TCR_Public/150611.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, June 11, 2015, Vol. 19, No. 162

                            Headlines

488-486 LEFFERTS: Case Summary & 17 Largest Unsecured Creditors
ACA HOLDINGS: S&P Assigns 'B-' CCR, Outlook Stable
AEMETIS INC: Sprott Inc. Reports 6.2% Stake as of May 29
ALLIANCE ONE: Posts $15.6 Million Net Loss in Fiscal 2015
AMERICAN APPAREL: Agrees to Form an Advisory Committee

APOLLO SECURITY: S&P Assigns 'B' CCR & Rates $2-Bil. Loans 'B'
ARCH COAL: Bank Debt Trades at 31% Off
ATS AUTOMATION: Moody's Assigns Ba3 Corporate Family Rating
BOOMERANG TUBE: Files for Chapter 11 for $214MM Debt-Equity Swap
BOOMERANG TUBE: Proposes $145 Million of DIP Financing

BOOMERANG TUBE: Proposes to Pay $7.25MM to Critical Vendors
BTB CORPORATION: Schedules of Assets and Liabilities Extended
BUILDING MATERIALS: S&P Puts 'B' CCR on CreditWatch Positive
CACHE INC: Gets Final Approval to Access $22-Mil. DIP from Salus
CAESARS ENTERTAINMENT: Bank Debt Trades at 4% Off

CANNAPHARMARX INC: Reports $1.66-Mil. Net Loss in First Quarter
CARMIKE CINEMAS: Moody's Rates $50MM 1st Lien Debt  'Ba2'
CORINTHIAN COLLEGES: Ex-Students Seek Shield from Debt Collectors
CORINTHIAN COLLEGES: Panel Wants Freeze on Student Loan Collection
CORINTHIAN COLLEGES: Student Loan Collection Freeze Sought

CORINTHIAN COLLEGES: U.S. Trustee Forms 7-Member Student Committee
CTI BIOPHARMA: Eagle Asset Lowers Stake to Less Than 1%
DRD TECHNOLOGIES: Files Schedules of Assets and Liabilities
EL PASO CHILDREN'S: Texas Tech, Cardinal Health Block Cash Use
EL PASO CHILDREN: Schedules and Statements Filing Moved to June 16

ENERGY & EXPLORATION: Bank Debt Trades at 14% Off
F.G. DEVELOPMENT: Voluntary Chapter 11 Case Summary
FANNIE MAE & FREDDIE MAC: David Fiderer Opines on Pearlstein Piece
FINJAN HOLDINGS: Sets Record Date for June 24 Annual Meeting
FORTESCUE METALS: Bank Debt Trades at 9% Off

FRAC TECH: Bank Debt Trades at 16% Off
FREE GOSPEL: Case Summary & 19 Largest Unsecured Creditors
FREESEAS INC: Sells $500,000 Convertible Note to Casern Holdings
FRESH PRODUCE: US Trustee Amends Committee Members
FUEL PERFORMANCE: Reports $471K Net Loss in First Quarter

GETTY IMAGES: Bank Debt Trades at 18% Off
GOLDEN COUNTY: Proposes Richards Layton as Co-Counsel
GORDON PROPERTIES: OFP Gets Street-Front Unit Sale Net Proceeds
GREAT CANADIAN: Moody's Affirms Ba3 CFR, Outlook Stable
GYMBOREE CORP: Bank Debt Trades at 24% Off

HEADWATERS AT BANNER ELK: Case Summary & 7 Top Unsecured Creditors
HEALTH CARE REIT: S&P Affirms 'BB+' Rating on Preferred Shares
HEALTH DIAGNOSTIC: Has Okay to Use Cash Collateral Until June 30
HORSEHEAD HOLDING: S&P Revises Outlook to Stable & Affirms 'B-' CCR
IBT INTERNATIONAL: Banyan Trustee Files Involuntary Petition

IMPERIAL CAPITAL: Three Luxury Condominiums to Be Auctioned Today
INSITE VISION: To Merge with Canadian Biotechnology Company QLT
JPH LAS VEGAS: Judge Landis Dismiss Chapter 11 Bankruptcy Case
K & R BUSINESS: Case Summary & Largest Unsecured Creditor
KEMET CORP: Hires New Global Sales & Marketing EVP

LANTHEUS MEDICAL: S&P Puts 'B-' CCR on CreditWatch Positive
LERIN HILLS: Receiver Proposes July 24 Claims Bar Date
LERIN HILLS: Receiver Wants to Be Excused From Compliance
LERIN HILLS: Receiver, Lender File Liquidating Plan in Chapter 11
LIME ENERGY: Files Financial Statements of Enerpath with SEC

LINDBLAD EXPEDITIONS: Moody's Assigns B2 CFR, Outlook Stable
MA LERIN HILLS: Case Summary & 18 Largest Unsecured Creditors
MAGNETATION LLC: Committee Taps Province Inc. as Financial Advisor
MAGNETATION LLC: Files Schedules of Assets and Liabilities
MCCLATCHY CO: Reduces Debt by $41.3 Million

MELA SCIENCES: Reports $7.27-Mil. Net Loss in First Quarter
MERITOR INC: Moody's B1 CFR Unaffected by $225MM Add-on Notes
METABOLIX INC: Discloses $5.84-Mil. Net Loss in Q1 of 2015
MJC AMERICA: Court Vacates Deadlines for Gree Product Claims
MJC AMERICA: Has Court's Nod to Use Cash Collateral Until Sept. 17

NET ELEMENT: Kenges Rakishev Reports 15% Stake as of April 30
NORTH AMERICAN: Commences Restructuring Proceedings Under CCAA
OXIS INTERNATIONAL: Incurs $20.5-Mil. Net Loss in First Quarter
PATRIOT COAL: Unsecured Creditors Object to $100M Financing
PEABODY ENERGY: Bank Debt Trades at 12% Off

PRIMERA ENERGY: Fights Investors' Motion for Chapter 11 Trustee
RECOVERY CENTERS: Creditors Have Until July 27 to File Claims
RECYCLE SOLUTIONS: To Assume Equipment Lease Pacts With Nissan
RECYCLE SOLUTIONS: To Make Adequate Protection Payments to Nissan
RECYCLE SOLUTIONS: To Make Adequate Protection Payments to Regions

REDPRAIRE CORP: Bank Debt Trades at 3% Off
RETROPHIN INC: Settles Questcor Lawsuit for $15.5 Million
SANDIA RESORTS: Case Summary & 5 Largest Unsecured Creditors
SAO INVESTMENTS: Case Summary & 9 Largest Unsecured Creditors
SEADRILL LTD: Bank Debt Trades at 20% Off

SEALED AIR: Moody's Rates New 2025 Senior Unsecured Notes 'B1'
SEARS HOLDINGS: Posts $303 Million Net Loss in First Quarter
SHADOW LAKE: Voluntary Chapter 11 Case Summary
SRKO FAMILY: Richardson Accused of Stealing From Nelson Rieger
STANDARD REGISTER: Asks Court to Extend Deadline to Remove Suits

STANDARD REGISTER: Committee Can Sue Co.'s Board & Silver Point
STRATECO RESOURCES: Court Stays CCAA Proceedings Until July 9
TERRENO REALTY: Fitch Assigns 'BB' Rating on Preferred Stock
TOWERGATE FINANCE: Judge Bernstein Closes Chapter 15 Case
TRIPLANET PARTNERS: June 15 Hearing on Purchaser Protections

TWIN RINKS: Files for Chapter 11 to Sell Ice Skating Rink
TWIN RINKS: Seeks to Use Affiliate's Cash Collateral
TWIN RINKS: Wants 60-Day Extension of Schedules Deadline
UNIVERSAL COOPERATIVES: Administrative Expense Claims Deadline Set
UNIVISION COMMUNICATIONS: Fitch Affirms 'B' IDR, Outlook Stable

US COAL: Files Final Report; Cases Converted to Chapter 7
WEST COAST GROWERS: Amends Schedules of Assets and Liabilities
WESTMORELAND COAL: Amends Credit Facility with PrivateBank
WPCS INTERNATIONAL: To Sell Interests in China Operations
YOSEN GROUP: Losses, Deficit Raise Going Concern Doubt

[*] Asset-Based Senior Lenders Benefit From Tumbling Oil Prices
[*] Greenberg Traurig's Shari Heyen to Speak on ABI's Live Webinar
[*] McGlinchey Expands Florida Commercial Litigation Practice
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

488-486 LEFFERTS: Case Summary & 17 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: 488-486 Lefferts LLC
        119-16 Jamaica Avenue
        Richmond Hill, NY 11418

Case No.: 15-42716

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: June 10, 2015

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

Debtor's Counsel: Edward N Gewirtz, Esq.
                  BRONSTEIN, GEWIRTZ & GROSSMAN, LLC
                  60 East 42nd Street, Suite 4600
                  New York, NY 10165
                  Tel: 212-697-6484
                  Fax: 212-697-7296
                  Email: chona@bgandg.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Nir Zeer, managing member.

A list of the Debtor's 17 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nyeb15-42716.pdf


ACA HOLDINGS: S&P Assigns 'B-' CCR, Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-'
corporate credit rating to Newtown Square, Pa.-based ACA Holdings
LLC.  The outlook is stable.

At the same time, S&P assigned its 'B+' issue-level and '1'
recovery ratings to the company's $30 million revolving credit
facility due 2020, which has a first-priority lien.  The '1'
recovery rating indicates S&P's expectation for very high (90-100%)
recovery in the event of a payment default.  S&P also assigned its
'B-' issue-level and '4' recovery ratings to the company's $265
million senior secured notes due 2020.  The '4' recovery rating
indicates S&P's expectation for average (30%-50%, lower half of the
range) recovery in the event of a payment default.

"Our rating on ACA Holdings LLC reflects our view of the company's
small market share in an intensely competitive and fragmented
industry, in which there are high levels of attrition and alarm
monitoring services are largely undifferentiated," said Standard &
Poor's credit analyst Kenneth Fleming.

Additionally, the company is dependent on debt to fund anticipated
growth.  The company's high level of recurring revenue and
below-industry-average attrition rates partly offset these risks.

The stable outlook reflects S&P's expectation that the company will
improve its credit measures through EBITDA growth and subscriber
acquisitions, while maintaining below-industry-average attrition
rates.

S&P could lower the rating if increased subscriber acquisition
costs or a spike in attrition causes liquidity to be "less than
adequate" or if FFO to cash interest is sustained under 1x.

An upgrade is unlikely given the company's "highly leveraged"
financial profile, financial sponsor ownership, and S&P's
expectation that the company will continue to fund growth through
additional debt.



AEMETIS INC: Sprott Inc. Reports 6.2% Stake as of May 29
--------------------------------------------------------
Sprott Inc. and Sprott Private Credit Trust disclosed in an amended
Schedule 13G filed with the Securities and Exchange Commission that
as of May 29, 2015, they beneficially own
1,231,373 shares of common stock of Aemetis, Inc., which represents
6.2 percent of the shares outstanding.  A copy of the regulatory
filing is available at http://is.gd/gtw00a

                           About Aemetis

Cupertino, Calif.-based Aemetis, Inc., is an international
renewable fuels and specialty chemical company focused on the
production of advanced fuels and chemicals and the acquisition,
development and commercialization of innovative technologies that
replace traditional petroleum-based products and convert first-
generation ethanol and biodiesel plants into advanced
biorefineries.

As of March 31, 2015, the Company had $93.3 million in total
assets, $109 million in total liabilities and a $15.6 million total
stockholders' deficit.


ALLIANCE ONE: Posts $15.6 Million Net Loss in Fiscal 2015
---------------------------------------------------------
Alliance One International, Inc. filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $15.6 million on $2.10 billion of sales and other operating
revenues for the year ended March 31, 2015, compared to a net loss
of $87.0 million on $2.3 billion of sales and other operating
revenues for the year ended March 31, 2014.

For the three months ended March 31, 2015, the Company reported net
income of $3.70 million on $738 million of sales and other
operating revenues compared to a net loss of $17.2 million on $616
million of sales and other operating revenues for the same period
in 2014.

As of March 31, 2015, Alliance One had $1.60 billion in total
assets, $1.40 billion in total liabilities and $236 million in
total equity.

Pieter Sikkel, chief executive officer and president, said, "I am
really pleased with the performance our global team achieved
through fiscal year 2015 under challenging trading conditions.
Fiscal year 2015 volume and sales were impacted by global
oversupply as a result of customers that modified inventory
positions due to reduced consumer demand in some markets over the
last 36 months.  Global oversupply now appears to be moving back
towards equilibrium with reduced crop sizes planned and market
pricing to suppliers that reflects the oversupply imbalance.
Important to full year results, our fourth quarter sales improved
19.9% to $738.1 million versus last year and was the second best
quarter in the Company's history.  Adjusted EBITDA improved 188.5%
to $59.3 million or 8.0% of sales.  For the year, sales decreased
12.3% to $2,065.9 million, while Adjusted EBITDA improved 9.8% to
$173.2 million and was 8.4% of sales with improved total debt less
cash divided by Adjusted EBITDA of 5.36x."

As of March 31, 2015, available credit lines and cash were $813.2
million, comprised of $143.8 million in cash and $669.4 million of
credit lines, of which $210.3 million was available under the U.S.
revolving credit facility for general corporate purposes, $448.2
million of foreign seasonal credit lines and $10.9 million
exclusively for letters of credit.

Additionally, in the future, the Company may elect to redeem,
repay, make open market purchases, retire or cancel indebtedness
prior to stated maturity under its various global bank facilities
and outstanding public notes, as they may permit.

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

                        http://is.gd/IYLU3J

                         About Alliance One

Alliance One International is a leading global independent leaf
merchant.  Visit the Company's Web site at http://www.aointl.com/

                            *    *    *

As reported by the TCR on Feb. 12, 2015, Moody's Investor Service
downgraded the Corporate Family Rating of Alliance One
International, Inc. (AOI) to Caa1 from B3.  The downgrade of AOI's
CFR to Caa1 reflects Moody's expectation that credit metrics will
remain weak over the next 12 - 18 months.

The TCR reported on April 13, 2015, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Morrisville,
N.C.-based Alliance One International Inc. to 'CCC+' from 'B-'.


AMERICAN APPAREL: Agrees to Form an Advisory Committee
------------------------------------------------------
American Apparel, Inc., and stockholder Jeffrey Kolb entered into a
letter agreement pursuant to which, among other things:

   (i) the Company will form a new advisory committee comprised of

       industry executives, Company employees and other qualified
       personnel that will provide insights, guidance and
       strategic input for the Company's chief executive officer;

  (ii) the Company will use reasonable efforts to identify a new
       independent director with significant experience as a
       member of senior management of retail or apparel companies
       and appoint the new director to fill a vacancy on the
       Company's board of directors prior to the Company's 2016
       Annual Meeting of Stockholders; and

(iii) Mr. Kolb withdrew his notice of intent to nominate persons
       for election as directors of the Company and to present a
       proposal at the 2015 Annual Meeting.  

As previously disclosed, on May 17, 2015, Mr. Kolb notified the
Company that he intended to nominate two candidates for election as
directors.  

Gene Montesano, the co-founder of Lucky Brand jeans and one of the
candidates proposed by Mr. Kolb, will head the new advisory
committee if he is willing and able to do so and has withdrawn as a
candidate for election to the Board at the Company's 2015 Annual
Meeting.  In addition, Adrian Kowalewski, the second candidate
proposed by Mr. Kolb, also informed the Company that he withdrew as
a candidate for election to the Board at the Company's 2015 Annual
Meeting effective as of June 7, 2015.

                          TRO Extension

As previously disclosed, on June 1, 2015, in American Apparel, Inc.
v. Charney, C.A. No. 11033-CB, the Delaware Court of Chancery
granted the motion of the Company for a temporary restraining order
against Dov Charney, the Company's former chief executive officer,
temporarily restraining Mr. Charney from breaching the terms of the
Nomination, Standstill and Support Agreement, dated July 9, 2014.

On June 5, 2015, Mr. Charney agreed that the restraints placed on
him by the aforementioned temporary restraining order are extended
until the conclusion of the 2015 Annual Meeting, currently
scheduled for July 16, 2015.  In addition, Mr. Charney will respond
to certain discovery requests and the Company will conduct
depositions in advance of the 2015 Annual Meeting.

On a related note, on June 4, Mr. Charney filed an action against
the Company in the Delaware Court of Chancery, captioned Charney v.
American Apparel, Inc., C.A. No. 11098-CB, seeking advancement of
fees and expenses incurred in defending against American Apparel,
Inc. v. Charney.  The Company intends to vigorously defend against
Mr. Charney's advancement action.

American Apparel furnished with the Securities and Exchange
Commission a copy of an investor presentation which is available
for free at http://is.gd/zLQ4pw

                      About American Apparel

American Apparel is a vertically-integrated manufacturer,
distributor, and retailer of branded fashion basic apparel based
in downtown Los Angeles, California.  As of Sept. 30, 2014,
American Apparel had approximately 10,000 employees and operated
245 retail stores in 20 countries including the United States and
Canada.  American Apparel also operates a global e-commerce site
that serves over 60 countries worldwide at
http://www.americanapparel.com. In addition, American Apparel     

operates a leading wholesale business that supplies high quality
T-shirts and other casual wear to distributors and screen
printers.

Amid liquidity problems and declining sales, American Apparel in
early 2011 reportedly tapped law firm Skadden, Arps, Slate,
Meagher & Flom and investment bank Rothschild Inc. for advice on a
restructuring.

In April 2011, American Apparel said it raised $14.9 million in
rescue financing from a group of investors led by Canadian
financier Michael Serruya and private equity firm Delavaco Capital
Corp., allowing the casual clothing retailer to meet obligations
to its lenders for the time being.  Under the deal, the investors
were buying 15.8 million shares of common stock at 90 cents
apiece.  The deal allows the investors to purchase additional
27.4 million shares at the same price.

American Apparel reported a net loss of $68.8 million in 2014, a
net loss of $106 million in 2013 and a net loss of $37.3
million in 2012.

As of March 31, 2015, the Company had $271 million in total assets,
$416 million in total liabilities and a $144 million total
stockholders' deficit.

                           *     *     *

The TCR reported on Nov. 21, 2013, that Moody's Investors Service
downgraded American Apparel Inc.'s corporate family rating to
Caa2.  The clothing retailer's probability of default was also
lowered one level and the outlook is negative.

As reported by the TCR on Sept. 2, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating on Los Angeles-based
American Apparel Inc. to 'CCC-' from 'CCC'.  The outlook is
negative.


APOLLO SECURITY: S&P Assigns 'B' CCR & Rates $2-Bil. Loans 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B'
corporate credit rating to Romeoville, Ill.-based Apollo Security
Services Borrower LLC.  The outlook is stable.

At the same time, S&P assigned its 'B' issue-level and '3' recovery
ratings to the company's $1.055 billion first-lien term loan due
2021 and $95 million revolver due 2020.  The '3' recovery rating
indicates S&P's expectation for meaningful (50%-70%; higher half of
the range) recovery in the event of a payment default.  S&P also
assigned its 'CCC+' issue-level and '6' recovery ratings to the
company's $300 million second-lien term loan due 2022.  The '6'
recovery rating indicates S&P's expectation for negligible (0%-10%)
recovery in the event of a payment default.

Finally, S&P is removing its ratings on Protection One Inc. from
CreditWatch, where it placed them with negative implications on May
20, 2015, and withdrawing its 'B' corporate credit rating on the
company.

"Our rating on Apollo Security Services Borrower reflects the
company's middle-tier position in the intensely competitive and
highly fragmented U.S. alarm monitoring industry, which is
characterized by high customer attrition, significant subscriber
acquisition costs (SAC), and low barriers to entry," said Standard
& Poor's credit analyst Kenneth Fleming.

"While the addition of ASG Security to Protection One adds some
scale, the combined company will still be significantly smaller
than The ADT Corp., the leader in U.S. alarm monitoring," he
added.

The stable outlook reflects S&P's expectation that the company will
improve its credit measures through EBITDA growth and cost savings
from the integration of ASG Security, while maintaining
below-industry-average attrition rates and subscriber acquisition
costs.

S&P could lower the rating if increased subscriber acquisition
costs, a spike in attrition, or issues with the integration of ASG
lead to deterioration in liquidity or make it unlikely the company
would generate FOCF in a low-growth environment.

An upgrade in the near term is unlikely, given the company's
"highly leveraged" financial profile and S&P's expectation that
financial sponsor ownership will preclude meaningful debt repayment
from any FOCF.



ARCH COAL: Bank Debt Trades at 31% Off
--------------------------------------
Participations in a syndicated loan under which Arch Coal Inc. is a
borrower traded in the secondary market at 69.31 cents-on-the-
dollar during the week ended Friday, June 5, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 9, 2015, edition of The Wall Street Journal.  This
represents a decrease of 1.19 percentage points from the previous
week, The Journal relates. Arch Coal Inc. pays 500 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
May 17, 2018, and carries Moody's Caa1 rating and Standard & Poor's
B- rating.  The loan is one of the biggest gainers and losers among
268 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


ATS AUTOMATION: Moody's Assigns Ba3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service assigned ratings to ATS Automation
Tooling Systems Inc., consisting of a Ba3 corporate family rating,
Ba3-PD probability of default rating, B2 rating to its proposed
senior unsecured notes, and SGL-2 speculative grade liquidity
rating. The ratings outlook is stable. This is the first time
Moody's has assigned ratings to ATS.

Net proceeds from the new US$250 million senior unsecured notes
issue will be used to repay amounts outstanding under its revolving
credit facility.

Ratings Assigned:

  -- Corporate Family Rating, Ba3

  -- Probability of Default Rating, Ba3-PD

  -- US$250 million Unsecured Notes due 2023, B2 (LGD5)

  -- Speculative Grade Liquidity, SGL-2

Outlook:

  -- Assigned as Stable

ATS' Ba3 CFR primarily reflects its strong credit metrics, good
diversity by end-market and geography, and good liquidity. The
rating also considers the company's public long-term leverage
target that provides flexibility for its acquisition strategy.
These attributes are mitigated by the company's small scale,
cyclical demand and acquisition execution risk. The rating assumes
low single digit revenue growth through the next 12 to 18 months,
reflective of global economic conditions. Credit metrics are
expected to be maintained at levels of strength for the rating in
this timeframe.

ATS has good liquidity (SGL-2), supported by cash of C$106 million
at March 31, 2015, Moody's expectation for annual free cash flow
above C$40 million, C$665 million of availability under its C$750
million revolver due in August 2018 (at close of the notes
transaction), and no scheduled debt maturity until the revolver
matures. ATS' revolver is subject to leverage and coverage
covenants which Moody's expects will have at least 30% cushion
through the next 4 to 6 quarters on the tightest covenant
(leverage). ATS has some unencumbered assets which provide
flexibility to raise additional funds to boost liquidity should the
need arise.

The stable outlook reflects Moody's view that while ATS is likely
to make acquisitions to enhance its scale and market position, it
will fund them in such a way that its credit profile will remain in
line with expectations for the Ba3 rating.

An upgrade will require the company to profitably enhance its scale
while sustaining adjusted Debt/EBITDA towards 2.5x and
EBITA/Interest towards 5x. The rating could be downgraded if
adjusted Debt/EBITDA is sustained above 4x and EBITA/Interest below
3x. A downgrade could also occur should contract difficulties lead
to a deterioration in profitability and cause EBITA margins to be
sustained towards 5%. A sizeable debt-financed acquisition could
also lead to a downgrade.

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

ATS Automation Tooling Systems Inc. provides automated
manufacturing solutions to multinational companies. Revenue for the
fiscal year ended March 31, 2015 was C$936 million. The company is
headquartered in Cambridge, Ontario, Canada.


BOOMERANG TUBE: Files for Chapter 11 for $214MM Debt-Equity Swap
----------------------------------------------------------------
Boomerang Tube, LLC, a maker of pipes and tubing for oil and
natural gas companies, has sought bankruptcy protection with a deal
with lenders on a balance sheet restructuring that would convert
$214 million of debt to 100% of the common stock of the reorganized
company.

Boomerang, 81% owned by Access Tubulars, LLC, signed a plan support
agreement that would hand control of the company to holders of $214
million in outstanding principal of term loan facility
obligations.

As of March 31, 2015, the Debtors reported total assets of $299
million and total liabilities of $461 million.  As of the Petition
Date, the Debtors had funded debt obligations of approximately
$263.6 million, including indebtedness of:

   * $33 million under an asset-based revolving credit facility
("ABL Facility") with Wells Fargo Capital Finance, LLC, as
administrative agent,

   * $214 million under a $230 million term loan facility with
Cortland Capital Market Services LLC, as administrative agent and
collateral agent;
  
   * $6.6 million under a bridge loan facility with Cortland
Capital Market Services LLC, as administrative agent and collateral
agent; and

   * $10 million for capital financing leases.

The Debtors' outstanding principal unsecured indebtedness consists
of trade payables and fixed charges owed to lessors and other
vendors of approximately $37.3 million as of June 5, 2015.

For the year ended Dec. 31, 2014, the Debtors' operations generated
gross sales of $501 million and suffered net losses of $17.8
million.

On June 9, 2015, the Debtors, the Term Loan Lenders, certain Bridge
Loan Lenders, the ABL Facility Lenders and Tubulars entered into a
Plan Support Agreement.  More specifically, the restructuring
proposed under the Plan Support Agreement reduces the Debtors'
funded debt obligations by converting approximately $214 million in
outstanding principal of Term Loan Facility obligations into (i)
100% of the New Holdco Common Stock (subject to dilution for (1)
the payment of Backstop Exit Fee and Exit Closing Fee equal to 20%
of equity of New Holdco in the aggregate and (2) issuances of
equity under a management incentive plan not to exceed 5% of the
total outstanding equity of New Holdco) and (ii) $55 million of
subordinated notes issued by the Reorganized Borrower, a
wholly-owned direct subsidiary of New Holdco, and secured by a
third-priority lien on the ABL Collateral and Term Collateral.

The Term Loan Lenders have agreed to backstop a $60 million exit
facility that Boomerang would use to pay down the Debtors' term
loan DIP obligations.  Those backstop lenders that agree to provide
the exit facility would be entitled to up to 20% of the reorganized
debtor's equity, which would dilute the stake held by all of the
term lenders.

Boomerang as of Tuesday had not filed the PSA with the Court or
sought approval of the agreement.

                         First Day Motions

The Debtors on the Petition Date filed motions to:

   -- jointly administer their Chapter 11 cases;
   -- maintain their bank accounts;
   -- continue their customer programs;
   -- pay prepetition employee wages and benefits;
   -- prohibit utilities from discontinuing service;
   -- continue their insurance programs;
   -- pay sales and use taxes;
   -- pay critical trade vendor claims; and
   -- access debtor-in-possession financing.

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

   http://bankrupt.com/misc/Boomerang_1st_Day_Affidavit.pdf

                       About Boomerang Tube

Boomerang Tube, LLC, is a manufacturer of welded Oil Country
Tubular Goods ("OCTG") in the United States.  OCTG are used by
drillers in exploration and production of oil and natural gas and
consist of drill pipe, casing and tubing.  Boomerang has corporate
offices in Chesterfield, Missouri and manufacturing facilities in
Liberty, Texas, strategically located near major steel production
centers and end-user markets.  With a 487,000 square foot plant
that houses two mills and heat treat lines and a contingent 119
acres, these facilities constitute the second largest alloy OCTG
mill in North America.  Access Tubulars, LLC, owns 81% of the
equity interests in Boomerang.

Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
15-11247) on June 9, 2015.  The cases are assigned to Judge Mary F.
Walrath.  The Debtors tapped Young Conaway Stargatt & Taylor, LLP,
as attorneys; Lazard Freres & Co. LLC, as financial advisor; and
Donlin, Recano & Co., Inc., as claims and noticing agent.


BOOMERANG TUBE: Proposes $145 Million of DIP Financing
------------------------------------------------------
Pipemaker Boomerang Tube, LLC, is asking the U.S. Bankruptcy Court
for the District of Delaware to enter interim and final orders
authorizing it to obtain $145 million in debtor-in-possession
financing to fund its balance sheet restructuring.

The postpetition financing would consist of a $60 million new-money
term loan provided by a group of prepetition term lenders and an
asset-based loan of up to $85 million from Wells Fargo Capital
Finance, LLC, and Bank of America, N.A.  Cortland Capital Market
Services LLC would serve as administrative agent on the term loan,
while WFCF would serve as administrative agent on the ABL.

The $35 million of the Term DIP Facility and up to $85 million of
the ABL DIP Facility will be available upon interim approval of the
DIP financing.

The term loan would be priced at Libor plus 11% or an alternate
base rate plus 10%, with default interest at the applicable rate
plus 3.0% per annum.  The ABL would be priced at Libor plus 4.5% or
a base rate plus 2.5%, with default interest at the applicable rate
plus 2.0% per annum.

The term loan requires a 2% commitment fee and a $35,000
administrative agency fee.  The ABL would have a $300,000 fee as
well as an unused commitment fee of 0.375% to 0.5%, depending on
usage of the loan.

The term loan would mature on the earliest of 120 days after the
Petition Date (Oct. 7, 2015), the sale of the Debtor's assets and
the effective date of a Chapter 11 plan.  The ABL would mature on
the earliest of 150 days after the Petition Date (Nov. 6, 2015),
the closing of a sale of all the Debtor's assets and a plan
effective date.

As of the Petition Date, the Debtors had funded debt obligations of
approximately $263.6 million, including indebtedness of: 33 million
under an asset-based revolving credit facility ("ABL Facility")
with Wells Fargo Capital Finance,  as administrative agent, a $214
million under a $230 million term loan facility with Cortland
Capital Market Services, as administrative agent and collateral
agent; a $6.6 million under a bridge loan facility with Cortland,
as administrative agent and collateral agent; and $10 million for
capital financing leases.

The ABL DIP Facility gradually would roll up the $33 million
outstanding on the prepetition ABL facility, and the DIP Term
Facility would repay the $6.6 million bridge loan.

The Term Loan Lenders have agreed to backstop a $60 million exit
facility that Boomerang would use to pay down the Debtors' term
loan DIP obligations.  Those backstop lenders that agree to provide
the exit facility would be entitled to up to 20% of the reorganized
debtor's equity, which would dilute the stake held by all of the
term lenders.

The Debtors have agreed to certain Chapter 11 milestones:

  A. With respect to the Term DIP Facility, the Debtors agreed to:

     * Obtain court approval of (x) the Interim Order within three
business days of the Petition Date, and (y) the Final Order within
45 days after the Petition Date;

     * Obtain confirmation of the Plan by no later than Sept. 22,
2015; and

     * Consummate the Plan by no later than October 6, 2015.

  B. With respect to ABL DIP Facility, the Debtors agreed to:

     * Adhere to the milestones in the Plan Support Agreement
Obtain court approval of (x) the Interim Order within three
business days of the Filing Date, and (y) the Final Order within 45
days after the Filing Date;

     * On or before Oct. 6, 2015, (or such later date as WFCF will
agree), such confirmed plan of reorganization shall be consummated
and all obligations under the Existing Loan Agreement and this
Agreement will have been paid in full, in cash, on a final and
indefeasible basis, or refinanced under an exit loan facility
provided by WFCF and the Existing Lenders.

A copy of the DIP Financing Motion is available for free at:

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

Cortland can be reached at:

        CORTLAND CAPITAL MARKET SERVICES LLC
        225 W. Washington St., 21st Floor
        Chicago, IL 60606
        Attention: Ryan Morick and Legal Department
        Telephone: 312-564-5072
        Telecopier: 312-376-0751
        E-mail: ryan.morick@cortlandglobal.com
                legal@cortlandglobal.com

Cortland's attorneys can be reached at:

        KING & SPALDING LLP
        1185 Avenue of the Americas
        New York, NY 10036
        Attention: Michael C. Rupe, Esq.
                   Ellen M. Snare, Esq.
        Telephone: (212) 556-2135
        Facsimile: (212) 556-2222
        E-mail: mrupe@kslaw.com

WFCF can be reached at:

        WELLS FARGO CAPITAL FINANCE, LLC
        150 South Wacker Drive, Suite 2200
        Chicago, IL 60606
        Attn: Portfolio Manager--Boomerang
        Fax No. (312) 332-0424
        E-mail: tony.vizgirda@wellsfargo.com

WFCF's attorneys can be reached at:

        GOLDBERG KOHN LTD.
        55 East Monroe Street, Suite 3300
        Chicago, IL 60603
        Attn: Jeremy Downs
        Fax No. (312) 332-2196
        E-mail: jeremy.downs@goldbergkohn.com

                       About Boomerang Tube

Boomerang Tube, LLC, is a manufacturer of welded Oil Country
Tubular Goods ("OCTG") in the United States.  OCTG are used by
drillers in exploration and production of oil and natural gas and
consist of drill pipe, casing and tubing.  Boomerang has corporate
offices in Chesterfield, Missouri and manufacturing facilities in
Liberty, Texas, strategically located near major steel production
centers and end-user markets.  With a 487,000 square foot plant
that houses two mills and heat treat lines and a contingent 119
acres, these facilities constitute the second largest alloy OCTG
mill in North America.  Access Tubulars, LLC, owns 81% of the
equity interests in Boomerang.

Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
15-11247) on June 9, 2015.  The cases are assigned to Judge Mary F.
Walrath.  The Debtors tapped Young Conaway Stargatt & Taylor, LLP,
as attorneys; Lazard Freres & Co. LLC, as financial advisor; and
Donlin, Recano & Co., Inc., as claims and noticing agent.


BOOMERANG TUBE: Proposes to Pay $7.25MM to Critical Vendors
-----------------------------------------------------------
Boomerang Tube, LLC, filed a motion asking the U.S. Bankruptcy
Court for the District of Delaware to authorize the payment of
certain prepetition claims of critical vendors, shippers, and
warehousemen.

In the ordinary course of business, the Debtors rely on certain
vendors for the delivery of goods and services that are critical to
the continued and uninterrupted operation of the Debtors'
business.

In addition, the Debtors heavily rely upon shippers and other
transportation service providers to transport and deliver raw
materials, parts, and components, and from time-to-time, place
products in the hands of third parties pending the ultimate sale or
disposition of the products.  If the Debtors do not pay amounts
owed to the shippers and warehousemen on a timely basis, they may
assert that they have possessory liens on goods and products
currently in their possession.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
relates that based on their books and records, the Debtors estimate
that they have relationships with several hundred vendors, only a
small fraction of which the Debtors are seeking authority to pay by
the motion.

Of the Debtors' estimated more than $37 million in unsecured trade
claims, the Debtors are only seeking authority to pay up to
$475,000 to the shippers and warehousemen and $7.25 million to the
critical vendors.

Of the amounts owed to the Critical Vendors, the Debtors estimate
that approximately $372,000 represents the value of goods delivered
to the Debtors within the 20 days prior to the Petition Date.
These represent the maximum amounts that the Debtors have
determined at this time may be necessary to ensure the continued
supply of critical services and goods to the Debtors, but the
Debtors reserve the right to request additional authority depending
on the facts and circumstances that develop after the Petition
Date.  

Importantly, the Debtors have not committed payment to any
pre-authorized list of Vendor Claims to be paid; rather, consistent
with the requirements of the Bankruptcy Code and applicable case
law, the Debtors will make payments only upon determining that such
payments are actually necessary to preserve the value of the
Debtors' estates.  The Debtors have designated a core group of
advisors and employees who have experience in the Debtors'
business, as well as the reorganization process, to review, assess
and potentially recommend payment of a Vendor Claim.  Moreover, the
Debtors will use their commercially reasonable efforts to condition
payment of Vendor Claims upon each vendor's agreement to continue
supplying services and goods on "customary trade terms."

                       About Boomerang Tube

Boomerang Tube, LLC, is a manufacturer of welded Oil Country
Tubular Goods ("OCTG") in the United States.  OCTG are used by
drillers in exploration and production of oil and natural gas and
consist of drill pipe, casing and tubing.  Boomerang has corporate
offices in Chesterfield, Missouri and manufacturing facilities in
Liberty, Texas, strategically located near major steel production
centers and end-user markets.  With a 487,000 square foot plant
that houses two mills and heat treat lines and a contingent 119
acres, these facilities constitute the second largest alloy OCTG
mill in North America.  Access Tubulars, LLC, owns 81% of the
equity interests in Boomerang.

Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
15-11247) on June 9, 2015.  The cases are assigned to Judge Mary F.
Walrath.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as
attorneys; Lazard Freres & Co. LLC, as financial advisor; and
Donlin, Recano & Co., Inc., as claims and noticing agent.


BTB CORPORATION: Schedules of Assets and Liabilities Extended
-------------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico, on June 1, 2015, granted BTB Corporation
an 11-day extension of time to file schedules and statement of
financial affairs.

                       About BTB Corporation

BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.
Samuel Lizardi signed the petition as interim president.  The
Debtor disclosed total assets of $16.5 million and total
liabilities of $13.2 million.

BTB said it sought bankruptcy protection as it is unable to meet
obligations as they mature, and creditors are threatening suit and
have threatened to undertake steps to obtain possession of its
assets.

The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law
Offices, LLC, as its counsel.



BUILDING MATERIALS: S&P Puts 'B' CCR on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its ratings,
including its 'B' corporate credit rating, on Building Materials
Holding Corp. on CreditWatch with positive implications.

On June 3, 2015, BMC announced its plans to merge with peerbuilding
materials distributor Stock Building Supply Holdings Inc. in a
proposed stock-for-stock transaction, pending shareholder and
regulatory approval.  The company believes the merger will close
during its fiscal fourth quarter of 2015.

BMC is a leading provider of lumber, building materials, trusses,
doors, millwork, and construction services to the homebuilding
industry.  The company operates 38 lumber yards, 18 truss
manufacturing facilities, and 23 millwork operations in 12 states,
primarily in the western U.S., Texas, and the Southeast. BMC's
customer base is largely homebuilders and contractors, meaning its
end markets are primarily tied to new home construction.

Stock Building Supply is a peer building materials distributor that
provides a similar array of products and construction services.
Stock operates 48 distribution yards, 15 truss manufacturing
facilities, and 20 millwork operations across 14 states.  The
company's geographic footprint has significant overlap with BMC,
but with a heavier east coast presence.  Stock recorded $1.3
billion in sales during its fiscal 2014.

"Our CreditWatch placement reflects our view that the company's
proposed merger with Stock will likely cause us to either raise or
affirm the company's ratings, but that any change is contingent
upon the success of the merger gaining all required approvals,"
said Standard & Poor's credit analyst Christopher Andrews.

S&P may upgrade the company if the transaction closes as proposed,
resulting in larger size and scope of the business and S&P
forecasts the pro forma company to maintain lower leverage of
3x-4x.

S&P could affirm the existing rating if the proposed merger fails
to close or if S&P forecasts the surviving company's leverage will
be sustained above 4x.



CACHE INC: Gets Final Approval to Access $22-Mil. DIP from Salus
----------------------------------------------------------------
The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware gave Cache, Inc., et al., final authority to
obtain postpetition financing up to an aggregate principal amount
of $22 million from Salus Capital Partners, LLC, as administrative
agent and collateral agent.

Judge Walrath noted, in the final order, all objections to the
financing to the extent not withdrawn or resolved are hereby
overruled.

Proceeds of committed loans under the DIP Facility will be used
to:

  i) support the working capital and general corporate purposes of
the Debtors and the payment of postpetition operating and other
expenses arising in the Debtors' chapter 11 cases,

ii) fund the payment of other obligations of the Debtors, subject
to approval of the Bankruptcy Court, and

iii) pursuant to the Final Financing Order, to satisfy thebalance
of the Debtor's obligations under the Prepetition Credit Agreement
and pay related transaction fees and expenses, in eachcase
according to an approved budget.

The Debtors will repay any outstanding loans made and other fees,
costs or charges incurred under the DIP Loan on the earliest of:

  i) one year from the Petition Date,

ii) the date of the acceleration of the DIP Loan following an
Event of Default under the DIP Credit Agreement;

iii) either the Final Reconciliation Settlement Date as defined in
the Sale Agency Agreement or, if a going concern sale for the
Debtors is consummated, the closing date of such a sale;
and

iv) the effective date of a confirmed plan of reorganization in
the Debtors' chapter 11 cases.

Interest on borrowings under the DIP Facility will be payable
monthly in arrears at a rate per annum equal to:

  i) the Adjusted LIBO Rate plus

ii) 5.50%. The initial interest rate under the DIP Loan is
anticipated to be 7.50%.  All interest and fees will be based on a
360-day year and actual days elapsed.

After the occurrence and during the continuance of an Event of
Default, interest on borrowings under the DIP Loan will be
increased by 3.0%.  Upon the occurrence of the Closing Date, the
Debtors will pay the Agent a closing fee of $300,000.  The closing
fee will be fully earned on the Closing Date and will not be
subject to refund or rebate.

                     About Cache, Inc

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

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

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

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

The Debtors had total assets of $53.7 million and total liabilities
of $51.1 million as of Sept. 27, 2014. In its schedules, the Debtor
disclosed $38,793,006 in assets and $84,113,066 in liabilities.

The U.S. Trustee for Region 3 has appointed seven members to the
Official Committee of Unsecured Creditors in the Debtors' case. The
Committee retained Bayard, P.A., as local Delaware counsel, and
Otterbourg P.C. as lead bankruptcy counsel.


CAESARS ENTERTAINMENT: Bank Debt Trades at 4% Off
-------------------------------------------------
Participations in a syndicated loan under which Caesars
Entertainment Inc. is a borrower traded in the secondary market at
95.58 cents-on-the- dollar during the week ended Friday, June 5,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in the June 9, 2015, edition of The Wall
Street Journal.  This represents a decrease of 0.48 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 September 24, 2020,
and carries Moody's B2 rating and Standard & Poor's CCC+ rating.
The loan is one of the biggest gainers and losers among 268 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended Friday.


CANNAPHARMARX INC: Reports $1.66-Mil. Net Loss in First Quarter
---------------------------------------------------------------
Cannapharmarx Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $1.66 million on $nil of revenues for the
three months ended March 31, 2015, compared with a net income of
$25,600 on $nil of revenues for the same period last year.

The Company's balance sheet at March 31, 2015, showed $1.60 million
in total assets, $2.15 million in total liabilities, and a
stockholders' deficit of $552,000.

The Company had cash on hand of $1.39 million as of March 31, 2015,
but no revenue-producing business or other sources of income.
Additionally, the Company had outstanding liabilities totaling
$2.15 million (of which $1.60 million subsequently was settled in
May 2015 with the issuance of common stock) and a stockholders'
deficit of $552,000.

The Company had a working capital deficit of $623,000 at March 31,
2015 (which includes an offset of $1.60 million in current
liabilities that subsequently was settled in stock in May 2015) and
reported an accumulated deficit since inception (Jan. 1, 2011) of
$552,000 as of March 31, 2015.  These conditions raise substantial
doubt as to the Company's ability to continue as a going concern.

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

                        http://is.gd/NcASnW

Carneys Point, N.J.-based Cannapharmarx Inc., formerly Golden
Dragon Holding Co., is a pharmaceutical company that is engaged in
cannabinoid discovery, science, research and development.  The
Company has over 900 products in its pipeline, most to treat
cancer, inflammatory disease, human immunodeficiency virus
(HIV/AIDs), epilepsy, Parkinson's disease, multiple sclerosis, and
other rare diseases.



CARMIKE CINEMAS: Moody's Rates $50MM 1st Lien Debt  'Ba2'
---------------------------------------------------------
Moody's Investor Service assigned a B1 rating to Carmike Cinemas,
Inc.'s proposed $230 million second lien notes and a Ba2 rating to
the proposed $50 million secured revolving credit facility. The new
notes refinance Carmike's existing $210 million second lien notes
due 2019, with the difference covering call premiums, fees and
expenses related to retiring those notes. The current $25 million
secured credit facility due 2016 will be replaced with a new $50
million secured credit facility due 2020. With the transaction not
altering Carmike's risk profile, the company's B2 corporate family
rating, B2-PD probability of default rating and stable outlook
remain unchanged.

Assignments:

Issuer: Carmike Cinemas, Inc.

  -- Senior Secured 1st Lien Rev Credit Facility (Local
     Currency), Assigned Ba2, LGD1

  -- Senior Secured Second Lien Notes (Local Currency), Assigned
     B1, LGD3

High leverage (almost 6 times debt-to-EBITDA per Moody's standard
adjustments including the capitalization of operating leases at an
8 times multiple) affords minimal flexibility to manage the
inherent volatility of operating in an industry reliant on movie
studios to drive the attendance that leads to cash flow from
admissions and concessions. Carmike's B2 Corporate Family Rating
incorporates this risk, and the current leverage, up from the low 5
times range last year (all metrics pro forma for acquisitions)
demonstrates the impact of the swings in attendance. Very good
liquidity helps mitigate the risks related to attendance volatility
and the expansion strategy. Moody's expect metrics to improve in
2015 based on better attendance trends and more time to integrate
theaters acquired.

Lack of scale and the below peer group EBITDA margins also
constrain the rating. However, Moody's attribute the lower EBITDA
margin partially to the small to mid-size markets Carmike targets,
which have less competition from both other theater operators and
alternative entertainment options. Also, despite some year to year
variability related to film popularity and low-to-negative
attendance growth prospects, Moody's consider the theater industry
to be relatively stable over at least the next five years, with
typically only modest impact from economic conditions.

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

Headquartered in Columbus, Georgia, Carmike Cinemas, Inc. operates
272 cinema theaters with 2,894 screens located in 41 states,
primarily in small to mid-sized communities. Annual revenue is
approximately $700 million.


CORINTHIAN COLLEGES: Ex-Students Seek Shield from Debt Collectors
-----------------------------------------------------------------
Peg Brickley, writing for Daily Bankruptcy Review, reported that
students of defunct for-profit educator Corinthian Colleges Inc.
are asking a bankruptcy judge to bar efforts to collect their
student loans.

According to the report, the official committee named to represent
former students in Corinthian's bankruptcy case asserted that the
the bankruptcy that is shielding the company from continued legal
action over allegedly falsified job placement figures and other
alleged wrongs should also shield students who were duped into
enrolling.

                     About Corinthian Colleges

Corinthian Colleges, Inc., Pegasus Education, Inc., and 23
affiliated entities filed voluntary Chapter 11 petitions (Bankr.
D.
Del. Lead Case No. 15-10952) on May 4, 2015.  The Chapter 11
petitions are being jointly administered under the caption In re:
Corinthian Colleges, Inc. et al., Case No. 15-10952 (KJC).  The
cases are assigned to Judge Kevin J. Carey.

Corinthian Colleges, Inc., was founded in February 1995, and
through acquisitions became one of the largest for-profit
post-secondary education companies in the United States and
Canada.

Corinthian Colleges, which in 2014 had more than 100 campuses all
over the U.S. and Canada, sought bankruptcy protection to complete
an orderly wind down of its operations.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel;
FTI
Consulting, Inc., as restructuring advisors; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.

Corinthian Colleges disclosed total assets of $19.2 million and
total liabilities of $143.1 million in its petition.


CORINTHIAN COLLEGES: Panel Wants Freeze on Student Loan Collection
------------------------------------------------------------------
A committee representing the interests of former students of
Corinthian Colleges, Inc., has requested that the court handling
Corinthian's Chapter 11 bankruptcy place a hold on all efforts to
collect on obligations that are currently considered "student loan"
debt.

"Corinthian and its affiliates received billions of dollars from
government and private student loan programs, while it
significantly misrepresented the value of its educational programs
to students, the government, and accreditation agencies," the
Committee stated.

Hundreds of thousands of former students may be adversely affected
by the collapse of Corinthian, which once operated 107 campuses
before shutting its doors in April.  The student committee seeks
the imposition of a court-ordered freeze on efforts by any party to
collect on obligations related to federal and private funding of
Corinthian -- funds that would have been advanced for tuition,
fees, and other school-related expenses -- while the responsibility
for the repayment of those funds is determined in Corinthian's
bankruptcy.

"Corinthian and its affiliates received billions of dollars from
government and private student loan programs, while it
significantly misrepresented the value of its educational programs
to students, the government, and accreditation agencies," said Mark
Rosenbaum, Director of Public Counsel Opportunity Under Law.

In May, the U.S. Trustee's Office granted the request of an ad-hoc
group to recognize a special committee representing the interests
of students in the proceedings, the first known instance of a
student group being given a seat at the table in the bankruptcy of
an educational institution.

"Until the full extent of Corinthian's misconduct is known, and
until the court decides who holds responsibility for repaying
billions of dollars of advances that were funded on Corinthian's
misrepresentations, all collection efforts should be put on hold,"
said Scott Gautier of Robins Kaplan LLP.  "This motion represents
an effort to maintain the integrity of the Chapter 11 process by
preserving the status quo between Corinthian, the government,
student victims, and other creditors while they work together to
resolve what might be a multi-billion dollar disaster."

Public Counsel and Robins Kaplan LLP represent the student
committee in the Delaware bankruptcy proceedings, with the
assistance of Polsinelli LLP as local Delaware counsel.  The
students' legal team argues that without the hold on student debt
collection, an estimated tens of thousands of students, currently
subject to harsh collection proceedings, would need to engage
Corinthian in individual proceedings to establish Corinthian's
wrongdoing.  Efforts to negotiate a consensual Chapter 11 plan for
Corinthian, they say, would be hindered if not rendered impossible
by the overwhelming litigation demands and with the rights of
creditors in constant flux.

                      About Public Counsel

Public Counsel -- www.publiccounsel.org -- is the nation's largest
pro bono law firm.  Founded in 1970, Public Counsel strives to
achieve three main goals: protect the legal rights of disadvantaged
children; represent immigrants who have been the victims of
torture, persecution, domestic violence, trafficking, and other
crimes; and foster economic justice by providing individuals and
institutions in underserved communities with access to quality
legal representation.  Through a pro bono model that leverages the
talents and dedication of thousands of attorney and law student
volunteers, along with an in-house staff of more than 75 attorneys
and social workers, Public Counsel annually assists more than
30,000 families, children, immigrants veterans, and nonprofit
organizations and addresses systemic poverty and civil rights
issues through impact litigation and policy advocacy.

                     About Robins Kaplan LLP

Robins Kaplan LLP is among the nation's premier trial law firms,
with more than 220 lawyers located in Atlanta, Bismarck, North
Dakota, Boston, Los Angeles, Minneapolis, Mountain View,
California, New York, Naples, Florida, and Sioux Falls, South
Dakota.  The firm litigates, mediates, and arbitrates high-stakes,
complex disputes, repeatedly earning national recognition.  Firm
clients include -- as both plaintiffs and defendants -- numerous
Fortune 500 corporations, emerging-markets companies,
entrepreneurs, and individuals.

                     About Corinthian Colleges

Corinthian Colleges, Inc., Pegasus Education, Inc., and 23
affiliated entities filed voluntary Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 15-10952) on May 4, 2015.  The Chapter 11
petitions are being jointly administered under the caption In re:
Corinthian Colleges, Inc. et al., Case No. 15-10952 (KJC).  The
cases are assigned to Judge Kevin J. Carey.

Corinthian Colleges, Inc., was founded in February 1995, and
through acquisitions became one of the largest for-profit
post-secondary education companies in the United States and
Canada.

Corinthian Colleges, which in 2014 had more than 100 campuses all
over the U.S. and Canada, sought bankruptcy protection to complete
an orderly wind down of its operations.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel; FTI
Consulting, Inc., as restructuring advisors; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.

Corinthian Colleges disclosed total assets of $19.2 million and
total liabilities of $143.1 million in its petition.


CORINTHIAN COLLEGES: Student Loan Collection Freeze Sought
----------------------------------------------------------
Robins Kaplan LLP and Public Counsel on June 9 disclosed that a
committee representing the interests of former students of
Corinthian Colleges, Inc., one of the nation's largest for-profit
college systems before its recent closure, has requested that the
court handling Corinthian's Chapter 11 bankruptcy place a hold on
all efforts to collect on obligations that are currently considered
"student loan" debt.

Hundreds of thousands of former students may be adversely affected
by the collapse of Corinthian, which once operated 107 campuses
before shutting its doors in April.  The student committee seeks
the imposition of a court-ordered freeze on efforts by any party to
collect on obligations related to federal and private funding of
Corinthian -- funds that would have been advanced for tuition,
fees, and other school-related expenses -- while the responsibility
for the repayment of those funds is determined in Corinthian's
bankruptcy.

"Corinthian and its affiliates received billions of dollars from
government and private student loan programs, while it
significantly misrepresented the value of its educational programs
to students, the government, and accreditation agencies," said Mark
Rosenbaum, Director of Public Counsel Opportunity Under Law.

In May, the U.S. Trustee's Office granted the request of an ad-hoc
group to recognize a special committee representing the interests
of students in the proceedings, the first known instance of a
student group being given a seat at the table in the bankruptcy of
an educational institution.

"Until the full extent of Corinthian's misconduct is known, and
until the court decides who holds responsibility for repaying
billions of dollars of advances that were funded on Corinthian's
misrepresentations, all collection efforts should be put on hold,"
said Scott Gautier of Robins Kaplan LLP.  "This motion represents
an effort to maintain the integrity of the Chapter 11 process by
preserving the status quo between Corinthian, the government,
student victims, and other creditors while they work together to
resolve what might be a multi-billion dollar disaster."

Public Counsel and Robins Kaplan LLP represent the student
committee in the Delaware bankruptcy proceedings, with the
assistance of Polsinelli LLP as local Delaware counsel.  The
students' legal team argues that without the hold on student debt
collection, an estimated tens of thousands of students, currently
subject to harsh collection proceedings, would need to engage
Corinthian in individual proceedings to establish Corinthian's
wrongdoing.  Efforts to negotiate a consensual Chapter 11 plan for
Corinthian, they say, would be hindered if not rendered impossible
by the overwhelming litigation demands and with the rights of
creditors in constant flux.

                      About Public Counsel

Public Counsel -- http://www.publiccounsel.org-- is the nation's
largest pro bono law firm.  Founded in 1970, Public Counsel strives
to achieve three main goals: protect the legal rights of
disadvantaged children; represent immigrants who have been the
victims of torture, persecution, domestic violence, trafficking,
and other crimes; and foster economic justice by providing
individuals and institutions in underserved communities with access
to quality legal representation.  Through a pro bono model that
leverages the talents and dedication of thousands of attorney and
law student volunteers, along with an in-house staff of more than
75 attorneys and social workers, Public Counsel annually assists
more than 30,000 families, children, immigrants veterans, and
nonprofit organizations and addresses systemic poverty and civil
rights issues through impact litigation and policy advocacy.

                     About Robins Kaplan LLP

Robins Kaplan LLP is among the nation's premier trial law firms,
with more than 220 lawyers located in Atlanta, Bismarck, North
Dakota, Boston, Los Angeles, Minneapolis, Mountain View,
California, New York, Naples, Florida, and Sioux Falls, South
Dakota.  The firm litigates, mediates, and arbitrates high-stakes,
complex disputes, repeatedly earning national recognition.  Firm
clients include -- as both plaintiffs and defendants -- numerous
Fortune 500 corporations, emerging-markets companies,
entrepreneurs, and individuals.

                    About Corinthian Colleges

Corinthian Colleges, Inc., Pegasus Education, Inc., and 23
affiliated entities filed voluntary Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 15-10952) on May 4, 2015.  The Chapter 11
petitions are being jointly administered under the caption In re:
Corinthian Colleges, Inc. et al., Case No. 15-10952 (KJC).  The
cases are assigned to Judge Kevin J. Carey.

Corinthian Colleges, Inc., was founded in February 1995, and
through acquisitions became one of the largest for-profit
post-secondary education companies in the United States and
Canada.

Corinthian Colleges, which in 2014 had more than 100 campuses all
over the U.S. and Canada, sought bankruptcy protection to complete
an orderly wind down of its operations.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel; FTI
Consulting, Inc., as restructuring advisors; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.

Corinthian Colleges disclosed total assets of $19.2 million and
total liabilities of $143.1 million in its petition.


CORINTHIAN COLLEGES: U.S. Trustee Forms 7-Member Student Committee
------------------------------------------------------------------
The U.S. trustee overseeing the Chapter 11 case of Corinthian
Colleges Inc. appointed these persons to serve on the committee of
student creditors:

     (1) Tasha Courtright
         32209 Riverside Dr., Apt. K4,
         Lake Elsinore, CA 92530

     (2) Jessica King
         653 Clinton Dr.
         Newport News, VA 23605.

     (3) Amber Thompson
         538 Troy Dr., Apt. 3
         San Jose, CA 95117.

     (4) Crystal Loeser
         4928 Valley Terrace Way
         Salida, CA 95368

     (5) Michael Adorno-Miranda
         6583 Trenton St.
         Colorado Springs, CO 80923

     (6) Krystle Powell
         150 Gardiner Ave., 3
         South San Francisco, CA 94080

     (7) Brittany Ann Smith Jackl
         3532 Barrel Springs Dr.
         Orange Park, FL 32073

                     About Corinthian Colleges

Corinthian Colleges, Inc., Pegasus Education, Inc., and 23
affiliated entities filed voluntary Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 15-10952) on May 4, 2015.  The Chapter 11
petitions are being jointly administered under the caption In re:
Corinthian Colleges, Inc. et al., Case No. 15-10952 (KJC).  The
cases are assigned to Judge Kevin J. Carey.

Corinthian Colleges, Inc., was founded in February 1995, and
through acquisitions became one of the largest for-profit
post-secondary education companies in the United States and
Canada.

Corinthian Colleges, which in 2014 had more than 100 campuses all
over the U.S. and Canada, sought bankruptcy protection to complete
an orderly wind down of its operations.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel; FTI
Consulting, Inc., as restructuring advisors; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.

Corinthian Colleges disclosed total assets of $19.2 million and
total liabilities of $143.1 million in its petition.


CTI BIOPHARMA: Eagle Asset Lowers Stake to Less Than 1%
-------------------------------------------------------
Eagle Asset Management, Inc., disclosed in an amended Schedule 13G
filed with the Securities and Exchange Commission that as of May
31, 2015, it beneficially owns 972,419 shares of common stock of
CTI Biopharma Corp., which represents 0.54 percent of the shares
outstanding.  The reporting person previously held 12,713,051
shares as of Dec. 31, 2014.  A copy of the regulatory filing is
available for free at http://is.gd/R3LsjU

                        About CTI BioPharma

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

CTI Biopharma reported a net loss attributable to common
shareholders of $96 million in 2014, compared with a net loss
attributable to common shareholders of $49.6 million in 2013.

As of March 31, 2015, the Company had $63.1 million in total
assets, $48.7 million in total liabilities, $240,000 in common
stock purchase warrants, $14.1 million in total shareholders'
equity.


DRD TECHNOLOGIES: Files Schedules of Assets and Liabilities
-----------------------------------------------------------
DRD Technologies Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Alabama its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property          $205,849,965
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $3,550,000
  E. Creditors Holding
     Unsecured Priority
     Claims                                            $7,000
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                          $732,268
                                 -----------      -----------
        TOTAL                   $205,849,965       $4,289,268

Copies of the schedules are available for free at:

    http://bankrupt.com/misc/DRDTechnologies_35_summarySAL.pdf

       http://bankrupt.com/misc/DRDTechnologies_36_SALs.pdf

                      About DRD Technologies

Huntsville, Alabama-based logistics provider DRD Technologies,
Inc., sought Chapter 11 protection (Bankr. N.D. Ala. Case No.
15-81366) in Decatur, Alabama, on May 19, 2015, to halt efforts by
creditor ServisFirst Bank to appoint a receiver.

The Debtor tapped Stuart M. Maples, Esq., at Maples Law Firm, PC,
as counsel.

According to the docket, the Chapter 11 plan and disclosure
statement are due by Sept. 16, 2015.  The schedules of assets and
liabilities are due June 2, 2015.


EL PASO CHILDREN'S: Texas Tech, Cardinal Health Block Cash Use
--------------------------------------------------------------
The Texas Tech University System and subsidiaries, related and
affiliated companies of Cardinal Health, Inc., filed limited
objections to El Paso Children's Hospital Corporation's motion for
authority to use cash collateral on June 4, 2015.

Pursuant to the security agreement contained in the credit
application dated Nov. 14, 2011, Cardinal Health has a
properly-perfected security interest in all goods, equipment,
inventory, accounts, accounts receivable, chattel paper,
instruments, investment property and all general intangibles, books
and records, computer programs and records, and other personal
property.

In its list of creditors holding 20 largest unsecured claims, the
Debtor designated Cardinal Health as having a $299,573.82 unsecured
claim, but Cardinal Health complains thatin the cash collateral
motion, the Debtor similarly ignored Cardinal Health's security
interest in, among other things, its cash collateral, proposing
only to provide adequate protection to the El
Paso Hospital District dba University Medical Center, a creditor
with a security interest junior to Cardinal Health.

Pursuant to the interim order authorizing the use of cash
collateral, the Debtor and Cardinal Health reached an agreement
whereby the Debtor was authorized to use Cardinal Health's cash
collateral in exchange for the Debtor providing Cardinal
Health with replacement liens and a super-priority administrative
expense claim to the extent of any diminution in the cash
collateral.  To date the Debtor and Cardinal Health have not
reached an agreement regarding final use of the cash collateral.

Cardinal Health says it is willing to continue good faith
negotiations towards agreed usage of its cash collateral after
receipt of information sufficient to enable Cardinal Health to
determine whether the interim protection adequately protects its
interests in the cash collateral.

Texas Tech, by and through the Office of the Texas Attorney
General, filed its limited objection based on the inadequacy of
funds that the Debtor proposes to pay to Texas Tech in the Debtor's
proposed interim budget for the use of cash collateral on a going
forward basis.  Texas Tech wants the Debtor to amend its cash
collateral budget.

As evidenced in the cash collateral budget, the Debtor proposes to
pay to Texas Tech the total amount of $1.51 million between May 22,
2015 and Aug. 14, 2015, but Texas Tech's calculations of
postpetition amounts owed on a going forward basis show that the
amount proposed by the Debtor is insufficient.  Texas Tech is also
owed approximately $9.20 million from the Debtor for prepetition
arrearages, exclusive of amounts owed post-petition on an ongoing
basis.  Texas Tech will endeavor to calculate amounts owed during
the applicable time period to reflect a further more direct
comparison and better demonstrate the insufficiency of the amounts
the Debtor is proposing to pay to Texas Tech.

Texas Tech, by and through the Texas Tech University Health
Sciences Center, also has a laboratory services agreement with the
Debtor under which TTUHSC performs genetic testing and other
laboratory services for the Debtor.  As the laboratory services
agreement reflects, the Debtor is required to pay for laboratory
services provided by TTUHSC on a monthly basis after services are
rendered.  The Debtor's cash collateral budget, according to Texas
Tech, fails to provide any line item for amounts owed under the
laboratory services agreement and should be amended to additionally
provide for payment of these services on a going forward basis.
Texas Tech is owed approximately $100,000 from the Debtor for
prepetition arrearages for the laboratory services contract,
exclusive of amounts owed post-petition on an ongoing basis.

Cardinal Health is represented by:

      John J. Sparacino, Esq.
      Vorys, Sater, Seymour And Pease LLP
      700 Louisiana Street, Suite 4100
      Houston, Texas 77002
      Tel: (713) 588-7038
      Fax: (713) 588-7080
      E-mail: jjsparacino@vorys.com

                and

      Kari B. Coniglio, Esq.
      Vorys, Sater, Seymour And Pease LLP
      200 Public Square, 14th Floor
      Cleveland, Ohio 44114
      Tel: (216) 479-6167
      Fax: (216) 937-3766
      E-mail: kbconiglio@vorys.com

Texas Tech is represented by:

      Hal F. Morris, Esq.
      Ashley F. Bartram, Esq.
      Christopher S. Murphy, Esq.
      Assistant Attorneys General
      Bankruptcy & Collections Division
      P.O. Box 12548
      Austin, Texas 78711-2548
      Tel: (512) 463-2173
      Fax: (512) 936-1409
      E-mail: hal.morris@texasattorneygeneral.gov
              ashley.bartram@texasattorneygeneral.gov
              christopher.murphy@texasattorneygeneral.gov

                 About El Paso Children's Hospital

El Paso Children's Hospital Corporation operates the El Paso
Children's Hospital, the only not-for-profit children's hospital in
the El Paso region and the only dedicated pediatric hospital within
a 200-mile radius of El Paso, Texas.  The hospital opened its doors
in February 2012, features 122 private pediatric rooms, and is
located at the campus of El Paso County Hospital District dba
University Medical Center of El Paso ("UMC").

The Company sought Chapter 11 protection (Bankr. W.D. Tex. Case No.
15-30784) in El Paso, Texas on May 19, 2015.  The case is assigned
to Judge H. Christopher Mott, following disputes with UMC.

The Debtor tapped Jackson Walker LLP as counsel.

The Debtor estimated $50 million to $100 million in assets and
liabilities.


EL PASO CHILDREN: Schedules and Statements Filing Moved to June 16
------------------------------------------------------------------
The Hon. H. Christopher Mott of the U.S. Bankruptcy Court for the
Western District of Texas extended until June 16, 2015, El Paso
Children's Hospital Corporation's time to file its schedules of
assets and liabilities, and statements of financial affairs.

El Paso Children's Hospital Corporation operates the El Paso
Children's Hospital, the only not-for-profit children's hospital in
the El Paso region and the only dedicated pediatric hospital within
a 200-mile radius of El Paso, Texas.  The hospital opened its doors
in February 2012, features 122 private pediatric rooms, and is
located at the campus of El Paso County Hospital District dba
University Medical Center of El Paso ("UMC").

The Company sought Chapter 11 protection (Bankr. W.D. Tex. Case No.
15-30784) in El Paso, Texas on May 19, 2015.  The case is assigned
to Judge H. Christopher Mott, following disputes with UMC.

The Debtor tapped Jackson Walker LLP as counsel.

The Debtor estimated $50 million to $100 million in assets and
liabilities.


ENERGY & EXPLORATION: Bank Debt Trades at 14% Off
-------------------------------------------------
Participations in a syndicated loan under which Energy &
Exploration Partners is a borrower traded in the secondary market
at 85.75 cents-on-the- dollar during the week ended Friday, June 5,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in the June 9, 2015, edition of The Wall
Street Journal.  This represents a decrease of 0.60 percentage
points from the previous week, The Journal relates. Energy &
Exploration Partners pays 675 basis points above LIBOR to borrow
under the facility.  The bank loan matures on January 14, 2019, and
carries Moody's N.R. rating and Standard & Poor's N.R. rating.  The
loan is one of the biggest gainers and losers among 268 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended Friday.


F.G. DEVELOPMENT: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: F.G. Development Corporation
        4744 Marlboro Pike
        Capitol Heights, MD 20743

Case No.: 15-18210  

Chapter 11 Petition Date: June 9, 2015

Court: United States Bankruptcy Court
       District of Maryland (Greenbelt)

Debtor's Counsel: Frank Morris, II, Esq.
                  LAW OFFICE OF FRANK MORRIS II
                  8201 Corporate Drive, Suite 260
                  Landover, MD 20785
                  Tel: (301) 731-1000
                  Fax: (301) 731-1206
                  Email: frankmorrislaw@yahoo.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sandy Washington, executive director.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.


FANNIE MAE & FREDDIE MAC: David Fiderer Opines on Pearlstein Piece
------------------------------------------------------------------
By David Fiderer -- davidfiderer@gmail.com

To this day, I remain mystified by the widespread belief that Henry
Paulson always tells the truth. To me it's pretty obvious that the
tail wags the dog in his recitation of events concerning the
government takeovers of Fannie Mae and Freddie Mac. Just about
everybody accepts his story as the official record, which, I
believe skewed, Steven Pearlstein's recent article in The
Washington Post, "We bailed you out, and now you want what!?!"

It's not easy to unwrap the many layers of deceit embedded within
the conventional narrative about the takeover of the government
sponsored enterprises; it requires a lot of explaining, which bogs
down the flow of the text.

Exhibit A: My effort to supplement passages of Mr. Pearlstein's
article, and place events in their appropriate context.  My
comments, indented, follow.

When Treasury Secretary Hank Paulson decided the government needed
to take over Fannie Mae and Freddie Mac in August of 2008, he too
had a choice: Under the law governing the federally chartered
mortgage giants, he could either put them in receivership, under
which they would be shut down and their assets used to pay off
their creditors, or put them into conservatorship, under which the
government would attempt to stabilize them and nurse them back to
financial health.

Paulson no authority whatsoever to initiate either a
conservatorship or receivership. Congress gave him special
temporary powers to invest in the GSEs, on terms acceptable to the
GSEs. Period. He had the power to invest in them for the purpose of
stabilizing the financial markets, assuring the continued
availability of mortgage loans, and protecting the taxpayers.
Protecting the taxpayers was defined to mean, among other things,
preserving the GSEs as private shareholder companies.  The person
with the authority to change the GSEs status was James Lockhart,
director of the Federal Housing Finance Agency.  But Paulson
decided that he should run the show and bend Lockhart to his will.

And, contrary to what Paulson would have us believe, there was no
evidence that a government takeover was necessary any time soon.
Time is money. Any banker knows the difference between liquidity
and solvency. For a financial institution, liquidity is like
oxygen; you can't live long without it. And for Bear Stearns,
Lehman, AIG, plus a litany of hedge funds and mortgage lenders, a
liquidity crisis (absent bailout) foretold certain death within 24
hours. Whereas solvency for a regulated financial institution is a
much fuzzier concept, driven largely by timing differences under
GAAP, which are generally calculated once a quarter.

The GSEs never faced any kind of liquidity problems. Ever. They had
no difficulty funding their operations with short-term and
medium-term unsecured debt. For many years, right up until
September 5, 2008, the GSEs maintained 90 days liquidity. If, for
some unprecedented reason, the GSEs were unable to refinance their
unsecured debt for a three-month period, they could repay the
maturing debt with cash, and with the sale proceeds of highly
liquid securities held on their balance sheets. Contrary to what
FHFA and others claimed, the GSE mortgage securities held on the
companies' balance sheets were highly liquid and actively traded up
through September 5, 2008.

This familiar meme, that the GSEs needed the government to
stabilize them in September 2008, had no factual basis.  Nor were
the companies expected to announce their quarterly earnings any
time soon. But, as Paulson acknowledges in his memoir, the urgency
was driven by his deadline for a government takeover days before
Lehman Brothers released its third quarter earnings, on September
10, 2008.

Despite what many insinuate or claim, GSEs' inability to issue new
equity is not the same thing as day-to-day liquidity.

[Paulson] chose conservatorship but urged Congress to take steps to
ensure they never again emerged in a form giving shareholders all
the profits and taxpayers all the risk.

This popular "shareholder-gains-and-taxpayer-losses" meme, as it
applies to the GSEs, has no factual basis whatsoever. First, we
know now that the $187 billion "bailout," has been more than fully
repaid, though the government insists that it can never be repaid,
because it's equity.

Going back to September 2008, it was anybody's guess what kind of
financial burden the GSEs would impose on the taxpayers. But the
only thing that was certain in 2008 was also certain for decades
and remains absolutely certain today. GSE loan performance is and
has always been exponentially superior to that of any other segment
of the mortgage market. To state otherwise is to lie. And many
commentators refer to the Fannie-and-Freddie-caused-the-crisis meme
as The Big Lie.

Yet a small army of politicians, authors, academics, and
journalists endlessly repeat the canards that affordable housing
goals compromised the GSEs' credit standards, caused the housing
bubble, caused the mortgage crisis, and also caused the GSEs
demise. Each and every one of these individuals rejects the metrics
of capitalism.

They sidestep the business model for mortgage lending, which is all
about getting your loans repaid with interest. (Everything else is
inconsequential.) By the only standard that really matters, the
GSEs are without peer. No one else had ever come close to matching
their success. Also, mortgage lending is all about risk
diversification, which is why lenders are judged by overall
portfolio performance, not by some anecdote about risky loan
products to poor people.

All the "experts" who insist that Fannie and Freddie failed share
the same defining marker. Without exception, they refuse to compare
GSE loan performance with that of any other segment of the market.
You think it's just an accident that all these "experts" refuse to
talk about the fact that, between 1971 and 2007, Fannie's average
annual credit losses were below four basis points? Or that its
annual credit losses, during 2008 - 2014, were one-fourth those
experienced by commercial banks? You can't exactly miss this stuff.
Which is why GSE critics of all stripes adhere to vast conspiracy
of silence, which prohibits any discussion of this data. These faux
experts fabricate their thesis by way of smoke and mirrors, class
bigotry and, in the case of professors at Columbia and Stanford,
heavy duty race baiting.

As for measuring the GSEs' solvency, never forget the immutable
rule known to any financial institutions analyst: If you don't
understand the impact of timing differences, you are clueless.
Timing differences -- guesstimates about future loan writedowns and
deferred tax valuations -- are always subject to dramatic change.
And when home prices were falling with no bottom in sight, any loss
provision would be subject to dramatic readjustment. These non-cash
timing differences, posted on GSE books between 2008 and 2011,
triggered big drawdowns of taxpayer funds. But they were reversed,
beginning in 2012. With 20/20 hindsight, the GSE loan loss
provisions were wildly over inflated and the GSEs appear to be
over-provisioned today based on current loan metrics.

If the GSEs' accountants were clairvoyant, and were able to predict
the actual realized loan losses with perfect accuracy, the
necessary bailout funds during 2008 to 2011 would have been closer
to zero.

The GSE bailouts were unique among all of Paulson's September 2008
bailouts in three respects:

     1.  They were never used to offset liquidity shortfalls
         or fund operations,

     2.  They came at a heavy price, which served to impair
         the GSEs' ability to restore capital, and

     3.  They were intended to be used as a de facto
         nationalization.

As for putting taxpayers at risk, GSEs critics appear to have been
sleepwalking through the last eight years, when the GSEs, FHA and
no one else provided the liquidity to stabilize the mortgage
markets prior to the housing price uptick that began in 2012. The
GSE benefits to the broader economy indirectly translated into
benefits to the taxpayer, especially atfer the illusory GSE
"losses," which were reversed.

Both Paulson and the man who succeeded him, Timothy Geithner, have
testified that it never occurred to them during the crisis that
Fannie and Freddie might one day be able to fully repay the
government or that there would be anything left over for
shareholders by the time the conservatorship ended. But things
turned out differently than they expected.

And why is this relevant? Actually, it isn't. Or rather, it
shouldn't have been. First of all, Congress gave them no authority
to decide the future fate of the GSEs. That authority resided
exclusively with FHFA. Nor should the bailout have been structured
according to Paulson's expectations, but according to the mandate
set forth by statute. The conservator's mission coincides with the
regulator's mission; the one and only job is to support the GSEs'
financial health. Period. The conservator has zero authority to
compromise the enterprises' soundness and solvency to pursue some
political agenda articulated by Hank Paulson, Timothy Geithner and
Edward DeMarco. These three individuals are intent on abolishing
the GSEs and calling it "GSE reform."

If Paulson and Geithner were incapable of imagining that Fannie and
Freddie would recover, it may be because they live within the
bubble enshrouded by the vast conspiracy of silence. They didn't
consider how the GSEs had been highly profitable for 35 years. And
maybe they remain in denial about the complete and unmitigated
failure of private label residential mortgage securitizations,
which were riddled with fraud.

Because of the success of the government rescue, and the near-total
retreat of private lenders and guarantors from mortgage finance,
Fannie and Freddie returned to profitability and solvency by the
end of 2012 -- perhaps not coincidentally, at the very time the
government swept all of their profits into the Treasury.

Pearlstein doesn't go as far as others, who insist that, when
anything bad happens, it's the GSEs fault, and whenever anything
good happens, it was because of the bailout.

The rescue would have been equally successful without any cash
drawdown, just a government backstop, because, unlike the
investment banks and AIG, the GSEs' always generated strong
positive cash flow.

Pearlstein makes passing mention of the government sweep, as if it
were no big deal. And it might not be a big deal to someone
unfamiliar with basic concepts of corporate law, insolvency law,
and the statutes governing the GSE conservatorships. In the real
world you wouldn't see an insolvent company, or a company in
conservatorship, pay out cash dividends because it's illegal. It's
a violation of the directors' fiduciary duty and the conservator's
fiduciary duty to preserve the value of the corporation for the
benefit of all shareholders and creditors.

So, yes, sweeping all the profits out of a company, making cash
dividends -- distributions out of earnings that were non-cash
reversals of non-cash losses that were highly suspicious in the
first place -- is a violation of a director's and conservator's
fiduciary duty to the corporation, and a fraudulent conveyance
intended to impair the economic claims of other shareholders, to
whom the directors and conservator also owe a fiduciary duty.

The conservator had zero justification for agreeing to the Third
Amendment, which, to anyone with financial literacy, looks like a
sham transaction, a huge transfer of economic value in exchange for
zero consideration. It doesn't matter what the government did
previously (past consideration is no consideration) and it doesn't
matter if the government agreed to defer senior preferred dividends
in the future, because dividend payments are not firm legal
obligations to make cash payments on fixed dates, like debt.

What Paulson and Geithner also didn't anticipate was that, despite
a bipartisan consensus that the mortgage giants should be wound
down, Congress would be unable to agree on a system to replace
them.

Beware. Whenever you read an article about the GSEs and see the
word "consensus," it's a red flag. This consensus is synonymous
with the vast conspiracy of silence, which refuses to engage in any
open debate about the merits of the GSEs. Why entertain the idea
that the GSEs had not failed, when a consensus (an ideological echo
chamber) says otherwise?

"There appears to be a broad consensus that Fannie Mae and Freddie
Mac should be replaced by a private system," write the four
economists for the New York Fed. These economists say the GSEs were
destined to fail because of the, "moral hazard incentives emanating
from the implicit guarantee," which, they claim, explained in a
book written by four professors at NYU. In Guaranteed to Fall, we
learn that legislation mandating affordable housing goals, passed
in 1992, changed everything. They write:

"The GSEs had crossed their own Rubicon in the mid 1990s after the
passage of [the 1992 Act]. The moment that the GSEs lowered their
underwriting standards, there was no turning back, and as soon as
housing prices started falling, their fate was sealed."

That's right, affordable housing goals must, by definition,
translate into lower credit standards. And once the GSEs started
catering to those people, management was incapable of making any
mid-course correction during the 15 years that followed.

"There is little doubt that the housing goals played an important
role in shifting Fannie Mae and Freddie Mac's profile to riskier
mortgage loans," write the NYU professors, who back up their claim
with zero evidence. For 15 years, from 1993 through 2007, Fannie's
average annual credit losses averaged 2.7 basis points.  Which may
possibly be the best track record for retail lending in American
history. But why talk about loan performance when there is 'little
doubt' about the impact of housing goals?

"There is a consensus today that these enterprises [the GSEs] pose
a systemic risk and they cannot continue in their current form,"
said Paulson on September 7, 2008.  From that point onward,
Treasury and FHFA have continually invoked that "consensus" opinion
as if it were a certifiable fact, as certain as the case against
cigarettes or lead paint. You can find references to the same
"consensus" are here, here, here, and here.

Nobody anywhere has the legal right to keep the GSEs in
conservatorship, that is, in a holding pattern, until a Congress
revokes their charters. The present government policy was some kind
of imaginary "mandate" that Hank Paulson pulled out of his hat on
September 7, 2008, and which Geithner and the Obama Administration
treat as sacrosanct.

Again. Pearlstein seems unaware of the law. It doesn't matter what
Paulson or Geithner anticipated; what matters is what the law says.
The law says the opinion of the Treasury Secretary is irrelevant,
because the conservator, FHFA, is the decider. Paulson sought to
circumvent the law by drafting a Senior Preferred Stock Purchase
Agreement that gave Treasury veto power over all of FHFA's major
decisions.

Today, this "consensus," is embodied by Republicans, who have been
told for years that the GSEs are evil incarnate, and by a handful
of Democrats, who recognize that GSE abolition is the starting
point for passing any housing finance legislation.

Ever since Hank Paulson announced the takeover on September 7,
2008, he and his cohorts have referred to this imaginary
"consensus," which is comprised of right wing ideologues and those
who whore for Wall Street. They all adhere to a vast conspiracy of
silence, which refuses, under any and all circumstances, to compare
GSE loan performance with that of any other segment of the market.
Trust me, no one in the business world would tolerate such
nonsense.

Democrats and their industry allies insist that some limited form
of government guarantees are necessary to ensure the availability
of affordable 30-year mortgages at fixed rates. Tea party
Republicans are just as adamant they will not agree to any
government guarantees that once again put taxpayers on the hook.

Once again, Pearlstein lets the tail wag the dog. The only mortgage
products that have stood the test of time over the decades are
30-year and 15-year FRMs.  Just about every other loan product has
blown up after a few years. Check out any data comparing FRM loan
performance with that of ARMs during a period when rates were
really low. But since the GSEs must die, and the GSEs have a
competitive advantage in financing 30-year FRMs, the same anti-GSE
"consensus," wages war against the loan product.

"Given the catastrophic conditions of Fannie Mae and Freddie Mac,
it is clear that the 30-year fixed-rate mortgage is outright
dangerous," writes Michael Lea of The Mercatus Center. And less you
miss the point, Karen Petrou declares "the 30-year fixed mortgage
is a social entitlement." "Government Must Jettison the 30-Year
Mortgage" declares Edward Pinto.  (Pinto is at the center of the
vast conspiracy of silence.)

If all mortgages were FRMs eight years ago, there never would have
been a mortgage crisis. If the GSEs had not financed these products
in large numbers the housing crash world have been far, far worse.

The only players with the capacity to offer 30-year and 15-year
FRMs in large numbers are the GSEs. This is for two reasons. First,
the GSEs issue mortgage backed securities which transfer interest
rate risk, but not credit risk, to the investor.  Investors are
willing to take interest rate risk when credit risk is a
non-factor. And the GSE's can absorb credit risk, because their
loans are booked before during and after the peak in a housing
cycle. Whereas market timing has an explosive impact on recovery
for private label securitizations.

Second, there is zero reason to believe that the GSEs could not
continue what they were doing successfully without government
support if they had 5% capital, which would have kept them fully
solvent during the crash, based on their phantom "losses" of 2008
to 2011, which were largely reversed. There's this kind of casual
insinuation that 30-year FRMs cannot operate without putting
taxpayers on the hook, so therefore may be dispensable?

While it is three hedge funds -- Perry Capital, Fairholme Fund and
Pershing Square Capital, led by William Ackman -- that have sued
the government, the outcome will likely affect all shareholders.
These include a number of small banks that were encouraged by the
Paulson Treasury to buy preferred shares in the months before
Fannie and Freddie's downfall, and tens of thousands of small,
individual holders of common stock, including many former employees
and retirees in the Washington area. Their claim is that Congress
and the White House are using Fannie and Freddie to fund the
federal budget.

But James Parrott, a fellow at the Urban Institute, says the idea
that these companies will ever emerge from conservatorship and be
able to earn profits for their shareholders is a fantasy. Parrott
helped conceive of the profit sweep while working in the Obama
White House. He says that even if Fannie and Freddie were allowed
to use current profits to pay back the Treasury's $187 billion
investment, they would still have to raise hundreds of billions
more to have the capital to operate independently.

Parrott assumes that the GSEs, because they are Systemically
Important Financial Institutions, must hold 10% capital, whereas
his Urban Institute colleague, Laurie Goodman, says 5% is plenty.

Other government officials say Fannie and Freddie's profits are
themselves a fiction, because they would not exist but for the
government handspun standing behind all of their financial
obligations.  If the Treasury were to charge them anything close to
a market rate for its guarantee, there would be no profits.

Yes, if you are subject to the vast conspiracy of silence, and
refuse to examine timing differences under accrual accounting, then
you can easily arrive that the conclusion that the GSEs cannot
operate without a formal government guarantee, as they had for
decades.

These government officials and their cohorts seem to be oblivious
to the structures of GSE mortgage-backed securities, which have
strong advantages totally separate from any implied government
support. These are the only MBS that involve the transfer of
interest-rate risk but not credit risk, since they are all subject
to corporate guarantees. This is huge, because market-timing risk
is huge in real estate lending. Investors don't have to worry if
they have a security interest in a specific mortgage pool comprised
of a bunch of loans booked at the peak of the market before the
downturn, or if the loans ate outliers, a bunch of lemons.

Investors feel comfortable with these MBS because they are self
liquidating, and because, unlike all other residential mortgage
securitizations, they ameliorate market timing risk

But that's always been the case for Fannie and Freddie. From the
beginning they were set up to be a unique hybrid: government-backed
enterprises with private shareholders and private capital. Until
Congress comes up with another arrangement, say lawyers for the
shareholders, the profits are real and the shareholders are
entitled to use them to pay down the Treasury's investment and
begin recapitalizing the company and paying themselves a dividend.
By some estimates, that could happen in the next several years if
profits continue at current levels.

Government lawyers and officials dismiss such speculation.

Under the law setting up the conservatorship, they argue, Fannie
and Freddie's shareholders are entitled to nothing. They have no
right to sue in court. They are not entitled to vote on any
corporate decisions. They are not entitled to a penny of the
companies' profits or any proceeds from the sale of company assets.
Not now, not ever. In effect, the government is claiming the right
to operate Fannie and Freddie however ever it wants, for as long as
it wants, until it's ready to close them down for good.

Problem is, the law setting up the conservatorship says nothing of
the sort. Shareholders have no right to sue the conservator, if he
acts within his duties. But if he acts outside of those duties, all
bets are off. Shareholders may not be able to vote on corporate
decisions, but the conservator, acting in the shoes of the
directors, officers and shareholders, has a fiduciary duty, first
and foremost, to the corporation, which is held in trust. Saying
the government has the right to operate them how it wants is
complete BS.

I defy anyone to point to any case anywhere in which the
shareholders rights were completely nullified without the formal
approval of a judge. And if such were the case, then why did FHFA
allow the common and preferred shares to continue trading, with
ownership registered with the corporation

In an opinion last fall, Judge Royce Lamberth of U.S. District
Court in Washington ultimately ruled that that was what Congress
intended when it wrote the laws governing Fannie and Freddie but
acknowledged that such a sweeping assertion of government powers
may "raise eyebrows or even engender a feeling of discomfort."

Judge Lamberth's problem was that he doesn't know how to read
carefully, and/or he seems to be financially illiterate. He
concludes that the government can do whatever it wants, and is
exempt from judicial review, because FHFA can assume all the powers
and privileges of the directors, the officers and the shareholders.
And, as Lamberth quotes the statute, "no court may take any action
to restrain or affect the exercise of powers or functions of [FHFA]
as a conservator or a receiver." 12 U.S.C. Sec. 4617(f).

OK. But certain actions are outside the powers or functions of a
conservator, such as making as repudiating the conservator's
obligation to restore the soundness and solvency of a GSE, or
making a complete sham of corporate governance, or disregarding
relevant corporate law.

Lamberth also argues that FHFA can act like a receiver even before
it places the GSEs in receivership. He writes in a footnote:

"Even if FHFA has explicitly stated an intent to eventually wind
down the GSEs, such an intent is not automatically inconsistent
with acting as a conservator. There surely can be a fluid
progression from conservatorship to receivership without violating
HERA, and that progression could very well involve a conservator
that acknowledges an ultimate goal of liquidation. FHFA can
lawfully take steps to maintain operational soundness and solvency,
conserving the assets of the GSEs, until it decides that the time
is right for liquidation."

"There surely can be a fluid progression," when words have no
meaning. A conservatorship doesn't morph into a receivership
according to the whims of the conservator. The mission of a
conservatorship is to restore the company's soundness and solvency;
a receivership is supposed to wind down the company's affairs. A
receivership may commence after it's been determined that the
conservatorship cannot succeed. But a conservator cannot illegally
sabotage the soundness and solvency of a company so that it becomes
a better candidate for receivership.

You can preserve value when you are winding down affairs, but you
can't irresponsibly drain a company of equity before or after you
begin winding down affairs, because you don't know for sure how
much equity will be needed to cover debt obligations in the future.


It will now be up to Judge Sweeney in the Court of Claims to decide
whether what Congress intended amounts to an illegal and
unconstitutional taking.

One thing is already known, however. In deciding whether
shareholders or taxpayers will profit from government bailouts,
Judges Sweeney in the Fannie and Freddie case and Wheeler in the
AIG case are unlikely to have the last word.  With so many billions
of dollars at stake, their decisions are almost certain to be
appealed all the way to the U.S. Supreme Court.

For Dennis Kelleher, a former Senate staffer and corporate
litigator who heads an advocacy group for financial sector reform,
it's all just another example of Wall Street's "indefensible
arrogance.  Wall Street lives in an alternative universe where at
all times it's heads I win, tails you lose."

In this instance, Henry Paulson's indefensible arrogance dictated a
multi-step wind down of the GSEs, irrespective of the statutory
language and Congressional intent.  The Obama Administration
continued that mission by executing the Third Amendment.


FINJAN HOLDINGS: Sets Record Date for June 24 Annual Meeting
------------------------------------------------------------
The Board of Directors of Finjan Holdings, Inc., fixed a new record
date of June 9, 2015, for the annual meeting of stockholders to be
held on June 24, 2015.  

The Company had previously delivered a Notice of the 2015 Annual
Stockholders' Meeting and Proxy Statement, in which it had
announced a record date of April 15, 2015, for the Annual Meeting
of Stockholders to be held on June 24, 2015.  It has come to the
Company's attention that a record date of April 15, 2015, was too
far in advance of the date of the Annual Meeting and therefore does
not comply with Section 213 of the General Corporation Law of
Delaware, which requires that the record date be not more than 60
nor less than 10 days before the date of a stockholders' meeting.


If a stockholder was a stockholder of record as of April 15, 2015,
the original record date for the Annual Meeting, and already
submitted a proxy card or vote instruction form or voted by
Internet or telephone, and remained a stockholder of record on June
9, 2015, the new record date for the Annual Meeting, then such
stockholder's previous choices for all matters being voted upon
will continue to be honored with respect to all shares of the
Company's common stock owned of record on the new record date by
that stockholder.  However, should any stockholder wish to change
his, her or its vote, such stockholder may do so by following the
instructions contained in the proxy materials previously provided
to vote by Internet or telephone, by completing and returning a new
proxy card or vote instruction form or by attending the meeting in
person and voting in person, which will have the effect of
superseding any previous vote.  A supplement to the Proxy Statement
will be mailed to stockholders of record as of the new record date
indicating such changes.  Other than changes to reflect the new
record date and the number of shares of the Company's common stock
outstanding as of the new record date, no other changes to the
Notice, Proxy Statement or proxy card will be made.

                           About Finjan

Finjan, formerly known as Converted Organics, is a leading online
security and technology company which owns a portfolio of patents,
related to software that proactively detects malicious code and
thereby protects end-users from identity and data theft, spyware,
malware, phishing, trojans and other online threats.  Founded in
1997, Finjan is one of the first companies to develop and patent
technology and software that is capable of detecting previously
unknown and emerging threats on a real-time, behavior-based basis,
in contrast to signature-based methods of intercepting only known
threats to computers, which were previously standard in the online
security industry.

Finjan reported a net loss of $10.47 million on $4.99 million of
revenues for the year ended Dec. 31, 2014, compared to a net loss
of $6.07 million on $0 of revenues in 2013.

As of March 31, 2015, the Company had $16.5 million in total
assets, $2.19 million in total liabilities, and $14.3 million in
total stockholders' equity.


FORTESCUE METALS: Bank Debt Trades at 9% Off
--------------------------------------------
Participations in a syndicated loan under which Fortescue Metals
Group Corp. is a borrower traded in the secondary market at 90.53
cents-on-the- dollar during the week ended Friday, June 5, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 9, 2015, edition of The Wall Street Journal.
This represents a decrease of 0.22 percentage points from the
previous week, The Journal relates. Fortescue Metals Group Corp.
pays 275 basis points above LIBOR to borrow under the facility.
The bank loan matures on June 13, 2019, and carries Moody's Ba1
rating and Standard & Poor's BB+ rating.  The loan is one of the
biggest gainers and losers among 268 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday.


FRAC TECH: Bank Debt Trades at 16% Off
--------------------------------------
Participations in a syndicated loan under which Frac Tech Services
Ltd. is a borrower traded in the secondary market at 83.92
cents-on-the- dollar during the week ended Friday, June 5, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 9, 2015, edition of The Wall Street Journal.
This represents an increase of 1.25 percentage points from the
previous week, The Journal relates. Frac Tech Services Ltd. pays
475 basis points above LIBOR to borrow under the facility.  The
bank loan matures on April 3, 2021, and carries Moody's Caa2 rating
and Standard & Poor's CCC+ rating.  The loan is one of the biggest
gainers and losers among 268 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.


FREE GOSPEL: Case Summary & 19 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: The Free Gospel of the Apostles' Doctrine
           aka The Free Gospel Deliverance Temple
           dba F.G. Gospel Development Corporation
        4703 Marlboro Pike
        Capitol Heights, MD 20743

Case No.: 15-18209

Chapter 11 Petition Date: June 9, 2015

Court: United States Bankruptcy Court
       District of Maryland (Greenbelt)

Debtor's Counsel: Frank Morris, II, Esq.
                  LAW OFFICE OF FRANK MORRIS II
                  8201 Corporate Drive, Suite 260
                  Landover, MD 20785
                  Tel: (301) 731-1000
                  Fax: (301) 731-1206
                  Email: frankmorrislaw@yahoo.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $1 million to $10 million

The petition was signed by Antoinette Green-Snow, executive
administrator.

List of Debtor's 19 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
AC Spectrum                            Service             $5,000

Advanced Elevator Corp.           Elevator service         $4,278

DeLage Landen                          Copier                $697

Free Gopsel Church of Bryans Road      Loan               $50,000

Gorphine, Schiller and                                     $8,961
Gardyn, P.A.

McCollum & Associates                  Attorney fees      $69,709

Nauticon Imaging Systems               Copier                $198

Pan American Broadcasting              Advertising         $1,119

Pepco                                  Utility             $3,000

Pepco                                  Utility             $2,500

Pittney Bowes                          Mail service        $3,390

Ralph Green                            Wages              $35,000

RICOH Systems - Ricoh                                      $8,750
USA, Inc.

Schindler Elevator                     Elevator service    $7,872

Shirley Green                          Wages              $35,000

Tyco Integrated Security               Security           $10,147
                                       Monitoring

Verizon Business                       Telephone Bill      $4,800

Verizon Wireless/Midland               Cell Phone Bill      $193
Credit Mgmt

Washington Gas                         Utility Bill       $8,000


FREESEAS INC: Sells $500,000 Convertible Note to Casern Holdings
----------------------------------------------------------------
FreeSeas Inc. entered into a securities purchase agreement with
Casern Holdings Ltd., pursuant to which, the Company sold a
$500,000 principal amount convertible note to the Investor for
gross proceeds of $500,000, which closed on June 4, 2015, upon
receipt of the funds, according to a Form 8-K report filed with the
Securities and Exchange Commission.

The Note will mature on the one year anniversary of the Closing
Date and will bear interest at the rate of 8% per annum, which will
be payable on the maturity date or any redemption date and may be
paid, in certain conditions, through the issuance of shares, at the
discretion of the Company.

The Note will be convertible into shares of the Company's common
stock, par value $0.001 per share at a conversion price equal to
the lesser of (i) $0.29945 and (ii) 60% of the lowest volume
weighted average price of the Common Stock during the 21 trading
days prior to the conversion date.

If an event of default under the Notes occurs, upon the request of
the holder of the Note, the Company will be required to redeem all
or any portion of the Note (including all accrued and unpaid
interest), in cash, at a price equal to the greater of (i) up to
127.5% of the amount being converted, depending on the nature of
the default, and (ii) the product of (a) the number of shares of
Common Stock issuable upon conversion of the Note, times (b) 127.5%
of the highest closing sale price of the Common Stock during the
period beginning on the date immediately preceding such event of
default and ending on the trading day that the redemption price is
paid by the Company.

The Company has the right, at any time, to redeem all, but not less
than all, of the outstanding Note, upon not less than 30 days nor
more than 90 days prior written notice.  The redemption price shall
equal 127.5% of the amount of principal and interest being
redeemed.

The convertibility of the Note may be limited if, upon conversion
or exercise (as the case may be), the holder thereof or any of its
affiliates would beneficially own more than 4.99% of the Common
Stock.

In addition, the Company reimbursed the Investor for all costs and
expenses incurred by it or its affiliates in connection with the
transactions contemplated by the transaction documents in a
non-accountable amount equal to $15,000.

So long as the Note is outstanding, the Company is prohibited from
entering into any transaction to (i) sell any common stock or
securities convertible into or exercisable for the Company's common
stock pursuant to (A) Regulation S under the Securities Act of
1933, as amended, (B) Section 3(a)(9) of the 1933 Act or (C)
Section 3(a)(10) of the 1933 Act or (ii) sell securities at a
future determined price, including, without limitation, an "equity
line of credit" or an "at the market offering."

                        About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

Freeseas reported a net loss of $12.7 million in 2014, a net loss
of $48.7 million in 2013 and a net loss of $30.9 million in 2012.

As of Dec. 31, 2014, the Company had $64.25 million in total
assets, $39.2 million in total liabilities and $25 million total
shareholders' equity.

RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company has incurred recurring operating
losses and has a working capital deficiency.  In addition, the
Company has failed to meet scheduled payment obligations under its
loan facilities and has not complied with certain covenants
included in its loan agreements.  Furthermore, the vast majority of
the Company's assets are considered to be highly illiquid and if
the Company were forced to liquidate, the amount realized by the
Company could be substantially lower that the carrying value of
these assets.  Also, the Company has disclosed alternative methods
of testing the carrying value of its vessels for purposes of
testing for impairment during the year ended December 31, 2014.
These conditions among others raise substantial doubt about the
Company's ability to continue as a going concern.


FRESH PRODUCE: US Trustee Amends Committee Members
--------------------------------------------------
Patrick S. Layng, the U.S. Trustee for Region 19, amended the
membership of the Official Committee of Unsecured Creditors in the
bankruptcy cases of Fresh Produce Holdings, LLC, and its
debtor-affiliates.

The new members are:

   a) Kevin Thomas
      Hana Financial
      1000 Wilshire Blvd.
      Los Angeles, CA 90017
      Tel: (213) 977-7232
      Fax: (213) 228-3377
      Email: Kevin.Thomas@hanafinancial.com

   b) William Ellis
      Rosenthal & Rosenthal Inc.
      1370 Broadway
      New York, New York 10018
      Tel: (212) 356-1482
      Fax: (212) 356-3482
      Email: wellis@rosenthalinc.com

   c) Stephanie Carter
      Wallaroo Hat Company
      1880 South Flatiron Court, Suite E
      Boulder, CO 80301
      Tel: (303) 494-5949
      Fax: (303) 245-8720
      Email: Stephanie@wallaroohats.com

   d) Humberto Ortiz
      Patternworks Inc.
      1117 Baker Street, Units A & B
      Costa Mesa, CA 92626
      Tel: (714) 884-3678 ext. 201
      Fax: (714) 884-3681
      Email: Humberto@patternworksinc.com

                   About Fresh Produce Holdings

Fresh Produce Holdings, LLC, and five separate entities filed
Chapter 11 petitions in the U.S. Bankruptcy Court for the District
of Colorado on April 4, 2015.  Holdings is the parent company, and
the various related or subsidiary entities include: Fresh Produce
Retail, LLC, Fresh Produce Sportswear, LLC, Fresh Produce of St.
Armands, LLC, FP Brogan-Sanibel Island, LLC, and Fresh Produce of
Coconut Point, LLC.  All of the cases are jointly administered
under Case No. 15-13485.

Headquartered in Boulder, Colorado Fresh Produce --
http://www.freshproduceclothes.com/-- designs, develops and   
markets women's apparel and accessories.  The company says its
collections of tops, pants, skirts and dresses feature a signature
garment dye process with more than 80 percent produced in the
United States.  It says products are available in 26 company-owned
boutiques located across the United States, as well as 400
independent retail locations.

Fresh Produce Holdings disclosed $15,657,041 in assets and
$13,320,303 in liabilities as of the Chapter 11 filing.

The Debtors are represented by Michael J. Pankow, Esq., at
Brownstein Hyatt Farber Schreck, in Denver. The bankruptcy cases
are assigned to Judge Sidney B. Brooks.

The Debtor's subsidiary earlier commenced bankruptcy cases on April
2, 2015: FP Brogan-Sanibel Island, LLC (Case No. 15-13420), Fresh
Produce Coconut Point, LLC (Case No. 15-13421), Fresh Produce of
St. Armands, LLC (Case No. 15-13417), Fresh Produce Retail, LLC
(15-13415), and Fresh Produce Sportswear, LLC (15-13416).


FUEL PERFORMANCE: Reports $471K Net Loss in First Quarter
---------------------------------------------------------
Fuel Performance Solutions, Inc., filed its quarterly report on
Form 10-Q, disclosing a net loss of $471,000 on $134,000 of
revenues for the three months ended March 31, 2015, compared with
net income of $1.34 million on $374,000 of revenues for the same
period last year.

The Company's balance sheet at March 31, 2015, showed $2.70 million
in total assets, $3.09 million in total liabilities, and a
stockholders' deficit of $392,000.

The Company has incurred significant losses since inception and
currently have and previously from time to time have had limited
funds with which to operate.  These conditions raise substantial
doubt as to the Company's ability to continue as a going concern,
according to the regulatory filing.

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

                        http://is.gd/kGVUhj

                      About Fuel Performance

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

Fuel Performance reported a net loss of $1.65 million on $1.72
million of net revenues for the year ended Dec. 31, 2014, compared
with a net loss of $1.39 million on $704,000 of net revenues for
the year ended Dec. 31, 2013.

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



GETTY IMAGES: Bank Debt Trades at 18% Off
-----------------------------------------
Participations in a syndicated loan under which Getty Images Inc.
is a borrower traded in the secondary market at 82.38 cents-on-the-
dollar during the week ended Friday, June 5, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 9, 2015, edition of The Wall Street Journal.  This
represents an increase of 0.40 percentage points from the previous
week, The Journal relates. Getty Images Inc. pays 350 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
October 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 268 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.


GOLDEN COUNTY: Proposes Richards Layton as Co-Counsel
-----------------------------------------------------
Golden County Foods, Inc., et al., ask the U.S. Bankruptcy Court
for the District of Delaware for approval to employ Richards,
Layton & Finger, P.A. as bankruptcy co-counsel, nunc pro tunc to
May 15, 2015.

RL&F understands the Debtors have chosen Neligan Foley LLP to serve
as lead bankruptcy counsel to the Debtors.  RL&F has and will
continue to work closely with Neligan to prevent any duplication of
efforts in the course of advising the Debtors.

RL&F's current hourly rates for matters related to the chapter 11
cases are expected to be within these following ranges:

        Position               Hourly Rates
        --------               ------------
        Partners               $585 to $825
        Counsel                    $525
        Associates             $260 to $490
        Paraprofessionals          $235

The principal professionals and paraprofessionals designated to
represent the Debtors and their current standard hourly rates are:

        Mark D. Collins            $825
        Paul N. Heath              $650
        Tyler D. Semmelman         $450
        Joseph C. Barsalona II     $260
        Ann Jerominski             $235

Prior to the Petition Date, the Debtors paid RL&F a total payment
of $75,000 in connection with and in contemplation of the Chapter
11 cases.  The Debtors request that the retainer monies paid to
RL&F and not expended for prepetition services and disbursements be
treated as an evergreen retainer to be held by RL&F as security
throughout these chapter 11 cases until RL&F's fees and expenses
are awarded by final order and payable to RL&F.

To the best of the Debtors' knowledge, RL&F is a "disinterested
person" under Section 101(14) of the Bankruptcy Code.

                     About Golden County

Golden County and its affiliates GCF Franchisee, Inc., and GCF
Holdings II, Inc. filed separate Chapter 11 bankruptcy petitions
(Bankr. D. Del. Case Nos. 15-11062 to 15-11064) on May 15, 2015.

Mark D. Collins, Esq., and Tyler D. Semmelman, Esq., at Richards,
Layton & Finger, P.A., represent the Debtor in their restructuring
effort.  The Debtors also hired Neligan Foley LLP as local
counsel.

The Debtors estimated assets and debts at $10 million to
$50 million.

The U.S. Trustee for Region 3 appointed seven creditors to serve on
the Official Committee of Unsecured Creditors.



GORDON PROPERTIES: OFP Gets Street-Front Unit Sale Net Proceeds
---------------------------------------------------------------
The Hon. Robert G. Mayer of the U.S. Bankruptcy Court for the
Eastern District of Virginia ordered that all net proceeds of sale
of Gordon Properties street-front unit will be paid to the Debtor's
law firm, Odin Feldman & Pittleman PC, which amount will be held by
OFP in its trust account pending further court order.  The Debtor
may file an appropriate motion seeking release of funds from the
escrow.

On May 19, 2014, the Court approved the Debtor's motoin to sell its
street-front unit and directed that the net proceeds of the sale be
held in escrow as adequate protection of the claims of First
Owners' Association of Forty Six Hunderd Condominium, Inc., and
furhter directed that the terms of the escrow be defined by furhter
court order upon notice to FOA and the U.S. Trustee.

By order entered on May 28, 2015, the Court approved a global
settlement of all claims between the Debtor and Condominium
Services, Inc.  The Bankruptcy Court said that it is not in a
position at this time to determine what claims for administrative
expense or otherwise may be made against the fund.  

                  About Gordon Properties, LLC

Alexandria, Va.-based Gordon Properties, LLC, owns 39 condominium
units in The 4600 Condominium, a high-rise apartment building with
both residential and commercial units.  Gordon Properties'
ownership of these condos represents about a 20% interest in the
Forty Six Hundred Condominium project -- http://foa4600.org/-- in
Alexandria.  Gordon also owns all of the equity of a subsidiary,
Condominium Services, Inc., which operates as a condominium
management company.

Gordon Properties is owned by related family members, Bryan Sells,
Mr. Sells' sister, Elizabeth Greenwell, and his cousins, Lindsay
Wilson and Julia Langdon.  The company was created in 2002 to take
title to the Condo Units which had been held in a trust that was
created under the will of Bryan Gordon following his death.  Bryan
Gordon was the grandfather of the four members of the Debtor.

Gordon Properties sought Chapter 11 protection (Bankr. E.D. Va.
Case No. 09-18086) on Oct. 2, 2009, and is represented by Donald
F. King, Esq., at Odin, Feldman & Pittleman PC in Fairfax, Va.
Gordon Properties disclosed $11.1 million in assets and $1.56
million in liabilities.

Condominium Services filed its chapter 11 petition (Bankr. E.D.
Va. 10-10581) on Jan. 26, 2010.  It scheduled one creditor, the
condominium association, with a disputed claim of $436,802.
The association filed a proof of claim asserting a claim of
$453,533.  A second proof of claim was filed by the Internal
Revenue Service for $1,955.  According to its schedules, if
both claims are allowed, it has a net deficit of about $426,900.
CSI is wholly owned by Gordon Properties.

In February 2012, Judge Mayer denied the motion of the association
to substantively consolidate the chapter 11 bankruptcy cases of
Gordon Properties and Condominium Services, Inc., the condominium
management company.

Gordon Properties and CSI opposed the motion.  The two cases were
previously administratively consolidated.


GREAT CANADIAN: Moody's Affirms Ba3 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service assigned a Baa3 rating to Great Canadian
Gaming Corporation's amended and extended senior secured revolving
credit facility. Moody's also assigned an SGL-1 speculative grade
liquidity rating to the company. Great Canadian's Ba3 corporate
family rating (CFR), Ba3-PD probability of default rating, and B1
senior unsecured notes rating were also affirmed. The company's
ratings outlook remains stable.

"The affirmation of the Ba3 CFR reflects the company's strong
credit metrics tempered by its small size and the potential for
increased debt to fund growth projects, while the Baa3 secured
revolver rating reflects its senior priority," said Peter Adu,
Moody's lead analyst for Great Canadian.

Ratings assigned:

  -- C$350 million senior secured revolving credit facility due
     2020 -- Baa3 (LGD1)

  -- Speculative Grade Liquidity, SGL-1

Ratings affirmed:

  -- Corporate Family Rating - Ba3

  -- Probability of Default Rating - Ba3-PD

  -- C$450 million senior unsecured notes due 2022 - B1 (LGD4)

  -- Outlook remains Stable.

Great Canadian's Ba3 CFR primarily reflects its leading market
position, substantial barriers to entry in the regulated Canadian
gaming market, eligibility for capital spending reimbursement
programs in British Columbia and Nova Scotia, and modest leverage
(adjusted Debt/EBITDA was 2.6x at LTM Q1/15). The rating also
reflects the company's relatively small revenue size, limited
diversity with about 60% of its property EBITDA (EBITDA before
corporate expenses) concentrated in one casino in British Columbia,
and declining revenue and EBITDA trends at certain facilities. The
rating assumes the company will maintain financial discipline with
respect to shareholder returns and growth projects and that
leverage will not be sustained above 3.5x to fund such activities.

Great Canadian has very good liquidity (SGL-1), supported by cash
of C$340 million at Q1/15, expectations for annual free cash flow
around C$100 million, C$320 million of availability under its C$350
million revolver that expires in May 2020, and lack of near term
debt maturities. The company is subject to a total leverage
covenant of 5x (actual at Q1/15 was 2.43x) and interest coverage
covenant of 2.25x (actual at Q1/15 was 5.84x). Moody's expect
financial covenants will provide cushion of more than 50% through
the next 4 to 6 quarters.

The stable outlook reflects Moody's expectation that while the
company will direct its free cash flow towards growth projects and
share buy-backs, leverage would not be sustained above 3.5x through
the next 12 to 18 months.

An upgrade will be considered if the company achieved meaningful
growth, diversified its revenue stream, maintained balanced
financial policy, and sustained adjusted Debt/EBITDA below 3x and
EBIT /Interest above 4x. The rating could be downgraded if adjusted
Debt/EBITDA is sustained towards 4.5x and EBIT/Interest remained
below 2x. The rating could also be downgraded if Great Canadian
engages in material debt-funded share buybacks or dividend
distributions.

The principal methodology used in these ratings was the 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.

Great Canadian Gaming Corporation is a gaming and entertainment
operator with 16 properties located in British Columbia, Ontario,
Nova Scotia and Washington State. Revenue for the twelve months
ended
March 31, 2015 was C$451 million. The company is headquartered in
Richmond, British Columbia, Canada.


GYMBOREE CORP: Bank Debt Trades at 24% Off
------------------------------------------
Participations in a syndicated loan under which Gymboree Corp. is a
borrower traded in the secondary market at 75.75 cents-on-the-
dollar during the week ended Friday, June 5, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 9, 2015, edition of The Wall Street Journal.  This
represents a decrease of 0.29 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
February 23, 2018, and carries Moody's B3 rating and Standard &
Poor's CCC+ rating.  The loan is one of the biggest gainers and
losers among 268 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.


HEADWATERS AT BANNER ELK: Case Summary & 7 Top Unsecured Creditors
------------------------------------------------------------------
Debtor: Headwaters at Banner Elk, LLC
        PO Box 157
        Banner Elk, NC 28604

Case No.: 15-10289

Chapter 11 Petition Date: June 9, 2015

Court: United States Bankruptcy Court
       Western District of North Carolina (Asheville)

Judge: Hon. George R. Hodges

Debtor's Counsel: Andrew T. Houston, Esq.
                  MOON WRIGHT & HOUSTON, PLLC
                  227 West Trade Street, Suite 1800
                  Charlotte, NC 28202
                  Tel: 704-944-6563
                  Fax: 704-944-0380
                  Email: ahouston@mwhattorneys.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Charles Pearson, managing member.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/ncwb15-10289.pdf


HEALTH CARE REIT: S&P Affirms 'BB+' Rating on Preferred Shares
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Health
Care REIT Inc. (HCN) to positive from stable.  At the same time,
S&P affirmed its 'BBB' corporate credit rating on HCN, the 'BBB'
issue-level rating on its senior unsecured notes, and the 'BB+'
issue-level rating on its preferred shares.

"The positive outlook acknowledges our favorable opinion of HCN's
portfolio quality, with a private pay percentage of 87% and high
relative occupancy rates across all facility types, and the
company's strong recent operating performance," said credit analyst
Michael Souers.  "We also acknowledge the company's progress in
strengthening its balance sheet and reducing leverage via prudent
financing of discretionary investment activity (acquisitions and
development) with more equity than debt, strengthening key credit
measures. HCN's manageable near-term debt maturity schedule, strong
cash flows and access to a large revolver support "strong"
liquidity."

S&P's positive outlook is supported by its view that cash flows
derived from HCN's diverse portfolio will be modestly stronger over
the next two years, supported by favorable demographics, adequate
rent coverage of its triple-net leased assets, and modest lease
rollover.  While S&P expects HCN to continue its rapid growth,
largely via acquisitions, S&P expects the investments to be
financed in a conservative manner, driving down leverage and
improving coverage measures.  S&P expects HCN will maintain
fixed-charge coverage (FCC) above 3.0x, debt to undepreciated real
estate in the low-40% area, and debt to EBITDA in the mid-6x
range.

Upside Scenario

S&P would consider raising the rating on the company by one notch
if HCN's financial measures compare more closely to peers, such
that FCC strengthens to the mid-3x area while debt to EBITDA falls
below 6x.  S&P would also consider raising the rating by applying a
positive comparable rating analysis modifier if same-store NOI
growth outpaces the peer average while the financial metrics remain
at the stronger end of "intermediate".

Downside Scenario

S&P would consider changing the outlook back to stable should HCN
pursue aggressive debt-financed growth or encounters
portfolio/tenant stress that weighs on credit measures, with FCC
falling back below 3.0x or debt to EBITDA rising back above 7x.



HEALTH DIAGNOSTIC: Has Okay to Use Cash Collateral Until June 30
----------------------------------------------------------------
Katie Demeria at Richmond BizSense reports that Bankruptcy Judge
Kevin Huennekens agreed on June 8 to allow Health Diagnostic
Laboratory, Inc., access to its cash collateral to continue
operating the business for at least 22 days, until its next hearing
on June 30, 2015.

BizSense relates that the Bankruptcy Judge also allowed the Company
to continue paying employees' wages and benefits, utilities,
insurance and taxes.

According to BizSense, Tyler Brown, Esq., at Hunton & Williams, the
Company's bankruptcy counsel, told the Bankruptcy Judge on Monday
that the Company's several options include securing a new lender,
starting a reorganization process or even potentially selling the
Company, as buyers have expressed interest in the Company.

The Company will attempt to secure debtor-in-possession financing,
BizSense states, citing Mr. Brown.

                     About Health Diagnostic

Health Diagnostic Laboratory, Inc., Central Medical Laboratory,
LLC, and Integrated Health Leaders, LLC, are health care businesses
based in Richmond, Virginia.  HDL is a blood testing company.

Health Diagnostic Laboratory, Inc. (Bankr. E.D. Va. Case No.
15-32919) and affiliates Central Medical Laboratory, LLC (Bankr.
E.D. Va. Case No. 15-32920) and Integrated Health Leaders, LLC
(Bankr. E.D. Va. Case No. 15-32921) filed separate Chapter 11
bankruptcy petitions on June 7, 2015, estimating their assets at
between $100 million and $500 million and their debts at between
$100 million and $500 million.  The petitions were signed by Martin
McGahan, chief restructuring officer.

Justin F. Paget, Esq., Tyler P. Brown, Esq., Jason W. Harbour,
Esq., and Henry P. (Toby) Long, III, Esq. At Hunton & Williams LLP
serve as the Debtors' bankruptcy counsel.  Alvarez & Marsal is the
Debtors' financial advisor.  Robert S. Westermann, Esq., at
Hirshler Fleisher, P.C., serve as the Debtors' conflicts counsel.
American Legal Claims Services, LLC, is the Debtors' claims,
noticing and balloting agent.


HORSEHEAD HOLDING: S&P Revises Outlook to Stable & Affirms 'B-' CCR
-------------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its rating
outlook on Pittsburgh-based Horsehead Holding Corp. to stable from
negative.  At the same time, S&P affirmed its 'B-' corporate credit
rating on the company.

S&P also affirmed its 'B-' issue-level rating on the company's
senior secured notes.  S&P's recovery rating on the notes is '4',
indicating S&P's expectation for average (30% to 50%; at the lower
end of the range) recovery of principal in the event of a payment
default.

The outlook revision reflects the actions Horsehead has taken to
improve its liquidity position to "adequate" from "weak," as
defined in S&P's criteria.  S&P expects that the company's cash
balance after the recent equity offering in January will provide
some relief as the company works toward being fully operational at
the new Mooresboro facility.

The outlook revision reflects S&P's expectation that Horsehead will
maintain adequate liquidity over the next year.  S&P believes
Horsehead will be able to meet the requirements and obligations to
further ramp up at its Mooresboro facility, but that leverage will
remain very high over the next 12 months.

S&P could lower the rating if it no longer considers liquidity to
be adequate.  In addition, S&P could also consider lowering the
rating if further delays or higher-than-expected operating costs at
the Mooresboro facility result in deteriorating profitability. In
this scenario, S&P would expect leverage to remain close to 10x
into 2016, a level that S&P would view to be unsustainable.

S&P could raise the rating if the company becomes fully operational
at the Mooresboro facility and meets expectation to generated
additional EBITDA of $90 million to $100 million and about $35
million in free operating cash flow.  This would likely be
accompanied by available liquidity (cash plus borrowing capacity)
of at least $50 million.



IBT INTERNATIONAL: Banyan Trustee Files Involuntary Petition
------------------------------------------------------------
An involuntary Chapter 11 petition for IBT International Inc. was
filed by the Chapter 7 trustee of Banyan Limited Partnership, Pear
Tree Limited Partnership, and Orange Blossom Limited Partnership.

Thomas H. Casey, the Chapter 7 trustee, wants the U.S. Bankruptcy
Court to enter an order for relief under Chapter 11 of the
Bankruptcy Code for IBT on account of unpaid judgment by the Debtor
amounting to $4.71 million:

           Claimant                  Amount
           --------                  ------
          Banyan LP              $3,159,183
          Pear Tree LP             $740,947
          Orange Blossom LP        $814,832

Banyan, Pear Tree and Orange Blossom, Chapter 7 debtors, each holds
a judgment entered by the Superior Court of the State of
California, for the County of Orange, bearing Case No. 764271, on
Nov. 15, 2011, against IBT, and which has been affirmed on appeal
and is now final and not subject to further review,

    * in the principal amount of $2,330,911, plus post-judgment
interest at 10 percent per annum simple interest through the date
of the Petition, in the amount of $828,272, for a total final
judgment balance now due of $3,159,183 for Banyan;

    * in the principal amount of $546,686, plus post-judgment
interest of $194,261, for a total final judgment balance now due of
$740,947 for Pear Tree; and

    * in the principal amount of $601,200, plus post-judgment
interest of $213,632, for a total final judgment balance now due of
$814,832 for Orange Blossom.

In addition, the trial court has recently awarded fees and costs in
the amount of $9,819 (which are not final and are being reviewed on
appeal), and are therefore not included in the current amount of
the claim.  The Chapter 7 Debtors say they may have additional
claims.

Thomas H. Casey, as Chapter 7 Trustee, filed an involuntary Chapter
11 petition for IBT (Bankr. C.D. Cal. Case No. 15-12925) in Santa
Ana, California, on June 8, 2015.  Jonathan Paul Chodos, Esq., in
Los Angeles, serves as counsel for the Chapter 7 trustee.  Judge
Erithe A. Smith presides over the case.


IMPERIAL CAPITAL: Three Luxury Condominiums to Be Auctioned Today
-----------------------------------------------------------------
Samantha Joseph at Daily Business Review reports that three luxury
Fontainebleau Miami Beach condominiums, which Imperial Capital LLC
scooped up in 2006 and 2007, will be auctioned on June 11, 2015, at
noon.

Daily Business Review relates that Salvatore LaMonica of LaMonica
Herbst & Maniscalco, the Chapter 11 Trustee in the Imperial Capital
Bancorp, Inc. bankruptcy case, retained Maltz Auctions to
administer the sale.  

According to Daily Business Review, the Chapter 11 Trustee's broker
has received and accepted an opening bid of $1.6 million for the
two seventh-floor units.  The report says that the next acceptable
bid must be at least $1.63 million.

Daily Business Review adds that an opening bid of $650,000 has been
made for the 22nd-floor unit, and new bidding starts at $660,000.

                      About Imperial Capital

La Jolla, California-based Imperial Capital Bancorp, Inc., filed
for Chapter 11 bankruptcy protection (Bankr. S.D. Calif. Case No.
09-19431) on Dec. 18, 2009.  Gary E. Klausner, Esq., Eve H.
Karasik, Esq., and Gregory K. Jones, Esq., at Stutman, Treister &
Glatt, P.C., in Los Angeles, serves as the Debtor's bankruptcy
counsel.  FTI Consulting Inc. serves as its financial advisor.
The Company disclosed $40.4 million in assets and $98.7 million in
liabilities.

Tiffany L. Carroll, the U.S. Trustee for Region 15, appointed
three members to the official committee of unsecured creditors in
the Debtor's case.  David P. Simonds, Esq., and Christina M.
Padien, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Los
Angeles, represents the Committee as counsel.

The Bankruptcy Court last month confirmed Imperial Capital's
Second Amended Chapter 11 Plan of Reorganization proposed by the
Debtors and HoldCo Advisors.


INSITE VISION: To Merge with Canadian Biotechnology Company QLT
---------------------------------------------------------------
InSite Vision Inc. has reached a definitive agreement with QLT Inc.
under which QLT will acquire InSite in an all-stock transaction
that will create an ophthalmic specialty pharmaceutical company
with a diversified portfolio of products, full R&D capabilities and
innovative platform technologies.  The transaction is expected to
drive shareholder value by accelerating both companies' development
pipelines, increasing product diversity and improving balance sheet
strength.

The newly formed company will be incorporated in Canada and led by
a combined InSite Vision and QLT leadership team.  With operations
in Alameda, California and Vancouver, British Columbia, and
headquarters in Vancouver, the new company will retain the name of
QLT, and will continue to trade on NASDAQ under the ticker "QLTI"
and on the Toronto Stock Exchange under the ticker "QLT".

InSite Vision plans to promptly file a New Drug Application with
the U.S. Food and Drug Administration for marketing approval of its
drug candidate BromSite to reduce post-operative inflammation and
prevent pain following cataract surgery, and continued progression
of a Phase 3 clinical trial of QLT091001, QLT's Orphan Drug and FDA
Fast Track designated retinoid product candidate for the treatment
of inherited retinal diseases in the first half of 2016.  The
merged companies expect to file a second NDA for InSite Vision's
DexaSite for the treatment of blepharitis in 2016.

The combined company expects to have approximately $70 million in
cash after the closing of the transaction and completion of other
investments and dividends by QLT, all of which dividends will be
effected after the completion of the merger and include
distributions to prior InSite shareholders as new QLT
shareholders.

"The new company created by this merger will be a well-funded pure
play ophthalmic specialty company with a robust pipeline of
late-stage drug candidates, a strong cash balance with access to a
broader investor base and the opportunity for increased shareholder
value," said Timothy Ruane, chief executive officer of InSite
Vision.  "The combination of InSite Vision with QLT will create a
unique new company with multiple potential value creation events in
the near- and medium-term, the potential to file multiple NDAs over
the next several years, execute on the development of a potential
successful ophthalmic retinoid product and advance a diversified
pipeline of promising product candidates for unmet eye care
needs."

"The merger with InSite Vision is an excellent opportunity for QLT
shareholders to benefit from the combined strengths and assets of
both companies," said Jason Aryeh, Chairman of QLT.  "The InSite
Vision team has repeatedly demonstrated its ability to efficiently
execute on ophthalmic drug development, and I am excited to see our
retinoid product have the opportunity to progress in a similar
manner under our combined leadership.  With a strong balance sheet
and diversified late-stage pipeline, I am excited about the future
of the company and its potential for additional value creation."

Terms of Proposed Transaction

Under the terms of the agreement, a wholly owned subsidiary of QLT
will be merged with and into InSite Vision.  Shareholders of InSite
Vision will receive 0.048 QLT shares for each InSite Vision share.
For InSite Vision shareholders, the transaction represents a 27%
premium based on the closing stock prices of InSite Vision and QLT
as of June 5, 2015, the last trading day prior to the announcement
of the merger.  Upon completion of the merger, QLT shareholders
will own approximately 89% and former InSite Vision shareholders
will own approximately 11% of the combined company. In addition,
the merged company's board will include two seats to be filled by
the CEO of the merged company and one director nominated by
InSite.

Approvals and Further Details

The transaction, which has been unanimously approved by the Boards
of both companies, is subject to the approval of InSite Vision
shareholders, a condition that the FDA has not refused to accept
the BromSite NDA for review within 60 days after InSite Vision's
filing of the NDA, a condition that the FDA has not indicated that
it will require InSite Vision to conduct additional clinical
studies prior to approval of BromSite within 74 days after InSite
Vision's filing of the NDA, and other customary closing conditions.
QLT will not require a shareholder vote to conclude the
transaction; InSite Vision will file a proxy statement with full
disclosure of the transaction and will schedule a shareholder vote
to approve the transaction.  QLT will provide InSite Vision with a
line of credit until the transaction closes.  The transaction is
expected to close in the third quarter of 2015 and to be taxable to
InSite Vision shareholders.  Shares of the new company will trade
on NASDAQ under the ticker "QLTI" and on the TSX under the ticker
"QLT".

Advisors

Guggenheim Securities, LLC served as financial advisor to InSite
Vision, Roth Capital Partners provided an independent fairness
opinion and Jones Day served as legal advisor.

A full-text copy of the Agreement and Plan of Merger is available
for free at http://is.gd/apfLKC

                           InSite Vision

Based in Alameda, California, InSite Vision Incorporated (OTCBB:
INSV) -- http://www.insitevision.com/-- is committed to
advancing new and superior ophthalmologic products for unmet eye
care needs.  The company's product portfolio utilizes InSite
Vision's proven DuraSite(R) bioadhesive polymer core technology, a
platform that extends the duration of drug retention on the
surface of the eye, thereby reducing frequency of treatment and
improving the efficacy of topically delivered drugs.

Burr Pilger Mayer, Inc., in E. Palo Alto, California, 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, available cash balance
and accumulated deficit raise substantial doubt about its ability
to continue as a going concern.

Insite Vision reported net income of $26.8 million in 2014 compared
to net income of $5.7 million in 2013.

As of March 31, 2015, the Company had $4.09 million in total
assets, $12.23 million in total liabilities and a $8.13 million
total stockholders' deficit.



JPH LAS VEGAS: Judge Landis Dismiss Chapter 11 Bankruptcy Case
--------------------------------------------------------------
The Hon. August B. Landis of the U.S. Bankruptcy Court for the
District of Nevada dismissed the Chapter 11 case of JPH Las Vegas
LLC at the behest of secured creditor Nightingale Holdings, Inc.

As reported in the Troubled Company Reporter on May 4, 2015,
Nightingale notes that the Debtor is a shell company created for
the sole purpose of holding the Buffalo and Warm Springs
Properties.  The Debtor does not transact business, has never
generated any income, has no employees, has only five total
creditors (which include Debtor's principals) and has no operating
business.  As such, Nightingale says the Debtor has no reasonable
probability of confirming a plan of reorganization.

Nightingale said that the Debtor's bankruptcy filing was for the
ulterior and bad faith purpose of forestalling secured creditor's
foreclosure on the Buffalo and Warm Springs Properties -- which
foreclosure stems from the Debtor's failure to remit the required
debt payment since 2009.  

The Debtor responded to Nightingale's motion to dismiss by noting
that the secured creditor lacked the legal standing to challenge a
bankruptcy case as unauthorized.  Joan Lee, sole manager of the
Debtor, also noted that its case is only approximately six weeks
old and thus is still evaluating the plan prospects and believes it
is premature to speak on the Debtor's plan prospects.

Tracy Hope Davis, U.S. Trustee, in a March 25 motion, said that
dismissal of the case is warranted because:

   -- The Debtor has not filed an operating report to disclose the
disposition of estate assets, and the Debtor has not filed the
notice of related cases required by Local Rule 1015(b).  The U.S.
Trustee requested that the Debtor timely file both documents at the
Section 341 meeting of creditors convened in the case, as well as
in a subsequent written request.  Yet to date, the Debtor has
failed to comply.

   -- The Debtor has not provided information reasonably requested
by the U.S. Trustee, including: (1) proof that the Debtor has
opened a debtor-in-possession bank account; (2) income and
financial statements; and (3) a copy of a $5,000 promissory note
representing a postpetition loan to the Debtor from another entity
controlled by the Debtor's Manager and sole member, Joan Lee.

In response to the U.S. Trustee's contentions, the Debtor explained
that given the nature of its business, the monthly operating
reports will obviously only show minimal activities so any delay
results in absolutely no prejudice to any party-in-interest.  The
Debtor says it is in the process of opening a DIP account, however
the process is somewhat complicated given that the Debtor did not
maintain and indeed there was no reason to maintain bank account
prepetition.

                       About JPH Las Vegas

Based in Los Angeles, JPH Las Vegas LLC filed for Chapter 11
bankruptcy on Feb. 4, 2015 (Bankr. D. Nev. Case No.: 15-10522).

Judge August B. Landis presides the Debtor's bankruptcy case.
Matthew C. Zirzow, Esq., at Larson & Zirzow LLC, represents the
Debtor in its case.  The Debtor both estimated assets and
liabilities between $10 million and $50 million.

On April 20, 2015, the Debtor filed an amended voluntary petition,
a copy is available for free at:

     http://bankrupt.com/misc/JPH_58-Avoluntarypetition.pdf

Judge Landis determined that the Debtor's case is a "single asset
real estate" within the scope of Section 101(51B) of the Bankruptcy
Code.

                             *   *   *

The Debtor irrevocably waives any exclusive right to file and
solicit acceptances of any plan of reorganization pursuant to
Section 1121(b) of the Bankruptcy Code.


K & R BUSINESS: Case Summary & Largest Unsecured Creditor
---------------------------------------------------------
Debtor: K & R Business Investments, LLC
        P. O. Box 535
        Bunnell, FL 32110

Case No.: 15-02621

Chapter 11 Petition Date: June 9, 2015

Court: United States Bankruptcy Court
       Middle District of Florida (Jacksonville)

Debtor's Counsel: Scott W Spradley, Esq.
                  LAW OFFICES OF SCOTT W SPRADLEY PA
                  PO Box 1
                  109 South 5th Street
                  Flagler Beach, FL 32136
                  Tel: (386) 693-4935
                  Fax: (386) 693-4937
                  Email: scott.spradley@flaglerbeachlaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Gregory G. Shugg, managing member.

The Debtor listed PNC Bank as its largest unsecured creditor
holding a claim of $1.3 million.

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

             http://bankrupt.com/misc/flmb15-02621.pdf


KEMET CORP: Hires New Global Sales & Marketing EVP
--------------------------------------------------
Emilio Ghilardi will join KEMET Corporation as executive vice
president of global sales and marketing, effective July 1st,
reporting to Per Loof, chief executive officer.  He will be based
in Silicon Valley and operate from the KEMET sales office in
Milpitas, California.

Mr. Ghilardi joins KEMET from Hewlett-Packard, where he had a 28
year career, most recently as vice president and general manager of
their Americas Personal System Business Unit.  From 2008 to 2012 he
was chief sales officer and president of AMD International.  Mr.
Ghilardi holds a Master's Degree in Electronic Engineering from the
Politecnico of Turin (Italy).

"We are executing our strategic plan and driving toward growth with
initiatives such as our NEC TOKIN joint venture and enhancing our
"easy-to-buy-from" brand with an "easy-to-design-in" philosophy,"
said Mr. Loof.  "As a member of KEMET's Leadership Team, Emilio's
global experience, diversified sales background and knowledge of
the semiconductor business will have an immediate impact on these
activities and on our organization."

                            About KEMET

KEMET, based in Greenville, South Carolina, is a manufacturer and
supplier of passive electronic components, specializing in
tantalum, multilayer ceramic, film, solid aluminum, electrolytic,
and paper capacitors.  KEMET's common stock is listed on the NYSE
under the symbol "KEM."

As of March 31, 2015, the Company had $753 million in total assets,
$588 million in total liabilities, and $165 million in total
stockholders' equity.

                           *     *     *

As reported by the TCR on March 26, 2013, Moody's Investors
Service downgraded KEMET Corp.'s Corporate Family Rating to 'Caa1'
from 'B2' and the Probability of Default Rating to 'Caa1-PD' from
'B2- PD' based on Moody's expectation that KEMET's liquidity will
be pressured by maturing liabilities and negative free cash flow
due to the interest burden and continued operating losses at the
Film and Electrolytic segment.

As reported by the TCR on Aug. 9, 2013, Standard & Poor's Ratings
Services lowered its corporate credit rating on KEMET to 'B-' from
'B+'.  "The downgrade is based on continued top-line and margin
pressures and lagging results from the restructuring of the Film &
Electrolytic [F&E] business, which combined with cyclical weak
end-market demand, has resulted in sustained, elevated leverage
well in excess of 5x, persistent negative FOCF, and diminishing
liquidity," said Standard & Poor's credit analyst Alfred
Bonfantini.

The TCR reported in August 2014 that S&P revised its outlook on
KEMET to 'stable' from 'negative'.  S&P affirmed the ratings,
including the 'B-' corporate credit rating.


LANTHEUS MEDICAL: S&P Puts 'B-' CCR on CreditWatch Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services placed all of its ratings,
including its 'B-' corporate credit rating, on North Billerica,
Ma.-based Lantheus Medical Imaging Inc. on CreditWatch with
positive implications.

"The CreditWatch placement follows Lantheus' announcement that it
will pursue an IPO and concurrent recapitalization of its existing
high-cost, senior secured notes into a term loan B," said Standard
& Poor's credit analyst Michael Berrian.  S&P estimates that pro
forma leverage will decline to about 5.5x for 2015 and about 5x in
2016 -- levels still commensurate with S&P's "highly leveraged"
financial risk assessment.  More importantly, S&P expects Lantheus'
stabilized business performance to enable a continuation of the
positive free cash flow generation that began in the second half of
2014.  This expectation for positive free cash flow is enhanced by
S&P's belief that interest expense will be lower under the
company's proposed post-IPO capital structure.

Lantheus' business remains focused on the niche imaging segment
with concentration in three products.  Although the company's
DEFINITY product has the market-leading position, it remains
susceptible to competition from two other products.  Moreover, a
secondary contract manufacturer is not expected to be commercially
available until the first half of next year, which S&P believes
increases the risk of product shortage issues.  S&P continues to
assess business risk as "vulnerable," and the proposed IPO does not
alter this view.

S&P will resolve the CreditWatch upon successful completion of the
IPO and recapitalization.  At that time, S&P would likely raise the
rating by one notch.  The one-notch upgrade would reflect S&P's
belief that, given lower leverage and its expectation of continued
positive free cash flow generation, Lantheus credit risk profile is
more comparable to 'B' rated peers.



LERIN HILLS: Receiver Proposes July 24 Claims Bar Date
------------------------------------------------------
MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills Utility
Inc., which are being managed by a receiver, are asking the U.S.
Bankruptcy Court for the Western District of Texas to fix a bar
date of July 24, 2015, as the deadline for the filing of proofs of
prepetition claims against and interests in the Debtors.  

The proposed bar date will be approximately 30 days prior to the
hearing on confirmation of the plan.  Setting a bar date would
allow the Debtors to expeditiously fix the total amount of claims
to be paid so the Debtors and the Court can determine the recovery
by unsecured creditors, and ensure that creditors would be
satisfied more rapidly, operations could continue without
interruption, and unsecured creditors could receive the
distribution proposed under the plan in an efficient manner,
Deborah D. Williamson, Esq., at Dykema Cox Smith, tells the Court.

                         About Lerin Hills

MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills Utility
Inc., own 867 acres of real property known as the Lerin Hills
residential real estate development located in Boerne, Texas.  The
Lerin Hills project currently produces no cash flow, has run out of
cash and remains materially unfinished.  In December 2014, the
companies defaulted on debt to Putnam Funding III, LLC, which
claims to be owed not less than $41.3 million as of the Petition
Date.  On April 7, 2015, at the behest of Putnam, the 216th
Judicial District Court in Kendall County, Texas, appointed Andrew
S. Cohen as receiver for the assets.

On June 8, 2015, the Receiver filed Chapter 11 bankruptcy petitions
for MA Lerin Hills and its two affiliates (Bankr. W.D. Tex. Case
Nos. 15-51424 to 15-51426) in San Antonio, Texas.  The Receiver
immediately filed a Joint Chapter 11 Plan of Liquidating Plan for
the Debtors.  The Plan is being sponsored by Putnam.

The Debtors tapped Cox Smith Matthews Incorporated as attorneys.
Putnam tapped Akin Gump Strauss Hauer & Feld LLP as counsel.


LERIN HILLS: Receiver Wants to Be Excused From Compliance
---------------------------------------------------------
MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills Utility
Inc., which are being managed by a receiver, are asking the U.S.
Bankruptcy Court for the Western District of Texas to (i) designate
the receiver, Andrew S. Cohen, as person in control of the Debtors
pursuant to Bankruptcy Rule 9001(5), (ii) excuse the Receiver from
compliance with 11 U.S.C. Sec. 543(d) with respect to claims and
causes of action, and (iii) excuse compliance by the Receiver with
Sec. 543(b)(2).

On April 7, 2015, at the behest of Putnam Funding III, LLC, the
216th Judicial District Court in Kendall County, Texas, appointed
Mr. Cohen as receiver for the Debtors' assets.  The receivership
order vested Mr. Cohen with "all the powers of an officer,
director, shareholder, general partners, manager, managing member,
or other controlling person, as applicable," of each of the
Debtors.  As such, Cohen was not only appointed the receiver for
the Debtors' property but was also was appointed as new management
of the Debtors.

Under the terms of the proposed plan of liquidation filed jointly
by the Debtors and Putnam, substantially all the Debtors' assets,
including the proceeds of all claims and causes of action against
third parties, would be transferred to Putnam in full and final
satisfaction of the Debtors' prepetition indebtedness and
contemplated postpetition indebtedness to Putnam.  As additional
consideration, Putman would contribute up to an additional $1
million for the payment in full of allowed general unsecured claims
(subject to the total allowed amount of such claims) and up to an
additional $1 million for the payment of allowed administrative
expenses and priority claims.

Accordingly, the Receiver asks to be excused from compliance with
Section 543(b) of the Bankruptcy Code.  Under the proposed plan,
the Receiver will be designated as the "responsible person" vested
with the authority to retain, enforce, and settle the Debtors'
causes of action for the benefit of Putnam, who would receive all
net proceeds of such litigation.

For the sake of efficiency in the prosecution of any such claims,
the Debtors submit that the interests of creditors would be better
served if the Receiver were excused from full compliance with
Section 543(d), such that all claims and causes of action against
third parties that otherwise constitute property of the estate
pursuant to Section 541 will remain in the possession and control
of the Receiver notwithstanding the commencement of the Chapter 11
cases, subject to further Court order.

The Debtors would also request that, to the extent necessary, the
Court excuse the compliance with Section 543(b)(2) relating to any
separate filings and accounting of any property of the Debtors, or
proceeds, product, offspring rents or profits of such property that
came into possession, custody or control of the Receiver.  The
Debtors will file schedules of assets and liabilities and statement
of affairs which will include record of all disbursements made by
the Debtors in the ninety days prior to the filing of the
bankruptcy petition, including all periods after Cohen took custody
or control of the assets of Debtors.  As such, the filing of a
separate report will be duplicative, an unnecessary cost and not in
the best interest of Creditors and other parties of interest.

                         About Lerin Hills

MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills Utility
Inc., own 867 acres of real property known as the Lerin Hills
residential real estate development located in Boerne, Texas.  The
Lerin Hills project currently produces no cash flow, has run out of
cash and remains materially unfinished.  In December 2014, the
companies defaulted on debt to Putnam Funding III, LLC, which
claims to be owed not less than $41.3 million as of the Petition
Date.  On April 7, 2015, at the behest of Putnam, the 216th
Judicial District Court in Kendall County, Texas, appointed Andrew
S. Cohen as receiver for the assets.

On June 8, 2015, the Receiver filed Chapter 11 bankruptcy petitions
for MA Lerin Hills and its two affiliates (Bankr. W.D. Tex. Case
Nos. 15-51424 to 15-51426) in San Antonio, Texas.  The Receiver
immediately filed a Joint Chapter 11 Plan of Liquidating Plan for
the Debtors.  The Plan is being sponsored by Putnam.

The Debtors tapped Cox Smith Matthews Incorporated as attorneys.
Putnam tapped Akin Gump Strauss Hauer & Feld LLP as counsel.


LERIN HILLS: Receiver, Lender File Liquidating Plan in Chapter 11
-----------------------------------------------------------------
MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills Utility
Inc., owners of 867 acres of real property known as the Lerin Hills
residential real estate development located in Boerne, Texas, are
in Chapter 11 bankruptcy and have a liquidating plan that gives up
control of the assets to their lender.

According to the court-appointed receiver, almost three years after
the initial funding, the Lerin Hills project produces no cash flow,
has run out of cash and remains materially unfinished.  To date,
roads for initial development are not completed, work in the
right-of-way of Highway 46 is not yet complete, and the existing
roadways and lots are incomplete and potentially in need of
remediation.  Home builders have refused to close on building lots
until there is water at the property and critical milestones are
met.

In December 2014, the Debtors defaulted on debt to Putnam Funding
III, LLC, which claims to be owed not less than $41.3 million as of
the Petition Date.  On April 7, 2015, at the behest of Putnam, the
216th Judicial District Court in Kendall County, Texas, appointed
Andrew S. Cohen as receiver for the Debtors' assets.  The
receivership order vested Mr. Cohen with "all the powers of an
officer, director, shareholder, general partners, manager, managing
member, or other controlling person, as applicable," of each of the
Debtors.

On June 8, 2015, the Receiver filed Chapter 11 bankruptcy petitions
for MA Lerin Hills and its two affiliates (Bankr. W.D. Tex. Case
Nos. 15-51424 to 15-51426) in San Antonio, Texas.  The Receiver
immediately filed a Joint Chapter 11 Plan of Liquidating Plan for
the Debtors.  The Plan is being sponsored by Putnam.

The Plan contemplates the transfer of substantially all of the
Debtors' assets, including the proceeds of all claims and causes of
action against third parties, to Putnam in full and final
satisfaction of the Debtors' prepetition debt and DIP financing
obligations to Putnam.  

Under the Plan, Putnam would contribute up to $1 million (the "GUC
Claim Fund") for the payment in full of allowed general unsecured
claims and up to an additional $1 million for the payment of
allowed administrative expenses and priority claims.  Putnam has
agreed that it will not receive any payments from the GUC Claim
Fund until after payment in full (without interest) of all allowed
unsecured and priority claims.

The Plan provides that all equity securities in the Debtors will be
cancelled, and existing equity holders won't receive anything.  Mr.
Cohen explains that after his appointment as receiver, he obtained
an appraisal of the property.  The appraised value is less than the
approximately $41.3 million amount owed to Putnam.  In addition,
the Debtors owe another $2.45 million to other creditors.

Putnam has agreed to provide funding for the Chapter 11 case,
subject to the completion of certain milestones.  The Receiver has
agreed to use his best efforts to obtain confirmation of the Plan
within 90 days of the Petition Date.

Putnam, as holder of DIP Claims (Class 1) and Prepetition Lender
Claims (Class 2) is entitled to vote on the Plan.  Holders of other
secured claims (Class 3) and general unsecured claims (Class 5)
will also receive solicitation packages.  Holders of priority
non-tax claims (Class 4) are not impaired and are deemed to accept
the Plan.  Holders of subordinated claims (Class 6) and old equity
interests (Class 7) won't receive anything and are deemed to reject
the Plan.

A copy of the Liquidating Plan dated June 9, 2015, is available for
free at:

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

                         First Day Motions

On the Petition Date, the Debtors, through the Receiver, filed
motions to:

  -- jointly administer their Chapter 11 cases;
  -- maintain their bank accounts;
  -- reject an executory contract;
  -- establish a bar date for asserting claims and interests;
  -- obtain postpetition financing; and
  -- prohibit utilities from discontinuing service.

A copy of the Receiver's declaration in support of the first day
motions is available for free at:

    http://bankrupt.com/misc/Lerin_Hills_1st_Day_Affidavit.pdf

The Debtors tapped Cox Smith Matthews Incorporated as attorneys.
Putnam tapped Akin Gump Strauss Hauer & Feld LLP as counsel.


LIME ENERGY: Files Financial Statements of Enerpath with SEC
------------------------------------------------------------
Lime Energy Co. filed a current report on Form 8-K on March 30,
2015, to report, among other things, the completion of its
acquisition of EnerPath International Holding Company.

On June 8, 2015, the Company amended the Current Report to include
the required financial statements of Enerpath and to present
certain unaudited pro forma financial information in connection
with the acquisition.

Enerpath reported net income of $106,000 on $40.6 million of
revenue for the year ended Dec. 31, 2014, compared with net income
of $420,000 on $27.5 million of revenue for the year ended Dec. 31,
2013.

As of Dec. 31, 2014, Enerpath had $12.3 million in total assets,
$9.9 million in total liabilities, and $2.30 million in total
stockholders' equity.

A copy of Enerpath's Financial Statements is available at:

                        http://is.gd/xbxpQt

                         About Lime Energy

Headquartered in Huntersville, North Carolina, Lime Energy Co. --
http://www.lime-energy.com/-- is engaged in planning and
delivering clean energy solutions that assist its clients in their
energy efficiency and renewable energy goals.  The Company's
solutions include energy efficient lighting upgrades, energy
efficient mechanical and electrical retrofit and upgrade services,
water conservation, building weatherization, on-site generation
and renewable energy project development and implementation.  The
Company provides energy solutions across a range of facilities,
from high-rise office buildings, distribution facilities,
manufacturing plants, retail sites, multi-tenant residential
buildings, mixed use complexes, hospitals, colleges and
universities, government sites to small, single tenant facilities.

Lime Energy reported a net loss available to common stockholders
of $18.5 million in 2013, a net loss of $31.8 million
in 2012 and a net loss of $18.9 million in 2011.

As of March 31, 2015, the Company had $53.81 million in total
assets, $38.04 million in total liabilities, $9.38 million in
contingently redeemable series C preferred stock, and $6.38 million
in total stockholders' equity.


LINDBLAD EXPEDITIONS: Moody's Assigns B2 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service assigned Lindblad Expeditions, Inc. an
initial Corporate Family Rating and Probability of Default Rating
of B2 and B3-PD, respectively. At the same time, Moody's assigned
the company's proposed $150 million senior secured term loan a
rating of B2. Also, in connection with this rating action Moody's
assigned Lindblad a Speculative Grade Liquidity rating of SGL-1 and
a stable outlook.

According to Moody's analyst Brian Silver, "Lindblad's credit
profile is strengthened by the company's solid credit metrics,
unique product offering, and strong positioning in the niche
expedition market aided by its partnership with National
Geographic, but its relatively small size and narrow product focus
together with its exposure to consumer spending dynamics and global
conflicts are key factors constraining the rating."

The following ratings have been assigned at Lindblad Expeditions,
Inc.:

  -- Corporate Family Rating at B2;

  -- Probability of Default Rating at B3-PD;

  -- $150 million senior secured term loan at B2 (LGD 3);

  -- Speculative Grade Liquidity Rating at SGL-1.

  -- The outlook is stable

The B2 Corporate Family Rating reflects Lindblad's relatively small
size, narrow product focus, and exposure to consumer confidence and
discretionary spending dynamics. These factors are somewhat offset
by the company's solid credit metrics as evidenced by its
relatively conservative financial leverage profile at approximately
3.5 times debt-to-EBITDA, interest coverage as measured by
EBITA-to-interest of roughly 4.5 times, and EBITDA margins in
excess of 20%. The company's credit profile is also enhanced by its
ongoing partnership with National Geographic, which has been intact
for over 10 years and will be extended through 2025 in connection
with the merger with Capitol Acquisition. The partnership involves
co-branding, co-selling and co-marketing of Lindblad's unique
cruise experiences. Moody's also view Lindblad's differentiated
distribution channels relative to the large cruise lines favorably,
as the company relies less on travel agents than its larger peers.
It also has a different target market, catering to affluent people
over 50 who are more interested in adventure versus the relaxation
and luxuries a typical cruise ship offers. As a result, Lindblad
generates significantly higher yields per passenger by commanding
premium pricing. Despite having no revolving credit facility,
liquidity during the next twelve months is expected to be very good
as result of large cash balances and positive free cash flow
generation, but increases in capital investment for new ships in an
effort to grow the top-line could weaken liquidity over time.

The stable rating outlook reflects the expectation that the company
will grow its revenues and profitability moderately while
maintaining at least a good liquidity profile over the next twelve
months. The rating could be downgraded if Lindblad's leverage, as
measured by Moody's adjusted debt-to-EBITDA, climbs above 4.0 times
or if liquidity weakens materially. More specifically, if total
liquidity falls below $30 million the rating could be downgraded.
Alternatively, an upgrade is unlikely in the near-term given the
relatively small size of the company and its narrow product and
industry focus. Over time, the ratings could be upgraded if
Lindblad is able to establish a longer track record and grow its
scale materially while maintaining solid credit metrics including
EBITDA margins above 20% and leverage being maintained below 3.0
times.

The company's $150 million first lien senior secured credit
facility is rated B2 (LGD3), in line with the company's B2 CFR,
reflective of its senior position in the capital structure relative
to the company's unsecured obligations and a 65% expected recovery
rate due to its first lien status and presence of a financial
maintenance covenant.

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

Lindblad Expeditions, Inc. ("Lindblad"), headquartered in New York,
NY, through its subsidiaries is a provider of tour and adventure
travel related services to over 40 destinations spanning all seven
continents. The company owns and operates six expedition ships and
four seasonal charter vessels with capacities ranging from roughly
25 to 150 guests per voyage. The company established a partnership
with National Geographic in 2004, which is an exclusive strategic
alliance that involves co-selling, co-branding, and marketing
arrangements including all Lindblad owned ships carrying the
National Geographic name (i.e. National Geographic Endeavour,
National Geographic Explorer etc.). In March 2015, Lindblad entered
into a definitive merger agreement with Capitol Acquisition Corp.
II (the "Sponsor") in a cash and stock transaction valued at $439
million. Lindblad generated sales for the twelve months ended March
31, 2015 of nearly $203 million.


MA LERIN HILLS: Case Summary & 18 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor affiliates that filed separate Chapter 11 bankruptcy
petitions:

       Debtor                                  Case No.
       ------                                  --------
       MA Lerin Hills Holder, LP               15-51424
       c/o Andrew S. Cohen, Receiver
       Golden Steves Cohen & Gordon LLP
       300 Convent St, Suite 2600
       San Antonio, TX 78205

       L H Devco, Inc.                         15-51425

       Lerin Hills Utility Easement            15-51426
       Holder, LLC

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: June 9, 2015

Court: United States Bankruptcy Court
       Western District of Texas (San Antonio)

Judge: Hon. Craig A. Gargotta

Debtors' Counsel: Deborah D. Williamson, Esq.
                  Patrick L. Huffstickler, Esq.
                  DYKEMA COX SMITH
                  112 E Pecan St, Suite 1800
                  San Antonio, TX 78205
                  Tel: (210) 554-5500
                  Fax: (210) 226-8395
                  Email: dwilliamson@coxsmith.com
                         plhuffst@coxsmith.com

Debtors'          GOLDEN STEVES COHEN & GORDON LLP
Real Estate
Counsel:

Debtors'          PADGETT STRATEMAN
Financial
Advisor:

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Andrew S. Cohen, receiver.

List of MA Lerin's 18 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Rafael Rios                                            $2,555,591
123 Eaglerock                                       
San Antonio, TX 78227

Abel Godines                       Fees & equipment      $747,262
19723 LaSierra Blvd.                    rental
San Antonio, TX 78256

Lerin Hills Municipal Utility      Development           $705,649
District                           Financing
1621 Milam St. Fl. 3               Agreement
Houston, Texas 77002

Central Texas Water Maintenance                          $561,766
P.O. Box 636
Buda, TX 78610

DC Civil Construction LLC                                $301,565
307 Candelaria
San Antonio, TX 78203

Apolinar Zepeda                                          $218,614

Husch Blackwell LLP                                      $187,370

Petuck Capital Corp.                                      $68,000

Jones & Carter Inc.                                       $65,000

Joe F. Godines Investments LLC                            $53,520

ACT Pipe and Supply, Inc.                                 $49,170

Philip Cortez                                             $22,500

Commercial Metals                                         $13,877

Triple H Truck & Supply/Equipment                         $10,707

Royce Groff Oil Company                                    $9,059

Martin Rios                                                  $813

Winstead Attorneys                                           $648

Alpha Testing, Inc.                                          $647


MAGNETATION LLC: Committee Taps Province Inc. as Financial Advisor
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Magnetation LLC
and its debtor-affiliates asks the Hon. Gregory F. Kishel of the
U.S. Bankruptcy Court for the District of Minnesota for permission
to retain Province Inc. as its financial advisor.

The firm is expected to:

     a) understand and analyze the Debtors' business, assets and
liabilities, liquidity, prospects, and overall financial
condition;

     b) understand and analyze the structure of the broader group
of companies;

     c) identify revenue drivers, cost inefficiencies, and other
areas that will enhance financial performance;

     d) calculate the Debtors' debt capacity and evaluate
alternative capital structures;

     e) value the Debtors' business as a liquidation, going
concern, and restructured going concern through sum-of-parts
valuation, comparable company multiples, comparable transaction
multiples, and discounted cash flow analyses;

     f) prepare comparable data for all proposed financings, asset
sales, and other transactions;

     g) assist the Committee in determining how to react to the
restructuring plan or in formulating and implementing its own
plan;

     h) conduct forensic accounting of the Debtors' books and
records on behalf of the Committee in order to confirm the
arms-length nature of intercompany and other insider transactions
and to support potential litigation;

     i) become familiar with and analyze possible recoveries for
the creditors from litigation against non-insiders;

     j) analyze claims against the Debtors;

     k) perform analysis to determine when the Debtors became
insolvent;

     1) prepare, or review as applicable, preference and fraudulent
conveyance analyses and conduct a cost/benefit analysis thereon as
required;

     m) assist the Committee in reviewing the Debtors' financial
reports, including, but not limited to, SOFAs, Schedules, cash
budgets, and Monthly Operating Reports;

     n) advise the Committee on the current state of the chapter 11
Case;

     o) represent the Committee in negotiations with the Debtors
and third parties as necessary;

     p) if necessary, participate in hearings before the bankruptcy
court with respect to matters upon which Province has provided
advice; and

     q) other activities as are approved by the Committee, the
Committee's counsel, and as agreed to by Province.

The firm's standard hourly rates are:

Principal               $635-650
Director                $425-590
Analyst/Senior Analyst  $295-380
Administrative          $90

Paul Huygens, principal at the firm, assures the Court the the firm
is a "disinterested person" within the meaning of Section 101(14)
of the Bankruptcy Code.

Mr. Huygens can be reached at:

Paul Huygens
Province Inc.
5915 Edmond Street, Suite 102
Las Vegas, NV 89118
Tel: 702.685.5555
Fax: 702.685.5556

                     About Magnetation LLC

Magnetation LLC -- http://www.magnetation.com/-- is a joint
venture between Magnetation, Inc. (50.1% owner) and AK Iron
Resources, LLC, an affiliate of AK Steel Corporation (49.9% owner).
Magnetation LLC recovers high-quality iron ore concentrate from
previously abandoned iron ore waste stockpiles and tailings basins.
Magnetation LLC owns iron ore concentrate plants located in
Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore
pellet plant in Reynolds, IN.  

Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy
protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth,
Minnesota, on May 5, 2015, after reaching a deal with secured
noteholders on a balance sheet restructuring.  The cases are
assigned to Chief Judge Gregory F Kishel.

The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra,
Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory
Partners LP as financial advisor; and Donlin, Recano & Company,
Inc., as the claims agent.

The Debtor's exclusive period for filing a plan and disclosure
statement ends Sept. 2, 2015.

The U.S. Trustee for Region 12 appointed three creditors of
Magnetation LLC to serve on an official committee of unsecured
creditors.


MAGNETATION LLC: Files Schedules of Assets and Liabilities
----------------------------------------------------------
Magnetation LLC filed with the U.S. Bankruptcy Court for the
District of Minnesota its schedules of assets and liabilities, and
statement of financial affair, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $24,312,415
  B. Personal Property          $214,898,126
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $516,706,831
  E. Creditors Holding
     Unsecured Priority
     Claims                                        $2,911,274
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $56,320,194
                                 -----------      -----------
        TOTAL                   $239,210,542     $575,938,301

A full-text copy of the Debtor's schedules and statements is
available for free at http://is.gd/gezY5i

                     About Magnetation LLC

Magnetation LLC -- http://www.magnetation.com/-- is a joint
venture between Magnetation, Inc. (50.1% owner) and AK Iron
Resources, LLC, an affiliate of AK Steel Corporation (49.9%
owner).

Magnetation LLC recovers high-quality iron ore concentrate from
previously abandoned iron ore waste stockpiles and tailings basins.
Magnetation LLC owns iron ore concentrate plants located in
Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore
pellet plant in Reynolds, IN.  

Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy
protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth,
Minnesota, on May 5, 2015, after reaching a deal with secured
noteholders on a balance sheet restructuring.  The cases are
assigned to Chief Judge Gregory F Kishel.

The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra,
Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory
Partners LP as financial advisor; and Donlin, Recano & Company,
Inc., as the claims agent.

The Debtor's exclusive period for filing a plan and disclosure
statement ends Sept. 2, 2015.

The U.S. Trustee for Region 12 appointed three creditors of
Magnetation LLC to serve on an official committee of unsecured
creditors.


MCCLATCHY CO: Reduces Debt by $41.3 Million
-------------------------------------------
The McClatchy Company had repurchased $41.336 million in aggregate
principal amount of its 5.75% Notes due 2017 at par plus accrued
and unpaid interest in a privately negotiated transaction.  The
company's total debt balance, after the repurchase, is now at
$991.2 million and debt net of cash is approximately $948.9
million.

Elaine Lintecum, McClatchy's chief financial officer, said, "This
debt reduction is consistent with our goals to continue to
strengthen our financial position and create leveraged equity
returns for our shareholders.  We now have only about $70 million
of debt due in 2017 and no other maturities due until the end of
2022, which we believe will provide ample runway as we continue our
digital transformation."

                    About The McClatchy Company

Sacramento, Cal.-based The McClatchy Company (NYSE: MNI)
-- http://www.mcclatchy.com/-- is a media company that provides
both print and digital news and advertising services.  Its
operations include 30 daily newspapers, community newspapers,
websites, mobile news and advertising, niche publications, direct
marketing and direct mail services.  Its owned newspapers include,
among others, the (Fort Worth) Star-Telegram, The Sacramento Bee,
The Kansas City Star, the Miami Herald, The Charlotte Observer, and
The (Raleigh) News & Observer.  The Company holds interest in
digital assets which include CareerBuilder, LLC, Classified
Ventures, LLC, HomeFinder, LLC, and Wanderful Media.

McClatchy Co reported net income of $374 million on $1.14 billion
of net revenues for the year ended Dec. 28, 2014, compared with net
income of $18.8 million on $1.21 billion of net revenues for the
year ended Dec. 29, 2013.

As of March 29, 2015, the Company had $2.35 billion in total
assets, $1.85 billion in total liabilities, and $496 million in
stockholders' equity.

                           *     *     *

McClatchy carries a 'Caa1' corporate family rating from Moody's
Investors Service.  In May 2011, Moody's changed the rating
outlook from stable to positive following the company's
announcement that it closed on the sale of land in Miami for
$236 million.  The outlook change reflects Moody's expectation
that McClatchy will utilize the net proceeds to reduce debt,
including its underfunded pension position, which will reduce
leverage by approximately half a turn and lower required
contributions to the pension plan over the next few years.

As reported by the TCR on April 2, 2014, Standard & Poor's Ratings
Services affirmed all ratings on U.S. newspaper company The
McClatchy Co., including the 'B-' corporate credit rating, and
revised the rating outlook to stable from positive.  The outlook
revision to stable reflects S&P's expectation that the
timeframe for a potential upgrade lies beyond the next 12 months,
and could also depend on the company realizing value from its
digital minority interests.


MELA SCIENCES: Reports $7.27-Mil. Net Loss in First Quarter
-----------------------------------------------------------
MELA Sciences, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $7.27 million on $81,200 of revenues for
the three months ended Mar. 31, 2015, compared with a net loss of
$299,000 on $1.37 million of revenue for the same period last
year.

The Company's balance sheet at Mar. 31, 2015, showed $16.2 million
in total assets, $8.68 million in total liabilities, and
stockholders' equity of $7.54 million.

The Company has devoted substantially all of its cash resources to
the development and marketing of the MelaFind system and general
and administrative expenses, and to date it has not generated any
significant revenues from the sale of products.  As a result, MELA
has an accumulated deficit of $190 million as of March 31, 2015.
Its recurring losses from operations and the accumulated deficit
raise substantial doubt about its ability to continue as a going
concern.

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

                       http://is.gd/qGfcjE

New York-based MELA Sciences, Inc. -- http://www.melasciences.com/
-- is a medical device company focused on the commercialization of
its flagship product, MelaFind(R), and the further design and
development of MelaFind(R) and the Company's technology.
MelaFind(R) is a non-invasive, point-of-care instrument to aid in
the detection of melanoma.



MERITOR INC: Moody's B1 CFR Unaffected by $225MM Add-on Notes
-------------------------------------------------------------
Moody's Investors Service said that Meritor's B1 Corporate Family
Rating, Ba1 senior secured rating, and B2 senior unsecured rating
are unchanged by the company's offering of $225 million of
additional principal amount of its already outstanding 6 1/4 %
notes due 2024 that are rated B2. Proceeds of the new offering will
be used principally to fund the purchase of an annuity to satisfy
obligations under the company's German pension plan and to repay a
portion of its 7.875% convertible senior notes. The company's
rating outlook remains stable.


METABOLIX INC: Discloses $5.84-Mil. Net Loss in Q1 of 2015
----------------------------------------------------------
Metabolix, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $5.84 million on $645,000 of revenues for
the three months ended Mar. 31, 2015, compared with a net loss of
$8.15 million on $613,000 of revenues for the same period last
year.

The Company's balance sheet at Mar. 31, 2015, showed $16.7  million
in total assets, $3.34 million in total liabilities, and
stockholders' equity of $13.3 million.

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

                        http://is.gd/YkDjle

Headquartered in Cambridge, Massachusetts, Metabolix, Inc. is an
innovation-driven bioscience company focused on delivering
sustainable solutions to the plastics, chemicals and energy
industries.  The Company has core capabilities in microbial
genetics, fermentation process engineering, chemical engineering,
polymer science, plant genetics and botanical science.

PricewaterhouseCoopers LLP expressed substantial doubt about the
Company's ability to continue as a going concern, citing that the
Company has suffered recurring losses from operations and has
insufficient capital resources.

The Company reported a net loss of $29.5 million on $2.80 million
of total revenue for the year ended Dec. 31, 2014, compared with a
net loss of $30.5 million on $3.78 million in the prior year.

The Company's balance sheet at Dec. 31, 2014, showed $23.1 million
in total assets, $4.34 million in total liabilities, and
stockholders' equity of $18.8 million.



MJC AMERICA: Court Vacates Deadlines for Gree Product Claims
------------------------------------------------------------
MJC America, Ltd., notified parties-in-interest that pursuant to an
order entered May 24, 2015, the U.S. Bankruptcy Court for the
Central District of California has reopened the filing period for
creditors holding claims arising from, or related to the sale of
Gree products including, but not limited to, personal injury or
property damage claims related to product use, business claims for
recall, restocking and other expenses, and any fine which may
ultimately be assessed by the Consumer Product Safety Commission.

The Court also vacated the deadline of Aug. 30, 2014, for creditors
to file claims.

A new deadline or filing these types of claims will be set as part
of the Debtor's reorganization effort in any confirmed
reorganization plan.

The Court also vacated the deadline for filing claims objections:

   a. the deadline for filing objections to claims which are not
Gree Product Claims will be 30 days after the Effective Date of any
confirmed plan; and

  b. the deadline for filing objections to Gree Product Claims will
be set in any confirmed plan.

The Debtor is represented by:

         David A. Tilem, Esq.
         LAW OFFICES OF DAVID A. TILEM
         206 N. Jackson Street, Suite 201
         Glendale, CA 91206
         Tel: (818) 507-6000
         Fax:(818) 507-6800
         E-mail: DavidTilem@Tilemlaw.com

                        About MJC America

MJC America, Ltd., doing business as Soleus Air System --
http://www.soleusair.com/-- which sells Soleus-branded air  
conditioners and heaters in the U.S., filed for Chapter 11
bankruptcy protection (Bankr. C.D. Cal. Case No. 13-39097) in Los
Angeles on Dec. 10, 2013.

The Debtor selected Law Offices of David A. Tilem ("TILEM") as its
general bankruptcy counsel.  Winston & Strawn LLP serves as
special litigation counsel.

MJC disclosed $14.0 million in total assets and $15.9 million in
liabilities in its schedules.  Accounts receivable of
$9.22 million and inventory of $4.12 million comprise most of the
assets.  East West Bank has a scheduled secured claim of $2.1
million on a line of credit, and Hong Kong Gree Electric
Appliances Sales, Ltd., is owed $4.07 million, but only $288,000
is secured.


MJC AMERICA: Has Court's Nod to Use Cash Collateral Until Sept. 17
------------------------------------------------------------------
The Hon. Sandra R. Klein of the U.S. Bankruptcy Court for the
Central District of California has authorized MJC America, Ltd., to
continue using cash collateral through and including the close of
business on Sept. 17, 2015.

As for adequate protection, the Debtor is directed to continue
making monthly payments of $75,000 to East West Bank as set forth
in earlier stipulations between the parties which have been
approved by the Court.

The Court will conduct a hearing on the Debtor's motion on Sept.
17, 2015, at 8:30 a.m. to resolve legal issues presented by the
Debtor's motion including what constitutes adequate protection.

The Debtor will have until July 2, 2015, to file its opening brief.
East West will have until July 30, 2015, to file its opposition.
The Debtor will have until Aug. 13, 2015, to file any reply.

On May 19, 2015, the Debtor filed its projected six-month cash
collateral budget for the period July 2015 through December 2015.
The budget, the Debtor said, is intended for use in connection with
the continued hearing on the Debtor's motion for cash collateral
use.  A copy of the budget is available for free at:

                       http://is.gd/b7Vvgp

On May 20, 2015, East West filed an objection to the Debtor's
motion for court order authorizing cash collateral use on a final
basis, saying that although East West has stipulated to the use of
its cash collateral since the commencement of the case, recent
financial information that the Debtor provided to the bank revealed
that the Debtor's financial condition has significantly
deteriorated.  East West said that due to a decline in sales and
the aging of the Debtor's accounts receivable, East West is not
adequately protected against further cash collateral use.  

East West is represented by:

      Scott O. Smith, Esq.
      Brian Harvey, Esq.
      Buchalter Nemer
      A Professional Corporation
      1000 Wilshire Boulevard, Suite 1500
      Los Angeles, CA 90017-2457
      Tel: (213) 891-0700
      Fax: (213) 896-0400
      E-mail: ssmith@buchalter.com
              bharvey@buchalter.com
              
                        About MJC America

MJC America, Ltd., doing business as Soleus Air System --
http://www.soleusair.com/-- which sells Soleus-branded air  
conditioners and heaters in the U.S., filed for Chapter 11
bankruptcy protection (Bankr. C.D. Cal. Case No. 13-39097) in Los
Angeles on Dec. 10, 2013.

The Debtor selected Law Offices of David A. Tilem ("TILEM") as its
general bankruptcy counsel.  Winston & Strawn LLP serves as
special litigation counsel.

MJC disclosed $14.0 million in total assets and $15.9 million in
liabilities in its schedules.  Accounts receivable of
$9.22 million and inventory of $4.12 million comprise most of the
assets.  East West Bank has a scheduled secured claim of $2.1
million on a line of credit, and Hong Kong Gree Electric
Appliances Sales, Ltd., is owed $4.07 million, but only $288,000
is secured.


NET ELEMENT: Kenges Rakishev Reports 15% Stake as of April 30
-------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Kenges Rakishev disclosed that as of April 30, 2015, he
beneficially owns 7,677,835 shares of common stock of Net Element,
Inc., which represents 15.1 percent of the shares outstanding.
Novatus Holding PTE. Ltd. also owned 7,320,751 common shares as of
that date.  A copy of the regulatory filing is available for free
at http://is.gd/6o2KpO

                        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 $10.18 million on $21.2
million of net revenues for the 12 months ended Dec. 31, 2014,
compared to a net loss of $48.3 million on $18.7 million of net
revenues for the 12 months ended Dec. 31, 2013.

As of March 31, 2015, the Company had $14.02 million in total
assets, $10.3 million in total liabilities and $3.73 million in
total stockholders' equity.

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014.  The accounting firm
said that the Company has suffered recurring losses from
operations and has used substantial amounts of cash to fund its
operating activities that raise substantial doubt about its ability
to continue as a going concern.


NORTH AMERICAN: Commences Restructuring Proceedings Under CCAA
--------------------------------------------------------------
North American Tungsten Corporation Ltd. disclosed that it has
commenced restructuring proceedings pursuant to an Initial Order
granted by the Supreme Court of British Columbia under the
Companies' Creditors Arrangement Act ("CCAA") on June 9

The need for NATC to restructure under the CCAA is attributable to
a number of factors including the continuation of low prevailing
market prices of APT, high debt service payments, insufficient
capitalization, and recent operational issues.  Although the
Corporation is currently unable to meet all of its past obligations
and ongoing financing costs, NATC expects that a financial
restructuring will enable it to continue to operate as a going
concern and preserve value for stakeholders.

The Corporation has obtained CCAA protection for an initial period
of 30 days, expiring on July 9, 2015 and the Court has set a
further hearing date of July 8, 2015 at which time an extension of
the protection under the CCAA will be sought.  While under CCAA
protection, creditors and others are stayed from pursuing any
claims or enforcing any rights against NATC.  During this time, it
is intended that NATC's operations will continue uninterrupted and
all obligations to employees and suppliers of goods and services
provided after the filing date will be met.

Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. has
been appointed as monitor in the CCAA proceeding.  All inquiries
regarding the CCAA proceeding should be directed to the Monitor
(Marianna Lee, (604) 639-0845).  Information about the
Corporation's CCAA proceeding, including all Court Orders and the
Monitor's reports, will be available on the Monitor's website at
www.alvarezandmarsal.com/northamerican

NATC also disclosed that Brian Abraham resigned from the Board of
Directors.  The Board of Directors thanked Mr. Abraham for his
lengthy and ongoing service to the Company.

        About North American Tungsten Corporation Ltd.

The Company is a publicly listed Tier 1 Junior Resource Company
engaged primarily in the operation, development, and acquisition of
tungsten and other related mineral properties in Canada.  The
Company's 100% owned Cantung mine and Mactung development project
make it one of the few tungsten producers with a strategic asset in
the western world.  Mactung is one of the world's largest known
undeveloped high grade tungsten-skarn deposits.


OXIS INTERNATIONAL: Incurs $20.5-Mil. Net Loss in First Quarter
---------------------------------------------------------------
OXIS International, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $20.5 million on $7,000 of revenues for
the three months ended March 31, 2015, compared with a net loss of
$371,000 on $nil of revenues for the same period last year.

The Company's balance sheet at March 31, 2015, showed $1.43 million
in total assets, $51.4 million in total liabilities, and a
stockholders' deficit of $49.9 million.

The Company has incurred an accumulated deficit of $133 million
through March 31, 2015.  On a consolidated basis, the Company had
cash and cash equivalents of $1.42 million at March 31, 2015.  The
current rate of cash usage raises substantial doubt about the
Company's ability to continue as a going concern.

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

                        http://is.gd/yYpFQY

Beverly Hills, Calif.-based OXIS International, Inc., is engaged in
the research, development and sale of products that counteract the
harmful effects of "oxidative stress."  Oxidative stress refers to
the situations in which the body's antioxidant and other defensive
abilities to combat free radicals (a.k.a highly reactive species of
oxygen and nitrogen) are overwhelmed and normal healthy balance is
lost.


PATRIOT COAL: Unsecured Creditors Object to $100M Financing
-----------------------------------------------------------
Unsecured creditors objected to a $100 million financing proposed
last week for Patriot Coal Corporation, calling the offer
insufficient, Dan Tyson at The Register-Herald.com reports.

An online version of the objection filing states that "the
currently proposed debtor-in-possession financing is insufficient
to fund the Debtors' needs through these cases, containing
aggressive case milestones that limit the Debtors' ability to
explore value-maximizing reorganization alternatives, burdens the
Debtors' estates with excessive costs and encumbers assets that are
presently available for general unsecured creditors."

According to The Register-Herald.com, unsecured lenders proposed
plans to tweak the finance package that would also free up funds
for unsecured lenders.

The Register-Herald.com relates that the financing also met
objections from Barclays Bank LLC -- which says that more
information is needed on the financing -- and Travelers Casualty
and Surety Co., which claims that the financing's language doesn't
ensure the Company will comply with worker and environmental safety
laws.

                        About Patriot Coal

Patriot Coal Corporation is a producer and marketer of coal in the
United States.  Patriot and its subsidiaries control 1.4 billion
tons of proven and probable coal reserves -- including owned and
leased assets in the Central Appalachia basin (in West Virginia and
Ohio) and Southern Illinois basin (in Kentucky and Illinois) and
their operations consist of eight active mining complexes in
West Virginia.

Patriot Coal first sought Chapter 11 protection on July 9, 2012,
and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan
from the U.S. Bankruptcy Court for the Eastern District of
Missouri.  The plan turned over most of the ownership of the
company to bondholders that include New York hedge fund Knighthead
Capital Management LLC.  The linchpins of the plan were a global
settlement among the Debtors, the United Mine Workers of America,
and two third parties -- Peabody Energy Corporation and Arch Coal,
Inc. -- and a commitment by a consortium of creditors, led by
Knighthead, to backstop two rights offerings that funded the plan.

Patriot Coal Corporation and its subsidiaries commenced new Chapter
11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in Richmond,
Virginia, on May 12, 2015.  The cases are assigned to Judge Keith
L. Phillips.

The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock
L.L.P., as co-counsel; Centerview Partners LLC as investment
bankers; Alvarez & Marsal North America, LLC, as restructuring
advisors; and Prime Clerk LLC, as claims and administrative agent.

The U.S. trustee overseeing the Chapter 11 case of Patriot Coal
Corp. appointed seven creditors of the company to serve on the
official committee of unsecured creditors.

Patriot Coal estimated more than $1 billion in assets and debt.


PEABODY ENERGY: Bank Debt Trades at 12% Off
-------------------------------------------
Participations in a syndicated loan under which Peabody Energy
Power Corp. is a borrower traded in the secondary market at 87.91
cents-on-the- dollar during the week ended Friday, June 5, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 9, 2015, edition of The Wall Street Journal.
This represents a decrease of 1.70 percentage points from the
previous week, The Journal relates. Peabody Energy Power Corp. pays
325 basis points above LIBOR to borrow under the facility.  The
bank loan matures on September 20, 2020, and carries Moody's Ba3
rating and Standard & Poor's BB+ rating.  The loan is one of the
biggest gainers and losers among 268 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday.


PRIMERA ENERGY: Fights Investors' Motion for Chapter 11 Trustee
---------------------------------------------------------------
Patrick Danner at Mysanantonio.com reports that Primera Energy LLC
has opposed a motion by investors to appoint a Chapter 11 trustee
to take control of the Company.

The parties pushing for the trustee represent a small percentage of
individuals who have invested in the Company's oil and gas wells,
Mysanantonio.com relates, citing Dean William Greer, Esq., the
attorney for the Debtor.  The report quoted Mr. Greer as saying, "I
do not believe this proceeding should go forward until all of the
investors have been notified."

According to Mysanantonio.com, Natalie Wilson, Esq., a lawyer for
investors who have requested the trustee's appointment, said,
"There's a history of fraud, dishonesty and mismanagement" at the
Company.

Mysanantonio.com states that not all investors in the Company's oil
and gas wells are on the same page, as

A few investors in the Company's oil and gas wells who are
represented by San Antonio attorney Kathleen Hurren, Esq., are
against the appointment of a trustee, Mysanantonio.com says.
According to the report, Ms. Hurren said that the appointment would
"harm" the bankruptcy estate.

                       About Primera Energy

Primera Energy, LLC, is headquartered in San Antonio, Texas.

Primera Energy filed for Chapter 11 bankruptcy protection (Bankr.
W.D. Tex. Case No. 15-51396) on June 3, 2015, to stop the investors
from trying to "squeeze" money out of the Company, according to the
Company's owner, Brian K. Alfaro.

The Company estimated its assets and liabilities at between $1
million and $10 million.  

Judge Craig A. Gargotta presides over the case.

Dean William Greer, Esq., who has an office in San Antonio, Texas,
serves as the Debtor's bankruptcy counsel.

The Chapter 11 petition was signed by Mr. Alfaro.



RECOVERY CENTERS: Creditors Have Until July 27 to File Claims
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
established July 27, 2015, as the deadline for any individual or
entity to file proofs of claim against Recovery Centers of King
County.

                      About Recovery Centers

Recovery Centers of King County -- http://www.rckc.org/-- provided
Central Seattle and South King County residents with a continuum of
care for those who suffer with alcoholism or other drug addiction.

RCKC filed a Chapter 11 case (Bankr. W.D. Wash. Case No. 15-13060)
on May 15, 2015.  

Judge Timothy W. Dore presides over the case.  The Debtor tapped
Jeffrey B Wells, Esq., at Wells and Jarvis, P.S., in Seattle, as
counsel.

The Debtor filed a Chapter 11 plan that contemplates the sale of
its real estate located at 464 - 12th Ave S, Seattle, WA, 1701 18th
Ave. S, Seattle, WA and 505 Washington Ave. S., Kent, Washington.


RECYCLE SOLUTIONS: To Assume Equipment Lease Pacts With Nissan
--------------------------------------------------------------
The Hon. George W. Emerson, Jr., at the U.S. Bankruptcy Court for
the Western District of Tennessee entered an agreed order resolving
Nissan Motor Acceptance Corporation's motion for relief from the
automatic stay, for abandonment of property and providing for
assumption of equipment leases in the bankruptcy case of Recycle
Solutions, Inc.

The parties have agreed to resolve the Nissan Motor's motion
seeking relief from stay and abandonment of its property and that
the Debtor has agreed to assume the equipment lease agreements with
Nissan Motor.

Nissan Motor is a creditor and party in interest holding three
claims associated with the Equipment Lease Agreements identified
as:

      a. Claim No. 12 filed in the amount of $35,580.06, which is
         associated with an Equipment Lease Agreement with the     
    
         last four account numbers identified as No. 7939.  This
         equipment lease encompasses six items of equipment
         identified as four Nissan forklifts and two Cascade
         attachments requiring a monthly lease payment of
         $1,966.58;

      b. Claim No. 13 filed in the amount of $14,334.11, which is
         associated with equipment lease agreement identified by
         the last four numerals of the account number 4538 and is
         associated with a lease of a Nissan pneumatic forklift.
         This lease agreement requires a monthly payment of
         $510.95; and

      c. Claim No. 14 filed in the amount of $15,331.22, which
         associated with a lease agreement identified by the last
         four digits of the account number as No. 0313.  Four  
         items of equipment are associated with this lease
         including two Nissan forklifts and two rotator
         attachments.  This lease requires a monthly lease
         payment of $606.68.

The Equipment Leases provide that title to the lease equipment
will remain in the name of Nissan Motor with a provision for a
purchase option at the end and termination of the lease agreement.

The parties agree that the Debtor was in default of the Equipment
Lease Agreements relative to monthly payments for the months of
November and December 2014.  

The Debtor has determined that the Lease Agreements are necessary
to continue operations and will provide adequate protection in the
form of proof of physical damage insurance on the leased equipment
and monthly payments, consistent with the monthly payments
due on each of the three Lease Agreements totaling $3,084.21 per
month.

The parties agree that the adequate protection payments will begin
by the end of April 2015 and continuing thereafter by the end of
each month until the time as the Debtor presents a disbursement
statement plan of reorganization to the Court.

The parties agree that Nissan Motor's rights in its Equipment Lease
Agreements will be reserved and that Nissan Motor will be entitled
to exercise its rights relative to any Disclosure
Statement and proposed Plan of Reorganization submitted by the
debtor-in-possession in this proceeding.

The parties further agree that the stay motion will be continued
and rescheduled to be held in conjunction with the hearing on any
proposed Plan of Reorganization submitted by the
debtor-in-possession in this Chapter 11 proceeding.

                  About Recycle Solutions

Recycle Solutions, Inc., founded in 2002, is in the business of
recycling and reusing plastic, wood and packaging for film
rolls.  The company is owned by James Downing (75%) and Mark
Huber (25%).  Founded in 2001 by James Downing, Recycle Solutions
currently has operations in Tennessee and Georgia.  It is
headquartered in Memphis, Tennessee, with at its 7.5-acre
recycling center.

Recycle Solutions sought Chapter 11 bankruptcy protection in
its home-town in Memphis (Bankr. W.D. Tenn. Case No. 14-31338) on
Nov. 4, 2014, disclosing assets of $11.5 million against
liabilities of $6.4 million.

The case is assigned to Judge George W. Emerson Jr. The
Debtor is represented by Steven N. Douglass, Esq., at Harris
Shelton Hanover Walsh, PLLC, in Memphis.

The U.S. Trustee for Region 8 appointed three creditors to serve on
the official committee of unsecured creditors. Adam B. Emerson of
Bridgforth & Buntin, PLLC, represents the Committee as counsel.

                          *     *     *

Recycle Solutions Inc. has filed a reorganization plan that
contemplates an orderly sale of the business as a going concern,
whether in part or as a whole, following the effective date of the
Plan.

Judge George W. Emerson, Jr., will convene a hearing on July 16 at
9:30 a.m. to consider approval of the disclosure statement
explaining the Plan.  Objections to the adequacy of the
information in the disclosure statement are due July 6.


RECYCLE SOLUTIONS: To Make Adequate Protection Payments to Nissan
-----------------------------------------------------------------
The Hon. George W. Emerson, Jr., at the U.S. Bankruptcy Court for
the Western District of Tennessee entered an agreed order resolving
Nissan Motor Acceptance Corporation's motion for relief from the
automatic stay and abandonment and providing for adequate
protection pending confirmation of Recycle Solutions, Inc.'s
Chapter 11 plan.

Nissan Motor is a secured creditor and party in interest holding a
claim in the amount of $12,272, which is secured by a lien on a
2012 Nissan Altima automobile purchased by the Debtor and co-signed
by Mark Huber, individually.

The parties agree that (i) Nissan Motor's claim is properly
perfected as evidenced by the certificate of title attached to its
claim as well as the certificate of title exhibit to its Stay
Motion; and (ii) the value of the vehicle, pursuant to the January
2015 NADA Book, is $14,250 without deducting for mileage and
condition.  A review of the January 2015 NADA Book indicates that
the vehicle also has an average trade-in value of $10,800 with an
average overall retail value of $12,525.  This amount is in excess
of the claim amount filed by Nissan Motor.

The Debtor has agreed to tender adequate protection payments to
Nissan Motor pending confirmation of its Plan of Reorganization.
The adequate protection payments will be based on an amortization
of the amount of Nissan Motor's $12,272.21 claim with interest of
5% and monthly payments of $231.59.

A copy of the order is available for free at http://is.gd/qgt6vK

                  About Recycle Solutions

Recycle Solutions, Inc., founded in 2002, is in the business of
recycling and reusing plastic, wood and packaging for film
rolls.  The company is owned by James Downing (75%) and Mark
Huber (25%).  Founded in 2001 by James Downing, Recycle Solutions
currently has operations in Tennessee and Georgia.  It is
headquartered in Memphis, Tennessee, with at its 7.5-acre
recycling center.

Recycle Solutions sought Chapter 11 bankruptcy protection in
its home-town in Memphis (Bankr. W.D. Tenn. Case No. 14-31338) on
Nov. 4, 2014, disclosing assets of $11.5 million against
liabilities of $6.4 million.

The case is assigned to Judge George W. Emerson Jr. The
Debtor is represented by Steven N. Douglass, Esq., at Harris
Shelton Hanover Walsh, PLLC, in Memphis.

The U.S. Trustee for Region 8 appointed three creditors to serve on
the official committee of unsecured creditors. Adam B. Emerson of
Bridgforth & Buntin, PLLC, represents the Committee as counsel.

                          *     *     *

Recycle Solutions Inc. has filed a reorganization plan that
contemplates an orderly sale of the business as a going concern,
whether in part or as a whole, following the effective date of the
Plan.

Judge George W. Emerson, Jr., will convene a hearing on July 16 at
9:30 a.m. to consider approval of the disclosure statement
explaining the Plan.  Objections to the adequacy of the
information in the disclosure statement are due July 6.


RECYCLE SOLUTIONS: To Make Adequate Protection Payments to Regions
------------------------------------------------------------------
The Hon. George W. Emerson, Jr., at the U.S. Bankruptcy Court for
the Western District of Tennessee entered an interim agreed order
with respect the motion to terminate the automatic stay with
respect to the collateral securing the claim of Regions Bank, a
secured creditor of Recycle Solutions, Inc.

The Bank asserts claims against Debtor totaling in excess of
$2,604,185 that are secured by properly perfected, first priority
liens on the Debtor's personal property, on certain real property
owned by Debtor and on certain real property owned by Debtor's
principals.

The Debtor agrees to provide the Bank with adequate protection for
its interests in the collateral including, but not limited to,
periodic cash payments and proof of insurance coverage.

The Bank maintains that the automatic stay should be terminated as
there is no equity in the collateral, and the collateral is not
necessary for the Debtor's effective reorganization unless the
Debtor can show that it has a reasonable possibility of a
successful reorganization within a reasonable period of time.

Starting on May 21, 2015, and by the 10th day of each month
thereafter, the Debtor will pay the sum of $47,024 to the Bank as
adequate protection, which sum includes the monthly rent payment on
the Tennessee real estate note collateral.  The Debtor will
maintain adequate insurance coverage on the collateral at all times
as required by the loan documents and the Bank will be shown as
lienholder/loss payee on the policy.

A copy of the order is available for free at http://is.gd/ot6clx

                      About Recycle Solutions

Recycle Solutions, Inc., founded in 2002, is in the business of
recycling and reusing plastic, wood and packaging for film
rolls.  The company is owned by James Downing (75%) and Mark
Huber (25%).  Founded in 2001 by James Downing, Recycle Solutions
currently has operations in Tennessee and Georgia.  It is
headquartered in Memphis, Tennessee, with at its 7.5-acre
recycling center.

Recycle Solutions sought Chapter 11 bankruptcy protection in
its home-town in Memphis (Bankr. W.D. Tenn. Case No. 14-31338) on
Nov. 4, 2014, disclosing assets of $11.5 million against
liabilities of $6.4 million.

The case is assigned to Judge George W. Emerson Jr. The
Debtor is represented by Steven N. Douglass, Esq., at Harris
Shelton Hanover Walsh, PLLC, in Memphis.

The U.S. Trustee for Region 8 appointed three creditors to serve on
the official committee of unsecured creditors. Adam B. Emerson of
Bridgforth & Buntin, PLLC, represents the Committee as counsel.

                          *     *     *

Recycle Solutions has filed a reorganization plan that contemplates
an orderly sale of the business as a going concern, whether in part
or as a whole, following the effective date of the Plan.

Judge George W. Emerson, Jr., will convene a hearing on July 16,
2015, at 9:30 a.m. to consider approval of the disclosure statement
explaining the Plan.  Objections to the adequacy of the information
in the disclosure statement are due July 6.



REDPRAIRE CORP: Bank Debt Trades at 3% Off
------------------------------------------
Participations in a syndicated loan under which RedPrairie Corp. is
a borrower traded in the secondary market at 97.10 cents-on-the-
dollar during the week ended Friday, June 5, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 9, 2015, edition of The Wall Street Journal.  This
represents a decrease of 0.31 percentage points from the previous
week, The Journal relates. RedPrairie Corp. pays 500 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
December 21, 2018, and carries Moody's B2 rating and Standard &
Poor's B- rating.  The loan is one of the biggest gainers and
losers among 268 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.


RETROPHIN INC: Settles Questcor Lawsuit for $15.5 Million
---------------------------------------------------------
Pursuant to the terms of a confidential settlement agreement and
release between Retrophin, Inc. and Questcor Pharmaceuticals, Inc.,
the Company and Questcor filed a stipulation of dismissal,
dismissing the Company's lawsuit against Questcor filed in the
United States District Court for the Central District of California
on Jan. 7, 2014 (Case No. SACV14-00026-JLS).  Under the terms of
the Settlement Agreement, Questcor paid the Company $15.5 million,
and the Company and Questcor granted a mutual release of all claims
against the other, the Company disclosed in a Form 8-K report filed
with the Securities and Exchange Commission.

                          About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

Retrophin reported a net loss of $111 million in 2014 following a
net loss of $34.6 million in 2013.

As of March 31, 2015, the Company had $415.98 million in total
assets, $247 million in total liabilities and $169 million in total
stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014.  The accounting firm noted that the Company has
suffered recurring losses from operations, used significant amounts
of cash in its operations, and expects continuing future losses.
In addition, at Dec. 31, 2014, the Company had deficiencies in
working capital and net assets of $70.2 million and $37.3 million,
respectively.  Finally, while the Company was in compliance with
its debt covenants at Dec. 31, 2014, it expects to not be in
compliance with these covenants in 2015.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


SANDIA RESORTS: Case Summary & 5 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Sandia Resorts, Inc
        5601 Alameda Blvd., NE
        Albuquerque, NM 87113

Case No.: 15-11532

Chapter 11 Petition Date: June 9, 2015

Court: United States Bankruptcy Court
       New Mexico (Albuquerque)

Debtor's Counsel: Joshua R Simms, Esq.
                  JOSHUA R SIMMS PC
                  PO Box 50332
                  Albuquerque, NM 87181-0332
                  Tel: 505-247-0900
                  Fax: 505-256-5136
                  Email: jsimms@jrsimmspc.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Harminder Sian, president.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/nmb15-11532.pdf


SAO INVESTMENTS: Case Summary & 9 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: SAO Investments, LLC
        3135 South Richmond Street
        Salt Lake City, UT 84106

Case No.: 15-25373

Chapter 11 Petition Date: June 9, 2015

Court: United States Bankruptcy Court
       District of Utah (Salt Lake City)

Debtor's Counsel: Matthew M. Boley, Esq.
                  COHNE KINGHORN, P.C.
                  111 E. Broadway, 11th Floor
                  Salt Lake City, UT 84111
                  Tel: (801) 363-4300
                  Fax: (801) 363-4378
                  Email: mboley@cohnekinghorn.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sovatphone Ouk, member.

A list of the Debtor's nine largest unsecured creditors is
available for free at http://bankrupt.com/misc/utb15-25373.pdf


SEADRILL LTD: Bank Debt Trades at 20% Off
-----------------------------------------
Participations in a syndicated loan under which Seadrill Ltd. is a
borrower traded in the secondary market at 80.36 cents-on-the-
dollar during the week ended Friday, June 5, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 9, 2015, edition of The Wall Street Journal.  This
represents a decrease of 2.52 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
February 17, 2021, and carries Moody's Ba3 rating and Standard &
Poor's BB- rating.  The loan is one of the biggest gainers and
losers among 268 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.


SEALED AIR: Moody's Rates New 2025 Senior Unsecured Notes 'B1'
--------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the senior
unsecured notes due 2025 of Sealed Air Corp and affirmed Sealed
Air's Ba3 corporate family, Ba3-PD probability of default, and
other instrument ratings . Moody's also revised the rating outlook
to positive from stable.

On June 8, 2015, Sealed Air Corp announced it would issue $850
million equivalent total in senior unsecured notes in Euros and USD
due 2023 (Euro) and 2025 (USD). The proceeds of the debt will be
used to fund the tender of the outstanding $750 million 8.375%
senior notes due 2021 and to pay fees and expenses associated with
the transaction. The new notes are expected to have a covenant
package that is similar to investment grade.

Sealed Air Corp.

  -- Assigned $850 million Senior Unsecured Notes due 2023 and
     2025, B1 (LGD 5)

The following ratings are affirmed:

Sealed Air Corp.

  -- $750 million 8.375% Senior Unsecured Notes due September
     2021, B1 (LGD 5) (to be withdrawn at the close of the
     transaction)

  -- Ba3 corporate family rating

  -- Ba3-PD probability of default

  -- SGL-2 speculative grade rating

  -- All senior secured debt, Ba1 (LGD 2)

  -- All senior unsecured debt, B1 (LGD 5)

Diversey Brasil

  -- All senior secured debt, Ba1 (LGD 2)

Diversey Canada, Inc.

  -- All senior secured debt, Ba1 (LGD 2)

Diversey Europe, BV

  -- All senior secured debt, Ba1 (LGD 2)

Sealed Air Limited

  -- All senior secured debt, Ba1 (LGD 2)

Sealed Air Japan

  -- All senior secured debt, Ba1 (LGD 2)

The rating outlook is positive.

The ratings are subject to the receipt and review of the final
documentation.

The positive outlook reflects the anticipated benefits from a
various initiatives, managements' pledge to target leverage within
the rating category and the eventual elimination of onetime
charges. Margins and EBITDA are expected to improve as the company
benefits from completed and ongoing productivity initiatives and
restructuring. Margins and EBITDA are also expected to benefit from
the company's ongoing focus on profitable pricing and pruning of
certain low margin businesses. Interest coverage is expected to
improve as operating income improves and interest expense declines
post refinancings. Leverage is expected to remain within the rating
trigger due to managements' goal to manage net leverage at the
lower end of 3.5x-4.0x range. While near term free cash flow is
expected to be negatively impacted by cash restructuring charges
and excess capital spending for growth initiatives, these excess
charges are expected to be eliminated over the intermediate term
and free cash generation is expected to benefit from the
aforementioned improvements. Despite the company's plan to allocate
free cash flow to share repurchases, credit metrics are expected to
sustainably improve to a level commensurate with the Ba2 rating
category.

The Ba3 corporate family rating reflects the company's scale (as
measured by revenue), wide geographic exposure and low customer
concentration of sales. Sealed Air has a track record of successful
innovation and continues to invest in R&D. The company is also an
industry leader in certain segments. Approximately 50% of sales are
from food and food processing related end markets. The company also
earns approximately 26% of sales from emerging markets, 65% from
outside the US and operates in 62 countries with distribution to
over 175 countries. Sealed Air has maintained long-term
relationships with many of its top customers and has a significant
base of equipment installed on the customers' premises.

The rating is constrained by weaknesses in certain credit metrics,
a disparate product line and the concentration of sales in cyclical
and event risk prone segments. The rating is also constrained by
the significant competition in the fragmented market, some
commoditized products and the mixed contract and cost pass through
position. Despite an overlap in customers and distribution
channels, Sealed Air's product lines are substantially unrelated.
All of the company's segments operate in competitive and fragmented
markets and will need to continue to develop new products and
innovate in order to maintain their competitive advantage as many
innovations eventually may be copied.

The ratings could be downgraded if there is deterioration in credit
metrics or the operating and competitive environment. Specifically,
the rating could be downgraded if debt to EBITDA remains above 5.3
times, EBITA interest coverage remains below 2.2 times, free cash
flow to debt remains below the mid-single digits, and/or the EBITA
margin declines below 10.5%.

The ratings could be upgraded if Sealed Air sustainably improves
credit metrics within the context of a stable operating and
competitive environment. The company will need to demonstrate that
they can sustainably improve the EBITA margin and free cash flow to
debt and will maintain debt to EBITDA within the rated trigger.
Sealed Air will also need to maintain adequate liquidity including
sufficient availability under the revolver and adequate cushion
under its financial covenant. Specifically, the ratings could be
upgraded if debt to EBITDA declines below 4.6 times, EBITA interest
coverage rises above 3.2 times, free cash flow to debt increases
above 8%, and/or the EBITA margin rises above 14%.

The principal methodology used in this rating was Global Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
June 2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Headquartered in Charlotte, NC, Sealed Air is a global manufacturer
of packaging products, performance-based materials and equipment
systems for various food, industrial, medical and consumer
applications. The company, through its Diversey Care segment, is
also a leading global supplier of cleaning, hygiene, and sanitizing
products, equipment and related services to the institutional and
industrial cleaning and sanitation markets. Sealed Air reports in
four segments including Food Care ( 50% of revenue), Product Care (
21%), Diversey Care ( 28%), and Other (1%). The company had
revenues of approximately $7.7 billion for the 12 months ended
March 31, 2015.


SEARS HOLDINGS: Posts $303 Million Net Loss in First Quarter
------------------------------------------------------------
Sears Holdings Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $303 million on $5.80 billion of merchandise sales and services
revenues for the 13 weeks ended May 2, 2015, compared with a net
loss of $442 million on $7.80 billion of merchandise sales and
services revenues for the 13 weeks ended May 3, 2014.

As of May 2, 2015, Sears Holdings had $13.3 billion in total
assets, $14.5 billion in total liabilities, and a $1.20 billion
total deficit.

Edward S. Lampert, Sears Holdings' chairman and chief executive
officer, said, "During the first quarter, we made significant
progress in our transformation from a traditional, store-network
based retail business model to a more asset-light, member-centric
integrated retailer leveraging our Shop Your Way platform.  As our
improved EBITDA results over the last three consecutive quarters
demonstrate, we are successfully enhancing our margin rates and
EBITDA performance as we become more efficient with our promotional
programs and the use of Shop You Way to replace more traditional
forms of marketing with targeted and personalized digital
interactions."  Mr. Lampert continued, "With the completion of the
joint venture transactions with three leading shopping mall owners
and operators, and the advanced formation of the Seritage REIT, we
will become more productive with our physical store space.  This
will position Sears Holdings for long-term success consistent with
our focus on our best stores, rewarding our best members and
pursuing our best categories to transform Sears Holdings into a
leading integrated retail membership-focused company leveraging our
Shop Your Way platform."

The Company had cash balances of $286 million at May 2, 2015,
compared with $250 million at Jan. 31, 2015.

"Our primary need for liquidity is to fund working capital
requirements of our businesses, capital expenditures and for
general corporate purposes, including debt repayment and pension
plan contributions.  We have incurred losses and experienced
negative operating cash flows for the past several years;
accordingly, the Company has taken a number of actions to enhance
its financial flexibility and fund its continued transformation,
support its operations and meet its obligations," the Company said
in the report.

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

                        http://is.gd/TXBDvl

                            About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

For the year ended Jan. 31, 2015, the Company reported a net loss
attributable to Holdings' shareholders of $1.68 billion compared
to a net loss attributable to Holdings' shareholders of $1.36
billion for the year ended Feb. 1, 2014.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SHADOW LAKE: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Shadow Lake Properties, LLC
        2800 Shadow Lake Road
        Blacksburg, VA 24060

Case No.: 15-70792

Chapter 11 Petition Date: June 9, 2015

Court: United States Bankruptcy Court
       Western District of Virginia (Roanoke)

Judge: Hon. Paul M. Black

Debtor's Counsel: Andrew S Goldstein, Esq.
                  MAGEE GOLDSTEIN LASKY & SAYERS, P.C.
                  P O BOX 404
                  Roanoke, VA 24003
                  Tel: 540 343-9800
                  Email: agoldstein@mglspc.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by John S. Phillips, manager.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.


SRKO FAMILY: Richardson Accused of Stealing From Nelson Rieger
--------------------------------------------------------------
Ellie Mulder at The Gazette reports that Jannie Richardson, who ran
SRKO Family Limited Partnership, is on trial for allegedly stealing
almost $1 million from Nelson "Buz" Rieger as his mental health
continued to decline due to  Alzheimer's disease'

The investments made in April 2014 were no different from the many
Mr. Rieger had made in Ms. Richardson's real estate developments
through the years, The Gazette relates, citing Josh Tolini, Esq.,
Ms. Richardson's attorney.

According to The Gazette, Deputy District Attorney John Percell
told the jury that Ms. Richardson allegedly took advantage of the
mental state of Mr. Rieger to coerce him into transferring her a
total of $970,000 in three payments by way of her daughter's bank
account.  The report says that Mr. Rieger was determined unable to
make decisions on his behalf after his daughter requested that he
undergo a neurophysical evaluation in 2013.

The Gazette relates that Mr. Rieger's daughter, Anne
Rieger-Matthews, said that she acquired power of attorney for her
father in 2011, and that Ms. Richardson's actions prompted her to
file for emergency conservatorship and guardianship for her father
to get a restraining order against Ms. Richardson on his behalf.

A man who was notoriously difficult to persuade could not have been
so easily taken advantage of, and Mr. Rieger's 2014 investment was
intended to revive Ms. Richardson's failed Colorado Crossing
project, which started in 2007 and was intended to be 1.6 million
square feet of stores, restaurants, offices and residences, The
Gazette states, citing Mr. Tolini.  The report adds that work on
the project stopped in 2008 due to Ms. Richardson's financial
troubles.

                   About The SRKO Family LP

The SRKO Family Limited Partnership, dba Colorado Crossing, is
based in Colorado Springs, Colorado.  SRKO Family is the owner of
the financially troubled Colorado Crossing project.  The Company
was run by Colorado Springs developer Jannie Richardson.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Colo. Case No. 10-13186) on Feb. 19, 2010.  The Debtor disclosed
$34,421,448 in assets and $80,619,854 in liabilities as of the
Petition Date.  Lee M. Kutner at Kutner Miller Brinen, P.C.
represents the Debtor.

On March 25, 2010, Jannie Richardson filed a Chapter 11 petition
in the Court commencing the Richardson bankruptcy case.  C. Randel
Lewis was appointed as the Chapter 11 trustee in the Richardson
case on Jan. 28, 2011.

On March 11, 2011, the Bankruptcy Court entered an order approving
a stipulation pursuant to which the Chapter 11 trustee in the
affiliated Richardson Chapter 11 case was named as the manager of
the Debtor's general partner.  Craig A. Christensen, Esq., at
Lindquist & Vennum LLP, represents C. Randel Lewis, the Chapter 11
trustee of the Jannie Richardson bankruptcy estate.


STANDARD REGISTER: Asks Court to Extend Deadline to Remove Suits
----------------------------------------------------------------
The Standard Register Company has filed a motion seeking additional
time to remove lawsuits involving the company and its affiliates.

In its motion, the company asked the U.S. Bankruptcy Court in
Delaware to move the deadline for filing notices of removal of the
lawsuits to September 8, 2015.

The extension, if granted, would allow the company to make
"fully-informed" decisions concerning the removal of any lawsuits,
according to its lawyer, Andrew Magaziner, Esq., at Young Conaway
Stargatt & Taylor LLP, in Wilmington, Delaware.

The motion is on Judge Brendan Linehan Shannon's calendar for July
16.

                     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.

On March 24, the U.S. Trustee for Region 3 appointed seven
creditors of Standard Register to serve on the official committee
of unsecured creditors.  The unsecured creditors are Pension
Benefit Guaranty Corp., The Flesh Company, Georgia-Pacific Consumer
Products LP, Veritiv Corp., Gary Becker, Mark Platt and Timothy
Webb.


STANDARD REGISTER: Committee Can Sue Co.'s Board & Silver Point
---------------------------------------------------------------
Joe Cogliano at The Dayton Business Journal reports that the
Official Committee of Unsecured Creditors appointed in the Chapter
11 cases of The Standard Register Company, et al., was given
authority to sue the Company's board and Silver Point Capital,
L.P., over the WorkflowOne, LLC acquisition in 2013.

As reported by the Troubled Company Reporter on May 28, 2015, the
Committee sought permission from the U.S. Bankruptcy Court for the
District of Delaware to commence, prosecute, and if appropriate,
settle an action or actions on behalf of the Debtors' estates.  The
Committee, specifically, seeks to pursue colorable and
plausible claims on behalf of Debtors' estates against, among
others, Silver Point, certain of the Debtors' directors and
officers as of the Company's Aug. 1, 2013 acquisition
of WorkflowOne, and WFSR Holdings, LLC, fka Workflow
Holdings, LLC, the seller in the WorkflowOne Acquisition.

According to Business Journal, the Committee's attorney said that
his clients immediately filed on Monday the lawsuit -- which
alleges 15 separate counts of a fraudulent transaction in the deal
-- after the Committee was given standing by the court to proceed.
The report says that the Committee seeks to essentially set aside
the debt from that purchase, asks for unspecified damages, and
alleges that: (i) the Company was rendered insolvent by the
purchase of WorkflowOne and the directors and officers relied on
unrealistic and overly optimistic projections, which they should
have known would not be achieved; and (ii) the Chapter 11 cases of
the Company and WorkflowOne were Silver Point's way to avoid
hundreds of millions of dollars in unsecured claims and offload its
liability for underfunded pension plans.

Standard Register and its advisors don't expect that the sales
process will be affected by this decision, Business Journal
relates, citing the Company's spokesperson.

Business Journal reports that the Company is set to be sold on June
15, the Bankruptcy Court will take any objections into account by 4
p.m. the next day, and hold a hearing to approve the sale on June
17.

                     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.


STRATECO RESOURCES: Court Stays CCAA Proceedings Until July 9
-------------------------------------------------------------
An initial order regarding Strateco Resources Inc. was issued on
June 9 under the Companies' Creditors Arrangement Act (the "CCAA")
by the Superior Court of Quebec (Commercial Division).  The Court
has granted a stay of proceedings until July 9th, 2015, renewable
thereafter.

The Quebec government's refusal to grant the certificate of
authorization needed to proceed with the Matoush project has placed
Strateco in a situation where it has become impossible to interest
investors in the Matoush project.  Strateco is currently unable to
meet its financial commitments in spite of the fact that it has
implemented measures aimed at reducing costs.

Strateco's principal asset is its litigious claim against the
Government of Quebec, in which Strateco seeks up to $190 million in
damages to offset the loss of its investment in the Matoush
project.  Strateco intends to seek, within the framework of the
CCAA, the approval of an interim financing which would allow it to
continue the prosecution of these proceedings for the benefit of
all stakeholders, including its creditors and shareholders.

In the initial order issued under the CCAA, the Court has
authorized the postponement of Strateco's annual meeting.  In lieu
of its next annual meeting, scheduled for June 17 at 10:30 a.m., at
the Hilton Garden Inn in Montreal, Strateco will hold a public
information meeting at the same place, date and time.

Strateco is represented by the law firm Stikeman Elliott LLP in
connection with the CCAA proceedings.  The Court appointed Ernst &
Young Inc. to act as monitor of Strateco.  The initial order issued
under the CCAA and the relevant legal proceedings can be accessed
directly from Strateco's website www.strateco.ca or the website of
the Monitor http://documentcentre.eycan.com/

Trading of Strateco shares will remain suspended and the shares
will therefore be delisted from the Toronto Stock Exchange.
Shareholders will be provided with more information on this subject
as soon as possible.

Strateco is also announcing the resignation of three of its
directors, namely Messrs. Robert Desjardins, Henri Lanctot and
Jean-Guy Masse.  The board of directors, which now consists of
Messrs. Marcel Bergeron, Paul-Henri Couture, Guy Hebert and
Jean-Pierre Lachance, would like to thank them for their support
and the services they have rendered to Strateco over the years.

Strateco Resources Inc. -- http://www.stratecoinc.com/-- is
engaged in the exploration of mining properties with a view to
commercial production.  As of December 31, 2013, the Company had a
portfolio of three mining properties in which it hold a 100%
interest and interests in three mining properties, all in Quebec.


TERRENO REALTY: Fitch Assigns 'BB' Rating on Preferred Stock
------------------------------------------------------------
Fitch Ratings has assigned an initial Issuer Default Rating of
'BBB-' to Terreno Realty Corporation and its operating partnership
Terreno Realty, LLC.

The Rating Outlook is Stable.

KEY RATING DRIVERS

Fitch's ratings take into account TRNO's strong portfolio market
concentrations, transparent industrial property-focused business
model, experienced management, and credit metrics that are
moderately strong for the rating.  The potential for greater cash
flow volatility stemming from market, asset and tenant
concentration risk and possible missteps surrounding the company's
value added acquisition-led growth strategy balance these credit
positives.  Also, the company has a less developed and shorter
track record as an unsecured borrower.

Fitch's Stable Outlook reflects our expectation that TRNO will
maintain credit metrics over the rating horizon (typically one to
two years) that are consistent with the 'BBB-' rating, in the
context of positive near- to medium-term industrial property
fundamentals.

Portfolio Concentrated in Strong Markets
Fitch expects TRNO's portfolio market fundamentals to outperform
the U.S. average over the rating horizon, based on the superior
demographics and barriers to new supply.  The company's portfolio
is located in six of the strongest U.S. industrial markets,
characterized by vibrant and growing local and regional economies
with favorable population demographics and meaningful barriers to
new supply.  The above-average occupancies and rents within
Terreno's markets relative to the broader U.S. industrial property
base evidences the strong fundamentals.  The institutional investor
and lender interest in TRNO's assets is likely above its peer
average given the desirable market locations supporting the
company's contingent liquidity position.  The company owned 137
buildings (including three buildings held for sale) aggregating
approximately 10.4 million square feet and two improved land
parcels consisting of 3.5 acres, that were approximately 92.0%
leased to 315 customers as of March 31, 2015.

Transparent Operating Strategy
Fitch views Terreno's transparent and well-defined operating
strategy as a credit positive.  The company targets 100% fee simple
ownership of industrial assets in six key logistics markets that
include Northern NJ/NY (25% of annualized base rent [ABR]),
D.C./Baltimore (24%), Miami (15%), San Francisco (15%), Los Angeles
(14%) and Seattle (7%).

TRNO has not made, nor does its business model contemplate,
investments in ground-up development or unconsolidated joint
venture partnerships (JVs).  The absence of these items helps
simplify the company's business model, improve financial reporting
transparency and reduce potential contingent liquidity claims,
which Fitch views positively.

However, Fitch's rating for TRNO includes some flexibility for
selective ground-up development at existing owned in-fill
properties, as well as a limited amount of JVs.  An example of the
latter could include instances where only a partial interest in an
attractive industrial portfolio in its markets was available for
purchase.

Strong Credit Metrics

Fitch expects TRNO's leverage to sustain within a range of
6.0x-6.5x through 2017, on an adjusted basis that includes a
full-year's contribution from external investment activity.  Fitch
expects the company's fixed-charge coverage (FCC) to moderate, but
remain strong over the rating horizon as the company transitions
toward more fixed-rate debt.  Fitch's projections show the
company's FCC improving to the mid-3.0x range through 2017.

The company has publicly committed to financial policies through
the cycle that are consistent to moderately strong for a 'BBB-'
rated REIT with TRNO's asset profile.  These include maintaining
net debt-to-recurring operating EBITDA below 6.5x and FCC above
2.0x.  The company's stated policy is to target a dividend payout
of 100% of its taxable net income.

Solid Liquidity Position

Fitch estimates TRNO's sources of capital cover its uses by 1.6x
for the period April 1, 2015 to Dec. 31, 2016.  Limited near-term
debt maturities, full availability under the company's $100 million
revolver and the absence of unfunded development commitments are
key factors that support its liquidity position.

TRNO's unencumbered assets cover its unsecured debt (UA/UD) by
3.9x.  Fitch calculates unencumbered asset value using a direct
capitalization approach of unencumbered net operating income (NOI)
that assumes a stressed 8.75% through the cycle cap rate.  Fitch
expects the company's UA/UD to moderate to the 2x-3x range, which
would remain appropriate for the rating as the company makes
further progress against its unsecured borrowing strategy.

The company has few near-term maturities; however, it does face a
meaningful amount of debt coming due during 2019 to 2021 when its
three unsecured term loans mature.  Fitch expects the company to
refinance these obligations well ahead of their stated maturities,
most likely with proceeds from new unsecured borrowings.

Experienced Management

TRNO has a strong management team with extensive industrial real
estate and capital markets experience.  Many of the company's key
executives previously held high level executive positions at AMB
Property prior to its merger with ProLogis.

Portfolio Market and Tenant Concentration

TRNO's concentrated portfolio strategy exposes it to idiosyncratic
market and asset risks and could result in above-average property
income volatility.  Examples could include a regional economic
downturn or loss of a significant tenant.  Fitch expects the
portfolio's asset and tenant granularity to improve as TRNO
executes on its value-add acquisition-led growth strategy. However,
Fitch do not expect the company to expand beyond its six major
markets.

The company's small size and concentration in markets with higher
per square foot industrial values relative to its peers has
contributed to its below-average asset granularity.  Two markets -
Northern NJ/NY and D.C./Baltimore - comprised just under 50% of the
company's ABR as of March 31, 2015.  Moreover, its 10 largest
properties (at cost) accounted for roughly 40% of its total
investment in real estate.  The multiple-building nature of many of
its larger assets, as well as their infill locations help to offset
the asset concentration risk.

TRNO's top-20 tenants comprised 42.2% of ABR at March 31, 2015,
which is meaningfully more concentrated than the comparable 21.4%
median for its peers.  Moreover, the company's largest tenant
(FedEx Corp.) comprised 4.7% of its ABR versus a comparable median
of 2.2% for its peers.  Fitch views the company's portfolio tenant
concentration as a credit risk that could lead to greater cash flow
volatility, all else equal.  However, the strong tenant credit
quality of many of its largest tenants and multiple leases with
many of these tenants help balance the tenant concentration risk.

Execution Risk in Value-Add Acquisitions

TRNO's external growth strategy centers principally on the
acquisition and stabilization of industrial assets, primarily
through some combination of lease-up and property redevelopment.
Fitch generally views the value-add strategy as being in between
'core' investments and ground-up development in risk/return space.
Value-add acquisitions can entail additional risk given less
familiarity with an asset relative to the repositioning of existing
owned assets.  However, Fitch views TRNO management's extensive
industrial property experience and the small dollar value and
homogeneity of industrial assets as risk mitigants.

Unproven Unsecured Bond Issuer

TRNO has demonstrated its ability to access the unsecured bank debt
market but has yet to issue unsecured bonds.  The company has $300
million unsecured credit facility which consists of a $100 million
revolving credit facility that matures in May 2018, and a five-year
$50 million term loan, a five-year $100 million term loan and a
seven-year $50 million term loan that mature in May 2019, March
2020 and May 2021, respectively.  The company had no borrowings
outstanding under its revolver at March 31, 2015.  Fitch views the
company's lack of demonstrated access to the unsecured bond market
as a credit negative given the enhanced financial flexibility that
this market affords corporate borrowers.

Preferred Stock Notching

The two-notch differential between TRNO's IDR and preferred stock
rating is consistent with Fitch's criteria for corporate entities
with a 'BBB-' IDR.  These preferred securities are deeply
subordinated and have loss absorption elements that would likely
result in poor recoveries in the event of a corporate default.

KEY ASSUMPTIONS

   -- GAAP SSNOI growth (excluding redevelopment properties) of
      roughly 4% in 2015 and 3% in 2016 and 2017;

   -- Acquisitions of $350 million in 2015, 2016 and 2017 at an
      approximate 6% stabilized average cap rate;

   -- Dispositions of $25 million per annum at cap rates of 5.5%;

   -- Unsecured borrowings of $150 million during 2015,
      $120 million during 2016 and $115 million during 2017 at
      rates of 4.25%, 4.5% and 4.75%, respectively;

   -- Equity issuance of roughly $40 million during 2015, $200
      million during 2016 and $150 million during 2017;

   -- TRNO refinances its preferred equity when it becomes
      callable in 2017 with new common equity;

   -- The company unencumbers assets as mortgages mature with the
      proceeds from new unsecured debt and equity raises.

RATING SENSITIVITIES

These factors may have a positive impact on the ratings and/or
Rating Outlook:

   -- Further asset and tenant level diversification within the
      company's concentrated, six-market portfolio;

   -- Demonstrated access to the unsecured bond market;

   -- Fitch's expectation of leverage sustaining in the low 6.0x
      range (leverage was 5.2x for the annualized quarter ended
      March 31, 2015);

   -- Fitch's expectation of FCC sustaining above 3.0x (coverage
      was 3.0x for the quarter ended March 31, 2015).

These factors may have a negative impact on the ratings and/or
Rating Outlook:

   -- Fitch's expectation of leverage sustaining above 7.0x;
   -- Fitch's expectation of FCC sustaining below 2.0x.

FULL LIST OF RATING ACTIONS

Fitch has assigned these ratings:

Terreno Realty Corporation

   -- Issuer Default Rating (IDR) at 'BBB-';
   -- Preferred stock at 'BB'.

Terreno Realty LLC

   -- IDR at 'BBB-';
   -- Senior unsecured revolving line of credit at 'BBB-';
   -- Senior unsecured term loans at 'BBB-';
   -- Senior unsecured private placement notes at 'BBB-'
      (indicative).



TOWERGATE FINANCE: Judge Bernstein Closes Chapter 15 Case
---------------------------------------------------------
The Hon. Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York issued an order closing the Chapter
15 case of Towergate Finance plc because 30 days have passed since
the foreign representative's counsel filed the certificate of
service in respect of the final report, no objections thereto have
been filed, and the case is presumed to have been fully
administered.

                     About Towergate Finance

Towergate Finance is an independently-owned insurance intermediary
company distributing general insurance products in the United
Kingdom through its own brokers and third party brokers, including
mortgage brokers and other mortgage intermediaries.

Towergate Finance is a subsidiary of privately held Towergate
Holdings II Limited and Towergate Partnershipco Limited, which is
owned by investment funds managed by the private equity firm Advent
International Corporation and individual shareholders.

Towergate's corporate headquarters are located in Kent, England,
and it has more than 90 offices across the U.K.  Towergate does not
currently have any operations outside of the U.K.  

The Towergate group's trading performance since mid-2014, coupled
with the significant risk that it may have material liabilities
relating to the ongoing UK Financial Conduct Authority
investigations into its historic business practices, has resulted
in the Towergate Finance and the Group facing financial
difficulties particularly in the context of Towergate Finance's
debt service obligations.  On Feb. 2, 2015, Towergate Finance
failed to make an interest payment due under its floating rate
senior secured notes due 2018.

On Feb. 6, 2015, Towergate proposed with the Chancery Division
(Companies Court) of the High Court of Justice of England and Wales
schemes of arrangement that would adjust its secured and unsecured
debt.  The schemes of arrangement are subject to approval by the
affected creditors and ultimately by the English Court.

To ward off the threat of a lawsuit in the U.S. from a dissenting
investor, Towergate Finance filed for Chapter 15 bankruptcy
protection (Bankr. S.D.N.Y. Case No.  15-10509) in Manhattan in the
United States on March 6, 2015.  Scott Egan, as foreign
representative, signed the petition.  Aaron Javian, Esq., at
Linklaters LLP, in New York, serves as counsel in the U.S. case.


TRIPLANET PARTNERS: June 15 Hearing on Purchaser Protections
------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York has scheduled a hearing for June 15,
2015, at 10:00 a.m. to consider that portion of the relief
requested in Triplanet Partners, LLC's sale motion seeking approval
of the purchaser protections and approving the form and manner of
notice and scheduling the sale hearing.

As reported by the Troubled Company Reporter on June 9, 2015, the
Debtor is asking the Court to approve the sale of its apartment,
located at 402 West Broadway, 4th Floor, in New York, to 521
Broadway Holdings LLC for $3,700,000.  The Contract of Sale
includes specific provisions whereby the Debtor agrees to stop
marketing the Apartment or seek other offers for the Apartment.  To
the extent the Debtor does enter into an agreement with a
third-party other than the Purchaser, the Contract of Sale also
provides that the Debtor can only do so if the offer is at least
125% of the Purchaser Price and the Debtor pays the Purchaser a
break-up fee equal to 25% of the difference in the new purchase
price and current Purchase Price.  The Debtor's counsel, A.
Mitchell Greene, Esq., at Robinson Brog Leinwand Greene Genovese &
Gluck P.C., said that these Purchaser Protections were essential
for the Purchaser to enter into the Contract of Sale.

                    About Triplanet Partners

Triplanet Partners LLC filed a Chapter 11 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 14-22643) on May 8, 2014.  Sophien
Bennaceur signed the petition as manager.  The Debtor disclosed
$19.9 million in assets and $33.7 million in liabilities.  Arnold
Mitchell Greene, Esq., at Robinson Brog Leinwand Greene Genovese &
Gluck, P.C., serves as the Debtor's counsel.  Judge Robert D. Drain
oversees the case.

No official committee of unsecured creditors has been appointed
in the case.

The Court entered an order extending until Oct. 15, 2014, Triplanet
Partners, LLC's time to assume or reject a non-residential real
property lease with Regus Management Group.


TWIN RINKS: Files for Chapter 11 to Sell Ice Skating Rink
---------------------------------------------------------
Twin Rinks At Eisenhower, LLC, an East Meadow, New York-based ice
skating rink operator and entertainment business, sought Chapter 11
bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-72466) on June
8, 2015, with plans to sell its business and its assets as a going
concern.

The Debtor says it was constrained to file a petition requesting
relief under Chapter 11 of the Bankruptcy Code because of its
inability to generate sufficient cash to pay its creditors on a
timely basis and to facilitate a process for the sale of
substantially all of its assets.

The Debtor disclosed $52.4 million in assets and $55.2 million in
debt as of May 25, 2015.  The Debtor says it has $5.25 million of
secured debt and $49.9 of unsecured debt.  Clearview Capital
Management LLC owns 82% of the stock.

Prior to the commencement of the Debtor's Chapter 11 case, Darien
Rowayton Bank made secured loans and advances to the Debtor in the
sum of $5.25 million.  The obligations, liabilities and
indebtedness of the Debtor were assigned to CMBS Venture Funding,
LLC, an affiliate of the Debtor, on June 2, 2015 and as of the
Petition Date, total approximately $5,272,725.  The CMBS Claim is
secured by substantially all of the assets of the Debtor.

The Debtor has filed proposed bidding procedures contemplating an
August 3 auction for its assets.  The Debtors proposes this bidding
process:

   -- Bidders will be permitted to bid on some or all of the assets
of operating assets owned or leased by the Debtor, including the
license with the County of Nassau;

   -- In order to be deemed a "qualified bidder", a potential
bidder must submit by July 1, 2015, an initial bid that provides an
all-cash offer for the assets, and include a 10% minimum deposit.

   -- If more than one qualified bid is received by the bid
deadline, an auction will take place on Aug. 3, 2015 at 10:00 a.m.

   -- The bids of the successful bidder at the auction and the
bidder that provides the next highest offer (the back-up bidder)
must be irrevocable until the earlier of (i) 60 days after entry of
the sale order, and (ii) closing of the sale.

   -- The Court will conduct a sale hearing on or before Aug. 5,
2015.

   -- Any bidders presenting bids shall bear their own expenses in
connection with the proposed sale, whether or not such sale is
ultimately approved.

                Modest Loss in First 30 Days of Case

The Debtor estimates that the business will operate at a modest
loss due to the seasonality of the business during the 30-day
period following the filing of the Chapter 11 petition.  The Debtor
projects revenue of $160,830 and expenses of $170,646 during the
period.

The Debtor says that its estimated gross bi-weekly payroll
(exclusive of officers) for the 30-day period following the Chapter
11 filing is $39,000.

The Debtor's existing senior management is comprised of Joel
Friedman, senior manager of the rink since early 2015; and Peter
and Chris Ferraro, both in charge of operating the youth house
hockey league for the rink since inception of the business.  Their
monthly salaries are: Peter Ferraro $10,417 plus healthcare
benefits and $500 for car allowance; Chris Ferraro $10,417 plus
healthcare benefits and $500 for car allowance; and Joel Friedman
does not receive a salary.


TWIN RINKS: Seeks to Use Affiliate's Cash Collateral
----------------------------------------------------
Twin Rinks At Eisenhower, LLC, asks for authority from the U.S.
Bankruptcy Court for the Eastern District of New York to (i) use
cash collateral of CMBS Venture Funding, LLC, an affiliate of the
Debtor; and (ii) grant CMBS a first priority security interest in
and liens upon all of the Debtor's now existing and hereafter
acquired assets ad super-priority administrative claim status as
adequate protection for the use of its cash collateral.

Prior to the commencement of the Debtor's Chapter 11 case, Darien
Rowayton Bank made secured loans and advances to the Debtor in the
sum of $5,250,000.  The obligations, liabilities and indebtedness
of the Debtor were assigned to CMBS on or about June 2, 2015 and as
of the Petition Date, total approximately $5,272,725.  The CMBS
Claim is secured by substantially all of the assets of the Debtor.

The Debtor is experiencing continued cash flow problems, says
counsel to the Debtor, Harold D. Jones, Esq., at Jones & Schwartz,
P.C.  Without the proposed use of collateral in accordance with the
budget, the Debtor does not have the funds necessary to meet
payroll, payroll taxes and other expenses necessary for the
continued operation of its business and the management and
preservation of the Debtor's assets and properties

The Debtor asks the Court to determine that its right to use and
the use of the Cash Collateral will expire on the first business
day after (i) the entry by the Court or any other court of an order
reversing, amending, supplementing, staying, vacating or otherwise
modifying the terms of the cash collateral order; (ii) the
dismissal of the Debtor's bankruptcy case or the conversion of the
case to a case under Chapter 7 of the Bankruptcy Code; or (iii) the
appointment of a trustee or examiner or other representative with
expanded powers for the Debtor or (iv) consummation of a sale of
all or substantially all of the assets of the Debtor; or (v) the
occurrence of the effective date or consummation of a plan of
reorganization for the Debtor.

                         About Twin Rinks

Twin Rinks At Eisenhower, LLC, an East Meadow, New York-based ice
skating rink operator and entertainment business, sought Chapter 11
bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-72466) on June
8, 2015, with plans to sell its business and its assets as a going
concern.

The Debtor disclosed $52.4 million in assets and $55.2 million in
debt as of May 25, 2015.  

The Debtor tapped Jones & Schwartz, P.C., as counsel, and Greenspan
Associates, CPAs, as accountants.


TWIN RINKS: Wants 60-Day Extension of Schedules Deadline
--------------------------------------------------------
Twin Rinks At Eisenhower, LLC, asks the U.S. Bankruptcy Court for
the Eastern District of New York to extend its deadline to file its
schedules of assets and statement of financial affairs to August 7,
2015, pursuant to 11 U.S.C. Sec. 521.  In order to properly
complete the schedule of assets and liabilities and statement of
financial affairs, the Debtor requires an additional period of 60
days to compile the necessary information.

                         About Twin Rinks

Twin Rinks At Eisenhower, LLC, an East Meadow, New York-based ice
skating rink operator and entertainment business, sought Chapter 11
bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-72466) on June
8, 2015, with plans to sell its business and its assets as a going
concern.

The Debtor disclosed $52.4 million in assets and $55.2 million in
debt as of May 25, 2015.  

The Debtor tapped Jones & Schwartz, P.C., as counsel, and Greenspan
Associates, CPAs, as accountants.


UNIVERSAL COOPERATIVES: Administrative Expense Claims Deadline Set
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware set the
deadline for filing request for allowance of administrative expense
claims against Universal Cooperatives Inc. and its
debtor-affiliates, arising on or before April 30, 2015.

Each person or entity will file a request no later than 4:00 p.m.
(ET) on the date which is 30 days after the service date.  All
request for payment must be filed at:

  Universal Cooperatives Inc. Claims Processing Center
  c/o Prime Clerk LLC
  830 3rd Avenue, 9th Floor
  New York, NY 10022

                About Universal Cooperatives

As an inter-regional farm supply cooperative, Universal
Cooperatives, Inc. consolidates the purchasing power of its members
to procure, and/or manufacture, and distribute high quality
products at competitive prices. Universal has 14 voting members and
over 50 associate members.

Eagan, Minnesota-based Universal Cooperatives and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
14-11187) on May 11, 2014.  The debtor-affiliates are Heritage
Trading Company, LLC; Bridon Cordage LLC; Universal Crop Protection
Alliance, LLC; Agrilon International, LLC; and Pavalon, Inc.  UCI
do Brasil, a majority-owned subsidiary located in Brazil, is not a
debtor in the Chapter 11 cases.

The cases are assigned to Judge Mary F. Walrath.

Universal Cooperatives disclosed $12.09 million in assets and $29.3
million in liabilities as of the Chapter 11 filing.

The Debtors have tapped Travis G. Buchanan, Esq., Robert S. Brady,
Esq., Andrew L. Magaziner, Esq., and Travis G. Buchanan, Esq., at
Young Conaway Stargatt & Taylor, LLP; and Mark L. Prager, Esq.,
Michael J. Small, Esq., and Emil P. Khatchatourian, Esq., at Foley
& Lardner LLP, as counsel; The Keystone Group, as financial advisor
and Prime Clerk as notice and claims agent.

Bank of America, N.A., as agent for the DIP Lenders, is represented
by Daniel J. McGuire, Edward Kosmowski, Esq., and Gregory M.
Gartland, Esq., at Winston & Strawn, LLP.

The United States Trustee for Region 3 has appointed seven members
to the Official Committee of Unsecured Creditors, which is
represented by Sharon Levine, Esq., Bruce S. Nathan, Esq., and
Timothy R. Wheeler, Esq., at Lowenstein Sandler LLP, in Roseland,
New Jersey; and Jamie L. Edmonson, Esq., and Daniel A. O'Brien,
Esq., at Venable LLP, in Wilmington, Delaware.


UNIVISION COMMUNICATIONS: Fitch Affirms 'B' IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the 'B' Issuer Default Rating assigned
to Univision Communications Inc.  Fitch has also affirmed
Univision's individual issue ratings.  The Rating Outlook is
Stable.

As of March 31, 2015, Univision had approximately $10.7 billion of
debt outstanding (including the subordinated convertible preferred
debentures due to Grupo Televisa).

Fitch affirmed Univision's IDRs based on the company's strong
operating environment.  This is particularly true given the 2010
renewal of the Grupo Televisa Program Licensing Agreement (PLA)
through 2025, which had been the company's largest overhang.  Other
strong positives include Hispanic population growth, increased
advertiser interest and expected advertising revenue growth,
broadcast network ratings growth, and growing retransmission
revenue.

KEY RATING DRIVERS

   -- Positive View on Hispanic Broadcasting: Fitch has a positive

      view of the U.S. Hispanic broadcasting industry, given
      anticipated continued growth in number and spending power of

      the Hispanic demographic.  Fitch expects Hispanic population

      growth to mitigate longer-term secular issues challenging
      the media & entertainment sector, namely, audience
      fragmentation and its impact on advertising revenue.  While
      the Hispanic broadcast television audience is not immune to
      these pressures, Fitch expects its growing total size will
      offset the impact of any audience fragmentation and drive
      ongoing ratings strength at Univision's television
      properties, resulting in low to mid-single-digit top-line
      growth at the television segment.

   -- Market Dominance: Univision benefits from a premier industry

      position, with duopoly television and radio stations in most

      of the top U.S. Hispanic markets and a national overlay of
      broadcast and cable networks.  The company's networks garner

      significant market share of Hispanic viewers and generate
      strong and stable ratings.  This large and concentrated
      audience provides advertisers with an effective way to reach

      the growing U.S. Hispanic population.

   -- Retransmission Fees and Programming Costs: Fitch believes
      Univision's cost management efforts and growth in high-
      margin retransmission revenue will provide an offset to the
      rising programing investments.  Fitch expects EBITDA margins

      levels in the 38% to 40% range in 2015.  Long-term, Fitch
      believes positive operating leverage from top-line growth
      and growth in high-margin retransmission revenue will drive
      margin improvement.

   -- Competitive Threats Emerging: Recent new entrants in the
      Hispanic broadcast and cable network market will add to the
      competitive pressures.  However, Univision currently has
      incumbent advantage and dominant market presence.  Fitch
      expects these factors, along with Univision's pipeline of
      proven content from Grupo Televisa, to enable it to continue

      to grow amid these increasing pressures.

   -- Highly Levered Capital Structure: Ratings concerns center on

      the highly leveraged capital structure and limited free cash

      flow (FCF) generation relative to total debt.  As of
      March 31, 2015, Fitch estimates pro forma total and secured
      leverage of 8.8x and 7.1x, respectively.  Fitch expects
      leverage metrics to remain relatively consistent when
      compared to 2014 as the company will be hard pressed to
      offset the loss of revenues associated with World Cup in
      2014.  Univision has hired several banks to complete an
      Initial Public Offering (IPO) later this year, but has not
      indicated any use of proceeds. Market indications suggest
      the company could raise more than $1 billion.

KEY ASSUMPTIONS

Fitch's key assumptions within the ratings include:

   -- 2015 Television revenues are expected to be impacted by the
      loss of approximately $170 million from World Cup revenues
      in 2014, offset somewhat by low single digit underlying
      revenue growth.  Thereafter, revenues are expected to grow
      in mid-single digits until 2018, when Fitch expects revenues

      to be down mid-single digits as Univision does not have the
      Spanish language rights to the 2018 World Cup.  General
      advertising revenue growth reflects the positive secular
      trends in the demographic.

   -- Radio is expected to experience continued revenue declines
      reflecting Fitch's less optimistic view relative to
      television given the larger secular challenges.

   -- Margins remain relatively flat driven by revenue growth and
      cost initiatives which offset programming costs growth.

   -- Fitch assumes a $1 billion IPO occurs in late 2015, with net

      proceeds used to reduce debt.

RATING SENSITIVITIES

Positive ratings actions would coincide with Fitch's expectation
that total leverage would be reduced to below 7.0x and the company
would consistently generate positive FCF.  Fitch expects
deleveraging could occur largely through EBITDA growth, as well as
modest debt reduction from FCF and any potential IPO proceeds.

Negative ratings actions could occur if weakening fundamentals led
to FCF turning consistently negative which could result in
liquidity issues.  This would be contradictory to Fitch's
constructive view on the Spanish language broadcasting industry and
Univision's positioning within it, and could indicate that the
company is more susceptible to secular challenges than previously
anticipated.

LIQUIDITY AND DEBT STRUCTURE

Fitch regards current liquidity as adequate, particularly in light
of minimal near-term maturities.  Following a series of refinancing
transactions, Univision has significantly reduced near-term
obligations, with the next material maturity being the $815 million
in notes due 2021.  At March 31, 2015, liquidity consisted of
approximately $250 million of cash, approximately $360 million
available under the $550 million Revolving Credit Facility due 2018
(net of borrowings and letters of credit) and, $300 million
available under the $400 million accounts receivable securitization
facility (consisting of $300 million revolver and $100 million term
facility).  Fitch calculates 2014 FCF of $141 million and latest 12
month (LTM) March 2014 FCF of $133 million.

Total debt is largely unchanged relative to the company's Leveraged
Buyout (LBO), and credit protection metrics remain weak (though
slowly improving), with total leverage as of March 31, 2015 of
8.8x, secured leverage of 7.1x, and interest coverage of 2.1x.
Fitch has previously stated that it believes the secured lenders,
which incurred 9x senior leverage at the LBO, would be willing to
re-finance Univision's business at these levels, given Univision's
strong positioning in a growing segment of the media industry.

Univision recently hired bankers to undertake an IPO, expected
within the next 12 - 15 months, for a small percentage of total
equity.  Current market expectations are for the company to raise
about $1 billion which could value Univision at $20 billion,
including debt, or 16.7x LTM March 31, 2015 EBITDA of $1.2 billion.
The $12.1 billion March 2007 LBO valued the company at
approximately 15x the March 31, 2007 LTM EBITDA of $787 million, or
12x total leverage.  This potential valuation indicates that,
assuming the market is accepting of the new multiples, the
sponsors' initial investments are no longer under water.

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

Univision Communications Inc.
   -- Long-term IDR at 'B';
   -- Senior secured debt at 'B+/RR3';
   -- Senior unsecured debt at 'CCC+/RR6'.

The Rating Outlook is Stable.



US COAL: Files Final Report; Cases Converted to Chapter 7
---------------------------------------------------------
U.S. Coal Corp. has filed a final report showing how much the
company and its affiliates spent on professional fees and expenses
during their Chapter 11 cases.

The report prepared by Nixon Peabody LLP and DelCotto Law Group
PLLC discloses the total fees and expenses incurred after the
filing of the companies' bankruptcy cases and before they were
converted to Chapter 7 cases.

U.S. Coal filed the report pursuant to an order issued on April 24
by the U.S. Bankruptcy Court for the Eastern District of Kentucky,
which converted the bankruptcy cases to a Chapter 7 liquidation.

A copy of the final report is available without charge at
http://is.gd/JAR52X

The U.S. trustee, the Justice Department's bankruptcy watchdog,
proposed the conversion of the cases, saying the companies had
suffered significant financial losses since they filed for Chapter
11 protection and were not expected to successfully emerge from
bankruptcy.

Citing the companies' monthly operating reports, the U.S. trustee
said the companies had operated at a loss of over $1 million per
month for most of the months they had been in bankruptcy.

A document reportedly presented at a status hearing on March 31
showed that the companies are administratively insolvent based on
the offers received for their assets from bidders.

                 JAD, Licking River Asset Sales

Prior to the conversion of the companies' Chapter 11 cases, U.S.
Coal conducted bidding for the properties owned by its affiliates.

In February, the company put the assets of J.A.D. Coal Company
Inc., Fox Knob Coal Co., Inc., and Sandlick Coal Company LLC up for
auction after it received multiple bids.

Revelation Energy LLC, one of the winning bidders at the auction,
offered $5.9 million in cash for some of the assets, which included
fee simple real properties, coal mining permits and contracts.

Meanwhile, Commercial Bank, Komatsu Financial LP, Whayne Supply
Co., and East Coast Miner offered to purchase some assets of J.A.D.
Coal by use of a so-called credit bid, according to court filings.


J.A.D. Coal also received bids from Keith Goggin and Michael
Goodwin, who offered to buy its equipment for $839,467 in cash, and
assume any related tax liability.

The sale drew objection from U.S. Coal's official committee of
unsecured creditors, which demanded protection of its claims
against East Coast and the company's lenders that include Julia and
Carl McAfee.  
   
U.S. Bankruptcy Judge Tracey Wise approved the sale transactions in
April, court filings show.

In March, U.S. Coal conducted a separate auction for properties
owned by Licking River Resources Inc., Licking River Mining LLC,
Oak Hill Coal Inc., and S. M. & J., Inc.  

Ember Energy LLC emerged as one of the winning bidders at the
auction.  Its offer included cash payment of $100,000 and
assumption of certain liabilities.  U.S. Coal received court
approval for the sale on April 22.

Whayne Supply, Komatsu Financial, East Coast and Caterpillar
Financial Services Corp. also took part in the auction and offered
to buy the Licking River assets through a credit bid.  

The sale transactions had also been approved by the bankruptcy
court.

                   About U.S. Coal and Licking River

On May 22, 2014, an involuntary Chapter 11 petition was filed
against Licking River Mining, LLC, before the United States
Bankruptcy Court for the Eastern District of Kentucky.  On May 23,
2014, an involuntary Chapter 11 petition was filed against Licking
River Resources, Inc. and Fox Knob Coal., Inc.  On June 3, 2014, an
involuntary Chapter 11 petition was filed against S.M. & J., Inc.


On June 4, 2014, an involuntary Chapter 11 petition was filed
against J.A.D. Coal Company, Inc.  On June 12, 2014, the Court
entered an order for relief in each of the bankruptcy cases.

On June 10, 2014, an involuntary Chapter 11 petition was filed
against U.S. Coal Corporation.  On June 27, 2014, the Court entered
an order for relief in U.S. Coal's bankruptcy case.

On Nov. 4, 2014, Harlan County Mining, LLC, Oak Hill Coal, Inc.,
Sandlick Coal Company, LLC, and U.S. Coal Marketing, LLC, filed
petitions in the United States Bankruptcy Court for the Eastern
District of Kentucky seeking relief under chapter 11 of the United
States Bankruptcy Code.  The Debtors' cases have been assigned to
Chief Judge Tracey N. Wise.  The Debtors are seeking to have their
cases jointly administered for procedural purposes, meaning that
upon entry of such an order all pleadings will be maintained on the
case docket for Licking River Mining, LLC, Case No. 14-10201.

U.S. Coal produces and sells thermal coal purchased primarily by
utilities and trading companies and specialty coal purchased by
various industrial customers and trading companies (known as
"stoker" coal).  U.S. Coal operates through two divisions: (1) the
Licking River Division that was formed through the acquisition of
LR Mining, LRR, and S.M. & J., and Oak Hill Coal, Inc. in January
2007 for $33 million, and (2) the J.A.D. Division that was formed
through the acquisition of JAD and Fox Knob, and Sandlick Coal
Company, LLC and Harlan County Mining, LLC in April 2008 for $41
million.  Both the LRR Division and the JAD Division are located in
the Central Appalachia region of eastern Kentucky. The LRR Division
has approximately 26.3 million tons of surface reserves under
lease.  The JAD Division has 24.4 million tons of surface reserves,
both leased and owned real property.  At present, U.S. Coal has
three surface mines in operation between the LRR Division and JAD
Division.

The Official Committee of Unsecured Creditors has tapped Barber Law
PLLC and Foley & Lardner as attorneys.

The Debtors are represented by Amelia Martin Adams, Esq., and Laura
Day DelCotto, Esq. of Delcotto Law Group PLLC; and Dennis J.
Drebsky, Esq., and Christopher M. Desiderio, Esq., of Nixon Peabody
LLP.


WEST COAST GROWERS: Amends Schedules of Assets and Liabilities
--------------------------------------------------------------
West Coast Growers, Inc., filed with the U.S. Bankruptcy Court for
the Eastern District of California, further amendment to its
schedules of assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $12,091,374
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $49,986,474
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $406,756
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                       $10,032,980
                                 -----------      -----------
        TOTAL                    $12,091,374      $60,426,210

As reported in the Troubled Company Reporter on May 13, 2015, the
Debtor filed another amendment to its schedules of assets and
liabilities, disclosing total assets of $12,091,374 and total
liabilities of $59,616,599.

In the Debtor's previous amended schedules, it disclosed
$12,091,374 in assets and $59,766,599 in debt.

A copy of the amended schedules is available for free at:

   http://bankrupt.com/misc/WestCoastGrowers_244_amendedSAL.pdf

                      About West Coast Growers

West Coast Growers, Inc., a Kerman, California-based processor and
distributor of California raisins, sought Chapter 11 bankruptcy
protection (Bankr. E.D. Cal. Case No. 15-11079) on March 20, 2015,
in Fresno, California.  The case is assigned to Judge W. Richard
Lee.

Related entity Salwasser, Inc. (the 100% shareholder of WCG) also
sought bankruptcy protection on March 20, 2015 (Case No.
15-11080).  Charlotte Ellen Salwasser filed a Chapter 11 petition
(Case No. 15-10705) on Feb. 26, 2015.  Ms. Salwasser an husband
George Salwasser are the principals and 50% shareholders of
Salwasser, Inc.  Mr. Salwasser is the president of WCG, and Ms.
Salwasser is the vice president and secretary of WCG.

West Coast Growers disclosed, in its schedules, $12,091,374 in
assets and $59,616,599 in liabilities as of the Chapter 11 filing.


Hagop T. Bedoyan, Esq., Jacob L. Eaton, Esq., at Lisa A. Holder,
Esq., at Klein, Denatale, Goldner, Cooper, Rosenlieb & Kimball,
LLP, serve as West Coast Growers' attorneys.  Peter L. Fear, Esq.,
at Fear Law Group, P.C., represents Salwasser as counsel.

The U.S. Trustee for Region 17 appointed two creditors to serve on
the official committee of unsecured creditors.


WESTMORELAND COAL: Amends Credit Facility with PrivateBank
----------------------------------------------------------
Westmoreland Coal Company executed an amendment to its existing
revolving credit facility with The PrivateBank and Trust Company
and Bank of the West to:

   (1) permit Westmoreland and the other U.S. borrowers thereunder
       to borrow up to an additional $25,000,000 between June 15th

       and August 15th of each year (for a total of $55,000,000 in
       the U.S. borrowers' availability during that period); and

   (2) revise the revolver's fixed charge coverage ratio
       requirement to provide that the FCCR is permitted to be
       0.90 to 1.00 for each of its U.S. and Canadian operations,
       so long as the combined FCCR for both operations is 1.15 to
       1.00.

                      About Westmoreland Coal

Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE
AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest
independent coal company in the United States.  The Company's coal
operations include coal mining in the Powder River Basin in
Montana and lignite mining operations in Montana, North Dakota and
Texas.  Its power operations include ownership of the two-unit
ROVA coal-fired power plant in North Carolina.

Westmoreland Coal Company reported a net loss applicable to common
shareholders of $173 million in 2014, a net loss applicable to
common shareholders of $6.05 million in 2013 and a net loss
applicable to common shareholders of $8.58 million in 2012.

As of March 31, 2015, Westmoreland Coal had $1.82 billion in total
assets, $2.21 billion in total liabilities, and a $389 million
total deficit.

                           *     *     *

As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating
Services raised its corporate credit rating on Westmoreland Coal
Co. one-notch to 'B' from 'B-'.  "The stable outlook is supported
by Westmoreland's committed sales position over the next year,
which should result in stable cash flows," said Standard & Poor's
credit analyst Chiza Vitta.

Moody's upgraded the corporate family rating (CFR) of Westmoreland
Coal Company to 'B3' from 'Caa1', and assigned 'Caa1' rating to
the company's proposed new $300 million First Lien Term Loan, the
TCR reported on Nov. 20, 2014.  The upgrade of the CFR reflects the
company's successful integration of the Canadian mines acquired in
April 2014, and Moody's expectation that the company's Debt/ EBITDA
will track at around 5x in 2015 and 2016 and that the
company will be break-even to modestly free cash flow positive
over the same time period.


WPCS INTERNATIONAL: To Sell Interests in China Operations
---------------------------------------------------------
WPCS International Incorporated entered into an interest purchase
agreement to sell its 60% joint venture and profit interest in
Tai'an AGS Pipeline Construction Co. Ltd., a contractual joint
venture established in accordance with the laws of the People's
Republic of China, to Canada-based Halcyon Coast Investment
(Canada) Ltd., in an "as-is", all-cash transaction for a total
purchase price of $1,500,000, which includes a $150,000 refundable
deposit that was paid at signing.  The closing of this transaction
is subject to the approval of the Tai'an Bureau of Commerce and
Industry.

According to Interim CEO Sebastian Giordano, "While we value the
long-standing relationship with our joint venture partner, selling
TAGS has been an important component of our operational
restructuring plan, which has resulted in the closure of the
Trenton Operations and the divestitures of both the Seattle and
Australia Operations.  The proceeds of this sale will provide
working capital to the Company."

              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.

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.


YOSEN GROUP: Losses, Deficit Raise Going Concern Doubt
------------------------------------------------------
Yosen Group, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $259,000 on $2.54 million of revenues for
the three months ended March 31, 2015, compared with net income of
$24,200 on $4.26 million of revenue for the same period last year.

The Company's balance sheet at March 31, 2015, showed $2.52 million
in total assets, $4.78 million in total liabilities, and a
stockholders' deficit of $2.26 million.

The Company realized net loss of $259,000 for the three months
ended March 31, 2015.  The Company had accumulated deficit of $48.5
million as of March 31, 2015.  There can be no assurance that the
Company will become profitable or that it will survive as a public
company.  These issues raise substantial doubt regarding its
ability to continue as a going concern, according to the regulatory
filing.

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

                       http://is.gd/I7WzwM

Yosen Group, Inc., is engaged primarily in international trade and
wholesale business, primarily selling tile, kitchen cabinet,
granite and marble products in the New York market.  The Company
also distributes Samsung(R) and Apple(R) mobile phones in China
through its China-based subsidiaries.


[*] Asset-Based Senior Lenders Benefit From Tumbling Oil Prices
---------------------------------------------------------------
EconMatters, author at Smarter Analyst, reports tumbling oil prices
have helped put asset-based senior lenders on the a leading role
when it comes to restructuring distressed energy companies.

EconMatters relates that as crude tumbled 44% in 2014, a slew of
energy bonds have lost value.  Citing panelists at the 31st Annual
Bankruptcy & Restructuring Conference of the Association of
Insolvency and Restructuring Advisors, EconMatters states that
senior lenders are most likely the first creditors that would see
losses on the debt, and that has given them a leading role in
driving the bankruptcy process to potentially own the distressed
businesses.

EconMatters relates that the panelists said that creditors like
hedge funds and private-equity firms, who own portions of the
issuers debt across more than one class of borrowings, are helping
senior lenders take over companies emerging from Chapter 11

EconMatters quoted restructuring attorney Dennis F. Dunne, Esq., at
Milbank, Tweed, Hadley & McCloy LLP as saying, "The new type of
investors are not strictly buying secured loans -- they buy
second-lien debt and sometimes bonds.  The cross-holding is helping
smooth out the negotiations among different creditor groups in
court because the plan is not only benefiting this one particular
debt group."


[*] Greenberg Traurig's Shari Heyen to Speak on ABI's Live Webinar
------------------------------------------------------------------
Shari L. Heyen, shareholder in the Houston office of the
international law firm Greenberg Traurig, LLP, will speak on the
American Bankruptcy Institute's Live Webinar "Asset Sales Issues in
Oil and Gas Bankruptcies" on June 16, 2015.  The webinar will
explore the unique challenges that can arise in a 363 sale of the
assets of a business involved in the energy industry, with a
particular emphasis on oil and gas bankruptcies.

Ms. Heyen is a member of Greenberg Traurig's Business
Reorganization and Financial Restructuring Practice and has several
years of experience in complex bankruptcy, restructuring,
insolvency and complex commercial litigation matters.  She is a
certified public accountant and has represented numerous creditors'
committees, debtors, bank groups, acquirers and other significant
constituencies in national Chapter 11 cases and workout
proceedings, including complex oil, gas and energy cases.  Ms.
Heyen has broad experience in the prosecution and defense of
fiduciary litigation, foreclosures, real estate, oil and gas,
health care, receiverships, turnover and commercial litigation
matters.

Greenberg Traurig's Business Reorganization & Financial
Restructuring Practice provides clients with the insight and
knowledge that come with decades of advisory and litigation
experience handling highly complex issues that arise in
reorganizations, restructurings, workouts, liquidations and
distressed acquisitions and sales as well as cross-border
proceedings.  The team offers clients a broad multidisciplinary
approach supported by a nationally recognized practice that has
been engaged in many of the key complex restructurings and
bankruptcies.

                    About Greenberg Traurig

Greenberg Traurig, LLP -- http://www.gtlaw.com/-- is an
international, multi-practice law firm with approximately 1800
attorneys serving clients from 37 offices in the U.S., Latin
America, Europe, Asia, and the Middle East.  The firm is among the
"Power Elite" in the 2014 BTI Client Relationship Scorecard report,
which assesses the nature and strength of law firms' client
relationships.


[*] McGlinchey Expands Florida Commercial Litigation Practice
-------------------------------------------------------------
McGlinchey Stafford PLLC on June 9 disclosed that Derek E. Lewis,
Glen M. Lindsay, and Danielle B. Salem have joined the firm's
national Commercial Litigation team as Associates.  Mr. Lewis
practices from the firm's Jacksonville office, while Lindsay and
Salem practice from the firm's Fort Lauderdale office.

Mr. Lewis has joined McGlinchey Stafford's national Commercial
Litigation team as an Associate based in the firm's Jacksonville
office.

Mr. Lewis, Mr. Lindsay, and Ms. Salem bring a combined 18 years of
experience of representing corporate clients in commercial
litigation, including consumer financial services litigation and
bankruptcy and reorganization matters.

"We're very excited to welcome Derek, Glen, and Danielle to the
firm's Jacksonville and Fort Lauderdale offices," said Mark New,
who heads McGlinchey Stafford's Commercial Litigation team in
Florida.  "These three attorneys add significant experience,
insight, and depth to our national Commercial Litigation team and
will benefit our Florida-based clients as well as other clients
doing business in the state," Mr. New added.

With a background in mortgage and bankruptcy litigation, Mr. Lewis
has represented large national mortgage servicing entities in
litigation, including mediations and trials. Prior to joining
McGlinchey Stafford, he served in managerial roles within the legal
departments of large national banks, overseeing mortgage resolution
specialists and outside counsel.  Mr. Lewis received his Juris
Doctorate from the Florida Coastal School of Law in 2009 and was a
recipient of the Governor's Scholarship.  Prior to practicing law,
he served as an Avionics Technician, Corporal, in the United States
Marine Corps.

Mr. Lindsay represents clients in commercial litigation and
consumer financial services litigation matters including Fair Debt
Collection Practices Act (FDCPA), Telephone Consumer Protection Act
(TCPA), and Real Estate Settlement Procedures Act (RESPA) claims.
His experience also includes real estate, bankruptcy, and
creditors' rights matters.  Mr. Lindsay received his Juris
Doctorate from the University of Miami School of Law in 2008.

Ms. Salem's practice focuses on financial services litigation,
creditors' rights, and real estate and title litigation.  She
primarily represents clients in the financial services industry in
litigation matters involving state and federal banking law claims,
commercial and residential foreclosures, and real property
disputes.  Ms. Salem received her Juris Doctorate from the St.
Thomas University School of Law in 2008.

Since opening its first Florida office in Jacksonville less than
five years ago, McGlinchey Stafford has grown steadily to its
current size of 12 attorneys in Jacksonville and 22 attorneys in
Fort Lauderdale.

                    About McGlinchey Stafford

McGlinchey Stafford -- http://www.mcglinchey.com-- is a
full-service law firm providing innovative legal counsel to
business clients nationwide.  Guiding clients wherever business and
law intersect, McGlinchey Stafford's 200 attorneys are based in 12
offices in California, Florida, Louisiana, Mississippi, New York,
Ohio, Texas, and Washington, D.C.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Can Am Development Fort Worth LLC
   Bankr. D. Ariz. Case No. 15-05344
      Chapter 11 Petition filed May 1, 2015
         See http://bankrupt.com/misc/azb15-05344.pdf
         represented by: Richard A. Drake, Esq.
                         DRAKE LAW FIRM PLC
                         E-mail: rdrake@bdlawyers.com

In re Jeffrey Tyler Ralston
   Bankr. S.D. Cal. Case No. 15-03004
      Chapter 11 Petition filed May 1, 2015

In re Archay Financial Corporation
   Bankr. E.D. Mo. Case No. 15-43390
      Chapter 11 Petition filed May 1, 2015
         Filed Pro Se

In re Community Marketplace
   Bankr. C.D. Cal. Case No. 15-10974
      Chapter 11 Petition filed May 6, 2015
         See http://bankrupt.com/misc/cacb15-10974.pdf
         represented by: Thomas J. Polis, Esq.
                         POLIS & ASSOCIATES, APLC
                         E-mail: tom@polis-law.com

In re Solo Por Ti LLC
   Bankr. C.D. Cal. Case No. 15-12349
      Chapter 11 Petition filed May 6, 2015
         See http://bankrupt.com/misc/cacb15-12349.pd
         represented by: Kent Salveson, Esq.
                         E-mail: kent@eexcel.com

In re Ryan W. Zeber
   Bankr. C.D. Cal. Case No. 15-12375
      Chapter 11 Petition filed May 6, 2015

In re Vadim Gharapanians
   Bankr. C.D. Cal. Case No. 15-17238
      Chapter 11 Petition filed May 6, 2015

In re Raphael Metzger
   Bankr. C.D. Cal. Case No. 15-17282
      Chapter 11 Petition filed May 6, 2015

In re Maria Castellanos
   Bankr. N.D. Cal. Case No. 15-51548
      Chapter 11 Petition filed May 6, 2015

In re N&H Investments LLC
   Bankr. N.D. Cal. Case No. 15-51552
      Chapter 11 Petition filed May 6, 2015
         See http://bankrupt.com/misc/canb15-51552.pdf
         represented by: Abe Gupta, Esq.
                         THE AV LAW FIRM PC

In re Dhansukhlal Govind Patel and Kusumben D. Patel
   Bankr. S.D. Fla. Case No. 15-18258
      Chapter 11 Petition filed May 6, 2015

In re LHAX Group LLC
   Bankr. D. Nev. Case No. 15-12588
      Chapter 11 Petition filed May 6, 2015
         See http://bankrupt.com/misc/nvb15-12588.pdf
         represented by: Matthew C. Zirzow, Esq.
                         LARSON & ZIRZOW
                         E-mail: mzirzow@lzlawnv.com

In re Marie Rose Jean-Louis
   Bankr. D.N.J. Case No. 15-18507
      Chapter 11 Petition filed May 6, 2015

In re AYT Services Corp.
   Bankr. E.D.N.Y. Case No. 15-42112
      Chapter 11 Petition filed May 6, 2015
         See http://bankrupt.com/misc/nyeb15-42112.pdf
         Filed Pro Se

In re Aries Cove, LLC
   Bankr. N.D.N.Y. Case No. 15-10975
      Chapter 11 Petition filed May 6, 2015
         See http://bankrupt.com/misc/nynb15-10975.pdf
         Filed Pro Se

In re Sensitive Touch, Inc.
   Bankr. S.D.N.Y. Case No. 15-11177
      Chapter 11 Petition filed May 6, 2015
         See http://bankrupt.com/misc/nysb15-11177.pdf
         represented by: Randy M. Kornfeld, Esq.
                         KORNFELD & ASSOCIATES, P.C.
                         E-mail: rkornfeld@kornfeldassociates.com

In re First Fruits Child Development Center 1
   Bankr. N.D. Ohio Case No. 15-12608
      Chapter 11 Petition filed May 6, 2015
         See http://bankrupt.com/misc/ohnb15-12608.pdf
         represented by: Robert J. Berk, Esq.
                         ROBERT J. BERK CO. LPA
                         E-mail: bobberklex@aol.com

In re John Frank Nardozzi
   Bankr. W.D. Pa. Case No. 15-21639
      Chapter 11 Petition filed May 6, 2015

In re Lumbee Express, LLC
   Bankr. D.S.C. Case No. 15-02485
      Chapter 11 Petition filed May 6, 2015
         See http://bankrupt.com/misc/scb15-02485.pdf
         represented by: Reid B. Smith, Esq.
                         BIRD AND SMITH, P.A.
                         E-mail: rsmith@birdsmithlaw.com

In re Manuel Carrillo and Angelica Alma Medina Carrillo
   Bankr. W.D. Tex. Case No. 15-30719
      Chapter 11 Petition filed May 6, 2015

In re ANC Birmingham, LLC
   Bankr. N.D. Ala. Case No. 15-01847
      Chapter 11 Petition filed May 7, 2015
         See http://bankrupt.com/misc/alnb15-01847.pdf
         represented by: Frederick Mott Garfield, Esq.
                         SPAIN & GILLON
                         E-mail: fmg@spain-gillon.com

In re Rudex Broadcasting Limited Corp.
   Bankr. C.D. Cal. Case No. 15-11603
      Chapter 11 Petition filed May 7, 2015
         See http://bankrupt.com/misc/cacb15-11603.pdf
         represented by: Michael D. Kwasigroch, Esq.
                         LAW OFFICES OF MICHAEL D. KWASIGROCH
                         E-mail: attorneyforlife@aol.com

In re Peter H. Blair, Sr.
   Bankr. D. Colo. Case No. 15-15008
      Chapter 11 Petition filed May 7, 2015

In re Daniel E. Hodges
   Bankr. N.D. Ind. Case No. 15-11134
      Chapter 11 Petition filed May 7, 2015

In re U.S. Edge, Inc.
   Bankr. D. Mass. Case No. 15-11833
      Chapter 11 Petition filed May 7, 2015
         See http://bankrupt.com/misc/mab15-11833.pdf
         represented by: Marques C. Lipton, Esq.
                         LAW OFFICE OF NICHOLAS F. ORTIZ, P.C.
                         E-mail: mcl@mass-legal.com

In re Norman C. Parent
   Bankr. D. Me. Case No. 15-20337
      Chapter 11 Petition filed May 7, 2015

In re Calvin Chung
   Bankr. S.D.N.Y. Case No. 15-11195
      Chapter 11 Petition filed May 7, 2015

In re Thierry J. Soursac
   Bankr. E.D. Pa. Case No. 15-13289
      Chapter 11 Petition filed May 7, 2015

In re Hector Anibal Martinez Hernandez
   Bankr. D.P.R. Case No. 15-03458
      Chapter 11 Petition filed May 7, 2015
In re Desert Fun Foods, LLC
   Bankr. D. Ariz. Case No. 15-05691
      Chapter 11 Petition filed May 8, 2015
         See http://bankrupt.com/misc/azb15-05691.pdf
         represented by: Alan R. Solot, Esq.
                         E-mail: arsolot@gmail.com

In re Frank Shane Folsom and Diana A. Folsom
   Bankr. D. Ariz. Case No. 15-05692
      Chapter 11 Petition filed May 8, 2015

In re Robert W. Bransky and Jodi L. Bransky
   Bankr. D. Ariz. Case No. 15-05735
      Chapter 11 Petition filed May 8, 2015

In re Heritage Educational Leadership and Management
   Bankr. C.D. Cal. Case No. 15-14678
      Chapter 11 Petition filed May 8, 2015
         See http://bankrupt.com/misc/cacb15-14678.pdf
         Filed Pro Se

In re Thomas G. Stanley
   Bankr. C.D. Cal. Case No. 15-17386
      Chapter 11 Petition filed May 8, 2015

In re A Treasure Chest, LLC
   Bankr. D. Conn. Case No. 15-20814
      Chapter 11 Petition filed May 8, 2015
         See http://bankrupt.com/misc/ctb15-20814.pdf
         represented by: Ronald Chorches
                         LAW OFFICES OF RONALD I. CHORCHES
                         E-mail: ronchorcheslaw@sbcglobal.net

[Redacted -- June 11, 2015]

In re Zahn's Auto Body Inc.
   Bankr. E.D. Mich. Case No. 15-47351
      Chapter 11 Petition filed May 8, 2015
         See http://bankrupt.com/misc/mieb15-47351
         represented by: Guy T. Conti
                         THE LAW OFFICES OF GUY T. CONTI, PLLC
                         E-mail: gconti@contilegal.com

In re Steven L. Wong
   Bankr. D.N.J. Case No. 15-18673
      Chapter 11 Petition filed May 8, 2015

In re Steven Wong
   Bankr. S.D.N.Y. Case No. 15-11221
      Chapter 11 Petition filed May 8, 2015

In re Rustoviant L. Wrighten and Keisha L. Wrighten
   Bankr. E.D.N.C. Case No. 15-02619
      Chapter 11 Petition filed May 8, 2015

In re Armando James Collazo Leandry
   Bankr. D.P.R. Case No. 15-03509
      Chapter 11 Petition filed May 8, 2015

In re Javier E. Rivera Aldarondo and Laritza Luna Pedraza
   Bankr. D.P.R. Case No. 15-03514
      Chapter 11 Petition filed May 8, 2015

In re Peak Physical Therapy and Sports Medicine of Kyle, PLLC
   Bankr. W.D. Tex. Case No. 15-10628
      Chapter 11 Petition filed May 8, 2015
         See http://bankrupt.com/misc/txwb15-10628.pdf
         represented by: Marcus Jermaine Watson
                         M. J. WATSON & ASSOCIATES, P.C.
                         E-mail: jwatson@mjwatsonlaw.com

In re Alex I. Schwartzman and Tara S. Schwartzman
   Bankr. W.D. Tex. Case No. 15-51181
      Chapter 11 Petition filed May 8, 2015

In re O'Quinn's Plumbing Services, LLC
   Bankr. E.D. Va. Case No. 15-11605
      Chapter 11 Petition filed May 8, 2015
         See http://bankrupt.com/misc/vaeb15-11605.pdf
         represented by: Frank Bredimus
                         LAW OFFICE OF FRANK BREDIMUS
                         Email: Fbredimus@aol.com


In re LGS Transport Inc
   Bankr. C.D. Cal. Case No. 15-14729
      Chapter 11 Petition filed May 10, 2015
         See http://bankrupt.com/misc/cacb15-14729.pdf
         represented by: David T. Egli, Esq.
                         LAW OFFICE OF DAVID T EGLI
                         E-mail: eglilaw80@gmail.com

In re Pledge 5 Foundation, Inc.
   Bankr. N.D. Fla. Case No. 15-10111
      Chapter 11 Petition filed May 10, 2015
         See http://bankrupt.com/misc/flnb15-10111
         represented by: Sharon T. Sperling
                         LAW OFFICE OF SHARON T. SPERLING
                         E-mail: sharon@sharonsperling.com

In re Descon Construction LP
   Bankr. S.D. Tex. Case No. 15-20191
      Chapter 11 Petition filed May 10, 2015
         See http://bankrupt.com/misc/txsb15-20191.pdf
         represented by: Roderick Glen Ayers, Jr.
                         LANGLEY BANACK, INC.
                         E-mail: gayers@langleybanack.com

In re Team Verde Pizza, LLC
   Bankr. D. Ariz. Case No. 15-06687
      Chapter 11 Petition filed May 29, 2015
         See http://bankrupt.com/misc/azb15-06687.pdf
         represented by: Pernell W. Mcguire, Esq.
                         DAVIS MILES MCGUIRE GARDNER, PLLC
                         E-mail: pmcguire@davismiles.com

In re Alice R. Cordova
   Bankr. D. Ariz. Case No. 15-06712
      Chapter 11 Petition filed May 29, 2015

In re Peter Scott Tully
   Bankr. D. Ariz. Case No. 15-06726
      Chapter 11 Petition filed May 29, 2015

In re Alvin Holdings, LLC
   Bankr. M.D. Fla. Case No. 15-05641
      Chapter 11 Petition filed May 29, 2015
         See http://bankrupt.com/misc/flmb15-05641.pdf
         represented by: Joel S. Treuhaft, Esq.
                         PALM HARBOR LAW GROUP, P.A.
                         E-mail: jstreuhaft@yahoo.com

In re International Association of Trauma & Ad
   Bankr. S.D. Fla. Case No. 15-19846
      Chapter 11 Petition filed May 29, 2015
         See http://bankrupt.com/misc/flsb15-19846.pdf
         represented by: Chad T. Van Horn, Esq.
                         VAN HORN LAW GROUP, P.A.
                         E-mail: chad@cvhlawgroup.com

In re Cynthia Elizabeth Williams
   Bankr. D. Md. Case No. 15-17733
      Chapter 11 Petition filed May 29, 2015

In re 35 Bradshaw St. Condominium Trust
   Bankr. D. Mass. Case No. 15-12136
      Chapter 11 Petition filed May 29, 2015
         See http://bankrupt.com/misc/mab15-12136.pdf
         Filed Pro Se

In re Green Tech Styles, Inc.
   Bankr. E.D. Mich. Case No. 15-48385
      Chapter 11 Petition filed May 29, 2015
         See http://bankrupt.com/misc/mieb15-48385.pdf
         represented by: Geoffrey T. Pavlic, Esq.
                         STEINBERG SHAPIRO & CLARK
                         E-mail: pavlic@steinbergshapiro.com

In re Bella Maria, LLC
   Bankr. S.D. Miss. Case No. 15-01731
      Chapter 11 Petition filed May 29, 2015
         See http://bankrupt.com/misc/mssb15-01731.pdf
         represented by: J. Walter Newman, IV, Esq.
                         NEWMAN & NEWMAN
                         E-mail: wnewman95@msn.com

In re Dam Good Pizza, LLC
   Bankr. D. Nev. Case No. 15-13119
      Chapter 11 Petition filed May 29, 2015
         See http://bankrupt.com/misc/nvb15-13119.pdf
         represented by: David W. Williams, Esq.
                         DAVID MILES MCGUIRE GARDNER, PLLC
                         E-mail: dwilliams@davismiles.com

In re Jose Ramiro Gonzalez
   Bankr. D. Nev. Case No. 15-13122
      Chapter 11 Petition filed May 29, 2015

In re Jose Bartolo Del Cid
   Bankr. D. Nev. Case No. 15-13124
      Chapter 11 Petition filed May 29, 2015
         See http://bankrupt.com/misc/nvb15-13124.pdf
         represented by: Timothy P. Thomas, Esq.
                         LAW OFFICES OF TIMOTHY P. THOMAS, LLC
                         E-mail: tthomas@tthomaslaw.com

In re Charles H. Tadlock and Mary E. Tadlock
   Bankr. D. Nev. Case No. 15-13135
      Chapter 11 Petition filed May 29, 2015

In re 509 East 55th Street Corp.
   Bankr. E.D.N.Y. Case No. 15-42525
      Chapter 11 Petition filed May 29, 2015
         See http://bankrupt.com/misc/nyeb15-42535.pdf
         represented by: Bruce Weiner, Esq.
                         ROSENBERG MUSSO & WEINER LLP
                         E-mail: rmwlaw@att.net

In re Fairytale Day Care, Inc.
   Bankr. E.D.N.Y. Case No. 15-42535
      Chapter 11 Petition filed May 29, 2015
         See http://bankrupt.com/misc/nyeb15-42535.pdf
         represented by: Alla Kachan, Esq.
                         LAW OFFICES OF ALLA KACHAN, P.C.
                         E-mail: alla@kachanlaw.com

In re Hilario Camacho
   Bankr. E.D.N.C. Case No. 15-02996
      Chapter 11 Petition filed May 29, 2015

In re Sittler's Mobile Homes, LLC
   Bankr. E.D. Pa. Case No. 15-13819
      Chapter 11 Petition filed May 29, 2015
         See http://bankrupt.com/misc/paeb15-13819.pdf
         represented by: John A. Digiamberardino, Esq.
                         CASE & DIGIAMBERARDINO, P.C.
                         E-mail: jad@cdllawoffice.com

In re James Ferguson and Lisa Ferguson
   Bankr. D.P.R. Case No. 15-04004
      Chapter 11 Petition filed May 29, 2015

In re Dennis LeRoy Scheffer
   Bankr. W.D. Wash. Case No. 15-13327
      Chapter 11 Petition filed May 29, 2015

In re Kodiak Jack's, Inc.
   Bankr. E.D. Wis. Case No. 15-26310
      Chapter 11 Petition filed May 29, 2015
         See http://bankrupt.com/misc/wieb15-26310.pdf
         represented by: Paul G. Swanson, Esq.
                         STEINHILBER, SWANSON, MARES,
                         MARONE & MCDERMOTT
                         E-mail: pswanson@oshkoshlawyers.com

In re Juan Eduardo Guzman
   Bankr. C.D. Cal. Case No. 15-11157
      Chapter 11 Petition filed May 30, 2015

In re Edgar Road Corporation
   Bankr. D.N.J. Case No. 15-20233
      Chapter 11 Petition filed May 30, 2015
         See http://bankrupt.com/misc/njb15-20233.pdf
         represented by: Santo J. Bonanno, Esq.
                         E-mail: santobonanno@optonline.net

In re Timothy S. Jones and Christy L. Jones
   Bankr. W.D. Ark. Case No. 15-71456
      Chapter 11 Petition filed June 1, 2015

In re Knitto, LLC
   Bankr. D. Conn. Case No. 15-50746
      Chapter 11 Petition filed June 1, 2015
         See http://bankrupt.com/misc/ctb15-50746.pdf
         represented by: Neil Crane, Esq.
                         LAW OFFICES OF NEIL CRANE, LLC
                         E-mail: neilcranecourt@neilcranelaw.com

In re Florence Anne Sanders
   Bankr. M.D. Fla. Case No. 15-02507
      Chapter 11 Petition filed June 1, 2015

In re Century Center at Braselton, LLC
   Bankr. N.D. Ga. Case No. 15-21112
      Chapter 11 Petition filed June 1, 2015
         See http://bankrupt.com/misc/ganb15-21112.pdf
         represented by: Charles N. Kelley, Jr., Esq.
                         CUMMINGS & KELLEY PC
                         E-mail: ckelley@cummingskelley.com

In re Urban Landcruisers, LLC
   Bankr. N.D. Ga. Case No. 15-60079
      Chapter 11 Petition filed June 1, 2015
         See http://bankrupt.com/misc/ganb15-60079.pdf
         represented by: Will B. Geer, Esq.
                         LAW OFFICE OF WILL B. GEER, LLC
                         E-mail: willgeer@atlbankruptcyhelp.com

In re Vera S. Thompson
   Bankr. N.D. Ga. Case No. 15-60190
      Chapter 11 Petition filed June 1, 2015

In re Bertica M. Rubio
   Bankr. D. Nev. Case No. 15-13186
      Chapter 11 Petition filed June 1, 2015

In re Beatrice Management Group, A Nevada Corporation
   Bankr. D. Nev. Case No. 15-13191
      Chapter 11 Petition filed June 1, 2015
         See http://bankrupt.com/misc/nvb15-13191.pdf
         represented by: James R. Rosenberger, Esq.
                         PICO ROSENBERG
                         E-mail: jrosenberger@prlawlv.com

In re Mobad, Inc.
   Bankr. E.D.N.Y. Case No. 15-72377
      Chapter 11 Petition filed June 1, 2015
         See http://bankrupt.com/misc/nyeb15-72377.pdf
         represented by: Richard S Feinsilver, Esq.
                         E-mail: feinlawny@yahoo.com

In re 101Canberra, LLC
   Bankr. E.D.N.C. Case No. 15-03000
      Chapter 11 Petition filed June 1, 2015
         See http://bankrupt.com/misc/nceb15-03000.pdf
         represented by: Danny Bradford, Esq.
                         Paul D. Bradford, PLLC
                         E-mail: dbradford@bradford-law.com

In re Melvin L. Almond and Patricia A. Almond
   Bankr. E.D.N.C. Case No. 15-03017
      Chapter 11 Petition filed June 1, 2015

In re KHF&G, INC.
   Bankr. E.D. Pa. Case No. 15-13907
      Chapter 11 Petition filed June 1, 2015
         See http://bankrupt.com/misc/paeb15-13907.pdf
         represented by: Jon M. Adelstein, Esq.
                         ADELSTEIN & KALINER, LLC
                         E-mail: jma@tradenet.net

In re Luis R. Santos Montalvo
   Bankr. D.P.R. Case No. 15-04171
      Chapter 11 Petition filed June 1, 2015

In re Victoria McKenzie
   Bankr. S.D Tex. Case No. 15-20218
      Chapter 11 Petition filed June 1, 2015

In re Thomas Wright
   Bankr. S.D. Tex. Case No. 15-33036
      Chapter 11 Petition filed June 1, 2015

In re 3425 228 LLC
   Bankr. W.D. Wash. Case No. 15-13412
      Chapter 11 Petition filed June 1, 2015
         See http://bankrupt.com/misc/wawb15-13412.pdf
         represented by: Marc S. Stern, Esq.
                         Email: office@hutzbah.com
In re Candida Rosales
   Bankr. C.D. Cal. Case No. 15-11936
      Chapter 11 Petition filed June 2, 2015

In re DIA-CJ Better Ways Investments, LLC
   Bankr. C.D. Cal. Case No. 15-15614
      Chapter 11 Petition filed June 2, 2015
         See http://bankrupt.com/misc/cacb15-15614.pdf
         represented by: Gene E. O'Brien, Esq.
                         LAW OFFICE OF GENE E O'BRIEN
                         E-mail: gene@geneobrienlaw.com

In re Doris Waller
   Bankr. S.D. Cal. Case No. 15-03748
      Chapter 11 Petition filed June 2, 2015

In re Benzrent 2, LLC
   Bankr. S.D. Fla. Case No. 15-20013
      Chapter 11 Petition filed June 2, 2015
         See http://bankrupt.com/misc/flsb15-20013.pdf
         represented by: Joel M. Aresty, Esq.
                         E-mail: aresty@mac.com

In re Gil Angel Nieves Diaz
   Bankr. D.P.R. Case No. 15-04194
      Chapter 11 Petition filed June 2, 2015

In re Lori Lynne Madison Kruse
   Bankr. N.D. Tex. Case No. 15-32383
      Chapter 11 Petition filed June 2, 2015

In re Gabriel & Beacon Holding Co., L.L.C.
   Bankr. S.D. Tex. Case No. 15-33062
      Chapter 11 Petition filed June 2, 2015
         See http://bankrupt.com/misc/txsb15-33062.pdf
         represented by: Jon Frank Parchman, Esq.
                         PARCHMAN LAW FIRM PLLC
                         E-mail: jparch01@gmail.com
In re Donald Peter Scott
   Bankr. N.D. Cal. Case No. 15-51897
      Chapter 11 Petition filed June 3, 2015

In re Stephen M. Timmer
   Bankr. N.D. Ill. Case No. 15-19385
      Chapter 11 Petition filed June 3, 2015

In re TFN-A Group LLC
   Bankr. W.D. Mo. Case No. 15-41635
      Chapter 11 Petition filed June 3, 2015
         See http://bankrupt.com/misc/mowb15-41635.pdf
         represented by: Ronald S. Weiss, Esq.
                         BERMAN DELEVE KUCHAN & CHAPMAN
                         E-mail: rweiss@bdkc.com

In re Esmie Realty Group, LLC
   Bankr. E.D.N.Y. Case No. 15-42651
      Chapter 11 Petition filed June 3, 2015
         See http://bankrupt.com/misc/nysb15-42651.pdf
         represented by: Narissa A. Joseph, Esq.
                         LAW OFFICE OF NARISSA A. JOSEPH
                         E-mail: njosephlaw@aol.com

In re Gloyd W. Green
   Bankr. D. Utah Case No. 15-25181
      Chapter 11 Petition filed June 3, 2015

In re Superior Quality Discount, LLC
   Bankr. S.D. Ala. Case No. 15-01742
      Chapter 11 Petition filed June 4, 2015
         See http://bankrupt.com/misc/alsb15-01742.pdf
         represented by: Barry A. Friedman, Esq.
                         BARRY A. FRIEDMAN AND ASSOCIATES, P.C.
                         E-mail: bky@bafmobile.com

In re Superior Quality Center LLC
   Bankr. S.D. Ala. Case No. 15-01743
      Chapter 11 Petition filed June 4, 2015
         See http://bankrupt.com/misc/alsb15-01743.pdf
         represented by: Barry A. Friedman, Esq.
                         BARRY A. FRIEDMAN AND ASSOCIATES, P.C.
                         E-mail: bky@bafmobile.com

In re Frank Orion Hayman and Marcene Faye Kreifels-Hayman
   Bankr. N.D. Fla. Case No. 15-30605
      Chapter 11 Petition filed June 4, 2015

In re Kentucky Petroleum Operating, Ltd.
   Bankr. E.D. Ky. Case No. 15-60724
      Chapter 11 Petition filed June 4, 2015
         See http://bankrupt.com/misc/kyeb15-60724.pdf
         represented by: Darrell L. Saunders, Esq.
                         E-mail: dls@darrellsaunders.com

In re Kentucky Petroleum Limited Partnership
   Bankr. E.D. Ky. Case No. 15-60725
      Chapter 11 Petition filed June 4, 2015
         See http://bankrupt.com/misc/kyeb15-60725.pdf
         represented by: Darrell L. Saunders, Esq.
                         E-mail: dls@darrellsaunders.com

In re N.A. Energy Resources Corp.
   Bankr. E.D. Ky. Case No. 15-60726
      Chapter 11 Petition filed June 4, 2015
         See http://bankrupt.com/misc/kyeb15-60726.pdf
         represented by: Darrell L. Saunders, Esq.
                         E-mail: dls@darrellsaunders.com

In re Atul J Enterprises LLC
   Bankr. D.N.J. Case No. 15-20521
      Chapter 11 Petition filed June 4, 2015
         See http://bankrupt.com/misc/njb15-20521.pdf
         represented by: David L. Bruck, Esq.
                         GREENBAUM, ROWE, SMITH, ET AL.
                         E-mail: bankruptcy@greenbaumlaw.com

In re Solera Corporation
   Bankr. S.D.N.Y. Case No. 15-22790
      Chapter 11 Petition filed June 4, 2015
         See http://bankrupt.com/misc/nysb15-22790.pdf
         represented by: Lawrence Morrison, Esq.
                         E-mail: morrlaw@aol.com

In re Michael F. Gallagher
   Bankr. E.D. Pa. Case No. 15-13990
      Chapter 11 Petition filed June 4, 2015

In re Elenora NMN Woods
   Bankr. E.D. Tenn. Case No. 15-12357
      Chapter 11 Petition filed June 4, 2015

In re Marion Michelle Mackey Marcum
   Bankr. E.D. Wash. Case No. 15-02005
      Chapter 11 Petition filed June 4, 2015

In re Express Linen Service LLC
   Bankr. W.D. Wash. Case No. 15-13458
      Chapter 11 Petition filed June 4, 2015
         See http://bankrupt.com/misc/wawb15-13458.pdf
         represented by: Matthew J. Cunanan, Esq.
                         DC Law Group NW PLLC
                         E-mail: matthew@dclglawyers.com



                            *********

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.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

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