10-K Filing

RITE AID: Completes $1.8 Billion Senior Notes Offering
S.A.K. REALTY: Voluntary Chapter 11 Case Summary
SABINE OIL: Incurs $327 Million Net Loss in 2014
SABINE OIL: Moody's Lowers Corp. Family Rating to Caa3, Outlook Neg
SABLE NATURAL: Incurs $4.62 Million Net Loss in 2014

SAMSON RESOURCES: S&P Cuts CCR to 'CCC-' on Possible Ch. 11 Filing
SCIENTIFIC GAMES: M&F Reports Beneficial Ownership of CL-A Shares
SEARS HOLDINGS: Edward Lampert Reports 53.2% Stake as of April 2
SEARS HOLDINGS: Has 50/50 Joint Venture with General Growth
SEARS HOLDINGS: Seritage Files Form S-11 Registration Statement

SILVERSUN TECHNOLOGIES: Reports $193,000 Net Income in 2014
SKYMALL LLC: Court Okays Sale to C&A Marketing for $1.9 Million
SOLAR POWER: Unit Inks Share Purchase Agreement with LDK Solar
SPEEDEMISSIONS INC: Delays Form 10-K Over Financial Matter
SPENDSMART NETWORKS: Needs More Time to File Form 10-K

SPENDSMART NETWORKS: Sells 11.25 Units to Investors
SPIRE CORP: Delays Form 10-K Over Liquidity Issues
STANFORD GROUP: Golf Channel Liable for Selling Advertising
SUN BANCORP: To Sell Hammonton Branch to Cape Bank
SUNVALLEY SOLAR: Delays 2014 Form 10-K

SWIFT ENERGY: Moody's Lowers CFR to B2, Outlook Negative
TARGETED MEDICAL: Delays 2014 Form 10-K for Review
TAYLOR MORRISON: Moody's Rates $350MM Refunding Notes 'B2'
TAYLOR MORRISON: S&P Assigns 'BB-' Rating on $350MM Sr. Notes
TEKNI-PLEX INC: Moody's Affirms 'B3' Corporate Family Rating

TEKNI-PLEX INC: S&P Affirms 'B' Corp. Credit Rating
TELKONET INC: Reports $14.8 Million Total Revenue for 2014
THERAPEUTICSMD INC: Grant Thornton Replaces RRBB as Auditors
TITAN INT'L: S&P Lowers Corp. Credit Rating to B; Outlook Negative
TN-K ENERGY: Need Additional Time to File Form 10-K

TONGJI HEALTHCARE: Delays Form 10-K Filing
TRANS ENERGY: Needs More Time to File Form 10-K
TRANS-LUX CORP: Delays Form 10-K for 2014
TRANS-LUX CORP: Incurs $4.62 Million Net Loss in 2014
TRANSGENOMIC INC: Third Security, Et Al., Waive Loan Defaults

UNILAVA CORP: Delays 2014 Form 10-K
UNIVERSAL SOLAR: Delays Filing of 2014 Form 10-K
VAIL RESORTS: Perisher Ski Deal No Impact on Moody's Ratings
VERITEQ CORP: Delays 2014 Form 10-K for Review
VERMILLION INC: Reports $19.2 Million Net Loss in 2014

VERTICAL COMPUTER: Delays 2014 Form 10-K
VICTORY ENERGY: Incurs $4.22 Million Net Loss in 2014
VICTORY ENERGY: Provides Lucas Energy Business Combination Update
VIPER VENTURES: Rattlesnake Point Property Pursues Chapter 11
VIPER VENTURES: Seeks to Use Cash Collateral

VISCOUNT SYSTEMS: Unit Has Factoring Deal with Liquid Capital
VUZIX CORP: Reports $7.86 Million Net Loss in 2014
VYCOR MEDICAL: Incurs $4.04 Million Net Loss in 2014
WINDSTREAM SERVICES: Moody's Affirms 'Ba3' Corp. Family Rating
WORLD SURVEILLANCE: Delays Form 10-K Filing Over Limited Staff

Z TRIM HOLDINGS: Cash on Hand Not Enough to Pay Off Debt
ZYNEX INC: Reports $6.2 Million Net Loss in 2014
[*] Moody's Says Global Reinsurers' Environment Leads to More M&As
[*] Rochester, NY Bankruptcy Filings Drop Nearly 18% in 1st Quarter
[^] BOND PRICING: For The Week From March 30 to April 3, 2015


                            *********

ADVANTAGE SALES: Moody's Affirms B2 CFR, Outlook Negative
---------------------------------------------------------
Moody's Investors Service affirmed Advantage Sales & Marketing
Inc.'s ("ASM") B2 Corporate Family Rating and B2-PD Probability of
Default Rating following the company's announcement that it plans
to upsize its first-lien term loan by $150 million, utilizing the
$350 million accordion shared by its first- and second-lien bank
facilities. In connection with this action, Moody's also affirmed
the B1 rating on the existing senior secured first-lien bank credit
facility and the senior secured delayed draw term loan, as well as
the Caa1 rating on the second-lien term loan. Proceeds from the
incremental facility, along with up to $25 million of borrowings
under the revolver and as much as $27 million of existing cash,
will be used to finance 10 acquisitions in 2015 for which the
company has signed letters of intent. Pricing and other terms and
conditions are expected to remain substantially unchanged from the
existing first-lien credit agreement. The increase in debt is
credit negative, but Moody's believes that organic growth and
EBITDA contributions over the next 12 to 18 months from
acquisitions closed in 1Q15 (excludes proposed acquisitions) can
largely offset the increase in debt leverage and improve free cash
flow generation. The rating outlook remains negative.

The following ratings were affirmed:

  -- Corporate Family Rating affirmed at B2;

  -- Probability of Default Rating affirmed at B2-PD

  -- $200 million Sr. Secured Revolving Credit Facility due 2019
     affirmed at B1 (LGD3);

  -- $1.95 billion Sr. Secured 1st-lien Term Loan B due 2021
     affirmed at B1 (LGD3) (includes proposed incremental
     facility);

  -- $60 million Sr. Secured Delayed Draw Term Loan due 2021
     affirmed at B1 (LGD3);

  -- $760 million Sr. Secured 2nd-lien Term Loan due 2022
     affirmed at Caa1 (LGD5);

  -- Rating Outlook remains Negative

The B2 Corporate Family Rating (CFR) reflects ASM's high pro forma
leverage of above 8.5x following the proposed acquisition
financing, some customer concentration, ongoing acquisition risk
and the potential for dividends given private equity ownership (all
ratios incorporate Moody's standard adjustments). ASM's acquisitive
nature raises some concerns regarding the likelihood of material
debt reduction, as cash may be used to finance acquisitions rather
than to repay debt. Moody's expects that ASM will increase its
earnings via organic growth and acquisitions, which, combined with
mandatory annual term loan amortization of almost $20 million, will
allow the company to reduce debt/EBITDA to below 7.5x over the next
12 to 18 months, absent additional debt financings.

However, the rating is supported by the favorable free cash flow
characteristics of the company's business model. ASM is one of only
two US sales and marketing agencies ("SMA") with significant
national scale, which helps to create and maintain high barriers to
entry. The company's operating performance is resilient through
economic downturns, due in part to a highly variable cost
structure. ASM also has a track-record of revenue and earnings
growth, driven by the stable nature of the underlying products it
represents, which results in modest interest coverage of close to
2.0x.

ASM has a good liquidity profile, supported by positive free cash
flow, access to a $200 million committed revolving credit facility
and the absence of financial maintenance covenants for the term
loans. The revolver has a springing covenant requiring first lien
net leverage ratio to be maintained below 8.25x if availability
falls below 30% of the total commitment, and Moody's expects the
company will maintain sufficient headroom under the covenant even
required to satisfy the financial covenant. The credit agreements
allow for up to a combined $350 million of incremental first-
and/or second-lien debt via an accordion feature, and unlimited
incremental debt subject to compliance with a 5.25x first-lien net
leverage covenant.

The B1 ratings on the senior secured first-lien bank facility and
delayed draw term loan (both due 2021) are one notch above the
company's CFR. This reflects the significant amount of second lien
debt ($760 million) ranked below the secured debt in the capital
structure. The Caa1 rating on the senior secured second-lien term
loan due 2022 is two notches below the company's CFR. This reflects
the facility's lien subordination to approximately $2.2 billion of
first-lien debt. The B2-PD Probability of Default Rating reflects a
50% family recovery rate utilized given the first lien/second lien
capital structure and that the revolver and term loans are secured
by substantially all of the company's assets.

The negative rating outlook reflects concern that while the company
is expected to improve earnings through organic growth and
acquisitions, execution risk exists and pro forma debt/EBITDA of
above 8.5x at closing is high for a B2 Corporate Family Rating.
Also, private equity ownership of the two dominant firms in a
near-duopolistic industry introduces potential for aggressive
financial policies as both pursue growth opportunities and compete
for market share. As a result, there is little room within the
current rating to accommodate any modest level of under performance
relative to Moody's expectations.

ASM's ratings could be downgraded if the company is unable to
reduce and maintain debt/EBITDA below 7.5x by mid-2016. Downward
ratings pressure could also be caused by deterioration in ASM's
liquidity profile, lower-than-anticipated margin improvement, or a
material weakening in revenue growth. Additional leveraging
transactions to finance future acquisitions or distributions to
owners could also result in negative rating actions.

Given the negative outlook, a rating upgrade in the near term is
unlikely. Ratings could be upgraded if ASM improves its EBITDA
margin on a sustained basis, and uses free cash to prepay debt
obligations such that debt/EBITDA is sustained below 6.0x and
interest coverage is maintained above 2.0x. An upgrade would also
require a demonstrated commitment to conservative financial
policies with regard to dividends and acquisitions.

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

Advantage Sales & Marketing Inc., headquartered in Irvine, CA, is a
national sales and marketing agency in the US, providing outsourced
sales, marketing and merchandising services to manufacturers,
suppliers and producers of consumer packaged goods. In July 2014,
affiliates of Leonard Green & Partners, L.P. and funds advised by
CVC Capital Partners purchased a majority ownership stake in the
company. For the 12 months ended Sep. 30, 2014, ASM generated total
revenues of $1.7 billion. As a private company, ASM does not
publish public financials.


AES CORP: Moody's Gives 'Ba3' Rating to Sr. Unsecured Notes
-----------------------------------------------------------
Moody's Investors Service affirmed the ratings of AES Corporation
including the Corporate Family Rating and senior unsecured rating
at Ba3, the Probability of Default Rating at Ba3-PD, the
convertible Trust preferred rating at B2, the Senior Secured Bank
Credit Facility at Ba1, as well as the SGL-2 speculative grade
liquidity rating. The rating outlook for AES is stable.

Concurrent with this rating action Moody's assigned a Ba3 rating to
AES' proposed senior unsecured notes for up to $575 million due in
2025. Net proceeds raised in connection with the proposed Notes'
issuance will be used to repay portions of AES' senior unsecured
notes due in 2017, 2020 and 2021.

AES' Ba3 CFR reflects the company's high leverage profile and the
structural subordination of its recourse debt at the parent level
to the significant amount of non-recourse debt in its consolidated
capital structure at the operating subsidiary level. The
diversification provided by AES' large number of subsidiaries and
wide geographic distribution help mitigate t


AFFIRMATIVE INSURANCE: Posts $32.2 Million Net Loss in 2014
-----------------------------------------------------------
Affirmative Insurance Holdings, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $32.2 million on $97.0 million of net premiums earned for
the year ended Dec. 31, 2014, compared to net income of $30.7
million on $166 million of net premiums earned in 2013.

As of Dec. 31, 2014, the Company had $338 million in total assets,
$472 million in total liabilities, and a $134 million total
stockholders' deficit.

KPMG LLP, in Dallas, Texas, issued a "going concern" qualification
in its report on the consolidated financial statements for the year
ended Dec. 31, 2014.  The accounting firm noted that the Company's
recent history of recurring losses from operations, its failure to
comply with certain financial covenants in the senior secured and
subordinated credit facilities, its need to meet debt repayment
requirements and its failure to comply with the Illinois Department
of Insurance minimum risk-based capital requirements raise
substantial doubt about its ability to continue as a going
concern.

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

                        http://is.gd/fx9jUb

                     About Affirmative Insurance

Addison, Tex.-based Affirmative Insurance Holdings, Inc., is a
distributor and producer of non-standard personal automobile
insurance policies for individual consumers in targeted geographic
markets.  Non-standard personal automobile insurance policies
provide coverage to drivers who find it difficult to obtain
insurance from standard automobile insurance companies due to
their lack of prior insurance, age, driving record, limited
financial resources or other factors.  Non-standard personal
automobile insurance policies generally require higher premiums
than standard automobile insurance policies for comparable
coverage.


AINSWORTH LUMBER: S&P Raises CCR to 'BB-' on Completed Merger
-------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Vancouver-based oriented strand board
producer Ainsworth Lumber Co. Ltd. to 'BB-' from 'B'.  This action
follows the completion of Norbord Inc.'s merger with Ainsworth on
March 31, 2015, and aligns S&P's rating on Ainsworth with that on
parent Norbord.

At the same time, Standard & Poor's removed Ainsworth from
CreditWatch, where it been had placed with positive implications
Dec. 8, 2014.  The outlook is stable.

S&P also raised its issue-level rating on Ainsworth's US$315
million secured notes to 'BB+' from 'BB-'.  The '1' recovery rating
is unchanged.

Subsequent to this action, Standard & Poor's withdrew its corporate
credit rating on Ainsworth at the company's request.

However, S&P continues to rate Ainsworth's US$315 million senior
secured notes.  The '1' recovery rating is unchanged, reflecting
S&P's view that the recovery prospects are unchanged following the
closing of the merger.  S&P expects noteholders should realize very
high (90%-100%) recovery in its default scenario given their
priority claim on Ainsworth's assets, which S&P believes will be
sufficient to cover the company's secured claims.

S&P's upgrade on Ainsworth and removal from CreditWatch reflect
S&P's view that the company's credit quality is now aligned with
that of Norbord, following the close of the merger.  S&P considers
Ainsworth a core subsidiary within the Norbord group given S&P's
belief that Ainsworth will be integral to the group's identity and
future strategy and that Norbord is likely to support the company
under any foreseeable circumstances.



AIR MEDICAL: Moody's Assigns 'B3' CFR & $920MM 1st Lien Loan 'B2'
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating and
B3-PD Probability of Default Rating to Air Medical Group Holdings,
Inc. (New).  At the same time, Moody's assigned a B2 rating to the
company's proposed first lien senior secured term loan, and a Caa2
rating to its proposed senior unsecured notes. The proceeds from
the term loan, senior unsecured notes, and contribution of common
equity, will fund the acquisition of the company by funds managed
by KKR and Co. L.P., refinance existing debt, and pay transaction
fees and expenses. The rating outlook is stable.

All ratings are subject to review of final documentation.

Moody's assigned the following ratings:

Air Medical Group Holdings, Inc. (New):

  -- Corporate Family Rating, B3

  -- Probability of Default Rating, B3-PD

  -- $920 million Senior Secured first Lien Term Loan, B2 (LGD 3)

  -- $460 million Senior Notes, Caa2 (LGD 5)

  -- The rating outlook is stable.

Moody's anticipates all of the corporate and instrument ratings at
Air Medical Holdings, LLC and Air Medical Group Holdings, Inc. (the
predecessor entity) will be withdrawn upon completion of the
proposed transaction and repayment of existing debt.

The B3 Corporate Family Rating is constrained by the company's very
high financial leverage, relatively small size based on revenue and
earnings, and very high level of bad debt expense which is
customary in the air medical transportation industry, principally
tied to the self-pay portion of Air Medical's revenues. The rating
also reflects risks associated with the potential for adverse
weather conditions, which have historically dampened operating
performance. Moody's expect available cash and cash flow will be
prioritized for growth initiatives and acquisitions to strengthen
the company's geographic footprint, instead of material debt
reduction. In addition, Air Medical is exposed to leveraging event
risks under private equity ownership. Partially offsetting these
risk factors are the company's historically solid EBITDA margins
and its strong market position as the largest independent provider
of community-based air ambulance services in the United States,
based on patient transports.

On a pro forma basis for the LBO transaction and recent
acquisitions, the company's adjusted debt to EBITDA was
approximately 6.8 times on a Moody's adjusted basis for the year
ended Dec. 31, 2014.

The stable ratings outlook reflects Moody's expectation that the
company's credit metrics will improve over the next 12 to 18
months, and incorporates Moody's expectation that the company will
maintain at least an adequate liquidity profile.

The ratings could be downgraded if the company faces top-line and
earnings pressure such that financial leverage increases, or if
operating margins, cash flow, or liquidity deteriorates. In
addition, the ratings could be lowered if the company engages in
material debt-financed shareholder initiatives.

The ratings could be upgraded if the company exhibits a combination
of EBITDA growth and debt repayment combined with positive free
cash flow such that adjusted debt to EBITDA is sustained below 6.0
times and free cash flow to debt is sustained above 4%, in addition
to a more conservative financial policy.

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

Headquartered in Lewisville, Texas, Air Medical is the largest
independent provider of air medical services in the United States
based on patient transport volume. The company operates through
subsidiaries, Air Evac Lifeteam, Med-Trans, EagleMed, Reach Air
Medical Services, AirMedCare Network, Lifeguard and AirMed
International, which collaborate with leading hospital systems,
medical centers and EMS agencies to offer access to emergency
medical care. Air Medical operates at 231 air-base locations and 22
ground operations bases across 34 U.S. states. In March 2015, Air
Medical announced that that funds managed by KKR ("KKR") signed a
definitive agreement to acquire the company from affiliates of Bain
Capital and Brockway Moran & Partners. For the year ended December
31, 2014, Air Medical generated total net revenue of approximately
$784 million.


AIR MEDICAL: S&P Affirms 'B' Corp. Credit Rating
------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Air Medical Holdings LLC. (Note: upon close of the
transaction, Air Medical Holdings LLC will be renamed Air Medical
Group Holdings Inc.)  The outlook is stable.

At the same time, S&P assigned a 'B' issue-level rating to Air
Medical Group Holdings Inc.'s $920 million senior secured term loan
B and a 'CCC+' issue-level rating to the $460 million senior
unsecured notes.  The recovery rating on the term loan B is '4'
indicating S&P's expectation of average (30% to 50%; on the high
end of the range) recovery in the event of payment default.  The
recovery rating on the unsecured notes is '6' indicating S&P's
expectation of negligible (0% to 10%) recovery.

"Our ratings on Lewisville, Texas-based Air Medical Holdings LLC
reflect a highly leveraged financial risk profile based on leverage
that we expect will remain greater than 5x over the next year and
modest expectations of free cash flow," said Standard & Poor's
credit analyst Michael Berrian.  Air Medical's narrow business
focus on emergency air transportation, exposure to reimbursement
risk, and limited size and diversity support our assessment of a
"weak" business risk profile.

Air Medical has a narrow focus on emergency air transportation,
despite its scale in the industry and expanding geographic
presence.  The company is exposed to reimbursement risk from
third-party payors and, given the emergency nature of the service,
is also exposed to considerable uncollectible copays and self-pay
accounts.  This supports S&P's "weak" business risk assessment.
S&P do not expect third-party payors to increase reimbursement
levels and are forecasting flat revenue per transport in 2015.
Growth is subject to expanding volumes which, in turn, requires an
investment in its air fleet and somewhat costly base expansion.
Profitability, however, despite its investment in growth, remains
relatively high compared with other health care service providers.
Although the company is subject to competition, its relationships
with referral sources and hospitals are a primary barrier to
entry.

S&P's stable rating outlook reflects its expectation that Air
Medical Holdings LLC will manage its expansion plans and sustain
current operating trends such that leverage remains above 5x and
cash flow is very modestly positive.  The rating includes tolerance
for some volatility around our base case because of external
factors such as weather and uncompensated care.

A cash flow deficit could result if expansion is overly aggressive
and new bases do not generate transport volumes as quickly as
expected, prompting consideration for a lower rating.  This could
also occur if EBITDA does not expand this year while debt
obligations increase to support fleet expansion, causing leverage
to exceed 9x.

S&P could raise ratings if the company's revenue and earnings
growth accelerate so that leverage, adjusted for operating leases,
approaches 4.5x and free cash flow becomes more robust.  To achieve
these metrics, EBITDA would need to expand by more than 50% from
S&P's expected 2015 level.  Based on the existing number of
aircraft and expected revenue per transport, the company is not
likely to achieve such an expansion in the next year.



ALONSO & CARUS: Section 341(a) Meeting Set for May 4
----------------------------------------------------
A meeting of creditors in the bankruptcy case of Alonso & Carus
Iron Works, Inc., will be held on May 4, 2015, at 10:00 a.m. at 341
meeting room, Ochoa Building, 500 Tanca Street, First Floor, San
Juan.  Creditors have until Aug. 3, 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.

Alonso & Carus Iron Works, Inc., sought Chapter 11 protection
(Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on
March 27, 2015.  The petition was signed by Eng. Jorge L. Ramos
Viruet as president.  The Debtor disclosed total assets of $23
million in total assets and $14.9 million in total liabilities in
its Schedules.  Charles A Cuprill, PSC Law Office, serves as the
Debtor's counsel and CPA Luis R. Carrasquillo & Co, PSC, acts as
the Debtor's financial consultant.  Judge Enrique S. Lamoutte
Inclan is assigned to the case.


ALTEGRITY INC: Creditors Have Until April 30 to File Claims
-----------------------------------------------------------
The Hon. Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware set April 30, 2015, at 5:00 p.m.
(prevailing Eastern Time) as the deadline for each person or entity
to file their proofs of claim against Altegrity Inc. and its
debtor-affiliates.

The Court established Aug. 7, 2015 at 5:00 p.m. (prevailing Eastern
Time) as the deadline for governmental units to file their claims.

As reported in the Troubled Company Reporter on March 19, 2015, the
Debtors noted that, in order for them to fully administer their
Chapter 11 estates and make distributions under a plan of
reorganization, they must obtain complete and accurate information
regarding the nature and scope of all claims that will be asserted
in these Chapter 11 cases.  Establishing the bar dates will enable
them to receive, process and evaluate creditors' asserted claims in
a timely and efficient manner and to secure the prompt
administration of these Chapter 11 cases, the Debtors note.

All proofs of claim must be filed at:

   Altegrity, Inc. Claims Processing
   c/o Prime Clerk LLC
   830 Third Avenue, 9th Floor
   New York, NY 10022

                        About Altegrity Inc.

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

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

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

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


AMERICAN EAGLE: Auditors Issue Going Concern Opinion
----------------------------------------------------
American Eagle Energy Corporation filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $92.2 million on $60.5 million of oil and gas sales for the
year ended Dec. 31, 2014, compared to net income of $1.59 million
on $43.1 million of oil and gas sales for the year ended Dec. 31,
2013.

As of Dec. 31, 2014, American Eagle had $270.93 million in total
assets, $224 million in total liabilities, and $47.0 million in
total stockholders' equity.

Hein & Associates LLP, in Denver, Colorado, issued a "going
concern" qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014.  The independent
auditors noted that the Company has a working capital deficit, and
cash from operations may not be sufficient to fund operating
activities and debt service obligations.  Also, the Company did not
make an interest payment that was due March 2, 2015.  

"If the Company does not make the interest payment within the
30-day grace period, the bondholders may pursue various remedies.
As a result, the Company may be forced to restructure its debts,
reorganize or seek protection under bankruptcy laws," the auditors
said.

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

                       http://is.gd/8qYWiw

                      About American Eagle

Littleton, Colorado-based American Eagle Energy Corporation is
engaged in the acquisition, exploration and development of oil and
gas properties.  The Company is primarily focused on extracting
proved oil reserves from those properties.

                          *     *     *

As reported by the TCR in March 2015, Standard & Poor's Ratings
Services lowered its corporate credit and issue-level ratings on
American Eagle Energy Corp. to 'D' from 'CCC+'.

"We lowered the rating after American Eagle missed an interest
payment for $9.8 million due March 2, 2015, on its $175 million
senior secured notes due 2019," said Standard & Poor's credit
analyst Christine Besset.

The TCR reported on Jan. 26, 2015, that Moody's Investors Service
downgraded American Eagle's Corporate Family Rating to 'Ca' from
'Caa1'.

"The downgrade of American Eagle Energy's ratings reflect the
company's weak liquidity profile and unsustainable capital
structure," commented Gretchen French, Moody's vice president.
"With the company facing cyclically low oil prices in 2015 and
into 2016, the risk of default or a debt restructuring, including
the potential for a distressed exchange, has increased."


AMINCOR INC: Needs More Time to File Form 10-K
----------------------------------------------
Amincor, Inc. notified the Securities and Exchange Commission it
was unable to file its annual report on Form 10-K for the fiscal
year ended Dec. 31, 2014, within the prescribed time because the
Company and its accounting staff require additional time to
complete the financial statements and the notes thereto.

                         About Amincor Inc.

New York, N.Y.-based Amincor, Inc., is a holding company
operating through its operating subsidiaries Baker's Pride, Inc.,
Environmental Holdings Corp. and Tyree Holdings Corp., and Amincor
Other Assets, Inc.

BPI is a producer of bakery goods.  Tyree performs maintenance,
repair and construction services to customers with underground
petroleum storage tanks and petroleum product dispensing
equipment.

Through its wholly owned subsidiaries, Environmental Quality
Services, Inc., and Advanced Waste & Water Technology, Inc., EHC
provides environmental and hazardous waste testing and water
remediation services in the Northeastern United States.

Other Assets, Inc., was incorporated to hold real estate,
equipment and loan receivables.  As of March 31, 2013, all of
Other Assets' real estate and equipment are classified as held for
sale.

The Company's balance sheet at June 30, 2014, showed $25.8
million in total assets, $44.4 million in total liabilities, and a
$18.6 million total deficit.

                          Bankruptcy Warning

"Amincor's Management is working to secure additional available
capital resources and turn around the subsidiary companies to
generate operating income.  Amincor may raise additional funds
through public or private debt or equity financings.  However,
there can be no assurance that such resources will be sufficient
to fund the operations of Amincor or the long-term growth of the
subsidiaries businesses.  Amincor cannot assure investors that any
additional financing will be available on favorable terms, or at
all.  Without additional capital resources, Amincor may not be
able to continue to operate, take advantage of unanticipated
opportunities, develop new products or otherwise respond to
competitive pressures, and be forced to curtail its business,
liquidate assets and/or file for bankruptcy protection," the
Company stated in its quarterly report for the period ended
June 30, 2014.


AMPLIPHI BIOSCIENCES: Delays Form 10-K Over Accounting Review
-------------------------------------------------------------
AmpliPhi Biosciences Corporation was unable to file, without
unreasonable effort or expense, its annual report on Form 10-K for
the fiscal year ended Dec. 31, 2014, within the prescribed time
period.

As previously disclosed on the current report on Form 8-K that the
Registrant filed with the Securities and Exchange Commission on
March 9, 2015, in the course of preparing its financial statements
for the year ended Dec. 31, 2014, the Company determined that its
financial statements for the fiscal periods ended Dec. 31, 2013,
and the interim periods ended Sept. 30, 2014, June 30, 2014, and
March 31, 2014, should be restated due to the incorrect recording
of certain non-cash items.  The Company's accounting review of
these matters in connection with the preparation of the Company's
financial statements for the fiscal year ended Dec. 31, 2014, is
ongoing.

Ampliphi is continuing its analysis of certain non-cash items that
that it has identified have been recorded incorrectly.

The Company intends to reclassify its redeemable convertible
preferred stock from shareholders' equity (deficit) to temporary
equity.  This reduces net income attributable to common
stockholders by the accretion to the redemption value.  Previously,
the Company had treated this instrument as permanent equity and had
not recorded the accretion in redemption value.  The accretion
reduced net income attributable to common stockholders by
approximately $618,000 for the year ended Dec. 31, 2013.

The Company previously accounted for certain warrants issued in
2011 as equity instruments.  Upon further evaluation, the Company
has determined that these warrants should be recorded as liability
instruments.  This change resulted in the establishment of a
$560,000 liability at Dec. 31, 2013.

The Company, based on additional review, has revised its purchase
accounting for two acquisitions effected in 2011 and 2012 by the
establishment of deferred tax liabilities associated with the IPR&D
acquired in those transactions.  This change resulted in
corresponding increases in goodwill and deferred tax liabilities of
$3,078,000 as of Dec. 31, 2013.

The Company, based on additional review, has adjusted the
assumptions used in the valuation of its embedded derivative
liability associated with its redeemable convertible preferred
stock and warrant liability at Dec. 31, 2013.  This change reduced
shareholders' equity (deficit) by $6 million at Dec. 31, 2013.  The
change increased the Company's 2013 net loss by $6 million.

These items have no impact on the Company's reported cash balances
or net cash flows.

                          About AmpliPhi

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

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

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

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


ANDALAY SOLAR: Delays 2014 Form 10-K
------------------------------------
Andalay Solar, Inc., was unable to file its annual report on Form
10-K for the year ended Dec. 31, 2014, by the March 31, 2015,
filing date applicable to smaller reporting companies due to a
delay experienced by the Company in completing its financial
statements and other disclosures in the Annual Report.  As a
result, the Company said it is still in the process of compiling
required information to complete the Annual Report and financial
statements.  The Company anticipates filings its Annual Report no
later than the 15th calendar day following the prescribed filing
date.

                        About Andalay Solar

Founded in 2001, Andalay Solar, Inc., formerly Westinghouse Solar,
Inc., is a provider of innovative solar power systems.  In 2007,
the Company pioneered the concept of integrating the racking,
wiring and grounding directly into the solar panel.  This
revolutionary solar panel, branded "Andalay", quickly won industry
acclaim.  In 2009, the Company again broke new ground with the
first integrated AC solar panel, reducing the number of components
for a rooftop solar installation by approximately 80 percent and
lowering labor costs by approximately 50 percent.  This AC panel,
which won the 2009 Popular Mechanics Breakthrough Award, has
become the industry's most widely installed AC solar panel.  A new
generation of products named "Instant Connect" was introduced in
2012 and is expected to achieve even greater market acceptance.

Andalay Solar reported a net loss attributable to common
stockholders of $3.85 million on $1.12 million of net revenue for
the year ended Dec. 31, 2013, as compared with a net loss
attributable to common stockholders of $9.15 million on $5.22
million of net revenue in 2012.

Burr Pilger Mayer, Inc., in San Francisco, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company's significant operating losses and
negative cash flow from operations raise substantial doubt about
its ability to continue as a going concern.


AP GAMING: S&P Lowers CCR to 'B' on Expected Acquisition
--------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on Las Vegas, N.V.-based AP Gaming Holdings
LLC (AP Gaming) to 'B' from 'B+'.  The rating outlook is stable.

At the same time, S&P lowered its issue-level rating on the
company's senior secured credit facility, which consists of a $25
million revolver and $155 million term loan, to 'B' from 'B+'.  The
recovery rating remains '3', indicating S&P's expectation for
meaningful recovery (50% to 70%; lower half of the range) of
principal for lenders in the event of a payment default.  S&P's
recovery analysis incorporates its expectation for the incurrence
of $250 million in incremental term loan proceeds under the same
provisions as the existing term loan.

S&P expects the company to use the proceeds from the expected
incremental term loan, along with $115 million in pay-in-kind (PIK)
notes issued by AP Gaming Holdco Inc. and a $12 million PIK
promissory note, to fund its $382 million purchase of gaming
equipment supplier Cadillac Jack Inc.

"The downgrade to 'B' from 'B+' reflects our expectation that the
increase in debt to fund the recently announced acquisition of
Cadillac Jack will result in weaker adjusted debt to EBITDA
measures (sustained above 5x)," said Standard & Poor's credit
analyst Ariel Silverberg.  "We also expect adjusted funds from
operations (FFO) to debt to weaken, remaining in the
high-single-digit to low-double-digit percent area through 2016."

These credit measures are aligned with a one category lower
financial risk profile assessment of "highly leveraged," compared
to S&P's prior "aggressive" financial risk profile assessment.
S&P's expectation for the company's credit measures follows the
announcement by AGS LLC (an indirect, wholly owned subsidiary of AP
Gaming Holdco Inc., the indirect parent of AP Gaming) that it has
entered into an agreement to acquire Amaya Americas Corp. from
Amaya Inc. for a cash consideration of $370 million and a
promissory note of $12 million.  Amaya Americas is the indirect
parent company of gaming machine provider Cadillac Jack Inc.  S&P's
credit measures are based on its assumption that the company will
finance the acquisition primarily with debt, and that the
acquisition EBITDA multiple is in the high-single digits.

Additionally, the downgrade reflects S&P's reassessment of the
financial policy of AP Gaming's owner--funds affiliated with
Apollo.  S&P believes the acquisition signals the financial
sponsors' willingness to increase leverage and maintain it above
5x, the threshold at which S&P had previously said it would
downgrade AP Gaming.  Even in a scenario in which EBITDA growth
drives adjusted debt to EBITDA to 5x, or modestly below that level,
S&P would not likely consider improving its financial policy
assessment because S&P believes that the risk is high of
releveraging either for another acquisition or shareholder
distributions.

The 'B' corporate credit rating reflects S&P's assessment of AP
Gaming's business risk profile as "weak" and its financial risk
profile as "highly leveraged."

The stable outlook reflects S&P's expectation for modest EBITDA
growth and debt reduction, resulting in adjusted debt to EBITDA
remaining above 5x and for FFO to debt remaining in the
high-single-digit to low-double-digit percent area through 2016.

S&P would consider lowering the ratings if the company loses any of
its larger contracts, if there is a deterioration in the company's
liquidity position, or if EBITDA coverage of interest falls to the
mid-1x area.  This would likely occur if EBITDA generation is
meaningfully below S&P's current forecast, or if any new debt
financing is at a modestly higher cost than AP Gaming's current
secured debt.

An upgrade is unlikely at this time given S&P's view that the
financial policy of the company's owner will preclude adjusted debt
to EBITDA from being maintained below 5x.  S&P would consider
raising the rating, however, if the company meaningfully increased
its scale and diversity outside Class II and Native American gaming
in North America, and if S&P believed the company would maintain
adjusted debt to EBITDA below 5x.  This would likely occur in a
scenario of meaningful EBITDA growth and a meaningful reduction in
the financial sponsor ownership of, and control of, the company.



APPLIED MINERALS: Appoints Bradley Tirpak to Board of Directors
---------------------------------------------------------------
Applied Minerals, Inc., has appointed Bradley Tirpak to its Board
of Directors to serve until the 2015 annual meeting of
stockholders.  With this appointment, the Board is now comprised of
seven directors, five of whom are independent.

Mr. Tirpak is currently the managing member of various investment
partnerships.  He has been a portfolio manager at Credit Suisse
First Boston, Caxton Associates and Sigma Capital Management.
Between 1993 and 1996, he was the founder and CEO of Access
Telecom, Inc., an international telecommunications company that
conducted business in Mexico.  Mr. Tirpak has served as a director
and Chairman of the Board of Directors of Full House Resorts, Inc.
since 2014.  He also served as a director of USA Technologies, Inc.
from 2010 to 2012.

"We welcome Brad to the Board and look forward to leveraging his
valuable skill set," said John F. Levy, chairman of the board of
Applied Minerals.  "With over 20 years of experience investing in,
managing and enhancing the value of numerous companies, we believe
he will contribute significantly to our success."

Mr. Tirpak earned his B.S.M.E. from Tufts University and his M.B.A.
from Georgetown University.

                       About Applied Minerals

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

Applied Minerals reported a net loss of $10.31 million in 2014, a
net loss of $13.06 million in 2013 and a net loss of $9.73 million
in 2012.  As of Dec. 31, 2014, the Company had $18.5 million in
total assets, $26 million in total liabilities, and a $7.51 million
total stockholders' deficit.


ARCAPITA BANK: Wants to Have Up to $1B Fund for 2016 Investments
----------------------------------------------------------------
Dania Saadi at The National reports that Arcapita Bank B.S.C. plans
to raise funds deal-by-deal this year and hopes to have a $800
million to $1 billion fund for investments in 2016, with no
imminent plans to tap the debt market.

The Bank, The National states, is planning three deals in real
estate this year, in the UAE, Saudi Arabia and the U.S.  Atif
Abdulmalik, the Bank's chief executive, said that the Bank is
bouncing back from Chapter 11 bankruptcy as it seeks return to
property and private equity deals, the report adds.  The report
quoted Mr. Abdulmalik as saying, "In the coming six to 12 months,
our focus is to do more stabilized income-generating real estate
transactions between the GCC and the U.S., and from nine months
onwards we are going to start to introduce private equity.  We are
starting the engine again."

Citing Mr. Abdulmalik, the Bank's chief executive, The National
relates that the Bank has made about US$2.4 billion from around 14
divestments over the past 18 months.

According to The National, the Bank wants to strike a deal in the
U.S. by year-end in terms of private equity, and is targeting three
to four deals next year.  The report says that the U.S. is the
prime focus for private equity and the sectors of most interest are
primarily logistics, industrial, consumer, energy and renewables.

The National reports that the Bank is closing in on a US$200
million investment in a real estate project in Saadiyat Island.

                      About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment Bank
B.S.C., along with affiliates, filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,
2012.  The Debtors said they do not have the liquidity necessary to
repay a US$1.1 billion syndicated unsecured facility when it comes
due on March 28, 2012.

Falcon Gas Storage Company, Inc., filed a Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 12-11790) on April 30, 2012.  Falcon Gas
is an indirect wholly owned subsidiary of Arcapita that previously
owned the natural gas storage business NorTex Gas Storage Company
LLC.  In early 2010, Alinda Natural Gas Storage I, L.P. (n/k/a Tide
Natural Gas Storage I, L.P.), Alinda Natural Gas Storage II,
L.P. (n/k/a Tide Natural Gas Storage II, L.P.) acquired the stock
of NorTex from Falcon Gas for $515 million. Arcapita guaranteed
certain of Falcon Gas' obligations under the NorTex Purchase
Agreement.

The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy
counsel, Linklaters LLP as corporate counsel, Towers & Hamlins LLP
as international counsel on Bahrain matters, Hatim S Zu'bi &
Partners as Bahrain counsel, KPMG LLP as accountants, Rothschild
Inc. and financial advisor, and GCG Inc. as notice and claims
agent.

Milbank, Tweed, Hadley & McCloy LLP represented the Official
Committee of Unsecured Creditors.  Houlihan Lokey Capital, Inc.,
served as its financial advisor and investment banker.

Founded in 1996, Arcapita is a global manager of Shari'ah-compliant
alternative investments and operates as an investment bank.
Arcapita is not a domestic bank licensed in the United States.
Arcapita is headquartered in Bahrain and is regulated under an
Islamic wholesale banking license issued by the Central Bank of
Bahrain.  The Arcapita Group employs 268 people and has offices in
Atlanta, London, Hong Kong and Singapore in addition to its Bahrain
headquarters.  The Arcapita Group's principal activities include
investing on its own account and providing investment opportunities
to third-party investors in conformity with Islamic Shari'ah rules
and principles.

The Arcapita Group had roughly US$7 billion in assets under
management.  On a consolidated basis, the Arcapita Group owns
assets valued at roughly US$3.06 billion and has liabilities of
roughly US$2.55 billion.  The Debtors owe US$96.7 million under two
secured facilities made available by Standard Chartered Bank.

Arcapita explored out-of-court restructuring scenarios but was
unable to achieve 100 percent lender consent required to effectuate
the terms of an out-of-court restructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment Holdings
Limited, a wholly owned Debtor subsidiary of Arcapita in the Cayman
Islands, issued a summons seeking ancillary relief from the
Grand Court of the Cayman Islands with a view to facilitating the
Chapter 11 cases.  AIHL sought the appointment of Zolfo Cooper as
provisional liquidator.

As reported in the TCR on Jun 19, 2013, the Bankruptcy Court for
the Southern District of New York entered its Findings of Fact,
Conclusions of Law, and Order confirming the Second Amended Joint
Chapter 11 Plan of Reorganization of Arcapita Bank B.S.C.(c) and
Related Debtors with respect to each Debtor other than Falcon Gas
Storage Company, Inc.

A copy of the Confirmed Second Amended Joint Plan (With First
Technical Modifications) is available at:

          http://bankrupt.com/misc/arcapita.doc1265.pdf

The effective date of the Debtors' Second Amended Joint Plan of
Reorganization, dated as of June 11, 2013, occurred on Sept. 17,
2013.


ASPECT SOFTWARE: S&P Lowers CCR to 'CCC+'; Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Phoenix, Ariz.-based Aspect Software Inc. to
'CCC+' from 'B-'.  The outlook is negative.

S&P also lowered its issue-level rating on the company's term loan
and revolving credit facility to 'B-' from 'B'.  The recovery
rating on this debt remains '2', indicating S&P's expectations of
"substantial" (70% to 90%; lower half of the range) recovery in the
event of payment default.

Additionally, S&P lowered its issue-level rating on the company's
second-lien notes to 'CCC' from 'CCC+'.  The recovery rating on the
notes remains '5' indicating S&P's expectations of "modest" (10% to
30%; lower half of the range) recovery in the event of a payment
default.

"The rating downgrade is based on Aspect's ongoing weak free cash
flow and weak liquidity, which reflects continued tight covenant
headroom, despite a recent amendment of covenant tests, and the
upcoming maturities of the revolving credit facility in February
2016 and term loan in May 2016," said Standard & Poor's credit
analyst Kenneth Fleming.

S&P has revised the company's liquidity assessment to "weak" from
"less than adequate."

The negative outlook reflects Aspect's ongoing weak free cash flow
and liquidity, including the continuation of tight covenant
headroom and the maturity of Aspect's term loan in less than 14
months.

S&P could lower the rating if the company does not refinance its
upcoming debt maturities before covenants step down aggressively in
January 2016 or if S&P believes that operating performance does not
position the company to successfully refinance its credit
facility.

S&P could change the outlook to stable or raise the rating if the
company can complete a refinancing transaction and improve covenant
cushion.



AVIV REIT: S&P Withdraws 'BB-' CCR on Completed Acquisition
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on Aviv
REIT Inc., including its 'BB-' corporate credit rating, upon the
completion of Omega Healthcare Investors Inc.'s acquisition of Aviv
on April 1, 2015.

S&P also withdrew its 'BB' issue-level rating and '2' recovery
rating on Aviv's senior unsecured notes.  All outstanding unsecured
senior notes and borrowings under Aviv's $600 million revolving
credit facility have been repaid in full.



AXION INTERNATIONAL: Incurs $17 Million Net Loss in 2014
--------------------------------------------------------
Axion International Holdings, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss attributable to common shareholders of $17.2 million on $14.4
million of revenue for the year ended Dec. 31, 2014, compared to a
net loss attributable to common shareholders of $25.8 million on
$6.62 million of revenue for the same period in 2013.

As of Dec. 31, 2014, the Company had $17.8 million in total assets,
$33.7 million in total liabilities, $6.82 million in total
temporary equity and a $22.8 million total stockholders' deficit.

BDO USA, LLP, in New York, New York, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, noting that Company has suffered recurring
losses from operations and has working capital and net capital
deficiencies that raise substantial doubt about its ability to
continue as a going concern.

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

                       http://is.gd/Fz2bMd

                     About Axion International

New Providence, N.J.-based Axion International Holdings, Inc. (OTC
BB: AXIH) - http://www.axionintl.com/-- is the exclusive licensee
of patented and patent-pending technologies developed for the
production of structural plastic products such as railroad
crossties, pilings, I-beams, T-Beams, and various size boards
including a tongue and groove design that are utilized in multiple
engineered design solutions such as rail track, rail and tank
bridges (heavy load), pedestrian/park and recreation bridges,
marinas, boardwalks and bulk heading to name a few.


BERRY PLASTICS: To Issue 7.5MM Common Shares Under Incentive Plan
-----------------------------------------------------------------
Berry Plastics Group, Inc., filed with the Securities and Exchange
Commission a Form S-8 registration statement to register 7,500,000
shares of common stock issuable under the Company's 2015 Long-Term
Incentive Plan.  The proposed maximum aggregate offering price is
$262.4 million.  A copy of the prospectus is available at
http://is.gd/9Mzduz

                       About Berry Plastics

Berry Plastics Corporation manufactures and markets plastic
packaging products, plastic film products, specialty adhesives and
coated products.  At Jan. 2, 2010, the Company had more than 80
production and manufacturing facilities, primarily located in the
United States.  Berry is a wholly-owned subsidiary of Berry
Plastics Group, Inc.  Berry Group is primarily owned by affiliates
of Apollo Management, L.P., and Graham Partners.  Berry, through
its wholly owned subsidiaries operates five reporting segments:
Rigid Open Top, Rigid Closed Top, Flexible Films, Tapes/Coatings
and Specialty Films.  The Company's customers are located
principally throughout the United States, without significant
concentration in any one region or with any one customer.

On Dec. 3, 2009, Berry Plastics obtained control of 100 percent of
the capital stock of Pliant upon Pliant's emergence from
reorganization pursuant to a proceeding under Chapter 11 for a
purchase price of $602.7 million.  Pliant is a manufacturer of
films and flexible packaging for food, personal care, medical,
agricultural and industrial applications.

As of Dec. 27, 2014, Berry Plastics had $5.17 billion in assets,
$5.26 billion in liabilities, $13 million in redeemable
non-controlling interest, and a $106 million stockholders'
deficit.

                           *     *     *

As reported by the TCR on Jan. 30, 2015, Moody's Investors Service
upgraded the corporate family rating of Berry Plastics to 'B1' from
'B2'.  The upgrade of the corporate family rating reflects the
pro-forma benefits from the recent restructuring and acquisitions.


BG MEDICINE: Incurs $8.06 Million Net Loss in 2014
--------------------------------------------------
BG Medicine, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$8.06 million on $2.78 million of total revenues for the year ended
Dec. 31, 2014, compared to a net loss of $15.8 million on $4.07
million of total revenues for the year ended Dec. 31, 2013.  The
Company previously reported a net loss of $23.8 million in 2012.

For the three months ended Dec. 31, 2014, the Company reported a
net loss of $1.31 million on $554,000 of total revenues compared to
a net loss of $1.93 million on $1.14 million of total revenues for
the same period in 2013.

As of Dec. 31, 2014, the Company had $5.22 million in total assets,
$4.67 million in total liabilities and $557,000 in total
stockholders' equity.

"In 2014, we continued to build the case for galectin-3 while
managing our operating expenses aggressively and reducing our
operating cash burn," said Paul R. Sohmer, M.D., president and
chief executive officer of BG Medicine.

"We anticipate that beginning in the second half of 2015 our growth
in revenues will depend on the timing and extent to which our
automated partners are successful in gaining adoption of their
automated tests for galectin-3. Concurrently, we will continue to
manage aggressively our operating expenses and cash burn.  We also
expect that we will require additional capital in the near future
to continue our operations and grow our business."

Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company's recurring
losses from operations, recurring cash used in operating activities
and accumulated deficit raise substantial doubt about its ability
to continue as a going concern.

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

                        http://is.gd/9qHg57
  
                         About BG Medicine

Waltham, Mass.-based BG Medicine is a diagnostics company focused
on the development and commercialization of novel cardiovascular
diagnostic tests to address significant unmet medical needs,
improve patient outcomes and contain healthcare costs.  The
Company is currently commercializing two diagnostic tests, the
first of which is the BGM Galectin-3 test, a novel assay for
measuring galectin-3 levels in blood plasma or serum for use as an
aid in assessing the prognosis of patients diagnosed with heart
failure.  The Company's second diagnostic test is the CardioSCORE
test, which is designed to identify individuals at high risk for
near-term, significant cardiovascular events, such as heart attack
and stroke.


BIOFUELS POWER: Form 10-K Filing Delayed Awaiting Confirmations
---------------------------------------------------------------
Biofuels Power Corporation filed with the U.S. Securities and
Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the year ended Dec.
31, 2014.  The Company said its financial statements are not yet
ready for distribution as many confirmations have not been received
back from the company's note holders.

                           Biofuels Power

Humble, Tex.-based Biofuels Power Corporation is a distributed
energy company that is pioneering the use of biodiesel to fuel
small electric generating facilities that are located in close
proximity to end-users.  BPC's first power plant is currently
located near Houston, Texas in the city of Oak Ridge North.

Biofuels Power reported a net loss of $606,556 on $0 of sales for
the year ended Dec. 31, 2013, as compared with net income of
$342,456 on $0 of sales in 2012.

Clay Thomas, P.C., in Abilene, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has suffered significant losses and will require
additional capital to develop its business until the Company
either (1) achieves a level of revenues adequate to generate
sufficient cash flows from operations; or (2) obtains additional
financing necessary to support its  working capital requirements.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.


BIOLITEC INC: 1st Cir. Upholds Civil Contempt Finding v. Parent
---------------------------------------------------------------
In the appellate case ANGIODYNAMICS, INC., Plaintiff, Appellee, v.
BIOLITEC AG; BIOMED TECHNOLOGY HOLDINGS, LTD.; and WOLFGANG
NEUBERGER, Defendants, Appellants. BIOLITEC, INC., Defendant, Case
Nos. 13-1626, 13-2179, Defendants argue that the district court
exceeded the bounds of its authority when it issued civil contempt
sanctions after Defendants violated the court's preliminary
injunction order. Defendants also aver that the district court
should have vacated the underlying preliminary injunction.

Plaintiff AngioDynamics, Inc. obtained a $23 million judgment in
New York against defendant Biolitec, Inc., based on an
indemnification clause in the supply and distribution agreement
governing Bioletic's sale of medical equipment to AngioDynamics.
Plaintiff sought to secure payment on that judgment by bringing
suit in the District of Massachusetts against Bioletic's  President
and CEO, Wolfgang Neuberger, and its corporate parents, Biomed
Technology Holdings and Biolitec AG -- collectively, the
"Defendants" -- alleging that Defendants had looted Biolitec of
over $18 million in assets in order to render it judgment-proof.

In August 2012, AngioDynamics learned that Biolitec AG planned to
merge with an Austrian subsidiary. Since American judgments are
unenforceable in Austria, the merger would place Biolitec AG's
assets out of AngioDynamic's reach. The district court issued a
temporary restraining order -- later converted into a preliminary
injunction -- barring the merger. Defendants unsuccessfully filed a
motion to vacate the injunction in the district court, then
appealed. In March 2013, while that appeal was still pending,
Defendants effected the merger anyway, moving Biolitec's corporate
domicile from Germany to Austria. The First Circuit court affirmed
the preliminary injunction on April 1, 2013, the same day as that
panel heard oral argument.

AngioDynamics filed an emergency motion for contempt shortly after
learning that Biolitec AG had merged with its Austrian affiliate.
On April 11, 2013, the district court issued a 20-page contempt
decision authorizing coercive fines against Defendants and a
warrant for Neuberger's arrest. The monthly fines escalate in
amount each month that the merger remains in place. The district
court's contempt order made clear that it would lift the fines and
arrest warrant once Defendants undo the merger and restore the
status quo ante. Four months later, Defendants filed another round
of motions to revoke the contempt order and vacate the underlying
injunction; the district court denied the motions yet again.  And
so, AngioDynamics filed these appeals.

On review, the U.S. Court of Appeals for the First Circuit affirms
both the district court's denial of Defendants' motion to vacate
the preliminary injunction and the district court's civil contempt
finding.  The First Circuit remands for the sole purpose of
directing the district court to take action with respect to the
total accruing fine amount, in accordance with its opinion.  The
First Circuit awards costs of the appeal to Plaintiff.

A copy of the First Circuit's Order dated March 11, 2015 is
available at http://is.gd/iI6wi9from Leagle.com.

Edward Griffith, with whom Michael K. Callan, Doherty, Wallace,
Pillsbury, and Murphy, P.C., and The Griffith Firm were on brief,
for appellants.

William E. Reynolds, with whom Bond, Schoeneck & King, PLLC was on
brief, for appellee.

                        About Biolitec Inc.

Biolitec, Inc., is a member of the Biolitec Group, a multinational
group of affiliated companies that is a global market leader in the
manufacture and distribution of fiber optic devices and products
such as medical lasers and fibers, photo-pharmaceuticals and
industrial fiber optics.  Biolitec AG, a German public company
listed on the highly regulated Prime Standard segment of the
Frankfurt stock exchange, is the ultimate parent of the Debtor.

Biolitec, Inc., filed a Chapter 11 petition (Bankr. D.N.J. Case
No. 13-11157) on Jan. 22, 2013, to stop competitor AngioDynamics
Inc. from collecting $23 million it won in a breach of contract
lawsuit.  Brian K. Foley signed the petition as chief operating
officer.  In its schedules, the Debtor listed $8,986,073 in assets
and $46,286,763 in liabilities.


BIOLITEC INC: 1st Cir. Upholds Discovery Damages Award v. Parent
----------------------------------------------------------------
In the appellate case ANGIODYNAMICS, INC., Plaintiff, Appellee, v.
BIOLITEC AG; BIOMED TECHNOLOGY HOLDINGS, LTD.; and WOLFGANG
NEUBERGER, Defendants, Appellants. BIOLITEC, INC., Defendant, Case
No. 14-1603, Defendants challenged the district court's exercise of
personal jurisdiction over certain defendants, the denial of their
motions to dismiss, and the entry of default judgment and a damages
award against them as a sanction for discovery violations.

Plaintiff AngioDynamics, Inc. obtained a $23 million judgment in
New York against defendant Biolitec, Inc. based on an
indemnification clause in the supply and distribution agreement
governing BI's sale of medical equipment to AngioDynamics.
Plaintiff sought to secure payment on that judgment by bringing
suit in the District of Massachusetts against Biolitec's President
and CEO, Wolfgang Neuberger, and its corporate parents, Biomed
Technology Holdings and Biolitec AG -- collectively, the Defendants
-- alleging that Defendants had looted Biolitec of over $18 million
in assets in order to render it judgment-proof.  

AngioDynamics its amended complaint on March 26, 2010. Bioletic
filed a motion to dismiss, averring that the district court lacked
personal jurisdiction over the German company and that three counts
of AngioDynamic's complaint failed to state a claim.  The district
court denied the motion in a lengthy memorandum and order. Four
days later, Biomed and Neuberger filed their own motion to dismiss,
raising substantially similar arguments as Biolitec's motion
(personal jurisdiction as to Biomed, and failure to state a claim
on three counts as to both Biomed and Neuberger).  The district
court denied this second motion on the same grounds as the first.

As the parties began discovery, Defendants resisted AngioDynamics'
efforts to depose Neuberger and other key witnesses.

During the discovery period, AngioDynamics learned that Defendants
planned to merge Biolitec AG with its Austrian subsidiary.
AngioDynamics moved for a temporary restraining order and then for
a preliminary injunction to prevent the merger, arguing that
AngioDynamics would be unable to enforce any judgment against
Biolitec AG in the Austrian courts.  The district court enjoined
the merger and the U.S. Court of Appeals for the First Circuit
affirmed the issuance of the preliminary injunction. While that
appeal was pending, Defendants effected the merger anyway.
AngioDynamics moved for contempt proceedings.  On April 11, 2013,
the district court held Defendants in contempt for violating the
preliminary injunction and ordered coercive penalties against
Defendants until they undid the merger. This contempt order is the
subject of the companion case, AngioDynamics v. Biolitec AG, Nos.
13-1626, 13-2179.

On May 24, 2013, ADI moved for default judgment based on
Defendants' failure to comply with the contempt order. The district
court denied the motion on August 30, 2013, but ordered Defendants
to file a status report detailing their plan for complying with the
contempt decision and for producing Neuberger to the district court
to "testify as to his actions in response to the injunction."
Defendants' status report, dated October 1, 2013, stated
definitively that they had no intention of complying with the
contempt order. On October 11, 2013, AngioDynamics filed a renewed
motion for default judgment based on Defendants' status report,
which the district court heard along with AngioDynamics' two
motions for sanctions for violations of various discovery orders.
On January 14, 2014, the district court allowed the motions for
sanctions and entered default judgment for AngioDynamics. On March
18, 2014, the court awarded approximately $75 million to
AngioDynamics, which included chapter 93A damages.  Subsequently,
the Defendants appealed the orders.

On review, The First Circuit found all of the appellants' arguments
meritless.

Accordingly, the First Circuit affirms the entry of default
judgment against Defendants and the district court's award of
damages. The First Circuit awards costs of the appeal to
Plaintiff.

The First Circuit holds that it is undisputed that the District of
Massachusetts could properly exercise personal jurisdiction over
Bioletic.  The First Circuit further opines that "[G]iven the
severity of Defendants' discovery violations, the district court
acted well within its discretion in entering default judgment, a
sanction that can play a constructive role in maintaining the
orderly and efficient administration of justice."

Lastly, the First Circuit holds that the district court committed
no abuse of discretion and complied with Rule 55's elective
language when it entered a damage award based on preexisting
figures without an evidentiary hearing.

A copy of the First Circuit's Order dated March 11, 2015 is
available at http://is.gd/pT6AVcfrom Leagle.com.

Edward Griffith, with whom Michael K. Callan, Doherty, Wallace,
Pillsbury, and Murphy, P.C., and The Griffith Firm were on brief,
for appellants.

William E. Reynolds, with whom Bond, Schoeneck & King, PLLC was on
brief, for appellee.

                        About Biolitec Inc.

Biolitec, Inc., is a member of the Biolitec Group, a multinational
group of affiliated companies that is a global market leader in the
manufacture and distribution of fiber optic devices and products
such as medical lasers and fibers, photo-pharmaceuticals and
industrial fiber optics.  Biolitec AG, a German public company
listed on the highly regulated Prime Standard segment of the
Frankfurt stock exchange, is the ultimate parent of the Debtor.

Biolitec, Inc., filed a Chapter 11 petition (Bankr. D.N.J. Case
No. 13-11157) on Jan. 22, 2013, to stop competitor AngioDynamics
Inc. from collecting $23 million it won in a breach of contract
lawsuit.  Brian K. Foley signed the petition as chief operating
officer.  In its schedules, the Debtor listed $8,986,073 in assets
and $46,286,763 in liabilities.


C WONDER: To Get $3.7-Mil. from Two Separate Asset Sales
--------------------------------------------------------
C. Wonder LLC received approval from U.S. Bankruptcy Judge Michael
Kaplan to sell its assets for a total of $3.7 million.

The assets will be sold in two separate transactions with Spring
Street Co. LLC and Burch Acquisition LLC.

Spring Street offered $1.65 million for C. Wonder's interest in a
lease for a real property located in the Soho section of New York,
according to court filings.

The company emerged as the winning bidder at an auction held on
March 12, beating out Apoposh Inc. which offered $1.6 million.

Prior to the auction, Spring Street questioned C. Wonder's choice
of Apoposh as the stalking horse bidder, saying it would have
difficulty performing under the lease in light of the significant
financial losses suffered by its parent company over the past three
years.

Apoposh will serve as the alternate bidder, according to Judge
Kaplan's order.  It will also receive a break-up fee of $50,000 as
required by its prior agreement with C. Wonder, which the
bankruptcy judge approved on Feb. 18.

Meanwhile, the second transaction involves a sale of C. Wonder's
remaining assets, which include intellectual property and personal
property it used at a facility located along Broadway, New York.

Burch Acquisition offered $2.05 million for the assets.  The assets
were supposed to be sold at an auction on March 11 but C. Wonder
did not receive qualified bids from other buyers prior to the March
9 deadline.

                          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 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 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.


CAESARS ENTERTAINMENT: Bid to Disband Noteholders Panel Denied
--------------------------------------------------------------
Bankruptcy Judge A. Benjamin Goldgar early last month denied the
request of debtors Caesars Entertainment Operating Company, Inc.,
and certain subsidiaries to disband the Official Committee of
Second Priority Noteholders.

The Noteholders Committee is one of two committees that the U.S.
Trustee appointed under section 1102(a)(1) of the Bankruptcy Code,
at the beginning of the Debtors' cases.  The judge notes that a
bankruptcy court has no power to disband a committee that the U.S.
Trustee has appointed under section 1102(a)(1).

A copy of the Court's Memorandum Opinion dated March 9, 2015, is
available at http://is.gd/kn7Emvfrom Leagle.com

                     About Caesars Entertainment

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

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

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

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

Delaware Bankruptcy Judge Kevin Gross entered a ruling that the
bankruptcy proceedings will proceed in the U.S. Bankruptcy Court
for the Northern District of Illinois.

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

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

The U.S. Trustee appointed Richard S. Davis as Chapter 11 examiner.


CAL DIVE: Seeks Authority to Pay Bonuses
----------------------------------------
Sherri Toub, writing for Bloomberg News, reported that Cal Dive
International Inc., asked for permission to pay retention bonuses
to 52 key rank-and-file employees.

According to the report, the participants -- non-insiders working
in the operations, finance and legal departments -- make up about
20 percent of Cal Dive's workforce and will play an important role
during bankruptcy, including supporting completion of a significant
project for its largest customer, facilitating non-core asset
sales, and assisting in the going-concern sale or reorganization of
the core business.  Proposed payments scheduled for March 31 and
June 30 total about $1.3 million, the report said, citing court
papers.

                    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.

Cal Dive disclosed total assets of $571 million and total debt of
$411 million as of Sept. 30, 2015.

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.  The Debtors also
tapped Carl Marks Advisory Group LLC as crisis managers and appoint
F. Duffield Meyercord as chief restructuring officer.

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors in the Chapter 11 case of Cal Dive
International, Inc.


CALMARE THERAPEUTICS: Delays Filing of 2014 Form 10-K
-----------------------------------------------------
Calmare Therapeutics Incorporated was unable, without unreasonable
effort or expense, to file its annual report on Form 10-K for the
period ended Dec. 31, 2014, by the March 31, 2015, filing date
applicable to smaller reporting companies due to a delay
experienced by the Company in completing its financial statements
and other disclosures in the Annual Report, according to a document
filed with the Securities and Exchange Commission.  As a result,
the Company is still in the process of compiling required
information to complete the Annual Report and its independent
registered public accounting firm requires additional time to
complete its review of the financial statements for the period
ended Dec. 31, 2014, to be incorporated in the Annual Report.

The Company anticipates that it will file the Annual Report no
later than the 15th calendar day following the prescribed filing
date.

                    About Calmare Therapeutics

Calmare Therapeutics Incorporated, formerly known as Competitive
Technologies, Inc., provides distribution, patent and technology
transfer, sales and licensing services focused on the needs of its
customers and matching those requirements with commercially viable
product or technology solutions.  Sales of the Company's
Calmare(R) pain therapy medical device continue to be the major
source of revenue for the Company.

On Aug. 20, 2014, Competitive Technologies changed its name to
Calmare Therapeutics Incorporated.

As of Sept. 30, 2014, the Company had $4.53 million in total
assets, $11.8 million in total liabilities and a $7.25 million
total shareholders' deficit.

Competitive Technologies reported a net loss of $2.67 million
in 2013 following a net loss of $3 million in 2012.

Mayer Hoffman McCann CPAs, New York, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2013, citing that the Company has incurred operating
losses since fiscal year 2006 and has a working capital deficiency
which conditions raise substantial doubt about the Company's
ability to continue as a going concern.


CASCATA HOMES: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Cascata Homes, LLC
        7364 Meadow Oaks
        Dallas, TX 75230

Case No.: 15-31374

Chapter 11 Petition Date: April 2, 2015

Court: United States Bankruptcy Court
       Northern District of Texas (Dallas)

Judge: Hon. Harlin DeWayne Hale

Debtor's Counsel: Eric A. Liepins, Esq.
                  ERIC A. LIEPINS, P.C.
                  12770 Coit Rd., Suite 1100
                  Tel: Dallas, TX 75251
                  Tel: (972) 991-5591
                  Email: eric@ealpc.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Chris Cuzalina, managing member.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txnb15-31374.pdf


CATASYS INC: Incurs $27.3 Million Loss in 2014, Needs More Capital
------------------------------------------------------------------
Catasys, Inc., filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a loss of $27.3 million
on $2.03 million of healthcare services revenues for the 12 months
ended Dec. 31, 2014, compared to a loss of $4.67 million on
$754,000 of healthcare services revenues for the 12 months ended
Dec. 31, 2013.

As of Dec. 31, 2014, Catasys had $2.35 million in total assets,
$43.57 million in total liabilities and a $41.22 million total
stockholders' deficit.

Rose, Snyder & Jacobs LLP, in Encino, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has continued
to incur significant operating losses and negative cash flows from
operations during the year ended Dec. 31, 2014.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.

                         Bankruptcy Warning

At Dec. 31, 2014, cash and cash equivalents was $708,000 and the
Company had a working capital deficit of approximately $1.5
million.  The Company has incurred significant operating losses and
negative cash flows from operations since its inception. During the
year ended Dec. 31, 2014, the Company's cash used in operating
activities from continuing operations was $5.1 million.
The Company anticipates continuing to incur negative cash flows and
net losses for the next twelve months.

"We expect our current cash resources to cover expenses into April
2015, however delays in cash collections, revenue, or unforeseen
expenditures, could negatively impact our estimate.  We are in need
of additional capital, however, there is no assurance that
additional capital can be timely raised in an amount which is
sufficient for us or on terms favorable to us and our stockholders,
if at all.  If we do not obtain additional capital, there is a
significant doubt as to whether we can continue to operate as a
going concern and we will need to curtail or cease operations or
seek bankruptcy relief.  If we discontinue operations, we may not
have sufficient funds to pay any amounts to stockholders," the
Company said in the report.

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

                        http://is.gd/F5JPhN

                         About Catasys Inc.

Based in Los Angeles, California, Hythiam, Inc., n/k/a Catasys,
Inc., is a healthcare services management company, providing
through its Catasys(R) subsidiary specialized behavioral health
management services for substance abuse to health plans.


CATASYS INC: Reports $2 Million Total Revenue for 2014
------------------------------------------------------
Catasys, Inc. reported that for the full year ended Dec. 31, 2014,
total revenues increased 169% to $2 million compared with $0.75
million for the full year 2013.  Total revenue increases were
driven by increase in contracts in health plans covered and
enrollment growth.  The Company reported a loss from operations
before income taxes of $27.1 million, or $(1.21) per basic share
and per diluted share, for the full year ended Dec. 31, 2014,
compared with a loss from operations before income taxes of $2.9
million, or $(0.20) per basic share and per diluted share, for the
prior year 2013, related to the revaluation of the Company's
warrant liabilities.  The loss from operations during the full year
2014 was the result of the change in fair value of the warrants at
Dec. 31, 2014.

Total operating expenses for the year ended Dec. 31, 2014, were
$7.7 million compared with $6.1 million for the full year 2013,
primarily due to higher cost of healthcare services and General and
administrative expenses as the Company's enrollments expand.

Rick Anderson, president and COO said, "We closed out a very
eventful year in 2014, with the continued rollout and expansion of
our OnTrak program which is now available in nine states and have
driven our enrollment and revenue growth by 81% and 169%,
respectively, over the prior year.  Deferred revenue is an
operating metric which is indicative of our growth and we are
pleased to report that it increased by 216% compared to 2013."

Mr. Anderson continued, "What makes our story exciting is that we
spent this year laying the groundwork and foundation for our
expected growth with new customers, while also expanding our
business with existing customers.  Our OnTrak program focuses on
improving the health of members suffering from behavioral health
conditions and co-existing medical conditions, thereby reducing
costs by more than 50%.  This has generated year-over-year growth
for us and offers us an opportunity in a market that we estimate to
be more than $2 billion.  We also recently announced that we have
added a new behavioral health condition into Kansas, to include
members with anxiety.  We anticipate that adding anxiety will
increase the number of eligible members in Kansas' population by
approximately 4x.  On a national level, we anticipate that adding
this indication will increase the market potential for our OnTrak
program substantially."

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

                        http://is.gd/u6Bz3k

                         About Catasys Inc.

Based in Los Angeles, California, Hythiam, Inc., n/k/a Catasys,
Inc., is a healthcare services management company, providing
through its Catasys(R) subsidiary specialized behavioral health
management services for substance abuse to health plans.

Catasys reported a net loss of $4.67 million on $866,000 of total
revenues for the 12 months ended Dec. 31, 2013, as compared with a
net loss of $11.6 million on $541,000 of total revenues during
the prior year.

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

                         Bankruptcy Warning

"Our financial statements have been prepared on the basis that we
will continue as a going concern.  At September 30, 2014, cash and
cash equivalents amounted to $1.5 million and we had a working
capital deficit of approximately $1.5 million.  In January 2014,
May 2014, and September 2014, we closed on financings of
approximately $1.0, $1.5, and $1.5 million, respectively.  We have
incurred significant operating losses and negative cash flows from
operations since our inception.  During the nine months ended
September 30, 2014, our cash used in operating activities of
continuing operations was $3.4 million.  We anticipate that we
could continue to incur negative cash flows and net losses for the
next twelve months.  The financial statements do not include any
adjustments relating to the recoverability of the carrying amount
of the recorded assets or the amount of liabilities that might
result from the outcome of this uncertainty.  As of September 30,
2014, these conditions raised substantial doubt as to our ability
to continue as a going concern.  We expect our current cash
resources to cover expenses through the end of December 2014,
however delays in cash collections, revenue, or unforeseen
expenditures, could negatively impact our estimate.  We are in
need of additional capital, however, there is no assurance that
additional capital can be timely raised in an amount which is
sufficient for us or on terms favorable to us and our
stockholders, if at all.  If we do not obtain additional capital,
there is a significant doubt as to whether we can continue to
operate as a going concern and we will need to curtail or cease
operations or seek bankruptcy relief.  If we discontinue
operations, we may not have sufficient funds to pay any amounts to
stockholders," the Company stated in its quarterly report for the
period ended Sept. 30, 2014.


CENTRAL ENERGY: Incurs $284,000 Net Loss in 2014
------------------------------------------------
Central Energy Partners LP filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$284,000 on $5.07 million of revenues for the year ended Dec. 31,
2014, compared to a net loss of $521,000 on $4.75 million of
revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $8.22 million in total assets,
$8.76 million in total liabilities and a $541,000 total partners'
deficit.

Montgomery Coscia Greilich, LLP, in Plano, Texas, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that Central has incurred
recurring losses and has a deficit in working capital that raise
substantial doubt about its ability to continue as a going concern.


                        Bankruptcy Warning

"At March 15, 2015, the Company had approximately $288,000 in cash
and approximately $275,000 in accounts receivable at Regional. This
cash, together with anticipated cash generated from Regional's
operations during the fiscal year, will be insufficient to meet the
Company's cash requirements for the fiscal year ended December 31,
2015.  Absent additional proceeds from the issuance of securities
by the General Partner or the Partnership, the Company will be
required to implement further cost saving procedures, sell assets,
discontinue operations, add/or seek protection under U.S.
bankruptcy laws," according to the report.

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

                         http://is.gd/OCP8nL

                   About Central Energy Partners

Dallas, Tex.-based Central Energy Partners LP is a publicly-traded
Delaware limited partnership.  It currently provides liquid bulk
storage, trans-loading and transportation services for hazardous
chemicals and petroleum products through its wholly-owned
subsidiary, Regional Enterprises, Inc.


CHARTER COMMUNICATIONS: Moody's Says BrightHouse Deal is Credit Pos
-------------------------------------------------------------------
Moody's said the announced plan of Charter Communications, Inc. to
acquire Bright House Networks for $10.4 billion does not impact
Charter's Ba3 Corporate Family Rating at this time. The transaction
would favorably expand scale and reduce leverage relative to
Moody's expectations for Charter following its previously announced
transaction with Comcast Corporation (Comcast, A3 positive) and
Time Warner Cable, Inc. (TWC, Baa2 on review for possible upgrade),
but also elevate operational risk.

The acquisition of BrightHouse would bring an upgraded asset base
and footprint with higher customer penetration than Charter's
existing footprint. Based on the financing structure proposed,
Moody's believes leverage would decline from the low 5 times
debt-to-EBITDA estimated for Charter following its Comcast-TWC
transactions. Charter reported leverage of 4.6 times debt-to-EBITDA
for 2014 on a standalone basis (incorporating Moody's standard
adjustments and excluding debt raised to fund the Comcast-TWC
transactions). Moody's believes Advance/Newhouse Partnership (A/N),
the current owner of Bright House, has historically maintained a
more conservative credit profile than Charter. The addition of
directors nominated by A/N could bring a more conservative voice
and voting block to Charter's board, although Liberty Broadband
will still exercise up to 25% voting power, and Moody's expect this
group to favor aggressive use of leverage.

The previously announced Comcast-TWC transaction creates execution
risk, and acquiring more assets at the same time adds to the
challenge. For example, switching all operations to a new
management team and a new brand and migrating from one billing
system to another could lead to disruption both internally and for
customers, which could result in extra costs and customer losses.
Bright House currently has a management services agreement with
TWC, and therefore uses the same billing systems and has
familiarity with TWC, which could smooth the integration.
Nevertheless, Charter's footprint will be expanding from 4.3
million video customers to 7.6 million, or 10.1 million including
the GreatLand

Connections assets Charter will be managing. While Moody's consider
the greater scale positive, the sheer number of new systems and
subscribers will require immense attention to countless complicated
operating details.

Moody's expect the deals to be accretive to free cash flow, but the
cash dividend on the proposed preferred units will add a fixed
charge akin to interest expense. Also, Charter will likely assume a
tax liability which could have a balloon payment to A/N. Given the
potential debt attribution for these considerations as well as
other Moody's standard adjustments, Moody's expect leverage as
defined by Moody's to exceed the pro forma 3.9 times debt-to-EBITDA
referenced by Charter but be below the 5.2 times Moody's estimated
for Charter pro forma for its Comcast-TWC transactions.

Bright House Networks operates cable systems in five states
including Florida, Alabama, Indiana, Michigan and California and
serves approximately 2.5 million customers. Bright House Networks
also owns and operates local news and sports channels in its
Florida markets. Its annual revenue is approximately $3.8 billion.

One of the largest domestic cable multiple system operators serving
approximately 4.3 million residential video customers (6.2 million
customers in total), Charter Communications, Inc. (Charter)
maintains its headquarters in Stamford, Connecticut. Its annual
revenue is approximately $9.1 billion.

On April 28, Charter announced an agreement with Comcast
Corporation (Comcast) whereby Charter will acquire approximately
2.9 million former Time Warner Cable (TWC) subscribers. Charter
will also acquire an approximately 33% ownership stake in a new
publicly-traded cable provider (GreatLand) to be spun-off from
Comcast serving approximately 2.5 million customers.


CHINA SHIANYUN: Incurs $1.33 Million Net Loss in 2014
-----------------------------------------------------
China Shianyun Group Corp., Ltd., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $1.33 million on $210,000 of revenues for the year ended
Dec. 31, 2014, compared to a net loss of $382,000 on $2 million of
revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $3.52 million in total assets,
$5.74 million in total liabilities, and a $2.21 million total
stockholders' deficit.

AWC (CPA) Limited, in Hong Kong, China, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, noting that the Company has a significant
accumulated deficits and negative working capital. These factors
raise substantial doubt about the Company's ability to continue as
a going concern.    

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

                       http://is.gd/59WDOb

                       About China Shianyun

China Shianyun Group Corp., Ltd, formerly known as China Green
Creative, Inc., develops and distributes consumer goods, including
herbal teas, health liquors, meal replacement products, and cured
meat using ecological breeding methods in China.  The Company is
based in Shenzhen Guandong Province, China.


CHINA TELETECH: Needs More Time to File Form 10-K
-------------------------------------------------
China Teletech Holding, Inc. filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-K for the period ended
Dec. 31, 2014.  The Company said it has experienced a delay in
completing the disclosures necessary for inclusion in its Annual
Report.  The Company expects to file that report within the
allotted extension period.
   
On June 30, 2014, the Company entered into a cooperation agreement
with Shenzhen Jinke Energy Development Co., Ltd.  Pursuant to the
Agreement, 20 million shares of the Company's common stock were to
be issued to SJD in exchange for 51% of all the outstanding capital
of SJD.  The accompanying financial statements to the Company's
Annual Report to be filed will be reported on a consolidated basis.
The financials will be significantly different from the same
period in 2013 due to the Share Exchange.

                        About China Teletech

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

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

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

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

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


CHROMCRAFT REVINGTON: Must Pay IHFC $632,000 for Default on Lease
-----------------------------------------------------------------
Triad Business Journal reports that the General Court of Justice
Superior Court Division has ordered Chromcraft Revington, Inc., to
pay more than $632,000 to IHFC Properties for defaulting on its
long-term lease at the International Home Furnishings Center in
High Point.

According to Triad Business, the lease for space at the IHFC
building was entered into in March 2013, which was then amended in
July 2013.  The Company defaulted and failed to pay rent,
utilities, taxes, late charges and other amounts under the terms of
the lease, Triad Business states.

                    About Chromcraft Revington

Chromcraft Revington, Inc., a Delaware corporation incorporated in
1992, is engaged in the design, import, manufacture and marketing
of residential and commercial furniture.  The Company is
headquartered in West Lafayette, Indiana with furniture
manufacturing, warehousing and distribution operations in
Senatobia, Mississippi and Compton, California; and through the
second quarter of 2013, warehouse and distribution operations in
Delphi, Indiana.

As reported in the Troubled Company Reporter on March 9, 2015, Katy
Stech, writing for Daily Bankruptcy Review, reported that furniture
seller Chromcraft Revington Inc., which halted operations last
year, filed for bankruptcy on March 5 to shut down operations under
the court's watch.


CICERO INC: Reports $4.05 Million Net Loss in 2014
--------------------------------------------------
Cicero Inc. filed with the Securities and Exchange Commission its
annual report on Form 10-K disclosing a net loss applicable to
common stockholders of $4.05 million on $1.9 million of total
operating revenue for the year ended Dec. 31, 2014, compared to a
net loss applicable to common stockholders of $3.33 million on
$2.19 million of total operating revenue in 2013.

As of Dec. 31, 2014, Cicero had $2.96 million in total assets,
$15.6 million in total liabilities, and a $12.6 million total
stockholders' deficit.

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

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

                        http://is.gd/B9sRUE

                         About Cicero Inc.

Cary, N.C.-based Cicero, Inc., provides business integration
software solutions and also provides technical support, training
and consulting services as part of its commitment to providing
customers with industry-leading solutions.

The Company focuses on the customer experience management market
with emphasis on desktop integration and business process
automation with its Cicero XM(TM) products.  Cicero XM enables the
flow of data between different applications, regardless of the
type and source of the application, eliminating redundant entry
and costly mistakes.

The Company has extended the maturity dates of several debt
obligations that were due in 2011 to 2012, to assist with
liquidity and may attempt to extend these maturities again if
necessary.  Despite the recent additions of several new clients,
the Company continues to struggle to gain additional sources of
liquidity on terms that are acceptable to the Company.


CLIFFS NATURAL: Completes Refinancing Transactions
--------------------------------------------------
Cliffs Natural Resources Inc. has entered into a new senior secured
asset-based revolving credit facility with Bank of America N.A., as
administrative agent, according to a document filed with the
Securities and Exchange Commission.  The ABL Facility replaces the
Company's existing $900 million Amended and Restated Multicurrency
Credit Agreement, dated as of Aug. 11, 2011.
The New ABL Facility is expected to provide up to $550 million in
borrowing availability on a revolving basis, subject to a borrowing
base limitation and the issuance of letters of credit.

The Company also said it has successfully completed its previously
announced private offering of $540 million aggregate principal
amount of 8.250% Senior Secured Notes due March 31, 2020.  The
Company received net proceeds, after the initial purchasers'
discounts and the payment of fees and expenses, of approximately
$491.4 million from the Notes Offering.  The Company used a portion
of the net proceeds from the Offering to repay all amounts
outstanding under its former revolving credit facility and intends
to use the remainder for general corporate purposes.

Cliffs also said it has successfully completed private offers to
exchange its newly issued 7.75% Senior Secured Notes due 2020 for
certain outstanding senior unsecured notes of Cliffs.  The Company
has accepted for exchange approximately $675 million aggregate
principal amount of Existing Notes that were tendered in the
Exchange Offers in exchange for approximately $544 million
aggregate principal amount of New Second Lien Notes.

The Company stated that with the new financing structure, Cliffs is
no longer subject to the covenants associated with its former
revolving credit facility, such as Interest Coverage and Secured
Debt-to-EBITDA tests.  Also as a consequence of the completion of
the Exchange Offers, Cliffs was able to remove approximately $130
million of long-term debt from the balance sheet.

Lourenco Goncalves , Cliffs' Chairman, president and chief
executive officer, stated, "We believe that our new financing
structure just put in place through the completion of the
Refinancing Transactions will give us all the liquidity and
financial flexibility we need to successfully complete the strategy
we have executed in a disciplined manner since August 7, 2014, and
which differentiates Cliffs from any other iron ore producer in the
world.  As the largest supplier of pellets in the U.S. and no
longer a major participant in the volatile seaborne market, we are
very pleased with the backing received from the investment
community."  Mr. Goncalves added: "The success of our refinancing
makes clear that the investors understand and support our overall
strategy, and that Cliffs is better positioned than all other iron
ore producers in the world whose fundamentals are fully dependent
on supplying sinter feed to China."

                  About Cliffs Natural Resources

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

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

As of Dec. 31, 2014, the Company had $3.16 billion in total assets,
$4.89 billion in total liabilities, and a $1.73 billion total
deficit.  The Company reported a net loss of $8.31 billion in 2014
following net income of $362 million in 2013.

                          *    *     *

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

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


CLIFFS NATURAL: EVP & CFO Paradie Quits
---------------------------------------
Terrance M. Paradie provided notice to Cliffs Natural Resources
Inc. that he is resigning from his position as executive vice
president & chief financial officer of the Company in order to join
another public company, according to a Form 8-K filing with the
Securities and Exchange Commission.

Mr. Paradie's resignation is not the result of a disagreement with
Cliffs or the Company's Board of Directors or of any matter
relating to the Company's operations, financial statements,
policies or practices, the report stated.  The Company thanks Mr.
Paradie for his dedicated service and wishes him well in his future
endeavors.

With Mr. Paradie's departure, the Company is promoting P. Kelly
Tompkins, age 58, to executive vice president & chief financial
officer and Clifford T. Smith, age 55, to executive vice president,
business development, while eliminating the position of executive
vice president, Seaborne Iron Ore previously occupied by Mr. Smith.
That elimination was anticipated due to the Company's strategic
decision to no longer be a major participant in the seaborne iron
ore market.

Mr. Tompkins' appointment as executive vice president & chief
financial officer of the Company is effective April 1, 2015.  Prior
to joining Cliffs, Mr. Tompkins served as executive vice president
and chief financial officer of RPM International Inc., a specialty
coatings and sealants manufacturer, from June 2008 to May 2010.  At
Cliffs, Mr. Tompkins has served as executive vice president,
Business Development since October 2014; executive vice president,
External Affairs and president, Global Commercial from November
2013 to October 2014; chief administrative officer from July 2013
to November 2013; executive vice president, Legal, Government
Affairs and Sustainability from May 2010 to July 2013; chief legal
officer from January 2011 to January 2013; and president, Cliffs
China from October 2012 to November 2013.  

Mr. Smith's appointment as executive vice president, Business
Development is also effective as of April 1, 2015.  Mr. Smith
served as the Company's executive vice president, Seaborne Iron Ore
from January, 2014, and previously served as executive vice
president, Global Operations from July 2013 to January 2014,
executive vice president, Global Business Development from March
2013 to July 2013, and senior vice president, Global Business
Development from January 2011 to July 2013.

                  About Cliffs Natural Resources

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

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

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

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

                          *    *     *

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

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


COLT DEFENSE: Delays 2014 Form 10-K, Expects to Report Net Loss
---------------------------------------------------------------
Colt Defense LLC and Colt Finance Corp. have not been able to file
their annual report on Form 10-K for the year ended Dec. 31, 2014,
within the prescribed time period.  According to a Notification of
Late Filing on Form 12b-25 with the Securities and Exchange
Commission, the registrants need to complete their: (i) review of
the impact of the historical incorrect pension benefit
calculations, (ii) annual tests for impairment of goodwill and
indefinite-lived intangible assets and (iii) financial closing
procedures.

The Company's failure to deliver its annual financial statements
for the fiscal year ended Dec. 31, 2014, constitutes an event of
default under the terms of its $33 million senior secured credit
facility with Cortland Capital Market Services LLC, as agent.  The
Company has obtained a waiver of the event of default from the
requisite lenders under the Credit Agreement until April 3, 2015.

The failure to deliver financial statements also results in a
default under the terms of the Company's $70 million senior secured
term loan facility with Wilmington Savings Fund Society, FSB as
agent, and Morgan Stanley Senior Funding Inc., as lender.  Under
the MS Term Loan, the failure to deliver financial statements does
not become an event of default until April 3, 2015.  If the Company
does not deliver its annual financial statements by April 3, 2015,
and does not obtain additional waivers from the lenders under the
Credit Agreement and MS Term Loan, the required lenders could
accelerate debt under the Credit Agreement or MS Term Loan by
providing notice to the Company of such acceleration.  The Company
is engaged in discussions with its lenders regarding obtaining such
additional waivers.

The Company currently anticipates revenue for the year ended
Dec. 31, 2014, to be approximately $190 million which is a decrease
of approximately 30% from the year ended Dec. 31, 2013.  The
decrease in revenue was a result of the decline in market demand
for the Company's commercial modern sporting rifle, declines in
demand for the Company's commercial handguns and delays in the
timing of U.S. Government and certain international sales.

The Company expects to report a net loss for the year ended
Dec. 31, 2014, and does not expect to record or pay any member
distributions.

                         About Colt Defense

Colt Defense LLC, headquartered in West Hartford, CT, manufactures
small arms weapons systems for individual soldiers and law
enforcement personnel for the U.S. military, U.S. law enforcement
agencies, and foreign militaries.  Post the July 2013 acquisition
of New Colt Holding Corp., the parent company of Colt's
MANUFACTURING COMPANY, the company also has direct access to the
commercial end-market for rifles, carbines and handguns.  Revenues
for the last twelve months ended June 30, 2014 totaled $243
million.

The Company's balance sheet at Sept. 28, 2014, showed $247 million
in total assets, $417 million in total liabilities and a
$170 million total deficit.

"As it is probable that we may not have sufficient liquidity to be
able to make our May 15, 2015 Senior Notes interest payment
without meeting our internal projections (including addressing our
Senior Notes), our long-term debt has been classified as current
in the consolidated balance sheet.  Currently we do not have
sufficient funds to repay the debt upon an actual acceleration of
maturity.  In the event of an accelerated maturity, our lenders
may take actions to secure their position as creditors and
mitigate their potential risks.  These events would adversely
impact our liquidity.  These factors raise substantial doubt about
our ability to continue as a going concern," the Company stated in
the quarterly report for the period ended Sept. 28, 2014.

                          *     *     *

As reported by the TCR on Nov. 17, 2014, Moody's Investors Service
downgraded Colt Defense's Corporate Family Rating to 'Caa3' from
'Caa2' and Probability of Default Rating to 'Caa3-PD' from
'Caa2-PD'.  Concurrently, Moody's lowered the rating on the
company's $250 million senior unsecured notes to 'Ca' from 'Caa3'.
The downgrade was based on statements made by Colt Defense in its
Nov. 12, 2014 Form NT 10-Q filing.  In the filing the company
indicated that it expects to report a decline in net sales for the
three month period ended Sept. 28, 2014 versus the same period in
2013 of 25 percent together with a decline in operating income of
50 percent.

As reported by the TCR in February 2015, Standard & Poor's Ratings
Services lowered its corporate credit rating on Colt Defense to
'CCC-' from 'CCC'.  The downgrade reflects an increased likelihood
that the company may enter into a debt restructuring in the coming
months that S&P would consider a distressed exchange and, hence, a
default.



COMMUNICATION INTELLIGENCE: Posts $7.37 Million Net Loss in 2014
----------------------------------------------------------------
Communication Intelligence Corporation filed with the Securities
and Exchange Commission its annual report on Form 10-K disclosing a
net loss attributable to common stockholders of $7.37 million on
$1.51 million of revenue for the year ended Dec. 31, 2014, compared
to a net loss attributable to common stockholders of $8.09 million
on $1.41 million of revenue for the year ended
Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $1.95 million in total assets,
$2 million in total liabilities and a $53,000 total deficit.

Armanino LLP, in San Ramon, CA, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company's significant recurring losses and accumulated deficit
raise substantial doubt about its ability to continue as a going
concern.

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

                       http://is.gd/wn2Ud6

                 About Communication Intelligence

Redwood Shores, California-based Communication Intelligence
Corporation is a supplier of electronic signature products and the
recognized leader in biometric signature verification.


COMMUNICATIONS SALES: Fitch Assigns 'BB' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has initiated ratings on Communications Sales &
Leasing, Inc. (CS&L) and its co-issuer CSL Capital, LLC by
assigning a 'BB' Issuer Default Rating (IDR).  The Rating Outlook
is Stable.

Fitch Expects to assign these ratings:

Communications Sales & Leasing, Inc. and CSL Capital, LLC

   -- Senior secured revolving credit facility due 2020 of
      'BBB-/RR1';
   -- Senior secured credit facility due 2022 of 'BBB-/RR1';
   -- Senior secured notes 'BBB-/RR1'; and
   -- Senior unsecured notes of 'BB/RR4'.

The debt ratings are subject to the receipt of final documentation.
CS&L is expected to be spun off from Windstream Holdings, Inc.
(NASDAQ: WIN) by the end of April 2015.

KEY RATING DRIVERS

Very Stable Cash Flow: Initially, nearly all of CS&L's revenues
will consist of revenues under a master lease with Windstream,
under which Windstream will have exclusive access to the assets.
The lease is expected to approximate $650 million annually.  As a
result, CS&L is expected to have very stable cash flows, owing to
the fixed (and modestly increasing) nature of the long-term lease
payments and Windstream's responsibility for expenses under the
triple-net lease.  The term of the master lease is for an initial
term of 15 years.  There is some risk at renewal that under the
'any or all' provision at renewal that Windstream could opt not to
renew markets, or could renegotiate terms at such time for those
markets.

However, this renewal risk would be at least 15 years in the
future, and up to 20 if Windstream exercises an option to have CS&L
fund certain capital spending projects.  Fitch expects all markets
to be renewed under the master lease, since Windstream would either
have to incur significant capital expenditures to overbuild CS&L or
find a buyer for its operating assets (routers, switches, etc.) and
successor tenant for its leased assets. Protection is provided to
CS&L by the terms of the master lease, which could require
Windstream to sell its operating properties in the event of
default.  CS&L's facilities would be essential to the operations of
Windstream on a going-concern basis, or a successor company.

Geographic Diversification: The operations subject to the master
lease are geographically diversified among 37 market areas.  The
indivisible nature of the Master Lease mitigates the effect of a
weak market area(s) on CS&L.  About two-thirds of the fiber and
copper route miles are located in Georgia, Texas, Iowa, Kentucky
and North Carolina.

Untested Business Model: CS&L will own mainly fiber and copper
assets that it will lease back to Windstream, which will continue
to operate the retail business, and own all of the electronics
associated with providing telecom services.  While the sale and
leaseback of assets in the telecom industry is not unprecedented
(for example, the tower companies), it is untested in the fixed
wireline business.

Tenant Concentration: The master lease with Windstream provides a
steady cash flow stream but until the CS&L strikes deals with other
companies, its revenue stream will be undiversified. Therefore
CS&L's IDR will be initially capped at Windstream's 'BB' IDR.

Seniority: Fitch notes that CS&L's master lease is with Windstream
Holdings (Holdings) and that Holdings is subordinate to the
operations at Windstream Services.  However, Fitch believes CS&L's
assets will be essential to Windstream Services operations and a
priority payment.

Tenant's Business: Windstream derives more than 70% of revenues
from business services (including the carrier market) and consumer
broadband markets.  At the same time, there is still secular
pressure on legacy voice and regulatory-derived revenues (switched
access and universal service funding).  As the legacy revenues
dwindle in the mix, there will be less pressure on revenues going
forward.  The company has positioned its business service offerings
to target mid-sized businesses.  For a pure wireline operator,
Windstream's revenues are somewhat more diversified than other
wireline operators as acquisitions have brought additional business
and data services revenue.  Windstream experienced a nominal 0.2%
decline in business service revenue in 2014.  Fitch has expected
business service revenue growth to offset pressures elsewhere, but
business voice service revenues continue to decline.  There is
pressure in the fiber to the tower (FTTT) business that will
subside and this arises from the migration to fiber circuits from
copper circuits.  Fiber provides greater capacity at a lower cost
than copper to customers but revenues should grow longer term.
This pressure should dwindle in 2015.

No Material Near-Term Maturities: The anticipated debt issuances
will not mature for five years at the earliest, with the revolver
having the shortest at a five-year term.  The remaining term loan
and note issuances are expected to have maturities in the
seven-year to 10-year range.

REIT Formation: CS&L is expected to raise approximately $3.65
billion of debt prior to the spin-off.  Net proceeds, through a
debt for debt exchange, a cash transfer, plus a 19.9% stake
retained by Windstream in CS&L will be exchanged for Windstream's
assets.  Windstream will monetize the remaining stake over a
one-year period.

Leverage: At inception, CS&L's gross leverage is expected to
approximate 5.7x and remain stable over the near term.

Liquidity: CS&L is expected to have a $500 million credit facility
to provide for liquidity needs, as well as approximately $100
million of cash.  Although not expected, should a purging dividend
be required, it will likely be financed by the revolving credit
facility.

KEY ASSUMPTIONS

   -- Fitch assumes CS&L spins-off from Windstream in April 2015,
      following successful debt offerings.

   -- CS&L's primary revenue stream will be the payments received
      from Windstream under the master lease and will be $650
      million annually.  Fitch assumes Windstream will request
      CS&L to finance $50 million of capital spending over the
      next five years per the terms of the master lease,
      generating additional revenue.  There are no assumptions
      regarding revenues from other assets financed by CS&L.

   -- Virtually all capital spending consists of investments
      requested by Windstream. CS&L is expected to distribute all
      REIT earnings to shareholders.

RATING SENSITIVITIES

Positive Action: A positive action is unlikely in the absence of an
upgrade of Windstream, although an upgrade could be considered if
CS&L targets debt leverage of 5.25x or lower and 25%-30% of its
revenue is derived from tenants with a credit profile materially
stronger than Windstream's.

Negative Action: A negative rating action could occur if debt
leverage is expected to approach 6x or higher for a sustained
period.  In addition, a downgrade of Windstream would likely result
in a similar downgrade of CS&L in the absence of greater revenue
diversification.  Also, the acquisition of assets and subsequent
leases to tenants that have a weaker credit and operating profile
than Windstream could affect the rating, if such assets are a
material proportion of revenues.



COMMUNICATIONS SALES: Moody's Assigns 'B1' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating and
B1-PD probability of default rating to Communications Sales &
Leasing, Inc. following its creation and spin from Windstream
Holdings, Inc. ("Holdco"). Moody's has also assigned a B3 rating to
CS&L's proposed $1.11 billion senior unsecured notes and Ba3
ratings to the proposed $540 million senior secured notes and $2.5
billion senior secured 1st lien credit facilities, which consist of
a $2 billion term loan and a $500 million revolver. The proceeds
from the debt offering will be used to finance a $2.5 billion
debt-for-debt exchange with Windstream Services, LLC ("Windstream")
and CS&L's required $1.05 billion basis debt distribution. As part
of the rating action, Moody's has also assigned a SGL-2 speculative
grade liquidity rating to CS&L. The outlook is stable.

Assignments:

Issuer: Communications Sales & Leasing, Inc

  -- Corporate Family Rating, Assigned B1

  -- Probability of Default Rating, Assigned B1-PD

  -- Speculative Grade Liquidity Rating, Assigned SGL-2

  -- Senior Secured Bank Credit Facility, Assigned Ba3, LGD3

  -- Senior Secured Regular Bond/Debenture, Assigned Ba3, LGD3

  -- Senior Unsecured Regular Bond/Debenture, Assigned B3, LGD5

Outlook Actions:

Issuer: Communications Sales & Leasing, Inc

  -- Outlook, Assigned Stable

CS&L's B1 corporate family rating (CFR) reflects its stable
predictable revenues and high margins. These strengths are offset
by CS&L's high leverage of over 5x, the 100% revenue concentration
with Windstream (Ba3 stable) as its only tenant and its weak
retained free cash flow as a result of its high dividend payout.
With a single tenant, CS&L is fully dependent upon and inextricably
linked to the credit strength of Windstream. The rating also
reflects the amount and structure of liabilities within Windstream
relative to the lease obligation. While CS&L meets the IRS standard
for a REIT, Moody's does not believe that CS&L is comparable to the
rated universe of traditional real-estate entities and has,
therefore, applied Moody's Global Communications Infrastructure
Methodology to the assessment of CS&L's creditworthiness.

The master lease with Holdco, which will represents all of CS&L's
revenues, will be ultimately funded via inter-company dividends
from Windstream to Holdco. Moody's views the lease as an unsecured
obligation of Holdco, subordinate to all liabilities of Windstream,
where all cash flows originate. The subordinate position of the
master lease creates an effective upper limit on the credit rating
of CS&L which is capped by the corporate family rating of
Windstream and influenced further by the amount and structure of
debt senior to the master lease.

Given the nature of CS&L's assets and the tight link that the
company has to Windstream, the lease payment is likely to be
treated by Windstream as a high priority payable. CS&L's rights to
terminate the lease under certain conditions and effectively evict
Holdco from the leased assets gives CS&L some negotiating power in
a distressed scenario. The combination of strong contract terms and
a mutual dependency between CS&L and HoldCo (and effectively
Windstream) provides CS&L some additional credit strength versus a
strict structural interpretation of the lease obligation within the
priority of claims of Windstream. The strong contract terms and the
strategic importance of the lease to Windstream result in
approximately 1-notch of uplift for CS&L's CFR versus a strict
structural interpretation of the priority of claims.

Moody's expects CS&L to have good liquidity over the next 12-18
months, supported by $100 million of cash and an undrawn $500
million revolver. Moody's expects CS&L to be approximately free
cash flow neutral for the next several years, primarily due to its
IRS-mandated dividends. The relative stability of the company's
cash flow generation and good visibility into capital expenditures
eliminates the risk of unforeseen liquidity needs. The proposed
term loan is not expected to have any financial covenants while the
proposed revolver will be subjected to a maximum senior secured
leverage test.

The ratings for the debt instruments reflect both the probability
of default of CS&L, to which Moody's assigns a PDR of B1-PD, and
individual loss given default assessments. Moody's rates CS&L's
senior secured credit facilities and senior secured notes at Ba3
(LGD3). CS&L's senior unsecured notes are rated B3 (LGD5),
reflecting their junior position in the capital structure.

The stable outlook reflects Moody's view that CS&L will be able to
generate modest revenue growth and stable cash flows. Moody's could
lower the ratings if leverage were to exceed 6x (Moody's adjusted)
or if there is any negative change in the credit profile or shifts
within the capital structure at Windstream. While unlikely given
the dependency on Windstream's credit profile, Moody's could raise
CS&L's ratings if leverage were to be sustained below 4x (Moody's
adjusted).

Communications Sales & Leasing, Inc ("CS&L" or "the company") is a
publicly traded, real estate investment trust (REIT) that will be
spun off from Windstream Holdings, Inc.

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


COMMUNICATIONS SALES: S&P Assigns 'BB-' CCR; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
corporate credit rating to Little Rock, Ark.-based Communications
Sales and Leasing Inc. (CS&L).  The outlook is negative.

At the same time, S&P assigned its 'BB' issue-level rating and '2'
recovery rating to the company's proposed $2.5 billion senior
secured credit facilities (comprised of a $500 million revolving
credit facility maturing in 2020 and a $2 billion term loan
maturing in 2023) and $540 million of senior secured notes due
2023.  The '2' recovery rating indicates S&P's expectation for
substantial (70% to 90%, lower half of the range) recovery for
lenders in the event of a payment default.

Additionally, S&P assigned its 'B' issue-level rating and '6'
recovery rating to the company's proposed $1.05 billion senior
unsecured notes due 2024.  The '6' recovery rating indicates S&P's
expectation for negligible (0% to 10%) recovery for lenders in the
event of a payment default.

CS&L and CSL Capital will be co-borrowers of the senior secured
credit facilities, senior secured notes, and senior unsecured
notes.

"Our assessment of CS&L's business risk profile as 'satisfactory'
is based on our expectation for relative cash flow stability, as
the large rental payment that the tenant will give the company is
fixed, providing CS&L with a certain degree of insulation from the
operating risks at Windstream," said Standard & Poor's credit
analyst Scott Tan.

The negative outlook reflects S&P's view that the credit quality of
Windstream has deteriorated in part because of weaker operating
performance, despite S&P's expectation that CS&L is unlikely to
experience cash flow volatility over the near term, given that a
large percentage of cash flows are fixed under the lease structure.


S&P could downgrade CS&L if S&P lowered the ratings on Windstream
because of deterioration of the parent's credit quality.
Additionally, S&P could lower the rating if there is a shift in the
company's financial policy that would result in EBITDA coverage
less than 2x for an extended period of time.  This could be the
result of added leverage to finance acquisitions or expansion
activity that S&P do not believe will generate adequate returns or
strengthen its business risk profile.

S&P could revise the outlook to stable if its primary tenant's
credit quality improves, prompting a revision of Windstream's
outlook to stable.  S&P could also revise the outlook to stable if
CS&L is able to diversify its tenant and asset base through
acquisitions that do not result in higher leverage and support an
improved view of the overall business risk profile.



CONCORDIA HEALTHCARE: Moody's Assigns 'B2' Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
a B2-PD Probability of Default Rating to Concordia Healthcare Corp.
In addition, Moody's assigned a Ba3 rating to the company's
proposed senior secured credit facility and a Caa1 to the proposed
unsecured notes. Moody's also assigned a Speculative Grade
Liquidity Rating of SGL-2, signifying good liquidity.

The proceeds of the debt offering will be used, along with equity,
to fund the $1.2 billion acquisition of substantially all of the
assets of Covis Pharma Holdings Sarl (B3 under review), refinance
existing debt and pay related fees and expenses. This is the first
time Moody's has rated Concordia. The rating outlook is stable.

Ratings assigned to Concordia Healthcare Corp.

  -- Corporate Family Rating, B2

  -- Probability of Default Rating, B2-PD

  -- Senior secured term loan of $650 million due 2022, Ba3
     (LGD2)

  -- Senior secured revolving credit facility of $100 million
     expiring in 2020, Ba3 (LGD2)

  -- Senior unsecured notes due 2023, Caa1 (LGD5)

  -- Speculative Grade Liquidity Rating, SGL-2

  -- The outlook is stable.

The B2 Corporate Family Rating of Concordia reflects its small size
(with pro forma revenue of just over $300 million for 2014) and
limited operating history, having only begun operations in May 2013
through a series of acquisitions. The rating is constrained by the
significant leverage being incurred to fund the acquisition of
assets from Covis, with pro forma 2014 adjusted debt to EBITDA of
approximately 5.9x. Further, Moody's anticipates the company will
continue to actively pursue debt-funded acquisitions, which will
result in the incurrence of incremental debt. Natural declines in
Concordia's portfolio of brands and its limited internal R&D
pipeline will require continued acquisitions to sustain longer-term
growth.

The rating is supported by the company's extremely high profit
margins, low cash taxes and low capital expenditures which will
result in high conversion of revenue into free cash flow. The B2
also reflects the relatively stable, albeit declining, revenue and
profit generated by most legacy brand products. These products are
not likely to face sudden declines due to competitive dynamics and
have low risk of market withdrawal due to safety reasons. The
company will also be reasonably well diversified by product (with
the largest product generating around 22% of revenue in 2015) and
well diversified in terms of manufacturing owing to the fact that
it uses a variety of third party suppliers for all of its
manufacturing and supply chain needs.

The rating outlook is stable, reflecting Moody's expectation that
the company will generate good free cash flow but that leverage
will not materially decline as cash flow and incremental debt will
be deployed toward future acquisitions.

The ratings could be upgraded if Moody's expects debt to EBITDA to
be sustained below 4.5x and free cash flow to debt to be sustained
above 15%. An upgrade could be supported if the company develops
its drug pipeline such that Moody's believes the business model is
not solely reliant on acquisitions for growth.

The ratings could be downgraded if debt to EBITDA is expected to be
sustained above 5.5x or if free cash flow to debt is sustained
below 5%. Weakened liquidity and/or rising payor and government
scrutiny on rising drug prices that could put Concordia's business
model at risk could also lead to a downgrade.

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

Concordia is a pharmaceutical company focused on legacy products
(i.e., those that have already substantially declined due to
generic competition) and orphan drugs (i.e., those with a small
addressable patient population but high unmet need). Concordia is
publicly listed on the Toronto Stock Exchange. Moody's estimates
revenue, pro forma for the acquisition of the Covis assets, of
greater than $300 million for 2014.


CONCORDIA HEALTHCARE: S&P Assigns 'B' Corp. Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Concordia Healthcare Corp.  The outlook is stable.
S&P also assigned a 'B+' debt and '2' recovery rating to the
senior secured credit facility.  The '2' recovery rating indicates
expectations of substantial (70% to 90%; in the lower end of the
range) recovery in the event of a default.  In addition, S&P
assigned a 'CCC+' debt and '6' recovery rating to the senior
unsecured notes.  The '6' recovery rating indicates expectations of
negligible (0% to 10%) recovery in a default.

"The 'B' corporate credit rating on specialty pharmaceutical
company Concordia Healthcare Corp. is based on our assessments of a
'weak' business risk profile and an 'aggressive' financial risk
profile," said Standard & Poor's credit analyst Arthur Wong.  The
rating also reflects a negative one-notch modifier for comparable
peer analysis, given the company's relatively short track record of
success versus more established 'B+' rated peers.

Concordia specializes in acquiring and marketing legacy and niche
pharmaceuticals.  Concordia's portfolio consists of a mix of
products that, while a number of them may no longer have patent
protection, enjoy some barriers of entry, such as having a
well-known, long-established brand with prescribers or some
difficulty getting a generic approved.  Concordia generates an
outsized margin for a pharmaceutical company, with projected gross
and EBITDA margins of roughly 88% and 73%%, respectively.  The
company does this by keeping marketing and promotion to a minimum,
outsourcing all manufacturing, and spending little on R&D, which
mostly goes to supporting developing additional indications for its
orphan drug, the oncology drug, Photofrin. Thus, the company takes
limited R&D risk.  However, proper identification of acquisition
targets is essential, as the company does not depend significantly
on growing sales and taking market share via increased promotion,
but instead on maintaining script levels, growing with the market,
and tactical repositioning of prices.

The stable outlook reflects S&P's expectation that strong free cash
flow generation will fund additional acquisitions and keep maximum
leverage below 5x.

S&P could lower the rating in the event of additional debt-financed
acquisitions that increase leverage to more than 5x. Acquisitions
would need to exceed our expectations by more than $170 million
over the next 12 to 18 months to result in this outcome.

While the company has grown quickly via acquisitions, Concordia has
a relatively short track record of success, limiting consideration
of a higher business risk assessment.  However, S&P could raise the
rating if Concordia is able to demonstrate the effectiveness of its
acquisitive business model with consistent operating performance
over the next few years, and continue to maintain leverage of under
5x.



CORD BLOOD: Auditors Issue Going Concern Opinion
------------------------------------------------
Cord Blood America, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K for the year ended Dec.
31, 2014.

The Company has been the subject of a going concern opinion by its
independent auditors who have raised substantial doubt as to the
Company's ability to continue as a going concern.  De Joya
Griffith, LLC, in Henderson, NV, noted that the Company has
incurred losses from operations, which losses have caused an
accumulated deficit of approximately $53.46 million as of Dec. 31,
2014.

The Company disclosed net income of $240,050 on $4.33 million of
revenue for the year ended Dec. 31, 2014, compared to a net loss of
$2.97 million on $3.82 million of revenue for the year ended Dec.
31, 2013.

As of Dec. 31, 2014, the Company had $3.86 million in total assets,
$4.55 million in total liabilities, and a $691,000 total
stockholders' deficit.

"Since inception, the Company has financed cash flow requirements
through the issuance of common stock and warrants for cash,
services and loans.  Over the past twelve months, the Company has
sold its equity stake in Bio, increased revenues, negotiated more
favorable vendor relationship agreements, and received no
additional funding from outside sources for working capital.  The
Company plans to continue to operate on its cash flows from
operations by aligning its expenses with its revenues.  If cash
flows from operations are significantly less than projected, then
the company would need to either cut back on its budgeted spending,
look to outside sources for additional funding or a combination of
the two.  The Company currently does not have any financing
agreements in place for additional funding.  If the Company is
unable to access sufficient funds when needed, obtain additional
external funding or generate sufficient revenue from the sale of
its products, the Company could be forced to curtail or possibly
cease operations," according to the Form 10-K report, a copy of
which is available for free at http://is.gd/FScMvU

                     About Cord Blood America

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


CROSSMARK HOLDINGS: S&P Lowers CCR to 'B-'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services lowered all of its ratings on
Plano, Texas-based CROSSMARK Holdings Inc., including its corporate
credit rating to 'B-' from 'B'.  The outlook is stable.

"We also lowered the issue-level ratings on CROSSMARK's secured
first-lien debt to 'B-' from 'B', and its secured second-lien debt
to 'CCC' from 'CCC+'.  Our '4' recovery ratings on the first-lien
debt indicates our expectation of average (30%-50%, on the high end
of the range) recovery in the event of default.  Our '6' recovery
ratings on the second-lien debt indicates our expectation of
negligible (0%-10%) recovery in the event of default.  We estimate
that debt outstanding as of Sept. 30, 2014 was about $520 million,"
S&P noted.

"The downgrade reflects CROSSMARK's weaker-than-expected
performance in 2014, which we expect will continue in 2015," said
Standard & Poor's credit analyst Brennan Clark.  "The recent
weakness has been due in part to lower-than-expected results from
its 2013 acquisition of Marketing Werks.  We believe the acquired
company lost significant volume from a key customer in 2014 and
integration has taken longer and been more costly than anticipated.
We also believe stagnant sales and higher restructuring costs in
2015 are likely to result in further profit deterioration and
continued weakness in credit ratios."

Standard & Poor's ratings on CROSSMARK incorporate S&P's view that
outsourcing trends in the industry remain positive.  S&P believes
outsourcing sales and marketing services is more cost effective
than retaining these functions entirely in-house, so this should
continue to support growth for the industry, and in the long run,
for CROSSMARK.  However, the company's recent challenges will
likely make it difficult to win new customers in the near term,
particularly as a distant number three competitor.  It's also
possible that given slowing demand, retailers could seek to lower
prices to consumers, and de-emphasize displays and advertisements.
S&P understands Wal-Mart has taken this action, which could hurt
companies like CROSSMARK.

S&P believes cost-cutting efforts and the recent appointment of a
new CEO with restructuring experience are indications that the
company recognizes its challenges and is focused on shifting
strategy and improving performance.

The stable outlook reflects S&P's view that CROSSMARK will maintain
adequate liquidity and generate sufficient free cash flow, though
credit metrics will not improve meaningfully, including leverage
and FFO to total debt around 9x and 5%, respectively.



CRYOPORT INC: Enters Into $1.2 Million Private Placement
--------------------------------------------------------
Cryoport, Inc. entered into definitive agreements for a private
placement of its securities to certain institutional and accredited
investors for aggregate gross proceeds of $1,290,852 (approximately
$1,135,521 after estimated cash offering expenses) pursuant to
certain Subscription Agreements between the Company and the
Investors from March 20, 2015, to March 31, 2015.  The Company
intends to use the net proceeds for working capital purposes.

Pursuant to the Subscription Agreements, the Company issued shares
of Class B Preferred Stock and warrants to purchase common stock of
the Registrant.  The shares and warrants were issued as a unit
consisting of (i) one share of Class B Preferred Stock of the
Registrant and (ii) one warrant to purchase eight shares of Common
Stock at an exercise price of $0.50 per share, which shall be
immediately exercisable and may be exercised at any time on or
before May 31, 2020.  A total of 107,571 Units were issued in
exchange for gross proceeds of $1,290,852 or $12.00 per Unit.

Emergent Financial Group, Inc. served as the Company's placement
agent in this transaction and received, with respect to gross
proceeds received from the Investors, a commission of 10% and a
non-accountable finance fee of 3% of the aggregate gross proceeds
received from those Investors, plus reimbursement of legal expenses
of up to $5,000.  Emergent Financial Group, Inc. will also be
issued a warrant to purchase three shares of Common Stock at an
exercise price of $0.50 per share for each Unit issued in this
transaction.  The Company and Emergent Financial Group, Inc. have
agreed that the offering of Units to Investors will be extended
through April 13, 2015.

Through March 31, 2015, aggregate gross cash proceeds of $1.9
million (approximately $1.7 million after offering costs) were
collected in exchange for the issuance of 161,709 shares of the
Company's Class B Preferred Stock, and warrants, exercisable for
five years, to purchase 1,293,672 shares of the Company's common
stock at an exercise price of $0.50 per share.

                          About Cryoport

Lake Forest, Calif.-based CryoPort, Inc. (OTC BB: CYRX) provides
comprehensive solutions for frozen cold chain logistics, primarily
in the life science industries.  Its solutions afford new and
reliable alternatives to currently existing products and services
utilized for bio-pharmaceuticals and biologics, including in-vitro
fertilization, cell lines, vaccines, tissue and other commodities
requiring a reliable frozen solution.

Cryoport reported a net loss of $19.6 million on $2.65 million of
revenues for the year ended March 31, 2014, as compared with a net
loss of $6.38 million on $1.10 million of revenues for the year
ended March 31, 2013.

The Company's balance sheet at Dec. 31, 2014, showed $1.87 million
in total assets, $2.98 million in total liabilities, and a
stockholders' deficit of $1.12 million.

KMJ Corbin & Company LLP, in Costa Mesa, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended March 31, 2014.  The independent
auditors noted that the Company has incurred recurring operating
losses and has had negative cash flows from operations since
inception.  Although the Company has cash and cash equivalents of
$369,581 at March 31, 2014, management has estimated that cash on
hand, which include proceeds from convertible bridge notes
received in the fourth quarter of fiscal 2014, will only be
sufficient to allow the Company to continue its operations into
the second quarter of fiscal 2015.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors maintained.


CTI BIOPHARMA: Had $32M Total Financial Standing as of Feb. 28
--------------------------------------------------------------
CTI BioPharma Corp. provided information pursuant to a request from
the Italian securities regulatory authority, CONSOB, pursuant to
Article 114, Section 5 of the Italian Legislative Decree no. 58/98,
that the Company issue at the end of each month a press release
providing a monthly update of certain information relating to the
Company's financial situation.

The total estimated and unaudited net financial standing of CTI
BioPharma Parent Company as of
Feb. 28, 2015, was $32.4 million.  The total estimated and
unaudited net financial standing of CTI BioPharma Consolidated
Group as of Feb. 28, 2015, was $33.1 million.

CTI BioPharma Parent Company trade payables outstanding for greater
than 30 days were approximately $3.5 million as of Feb. 28, 2015.

CTI BioPharma Consolidated Group trade payables outstanding for
greater than 30 days were $4.1 million as of Feb. 28, 2015.

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

                        http://is.gd/JTDoXU

                        About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) --
http://www.ctibiopharma.com/-- formerly known as Cell
Therapeutics, Inc., is a biopharmaceutical company focused on
the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers
that offer a unique benefit to patients and healthcare providers.
The Company has a commercial presence in Europe and a late-stage
development pipeline, including pacritinib, CTI's lead product
candidate that is currently being studied in a Phase 3 program for
the treatment of patients with myelofibrosis.  CTI BioPharma is
headquartered in Seattle, Washington, with offices in London and
Milan under the name CTI Life Sciences Limited.

CTI Biopharma reported a net loss attributable to common
shareholders of $96 million in 2014, compared with a net loss
attributable to common shareholders of $49.6 million in 2013.
As of Dec. 31, 2014, the Company had $92.3 million in total assets,
$52.4 million in total liabilities, $1.44 million in common stock
purchase warrants and $38.5 million in total shareholders' equity.

                         Bankruptcy Warning

The Company believes that its present financial resources, together
with additional milestone payments projected to be received under
certain of its contractual agreements, its ability to control costs
and expected net sales of PIXUVRI, will only be sufficient to fund
its operations through mid-third quarter of 2015.  This raises
substantial doubt about the Company's ability to continue as a
going concern.  Further, the Company has incurred net losses since
inception and expect to generate losses for the next few years
primarily due to research and development costs for pacritinib,
PIXUVRI, Opaxio and tosedostat.  The Company's available cash and
cash equivalents were $70.9 million as of
Dec. 31, 2014.

The Company said it will need to raise additional funds.  It may
seek to raise such capital through public or private equity
financings, partnerships, collaborations, joint ventures,
disposition of assets, debt financings or restructurings, bank
borrowings or other sources of financing.  However, the Company has
a limited number of authorized shares of common stock available for
issuance and additional funding may not be available on favorable
terms or at all.

"If additional funds are raised by issuing equity securities,
substantial dilution to existing shareholders may result.  If we
fail to obtain additional capital when needed, we may be required
to delay, scale back or eliminate some or all of our research and
development programs, reduce our selling, general and
administrative expenses, be unable to attract and retain highly
qualified personnel, refrain from making our contractually required
payments when due (including debt payments) and/or may be forced to
cease operations, liquidate our assets and possibly seek bankruptcy
protection," the Company states in the 2014 Annual Report.


CUBIC ENERGY: In Talks with Anchorage Advisors on Restructuring
---------------------------------------------------------------
Anchorage Advisors Management, L.L.C., et al., have commenced
negotiations with Cubic Energy, Inc. about potential restructuring
alternatives with respect to Cubic and its direct and indirect
subsidiaries in connection with certain defaults and events of
default under a Note Purchase Agreement, according to a regulatory
filing with the Securities and Exchange Commission.

As of April 1, 2015, Anchorage beneficially owns 74,811,987 shares
of commo stock of Cubic Energy, which represents 49.12 percent of
the shares outstanding.

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

                        http://is.gd/SMd0Kd

                         About Cubic Energy

Cubic Energy, Inc., headquartered in Dallas, Texas, is an
independent upstream energy company engaged in the development and
production of, and exploration for, crude oil and natural gas.
Its oil and gas assets and activities are concentrated in
Louisiana.

BDO USA, LLP, in Dallas, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2014.  The independent accounting firm noted
that the Company has suffered recurring losses from operations,
has violated covenants of its debt agreements, has a working
capital deficit and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going
concern.

The Company reported net income of $9.11 million on $15.9 million
of total revenues for the fiscal year ended June 30, 2014, compared
with a net loss of $5.93 million on $3.84 million of total revenues
last year.

As of Dec. 31, 2014, Cubic Energy had $120 million in total assets,
$111 million in total liabilities, $988 in redeemable preferred
stock and $8.87 million in total stockholders' equity.


CVR REFINING: Moody's Ups Corp Family Rating to Ba3, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service upgraded CVR Refining, LLC's Corporate
Family Rating to Ba3 from B1, Probability of Default Rating to
Ba3-PD from B1-PD, and the senior unsecured notes rating to B1 from
B2. The SGL-2 Speculative Grade Liquidity Rating was affirmed and
the rating outlook remains stable.

"The upgrade of CVR's corporate family rating to Ba3 reflects its
strong management, reflected in good operating results despite
downtime in its two refineries, and a track record of varying
distributions with cash flow," said Terry Marshall, Moody's Senior
Vice President. "The company maintains a strong balance sheet and
good liquidity management that enable it to weather the volatile
nature of the refining business."

Upgrades:

Issuer: CVR Refining, LLC

  -- Probability of Default Rating, Upgraded to Ba3-PD from B1-PD

  -- Corporate Family Rating, Upgraded to Ba3 from B1

  -- Senior Unsecured Regular Bond/Debenture Nov 1, 2022,
     Upgraded to B1(LGD5) from B2(LGD4)

Affirmations:

  -- Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

  -- Outlook, Remains Stable

CVR's Ba3 CFR is driven by the volatility of the refining industry
and a lack of diversification with only two refineries, but they
are well located and well managed, and CVR has both low leverage
and good liquidity. Refining industry volatility is driven by the
inherent volatility of crack spreads, exposure to volatile
renewable identification numbers (RINs) prices, incidences of
scheduled and unscheduled downtime, and the potential for
regulatory and environmental capital expenditure requirements. The
rating also considers the flexibility in distributions of the
variable rate MLP business model, especially in the volatile
refining sector.

The SGL-2 liquidity rating for CVR reflects good liquidity through
2015. At December 31,2014 CVR had $315 million of cash (pro forma
the $55 million Q4 2014 distribution that was paid in the March
2015) and $372 million available under its $400 million
asset-backed revolving credit facility due December 2017. CVR has
borrowed about $32 million under an intercompany $250 million
senior unsecured revolving credit facility (maturing in 2019) with
a subsidiary of CVR Energy Inc. (unrated). CVR Energy is a public
company and the ultimate parent of CVR. As of December 31, 2014 CVR
Energy had consolidated cash of $754 million and consolidated long
term debt of $625 million. CVR has a significant working capital
reliance on a crude supply agreement with Vitol, which reduces
CVR's need to maintain a larger revolver, and would strain CVR's
revolver if terminated. Moody's expect CVR's cash balance of $315
million and an expected cash flow from operations of about $400
million to cover 2015 environmental and maintenance capital
expenditures of $160 million, with remaining free cash flow
distributed to unit holders through its immediate parent, the
master limited partnership, CVR Refining, LP (CVRR). Growth capital
will be funded through the $250 million intercompany revolver with
CVR Energy. The $400 million asset-backed revolver contains a
springing financial covenant with which Moody's expect the company
to be in compliance through 2015. CVR has alternate liquidity in
the form of its gathering assets, which may at some point be used
to form a midstream MLP.

CVR's $500 million senior unsecured notes are rated B1, one notch
below the Ba3 CFR, because of the prior ranking $400 million
asset-backed loan facility. The $250 million intercompany senior
unsecured revolver ranks pari passu with the notes.

The stable outlook reflects our expectation that management will
continue to operate the company in a conservative nature.

The rating could be upgraded if the company increases its
diversification of cash flows without significantly increasing
leverage.

The rating could be downgraded if leverage increases materially due
to an acquisition, if CVR pays aggressive cash distributions
(through CVRR), if there is a prolonged deterioration of refining
conditions, or if liquidity deteriorates.

CVR Refining, LLC (CVR) is a North American independent refining
and marketing company operating in the US mid-continent region.
Assets include a complex full coking, medium-sour crude oil
refinery in Coffeyville, Kansas with a rated capacity of 115,000
barrels per calendar day (bpcd) and a medium complexity crude oil
refinery in Wynnewood, Oklahoma with a rated capacity of 70,000
bpcd. CVR is wholly-owned by CVR Refining, LP (unrated), a publicly
traded variable rate master limited partnership (MLP), which is
indirectly majority-owned by CVR Energy, Inc. (unrated) through the
ownership of approximatel 66% of the limited partner units and 100%
of the general partner of CVRR. As of December 31, 2014, Icahn
Enterprises L.P. and its affiliates owned approximately 82% of CVR
Energy's outstanding common stock.

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


DANDRIT BIOTECH: Posts $2.4 Million Net Loss in 2014
----------------------------------------------------
Dandrit Biotech USA, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$2.37 million on $0 of net sales for the year ended Dec. 31, 2014,
compared to a net loss of $2.14 million on $32,800 of net sales for
the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $5.23 million in total assets,
$1.75 million in total liabilities, and $3.48 million in total
stockholders' equity.

At Dec. 31, 2014, the Company had cash of $3.00 million and working
capital of $3.29 million.  At Dec. 31, 2013, the Company had cash
of $18,8000 and a working capital deficit of $1.99 million.

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

                       http://is.gd/PtND7N

                          About DanDrit

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

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



DEB STORES: Judge Extends Deadline to Remove Suits to July 2
------------------------------------------------------------
U.S. Bankruptcy Judge Kevin Gross has given Deb Stores Holding LLC
until July 2, 2015, to file notices of removal of lawsuits
involving the company and its affiliates.

                          About Deb Stores

Headquartered in Philadelphia, Pennsylvania, Deb Stores is a
mall-based retailer in the juniors "fast-fashion" specialty sector
that operates under the name "DEB" and offers moderately priced
fashionable, coordinated women's sportswear, dresses, coats,
lingerie, accessories and shoes for junior and plus sizes.  The
company, founded by Philip Rounick and Emma Weiner, opened its
first store under the name JOY Hosiery in Philadelphia,
Pennsylvania in 1932.  As of Sept. 30, 2014, the company operated a
total of 295 retail store locations (primarily in the East and
Midwest, especially Pennsylvania, Ohio and Michigan) as well as an
e-commerce channel.

On June 26, 2011, Deb Stores' predecessors -- DSI Holdings Inc. and
its subsidiaries -- sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 11-11941) and closed the sale of the assets three
months later to Ableco Finance, LLC, the agent for the first lien
lenders.

Deb Stores Holding LLC and eight affiliated companies commenced
Chapter 11 bankruptcy cases in Delaware on Dec. 4, 2014.  The
Debtors are seeking to have their cases jointly administered, with
pleadings maintained on the case docket for Deb Stores Holding
(Case No. 14-12676).  The cases are assigned to Judge Mary F.
Walrath.

Laura Davis Jones, Esq., Colin R. Robinson, Esq., at and Peter J.
Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington,
Delaware, serve as counsel to the Debtors.  Epiq Bankruptcy
Solutions, LLC, is the claims and noticing agent.

As of Dec. 31, 2014, the Debtors' most recent audited consolidated
financial statements reflected assets totaling $90.5 million and
liabilities totaling $120.1 million.

The Official Committee of Unsecured Creditors tapped Cooley LLP as
its lead counsel; Drinker Biddle & Reath LLP as its co-counsel; and
Zolfo Cooper, LLC as its bankruptcy consultants and financial
advisors.


DELIA'S INC: Credit-Card Antitrust Claim Soars at Auction
---------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Delia's Inc., a liquidating retailer, held an
auction on March 18 for its antitrust claims against Visa Inc. and
MasterCard Inc., with the price soaring 41 percent.

According to the report, Cascade Capital Management made the
opening bid of $410,000.  After 15 rounds of bidding, Jefferies
Group LLC came out on top with an offer of $578,200.

                        About DELIA*S INC.

Launched in 1993, dELiA*s Inc., is a retailer which sells apparel,
accessories, footwear, and cosmetics marketed primarily to teenage
girls and young women.  The dELiA*s brand products are sold
through
the Company's mall-based retail stores, direct mail catalogs and
e-commerce Web sites.

On Dec. 7, 2014, dELiA*s and eight of its subsidiaries each filed
a
voluntary petition for relief under Chapter 11 of the United
States
Bankruptcy Code (Bankr. S.D.N.Y.).  The Debtors have requested
that
their cases be jointly administered under Case No. 14-23678.

As of the bankruptcy filing, dELiA*s owns and operates 92 stores
in
29 states.

The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking
Group LLC, as restructuring advisor, Janney Montgomery Scott LLC,
as investment banker, and Prime Clerk LLC as claims agent.

As of the Petition Date, the Debtors had $47.0 million in total
assets and $50.5 million in liabilities.

The Debtors have sought court approval of a deal for Gordon
Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC,
to
launch going-out-of-business sales.

The Official Committee of Unsecured Creditors tapped to retain
Kelley Drye & Warren LLP as its counsel, and Capstone Advisory
Group, LLC, and Capstone Valuation Services, LLC, as financial
advisors.


DOLPHIN DIGITAL: Needs More Time to File Form 10-K
--------------------------------------------------
Dolphin Digital Media, Inc. filed with the U.S. Securities and
Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the period ended Dec.
31, 2014.  The Company said additional time is required to prepare
certain financial information to be included in that report.

                        About Dolphin Digital

Coral Gables, Florida-based Dolphin Digital Media, Inc., is
dedicated to the twin causes of online safety for children and
high quality digital entertainment.  By creating and managing
child-friendly social networking websites utilizing state-of the-
art fingerprint identification technology, Dolphin Digital Media,
Inc. has taken an industry-leading position with respect to
internet safety, as well as digital entertainment.

Dolphin Digital incurred a net loss of $2.46 million in 2013
following a net loss of $3.38 million in 2012.

As of Sept. 30, 2014, the Company had $1.32 million in total
assets, $9.71 million in total liabilities, all current, and a
$8.38 million total stockholders' deficit.

Crowe Horwath LLP, in Fort Lauderdale, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred net losses, negative cash flows from
operations and does not have sufficient working capital.  These
events raise substantial doubt about the Company's ability to
continue as a going concern.


DOVER DOWNS: Regains Compliance with NYSE's Share Price Rule
------------------------------------------------------------
Dover Downs Gaming & Entertainment, Inc. announced that it has
regained compliance with the New York Stock Exchange's share price
continued listing standard.  On April 1, 2015, the NYSE notified
the Company that it had satisfied the NYSE's standard by virtue of
the fact that as of March 31, 2015, both the closing share price of
the Company's common stock and its average closing share price over
the preceding 30 consecutive trading days were in excess of the
$1.00 minimum threshold required by the NYSE.  Accordingly, the
Company's common stock will continue to be traded on the NYSE.

The Company received written notice from the NYSE on Oct. 28, 2014,
that it was not in compliance with this $1.00 minimum threshold and
were afforded six months, or until April 28, 2015, to cure the
non-compliance.

                        About Dover Downs

Owned by Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE),
Dover Downs Hotel & Casino(R) is a gaming and entertainment resort
destination in the Mid-Atlantic region.  Gaming operations consist
of approximately 2,500 slots and a full complement of table games
including poker.  The AAA-rated Four Diamond hotel is Delaware's
largest with 500 luxurious rooms/suites and amenities including a
full-service spa/salon, concert hall and 41,500 sq. ft. of multi-
use event space.  Live, world-class harness racing is featured
November through April, and horse racing is simulcast year-round.
Professional football parlay betting is accepted during the
season.  Additional property amenities include multiple
restaurants from fine dining to casual fare, bars/lounges and
retail shops.  Visit http://www.doverdowns.com/     

Dover Downs reported a net loss of $706,000 in 2014, compared to
net earnings of $13,000 in 2013.  As of Dec. 31, 2014, the Company
had $180 million in total assets, $67.5 million in total
liabilities and $112 million in total stockholders' equity.

KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company's credit facility
expires on Sept. 30, 2015, and at present no agreement has been
reached to refinance the debt, which raises substantial doubt about
the Company's ability to continue as a going concern.


DR. TATTOFF: Delays Form 10-K Over Staffing Issues
--------------------------------------------------
Dr. Tattoff, Inc. filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the year ended Dec.
31, 2014, informing that it could not file the Annual Report within
the prescribed time period because of unexpected staffing issues.

                         About Dr. Tattoff

Beverly Hills, Calif.-based Dr. Tattoff, Inc., currently operates
or provides management services to five laser tattoo and hair
removal clinics located in Texas and California, all of which
operate under the Company's registered trademark "Dr. Tattoff."

SingerLewak LLP expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company's
current liabilities exceeded its current assets by approximately
$5.43 million, has shareholders' deficit of $4.01 million, has
suffered recurring losses and negative cash flows from operations,
and has an accumulated deficit of approximately $11.71 million at
Dec. 31, 2013.

The Company reported a net loss of $4.3 million on $3.65 million
of revenues for the year ended Dec. 31, 2013, compared with a net
loss of $2.84 million on $3.2 million of revenues in 2012.

As of Sept. 30, 2014, the Company had $2.34 million in total
assets, $10.8 million in total liabilities, and a $8.41 million
shareholders' deficit.


DUCK SOUP: Not Economically Feasible, Directors Say; Will Close
---------------------------------------------------------------
Alexander Chettiath & Satta Kendor, writing for Northern Star,
report that Duck Soup Coop's board of directors decided on March
29, 2015, to close the Company due to its $60,000 debt and the
members' belief that the business was not economically feasible.

Northern Star relates that Mylan Engel, president of the Duck Soup
Coop board of directors, presented the voting members with four
options: raise $100,000 in two weeks, file for Chapter 11
bankruptcy, file for Chapter 7 bankruptcy or carry out an orderly
close outside the courts.  The report says that the board decided
on March 29 to close the Company.

Citing Mr. Engel, Northern Star states that the $60,000 included
debt to vendors who would no longer fill orders, leaving the store
with a depleted inventory.  According to the report, Mr. Engel
estimated restocking the store would cost about $50,000.

Northern Star recalls that the Company's Fiscal Year 2011 had
$241,000 in sales, but sales dropped to $150,000 in FY 2014.  Mr.
Engel said that membership revenue has also dropped close to
$48,000 since June 2010, Northern Star reports.

Duck Soup Coop at 129 E. Hillcrest Drive in Illinois is a
non-profit retail business owned by 120 board members.


ECOSPHERE TECHNOLOGIES: Needs More Time to File Form 10-K
---------------------------------------------------------
Ecosphere Technologies, Inc. filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-K for the year ended
Dec. 31, 2014.

Ecosphere said it is awaiting the results of a third-party
valuation of its ownership interest in Fidelity National
Environmental Solutions, LLC in order to complete the presentation
of its financial statements, and the analysis thereof.

In addition, the Company said it is in the process of seeking
bridge financing prior to a larger financing of a new subsidiary in
order to roll out the technology the registrant has developed for a
field of use.  While no assurances can be given, the Company's
management believes it will close the bridge financing in the next
two weeks and that disclosure will permit the Company to update the
Company's shareholders on its plans.

According to the Company, 2014 was a transitional year with the
slowdown in the oil and gas business as the price of oil plummeted.
In 2013, the Company sold portions of Fidelity National Energy
Services LLC to Fidelity National, Inc. in order to generate cash
to focus on generating revenue from other fields of use for its
patented Ozonix technology and develop other intellectual property.
As the Company was selling part of FNES, its management realized
that it had created exceptional value but that such value could not
be recognized on its balance sheet under Generally Accepted
Accounting Principles.  Management confirmed this by receiving a
valuation from a New York Stock Exchange listed company, although
that company would not let the Company share the valuation with the
Company's shareholders.

The Company is in the final stages of receiving another valuation
for its intellectual property which it can share with its
shareholders in its Form 10-K.

During 2014, the Company spent a significant amount of resources
creating its new Ecos GrowCube product which is now completed and
available to lease and also completed the first prototype of its
patented Ecos PowerCube.  The new valuations will support
management's commitment and decision in 2014 to develop and
manufacture these two new products.

Management has not completed analysis of its financial statements,
but, based on preliminary analysis, expects to report that total
revenues for the fiscal year ended Dec. 31, 2014, were $1,119,879,
while total revenues for the fiscal year ended Dec. 31, 2013, were
$6,719,815.  Management expects to report that net income (loss)
for the fiscal year ended Dec. 31, 2014, was $(11,496,463), while
net income (loss) for the fiscal year ended December 31, 2013 was
$19,169,458.

                  About Ecosphere Technologies

Stuart, Florida-based Ecosphere Technologies (OTC BB: ESPH) --
http://www.ecospheretech.com/-- is a water engineering,     
technology licensing and environmental services company that
designs, develops and manufactures wastewater treatment solutions
for industrial markets.  Ecosphere, through its majority-owned
subsidiary Ecosphere Energy Services, LLC, provides energy
exploration companies with an onsite, chemical free method to kill
bacteria and reduce scaling during fracturing and flowback
operations.

Ecosphere Technologies reported net income of $19.2 million in
2013 following net income of $1.05 million in 2012.

As of Sept. 30, 2014, the Company had $16.8 million in total
assets, $3.59 million in total liabilities, $3.78 million in total
redeemable convertible cumulative preferred stock, and $9.41
million in total equity.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company had a loss from operations and cash used in
operations along with an accumulated deficit.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern.


EGENIX INC: Court Approves Bankruptcy Loan
------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that U.S. Bankruptcy Judge Brendan L. Shannon in
Delaware signed an order approving the $1.2 million loan provided
by five insiders to Egenix Inc., with half of the loan coming from
board chairman Lionel Goldfrank III.

According to the report, Egenix said test results expected in April
could give the company ability to garner more financing and
continue product development.  The insider loan has a lien on all
assets other than lawsuits, including claims that could be made
against insiders.

                        About Egenix, Inc.

Headquartered in LaGrangeville, New York, Egenix, Inc., is a
privately held biotechnology company focused on developing
innovative cancer therapeutics.

Egenix, Inc., sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 14-12818) on Dec. 28, 2014.  David R. Hurst, Esq.,
at
Cole, Schotz, Meisel, Forman & Leonard, in Wilmington, Delaware,
serves as counsel.

Egenix sought bankruptcy protection in order to facilitate the
restructuring of the Company's balance sheet and capital
structure.
Upon the commencement of the Company's chapter
11 case, William T. Nolan was appointed as the Company's Chief
Restructuring Officer.


ELBIT IMAGING: Appoints CFO as Acting CEO
-----------------------------------------
Elbit Imaging Ltd. appointed its Chief Financial Officer, Doron
Moshe, as its acting CEO.  Mr. Moshe will replace Mr. Ron Hadassi
who will continue to serve as the Company's Chairman of the Board.
Mr. Moshe will continue to serve as CFO.  This appointment is
effective as of April 1, 2015.

                        About Elbit Imaging

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

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

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

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

Elbit Imaging Ltd. reported profit of NIS 784 million on NIS 399
million of total revenues for the year ended Dec. 31, 2014,
compared to a loss of NIS 1.56 billion on NIS 211 million of total
revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, Elbit had NIS $3.66 billion in total assets,
NIS 2.94 billion in total liabilities, and NIS 712 million in
shareholders' equity.


ELEPHANT TALK: Incurs $21.9 Million Net Loss in 2014
----------------------------------------------------
Elephant Talk Communications Corp. filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $21.9 million on $20.4 million of revenues for the year
ended Dec. 31, 2014, compared to a net loss of $25.5 million on
$19.5 million of revenues for the year ended Dec. 31, 2013. The
Company incurred a net loss of $23.1 million in 2012.

As of Dec. 31, 2014, the Company had $44.9 million in total assets,
$34.3 million in total liabilities and $10.6 million in total
stockholders' equity.

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

                        http://is.gd/riygYp

                        About Elephant Talk

Lutz, Fla.-based Elephant Talk Communications, Inc. (OTC BB: ETAK)
-- http://www.elephanttalk.com/-- is an international provider of
business software and services to the telecommunications and
financial services industry.


ELEPHANT TALK: Reports Revised Loss of $25.5-Mil. Loss for 2013
---------------------------------------------------------------
The Audit Committee of the Board of Directors of Elephant Talk
Communications Corp., concurred with and approved management's
recommendation, that the following financial statements should no
longer be relied upon due to material errors in those financial
statements in the application of revenue recognition policies
related to accounting for multiple element arrangements and should
be restated:

   * The Company's unaudited financial statements included in the
     Quarterly Reports on Form 10-Q for each of the first three
     quarters in the fiscal year ended 2014;

   * The Company's audited financial statements for the year ended

     Dec. 31, 2013, and

   * The Company's unaudited financial statements included in the
     Quarterly Reports on Form 10-Q for each of the first three
     quarters in the fiscal year ended 2013.

The restated financial statements reflect that the Company
overstated amounts of revenues recognized in those periods
identified above due to inadequate controls over inadequate
controls over the lack of competency of accounting staff regarding
the application of accounting for multiple element arrangements and
the proper monitoring and review of new arrangements entered into
by the company.  

In accordance with ASC 250-10-S99-2, "Considering the Effects of
Prior Year Misstatements when Quantifying Misstatements in Current
Year Financial Statements" (ASC 250), the Company recorded an
adjustment to decrease revenue by $3,375,457 to $19,451,804 from
$22,827,261 (previously reported) and increased the net loss to
$25,507,072, from $22,131,165 (previously reported) for the year
ended Dec. 31, 2013.  The related adjustment also increased
deferred revenue by $2,493,425 to $2,636,156 and increased the
accumulated deficit to $228,767,379 from $225,391,922 (previously
reported) at Dec. 31, 2013.

The Company's restated balance sheet at Dec. 31, 2014, shows $42.35
million in total assets, $22.07 million in total liabilities, and
$20.35 million in total stockholders' equity.

                        About Elephant Talk

Lutz, Fla.-based Elephant Talk Communications, Inc. (OTC BB: ETAK)
-- http://www.elephanttalk.com/-- is an international provider of
business software and services to the telecommunications and
financial services industry.

Elephant Talk reported a net loss of $22.1 million in 2013, a net
loss of $23.1 million in 2012 and a net loss of $25.3 million in
2011.  As of Sept. 30, 2014, the Company had $40.6 million in
total assets, $18.4 million in total liabilities and $22.2
million in total stockholders' equity.


EMMAUS LIFE: Reports $20.8 Million Net Loss in 2014
---------------------------------------------------
Emmaus Life Sciences, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$20.8 million on $500,700 of net revenues for the year ended
Dec. 31, 2014, compared to a net loss of $14.06 million on $391,000
of net revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $2.66 million in total assets,
$23.0 million in total liabilities and a $20.3 million total
stockholders' deficit.

KPMG LLP, in San Diego, California, issued a "going Concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014.  The independent auditors noted that
the Company has suffered recurring losses from operations, has
significant amounts of debt due within a year, and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.

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

                        http://is.gd/BXT7yL

                         About Emmaus Life

Emmaus Life Sciences, Inc., is engaged in the discovery,
development, and commercialization of treatments and therapies
primarily for rare and orphan diseases.  This biopharmaceutical
company's headquarters is in Torrance, California.


ENERGY FUTURE: EFCH Incurs $6.2 Billion Loss in 2014
----------------------------------------------------
Energy Future Competitive Holdings Company LLC, a wholly owned
subsidiary of EFH Corp., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of

$6.2 billion on $5.97 billion of operating revenues for the year
ended Dec. 31, 2014, compared with a net loss of $2.31 billion on
$5.89 billion of operating revenues for the year ended Dec. 31,
2013.

As of Dec. 31, 2014, the Company had $21.3 billion in total assets,
$39.8 billion in total liabilities and a $18.5 billion total
membership interest.

Deloitte & Touche LLP, in Dallas, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014.  The independent auditors noted that  EFCH's
ability to continue as a going concern is contingent upon its
ability to comply with the financial and other covenants contained
in the DIP Facilities, its ability to obtain new debtor in
possession financing in the event the DIP Facilities were to expire
during the pendency of the Chapter 11 Cases, its ability to
complete a Chapter 11 plan of reorganization in a timely manner,
including obtaining creditor and Bankruptcy Court approval of such
plan as well as applicable regulatory approvals required for such
plan, and its ability to obtain any exit financing needed to
implement such plan, among other factors.  These circumstances and
uncertainties inherent in the bankruptcy proceedings raise
substantial doubt about EFCH's ability to continue as a going
concern.

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

                       http://is.gd/kxO66u

                        About Energy Future

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

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

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

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

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

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

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

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

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


ENERGY FUTURE: Says Oncor Bidders Emerging
------------------------------------------
Steven Church, writing for Bloomberg News, reported that Energy
Future Holdings Corp. has received more than one bid for its Oncor
electricity-transmission unit and is beginning the second phase of
a court-supervised auction process for the company's most valuable
asset.

According to the report, the company is close to announcing its
choice of a stalking horse bidder to make the opening offer should
the auction be held.

                        About Energy Future

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

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

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

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

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

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

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

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

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


EPAZZ INC: Needs More Time to File Form 10-K
--------------------------------------------
Epazz, Inc., has experienced delays in completing its financial
statements for the year ended Dec. 31, 2014, as its auditor has not
had sufficient time to review the financial statements for the year
ended Dec. 31, 2014.  As a result, the Company is delayed in filing
its Form 10-K for the year ended Dec. 31, 2014, according to a
regulatory filing with the Securities and Exchange Commission.

                          About EPAZZ Inc.

Chicago, Ill.-based EPAZZ, Inc., was incorporated in the State of
Illinois on March 23, 2000, to create software to help college
students organize their college information and resources.  The
idea behind the Company was that if the information and resources
provided by colleges and universities was better organized and
targeted toward each individual, the students would encounter a
personal experience with the college or university that could lead
to a lifetime relationship with the institution.  This concept is
already used by business software designed to retain relationships
with clients, employees, vendors and partners.

Epazz reported a net loss of $3.37 million on $750,100 of revenue
for the year ended Dec. 31, 2013, as compared with a net loss of
$1.90 million on $1.19 million of revenue for the year ended
Dec. 31, 2012.

As of Sept. 30, 2014, the Company had $2.38 million in total
assets, $4.29 million in total liabilities and a $1.91 million
total stockholders' deficit.

M&K CPAS, PLLC, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has an accumulated deficit of $7.50 million and a
working capital deficit of $1.28 million, which raises substantial
doubt about its ability to continue as a going concern.

                        Bankruptcy Warning

The Company said in the 2013 Annual Report that it will need to
raise additional funds to continue to operate as a going concern.

"We cannot be certain that any such financing will be available on
acceptable terms, or at all, and our failure to raise capital when
needed could limit our ability to continue and expand our
business.  We intend to overcome the circumstances that impact our
ability to remain a going concern through a combination of the
commencement of additional revenues, of which there can be no
assurance, with interim cash flow deficiencies being addressed
through additional equity and debt financing.  Our ability to
obtain additional funding for the remainder of the 2014 year and
thereafter will determine our ability to continue as a going
concern.  There can be no assurances that these plans for
additional financing will be successful.  Failure to secure
additional financing in a timely manner to repay our obligations
and supply us sufficient funds to continue our business operations
and on favorable terms if and when needed in the future could have
a material adverse effect on our financial performance, results of
operations and stock price and require us to implement cost
reduction initiatives and curtail operations.  Furthermore,
additional equity financing may be dilutive to the holders of our
common stock, and debt financing, if available, may involve
restrictive covenants, and strategic relationships, if necessary
to raise additional funds, and may require that we relinquish
valuable rights.  In the event that we are unable to repay our
current and long-term obligations as they come due, we could be
forced to curtail or abandon our business operations, and/or file
for bankruptcy protection; the result of which would likely be
that our securities would decline in value and/or become
worthless."


ERF WIRELESS: Issues 109,752,667 Common Shares
----------------------------------------------
From March 21 through March 31, 2015, ERF Wireless, Inc. issued
109,752,667 common stock shares pursuant to existing Convertible
Promissory Notes, according to a document filed with the Securities
and Exchange Commission.  

The Company receives no additional compensation at the time of the
conversions beyond that previously received at the time the
Convertible Promissory Notes were originally issued.  The shares
were issued at an average of $0.000056 per share.  The issuance of
the shares constitutes 18.295% of the Company's issued and
outstanding shares based on 600,133,016, shares issued and
outstanding as of March 20, 2015.

                       About ERF Wireless

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

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

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


ERF WIRELESS: Needs More Time to File Form 10-K
-----------------------------------------------
ERF Wireless, Inc., said in a regulatory filing with the Securities
and Exchange Commission it was unable to file its annual report on
Form 10-K for the period ended Dec. 31, 2014, within the prescribed
time period because it requires additional time to complete the
Form 10-K.  The Company said it will attempt to file that report
within the permitted extension time period.

                        About ERF Wireless

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

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

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


ESP RESOURCES: Delays Form 10-K for Review
------------------------------------------
ESP Resources, Inc., was unable to timely file its annual report on
Form 10-K for the year ended Dec. 31, 2014, due to unanticipated
delays in the preparation of the its financial reports.  The
Company said it was unable to obtain and review the information
necessary to complete the preparation of its Form 10-K.

The Company expects to file its Form 10-K within the extension
period provided under Rule 12b-25 of the Securities Exchange Act of
1934, as amended.

                       About ESP Resources

The Woodlands, Texas-based ESP Resources, Inc., through its
subsidiaries, manufactures, blends, distributes and markets
specialty chemicals and analytical services to the oil and gas
industry and also provides services for the upstream, midstream
and downstream sectors of the energy industry, including new
construction, major modifications to operational support for
onshore and offshore production, gathering, refining facilities
and pipelines designed to optimize performance and increase
operators' return on investment.

ESP Resources reported a net loss of $5.23 million on $10.6
million of net sales for the year ended Dec. 31, 2013, as compared
with a net loss of $5.08 million on $17.0 million of net sales in
2012.

As of Sept. 30, 2014, the Company had $5.04 million in total
assets, $9.89 million in total liabilities and a $4.84 million
total stockholders' deficit.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has incurred net losses through Dec. 31, 2013, and has
a working capital deficit as of Dec. 31, 2013.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.


EURAMAX INTERNATIONAL: Files Reclassified Operating Segment Data
----------------------------------------------------------------
Euramax Holdings, Inc., filed a current report on Form 8-K with the
Securities and Exchange Commission to reclassify historical segment
information in accordance with the Company's current segment
structure.  

As previously disclosed in the Company's annual report on Form
10-K for the fiscal year ended Dec. 31, 2014, filed with the SEC on
March 26, 2015, the Company, beginning in 2014, has included net
sales and the related cost of goods sold for certain commercial
panels sold to customers in residential markets to its U.S.
Commercial Products Segment results.  Previously, these products
were included in the U.S. Residential Products Segment.  The
Company's 2013 and 2012 results have been adjusted to reflect this
change in reportable segments.  This change in operating structure
did not impact the other operating segments of the business.  

These reclassifications have no impact on the Company's previously
reported consolidated statements of income, balance sheets,
statements of cash flows and statements of shareholders' equity.

A copy of the Schedule of Reclassified Operating Segment Data is
available for free at http://is.gd/BaqxzZ

                            About Euramax

Based in Norcross, Georgia, Euramax International, Inc., is an
international producer of aluminum, steel, vinyl and
fiberglass products for original equipment manufacturers,
distributors, contractors and home centers in North America and
Western Europe.  The Company was acquired for $1 billion in 2005
by management and Goldman Sachs Capital Partners.

Euramax Int'l has subsidiaries in Canada (Euramax Canada, Inc.),
United Kingdom (Ellbee Limited and Euramax Coated Products
Limited), and The Netherlands (Euramax Coated Products B.V.), and
France (Euramax Industries S.A.).

Euramax reported a net loss of $59.3 million in 2014, a net loss of
$24.9 million in 2013 and a net loss of $36.8 million in 2012.
As of Dec. 31, 2014, Euramax International had $537 million in
total assets, $709.9 million in total liabilities and a $173
million total shareholders' deficit.

                         Bankruptcy Warning

"We may not be able to generate sufficient cash to service all of
our indebtedness, including the Notes, or to extend the maturity of
certain of our indebtedness, and may not be able to refinance our
indebtedness on favorable terms.  If we are unable to do so, we may
be forced to take other actions to satisfy our obligations under
our indebtedness, which may not be successful.

"In the event that we are unable to obtain such amendments or
extensions, or complete such refinancing, the Company would need to
explore other alternatives, which could include a potential
restructuring or reorganization under the bankruptcy laws," the
Company said in the report.

                            *     *     *

As reported by the TCR on Dec. 13, 2012, Moody's Investors Service
downgraded Euramax International, Inc.'s corporate family rating
and probability of default rating to Caa2 from Caa1.  The
downgrade reflects Moody's expectation that the turmoil in
global financial markets and weakness in Europe will continue to
hamper Euramax's revenues and operating margins as well as weaken
key credit metrics.

The TCR reported in March 2015 that Standard & Poor's Ratings
Services said to it revised its corporate credit rating rating on
Norcross, Ga.-based Euramax International Inc. to 'CCC' from 'B-'.

"The rating revision reflects our view that Euramax depends on
favorable business, financial, and economic conditions to meet its
financial commitment on its obligations. In the event of adverse
conditions, Euramax's capital structure appears to be unsustainable
in the long term," said Standard & Poor's credit analyst Thomas
O'Toole.


EVERYWARE GLOBAL: Delays Form 10-K Filing
-----------------------------------------
EveryWare Global, Inc., filed with the U.S. Securities and Exchange

Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the year ended
Dec. 31, 2014.

"Following a stress test analysis of the forecasted results of
EveryWare Global, Inc., the Company's auditor informed the Company
that it believes there is substantial doubt that cash flows from
operations and borrowing capacity under the ABL Facility will allow
the Company to continue as a going concern," according to the
regulatory filing.  "In particular, the Company's forecasted
results and certain "downside" scenarios could cause the Company to
fail to meet certain of its financial covenants in its Term Loan
and/or not have sufficient liquidity to operate the business."

Following discussions with a committee of the Company's Term Loan
lenders regarding the willingness of those lenders to waive such
default and/or amend the terms of the Term Loan, the Company
determined that a restructuring under Chapter 11 of the U.S.
Bankruptcy Code would be required with the goal of creating a
sustainable capital structure for the Company.

The Company, certain of the lenders under the Company's Term Loan
that collectively hold 65.6% of the outstanding principal amount of
the Term Loans and certain holders of the Company's preferred stock
or common stock have entered into a Restructuring Support Agreement
that sets forth the terms under which the Consenting Lenders will
provide additional liquidity to the Company in connection with a
restructuring of the Company's indebtedness under the Term Loan.

The RSA contemplates that the restructuring would be completed
through a prepackaged plan of reorganization under Chapter 11 of
the Bankruptcy Code.  The RSA contemplates that the Consenting Term
Lenders will make available up to $40 million in
debtor-in-possession financing to be used in accordance with the
Company's budget under the RSA, including, without limitation: (i)
to pay (a) all amounts due to DIP lenders and the administrative
agent under the DIP as provided under the DIP Facility and (b) all
professional fees and expenses incurred by DIP lenders and the DIP
Agent, including those incurred in connection with the preparation,
negotiation, documentation and court approval of the DIP Facility
and (ii) to provide working capital, and for other general
corporate purposes of the Debtors and their subsidiaries, and to
pay administration costs of the Chapter 11 Cases and claims or
amounts approved by the Bankruptcy Court.  The $248.6 million of
Term Loans will be converted into common stock representing 96% of
the Company's common stock following emergence from bankruptcy and
the holders of the Company's preferred stock and common stock would
receive common stock representing 2.5% and 1.5% of the Company's
common stock following emergence from bankruptcy.

Unless, in the opinion of a majority of the Consenting Term
Lenders, distribution of common stock would not require the Company
to file reports under Section 13(a) of the Securities Exchange Act
of 1934, as amended, distributions to holders of the Company's
common stock will be made either (i) in the form of cash; (ii) to a
trust that would liquidate the shares of common stock to be
received and distribute the proceeds to the holders. Holders of
general unsecured claims would be paid in full in the ordinary
course; or (iii) by some other mechanism acceptable to the debtors
and the Consenting Term Lenders.

The combination of the diversion of management's attention and the
impact of the outcome of these negotiations on the Company's
disclosure contained in the Form 10-K has resulted in the Company
being unable to file its Form 10-K for the fiscal year ended
Dec. 31, 2014, within the prescribed time period without
unreasonable effort or expense.  The Company's auditor has told the
Company that it will issue its opinion with an explanatory
paragraph regarding the Company's ability to continue as a going
concern.

The Company expects to file its Annual Report on Form 10-K as soon
as practicable and no later than April 15, 2015, as prescribed by
Rule 12b-25, although no assurance can be given in this regard.

Based on preliminary results, the Company's total revenue decreased
by $53.6 million, or 13.1%, to $354 million for the year ended Dec.
31, 2014.

Net loss from continuing operations increased $87 million to a net
loss of $102.5 million for the year ended Dec. 31, 2014.

Total revenue for the three months ended Dec. 31, 2014, decreased
$19.1 million, or 16.6%, to $96.1 million.

                          About EveryWare

EveryWare Global, Inc. is a global marketer of tabletop and food
preparation products for the consumer and foodservice markets,
with operations in the United States, Canada, Mexico, Latin
America, Europe and Asia.  Its global platform allows it to market
and distribute internationally its total portfolio of products,
including bakeware, beverageware, serveware, storageware,
flatware, dinnerware, crystal, buffetware and hollowware; premium
spirit bottles; cookware; gadgets; candle and floral glass
containers; and other kitchen products, all under a broad
collection of widely-recognized brands.

For the six months ended June 30, 2014, the Company reported a net
loss of $65.3 million on $195 million of total revenues
compared to a net loss of $2 million on $200 million of total
revenue for the same period during the prior year.

As of June 30, 2014, the Company had $274 million in total
assets, $400 million in total liabilities, and a $126 million
stockholders' deficit.

                            *    *    *

As reported by the TCR on Aug. 6, 2014, Standard & Poor's Ratings
Services raised its corporate credit rating on EveryWare Global
Inc. to 'CCC+' from 'CCC-'.  "The upgrade reflects our view that a
default scenario is less likely as a result of a $20 million
investment from majority owner, Monomoy Capital Partners, in
addition to a waiver received for the covenant default in the
quarter ended March 2014 and the expected covenant default in the
quarter ended June 2014.


EVERYWARE GLOBAL: Expects to File Chapter 11 Petition in Delaware
-----------------------------------------------------------------
EveryWare Global, Inc. has reached an agreement with its secured
lenders on a comprehensive balance-sheet restructuring that, among
other things, will substantially reduce the Company's long-term
debt.

The Restructuring Support Agreement contemplates that the
restructuring will be accomplished through a pre-packaged plan
under the Bankruptcy Code and is expected to allow the Company to
operate its business in the ordinary course throughout the
restructuring.  The Company also believes this plan will minimize
the time and expense spent in restructuring and will provide for
sufficient liquidity during the restructuring.  A copy of the RSA
is available for free at http://is.gd/NupZhN

The restructuring plan will create a sustainable capital structure
that will ensure that the Company is well positioned to invest in
the business and pursue future growth opportunities, the Company
said in a press release.

"We are pleased to have the support of our lenders to move forward
with a restructuring plan that addresses our balance sheet to
secure a bright future for our company," said Sam Solomon,
president and CEO of EveryWare Global.  "We have made considerable
progress improving our day-to-day operations and this restructuring
plan strengthens the Company's balance sheet for long-term success.
We are confident that this plan is in the best interest of our
customers, vendors, employees and our business partners."

To implement the restructuring, the Company expects to file
voluntary petitions for a prepackaged chapter 11 bankruptcy in the
U.S. Bankruptcy Court for the District of Delaware.

On March 30, 2015, Ronald D. McCray resigned from the Company's
Board of Directors and the Audit Committee of the Board of
Directors.  Mr. McCray's resignation was not caused by any
disagreement with the Company or its Board of Directors, according
to a document filed with the Securities and Exchange Commission.

                          About EveryWare

EveryWare Global, Inc. is a global marketer of tabletop and food
preparation products for the consumer and foodservice markets,
with operations in the United States, Canada, Mexico, Latin
America, Europe and Asia.  Its global platform allows it to market
and distribute internationally its total portfolio of products,
including bakeware, beverageware, serveware, storageware,
flatware, dinnerware, crystal, buffetware and hollowware; premium
spirit bottles; cookware; gadgets; candle and floral glass
containers; and other kitchen products, all under a broad
collection of widely-recognized brands.

For the six months ended June 30, 2014, the Company reported a net
loss of $65.3 million on $195 million of total revenues
compared to a net loss of $2 million on $200 million of total
revenue for the same period during the prior year.

As of June 30, 2014, the Company had $274 million in total
assets, $400 million in total liabilities, and a $126 million
stockholders' deficit.

                            *    *    *

As reported by the TCR on Aug. 6, 2014, Standard & Poor's Ratings
Services raised its corporate credit rating on EveryWare Global
Inc. to 'CCC+' from 'CCC-'.  "The upgrade reflects our view that a
default scenario is less likely as a result of a $20 million
investment from majority owner, Monomoy Capital Partners, in
addition to a waiver received for the covenant default in the
quarter ended March 2014 and the expected covenant default in the
quarter ended June 2014.


EVERYWARE GLOBAL: Monomoy Supports Restructuring Plan
-----------------------------------------------------
Monomoy Capital Partners, L.P., MCP Supplemental Fund, L.P.,
Monomoy Executive Co-Investment Fund, L.P., Monomoy Capital
Partners II, L.P., and MCP Supplemental Fund II, L.P., holders of
66.2 percent of the Company's outstanding common shares, disclosed
in a regulatory filing with the Securities and Exchange Commission
that they support the proposed restructuring of EveryWare Global.

As of April 1, 2015, the Monomony Consenting Holders beneficially
own an aggregate of 17,585,598 of common shares, including
4,438,004 shares of Common Stock that may be issued upon exercise
of warrants.

On March 31, 2015, the EveryWare Global and certain of its
subsidiaries entered into a Restructuring Support Agreement with
holders of approximately $163.1 million of its term loan
indebtedness, representing approximately 65.6% of those term loans
and certain holders of Everyware Global's preferred stock or common
stock, including Monomoy.

The RSA contemplates that a restructuring of the Company will be
accomplished through a pre-packaged plan under Chapter 11 of the
U.S. Bankruptcy Code.

Under the Plan, all $248.6 million of term loans outstanding under
the Term Loan Agreement, dated May 21, 2013, by and between the
Issuer's subsidiaries, Anchor Hocking LLC and Oneida Ltd., the
lenders from time to time party thereto and Deutsche Bank AG New
York Branch, as administrative agent, would be cancelled.  In
exchange for the cancellation of 100% of the outstanding principal
amount, payment-in-kind interest, and accrued but unpaid cash
interest of the Term Loans, holders of the Term Loans will receive
shares, on a pro rata basis, of new common stock issued by the
Issuer equal to 96% of the total outstanding New Common Stock of
the Issuer upon the consummation of the Restructuring, subject to
dilution by the Management Incentive Plan.

In exchange for the cancellation of all shares of the Company's
currently outstanding preferred stock, holders of the Existing
Preferred Stock will receive shares, on a pro rata basis, equal to
2.5% of the total outstanding New Common Stock of the Issuer upon
the consummation of the Restructuring, subject to dilution by the
Management Incentive Plan.

In exchange for the cancellation of all (a) shares of the Issuer's
current outstanding common stock and (b) outstanding vested options
or unexercised warrants to acquire shares of the Issuer's current
outstanding stock that are in each case "in the money", holders of
Existing Common Stock, including the Monomoy Consenting Holders,
will receive shares, on a pro rata basis, equal to 1.5% of the
total outstanding New Common Stock of the Issuer upon the
consummation of the Restructuring, subject to dilution by the
Management Incentive Plan.

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

                      http://is.gd/QIgWum

                         About EveryWare

EveryWare Global, Inc. is a global marketer of tabletop and food
preparation products for the consumer and foodservice markets,
with operations in the United States, Canada, Mexico, Latin
America, Europe and Asia.  Its global platform allows it to market
and distribute internationally its total portfolio of products,
including bakeware, beverageware, serveware, storageware,
flatware, dinnerware, crystal, buffetware and hollowware; premium
spirit bottles; cookware; gadgets; candle and floral glass
containers; and other kitchen products, all under a broad
collection of widely-recognized brands.

For the six months ended June 30, 2014, the Company reported a net
loss of $65.3 million on $195 million of total revenues
compared to a net loss of $2 million on $200 million of total
revenue for the same period during the prior year.

As of June 30, 2014, the Company had $274 million in total
assets, $400 million in total liabilities, and a $126 million
stockholders' deficit.

                            *    *    *

As reported by the TCR on Aug. 6, 2014, Standard & Poor's Ratings
Services raised its corporate credit rating on EveryWare Global
Inc. to 'CCC+' from 'CCC-'.  "The upgrade reflects our view that a
default scenario is less likely as a result of a $20 million
investment from majority owner, Monomoy Capital Partners, in
addition to a waiver received for the covenant default in the
quarter ended March 2014 and the expected covenant default in the
quarter ended June 2014.


EVERYWARE GLOBAL: S&P Lowers CCR to 'D' on Ch. 11 Bankruptcy Plan
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on EveryWare Global Inc. to 'D' from 'CCC+'.

Concurrently, S&P lowered its issue-level ratings on the company's
$250 million term loan due 2020 to 'D' from 'CCC+'.  In addition,
S&P revised the recovery rating to '5H' from '5L', reflecting its
expectation of lower revolver borrowings ahead of the term loan.
The '5H' recovery rating indicates S&P's expectation for modest
(10% to 30%) recovery in the event of a payment default.

The rating actions follow EveryWare Global Inc.'s announcement that
it plans to file a voluntary petition to implement a pre-packaged
restructuring of its debt obligations under Chapter 11 of the U.S.
Bankruptcy Code.

"EveryWare Global Inc.'s operating performance has been poor over
the past year, and the company has experienced liquidity and
covenant default issues," said Standard & Poor's credit analyst
Beverly Correa.  EveryWare Global Inc. received a waiver on its
maintenance financial covenants and a $20 million investment from
financial sponsor-owner Monomoy Capital Partners in August 2014.
Most recently, the company's auditor informed it that the audit
opinion would include a going-concern qualification in its fiscal
2014 audit, which would constitute a default under the term loan
agreement, triggering the petition to reorganize.



EVERYWARE GLOBAL: Will File for Chapter 11 Bankruptcy Protection
----------------------------------------------------------------
RTT News reports that EveryWare Global, Inc., said it expects to
file for Chapter 11 bankruptcy protection in the U.S. Bankruptcy
Court for the District of Delaware.

According to RTT News, the Company and its lenders executed on
March 31, 2015, a restructuring support agreement specifying the
details of a restructuring support agreement that sets forth the
material terms of the Chapter 11 restructuring and of a
debtor-in-possession facility to provide liquidity during the
restructuring.  The report adds that secured lenders will become
the owners of 96% of the Company's common stock and that EveryWare
Global will cease to be a publicly traded company.

RTT News relates that the Company expects to emerge from bankruptcy
within 60 to 75 days.

Shailaja Sharma at Reuters says that the Company had long-term debt
of $245 million as of Sept. 30, 2015.

Citing the Company's spokesperson, Tom Knox at Columbus Business
First reports that the Company will remain open and "conduct
business as usual," and the agreement reached with lenders gives
the Company enough money to pay its vendors and meet payroll
obligations.

The Company's CEO, Sam Solomon, said in a statement, "We are
pleased to have the support of our lenders to move forward with a
restructuring plan that addresses our balance sheet to secure a
bright future for our Company.  We have made considerable progress
improving our day-to-day operations and this restructuring plan
strengthens the Company's balance sheet for long-term success.  We
are confident that this plan is in the best interest of our
customers, vendors, employees and our business partners."

                          About EveryWare

EveryWare Global, Inc., is a global marketer of tabletop and food
preparation products for the consumer and foodservice markets,
with operations in the United States, Canada, Mexico, Latin
America, Europe and Asia.  Its global platform allows it to market
and distribute internationally its total portfolio of products,
including bakeware, beverageware, serveware, storageware,
flatware, dinnerware, crystal, buffetware and hollowware; premium
spirit bottles; cookware; gadgets; candle and floral glass
containers; and other kitchen products, all under a broad
collection of widely-recognized brands.

For the six months ended June 30, 2014, the Company reported a net
loss of $65.3 million on $195 million of total revenues
compared to a net loss of $2 million on $200 million of total
revenue for the same period during the prior year.

As of June 30, 2014, the Company had $274 million in total
assets, $400 million in total liabilities, and a $126 million
stockholders' deficit.

                            *    *    *

As reported by the TCR on Aug. 6, 2014, Standard & Poor's Ratings
Services raised its corporate credit rating on EveryWare Global
Inc. to 'CCC+' from 'CCC-'.  "The upgrade reflects our view that a
default scenario is less likely as a result of a $20 million
investment from majority owner, Monomoy Capital Partners, in
addition to a waiver received for the covenant default in the
quarter ended March 2014 and the expected covenant default in the
quarter ended June 2014.


EXIDE TECHNOLOGIES: Gets Approval to Hire Baker Botts as Counsel
----------------------------------------------------------------
Exide Technologies Inc. received approval from U.S. Bankruptcy
Judge Kevin Carey to hire Baker Botts L.L.P. as it special counsel
effective Jan. 1, 2014.

As special counsel, Baker Botts will provide legal services,
including assisting the company with respect to environmental
representation.

Baker Botts can be reached at:

       Jennifer Keane, Esq.
       BAKER BOTTS L.L.P.
       98 San Jacinto Boulevard, Suite 1500
       Austin, TX 78701
       Tel: +1 (512) 322-2594
       Fax: +1 (512) 322-8394
       E-mail: jennifer.keane@bakerbotts.com

                     About Exide Technologies

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

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

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

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

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

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

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

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

                            *     *     *

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

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

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

Judge Carey, on March 27, 2015, signed an order confirming Exide's
Fourth Amended Plan of Reorganization.


EXIDE TECHNOLOGIES: In Consent Decree With U.S. Over Air Pollution
------------------------------------------------------------------
Exide Technologies Inc. received court approval to enter into a
consent decree with U.S. government agencies to resolve issues
related to the company's alleged violations of the Clean Air Act.

The company's battery-recycling facility in Muncie, Indiana, has
been accused by the Environmental Protection Agency of violating
air quality standards set under the Clean Air Act.  Exide has
already received a warning from the government that it could face
enforcement action for the said violations, according to filings
with the U.S. Bankruptcy Court in Delaware.

To avoid litigation, the company has agreed to pay $246,000 to EPA
and another $246,000 to Indiana Department of Environmental
Management.

Moreover, both agencies will get a general unsecured claim of
$164,000 under Exide's restructuring plan, according to court
filings.  A copy of the consent decree is available for free at
http://is.gd/r1VvQL

                     About Exide Technologies

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

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

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

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

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

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

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

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

                            *     *     *

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

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

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

Judge Carey, on March 27, 2015, signed an order confirming Exide's
Fourth Amended Plan of Reorganization.


FAMILY CHRISTIAN: Hearing on Bidding, Auction Process on April 14
-----------------------------------------------------------------
Nick Manes, writing for MiBiz, reports that Family Christian Stores
would likely have a new owner in 60 to 90 days as part of the
bankruptcy of its parent company, Family Christian LLC.  MiBiz says
that the Hon. John T. Gregg of the U.S. Bankruptcy Court for the
Western District of Michigan has scheduled an April 14 hearing to
determine the bidding and auction process.

A private equity firm or a private investor from the capital
markets could be a potential buyer of the Company, MiBiz relates,
citing David Lefere, Esq., an attorney Mika Meyers Beckett & Jones
PLC.

                     About Family Christian

Family Christian Holding, LLC, is the sole owner and member of
Family Christian, LLC, which operates and runs Family Christian
stores, one of the largest retail sellers of Christian books,
music, DVDs, church supplies, and other faith based merchandise.

Family Christian, LLC, Family Christian Holding, LLC, and
FCS Giftco, LLC, filed Chapter 11 bankruptcy petitions (Bankr.
W.D. Mich. Lead Case No. 15-00643) on Feb. 11, 2015.  The petition
was signed by Chuck Bengochea as president and CEO.  The Debtors
estimated assets and liabilities of $50 million to $100 million.

The Debtors are being represented by Todd Almassian, Esq., at
Keller & Almassian PLC, and Erich Durlacher, Esq., Brad Baldwin,
Esq., Bryan Glover, Esq., at Burr & Forman LLP as counsel.

The U.S. Trustee for Region 9 appointed seven creditors of Family
Christian LLC to serve on the official committee of unsecured
creditors.


FCC HOLDINGS: Judge Extends Deadline to Remove Suits to May 26
--------------------------------------------------------------
U.S. Bankruptcy Judge Christopher Sontchi has given FCC Holdings
Inc. until May 26, 2015, to file notices of removal of lawsuits
involving the company and its affiliates.

                       About FCC Holdings

FCC Holdings, Inc., and its affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 14-11987) on Aug. 25, 2014.

Headquartered in Ft. Lauderdale, Florida, FCC and its affiliates
provide quality postsecondary education in fourteen states.  The
FCC schools were started by David Knobel in 1994 in Fort
Lauderdale, Florida, and, as of the bankruptcy filing, are owned by
Greenhill Capital Partners.

Prior to the Petition Date, the Company, which currently operates
under the name "Anthem Education," had three sets of schools -- the
14 Florida Career College schools; the 22 Anthem Education schools;
and the 5 US Colleges schools.

The Debtors' outstanding secured obligations are $49 million, plus
interest and fees, comprised of: Tranche A Loans of $18.6 million,
Tranche B Loans of $29.1 million, and existing letters of credit of
$1.39 million.  The Debtors also have unsecured debt of $15
million.

Judge Christopher S. Sontchi is assigned to the Chapter 11 cases.

The Debtors have tapped Dennis A. Meloro, Esq., at Greenberg
Traurig, LLP, as counsel, and KCC as claims and notice agent.

The U.S. Trustee has appointed three members to the Official
Committee of Unsecured Creditors.  Womble Carlyle Sandridge & Rice,
LLP, and Ottenbourgh P.C., serve as its co-counsel.


FOUNDATION HEALTHCARE: Incurs $2.1 Million Net Loss in 2014
-----------------------------------------------------------
Foundation Healthcare, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to the Company common stock of $2.09 million on
$101.85 million of revenues for the year ended Dec. 31, 2014,
compared to a net loss attributable to the Company common stock of
$20.4 million on $87.2 million of revenues in 2013.

As of Dec. 31, 2014, the Company had $59.5 million in total assets,
$66.9 million in total liabilities, $8.7 million in preferred
noncontrolling interests, and a $16.1 million total deficit.

Hein & Associates LLP, in Denver, Colorado, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company had insufficient working capital as of Dec. 31, 2014 to
fund anticipated working capital needs over the next twelve months.


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

                        http://is.gd/ChZBX1

                    About Foundation Healthcare

Oklahoma-based Foundation Healthcare is a healthcare services
company primarily focused on owning controlling interests in
surgical hospitals and the inclusion of ancillary service lines.
The Company currently owns controlling and noncontrolling
interests in surgical hospitals located in Texas.  The Company
also owns noncontrolling interests in ambulatory surgery centers
("ASCs") located in Texas, Oklahoma, Pennsylvania, New Jersey,
Maryland and Ohio.

Additionally, the Company provides sleep testing management
services to various rural hospitals in Iowa, Minnesota, Missouri,
Nebraska and South Dakota under management contracts with the
hospitals.  The Company provides management services to a majority
of its Affiliates under the terms of various management
agreements.  Prior to Dec. 2, 2013, the Company's name was
Graymark Healthcare, Inc.


FOUR OAKS: David Rupp Replaces Ayden Lee as President
-----------------------------------------------------
Four Oaks Fincorp, Inc., the holding company for Four Oaks Bank &
Trust Company, announced that, effective March 31, 2015, David H.
Rupp was appointed president of the Bank and of the Company.  Ayden
Lee, Jr., who has been serving as the president of the Company and
the Bank, will continue to serve in his roles of chief executive
officer of the Company and the Bank and Chairman of the Board of
Directors of the Company.  Neither Mr. Lee nor Mr. Rupp will
receive any additional compensation in connection with this
transition.

Mr. Rupp became the Bank's executive vice president, chief
operating officer in September 2014 after serving as senior vice
president, Strategic Project Manager since June 2014.  He was also
appointed to the Board on March 23, 2015.  Prior to joining the
Bank, he most recently served as Retail Banking and Mortgage
President of VantageSouth Bank from 2012 to 2014.  From 2009 to
2011, Mr. Rupp served as chief executive officer of Greystone Bank
and, from 2008 to 2009, he served as senior executive vice
president of Regions Financial Corporation.  Prior to his
employment with Regions Financial Corporation, Mr. Rupp held
various positions at Bank of America and First Union Corporation.

"We're fortunate to have found such an experienced and strong
executive in David.  In a period of the bank's long history marked
by exciting events, his appointment to the position of President of
our company is one more example of our board's commitment to
embracing change in our path towards a very bright future," said
Mr. Lee.

                          About Four Oaks

Four Oaks Bank & Trust Company is a state chartered bank
headquartered in Four Oaks, North Carolina, where it was chartered
in 1912.  The wholly-owned subsidiary of Four Oaks Fincorp, Inc.,
the single bank holding company trading under the symbol FOFN on
the OTCQX Marketplace, the Bank had $820.8 million in assets as of
Dec. 31, 2014.  The Bank presently operates thirteen branches
located in Four Oaks, Clayton, Garner, Smithfield, Benson,
Fuquay-Varina, Holly Springs, Wallace, Harrells, Zebulon, Dunn and
Raleigh and loan production offices in Southern Pines and in
Raleigh, North Carolina.

Four Oaks reported a net loss of $350,000 in 2013, a net loss of
$6.96 million in 2012 and a net loss of $9.09 million in 2011.

As of Sept. 30, 2014, the Company had $838 million in total
assets, $798 million in total liabilities and $40.1 million in
total shareholders' equity.

                          Written Agreement

"In late May 2011, the Company and the Bank entered into a formal
written agreement (the "Written Agreement") with the Federal
Reserve Bank of Richmond (the "FRB") and the North Carolina Office
of the Commissioner of Banks (the "NCCOB").  Under the terms of
the Written Agreement, the Bank developed and submitted for
approval, within the time periods specified, plans to:

   * revise lending and credit administration policies and
     procedures at the Bank and provide relevant training;

   * enhance the Bank's real estate appraisal policies and
     procedures;

   * enhance the Bank's loan grading and independent loan review
     programs;

   * improve the Bank's position with respect to loans,
     relationships, or other assets in excess of $750,000, which
     are now or in the future become past due more than 90 days,
     are on the Bank's problem loan list, or adversely classified
     in any report of examination of the Bank; and

   * review and revise the Bank's policy regarding the Bank's
     allowance for loan and lease losses and maintain a program
     for the maintenance of an adequate allowance.

A material failure to comply with the terms of the Written
Agreement could subject the Company to additional regulatory
actions and further restrictions on its business.  These
regulatory actions and resulting restrictions on the Company's
business may have a material adverse effect on its future results
of operations and financial condition," the Company said in its
quarterly report for the period ended March 31, 2014.


FREEDOM INDUSTRIES: Can't Use Insurance for Fees
------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that the judge presiding over the bankruptcy of
Freedom Industries Inc. once again showed his displeasure with the
conduct of the Chapter 11 case by precluding most of a $3.2 million
insurance settlement from being used to pay professional fees.

According to the report, approving a settlement on March 19 that
had been kicking around for nine months, U.S. Bankruptcy Judge
Ronald G. Pearson in Charleston, West Virginia, authorized AIG
Specialty Insurance Co. to pay $3.2 million and obviate any further
liability to the company or anyone who claimed damages from the
spill.

                      About Freedom Industries

Freedom Industries Inc. is engaged principally in the business of
producing specialty chemicals for the mining, steel and cement
industries.  The Debtor operates two production facilities located
in (a) Nitro, West Virginia; and (b) Charleston, West Virginia.

The company, connected to a chemical spill that tainted the water
supply in West Virginia, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. W.Va. Case No. 14-bk-20017) on
Jan. 17, 2014.  The case is assigned to Judge Ronald G. Pearson.
The petition was signed by Gary Southern, president.

The Debtor is represented by Mark E Freedlander, Esq., at McGuire
Woods LLP, in Pittsburgh, Pennsylvania; and Stephen L. Thompson,
Esq., at Barth & Thompson, in Charleston, West Virginia.

On Dec. 31, 2013, four companies merged under the umbrella of
Freedom Industries: Freedom Industries Inc., Etowah River Terminal
LLC, Poca Blending LLC and Crete Technologies LLC.

As reported in the Troubled Company Reporter on Feb. 20, 2014,
Kate White, writing for The Charleston Gazette, reported that the
Debtor disclosed $16 million in assets and $6 million in
liabilities when it filed for bankruptcy.

On Feb. 5, 2014, the U.S. Trustee appointed an official committee
of unsecured creditors.  The Committee retained Frost Brown Todd
LLC as counsel.

On March 18, 2014, the Bankruptcy Court approved the hiring of
Mark Welch at MorrisAnderson in Chicago as Freedom's chief
restructuring officer.


FRESH PRODUCE: Case Summary & Largest Unsecured Creditors
---------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                       Case No.
     ------                                       --------
     Fresh Produce Retail, LLC                    15-13415
     2865 Wilderness Place
     Boulder, CO 80301-2257

     Fresh Produce Sportswear, LLC                15-13416
     2865 Wilderness Place
     Boulder, CO 80301-2257

     Fresh Produce of St. Armands, LLC            15-13417

     FP Brogan-Sanibel Island, LLC                15-13420

     Fresh Produce Coconut Point, LLC             15-13421
     2865 Wilderness Place
     Boulder, CO 80301-2257

Chapter 11 Petition Date: April 2, 2015

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: Hon. Michael E. Romero (15-13415)
       Hon. Thomas B. McNamara (15-13416)
       Hon. Howard R Tallman (15-13421)  

Debtors' Counsel: Michael J. Pankow, Esq.
                  BROWNSTEIN HYATT FARBER SCHRECK, LLP
                  410 17th St., 22nd Fl.
                  Denver, CO 80202
                  Tel: ( ) 303-223-1100
                  Fax: 303-223-1111
                  Email: mpankow@bhfs.com

                                         Estimated    Estimated
                                          Assets     Liabilities
                                       -----------   -----------
Fresh Produce Retail, LLC               $0-$50,000   $1MM-$10MM  
Fresh Produce Sportswear, LLC           $0-$50,000   $1MM-$10MM
Fresh Produce Coconut Point, LLC        $0-$50,000   $1MM-$10MM

The petitions weres signed by Thomas C. Vernon, manager.

A list of Fresh Produce Retail's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/cob15-13415.pdf

A list of Fresh Produce Sportswear's two largest unsecured
creditors is available for free at:

               http://bankrupt.com/misc/cob15-13416.pdf

A list of Fresh Produce Coconut Point's two largest unsecured
creditors is available for free at:

               http://bankrupt.com/misc/cob15-13421.pdf


FUEL PERFORMANCE: Incurs $1.65 Million Net Loss in 2014
-------------------------------------------------------
Fuel Performance Solutions, Inc. filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $1.65 million on $1.72 million of net revenues for the year
ended Dec. 31, 2014, compared with a net loss of $1.39 million on
$704,000 of net revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $3.32 million in total assets,
$3.28 million in total liabilities, and $40,800 in total
stockholders' equity.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, noting that the Company has suffered recurring
loss from operations and has a working capital deficit. This
factor, the auditors said, raises substantial doubt about the
Company's ability to continue as a going concern

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

                        http://is.gd/0LHs0a

                      About Fuel Performance

Fuel Performance Solutions, Inc., was incorporated in Nevada on
April 9, 1996, by a team of individuals who sought to address the
challenges of reducing harmful emissions while at the same time
improving the operating performance of internal combustion
engines, especially with respect to fuel economy and engine
cleanliness.  After the Company's incorporation, its initial focus
was product research and development, but over the past few years,
the Company's efforts have been directed to commercializing its
product slate, primarily DiesoLiFTTM and the PerfoLiFTTM BD-
Series, for use with diesel fuel and bio-diesel fuel blends, by
focusing on marketing, sales and distribution efforts in
conjunction with our distribution partners.  On Feb. 5, 2014, the
Company changed its name from International Fuel Technology, Inc.,
to Fuel Performance Solutions, Inc.


FULLCIRCLE REGISTRY: Needs More Time to File Form 10-K
------------------------------------------------------
FullCircle Registry, Inc., filed a Form 12b-25 with the Securities
and Exchange Commission notifying it was unable to file its annual
report on Form 10-K for the period ended Dec. 31, 2014, within the
prescribed time period due to its difficulty in completing and
obtaining required financial and other information without
unreasonable effort and expense.  The Company expects to file the
Form 10-K within the time period permitted by this extension.

                     About FullCircle Registry

Shelbyville, Kentucky-based FullCircle Registry, Inc., targets the
acquisition of small profitable businesses.  FullCircle Registry,
Inc., has become a holding company with three subsidiaries.  They
are FullCircle Entertainment, Inc., FullCircle Insurance Agency,
Inc. and FullCircle Prescription Services, Inc.  Target companies
for future acquisition are those in search of exit plans for the
owners and are intended to continue autonomous operations as
current ownership is phased out over a period of 3-5 years.

FullCircle Registry reported a net loss of $448,102 on $1.88
million of revenues for the year ended Dec. 31, 2013, as compared
with a net loss of $369,784 on $1.86 million of revenues during
the prior year.

As of Sept. 30, 2014, the Company had $5.66 million in total
assets, $6.11 million in total liabilities and a $451,000
stockholders' deficit.

Rodefer Moss & Co., PLLC, in New Albany, Indiana, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that FullCircle has suffered recurring losses from operations and
has a net working capital deficiency that raises substantial doubt
about the company's ability to continue as a going concern.

As reported by the TCR on Oct. 20, 2014, Rodefer Moss resigned
as the Company's auditors.


FUSION TELECOMMUNICATIONS: Incurs $2.27 Million Net Loss in Q4
--------------------------------------------------------------
Fusion Telecommunications International reported a net loss
applicable to common stockholders of $2.27 million on $23.5 million
of revenues for the three months ended Dec. 31, 2014, compared to a
net loss applicable to common stockholders of $3.08 million on
$16.3 million of revenues for the same period a year ago.

For the year ended Dec. 31, 2014, the Company reported a net loss
applicable to common stockholders of $4.31 million on $92.05
million of revenues compared to a net loss applicable to common
stockholders of $5.48 million on $61.49 million of revenues in
2013.

As of Dec. 31, 2014, the Company had $73.7 million in total assets,
$60.5 million in total liabilities and $13.3 million in total
stockholders' equity.

Matthew Rosen, Fusion's chief executive officer, commented, "2014
was an outstanding year for Fusion.  At the beginning of the year,
we set aggressive goals for the Company and executed successfully
on our key strategic initiatives to achieve them, based on Fusion's
powerful service and technology platform and our strong management
team.  We grew total revenues by 50% over 2013 and expanded our
margins significantly to achieve a major financial milestone in
generating over $11 million in Adjusted EBITDA for the year.  With
our acquisition of the Broadvox Assets and our acquisition of
PingTone, we strengthened our enterprise customer base and our
solutions portfolio while adding to our direct sales force and
expanding our channel sales efforts to support our overall growth
strategy.  We exited 2014 with solid momentum in growing our
business and expect this momentum to continue."

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

                        http://is.gd/i6mISq

                 About Fusion Telecommunications

New York City-based Fusion Telecommunications International, Inc.,
(OTC BB: FSNN) is a provider of Internet Protocol ("IP") based
digital voice and data communications services to corporations and
carriers worldwide.

Fusion incurred a net loss applicable to common shareholders of
$4.31 million in 2014, a net loss applicable to common shareholders
of $5.48 million in 2013 and a net loss applicable to
common stockholders of $5.61 million in 2012.


GARB OIL: Has $224K Net Loss in Sept. 30 Quarter
------------------------------------------------
Garb Oil & Power Corporation filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q, disclosing a
net loss of $225,000 for the three months ended Sept. 30, 2014,
compared to a net loss of $668,000 in the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $1.4 million
in total assets, $5.62 million in total liabilities, and a
stockholders' deficit of $4.23 million.

The Company has incurred a net loss of $800,000 for the nine months
ended Sept. 30, 2014 and has a net accumulated deficit of $16.5
million.  These factors, among others, raise substantial doubt
about the Company's ability to continue as a going concern for a
reasonable period of time, according to the regulatory filing.

A copy of the Form 10-Q is available at:
                              
                       http://is.gd/BTb130
                          
Garb Oil & Power Corporation provides equipment to waste processing
and recycling industries.  The company supplies enabling
technologies that allow its clients to push their waste processing
and recycling goals forward.  The company is involved in building
and commissioning of turn-key waste-to-energy plants and
refinement/recycling plants in e-scrap/e-waste and waste-rubber.
The company develops enabling technologies for waste processing and
recycling waste rubber; municipal waste, domestic waste, waste to
energy, and electronic scrap; and derivatives, including rubber
power, fine rubber particles, alloys of rubber, TPE-V and rubber,
elastomers, compounds, and technical rubber products from raw
material for recycling industries, and original product
manufacturers and producers.  Patents, Trademarks and Proprietary
Data The company has received one United States patent on the OTR
Tire Disintegrator System design.  The patent expires in 2018.  One
patent has been issued to Garb in Canada that expires in 2015.
Additional patents are pending in the United States and Canada.
Significant Events In May 2012, Garb-Oil & Power Corp. announced
the creation of Resource Protection Systems LLC, its new consulting
division.  This division would specialize on offering advice in the
following fields: wood, paper, plastic and steel recycling, Waste
to Energy, Car Recycling, Aircraft Recycling and Soil Remediation.


GELTECH SOLUTIONS: Issues $150,000 Convertible Note
---------------------------------------------------
GelTech Solutions, Inc., on March 27, 2015, issued Mr. Reger a
$150,000 7.5% secured convertible note in consideration for a
$150,000 loan, according to a document filed with the Securities
and Exchange Commission.  The note is convertible at $0.26 per
share and matures on Dec. 31, 2020.  Repayment of the note is
secured by all of the Company's assets including its intellectual
property and inventory in accordance with a secured line of credit
agreement between the Company and Mr. Reger.  Additionally, the
Company issued Mr. Reger 288,462 two-year warrants exercisable at
$2.00 per share.

All of the securities were issued without registration under the
Securities Act of 1933 in reliance upon the exemption provided in
Section 4(a)(2) and Rule 506(b) thereunder.

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

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

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


GENERAL STEEL: Delays Form 10-K Filing
--------------------------------------
General Steel Holdings, Inc. was unable to file its annual report
on Form 10-K for the year ended Dec. 31, 2014, within the
prescribed time period because, according to the Company,
additional time is required to complete the preparation of its
financial statements.  The Company said the Annual Report will be
filed as soon as practicable.

                    About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi and
Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin
municipality with seven million metric tons of crude steel
production capacity under management.  

The Company reported a net loss of $42.6 million in 2013, a net
loss of $232 million in 2012, a net loss of $283 million in 2011,
and a net loss of $46.3 million in 2010.

The Company's balance sheet at Sept. 30, 2014, showed
$2.76 billion in assets, $3.35 billion in liabilities, and a
$584 million total deficiency.


GENIUS BRANDS: Incurs $3.7 Million Net Loss in 2014
---------------------------------------------------
Genius Brands International, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $3.72 million on $926,000 of total revenues for the year
ended Dec. 31, 2014, compared with a net loss of $7.21 million on
$2.55 million of total revenues for the year ended Dec. 31, 2013.

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

As of Dec. 31, 2014, the Company had $17.32 million in total
assets, $3.6 million in total liabilities and $13.7 million in
total stockholders' equity.

Cash totaled $4.30 million and $527,000 at Dec. 31, 2014, and 2013,
respectively.

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

                       http://is.gd/30g9Ru

                      About Genius Brands

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


GENIUS BRANDS: Partners with Comcast to Launch Kid Genius Channel
-----------------------------------------------------------------
Building on the success of its Baby Genius series on Xfinity On
Demand, Genius Brands International, Inc., announced it will
partner with Comcast to launch Kid Genius, a new channel on Xfinity
On Demand, delivering "Smart TV for Kids" in fall 2015.

Baby Genius has been a top performer on the Baby Boost Channel on
Xfinity On Demand and Kid Genius will offer a variety of
programming for young viewers (toddlers to age 12) that is aligned
with GBI's mission to provide "content with a purpose."  The
channel will feature GBI original programming, such as Warren
Buffett's Secret Millionaires Club and Thomas Edison's Secret Lab,
as well as other shows from program creators around the world.

GBI's Senior Vice President of Global Distribution Sales Andy
Berman, who joined the company last year to oversee the expansion
of the international distribution business, will head the Kid
Genius operation.  Berman brings 30 years of experience in the
children's content business having previously formed and
spearheaded the worldwide sales efforts for FremantleMedia Kids &
Family Entertainment.

"Kids today have numerous entertainment choices, but what will
differentiate Kid Genius is the combination of entertainment and
enrichment value in every show we program.  Plus, there is a
limited commercial load of only three minutes per half-hour," said
Andy Heyward, CEO of GBI.  "With children spending more and more
time in front of a screen, our mission is to make that time both
fun and intellectually stimulating within a safe environment."

"We have been in the business of creating kids' content for well
over 25 years," said Berman.  "In addition to our own unique
original programming, the new Kid Genius channel will be a
tremendous opportunity to showcase new independently produced
programs and terrific acquired programming for kids."

Kid Genius will incorporate program code developed with renowned
children's media expert, Don Roberts, former Chair of the
Communications School at Stanford that will address sensitive to
issues of violence; negative stereotypes; the environment; and
inappropriate language for kids to ensure that parents will feel
safe that their kids are never being exposed to inappropriate
subject matter.

On March 30, 2015, Genius Brands distributed a letter which
included a link to the webcast of the Company's call with investors
that took place on March 26, 2015.  The transcript of the call is
available for free at http://is.gd/90KPDC

                      About Genius Brands

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

Genius Brands reported a net loss of $3.72 million in 2014, a net
loss of $7.21 million in 2013, a a net loss of $2.06 million in
2012 and a net loss of $1.37 million in 2011.

As of Dec. 31, 2014, the Company had $17.32 million in total
assets, $3.6 million in total liabilities, and $13.7 million in
total stockholders' equity.


GLYECO INC: Delays 2014 Form 10-K for Review
--------------------------------------------
Glyeco, Inc., filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the period ended Dec.
31, 2014.  The Company has requested this extension to enable its
independent registered public accounting firm to complete its
review of the financial statements to be included in the Annual
Report.  The Company intends to file the report within the
extension period.

                         About GlyEco, Inc.

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

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

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

Semple, Marchal & Cooper, LLP, in Phoenix, Arizona, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has yet to achieve profitable
operations and is dependent on its ability to raise capital from
stockholders or other sources to sustain operations and to
ultimately achieve viable profitable operations.  These factors
raise substantial doubt about the Company's ability to continue as
a going concern.


GRAY TELEVISION: Moody's Lifts Corp. Family Rating to B2
--------------------------------------------------------
Moody's Investors Service upgraded Gray Television, Inc.'s
Corporate Family Rating to B2 from B3 and Probability of Default
Rating to B2-PD from B3-PD reflecting Gray's $176 million equity
offering. Net proceeds from the offering will be used for general
corporate purposes including debt repayment, capital expenditures,
acquisitions, expansion investments, working capital, or operating
expenses and overhead. In addition, Moody's upgraded the 1st Lien
Sr Secured Revolver to Ba2 and affirmed remaining debt instrument
ratings as well as the SGL-2 Speculative Grade Liquidity Rating.
The rating outlook is stable.

Upgraded:

Issuer: Gray Television, Inc.

  -- Corporate Family Rating: Upgraded to B2 from B3

  -- Probability of Default Rating: Upgraded to B2-PD from B3-PD

  -- $50 million Priority 1st Lien Senior Secured Revolver:
     Upgraded to Ba2, LGD1 from Ba3, LGD1

Affirmed:

Issuer: Gray Television, Inc.

  -- 7.5% Senior Notes due 2020 ($675 million outstanding):
     Affirmed Caa1, LGD5

  -- 1st Lien Senior Secured Term Loan: Affirmed Ba3, LGD2

  -- Speculative Grade Liquidity (SGL) Rating: Affirmed SGL - 2

Outlook Actions:

Issuer: Gray Television, Inc.

  -- Outlook changed to stable from positive following upgrade

On March 31, 2015, Gray announced completion of a $176 million
equity offering with net proceeds initially being added to cash
balances. Although the company's 2-year average debt-to-EBITDA is
just above 6.0x (including Moody's standard adjustments) and
positions the company weakly in its B2 rating, net leverage of
roughly 5.3x (including Moody's standard adjustments) represents a
low point in more than several years. The company has been
acquisitive over the past two years adding 30 stations and
increasing debt balances by roughly $400 million to partially fund
these transactions, and Moody's expect Gray will continue to add to
its station portfolio. The upgrade of the Corporate Family Rating
to B2 reflects Moody's belief that, although Gray will likely issue
debt to fund potential large acquisitions, the company will sustain
2-year average debt-to-EBITDA below 6.0x (including Moody's
standard adjustments) with at least mid single digit percentage
2-year average free cash flow-to-debt. Liquidity is good with
significant cash balances, good 2-year average free cash
flow-to-debt, and no significant debt maturities until 2019 when
the undrawn revolver commitment expires.

The stable outlook incorporates Moody's expectation that core ad
revenue will grow in the low single digit percentage range over the
next 12 months, after which total revenue will increase in the
double digit percentage range due to significant political
advertising related to the 2016 elections and continued increases
in retransmission fees. Absent future debt financed acquisitions,
leverage should improve from current levels as free cash flow is
applied to reduce debt balances. The outlook incorporates Moody's
view that the company will maintain good liquidity. Ratings could
be downgraded if operating performance falls below expectations due
to economic weakness or underperformance in one or more key
markets, or if debt financed acquisitions or shareholder
distributions result in 2-year average debt-to-EBITDA ratios being
sustained above 6.0x. Deterioration in liquidity could also result
in a downgrade. Ratings could be upgraded if Gray's core revenue
and EBITDA track expectations, supported by an improving economic
environment, and free cash flow is applied to debt repayment
resulting in 2-year average debt-to-EBITDA ratios being sustained
below 5.0x (including Moody's standard adjustments) with
expectations for further improvement in credit metrics. Gray would
also need to maintain good liquidity, including free cash
flow-to-debt ratios in the mid to high single digit percentage
range on a 2-year average basis.

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

Gray, headquartered in Atlanta, GA, is a television broadcaster
with 76 Big Four network affiliated television stations serving 44
mid-sized markets (ranked #61 to #209), plus 69 additional channels
covering roughly 8.1% of US households. Network affiliations for
primary stations include 26 CBS, 24 NBC, 16 ABC, and 10 FOX
stations. The company will operate the #1 or #2 ranked stations in
41 of 44 markets. Gray is publicly traded and its shares are widely
held with the family and affiliates of the late J. Mack Robinson
collectively owning approximately 12% of common stock giving effect
to the recent issuance of 13.5 million shares. The dual class
equity structure provides these affiliated entities with roughly
44% of voting control. Estimated revenue, pro forma for
acquisitions, totaled $572 million in FY2014.


GREAT WOLF: Moody's Puts 'B3' CFR on Review for Downgrade
---------------------------------------------------------
Moody's Investors Service placed all the ratings of Great Wolf
Resorts Holdings, Inc. on review for downgrade, including it B3
Corporate Family Rating and B3-PD Probability of Default Rating.
This rating action follows Great Wolf's announcement that it will
be acquired by Centerbridge Partners, L.P. Great Wolf is currently
controlled by funds affiliated with Apollo Global Management, LLC.

The following ratings are placed on review for downgrade:

  -- Corporate Family Rating at B3

  -- Probability of Default Rating at B3-PD

  -- $100 million guaranteed senior secured revolver due August
     2018 at B3, LGD 3

  -- $530 million (originally $320 million) first lien guaranteed
     senior secured term loan due July 2020 at B3, LGD 3

The review for downgrade acknowledges that Great Wolf's debt levels
will likely increase significantly as a result of the transaction
resulting in a marked deterioration in credit metrics. Moody's
expects that pro forma for the transaction debt to EBITDA (adjusted
for operating leases) will likely be well above its current
downward rating trigger of 6.5 times. Moody's estimates that pro
forma for the transaction debt to EBITDA (adjusted for operating
leases) would likely be over 10.0 times for the twelve months ended
September 30, 2014.

The review will consider Great Wolf's proposed capital structure
included total funded indebtedness and the equity contribution by
Centerbridge. It will also consider the terms of the proposed
indebtedness, the value of Great Wolf's owned real estate, and
Great Wolf's liquidity. The review will assess Great Wolf's current
and projected operating performance and go- forward business
strategies including potential property openings and renovations.
The review will also assess the performance of the more recently
opened property in New England, and the potential earnings stream
from the pending property in Garden Grove, California.

Great Wolf Resorts Holdings, Inc. owns, operates, and/or manages
hotel resort properties specializing in in-door water parks. Annual
revenues are approximately $325 million.

The principal methodology used in these ratings was Global Lodging
& Cruise Industry Rating Methodology published in December 2010.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.


GREEN BRICK: Posts $50 Million Net Income in 2014
-------------------------------------------------
Green Brick Partners, Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing net income
attributable to the company of $50.02 million on $201 million of
sale of residential units for the year ended Dec. 31, 2014,
compared to net income attributable to the Company of $32 million
on $169 million of sale of residential units in 2013.

As of Dec. 31, 2014, Green Brick had $400 million in total assets,
$219 million in total liabilities, and $182 million in total
stockholders' equity.

"We are pleased with our 21.3% fourth quarter and 21.6% full year
revenue growth, which were driven by higher price point of homes
sold and an increase in the number of homes sold," stated James R.
Brickman, Green Brick's chief executive officer.  "Our dollar value
of backlog units increased 34.0%.  With new communities opening
this year, we expect our revenues to continue to improve
significantly when we begin to close on homes in Bellmoore Park,
The Village of Twin Creeks and other new neighborhoods during the
second half of 2015.  We expect strong home closing revenues and
unit growth in 2015 to translate into a marked increase in total
gross margin dollars for the year."

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

                         http://is.gd/TKWu4r

           Appointment of New Chief Financial Officer

Green Brick appointed Richard A. Costello as the chief financial
officer of the Company effective as of April 2, 2015.  Mr. Costello
has served as the vice president of Finance of Green Brick since
January 2015.  Mr. Costello will replace John Jason Corley who has
been serving as interim chief financial officer.

                  Annual Meeting Set for May 28

The Board of Directors of Green Brick has established May 28, 2015,
as the date of Green Brick's 2015 annual meeting of
stockholders.  Stockholders of record at the close of business on
April 10, 2015, will be entitled to vote at the 2015 Annual
Meeting.  The time and location of the 2015 Annual Meeting will be
as set forth in Green Brick's proxy statement for the 2015 Annual
Meeting.

Because the date of the 2015 Annual Meeting has been changed by
more than 30 days from the anniversary of Green Brick's 2014 Annual
Meeting of Stockholders, a new deadline has been set for submission
of proposals by stockholders intended to be included in Green
Brick's 2015 proxy statement and form of proxy.  Green Brick
stockholders who wish to have a proposal considered for inclusion
in Green Brick's proxy materials for the 2015 Annual Meeting
pursuant to Rule 14a-8 under the Exchange Act, must ensure that
such proposal is received at our principal executive offices at
2805 Dallas Parkway, Suite 400, Plano, TX 75093, Attention:
Corporate Secretary, on or before the close of business on April 9,
2015, which Green Brick has determined to be a reasonable time
before it expects to begin to print and send its proxy
materials.  Any such proposal must also meet the requirements set
forth in the rules and regulations of the Securities and
Exchange Commission and Green Brick's Amended and Restated Bylaws
in order to be eligible for inclusion in the proxy materials for
the 2015 Annual Meeting.  The April 9, 2015, deadline will also
apply in determining whether notice of a stockholder proposal is
timely for purposes of exercising discretionary voting authority
with respect to proxies under Rule 14a-4(c) of the Exchange Act.

In addition, in order for an item of business or a nomination for
election of a director proposed by a stockholder to be
considered properly brought before the 2015 Annual Meeting as an
agenda item, the Company's Bylaws require that the stockholder
give written notice to its Corporate Secretary at the address
specified above.  The notice must specify certain information
concerning the stockholder and the item of business or the nominee,
as the case may be, proposed to be brought before the
meeting.  Because the date of the 2015 Annual Meeting is more than
30 days earlier or more than 60 days later than the
anniversary of Green Brick's 2014 Annual Meeting of Stockholders,
the notice must be received no later than April 9, 2015.

                         About Green Brick

Denver, Colo.-based BioFuel Energy Corp., now known as Green Brick
Partners, Inc., is an ethanol producer in the United States.

                            *    *    *

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



GREENSHIFT CORP: Delays Filing of 2014 Form 10-K
------------------------------------------------
GreenShift Corporation notified the U.S. Securities and Exchange
Commission that its annual report on Form 10-K for the year ended
Dec. 31, 2014, could not be filed within the required time because
there was a delay in completing the procedures necessary to close
the books for the year.

                    About Greenshift Corporation

Headquartered in New York, GreenShift Corporation develops and
commercializes clean technologies designed to integrate into and
leverage established production and distribution infrastructure to
address the financial and environmental needs of its clients by
decreasing raw material needs, facilitating co-product reuse, and
reducing waste and emissions.

Greenshift reported a net loss of $4.43 million on $15.5 million
of total revenue for the year ended Dec. 31, 2013, as compared
with net income of $2.46 million on $14.51 million of total
revenue in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $4.64
million in total assets, $43.2 million in total liabilities, and a
$38.5 million total stockholders' deficit.

Rosenberg Rich Baker Berman & Company, in Somerset, NJ, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company could be subject to default of its
senior debt obligation in 2014 if a condition to a forbearance
agreement that is not within the Company's control is not
satisfied.  These conditions raise substantial doubt about its
ability to continue as a going concern.


HART OIL: Ch 11 Trustee Says Citizens Bank Helped in Ruining Co.
----------------------------------------------------------------
Glenn Evans at Longview News-Journal reports that Marilyn Smelcer,
the federally appointed trustee in the bankruptcy of Hart Oil &
Gas, Inc., has accused Citizens Bank of Kilgore of playing a
supporting role in John Ehrman's scheme to destroy the business and
scoop up its drilling leases.

According to Longview News-Journal, Ms. Smelcer amended on March
20, 2015, her seven-page federal petition from December 2014 to a
37-page complaint accusing the Bank of helping Mr. Ehrman
"paralyze" the Company, prompting its bankruptcy.

The U.S. District Court for New Mexico said in a statement, "The
new federal filing in New Mexico names Citizens Bank of Kilgore as
a co-conspirator with Ehrman.  It is alleged that the bank, in a
desperate attempt to protect the value of its collateral and $1
million debt, knew or should have known that they were
communicating and e-mailing with a notorious two-time felon.  The
complaint alleges that the scheme by Ehrman and the bank forced
Hart Oil into bankruptcy.  The bankruptcy trustee seeks punitive
damages."

Court documents show that Ms. Smelcer demands a jury trial and
lists 14 counts against the Bank and five against Mr. Ehrman.

Citing Ms. Smelcer, Longview News-Journal relates that Mr. Ehrman
used shell companies and the alias Darrell Evans to set up the
Company's President, Andy Saied, in a $4 million sale that
evaporated.

Ms. Smelcer said in court documents, "Having shut-in the field,
Ehrman and the Bank had Andy where they wanted him.  Hart Oil &
Gas, Inc., filed for Chapter 11 bankruptcy protection on Sept. 25,
2012, just a few hours before the Bank, (Ehrman shell company) Palo
and the Navajo Nation were able to finalize an agreement,
negotiated in secret, that would have transferred Hart's Leases to
Palo and paid Citizens Bank $1 million."

Longview News-Journal states that Citizens Bank of Kilgore has not
responded to allegations.

                          About Hart Oil

Hart Oil & Gas, Inc., based in Austin, Texas, filed for Chapter 11
(Bankr. D.N.M. Case No. 12-13558) on Sept. 25, 2012.  Judge Robert
H. Jacobvitz was first assigned to the case.  William F. Davis,
Esq. -- daviswf@nmbankruptcy.com -- at William F. Davis &
Associates, P.C., serves as the Debtor's counsel.  In its
petition, the Debtor estimated $100,001 to $500,000 in assets, and
$1 million to $10 million in debts.  A list of the Company's 20
largest unsecured creditors filed with the petition is available
for free at http://bankrupt.com/misc/nmb12-13558.pdf The petition

was signed by Andrew Brian Saied, president.


HEXION INC: Moody's Assigns B3 Rating to New $315MM Secured Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the $315 million
senior secured notes due 2020 of Hexion Inc. Proceeds from the
proposed notes are expected to be used for general corporate
purposes, which would include redeeming $40 million of debentures
due 2016. Despite an improvement in liquidity and near term
profitability improvement due to lower petrochemical prices,
Moody's remains concerned over the potential for a meaningful
decline in profitability from its propants business, the expected
lack of pricing power in epoxies, the company 's high leverage and
elevated capital spending on new capacity. The outlook is
negative.

"If Hexion is successful in issuing at least $300 million in new
notes and demonstrates improved profitability in the first quarter
of 2015, Moody's would likely move the outlook to stable," stated
John Rogers, Senior Vice President at Moody's.

Rating assigned:

Hexion Inc.

  -- Senior Secured First-Priority Notes due 2020, Assigned B3

Hexion's Caa1 CFR reflects continued weak financial performance and
elevated leverage with Debt/EBITDA of over 10x, weak EBITDA margins
(less than 10%), exposure to volatile commodities and negative free
cash flow. New capacity additions should be somewhat offset by
increased free cash flow due to lower commodity prices in 2015 but
that free cash flow will be negative by over $70 million. MSC's
rating does benefit from its size (roughly $5 billion of revenue),
meaningful product and operational diversity and a seasoned
management team.

The company credit metrics continue to be adversely affected by
ongoing weakness in base epoxy resins and intermediates, and weaker
margins in its energy end markets (relative to 2011). Despite
improvements in Forest Products, good volume growth in epoxy resins
for wind turbine blades, propants for shale oil production and
triazine (used to remove sulfur from oil and natural gas), Hexion's
2014 EBITDA is up less than 5% versus its December 31, 2013
year-to-date performance. This results in FYE December 31, 2014
leverage (Total Debt/EBITDA including Moody's adjustments) that
remains unusually high at over 10x. In addition, Retained Cash
Flow/Total Debt is very weak at just over 1% and free cash flow was
negative by over $200 million as the company invested in
acquisitions and additional capacity.

The aforementioned metrics reflect Moody's Global Standard
Adjustments which include the capitalization of pensions ($264
million) and operating leases ($219 million).

The negative outlook reflects Hexion's extremely weak financial
metrics and negative free cash flow in 2015. If Hexion fails to
maintain at least $400 million of liquidity Moody's would likely
lower its rating further. Succesful issuance of the new notes would
make it highly unlikely that liquidity would fall below $400
million in 2015 or 2016. If TotalDebt/EBITDA declines sustainably
below 8x and Retained Cash Flow/Total Debt rises above 3%, Moody's
would consider raising MSC's rating.

Hexion's Speculative Grade Liquidity Rating of SGL-3 reflects the
potential for liquidity to erode in 2015 in the absence of this
debt issuance. At year-end 2014 liquidity was $487 million as lower
methanol and phenol prices positively impacted cash flow despite
heavy capital spending. In 2015, Moody's expects free cash flow to
be negative by close to $70 - 90 million.

At year end 2014, Hexion had drawn by $60 million on its $400
million ABL revolving credit facility ($266 million of borrowings
available less $37 million of letters of credit) and roughly $156
million in unrestricted cash. The ABL facility will not have a
financial covenant until availability falls below 10%. However,
given the generous terms of the covenant calculation, the company
remains well in compliance with this covenant.

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

Hexion Inc., is a major producer of thermoset resins (epoxy,
formaldehyde and acrylic). The company is also a supplier of
specialty resins sold to a diverse customer base as well as a
producer of commodities such as formaldehyde, bisphenol A (BPA),
epichlorohydrin (ECH), versatic acid and related derivatives.
Revenues are approximately $5.1 billion. MSC is an indirect
wholly-owned subsidiary of Momentive Performance Materials Holdings
LLC (MPMH, unrated), headquartered in Columbus Ohio. The majority
owner of MPMH is an affiliate of Apollo Management.


HEXION INC: Prices Offering of $315 Million Senior Notes
--------------------------------------------------------
Hexion Inc. priced $315,000,000 aggregate principal amount of
10.00% First-Priority Senior Secured Notes due 2020 at an issue
price of 100.00%.  The closing of the offering of the notes is
expected to occur on April 15, 2015, and is subject to customary
conditions.  In addition, on April 2, 2015, the Company caused a
letter of notice of redemption to be made to redeem all of its
outstanding 8 3/8% Sinking Fund Debentures due 2016 on May 2, 2015,
at a redemption price of 100.00% plus accrued and unpaid interest
to the redemption date.

                          About Hexion Inc.

Hexion Inc., formerly known as Momentive Specialty Chemicals, Inc.,
headquartered in Columbus, Ohio, is a producer of thermoset resins
(epoxy, formaldehyde and acrylic).  The company is also a supplier
of specialty resins for inks and specialty coatings sold to a
diverse customer base as well as a producer of commodities such as
formaldehyde, bisphenol A, epichlorohydrin, versatic acid and
related derivatives.

Hexion reported a net loss of $148 million in 2014 following a net
loss of $634 million in 2013.  As of Dec. 31, 2014, Hexion had
$2.67 billion in total assets, $5.02 billion in total liabilities
and a $2.35 billion total deficit.

                           *     *     *

The TCR reported on Oct. 3, 2014, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Momentive
Specialty by one notch to 'CCC+' from 'B-'.  "The downgrade
follows
MSC's significant use of cash in the first half of 2014 and our
expectation that lackluster cash flow from operations and elevated
capital spending will cause free operating cash flow to be
significantly negative in 2014 and 2015," said Standard & Poor's
credit analyst Cynthia Werneth.

As reported by the TCR on Dec. 15, 2014, Moody's Investors Service
lowered the Corporate Family Rating of Momentive to 'Caa1' from
'B3'.  "Due to elevated leverage, heavy capital spending on new
capacity in 2014 and 2015, and the lack of meaningful improvement
in financial performance, Moody's have lowered Momentive
Specialty's rating," stated John Rogers, senior vice president at
Moody's.


HOLY HILL: April 9 Hearing on Bidding Rules for Sunset Property
---------------------------------------------------------------
U.S. Bankruptcy Judge Julia Brand is set to hold a hearing on April
9 to consider approval of a bidding process for Holy Hill Community
Church's property.

The property that will be put up for bid consists of approximately
5.29 acres of land located along Sunset Boulevard, in Los Angeles,
California, and air rights associated with the operation and
maintenance of the property.

The bidding process proposed by the church's Chapter 11 trustee
sets a May 15 deadline for bidders to make an offer.  

Bidders must offer at least $18.5 million in cash to purchase all
or a substantial portion of the property.  They are also required
to deposit $10 million into escrow on or before May 18.  

The bankruptcy trustee will hold an auction for the property on May
21, according to court filings.

1111 Sunset LLC, owner of The Elysian, a 96-unit luxury apartment
complex located along Sunset Boulevard, will take part at the
auction as the stalking horse bidder.  

The company replaced 1111 Sunset Associates LLC as the stalking
horse bidder under a sale agreement between Sunset Associates and
the trustee, after it exercised its "right of first refusal,"
according to court filings.

1111 Sunset LLC is entitled to a right of first refusal under its
2012 agreement with Holly Hill called the First Amendment to
Reciprocal Use and Easement Agreement in connection with any offer
received by the church for the property.

The company said it will present a revised sale agreement prior to
the April 9 hearing, which contains additional provisions more
beneficial to the church's bankruptcy estate.

While the original deal requires the proposed buyer to make an
initial payment of $16 million at the time of closing and an
additional payment (the amount of which will be determined only
after the construction of residential or commercial units on the
property), the revised agreement will give the trustee an option to
accept a non-contingent, single, increased lump sum payment of
$18.5 million for the property.  

The revised agreement also proposes to reduce the break-up fee
provided for in the original agreement from $750,000 to $300,000.  


1111 Sunset LLC said it has already deposited both the initial
$500,000 into escrow and the remaining $9.5 million as required by
the sale agreement.

Holy Hill previously filed an objection to the original sale
agreement in which it questioned the additional payment to be made
by the proposed buyer.  The church argued it makes the total value
of the stalking horse bid difficult to determine.

The church also questioned the $10 million deposit, saying it is
"unreasonably high" and may chill bidding.

Meanwhile, Parker Mills LLP and The Law Offices of Carl J. Sohn
expressed support for court approval of the bidding process.

"The sales procedures proposed must be considered in light of the
additional value already being brought to this bankruptcy estate by
the proposed purchaser," the church's secured creditors said in a
court filing.

                          About Holy Hill

Holly Hill Community Church, aka Holy Hill Community Church, a
protestant church in Los Angeles, filed for Chapter 11 protection
(Bankr. C.D. Cal. Case No. 14-21070) on June 5, 2014.  In its
Petition, Holly Hill, a California non-profit corporation
incorporated for the purposes of conducting religious activities as
a protestant Christian church, disclosed $35.4 million in total
assets and $16.7 million in total liabilities.

John Jenchun Suh, the pastor and CEO of the church, signed the
bankruptcy petition.  W. Dan Lee of the Lee Law Offices, in Los
Angeles, is representing the Debtor as counsel.  Judge Julia W.
Brand presides over the case.

Richard J. Laski has been appointed to serve as Chapter 11 trustee
in the Debtor's case.  The Trustee has tapped Arent Fox LLP to
serve as his bankruptcy counsel, and Wilshire Partners of CA, LLC,
as accountant.


IMAGEWARE SYSTEMS: C. Frischer Reports 5.6% Stake as of Feb. 6
--------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Charles Frischer disclosed that as of Feb. 6, 2015, he
beneficially owned 5,288,676 shares of common stock of Imageware
Systems, Inc., which represents 5.6 percent of the shares
outstanding.  Libby Frischer Family Partnership also reported
direct ownership of 170,000 common shares.  A copy of the
regulatory filing is available at http://is.gd/mIchbw

                      About ImageWare Systems

Headquartered in San Diego, California, ImageWare Systems, Inc.,
is a leader in the emerging market for software-based identity
management solutions, providing biometric, secure credential, law
enforcement and enterprise authorization.  Its "flagship" product
is the IWS Biometric Engine.  Scalable for small city business or
worldwide deployment, the Company's biometric engine is a multi-
biometric platform that is hardware and algorithm independent,
enabling the enrollment and management of unlimited population
sizes.  The Company's identification products are used to manage
and issue secure credentials, including national IDs, passports,
driver licenses, smart cards and access control credentials.  Its
law enforcement products provide law enforcement with integrated
mug shot, fingerprint LiveScan and investigative capabilities.
The Company also provides comprehensive authentication security
software.

Imageware Systems incurred a net loss of $9.84 million in 2013, a
net loss of $10.2 million in 2012 and a net loss of $3.18 million
in 2011.

As of Sept. 30, 2014, the Company had $5.67 million in total
assets, $4.51 million in total liabilities and $1.15 million in
total shareholders' equity.


IMPACT MEDICAL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Impact Medical, LLC
        10110 SW Nimbus Ave #B-6
        Portland, OR 97223

Case No.: 15-31606

Chapter 11 Petition Date: April 2, 2015

Court: United States Bankruptcy Court
       District of Oregon

Judge: Hon. Randall L. Dunn

Debtor's Counsel: Nicholas J Henderson, Esq.
                  MOTSCHENBACHER & BLATTNER, LLP
                  117 SW Taylor St #200
                  Portland, OR 97204
                  Tel: (503) 417-0508
                  Email: nhenderson@portlaw.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by EJ Duffy, manager.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/orb15-31606.pdf


INSITE VISION: Stockholders Elect Six Directors
-----------------------------------------------
Insite Vision Incorporated held its 2015 annual meeting of
stockholders on March 31 at which the stockholders:

   (1) elected Timothy McInerney, Brian Levy, O.D. M.Sc.,
       Robert O'Holla, Timothy Ruane, Craig Tooman and Anthony J.  
     
       Yost as directors;

   (2) ratified the appointment of Burr Pilger Mayer, Inc. as the
       Company's independent registered public accounting firm for
       the fiscal year ending Dec. 31, 2015;

   (3) approved a resolution relating to the Company's named
       executive officer compensation;

   (4) approved an amendment to Article IV of the Company's
       Restated Certificate of Incorporation to effect an increase

       in the number of authorized shares of the Company's common
       stock from 240,000,000 shares to 350,000,000 shares; and

   (5) approved an amendment to Article IV of the Company's
       Restated Certificate of Incorporation to effect a
       contingent reverse stock split of the Company's issued and
       outstanding common stock.

                           InSite Vision

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

Burr Pilger Mayer, Inc., expressed substantial doubt about the
Company's ability to continue as a going concern in its report on
the Company's consolidated financial statements for the year ended
Dec. 31, 2013, citing that the Company has recurring losses from
operations, available cash and short-term investment balances and
accumulated deficit.

The Company's balance sheet at Sept. 30, 2014, showed
$2.49 million in total assets, $7.77 million in total liabilities,
and a stockholders' deficit of $5.28 million.

InSite Vision reported net income of $5.78 million in 2013
following a net loss of $8.27 million in 2012.


IRONSTONE GROUP: Delays Form 10-K Filing
----------------------------------------
Ironstone Group, Inc., filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the year ended Dec.
31, 2014.  

"On final review of our 12-31-2014 10K, we discovered a
verification confirmation was missing.  The requested duplicate
verification arrived too late for us to make the 10K filing
deadline," the Company said in the filing.

                       About Ironstone Group

San Francisco, Calif.-based Ironstone Group, Inc., and
subsidiaries have no operations but are seeking appropriate
business combination opportunities.

Ironstone Group reported a net loss of $170,000 in 2013 following
a net loss of $141,000 in 2012.

As of Sept. 30, 2014, the Company had $3.57 million in total
assets, $1.74 million in total liabilities and $1.83 million in
total stockholders' equity.

Burr Pilger Mayer, Inc., issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2013.  The independent auditors noted that the Company has
recurring net losses and negative cash flows from operations which
raise substantial doubt about its ability to continue as a going
concern.

As reported by the TCR on Jan. 14, 2014, Madsen & Associates was
dismissed by Ironstone.  The Company engaged Burr Pilger Mayer,
Inc., as its new independent registered public accounting firm.


ISC8 INC: Needs More Time to File Form 10-K
-------------------------------------------
Intellicell Biosciences, Inc., filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-K for the year ended
Dec. 31, 2014.  The Company said it was not able to obtain all
information prior to filing date and management could not complete
the required financial statements and Management's Discussion and
Analysis of those financial statements by March 31, 2014.

                   About Intellicell Biosciences

Intellicell BioSciences, Inc., headquartered in New York, N.Y.,
was formed on Aug. 13, 2010, under the name "Regen Biosciences,
Inc." as a pioneering regenerative medicine company to develop and
commercialize regenerative medical technologies in large markets
with unmet clinical needs.  On Feb. 17, 2011, the company changed
its name from "Regen Biosciences, Inc." to "IntelliCell
BioSciences Inc".  To date, IntelliCell has developed proprietary
technologies that allow for the efficient and reproducible
separation of stromal vascular fraction (branded
"IntelliCell(TM)") containing adipose stem cells that can be
performed in tissue processing centers and in doctors' offices.

Intellicell Biosciences reported a net loss of $11.14 million on
$0 of total net revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $4.15 million on $534,942 of total net
revenues during the prior year.

The Company's balance sheet at June 30, 2014, showed $3.34 million
in total assets, $15.6 million in total liabilities, all current,
and a $12.3 million total stockholders' deficit.

"The Company has incurred losses since inception resulting in an
accumulated deficit of $61,164,954 and a working capital deficit
of $15,319,535 as of June 30, 2014, respectively.  Further losses
are anticipated in the continued development of its business,
raising substantial doubt about the Company's ability to continue
as a going concern.  The ability to continue as a going concern is
dependent upon the Company generating profitable operations in the
future and/or to obtain the necessary financing to meet its
obligations and repay its liabilities arising from normal business
operations when they come due.  Management intends to finance
operating costs over the next twelve months with existing cash on
hand and a private placement of common stock or other debt or
equity securities.  There can be no assurance that we will be able
to obtain further financing, do so on reasonable terms, or do so
on terms that would not substantially dilute our current
stockholders' equity interests in us.  If we are unable to raise
additional funds on a timely basis, or at all, we probably will
not be able to continue as a going concern," the Company stated in
the Form 10-Q for the quarterly period ended June 30, 2014.


ISC8 INC: To Use Sale Proceeds to Pay Administrative Claims
-----------------------------------------------------------
ISC8 Inc., disclosed in a document filed with the Securiites and
Exchange Commission that it completed on March 19, 2015, the sale
of substantially all of its assets to Cyber adAPT, Inc., for a
purchase price of approximately $7.8 million, pursuant to the Asset
Purchase Agreement, dated Jan. 5, 2015, and the Court's order
approving the Asset Sale, entered on March 4, 2015.  

Pursuant to the Order and prior to the Sale Date, $975,000 of the
Purchase Price was transferred to a trust account maintained by the
Company's bankruptcy counsel for the payment of certain disputed
and undisputed secured claims asserted by creditors who did not
consent to the Asset Sale.  Additionally, although the Purchase
Agreement provided for the assumption of certain of the Company's
executory contracts by the Purchaser, the Company opted not to
assign, and the Purchaser opted not to assume, any of the Company's
executory contracts or unexpired leases.  In connection with the
Asset Sale, the Company no longer has any employees and no longer
has a principal place of business.  The current address for the
Company is the address of the Company's Chief Restructuring
Officer, Alfred M. Masse.

The Company anticipates that the net proceeds from the Asset Sale
will be used principally to pay the administrative claims of the
bankruptcy estate and claims of the Company's creditors.  The
Company does not expect that any assets will be available for
distribution to stockholders.

Scott Millis resigned from his position as ISC8 Inc.'s chief
security strategy officer on Feb. 27, 2015, and on March 19, 2015,
Kirsten Bay resigned from her position as the Company's chief
executive officer.  Both Mr. Millis and Ms. Bay have accepted
positions with the Purchaser, Cyber adAPT, Inc., and will serve in
positions similar to those formerly held within the Company.

                           About ISC8 Inc.

ISC8 Inc. filed a Chapter 11 bankruptcy petition in the United
States Bankruptcy Court for the Central District of California,
Santa Ana division (Bankr. C.D. Cal. Case No. 14-15750) on Sept.
23, 2014.  The petition was signed by Kirsten Bay as president and
CEO.

The Company continues to operate its business and manage its
financial affairs as a debtor-in-possession, pursuant to Sections
1107(a) and 1108 of the United States Bankruptcy Code.

The Debtor estimated assets of $1 million to $10 million and
reported total liabilities of $14 million.  Ezra Brutzkus Gubner
LLP serves as the Debtor's counsel.  The case is assigned to Judge
Scott C. Clarkson.


JAMES RIVER: Needs Until July 11 to File Plan
---------------------------------------------
Bill Rochelle, writing for Bloomberg News, reported that James
River Coal Co. filed a third motion seeking further extension of
the period by which it has exclusive right to file a plan through
and including July 11, 2015, saying that although it has been in
bankruptcy 11 months, "negotiations with creditors over the
provisions of a plan have not yet begun."

                          About James River

James River Coal Company is a producer and marketer of coal in the
Central Appalachia ("CAPP") and the Midwest coal regions of the
United States.  James River's principal business is the mining,
preparation and sale of metallurgical coal, thermal coal (which is
also known as steam coal) and specialty coal.

James River and 33 of its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Va. Case Nos. 14-31848 to 14-31886) in
Richmond, Virginia, on April 7, 2014.  The petitions were signed
by
Peter T. Socha as president and chief executive officer. Judge
Kevin R. Huennekens oversees the Chapter 11 cases.

On the petition date, James River Coal disclosed total assets of
$1.06 billion and total liabilities of $818.6 million.

The Debtors are represented by Tyler P. Brown, Esq., Henry P.
(Toby) Long, III, Esq., and Justin F. Paget, Esq. at Hunton &
Williams LLP of Richmond, VA and Marwill S. Huebner, Esq, Brian M.
Resnick, Esq., and Michelle M. McGreal, Esq. at Davis Polk &
Wardwell LLP of New York, NY.  Kilpatrick Townsend & Stockton LLP
serves as the Debtors' special counsel.  Perella Weinberg Partners
L.P. is the Debtors' financial advisor.  Deutsche Bank Securities
Inc. serves as the Debtors' investment banker and M&G advisor.
Epiq
Bankruptcy Solutions, LLC, acts as the debtors' notice, claims and
administrative agent.

The U.S. Trustee for Region 4 has appointed five creditors to the
Official Committee of Unsecured Creditors.  Michael S. Stamer,
Esq., Alexis Freeman, Esq., and Jack M. Tracy II, Esq., at Akin
Gump Strauss Hauer & Feld LLP; and Jonathan L. Gold, Esq.,
Christopher L. Perkins, Esq., and Christian K. Vogel, Esq., at
LeClairRyan.

The Debtors, in August 2014, won authority to sell the Hampden
Mining Complex (including the assets of Logan & Kanawha Coal
Company, LLC), the Hazard Mining Complex (other than the assets of
Laurel Mountain Resources LLC) and the Triad Mining Complex for
$52
million plus the assumption of certain environmental and other
liabilities, to a unit of Blackhawk Mining.  The Buyer is
represented by Mitchell A. Seider, Esq., and Charles E. Carpenter,
Esq., at Latham & Watkins LLP.


JOE'S JEANS: Amends Form 10-K to Add Information
------------------------------------------------
Joe's Jeans, Inc. has amended its annual report on Form 10-K for
the fiscal year ended Nov. 30, 2014, with the Securities and
Exchange Commission to include information originally intended to
be incorporated by reference from its Definitive Proxy Statement
for its next annual meeting of stockholders pursuant to Regulation
14A of the Securities Act of 1934, as amended, that the Company
intended to file with the SEC no later than March 30, 2015.

The Company will not be filing its Definitive Proxy Statement by
the end of 120 days following its fiscal year end as originally
intended.

Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934,
as amended, Part III of the Initial Report was deleted in its
entirety and replaced with the following Part III,  and Part IV was
amended and restated to add new certifications by the Company's
chief executive officer and chief financial officer required
pursuant to Rule 13a-14(a) under the Exchange Act and 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.  The amendment does not change the
Company's previously reported financial statements and other
financial disclosures contained in the Initial Report.

The amended report discloses information about the Company's
executive officers and directors and corporate governance;
executive compensation; security ownership of certain beneficial
owners and management and related stockholders matters; and
principal accounting fees and services.

Marc Crossman, former chief executive officer and president, earned
$463,000 salary in 2014; Hamish Sandhu, chief financial officer,
earned $296,000 in 2014; Joseph Dahan, creative director, got
$317,000 in 2014; and Peter Kim, chief executive officer - Hudson
Subsidiary, got $500,000.

During fiscal 2014, 676,040 shares of restricted stock or RSUs
vested for the Company's Named Executive Officers.

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

                       http://is.gd/TXCudC

                         About Joe's Jeans

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

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

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

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

                          *     *     *

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


JOSEPH A. BURALLI: Cameron Judgment Dischargeable
-------------------------------------------------
Charles Cameron, a self-employed computer consultant who invested
in or financed several of debtor Joseph A. Buralli's real estate
development projects, failed to convince Bankruptcy Judge Thomas M.
Lynch to declare that a $5,316,442 judgment debt he obtained
against the debtor is non-dischargeable.

Cameron alleges that the Debtor made material misrepresentations to
him about Buralli's ownership of certain land at the time Cameron
agreed to lend him money or extend the terms of his loans.

The case is, Charles Cameron, Plaintiff, v. Joseph A. Buralli,
Defendant, Adversary No. 10-A-96183 (N.D. Ill.).  A copy of the
Court's March 31, 2015 Memorandum Decision is available at
http://is.gd/tOVx8cfrom Leagle.com.

Joseph A. Buralli has been a real estate developer since 1988.  Mr.
Buralli filed his voluntary petition for protection under Chapter
11 of the Bankruptcy Code (N.D. Ill. Case No. 10-74494) on
September 8, 2010. The Debtor voluntarily converted the case to
Chapter 7 on October 20, 2010. A Chapter 7 trustee determined there
were no assets to administer for the estate, and a discharge was
entered and the bankruptcy case closed on April 30, 2013.


KING COUNTY HOUSING: Moody's Cuts Rating on 1998 Rev Bonds to 'Ba1'
-------------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa3 Housing
Authority of King County's (WA) Multifamily Housing Revenue Bonds
(Seaview Apartments Project) Series 1998. $1,695,000 of outstanding
debt is affected.

This rating action concludes the review for downgrade initiated on
Jan. 16, 2015 and removes the bonds from review for downgrade.

The rating action is based on the continued deterioration of the
bond program's financial position as projected revenue
insufficiency nears to 5 years from 6.5 years (projected
insufficiency date is 7/1/2020).

The rating reflects the likelihood of rising interest rates would
improve financial performance of the program and offset any
insufficiencies until bond maturity.

What Could Change the Rating Up

- Not likely. An infusion of assets that eliminates projected
   parity insufficiency.

What Could Change the Rating Down

- Closer duration to revenue insufficiency or higher break-even
   reinvestment rate

- Asset-to-debt ratio below 100%

The principal methodology used in this rating was US Stand-Alone
Housing Bond Programs Secured by Credit Enhanced Mortgages
published in December 2012.


LAKELAND INDUSTRIES: Amends Credit Agreement with AloStar Bank
--------------------------------------------------------------
Lakeland Industries, Inc. has amended its senior revolving credit
facility with AloStar Bank of Commerce.  The amended terms include
a 200 basis point reduction in interest rate with a new floor
lowered to 4.25% and a term extension by one year to June 28, 2017.
Maximum borrowing capacity under the amended revolving credit
facility remains $15 million.

Christopher J. Ryan, president and chief executive officer of
Lakeland Industries, commented, "Reflecting Lakeland's improving
operational performance and successful financing strategies, at
January 31, 2015, the end of the Company's 2015 fiscal year, the
AloStar credit facility was reduced by 55% to $5.6 million from
$12.4 million at January 31, 2014.  The proceeds from the initial
AloStar credit facility were used to fully repay the Company's
former financing facility with TD Bank, N.A. which was
approximately $13.7 million at June 30, 2013.  We appreciate the
relationship we have enjoyed with our trusted lenders in AloStar,
who supported us at the commencement of our turnaround efforts and
are now benefiting from the resurgence in our business as our
credit profile has markedly improved."

                     About Lakeland Industries

Ronkonkoma, N.Y.-based Lakeland Industries, Inc., manufactures and
sells a comprehensive line of safety garments and accessories for
the industrial protective clothing market.

The Company reported a net loss of $26.3 million on $95.1 million
of net sales for the year ended Jan. 31, 2013, as compared with a
net loss of $377,000 on $96.3 million of sales for the year ended
Jan. 31, 2012.

In their report on the consolidated financial statements for the
year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham,
Alabama, expressed substantial doubt about Lakeland Industries'
ability to continue as a going concern.  The independent auditors
noted that the Company is in default on certain covenants of its
loan agreements at Jan. 31, 2013.

As of Oct. 31, 2014, the Company had $86.8 million in total
assets, $31.8 million in total liabilities and $54.9 million in
total stockholders' equity.


LAKELAND INDUSTRIES: China Subsidiary Has RMB 8MM Loan Agreement
----------------------------------------------------------------
Lakeland Industries, Inc.'s China subsidiary, Weifang Lakeland
Safety Products Co., Ltd, and Chinese Rural Credit Cooperative Bank
completed an agreement for WF to refinance pursuant to an existing
line of credit from CRCCB, according to a document filed with the
Securities and Exchange Commission.  This refinances a loan on the
same terms by WF to CRCCB in the amount RMB 8,000,000
(approximately USD $1,300,000).  WF intends to draw down most of
the amount, if not all, within a relatively short period of time.

The Loan will mature on Sept. 21, 2015.

Interest is based on 120% of the benchmark rate.  The annum
interest rate is 6.42%.  Monthly interest is RMB 42,800 which will
be paid monthly.

CRCCB has hired a professional firm to supervise WF's inventory
flow, which WF will pay yearly at a rate of RMB 42,800
(approximately US $6,895).

                     About Lakeland Industries

Ronkonkoma, N.Y.-based Lakeland Industries, Inc., manufactures and
sells a comprehensive line of safety garments and accessories for
the industrial protective clothing market.

The Company reported a net loss of $26.3 million on $95.1 million
of net sales for the year ended Jan. 31, 2013, as compared with a
net loss of $377,000 on $96.3 million of sales for the year ended
Jan. 31, 2012.

In their report on the consolidated financial statements for the
year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham,
Alabama, expressed substantial doubt about Lakeland Industries'
ability to continue as a going concern.  The independent auditors
noted that the Company is in default on certain covenants of its
loan agreements at Jan. 31, 2013.

As of Oct. 31, 2014, the Company had $86.8 million in total
assets, $31.8 million in total liabilities and $54.9 million in
total stockholders' equity.


LAMSON & GOODNOW: Will Move Into New Location This Month
--------------------------------------------------------
Jim Kinney, writing for Masslive.com, reports that Lamson & Goodnow
Manufacturing Co. will move into the former Westfield River Brewery
space at 79 Mainline Drive, Westfield, Massachusetts, in April.
Court documents say that the Bankruptcy Court approved in March the
sale of the Company's location on the Deerfield River on the
Buckland side of Shelburne Falls to John Madocks for $1.3 million

According to Masslive.com, the Company was down to about 20
workers, but Westfield city advancement officer Joe Mitchell said
that the Company will expand its workforce when the move is
completed.  The report adds that the move is expected to be
completed in the next few months.

Diane Broncaccio at Gazettenet.com relates that Chief Operating
Officer James Pelletier said he has signed a lease that takes
effect this week.

                      About Lamson & Goodnow

Lamson & Goodnow Manufacturing Co., based in Shelburne Falls,
Massachusetts, founded in 1837, is the nation's oldest cutlery
manufacturer.  Lamson & Goodnow started out as a scythe maker in
1837, on the Shelburne side of the Deerfield River.  During the
Civil War, it had roughly 500 employees making bayonets for the
weapons of Union soldiers. M ost recently, the company developed a
line of quality barbecue tools sold by L.L. Bean, Williams-Sonoma,
Brookstone and Stoddards.

Lamson & Goodnow Manufacturing, Lamson and Goodnow, LLC, and
Lamson and Goodnow Retail, LLC, each filed separate Chapter 11
bankruptcy petitions (Bankr. D. Mass. Lead Case No. 14-30798) on
Aug. 15, 2014.  Judge Henry J. Boroff presides over the cases.
Gary M. Weiner, Esq., at Weiner & Lange, P.C., serves as the
Debtors' bankruptcy counsel.

In its bankruptcy petition, Lamson & Goodnow Manufacturing
disclosed $1 million to $10 million in estimated assets and $1
million to $10 million in estimated debts.


LATTICE INC: Incurs $1.8 Million Net Loss in 2014
-------------------------------------------------
Lattice Incorporated filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$1.8 million on $8.94 million of revenue for the year ended Dec.
31, 2014, compared to a net loss of $1 million on $8.26 million of
revenue in 2013.

As of Dec. 31, 2014, Lattice had $5.41 million in total assets,
$7.75 million in total liabilities, and a $2.34 million total
shareholders' deficit.

Rosenberg Rich Baker Berman & Company, in Somerset, New Jersey,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2014, noting that
the Company has a working capital deficit and requires additional
working capital to meet its current liabilities.  The auditors said
these factors raise substantial doubt about the Company's ability
to continue as a going concern.

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

                        http://is.gd/AHUPNA

                         About Lattice Inc.

Pennsauken, New Jersey-based Lattice Incorporated provides
telecommunications services to correctional facilities and
specialized telecommunication service providers in the United
States.


LEO MOTORS: Posts $4.5 Million Net Loss in 2014
-----------------------------------------------
Leo Motors, Inc., filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $4.5
million on $693,000 of revenues for the year ended Dec. 31, 2014,
compared to a net loss of $1.24 million on $0 of revenues for the
year ended Dec. 31, 2013.

As of Dec. 31, 2014, Leo Motors had $3.99 million in total assets,
$4.44 million in total liabilities, and a $452,000 total deficit.

John Scrudato CPA, in Califon, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has incurred
significant accumulated deficits, recurring operating losses and a
negative working capital.  This and other factors raise substantial
doubt about the Company's ability to continue as a going concern.

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

                         http://is.gd/PKzSYr

                           About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.


LIFE PARTNERS: Thomas Moran II Approved as Chapter 11 Trustee
-------------------------------------------------------------
Thomas Moran II has been named as Chapter 11 trustee of Life
Partners Holdings, Inc.

At the hearing on March 9, 2015, the Court orally announced its
decision to grant the motion filed by the Securities and Exchange
Commission to appoint a Chapter 11 trustee.  On March 19, the U.S.
Bankruptcy Court approved the appointment of:

         Thomas Moran II
         521 West Wilshire Blvd., Suite 200
         Oklahoma City, OK 73116

as Chapter 11 trustee for the Debtor.

Mr. Moran II agreed to serve as trustee at to an hourly rate of
$300 subject not to exceed the statutory cap set out under Section
326(a) of the Bankruptcy Code.  Mr. Moran also agrees that his fees
and expenses as trustee will be subject to review by interested
parties and the Court.  The trustee's bond is fixed at $10,000
personal recognizance.

                    Motion for Reconsideration

Certain shareholders of Life Partners request that the Bankruptcy
Court reconsider its order appointing a Chapter 11 trustee.
According to the shareholders, the motion requested that the Court
to reconsider several of its statements on March 9, 2015, which may
be treated as findings, relating to the history which led up to the
Debtor's issuance of the SEC Form 8-K (Risks Relating to the
Appointment of a Chapter 11 Trustee).

The Shareholders are represented by:

         Gary J. Aguirre, Esq.
         AGUIRRE LAW, APC
         501 W. Broadway, Suite 800
         San Diego, CA 92101
         Tel: (619) 400-4960
         Fax: (619) 501-7072
         E-mail: gary@aguirrelawapc.com

               - and -

         Jason T. Rodriguez, Esq.
         HIGIER ALLEN & LAUTIN, P.C.
         5057 Keller Springs Road, Suite 600
         Addison, TX 75001-6231
         Tel: (972) 716-1888
         Fax: (972) 716-1899
         E-mail: jrodriguez@higierallen.com

                       About Life Partners

Life Partners Holdings, Inc., is the parent company of the world's
oldest company engaged in the secondary market for life insurance,
commonly called "life settlements."  Since its incorporation in
1991, Life Partners, Inc. has completed over 162,000 transactions
for its worldwide client base of over 30,000 high net worth
individuals and institutions in connection with the purchase of
over 6,500 policies totaling over $3.2 billion in face value.

Waco, Texas-based Life Partners -- http://www.lphi.com/-- is a
financial services company engaged in the secondary market for life
insurance known as life settlements.

Life Partners sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex., Case No. 15-40289) on Jan. 20, 2015.  The
case is assigned to Judge Russell F. Nelms.

The U.S. Trustee for Region 6 appointed three creditors of Life
Partners Holdings to serve on the official committee of unsecured
creditors.  The Committee tapped Munsch Hardt Kopf & Harr, P.C., as
counsel.

Tracy A. Bolt of BDO USA, LLP, was named as examiner for the
Debtor's case.

H. Thomas Moran II was appointed as Chapter 11 trustee for the
case.



LIME ENERGY: Reports $5.6 Million Net Loss in 2014
--------------------------------------------------
Lime Energy Co. filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss available to
common stockholders of $5.6 million on $58.8 million of revenue for
the year ended Dec. 31, 2014, compared to a net loss available to
common stockholders of $18.5 million on $51.56 million of revenue
in 2013.

The Company incurred a net loss of $31.8 million in 2012 and a net
loss of $18.9 million in 2011.

As of Dec. 31, 2014, the Company had $34.8 million in total assets,
$16.6 million in total liabilities, $9.63 million in contingently
redeemable series C preferred stock, and $8.56 million in total
stockholders' equity.

"Having completed an important year of sharpening focus, dramatic
growth, improved performance, and significant investment in our
technology platform, Lime Energy is stronger today than at any time
in our history," said Lime Energy President & CEO Adam Procell.
"Lime is now perfectly aligned with our valued utility clients, and
with our clean balance sheet and latest round of financing, we are
better able to serve these clients and their small business
customers."

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

                        http://is.gd/yCp1Ie

                         About Lime Energy

Headquartered in Huntersville, North Carolina, Lime Energy Co. --
http://www.lime-energy.com-- is engaged in planning and
delivering clean energy solutions that assist its clients in their
energy efficiency and renewable energy goals.  The Company's
solutions include energy efficient lighting upgrades, energy
efficient mechanical and electrical retrofit and upgrade services,
water conservation, building weatherization, on-site generation
and renewable energy project development and implementation.  The
Company provides energy solutions across a range of facilities,
from high-rise office buildings, distribution facilities,
manufacturing plants, retail sites, multi-tenant residential
buildings, mixed use complexes, hospitals, colleges and
universities, government sites to small, single tenant facilities.


LITTLEFORD DAY: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Littleford Day, Inc.
        7451 Empire Drive
        Florence, KY 41042

Case No.: 15-10722

Chapter 11 Petition Date: April 2, 2015

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Debtor's Local Counsel: Michael Joseph Joyce, Esq.
                        CROSS & SIMON, LLC
                        1105 North Market Street, Suite 901
                        Wilmington, DE 19801
                        Tel: 302-777-4200
                        Fax: 302-777-4224
                        Email: mjoyce@crosslaw.com

                         - and -

                        Kevin Scott Mann, Esq.
                        CROSS & SIMON, LLC
                        1105 N. Market Street, Suite 901
                        P.O. Box 1380
                        Wilmington, DE 19899-1380
                        Tel: 302-777-4200
                        Fax: 302-777-4224
                        Email: kmann@crosslaw.com

Debtor's                MCGUIRE WOODS LLP
General
Bankruptcy
Counsel:

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Glenn Sherill Vice, interim CEO.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/deb15-10722.pdf


LSI RETAIL II: Case Summary & 11 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: LSI Retail II, LLC
        8361 N Rampart Range Rd Ste 208
        Littleton, CO 80125-9366

Case No.: 15-13375

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: April 2, 2015

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: Hon. Sidney B. Brooks

Debtor's Counsel: Jeffrey Weinman, Esq.
                  WEINMAN & ASSOCIATES, P.C.
                  730 17th St., Ste. 240
                  Denver, CO 80202
                  Tel: 303-572-1010
                  Email: jweinman@epitrustee.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Alan R. Fishman, president of manager
Sunset Management Services.

List of Debtor's 11 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Fox Rothschild, LLP                                     $8,659
Xcel Energy                                             $7,620
Colorado Mechanical Systems                             $2,670
Roxborough Water & Sanitation                           $2,433
Waste Management                                        $2,003
ProCam Services                                         $1,346
Curb Appeal                                             $1,075
Century Link                                              $282
Douglas County Building Division                          $225
Security Central                                           $99
Alan Fishman                                               $90


MAURY ROSENBERG: Bankruptcy Fee Case Begins Trek to Supreme Court
-----------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that with the federal appeals courts now split on
the power of a bankruptcy judge to award fees for upholding
dismissal of an involuntary petition, a lender on the losing side
is asking for a rehearing before all active judges on the U.S.
Court of Appeals in Atlanta.

According to the report, in February, a three-judge panel of the
Atlanta-based 11th Circuit parted company with its sister court in
San Francisco and ruled that bankruptcy judges have the power to
award attorneys' fees incurred on appeal in upholding the dismissal
of an involuntary bankruptcy petition filed against an individual.
The losing lender filed papers on March 19 asking the three judges
to reverse themselves or give all the circuit's judges an
opportunity to overrule the panel's decision, the report related.

The case is DVI Receivables XIV LLC v. Rosenberg (In re case
Rosenberg), 13-14781, U.S. Court of Appeals for the 11th Circuit
(Atlanta).


MCGRAW-HILL GLOBAL: Fitch Affirms 'B+' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of
McGraw-Hill Global Education Holding LLC (MHGE) and McGraw-Hill
Global Education Finance, Inc. (MHGE Finance; co-issuer of the
secured debt) at 'B+', and the senior secured debt ratings at
'BB/RR2'.  Fitch has also affirmed the IDRs of MHGE Parent, LLC
(HoldCo) and MHGE Parent Finance, Inc., co-issuers of the add-on
8.5%/9.25% $100 million senior pay-in-kind toggle notes due 2019,
and the 'B-/RR6' issue rating to the PIK notes.  The Rating Outlook
is Stable.

Proceeds from the note issuance will be used to pay a dividend to
Apollo Global Management (Apollo), the sponsor.  Funds affiliated
with Apollo acquired McGraw-Hill Companies Inc.'s education
business for $2.4 billion in March of 2013.  Apollo contributed $1
billion in cash to complete the acquisition, approximately 40% of
the transaction value.  This dividend, along with the $388 million
dividend paid in July 2014, and the $445 million and $100 million
dividends paid by McGraw-Hill School Education (MHSE) in December
2013 and December 2014, respectively, completely eliminates the
overall cash outlay by Apollo.  Upon Apollo's acquisition of the
education business, MHSE and MHGE were separated into two sister
non-recourse subsidiaries of MHE US Holdings, LLC.  MHSE is not
part of the credit profile of MHGE.

While Fitch did not previously model the proposed debt-funded
dividend, the transaction is consistent with Fitch's expectations
for private-equity-owned issuers.  Fitch expects MHGE would
prioritize free cash flow (FCF) towards debt reduction to follow
the road to an IPO exit, particularly now that Apollo has received
cash returns in excess of initial outlays.  Following the proposed
transaction, there is limited-to-no headroom within the current
ratings for additional debt-funded transactions.

MHGE's operating results have performed in line with Fitch
expectations.  As of Dec. 31, 2014, MHGE has reduced debt by
approximately $175 million since the leveraged buyout (LBO), by a
combination of mandatory and voluntary debt reduction.  The ratings
and Outlook are supported by the strong cash flow-generating
characteristics of the company.  Fitch calculates 2014 FCF at $142
million and expects FCF to be $100 million to $150 million in 2015
and 2016.

MHGE Parent's senior unsecured notes are not guaranteed by MHGE or
any of its subsidiaries (MHGE's debt benefits from subsidiary
guarantees), and are structurally subordinate to MHGE's debt.  The
notes contain a contingent PIK option.  The PIK may be exercised in
the event that there is not sufficient cash available to MHGE
Parent to cover interest payments (except for the first and last
interest payment).

Fitch views the credit on a consolidated basis, since MHGE Parent
has no operations and its only material asset is the indirect
equity interest in MHGE.  MHGE will be the primary source of funds
to service MHGE Parent's debt.  Pro forma for this transaction,
Fitch calculates consolidated post-plate leverage to be 6.1x, up
from 4.7x at Dec. 31, 2013, and FCF-to-adjusted debt to be 6.6%,
down from 18.6% at Dec. 31, 2013.  In 2013, FCF materially
benefited from improved working capital efficiencies, elevating FCF
metrics; Fitch expects relatively neutral working capital swings
over the next few years.

Fitch expects consolidated leverage to decline over the next few
years, driven by EBITDA growth (supported by low single-digit
revenue growth and the benefits from efficiencies/cost reduction
initiatives) and mandatory debt reduction at MHGE.  Fitch expects
gross leverage (based on Fitch's calculation) to be under 6x by
year-end 2015.  Any future leveraging transactions that drove Fitch
calculated gross leverage over 6x would pressure the ratings.

Fitch notes that the PIK feature provides flexibility for the
company in the event of weak cash flows.  Cash flows to fund
interest will be governed by the restricted payment (RP) covenants
within the MHGE secured debt documents.  However, based on Fitch's
base case projection, there is sufficient liquidity and room within
the RP basket to fund cash interest payments on the MHGE Parent
notes.  The MHGE RP basket provisions within the bond indentures
include a cumulative 50% of net income basket (which includes
various adjustments) and a general RP basket of $75 million or 3%
of total consolidated assets.

KEY RATING DRIVERS

The ratings reflect MHGE's business profile: 64% of revenues from
higher education publishing/solutions, 10% from professional
education content and services, and 26% from international sales of
higher education and professional education materials.  The higher
education publishing market is dominated by Pearson, Cengage and
MHGE.  Fitch believes that collectively these three publishers make
up approximately 75% market share.  This scale provides meaningful
advantages and creates barriers to entry for new publishers.

Fitch believes that there could be some near-term enrollment
pressures due to continued enrollment declines at for-profit
universities and the potential for federal student aid cuts,
although Fitch believes MHGE's exposure to for-profit is limited
relative to peers.  Long-term, Fitch believes enrollment will
continue to grow in the low single digits, as higher education
degrees continue to be a necessity for many employers.

MHGE and its peers have continued to demonstrate pricing power over
their products.  Fitch believes this will continue, albeit at lower
levels than historically.  Textbook pricing increases are expected
to slow down substantially and will likely be in the low single
digits.  Revenue growth will primarily come from the continued
growth in sales of digital solution products and pricing increases
associated with these digital products as they gain traction with
professors.

The transition from physical education materials to digital
products has been advancing at a materially faster pace relative to
adoption at the K-12 education level.  Fitch believes the
transition will lead to a net benefit for the publishers over time.
Publishers will have the opportunity to disintermediate
used/rental textbook sellers, recapturing market share from these
segments.  Fitch expects print/digital margins to remain roughly
the same, as both the discount of the digital textbook (relative to
the printed textbook) and the investments made in the interactive
user experience offset the elimination of the cost associated with
manufacturing, warehousing, and shipping printed textbooks.

Fitch recognizes the risk of digital piracy, given the age
demographic of higher education, the current data speeds available
on the internet, and the relative ease of finding a pirated text
book.  A mitigant to piracy risk is the development and selling of
digital education solutions.  The digital solutions incorporate
homework and other supplemental materials that require a user's
authentication.  The company's strategy is to 'sell' these products
to the professors, who then adopt this as required material for the
course.  Students then purchase the digital solution.  This
strategy has also been adopted by MHGE's peers.  It will be vital
for the industry to steer professors towards these digital
solutions rather than a stand-alone eBook in order to defend
against piracy.  Fitch believes this strategy is sound and can be
successful.

Fitch expects traditional print revenues to continue to decline due
to the growth in eBooks, near-term cyclical pressures in
enrollment, and delays by professors in adopting new editions.

LIQUIDITY, FCF AND LEVERAGE

As of Dec. 31, 2014, liquidity was supported by a $240 million
revolver due 2018 and a cash balance of $232 million.  Fitch
calculates 2014 FCF of $142 million.  Fitch expects FCF to remain
healthy in the $100 million-$150 million range in 2015.
FCF-to-adjusted debt is calculated at 6.6%; Fitch projects 4%-7%
over the next few years.  In addition, Fitch expects EBITDA-to-FCF
conversion to be around 25% or better (38% at FYE 2014).

The ratings reflect Fitch's expectation that FCF will be dedicated
toward debt reduction at MHGE and to small tuck-in acquisitions.

Fitch calculates post-plate EBITDA of $323 million, resulting in
pro forma gross leverage of 6.1x.  Fitch's calculation does not add
back certain adjustments made by the company, including adjusting
for deferred revenue and expected cost savings.  Based on Fitch's
base case model, with revenues flat to up in the low single digits,
Fitch expects leverage to decline to under 6x by FYE 2015 and
continue declining, driven by mandatory debt repayment and EBITDA
growth.

MHGE's credit facility and its senior secured notes are pari passu
with one another and benefit from a first priority lien on all
material assets, including a pledge of the equity of domestic
guarantor subsidiaries and 65% of the voting equity interest of
first-tier foreign subsidiaries, subject to certain exceptions.

MHGE's credit facility is further secured by a pledge of the equity
interest of MHGE held by its parent McGraw-Hill Global Education
Intermediate Holding LLC (Holdings).  While the secured notes do
not benefit from the pledge of MHGE's equity by Holdings, Fitch
believes the value of the security comes from the assets of MHGE
and its subsidiaries (including the equity pledge of MHGE's
subsidiaries).

Both the bank facility and the secured notes are guaranteed by
existing and future wholly-owned domestic subsidiaries of MHGE
(subject to certain exceptions).

KEY ASSUMPTIONS

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

   -- GAAP Revenue flat to up in the low single digits,
   -- FCF of $100 million-$150 million in 2015,
   -- FCF-to-adjusted debt to remain 4%-7%,
   -- EBITDA-to-FCF conversion to be around 25% or better.

RECOVERY RATINGS ANALYSIS

MHGE's Recovery Ratings reflect Fitch's expectation that the
enterprise value of the company and, thus, recovery rates for its
creditors, will be maximized in a restructuring scenario (as a
going concern) rather than a liquidation.  Fitch estimates a
distressed enterprise valuation of $1.7 billion, using a 6.5x
multiple and a post-restructuring EBITDA of approximately $250
million.  After deducting Fitch's standard 10% administrative
claim, Fitch estimates recovery for MHGE's senior secured
instruments of 88%, which maps to the 71%-90% 'RR2' range.  The
MHGE Parent notes (including the new $100 million add-on) have no
expected recovery, resulting in an 'RR6' and a rating two notches
down from the IDR to 'B-'.

RATING SENSITIVITIES

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

   -- Continued growth in digital revenues coupled with a
      financial policy that may include leverage of 4x or less (on

      a Fitch-calculated basis), along with a clear rationale for
      such a policy, would likely lead to positive rating actions.

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

   -- Annual Fitch-calculated FCF of less than $50 million;

   -- Gross Fitch-calculated post-plate leverage exceeding 6x on a

      sustainable basis, whether driven by operating results or a
      leveraging transaction;

   -- Mid-single-digit revenue declines, which may be driven by
      declines or no growth in digital products (caused by a lack
      of execution or adoption by professors).

Fitch has affirmed these rating actions:

MHGE

   -- Long-term IDR at 'B+';

   -- Senior secured credit facility (term loan and revolver) at
      'BB/RR2';

   -- Senior secured notes at 'BB/RR2'.

MHGE Finance (co-issuer to MHGE's secured term loan, revolver and
notes listed above):

   -- Long-term IDR at 'B+';

MHGE Parent

   -- Long-term IDR at 'B+';
   -- Senior unsecured notes at 'B-/RR6'.

MHGE Parent Finance, Inc. (co-issuer to MHGE Parent's senior
unsecured notes):

   -- Long-term IDR at 'B+'.

The Rating Outlook is Stable.



MCGRAW-HILL GLOBAL: S&P Revises Outlook to Neg. & Affirms 'B+' CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its rating
outlook on McGraw-Hill Global Education Holdings LLC (MHGE) to
negative from stable.  At the same time, S&P affirmed its 'B+'
corporate credit rating on the company.

S&P also affirmed its 'B-' issue-level rating and '6' recovery
rating on MHGE Parent, LLC and MHGE Parent Finance, Inc.  PIK
Toggle notes, which will total $500 million following the proposed
transaction.  The '6' recovery rating indicates S&P's expectation
for negligible recovery (0-10%) of principal in the event of
payment default.

S&P also affirmed its 'B+' issue-level rating on all of MHGE's
existing first-lien senior secured debt, which includes a $240
million undrawn revolver, a $664 million outstanding term loan, and
$800 million senior secured notes.  The recovery rating on the
senior secured debt remains '3', indicating S&P's expectation for
meaningful recovery (50% to 70%; low end of the range) of principal
for lenders in the event of payment default.

The outlook revision is based on S&P's Group Rating Methodology
(GRM) assessment for MHGE's parent company, MHE, and S&P's view
that a continuance of recent negative trends, including debt and
cash-financed dividends, weaker-than-expected operating results at
MHSE, and weaker-than-expected consolidated cash flow credit
metrics, could result in a lower group credit profile assessment.
MHE's group credit profile is 'b+', and S&P considers MHGE to be
"core" to the group.  This reflects the fact that MHGE contributes
about 60% of overall group revenues and accounts for roughly 90% of
group debt.  Additionally, MHGE operates in lines of business that
are integral to the overall group strategy, and are closely linked
to the group's reputation, name, brand, and risk management.

"The negative outlook reflects our view that we could lower the
rating if the consolidated MHE U.S. Holdings LLC group's recent
negative trends, including more frequently-than-expected debt and
cash-financed dividends, weaker-than-expected operating performance
at MHSE, and weaker-than-expected cash flow credit metrics do not
reverse," said Standard & Poor's credit analyst Naveen Sarma.

S&P could lower its rating if financial policy remains aggressive
regarding additional debt-financed dividends, if the operating
performance of MHSE does not improve in 2015, or if S&P expects the
ratio of free operating cash flow to debt will decline and remain
below 10%.  Under this scenario, S&P would likely remove its
positive comparable rating analysis adjustment on S&P's group
credit profile score for MHE, lowering the group credit profile
rating to 'b' from 'b+', resulting in a corresponding lower rating
for MHGE given its "core" status to MHE in S&P's group rating
methodology assessment.

S&P could revise the outlook to stable if it believes operating
performance at MHSE is improving and if the consolidated company is
able to show meaningful leverage improvement toward 5x and generate
greater than a 10% free operating cash flow to debt ratio.



MERRILL COMMUNICATIONS: Legal Solutions Biz Sale is Credit Positive
-------------------------------------------------------------------
Moody's Investors Service said that Merrill Corporation's recently
announced sale of its Legal Solutions business to DTI is credit
positive because the removal of a weak business will result in a
modestly smaller, but more profitable and strategically focused
enterprise. The transaction nevertheless will not result in
immediate changes to Merrill Communications, LLC's B3 Corporate
Family Rating (CFR), its debt instrument ratings, or positive
rating outlook as the effect that this transaction will have on
leverage is not yet known.

Merrill Communications LLC provides document and data management
services, litigation support, branded communication programs,
fulfillment, imaging, and printing services to the financial,
insurance, legal, life sciences and other market segments. Merrill
is privately-owned, with the largest holdings of common stock held
by Sankaty Advisors, Davidson Kempner Capital Management, and Carl
Marks Management Company. The company generated approximately $869
million of revenue for the twelve months ended October 31, 2014.


MHGE PARENT: Moody's Affirms Caa1 Rating on $100MM HoldCo Notes
---------------------------------------------------------------
Moody's Investors Service affirmed the Caa1 for the proposed $100
million incremental HoldCo notes of MHGE Parent, LLC ("MHGE") and
MHGE Parent Finance, Inc., the parent entities of McGraw-Hill
Global Education Holdings, LLC. Net proceeds from the HoldCo notes
will provide roughly $97 million towards a special dividend to
existing shareholders. The outlook is stable. These rating actions
are subject to review of final documentation and no meaningful
change in conditions of the proposed transaction as advised to
Moody's.

Affirmed:

Issuer: MHGE Parent, LLC

  -- Corporate Family Rating: B2

  -- Probability of Default Rating: B2-PD

  -- Speculative Grade Liquidity (SGL) Rating: SGL-2

  -- $500 million HoldCo Notes ($100 million add-on): affirmed
     Caa1, LGD6

Outlook Actions:

Issuer: MHGE Parent, LLC

  -- Outlook is Stable

Affirmed:

Issuer: McGraw-Hill Global Education Holdings, LLC

  -- Corporate Family Rating: B2

  -- Probability of Default Rating: B2-PD

  -- Speculative Grade Liquidity (SGL) Rating: SGL-2

  -- $240 million 1st lien senior secured revolver due 2018: B1,
     LGD3

  -- 1st lien senior secured term loan due 2019 ($681 million
     outstanding): B1, LGD3

  -- $800 million of 9.75% 1st lien senior secured notes due
     2021: B1, LGD3

Outlook Actions:

Issuer: McGraw-Hill Global Education Holdings, LLC

  -- Outlook is Stable

The proposed debt funded distribution results in higher leverage
with debt-to-EBITDA increasing to 5.6x from 5.3x (incorporating
Moody's standard adjustments and cash pre-publication costs as an
expense). Although MHGE has had initial success executing its
turnaround strategy, evidenced by FY2014 results reflecting
increased billings, greater penetration of digital offerings, and a
reduced cost base, debt funded distributions have resulted in
minimal improvement to credit metrics. Moody's has elevated
concerns regarding the company's financial policy given that
management chose to issue debt to fund $500 million of shareholder
distributions over the past nine months, equivalent to 1.3x EBITDA
for 2014 (incorporating Moody's standard adjustments and cash
pre-publication costs as an expense). While Moody's views MHGE as a
leading player within its education markets aided by a solid
product base, the recently announced debt-financed distribution
positions the company weakly in its B2 Corporate Family Rating. The
company's operating performance met expectations in 2014 with
growth in digital product revenue and good progress achieving
restructuring and cost saving initiatives. Year over year cash
revenue performance was largely flat, and in line with
expectations, as growth in custom print revenue in Higher Education
plus growth in digital product sales for Higher Education and the
Professional segment offset the revenue decline of traditional
print products and weakness in the International segment which was
compounded by unfavorable exchange rates. Management is working to
stabilize the performance of the International segment and
consolidated leadership for the International and Professional
operations to leverage capabilities of the two businesses given
more than 40% of Professional's global sales are made outside of
the U.S. Within the Higher Education segment, 18% digital sales
growth elevated the digital composition to 38% of total segment
revenue from 30% in 2012, and more than the 33% level for digital
sales in the Traditional Print segment. Adaptive learning products
continued to grow unique users within their interface, further
solidifying the company's digital product strategy. The company
generated $382 million in EBITDA during FY 2014 (including Moody's
standard adjustments and cash pre-publication costs as an expense)
and $121 million in free cash flow, ending the year with a cash
balance of $232 million.

The stable rating outlook reflects Moody's view that MHGE's EBITDA
will be largely flat year over year for 2015 due to implementation
of further cost reductions as revenue growth will be muted by
challenging market conditions through 2015. Despite higher interest
expense from the new HoldCo notes, Moody's expect MHGE will
maintain good liquidity over the next 12 months and generate low to
mid-single-digit percentage free cash flow-to-debt while reducing
debt balances through required amortization, excess cash flow
sweeps, or potential voluntary prepayments. Moody's believe the
company will have sufficient restricted payment capacity to fund
current interest payments on the new HoldCo notes to avoid high
coupon accretion. The stable outlook reflects our expectation that
leverage will decline over the next 12 months as free cash flow is
applied to reduce debt balances, and does not include additional
debt financed distributions. MHGE's ratings could be downgraded if
the company's revenue base erodes as a result of soft market
conditions or if the transition to digital offerings stalls. Weak
free cash flow generation, debt-to-EBITDA being sustained above
5.0x (including Moody's standard adjustments and cash
pre-publication costs as an expense), leveraging acquisitions,
unexpected shareholder distributions, or a deterioration of
liquidity could also result in a downgrade. An upgrade of the
corporate family rating of MHGE is not likely given Apollo's track
record for significant cash distributions from MHGE as well as from
its sister company, McGraw-Hill School Education Holdings, LLC.

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

MHGE Parent, LLC, headquartered in New York, NY, is a global
provider of educational materials and learning services targeting
the higher education, professional learning and information markets
with content, tools and services delivered via digital, print and
hybrid offerings. A subsidiary of a publishing company that was
formed in 1909, MHGE is one of the three largest U.S. publishers
focusing on the higher education market. MHGE has shared services
arrangements with its smaller sister company, McGraw-Hill School
Education Holdings, LLC ("MHSE"), a provider of digital, print and
hybrid instructional materials, and assessment offerings for the
K-12 market. MHGE and MHSE were acquired by funds affiliated with
Apollo Global Management, LLC in March 2013 for a combined $2.4
billion purchase price and are both wholly-owned subsidiaries of
MHE US Holdings, LLC. MHGE (allocated 80% of the combined purchase
price) does not guarantee or provide any collateral to the
financing of MHSE (allocated 20% of the combined purchase price)
and MHSE does not guarantee or provide collateral to the financing
of MHGE. The company reported cash revenue of $1.3 billion for
FY2014.


MIG LLC: Judge Extends Deadline to Remove Suits to May 26
---------------------------------------------------------
U.S. Bankruptcy Judge Kevin Gross has given MIG, LLC until May 26,
2015, to file notices of removal of lawsuits involving the company
and its affiliate ITC Cellular, LLC.

                           About MIG LLC

Formerly operating under the name "Metromedia International Group,
Inc.," MIG LLC -- http://www.migllc-group.com/-- owned and
operated and sold dozens of companies in diverse industries,
including entertainment, photo finishing, garden equipment and
sporting goods, until the late 1990s.  In 1997 and 1998, MIG
consummated the sale of substantially all of its U.S.-based
entertainment assets and began focusing on expanding into emerging
communications and media businesses.  By 2005, all of MIG's
operating businesses were located in the Republic of Georgia and
operated through its subsidiaries.

MIG LLC and affiliate ITC Cellular, LLC, filed for Chapter 11
bankruptcy protection on June 30, 2014.  The cases are currently
jointly administered under Bankr. D. Del. Lead Case No. 14-11605.
As of the bankruptcy filing, MIG's sole valuable asset, beyond its
existing cash, is its indirect interest in Magticom Ltd.  The cases
are assigned to Judge Kevin Gross.  MIG LLC disclosed $15.9 million
in assets and $254 million in liabilities.

Headquartered in Tbilisi, Georgia, Magticom is the leading mobile
telephony operator in Georgia and is also the largest telephone
operator in Georgia.  Magticom serves 2.4 million subscribers with
a network that covers 97% of the populated regions in Georgia.
Magticom is owned by International Telcell Cellular, LLC, which is
46% owned by MIG unit ITC Cellular, 51% owned by Dr. George
Jokhtaberidze, and 3% owned by Gemstone Management Ltd.

Formerly known as MIG, Inc., MIG was a debtor in a previous case
(Bankr. D. Del. Case NO. 09-12118). It obtained approval of its
reorganization plan in November 2010.

The Debtors have tapped Greenberg Traurig LLP as counsel, Fox
Rothschild Inc. as financial advisor; Cousins Chipman and Brown,
LLP as conflicts counsel; and Prime Clerk LLC as claims and notice
agent and administrative advisor.  The Debtors have retained
Natalia Alexeeva as chief restructuring officer.

A three-member panel has been appointed in these cases to serve as
the official committee of unsecured creditors, consisting of Walter
M. Grant, Paul N. Kiel, and Lawrence P. Klamon.


MILESTONE SCIENTIFIC: Incurs $1.7 Million Net Loss in 2014
----------------------------------------------------------
Milestone Scientific Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K for the year ended Dec.
31, 2014.  As a result of unforeseen administrative issues, the
Company was not able to file the Annual Report by the filing
deadline on March 31, 2015, without unreasonable effort or
expense.

The Company reported a net loss attributable to the Company of $1.7
million on $10.33 million of net product sales for the year ended
Dec. 31, 2014, compared to net income attributable to the Company
of $1.46 million on $10.01 million of net product sales for the
year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $17.47 million in total
assets, $2.49 million in total liabilities, and $14.6 million in
total stockholders' equity.

As of Dec. 31, 2014, Milestone had cash and cash equivalents of
$10.4 million, treasury bills of $5.50 million, and a working
capital of $13.1 million.

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

                        http://is.gd/lY8xEd

                     About Milestone Scientific

Livingston, N.J.-based Milestone Scientific Inc. is engaged in
pioneering proprietary, innovative, computer-controlled injection
technologies and solutions for the medical and dental markets.


MINT LEASING: Delays Filing of 2014 Form 10-K
---------------------------------------------
The Mint Leasing, Inc., filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the year ended Dec.
31, 2014.

The Company said it has experienced delays in completing its
financial statements for the fiscal year ended Dec. 31, 2014, as it
has recently engaged a new auditing firm that has not had
sufficient time to audit the financial statements.  As a result,
the Company is delayed in filing its Annual Report.

                        About Mint Leasing

Houston, Texas-based The Mint Leasing, Inc., is in the business of
leasing automobiles and fleet vehicles throughout the United
States.

Mint Leasing reported net income of $3.22 million on $6.45 million
of total revenues for the year ended Dec. 31, 2013, as compared
with a net loss of $238,969 on $9.97 million of total revenues in
2012.

As of Sept. 30, 2014, the Company had $15.74 million in total
assets, $16.51 million in total liabilities and a $763,555 total
stockholders' deficit.

                         Bankruptcy Warning

"We do not currently have any commitments of additional capital
from third parties or from our sole officer and director or
majority shareholders.  We can provide no assurance that
additional financing will be available on favorable terms, if at
all.  If we choose to raise additional capital through the sale of
debt or equity securities, such sales may cause substantial
dilution to our existing shareholders and/or trigger the anti-
dilution protection of the Warrants.  If we are not able to obtain
additional funding to repay the Amended Loan and our other
outstanding notes payable and debt facilities, we may be forced to
abandon or curtail our business plan, which may cause any
investment in the Company to become worthless.  Our independent
auditor has expressed substantial doubt regarding our ability to
continue as a going concern.  If we are unable to continue as a
going concern, we may be forced to file for bankruptcy protection,
may be forced to cease our filings with the Securities and
Exchange Commission, and the value of our securities may decline
in value or become worthless," the Company said in the 2013 Annual
Report.


MMRGLOBAL INC: Incurs $2.18 Million Net Loss in 2014
----------------------------------------------------
MMRGlobal, Inc., filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $2.18
million on $2.57 million of total revenues for the year ended
Dec. 31, 2014, compared with a net loss of $7.63 million on
$587,000 of total revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $2.35 million in total assets,
$9.09 million in total liabilities and a $6.74 million total
stockholders' deficit.

Rose, Snyder & Jacobs LLP, in Encino, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has incurred
significant operating losses and negative cash flows from
operations during the years ended Dec. 31, 2014, and 2013.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

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

                        http://is.gd/9XWn4S

                          About MMRGlobal

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


MMRGLOBAL INC: Reports Record $2.58 Million Revenue for 2014
------------------------------------------------------------
MMRGlobal, Inc., announced that on March 31, 2015, the Company
filed its annual report on Form 10-K for the year ended Dec. 31,
2014, with the U.S. Securities and Exchange Commission.

The Company reported total revenues of $2.58 million for the year
ended Dec. 31, 2014, as compared to $587,000 for the same period
last year; a 339% increase year over year.  While revenues
increased, operating expenses decreased by $1.77 million, or 24% to
$5.62 million for the year ended Dec. 31, 2014, down from $7.39
million for the year ended Dec. 31, 2013.  

In the Company's April 1, 2014, Letter to Shareholders entitled,
"This Is Our Year," MMR cited how government mandates legislated
through the HITECH Act and the Affordable Care Act are driving
increasing numbers of patients to access their personal health
information online; and, as a result, how MMR's products and
services including the Company's health IT intellectual property
portfolio stand to benefit.  Within seven days of publishing that
letter, a final rule issued by the Department of Health and Human
Services amending the Clinical Laboratory Improvement Amendments
regulations went into effect to allow direct patient access to lab
test results.  

While under the HITECH Act there are Meaningful Use requirements
for eligible healthcare professionals to provide at least fifty
percent of their patients the ability to access their personal
health information online such as through a Personal Health Record,
which will expand under Meaningful Use Stage 3, under the amended
CLIA, laboratories in all 50 states and the District of Columbia
are now able to offer patients and their authorized representatives
direct access to their lab test results through Personal Health
Record systems.

Furthermore, the Company has designed its platform in a manner that
protects the integrity of personally controlled health information
by storing the data in encrypted image files even when at rest to
prevent cyber theft and hacking.

In 2015, the Company also expects to benefit from the growth in
Telemedicine and smartphone usage in healthcare, which requires
connectivity to patients through a Personal Health Record.  MMR
already has connectivity to Telemedicine systems built into the
Company's PHR platform.

                          About MMRGlobal

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

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

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


MOBIVITY HOLDINGS: Incurs $10 Million Net Loss in 2014
------------------------------------------------------
Mobivity Holdings Corp. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$10.4 million on $4 million of revenues for the year ended Dec. 31,
2014, compared to a net loss of $16.8 million on $4.09 million of
revenues in 2013.

The Company previously reported a net loss of $7.33 million in 2012
and a net loss of $16.3 million in 2011.

As of Dec. 31, 2014, the Company had $5.36 million in total assets,
$1.7 million in total liabilities and $3.66 million total
stockholders' equity.

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

                        http://is.gd/XMYXi0

                      About Mobivity Holdings

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


MOUNTAIN PROVINCE: Completes C$95 Million Rights Offering
---------------------------------------------------------
Mountain Province Diamonds Inc. announced the successful completion
of the C$95M rights offering, which expired at 5 p.m. on March 30,
2015.  A total of 125,631,285 rights were exercised under the basic
subscription privilege for 22,079,247 common shares.  In addition,
a further 4,014,419 common shares were subscribed for under the
additional subscription privilege.  The combined basic and
additional subscriptions represent an oversubscription against the
23,761,783 common shares available under the Offering.

The subscribers for common shares under the additional subscription
privilege have received their pro rata entitlement to the 1,682,536
common shares remaining under the Offering after the allocation of
22,079,247 common shares under the basic subscription privilege.  A
total of 23,761,783 common shares have been issued under the
Offering.  As the Offering was fully-subscribed, the Company's
major shareholder, Mr. Dermot Desmond, who entered into a standby
agreement with the Company in connection with the Offering, will
not subscribe for any additional shares under the Offering pursuant
to the standby commitment.

Patrick Evans, Mountain Province president and CEO, commented: "We
are very pleased with the exceptionally strong support our rights
offering received from shareholders.  We also thank our major
shareholder, Mr. Desmond, for the support provided through the
standby guarantee."

The proceeds of the Offering will be used to fund a US$75M cost
overrun facility, the arrangement of which is a condition precedent
to drawdown of the previously announced US$370M term loan facility.
Finalization of the term loan facility remains subject to
finalization of the facility documentation, which is expected
shortly.

                   About Mountain Province Diamonds

Headquartered in Toronto, Canada, Mountain Province Diamonds Inc.
(TSX: MPV, NYSE AMEX: MDM) -- http://www.mountainprovince.com/--
is a Canadian resource company in the process of permitting and
developing a diamond deposit known as the "Gahcho Kue Project"
located in the Northwest Territories of Canada.  The Company's
primary asset is its 49 percent interest in the Gahcho Kue
Project.

Mountain Province reported a net loss of C$26.6 million in 2013,
a net loss of C$3.33 million in 2012 and a net loss of C$11.5
million in 2011.  The Company's balance sheet at Sept. 30, 2014,
showed C$200.8 million in total assets, C$41.4 million in total
liabilities and C$159 million in total shareholders' equity.

                           Going Concern

"The Company currently has no source of revenues.  In the years
ended December 31, 2013, 2012 and 2011, the Company incurred
losses, had negative cash flows from operating activities, and
will be required to obtain additional sources of financing to
complete its business plans going into the future.  Although the
Company had working capital of $35,133,368 at December 31, 2013,
including $35,687,694 of cash and short-term investments, the
Company has insufficient capital to finance its operations and the
Company's share of development costs of the Gahcho Kue Project
(Note 8) over the next 12 months.  The Company is currently
investigating various sources of additional funding to increase
the cash balances required for ongoing operations over the
foreseeable future.  These additional sources include, but are not
limited to, share offerings, private placements, rights offerings,
credit and debt facilities, as well as the exercise of outstanding
options.  However, there is no certainty that the Company will be
able to obtain financing from any of those sources.  These
conditions indicate the existence of a material uncertainty that
results in substantial doubt as to the Company's ability to
continue as a going concern," the Company said in the 2013 Annual
Report.


MULTIPLAN INC: S&P Raises Sr. Secured Debt Rating to 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its issue
rating on MultiPlan Inc.'s senior secured facilities (comprising a
$2 billion term loan F due 2021 and a $75 million revolver due
2019) to 'B+' from 'B' and revised its recovery rating on the debt
facilities to '2' from '3'.

The '2' recovery rating indicates S&P's expectation that lenders
could expect substantial (70% to 90%) recovery in the event of a
payment default.  S&P's recovery expectations are in the lower half
of the 70% to 90% range.  The higher recovery score is a result of
both improved valuation in S&P's simulated default scenario and
reduced senior secured debt levels since the company's leveraged
buyout in March 2014.  Specifically, in the past year, the company
has made $200 million of voluntary debt prepayments and increased
EBITDA by more than 10% through revenue growth and margin
improvement.  S&P's 'CCC+' senior unsecured debt rating and '6'
recovery ratings remain unchanged.

S&P's 'B' long-term corporate credit rating on the company remains
unchanged, supported by its fair business risk profile and highly
leveraged financial risk assessment.  The outlook is stable.

RATINGS LIST

MultiPlan Inc.
Corporate Credit Rating            B/Stable/--

Upgraded                            To              From
MultiPlan Inc.
Senior Secured Debt                B+              B
  Recovery Rating                   2L              3L



N-VIRO INTERNATIONAL: Delays 2014 Form 10-K
-------------------------------------------
N-Viro International Corporation filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-K for the year ended
Dec. 31, 2014.  The Company said it was unable to complete the
preparation of the financial statement within the required time
period without unreasonable effort or expense, due to delays in
gathering and the audit of financial information needed to complete
the preparation and inclusion of the required financial statement.

                    About N-Viro International

Toledo, Ohio-based N-Viro International Corporation owns and
sometimes licenses various N-Viro processes and patented
technologies to treat and recycle wastewater and other bio-organic
wastes, utilizing certain alkaline and mineral by-products
produced by the cement, lime, electrical generation and other
industries.

N-Viro International reported a net loss of $1.64 million on
$3.37 million of revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $1.63 million on $3.58 million of
revenues during the prior year.

The Company's balance sheet at June 30, 2014, showed $1.68 million
in total assets, $2.66 million in total liabilities, and a
$984,000 stockholders' deficit.

UHY LLP, in Farmington Hills, Michigan, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company's recurring losses, negative cash flow from operations
and net working capital deficiency raise substantial doubt about
its ability to continue as a going concern.


NELSON JIT: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Nelson JIT, LLC
           fdba Nelson J.I.T. Packaging, Inc.
           fdba Nelson J.I.T. Packaging and Supplies, Inc.
        4022 W. Turney Avenue, Suite 3
        Phoenix, AZ 85019

Case No.: 15-03794

Chapter 11 Petition Date: April 2, 2015

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Hon. Madeleine C. Wanslee

Debtor's Counsel: Thomas H. Allen, Esq.
                  ALLEN MAGUIRE & BARNES, PLC
                  Viad Corporate Center
                  1850 N. Central Ave., #1150
                  Phoenix, AZ 85004
                  Tel: 602-256-6000
                  Fax: 602-252-4712
                  Email: tallen@ambazlaw.com

                    - and -

                  Katherine Anderson Sanchez, Esq.
                  ALLEN MAGUIRE & BARNES, PLC
                  1850 N. Central Avenue, Suite 1150
                  Phoenix, AZ 85004
                  Tel: 602-256-6000
                  Fax: 602-252-4712
                  Email: ksanchez@ambazlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by John Lott, president/CEO-Southwest
Packaging Partners, Inc., member of Packaging and Industrial
Supply, LLC, member.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.


NEP/NCP HOLDCO: Moody's Affirms B2 CFR & Lifts 1st Lien Debt to B1
------------------------------------------------------------------
Moody's Investors Service affirmed the B2 Corporate Family Rating
(CFR) of NEP/NCP Holdco, Inc (NEP), raised the rating on its first
lien credit facility to B1 from B2, and affirmed the Caa1 rating on
its second lien credit facility. The action follows NEP's announced
plan to acquire Mediatec Group (Mediatec), which provides technical
solutions for the media, event and sports industries throughout
Europe. NEP plans to finance the acquisition with a combination of
$75 million of incremental second lien debt, assumption of
Mediatec's existing debt, and additional cash equity contributions
from Crestview Partners and NEP management.

NEP/NCP Holdco, Inc.:

  -- Corporate Family Rating, Affirmed B2

  -- Probability of Default Rating, Affirmed B2-PD

  -- First Lien Bank Credit Facility, Upgraded to B1, LGD3 from
     B2, LGD3

  -- Second Lien Term Loan due July 22, 2020, Affirmed Caa1, to
     LGD5 from LGD6

  -- Outlook, Remains Stable

The acquisition brings equipment, a sales force, and key customer
relationships across Sweden, Norway, Finland, Switzerland, Germany
and Austria, expanding NEP's scale and geographic diversification.
Furthermore, given the cash equity contribution and favorable
purchase multiple, Moody's believes the transaction will lower
leverage slightly to about 5.7 times debt-to-EBITDA from about 6
times (based on full year results for 2014 and including Moody's
adjustments). The incremental second lien debt and likely repricing
of all second lien debt will add interest expense and increase the
overall cost of debt. However, Moody's expects positive free cash
flow in 2015 as Mediatec will have fairly low capital requirements
over the next couple of years after significant investment in 2014
for an equipment upgrade.

As NEP derives more revenue from outside the United States (about
20% in 2014, expected to increase to about 45% with acquisitions),
its reported credit metrics could fluctuate based on currency
volatility. However, the company structures contracts with the
majority of costs and revenue in the same local currency,
minimizing the impact on cash flow. NEP pays the majority of its
interest expense in US dollars, but has assumed some debt of
acquired companies and expects to do so with the proposed
acquisition, creating some natural hedge.

The incremental second lien debt boosts the layer of debt junior to
first lien lenders, and Moody's raised the first lien rating to B1
from B2 in accordance with Moody's Loss Given Default Methodology.

The capital intensity of NEP's business combined with significant
interest expense related to the debt load leaves it with limited
free cash flow (projected at less than 5% of debt over the next
several years), which drives the B2 corporate family rating. The
weak capital structure, including leverage of approximately 5.7
times debt-to-EBITDA (Moody's adjusted) pro forma for acquisitions
and related financing, poses significant risk for a small company
seeking to expand through both acquisitions and organically in
related segments and new geographies. Nevertheless, the company's
long standing leading position within its niche business
facilitates good client relationships as well as access to
potential acquisitions, and its contractual relationships with key
broadcast networks and cable channels provide some measure of cash
flow stability. NEP faces competition from smaller providers, but
its growing scale and geographic diversity leave it less vulnerable
to competition for any particular event or within a given region.
Given the sponsor ownership, the potential for future leveraging
events, such as dividends or an exit through the sale of the
company, constrains the rating.

NEP's fleet of mobile broadcast trucks and engineering expertise
provides for a strong value proposition to its customers and also
lends tangible asset value, supporting the rating. Furthermore, NEP
facilitates the viewing of live events, a service Moody's consider
key to content producers and content distributors, which positions
the company well regardless of how the consumption and delivery of
media evolves and therefore suggests sustainability of the cash
flow.

The stable outlook assumes leverage in the mid 5 times
debt-to-EBITDA range, modestly positive free cash flow, and the
maintenance of adequate or better liquidity. The stable outlook
incorporates tolerance for continued acquisitions in line with the
historic pattern, provided these do not cause a material negative
impact on the operating or credit profile.

Lack of scale and sponsor ownership limit upward ratings momentum.
However, Moody's would consider a positive rating action with
expectations for sustainable leverage around 4 times debt-to-EBITDA
and sustainable positive free cash flow in excess of 5% of debt.

Deterioration of the liquidity profile or expectations for
sustained leverage of 6 times debt-to-EBITDA or higher or sustained
negative free cash flow would likely have negative ratings
implications.

NEP/NCP Holdco, Inc (NEP) provides outsourced media services
necessary for the delivery of live broadcast of sports and
entertainment events to television and cable networks, television
content providers, and sports and entertainment producers. Its
major customers include television networks such as ESPN, and key
events it supports include the Super Bowl, the Olympics and
sporting events such as Major League Baseball and Sky and Scottish
Premier League football, as well as entertainment shows such as
American Idol and The Voice. The company's majority owner is
Crestview Partners which acquired the company from American
Securities Capital Partners on December 23, 2012. NEP maintains its
headquarters in Pittsburgh, Pennsylvania. Its annual revenue pro
forma for acquisitions is approximately $600 million.

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


NEP/NCP HOLDCO: S&P Retains 'B' Rating Over Credit Pact Amendment
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings, including
the 'B' corporate credit rating, on Pittsburgh-based entertainment
production company and service provider NEP/NCP Holdco Inc. (NEP)
are not affected by the company's announcement that it is amending
its credit agreement and issuing a $75 million add-on to its
second-lien term loan.  The rating outlook remains stable.  The
company will use the proceeds to partially fund its acquisition of
Mediatec Group, a Scandinavian provider of remote production
services.

The unaffected ratings include the 'B' issue-level rating and '3'
recovery rating on the company's first-lien revolving credit
facility and term loan.  The '3' recovery rating indicates S&P's
expectation for meaningful recovery (50%-70%; high end of the
range) of principal in the event of a payment default.  S&P's 'B-'
issue-level and '5' recovery ratings on the company's second-lien
term loan, which was upsized to $155 million, are also unaffected.
The '5' recovery rating indicates S&P's expectation for modest
recovery (10%-30%; low end of the range) of principal in the event
of a payment default.

S&P believes that the acquisition will improve NEP's competitive
position in Europe by expanding its geographic footprint and
increasing its remote production capabilities in Europe.  However,
this does not affect S&P's view that NEP's business risk profile is
"fair."  S&P estimates that NEP's adjusted leverage, pro forma for
the acquisition and financing, will modestly decrease to about 5.7x
from 5.9x as of Dec. 31, 2014, which is still in line with S&P's
"highly leveraged" financial risk profile assessment.

RATINGS LIST

Ratings Unchanged

NEP/NCP Holdco Inc.
Corporate Credit Rating                   B/Stable/--
Senior Secured
  First-lien revolving credit facility     B
   Recovery Rating                         3H
  First-lien term loan                     B
   Recovery Rating                         3H
  $155 mil. second-lien term loan*         B-
   Recovery Rating                         5L

*Includes add-on.



NEPHROS INC: Delays 2014 Form 10-K Over Restatements
----------------------------------------------------
Nephros, Inc., filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-Q for the period ended Dec.
31, 2014.

The Audit Committee of the Company's Board of Directors concluded,
after consulting with management and the Company's independent
registered public accounting firm, that the Company's outstanding
common stock purchase warrants must be accounted for as a
derivative liability rather than as a component of equity.  This
determination resulted in the Company needing to restate its
audited financial statements for each of the fiscal years ended
Dec. 31, 2009, through Dec. 31, 2013, and its unaudited financial
statements for each of the fiscal periods ended March 31, 2009,
through Sept. 30, 2014.

The determination of the need to restate each of the Prior
Financial Statements occurred during the same period in which the
Company needed to complete its internal year-end review procedures
for 2014, update its disclosures to reflect the restated financial
statements and finalize the Company's audited financial statements
for the year ended Dec. 31, 2014, to be included in the Annual
Report.

"Due to the timing of these matters and the number of Prior
Financial Statements to be restated, and because the audited
consolidated financial statements for the year ended December 31,
2014 could not be finalized until after the restatement of each of
the Prior Financial Statements, the Registrant was not able to file
the Annual Report by its due date without unreasonable effort or
expense," the Company said in the regulatory filing.

                           About Nephros

River Edge, N.J.-based Nephros, Inc., is a commercial stage
medical device company that develops and sells high performance
liquid purification filters.  Its filters, which it calls
ultrafilters, are primarily used in dialysis centers and
healthcare facilities for the production of ultrapure water and
bicarbonate.

Nephros, Inc., reported a net loss of $3.69 million in 2013
following a net loss of $3.26 million in 2012.

As of Sept. 30, 2014, the Company had $3.10 million in total
assets, $3.49 million in total liabilities and a $386,000 total
stockholders' deficit.

Rothstein Kass, in Roseland, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has incurred negative cash flow from operations and net
losses since inception.  These conditions, among others, raise
substantial doubt about its ability to continue as a going
concern.


NEPHROS INC: To Restate Previously Filed Financial Statements
-------------------------------------------------------------
The Audit Committee of the Board of Directors of Nephros, Inc.,
concluded, after consulting with management and discussing with
WithumSmith+Brown, PC, the Company's independent registered public
accounting firm, that the Company's audited financial statements
for each of the fiscal years ended Dec. 31, 2009, through Dec. 31,
2013, and the Company's unaudited financial statements for each of
the fiscal quarters ended March 31, 2009, through Sept. 30, 2014
should no longer be relied upon because of a misstatement relating
to the Company's accounting for its outstanding common stock
purchase warrants as components of equity instead of as derivative
liabilities.

According to a document filed with the Securities and Exchange
Commission, the Warrants were originally issued in connection with
the conversion of certain outstanding promissory notes.  The terms
of the Warrants include a provision that in the event the Company,
at any time or from time to time after the Warrants were issued,
sells or issues any shares of common stock for a consideration per
share less than the per share exercise price of the Warrants in
effect on the date of such sale or issuance, then, and thereafter
upon each further Dilutive Issuance, the per share exercise price
of the Warrants in effect immediately prior to such Dilutive
Issuance shall be changed to a price equal to the consideration per
share received by the Company in respect of the shares issued in
such Dilutive Issuance.  Since their issuance, the Company has
accounted for the Warrants as equity instruments.

In connection with the audit of the Company's consolidated
financial statements for the year ended Dec. 31, 2014, the Audit
Committee and the Company's management further evaluated the
warrants under Accounting Standards Codification Subtopic 815-40,
Contracts in Entity's Own Equity.  ASC Section 815-40-15 addresses
equity versus liability treatment and classification of
equity-linked financial instruments, including common stock
purchase warrants, and states that an instrument shall be
classified as a component of equity only if, among other things,
the instrument is indexed to the issuer's common stock.  Under ASC
Section 815-40-15, an instrument is not indexed to the issuer's
common stock if the terms of the instrument require an adjustment
to the exercise price upon a specified event and that event is not
an input to the fair value of the instrument.  Based on
management's evaluation, the Audit Committee, in consultation with
management and after discussion with WithumSmith+Brown, concluded
that the Company's warrants are not indexed to the Company's common
stock in the manner contemplated by ASC Section 815-40-15 because
the transactions that will trigger the Anti-Dilution Adjustment
Provision are not inputs to the fair value of the warrants.
Accordingly, U.S. generally accepted accounting principles require
the Company to classify the Warrants as a derivative liability,
beginning with the quarter ended March 31, 2009.  Under this
accounting treatment, which applies to any warrants outstanding as
of or after Jan. 1, 2009, the Company is required to measure the
fair value of the Warrants at the end of each reporting period and
recognize changes in the fair value from the prior period in the
Company's operating results for the current period.

The Company's accounting for the Warrants as components of equity
instead of as derivative liabilities is not expected to have any
effect on the Company's revenue, operating expenses, operating
income, cash flows or cash and cash equivalents which were reported
in the Financial Statements.

                    2015 Incentive Plan Okayed

The Board of Directors of the Company approved the Company's 2015
Equity Incentive Plan on March 26, 2015.

The Board will initially be the administrator of the 2015 Plan, but
the Board may delegate the administration of the 2015 Plan to the
Company's Compensation Committee.

Additional information regarding the Plan is available at:

                        http://is.gd/7iOsQX

                           About Nephros

River Edge, N.J.-based Nephros, Inc., is a commercial stage
medical device company that develops and sells high performance
liquid purification filters.  Its filters, which it calls
ultrafilters, are primarily used in dialysis centers and
healthcare facilities for the production of ultrapure water and
bicarbonate.

Nephros, Inc., reported a net loss of $3.69 million in 2013
following a net loss of $3.26 million in 2012.

As of Sept. 30, 2014, the Company had $3.10 million in total
assets, $3.49 million in total liabilities and a $386,000 total
stockholders' deficit.

Rothstein Kass, in Roseland, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has incurred negative cash flow from operations and net
losses since inception.  These conditions, among others, raise
substantial doubt about its ability to continue as a going
concern.


NET ELEMENT: Incurs $10.2 Million Net Loss in 2014
--------------------------------------------------
Net Element, Inc. filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $10.2
million on $21.2 million of net revenues for the 12 months ended
Dec. 31, 2014, compared to a net loss of $48.3 million on $18.7
million of net revenues for the 12 months ended Dec. 31, 2013.

As of Dec. 31, 2014, Net Element had $14.32 million in total
assets, $8.83 million in total liabilities, and $5.48 million in
total stockholders' equity.

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014.  The accounting firm
said that the Company has suffered recurring losses from operations
and has used substantial amounts of cash to fund its operating
activities that raise substantial doubt about its ability to
continue as a going concern.

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

                       http://is.gd/9XstEI

                        About Net Element

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


NET ELEMENT: Reports $10M Net Loss in 2014
------------------------------------------
Net Element, Inc., reported a net loss of $10.18 million on $21.2
million of net revenues for the 12 months ended Dec. 31, 2014,
compared to a net loss of $48.3 million on $18.7 million of net
revenues for the 12 months ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $14.32 million in total
assets, $8.83 million in total liabilities, and $5.48 million in
total stockholders' equity.

"Now that we have strengthened our balance sheet by eliminating
most of our debt and created a restructured operational foundation,
we can advance our plan to grow market share, accelerate sales and
expand profitability," commented Oleg Firer, CEO.

"Our growing traditional and mobile technology base, our
strengthened balance sheet and strategic emphasis on Small to
Medium Enterprise (SME) are competitive advantages that we expect
to capitalize on during 2015."

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

                        http://is.gd/fLsU65

                          About Net Element

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

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

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


NET TALK.COM: Delays 2014 Form 10-K
-----------------------------------
Net Talk.com, Inc. filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the year ended Dec.
31, 2014.

The Company said the compilation, dissemination and review of the
information required to be presented in the Form 10-K for the
relevant period has imposed time constraints that have rendered
timely filing of the Form 10-K impracticable without undue hardship
and expense.  The Company undertakes the responsibility to file
that report no later than 15 days after its original prescribed due
date.

                         About Net Talk.com

Based in Miami, Fla., Net Talk.com, Inc., is a telephone company,
that provides, sells and supplies commercial and residential
telecommunication services, including services utilizing voice
over internet protocol technology, session initiation protocol
technology, wireless fidelity technology, wireless maximum
technology, marine satellite services technology and other similar
type technologies.

Net Talk.com a net loss of $4.78 million on $6.02 million of net
revenues for the year ended Dec. 31, 2013, as compared with a net
loss of $14.7 million on $5.79 million of net revenues in 2012.

As of Sept. 30, 2014, the Company had $5.02 million in total
assets, $13.06 million in total liabilities, and a $8.03 million
total stockholders' deficit.

Zachary Salum Auditors P.A., in Miami, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred significant recurring losses from
operations, its total liabilities exceeds its total assets, and is
dependent on outside sources of funding for continuation of its
operations.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.


NORBORD INC: Moody's Rates New $315MM Secured Bonds 'Ba2'
---------------------------------------------------------
Moody's Investors Service assigned a Ba2 (LGD3) rating to Norbord
Inc's proposed US$315 million senior secured notes due 2023. The
company's Ba2 corporate family rating, Ba2-PD probability of
default rating and the Ba2 rating on the company's existing secured
bonds were affirmed. At the same time, the Rating Under Review B1
CFR, B1-PD Probability of Default rating, the SGL-2 liquidity
rating of Ainsworth Lumber Co. Ltd (Ainsworth) were withdrawn, as
Ainsworth is now part of Norbord's corporate family rating.
Ainsworth's 7.5% senior secured notes due 2017 were upgraded to Ba2
from B1, the same as Norbord's senior secured rating. Norbord's
rating outlook remains stable and the speculative grade liquidity
rating remains unchanged at SGL-1. This action resolves Ainsworth's
Review for Upgrade initiated on December 8, 2014.

The proposed notes will be secured and will rank equally with
Norbord's existing secured notes due 2017 and 2020. Proceeds of the
debt offering plus cash on-hand will be used to complete a tender
offer for Ainsworth's 7.5% senior secured notes due 2017 in
connection with the all-share purchase of Ainsworth that closed on
March 31, 2015. For Norbord and Ainsworth Lumber's other debt
ratings, refer to the debt list below.

Assignments:

Issuer: Norbord Inc.

  -- Proposed $315 million Senior Secured Regular Bond/Debenture
     due 2023, Assigned Ba2(LGD3)

Affirmations:

Issuer: Norbord GP I

  -- Senior Secured Regular Bond/Debenture, Affirmed at Ba2(LGD3)

Issuer: Norbord Inc.

  -- Senior Secured Regular Bond/Debenture, Affirmed at Ba2(LGD3)

  -- Probability of Default Rating, Affirmed at Ba2-PD

  -- Corporate Family Rating, Affirmed at Ba2

Upgrade:

Issuer: Ainsworth Lumber Co. Ltd

  -- Ainsworth's $315 million Senior Secured Regular
     Bond/Debenture due 2017 upgraded to Ba2(LGD3) from Rating
     Under Review B1(LGD3)

Withdrawals:

Issuer: Ainsworth Lumber Co. Ltd

  -- Corporate Family Rating, Withdrawn, previously Ratings Under
     Review for Upgrade B1

  -- Probability of Default Rating, Withdrawn, previously Ratings
     Under Review for Upgrade B1-PD

  -- Speculative Grade Liquidity Rating, Withdrawn, previously
     SGL-2

Norbord's Ba2 corporate family rating reflects the combined
company's leading market share in the Oriented Strand Board (OSB)
sector, cost-competitive asset base, broad North American and
European footprint with expanded access to Asian markets,
normalized leverage of about 3x through the cycle and support from
its major shareholder Brookfield Asset Management Inc. As the
leading North American producer of OSB, with a 25% pro-forma market
share, Moody's expect that the combined company will be in a better
position to address the volatile, but slowly improving US housing
market. The ratings are constrained by the inherent vulnerability
of earnings to highly cyclical demand and pricing for OSB and the
company's lack of product diversity. Moody's expects the company
will benefit as the US housing market improves towards trend levels
over the next few years. Norbord's financial performance is
significantly influenced by OSB pricing, which is expected to
remain volatile as idled OSB capacity will invariably restart at a
different pace than demand from the US housing recovery.

Norbord's has strong liquidity (SGL-1), supported by a cash balance
of $25 million (December 2014), almost full availability of its
$245 million revolving credit facility that matures in May 2016 and
full availability under a $100 million accounts receivable
securitization facility (the program has an evergreen commitment
that is subject to termination on 12 months' notice). The company's
net debt to capitalization was 51% as of December 2014, against a
covenant maximum of 65%, and the company's tangible net worth was
$404 million against a threshold of $250 million. Norbord has no
significant debt maturities until 2017, when $200 million of senior
notes become due. Most of the company's assets are encumbered.
Ainsworth is expected to have good liquidity with a cash position
of CND$76 million (December 2014) and with no debt maturities over
the next four quarters. Moody's estimates that following the
merger, the combined company will generate break-even free cash
flow over the next year.

The stable outlook reflects Moody's view that Norbord will be able
to maintain good operating performance and liquidity through
volatile industry conditions. Moody's expect Norbord's credit
protection measures will strengthen over the next 12 to 18 months
as OSB prices and demand improve with modestly increasing US
housing starts. This is tempered by the uncertainty regarding the
pace of OSB capacity ramping up over the next several years. An
upgrade would require a reduction in the volatility of the
company's financial performance through additional product or
geographic diversification away from US housing, while maintaining
strong leverage (RCF/TD) and interest coverage measures above 20%
and 4.5x, respectively, (adjusted per Moody's standard definitions)
on a sustainable basis. The rating could be lowered if the
company's liquidity deteriorates and if RCF/TD and interest
coverage measures drop below 12% and 3x for a sustained period of
time.

The principal methodology used in these ratings was Global Paper
and Forest Products Industry published in October 2013. Other
methodologies used include Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Headquartered in Toronto, Canada, Norbord is an international
producer of panel boards, principally Oriented Strand Board (OSB).
The company owns 13 OSB facilities in North America, three plants
in the U.K. (producing OSB, particle board and medium density
fiberboard ) and one facility in Belgium (producing OSB).


NORBORD INC: S&P Affirms 'BB-' CCR & Rates New $315MM Notes 'BB-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its ratings on
Toronto-based wood products producer Norbord Inc., including its
'BB-' long-term corporate credit and issue-level ratings.  The
outlook is stable.

"The affirmation follows the company's plan to issue US$315 million
of senior secured notes to repay Ainsworth Lumber Co. Ltd.'s US$315
million senior secured notes due 2017 outstanding following
Norbord's merger with Ainsworth," said Standard & Poor's credit
analyst Alessio Di Francesco.

At the same time, Standard & Poor's assigned its 'BB-' issue-level
rating and '3' recovery rating (upper half of the range) to
Norbord's proposed US$315 million notes due 2023.

The affirmation reflects S&P's view that the refinancing
transaction is credit neutral given S&P's expectation that reported
debt will not change and cash used to pay fees and expenses related
to the refinancing will be offset by associated interest savings.

In S&P's opinion, the North American oriented strand board (OSB)
market is oversupplied due to the restart of six mothballed mills
in 2013 and the slower-than-expected pace of the U.S. housing
recovery.  Despite these market conditions, S&P expects OSB prices
to recover over the next couple of years, albeit at a slower pace
than S&P had expected last year.  Standard & Poor's economists
forecast U.S. housing starts of about 1.2 million in 2015 and 1.4
million in 2016, which S&P believes will result in a modest
increase in average North Central OSB prices this year to US$220
per thousand square feet (/msf) and to about US$250/msf in 2016.

The wood panel industry in North America is consolidated and
suppliers were quick to restart idled mills in 2013.  Standard &
Poor's continues to view the long-term fundamentals of the North
America housing construction sector positively.  As such, S&P
believes Norbord, as one of the lowest-cost OSB producers in North
America, will be able to generate strong cash flows when demand and
pricing improve.

The stable outlook reflects S&P's expectation that U.S. housing
starts will increase to about 1.2 million this year and Norbord's
pro forma adjusted debt-to-EBIDTA ratio will be below 4x over the
next 12 months.  S&P's outlook also incorporates its expectation of
"very high" volatility in Norbord's credit measures due to the
company's earnings and cash flow sensitivity to fluctuating OSB
prices.

S&P could lower the rating on Norbord if its adjusted
debt-to-EBITDA ratio approaches 5x with low prospects of
deleveraging in tandem with a weaker liquidity assessment.  This
could occur if housing construction data are softer than S&P
expects, resulting in lower OSB prices.

S&P could raise the rating on Norbord if its adjusted
debt-to-EBITDA ratio is below 2x on a sustained basis, which could
occur if housing construction data are stronger than expected,
resulting in OSB prices that are significantly higher than S&P's
forecast. Alternatively, S&P could raise the rating if free
operating cash flow is used to reduce leverage.



O.D. FUNK MANUFACTURING: Case Summary & 20 Top Unsec. Creditors
---------------------------------------------------------------
Debtor: O.D. Funk Manufacturing, Inc.
        P.O. Box 7110
        North Little Rock, AR 72124

Case No.: 15-11570

Chapter 11 Petition Date: April 2, 2015

Court: United States Bankruptcy Court
       Eastern District of Arkansas (Little Rock)

Judge: Hon. Richard D. Taylor

Debtor's Counsel: J. Brad Moore, Esq.
                  FREDERICK S. WETZEL, III, P.A.
                  200 North State Street, Suite 200
                  Little Rock, AR 72201
                  Tel: 501-663-0535
                  Fax: 501-372-1550
                  Email: jbmoore@fswetzellaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by O.D. Funk, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/areb15-11570.pdf


OAKLEY REDEVELOPMENT: Fitch Affirms 'BB+' Rating on $24.8MM TABs
----------------------------------------------------------------
Fitch Ratings has affirmed the Oakley Redevelopment Agency,
California's tax allocation bonds (TABs):

   -- $24.8 million subordinate TABs series 2008 at 'BB+'.

In addition, Fitch affirms the 'A' rating on these senior TABs of
the RDA:

   -- $6.4 million TABs, series 2003.

The Rating Outlook on both series of bonds is Stable.

SECURITY

Per the indenture, the senior TABs are secured by tax increment
revenues generated within the project area, net of administration
fees, pass-through amounts and housing set-aside.  Part of the
senior TABs was used for low/moderate income housing purposes and
can be repaid from the housing set-aside revenues.

The subordinate bonds are secured by net tax increment after debt
service payments on the agency's senior 2003 TABs.

Each series of TABs has its own cash funded debt service reserve
fund, with the standard three-pronged requirements.

KEY RATING DRIVERS

RECENT TAX BASE GROWTH: The project area's assessed value (AV)
recorded solid gains over the past two years with a cumulative
increase of 19.2%.  Despite the recent positive performance, fiscal
2015 AV remains 15.2% below fiscal 2009 levels, demonstrating its
volatility.  The tax base is moderately concentrated in the top 10
taxpayers.

IMPROVED SUB COVERAGE: Debt service coverage on the subordinate
series 2008 bonds remains thin but showed material improvement
following the AV increase in fiscal 2015.  Fitch calculated maximum
annual debt service coverage (MADS) rose to 1.13 times (x) compared
to just 1.01x in fiscal 2014.  Coverage levels remain vulnerable to
tax base losses with just a 9% AV decline required to drop MADS
coverage below 1.0x.

SOLID SENIOR LIEN COVERAGE: The 'A' rating on the senior lien TABs
reflects solid maximum annual debt service (MADS) coverage and
significant resilience to potential AV declines.

SOUND ECONOMIC PROFILE: The project area benefits from the city's
underlying economy that features above average employment growth,
favorable unemployment rates, below average poverty levels, and
good access to regional labor markets.

SURPLUS HOUSING REVENUES: Fitch's analysis includes non-pledged
surplus housing revenues as available to pay non-housing TAB debt
service based on the Department of Finance's (DOF) explicit consent
as part of the payment process.  The surplus housing revenues
provide material benefit to the subordinate bonds' debt service
coverage.  Fitch also considers the TAB liens to be closed.

SATISFACTORY AB1X26 IMPLEMENTATION: The rating incorporates the
expectation that the agency will continue its satisfactory
implementation of AB1x26 (dissolution legislation) procedures and
prioritize the rated debt service payments.

RATING SENSITIVITIES

IMPROVED COVERAGE LEVELS: Positive rating action on the subordinate
series 2008 bonds would likely occur if coverage levels are
meaningfully increased due to additional tax base growth.

CREDIT PROFILE

The city of Oakley (the city) is about 50 miles northeast of San
Francisco, and 58 miles southwest of Sacramento.  The Oakley
Redevelopment Project Area (the project area) is 1,537 acres, or
about 15% of the city.  It is 62% residential and 18% commercial.
Following the dissolution of the former Oakley Redevelopment
Agency, the city has taken over as the successor agency (SA) to
wind down operations and facilitate debt payments.

SOLID AV GROWTH, MODERATE CONCENTRATION

The project area recorded solid AV gains in fiscals 2014 and 2015
after experiencing a cumulative 29% drop from fiscals 2009 through
2013.  The recent growth, which has been driven by a recovering
real estate market, raised project area AV by 15% and 3.6% in
fiscals 2015 and 2014, respectively.  Fitch expects AV levels to
continue to increase over the near term based on positive changes
in the real estate market, although future gains are likely to be
at a slower pace than realized in fiscal 2015.

The tax base is moderately concentrated with its top 10 taxpayers
accounting 16.6% of AV and 21.9% of incremental value (IV).
Concerns regarding concentration are more acute given the low
coverage levels on the subordinate bonds, which heighten the
vulnerability of the tax base and bondholder repayment to the loss
of several of the larger taxpayers.

VULNERABLE BUT IMPROVED SUB COVERAGE

Debt service coverage on the subordinate series 2008 bonds improved
notably with the increased AV in fiscal 2015.  MADS coverage rose
to 1.13x compared to 1.01x in fiscal 2014. Fitch calculated annual
debt service for fiscal 2015 is 1.35x.

Coverage levels remain vulnerable to tax base losses with just a 9%
AV decline required to drop MADS coverage below 1.0x.  However,
Fitch expects coverage levels to improve somewhat over the near
term due to positive changes in the local housing market that are
likely to bolster project area AV.  In addition, management's plan
to refund the outstanding series 2003 bonds for near term savings
could provide some relief to support modestly improved coverage
levels.  The refunding, which would only proceed if favorable
market conditions are present, is scheduled for May 2015 and
expected to be on par with the outstanding subordinate bonds with
no extension of final maturity.

SOLID SENIOR COVERAGE

Series 2003 senior TABs benefit from strong coverage.  Fitch
estimated MADS coverage is 5.10x.  Coverage levels are resilient
under various AV stresses, and remain at 1.0x with an AV decline of
56%.

BEDROOM COMMUNITY WITH SOUND ECONOMIC CHARACTERISTICS

The city, in north-eastern Contra Costa County, is a bedroom
community to the San Francisco and Sacramento employment centers
and is home to approximately 38,000 residents.  The city
experienced strong population growth in the early- and mid-2000s
with a corresponding housing boom, which left the city exposed to
significant loses during the housing-led recession.

Economic indicators for the city are sound with above average
employment growth, average per capita income levels, and a low
poverty rate.  The city's unemployment rate of 4.4% (December 2014)
compares favorably to that of the state (6.7%) and nation (5.4%).



OMNICOMM SYSTEMS: Posts $4.66 Million Net Loss in 2014
------------------------------------------------------
OmniComm Systems, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to common stockholders of $4.66 million on $16.5
million of total revenues for the year ended Dec. 31, 2014,
compared to a net loss attributable to common stockholders of $3.36
million on $14.3 million of total revenues for the year ended Dec.
31, 2013.

As of Dec. 31, 2014, the Company had $5.8 million in total assets,
$41.6 million in total liabilities, and a $35.8 million total
shareholders' deficit.

Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has experienced net losses and negative cash flows and has
utilized debt and equity financing to satisfy the Company's capital
requirements.  These factors raise substantial doubt about the
Company's ability to continue as a going concern, according to the
regulatory filing.

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

                        http://is.gd/r0NhZl

                       About OmniComm Systems

Ft. Lauderdale, Fla.-based OmniComm Systems, Inc., is a healthcare
technology company that provides Web-based electronic data capture
("EDC") solutions and related value-added services to
pharmaceutical and biotech companies, clinical research
organizations, and other clinical trial sponsors principally
located in the United States and Europe.


OPTIMUMBANK HOLDINGS: Delays Filing of 2014 Form 10-K
-----------------------------------------------------
OptimumBank Holdings, Inc. was unable to file its annual report on
Form 10-K for the period ended Dec. 31, 2014, by its prescribed due
date of March 31, 2015.  The Company said the delay was
attributable the need to obtain final approval of the Form 10-K by
the Audit Committee and Board of Directors of the Company and
difficulties in scheduling caused by the holidays.  The Company
currently expects to file the Form 10-K on or before April 4,
2015.

The Company net income for the fiscal year ended Dec. 31, 2014, was
$1.6 million compared to a net loss of $7.1 million for the fiscal
year ended Dec. 31, 2013.

                     About OptimumBank Holdings

OptimumBank Holdings, Inc., headquartered in Fort Lauderdale,
Fla., is a one-bank holding company and owns 100 percent of
OptimumBank, a state (Florida)-chartered commercial bank.

The Company offers a wide array of lending and retail banking
products to individuals and businesses in Broward, Miami-Dade and
Palm Beach Counties through its executive offices and three branch
offices in Broward County, Florida.

Optimumbank Holdings reported a net loss of $7.07 million in 2013,
a net loss of $4.69 million in 2012, and a net loss of $3.74
million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $123 million
in total assets, $120 million in total liabilities, and $3.07
million in total stockholders' equity.

                         Regulatory Matters

Effective April 16, 2010, the Bank consented to the issuance of a
consent order by the Federal Deposit Insurance Corporation and the
Florida Office of Financial Regulation, also effective as of
April 16, 2010.


OPTIMUMBANK HOLDINGS: Earns $1.6 Million in 2014
------------------------------------------------
Optimumbank Holdings, Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing net earnings
of $1.6 million on $5.39 million of total interest income for the
year ended Dec. 31, 2014, compared to a net loss of $7.07 million
on $5.28 million of total interest income for the year ended Dec.
31, 2013.

As of Dec. 31, 2014, the Company had $125 million in total assets,
$122 million in total liabilities, and $2.97 million in total
stockholders' equity.

Hacker, Johnson & Smith PA, in Fort Lauderdale, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014.  The independent
auditors noted that the Company is in technical default with
respect to its Junior Subordinated Debenture.  The holders of the
Debt Securities could demand immediate payment of the outstanding
debt of $5,155,000 and accrued and unpaid interest, which raises
substantial doubt about the Company's ability to continue as a
going concern.

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

                         http://is.gd/dCLDkv

                      About OptimumBank Holdings

OptimumBank Holdings, Inc., headquartered in Fort Lauderdale,
Fla., is a one-bank holding company and owns 100 percent of
OptimumBank, a state (Florida)-chartered commercial bank.

The Company offers a wide array of lending and retail banking
products to individuals and businesses in Broward, Miami-Dade and
Palm Beach Counties through its executive offices and three branch
offices in Broward County, Florida.

                         Regulatory Matters

Effective April 16, 2010, the Bank consented to the issuance of a
consent order by the Federal Deposit Insurance Corporation and the
Florida Office of Financial Regulation, also effective as of
April 16, 2010.


ORANGE REGIONAL: Moody's Assigns Ba1 LT Rating to $69MM Bonds
-------------------------------------------------------------
Moody's Investors Service assigned a Ba1 long-term rating to Orange
Regional Medical Center's proposed approximate $69 million
Healthcare Revenue Bonds, Series 2015 to be issued by the Dormitory
Authority of the State of New York. The Series 2015 bonds will be
issued as fixed rate bonds and are expected to mature on Dec. 1,
2045. The rating outlook is stable. Concurrently Moody's are
affirming the Ba1 long-term ratings assigned to ORMC's outstanding
bonds affecting approximately $307 million of rated debt to be
outstanding.

  -- Issue: Healthcare Revenue Bonds, Series 2015; Rating: Ba1;
     Sale Amount: $68,570,000; Expected Sale Date: 04/30/2015;
     Rating Description: Revenue: Other

The assignment and affirmation of the Ba1 rating reflects ORMC's
ongoing favorable cash flow generation over the last few years,
conservative capital structure with all fixed rate debt and liquid
investment portfolio. These positive factors are offset by ORMC's
highly leveraged balance sheet position, material variability in
volume trends over the past several years, and thin liquidity
balance.

The stable rating outlook reflects our belief that ORMC will
maintain or improve upon 2014 operating performance by achieving
operating efficiencies that can support the heavy, and growing,
debt burden.

What could make the rating go up:

  - Deleveraging of the balance sheet

  - Material improvement in liquidity balances

  - Sustaining recent trends of improved operating margins

What could make the rating go down:

  - Decline in liquidity

  - Material downturn in operating performance

  - Additional debt beyond current issuance

Orange Regional Medical Center (ORMC), is a 383 bed acute care
hospital located in Orange County, serving as a regional referral
center in the Mid-Hudson Valley region of New York State. Greater
Hudson Valley Health System, Inc. (GHVHS) located in Middletown,
New York, is the sole member and active parent company of ORMC and
Catskill Regional Medical Center in Sullivan County (CRMC).

The bonds are secured by a pledge of Gross Receipts of the Orange
Regional Medical Center and a pledge of first mortgage on the new
campus. A fully-funded debt service reserve fund and days cash on
hand test (60 days) are present.

ORMC is issuing the Series 2015 Bonds to help fund the construction
or expansion of: (i) the MOB, which will be a 5-floor outpatient
MOB that will be connected to the existing hospital's two-story
administration building; and (ii) a dedicated Cancer Center that
will include renovation of existing space and new construction; and
(iii) additional parking and access roads. The MOB will be separate
yet located immediately adjacent to the North side of the Medical
Center. The Cancer Center will be connected to the West side of the
Medical Center.

The principal methodology used in this rating was Not-for-Profit
Healthcare Rating Methodology published in March 2012.


OSAGE EXPLORATION: Incurs $34M Loss in 2014, Warns of Bankruptcy
----------------------------------------------------------------
Osage Exploration and Development, Inc., warned it may file a
voluntary Chapter 11 bankruptcy petition or may be subject to an
involuntary petition by creditors if the exploration and production
company fails to achieve profitable operations and obtain
additional financing.

According to the annual report on Form 10-K for the year ended Dec.
31, 2014, the Company's operating plans require additional funds
which may take the form of debt or equity financings.  However, the
Company maintains, there is no assurance additional funds will be
available on acceptable terms or at all.

The Company incurred a net loss of $34.5 million on $12.7 million
of total operating revenues for the year ended Dec. 31, 2014,
compared with net income of $3.85 million on $8.02 million of total
operating revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $34.9 million in total assets,
$47.16 million in total liabilities and a $12.3 million total
stockholders' deficit.  The Company had a working capital deficit
of $36.2 million at Dec. 31, 2014, compared to working capital
deficit of $13.0 million at Dec. 31, 2013.

Mayer Hoffman McCann P.C., in San Diego, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has incurred recurring losses from operations and, as of
Dec. 31, 2014, has current liabilities significantly in excess of
current assets.  These conditions, among others, raise substantial
doubt about its ability to continue as a going concern, the
auditors said.

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

                         http://is.gd/DZUogR

                       About Osage Exploration

Based in San Diego, California with production offices in Oklahoma
City, Oklahoma, and executive offices in Bogota, Colombia, Osage
Exploration and Development, Inc. (OTC BB: OEDV) --
http://www.osageexploration.com/-- is an independent exploration
and production company with interests in oil and gas wells and
prospects in the US and Colombia.


OWENS-ILLINOIS INC: Moody's Affirms 'Ba2' CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service assigned Baa2 ratings to the proposed new
revolving credit facility and term loans due April 2020 of
Owens-Brockway Glass Container, Inc. Instrument ratings are
detailed below. Parent company Owens-Illinois Inc.'s Ba2 corporate
family, Ba2-PD probability of default, SGL, and other instrument
ratings are unchanged. The ratings outlook is stable. The proceeds
of the debt will be used to refinance existing debt, to pay fees
and expenses associated with the transaction, and for general
corporate purposes.

Owens-Brockway Glass Container, Inc.

  -- Assigned $300 million USD Senior Secured Revolving Credit
     Facility due April 2020, Baa2 (LGD 2)

  -- Assigned $600 million Senior Secured Multicurrency Revolving
     Credit Facility due April 2020, Baa2 (LGD 2)

  -- Assigned $600 million USD Senior Secured Term Loan Facility
     due April 2020, Baa2 (LGD 2)

  -- Assigned $300 million USD Delayed Draw Senior Secured Term
     Loan Facility due April 2020, Baa2 (LGD 2)

OI European Group B.V.

  -- Assigned $300 million (USD equivalent) EURO Term Loan
     Facility due April 2020, Baa2 (LGD 2)

The following ratings are unchanged:

Owens-Illinois Inc.

  -- Corporate Family Rating, Ba2

  -- Probability of Default Rating, Ba2-PD

  -- Speculative Grade Liquidity Rating, SGL-2

  -- All senior unsecured debt, B1 (LGD 6)

Owens-Brockway Glass Container, Inc.

  -- $300 million Senior Secured Revolving Credit Facility due
     2016, Baa2 (LGD1) (to be withdrawn at the close of the
     transaction)

  -- $600 million Senior Secured Multicurrency Revolving Credit
     Facility due 2016, Baa2 (LGD1) (to be withdrawn at the close
     of the transaction)

  -- $600 million Senior Secured Term Loan due 2016, Baa2 (LGD1)
     (to be withdrawn at the close of the transaction)

  -- All senior unsecured debt, Ba3 (LGD 5)

OI European Group B.V.

  -- EUR 141 million Senior Secured EURO Term Facility D due May
     2016, Baa2 (LGD1) (to be withdrawn at the close of the
     transaction)

  -- All senior unsecured debt, Ba2, LGD adjusted to (LGD4) from
    (LGD 3)

O-I Canada Corp.

  -- CAD 120 million Senior Secured Term loan C due May 2016,
     Baa2 (LGD1) (to be withdrawn at the close of the
     transaction)

  -- The ratings outlook is stable.

The ratings are subject to the receipt and review of the final
documentation.

The Ba2 Corporate Family Rating reflects OI's leading position in
the industry, wide geographic footprint and continued focus on
profitability rather than volume. The rating also reflects
improvements in credit metrics from debt reduction,
cost-cutting/productivity and cost pass-throughs. The company has
led the industry in establishing and maintaining a strong pricing
discipline and improving operating efficiencies which has had a
measurable impact on its operating performance and the competitive
equilibrium in the industry. OI is one of only a few major players
that have the capacity and scale to serve larger customers and has
strong market shares globally, including faster growing emerging
markets. Liquidity is good as the company has good free cash flow,
significant availability under its credit facility, significant
cash on hand, and adequate cushion under its financial covenant.
The company has disclosed it intends to focus on debt reduction
over the near-term.

The ratings are constrained by the concentration of sales and the
asbestos liabilities. The ratings are also constrained by the
mature state of the industry, cyclical nature of glass packaging
and lack of growth in developed markets. Glass is considered a
package for premium products and subject to substitution and
trading down in an economic decline. OI is heavily concentrated
with a few customers in the beer industry and has benefited from
the growth in premium beers. Additionally, OI generates
approximately 70% of sales internationally while the majority of
the interest expense is denominated in U.S. dollars.

The ratings could be downgraded if there is deterioration in the
credit metrics, further decline in the operating and competitive
environment, and/or further increase in the asbestos liability.
While large acquisitions are not anticipated, the rating and/or
outlook could also be downgraded for extraordinarily large,
debt-financed acquisitions or significant integration difficulties
with any acquired entities. Specifically, the ratings could be
downgraded if free cash flow to debt declines below 5%, debt to
EBITDA rises above 4.0 times, and/or the EBIT margin declines below
13%.

The ratings could be upgraded if there is evidence of a sustained
improvement in credit metrics within the context of a stable
operating profile and competitive position. Specifically, the
ratings could be upgraded if free cash flow to debt increases to
greater than 9% and the EBIT margin increases to above 14% and debt
to EBITDA declines below 3.5 times.

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

Headquartered in Perrysburg, Ohio, Owens-Illinois, Inc. ("OI") is
one of the leading global manufacturers of glass containers. The
company has a leading position in the majority of the countries
where it operates. OI serves the beverage and food industry and
counts major global beer and soft drink producers among its
clients. In 2014, the company had revenues of approximately $6.9
billion.


OXYSURE SYSTEMS: Reports $2.75 Million Net Loss in 2014
-------------------------------------------------------
Oxysure Systems, Inc., filed with the Securities and Exchange
Commission its annual report disclosing a net loss of $2.75 million
on $2.43 million of net revenues for the year ended Dec. 31, 2014,
compared to a net loss of $712,000 on $1.8 million of net revenues
for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $2.51 million in total assets,
$1.43 million in total liabilities, and $1.07 million in total
stockholders' equity.

Julian T. Ross, chairman of the Board and chief executive officer
of OxySure stated, "We are pleased to have grown the business once
again, while remaining focused on building a solid medical device
platform to leverage growth opportunities going forward.  We are
now remarkably well-positioned as an emerging medical device leader
to achieve our goals for 2015 and beyond.  These goals include
rapidly growing our direct sales force, expanding overseas,
launching a direct to consumer (DTC) campaign, uplisting our
company to NYSE or Nasdaq, and making strategic acquisitions."

"We are excited about 2015 as we anticipate continued growth, new
opportunities and even the possibility of catalytic events," said
Mr. Ross.  "We plan to continue to work hard to improve our
products, our competitive position, and our category leadership,
while striving to maintain our culture of innovation as we grow."

Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company had accumulated losses of $18.0 million as of Dec. 31, 2014
which raises substantial doubt about its ability to continue as a
going concern.

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

                        http://is.gd/9rmBbi

                       About OxySure Systems

Frisco, Tex.-based OxySure Systems, Inc. (OTC QB: OXYS) is a
medical technology company that focuses on the design, manufacture
and distribution of specialty respiratory and emergency medical
solutions.  The company pioneered a safe and easy to use solution
to produce medically pure (USP) oxygen from inert powders.  The
Company owns nine issued patents and patents pending on this
technology which makes the provision of emergency oxygen safer,
more accessible and easier to use than traditional oxygen
provision systems.


PACIFIC GOLD: Needs More Time to File Form 10-K
-----------------------------------------------
Pacific Gold Corp. filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the period ended Dec.
31, 2014.  The Company said the compilation, verification and
review by management of the information and disclosure required to
be presented in the Form 10-K requires additional time which
renders the timely filing of the Form 10-K impracticable without
undue hardship and expense.

                        About Pacific Gold

Las Vegas, Nev.-based Pacific Gold Corp. is engaged in the
identification, acquisition, and development of prospects believed
to have gold mineralization.  Pacific Gold through its
subsidiaries
currently owns claims, property and leases in Nevada
and Colorado.

The Company reported a net loss of $696,000 on $0 of revenue for
the three months ended June 30, 2014, compared with a net loss of
$515,000 on $0 of revenue for the same period in 2013.

The Company's balance sheet at Sept. 30, 2014, showed $1.1 million
in total assets, $3.81 million in total liabilities and a
stockholders' deficit of $2.71 million.

The Company's independent auditors, in their report on the
consolidated financial statements, have indicated that the Company
has experienced recurring losses from operations and may not have
enough cash and working capital to fund its operations beyond the
very near term, which raises substantial doubt about our ability to
continue as a going concern.


PACIFIC MERGER: Moody's Assigns B3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned ratings to Pacific Merger Sub,
Inc. ("New Boyd"); Corporate Family and Probability of Default of
B3 and B3-PD respectively. New Boyd was established by affiliates
of Genstar Capital (Genstar) to purchase LTI Holdings, Inc. and its
principal operating subsidiary, LTI Flexible Products, Inc.
(collectively known and doing business as Boyd Corporation, or
"Boyd"). New Boyd's first lien obligations will consist of a $365
million term loan and a $50 million revolving credit, both of which
were assigned ratings of B2, LGD-3. New Boyd's second lien term
loan for $142 million was assigned a rating of Caa2 , LGD-5.
Proceeds from the term loans as well as equity from Genstar and
management will be used to fund the purchase of Boyd, refinance
existing indebtedness, and cover related costs and expenses. The
rating outlook is stable.

Moody's existing ratings and research on Boyd (B2 CFR) will be
maintained until Genstar's acquisition has closed and Boyd's rated
debt has been retired following the change in control. At that
time, existing Boyd ratings will be withdrawn. New Boyd's lower CFR
reflects the significant increase in debt and lower coverage
metrics that result from the acquisition financing.

Boyd, a custom manufacturer of precision components converted from
engineered polymer and composite raw materials (e.g. gaskets,
seals, and thermal, impact & RFI/EMI protection components), is
currently majority owned by affiliates of Snow Phipps Group, LLC.
In 2014, Boyd acquired certain die-cut businesses from Brady
Corporation (un-rated) and subsequently purchased Solimide, a
manufacturer of foam products used in aerospace and naval
applications for insulation and thermal management. Vintech
Industries was added in early 2015.

The B3 Corporate Family Rating considers New Boyd's modest size,
ongoing profitability, and high leverage. The rating further
recognizes a degree of customer concentration and end-market
exposure to industries that can experience volatile swings such as
commercial, off-highway and recreational vehicles, or short product
cycles such as mobile computing devices. As a supplier to much
larger original equipment manufacturers, volumes are dependent upon
the success of a customers' products over which New Boyd has little
direct influence. For OEM customers with longer platform lives, the
company has the ability to renegotiate its contracts if raw
material costs increase meaningfully, an important consideration
given that raw materials constitute a high percentage of cost of
goods sold. Moreover, for shorter life cycle products, more rapid
product turn-over can provide frequent opportunities to re-price
and recover changes in variable costs. The track record to date
suggests deft management of this cost/price issue (components
represent a small fraction of the client's total product cost) but
it has been a relatively benign material cost environment of late,
which may not always be the case. As initial Boyd ratings were
assigned around a year ago, the rating also awaits demonstration
that integration of the Brady units has successfully concluded and
anticipated cost synergies are being realized. The Brady units
represent just under half of revenue but their historical margins
were considerably lower than Boyd's.

The B2, LGD-3 rating of the first lien facilities reflects the
expected loss from the application of a B3-PD probability of
default and their anticipated loss-given-default experience as
senior secured obligations which also benefit from junior capital
beneath their claims. The Caa2, LGD-5 rating on the second lien
term loan reflects its higher loss-given-default expectation and
effective subordination to the first lien credit facilities in
downside scenarios.

The stable outlook incorporates prospects for continued volumes
across key end-markets, sustained profitability, low single digit
growth, good liquidity, acceptable interest coverage for the rating
category and free cash flow generation.

Stronger ratings or a positive outlook could develop should the
company demonstrate successful integration of the acquired Brady
operations, improve its end-market diversification into less
cyclical sectors without impinging its margins and meaningfully
lower its debt burden. Quantitatively this would involve
debt/EBITDA below 5 times, EBITA/interest sustained above 2 times,
and free cash flow/debt above 5%.

Downward pressure could arise if debt/EBITDA exceeded 7 times for
several periods, negative free cash flow were experienced or if
EBITA/interest fell below 1.25 times.

Pacific Merger Sub, Inc

  -- Corporate Family, B3

  -- Probability of Default, B3-PD

  -- $50 million secured revolving credit, B2, LGD-3

  -- $365 million secured term loan, B2, LGD-3

  -- $142 million second lien term loan, Caa2, LGD-5

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

LTI Holdings, Inc, doing business as Boyd Corporation, is
headquartered in Modesto, CA. Annual revenues are approximately
$412 million.


PARK FLETCHER: Files List of 20 Largest Unsecured Claims
--------------------------------------------------------
Park Fletcher Realty LLC filed with the U.S. Bankruptcy Court for
the Southern District of Indiana, a list of creditors holding the
largest unsecured claims:

Name of Creditor       Nature of Claim      Amount of Claim
----------------       ----------------     ---------------
Bock & Clark Corp.      Services rendered    $42,117
3550 West Market St.    on account in
Chicago, IL 60696       transaction

CBRE                    Commission earned    $52,117
PO Box 15531 Location   within 180 days
Code 2101               of filing
Chicago, IL 60696

Jones Lang LaSalle      Commission earned    $24,150
Attn: Brian Buschuk     within 180 days
71700 Treasury Center   of filing
Chicago, IL 60604-1700

Park Fletcher Ground    Property             $19,793
Mnt Fund                Association dues
c/o Duke Realty Corp.
PO Box 83176
Chicago, IL 60691-0176

                     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.


PENN PRODUCTS: Moody's Affirms Ba2 Secured Rating Over Debt Upsize
------------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 senior secured rating on
Penn Products Terminals, LLC following its plan to increase
leverage by upsizing its senior secured term loan to $600 million
from $575 million. PPT is also upsizing the revolving credit
facility to $150 million from $125 million. While the change is
viewed as modestly negative to PPT's credit profile, it is not
material enough to impact the Ba2 rating. The rating outlook is
stable.

Under the revised terms, PPT's senior secured term loan is expected
to be increased by $25 million to $600 million with the size of
revolving credit facility also increasing by $25 million to $150
million. Pricing as measured by the spread over LIBOR is expected
to be lower, which helps to offset the higher debt quantum,
resulting in the same ratio of funds from operations (after
maintenance capex) to debt of 14% in the Moody's Base Case both
before and after the debt change. Other credit metrics evaluated
also result in little or no change. The higher leverage modestly
increases our assessment of PPT's refinancing risk and lowers the
headroom for compliance with the term loan's financial covenants,
which weakens the issuer's financial flexibility.

No other change to the terms and conditions of the PPT loan
agreement is anticipated.

The principal methodology used in this rating was Generic Project
Finance Methodology published in December 2010.

Penn Products Terminals, LLC ("PPT") owns and operates a network of
12 refined products storage terminals in Pennsylvania with over 9
MMBbls of storage capacity. Founded in 1924, PPT primarily stores
gasoline, diesel fuel, heating oil, and other refined products for
sale to end users in Pennsylvania. It is being acquired by
affiliates of ArcLight Energy Partners Fund VI, LP ("ArcLight").
ArcLight is an affiliate of ArcLight Capital, which is an
energy-focused investment firm formed in 2001. The firm has
invested over $3.8 billion in midstream infrastructure, including
storage terminals, pipelines and gathering/processing systems.


PETRON ENERGY: Delays Filing of 2014 Form 10-K
----------------------------------------------
Petron Energy II, Inc., notified the Securities and Exchange
Commission it could not complete the filing of its annual report on
Form 10-K for the year ended Dec. 31, 2014, due to a delay in
obtaining and compiling information required to be included in the
Company's Form 10-K, which delay could not be eliminated by the
Company without unreasonable effort and expense.  In accordance
with Rule 12b-25 of the Securities Exchange Act of 1934, as
amended, the Company will file its Form 10-K no later than the
fifteenth calendar day following the prescribed due date.

                        About Petron Energy

Dallas-based Petron Energy II, Inc., is engaged primarily in the
acquisition, development, production, exploration for and the sale
of oil, gas and gas liquids in the United States.  As of Dec. 31,
2011, the Company is operating in the states of Texas and
Oklahoma.  In addition, the Company operates two gas gathering
systems located in Tulsa, Wagoner, Rogers and Mayes counties of
Oklahoma.  The pipeline consists of approximately 132 miles of
steel and poly pipe, a gas processing plant and other ancillary
equipment.  The Company sells its oil and gas products primarily
to a domestic pipeline and to another oil company.

Petron Energy reported a net loss of $4.30 million in 2013
following a net loss of $8.32 million in 2012.

As of Sept. 30, 2014, the Company had $3.74 million in total
assets, $13.8 million in total liabilities and a $10.09 million
total stockholders' deficit.

KWCO, PC, in Odessa, TX, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2013.  The independent auditors noted that the Company's
significant operating losses since inception raise substantial
doubt about its ability to continue as a going concern.


PGI INCORPORATED: Incurs $6.5 Million Net Loss in 2014
------------------------------------------------------
PGI Incorporated filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $6.51
million on $16,000 of revenues for the year ended Dec. 31, 2014,
compared to a net loss of $6.9 million on $16,000 of revenues for
the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $1.02 million in total assets,
$84.2 million in total liabilities and $83.2 million stockholders'
deficiency.

BKD, LLP, in St. Louis, Missouri, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has a significant
accumulated deficit, and is in default on its primary debt, certain
sinking fund and interest payments on its convertible subordinated
debentures and its convertible debentures.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern.

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

                         http://is.gd/VHq1db

                       About PGI Incorporated

St. Louis, Mo.-based PGI Incorporated, a Florida corporation, was
founded in 1958, and up until the mid 1990's was in the business
of building and selling homes, developing and selling home sites
and selling undeveloped or partially developed tracts of land.
Over approximately the last 15 years, the Company's business focus
and emphasis changed substantially as it concentrated its sales
and marketing efforts almost exclusively on the disposition of its
remaining real estate.  This change was prompted by its continuing
financial difficulties due to the principal and interest owed on
its debt.

Presently, the most valuable remaining asset of the Company is a
parcel of 366 acres located in Hernando County, Florida.  The
Company also owns a number of scattered sites in Charlotte County,
Florida (the "Charlotte Property"), but most of these sites are
subject to easements which markedly reduce their value and/or
consist of wetlands of indeterminate value.  As of Dec. 31, 2011,
the Company also owned six single family lots, located in Citrus
County, Florida.


PHOENIX INDUSTRIAL: S&P Cuts Rating on 2013 Rev. Bonds to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its rating on the
Industrial Development Authority of the City of Phoenix, Ariz.'s
series 2013 solid waste disposal facilities revenue bonds to 'BB+'
from 'BBB-'.

"The downgrade reflects the draw on the debt service reserve fund
to make the April 1, 2015 payment," said Standard & Poor's credit
analyst James Breeding.  The bonds were issued in 2013 with
proceeds loaned to Vieste Energy SPE, LLC (the borrower) for the
purpose of constructing and equipping a materials recovery facility
in Glendale, Ariz.

In December 2014, Standard & Poor's lowered the rating to 'BBB-'
from 'A+' and placed it on CreditWatch with developing
implications.  The rating remains on CreditWatch, as there is the
potential for both positive and negative credit events to occur
within the next 90 days.

The CreditWatch indicates the potential for the rating to move in
either direction within a short time period.  Should there be a
resolution to the dispute in the near term resulting in either (1)
the opening of the facility and the full implementation of the
agreement, or (2) an agreement to retrofit the facility, S&P would
likely raise the rating, though not back to 'A+'.  However, should
there be a prolonged dispute resulting in additional draws on debt
service reserve funds, S&P would lower the rating further.



PHOTOMEDEX INC: Court Junks Consumer Suit Against Unit & CEO
------------------------------------------------------------
The U.S. District Court for the District of Columbia dismissed in
its entirety an action brought by Jan Mouzon and 12 other
plaintiffs in 10 states against Radiancy, Inc., a subsidiary of
PhotoMedex, Inc., and Radiancy's Chief Executive Officer, Dolev
Rafaeli, according to a document filed with the Securities and
Exchange Commission.  Dr. Rafaeli is also a director and chief
executive officer of the Company.

This action arose from the advertising and sale of Radiancy's
flagship product, the no!no! Hair removal device.  The plaintiffs
made various claims against Radiancy and Dr. Rafaeli, both on their
own behalf and as representatives of a purported nationwide class
(or as representatives of subclasses located in their own states).
Among other claims, plaintiffs alleged that Radiancy and Dr.
Rafaeli engaged in a scheme to deceive customers and the public
under New York General Business Law Sections 349-350; alleged
violations of state consumer protection laws; and brought
warranty-based claims regarding the product, including breach of
express warranty, breach of implied warranty of merchantability and
fitness for a particular purpose, and a claim for violation of the
federal Magnuson-Moss Warranty Act.

The Court granted Radiancy's motion to dismiss the claims against
it for failure to state a claim.  The Court specifically dismissed
with prejudice the claims pursuant to New York General Business Law
Section 349-50 and the implied warranty of fitness for a particular
purpose claim.  The other counts against Radiancy were dismissed
without prejudice.  The Court also granted Dr. Rafaeli's motion to
dismiss the actions against him for lack of personal jurisdiction
over him by the Court; the Court further denied the plaintiffs
request for jurisdictional discovery with respect to Dr. Rafaeli.

Finally, the Court denied the plaintiffs request to amend the
Complaint.

                         About PhotoMedex

PhotoMedex, Inc., is a global health products and services company
providing integrated disease management and aesthetic solutions to
dermatologists, professional aestheticians, ophthalmologists,
optometrists, consumers and patients.  The Company provides
proprietary products and services that address skin conditions
including psoriasis, vitiligo, acne, actinic keratosis, photo
damage and unwanted hair, as well as fixed-site laser vision
correction services at our LasikPlus(R) vision centers.

PhotoMedex and its subsidiaries has entered into a second
amended and restated forbearance agreement with the lenders that
are parties to the credit agreement dated May 12, 2014, and with JP
Morgan Chase, as administrative agent for the Lenders pursuant to
which the Lender have agreed to forbear from exercising their
rights and remedies with respect to certain events of default from
Aug. 25, 2014, until April 1, 2016, or earlier if an event of
default occurs, according to a document filed with the Securities
and Exchange Commission in March 2015.

As of Dec. 31, 2014, PhotoMedex had $188 million in total assets,
$145 million in total liabilities and $42.3 million in total
stockholders' equity.

                        Bankruptcy Warning

"If, in the future, PhotoMedex is required to obtain similar
forbearance agreements as a result of our inability to meet the
terms of the credit agreement, there can be no assurance that those
forbearance agreements will be available on commercially reasonable
terms or at all.  If, as or when required, we are unable to repay,
refinance or restructure our indebtedness under those credit
facilities, or amend the covenants contained therein, the lenders
could elect to terminate their commitments under the credit
facilities and institute foreclosure proceedings against our
assets.  Under such circumstances, we could be forced into
bankruptcy or liquidation.  In addition, any additional events of
default or declaration of acceleration under one of those
facilities or the forbearance agreement could also result in an
event of default under one or more of these agreements.  Such a
declaration would have a material adverse impact on our liquidity,
financial position and results of operations," the Company stated
in its 2014 annual report.


PHOTOMEDEX INC: Gets Preliminary OK of Securities Suit Settlement
-----------------------------------------------------------------
The United States District Court for the Eastern District of
Pennsylvania entered an order preliminarily approving a proposed
settlement in a purported shareholder derivative and class action
lawsuit, according to a document filed with the Securities and
Exchange Commission.

On Dec. 20, 2013, the lawsuit was filed against the Company and two
of its top executives, Dolev Rafaeli, chief executive officer, and
Dennis M. McGrath, president and chief financial officer.  The
action alleged various violations of the Federal securities laws
between Nov. 7, 2012, and Nov. 14, 2013, including that the Company
and its officers made false and misleading statements or failed to
disclose material facts concerning the Company's business.  The
plaintiffs sought class action status for the suit, as well as an
unspecified amount of monetary damages, pre-and post-judgment
interest and attorneys' fees, expert witness fees and other costs.
A companion action was brought against the Company and its two
officers in the State of Israel, where the Company's shares are
traded on the Tel Aviv Stock Exchange.

The proposed settlement provides a fund of $1.5 million for the
benefit of those persons or entities who purchased securities
issued by the Company during the period Nov. 6, 2012, and Nov. 5,
2013, inclusive.

The settlement fund will also pay for plaintiffs' counsel's fees
and expenses approved by the Court with respect to the action.  The
Company maintains insurance that will help defray the cost of the
proposed settlement, and does not expect the proposed settlement to
have a material impact on its financial results.

The proposed settlement is subject to final approval by the Court.
A hearing has been scheduled at 9:30 a.m., on July 20, 2015, to
determine whether to (i) approve the settlement, (ii) dismiss the
action with prejudice, and (iii) provide for the payment of
plaintiffs' counsel's attorney's fees and expenses, and consider an
application for reimbursement of expenses (including lost wages) of
the lead plaintiff.

                         About PhotoMedex

PhotoMedex, Inc., is a global health products and services company
providing integrated disease management and aesthetic solutions to
dermatologists, professional aestheticians, ophthalmologists,
optometrists, consumers and patients.  The Company provides
proprietary products and services that address skin conditions
including psoriasis, vitiligo, acne, actinic keratosis, photo
damage and unwanted hair, as well as fixed-site laser vision
correction services at our LasikPlus(R) vision centers.

PhotoMedex and its subsidiaries has entered into a second
amended and restated forbearance agreement with the lenders that
are parties to the credit agreement dated May 12, 2014, and with JP
Morgan Chase, as administrative agent for the Lenders pursuant to
which the Lender have agreed to forbear from exercising their
rights and remedies with respect to certain events of default from
Aug. 25, 2014, until April 1, 2016, or earlier if an event of
default occurs, according to a document filed with the Securities
and Exchange Commission in March 2015.

Photomedex reported a net loss of $121 in 2014 following net income
of $18.4 million in 2013.  As of Dec. 31, 2014, PhotoMedex had $188
million in total assets, $145 million in total liabilities and
$42.3 million in total stockholders' equity.

                        Bankruptcy Warning

"If, in the future, PhotoMedex is required to obtain similar
forbearance agreements as a result of our inability to meet the
terms of the credit agreement, there can be no assurance that those
forbearance agreements will be available on commercially reasonable
terms or at all.  If, as or when required, we are unable to repay,
refinance or restructure our indebtedness under those credit
facilities, or amend the covenants contained therein, the lenders
could elect to terminate their commitments under the credit
facilities and institute foreclosure proceedings against our
assets.  Under such circumstances, we could be forced into
bankruptcy or liquidation.  In addition, any additional events of
default or declaration of acceleration under one of those
facilities or the forbearance agreement could also result in an
event of default under one or more of these agreements.  Such a
declaration would have a material adverse impact on our liquidity,
financial position and results of operations," the Company states
in the 2014 Annual Report.


PHOTOMEDEX INC: LCA-Related Suit Settlement Preliminarily Okayed
----------------------------------------------------------------
The Common Pleas Court of Hamilton County, Ohio, entered an order
on March 23, 2015, preliminarily approving a proposed settlement
involving PhotoMedex, Inc. in the consolidated action "In re
LCA-Vision Inc. Shareholder Litigation".  The Company received
notice of this order on March 30, 2015.  The action consolidated
four separate cases that had been filed in the Court against the
Company, its subsidiary Gatorade Acquisition Corp., LCA-Vision,
Inc., LCA's chief executive officer, Michael J. Celebrezze, and
LCA's board of directors over the proposed acquisition of LCA by
the Company.  On May 12, 2014, the Company acquired LCA, and on
Jan. 31, 2015, the Company sold LCA to Vision Acquisition, LLC.

The action alleged that LCA's officer and board members breached
their fiduciary duty to LCA, and that the acquisition of LCA by
PhotoMedex failed to maximize LCA's stockholder value and deprived
LCA's stockholders of the ability to participate in LCA's long-term
prospects.  The suit further alleged that the Company aided and
abetted LCA's officer and directors in their breaches of fiduciary
duties.  Similar suits had also been filed in the Court of Chancery
of the State of Delaware against the Company and its subsidiary,
Gatorade Acquisition Corp.

Under the proposed settlement, LCA had published certain additional
disclosure statements regarding its acquisition by the Company and
its financial statements prior to its shareholder vote on the
acquisition, which was held on May 12, 2014.  The settlement also
provides for the proposed payment of plaintiffs' counsel's fees and
expenses with respect to the action.  The Company believes that LCA
maintains insurance that will help defray the cost of the proposed
settlement; the Company does not expect the proposed settlement to
have a material impact on its financial results.

The proposed settlement is subject to final approval by the Court.
A hearing has been scheduled at 8:30 a.m., on June 19, 2015, to
determine whether to approve the settlement, whether the settlement
provided adequate notice to shareholders, thereafter dismiss the
action with prejudice, whether the court should enter a complete
bar order regarding this matter, and whether to provide for the
payment of plaintiffs' counsel's attorney's fees and expenses.

                          About PhotoMedex

PhotoMedex, Inc., is a global health products and services company
providing integrated disease management and aesthetic solutions to
dermatologists, professional aestheticians, ophthalmologists,
optometrists, consumers and patients.  The Company provides
proprietary products and services that address skin conditions
including psoriasis, vitiligo, acne, actinic keratosis, photo
damage and unwanted hair, as well as fixed-site laser vision
correction services at our LasikPlus(R) vision centers.

PhotoMedex and its subsidiaries has entered into a second
amended and restated forbearance agreement with the lenders that
are parties to the credit agreement dated May 12, 2014, and with JP
Morgan Chase, as administrative agent for the Lenders pursuant to
which the Lender have agreed to forbear from exercising their
rights and remedies with respect to certain events of default from
Aug. 25, 2014, until April 1, 2016, or earlier if an event of
default occurs, according to a document filed with the Securities
and Exchange Commission in March 2015.

Photomedex reported a net loss of $121 in 2014 following net income
of $18.4 million in 2013.  As of Dec. 31, 2014, PhotoMedex had $188
million in total assets, $145 million in total liabilities and
$42.3 million in total stockholders' equity.

                        Bankruptcy Warning

"If, in the future, PhotoMedex is required to obtain similar
forbearance agreements as a result of our inability to meet the
terms of the credit agreement, there can be no assurance that those
forbearance agreements will be available on commercially reasonable
terms or at all.  If, as or when required, we are unable to repay,
refinance or restructure our indebtedness under those credit
facilities, or amend the covenants contained therein, the lenders
could elect to terminate their commitments under the credit
facilities and institute foreclosure proceedings against our
assets.  Under such circumstances, we could be forced into
bankruptcy or liquidation.  In addition, any additional events of
default or declaration of acceleration under one of those
facilities or the forbearance agreement could also result in an
event of default under one or more of these agreements.  Such a
declaration would have a material adverse impact on our liquidity,
financial position and results of operations," the Company states
in the 2014 Annual Report.


PICADILLY RESTAURANTS: Yucaipa Fails to Upset Sale to Atalaya
-------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Yucaipa Cos., the former owner of Piccadilly
Restaurants LLC, failed to upset the chain's reorganization plan,
which shifted ownership to secured lender Atalaya Capital
Management LP.

According to the report, U.S. District Judge Rebecca F. Doherty in
Shreveport, Louisiana, dismissed Yucaipa's appeal under a doctrine
known as "equitable mootness."  She said upsetting the transfer to
Atalaya would be unfair to innocent creditors who did business with
the Baton Rouge, Louisiana-based restaurant chain after the plan
was approved, the report related.

                   About Piccadilly Restaurants

Piccadilly Restaurants, LLC, and two affiliated entities sought
Chapter 11 bankruptcy protection (Bankr. W.D. La. Case Nos.
12-51127 to 12-51129) on Sept. 11, 2012.  The affiliates are
Piccadilly Food Service, LLC, and Piccadilly Investments LLC.

Piccadilly Restaurants, LLC, headquartered in Baton Rouge,
Louisiana, is the largest cafeteria-style restaurant in the United
States, with operations in 10 states in the Southeast and Mid-
Atlantic regions.  It is wholly owned by Piccadilly Investments,
LLC.  Piccadilly operates an institutional foodservice division
through a wholly owned subsidiary, Piccadilly Food Service, LLC,
servicing schools and other organizations.  With a history dating
back to 1944, the Company operates 81 restaurants at three owned
and 78 leased locations.

Then known as Piccadilly Cafeterias, Inc., the Company filed for
Chapter 11 relief (Bankr. S.D. Fla. Case No. 03-27976) on Oct. 29,
2003.  Paul Steven Singerman, Esq., and Jordi Guso, Esq., at
Berger Singerman, P.A., represented the Debtor in the case.  After
Piccadilly declared bankruptcy under Chapter 11, but before its
plan was submitted to the Bankruptcy Court for the Southern
District of Florida, the Bankruptcy Court authorized Piccadilly to
sell its assets to Yucaipa Cos., for about $80 million.  In
October 2004, the Bankruptcy Court confirmed the plan.

Judge Robert Summerhays oversees the 2012 cases.  Attorneys at
Jones, Walker. Waechter, Poitevent, Carrere & Denegre, LLP,
represent the Debtors in their restructuring efforts.  BMC Group,
Inc., serves as claims agent, noticing agent and balloting agent.
In its schedules, the Debtor disclosed $34,952,780 in assets and
$32,000,929 in liabilities.

Jeffrey L. Cornish serves as the Debtors' consultant.
Postlethwaite & Netterville, PAC, serve as their independent
auditors, accountants and tax consultants.  GA Keen Realty
Advisors, LLC, serve as the Debtors' special real estate advisors
while FTI Consulting, Inc., as their financial consultants.

New York-based vulture fund Atalaya Administrative LLC, in its
capacity as administrative agent for Atalaya Funding II, LP,
Atalaya Special Opportunities Fund IV LP (Tranche B), and Atalaya
Special Opportunities Fund (Cayman) IV LP (Tranche B), the
Debtors' prepetition secured lender, is represented in the case
by lawyers at Carver, Darden, Koretzky, Tessier, Finn, Blossman &
Areaux, L.L.C.; and Patton Boggs, LLP.

The United States Trustee for Region 5 appointed seven members to
the official committee of unsecured creditors in the Debtors'
Chapter 11 cases.  The Committee sought and obtained Court
approval to employ Frederick L. Bunol, Esq., and Albert J. Derbes,
IV, Esq., of Derbes Law Firm, LLC., as attorneys.  Greenberg
Traurig LLP also serves as counsel for the Committee while
Protiviti Inc. serves as financial advisor.


PLASTIC2OIL INC: Incurs $8.51 Million Net Loss in 2014
------------------------------------------------------
Plastic2Oil, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to common shareholders of $8.51 million on $59,000 of
sales for the year ended Dec. 31, 2014, compared to a net loss
attributable to common shareholders of $16.8 million on $693,000 of
sales for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $6.98 million in total assets,
$8.36 million in total liabilities and a $1.37 million total
stockholders' deficit.

At Dec. 31, 2014, the Company had a cash balance of $180,000.  The
Company's principal sources of liquidity in 2014 were the proceeds
of the sale of secured promissory note, the proceeds from the sale
of shares of its common stock in private placements and cash
generated from its P2O operations.

MNP LLP, in Toronto, Canada, issued a "going concern" qualification
on the consolidated financial statements for the year ended Dec.
31, 2014, citing that the Company has experienced negative cash
flows from operations since inception and has accumulated a
significant deficit which raises substantial doubt about its
ability to continue as a going concern.

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

                        http://is.gd/uDSSRO

                         About Plastic2Oil

Plastic2Oil, Inc., formerly JBI Inc., is a North American fuel
company that transforms unsorted, unwashed waste plastic into
ultra-clean, ultra-low sulphur fuel without the need for
refinement.  The Company's Plastic2Oil (P2O) is a process designed
to provide immediate economic benefit for industry, communities
and government organizations with waste plastic recycling
challenges.  It is also focused on the creation of green
employment opportunities and a reduction in the cost of plastic
recycling programs for municipalities and business.  The Company's
fuel products include No. 6 Fuel, No. 2 Fuel (diesel, petroleum
distillate), Naphtha, Petcoke (carbon black) and Off-Gases. No. 6
Fuel is heavy fuel used in industrial boilers and ships. No. 2
Fuel is a mid-range fuel known as furnace oil or diesel.  Naphtha
is a light fuel that is used as a cut feedstock for ethanol or as
white gasoline in high and regular grade road certified fuels.


PLUG POWER: Names Martin Hull as Chief Accounting Officer
---------------------------------------------------------
Plug Power Inc. appointed Martin (Marty) Hull as chief accounting
officer effective April 1, 2015.  The Company said that through
this position, Hull will enhance the finance team's ability to
support Plug Power's growth as the company continues to build on
the depth and breadth of its reporting and accounting competencies.
He will report directly to Paul Middleton, chief financial officer
at Plug Power.

Previously, Hull was a principal and director at the accounting
firm of Marvin and Company, P.C.  Prior to that, he was an audit
partner at KPMG LLP, serving various public companies.  

Pursuant to the terms of the Employment Agreement, Mr. Hull
receives an annual base salary of $200,000, is eligible to receive
incentive compensation as determined by the Compensation Committee
of the Board of Directors of the Company and is entitled to
participate in and receive benefits under all of the Company's
employee benefit plans.

"Marty will significantly enhance our reporting and accounting
abilities, and he will be instrumental in directing our reporting
functions," said Middleton.  "Furthermore, Marty's public reporting
and accounting experience will be tremendously beneficial as we
continue to pursue a range of innovative strategic initiatives, as
well as build on our commercial traction in North American material
handling."

The CAO position was previously filled by Jill McCoskey who
resigned from his position on March 24, 2015.  

"The Plug Power team thanks Jill for her countless years of service
and financial management at Plug Power as we grew the company to
the powerhouse we are today," said Plug Power CEO, Andy Marsh.

Hull holds a Bachelors of Business Administration with a
concentration in Accounting from the University of Notre Dame, and
is a Certified Public Accountant.

                          About Plug Power

Plug Power Inc. is a provider of alternative energy technology
focused on the design, development, commercialization and
manufacture of fuel cell systems for the industrial off-road
(forklift or material handling) market.

Plug Power reported a net loss attributable to common shareholders
of $88.6 million on $64.2 million of total revenue for the year
ended Dec. 31, 2014, compared to a net loss attributable to common
shareholders of $62.8 million on $26.6 million of total revenue for
the year ended Dec. 31, 2013.

As of Dec. 31, 2014, Plug Power had $205.9 million in total assets,
$46.4 million in total liabilities, $1.15 million in redeemable
preferred stock and $158.28 million in total stockholders' equity.

                        Bankruptcy Warning

"Our cash requirements relate primarily to working capital needed
to operate and grow our business, including funding operating
expenses, growth in inventory to support both shipments of new
units and servicing the installed base, and continued development
and expansion of our products.  Our ability to achieve
profitability and meet future liquidity needs and capital
requirements will depend upon numerous factors, including the
timing and quantity of product orders and shipments; the timing and
amount of our operating expenses; the timing and costs of working
capital needs; the timing and costs of building a sales base; the
timing and costs of developing marketing and distribution channels;
the timing and costs of product service requirements; the timing
and costs of hiring and training product staff; the extent to which
our products gain market acceptance; the timing and costs of
product development and introductions; the extent of our ongoing
and any new research and development programs; and changes in our
strategy or our planned activities. We expect that we may require
significant additional capital to fund and expand our future
operations.  In particular, in the event that our operating
expenses are higher than anticipated or the gross margins and
shipments of our products are lower than we expect, we may need to
implement contingency plans to conserve our liquidity or raise
additional capital to meet our operating needs. Such plans may
include: a reduction in discretionary expenses, funding from
licensing the use of our technologies, debt and equity financing
alternatives, government programs, and/or a potential business
combination, strategic alliance or sale of a portion or all of the
Company.  If we are unable to fund our operations and therefore
cannot sustain future operations, we may be required to delay,
reduce and/or cease our operations and/or seek bankruptcy
protection," the Company said in its 2014 annual report.


POLAROID CORP: 8th Cir. Upholds Fraudulent Transfer v Ritchie
-------------------------------------------------------------
John R. Stoebner, the bankruptcy trustee for Polaroid Corporation,
succeeded in his attempt before the bankruptcy court to avoid, as
fraudulent, the transfer of several Polaroid trademarks to Ritchie
Capital Management, L.L.C.; Ritchie Special Credit Investments,
Ltd.; Rhone Holdings II, Ltd.; Yorkville Investments, I, L.L.C.;
and Ritchie Capital Structure Arbitrage Trading, Ltd.  On appeal,
the district court affirmed the bankruptcy court's decision.

Ritchie appealed from the district court order.

On review, the U.S. Court of Appeals for the Eighth Circuit
affirmed the district court order in a March 10, 2015 decision
available at http://is.gd/cEb0K0from Leagle.com.

In 2005, Thomas Petters became the 100% beneficial owner of
Polaroid stock.  In early 2008, Petters, through his other
companies, obtained loans from Ritchie Capital, et al., to pay off,
among other things, Polaroid debts.  On September 19, 2008, five
days before Petters was raided by the Federal Bureau of
Investigation (FBI), Petters executed a Trademark Security
Agreement (TSA) giving Ritchie liens on several Polaroid trademarks
as consideration for Ritchie's extensions of the loans' repayment
dates.

The Eighth Circuit notes that Polaroid received no value in
exchange for the Trade Security Agreement.  The Eighth Circuit adds
that Polaroid executed the TSA for the sole benefit of Petters, an
insider.

The appellate case is Ritchie Capital Management, LLC, as
administrative and collateral agent; Ritchie Special Credit
Investments, Ltd.; Rhone Holdings II, Ltd.; Yorkville Investments
I, L.L.C.; Ritchie Capital Structure Arbitrage Trading, Ltd.
Appellants, v. John R. Stoebner, Trustee, Appellee. JPMorgan Chase
Bank, N.A., Amicus Curiae. Douglas A. Kelley, as Chapter 11
Trustee; The Official Committee of Unsecured Creditors of Petters
Company, Inc. and Petters Group Worldwide, LLC; National
Association of Bankruptcy Trustees, Amici on Behalf of Appellee(s),
Case No. 14-1154.

                       About Polaroid Corp.

Polaroid Corporation -- http://www.polaroid.com/-- makes and  
sells films, cameras, and other imaging products.  Polaroid
filed for chapter 11 protection on Oct. 12, 2001 (Bankr. D.
Del. Case No. 01-10864) and again on Dec. 18, 2008 (Bankr. D.
Minn. Case No. 08-46617).  PLR Acquisition LLC, a joint venture
composed of Hilco Consumer Capital L.P. and Gordon Brothers
Brands LLC, acquired most of Polaroid's assets -- including the
Polaroid brand and trademarks -- in May 2009.  They paid $87.6
million for the brand.  Debtor Polaroid Corp. was renamed to PBE
Corp. following the sale.  The case was converted to Chapter 7 on
Aug. 31, 2009, and John R. Stoebner serves as the Chapter 7
Trustee.

The jointly administered Chapter 7 bankruptcy estates are Polaroid
Corp., Polaroid Holding Company, Polaroid Consumer Electronics,
LLC, Polaroid Capital, LLC, Polaroid Latin America I Corporation,
Polaroid Asia Pacific LLC, Polaroid International Holding LLC,
Polaroid New Bedford Real Estate, LLC, Polaroid Norwood Real
Estate, LLC, and Polaroid Waltham Real Estate, LLC.


POLYMER GROUP: Moody's Says Planned Acquisition is Credit Neutral
-----------------------------------------------------------------
Moody's Investors Service said that Polymer Group, Inc.'s planned
acquisition of a French nonwoven producer is credit neutral.

Headquartered in Charlotte, N.C, Polymer Group, Inc. produces
specialty materials for use in a variety of consumer and industrial
applications. These product applications include disposable
diapers, dryer sheet, feminine hygiene products, housewrap,
surgical gowns and drapes, and wipes. The Blackstone Group acquired
the company in January 2011.


POSITRON CORP: Incurs $2.58 Million Net Loss in 2014
----------------------------------------------------
Positron Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$2.58 million on $1.46 million of sales for the year ended Dec. 31,
2014, compared to a net loss of $7.1 million on $1.63 million of
sales for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $1.86 million in total assets,
$2.7 million in total liabilities and a $837,000 total
stockholders' deficit.

Sassetti LLC, in Oak Park, Illinois, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has a significant
accumulated deficit which raises substantial doubt about the
Company's ability to continue as a going concern.

The Company had cash and cash equivalents of approximately $208,000
at Dec. 31, 2014.  The Company utilized $433,000 proceeds from
issuance of convertible debt and $1 million proceeds from the sale
of common stock for equity to fund operating activities during the
year ended Dec. 31, 2014.  The Company had accounts payable and
accrued liabilities of approximately $849,000 and a negative
working capital of approximately $1.97 million.  The Company
believes that it may continue to experience operating losses and
accumulate deficits in the foreseeable future.

"If we are unable to obtain financing to meet our cash needs we may
have to severely limit or cease our business activities or may seek
protection from our creditors under the bankruptcy laws," the
Company warned in the report.

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

                        http://is.gd/aVPOw3

                     About Positron Corporation

Headquartered in Fishers, Indiana, Positron Corporation is a
molecular imaging company focused on nuclear cardiology.


PREMIER EXHIBITIONS: Gets Non-Compliance Notice From NASDAQ
-----------------------------------------------------------
Premier Exhibitions, Inc., received a letter from the NASDAQ Stock
Market LLC indicating that due to Jack H. Jacobs' resignation as
director, the Company no longer complies with the NASDAQ's audit
committee requirements as set forth in Listing Rule 5605.

Following Mr. Jacobs' resignation, the Company's Audit Committee
currently consists of only two members, Douglas Banker and Rick
Kraniak.  

Consistent with Listing Rule 5605(c)(4), the NASDAQ will provide
the Company a cure period in order to regain compliance as follows:
(a) until the earlier of the Company's next annual shareholders'
meeting or March 16, 2016; or (b) if the next annual shareholders'
meeting is held within six months of Mr. Jacobs' resignation date,
then the Company will be required to evidence compliance no later
than Sept. 14, 2015.

The Company expects to add an additional director to the Board in
the near term in order to have the Audit Committee composed of
three independent directors.

                     About Premier Exhibitions

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

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

                        Bankruptcy Warning

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

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


PREMIER GOLF: Cottonwood Golf Club Said to Be Worth $44-Mil.
------------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Premier Golf Properties LP, the owner of two
18-hole California courses that filed for bankruptcy last month,
said its Cottonwood Golf Club is worth $44 million.

According to the report, official schedules of property and debt
show assets of $44.4 million, almost all attributable to the real
estate.  Debt totals $19.2 million, including $18.8 million listed
as secured, the report related.

Premier Golf Properties, LP filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Cal. Case No. 15-01068) on Feb. 24, 2015.  Daryl
Idler
signed the petition as secretary of Premier Golf Property
Management Inc, general partner.  The Debtor estimated assets and
liabilities of $10 million to $50 million.  Jack Fitzmaurice,
Esq.,
at Fitzmaurice & Demergian, represents the Debtor as counsel.


PRESSURE BIOSCIENCES: Incurs $6.25 Million Net Loss in 2014
-----------------------------------------------------------
Pressure Biosciences, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
applicable to common shareholders of $6.25 million on $1.37 million
of revenue for the year ended Dec. 31, 2014, compared to a net loss
applicable to common shareholders of $5.24 million on $1.5 million
of total revenue for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $1.74 million in total assets,
$3.8 million in total liabilities and a $2.05 million total
stockholders' deficit.

Marcum LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, noting that the Company has had recurring net
losses and continues to experience negative cash flows from
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern, according to the
regulatory filing.

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

                       http://is.gd/yoLSlO

                    About Pressure Biosciences

Pressure BioSciences, Inc., headquartered in South Easton,
Massachusetts, holds 14 United States and 10 foreign patents
covering multiple applications of pressure cycling technology in
the life sciences field.


PRONERVE HOLDINGS: Heads to April 8 Auction
-------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that ProNerve LLC will hold an auction April 8 if it
gets an offer that tops SpecialtyCare Iom Services LLC's lead bid.

According to the report, sale procedures approved by a judge in
Delaware set April 6 as the deadline to compete with SpecialtyCare,
which is bidding $35 million of debt in lieu of cash and planning
to assume specified liabilities.  The auction would be followed by
a sale-approval hearing on April 10, the report said.

                      About ProNerve Holdings

Founded in 2008, ProNerve is headquartered in a suburb of Denver,
Colorado.  ProNerve and certain affiliated practice entities
provide intraoperative neurophysiologic monitoring ("IOM")
services
to health systems, acute care hospitals, specialty hospitals,
ambulatory surgical centers, surgeons, and physician groups in
more
than 25 states.

ProNerve Holdings, LLC and its affiliates sought Chapter 11
protection (Bankr. D. Del. Case No. 15-10373) on Feb. 24, 2015,
with a deal to sell assets to SpecialtyCare IOM Services, LLC for
a
credit bid of $35 million.

The cases are assigned to Judge Kevin J. Carey.

The Debtor tapped Pepper Hamilton LLP as counsel, and The Garden
City Group, Inc., as claims and noticing agent.


PURADYN FILTER: Posts $1.1 Million Net Loss in 2014
---------------------------------------------------
Puradyn Filter Technologies Incorporated filed with the Securities
and Exchange Commission its annual report on Form 10-K disclosing a
net loss of $1.15 million on $3.11 million of net sales for the
year ended Dec. 31, 2014, compared to a net loss of $1.33 million
on $2.53 million of net sales for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $1.34 million in total assets,
$12.6 million in total liabilities, and a $11.2 million total
stockholders' deficit.

Kevin G. Kroger, president and COO, commented, "While Puradyn
achieved solid topline growth and bottom-line improvements in 2014,
we also built our foundation for future expansion through the
introduction of new Millennium Technology System (MTS) filtration
units and patented Polydry replacement filter element technologies,
which together deliver unique water removal capabilities, while
still providing excellent solid particle removal and base additive
replenishment.  This next-generation product introduces patented
technology that delivers unique advancements in oil protection.  As
more stringent engine exhaust emission regulations continue to be
introduced, greater stresses will be imposed on the oil in new
engines to achieve these standards, providing a growing need for
high-efficiency filtration."

Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014.  The independent
auditors noted that the Company has incurred net losses each year
since inception and has relied on the sale of its stock and loans
from third parties and related parties to fund its operations.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

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

                        http://is.gd/bZ5ypz

                       About Puradyn Filter

Boynton Beach, Fla.-based Puradyn Filter Technologies Incorporated
(OTC BB: PFTI) designs, manufactures and markets the puraDYN's Oil
Filtration System.


QUEST SOLUTION: Needs More Time to File Form 10-K
-------------------------------------------------
Quest Solution, Inc., filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the year ended
Dec. 31, 2014.

"Quest Solution, Inc. requires additional time to complete the
accounting and reporting for certain activities and disclosures,
and could not finalize its Annual Report on Form 10-K in sufficient
time to permit its filing within the prescribed time period without
unreasonable expense and effort.  The Company is working
expeditiously to complete the Annual Report and expects that the
Annual Report will be filed no later than the fifteenth calendar
day following the prescribed due date," the Company stated in the
filing.

                        About Quest Solution

Quest Solution (formerly known as Amerigo Energy, Inc.) is a
national mobility systems integrator with a focus on design,
delivery, deployment and support of fully integrated mobile
solutions.  The Company takes a consultative approach by offering
end to end solutions that include hardware, software,
communications and full lifecycle management services.  The highly
tenured team of professionals simplifies the integration process
and delivers proven problem solving solutions backed by numerous
customer references.  Motorola, Intermec, Honeywell, Panasonic,
AirWatch, Wavelink, SOTI and Zebra are major suppliers which Quest
Solution uses in its systems.

Amerigo Energy reported a net loss of $1.12 million in 2013
following a net loss of $191,000 in 2012.

L.L. Bradford & Company, LLC, Las Vegas, NV, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has suffered recurring losses from operations and
has an accumulated deficit that raises substantial doubt about its
ability to continue as a going concern.


RAAM GLOBAL: Reports $85.8 Million Net Loss in 2014
---------------------------------------------------
RAAM Global Energy Company filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to the Company of $85.8 million on $143 million of
total revenues for the year ended Dec. 31, 2014, compared to a net
loss attributable to the Company of $241 million on $150 million of
total revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, RAAM Global had $392 million in total assets,
$429 million in total liabilities, and a $37.8 million total
deficit.

Ernst & Young LLP, in Louisville, Kentucky, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has a working
capital deficiency primarily due to the current classification of
the outstanding senior secured notes and term loan.  This factor
raises substantial doubt about its ability to continue as a going
concern

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

                         http://is.gd/LZNyaY

                          About RAAM Global

RAAM Global Energy Company is a privately held company engaged
primarily in the exploration and development of oil and gas
properties and in the resulting production and sale of natural
gas, condensate and crude oil.  The Company's production
facilities are located in the Gulf of Mexico, offshore Louisiana
and onshore Louisiana, Texas, Oklahoma, and California.

                            *     *     *

As reported by the TCR on Aug. 4, 2014, Standard & Poor's Ratings
Services lowered its corporate credit and senior secured ratings
on exploration and production company RAAM Global Energy Co. to
'CCC+' from 'B-'.  The outlook is negative.

"The downgrade reflects our assessment that Lexington, Ky.-based
RAAM Global Energy Co. could have difficulty refinancing its $250
million senior secured notes due October 2015 due to weak
operating performance, largely due to unexpected production
declines on its Yegua wells that have resulted in weakening
liquidity and limited near-term growth potential," S&P said.

The TCR reported on Aug. 19, 2014, that Moody's Investors Service
downgraded RAAM Global Energy Company's (RAAM) Corporate Family
Rating (CFR) to Caa2 from Caa1.  The Caa2 CFR for RAAM primarily
reflects Moody's concerns about the company's ability to refinance
the senior secured notes that come due on Oct. 1, 2015, amid a
period of declining production profile.


RADIAN GUARANTY: Moody's Ups Insurance Fin. Strength Rating to Ba1
------------------------------------------------------------------
Moody's Investors Service upgraded the Insurance Financial Strength
ratings of Radian Guaranty Inc. and Radian Mortgage Assurance Inc.
to Ba1 from Ba2, and upgraded the senior unsecured debt rating of
Radian Group Inc. to B2, from B3. The outlook on the ratings is
positive, with the exception of Radian Group that has a stable
outlook. In the same rating action, Moody's upgraded the IFS rating
of Radian Asset Assurance, Inc. to A3, with negative outlook, from
Ba1.  The rating of Radian Asset will also be subsequently
withdrawn. These actions conclude the rating review Moody's
initiated on Dec. 23, 2014. The rating action also has implications
for the various transactions wrapped by Radian Asset as discussed
later in this press release.

The rating action was prompted by the announcement by Radian
Guaranty, a direct subsidiary of Radian Group (NYSE: RDN), of the
consummation of the agreement to sell 100% of the issued and
outstanding shares of Radian Asset, its financial guaranty
insurance subsidiary, to Assured Guaranty Corp. (AGC, A3 IFS,
negative), a subsidiary of Assured Guaranty Ltd. (NYSE: AGO, senior
debt at Baa2, stable). The closing and merger have taken place, and
forthwith, Radian Asset's obligations will be obligations of AGC.

Radian expects the transaction to increase Radian Guaranty's
Available Assets, required by the Private Mortgage Insurer
Eligibility Requirements (PMIERs), by $789 million.

Ratings Rationale - Radian Guaranty, Radian Mortgage Assurance:

The upgrades reflect Moody's view that the sale of Radian Asset
increases the amount of capital readily accessible to Radian
Guaranty, and strengthens its capital adequacy relative to its
insured mortgage exposures. In addition, completion of the
transaction meaningfully reduces the shortfall in Radian Guaranty's
Available Assets relative to the level of Required Assets defined
in the GSEs' proposed capital adequacy requirements for mortgage
insurers, the Private Mortgage Insurer Eligibility Requirements
(PMIERs), an important step towards attaining PMIER compliance, and
defending against the potential for erosion of its franchise due to
actual or perceived difficulties in becoming compliant.

Radian Guaranty estimates that it will have a shortfall in PMIER
Available Assets of approximately $350 million after taking into
consideration the net proceeds from the sale of Radian Asset of
approximately $789 million, and unencumbered holding company cash
of approximately $670 million that Radian has earmarked for capital
contributions to Radian Guaranty. However, Moody's consider there
to be competing demands on the holding company cash, which will be
required to support repayment of approximately $645 million in
senior and convertible debt due in 2017, unless the company is able
to refinance or otherwise extend the term of that debt.

Moody's notes that the positive outlook on Radian Guaranty's and
RMA's ratings reflects our view that the credit profile of the
mortgage insurance operations continues to improve, and that Radian
Guaranty is well positioned to attain compliance with the PMIER
requirements, as currently drafted, over the next 12 to 18 months.

RMA and Radian Guaranty, although separate legal entities, are
evaluated jointly. RMA and Radian Guaranty entered into a cross
guaranty agreement in 1999 that remains in place. Under the
agreement, if RMA fails to make payment to policyholders, Radian
Guaranty will make the payment, and vice versa. The obligations of
both parties are unconditional and irrevocable, though any payments
are subject to regulatory approval.

Ratings Rationale -- Radian Group:

Radian Group's credit profile is strengthened by the improvement at
Radian Guaranty, its lead mortgage insurance subsidiary. However,
the group has a meaningful debt burden, and a timing mismatch
between the maturity profile of the debt and Radian Guaranty's
ability to pay dividends to Radian Group. Radian Group has
approximately $645 million and $700 million in senior unsecured,
and convertible debt due in 2017 and 2019, respectively, and
because of the statutory requirement to build up its contingency
reserve, Radian Guaranty is not expected have dividend capacity
within that timeframe. In addition, the group has an outstanding
dispute with the IRS, which, if not settled in Radian's favor,
could result in a meaningful outflow of funds from the holding
company. To reflect the risk inherent in the material amount of
debt due by 2019, and the ongoing IRS tax dispute, the senior
unsecured debt is rated four notches below the IFS rating of Radian
Guaranty, which is one notch wider than the standard three
notches.

Moody's outlook for Radian Group's B2 senior debt rating is stable,
and reflects the group's recent access to capital markets on
favorable terms, and the improving credit profile of Radian
Guaranty. However, the stable outlook also reflects the uncertainty
about the group's ability to reach a favorable resolution of the
disputed IRS tax matters, and its ability to convert its
convertible debt into equity, or to refinance its senior debt on
reasonable terms.

Rating Drivers:

Moody's noted that the following factors could lead to an upgrade:
1) Improved capital adequacy, sufficient to ensure comfortable
compliance with the PMIER requirements, when finalized, either
through an appropriate form of risk-transfer or contribution of
additional capital; 2) Increased certainty about the range of
potential outcomes in the group's tax dispute with the IRS; 3)
Greater clarity about Radian Group's ability to restructure its
debt maturity profile to better match Radian Guaranty's expected
dividend capacity.

The following factors could lead to a downgrade: 1) significant,
adverse development in Radian's insured mortgage portfolio; 2)
Radian's inability to meet PMIER requirements within the allowed
transition period or; 3) a deterioration in Radian Group's ability
to meet its debt service requirements over the next few years.

Moody's also noted, that an upgrade of Radian Group's B2 senior
debt rating is unlikely, until there is more clarity about the
group's ability to refinance its debt.

Ratings Rationale -- Radian Asset:

According to Moody's the sale of Radian Asset to AGC has a positive
impact on its credit profile and IFS rating. On completion of the
merger with AGC, Radian Asset's policyholders have become
policyholders of AGC, and their rights rank pari passu with
existing AGC policyholders. Therefore, all outstanding bonds
insured by Radian Asset will now carry AGC's A3 rating.

The following ratings have been upgraded, with positive outlook:

Issuer: Radian Guaranty Inc.

  -- Insurance financial strength rating to Ba1;

  -- Issuer: Radian Mortgage Assurance Inc.

  -- Insurance financial strength rating to Ba1;

The following ratings have been upgraded, with stable outlook:

Issuer: Radian Group Inc.

  -- Senior unsecured debt to B2,

  -- Senior unsecured shelf to (P)B2,

  -- Senior subordinate shelf to (P)B3;

  -- Subordinate shelf to (P)B3,

  -- Preferred shelf to (P)Caa1,

  -- Preferred non-cumulative shelf to (P)Caa1,

The following rating has been upgraded, with negative outlook, and
will be subsequently withdrawn:

Issuer: Radian Asset Assurance Inc.

  -- Insurance financial strength rating to A3.

Moody's will be withdrawing the rating of Radian Asset because it
will no longer exist as a separate entity after the merger into
AGC.

Radian Group Inc. is a US-based holding company that owns a
mortgage insurance platform comprised of Radian Guaranty, Radian
Insurance and Radian Mortgage Assurance. The group also has
investments in other financial services entities. As of Dec. 31,
2014, Radian Group had approximately $6.9 billion in total assets
and $2.1 billion in shareholder's equity.

The methodologies used in these ratings were Moody's Global
Methodology for Rating Mortgage Insurers published in December
2012, and Financial Guarantors published in January 2015.

Moody's ratings on securities that are guaranteed or "wrapped" by a
financial guarantor are generally maintained at a level equal to
the higher of the following: a) the rating of the guarantor (if
rated at the investment grade level); or b) the published
underlying rating (and for structured securities, the published or
unpublished underlying rating). Moody's approach to rating wrapped
transactions is outlined in Moody's methodology "Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts" (March 2015).

As a result of the rating action, the Moody's-rated securities that
are guaranteed or "wrapped" by Radian Asset are upgraded to A3,
except those with A3 and higher published underlying ratings (and
for structured finance securities, except those with A3 and higher
published or unpublished underlying ratings). The A3 cutoff
reflects Moody's opinion that Radian Asset policyholders rank pari
passu with Assured Guaranty Corp.'s (IFS at A3) policyholders
subsequent to the merger of the two entities.


RADIOSHACK CORP: Citibank Allowed to Terminate Contract
-------------------------------------------------------
U.S. Bankruptcy Judge Brendan Shannon lifted the automatic stay
allowing Citibank, N.A., to send a notice of termination of its
contract with RadioShack Corp.

Citibank entered into the contract dated July 1, 2000, to provide a
private label credit card program for the company.  

The contract includes a provision that allows the bank to terminate
the contract once RadioShack closes a significant number of its
stores.

                  About Radioshack Corporation

Fort Worth, Texas-based RadioShack (NYSE: RSH) --
http://www.radioshackcorporation.com/-- is a retailer of mobile
technology products and services, as well as products related to
personal and home technology and power supply needs.  RadioShack's
retail network includes more than 4,300 company-operated stores in
the United States, 270 company-operated stores in Mexico, and
approximately 1,000 dealer and other outlets worldwide.

RadioShack Corporation and affiliates filed separate Chapter 11
bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-10197) on
Feb. 5, 2015.  The petitions were signed by Joseph C. Maggnacca,
chief executive officer.  Judge Kevin J. Carey presides over the
case.

David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki,
Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M.
Green, Esq., at Jones Day serve as the Debtors' bankruptcy counsel.
David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H.
Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel.
Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors'
restructuring advisor.  Maeva Group, LLC, is the Debtors'
turnaround advisor.  Lazard Freres & Co. LLC is the Debtors'
investment banker.  A&G Realty Partners is the Debtors' real estate
advisor.  Prime Clerk is the Debtors' claims and noticing agent.

The Debtors disclosed total assets of $1.2 billion, versus total
debt of $1.3 billion.

Radioshack reported a net loss of $400.2 million in 2013, a net
loss of $139 million in 2012, and net income of $72.2 million in
2011.  The Company's balance sheet at Aug. 2, 2014, showed $1.14
billion in total assets, $1.21 billion in total liabilities, and a
$63 million total shareholders' deficit.

The U.S. Trustee has appointed seven members to the Official
Committee of Unsecured Creditors.


RADIOSHACK CORP: Final Store Closing Sales Start at 361 Locations
-----------------------------------------------------------------
The JV group of Hilco Merchant Resources, Gordon Brothers Group and
Tiger Capital Group, will manage a final phase of RadioShack store
closings at an additional 361 locations throughout the nation.
Sales started at the locations on April 2, with significant
discounts on all merchandise.

Discounts of up to 50% off original prices are being offered at the
closing locations on the entire inventory of top brand headphones
and speakers, wearable technology, smart toys, connected home,
power accessories, home entertainment and much more.  The Company's
selection of electronic components, batteries, and everything for
the hobby and electronics enthusiast is also on sale at compelling
price reductions at all closing locations.

Since February, the Company has closed over 1700 company owned
store locations following a Chapter 11 Bankruptcy filing.  The
additional stores will be the last wave of store closing sales at
the Company after the announcement in a Delaware bankruptcy court
that the judge approved a plan to reorganize the Company in a deal
with Standard General and Sprint that will keep as many as 1740
company owned stores open throughout North America and preserve
thousands of retail jobs.

A spokesperson for the joint venture said, "We've been engaged to
manage this final round of RadioShack store closings as the company
focuses on reinvigorating the remaining set of 1740 company owned
stores under new ownership.  This is a great time to find deep
discounts on an incredible range of merchandise and well-known
brands.  Consumers are encouraged to take advantage of these
fantastic deals right away while the selection is best."

Store fixtures and equipment are also available for sale at the
closing locations.

                      About Hilco Merchant

Hilco Merchant Resources -- www.hilcomerchantresources.com --
provides a wide range of analytical, advisory, asset monetization,
and capital investment services to help define and execute a
retailer's strategic initiatives.  The firm's activities fall into
several principal categories including acquisitions; disposition of
underperforming stores; retail company or division wind downs;
event sales to convert unwanted assets into working capital;
interim company, division or store management teams; loss
prevention; and, the monetization of furniture, fixtures and
equipment.  Hilco Merchant Resources is part of Northbrook,
Illinois-based Hilco Global -- www.hilcoglobal.com -- which
operates twenty specialized business units around the world.

                     About Gordon Brothers

Founded in 1903, Gordon Brothers Group -- www.gordonbrothers.com --
is a global advisory, restructuring and investment firm
specializing in the retail, consumer products, industrial and real
estate sectors.  Gordon Brothers Group maximizes value for both
healthy and distressed companies by purchasing or selling all
categories of assets, mitigating leases, appraising assets and
operating businesses for extended periods.  Gordon Brothers Group
conducts over $70 billion worth of transactions and appraisals
annually.  As of November 2014, debt financing is provided by
Gordon Brothers Finance Company -- www.gbfinco.com.

                       About Tiger Capital

Tiger Capital Group -- www.TigerGroup.com -- provides asset
valuation, advisory and disposition services to a broad range of
retail, wholesale, and industrial clients.  Tiger's professionals'
help clients identify the underlying value of assets, monitor asset
risk factors and, when needed, provide capital or convert assets to
capital quickly and decisively.  Tiger maintains offices in New
York, Los Angeles, Boston, San Francisco and Sydney.

                  About Radioshack Corporation

Fort Worth, Texas-based RadioShack (NYSE: RSH) --
http://www.radioshackcorporation.com/-- is a retailer of mobile   
technology products and services, as well as products related to
personal and home technology and power supply needs.  RadioShack's
retail network includes more than 4,300 company-operated stores in
the United States, 270 company-operated stores in Mexico, and
approximately 1,000 dealer and other outlets worldwide.

RadioShack Corporation and affiliates filed separate Chapter 11
bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-10197) on
Feb. 5, 2015.  The petitions were signed by Joseph C. Maggnacca,
chief executive officer.  Judge Kevin J. Carey presides over the
case.

David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki,
Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M.
Green, Esq., at Jones Day serve as the Debtors' bankruptcy counsel.
David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H.
Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel.
Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors'
restructuring advisor.  Maeva Group, LLC, is the Debtors'
turnaround advisor.  Lazard Freres & Co. LLC is the Debtors'
investment banker.  A&G Realty Partners is the Debtors' real estate
advisor.  Prime Clerk is the Debtors' claims and noticing agent.

The Debtors disclosed total assets of $1.2 billion, versus total
debt of $1.3 billion.

Radioshack reported a net loss of $400.2 million in 2013, a net
loss of $139 million in 2012, and net income of $72.2 million in
2011.  The Company's balance sheet at Aug. 2, 2014, showed $1.14
billion in total assets, $1.21 billion in total liabilities, and a
$63 million total shareholders' deficit.

The U.S. Trustee has appointed seven members to the Official
Committee of Unsecured Creditors.  The Committee has retained
Cooley LLP and Quinn Emanuel Urquhart & Sullivan LLP as lead
co-counsel; Whiteford, Taylor & Preston, LLC, as the Delaware
counsel; and Houlihan Lokey Capital, Inc., as financial advisor.


RCS CAPITAL: Moody's Lowers CFR to B3, Outlook Negative
-------------------------------------------------------
Moody's Investors Service downgraded RCS Capital Corporation's
ratings, including its corporate family rating that was downgraded
to B3 from B2. The rating outlook is negative.

Moody's has taken the following rating actions, which concludes
Moody's review for downgrade of RCS' ratings that was initiated on
Nov. 14, 2014:

  -- Corporate family rating, downgraded to B3 from B2 on Review
     for Downgrade

  -- $575 million senior secured first lien term loan, downgraded
     to B3 from B2 on Review for Downgrade

  -- $25 million senior secured first lien revolving credit
     facility, downgraded to B3 from B2 on Review for Downgrade

  -- $150 million senior secured second lien term loan,
     downgraded to Caa2 from Caa1 on Review for Downgrade

  -- Outlook, negative

Moody's said the adverse repercussions from the accounting and
reporting issues at American Realty Capital Properties, Inc. (ARCP)
on RCS' wholesale distribution business, together with a recent
slowdown in nontraded REIT transactions and liquidity events,
heightens the risk of RCS potentially breaching its debt financial
covenants during 2015. Moody's said the various regulatory
investigations and lawsuits pursuant to the matters reported by
ARCP's audit committee on March 2, 2015 could potentially result in
further adverse publicity and loss of business for RCS' affiliates,
and, in turn, for RCS' wholesale distribution and capital markets
advisory services businesses. RCS' concentration risk in
transactions with affiliates in these businesses compounds the
confidence-sensitivity of its role in distributing nontraded REITs
to retail investors. Moody's said that although RCS has been
actively seeking to broaden these businesses towards third parties,
it remains to be seen whether or not these efforts will lead to
significant and enduring incremental organic revenue generation.

Moody's added that RCS is also still in the midst of a substantial
transitional period, having made multiple acquisitions during 2014
and 2015, mostly to establish its independent retail advisory
business. This segment reported a marginal downturn in pro-forma
results in the last quarter of 2014, although advisor retention
metrics have remained high and it's largely on track to deliver
extensive synergy benefits in 2015. Moody's said this business has
a comparatively more enduring earnings capacity than RCS' other
main business activities.

Moody's said the negative outlook on RCS' ratings reflects the
uncertainty surrounding both the extent of franchise erosion of
RCS' nontraded REIT activities and the potential impact on RCS of
the various regulatory investigations and lawsuits at ARCP. The
outlook could be changed to stable should more clarity develop over
these matters, and the company successfully avoids covenant
compliance issues in 2015.

A strong demonstration of the successful integration of acquired
independent retail advisory companies, evidenced by continuing and
substantial achievement of planned synergies and improved operating
results, could result in upward rating pressure. Organic growth and
diversification of the wholesale distribution and capital markets
businesses, with a significantly higher and stable share of
non-affiliated revenues and earnings, would be viewed positively.

A breach of financial covenants could result in downward rating
pressure, especially if the possible remediation (or avoidance) of
such a breach would be via means that could damage the company's
liquidity profile. Evidence of a permanent deterioration in
earnings capacity from transactions with affiliates, absent their
replacement by earnings from third parties, could also result in a
downgrade. The emergence of regulatory or compliance outcomes that
could result in financial penalties or loss of business would also
be viewed negatively.

The principal methodology used in these ratings was Global
Securities Industry Methodology published in May 2013.


RESTORGENEX CORP: Expects to Report $14.4 Million Loss for 2014
---------------------------------------------------------------
RestorGenex Corporation, on March 31, 2015, filed a Form 12b-25,
Notification of Late Filing with the Securities and Exchange
Commission with regard to its annual report on Form 10-K for the
fiscal year ended Dec. 31, 2014.  Although the filing of the Form
12b-25 provides the Company a 15 calendar day grace period to file
its 2014 Form 10-K, the Company believes that it will file its 2014
Form 10-K within the next few days.

The Company was unable to file its 2014 Form 10-K primarily as a
result of an anticipated impairment of intangible assets and the
identification and correction of prior period errors and the
consequential need to complete certain related analyses and
disclosures.  Based on the analyses completed to date, the Company
believes that the total net adjustments are immaterial and will be
corrected in the fourth quarter financial statements.  In order to
file the 2014 Form 10-K, the Company's (i) current independent
auditor, Deloitte & Touche LLP, will need to complete its current
year audit and (ii) former auditor for the year 2013, Goldman
Kurland and Mohidin LLP, will need to complete its review process.

The Company anticipates that its reported net loss will be
approximately $14.4 million or $(1.01) per share for the year ended
Dec. 31, 2014, compared to a net loss of $2.6 million or $(1.00)
per share for 2013.  The increase in the net loss is due primarily
to higher expenses in 2014 associated with the Company's research
and development efforts to advance its technologies and products
and an impairment of intangible assets.  The Company anticipates
that its reported operating expenses will be $14,613,818 during
2014, representing an increase of 14%, from operating expenses of
$12,796,534 during 2013.  This increase is primarily due to an
impairment of intangible assets.  The Company anticipates recording
an impairment of intangible assets of $6,670,345 for 2014 due to
its strategic decision in the fourth quarter of 2014 to focus its
initial product development efforts on RES-529, a novel
PI3K/Akt/mTOR pathway inhibitor which has completed two Phase I
clinical trials for age-related macular degeneration and is in
pre-clinical development for glioblastoma multiforme, and RES-440
in development for the treatment of acne.  The Company anticipates
$2,860,658 in research and development expenses during 2014
compared to $342,916 in research and development expenses
recognized during 2013.  The Company expects that its research and
development expenses will increase significantly in future periods
compared to 2014 and prior year periods due to its anticipated
efforts to advance the research and development of its technologies
and products.  The Company's cash and cash equivalents as of Dec.
31, 2014, were approximately $21.9 million.

                         About RestorGenex

RestorGenex Corporation operates as a biopharmaceutical company.
It focuses on dermatology, ocular disease, and women's health
areas.  The company was formerly known as Stratus Media Group,
Inc., and changed its name to RestorGenex Corporation in March
2014.  RestorGenex Corporation is based in Los Angeles,
California.

Restorgenex reported a net loss of $2.45 million in 2013 following
a net loss of $6.85 million in 2012.  For the nine months ended
Sept. 30, 2014, the Company reported a net loss of $9.28 million.

The Company's balance sheet at Sept. 30, 2014, showed $50.5 million
in total assets, $7.74 million in total liabilities and $42.8
million in total stockholders' equity.

Goldman Kurland and Mohidin LLP, in Encino, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that RestorGenex Corporation has suffered recurring
losses and has negative cash flow from operations.  These
conditions, the auditors said, raise substantial doubt as to the
ability of RestorGenex Corporation to continue as a going concern.


RETROPHIN INC: Appoints New Director; Names Meckler as Chairman
---------------------------------------------------------------
Retrophin, Inc. announced the appointment of Dr. John W. Kozarich
to the Board of Directors as an independent director, effective
April 1, 2014.  Retrophin also announced its Board of Directors has
named Jeffrey A. Meckler as the Company's next Chairman of the
Board of Directors, effective after the annual meeting of
stockholders to be held later this year.  Mr. Meckler, a director
since 2014, will succeed current Chairman Steve Richardson, who has
chosen not to stand for re-election.  Mr. Richardson's decision not
to stand for re-election to the Board does not involve any
disagreement with the Company, its management or the Board.

"We would like to welcome John to Retrophin's Board of Directors,"
said Stephen Aselage, chief executive officer of Retrophin.  "His
extensive pharmaceutical and academic research experience will be
instrumental in helping us develop our pipeline of potential
therapies for patients suffering from severe rare diseases."

Dr. Kozarich has more than 35 years of experience in academia and
the biopharmaceutical industry.  He currently serves as Chairman of
Ligand Pharmaceuticals, and Chairman and President of ActivX
Biosciences.  Prior to his role at ActivX, Dr. Kozarich was vice
president at Merck Research Laboratories where he was responsible
for a variety of drug discovery and development programs and
external biotech collaborations.  Dr. Kozarich previously held full
professorships at the University of Maryland and Yale School of
Medicine.  He was named Director of the Year for 2014 by the
Corporate Directors Forum, has been an American Cancer Society
Faculty Research Awardee, and received the Distinguished Scientist
Award of the San Diego Section of the American Chemical Society.
Dr. Kozarich holds a B.S. in chemistry from Boston College and a
Ph.D. in biological chemistry from the Massachusetts Institute of
Technology and was an NIH Postdoctoral Fellow at Harvard
University.

Commenting on the transition of the Chairman role, Mr. Aselage
added, "I would like to thank Steve for his leadership, support,
and relentless focus on our strategic vision which have helped
enable Retrophin's transformation into a thriving biotechnology
company in a remarkably short time.  Jeff is inheriting a strong
foundation, and I look forward to working with him in his new role
as we accelerate our growth."

Mr. Meckler added, "I am honored to be named as the next Chairman
of Retrophin's Board of Directors.  Steve's guidance as Chairman
has helped Retrophin get to where we are today, and I look forward
to helping the rest of the Board and management team deliver
significant value to our shareholders as we execute on our
strategic initiatives."

The Board members standing for re-election at the 2015 annual
meeting of stockholders will be Chairman Jeffrey Meckler, Stephen
Aselage, Neal Golding, Gary Lyons, Dr. John Kozarich, and Tim
Coughlin, who joined the Board on March 31, 2015.

                          About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

Retrophin reported a net loss of $111 million for 2014 following a
net loss of $34.6 million for 2013.  As of Dec. 31, 2014, Retrophin
had $135 million in total assets, $173 million in total
liabilities, and a $37.3 million total stockholders' deficit.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014.  The accounting firm noted that the Company has
suffered recurring losses from operations, used significant amounts
of cash in its operations, and expects continuing future losses.
In addition, at Dec. 31, 2014 the Company had deficiencies in
working capital and net assets of $70.2 million and $37.3 million,
respectively.  Finally, while the Company was in compliance with
its debt covenants at Dec. 31, 2014, it expects to not be in
compliance with these covenants in 2015.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


REVEL AC: Judge to Approve $82-Mil. Sale of Casino to Glenn Straub
------------------------------------------------------------------
Tom Corrigan, writing for The Wall Street Journal, reported that
U.S. Bankruptcy Judge Gloria Burns in New Jersey said she would
approve an $82 million sale of the Revel Casino Hotel to Florida
developer Glenn Straub, ending nearly 10 months of contentious
legal combat for control of the Atlantic City, N.J., resort.

According to the report, during the April 2 hearing, lawyers for
Revel's former tenants as well as its utility provider pleaded with
Judge Burns for more time to complete a potentially more favorable
$88 million deal with a duo of veteran real-estate executives.  But
Revel and Wells Fargo Bank, the resort's primary lender, said that
the time for other potential bidders to reach a deal had long
passed and that there was no funding left to continue the case.

                          About Revel AC

Revel AC, Inc. -- http://www.revelresorts.com/-- owns and operates

Revel, a Las Vegas-style, beachfront entertainment resort and
casino located on the Boardwalk in the south inlet of Atlantic
City, New Jersey.

Revel AC Inc. and five of its affiliates sought bankruptcy
protection (Bankr. D.N.J. Lead Case No. 14-22654) on June 19,
2014,
to pursue a quick sale of the assets.

The Chapter 11 cases are assigned to Judge Gloria M. Burns.  The
Debtors' Chapter 11 cases are jointly consolidated for procedural
purposes.

Revel AC estimated assets ranging from $500 million to $1 billion,
and the same amount of liabilities.

White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors'
Counsel, and Moelis & Company, LLC, is the investment banker.  The
Debtors' solicitation and claims agent is Alixpartners, LLP.

The prepetition first lenders are represented by Cadwalader,
Wickersham & Taft LLP.  The prepetition second lien lenders are
represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP.  The
DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP.

This is Revel AC's second trip to bankruptcy.  The company first
sought bankruptcy protection (Bankr. D.N.J. Lead Case No.
13-16253)
on March 25, 2013, with a prepackaged plan that reduced debt by
$1.25 billion.  Less than two months later on May 15, 2013, the
2013 Plan was confirmed and became effective on May 21, 2013.


RICEBRAN TECHNOLOGIES: Warns of Possible Bankruptcy Re-Filing
-------------------------------------------------------------
RiceBran Technologies continued to experience losses and negative
cash flows from operations in 2014.

The Company's net cash used in operating activities was $10 million
in 2014 and $5.2 million in 2013.  The Company said it may not be
able to achieve revenue growth, profitability or positive cash
flow, on either a quarterly or annual basis, and that
profitability, if achieved, may not be sustained.  

"If we are unable to achieve or sustain profitability, we may not
be financially viable in the future and may have to curtail,
suspend, or cease operations, restructure existing operations to
attempt to ensure future viability, or pursue other alternatives
such as re-filing for bankruptcy, pursuing dissolution and
liquidation, seeking to merge with another company, selling all or
substantially all of our assets or raising additional capital
through equity or debt financings," the Company said.

Because of the Company's recurring losses and negative cash flows
from operations, the audit report of Marcum, LLP, in New York,  its
independent registered public accountants, on the consolidated
financial statements contains an explanatory paragraph stating that
there is substantial doubt about the Company's ability to continue
as a going concern.

RiceBran reported a net loss of $26.6 million on $40.1 million of
revenues for the year ended Dec. 31, 2014, compared to a net loss
of $17.6 million on $35.05 million of revenues for the year ended
Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $46.08 million in total
assets, $27.8 million in total liabilities, $2.64 million in
temporary equity, and $15.7 million in total equity attributable to
the Company's shareholders.

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

                        http://is.gd/lcuuqy

                          About RiceBran

Scottsdale, Ariz.-based RiceBran Technologies, a California
corporation, is a human food ingredient and animal nutrition
company focused on the procurement, bio-refining and marketing of
numerous products derived from rice bran.


RISTAR WELLNESS: Delays 2014 Form 10-K Filing
---------------------------------------------
TriStar Wellness Solutions, Inc., filed with the U.S. Securities
and Exchange Commission a Notification of Late Filing on Form
12b-25 with respect to its annual report on Form 10-K for the year
ended Dec. 31, 2014.  According to the Company, data and other
information regarding certain of its material operations, as well
as its financial statements required for the filing, are not
currently available and could not be made available without
unreasonable effort and expense.

TriStar Wellness anticipates its financial results for the year
ended Dec. 31, 2014, will differ significantly from the prior year
due to its acquisition of HemCon Medical Technologies Inc., an
Oregon corporation, which closed on May 6, 2013.  Unlike the year
ended Dec. 31, 2013, the Company's financial statements for the
year ended Dec. 31, 2014, will reflect the operations of HemCon for
the entire year, which relate to the development, manufacturing and
marketing of innovative wound care/infection control medical
devices.  The operations the Company acquired as a result of its
acquisition of HemCon will significantly impact the Company's
revenue and cost of goods sold, operating expenses, as well as
change the Company's net profit/loss for the year ended Dec. 31,
2014, when compared to the prior year.  The Company said the exact
impact will not be known until its financial statements for the
year ended Dec. 31, 2014, are completed.

                        About TriStar Wellness

TriStar Wellness Solutions, Inc., offers products and technologies
in the areas of wound care, women's health and therapeutic skin
care.  The Company is based in Westport, Connecticut.

Tristar Wellness reported a net loss of $5.98 million on $4.43
million of sales revenue for the nine months ended Sept. 30, 2014,
compared to a net loss of $6.54 million on $2.57 million of sales
revenue for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2014, showed $5.51
million in total assets, $13.84 million in total liabilities and a
$8.32 million total stockholders' deficit.


RITE AID: Completes $1.8 Billion Senior Notes Offering
------------------------------------------------------
Rite Aid Corporation closed its offering of $1.8 billion aggregate
principal amount of its 6.125% senior notes due 2023, according to
a document filed with the Securities and Exhange Commission.  The
Notes are unsecured, unsubordinated obligations of the Company and
are guaranteed by substantially all of the Company's subsidiaries.

The Company intends to use the net proceeds from the Notes
Offering, together with available cash and borrowings under its
Senior Credit Facility, to fund the cash portion of the
consideration and related fees and expenses payable by the Company
to equity holders of Envision Pharmaceutical Services, LLC upon the
closing of the Company's previously announced acquisition of
EnvisionRx.  In the event the acquisition is not completed, the
Company has the ability to use the net proceeds to refinance
certain of its existing indebtedness or to redeem the notes.

The Notes were issued pursuant to an indenture, dated as of
April 2, 2015, among the Company, the Subsidiary Guarantors and The
Bank of New York Mellon Trust Company, N.A., as trustee.  

The Company is not required to make mandatory sinking fund payments
with respect to the Notes.

                       About Rite Aid Corp.

Rite Aid is a drugstore chain with 4,570 stores in 31 states and
the District of Columbia and fiscal 2014 annual revenues of $25.5
billion.

Rite Aid reported net income of $118 million for the year ended
March 2, 2013, compared with a net loss of $369 million for the
year ended March 2, 2012.  As of Nov. 29, 2014, the Company had
$7.18 billion in assets, $8.97 billion in liabilities, and a $1.79
billion stockholders' deficit.

                           *     *     *

In March 2015, Moody's Investor Service confirmed its 'B2'
Corporate Family Rating of Rite Aid.  The confirmation reflects
Moody's expectation that Rite Aid will maintain debt to EBITDA
below 7.0 times after closing the acquisition of Envision
Pharmaceutical Holdings, Inc.

As reported by the TCR on Oct. 2, 2013, Standard & Poor's Ratings
Services said it raised its ratings on Rite Aid, including the
corporate credit rating, which S&P raised to 'B' from 'B-'.

In April 2014, Fitch Ratings upgraded its ratings on Rite Aid,
including its Issuer Default Rating to 'B' from 'B-'.  The upgrades
reflect the material improvement in the company's operating
performance, credit metrics and liquidity profile over the past 24
months.


S.A.K. REALTY: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: S.A.K. Realty Corporation
        1299 Jerome Avenue
        Bronx, NY 10452

Case No.: 15-10834

Nature of Business: The Debtor is in the business of owning and
                    operating 1338 Southern Boulevard, Bronx, New
                    York, 135 City Island Road, Bronx, New York,
                    5530 Ridgewood Street, Philadelphia,
                    Pennsylvania, 2017 Oakford Street,
                    Philadelphia, Pennsylvania and 709 Tiffany
                    Street, Bronx, New York.

Chapter 11 Petition Date: April 2, 2015

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

Debtor's Counsel: Leo Fox, Esq.
                  630 Third Avenue, 18th Floor
                  New York, NY 10017
                  Tel: (212) 867-9595
                  Fax: (212) 949-1847
                  Email: leofox1947@aol.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Janet Bhoopsingh, president.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.


SABINE OIL: Incurs $327 Million Net Loss in 2014
------------------------------------------------
Sabine Oil & Gas Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
including non-controlling interests of $327 million on $465 million
of total revenues for the year ended Dec. 31, 2014, compared with
net income including non-controlling interests of $10.6 million on
$355 million of total revenues for the year ended Dec. 31, 2013.

For the three months ended Dec. 31, 2014, the Company reported a
net loss of $358 million on $108 million of total revenues compared
to net income of $1.31 million on $109 million of total revenues
for the same period in 2013.

As of Dec. 31, 2014, the Company had $2.43 billion in total assets,
$2.5 billion in total liabilities and a $63.8 million total
shareholders' deficit.

"We recognize that market dynamics have changed considerably in the
past year, which has impacted the Company's financial position.
Our management team and board of directors are taking proactive
steps to strengthen our balance sheet and enhance liquidity.  We
achieved a 31% increase in revenues from production of oil, natural
gas liquids and natural gas, and a 12% increase in Adjusted EBITDA
for the year.  We remain focused on continuing to manage our asset
portfolio and executing our business strategy,” said David
Sambrooks, Chairman, President and Chief Executive Officer.  "To
that end, we have retained Lazard and Kirkland & Ellis LLP to
advise management and the board of directors on strategic
alternatives related to our capital structure.  We intend to
explore alternatives aimed at enhancing our liquidity and
strengthening our balance sheet.  We fully expect to continue
operating in the ordinary course throughout this process."

Deloittee & Touche LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the uncertainty associated with
the Company's ability to repay its outstanding debt obligations as
they become due raises substantial doubt about its ability to
continue as a going concern.

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

                        http://is.gd/Ve1vGS

                           About Sabine

Sabine Oil & Gas LLC, (formerly Forest Oil Corporation) is an
independent energy company engaged in the acquisition, production,
exploration and development of onshore oil and natural gas
properties in the United States.  Sabine's current operations are
principally located in Cotton Valley Sand and Haynesville Shale in
East Texas, the Eagle Ford Shale in South Texas, and the Granite
Wash in the Texas Panhandle.  See http://www.sabineoil.com/       

                            *    *    *

As reported by the TCR on Feb. 16, 2015, Moody's Investors Service
affirmed Forest Oil's 'B3' Corporate Family Rating, as well as its
'B3-PD' PDR and SGL-3 Speculative Grade Liquidity Rating.

"The combination of Sabine and Forest joins two companies whose
principal assets in East Texas and the Eagle Ford Shale are highly
complementary, creating a company much larger in size and scale
than the two companies are individually, although one whose
production and reserves remain heavily weighted to natural gas,"
commented Andrew Brooks, Moody's Vice President.

The TCR report in March 2015 that Standard & Poor's Ratings
Services lowered its corporate credit rating on Sabine Oil & Gas
Corp. to 'CCC' from 'B-'.

"The downgrade reflects our view that Sabine may pursue capital
restructuring over the next 12 months that could result in lower
ratings on the company and its debt," said Standard & Poor's credit
analyst Ben Tsocanos.


SABINE OIL: Moody's Lowers Corp. Family Rating to Caa3, Outlook Neg
-------------------------------------------------------------------
Moody's Investors Service downgraded Sabine Oil & Gas Corporation's
Corporate Family Rating to Caa3 from Caa1, its second lien term
loan rating to Caa3 from Caa2 and its unsecured notes rating to Ca
from Caa3. SOGC's Speculative Grade Liquidity Rating remains SGL-4
and its rating outlook remains negative.

"The technical default, potential acceleration of debt, existing
bondholder litigation over change of control provisions related to
its combination with the former Forest Oil Corporation and the
potential for SOGC's fully drawn borrowing base revolving credit
facility to be significantly reduced by its lenders in the April
redetermination combine to increasingly restrict SOGC's
maneuverability in the most difficult of circumstances," commented
Andrew Brooks, Moody's Vice President. "The company may have little
choice but to pursue a distressed exchange of debt, which Moody's
would view as a default, or a court restructuring to address its
highly challenged and unsustainable capital structure."

Downgrades:

Issuer: Sabine Oil & Gas Corporation

  -- Probability of Default Rating, Downgraded to Caa3-PD from
     Caa1-PD

  -- Corporate Family Rating (Local Currency), Downgraded to Caa3
     from Caa1

  -- Senior Unsecured Regular Bond/Debenture (Local Currency),
     Downgraded to Ca, LGD5 from Caa3, LGD5

Issuer: Sabine Oil & Gas LLC (Assumed by Sabine Oil & Gas
Corporation)

  -- Senior Secured Bank Credit Facility (Local Currency),
     Downgraded to Caa3, LGD3 from Caa2, LGD4

  -- Senior Unsecured Regular Bond/Debenture (Local Currency),
     Downgraded to Ca, LGD5 from Caa3, LGD5

Affirmations:

Issuer: Sabine Oil & Gas Corporation

  -- Speculative Grade Liquidity Rating, Affirmed SGL-4

Outlook Actions:

Issuer: Sabine Oil & Gas Corporation

  -- Outlook, Remains Negative

Issuer: Sabine Oil & Gas LLC

  -- Outlook, Remains Negative

The rating actions were prompted by SOGC's disclosure on March 31,
2015 that it is in default under its revolving credit facility and
second lien term loan as a result of a going concern qualification
related to its Dec. 31, 2014 audited financial statements. While
the company is in discussions with its revolving credit lenders
regarding a potential waiver of the default, if a waiver is not
obtained within the 30-day cure period, the ensuing event of
default will permit lenders to accelerate the debt under the fully
drawn, $1.0 billion secured revolving credit. Similarly, if a
waiver is not obtained within the 180-day cure period under the
company's second lien term loan, an event of default could trigger
an acceleration. An acceleration of debt under SOGC's revolving
credit facility or term loan would cross default to its unsecured
notes, potentially accelerating the maturity of these debt
obligations.

SOGC's SGL-4 Speculative Grade Liquidity Rating reflects weak
liquidity through 2015. The company's liquidity is primarily
provided through its amended $1.0 billion secured borrowing base
revolving credit facility, under which the remaining $356 million
of unborrowed availability was fully drawn on February 25, leaving
balance sheet cash approximating $327 million as of March 15. The
amended credit facility has a scheduled maturity date of April 7,
2016. The second lien term loan is scheduled to mature December 31,
2018, however, if SOGC's 9.75% unsecured notes remain outstanding
to their scheduled Feb. 15, 2017 maturity date, the second lien
term loan would mature November 16, 2016, further stressing 2016
liquidity.

The second-lien term loan is secured by a second lien on company
assets, and the unsecured notes are guaranteed on a senior
unsecured basis by the company's operating subsidiaries. The second
lien term loan is rated Caa3, at SOGC's Caa3 CFR in accordance with
Moody's Loss Given Default (LGD) Methodology, while the unsecured
notes are rated Ca, one-notch beneath the CFR. The Ca rating on
SOGC's senior unsecured notes reflects the subordination of the
senior unsecured notes to SOGC's $1.0 billion secured revolving
credit facility and the second lien term loan's priority claim to
the company's assets.

The negative outlook reflects the emergence of the technical
default under SOGC's revolving credit and second lien term loan,
and potential event of default and acceleration of debt, together
with concerns regarding the company's liquidity profile. Given
additional uncertainties related to a potential borrowing base
redetermination, bondholder litigation and a potential
restructuring, the outlook will remain negative. Additional
liquidity pressure could trigger a further downgrade, as would an
event of default and acceleration of debt, or an-in or out-of-court
restructuring. A rating upgrade is unlikely in the near term.

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

Sabine Oil & Gas Corporation is an independent exploration and
production company headquartered in Houston, Texas.


SABLE NATURAL: Incurs $4.62 Million Net Loss in 2014
----------------------------------------------------
Sable Natural Resources Corporation filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $4.62 million on $912,000 of total revenues for the year
ended Dec. 31, 2014, compared with a net loss of $2.67 million on
$930,000 of total revenues for the year ended Dec. 31, 2013.

At Dec. 31, 2014, the Company had $18.6 million in total assets,
$18.6 million in total liabilities, $3.72 million in preferred
stock, series A convertible, and a $3.68 million total
stockholders' deficit.

As of Dec. 31, 2014, the Company had cash and cash equivalents
totaling $206,000 on hand.

Whitley Penn LLP, in Dallas, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company will need additional
working capital to fund operations.  This condition raises
substantial doubt about the Company's ability to continue as a
going concern.

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

                        http://is.gd/g7wXDf

                        About Sable Natural

Sable Natural Resources Corporation is an energy holding company
with principal operations centralized in its wholly-owned
subsidiary, Sable Operating Company, Inc.  Sable was formerly known
as NYTEX Energy Holdings, Inc. and Sable Operating was formerly
known as NYTEX Petroleum Inc.  Sable Operating is a development
stage exploration and production company engaged in the
acquisition, development, and production of liquids rich natural
gas and oil reserves from low-risk, high rate-of-return wells in
the Fort Worth Basin of Texas.  On Dec. 31, 2014, the Company's
estimated proved reserves were 669.12 MBOE, of which 100% were
proved developed. Our portfolio of proved developed natural gas and
oil reserves is weighted in favor of liquids rich natural gas, with
the Company's proved reserves consisting of 15% oil, 38% natural
gas liquids and 47% natural gas.  Also, on
Dec. 31, 2014, the Company's probable reserves were 565 MBOE
consisting of 17% oil, 2% NGL, and 81% natural gas, and the
Company's possible reserves were 1,231 MBOE consisting of 19% oil,
2% NGL, and 79% natural gas.


SAMSON RESOURCES: S&P Cuts CCR to 'CCC-' on Possible Ch. 11 Filing
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Tulsa, Okla.-based Samson Resources Corp. to
'CCC-' from 'CCC+'.  The outlook is negative.

At the same time, S&P lowered its rating on Samson's revolving
credit facility to 'CCC+' (two notches above the corporate credit
rating) from 'B'.  The recovery rating on this debt remains '1',
indicating S&P's expectation of very high (90% to 100%) recovery if
a payment default occurs.  S&P also lowered its rating on Samson's
second-lien debt to 'CCC-' (the same as the corporate credit
rating) from 'CCC+'.  The recovery rating on this debt remains '4',
indicating S&P's expectation of average (30% to 50%; upper half of
the range) recovery in the event of a payment default.  S&P also
lowered its rating on subsidiary Samson Investment Co.'s unsecured
notes to 'C' from 'CCC-'.  The recovery rating on this debt remains
'6', indicating S&P's expectation of negligible (0% to 10%)
recovery in case of a payment default.

Samson Investment is a subsidiary of Samson Resources and a
borrower of these debt instruments.

"The downgrade on Samson reflects that we believe that the company
could restructure its debt, reorganize under Chapter 11 of the
Bankruptcy Code, or miss an interest payment without unanticipated
significantly favorable changes in the company's circumstances,"
said Standard & Poor's credit analyst Stephen Scovotti.

S&P now assess Samson's liquidity to be "weak" given that S&P
believes that the company may not be able meet its obligations in
the short term.

The negative outlook reflects S&P's expectation that the company
may not be able to meet its near-term obligations.

S&P could lower the ratings if the company restructures its debt,
misses an interest payment, or reorganizes under Chapter 11.

S&P would consider a positive rating action if it felt that the
company could meet its obligations over the next year, without
restructuring its debt, missing an interest payment, or filing
under Chapter 11.



SCIENTIFIC GAMES: M&F Reports Beneficial Ownership of CL-A Shares
-----------------------------------------------------------------
As of the close of business on March 31, 2015, (i) SGMS Acquisition
Corporation has sole voting power and sole dispositive power over
26,385,737 shares of Class A Common Stock, representing
approximately 30.85% of the Common Stock, (ii) RLX Holdings Two LLC
has sole voting power and sole dispositive power over 3,125,000
shares of Class A Common Stock, representing approximately 3.65% of
the Common Stock and (iii) SGMS Acquisition Two Corporation has
sole voting power and sole dispositive power over 4,745,000 shares
of Class A Common Stock, representing approximately 5.55% of the
Common Stock.

Because SGMS One, RLX and SGMS Two are wholly owned subsidiaries of
MacAndrews & Forbes Incorporated, M&F may be deemed to have
beneficial ownership of the shares of Common Stock beneficially
owned by those entities, representing approximately 40.05% of the
Common Stock.

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

                        http://is.gd/YZETnx

                       About Scientific Games

Scientific Games Corporation is a developer of technology-based
products and services and associated content for worldwide gaming
and lottery markets.  The Company's portfolio includes instant and
draw-based lottery games; electronic gaming machines and game
content; server-based lottery and gaming systems; sports betting
technology; loyalty and rewards programs; and social, mobile and
interactive content and services.  Visit
http://www.scientificgames.com/      

Scientific Games reported a net loss of $234 million in 2014, a net
loss of $30.2 million in 2013 and a net loss of $62.6 million for
2012.  As of Dec. 31, 2014, Scientific Games had $9.99 billion in
total assets, $9.99 billion in total liabilities and $3.9 million
in total stockholders' equity.

                           *     *     *

The TCR reported on May 21, 2014, that Moody's Investors Service
downgraded Scientific Games Corporation's ("SGC") Corporate Family
Rating to 'B1'.  The downgrade reflects Moody's view that slower
than expected growth in SGC's Gaming and Instant Products segments
will cause Moody's adjusted leverage to exceed 6.0 times by the
end of 2014.

As reported by the TCR on Aug. 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating to 'B+' from 'BB-' on
Scientific Games Corp.

"The downgrade and CreditWatch placement follow Scientific Games'
announcement that it has agreed to acquire Bally Technologies for
$5.1 billion, including the refinancing of about $1.8 billion in
net debt at Bally," said Standard & Poor's credit analyst Ariel
Silverberg.


SEARS HOLDINGS: Edward Lampert Reports 53.2% Stake as of April 2
----------------------------------------------------------------
As of April 2, 2015, the reporting persons disclosed that they may
be deemed to beneficially own shares of common stock of Sears
Holdings Corporation as follows:

                                     Number of       Percentage
                                      Shares            of
                                   Beneficially     Outstanding
Name                                 Owned            Shares
----                              ------------     -----------
ESL Partners, L.P.                  57,824,479         51.9%
SPE I Partners, LP                   1,939,872          1.8%
SPE Master I, LP                     2,494,783          2.3%      

RBS Partners, L.P.                  62,259,134         55.9%     
ESL Institutional Partners, L.P.        12,341            0%  
RBS Investment Management, L.L.C.       12,341            0%
CRK Partners, LLC                          887            0%
ESL Investments, Inc.               62,272,362         55.9%
Edward S. Lampert                   62,272,362         53.2%

"In grants of Holdings Common Stock by Holdings on Feb. 27, 2015,
and March 31, 2015, pursuant to the Letter between Holdings and Mr.
Lampert, Mr. Lampert acquired an additional 23,556 shares of
Holdings Common Stock.  Mr. Lampert received the Holdings Common
Stock as consideration for serving as chief executive officer and
no cash consideration was paid by Mr. Lampert in connection with
the receipt of such Holdings Common Stock.

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

                        http://is.gd/o9siSU

                           About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused

on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

For the year ended Jan. 31, 2015, the Company reported a net loss
attributable to Holdings' shareholders of $1.68 billion compared
to
a net loss attributable to Holdings' shareholders of $1.36 billion
for the year ended Feb. 1, 2014.  As of Jan. 31, 2015, the Company
had $13.20 billion in total assets, $14.15 billion in total
liabilities and a $945 million total deficit.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  
The rating outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SEARS HOLDINGS: Has 50/50 Joint Venture with General Growth
-----------------------------------------------------------
Sears Holdings Corporation and General Growth Properties, Inc. have
entered into a real estate joint venture under which Sears Holdings
has contributed to the JV 12 Sears Holdings properties located at
GGP malls, involving both existing Sears Holdings stores and
certain property leased to third parties occupying former Sears
Holdings stores.  As part of the transaction, GGP has contributed
cash to the JV, and the JV has leased back the existing Sears
Holdings stores.  The transaction is designed to unlock real estate
value and enhance financial flexibility for Sears Holdings while at
the same time providing the JV the opportunity to create additional
value through re-development and re-leasing of up to 50% of each
property.

"Today's announcement demonstrates our ability to unlock a small
portion of Sears Holdings' vast and valuable real estate portfolio,
and represents an important step in the continued transformation of
Sears Holdings," said Edward S. Lampert, Chairman and CEO of Sears
Holdings.  "We continue to show that Sears Holdings is an
asset-rich enterprise with multiple levers to generate financial
flexibility, while creating shareholder value. The JV, and its
structure, are consistent with our transition from a store-focused
network to a more asset-light, member-centric retailer and it
provides additional capital to invest in the future of our
membership and integrated retail platforms. Importantly, we will
continue to operate these 12 stores and there will be minimal
impact on the day-to-day operations of our stores or the overall
shopping experience for our members."

Sandeep Mathrani, CEO of General Growth Properties, stated, "Our
new partnership with Sears Holdings is consistent with our
investment strategy of acquiring interests in high-quality retail
properties located in the U.S.  This transaction provides an
opportunity to potentially redevelop certain Sears Holdings
locations within our portfolio and further strengthen each mall
within its trade area.  We look forward to working with Sears
Holdings to maximize the value of these locations for our
shareholders."

Joint Venture Structure

A subsidiary of Sears Holdings has contributed to the JV 12
properties at GGP malls where Sears Holdings currently operates
department stores (or leases former stores to third party tenants),
in exchange for an interest in the JV and $165 million in cash.
The transaction values these properties at $330 million in the
aggregate.  Under the agreement with Sears Holdings, a subsidiary
of GGP has made a cash contribution of $165 million to the JV in
exchange for a 50% interest in the JV, and such amount has been
distributed to Sears Holdings which will own the other 50% interest
upon consummation of the transaction.

Planned Transaction with Seritage Growth Properties

As announced separately, Sears Holdings plans to sell approximately
250 other Sears Holdings properties to Seritage Growth Properties,
a new real estate investment trust.  Sears Holdings also announced
the filing of a registration statement on Form S-11 relating to its
plans to distribute rights to acquire Seritage common shares to all
Sears Holdings stockholders.  If the rights offering is completed,
Sears Holdings expects to sell its 50% interest in the JV (for a
purchase price equal to that being paid by GGP for its interest in
the JV) to Seritage.  As part of the transaction, GGP has also
agreed to invest approximately $33 million to acquire Seritage
common shares in a private placement at a purchase price equal to
the subscription price for the rights offering (if the rights
offering is consummated and subject to other customary
conditions).

Lease Terms

Sears Holdings has agreed to lease back the contributed properties
from the JV Entity under a triple-net master lease agreement.  The
Master Lease will extend for a period of ten years, with two
five-year renewal options.  The initial amount of aggregate base
rent under the Master Lease will be $17.3 million.  The JV Entity
has the ability to recapture up to 50% of the space leased to Sears
Holdings and then re-lease this space to other tenants.

As Sears Holdings continues its transformation into an integrated
retailer that is focused on serving members across every retail
channel, it is unlikely to require the same amount of square
footage in each of its physical stores.  The provisions of the
Master Lease (including various termination rights) allow Sears
Holdings to continue to rationalize its operating footprint and
reduce expenses while driving additional traffic to the remaining
retail space through the proximity of new tenants in the recaptured
areas.  In addition, these provisions provide the JV with the
opportunity to re-configure and re-develop its properties.

Except with respect to the rent amounts and the properties covered,
the general format of the Master Lease is similar to the leasing
agreements that Sears Holdings expects to enter into with
Seritage.

The JV will be governed by an executive committee on which Sears
Holdings and GGP have equal representation.  An affiliate of GGP
will be the leasing manager and property manager for the
properties.

                             About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused

on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

For the year ended Jan. 31, 2015, the Company reported a net loss
attributable to Holdings' shareholders of $1.68 billion compared
to a net loss attributable to Holdings' shareholders of $1.36
billion for the year ended Feb. 1, 2014.  As of Jan. 31, 2015, the
Company had $13.20 billion in total assets, $14.15 billion in total
liabilities and a $945 million total deficit.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  
The rating outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SEARS HOLDINGS: Seritage Files Form S-11 Registration Statement
---------------------------------------------------------------
Sears Holdings Corporation said that, in connection with its
previously announced exploration of the formation of a real estate
investment trust, Seritage Growth Properties, a Maryland trust
formed by the Company, has filed a registration statement on Form
S-11 with the Securities and Exchange Commission.

The Registration Statement provides for a rights offering by
Seritage intended to partially finance its purchase of
approximately 254 of the Company's properties, virtually all of
which are operated as Sears and Kmart stores.  As of Jan. 31, 2015,
Sears Holdings owned or leased 1,725 Kmart and Sears stores
combined.  Proceeds to the Company of this sale are expected to
exceed $2.5 billion.

The Company would in turn enter into a master lease agreement,
pursuant to which it would lease the Sears and Kmart properties
from Seritage and continue to operate its retail stores in those
locations.  The proceeds of the rights offering, together with debt
and other financing which Seritage would obtain, would be used by
Seritage to purchase the properties from the Company.  The
subscription rights would be distributed pro rata to all
stockholders of record of the Company and entitle holders to
purchase common shares of Seritage.  The record date, subscription
price, subscription ratio (the number of rights needed to acquire a
share in Seritage) and other terms of the proposed rights offering
will be announced prior to the commencement of the rights
offering.

Edward S. Lampert, chairman and chief executive officer of the
Company and chairman and chief executive officer of ESL
Investments, Inc. and certain investment funds affiliated with ESL,
have advised the Company that they intend to exercise their pro
rata portion of the subscription rights in full, although they have
not entered into any agreement to do so.  In addition, Fairholme
Capital Management, L.L.C. has advised the Company that it expects
that its clients will exercise substantially all of the rights they
receive, subject to the REIT ownership limitations imposed by the
Company and regulatory considerations.

The rights offering is currently anticipated to close by the end of
the second quarter of this year, and is subject to the approval of
the Board of Directors of Sears Holdings, market conditions and the
satisfaction of certain other conditions.  Sears Holdings may, at
any time prior to the closing of the REIT transaction, decide to
abandon the transaction or modify its terms.

                            About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused

on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

For the year ended Jan. 31, 2015, the Company reported a net loss
attributable to Holdings' shareholders of $1.68 billion compared
to
a net loss attributable to Holdings' shareholders of $1.36 billion
for the year ended Feb. 1, 2014.  As of Jan. 31, 2015, the Company
had $13.20 billion in total assets, $14.15 billion in total
liabilities and a $945 million total deficit.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  
The rating outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SILVERSUN TECHNOLOGIES: Reports $193,000 Net Income in 2014
-----------------------------------------------------------
Silversun Technologies, Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing net income of
$193,000 on $21.5 million of net total revenues for the year ended
Dec. 31, 2014, compared to net income of $323,000 on $17.4 million
of net total revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $5.05 million in total assets,
$5.04 million in total liabilities and $13,607 in total
stockholders' equity.

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

                       http://is.gd/FIs7wB

                          About SilverSun

Livingston, N.J.-based SilverSun Technologies, Inc., formerly
known as Trey Resources, Inc., focuses on the business software
and information technology consulting market, and is looking to
acquire other companies in this industry.  SWK Technologies, Inc.,
the Company's subsidiary and the surviving company from the
acquisition and merger with SWK, Inc., is a New Jersey-based
information technology company, value added reseller, and master
developer of licensed accounting and financial software published
by Sage Software.  SWK  Technologies also publishes its own
proprietary supply-chain software, the Electronic Data Interchange
(EDI) solution "MAPADOC."  SWK Technologies sells services and
products to various end users, manufacturers, wholesalers and
distribution industry clients located throughout the United
States, along with network services provided by the Company.

                            *    *    *

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


SKYMALL LLC: Court Okays Sale to C&A Marketing for $1.9 Million
---------------------------------------------------------------
Kristena Hansen at KJZZ reports that the U.S. Bankruptcy Court
approved on March 27, 2015, the $1.9 million sale of SkyMall LLC to
C&A Marketing Inc.  Russ Wiles, writing for Azcentral.com, says
that along with $1 million in cash, C&A Marketing is issuing a
promissory note for $900,000.

According to KJZZ, C&A Marketing won the March 25 auction of the
Company's trademark and online business.

Alan Wolf at Twice.com relates that SCOTTeVest founder/CEO Scott
Jordan said the purchase does not include airline contracts.

C&A said it plans to revitalize SkyMall through strategic retail
alliances, branded product lines, cross promotions, and possible
"pop-up" stores, Twice.com reports.

Azcentral.com relates that C&A's $1.9 offer beat FSG Distributors
$2.5 million bid.  Jeffrey Manning, managing director of investment
banker CohnReznick Capital Markets Securities, said in court
documents, "C&A Marketing's bid was determined to be the 'highest
and best' because it was fair and reasonable, financially well
backed (and) had substantially fewer contingencies than the FSG
bid."

Citing C&A Marketing executive vice president and co-owner Chaim
Pikarski, Azcentral.com states that the new buyer will contact
airlines and might bring back the SkyMall catalog in some form if
it makes sense.  Mr. Pikarski said that a small SkyMall staff of
perhaps 10 people in Phoenix, primarily individuals with product
and marketing expertise, will remain, the report adds.

                        About SkyMall LLC

Headquartered in Phoenix, Arizona, SkyMall, LLC, is the company
behind the ubiquitous in-flight catalogs known for kitschy items
that include Bigfoot Garden Yeti statues, night glow toilet seats
and cat litter robots.

Affiliates SkyMall, LLC, fka SkyMall, Inc. (Bankr. D. Ariz. Case
No. 15-00679), Xhibit Corp., fka NB Manufacturing, Inc. (Bankr. D.
Ariz. Case No. 15-00680), Xhibit Interactive, LLC, fka Xhibit, LLC
(Bankr. D. Ariz. Case No. 15-00682), FlyReply Corp. (Bankr. D.
Ariz. Case No. 15-00684), SHC Parent Corp. (Bankr. D. Ariz. Case
No. 15-00685), SpyFire Interactive, LLC (Bankr. D. Ariz. Case No.
15-00686), Stacked Digital, LLC (Bankr. D. Ariz. Case No.
15-00687), and SkyMall Interests, LLC (Bankr. D. Ariz. Case No.
15-00688) filed separate Chapter 11 bankruptcy petitions on Jan.
22, 2014.  The petitions were signed by Scott Wiley, authorized
signatory.

Judge Brenda K. Martin presides over SkyMall, LLC's case, while
Judge Madeleine C. Wanslee presides over Xhibit Corp.'s and SHC
Parent Corp.'s cases.

John A. Harris, Esq., at Quarles & Brady LLP serves as the
Debtors' bankruptcy counsel.

Cohnreznick Capital Market Securities, LLC, is the Debtors'
financial advisor.

SkyMall, LLC, estimated its assets at between $1 million and $10
million, and its liabilities at between $10 million and $50
million.  Xhibit Corp. estimates its assets and liabilities at
between $100,000 and $500,000 each.  Xhibit Interactive, LLC,
estimates its assets and liabilities at up to $50,000 each.  SHC
Parent Corp. estimates its assets and liabilities at up to $50,000
each.


SOLAR POWER: Unit Inks Share Purchase Agreement with LDK Solar
--------------------------------------------------------------
SPI China (HK) Limited, a wholly owned subsidiary of Solar Power,
Inc., on March 30, 2015, entered into a share purchase agreement
with LDK Solar Europe Holding S.A., a Luxemburg corporation, and
LDK Solar USA, Inc.  Pursuant to the LDK Subsidiaries Share
Purchase Agreement, SPI China (HK) Limited agreed to purchase from
the Sellers (i) 100% equity interest in LD THIN S.R.L, a limited
liability company incorporated in Italy, (ii) 54.1% equity interest
in LAEM S.R.L, a limited liability company incorporated in Italy,
and (iii) 100% equity interest in North Palm Springs Investments,
LLC, a limited liability company incorporated in California, for an
aggregate cash consideration of US$2,390,000.  SPI China (HK)
Limited will also assume certain indebtedness contemplated in the
LDK Subsidiaries Share Purchase Agreement up to a maximum amount to
be agreed upon among SPI China (HK) Limited and the LDK Sellers
prior to the closing date of the transaction.  The transaction is
subject to several closing conditions including completion of
satisfactory due diligence.

                     Acquisition of Solar Juice

On March 31, 2015, SPI China (HK) Limited entered into a share
purchase agreement with Andrew Burgess, a citizen of Australia as
trustee on the terms of the Burgess Absolutely Entitled Trust, Rami
Fedda, a citizen of Australia as trustee on the terms of the Fedda
Absolutely Entitled Trust, and Allied Energy Holding Pte Ltd, a
company incorporated in Singapore and associated with Simon Tan, a
citizen of Singapore.  Pursuant to the Solar Juice Share Purchase
Agreement, SPI China (HK) Limited agreed to purchase from the Solar
Juice Sellers 80% of the equity interest in Solar Juice Pty Ltd, an
Australian proprietary company limited by shares, for an aggregate
consideration of approximately US$25.5 million to be settled with
the Company's shares of common stock, subject to customary closing
conditions and other terms and conditions set forth in the Solar
Juice Share Purchase Agreement.

             Restates Third Quarter Financial Statements

On March 30, 2015, the Board of Directors of the Company, based on
a recommendation from management, determined that the Company's
condensed consolidated financial statements for the quarterly
period ended Sept. 30, 2014, should no longer be relied on and
should be restated.

Specifically, the Board determined that in the 3Q 2014 Financial
Statements, the Company inappropriately recognized revenue related
to the sale of a solar project in the U.S. for the three-month
period ended Sept. 30, 2014, resulting from inadvertent
misapplication of U.S. GAAP in analyzing the related construction
contract with respect to the project by using the
percentage-of-completion method of accounting, which should be
accounted for under the rules of real estate accounting and the
related revenue should be recognized using full accrual method when
the Company does not retain a substantial continuing involvement
with the property.  As the Company had not been released from
substantial continuing involvement as of Sept. 30, 2014, no revenue
arising out of the sale of this project could be recognized in
accordance with the full accrual rule under U.S. GAAP.  Therefore,
the management decided to restate the Company's consolidated
balance sheets as of Sept. 30, 2014, and consolidated statements of
income for the three-month and nine-month periods ended Sept. 30,
2014, to reflect the correction.

As restated, the Company's total assets as of Sept. 30, 2014, was
$112.28 million compared to $112.85 million as previously
reported.

The Company reported a restated net loss of $10.45 million for the
nine months ended Sept. 30, 2014, compared to a net loss of $9.87
million as reported.

A copy of the Form 8-K report is available for free at:

                        http://is.gd/coC6Ki

                         About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility ("SEF") developer offering its own brand of high-
quality, low-cost distributed generation and utility-scale SEF
development services.  Primarily, the Company works directly with
and for developers around the world who hold large portfolios of
SEF projects for whom it serves as an engineering, procurement and
construction contractor.  The Company also performs as an
independent, turnkey SEF developer for one-off distributed
generation and utility-scale SEFs.

Solar Power reported a net loss of $5.19 million in 2014, a net
loss of $32.24 million in 2013 and a net loss of $25.4 million in
2012.  As of Dec. 31, 2014, the Company had $587.9 million in total
assets, $325.79 million in total liabilities and $262.1 million in
total stockholders' equity.


SPEEDEMISSIONS INC: Delays Form 10-K Over Financial Matter
----------------------------------------------------------
Speedemissions, Inc., was not able to timely file its annual report
on Form 10-K for the year ended Dec. 31, 2014, by March 31, 2015,
without unreasonable effort and expense.  

"Due to the Company's current financial situation, we have been
unable to pay our accounting firm for services previously performed
which has impaired the accounting firm's ability to maintain its
independence and complete the audit and review of our Form 10-K
until our financial obligation has been satisfied.  We are working
to resolve this matter and anticipate we will be able to file our
Form 10-K within the fifteen-day extension period provided by Rule
12b-25 of the Securities Exchange Act of 1934," the Company said in
a Form 12b-25 filed with the Securities and Exchange Commission.

                       About Speedemissions

Tyrone, Georgia-based Speedemissions, Inc., is a test-only
emissions testing and safety inspection company.

Speedimissions reported a net loss of $814,000 in 2013 and a net
loss of $656,000 in 2012.

The Company's balance sheet at Sept. 30, 2014, showed
$2.04 million in total assets, $2.36 million in total liabilities,
$4.57 million in series A convertible, redeemable preferred stock,
and a $4.89 million total shareholders' deficit.


SPENDSMART NETWORKS: Needs More Time to File Form 10-K
------------------------------------------------------
SpendSmart Networks, Inc., said in a regulatory filing with the
Securities and Exchange Commission it has been unable, without
unreasonable effort or expense, to timely compile all information
for the financial statements and related disclosures required to be
included in its annual report on Form 10-K for the fiscal year
ended Dec. 31, 2014.  The Company expects to file the Annual Report
no later than the 15th calendar day following the prescribed filing
date.

                     About SpendSmart Networks

SpendSmart Networks, Inc., provides proprietary loyalty systems
and a suite of digital engagement and marketing services that help
local merchants build relationships with consumers and drive
revenues.  These services are implemented and supported by a vast
network of certified digital marketing specialists, aka "Certified
Masterminds," who drive revenue and consumer relationships for
merchants via loyalty programs, mobile marketing, mobile commerce
and financial tools, such as prepaid card and reward systems.  We
enter into licensing agreements for our proprietary loyalty
marketing solution with "Certified Masterminds" which sell and
support the technology in their respective markets.  The Company's
products aim to make Consumers' dollars go further when they spend
it with merchants in the SpendSmart network of merchants, as they
receive exclusive deals, earn rewards and ultimately build a
connection with their favorite merchants.

For the 12 months ended Sept. 30, 2013, the Company reported a net
loss and comprehensive loss of $12.6 million on $1.02 million of
revenues compared with a net loss and comprehensive loss of $21.09
million on $1 million of revenues for the same period in 2012.

As of Sept. 30, 2014, the Company had $12.02 million in total
assets, $1.92 million in total liabilities and $10.1 million in
total stockholders' equity.

EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2013.  The independent auditors noted that the
Company has incurred net losses since inception and has an
accumulated deficit at Dec. 31, 2013.  These factors among others
raise substantial doubt about the ability of the Company to
continue as a going concern.


SPENDSMART NETWORKS: Sells 11.25 Units to Investors
---------------------------------------------------
SpendSmart Networks, Inc., closed on a private offering and issued
and sold 11.25 units to accredited investors with each such Unit
consisting of a 9% Convertible Promissory Note with the principal
face value of $50,000 and a warrant to purchase 66,667 shares of
the Company's common stock on March 30 and 31, 2015, according to a
document filed with the Securities and Exchange Commission.

The Company also agreed to provide piggy-back registration rights
to the holders of the Units.  The Notes have a term of 12 months,
pay interest semi-annually at 9% per annum and can be voluntarily
converted by the holder into shares of common stock at an exercise
price of $0.75 per share, subject to adjustments for stock
dividends, splits, combinations and similar events as described in
the Notes.

In addition, if the Company issues or sells common stock at a price
below the conversion price then in effect, the conversion price of
the Notes shall be adjusted downward to that price but in no event
shall the conversion price be reduced to a price less than $0.50
per share.  The Warrants have an exercise price of $1.00 per share
and have a term of four years.  The holders of the Warrants may
exercise the Warrants on a cashless basis for as long as the shares
of common stock underlying the Warrants are not registered on an
effective registration statement.  The Company plans to use net
proceeds from the sale of the Units for general working capital.

The Units were offered and sold without registration under the
Securities Act of 1933, as amended in reliance on the exemptions
provided by Section 4(a)(2) of the Securities Act and Regulation D
promulgated thereunder.  The Company raised gross proceeds of
$562,500 and issued warrants to acquire 750,004 shares of common
stock.

                    About SpendSmart Networks

SpendSmart Networks, Inc., provides proprietary loyalty systems
and a suite of digital engagement and marketing services that help
local merchants build relationships with consumers and drive
revenues.  These services are implemented and supported by a vast
network of certified digital marketing specialists, aka "Certified
Masterminds," who drive revenue and consumer relationships for
merchants via loyalty programs, mobile marketing, mobile commerce
and financial tools, such as prepaid card and reward systems.  We
enter into licensing agreements for our proprietary loyalty
marketing solution with "Certified Masterminds" which sell and
support the technology in their respective markets.  The Company's
products aim to make Consumers' dollars go further when they spend
it with merchants in the SpendSmart network of merchants, as they
receive exclusive deals, earn rewards and ultimately build a
connection with their favorite merchants.

For the 12 months ended Sept. 30, 2013, the Company reported a net
loss and comprehensive loss of $12.6 million on $1.02 million of
revenues compared with a net loss and comprehensive loss of $21.09
million on $1 million of revenues for the same period in 2012.

As of Sept. 30, 2014, the Company had $12.02 million in total
assets, $1.92 million in total liabilities and $10.1 million in
total stockholders' equity.

EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2013.  The independent auditors noted that the
Company has incurred net losses since inception and has an
accumulated deficit at Dec. 31, 2013.  These factors among others
raise substantial doubt about the ability of the Company to
continue as a going concern.


SPIRE CORP: Delays Form 10-K Over Liquidity Issues
--------------------------------------------------
Spire Corporation filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the period ended Dec.
31, 2014.  The Company was unable to file the Annual Report within
the prescribed time period because its management continues to
devote considerable attention to addressing the Company's financial
and liquidity issues and the recent departure of the Company's
chief financial officer.

In addition, the Company is in the process of deconsolidating N2
Biomedical LLC from its financial statements and preparing the
biomedical business as discontinued operations as a result of its
October 2014 disposition of its interest in N2.

Spire Corp anticipates significant changes in results of operations
from the corresponding period of 2013 will be reflected by the
earnings statements to be included in its Form 10-K for 2014.  The
Company currently expects, for the year ended Dec. 31, 2014, that
its revenue will be in a range of $9.80 million and $10.4 million,
its operating loss from continuing operations will be in a range of
$7.70 million and $7.80 million and its net loss in a range of
$5.80 million and $5.90 million.  Since the financial statements
for the year ended Dec. 31, 2014, are not yet completed, actual
results may differ materially from its current expectations.

                          About Spire Corp

Bedford, Massachusetts-based Spire Corporation currently develops,
manufactures and markets customized turn-key solutions for the
solar industry, including individual pieces of manufacturing
equipment and full turn-key lines for cell and module production
and testing.

Spire Corporation reported a net loss of $8.52 million in 2013, as
compared with a net loss of $1.85 million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed
$9.73 million in total assets, $15.6 million in total liabilities,
and a $5.87 million total stockholders' deficit.

McGladrey LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company incurred an operating loss from continuing operations
of $8.4 million and cash used in operating activities of
continuing operations was $5.2 million.  The Company's credit
agreement with a bank is due to expire on April 30, 2014.  These
factors raise substantial doubt about its ability to continue as a
going concern.


STANFORD GROUP: Golf Channel Liable for Selling Advertising
-----------------------------------------------------------
Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg
News, reported that Golf Channel Inc. was ordered to repay $5.9
million in advertising revenue it got from , R. Allen Stanford,
even though the broadcaster didn't know at the time that he was
using the network to promote a $7 billion swindle.

According to the report, in her 11-page opinion for the court, U.S.
Circuit Judge worked from the proposition that the NewJennifer
Walker Elrod Orleans-based Fifth Circuit recognizes the so-called
Ponzi scheme rule, which automatically holds payments fraudulent.

The  case is Janvey v. Golf Channel Inc., 13-11305, U.S. Court of
Appeals for the Fifth Circuit (New Orleans).

                       About Stanford Group

The Stanford Financial Group was a privately held international
group of financial services companies controlled by Allen
Stanford, until it was seized by United States (U.S.) authorities
in early 2009.

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of    
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under
management or advisement.  Stanford Private Wealth Management
served more than 70,000 clients in 140 countries.

On Feb. 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and
records of Stanford International Bank, Ltd., Stanford Group
Company, Stanford Capital Management, LLC, Robert Allen Stanford,
James M. Davis and Laura Pendergest-Holt and of all entities they
own or control.  The February 16 order, as amended March 12,
2009, directs the Receiver to, among other things, take control
and possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The case in district court was Securities and Exchange Commission
v. Securities Investor Protection Corp., 11-mc-00678, U.S.
District Court, District of Columbia (Washington).

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not
guilty to 21 charges of multi-billion dollar fraud, money-
laundering and obstruction of justice.  Assistant Attorney
General Lanny Breuer, as cited by Agence France-Presse News, said
in a 57-page indictment that Mr. Stanford could face up to 250
years in prison if convicted on all charges.  Mr. Stanford
surrendered to U.S. authorities after a warrant was issued for
his arrest on the criminal charges.


SUN BANCORP: To Sell Hammonton Branch to Cape Bank
--------------------------------------------------
Sun Bancorp, Inc., the holding company for Sun National Bank,
announced the Bank's plan to realign branch offices within its
footprint, which will include the consolidation of nine branches
into nearby locations, as well as the sale of one branch office.

The Bank is announcing an agreement of sale with Cape Bank, the
banking subsidiary of Cape Bancorp, Inc. for the sale of the Sun
branch office in Hammonton, N.J.  This branch, with approximately
$34.1 million in deposits and approximately $4.9 million in local
branch loans, will be sold for a premium on deposits of 4% to be
calculated at closing.  The loans will be sold at book value and
the fixed assets, including the facility, will be sold at fair
market value.  The transaction is expected to be completed during
the third quarter of 2015, subject to Cape Bank's receipt of
regulatory approvals as well as customary closing conditions.

Additionally, nine Sun branch locations across seven counties will
be merged into eight nearby Sun branches.  This planned
consolidation of the branch network is a result of the Bank's
county-by-county evaluation of market growth potential, cost
efficiencies, and the Bank's ability to service clients through
nearby branches and surcharge-free ATMs, as well as online and
mobile channels.

"Consolidating branches is never an easy decision," said Thomas M.
O'Brien, president and CEO of the Company.  "However, as customers'
channel preferences have evolved and costs have risen, it presents
the opportunity to further maximize efficiencies within our branch
network.  The result will be branch locations with greater average
deposit bases and an overall more efficient cost model.
Additionally, our Hammonton customers will be well-served by the
team at Cape Bank."

The consolidation of these nine locations and the Hammonton branch
sale to Cape Bank are expected to result in an annualized pre-tax
cost savings of approximately $4.6 million.  One-time charges
related to the branch consolidation are estimated to be up to $4.0
million and will be fully recognized in the financial results for
the first quarter of 2015.  As previously announced, the Bank
completed the sale of seven locations to Sturdy Savings Bank on
March 6, 2015, for a net gain on sale of $9.2 million

The Bank also anticipates recognizing a gross gain on sale of
approximately $1.4 million as a result of the Hammonton branch sale
to Cape Bank.  After adjustments for the book value of branch loans
and fair market value of the facility, the Bank expects a net gain
on sale of approximately $0.5 million after completion of this
transaction.  In total, the Company anticipates that its overall
branch rationalization efforts, including consolidations and sales
since 2014, will have resulted in a 39% reduction in branch
locations, an annualized direct expense reduction of approximately
$10 million, an increase in the average deposit base of its
remaining 31 branch locations, and net gain of approximately $6.5
million.

"At the beginning of 2014, the Bank had more than 50 branch
locations," said O'Brien.  "Through our comprehensive branch sales
and consolidation efforts over the last nine months, we anticipate
Sun having approximately 31 retail branch locations across eleven
counties by the end of 2015.  We will have fully exited Salem and
Cape May Counties, which were the most remote locations from our
core operations.  This is consistent with the objectives laid out
in the July 2014 restructuring announcement and further affirms our
commitment to improving efficiencies, building shareholder value,
and providing an appropriate branch distribution channel that meets
the banking needs of our customer base.  The Bank has a strong
track record of successfully consolidating locations and retaining
deposits and relationships.  This represents the final phase of our
previously-announced comprehensive branch rationalization efforts"

Details regarding markets affected by the Bank's branch
rationalization plan are as follows:

Atlantic County:

  * The Brigantine branch office will merge into the Atlantic City

    branch office.  As a result, the Brigantine office is expected

    to close in the third quarter of 2015.

  * The Hammonton branch and its related deposits and loans will
    be acquired by Cape Bank.

  * Upon completion, customers will have access to six Sun branch
    offices and 19 total surcharge-free ATMs in Atlantic County.

Cumberland County:

* The Bridgeton branch will merge into the Millville branch
   office.  As a result, the Bridgeton office is expected to close

   in the third quarter of 2015.

* Upon completion, customers will have access to three Sun branch

   offices and eleven total surcharge-free ATMs in Cumberland
   County.

Gloucester County:

* The Glassboro branch office will merge into the Turnersville
   branch office.  As a result, the Glassboro office is expected
   to close in the third quarter of 2015.

* Upon completion, customers will have access to two Sun branch
   offices and 16 total surcharge-free ATMs in Gloucester County.

Mercer County:

* The Trenton and West Windsor branch offices will both merge
   into the Hamilton branch office.  As a result, the Trenton and
   West Windsor offices are expected to close in the third quarter

   of 2015.

* Upon completion, customers will have access to two Sun branch
   offices and 16 total surcharge-free ATMs in Mercer County.

Monmouth County:

* The Howell branch office will merge into the Freehold Route 9
   branch office, and the Holmdel branch office will merge into
   the Matawan branch office.  As a result, both Howell and
   Holmdel are expected to close in the third quarter of 2015.

* Upon completion, customers will have access to six Sun branch
   offices, one drive-through and 24 total surcharge-free ATMs in
   Monmouth County.

Ocean County:

* The Toms River branch office will merge into the Lanoka Harbor
   branch office.  As a result, the Toms River office is expected
   to close in the third quarter of 2015.

* Upon completion, customers will have access to three Sun branch
   offices and 26 total surcharge-free ATMs in Ocean County.

Salem County:

* The Carney's Point branch office will merge into the Logan
   Township branch office.  As a result, the Carney's Point office

   is expected to close in the third quarter of 2015.

* Upon completion, customers will have access to three surcharge
  -free ATMs in Salem County.

                      About Sun Bancorp. Inc.

Sun Bancorp, Inc.is a $2.72 billion asset bank holding company
headquartered in Mount Laurel, New Jersey.  Its primary subsidiary
is Sun National Bank, a community bank serving customers throughout
New Jersey. Sun National Bank -- http://www.sunnationalbank.com/--
is an Equal Housing Lender and its deposits are insured up to the
legal maximum by the Federal Deposit Insurance Corporation (FDIC).

On April 15, 2010, Sun National Bank entered into a written
agreement with the OCC which contained requirements to develop and
implement a profitability and capital plan which provides for the
maintenance of adequate capital to support the Bank's risk profile
in the current economic environment.

Sun Bancorp reported a net loss available to common shareholders of
$29.8 million in 2014, a net loss available to common shareholders
of $9.94 million in 2013, and a net loss available to common
shareholders of $50.49 million in 2012.

As of Dec. 31, 2014, the Company had $2.71 billion in total assets,
$2.47 billion in total liabilities, and $245 million in total
shareholders' equity.


SUNVALLEY SOLAR: Delays 2014 Form 10-K
--------------------------------------
Sunvalley Solar, Inc., filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the period ended Dec.
31, 2014, stating that its auditor was not given sufficient time to
complete its audit of the financial statements before the filing
deadline for the report.

Sunvalley Solar estimates that it will report a net loss of
approximately $1.28 million for the year ended Dec. 31, 2014, as
compared to net income of $764,000 reported for the year ended Dec.
31, 2013.

                       About Sunvalley Solar

Sunvalley Solar, Inc., is a California-based solar power
technology and system integration company.  Since the inception of
its business in 2007, the company has focused on developing its
expertise and proprietary technology to install residential,
commercial and governmental solar power systems.

Sunvalley Solar reported net income of $764,000 in 2013, a net
loss of $1.76 million in 2012, and a net loss of $399,000 in 2011.

As of Sept. 30, 2014, the Company had $9.07 million in total
assets, $7.61 million in total liabilities and $1.45 million in
total stockholders' equity.

Sadler, Gibb & Associates, LLC, in Salt Lake City, Utah, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has an accumulated deficit of
$2,361,317, which raises substantial doubt about its ability to
continue as a going concern.


SWIFT ENERGY: Moody's Lowers CFR to B2, Outlook Negative
--------------------------------------------------------
Moody's Investors Service downgraded Swift Energy Company's
Corporate Family Rating to B2 from B1 and its senior unsecured
notes rating to B3 from B2. Moody's also lowered Swift's
Speculative Grade Liquidity rating to SGL-4 from SGL-2 and changed
the outlook to negative from stable. The downgrade is the result of
Moody's expectation that the company's financial metrics will
deteriorate substantially into 2016 and its liquidity will be
pressured under the stress of weak energy commodity prices.

"Swift's downgrade reflects the impact of substantially reduced oil
and natural gas prices on the company's cash flow and credit
metrics as its commodity price hedges roll-off following the first
quarter of 2015," commented Andrew Brooks, Moody's Vice President.
"By dramatically curtailing 2015's capital spending, Swift can
stabilize its liquidity position, which Moody's regards as weak,
but recent production gains that had underpinned its ratings will
be reversed."

Downgrades:

Issuer: Swift Energy Company

  -- Probability of Default Rating, Downgraded to B2-PD from
     B1-PD

  -- Speculative Grade Liquidity Rating, Lowered to SGL-4 from
     SGL-2

  -- Corporate Family Rating, Downgraded to B2 from B1

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
     (LGD4) from B2 (LGD4)

Outlook Actions:

Issuer: Swift Energy Company

  -- Outlook, Changed To Negative From Stable

Swift Energy's B2 CFR reflects its scale in terms of production and
proved reserves, and a balanced profile of oil and gas production
largely in the Eagle Ford Shale, however, its unhedged exposure to
weak oil and natural gas prices has resulted in deteriorating
leverage metrics and weakening liquidity. With production
essentially flat since 2012 on questionable capital productivity,
Swift's 24% production increase in 2014's second quarter appeared
to usher in a period of sustainable growth, and with it, improved
financial metrics. However, weak natural gas and crude oil prices,
exacerbated by the absence of commodity price hedges beyond 2015's
first quarter, prompted Swift to drop its planned 2015 capital
spending by about 70%, and with it, the prospects of further
sustainable production growth. The company has guided to about a
10% production decline in 2015, reflecting in part, its July 2014
joint venture agreement with PT Saka Energi Indonesia ("Saka") that
conveyed a 36% participating interest to Saka in certain Eagle Ford
acreage. Notwithstanding its plan to limit capital spending in 2015
to between $100-$125 million, Moody's expects a reversal in recent
deleveraging trends, with debt on production likely to approach
$40,000 per barrel of oil equivalent (Boe), while cash flow
coverage of debt (retained cash flow to debt) drops towards 10%.

The SGL-4 Speculative Grade Liquidity rating reflects Moody's view
of weak liquidity into 2016. Although Moody's recognizes that the
significant reduction in capital spending will more closely align
itself with Swift's diminished cash flow, there remains the risk of
the company's borrowing base being reduced at the spring
redetermination. The company is highly reliant on this facility for
liquidity; any decrease in the borrowing base could further
restrict its operations. At December 31, 2014, $197 million was
outstanding under Swift's $417.6 million secured borrowing base
revolving credit facility, which has a scheduled maturity date of
November 2017. The company has continued to borrow under the
revolving credit facility beyond year-end, financing a continuing
outspend of cash flow. The credit facility has a 1.0x current ratio
and a 2.75x interest coverage financial covenant, each of which
Swift was in compliance with as of December 31. Moody's believes
the interest coverage covenant could be pressured late in 2015 in
the present commodity price environment. Swift continues to explore
the potential sale of its Central Louisiana assets, although
efforts appear to have stalled in a difficult market for asset
sales. Should a sale materialize, proceeds are expected to be used
for debt reduction.

The rating outlook is negative. The negative outlook reflects an
anticipated deterioration in leverage metrics, the reversal of
recent production gains and pressured liquidity. The outlook could
be returned to stable should the company evidence improved
liquidity and stability in production levels. Ratings could be
downgraded should limited capital spending erode production and
reserve adds, with production falling below 30,000 Boe per day, or
debt on production exceeding $40,000 per Boe. Should Swift rebuild
its liquidity and increase production to a level exceeding 40,000
Boe per day, while lowering debt to average daily production
towards $35,000 per Boe and achieving retained cash flow (RCF) to
debt above 25%, a ratings upgrade could be considered.

The B3 rating on Swift's senior unsecured notes reflects the
subordination of the senior unsecured notes to Swift's $417.6
million secured revolving credit facility's priority claim to the
company's assets. The size of the claims relative to Swift's
outstanding senior unsecured notes results in the notes being rated
one notch below the B2 CFR under Moody's Loss Given Default
Methodology.

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

Swift Energy Company is an independent E&P company headquartered in
Houston, Texas.


TARGETED MEDICAL: Delays 2014 Form 10-K for Review
--------------------------------------------------
Targeted Medical Pharma, Inc., was unable to file its annual report
on Form 10-K for the fiscal year ended Dec. 31, 2014, on a timely
manner due to additional time needed for compilation and review to
insure adequate disclosure of certain information required to be
included in the Form 10-K.  The Company expects to file its Form
10-K within the additional time allowed by this report.

Targeted Medical anticipates that its revenue for the year ended
Dec. 31, 2014, will be approximately $7.1 million, significantly
less than its revenue for the year ended Dec. 31, 2013, of $9.6
million.  The decrease in revenue is primarily the result of a
decrease in cash collections from the Company's customers that are
accounted for pursuant to the cash method of accounting.  The
Company anticipates that its operating expenses for the year ended
Dec. 31, 2014, will be significantly less than the year ended Dec.
31, 2013, as a result of decreases in salary and general and
administrative expenses.  The net loss before income taxes for the
year ended Dec. 31, 2014, is expected to be slightly more than the
year ended Dec. 31, 2013, primarily as a result of these factors.

                       About Targeted Medical

Los Angeles, Calif.-based Targeted Medical Pharma, Inc., is a
specialty pharmaceutical company that develops and commercializes
nutrient- and pharmaceutical-based therapeutic systems.

Targeted Medical reported a net loss of $9.33 million on
$9.55 million of total revenue for the year ended Dec. 31, 2013,
as compared with a net loss of $9.58 million on $7.29 million of
total revenue in 2012.

Marcum LLP, in Irvine, CA, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2013.  The independent auditors noted that the Company
has incurred significant net losses since its inception, and has
an accumulated deficit of $23.0 million as of Dec. 31, 2013, and
incurred a net loss of $9.34 million and negative cash flows from
operations of $2.047 million for the year ended Dec. 31, 2013.

The Company's balance sheet at Sept. 30, 2014, showed $3.22 million
in total assets, $11.9 million in total liabilities, and a $8.70
million stockholders' deficit.


TAYLOR MORRISON: Moody's Rates $350MM Refunding Notes 'B2'
----------------------------------------------------------
Moody's Investors Service assigned a B2 rating to the proposed $350
million of eight-year senior unsecured notes issued by Taylor
Morrison Communities, Inc. and Taylor Morrison Holdings II, Inc.,
subsidiaries of Taylor Morrison Home Corporation. Proceeds of
which, together with some of the company's cash balances, will be
used to retire the company's $485 million of 73/4% senior unsecured
notes due 2020. In the same rating action, Moody's affirmed the
company's B1 Corporate Family Rating, B1-PD Probability of Default,
B2 rating on the existing senior unsecured notes, and SGL-2
Speculative Grade Liquidity Rating. The outlook was changed to
positive from stable.

The change in outlook to positive from stable reflects Moody's
expectation that the company will prudently reinvest the
approximately CAD$570 million of proceeds from the sale of Monarch
(its Canadian operations) to Mattamy Homes Limited and generally
eschew a sharp releveraging of its strengthening balance sheet. The
positive outlook also assumes that Moody's can continue to get
comfortable with the majority ownership of Taylor Morrison by
private equity interests.

The following rating actions were taken:

  -- B2(LGD4) assigned to the $350 million of new senior
     unsecured notes due 2023;

  -- B1 Corporate Family Rating affirmed;

  -- B1-PD Probability of Default affirmed;

  -- B2 (LGD4) affirmed on the three existing issues of senior
     unsecured notes due 2020 to 2024 in the aggregate amount of
     $1.39 billion (with the rating on the $485 million of 2020
     notes to be withdrawn upon their refunding);

  -- SGL-2 Speculative Grade Liquidity Rating affirmed;

  -- Outlook changed to positive from stable.

The B1 Corporate Family Rating reflects the company's reasonably
healthy and improving balance sheet, as reflected in an actual
adjusted homebuilding debt to capitalization ratio at December 31,
2014 of 47.6%, which will be strengthened further by the net debt
reduction associated with the proposed note offering. In addition,
Taylor Morrison's 2014 Moody's adjusted interest coverage of 4.2x
and Moody's adjusted gross margins of 20.7% are quite strong for
the current B1 rating, and Moody's expect interest coverage to
continue improving. Finally, the Monarch sale proceeds provide the
company with financial flexibility to invest in additional land to
accelerate its organic growth rate, repay some debt (which it is
doing), consider some M&A possibilities, and improve its debt
leverage.

At the same time, the B1 rating incorporates the reduction in the
company's geographical and product line diversity as a result of
the Monarch sale, its relatively short history as an independent
stand-alone company, gross margins that are likely to decline as a
result of having to buy higher cost land to replace lower cost
legacy lots, and our expectations of negative cash flow in the
coming year as a result of discretionary land purchases.

The SGL-2 Speculative Grade Liquidity Rating indicates that Moody's
expects Taylor Morrison to maintain good liquidity over the next 12
to 18 months. The SGL-2 rating is supported by Taylor Morrison's
strong cash position and $400 million senior unsecured revolver
($40 million outstanding). The company is currently having
negotiations with their lenders to increase the amount available
under the revolving credit facility to $500 million and extend the
maturity date to 2019. The SGL-2 rating also benefits from
comfortable cushion under Taylor Morrison's bank covenants. At the
same time, the SGL-2 rating considers the expectation of negative
cash flow from discretionary land spend, modest share repurchase
program, and limited ability to quickly monetize unneeded assets.
The cash position of $234 million at year-end 2014 has been
augmented by the CAD$570 million of cash from the sale of Monarch.
Covenants in the current bank credit facility, which matures in
April 2017, spring upon either i) usage of the revolver on the last
day of any quarter or for more than five consecutive days during
any quarter or ii) LC usage greater than $40 million. These
covenants include a maximum debt to capitalization ratio of 60% and
a required minimum net worth of $1.3 billion. At December 31, 2014,
the bank-calculated results were 41% and $1.7 billion,
respectively. Moody's expect the company to maintain sufficient
headroom under both covenants.

An upgrade to Ba3 is possible if the company continues to
strengthen its balance sheet, preserves good liquidity, maintains
Moody's adjusted gross margins above 19%, and achieves Moody's
adjusted interest coverage above 4.5x. Importantly, Moody's would
need to see continued restraint on the part of its private equity
sponsors.

A return to a stable outlook could occur if the company releverages
its balance sheet such that Moody's adjusted homebuilding debt to
capitalization reaches 55%, if Moody's adjusted interest coverage
drops below 3x, and/or if Moody's adjusted gross margins decline
below 18%.

Headquartered in Scottsdale, Arizona, Taylor Morrison operates in
the U.S. under the Taylor Morrison and Darling Homes brand names.
The company is a builder and developer of single-family detached
and attached homes, serving a wide array of customers including
first-time, move-up, luxury and 55+. The company's divisions
operate in Arizona, California, Colorado, Florida and Texas while
Darling Homes serves move-up and luxury homebuyers in Texas. In
2014, total revenues were $2.7 billion and net income before
allocation to non-controlling interests was $267.5 million, with
both figures including Monarch's contributions for the full year.

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


TAYLOR MORRISON: S&P Assigns 'BB-' Rating on $350MM Sr. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
issue-level rating to U.S.-based homebuilder Taylor Morrison Home
Corp.'s proposed $350 million senior unsecured notes due 2023.  The
recovery rating is '3', indicating S&P's expectation for meaningful
(50% to 70%; higher end of range) recovery in the event of a
payment default.  S&P expects the company to use the proceeds along
with cash on hand to retire the $485 million outstanding of 7.75%
senior notes due in April 2020.  Following the retirement of those
senior notes, the company will have no material debt maturities
until 2021.  S&P's 'BB-' corporate credit rating and stable rating
outlook on Taylor Morrison are unaffected.

Ratings List

Taylor Morrison Home Corp.
Corporate Credit Rating                 BB-/Stable/--

New Rating

Taylor Morrison Home Corp.
  $350 million sr unsecd nts due 2023   BB-
   Recovery Rating                      3H



TEKNI-PLEX INC: Moody's Affirms 'B3' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family rating
and B3-PD probability of default ratings of Tekni-Plex Inc. At the
same time, Moody's assigned a B3 rating to the new $535 million
senior secured first lien term loan and a Caa2 rating to the new
$155 million senior secured second lien term loan. The proceeds of
the new term loans will be used to refinance outstanding debt, fund
a small acquisition of an Italian manufacturer and pay an
approximately $164 million dividend to the private equity sponsor,
American Securities LLC. The ratings outlook is stable.

  -- Affirmed B3 Corporate Family Ratings

  -- Affirmed B3-PD Probability of Default

  -- Assigned B3, LGD 3 to the proposed $535 million senior
     secured first lien term loan due in 2022

  -- Assigned Caa2, LGD 5 to the proposed $155 million senior
     secured second lien term loan due in 2023

  -- Outlook remains stable

The B3 corporate family rating reflects Tekni-Plex's small scale
relative to its main customers and some of its competitors,
increasing leverage as a result of the proposed refinancing
transaction and weak free cash flow metrics. Moody's estimate that
Tekni-Plex's adjusted debt/EBITDA in the twelve months ended Dec.
31, 2014 will rise to 6.3 times pro forma for the refinancing from
5.2 times currently. Pro forma leverage also reflects additional
earnings from the planned acquisition of an Italian manufacturer
and completed acquisitions of an Indian and a US closure liner
producers. Even excluding the proposed $164 million special
dividend to its private equity sponsor, Tekni-Plex has weak free
cash flow metrics due to one-time charges related to the time it
was acquired by American Securities LLC, company's own acquisitions
and higher capital expenditures to fund growth projects. The rating
also reflects potential volatility in Tekni-Plex performance
because the majority of its business has no contractual raw
material cost pass-throughs. The rating also reflects an aggressive
financial policy and acquisition-related event risk.

The B3 rating for the $535 million senior secured first lien term
loan is in line with the corporate family rating and reflects the
instrument's structural subordination to the $60 million
asset-based revolver (not rated by Moody's) in the overall capital
structure. The Caa2 rating for the $155 million senior secured
second lien term loan is two notches below the corporate family
rating and reflects the instrument's structural subordination to
both the asset-based revolver and the first-lien term loan as well
as expectations of a considerable loss in a default scenario.

The stable outlook reflects expectations that Tekni-Plex's
performance will continue to improve as it integrates its
acquisitions and benefits from completed growth capital projects
and a new facility in Costa Rica. Moody's could upgrade the rating,
if Tekni-Plex successfully integrates its acquisitions, maintains
EBIT margins above 8%, lowers debt to EBITDA to below 6.0 times on
a consistent basis and improves free cash flow to debt to 4.5%. The
ratings could be downgraded if operating performance and liquidity
deteriorate or if the company undertakes a large debt-financed
acquisition. Specifically, the ratings could be downgraded if
debt/EBITDA increases above 7.0 times, EBIT/Interest declines below
1 time and free cash flow is negative.

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


TEKNI-PLEX INC: S&P Affirms 'B' Corp. Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including
its 'B' corporate credit rating, on Tekni-Plex Inc.  The outlook is
stable.

In addition, S&P assigned its 'B' issue-level rating and '3'
recovery rating to the company's proposed $535 million senior
secured first-lien term loan due 2022, and S&P's 'CCC+' issue-level
rating and '6' recovery rating on the company's proposed $155
million senior secured second-lien term loan due 2023.  The '3'
recovery rating on the first-lien term loan indicates S&P's
expectation for meaningful (50% to 70%, at the lower end of the
range) recovery in the event of a payment default, and the '6'
recovery rating on the second-lien term loan indicates S&P's
expectation for negligible (0% to 10%) recovery in the event of a
payment default.  The company's proposed asset-backed loan (ABL)
revolving facility, which is expected to mature in 2020, is
unrated.

The company plans to use the proposed term loan proceeds to
refinance its outstanding senior secured notes, including call
premium; to pay a dividend to shareholders; to refinance its
existing secured bank debt, including accrued interest and original
issue discount accretion; to acquire assets from Italy-based
pharmaceutical blister film and adhesive substrate film business
Gallazzi; and to pay for fees and expenses.  A portion of the
first-lien term loan may be denominated in Euro currency.  S&P will
withdraw its ratings on the existing debt once the transaction has
been completed.

"The ratings on Tekni-Plex reflect the packaging and tubing
manufacturer's exposure to volatile raw material input costs and
our expectations for highly leveraged credit metrics, including
funds from operations [FFO] to total adjusted debt of about 10%,"
said Standard & Poor's credit analyst James Siahaan.  The company's
leading competitive positions in many of its niche markets and
meaningful exposure to relatively stable end markets represent some
key business profile strengths.  We characterize Tekni-Plex's
business risk profile as "fair" and its financial risk profile as
"highly leveraged."

With pro forma annual revenues of nearly $690 million, Tekni-Plex
manufactures rigid and flexible packaging products for the health
care, food, consumer products, and specialty end markets.  The
company competes primarily in industries characterized by steady
demand growth rates in the low-single-digit percentage range.  Pro
forma for the company's recent acquisition of India-based foam
closure liner supplier Ghiya and its upcoming acquisition of
Gallazzi, Tekni-Plex's EBITDA generation is nearly evenly split
among the health care, specialty packaging, and food packaging
segments.  S&P expects the health care and specialty packaging
segments to offer moderate growth characteristics while the food
and consumer packaging segments provide a stable earnings stream.

The stable outlook reflects S&P's view that despite the anticipated
increase in debt leverage following the upcoming transaction, S&P's
ratings on Tekni-Plex remain supported by its solid profitability
and its relatively stable end markets.  S&P's base-case scenario
assumes modest growth over the next year attributable to organic
and acquired volumes in the health care and specialty packaging
segments, which should partially offset our expectation for muted
volumes in food packaging.  In light of the recent dividend
recapitalization, S&P assumes that management and owners will
maintain the credit quality appropriate for the ratings and,
therefore, have not factored into S&P's analysis any additional
meaningful debt-funded distributions to shareholders or
acquisitions.

S&P could raise the ratings if improved free cash flow generation
from higher earnings and working capital reductions allows the
company to reduce debt moderately.  S&P could also raise the rating
by one notch if revenue growth were moderately higher than S&P
projects along with an increase in EBITDA margins by 150 basis
points or more from expected levels.  If this were to happen, S&P
expects that FFO to debt would rise to about 15%, a level S&P
considers appropriate for a higher rating.  An upgrade would also
factor in S&P's assessment of ownership and management support for
these strengthened credit metrics.

Based on S&P's downside scenario, it could lower the ratings if a
spike in raw material costs or competitive pressures caused gross
margins to decrease by 400 basis points or more from current
levels, coupled with a 5% drop in revenues.  At that point, S&P
would expect that the company's credit metrics would weaken
significantly, including FFO to total adjusted debt dropping to
about 5%.  S&P could also lower the ratings if the company became
more aggressive in regards to acquisitions or shareholder
distributions.



TELKONET INC: Reports $14.8 Million Total Revenue for 2014
----------------------------------------------------------
Telkonet, Inc., reported a net loss attributable to common
stockholders of $95,400 on $14.8 million of total net revenues for
the year ended Dec. 31, 2014, compared to a net loss attributable
to common stockholders of $4.9 million on $13.9 million of total
net revenues for the year ended Dec. 31, 2013.

Commenting on the 2014 financial results, Jason Tienor, Telkonet's
CEO stated, "We're very pleased to report both top line revenue
growth and profitability for fiscal 2014.  For two of the last
three years we've demonstrated our ability to achieve profitability
while expanding Telkonet's product and business. Through execution
of our strategic plan and effective expense management, we continue
to achieve gross margin goals while reducing year-over-year SG&A
and operating expenses."

"With the full release of the EcoSmart Platform completed in 2014,
2015 will mark the first full year of sales for the EcoSmart
offering.  And while we continue in our technology development with
the upcoming release of 2 new products this year and several
additional mobile developments, we are seeing enormous growth in
the energy management and Internet of Things markets where our
platform contributes the most.  We look forward to continuing our
product penetration and market expansion in this growing billion
dollar global industry."

                           About Telkonet

Milwaukee, Wisconsin-based Telkonet, Inc., is a clean technology
company that develops and manufactures proprietary energy
efficiency and smart grid networking technology.

As of Sept. 30, 2014, the Company had $10.45 million in total
assets, $4.91 million in total liabilities, $1.27 million in
redeemable preferred stock, and $4.26 million in total
stockholders' equity.

BDO USA, LLP, in Milwaukee, Wisconsin, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2013.  The independent auditors noted that the
Company has a history of losses from operations, a working capital
deficiency, and an accumulated deficit of $122 million that raise
substantial doubt about its ability to continue as a going concern.


THERAPEUTICSMD INC: Grant Thornton Replaces RRBB as Auditors
------------------------------------------------------------
The Audit Committee of the Board of Directors of TherapeuticsMD,
Inc. unanimously voted to dismiss Rosenberg Rich Baker Berman &
Company as the Company's independent registered public accounting
firm, and to engage Grant Thornton LLP as the Company's independent
registered public accounting firm for the 2015 fiscal year.  The
Company notified RRBB of its dismissal on March 26, 2015, and
engaged GT effective March 30, 2015.

RRBB's reports on the Company's financial statements for each of
the fiscal years ended Dec. 31, 2014, and Dec. 31, 2013, did not
contain an adverse opinion or a disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope, or accounting
principles.  During the Company's fiscal years ended Dec. 31, 2014,
and Dec. 31, 2013, and through the date of dismissal, there were no
disagreements with RRBB on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure.

During the fiscal years ended Dec. 31, 2014, and Dec. 31, 2013, and
the subsequent period to the date of its engagement, neither the
Company nor anyone acting on its behalf has consulted with Grant
Thornton.

                       About TherapeuticsMD

Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a
women's healthcare product company focused on creating and
commercializing products targeted exclusively for women.  The
Company currently manufactures and distributes branded and generic
prescription prenatal vitamins as well as over-the-counter
vitamins and cosmetics.  The Company is currently focused on
conducting the clinical trials necessary for regulatory approval
and commercialization of advanced hormone therapy pharmaceutical
products designed to alleviate the symptoms of and reduce the
health risks resulting from menopause-related hormone
deficiencies.

TherapeuticsMD reported a net loss of $54.2 million on $15.02
million of net revenues for the year ended Dec. 31, 2014, compared
with a net loss of $28.4 million on $8.77 million of net revenues
for the year ended Dec. 31, 2013.

As of Dec. 31, 2014 the Company had $59.1 million in total assets,
$10.7 million in total liabilities, all current, and $48.4 million
in total stockholders' equity.


TITAN INT'L: S&P Lowers Corp. Credit Rating to B; Outlook Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Quincy, Ill.-based Titan International Inc. to 'B' from
'B+'.  The outlook is negative.

At the same time, S&P lowered the issue-level ratings on the
company's $400 million secured notes due 2020 to 'B+' from 'BB-'.
The recovery rating on this debt is unchanged at '2', indicating
S&P's expectation for substantial (70% to 90%; at the upper half of
the range) recovery in the event of payment default.

"The downgrade reflects weaker-than-expected operating performance
in recent quarters and our expectation that leverage will remain
above 6x debt to EBITDA for the next 12 months," said Standard &
Poor's credit analyst Terence Lin.  S&P now projects debt to EBITDA
to be approximately 6.5x in 2015 and decrease to approximately 5.5x
in 2016, as the company offsets weakness in the agricultural and
the mining markets with cost-cutting initiatives.

Titan manufactures wheels, tires, and undercarriage components and
assemblies for off-highway vehicles, primarily for the agriculture,
construction, and mining industries.  The company's markets are
highly cyclical and somewhat seasonal, and S&P expects the
wheel-and-tire industry to remain price-competitive.  The company's
well-established position in the domestic market for off-highway
wheels and good position as a specialty-tire supplier should
somewhat mitigate the risks from fluctuating demand. Titan's
customer base is relatively concentrated among certain large
customers, such as Deere & Co. and CNH Global N.V., which S&P
expects the company to continue to supply.  S&P's business risk
assessment incorporates Titan's dependence on its customers'
cyclical demand.

The negative outlook reflects S&P's view that it could lower the
ratings over the next 12 months if operating performance does not
improve and if leverage remains elevated.  For instance, if
revenues contract more than S&P expects and EBITDA margin does not
improve, it could lower the rating.  S&P could also lower the
rating if it expects liquidity to become less than adequate.

S&P could lower the rating if a sustained downturn in Titan's end
markets further erodes the company's operating performance or if
the company is unable to reduce its cost structure, resulting in
leverage above 6x for an extended period.

S&P considers an upgrade unlikely in the coming year because it
believes Titan's end markets will remain weak.  However, S&P could
revise the outlook to stable if the company reverses negative
operating trends, and S&P believes debt to EBITDA will improve to
and remain less than 6x, while generating moderately positive free
operating cash flow and preserving adequate levels of liquidity.



TN-K ENERGY: Need Additional Time to File Form 10-K
---------------------------------------------------
TN-K Energy Group Inc. filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the year ended Dec.
31, 2014.  The Company said it needs additional time to complete
the reserve reports to be included in the report.

                          About TN-K Energy

Crossville, Tenn.-based TN-K Energy Group, Inc., an independent
oil exploration and production company, engaged in acquiring oil
leases and exploring and developing crude oil reserves and
production in the Appalachian basin.

TN-K Energy disclosed net income of $3.97 million on $1.88 million
of total revenue for the year ended Dec. 31, 2012, as compared
with net income of $1.25 million on $1.88 million of total revenue
in 2011.

As of Sept. 30, 2014, the Company had $2.12 million in total
assets, $3.90 million in total liabilities and a $1.77 million
total stockholders' deficit.

Liggett, Vogt & Webb, P.A., in New York, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.  The independent auditors noted that
the Company has incurred recurring operating losses and will have
to obtain additional financing to sustain operations.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


TONGJI HEALTHCARE: Delays Form 10-K Filing
------------------------------------------
Tongji Healthcare Group, Inc. filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-K for the period ended
Dec. 31, 2014.  The Company said it has encountered a delay in
assembling the information, in particular its financial statements,
required to be included in its Annual Report.  The Company expects
to file that report within 15 calendar days of the prescribed due
date.

                      About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.

Tonji Healthcare reported a net loss of $729,685 on $2.37 million
of total operating revenue for the year ended Dec. 31, 2013, as
compared with a net loss of $1.20 million on $2.77 million of
revenue for the year ended Dec. 31, 2012.

As of Sept. 30, 2014, the Company had $17.40 million in total
assets, $19.50 million in total liabilities and $2.09 million
total stockholders' deficit.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  

"The Company's ability to continue as a going concern ultimately
is dependent on the management's ability to obtain equity or debt
financing, attain further operating efficiencies, and achieve
profitable operations.  Over the past years, the Company had been
successful in raising funds from related parties to fund the
operation and new hospital construction.  The consolidated
financial statements do not include any adjustments relating to
the recoverability and classification of recorded asset amounts or
amounts and classification of liabilities that might be necessary
should the Company not be able to continue as a going concern,"
the filing stated.


TRANS ENERGY: Needs More Time to File Form 10-K
-----------------------------------------------
Trans Energy, Inc. filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the year ended
Dec. 31, 2014.     

The Company said it has not finalized its financial statements for
that period nor has the Company's certifying auditors had the
opportunity to complete their audit of the financial statements to
be included in the Form 10-K.  The Company expects to file that
report within the extension period.

                         About Trans Energy

St. Mary's, West Virginia-based Trans Energy, Inc. (OTC BB: TENG)
-- http://www.transenergyinc.com/-- is an independent energy
company engaged in the acquisition, exploration, development,
exploitation and production of oil and natural gas.  Its operations
are presently focused in the State of West Virginia.

Trans Energy reported a net loss of $17.7 million in 2013 following
a net loss of $21.2 million in 2012.  The Company's balance sheet
at Sept. 30, 2014, showed $103.6 million in assets, $130.2 million
in total liabilities and a $26.6 million total stockholders'
deficit.


TRANS-LUX CORP: Delays Form 10-K for 2014
-----------------------------------------
Trans-Lux Corporation was unable to file its report on Form 10-K
for the year ending Dec. 31, 2014, within the prescribed time
period because of pending additional information necessary for
finalizing its Form 10-K.

The 2014 results of operations will reflect an increase in revenues
of 16.5%, an increase in gross profit of 6.2% and an increase in
general and administrative expenses of 12.8%.  The 2014 results of
operations will also reflect an expense from a change in warrant
liabilities of $107,000, an income tax expense for continuing
operations of $29,000 and no discontinued operations.  The 2013
results of operations reflected a gain on the change in warrant
liabilities of $1.1 million, an income tax benefit for continuing
operations of $370,000 and a gain from discontinued operations of
$631,000.  The consolidated results of operations will not reflect
any other significant changes.

                   About Trans-Lux Corporation

Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a
designer and manufacturer of digital signage display solutions for
the financial, sports and entertainment, gaming and leasing
markets.

Trans-Lux reported a net loss of $1.86 million on $20.9 million of
total revenues for the year ended Dec. 31, 2013, as compared with
a net loss of $1.36 million on $23 million of total revenues in
2012.

As of Sept. 30, 2014, the Company had $17.1 million in total
assets, $15.4 million in total liabilities and $1.73 million in
total stockholders' equity.

BDO USA, LLP, in Melville, NY, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has suffered recurring losses from operations and has
a significant working capital deficiency that raise substantial
doubt about its ability to continue as a going concern.  Further,
the Company is in default of the indenture agreements governing
its outstanding 9 1/2 Subordinated debentures which was due in
2012 and its 8 1/4 percent Limited convertible senior subordinated
notes which was due in 2012 so that the trustees or holders of 25
percent of the outstanding Debentures and Notes have the right to
demand payment immediately.  Additionally, the Company has a
significant amount due to their pension plan over the next 12
months.


TRANS-LUX CORP: Incurs $4.62 Million Net Loss in 2014
-----------------------------------------------------
Trans-Lux Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$4.62 million on $24.4 million of total revenues for the year ended
Dec. 31, 2014, compared with a net loss of $1.86 million on $20.9
million of total revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $15.2 million in total assets,
$17.1 million in total liabilities and a $1.86 million total
stockholders' deficit.

BDO USA, LLP, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that the Company has suffered recurring losses from
operations and has a significant working capital deficiency that
raise substantial doubt about its ability to continue as a going
concern.  Further, the auditors said, the Company is in default of
the indenture agreements governing its outstanding 9 1/2%
Subordinated debentures which were due in 2012 and its 8 1/4%
Limited convertible senior subordinated notes which were due in
2012 so that the trustees or holders of 25% of the outstanding
Debentures and Notes have the right to demand payment immediately.
Additionally, the Company has a significant amount due to their
pension plan over the next 12 months.

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

                        http://is.gd/ficvHI

                    About Trans-Lux Corporation

Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a
designer and manufacturer of digital signage display solutions for
the financial, sports and entertainment, gaming and leasing
markets.


TRANSGENOMIC INC: Third Security, Et Al., Waive Loan Defaults
-------------------------------------------------------------
Transgenomic, Inc., entered into an amendment to its Loan and
Security Agreement, dated March 13, 2013, with Third Security
Senior Staff 2008 LLC, as administrative agent and a lender, and
the other lenders party thereto for a revolving line of credit and
a term loan.  The Amendment provides, among other things, that:

     (i) the Lenders will waive specified events of default under
         the terms of the Loan Agreement;

    (ii) commencing as of April 1, 2015, the Company will make
         monthly interest payments to the Lenders;

   (iii) the Company will not be obligated to make monthly
         payments of principal to the Lenders until April 1, 2016;

    (iv) the Company will be required to make an initial
         prepayment of a portion of the loan balance in the amount
         of approximately $149,000 on April 1, 2015, and one or
         more additional prepayments to the Lenders under the Loan
         Agreement upon the occurrence of certain events; and

     (v) the Company will not be required to comply with the
         minimum liquidity ratio under the terms of the Loan
         Agreement until the earliest to occur of a specified
         event or March 31, 2016.

The Amendment also extends the time period in which the Company
must provide certain reports and statements to the Lenders and
amends the circumstances pursuant to which the Company may engage
in certain sales or transfers of its business or property without
the consent of the Lenders.

The Lenders are affiliates of Third Security, LLC and hold more
than 10% of the outstanding voting stock of the Company.
Additionally, Doit L. Koppler II, a director of the Company, is an
employee of Third Security, LLC.

A copy of the Limited Waiver and Sixth Amendment to Loan and
Security Agreement is available at http://is.gd/OaXsI0

                         About Transgenomic

Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global  

biotechnology company advancing personalized medicine in
cardiology, oncology, and inherited diseases through its
proprietary molecular technologies and world-class clinical and
research services.  The Company is a global leader in cardiac
genetic testing with a family of innovative products, including
its C-GAAP test, designed to detect gene mutations which indicate
cardiac disorders, or which can lead to serious adverse events.
Transgenomic has three complementary business divisions:
Transgenomic Clinical Laboratories, which specializes in molecular
diagnostics for cardiology, oncology, neurology, and mitochondrial
disorders; Transgenomic Pharmacogenomic Services, a contract
research laboratory that specializes in supporting all phases of
pre-clinical and clinical trials for oncology drugs in
development; and Transgenomic Diagnostic Tools, which produces
equipment, reagents, and other consumables that empower clinical
and research applications in molecular testing and cytogenetics.
Transgenomic believes there is significant opportunity for
continued growth across all three businesses by leveraging their
synergistic capabilities, technologies, and expertise.  The
Company actively develops and acquires new technology and other
intellectual property that strengthens its leadership in
personalized medicine.

The Company reported a net loss available to common stockholders
of $16.7 million in 2013, a net loss available to common
stockholders of $8.98 million in 2012 and a net loss available to
common stockholders of $10.8 million in 2011.

The Company's balance sheet at Sept. 30, 2014, showed $30.8
million in total assets, $20.6 million in total liabilities and
$10.2 million in stockholders' equity.


UNILAVA CORP: Delays 2014 Form 10-K
-----------------------------------
Unilava Corporation filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the year ended
Dec. 31, 2014.  Unilava was unable, without unreasonable effort and
expense, to prepare the financial statements in sufficient time to
allow the timely filing of this report.

                     About Unilava Corporation

Unilava Corporation (OTC BB: UNLA) -- http://www.unilava.com/--
is a diversified communications holding company incorporated under
the laws of the State of Wyoming in 2009.  Unilava and its
subsidiary brands provide a variety of communications services,
products, and equipment that address the needs of corporations,
small businesses and consumers.  The Company is licensed to
provide long distance services in 41 states throughout the U.S.
and local phone services across 11 states.  Through its carrier-
grade microwave wireless broadband infrastructure and broadband
Internet access partners, the Company also offers mobile and high-
definition IP-hosted voice services to residential customers and
corporate clients.  Additionally, Unilava delivers a comprehensive
and integrated suite of fee-based online and mobile advertising
and web services to a broad array of business enterprises.
Headquartered in San Francisco, the Company has regional offices
in Chicago, Seoul, Hong Kong, and Beijing.

Unilava Corp reported a net loss of $1.17 million on $2.68 million
of revenue for the year ended Dec. 31, 2013, as compared with a
net loss of $1.58 million on $3.10 million of revenue for the year
ended Dec. 31, 2012.

As of Sept. 30, 2014, the Company had $1.46 million in total
assets, $9.25 million in total liabilities and a $7.78 million
total stockholders' deficit.

Shelley International CPA, in Mesa, AZ, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company has suffered losses from operations, which raises
substantial doubt about its ability to continue as a going
concern.


UNIVERSAL SOLAR: Delays Filing of 2014 Form 10-K
------------------------------------------------
Universal Solar Technology, Inc. filed with the U.S. Securities and
Exchange
Commission a Notification of Late Filing on Form
12b-25 with
respect to its annual report on Form 10-K for the period ended Dec.
31, 2014.  

The Company said it has been unable to complete the Form 10-K
because it spent a lot of time on deciding the valuation method of
fixed asset when it prepared the Form 10-K.  It also made sure all
the dates in the Form 10-K are accurate.  Universal Solar
intends to file that report within the extension period.

                       About Universal Solar

Headquartered in Zhuhai City, Guangdong Province, in the People's
Republic of China, Universal Solar Technology, Inc., was
incorporated in the State of Nevada on July 24, 2007.  It operates
through its wholly owned subsidiary, Kuong U Science & Technology
(Group) Ltd., a company incorporated in Macau, the People's
Republic of China on May 10, 2007, and its subsidiary, Nanyang
Universal Solar Technology Co., Ltd., a wholly foreign owned
enterprise registered on Sept. 8, 2008 under the wholly foreign-
owned enterprises laws of the PRC.

The Company primarily manufactures, markets and sells silicon
wafers to manufacturers of solar cells.  In addition, the Company
manufactures photovoltaic modules with solar cells purchased from
third parties.

Universal Solar reported a net loss of $1.28 million in 2013
following a net loss of $5.66 million in 2012.

Paritz & Company, P.A., in Hackensack, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company had not generated cash from its operation, had a
stockholders' deficiency of $ 10,663,106 and had incurred net loss
of $11,175,906 since inception.  These circumstances, among
others, raise substantial doubt about the Company's ability to
continue as a going concern.


VAIL RESORTS: Perisher Ski Deal No Impact on Moody's Ratings
------------------------------------------------------------
Moody's Investors Service said that Vail Resorts' (NYSE: MTN)
acquisition of Perisher Ski Resort is a moderate credit positive,
but it does not immediately impact the company's Ba2 Corporate
Family Rating (CFR) or stable outlook.

Vail Resorts Inc. is a publicly traded holding company (NYSE:MTN)
that owns and operates eight premier ski resort properties through
its subsidiaries, including four in the Colorado Rocky Mountains
(Vail, Breckenridge, Keystone and Beaver Creek), three in the Lake
Tahoe area of California and Nevada (Heavenly, Northstar and
Kirkwood), and one in Park City, Utah (Canyons and Park City
Mountain Resort). Vail also owns two urban ski areas, one in
Minnesota and another in Michigan, and runs ancillary businesses at
all of its resorts including ski school, dining and retail/rental
operations. The company also owns and/or manages a number of
lodging properties and condominiums located in proximity to its ski
resorts. In addition, Vail owns and develops real estate in and
around its resort communities. Operations are grouped into three
reportable segments: Mountain, Lodging, and Real Estate, which
represented approximately 80%, 15%, and 5% of net revenues for the
twelve months ended January 30, 2015. Net revenues during the same
period were approximately $1.34 billion.


VERITEQ CORP: Delays 2014 Form 10-K for Review
----------------------------------------------
VeriTeQ Corporation was unable to file its annual report on Form
10-K for the year ended Dec. 31, 2014, within the prescribed time
as the Company requires additional time to determine the proper
accounting for certain financing transactions that occurred during
the year.  These transactions are highly complex and require
extensive review and analysis.  The Company intends to file its
Form 10-K on or prior to April 15, 2015.

The Company expects to report revenue of approximately $151,000 for
2014.  Net loss is expected to be approximately $3.8 million for
the year ended Dec. 31, 2014, compared to $18.2 million for the
year ended Dec. 31, 2013.  The net loss in 2014 is expected to
include an asset impairment charge of $1.6 million, net gains on
the change in fair values of certain derivative instruments in the
amount of $6.4 million and non-cash interest expense in the amount
of $2.4 million.  The net loss in 2013 included non-cash interest
expense of approximately $6.7 million and losses on the change in
fair values of derivative instruments in the amount of $4.4
million.

                           About VeriTeQ

VeriTeQ (formerly known as Digital Angel Corporation) develops
innovative, proprietary RFID technologies for implantable medical
device identification, and dosimeter technologies for use in
radiation therapy treatment.  VeriTeQ --
http://www.veriteqcorp.com/-- offers the world's first FDA
cleared RFID microchip technology that can be used to identify
implantable medical devices, in vivo, on demand, at the point of
care.  VeriTeQ's dosimeters provide patient safety mechanisms
while measuring and recording the dose of radiation delivered to a
patient in real time.

Veriteq Corporation reported a net loss of $15.07 million on
$18,000 of sales for the year ended Dec. 31, 2013, as compared
with a net loss of $1.60 million on $0 of sales for the year ended
Dec. 31, 2012.

As of Sept. 30, 2014, the Company had $6.77 million in total
assets, $14 million in total liabilities, and a $7.18 million
stockholders' deficit.

EisnerAmper LLP, in New York, New York, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has incurred recurring net losses, and at Dec. 31,
2013, had negative working capital and a stockholders' deficit.
These events and conditions raise substantial doubt about the
Company's ability to continue as a going concern.


VERMILLION INC: Reports $19.2 Million Net Loss in 2014
------------------------------------------------------
Vermillion, Inc., filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $19.2
million on $2.52 million of total revenue for the year ended
Dec. 31, 2014, compared to a net loss of $8.81 million on $2.56
million of total revenue for the year ended Dec. 31, 2013.
Vermillion incurred a net loss of $7.14 million in 2012.

As of Dec. 31, 2014, the Company had $24.2 million in total assets,
$4.91 million in total liabilities and $19.3 million in total
stockholders' equity.

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

                        http://is.gd/Bhi5Yx

                          About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-11091) on March 30, 2009.  Vermillion's legal
advisor in connection with its successful reorganization efforts
wass Paul, Hastings, Janofsky & Walker LLP.  Vermillion emerged
from bankruptcy in January 2010.  The Plan called for the Company
to pay all claims in full and equity holders to retain control of
the Company.


VERTICAL COMPUTER: Delays 2014 Form 10-K
----------------------------------------
Vertical Computer Systems, Inc., notified the Securities and
Exchange Commission it has experienced delays in resolving issues
material to the Company's financial statements associated with its
subsidiary, Now Solutions, Inc.  Accordingly, the Company was
unable to file its Form 10-K on or before the prescribed filing
date.  Vertical Computer expects to file the Form 10-K within
fifteen days after the prescribed filing date.

                      About Vertical Computer

Richardson, Tex.-based Vertical Computer Systems, Inc., is a
multinational provider of Internet core technologies, application
software, and software services through its distribution network
with operations or sales in the United States, Canada and Brazil.

Vertical Computer reported a net loss applicable to common
stockholders of $3.08 million in 2013 following a net loss
applicable to common stockholders of $2.07 million in 2012.

The Company's balance sheet at Sept. 30, 2014, showed $1.01
million in total assets, $17.5 million in total liabilities,
$9.90 million in convertible cumulative preferred stock, and a
$26.4 million total stockholders' deficit.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company suffered net losses and has a working capital deficiency,
which raises substantial doubt about its ability to continue as a
going concern.


VICTORY ENERGY: Incurs $4.22 Million Net Loss in 2014
-----------------------------------------------------
Victory Energy Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$4.22 million on $695,000 of total revenues for the year ended Dec.
31, 2014, compared to a net loss of $2.11 million on $735,000 of
total revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $1.2 million in total assets,
$2.67 million in total liabilities and a $1.46 million total
stockholders' deficit.

Weaver and Tidwell, L.L.P., in Houston, Texas, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has
experienced recurring losses since its inception and has an
accumulated deficit, which raise substantial doubt regarding the
Company's ability to continue as a going concern.

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

                        http://is.gd/cBI5dG

                        About Victory Energy

Austin, Texas-based Victory Energy Corporation is engaged in the
exploration, acquisition, development and exploitation of domestic
oil and gas properties.  Current operations are primarily located
onshore in Texas, New Mexico and Oklahoma.


VICTORY ENERGY: Provides Lucas Energy Business Combination Update
-----------------------------------------------------------------
Victory Energy Corporation provided an update for the Company's
planned business combination with Lucas Energy.

On Feb. 4, 2014, the Company entered into a letter of intent and
term sheet with Lucas for a proposed business combination.

On Feb. 26, 2015, the Company entered into collaboration and
funding agreements with Lucas valued at $12 million.

Among other things, these agreements provide for the assignment of
a 50% working interest in two high-grade Eagle Ford well bores,
located in Karnes County, Texas in exchange for funding the
drilling and completion of these two wells prior to the merger of
the two companies.

"Management's short-term focus is on completing the Lucas merger in
the second half of 2015.  The Company plans to work with Lucas and
the operator to drill two Eagle Ford wells and bring them into
production prior to the consummation of the merger.  The two wells
of focus are part of a four well proven undeveloped location and
are expected to produce IRR's in the 30% range at current oil and
gas prices," the Company said in a press release.  

                       About Victory Energy

Austin, Texas-based Victory Energy Corporation is engaged in the
exploration, acquisition, development and exploitation of domestic
oil and gas properties.  Current operations are primarily located
onshore in Texas, New Mexico and Oklahoma.

Victory Energy reported a net loss of $2.11 million on $735,000 of
total revenues for the year ended Dec. 31, 2013, as compared with a
net loss of $7.09 million on $326,000 of total revenues in 2012.

As of Sept. 30, 2014, the Company had $5.48 million in total
assets, $2.44 million in total liabilities and $3.04 million in
total stockholders' equity.

Weaver & Tidwell, LLP, in Fort Worth, Texas, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has experienced recurring losses since its
inception and has an accumulated deficit.  These conditions raise
substantial doubt regarding the Company's ability to continue as a
going concern.


VIPER VENTURES: Rattlesnake Point Property Pursues Chapter 11
-------------------------------------------------------------
Viper Ventures, LLC, owner of 31 acres of waterfront land on
Rattlesnake Point just south of Gandy Boulevard in Tampa, Florida,
sought Chapter 11 protection with financing that would fund a
reorganization plan that would pay the lender Wells Fargo Bank,
N.A., in full and allow investors to retain control.

The property is uniquely situated at the gateway from Pinellas
County to the peninsula of South Tampa. It is located several miles
from the maritime terminals at Port Tampa, which are immediately
adjacent to MacDill Air Force Base.  Several luxury residential
facilities, including WestShore Yacht Club and Casa Bella
Apartments, are located nearby.

The property includes a 7.5 acre tract with easy Gulf of Mexico
access improved by a shipyard, which is the former site of Misener
Marine.  The shipyard is capable of accommodating vessels up to 200
feet and 14-foot draft for in-water repairs and up to 160 feet for
projects that require hauling for more extensive work.

The property was acquired by the Debtor on June 4, 2004.  Funding
was provided by two loans from Wachovia Bank, N.A., predecessor in
interest to Wells Fargo Bank, N.A., and by investments from sixteen
different individuals or entities (the "Investors") who hold equity
positions ranging from as much as 20% to as little as 0.6%.

The Debtor currently leases the property to tenants including
Cargill, Prestige Yachts, Lazarra Yacht Corp., and RiverHawk
Marine, LLC.

                        Road to Bankruptcy

In 2013, RiverHawk, which leases the 7.5 acre former Misener tract,
began experiencing economic problems and stopped paying its full
monthly rent of $64,611 (plus its share of the insurance and taxes)
per month.  As of the Petition Date, RiverHawk owes the Debtor $1.5
million in past due rent.

Edward J. Peterson, III, Esq., at Stichter Riedel Blain & Prosser,
P.A., explains in a court filing that when RiverHawk ceased making
the full monthly rent payments, the Debtor began to experience cash
flow problems that made it difficult to pay the Lender the monthly
mortgage payments.  RiverHawk is actively taking steps to cure the
rent arrearage of $1.5 million.  Moreover, the Debtor is actively
marketing RiverHawk's space with the hope of finding a replacement
tenant or a buyer for the space, although finding a replacement
tenant may take some time.

In February 2014, the Lender declared a default and accelerated the
debt.  On Feb. 13, 2014, the Lender filed a complaint against some
of the guarantors of the debt, alleging a default under the
guaranty agreements.  The Lender has not filed a foreclosure action
against the Debtor, choosing instead to ignore its collateral. The
defendant-guarantors in that action, however, have filed a third
party complaint against the Debtor under theories of
indemnification and subrogation.

As part of its acquisition of the Property from Rattlesnake Point,
Ltd. in two phases in 2004 and 2005, the Debtor assumed the
obligations of Rattlesnake under an executory contract dated July
10, 1996 (the "Port Agreement"), that Rattlesnake had entered into
with Ghandy View Realty, Inc.  Chemical Formulators, Inc. ("CFI")
is presently using Ghandy's rights under the Port Agreement.  The
Port Agreement purports to grant to Ghandy and its successors and
assigns a contractual right to use a port facility located on a
portion of the Property to dock vessels and to off-load or on-load
various hazardous chemicals to a pipeline which crosses the
Property.  The pipeline runs to a chlorine manufacturing and
distribution plant owned by Ghandy and operated by CFI.  The Debtor
has ongoing obligations under the Port Agreement, including the
obligation to make certain repairs to the waterfront area impacted
by the Port Agreement.

Mr. Peterson relates that the Port Agreement contains no express
provision that permits the Debtor to terminate it without default
by Ghandy, nor does it ever expire pursuant to its own terms.
Other parties to the Port Agreement assert that the Debtor can only
terminate the Port Agreement if Ghandy elects to terminate it or
defaults in its obligations.  The existence of the Port Agreement
may adversely impact the Debtor's ability to obtain residential
zoning for the Property or to use the Property for residential
purposes.  Accordingly, in 2011, the Debtor filed an action in
state court in Hillsborough County, seeking, among other things, a
declaration that the Port Agreement and its related easements are
void because, inter alia, they constitute an unreasonable restraint
on alienation.  The state court denied a motion to dismiss by
Ghandy and CFI and that action is currently pending, although no
trial is scheduled.  The Debtor has been represented in that action
by the Trenam Kemker law firm.  It is the Debtor's contention that
the Port Agreement is an executory contract that is subject to
Section 365 of the Bankruptcy Code and that the Debtor can reject
it in a prudent exercise of its business judgment.  The Debtor may
seek such relief in this bankruptcy case.  

With the filing of the Chapter 11 Petition, the Debtor believes
that the existence of numerous Investors (who are also guarantors)
will aid the Debtor in achieving a successful reorganization. In a
collective proceeding like this chapter 11 case, all parties are
before a single tribunal that can adjudicate all of their rights
and adjust the claims and interests of creditors and equity holders
alike while creating a judicially supervised environment that can
provide protection to parties willing to infuse cash. As can be
seen from the third party action, failure to resolve this matter in
Chapter 11 may result in some, but not all guarantors, paying
amounts to the Lender and then proceeding against the Debtor by
levy, garnishment or otherwise to collect an indemnification or
subrogation judgment.  The support of the Investors is evidenced by
their agreement to fund up to $1 million under a revolving line of
credit secured by a junior mortgage on the Property. The sum of
$147,028 has already been advanced to the Debtor under this line of
credit.

                            Chapter 11 Goals

Mr. Peterson tells the Court that the Debtor has no viable option
other than to file a Chapter 11 petition in an effort to preserve
the value of the Property through a restructuring of the debt for
the benefit of all creditors.  The Chapter 11 case seeks to
restructure the debt owed to the Lender and to pay that debt in
full with appropriate interest.  The Debtor believes that the
appraisals undertaken by Wells Fargo reflect substantial equity in
the Property, and the Debtor is issuing discovery requests to
obtain those appraisals and other estimates of value.  The Debtor
will in its plan of reorganization attempt to eliminate technical,
non-monetary defaults and modify loan covenants.

The Debtor's plan will provide for an extension of the maturity
date of the Loans with the Lender and the payment of an interest
rate in accordance with Till.  The existing guarantees will remain
in place as to the restructured loan terms, with actions against
the guarantors being stayed pursuant to, inter alia, In re Shaw
Aero Devices, Inc., 283 B.R. 349 (Bankr. M.D.Fla. 2002)(Paskay,
J.), and In re J.C. Householder Land Trust 1, 502 B.R. 602 (Bankr.
M.D.Fla. 2013)(Williamson, J.).  The Debtor also continues to
explore a sale of all or a part of the Property with the assistance
of a real estate broker. Moreover, the Debtor may seek to reject
the Port Agreement under Section 365 of the Bankruptcy Code, which
may create enhanced opportunities for the Debtor to obtain
refinancing to take out the Wells Fargo debt.

In order to help facilitate the reorganization, the Investors and
guarantors of the debt to the Lender have agreed to provide
debtor-in-possession financing, as well as exit financing,
necessary to fund a plan upon confirmation, in exchange for a
matching injunction against collection efforts by the Lender as
long as the Debtor is current on its plan payments.  The financial
commitments from the Investors will help the Debtor to stabilize
its operations pending either the resumption of regular lease
payments by RiverHawk, the re-leasing of the RiverHawk space, or a
sale or refinancing of all or part of the Property.

The filing of this case is necessary to preserve the substantial
equity in the Property and is in the best interests of all
creditors.  The Lender will be paid in full under the plan.

A copy of the Case Management Summary is available for free at:

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

                       About Viper Ventures

Viper Ventures, LLC, is a Florida limited liability company that
owns 31 acres of waterfront land on Rattlesnake Point just south of
Gandy Boulevard in Tampa, Florida.

Viper Ventures  filed a Chapter 11 bankruptcy petition (Bankr. M.D.
Fla. Case No. 15-bk-03404) in Tampa, Florida, on April 1, 2015.
The case is assigned to Judge Catherine Peek McEwen.

The Debtor is represented by Edward J. Peterson, III, Esq., at
Stichter, Riedel, Blain & Prosser, PA, in Tampa, Florida.

The Debtor estimated $10 million to $50 million in assets and
debt.

According to the docket, the Debtor's Chapter 11 plan and
explanatory disclosure statement are due by July 30, 2015.


VIPER VENTURES: Seeks to Use Cash Collateral
--------------------------------------------
Viper Ventures, LLC, asks the U.S. Bankruptcy Court for the Middle
District of Florida to enter interim and final orders authorizing
its use of cash collateral.

Funding for the acquisition of the Debtor's property was provided
by two loans from Wachovia Bank, N.A., as predecessor in interest
to Wells Fargo Bank, N.A., and by investments from 16 different
individuals or entities who hold equity positions ranging from as
much as 20 % to as little as 0.6%.

As of the Petition Date, the balance under a loan provided the
Lender on June 4, 2014, is approximately $6,784,885.  In addition,
there's a $7,981,931 balance under a loan provided on June 30,
2015.

In addition, prior to the Petition Date, on March 25, 2015, the
Debtor executed in favor of Viper Lending, LLC, as agent for the
Investors: (i) a Revolving Line of Credit Promissory Note,
evidencing a line of credit with a maximum availability of $1
million; and (ii) a Mortgage, Security Agreement, Assignment of
Rents and Fixture Filing, pursuant to which Debtor granted to Viper
Lending, as agent for the Investors, a junior lien on all assets of
the Debtor.  

Prior to the Petition Date, advances in the aggregate amount of
$147,028 were made by the Investors on a pro rata basis to fund the
prepetition retainers for professionals and the closing costs for
the closing of the facility.

The Debtor purported to grant to the Lender a lien on its real
property, as well as rents and accounts receivable.  In addition,
the Debtor granted to Viper Lending, as agent for the Investors, a
junior lien on the Property, as well as rents.  Accordingly, the
Lender and Viper Lending may assert they have a lien on the
Debtor’s rents and accounts receivable and that they therefore
have an interest in the Debtor's cash collateral within the meaning
of 11 U.S.C. Sec. 363(a).

The Debtor says it will provide good and sufficient adequate
protection to the Lender and Viper Lending for the use of the Cash
collateral:

   * The Debtor will provide the Lender and Viper Lending with
replacement liens identical in extent, validity and priority as
such liens existed on the Petition Date; and

   * The Debtor will provide on a weekly basis profit and loss
statements on a cash basis to counsel for the Lender and Viper
Lending.

At the initial hearing on the Motion, the Debtor will seek to use
Cash Collateral in the amount of approximately $30,000 or such
other amount as is necessary to avoid immediate and irreparable
harm on an interim basis pending entry of a final order on the
Motion.

                       About Viper Ventures

Viper Ventures, LLC, is a Florida limited liability company that
owns 31 acres of waterfront land on Rattlesnake Point just south of
Gandy Boulevard in Tampa, Florida.

Viper Ventures  filed a Chapter 11 bankruptcy petition (Bankr. M.D.
Fla. Case No. 15-bk-03404) in Tampa, on April 1, 2015.  The case is
assigned to Judge Catherine Peek McEwen.

The Debtor is represented by Edward J. Peterson, III, Esq., at
Stichter, Riedel, Blain & Prosser, PA, in Tampa, Florida.

The Debtor estimated $10 million to $50 million in assets and
debt.

According to the docket, the Debtor's Chapter 11 plan and
explanatory disclosure statement are due by July 30, 2015.


VISCOUNT SYSTEMS: Unit Has Factoring Deal with Liquid Capital
-------------------------------------------------------------
A wholly-owned subsidiary of Viscount Systems, Inc., Viscount
Communication & Control Systems Inc., entered into a Full Factoring
Agreement with Liquid Capital Exchange Corp., pursuant to a
Purchase and Sale Agreement, dated March 24, 2015, between the
Company and Liquid Capital Exchange, Inc.

Pursuant to the Purchase Agreement, Liquid Capital Exchange, Inc.
will purchase certain of the accounts receivable of the Company,
with the maximum face amount of purchased Receivables sold to
Liquid Capital Exchange, Inc. not to exceed $1,000,000.  Upon any
acquisition of a Receivable, Liquid Capital Exchange, Inc. will
advance to the Company up to 80% of the face amount of the
Receivable.  The payment of all indebtedness and obligations of the
Company to Liquid Capital Exchange, Inc. is secured by a security
interest in certain of the Company's assets as set forth in greater
detail in the Purchase Agreement.

Pursuant to the Factoring Facility, Liquid Capital will purchase
each Receivable at a discount of 3.65%, or such other discount as
is further agreed to by the parties in writing.  The Factoring
Facility will have an initial term of one year, and will renew
automatically each year thereafter unless and until either party
provides notice of termination to the other party no less than 30
days from March 23rd of each year.  As continuing security for all
present and future obligations of Viscount Communication to Liquid
Capital, Viscount Communication shall execute a general assignment
of all of its Receivables to Liquid Capital.

The Company has guaranteed payment of Viscount Communication's
debts and obligations to Liquid Capital under the Factoring
Facility.

A full-text copy of the Factoring Agreement is available for free
at http://is.gd/E0TyoK

                       About Viscount Systems

Burnaby, Canada-based Viscount Systems, Inc., is a manufacturer,
developer and service provider of access control security
products.

Viscount Systems reported a net loss and comprehensive loss of
$991,000 on $4.76 million of sales for the year ended Dec. 31,
2014, compared to a net loss and comprehensive loss of $3.08
million on $4.13 million of sales in 2013.

As of Dec. 31, 2014, the Company had $1.59 million in total assets,
$3.97 million in total liabilities and a $2.37 million total
stockholders' deficit.

Dale Matheson Carr-Hilton Labonte LLP, in Vancouver, Canada, issued
a "going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has incurred losses in developing its business, and further
losses are anticipated in the future.  The Company requires
additional funds to meet its obligations and the costs of its
operations and there is no assurance that additional financing can
be raised when needed.  These factors raise substantial doubt about
the Company's ability to continue as a going concern.


VUZIX CORP: Reports $7.86 Million Net Loss in 2014
--------------------------------------------------
Vuzix Corporation filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $7.86
million on $3.03 million of total sales for the year ended Dec. 31,
2014, compared to a net loss of $10.14 million on $2.38 million of
total sales for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $3.7 million in total assets,
$18.09 million in total liabilities and a $14.39 million total
stockholders' deficit.

On Jan. 2, 2015, the Company entered into and closed a Series A
Preferred Stock Purchase Agreement with Intel Corporation, pursuant
to which the Company issued and sold to the Series A Purchaser, an
aggregate of 49,626 shares of the Company's Series A Preferred
Stock, at a purchase price of $500 per share, for an aggregate
purchase price of $24,813,000.  Each share of Series A Preferred
Stock is convertible, at the option of the Series A Purchaser, into
100 shares of the Company's common stock.

It should be noted that the Company's financial statements for the
years ending Dec. 31, 2013, were prepared on the basis the Company
would continue as a going concern but there was substantial doubt
regarding this assumption expressed by the Company's auditors.  As
a result of this Jan. 2, 2015, financing, this note regarding doubt
about the Company's ability to continue as a going concern for at
least the next 12 months has been deleted.

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

                        http://is.gd/qq6QBy
  
                     About Vuzix Corporation

Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field.  Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.


VYCOR MEDICAL: Incurs $4.04 Million Net Loss in 2014
----------------------------------------------------
Vycor Medical, Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$4.04 million on $1.25 million of revenue for the year ended
Dec. 31, 2014, compared to a net loss of $2.44 million on $1.08
million of revenue for the year ended Dec. 31, 2013.  Vycor Medical
previously reported a net loss of $2.93 million in 2012.

As of Dec. 31, 2014, the Company had $3.81 million in total assets,
$925,000 in total liabilities, all current, and $2.88 million in
total stockholders' equity.

Peter Zachariou, chief executive officer of Vycor, commented:
"Vycor VBAS continues to build value and momentum and we are
executing on our new product development plan for our new small
VBAS units and new IGS-compatible devices.  We have announced the
completion of the NovaVision development strategy, and are gearing
up for marketing the truly scalable and most affordable,
comprehensive therapy suite for those suffering visual disorders
from neurological damage such as stroke.  With the $5 million
offering completed in the second quarter and the $2.4 million debt
exchange by our largest shareholder in the third quarter, we
continue to build shareholder value through the execution of our
previously articulated strategy."

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

                        http://is.gd/AZD6bl

                        About Vycor Medical

Boca Raton, Fla.-based Vycor Medical, Inc. (OTC BB: VYCO)
-- http://www.VycorMedical.com/-- is a medical device company
committed to making neurological brain, spinal and other surgical
procedures safer and more effective.  The Company's flagship,
Patent Pending ViewSite(TM) Surgical Access Systems represent an
exciting new minimally invasive access and retraction system that
holds the potential for speedier, safer and more economical brain,
spinal and other surgeries and a quicker patient discharge.
Vycor's innovative medical instruments are designed to optimize
neurosurgical site access, reduce patient risk, accelerate
recovery, and add tangible value to the professional medical
community.


WINDSTREAM SERVICES: Moody's Affirms 'Ba3' Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Windstream
Services, LLC ("Windstream" or the "company", formerly known as
Windstream Corporation) including its Ba3 corporate family rating,
Ba3-PD probability of default rating and all rated debt following
the spinoff of Communications Sales & Leasing, Inc ("CS&L") through
a tax free distribution to shareholders. As part of the action,
Moody's has also raised Windstream's speculative grade liquidity
rating to SGL-2 from SGL-3 given the company's improved cash flow
profile, lower dividend, favorable maturity schedule and the
expected proceeds from the 20% equity stake of CS&L that Windstream
will monetize over the next 12 months. The outlook remains stable.

Affirmations:

Issuer: Windstream Services, LLC

  -- Probability of Default Rating, Affirmed Ba3-PD

  -- Corporate Family Rating (Local Currency), Affirmed Ba3

  -- Senior Secured Bank Credit Facility (Local Currency),
     Affirmed Ba2, LGD3

  -- Senior Unsecured Regular Bond/Debenture (Local Currency),
     Affirmed B1, LGD4

Raised:

Issuer: Windstream Services, LLC

  -- Speculative Grade Liquidity Rating, Raised to SGL-2 from
     SGL-3

Outlook Actions:

Issuer: Windstream Services, LLC

  -- Outlook, Remains Stable

Windstream's Ba3 corporate family rating reflects its scale as a
national wireline operator with a stable, predictable base of
recurring revenues, offset by high leverage, a gradually declining
top line and modest margin pressure. The rating includes Moody's
view that Windstream's leverage will remain above 4x Debt to EBITDA
(Moody's Adjusted) for the next several years. Since the company's
2011 purchase of Paetec, Windstream had articulated a strategy
based on an asset-light approach to the business services market,
with declining capital investment and a very high dividend payout.
With the spin-off of CS&L, Windstream will generate incremental
free cash flow from the lower dividend, interest and taxes which
more than offset the rent expense paid to CS&L. The improved free
cash flow profile will give Windstream the ability to continue to
invest in its business, a key constraint of its prior capital
allocation practice. However, this transaction will reduce future
flexibility as it converts Windstream's prior discretionary
dividend payment into a new, large, non-discretionary fixed charge
(i.e. rent).

The SGL-2 liquidity rating reflects Moody's expectation that
Windstream will have good liquidity over the next 12-18 months,
supported by approximately $50 million of cash on the balance sheet
and its undrawn $1.25 billion revolver following the spin and debt
exchange. Moody's expects Windstream to have roughly break-even
free cash flow over the next 12-18 months driven by higher capital
spending. Windstream will retain approximately 20% of CS&L shares
following the spin-off and is expected to monetize the shares and
use the proceeds to pay down debt over the next 12 months.
Windstream will then have no significant maturities until 2020 with
the proposed debt repayment from the REIT distribution and the
monetization of the remaining stake in CS&L. Moody's expects
Windstream to have ample cushion under both of its financial
covenants.

The ratings for the debt instruments reflect both the probability
of default of Windstream, on which Moody's maintains a PDR of
Ba3-PD, and individual loss given default assessments. Moody's
currently rates Windstream's senior secured term loans and revolver
at Ba2. Windstream's secured debt benefits from a collateral
package that includes a pledge of assets and upstream guarantees
from subsidiaries representing approximately 20% of total company
cash flow. Also, the secured debt benefits from a pledge of the
equity interest in certain non-guarantor subsidiaries. The ratings
recognize regulatory restrictions that limit the collateral pledge
for certain non-guarantor subsidiaries and assigns no material
weight to the equity pledge as Moody's believes this will have
little value in a default scenario. The spin-off of CS&L will
result in lower asset coverage for the senior secured credit
facilities, but given the expected size of the secured debt
relative to the unsecured debt within the capital structure,
Moody's believes that there will be sufficient asset coverage for
the senior secured credit facilities to maintain their Ba2 rating.

From a strictly contractual standpoint, the new master lease (with
HoldCo as the obligor) is the most subordinate liability in the
capital structure. However, Moody's believes that the strategic
importance of the lease constitutes additional credit strength for
this claim and Moody's ranks it on an equal basis to Windstream's
unsecured debt. Windstream's senior unsecured notes are rated B1
reflecting their junior position in the capital structure. Due to
the tight linkage between Windstream and the REIT entity (CS&L),
the B1 rating for Windstream's unsecured debt and the priority of
claims within the Windstream capital structure are key drivers to
the B1 corporate family rating for CS&L. Therefore, future changes
to the mix of debt in Windstream's capital structure could
influence the ratings for CS&L.

The stable outlook reflects Moody's view that Windstream will
maintain approximately flat adjusted EBITDA and stable cash flows
over the next few years despite the margin pressure.

Moody's could raise Windstream's ratings if leverage were to be
sustained below 3.75x (Moody's adjusted) and free cash flow to debt
were in the mid-single digits percentage range. Moody's could lower
the ratings further if leverage were to exceed 4.25x (Moody's
adjusted) or free cash flow turns negative, on a sustained basis.

Windstream Services, LLC ("Windstream" or the "Company") is a
pure-play wireline operator headquartered in Little Rock, AR. The
company was formed by a merger of Alltel Corporation's wireline
operations and Valor Communications Group in July 2006. Windstream
has continued to grow through acquisitions and, following the
acquisition of PAETEC Holding Corp. ("PAETEC") in 2011, Windstream
provides services in 48 states.

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada and EMEA published in
June 2009.


WORLD SURVEILLANCE: Delays Form 10-K Filing Over Limited Staff
--------------------------------------------------------------
World Surveillance Group Inc. filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 10-K for the year ended
Dec. 31, 2014.  The Company said the delay was due to unexpected
staffing limitations.

                      About World Surveillance

World Surveillance Group Inc. designs, develops, markets and sells
autonomous lighter-than-air (LTA) unmanned aerial vehicles (UAVs)
capable of carrying payloads that provide persistent security
and/or wireless communication from air to ground solutions at low,
mid and high altitudes.  The Company's airships, when integrated
with electronics systems and other high technology payloads, are
designed for use by government-related and commercial entities
that require real-time intelligence, surveillance and
reconnaissance or communications support for military, homeland
defense, border control, drug interdiction, natural disaster
relief and maritime missions.  The Company is headquartered at the
Kennedy Space Center, in Florida.

World Surveillance reported a net loss of $3.41 million on
$559,000 of net revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $3.36 million on $272,000 of net
revenues for the year ended Dec. 31, 2012.

Rosen Seymour Shapss Martin & Company LLP, in New York, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company has experienced significant losses
and negative cash flows, resulting in decreased capital and
increased accumulated deficits.  These conditions raise
substantial doubt about its ability to continue as a going
concern.

As of Sept. 30, 2014, the Company had $6.14 million in total
assets, $17.3 million in total liabilities, all current, and a
$11.1 million total stockholders' deficit.

                         Bankruptcy Warning

"We have incurred substantial indebtedness and may be unable to
service our debt.

"Our total indebtedness at September 30, 2014 was $17,292,275.  A
portion of such indebtedness reflects judicial judgments against
us that could result in liens being placed on our bank accounts or
assets.  We are continuing to review our ability to reduce this
debt level due to the age and/or settlement of certain payables
but we may not be able to do so.  This level of indebtedness
could, among other things:

   * make it difficult for us to make payments on this debt and
     other obligations;

   * make it difficult for us to obtain future financing;

   * require us to redirect significant amounts of cash from
     operations to servicing the debt;

   * require us to take measures such as the reduction in scale of
     our operations that might hurt our future performance in
     order to satisfy our debt obligations; and

   * make us more vulnerable to bankruptcy or an unwanted
     acquisition on terms unsatisfactory to us," the Company
     stated in its quarterly report for the period ended Sept. 30,
     2014.


Z TRIM HOLDINGS: Cash on Hand Not Enough to Pay Off Debt
--------------------------------------------------------
Z Trim Holdings, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$5.57 million on $1.01 million of total revenues for the year ended
Dec. 31, 2014, compared to a net loss of $13.4 million on $1.42
million of total revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $3.06 million in total assets,
$3.37 million in total liabilities and a $307,000 total
stockholders' deficit.

M&K CPAS, PLLC, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company does not have enough
cash on hand to meet its current liabilities and has had
reoccurring losses as of Dec. 31, 2014.  These conditions raise
substantial doubt about its ability to continue as a going
concern.

As of Dec. 31, 2014, the Company had a cash balance of $1.03
million, an increase from a balance of $443,000 at Dec. 31, 2013.
At Dec. 31, 2014, the Company had a working capital deficit of
$540,000, a decrease from the working capital of $805,000 as of
Dec. 31, 2013.  The difference in working capital was primarily
because of an increase in accounts payable and the increase in
short term borrowings and notes payable during 2014.  As of March
24, 2015, the Company had a cash balance of $215,000.

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

                       http://is.gd/UmIN2P

                          About Z Trim

Mundelein, Ill.-based Z Trim Holdings, Inc., is a functional food
ingredient company which provides custom product solutions that
help answer the food industry's problems.  Z Trim's revolutionary
technology provides value-added ingredients across virtually all
food industry categories.  Z Trim's all-natural products, among
other things, help to reduce fat and calories, add fiber, provide
shelf-stability, prevent oil migration, and add binding capacity
-- all without degrading the taste and texture of the final food
products.


ZYNEX INC: Reports $6.2 Million Net Loss in 2014
------------------------------------------------
Zynex, Inc. filed with the Securities and Exchange Commission its
annual report on Form 10-K disclosing a net loss of $6.23 million
on $11.11 million of net revenue for the year ended Dec. 31, 2014,
compared to a net loss of $7.34 million on $21.7 million of net
revenue for the year ended
Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $7.11 million in total assets,
$8.38 million in total liabilities, and a $1.26 million total
stockholders' deficit.

GHP Horwath, P.C., in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, noting that the Company incurred significant
losses in 2014 and 2013, and has limited liquidity.  These factors
raise substantial doubt about its ability to continue as a going
concern.

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

                         http://is.gd/TpDCuE

                               Zynex Inc.

Zynex, Inc., develops, manufactures and markets medical equipment.
The Lone Tree, Colorado-based Company offers electrotherapy
products for home use, cardiac monitoring apparatus for hospital
use, and EMG and EEG diagnostic devices for neurology clinic use.


[*] Moody's Says Global Reinsurers' Environment Leads to More M&As
------------------------------------------------------------------
The operating environment for the global reinsurance industry
continues to deteriorate, which will lead to a rise in mergers and
acquisitions, according to the latest edition of "Reinsurance
Monitor" from Moody's Investors Service. The quarterly newsletter
features articles covering developments in the reinsurance sector.

Only half the reinsurers in Moody's reinsurance cohort reported an
improvement in profitability in 2014, despite fewer cat losses than
in 2013. Besides the low level of insured natural catastrophes in
2014, sector earnings also benefitted from the US dollar's
strengthening.

In addition, insurers' peak zone catastrophe risk exposures as a
percentage of equity capital were generally flat to down.
Reinsurers have been working to minimize risk by terminating or
limiting participation on treaties with low expected returns, as
well as using retrocessional coverage, largely from alternative
capital providers, to bring down their risk exposures on a net
basis.

Furthermore, given the ongoing decline in sector returns since 2006
and the limited prospects for improving underwriting margins, they
have also been using a variety of measures in an attempt to bolster
returns, among them, returning capital through common dividends and
share buybacks, growing their primary insurance and non-cat lines,
and shifting risk to cheaper alternative markets.

Nevertheless, the operating environment for the reinsurers
continues to deteriorate, as property catastrophe reinsurance
pricing (historically, the sector's most profitable line) continues
to decline owing to the ready availability of lower-cost
alternative capital; demand for reinsurance decreases as primary
companies retain more risk; reinsurance panels continue to shrink;
ceding commissions on quota-share treaties rise; and interest rates
remain persistently low.

The speed of the deterioration is tilting reinsurers' "buy versus
build" decision toward M&A because they don't have time to build
new platforms from scratch. Hence, Moody's believes that reinsurers
will continue to consolidate in 2015. Although consolidation, which
carries risks of its own, won't be enough to solve these issues, it
will allow firms to expand scale and diversification and provide
more opportunities to improve profitability by eliminating
redundant costs.

Indeed, the last few months have seen a number of high-profile
transactions already announced or closed: RenaissanceRe's
acquisition of Platinum Underwriters, announced in November 2014
and closed in March 2015; XL Group's acquisition of Catlin Group
Limited, announced in January 2015; and the merger of PartnerRe
Ltd. and AXIS Capital Holdings, announced in January 2015.


[*] Rochester, NY Bankruptcy Filings Drop Nearly 18% in 1st Quarter
-------------------------------------------------------------------
Will Astor at Rochester Business Journal reports that bankruptcy
filings at Rochester, New York, have declined almost 18% to 338
cases in the first quarter of 2015, from 410 cases filed during the
same period in 2016.  The report says that new filings dropped 23%
to 132 petitioners in March 2015, from 172 in March 2014.  The
report states that area filings in March 2015 included 111 Chapter
7 cases, 19 Chapter 13 cases, and two Chapter 11 cases.


[^] BOND PRICING: For The Week From March 30 to April 3, 2015
-------------------------------------------------------------
  Company               Ticker  Coupon Bid Price  Maturity Date
  -------               ------  ------ ---------  -------------
Allen Systems
  Group Inc             ALLSYS  10.500    34.000     11/15/2016
Allen Systems
  Group Inc             ALLSYS  10.500    34.000     11/15/2016
Alpha Natural
  Resources Inc         ANR      6.000    27.000       6/1/2019
Alpha Natural
  Resources Inc         ANR      9.750    43.870      4/15/2018
Alpha Natural
  Resources Inc         ANR      3.750    42.500     12/15/2017
Alpha Natural
  Resources Inc         ANR      6.250    25.750       6/1/2021
Alpha Natural
  Resources Inc         ANR      2.375    98.625      4/15/2015
Altegrity Inc           USINV   14.000    37.625       7/1/2020
Altegrity Inc           USINV   13.000    37.625       7/1/2020
Altegrity Inc           USINV   14.000    37.625       7/1/2020
American Eagle
  Energy Corp           AMZG    11.000    32.000       9/1/2019
American Eagle
  Energy Corp           AMZG    11.000    39.000       9/1/2019
Arch Coal Inc           ACI      7.000    24.906      6/15/2019
Arch Coal Inc           ACI      9.875    30.000      6/15/2019
BPZ Resources Inc       BPZR     8.500    15.000      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR     10.000    20.000     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      6.500    34.500       6/1/2016
Caesars Entertainment
  Operating Co Inc      CZR     12.750    20.696      4/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.750    24.800       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR      5.750    35.100      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR     10.000    19.165     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      5.750    12.625      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR     10.000    20.000     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.750    24.750       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR     10.000    20.875     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR     10.000    20.000     12/15/2018
Cal Dive
  International Inc     CDVI     5.000    11.000      7/15/2017
Champion
  Enterprises Inc       CHB      2.750     0.250      11/1/2037
Chassix Holdings Inc    CHASSX  10.000     5.000     12/15/2018
Chassix Holdings Inc    CHASSX  10.000     8.000     12/15/2018
Chassix Holdings Inc    CHASSX  10.000     8.000     12/15/2018
Cigna Corp              CI       8.500   125.500       5/1/2019
Claire's Stores Inc     CLE     10.500    61.500       6/1/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    28.962     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    30.000     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF   8.750    30.000     11/15/2017
Dendreon Corp           DNDN     2.875    66.000      1/15/2016
Endeavour
  International Corp    END     12.000    20.000       3/1/2018
Endeavour
  International Corp    END     12.000     1.500       6/1/2018
Endeavour
  International Corp    END      5.500     2.004      7/15/2016
Endeavour
  International Corp    END     12.000    19.625       3/1/2018
Endeavour
  International Corp    END     12.000    19.625       3/1/2018
Energy Conversion
  Devices Inc           ENER     3.000     7.875      6/15/2013
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc           TXU     10.000     5.125      12/1/2020
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc           TXU     10.000     5.125      12/1/2020
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc           TXU      6.875     3.738      8/15/2017
Exide Technologies      XIDE     8.625     1.570       2/1/2018
Exide Technologies      XIDE     8.625     1.000       2/1/2018
Exide Technologies      XIDE     8.625     1.000       2/1/2018
FBOP Corp               FBOPCP  10.000     1.843      1/15/2009
FairPoint
  Communications
  Inc/Old               FRP     13.125     1.879       4/2/2018
Fleetwood
  Enterprises Inc       FLTW    14.000     3.557     12/15/2011
GT Advanced
  Technologies Inc      GTAT     3.000    31.000      10/1/2017
Hartford Life
  Insurance Co          HIG      3.850    89.500      6/15/2015
Hercules Offshore Inc   HERO     8.750    30.000      7/15/2021
Hercules Offshore Inc   HERO    10.250    31.500       4/1/2019
Hercules Offshore Inc   HERO     7.500    28.000      10/1/2021
Hercules Offshore Inc   HERO     8.750    32.250      7/15/2021
Hercules Offshore Inc   HERO    10.250    30.750       4/1/2019
Hercules Offshore Inc   HERO     7.500    28.000      10/1/2021
James River Coal Co     JRCC     3.125     0.258      3/15/2018
Las Vegas Monorail Co   LASVMC   5.500     3.227      7/15/2019
Lehman Brothers
  Holdings Inc          LEH      4.000     9.500      4/30/2009
Lehman Brothers
  Holdings Inc          LEH      5.000     9.500       2/7/2009
Lehman Brothers Inc     LEH      7.500    11.250       8/1/2026
MF Global Holdings Ltd  MF       6.250    30.000       8/8/2016
MF Global Holdings Ltd  MF       1.875    32.000       2/1/2016
MF Global Holdings Ltd  MF       3.375    32.000       8/1/2018
MModal Inc              MODL    10.750    10.125      8/15/2020
Magnetation LLC /
  Mag Finance Corp      MAGNTN  11.000    51.500      5/15/2018
Magnetation LLC /
  Mag Finance Corp      MAGNTN  11.000    77.500      5/15/2018
Magnetation LLC /
  Mag Finance Corp      MAGNTN  11.000    51.625      5/15/2018
Milagro Oil & Gas Inc   MILARG  10.500    75.000      5/15/2016
Molycorp Inc            MCP      6.000    10.250       9/1/2017
Molycorp Inc            MCP      3.250    10.250      6/15/2016
Molycorp Inc            MCP      5.500     9.700       2/1/2018
NII Capital Corp        NIHD    10.000    49.500      8/15/2016
OMX Timber Finance
  Investments II LLC    OMX      5.540    25.125      1/29/2020
Peabody Energy Corp     BTU      7.375   108.100      11/1/2016
Powerwave
  Technologies Inc      PWAV     3.875     0.125      10/1/2027
Powerwave
  Technologies Inc      PWAV     2.750     0.125      7/15/2041
Powerwave
  Technologies Inc      PWAV     1.875     0.125     11/15/2024
Powerwave
  Technologies Inc      PWAV     1.875     0.125     11/15/2024
Powerwave
  Technologies Inc      PWAV     3.875     0.125      10/1/2027
Quest Diagnostics Inc   DGX      6.400   111.013       7/1/2017
Quest Diagnostics Inc   DGX      5.450   103.026      11/1/2015
Quicksilver
  Resources Inc         KWKA     9.125    15.750      8/15/2019
Quicksilver
  Resources Inc         KWKA    11.000    16.750       7/1/2021
RAAM Global Energy Co   RAMGEN  12.500    30.074      10/1/2015
RadioShack Corp         RSH      6.750     9.125      5/15/2019
RadioShack Corp         RSH      6.750     7.000      5/15/2019
RadioShack Corp         RSH      6.750    94.125      5/15/2019
Sabine Oil & Gas Corp   SOGC     7.250    17.000      6/15/2019
Sabine Oil & Gas Corp   SOGC     9.750    17.500      2/15/2017
Sabine Oil & Gas Corp   SOGC     7.500    16.750      9/15/2020
Sabine Oil & Gas Corp   SOGC     7.500    15.875      9/15/2020
Sabine Oil & Gas Corp   SOGC     7.500    15.875      9/15/2020
Samson Investment Co    SAIVST   9.750    19.000      2/15/2020
Saratoga
  Resources Inc         SARA    12.500    18.916       7/1/2016
Savient
  Pharmaceuticals Inc   SVNT     4.750     0.225       2/1/2018
TMST Inc                THMR     8.000    10.875      5/15/2013
Terrestar Networks Inc  TSTR     6.500    10.000      6/15/2014
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     15.000    15.656       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.500     8.375      11/1/2016
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     15.000    14.000       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU     10.500     7.875      11/1/2016
Trico Marine
  Services Inc/
  United States         TRMA     8.125     5.875       2/1/2013
Tunica-Biloxi
  Gaming Authority      PAGON    9.000    62.750     11/15/2015
US Shale Solutions Inc  SHALES  12.500    57.749       9/1/2017
US Shale Solutions Inc  SHALES  12.500    61.499       9/1/2017
Vulcan Materials Co     VMC      6.400   112.964     11/30/2017
Walter Energy Inc       WLT      9.875     6.000     12/15/2020
Walter Energy Inc       WLT      8.500     5.885      4/15/2021
Walter Energy Inc       WLT      9.875     5.500     12/15/2020
Walter Energy Inc       WLT      9.875     5.500     12/15/2020
Wynn Las Vegas LLC /
  Wynn Las Vegas
  Capital Corp          WYNN     7.875   101.340       5/1/2020


                            *********

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.

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