/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/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. 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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. 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