TCR_Public/150615.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, June 15, 2015, Vol. 19, No. 166

                            Headlines

11 EAST 36TH: Court Rules on Bid to Dismiss Suit v. Bank
256-260 LIMITED: Extraco Objection to Plan Sustained
ADT CORP: S&P Affirms 'BB-' Corp. Credit Rating, Outlook Stable
AFFIRMATIVE INSURANCE: Inks Asset Purchase Agreement with Confie
AHKH LLC: Case Summary & 2 Largest Unsecured Creditors

ALERE INC: Moody's Rates $425MM Sr. Subordinated Notes 'Caa1'
ALEXZA PHARMACEUTICALS: Hires OUM & Co. as New Accountants
ALLIANCE HEALTHCARE: Moody's Affirms B1 CFR, Outlook to Stable
ALLIED NEVADA: Creditors' Panel Hires UpShot as Information Agent
ALLIED NEVADA: Equity Committee Hires Susman Godfrey as Co-counsel

ALLIED NEVADA: Equity Committee Taps Ashby & Geddes as Co-counsel
AMERICAN CASINO: Moody's Raises Corporate Family Rating to B2
AMERICAN POWER: Matthew van Steenwyk Reports 9.8% Stake
ANACOR PHARMACEUTICALS: Stockholders Elect Two Directors
ANDALAY SOLAR: Authorized Common Shares Hiked to 1.2 Billion

ANDALAY SOLAR: Stockholders Elect Four Directors
API TECHNOLOGIES: Completes Acquisition of Inmet and Weinschel
APOLLO SECURITY: Moody's Assigns 'B2' Corporate Family Rating
ASPEN GROUP: Grants Stock Options to Executive Officers
AUTHENTIC BRANDS: S&P Affirms 'B' CCR, Outlook Stable

AVON PRODUCTS: Liquidity Tightens Due to Small Revolver, Fitch Says
AXION INTERNATIONAL: Three Directors Resign
BERRY PLASTICS: To Redeem Existing 9.75% Notes on July 13
BIOFUELS POWER: Posts $224,000 Net Loss in First Quarter
BON-TON STORES: Incurs $34.1 Million Net Loss in First Quarter

BOOMERANG SYSTEMS: Eliminates Chief Operating Officer Post
BOOMERANG TUBE: Meeting to Form Creditors' Panel Set for June 19
BUCKEYE STATE MUTUAL: A.M. Best Cuts Finc'l Strength Rating to 'B'
C&J ENERGY: S&P Lowers CCR to 'B+', Outlook Stable
CACHE INC: Judge Extends Deadline to Remove Suits to Sept. 2

CALEDONIAN BANK: Liquidators Entrusted to Distribute U.S. Assets
CDS U.S.: Moody's Assigns 'B2' Corp. Family Rating, Outlook Stable
CHINA PRECISION: Announces Plan to Restructure Operations
CONSTAR INTERNATIONAL: Hires CBRE as Charlotte NC Property Manager
CONSTAR INTERNATIONAL: Taps CB Richard as Property Manager & Agent

CORINTHIAN COLLEGES: June 23 Auction Scheduled for Equipment
COVERIS HOLDINGS: S&P Affirms 'B' CCR & Affirms 7.875% Notes 'B-'
CRESSON DEVELOPMENT: Cal. Ct. App. Affirms Trial Court Ruling
CRYOPORT INC: Further Amends Form S-1 Prospectus with SEC
CTI BIOPHARMA: Hercules Agrees to Provide $25 Million Term Loans

CTI BIOPHARMA: To Hold Annual Meeting on Sept. 23
CTPARTNERS EXECUTIVE: Has Insufficient Cash Flows from Operations
DPX HOLDINGS: IPO Filing No Impact on Moody's 'B3' CFR
ELBIT IMAGING: Completes Sale of Interest in Two Belgium Hotels
EMPIRE GLOBAL: Had Operating Losses for the Past Two Years

ERIE OTTERS: Auction Set for July 10; June 24 Is Deadline for Bids
FINJAN HOLDINGS: Gets $826K Distribution From JVP Fund Investment
FINJAN HOLDINGS: Provides Litigation Update in Blue Coat Case
FOUR OAKS: Shareholders Elect 8 Directors
FREESEAS INC: Acquires 51% Controlling Interest in Standcorp

FUNKY MONKEY: Suing Pointe Orlando Over Wall Construction
GELTECH SOLUTIONS: Names Dave Gutmann as Director
GENERAL MOTORS: $450MM Obligation to UAW Cancelled, 6th Cir. Says
GLOBALSTAR INC: Amends $15.5 Million Prospectus with SEC
GOODMAN TANK: Meeting to Form Creditors' Panel Set for June 18

GUITAR CENTER: S&P Revises Outlook to Stable & Affirms 'B-' CCR
HEXION INC: Amends 2014 Annual Report
HYDROCARB ENERGY: Amends Fiscal 2014 Annual Report
HYDROCARB ENERGY: Needs More Time to File April 30 Form 10-Q
IMAGINATION WORLDWIDE: Case Summary & 20 Top Unsecured Creditors

IMH FINANCIAL: Amends 2014 Annual Report to Correct Errors
INSITE VISION: Completes NDA Submission to FDA for BromSite
INSITE VISION: Conference Call Held to Discuss QLT Merger
INTELLIPHARMACEUTICS INT'L: Odidi Reports 33% Stake as of May 29
ISTAR FINANCIAL: Offers to Swap Common Stock for HPU Shares

KABEE ESTATES: Case Summary & 2 Largest Unsecured Creditors
KU6 MEDIA: Incurs $829,000 Net Loss in First Quarter
LANGUAGE LINE: Moody's Raises Corporate Family Rating to 'B2'
LEHMAN BROTHERS: Suit v. LHM Financial Remains in Bankr. Court
LONESTAR GEOPHYSICAL: Gets Interim Approval to Use Cash Collateral

MALLYGIRL LLC: HEP Serves as Investment Banker in Sale
MALLYGIRL LLC: Heritage Equity Is Investment Banker to Sale
MCCLATCHY CO: Barnes Owns 71,200 Class A Shares
MCCLATCHY CO: Stockholders Elect 11 Directors
MGM RESORTS: Amends Credit Agreement with Bank of America

MGM RESORTS: Extends Term of Credit Facilities to April 2019
MONTREAL MAINE: Transparency Sought in Train Derailment Settlement
NATROL INC: Judge Extends Deadline to Remove Suits to Sept. 4
NAVISTAR INTERNATIONAL: MHR Reports 17.4% Stake as of June 10
NEBRASKA BOOK: Closing Lincoln Bookstore, 60 Workers to Lose Jobs

NET ELEMENT: Maglenta Reports 8.5% Stake as of May 27
NET TALK.COM: Kyriakides Reports 13.4% Equity Stake as of May 21
NET TALK.COM: Shadron Stastney Reports 26.7% Stake as of May 21
NEWLEAD HOLDINGS: Toledo Advisors Files Schedule 13G with SEC
NII HOLDINGS: Adviser Says No Litigation Estimate Made for Claims

NORBORD INC: DBRS Confirms 'BB' Issuer Rating
NORTH LAS VEGAS: S&P Revises Outlook & Affirms 'BB-' GO Debt Rating
NOTTUS INC: Case Summary & 20 Largest Unsecured Creditors
NUANCE COMMUNICATIONS: S&P Rates Sr. Convertible Notes 'BB-'
OAS FINANCE: Obtains Chapter 15 Provisional Relief

OLGA'S KITCHEN: Voluntary Chapter 11 Case Summary
OMNICOMM SYSTEMS: Stockholders Elect Five Directors
ORCKIT COMMUNICATIONS: Extraordinary Meeting Set for June 28
PITT PENN: Trustee Gets Approval to Settle Dispute With Deshotels
PITT PENN: Trustee Settles Dispute Over IEAM Securities Sale

PLANDAI BIOTECHNOLOGY: Appoints New EVP and Secretary
QUANTUM CORP: Posts $16.7 Million Net Income in Fiscal 2015
QUEST SOLUTION: Provides Company Update to Investors
REALOGY CORP: Extends Securitization Program Until June 2016
REED AND BARTON: Gets Approval to Implement Incentive Plan

REED AND BARTON: Sells Madison Ave. Furniture, Fixtures for $10,000
REHOBOTH MCKINLEY: Fitch Maintains Bonds' 'B' Rating on Watch Neg.
RETROPHIN INC: Stockholders Elect Six Directors
RK EUREKA: Case Summary & 2 Largest Unsecured Creditors
RK TRAVELERS: Case Summary & 2 Largest Unsecured Creditors

RLJ ENTERTAINMENT: Receives NASDAQ Listing Non-Compliance Notice
ROADRUNNER ENTERPRISES: Taps Coldwell Banker as Real Estate Broker
SABLE NATURAL: Cory Hall Quits as President, COO and Director
SAFENET INC: S&P Affirms 'B' CCR Then Withdraws Rating
SALADWORKS LLC: Judge Extends Deadline to Remove Suits to Sept. 15

SCIENTIFIC GAMES: Stockholders Elect 11 Directors
SEANERGY MARITIME: Plaza Shipholding Holds 9% Stake as of Sept. 30
SEQUENOM INC: Signs Indenture With Wells Fargo
SHASTA ENTERPRISES: Judge Grants Redding Bank Bid to Lift Stay
SPANISH BROADCASTING: Stockholders Elect Six Directors

SSH HOLDINGS: Moody's Affirms 'B2' Corporate Family Rating
STANDARD REGISTER: $2.2-Mil. Sale of York County Property Approved
STANDARD REGISTER: Lazard Freres Approved as Investment Banker
STANDARD REGISTER: Lowenstein Sandler Okayed as Committee Counsel
STANDARD REGISTER: Panel Sues Board, Silver Point Over WorkflowOne

STANDARD REGISTER: Prime Clerk Approved as Administrative Advisor
SYNAGRO INFRASTRUCTURE: Moody's Cuts CFR to Caa1, Outlook Negative
TELKONET INC: Stockholders Elect Five Directors
TERRAFORM OPERATING: Moody's Affirms Ba3 CFR, Outlook Positive
TOPS HOLDING: Announces Results for 8.750/9.5% Notes Tender Offer

TOPS HOLDING: Announces Tender Offer for 8.875% Senior Notes
TOPS HOLDING: Closes $560 Million Notes Offering
TRIBAL SOLUTIONS: Case Summary & 20 Largest Unsecured Creditors
TROCOM CONSTRUCTION: Needs Until July 22 to File Schedules
TWIN RINKS: Section 341 Meeting of Creditors Set for July 10

UNIVAR INC: IPO Can Lead to One Notch Upgrade of Moody's Ratings
UNIVERSAL COOPERATIVES: Judge Extends Deadline to Remove Suits
VIGGLE INC: Inks $10 Million Line of Credit with Sillerman
VISCOUNT SYSTEMS: Names Shavi Morsara as PAO and Controller
VISUALANT INC: Amends Form S-1 Prospectus with SEC

WAFERGEN BIO-SYSTEMS: Stockholders Elect Seven Directors
WALTER ENERGY: Exercises Grace Period for 9.875% Senior Notes
WALTER ENERGY: Exercises Grace Period for 9.875% Senior Notes
WALTER ENERGY: To Delay Interest Payments on Sr. Notes by 30 Days
WESTMORELAND COAL: Names Nathan Troup Chief Accounting Officer

WILLARD MOUNTAIN: Case Summary & 7 Largest Unsecured Creditors
WP CPP: Moody's Affirms 'B2' Corp. Family Rating, Outlook Stable
ZOGENIX INC: Cancels Co-Promotion Agreement with Valeant
[*] Bankruptcy Filings Decrease 19% in May 2015, ABI Says
[^] BOND PRICING: For the Week From June 8 to 12, 2015


                            *********

11 EAST 36TH: Court Rules on Bid to Dismiss Suit v. Bank
--------------------------------------------------------
In the case captioned 11 EAST 36TH LLC, Plaintiff, v. FIRST CENTRAL
SAVINGS BANK, et al., Defendants, Adv. Proc. No. 14-01819 (JLG)
(S.D.N.Y.), Bankruptcy Judge James L. Garrity, Jr. granted in part
and denied in part the defendants' Motion to Dismiss the Amended
Complaint, but granted the plaintiff's Cross-Motion for Leave to
File the Amended Complaint naming Griffon V LLC as a defendant nunc
pro tunc.

Defendants 11 East 36th Note Buyer LLC ("Note Buyer") and Griffon V
LLC ("Griffon") filed a third motion to dismiss portions of the
amended complaint in the aforementioned case.  Note Buyer and
Griffon argued that the amended complaint improperly revives a
cause of action against Note Buyer that was previously dismissed,
amends the original complaint beyond the scope permitted by the
Court's prior order granting leave to amend, and fails to state a
claim upon which relief can be granted as to two newly-pled causes
of action.

Judge Garrity denied the motion to dismiss as to Amended Counts 2
and 3, holding that the plaintiff's claims against Note Buyer in
the said counts were not dismissed by the decision rendered on June
26, 2014.  Judge Garrity likewise denied the motion as to Amended
Count 4, but dismissed Amended Count 5 for failing to state a cause
of action.

On the other hand, the plaintiff requested, by cross-motion, that
the Court grant it leave, nunc pro tunc, to file an Amended
Complaint adding Griffon as defendant and incorporating the Griffon
Claim Objection into the adversary proceeding.

Judge Garrity granted the plaintiff's cross-motion.  He found that
the Griffon Claim Objection has been pending since it was filed in
October 2013, and that Griffon has been on notice of the arguments
to reduce its claim since at least that time.

A copy of the May 20, 2015 memorandum decision is available at
http://is.gd/3Vv0bLfrom Leagle.com.

Jonathan S. Pasternak, Esq., Steven R. Schoenfeld, Esq. --
srs@ddw-law.com -- DELBELLO DONNELLAN WEINGARTEN WISE & WIEDERKEHR
LLP, White Plains, New York, Attorneys for Plaintiff 11 East 36th
LLC.

Mark A. Frankel, Esq. -- mfrankel@bfklaw.com -- BACKENROTH FRANKEL
& KRINSKY LLP, New York, New York, Attorneys for Defendants 11 East
36th Note Buyer LLC and Griffon V LLC

William F. Savino, Esq., Bernard Schenkler, Esq., WOODS OVIATT
GILMAN LLP, Buffalo, New York, Attorneys for Defendants 11 East
36th Note Buyer LLC and Griffon V LLC.

                        About East 36th LLC

11 East 36th LLC and Morgan Lofts LLC filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Case Nos. 13-11506 and 13-11507) on May 8, 2013.  Judge James M.
Peck was assigned to oversee both cases.  Anthony J. Gallo, Esq.,
at AJ Gallo Associates, P.C., served as counsel to the Debtors.  In
its petition, 11 East 36th LLC estimated $0 to $50,000 in assets
and $10 million to $50 million in liabilities. The petitions were
signed by Ben Bobker, managing member.


256-260 LIMITED: Extraco Objection to Plan Sustained
-----------------------------------------------------
Bankruptcy Judge Michael J. Kaplan sustained without prejudice
Extraco's Objection to the Debtor's Plan in the case captioned In
re 256-260 Limited Partnership, Debtor, NO. 14-11582 K (Bankr.
W.D.N.Y.).

In October 2011, Extraco acquired rights to a mortgage loan that
originated in 1995. The mortgage was in foreclosure at that time as
no mortgage payments had been made since 2006. Prior thereto, on
December 30, 2010, the property subject of the said mortgage loan
was conveyed to 256-260 Limited Partnership. The debt fully matured
in 2010.

Extraco objected to the Debtor's proposed Chapter 11 Plan and
sought lift of stay to continue foreclosure, arguing (1) that it
cannot be "forced" to become a "lender" on this fully-matured
obligation because (A) it and the Debtor are not in "privity of
contract," and (B) the Debtor acquired title in violation of the
mortgage; or, alternatively, (2) the plan is not "fair and
equitable" toward Extraco. For its part, the Debtor argued that
Extraco "bought-in" on a defaulted mortgage debt after title to the
real estate had been transferred, of record, to the Debtor.

Judge Kaplan held that because the Debtor owned the subject
property, of record, ten months before Extraco bought the loan that
was already in foreclosure, Extraco may not now cry "foul" for lack
of privity. However, Judge Kaplan found that the Plan was currently
not "fair and equitable" as to Extraco and it does not propose to
pay Extraco in a manner that would pass the "absolute priority
rule," codified in 11 U.S.C. Section 1129(b)(2)(B)(ii).

As such, in an order dated May 20, 2015 and available at
http://is.gd/ogF3E6from Leagle.com, Judge Kaplan sustained
Extraco's Objection to the Debtor's Plan without prejudice to the
Debtor filing an Amended Plan within 21 days.


ADT CORP: S&P Affirms 'BB-' Corp. Credit Rating, Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB-'
corporate credit rating on Boca Raton, Fla.-based The ADT Corp. The
outlook is stable.

"Our revision of ADT's financial risk assessment to 'highly
leveraged' is based on sustained adjusted debt to EBITDA at or
above 5x, and our expectation that it will remain close to that
level," said Standard & Poor's credit analyst Alison Sullivan.

S&P also estimates adjusted free operating cash flow (FOCF) to debt
was about 4% for the 12 months ended March 31, 2015, which has
declined from about 10% in the prior year period, both from higher
debt levels and lower FOCF due to higher levels of capital
expenditures.

As a result of the revised financial profile score, S&P has revised
the financial policy modifier to "neutral" from "negative" (which
corresponds to over 5x leverage including Standard & Poor's
adjustments) over the last year.  S&P estimates leverage will
remain in the low-5x area in our base-case scenario.

S&P is also revising the comparable ratings analysis modifier to
"positive" from "neutral" because it believes ADT's credit quality
is generally comparable to that of other 'BB-' rated companies and
that the company has a stronger business risk position relative to
other companies with a 'b+' anchor.  ADT also has stronger
financial metrics relative to other alarm monitoring companies.
Overall, S&P's revised assessments still lead to a 'BB-' corporate
credit rating.

The rating on ADT incorporates the company's strong brand
recognition, leading market position in the residential and small
business alarm monitoring industry, and strong base of recurring
revenue.

The stable outlook on ADT reflects the company's market leadership
position and S&P's expectation that its recurring revenue model
will result in consistent free cash flow generation.  S&P expects
the company will maintain leverage in the 5x area, and FOCF to debt
in the mid-single digits.



AFFIRMATIVE INSURANCE: Inks Asset Purchase Agreement with Confie
----------------------------------------------------------------
Affirmative Insurance Holdings, Inc. and certain of its
subsidiaries entered into a stock and asset purchase agreement with
Confie Seguros Holding II Co.  Under the Purchase Agreement, Confie
has agreed to purchase from the Company the stock of a subsidiary
and assets constituting the managing general agency business of the
Company.  The parties intend to close the Purchase Agreement
transaction on or before June 30, 2015.

Among other things, the Closing is conditioned upon Confie
arranging financing for the transaction under a financing
commitment, the Company obtaining necessary consents and/or
releases from its senior and subordinated lenders, and the delivery
of customary closing items by both parties.

Confie has agreed to pay an aggregate amount of up to $95 million
as consideration for the acquisition of the MGA Business, as
follows:

1. $60 million in cash payable to the Company at Closing;

2. A deferred amount of $15 million secured by a letter of credit,
   payable quarterly to the Company's wholly-owned insurance
   subsidiary if the payment is necessary to maintain a minimum
   risk-based capital ratio, or, to the extent such funds have not

   already been contributed to the insurance subsidiary, to the
   Company on Dec. 31, 2017;

3. A deferred contingent amount of up to $10 million, which will
   be payable in two installments of $5 million each on Dec. 31,
   2017, and Dec. 31, 2018, respectively, depending upon the
   achievement of certain conditions including a required amount
   of premium distributed by the MGA Business and underwritten by
   the Company's wholly-owned insurance subsidiaries, a minimum
   commission rate paid to the MGA Business, and the Company's
   wholly-owned insurance subsidiary maintaining a minimum risk-
   based capital ratio in 2017 and 2018; and

4. As additional consideration for the transaction, upon signing
   the Purchase Agreement, Confie paid the Company $5 million of
   the remaining $10 million in contingent payments outstanding
  (Retail Contingent Payment) under that certain Stock and Asset
   Purchase Agreement dated Sept. 16, 2013.  The remaining $5
   million of the Retail Contingent Payment will be paid to the
   Company at Closing, in full satisfaction of the Retail
   Contingent Payment obligations under the Retail Purchase
   Agreement.

In connection with the Closing, affiliates of the Company and
Confie will enter into certain managing general agency agreements
pursuant to which the acquired MGA Business will continue to
produce insurance business for the Company's insurance
subsidiaries.  The term of the MGA Agreements is expected to
continue through at least Dec. 31, 2019.  Among other things, the
MGA Agreements set forth the terms and conditions under which the
MGA Business will produce insurance business for the Company's
insurance subsidiaries after the Closing and include terms designed
to preserve the continuity of operations for both the MGA Business
and the Company.

Also at Closing, affiliates of the Company and Confie will enter
into a Third Party Claims Administration Agreement pursuant to
which the acquired MGA Business will administer claims arising out
of or in connection with policies issued by the Company's insurance
subsidiary in the State of California.

The Purchase Agreement may be terminated prior to Closing by either
party under certain circumstances; provided, however, that if
either party terminates the Purchase Agreement due to the other
party's failure to satisfy any of the conditions to close, the
breaching party will pay the non-breaching party a break-up fee of
$5 million.

                    About Affirmative Insurance

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

Affirmative Insurance reported a net loss of $32.2 million in 2014,
compared to net income of $30.7 million in 2013.

As of March 31, 2015, the Company had $312 million in total assets,
$448 million in total liabilities and a $136 million total
stockholders' deficit.

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


AHKH LLC: Case Summary & 2 Largest Unsecured Creditors
------------------------------------------------------
Debtor: AHKH, LLC
           dba Quality Inn
        4716 New Bern Avenue
        Raleigh, NC 27610

Case No.: 15-03259

Chapter 11 Petition Date: June 11, 2015

Court: United States Bankruptcy Court
       Eastern District of North Carolina

Judge: Hon. Stephani W. Humrickhouse

Debtor's Counsel: Travis Sasser, Esq.
                  SASSER LAW FIRM
                  2000 Regency Parkway, Suite 230
                  Cary, NC 27518
                  Tel: (919) 319-7400
                  Fax: (919) 657-7400
                  Email: tsasser@carybankruptcy.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Harish Gihwala, manager.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/nceb15-03259.pdf


ALERE INC: Moody's Rates $425MM Sr. Subordinated Notes 'Caa1'
-------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to Alere, Inc.'s
proposed offering of $425 million of senior subordinated notes.
Moody's understands that the proceeds of the offering will be used
to refinance the existing 8.625% Senior Subordinated Notes due 2018
and pay related tender costs and accrued interest, fees and
expenses. The transaction is credit positive because it extends the
maturity profile and improves liquidity, but Alere's B2 Corporate
Family Rating and B2-PD Probability of Default Rating remain
unchanged given Moody's expectation that credit metrics will not be
meaningfully impacted by this transaction. The rating outlook
remains stable.

Rating assigned:

  -- $425 million senior subordinated notes due 2023,
     Caa1 (LGD 5)

Ratings unchanged:

  -- Corporate Family Rating, at B2

  -- Probability of Default Rating, at B2-PD

  -- Senior secured bank credit facilities, at Ba3 (LGD 2)

  -- 7.25% senior unsecured notes due 2018, at B3 (LGD 4)

  -- 8.625% senior subordinated notes due 2018, at Caa1 (LGD 5)
     (to be withdrawn following redemption)

  -- 6.5% senior subordinated notes due 2020, at Caa1 (LGD 5)

  -- Speculative Grade Liquidity Rating at SGL-1

Alere's B2 Corporate Family Rating reflects the company's high
financial leverage with debt/EBITDA of just under 6 times, ongoing
reimbursement pressures on healthcare providers, and technological
risk inherent in the highly competitive medical diagnostics
industry. The company has faced operating challenges within the
U.S. market, including product recalls and reimbursement headwinds
for its mail-order diabetes tests. However, the ratings are
supported by the company's strong competitive position within the
point-of-care diagnostic testing market. In addition, the ratings
are supported by the company's diverse product offering, and track
record of technological innovation, which positions it well to
serve hospitals and other healthcare providers.

Given the company's high financial leverage, a rating upgrade is
unlikely over the near term. However, Moody's could upgrade the
rating if the company continues to execute on its strategy of
divesting non-core business lines, with the proceeds applied to
debt reduction. In particular, the ratings could be upgraded if
adjusted debt to EBITDA declines below 5.0 times and free cash flow
to debt rises above 7% on a sustained basis.

Moody's could downgrade the rating if the Rating Agency expects
debt/EBITDA to be sustained above 6.5 times, or free cash flow to
adjusted debt to remain below 4% for a sustained period. A
downgrade could also result from operational underperformance that
causes the company's credit metrics or liquidity to weaken.

Alere, Inc., headquartered in Waltham, Massachusetts, is a
manufacturer of rapid diagnostic tests, operating in professional
and consumer diagnostics. Alere's professional diagnostic products
focus primarily within the infectious disease, cardiometabolic
disease, toxicology, and oncology segments. The company's consumer
diagnostics segment, as part of a 50/50 joint venture with Procter
& Gamble, focuses primarily on the over-the-counter pregnancy and
fertility/ovulation testing markets. For the twelve months ended
March 31, 2015, the company generated net revenues from continuing
operations of approximately $2.6 billion.

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


ALEXZA PHARMACEUTICALS: Hires OUM & Co. as New Accountants
----------------------------------------------------------
The Board of Directors of Alexza Pharmaceuticals, Inc. dismissed
Ernst & Young LLP as its independent registered public accounting
firm, effective June 5, 2015.  The Audit and Ethics Committee of
the Company's Board of Directors approved the dismissal of the
accounting firm, according to a Form 8-K report filed with the
Securities and Exchange Commission.

The reports of Ernst & Young LLP on the Company's financial
statements for the years ended Dec. 31, 2014, and 2013 did not
contain an adverse opinion or disclaimer of opinion.  Ernst & Young
LLP's report on the Company's financial statements as of and for
the year ended Dec. 31, 2014, contained an explanatory paragraph
with respect to the Company's ability to continue as a going
concern.

In connection with the audits of the Company's financial statements
for each of the two fiscal years ended Dec. 31, 2014, and 2013, and
in the subsequent interim period through June 5, 2015, there were
no disagreements with Ernst & Young LLP on any matter of accounting
principles or practices, financial statement disclosure, or
auditing scope and procedure which, if not resolved to the
satisfaction of Ernst & Young LLP would have caused Ernst & Young
LLP to make reference to the matter in their report.

In connection with the audits of the Company's financial statements
for each of the two fiscal years ended Dec. 31, 2014, and 2013,
Ernst & Young LLP identified a material weakness in the Company's
internal control over financial reporting and advised the Company
that the internal controls necessary for the Company to develop
reliable financial statements do not exist.

The material weakness had not been remediated as of May 31, 2015.

On June 5, 2015, the Audit and Ethics Committee approved the
engagement of OUM & Co. LLP as the Company's independent registered
public accounting firm, effective immediately, for the fiscal year
ending Dec. 31, 2015.

During the fiscal years ended December 31, 2014 and 2013, and the
subsequent interim period through April 1, 2015, neither the
Company nor anyone on its behalf consulted with OUM.

                            About Alexza

Mountain View, California-based Alexza Pharmaceuticals, Inc., was
incorporated in the state of Delaware on Dec. 19, 2000, as FaxMed,
Inc.  In June 2001, the Company changed its name to Alexza
Corporation and in December 2001 became Alexza Molecular Delivery
Corporation.  In July 2005, the Company changed its name to Alexza
Pharmaceuticals, Inc.

The Company is a pharmaceutical development company focused on the
research, development, and commercialization of novel proprietary
products for the acute treatment of central nervous system
conditions.

Alexza Pharmaceuticals reported a net loss of $36.7 million in 2014
compared to a net loss of $39.6 million in 2013.

As of March 31, 2015, the Company had $43.2 million in total
assets, $94.8 million in total liabilities, and a $51.7 million
total stockholders' deficit.

Ernst & Young LLP, in Redwood City, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.


ALLIANCE HEALTHCARE: Moody's Affirms B1 CFR, Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Alliance Healthcare Services,
Inc.'s B1 Corporate Family Rating and B2-PD Probability of Default
Rating. At the same time, Moody's affirmed the B1 rating on the
company's $570 million senior secured credit facility (term loan
upsized by $30 million to $520 million). In addition, Moody's
changed the rating outlook to stable from negative.

The change in outlook to stable reflects Alliance's strengthening
credit metrics and improved performance in its radiation oncology
business. In addition, Moody's also believes that the company will
benefit from improved cash flow in the years ahead. This follows a
significant increase in capital expenditures to fund growth
opportunities, along with improving volumes and the completion of a
multiyear cost restructuring program. Furthermore, it is Moody's
expectation that Alliance will maintain a conservative financial
policy and operate with debt to EBITDA around 4.5x.

The following ratings were affirmed:

  -- Corporate Family Rating at B1

  -- Probability of Default Rating at B2-PD

  -- $50 million revolving credit facility at B1 (LGD 3)

  -- $520 million senior secured term loan at B1 (LGD 3)

  -- Speculative Grade Liquidity at SGL-2

Alliance's B1 Corporate Family Rating reflects the company's high
financial leverage, small size and challenging operating
environment. High nation-wide underemployment levels and weak
client volumes have adversely affected both revenues and operating
margins for diagnostic radiology providers including Alliance.
Alliance has begun to experience better volumes in MRI & PET/CT
scans, as a result of increased sales and marketing initiatives,
which have been slightly offset by pricing pressures. Moody's
expects growth in 2015 and 2016 to largely come from both de novo
projects and acquisitions, primarily in radiation oncology, a
segment the company is focused on expanding.

The rating benefits from Alliance's unique business model of
partnering with hospitals, which temporarily shields the company
from the direct effect of changes in third party reimbursement.
This model also allows the company to expand, based on demand for
services rather than bearing the risk of de novo growth in advance
of future volume growth.

The stable outlook reflects Moody's expectation that the company
will be able to mitigate any future pricing pressure, will post
stable operating results and generate free cash flow to fund
expansion. Moody's also expects that the company will maintain a
disciplined approach to acquisitions that does not result in
increased financial leverage.

The rating could be downgraded if Alliance's operating performance
deteriorates or if free cash flow remains negative. Moody's could
also consider a downgrade if the company's financial policy becomes
more aggressive towards debt-financed acquisitions or shareholder
returns, should liquidity deteriorate, or should debt to EBITDA be
sustained above 5 times.

Moody's does not believe that an upgrade is likely in the
near-term. However, if Alliance is able to materially increase its
scale, while effectively managing its growth and improving its
credit metrics, the rating could be upgraded. Specifically, an
upgrade would require debt/EBITDA to be sustained below 4.0 times.

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

Alliance HealthCare Services, Inc. is a national provider of
outpatient diagnostic imaging and radiation oncology services.


ALLIED NEVADA: Creditors' Panel Hires UpShot as Information Agent
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Allied Nevada Gold
Corp. and its debtor-affiliates asks for authorization from the
U.S. Bankruptcy Court for the District of Delaware to retain Upshot
Services LLC as information agent for the Committee, nunc pro tunc
to April 15, 2015.

Subject to the Court’s approval, the Committee selected UpShot as
its information agent for assisting the Committee in:

   (a) complying with its obligations under sections 1102(b)(3)
       and 1103 of the Bankruptcy Code in these Chapter 11 Cases
       and 1102 Order; and

   (b) establishing the Committee’s Website and Email Address and

       providing other related services, as further set forth in
       the Services Agreement.

UpShot will be paid at these hourly rates:

       Clerical                  $30
       Case Assistant            $55-$65
       IT Manager                $125-$145
       Case Consultant           $140-$155
       Case Director             $175
       Public Securities
       Director                  $225

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

Travis K. Vandell, chief executive officer and co-founder of UpShot
Services, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.

UpShot can be reached at:

       Travis K. Vandell
       UPSHOT SERVICES LLC
       7808 Cherry Creek South Drive, Suite 112
       Denver, CO 80231
       Tel: (720) 457-3304
       E-mail: tvandell@upshotservices.com

                        About Allied Nevada

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

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

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

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

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

The U.S. trustee appointed three creditors of the company to serve
on the official committee of unsecured creditors.


ALLIED NEVADA: Equity Committee Hires Susman Godfrey as Co-counsel
------------------------------------------------------------------
The Official Committee of Equity Security Holders (the "Equity
Committee") of Allied Nevada Gold Corp. and its debtor-affiliates
asks authorization from the U.S. Bankruptcy Court for the District
of Delaware to retain Susman Godfrey LLP as co-counsel, nunc pro
tunc to April 14, 2015.

The Equity Committee requires Susman Godfrey to:

  -- advise the Equity Committee in connection with its powers and

     duties under the Bankruptcy Code, the Bankruptcy Rules, and
     the Local Rules;

  -- assist and advise the Equity Committee in its consultation
     with the Debtors relative the administration of these cases;

  -- attend meetings and negotiate with the representative of the
     Debtors and other parties in interest;

  -- assist and advise the Equity Committee in its examination and

     analysis of the conduct of the Debtor's affairs;

  -- assist and advise the Equity Committee in connection with any

     sale of the Debtors' assets pursuant to Section 363 of the
     Bankruptcy Code;

  -- assist the Equity Committee in the review, analysis, and
     negotiation of any chapter 11 plan( s) of reorganization or
     liquidation that may be filed and assist the Equity Committee

     in the review, analysis, and negotiation of the disclosure
     statement(s) accompanying any such plan(s);

  -- take all necessary action to protect and preserve the
     interests of the Equity Committee, including (i) possible
     prosecution of actions on its behalf; (ii) if appropriate,
     negotiations concerning all litigation in which the Debtors
     are involved; and (iii) if appropriate, review and analysis
     of the claims filed against the Debtors' estates;

  -- generally prepare on behalf of the Equity Committee all
     necessary motions, applications, answers, orders, reports,
     and papers in support of positions taken by the Equity
     Committee;

  -- appear, as appropriate, before this Court, the Appellate
     Courts, and the United States Trustee, and protect the
     interests of the Equity Committee before those courts and
     before the United States Trustee; and

  -- perform all other necessary legal services in these cases.

Susman Godfrey will be paid at these hourly rates:

       Terrel W. Oxford                $900
       Shawn Rabin                     $650
       Edgar G. Sargent                $550
       Tamar Lusztig                   $325
       Rodney Shanks                   $250
       Partners                        $500-$2,000
       Associates                      $325-$500
       Paraprofessionals               $80-$270

Susman Godfrey will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Edgar G. Sargent, partner of Susman Godfrey, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Susman Godfrey can be reached at:

       Edgar G. Sargent, Esq.
       SUSMAN GODREY L.L.P.
       1201 Third Avenue, Suite 3800
       Seattle, WA 98101-3000
       Tel: (206) 516-3880
       Fax: (206) 516-3883
       E-mail: esargent@susmangodfrey.com

                        About Allied Nevada

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

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

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

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

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

The U.S. trustee appointed three creditors of the company to serve
on the official committee of unsecured creditors.


ALLIED NEVADA: Equity Committee Taps Ashby & Geddes as Co-counsel
-----------------------------------------------------------------
The Official Committee of Equity Security Holders of Allied Nevada
Gold Corp. and its debtor-affiliates asks for authorization from
the U.S. Bankruptcy Court for the District of Delaware to retain
Ashby & Geddes, P.A. as co-counsel to the Equity Committee, nunc
pro tunc to April 14, 2015.

The Equity Committee requires Ashby & Geddes to:

   (a) assist Susman Godfrey in providing legal advice regarding
       the rules and practices of the Court applicable to the
       Equity Committee's powers and duties as an official
       committee appointed under section 1102 of the Bankruptcy
       Code;

   (b) assist Susman Godfrey in providing legal advice regarding
       any disclosure statement and plan filed in these cases and
       with respect to the process for approving or disapproving a

       disclosure statement and confirming or denying confirmation

       of a plan;

   (c) assist Susman Godfrey in preparing and reviewing
       applications, motions, complaints, answers, orders,
       agreements and other legal papers filed on behalf of the
       Equity Committee for compliance with the rules and
       practices of the Court;

   (d) consult with the Debtors and their professionals, other
       parties-in-interest and their professionals, and the UST
       concerning the administration of the Debtors' estates;

   (e) appear in Court to present necessary motions, applications,

       and pleadings and otherwise protecting the interests of the

       Equity Committee and the Debtors' equity security holders;
       and

   (f) perform such other legal services for the Equity Committee
       as the Equity Committee believes may be necessary and
       proper in these chapter 11 cases.

Ashby & Geddes will be paid at these hourly rates:

       William P. Bowden, Member           $685
       Gregory A. Taylor, Member           $540
       Karen B. Skomorucha Owens, Member   $445
       Stacy L. Newman, Associate          $380
       Christopher Warnick, Paralegal      $195

Ashby & Geddes will also be reimbursed for reasonable out-of-pocket
expenses incurred.

William P. Bowden, member of Ashby & Geddes, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Ashby & Geddes can be reached at:

       William P. Bowden, Esq.
       ASHBY & GEDDES, P.A.
       500 Delaware Avenue, 8th Floor
       P.O. Box 1150
       Wilmington, DE 19899
       Tel: (302) 654-1888
       Fax: (302) 654-2067

                        About Allied Nevada

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

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

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

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

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

The U.S. trustee appointed three creditors of the company to serve
on the official committee of unsecured creditors.


AMERICAN CASINO: Moody's Raises Corporate Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service upgraded American Casino & Entertainment
Properties LLC's (ACEP) Corporate Family Rating to B2 from B3,
Probability of Default Rating to B2-PD from B3-PD, and raised
Speculative Grade Liquidity rating to SGL-1 from SGL-2. Moody's
also upgraded the company's existing debt ratings as follows: $181
million (outstanding) existing senior secured first lien term loan
due 2019 to Ba3 from B1, $15 million existing senior secured first
lien revolver due 2018 to Ba3 from B1, and $120 million senior
secured second lien term loan to Caa1 from Caa2. At the same time,
Moody's assigned a B2 rating to ACEP's proposed $310 million senior
secured first lien bank facility, consisting of a $15 million
5-year revolving credit facility and $295 million 7-year term loan.
The ratings outlook is stable.

The upgrade reflects improved operations at the Stratosphere, which
accounts for almost 50% of the company's net revenues, and ACEP's
improved leverage resulting from EBITDA improvements as well as
debt reduction -- the company reduced its term loan outstanding by
about $30 million in the first quarter of 2015. This caused ACEP's
leverage to improve to 4.9x for the LTM period ended March 31, 2015
from 5.6x for the fiscal year ended December 31, 2014. Moody's
expect leverage can improve to about 4.5x by the end of 2016.

The upgrade also considers the benefits of the proposed refinancing
which will improve the company's liquidity profile as it pushes out
the company's nearest maturity (revolver) from 2018 to 2020,
eliminates financial maintenance covenants, and improves free cash
flow by reducing annual interest expense by about $9 million.
Pro-forma for the proposed transaction, EBIT/Interest is expected
to be around 1.8x, compared to 1.4x for the LTM period ended March
31, 2015.

The proceeds from ACEP's proposed $295 million first lien term loan
and about $18 million of cash on hand will be used to refinance the
$181 million outstanding under its existing first lien term loan
due 2019, the $120 million outstanding under its existing senior
secured second lien term loan, and pay fees and expenses. The
ratings on the existing debt will be withdrawn upon closing of the
transaction.

The B2 rating of ACEP's proposed 1st lien senior secured term loan
and revolver, at the same level as the Corporate Family Rating,
reflects the single class of debt, the absence of financial
maintenance covenants, and the limited cushion of subordinated
liabilities in the capital structure.

Ratings upgraded:

  -- Corporate Family Rating to B2 from B3

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

  -- $181 million (outstanding) senior secured first lien term
     loan due 2019 to Ba3 (LGD2) from B1 (LGD2)

  -- $15 million senior secured first lien revolver due 2018 to
     Ba3 (LGD2) from B1 (LGD2)

  -- $120 million senior secured second lien term loan to
     Caa1 (LGD5) from Caa2 (LGD5)

Ratings assigned:

  -- $15 million 5-year senior secured first lien revolving
     credit facility at B2 (LGD3)

  -- $295 million 7-year senior secured first lien term loan at
     B2 (LGD3)

ACEP's B2 Corporate Family Rating reflects the company's small size
in terms of revenue and recognizes the company's significant
revenue concentration in and around the Las Vegas area gaming
markets. Positive rating consideration is given to the Moody's
expectation that ACEP can generate sufficient earnings to support
interest, capital spending, and a certain amount of absolute debt
reduction.

The stable rating outlook reflects Moody's expectation that ACEP
will continue to generate positive free cash flow over the next two
years and will maintain a good liquidity profile. The stable
outlook also incorporates the view that ACEP will benefit from
increased visitation and development in the Las Vegas market.

The ratings could be downgraded if debt to EBITDA increases to
above 5.5 times and/or EBIT to interest remains below 1.5 times
over the next 12 to 18 months. Weakening of the company's liquidity
profile could also pressure the ratings.

A ratings upgrade would require sustained debt/EBITDA under 4.25
times and EBIT/interest maintained above 2.5 times assuming a
stable supply and operating environment.

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

American Casino & Entertainment Properties, LLC ("ACEP") owns and
operates three gaming properties in Las Vegas, NV -- the
Stratosphere on the Las Vegas Strip, Arizona Charlie's Decatur and
Arizona Charlie's Boulder in the Las Vegas locals market -- and one
property in Laughlin, NV (Aquarius). Annual revenue is
approximately $360 million.


AMERICAN POWER: Matthew van Steenwyk Reports 9.8% Stake
-------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Matthew van Steenwyk disclosed that as of
June 2, 2015, he beneficially owns 5,073,468 shares of common
stock of American Power Group Corporation, which represents 9.8
percent of the shares outstanding.  

Betty Van Steenwyk beneficially owns 1,000 shares of Common Stock,
representing in the aggregate less than 1% of the issued and
outstanding shares of Common Stock, and shares both voting and
dispositive power with respect to all 1,000 shares.

Arrow, LLC beneficially owns and has sole power to vote and dispose
of 271,305 shares of Common Stock, representing in the aggregate
approximately 0.5% of the issued and outstanding shares of Common
Stock of the Company.

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

                       http://is.gd/R3S5JK

                    About American Power Group

American Power Group's alternative energy subsidiary, American
Power Group, Inc., provides a cost-effective patented Turbocharged
Natural Gas conversion technology for vehicular, stationary and
off-road mobile diesel engines.  American Power Group's dual fuel
technology is a unique non-invasive energy enhancement system that
converts existing diesel engines into more efficient and
environmentally friendly engines that have the flexibility to run
on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and
compressed natural gas; (3) diesel fuel and pipeline or well-head
gas; and (4) diesel fuel and bio-methane, with the flexibility to
return to 100 percent diesel fuel operation at any time.  The
proprietary technology seamlessly displaces up to 80% of the
normal diesel fuel consumption with the average displacement
ranging from 40 percent to 65 percent.  The energized fuel balance
is maintained with a proprietary read-only electronic controller
system ensuring the engines operate at original equipment
manufacturers' specified temperatures and pressures.  Installation
on a wide variety of engine models and end-market applications
require no engine modifications unlike the more expensive invasive
fuel-injected systems in the market.  Additional information at
http://www.americanpowergroupinc.com/         

American Power reported a net loss available to common
stockholders of $3.25 million on $6.28 million of net sales for
the year ended Sept. 30, 2014, compared with a net loss available
to common stockholders of $2.92 million on $7.01 million of net
sales for the year ended Sept. 30, 2013.

As of March 31, 2015, the Company had $7.76 million in total
assets, $5.37 million in total liabilities and $2.39 million total
stockholders' equity.


ANACOR PHARMACEUTICALS: Stockholders Elect Two Directors
--------------------------------------------------------
The 2015 annual meeting of stockholders of Anacor Pharmaceuticals,
Inc., was held on June 9, 2015, at which the stockholders:

   (a) elected, as a Class II Director, Mark Leschly to serve
       on the Board of Directors until the 2018 Annual Meeting of
       Stockholders or until his successor is duly elected and
       qualified;
  
   (b) elected, as a Class II Director, William J. Rieflin to
       serve on the Board of Directors until the 2018 Annual
       Meeting of Stockholders or until his successor is duly
       elected and qualified;

   (c) ratified the appointment of Ernst & Young LLP as the
       independent registered public accounting firm of the
       Company for the year ending Dec. 31, 2015; and

   (d) approved, on a non-binding, advisory basis, the
       compensation of the Company's named executive officers.

                    About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

Anacor reported a net loss of $87.1 million on $20.7 million of
total revenues for the year ended Dec. 31, 2014, compared with net
income of $84.8 million on $17.2 million of total revenues for the
year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $214.88 million in total
assets, $137.34 million in total liabilities, $4.95 million in
redeemable common stock and $72.59 million in total stockholders'
equity.


ANDALAY SOLAR: Authorized Common Shares Hiked to 1.2 Billion
------------------------------------------------------------
At the annual meeting held June 9, 2015, the stockholders of
Andalay Solar, Inc. approved an amendment to the Certificate of
Incorporation to increase the number of authorized shares of common
stock from 500 million shares to 1,250,000,000 shares.  The
amendment to the Certificate of Incorporation was filed on
June 12, 2015, with the Delaware Secretary of State.  The rights of
the holders of shares of common stock were not otherwise affected.

                        About Andalay Solar

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

Andalay Solar reported a net loss attributable to common
stockholders of $1.87 million for the year ended Dec. 31, 2014,
compared with a net loss attributable to common stockholders of
$3.85 million for the year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $2.55 million in total
assets, $4.68 million in total liabilities and a $2.12 million
total stockholders' deficit.

Burr Pilger Mayer, Inc., in San Jose, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company's significant
operating losses and negative cash flow from operations raise
substantial doubt about its ability to continue as a going concern.


ANDALAY SOLAR: Stockholders Elect Four Directors
------------------------------------------------
Andalay Solar, Inc., held its annual meeting of stockholders on
June 9, 2015, at which the stockholders:

   (a) elected Mark Kalow, Ron Kenedi, Steven Chan and
       Wei-Tai Kwok to the Company's Board of Directors;

   (b) approved an amendment to the Company's Certificate of
       Incorporation to increase the number of authorized shares
       of common stock to 1,250,000,000;

   (c) approved the extension of the term of the Company's stock
       option plan;

   (d) approved the reservation of 125,000,000 shares of common
       stock for issuance under its stock option plan; and

   (e) ratified the appointment of Burr Pilger Mayer, Inc., as the
       Company's independent registered public accounting firm for
       2015.

                        About Andalay Solar

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

For the year ended Dec. 31, 2014, the Company incurred a net loss
attributable to common stockholders of $1.87 million on $1.28
million of net revenue compared to a net loss attributable to
common stockholders of $3.85 million on $1.12 million of net
revenue in 2013.

As of March 31, 2015, the Company had $2.55 million in total
assets, $4.68 million in total liabilities and a $2.12 million
total stockholders' deficit.

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


API TECHNOLOGIES: Completes Acquisition of Inmet and Weinschel
--------------------------------------------------------------
API Technologies Corp., completed its acquisitions of Aeroflex /
Inmet, Inc. and Aeroflex / Weinschel, Inc. from Cobham plc for a
total purchase price of $80 million.

Combined, Inmet and Weinschel generated revenue of $51.4 million
and EBITDA margins over 20% for the year ended Dec. 31, 2014.  The
closing of the acquisition of Inmet and Weinschel adds breadth to
API's RF, microwave, and microelectronics product portfolio,
extends the Company's subsystems offering, and furthers API's reach
in key end markets, including defense, space, commercial aviation,
and wireless.

Robert Tavares, president and chief executive officer of API,
stated: "We are very pleased to have completed the acquisition of
Inmet and Weinschel - two premier product brands that will augment
our industry leading portfolio of high-performance RF, microwave,
and microelectronics solutions.  The addition of Inmet and
Weinschel strengthens our competitive position as a top electronic
solutions provider, while also being immediately accretive to API's
cash flow and earnings.  I want to personally welcome the Inmet and
Weinschel team members to API and look forward to jointly
delivering products of exceptional quality and performance to our
global customer base."

On June 8, 2015, in connection with the Transaction, API
Technologies entered into Amendment No. 3 to Credit Agreement, by
and among the Company, as borrower, the lenders party thereto and
Guggenheim Corporate Funding, LLC, as administrative agent.  The
Amendment amends that certain Credit Agreement, dated as of
Feb. 6, 2013, by and among the Company, as borrower, the lenders
party thereto and Agent.

The Amendment permits the Transaction and amends the Credit
Agreement to provide for an incremental term loan facility in an
aggregate principal amount equal to $85 million.  The proceeds of
the Incremental Term Loan Facility were used to fund the purchase
price for the Transaction and related fees and expenses, with the
remainder available for general corporate purposes.  The
Incremental Term Loan Facility will share ratably in the remaining
quarterly amortization payments made on the outstanding principal
amount of the outstanding term loans and will mature on Feb. 6,
2018, the same date as the other outstanding term loans.  The
Company paid customary arrangement and commitment fees, as well as
an amendment fee, in connection with the Incremental Term Loan
Facility.

In addition, the Amendment increases the margins applicable to all
outstanding term loans beginning six months after the Amendment
closing date.  As a result, the outstanding term loans, including
the Incremental Term Loan Facility, bear interest, at the Company's
option, at the base rate plus 6.50% or an adjusted LIBOR rate
(based on one, two or three-month interest periods) plus 7.50%
during the first six months after the Amendment closing date, and a
base rate plus 7.50% or the adjusted LIBOR rate plus 8.50%
thereafter.  The base rate continues to mean the highest of Wells
Fargo Bank, National Association’s prime rate, the federal funds
rate plus a margin equal to 0.50% and the adjusted LIBOR rate for a
3-month interest period plus a margin equal to 1.00%. The adjusted
LIBOR rate remains subject to a floor of 1.25%.

The Amendment also increases the prepayment premiums that the
Company is required to pay upon voluntary prepayments or certain
mandatory prepayments of any of the outstanding term loans and
requires an additional prepayment premium for any prepayment of the
Incremental Term Loan Facility made on or prior to the date that is
six months after the Amendment closing date.  This additional
prepayment premium is equal to the amount of interest that would
have been due on the Incremental Term Loan Facility if it had not
been repaid until the six month anniversary of the Amendment
closing date.

The Amendment reduces the minimum interest coverage ratio and
increases the maximum leverage ratio for certain compliance periods
and also permits certain adjustments to the Company's consolidated
EBITDA, which is used in calculating the financial covenants, to
reflect cost savings in connection with the Transaction.

The Incremental Term Loan Facility is otherwise subject to
substantially the same terms and conditions as the $165 million and
$55 million term loan facilities previously provided under the
Credit Agreement.  As of June 8, 2015, there was $201.8 million in
aggregate principal amount of term loans outstanding under the
Credit Agreement (which amount is inclusive of $85 million funded
by the Incremental Term Loan Facility).

Certain of the lenders under the Credit Agreement and their
affiliates have engaged in, and may in the future engage in, other
lending transactions and other commercial dealings in the ordinary
course of business with the Company or the Company's affiliates.
They have received, or may in the future receive, customary fees
and commissions for these transactions.

                      About API Technologies

API Technologies designs, develops and manufactures electronic
systems, subsystems, RF and secure solutions for technically
demanding defense, aerospace and commercial applications.  API
Technologies' customers include many leading Fortune 500
companies.  API Technologies trades on the NASDAQ under the symbol
ATNY.  For further information, please visit the Company Web site
at http://www.apitech.com/        

API Technologies reported a net loss attributable to common
shareholders of $19.3 million for the year ended Nov. 30, 2014,
compared to a net loss attributable to common shareholders of $8.28
million for the year ended Nov. 30, 2013.

                           *     *     *

As reported by the TCR on Feb. 14, 2013, Moody's Investors Service
has withdrawn all ratings of API Technologies, including its
'Caa1' Corporate Family Rating and negative outlook due to the
repayment of all rated debt.  On Feb. 6, 2013, API Technologies
completed a refinancing of its previously outstanding rated
bank debt.  All ratings of API have been withdrawn since the
company has no rated debt outstanding.

In the Feb. 22, 2013, edition of the TCR, Standard & Poor's
Ratings Services said that it lowered its corporate credit rating
on API Technologies to 'B-' from 'B'.

"The downgrade reflects weaker-than-expected credit metrics
resulting from less-than-expected improvements in operating
performance and higher debt, including a modest increase from the
recent refinancing," said Standard & Poor's credit analyst Chris
Mooney.


APOLLO SECURITY: Moody's Assigns 'B2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating to
Apollo Security Services Borrower, LLC, which is being formed by
affiliates of sponsor Apollo Global Management to effect the
simultaneous $2.1 billion acquisitions of both Protection One and
ASG Security. Moody's also assigned B1 and Caa1 ratings to the
borrower's $1.15 billion first-lien and $300 million second-lien
secured credit facilities, respectively. Upon closing of the
simultaneous acquisitions and merger, Moody's will withdraw the
ratings including the existing B2 CFR of Protection One, Inc.. The
rating outlook is stable.

The combined company, operating under the brand name Protection 1
(and hereinafter referred to as Protection One, or P1), will be one
of the larger providers of alarm monitoring services in the U.S.,
with a good balance of residential, commercial, national, and
wholesale subscribers, whose contracts provide recurring and
predictable revenue and cash flows. The B2 CFR takes into account
anticipated synergies resulting from the combination of the largely
overlapping operating markets of ASG and Protection One, which on
its own already covers roughly 85% of the U.S.'s metropolitan
population. ASG's portfolio of residential and commercial customers
complements Protection One's, with fully 34% of the combined
companies' RMR generated by commercial and national accounts, which
tend to have better attrition rates and lower creation costs.

The combination will be slightly leveraging for Protection One,
with debt-to-recurring monthly revenue ("RMR") rising from 31 times
to 34 times initially, which compares favorably to B2-rated
alarm-monitoring peers Vivint and Monitronics International.
Moody's expect debt-to-RMR to show minimal improvement this year,
as the company may need to borrow in order to fund RMR growth,
which is expected to be in the low-single-digit percentages.
Moody's expects the ratio of steady-state-free-cash-flow-to-debt to
stand at about 10% by year-end 2015, good for P1's rating. Moody's
also expects continued, steady revenue growth supported by strong
industry fundamentals. The ratings are supported by good
profitability measures, industry-leading attrition rates, and a
management team that, having executed several acquisitions in
building P1 to its current size, should be able to successfully
integrate ASG as well.

Moody's views P1's liquidity profile as adequate. Helped by low
creation multiples, a curtailed summer sales program, and
industry-leading attrition rates, the company had built a strong
cash balance on its own in 2014. However, that cash will be swept
as part of this transaction, and substantially all of the combined
company's liquidity will be in the form of an expanded, $95 million
revolver. P1 can fund its basic operations with internal cash flow
but business acquisitions and expansion would require external
financing. While Moody's expect revolver availability will be
ample, P1, like most alarm companies, can also cut back on its
customer acquisition efforts in order to bolster cash flows.

The stable outlook reflects the expectation that Protection One
will incur additional expenses in order to raise the margins of the
less profitable (but, through acquisitions, faster-growing) ASG
closer to its historic levels, and as such leverage will remain
elevated, but appropriate for P1's rating category. The company
will likely focus less on residential RMR growth, which has been
above 5% in recent years, and increasingly on the more profitable
national accounts, while maintaining an adequate liquidity
profile.

Protection One's ratings could be upgraded if monitoring and
service margins remain stable, debt / RMR is sustained below 27x,
residential and blended gross retail attrition rates remain below
11%, and cash flow from operations (before growth spending) to debt
is sustained above 10%. A higher rating would also require the
maintenance of conservative financial policies and a good liquidity
profile. The ratings could be downgraded if liquidity deteriorates,
debt / RMR approaches 40x, monitoring and service gross margins
decline materially, or residential and blended gross retail
attrition rates are expected to rise above 13%.

Assignments:

Issuer: Apollo Security Services, LLC.

  -- Corporate Family Rating, Assigned B2

  -- Probability of Default Rating, Assigned B2-PD

  -- Senior secured first-lien term loan and revolving credit
facility, Assigned B1, LGD3

  -- Senior secured second-lien term loan, Assigned Caa1, LGD6

  -- Outlook, Assigned Stable

Apollo Security Services, LLC is being formed by affiliates of
sponsor Apollo Global Management to effect the simultaneous $2.1
billion acquisitions of alarm monitors Protection One and ASG
Security ("ASG"). Moody's expects 2015 revenues, pro-forma for the
merger, of approximately $650 million.

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


ASPEN GROUP: Grants Stock Options to Executive Officers
-------------------------------------------------------
Aspen Group, Inc., granted Janet Gill, the Company's chief
financial officer; Dr. Cheri St. Arnauld, the Company's chief
academic officer; and Gerard Wendolowski, the Company's chief
operating officer, 300,000, 1,000,000 and 700,000 five-year stock
options, respectively, according to a Form 8-K report filed with
the Securities and Exchange Commission.

The options are exercisable at approximately $0.17 per share and
vest in three equal annual increments with the first vesting date
being one year from the grant date, subject to continued service as
an employee on each applicable vesting date.  

Also on June 8, 2015, the Company issued 300,000 restricted stock
units to Andrew Kaplan, a director, in connection with the final
payment owed under a Consulting Agreement.  Of the restricted stock
units, two-thirds are fully vested and one-third vest in six equal
monthly increments.

                          About Aspen Group

Denver, Colo.-based Aspen Group, Inc., was founded in Colorado in
1987 as the International School of Information Management.  On
Sept. 30, 2004, it was acquired by Higher Education Management
Group, Inc., and changed its name to Aspen University Inc.  On
May 13, 2011, the Company formed in Colorado a subsidiary, Aspen
University Marketing, LLC, which is currently inactive.  On
March 13, 2012, the Company was recapitalized in a reverse merger.

Aspen's mission is to become an institution of choice for adult
learners by offering cost-effective, comprehensive, and relevant
online education.  Approximately 88 percent of the Company's
degree-seeking students (as of June 30, 2012) were enrolled in
graduate degree programs (Master or Doctorate degree program).
Since 1993, the Company has been nationally accredited by the
Distance Education and Training Council, a national accrediting
agency recognized by the U.S. Department of Education.

Aspen Group incurred a net loss of $5.35 million for the year
ended April 30, 2014, a net loss of $6 million in 2012 and a net
loss of $2.13 million in 2011.

As of Jan. 31, 2015, Aspen Group had $4.56 million in total assets,
$3.67 million in total liabilities, and $883,000 in total
stockholders' equity.


AUTHENTIC BRANDS: S&P Affirms 'B' CCR, Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Authentic Brands Group LLC (ABG).  The outlook is
stable.

At the same time, S&P assigned its 'B+' issue rating to the
company's proposed $35 million delayed-draw first-lien term debt,
with a recovery rating of '2', indicating S&P's expectation that
lenders could expect substantial (70% to 90%, at the lower end of
the range) recovery in the event of payment default or bankruptcy.
S&P also assigned its 'CCC+' issue rating to the company's proposed
$15 million delayed-draw second-lien term debt, with a recovery
rating of '6', indicating that lenders could expect negligible (0%
to 10%) recovery in the event of payment default or bankruptcy.

S&P also affirmed its 'B+' issue rating on the company's existing
first-lien term facility (composed of a $30 million revolver, $320
million first-lien term debt, and the proposed $85 million
incremental first-lien term debt), with a recovery rating of '2'.
S&P also affirmed its 'CCC+' issue rating on the company's
second-lien facility (composed of $105 million second-lien term
debt and the proposed $60 million incremental second-lien term
debt), with a recovery rating of '6'.

ABG Intermediate Holdings 2 LLC is the borrower of the revolver,
the first- and second-lien term loans, and the delayed draw term
loans.

"Our ratings on ABG reflect our view that the company's capital
structure remains highly leveraged, underscored by incremental debt
issuance with this proposed transaction," said Standard & Poor's
credit analyst Jacqueline Hui.  "Pro forma for the transaction, we
estimate leverage will increase to the low-6x area from about 5.6x
for the 12 months ended March 31, 2015."

The proposed transaction includes issuing incremental term debt to
fund two acquisitions (Jones New York and Frederick's of Hollywood)
and about a $50 million dividend payment to its financial sponsor,
Leonard Green & Partners.  The proposed delayed-draw issuance will
be available for six months from transaction close and is to be
used towards other potential acquisitions.  Standard & Poor's
estimate leverage would be in the mid-6x area if the delayed-draw
term debt is drawn.  Although S&P expects the company's credit
measures to gradually strengthen, it believes they will remain in
line with indicative ratios for the "highly leveraged" financial
descriptor, which includes leverage above 5x.  S&P believes the
company is highly acquisitive and will continue to fund
acquisitions with a combination of debt and cash on hand.  Though
the company generates good cash flow, S&P believes it will direct
this towards acquisitions ahead of debt reduction.  S&P has also
factored into its rating ABG's financial policy profile, which will
remain aggressive, owing to its financial sponsor ownership.  Most
financial sponsors focus on generating investment returns over
short time horizons (less than five years), at times through
acquisitions and dividend payouts.

The ratings also reflect the company's relatively small size, brand
concentration, and participation in the highly competitive apparel
industry that is susceptible to fashion risk.  The company's
portfolio of brands is growing and, overall, enjoys good brand
recognition.  The portfolio includes both apparel and celebrity
brands, such as Juicy Couture, Spyder, Elvis Presley, and Marilyn
Monroe.  The portfolio also includes certain brands that require
some revitalization, such as Juicy Couture and, now, Jones New
York, which both have had recent weak performance under its prior
owners.  S&P estimates Juicy Couture is close to 30% of ABG's total
sales.  S&P has factored into its business risk assessment the
benefits the company achieves through its licensing business model,
which provides for guaranteed minimum royalties for use of the
brand through multiyear contracts.  The royalty-based licensing
business model is predicated on providing brand management and
trend direction for the licensees, which generate a predictable
stream of royalty income.  This model generates very significant
margins since the licensee is responsible for design,
manufacturing, logistics, and working-capital management.  However,
there is licensing contract renewal risk since most of the
licensing contracts are between three to ten years, and typically
contain minimum sales in order to exercise renewal rights.  S&P do
not believe there are any material contracts expiring in the next
year.

The outlook is stable.  S&P believes ABG will continue to benefit
from its recent acquisitions and stable contracted business, and
for gradual improvement in credit metrics through some debt
reduction over the next year.  Still, S&P expects leverage to
remain high at above 5x because of the company's acquisitive growth
strategy, and in line with indicative ratios for a "highly
leveraged" financial risk profile.  



AVON PRODUCTS: Liquidity Tightens Due to Small Revolver, Fitch Says
-------------------------------------------------------------------
Avon Products, Inc. terminated its $1 billion senior unsecured
revolving credit facility on June 5, 2015, replacing it with a $400
million senior secured facility.  Fitch Ratings had cited the
company's declining liquidity as part of its rationale in the May
1, 2015 downgrade of the Issuer Default Rating to 'BB-' from 'BB'.
Cash balances had been more than $1.1 billion from 2010 through
2013 and combined with the $1 billion revolver for a very healthy
$2+ billion liquidity buffer.  At March 31, 2015 the company's
liquidity was $1.7 billion.  It is now $1.1 billion on a pro forma
basis.  Cash of almost $670 million at the end of March 2015 is
still strong and should carry the company through the near term
given Fitch's expectation for modestly negative free cash flow.

The facility, with Avon International Operations, Inc. as borrower,
has a limited recourse guarantee from Avon.  Avon, the subsidiary
guarantor and the borrower each provide assets to secure the
revolver.  The guarantee by Avon is capped at the value of the
security it provides, hence the limited recourse.  The security for
the facility includes substantially all assets of the borrower and
the subsidiary guarantor and certain assets of Avon, and excludes
collateral to the extent it would trigger an obligation to secure
Avon's unsecured notes.

Covenants in the new secured credit agreement are accommodative for
a difficult 2015 but tighten thereafter.  The leverage covenant
starts at 4.5x beginning on June 30, 2013, widens to 5.95x at Dec.
31, 2015, then begins declining to 3.5x over time. Based on flat
debt of $2.6 billion, EBITDA would have to decline more than 50% to
$470 million in 2015 from $970 million in 2014 to prompt a covenant
violation.  This is not Fitch's expectation.  The interest coverage
ratio which is effective June 30, 2015 begins at 3.5x but loosens
to 2x at Dec. 31, 2015 before increasing to 3.5x over time.
Restricted payment limitations are in place at a maximum of $120
million after 2015.  Additional restricted payment amounts depend
on liquidity levels as well as leverage ratios.



AXION INTERNATIONAL: Three Directors Resign
-------------------------------------------
Allen Kronstadt, Samuel Rose and Thomas Bowersox, members of the
Board of Directors of Axion International Holdings, Inc., notified
the Board that they were resigning as directors effective as of
June 9, 2015, according to a document filed with the Securities and
Exchange Commission.

                    About Axion International

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

Axion International reported a net loss attributable to common
shareholders of $17.2 million on $14.4 million of revenue for the
year ended Dec. 31, 2014, compared to a net loss attributable to
common shareholders of $25.8 million on $6.62 million of revenue
for the same period in 2013.

As of March 31, 2015, the Company had $21.3 million in total
assets, $39.5 million in total liabilities, $6.82 million in 10%
convertible preferred stock, and a $25.1 million total
stockholders' deficit.

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


BERRY PLASTICS: To Redeem Existing 9.75% Notes on July 13
---------------------------------------------------------
On June 5, 2015, Berry Plastics Corporation accepted for purchase
$503,186,000 of its $800,000,000 aggregate original principal
amount 9.75% Second Priority Senior Secured Notes due 2021 pursuant
to its previously announced tender offer and consent solicitation
relating to the Existing Notes. Following Berry's acceptance for
purchase of $503,186,000 aggregate principal amount of Existing
Notes on June 5, 2015, pursuant to the Tender Offer, $296,814,000
aggregate principal amount of Existing Notes remained outstanding.
The Existing Notes were originally issued under an Indenture dated
as of Nov. 19, 2010, as amended and supplemented, by and among
Berry, certain of its subsidiaries, as guarantors, and U.S. Bank
National Association, as Trustee.

On June 11, 2015, at Berry's direction, the Trustee gave notice to
the remaining holders of the Existing Notes of Berry's election to
redeem all of the Existing Notes remaining outstanding on July 13,
2015.

On June 11, 2015, Berry irrevocably deposited cash with the Trustee
in an amount sufficient to redeem any Existing Notes outstanding on
the redemption date.  On June 11, 2015, the obligations of Berry
and its subsidiary guarantors under the Existing Notes, the
Indenture governing the Existing Notes and the related subsidiary
guarantees were terminated, and the Indenture was discharged.

                        About Berry Plastics

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

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

As of March 28, 2015, the Company had $5.21 billion in total
assets, $5.28 billion in total liabilities, and a $86 million total
stockholders' deficit.

                           *     *     *

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


BIOFUELS POWER: Posts $224,000 Net Loss in First Quarter
--------------------------------------------------------
Biofuels Power Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $224,233 on $0 of sales for the three months ended March 31,
2015, compared to a net loss of $182,223 on $0 of sales for the
same period in 2014.

As of March 31, 2015, the Company had $2.3 million in total assets,
$7.8 million in total liabilities and a $5.5 million total
stockholders' deficit.

"Our ability to obtain additional financing will be subject to a
variety of uncertainties.  The inability to raise additional funds
on terms favorable to us, or at all, could have a material adverse
effect on our business, financial condition and results of
operations.  If we are unable to obtain additional capital when
required, we would be forced to scale back our planned
expenditures, which would adversely affect our growth prospects,"
the Company said in the report.

"As a result of our limited operating history, our operating plan
and our growth strategy are unproven and we have limited insight
into the long-term trends that may impact our business.  There is
no assurance that our operating plan and growth strategy will be
successful or that we will be able to compete effectively, achieve
market acceptance for green electricity or address the risks
associated with our existing and planned business activities."

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

                        http://is.gd/nolJBy

                          Biofuels Power

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

Biofuels Power reported a net loss of $1.08 million on $0 of sales
for the year ended Dec. 31, 2014, compared with a net loss of
$607,000 on $0 of sales for the year ended Dec. 31, 2013.

Clay Thomas, P.C., in Abilene, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has suffered
significant losses and will require additional capital to develop
its business until the Company either (1) achieves a level of
revenues adequate to generate sufficient cash flows from
operations; or (2) obtains additional financing necessary to
support its working capital requirements.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


BON-TON STORES: Incurs $34.1 Million Net Loss in First Quarter
--------------------------------------------------------------
The Bon-Ton Stores, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $34.1 million on $611 million of net sales for the 13 weeks
ended May 2, 2015, compared with a net loss of $31.5 million on
$607 million of net sales for the 13 weeks ended May 3, 2014.

As of May 2, 2015, the Company had $1.6 billion in total assets,
$1.5 billion in total liabilities and $54.4 million in total
shareholders' equity.

At May 2, 2015, the Company had $8.7 million in cash and cash
equivalents and $368.3 million available under its Second Amended
Revolving Credit Facility (before taking into account the minimum
borrowing availability covenant under such facility).  Excess
availability was $439 million as of the comparable prior year
period.  The unfavorable excess availability comparison primarily
reflects increased direct borrowings to support our operations.

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

                         http://is.gd/9Qrrwu

                        About Bon-Ton Stores

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

Bon-Ton Stores reported a net loss of $6.97 million on $2.75
billion of net sales for the fiscal year ended Jan. 31, 2015,
compared to a net loss of $3.55 million on $2.77 billion of net
sales for the fiscal year ended Feb. 1, 2014.  The Company reported
a net loss of $21.6 million for the fiscal year ended Feb. 2,
2013.

                           *     *     *

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

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

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


BOOMERANG SYSTEMS: Eliminates Chief Operating Officer Post
----------------------------------------------------------
Boomerang Systems, Inc., eliminated the position of chief operating

officer from its organizational structure.  George Gelly, who
served in that capacity until June 5, 2015, was appointed senior
vice president, software, strategy, and architecture, according to
a Form 8-K report filed with the Securities and Exchange
Commission.

                      About Boomerang Systems

Headquartered in Morristown, New Jersey, Boomerang Systems, Inc.
(Pink Sheets: BMER) through its wholly owned subsidiary, Boomerang
Utah, is engaged in the design, development, and marketing of
automated racking and retrieval systems for automobile parking and
automated racking and retrieval of containerized self-storage
units.

Boomerang Systems reported a net loss of $2.66 million for
the year ended Sept. 30, 2014, a net loss of $11.2 million for the
year ended Sept. 30, 2013 and a net loss of $17.4 million for the
year ended Sept. 30, 2012.

As of March 31, 2015, the Company had $6 million in total assets,
$19.5 million in total liabilities, and a $13.5 million total
stockholders' deficit.

                        Bankruptcy Warning

"Our operations may not generate sufficient cash to enable us to
service our debt.  If we were to fail to make any required payment
under the Loan and Security Agreement, notes and agreements
governing our indebtedness or fail to comply with the covenants
contained in the Loan and Security Agreement, notes and
agreements, we would be in default.  A default under the Loan and
Security Agreement could significantly diminish the market value
and marketability of our common stock and could result in the
acceleration of the payment obligations under all or a portion of
our consolidated indebtedness, or a renegotiation of our Loan and
Security Agreement with more onerous terms and/or additional
equity dilution.  If the debt holders were to require immediate
payment, we might not have sufficient assets to satisfy our
obligations under the Loan and Security Agreement, notes or our
other indebtedness.  It may also enable their lenders under the
Loan and Security Agreement to foreclose on the Company's assets
and/or its ownership interests in its subsidiaries.  In such
event, we could be forced to seek protection under bankruptcy
laws, which could have a material adverse effect on our existing
contracts and our ability to procure new contracts as well as our
ability to recruit and/or retain employees.  Accordingly, a
default could have a significant adverse effect on the market
value and marketability of our common stock," the Company said in
its annual report for the year ended Sept. 30, 2014.

"We have a limited amount of cash to grow our operations.  If we
cannot obtain additional sources of cash, our growth prospects and
future profitability may be materially adversely affected and we
may not be able to implement our business plan or fulfill
contracts.  Such additional financing may not be available on
satisfactory terms or it may not be available when needed, or at
all," the Company added.


BOOMERANG TUBE: Meeting to Form Creditors' Panel Set for June 19
----------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on June 19, 2015, at 10:00 a.m. in the
bankruptcy case of Boomerang Tube, LLC, et al.

The meeting will be held at:

         The DoubleTree Hotel
         700 King St. Wilmington
         DE 19801

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee. Section 1103 of the
Bankruptcy Code provides that the Committee may consult with the
debtor, investigate the debtor and its business operations and
participate in the formulation of a plan of reorganization.  The
Committee may also perform other services as are in the interests
of the unsecured creditors whom it represents.

.



BUCKEYE STATE MUTUAL: A.M. Best Cuts Finc'l Strength Rating to 'B'
------------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B
(Fair) from B+ (Good) and the issuer credit ratings to "bb+" from
"bbb-" of Buckeye State Mutual Insurance Company (Buckeye) (Piqua,
OH) and its insurance affiliate: Home and Farm Insurance Company
(Fort Wayne, IN).  The outlook for all ratings has been revised to
stable from negative.

The rating downgrades reflect Buckeye's significant operating
losses in recent years, which led to sizeable declines in its
policyholders' surplus, stemming from catastrophe weather-related
losses, along with unfavorable loss experience in the automobile
line of business and competitive market pressures in its operating
territory.  The frequency and severity of gross catastrophe losses
were elevated over the past five years.

Buckeye's underwriting losses over the previous five-year period
were driven primarily by widespread storm losses in the Midwest.
The losses were partially offset by net investment income, albeit
at a declining level.  In addition to recently reducing its
property exposures, Buckeye has undertaken a new rating platform
for automobile, bi-peril rating of property risks, continued rate
increases across all major lines and agency management actions.

Buckeye's business concentration in the Midwest continues to expose
its earnings to catastrophic wind, hail and tornado losses.
Management partially mitigates this exposure through comprehensive
reinsurance, and prudent risk management and geographic
diversification strategies.  As a result, the net probable maximum
loss (PML) from a 100-year tornado/hail event, as depicted in a PML
analysis, has been reduced to a reasonable level of surplus.

Factors that may lead to further negative rating actions include
sudden, continued deterioration of Buckeye's underwriting and
operating results, particularly if the resulting performance causes
further erosion of risk-adjusted capitalization.  Factors that may
lead to positive rating actions include sustained improvement in
operating performance while maintaining strong levels of
risk-adjusted capitalization and other performance measures.


C&J ENERGY: S&P Lowers CCR to 'B+', Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Houston-based C&J Energy Services Ltd. to 'B+' from
'BB-'

At the same time, S&P lowered the ratings on the company's revolver
and term loans to 'BB' (two notches above the corporate credit
rating) from 'BB+'.  The recovery rating on the debt remains '1',
indicating S&P's expectation of very high (90% to 100%) recovery in
the event of a payment default.

"The downgrade on C&J Energy Services Ltd. reflects our assessment
of the company's significantly increased leverage, which we no
longer view as stronger than its 'B+' rated peers," said Standard &
Poor's credit analyst Stephen Scovotti.  "Utilization and pricing
for the company's completion services has weakened materially in
the first half of 2015 and as such, we expect credit measures to be
elevated in 2015, with funds from operations to debt below 12% and
debt to EBITDA above 6x.  However, we do expect that operating
performance and credit measures will improve modestly in 2016, as
oil prices and drilling activity recover," he added.

The ratings on CJES reflect S&P's assessment of its "weak" business
risk, "aggressive" financial risk, and "adequate" liquidity, as
defined in S&P's criteria.  These assessments reflect S&P's view of
the company's participation in the highly cyclical and competitive
U.S. oilfield services industry, good geographic and customer
diversification in the U.S., and midsize scale compared with its
competitors.  S&P assess CJES' liquidity as "adequate," as defined
in its criteria.  S&P expects cash sources to cover uses by at
least 1.2x over the next 12 months.

The stable outlook reflects S&P's expectation that although
operating performance and credit measures will remain weak in 2015,
S&P expects them to improve in 2016.  S&P expects FFO to debt to be
about 12% and debt to EBITDA to be greater than 6X in 2015.

S&P could lower the ratings if FFO to debt fell below 12% for a
sustained period.  This scenario could occur if operating
performance does not materially improve in 2016, as S&P expects it
to do so.

S&P could consider an upgrade if the company materially improved
its credit measures such that FFO to debt improved relative to
peers.  S&P believes this could occur if industry conditions get
much stronger and the company maintains a more conservative
financial policy relative to peers.



CACHE INC: Judge Extends Deadline to Remove Suits to Sept. 2
------------------------------------------------------------
U.S. Bankruptcy Judge Mary Walrath has given Cache Inc. until Sept.
2, 2015, to file notices of removal of lawsuits involving the
company and its affiliates.
   
                         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.


CALEDONIAN BANK: Liquidators Entrusted to Distribute U.S. Assets
----------------------------------------------------------------
A federal judge signed off on an order entrusting to Caledonian
Bank Ltd.'s liquidators the distribution of U.S. assets of the
Cayman Islands-based bank.

The order, issued by U.S. Bankruptcy Judge Martin Glenn, allows the
liquidators to repatriate the bank's U.S. assets to Cayman Islands.


The liquidators, however, cannot remove funds held in the bank's
account with Morgan Stanley Smith Barney LLC unless there is court
approval since doing so might hurt the bank's ability to maintain a
balance of at least $7 million, according to court filings.

Caledonian Bank has been required to maintain cash in the account
by a New York district court, which oversees the case filed against
the bank by the U.S. Securities and Exchange Commission over claims
it profited from stock sales of invalidly registered shell
companies.

Caledonian Bank filed for court protection under Chapter 15 of the
Bankruptcy Code, which shields U.S. assets of insolvent companies
overseas.  About 51 percent of the bank's assets are in the U.S.

                       About Caledonian Bank

Caledonian Bank Limited is a wholly-owned subsidiary of Caledonian
Global Financial Services, Inc., a well-known specialized financial
services provider in the Cayman Islands.  Caledonian Bank was
incorporated in the Cayman Islands in 2007, and its registered
office and headquarters is located in Georgetown, Grand Cayman,
Cayman Islands.

On Feb. 10, 2015, the sole shareholder of the Debtor, CGFSI, passed
resolutions placing the Debtor into voluntary liquidation under the
Companies Law (2013 Revision) and appointing Gordon MacRae and
Eleanor Fisher of Zolfo Cooper (Cayman) Limited as the joint
voluntary liquidators ("JVLs") of Caledonian Bank.

On Feb. 11, 2015, the JVLs filed a petition with the Cayman Court
seeking, among other relief, court authorization to control the
affairs of, and court supervised liquidation of, the Debtor.

Keiran Hutchison and Claire Loebell of Ernst & Young Ltd., as the
joint controllers ("Petitioners"), filed a Chapter 15 petition
(Bankr. S.D.N.Y. Case No. 15-10324) for Caledonian Bank Limited in
Manhattan in the United States on Feb. 16, 2015.  The case is
assigned to Judge Martin Glenn.

As of Jan. 31, 2015, Caledonian Bank had assets of $585 million,
$388 million of which was cash on deposit with other financial
institutions or liquid fixed income investments, and liabilities of
$560 million, $520 million of which was repayable to depositors on
demand.

Geoffrey T. Raicht, Esq., at Proskauer Rose LLP, serves as counsel
in the U.S. case.

Caledonian Bank estimated $500 million to $1 billion in assets and
debt.


CDS U.S.: Moody's Assigns 'B2' Corp. Family Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service assigned to CDS U.S. Intermediate
Holdings, Inc. (doing business as Cirque du Soleil) a first-time B2
Corporate Family Rating and B2-PD Probability of Default Rating.
Concurrently, Moody's assigned a B1 rating to the proposed
first-lien credit facilities, consisting of a $615 million senior
secured term loan and $100 million senior secured revolving credit
facility, and Caa1 rating to the $170 million second-lien senior
secured term loan. The rating outlook is stable.

Proceeds from the new credit facilities plus approximately $630
million of new equity from funds managed by TPG Capital Group
("TPG"), Fosun Capital Group ("Fosun") and Caisse de depot et
placement due Quebec ("Caisse") will be used to finance the
leveraged buyout (LBO) of Cirque du Soleil. Guy Laliberte, the
company's founder, will retain a 10% minority interest.

Issuer: CDS U.S. Intermediate Holdings, Inc.:

  -- Corporate Family Rating - B2

  -- Probability of Default Rating - B2-PD

  -- $100 Million First-Lien Senior Secured Revolver due 2020 -
     B1 (LGD3)

  -- $615 Million First-Lien Senior Secured Term Loan due 2022 -
     B1 (LGD3)

  -- $170 Million Second-Lien Senior Secured Term Loan due 2023 -
     Caa1 (LGD5)

  -- Outlook: Stable

CDS Canadian Intermediate Holdings, Inc. is a co-borrower of the
facilities

The assigned ratings are subject to review of final documentation
and no material change in the terms and conditions of the
transaction as presented to Moody's.

Cirque du Soleil B2 CFR reflects the company's strong franchise of
branded shows, its flexible operating model and its ability to
continuously develop creative content and source talent in order to
provide for a variation in its themed shows to maintain consumer
appeal. The rating also incorporates the company's high pro-forma
leverage of 5.4x of EBITDA (LTM as of March 2015, incorporating
Moody's standard operating lease adjustments) pending the LBO,
significant competition for discretionary consumer spending, as
well as Cirque du Soleil's concentration in Las Vegas where it has
a strong relationship with its event partner MGM Resorts
International. The upfront investment and lead time to develop and
launch new shows, uncertain consumer reception for newly launched
shows, maturation of existing shows, and economic cycles create
meaningful earnings and cash flow volatility. The Las Vegas
exposure is partially mitigated by the geographic diversity
contributed by the company's global touring business.

The company utilizes a partnership business model for its resident
shows that minimizes capital expenditures and provides a variable
operating expense structure such that many of the expenses are
incurred on a per show or per box office sale basis. This creates
greater flexibility than exists in the touring business to adjust
costs in response to unplanned closures of live performances when
consumer appeal does not meet the company's expectations. Because
the venue for resident shows is established, the "time to
performance" visibility is better for resident shows than for
touring events. These are positive operating risk mitigants to
Cirque du Soleil's show planning cycle.

Cirque du Soleil's mature single-product operating structure
exposes it to events outside of its control, such as changes in
consumer income and discretionary spending, travel disruptions,
competition from other entertainment providers, natural disasters,
and political upheavals. Such exposures as well as several misses
on its resident shows have resulted in historical performance
volatility, particularly when combined with relatively lumpy show
development expenses. Pending purchase of the company by TPG,
Cirque du Soleil is expected to modify its operating strategy,
broadening its product offering through third-party IP
partnerships, introduction of more affordable performances and
further geographic expansion into new markets and venues. If well
executed, this strategy may provide incremental operating income
stability during periods of weaker economic conditions.

Moody's expects the company's near term revenue and operating
profit to remain relatively flat, as existing shows mature and new
shows are launched. Management intends to introduce additional
profit generating initiatives over the near term and Moody's
expects these initiatives to have positive contribution to EBITDA,
offset by incremental new business development expenses. Moody's
projects overall debt-to-EBITDA leverage and free cash flow to
remain unchanged over the next 12-18 months from the pro forma
levels following the LBO due to incremental investment and capital
spending that will likely be needed to implement longer term plans
for Cirque du Soleil. The B2 CFR incorporates the potential for
shareholder friendly financial policies.

Moody's expects the company will maintain adequate liquidity with
cash balances of at least $30 million, positive free cash flow,
full access to a $100 million five-year revolving credit facility,
and the absence of financial maintenance covenants in the credit
facility except for a springing first lien net leverage ratio in
the revolver that Moody's does not anticipate will be triggered
over the next 12-18 months.

The stable rating outlook reflects Moody's view that the company
will maintain its strong branded position within the entertainment
segment, continuing to re-invent its live acrobatic performances.
Moody's expects marginal revenue growth over the next 12-18 months
largely through incremental ticket pricing increases and
improvements in ancillary product sales. Moody's expects the EBITDA
margins to remain in mid-teen percent, with 20% - 30% conversion of
EBITDA into free cash flow, and debt-to-EBITDA remaining in a mid
5x range. Moody's projects positive free cash flow of roughly
$30-40 million over the next 12 months (assuming no dividends),
which will likely be used for broadening of the company's long-term
product offerings.

An upgrade could occur if Cirque du Soleil exhibits revenue growth
and successful implementation of product expansion leading to
consistent and increasing free cash flow generation, sustained
reduction in total debt to EBITDA leverage below 4.5x (Moody's
adjusted) and free cash flow to adjusted debt of at least 10%. The
company would also need to maintain a good liquidity position and
exhibit prudent financial policies to be considered for an
upgrade.

Ratings could be downgraded if debt-to-EBITDA leverage is sustained
above 6.0x (Moody's adjusted), either through underperformance to
plan or via aggressive financial policies. Cirque du Soleil's
ratings could also be downgraded if broader macro-economic trends
or changes in consumer appeal result in consistent underperformance
of its core live acrobatic shows, its liquidity weakens, or the
company's new incremental performance products fail to generate
sufficient cash flow on a consistent basis.

The principal methodology used in this rating 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.

Cirque du Soleil is a provider of unique live acrobatic theatrical
performances. The company currently has 9 resident shows (8 in Las
Vegas and 1 in Orlando), and 9 touring shows. For FYE December
2014, the company's revenue was $845 million.


CHINA PRECISION: Announces Plan to Restructure Operations
---------------------------------------------------------
China Precision Steel, Inc., disclosed with the Securities and
Exchange Commission that it plans to restructure substantially all
of its operations.  In connection with the restructuring plan, the
Company expects to cease substantially all operations at its
Shanghai, China, facility effective June 10, 2015.  The Company is
in the process of terminating the majority of its employees.  

The Company said it does not have sufficient cash flows to continue
its current operations and is considering alternative options,
including sale of control of the Company or all its assets.

The restructuring plan was a result of the Company's inability to
restructure its bank loan agreement with Raiffeisen Zentralbank
Osterreich AG.  Principal and interest under the short-term loans
then totaling $27,715,781 with RZB were to be repaid in full on
July 31, 2012, but the Company has defaulted on this repayment
obligation.  On April 16, 2014, the Company received a notice from
China International Economic and Trade Arbitration Commission
regarding an arbitration pleading filed by RZB for the defaulted
short-term loan.  The arbitration hearing took place on Oct. 14,
2014.  An arbitral award was subsequently issued on Dec. 31, 2014,
which orders the repayment of the loan principal with any late and
penalty interest and that RZB has first priority on the proceeds
realized from the sale of any assets which collateralize the loan.
Discussions to remove the covenant to maintain specific levels of
inventories that collateralize the loan have failed.  RZB has the
right to take possession of the collateral granted in connection
with their respective loan agreements and the arbitral award.  In
June 2012, the Company also defaulted on its repayment obligations
of a Senior Loan Agreement with DEG-Deutsche Investitions-Und
Entwicklungsgesellschaft Mbh for a loan principal balance of
$16,200,000 with any accrued and penalty interest.  DEG has the
right to take possession of the collateral granted in connection
with its respective loan agreement.

The Company currently estimates it will recognize costs in the
range of approximately $1,080,000 (consisting primarily of employee
termination costs) in the fourth quarter of 2015.

Effective June 10, 2015, Jian Lin Li, Tung Kuen Tsui and Wei Hong
Xiao resigned from the Board of Directors of the Company.

                     About China Precision Steel

China Precision Steel -- http://chinaprecisionsteelinc.com/-- is
a niche precision steel processing company principally engaged in
the production and sale of high precision cold-rolled steel
products and provides value added services such as heat treatment
and cutting medium and high carbon hot-rolled steel strips. China
Precision Steel's high precision, ultra-thin, high strength (7.5
mm to 0.05 mm) cold-rolled steel products are mainly used in the
production of automotive components, food packaging materials, saw
blades, steel roofing and textile needles.  The Company sells to
manufacturers in the People's Republic of China as well as
overseas markets such as Nigeria, Ethiopia, Thailand and
Indonesia.  China Precision Steel was incorporated in 2002 and is
headquartered in Sheung Wan, Hong Kong.

China Precision reported a net loss of $37.5 million on
$47.2 million of sales revenues for the year ended June 30, 2014,
compared to a net loss of $68.9 million on $36.5 million of
sales revenues in 2013.

As of Dec. 31, 2014, the Company had $66.3 million in total assets,
$63.7 million in total liabilities, all current, and $2.61 million
in total stockholders' equity.

MSPC Certified Public Accountants and Advisors, A Professional
Corporation, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
suffered very significant losses for the years ended June 30, 2014,
and 2013, respectively.  Additionally, the Company defaulted on
interest and principal repayments of bank borrowings that raise
substantial doubt about its ability to continue as a going
concern.


CONSTAR INTERNATIONAL: Hires CBRE as Charlotte NC Property Manager
------------------------------------------------------------------
Constar International Holdings, LLC, nka Capsule International
Holdings and its debtor-affiliates seek authorization from the U.S.
Bankruptcy Court for the District of Delaware to employ CBRE, Inc.
as property manager and real estate broker, nunc pro tunc to Nov.
1, 2014.

The Debtors are seeking entry of an order authorizing them to enter
into a Management Agreement titled "4915 Hovis Rd, Charlotte NC"
with CBRE, pursuant to which CBRE will act as the property manager
for certain real properties located at 4915 Hovis Road, Charlotte,
North Carolina and 800 Tar Heel Rd, Charlotte, North Carolina (the
"Property"). Pursuant to the Property Management Agreement, CBRE
will be paid a monthly management fee of $1,000 and reimbursement
for all salaries, employment taxes, bonuses, and applicable
overtime pay, with respect to all CBRE employees fully or partially
dedicated to the Property (collectively the "Charlotte Monthly
Fee"), a fee which Black Diamond will pay. In pertinent part, the
Property Management Agreement requires CBRE to manage and operate
the Property and comply with the Debtors’ reasonable
instructions, granting CBRE discretion in negotiating contracts on
behalf of the Debtors with third party vendors for the operation,
repair, maintenance and servicing of the Property.

The Debtors are also seeking authorization to enter into that
certain Listing Agreement titled "Exclusive Right to Sell Listing
Agreement" with CBRE, pursuant to which CBRE will act as the
Debtor’s agent with the exclusive right to sell the Property.
Pursuant to the Property Listing Agreement, CBRE will be paid a
commission for a sale executed during the term of the Property
Listing Agreement of 6% of the gross sales price of the Charlotte
Property.

Henry Lomax, managing director of CBRE, Inc., assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

CBRE Inc. can be reached at:

       Henry Lomax
       CBRE, INC.
       201 South College Street, Suite 1700
       Charlotte, NC 28244
       Tel: (704) 331-1200
       Fax: (704) 331-1259

                   About Constar International

Privately held Constar International Holdings and nine affiliated
debtors (nka Capsule International Holdings, et al.) filed for
Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-13281) on
Dec. 19, 2013.

Constar, which manufactures plastic containers, is represented by
Michael J. Sage, Esq., Brian E. Greer, Esq., Stephen M. Wolpert,
Esq., and Janet Bollinger Doherty, Esq., at Dechert LLP; and Robert
S. Brady, Esq., and Sean T. Greecher, Esq., at Young Conaway
Stargatt & Taylor, LLP.  Prime Clerk LLC serves as the Debtors'
claims and noticing agent, and administrative advisor.  Lincoln
Partners Advisors LLC serves as the Debtors' financial advisor.

Judge Christopher S. Sontchi oversees the 2013 case.

This is Constar International's third bankruptcy.  Constar first
filed for Chapter 11 protection (Bankr. D. Del. Lead Case No.
08-13432) in December 2008, with a pre-negotiated Chapter 11 Plan
and emerged from bankruptcy in May 2009.  Constar and its
affiliates returned to Chapter 11 protection (Bankr. D. Del. Case
No. 11-10109) on Jan. 11, 2011, with a pre-negotiated Chapter 11
plan and emerged from bankruptcy in June 2011.

The new petition listed assets worth less than $100 million against
$123 million on three layers of secured debt.

Attorneys at Brown Rudnick LLP represent the official committee of
unsecured creditors.  The Committee retained Alvarez & Marsal North
America LLC as its financial advisor.

Counsel to Wells Fargo Capital Finance, LLC, the revolving loan
agent, is Andrew M. Kramer, Esq., at Otterbourg P.C.

On Feb. 10, 2014, the Bankruptcy Court authorized Constar to sell
certain assets to Plastipak Packaging, Inc., a global manufacturer
of rigid plastic packaging.  The Court determined that Plastipak's
$102,450,000 offer for the Debtors' U.S. assets bested the offers
from Amcor Rigid Plastics USA, Inc., and Envases Universales De
Mexico S.A.P.I. De C.V. during a Feb. 6 auction.

Separately, the Court authorized Constar to sell a facility in
Havre de Grace, Maryland, to Smucker Natural Foods, Inc., for
$3 million.  There was no other bidder for the Maryland
facility.

The sole director of debtor Constar International U.K. Limited has
appointed Daniel Francis Butters and Nicolas Guy Edwards of
Deloitte LLP as administrators.  The U.K. Administration Proceeding
follows the closing of the sale of the U.K. assets to Sherburn
Acquisition Limited.  The Delaware Bankruptcy Judge authorized the
U.S. Debtors to sell the U.K. Assets to Sherburn for GBP3,512,727,
(or US$7,046,000), less the deposit in the sum of US$1,250,000.

Secured lender Black Diamond Commercial Finance, LLC, as DIP note
agent, and Wells Fargo Capital Finance, LLC, as DIP revolving agent
and agent under the revolving loan facility, consented to the
administration of Constar U.K. and the appointment of the Joint
Administrators.

In view of the asset sales in the U.S. and the U.K., the Debtors
changed their corporate trade names -- and with the Bankruptcy
Court's consent, their bankruptcy case caption -- to Capsule Group
Holdings, Inc.; Capsule Intermediate Holdings, Inc.; Capsule Group,
Inc.; Capsule International LLC; Capsule DE I, Inc.; Capsule DE II,
Inc.; Capsule PA, Inc.; Capsule Foreign Holdings, Inc.; and Capsule
International U.K. Limited (Foreign).


CONSTAR INTERNATIONAL: Taps CB Richard as Property Manager & Agent
------------------------------------------------------------------
Constar International Holdings, LLC, nka Capsule International
Holdings and its debtor-affiliates, seek authorization from the
U.S. Bankruptcy Court for the District of Delaware to employ CB
Richard Ellis Memphis ("CBRE") as exclusive property manager and
sales agent with respect to certain real property located at 595
Industrial Boulevard, Jackson, Mississippi (the "Property"), nunc
pro tunc to Nov. 1, 2014.

The Debtors are also seeking entry of an order authorizing them to
enter into a Management Agreement titled "595 Industrial Boulevard,
Jackson, MS" with CBRE, pursuant to which CBRE will act as the
property manager for the Property. Pursuant to the Management
Agreement, CBRE will be paid a monthly management fee of $1,500
(the "Monthly Fee"), a fee which Black Diamond will pay. In
pertinent part, the Management Agreement requires CBRE to manage
and operate the Property and comply with the Debtors’ and Black
Diamond’s reasonable instructions, granting CBRE discretion in
negotiating contracts on behalf of the Debtors with third party
vendors for the operation, repair, maintenance and servicing of the
Property.

The Debtors are also seeking authorization to enter into a Listing
Agreement titled "Exclusive Sales Listing Agreement" with CBRE
pursuant to which the Debtors will retain CBRE as their agent with
the exclusive right to sell the Property. Pursuant to the Listing
Agreement, the Debtors agree to pay CBRE a commission for a sale
executed during the term of the Listing agreement: 5% of the gross
purchase price of the Property.

Mary F. Sharp, chief operating officer of CB Richard Ellis Memphis
("CBRE Memphis"), assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.

CB Richard Ellis Memphis can be reached at:

       Mary F. Sharp
       CB RICHARD ELLIS MEMPHIS
       2620 Thousand Oaks Blvd., Suite 4000
       Memphis, TN 38118
       Tel: (901) 260-1006
       Fax: (901) 260-1007
       E-mail: mary.sharp@cbrememphis.com

                   About Constar International

Privately held Constar International Holdings and nine affiliated
debtors (nka Capsule International Holdings, et al.) filed for
Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-13281) on
Dec. 19, 2013.

Constar, which manufactures plastic containers, is represented by
Michael J. Sage, Esq., Brian E. Greer, Esq., Stephen M. Wolpert,
Esq., and Janet Bollinger Doherty, Esq., at Dechert LLP; and Robert
S. Brady, Esq., and Sean T. Greecher, Esq., at Young Conaway
Stargatt & Taylor, LLP.  Prime Clerk LLC serves as the Debtors'
claims and noticing agent, and administrative advisor.  Lincoln
Partners Advisors LLC serves as the Debtors' financial advisor.

Judge Christopher S. Sontchi oversees the 2013 case.

This is Constar International's third bankruptcy.  Constar first
filed for Chapter 11 protection (Bankr. D. Del. Lead Case No.
08-13432) in December 2008, with a pre-negotiated Chapter 11 Plan
and emerged from bankruptcy in May 2009.  Constar and its
affiliates returned to Chapter 11 protection (Bankr. D. Del. Case
No. 11-10109) on Jan. 11, 2011, with a pre-negotiated Chapter 11
plan and emerged from bankruptcy in June 2011.

The new petition listed assets worth less than $100 million against
$123 million on three layers of secured debt.

Attorneys at Brown Rudnick LLP represent the official committee of
unsecured creditors.  The Committee retained Alvarez & Marsal North
America LLC as its financial advisor.

Counsel to Wells Fargo Capital Finance, LLC, the revolving loan
agent, is Andrew M. Kramer, Esq., at Otterbourg P.C.

On Feb. 10, 2014, the Bankruptcy Court authorized Constar to sell
certain assets to Plastipak Packaging, Inc., a global manufacturer
of rigid plastic packaging.  The Court determined that Plastipak's
$102,450,000 offer for the Debtors' U.S. assets bested the offers
from Amcor Rigid Plastics USA, Inc., and Envases Universales De
Mexico S.A.P.I. De C.V. during a Feb. 6 auction.

Separately, the Court authorized Constar to sell a facility in
Havre de Grace, Maryland, to Smucker Natural Foods, Inc., for $3
million.  There was no other bidder for the Maryland facility.

The sole director of debtor Constar International U.K. Limited has
appointed Daniel Francis Butters and Nicolas Guy Edwards of
Deloitte LLP as administrators.  The U.K. Administration Proceeding
follows the closing of the sale of the U.K. assets to Sherburn
Acquisition Limited.  The Delaware Bankruptcy Judge authorized the
U.S. Debtors to sell the U.K. Assets to Sherburn for GBP3,512,727,
(or US$7,046,000), less the deposit in the sum of US$1,250,000.

Secured lender Black Diamond Commercial Finance, LLC, as DIP note
agent, and Wells Fargo Capital Finance, LLC, as DIP revolving agent
and agent under the revolving loan facility, consented to the
administration of Constar U.K. and the appointment of the Joint
Administrators.

In view of the asset sales in the U.S. and the U.K., the Debtors
changed their corporate trade names -- and with the Bankruptcy
Court's consent, their bankruptcy case caption -- to Capsule Group
Holdings, Inc.; Capsule Intermediate Holdings, Inc.; Capsule Group,
Inc.; Capsule International LLC; Capsule DE I, Inc.; Capsule DE II,
Inc.; Capsule PA, Inc.; Capsule Foreign Holdings, Inc.; and Capsule
International U.K. Limited (Foreign).


CORINTHIAN COLLEGES: June 23 Auction Scheduled for Equipment
------------------------------------------------------------
A vast selection of medical, dental, classroom and office equipment
will be available for sale when Tiger Group's Remarketing Services
division, in cooperation with Reich Brothers and MRI Auctions,
conducts an online auction of assets formerly used at seven Everest
College career training campuses previously owned by Corinthian
Colleges Inc., a bankrupt for-profit college operator.

The sale includes professional equipment and supplies from the
college's dental assistant, nursing, medical assistant, massage
therapy and criminal justice programs, as well as technology
systems, furniture and other equipment from the schools' 300,000
square feet of classrooms and offices.  

Online bidding will commence June 16 at www.SoldTiger.com and will
close in rapid succession, live auction style, on June 23 beginning
at 10:30 a.m. (PT).  Previews of the various assets being offered
will be held June 22 from 10:00 a.m. to 4:00 p.m. (PT) at 1175 E.
Edna Place, Covina, Calif.

"We're very pleased to offer such an impressive selection of
quality medical, dental and law enforcement equipment to other
trade schools, professional practices and law enforcement agencies
in the region," said Jeff Tanenbaum, President of Tiger Remarketing
Services.  "With all items utilized in an educational setting, the
quality and condition of most equipment is first rate, presenting
an excellent buying opportunity for both equipment users and
resellers."

Medical equipment to be offered includes Ritter electric exam
tables, Hill Rom electric hospital beds, more than 100 microscopes,
and more than 50 sphygmomanometers, as well as UV sterilizers,
EKGs, ultrasound and other equipment, and thousands of medical
supplies. Medical training assets include skeletons, anatomic
models, a birthing simulator, CPR simulators, textbooks and more.

Available dental equipment includes 15 Royal Signet electric dental
chairs, Gendex and Endos Intra Oral X-ray machines, autoclaves,
model trimmers, ultrasonic units, hand pieces, training devices and
other assets.

Massage therapy accessories up for bid include more than 60 tables
and chairs, and feet and head support cushions.

Criminal justice equipment to be offered includes batons, training
guns, holsters, handcuffs, and a law library.

General classroom, office and IT equipment for sale includes more
than 40 Smartech smart boards and stands, more than 30 projections
screens, more than 150 Cisco IP phones, and office supplies.

For a full catalog of the items offered and details on how to
schedule a site visit and bid, go to: www.SoldTiger.com.

At its peak in 2013, Corinthian Colleges operated more than 100
campuses -- including the seven Everest schools covered in this
sale -- with more than 81,000 students taking courses on-campus and
online.  But the company suffered a cash flow crunch after a cutoff
in federal student aid funds, which accounted for about 90% of
Corinthian's revenue.  The college and related entities filed for
Chapter 11 Bankruptcy Protection on May 4, 2015 in Delaware
Bankruptcy Court (case number 15-10952 (KJC).

                        About Tiger Group

Tiger Group -- http://www.TigerGroup.com-- provides asset
valuation, advisory and disposition services to a broad range of
retail, wholesale, and industrial clients.  With over 40 years of
experience and significant financial backing, Tiger offers a
uniquely nimble combination of expertise, innovation and financial
resources to drive results.  Tiger's seasoned professionals help
clients identify the underlying value of assets, monitor asset risk
factors and, when needed, provide capital or convert assets to
capital quickly and decisively.  Tiger's collaborative,
straight-forward approach is the foundation for its many long-term
'partner' relationships and decades of success.  Tiger operates
globally through its partners and affiliates, with primary offices
in New York, Boston, Los Angeles, San Francisco, and Sydney.

                    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.


COVERIS HOLDINGS: S&P Affirms 'B' CCR & Affirms 7.875% Notes 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on U.S.-based packaging company Coveris Holdings S.A.


At the same time, S&P affirmed its 'B-' issue-level rating on the
company's 7.875% senior unsecured notes due 2019 including its
proposed $155 million add-on.  The recovery rating on this debt
remains '5', reflecting S&P's expectation for modest recovery (10%
to 30%; lower end of the range) in the event of a payment default.
S&P expects the company to use proceeds to fund acquisitions and
general corporate purposes.

S&P also affirmed the 'B' issue-level and '3' recovery ratings on
the company's first-lien term loan facilities.  The '3' recovery
rating indicates S&P's expectation of meaningful (higher end of the
50%-70% range) recovery in the event of a payment default.

"The stable outlook reflects our expectation that Coveris will
sustain 'adequate' liquidity and will improve credit measures, as
restructuring costs taper and the company is able realize continued
synergies and operational improvements," said Standard & Poor's
credit analyst Nadine Totri.

In May 2015, the company acquired New Zealand-based flexible
packaging company Elldex Packaging Solutions.  The company also
announced the acquisition of an agricultural plastics and
masterbatch manufacturer serving markets in Mexico and Central
America.  The acquisitions will serve to improve Coveris' product
line and end market diversity, as well as expand its geographical
presence beyond North America and Europe.

S&P's assessment of Coveris' "fair" business risk profile, as
defined in S&P's criteria, reflects its expectation that the
company will benefit from increased geographic and product line
diversity and its continued focus on the relatively stable food,
beverage, agriculture, and consumer products end-markets.  S&P also
expects the company to continue to benefit from ongoing cost
reductions and procurement and manufacturing improvements, as part
of Sun Capital Partners Inc.'s consolidation of its packaging
businesses.

S&P's assessment of Coveris' financial risk profile as "highly
leveraged," as defined in S&P's criteria, reflects its financial
sponsor ownership and its expectation that the company will
maintain high debt leverage.  S&P believes Coveris' liquidity will
remain "adequate," as defined in its criteria.  S&P could lower
ratings if operating performance weakened significantly,
restructuring costs remained elevated, or the company pursued a
large, debt-funded dividend distribution or acquisition.  If such a
scenario resulted in debt to EBITDA weakening to about 7x or more
without the prospect for a quick recovery, S&P would consider a
downgrade.

While unlikely in the next 12 months, S&P could consider an upgrade
if the company were able to sustainably improve credit measures,
with debt to EBITDA below 5x and commit to maintaining a less
aggressive financial policy.



CRESSON DEVELOPMENT: Cal. Ct. App. Affirms Trial Court Ruling
-------------------------------------------------------------
The Court of Appeals of California, First District, Division Five,
affirmed the trial court's ruling in the case captioned JOHN
POPPIN, Plaintiff and Respondent, v. GEORGE V. CRESSON, Defendant
and Appellant, NO. A139918 (Cal. Ct. App., 1st District, Div. 5).

In June 2010, a suit was filed by John Poppin against George V.
Cresson as "president" of Cresson Development Company ("CDC").  As
CDC's president, Cresson had previously signed a payment guaranty
for Poppin's fees for the latter's legal services to Infill
Community Partners, LP ("Infill") in a bankruptcy proceeding.  When
Poppin's fees went unpaid, he sued Cresson individually on the
guaranty, alleging Cresson was liable as CDC's alter ego.

The trial court ruled in Poppin's favor and awarded judgment
against Cresson.  It disregarded the corporate entity in this case
because Cresson signed the guaranty on behalf of CDC and expressly
assured Poppin that CDC was "good for it" at a time when Cresson
should have known the corporation was defunct.

In its May 20, 2015 opinion which is available at
http://is.gd/vaRtXvfrom Leagle.com, the appellate court affirmed
the trial court's imposition of alter ego liability on Cresson.  It
held thus: "As the separate personality of the corporation is a
statutory privilege, it must be used for legitimate business
purposes and must not be perverted. When it is abused it will be
disregarded and the corporation looked at as a collection or
association of individuals, so that the corporation will be liable
for acts of the stockholders or the stockholders liable for acts
done in the name of the corporation."

CDC was formed as an Oregon corporation on October 4, 1995,
administratively dissolved in Oregon on November 25, 1999,
reinstated on January 5, 2000, and again administratively dissolved
on November 30, 2000.


CRYOPORT INC: Further Amends Form S-1 Prospectus with SEC
---------------------------------------------------------
Cryoport, Inc., filed an amended registration statement with the
Securities and Exchange Commission relating to a firm commitment
public offering of 1,953,125 units.

Each unit consists of one share of the Company's common stock,
$0.001 par value, and one warrant to purchase one share of its
common stock at an exercise price of 110% of the public offering
price of one unit in this offering.  The common stock and warrants
are immediately separable and will be issued separately.

The Company's common stock is currently traded on the OTC Bulletin
Board under the symbol CYRXD.  On May 19, 2015, the Company
effected a reverse stock split on a 12-to-1 basis.  On June 10,
2015, the last reported sale price for the Company's common stock
was $7.68 per share.  The Company has applied for listing of its
common stock and warrants on the NASDAQ Capital Market under the
symbols "CYRX" and ["*"].  The Company gives no assurance that its
application will be approved.

A copy of the amended Form S-1 is available for free at:

                       http://is.gd/emEfX5

                          About Cryoport

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

Cryoport reported a net loss attributable to common stockholders of
$12.2 million for the year ended March 31, 2015, compared to a net
loss attributable to common stockholders of $19.6 million for the
year ended March 31, 2014.  As of March 31, 2015, Cryoport had $2.6
million in total assets, $3.02 million in total liabilities and a
$416,000 total stockholders' deficit.

KMJ Corbin & Company LLP, in Costa Mesa, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended March 31, 2015, citing that the
Company has incurred recurring operating losses and has had
negative cash flows from operations since inception.  Although the
Company has cash and cash equivalents of $1.4 million at March 31,
2015, management has estimated that cash on hand, which include
proceeds from Class B convertible preferred stock received
subsequent to the fourth quarter of fiscal 2015, will only be
sufficient to allow the Company to continue its operations into the
third quarter of fiscal 2016.  These matters raise substantial
doubt about the Company's ability to continue as a going concern.


CTI BIOPHARMA: Hercules Agrees to Provide $25 Million Term Loans
----------------------------------------------------------------
CTI BioPharma Corp. and its wholly-owned subsidiary, Systems
Medicine LLC entered into a third amendment to the loan and
security agreement dated March 26, 2013, as amended, with Hercules
Technology Growth Capital, Inc. and certain of its affiliates,
according to a Form 8-K filed with the Securities and Exchange
Commission.

Pursuant to the Amendment, the Lender agreed to provide term loans
in an aggregate principal amount of up to $25 million under the
Facility, inclusive of amounts outstanding immediately prior to
closing of the Third Amendment.  On June 9, 2015, approximately
$6.2 million (less fees and expenses) was funded, thereby resulting
in a current outstanding principal balance under the Facility of
$20 million.  The remaining $5 million is available for borrowing
at the Borrower's option through June 30, 2016, subject to no event
of default under the Facility and the satisfaction of the following
two conditions:

   (1) receipt by the Lender on or prior to Dec. 31, 2015, of
       satisfactory evidence that the Borrower has achieved full
       patient enrollment for the PERSIST-2 Phase III clinical
       trial for pacritinib; and

   (2) receipt by the Lender on or prior to June 30, 2016, of
       satisfactory evidence that the Borrower has achieved
       positive phase III data in connection with such clinical
       trial.

The interest rate on the Term Loan Borrowings floats at a rate per
annum equal to 10.95% plus the amount by which the prime rate
exceeds 3.25%.  The Borrower is initially required to make interest
payments only on a monthly basis, and the principal amount of the
Term Loan Borrowings is repayable over 36 monthly installments
commencing on Jan. 1, 2016.  The interest-only period may be
extended, at the Borrower's option, by three months if the Borrower
satisfies the Milestone Event No. 1 prior to Jan. 1, 2016, and by
an additional three months if the Borrower satisfies the Milestone
Event No. 2 prior to April 1, 2016 (and, if the Milestone Event No.
2 does not occur prior to April 1, 2016 but occurs prior to July 1,
2016, the monthly principal installments required under the
Facility shall stop for the first three months occurring after the
completion of the Milestone Event No. 2). The Term Loan Borrowings
will mature on Dec. 1, 2018.  The Borrower may elect to prepay some
or all of the Term Loan Borrowings at any time subject to a
prepayment fee, if any, pursuant to the terms of the Facility.
Under certain circumstances, the Borrower may be required to prepay
the Term Loan Borrowings with proceeds of asset dispositions.  The
Term Loan Borrowings are secured by a first priority security
interest on substantially all of the Company's personal property
except its intellectual property and subject to certain other
exceptions.

The Borrower paid a facility charge of $250,000 in connection with
the Amendment.  The provision under the Original Loan Agreement
requiring the Borrower to pay a fee to the Lender of $1,275,000 on
the date of repayment of the borrowings thereunder was amended
pursuant to the Amendment, such that the fee will now be payable on
the earliest to occur of (1) Oct. 1, 2016, (2) the date on which
the Term Loan Borrowings are prepaid in full or (3) the date on
which the Term Loan Borrowings become due and payable in full.  

In connection with the Amendment, the Company issued the Lender a
warrant exercisable in whole or in part for up to 292,398 shares of
common stock of the Company at any time prior to June 9, 2020, at
an initial exercise price per share of $1.71.  If, within six
months after closing, the Company issues shares of common stock or
securities that are exercisable or convertible into shares of
common stock in transactions not registered under the Securities
Act of 1933, as amended to one or more investors for cash for
financing purposes at an effective price per share of common stock
that is less than the then-effective exercise price, then the
exercise price will automatically be reduced to equal the price per
share of common stock in such transaction.  The exercise price
under the Warrant and the number of shares for which the Warrant is
exercisable are each subject to certain customary adjustments as
set forth in the agreement representing the Warrant.

The Company will not be obligated to issue any shares of common
stock if such issuance, together with all prior issuances that are
deemed to be aggregated under the rules of the NASDAQ Stock Market,
in the aggregate would equal or exceed 19.9% of the shares of the
Company outstanding as of the date prior to the execution and
delivery the Warrant Agreement or such issuance would otherwise
violate the Company's obligations under the rules or regulations of
the NASDAQ Capital Market.

In the event that, prior to the expiration or earlier termination
of the Warrant, the Company registers with the SEC the resale of
any shares of its common stock, the Warrant holder may require the
Company to also register with the SEC the resale of any or all of
the Warrant Shares.

                        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.


CTI BIOPHARMA: To Hold Annual Meeting on Sept. 23
-------------------------------------------------
CTI BioPharma Corp. has rescheduled its annual meeting of
shareholders for Sept. 23, 2015.

The record date for the Annual Meeting has been set as the close of
business on July 22, 2015.  Because the date of the Annual Meeting
has been changed by more than 30 days from the anniversary of the
Company's 2014 annual meeting of shareholders, the deadline for the
submission of proposals by shareholders for inclusion in the
Company's proxy materials relating to the Annual Meeting in
accordance with Rule 14a-8 under the Securities Exchange Act of
1934, as amended, will be the close of business on July 1, 2015,
which the Company believes is a reasonable time before it expects
to begin to print and send its proxy materials.  The deadline of
July 1, 2015, applies only to shareholder proposals that are
eligible for inclusion in the Annual Meeting in accordance with
Rule 14a-8.  To be eligible for inclusion in the Company's proxy
materials, shareholder proposals must comply with the requirements
of Rule 14a-8 and with the Company's bylaws.  Those proposals
should be delivered to: CTI BioPharma Corp., 3101 Western Avenue,
Suite 600, Seattle, Washington 98121, Attention: Secretary.

                        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.


CTPARTNERS EXECUTIVE: Has Insufficient Cash Flows from Operations
-----------------------------------------------------------------
CTPartners Executive Search, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q,
disclosing a net loss of $1.13 million on $35.7 million of total
revenue for the three months ended March 31, 2015, compared with
net income of $1.03 million on $41.0 million of total revenue for
the same period last year.

The Company's balance sheet at March 31, 2015, showed $83.1 million
in total assets, $58.2 million in total liabilities, and
stockholders' equity of $24.9 million.

The Company does not have sufficient cash flows from operations or
cash resources to repay the credit facility or obligations under
the Note Purchase agreement if they become immediately due and
payable at the lender's discretion after the limited duration
waiver expires.  This indicates substantial doubt about the
Company's ability to continue as a going concern for a reasonable
period of time.

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

                       http://is.gd/XiDptM
                          
                         About CTPartners

CTPartners is a global executive search firm that is designed to
deliver in-depth expertise, creative strategies, and outstanding
results to clients worldwide.  Committed to a philosophy of
partnering with its clients, CTPartners offers a proven track
record in C-Suite, top executive, and board searches, as well as
extensive experience in serving private equity and venture capital
firms.

From its 44 offices in 24 countries, CTPartners serves clients with

a global organization of more than 500 professionals and employees,

offering expertise in board advisory services, key leadership
functions, and executive recruiting services in the financial
services, life sciences, industrial, professional services,
retail and consumer, and technology,
media and telecom industries.


DPX HOLDINGS: IPO Filing No Impact on Moody's 'B3' CFR
------------------------------------------------------
Moody's Investors Service said that the S-1 registration with the
U.S. Securities and Exchange Commission for an initial public
offering by DPx Holdings B.V.'s parent company is credit positive.
However, DPx's ratings, including its B3 corporate family rating,
and negative outlook are unaffected.

DPx Holdings B.V. is a leading provider of commercial manufacturing
and pharmaceutical development services for branded and generic
prescription drugs to the pharmaceutical industry globally as well
as a provider of active pharmaceutical ingredients to large
biopharmas and crop protection and other chemical industries.

The principal methodology used in this rating 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.


ELBIT IMAGING: Completes Sale of Interest in Two Belgium Hotels
---------------------------------------------------------------
Elbit Imaging Ltd. announced that its wholly owned indirect
subsidiary has completed the transaction contemplated in the Share
Purchase Agreement with Astrid JV S.a.r.l., an affiliate of
Kohlberg Kravis Roberts & Co. L.P., with regard to the sale of its
entire (100%) holdings in its wholly owned subsidiary which owns
and operates the Radisson Blu Hotel and the Park Inn Hotel in
Antwerp, Belgium.

The asset value reflected in the transaction was approximately Euro
48 million for both Hotels subject to working capital and other
adjustments as specified in the agreement.  The total net
consideration paid to the Company's wholly owned subsidiary,
following the repayments of the Target's banks loan, and the
aforementioned adjustments, was approximately Euro 27 million out
of which Euro 1 million was deposited in escrow to secure the
Seller's indemnification obligations under the Share Purchase
Agreement.

In accordance with the refinancing loan agreement between Bank
Hapoalim B.M and the Company, the Company has prepaid an amount of
approximately $5 million on account of the loan.

                        About Elbit Imaging

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

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

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

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

As of March 31, 2015, Elbit Imaging had NIS 3.33 billion in total
assets, NIS 2.87 billion in total liabilities and NIS 459 million
in shareholders' equity.


EMPIRE GLOBAL: Had Operating Losses for the Past Two Years
----------------------------------------------------------
Empire Global Corp. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net loss
of $299,000 on $1.23 million of revenue for the three months ended
March 31, 2015, compared with a net loss of $43,900 on $nil of
revenue for the same period in the prior year.

The Company's balance sheet at March 31, 2015, showed $4.03 million
in total assets, $2.13 million in total liabilities, and
stockholders' equity of $1.89 million.

The Company had operating losses for the past two years.  There are
no assurances that management will be successful in achieving
sufficient cash flows to fund the Company's working capital needs,
or whether the Company will be able to refinance or renegotiate its
obligations when they become due or raise additional capital
through future debt or equity.  These factors among others,
raise 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/TPaOvv
                          
                       About Empire Global

Empire Global Corp. (OTCBB: EMGL) is a holding company engaged in
the acquisition and operation of revenue producing real estate
properties that have a good prospect for growth.  The company
specializes in the investment, development and operation of
revenue producing properties that service commercial business
tenants, hotel, tourism and leisure travel business operators
internationally.  The company owns one rental property at 501
Alliance Avenue in Toronto, Ontario, Canada.


ERIE OTTERS: Auction Set for July 10; June 24 Is Deadline for Bids
------------------------------------------------------------------
Ed Palattella at Goerie.com reports that bids for Erie Otters must
be submitted by June 24, 2015.  The auction of the Otters will be
held on July 10, 2015, Goerie.com states.

Court documents say that U.S. Bankruptcy Judge Thomas P. Agresti
set the June 24 deadline because of the complexity of the sale.
Judge Agresti, according to Goerie.com, said that he primarily
wants to give the Ontario Hockey League enough time to vet the
prospective buyers before July 10.

Any deal must be approved by Judge Agresti and the OHL, Goerie.com
relates.

As reported by the Troubled Company Reporter on June 8, 2015, Ed
Palattella at Goerie.com reported that JAW Hockey Enterprises LP
is the preferred buyer of the Otters' current owner, Sherry Bassin,
for the team.

According to court documents, JAW Hockey will make the opening
offer for the Otters: $7,225,000 in cash.  

Goerie.com says that an Erie-based group is considering submitting
an upset bid, but if JAW Hockey submits the only offer, it would
buy the Otters without competition on July 10.

As reported by the Troubled Company Reporter on April 9, 2015, Ed
Palattella, writing for Erie Times-News, reported that Erie Otters
filed for bankruptcy to stop the National Hockey League's Edmonton
Oilers from forcing a sale of the Otters to collect on a $4.6
million debt.  According to the report, the Team's broker is Game
Plan Special Services LLC.


FINJAN HOLDINGS: Gets $826K Distribution From JVP Fund Investment
-----------------------------------------------------------------
Finjan Holdings, Inc. received a cash distribution of $825,963 as a
portion of a gross entitlement of approximately $1.5 million from
its investment in JVP VII Cyber Strategic Partners, L.P., an
Israel-based venture capital fund.  This distribution represents a
portion of the gross proceeds allocated to the Company's
investment, with the remaining amounts to be retained by the JVP
Fund to fund future investment activities and pursuant to an
18-month escrow account, according to a document filed with the
Securities and Exchange Commission.

                           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.


FINJAN HOLDINGS: Provides Litigation Update in Blue Coat Case
-------------------------------------------------------------
Finjan Holdings, Inc., announced that its subsidiary, Finjan, Inc.,
will be proceeding to trial on July 20, 2015, maintaining its
assertion of claims from each of the six patents against accused
Blue Coat products that were named in its original complaint
(5:13-cv-03999-BLF).  The Honorable Beth Labson Freeman released
the redacted version of the Court's Order Granting In Part and
Denying In Part [Blue Coat's] Motion for Summary Judgment; Denying
[Finjan's] Motion for Summary Judgment, entered June 9, 2015,
(Order, Docket No. 265).

"The Court's Order essentially means that Finjan will be able to
present its infringement case against Blue Coat to a jury and that
the damages it seeks as a result of Blue Coat's infringement was
not negatively impacted by the Order," commented Julie Mar-Spinola,
Finjan's chief intellectual property officer and VP, Legal.  "We
are confident in the merits of our patent claims and will proceed
to trial accordingly."

As reported on June 4, 2015, the hearing on Blue Coat's motion for
summary adjudication on infringement and invalidity and Finjan's
motion for summary adjudication on infringement was held on
April 16, 2015.  Blue Coat sought summary judgment of
non-infringement on each of the six Finjan patents asserted against
Blue Coat, as well as invalidity of Claim 14 of US Patent No.
7,647,633.  The Court ruled on Blue Coat's Motions as follows:

* Regarding US Patent No. 6,804,780, Blue Coat sought summary
judgment that its ProxyAV does not infringe the asserted claims of
the '780 Patent.  Blue Coat did not seek a determination on its MAA
product, also accused of infringement by Finjan.  In sum, the Court
denied Blue Coat's Motion with respect to non-infringement by
ProxyAV of the asserted claims either literally or under the
doctrine of equivalents.

* Regarding US Patent Nos. 6,154,844 and 7,418,731, Blue Coat
sought summary judgment that its WebPulse product does not infringe
the asserted claims of the '844 and '731 Patents.  The Court denied
Blue Coat's Motion with respect to non-infringement by WebPulse of
the asserted claims either literally or under the doctrine of
equivalents.
  
* Regarding US Patent No. 6,965,968, Blue Coat sought summary
judgment that its ProxySG and WebPulse products do not infringe the
asserted claims of the '968 Patent.  The Court denied Blue Coat's
Motion with respect to non-infringement by ProxySG and WebPulse of
the asserted claims either literally or under the doctrine of
equivalents.

* Regarding US Patent Nos. 7,058,822 and 7,647,633, Blue Coat
sought summary judgment that its Pop-Up Blocker feature of the
ProxySG does not infringe the asserted claims of either the '822 or
'633 Patents.  Blue Coat also sought summary judgment that Claim 14
of the '633 Patent is indefinite and therefore invalid.  The Court
granted Blue Coat's Motion with respect to non-infringement by
ProxySG's Pop-Up Blocker of the asserted claims of the '822 and
'633 Patents.  The Court, however, denied Blue Coat's Motion with
respect to indefiniteness of Claim 14 of the '633 Patent.
  
Further, the Court denied Finjan's Motion for Summary Judgment that
Blue Coat infringes all six of Finjan's patents, determining that
there were issues of fact that were appropriate for a jury to
decide at trial.

Thus, based on the Court's ruling, Finjan will go to trial on all
six patents it asserted against Blue Coat.  As noted on page 4 of
the Order, Finjan has accused a number of products of infringement,
including but not limited to Blue Coat's ProxyAV, ProxySG and
WebPulse products, which will be subject to the trial scheduled for
July 20, 2015.  Finjan's damages case against Blue Coat remains the
same and was not diminished as a result of the Court's Order.

Finjan also filed patent infringement lawsuits against FireEye,
Proofpoint, Sophos, Symantec, and Palo Alto Networks relating to,
collectively, more than 20 patents in the Finjan portfolio. The
court dockets for the foregoing cases are publicly available on the
Public Access to Court Electronic Records (PACER) website,
www.pacer.gov, which is operated by the Administrative Office of
the U.S. Courts.

                            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.


FOUR OAKS: Shareholders Elect 8 Directors
-----------------------------------------
Four Oaks Fincorp, Inc., held its annual meeting of shareholders on
June 8, 2015, at which the shareholders:

   (a) elected Robert Gary Rabon, Kenneth R. Lehman, David H.
       Rupp, Ayden R. Lee, Jr., Warren L. Grimes, Michael A.
       Weeks, Dr. R. Max Raynor, Jr. and Paula Canaday Bowman
       as directors;

   (b) ratified the appointment of Cherry Bekaert LLP as the
       Company's independent registered public accounting firm for
       the fiscal year ending Dec. 31, 2015; and

   (c) approved, on an advisory basis, the compensation of the
       Company's executive officers.

                          About Four Oaks

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

Four Oaks Fincorp reported a net loss of $4.18 million in 2014, a
net loss of $350,000 in 2013, a net loss of $6.96 million in 2012
and a net loss of $9.09 million in 2011.  As of Dec. 31, 2014, the
Company had $821 million in total assets, $780 million in total
liabilities and $40.7 million in total shareholders' equity.

                         Written Agreement

In late May 2011, the Company and the Bank entered into a Written
Agreement with the Federal Reserve Bank of Richmond and the North
Carolina Commissioner of Banks.  Under the terms of the Written
Agreement, the Bank developed and submitted for approval, within
the time periods specified, plans to:
  
   * revise lending and credit administration policies and  
     procedures at the Bank and provide relevant training
  
   * enhance the Bank's real estate appraisal policies and
     procedures

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

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

  * review and revise the Bank's current policy regarding the     

    Bank's allowance for loan and lease losses and maintain a
    program for the maintenance of an adequate allowance.


FREESEAS INC: Acquires 51% Controlling Interest in Standcorp
------------------------------------------------------------
v412859_ex99-1.htm
FreeSeas Inc. has acquired a 51% controlling stake in the newly
formed Standcorp International Limited.  The rest of the shares are
owned by non-affiliated entities associated with the Marvin group
of companies, whose extensive experience for over twenty years has
focused in the operation and ownership of tanker vessels.

Standcorp will engage in the commercial operation of product and
crude oil tankers covering a large array of sizes, by contracting
them through time charter or bareboat charter arrangements, and
subsequently deploying them in the spot market or in fulfillment of
contract cargoes.  The company intends to operate in generic
markets but also to focus on a number of niche markets, such as
West Africa.  In addition, the company shall, depending on market
conditions, commercially operate dry-bulk carriers either
chartered-in, acquired, or through services agreements with
affiliated Owners, including FreeSeas Inc. tonnage.

Mr. Ion G. Varouxakis, chairman, president and CEO was quoted as
saying: "We are excited with our decision to enter this venture
which positions the company in new markets and presents us with new
opportunities in cooperation with experienced partners.  At a time
when the dry-bulk market is at a standstill, we expect that
FreeSeas shall be able to generate income and create value for its
shareholders by getting involved in the tanker sector which offers
higher returns on investment, as operators only in the first stage,
and gain experience in the sector."

                        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.


FUNKY MONKEY: Suing Pointe Orlando Over Wall Construction
---------------------------------------------------------
Cindy Barth at the Orlando Business Journal reports that Funky
Monkey Inc. is suing Pointe Orlando.  The Orlando Sentinel relates
that the Company alleged that a construction wall that encircled
most of its International Drive-area restaurant for several months
made it look like the eatery was closed, thus causing a fall-off in
business.

Funky Monkey Inc., dba Funky Monkey Bistro & Bar., runs three
restaurants in the Orlando area.  

Funky Monkey Inc. filed for Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Case No. 14-13728) on Dec. 22, 2014.  

Bradley M. Saxtonm, Esq., at Winderweedle Haines Ward & Woodman,
P.A., serves as the Company's bankruptcy counsel.  Court documents
show that the Company has debts between $500,000 and $1 million,
owed to more than 50 creditors.


GELTECH SOLUTIONS: Names Dave Gutmann as Director
-------------------------------------------------
GelTech Solutions, Inc., appointed Mr. Dave Gutmann as a director
of the Company, according to a Form 8-K report filed with the
Securities and Exchange Commission.   

Since April 2015, Mr. Gutmann has been providing consulting
services to the Company in consideration for 100,000 10-year
warrants exercisable at $0.76 per share.  In connection with his
appointment, Mr. Gutmann received an automatic grant under the
Company's equity incentive plan.   

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

GelTech reported a net loss of $5.22 million for the year ended
June 30, 2013, as compared with a net loss of $7.13 million for the
year ended June 30, 2012.

For the nine months ended March 31, 2015, the Company reported a
net loss of $3.81 million on $367,000 of sales compared to a net
loss of $5.59 million on $718,000 of sales for the same period
during the prior year.

As of March 31, 2015, the Company had $1.47 million in total
assets, $3.93 million in total liabilities, and a $2.46 million
total stockholders' deficit.


GENERAL MOTORS: $450MM Obligation to UAW Cancelled, 6th Cir. Says
-----------------------------------------------------------------
The United States Court of Appeals, Sixth Circuit affirmed the
district court's judgment in the case captioned INTERNATIONAL
UNION, UNITED AUTOMOBILE, AEROSPACE AND AGRICULTURAL IMPLEMENT
WORKERS OF AMERICA, Plaintiff-Appellant, v. GENERAL MOTORS, LLC,
Defendant-Appellee, NO. 14-1019 (6th Cir.).

The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America ("UAW") sued General
Motors ("GM") in the United States District Court for the Eastern
District of Michigan for payment of $450 million.  GM previously
agreed to contribute that amount toward the workers' retirement, in
consideration for the UAW's cooperation with the reorganization of
Delphi and, GM asserted, if Delphi fulfilled certain conditions.

In a May 14, 2015 opinion, which is available at
http://is.gd/zeJRO9from Leagle.com, the appellate court held that
while the New GM did assume the obligations of the Old GM, the $450
million obligation was nevertheless extinguished by the 2009
Retiree Settlement Agreement negotiated and signed by GM and the
UAW.

                    About General Motors

With its global headquarters in Detroit, Michigan, General Motors
-- http://www.gm.com/-- is one of the world's largest  
automakers, traces its roots back to 1908.

General Motors Co. was formed to acquire the operations of
General Motors Corp. through a sale under 11 U.S.C. Sec. 363
following Old GM's bankruptcy filing.  The U.S. government
provided financing.  The deal was closed July 10, 2009, and Old GM
changed its name to Motors Liquidation Co.

Old GM -- General Motors Corporation -- filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1,
2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  The Debtors tapped Weil, Gotshal & Manges LLP
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel; and Morgan Stanley, Evercore Partners and the Blackstone
Group LLP as financial advisor.  Garden City Group is the claims
and notice agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation was dissolved.  On the
Dissolution Date, pursuant to the Plan and the Motors Liquidation
Company GUC Trust Agreement, dated March 30, 2011, between the
parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.

                         *     *     *

The Troubled Company Reporter, on Aug. 29, 2014, reported that
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of
General Motors Company (GM) and its General Motors Holdings LLC
(GM Holdings) subsidiary at 'BB+'.  In addition, Fitch has
affirmed GM Holdings' secured revolving credit facility rating at
'BBB-' and GM's senior unsecured notes rating at 'BB+'.  The
Rating Outlook for GM and GM Holdings is Positive.


GLOBALSTAR INC: Amends $15.5 Million Prospectus with SEC
--------------------------------------------------------
Globalstar, Inc. has amended its Form S-3 registration statement
relating to the sale of up to $15,516,236 of shares of its voting
common stock, which are held or may be held by Hughes Network
Systems, LLC.

The shares will be issued to the selling stockholder in connection
with its payment to Hughes, a subsidiary of EchoStar Corporation,
pursuant to an agreement dated May 1, 2008, as amended.

The Company will not receive any of the proceeds from the sale of
shares, if any, by the selling stockholder.  The agreement with
Hughes required the Company to register the shares for resale under
the Securities Act.  Hughes, as the selling stockholder, may choose
to retain or sell these shares, in whole or in part, and has
provided no indication of their desire to sell shares at this
time.

The Company's common stock is listed on the NYSE MKT under the
symbol "GSAT."  The last reported sale price of the Company's
common stock on the NYSE MKT on June 9, 2015, was $2.32 per share.

A full-text copy of the Form S-3/A is available for free at:

                       http://is.gd/v6V3E0

                      About Globalstar, Inc.

Globalstar is a leading provider of mobile satellite voice and
data services.  Globalstar offers these services to commercial and
recreational users in more than 120 countries around the world.
The company's products include mobile and fixed satellite
telephones, simplex and duplex satellite data modems and flexible
service packages.  Many land based and maritime industries benefit
from Globalstar with increased productivity from remote areas
beyond cellular and landline service.  Globalstar customer
segments include: oil and gas, government, mining, forestry,
commercial fishing, utilities, military, transportation, heavy
construction, emergency preparedness, and business continuity as
well as individual recreational users.  Globalstar data solutions
are ideal for various asset and personal tracking, data monitoring
and SCADA applications.

Globalstar reported a net loss of $463 million in 2014, a net loss
of $591 million in 2013 and a net loss of $112.19 million in 2012.

As of March 31, 2015, the Company had $1.25 billion in total
assets, $1.29 billion in total liabilities, and a $39.6 million
total stockholders' deficit.


GOODMAN TANK: Meeting to Form Creditors' Panel Set for June 18
--------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on June 18, 2015, at 10:00 a.m. in the
bankruptcy case of Goodman Tank Lines, Inc.

The meeting will be held at:

         Office of the U.S. Trustee
         833 Chestnut Street, Suite 501
         Philadelphia, PA 19107

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee. Section 1103 of the
Bankruptcy Code provides that the Committee may consult with the
debtor, investigate the debtor and its business operations and
participate in the formulation of a plan of reorganization.  The
Committee may also perform other services as are in the interests
of the unsecured creditors whom it represents.



GUITAR CENTER: S&P Revises Outlook to Stable & Affirms 'B-' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Guitar Center Holdings Inc. to stable from negative.  At the same
time, S&P affirmed all existing ratings on the company, including
its 'B-' corporate credit rating.

"Our rating action incorporates our view that the company will
sustain recent modest performance improvements as its initiatives
to stabilize operations have been slowly gaining traction and will
help propel modest profit growth," said credit analyst Mariola
Borysiak.  "We now anticipate modest levels of free operating cash
flow at end of 2015, which will allow the company to reduce its
outstanding borrowings and strengthen its credit profile."

The outlook is stable and reflects S&P's anticipation for modest
profit growth as the company benefits from its operational
initiatives.  S&P's expectation for modestly positive free
operating cash flow in 2015 supports S&P's view that the company
will gradually improve its credit profile in the upcoming years.

S&P could consider a lower rating if management's initiatives do
not propel profit growth and increasing competition, mainly from
online players, hurts profitability, and lead to negative free
operating cash flow for the company.  S&P projects about 10%
decline in EBITDA from our projected 2015 level would result in
negative free operating cash flows.

S&P is not considering an upgrade over the next 12 months given its
expectation for only modest improvement of credit measures and
S&P's belief that leverage will remain high at about 10x at
December 2015 despite some performance improvement.  Longer term,
any positive rating action would be predicated on the company's
ability to bring debt leverage (including the preferred stock) to
about 6x.



HEXION INC: Amends 2014 Annual Report
-------------------------------------
Hexion Inc. has filed a current report on Form 8-K to revise the
following items in its annual report on Form 10-K for the year
ended Dec. 31, 2014, to reflect management's adoption, effective
Jan. 1, 2015, of an accounting methodology change for the Company's
pension and other non-pension postretirement benefit plans:

* Item 6. Selected Financial Data

* Item 7. Management's Discussion and Analysis of its Financial
          Condition and Results of Operations

* Item 8. Financial Statements and Supplementary Information

* Item 15. Exhibits and Financial Statement Schedules

As previously reported in the Company's quarterly report on Form
10-Q for the period ended March 31, 2015, the Company has elected
to change its accounting policies related to the recognition of
gains and losses for pension and OPEB plans to a more preferable
policy under U.S. GAAP.  Specifically, those gains and losses
historically recognized as a component of "Other comprehensive
income (loss)", and amortized into net income (loss) in future
periods, will be recognized in earnings in the period in which they
occur.  In addition, the Company has changed its policy for
recognizing expected returns on plan assets from a market-related
value method (based on a five-year smoothing of asset returns), to
a fair value method.

Under the new policies, upon the Company's annual remeasurement of
its pension and OPEB plans in the fourth quarter, or on an interim
basis as triggering events warrant remeasurement, the Company will
immediately recognize gains and losses as a mark-to-market gain or
loss through earnings.  As such, under the new policies, the
Company's net periodic pension and OPEB expense recognized on a
quarterly basis will consist of i) service cost, interest cost,
expected return on plan assets, amortization of prior service
cost/credits and ii) MTM adjustments recognized annually in the
fourth quarter upon remeasurement of pension and OPEB liabilities
or when triggering events warrant remeasurement.  The Company
believes that these changes are preferable as they provide greater
transparency of the Company's economic obligations in accounting
results and better alignment with fair value accounting principles
by recognizing the effects of economic and interest rate changes on
pension and OPEB assets and liabilities in the year in which the
gains and losses are incurred.  These changes in accounting
policies has been reported through retrospective application of the
new policies to all periods presented.

A copy of the Updated Annual Report is available for free at:

                        http://is.gd/Rz8ylK

                          About Hexion Inc.

Hexion Inc., formerly known as Momentive Specialty Chemicals, Inc.,
headquartered in Columbus, Ohio, is a producer of thermoset resins
(epoxy, formaldehyde and acrylic).  The company is also a supplier
of specialty resins for inks and specialty coatings sold to a
diverse customer base as well as a producer of commodities such as
formaldehyde, bisphenol A, epichlorohydrin, versatic acid and
related derivatives.

Hexion reported a net loss of $148 million in 2014 following a net
loss of $634 million in 2013.

As of March 31, 2015, the Company had $2.57 billion in total
assets, $5.01 billion in total liabilities and a $2.44 billion
total deficit.

                           *     *     *

The TCR reported on Oct. 3, 2014, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Momentive
Specialty by one notch to 'CCC+' from 'B-'.  "The downgrade
follows MSC's significant use of cash in the first half of 2014 and
our expectation that lackluster cash flow from operations and
elevated capital spending will cause free operating cash flow to be
significantly negative in 2014 and 2015," said Standard & Poor's
credit analyst Cynthia Werneth.

As reported by the TCR on Dec. 15, 2014, Moody's Investors Service
lowered the Corporate Family Rating of Momentive to 'Caa1' from
'B3'.  "Due to elevated leverage, heavy capital spending on new
capacity in 2014 and 2015, and the lack of meaningful improvement
in financial performance, Moody's have lowered Momentive
Specialty's rating," stated John Rogers, senior vice president at
Moody's.


HYDROCARB ENERGY: Amends Fiscal 2014 Annual Report
--------------------------------------------------
Hydrocarb Energy Corporation filed on Nov. 13, 2014, its annual
report on Form 10-K for its fiscal year ended July 31, 2014.
Subsequent to the filing of the Original Form 10-K, the Company
became aware of various issues relating to that filing.
Accordingly, revisions to the Original Form 10-K are made in the
following areas:

Item 1.

  -- Expanded explanation related to the revision in previous
     estimate of proved undeveloped reserves for the year ended
     July 31, 2014.

  -- Edited description of Total (BOE) to Total (Mcfe) and
     adjusted Totals.

  -- Updated table of gross and net developed and undeveloped
     acreage.

  -- Expanded disclosure language related to acreage held related  

     to total proved reserves and total proved undeveloped
     reserves.

  -- Expanded disclosure regarding acreage to include information
     related to acreage held related to onshore petroleum
     concessions located in the republic of Namibia.

  -- Expanded language to clarify further expirations dates
     related to leases of material amounts of undeveloped acreage.

Item 7

  -- Addition of language related to the termination of oil and
     gas activities within the U.A.E.

Item 8
  
  -- Added language relating to the termination of oil and gas
     activities in the U.A.E.

  -- Expanded disclosure related to reasons and circumstances for
     changes in "Revisions of previous estimates" for the years
     ended July 31, 2014, and 2013, respectively.

  -- Expanded disclosure to explain differences between total
     proved undiscounted future net income shown in the reserve
     report and the disclosure in Note 16 of future cash inflows
     less the future production and future development costs for
     each of the periods ending July 31, 2014, and 2013,
     respectively.

Item 15.

  -- Amended filing to include "Certificate of Qualification" of
     technical person primarily responsible for overseeing the
     preparation of the reserve report.

  -- Addition of paragraph stating the assumptions, data, methods,

     and procedures are appropriate for the purposes served by the

     reserve report.

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

                        http://is.gd/AXC7Ca

                       About Hydrocarb Energy

Hydrocarb Energy, formerly known as Duma Energy Corp, is a
publicly-traded Domestic and International energy exploration and
production company targeting major under-explored oil and gas
projects in emerging, highly prospective regions of the world.
With exploration concessions in Africa, production in Galveston
Bay and Oil Field Services in the United Arab Emirates, the
Company maintain offices in Houston, Texas, Abu Dhabi, UAE and
Windhoek, Namibia.

Hydrocarb Energy reported a net loss of $6.55 million on $5.06
million of revenues for the year ended July 31, 2014, compared to
a net loss of $37.5 million on $7.07 million of revenues for the
year ended July 31, 2013.

As of Jan. 31, 2015, the Company had $27.5 million in total assets,
$20.65 million in total liabilities and $6.89 million in total
equity.

"A decline in the price of our common stock could result in a
reduction in the liquidity of our common stock and a reduction in
our ability to raise additional capital for our operations.
Because our operations to date have been largely financed through
the sale of equity securities, a decline in the price of our
common stock could have an adverse effect upon our liquidity and
our continued operations.  A reduction in our ability to raise
equity capital in the future could have a material adverse effect
upon our business plan and operations, including our ability to
continue our current operations," the Company stated in its
Annual Report for the year ended July 31, 2014.


HYDROCARB ENERGY: Needs More Time to File April 30 Form 10-Q
------------------------------------------------------------
Hydrocarb Energy Corp. notified the Securities and Exchange
Commission it has experienced delays in completing its financial
statements for the quarter ended April 30, 2015, as its auditor has
not had sufficient time to review the financial statements.  

                      About Hydrocarb Energy

Hydrocarb Energy, formerly known as Duma Energy Corp, is a
publicly-traded Domestic and International energy exploration and
production company targeting major under-explored oil and gas
projects in emerging, highly prospective regions of the world.
With exploration concessions in Africa, production in Galveston
Bay and Oil Field Services in the United Arab Emirates, the
Company maintain offices in Houston, Texas, Abu Dhabi, UAE and
Windhoek, Namibia.

Hydrocarb Energy reported a net loss of $6.55 million on $5.06
million of revenues for the year ended July 31, 2014, compared to
a net loss of $37.5 million on $7.07 million of revenues for the
year ended July 31, 2013.

As of Jan. 31, 2015, the Company had $27.5 million in total assets,
$20.65 million in total liabilities and $6.89 million in total
equity.

"A decline in the price of our common stock could result in a
reduction in the liquidity of our common stock and a reduction in
our ability to raise additional capital for our operations.
Because our operations to date have been largely financed through
the sale of equity securities, a decline in the price of our
common stock could have an adverse effect upon our liquidity and
our continued operations.  A reduction in our ability to raise
equity capital in the future could have a material adverse effect
upon our business plan and operations, including our ability to
continue our current operations," the Company stated in its
annual report for the year ended July 31, 2014.


IMAGINATION WORLDWIDE: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Imagination Worldwide, LLC
        280 S. Beverly Dr., Ste 208
        Beverly Hills, CA 90212

Case No.: 15-19378

Chapter 11 Petition Date: June 11, 2015

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Hon. Richard M Neiter

Debtor's Counsel: Elaine Nguyen, Esq.
                  WEINTRAUB & SELTH, APC
                  11766 Wilshire Blvd Ste 1170
                  Los Angeles, CA 90025
                  Tel: 310-207-1494
                  Fax: 310-442-0660
                  Email: elaine@wsrlaw.net

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Lawrence A. Goebel, manager.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb15-19378.pdf


IMH FINANCIAL: Amends 2014 Annual Report to Correct Errors
----------------------------------------------------------
IMH Financial Corporation filed an amendment to its annual report
on Form 10-K for the fiscal year ended Dec. 31, 2014, which was
filed with the Securities and Exchange Commission on March 31,
2015, in order to:

   (1) revise the cover page to correctly identify the number of
       outstanding shares of Series B-1 Preferred Shares and
       Series B-2 Preferred Shares which had been inadvertently
       switched in the Original Filing;

   (2) revise the "Equity Compensation Plan Information" table in
       Item 5 to correct a mathematical error made in the
       calculation of the weighted-average exercise price of
       outstanding options, warrants and rights;

   (3) revise Item 11 to (i) correct the option exercise price for
       an option grant to its former chief executive officer
       reflected in the "Outstanding Equity Awards as of Fiscal
       Year End" table so that it conforms to the correct
       information set forth in footnote 4 to the "Summary
       Compensation Table" for the Company's named executive
       officers and (ii) to add footnotes to the "Summary
       Compensation Table" for its directors that the Company
       inadvertently omitted relating to restricted stock grants
       under the Company's Director Compensation Plan being
       submitted for stockholder approval and consulting fees paid

       to an affiliate of one of its directors disclosed elsewhere

       in the Form 10-K; and

   (4) revise Item 12 to (i) correct mathematical errors in
       calculating the beneficial share ownership percentages of
       the holders of the Company's Series B Preferred Shares (in
       each case, adjusting such ownership percentage by one-tenth
       of one percent); (ii) specifically reference shares to
       which additional voting rights are held by the holders of
       its Series B Preferred Shares (representing in the
       aggregate approximately 0.8% of the total number of common
       stock equivalents outstanding); (iii) correct a
       mathematical error in the calculation of the number of
       shares underlying restricted stock awards (changing the
       number from 1,490,000 to 1,353,099 shares); (iv) and add
       the shares held by the holders of its Preferred Stock
      (affiliates of two of its directors) to the "Security
       Ownership of Named Executive Officers and the Board of
       Directors" table that the Company inadvertently omitted
       from including in that table but were otherwise disclosed
       and whose affiliation with such directors was disclosed in
       the Original Filing in the beneficial ownership table
       immediately above.

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

                        http://is.gd/GshSCj

                        About IMH Financial

Scottsdale, Ariz.-based IMH Financial Corporation was formed from
the conversion of IMH Secured Loan Fund, LLC, or the Fund, a
Delaware limited liability company, on June 18, 2010.  The
conversion was effected following a consent solicitation process
pursuant to which approval was obtained from a majority of the
members of the Fund to effect the Conversion Transactions and
involved (i) the conversion of the Fund from a Delaware limited
liability company into a Delaware corporation named IMH Financial
Corporation, and (ii) the acquisition by the Company of all of the
outstanding shares of the manager of the Fund Investors Mortgage
Holdings Inc., or the Manager, as well as all of the outstanding
membership interests of a related entity, IMH Holdings LLC, or
Holdings on June 18, 2010.

IMH Financial reported a net loss attributable to common
shareholders of $39.5 million in 2014, a net loss attributable to
common shareholders of $26.2 million in 2013 and a net loss
attributable to common shareholders of $32.2 million in 2012.

As of March 31, 2015, the Company had $196.87 million in total
assets, $108.6 million in total liabilities, $27.88 million in
redeemable convertible preferred stock and $60.38 million in total
stockholders' equity.


INSITE VISION: Completes NDA Submission to FDA for BromSite
-----------------------------------------------------------
InSite Vision Incorporated has completed the submission to the U.S.
Food and Drug Administration of the New Drug Application of
BromSite for the treatment of inflammation and prevention of pain
in cataract surgery.  InSite is seeking marketing approval of
BromSite in the United States.  In its confirmatory Phase 3
clinical trials, BromSite achieved statistically significant
superiority to vehicle in alleviating ocular inflammation and the
prevention of pain.  In those trials, BromSite was well tolerated
with no significant safety concerns or drug-related serious adverse
events reported.  Cataract surgery is the most frequently performed
ocular surgery in the United States with more than three million
procedures annually.  Typically, anti-inflammatory eye drops are
prescribed to reduce pain and inflammation both before and after
surgery.

The filing of the BromSite NDA satisfies InSite's obligation under
its recently announced merger agreement with QLT Inc.  The merger
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".

           QLT Agrees to Provide $9.8 Million Financing

In connection with the execution of the Merger Agreement, on
June 8, 2015, the Company and QLT entered into a secured note
pursuant to which QLT agreed to provide a secured line of credit of
up to $9,853,333 to the Company.

Concurrently with the issuance of the Secured Note, the Company
drew $2,460,000 under the Secured Note to finance the filing fee
payable by the Company in connection with the filing of the new
drug application with the U.S. Food and Drug Administration.  On
June 10, 2015, the Company drew an additional $1,100,000 to fund
its operations.  The Secured Note provides that the Company will
have the right to draw an additional $600,000 to finance certain
manufacturing costs, and beginning in June 2015, may also borrow up
to $1,100,000 per month for six months beginning in July 2015, and
up to $293,333 in December.

On June 9, 2015, the Company, QLT and U.S. Bank National
Association, as collateral agent and on behalf and at the direction
of the holders of the Company's outstanding 12% notes, entered into
an Intercreditor Agreement with the Company and QLT under which the
holders of the 2014 Notes agreed to subordinate their security
interest in the Company's assets to the security interest of QLT
pursuant to the Secured Note.

In addition, in connection with the execution of the Merger
Agreement, each of Nicky V LLC, Kash Flow 18 LLC, James Cannon and
Timothy McInerney, as holders of, in the aggregate, $5,250,000 of
the 2014 Notes, entered into an Amendment, Waiver and Consent with
the Company pursuant to which each such Consenting Holder agreed,
among other things, to waive his or its rights to a mandatory
redemption of such Consenting Holder's 2014 Notes in connection
with the consummation of the Merger.  Pursuant to the terms of the
Amendment and Waiver, the maturity date of the 2014 Notes held by
such holders will be the earlier to occur of (a) six months
following the closing of the Merger and (b) 12 months after the
date on which the Merger Agreement is terminated. The Amendment and
Waiver also provides that the interest payable on the 2014 Notes
will continue to be 12% per annum, except if there is an "Event of
Acceleration".

The Amendment and Waiver also provides the Company with the right
to redeem, at its option and upon prior notice, the 2014 Notes held
by the Consenting Holders in whole or in part at the redemption
price equal to 100% of the principal amount of such 2014 Note plus
accrued but unpaid interest thereon.

                            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.


INSITE VISION: Conference Call Held to Discuss QLT Merger
---------------------------------------------------------
InSite Vision Incorporated, QLT Inc, and Isotope Acquisition Corp.,
an indirect wholly owned subsidiary of QLT ("Merger Sub"), entered
into an agreement and plan of merger on June 8, 2015, pursuant to
which Merger Sub will merge with and into the Company, and the
Company will be the surviving corporation in the merger and a
wholly owned indirect subsidiary of QLT.

On June 8, 2015, the Company held a conference call with investors
to provide supplemental information regarding the proposed
transaction contemplated by the Merger Agreement.  A copy of the
Investor Presentation Slides used by the Company on that conference
call is available for free at http://is.gd/4wj1qh

                           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.


INTELLIPHARMACEUTICS INT'L: Odidi Reports 33% Stake as of May 29
----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Isa Odidi and Amina Odidi disclosed that as of
May 29, 2015, they beneficially owned 8,789,676 common shares of
Intellipharmaceutics International Inc., which represents 33.1
percent of the shares outstanding.  Odidi Holdings Inc. also
reported beneficial ownership of 5,781,312 common shares as of that
date.  A copy of the regulatory filing is available for free at
http://is.gd/7ph9Qy

                    About Intellipharmaceutics

Toronto, Canada-based Intellipharmaceutics International Inc. is
incorporated under the laws of Canada.  Intellipharmaceutics is a
pharmaceutical company specializing in the research, development
and manufacture of novel and generic controlled-release and
targeted-release oral solid dosage drugs.  Its patented
Hypermatrix(TM) technology is a multidimensional controlled-
release drug delivery platform that can be applied to the
efficient development of a wide range of existing and new
pharmaceuticals.  Based on this technology,
Intellipharmaceutics has a pipeline of product candidates in
various stages of development, including filings with the FDA in
therapeutic areas that include neurology, cardiovascular,
gastrointestinal tract, diabetes and pain.

Intellipharmaceutics reported a net loss of $3.85 million on $8.76
million of revenues for the year ended Nov. 30, 2014, compared with
a net loss of $11.5 million on $1.52 million of revenues for the
year ended Nov. 30, 2013.

As of Feb. 28, 2015, the Company had $7.31 million in total assets,
$3.13 million in total liabilities, and $4.18 million in
shareholders' equity.

Deloitte LLP, in Toronto, Canada, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Nov. 30, 2014, citing that the Company's recurring losses
from operations and the accumulated deficit cast substantial doubt
about the Company's ability to continue as a going concern.


ISTAR FINANCIAL: Offers to Swap Common Stock for HPU Shares
-----------------------------------------------------------
iStar Financial Inc. filed a tender offer statement on Schedule TO
with the Securities and Exchange Commission relating to the offer
by the Company to all holders of shares of its High Performance
Common Stock-Series 1, High Performance Common Stock-Series 2 and
High Performance Common Stock-Series 3 to receive: (i) the Stock
Consideration, (ii) the Cash Consideration or (iii) a combination
of the Stock Consideration and the Cash Consideration in exchange
for HPU Shares tendered by the holders.  

The offer is subject to the terms and conditions set forth in the
Offer to Exchange Letter, dated June 12, 2015.  The Offer will
commence on June 22, 2015.

The "Stock Consideration" is the number of shares of the Company's
common stock, par value $0.001 per share, equal to the product of:
(i) the aggregate number of Common Stock Equivalents that are
attributable to the HPU Shares tendered in the Offer by a holder of
HPU Shares, multiplied by (ii) 0.565371, which represents $8.00 of
Shares based on the last reported sale price for the Shares on the
New York Stock Exchange on June 11, 2015 (which was $14.15).

The "Cash Consideration' is the amount of cash equal to the product
of: (i) the aggregate number of Common Stock Equivalents that are
attributable to the HPU Shares tendered in the offer by a holder of
HPU Shares, multiplied by (ii) $8.00.

"Common Stock Equivalents" are the number of Shares that determined
the amount of dividends payable on the HPU Shares.  This number is
different for each holder of HPU Shares.  Each HPU Series 1 Share
was entitled to participate in the same amount of dividends paid on
163.8508 Shares, each HPU Series 2 Share was entitled to
participate in the same amount of dividends paid on 197.4298 Shares
and each HPU Series 3 Share was entitled to participate in the same
amount of dividends paid on 206.375 Shares.  An HPU holder
participated in the pro rata share of those dividends based on the
percentage of HPU Shares of each series held by the holder.

A copy of the Offer to Exchange is available for free at:

                        http://is.gd/Njuof9

Meanwhile, officers of iStar Financial participated in an investor
presentation on June 10, 2015, a copy of the presentation is
available for free at http://is.gd/6nIbdI

                       About iStar Financial

New York-based iStar Financial Inc. (NYSE: SFI) provides custom-
tailored investment capital to high-end private and corporate
owners of real estate, including senior and mezzanine real estate
debt, senior and mezzanine corporate capital, as well as corporate
net lease financing and equity.  The Company, which is taxed as a
real estate investment trust, provides innovative and value added
financing solutions to its customers.

iStar Financial reported a net loss allocable to common
shareholders of $33.72 million in 2014, a net loss allocable to
common shareholders of $155.76 million in 2013 and a net loss
allocable to common shareholders of $272.99 million in 2012.

As of March 31, 2015, the Company had $5.65 billion in total
assets, $4.41 billion in total liabilities, $13.2 million in
redeemable noncontrolling interests, and $1.21 billion in total
equity.

                            *     *     *

As reported by the TCR on June 26, 2014, Fitch Ratings had
affirmed the Issuer Default Rating (IDR) of iStar Financial
at 'B'.  The 'B' IDR is driven by improvements in the company's
leverage, continued demonstrated access to the capital markets and
new sources of growth capital and material reductions in non-
performing loans (NPLs).

As reported by the TCR on Oct. 5, 2012, Standard & Poor's Ratings
Services affirmed its 'B+' long-term issuer credit rating on iStar
Financial.

In October 2012, Moody's Investors Service upgraded the corporate
family rating to 'B2' from 'B3'.  The current rating reflects the
REIT's success in extending near term debt maturities and
improving fundamentals in commercial real estate.  The ratings on
the October 2012 senior secured credit facility takes into account
the asset coverage, the size and quality of the collateral pool,
and the term of facility.


KABEE ESTATES: Case Summary & 2 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Kabee Estates, LLC
           dba Eureka Holiday Hotel
        3010 E Van Buren
        Eureka Springs, AR 72632-9712

Case No.: 15-71545

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: June 11, 2015

Court: United States Bankruptcy Court
       Western District of Arkansas (Harrison)

Judge: Hon. Ben T Barry

Debtor's Counsel: Stanley V Bond, Esq.
                  BOND LAW OFFICE
                  P.O. Box 1893
                  Fayetteville, AR 72701-1893
                  Tel: (479) 444-0255
                  Fax: (479) 444-7141
                  Email: attybond@me.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kawaljit Walia, owner.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/arwb15-71545.pdf


KU6 MEDIA: Incurs $829,000 Net Loss in First Quarter
----------------------------------------------------
Ku6 Media Co., Ltd. reported a net loss of US$829,000 on US$2.3
million of total revenues for the three months ended March 31,
2015, compared with a net loss of US$4.4 million on US$2.8 million
of total revenues for the same period in 2014.

As of March 31, 2015, the Company had US$8.6 million in total
assets, US$13.5 million in total liabilities and a US$4.9 million
total shareholders' deficit.

Cash and cash equivalents were US$7.38 million (RMB45.73 million)
as of March 31, 2015.

"It's my pleasure to announce Ku6's earnings release for the first
quarter of 2015," Mr. Feng Gao, chief executive officer of Ku6
Media, commented.  "In the first quarter of 2015, Ku6 Media
continued to generate revenues from its advertising business and
achieved a gross profit for the second consecutive quarter.  We
intend to improve revenues from advertising and other available
businesses in 2015 to meet operating costs, and we keep looking for
new revenue sources for future development."

According to the report, substantial doubt exists as to the
Company's ability to continue as a going concern, primarily due to
(a) uncertainties associated with the amount of and growth in
revenues from (i) an advertising agency agreement with Huzhong, the
Company's new third party advertising agency since late August
2014, (ii) revenue sharing with Qinhe, a company controlled by the
Company's previous significant shareholder Xudong Xu, and (iii) the
amount of and growth in revenues from other sources; and (b)
uncertainties as to the availability and timing of additional
financing with terms acceptable to the Company.

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

                        http://is.gd/Y6y9nF

                      Change of Board Members

The Company announced the resignation of Mr. Haifa Zhu as director
of the board and all board committee positions which he held.  Mr.
Mingfeng Chen was appointed as director of the board and member of
the compensation and leadership development committee and the
corporate development and finance committee, effective as of
June 12, 2015.

Mr. Mingfeng Chen has served on the Company's board of directors
since June 2015.  He also has served as a partner of Shanda Capital
since 2014.  Prior to that, Mr. Chen served as the vice president
of Cloudary Corporation from 2010 to 2014 and as an associate
director in the legal department of Shanda Interactive from 2003 to
2010.  Prior to joining Shanda Interactive, Mr. Chen worked in the
legal department of Lifan Industry (Group) for approximately two
years.  Mr. Chen holds a bachelor's degree in law from Southwest
University of Political Science & Law.

                          About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site,
http://www.ku6.com/,Ku6 Media provides online video uploading and
sharing service, video reports, information and entertainment in
China.

Ku6 Media reported a net loss of $10.7 million in 2014 following a
net loss of $34.4 million in 2013.

As of Dec. 31, 2014, the Company had $5.62 million in total assets,
$9.76 million in total liabilities, and a $4.13 million total
shareholders' deficit.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that the Company's recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes made, or planned to be made, in respect of the
Company's business model, raise substantial doubt about the
Company's ability to continue as a going concern.


LANGUAGE LINE: Moody's Raises Corporate Family Rating to 'B2'
-------------------------------------------------------------
Moody's Investors Service upgraded Language Line Holdings, LLC's
Corporate Family Rating to B2 from B3 and Probability of Default
Rating to B2-PD from B3-PD. At the same time, Moody's assigned a B1
rating to Language Line LLC's (operating subsidiary of Language
Line Holdings, LLC) proposed $530 million first lien senior secured
credit facility, consisting of a $480 million first lien term loan
and a $50 million revolving credit facility, as well as a Caa1
rating to the $160 million proposed second lien term loan. The
rating outlook has been revised to stable from negative.

The company intends to use the net proceeds from the proposed bank
credit facilities to refinance its existing debt and repay a seller
note. In addition, the company will enter into a new $50 million
revolving credit facility, which will be undrawn at close. The
financing is expected to close by the end of June 2015. All ratings
are subject to the execution of the transaction as currently
proposed and Moody's review of final documentation. The ratings for
Language Line's existing credit facilities will be withdrawn upon
repayment and cancellation of the credit facilities.

The upgrade of the CFR to B2 incorporates Language Line's timely
completion of the refinancing transaction on currently proposed
terms. The refinancing increases the company's financial
flexibility by providing ample cushion under proposed covenants and
extending the debt maturity profile.

The upgrade also incorporates Moody's view that Language Line's
revenue will grow by at least the low-to-mid single digits
percentages and its free cash flow should be in the high single
digit percentages of total debt over the next 12-18 months. On a
pro forma basis for proposed refinancing, Language Line's
debt-to-EBITDA leverage (incorporating Moody's standard analytical
adjustments) is estimated at around 6.0 times for the twelve months
ended March 31, 2015. Moody's expects the company's debt leverage
will improve to around 5.0 times by end of fiscal 2016.

Moody's took the following rating actions on Language Line
Holdings, LLC:

  -- Corporate Family Rating, upgraded to B2 from B3

  -- Probability of Default Rating, upgraded to B2-PD from B3-PD

  -- Ratings outlook, revised to stable from negative

Moody's took the following rating actions on Language Line, LLC:

  -- Proposed $50 million first lien revolving credit facility
     due 2020, assigned B1 (LGD3)

  -- Proposed $480 million first lien term loan due 2021,
     assigned B1 (LGD3)

  -- Proposed $160 million second lien term loan due 2022,
     assigned Caa1 (LGD5)

  -- Ratings outlook, revised to stable from negative

The following ratings will be withdrawn upon close of transaction:

  --$50 million first lien revolving credit facility due 2015 at
     B2 (LGD 3)

  -- $525 million first lien term loan due 2016 at B2 (LGD 3)

  -- $175 million second lien term loan due 2016 at Caa2 (LGD 5)

Despite expected improvement in Language Line's liquidity profile
as a result of the proposed refinancing, the B2 CFR is constrained
by the company's moderately high debt leverage, its small scale
with annual revenue under $500 million, and operations in the
highly competitive and fragmented over the phone interpretation
business ("OPI"). The company's ongoing pricing pressures and
higher operating costs that stem from 2012 acquisition of Pacific
Interpreters, Inc., both contributed to a meaningful decline in
profitability in recent years. However, Moody's believes that
strong demand for call volumes in the healthcare and health
insurance verticals, expected growth in non-OPI revenues and
operating efficiencies from the implementation of an upgraded IT
platform should provide additional cushion to absorb pricing
pressure and provide avenues for future growth. While much of the
recent revenue growth has come from an increased demand for OPI
services in the healthcare sector, uncertainties about future
impact of federal subsidies on healthcare could negatively impact
the company's operating performance. The rating also derives
support from the company's leading position in the niche North
American OPI market, its high EBITDA margins and a low customer
revenue concentration.

The stable outlook reflects Moody's expectations that the company
will be successful in refinancing its capital structure on timely
and economical terms. The outlook also incorporates Moody's view
that leverage will decline to mid-to-low 5.0 times over the next
12-18 months driven by revenue and EBITDA growth and modest debt
repayment. Moody's also expects the company will maintain a good
liquidity profile.

Given the recent upgrade, upward rating pressure in not expected in
the near term. However, Moody's would consider an upgrade if
Language Line is able to demonstrate sustained organic growth in
revenues and earnings, maintenance of a good liquidity profile, and
more balanced financial policies between shareholders and
debtholders. The ratings could be upgraded if Moody's believes that
the company will maintain total debt-to-EBITDA (Moody's adjusted)
below 4.5 times and free cash flow to debt of more than 10%.

The ratings could be downgraded if Language Line does not make
progress toward reducing its total debt-to-EBITDA to below 6.0
times (Moody's adjusted). The ratings could be lowered if revenue
and earnings decline, or weak operating performance leads Moody's
to believe that total debt-to-EBTIDA is unlikely to be sustained
below 6.0 times. In addition, if the company does not complete
refinancing transaction as planned or liquidity weakens, ratings
could be downgraded.

The principal methodology used in this rating 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.

California-based Language Line primarily provides interpretation
services such as over-the-phone interpretation, onsite
interpretation and document translation services, from English to
over 240 different languages. The company is controlled by ABRY
Partners, LLC and reported revenues of approximately $358 million
for the twelve months ended March 31, 2015.


LEHMAN BROTHERS: Suit v. LHM Financial Remains in Bankr. Court
--------------------------------------------------------------
District Judge Gregory H. Woods denied the defendant's motion to
withdraw the reference of adversary proceeding No. 14-02393 (SCC)
in the case captioned LEHMAN BROTHERS HOLDING, INC., Plaintiff, v.
LHM FINANCIAL CORPORATION, Defendant, NO. 1:15-CV-300-GHW
(S.D.N.Y.).

Lehman Brothers Holding Inc. ("LBHI") commenced an adversary
proceeding against LHM Financial Corporation ("LHM"), seeking to
enforce contractual indemnification rights and to recover damages
arising from the purchase of allegedly defective mortgaged loans
that originated from LHM.  LHM contended that LBHI's
indemnification rights are barred by the statute of limitations.

On January 15, 2015, LHM filed a motion to withdraw the reference
of adversary proceeding No. 14-02393 pending before the United
States Bankruptcy Court for the Southern District of New York.

In a May 12, 2015, opinion and order which is available at
http://is.gd/zr4pIffrom Leagle.com, Judge Woods denied without
prejudice the motion on the basis that there was no good cause to
withdraw the reference.

Lehman Brothers Holdings Inc., Plaintiff, represented by Adam
Michael Bialek, Wollmuth Maher & Deutsch LLP, James N Lawlor,
Wollmuth, Maher & Deutsch, LLP, Michael A Rollin --
mrollin@joneskeller.com -- Jones & Keller PC, Paul DeFilippo,
Wollmuth Maher & Deutsch LLP & William Andrew Maher, Wollmuth,
Maher & Deutsch, LLP.

LHM Financial Corporation, Defendant, represented by Derek Leland
Wright -- dlwright@foley.com -- Foley & Lardner, LLP.

                      About Lehman Brothers

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

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

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

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

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

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

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

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

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


LONESTAR GEOPHYSICAL: Gets Interim Approval to Use Cash Collateral
------------------------------------------------------------------
Lonestar Geophysical Survey LLC received interim approval to use
the cash collateral of Frontier State Bank.

The order, issued by the U.S. Bankruptcy Court for the Western
District of Oklahoma, granted Frontier State Bank so-called
"replacement liens" in the collateral in exchange for allowing the
company to use its cash collateral.

Lonestar owes Frontier State Bank $6 million on account of the loan
it obtained from the bank, court filings show.

The U.S. trustee overseeing Lonestar's bankruptcy case previously
filed a comment to the company's request to use the cash
collateral, which was considered by the court.  

In a court filing, the Justice Department's bankruptcy watchdog
asked the court to require the company to file an interim budget
"setting forth reasonable and necessary expenditures going forward"
pending final approval of its request to use the cash collateral.


The court will hold a hearing on June 16 to consider final approval
of the request.

                 About Lonestar Geophysical

Lonestar Geophysical Surveys, LLC, which acquires seismic data and
provides services and products to the oil and gas industry, sought
bankruptcy protection (Bankr. W.D. Okla. Case No. 15-11872) in
Oklahoma City on May 18, 2015.

The Debtor tapped Ross A. Plourde, Esq., at McAfee & Taft, as
counsel.

Judge Hon. Sarah A. Hall is assigned to the case.

According to the docket, the Debtor's Chapter 11 plan and
disclosure statement are due Sept. 15, 2015.  Governmental proofs
of claim are due Nov. 16, 2015.


MALLYGIRL LLC: HEP Serves as Investment Banker in Sale
------------------------------------------------------
Heritage Equity Partners, an M&A advisor to distressed
organizations and special situations, on
June 11 disclosed that it acted as investment banker to Mallygirl,
LLC in the recently approved sale of the Company to Beauty Visions
LLC.  The sale was effectuated through a Chapter 11 Section 363
process and was approved by the Bankruptcy Court in the District of
Maryland on June 5, 2015 and closed on June 11.

The seller/Debtor in Possession obtained a stalking horse bid and
in conjunction with the proposed sale, the Company was operating
under Chapter 11 in order to meet the needs of its customers,
vendors and employees while working to restructure its obligations.
Heritage Equity Partners was retained as Mallygirl's broker on May
7, 2015 to help secure additional parties interested in purchasing
the Company.  HEP conducted a successful marketing process that
resulted in a competing offer from a very strong strategic partner.
The two bidders participated in an auction, increasing the price
by 43%, to $10,000,000, over the course of eighteen bids, with
Beauty Visions ultimately prevailing.

HEP's extensive experience in identifying potential buyers and
executing an expedited sales process, along with crisis management
provided by Chief Restructuring Officer, Michael Lang, and guidance
from debtor's counsel John Carlton of Whiteford, Taylor & Preston
LLP and Sarah Longson of Kollman & Saucier, P.A., enabled the
Company to continue as a going concern while preserving jobs for
the majority of Mally's employees, as well as maximizing recovery
for Mally's creditors.

Commenting on the sale, Chief Restructuring Officer, Michael Lang,
stated, "We retained Heritage Equity Partners to ensure all options
were explored and feel they did an excellent job assisting with the
sale of the Company.  To bring another buyer to the table, with no
contingencies, in less than a month, was quite an accomplishment.
The acquisition by Beauty Visions will allow the Company to emerge
from bankruptcy properly capitalized and well positioned to
continue serving customers and working with our vendors.  The
support from both groups has been phenomenal and we are excited for
this new chapter."

Mallygirl is an international cosmetics brand founded in 2005 by
Mally Roncal, a long-time makeup artist to the stars.  Annual sales
reached over $30 million in 2014, on the back of its valuable
relationships with QVC and ULTA Beauty stores. Distribution of
Mallygirl products is completed from a 50,000 square foot warehouse
in White Marsh, Maryland.  In addition to retail distribution, the
Company also has a direct-to-consumer presence through their own
e-commerce site, MallyBeauty.com, as well as other leading beauty
e-retailers.

Mallygirl's business grew significantly over the years building the
value of the brand within the highly competitive cosmetics
industry.  In recent years Mallygirl has experienced financial
difficulties, which ultimately led to the inability to service its
current debt, resulting in a sale of the Company.

Professionals who worked in the case include:

  -- Dan Besikof of Loeb & Loeb served as legal counsel to the
buyer, Beauty Visions LLC;

  -- Dan Fontana and Lisa Tancredi of Tancredi, Gebhardt & Smith
served as legal counsel for the secured lender, Essex Bank;

  -- Joel Sher of Shapiro, Sher, Guinot & Sandler, provided
representation to a shareholder;

  -- Kristi LeFaivre and Steven Leitess of Leitess Friedberg PC
served as legal counsel to the Unsecured Creditors Committee, and,

  -- Jim Fox, David Neyhart, and Evan Blum of GlassRatner provided
financial advisory services to the Creditor's Committee.

                 About Heritage Equity Partners

Based in Easton, MD, Heritage Equity Partners (HEP), formerly
"Equity Partners" -- http://www.EquityPartnersHG.com/-- provides
boutique investment banking services for special situations.
Recognized as the nation's leader in maximizing value for
distressed businesses and properties, Heritage Equity Partners uses
a proven process that has provided solutions for over 450 clients
throughout the United States since 1988, preserving more than
40,000 jobs.  HEP is a wholly owned subsidiary of Heritage Global
Inc.


MALLYGIRL LLC: Heritage Equity Is Investment Banker to Sale
-----------------------------------------------------------
Heritage Equity Partners has acted as investment banker to
Mallygirl, LLC, in the recently approved sale of the Company to
Beauty Visions LLC.  The sale was effectuated through a Chapter 11
Section 363 process and was approved by the U.S. Bankruptcy Court
for the District of Maryland on June 5, 2015, and closed on June
11, 2015.

The seller/debtor-in-possession obtained a stalking horse bid and
in conjunction with the proposed sale.  The Company was operating
under Chapter 11 in order to meet the needs of its customers,
vendors and employees while working to restructure its obligations.
Heritage Equity Partners was retained as the Company's broker on
May 7, 2015, to help secure additional parties interested in
purchasing the Company.  HEP conducted a successful marketing
process that resulted in a competing offer from a very strong
strategic partner.  The two bidders participated in an auction,
increasing the price by 43%, to $10 million over the course of 18
bids, with Beauty Visions ultimately prevailing.

HEP's extensive experience in identifying potential buyers and
executing an expedited sales process, along with crisis management
provided by Chief Restructuring Officer, Michael Lang, and guidance
from the Company's counsel, John Carlton, Esq., at Whiteford,
Taylor & Preston LLP and Sarah Longson, Esq., at Kollman & Saucier,
P.A., enabled the Company to continue as a going concern while
preserving jobs for the majority of its employees, as well as
maximizing recovery for its creditors.

Commenting on the sale, Chief Restructuring Officer, Michael Lang,
stated, "We retained Heritage Equity Partners to ensure all options
were explored and feel they did an excellent job assisting with the
sale of the Company.  To bring another buyer to the table, with no
contingencies, in less than a month, was quite an accomplishment.
The acquisition by Beauty Visions will allow the Company to emerge
from bankruptcy properly capitalized and well positioned to
continue serving customers and working with our vendors.  The
support from both groups has been phenomenal and we are excited for
this new chapter."

                         About Mallygirl
           
Mallygirl, LLC – http://MallyBeauty.com-- is an international
cosmetics brand founded in 2005 by Mally Roncal, a long-time makeup
artist to the stars.  Annual sales reached over $30 million in
2014, on the back of its valuable relationships with QVC and ULTA
Beauty stores.  Distribution of Mallygirl products is completed
from a 50,000 square foot warehouse in White Marsh, Maryland.  In
addition to retail distribution, the Company also has a
direct-to-consumer presence through their own e-commerce site, as
well as other leading beauty e-retailers.

Mallygirl's business grew significantly over the years building the
value of the brand within the highly competitive cosmetics
industry.  In recent years Mallygirl has experienced financial
difficulties, which ultimately led to the inability to service its
current debt, resulting in a sale of the Company.

Dan Besikof, Esq., at Loeb & Loeb served as legal counsel to the
buyer, Beauty Visions LLC.  Dan Fontana, Esq., and Lisa Tancredi,
Esq., at Tancredi, Gebhardt & Smith served as legal counsel for the
secured lender, Essex Bank.  Joel Sher, Esq., at Shapiro, Sher,
Guinot & Sandler, provided representation to a shareholder.

Kristi LeFaivre, Esq., and Steven Leitess, Esq., at Leitess
Friedberg PC served as legal counsel to the Unsecured Creditors
Committee, and, Jim Fox, David Neyhart, and Evan Blum of
GlassRatner provided financial advisory services to the Creditor's
Committee.

                About Heritage Equity Partners

Heritage Equity Partners -- http://www.EquityPartnersHG.com/--
formerly "Equity Partners," based in Easton, Maryland, provides
boutique investment banking services for special situations.  HEP
is a wholly owned subsidiary of Heritage Global Inc.


MCCLATCHY CO: Barnes Owns 71,200 Class A Shares
-----------------------------------------------
Leroy Barnes, Jr. disclosed in an amended Schedule 13D filed with
the Securities and Exchange Commission that as of May 22, 2015, he
beneficially owned 71,200 shares of Class A common stock of
The McClatchy Company which represents 0.1 percent of the shares
outstanding.

On Sept. 3, 2008, Leroy Barnes, Jr. was named one of four
co-trustees of four separate trusts established for the benefit of
McClatchy family members.  Each of the four trusts held 3,125,000
shares of Class B Common Stock.  In September 2011, all shares of
Class B Common Stock from one of the four trusts were distributed
to the other three trusts, such that two of the three remaining
trusts holding Class B Common Stock hold 4,166,667 shares and the
third trust holds 4,166,666 shares.

On May 14, 2015, Leroy Barnes Jr. voluntarily resigned as
co-trustee of one of the three trusts of which he was co-trustee
and on May 22, 2015, he voluntarily resigned as a co-trustee of the
other two trusts of which he was co-trustee.  Therefore, beneficial
ownership of the shares of Class A Common Stock of The McClatchy
Company owned by the three trusts is no longer attributable to Mr.
Barnes.

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

                         http://is.gd/C3gws2

                     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.


MCCLATCHY CO: Stockholders Elect 11 Directors
---------------------------------------------
The McClatchy Company held its annual meeting of shareholders on
May 14, 2015, at which the shareholders:

   (1) elected Elizabeth Ballantine, Kathleen Foley Feldstein,
     Clyde Ostler, Leroy Barnes, Jr., Molly Maloney
       Evangelisti, Craig I. Forman, Brown McClatchy Maloney,
     Kevin S. McClatchy, Will B. McClatchy, Frederick R. Ruiz
       and Patrick J. Talamantes as directors; and

   (2) ratified Deloitte & Touche LLP as independent auditors   
       for 2015.

                    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.


MGM RESORTS: Amends Credit Agreement with Bank of America
---------------------------------------------------------
MGM Resorts International, CityCenter Holdings, LLC, a joint
venture which is 50% owned by a wholly-owned subsidiary the
Company, and Bank of America, N.A., as collateral agent, entered
into amendment no. 1 to the Third Amended and Restated Sponsor
Completion Guarantee, dated as of Oct. 16, 2013, which, among other
things, amended the definition of "Completion Costs" such that the
Completion Guarantee was terminated and the Company was released
from any liability.

The Company is the owner, directly or indirectly, of the land and
improvements collectively constituting the CityCenter project in
Clark County, Nevada.

MGM Resorts, as Completion Guarantor, and Dubai World, a Dubai,
United Arab Emirates government decree entity, each indirectly own
50% of the issued and outstanding membership units in CityCenter
Holdings.

The remaining costs for the completion of CityCenter have been
substantially paid or settled.

                         About MGM Resorts

MGM Resorts International (NYSE: MGM) a global hospitality
company, operating a portfolio of destination resort brands
including Bellagio, MGM Grand, Mandalay Bay and The Mirage.  The
Company also owns 51% of MGM China Holdings Limited, which owns
the MGM Macau resort and casino and is in the process of
developing a gaming resort in Cotai, and 50% of CityCenter in Las
Vegas, which features ARIA resort and casino.  For more
information about MGM Resorts International, visit the Company's
Web site at www.mgmresorts.com.

MGM Resorts reported a net loss attributable to the Company of
$149.8 million in 2014, a net loss attributable to the Company of
$171.7 million in 2013 and a net loss attributable to the Company
of $1.7 billion in 2012.

As of March 31, 2015, MGM Resorts had $26.8 billion in total
assets, $19.1 billion in total liabilities, and $7.65 billion in
total stockholders' equity.

                           *     *     *

As reported by the TCR on Nov. 14, 2011, Standard & Poor's Ratings
Services raised its corporate credit rating on MGM Resorts
International to 'B-' from 'CCC+'.   In March 2012, S&P revised
the outlook to positive from stable.

"The revision of our rating outlook to positive reflects strong
performance in 2011 and our expectation that MGM will continue to
benefit from the improving performance trends on the Las Vegas
Strip," S&P said.

In March 2012, Moody's Investors Service affirmed its B2 corporate
family rating and probability of default rating.  The affirmation
of MGM's B2 Corporate Family Rating reflects Moody's view that
positive lodging trends in Las Vegas will continue through 2012
which will help improve MGM's leverage and coverage metrics,
albeit modestly. Additionally, the company's declaration of a $400
million dividend ($204 million to MGM) from its 51% owned Macau
joint venture due to be paid shortly will also improve the
company's liquidity profile. The ratings also consider MGM's
recent bank amendment that resulted in about 50% of its
$3.5 billion senior credit facility being extended one year from
2014 to 2015.

As reported by the TCR on Sept. 29, 2014, Fitch Ratings has
upgraded MGM Resorts International's (MGM) and MGM China Holdings
Ltd's (MGM China) IDRs to 'B+' from 'B' and 'BB' from 'BB-',
respectively.  Fitch's upgrade of MGM's IDR to 'B+' and the
Positive Outlook reflect the company's strong performance on the
Las Vegas Strip and in Macau as well as Fitch's longer-term
positive outlooks for these markets.


MGM RESORTS: Extends Term of Credit Facilities to April 2019
------------------------------------------------------------
MGM China Holdings Limited, an indirect majority-owned subsidiary
of MGM Resorts International, and MGM Grand Paradise, S.A., a
wholly owned subsidiary of MGM China, entered into a second
supplemental agreement, by and among the Borrowers and certain
Lenders and Arrangers party thereto, which effected a second
amendment and restatement of the credit agreement originally dated
July 27, 2010, pursuant to which MGM China's existing US$2 billion
senior secured credit facilities were amended and restated in their
entirety.

According to a document filed with the Securities and Exchange
Commission, the Amended and Restated Credit Agreement was entered
into with:

    (i) Bank of China Limited, Macau Branch, Industrial and
        Commercial Bank of China (Macau) Limited, and Bank of
        America, N.A., as mandated lead arrangers and bookrunners;

   (ii) Banco Nacional Ultramarino, S.A., Sumitomo Mitsui Banking
        Corporation, Barclays Bank PLC, Bank of Communications
        Co., Ltd, Macau Branch, BNP Paribas Hong Kong Branch,
        Credit Agricole Corporate and Investment Bank, Hong Kong
        Branch, Deutsche Bank AG, Singapore Branch, Wing Lung Bank
        Limited, Macau Branch and JPMorgan Chase, N.A., as
        mandated lead arrangers;

  (iii) The Bank of Nova Scotia, Chong Hing Bank Limited, Morgan
        Stanley Bank, N.A. and Morgan Stanley Senior Funding,
        Inc., as lead arrangers;

   (iv) Banco Commercial Portugues, S.A., Macau Branch, Chang Hawa
        Commercial Bank, Ltd., Bank of East Asia Ltd, Macau
        Branch, First Commercial Bank, Macau Branch, Mega
        International Commercial Bank Co., Ltd., Offshore Banking

        Branch, Taiwan Cooperative Bank Ltd., Hong Kong Branch and
        Bank Sinopac Company Limited, Macau Branch as senior
        managers; (v) certain other lenders party thereto; and

   (vi) the guarantors named therein.

The Amended and Restated Credit Agreement includes a US$1.55
billion equivalent term loan, an increase from the previous US$550
million term loan, and a US$1.45 billion equivalent revolving
credit facility.  The Amended and Restated Credit Agreement extends
the term of the original facilities for an eighteen month period
ending April 29, 2019.

The Amended and Restated Credit Agreement will bear interest at a
fluctuating rate per annum based on HIBOR plus a margin, initially
set for a six month period at 1.75% per annum, but thereafter the
margin (in the range of 1.375% to 2.50% per annum) will be
determined by MGM China's leverage ratio.

The material subsidiaries of MGM China guaranteed the Amended and
Restated Credit Agreement, and MGM China, MGM Grand Paradise and
such subsidiaries will grant a first priority security interest in
substantially all of their assets to secure the Amended and
Restated Credit Agreement.

Proceeds from the Amended and Restated Credit Agreement will be
used to refinance the existing facilities and for general corporate
purposes of MGM China and its subsidiaries, including the
development of MGM Cotai.

                         About MGM Resorts

MGM Resorts International (NYSE: MGM) a global hospitality
company, operating a portfolio of destination resort brands
including Bellagio, MGM Grand, Mandalay Bay and The Mirage.  The
Company also owns 51% of MGM China Holdings Limited, which owns
the MGM Macau resort and casino and is in the process of
developing a gaming resort in Cotai, and 50% of CityCenter in Las
Vegas, which features ARIA resort and casino.  For more
information about MGM Resorts International, visit the Company's
Web site at www.mgmresorts.com.

MGM Resorts reported a net loss attributable to the Company of
$149.8 million in 2014, a net loss attributable to the Company of
$171.7 million in 2013 and a net loss attributable to the Company
of $1.7 billion in 2012.

As of March 31, 2015, MGM Resorts had $26.8 billion in total
assets, $19.1 billion in total liabilities, and $7.65 billion in
total stockholders' equity.

                           *     *     *

As reported by the TCR on Nov. 14, 2011, Standard & Poor's Ratings
Services raised its corporate credit rating on MGM Resorts
International to 'B-' from 'CCC+'.   In March 2012, S&P revised
the outlook to positive from stable.

"The revision of our rating outlook to positive reflects strong
performance in 2011 and our expectation that MGM will continue to
benefit from the improving performance trends on the Las Vegas
Strip," S&P said.

In March 2012, Moody's Investors Service affirmed its B2 corporate
family rating and probability of default rating.  The affirmation
of MGM's B2 Corporate Family Rating reflects Moody's view that
positive lodging trends in Las Vegas will continue through 2012
which will help improve MGM's leverage and coverage metrics,
albeit modestly. Additionally, the company's declaration of a $400
million dividend ($204 million to MGM) from its 51% owned Macau
joint venture due to be paid shortly will also improve the
company's liquidity profile. The ratings also consider MGM's
recent bank amendment that resulted in about 50% of its
$3.5 billion senior credit facility being extended one year from
2014 to 2015.

As reported by the TCR on Sept. 29, 2014, Fitch Ratings has
upgraded MGM Resorts International's (MGM) and MGM China Holdings
Ltd's (MGM China) IDRs to 'B+' from 'B' and 'BB' from 'BB-',
respectively.  Fitch's upgrade of MGM's IDR to 'B+' and the
Positive Outlook reflect the company's strong performance on the
Las Vegas Strip and in Macau as well as Fitch's longer-term
positive outlooks for these markets.


MONTREAL MAINE: Transparency Sought in Train Derailment Settlement
------------------------------------------------------------------
Jacqueline Palank, writing for The Wall Street Journal, reported
that a U.S. Department of Justice watchdog urged a Maine bankruptcy
judge to expose the dollar amounts chipped in by some of the
world's biggest oil companies to repay victims of the deadly train
derailment in 2013, saying efforts to keep them secret "violate the
strong public policy in favor of public access to documents filed
with the bankruptcy court."

According to the report, the watchdog said other courts have
rejected the argument that making the figures public will hurt the
companies' chances in future litigation.  The Journal said the
official who brokered the deals said making this information public
would hurt the companies should the settlement fall through and
they become exposed again to potential lawsuits over their alleged
roles in the deadly crash.  The terms of the settlement aim to
shield the specific dollar amount that companies like Royal Dutch
Shell PLC, Marathon Oil Corp., ConocoPhillips, and Irving Oil Ltd.
would each pitch in to what has grown to become a $345 million
fund, the Journal noted.

                      About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., the railway company that
operated the train that derailed and exploded in July 2013,
killing
47 people and destroying part of Lac-Megantic, Quebec, sought
bankruptcy protection in U.S. Bankruptcy Court in Bangor, Maine
(Case No. 13-10670) on Aug. 7, 2013, with the aim of selling its
business.  Its Canadian counterpart, Montreal, Maine & Atlantic
Canada Co., meanwhile, filed for protection from creditors in
Superior Court of Quebec in Montreal.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., has been named as chapter 11 trustee.  His firm serves as
His
Chapter 11 bankruptcy counsel, led by Michael A. Fagone, Esq., and
D. Sam Anderson, Esq.  Development Specialists, Inc., serves as
the
Chapter 11 trustee's financial  advisor.  Gordian Group, LLC,
serves as the Chapter 11 Trustee's investment banker.

U.S. Bankruptcy Judge Louis H. Kornreich has been assigned to the
U.S. case.  The Maine law firm of Verrill Dana served as counsel
To
MM&A.  It now serves as counsel to the Chapter 11 Trustee.

Justice Martin Castonguay oversees the case in Canada.

The Canadian Transportation Agency suspended the carrier's
operating certificate after the accident, due to insufficient
liability coverage.

The town of Lac-Megantic, Quebec, has sought financial aid to
restore the gutted community and a civil complaint alleges a
failure to take steps to prevent a derailment.

In the Canadian case, Andrew Adessky at Richter Consulting has
been
appointed CCAA monitor.  The CCAA Monitor is represented by
Sylvain
Vauclair at Woods LLP.  MM&A Canada is represented by Patrice
Benoit, Esq., at Gowling LaFleur Henderson LLP.

The U.S. Trustee appointed a four-member official committee of
derailment victims.  The Official Committee is represented by
Richard P. Olson, Esq., at Perkins Olson; and Luc A. Despins,
Esq.,
at Paul Hastings LLP.

There's also an unofficial committee of wrongful death claimants
consisting of representatives of the estates of the 46 victims.
This group is represented by George W. Kurr, Jr., Esq., at Gross,
Minsky & Mogul, P.A.; Daniel C. Cohn, Esq., at Murtha Cullina LLP;
Peter J. Flowers, Esq., at Meyers & Flowers, LLC; Jason C.
Webster,
Esq., at The Webster Law Firm; and Mitchell A. Toups, Esq., at
Weller, Green Toups & Terrell LLP.

After the U.S. Trustee formed the Official Committee, the ad hoc
committee filed papers asking the U.S. Court to have the official
committee disbanded.  The ad hoc group said it represents 46
victims of the disaster.

On Jan. 23, 2014, the Debtors won authorization to sell
substantially all of their assets to Railroad Acquisition Holdings
LLC, an affiliate of New York-based Fortress Investment Group, for
$15.7 million.  The Bankruptcy Courts in the U.S. and Canada
approved the sale.  The Fortress unit is represented by Terence M.
Hynes, Esq., and Jeffrey C. Steen, Esq., at Sidley Austin LLP.

On Jan. 29, 2014, an ad hoc group of wrongful-death claimants
submitted a plan, which would give 75% of the $25 million in
available insurance to the families of those who died after an
unattended train derailed in Lac-Megantic, Quebec, in July.  The
other 25% would be earmarked for claimants seeking compensation
for
property that was damaged when much of the town burned.  Former
U.S. Senator George Mitchell, a Democrat who represented Maine in
the U.S. Senate from 1980 to 1995 and who is now chairman emeritus
of law firm DLA Piper LLP, would administer the plan and lead the
effort to wrap up MM&A's Chapter 11 bankruptcy.

As reported by the Troubled Company Reporter on April 3, 2014,
Judge Kornreich ruled that the unofficial committee of wrongful
death claimants and its counsel have failed to comply with Rule
2019 of the Federal Rules of Bankruptcy Procedure, and as a result
of that failure, the Unofficial Committee and its counsel will not
be heard on any pending matter in the case.

As reported by the TCR on April 11, 2014, Judge Kornreich rejected
the disclosure statement for the Plan filed by the ad hoc group of
wrongful-death claimants, holding that the Plan is flawed and
unconfirmable.

As reported by the TCR in January 2015, the Debtor and other
defendants have agreed to pay $200 million to compensate victims,
including 48 people who died.  The settlement was announced on
Jan.
9, 2015.  Amanda Bronstad, writing for The National Law Journal,
reported that the settlement amount could grow to as much as $500
million if additional defendants come on board.


NATROL INC: Judge Extends Deadline to Remove Suits to Sept. 4
-------------------------------------------------------------
U.S. Bankruptcy Judge Brendan Shannon has given Leaf123 Inc.,
formerly known as Natrol Inc., until Sept. 4, 2015, to file notices
of removal of lawsuits involving the company and its affiliates.

                         About Natrol, Inc.

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

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

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

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

On Nov. 10, 2014, the Debtors held an auction for the sale of the
assets, and Aurobindo Pharma USA Inc. emerged as the successful
bidder.  The Court approved the sale and the sale closed on
Dec. 4, 2014.  The Debtors changed their names to Leaf123, Inc.,
following the sale.

                            *     *     *

The Troubled Company Reporter, on Feb. 23, 2015, reported that
Leaf123, Inc., f/k/a Natrol Inc., and its debtor affiliates filed a
Chapter 11 plan of liquidation, pursuant to which tax refunds and
credits, all shares of capital stock or other Equity Interests in
Natrol UK, all Avoidance Actions not otherwise purchased by the
Buyer under the Purchase Agreement, the proceeds from prepetition
litigation, the proceeds from the Sale Transaction, and certain
other assets are being pooled and distributed to persons or
entities holding allowed claims in accordance with the priorities
of the Bankruptcy Code.

Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the
District of Delaware on April 2, 2015, approved the disclosure
statement explaining the First Amended Joint Liquidating Plan of
Leaf123, Inc., f/k/a Natrol, Inc., and its debtor affiliates.

A full-text copy of the Disclosure Statement dated April 2, 2015,
is available at http://bankrupt.com/misc/NATROLds0402.pdf


NAVISTAR INTERNATIONAL: MHR Reports 17.4% Stake as of June 10
-------------------------------------------------------------
MHR Institutional Partners III LP disclosed in an amended Schedule
13D filed with the Securities and Exchange Commission that as of
June 10, 2015, it beneficially owned 14,180,528 shares of common
stock of Navistar International Corporation which represents 17.4
percent of the shares outstanding.

Mark H. Rachesky, M.D., may be deemed to be the beneficial owner of
15,446,562 shares of Common Stock or approximately 18.9% of the
total number of shares of Common Stock outstanding.

On June 8 through June 10, 2015, Institutional Partners III
acquired an aggregate of 925,000 shares of Common Stock in open
market purchases for aggregate consideration (excluding
commissions) of approximately $22,706,542.

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

                        http://is.gd/YPuNa5

                    About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.navistar.com/-- is a holding company whose
subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The Company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

Navistar International reported a net loss attributable to the
Company of $619 million for the year ended Oct. 31, 2014, compared
to a net loss attributable to the Company of $898 million for the
year ended Oct. 31, 2013.

                          *     *     *

In the Oct. 9, 2013, edition of the TCR, Moody's Investors Service
affirmed the ratings of Navistar International Corp., including the
'B3' corporate family rating.  The ratings reflect Moody's
expectation that Navistar's successful incorporation of Cummins
engines throughout its product line up will enable the company to
regain lost market share, and that progress in addressing component
failures in 2010 vintage-engines will significantly reduce warranty
expenses.

As reported by the TCR on Oct. 9, 2013, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on Navistar
International to 'CCC+' from 'B-'.  "The rating downgrades reflect
our increased skepticism regarding NAV's prospects for achieving
the market shares it needs for a successful business turnaround,"
said credit analyst Sol Samson.

In January 2013, Fitch Ratings affirmed the issuer default ratings
for Navistar International at 'CCC' and removed the negative
outlook on the ratings.  The removal reflects Fitch's view that
immediate concerns about liquidity have lessened, although
liquidity remains an important rating consideration as NAV
implements its selective catalytic reduction engine strategy.


NEBRASKA BOOK: Closing Lincoln Bookstore, 60 Workers to Lose Jobs
-----------------------------------------------------------------
Richard Piersol at Lincoln Journal Star reports that Nebraska Book
Company, Inc., said that it would close its Nebraska Bookstore in
Lincoln, resulting in the loss of 60 jobs.

The affected workers were given 60 days notice, during which they
will be compensated, Journal Star relates, citing the Company's
spokesperson, Bill Bonner.

Journal Star adds that Follett Corp. and Nebraska Book announced
that Follett has acquired Neebo, Nebraska Book Company's retail
store division.

                        About Nebraska Book

Lincoln, Nebraska-based Nebraska Book Company, Inc., is one of the
leading providers of new and used textbooks for college students
in the United States.  Nebraska Book and seven affiliates filed
separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 11-12002
to 11-12009) on June 27, 2011.  Hon. Peter J. Walsh presides over
the case.  Lawyers at Kirkland & Ellis LLP and Pachulski Stang
Ziehl & Jones LLP, serve as the Debtors' bankruptcy counsel.  The
Debtors; restructuring advisors are AlixPartners LLC; the
investment bankers are Rothschild, Inc.; the auditors are Deloitte
& Touche LLP; and the claims agent is Kurtzman Carson Consultants
LLC.  As of the Petition Date, the Debtors had consolidated assets
of $657,215,757 and debts of $563,973,688.

JPMorgan Chase Bank N.A., as administrative agent for the DIP
lenders, is represented by lawyers at Richards, Layton & Finger,
P.A., and Simpson Thacher & Bartlett LLP.  J.P. Morgan Investment
Management Inc., the DIP arranger, is represented by lawyers at
Bayard, P.A., and Willkie Farr & Gallagher LLP.

An ad hoc committee of holders of more than 50% of the Debtors'
Second Lien Notes is represented by lawyers at Brown Rudnick.  An
ad hoc committee of holders of the Debtors' 8.625% unsecured
notes are represented by Milbank, Tweed, Hadley & McCloy LLP.

The Official Committee of Unsecured Creditors selected Lowenstein
Sandler LLP and Stevens & Lee, P.C., as lawyers and Mesirow
Financial Inc. as financial advisers.

As reported by the Troubled Company Reporter on July 5, 2012,
Richard Piersol at Lincoln Journal Star reported that Nebraska Book
Co. Inc. emerged from Chapter 11 bankruptcy, smaller, less
debt-ridden and under new ownership, but with a commitment to renew
aggressive growth in the tough and changing world of college
retailing.


NET ELEMENT: Maglenta Reports 8.5% Stake as of May 27
-----------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Maglenta Enterprises Inc. and Dmitry Volkov disclosed
that as of May 27, 2015, they beneficially owned 4,291,391 shares
of common stock of Net Element, Inc., which represents 8.5 percent
of the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/hBI872

                         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.


NET TALK.COM: Kyriakides Reports 13.4% Equity Stake as of May 21
----------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Anastasios Kyriakides and Kyriakides Investments LTD
disclosed that as of May 21, 2015, they beneficially own 39,311,557
shares of common stock of Net Talk.com, Inc., which represents
13.43 percent based on 292,637,174 shares of the Issuer's common
stock outstanding as of June 8, 2015.  A copy of the regulatory
filing is available for free at http://is.gd/D5M9vs

                        About Net Talk.com

Based in Miami, Fla., Net Talk.com, Inc., is a telephone company,
that provides, sells and supplies commercial and residential
telecommunication services, including services utilizing voice
over internet protocol technology, session initiation protocol
technology, wireless fidelity technology, wireless maximum
technology, marine satellite services technology and other similar
type technologies.

Net Talk.Com reported a net loss of $2.84 million on $5.06 million
of net revenues for the year ended Dec. 31, 2014, compared to a net
loss of $4.78 million on $6.02 million of net revenues for the year
ended Dec. 31, 2013.

As of March 31, 2015, the Company had $4.13 million in total
assets, $13.6 million in total liabilities and a $9.51 million
total stockholders' deficit.

Zachary Salum Auditors P.A., in South Miami, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has incurred significant recurring losses from operations,
its total liabilities exceeds its total assets, and is dependent on
outside sources of funding for continuation of its operations.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.


NET TALK.COM: Shadron Stastney Reports 26.7% Stake as of May 21
---------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Shadron Stastney disclosed that as of May 21, 2015, he
beneficially owns 78,250,000 shares of common stock of Net
Talk.com, Inc., which represents 26.73 percent of the shares
outstanding.

On or about May 19, 2015, Mr. Stastney entered into an agreement
with the Issuer pursuant to which the Issuer would issue 75,000,000
shares of the Issuer's common stock to Mr. Stastney in exchange for
the satisfaction of $150,000 worth of consulting fees owed to the
Reporting Person.  Those shares were issued on May 21, 2015.

The remaining 3,250,000 shares owned by the Reporting Person were
granted by the Issuer to the Reporting Person as compensation for
services provide as a member of the Issuers board of directors. Mr.
Stastney resigned such position on the Issuer's board of directors
as of June 6, 2013.

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

                        http://is.gd/Od7ICb

                         About Net Talk.com

Based in Miami, Fla., Net Talk.com, Inc., is a telephone company,
that provides, sells and supplies commercial and residential
telecommunication services, including services utilizing voice
over internet protocol technology, session initiation protocol
technology, wireless fidelity technology, wireless maximum
technology, marine satellite services technology and other similar
type technologies.

Net Talk.Com reported a net loss of $2.84 million on $5.06 million
of net revenues for the year ended Dec. 31, 2014, compared to a net
loss of $4.78 million on $6.02 million of net revenues for the year
ended Dec. 31, 2013.

As of March 31, 2015, the Company had $4.13 million in total
assets, $13.6 million in total liabilities and a $9.51 million
total stockholders' deficit.

Zachary Salum Auditors P.A., in South Miami, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has incurred significant recurring losses from operations,
its total liabilities exceeds its total assets, and is dependent on
outside sources of funding for continuation of its operations.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.


NEWLEAD HOLDINGS: Toledo Advisors Files Schedule 13G with SEC
-------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Toledo Advisors LLC disclosed that as of
June 3, 2015, it has rights under a convertible note to own an
aggregate number of shares of the Issuer common stock not to exceed
9.9 percent of shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/mAcHoz

                   About NewLead Holdings Ltd.

Based in Athina, Greece, NewLead Holdings Ltd. --
http://www.newleadholdings.com/-- is an international, vertically
integrated shipping company that owns and manages product tankers
and dry bulk vessels.  NewLead currently controls 22 vessels,
including six double-hull product tankers and 16 dry bulk vessels
of which two are newbuildings.  NewLead's common shares are traded
under the symbol "NEWL" on the NASDAQ Global Select Market.

Newlead reported a net loss attributable to the Company's
shareholders of $100 million on $12.6 million of revenues for the
year ended Dec. 31, 2014, compared to a net loss attributable to
the Company's shareholders of $158 million on $7.34 million of
revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $190 million in total assets,
$300 million in total liabilities, and a $110 million total
shareholders' deficit.

Cherry Bekaert LLP, in Charlotte, North Carolina, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has incurred
a net loss, has negative cash flows from operations, negative
working capital, an accumulated deficit and has defaulted under its
credit facility agreements resulting in all of its debt being
reclassified to current liabilities all of which raise substantial
doubt about its ability to continue as a going concern.


NII HOLDINGS: Adviser Says No Litigation Estimate Made for Claims
-----------------------------------------------------------------
Joseph Checkler, writing for the Daily Bankruptcy Review, reported
that a NII Holdings Inc. financial adviser said creditors received
no specific estimates on the potential cost of litigation of
certain disputed claims, a key sticking point in the Latin American
Nextel carrier's bid to have its restructuring plan approved.

According to the report, testifying in the ongoing trial over NII's
reorganization, which would cut $4.35 billion in debt and put the
company in the hands of bondholders including Mark Brodsky's
Aurelius Capital Management, FTI Consulting Inc. managing director
Andrew Scruton was questioned by the judge over whether creditors
were given a budget of what the litigation would cost.

                      About NII Holdings

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

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

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

The U.S. Trustee for Region 2 appointed five creditors of NII
Holdings to serve on the official committee of unsecured
creditors. The panel is represented by Kenneth H. Eckstein, Esq.
and Adam C. Rogoff, Esq. of Kramer Levin Naftalis & Frankel LLP.
Kurtzman Carson Consultants LLC is the panel's information agent.

                          *     *     *

NII Holdings Inc., et al., and the Official Committee of Unsecured
Creditors are proposing a reorganization plan that they say
provide
a clear path for the Debtors' expeditious emergence from Chapter
11
in a manner that preserves the going concern viability of the NII
Holdings' non-debtor affiliates, avoids the costly, protracted
litigation of a morass of claims and maximizes value for all
stakeholders.

On Jan. 26, 2015, the Debtors reached an agreement for the sale of
their operations in Mexico, operated by non-debtor Comunicaciones
Nextel de Mexico, S.A. de C.V., to an affiliate of AT&T for $1.875
billion, subject to adjustments.  The sale transaction was
approved
on March 23, 2015.  The sale was completed April 30, 2015.

As a result of the sale transaction, the Debtors on March 13,
2015,
filed the First Amended Plan, which provides improved recoveries
and recoveries that include cash distributions.  The Amended Plan
is co-sponsored by the Creditors Committee.


NORBORD INC: DBRS Confirms 'BB' Issuer Rating
---------------------------------------------
DBRS Limited has confirmed the Issuer Rating of Norbord Inc. at BB.
DBRS has determined that the Company's Senior Secured Notes would
have recovery estimated between 30% and 60%, which aligns with a
recovery rating of RR4 and, hence, the instrument rating of the
Senior Secured Notes and the Senior Secured Notes of Norbord
(Delaware) GP I, guaranteed by Norbord, are also confirmed at BB.
All trends are Negative.  The trend on the Company's rating was
changed to Negative from Stable on April 1, 2015, following the
completion of the merger with Ainsworth Lumber Co. Ltd. in an
all-share transaction.  DBRS notes that the merger has strengthened
Norbord's business profile, solidifying its leadership position in
oriented strand board (OSB) with increased geographical and product
diversity as well as operational flexibility.  Norbord's financial
profile on a pro forma basis is, however, weak for the current
rating.  The Negative trend reflects that the rating is at risk
unless Norbord can restore or make steady, meaningful progress to
strengthen its financial profile to be compatible with the current
rating.

A recovery in OSB prices is critical for Norbord to improve its
credit metrics.  Norbord has stated that a $10 increase in OSB
price is expected to add about $50 million to EBITDA annually,
based on 11 operating North American mills.  Even though Q1 2015
results were disappointing, recent industry developments are
supportive of higher OSB prices: (1) renewed vigour in residential
construction activities in the United States boosting future demand
for OSB; (2) no scheduled mill restart in 2015 to increase supply
pressure (the ramp-up of six restarted mills resulted in an
oversupplied market and a sharp drop in OSB prices in 2014); and
(3) low inventory in the supply chain.  The Company has
demonstrated that its operating results would turn around strongly
in a favourable demand and pricing environment, such as in 2013.
The Company has also executed a series of financial transactions,
increasing debt capacity marginally, extending some debt maturities
and lowering interest costs, to improve its financial flexibility.
The announced reduction in dividend payout (from CAD 0.60 per share
to CAD 0.25 per share) would further bolster cash resources.

However, the timing of a sustained recovery in the U.S. housing
sector is still uncertain despite recent improvements.  DBRS would
downgrade the rating by one notch if Norbord fails to show steady
progress in improving its financial performance and debt coverage
metrics through 2015.  Conversely, DBRS would change the trend back
to Stable if the Company strengthens its performance and restores
the credit metrics to modestly above the pre-merger level.


NORTH LAS VEGAS: S&P Revises Outlook & Affirms 'BB-' GO Debt Rating
-------------------------------------------------------------------
Standard & Poor's Ratings Services, on June 10, 2015, revised its
outlook to stable from negative and affirmed its 'BB-' long-term
rating and underlying rating (SPUR) on North Las Vegas, Nev.'s
limited-tax general obligation debt outstanding.

"The stable outlook is based on our view of recent positive economy
conditions and the city's ability to create a balanced budget in
fiscal 2016," said Standard & Poor's credit analyst Bryan Moore.

The GO ratings reflect S&P's assessment of these factors for the
city, including its:

   -- Weak economy,
   -- Very weak management,
   -- Adequate budgetary performance,
   -- Very weak budgetary flexibility,
   -- Strong liquidity, and
   -- Very weak debt and contingent liability position.



NOTTUS INC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Nottus, Inc.
        136 West Broadway
        Johnston City, IL 62951

Case No.: 15-40549

Nature of Business: Health Care

Chapter 11 Petition Date: June 11, 2015

Court: United States Bankruptcy Court
       Southern District of Illinois (Benton)

Judge: Hon. Laura K. Grandy

Debtor's Counsel: Steven L Blakely, Esq.
                  ACTON AND SNYDER, LLP
                  11 E North St
                  Danville, IL 61832
                  Tel: (217) 442-0350
                  Fax: (217) 442-0335
                  Email: slblakely4@yahoo.com

Total Assets: $2.6 million

Total Liabilities: $649,419

The petition was signed by Jeffrey A. Sutton, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ilsb15-40549.pdf


NUANCE COMMUNICATIONS: S&P Rates Sr. Convertible Notes 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue-level
rating and '4' recovery rating to Burlington, Mass.-based speech
and imaging solutions provider Nuance Communications Inc.'s
proposed senior convertible notes.  The '4' recovery rating
indicates S&P's expectation of average (30% to 50%; upper half of
the range) recovery in the event of default.

The company announced that it intends to exchange a portion of its
$690 million 2.75% senior convertible notes due 2031 for new senior
convertible notes due 2035 to be issued in a private exchange
transaction.  S&P expects the proposed convertible notes to have a
maturity date of 2035, a put date of 2021 (compared to 2017 for the
existing convertible notes due 2031), a reduced coupon rate, and
the same ranking as the existing convertible notes due 2031.  This
transaction does not affect S&P's 'BB-' corporate credit rating on
Nuance Communications Inc.

RATINGS LIST

Nuance Communications Inc.
Corporate Credit Rating            BB-/Stable/--

Nuance Communications Inc.
Senior convertible notes due 2035  BB-
  Recovery Rating                   4H



OAS FINANCE: Obtains Chapter 15 Provisional Relief
--------------------------------------------------
OAS Finance Limited was granted provisional relief by a U.S.
bankruptcy court where it filed for Chapter 15 protection.

The order, issued by Judge Stuart Bernstein of U.S. Bankruptcy
Court for the Southern District of New York, temporarily restrains
creditors from taking actions against OAS Finance's assets located
in the United States.

Chapter 15 of the Bankruptcy Code, which shields U.S. assets of
insolvent companies overseas, authorizes bankruptcy courts to grant
provisional relief to foreign representatives during the period
preceding recognition of a foreign proceeding.

Judge Bernstein is set to hold a hearing on June 23 to consider the
petition of OAS Finance's liquidators for recognition of the
company's liquidation proceeding in Brazil.  

                         About OAS Finance

The OAS Group is among the largest and most experienced
infrastructure companies in Brazil, focusing on heavy engineering
and equity investments in infrastructure projects located in and
outside Brazil and abroad for both public and private clients. The
OAS Group provides services in 22 countries in Latin America, the
Caribbean and Africa.  OAS Finance, a member of the OAS Group, is a
special purpose vehicle, the sole purpose of which was to raise
financing through the international capital markets to be loaned to
other members of the OAS Group.

Based in Sao Paulo, Brazil, OAS S.A. is the holding company at the
apex of the OAS Group. Its share capital is divided between CMP
Participacoes Ltda. (owned by Mr. Cesar de Araujo Mata Pires),
which has a 90% stake, and LP Participacoes e Engenharia Ltda
(owned by Mr. Jose Adelmario Pinheiro Filho, which has a 10%
stake.

Amid an investigation into alleged corruption and money
laundering, and missed interest payments, OAS S.A. and its
affiliates Construtora OAS S.A., OAS Investments GmbH, and OAS
Finance Limited on March 31, 2015, commenced judicial
reorganization proceedings before the First Specialized Bankruptcy
Court of Sao Paulo pursuant to Federal Law No. 11.101 of February
9, 2005 of the laws of the Federative Republic of Brazil.  On April
1, 2015, the Brazilian Court entered an order approving the
continuation of the joint reorganization proceedings for the
Debtors.

On April 15, 2015, OAS S.A., et al., filed Chapter 15 bankruptcy
petitions (Bankr. S.D.N.Y. Lead Case No. 15-10937) in Manhattan,
in the United States to seek U.S. recognition of the Brazilian
proceedings. Renato Fermiano Tavares, as foreign representative,
signed the petitions.  The cases are assigned to Judge Stuart M.
Bernstein.  White & Case, LLP, serves as counsel in the U.S. cases.
  OAS S.A. listed at least US$1 billion in assets and liabilities.

On April 16, 2015, at the behest of a group of creditors, the
Eastern Caribbean Supreme Court, High Court of Justice Commercial
Division, British Virgin Islands, issued an order placing OAS
Finance into provisional liquidation and appointing Marcus Allender
Wide and Mark T. McDonald as OAS Finance's joint
provisional liquidators.

Messrs. Wide and McDonald on May 18, 2015, submitted a Chapter 15
bankruptcy petition (Bankr. S.D.N.Y. Case No. 15-11304) in
Manhattan to seek U.S. recognition of the BVI proceeding.  Andrew
Rosenblatt, Esq., at Chadbourne & Parke LLP, serve as counsel in
the new U.S. case.  OAS Finance is estimated to have US$500 million
to US$1 billion in assets and debt.


OLGA'S KITCHEN: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Olga's Kitchen Inc.
        2125 Butterfield Dr. Suite 301N
        Troy, MI 48084

Case No.: 15-49008

Chapter 11 Petition Date: June 11, 2015

Court: United States Bankruptcy Court
       Eastern District of Michigan (Detroit)

Judge: Hon. Walter Shapero

Debtor's Counsel: Robert N. Bassel, Esq.
                  ROBERT BASSEL, ATTORNEY
                  P.O. Box T
                  Clinton, MI 49236
                  Tel: (248) 677-1234
                  Fax: (248) 369-4749
                  Email: bbassel@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Robert Solomon, principal.

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


OMNICOMM SYSTEMS: Stockholders Elect Five Directors
---------------------------------------------------
OmniComm Systems, Inc. held its annual meeting of stockholders in
Fort Lauderdale, Florida, on June 11, 2015, at which the
stockholders elected Randall G. Smith, Cornelis F. Wit, Robert C.
Schweitzer, Dr. Adam F. Cohen and Dr. Gary A. Shangold
as directors and ratified the appointment of Liggett, Vogt & Webb
P.A., as the Company's independent registered public accounting
firm for the fiscal year ending Dec. 31, 2015.

                      About OmniComm Systems

Ft. Lauderdale, Fla.-based OmniComm Systems, Inc., is a healthcare
technology company that provides Web-based electronic data capture
("EDC") solutions and related value-added services to
pharmaceutical and biotech companies, clinical research
organizations, and other clinical trial sponsors principally
located in the United States and Europe.

OmniComm Systems reported a net loss attributable to common
stockholders of $4.66 million on $16.5 million of total revenues
for the year ended Dec. 31, 2014, compared to a net loss
attributable to common stockholders of $3.36 million on $14.3
million of total revenues for the year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $6.09 million in total
assets, $44.5 million in total liabilities and a $38.4 million
total shareholders' deficit.

Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has experienced net losses and negative cash flows and has
utilized debt and equity financing to satisfy the Company's capital
requirements.  These factors raise substantial doubt about the
Company's ability to continue as a going concern, the auditors
noted.


ORCKIT COMMUNICATIONS: Extraordinary Meeting Set for June 28
------------------------------------------------------------
Orckit Communications Ltd. (under temporary liquidation) announced
that an extraordinary general meeting of shareholders will be held
on June 28, 2015, at 4:00 p.m. (Israel time), at the offices of the
temporary liquidator of the Company, Adv. Lior Dagan, 1 Azrielli
Center (Round Building, 35th Floor), Tel Aviv, Israel. The record
date for the meeting is June 17, 2015.

The agenda of the meeting is the approval of an arrangement between
the Company and its creditors and related transactions pursuant to
Section 350 of the Israeli Companies Law, 5759-1999. In general,
pursuant to the plan of arrangement, all of the assets and
liabilities of the Company would be transferred to an entity under
the control of the temporary liquidator, in order to enable the
sale of the Company to a third-party investor as a shell company
listed on the Tel Aviv Stock Exchange.  Accordingly, the Company
would issue to the investor ordinary shares constituting 99.99% of
the Company's outstanding share capital, after given effect to that
issuance, for a price of NIS 500,000 plus 10% of the investor's
gains from future transactions with the Company's shares.  The
Company expects to terminate its registration and reporting
obligations with the Securities and Exchange Commission and may
terminate the trading of its shares in the United States.  

The arrangement requires the affirmative approval of a majority by
number of the shareholders voting their shares, in person or by
proxy, and holding at least 75% of the shares voting on the matter,
unless the District Court of Tel Aviv will rule otherwise. The
arrangement is also subject to the approval of the Company's
creditors and the Court.

In accordance with the ruling of the Court, proxy statements
describing the proposal on the agenda and proxy cards will not be
mailed to shareholders registered through the Company's U.S.
transfer agent (including "street name" shares held via DTC
members).  Instead, the Company will file a proxy statement and a
form of proxy card with the SEC on Form 6-K in the coming days.
These documents will be available to the public at the SEC's EDGAR
Web site at
http://www.sec.gov/edgar/searchedgar/companysearch.html.  

Each shareholder who is unable to attend the meeting in person will
be required to print, complete, date and sign the proxy card and
deliver it to the Company as will be described in the proxy
statement.  Those shareholders who hold ordinary shares in "street
name" will also be required to contact their broker and receive an
authorization to vote the shares on behalf of the broker, and
return such authorization along with their proxy card to the
Company as described in the proxy statement.  Signed proxy cards
(and broker authorizations) will be accepted at the office of the
temporary liquidator until June 28, 2015, at 1:00 p.m. (Israeli
time).

The voting of shares held through members of the Tel Aviv Stock
Exchange Clearinghouse will follow customary Israeli procedures.
Specifically, the Company has filed  the terms of the arrangement
and a form of written ballot with the Israel Securities Authority.
These documents are available to the public at the ISA's MAGNA Web
site at http://www.magna.is.gov.iland the Maya website of the TASE
at http://www.maya.tase.co.il. TASE members, without charge, will
send via email a link to the filing of such documents to its
clients who hold shares of the Company and who have not duly
instructed the broker otherwise in advance.  Those clients are
entitled to receive a confirmation of ownership (ishur baalut) from
their brokers upon request.  Signed written ballots (and
confirmations of ownership) will be accepted at the office of the
temporary liquidator until June 28, 2015, at 1:00 p.m. (Israeli
time).

                 About Orckit Communications Ltd.
                    (in temporary liquidation)

Orckit facilitates the delivery by telecommunication providers of
high capacity broadband residential, business and mobile services
over wireline or wireless networks with its Orckit-Corrigent family
of products.  Orckit was founded in 1990 and became publicly traded
in 1996.  Orckit's shares are traded on the OTCQB and the Tel Aviv
Stock Exchange and is headquartered in Tel-Aviv, Israel.

Kesselman & Kesselman, in Tel Aviv, Israel, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has a capital deficiency, recurring losses,
negative cash flows from operating activities and has significant
future commitments to repay its convertible subordinated notes.
These facts raise substantial doubt as to the Company's ability to
continue as a going concern.

Orckit reported a net loss of $5.9 million in 2013, a net loss of
$4.5 million in 2012 and a net loss of $17.5 million in 2011.
As of Dec. 31, 2013, the Company had $7.51 million in total
assets, $21.54 million in total liabilities and a $14.03 million
total capital deficiency.


PITT PENN: Trustee Gets Approval to Settle Dispute With Deshotels
-----------------------------------------------------------------
Pitt Penn Holding Co., Inc.'s bankruptcy trustee is seeking court
approval to resolve a dispute with an investor over the sale of
securities of Industrial Enterprises of America Inc.

Under the settlement, Industrial Enterprises will receive payment
from Johnny Deshotels, who purchased securities of the company in
2005 and 2006.  In exchange, the trustee will dismiss the case he
filed against the investor and will release him from any liability.


The bankruptcy trustee did not disclose in court papers the total
amount Industrial Enterprises will receive under the deal.

A copy of the agreement is available without charge at
http://is.gd/DHk3Be

           About Pitt Penn and Industrial Enterprises

Pitt Penn Holding Co., Inc., and Pitt Penn Oil Co., LLC, each
filed voluntary petitions for Chapter 11 relief (Bankr. D. Del.
Case Nos. 09-11475 and 09-11476) on April 30, 2009.  Industrial
Enterprises of America, Inc., f/k/a Advanced Bio/Chem, Inc., filed
for Chapter 11 protection (Bankr. D. Del. Case No. 09-11508) on
May 1, 2009.  EMC Packaging, Inc., filed a voluntary petition for
Chapter 11 relief (Bankr. D. Del. Case No. 09-11524) on May 4,
2009.  Unifide Industries, LLC, and Today's Way Manufacturing LLC,
each filed a voluntary petition for Chapter 11 relief (Bankr. D.
Del. Case Nos. 09-11587 and 09-11586) on May 6, 2009.

PPH, PPO, EMC, Unifide, and Today's Way are each subsidiaries of
IEAM.  The cases are jointly administered under Case No. 09-11475.

Christopher D. Loizides, Esq., at Loizides, P.A., in Wilmington,
Del., represents the Debtors as counsel.  In its petition,
Industrial Enterprises disclosed total assets of $50,476,697 and
total debts of $17,853,997.

Industrial Enterprises originally operated as a holding company
with four wholly owned subsidiaries -- PPH, EMC, Unifide, and
Today's Way.  PPH, through its wholly owned subsidiary, PPO, was a
leading manufacturer, marketer and seller of automotive chemicals
and additives.

EMC's original business consisted of converting hydrofluorocarbon
gases R134a and R152a into branded private label refrigerant and
propellant products.  Unifide was a leading marketer and seller of
automotive chemicals and additives.  Today's Way manufactured and
packaged the products which were sold by Unifide.

Norman L. Pernick was appointed as the chapter 11 trustee for the
Debtors.  The trustee tapped Cole, Schotz, Meisel, Forman &
leonard, P.A., as counsel, and CohnReznick LLP as his exclusive
financial advisor.


PITT PENN: Trustee Settles Dispute Over IEAM Securities Sale
------------------------------------------------------------
The Chapter 11 trustee of Pitt Penn Holding Co., Inc. received
court approval for a deal that would resolve a dispute tied to the
sale of securities of Industrial Enterprises of America Inc.

Under the deal, Clairborne Elder and Lynne Kinder, who purchased
securities in 2006 and 2007, will pay the company in exchange for
the dismissal of a case filed against them by the trustee.  The
defendants will also be released from any liability as part of the
settlement.  

The bankruptcy trustee did not disclose in court papers the total
amount Industrial Enterprises will receive under the deal.

The settlement agreement was approved by Judge Brendan Shannon of
U.S. Bankruptcy Court for the District of Delaware.  A copy of the
agreement is available without charge at http://is.gd/cPMK2E

           About Pitt Penn and Industrial Enterprises

Pitt Penn Holding Co., Inc., and Pitt Penn Oil Co., LLC, each
filed voluntary petitions for Chapter 11 relief (Bankr. D. Del.
Case Nos. 09-11475 and 09-11476) on April 30, 2009.  Industrial
Enterprises of America, Inc., f/k/a Advanced Bio/Chem, Inc., filed
for Chapter 11 protection (Bankr. D. Del. Case No. 09-11508) on
May 1, 2009.  EMC Packaging, Inc., filed a voluntary petition for
Chapter 11 relief (Bankr. D. Del. Case No. 09-11524) on May 4,
2009.  Unifide Industries, LLC, and Today's Way Manufacturing LLC,
each filed a voluntary petition for Chapter 11 relief (Bankr. D.
Del. Case Nos. 09-11587 and 09-11586) on May 6, 2009.

PPH, PPO, EMC, Unifide, and Today's Way are each subsidiaries of
IEAM.  The cases are jointly administered under Case No. 09-11475.

Christopher D. Loizides, Esq., at Loizides, P.A., in Wilmington,
Del., represents the Debtors as counsel.  In its petition,
Industrial Enterprises disclosed total assets of $50,476,697 and
total debts of $17,853,997.

Industrial Enterprises originally operated as a holding company
with four wholly owned subsidiaries -- PPH, EMC, Unifide, and
Today's Way.  PPH, through its wholly owned subsidiary, PPO, was a
leading manufacturer, marketer and seller of automotive chemicals
and additives.

EMC's original business consisted of converting hydrofluorocarbon
gases R134a and R152a into branded private label refrigerant and
propellant products.  Unifide was a leading marketer and seller of
automotive chemicals and additives.  Today's Way manufactured and
packaged the products which were sold by Unifide.

Norman L. Pernick was appointed as the chapter 11 trustee for the
Debtors.  The trustee tapped Cole, Schotz, Meisel, Forman &
leonard, P.A., as counsel, and CohnReznick LLP as his exclusive
financial advisor.


PLANDAI BIOTECHNOLOGY: Appoints New EVP and Secretary
-----------------------------------------------------
Jessica Snyder-Gutierrez was appointed as Plandai Biotechnology,
Inc.'s executive vice president and secretary for a term of three
years, according to a Form 8-K report filed with the Securities and
Exchange Commission.

Ms. Snyder-Gutierrez's duties include, but are not limited to:
providing services and fiduciary duties as are necessary and
desirable to protect and advance the best interests of the Company.


The Company agreed to compensate Ms. Snyder-Gutierrez with a
monthly base salary of $6,000 in year one, and $7,500 in years two
and three conditioned upon the Company reaching profitability, and
paid in accordance with the regular payroll practices of the
Company for executives.  In addition, the Company agreed to issue
Ms. Snyder-Gutierrez for her first year of employment 240,000
shares of the Company's restricted common stock.  The Company also
agreed to issue Ms. Snyder-Gutierrez for each of years two and
three of this Agreement 360,000 shares of the Company's restricted
common stock.  All common stock issued to Ms. Snyder-Gutierrez
pursuant will be restricted pursuant to Rule 144 with a gating
provision limiting Ms. Snyder-Gutierrez's sale thereof to no more
than 5,000 shares per day for every 250,000 shares of daily trading
volume.

From 2011 to 2015, Ms. Snyder-Gutierrez served as a quality analyst
and compliance officer for J.P. Morgan Chase.  In this capacity Ms.
Snyder-Gutierrez monitored operations performance by conducting
quality reviews through compliance and audits, including reviews on
operational procedures and customer service reviews; identifying
strengths and deficiencies, ensuring accuracy of regulatory
compliance, loan documentation, and accurate data input;
facilitated employee review sessions and coordinated and
participated in process improvement projects, either directly or in
support to department managers; was responsible for knowing and
following state and government regulations and guidelines; worked
with underwriting teams and the U.S. Department of Justice team to
insure files meet all criteria for accuracy and integrity through
compliance reviews to determine fate of files; and, maintained
current knowledge of Anti Money Laundering, state banking
guidelines and Dodd-Frank rules and regulations.

                           About Plandai

Based in Seattle, Washington, Plandai Biotechnology, Inc., through
its recent acquisition of Global Energy Solutions, Ltd., and its
subsidiaries, focuses on the farming of whole fruits, vegetables
and live plant material and the production of proprietary
functional foods and botanical extracts for the health and
wellness industry.  Its principle holdings consist of land, farms
and infrastructure in South Africa.

Plandai Biotechnology reported a net loss of $15.5 million on
$266,000 of revenues for the year ended June 30, 2014, compared to
a net loss of $2.96 million on $359,000 of revenues for the year
ended June 30, 2013.

As of March 31, 2015, the Company had $9.86 million in total
assets, $15.7 million in total liabilities, $4.28 million
stockholders' deficit and $1.52 million in non-controlling
interest.

Terry L. Johnson, CPA, in Casselberry, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014.

"The Company has incurred a deficit of approximately $26 million
and has used approximately $44 million of cash due to its
operating activities in the two years ended June 30, 2014.  The
Company may not have adequate readily available resources to fund
operations through June 30, 2015.  This raises substantial doubt
about the Company's ability to continue as a going concern," the
auditors noted.


QUANTUM CORP: Posts $16.7 Million Net Income in Fiscal 2015
-----------------------------------------------------------
Quantum Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing net income of
$16.7 million on $553 million of total revenue for the year ended
March 31, 2015, compared to a net loss of $21.5 million on $553
million of total revenue for the year ended March 31, 2014.

As of March 31, 2015, the Company had $359 million in total assets,
$419 million in total liabilities and a $60.4 million stockholders'
deficit.

As of March 31, 2015, the Company had $67.9 million of cash and
cash equivalents which is comprised of money market funds and cash
deposits.

"We continue to focus on improving our operating performance,
including efforts to increase revenue and to continue to control
costs in order to improve margins, return to consistent
profitability and generate positive cash flows from operating
activities.  We believe that our existing cash and capital
resources will be sufficient to meet all currently planned
expenditures, debt service, contractual obligations and sustain
operations for at least the next 12 months.  This belief is
dependent upon our ability to achieve gross margin projections and
to control operating expenses in order to provide positive cash
flow from operating activities.  Although we recorded facility
restructuring charges in fiscal 2015 and anticipate another nominal
charge in fiscal 2016, payments for the accrued facility
restructuring will be made monthly in accordance with the lease
agreements, which continue through February 2021.  As a result, the
facility restructuring is not expected to change our cash
requirements.  Our cash outlay for these lease payments could be
reduced in the future if we are able to sublease facilities. Should
any of the above assumptions prove incorrect, either in combination
or individually, it would likely have a material negative effect on
our cash balances and capital resources," the Company states in the
report.

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

                       http://is.gd/ejMGm2

                       About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.


QUEST SOLUTION: Provides Company Update to Investors
----------------------------------------------------
Quest Solution, Inc., held a telephonic conference call on June 11,
2015, to provide an update on the Company to investors.  

"We are making progress in laying the foundation for success in a a
relatively short period of time with significant opportunities
before us.  We have grown the business from a small start-up into a
business with nearly $85 million in annual revenues and we are just
getting started.  The run rate for revenue as of this time last
year for Quest shareholders was approximately $34 million and for
us to be 12 months later to potentially be on track for almost 2
1/2 times is a great accomplishment and benefit to Quest
shareholders.  Acquiring companies such as BCS, combining with
Viascan and partnering with firms such as NCR, have been the first
steps to rounding out our portfolio of mobile and wireless
technology offerings," Tom Miller, chairman and CEO said.

A transcript of the conference call is available for free at:

                       http://is.gd/tx95JP
                   
                       About Quest Solution

Quest Solution (formerly known as Amerigo Energy, Inc.) is a
national mobility systems integrator with a focus on design,
delivery, deployment and support of fully integrated mobile
solutions.  The Company takes a consultative approach by offering
end to end solutions that include hardware, software,
communications and full lifecycle management services.  The highly
tenured team of professionals simplifies the integration process
and delivers proven problem solving solutions backed by numerous
customer references.  Motorola, Intermec, Honeywell, Panasonic,
AirWatch, Wavelink, SOTI and Zebra are major suppliers which Quest
Solution uses in its systems.

Quest Solution reported net income of $302,000 on $37.3 million of
total revenues for the year ended Dec. 31, 2014, compared with a
net loss of $1.12 million on $4,070 of total revenues for the year
ended Dec. 31, 2013.

As of March 31, 2015, the Company had $33.4 million in total
assets, $32.6 million in total liabilities and $791,000 in total
stockholders' equity.


REALOGY CORP: Extends Securitization Program Until June 2016
------------------------------------------------------------
Realogy Group LLC, an indirect subsidiary of Realogy Holdings
Corp., and its subsidiaries amended and extended the existing Apple
Ridge Funding LLC securitization program utilized by Realogy
Group's relocation services operating unit, Cartus Corporation,
according to a document filed with the Securities and Exchange
Commission.

The amendment and extension was effected pursuant to the Ninth
Omnibus Amendment dated as of June 11, 2015, by and among Cartus,
Cartus Financial Corporation, Apple Ridge Services Corporation,
Apple Ridge Funding LLC, Realogy Group, U.S. Bank National
Association, as indenture trustee, paying agent, authentication
agent, and transfer agent and registrar, the managing agents party
to the Note Purchase Agreement and Crédit Agricole Corporate and
Investment Bank, as administrative agent.  The managing agents that
are parties to the Note Purchase Agreement and the Omnibus
Amendment are CA-CIB, The Bank of Nova Scotia, Wells Fargo Bank,
National Association, and Barclays Bank PLC.

The Omnibus Amendment, among other things, amends the Note Purchase
Agreement dated as of Dec. 14, 2011, as amended, by and among the
Issuer, Cartus, the managing agents, committed purchasers and
commercial paper conduits party thereto and CA-CIB, as
administrative agent:

  * to extend the securitization program until June 10, 2016,
    subject to extension for an additional period of 364 days; and

  * to increase the maximum borrowing under the facility from $325
    million to $375 million from June 11, 2015, until Oct. 16,
    2015, at which time the maximum borrowing capacity will be
    reduced to $325 million.

Borrowing under the facility is based upon the amount of eligible
assets being financed at any given point in time.

The managing agents party to the Omnibus Amendment and the
indenture trustee and their respective affiliates have performed
and may in the future perform, various commercial banking,
investment banking and other financial advisory services for
Realogy Holdings and its subsidiaries for which they have received,
and will receive, customary fees and expenses.

                    About Realogy Holdings Corp.

Realogy Holdings Corp. (NYSE: RLGY) is a global leader in
residential real estate franchising with company-owned real estate
brokerage operations doing business under its franchise systems as
well as relocation and title services.  Realogy's brands and
business units include Better Homes and Gardens(R) Real Estate,
CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R),
The Corcoran Group(R), ERA(R), Sotheby's International Realty(R),
NRT LLC, Cartus and Title Resource Group.  Collectively, Realogy's
franchise system members operate approximately 13,500 offices with
251,000 independent sales associates doing business in 104
countries around the world. Realogy is headquartered in Madison,
N.J.

Realogy Holdings reported net income attributable to the Company of
$143 million on $5.32 billion of net revenues for the year ended
Dec. 31, 2014, compared to net income attributable to the Company
of $438 million on $5.28 billion of net revenues during the prior
year.

As of March 31, 2015, the Company had $7.43 billion in total
assets, $5.27 billion in total liabilities, and $2.15 billion in
total equity.

                           *     *     *

In the Aug. 1, 2013, edition of the TCR, Moody's Investors Service
upgraded the corporate family rating of Realogy Group to to B2
from B3.  The upgrade to B2 CFR is driven by expectations for
ongoing strong financial performance, supported by Realogy's
recently-concluded debt and equity financing activities and a
continuing recovery in the US existing home sale market.

As reported by the TCR on Feb. 18, 2013, Standard & Poor's Ratings
Services raised its corporate credit rating on Realogy Corp. to
'B+' from 'B'.

"The one notch upgrade in the corporate credit rating to 'B+'
reflects an increase in our expectation for operating performance
at Realogy in 2013, and S&P's expectation that total lease
adjusted debt to EBITDA will improve to the low-6x area and funds
from operations (FFO) to total adjusted debt will be improve to
the high-single-digits percentage area in 2013, mostly due to
EBITDA growth in the low- to mid-teens percentage area in 2013,"
S&P said.


REED AND BARTON: Gets Approval to Implement Incentive Plan
----------------------------------------------------------
Reed and Barton Corp. received court approval to implement a key
employee incentive plan and a key employee retention plan for some
of its employees.

All amounts earned and payable under the plans will have
administrative expense priority under sections 503(a) and 507(a)(2)
under the Bankruptcy Code, according to court orders signed by U.S.
Bankruptcy Judge Henry Boroff.

                       About Reed and Barton

Founded in 1824, Reed and Barton Corporation is a designer and
distributor of high quality silverware and tableware, along with
flatware, crystal drinkware, picture frames, ornaments, and baby
giftware.  Reed and Barton, which sells products with the Reed &
Barton, Lunt, R&B EveryDay, and Williamsburg brands, is based in
Taunton, Massachusetts.  The privately held company's stock is
owned by 28 record shareholders who either are descendants of Henry
Reed or trusts for their benefit.  Aside from selling its products
in department stores and TV shopping networks, the company has an
on-site factory store in Taunton and a showroom in Atlanta,
Georgia.

Reed and Barton sought Chapter 11 bankruptcy protection (Bankr. D.
Mass. Case No. 15-10534) in Boston, Massachusetts, on Feb. 17,
2015.  The case is assigned to Judge Henry J. Boroff.

The Debtor has tapped Holland & Knight, in Boston, as counsel;
Financo, LLC, as investment banker; and Verdolino & Lowey, P.C., as
accountant.

The Debtor disclosed $18.3 million in assets and $25.7 million in
liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 1 appointed three creditors to serve on
the official committee of unsecured creditors.


REED AND BARTON: Sells Madison Ave. Furniture, Fixtures for $10,000
-------------------------------------------------------------------
Reed and Barton Corporation asks the U.S. Bankruptcy Court for the
District of Massachusetts, Eastern Division, for authorization of a
private sale of its personal property located in its showroom in 41
Madison Avenue, in New York, to Libbey Glass, Inc., for $10,000.

John J. Monaghan, Esq., at Holland & Knight LLP, in Boston,
Massachusetts, tells the Court that the Debtor's personal property
consists of, among others, all furniture, furnishings, fixtures,
electronics, office supplies, kitchen appliances and utensils, and
items manufactured, sold and/or distributed by Reed and Barton.
Mr. Monaghan says the furniture, fixtures, electronics, office
supplies, kitchen appliances and utensils have significant wear and
tear from use in the New York Showroom.  He adds that the items
manufactured, sold, and/or distributed by Reed and Barton are also
in used condition, having historically been display samples in the
New York Showroom, and in many instances are unboxed, damaged,
and/or incomplete.

Mr. Monaghan notes that Libbey has been negotiating with the
Landlord to enter into a lease agreement for the New York Showroom
after the Debtor vacates the premises.  He asserts that the sale of
the Property to Libbey would provide the additional benefit of
enabling the Debtor to leave the Property in the New York Showroom
upon the effectiveness of its rejection of the Lease, and avoid the
incurrence of costs associated with the removal, packing, and
shipment of the Property prior to the expiration of the Lease, or
alternatively the risk of incurring additional costs under the
Lease if the Debtor is unable to remove the Property from the New
York Showroom prior to the effective date of its rejection of the
Lease.

Mr. Monaghan believes that little benefit would be realized from
soliciting additional bids given the fairly minimal amount of the
Purchase Price, and given that two nationally known and highly
regarded liquidators, Hilco and Gordon Brothers, declined the
opportunity to conduct a public sale.  Mr. Monaghan asserts that
the time attendant upon a bid solicitation process would negate a
major benefit of the proposed sale -- the avoidance of the
incurrence of use and occupancy charges in the event that the
Property is not removed from the New York Showroom or the costs
attendant upon removing the Property from the New York Showroom.

The Debtor is represented by:

          John J. Monaghan, Esq.
          Lynne B. Xerras, Esq.
          Kathleen St. John, Esq.
          HOLLAND & KNIGHT LLP
          10 St. James Avenue
          Boston, MA 02116
          Telephone: (617)523-2700
          Facsimile: (617)523-6850
          Email: john.monaghan@hklaw.com
                 lynne.xerras@hklaw.com
                 kathleen.stjohn@hklaw.com

                   About Reed and Barton

Founded in 1824, Reed and Barton Corporation is a designer
and
distributor of high quality silverware and tableware, along
with
flatware, crystal drinkware, picture frames, ornaments, and
baby
giftware. Reed and Barton, which sells products with the
Reed &
 Barton, Lunt, R&B EveryDay, and Williamsburg brands, is
based in
Taunton, Massachusetts. The privately held company's
stock is
owned by 28 record shareholders who either are
descendants of 
Henry Reed or trusts for their benefit. Aside
from selling its
products in department stores and TV shopping
networks, the company has an on-site factory store in Taunton and a
showroom in Atlanta, Georgia.



Reed and Barton sought Chapter 11 bankruptcy protection (Bankr.
D.
Mass. Case No. 15-10534) in Boston, Massachusetts, on Feb.
17,
2015. The case is assigned to Judge Henry J. Boroff.



The Debtor has tapped Holland & Knight, in Boston, as counsel;

Financo, LLC, as investment banker; and Verdolino & Lowey, P.C., as
accountant. 



The Debtor disclosed $18.3 million in assets and $25.7 million
in
liabilities as of the Chapter 11 filing.



The U.S. Trustee for Region 1 appointed three creditors to serve on

the official committee of unsecured creditors.




REHOBOTH MCKINLEY: Fitch Maintains Bonds' 'B' Rating on Watch Neg.
------------------------------------------------------------------
Fitch Ratings maintains its Rating Watch Negative on these revenue
bonds issued by the New Mexico Hospital Equipment Loan Council on
behalf of Rehoboth McKinley Christian Health Care Services, Inc.,
which are currently rated 'B'.

   -- $5.6 million hospital facility improvement and refunding
      revenue bonds, series 2007A.

SECURITY

The bonds are secured by a pledge of revenues and equipment and a
debt service reserve fund.

KEY RATING DRIVERS

POSSIBILITY OF ACCELERATION OF DEBT: The Negative Watch reflects
the possibility of a demand for repayment by bondholders as remedy
in response to Rehoboth's violation of its rate covenant in fiscal
2014, which triggered an Event of Default under the Master Trust
Indenture.  Management, through the Trustee, is working to secure a
Forbearance Agreement with bondholders and bring the corporation
back into compliance with its financial covenants.  At this time,
Rehoboth is current with all loan and lease payments and has not
drawn on the debt service reserve fund.

IMPROVED INTERIM RESULTS: Through the three month interim period
ended March 31, 2015 Rehoboth has generated a sharp improvement in
profitability with an 4.0% operating margin and a 9.0% operating
EBITDA margin compared to, respectively, negative 10% and negative
4.6% in the prior year period.  As a result, debt service coverage
by EBITDA through the interim period is a strong 5.6x.

MANAGEMENT INSTABILITY: Rehoboth's operating performance has been
hampered by persistent management turnover.  In October 2014, the
board entered into a management agreement with New Light Healthcare
in an effort to turn operations around.  A permanent chief
financial officer was hired in February 2015 with prior experience
at Rehoboth and in the Gallup service area, which is viewed
favorably by Fitch.

REPAYMENT OF WORKING CAPITAL LINE: Effective July 1, 2013 voters
approved a property tax levy which generated approximately $2.5
million of property tax revenues in 2014.  The tax levy has been
used to make scheduled payments under a working capital line of
credit of $1.7 million on Jan. 15 and the next payment of $850,000
is expected to be paid on June15.

POSSIBLE SALE : The Board of Trustees had entered into a Letter of
Intent (LOI) to sell the assets of Rehoboth to Healthcare Integrity
LLC of Bonham, TX on June 10, 2014 which provided for a 120-day due
diligence period.  Healthcare Integrity has exercised its option
and is pursuing the purchase of Rehoboth; however, there is not an
executed agreement at this time.  Fitch has not been provided the
terms of the purchase option.

SMALL REVENUE BASE: Fitch believes Rehoboth's small revenue base
remains a key credit concern as the hospital has limited
flexibility to handle adverse events.

RATING SENSITIVITIES

EXECUTION OF A FOREBEARANCE AGREEMENT: The maintenance of the
Negative Watch reflects the uncertainty surrounding successful
negotiation by Rehoboth McKinley Christian Health System of a
forbearance agreement with its bondholders.  While the improved
interim results would indicate a favorable outcome with no
acceleration of the outstanding debt, future rating action,
including the removal from Rating Watch, is contingent on
negotiations between Rehoboth and bondholders.

EXECUTED SALE AGREEMENT: Depending on the timing and final terms
and conditions, a sale agreement which would refund Rehoboth's
outstanding series 2007A bonds would result in removal of the bonds
from Rating Watch and possible upward movement in the rating.

CREDIT PROFILE

Rehoboth McKinley Health Care Services, Inc. is a 69-bed general
acute care hospital located in Gallup, NM (138 miles west of
Albuquerque, NM and 180 miles east of Flagstaff, AZ).  Total
operating revenue in fiscal 2014 was $48.2 million.

POOR FISCAL 2014 PERFORMANCE

Rehoboth's financial performance has been erratic over the last
eight years reflecting its small revenue base and physician staff,
poor service area characteristics, declining utilization and
management turnover.  From 2011-2014, adult admissions declined by
35% (from 3,166 to 2,030), inpatient surgeries declined 65% (from
1,004 to 352), outpatient surgeries declined 13% and emergency room
visits declined 13%.  Over that same period, net patient revenue
declined from $49.2 million in 2011 to $39.4 million in 2014.  As a
result, Rehoboth posted a $3.5 million loss from operations in 2014
on total revenues of $48.2 million and negative EBITDA of $860,000.


According to the Master Trust Indenture (MTI) debt service coverage
below 1.0x is an Event of Default which Rehoboth triggered in 2014.
In addition, Rehoboth violated its liquidity covenant that
requires 30 days cash on hand (DCOH) at each annual testing date.
Without a forbearance agreement, payment of principal and interest
could be subject to immediate acceleration. However, with the
improved operating performance through the three-month interim
period, Fitch believes the likelihood of successfully negotiating a
forbearance agreement to be much improved from our prior rating
action in December 2014.

The improvement in profitability in 2015 reflects the benefit of
Medicaid expansion in the service area, the addition of an
orthopedic and general surgeon, a 10% pay cut among non-clinical
staff and other initiatives instituted by New Light Healthcare
beginning in October 2014 to improve productivity and reduce
expenses.

VERY LIGHT LIQUIDITY

At March 31, 2015, Rehoboth had $2.98 million in unrestricted cash
and investments; an improvement from $2 million at fiscal 2014
year-end.  This equates to 22.8 DCOH, 3.5x cushion ratio and 41.5%
cash to debt.  At fiscal year-end 2014, Rehoboth key liquidity
metric of DCOH, cushion and cash-to-debt were 15.1, 2.4x and 25.9%,
respectively.  Fitch notes that the improved liquidity position at
March 31st is due, in part, to an increase in accounts payable.
Rehoboth has not met its liquidity covenant for several years, but
failure to do so does not constitute an event of default.

OUTSTANDING DEBT

Total debt outstanding is about $7.1 million including $1.3 million
outstanding of the taxable working capital loan, $5.6 million
series 2007A tax-exempt fixed-rate debt, and capital leases.  The
working line of credit is secured and payable via mill revenues and
not included in maximum annual debt service.

Rehoboth's debt service coverage calculation excludes tax receipts
in its calculation of revenues available.  According to
management's calculations, the debt service coverage ratio at Dec
31st was negative 3.5x.  Through the three months ended March 31,
coverage of MADS by EBITDA improved to 5.6x.



RETROPHIN INC: Stockholders Elect Six Directors
-----------------------------------------------
Retrophin, Inc., held its annual meeting on June 8, 2015, at which
the stockholders:

   (1) elected Stephen Aselage, Tim Coughlin, Cornelius E.
       Golding, John Kozarich, Ph.D., Gary Lyons and Jeffrey
       Meckler as directors;

   (2) approved the Company's 2015 Equity Incentive Plan;

   (3) approved, on an advisory basis, the compensation of the
       Company's named executive officers;

   (4) approved an amendment to the Company's Certificate of
       Incorporation;

   (5) approved the restated bylaws;

   (6) approved the Company's issuance of the maximum number of
       shares of common stock issuable under the Common Stock
       Purchase Warrants issued by the Company on June 30, 2014,
       Nov. 13, 2014, and Jan. 12, 2015, to Athyrium Opportunities
       Fund (A) LP, Athyrium Opportunities Fund (B) LP, PCOF 1,
       LLC and Perceptive Credit Opportunities Fund, LP, including
       in the event any such issuance would result in a Lender's
       beneficial ownership of the outstanding shares of common
       stock of the Company exceeding 19.99%, and including a
       waiver of Nasdaq Listing Rule 5635 and any other Nasdaq
       Listing Rule that would prohibit the issuance of those
       shares; and

   (7) ratified the selection by the Audit Committee of BDO USA
       LLP as the Company's independent registered public
       accounting firm for the fiscal year ending Dec. 31, 2015.

                         About Retrophin

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

Retrophin reported a net loss of $111 million 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.


RK EUREKA: Case Summary & 2 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: RK Eureka, LLC
           dba Motel 62
        3169 E. Van Buren
        Eureka Springs, AR 72632-9498

Case No.: 15-71547

Chapter 11 Petition Date: June 11, 2015

Court: United States Bankruptcy Court
       Western District of Arkansas (Harrison)

Judge: Hon. Ben T Barry

Debtor's Counsel: Stanley V Bond, Esq.
                  BOND LAW OFFICE
                  P.O. Box 1893
                  Fayetteville, AR 72701-1893
                  Tel: (479) 444-0255
                  Fax: (479) 444-7141
                  Email: attybond@me.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kawaljit Walia, owner.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/arwb15-71547.pdf


RK TRAVELERS: Case Summary & 2 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: RK Travelers, LLC
           dba Travelers Inn
        2044 E Van Buren
        Eureka Springs, AR 72632-8807

Case No.: 15-71546

Chapter 11 Petition Date: June 11, 2015

Court: United States Bankruptcy Court
       Western District of Arkansas (Harrison)

Judge: Hon. Ben T Barry

Debtor's Counsel: Stanley V Bond, Esq.
                  BOND LAW OFFICE
                  P.O. Box 1893
                  Fayetteville, AR 72701-1893
                  Tel: (479) 444-0255
                  Fax: (479) 444-7141
                  Email: attybond@me.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kawaljit Walia, owner.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/arwb15-71546.pdf


RLJ ENTERTAINMENT: Receives NASDAQ Listing Non-Compliance Notice
----------------------------------------------------------------
RLJ Entertainment Inc. on June 11 disclosed that it received a
letter from The NASDAQ Stock Market LLC stating that the bid price
of the Company's common stock for the last 30 consecutive business
days had closed below the minimum $1.00 per share required for
continued listing under Listing Rule 5550(a)(2).

The NASDAQ notification letter does not result in any immediate
delisting of the Company's common stock, and the stock will
continue to trade uninterrupted on The NASDAQ Capital Market under
the symbol "RLJE."

RLJ Entertainment has been provided an automatic grace period of
180-calendar days, or until December 2, 2015, to regain compliance.
If at any time during the 180-day grace period, the minimum
closing bid price per share of the Company's common stock closes at
or above $1.00 for a minimum of ten consecutive business days (the
NASDAQ Staff has the discretion to monitor the stock price for up
to 20 trading days), RLJE would regain compliance. In the event the
Company does not regain compliance within this grace period, it may
be eligible to receive an additional 180-day grace period, provided
that RLJ Entertainment meets the continued listing requirement for
market value of publicly held shares and all other initial listing
standards for The NASDAQ Capital Market, with the exception of the
minimum bid price requirement, and provides written notice of its
intention to cure the minimum bid price deficiency during the
second 180-day grace period.  In the event the Company is not able
to regain compliance by the end of the applicable grace period, the
Company's securities would be subject to delisting .

RLJ Entertainment management intends to monitor the stock price and
is considering available actions that could regain compliance.

                    About RLJ Entertainment

RLJ Entertainment, Inc. (NASDAQ: RLJE) is a premier independent
owner, developer, licensee, and distributor of entertainment
content and programming in primarily North America, the United
Kingdom, and Australia.  RLJE is a leader in numerous genres
including feature films and urban with distinct content via its
owned and distributed brands such as Acorn (British TV), Acacia
(fitness), Athena (documentaries), and Madacy (gift sets).  These
titles are distributed in multiple formats including broadcast
television (including satellite and cable), theatrical and
non-theatrical, DVD, Blu-Ray, digital download, and digital
streaming.

Through Acorn Productions, its UK production arm, RLJE owns all
rights to the hit UK mystery series Foyle's War and is developing
new programs.  RLJE owns 64% of Agatha Christie Limited, which
manages the intellectual property and publishing rights to some of
the greatest works of mystery fiction, including stories of the
iconic sleuths Miss Marple and Poirot.

RLJE leverages its management experience to acquire, distribute and
monetize existing and original content for its many distribution
channels, including its branded digital subscription channels,
Acorn TV, AcaciaTV, and UMC - Urban Movie Channel, and engages
distinct audiences with programming that appeals directly to their
unique viewing interests.  Through its proprietary e-commerce web
sites and print catalogs for the Acorn and Acacia brands, RLJE has
direct contacts and billing relationships with millions of
consumers.


ROADRUNNER ENTERPRISES: Taps Coldwell Banker as Real Estate Broker
------------------------------------------------------------------
Roadrunner Enterprises, Inc. seeks authorization from the U.S.
Bankruptcy Court for the Eastern District of Virginia to employ
Coldwell Banker Dew Realty, Inc. as real estate broker.

In connection with the bankruptcy case, the Debtor seeks to sell
certain real property through a variety of auctions and traditional
sale methods as, in the exercise of the Debtor's business judgment,
the Debtor believes will generate the highest return for each
parcel.

The Debtor wants to retain the services of Coldwell Banker as its
real estate broker for the purposes of marketing and selling real
property.

Stoney Marshall, realtor of Coldwell Banker, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Coldwell Banker can be reached at:

       Stoney Marshall
       COLDWELL BANKER DEW REALTY, INC.
       102 England Street
       Ashland, VA 23005
       Tel: (804) 690-3704
       E-mail: stoney.marshall@coldwellbanker.com

                   About Roadrunner Enterprises

Headquartered in Chesterfield County, Virginia, Roadrunner
Enterprises Inc. owns the Roadrunner Campground and more than 70
rental properties, lots, and other real estate interests.

Roadrunner Enterprises filed for Chapter 11 bankruptcy protection
(Bank. E.D. Va. Case No. 15-30604) on Feb. 6, 2015.  The petition
was signed by Carl Adenauer, president.  David K. Spiro, Esq., at
Hirschler Fleischer, P.C., serves as the Debtor's counsel.  Judge
Kevin R. Huennekens presides over the case.  The Debtor estimated
assets and liabilities of at least $10 million.


SABLE NATURAL: Cory Hall Quits as President, COO and Director
-------------------------------------------------------------
Cory R. Hall resigned as president, chief operating officer and
director of Sable Natural Resources Corporation, effective June 8,
2015, according to a document filed with the Securities and
Exchange Commission.  Mr. Hall resigned to pursue other business
opportunities.

                        About Sable Natural

Sable Natural Resources Corporation is an energy holding company
with principal operations centralized in its wholly-owned
subsidiary, Sable Operating Company, Inc.  Sable was formerly known
as NYTEX Energy Holdings, Inc. and Sable Operating was formerly
known as NYTEX Petroleum Inc.  Sable Operating is a development
stage exploration and production company engaged in the
acquisition, development, and production of liquids rich natural
gas and oil reserves from low-risk, high rate-of-return wells in
the Fort Worth Basin of Texas.  On Dec. 31, 2014, the Company's
estimated proved reserves were 669.12 MBOE, of which 100% were
proved developed.  The Company's portfolio of proved developed
natural gas and oil reserves is weighted in favor of liquids rich
natural gas, with the Company's proved reserves consisting of 15%
oil, 38% natural gas liquids and 47% natural gas.  Also, on Dec.
31, 2014, the Company's probable reserves were 565 MBOE consisting
of 17% oil, 2% NGL, and 81% natural gas, and the Company's possible
reserves were 1,231 MBOE consisting of 19% oil, 2% NGL, and 79%
natural gas.

Sable Natural reported a net loss of $4.62 million on $912,000 of
total revenues for the year ended Dec. 31, 2014, compared with a
net loss of $2.67 million on $930,000 of total revenues for the
year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $18.6 million in total
assets, $20.57 million in total liabilities, $3.72 million in
mezzanine equity, and a $5.69 million total stockholders' deficit.

Whitley Penn LLP, in Dallas, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company will need additional
working capital to fund operations.  This condition raises
substantial doubt about the Company's ability to continue as a
going concern.


SAFENET INC: S&P Affirms 'B' CCR Then Withdraws Rating
------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate rating on Belcamp, Md.-based information security company
SafeNet Inc. following its acquisition by Gemalto.  S&P then
withdrew the rating at the company's request.

"We also withdrew the issue-level and recovery ratings on SafeNet's
first- and second-lien senior secured credit facilities," said
Standard & Poor's credit analyst James Thomas.



SALADWORKS LLC: Judge Extends Deadline to Remove Suits to Sept. 15
------------------------------------------------------------------
U.S. Bankruptcy Judge Laurie Silverstein has given Saladworks LLC
until Sept. 15, 2015, to file notices of removal of lawsuits
involving the company.

                      About Saladworks, LLC

Developed in 1986, Saladworks, LLC, is the first and largest
fresh-salad franchise concept in the United States. From its
beginning in the Cherry Hill Mall, Saladworks quickly expanded
to 12 additional locations in area malls and soon thereafter began
franchising.  The company has franchise agreements with 162
different franchisees. The equity owners are J Scar Holdings, Inc.,
(70%) and JVSW LLC (30%).

Saladworks, LLC, sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 15-10327) on Feb. 17, 2015. The case was assigned to
Judge Laurie Selber Silverstein.

The Debtor has tapped Landis Rath & Cobb LLP as counsel; SSG
Advisors, LLC, as investment banker; Eisner Amper LLP, as financial
advisor; and Upshot Services LLC, as claims and noticing agent.

Saladworks, LLC, disclosed $2,303,632 in assets and $14,220,722 in
liabilities as of the Chapter 11 filing.

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

The case is In re: Pennysaver USA LLC, case number 1:15-bk-11196,
in the U.S. Bankruptcy Court for the District of Delaware.


SCIENTIFIC GAMES: Stockholders Elect 11 Directors
-------------------------------------------------
Scientific Games Corporation held its annual meeting of
stockholders on June 10, 2015, at which the Company's stockholders:


   (1) elected Ronald O. Perelman, Gavin Isaacs, Richard Haddrill,
       Peter A. Cohen, David L. Kennedy, Gerald J. Ford, Judge   
       Gabrielle K. McDonald, Paul M. Meister, Michael J. Regan,
       Barry F. Schwartz and Frances F. Townsend as directors;

   (2) approved the amendment and restatement of the 2003 Plan;
       and

   (3) ratified the appointment of Deloitte & Touche LLP as the
       Company's independent auditor for the fiscal year ending
       Dec. 31, 2015.

In connection with the Company's acquisition of Bally Technologies,
Inc. in November 2014, the Company assumed (i) the Bally 2010
Long-Term Incentive Plan as a sub-plan of the 2003 Plan and (ii) a
portion of the shares of Bally common stock then reserved and
available for issuance under the Legacy Bally Plan, which were then
converted into shares of Company common stock and maintained as a
separate share pool under the 2003 Plan.  Under this amendment and
restatement of the 2003 Plan, the Legacy Bally Shares were
consolidated with the shares of Company common stock previously
reserved and available for issuance under the 2003 Plan.  As a
result, the shares reserved and available for issuance under the
2003 Plan were combined into a single share pool, with such shares
available for equity awards to any employee, non-employee director
or other eligible service provider of the Company or its
subsidiaries, including Bally.

Based on the shares of Bally common stock reserved and available
for issuance under the Legacy Bally Plan at the time of the
Company's acquisition of Bally, but giving effect to the
acquisition, the Company was entitled under applicable NASDAQ Stock
Market rules to assume approximately 16 million shares of Bally
common stock for future awards to Bally employees.  However, in
order to manage potential dilution in connection with future equity
awards, the Compensation Committee and the Board of Directors of
the Company determined to assume only approximately 4.8 million of
such available shares, a substantial reduction from the number of
shares of Bally common stock that could have been assumed.

As part of the approval of the amended and restated 2003 Plan,
stockholders also re-approved certain material terms of
performance-based awards intended to preserve the opportunity to
grant awards that could qualify for the performance exception from
the limits on the Company's tax deductions for certain compensation
under Section 162(m) of the Internal Revenue Code of 1986, as
amended.

                     About Scientific Games

Scientific Games Corporation is a developer of technology-based
products and services and associated content for worldwide gaming
and lottery markets.  The Company's portfolio includes instant and
draw-based lottery games; electronic gaming machines and game
content; server-based lottery and gaming systems; sports betting
technology; loyalty and rewards programs; and social, mobile and
interactive content and services.  Visit
http://www.scientificgames.com/

Scientific Games reported a net loss of $234 million in 2014, a net
loss of $30.2 million in 2013 and a net loss of $62.6 million for
2012.

As of March 31, 2015, the Company had $9.7 billion in total assets,
$9.89 billion in total liabilities and a $189 million total
stockholders' deficit.

                           *     *     *

The TCR reported on May 21, 2014, that Moody's Investors Service
downgraded Scientific Games Corporation's ("SGC") Corporate Family
Rating to 'B1'.  The downgrade reflects Moody's view that slower
than expected growth in SGC's Gaming and Instant Products segments
will cause Moody's adjusted leverage to exceed 6.0 times by the
end of 2014.

As reported by the TCR on Aug. 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating to 'B+' from 'BB-' on
Scientific Games Corp.

"The downgrade and CreditWatch placement follow Scientific Games'
announcement that it has agreed to acquire Bally Technologies for
$5.1 billion, including the refinancing of about $1.8 billion in
net debt at Bally," said Standard & Poor's credit analyst Ariel
Silverberg.


SEANERGY MARITIME: Plaza Shipholding Holds 9% Stake as of Sept. 30
------------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Plaza Shipholding Corp. and Katia Restis disclosed that
as of Sept. 30, 2014, they beneficially owned 4,271,393 shares of
common stock of Seanergy Maritime Holdings Corp, which represents
9.2 percent of the shares outstanding.  A copy of the regulatory
filing is available for free at http://is.gd/X8PkjZ

                           About Seanergy

Athens, Greece-based Seanergy Maritime Holdings Corp. is an
international company providing worldwide seaborne transportation
of dry bulk commodities.  The Company owns and operates a fleet
of seven dry bulk vessels that consists of three Handysize, two
Supramax and two Panamax vessels.  Its fleet carries a variety of
dry bulk commodities, including coal, iron ore, and grains, as
well as bauxite, phosphate, fertilizer and steel products.

Ernst & Young (Hellas) Certified Auditors-Accountants S.A., in
Athens, Greece, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that following the disposal of the Company's entire fleet in
early 2014 in the context of its restructuring plan, the Company
was unable to generate sufficient cash flow to meet its obligations
and sustain its continuing operations that raise substantial doubt
about the Company's ability to continue as a going concern.

As of Dec. 31, 2014, the Company had $3.26 million in total assets,
$592,000 in total liabilities, and $2.67 million in total
stockholders' equity.

The Company disclosed net income of $80.3 million on $2.01 million
of net vessel revenue for the year ended Dec. 31, 2014, compared
with net income of $10.9 million on $23.1 million of net vessel
revenue for the year ended Dec. 31, 2013.


SEQUENOM INC: Signs Indenture With Wells Fargo
----------------------------------------------
Sequenom, Inc., entered into an indenture, dated as of June 9,
2015, with Wells Fargo Bank, National Association, as trustee,
governing the Company's new 5.00% Convertible Exchange Senior Notes
due 2018.  Eighty-five million dollars ($85 million) in aggregate
principal amount of the Company's 5.00% Convertible Senior Notes
due 2017 were exchanged for $85 million in aggregate principal
amount of New Notes in a private placement exempt from registration
in reliance on Section 4(a)(2) of the Securities Act of 1933, as
amended.

                          About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

As of March 31, 2015, Sequenom had $145.45 million in total assets,
$161 million in total liabilities and a $15.1 million total
stockholders' deficit.

"If we fail to generate enough cash flow from our operations or
otherwise obtain the capital necessary to fund our operations, our
financial results, financial condition and our ability to continue
as a going concern will be adversely affected and we will have to
cease or reduce further commercialization efforts or delay or
terminate some or all of our diagnostic testing services or other
product development programs," the Company said in its 2014 annual
report.


SHASTA ENTERPRISES: Judge Grants Redding Bank Bid to Lift Stay
--------------------------------------------------------------
U.S. Bankruptcy Judge Michael McManus lifted the so-called
automatic stay allowing Redding Bank of Commerce to foreclose on a
real property owned by Shasta Enterprises.

The property located along Hemsted Drive, in Redding, California,
secures a $1 million loan extended by the bank to Shasta
Enterprises.  

Redding Bank scheduled a foreclosure sale of the property after
Shasta Enterprises allegedly failed to repay the loan.  The
foreclosure sale, however, was automatically halted by the
company's bankruptcy filing in October 2014.

Shasta Enterprises previously filed an objection in which it
challenged the bank's claim that it has no equity in the property
since the property is only worth $975,000.  

The company argued the property is worth $1.46 million based on a
valuation by a "knowledgeable" real estate broker.

                     About Shasta Enterprises

Redding, California-based Shasta Enterprises, dba Vidal Vineyards,
dba Silverado Knolls, dba Villa Vidal Vineyards, sought bankruptcy
protection (Bankr. E.D. Cal. Case No. 14-30833) on Oct. 31, 2014.
The case is before Judge Michael S. McManus.  The Debtor's counsel
is David M. Brady, Esq., at Law Office of Cowan & Brady, in
Redding, California.

The Debtor lists total assets of $33.42 million and total debts of
$21.49 million.  The petition was signed by Antonio Rodriguez,
general partner.

The Court, on Dec. 29, 2014, approved the appointment of Hank
Spacone as the Chapter 11 trustee of the Debtor's estate.


SPANISH BROADCASTING: Stockholders Elect Six Directors
------------------------------------------------------
Spanish Broadcasting System, Inc., held its annual meeting of
stockholders on June 4, 2015, at which the stockholders elected
Raul Alarcon, Joseph A. Garcia, Manuel E. Machado, Jason L.
Shrinsky, Jose A. Villamil and Mitchell A. Yelen to the Board of
Directors to hold office until such time as their respective
successors have been duly elected and qualified.

Alan Miller and Gary Stone, the two directors elected by the
holders of the Series B Preferred Stock at the 2014 annual meeting,
were not subject to election at this year's annual meeting and
continue to serve as directors.  

                   About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

As of March 31, 2015, the Company had $457 million in total assets,
$540 million in total liabilities and a $82.8 million total
stockholders' deficit.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


SSH HOLDINGS: Moody's Affirms 'B2' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service affirmed SSH Holdings, Inc.'s B2
Corporate Family Rating and B2-PD Probability of Default Rating
following the company's announcement of a debt-financed purchase of
ACON's equity stake and dividend distribution. Moody's also
affirmed the B1 rating on the senior secured term loan issued by
operating subsidiaries Spencer Gifts LLC and Spirit Halloween
Superstores LLC. The Caa1 rating on the outstanding HoldCo PIK
toggle notes will be withdrawn after the close of the transaction.
The rating outlook remains stable.

The company plans to use proceeds from a proposed $110 million
add-on senior secured term loan, proposed $135 million second lien
term loan (which will be unrated) and $30 million of balance sheet
cash to redeem the $135 million HoldCo PIK toggle notes, buy ACON
Investments' approximately 25% ownership stake, pay a dividend
distribution and transaction expenses.

"The transaction will add $110 million of debt and increase annual
interest expense by approximately $5.5 million. However, the B2 CFR
is supported by the company's good liquidity and track record of
running the highly discretionary Spencer's business and seasonal
Spirit Halloween segment," said Moody's analyst Raya Sokolyanska.
Moody's expects Spencer to maintain leverage in the low- to mid-6
times and EBITA/interest expense in the mid-1 times over the next
several years (using Moody's operating lease adjustment of 8 times
rent multiple).

The following ratings were affirmed for SSH Holdings, Inc.:

  -- Corporate Family Rating, at B2

  -- Probability of Default Rating, at B2-PD

  -- Stable outlook

The following ratings were affirmed for Spencer Gifts LLC and
Spirit Halloween Superstores LLC:

  -- $225 million (proposed $335 million including add-on) senior
     secured term loan due 2021, at B1 (LGD 3)

The ratings are subject to receipt and review of final
documentation. Following the close of the transaction, the existing
HoldCo PIK toggle ("HoldCo") notes rating will be withdrawn, and
the CFR and PDR will be moved to Spencer Gifts, LLC.

Spencer's B2 Corporate Family Rating considers the company's high
pro-forma lease-adjusted leverage in the low 6.0 times and
aggressive financial policies including a history of debt-financed
shareholder distributions. The rating also reflects Spencer's
limited scale, significant reliance on the Halloween season, and
highly discretionary product offerings at the Spencer's segment,
which appeal primarily to a narrow demographic of 18-24 year olds.
The company's track record of consistent and stable earnings
growth, as well as its good liquidity profile, provide key support
to the rating.

The stable outlook incorporates Moody's expectation for modest
revenue growth and stable operating margins, as well as good
near-term liquidity.

The ratings could be downgraded if Spencer's new store openings
underperform historical trends, if debt/EBITDA is sustained above
6.0 times or EBITA/interest below 1.5 times, or if liquidity
materially erodes for any reason.

The ratings could be upgraded if Spencer demonstrates the ability
and willingness to achieve and sustain debt/EBITDA of 5.0 times or
lower, and EBITA/interest expense above 2.0 times. However, any
upgrade would likely be limited to one notch as a result of the
company's aggressive policies regarding debt-financed shareholder
distributions.

SSH Holdings, Inc. ("Spencer"), headquartered in Egg Harbor, NJ, is
a specialty retailer primarily operating under two brands:
Spencer's and Spirit Halloween ("Spirit"). The company operated 666
Spencer's and 1,100 Spirit stores during the fiscal year ended
January 31, 2015, and generated revenue of approximately $775
million. Spencer will be owned by senior management following the
purchase of ACON Investments' approximately 25% equity stake.

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


STANDARD REGISTER: $2.2-Mil. Sale of York County Property Approved
------------------------------------------------------------------
The Standard Register Company and its affiliated debtors sought and
obtained from Judge Brendan L. Shannon of the U.S. Bankruptcy Court
for the District of Delaware authority to sell the real property
located at 325 Busser Rd., in York County, Pennsylvania, to SB
Busser, LLC, for $2,200,000.

The Property, which was sold through a private sale, includes
approximately 5.045 acres of land area, with a one-story light
industrial facility and a two-story office building containing a
total of approximately 67,000 square feet of building area.

Andrew L. Magaziner, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, said approval of a private sale of the
Property to the Purchaser pursuant to the terms and conditions of
the Purchase Agreement is not only appropriate but in the best
interest of the Debtors, their estates, and creditors.

Mr. Magaziner told the Court that a private sale of the Property to
the Purchaser is more likely to close in a timely and efficient
manner than a public auction because, in the Debtors' informed
business judgment, the Purchase Agreement provides them with a
strong indication that the Purchaser is motivated to close the
contemplated transaction in such a manner.  He further told the
Court that given the Purchaser's strong desire to close on an
expedited basis so that it can obtain access to the Property as
soon as practicable, the Debtors believe that the Sale represents
the best opportunity to extract immediate and meaningful value from
the Property in the amount of the Purchase Price, as opposed to a
lengthy auction process or including the Property with the sale of
the Debtors' other assets.

The Debtors are represented by:

          Michael R. Nestor, Esq.
          Kara Hammond Coyle, Esq.
          Maris J. Kandestin, Esq.
          Andrew L. Magaziner, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR, LLP
          Rodney Square
          1000 North King Street
          Wilmington, DA 19801
          Telephone: (302)571-6600
          Facsimile: (302)571-1253
          Email: mnestor@ycst.com
                 kcoyle@ycst.com
                 mkandestin@ycst.com
                 amagaziner@ycst.com

             -- and --

          Michael A. Rosenthal, Esq.
          Robert A. Klyman, Esq.
          Samuel A. Newman, Esq.
          Jeremy L. Graves, Esq.
          Sabina Jacobs, Esq.
          GIBSON, DUNN & CRUTCHER LLP
          333 South Grand Avenue
          Los Angeles, CA 90071-1512
          Telephone: (213)229-7000
          Facsimile: (213)229-7520
          Email: mrosenthal@gibsondunn.com
                  rklyman@gibsondunn.com
                  snewman@gibsondunn.com
                  jgraves@gibsondunn.com
                  sjacobs@gibsondunn.com

                  About The Standard Register

Standard Register -- http://www.standardregister.com/--
provides
market-specific insights and a compelling portfolio of
workflow, 
content and analytics solutions to address the
changing business
 landscape in healthcare, financial services,
manufacturing and 
retail markets. The Company has operations in
all U.S. states and
 Puerto Rico, and currently employs 3,500
full-time employees and 16 part-time employees.



The Standard Register Company and 10 affiliated debtors sought

Chapter 11 protection in Delaware on March 12, 2015, with plans
to
 launch a sale process where its largest secured lender would
serve 
as stalking horse bidder in an auction.



The cases are pending before the Honorable Judge Brendan L. Shannon
and are jointly administered under Case No. 15-10541.



The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young

Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &

Transformation Services U.S., LLC, as restructuring advisors;
and
 Prime Clerk LLC as claims agent.


STANDARD REGISTER: Lazard Freres Approved as Investment Banker
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
The Standard Register Company, et al., to employ Lazard Freres &
Co., LLC and Lazard Middle Market LLC as investment banker, nunc
pro tunc to March 12, 2015.

The Debtors engaged Lazard to assist in connection with any
restructuring, financing or sale transaction.  The Debtors submit
that a successful sale transaction is the best way to maximize the
value of the Debtors' estates and that the assistance of Lazard is
necessary to a successful sale transaction.

Lazard is expected to, among other things:

   a) review and analyze the Debtors' business, operations
and financial projections;

   b) evaluate the Debtors' potential debt capacity in light of
its projected cash flows; and

   c) assisting in the determination of a capital structure for the
Debtors.

Lazard have agreed to these terms of compensation:

   a) An initial fee of $150,000 paid on execution of the
engagement letter and a monthly fee of $100,000, payable on the
last day of each month from Jan. 31, 2015, until the completion of
the restructuring or the termination of Lazard's engagement.

   b) In the event of a restructuring which takes the form of only
waivers or amendments to any of the Company's existing obligations,
that provide for a waiver or revision of covenants through (i)
Sept. 30, 2015, a fee of $250,000, (ii) Dec. 31, 2015, a fee of
$500,000, or (iii) a period until at least Oct. 1, but not later
than Dec. 30, 2015, an amount determined based on
straight line interpolation between $250,000 and $500,000,
in each case upon execution thereof.

   c) A fee payable upon the consummation of any restructuring
other than an amendment, equal to 1% of the aggregate principal
amount of existing obligations involved in the restructuring.

   d) (i) If, whether in connection with the consummation of a
Restructuring or otherwise, the Debtors consummate a Sale
Transaction incorporating all or a majority of the assets or
all or a majority or controlling interest in the equity
securities of the Debtors, Lazard will be paid a fee equal to the
greater of (A) the fee calculated based on the aggregate
consideration as set restructuring fee.  (ii) If, whether in
connection with the consummation of a Restructuring or otherwise,
the Debtors consummate any Sale Transaction not covered by clause
(d)(i), including any minority joint venture, minority partnership,
minority assets sale or similar minority transaction, the Debtors
will pay Lazard a fee based on aggregate consideration.

   e) A fee, payable upon consummation of a financing.

   f) In addition to any fees that may be payable to Lazard and,
regardless of whether any transaction occurs, the Debtors
will promptly reimburse Lazard for all: (A) reasonable
out-of-pocket expenses; and (B) other reasonable fees and expenses,
including expenses of counsel, if any.  If the Debtors so request,
Lazard will provide reasonable documentation of such expenses.

Prepetition, Lazard received payment from the Debtors of an
aggregate of $200,000 in fees for services rendered and also
received reimbursement of a total of $9,695 in expenses incurred in
connection with performing its duties.

To the best of the Debtors' knowledge, Lazard is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                     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.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.


STANDARD REGISTER: Lowenstein Sandler Okayed as Committee Counsel
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of The Standard Register Company, et al., won approval from
the U.S. Bankruptcy Court for the District of Delaware to retain
Lowenstein Sandler LLP as its counsel.

The Committee filed a separate application to retain Polsinelli PC
to serve as its Delaware Counsel.

In this connection, the Committee said that Lowenstein Sandler and
Polsinelli will allocate their delivery of services to the
Committee so as to avoid any unnecessary duplication of services.

Lowenstein Sandler will be paid at its hourly rates:

         Partners                      $500 to $995

         Senior Counsel and Counsel,
         generally 10 or more years'
         experience                    $385 to $695

         Associates, generally less
         than 6 years' experience      $275 to $515

         Paralegals and Assistants     $110 to $280

To the best of the Committee's knowledge Lowenstein Sandler is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                     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.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.



STANDARD REGISTER: Panel Sues Board, Silver Point Over WorkflowOne
------------------------------------------------------------------
Asicentral.com reports that Official Committee of Unsecured
Creditors appointed in the Chapter 11 cases of The Standard
Register Company, et al., filed a lawsuit last week against the
Company's board and Silver Point Capital, L.P., an equity firm that
has agreed to acquire the Company, over the acquisition of
WorkflowOne, LLC, in 2013.

As reported by the Troubled Company Reporter on June 11, 2015, Joe
Cogliano at The Dayton Business Journal reported that the Committee
was given authority to file the lawsuit.

According to Asicentral.com, the lawsuit alleges 15 counts of
fraudulent transactions and seeks unspecified damages.  Media
reports say that the Committee claims that the board relied on
unsound projections when approving the deal, which left the Company
"insolvent, undercapitalized, and unable to pay their debts as they
came due."

                     About Standard Register

Standard Register -- http://www.standardregister.com/-- provides
market-specific insights and a compelling portfolio of workflow,
content and analytics solutions to address the changing business
landscape in healthcare, financial services, manufacturing and
retail markets.  The Company has operations in all U.S. states and
Puerto Rico, and currently employs 3,500 full-time employees and 16
part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L. Shannon
and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.


STANDARD REGISTER: Prime Clerk Approved as Administrative Advisor
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
The Standard Register Company, et al., to employ Prime Clerk LC as
administrative advisor, nunc pro tunc to the Petition Date.

Prime Clerk is expected to, among other things:

   a) assist with, among other things, solicitation, balloting and
tabulation of votes, and prepare any related reports, as required
in support of confirmation of a chapter 11 plan, and in connection
with such services, process requests for documents from parties in
interest, including, if applicable, brokerage firms, bank
back-offices and institutional holders;

   b) prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results; and

   c) assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith.

To the best of the Debtors' knowledge, Prime Clerk is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                     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.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.



SYNAGRO INFRASTRUCTURE: Moody's Cuts CFR to Caa1, Outlook Negative
------------------------------------------------------------------
Moody's Investors Service downgraded ratings of Synagro
Infrastructure Company, Inc., including the Corporate Family Rating
to Caa1 from B3. The rating outlook is Negative.

Downgrades:

Issuer: Synagro Infrastructure Company, Inc.

  -- Probability of Default Rating, Downgraded to Caa1-PD from
     B3-PD

  -- Corporate Family Rating, Downgraded to Caa1 from B3

  -- Senior Secured Bank Credit Facilities, Downgraded to
     Caa1 (LGD3) from B3 (LGD3)

Outlook Actions:

Issuer: Synagro Infrastructure Company, Inc.

  -- Outlook, Changed To Negative From Stable

The Caa1 CFR reflects operational problems that have reduced
profitability and lessened the likelihood of free cash flow.
EBITDA-capex to interest was below 1x in 2014 and the first quarter
of 2015. A substantial equity infusion from the company's financial
sponsor recently helped prevent a covenant breach and reduced debt
by 26%. The rating favorably considers the equity support as well
as a credit facility amendment that loosened scheduled covenant
test thresholds. The risk of a material sales decline seems limited
and financial maneuvering room exists near-term to undertake
operational improvement initiatives.

The rating outlook is Negative. While covenant headroom will
probably be sufficient across 2015, unless better performance
develops the risk of a covenant breach could re-surface in 2016.
Enhancing Synagro's operational continuity and practice standards
may take time, the industry is competitive and capital requirements
of entering new projects can be high. While municipal budgets
should improve, the rate of gain will probably be gradual. Although
annual debt amortizations will be only $7.5 million in 2015 and
2016, there could be no free cash flow.

Upward rating momentum would depend on expectation of adequate
liquidity and an ability to meet debt service requirements through
operationally generated cash flow (FCF/debt of about 3% to 5%).
Downward rating pressure could result from a continuation of low
interest coverage, or weakened liquidity, or a need for further
equity support.

The principal methodology used in these ratings was Environmental
Services and Waste Management Companies 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.

Baltimore, MD based Synagro Infrastructure Company, Inc. provides
bio-solids wastewater treatment services in the US primarily to
municipalities. The company was acquired by an affiliate of EQT, a
European private equity firm, in August 2013. Revenue in 2014 was
approximately $322 million.


TELKONET INC: Stockholders Elect Five Directors
-----------------------------------------------
Telkonet, Inc., held its annual meeting of stockholders on June 11,
2015, at which the stockholders:

   (1) elected William H. Davis, Jason L. Tienor, Tim S. Ledwick,
       Kellogg L. Warner and Jeffrey P. Andrews as directors;

   (2) ratified the appointment of BDO USA, LLP as the Company's
       independent registered public accounting firm for the year
       ended Dec. 31, 2015;

   (3) approved an amendment to the Company's Amended and Restated
       Articles of Incorporation to effect, in the sole discretion
       of its Board of Directors, a reverse stock split of its    
       common stock, par value $0.001 per share, at any time prior
       to next year's Annual Meeting of Stockholders by a ratio of
       not less than 1-for-10 and not more than 1-for-50, with the

       specific ratio, timing and terms to be determined by the
       Company's, in its sole discretion; and

   (4) approved, on an advisory basis, the compensation of the
       Company's named executive officers.

                          About Telkonet

Milwaukee, Wisconsin-based Telkonet, Inc., is a clean technology
company that develops and manufactures proprietary energy
efficiency and smart grid networking technology.

Telkonet reported a net loss attributable to common stockholders
of $95,400 in 2014 following a net loss attributable to common
stockholders of $4.9 million in 2013.

The Company's balance sheet at March 31, 2015, showed $9.77 million
in total assets, $6.03 million in total liabilities, and
stockholders' equity of $3.74 million.

BDO USA, LLP, in Milwaukee, Wisconsin, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2014, citing that the Company has a history of
losses from operations, a working capital deficiency, and an
accumulated deficit of $121,906,017 that raise substantial doubt
about its ability to continue as a going concern.


TERRAFORM OPERATING: Moody's Affirms Ba3 CFR, Outlook Positive
--------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 Corporate Family Rating,
Ba3-PD Probability of Default rating, B1 senior unsecured rating,
Speculative Grade Liquidity (SGL-2) rating and maintained the
positive outlook for Terraform Operating Company LLC (TPO). The
$150 million add on to TPO's $800 million notes due 2023 will be
used to reduce revolver drawdowns and finance recent project
acquisitions.

Since TPO's initial rating in June 2014, the portfolio has grown
very rapidly, and has seen a 107% increase in MWs, a tripling of
the call rights pipeline to 3.6 GW from 1.1 GW, and a 98% increase
in EBITDA. While such rapid growth was incorporated into the
original expectations, the addition of a large, operating wind
portfolio is credit positive as it diversifies technology risk,
resource risk, operating risk and regulatory/policy risk besides
providing for stronger growth prospects. Moody's see prospects for
a higher rating as management successfully integrates the First
Wind business, develops a successful track record of operations,
M&A, and maintenance of a financial profile in line with
management's targeted consolidated debt to EBITDA leverage ratio of
5x-5.5x.

Another key factor affecting TPO's CFR is the weak, but improving
credit profile of its parent sponsor SunEdison, Inc. (unrated -
SUNE). Moody's incorporate a view that SUNE will successfully raise
the capital for its financing obligations and maintain a stable
financial profile over the next 2-3 years.

The unsecured notes are rated one notch below the CFR owing to the
presence of the $650 million secured revolving credit facility
(unrated) that is scheduled to expire in January 2020. The
Loss-Given Default (LGD) methodology assumes 50% of the revolver is
drawn and outstanding at the time of a default, which impacts
expected recovery on the unsecured notes.

Given the presence of substantial project level debt of about $884
million, Moody's evaluate TPO's financial profile on a consolidated
basis. Structural subordination has reduced since the IPO, with 78%
of cash flows now coming from unlevered projects as opposed to 59%
at the time of the IPO. And while TPO is expected to grow rapidly,
Moody's have taken a conservative look at the company's likely
financial profile assuming zero growth and a static portfolio.
Under these assumptions, Moody's expect TPO to have CFO pre-W/C to
debt of 12-15%, Debt/EBITDA of 5x-5.5x and a consolidated Debt
Service Coverage Ratio of 2.2x-2.3x over the next few years.

TPO's revolving credit facility was upsized on May 1, 2015 to $650
million from $550 million. Given that TPO only operates wind and
solar power projects, its operational working capital requirements
are generally quite small and the revolver will be used mainly to
enable TERP to acquire projects quickly, with permanent funding
coming later through an appropriate mix of debt and equity. The
revolver is secured by all the assets of TERP, which essentially
consists of equity interests in the various project subsidiaries.

TPO's positive outlook reflects the potential for an upgrade of
TPO's CFR if the company is able to deliver on its business plan,
maintains its targeted financial profile, establishes a track
record and achieves management credibility by successfully
integrating FirstWind into its business.

What Could Take the Rating Up: Successfully executing on its
business plan such as the smooth integration of the First Wind
assets and achieving its targeted financial profile of 5.0x-5.5x
Debt/EBITDA. An upgrade would also require SUNE to successfully
raise capital for its financing obligations and maintain a stable
financial profile.

What Could Take the Rating Down: Downward pressure on TPO's rating
would result in the event that either higher debt levels or poorer
operating performance point to a rising trend in the consolidated
Debt/EBITDA leverage ratio above 5.5x or FFO/Debt levels falling
below 10%. Other factors that could affect the rating include a
decline in the quality of cash flows through shorter contracts,
commodity price exposure, lower rated counterparties or risky
regulatory jurisdictions. A significant deterioration in the credit
quality of SUNE could also be another factor in a rating downgrade
at TPO.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
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.


TOPS HOLDING: Announces Results for 8.750/9.5% Notes Tender Offer
-----------------------------------------------------------------
Tops Holding II Corporation announced that pursuant to its cash
tender offer to purchase up to $60,000,000 aggregate principal
amount of its outstanding 8.750%/9.500% senior notes due 2018
(CUSIP No. 89078XAB3), it received tenders from holders of
$148,218,000, or approximately 98.81%, of the aggregate principal
amount of the Notes outstanding, by 5:00 p.m., New York City time,
on June 8, 2015.

The Issuer's obligation to accept for purchase, and to pay for, any
Notes pursuant to the Offer is subject to a number of conditions
that are set forth in the Offer to Purchase dated
May 26, 2015, including the consummation of a capital markets debt
financing raising proceeds in an amount sufficient to fund a
portion of the Offer and related payments.  Subject to the
satisfaction or waiver of these conditions, all holders who validly
tendered (and did not subsequently validly withdraw) their Notes at
or prior to the Early Tender Date and whose Notes are accepted for
purchase will receive total consideration equal to $1,020.00 per
$1,000 principal amount of the Notes plus accrued and unpaid
interest from the most recent interest payment date for the Notes
to, but not including, the settlement date for the Offer, which the
Company currently expects to be on or about
June 10, 2015.

Because the aggregate principal amount of the Notes tendered
exceeded the Maximum Tender Amount as of the Early Tender Date, the
Issuer will accept validly tendered Notes on a prorated basis with
a pro ration factor of approximately 40.50% for the Notes.  As the
aggregate principal amount of Notes tendered at the Early Tender
Date exceeded the Maximum Tender Amount, the Company does not
expect to accept for purchase any Notes tendered after the Early
Tender Date.

The complete terms and conditions of the Offer are described in the
Offer to Purchase, copies of which may be obtained from D.F. King &
Co., Inc., the depositary and information agent for the Offer, at
(866) 864-7964 (U.S. toll free) or, for banks and brokers, at (212)
269-5550. Questions regarding the terms of the Offer may be
directed to Merrill Lynch, Pierce, Fenner & Smith Incorporated, the
dealer manager for the Offer, at (888) 292-0070 (U.S. toll free)
and (980) 387-2113 (collect).

                        About Tops Markets

Privately owned Tops Markets, LLC headquartered in Williamsville,
New York, operates a chain of 71 owned Tops supermarkets and 5
franchised stores ("legacy stores") in western New York state,
with approximately $1.7 billion of annual revenues.  In February
2010, Tops acquired 79 stores from the bankruptcy estate of Penn
Traffic.  Tops continues to operate 55 stores, of which 7 may sold
or closed as a result of a preliminary FTC order.  The remaining
48 stores are in the final process of being re-branded as Tops
stores.  Tops' primary markets have historically been the Buffalo
and Rochester metro areas, and will expand to the south and east
with the acquisition of the Syracuse-based Penn Traffic stores.
The company is 75% owned by Morgan Stanley Capital Partners, with
remaining ownership held largely by a unit of HSBC and company
management.

The Company's balance sheet at Oct. 6, 2012, showed $661.49
million in total assets, $705.22 million in total liabilities and
a $43.73 million total shareholders' deficit.

                           *     *     *

In the Nov. 25, 2011, edition of the TCR, Moody's Investors
Service upgraded the Corporate Family and Probability of Default
Ratings of Tops Holding Corporation ("Tops") to B3 from Caa1.
Tops Corporate Family Rating of B3 reflects the company's weak
credit metrics, its modest size relative to competitors, regional
concentration and aggressive financial policies.  The rating is
supported by its stable operating performance in a challenging
business and competitive environment, its good regional market
presence and its good liquidity.

As reported by the TCR on May 10, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on the
Buffalo, N.Y.-based Tops Holding Corp. to 'B' from 'B+'.  "The
ratings on Tops reflect our view of the company's financial
risk profile as "highly leveraged", and we base our assessment on
our forecast of credit ratios, which incorporate the increased
debt, moderate profit growth, and some improvement in credit
ratios in the next year," said credit analyst Charles Pinson-Rose.


TOPS HOLDING: Announces Tender Offer for 8.875% Senior Notes
------------------------------------------------------------
Tops Holding LLC, Tops Markets, LLC and Tops Markets II Corporation
announced that pursuant to their cash tender offer to purchase any
and all of the outstanding 8.875% senior secured notes due 2017
(CUSIP No. 89078WAD1) of the Issuers, and related consent
solicitations to effect the collateral release and certain proposed
amendments to the indenture governing the Notes, they received
tenders and consents from holders of $351,911,000, or approximately
76.50%, of the aggregate principal amount of the Notes outstanding,
by 5:00 p.m., New York City time, on June 8, 2015.

The Issuers' obligation to accept for purchase, and to pay for, any
Notes pursuant to the Offer is subject to a number of conditions
that are set forth in the Offer to Purchase and Consent
Solicitation Statement dated May 26, 2015, including consummation
of a capital markets debt financing raising proceeds in an amount
sufficient to fund a portion of the Offer and related payments.
Subject to the satisfaction or waiver of these conditions, all
holders who validly tendered (and did not subsequently validly
withdraw) their Notes at or prior to the Consent Expiration will
receive total consideration equal to $1,049.38 per $1,000 principal
amount of the Notes, plus accrued and unpaid interest from the most
recent interest payment date for the Notes to, but not including,
the initial settlement date for the Offer, which is currently
expected to be on or about June 10, 2015.

The Withdrawal Deadline has passed.  Accordingly, any validly
tendered Notes may no longer be withdrawn or revoked.  The Offer
will expire at 11:59 p.m., New York City time, on June 22, 2015,
unless extended or earlier terminated.  Holders tendering after the
Consent Expiration and at or prior to the Expiration Time will be
eligible to receive $1,019.38 for each $1,000 principal amount of
Notes.  Those holders will also receive accrued and unpaid interest
from the most recent interest payment date for the Notes to, but
not including, the final payment date, which will occur promptly
after the Expiration Time.

Any Notes not tendered and purchased pursuant to the Offer will be
redeemed by the Issuers pursuant to the terms of the Indenture and
the Indenture will be satisfied and discharged.

The complete terms and conditions of the Offer are described in the
Offer to Purchase, copies of which may be obtained from D.F. King &
Co., Inc., the depositary and information agent for the Offer, at
(866) 864-7964 (U.S. toll free) or, for banks and brokers, at (212)
269-5550. Questions regarding the terms of the Offer may be
directed to Merrill Lynch, Pierce, Fenner & Smith Incorporated, the
dealer manager and solicitation agent for the Offer, at (888)
292-0070 (U.S. toll free) and (980) 387-2113 (collect).

None of the Issuers, the dealer manager and solicitation agent or
the tender and information agent or their respective affiliates is
making any recommendation as to whether or not holders should
tender all or any portion of their Notes in the Offer.

                        About Tops Markets

Privately owned Tops Markets, LLC headquartered in Williamsville,
New York, operates a chain of 71 owned Tops supermarkets and 5
franchised stores ("legacy stores") in western New York state,
with approximately $1.7 billion of annual revenues.  In February
2010, Tops acquired 79 stores from the bankruptcy estate of Penn
Traffic.  Tops continues to operate 55 stores, of which 7 may sold
or closed as a result of a preliminary FTC order.  The remaining
48 stores are in the final process of being re-branded as Tops
stores.  Tops' primary markets have historically been the Buffalo
and Rochester metro areas, and will expand to the south and east
with the acquisition of the Syracuse-based Penn Traffic stores.
The company is 75% owned by Morgan Stanley Capital Partners, with
remaining ownership held largely by a unit of HSBC and company
management.

The Company's balance sheet at Oct. 6, 2012, showed $661.49
million in total assets, $705.22 million in total liabilities and
a $43.73 million total shareholders' deficit.

                           *     *     *

In the Nov. 25, 2011, edition of the TCR, Moody's Investors
Service upgraded the Corporate Family and Probability of Default
Ratings of Tops Holding Corporation ("Tops") to B3 from Caa1.
Tops Corporate Family Rating of B3 reflects the company's weak
credit metrics, its modest size relative to competitors, regional
concentration and aggressive financial policies.  The rating is
supported by its stable operating performance in a challenging
business and competitive environment, its good regional market
presence and its good liquidity.

As reported by the TCR on May 10, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on the
Buffalo, N.Y.-based Tops Holding Corp. to 'B' from 'B+'.  "The
ratings on Tops reflect our view of the company's financial
risk profile as "highly leveraged", and we base our assessment on
our forecast of credit ratios, which incorporate the increased
debt, moderate profit growth, and some improvement in credit
ratios in the next year," said credit analyst Charles Pinson-Rose.


TOPS HOLDING: Closes $560 Million Notes Offering
------------------------------------------------
Tops Holding LLC and Tops Markets II Corporation closed their
private offering of $560 million in aggregate principal amount of
8.000% senior secured notes due 2022.  The net proceeds from this
offering, together with cash on hand and borrowings under the
Company's asset based revolving credit facility, will be used to
repurchase any and all of the Issuers' and Tops Markets, LLC's
existing $460 million senior secured notes due 2017 tendered
pursuant to the previously announced tender offer by the Issuers
and Tops Markets, LLC and up to $60 million senior notes due 2018
tendered pursuant to the previously announced tender offer by Tops
Holding II Corporation. Any 2017 Notes not tendered and purchased
pursuant to the 2017 Notes Tender Offer will be redeemed by the
Issuer and Tops Markets, LLC pursuant to the terms of the indenture
governing the 2017 Notes and such indenture will be satisfied and
discharged on the date hereof.

                        About Tops Markets

Privately owned Tops Markets, LLC headquartered in Williamsville,
New York, operates a chain of 71 owned Tops supermarkets and 5
franchised stores ("legacy stores") in western New York state,
with approximately $1.7 billion of annual revenues.  In February
2010, Tops acquired 79 stores from the bankruptcy estate of Penn
Traffic.  Tops continues to operate 55 stores, of which 7 may sold
or closed as a result of a preliminary FTC order.  The remaining
48 stores are in the final process of being re-branded as Tops
stores.  Tops' primary markets have historically been the Buffalo
and Rochester metro areas, and will expand to the south and east
with the acquisition of the Syracuse-based Penn Traffic stores.
The company is 75% owned by Morgan Stanley Capital Partners, with
remaining ownership held largely by a unit of HSBC and company
management.

The Company's balance sheet at Oct. 6, 2012, showed $661.49
million in total assets, $705.22 million in total liabilities and
a $43.73 million total shareholders' deficit.

                           *     *     *

In the Nov. 25, 2011, edition of the TCR, Moody's Investors
Service upgraded the Corporate Family and Probability of Default
Ratings of Tops Holding Corporation ("Tops") to B3 from Caa1.
Tops Corporate Family Rating of B3 reflects the company's weak
credit metrics, its modest size relative to competitors, regional
concentration and aggressive financial policies.  The rating is
supported by its stable operating performance in a challenging
business and competitive environment, its good regional market
presence and its good liquidity.

As reported by the TCR on May 10, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on the
Buffalo, N.Y.-based Tops Holding Corp. to 'B' from 'B+'.  "The
ratings on Tops reflect our view of the company's financial
risk profile as "highly leveraged", and we base our assessment on
our forecast of credit ratios, which incorporate the increased
debt, moderate profit growth, and some improvement in credit
ratios in the next year," said credit analyst Charles Pinson-Rose.


TRIBAL SOLUTIONS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Tribal Solutions, Inc.
        598 E. Purnell Rd.
        Lewisville, TX 75057

Case No.: 15-41081

Chapter 11 Petition Date: June 11, 2015

Court: United States Bankruptcy Court
       Eastern District of Texas (Sherman)

Judge: Hon. Brenda T. Rhoades

Debtor's Counsel: Thomas Daniel Berghman, Esq.
                  MUNSCH HARDT KOPF & HARR, P.C.
                  500 N. Akard, Ste. 3800
                  Dallas, TX 75201-6659
                  Tel: 214-855-7554
                  Fax: 214-978-4346
                  Email: tberghman@munsch.com

                    - and -

                  Davor Rukavina, Esq.
                  MUNSCH HARDT KOPF & HARR, P.C.
                  3800 Lincoln Plaza
                  500 North Akard Street
                  Dallas, TX 75201-6659
                  Tel: 214-855-7587
                  Fax: 214-978-5359
                  Email: drukavina@munsch.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Francella Colbert, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txeb15-41081.pdf


TROCOM CONSTRUCTION: Needs Until July 22 to File Schedules
----------------------------------------------------------
Trocom Construction Corp. asks the U.S. Bankruptcy Court for the
Eastern District of New York to further extend the time by which
must file its schedules of assets and liabilities and statements of
financial affairs to July 22, 2015.

According to Bonnie L. Pollack, Esq., at Cullen and Dykman LLP, in
New York, the Debtor will not likely be able to forward to counsel
its complete information with sufficient time to ensure
finalization of the Schedules for timely filing by the current
filing date of June 22.

Mr. Pollack says the Debtor's financial team and management have
been immersed in preparing and/or compiling a substantial amount of
documents and information, both financial and with respect to the
Debtor's jobs, at the request of the Surety.

The Debtor is represented by:

         Bonnie L. Pollack, Esq.
         Matthew G. Roseman, Esq.
         C. Nathan Dee, Esq.
         CULLEN AND DYKMAN LLP
         100 Quentin Roosevelt Boulevard
         Garden City, NY 11530
         Tel: (516) 296-9143
         Fax: (516) 357-3792
         Email: bpollack@cullenanddykman.com
                mroseman@cullenanddykman.com
                ndee@cullenanddykman.com

                     About Trocom Construction

Trocom Construction Corp. formed in 1969 by Salvatore Trovato.
Trocom is in the heavy construction business.  Its primary
customer
is the City of New York through its various agencies.  The company
has 75 employees, the majority of whom are members of various
unions.  Joseph Trovato is presently the president and holder of
100% of the voting shares of Trocom.

Trocom commenced a Chapter 11 bankruptcy case (Bankr. E.D.N.Y.
Case
No. 15-42145) on May 7, 2015, in Brooklyn.  The case is assigned
to
Judge Nancy Hershey Lord.

The Debtor tapped Cullen & Dykman, LLP, as its general bankruptcy
counsel.

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

According to the docket, the Chapter 11 plan and disclosure
statement are due Sept. 4, 2015.


TWIN RINKS: Section 341 Meeting of Creditors Set for July 10
------------------------------------------------------------
A meeting of creditors in the bankruptcy case of Twin Rinks At
Eisenhower, LLC, will be held on July 10, 2015, at 9:00 a.m. at
Room 561, 560 Federal Plaza, CI, New York.

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

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

                         About 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.

Judge Robert E. Grossman presides over the case.


UNIVAR INC: IPO Can Lead to One Notch Upgrade of Moody's Ratings
----------------------------------------------------------------
Moody's says Univar Inc's (Univar, B3 stable) announcement that it
intends to pursue an initial public offering and a concurrent
private placement of equity for roughly $750 million in new equity
is a potential credit positive. The proceeds of the offerings are
intended to be used to retire the $600 million 2017 subordinated
notes and $50 million 2018 subordinated notes, and to pay the
equity sponsors $26 million in a consulting termination fee.

If the IPO and private placement are successful and all or nearly
all of the proceeds, net of costs, are used to reduce debt,
debt-to-EBITDA leverage (including our standard adjustments) would
improve by roughly one full turn to mid-5 times turns of leverage.
This prospective leverage improvement, combined with Univar's
scale, ongoing cost and operational improvements would likely
warrant consideration for a one notch upgrade to Univar's CFR
rating.

Univar Inc. is one of the largest global chemical distributors
operating more than 700 distribution centers serving diverse end
markets in the US, Canada and Europe. The company was taken private
in October 2007, and is currently majority owned by funds managed
by CVC Capital Partners and Clayton, Dubilier & Rice, LLC. The
company had revenues of $10.4 billion for the year ended December
31, 2014.



UNIVERSAL COOPERATIVES: Judge Extends Deadline to Remove Suits
--------------------------------------------------------------
U.S. Bankruptcy Judge Mary Walrath has given Universal Cooperatives
Inc. until Sept. 8, 2015, to file notices of removal of lawsuits
involving the company and its affiliates.

                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 zavalon, 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.


VIGGLE INC: Inks $10 Million Line of Credit with Sillerman
----------------------------------------------------------
Viggle Inc. and Sillerman Investment Company IV LLC entered into a
line of vredit grid promissory note which provides a right for the
Company to request advances of up to $10,000,000, according to a
document filed with the Securities and Exchange Commission.  

The Note bears interest at a rate of 12% per annum, payable in cash
on the maturity.  From and after the occurrence and during the
continuance of any event of default under the Note, the interest
rate is automatically increased to 14% per annum.

The Note is not convertible into equity securities of the Company.

In order for the Company to make requests for advances under the
Note, the Company must have an interest coverage ratio equal to or
greater than 1, unless the Lender waives this requirement.  The
interest coverage ratio is calculated by dividing (a) the Company's
net income for the measurement period, plus the Company's interest
expense for the measurement period, plus the Company's tax expense
for the measurement period, by (b) the Company's interest expense
for the measurement period, plus the amount of interest expense
that would be payable on the amount of the requested draw for the
12 months following the request for the advance.  The measurement
period is the 12 months ended as of the last day of the last
completed fiscal quarter prior to the request for the advance.  The
Company currently does not have an interest coverage ratio equal to
or greater than 1, so advances would now require the Lender to
waive this requirement.  In addition, in order to make requests for
advances under the Note, there can be no event of default under the
Note at the time of the request for an advance, including that
there has been no material adverse change in the business plan or
prospects of the Company in the reasonable opinion of the Lender.

On June 11, 2015, the Company made a request for an advance under
the Note, and the Lender made an advance to the Company in the
amount of $1,000,000.

The Note matures on the first to occur of: (a) Dec. 31, 2016, or
(b) upon a "Change of Control Transaction."  A "Change of Control
Transaction" includes (i) a sale of all or substantially all of the
assets of the Company or (ii) the issuance by the Company of common
stock that results in any "person" or "group" becoming the
"beneficial owner" of a majority of the aggregate ordinary voting
power represented by the Company’s issued and outstanding common
stock (other than as a result of, or in connection with, any
merger, acquisition, consolidation or other business combination in
which the Company is the surviving entity following the
consummation thereof), excluding transactions with affiliates of
the Company.

In addition, the Company's executive chairman and chief executive
officer, Robert F.X. Sillerman, had previously loaned the Company
$6,575,000 pursuant to demand promissory notes.  The Company has
paid off $5 million of those notes, resulting in an outstanding
principal amount of the demand notes of $1,575,000.

Because the transactions were between the Company and Robert F.X.
Sillerman or an affiliate of Robert F.X. Sillerman, the Company's
independent directors unanimously approved the transactions
contemplated by the Note.

                           About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss of $68.4 million on $18 million of
revenues for the year ended June 30, 2014, compared with a net
loss of $91.4 million on $13.9 million of revenues for the year
ended June 30, 2013.

The Company's balance sheet at March 31, 2015, showed $70.9 million
in total assets, $54.6 million in total liabilities, $11.4 million
in series C convertible redeemable preferred stock, and
stockholders' equity of $4.88 million.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2014, has a deficiency in working capital that raises substantial
doubt about its ability to continue as a going concern.


VISCOUNT SYSTEMS: Names Shavi Morsara as PAO and Controller
-----------------------------------------------------------
Viscount Systems, Inc., appointed Shavi Morsara as its principal
accounting officer and controller, according to a document filed
with the Securities and Exchange Commission.

Prior to joining the Company, Mr. Morsara, 38, worked as an
independent business consultant providing advisory services through
his consulting firm, Morsara Business Consultants, from May 2013 to
March 2015.  From October 2011 to February 2013, Mr. Morsara served
as controller for Recon Instruments Inc.  Mr. Morsara served as
controller of Gateway Casinos & Entertainment Limited from June
2011 to October 2011, and Finance Planning and Analysis Manager
from March 2010 to June 2011.  Mr. Morsara is a chartered
professional accountant, and holds a BBA degree from Simon Fraser
University.

Pursuant to the Agreement, Mr. Morsara will receive an annual base
salary of $100,000, and an annual bonus with a target level of
0-20% of his annual base salary.  Within six months after the
effective date of the Agreement, Mr. Morsara will be eligible to
receive an option to purchase 150,000 shares of the Company's
common stock, valid for three years after the date of issuance of
such shares, with an exercise price equal to the fair market value
on the date of the option grant, which option shall be subject to
the Company's 2003 Stock Option Plan.  Additional equity awards may
be granted to Mr. Morsara at the discretion of the Company's board
of directors.  In addition, Mr. Morsara will be eligible for other
benefits consistent with those received by other Company
executives.

                       About Viscount Systems

Burnaby, Canada-based Viscount Systems, Inc., is a manufacturer,
developer and service provider of access control security
products.

Viscount Systems reported a net loss and comprehensive loss of
C$991,000 on C$4.76 million of sales for the year ended Dec. 31,
2014, compared to a net loss and comprehensive loss of C$3.08
million on C$4.13 million of sales in 2013.

As of March 31, 2015, the Company had C$1.71 million in total
assets, C$3.91 million in total liabilities and a C$2.21 million
total stockholders' deficit.

Dale Matheson Carr-Hilton Labonte LLP, in Vancouver, Canada, issued
a "going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has incurred losses in developing its business, and further
losses are anticipated in the future.  The Company requires
additional funds to meet its obligations and the costs of its
operations and there is no assurance that additional financing can
be raised when needed.  These factors raise substantial doubt about
the Company's ability to continue as a going concern.


VISUALANT INC: Amends Form S-1 Prospectus with SEC
--------------------------------------------------
Visualant, Incorporated, has amended its Form S-1 registration
statement with the Securities and Exchange Commission relating to
the offering of $10,000,000 shares of its common stock, $0.001 par
value per share, together with warrants to purchase one share of
its common stock for each share of common stock sold in this
offering.  The Company amended the Registration Statement to delay
its effective date.

The Company's common stock is quoted on the OTCQB Marketplace,
operated by OTC Markets Group, under the symbol "VSUL".  The
Company has applied for listing of its common stock and the
warrants, not including the pre-funded warrants, to be sold in this
offering on The NASDAQ Capital Market under the symbols "VSUL" and
"VSULW", respectively.  No assurance can be given that our
application will be approved.  On June 9, 2015, the last reported
sale price for the Company's common stock on the OTCQB Marketplace
was $0.06 per share.  

A copy of the Form S-1/A is available for free at:

                        http://is.gd/7b9hdY

                       About Visualant Inc.

Seattle, Wash.-based Visualant, Inc., was incorporated under the
laws of the State of Nevada on Oct. 8, 1998.  The Company
develops low-cost, high speed, light-based security and quality
control solutions for use in homeland security, anti-
counterfeiting, forgery/fraud prevention, brand protection and
process control applications.

Visualant reported a net loss of $1 million on $7.98 million of
revenue for the year ended Sept. 30, 2014, compared to a net loss
of $6.60 million on $8.57 million of revenue for the year ended
Sept. 30, 2013.

As of March 31, 2015, the Company had $3.02 million in total
assets, $6.8 million in total liabilities, all current, and a $3.78
million total stockholders' deficit.

PMB Helin Donovan, LLP, in Seattle, Washington, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Sept. 30, 2014.  The independent auditors noted that
the Company has sustained a net loss from operations and has an
accumulated deficit since inception.  These factors, according to
the auditors, raise substantial doubt about the Company's ability
to continue as a going concern.


WAFERGEN BIO-SYSTEMS: Stockholders Elect Seven Directors
--------------------------------------------------------
WaferGen Bio-systems, Inc. held its 2015 annual meeting of
stockholders on June 10 at which the stockholders:

   (1) elected Rolland Carlson, Dean Hautamaki, Makoto Kaneshiro,
       Joel Kanter, William McKenzie, Robert Schueren and
       Ivan Trifunovich to the Board of Directors to serve for one

       year terms until the 2016 annual meeting of the
       stockholders or until their successors are duly elected and
       qualified;

   (2) ratified the appointment of SingerLewak LLP as the
       Company's independent auditors for the fiscal year ending
       Dec. 31, 2015; and

   (3) approved, on a non-binding advisory basis, the compensation
       paid to the Company's named executive officers.

                     About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.

WaferGen Bio-systems reported a net loss of $10.7 million in 2014,
a net loss of $16.3 million in 2013 and a net loss of $8.97 million
in 2012.

As of March 31, 2015, the Company had $16.49 million in total
assets, $6.47 million in total liabilities and $10.02 million in
total stockholders' equity.


WALTER ENERGY: Exercises Grace Period for 9.875% Senior Notes
-------------------------------------------------------------
Walter Energy, Inc. on June 11 disclosed that it will exercise the
30-day grace period under its indenture agreement with holders of
its 9.875% Senior Notes due in 2020, extending the timeframe for
making the cash interest payment due June 15, 2015.  Walter Energy
will continue to deliver high quality met coal to customers and
meet its other obligations as it works with its debtholders to
establish a capital structure that will position the Company to
weather a highly competitive and challenging market.

                      About Walter Energy

Walter Energy -- http://www.walterenergy.com/-- is a publicly
traded "pure-play" metallurgical coal producer for the global steel
industry with strategic access to steel producers in Europe, Asia
and South America.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas, with
operations in the United States, Canada and the United Kingdom.



WALTER ENERGY: Exercises Grace Period for 9.875% Senior Notes
-------------------------------------------------------------
Walter Energy, Inc., announced it will exercise the 30-day grace
period under its indenture agreement with holders of its 9.875%
Senior Notes due in 2020, extending the timeframe for making the
cash interest payment due June 15, 2015.  Walter Energy said it
will continue to deliver high quality met coal to customers and
meet its other obligations as it works with its debtholders to
establish a capital structure that will position the Company to
weather a highly competitive and challenging market.

                        About Walter Energy

Walter Energy -- http://www.walterenergy.com/--  is a publicly    

traded "pure-play" metallurgical coal producer for the global
steel industry with strategic access to steel producers in Europe,
Asia and South America.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas.  Walter
Energy employs approximately 2,700 employees, with operations in
the United States, Canada and the United Kingdom.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.
As of Dec. 31, 2014, Walter Energy had $5.38 billion in total
assets, $5.10 billion in total liabilities, and $282 million in
stockholders' equity.

                            *    *    *

As reported by the TCR on June 10, 2015, Standard & Poor's Ratings
Services said it raised its corporate credit rating on Walter
Energy Inc. to 'CCC-' from 'D'.  S&P raised the ratings on
Birmingham, Ala.-based coal miner Walter Energy after the company
announced it would pay approximately $62 million in aggregate
interest payments on its 9.5% senior secured notes due 2019 and its
8.5% senior notes due 2021.

The TCR reported on July 10, 2014, that Moody's downgraded the
Corporate Family Rating of Walter Energy to 'Caa2' from 'Caa1'.
"The downgrade in the corporate family rating reflects the
anticipated deterioration in performance, increased cash burn and
increase in leverage, given the recent met coal benchmark
settlement of $120 per tonne for high quality coking coal and our
expectation that meaningful recovery in metallurgical coal markets
is twelve to eighteen months away."


WALTER ENERGY: To Delay Interest Payments on Sr. Notes by 30 Days
-----------------------------------------------------------------
Argusmedia.com reports that Walter Energy will delay interest
payments on certain senior secured notes by 30 days.

According to Argusmedia.com, the Company said it is exercising the
grace period for payments due June 15 on its 9.875pc senior notes
due in 2020.  

Argusmedia.com says that the Company is working with its debt
holders "to establish a capital structure that will position the
Company to weather a highly competitive and challenging market."

                        About Walter Energy

Walter Energy -- http://www.walterenergy.com/-- is a publicly
traded "pure-play" metallurgical coal producer for the global steel
industry with strategic access to steel producers in Europe,
Asia and South America.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas.  Walter
Energy employs approximately 2,700 employees, with operations in
the United States, Canada and the United Kingdom.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.
As of Dec. 31, 2014, Walter Energy had $5.38 billion in total
assets, $5.10 billion in total liabilities, and $282 million in
stockholders' equity.

                            *    *    *

As reported by the TCR on April 21, 2015, Standard & Poor's
Ratings Services lowered its corporate credit rating on Walter
Energy Inc. to 'D' from 'CCC+'.  

"We lowered the ratings on Birmingham, Ala.-based coal miner
Walter Energy after the Company elected not to pay approximately
$62 million in aggregate interest payments on its 9.5% senior
secured notes due 2019 and its 8.5% senior notes due 2021.  A
payment default has not occurred under the indentures governing
the notes, which provide a 30-day grace period.  However, we
consider a default to have occurred because we do not expect a
payment to be made within the stated grace period given the
company's heavy debt burden, which we view to be unsustainable.  In
our opinion, the Company has sufficient liquidity to operate over
the next several months as it works with creditors to restructure
its balance sheet.  Cash and investments totaled approximately $435
million on March 31, 2015."

The TCR reported on July 10, 2014, that Moody's downgraded the
Corporate Family Rating of Walter Energy to 'Caa2' from 'Caa1'.
"The downgrade in the corporate family rating reflects the
anticipated deterioration in performance, increased cash burn and
increase in leverage, given the recent met coal benchmark
settlement of $120 per tonne for high quality coking coal and our
expectation that meaningful recovery in metallurgical coal markets
is twelve to eighteen months away."


WESTMORELAND COAL: Names Nathan Troup Chief Accounting Officer
--------------------------------------------------------------
Westmoreland Coal Company appointed Nathan Troup, 37, as chief
accounting officer and corporate controller, according to a Form
8-K report filed with the Securities and Exchange Commission.  He
replaced Russell Werner who resigned from those positions on
June 9, 2015, to pursue other professional opportunities.

Mr. Troup has 14 years of experience in public company accounting
and auditing.  From July 2011 to June 2015, Mr. Troup served as the
chief accounting officer and controller, as well as various other
positions, with DigitalGlobe, Inc., a leading provider of
geospatial information products and services sourced from its own
advanced satellite constellation.  From August 2010 to June 2011,
Mr. Troup was a senior manager with The Siegfried Group, LLP, which
is a professional services firm that provides outsourced accounting
and finance support to Fortune 1000 clients.  From 2001 to July
2010, Mr. Troup worked as an auditor for Ernst and Young, LLP.  Mr.
Troup is a Certified Public Accountant and holds a Master of
Accounting and a Bachelor of Science in Accountancy from the
University of Missouri, Columbia.

Mr. Troup will receive salary and benefits, and is eligible to
participate in the Company's Long-Term Incentive Program and its
Annual Incentive Program for fiscal year 2015, the Company awarded
Mr. Troup restricted stock units with a value equal to 60% of his
base salary under the LTIP, 50% of which are time-vested restricted
stock units vesting each year on April 1st (beginning April 1,
2016) and 50% of which are performance-based restricted stock units
which will vest on April 1, 2018, depending on the achievement of
certain pre-established performance goals.  Mr. Troup is also
eligible to participate in the Company's AIP at 30% of his base
salary, under which his financial performance payout will be
determined based on the Company's actual versus budgeted
consolidated free cash flow metric in accordance with the AIP.

In connection with his employment, Mr. Troup entered into a change
in control severance agreement with the Company that includes a
double trigger change in control mechanism.  Upon termination after
a Change in Control, Mr. Troup is entitled to payment of one times
his base salary and his target bonus under the AIP, as well as an
immediate vesting of all equity awards granted but not yet vested.
The Agreement has a two-year term that is automatically renewed for
additional one-year terms if not terminated within nine months of
the initial term expiration date.  The Agreement also includes
customary confidentiality and non-disparagement terms, as well as a
one-year non-compete clause.

                      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.


WILLARD MOUNTAIN: Case Summary & 7 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Willard Mountain, Inc.
          d/b/a Willard Mountain
        77 The Intervale Road
        Greenwich, NY 12834

Case No.: 15-11242

Chapter 11 Petition Date: June 11, 2015

Court: United States Bankruptcy Court
       Northern District of New York (Albany)

Judge: Hon. Robert E. Littlefield Jr.

Debtor's Counsel: Richard L. Weisz, Esq.
                  HODGSON RUSS LLP
                  677 Broadway
                  Albany, NY 12207
                  Tel: (518) 465-2333
                  Email: Rweisz@hodgsonruss.com

Total Assets: $1.5 million

Total Liabilities: $437,428

The petition was signed by Charles Wilson, president.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/nynb15-11242.pdf


WP CPP: Moody's Affirms 'B2' Corp. Family Rating, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings, including the B2
Corporate Family Rating and the B2-PD Probability of Default rating
of WP CPP Holdings, LLC. Concurrently, Moody's affirmed the B1
ratings on the company's $125 million senior secured revolver due
2017, the B1 rating on the $540 million senior secured first lien
term loan B due 2019, and the Caa1 rating on the $240 million
senior secured second lien term loan due 2021. The affirmation
anticipates that the company will increase the outstanding amount
under its B1-rated first lien term loan by $65 million. These
proceeds, along with $45 million in cash on hand will be used to
pay-down approximately $107 million of second lien debt. The rating
outlook is stable.

Issuer: WP CPP Holdings, LLC

The following ratings were affirmed:

  -- Corporate Family Rating, affirmed at B2

  -- Probability of Default Rating, affirmed at B2-PD

  -- $125 million senior secured revolver due 2017, affirmed
     B1 (LGD3)

  -- $540 million ($529 million outstanding) senior secured first
     lien term loan B due 2019, to be upsized to $594 million,
     affirmed B1 (LGD3)

  -- $240 million senior secured second lien term loan due 2021,
     to be downsized to $133 million, affirmed Caa1 (LGD6)

  -- Rating outlook, Stable

CPP's B2 CFR reflects the company's small scale, its high degree of
financial leverage (approximately 5.7x pro forma for the
transaction) and an aggressive financial policy. With annual
revenues of about $500 million, CPP has a relatively modest
footprint in the casting industry and competes against larger and
better capitalized competitors such as Precision Castparts and
Alcoa Howmet. Nevertheless, the company benefits from its
incumbency position as a sole-source supplier for the majority of
its products along with meaningful barriers to entry including high
switching costs and lengthy qualification processes. The rating is
also supported by relatively high margins and a healthy degree of
customer and platform diversification.

The stable rating outlook reflects our expectation that strength in
the company's commercial aerospace and industrial gas turbine
markets will offset any potential weakness in military end-markets.
The stable outlook is predicated on expected improvements in CPP's
credit metrics and a continued reduction in the company's leverage
levels, which we note, are weak for the rating category.

The company has a good liquidity profile with a demonstrated track
record of free cash flow generation supported by relatively high
EBITDA margins and low working capital requirements. Free Cash
Flow-to-Debt has historically averaged in the mid-single digits and
we expect this trend to continue going forward although 2015 cash
flows will be somewhat muted due to costs relating to the
restructuring of the Lourdes facility and ramped up capex levels.

The ratings are unlikely to be upgraded prior to a material
reduction in financial risk, as evidenced for example by
Moody's-adjusted Debt-to-EBITDA leverage of around 4.5x or lower on
sustained basis. Consideration for any prospective ratings upgrade
would also require a strengthening of margins and a demonstrated
ability to generate consistently strong cash flows, along with
maintenance of a good liquidity profile. Liquidity is also
supported by an undrawn $125 million revolving credit facility that
matures in December 2017. The facility contains a springing first
lien net leverage ratio of 6.25x (steps down to 6.0x in Q1 '16)
that comes into effect if usage exceeds 20%. We expect the company
to maintain good covenant headroom and do not anticipate any
meaningful usage on the facility over the next few quarters.

A rating downgrade would likely occur if leverage were expected to
remain above 6.25x for an extended period. Additional debt-financed
dividends or acquisitions in the near-term would likely result in
downward rating pressure. Reduced margin levels or a deterioration
in CPP's overall liquidity profile would also create downward
pressure.

The principal methodology used in these ratings was Global
Aerospace and Defense Industry published in April 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.

WP CPP Holdings, LLC, d/b/a Consolidated Precision Products (CPP),
is a castings manufacturer of engineered components and
sub-assemblies for the commercial aerospace, military and defense
and energy markets. Headquartered in Cleveland, Ohio and majority
owned by private equity firm Warburg Pincus, the company generated
approximately $500 million of revenue for the twelve-month period
ended March 2015.


ZOGENIX INC: Cancels Co-Promotion Agreement with Valeant
--------------------------------------------------------
Zogenix, Inc. and Valeant Pharmaceuticals North America LLC entered
into a termination and mutual release agreement, which terminates
their co-promotion agreement dated June 27, 2013, according to a
Form 8-K report filed with the Securities and Exchange Commission.


Under the Co-Promotion Agreement, Valeant and the Company have
collaborated on the promotion of Migranal to prescribers in the
United States.  Following the sale of the Company's Zohydro ER
business, including the Company's commercial infrastructure, in
April 2015, the Company and Valeant agreed to terminate the
Co-Promotion Agreement.

Under the Termination Agreement, the Co-Promotion Agreement
terminated and the Company's co-promotion efforts ended effective
as of June 12, 2015, subject to the survival of certain
indemnification and confidentiality obligations.  Valeant will be
required to pay the outstanding co-promotion payment owed to the
Company and make a one-time tail payment to the Company of
$500,000.

                         About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

Zogenix reported net income of $8.58 million in 2014 following a
net loss of $80.85 million in 2013.

As of March 31, 2015, the Company had $180 million in total assets,
$146 million in total liabilities, and $34.3 million in total
stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company's
recurring losses from operations and negative cash flows from
operating activities raise substantial doubt about its ability to
continue as a going concern.


[*] Bankruptcy Filings Decrease 19% in May 2015, ABI Says
---------------------------------------------------------
Total bankruptcy filings in the U.S. dropped 19% to 69,286 in May
2015, from 85,711 in May 2014, BHPH Report says, citing the
American Bankruptcy Institute and Epiq Systems.

ABI, BHPH relates, said that ABI went on to highlight total May
2015 bankruptcy filings declined 11% compared to the 77,919 total
filings recorded in April 2015.

BHPH states that officials noticed the consumer filings also
decreased 19% to 66,771 in May 2015, from 82,473 in May 2014.

According to BHPH, officials pointed out that commercial Chapter 11
filings rose 16% to 498 filings in May 2015 from 431 in May 2014.
BHPH adds that officials determined that the May 2015 commercial
filing total dropped 4% from 2,620 in April 2015, while May 2015
noncommercial filings also decreased 11% from 75,299 in April
2015.

BHPH quoted ABI executive director Samuel Gerdano as saying, "While
the May commercial Chapter 11 filings indicate more businesses
turned to the bankruptcy code for a fresh start, total and consumer
filings continue to decline amid sustained low interest rates and
flat consumer debt levels.  Total filings are on pace for just over
800,000 in 2015."


[^] BOND PRICING: For the Week From June 8 to 12, 2015
------------------------------------------------------
  Company                 Ticker Coupon Bid Price Maturity Date
  -------                 ------ ------ --------- -------------
Alpha Appalachia
  Holdings Inc            ANR      3.250    63.250       8/1/2015
Alpha Natural
  Resources Inc           ANR      6.000    11.100       6/1/2019
Alpha Natural
  Resources Inc           ANR      7.500    22.500       8/1/2020
Alpha Natural
  Resources Inc           ANR      9.750    15.500      4/15/2018
Alpha Natural
  Resources Inc           ANR      6.250    10.875       6/1/2021
Alpha Natural
  Resources Inc           ANR      3.750    18.000     12/15/2017
Alpha Natural
  Resources Inc           ANR      4.875    12.000     12/15/2020
Alpha Natural
  Resources Inc           ANR      7.500    22.375       8/1/2020
Alpha Natural
  Resources Inc           ANR      7.500    25.125       8/1/2020
Altegrity Inc             USINV   13.000    48.000       7/1/2020
Altegrity Inc             USINV   14.000    42.500       7/1/2020
Altegrity Inc             USINV   14.000    35.000       7/1/2020
American Eagle
  Energy Corp             AMZG    11.000    29.750       9/1/2019
American Eagle
  Energy Corp             AMZG    11.000    29.750       9/1/2019
Arch Coal Inc             ACI      7.000    16.255      6/15/2019
Arch Coal Inc             ACI      7.250    23.550      10/1/2020
Arch Coal Inc             ACI      9.875    19.200      6/15/2019
Arch Coal Inc             ACI      7.250    14.348      6/15/2021
Arch Coal Inc             ACI      8.000    22.000      1/15/2019
Arch Coal Inc             ACI      8.000    27.500      1/15/2019
BPZ Resources Inc         BPZR     8.500    25.000      10/1/2017
Black Elk Energy
  Offshore Operations
  LLC / Black Elk
  Finance Corp            BLELK   13.750    42.830      12/1/2015
Caesars Entertainment
  Operating Co Inc        CZR     10.000    23.998     12/15/2018
Caesars Entertainment
  Operating Co Inc        CZR      6.500    38.650       6/1/2016
Caesars Entertainment
  Operating Co Inc        CZR     12.750    25.750      4/15/2018
Caesars Entertainment
  Operating Co Inc        CZR     10.750    28.750       2/1/2016
Caesars Entertainment
  Operating Co Inc        CZR     10.000    25.500     12/15/2018
Caesars Entertainment
  Operating Co Inc        CZR      5.750    41.150      10/1/2017
Caesars Entertainment
  Operating Co Inc        CZR      5.750    12.125      10/1/2017
Caesars Entertainment
  Operating Co Inc        CZR     10.000    25.125     12/15/2018
Caesars Entertainment
  Operating Co Inc        CZR     10.000    25.500     12/15/2018
Caesars Entertainment
  Operating Co Inc        CZR     10.750    26.500       2/1/2016
Caesars Entertainment
  Operating Co Inc        CZR     10.000    25.125     12/15/2018
Cal Dive
  International Inc       CDVI     5.000    10.625      7/15/2017
Champion Enterprises Inc  CHB      2.750     0.250      11/1/2037
Chassix Holdings Inc      CHASSX  10.000     8.000     12/15/2018
Chassix Holdings Inc      CHASSX  10.000     8.000     12/15/2018
Chassix Holdings Inc      CHASSX  10.000     8.000     12/15/2018
Colt Defense LLC /
  Colt Finance Corp       CLTDEF   8.750    26.750     11/15/2017
Colt Defense LLC /
  Colt Finance Corp       CLTDEF   8.750    26.750     11/15/2017
Colt Defense LLC /
  Colt Finance Corp       CLTDEF   8.750    26.750     11/15/2017
Community Choice
  Financial Inc           CCFI    10.750    44.960       5/1/2019
Consolidated
  Communications Inc      CNSL    10.875   114.364       6/1/2020
Dendreon Corp             DNDN     2.875    69.000      1/15/2016
Endeavour
  International Corp      END     12.000     8.000       3/1/2018
Endeavour
  International Corp      END     12.000     8.000       3/1/2018
Endeavour
  International Corp      END     12.000     8.000       3/1/2018
Energy Conversion
  Devices Inc             ENER     3.000     7.875      6/15/2013
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc        TXU     10.000     5.250      12/1/2020
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc        TXU     10.000     5.375      12/1/2020
FBOP Corp                 FBOPCP  10.000     1.843      1/15/2009
FairPoint
  Communications
  Inc/Old                 FRP     13.125     1.879       4/2/2018
Federal Farm
  Credit Banks            FFCB     3.320    99.800      6/12/2024
First Data Corp           FDC      4.950    99.525      6/15/2015
Fleetwood
  Enterprises Inc         FLTW    14.000     3.557     12/15/2011
Ford Motor
  Credit Co LLC           F        3.500   100.000      6/20/2020
Ford Motor
  Credit Co LLC           F        2.650   100.000     12/20/2017
GT Advanced
  Technologies Inc        GTAT     3.000    22.000      10/1/2017
Gevo Inc                  GEVO     7.500    59.500       7/1/2022
Goodrich Petroleum Corp   GDP      5.000    49.000      10/1/2032
Hercules Offshore Inc     HERO     8.750    32.000      7/15/2021
Hercules Offshore Inc     HERO    10.250    33.750       4/1/2019
Hercules Offshore Inc     HERO    10.250    33.375       4/1/2019
Hercules Offshore Inc     HERO     8.750    34.000      7/15/2021
James River Coal Co       JRCC     3.125     0.252      3/15/2018
John Hancock
  Life Insurance Co       MFCCN    1.480    99.000      6/15/2015
Las Vegas Monorail Co     LASVMC   5.500     0.010      7/15/2019
Lehman Brothers
  Holdings Inc            LEH      5.000     9.250       2/7/2009
Lehman Brothers
  Holdings Inc            LEH      4.000     9.250      4/30/2009
MF Global Holdings Ltd    MF       6.250    32.750       8/8/2016
MF Global Holdings Ltd    MF       1.875    15.500       2/1/2016
MF Global Holdings Ltd    MF       9.000    15.500      6/20/2038
MF Global Holdings Ltd    MF       3.375    32.000       8/1/2018
MModal Inc                MODL    10.750    10.125      8/15/2020
Magnetation LLC /
  Mag Finance Corp        MAGNTN  11.000    31.000      5/15/2018
Magnetation LLC /
  Mag Finance Corp        MAGNTN  11.000    35.000      5/15/2018
Magnetation LLC /
  Mag Finance Corp        MAGNTN  11.000    30.875      5/15/2018
Molycorp Inc              MCP     10.000    34.106       6/1/2020
Molycorp Inc              MCP      6.000     2.985       9/1/2017
Molycorp Inc              MCP      5.500     4.250       2/1/2018
NII Capital Corp          NIHD    10.000    47.875      8/15/2016
OMX Timber Finance
  Investments II LLC      OMX      5.540    19.000      1/29/2020
Powerwave
  Technologies Inc        PWAV     1.875     0.125     11/15/2024
Powerwave
  Technologies Inc        PWAV     1.875     0.125     11/15/2024
Quicksilver
  Resources Inc           KWKA     9.125    13.875      8/15/2019
Quicksilver
  Resources Inc           KWKA    11.000    14.500       7/1/2021
RadioShack Corp           RSH      6.750     3.125      5/15/2019
RadioShack Corp           RSH      6.750     2.785      5/15/2019
RadioShack Corp           RSH      6.750     2.785      5/15/2019
Sabine Oil & Gas Corp     SOGC     7.250    18.412      6/15/2019
Sabine Oil & Gas Corp     SOGC     9.750    15.500      2/15/2017
Sabine Oil & Gas Corp     SOGC     7.500    18.000      9/15/2020
Sabine Oil & Gas Corp     SOGC     7.500    19.375      9/15/2020
Sabine Oil & Gas Corp     SOGC     7.500    19.375      9/15/2020
Samson Investment Co      SAIVST   9.750     7.750      2/15/2020
Saratoga Resources Inc    SARA    12.500    11.000       7/1/2016
TMST Inc                  THMR     8.000    10.000      5/15/2013
Terrestar Networks Inc    TSTR     6.500    10.000      6/15/2014
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc             TXU     15.000    13.500       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc             TXU     10.500    13.000      11/1/2016
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc             TXU     15.000    15.250       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc             TXU     10.500    14.500      11/1/2016
US Shale Solutions Inc    SHALES  12.500    49.500       9/1/2017
US Shale Solutions Inc    SHALES  12.500    52.000       9/1/2017
Venoco Inc                VQ       8.875    34.900      2/15/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc         VRS     11.750    34.857      1/15/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc         VRS     11.375    29.175       8/1/2016
Verso Paper
  Holdings LLC /
  Verso Paper Inc         VRS      8.750    40.000       2/1/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc         VRS     11.750    33.500      1/15/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc         VRS     11.750    33.500      1/15/2019
Walter Energy Inc         WLT      9.875     2.450     12/15/2020
Walter Energy Inc         WLT      8.500     3.500      4/15/2021
Walter Energy Inc         WLT      9.875     2.613     12/15/2020
Walter Energy Inc         WLT      9.875     2.613     12/15/2020


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

                   *** End of Transmission ***