TCR_Public/150420.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 20, 2015, Vol. 19, No. 110

                            Headlines

ADMI CORP: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable
ADVANCED MICRO DEVICES: Amends Loan Agreement with Bank of America
ADVANCED MICRO DEVICES: Posts $180M Net Loss in First Quarter
ALCOA INC: Fitch Affirms 'BB+' Issuer Default Rating
ALLIED NEVADA: Has Official Committee of Shareholders

ALLIED NEVADA: Shareholders Emerge as Ch. 11 Players
ALLY FINANCIAL: Declares Dividends on Preferred Stock
ALPHA NATURAL: Bank Debt Trades at 30% Off
ALTEGRITY INC: Hires Prime Clerk as Administrative Advisor
AMERICAN AXLE: Sandra Dauch Reports 4.7% Stake as of March 12

AMPLIPHI BIOSCIENCES: Has 152.5M Shares Resale Prospectus
AMPLIPHI BIOSCIENCES: Posts $21.8 Million Net Income in 2014
AMPLIPHI BIOSCIENCES: To Issue 61M Shares Under Incentive Plans
ANDALAY SOLAR: Posts $1.8 Million Net Loss in 2014
AQUA BLUE ESTATE: Section 341 Meeting of Creditors Set for May 15

ARCHDIOCESE OF SAINT PAUL: Lawyers Won't Be Paid Quickly
ASOCIATED WHOLESALERS: Mercer Principal Says Firm Is Disinterested
AURORA DIAGNOSTICS: Has New $40 Million Term Loan Facility
BG MEDICINE: Brian Posner Quits as Director
BLUE BIRD: NASDAQ Panel Grants Request for Continued Listing

BON-TON STORES: Incurs $6.97 Million Net Loss in Fiscal 2014
BROADWAY FINANCIAL: Amends 18.9M Shares Resale Prospectus
BRUGNARA PROPERTIES IV: US Trustee to Continue Meeting on April 2
BUILDERS FIRSTSOURCE: JLL Building Holds 24.8% Stake as of April 13
BUILDERS FIRSTSOURCE: Moody's Puts B3 CFR on Review for Downgrade

BUILDERS FIRSTSOURCE: Stadium Capital Reports 9.8% Stake
BUILDERS FIRSTSOURCE: Warburg Reports 25.3% Stake as of April 13
CAESARS ENTERTAINMENT: 2017 Bank Debt Trades at 8% Off
CAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 5% Off
CAESARS ENTERTAINMENT: Hearing on Exclusivity Extension Set Apr. 29

CAESARS ENTERTAINMENT: Law Professor Named to Fee Committee
CAESARS ENTERTAINMENT: Sec. 341 Meeting of Creditors Set for Today
CAESARS ENTERTAINMENT: Wants Plan Filing Extended to Nov. 15
CAL DIVE: BofA Rips Unsecured Committee Bid for Longer Sale
CEETOP INC: Incurs $841,000 Net Loss in 2014

CENTER POINT: Updated Case Summary & 9 Top Unsecured Creditors
CHINA TELETECH: Posts $907,000 Net Loss in 2014
CICERO INC: John Stefens Reports 67.2% Stake as of April 8
COLT DEFENSE: Did Not Talk With Bondholders on Exchange Offer
COLT DEFENSE: S&P Lowers CCR to 'CC' Over Exchange Offer

COLT DEFENSE: Signs Indemnification Agreements with D&Os
COMSTOCK MINING: Posts $390,000 Net Income in First Quarter
CORD BLOOD: Appoints Three Directors to Board
COUNTRY STONE: To Sell Remaining Assets for $105K
CROSBY NATIONAL GOLF CLUB: Files Bare-Bones Ch. 11 Petition

CROSBY NATIONAL: Case Summary & 20 Largest Unsecured Creditors
CUBIC ENERGY: Amends March 31, 2014 Form 10-Q Report
DEERFIELD RANCH: Hires Jigsaw Advisors as Financial Advisor
DEERFIELD RANCH: Hires McNutt Law as General Bankruptcy Counsel
DENDREON CORP: Court OKs Sullivan & Cromwell as Panel's Counsel

DENDREON CORP: Court OKs Young Conaway as Committee Counsel
DIAMOND LAND: Case Summary & 2 Largest Unsecured Creditors
DIOCESE OF HELENA: Michael Hogan OK'd to Handle Future Tort Claims
DOLPHIN DIGITAL: Incurs $1.8 Million Net Loss in 2014
DR. TATTOFF: Posts $6.6 Million Net Loss in 2014

DUNE ENERGY: Has Court Approval of $10 Million Financing
ECOSPHERE TECHNOLOGIES: Swings to $11.5 Million Net Loss in 2014
ELBIT IMAGING: BCBS Now Providing Coverage to MRgFUS Procedure
EMMAUS LIFE: Inks $2.5M Purchase Agreement with Shigeru Matsuda
ENDEAVOUR INT'L: Creditors Seek to Invalidate Secured Debt

ENERGY & EXPLORATION: Bank Debt Trades at 16% Off
ERIE HOCKEY CLUB: In Chapter 11 to Complete Sale Process
ESCO MARINE: Wants Until April 22 to File Schedules and Statements
ESP RESOURCES: Posts $2.1 Million Net Loss in 2014
EVERYWARE GLOBAL: Commences Trading on OTC Pink Markets

EVERYWARE GLOBAL: Prepack Plan Headed for May 20 Confirmation
EXIDE TECHNOLOGIES: Claimants Seek OK for $2.7M Pollution Deal
FRAC TECH: Bank Debt Trades at 22% Off
FULLCIRCLE REGISTRY: Incurs $653,000 Net Loss in 2014
GARLOCK SEALING: Plan Inches Toward June 2016 Confirmation Hearing

GELTECH SOLUTIONS: Issues $200,000 Secured Convertible Note
GETTY IMAGES: Bank Debt Trades at 12% Off
GLYECO INC: Holds Conference Call to Discuss 2014 Results
GLYECO INC: Wynnefield May Obtain Confidential Information
GREYSTONE LOGISTICS: Reports $3.6MM Sales for Feb. 28 Quarter

GTP ACQUISITION I: Fitch Affirms BB- Rating on 2 Note Classes
GULFPORT ENERGY: Moody's Raises CFR to 'B1', Outlook Stable
GYMBOREE CORP: Bank Debt Trades at 22% Off
HALCON RESOURCES: Goldman Sachs Swaps $70.7M Notes for Shares
HANESBRANDS INC: Moody's Affirms 'Ba1' CFR, Outlook Stable

HANESBRANDS INC: S&P Retains 'BB' CCR Over New First Lien Debt
HEXION INC: 2015 Annual Incentive Plan Approved
HEXION INC: Signs $315 Million Indenture with Wilmington Trust
HIGH RIDGE: Wants to Sell Property Controlled by Receiver
HIRAM COLLEGE: S&P Assigns BB+ LT Rating to 2015 Refunding Bonds

INERGETICS INC: Incurs $9.5 Million Net Loss in 2014
INVENTERGY GLOBAL: Marcum Expresses Going Concern Doubt
IRONSTONE GROUP: Reports $259,000 Net Loss in 2014
J. CREW: Bank Debt Trades at 6% Off
Jones Day, Weil Named in Fund Manager's RICO Suit

KIOR INC: Hearing on Case Conversion Continued Until April 29
KIOR INC: Plan Facing Objections from MDA, Securities Plaintiffs
LEE STEEL: Section 341 Meeting Scheduled for May 21
LEHMAN BROTHERS: E&Y to Settle With NY AG for $10M
LEVEL 3: Prices Private Offering of Senior Notes

LEVI STRAUSS: Moody's Raises CFR to 'Ba1', Outlook Stable
METALICO INC: Incurs $44.4 Million Net Loss in 2014
MF GLOBAL: PwC Settles Investors' Class Suit for $65M
MG ROVER: UK Tribunal Cuts $4.4M From Deloitte Conflicts Penalty
MINT LEASING: Incurs $3.1 Million Net Loss in 2014

MOUNTAIN PROVINCE: Annual Meeting Set for June 16
N-VIRO INTERNATIONAL: Posts $1.7 Million Net Loss in 2014
NATIONAL CINEMEDIA: Appoints Peter Brandow to Board of Directors
NATROL INC: Purchaser Aurobindo Settles Lawsuit vs. Parent
NEPHROS INC: Incurs $7.37 Million Net Loss in 2014

NET ELEMENT: Mayor Trans Reports 8.5% Stake as of April 13
NET TALK.COM: Incurs $2.84 Million Net Loss in 2014
NEWSAT LIMITED: Files for Chapter 15 Bankruptcy Protection
NEWSAT LTD: Obtains TRO in the U.S. to Save Jabiru-1 Contract
NEWSAT LTD: Seeks U.S. Recognition of Australian Proceedings

NEWSTAR FINANCIAL: Fitch Assigns BB- LongTerm Issuer Default Rating
NGPL PIPECO: Bank Debt Trades at 4% Off
NORTH LAS VEGAS, NV: Fitch Affirms 'B' Rating on LTGO Bonds
NORTHERN MARIANA: Fitch Affirms BB- Rating on $29.2MM Revenue Bonds
NORTHERN MARIANA: Fitch Hikes Rating on $12MM Airport Bonds to 'B+'

OCEAN RIG: Bank Debt Trades at 16% Off
OPTIM ENERGY: April 22 Hearing on DIP Financing Amendment No. 15
PACWEST BANCORP: Fitch Plans to Withdraw BB+ Issuer Default Rating
PARAGON OFFSHORE: Bank Debt Trades at 31% Off
PARK 91 LLC: Voluntary Chapter 11 Case Summary

PATRIOT COAL: Said to Be Working With Kirkland, Alvarez
PEREGRINE FINANCIAL: US Bank Settles $200M Theft Suit
PERKINS & PERKINS: Case Summary & 14 Largest Unsecured Creditors
PETTERS COMPANY: Trustee OK'd to Incur Additional $3M PGW Cash
PULSE ELECTRONICS: Suspending Filing of Reports with SEC

RADIOSHACK CORP: To Sell North American Trademarks by Mid-May
REVEL AC: Buyer Left in Dark as Plant Owner Ducks TRO Bid
REVEL AC: Faces Hearing on Ch. 11 Service Value
ROLLING RIDGE: Case Summary & 14 Largest Unsecured Creditors
RUE21 INC: Bank Debt Trades at 10% Off

SARKIS INVESTMENT: Keen-Summit to Take Over GA Keen Work
SCHMIDT LAND: Case Summary & 20 Largest Unsecured Creditors
SCS HOLDINGS: S&P Affirms B+ Corp. Credit Rating; Outlook Stable
SEADRILL LTD: Bank Debt Trades at 20% Off
SIMPLY FASHION: Case Summary & 20 Largest Unsecured Creditors

SIMPLY FASHION: Files for Bankruptcy to Liquidate Chain
SOLAR POWER: Amends Third Quarter 2014 Form 10-Q
SOLAR POWER: To Acquire 100% Interest in Solar Projects for $8.8M
SOUTH I-90: Voluntary Chapter 11 Case Summary
SRP PLAZA: Case Summary & 6 Largest Unsecured Creditors

SRP PLAZA: Files for Chapter 11 in Las Vegas
SRP PLAZA: Section 341(a) Meeting Scheduled for May 21
STANDARD REGISTER: Judge OKs $155M DIP, Auction Plans
STATE AUTO: S&P Revises Outlook to Stable & Affirms BB+ CCR
STOCKBRIDGE/SBE HOLDINGS: Moody's Cuts CFR to Caa2, Outlook Neg

STOCKTON, CA: June 29 Deadline to File Avoidance Actions vs. SJC
SUNVALLEY SOLAR: Incurs $1.28 Million Net Loss in 2014
TARGETED MEDICAL: Posts $3.89 Million Net Loss in 2014
TEXOMA PEANUT: Taps Koehler & Associates as Financial Advisor
TLC HEALTH: Meeting of Creditors Adjourned to June 15

TRANSGENOMIC INC: Incurs $15.1 Million Net Loss in 2014
TRIGEANT HOLDINGS: BSLLP Says It Has No Adverse Interests
TRISTAR WELLNESS: Posts $8.87 Million Net Loss in 2014
TURNER GRAIN: May 14 Hearing on UST's Motion to Convert Case
VANTAGE DRILLING: 2017 Bank Debt Trades at 38% Off

VANTAGE DRILLING: 2019 Bank Debt Trades at 41% Off
VERTICAL COMPUTER: Reports $2.1 Million Net Loss in 2014
WALTER ENERGY: Bank Debt Trades at 41% Off
WALTER ENERGY: In Talks with Holders to Improve Capital Structure
WALTER INVESTMENT: Bank Debt Trades at 7% Off

WBH ENERGY: Seeks Approval of $5-Mil. Loan from CL III Funding
WEATHER CHANNEL: Bank Debt Trades at 5% Off
WORLD SURVEILLANCE: Board Chair Drew West Resigns
WPCS INTERNATIONAL: To Effect a 1-for-22 Reverse Stock Split
Z TRIM HOLDINGS: Has Consulting Agreement with Jeffery

ZYNEX INC: To Report Slight Increase in Revenue in First Quarter
[*] Claim on Stale Debt Doesn't Violate Federal Collection Law
[*] Moody's Says Change in Demographic Pressures US Casinos
[^] BOND PRICING: For the Week from April 13 to 17, 2015

                            *********

ADMI CORP: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to East Syracuse, N.Y.-based ADMI Corp., the parent
company of Aspen Dental Management Inc. The outlook is stable.

S&P said, "At the same time, we assigned our 'B' senior secured
debt and '3' recovery rating to ADMI's $415 million senior secured
facility, consisting of a $35 million revolving credit agreement
due 2020 and a $380 million term loan B due 2022. Our '3' recovery
rating indicates our expectation for meaningful (50% to 70%, at the
lower end of the range) recovery of principal in the event of
payment default. In addition, we assigned our 'CCC' issue-level
rating to the $150 million senior unsecured notes due 2023 and '6'
recovery rating. The '6' recovery rating indicates expectations of
negligible (0% to 10%) recovery in the event of a payment default.

"Our ratings on ADMI Corp. are essentially unchanged from the
ratings on Aspen Dental Management Inc. ADMI is the parent holding
company of Aspen Dental, which is being recapitalized by another
private equity firm."

"Our assessment of ADMI's business risk profile as 'weak' reflects
its especially narrow focus on dental management services and the
challenges of maintaining double-digit growth from a larger base,
as it strives to continue to aggressively expand via de novo office
openings and grow revenues faster than the growth of the U.S.
dental services industry," said Standard & Poor's credit analyst
Arthur Wong. As part of the recapitalization, ADMI is refinancing
the debt, and leverage will slightly increase. "However, we view
the new capital structure as consistent with our assessment of a
"highly leveraged" financial risk profile," Mr. Wong said.

ADMI provides business support services to over 480 affiliated
dental care offices, in 30 states, with some concentration in the
Northeast and Midwest, and is the largest branded dentist office
chain. The dental market is projected to grow in the mid-single
digits annually over the next five years, given aging demographics
and the increasing number of patients with dental benefits. The
company has aggressively and successfully pursued a de novo
strategy, having opened over 200 offices since 2010, with offices
turning cash flow positive within two months. ADMI's diversity
compares favorably with other dental support organizations and its
size enables it to leverage its support infrastructure and
marketing efforts.

The rating outlook is stable, reflecting S&P's expectation of
steady revenue growth, stable margins, and the use of cash flows to
support increased de novo office openings. The company will likely
remain highly leveraged, with leverage in the 6x to 6.5x range and
FFO to debt in the high-single-digit area.

A downgrade would most likely be prompted by a steep drop in
revenues and cash flows, resulting in cash flow deficits, despite a
reduction in de novo office openings. This could occur if the flow
of new patients falters or new offices take longer to ramp up.

"We view an upgrade as unlikely over the outlook period at this
time, given expectations that leverage will remain above 6x and
that available cash flows will be used to support an increase in de
novo office openings. A fall in adjusted leverage to under 5x would
likely be a required catalyst for an upgrade," said S&P.



ADVANCED MICRO DEVICES: Amends Loan Agreement with Bank of America
------------------------------------------------------------------
Advanced Micro Devices, Inc., AMD International Sales & Service,
Ltd., and ATI Technologies ULC, have amended a loan and security
agreement dated as of Nov. 12, 2013, with Bank of America, N.A., a
national banking association, as agent for the lenders.

According to a Form 8-K filed with the Securities and Exchange
Commission, the Amended and Restated Loan Agreement provides for a
senior secured asset based line of credit for a principal amount up
to $500 million, with up to $75 million available for issuance of
letters of credit.  Borrowings under the Secured Revolving Line of
Credit are limited to up to 85% of eligible accounts receivable
(90% for certain qualified eligible accounts receivable), minus
specified reserves.  The size of the commitments under the Secured
Revolving Line of Credit may be increased, with the aggregate
amount of all such increases not to exceed $200 million.  No
drawings were made under the Secured Revolving Line of Credit on
the closing date of the Amended and Restated Loan Agreement.

The Secured Revolving Line of Credit matures on April 14, 2020. The
obligations of the Loan Parties under the Amended and Restated Loan
Agreement are secured by a first priority security interest in the
Loan Parties' accounts receivable, inventory, deposit accounts
maintained with the Agent and other specified assets relating to
the foregoing, including books and records.

A copy of the Amended and Restated Loan and Security Agreement is
available for free at http://is.gd/y9UPqF

          Fifth Amendment to the Wafer Supply Agreement

On April 16, 2015, the Company entered into a fifth amendment to
the Wafer Supply Agreement with GLOBALFOUNDRIES Inc.  The primary
effect of the Fifth Amendment was to establish volume purchase
commitments and fixed pricing for the 2015 calendar year as well as
to modify certain other terms of the Wafer Supply Agreement
applicable to wafers for some of AMD's microprocessor unit,
graphics processor unit and semi-custom products to be delivered by
GF to AMD during the 2015 calendar year.

AMD currently estimates that it will purchase wafers from GF for
approximately $1 billion in 2015.  AMD expects that its future
purchases from GF will continue to be material under the Wafer
Supply Agreement.

                   About Advanced Micro Devices

Sunnyvale, California-based Advanced Micro Devices, Inc., is a
global semiconductor company.  The Company's products include x86
microprocessors and graphics.

For the year ended Dec. 27, 2014, the Company reported a net loss
of $403 million on $5.50 billion of net revenue compared to a net
loss of $83 million on $5.29 billion of net revenue for the year
ended Dec. 28, 2013.

As of March 28, 2015, Advanced Micro had $3.42 billion in total
assets, $3.41 billion in total liabilities and $17 million in total
stockholders' equity.

                          *     *     *

In August 2013, Standard & Poor's Ratings Services revised its
outlook on Advanced Micro Devices to negative from stable.  At the
same time, S&P affirmed its 'B' corporate credit and senior
unsecured debt ratings on AMD.

As reported by the TCR on June 5, 2014, Fitch Ratings had upgraded
the long-term Issuer Default Rating (IDR) for AMD (NYSE: AMD) to
'B-' from 'CCC'.  The upgrade primarily reflects AMD's improved
financial flexibility from recent refinancing activity, which
extends meaningful debt maturities until 2019.

In the Feb. 4, 2013, edition of the TCR, Moody's Investors Service
lowered AMD's corporate family rating to 'B2' from 'B1'.  The
downgrade of the corporate family rating to 'B2' reflects AMD's
prospects for weaker operating performance and liquidity profile
over the next year as the company commences on a multi-quarter
strategic reorientation of its business in the face of a
challenging macro environment and a weak PC market.


ADVANCED MICRO DEVICES: Posts $180M Net Loss in First Quarter
-------------------------------------------------------------
Advanced Micro Devices, Inc., reported a net loss of $180 million
on $1.03 billion of net revenue for the three months ended March
28, 2015, compared to a net loss $20 million on $1.39 billion of
net revenue for the three months ended March 29, 2014.

As of March 28, 2015, Advanced Micro had $3.42 billion in total
assets, $3.41 billion in total liabilities and $17 million in total
stockholders' equity.

Cash, cash equivalents and marketable securities were $906 million
at the end of Q1 2015, compared to $1.04 billion in the prior
quarter, primarily driven by lower sales and debt interest payments
in the quarter.

"Building great products, driving deeper customer relationships and
simplifying our business remain the right long-term steps to
strengthen AMD and improve our financial performance," said Dr.
Lisa Su, AMD president and CEO.  "Under the backdrop of a
challenging PC environment, we are focused on improving our
near-term financial results and delivering a stronger second half
of the year based on completing our work to rebalance channel
inventories and shipping strong new products."

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

                       http://is.gd/d6cQXJ

                   About Advanced Micro Devices

Sunnyvale, California-based Advanced Micro Devices, Inc., is a
global semiconductor company.  The Company's products include x86
microprocessors and graphics.

For the year ended Dec. 27, 2014, the Company reported a net loss
of $403 million on $5.50 billion of net revenue compared to a net
loss of $83 million on $5.29 billion of net revenue for the year
ended Dec. 28, 2013.

                          *     *     *

In August 2013, Standard & Poor's Ratings Services revised its
outlook on Advanced Micro Devices to negative from stable.  At the
same time, S&P affirmed its 'B' corporate credit and senior
unsecured debt ratings on AMD.

As reported by the TCR on June 5, 2014, Fitch Ratings had upgraded
the long-term Issuer Default Rating (IDR) for AMD (NYSE: AMD) to
'B-' from 'CCC'.  The upgrade primarily reflects AMD's improved
financial flexibility from recent refinancing activity, which
extends meaningful debt maturities until 2019.

In the Feb. 4, 2013, edition of the TCR, Moody's Investors Service
lowered AMD's corporate family rating to 'B2' from 'B1'.  The
downgrade of the corporate family rating to 'B2' reflects AMD's
prospects for weaker operating performance and liquidity profile
over the next year as the company commences on a multi-quarter
strategic reorientation of its business in the face of a
challenging macro environment and a weak PC market.


ALCOA INC: Fitch Affirms 'BB+' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has affirmed the ratings for Alcoa Inc. (NYSE: AA,
Alcoa) including its Issuer Default Rating and senior unsecured
debt at 'BB+'.  Nearly $14 billion in commitments and securities
are affected.

The Rating Outlook has been revised to Positive from Stable in
recognition of permanent improvements to the company's business
profile, including expansions into higher value added downstream
segments Engineered Products and Solutions (EPS) and Global Rolled
Products (GRP), and reduced exposure to higher volatility primary
aluminum markets. Alcoa has also increased its focus on reducing
financial leverage.

KEY RATING DRIVERS

The ratings reflect Alcoa's leading positions in aluminum, key
aerospace, automotive and construction markets, strong control of
costs and spending, and the flexibility afforded by the scope of
its operations. Alcoa benefits from being vertically integrated and
geographically diversified. The company has generated free cash
flow after capital expenditures and dividends to shareholders since
2010 despite weak aluminum prices. Profitability remains leveraged
to aluminum prices but less so than prior periods given cost
reductions and higher value-added production.

Benefits from Upstream Reviews

Alcoa ranked as the third largest western primary aluminum producer
in 2014 after Rio Tinto and Rusal. Its aluminum production is in
the second quartile of the global cost curve and its alumina
production is in the first quartile. Roughly 64% of alumina and 81%
of primary aluminum by volume was sold to third parties in 2014.
The physical primary aluminum market has reached a balance over the
last couple of years but substantial stocks remain in the hands of
financial buyers which limits price appreciation.

In 2014 Alcoa took 159,000 tonnes (t) of smelter capacity offline,
sold its share (115,000 t) of the Mt. Holly smelter, and
permanently closed 424,000 t of capacity. In March 2015, Alcoa
announced a review of 500,000 t of smelting capacity and 2.8
million t of alumina refining capacity for possible curtailment,
closure or sale. Of the company's 3.5 million t of smelting
capacity, 19% was curtailed at Dec. 31, 2014. Global consumption
was about 53 million t in 2014 and LME stocks were 3.9 million t at
April 9, 2015.

Fitch believes that the strong dollar and low oil prices will
continue to inform aluminum prices and that Western producers will
show production discipline. Inventory financing transactions are
expected to continue to slowly unwind as interest rates rise.
Longer-term, Fitch expects the market to benefit from a dearth of
new investment and declining stocks although price appreciation
will be constrained by excess capacity currently idled.

On the margin and all else equal, Alcoa reports that a $100/t
increase or decrease in the average price of primary aluminum as
reported on the London Metal Exchange (LME) would increase or
decrease 2015 annual net income by $190 million (a drop of $50
million from 2014's sensitivity). In 2014, the LME price was about
$21/t higher, Alcoa's average realized prices for primary aluminum
were $162/t higher, and the Primary Aluminum segment EBITDA/t was
$355 higher than the same figures for 2013.

Alumina markets have their own fundamental dynamics and Alcoa has
been working to move its contracts to indexed base pricing rather
than pricing based on the LME price of aluminum. For 2015, roughly
75% of third party shipments are on spot or alumina index based.

Downstream Opportunities:

Engineered Products and Solutions (EPS) and Global Rolled Products
(GRP) benefit from scale in research and development, past
restructuring efforts, and growing end-market demand.

Since 2009, EPS segment annual EBITDA more than doubled to $1.3
billion and accounted for 37% of 2014 consolidated operating EBITDA
and EPS taken with GRP accounted for 57%. Recent investments in GRP
have captured growing auto and aerospace demand while some
uneconomic can sheet plants have been divested or closed. In EPS,
the recent acquisitions of Firth Rixson and Tital as well as the
anticipated acquisition of RTI International Metals, Inc. expand
Alcoa's exposure to high growth aerospace markets. Fitch estimates
that EPS and GRP will represent more than $2.7 billion in EBITDA in
2016 -- well over 50% of our projected base case EBITDA.

Expectations:

Fitch expects 2015 EBITDA to be at least $3.6 billion and total
debt to EBITDA to be at most 2.3x. FFO adjusted leverage is
impacted by minimum pension contributions in the amount of $485
million in 2015. Fitch expects FFO adjusted leverage to drop below
3x after 2015. Based on preliminary LTM March 31, 2015 figures,
EBITDA was $4.0 billion, total debt to EBITDA was 2.2x and FFO
adjusted leverage was 3.1x.

For 2015, Fitch expects Alcoa to be free cash flow positive after
capital expenditures of $1.4 billion, $220 million in dividends and
the $300 million prepayment associated with the gas supply
agreement in Western Australia announced April 8, 2015.

Strong Liquidity:

At Dec. 31, 2014, the $4 billion revolver maturing July 25, 2019
was fully available and, at March 31, 2015, cash on hand was $1.2
billion. The revolver has a covenant that limits Consolidated
Indebtedness to 150% of Consolidated Net Worth. Fitch notes that
the first quarter generally shows high seasonal working capital; a
key focus is working capital management and turns have been kept to
low levels. Fitch expects seasonal working capital borrowings to be
cleaned down in the third quarter of 2014.

As of Dec. 31, 2014, near-term scheduled debt maturities were: $29
million in 2015, $28 million in 2016, $767 million in 2017, $1
billion in 2018 and $772 million in 2019.

Pension Contributions:

According to the company's form 10K, at Dec. 31, 2014, aggregate
pension plans were underfunded by $3.3 billion, of which the U.S.
pension plans were underfunded by $2.7 billion on a U.S. GAAP
basis. The minimum required contribution to pension plans is
estimated to be $485 million in 2015.

KEY ASSUMPTIONS:

   -- EPS is expected to benefit from the recent acquisitions of
      Firth Rixon and Tital as well as internal growth;

   -- RTI International acquisition is not included in projections

      but is expected to be a stock-for-stock transaction and
      contribute to lower financial leverage when closed; and

   -- Fitch's LME aluminum price assumptions of $1,900/t, average
      market premiums of $350/t, and alumina prices of $321/t for
      the full year 2015.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- FFO adjusted net leverage sustainably under 2.5x - 2.75x,
      and FCF positive on average;

   -- Managing to the lower end of management's target leverage
      range of Total Debt/EBITDA of 2.25x - 2.75x.

   -- EBIT margins of at least 8% on average.

Negative: Not anticipated but, future developments that may,
individually or collectively, lead to negative rating action
include:

   -- Operating EBITDA below $3 billion in 2015;
   -- FFO adjusted net leverage sustainably above 3x and free cash

      flow negative in the amount of $200 million or more on
      average.

Fitch has affirmed the following ratings with a Positive Outlook:

   -- Issuer Default Rating (IDR) at 'BB+';
   -- Senior notes at 'BB+';
   -- $4 billion revolving credit facility at 'BB+';
   -- Series A preferred stock at 'BB-';
   -- Series B preferred stock at 'B+';
   -- Short-term IDR at 'B';
   -- Commercial paper at 'B'.



ALLIED NEVADA: Has Official Committee of Shareholders
-----------------------------------------------------
Sherri Toub, bankruptcy columnist for Bloomberg News, reports that
Allied Nevada Gold Corp. got an official shareholders' committee.
A five-member panel of shareholders was appointed by the U.S.
Justice Department's bankruptcy watchdog on April 10.

The report adds that at a hearing set for April 21, a judge in
Delaware will consider approval of procedures governing the sale of
75 properties that Allied Nevada acquired from Vista Gold Corp. and
others.  The Company wants to start the auction process with a
$17.5 million cash bid from Clover Nevada LLC.  Competing bids
would be due June 12 in advance of a June 16 auction.  The company
proposed a June 18 sale-approval hearing.  Clover is associated
with Elko Mining Group LLC.

                       About Allied Nevada

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

ANV's common stock trades on the NYSE and the TSX.

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

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

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

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


ALLIED NEVADA: Shareholders Emerge as Ch. 11 Players
----------------------------------------------------
Law360 reported that shareholders of Allied Nevada Gold Corp.
gained traction to challenge terms of the mining outfit's
bondholder-supported debt restructuring after government bankruptcy
monitors gave formal approval on April 10 to the formation of a
rare Chapter 11 equity committee.

Law360 relates that the U.S. Trustee's establishment of a committee
ensures an official role in the bankruptcy for equity security
holders, a small number of which petitioned for group status on the
argument that Allied Nevada might exit Chapter 11 healthy enough to
leave shareholders in the money.

                        About Allied Nevada

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

ANV's common stock trades on the NYSE and the TSX.

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

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

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

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



ALLY FINANCIAL: Declares Dividends on Preferred Stock
-----------------------------------------------------
Ally Financial Inc. has declared quarterly dividend payments for
certain outstanding preferred stock.  Each of these dividends were
declared by the board of directors on April 1, 2015, and are
payable on May 15, 2015.

A quarterly dividend payment was declared on Ally's Fixed Rate
Cumulative Perpetual Preferred Stock, Series G, of $22 million, or
$17.11 per share, and is payable to shareholders of record as of
May 1, 2015.  Additionally, a dividend payment was declared on
Ally's Fixed Rate/Floating Rate Perpetual Preferred Stock, Series
A, of $21.7 million, or $0.53 per share, and is payable to
shareholders of record as of May 1, 2015.

                       About Ally Financial

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

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

                           *     *     *

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

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

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


ALPHA NATURAL: Bank Debt Trades at 30% Off
------------------------------------------
Participations in a syndicated loan under which Alpha Natural
Resources is a borrower traded in the secondary market at 69.65
cents-on-the-dollar during the week ended Friday, April 17, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
of 0.45 percentage points from the previous week, The Journal
relates.  Energy & Exploration pays 275 basis points above LIBOR to
borrow under the facility.  The bank loan matures on May 31, 2020.
Moody's rates the loan 'B3' and Standard & Poor's gave a BB- rating
to the loan.  The loan is one of the biggest gainers and losers
among 260 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



ALTEGRITY INC: Hires Prime Clerk as Administrative Advisor
----------------------------------------------------------
Altegrity, Inc., et al., ask for authorization from the U.S.
Bankruptcy Court for the District of Delaware to employ Prime Clerk
LLC as administrative advisor, nunc pro tunc to the Feb. 8, 2015
commencement date.

The Debtors require Prime Clerk to:

   (a) assist, among other things, solicitation, balloting and
       tabulation and calculation of votes for purposes of plan
       voting;

   (b) prepare any appropriate reports, exhibits and schedules of
       information;

   (c) prepare an official ballot certification and, if necessary,

       testify in support of the ballot tabulation results;

   (d) assist with the preparation of the Debtors’ schedules of
       assets and liabilities and statements of financial affairs
       and gathering data in conjunction therewith;

   (e) generate, provide and assist with claims objections,
       exhibits, claims reconciliation and related matters;

   (f) facilitate any distributions pursuant to a confirmed plan
       of reorganization;

   (g) provide confidential on-line work spaces or virtual data
       rooms and publishing documents to such workspaces or data
       rooms; and

   (h) provide such other claims processing, noticing,
       solicitation, balloting and Administrative Services
       described in the Engagement Agreement, but not included in
       the Claims and Noticing Agent Application, as may be
       requested from time to time by the Debtors.

Prime Clerk will be paid at these hourly rates:

       Analyst                              $40
       Technology Consultant                $110
       Consultant                           $125
       Senior Consultant                    $155
       Director                             $190
       Solicitation Consultant              $175
       Director of Solicitation             $200

Prime Clerk will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Benjamin P.D. Schrag, executive vice president of Prime Clerk,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.

Prime Clerk can be reached at:

       Shai Waisman
       PRIME CLERK LLC
       830 3rd Avenue, 9th Floor
       New York, NY 10022
       Tel:(212) 257-5450
       E-mail: swaisman@primeclerk.com

                       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 AXLE: Sandra Dauch Reports 4.7% Stake as of March 12
-------------------------------------------------------------
Sandra J. Dauch disclosed in an amended Schedule 13G filed with the
Securities and Exchange Commission that as of March 12, 2015, she
beneficially owns 3,619,917 shares of common stock of American Axle
& Manufacturing Holdings, Inc., which represents 4.75 percent of
the shares outstanding.  Ms. Dauch is the trustee of the Richard E.
Dauch Trust dated 11-13-91, the Sandra J. Dauch Trust dated
November 13, 1991, the Sandra J. Dauch Gift Trust dated May 25,
1998, and president, treasurer and a trustee of the Richard E. and
Sandra J. Dauch Family Foundation.  A copy of the regulatory filing
is available for free at http://is.gd/TWxCYq

                        About American Axle

Headquartered in Detroit, Michigan, American Axle & Manufacturing
Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- manufactures,
engineers, designs and validates driveline and drivetrain systems
and related components and chassis modules for light trucks, sport
utility vehicles, passenger cars, crossover vehicles and
commercial vehicles.

As of Dec. 31, 2014, American Axle had $3.25 billion in total
assets, $3.14 billion in total liabilities and $113 million in
total stockholders' equity.

                           *     *     *

In September 2012, Moody's Investors Service affirmed the 'B1'
Corporate Family Rating (CFR) and Probability of Default Rating
(PDR) of American Axle.

American Axle carries a 'BB-' corporate credit rating from
Standard & Poor's Ratings Services.  "The 'BB-' corporate credit
rating on American Axle reflects the company's 'weak' business
risk profile and 'aggressive' financial risk profile, which
incorporate substantial exposure to the highly cyclical light-
vehicle market," S&P said, as reported by the TCR on Sept. 6,
2012.

As reported by the TCR on Sept. 1, 2014, Fitch Ratings had
upgraded the Issuer Default Ratings (IDRs) of American Axle &
Manufacturing Holdings, Inc. (AXL) and its American Axle &
Manufacturing, Inc. (AAM) subsidiary to 'BB-' from 'B+'.  The
upgrade of the IDRs for AXL and AAM is supported by the
fundamental improvement in the drivetrain and driveline supplier's
credit profile over the past several years.


AMPLIPHI BIOSCIENCES: Has 152.5M Shares Resale Prospectus
---------------------------------------------------------
Ampliphi Biosciences Corporation filed a Form S-1 registration
statement with the Securities and Exchange Commission covering the
sale of an aggregate of up to 152,554,535 shares of the Company's
common stock, par value $0.01 per share, by Intrexon Corporation,
Broadfin Healthcare Master Fund, Ltd, Armistice Capital Master
Fund, Ltd., et al.

The Shares consist of 78,787,880 shares of the Company's common
stock, which were issued pursuant to a subscription agreement,
dated as of March 10, 2015, entered into by the Company and the
selling stockholders and 24,424,244 shares of our common stock
underlying warrants, 19,696,971 of which are underlying warrants
that were issued pursuant to the subscription agreement and
4,727,273 of which are underlying warrants that were issued to the
placement agents in connection with the completion of the March
2015 private placement, as well as 24,000,000 shares previously
issued to Intrexon Corporation in connection with the Exclusive
Channel Collaboration in March 2013 and 25,342,411 shares
previously issued to Dr. Anthony Smithyman and his affiliates in
connection with our acquisition of SPH in November 2012.

The Company will not receive any proceeds from the sale of the
shares covered by this prospectus.

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

                        http://is.gd/PkiSOO

                           About AmpliPhi

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

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

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

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


AMPLIPHI BIOSCIENCES: Posts $21.8 Million Net Income in 2014
------------------------------------------------------------
Ampliphi Biosciences Corporation filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing net
income attributable to common stockholders of $21.82 million on
$409,000 of revenue for the year ended Dec. 31, 2014, compared to a
net loss attributable to common stockholders of $65.2 million on
$81,000 of revenue for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $28.61 million in total
assets, $23.19 million in total liabilities, $1.99 million in
series b redeemable convertible preferred stock and $3.43 million
in total stockholders' equity.

The Company has incurred net losses since inception through
Dec. 31, 2014, of $362 million, of which $315.5 million was
incurred as a result of the Company's prior focus on gene therapy
in fiscal years 2010 and earlier. The Company has not generated any
product revenues and does not expect to generate revenue from
product candidates in the near term.

The Company had cash and cash equivalents of $6.6 million and $20.4
million at Dec. 31, 2014 and 2013, respectively.

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

                        http://is.gd/qXKaHe

                      2013 Form 10-K Amended

Ampliphi has amended its annual report on Form 10-K for the fiscal
year ended Dec. 31, 2013, to 1) remove deemed dividends booked on
the issuance of preferred shares and 2) to recognize the increase
in derivative expense due to adding several features to the
valuation model used to measure the compound derivatives and to
change from the utilization of a Black-Scholes valuation model to a
Monte Carlo valuation model.  

Additional paid in capital and accumulated deficit were reduced by
$8,464,000 as a result of removing the deemed dividends.  Loss on
derivative liabilities increased by $1,755,000 to $42,317,000 due
to the change in the valuation model.  The Company also contracted
a valuation team to review the purchase price allocation of its
acquisition of Biocontrol.  As a result, in-process research and
development (IPR&D) was restated and a new intangible asset,
patents, was recognized.  As a result, $493,000 of IPR&D for
Biocontrol was reclassified to patents and the Company recognized
amortization expense for patents of $31,000 for both 2012 and
2013.

As a result of these corrections, the Company's net loss in 2013
increased $1,787,000 to $57,648,000.  The net loss per share
decreased by $0.07 per share to $(0.57) per share which also
reflects the removal of the deemed dividends.

The Company's financial statements for Dec. 31, 2013, have been
further amended to:

   * reclassify its Series B Redeemable Convertible Preferred
     Stock from Stockholders' Equity (Deficit) to temporary equity
     due to the stock's redemption features.  This adjustment
     resulted in a reclassification of $707,000 of Stockholders'
     Equity (Deficit) to Series B Redeemable Convertible Preferred
     Stock, including the par value of these shares of $89,000 and
     the accretion of the stock's redemption value of $618,000.

   * recognize deferred revenue and deferred costs related certain
     royalty contracts.  This change resulted in a reduction in
     revenues of $244,000 and a reduction in G&A expense of
     $126,000.

   * reclassify certain warrants issued in 2011 as liability
     instruments.  These warrants were previously recorded by
     error as equity instruments.  This adjustment resulted in the

     in the establishment of a liability of $560,000 as of
     Dec. 31, 2013.

   * adjust goodwill for the acquisitions of Biocontrol and SPH
     for acquired deferred tax liabilities and errors in previous
     reporting.  This change resulted in an increase of $1,685,000

     in goodwill related to the Biocontrol acquisition and
     $1,548,000 in goodwill related to the acquisition of SPH.

   * modify the key assumptions employed to value the compound
     derivative associated with the Series B Redeemable
     Convertible Preferred Stock and the Company's 2013 warrants,
     under a Monte Carlo valuation model.  The change in
     assumptions resulted in a $6,348,000 increase in the compound

     derivative liability and a $353,000 reduction in the warrant
     liability related to 2013 warrants. Loss on derivative
     liabilities increased by $7,013,000 for 2013.

As a result of these corrections, the Company's net loss in 2013,
as amended, increased $6,935,000 to $64,583,000.  The net loss per
share attributable to common stockholders increased by $0.07 per
share to $(0.64) per share.

                     Amends Q1 2014 Form 10-Q

The Company's previously issued March 31, 2014, financial
statements have been restated to remove deemed dividends which were
accrued on its preferred shares and to recognize an increase in
derivative expense due to adding several features to the valuation
model used to measure the compound derivatives and changing from a
Black-Scholes valuation model to a Monte Carlo valuation model.
Additional paid in capital and accumulated deficit have been
reduced by $8,464,000 to reflect the elimination of deemed
dividends.  Loss on derivative liabilities increased by $1,870,000
to $9,428,000 due to the change in the valuation model.

The Company also contracted a valuation team to review the purchase
price allocation of Biocontrol.  As a result, in process research
and development (IPR&D) was restated and a new intangible asset,
patents, was recognized.  For the Biocontrol acquisition, $493,000
of IPR&D was reclassified to patents. In addition, amortization
expense for patents was recognized in the three month period ending
March 31, 2014, and the three month period ending March 31, 2013.

As a result of these corrections, the Company's net loss for the
period ending March 31, 2014, decreased by $726,000 to $11,303,000.
The net loss per share decreased by $0.01 per share to $(0.06) per
share which reflected both the increased net loss and the removal
of the deemed dividends.

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

                       http://is.gd/VA88ye

                      Amends Q2 2014 Form 10-Q

The Company's previously issued June 30, 2014, financial statements
have been amended to:

   * reclassify its Series B Redeemable Convertible Preferred
     Stock from Stockholders' Equity (Deficit) to temporary equity
     due to the stock's redemption features.  This adjustment
     resulted in a reclassification at June 30, 2014, of
     $1,337,000 of Stockholders' Equity (Deficit) to Series B
     Redeemable Convertible Preferred Stock, including the par
     value of these shares of $87,000 and the accretion of the
     stock's redemption value of $1,250,000.

   * recognize deferred revenue and deferred costs related certain
     sub-licensing agreements.  This change resulted in a
     reduction in revenues of $209,000 and a reduction in G&A
     expense of $164,000 in the second quarter of 2014 and a
     reduction in revenues of $105,000 and a reduction in G&A
     expense of $103,000 for the six months ended June 30, 2014.

   * reclassify certain warrants issued in 2011 as liability
     instruments.  These warrants were previously recorded by
     error as equity instruments.  This adjustment resulted in the
     in the recording of a liability of $460,000 as of June 30,
     2014.

   * adjust goodwill for the acquisitions of Biocontrol and SPH
     for acquired deferred tax liabilities and errors in previous
     reporting.  This change resulted in an increase of $1,685,000

     in goodwill related to the Biocontrol acquisition and
     $1,548,000 in goodwill related to the acquisition of SPH.
   * modify the key assumptions employed to value the compound
     derivative associated with the Series B Redeemable
     Convertible Preferred Stock and the Company's 2013 warrants,
     under a Monte Carlo valuation model.  The change in
     assumptions resulted in a $7,298,000 increase in the compound
     derivative liability and a $158,000 reduction in the warrant
     liability related to 2013 warrants.  Gain on derivative
     liabilities was reduced by $1,499,000 and $844,000 for the
     second quarter of 2014 and the six months ended June 30,
     2014, respectively.

As a result of these corrections, the Company's net income
attributable to common stockholders for the second quarter of 2014,
as amended, was reduced by $1,848,000 to $13,555,000.  Net income
per share attributable to common stockholders fell by $0.01 per
share to $0.07 per share.  Net income attributable to common
stockholders for the six months ended June 30, 2014, as amended,
fell by $1,440,000 to $1,934,000. Net income per share attributable
to common stockholders was reduced by $0.01 per share to $0.01 per
share for the period.

The Company's net loss attributable to common stockholders for the
second quarter of 2013, as amended, increased by $(1,933,000) to
$(14,746,000).  The net loss per share attributable to common
stockholders increased by $(0.02) per share to $(0.16) per share.
The net loss attributable to common stockholders for the six months
ended June 30, 2013, as amended, increased by $(1,959,000) to
$(16,391,000).  The net loss per share attributable to common
stockholders increased by $(0.03) per share to $(0.21) per share
for the period.

A full-text copy of the Form 10-Q/A is available at:

                        http://is.gd/GnmzBO

                         Amend Q3 Form 10-Q

The Company's previously issued Sept. 30, 2014, financial
statements have been amended to:

   * reclassify its Series B Redeemable Convertible Preferred
     Stock from Stockholders' Equity (Deficit) to temporary equity
     due to the stock's redemption features.  This adjustment
     resulted in a reclassification at Sept. 30, 2014, of
     $1,660,000 of Stockholders' Equity (Deficit) to Series B
     Redeemable Convertible Preferred Stock, including the par
     value of these shares of $87,000 and the accretion of the
     stock's redemption value of $1,250,000.

   * recognize deferred revenue and deferred costs related to
     certain sub-licensing agreements.  This change resulted in an
     increase of in revenue of $103,000 and an increase of in G&A
     expense of $73,000 in the third quarter of 2014 and a
     reduction in revenues of $2,000 and a reduction in G&A
     expense of $88,000 for the nine months ended September 30,
     2014.

   * reclassify certain warrants issued in 2011 as liability
     instruments.  These warrants were previously recorded by
     error as equity instruments.  This adjustment resulted in the

     in the recording of a liability of $195,000 as of Sept. 30,
     2014.

   * adjust goodwill for the acquisitions of Biocontrol and SPH
     for acquired deferred tax liabilities and errors in previous
     reporting.  This change resulted in an increase of $1,685,000
     in goodwill related to the Biocontrol acquisition and
     $1,548,000 in goodwill related to the acquisition of SPH.

   * modify the key assumptions employed to value the compound
     derivative associated with the Series B Redeemable
     Convertible Preferred Stock and the Company's 2013 warrants
     under a Monte Carlo valuation model.  The change in
     assumptions resulted in a increase of $6,410,000 for the
     compound derivative liability and a decrease in the liability

     for 2013 warrants of $1,109,000.  The gain on derivative
     liabilities was increased by $2,104,000 and $1,260,000 for
     the third quarter and the nine months ended Sept. 30, 2014,  

     respectively.

As a result of these corrections, the Company's net income
attributable to common stockholders for the third quarter of 2014,
as amended, increased $1,496,000 to $20,884,000.  Net income per
share attributable to common stockholders rose by $0.01 per share
to $0.11 per share.  Net income attributable to common stockholders
for the nine months ended Sept. 30, 2014, as amended, increased by
$56,000 to $22,818,000.  Net income per share attributable to
common stockholders was unchanged for the period.

The Company's net loss attributable to common stockholders for the
third quarter of 2013, as amended, increased by $(5,139,000) to
$(49,039,000).  The net loss per share attributable to common
stockholders increased by $(0.05) per share to $(0.49) per share.
The net loss attributable to common stockholders for the nine
months ended Sept. 30, 2013, as amended, increased by $(7,098,000)
to $(65,430,000).  The net loss per share attributable to common
stockholders increased by ($0.08) per share to $(0.76) per share
for the period.

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

                        http://is.gd/cc34tK

                           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.


AMPLIPHI BIOSCIENCES: To Issue 61M Shares Under Incentive Plans
---------------------------------------------------------------
AmpliPhi Biosciences Corporation registered with the Securities and
Exchange Commission 61,120,747 shares of common stock issuable
under the Company's 2012 Stock Incentive Plan and 2013 Stock
Incentive Plan for a proposed aggregate offering price of $14.6
million.  A copy of the prospectus is available at
http://is.gd/ZzTono

                           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: Posts $1.8 Million Net Loss in 2014
--------------------------------------------------
Andalay Solar, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to common stockholders of $1.87 million on $1.28
million of net revenue for the year ended Dec. 31, 2014, compared
with 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 of Dec. 31, 2014, Andalay Solar had $2.56 million in total
assets, $5.51 million in total liabilities and a $2.95 million
total stockholders' deficit.

Burr Pilger Mayer, Inc., in San Jose, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing 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.


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

                        http://is.gd/lOmVXj

                        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.


AQUA BLUE ESTATE: Section 341 Meeting of Creditors Set for May 15
-----------------------------------------------------------------
There will be a meeting of creditors of Aqua Blue Estate, LLC, on
May 15, 2015, at 1:15 p.m. at RM 7, 915 Wilshire Blvd., 10th Floor,
in Los Angeles, California.

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.

Aqua Blue Estate, LLC, sought Chapter 11 bankruptcy protection
(Bankr. C.D. Cal. Case No. 15-15697) in Los Angeles, California, on
April 12, 2015.  Fan Bin Jiang signed the petition as authorized
manager.  The Debtor disclosed total assets of $20 million and
total liabilities of $7.3 million.


The case is assigned to Judge Robert N. Kwan.  Dheeraj K. Singhal,
Esq., at DCDM Law Group, in Pasadena, California, serves as counsel
to the Debtor.


ARCHDIOCESE OF SAINT PAUL: Lawyers Won't Be Paid Quickly
--------------------------------------------------------
Bill Rochelle, bankruptcy columnist for Bloomberg News, reports
that U.S. Bankruptcy Judge Robert J. Kressel, who presides over the
Chapter 11 case of the Archdiocese of Saint Paul and Minneapolis,
recently rebuffed a request by the church and the creditors'
committee to let their lawyers file papers for fee awards every two
months.  Early in the case, the bankruptcy judge refused to allow
monthly payments to the advisors.

According to the report, Judge Kressel didn't see any "burden" on
the lawyers if they have to wait more than four months for partial
payment. Although the firms' cash flows may be affected, there's no
doubt the lawyers will be paid eventually, the judge said.

The report relates that Judge Kressel said that allowing fees more
frequently could be costly and divert attention from the purpose of
the case: crafting a plan to pay sexual-abuse claims.  Early in the
case, the judge appointed a mediator to help craft a plan.

Mr. Rochelle notes that the custom in significant corporate
reorganization is for the lawyers to be paid about 80% of their
fees every month, with a review by the judge every quarter.

                   About Archdiocese of St. Paul

The Archdiocese of Saint Paul and Minneapolis was originally
established by the Vatican in 1850 and serves a geographical area
consisting of 12 greater Twin Cities metro-area counties in
Minnesota, including Ramsey, Hennepin, Anoka, Carver, Chisago,
Dakota, Goodhue, Le Sueur, Rice, Scott, Washington, and Wright
counties.  There are 187 parishes and approximately 825,000
Catholic individuals in the region.  These individuals and
parishes
are served by 3999 priests and 173 deacons.

The Archdiocese of St. Paul and Minneapolis filed for Chapter 11
protection (Bankr. D. Minn. Case No. 15-30125) in Minnesota on
Jan.
16, 2015, saying it has large and growing liabilities related to
child sexual abuse and that its pension obligations are
underfunded.

The Debtor disclosed $45,203,010 in assets and $15,890,460 in
liabilities as of the Chapter 11 filing.

The Debtor has tapped Briggs and Morgan, P.A., as Chapter 11
counsel; BGA Management LLC d/b/a Alliance Management as financial
advisor; Lindquist & Vennum LLP as attorney.

Eleven other dioceses have commenced Chapter 11 bankruptcy cases in
the United States to settle claims from current and former
parishioners who say they were sexually molested by priests.

                             *   *   *

The judge extended the church's exclusive right to propose a
Chapter 11 plan until Nov. 30.


ASOCIATED WHOLESALERS: Mercer Principal Says Firm Is Disinterested
------------------------------------------------------------------
Donald J. Parsons, a principal at Mercer Mercer (US) Inc., and its
affiliates, submitted a declaration in support of ADI Liquidation,
Inc., formerly known as AWI Delaware Inc. et al.'s motion to employ
Mercer to provide actuarial and consulting services.

Mr. Parsons assured the Court the Mercer is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

As reported in the Troubled Company Reporter on April 14, 2015, the
firm will:

   a) review methodology and data contained in proofs of claim
      filed by certain multi-employer pension plans in which
      W.R. Liquidation Inc. fka White Rose Inc., a sponsor of
      certain defined employee benefits plan, was a participant;

   b) review withdrawal liability computations asserted by certain
      Multi-Employer Plans and, in connection therewith, analyze,
      inter alia, the applicable funded status of the relevant
      plan, the history of any prior partial withdrawals from the
      plan and the methodology and assumptions used to determine
      nominal withdrawal liability;

   c) at the request of the Debtors, calculate the allocation of
      liability to administrative claims based on parameters
      provided by the Debtors;

   d) estimate plan termination liability for the Pension Plan
      based on certain assumptions and compare with plan
      termination liability estimate asserted by the Pension
      Benefit Guaranty Corporation;

   e) evaluate any proofs of claim filed by the PBGC, including
      any claim asserting plan underfunding, if the Pension Plan
      is terminated other than through a standard termination; and
     
   f) at the request of the Debtors, assist with any trial
      preparation and provide testimony on matters within the
      scope of the project.

The Debtors and the firm have agreed to these terms of
compensation:

   a) Statement of Work for Review of Notice of Demand Letters.
      Mercer's services under this Statement of Work are based on
      the following hourly rates:

      Senior Consultant/Actuary       $470-$700
      Consultant/Actuary              $385-$485
      Senior Analyst                  $300-$385
      Analyst                         $160-$300
      Administrative Assistant        $0

      The firm estimates that its total hourly fees under this
      Statement of Work will be in the range of $8,000 to $12,000
      for each notice of demand letter reviewed.

   b) Statement of Work for Analysis of Plan Termination       
      Liability.  Mercer's services under this Statement of Work
      are based on the hourly rates set forth above.  Mercer
      estimates that its hourly fees under this Statement of
      Work will be in the range of $12,500 to $20,000.

A hearing is set for April 30, 2015, at 2:00 p.m., to consider
the Debtors' request.  Objections, if any, are due April 23, 2015
at 4:00 p.m. (EST).

Mercer maintains offices in numerous locations, including 1166
Avenue of the Americas, New York City.

                   About Associated Wholesalers

Founded in 1962 and headquartered in Robesonia, Pennsylvania,
Associated Wholesalers Inc. serviced 800 supermarkets, specialty
stores, convenience stores and superettes with grocery, meat,
produce, dairy, frozen foods and general merchandise/health and
beauty care products.  AWI, with distribution facilities in
Robesonia, Pennsylvania, and York, Pennsylvania, served the
mid-Atlantic United States.  AWI is owned by its 500 retail
members, who in turn operate supermarkets.  AWI had 1,459
employees.

White Rose Inc. is a food wholesaler and distributor serving the
greater New York  etropolitan area.  The company traces its origins
to 1886, when brothers Joseph and Sigel Seeman founded Seeman
Brothers & Doremus to provide grocery deliveries throughout New
York City.  White Rose carries out its operations through three
leased warehouse and distribution centers, two of which are located
in Carteret, New Jersey, and one in Woodbridge, New Jersey.  White
Rose has 777 employees.

Associated Wholesalers and its affiliates sought Chapter 11
bankruptcy protection on Sept. 9, 2014, to sell their assets under
11 U.S.C. Sec. 363 to C&S Wholesale Grocers, absent higher and
better offers.

The Debtors have sought joint administration of their Chapter 11
cases for procedural purposes, seeking to maintain all pleadings on
the case docket for AWI Delaware, Inc., Bankr. D. Del. Case No.
14-12092.

As of the Petition Date, the Debtors owe the Bank Group (consisting
of lenders, Bank of America, N.A., Bank of American Securities LLC
as sole lead arranger and joint book runner, Wells Fargo Capital
Finance, LLC as joint book runner and syndication agent, and RBS
Capita, as documentation agent) an aggregate principal amount of
not less than $131,857,966 (inclusive of outstanding letters of
credit), plus accrued interest.  The Debtors estimate trade debt of
$72 million.  AWI Delaware disclosed $11,440 in assets and
$125,112,386 in liabilities as of the Chapter 11 filing.

Saul Ewing LLP and Rhoads & Sinon LLP are serving as legal advisors
to the Debtors, Lazard Middle Market is serving as financial
advisor, and Carl Marks Advisors is serving as restructuring
advisor to AWI.  Carl Marks' Douglas A. Booth has been tapped as
chief restructuring officer.  Epiq Systems serves as the claims
agent.

The Official Committee of Unsecured Creditors tapped to retain Hahn
& Hessen LLP as its lead counsel; Pepper Hamilton LLP as its
co-counsel; and Capstone Advisory Group, LLC, together with its
wholly-owned subsidiary Capstone Valuation Services, LLC, as its
financial advisors.

The Troubled Company Reporter, on Nov. 5, 2014, reported that the
Bankruptcy Court authorized Associated Wholesalers, which changed
its name to AWI Delaware, Inc., prior to the approval of the sale,
to sell substantially all of its assets, including their White Rose
grocery distribution business, to C&S Wholesale Grocers, Inc.

The C&S purchase price consists of the lesser of the amount of the
bank debt, which totals about $18.1 million and $152 million, plus
other liabilities, which amount is valued at $194 million.  C&S,
according to Bill Rochelle and Sherri Toub, bankruptcy columnists
for Bloomberg News, ended up paying $86.5 million more cash to be
anointed as the winner at the auction.

AWI Delaware notified the Bankruptcy Court on Nov. 12, 2014, that
closing occurred in connection with the sale of their assets to
C&S.  AWI Delaware subsequently changed its name to ADI
Liquidation, Inc., following the closing of the sale.



AURORA DIAGNOSTICS: Has New $40 Million Term Loan Facility
----------------------------------------------------------
Aurora Diagnostics has amended its existing $220 million credit
agreement agented by Cerberus Business Finance, LLC to add a $40
million delayed draw term loan to fund the Company's continuing lab
acquisition program.

"Aurora is well positioned by its size and national footprint to be
a consolidator of anatomic pathology providers," said Daniel D.
Crowley, chairman, chief executive officer and president.  "We have
acquired four labs in the past nine months and have an attractive
pipeline of others that have expressed interest in becoming part of
the Aurora family.  This delayed draw term loan enables us to
continue that important work."

Further details regarding the credit facility amendment are
available for free at http://is.gd/U09bEN

                      About Aurora Diagnostics

Headquartered in Palm Beach Gardens, Florida, Aurora Diagnostics
Holdings, LLC, through its subsidiaries, provides physician-based
general anatomic and clinical pathology, dermatopathology,
molecular diagnostic services and other esoteric testing services
to physicians, hospitals, clinical laboratories and surgery
centers.  The company recognized approximately $260 million in
revenue for the 12 months ended June 30, 2013. The company is
majority owned by equity sponsors KRG Capital Partners and Summit
Partners.

Aurora Diagnostics reported a net loss of $73.01 million on
$248.16 million of net revenue for the year ended Dec. 31, 2013,
as compared with a net loss of $160.85 million on $277.88 million
of net revenue for the year ended Dec. 31, 2012.

The Company's balance sheet at Sept. 30, 2014, showed $359
million in total assets, $428 million in total liabilities and
a $68.9 million members' deficit.

                             *   *   *

As reported by the Troubled Company Reporter on Sept. 27, 2013,
Moody's Investors Service downgraded Aurora's Corporate Family
Rating to Caa2 from B3 and Probability of Default Rating to Caa2-
PD from B3-PD.  Moody's also lowered the debt ratings of Aurora
Diagnostics Holdings, LLC's and Aurora Diagnostics, LLC
(collectively Aurora).  Concurrently, Moody's downgraded Aurora's
Speculative Grade Liquidity Rating to SGL-4 from SGL-3. The
outlook for the ratings remains negative.

The downgrade of the ratings reflects Moody's expectation that the
company will see continued difficulty in mitigating a significant
decline in revenue and EBITDA.  This stems from a reduction in
Medicare reimbursement due to a decrease in rates and
sequestration, continued challenging volume growth trends and
threats of additional reimbursement reductions.  This will
negatively impact the company's credit metrics, constrain Aurora's
ability to repay debt and pressure the company's liquidity
position. Moody's also has concerns about the sustainability of
the company's capital structure given its significant debt load
and related interest burden.

In the Aug. 7, 2014, edition of the TCR, Standard & Poor's Ratings
Services raised its corporate credit rating on Palm Beach Gardens,
Fla.-based anatomic pathology services provider Aurora Diagnostics
Holdings LLC to 'CCC+' from 'CCC'.  The outlook is stable.


BG MEDICINE: Brian Posner Quits as Director
-------------------------------------------
Brian S. Posner notified BG Medicine, Inc., that he was resigning
from the Company's Board of Directors, effective as of April 15,
2015.  According to a document filed with the Securities and
Exchange Commission, Mr. Posner did not communicate any disputes
regarding the Company's operations, policies or practices, nor is
the Company aware of any.  

Stelios Papadopoulos, another member of the Company's Board, will
fill the vacancy on the Company's Audit Committee created by Mr.
Posner's resignation.

                          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.

BG Medicine reported 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.

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.

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.


BLUE BIRD: NASDAQ Panel Grants Request for Continued Listing
------------------------------------------------------------
Blue Bird Corporation on April 16, 2015 disclosed that the Listing
Qualifications Panel of The NASDAQ Stock Market LLC has granted
Blue Bird's request for continued listing on NASDAQ, provided that
Blue Bird demonstrates by August 3, 2015 that it complies with the
400 round lot shareholder requirement for initial listing on The
NASDAQ Global Market, as set forth in NASDAQ Listing Rule
5450(a)(2).  A second NASDAQ condition, that confirmation be
provided by April 20, 2015 that Blue Bird satisfies all other
initial listing requirements, has already been satisfied.

On Feb. 24, 2015, Hennessy Capital Acquisition Corp. consummated a
business combination in which it purchased School Bus Holdings Inc.
and its subsidiaries and changed its name to "Blue Bird
Corporation."  In accordance with the NASDAQ Listing Rules, upon
completion of the business combination, the combined entity was
required to evidence compliance with all applicable criteria for
initial listing on NASDAQ.  As discussed at a hearing before the
Panel on March 19, 2015, Blue Bird believed that it satisfied all
applicable criteria for initial listing on the Global Market, but
for the Round Lot Holder Requirement, at the time of the business
combination.  At the hearing, which proceeding was initiated
following NASDAQ's determination of Hennessy's non-compliance with
the minimum public shareholder requirement for continued listing on
The NASDAQ Capital Market, Blue Bird presented its plan to evidence
compliance with the Round Lot Holder Requirement for initial
listing on the Global Market.  After considering Blue Bird's
presentation, the Panel granted Blue Bird an extension through
August 3, 2015 to evidence compliance with the Round Lot Holder
Requirement.

On April 10, 2015, Blue Bird was notified by the Staff of the
NASDAQ Listing Qualifications Department that, due to Blue Bird's
non-compliance with the initial listing requirements as of the
completion of the business combination, Blue Bird was not in
compliance with Nasdaq Rule IM-5101-2 at that time.  However,
because the Panel had already provided Blue Bird with an extension
to evidence compliance with the initial listing criteria, no
further action is required by Blue Bird to address this issue with
the Panel at this time, other than satisfying compliance with the
Round Lot Holder Requirement by August 3, 2015.

Blue Bird is evaluating all potential options to comply with the
Round Lot Holder Requirement, including approaches designed to
enable its employees to purchase shares of its common stock.  Blue
Bird believes that, as of April 9, 2015, it had approximately 360
round lot holders, which constitutes a substantial increase since
the consummation of the business combination.  Blue Bird believes
that it will be able achieve compliance with the Round Lot Holder
Requirement by August 3, 2015, although it cannot provide
assurances that it will be able to do so.

                  About Blue Bird Corporation

Blue Bird is an independent designer and manufacturer of school
buses, with more than 550,000 buses sold since its formation in
1927 and approximately 180,000 buses in operation today.  Blue
Bird's longevity and reputation in the school bus industry have
made it an iconic American brand.  Blue Bird distinguishes itself
from its principal competitors by its singular focus on the design,
engineering, manufacture and sale of school buses and related
parts.  As the only manufacturer of chassis and body production
specifically designed for school bus applications, Blue Bird is
recognized as an industry leader for school bus innovation, safety,
product quality/reliability/durability, operating costs and
drivability.  In addition, Blue Bird is the market leader in
alternative fuel applications with its propane-powered and
compressed natural gas-powered school buses.  Blue Bird
manufactures school buses at two facilities in Fort Valley,
Georgia.  Its Micro Bird joint venture operates a manufacturing
facility in Drummondville, Quebec, Canada.  Service and
after-market parts are distributed from Blue Bird's parts
distribution center located in Delaware, Ohio.


BON-TON STORES: Incurs $6.97 Million Net Loss in Fiscal 2014
------------------------------------------------------------
The Bon-Ton Stores, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$6.97 million on $2.75 billion of net sales for the fiscal year
ended Jan. 31, 2015, compared to a net loss of $3.55 million on
$2.77 billion of net sales for the fiscal year ended Feb. 1, 2014.
The Company reported a net loss of $21.6 million for the fiscal
year ended Feb. 2, 2013.

As of Jan. 31, 2015, the Company had $1.60 billion in total assets,
$1.52 billion in total liabilities and $87.6 million in total
shareholders' equity.

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

                        http://is.gd/XF2BrV

                        About Bon-Ton Stores

Bon-Ton Stores, a Pennsylvania corporation, was founded in 1898 and
is a department store operator in the United States, offering a
broad assortment of brand-name fashion apparel and accessories for
women, men and children.  The Company's merchandise offerings also
include cosmetics, home furnishings and other goods.  The Company
currently operate 270 stores in 26 states in the Northeast, Midwest
and upper Great Plains under the Bon-Ton, Bergner's, Boston Store,
Carson's, Elder-Beerman, Herberger's and Younkers nameplates,
encompassing a total of approximately 25 million square feet.

                           *     *     *

As reported by the TCR on May 15, 2013, Moody's Investors Service
upgraded Bon-Ton Stores's Corporate Family Rating to 'B3' from
'Caa1' and its Probability of Default Rating to 'B3-PD' from
'Caa1-PD'.

"The upgrade of Bon-Ton's Corporate Family Rating considers the
company's ability to drive modest same store sales growth as well
as operating margin expansion beginning in the second half of 2012
and that these positive trends have continued, with the company
reporting that its same store were positive, and EBITDA margins
expanded, in the first fiscal quarter of 2013," said Moody's Vice
President Scott Tuhy.

As reported by the TCR on May 17, 2013, Standard & Poor's Ratings
Services affirmed the 'B-' corporate credit rating on Bon-Ton
Stores.


BROADWAY FINANCIAL: Amends 18.9M Shares Resale Prospectus
---------------------------------------------------------
Broadway Financial Corporation has amended its Form S-1
registration statement with the Securities and Exchange Commission
relating to the resale or other disposition by CJA Private Equity
Financial Restructuring Master Fund I L.P., United States
Department of the Treasury, et al., of up to 18,975,549 shares of
common stock, which would constitute 65.26% of the Company's
outstanding common stock if all those shares are sold.  The Company
amended the Registration Statement to delay its effective date.

The Company is not offering any shares of common stock for sale
under this prospectus and therefore, will not receive any of the
proceeds.

The Company's common stock is currently traded on the NASDAQ
Capital Market under the symbol "BYFC."  On April 15, 2015, the
closing sale price for the Company's common stock, as reported by
the NASDAQ Capital Market, was $1.26 per share.

A full-text copy of the Form S-1 prospectus is available at:

                         http://is.gd/nmflxP

                       About Broadway Financial

Los Angeles, Calif.-based Broadway Financial Corporation was
incorporated under Delaware law in 1995 for the purpose of
acquiring and holding all of the outstanding capital stock of
Broadway Federal Savings and Loan Association as part of the
Bank's conversion from a federally chartered mutual savings
association to a federally chartered stock savings bank.  In
connection with the conversion, the Bank's name was changed to
Broadway Federal Bank, f.s.b.  The conversion was completed, and
the Bank became a wholly owned subsidiary of the Company, in
January 1996.

As of Dec. 31, 2014, Broadway Financial had $351 million in total
assets, $314 million in total liabilities and $37.3 million in
total stockholders' equity.

The Company is regulated by the Board of Governors of the Federal
Reserve System.  The Bank is regulated by the Office of the
Comptroller of the Currency and the Federal Deposit Insurance
Corporation.

                         Regulatory Matters

As a result of significant deficiencies in the Company's and the
Bank's operations noted in a regulatory examination in early 2010,
the Company and the Bank were declared to be in "troubled
condition" and agreed to the issuance of the cease and desist
orders by the regulatory predecessor of the Office of the
Comptroller of the Currency for the Bank and the Board of Governors
of the Federal Reserve System for the Company effective Sept. 9,
2010, requiring, among other things, that the Company and the Bank
take remedial actions to improve the Bank's loan underwriting and
internal asset review procedures, to reduce the amount of its
non-performing assets and to improve other aspects of the Bank's
business, as well as the Company's management of its business and
the oversight of the Company's business by the Board of Directors.
Effective Oct. 30, 2013, the Order for the Bank was superseded by a
Consent Order entered into by the Bank with the OCC.  As part of
the Consent Order, the Bank is required to attain, and thereafter
maintain, a Tier 1 (Core) Capital to Adjusted Total Assets ratio of
at least 9% and a Total Risk-Based Capital to Risk-Weighted Assets
ratio of at least 13%, both of which ratios are greater than the
respective 4% and 8% levels for such ratios that are generally
required under OCC regulations.  The Bank's regulatory capital
exceeded both of these higher capital ratios at Dec. 31, 2014, and
2013.


BRUGNARA PROPERTIES IV: US Trustee to Continue Meeting on April 2
-----------------------------------------------------------------
The U.S. trustee overseeing the Chapter 11 case of Brugnara
Properties VI will continue the meeting of creditors on May 5,
2015, at 1:00 p.m., according to a filing with the U.S. Bankruptcy
Court for the Northern District of California.

The meeting will be held at the Office of the U.S. Trustee, Suite
850, 235 Pine Street, in San Francisco, California.

The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                    About Brugnara Properties

Brugnara Properties VI filed a Chapter 11 petition (Bankr. N.D.
Cal. Case No. 14-31867) in San Francisco, California, on Dec. 31,
2014, without stating a reason.  

On January 2, 2015, Judge Hannah L. Blumensteil of the U.S.
Bankruptcy Court for the Northern District of California
transferred the Chapter 11 case of Brugnara Properties to Judge
Dennis Montali.

The Debtor estimated $10 million to $50 million in assets and less
than $10 million in debt.

The Debtor only filed the Schedule D - Creditors Holding Secured
Claims in its Schedules of Assets and Liabilities.  

The Debtor disclosed that Wells Fargo Home Mortgage is owed $6.15
million on a first note secured by the Debtor's property, and Saxe
Mortgage Co. is owed $1.7 million on a second note.

The deadline for filing claims is May 4, 2015.

The Debtor is represented by Erik G. Babcock, Esq., at Law Office
of Erik G. Babcock, in Oakland, California.


BUILDERS FIRSTSOURCE: JLL Building Holds 24.8% Stake as of April 13
-------------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, JLL Building Holdings, LLC and its affiliates disclosed
that as of April 13, 2015, they beneficially own 24,344,584 shares
of common stock of Builders Firstsource, Inc., which represents
24.8 percent of the shares outstanding.  

Together with the shares of Common Stock of the Company that may be
deemed to be beneficially owned by the Warburg Pincus Reporting
Persons as of that date, the group may be deemed to beneficially
own 49,207,850 shares, representing 50.1% of all of the outstanding
shares of Common Stock of the Company.

A copy of the regulatory filing is available at:

                        http://is.gd/JDEBW1

                     About Builders FirstSource

Headquartered in Dallas, Texas, Builders FirstSource is a supplier
and manufacturer of structural and related building products for
residential new construction.  The Company operates 56 distribution
centers and 56 manufacturing facilities in nine states, principally
in the southern and eastern United States. Manufacturing facilities
include plants that manufacture roof and floor trusses, wall
panels, stairs, aluminum and vinyl windows, custom millwork and
pre-hung doors.  Builders FirstSource also distributes windows,
interior and exterior doors, dimensional lumber and lumber sheet
goods, millwork and other building products.  For more information
about Builders FirstSource, visit the company's Website at
www.bldr.com.

Builders Firstsource reported net income of $18.2 million on $1.60
billion of sales for the year ended Dec. 31, 2014, compared to a
net loss of $42.7 million on $1.48 billion of sales in 2013.
As of Dec. 31, 2014, the Company had $583 million in total assets,
$543 million in total liabilities and $40.2 million in total
stockholders' equity.

                           *     *     *

As reported by the TCR on May 15, 2013, Standard & Poor's Ratings
Services Inc. said it raised its corporate credit rating on
Dallas-based Builders FirstSource to 'B' from 'CCC'.  "The upgrade
acknowledges U.S.-based building materials manufacturer and
distributor Builders FirstSource's 'strong' liquidity based on the
company's proposed recapitalization," said Standard & Poor's credit
analyst James Fielding.

In the May 13, 2014, edition of the TCR, Moody's Investors Service
upgraded Builders FirstSource's Corporate Family Rating to 'B3'
from 'Caa1'.  The upgrade reflects Moody's expectation that BLDR's
operating performance will continue to benefit from improved
housing construction, repair and remodeling.


BUILDERS FIRSTSOURCE: Moody's Puts B3 CFR on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service placed Builders FirstSource, Inc.'s
("BLDR") ratings under review for downgrade, including its B3
Corporate Family Rating, B3-PD Probability of Default Rating, and
the Caa1 rating assigned to its Senior Secured Notes due 2021. The
review follows the company's announcement that it is acquiring
ProBuild Holdings, LLC ("ProBuild"), a building products
distributor that operates lumberyards, component facilities,
millwork shops, and gypsum yards across the United States. The
SGL-3 Speculative Grade Liquidity Rating remains unchanged at this
time.

BLDR recently announced that it is acquiring ProBuild in an
all-cash transaction for approximately $1.63 billion. ProBuild is
one of the largest domestic building materials suppliers based on
revenues and the combined entity will have about $6.1 billion in
annualized revenues. Cash for the transaction will come from
potentially $1.6 billion in new debt, $100 million from a marketed
follow-on public offering, and the assumption of $300 million of
lease finance obligations. Although Moody's recognize the rationale
for the acquisition and the strength of the combined entity's main
revenue drivers, the large amount of debt being utilized for the
acquisition is a credit risk. Integration risk that could delay
realization of anticipated cost synergies will also be considered
during our review.

Moody's review will focus on BLDR's integration plans and expected
cost synergies. Moody's will also analyze the combined entity's
ability to expand operating margins and to reduce balance sheet
debt from free cash flow, since fixed charge payments including
interest payments and term loan amortization are likely to approach
a combined $150 million per year. The predominately debt-financed
acquisition will result in balance sheet debt ballooning by about
$1.9 billion to approximately $2.3 billion.

The principal methodology used in these ratings was Global
Distribution & Supply Chain Services published in November 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.

Builders FirstSource, Inc. ("BLDR"), headquartered in Dallas, TX,
manufactures and supplies structural and related building products
for the domestic residential new construction and repair and
remodeling activity. Its products include prefabricated components,
windows and exterior doors, lumber and lumber sheet goods, millwork
products, and other building products and services. JLL Partners
and Warburg Pincus (collectively "Sponsors"), through their
respective affiliates, own in aggregate approximately 50% of BLDR.
Annualized revenues on a pro forma basis including the acquisition
of ProBuild Holdings, LLC total approximately $6.1 billion.


BUILDERS FIRSTSOURCE: Stadium Capital Reports 9.8% Stake
--------------------------------------------------------
Stadium Capital Management, LLC, and its affiliates disclosed in an
amended Schedule 13G filed with the Securities and Exchange
Commission that as of April 15, 2015, they beneficially own
9,604,258 shares of common stock of Builders FirstSource, Inc.,
which represents 9.8 percent of the shares outstanding.  A copy of
the regulatory filing is available for free at http://is.gd/DigRcs

                    About Builders FirstSource

Headquartered in Dallas, Texas, Builders FirstSource is a supplier
and manufacturer of structural and related building products for
residential new construction.  The Company operates 56 distribution
centers and 56 manufacturing facilities in nine states, principally
in the southern and eastern United States. Manufacturing facilities
include plants that manufacture roof and floor trusses, wall
panels, stairs, aluminum and vinyl windows, custom millwork and
pre-hung doors.  Builders FirstSource also distributes windows,
interior and exterior doors, dimensional lumber and lumber sheet
goods, millwork and other building products.  For more information
about Builders FirstSource, visit the company's Website at
www.bldr.com.

Builders Firstsource reported net income of $18.2 million on $1.60
billion of sales for the year ended Dec. 31, 2014, compared to a
net loss of $42.7 million on $1.48 billion of sales in 2013.
As of Dec. 31, 2014, the Company had $583 million in total assets,
$543 million in total liabilities and $40.2 million in total
stockholders' equity.

                           *     *     *

As reported by the TCR on May 15, 2013, Standard & Poor's Ratings
Services Inc. said it raised its corporate credit rating on
Dallas-based Builders FirstSource to 'B' from 'CCC'.  "The upgrade
acknowledges U.S.-based building materials manufacturer and
distributor Builders FirstSource's 'strong' liquidity based on the
company's proposed recapitalization," said Standard & Poor's credit
analyst James Fielding.

In the May 13, 2014, edition of the TCR, Moody's Investors Service
upgraded Builders FirstSource's Corporate Family Rating to 'B3'
from 'Caa1'.  The upgrade reflects Moody's expectation that BLDR's
operating performance will continue to benefit from improved
housing construction, repair and remodeling.


BUILDERS FIRSTSOURCE: Warburg Reports 25.3% Stake as of April 13
----------------------------------------------------------------
Warburg Pincus Private Equity IX, L.P., and its affiliates
disclosed in an amended Schedule 13D filed with the Securities and
Exchange Commission that as of April 13, 2015, they beneficially
own 24,863,266 shares of common stock of Builders Firstsource, Inc.
which represents 25.3 percent of the shares outstanding.

On April 13, 2015, the Company entered into a securities purchase
agreement pursuant to which it will acquire all of the issued and
outstanding equity interests of ProBuild Holdings LLC.  As a
condition to a debt commitment that the Company has received in
connection with its proposed acquisition of ProBuild, the Company
is obligated to raise at least $100 million of net proceeds from
the sale of its equity securities.  

The Reporting Persons understand that the Company intends to raise
those proceeds from a public offering of shares of the Company's
Common Stock.  Pursuant to an equity commitment letter among WP IX,
JLL Fund V, and the Company, dated April 13, 2015, that was
required by the sellers of ProBuild, in the event that the Company
is unable to raise those proceeds in a public offering of its
equity securities, JLL Fund V has agreed to purchase $40 million of
the Company's Common Stock and WP IX has agreed to purchase $60
million of the Company's Common Stock, in each case, at a purchase
price per share of the Company's Common Stock equal to the lower of
(i) the ten-day weighted average volume closing price of the
Company's Common Stock for the period ended March 26, 2015, and
(ii) a discount of 20% from the ten-day weighted average volume
closing price of the Company's Common Stock for the period ending
on the trading day immediately prior to the closing of the
Company's acquisition of ProBuild.  Pursuant to the requirements of
the Nasdaq Stock Market, the Company has committed to seek approval
from its stockholders for the possible issuance of Common Stock to
WP IX and JLL Fund V pursuant to the Equity Commitment Letter.

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

                       http://is.gd/u41q4P

                     About Builders FirstSource

Headquartered in Dallas, Texas, Builders FirstSource is a supplier
and manufacturer of structural and related building products for
residential new construction.  The Company operates 56 distribution
centers and 56 manufacturing facilities in nine states, principally
in the southern and eastern United States. Manufacturing facilities
include plants that manufacture roof and floor trusses, wall
panels, stairs, aluminum and vinyl windows, custom millwork and
pre-hung doors.  Builders FirstSource also distributes windows,
interior and exterior doors, dimensional lumber and lumber sheet
goods, millwork and other building products.  For more information
about Builders FirstSource, visit the Company's Web site at
http://www.bldr.com/

Builders Firstsource reported net income of $18.2 million on $1.60
billion of sales for the year ended Dec. 31, 2014, compared to a
net loss of $42.7 million on $1.48 billion of sales in 2013.
As of Dec. 31, 2014, the Company had $583 million in total assets,
$543 million in total liabilities and $40.2 million in total
stockholders' equity.

                           *     *     *

As reported by the TCR on May 15, 2013, Standard & Poor's Ratings
Services Inc. said it raised its corporate credit rating on
Dallas-based Builders FirstSource to 'B' from 'CCC'.  "The upgrade
acknowledges U.S.-based building materials manufacturer and
distributor Builders FirstSource's 'strong' liquidity based on the
company's proposed recapitalization," said Standard & Poor's credit
analyst James Fielding.

In the May 13, 2014, edition of the TCR, Moody's Investors Service
upgraded Builders FirstSource's Corporate Family Rating to 'B3'
from 'Caa1'.  The upgrade reflects Moody's expectation that BLDR's
operating performance will continue to benefit from improved
housing construction, repair and remodeling.


CAESARS ENTERTAINMENT: 2017 Bank Debt Trades at 8% Off
------------------------------------------------------
Participations in a syndicated loan under which Caesars
Entertainment Inc. is a borrower traded in the secondary market at
92.13 cents-on-the-dollar during the week ended Friday, April 17,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
an increase of 0.81 percentage points from the previous week, The
Journal relates.  Caesars Entertainment Inc. pays 875 basis point
above LIBOR to borrow under the facility.  The bank loan matures on
March 1, 2017, and carries Moody's withdraws its rating and
Standard & Poor's D rating.  The loan is one of the biggest gainers
and losers among 260 widely quoted syndicated loans with five or
more bids in secondary trading for the week ended Friday.



CAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 5% Off
------------------------------------------------------
Participations in a syndicated loan under which Caesars
Entertainment Inc. is a borrower traded in the secondary market at
95.78 cents-on-the-dollar during the week ended Friday, April 17,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
an increase of 1.17 percentage points from the previous week, The
Journal relates.  Caesars Entertainment Inc. pays 600 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
Sept. 24, 2020.  Moody's rates the loan 'B2' and Standard & Poor's
gave a 'CCC+' rating to the loan.  The loan is one of the biggest
gainers and losers among 260 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.



CAESARS ENTERTAINMENT: Hearing on Exclusivity Extension Set Apr. 29
-------------------------------------------------------------------
BankruptcyData.com reported that Caesars Entertainment Operating
Company (CEOC) filed with the U.S. Bankruptcy Court a motion to
extend the exclusive period during which the Company can file a
Chapter 11 plan and solicit acceptances thereof through and
including November 15, 2015 and January 15, 2016, respectively.

BankruptcyData.com said the motion explains, "Significant work
remains to achieve confirmation of a chapter 11 plan, whether it is
the Plan or another proposed by the Debtors. First, the Examiner
must complete his investigation and report . . . Second, the
Debtors need time to continue to work with their stakeholders to
build support for their Plan. The Debtors already have demonstrated
that they can obtain consensus in these cases, including with
respect to the RSA and successfully resolving cash collateral
disputes before trial. . .Third, the Debtors have determined that
it is appropriate to commence a process -- overseen by the
independent Governance Committee -- to market test the Plan . . .
Fourth, the Debtors are taking steps to maintain the feasibility of
their Plan by seeking to litigate in a single proceeding before
this Court issues central to CEC's ability to make substantial
contributions to their restructuring. Currently, there are four
lawsuits pending against CEC by CEOC's junior creditors to collect
on alleged multi-billion dollar guarantees, which the Debtors have
sought to stay pursuant to section 105 of the Bankruptcy
Code....Fifth, the Court has determined that the involuntary
petition pending against the alleged debtor CEOC should be resolved
and set a trial date for August 3, 2015."

The Court scheduled an April 29, 2015 hearing to consider the
motion, the report added.

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.



CAESARS ENTERTAINMENT: Law Professor Named to Fee Committee
-----------------------------------------------------------
Bill Rochelle, bankruptcy columnist for Bloomberg News, reports
that Nancy B. Rapoport was selected to be the chairwoman and
"independent member" of the committee reviewing the professional
fees in the Chapter 11 cases of Caesars Entertainment Operating
Co.

Ms. Rapoport, a professor at the University of Nevada's William S.
Boyd School of Law, is an expert in legal ethics and has served in
official capacities reviewing fees in bankruptcies including those
for Lehman Brothers Holdings Inc. and General Motors Corp.  

The fee committee will have responsibility for analyzing and filing
reports on professionals' fee requests.  If necessary, the
committee can lodge formal written objections to fee applications.

The fee committee has four members in addition to Ms. Rapoport.
The U.S. Trustee, Caesars and the two official committees have one
member each.

                    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.


CAESARS ENTERTAINMENT: Sec. 341 Meeting of Creditors Set for Today
------------------------------------------------------------------
There will be a meeting of creditors of Caesars Entertainment
Operating Company, Inc., et al., on April 20, 2015, at 1:30 p.m.
(prevailing Central Time) at the Everett McKinley Dirksen United
States Courthouse, 219 South Dearborn Street, Room 2525, Chicago,
Illinois 60604.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                     About 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.


CAESARS ENTERTAINMENT: Wants Plan Filing Extended to Nov. 15
------------------------------------------------------------
Caesars Entertainment Operating Company, Inc., et al., filed on
April 15, 2015, a motion asking the U.S. Bankruptcy Court for the
Northern District of Illinois to extend the Debtors' exclusive
right to file a Chapter 11 plan through and including Nov. 15,
2015, and to solicit votes on the Plan through and including Jan.
15, 2016.

A hearing on the Motion is set for April 29, 2015, at 1:30 p.m.
(prevailing Central Time).  Objections to the Motion must be filed
by April 22, 2015, at 4:00 p.m. (prevailing Central Time).

David R. Seligman, P.C., at Kirkland & Ellis LLP, the Debtors'
bankrutpcy counsel, claims in the motion that his clients' Chapter
11 cases are among the largest, most complex, and highly litigious
restructurings in recent history, with 173 debtor entities, a
complicated $18 billion funded debt capital structure with numerous
intercreditor disputes, two sets of senior lenders, two official
committees, dueling voluntary and involuntary petitions, disputed
venue, a recently-appointed examiner, contested retention
applications, and four parallel lawsuits against the Debtors'
parent that the Debtors are seeking to stay to preserve valuable
consideration necessary to the Debtors' plan of reorganization.

According to Mr. Seligman, the extension is needed to, among other
things:

      (i) allow the examiner time to complete his investigation
          and issue his report, as parties generally have
          requested that the Debtors not proceed with a disclosure

          statement hearing on the Plan until the examiner has
          issued his report, which will provide an independent
          view of potential causes of action that will assist
          parties in analyzing whether the consideration CEC is
          providing in exchange for a release under the Plan is
          reasonable.  The Examiner's investigation could take six

          months or longer; and

     (ii) allow the Debtors time to continue to work with their
          stakeholders to build support for their Plan, as the
          Debtors expect that it will take months to design,
          implement, and complete this process, not including any
          regulatory, bankruptcy court, or any other required
          approvals.

Mr. Seligman says that despite the challenges and although these
cases are still in their infancy, the Debtors already have made
significant progress towards a successful restructuring.  The
Debtors, according to Mr. Seligman, won a venue fight, stabilized
their business operations and smoothly transitioned into Chapter
11, obtained important first day relief, negotiated a comprehensive
adequate protection package for the use of cash collateral with all
relevant major stakeholders, initiated dialogue and facilitated
diligence with the official committees and senior lenders, obtained
the appointment of an examiner, and filed schedules and statements
of financial affairs for all 173 Debtors.

Mr. Seligman added that before these cases were commenced, the
Debtors also entered into a restructuring support agreement with
over 80 percent of their first lien noteholders and 15 percent of
their first lien bank lenders, which contemplates a comprehensive
restructuring through a value-maximizing REIT structure that
substantially reduces the Debtors' debt and secures contributions
with a value of at least $1.5 billion from the Debtors' parent
Caesars Entertainment Corporation.

                     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: BofA Rips Unsecured Committee Bid for Longer Sale
-----------------------------------------------------------
Law360 reported that Bank of America NA, agent for the $120 million
in debtor-in-possession financing extended to Cal Dive
International Inc., blasted on April 13 an objection to final
approval of the loan from the creditors committee, arguing the
unsecured lenders' push to extend sale deadlines is "ill
conceived."

In a motion before the Delaware bankruptcy court, BofA said that
the committee's challenges to sale milestones required by the loan
show a "refusal to recognize the time-sensitive nature" of the
transactions, the report related.

As reported in the Troubled Company Reporter on April 14, 2015,
Sherri Toub, a bankruptcy columnist for Bloomberg News, reported
that the Official Committee of Unsecured Creditors appointed in Cal
Dive International Inc.'s Chapter 11 case objected to the Debtor's
request for approval of a $120 million bankruptcy loan, saying the
financing imposes "unduly and unjustifiably compressed milestones"
for the sale of the business, designed to ensure the bankruptcy
lenders recover their investment at the expense of other
stakeholders.

According to Bloomberg, the panel is advocating for an extension
of sale deadlines.  Since the loan provides only about $20 million
of new money -- less than 17 percent of the total financing --
approval of the "roll-up" on a final basis will "hamstring" Cal
Dive and curtail its options under any future reorganization plan,
the report said, citing the committee's court filing.

                    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.

Through the Chapter 11 process, the Company will sell non-core
assets and intends to reorganize or sell as a going concern its
core subsea contracting business.

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors.



CEETOP INC: Incurs $841,000 Net Loss in 2014
--------------------------------------------
Ceetop Inc. filed with the Securities and Exchange Commission its
annual report on Form 10-K disclosing a net loss of $841,000 on
$362,000 of sales for the year ended Dec. 31, 2014, compared with a
net loss of $2.88 million on $0 of sales for the year ended
Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $2.95 million in total assets,
$658,000 in total liabilities, all current and $2.3 million in
total stockholders' equity.

MJF & Associates, APC, in Los Angeles, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company incurred
recurring losses from operations, has a net loss of $841,000 for
2014, and has accumulated deficit of $9.45 million at Dec. 31,
2014.  These matters are discussed in Note 2 to the consolidated
financial statements that 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/8z2Cqj

                        About Ceetop Inc.

Oregon-based Ceetop Inc., formerly known as China Ceetop.com,
Inc., owned and operated the online retail platform before 2013.
Due to excessive competition in online retail, the Company has
transformed itself into an integrated supply chain services
provider, and focuses on B to B supply chain management and
related value-added services among enterprises.


CENTER POINT: Updated Case Summary & 9 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Center Point Transfer Station, Inc.
        P.O. Box 52
        Caledonia, NY 14423

Case No.: 15-20382

Chapter 11 Petition Date: April 10, 2015

Date of Intradistrict Transfer: April 13, 2015

Court: United States Bankruptcy Court
       Western District of New York (Rochester)

Judge: Hon. Paul R. Warren

Debtor's Counsel: Robert B. Gleichenhaus, Esq.
                  GLEICHENHAUS, MARCHESE & WEISHAAR, P.C.
                  930 Convention Tower
                  43 Court Street
                  Buffalo, NY 14202
                  Tel: (716) 845-6446
                  Fax: (716) 845-6475
                  Email: RBG_GMF@hotmail.com

Total Assets: $169,805

Total Liabilities: $1.28 million

The petition was signed by Kenneth H. Loughry, vice president.

A list of the Debtor's nine largest unsecured creditors is
available for free at http://bankrupt.com/misc/nywb15-10697.pdf


CHINA TELETECH: Posts $907,000 Net Loss in 2014
-----------------------------------------------
China Teletech Holding, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $907,000 on $4.29 million of sales for the year ended Dec.
31, 2014, compared with a net loss of $295,000 on $5.03 million of
sales for the same period in 2013.

As of Dec. 31, 2014, the Company had $11.8 million in total assets,
$14.6 million in total liabilities and a $2.77 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, 2014, citing that the Company has incurred
substantial losses which 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/4OLcmu

                        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, China.

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.


CICERO INC: John Stefens Reports 67.2% Stake as of April 8
----------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, John L. Stefens disclosed that as of April 8, 2015, he
beneficially owns 109,588,786 shares of common stock of Cicero Inc.
which represents 67.2 percent of the shares outstanding based upon
163,174,494 shares outstanding, based on information provided by
the Company as of March 31, 2015.  A copy of the regulatory filing
is available at http://is.gd/HLtdbP

                          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.

Cicero reported 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.


COLT DEFENSE: Did Not Talk With Bondholders on Exchange Offer
-------------------------------------------------------------
Colt Defense LLC and Colt Finance Corp. last week disclosed that
they have commenced an exchange offer for their 8.75% Senior Notes
due 2017 and related guarantees.

As reported by the Troubled Company Reporter on April 17, 2015,
Colt said the Exchange Offer is part of its strategy to restructure
its balance sheet, which began with the refinancing of Colt's $70.0
million senior secured term loan in November 2014 and $33.0 million
senior secured term loan facility in February 2015.  The Exchange
Offer and the issuance of the New Notes are designed to reduce the
overall amount of Colt's debt, reduce total cash interest payments,
extend the maturity for the debt exchanged, and place Colt in a
better position to attract new financing in the years to come.  The
Company believes the Exchange Offer will also improve its
performance and customer relations by addressing the key issues
relating to Colt's viability as a going concern.

The Wall Street Journal's Stephanie Gleason said the Exchange Offer
would cut Colt's bond debt by 70% to $75 million from $250
million.

Colt said in a press statement the closing of the Exchange Offer is
conditioned upon, among other things, the valid tender of no less
than 98% of the aggregate principal amount of Old Notes.  In the
event that the conditions to the Exchange Offer are not satisfied
and such conditions are not waived by Colt, Colt would need to
determine whether it would be more advantageous to file petitions
under Chapter 11 of the Bankruptcy Code to consummate a prepackaged
plan of reorganization.  Therefore, Colt and its subsidiaries are
simultaneously soliciting holders of the Old Notes to approve the
Prepackaged Plan as an alternative to the Exchange Offer.  If the
restructuring is accomplished through the Prepackaged Plan, 100% of
the Old Notes, plus accrued and unpaid interest, will be cancelled
and holders of the Old Notes will receive their pro rata share of
the New Notes.  Colt, however, has not made any affirmative
decision to proceed with any bankruptcy filing at this time.

Bondholders have until May 11 to decide.

Stephen J. Lubben, writing for The New York Times' DealBook, called
the move "one of the strangest prepackaged bankruptcy cases ever."
He said one odd feature of Colt's larger plan is that is appears
that Colt never negotiated with bondholders.  "Typically a prepack
will be begun with at least the support of some of the largest
holders. But indications are that Colt has not talked with them,"
he wrote.

Mr. Lubben holds the Harvey Washington Wiley Chair in corporate
governance and business ethics at Seton Hall Law School and an
expert on bankruptcy.

According to WSJ's Stephanie Gleason, Colt's Chief Restructuring
Officer Keith Maib said the company didn't negotiate the Exchange
Offer with bondholders before launching but said that it presents
"the best opportunity and the best option to support the company
going forward." He added that the company looks forward to engaging
with bondholders.

Colt has been manufacturing firearms since 1836 and supplying to
the U.S. military since 1847. It blames current financial troubles
on a slowdown in rifle sales and delays in payment from the U.S.
government.  Colt, WSJ noted, has been warning since last year that
due to its strained liquidity, it likely will be unable to make a
$10.9 million interest payment to bondholders due May 15.

WSJ said Colt barely was able to make the semiannual interest
payment in November, initially skipping the payment and entering a
30-day grace period with bondholders.  During the grace period,
Colt secured $70 million in financing from Morgan Stanley Senior
Funding Inc. that allowed the company to make the interest payment
and avoid defaulting.  Colt also has a $33 million credit facility
from Cortland Capital Market Services LLC.

WSJ also noted Colt didn't file its annual financial statement
earlier this month because of a problem with the way it has been
calculating pension liabilities.  However, Colt said that
anticipated revenue for 2014 is $190 million, a 30% drop from
2013.

Colt is majority owned by Sciens Management LLC, and Colt said it
doesn't expect a change in ownership structure as a result of this
restructuring, according to WSJ.

Keith Maib of Mackinac Partners LLC, serves Chief Restructuring
Officer of Colt.  He may be reached at:

     Keith A. Maib
     Senior Managing Director
     MACKINAC PARTNERS LLC
     180 High Oak, Suite 100
     Bloomfield Hills, MI  48304
     Tel: (248) 258-6900
     E-mail: kmaib@mackinacpartners.com


COLT DEFENSE: S&P Lowers CCR to 'CC' Over Exchange Offer
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
corporate credit rating on U.S.–based gun manufacturer Colt
Defense LLC to 'CC' from 'CCC-'. S&P also placed all of its ratings
on the company on CreditWatch with negative implications. The
issue-level rating on the unsecured notes is unchanged at 'CC' with
a recovery rating of '6', indicating our expectations for
negligible (0%-10%) recovery in a default scenario.

"The downgrade reflects Colt's launch of a restructuring
transaction, consisting of an exchange offer and consent
solicitation for its 8.75% senior notes due 2017, issued by Colt
and Colt Finance Corp. (Colt Finance), along with a solicitation of
acceptance to a prepackaged reorganization plan," said
Standard & Poor's credit analyst Chris Mooney. In the event Colt
does not satisfy or waive the conditions of the exchange offer, or
if the company determines it would be more advantageous or
expeditious to consummate the prepackaged reorganization plan, it
plans to do so.

"We plan to resolve the CreditWatch placement in the coming weeks,
and lower our corporate credit rating on Colt to 'SD' and our
issue-level rating on the company's 8.75% notes to 'D' once the
distressed exchange is complete. If the exchange offer fails and
Colt files for bankruptcy, we would lower both the corporate credit
rating and the issue-level rating to 'D'," said S&P.



COLT DEFENSE: Signs Indemnification Agreements with D&Os
--------------------------------------------------------
Colt Defense LLC disclosed in a Form 8-K filed with the Securities
and Exchange Commission that it began entering into indemnification
agreements with each of the members of its Governing Board and
executive officers.  

These agreements memorialize the terms under which, as required
under Colt's governing documents and consistent with common
practice among companies with publicly traded securities, Colt will
indemnify the Board member or the executive officer to the fullest
extent permitted by law from and against all claims that may accrue
to or be incurred by the Board member or the executive officer, or
in which the Board member or the executive officer may become
involved or may be threatened, relating to or arising out the
business and affairs of Colt or any subsidiary of Colt and to
advance expenses incurred as a result of any proceeding against
them as to which they could be indemnified.

These agreements also include the agreement of the Board member or
executive officer to repay any amounts advanced by Colt to the
extent it is ultimately determined by a final and non-appealable
judgment entered by a court of competent jurisdiction that the
Board member or the executive officer was not entitled to
indemnification under Colt's governing documents and the
Indemnification Agreements.

In addition, Colt may enter into these Indemnification Agreements
with future Board members or executive officers.

                        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.


COMSTOCK MINING: Posts $390,000 Net Income in First Quarter
-----------------------------------------------------------
Comstock Mining Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
available to common shareholders of $390,282 on $6.03 million of
total revenues for the three months ended March 31, 2015, compared
to a net loss available to common shareholders of $4.88 million on
$5.76 million of total revenues for the same period in 2014.

As of March 31, 2015, the Company had $48.2 million in total
assets, $24.7 million in total liabilities and $23.6 million in
total stockholders' equity.

"Future production rates and gold prices below management's
expectations would adversely affect the Company's results of
operations, financial condition and cash flows.  If the Company
were unable to obtain any necessary additional funds, this could
have an immediate material adverse effect on liquidity and could
raise substantial doubt about the Company's ability to continue as
a going concern.  In such case, the Company could be required to
limit or discontinue certain business plans, activities or
operations, reduce or delay certain capital expenditures or sell
certain assets or businesses.  There can be no assurance that the
Company would be able to take any of such actions on favorable
terms, in a timely manner or at all," the Company said in the
report.

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

                        http://is.gd/Aty5fq

                       About Comstock Mining

Virginia City, Nev.-based Comstock Mining Inc. is a Nevada-based,
gold and silver mining company with extensive, contiguous property
in the historic Comstock district.  The Company began acquiring
properties in the Comstock in 2003.  Since then, the Company has
consolidated a substantial portion of the Comstock district,
secured permits, built an infrastructure and brought the
exploration project into test mining production.  The Company
continues acquiring additional properties in the Comstock
district, expanding its footprint and creating opportunities for
exploration and mining.  The goal of the Company's strategic plan
is to deliver stockholder value by validating qualified resources
(measured and indicated) and reserves (probable and proven) of
3,250,000 gold equivalent ounces by 2013, and commencing
commercial mining and processing operations by 2011, with annual
production rates of 20,000 gold equivalent ounces.

Comstock Mining reported a net loss available to common
shareholders of $13.3 million in 2014, a net loss available
to common shareholders of $25.4 million in 2013 and a
net loss available to common shareholders of $35.1 million in
2011.


CORD BLOOD: Appoints Three Directors to Board
---------------------------------------------
The Preferred Stock Purchase Agreement and a Stockholder Agreement
among Cord Blood America, Inc., Red Oak Fund LP, Red Oak Long Fund,
LP and Pinnacle Opportunities Fund, LP, closed on April 14, 2015.
Accordingly, David Sandberg, Anthony Snow and Adrian Pertierra were
elected as directors of the Company, effective April 15, 2015.

David Sandberg is the managing member and founder of Red Oak
Partners, LLC, a Florida-based, SEC Registered investment company
founded in 2003 and which manages several public and private funds.
Previously, Mr. Sandberg co-managed JH Whitney & Co's Green River
Fund from 1998 to 2002.  Mr. Sandberg presently serves as the
Chairman of the Board of Asure Software, Inc., and as a director of
public companies SMTC Corp. and Issuer Direct Corporation, each of
which Red Oak Partners is the largest or one of the largest owners.
Mr. Sandberg has previously served as a director of public
companies Planar Systems, Inc., RF Industries Ltd., and EDCI
Holdings Inc., and presently serves as the Chairman of the Board of
Kensington Vanguard Group, LLC, a private real estate services
company.  Mr. Sandberg's public board experience includes serving
as the Chairman of each of Audit, Compensation, Governance, and
Strategic committees.  Mr. Sandberg received a BA in Economics and
a BS in Industrial Management from Carnegie Mellon University.

Anthony Snow is a managing director at Red Oak Partners.  Prior to
joining Red Oak, Mr. Snow worked at Soros Fund Management where he
was part of a two person team that managed a $250 million global
long/short equity portfolio.  Prior to Soros, Mr. Snow focused on
investments in global equities at both Ardea Capital Management, as
part of the founding team, and Wyper Capital Management.
Previously, Mr. Snow was employed at Lindsay Goldberg, a private
equity firm, where he focused on leveraged buyouts. Mr. Snow began
his career at Merrill Lynch & Co. as an Analyst in the Mergers &
Acquisitions group.  He received a B.B.A. with high distinction
from the University of Michigan, concentrating in finance and
accounting, and an M.B.A. from Harvard Business School.  Mr. Snow
is currently a Director and Chairman of the Finance Committee of
StreetWise Partners, a New York City non-profit, and also serves on
the Executive Committee.

Adrian Pertierra is the chief financial officer and Head of Trading
at Red Oak Partners, LLC, a Florida-based, SEC Registered
investment company.  Prior to joining Red Oak Partners in 2007, Mr.
Pertierra served as a vice president of Global Markets at Deutsche
Bank Alternative Trading in 2007 and worked at Tradition Asiel
Securities, Inc. from 2006-2007, specializing in risk arbitrage.
Previously, Mr. Pertierra served as the vice president of
Institutional Equity Sales and Trading at BGC Partners, LP, from
2002-2006.  Mr. Pertierra is currently the Chairman of the
Nominating and Governance committee of Asure Software, Inc., a
publicly traded company.  Mr. Pertierra received a BA in Economics
from the College of Holy Cross.

                      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.

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 $240,000 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.


COUNTRY STONE: To Sell Remaining Assets for $105K
-------------------------------------------------
Country Stone Holdings Inc. has filed a motion seeking court
approval to sell its remaining assets for $105,000.

The assets, which include equipment and inventory, were excluded
from the sale of County Stone's assets to Hyponex Corp. and
Techo-Bloc Inc. in December last year.  

Calhoun Lumber Inc. offered $55,000 to buy the assets located at a
facility in Fort Wayne, Indiana, which is being leased by its
affiliate to Fort Wayne Landscape Supply Inc., a unit of Country
Stone.

Meanwhile, Country Stone proposes to sell certain inventory held by
Bonus Crop to the company, which offered $50,000.

In connection with the sale, the lease for the Fort Wayne facility
will be rejected subject to bankruptcy court approval.

The deadline for filing objections to the proposed sale is
April 24, 2015.

                      About Country Stone

Country Stone Holdings, Inc., and its affiliates are in the
business of manufacturing, processing, and packaging lawn and
garden products such as mulch, soil, fertilizer, plant food,
organics, concrete and decorative stone.  The corporate
headquarters are located in Rock Island, Illinois and Milan,
Illinois.  Country Stone operates 17 plants throughout the United
States, including in Illinois, Iowa, Indiana, Minnesota,
Wisconsin, Missouri, and California.

Country Stone Holdings and its affiliates sought bankruptcy
protection (Bankr. C.D. Ill., Lead Case No. 14-81854) in Peoria,
Illinois, on Oct. 23, 2014, with a deal to sell to Quikrete
Holdings, Inc., for $23 million in cash plus the assumption of
liabilities, subject to higher and better offers.  The bankruptcy
cases are assigned to Judge Thomas L. Perkins.

Country Stone disclosed $45 million in liabilities.

The Debtors have tapped Katten Muchin Rosenman LLP as counsel;
Silverman Consulting to provide the services of Steven Nerger as
CRO and Michael Compton as cash and restructuring manager; and
Epiq Bankruptcy Solutions, LLC as claims, noticing and balloting
agent.

Nancy J. Gargula, U.S. Trustee for the Central District of
Illinois, has appointed five creditors to serve in the official
unsecured creditors committee in the Debtors' cases.


CROSBY NATIONAL GOLF CLUB: Files Bare-Bones Ch. 11 Petition
-----------------------------------------------------------
The Crosby National Golf Club, LLC, commenced a Chapter 11
bankruptcy case (Bankr. N.D. Tex. Case No. 15-41545) in Ft. Worth,
Texas, on April 16, 2015, without stating a reason.  The Debtor
estimated $10 million to $50 million in assets and debt.  The case
is assigned to Judge Russell F. Nelms.  Hudson M. Jobe, Esq., at
Quilling, Selander, Lownds, et al, in Dallas, has been tapped as
counsel.


CROSBY NATIONAL: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: The Crosby National Golf Club, LLC
        2930 Bledsoe, Suite 124
        Fort Worth, TX 76107

Case No.: 15-41545

Chapter 11 Petition Date: April 16, 2015

Court: United States Bankruptcy Court
       Northern District of Texas (Ft. Worth)

Judge: Hon. Russell F. Nelms

Debtor's Counsel: Hudson M. Jobe, Esq.
                  QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER,  
                  P.C.
                  2001 Bryan Street, Suite 1800
                  Dallas, TX 75201
                  Tel: (214) 871-2100
                  Fax: (214) 871-2111
                  Email: hjobe@qslwm.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Elcio Silva, secretary.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Mulvaney Barry Beatty Linn &           Debt            $169,450
Mayers LLP

Paul Wohlgemuth                        Debt            $105,000

Taylor Advisors, P.C.                  Debt             $67,410

Dick Troester                          Debt             $20,000

The Crosby Estates at RSF              Debt             $19,962

Callaway Golf                          Debt             $12,892

Hydro-Scape                            Debt              $6,086

Christopher Roote PC Repair            Debt              $2,500

Kiwi Audio Visual                      Debt              $1,746

Safety-Kleen Systems Inc               Debt              $1,499

MembersFirst                           Debt              $1,350

Nike USA, Inc.                         Debt              $1,344

Jofit, LLC                             Debt                $927

A.D. Williams Turf Sprayers            Debt                $597

Global Tour Golf                       Debt                $564

Opera Patisserie Fines                 Debt                $557

Steam Diego                            Debt                $375

Duckhorn Wine Company                  Debt                $328

M.R. Nyren Company                     Debt                $140

Rancho Sante Fe Farms Golf Club        Debt                $125


CUBIC ENERGY: Amends March 31, 2014 Form 10-Q Report
----------------------------------------------------
Cubic Energy, Inc., has amended its quarterly report on Form 10-Q
for the period ended March 31, 2014, to give effect to a change in
accounting for warrants at fair value.  

The warrants liability related to the warrants issued in connection
with the issuance of the Notes and the previously outstanding
warrants issued to Wells Fargo Energy Capital, Inc. have been
restated for the quarter ended March 31, 2014, and the nine-month
period ended March 31, 2014, at their fair value.  These warrants
include certain anti-dilution provisions, which provide for
exercise price adjustments in the event that any common stock
equivalents are issued at an effective price per share that is less
than the exercise price of the warrants.  The Company recorded the
fair value of the WFEC warrants as of July 1, 2013, as an out of
period adjustment to income and a corresponding liability.  The
warrants issued in connection with the issuance of the Notes were
issued during the quarter ended Dec. 31, 2013, and are recorded as
of the issuance date.  

In addition, the Company's asset retirement obligation has been
restated, due to changes in estimates of the ARO related to the
properties acquired by the Company during the quarter ended Dec.
31, 2013.  Certain other corrections and reclassifications have
been made but are not described in detail due to their immaterial
nature.

The Company's restated balance sheet at March 31, 2014, showed
$129.24 million in total assets, $136.94 million in total
liabilities, $988 in redeemable preferred stock and a $7.7 million
total stockholders' deficit.

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

                        http://is.gd/e8VQQG

                         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.


DEERFIELD RANCH: Hires Jigsaw Advisors as Financial Advisor
-----------------------------------------------------------
Deerfield Ranch Winery, LLC asks for permission from the Hon. Alan
Jaroslovsky of the U.S. Bankruptcy Court for the Northern District
of California to employ Jigsaw Advisors, LLC as financial and
restructuring advisor to the Debtor.

The Debtor seeks approval to employ Jigsaw Advisors to assume the
role of financial and restructuring advisor, to provide services
appropriate as a financial and restructuring advisor to a Chapter
11 Debtor, as may be reasonably necessary and requested by the
Debtor.

Jigsaw Advisors will be paid at these hourly rates:

       William R. Brinkman          $375
       Principals                   $395
       Directors                    $275-$350
       Sr. Associates               $175-$250
       Staff and Admin              $50-$100

Jigsaw Advisors will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Jigsaw Advisors received a pre-petition retainer in the total
amount of $25,000. The retainer was provided personally by Paulette
and Robert Rex, the Debtor’s managing members, and not by the
Debtor. This retainer consisted of $20,000 in cash, and wine
estimated at $5,000 in value from the personal collection of
Paulette and Robert Rex.  Pre-petition, Jigsaw Advisors charged a
total of $23,141.64 in fees and expenses against the retainer. This
includes $22,837.50 in fees for 60.9 hours of work by Mr. Brinkman,
plus $304.14 in expenses. After deduction of pre-petition fees and
expenses, as of the petition date, Jigsaw Advisors carried a
retainer balance of $1,858.36, which remains available to be
applied against post-petition fees and expenses approved by the
Court.

William R. Brinkman, principal of Jigsaw Advisors, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Jigsaw Advisors can be reached at:

       William R. Brinkman
       JIGSAW ADVISORS, LLC
       3575 Mt. Diablo Blvd. Suite 215
       Lafayette, CA 94549
       Tel: (925) 465-1228
       E-mail: bill.brinkman@jigsawadvisors.com

                    About Deerfield Ranch Winery

Deerfield Ranch Winery, LLC, is an award-winning winery located in
the heart of the Sonoma Valley, founded in 1982 by Robert and PJ
Rex.  The Deerfield estate is approximately 47 acres, located in
Kenwood, California, and was acquired in 2000.  Annual production
totals approximately 30,000 cases annually, including both
Deerfield brands and the winery's substantial custom-crush
business, which includes 12 small family-owned wineries.  The
winery LLC is owned by 87 members, who have contributed more than
$15 million to the business.

Deerfield Ranch Winery filed a Chapter 11 bankruptcy petition
(Bank. N.D. Cal. Case No. 15-10150) on Feb. 13, 2015.  The Debtor
disclosed $25,197,611 in assets and $12,041,939 in liabilities as
of the Chapter 11 filing.  Scott H. McNutt, Esq., and Shane J.
Moses, Esq., at McNutt Law Group LLP serve as the Debtor's counsel.
Jigsaw Advisors LLC acts as the Debtor's restructuring financial
advisor.  Judge Alan Jaroslovsky is assigned to the case.

The United States Trustee for Region 17 appointed three creditors
of Deerfield Ranch Winery LLC to serve on the official committee of
unsecured creditors.


DEERFIELD RANCH: Hires McNutt Law as General Bankruptcy Counsel
---------------------------------------------------------------
Deerfield Ranch Winery, LLC asks for permission from the Hon. Alan
Jaroslovsky of the U.S. Bankruptcy Court for the Northern District
of California to employ McNutt Law Group LLP as general bankruptcy
counsel, effective as of Feb. 13, 2015.

The Debtor requires the assistance of Chapter 11 counsel to provide
advice and representation in the course of this bankruptcy
proceeding, including providing all reasonable and necessary
services as bankruptcy counsel.

McNutt Law will be paid at these hourly rates:

       Scott H. McNutt                 $550
       Shane Moses                     $375
       Michael Abel                    $450
       Thomas Rupp                     $300
       Attorneys                       $300-$550
       Paralegals & Law Clerks         $100-$160

McNutt Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.

McNutt Law received a pre-petition retainer in the total amount of
$40,000, which was provided personally by Paulette and Robert Rex,
the managing members of the Debtor.  McNutt Law billed a total of
$48,637.50 for pre-petition services to the Debtor.  Prior to the
filing of the petition in this case, MLG fully drew down the
retainer as compensation for pre-petition services, and wrote off
the unpaid balance of $8,637.50. MLG then waived any right to
compensation for any unpaid pre-petition fees or expenses, and
therefore was not a creditor of the Debtor as of the filing of the
petition.

Scott H. McNutt, managing partner of McNutt Law, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

McNutt Law can be reached at:

       Scott H. McNutt, Esq.
       MCNUTT LAW GROUP LLP
       219 9th Street
       San Francisco, CA 94103
       Tel: (415) 995-8475
       Fax: (415) 995-8487

                   About Deerfield Ranch Winery

Deerfield Ranch Winery, LLC, is an award-winning winery located in
the heart of the Sonoma Valley, founded in 1982 by Robert and PJ
Rex.  The Deerfield estate is approximately 47 acres, located in
Kenwood, California, and was acquired in 2000.  Annual production
totals approximately 30,000 cases annually, including both
Deerfield brands and the winery's substantial custom-crush
business, which includes 12 small family-owned wineries.  The
winery LLC is owned by 87 members, who have contributed more than
$15 million to the business.

Deerfield Ranch Winery filed a Chapter 11 bankruptcy petition
(Bank. N.D. Cal. Case No. 15-10150) on Feb. 13, 2015.  The Debtor
disclosed $25,197,611 in assets and $12,041,939 in liabilities as
of the Chapter 11 filing.  Scott H. McNutt, Esq., and Shane J.
Moses, Esq., at McNutt Law Group LLP serve as the Debtor's counsel.
Jigsaw Advisors LLC acts as the Debtor's restructuring financial
advisor.  Judge Alan Jaroslovsky is assigned to the case.

The United States Trustee for Region 17 appointed three creditors
of Deerfield Ranch Winery LLC to serve on the official committee of
unsecured creditors.


DENDREON CORP: Court OKs Sullivan & Cromwell as Panel's Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Dendreon
Corporation, et al., sought and obtained permission from the Hon.
Laurie Selber Silverstein of the U.S. Bankruptcy Court for the
District of Delaware to retain Sullivan & Cromwell LLP as counsel
to the Committee, nunc pro tunc to Nov. 19, 2014.

Michael H. Torkin, partner of Sullivan & Cromwell, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Sullivan & Cromwell can be reached at:

       Michael H. Torkin, Esq.
       SULLIVAN & CROMWELL LLP
       125 Broad Street
       New York, NY 10004
       Tel: (212) 558-4000
       Fax: (212) 558-3588

                       About Dendreon Corp

With corporate headquarters in Seattle, Washington, Dendreon
Corporation, a biotechnology company focused on the development of
novel cellular immunotherapies to significantly improve treatment
options for cancer patients.

Dendreon's first product, PROVENGE (sipuleucel-T), was approved by
the U.S. Food and Drug Administration (FDA) and became
Commercially available for the treatment of men with asymptomatic
or minimally symptomatic castrate-resistant (hormone-refractory)
prostate cancer in April 2010.  Dendreon is traded on the NASDAQ
Global Market under the symbol DNDN.

Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy
protection (Bankr. D. Del.) on Nov. 10, 2014.  The Debtors
requested that their cases be jointly administered under Case No.
14-12515.  The petitions were signed by Gregory R. Cox, interim
chief financial officer and treasurer.

Dendreon sought bankruptcy protection after it reached agreements
on the terms of a financial restructuring with certain holders of
the Company's 2.875% Convertible Senior Notes due 2016 representing
84% of the $620 million aggregate principal amount of the 2016
Notes.  The financial restructuring may take the form of a
stand-alone recapitalization or a sale of the Company or its
assets.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP,
as counsel; Lazard Freres & Co. LLC, as investment banker;
AlixPartners, as restructuring advisors; and Prime Clerk LLC as
claims and noticing agent.

The Debtors disclosed $365 million in total assets and $664 Million
in total liabilities as of June 30, 2014.

The U.S. Trustee for Region 3 appointed three members to the
Official Committee of Unsecured Creditors.


DENDREON CORP: Court OKs Young Conaway as Committee Counsel
-----------------------------------------------------------
The Official Committee of Unsecured Creditors of Dendreon
Corporation, et al., sought and obtained permission from the Hon.
Laurie Selber Silverstein of the U.S. Bankruptcy Court for the
District of Delaware to retain Young Conaway Stargatt & Taylor, LLP
as counsel for the Committee, effective as of Nov. 19, 2014.

The Committee requires Young Conaway to:

   (a) provide legal advice regarding local rules, practices, and
       procedures and providing substantive and strategic advice
       on how to accomplish the Committee’s goals in connection
       with the prosecution of these cases, bearing in mind that
       the Court relies on co-counsel such as Young Conaway to be
       involved in all aspects of each bankruptcy proceeding;

   (b) review, commenting and/or preparing drafts of documents to
       be filed with the Court as co-counsel to the Committee;

   (c) appear in Court and at any meeting with the U.S. Trustee
       and any meeting of creditors at any given time on behalf of

       the Committee as its co-counsel;

   (d) perform various services in connection with the
       administration of these cases, including, without
       limitation, (i) preparing certificates of no objection,
       certifications of counsel, notices of fee applications and
       hearings, and hearing binders of documents and pleadings in

       connection with preparation for hearings, (ii) monitoring
       the docket for filings and coordinating with S&C on pending

       matters that require responses, (iii) preparing and
       maintaining critical dates memoranda to monitor pending
       applications, motions, hearing dates and other matters and
       the deadlines associated with the same, and (iv) handling
       inquiries and calls from creditors and counsel to
       interested parties regarding pending matters and the
       general status of these cases and coordinating with S&C on
       any necessary responses; and

   (e) perform all other services assigned by the Committee, in
       consultation with S&C, to Young Conway as co-counsel to the

       Committee. To the extent that the Firm determines that such

       services fall outside the scope of services historically or

       generally performed by Young Conaway as co-counsel in a
       bankruptcy proceeding, Young Conaway will file a
       supplemental declaration.

At the request of the U.S. Trustee with respect to the United
States Trustee’s Appendix B—Guidelines for Reviewing
Applications for Compensation and Reimbursement of Expenses Filed
Under 11 U.S.C. section 330 by Attorneys in Larger Chapter 11 Cases
(the "U.S. Trustee Guidelines"), which became effective on November
1, 2013,3 I supplement the Morgan Declaration to provide the
following information:

  -- Young Conaway was retained by the Committee on November 19,
     2014, and did not represent the Committee at any time in the
     12 months immediately preceding the filing of these chapter
     11 cases.

  -- The Committee has approved a prospective budget and staffing
     plan for Young Conaway’s engagement for the period from
     January through May 2015. In accordance with the U.S. Trustee

     Guidelines, the budget may be amended as necessary to reflect

     changed circumstances or unanticipated developments.

Pauline K. Morgan, partner of Young Conaway, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Young Conaway can be reached at:

       Pauline K. Morgan, Esq.
       YOUNG CONAWAY STARGATT
       & TAYLOR, LLP
       Rodney Square
       1000 North King Street
       Wilmington, DE 19801
       Tel: (302) 571-6600
       Fax: (302) 571-1253

                       About Dendreon Corp

With corporate headquarters in Seattle, Washington, Dendreon
Corporation, a biotechnology company focused on the development of
novel cellular immunotherapies to significantly improve treatment
options for cancer patients.

Dendreon's first product, PROVENGE (sipuleucel-T), was approved by
the U.S. Food and Drug Administration (FDA) and became
Commercially available for the treatment of men with asymptomatic
or minimally symptomatic castrate-resistant (hormone-refractory)
prostate cancer in April 2010.  Dendreon is traded on the NASDAQ
Global Market under the symbol DNDN.

Dendreon and its U.S. subsidiaries filed for Chapter 11 bankruptcy
protection (Bankr. D. Del.) on Nov. 10, 2014.  The Debtors
requested that their cases be jointly administered under Case No.
14-12515.  The petitions were signed by Gregory R. Cox, interim
chief financial officer and treasurer.

Dendreon sought bankruptcy protection after it reached agreements
on the terms of a financial restructuring with certain holders of
the Company's 2.875% Convertible Senior Notes due 2016
representing 84% of the $620 million aggregate principal amount of
the 2016 Notes.  The financial restructuring may take the form of a
stand-alone recapitalization or a sale of the Company or its
assets.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP,
as counsel; Lazard Freres & Co. LLC, as investment banker;
AlixPartners, as restructuring advisors; and Prime Clerk LLC as
claims and noticing agent.

The Debtors disclosed $365 million in total assets and $664 Million
in total liabilities as of June 30, 2014.

The U.S. Trustee for Region 3 appointed three members to the
Official Committee of Unsecured Creditors.


DIAMOND LAND: Case Summary & 2 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Diamond Land Development LLC
        325 Onnie Burton Road
        Rougemont, NC 27572

Case No.: 15-80403

Nature of Business: Land development and sales

Chapter 11 Petition Date: April 16, 2015

Court: United States Bankruptcy Court
       Middle District of North Carolina (Durham)

Judge: Hon. Lena M. James

Debtor's Counsel: Douglas Q. Wickham, Esq.
                  HATCH, LITTLE & BUNN, L.L.P.
                  327 Hillsborough St.
                  P.O. Box 527
                  Raleigh, NC 27602
                  Tel: (919) 856-3940
                  Email: dqwickham@hatchlittlebunn.com

Total Assets: $1.33 million

Total Liabilities: $806,918

The petition was signed by Willis Parker, manager.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/nvb15-80403.pdf


DIOCESE OF HELENA: Michael Hogan OK'd to Handle Future Tort Claims
------------------------------------------------------------------
Bankruptcy Judge Terry L. Myers authorized Roman Catholic Bishop of
Helena, Montana, a Montana Religious Corporation Sole (Diocese of
Helena) to employ Michael R. Hogan as future claims
representative.

On Jan. 23, 2015, the Debtor requested, in a first amended
application, to modify and expand Mr. Hogan's duties and
responsibilities as the FCR to include being the legal
representative of the entities asserting future tort claims against
the Western Province
of Ursuline (the Province).

The number of Future Tort Claimants is estimated at 21.  The Future
Claims Reserve Fund will be funded in the amount of $870,165 with
an additional amount to be paid from the Province Contribution of
$4,450,000 based on, in part, the recommendation of the FCR.

The FCR's additional responsibilities and duties would include
undertaking an investigation and analysis to assist the Court in
determining the estimated number of Future Tort Claims against the
Province, and such claim amounts estimated to be held by such
Future Tort Claimants, and making recommendation as to the amounts
necessary to fund future claims against the Province.

To the best of he Debtor's knowledge, Mr. Hogan is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The Debtor is represented by:

         Ford Elsaesser, Esq.
         Bruce A. Anderson, Esq.
         ELSAESSER JARZABEK ANDERSON ELLIOTT & MACDONALD, CHTD.
         123 South Third Avenue, Suite 24
         P.O. Box 1049
         Sandpoint, ID 83864
         Tel: (208) 263-8517
         Fax: (208) 263-0759

                    About the Diocese of Helena

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

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

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

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

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

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

                           *     *     *

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


DOLPHIN DIGITAL: Incurs $1.8 Million Net Loss in 2014
-----------------------------------------------------
Dolphin Digital Media, Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$1.87 million on $2.07 million of total revenue for the year ended
Dec. 31, 2014, compared to a net loss of $2.46 million on $2.29
million of total revenue for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, Dolphi Digital had $1.49 million in total
assets, $10.28 million in total liabilities, and a $8.79 million
total stockholders' deficit.

BDO USA, LLP, in Miami, Florida, 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, 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.  

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

                        http://is.gd/Y4WGQF

                        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.


DR. TATTOFF: Posts $6.6 Million Net Loss in 2014
------------------------------------------------
Dr. Tattoff, Inc. filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $6.58
million on $4.31 million of revenues for the year ended Dec. 31,
2014, compared with a net loss of $4.3 million on $3.65 million of
revenues for the same period a year ago.

As of Dec. 31, 2014, the Company had $2.25 million in total assets,
$12.1 million in total liabilities and a $9.86 million total
shareholders' deficit.

SingerLewak LLP, in Los Angeles, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company's current
liabilities exceeded its current assets by approximately $6.49
million, has a shareholders' deficit of  $9.86 million, has
suffered recurring losses and negative cash flows from operations,
and has an accumulated deficit of approximately $18.3 million at
Dec. 31, 2014.  This raises 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/HIrrql

                          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."


DUNE ENERGY: Has Court Approval of $10 Million Financing
--------------------------------------------------------
Bill Rochelle, bankruptcy columnist for Bloomberg News, reports
that Dune Energy, Inc., obtained final approval of a $10 million
loan from existing first-lien lenders Bank of Montreal and CIT
Bank.  Under its terms, Dune must get bankruptcy court approval of
a sale by June 19. Auction procedures approved by the judge call
for bids by June 5 and provide for a June 9 auction and June 18
sale-approval hearing.

                        About Dune Energy

Dune Energy, Inc. (NYSE AMEX: DNE), is an independent energy
company based in Houston, Texas.  Since May 2004, the Company has
been engaged in the exploration, development, acquisition and
exploitation of natural gas and crude oil properties, with
interests along the Louisiana/Texas Gulf Coast.  The Company's
properties cover over 90,000 gross acres across 27 producing oil
and natural gas fields.

Affiliates Dune Energy, Inc. (Bankr. W.D. Tex. Case No. 15-10336),
Dune Operating Company (Bankr. W.D. Tex. Case No. 15-10337), and
Dune Properties, Inc. (Bankr. W.D. Tex. Case No. 15-10338) filed
separate Chapter 11 bankruptcy petitions on March 8, 2015.  The
petitions were signed by James A. Watt, president and chief
executive officer.

Judge Christopher H. Mott presides over the case.  Charles A.
Beckham, Jr., Esq., Kourtney P. Lyda, Esq., and Kelli M.
Stephenson, Esq., at Haynes And Boone, LLP, serve as the Debtors'
bankruptcy counsel.  Deloitte Transactions And Business Analytics
LLP is the Debtors' restructuring advisors.  Parkman Whaling LLC
is the Debtors' sale professionals.

The Debtors listed $229 million in total assets and $144 million in
total debt as of Sept. 30, 2014.

The deadline for creditors to file proofs of claim is July 13,
2015.  For governmental units, the deadline to file proofs of claim
is not later than 180 days from the Petition Date.

The U.S. trustee overseeing the Chapter 11 case of Dune Energy
appointed three creditors to serve on the official committee of
unsecured creditors.


ECOSPHERE TECHNOLOGIES: Swings to $11.5 Million Net Loss in 2014
----------------------------------------------------------------
Ecosphere Technologies, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $11.5 million on $1.11 million of total revenues for the
year ended Dec. 31, 2014, compared with net income of $19.2 million
on $6.71 million of total revenues for the year ended Dec. 31,
2013.

As of Dec. 31, 2014, the Company had $15.05 million in total
assets, $3.82 million in total liabilities, $3.8 million in total
redeemable convertible cumulative preferred stock, and $7.42
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, 2014, citing that the Company reported a
net loss of $11.5 million in 2014, and cash used in operating
activities of $4.55 million and
$10.3 million in 2014 and 2013, respectively.  At Dec. 31, 2014,
the Company had a working capital deficiency, and accumulated
deficit of $2.86 million, and $109 million, respectively.  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/ycoCBT

                    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.


ELBIT IMAGING: BCBS Now Providing Coverage to MRgFUS Procedure
--------------------------------------------------------------
Elbit Imaging Ltd. was informed by InSightec Ltd. that following a
change in the insurance coverage policy of Health Care Service
Corporation, Blue Cross Blue Shield North Carolina and Horizon Blue
Cross Blue Shield of New Jersey have published updates to their
Magnetic Resonance Imaging-guided Focused Ultrasound coverage
policy and are now providing coverage to MRgFUS procedure for
patients suffering from pain associated with bone metastases.

InSightec estimates that such favorable policy update will make
available to the members of BCBS NC and BCBS NJ treatments for
painful bone metastases using InSightec's ExAblate procedure as a
treatment option cleared by the Food and Drug Administration.

BCBS NC and Horizon BCBS NJ provide benefits to more than 3.8
million members combined.

The Company holds approximately 82.7% of the share capital of Elbit
Medical Technologies Ltd. (on a fully diluted basis) which, in
turn, holds approximately 30% of the share capital in InSightec (on
a fully diluted basis).

                       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.


EMMAUS LIFE: Inks $2.5M Purchase Agreement with Shigeru Matsuda
---------------------------------------------------------------
Emmaus Life Sciences, Inc., disclosed in a document filed with the
Securities and Exchange Commission that it entered into an
investment commitment letter with Shigeru Matsuda which provides
that Mr. Matsuda will purchase $2.5 million of the Company's
convertible notes or promissory notes at par value.  Mr. Matsuda is
a current stockholder and noteholder of the Company.

The convertible notes will have a two-year maturity period and bear
simple interest at 10% per annum.  The principal and all accrued
interest will be due and payable on the maturity date.  The
promissory notes will bear simple interest at 11% per annum. The
principal will be due and payable on demand of the noteholder.
Allocation of the $2.5 million investment between convertible notes
and promissory notes will be by mutual agreement of Mr. Matsuda and
the Company.  If no agreement is reached by April 27, 2015, the
allocation will be 50-50.

The only condition precedent to Mr. Matsuda's funding commitment is
the passage of certain resolutions by the Company's board of
directors.  Those resolutions were passed at a meeting of the Board
on April 15, 2015.  The Commitment Letter provides that closing of
the transactions contemplated by the Commitment Letter will take
place as soon as reasonably practicable but in any event no later
than April 27, 2015.

                  Yutaka Niihara Named Chairman

On April 15, 2015, the Board voted to elevate Dr. Yutaka Niihara,
the Company's president and chief executive officer, to the
position of Chairman of the Board.  Dr. Henry McKinnell, the
outgoing Chairman, will remain a director of the Company.

On May 1, 2015, Dr. Niihara will assume a new position as the
Company's chief scientific officer.  As chief scientific officer,
Dr. Niihara will oversee and direct the Company's scientific
activities, including basic and applied research and the
development of new products and technologies.  Dr. Niihara will
also continue to serve as Chairman of the Company.  His
compensation and benefits will remain unchanged.

The Board has commenced a search for a new president and CEO.  If
one has not been hired by May 1, 2015, executive officers Peter
Ludlum and Lan Tran will serve as an Executive Committee that will
carry out the roles and responsibilities of the Company's CEO until
a new, full-time CEO is hired.  Mr. Ludlum has served as the
Company's executive vice president and chief financial officer
since April 2012.  Ms. Tran has served as the Company's chief
administrative officer and corporate secretary since May 2011.

                         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.

Emmaus Life reported 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 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.


ENDEAVOUR INT'L: Creditors Seek to Invalidate Secured Debt
----------------------------------------------------------
Bill Rochelle, bankruptcy columnist for Bloomberg News, reports
that the Endeavour International Corp. creditors' committee filed
three sets of papers on April 10, all with the objective of
knocking out some of the $440 million in secured claims given to
lenders in a refinancing within two weeks of the company's October
Chapter 11 filing.

The report relates that according to the committee, the bankrupt
parent wasn't itself liable for $90 million in letters of credit
and $155 million on other obligations that previously were debts
only of non-bankrupt operating companies.

The report notes that to invalidate some of the liens, the
committee must surmount an order by the bankruptcy court
establishing a deadline for challenging their validity.  The
committee wasn't appointed until December, after the first deadline
elapsed.  At a May 1 hearing, the committee is to ask the judge to
rule that a challenge to the liens is still timely.  At the same
hearing, the committee will ask the judge to allow the panel to sue
on behalf of the company to invalidate some of the liens.  The
creditors also filed papers objecting to the validity of claims.

                   About Endeavour International

Houston, Texas-based Endeavour International Corporation (OTC:
ENDRQ) (LSE: ENDV) is an oil and gas exploration and production
company focused on the acquisition, exploration and development of
energy reserves in the North Sea and the United States.

On Oct. 10, 2014, Endeavour International and five affiliates
filed voluntary petitions for relief under Chapter 11 of the
United States Bankruptcy Code after reaching a restructuring deal
with noteholders.  The cases are pending joint administration
under Endeavour Operating Corp.'s Case No. 14-12308 before the
Honorable Kevin J. Carey (Bankr. D. Del.).

As of June 30, 2014, the Company had $1.55 billion in total
assets, $1.55 billion in total liabilities, $43.7 million in
series c convertible preferred stock, and a $41.5 million
stockholders' deficit.

Endeavour Operating Corporation, in its schedules, disclosed
$808 million in assets and $1.24 billion in liabilities as of the
Chapter 11 filing.

The Debtors have tapped Weil, Gotshal & Manges LLP as counsel;
Richards, Layton & Finger, P.A., as co-counsel; The Blackstone
Group L.P., as financial advisor; AlixPartners, LLP, as
restructuring advisor; and Kurtzman Carson Consultants LLC, as
claims and noticing agent.

The U.S. Trustee for Region 3 has appointed three members to the
Official Committee of Unsecured Creditors in the Chapter 11 cases
of Endeavour Operating Corporation and its debtor affiliates.  The
Committee is represented by David M. Bennett, Esq., Cassandra
Sepanik Shoemaker, Esq., and Demetra L. Liggins, Esq., at Thompson
& Knight LLP, and Neil B. Glassman, Esq., Scott D. Cousins, Esq.,
and Evan T. Miller, Esq., at Bayard, P.A.  Alvarez & Marsal North
America, LLC, serves as financial advisors to the Committee, while
UpShot Services LLC serves as website administrator.

                        *     *     *

U.S. Bankruptcy Judge Kevin J. Carey in of Delaware, on Dec. 22,
2014, approved the disclosure statement explaining Endeavour
Operating Corporation, et al.'s joint plan of reorganization.

The Amended Plan, dated Dec. 19, 2014, provides that it is
supported by creditors who collectively hold 82.99% of the March
2018 Notes Claims (Class 3), 70.88% of the June 2018 Notes Claims
(Class 4), 99.75% of the 7.5% Convertible Bonds Claims (Class 5),
and 69.08% of the Convertible Notes Claims (Class 6).  The Amended
Plan also provides that holders of general unsecured claims will
recover an estimated 15% of the total claims amount, which is
estimated to be $6,000,000.  The hearing to consider confirmation
of the Plan has been adjourned to a date to be determined.



ENERGY & EXPLORATION: Bank Debt Trades at 16% Off
-------------------------------------------------
Participations in a syndicated loan under which Energy &
Exploration Partners is a borrower traded in the secondary market
at 84.05 cents-on-the-dollar during the week ended Friday, April
17, 2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
an increase of 1.72 percentage points from the previous week, The
Journal relates.  Energy &  Exploration pays 675 basis points above
LIBOR to borrow under the facility.  The bank loan matures on Jan.
14, 2019.  Moody's and Standard & Poor's did not give a rating to
the loan.  The loan is one of the biggest gainers and losers among
260 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



ERIE HOCKEY CLUB: In Chapter 11 to Complete Sale Process
--------------------------------------------------------
Bill Rochelle, the bankruptcy columnist of Bloomberg News, reports
that the Erie Hockey Club Ltd., which owns the Erie Otters
minor-league hockey team, sought bankruptcy protection to head off
a foreclosure sale by its primary secured lender.

The lender, Ontario Major Junior Hockey Corp., refused to cancel or
delay the April 8 foreclosure, forcing the club to file for Chapter
11 to complete the sale process.

Erie Hockey Club believes the value of the Otters team is "almost
twice" the debt owed to OMJHC.

The Otters team has been marketed for sale for more than a year.
The owner said potential bidders showed interest at prices ranging
from $7 million to $8 million.

OMJHC made loans totaling about $4.2 million to the hockey club
starting in 2011.  OMJHC has demanded repayment of some $4.7
million.  OMJHC is owned by Rexall Sports Corp., which also owns
the National Hockey League's Edmonton Oilers.  Rexall's principal
is Canadian pharmacy billionaire Daryl Katz.

The hockey club wants to use cash representing collateral for
OMJHC's secured claims to fund the Chapter 11 effort, and OMJHC
agreed.

                   About The Erie Hockey Club

The Erie Hockey Club Ltd.'s primary asset is its franchise
agreement with the Ontario Hockey League for the Erie Otters hockey
team.  The sole shareholder is Bassin Hockey.

Affiliates Erie Hockey Club Limited (Bankr. W.D. Pa. Case No.
15-10380) and parent Bassin Hockey, Inc. (Bankr. W.D. Pa. Case No.
15-10381) filed Chapter 11 bankruptcy petitions on April
8, 2015, to stop the lender from forcing a sale of the Otters to
collect on a $4.6 million debt.

Erie Hockey and Bassin Hockey estimated their assets and
liabilities between $1 million and $10 million each.  

Nicholas R. Pagliari, Esq., and James R. Walczak, Esq., at
MacDonald, Illig, Jones & Britton LLP serve as the Debtors'
bankruptcy counsel.  Schaffner Knight Minnaugh & Company is the
Debtors' accountant.  Game Plan Special Services LLC is the
Debtors' broker.

Judge Thomas P. Agresti presides over the case.


ESCO MARINE: Wants Until April 22 to File Schedules and Statements
------------------------------------------------------------------
ESCO Marine, Inc., et al., asked the U.S. Bankruptcy Court for
permission to extend until April 22, 2015, their time to file
schedules of assets and liabilities and statements of financial
affairs.  The Debtors explained that they needed additional time to
accurately and fully complete the schedules and statement.  

                        About ESCO Marine

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

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

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

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

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


ESP RESOURCES: Posts $2.1 Million Net Loss in 2014
--------------------------------------------------
ESP Resources, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$2.06 million on $11.91 million of net sales for the year ended
Dec. 31, 2014, compared to a net loss of $5.23 million on $10.59
million of net sales in 2013.

As of Dec. 31, 2014, the Company had $5.78 million in total assets,
$10.3 million in total liabilities, and a $4.53 million total
stockholders' deficit.

Turner, Stone & Company, 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 has incurred
net losses through Dec. 31, 2014, and has a working capital deficit
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/m7TqW1

                       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.


EVERYWARE GLOBAL: Commences Trading on OTC Pink Markets
-------------------------------------------------------
EveryWare Global, Inc. disclosed that effective on April 17 the
Company's common stock will be traded under the ticker symbol
"EVRYQ" on the OTC Pink markets.

In light of EveryWare's voluntary filing for protection under
Chapter 11 of the U.S. Bankruptcy Code on April 7, 2015, the
Company's common stock was delisted from the Nasdaq Stock Market
effective at the opening of trading on April 17, 2015.  The Company
does not intend to appeal the delisting determination.

As previously disclosed, the Company 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.  To implement the restructuring, the Company filed
a voluntary petition for a prepackaged Chapter 11 bankruptcy in the
U.S. Bankruptcy Court for the District of Delaware.

                     About EveryWare Global

Headquartered in Lancaster, Ohio, EveryWare (Nasdaq:EVRY) is a
marketer of tabletop and food preparation products for the consumer
and foodservice markets, with operations in the United States,
Canada, Mexico and Asia.  The company has more than 1,500 personnel
throughout the United States.  Sales and marketing functions are
managed from executive offices in Lancaster, Ohio, with staff
located in Melville, New York, New York City, and Oneida, New
York.

The primary operating subsidiaries, Oneida Ltd. and Anchor Hocking,
LLC, were founded in 1848 and 1873, respectively.  In 2011,
investment funds affiliated with the Monomoy Capital Partners
completed their acquisition of these companies and, in March 2012,
integrated them under the EveryWare brand.  In May 2013, a merger
was completed where EveryWare became a wholly-owned subsidiary of
ROI Acquisition Corp. ("ROI"), a special purpose acquisition
company sponsored by affiliates of the Clinton Group, Inc., and ROI
was renamed EveryWare Global Inc.

As of Sept. 30, 2014, EveryWare reported assets of $238 million and
liabilities of $380 million.

EveryWare Global, Inc., commenced a Chapter 11 bankruptcy case to
implement a prepackaged financial restructuring that converts $248
million of the long-term debt to 96% of the common stock of the
company post-emergence.

EveryWare Global filed its Chapter 11 petition (Bankr. D. Del.) on
April 7, 2015, and 12 affiliated debtors filed petitions on April
8, 2015.  The cases are pending before Judge Laurie Selber
Silverstein, and the debtors are seeking joint administration under
Case No. 15-10743.

The Debtors tapped Kirkland & Ellis LLP, as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones LLP, as local bankruptcy
counsel; Jefferies LLC, as financial advisor; Alvarez & Marsal
North America, LLC, to provide a CRO and Interim VP of Finance; and
Prime Clerk LLC as claims and noticing agent.


EVERYWARE GLOBAL: Prepack Plan Headed for May 20 Confirmation
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist of Bloomberg News, reports
that Judge Laurie Selber Silverstein agreed to hold a hearing to
consider confirmation of EveryWare Global, Inc.'s prepackaged
Chapter 11 plan on May 20.  According to the report, the judge also
gave EveryWare interim approval for $100 million in secured
financing to operate the business until the plan can be
implemented.  The hearing for final lending approval will take
place April 28.

As reported in the April 9 edition of the Troubled Company
Reporter, EveryWare Global and its affiliates sought Chapter 11
protection to implement a prepackaged financial restructuring that
cancels $248 million of the long-term debt in exchange for 96% of
the common stock post-emergence.

As of the Petition Date, the Debtors' funded debt is comprised of a
$250 million senior secured term loan facility and a $60 million
asset-based revolving ("ABL") credit facility.  Outstanding
principal balances as of the Petition Date are $248.7 million and
$43.6 million for the Term Loan Facility and ABL Facility,
respectively.

The Plan provides that:

  -- Holders of administrative claims, professional claims and
priority tax claims will be paid in full in cash.  Recovery will be
100%.

  -- The entire $248.7 million Term Loan Facility will be converted
for 96.0% of the Reorganized Debtors' new equity.  Holders of these
claims are projected to have a 44% recovery.

  -- Holders of allowed general unsecured claims estimated to total
$87 million will be paid in full in cash.  holders of these claims
are to recover 100%.

  -- Holders of EveryWare preferred stock and common stock will
receive an aggregate tip of 4.0% of the new common stock, provided
equity holders continue to support the transaction.

A copy of the Disclosure Statement is available for free at:

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

                    About EveryWare Global

Headquartered in Lancaster, Ohio, EveryWare (Nasdaq:EVRY) is a
marketer of tabletop and food preparation products for the
consumer
and foodservice markets, with operations in the United States,
Canada, Mexico and Asia.  The company has more than 1,500
personnel
throughout the United States.  Sales and marketing functions are
managed from executive offices in Lancaster, Ohio, with staff
located in Melville, New York, New York City, and Oneida, New
York.

The primary operating subsidiaries, Oneida Ltd. and Anchor
Hocking,
LLC, were founded in 1848 and 1873, respectively.  In 2011,
investment funds affiliated with the Monomoy Capital Partners
completed their acquisition of these companies and, in March 2012,
integrated them under the EveryWare brand.  In May 2013, a merger
was completed where EveryWare became a wholly-owned subsidiary of
ROI Acquisition Corp. ("ROI"), a special purpose acquisition
company sponsored by affiliates of the Clinton Group, Inc., and
ROI
was renamed EveryWare Global Inc.

As of Sept. 30, 2014, EveryWare reported assets of $238 million
and
liabilities of $380 million.

EveryWare Global, Inc., commenced a Chapter 11 bankruptcy case to
implement a prepackaged financial restructuring that converts $248
million of the long-term debt to 96% of the common stock of the
company post-emergence.

EveryWare Global filed its Chapter 11 petition (Bankr. D. Del.) on
April 7, 2015, and 12 affiliated debtors filed petitions on April
8, 2015.  The cases are pending before Judge Laurie Selber
Silverstein, and the debtors are seeking joint administration
under
Case No. 15-10743.

The Debtors tapped Kirkland & Ellis LLP, as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones LLP, as local bankruptcy
counsel; Jefferies LLC, as financial advisor; Alvarez & Marsal
North America, LLC, to provide a CRO and Interim VP of Finance;
and
Prime Clerk LLC as claims and noticing agent.


EXIDE TECHNOLOGIES: Claimants Seek OK for $2.7M Pollution Deal
--------------------------------------------------------------
Law360 reported that a group of 643 individuals who were allegedly
exposed to contaminants emitted from one of Exide Technologies
Inc.'s battery recycling plants asked a Delaware bankruptcy court
on April 10 to sign off on a $2.7 million deal that will settle
their personal injury and property damage claims against the
company.

                      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.

U.S. Bankruptcy Judge Kevin Carey in Delaware on March 27, 2015,
issued a findings of fact, conclusions of law and order confirming
Exide Technologies' Fourth Amended Plan of Reorganization after
determining that the plan satisfies the confirmation requirement
of Section 1129 of the Bankruptcy Code.



FRAC TECH: Bank Debt Trades at 22% Off
--------------------------------------
Participations in a syndicated loan under which Frac Tech Services
Ltd is a borrower traded in the secondary market at 78.07
cents-on-the-dollar during the week ended Friday, April 17, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
of 1.32 percentage points from the previous week, The Journal
relates.  Frac Tech pays 475 basis points above LIBOR to borrow
under the facility.  The bank loan matures on April 3, 2021, and
carries Moody's B2 rating and Standard & Poor's B rating.  The loan
is one of the biggest gainers and losers among 260 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



FULLCIRCLE REGISTRY: Incurs $653,000 Net Loss in 2014
-----------------------------------------------------
FullCircle Registry, Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$653,000 on $1.49 million of revenues for the year ended Dec. 31,
2014, compared to a net loss of $448,000 on $1.88 million of
revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $5.71 million in total assets,
$6.32 million in total liabilities, and a $614,000 total
stockholders' deficit.

Somerset CPAs, P.C., in Indianapolis, Indiana, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that FullCircle
Registry 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.

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

                        http://is.gd/A5FflV

                     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.


GARLOCK SEALING: Plan Inches Toward June 2016 Confirmation Hearing
------------------------------------------------------------------
Bill Rochelle, bankruptcy columnist for Bloomberg News, reports
that although Garlock Sealing Technologies LLC and its non-bankrupt
parent EnPro Industries Inc. have an agreement with the official
representative for future asbestos claimants, the confirmation
hearing for approval of the Chapter 11 plan won't begin until June
20, 2016.  The delay largely results from opposition to the plan by
the official committee representing people who already manifest
symptoms of asbestos-caused diseases.

A bankruptcy judge approved disclosure materials on April 10
allowing creditors to vote.  The deadline for casting ballots is
Oct. 6.

In a settlement with the future claimants' representative, Garlock
agreed to a plan filed this year with $357.5 million for asbestos
claimants, including $250 million when the plan becomes effective
and $77.5 million more paid over seven years with a guarantee from
EnPro.

The committee for existing claimants said the plan "does not
provide enough money" and requires EnPro and Garlock to pay "much
less" than they "would realistically have to pay if they did not
receive special protections."

With the official committee in opposition, EnPro said earlier this
year that it would take as long as two years before the court
approves the plan.

The January decision on liability allowed Garlock to file a Chapter
11 plan paying creditors in full, including those with asbestos
claims.  Bankruptcy law entitles EnPro to retain ownership if
creditors are fully paid.

                     About Garlock Sealing

Headquartered in Palmyra, New York, Garlock Sealing Technologies
LLC is a unit of EnPro Industries, Inc. (NYSE: NPO).  For more
than
a century, Garlock has been helping customers efficiently seal the
toughest process fluids in the most demanding applications.

On June 5, 2010, Garlock filed a voluntary Chapter 11 petition
(Bankr. W.D.N.C. Case No. 10-31607) in Charlotte, North Carolina,
to establish a trust to resolve all current and future asbestos
claims against Garlock under Section 524(g) of the U.S. Bankruptcy
Code.  The Debtor estimated $500 million to $1 billion in assets
and up to $500 million in debts as of the Petition Date.

Affiliates The Anchor Packing Company and Garrison Litigation
Management Group, Ltd., also filed for bankruptcy.

Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A.,
represents the Debtor in their Chapter 11 effort.  Garland S.
Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel
for
asbestos matters.

The Official Committee of Asbestos Personal Injury Claimants in
the
Chapter 11 cases is represented by Travis W. Moon, Esq., at
Hamilton Moon Stephens Steele & Martin, PLLC, in Charlotte, NC,
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, in New
York, and Trevor W. Swett III, Esq., Leslie M. Kelleher, Esq., and
Jeanna Rickards Koski, Esq., in Washington, D.C. 20005.

Joseph W. Grier, III, the Court-appointed legal representative for
future asbestos claimants, has retained A. Cotten Wright, Esq., at
Grier Furr & Crisp, PA, and Richard H. Wyron, Esq., and Jonathan
P.
Guy, Esq., at Orrick, Herrington & Sutcliffe LLP, as his
co-counsel.

Judge George Hodges of the United States Bankruptcy Court for the
Western District of North Carolina on Jan. 10, 2014, entered an
order estimating the liability for present and future mesothelioma
claims against Garlock Sealing at $125 million, consistent with
the
positions GST put forth at trial.


GELTECH SOLUTIONS: Issues $200,000 Secured Convertible Note
-----------------------------------------------------------
GelTech Solutions, Inc., disclosed in a document filed with the
Securities and Exchange Commission that on April 13, 2015, it
issued Mr. Reger a $200,000 7.5% secured convertible note in
consideration for a $200,000 loan.  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 384,616 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.


GETTY IMAGES: Bank Debt Trades at 12% Off
-----------------------------------------
Participations in a syndicated loan under which Getty Images Inc.
is a borrower traded in the secondary market at 87.70
cents-on-the-dollar during the week ended Friday, April 17, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
of 1.03 percentage points from the previous week, The Journal
relates.  The Company pays 350 basis points above LIBOR to borrow
under the facility.  The bank loan matures on Oct. 14, 2019, and
carries Moody's B2 rating and Standard & Poor's B rating.  The loan
is one of the biggest gainers and losers among widely-quoted
syndicated loans in secondary trading in the week ended Friday
among the 260 loans with five or more bids. All loans listed are
B-term, or sold to institutional investors.


GLYECO INC: Holds Conference Call to Discuss 2014 Results
---------------------------------------------------------
GlyEco, Inc. held a conference call to discuss fiscal year 2014
results on April 17, 2015.  The Company filed its Form 10-K with
the U.S. Securities and Exchange Commission on April 10.

The results was presented by Mr. David Ide, president and chief
executive officer and Ms. Alicia Williams Young, chief financial
officer.  The conference call will include a Q&A so that investors
can have the opportunity to get their questions answered directly
from the GlyEco management team.  The Company encourages
shareholders to send their questions ahead of time to
asktheteam@glyeco.com.  Participants will have the option to ask
questions during the live call, instructions for joining the live
Q&A period will be given during the call.

To participate in the conference call, please dial (888) 428-9473,
or (719) 325-2469 for international calls, approximately 10 minutes
prior to the scheduled start time.

A replay of the call will be available for two weeks from 7:30 p.m.
ET on April 17, 2015, until 11:59 p.m. ET on May 01, 2015. The
number for the replay is (877) 870-5176, or (858) 384-5517 for
international calls; the passcode for the replay is 8692787.

                         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 attributable to common shareholders of
$8.73 million on $5.89 million of net sales for the year ended Dec.
31, 2014, compared with a net loss of $4 million on $5.53 million
of net sales for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, Glyeco had $14.3 million in total assets,
$3.05 million in total liabilities, and $11.2 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, 2014, citing 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 operations. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.


GLYECO INC: Wynnefield May Obtain Confidential Information
----------------------------------------------------------
Wynnefield Partners Small Cap Value, L.P., et al., entered into an
agreement with the GlyeCo, Inc. pursuant to which Dwight Mamanteo,
a portfolio manager WCI and the non-executive chairman of the
Issuer's Board, may (in his sole discretion) disclose certain
non-public information he obtains while a member of the Issuer's
Board to the Wynnefield Reporting Persons, provided that the
Wynnefield Reporting Persons agree to treat such disclosed
information as confidential information in accordance with the with
the provisions of the Agreement.

As of April 14, 2015, the Wynnefield Reporting Persons reported
ownership of the Company's common stock:

                                Amount of
                              Common Stock          Equity
  Name                     Beneficially Owned       Stake
  ----                     ------------------       ------
Wynnefield Partners           4,984,350              7.2%
Small Cap Value, L.P.

Wynnefield Partners           3,054,943              4.4%    
Small Cap Value, L.P. I

Wynnefield Small Cap Value    2,134,414              3.1%
Offshore Fund, Ltd.

Wynnefield Capital            8,039,293             11.6%   
Management, LLC

Wynnefield Capital, Inc.      2,134,414              3.1%

Wynnefield Capital, Inc.       461,540               0.7%
Profit Sharing Plan

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

                        http://is.gd/fdZsDU

                         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 attributable to common shareholders of
$8.73 million on $5.89 million of net sales for the year ended Dec.
31, 2014, compared with a net loss of $4 million on $5.53 million
of net sales for the year ended Dec. 31, 2013.  As of Dec. 31,
2014, Glyeco had $14.3 million in total assets, $3.05 million in
total liabilities, and $11.2 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, 2014, citing 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 operations. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.


GREYSTONE LOGISTICS: Reports $3.6MM Sales for Feb. 28 Quarter
-------------------------------------------------------------
Greystone Logistics, Inc., reported sales for the nine months ended
Feb. 28, 2015, of $13,676,492 compared to $15,405,169 for the prior
period.  Sales for the three months ended Feb. 28, 2015, were
$3,685,044 compared to $4,532,762 for the prior period.  For the
nine-month and three-month periods ended Feb. 28, 2015, the company
reported net income of $31,437 and $336,816, respectively, compared
to net income (loss) of $1,474,078 and $(98,076), respectively, for
the prior periods.  Net income (loss) available to common
shareholders was $(382,764), $(0.01) per share, and $1,084,473,
$0.04 per share, for the nine months ended Feb. 28, 2015, and 2014,
respectively, and $198,859, $0.01 per share, and $(213,553),
$(0.01) per share, for the three months ended Feb. 28, 2015 and
2014, respectively.

Warren Kruger, CEO, stated, "While the company's sales lagged for
the reporting periods, the outlook for the fourth quarter is very
promising with the fulfillment of orders for our seasonal customers
and business from new customers."  Kruger continued, "We are
excited about the future of the new slim-keg pallet, the
versatile-new 48X40MVP pallet and our 37X37 beverage pallet as
these pallets are testing extremely well."

Kruger adds, "Our entire organization is committed to the Company's
goals, producing results that are in line with the expectations
laid out in our business plan and continuing to build value for our
shareholders.  The diligence and patience exhibited while working
through an extended series of challenges and opportunities will be
rewarded.  Plastic pallets are more frequently being recognized as
a necessity rather than a luxury and our 100% recycled plastic
products help the environment while providing sustainable money
saving solutions.  Growth is coming from a broad range of products
and new product designs with concentrations in the beverage,
agriculture, and pharmaceutical industries."

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

                        http://is.gd/GkWTkA

                     About Greystone Logistics

Tulsa, Okla.-based Greystone Logistics, Inc. (OTC BB: GLGI.OB -
News) -- http://www.greystonelogistics.com/-- manufactures and
sells plastic pallets through its wholly owned subsidiary,
Greystone Manufacturing, LLC.  Greystone sells its pallets through
direct sales and a network of independent contractor distributors.
Greystone also sells its pallets and pallet leasing services to
certain large customers direct through its President, Senior Vice
President of Sales and Marketing and other employees.

As of Feb. 28, 2015, Greystone had $15.3 million in total assets,
$16.9 million in total liabilities, and a $1.59 million total
deficit.


GTP ACQUISITION I: Fitch Affirms BB- Rating on 2 Note Classes
-------------------------------------------------------------
Fitch Ratings has affirmed GTP Acquisition Partners I, LLC Secured
Tower Revenue Notes, Global Tower Series 2011-2C, 2011-2F, 2013-1C,
and 2013-1F as:

   -- $490,000,000 class 2011-2C at 'Asf'; Outlook Stable;
   -- $155,000,000 class 2011-2F at 'BB-sf'; Outlook Stable;
   -- $190,000,000 class 2013-1C at 'Asf'; Outlook Stable;
   -- $55,000,000 class 2013-1F at 'BB-sf'; Outlook Stable.

KEY RATING DRIVERS

The affirmations are the result of the stable performance of the
collateral since issuance with no significant changes to the
collateral composition.  The Stable Outlooks reflect the limited
prospect for upgrades given the provision to issue additional
notes.

RATING SENSITIVITIES

The classes are expected to remain stable based on continued cash
flow growth due to annual rent escalations and automatic renewal
clauses resulting in higher debt service coverage ratios since
issuance.  The ratings have been capped at 'A' due to the
specialized nature of the collateral and the potential for changes
in technology to affect long-term demand for wireless tower space.

All of the notes are backed by mortgages representing more than 93%
of the annualized run rate net cash flow (NCF) and guaranteed by
the direct parent of the borrowers.  Those guarantees are secured
by a pledge and first-priority-perfected security interest in 100%
of the equity interest of the borrowers (which own, lease or manage
2,713 wireless communication sites) and of the direct parent,
respectively.

The non-rated 2011-1C class with a balance of $70 million has the
same rating and is pari passu with classes 2011-2C and 2013-1C.
Additionally, 2011-2F and 2013-1F have the same rating and are pari
passu in terms of losses with each other.

As part of its review, Fitch analyzed the collateral data and site
information provided by the master servicer, Midland Loan Services.
As of the March 2015 remittance, aggregate annualized run rate net
cash flow increased 10.2% since 2013 to $127.6 million.  The Fitch
stressed debt service coverage ratio (DSCR) increased from 1.26x at
issuance to 1.36x as a result of the increase in net cash flow.

The technology type concentration is stable.  As of March 2015,
total revenue contributed by telephony tenants was 96.6%, which is
an increase from 90.6% at issuance.  Lease revenues from telephony
tenants have more stable income characteristics than other tenant
types due to the strong end-use customer demand for wireless
services.

American Tower Corporation, rated 'BBB' by Fitch, acquired 100% of
the outstanding common membership interests of MIP Tower Holdings
LLC, a private real estate investment trust, which is the parent
company of Global Tower Partners (GTP) and assumed the existing GTP
debt in October 2013.



GULFPORT ENERGY: Moody's Raises CFR to 'B1', Outlook Stable
-----------------------------------------------------------
Moody's Investors Service upgraded Gulfport Energy Corporation's
Corporate Family Rating to B1 from B2, Probability of Default
Rating to B1-PD from B2-PD and senior unsecured note rating to B2
from B3. The SGL-2 Speculative Grade Liquidity Rating was affirmed.
The rating outlook is stable.

These actions were taken concurrently with Gulfport's announcement
on April 15, 2015 that it has signed an agreement to acquire Paloma
Partners III, LLC (Paloma), an entity with undeveloped leasehold
acreage in eastern Ohio, for $300 million. Gulfport plans to use
equity to fund the acquisition, and issue $300 million of
additional senior unsecured notes to repay outstanding revolver
borrowings and boost liquidity. Moody's rated the proposed notes
B2.

"The upgrade recognizes the sharp improvement in Gulfport's
underlying production and cash flow generation capacity since
mid-2014 and our expectation of continued strong growth through
2016," said Sajjad Alam, Moody's Assistant Vice President.
"Following the proposed debt and equity offerings, Gulfport will
have good liquidity to execute its 2015 drilling program, and its
hedge book and firm transportation contracts should minimize
downside risk in the current weak commodity price environment."

Issuer: Gulfport Energy Corporation

  -- Corporate Family Rating, Upgraded to B1 from B2

  -- Probability of Default Rating, Upgraded to B1-PD from B2-PD

  -- Senior Unsecured Rating, Upgraded to B2 from B3

Ratings Assigned:

  -- $300 Million Senior Unsecured Notes due 2023, Rated B2

Ratings Affirmed:

  -- Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

  -- Maintain Stable Outlook

Gulfport's quarterly production jumped by 282% and proved reserves
by 305% between fourth quarter 2013 and fourth quarter 2014.
Moody's expect average daily production to grow by another 80%-100%
in 2015 relative to 2014's 40,000 barrels of oil equivalent (boe)
level. The higher anticipated production, reserves and
corresponding cash flow growth were the key drivers for the rating
upgrade.

The company has continued to add land positions around its existing
footprint in the Utica, and historically the company has financed
the acquisition of undeveloped acreage principally with equity. The
Paloma acquisition will provide about 24,000 concentrated net acres
in the dry gas window of the Utica Shale primarily in the Belmont
and Jefferson Counties to the east of Gulfport's existing acreage.

While all E&P companies will face a tough operating environment in
2015 due to weak natural gas and oil prices, Moody's believes that
Gulfport's significant hedge positions through 2016 and firm
transportation contracts will help realize higher prices than many
of its peers in the region supporting its drilling and development
programs. Moody's also expects Gulfport to achieve significant
service cost reductions in 2015 to preserve margins.

The B1 CFR reflects Gulfport's concentrated production and reserves
in the Utica Shale play in eastern Ohio, significant capital
requirements and negative free cash flow through 2016, short
reserve life in relation to proved developed (PD) reserves, and
increasing natural gas exposure. The B1 rating is supported by
Gulfport's substantial acreage position (208,000 proforma net
acres) and drilling locations in some of the most productive areas
of the Utica Shale, strong production and reserves growth
potential, and healthy leverage and liquidity positions that should
protect credit metrics in a weak commodity price environment.

The SGL-2 rating reflects Gulfport's good liquidity through
mid-2016. The company should be able to fund it's roughly $650-$700
million 2015 capital budget with cash on hand, operating cash flow
and revolver availability. Proforma for the proposed debt and
equity issuances, the company had $386 million in cash and
approximately $505 million of availability under its revolving
credit facility (excluding $70 million of letters of credit) at
December 31, 2014. Moody's expects the borrowing base to grow over
time as more wells are brought to production, and doesn't
anticipate any covenant compliance challenges through early-2016.
Gulfport has substantial alternative liquidity in the form of
equity interest in a number of businesses that had a combined book
value of $370 million at Dec. 31, 2014, and a market value above
that. The company could also sell undeveloped acreage to raise
cash.

The senior unsecured notes are rated B2 because of the significant
size of the priority claim secured revolver, which will grow in
tandem with reserves. Gulfport's revolver borrowing base was
upsized to $575 million in April 2015 from $450 million in 2014.

The stable outlook reflects Gulfport's good liquidity, significant
hedge book and firm transportation contracts. If the company
continues to exhibit strong production and reserve growth and
maintains a retained cash flow to debt ratio in excess of 35% and a
leveraged full-cycle ratio near 1.5x, the ratings could be
upgraded. The CFR could be downgraded if the company makes large
debt funded acquisitions or if its production and reserve growth
does not keep pace with its rising debt levels. Retained cash flow
to debt sustained below 20% could result in a ratings downgrade.

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.

Based in Oklahoma City, Oklahoma, Gulfport Energy Corporation is an
independent E&P company with principal producing properties located
in the Utica Shale in Eastern Ohio and the Louisiana Gulf Coast.


GYMBOREE CORP: Bank Debt Trades at 22% Off
------------------------------------------
Participations in a syndicated loan under which Gymboree Corp is a
borrower traded in the secondary market at 77.60 cents-on-the-
dollar during the week ended Friday, April 17, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents an increase of 1.35
percentage points from the previous week, The Journal relates.
Gymboree Corp pays 350 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Feb. 23, 2018.  The bank debt
carries Moody's B2 and Standard & Poor's B- rating.  The loan is
one of the biggest gainers and losers among 260 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



HALCON RESOURCES: Goldman Sachs Swaps $70.7M Notes for Shares
-------------------------------------------------------------
Halcon Resources Corporation entered into an exchange agreement
with Goldman Sachs Asset Management, L.P., on behalf of certain of
its funds and accounts which hold the Company's 9.75% senior notes
due 2020, pursuant to which the Holder agreed to exchange
approximately $70.7 million principal amount of such notes for
approximately 38.8 million shares of the Company's common stock,
resulting in an effective exchange price of $1.82 per share.  The
exchange offer is expected to close in late April 2015, at which
time all interest that accrued since the prior interest payment
date in January 2015 will be paid to the Holder.

The exchange offer is being made in reliance on the exemption from
registration provided by Section 3(a)(9) under the Securities Act
of 1933, as amended.

                      About Halcon Resources

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

As of Sept. 30, 2014, Halcon Resources had $5.93 billion in total
assets, $3.59 billion in total liabilities, $111 million in
redeemable noncontrolling interest, and $1.51 billion in total
stockholders' equity.

                          *     *      *

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

In April 2015, Standard & Poor's Ratings Services lowered its
corporate credit rating on Halcon Resources Corp. to 'CCC+' from
'B'.  "The downgrade follows Halcon's announcement that it has
entered into an agreement with holders of a portion of its senior
unsecured notes to exchange the notes for common stock," said
Standard & Poor's credit analyst Ben Tsocanos.  "We do not view the
transaction as a distressed exchange because investors received
stock valued at more than what was promised on the original
securities," said Mr. Tsocanos.


HANESBRANDS INC: Moody's Affirms 'Ba1' CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service affirmed Hanesbrands Inc.'s Corporate
Family Rating at Ba1 and the company's Probability of Default
Rating at Ba1-PD. Moody's also assigned Baa3 ratings to the
company's proposed $1.75 billion secured credit facilities that
will consist of a $1.0 billion revolver, $425 million term loan-A
and a $325 million term loan B. The company's ratings outlook
remains stable.

Proceeds from the proposed term loans will be primarily used to
term out portions of the outstanding amounts under Hanesbrands'
existing revolving credit facility, and place $200 million of cash
on the balance sheet available to finance the working capital needs
and general corporate purposes of the company.

The following ratings were assigned:

Hanesbrands Inc.

  -- $1.0 billion senior secured revolver due 2020 at Baa3 (LGD2)

  -- $425 million senior secured term loan A due 2020 at Baa3
     (LGD2)

  -- $325 million senior secured term loan B due 2022 at Baa3
     (LGD2)

The following ratings were affirmed:

Hanesbrands Inc.

  -- Corporate Family Rating at Ba1

  -- Probability of Default Rating at Ba1-PD

  -- Speculative-Grade Liquidity rating at SGL-2

  -- $1 billion senior unsecured notes due 2020 at Ba2 (LGD5)

MFB International Holdings S.a.r.l (MFB)

  -- Euro term loan due 2021 at Baa3 (LGD2)

The rating on Hanesbrands Inc.'s $1.1 billion senior secured
revolver due 2018 is unchanged at Baa3 (LGD2) and will be withdrawn
upon completion of the transaction.

The ratings outlooks are stable for both Hanesbrands Inc. and MFB
International Holdings S.a.r.l

Hanesbrands Ba1 Corporate Family Rating reflects the company's
significant scale in the global apparel industry -- Moody's
estimates that pro forma revenue including the acquisitions of and
DB Apparel and Knights Apparel exceeds $6 billion -- along with the
company's well known brands and leading share in the inner wear
product category. Also considered is the company's relatively
modest leverage and strong interest coverage. Debt/EBITDA was only
3.1 times and interest coverage was 5.7 times at year end 2014. Pro
forma for the DB Apparel and Knights Apparel acquisitions and
proposed refinancing transaction, leverage will increase to around
3.25 times. Other favorable credit considerations include
Hanesbrands' double digit operating margins that are a result of
product innovation, a low cost supply chain, and the company's
ability to successfully leverage its brands. Key concerns include
Hanesbrands' significant customer concentration -- three of the
company's largest customers accounted for 46% of its 2014 revenues
-- and its exposure to volatile input costs, such as cotton, which
can have a meaningful and unfavorable impact on earnings and cash
flows. The ratings also incorporate expectations the company is
likely to remain acquisitive as evidenced by its recent history.

The stable rating outlook reflects Moody's expectation that
Hanesbrands will be able to sustain its high operating margins and
that it will make progress achieving cost savings associated with
the DB Apparel and Knight Apparel acquisitions. The stable rating
outlook does not anticipate a substantial reduction in leverage
given Moody's view that the company will remain acquisitive and use
its free cash flow to fund shareholder returns as opposed to
significant debt repayment.

Further rating improvement is limited by the significant amount of
secured debt in Hanesbrands' capital structure, and by the
company's current financial policy that Moody's believes targets
credit metrics at a level too high for an investment grade rating.
A higher rating would require that Hanesbrands demonstrate the
ability and willingness to maintain debt/EBITDA below 3.0 times as
well as materially reduce its reliance on secured financing.

Ratings could be lowered if the company experienced market share
losses or brand erosion that resulted in negative trends in
revenues or operating earnings. Ratings could also be lowered if
Hanesbrands were to use debt more aggressively than it has in the
past to fund large acquisitions, or if the company were to make
share repurchases in an amount materially above free cash flow.
Quantitatively, ratings could be lowered if, for any reason, it
appears that debt/EBITDA will rise to and remain at or above 3.75
times for an extended period of time.

The principal methodology used in these ratings was Global Apparel
Companies published in May 2013. Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Headquartered in Winston-Salem, NC, Hanesbrands is a manufacturer
and distributor of basic apparel products under brands that include
Hanes, Champion, Playtex, Bali, L'Eggs, Maidenform and Just My
Size. Moody's estimates that annual revenues are expected to exceed
$6 billion pro-forma for the acquisitions of DB Apparel and Knights
Apparel.


HANESBRANDS INC: S&P Retains 'BB' CCR Over New First Lien Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned 'BBB-' issue-level
ratings to Winston-Salem, N.C.-based Hanesbrands Inc.'s new
first-lien facilities. The transactions include an amended $1.0
billion revolver (down from $1.1 billion), a new $425 million term
loan A, and a new $325 million term loan B. The '1' recovery rating
on the new debt indicate S&P's expectation that lenders would
receive very high recovery (90%-100%) in the event of a payment
default. The company will use a portion of the transaction proceeds
as a permanent financing source for newly-acquired Knights Apparel,
and the remainder for general corporate purposes. The revolver
terminates in five years while the term loans A and B mature in
five and seven years, respectively. Terms and conditions are
substantially similar to the existing first-lien credit agreement.


All of S&P's existing ratings on the company, including the 'BB'
corporate credit rating and 'BB' issue-level rating on unsecured
debt, remain unchanged. Recovery ratings of '3' for the unsecured
notes also remain unchanged, indicating S&P's expectation of
meaningful (50%-70%, at the low end of the range) recovery in the
event of a payment default. The outlook is stable.

The ratings on Hanesbrands reflect its steadily improving credit
metrics from ongoing operational improvements, contributions from
Maidenform, DBApparel, and Knights Apparel, and improving global
operations, as well as its participation in the highly competitive
apparel industry. Liquidity is ample and there is no near-term
maturing debt.

RATINGS LIST

Ratings Unchanged
Hanesbrands Inc.
  Corporate credit rating              BB/Stable/--
  Senior unsecured                     BB
   Recovery rating                     3L

Ratings Assigned
Hanesbrands Inc.
  Senior secured
   $1.0 bil. five-year revolver        BBB-
    Recovery rating                    1
   $425 mil. five-year term loan A     BBB-
    Recovery rating                    1
   $325 mil. seven-year term loan B    BBB-
    Recovery rating                    1



HEXION INC: 2015 Annual Incentive Plan Approved
-----------------------------------------------
The Compensation Committee of the Board of Managers of Hexion
Holdings LLC, the indirect parent of Hexion Inc., approved the 2015
annual incentive compensation plan for employees of the Company,
according to a document filed with the Securities and Exchange
Commission.  

The Company's named executive officers and other specified members
of management are eligible to participate in the 2015 IC Plan.  The
2015 IC Plan provides for short-term performance incentives
designed to reward participants for delivering increased value to
the organization against specific financial and other critical
business objectives.  Consistent with prior years, the 2015 ICP
provides for annual incentive compensation based on the achievement
of three performance criteria: (i) EBITDA, (ii) environmental,
health and safety measures and (iii) cash flow.

                          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.


HEXION INC: Signs $315 Million Indenture with Wilmington Trust
--------------------------------------------------------------
Hexion Inc., on April 15, 2015, entered into an indenture among the
Company, the guarantors and Wilmington Trust, National Association,
as trustee, governing the Company's $315,000,000 aggregate
principal amount of 10.00% First-Priority Senior Secured Notes due
2020, which mature on April 15, 2020.  The Notes were offered in
the United States only to qualified institutional buyers in
reliance on Rule 144A under the Securities Act of 1933, as amended,
and outside the United States, only to non-U.S. investors pursuant
to Regulation S under the Securities Act.

The Issuer will pay interest on the Notes at 10.00% per annum,
semiannually to holders of record at the close of business on April
1 or October 1 immediately preceding the interest payment date on
April 15 and October 15 of each year, commencing on Oct. 15, 2015.

The Issuer may redeem some or all of the Notes at any time on or
after April 15, 2017, at redemption prices set forth in the
Indenture.  In addition, the Issuer may redeem in the aggregate up
to 35% of the aggregate original principal amount of the Notes
(which includes additional notes, if any) on or prior to April 15,
2017, at a redemption price of 110.00% plus accrued and unpaid
interest and additional interest, if any, of the face amount
thereof in an amount equal to the net proceeds of one or more
equity offerings so long as at least 50% of the aggregate principal
amount of the Notes (which includes additional notes, if any)
remains outstanding after each such redemption.  Prior to April 15,
2017, the Issuer may redeem some or all of the Notes at a price
equal to 100% of the principal amount thereof, plus accrued and
unpaid interest to the redemption date and additional interest, if
any, plus a "make-whole" premium.

                   Registration Rights Agreement

On April 15, 2015, in connection with the issuance of the
$315,000,000 aggregate principal amount of the Notes purchased by
the initial purchasers, the Issuer and the Guarantors entered into
a registration rights agreement with J.P. Morgan Securities LLC, as
representative of the initial purchasers, relating to, among other
things, the exchange offer for the Notes and the related
guarantees.

Subject to the terms of the Registration Rights Agreement, the
Issuer and the Guarantors will use their commercially reasonable
efforts to register with the SEC notes having substantially
identical terms as the Notes as part of offers to exchange freely
tradable exchange notes for Notes within 365 days after the issue
date of the Notes.  The Issuer and the Guarantors will use their
commercially reasonable efforts to cause each exchange offer to be
completed after the Effectiveness Target Date.

                First Lien Intercreditor Agreement

On April 15, 2015, Wilmington Trust, National Association, as
collateral agent for the First Lien Secured Parties, Wilmington
Trust, National Association, as authorized representative for the
Existing First Lien Notes, and the New Trustee entered into an
intercreditor agreement.  The First Lien Intercreditor Agreement
governs the relative rights of the secured parties under the Notes
and the Existing First Lien Notes in respect of Hexion's and
certain of its subsidiaries' assets securing the Issuer's
obligations under the Notes and the Existing First Lien Notes, and
certain other matters relating to the administration and
enforcement of security interests.

                  Additional Secured Party Consent

On April 15, 2015, Hexion, the Collateral Agent and the New
Trustee, as Authorized Representative for the New Secured Parties,
entered into an Additional Secured Party Consent to the Collateral
Agreement, dated as of March 28, 2013, among Hexion, Hexion's
subsidiaries party thereto and the Collateral Agent.  Pursuant to
the Secured Party Consent, the Authorized Representative,
representing holders of the Notes, has become a party to the
Collateral Agreement on behalf of those holders and has appointed
and authorized the Collateral Agent to act as collateral agent on
behalf of the Authorized Representative and the holders of the
Notes and to exercise various powers under the Collateral
Agreement.

             Fourth Joinder and Supplement to the 1.5
                   Lien Intercreditor Agreement

On April 15, 2015, the New Trustee entered into the fourth joinder
and supplement to the intercreditor agreement, dated as of
Jan. 29, 2010, among JPMorgan Chase Bank, N.A., as intercreditor
agent, JPMorgan Chase Bank, N.A., as senior-priority agent for the
ABL secured parties, Wilmington Trust FSB (now known as Wilmington
Trust, National Association), as trustee and as collateral agent
for the existing 8.875% Senior Secured Notes due 2018, Wilmington
Trust, National Association, as senior-priority agent for the
Existing First Lien Notes, Hexion LLC, Hexion, and each subsidiary
of Hexion party thereto.

                 Second Joinder and Supplement to
              the Second Lien Intercreditor Agreement

On April 15, 2015, the New Trustee entered into the second joinder
and supplement to the intercreditor agreement, dated as of
Jan. 31, 2013, among JPMorgan Chase Bank, N.A., as intercreditor
agent, JPMorgan Chase Bank, N.A., as senior-priority agent for the
ABL secured parties, Wilmington Trust Company, as trustee and
collateral agent for the existing 9.00% Second-Priority Senior
Secured Notes due 2020, Wilmington Trust, National Association, as
senior-priority agent for the Existing First Lien Notes, Wilmington
Trust FSB (now known as Wilmington Trust, National Association), as
senior-priority agent for the Existing 1.5 Lien Notes, Hexion LLC,
Hexion, and each subsidiary of Hexion from time to time party
thereto.

Pursuant to the Joinder to the Second Lien Intercreditor Agreement,
the New Trustee became a party to and agreed to be bound by the
terms of the Second Lien Intercreditor Agreement as another senior
agent, as if it had originally been party to the Second Lien
Intercreditor Agreement as a senior agent.  The Second Lien
Intercreditor Agreement governs the relative priorities of the
respective security interests in Hexion's and certain subsidiaries'
assets securing (i) the Notes, (ii) the Existing First Lien Notes,
(iii) the Existing 1.5 Lien Notes, (iv) the Existing Second Lien
Notes and (v) the borrowings under the ABL Facility and certain
other matters relating to the administration of security
interests.

        Joinder Agreement to the ABL Intercreditor Agreement

On April 15, 2015, the New Trustee entered into a joinder agreement
to the intercreditor agreement, dated as of March 28, 2013, among
JPMorgan Chase Bank, N.A., as ABL Facility collateral agent,
Wilmington Trust, National Association, as applicable first-lien
agent, Wilmington Trust, National Association, as First-Lien
Collateral Agent, and Hexion.

Pursuant to the Joinder to the ABL Intercreditor Agreement, the New
Trustee became a party to and agreed to be bound by the terms of
the ABL Intercreditor Agreement as another first-priority lien
obligations representative, as if it had originally been party to
the ABL Intercreditor Agreement as such.  The ABL Intercreditor
Agreement governs the relative priorities of the respective
security interests in Hexion's and certain subsidiaries' assets
securing (i) the Notes, (ii) the Existing First Lien Notes and
(iii) the borrowings under the ABL Facility and certain other
matters relating to the administration of security interests.

                        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.


HIGH RIDGE: Wants to Sell Property Controlled by Receiver
---------------------------------------------------------
Sherri Toub, bankruptcy columnist for Bloomberg News, reports that
High Ridge Management Corp., which ran the Hollywood Hills
Rehabilitation Center in Hollywood, Florida, before a receiver was
appointed, filed a Chapter 11 petition to sell the 152-bed facility
and underlying real estate.

High Ridge wants the bankruptcy court to order the receiver to turn
over the property or cooperate with the sale process.

High Ridge said it has a buyer willing to pay $17 million to start
the bidding for Hollywood Hills and the real estate.  If the
bankruptcy judge approves at a hearing set for April 24, competing
bids would be due May 22 in advance of a May 26 auction and May 27
sale-approval hearing.

                         About High Ridge

High Ridge Management Corp., Hollywood Pavilion and Hollywood
Hills
Rehabilitation Center LLC, sought Chapter 11 protection (Banrk.
S.D. Fla. Lead Case No. 15-16388) in Fort Lauderdale, Florida, on
April 8, 2015.  Judge John K Olson presides over the jointly
administered cases.

High Ridge estimated $10 million to $50 million in assets and
debt.
High Ridge owns real property located at 1200 North 35th Avenue
and 1201 North 37th Avenue, Hollywood, Florida, and is the
landlord
of Pavilion and Hollywood Hills.  Before executing a management
agreement with Larkin Community Hospital, Pavilion was operating a
50-bed Florida-licensed mental health hospital on the real
property.  Before the appointment of a receiver, Hollywood Hills
operated a 152-bed Florida-licensed nursing home on the real
property.

High Ridge is the 100 percent owner of the membership interests in
Hollywood Hills and Pavilion.  Prior to Jan. 14, 2014, when a
receiver was appointed, High Ridge managed the operations for
Pavilion and Hollywood Hills.

Timothy R Bow, Esq., and Grace E. Robson, Esq., at Markowitz
Ringel
Trusty + Hartog, P.A., in Fort Lauderdale, Florida, serve as the
Debtors' counsel.


HIRAM COLLEGE: S&P Assigns BB+ LT Rating to 2015 Refunding Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
rating to the Ohio Higher Educational Revenue Authority's series
2015 higher educational facility revenue refunding bonds, issued
for Hiram College. The outlook is stable.

"The rating reflects our view of the college's weak financial
balance sheet metrics, as measured by expendable resources, and
historical full-accrual deficit operations," said Standard & Poor's
credit analyst Robert Dobbins.  

"Enrollment declines over the last couple of years have been
pressuring operations, but we believe a change in management and
resulting initiatives to improve admissions and reduce the expense
base should lead to stabilization in enrollment and break-even
operations over time," Mr. Dobbins added.

In addition to refinancing debt, the series 2015 bonds will fund a
debt service reserve and approximately two years of capitalized
interest.

Hiram College is a four-year coeducational liberal arts college
located in Hiram, Ohio approximately 40 miles southeast of
Cleveland. The college offers students a learning experience with
an emphasis on close student-faculty interactions, international
study experiences, and experiential learning environments.



INERGETICS INC: Incurs $9.5 Million Net Loss in 2014
----------------------------------------------------
Inergetics, Inc. filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss applicable to
common shareholders of $9.48 million on $1.99 million of net sales
for the year ended Dec. 31, 2014, compared to a net loss applicable
to common shareholders of $5.74 million on $848,000 of net sales
for the same period in 2013.

As of Dec. 31, 2014, the Company had $1.92 million in total assets,
$12.2 million in total liabilities, $130,000 in preferred stock,
convertible series B, $8.95 million in preferred stock, convertible
series G, and a $19.3 million in total stockholders' deficit.

East Hanover, 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 substantial accumulated
deficits and operating losses and has a working capital deficiency
of $10.6 million.  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/g2h6y7

                       About Inergetics Inc.

Paramus, N.J.-based Inergetics, Inc., formerly Millennium
Biotechnologies Group, Inc., is a holding company for its
subsidiary Millennium Biotechnologies, Inc.  Millennium is a
research based bio-nutraceutical corporation involved in the field
of nutritional science.  Millennium's principal source of revenue
is from sales of its nutraceutical supplements, Resurgex Select(R)
and Resurgex Essential(TM) and Resurgex Essential Plus(TM) which
serve as a nutritional support for immuno-compromised individuals
undergoing medical treatment for chronic debilitating diseases.
Millennium has developed Surgex for the sport nutritional market.
The Company's efforts going forward will focus on sales of Surgex
in powder, bar and ready to drink forms.


INVENTERGY GLOBAL: Marcum Expresses Going Concern Doubt
-------------------------------------------------------
Inventergy Global Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K for the year ended Dec.
31, 2014.

Marcum LLP expressed substantial doubt about the Company's ability
to continue as a going concern, citing that the Company has
incurred losses since inception and does not have sufficient
liquidity to fund its presently anticipated operations beyond the
second quarter of 2015.

The Company reported a net loss of $20.08 million on $719,000 of
revenue for the year ended Dec. 31, 2014, compared with a net loss
of $4.73 million on $nil of revenues in the prior year.

The Company's balance sheet at Dec. 31, 2014, showed $37.9 million
in total assets, $29.2 million in total liabilities, and
stockholders' equity of $8.67 million.

A copy of the Form 10-K is available at:
                              
                       http://is.gd/qtSOsJ
                          
Inventergy Global, Inc., is a Campbell, California-based
intellectual property (IP) investment and licensing company.  The
Company aims to help corporations attain greater value from their
IP assets by licensing or selling those patents.


IRONSTONE GROUP: Reports $259,000 Net Loss in 2014
--------------------------------------------------
Ironstone Group, Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$259,000 for the year ended Dec. 31, 2014, compared to a net loss
of $170,000 for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $3.01 million in total assets,
$1.77 million in total liabilities, and $1.23 million in total
stockholders' equity.

Burr Pilger Mayer, Inc., in San Francisco, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has recurring net losses and negative cash flows from
operations.  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/XemMbx

                       About Ironstone Group

San Francisco, Calif.-based Ironstone Group, Inc., and
subsidiaries have no operations but are seeking appropriate
business combination opportunities.


J. CREW: Bank Debt Trades at 6% Off
-----------------------------------
Participations in a syndicated loan under which J. Crew is a
borrower traded in the secondary market at 94.19 cents-on-the-
dollar during the week ended Friday, April 17, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents an increase of 0.69 of
percentage points from the previous week, The Journal relates.  J.
Crew pays 300 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Feb. 27, 2021 and carries
Moody's B1 rating and Standard & Poor's B rating.  The loan is one
of the biggest gainers and losers among 260 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



Jones Day, Weil Named in Fund Manager's RICO Suit
-------------------------------------------------
Law360 reported that a Florida-based hedge fund manager filed a
scathing complaint on April 13 alleging an elaborate conspiracy by
hedge fund Fletcher Asset Management and law firms Jones Day, Weil
Gotshal & Manges LLP and Morrison & Foerster LLP to take control of
his assets and effect his "total destruction" through sham
bankruptcy filings and illegal lawsuits.


KIOR INC: Hearing on Case Conversion Continued Until April 29
-------------------------------------------------------------
The U.S. Bankruptcy Court approved a second amendment to
stipulation continuing until April 29, at 10:00 a.m., the hearing
to consider the motion to dismiss the Chapter 11 case of KiOR Inc.,
or in the alternative, convert the Debtor's case to one under
Chapter 7 of the Bankruptcy Code.

Pursuant to the stipulation:

   1. The time for the Debtor and other parties-in-interest to file
with the Court any responses or objections to the standing motion,
including amendments, is enlarged from April 2 until April 14;

   2. The time for Mississippi Development Authority to file with
the Court any reply to any responses or objections filed is
enlarged from April 9, to April 21; and

   3. As previously set, the hearing on the standing motion will be
held on April 29, at 10:00 a.m.

The ESTEC Technology Works and Robert C. Dalton, which claim to
represent the offer with the greatest value for all assets of KiOR,
Inc., wants Chapter 7 conversion of the bankruptcy case. ESTEC said
that the Debtor's case is work in progress and was filed in good
faith.  MDA's objections are unwarranted at this time, ESTEC told
the Court.  They added that too much money under the loan to the
Debtor is being wasted on attorney and reorganization cost.
As reported in the TCR, the Debtor and the companies led by its
lender, Vinod Khosla, have asked the Bankruptcy Court to deny
approval of the dismissal motion.  According to the Debtor, the
sole motivation of the state of Mississippi, through the MDA, is to
destroy any going concern value for the Debtor by terminating the
employment of more than 70 people in Houston, Texas, destroying
valuable business relationships and transactions, and forcing the
abandonment of promising bio-fuel, alternative energy technology
that can deliver real hydrocarbon transportation fuels from
cellulosic feedstock.

The MDA, which said it is Kior's largest unsecured creditor, told
the Court that it wants the Chapter 11 case converted to
liquidation or dismissed entirely, saying the company has no
revenues, huge past and ongoing losses, relatively few tangible
assets, technology that doesn't work, and no viable business or
business plan.

                          About Kior Inc.

KiOR, Inc., and wholly owned subsidiary KiOR Columbus, LLC, are
development stage, renewable fuels companies based in Pasadena,
Texas and Columbus, Mississippi, respectively.  KiOR, Inc., was
founded in 2007 as a joint venture between Khosla Ventures, LLC,
and BIOeCon B.V.  KiOR Inc.'s primary business is the development
and commercialization of a ground-breaking proprietary technology
designed to generate a renewable crude oil from non-food
cellulosic biomass.

KiOR, Inc. filed a Chapter 11 petition (Bankr. D. Del. Case No.
14-12514) on Nov. 9, 2014, in Delaware.   Through the chapter 11
case, the Debtor intends to reorganize its business or sell
substantially all of its assets so that it can continue its core
research and development activities.  KiOR Columbus did not seek
bankruptcy protection.

The Debtor disclosed $58.3 million in assets and $261 million
in liabilities as of June 30, 2014.

The Debtor is represented by Mark W. Wege, Esq., Edward L. Ripley,
Esq., and Eric M. English, Esq., at King & Spalding, LLP, in
Houston, Texas; and John Henry Knight, Esq., Michael Joseph
Merchant, Esq., and Amanda R. Steele, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware.  The Debtor's financial
advisor is Alvarez & Marsal.  Guggenheim Securities, LLC, is the
Debtor's investment banker.  Epiq Bankruptcy Solutions, LLC, is
the
Debtor's claims and noticing agent.

Pasadena Investments, LLC, as administrative agent for a
consortium
of lenders, committed to provide up to $15 million in postpetition
financing.  The DIP Agent is represented by Thomas E. Patterson,
Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los Angeles,
California, and Michael R. Nestor, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware.



KIOR INC: Plan Facing Objections from MDA, Securities Plaintiffs
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist of Bloomberg News, reports
that KiOR, Inc.'s reorganization plan is facing objections from the
Mississippi Development Authority and plaintiffs in securities
class-action suits.  

The report relates that the state authority, claiming to be the
largest non-insider creditor, contends that the plan was "overly
engineered" to benefit insiders and lenders "at the expense of
legitimate creditors."

According to the report, the class-action plaintiffs believe they
have the right to continue their suits after bankruptcy, although
with recovery only from insurance.  Kior contends that their claims
based on securities are subordinated and won't survive bankruptcy.

                          About KiOR Inc.

KiOR, Inc., and wholly owned subsidiary KiOR Columbus, LLC, are
development stage, renewable fuels companies based in Pasadena,
Texas and Columbus, Mississippi, respectively.  KiOR, Inc., was
founded in 2007 as a joint venture between Khosla Ventures, LLC,
and BIOeCon B.V.  KiOR Inc.'s primary business is the development
and commercialization of a ground-breaking proprietary technology
designed to generate a renewable crude oil from non-food
cellulosic
biomass.

KiOR, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Del.
Case No. 14-12514) on Nov. 9, 2014, in Delaware.  Through the
chapter 11 case, the Debtor intends to reorganize its business or
sell substantially all of its assets so that it can continue its
core research and development activities.  KiOR Columbus did not
seek bankruptcy protection.

The Debtor disclosed $58.3 million in assets and $261 million in
liabilities as of June 30, 2014.

The Debtor is represented by Mark W. Wege, Esq., Edward L. Ripley,
Esq., and Eric M. English, Esq., at King & Spalding, LLP, in
Houston, Texas; and John Henry Knight, Esq., Michael Joseph
Merchant, Esq., and Amanda R. Steele, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware.  The Debtor's financial
advisor is Alvarez & Marsal.  Guggenheim Securities, LLC, is the
Debtor's investment banker.  Epiq Bankruptcy Solutions, LLC, is the
Debtor's claims and noticing agent.

Pasadena Investments, LLC, as administrative agent for a consortium
of lenders, committed to provide up to $15 million in postpetition
financing.  The DIP Agent is represented by Thomas E. Patterson,
Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los Angeles,
California, and Michael R. Nestor, Esq., at Young Conaway Stargatt
& Taylor, LLP, in Wilmington, Delaware.

                           *     *     *

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the
District of Delaware will convene a hearing on June 3, 2015, at
10:00 a.m. (EDT), to consider confirmation of Kior's reorganization
plan.  Judge Sontchi approved the disclosure statement explaining
the Plan on April 9.

The Plan provides for secured lenders including Sun Microsystems
founder Vinod Khosla's Khosla Ventures III LP to own the
reorganized business in exchange for $29 million in bankruptcy
financing and some of the secured debt they hold.  Unsecured
creditors will split the $100,000 to be provided to a liquidating
trust.  Continuing suppliers will receive 50 percent.


LEE STEEL: Section 341 Meeting Scheduled for May 21
---------------------------------------------------
The United States Trustee for the Eastern District of Michigan has
scheduled a meeting of creditors of Lee Steel Corporation to be
held at 2:00 p.m. (EST), on May 21, 2015, at 211 West Fort Street
Building, Room 315 E (NOT AT THE LEVIN COURTHOUSE), Detroit,
Michigan.

Creditors have until Aug. 19, 2015, to file 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.

                           About Lee Steel

Lee Steel Corp. is in the business of providing a full range of
flat rolled steel, including hot rolled steel, cold rolled steel,
and exposed coated products for automotive and other manufacturing
industries.  Lee Steel operates from special purpose facilities
located in Romulus, Michigan and Wyoming, Michigan.  The corporate
headquarter are located in Novi, Michigan.

On April 13, 2015, Lee Steel and 2 affiliated companies -- Taylor
Industrial Properties, L.L.C., and 4L Ventures, LLC -- each filed a
Chapter 11 bankruptcy petition in Detroit, Michigan (Bankr. D.
Del.).  The cases have been assigned to Judge Marci B McIvor.  The
Debtors are seeking to have their cases jointly administered for
procedural purposes, with all pleadings to be maintained on the
case docket at Case No. 15-45784.

The Debtors have tapped McDonald Hopkins PLC as counsel; Huron
Business Advisory, as financial advisor; and Epiq Bankruptcy
Solutions as claims and noticing agent.

Lee Steel estimated $10 million to $50 million in assets and $50
million to $100 million in debt as of the bankruptcy filing.

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


LEHMAN BROTHERS: E&Y to Settle With NY AG for $10M
--------------------------------------------------
Michael Rapoport, writing for The Wall Street Journal, reported
that Ernst & Young LLP has agreed to pay $10 million to settle
allegations from the New York attorney general's office that it
turned a blind eye to problems at its client Lehman Brothers
Holdings Inc. before Lehman's 2008 collapse.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was  
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.  
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

As of Oct. 2, 2014, Lehman's total distributions to unsecured
creditors have amounted to $92.0 billion.  As of Sept. 30, 2014,
the brokerage trustee has substantially completed customer claims
distributions, distributing more than $106 billion to 111,000
customers.


LEVEL 3: Prices Private Offering of Senior Notes
------------------------------------------------
Level 3 Financing, Inc., a wholly owned subsidiary of Level 3
Communications, Inc., has agreed to sell $700 million aggregate
principal amount of its 5.125% Senior Notes due 2023 and $800
million aggregate principal amount of 5.375% Senior Notes due 2025
in a private offering to "qualified institutional buyers", as
defined in Rule 144A under the Securities Act of 1933, as amended,
and non-U.S. persons outside the United States under Regulation S
under the Securities Act of 1933, as amended.

The new 2023 Notes were priced to investors at 100 percent of their
principal amount and will mature on May 1, 2023.  The new 2025
Notes were priced to investors at 100 percent of their principal
amount and will mature on May 1, 2025.  Level 3 Financing's
obligations under each series of Notes will be fully and
unconditionally guaranteed on an unsecured basis by Level 3.

The net proceeds from the offering of the Notes, together with cash
on hand, will be used to (i) redeem, satisfy and discharge, defease
or otherwise repay or retire all of Level 3 Financing's
approximately $1.2 billion outstanding aggregate principal amount
of 8.125% Senior Notes due 2019 and (ii) redeem, satisfy and
discharge, defease or otherwise repay or retire all of Level 3
Communications, Inc.'s approximately $300 million outstanding
aggregate principal amount of 8.875% Senior Notes due 2019.

The offering is expected to be completed on April 28, 2015, subject
to the satisfaction or waiver of customary closing conditions.

The Notes will not be registered under the Securities Act of 1933
or any state securities laws and, unless so registered, may not be
offered or sold except pursuant to an applicable exemption from the
registration requirements of the Securities Act of 1933 and
applicable state securities laws.

                    About Level 3 Communications

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

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

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

                           *     *     *

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

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

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

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

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


LEVI STRAUSS: Moody's Raises CFR to 'Ba1', Outlook Stable
---------------------------------------------------------
Moody's Investors Service upgraded Levi Strauss & Co. ("LS&Co")
Corporate Family Rating to Ba1 from Ba2 and Probability of Default
to Ba1-PD from Ba2-PD. Moody's also upgraded the company's various
senior unsecured notes to Ba2 from Ba3. The company's SGL-1
Speculative Grade Liquidity rating was also affirmed. The rating
outlook is stable.

The rating action considers the company's strong commitment to
strong credit metrics and debt reduction, evidenced by the
company's utilization of cash to reduce its funded debt load by
over $500 million in the past two fiscal years. Moody's expect debt
to continue to modestly fall in the next 12-18 months. "Despite
near term challenges from the strengthening USD, the rating upgrade
reflects our expectations that LS&Co will continue to deleverage
over the next 12-18 months as it continues to reduce overall debt
levels and achieves cost savings from its various productivity
initiatives" said Moody's Vice President Scott Tuhy. He added 'the
rating upgrade reflects our expectations the company will continue
to see benefits from investments in growth initiatives such as
expanding its direct-to-consumer business and licensing smaller
business which will help margins over time as well".

The following ratings were upgraded:

  -- Corporate Family Rating to Ba1 from Ba2

  -- Probability of Default Rating to Ba1-PD from Ba2-PD

  -- $525 million senior unsecured notes due 2020 to Ba2 (LGD 4)
     from Ba3 (LGD 4)

  -- $525 million senior unsecured notes due 2022 to Ba2 (LGD 4)
     from Ba3 (LGD 4)
  
The following rating was affirmed:

  -- Speculative Grade Liquidity Rating at SGL-1

LS&Co's Ba1 rating reflects its moderate leverage -- debt/EBITDA is
in the mid three times for its most recent LTM period -- which
primarily reflects lower debt balances as the company reduced debt
by more than $500 million in the past two fiscal years, and Moody's
expectation that debt levels will continue to modestly fall in the
next 12-18 months. The rating reflects the company's good
profitability with low double-digit EBITDA margins, and Moody's
expects the company's recent cost saving initiatives will enable it
to drive stronger margins over the next 12 to 18 months. The
ratings reflect the iconic nature of the Levi's brands, its global
reach with sales in over 110 countries and meaningful scale with
net revenues near $4.8 billion. The rating is constrained by the
company's limited product diversification with men's pants
accounting for the significant majority of net revenues and its
inconsistent track record expanding into other product categories,
such as women's, in a meaningful way. Moody's expect the company to
maintain its commitment to strong credit metrics and balanced
financial policies consistent with recent trends. The rating also
reflects the company's exposure to volatile input costs which can
have a meaningful impact on earnings and cash flows.

The stable rating outlook reflects Moody's expectations that LS&Co
will continue to show improved metrics over the next 12 to 18
months as it continues to deleverage and execute on key
initiatives, and that these initiatives will offset the negative
impact of the strengthening USD which may negative impact results,
as was evidence in the past quarter.

Ratings could be upgraded if the company can show sustained
constant-currency revenue growth, which would evidence that it is
maintaining its market share and has stabilized areas such as its
women's business, and profit margins remain stable, indicating that
cost savings measures are effective. Quantitatively, ratings could
be upgraded if debt/EBITDA was sustained below 2.75 times and
EBITA/interest expense was sustained above 4.25 times. While
maintaining a very good liquidity profile and balanced financial
policies.

In view of the rating upgrade, a downgrade is unlikely in the near
term. Ratings could be downgraded if the company were to see
negative trends in revenue, which would indicated that it is losing
market share, or margins were to erode, which would indicate that
its cost saving programs are not having the expected impact on
profitability. Ratings could be downgraded if the company's
financial policies were to become more aggressive such as utilizing
debt to fund shareholder distributions. Quantitatively the ratings
could be downgraded if Moody's expected debt/EBITDA to be sustained
above 3.25 times or interest coverage sustained below 3.25 times.

Headquartered in San Francisco, California, Levi Strauss & Co. ("LS
& CO") designs and markets jeans, casual wear and related
accessories under the "Levi's", "Dockers", "Signature by Levi
Strauss & Co." and "Denizen" brands. The company sells product in
more than 110 countries through chain retailers, department stores,
online sites and franchised and company-owned stores. Levi Strauss
& Co.'s net revenues are near $4.8 billion.

The principal methodology used in these ratings was Global Apparel
Companies published in May 2013. Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.


METALICO INC: Incurs $44.4 Million Net Loss in 2014
---------------------------------------------------
Metalico, Inc., filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss attributable
to the Company of $44.4 million on $476 million of revenue for the
year ended Dec. 31, 2014, compared with a net loss attributable to
the Company of $34.8 million on $457 million of revenue for the
year ended Dec. 31, 2013.

For the three months ended Dec. 31, 2014, the Company reported a
net loss attributable to the Company of $33.9 million on $103
million of revenue compared to a net loss attributable to the
Company of $3.25 million on $109 million of revenue for the same
period in 2013.

As of Dec. 31, 2014, the Company had $218 million in total assets,
$101 million in total liabilities and $118 million in total
equity.

Commenting on the results, Carlos E. Aguero, Metalico's president
and chief executive officer, said, "We experienced several ups and
downs in 2014.  We achieved record annual volumes but were unable
to translate them into positive income because of continued
pressure on metal spreads.  Results were also impacted by seasonal
fourth quarter volume and pricing declines, particularly for
ferrous grades.  Energy sector steel demand fell in tandem with
crude oil prices late in the year, dampening ferrous scrap prices
and demand.  The second half of the year was tumultuous for
Metalico, due to the need to address debt amendments and a very
expensive conversion of debt to equity."

CohnReznick LLP, in Roseland, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company anticipates that it
will not meet the maximum Leverage Ratio covenant as prescribed by
the Financing Agreement for the quarter ended March 31, 2015, and
there can be no assurance that the Company can resolve any
noncompliance with their lenders.  As a result, the Company's debt
could be declared immediately due and payable which would result in
the Company having insufficient liquidity to pay its debt
obligations and operate its business.  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/e1NtVb

                          About Metalico

Metalico, Inc., is a holding company with operations in two
principal business segments: ferrous and non-ferrous scrap metal
recycling, and fabrication of lead-based products.  The Company
operates recycling facilities in New York, Pennsylvania, Ohio,
West Virginia, New Jersey, Texas, and Mississippi and lead
fabricating plants in Alabama, Illinois, and California.
Metalico's common stock is traded on the NYSE MKT under the symbol
MEA.


MF GLOBAL: PwC Settles Investors' Class Suit for $65M
-----------------------------------------------------
Michael Rapoport, writing for The Wall Street Journal, reported
that PricewaterhouseCoopers LLP on Friday agreed to pay $65
million to settle class-action litigation over failed brokerage
MF Global Holdings Ltd.  PwC denied any wrongdoing.

WSJ noted that investors have sued PwC, alleging the firm botched
its audits of MF Global before it collapsed into bankruptcy in
2011.  MF Global shareholders had contended that PwC's audits
gave MF Global a clean bill of health even though the accounting
firm knew or should have known that the firm's financial
statements were erroneous and its internal controls weren't
effective.

In a statement Friday, the firm said it is "pleased to resolve
this matter and avoid the cost and distraction of prolonged
securities litigation." The firm "stands behind its audit work
and its opinions on MF Global's financial statements," PwC said.

WSJ said the settlement, which is subject to court approval, was
reached after the two sides went through a mediation process
presided over by a former federal judge, according to court
documents. The proceeds will be distributed among investors in MF
Global securities.

PwC was paid a total of more than $23 million in fees for
auditing and other services it provided to MF Global in 2010 and
2011, according to court documents.

WSJ also noted that a separate case in which MF Global's
bankruptcy-plan administrator sued PwC in 2014 is still pending.
In that case, the administrator claims that bad accounting advice
from PwC helped cause MF Global's collapse.

                       About MF Global

New York-based MF Global -- http://www.mfglobal.com/-- was one  
of the world's leading brokers of commodities and listed
derivatives.

MF Global provides access to more than 70 exchanges around the
world.  The firm also was one of 22 primary dealers authorized to
trade U.S. government securities with the Federal Reserve Bank of
New York.  MF Global's roots go back nearly 230 years to a sugar
brokerage on the banks of the Thames River in London.

On Oct. 31, 2011, MF Global Holdings Ltd. and MF Global Finance
USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y.
Case Nos. 11-15059 and 11-5058), after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41 million in total assets and $39.7 million in total
liabilities.

On Nov. 7, 2011, the United States Trustee appointed the
statutory creditors' committee in the Debtors' cases.  At the
behest of the Statutory Creditor's Committee, the Court directed
the U.S. Trustee to appoint a chapter 11 trustee.  On Nov. 28,
2011, the Bankruptcy Court entered an order approving the
appointment of Louis J. Freeh, Esq., of Freeh Group International
Solutions, LLC, as Chapter 11 trustee.

On Dec. 19, 2011, MF Global Capital LLC, MF Global Market
Services LLC and MF Global FX Clear LLC filed voluntary Chapter
11 petitions (Bankr. S.D.N.Y. Case Nos. 11-15808, 11-15809 and
11-15810).  On Dec. 27, the Court entered an order installing Mr.
Freeh as Chapter 11 Trustee of the New Debtors.

On March 2, 2012, MF Global Holdings USA Inc. filed a voluntary
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-10863), and Mr.
Freeh also was installed as its Chapter 11 Trustee.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of
MF Global Finance USA Inc.

The Chapter 11 Trustee has tapped (i) Freeh Sporkin & Sullivan
LLP, as investigative counsel; (ii) FTI Consulting Inc., as
restructuring advisors; (iii) Morrison & Foerster LLP, as
bankruptcy counsel; and (iv) Pepper Hamilton as special counsel.

The Official Committee of Unsecured Creditors has retained
Capstone Advisory Group LLC as financial advisor, while lawyers
at Proskauer Rose LLP serve as counsel.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at
Hughes Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of Goldman
Sachs Group Inc., stepped down as chairman and chief executive
officer of MF Global just days after the bankruptcy filing.

In April 2013, the Bankruptcy Court approved MF Global Holdings'
plan to liquidate its assets.  Bloomberg News reported that the
court-approved disclosure statement initially told creditors with
$1.134 billion in unsecured claims against the parent holding
company why they could expect a recovery of 13.4% to 39.1% from
the plan.  As a consequence of a settlement with JPMorgan,
supplemental materials informed unsecured creditors their
recovery was reduced to the range of 11.4% to 34.4%.  Bank
lenders will have the same recovery on their $1.174 billion claim
against the holding company.  As a consequence of the settlement,
the predicted recovery became 18% to 41.5% for holders of $1.19
billion in unsecured claims against the finance subsidiary, one
of the companies under the umbrella of the holding company
trustee. Previously, the predicted recovery was 14.7% to 34% on
bank lenders' claims against the finance subsidiary.


MG ROVER: UK Tribunal Cuts $4.4M From Deloitte Conflicts Penalty
----------------------------------------------------------------
Law360 reported that a U.K. tribunal on April 13 slashed a record
penalty previously assessed against Deloitte LLP for allegedly
failing to properly police its conflicts of interest in its work
for bankrupt MG Rover Group Ltd. by GBP3 million ($4.4 million).

According to the report, the decision by the U.K.'s Financial
Reporting Council came after an appellate panel overturned eight of
13 findings that went against Deloitte and its former partner,
Maghsoud Einollahi, in July 2013.

Headquartered in Birmingham, United Kingdom, MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles  
under the Rover and MG brands, together with engine maker
Powertrain Ltd.  Previously owned by Phoenix Venture Holdings,
the company faced huge losses in recent years, reaching GBP64.1
million in 2004, which were blamed on reduced sales.

MG Rover collapsed on April 8, 2005, after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corp., failed to
materialize.  Ian Powell, Tony Lomas and Rob Hunt, partners in
PricewaterhouseCoopers, were appointed as joint administrators.
The crisis left 6,000 people jobless, and caused a domino effect
on related businesses, particularly in the West Midlands.  Days
later, eight European subsidiaries -- MG Rover Deutschland GmbH;
MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG Rover
Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- were placed into administration.



MINT LEASING: Incurs $3.1 Million Net Loss in 2014
--------------------------------------------------
The Mint Leasing, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$3.08 million on $7.72 million of total revenues for the year ended
Dec. 31, 2014, compared to net income of $3.22 million on $6.45
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,
$13.7 million in total liabilities, and $1.56 million in total
stockholders' equity.

"We do not currently have any commitments of additional capital
from third parties (except pursuant to the terms of the TCA Credit
Agreement, which requires us to meet certain ratios of debt to
assets before we can borrow funding under such agreement) or from
our sole officer and director or majority shareholders.  As such,
additional financing may not 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.  If we are not able to
extend our credit and debt facilities, obtain new credit facilities
or to raise the capital necessary to repay the facilities and our
outstanding notes payable, we may be forced to abandon or curtail
our business plan, which may cause any investment in the Company to
become worthless.  If we are unable to continue our operations
and/or repay our outstanding liabilities, 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 report.

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

                        http://is.gd/6iXp2B

                        About Mint Leasing

Houston, Texas-based The Mint Leasing, Inc., is in the business of
leasing automobiles and fleet vehicles throughout the United
States.


MOUNTAIN PROVINCE: Annual Meeting Set for June 16
-------------------------------------------------
Mountain Province Diamonds Inc. notified all Canadian securities
regulatory authorities that an annual general & special meeting of
shareholders of the Company will be held on Tuesday, June 16, 2015,
in Vancouver, British Columbia, Canada.

                   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 incurred a net loss of C$4.39 million in 2014,  a
net loss of C$26.6 million in 2013 and a net loss of C$3.33 million
in 2012.  As of Dec. 31, 2014, Mountain Province had C$301 million
in total assets, C$46.08 million in total liabilities and C$255
million in total shareholders' equity.

KPMG LLP, Toronto, Canada, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company's ability to continue
operations is dependent upon its ability to obtain sufficient
financing to fund its operations and development costs.


N-VIRO INTERNATIONAL: Posts $1.7 Million Net Loss in 2014
---------------------------------------------------------
N-Viro International Corporation filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $1.76 million on $1.33 million of revenues for the year
ended Dec. 31, 2014, compared to a net loss of $1.64 million on
$3.37 million of revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, N-Viro had $2.04 million in total assets, $2.6
million in total liabilities and a $558,010 total stockholders'
deficit.

UHY LLP, in Farmington Hills, Michigan, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing 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.  

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

                       http://is.gd/bPrMqD

                    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.


NATIONAL CINEMEDIA: Appoints Peter Brandow to Board of Directors
----------------------------------------------------------------
National CineMedia, Inc., the managing member and owner of 45.1% of
National CineMedia, LLC, the operator of the largest in-theatre
digital media network in North America, announced that Peter
Brandow has been appointed to its board of directors.  Mr. Brandow
replaces Amy Miles, who resigned from the board effective April 14,
2015.  Ms. Miles had served on the Company's board of directors
since June 2011.

Mr. Brandow has served as executive vice president, general counsel
and secretary of Regal Entertainment Group since March 2002.  Mr.
Brandow has served as the executive vice president, general counsel
and secretary of Regal Cinemas, Inc. since July 2001, and prior to
that time he served as senior vice president, general counsel and
secretary of Regal Cinemas, Inc. since February 2000.  Prior
thereto, Mr. Brandow served as vice president, general counsel and
secretary from February 1999 when he joined Regal Cinemas, Inc.
From September 1989 to January 1999, Mr. Brandow was an associate
with the law firm Simpson Thacher & Bartlett LLP.  Mr. Brandow is
also a member of the board of directors of AC JV, LLC, of which NCM
LLC has a 4% ownership interest.

Commenting on the director change, Kurt Hall, NCM's Chairman and
CEO said, "I would like to thank Amy for all her great work as a
NCM director and as an executive of one of our founding members
since our formation.  Her deep knowledge of the cinema business and
capital markets and finance expertise will be missed."  Mr. Hall
continued, "Fortunately no continuity will be lost as Peter
understands the cinema industry and our business very well as he
has been closely involved with NCM since the formation of our
predecessor Regal CineMedia in 2002."

                     About National CineMedia

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

As of Jan. 1, 2015, the Company had $991 million in total assets,
$1.20 billion in total liabilities and a $208.7 million total
deficit.

                            *     *     *

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


NATROL INC: Purchaser Aurobindo Settles Lawsuit vs. Parent
----------------------------------------------------------
Bill Rochelle, bankruptcy columnist for Bloomberg News, reports
that Aurobindo Pharma USA Inc., which purchased the assets of
Natrol Inc. in December 2014, quickly settled a lawsuit it filed in
bankruptcy court against Natrol's Mumbai-based owner, Plethico
Pharmaceuticals Ltd.

The sale gave Aurobindo ownership of a contract with a company
called Fabtech Technologies International Ltd. to install new
manufacturing facilities.  Aurobindo's suit contended that Fabtech
was a fiction and that the contract was a device by which Plethico
took $25 million from Natrol and never built anything.

The report relates that Aurobindo told the Bombay Stock Exchange on
April 8 there is a settlement where "Plethico group would assign
$23.3 million in cash in milestone payments, certain global IP
rights, and other assets."

                        About Natrol, Inc.

Headquartered in Chatsworth, Calif., Natrol, Inc., sold herbs and
botanicals, multivitamins, specialty and sports nutrition
supplements made to support health and wellness throughout all
ages and stages of life.  Natrol, Inc., was a wholly owned
subsidiary of Plethico Pharmaceuticals Limited (BSE: 532739. BO:
PLETHICO).

Natrol, Inc., and its six affiliates sought bankruptcy protection
(Bankr. D. Del. Case No. 14-11446) on June 11, 2014.  The case is
assigned to Judge Brendan Linehan Shannon.  The Debtors are
represented by Robert A. Klyman, Esq., and Samuel A. Newman, Esq.,
at Gibson, Dunn & Crutcher LLP, in Los Angeles, California; and
Michael R. Nestor, Esq., Maris J. Kandestin, Esq., and Ian J.
Bambrick, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware.  The Debtors' Claims and Noticing Agent is
Epiq Systems INC.

The Debtors requested that the Court approve the employment of (i)
Jeffrey C. Perea of the firm Conway MacKenzie Management Services,
LLC as chief financial officer and for CMS to provide temporary
employees to assist Mr. Perea in carrying out his duties; (ii)
Stephen P. Milner of the firm Squar, Milner, Peterson, Miranda &
Williamson LLP as chief restructuring officer and for CMS to
provide temporary employees to assist Mr. Milner in carrying out
his duties; (iv) BDO USA, LLP as auditor; (v) TaxGroup Partners as
tax services provider.

The Official Committee Of Unsecured Creditors tapped Otterbourg
P.C. as lead counsel; Pepper Hamilton LLP as Delaware counsel; and
CMAG as financial advisors.

                            *     *     *

Aurobindo Pharma USA Inc., completed in December 2014 the purchase
of the assets for $132 million cash plus assumption of specified
debt.  Under a settlement between Natrol and the creditors'
committee, secured lender Cerberus Business Finance LLC was paid in
full from the proceeds of the sale.  The Debtors changed their
names to Leaf123, Inc., et al., following the sale.

Leaf123, Inc., f/k/a Natrol Inc., and its debtor affiliates filed a
liquidating Chapter 11 plan designed to pay general unsecured
creditors in full, with interest.  The confirmation hearing on the
Plan is slated for May 8.


NEPHROS INC: Incurs $7.37 Million Net Loss in 2014
--------------------------------------------------
Nephros, Inc., filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $7.37
million on $1.74 million of total net revenues for the year ended
Dec. 31, 2014, compared to net income of $1.32 million on $1.74
million of total net revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $3.36 million in total assets,
$9.05 million in total liabilities and a $5.68 million
stockholders' deficit.

Withum Smith+Brown PC, in Morristown, 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
negative cash flow from operations and recurring net losses since
inception.  These conditions, among others, 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/41ujGz

                           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.


NET ELEMENT: Mayor Trans Reports 8.5% Stake as of April 13
----------------------------------------------------------
Mayor Trans Ltd. and Rufat Baratzada disclosed in a Schedule 13D
filed with the Securities and Exchange Commission that as of April
13, 2015, they beneficially own 4,018,688 shares of common stock of
Net Element, Inc., which represents 8.5 percent (based on
47,460,032 shares outstanding as of March 30, 2015, as reported in
the Company's Form 10-K for the year ended Dec. 31, 2014.)  Mr.
Baratzada is Mayor's sole shareholder and sole director.  A copy of
the regulatory filing is available for free at:

                         http://is.gd/p26oCw

                          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: Incurs $2.84 Million Net Loss in 2014
---------------------------------------------------
Net Talk.Com, Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$2.84 million on $5.06 million of net revenues for the year ended
Dec. 31, 2014, compared to a net loss of $4.78 million on $6.02
million of net revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $4.43 million in total assets,
$13.5 million in total liabilities, and a $9.04 million total
stockholders' deficit.

Zachary Salum Auditors P.A., in South Miami, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing 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.

"We have never been profitable and our losses could continue.
Without sufficient additional capital to repay our indebtedness or
continue operations, we may be required to significantly scale back
our operations, significantly reduce our headcount, seek protection
under the provisions of the U.S. Bankruptcy Code, and or
discontinue many of our activities which could negatively affect
our business and prospects," the Company said in the report.

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

                        http://is.gd/SeDG2c

                        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.


NEWSAT LIMITED: Files for Chapter 15 Bankruptcy Protection
----------------------------------------------------------
BankruptcyData.com reported that Victoria, Australia-based NewSat
Limited and six affiliated Debtors filed for Chapter 15 protection
with the U.S. Bankruptcy Court in the District of Delaware, lead
case number 15-10810. The Company, which operates as an integrated
satellite communications provider, is represented by Joseph M.
Barry of Young, Conaway, Stargatt & Taylor. On April 16, 2015, a
Security Trustee exercised its right, under Section 436C(1) of
Australia's Corporations Act, to appoint Administrators, with such
appointment commencing an Australian receivership proceeding.

"Amidst these financial difficulties, allegations of mismanagement
at the NewSat Group came to light. Such allegations of impropriety
include (i) abuse of expense policies by certain executives, (ii)
improper disclosure and allocation of related party transactions,
and (iii) substantial payments to a yacht company part-owned by the
NewSat Group's founder and chief executive, Mr. Adrian Ballantine,
and several other past and present board members. Further, one of
the NewSat Group's customers, TrustComm Inc., filed a lawsuit
against NewSat and NewSat America, Inc. in Virginia alleging a $10
million fraud," BankruptcyData.com relates citing documents filed
with the Court.

NewSat Limited's Chapter 15 petition indicates total assets of $542
million, the report discloses.



NEWSAT LTD: Obtains TRO in the U.S. to Save Jabiru-1 Contract
-------------------------------------------------------------
The administrators of NewSat Ltd., et al., sought and obtained from
the U.S. Bankruptcy Court for the District of Delaware a temporary
restraining order that enjoins all persons and entities from
staying all actions or proceedings against the NewSat Debtors and
their assets and barring the termination of any contracts with the
Debtors.

A hearing will be held on April 28, 2015, at 10:00 a.m. on the
administrators' motion for a preliminary injunction to extend the
injunction until such time as the Court enters an order disposing
of the Chapter 15 petitions.  Objections are due April 24.

As a result of certain defaults, cost overruns on the Jabiru-1
satellite project, and management issues, lenders under certain of
the NewSat Group's credit facilities acted upon their rights to
stop further disbursements under their loan commitments.  The
NewSat Group has not been able to raise sufficient new capital
which has restrained liquidity and has jeopardized vital contracts.
Such key contracts include a US$266,660,000 contract with
U.S.-based Lockheed Martin Corporation for the construction of the
Jabiru-1 satellite in Denver, Colorado, and a US$115,500,000
contract with Arianespace SA for the launch of the Jabiru-1
satellite into its proper orbital position.

Absent such contracts and a successful arrangement among creditors
of the NewSat Debtors in the Australian Proceeding, the
Administrators believe that the Jabiru-1 satellite project will
fail to the detriment of all stakeholders.

The NewSat Group is currently in default on its secured debt and
unable to meet its financial commitments as they come due.  As a
result, the NewSat Debtors have defaulted on key contracts
including, among others, the Satellite Construction Contract and
the Launch Services Agreement.  Further, the NewSat Debtors are
party to contracts such as the Satellite Construction Contract that
contain events of default triggered by financial condition,
bankruptcy filings or other insolvency events.  Thus, there is a
substantial risk that the counterparties to such agreements will
exercise contractual termination or other rights upon either the
commencement of the Australian Proceeding or the filing of the
Chapter 15 cases.

On April 16, 2015, the Security Trustee, acting on behalf of
secured lenders to the Jabiru-1 satellite project, appointed the
Administrators and commenced the Australian Proceeding.  The
principal purpose of the Australian Proceeding is to facilitate a
consensual arrangement among the creditors of the NewSat Debtors
with supervision available from the Australian Courts to continue
the business of the NewSat Group as a going concern and preserve
value for all stakeholders.  The commencement of the Australian
Proceeding, among other things, (i) vested control of the NewSat
Debtors' business, property, and affairs with the Administrators,
(ii) automatically imposed a general moratorium on the rights of
creditors, and (iii) prevented the commencement or continuation of
all proceedings against the NewSat Debtors.

Virtually the entirety of the NewSat Debtors' going concern value
is inextricably intertwined with their critical contract rights
under highly-specialized, nearly solesource contracts.  Absent the
entry of a temporary restraining order on an immediate basis, the
NewSat Debtors' rights under those critical contracts could be
compromised thereby leading to devastating destruction of value,
Joseph M. Barry, Esq., at Young Conaway Stargatt & Taylor, LLP,
told the U.S. Court.

A copy of the TRO is available at:

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

                            About NewSat

NewSat Limited was founded in 1987 as a multimedia business and
gradually evolved into a satellite communications company.  NewSat
is now Australia's largest pure-play satellite communications
company, with teleports and satellites delivering internet, voice,
data and video communications coverage to 75% of the globe,
including Australia, Asia, the Middle East, Africa, Europe and the
United States.

NewSat's Jabiru-2, which was launched in September 2014, delivers
"Ku-Band" capacity across Australia, Timor Leste, Papua New Guinea
and the Solomon Islands, and provides connectivity to the
resources, commercial mobility, media, telecommunications and
government sectors.  NewSat's own commercial satellite named
Jabiru-1 is currently being built and is targeted for launch in
2015 to 2016.  Jabiru-1 will be Australia's first commercial
"Ka-band" satellite and is expected to deliver 7.6 GHz of new
capacity in the covered regions.17

As a result of certain defaults, cost overruns on the Jabiru-1
satellite project, and management issues, lenders halted funding to
NewSat.  Citicorp International, as trustee for lenders, on April
16, 2015, placed NewSat (NWT) into administration in Australia.  It
appointed Stephen James Parbery and Marcus William Ayres, of PPB
Advisory in Sydney, Australia, as administrators.  Citi also
appointed Jason Preston and Matthew Wayne Caddy of McGrathNicol as
receivers.  

On April 16, 2015, the Administrators filed Chapter 15 bankruptcy
petitions for NewSat and affiliates NSN Holdings Pty Ltd., NewSat
Services Pty Ltd., Jabiru Satellite Holdings Pty Ltd., NewSat Space
Resources Pty Ltd., NewSat Networks Pty Ltd., and Jabiru Satellite
Ltd. (Bankr. D. Del. Lead Case No. 15-10810) to stop actions by
creditors in the U.S.  The U.S. cases are assigned to Judge Kevin
J. Carey.  Young, Conaway, Stargatt & Taylor and Allen & Overy LLP
serve as counsel.

NewSat listed $500 million to $1 billion in assets and $100 million
to $500 million in debt in its Chapter 15 petition.

The attorneys to the U.S. cases can be reached at:

         YOUNG CONAWAY STARGATT & TAYLOR, LLP
         Joseph M. Barry, Esq.
         Matthew B. Lunn, Esq.
         Rodney Square
         1000 North King Street
         Wilmington, Delaware 19801
         Telephone (302) 571-6600
         Facsimile (302) 571-1253
         E-mail: jbarry@ycst.com
                 mlunn@ycst.com

               - and -

         ALLEN & OVERY LLP
         Ken Coleman
         Mark Nixdorf
         1221 Avenue of the Americas
         New York, New York 10020
         Telephone (212) 610-6300
         Facsimile (212) 610-6399
         E-mail: ken.coleman@allenovery.com
                 mark.nixdorf@allenovery.com


NEWSAT LTD: Seeks U.S. Recognition of Australian Proceedings
------------------------------------------------------------
Startup satellite operator NewSat Ltd. of Australia on April 16 was
sent to administration and receivership proceedings in Australia.
The receiver immediately asked a bankruptcy court in the United
States to recognize the Australian proceedings and stop any actions
by creditors in the United States.

According to the administrators, NewSat encountered financial
difficulties and has not been unable to raise new capital as s a
result of certain defaults, cost overruns on the Jabiru-1 satellite
project, and management issues.  NewSat is in default under its
U.S. Export-Import Bank and COFACE credit facilities.  NewSat also
failed to make payments to Lockheed Martin, which, in January 2015,
issued a termination notice indicating its intent to cease
construction of the Jabiru-1 satellite.  Evry, France-based
Arianespace also filed its own default notice to NewSat under their
launch services agreement.

Citicorp International, as trustee for lenders, on April 16, 2015,
placed NewSat (NWT) into administration in Australia.  It appointed
administrators and receivers, who took over control of the Company
from the directors and officers.  The receivers are tasked to
protect and recover property for the benefit of the secured
creditors and return any surplus to the company, while the
administrators will handle the claims of creditors and are
responsible for the administration process to be carried out in
accordance with Australian law.

The commercial satellite Jabiru-1 can provide communications cover
over South East Asia, Middle East and North America.  If completed
and launched, Jabiru-1 will be Australia's first commercial
"Ka-band" satellite and is expected to deliver 7.6 GHz of new
capacity in the covered regions.  The satellite is being built by
Lockheed Martin Corp, and intended to be launched by Arianespace.
Total project cost is expected to be US$600 million.

NewSat and Sunnyvale, California-based Lockheed Martin are parties
to a $266.6 million construction contract, with $170 million
already paid.  NewSat is party to a $115.5 million launch services
agreement with Arianespace.

The U.S. Export-Import Bank loaned NewSat $300.5 million, mainly to
support the Lockheed Martin construction contract.  Coface's credit
guarantees to a banking consortium made up of Societe Generale,
Credit Suisse and Standard Chartered Bank amounted to most of the
$115 million Arianespace-related loans.  The Ex-Im Bank and Coface
declined to release further funds to NewSat after NewSat was unable
to come up with $40 million in fresh equity or debt by last Dec. 1,
2014.

There are no pending litigations involving the NewSat Debtors in
the U.S.

However, the administrators are wary that Lockheed Martin, as well
as Arianespace will seek to enforce rights to termination.

The Administrators want the U.S. Court to recognize the Australian
Proceeding as a "foreign main proceeding" and apply application of
11 U.S.C. Sec. 362(a) to prevent the premature exercise of
creditors' remedies, including contract termination.

"Without the preservation of contractual relationships, the NewSat
Debtors are vulnerable to litigation from key contract
counterparties which would impair the company's ability to continue
operations and erode the NewSat Debtors' going concern value.
Indeed, various parties, such as Lockheed Martin and Arianespace,
have already threatened to terminate contracts that are essential
to the effective launch of Jabiru-1.  Given the precarious state of
the NewSat Debtors' financial situation, such actions may have a
snowball effect and reduce the chances of a successful outcome for
the Australian Proceeding," Joseph M. Barry, Esq., at Young Conaway
Stargatt & Taylor, LLP, explains in a court filing.

A copy of NewSat's verified petition for recognition of the
Australian Proceedings is available for free at:

     http://bankrupt.com/misc/NewSat_Ch15_Recognition.pdf

                            About NewSat

NewSat Limited was founded in 1987 as a multimedia business and
gradually evolved into a satellite communications company.  NewSat
is now Australia's largest pure-play satellite communications
company, with teleports and satellites delivering internet, voice,
data and video communications coverage to 75% of the globe,
including Australia, Asia, the Middle East, Africa, Europe and the
United States.

NewSat's Jabiru-2, which was launched in September 2014, delivers
"Ku-Band" capacity across Australia, Timor Leste, Papua New Guinea
and the Solomon Islands, and provides connectivity to the
resources, commercial mobility, media, telecommunications and
government sectors.  NewSat's own commercial satellite named
Jabiru-1 is currently being built and is targeted for launch in
2015 to 2016.  Jabiru-1 will be Australia's first commercial
"Ka-band" satellite and is expected to deliver 7.6 GHz of new
capacity in the covered regions.17

As a result of certain defaults, cost overruns on the Jabiru-1
satellite project, and management issues, lenders halted funding to
NewSat.  Citicorp International, as trustee for lenders, on April
16, 2015, placed NewSat into administration in Australia.  It
appointed Stephen James Parbery and Marcus William Ayres, of PPB
Advisory in Sydney, Australia, as administrators.  Citi also
appointed Jason Preston and Matthew Wayne Caddy of McGrathNicol as
receivers.

On April 16, 2015, the Administrators filed Chapter 15 bankruptcy
petitions for NewSat and affiliates NSN Holdings Pty Ltd., NewSat
Services Pty Ltd., Jabiru Satellite Holdings Pty Ltd., NewSat Space
Resources Pty Ltd., NewSat Networks Pty Ltd., and Jabiru Satellite
Ltd. (Bankr. D. Del. Lead Case No. 15-10810) to stop actions by
creditors in the U.S.  The U.S. cases are assigned to Judge Kevin
J. Carey.  Young, Conaway, Stargatt & Taylor and Allen & Overy LLP
serve as counsel.

NewSat listed $500 million to $1 billion in assets and $100 million
to $500 million in debt in its Chapter 15 petition.


NEWSTAR FINANCIAL: Fitch Assigns BB- LongTerm Issuer Default Rating
-------------------------------------------------------------------
Fitch Ratings has assigned a long-term Issuer Default Rating (IDR)
of 'BB-', short-term IDR of 'B', and subordinated debt rating of
'B' to NewStar Financial, Inc.  Fitch also expects to rate
NewStar's proposed senior unsecured debt issuance 'BB-'.  The
Rating Outlook is Stable.

KEY RATING DRIVERS - IDRs, Senior Unsecured Debt, Subordinated
Debt

The ratings and Stable Outlook reflect NewStar's established middle
market direct lending franchise, well diversified portfolio of
senior secured loans, demonstrated underwriting track record,
modest but growing asset management platform, diversified funding
profile and seasoned management team.  Ratings also reflect the
expected benefits of NewStar's strategic partnership with GSO
Capital Partners (GSO), a subsidiary of The Blackstone Group L.P.
(long-term IDR 'A+'; Stable Outlook) and Franklin Square Capital
Partners (Franklin Square).

These strengths are counterbalanced by NewStar's concentrated
business model, outsized exposure to middle market borrowers, high
mix of secured funding, lackluster financial performance relative
to stated targets, shifting strategic direction over time and
planned rapid growth supported by increased leverage.  These
constraints are set against the backdrop of a highly competitive
middle market underwriting environment, which could pressure asset
quality in the coming years, particularly in the context of
NewStar's growth aspirations.

NewStar's investment portfolio is predominantly senior secured and
highly diverse, consisting 97% of first-lien loans with the single
largest and top 10 borrowers accounting for 1.4% and 10.2%,
respectively, of the overall portfolio as of Dec. 31, 2014.
Exposure to energy sectors was limited to approximately 1% of the
portfolio at Dec. 31, 2014.  That said, like many middle market
lenders, NewStar has high concentration to recent vintages, driven
by elevated refinancing volume, as 44% and 22% of the total owned
loan portfolio were originated in 2014 and 2013, respectively.

Fitch believes NewStar's strong credit culture and disciplined
underwriting are evidenced by the strong relative performance of
the company's loan portfolio over time.  Net charge-offs
represented 1.1% of average loans in 2014, with a peak of 3.4% in
2010, and 1.65% average since 2007.  Despite the strong current
performance, Fitch expects NewStar's credit costs to increase over
the near to intermediate term, reflecting the competitive
underwriting environment and the increased debt service burden for
underlying borrowers once interest rates rise.  To date, NewStar
has not realized any credit losses on leveraged finance loan
originations post 2008 (i.e. 2009-2014 vintages).

NewStar has access to a diverse mix of funding sources including
term credit facilities, securitizations and corporate debt, which
Fitch views positively as it reduces concentration risk and
provides more funding flexibility in the event that some sources
dry up or become cost prohibitive.  Fitch views the proposed
unsecured debt issuance positively, as it would further diversify
the company's funding sources and improve financial flexibility by
increasing unencumbered assets.  That said, NewStar remains highly
reliant on wholesale funding sources which Fitch views as more
sensitive to changes in economic conditions and investor risk
appetite.

Despite strong credit performance, NewStar's operating performance
remains lackluster and below stated targets.  Lackluster
performance was at least partly attributable to the economic
downturn and dislocation in the capital markets, which had a
material adverse impact on origination volumes and funding.  Low
interest rates and a benign credit environment have also led to
higher than expected refinancing activity and portfolio
amortization.  Fitch believes these factors have contributed to
multiple shifts in the strategic direction of the company, although
NewStar has maintained a consistent underwriting approach with a
primary focus on originating senior secured middle market loans.

NewStar has communicated a path to improved profitability by
year-end 2016, which includes steps to enhance operating leverage,
improve yields, generate additional asset management fees and lower
its cost of funds.  At the same time the company expects credit
costs to gradually normalize.  If successful, NewStar expects to
generate a pre-tax return on average equity (ROE) of between
13%-15% in 2016.

In November 2014, NewStar announced a strategic partnership with
GSO and Franklin Square, which included a capital investment by
Franklin Square's business development companies, in the form of an
8.25% $300 million 10-year subordinated note (of which $200 million
was issued as of Dec. 31, 2014), in addition to equity warrants.
Fitch believes the equity warrants provide Franklin Square funds
with additional potential upside and further align interests.
Fitch believes the partnership enhances the NewStar franchise,
could improve deal flow and sponsor relationships, and support
NewStar's growth aspirations.

NewStar's total owned loan portfolio amounted to $2.6 billion at
Dec. 31, 2014, 81% of which was attributable to the Leveraged
Finance segment.  The total portfolio grew 11% in 2014 and 26% in
2013, and management expects compounded annual portfolio growth in
excess of 30% through 2017, primarily driven by capitalizing on
referrals from and co-investment opportunities with GSO/Franklin
Square, while also utilizing the increased capital base to take
larger investment positions.  Fitch cautiously views outsized
portfolio growth in the highly competitive underwriting
environment.

The ratings assigned to NewStar incorporate an expectation that
leverage will meaningfully increase over the next two years, as the
company plans to use incremental borrowings to fund net portfolio
growth and improve shareholder returns.  Management has articulated
a leverage target of 4.0x-4.5x on a debt-to-tangible common equity
basis, while affording 100% equity credit to the subordinated notes
in their calculation.

Conversely, Fitch calculates NewStar's leverage on the basis of
debt-to-tangible common equity, without affording any equity credit
to NewStar's subordinated notes.  On this basis, Fitch calculates
that NewStar's leverage amounted to 3.3x on a GAAP basis at Dec.
31, 2014, but based on the company's leverage target, would be
6.0x-6.5x.  Fitch does not afford equity credit to the subordinated
notes due to the potential for a liquidity event resulting from the
required applicable high yield discount obligations (AHYDO)
prepayment and the change of control provisions.  Although Fitch
believes the quality of NewStar's loan portfolio allows for a
degree of higher leverage relative to peers, the company's growth
targets and evolving business model present uncertainty and
execution risk which constrain ratings in the near to intermediate
term.

NewStar's expected unsecured debt rating is equalized with the
entity's long-term IDR, reflecting Fitch's expectation of the
sufficiency of stressed unencumbered assets relative to unsecured
debt.  Fitch would envision that potential future unsecured debt
issuance would be similarly equalized with NewStar's IDR, provided
that it ranked pari passu with existing unsecured debt and that the
issuance served to improve unencumbered assets relative to
unsecured debt.

NewStar's subordinated debt rating is two notches below the
entity's long-term IDR in accordance with Fitch's assessment of the
instrument's respective non-performance and relative loss severity
risk profile.  The notches represent incremental risk relative to
the IDR, which is a function of increased loss severity due to
subordination and heightened risk of nonperformance relative to
other (e.g., senior) obligations.

RATING SENSITIVITIES - IDRs, Senior Unsecured Debt, Subordinated
Debt

Positive rating drivers could include continued demonstration of
stable asset performance, particularly for more recent vintages
underwritten under increasingly competitive conditions, increased
funding diversity, and successful execution of the strategy to grow
the portfolio, improve profitability, and realize synergies from
the GSO relationship.  Reduced leverage relative to current
targets, although not expected based on management's articulated
strategy, could also contribute to positive rating momentum.

Negative rating drivers would include material deterioration in
asset quality, a migration away from the primary focus on senior
secured loans and towards more junior investment positions, or an
increase in leverage beyond the forecasted level.  The provision of
financial support to non-recourse funding sources which impairs
NewStar's financial position would also be viewed negatively.

COMPANY PROFILE

NewStar, founded in 2004, is a specialized commercial finance
company with a focus on lending to small and mid-sized businesses
in the U.S.  The company's primary businesses include: Leveraged
Finance (middle market cash flow loans), Business Credit (middle
market asset based lending), Real Estate (commercial real estate
lending), Equipment Finance (loan and lease financing to middle
market companies) and Asset Management.  As of Dec. 31, 2014, the
company had $2.8 billion in assets.  The company's stock is listed
on the NASDAQ under the ticker 'NEWS'.

Fitch has assigned these ratings with a Stable Outlook:

   -- Long-term Issuer Default Rating (IDR) at 'BB-';
   -- Short-term IDR at 'B';
   -- Proposed senior unsecured debt at 'BB-(EXP)';
   -- Subordinated debt rating at 'B'



NGPL PIPECO: Bank Debt Trades at 4% Off
---------------------------------------
Participations in a syndicated loan under which NGPL PipeCo LLC is
a borrower traded in the secondary market at 96.15
cents-on-the-dollar during the week ended Friday, April 17, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
of 1.00 percentage points from the previous week, The Journal
relates. NGPL PipeCo LLC pays 550 basis points above LIBOR to
borrow under the facility. The bank loan matures on May 4, 2017,
and carries Moody's Caa2 rating and Standard & Poor's CCC+ rating.
The loan is one of the biggest gainers and losers among 260 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended Friday.



NORTH LAS VEGAS, NV: Fitch Affirms 'B' Rating on LTGO Bonds
-----------------------------------------------------------
Fitch Ratings has affirmed the following North Las Vegas, NV (the
city) limited tax general obligations (LTGOs) at 'B':

  -- $129.7 million LTGO bonds (additionally secured by
     consolidated tax pledged revenues);

  -- $284.7 million LTGO water and wastewater improvement bonds
    (additionally secured by water and wastewater system pledged
    revenues).

The Rating Outlook is revised to Stable from Negative.

SECURITY

The bonds are backed by the full faith and credit of the city,
subject to Nevada's constitutional and statutory limitations on the
aggregate amount of ad valorem property taxes. As noted above the
bonds are additionally backed either by an irrevocable pledge of
and lien on certain consolidated tax revenues (15% of these
revenues) or by water/wastewater system net revenues.

KEY RATING DRIVERS

NEAR-TERM BUDGET BALANCE: The revision of the Outlook to Stable
reflects successful negotiation of labor concessions needed to
balance fiscal 2015 and 2016 budgets.

MEANINGFUL SOLUTIONS OUTSIDE CITY CONTROL: The 'B' rating continues
to reflect Fitch's view that the city has virtually no remaining
budget flexibility. Given tax caps and the scope of service cuts
already made, Fitch believes any meaningful solutions are outside
the city's control.

UTILITY PROVIDES CRUCIAL LIQUIDITY: Unrestricted balances in the
utility fund serve as the city's only meaningful source of
liquidity and are expected to be drawn down to just adequate levels
to support governmental operations over the intermediate term.

WEAK AND CONCENTRATED ECONOMY; FUTURE UNCERTAIN: The city and
region's economy were among the hardest hit in the U.S. by the
collapse of the housing market with a combined loss of 56% of
taxable assessed valuation (TAV). While TAV has rebounded some,
Fitch is concerned that long-term growth prospects are limited.

GROWING LONG-TERM LIABILITIES: Debt is high relative to the tax
base, amortization is slow and debt service is escalating in the
intermediate term. Carrying costs, including debt and retiree
liabilities, are expected to increase with rising debt and pension
payments.

NO ENHANCEMENT FOR ADDITIONAL PLEDGES: Fitch does not believe the
additional pledges of consolidated tax and water/wastewater
revenues provide sufficient additional strength to warrant higher
ratings than the level of the LTGO.

RATING SENSITIVITIES

DEFICIT REDUCTION: Positive rating action could result if the city
is able to develop a realistic strategy towards near-term deficit
reduction as well as a medium-term plan to address the required
reduction in utility transfers by fiscal 2021.

POTENTIAL FOR BONDHOLDER IMPAIRMENT: It appears that public
consideration of bondholder impairment has lessened in recent
months. A shift back towards permitting the impairment of
bondholders could result in a downgrade depending on Fitch's view
of the likelihood of advancement.

ECONOMIC VULNERABILITY: Fitch believes the economy is fragile
leaving the city ill-prepared to manage any further contractions. A
down cycle in the economy from this point would likely result in
further financial stress and a rating downgrade.

CREDIT PROFILE

North Las Vegas encompasses approximately 100 square miles in Clark
County with a population of 227,585. The city is approximately 43%
built out with a large quantity of undeveloped land. The city has
nearly doubled in population since 2000 but growth slowed with the
housing and economic downturn. The regional economy is dominated by
tourism and gaming which both experienced significant revenue and
employment declines but appear to be stabilizing.

SHORT-TERM FIXES REDUCE LIKELIHOOD OF STATE INVOLVEMENT

The likelihood of state intervention is reduced due in part to
agreements reached in spring 2014 with all four of the city's
unions as well as concessions for fiscal 2015 and 2016.

State law bars Nevada municipalities from filing for bankruptcy,
but allows for the state to become the receiver. The Nevada Tax
Commission could also eventually ask voters to approve
disincorporation. Current statute requires that taxes for bond
repayment continue to be levied under disincorporation. However,
under state receivership, the statute directs the state to
formulate a debt liquidation program.

According to press reports and city management, sentiment at the
state level regarding crafting a state-wide legislative solution to
encourage voluntary concessions by bondholders or other creditors
has diminished significantly since adoption of the fiscal 2015
budget.

STRUCTURAL IMBALANCE; HEALTHY UTILITY BALANCES SUPPORT LIQUIDITY

An updated seven-year forecast released in September 2014 is
largely unchanged from the prior forecast in that it indicates a
large and growing structural deficit even with heavy subsidies from
the utility funds. The forecast assumes only small revenue
increases as well as continued annual $32 million transfers from
the utility fund through fiscal 2020, after which the transfer is
required to be eliminated.

Such transfers have had a negative impact on the utility funds,
resulting in Fitch-calculated all-in debt service coverage of less
than 1x after transfers in two of the last five years. Unrestricted
utility cash balances have remained approximately $50 million the
three years ending fiscal 2014; however, they are projected to
decrease annually through fiscal 2019.

NEAR-TERM BUDGET BALANCE

The city's financial position has weakened as a result of several
years of large operating deficits averaging 7% through fiscal 2011.
After two years of minor surpluses fiscal 2014 ended with a $1.26
million deficit (1% of spending) resulting in an unrestricted
general fund balance of $7.8 million equal to the city's policy
requirement of 6% of spending. City Council reduced the required
level of reserves from 8% for just 2014 in order to use fund
balance as part of a $7.7 million 2014 settlement with the unions.
The settlement was related to a $25 million judgment rejecting the
city's fiscal 2013 and 2014 resolutions declaring a state of
emergency which suspended negotiated compensation increases. The
deficit was primarily due to payments related to a Nevada Supreme
Court ruling that the city owed $6.3 million to land developers
from wrongful pre-condemnation.

General fund fiscal 2014 year-end cash was less than half of
liabilities (less deferred revenue) for the fifth consecutive year.
Nominal cash increased about $2 million to $4.6 million; however,
liabilities increased due to the legal settlement. The city was
unable to refinance LTGO bonds in 2013 to provide liquidity;
however, the city has access to approximately $50 million in
utility funds (as of fiscal year-end 2014).

The adopted fiscal 2015 budget includes an additional drawdown of
$1.77 million, which would bring the general fund balance to about
5%; however, management anticipates ending at approximately 8%. The
city was able to pass the budget due to temporary budgetary relief
resulting from the union's agreement to defer drawing on
compensated absences in fiscal 2015 as well as $4.8 million in
previously planned hiring that will be delayed and $2.6 million in
departmental budget cuts.

VERY LIMITED REVENUE & EXPENDITURE FLEXIBILITY

Fitch believes the city retains virtually no additional expenditure
flexibility, having eliminated about 800 full-time equivalent
positions (35% since the peak in 2009) through attrition and
voluntary separation and layoffs. Management reports that the
city's current staffing level is unsustainable.

Meaningful revenue solutions are outside the city's control given
the estimated $1 million that could be generated by a property tax
increase, leaving the city dependent on economic growth to increase
its revenue base.

General fund revenues increased for the first time in fiscal 2014
after five consecutive years of declines. The revenue increase of
15.8% to $100.7 million not including utility transfers was
primarily due to improved consolidated tax revenues as well as
licenses and permits.

Revenues bottomed out in fiscal 2013 at $86.95 million, a drop of
47.2% since their fiscal 2008 peak, and remain just 61% of the peak
level. Property taxes continue to decline and are off 70% from
their peak, comprising only 7.4% of revenues compared to 17% in
fiscal 2009.

ELEVATED LONG-TERM LIABILITIES

In part due to the steep decline in TAV, overall debt levels
including the water and wastewater GO bonds are high at 6% of the
tax base. In addition, amortization is slow with only 33% of
principal retired within 10 years and an ascending debt service
schedule in the intermediate term.

Fitch estimates that carrying costs currently consume 20.7% of
governmental spending. The burden approximates full funding of the
actuarially required contribution to the state plan, which the
state does not currently require. Fitch expects the burden to
increase as both debt service and retirement benefit costs rise.

STRESSED ECONOMY

The city's tax base grew rapidly through fiscal 2009 before
declining 56% through fiscal 2013. It has since rebounded a
significant 38%, but remains about 60% of the 2009 peak. The city's
housing market continues to experience high foreclosure rates
relative to state and national averages as, despite recent
increases, home prices are still more than 40% below their 2006
peak. Fitch expects only gradual improvement at best and believes
economic contraction from this point would stress revenues and the
bond rating even further.

The city and regional economies are concentrated in gaming; most
major employers and taxpayers are hotel/casinos. Employment in the
city experienced a steep decline in 2010 but has since more than
recovered the jobs lost. Nonetheless, the city's unemployment rate
of 8% as of December 2014 was well above the county (6.9%), state
(6.7%), and nation (5.4%). Median household income is 6% above the
state and 14% above the nation, but per capita income is 20% below
both state and national averages.



NORTHERN MARIANA: Fitch Affirms BB- Rating on $29.2MM Revenue Bonds
-------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' rating on approximately $29.2
million of outstanding Commonwealth Ports Authority (CPA),
Commonwealth of the Northern Mariana Islands (CNMI), senior series
1998A & 2005A seaport revenue bonds.  The Rating Outlook is
Stable.

RATING RATIONALE

The rating reflects the essentiality of the ports to a small,
island economy amidst high exposure to economic volatility from
tourism and a nearly 100% import-based cargo operation.  The ports'
moderate coverage, increasing liquidity, and small capital plan
provide some mitigation to the potential impact of future
macroeconomic stresses.

KEY RATING DRIVERS

Revenue Risk: Volume – Weaker

   -- Concentrated but Vital Cargo Base: The seaports remain
      essential for the import of goods to an island economy;
      however, there is potential for stagnant operational trends
      due to CNMI's exposure to macroeconomic factors and its
      elevated dependence on a limited tourist base.  Volume
      stability is expected given that food and fuel related
      cargos account for approximately 60% of import-dependent
      revenue tonnage.

Revenue Risk: Price - Weaker

   -- Limited Pricing Power: CNMI's narrow economy and the overall

      recession limit management's economic flexibility to raise
      rates on seaport system tenants and users.  Following the
      last increase in 2009, the authority's focus has instead
      been on effective containment of operating expenses.

Infrastructure Development & Renewal - Midrange

   -- Modest Capital Plan: The authority's capital improvement
      plan is manageable in scope and is predominantly grant
      funded.  The remaining dollars are expected to come from
      internally generated funds with no future debt issuances
      currently anticipated.

Debt Structure- Stronger

   -- Conservative Capital Structure: The authority maintains 100%

      fixed-rate, fully amortizing debt.

   -- Moderate Leverage and Strong Liquidity: CPA currently
      maintains favorable leverage and liquidity metrics offset by

      modest coverage ratios.  Leverage of 2.6x net debt-to-cash
      flow available for debt service (CFADS), and balance sheet
      cash and reserves available for operating expenses equating
      to over 1,300 days cash on hand (DCOH) provide the CPA with
      some degree of flexibility to meet financial commitments in
      weak performing periods.  Further, coverage levels appear to

      have stabilized in the 1.3x-1.7x range with estimated fiscal

      2014 coverage of 1.68x.

   -- Peer Analysis: Palm Beach (FL), rated 'BBB-'/Outlook Stable,

      serves as a comparable U.S. peer in terms of small size,
      moderate debt service coverage and low leverage.  CPA has a
      less diversified revenue stream than Palm Beach while both
      have elevated exposure to economic volatility in their
      respective regions.  Paita (Peru), rated 'BB-'/Outlook
      Stable, serves as a global peer with a similar coverage
      level and regionally focused importance, but with higher
      leverage.

RATING SENSITIVITIES

Negative:

   -- A severely weakened underlying service area economy that
      results in the seaports' inability to maintain base cargo
      levels at or near current levels;

   -- Depressed debt service coverage levels resulting from
      declining operating revenues despite growth in revenue
      tonnage;

   -- A shift in the seaports' short-term liquidity and financial
      flexibility resulting from changes in operating expense
      management or pricing power.

Positive:

   -- Given the ports' limited operating profile and significant
      exposure to local economic factors, positive rating
      migration is not anticipated at present.

CREDIT UPDATE

CNMI's limited economy is subject to macroeconomic factors and a
diminished tourist base.  Its ports' revenue tonnage is now nearly
100% from imports and concentrated in two main commodities (fuel
and food), following the loss of the garment industry.
Collectively, fuel and food represent nearly 60% of all revenue
tonnage, possibly indicating that a shift in the operational
profile may be nearing completion and demonstrating the
essentiality of the ports to the islands' survival.  The islands
rely on the ports for all of their necessities, which should make
demand relatively stable given that imports should never decline to
a critical point.

Due to an increase in imports, total tonnage grew 20.2% to 427,539
metric tons.  The increase was largely driven by other commodities
which include dry goods and non-discretionary consumer goods,
resulting from an improving local economy.  This tonnage level
represents the largest since recessionary recovery began in 2010,
but is still only half of activity seen over a decade ago.

Fiscal 2014 unaudited operating revenues were up 12.7% as a result
of higher seaport fees and concession-based receipts.  In addition,
building on fiscal 2013's expense reduction of more than 11%,
management was able to reduce operating expenses by another 15.6%
in fiscal 2014 due to a consolidation of airport and seaport
property values.  Together, this resulted in estimated 2014 debt
service coverage of 1.68x, up from last year's 1.32x coverage. Debt
service coverage has stayed largely stable in the 1.3x-1.7x range
since fiscal 2009's rate increase and is forecast to remain there
in Fitch's base case.

In the past, management was reluctant to raise rates, which led to
rate covenant violations in 2007 and 2008.  Following that period,
actions on rates appear to have reversed the coverage deficit when
combined with the austerity measures on the expense side.  Fitch
notes, however, that should coverage levels decline as a result of
diminished operating revenues, especially in times when volume
levels are stable or improving, negative rating action could be
warranted.

CPA maintains fund balances of over $13 million related to the bond
indenture, in addition to $4.4 million of unrestricted funds, and
has increased DCOH (including reserves available for operating
expenses) to 1,323 days.  This liquidity provides some degree of
financial flexibility and translates to a steadily declining and
moderate net debt-to-CFADS of 2.6x.  Further, management does not
anticipate any future debt issuances at this time.

The authority's capital improvement plan is modest and primarily
grant funded with a 25% match required from the CPA.  Management
has stated that assessment of capital needs is on-going, primarily
anticipated for the ports of Rota and Tinian, and should not
include any major undertakings in excess of current financial
capacity.  Fitch notes that a more forward-looking capital plan
would be helpful in monitoring new projects and ensuring that any
necessary maintenance and/or projects are not being deferred.

SECURITY

The seaport bonds are secured solely by gross seaport revenues and
certain accounts established pursuant to the bond indenture.



NORTHERN MARIANA: Fitch Hikes Rating on $12MM Airport Bonds to 'B+'
-------------------------------------------------------------------
Fitch Ratings has upgraded Commonwealth Ports Authority (CPA),
Commonwealth of the Northern Mariana Islands' (CNMI) approximately
$12 million of outstanding senior series 1998A airport revenue
bonds to 'B+' from 'B-'.  The Rating Outlook has been revised to
Stable from Positive.

RATING RATIONALE

The upgrade reflects steady improvement in the airports' operating
profile resulting in high coverage, increased liquidity, and low
leverage, notably stronger than the distressed financial profile
that began in 2006.  The airports' ability to apply full PFC
collections as revenues has helped contribute to a substantial
reserve build-up and provides a critical buffer in the case of a
future significant economic downturn.  In addition, traffic
rebounded substantially in fiscal 2012 and appears to have
stabilized.

KEY RATING DRIVERS

Revenue Risk-Volume: Weaker

   -- Highly Volatile Enplanement Base: The airport system is an
      essential enterprise, serving as the gateway to and within
      the Mariana Islands.  The enplanement base of 542,744
      passengers is relatively small taking into account the
      overall population base and the island's more limited,
      weaker economy.  Traffic performance is potentially
      vulnerable to underlying economic stresses given the
      significant component of traffic tied to the tourism
      industry.

Revenue Risk-Price: Weaker

   -- Limited Cost Recovery: Rate setting practices with airlines
      are not clearly established and have been observed to be
      more reactive, based on financial pressures, than proactive.

      In Fitch's view, the airports' limited pricing power could
      constrain financial flexibility under an adverse operating
      environment.  Recent approval by the Federal Aviation
      Administration (FAA) to allow the airports to utilize 100%
      of passenger facility charge (PFC) collections for debt
      service provides enhanced cushion to manage revenue levels
      to support financial obligations while keeping airline costs

      stable.

Infrastructure Development & Renewal: Midrange

   -- Moderate Capital Plan: The authority's capital improvement
      plan is modest at $51 million through fiscal 2019 and
      predominantly funded through FAA grants with no future
      anticipated debt issuances.  To the extent that a
      significant portion of PFC revenue is needed for debt
      service, it could hamper the airports' ability to provide
      required matching funds and thus limit grant receipts.
      However this risk is partially mitigated by a substantial
      build-up of liquidity.

Debt Structure: Stronger

   -- Conservative Capital Structure: The authority maintains 100%

      fixed-rate, fully amortizing debt.  Annual debt service
      payments are essentially level and final maturity on the
      bonds is in 2028.

   -- Improving yet Volatile Financial Metrics: CPA generated a
      robust coverage ratio of 5.7x (4.2x without 100% PFCs as
      gross revenues) for fiscal 2014 (unaudited figures).  Still,

      coverage levels have greatly fluctuated over time and failed

      to meet the financial rate covenant test (1.25x) as recently

      as fiscal 2008.  The authority has reserves in excess of
      debt outstanding such that leverage is presently negative.
      The ability to treat all PFCs as revenues provides further
      stability and has helped grow Days Cash on Hand (DCOH)
      significantly over the past five years to 712 days in fiscal

      2014.

   -- Peer Analysis: Harrisburg (PA), rated 'BB+'/Outlook Stable,
      serves as a comparable peer in terms of a small hub with
      weaker revenue characteristics and high CPE in-line with
      CPA's.  Harrisburg has a more stable enplanement base than
      CPA due to a stronger MSA workforce, while CPA demonstrates
      higher coverage and significantly lower leverage.

RATING SENSITIVITIES

Positive:

   -- A more favorable rate setting mechanism as a result of the
      Ricondo rate study that ensures adequate financial stability

      independent of traffic performance;

   -- Continued improvements in the underlying service area
      economy and the airports' ability to maintain or grow its
      current traffic base;

   -- Sustained favorable trends in balance sheet liquidity and
      strong financial ratios (independent of the use of 100% of
      PFCs as gross revenues).

Negative:

   -- Material declines in enplanement volume or in coverage,
      resulting from increased operating expenses and/or the CPA
      Board's failure to sufficiently apply the full collection of

      PFCs as gross revenues;

   -- Identified longer-term capital projects that would rely on
      significant debt issuances for funding.

CREDIT UPDATE

The CPA airports are heavily reliant on tourism and leisure
travelers, creating an elevated degree of vulnerability to economic
recessions both within its narrow local market as well as to the
larger, neighboring Asian markets.  As a result, enplanements have
shown elevated fluctuations over time.  In fiscal 2014,
enplanements decreased marginally (approximately 1%). However,
year-to-date fiscal 2015 enplanements (through 5 months ended
February) are showing strong growth, up nearly 12% as a result of
new charter flights from China and Russia.  Saipan airport, the
authority's strongest and busiest airport retains demand from
international passengers and increased utilization.

Collectively, Delta Airlines and Asiana Airlines maintain their
dominance representing approximately half of the total air traffic.
However, this is down from a combined 58% for fiscal 2013 with
Delta's market share falling an estimated 5% in 2014 and Asiana's
falling by 2%.  Fitch notes that carrier demand for service at the
airports exists as seen in growth from Chinese and Russian markets
and from several existing and new airlines increasing their market
share.  Overall, service remains essential to this island economy
and management indicated that multiple airlines are looking to
begin or increase service levels.

The airports set rates under a residual methodology with its
carriers.  However, the CPA has shown a history of reluctance to
consistently pass through the full cost requirements given the
fragile economy and nature of the airline industry, negatively
impacting financial flexibility and resulting in past covenant
violations.  Management's actions in fiscal 2009 to increase
airline rates have resulted in improved net revenues with coverage
increasing well above the 1.25x requirement.  Unaudited fiscal 2014
coverage is expected to be close to 5.74x following 4.26x coverage
in the prior year, based on pledged revenues inclusive of all PFC
collections.  Providing somewhat of a consistent revenue stream to
help service debt, non-airline revenues have been relatively stable
over time and management continues to try to expand those sources.

Management is currently engaged with Ricondo and Associates to
complete an airlines rate study, expected by 2016, which will be
necessary to implement new rates and file an application for
further PFC collection beyond the current authorization level.
Fitch views this as a credit positive to the extent it brings
further stability to the operating profile and coverage levels.

Cost per enplanement (CPE) is estimated by Fitch at around $16.46
for fiscal 2014 and is expected to remain in that range barring any
wide swings in enplanements or changes to airline rates.  Fitch
notes that this level is similar to the new baseline CPE
established when airline rates went up in fiscal 2009.

CPA's overall leverage is reasonable given the operational profile
of the airports; however its net debt-to-cash flow available for
debt service (CFADS) is very low at -0.7x taking into account its
growing liquidity (712 DCOH), reserves, and ability to use all of
its PFCs as cash flow.  As a result of the airports' improved
operations, conservative capital structure, and flat debt service
profile, Fitch projects coverage to remain well above covenant
through a five-year forecast period, even when only the eligible
portion of PFCs for debt service are applied.

CPA's capital improvement plan through 2019 is modest at $51
million and 95% of the funding comes from FAA grants.  The largest
project is a $17 million Regional ARFF Training Facility that could
be a revenue-generating project for the airports.  Other projects
include: rehabilitating the 30 year old runway, repair of the
taxiway, Tower and Airport Fire Station, and various renovations to
the international and commuter terminal.  These are in addition to
several future anticipated projects.  Management indicated that no
future debt issuances are currently planned.

SECURITY

The series 1998A bonds are secured by a pledge of gross airport
revenues generated by the operations of the airports, including
Passenger Facility Charges eligible for payment of debt service.
Fitch notes that CPA Board Resolution No. 2011-01 now designates
all PFC Revenues as gross airport revenues.



OCEAN RIG: Bank Debt Trades at 16% Off
--------------------------------------
Participations in a syndicated loan under which Ocean Rig is a
borrower traded in the secondary market at 84.35 cents-on-the-
dollar during the week ended Friday, April 17, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported The
Wall Street Journal.  This represents an increase of 1.44
percentage points from the previous week, The Journal relates.
Ocean Rig pays 450 basis points above LIBOR to borrow under the
facility. The bank loan matures on July 17, 2021, and carries
Moody's withdrawn rating and Standard & Poor's B+ rating.  The loan
is one of the biggest gainers and losers among 260 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



OPTIM ENERGY: April 22 Hearing on DIP Financing Amendment No. 15
----------------------------------------------------------------
The Bankruptcy Court will convene a hearing on April 22, 2015, at
11:00 a.m., to consider Optim Energy, LLC, et al.'s motion to
approve Amendment No. 15 to their Senior Secured Debtor in
Possession Credit Agreement.

Pursuant to Amendment No. 15, the definition of "Letter of Credit
Sublimit" in the DIP Credit Agreement is modified (i) to reduce the
sublimit from $47 million to an amount equal to $44 million, and
(ii) to eliminate the credit support made available for Walnut
Creek Mining Company because the Debtors rejected the Walnut Creek
fuel supply agreement in 2014, there is no longer any need for the
credit support and the letter of credit previously issued for the
benefit of Walnut Creek has been terminated, undrawn, in accordance
with the Stipulation Resolving Emergency Motion Filed by Walnut
Creek Mining Company, filed on March 6, 2014.

According to the Debtors, absent approval of Amendment No. 15, the
DIP Facility will mature on May 12, 2015, prior to Plan
confirmation and the consummation of any potential sale in the
cases.

The Debtors believed, in their business judgment, that the
reduction to the Letter of Credit sublimit is beneficial to the
Debtors and their estates as more liquidity will be available to
the Debtors under the DIP Facility to fund postpetition operations.

A copy of Amendment No. 15 is available for free at:

  http://bankrupt.com/misc/OptimEnergy_807_16_amendDIPcredit.pdf

                        About Optim Energy

Optim Energy, LLC, and its affiliates are power plant owners
principally engaged in the production of energy in Texas's
deregulated energy market.  Optim owns and operates three power
plants in eastern Texas: the Twin Oaks plant in Robertson County,
Texas, the Altura Cogen plant in Harris County, Texas and the Cedar
Bayou plant in Chambers County, Texas.  The Altura and Cedar Bayou
plants are fueled by natural gas, and the third is coal-fired.

Optim Energy and its affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 14-10262) on Feb. 12, 2014.

The Debtors tapped Bracewell & Giuliani LLP and Morris, Nichols,
Arsht & Tunnell LLP as attorneys; Protiviti Inc. as restructuring
advisors; and Prime Clerk LLC as claims agent.

Optim Energy scheduled $6.95 million in assets and $717 million in
liabilities.  Optim Energy Cedar Bayou 4, LLC, disclosed
$184 million in assets and $718 million in liabilities as of the
Chapter 11 filing.  The Debtors have $713 million of outstanding
principal indebtedness.

On Feb. 27, 2014, Roberta A. DeAngelis, U.S. Trustee for Region 3,
notified the Bankruptcy Court that she was unable to appoint an
official committee of unsecured creditors in the Debtors' cases.
The U.S. Trustee explained that there were insufficient responses
to her communication/contact for service on the committee.



PACWEST BANCORP: Fitch Plans to Withdraw BB+ Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings plans to withdraw the ratings of PacWest Bancorp
(PACW), Pacific Western Bank and various trust preferred securities
issued by PACW's subsidiaries on or about May 15, 2015, for
business reasons.

Fitch currently rates PacWest Bancorp, Pacific Western Bank and the
various trust preferred securities as:

PacWest Bancorp
   -- Long-term IDR at 'BB+';
   -- Short-term IDR at 'B';
   -- Senior unsecured revolving credit facility 'BB+';
   -- Viability Rating at 'bb+';
   -- Support at '5';
   -- Support floor at 'NF'.

Pacific Western Bank
   -- Long-term IDR at 'BB+';
   -- Long-term deposits at 'BBB-';
   -- Short-term IDR at 'B';
   -- Short-term deposits at 'F3'
   -- Viability Rating at 'bb+';
   -- Support at '5';
   -- Support floor at 'NF'.

First Community/CA Statutory Trust V, VI
Community (CA) Capital Statutory Trust II, III
First Community Bancorp/CA Statutory Trust VII
First California Capital Trust I
FCB Statutory Trust I
CapitalSource Trust Preferred Securities
   -- Trust preferred stock 'BB-'.

The Rating Outlook is Stable.

Fitch reserves the right in its sole discretion to withdraw or
maintain any rating at any time for any reason it deems sufficient.
Fitch believes that investors benefit from increased rating
coverage by Fitch and is providing approximately 30 days' notice to
the market on the withdrawal of the above ratings.

Fitch's last rating action on PACW and its various subsidiaries
occurred on April 7, 2015.



PARAGON OFFSHORE: Bank Debt Trades at 31% Off
---------------------------------------------
Participations in a syndicated loan under which Paragon Offshore is
a borrower traded in the secondary market at 69.18
cents-on-the-dollar during the week ended Friday, April 17, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
of 1.55 percentage points from the previous week, The Journal
relates.  The Company pays 275 basis points above LIBOR to borrow
under the facility.  The bank loan matures on July 14, 2021, and
carries Moody's Ba1 rating and Standard & Poor's BB+ rating.  The
loan is one of the biggest gainers and losers among 260 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended Friday.



PARK 91 LLC: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Park 91 LLC
        1145 Park Avenue
        New York, NY 10128

Case No.: 15-10957

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: April 17, 2015

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

Judge: Hon. James L. Garrity Jr.

Debtor's Counsel: Scott S. Markowitz, Esq.
                  TARTER KRINSKY & DROGIN LLP
                  1350 Broadway, 11th Floor
                  New York, NY 10018
                  Tel: (212) 216-8000
                  Fax: 212-216-8001
                  Email: smarkowitz@tarterkrinsky.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $1 million to $10 million

The petition was signed by Michael Gardner, managing member.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.


PATRIOT COAL: Said to Be Working With Kirkland, Alvarez
-------------------------------------------------------
Matt Jarzemsky, writing for The Wall Street Journal, reported
that people familiar with the matter said Patriot Coal Corp. is
working with restructuring advisers to address its capital
structure amid continued decline in the coal industry.

Sources told WSJ that the company, based in Scott Depot, W.Va.,
is working with lawyers at Kirkland & Ellis and financial
advisers at Alvarez & Marsal and Centerview Partners.

Companies hire restructuring advisers to explore options for
raising money, selling assets or cutting debt through out-of-
court transactions or bankruptcy filings. It isn't clear which
options Patriot is considering, the Journal noted.

                        About Patriot Coal

Patriot Coal Corporation is a producer and marketer of coal in
the eastern United States, with 8 active mining complexes in
Northern and Central Appalachia. Patriot ships to domestic and
international electricity generators, industrial users and
metallurgical coal customers, and controls approximately 1.4
billion tons of proven and probable coal reserves.

Patriot Coal and nearly 100 affiliates filed voluntary Chapter 11
petitions in U.S. bankruptcy court in Manhattan (Bankr. S.D.N.Y.
Lead Case No. 12-12900) on July 9, 2012, listing $3.57 billion of
assets and $3.07 billion of debts.  It arranged $802 million of
financing to continue operations during the reorganization.

Davis Polk & Wardwell LLP served as lead restructuring counsel in
the 2012 case.  Bryan Cave LLP served as local counsel to the
Debtors.  Blackstone Advisory Partners LP acted as financial
advisor, and AP Services, LLC provided interim management
services to Patriot in connection with the reorganization.  Ted
Stenger, a Managing Director at AlixPartners LLP, the parent
company of AP Services, served as Chief Restructuring Officer of
Patriot, reporting to the Chairman and CEO.  GCG, Inc. served as
claims and noticing agent.

The U.S. Trustee appointed a seven-member creditors committee.  
Kramer Levin Naftalis & Frankel LLP served as its counsel.  
Houlihan Lokey Capital, Inc., served as its financial advisor and
investment banker.  Epiq Bankruptcy Solutions, LLC, served as its
information agent.

On Nov. 27, 2012, the New York bankruptcy judge moved Patriot's
bankruptcy case to St. Louis.  The order formally sending the
reorganization to Missouri was signed Dec. 19, 2012, by the
bankruptcy judge.  The New York Judge in a Jan. 23, 2013 order
denied motions to transfer the venue to the U.S. Bankruptcy Court
for the Southern District of West Virginia.

Patriot Coal filed with the U.S. Bankruptcy Court for the Eastern
District of Missouri a First Amended Joint Chapter 11 Plan of
Reorganization and an explanatory disclosure statement on Oct. 9,
2013, and a Second Amended Joint Chapter 11 Plan of
Reorganization and an explanatory disclosure statement on Oct.
26, 2013.  The Bankruptcy Court approved the Plan on Dec. 17,
2013.  Patriot Coal emerged from bankruptcy, turning over most of
the ownership of the company to bondholders that include New York
hedge fund Knighthead Capital Management LLC.

                      *     *     *

The Troubled Company Reporter, on Jan. 16, 2015, reported that
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Scott Depot, W.Va.-based coal producer Patriot
Coal Corp. to 'B-' from 'B'.  The outlook is negative.  At the
same time, S&P lowered its issue-level rating on the company's
senior secured debt to 'B' from 'B+'.  The recovery rating
remains '2', indicating S&P's expectation of a substantial (70%-
90%) recovery in the event of a payment default.

"Patriot's recently announced asset and coal supply agreement
rights sales to Alliance Resource Partners, L.P. support S&P's
belief that Patriot is reasonably likely to meet its financial
commitments over the next year and underpins the 'B-' rating.  
However, as indicated by the negative outlook, the prospects for
a sustainable cost structure that supports positive free cash
flow generation remain unclear," S&P said.

The TCR, on Nov. 28, 2014, reported that Moody's downgraded the
ratings of Patriot Coal, including the corporate family rating
(CFR) to Caa1 from B3, probability of default rating (PDR) to
Caa1-PD from B3-PD, and the rating on the senior secured term
loan to Caa1 from B3. Moody's also lowered the speculative grade
liquidity (SGL) rating to SGL-4 from SGL-3. The outlook is
negative.


PEREGRINE FINANCIAL: US Bank Settles $200M Theft Suit
-----------------------------------------------------
Law360 reported that commodities broker Fintec Group Inc. and U.S.
Bank NA have settled a proposed class action claiming the bank
helped cover up a former Peregrine Financial Group CEO's misuse of
over $200 million in customer funds.

According to the report, Law360 the two parties notified an
Illinois federal court on Friday that they both stipulated to
dismissal, and the action was officially dismissed Monday.  The
suit was brought on behalf of companies that had independent
introducing broker agreements with the now-bankrupt Peregrine.

                     About Peregrine Financial

Peregrine Financial Group Inc. filed to liquidate under Chapter 7
of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 12-27488)
on July 10, 2012, disclosing between $500 million and $1 billion
of assets, and between $100 million and $500 million of
liabilities.

Earlier that day, at the behest of the U.S. Commodity Futures
Trading Commission, a U.S. district judge appointed a receiver and
froze the firm's assets.  The firm put itself into bankruptcy
liquidation in Chicago later the same day.  The CFTC had sued
Peregrine, saying that more than $200 million of supposedly
segregated customer funds had been "misappropriated."  The CFTC
case is U.S. Commodity Futures Trading Commission v. Peregrine
Financial Group Inc., 12-cv-5383, U.S. District Court, Northern
District of Illinois (Chicago).

Peregrine's CEO Russell R. Wasendorf Sr. unsuccessfully attempted
suicide outside a firm office in Cedar Falls, Iowa, on July 9,
2012.

The bankruptcy petition was signed in his place by Russell R.
Wasendorf Jr., the firm's chief operating officer. The resolution
stated that Wasendorf Jr. was given a power of attorney on July 3
to exercise if Wasendorf Sr. became incapacitated.

Peregrine Financial is the regulated unit of the brokerage
PFGBest.



PERKINS & PERKINS: Case Summary & 14 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Perkins & Perkins Farms
        P O Box 466
        Franklin, KY 42135

Case No.: 15-10383

Chapter 11 Petition Date: April 16, 2015

Court: United States Bankruptcy Court
       Western District of Kentucky (Bowling Green)

Judge: Hon. Joan A. Lloyd

Debtor's Counsel: Sandra D. Freeburger, Esq.
                  DEITZ SHIELDS & FREEBURGER, LLP
                  101 First Street
                  P. O. Box 21
                  Henderson, KY 42419-0021
                  Tel: 270-830-0830
                  Email: sfreeburger@dsf-atty.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Andy Perkins, partner.

A list of the Debtor's 14 largest unsecured creditors is available
for free at http://bankrupt.com/misc/kywb15-10383.pdf


PETTERS COMPANY: Trustee OK'd to Incur Additional $3M PGW Cash
--------------------------------------------------------------
The U.S. Bankruptcy Court authorized Douglas A. Kelley, the Chapter
11 trustee for Petters Company, Inc., et al., to use cash
collateral of Petters Group Worldwide, LLC, until December 2016.

The Trustee and the Official Committee of Unsecured Creditors, in a
fifth motion, requested that the Court authorize the use of
additional cash collateral of PGW of up to $3,000,000 on or prior
to
Dec. 31, 2016, for payment of ongoing and necessary postpetition
expenses of the PGW Bankruptcy Estate, including litigation
expenses and court-approved and allowed administrative fees and the
expenses of professionals employed by the trustee and the Committee
pursuant to Section 363(c)(2) of the Bankruptcy Code.

On the Petition Date, Petters Worldwide had virtually no available
cash funds, and has since generated funds mostly from the
disposition of various assets and recover on claims in related
bankruptcy proceedings.

As adequate protection from any diminution in value of the lender's
collateral, the Trustee will grant replacement liens in all
postpetition assets of Petters Worldwide, including avoidance
actions and other rights to payment arising under Chapter 5 of the
Bankruptcy Code.

The Trustee is represented by:

         James A. Lodoen, Esq.
         George H. Singer, Esq.
         Jeffrey D. Smith, Esq.
         LINDQUIST & VENNUM LLP
         4200 IDS Center
         80 South 8th Street
         Minneapolis, MN 55402
         Tel: (612) 371-3211
         Fax: (612) 371-3207
         E-mail: jlodoen@lindquist.com
                 gsinger@lindquist.com
                 jsmith@lindquist.com

The Committee is represented by:

         David E. Runck, Esq.
         FAFINSKI MARK & JOHNSON, P.A.
         400 Flagship Corporate Center
         775 Prairie Center Drive
         Eden Prairie, Minnesota 55344
         Tel: (952) 995-9500
         Fax: (952) 995-9577
         E-mail: David.Runck@fmjlaw.com

                      About Petters Company

Based in Minnetonka, Minn., Petters Group Worldwide LLC is a
collection of some 20 companies, most of which make and market
consumer products.  It also works with existing brands through
licensing agreements to further extend those brands into new
product lines and markets.  Holdings include Fingerhut (consumer
products via its catalog and Web site), SoniqCast (maker of
portable, WiFi MP3 devices), leading instant film and camera
company Polaroid (purchased for $426 million in 2005), Sun Country
Airlines (acquired in 2006), and Enable Holdings (online
marketplace and auction for consumers and manufacturers' overstock
inventory).  Founder and chairman Tom Petters formed the company
in 1988.

Petters Company, Inc., is the financing and capital-raising unit
of Petters Group Worldwide.

Thomas Petters, the founder and former CEO of Petters Group, has
been indicted and a criminal proceeding against him is proceeding
in the U.S. District Court for the District of Minnesota.

Petters Company, Petters Group Worldwide and eight other
affiliates filed separate petitions for Chapter 11 protection
(Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008.  In its
petition, Petters Company estimated its debts at $500 million and
$1 billion.  Parent Petters Group Worldwide estimated its debts at
not more than $50,000.

Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed separate petitions for Chapter 11 bankruptcy
protection (Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and
08-35198) on Oct. 6, 2008.  Petters Aviation is a wholly owned
unit of Thomas Petters Inc. and owner of MN Airline Holdings, Sun
Country's parent company.

The Official Committee of Unsecured Creditors is represented by:
David E. Runck, Esq., Lorie A. Klein, Esq., at FAFINSKI MARK &
JOHNSON, P.A.

Trustee Douglas A. Kelley is represented by James A. Lodoen, Esq.,
Mark D. Larsen, Esq., Kirstin D. Kanski, Esq., Adam C. Ballinger,
Esq., at Lindquist & Vennum LLP.


PULSE ELECTRONICS: Suspending Filing of Reports with SEC
--------------------------------------------------------
Pulse Electronics Corporation has suspended its reporting
obligations under Section 15(d) of the Securities Exchange Act of
1934, as amended, by filing a Form 15 with the Securities and
Exchange Commission on April 15, 2015.  

                     About Pulse Electronics

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

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

Pulse Electronics incurred a net loss of $32.9 million for the year
ended Dec. 26, 2014, compared to a net loss of $27.02 million for
the year ended Dec. 27, 2013.

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


RADIOSHACK CORP: To Sell North American Trademarks by Mid-May
-------------------------------------------------------------
Bill Rochelle, bankruptcy columnist for Bloomberg News, reports
that RadioShack Corp. has plans to sell the remainder of its
trademarks along with its franchise network by mid-May.  RadioShack
wants to hold a May 11 auction for the trademarks.  If the judge
agrees at an April 28 hearing, bids will be due initially by May 1.
The hearing for sale approval is tentatively set for May 15.

The report notes that the sale of intellectual property is intended
to include customer information.  RadioShack already has a consumer
privacy ombudsman and pledged to work with state regulators to
ensure there's no violation of law or regulations protecting
customer privacy.

                    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.

The U.S. Trustee has appointed seven members to the Official
Committee of Unsecured Creditors.

                           *     *     *

RadioShack in April 2015 got approval to sell about 1,700 stores
along with operations in Mexico and trademarks for the Middle East.



REVEL AC: Buyer Left in Dark as Plant Owner Ducks TRO Bid
---------------------------------------------------------
Law360 reported that real estate tycoon Glenn Straub tried and
failed on April 10 to obtain a court order compelling the Revel
Casino Hotel's power supplier to turn the lights back on at the
shuttered resort amid an escalating utility contract standoff, the
energy company's attorney said.

                     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.



REVEL AC: Faces Hearing on Ch. 11 Service Value
-----------------------------------------------
Law360 reported that the judge presiding over the Revel Casino
Hotel's bankruptcy indicated on April 13 she would soon consider
whether to chop down the defunct property's liability to its
troubled utility supplier, a lingering dispute reappearing amid a
contract standoff with the Revel's new owner.

                           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.



ROLLING RIDGE: Case Summary & 14 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Rolling Ridge Farms
        P O Box 486
        Franklin, KY 42135

Case No.: 15-10384

Chapter 11 Petition Date: April 16, 2015

Court: United States Bankruptcy Court
       Western District of Kentucky (Bowling Green)

Judge: Hon. Joan A. Lloyd

Debtor's Counsel: Sandra D. Freeburger, Esq.
                  DEITZ SHIELDS & FREEBURGER, LLP
                  101 First Street
                  P. O. Box 21
                  Henderson, KY 42419-0021
                  Tel: 270-830-0830
                  Email: sfreeburger@dsf-atty.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Andy Perkins, partner.

A list of the Debtor's 14 largest unsecured creditors is available
for free at http://bankrupt.com/misc/kywb15-10384.pdf


RUE21 INC: Bank Debt Trades at 10% Off
--------------------------------------
Participations in a syndicated loan under which Rue21 Inc. is a
borrower traded in the secondary market at 90.15 cents-on-the-
dollar during the week ended Friday, April 17, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents an increase of 1.65
percentage points from the previous week, The Journal relates.
Rue21 Inc. pays 475 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Sept. 30, 2020 and carries
Moody's B3 rating and Standard & Poor's B- rating.  The loan is one
of the biggest gainers and losers among 260 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.




SARKIS INVESTMENT: Keen-Summit to Take Over GA Keen Work
--------------------------------------------------------
Sarkis Investments Company, LLC, asks the Bankruptcy Court for
authorization and approval the assignment of the approved retention
of the employment of GA Keen Realty Advisors to its successor and
assignee Keen-Summit Capital Partners LLC, as real estate broker to
the Debtor to sell the Debtor's principal asset -- i.e. the real
property commonly known as 3550 Porche Way, 3640 Porsche Way, 3660
Porsche Way, 3700 Inland Empire Boulevard, and 3760 Inland Empire
Boulevard, Ontario, CA.

The retention agreement provides that the Debtor will provide a
$27,000 advance to GA Keen for marketing expenses associated with
the listing and advertising of the property, which advance will not
be paid from any cash collateral of MSCI.  The marketing advance
has not yet been paid to GA Keen.

              About Sarkis Investments Company, LLC

Sarkis Investments Company, LLC, filed a Chapter 11 petition
(Bankr. C.D. Cal. Case No. 13-29180) on July 29, 2013.  Sarkis
owns
and leases several parcels of commercial real property in Ontario,
California: 3550 Porsche Way; 3640 Porsche Way; 3660 Porsche Way;
3700 Inland Empire Blvd; and 3760 Inland Empire Blvd.

Judge Robert Kwan presides over the case.  Pamela Muir signed the
petition as manager.  The Debtor estimated assets and debts of at
least $10 million.  Ashley M. McDow, Esq., at Baker & Hostetler,
LLP, serves as the Debtor's counsel.

Patrick Galentine was appointed by a state court as receiver for
the Debtor's assets.  The receiver is represented by Reed Waddell,
Esq., at Frandzel Robins Bloom & Csato, LC.

MSCI 2007-IQ13 Ontario Retail Limited Partnership, which initiated
the receivership proceedings against Sarkis in state court, is
represented by Ron Oliner, Esq., at Duane Morris LLP.

In April 2014, the Debtor filed a Second Amended Reorganization
Plan and disclosure statement.  The Debtors seeks to accomplish
payments under the plan by paying creditors on account of their
allowed claims in full over time from cash flows generated from
future operations or the proceeds from the sale of the Company or
the properties.



SCHMIDT LAND: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Schmidt Land Services, Inc.
        201 North Bryant
        Pleasanton, TX 78036

Case No.: 15-50952

Chapter 11 Petition Date: April 16, 2015

Court: United States Bankruptcy Court
       Western District of Texas (San Antonio)

Judge: Hon. Ronald B. King

Debtor's Counsel: Dean William Greer, Esq.
                  2929 Mossrock, Suite 117
                  San Antonio, TX 78230
                  Tel: 210-342-7100
                  Fax: 210-342-3633
                  Email: dwgreer@sbcglobal.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Walker Schmidt, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txwb15-50952.pdf


SCS HOLDINGS: S&P Affirms B+ Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
corporate credit rating on San Antonio, Texas-based SCS Holdings I
Inc. The rating outlook is stable.

S&P said, "At the same time, we affirmed our 'BB-' issue-level
rating on the company's $295 million first-lien term loan
(including a $35 million incremental issuance) due 2018. The
recovery rating remains '2', indicating our expectation for
substantial recovery (70%-90%; higher half of the range)  of
principal in the event of payment default."

"Our corporate credit rating on SCS Holdings reflects our view of
the company's business risk profile as 'weak' and its financial
risk profile as 'aggressive,'" said Standard & Poor's credit
analyst James Thomas.

"Our assessments incorporate the company's limited scale in a
competitive, fragmented industry and its financial sponsor
ownership, which we believe will preclude sustained deleveraging,"
he added.

The stable outlook reflects S&P's expectation that SCS Holdings I
Inc. and its wholly owned subsidiary, Sirius Computer Solutions
Inc., will maintain modest revenue growth and consistent
profitability in the near term.

"We could lower the rating if U.S. corporate IT spending declines,
leading to increased competition and diminished operating earnings,
such that leverage is sustained above 5x or funds from operations
to debt approaches single-digit percentages," said S&P.

A higher rating is unlikely over the next year because S&P believes
that the company's ownership structure is likely to prevent
sustained deleveraging.



SEADRILL LTD: Bank Debt Trades at 20% Off
-----------------------------------------
Participations in a syndicated loan under Seadrill Ltd is a
borrower traded in the secondary market at 80.13 cents-on-the-
dollar during the week ended Friday, April 17, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents an increase of 0.88
percentage points from the previous week, The Journal relates.
Seadrill Ltd pays 300 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Feb. 17, 2021.  The bank debt
carries Moody's B2 and Standard & Poor's B rating.  The loan is one
of the biggest gainers and losers among 260 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



SIMPLY FASHION: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

    Debtor                                          Case No.
    ------                                          --------
    Adinath Corp.                                   15-16885
    2110 N.W. 95th Avenue
    Miami, FL 33172

    Simply Fashion Stores, Ltd.                     15-16888       
          
       dba Fashion Trend
       dba Dots
       dba Simply Fashions
    2500 Crestwood Boulevard
    Birmingham, AL 35210

Type of Business: Fashion retailer

Chapter 11 Petition Date: April 16, 2015

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Hon. Laurel M Isicoff

Debtors' Counsel: Paul Steven Singerman, Esq.
                  BERGER SINGERMAN LLP
                  1450 Brickell Ave #1900
                  Miami, FL 33131
                  Tel: (305) 755-9500
                  Fax: 305.714.4340
                  Email: singerman@bergersingerman.com

Debtors'          KAPILAMUKAMAL, LLP
Chief
Restructuring
Advisors:

Debtors'          PRIME CLERK LLC
Notice, Claims
and Solicitation
Agent:

                                        Estimated    Estimated
                                         Assets     Liabilities
                                       ----------   -----------
Adinath Corp.                          $0-$50,000    $0-$50,000
Simply Fashion                         $10MM-$50MM   $10MM-$50MM

The petition was signed by Soneet R. Kaplia, chief restructuring
officer.

List of Simply Fashion Stores, Ltd.'s 20 Largest Unsecured
Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Louise Paris, Ltd.                      Vendor         $418,838
1407 Broadway, Suite 1405
New York, NY 10018

Olem Shoe Corp.                         Vendor         $318,961
P.O. Box 013168
Miami, FL 33101

Panties Plus, Inc.                      Vendor         $262,005
320 5th Avenue, 2nd Floor
New York, NY 10001

Vibes Sportswear/Tee Dees, Inc.         Vendor         $211,041

Tess Sportswear, Ltd.                   Vendor         $191,321

U.S. Bank Equipment Finance Corp.       Vendor         $168,733

Amiee Lynn, Inc.                        Vendor         $107,869

BMGM Co./Honeycomb Kidz                 Vendor         $105,172

J & L Footwear, Inc.                    Vendor          $94,800

Edisto Village-Orangeburg, LLC          Vendor          $91,533

VIP's Jeans                             Vendor          $87,527

Econoco Corporation (Sellutions)        Vendor          $82,365

Bena J, Inc.                            Vendor          $78,938

Nana/Mango USA                          Vendor          $78,012

Dreamwear, Inc.                         Vendor          $77,662

Motivic, Inc.                           Vendor          $73,182

Carol For Eva Graham, Inc.              Vendor          $72,556

Lux Accessories                         Vendor          $70,781

Active Footwear, Inc.                   Vendor          $69,728

Chateau International, Inc.             Vendor          $60,085


SIMPLY FASHION: Files for Bankruptcy to Liquidate Chain
-------------------------------------------------------
Simply Fashion Stores Ltd., a 250-store Women's clothing chain,
sought bankruptcy protection with plans to liquidate its assets,
absent higher and better offers.

Unless a better offer comes out, Simply Fashion intends to close a
deal that would let Hilco Merchant Resources, LLC and Gordon
Brothers Retail Partners, LLC, liquidate substantially all assets
of the Debtor.  Hilco/Garen has guaranteed Simply Fashion a return
of 27.5% of the aggregate retail price of merchandise to be
included in the store closing sales.

During the bidding process leading up to the auction, Simply
Fashion will consider [other] bids for any or all assets, and
reserve the right to sell separate assets or groups of assets to
various bidders in order to maximize the value generated for the
Debtor's estate.

Simply Fashion, however, is proposing a quick auction process.  It
proposes an auction to select offers for the assets on April 28,
2015, with an April 27 deadline for initial bids.

The family-run company, founded in 1991, built its business by
taking advantage of fire sales in retail bankruptcies.  Simply
Fashion got its start after buying 100 store leases through the
bankruptcy (Bankr. D. Ala.) of a retailer, Amret, Inc., doing
business as "Simply 6", which sold clothing for $6 or less.  Simply
Fashion also acquired 20 leases from the Pic 'N Pay Stores, Inc.
bankruptcy case, which was commenced in 1996 (Bankr. D. Del.).  In
2005, it acquired 80 leases from the bankruptcy case (Bankr.
E.D.N.Y.) of Norstan Apparel Shops, Inc., which operated under the
brand name of "Fashion Cents".  In June 2014, Simply Fashion became
a licensee of the intellectual property of Dots, LLC ("DOTS") from
an affiliated entity that acquired the intellectual property from
the DOTS bankruptcy estate (Bankr. D.N.J.), and as a result, the
Debtors opened in excess of 60 DOTS stores.

As of the Petition Date, Simply Fashion employs a total of 1,332
employees, of which 607 are full time employees and 725 are part
time employees.

Simply Fashion relies heavily on February and March sales, and its
clientele spending their income tax refunds on purchases at its
stores.  In 2015, due to unseasonably cold weather, as well as an
overall decrease in the income tax refunds received by its
clientele, Simply Fashion failed to meet its sales projections.

                      Goal of Chapter 11 Case

The Debtors commenced the Chapter 11 cases in order to preserve and
maximize their enterprise value for the benefit of their consumers,
their secured creditors, their vendors and other unsecured
creditors, and their employees.  The Debtors' immediate objective
is to stabilize their operations and to work with interested
parties to obtain a sale of their for the benefit of their
customers, their secured creditors, their employees, their vendors,
and their other unsecured creditors.

The Debtors are pursuing a process to maximize value and returns
for all constituencies, whereby the Debtors will seek approval of a
form of "stalking horse" agreement with Hilco Merchant Resources
and Gordon Brothers Retail Partners.  The stalking horse agreement
seeks approval of the stalking horse as agent for the liquidation
of substantially all of the Debtors' assets, subject to higher and
better offers at an auction.  As part of this process, the Debtors
anticipate that some locations will be forced to close.  The
Debtors' exact plan will be refined in connection with and as a
result of negotiations that are occurring and ongoing with the
stalking horse and other potential purchasers and other interested
parties.

Sara Randazzo, writing for The Wall Street Journal, reported that
the company owes $9 million in secured debt to two of its owners,
Swapnil Shah and Shail Shah. Its unsecured debts include $400,000
owed to IberiaBank, $3.7 million in general unsecured claims and
$9.9 million in unsecured debt owed to insiders.

The Shahs are offering to finance Simply Fashion's bankruptcy with
financing of up to $1.25 million.

                        First Day Motions

The Debtors on the Petition Date filed motions to:

   -- continue using their existing cash management system;
   -- continue their insurance policies;
   -- maintain their customer programs;
   -- reject certain unexpired leases;
   -- pay employee wages and benefits;
   -- pay prepetition sales and use taxes;
   -- grant adequate assurance of payment to utilities; and
   -- use cash collateral and access DIP financing.

A hearing is scheduled for April 20, 2015 at 3:00 p.m. at C. Clyde
Atkins U.S. Courthouse, 301 N Miami Ave Courtroom 8 (LMI), Miami,
Florida.

The Debtors have sought and obtained an order granting joint
administration of their Chapter 11 cases.

A copy of the affidavit in support of the First Day Motions is
available for free at:

    http://bankrupt.com/misc/Adinath_1st_Day_Affidavit.pdf

                       About Simply Fashion

Owned by the Shah family, Simply Fashion has 247 stores in 25
states across the country in major markets such as Detroit, Miami,
New Orleans, St. Louis, Chicago, Atlanta, Baltimore, Nashville and
Dallas. Founded in 1991, Simply Fashion is primarily a brick and
mortar retailer of Junior, Plus and Super Plus women's fashion
catering to African-American women between the ages of 25 and 55,
with locations in 25 states.  

Adinath Corp. is the general partner of Simply Fashion.  It is
owned 100% by Bhavana Shah.

On April 16, 2015, Adinath and Simply Fashion Stores, Ltd. each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy Court
for the Southern District of Florida.  The cases are pending before
the Honorable Laurel M. Isicoff, and the Debtors have requested
joint administration of the cases under Case No. 15-16885.

The Debtors have tapped Berger Singerman LLP as counsel;
KapilaMukamal, LLP, as restructuring advisor; and Prime Clerk LLC
as claims and noticing agent.  Soneet Kapila serves as the
company's chief restructuring officer.


SOLAR POWER: Amends Third Quarter 2014 Form 10-Q
------------------------------------------------
Solar Power, Inc. has amended its quarterly report on Form 10-Q  to
restate its consolidated balance sheets as of Sept. 30, 2014, and
consolidated statements of operations, comprehensive loss, and cash
flows for the three-month and nine-month periods ended Sept. 30,
2014.

"Based on our review, we determined that we inappropriately
recognized revenue related to the sale of a solar project in the
U.S. for the three-month period ended September 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
we do not retain a substantial continuing involvement with the
property," the Company said in the filing.

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, the Company maintained.  

The Company's total consolidated assets decreased by $576,000 to
$112.28 million as of Sept. 30, 2014.

Consolidated net loss for the three months ended Sept. 30, 2014,
increased by $576,000 to $8.28 million and consolidated loss for
the nine months ended Sept. 30, 2014, increased by $576,000 to
$10.45 million.

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

                        http://is.gd/1AFf0y

                         About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility 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 $32.2 million in 2013 and a net loss of $25.4 million in
2012.  As of Dec. 31, 2014, the Company had $588 million in total
assets, $326 million in total liabilities, and $262 million in
total stockholders' equity.


SOLAR POWER: To Acquire 100% Interest in Solar Projects for $8.8M
-----------------------------------------------------------------
SPI Solar Japan G.K., a wholly owned subsidiary of Solar Power,
Inc., entered into a GK interest sale and purchase agreement to
acquire 100% of the interest in approximately 30 megawatts (MW) of
solar PV projects in Japan from with Re Capital K.K., a subsidiary
of China-based China Reinsurance (Group) Corporation, for an
aggregate consideration of US$8,800,000, including (i) US$3,300,000
by cash and (ii) US$5,500,000 by equivalent value of shares of
common stock of the Company.  The acquisition is subject to several
customary closing conditions.

                Transaction with ZBB Energy Corporation

On April 17, 2015, the Company and ZBB Energy Corporation entered
into a securities purchase agreement pursuant to which ZBB Energy
will issue and sell to the Company for an aggregate purchase price
of $33,390,000 a total of (i) 8,000,000 shares of the Seller's
common stock and (ii) 28,048 shares of the Seller's Series C
Convertible Preferred Stock.  The aggregate purchase price for the
Purchased Common Shares was based on a purchase price per share of
$0.6678 and the aggregate purchase price for the Purchased
Preferred Shares was determined based on price of $0.6678 per
common equivalent.

The Purchased Preferred Shares were sold for $1000 per share and
are convertible at a conversion price of $0.6678, prepaid at
closing the transaction.

The closing of the Purchase Agreement is expected to take place
following satisfaction of various closing conditions, including
obtaining the approval of the Seller's shareholders.

The Purchase Agreement also contemplates that:

   (i) the Company will be issued a warrant to purchase 50,000,000
       shares of Common Stock for an aggregate purchase price of
       $36,729,000 and a per share exercise price equal to
       $0.7346;

  (ii) the Company will be entering into a supply agreement with
       the Seller pursuant to which the Company will purchase and
       the Seller will sell certain products and services offered
       by the Seller from time to time, including certain energy
       management system solutions for solar projects; and

(iii) the Company will be entering into a governance agreement
       with the Seller at the closing of the transactions
       contemplated by the Purchase Agreement, pursuant to which
       the Company is entitled to nominate one director to the
       Seller's board of directors for so long as the Company
       holds at least 10,000 Purchased Preferred Shares or 25
       million shares of Common Stock or Common Stock equivalents.


                          About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility 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 $32.2 million in 2013 and a net loss of $25.4 million in
2012.  As of Dec. 31, 2014, the Company had $588 million in total
assets, $326 million in total liabilities, and $262 million in
total stockholders' equity.


SOUTH I-90: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: South I-90 Limited Partnership
        1016 10th Street
        Snohomish, WA 98290

Case No.: 15-12348

Chapter 11 Petition Date: April 16, 2015

Court: United States Bankruptcy Court
       Western District of Washington (Seattle)

Judge: Hon. Karen A. Overstreet

Debtor's Counsel: Stephen J Plowman, Esq.
                  STEPHEN J. PLOWMAN, INC., P.S.
                  8048 NE 8th Street
                  Medina, WA 98039
                  Tel: 425-233-0321
                  Fax: 425 968 1390
                  Email: sjplowmanlaw@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by W. Clay Hinkle, owner of Debtor and
president of general partner.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.


SRP PLAZA: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: SRP Plaza, L.P.
        3275 S. Jones Blvd., Ste. #105
        Las Vegas, NV 89146

Case No.: 15-12127

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: April 16, 2015

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: August B. Landis

Debtor's Counsel: Zachariah Larson, Esq.
                  LARSON & ZIRZOW, LLC
                  810 S. Casino Center Blvd. #101
                  Las Vegas, NV 89101
                  Tel: (702) 382-1170
                  Fax: (702) 382-1169
                  Email: carey@lzlawnv.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $1 million to $10 million

The petition was signed by Jeff Susa, manager of IDC Mission Paseo,
LLC, GP of Debtor.

List of Debtor's six Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Centurion Discovery                    Services          $403

Edgar's Services, Inc.                 Services          $970

J&J Services                           Services          $950

Lucove, Say & Co                       Services         $1,285

Stout Electric, Inc.                   Services          $245

Terminix Commercial                    Services          $210


SRP PLAZA: Files for Chapter 11 in Las Vegas
--------------------------------------------
SRP Plaza, L.P., a Single Asset Real Estate, filed a Chapter 11
petition (Bankr. D. Nev. Case No. 15-12127) in Las Vegas, Nevada,
on April 16, 2015, to halt a receiver from taking control of the
property.

The Debtor's principal asset is located at 6985 & 7005 West Sahara,
and 2555 & 2585 South Rainbow, in Las Vegas, Nevada.  The Debtor
estimated $10 million to $50 million worth of assets against debt
of less than $10 million.

U.S. Bank National Association, as successor trustee for the
registered holders of Bear Stearns Commercial Mortgage Securities,
Inc., Commercial Pass-Through Certificates, Series 20015-PW37 has
declared an event of default under a Deed of Trust dated on Dec. 7,
2004, and recorded against the real property of SRP on Dec. 9, 2004
as Instrument No. 20041209-0003438.

On March 31, 2014, the Bank filed a complaint for appointment of a
receiver in the Eight Judicial District Court, Clark County,
Nevada, being Case No. A-15-71622 against SRP, and on April 9,
2015, filed an application for the appointment of a receiver
seeking the potential seizure of control of SRP's property, which
actions, if allowed to proceed, would cause significant and
irreparable harm to SPR, its creditors and other
parties-in-interest.

Accordingly, the Company decided that commencing a bankruptcy case
is in the best interest of creditors should the receivership be
granted.

The bankruptcy case is assigned to Judge August B. Landis.

The Debtor is represented by Zachariah Larson, Esq., at Larson &
Zirzow, in Las Vegas, Nevada.

According to the docket, the 11 U.S.C. Sec. 341(a) meeting of
creditors is slated for May 21, 2015.  The deadline for filing
claims is Aug. 19, 2015.


SRP PLAZA: Section 341(a) Meeting Scheduled for May 21
------------------------------------------------------
A meeting of creditors in the bankruptcy case of SRP Plaza, L.P.,
has been set for May 21, 2015, at 2:00 p.m. at 341s - Foley Bldg,Rm
1500.  Deadline for creditors to file proofs of claim is Aug. 19,
2015.

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.

SRP Plaza, L.P., a single asset real estate, filed a Chapter 11
bankruptcy petition (Bankr. D. Nev. Case No. 15-12127) on April 16,
2015.  The petition was signed by Jeff Susa as manager of IDC
Mission Paseo, LLC, GP of Debtor.  The Debtor estimated assets of
$10 million to $50 million and liabilities of $1 million to $10
million.  Judge August B. Landis is assigned to the case.
Zachariah Larson, Esq., at Larson & Zirzow, LLC serves as the
Debtor's counsel.


STANDARD REGISTER: Judge OKs $155M DIP, Auction Plans
-----------------------------------------------------
Law360 reported that U.S. Bankruptcy Judge Brendan L. Shannon on
April 13 blessed a $155 million stopgap financing package for
Standard Register Co. and approved bid procedures that establish
major creditor Silver Point Capital LP as a $275 million stalking
horse for the information management company's going-concern
auction in June.

According to the report, Judge Shannon agreed to approve Standard
Register's contested motions for $155 million in
debtor-in-possession financing and sale procedures at a hearing in
Wilmington, though he rejected certain auction terms opposed by the
official committee of unsecured creditors.

                     About Standard Register

Standard Register -- http://www.standardregister.com/-- provides
market-specific insights and a compelling portfolio of
workflow,content and analytics solutions to address the changing
business landscape in healthcare, financial services, manufacturing
and retail markets.  The company has operations in all U.S. states
and Puerto Rico, and currently employs 3,500 full-time employees
and 16 part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L. Shannon
and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.


STATE AUTO: S&P Revises Outlook to Stable & Affirms BB+ CCR
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it changed its outlook
on State Auto Financial Corp. and its insurance operating
subsidiaries (collectively State Auto) to stable from negative. At
the same time, S&P affirmed its ratings on State Auto, including
its 'BB+' long-term counterparty credit rating on State Auto
Financial Corp.

The outlook revision is based on S&P's view that the company's
capital and earnings are likely to stabilize given various
risk-mitigation efforts, including placement of a property
aggregate excess catastrophe reinsurance agreement for its personal
and commercial segments, completion of an in-house review of claims
relating to its Risk Evaluation and Design (RED) business line, and
an adverse development cover reinsurance agreement put in place for
the RED restaurant program. "These initiatives have addressed our
prior concerns and we do not expect further material adverse
reserve development relating to this program," said Standard &
Poor's credit analyst David Veno. Moreover, S&P's is also shaped by
ongoing initiatives to address State Auto's regional concentration
and catastrophe exposure in its homeowners' coverage, which has
resulted in a deliberate reduction to policies in force.

The outlook is stable, reflecting S&P's view that State Auto's
operating performance will benefit from management's efforts to
address the geographic concentration and catastrophe exposure of
the homeowners' business and improve the performance of the
commercial business line. The rating also reflects S&P's view that
capital adequacy will remain redundant at least at the very strong
level.

S&P may lower the rating if State Auto's operating performance does
not show sustainable improvement or if its capital position falls
below a moderately strong level of adequacy.

S&P is unlikely to raise the rating in the next two years. Any
potential upgrade will depend on a material and sustainable
improvement in the company's operating performance.



STOCKBRIDGE/SBE HOLDINGS: Moody's Cuts CFR to Caa2, Outlook Neg
---------------------------------------------------------------
Moody's Investors Service downgraded Stockbridge/SBE Holdings, LLC
(SBE) Corporate Family Rating to Caa2 from B3 and its Probability
of Default Rating to Caa2-PD from B3-PD. Moody's also affirmed the
B2 rating on the company's senior secured first lien term loan due
2017. The rating outlook is negative.

The downgrade reflects lower than expected revenues and earnings
relative to our expectations at the company's casino located at the
northern end of the Las Vegas Strip since its opening in August
2014. As a result, Moody's anticipate first year EBITDA will come
in well below our earlier estimates resulting in debt to EBITDA to
be significantly higher than anticipated at the end of 2015.
Moody's also estimates that the lower than expected earnings will
result in negative free cash flow over the next 12 months and its
earnings will be insufficient to cover interest, capital spending,
and mandatory debt amortization in 2015. Without a material
improvement in earnings or a restructuring, SBE's capital structure
is unsustainable.

Stockbridge /SBE Investment Company, LLC, the parent of SBE,
announced in its December 31, 2014 10-K filing that it has the
intent to provide sufficient funds up to $40 million through
December 31, 2015 to pay SBE's obligations, if necessary, as they
come due. The 10-K filing also noted that SBE will likely not be in
compliance of covenants at the initial covenant measurement date
(September 30, 2015) and that it intends to provide sufficient
capital contributions to the company if necessary through December
2015 to ensure compliance with the covenants.

The negative rating outlook reflects SBE's weak liquidity and
Moody's view that without a material improvement in revenue and
earnings, SBE will have difficulty meeting its financial covenants
in 2016. SBE currently has no availability under its $22.5 million
committed revolver as it has been fully drawn.

The affirmation of the B2 rating on the senior secured first lien
term loan reflects the higher amount of junior financing in the
capital structure than originally contemplated.

The ratings could be lowered if gaming revenues and earnings do not
improve, or if it appears the probability of default increases for
any reason. The rating outlook would revert to stable if gaming
revenues show a sustained improvement, if possible covenant
violations are addressed and if liquidity improves.

Ratings downgraded:

  -- Corporate Family Rating to Caa2 from B3

  -- Probability of Default Rating to Caa2-PD from B3-PD

Ratings affirmed:

  -- $150 million first lien senior secured term loan due 2017 at
     B2 (LGD2)

Stockbridge/SBE Holdings LLC is a joint venture between Stockbridge
Real Estate Funds (90% ownership interest) and sbe Las Vegas
Holdings I, LLC (10% ownership interest). SBE redeveloped the
Sahara Hotel and Casino in Las Vegas into the SLS Las Vegas that
opened in August 2014. The SLS Las Vegas is located on the north
end of the Las Vegas Strip.

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


STOCKTON, CA: June 29 Deadline to File Avoidance Actions vs. SJC
----------------------------------------------------------------
U.S. Bankruptcy Judge Christopher Klein has approved an agreement,
which gives the California city of Stockton until June 29, 2015, to
file an avoidance action against San Joaquin County.

The agreement allows both sides to resolve their dispute without
the cost of litigation, according to court filings.

The city of Stockton had said it will file an avoidance action in
response to the claims of San Joaquin County if they fail to
resolve their dispute.  The deadline imposed by U.S. bankruptcy
laws for the city to file avoidance actions expired on March 31.  

                     About Stockton, Calif.

The City of Stockton, California, filed a Chapter 9 petition
(Bankr. E.D. Cal. Case No. 12-32118) in Sacramento on June 28,
2012, becoming the largest city to seek creditor protection in
U.S. history.  The city was forced to file for bankruptcy after
talks with bondholders and labor unions failed.  Stockton
estimated more than $1 billion in assets and in excess of
$500 million in liabilities.

The city, with a population of about 300,000, identified the
California Public Employees Retirement System as the largest
unsecured creditor with a claim of $147.5 million for unfunded
pension costs.  In second place is Wells Fargo Bank NA as trustee
for $124.3 million in pension obligation bonds.  The list of
largest creditors includes $119.2 million owing on four other
series of bonds.

The city is being represented by Marc A. Levinson, Esq., and John
W. Killeen, Esq., at Orrick, Herrington & Sutcliffe LLP.  The
petition was signed by Robert Deis, city manager.

Mr. Levinson also represented the city of Vallejo, Cal. in its
2008 bankruptcy.  Vallejo filed for protection under Chapter 9
(Bankr. E.D. Cal. Case No. 08-26813) on May 23, 2008, estimating
$500 million to $1 billion in assets and $100 million to $500
million in debts in its petition.  In August 2011, Vallejo was
given green light to exit the municipal reorganization.   The
Vallejo Chapter 9 plan restructures $50 million of publicly held
debt secured by leases on public buildings.  Although the Plan
doesn't affect pensions, it adjusts the claims and benefits of
current and former city employees.  Bankruptcy Judge Michael
McManus released Vallejo from bankruptcy on Nov. 1, 2011.

The bankruptcy judge on April 1, 2013, ruled that the city of
Stockton is eligible for municipal bankruptcy in Chapter 9.

Judge Klein, in late October 2014, confirmed the debt-adjustment
plan by the city of Stockton, rejecting arguments that it unfairly
discriminated among creditors by chopping a mutual fund's recovery
to near zero while shielding city retirees from any impairment at
all.

Stockton, California city manager Kurt Wilson said the city's First
Amended Plan of Adjustment, as Modified, became effective; and the
Company emerged from Chapter 9 protection, following the U.S.
Bankruptcy Court's confirmation of the plan on Feb. 4, 2015.

                       *     *     *

The Troubled Company Reporter, on Sep. 26, 2014, reported that
Moody's Investors Service has affirmed the long-term ratings of
the city of Stockton's (CA) water and sewer enterprises' debts at
Ba1. Moody's have also changed the outlook on the city's water
bond rating to developing from stable, while the developing
outlook on the sewer system's rating remains the same.

The TCR, on Nov. 10, 2014, reported that Moody's Investors Service
has upgraded to Ba3 from Caa3 the City of Stockton's (CA) series
2006 lease revenue bonds and affirmed the city's 2007 pension
obligation at Ca. Moody's have removed the developing outlook from
the Series 2006 bonds and Moody's have removed the negative
outlook from the Series 2007 bonds.

The TCR, on Nov. 14, 2014, reported that Standard & Poor's Ratings
Services raised its long-term rating and underlying rating (SPUR)
to 'B-' from 'CCC' on the Stockton Public Financing Authority,
Calif.'s series 2003A and 2003B certificates of participation
(COPs) and its SPUR to 'B-' from 'CCC' on the authority's series
2006A lease revenue refunding bonds.  Standard & Poor's also
affirmed its 'CC' SPUR on Stockton Redevelopment Agency's series
2004 (arena project) revenue bonds.  All series are appropriation
obligations of Stockton.  The outlook on the series 2003A and
2003B COP long-term rating and SPUR and on the 2006A lease revenue
refunding bond SPUR is stable, and the outlook on the series 2004
revenue bond rating (arena project) is negative.


SUNVALLEY SOLAR: Incurs $1.28 Million Net Loss in 2014
------------------------------------------------------
Sunvalley Solar, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$1.28 million on $3.31 million of revenues for the year ended
Dec. 31, 2014, compared with net income of $764,000 on $4.09
million of revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $7.47 million in total assets,
$6.87 million in total liabilities and $595,000 in total
stockholders' equity.

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 has an accumulated deficit of $3.65 million, 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/PRQg0l

                       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.


TARGETED MEDICAL: Posts $3.89 Million Net Loss in 2014
------------------------------------------------------
Targeted Medical Pharma, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $3.89 million on $7.11 million of total revenue for the
year ended Dec. 31, 2014, compared to a net loss of $9.33 million
on $9.55 million of total revenue in 2013.

As of Dec. 31, 2015, the Company had $2.5 million in total assets,
$12.5 million in total liabilities, and a $9.97 million total
stockholders' deficit.

Marcum LLP, in Irvine, CA, issued a "going concern" qualification
on the consolidated financial statements for the year ended Dec.
31, 2014, citing that the Company has incurred significant net
losses since its inception.  The Company had an accumulated deficit
of $26.9 million and negative working capital of $11.8 million as
of Dec. 31, 2014.  In addition, the Company has incurred net losses
since inception and incurred a net loss of $3.90 million for the
year ended Dec. 31, 2014.  The foregoing 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/7jcGx9

                       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.


TEXOMA PEANUT: Taps Koehler & Associates as Financial Advisor
-------------------------------------------------------------
Texoma Peanut Company, et al., ask the U.S. Bankruptcy Court for
permission to employ Koehler & Associates, Inc., as financial
advisor.

The Debtors note that effective Jan. 23, 2015, they terminated
Focus Management Group USA, Inc. as their financial advisor.
Consequently, the Debtors believe there will be no overlap
or duplication of services provided by Focus and Koehler.

J. Bill Koehler (i) is well-qualified in restructuring accounting
matters; (ii) does not hold or represent an interest adverse to the
estates, and (iii) is a disinterested person.

Koehler will, among other thing:

   1) prepare the monthly operating reports;

   2) assist in the preparation of the Debtors' periodic financial
statements as needed and other accounting reports and matters; and


   3) other financial advisory services as needed.

Mr. Koehler will charge the estate $275 per hour for work
performed.  Koehler's hourly charges for associates range from $100
to $160.

The Debtors are represented by:

         Mark A. Craige, Esq.
         Michael R. Pacewicz, Esq.
         500 Kennedy Building
         321 South Boston Avenue
         Tulsa, OK 74103-3313
         Tel: (918) 592-9800
         Fax: (918) 592-9801
         E-mail: mark.craige@crowedunlevy.com
                 michael.pacewicz@crowedunlevy.com

                - and -

         William H. Hoch, Esq.
         Braniff Building
         324 North Robinson Avenue, Suite 100
         Oklahoma City, OK 73102
         Tel: (405) 235-7700
         Fax: (405) 239-6651
         E-mail: will.hoch@crowedunlevy.com

                         About Texoma Peanut

Texoma Peanut Company was incorporated by Clint Williams in 1961 as
a Southern Oklahoma bulk peanut drying, handling and storage
operation, buying and storing peanuts for shellers.  In 1968, The
Clint Williams Company was established as a sheller and processor
of peanuts for both seed and edible markets.  Although The Clint
Williams Company was later merged into TPC, the company continues
to do its processed peanut business under the "Clint Williams
Company" name which is the name known best in the domestic and
international peanut industry.  TPC and its subsidiaries own 15
buying points and storage facilities -- 4 in Oklahoma, 9 in Texas,
and 2 in Mississippi.  TPC owns 99% of Clint Williams Company-
Western Division LLC and 100% of Clint-Co Peanut Company.

TPC and two subsidiaries sought Chapter 11 bankruptcy protection
(Bankr. E.D. Okla. Lead Case No. 14-81334) in Okmulgee, Oklahoma,
on Nov. 6, 2014.  The cases are assigned to Judge Tom R. Cornish.
The judge has granted joint administration of the Chapter 11
cases.

According to the docket, the Debtors' Chapter 11 plan and
disclosure statement are due March 6, 2015.  Creditors who are
governmental entities have until May 9, 2015, to file claims.

The Debtors have tapped Crowe & Dunlevy as counsel and Dixon Hughes
Goodman as bankruptcy accountants.

The Debtors say they have $49 million in assets.  Secured debt
includes $3.45 million owed to Wells Fargo Bank, N.A., and $2.33
million owed to Wells Fargo Equipment Finance.   Wells Fargo Bank
is represented by William L. Wallander, Esq., at VINSON & ELKINS
LLP, in Dallas, Texas.

As of the Petition Date, an official committee of unsecured
creditors has not yet been appointed in the Cases.

The Debtors sought bankruptcy for protection with plans to sell all
of their core business assets and, thereafter, file a joint plan of
reorganization.  The Debtors expect that by Nov. 24, 2014, they
will have obtained a court order approving the bid procedures and
scheduling an auction date and final sale hearing.  The Debtors
intend to consummate the sale on or prior to Dec. 31, 2014.

The U.S. Trustee overseeing Texoma Peanut Co.'s bankruptcy case
said that it wasn't able to appoint a committee of unsecured
creditors.


TLC HEALTH: Meeting of Creditors Adjourned to June 15
-----------------------------------------------------
U.S. Trustee Joseph Allen adjourned the meeting of creditors of TLC
Health Network to June 15, 2015, at 12:00 p.m.

The meeting will take place at the Office of the U.S. Trustee,  
Olympic Towers, in Buffalo, New York.

The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.
.
                   About TLC Health Network

TLC Health Network filed a Chapter 11 petition (Bankr. W.D.N.Y.
Case No. 13-13294) on Dec. 16, 2013.  The petition was signed by
Timothy Cooper as Chairman of the Board.  The Debtor estimated
assets of at least $10 million and debt of at least $1 million.
Jeffrey A. Dove, Esq., at Menter, Rudin & Trivelpiece, P.C.,
serves as the Debtor's counsel.  Damon & Morey LLP is the Debtor's
special health care law and corporate counsel.  The Bonadio Group
is the Debtor's accountants.  Howard P. Schultz & Associates, LLC
is the Debtor's appraiser.

The case is assigned to the Hon. Carl L. Bucki.

A three-member panel composed of Cannon Design, Chautauqua
Opportunities, Inc., and Jamestown Rehab Services has been
appointed as the official unsecured creditors committee.  Bond,
Schoeneck & King, PLLC is the counsel to the Committee.  The
Committee has tapped NextPoint LLC as financial advisor.

Gleichenhaus, Marchese & Weishaar, PC is the general counsel for
Linda Scharf, the Patient Care Ombudsman of TLC Health.


TRANSGENOMIC INC: Incurs $15.1 Million Net Loss in 2014
-------------------------------------------------------
Transgenomic, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
available to common stockholders of $15.1 million on $27.1 million
of net sales for the year ended Dec. 31, 2014, compared to a net
loss available to common stockholders of $16.7 million on $27.5
million of net sales for the year ended Dec. 31, 2013.  The Company
reported a net loss available to common stockholders of $8.98
million in 2012.

For the three months ended Dec. 31, 2014, the Company reported a
net loss available to common stockholders of $6.09 million on $7.69
million of net sales compared to a net loss available to common
stockholders of $4.16 million on $6.21 million of net sales for the
same period a year ago.

As of Dec. 31, 2014, Transgenomic had $30.0 million in total
assets, $23.5 million in total liabilities, and $6.55 million in
total stockholders' equity.

Ernst & Young LLP, in Hartford, Connecticut, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.

"In 2014, we made good progress in building a foundation for
renewed growth at Transgenomic," said Paul Kinnon, Transgenomic's
president and chief executive officer.  "We executed on the
development of Multiplexed ICE COLD-PCR (MX-ICP) in 2014, setting
the stage for validation of the product in 2015 and its launch in
the second quarter.  A key recent development is that we have added
the capability to use MX ICP quantitatively on sequencing
platforms.  This further expands the commercial potential of MX-ICP
and its potential to enable the adoption of truly personalized, or
precision medicine.  We also continued to make progress
strengthening our designated core businesses and resolving several
infrastructure issues that have been obstacles to greater success
over the past year."

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

                        http://is.gd/IzIADb

                         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.


TRIGEANT HOLDINGS: BSLLP Says It Has No Adverse Interests
---------------------------------------------------------
Berger Singerman LLP, filed documents in support of Trigeant
Holdings, Ltd., et al.'s application for approval of employment of
BSLLP as special litigation counsel.

BSLLP said that nothing in the record supports the conclusion that
BSLLP represents or holds any interest adverse to the Debtors or to
their estates with respect to the matter on which the firm is to be
employed.

Parties-in-interest had objected to the Debtors' application.  

Guy G. Gebhardt, the Acting U.S. Trustee for Region 21, said that
the application failed to provide sufficient information in order
for the Court, creditors and parties-in-interest to determine that
the employment is in the best interests of the estate or whether
BSLLP is free from adverse interests to the Debtors or the estates
with respect to the matters on which they are to be employed.

BTB Refining, LLC and Harry Sargeant, III, in their objection,
stated that BSLLP still represents Sargeant Trading, Ltd., an
entity which (1) is a plaintiff in virtually identical litigation
already filed against BTB and others in Palm Beach County; (2) is a
substantial creditor of the bankruptcy estate; and (3) has agreed
to pay all the fees incurred by BSLLP as special litigation
counsel.

                            The Motion

The Debtors are asking for approval to employ BSLLP to handle
various pending litigation matters.

Charles H. Lichtman, a partner in the law firm of BSLLP with
offices at 1450 Brickell Avenue, Suite 1900, Miami, Florida; 350 E.
Las OlasBoulevard, Suite 1000, Ft. Lauderdale, Florida; 125 South
Gadsden Street, Suite 300, Tallahassee, Florida and 2650 North
Military Trail, Suite 240, Boca Raton, Florida, told the Court
BSLLP holds no monies in retainer as security for the fees and
costs that may be awarded to it by the Court.

BSLLP's hourly rates for the lawyers principally involved in
the assignment are:

         Mr. Lichtman              $695
         Jordi Guso                $625
         Paraprofessionals         $225

                     About Trigeant Holdings

Trigeant, owner of a Corpus Christi, Texas oil refinery, provides
fuel and asphalt products to the housing and transportation
industries.  The company is owned by Palm Beach, Florida
billionaire Harry Sargeant III and members of his family.

On Nov. 26, 2014, Trigeant filed its first bankruptcy In re
Trigeant Ltd., 13-38580.  The case was dismissed on April 1, 2014.

Trigeant Holdings, Ltd., and Trigeant, LLC, filed Chapter 11
bankruptcy petitions (Bankr. S.D. Fla. Case Nos. 14-29027 and
14-29030, respectively) on Aug. 25, 2014, amid a dispute among
members of the Sargeant family.  Mr. Sargeant's two brothers,
Daniel and James, and his father, Harry Sargeant II, sent Trigeant
to bankruptcy to fend off Mr. Sargeant III's bid to seize control
of the company's primary asset.  The family says Mr. Sargeant III,
who has a $22 million lien against the plant through a company he
controls called BTB Refining LLC, is attempting to prevent the
refinery from operating in an effort to lower its value and obtain
ownership of it.

Trigeant Holdings estimated both assets and liabilities of
$50 million to $100 million.

Berger Singerman LLP serves as the Debtors' counsel.

The Bankruptcy Court set the general claims bar date as Oct. 17,
2014, and March 31, 2015, as the deadline by which governmental
entities must file proofs of claims.

The Debtors filed on Sept. 16, 2014, their Joint Plan of
Reorganization under Chapter 11 of the Bankruptcy Code.  The Plan
is premised on the sale of substantially all of the Debtors'
assets to Gravity Midstream Corpus Christi, LLC.  The Plan
provides that holders of Allowed Claims will be paid in full, in
cash.

The U.S. Trustee for Region 21 has not appointed a committee of
unsecured creditors.



TRISTAR WELLNESS: Posts $8.87 Million Net Loss in 2014
------------------------------------------------------
TriStar Wellness Solutions, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $8.87 million on $5.54 million of sales revenue for the
year ended Dec. 31, 2014, compared to a net loss of $12.6 million
on $3.77 million of sales revenue for the year ended Dec. 31,
2014.

As of Dec. 31, 2014, the Company had $3.06 million in total assets,
$14.1 million in total liabilities, and a $11.1 million total
stockholders' deficit.

M&K CPAS, PLLC, in Houston, TX, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has suffered
reoccurring losses from operations, and has an accumulated deficit
and working capital deficit as of Dec. 31, 2014.  These conditions
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/ESY246

                        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.


TURNER GRAIN: May 14 Hearing on UST's Motion to Convert Case
------------------------------------------------------------
The U.S. Bankruptcy Court will convene a hearing on May 14, 2015,
at 10:00 a.m., to consider the motion convert the case of Turner
Grain Merchandising, Inc., doing business as Turner Grains, to a
Chapter 7 liquidation.  At the hearing, the Court will also
consider the objections and responses to Acting U.S. Trustee Daniel
Casamatta's motion.

The motion claims that cause exists for conversion based on the
Debtor's failure to file operating reports, to provide information
to the U.S. Trustee, to pay required fees, and the absence of a
reasonable likelihood of reorganization.

The Official Committee of Unsecured Creditors, objected to the U.S.
Trustee's conversion motion, stating that based on court-appointed
receiver Kevin P. Keech's response to the U.S. Trustee motion, the
Committee believes that the matters may be quickly and easily
resolved and does not support a finding of cause for the conversion
or dismissal of the case.  The Committee recognizes that there is
chance of rehabilitation of the Debtor.

In its objection to the Conversion Motion, the Debtor points out
that it has made no disbursements and, therefore, there is no need
for a monthly operating report.

                   Support to Motion to Convert

Various parties expressed support to the U.S. Trustee's motion:

  -- Travis Mears and Scott Mears, doing business as Mears Brothers
Farms;

  -- Creditor Tim Burzynski, Jill Burzynski doing business as
Burzynski Farms; and

   -- Creditor and party-in-interest K.B.X., Inc.

According to KBX, Turner Grain ceased business operations and
closed its doors on Aug. 15, 2014.  Shortly before ceasing
operations, Turner Grain bounced a check to KBX in the amount of
$532,923.  Between Aug. 15, 2014, and the Chapter 11 bankruptcy
filing date of Oct. 23, 2014, Turner Grain conducted no business
activities and had no employees.  In addition, Turner Grain has
conducted no business operations since its receiver filed the
Bankruptcy petition on Oct. 23, 2014, nor has Turner Grain had any
employees since the Bankruptcy filing date.

KBX asserts that fundamentally, the case is one of liquidation and
must have been filed under Chapter 7 to begin with.  Turner Grain
must be liquidated by one of the experienced trustees appointed by
the Office of the U.S. Trustee from the Trustee panel, not by a
receiver appointed by the Federal District Court.

KBX is represented by Hilburn, Calhoon, Harper, Pruniski & Calhoun,
Ltd.

Mears Brothers Farms and Burzynski Farms are represented by:

         H. David Blair, Esq.
         BLAIR & STROUD
         P.O. Box 2135
         Batesville, AR 72503
         Tel: (870) 793-8350

                       About Turner Grain

Turner Grain Merchandising, Inc., sought bankruptcy protection
(Bankr. E.D. Ark. Case No. 14-bk-15687) in Helena, Arkansas, on
Oct. 23, 2014.  Kevin P. Keech, the court-appointed receiver of
the Debtor, sought and obtained permission to employ Keech Law
Firm, P.A., as attorneys.  The Debtor listed $13.8 million in total
assets, and $24.8 million in total liabilities.

The U.S. Trustee for Region 13 appointed three creditors of Turner
Grain Merchandising to serve on the official committee of unsecured
creditors.



VANTAGE DRILLING: 2017 Bank Debt Trades at 38% Off
--------------------------------------------------
Participations in a syndicated loan under which Vantage Drilling
Co. is a borrower traded in the secondary market at 62.82
cents-on-the-dollar during the week ended Friday, April 17, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
of 0.71 percentage points from the previous week, The Journal
relates.  The Company pays 400 basis points above LIBOR to borrow
under the facility.  The bank loan matures on Oct. 25, 2017, and
carries Moody's B3 rating and Standard & Poor's B- rating.  The
loan is one of the biggest gainers and losers among widely-quoted
syndicated loans in secondary trading in the week ended Friday
among the 260 loans with five or more bids. All loans listed are
B-term, or sold to institutional investors.



VANTAGE DRILLING: 2019 Bank Debt Trades at 41% Off
--------------------------------------------------
Participations in a syndicated loan under which Vantage Drilling
Co. is a borrower traded in the secondary market at 59.25
cents-on-the-dollar during the week ended Friday, April 17, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in The Wall Street Journal.  This represents an increase
of 3.25 percentage points from the previous week, The Journal
relates.  The Company pays 400 basis points above LIBOR to borrow
under the facility.  The bank loan matures on April 4, 2019, and
carries Moody's B3 rating and Standard & Poor's B- rating.  The
loan is one of the biggest gainers and losers among widely-quoted
syndicated loans in secondary trading in the week ended Friday
among the 260 loans with five or more bids. All loans listed are
B-term, or sold to institutional investors.



VERTICAL COMPUTER: Reports $2.1 Million Net Loss in 2014
--------------------------------------------------------
Vertical Computer Systems, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss applicable to common stockholders of $2.07 million on $7.43
million of total revenues for the year ended Dec. 31, 2014,
compared to a net loss applicable to common stockholders of $3.08
million on $6.05 million of total revenues for the year ended Dec.
31, 2013.

As of Dec. 31, 2014, Vertical Computer had $1.43 million in total
assets, $18 million in total liabilities, $9.9 million in
convertible cumulative preferred stock, and a $26.5 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, 2014, citing 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.

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

                       http://is.gd/XOgnSM
  
                      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.


WALTER ENERGY: Bank Debt Trades at 41% Off
------------------------------------------
Participations in a syndicated loan under which Walter Energy, Inc
is a borrower traded in the secondary market at 59.40 cents-on-
the-dollar during the week ended Friday, March 17, 2015, according
to data compiled by LSTA/Thomson Reuters MTM Pricing and reported
in The Wall Street Journal.  This represents an increase of 1.07
percentage points from the previous week, The Journal relates.
Walter Energy, Inc. pays 575 basis points above LIBOR to borrow
under the facility.  The bank loan matures on March 14, 2018.  The
bank debt carries Moody's B3 rating and Standard & Poor's B-
rating.  The loan is one of the biggest gainers and losers among
260 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



WALTER ENERGY: In Talks with Holders to Improve Capital Structure
-----------------------------------------------------------------
Walter Energy, Inc., said it is working with its debtholders to
establish a capital structure that will position the Company to
weather a highly competitive and challenging market.  In the
context of these discussions, the Company has elected to exercise
the 30-day grace period under its indenture agreements with holders
of its 9.5% Senior Secured Notes due in 2019 and the 8.5% Senior
Notes due in 2021 to extend the timeframe for making the cash
interest payments due April 15, 2015.

The Company emphasized that this decision does not reflect a
current liquidity issue, as it had approximately $435 million of
cash and investments as of March 31, 2015.  Walter Energy will
continue to deliver high quality met coal to customers and meet its
other obligations as it works with its debtholders to address the
Company's capital structure.

                        About Walter Energy

Walter Energy is a leading, publicly traded "pure-play"
metallurgical coal producer for the global steel industry with
strategic access to steel producers in Europe, Asia and South
America.  The Company also produces thermal coal, anthracite,
metallurgical coke and coal bed methane gas.  Walter Energy employs
approximately 2,700 employees, with operations in the United
States, Canada and the United Kingdom.  For more information about
Walter Energy, please visit http://www.walterenergy.com/

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.

As of Dec. 31, 2014, Walter Energy had $5.38 billion in total
assets, $5.10 billion in total liabilities and $282 million in
stockholders' equity.

                            *    *    *

As reported by the TCR on Aug. 19, 2014, Standard & Poor's Ratings
Services said it raised its corporate credit rating on Birmingham,
Ala.-based Walter Energy to 'CCC+' from 'SD'.  S&P believes the
company's capital structure is likely unsustainable in the
long-term absent an improvement in met coal prices.

The TCR reported on July 10, 2014, that Moody's downgraded the
Corporate Family Rating of Walter Energy to 'Caa2' from 'Caa1'.
"The downgrade in the corporate family rating reflects the
anticipated deterioration in performance, increased cash burn and
increase in leverage, given the recent met coal benchmark
settlement of $120 per tonne for high quality coking coal and our
expectation that meaningful recovery in metallurgical coal markets
is twelve to eighteen months away."


WALTER INVESTMENT: Bank Debt Trades at 7% Off
---------------------------------------------
Participations in a syndicated loan under which Walter Investment
Management Corp is a borrower traded in the secondary market at
93.75 cents-on-the-dollar during the week ended Friday, April 17,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in The Wall Street Journal.  This represents
an increase of 1.85 percentage points from the previous week, The
Journal relates. Walter Investment  pays 375 basis points above
LIBOR to borrow under the facility.  The bank loan matures on Dec.
18, 2020, and carries Moody's B2 rating and Standard & Poor's B+
rating.  The loan is one of the biggest gainers and losers among
260 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



WBH ENERGY: Seeks Approval of $5-Mil. Loan from CL III Funding
--------------------------------------------------------------
WBH Energy LP asked a federal judge to approve a $5 million
financing to get the oil and gas drilling company through
bankruptcy.

WBH Energy will get the loan from CL III Funding Holding LLC and
use it to fund the continued development of its oil and gas
properties.  The company will also use the loan for working capital
and general business purposes.

The loan will have a 5 percent per annum interest rate.  The
maturity date of the loan will be the earliest of Sept. 1, 2015;
the effective date of a Chapter 11 plan of reorganization; and the
closing of sale of all or substantially all of the company's
assets.

CL III Funding will be granted "adequate protection" in the form of
"superpriority" claims and security interests on some of the
company's assets, according to a court filing.

In the same filing, WBH Energy also seeks court approval to use CL
III Funding's cash collateral.

U.S. Bankruptcy Judge H. Christopher Mott will consider the request
at a hearing on April 20.

                         About WBH Energy

WBH Energy Partners LLC (Bankr. W.D. Tex. Case No. 15-10004) and
its affiliates -- WBH Energy, LP (Bankr. W.D. Tex. Case No.
15-10003) and WBH Energy GP, LLC (Bankr. W.D. Tex. Case No.
15-10005) separately filed for Chapter 11 bankruptcy protection on
Jan. 4, 2015.  The petitions were signed by Joseph S. Warnock, vice
president.

Judge Christopher Mott presides over WBH Energy, LP's case, while
Judge Tony M. Davis presides over WBH Energy Partners' and WBH
Energy GP's cases.

William A. (Trey) Wood, III, Esq., at Bracewell & Giuliani LLP,
serves as the Debtors' bankruptcy counsel.

WBH Energy, LP, and WBH Energy Partners estimated their assets and
liabilities at between $10 million and $50 million each.  WBH
Energy, LP disclosed $557,045 plus an unknown amount and
$48,950,652 in liabilities as of the Chapter 11 filing.  WBH
Energy GP estimated its assets at up to $50,000, and its
liabilities at between $10 million and $50 million.

The U.S. Trustee for Region 7 appointed seven creditors to serve
On the official committee of unsecured creditors.


WEATHER CHANNEL: Bank Debt Trades at 5% Off
-------------------------------------------
Participations in a syndicated loan under which Weather Channel is
a borrower traded in the secondary market at 95.21 cents-on-the-
dollar during the week ended Friday, April 17, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
The Wall Street Journal.  This represents an increase of 1.01
percentage points from the previous week, The Journal relates.  The
Company pays 275 basis points above LIBOR to borrow under the
facility.  The bank loan matures on Feb. 4, 2017 and carries
Moody's Ba3 rating and Standard & Poor's B+ rating.  The loan is
one of the biggest gainers and losers among 260 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday.



WORLD SURVEILLANCE: Board Chair Drew West Resigns
-------------------------------------------------
Drew West resigned as Chairman of the Board of Directors World
Surveillance Group Inc. effective April 13, 2015, to pursue other
interests, according to a Form 8-K filed with the Securities and
Exchange Commission.

                     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.


WPCS INTERNATIONAL: To Effect a 1-for-22 Reverse Stock Split
------------------------------------------------------------
At a special meeting of WPCS International Incorporated's
stockholders held on April 15, 2015, a proposal to authorize an
amendment to the Company's Certificate of Incorporation to effect a
reverse stock split of the Company's common stock at a specific
ratio, within a range of 1-for-2 and 1-for-100 shares was
approved.

Following the Special Meeting, the board of directors of the
Company determined it was in the best interests of the Company to
effect a reverse split of the issued and outstanding common stock
of the Company, par value $0.0001 per share, at a ratio of
1-for-22.  In order to effectuate the Reverse Split, the Company
filed a Certificate of Amendment to its Certificate of
Incorporation on April 16, 2015.  The Certificate of Amendment will
be effective as of 12:01 a.m. EDT on April 20, 2015, and it is
intended that the common stock will commence trading on NASDAQ on a
split-adjusted basis as of the opening of trading on April 20,
2015.  The common stock will continue to trade under the ticker
symbol "WPCS."

Following the Reverse Split, the total number of shares outstanding
will be proportionately reduced in accordance with the reverse
split ratio.  Further, any outstanding options, warrants and rights
as of the effective date that are subject to adjustment will be
adjusted accordingly.  These adjustments may include adjustments to
the number of shares of common stock that may be obtained upon
exercise or conversion of these securities, and the applicable
exercise or purchase price as well as other adjustments.  There
will be no change to the authorized shares of common stock of the
Company as a result of the reverse stock split.  Any fraction of a
share of common stock that would otherwise have resulted from the
reverse split will rounded up to the next whole share.

The Company's transfer agent is Interwest Transfer Company, Inc.
The new CUSIP number for the Company's common stock following the
Reverse Split will be 92931L401.

               About WPCS International Incorporated

WPCS -- http://www.wpcs.com/-- operates in two business segments
including: (1) providing communications infrastructure contracting
services to the public services, healthcare, energy and corporate
enterprise markets worldwide; and (2) developing a Bitcoin trading
platform.

As reported by the TCR on Feb. 7, 2014, WPCS appointed Marcum LLP
as its new independent registered public accounting firm.
CohnReznick LLP resigned on Dec. 20, 2013.

WPCS International incurred a net loss attributable to common
shareholders of $11.2 million for the year ended April 30, 2014,
as compared with a net loss attributable to common shareholders of
$6.91 million for the year ended April 30, 2013.

As of Jan. 31, 2015, the Company had $14.8 million in total assets,
$14.8 million in total liabilities and a $36,000 total deficit.

Marcum LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2014.  The independent auditing firm
noted that the Company has incurred significant losses and needs
to raise additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


Z TRIM HOLDINGS: Has Consulting Agreement with Jeffery
------------------------------------------------------
Z Trim Holdings, Inc., disclosed in a document filed with the
Securities and Exchange Commission that it entered into a
consulting agreement with Jeffery Consulting Group, LLC, which is
effective as of Jan. 1, 2015.  Daniel Jeffery, a member of the
Company's Board of Directors and is the sole member of Jeffery
Consulting Group.

Pursuant to the Consulting Agreement, Jeffery Consulting Group will
act as a consultant to the Company by providing assistance with:

   -- operational improvements including manufacturing processes;

   -- strategic and tactical advice with respect to the Company's
      sales and marketing initiatives;

   -- investigating strategic sales opportunities;

   -- raising awareness regarding the Company's products in
      relevant commercial, sectors; and

   -- participating in joint calls, meetings or industry events in
      the interest of advancing these objectives.

In consideration of the services, the Company agrees to issue to
Jeffery Consulting a stock option to purchase a total of 1,250,000
shares of Company's common stock.  The exercise price of the option
is set at $0.35 per share.  In addition, the Company will also pay
Jeffery Consulting Group $5,000 per month in cash.  This cash
balance will be accrued until the Company has raised $3 million of
additional capital.  Thereafter, Jeffery Consulting Group will be
paid all past arrearages and will be paid the monthly fee monthly
when due prospectively . The Company will also reimburse Jeffery
Consulting Group for all reasonable actual expenses incurred by
Jeffery Consulting Group upon submission by Jeffery Consulting
Group of appropriate documentation of the expenses incurred.

                            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.

Z Trim Holdings reported a net loss of $5.57 million in 2014,
following a net loss of $13.4 million in 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.


ZYNEX INC: To Report Slight Increase in Revenue in First Quarter
----------------------------------------------------------------
Zynex, Inc., provided an update on its turnaround of operations and
financial estimate for the first and second quarters of 2015.

The Company estimates first quarter revenues will be slightly
higher than the $3,167,000 reported in the first quarter of 2014
and will report significant improvement in the loss from operations
for the first quarter of 2015 compared to the $1,286,000 reported
in the 2014 period.  In addition, based on the trends in the first
quarter and early second quarter, management expects that second
quarter revenue will be in the range of $4 to $4.4 million and
Zynex will generate positive income from operations for the
quarter.  Revenue in the second quarter of 2014 was $1,349,000 and
the loss from operations was $5,424,000.  The company intends to
release its first quarter earnings on or before May 15, 2015.

President and CEO Thomas Sandgaard commented: "I am excited to see
orders and revenue growing again not only sequentially, but also
year-over year.  We see growth in both our electrotherapy business
and compound pharmacy and we find that insurance reimbursement
rates are still strong and stable in both areas.  We also expect to
receive a response from the FDA regarding our request for the De
Novo route as well as collecting additional clinical data during
the second quarter for our Blood Volume Monitor."

                              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.

Zynex reported a net loss of $6.23 million on $11.1 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.


[*] Claim on Stale Debt Doesn't Violate Federal Collection Law
--------------------------------------------------------------
Bill Rochelle, bankruptcy columnist for Bloomberg News, reports
that consumers lost another attempt at holding a collection agency
liable for filing bankruptcy claims based on stale debts no longer
enforceable under state law.  The case is Donaldson v. LVNV Funding
LLC, 14-01979, U.S. District Court, Southern District of Indiana
(Indianapolis).


[*] Moody's Says Change in Demographic Pressures US Casinos
-----------------------------------------------------------
The US regional gaming sector will face increasing pressure due to
the aging American population, says Moody's Investors Service.

In a new report, "The Walls are Closing in on Regional Casinos,"
Moody's says US regional gaming revenue has not kept pace with the
improvements in the overall economy. While this lag is partly
attributed to consumers limiting their spending to more essential
items, Moody's analysts say US population demographics are moving
in a direction that does not favor casino gaming.

"A demographic shift towards an aging population raises concerns
about the amount of discretionary income that will be available in
the future to spend on highly discretionary leisure activities like
casino gaming," said Moody's Senior Vice President Keith Foley. "An
aging population implies lower labor-force participation and
savings rates, and raises the concern of slowing economic growth."

At the same time, it appears that younger generations may not be
spending as much time playing casino-style games at regional
casinos as previous generations did.

"The traditional casino customers that grew up with slot machines
are being replaced by younger consumers who are bombarded with more
mobile, sophisticated, mobile entertainment alternatives," said
Foley. "Many of these new options have nothing to do with gaming
but they are vying for the same time and discretionary spending,
which creates another level of competition for 'brick and mortar'
regional casinos."

While the impact of shifting population and consumer preference
trends may be gradual, a number of highly leveraged gaming
companies will soon have to ask the capital markets to bet on the
long-term prospects of the regional gaming sector just when the
odds are increasingly going against the industry.

The report cites four regional gaming companies that have a B3
Corporate Family Rating and over 50% of their outstanding debt
maturing within the next three years. They are Mohegan Tribal
Gaming Authority (B3 negative), Jacobs Entertainment, Inc. (B3
negative), Rivers Pittsburgh Borrower, L.P. (B3 stable), and
Cannery Casino Resorts, LLC (B3 negative).


[^] BOND PRICING: For the Week from April 13 to 17, 2015
--------------------------------------------------------
   Company              Ticker  Coupon Bid Price  Maturity Date
   -------              ------  ------ ---------  -------------
21st Century
  Oncology Inc          RTSX     9.875   100.533      4/15/2017
Advanced Micro
  Devices Inc           AMD          6    97.166       5/1/2015
Allen Systems
  Group Inc             ALLSYS    10.5        34     11/15/2016
Allen Systems
  Group Inc             ALLSYS    10.5        34     11/15/2016
Alpha Natural
  Resources Inc         ANR          6    23.625       6/1/2019
Alpha Natural
  Resources Inc         ANR       9.75     39.19      4/15/2018
Alpha Natural
  Resources Inc         ANR       6.25    23.375       6/1/2021
Alpha Natural
  Resources Inc         ANR       3.75    40.625     12/15/2017
Alpha Natural
  Resources Inc         ANR      4.875      23.5     12/15/2020
Altegrity Inc           USINV       14    37.625       7/1/2020
Altegrity Inc           USINV       13    37.625       7/1/2020
Altegrity Inc           USINV       14    37.625       7/1/2020
American Eagle
  Energy Corp           AMZG        11        32       9/1/2019
American Eagle
  Energy Corp           AMZG        11     36.75       9/1/2019
American Tower Corp     AMT          7       113     10/15/2017
Arch Coal Inc           ACI          7        22      6/15/2019
Arch Coal Inc           ACI       7.25    21.041      6/15/2021
Arch Coal Inc           ACI      9.875    26.023      6/15/2019
BPZ Resources Inc       BPZR       8.5    17.125      10/1/2017
Black Elk Energy
  Offshore Operations
  LLC / Black Elk
  Finance Corp          BLELK    13.75     82.25      12/1/2015
Caesars Entertainment
  Operating Co Inc      CZR         10     20.25     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      12.75    19.635      4/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      10.75     24.75       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR        6.5      34.8       6/1/2016
Caesars Entertainment
  Operating Co Inc      CZR       5.75     34.02      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR         10      18.9     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR       5.75    12.625      10/1/2017
Caesars Entertainment
  Operating Co Inc      CZR         10     19.75     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR      10.75      24.5       2/1/2016
Caesars Entertainment
  Operating Co Inc      CZR         10     19.75     12/15/2018
Caesars Entertainment
  Operating Co Inc      CZR         10        19     12/15/2018
Cal Dive
  International Inc     CDVI         5        11      7/15/2017
Chassix Holdings Inc    CHASSX      10         5     12/15/2018
Chassix Holdings Inc    CHASSX      10         8     12/15/2018
Chassix Holdings Inc    CHASSX      10         8     12/15/2018
Colt Defense LLC /
  Colt Finance Corp     CLTDEF    8.75     29.65     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF    8.75    28.125     11/15/2017
Colt Defense LLC /
  Colt Finance Corp     CLTDEF    8.75    28.125     11/15/2017
Dendreon Corp           DNDN     2.875        70      1/15/2016
Endeavour
  International Corp    END         12        20       3/1/2018
Endeavour
  International Corp    END         12       1.5       6/1/2018
Endeavour
  International Corp    END        5.5     1.984      7/15/2016
Endeavour
  International Corp    END         12     11.75       3/1/2018
Endeavour
  International Corp    END         12     11.75       3/1/2018
Energy Conversion
  Devices Inc           ENER         3     7.875      6/15/2013
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc           TXU         10     4.375      12/1/2020
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc      TXU         10     5.125      12/1/2020
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc      TXU      6.875     4.681      8/15/2017
Exide Technologies      XIDE     8.625      1.57       2/1/2018
Exide Technologies      XIDE     8.625         1       2/1/2018
Exide Technologies      XIDE     8.625         1       2/1/2018
FBOP Corp               FBOPCP      10     1.843      1/15/2009
FairPoint
  Communications
  Inc/Old               FRP     13.125     1.879       4/2/2018
Fleetwood
  Enterprises Inc       FLTW        14     3.557     12/15/2011
GT Advanced
  Technologies Inc      GTAT         3      36.5      10/1/2017
Hercules Offshore Inc   HERO     10.25        33       4/1/2019
Hercules Offshore Inc   HERO      8.75      31.5      7/15/2021
Hercules Offshore Inc   HERO     10.25    32.875       4/1/2019
James River Coal Co     JRCC     3.125     0.244      3/15/2018
Las Vegas Monorail Co   LASVMC     5.5     1.026      7/15/2019
Lehman Brothers
  Holdings Inc          LEH          4       9.5      4/30/2009
Lehman Brothers
  Holdings Inc          LEH          5       9.5       2/7/2009
Lehman Brothers Inc     LEH        7.5      10.5       8/1/2026
MF Global Holdings Ltd  MF        6.25        30       8/8/2016
MF Global Holdings Ltd  MF       1.875      26.5       2/1/2016
MF Global Holdings Ltd  MF       3.375      26.5       8/1/2018
MModal Inc              MODL     10.75    10.125      8/15/2020
Magnetation LLC /
  Mag Finance Corp      MAGNTN      11      38.5      5/15/2018
Magnetation LLC /
  Mag Finance Corp      MAGNTN      11        38      5/15/2018
Magnetation LLC /
  Mag Finance Corp      MAGNTN      11        38      5/15/2018
Milagro Oil & Gas Inc   MILARG    10.5        74      5/15/2016
Molycorp Inc            MCP          6       8.8       9/1/2017
Molycorp Inc            MCP       3.25      10.9      6/15/2016
Molycorp Inc            MCP        5.5      15.5       2/1/2018
NII Capital Corp        NIHD        10     46.25      8/15/2016
OMX Timber Finance
  Investments II LLC    OMX       5.54        19      1/29/2020
Powerwave
  Technologies Inc      PWAV      2.75     0.125      7/15/2041
Powerwave
  Technologies Inc      PWAV     3.875     0.125      10/1/2027
Powerwave
  Technologies Inc      PWAV     1.875     0.125     11/15/2024
Powerwave
  Technologies Inc      PWAV     3.875     0.125      10/1/2027
Powerwave
  Technologies Inc      PWAV     1.875     0.125     11/15/2024
Quicksilver
  Resources Inc         KWKA     9.125        11      8/15/2019
Quicksilver
  Resources Inc         KWKA        11    13.938       7/1/2021
RAAM Global Energy Co   RAMGEN    12.5     23.05      10/1/2015
RadioShack Corp         RSH       6.75     5.063      5/15/2019
RadioShack Corp         RSH       6.75         5      5/15/2019
RadioShack Corp         RSH       6.75         5      5/15/2019
Sabine Oil & Gas Corp   SOGC      7.25      22.5      6/15/2019
Sabine Oil & Gas Corp   SOGC      9.75     16.04      2/15/2017
Sabine Oil & Gas Corp   SOGC       7.5    21.289      9/15/2020
Sabine Oil & Gas Corp   SOGC       7.5     22.25      9/15/2020
Sabine Oil & Gas Corp   SOGC       7.5     22.25      9/15/2020
Samson Investment Co    SAIVST    9.75    10.563      2/15/2020
Saratoga Resources Inc  SARA      12.5    21.942       7/1/2016
Savient
  Pharmaceuticals Inc   SVNT      4.75     0.225       2/1/2018
TMST Inc                THMR         8        15      5/15/2013
Terrestar Networks Inc  TSTR       6.5        10      6/15/2014
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU         15    14.375       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU       10.5     10.25      11/1/2016
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU         15        15       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc           TXU       10.5         9      11/1/2016
Tunica-Biloxi
  Gaming Authority      PAGON        9     62.75     11/15/2015
US Shale Solutions Inc  SHALES    12.5    49.749       9/1/2017
US Shale Solutions Inc  SHALES    12.5    61.499       9/1/2017
Venoco Inc              VQ       8.875        41      2/15/2019
Walter Energy Inc       WLT      9.875       6.6     12/15/2020
Walter Energy Inc       WLT        8.5     6.052      4/15/2021
Walter Energy Inc       WLT      9.875      6.25     12/15/2020
Walter Energy Inc       WLT      9.875      6.25     12/15/2020


                            *********

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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publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
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The TCR subscription rate is $975 for 6 months delivered via
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are $25 each.  For subscription information, contact Peter A.
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                   *** End of Transmission ***