/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/150616.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, June 16, 2015, Vol. 19, No. 167 Headlines ALL OUT ENERGY: Case Summary & 20 Largest Unsecured Creditors ALLIED NEVADA: Shareholders Say Disclosures Aren't Fair AMERICAN INT'L GROUP: Greenberg Wins Moral Victory in Takeover Suit ANNA'S LINENS: Case Summary & 19 Largest Unsecured Creditors ANNA'S LINENS: Files Voluntary Chapter 11 Bankruptcy Petition ASARCO LLC: High Court Rejects Lawyers' Claims for Defense of Fees BION ENVIRONMENTAL: Has $1.68M Net Loss in Q3 Ended March 31 COLT DEFENSE: Case Summary & 30 Largest Unsecured Creditors COLT DEFENSE: Proposes to Pay $11.3MM to Critical Vendors COLT DEFENSE: Says Business As Usual During Ch. 11 Process COLT DEFENSE: To Pursue Biz Sale in Ch.11 After Prepack Rejected CORINTHIAN COLLEGES: Grilled Over How Co. Failed COSTA DORADA: Case Summary & 14 Largest Unsecured Creditors CROSS BORDER: Posts $2.46-Million Net Loss in 2014 ENERPULSE TECHNOLOGIES: Has $152K Net Income in First Quarter EVPP LLC: Ohio Court Rules on Appeal in Eagle's View Rift FINDEX.COM INC: Incurs $117K Net Loss for First Quarter FREE GOSPEL: Section 341 Meeting Scheduled for July 13 FUWEI FILMS: Obtains Extension of NASDAQ Listing Compliance Period GARB OIL: Incurs $613K Net Loss in First Quarter GREENBRIER COS: S&P Affirms BB- Corp. Credit Rating, Outlook Stable GROW CONDOS: Incurs $47,400 Net Loss in First Quarter HOLDEN PSYCHIATRIC: Case Summary & 4 Largest Unsecured Creditors L BRANDS: Fitch Affirms 'BB+' Issuer Default Rating LIFEPOINT HEALTH: Fitch Affirms 'BB' IDR, Outlook Stable MA LERIN HILLS: Section 341 Meeting Scheduled for July 13 MAGNETATION LLC: Court Wants Donlin Recano's Admin. Role Limited NEW YORK MILITARY: Taps MacVean Lewis to Handle Business Matters NIRVANA INC: Has Interim OK to Use Lenders' Cash Collateral NOVA CHEMICALS: Fitch Raises Issuer Default Rating From 'BB+' OCEAN SPRAY: Fitch Affirms 'BB' Rating on $150MM Preferred Stock OXANE MATERIALS: Rejects Five Warehouse, Railcar Leases OXANE MATERIALS: Seeks to Hire Miller Egan as Special Counsel OXANE MATERIALS: Seeks to Tap Kilyk-Bowersox as Special Counsel PARK 91: Taps Tarter Krinsky as General Bankruptcy Counsel PENINSULA HOSPITAL: Trustee Seeks Late OK for LH&M to Include PNH PETROMAROC CORP: Enters Into Waiver Agreement on Debentures RADIOSHACK CORP: Files Bankruptcy Plan After Standard General Sale REED AND BARTON: Court Approves $22MM Sale of Assets to Lenox Corp. REED AND BARTON: Financo Approved as Investment Banker RESIDENTIAL CAPITAL: Trust Posts Amended Beneficiary Tax Info ROI LAND: Reports $2.62-Mil. Net Loss for 1st Quarter SALADWORKS LLC: Centre Lane Affiliate Acquires Business SPECTRUM ANALYTICAL: Seth Schalow OK'd as Restructuring Consultant SPECTRUM ANALYTICAL: Shatz Schwartz OK'd as Trustee's Counsel SPECTRUM ANALYTICAL: TechKnowledgey Approved as Trustee's Broker SRB INTERNATIONAL: Case Summary & 20 Largest Unsecured Creditors SSH HOLDINGS: S&P Affirms 'B' Corporate Credit Rating SURNA INC: Needs Additional Financing to Cover for Losses TEXAS REGENCY: Section 341 Meeting Set for July 14 TRANSCOASTAL CORP: Reports $383K Net Loss in Q1 Ending Mar. 31 TRIMEDYNE INC: Posts $202K Net Loss in March 31 Quarter TRINITY INDUSTRIES: Fitch Retains 'BB+' Subordinated Notes Rating TROCOM CONSTRUCTION: June 17 Hearing on Continued Use of Cash VICTORY MEDICAL: Case Summary & 20 Largest Unsecured Creditors VICTORY MEDICL: Files for Ch. 11 to Sell Hospital to Nobilis WAYNE COUNTY, MI: Selling Notes Amid Possibility of Bankruptcy WP CPP: S&P Affirms 'B' Corp. Credit Rating, Outlook Remains Stable [*] Mintz Levin's Bankruptcy Practice Recognized by Legal 500 [^] Large Companies With Insolvent Balance Sheet ********* ALL OUT ENERGY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: All Out Energy Services, LLC 634 E. Broadway #1134 Williston, ND 58801 Case No.: 15-42370 Chapter 11 Petition Date: June 12, 2015 Court: United States Bankruptcy Court Northern District of Texas (Ft. Worth) Judge: Hon. Michael D. Lynn Debtor's Counsel: Alice Bower, Esq. LAW OFFICE OF ALICE BOWER 6421 Camp Bowie Blvd, Suite 300 Fort Worth, TX 76116 Tel: (817) 737-5436 Fax: (817) 737-2970 Email: bknotice@alicebower.com Total Assets: $1.2 million Total Liabilities: $1.6 million The petition was signed by Steven Britton, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/txnb15-42370.pdf ALLIED NEVADA: Shareholders Say Disclosures Aren't Fair ------------------------------------------------------- Sherri Toub, a bankruptcy columnist for Bloomberg News, reported that the official committee od equity security holders complained that the disclosure statement explaining Allied Nevada Gold Corp.'s Chapter 11 plan includes a "deathtrap" provision heightens the need for full and fair disclosure. According to the Bloomberg report, the Equity Committee specifically points out to the provision of the Plan that would give holders of Allied's outstanding stock a pro rata share of new warrants if the class votes to accept. If it rejects, the class gets nothing, the report noted. Dundee Securities Ltd. and Cormark Securities Inc.; LBP Holdings Ltd.; and Westchester Fire Insurance Company; also filed objections to the Disclosure Statement. 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 U.S. 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. AMERICAN INT'L GROUP: Greenberg Wins Moral Victory in Takeover Suit ------------------------------------------------------------------- Leslie Scism, writing for The Wall Street Journal, reported that Maurice R. "Hank" Greenberg, former chief executive of American International Group, won in his legal crusade against U.S. authorities over their takeover of the insurance giant in 2008, but didn't win any of the $40 billion in damages he has sought. According to the Journal, Judge Thomas C. Wheeler ruled on June 15 that the government violated the law when it took a controlling stake in AIG in 2008, the most dramatic stretch of the financial crisis. Still, he accepted the government's arguments that without a Federal Reserve bank's $85 billion loan to AIG, the company would have filed for bankruptcy and shareholders likely would have been left with nothing, the Journal said. The case is Starr International Co. v. U.S., 11-cv-00779, U.S. Court of Federal Claims (Washington). About AIG With corporate headquarters in New York, American International Group, Inc., is an international insurance company, serving customers in more than 130 countries. AIG companies serve commercial, institutional and individual customers through property-casualty networks of any insurer. In addition, AIG companies are providers of life insurance and retirement services. At the height of the 2008 financial crisis, AIG experienced a liquidity crunch when its credit ratings were downgraded below "AA" levels by Standard & Poor's, Moody's Investors Service and Fitch Ratings. AIG almost collapsed under the weight of bad bets it made insuring mortgage-backed securities. The Company, however, was bailed out by the Federal Reserve, but even after an initial infusion of $85 billion, losses continued to grow. The later rescue packages brought the total to $182 billion, making it the biggest federal bailout in U.S. history. AIG sold off a number of its businesses and other assets to pay down loans received from the U.S. government. ANNA'S LINENS: Case Summary & 19 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Anna's Linens, Inc. dba Anna's Linens dba Linens Outlet fka Anna's Linen Company dba Anna's 3550 Hyland Avenue Costa Mesa, CA 92626 Case No.: 15-13008 Chapter 11 Petition Date: June 14, 2015 Court: United States Bankruptcy Court Central District of California (Santa Ana) Judge: Hon. Theodor Albert Debtor's Counsel: David B Golubchik, Esq. LEVENE, NEALE, BENDER, YOO & BRILL LLP 10250 Constellation Blvd Ste 1700 Los Angeles, CA 90067 Tel: 310-229-1234 Email: dbg@lnbyb.com Estimated Assets: $50 million to $100 million Estimated Debts: $100 million to $500 million The petition was signed by Scott Gladstone, chief executive officer. List of Debtor's 19 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Welcome Industrial Trade Debt $3,998,470 95 Marcus Boulevard Deer Park, NY 11729 Shewak Lajwanti Home Trade Debt $3,664,773 Fashions, Inc. 5601 Downey Road Vernon, CA 90058 S. Lichtenberg And Co., Inc. Trade Debt $3,163,143 295 Fifth Ave. Suite 918 New York, NY 10016 Roind Hometex Co., Ltd Di Trade Debt $2,808,765 91 Z Zhengxing Road Luoshe Town Wu Xi Jiangsu , 214187 CHINA Chf Industries, Inc. Trade Debt $2,783,195 One Park Avenue New York, NY 10016 P And A Marketing Trade Debt $1,986,846 34 Crest Hollow Lane Albertson, NY 11507 Beatrice Home Fashions, Inc. Trade Debt $1,801,169 151 Helen Street South Plainfield, NJ 07080 Vara Home ANNA'S LINENS: Files Voluntary Chapter 11 Bankruptcy Petition ------------------------------------------------------------- Anna's Linens, Inc., a specialty retailer of value priced home fashions, on June 15 disclosed that it has filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, in Santa Ana, CA on June 14, 2015. The Company will continue to operate its business as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. The Company has negotiated a debtor in possession financing arrangement ("DIP") with Salus Capital, the Company's pre-petition lender. Financing from the DIP is expected to provide the Company with an immediate source of funds to satisfy the customary obligations associated with the daily operations of its business, including the timely payment of employee wages and delivery of product. In connection with its Chapter 11 filing, the Company has retained the investment bank Wunderlich Securities, and is working to negotiate and execute an approved sale to DW Partners, a multi-strategy fund manager with $6 billion in assets. Although an agency agreement has been executed with Hilco/Gordon Brothers, the parties have agreed to support the DW transaction. The Company is seeking customary authority from the Bankruptcy Court that will enable it to continue to operate and serve its customers. The requested approvals include requests for the authority to make wage and salary payments, continue with various benefits for employees, and honor certain customer programs, such as gift cards and returns on merchandise purchased prior to the bankruptcy filing. The Company indicated that it expects to provide additional details with respect to the Chapter 11 filing as soon as they become available. About Anna's Linens Anna's Linens is a specialty retailer offering home textiles, furnishings and decor at attractive prices. Headquartered in Costa Mesa, California, operates a chain of 268 company owned retail stores throughout 19 states in the United States (including Puerto Rico and Washington, D.C.) generates over $300 million in annual revenue and employs a workforce of over 2,500 associates. ASARCO LLC: High Court Rejects Lawyers' Claims for Defense of Fees ------------------------------------------------------------------ Peg Brickley, writing for The Wall Street Journal, reported that the U.S. Supreme Court said on June 15 that bankruptcy courts can't award fees to a law firm for the time its lawyers spent defending its fees in a nasty billing dispute. According to the Journal, in a 6-3 decision, the court rejected the law firm's contention that defense of fees is part of the "services rendered" to the bankruptcy estate. Judge Clarence Thomas, writing for the court, said that awarding fees to a law firm for defending its fees would require a "particularly unusual deviation" from the common-law rule that "each litigant pays his own attorney's fees, win or lose, unless a statute or contract provides otherwise," the Journal related. Baker Botts LLP, which represented copper miner Asarco LLC in its bankruptcy in 2005, argued that the company must pay $5 million to the law firm for the time the firm spent defending its fees in a nasty billing dispute. The case in the Supreme Court is Baker Botts LLP v. Asarco LLC, 14-103, U.S. Supreme Court (Washington). The case in the appeals Court is Asarco LLC v. Jordan Hayden Womble Culbreth & Holzer PC (In re Asarco LLC), 12-40997, U.S. Court of Appeals for the Fifth Circuit (New Orleans). About Asarco LLC Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. ASARCO LLC filed for Chapter 11 protection (Bankr. S.D. Tex. Case No. 05-21207) on Aug. 9, 2005. Attorneys at Baker Botts L.L.P., and Jordan, Hyden, Womble & Culbreth, P.C., represented the Debtor in its restructuring efforts. On Dec. 9, 2009, Asarco Incorporated and Americas Mining Corporation's Seventh Amended Plan of Reorganization for the Debtors became effective and the ASARCO Asbestos Personal Injury Settlement Trust was created and funded with nearly $1 billion in assets, including more than $650 million in cash plus a $280 million secured note from Reorganized ASARCO. The Plan, which was confirmed both by the bankruptcy and district courts, reintegrated ASARCO LLC back to parent Grupo Mexico concluding the four-year Chapter 11 proceeding. BION ENVIRONMENTAL: Has $1.68M Net Loss in Q3 Ended March 31 ------------------------------------------------------------ Bion Environmental Technologies Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $1.68 million on $3,658 of revenues for the three months ended March 31, 2015, compared with a net loss of $772,000 on $4,448 of revenues for the same period last year. The Company's balance sheet at Mar. 31, 2015, showed $4.41 million in total assets, $12.7 million in total liabilities, and a stockholders' deficit of $8.33 million. A copy of the Form 10-Q is available at http://is.gd/inyM7r About Bion Environmental Bion Environmental Technologies Inc.'s patented and proprietary technology provides a comprehensive environmental solution to a significant source of pollution in US agriculture, large scale livestock facilities known as Confined Animal Feeding Operations. Bion's technology produces substantial reductions of nutrient releases (primarily nitrogen and phosphorus) to both water and air (including ammonia, which is subsequently re-deposited to the ground) from livestock waste streams based upon the Company's operations and research to date (and third party peer review). Bion reported a net loss of $5.76 million for the year ended June 30, 2014, following a net loss of $8.24 million for the year ended June 30, 2013. GHP Horwath, P.C., in Denver, Colorado, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2014, stating that the Company has not generated significant revenue and has suffered recurring losses from operations. COLT DEFENSE: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------- Debtor affiliates that filed for Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Colt Holding Company LLC 15-11296 547 New Park Avenue West Hartford, CT 06110 Colt Defense LLC 15-11287 Colt Defense Technical Services LLC 15-11288 Colt Finance Corp. 15-11289 New Colt Holding Corp. 15-11290 Colt International Cooperatief U.A. 15-11291 Colt's Manufacturing Company LLC 15-11292 Colt Security LLC 15-11293 Colt Canada Corporation 15-11294 CDH II Holdco Inc. 15-11295 Type of Business: Designers, developers, and manufacturers of firearms for military, law enforcement, personal defense, and recreational purposes. Chapter 11 Petition Date: June 14, 2015 Court: United States Bankruptcy Court District of Delaware (Delaware) Debtors' Local Jason M. Madron, Esq. Delaware RICHARDS, LAYTON & FINGER, P.A. Counsel: One Rodney Square P.O. Box 551 Wilmington, DE 19899 Tel: 302-651-7595 Fax: 302-651-7701 Email: madron@rlf.com - and - Jason M. Madron, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square P.O. Box 551 Wilmington, DE 19899 Tel: 302-651-7595 Fax: 302-651-7701 Email: madron@rlf.com Debtors' John J Rapisardi, Esq. Attorneys: Peter Friedman, Esq. Joseph Zujkowski, Esq. Diana M Perez, Esq. O'MELVENY & MYERS LLP Times Square Tower Seven Times Square New York, NY 10036 Tel: 212-326-2000 Fax: 212-326-2061 Email: rapisardi@omm.com pfriedman@omm.com jzujkowski@omm.com dperez@omm.com Debtors' GOWLING LAFLEUR HENDERSON LLP Canadian Counsel: Debtors' PERELLA WEINBERG PARTNERS LP Investment Banker and Financial Advisor: Debtors' MACKINAC PARTNERS LLC Restructuring Advisor: Debtors' KURTZMAN CARSON CONSULTANTS LLC Claims and 2335 Alaska Avenue Noticing El Segundo, CA 90245 Agent: Tel: 888-251-3076 Estimated Assets: $100 million to $500 million Estimated Debts: $100 million to $500 million The petition was signed by John P. Rigas, as managing member of Colt Holding Company, LLC. Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Wilmington Trust Company Bond Debt $260,937,500 246 Goose Lane Suite 105 Guilford, CT 06437 Fax: 203-453-1183 Magpul Industries Corp. Trade Debt $981,537 8226 Bee Caves Road Austin, TX 78746 Fax: 303-828-3469 Microbest, Inc. Trade Debt $755,172 670 Captain Neville Drive Waterbury, CT 06705 Fax: 203-597-0655 The Wilson Arms Company Trade Debt $628,530 97 Leetes Island Road Branford, CT 06405 Fax: 203-488-0135 PricewaterhouseCoopers LLP Services $551,653 185 Asylum St. Suite 2400 Hartford, CT 06103 Fax: 678-529-4615 Schmid Tool & Engineering Inc. Trade Debt $478,066 930 North Villa Avenue Villa Park, IL 60181 Fax: 630-333-1734 Superior Plating Company Trade Debt $404,200 2 Lacey Place Southport, CT 06890 Fax: 203-254-3618 Deloitte Tax LLP Services $398,573 200 Berkeley St. Boston, MA 02116-5022 Fax: 617-437-2000 ESS Solutions Trade Debt $395,671 500 High Street Central Falls, RI 02863 Fax: 401-785-9206 Light Metals Coloring Co., Inc. Trade Debt $360,967 270 Spring St. Southington, CT 06489 Fax: 860-621-6312 Pioneer Tool Supply Co. Inc. Trade Debt $350,967 40 Bowles Rd P.O. Box 1270 Agawam, MA 01001 Fax: 413-739-7183 B.M.L. Tool & Mfg. Corp. Trade Debt $264,472 67 Enterprise Dr. Monroe, CT 06468 Fax: 203-261-8165 Toth Inc. Trade Debt $233,333 Cambridge Valley Machining Inc. Trade Debt $228,555 Duz Manufacturing, Inc. Trade Debt $217,845 Willis of New York, Inc. Services $203,581 Accro-Met, Inc. Trade Debt $193,935 Creed Monarch, Inc. Trade Debt $185,161 Cantor Colburn LLP Services $165,478 Rathbone Precision Metals, Inc. Trade Debt $149,277 L-3 Communications EOTech, Inc. Trade Debt $143,356 Northern Precision Mfg. Trade Debt $142,078 Alphacasting, Inc. Trade Debt $140,102 Fidus Systems Inc. Services $139,985 Skadden, Arps, Slate, Services $130,000 Meagher & Flom LLP Aerial Industries Inc. Trade Debt $129,572 U.S. Armament Corp. Trade Debt $127,773 Bourdon Forge Company, Inc. Trade Debt $127,083 Novak Designs Inc. Trade Debt $120,624 L.W. Schneider Inc. Trade Debt $119,026 COLT DEFENSE: Proposes to Pay $11.3MM to Critical Vendors --------------------------------------------------------- Colt Defense LLC and its affiliated debtors ask the U.S. Bankruptcy Court for the District of Delaware to enter interim and final orders authorizing them to pay the prepetition claims of critical vendors. The Debtors propose to pay the prepetition obligations of certain vendors, suppliers, service providers and similar entities that provide goods or services critical to the ongoing operation of the Debtors' businesses in the ordinary course in an amount not to exceed $10.6 million on an interim basis and $11.3 million on a final basis. The Debtors will condition payments to critical vendors on each vendor's agreement to continue to provide supplies or services to the Debtors during the Chapter 11 cases consistent with the practices and programs in place in the 12 months before the Petition Date. The $11.3 million to be paid to critical vendors is approximately 79% of all estimated trade claims and 4% of all unsecured claims in the Chapter 11 cases. About Colt Colt Defense LLC is one of the world's oldest and most iconic designers, developers, and manufacturers of firearms for military, law enforcement, personal defense, and recreational purposes and was founded over 175 years ago by Samuel Colt, who patented the first commercial successful revolving cylinder firearm in 1836 and began supplying U.S. and international military customers with firearms in 1847. Colt is incorporated in Delaware and headquartered in West Hartford, Connecticut. In 1992, Colt Manufacturing Company, then the principal operating subsidiary, filed chapter 11 petitions in the U.S. Bankruptcy Court for the District of Connecticut. An investment by Zilkha & Co. allowed CMC to confirm a chapter 11 plan and emerge from bankruptcy in 1994. Sometime after 1994, majority ownership of the Company transitioned from Zilkha & Co. to Sciens Capital Management. On June 14, 2015, Colt Holding Company LLC and 9 affiliates, including Colt Defense LLC, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code to pursue a sale of the assets as a going concern. The cases are pending joint administration under Case No. 15-11296 (Bankr. D. Del.). Colt Defense estimated $100 million to $500 million in assets and debt. The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny & Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as claims and noticing agent. COLT DEFENSE: Says Business As Usual During Ch. 11 Process ---------------------------------------------------------- Colt Defense LLC announced on June 14 in voluntary Chapter 11 materials filed in the United States Bankruptcy Court for the District of Delaware a process that will allow for an accelerated sale of Colt's business operations in the US and Canada. Colt's current sponsor, Sciens Capital Management LLC, has agreed to act as a "stalking horse bidder" and has proposed to purchase substantially all of Colt's assets and assume secured liabilities and all liabilities related to existing agreements with employees, customers, vendors, and trade creditors. Colt intends for the sale to ensure a smooth and swift transition of the business with all of its iconic brands, products, and operations supported by a stronger balance sheet due to a significantly lower debt burden. As part of the Sciens led bid, Colt will be able to reassure its employees and local community of its commitment to continued operations in West Hartford through a long term extension on the lease for its manufacturing facilities and campus in West Hartford. In accordance with the sale process under section 363 of the Bankruptcy Code, notice of the pending sale to Sciens will be given to third parties and competing bids will be solicited, with an independent committee of Colt's board of managers established to manage the bidding process and evaluate bids. The Company intends to continue its normal business operations throughout the accelerated sale process and has asked the Bankruptcy Court to approve certain Company requests to protect trade creditors, vendors, and suppliers, thereby allowing for its operations to continue uninterrupted during the Bankruptcy Court supervised sale process. Union-related agreements will also be unaffected and employees will be paid all wages, salaries and benefits on a timely basis. The current management team, which has been led since October 2013 by President and CEO Dennis Veilleux, will remain in place throughout the process. "The plan we are announcing and have filed today will allow Colt to restructure its balance sheet while meeting all of its obligations to customers, vendors, suppliers and employees and providing for maximum continuity in the Company's current and future business operations," said Keith Maib, Chief Restructuring Officer of Colt Defense LLC. "While entering Chapter 11 protection in the absence of a consensual agreement with our noteholders was not our preference and we do not take it lightly, we are confident it is the best path going forward and will enable us to continue to gain traction on a challenging but achievable turnaround in our business performance and competitive positioning in the international, U.S. government and consumer marketplaces. Importantly, Colt remains open for business and our team will continue to be sharply focused on delivering for our customers and being a good commercial partner to our vendors and suppliers. We look forward to successfully executing on this plan, which provides a sound path of stewardship for an iconic American brand and the key stakeholders we serve." Colt's existing secured lenders have also agreed to provide, subject to approval of the Bankruptcy Court, $20 million in debtor in possession credit facilities to allow for continuation of operations in the ordinary course of business during the Chapter 11 process. The entire process is expected to be complete within 60-90 days. On June 12, 2015, Colt's previously announced exchange offer, consent solicitation and solicitation of acceptances of a prepackaged plan of reorganization with respect to its 8.75% Senior Notes due 2017 expired. The conditions to the exchange offer, the consent solicitation and the prepackaged plan of reorganization were not satisfied and such conditions were not waived by Colt. All 8.75% Senior Notes due 2017 of Colt tendered and not validly withdrawn pursuant to such exchange offer will be returned promptly to the tendered holder thereof in accordance with the Offer to Exchange, Consent Solicitation Statement, and Disclosure Statement Soliciting Acceptances of a Prepackaged Plan of Reorganization, dated April 14, 2015, as supplemented, and applicable law. Perella Weinberg Partners L.P. is acting as financial advisor of the Company, Mackinac Partners LLC is acting as restructuring advisor of the Company and O'Melveny & Myers LLP is the Company's legal counsel. For access to Court documents and other general information about the Chapter 11 cases, please visit: http://www.kccllc.net/coltdefense About Colt Colt -- http://www.colt.com-- is one of the world's leading designers, developers and manufacturers of firearms. The company has supplied civilian, military and law enforcement customers in the United States and throughout the world for more than 175 years. Its subsidiary, Colt Canada Corporation, is the Canadian government's Center of Excellence for small arms and is the Canadian military's sole supplier of the C7 rifle and C8 carbine. Colt operates its manufacturing facilities in West Hartford, Connecticut and Kitchener, Ontario. COLT DEFENSE: To Pursue Biz Sale in Ch.11 After Prepack Rejected ---------------------------------------------------------------- American gun maker Colt Defense LLC sought bankruptcy protection to pursue a sale of the business after it failed to obtain enough votes from noteholders on a reorganization plan. Sciens Capital Management, which own 87% of the equity interests in Colt, will serve as stalking horse bidder, meaning Sciens will make the first bid for the gun maker. The Debtors did not disclose the purchase price. The Debtors intend to file with the U.S. Bankruptcy Court for the District of Delaware an executed asset purchase agreement with NewCo by June 29, 2015. According to a term sheet, absent higher and better offers, NewCo, a new entity to be organized by Sciens, will purchase the assets for an aggregate consideration of (i) the assumption of the senior loan, term loan and the DIP financing facilities, (ii) the assumption of certain liabilities, including the prepetition claims of vendors and suppliers, and the (iii) assumption of certain executory contracts and unexpired leases. Colt says Sciens' stalking horse bid will serve as a basis to foster competitive bidding. The Debtors intend to conduct an expeditious sale process based on this schedule: -- To participate in the auction, interested parties must submit initial bids by July 30, 2015 at 5:00 p.m. -- Objections to the sale will be due no later than July 31, 2015 at 4:00 p.m.; and -- If qualified bids are received, an auction will be conducted on Aug. 3, 2015, at 10:00 a.m. (EDT); -- The Debtors will provide electronic notice of the results of the auction no later than one business day after the conclusion of the auction; and -- The sale hearing will be conducted by the Court on Aug. 7, 2015 at 10:00 a.m. (EDT). The Debtors propose a hearing on the proposed bid and auction procedures by July 13, 2015. Objections to the sale process will be due June 29, 2015. To finance the Chapter 11 case pending the sale of the assets, existing secured creditors have agreed to provide $20 million in new liquidity, $10 million of which will be funded promptly upon entry of an interim order approving the DIP financing. Institutional Holders Reject Plan The Company's secured debt consists of a $72.9 million term loan (secured by a first lien on intellectual property and a second lien on all other assets), a $35 million senior loan (secured by a second lien on intellectual property and a first lien on all other assets), and $250 million in 8.75% senior notes due 2017. Over the last nine months, the Debtors have been involved in an intensive effort to address liquidity issues resulting from their overleveraged capital structure. At the end of 2014 and early 2015, the Debtors successfully refinanced their existing secured loans. In light of the ongoing $22 million in annual cash interest payments and looming 2017 maturity of $250 million, the Debtors determined that a restructuring of the senior notes was essential. However, the company failed twice in its attempts to achieve a consensual prepackaged plan of reorganization. Approximately one-fourth of the outstanding principal amount of the senior notes (approximately $61 million) are held by retail "mom and pop" holders that total approximately 2,700 in number. The remaining balance (approximately $189 million) are held principally by institutional holders, many of whom purchased the notes in the secondary market. The vote on the proposed prepackaged plan reflected a significant divide between institutional holders and retail holders. Holders representing approximately 77% of the total number of holders of senior notes who actually voted on the initial prepackaged plan accepted, indicating strong support from retail holders; but 94.9% in amount of the senior notes rejected the initial plan, which was plainly dominated by voting institutional holders controlling large blocks of senior notes. The plan was amended to, among other things, include a $5 million contribution from the sponsor, and an increase the new secured notes offered to senior noteholders by $34 million. But the amended prepackaged plan was still rejected by majority of the noteholders. Insider Will Purchase the Business Having determined that confirmation of a prepackaged plan is not possible, the Debtors have filed a motion with the Bankruptcy Court seeking to facilitate an expeditious sale of substantially all of the Debtors' assets as a going concern and to ensure the continuation of their business. Keith A. Maib, the CRO, says the Debtors intend to pursue an expeditious section 363 sale rather than a plan process as resorting to a battle of dueling plans sponsored by warring factions would be extremely costly and confusing to the Debtors' vendors, suppliers, employees, and customers. The stalking horse bidder in the proposed sale process will be Sciens. Sciens acquired majority ownership of Colt from Zilkha & Co. in 1994. Sciens is an investment firm founded by John P. Rigas, who was a partner at Zilkha & Co. at the time of the 1994 investment. "It comes as no surprise that the Sponsor indicated its willingness to make a stalking horse bid for the Company, given the Sponsor's integral involvement with and commitment to the Company over the last 10 years and in the restructuring of the Company over the last year," Mr. Maib stated in a court filing. Because Sciens is an insider, Colt's governing board appointed a committee of independent directors with respect to the sale process. The independent committee approved Sciens as the stalking horse bidder believing that its bid will give Colt an attractive opportunity in terms of uninterrupted continuity of the Company's business. Secured Lenders Support Quick Sale The Debtors negotiated with their existing secured lenders $20 million of postpetition financing, which will provide the Debtors with sufficient liquidity to conduct an orderly sale process. According to Colt, the prepetition secured lenders strongly endorse an expedited sale process, as reflected in the milestone dates contained in the credit agreements governing the DIP Facilities: -- Entry of the bidding procedures order within 28 days after the Petition Date; -- An auction will have been conducted within 57 days after the Petition Date; -- A sale order will have been entered within 61 days of the Petition Date; and -- A sale of the assets will have been consummated within 61 days of the Petition Date. First Day Motions Aside from the sale motion, the Debtors on the Petition Date filed motions to: * direct joint administration of their Chapter 11 cases; * authorize Colt Holding Company LLC to act as foreign representative on behalf of the Debtors' estates; * pay certain prepetition taxes and fees; * prohibit utilities from refusing or discontinuing service; * maintain and renew their prepetition insurance policies; * pay prepetition wages and benefits to employees; * pay prepetition claims of critical vendors; * maintain their cash management system; and * obtain postpetition financing. A copy of the affidavit in support of the first day pleadings is available for free at: http://bankrupt.com/misc/Colt_H_1st_Day_Affidavit.pdf About Colt Colt Defense LLC is one of the world's oldest and most iconic designers, developers, and manufacturers of firearms for military, law enforcement, personal defense, and recreational purposes and was founded over 175 years ago by Samuel Colt, who patented the first commercial successful revolving cylinder firearm in 1836 and began supplying U.S. and international military customers with firearms in 1847. Colt is incorporated in Delaware and headquartered in West Hartford, Connecticut. In 1992, Colt Manufacturing Company, then the principal operating subsidiary, filed chapter 11 petitions in the U.S. Bankruptcy Court for the District of Connecticut. An investment by Zilkha & Co. allowed CMC to confirm a chapter 11 plan and emerge from bankruptcy in 1994. Sometime after 1994, majority ownership of the Company transitioned from Zilkha & Co. to Sciens Capital Management. On June 14, 2015, Colt Holding Company LLC and 9 affiliates, including Colt Defense LLC, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code to pursue a sale of the assets as a going concern. The cases are pending joint administration under Case No. 15-11296 (Bankr. D. Del.). Colt Defense estimated $100 million to $500 million in assets and debt. The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny & Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as claims and noticing agent. CORINTHIAN COLLEGES: Grilled Over How Co. Failed ------------------------------------------------ Peg Brickley, writing for The Wall Street Journal, reported that as part of the meeting mandated by the Bankruptcy Code, federal bankruptcy watchdogs and lawyers for California's attorney general grilled representatives of Corinthian Colleges Inc. on June 12, seeking information about what brought down the operator of for-profit schools. According to the report, Corinthian Chief Financial Officer Robert C. Owen and William Nolan, an outside restructuring consultant, testified under oath about the company's wrangles with regulators, as well as about its finances. Mr. Owen said he didn't believe allegations that Corinthian lured students with phony job placement data, but said he knew little detail, as his responsibilities are "financial in nature," the Journal said. 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. COSTA DORADA: Case Summary & 14 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Costa Dorada Apartments Corp. dba Villas de Costa Dorada 900 Calle Emilio Gonzalez Isabela, PR 00662 Case No.: 15-04474 Chapter 11 Petition Date: June 12, 2015 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Enrique S. Lamoutte Inclan Debtor's Counsel: Jaime Rodriguez Rodriquez, Esq. RODRIGUEZ & ASOCIADOS, ABOGADOS, CSP Po Box 2477 Vega Baja, PR 00694 Tel: 787 858-5324 Fax: 7878585324 Email: lcdojaimerodriguez@yahoo.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Carlos Rafael Fernandez Rodriquez, president. A list of the Debtor's 14 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb15-04474.pdf CROSS BORDER: Posts $2.46-Million Net Loss in 2014 -------------------------------------------------- Cross Border Resources, Inc., reported a net loss of $2.46 million on $12.4 million of oil and gas sales in 2014, compared with a net income of $3.35 million on $13.1 million of oil and gas sales in the prior year. The Company's balance sheet at Dec. 31, 2014, showed $33.3 million in total assets, $16.0 million in total liabilities, and stockholders' equity of $17.3 million. At Dec. 31, 2014, the Company had working capital of $3.26 million (including assets held for sale of $15.6 million) and outstanding debt of $8.2 million (consisting of a line of credit). The company would have a working capital deficit of $10.8 million (excluding Assets Held for Sale, Net of ARO Liabilities associated with the Assets Held for Sale). The Company was not in compliance with the covenants of its line of credit with Independent Bank and had no availability under this line of credit. The Company currently does not have sufficient funds to repay these obligations. The Company is exploring available financing options, including the sale of debt, equity, or assets. If the Company is unable to finance its operations on acceptable terms or at all, its business, financial condition and results of operations may be materially and adversely affected. As a result of these conditions, there is substantial doubt regarding the Company's ability to continue as a going concern. A copy of the Form 10-K filed with the U.S. Securities and Exchange Commission is available at http://is.gd/LmyUXI About Cross Border Dallas-based Cross Border Resources, Inc. (XBOR:OTC US) is an oil and gas exploration and development company. The Company currently owns over 865,893 gross (approximately 293,843 net) mineral and lease acres in New Mexico, approximately 25,000 acres of it exists within the Permian Basin. ENERPULSE TECHNOLOGIES: Has $152K Net Income in First Quarter ------------------------------------------------------------- Enerpulse Technologies, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing net income of $152,000 on $110,000 of sales for the three months ended March 31, 2015, compared to a net loss of $702,000 on $97,200 of sales for the same period in 2014. The Company's balance sheet at March 31, 2015, showed $3.42 million in total assets, $2.91 million in total liabilities, and stockholders' equity of $508,000. As a result of the Company's losses from operations, minimal revenue generation and limited capital resources, its independent registered public accounting firm's report on the Company's consolidated financial statements as of, and for the year ended Dec. 31, 2014, includes an explanatory paragraph discussing that these conditions 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/nXpDuv Enerpulse Technologies, Inc., through its wholly-owned subsidiary, Enerpulse, Inc., designs, develops, manufactures, and markets an energy and efficiency enhancing product in the automotive industry under the Pulstar brand name. The company provides capacitor- based precise combustion ignition (PCI) technology, which enhances spark-ignited internal combustion (IC) engines in the areas of horsepower, torque, fuel economy, acceleration, combustion stability, and emissions. It offers PCI pulse plugs for the natural gas IC engine, automotive OEM, and automotive and power sports aftermarkets. The company is headquartered in Albuquerque, New Mexico. EVPP LLC: Ohio Court Rules on Appeal in Eagle's View Rift --------------------------------------------------------- The Court of Appeals of Ohio, 12th District, Butler County, ruled on the appeal filed by the defendant-appellants in the case captioned EAGLE'S VIEW PROFESSIONAL PARK CONDOMINIUM UNIT OWNERS ASSOCIATION, INC., Plaintiff-Appellee, v. EVPP, LLC, et al., Defendants-Appellants, NO. CA2014-06-134 (Ohio Ct. App., 12 Dist., Butler County). Defendant-appellants, EVP, LLC (EVPP) and Robert R. Rockenfield, appealed multiple decisions from the Butler Bounty Court of Common Pleas in favor of plaintiff-appellee, Eagle's View Professional Park Condominium Unit Owner's Association, Inc. ("Association") and intervenors-appellees, Michael Yoakum, Mark Schroder, Thomas Sullivan, Michael White, Chris Eubank, Chris Boerger, and Doug Rolfes (collectively, the "Purchasers"). First, appellants asserted the trial court erred in its July 26, 2013 order compelling them to comply with the Right to Sell Agreement and close on the sales of properties which were ordered foreclosed by virtue of an "Agreed Final Appealable Judgment/Order" entered into by the Association and EVPP. The properties were sold at an auction on December 8, 2012 and purchased by the Purchasers, but EVPP refused to close on the sales. The appellate court dismissed the appeal as it relates to the trial court's July 26, 2013 order. It held that the order is not a final appealable order, and accordingly, the appellate court is still without jurisdiction to consider appellants' arguments related to that order. Additionally, appellants claimed the trial court erred in finding Rockenfield in contempt for failing to abide by the July 26, 2013 order, ordering him to sign the deeds transferring the condominium units, and ordering him to pay the related attorney fees of the Association and Purchasers. The appellate court affirmed the challenged decisions of the trial court. The appellate court found the appellant's arguments with regards to the trial court's contempt finding are barred by res judicata. The order was the subject of the appellant's previous appeal which was already dismissed with prejudice for failure to prosecute. This resulted in a final judgment on the merits as to the contempt finding and appellants are barred from relitigating the matter. As to appellants' claim that the trial court erred in ordering Rockenfield to pay attorney fees, the appellate court found that appellants failed to elaborate or support with citations to authority or the record how the trial court erred in awarding attorney fees in this case. A copy of the May 18, 2015 opinion is available at http://is.gd/PXGwXvfrom Leagle.com. Cuni, Ferguson & LeVay Co., L.P.A., Lisa M. Conn, 10655 Springfield Pike, Cincinnati, Ohio 45215, for plaintiff-appellee. Rex A. Wolfgang, 246 High Street, Hamilton, Ohio 45011, for defendants-appellants, EVPP, LLC and Robert R. Rockenfield. Graydon Head & Ritchey, LLP, J. Michael Debbeler -- mdebbeler@graydon.com -- Jeffrey J. Hanneken -- jhanneken@graydon.com -- 1900 Fifth Third Center, 511 Walnut Street, Cincinnati, Ohio 45202, for Purchasers. About EVPP, LLC EVPP, LLC, fdba Eagle View Professional Park, in Mason, Ohio, filed for Chapter 11 bankruptcy (Bankr. S.D. Ohio Case No. 13-10005) on Jan. 2, 2013, in Cincinnati. Bankruptcy Judge Burton Perlman presided over the case. Norman L. Slutsky, Esq. -- nslutsky@fuse.net -- at Slutsky & Slutsky Co. L P A, served as the Debtor's counsel. EVPP scheduled assets of $3,016,000 and liabilities of $2,042,625. A list of the Company's five unsecured creditors, filed together with the petition, is available for free at http://bankrupt.com/misc/ohsb13-10005.pdf The petition was signed by Robert Rockenfield, sole member. The Bankruptcy Court dismissed the bankruptcy petition finding it was filed in bad faith. FINDEX.COM INC: Incurs $117K Net Loss for First Quarter ------------------------------------------------------- Findex.com, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $117,000 on $42,800 of revenue for the three months ended March 31, 2015, compared with a net loss of $385,000 on $53,700 of revenue for the same period in 2014. The Company's balance sheet at March 31, 2015, showed $2.07 million in total assets, $1.64 million in total liabilities and total stockholders' equity of $428,000. As of March 31, 2015, the Company had negative working capital of $1.46 million, and an accumulated deficit of $2.88 million. The Company used $148,068 in operations for the three months ended March 31, 2015. Although these factors raise substantial doubt as to the Company's ability to continue as a going concern, the Company has taken several actions intended to mitigate against this risk. A copy of the Form 10-Q is available at: http://is.gd/ePkdHc Headquartered in Lake Park, Fla., FindEx.com, Inc., develops, publishes, markets, and distributes and directly sells consumer and business software products for PC, Macintosh(R) and Mobile devices. The Company develops its software products through in- house initiatives supplemented by outside developers. The Company markets and distributes its software products principally through direct marketing and Internet sales programs, but also through retailers and distributors. The Company reported a net loss of $1.39 million on $177,000 in revenue for the year ended Dec. 31, 2014, compared with a net loss of $617,000 on $158,000 of revenue in the same period last year. D. Brooks & Associates CPA's P.A. expressed substantial doubt about the Company's ability to continue as a going concern citing that the Company has incurred operating losses, has incurred negative cash flows from operations and has a working capital deficit. The Company's balance sheet at Dec. 31, 2014, showed $1.99 million in total assets, $1.85 million in total liabilities, and stockholders' equity of $146,000. FREE GOSPEL: Section 341 Meeting Scheduled for July 13 ------------------------------------------------------ A meeting of creditors in the bankruptcy case of The Free Gospel of the Apostles' Doctrine will be held on July 13, 2015, at 2:00 p.m. at 341 meeting room 6th Floor at 6305 Ivy Ln., Greenbelt. Creditors have until Oct. 13, 2015, to file their proofs of claim. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. The Free Gospel of the Apostles' Doctrine filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 15-18209) on June 9, 2015. The petition was signed by Antoinette Green-Snow as executive administrator. The Debtor estimated assets of $10 million to $50 million and debts of $1 million to $10 million. Frank Morris, II, Esq., at Law Office of Frank Morris II, serves as the Debtor's counsel. FUWEI FILMS: Obtains Extension of NASDAQ Listing Compliance Period ------------------------------------------------------------------ Fuwei Films (Holdings) Co., Ltd., a manufacturer and distributor of high-quality BOPET plastic films in China, on June 12 disclosed that the Company received a letter from the Nasdaq Stock Market on June 9, 2015 stating that while the Company had not regained compliance with the NASDAQ Listing Rule 5550(a)(1) until June 8, 2015, it was eligible for an additional 180-day grace period, until December 7, 2015, to regain compliance with the Bid Price Rule. On December 8, 2014, the Company received a letter from NASDAQ notifying it of its failure to maintain a minimum closing bid price of $1.00 over the then preceding 30 consecutive trading days for its ordinary shares as required by the Bid Price Rule. The letter stated that the Company had until June 8, 2015 to demonstrate compliance by maintaining a minimum closing bid price of at least $1.00 for a minimum of 10 consecutive trading days. NASDAQ's determination was based on the Company having met the continued listing requirement for Market Value of Publicly Held Shares and all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the Bid Price Rule, and on the Company's written notice to NASDAQ of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If at any time during this additional time period the closing bid price of the Company's security is at least $1 per share for a minimum of 10 consecutive business days, NASDAQ will provide written confirmation of compliance and this matter will be closed. If compliance cannot be demonstrated by December 7, 2015, Staff will provide written notification that the Company's ordinary shares will be delisted. At that time, the Company may appeal NASDAQ's determination to delist its ordinary shares to a NASDAQ Hearings Panel. The Company will monitor the closing bid price of its ordinary shares and will consider various possible options, and, if necessary, it intends to effect a reverse stock split, to regain compliance by the Expiration Date. About Fuwei Films Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei"). Shandong Fuwei develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei's BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries. GARB OIL: Incurs $613K Net Loss in First Quarter ------------------------------------------------ Garb Oil & Power Corporation filed its quarterly report on Form 10-Q, disclosing a net loss of $614,000 on $nil of revenues for the three months ended March 31, 2015, compared with a net loss of $349,000 on $200,000 of revenue for the same period in 2014. The Company's balance sheet at March 31, 2015, showed $1.25 million in total assets, $8.76 million in total liabilities, and a stockholders' equity of $13.31 million. A copy of the Form 10-Q is available at http://is.gd/NVoBfw About Garb Oil & Power Garb Oil & Power Corporation provides equipment to waste processing and recycling industries. The company supplies enabling technologies that allow its clients to push their waste processing and recycling goals forward. The company is involved in building and commissioning of turn-key waste-to-energy plants and refinement/recycling plants in e-scrap/e-waste and waste-rubber. The company develops enabling technologies for waste processing and recycling waste rubber; municipal waste, domestic waste, waste to energy, and electronic scrap; and derivatives, including rubber power, fine rubber particles, alloys of rubber, TPE-V and rubber, elastomers, compounds, and technical rubber products from raw material for recycling industries, and original product manufacturers and producers. HJ & Associates LLC expressed substantial doubt about the Company's ability to continue as a going concern citing that the Company has continual net losses and large accumulated deficit. The Company reported a net loss of $3.66 million on $300,000 in revenues for the year ended Dec. 31, 2014, compared with a net loss of $2.05 million on $nil of revenues in the same period last year. The Company's balance sheet at Dec. 31, 2014, showed $1.26 million in total assets, $8.16 million in total liabilities, and stockholders' deficit of $6.9 million. GREENBRIER COS: S&P Affirms BB- Corp. Credit Rating, Outlook Stable ------------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Lake Oswego, Ore.-based Greenbrier Cos. Inc. The outlook is stable. "The affirmation reflects our assessment of Greenbrier's recently improved profitability, reflecting operating efficiencies that we believe could sustain the recent margin improvement, as well as product diversity and market share that has gradually improved over the past years," said Standard & Poor's credit analyst Svetlana Olsha. "We are therefore revising Greenbrier's manufacturing business risk profile to 'fair' from 'weak,' as defined in our criteria," added Ms. Olsha. "We distinguish between Greenbrier's manufacturing and leasing activities, and determine separate business risk and financial risk assessments. We believe Greenbrier has "adequate" sources of liquidity to cover its needs, as defined in our criteria, with sources exceeding uses by 1.2x or more over the next 12-18 months. We believe net sources would remain positive even if EBITDA declined by 15%. We believe the qualitative factors relating to Greenbrier's liquidity, such as its standing in credit markets, risk management, and relationship with banks, all support our "adequate" assessment," S&P said. The outlook on Greenbrier is stable, reflecting S&P's view that rail industry fundamentals will remain favorable through the next 12 to 18 months. S&P could lower the rating if it forecasts an industry downturn or eroding market share could significantly hamper Greenbrier's operating prospects, or if debt-funded acquisitions or shareholder-friendly initiatives cause manufacturing debt to EBITDA to deteriorate above 4x. S&P could raise the rating if the company progresses in improving its profitability, if the outlook for industry fundamentals remains sound, and if S&P believes that financial policies will be consistent with a higher rating. GROW CONDOS: Incurs $47,400 Net Loss in First Quarter ----------------------------------------------------- Grow Condos, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $47,400 on $11,300 of total revenues for the three months ended March 31, 2015, compared with net income of $5,400 on $5,400 of total revenues for the same period in 2014. The Company's balance sheet at March 31, 2015, showed $1.25 million in total assets, $1.1 million in total liabilities and stockholders' equity of $153,000. In their report dated Oct. 14, 2014, the Company's independent registered public accounting firm included an emphasis-of-matter paragraph with respect to the Company's financial statements for the period from date of inception (Sept. 9, 2013) to June 30, 2014 concerning the Company's assumption that it will continue as a going concern. The Company operates within an industry that is illegal under federal law, has yet to achieve profitable operations, has a significant accumulated deficit and is dependent on its ability to raise capital from stockholders or other sources to sustain operations and ultimately achieve viable profitable operations. As reported in these condensed consolidated financial statements, the Company has not yet achieved profitable operations and has an accumulated deficit of $11.4 million, which it has determined raises substantial doubt about the Company's ability to continue as a going concern. A copy of the Form 10-Q is available at: http://is.gd/EHWfFZ Grow Condos, Inc. operates as a real estate purchaser, developer, and manager of specific use industrial properties in the United States. The company provides condo type turn-key grow facilities to support cannabis growers. It is also involved in the development, lease, ownership, and provision of investment sales opportunities for commercial industrial properties focused in the cannabis production arena. The company is based in Eagle Point, Oregon. The Company reported a net loss of $99,200 on $14,700 of total revenues for the three months ended Dec. 31, 2014, compared with a net loss of $2,390 on $900 of total revenues for the same period in 2013. The Company's balance sheet at Dec. 31, 2014, showed $1.28 million in total assets, $1.08 million in total liabilities and stockholders' equity of $200,200. HOLDEN PSYCHIATRIC: Case Summary & 4 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Holden Psychiatric Institute, P.A. dba Psychiatric Institute PO Box 6788 Springdale, AR 72766 Case No.: 15-71548 Nature of Business: Health Care Chapter 11 Petition Date: June 12, 2015 Court: United States Bankruptcy Court Western District of Arkansas (Fayetteville) 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: $500,000 to $1 million The petition was signed by Donnie Holden, president. A list of the Debtor's four largest unsecured creditors is available for free at http://bankrupt.com/misc/arwb15-71548.pdf L BRANDS: Fitch Affirms 'BB+' Issuer Default Rating --------------------------------------------------- Fitch Ratings has affirmed the ratings for L Brands, Inc., including the long-term Issuer Default Rating at 'BB+'. The Rating Outlook is Stable. KEY RATING DRIVERS The affirmations reflect L Brands' strong brand recognition and dominant market positions in intimate apparel and personal care and beauty products, strong operating results, and solid cash flow generation that is characteristic of an investment grade profile. While credit metrics have been reasonable, with leverage at or slightly below 3.5x since 2010, the 'BB+' rating takes into consideration the company's track record of shareholder-friendly activities which could push leverage above this range. L Brands' strong business profile is anchored by its two flagship brands, Victoria's Secret and Bath & Body Works; a strong direct business; and a growing international footprint. The company's strong comparable store sales (comps) trends since the recession have been driven by relevant and attractive product offerings and a loyal customer base. Comps increased 4% in 2014, following a 6% increase in 2012 and 2% in 2013. In addition to positive operating leverage from strong comps growth, the company has driven margin growth through efficient inventory and expense management. EBITDA margins in the 20%+ range compare favorably to the broader retail average in the low teens. Fitch expects that L Brands can sustain comps growth (excluding its direct business) in the 2%-3% range and EBITDA margin will remain in excess of 20% over the next three years. This is underscored by strong comps growth in both the Victoria's Secret brand (approximately 63% of sales and EBITDA including the Victoria's Secret direct business) and Bath & Body Works brand (approximately 29% of sales and 34% of EBITDA). Its direct business, which accounts for 16% of total revenue, is expected to benefit from continued growth in online sales, offset by the exit off certain non-core categories in the Victoria Secret direct and beauty business in 2015. These categories generated 2014 revenue of approximately $185 million or 1.6% of total sales. Fitch also expects square footage expansion, if executed successfully, could drive overall top line growth in the 4% to 5% range. The growth of PINK in the U.S., which could be a $3 billion business over the next few years from nearly $2 billion currently, and the inclusion of the full lingerie and swim/sportswear lines in expanded Victoria's Secret stores have led to increased productivity per square foot over the past few years. International expansion provides a strong top line and profit opportunity by allowing the company to diversify outside of mall based locations and reduce operational and execution risks through its substantially franchised model (outside of the UK and Canadian markets). KEY ASSUMPTIONS -- Fitch expects that L Brands can sustain comps growth (excluding its direct business) in the 2%-3% range over the next three years; -- Square footage expansion, if executed successfully, could drive overall top line growth in the 4% to 5% range; -- Strong free cash flow (FCF) before regular dividends in the $700 million-$800 million range annually (or $100 million - $200 million after regular dividends) over the next two to three years; -- Capex is expected to increase to $850 million in 2015 reflecting new store constructions and square footage expansion and stay in that range thereafter; -- Maintain a leverage profile in the mid-3x range; with future debt funded special dividends or share buybacks potentially pushing leverage higher than the 3.2x in 2014. RATING SENSITIVITIES A positive rating action would require both the continuation of positive operating trends and a public commitment to maintain financial leverage in the low 3x range. A negative rating action could be driven by a trend of negative comps and/or margin compression from fashion misses, execution missteps or loss of competitive traction. A larger than expected debt-financed share repurchase or special dividend and/or leverage rising to approximately 4x would be negative for the rating. LIQUIDITY AND DEBT STRUCTURE Liquidity is strong, supported by a cash balance of $650 million as of May 2, 2015 and the company's $1 billion revolving credit facility. The company has a comfortable maturity profile, staggered over many years. Fitch considers refinancing risk low given L Brands' strong business profile, favorable operating trends, and reasonable leverage. Fitch expects the company will continue to generate strong FCF before regular dividends in the $700 million-$800 million range annually (or $100 million-$200 million after regular dividends) over the next two to three years. Fitch assumes regular dividends will be increased by 20% to 25% annually, in line with the last few years. Capex is expected to increase to $850 million in 2015 from $715 million in 2014 and $690 million in 2013, reflecting new store constructions and square footage expansion to primarily support PINK and international growth (square footage to grow by approximately 3.5% in 2015). Lease-adjusted leverage stood at 3.2x as of Jan. 31, 2015. Fitch expects the company to maintain a leverage profile in the mid-3x range, and fund dividends and share repurchases with FCF and potential debt issuances. The company's shareholder-friendly posture is a key constraint to the rating. FULL LIST OF RATING ACTIONS Fitch has affirmed L Brands ratings and assigned these Recovery Ratings (RRs) to its debt: -- Long-term IDR at 'BB+'; -- Secured bank credit facility at 'BBB-/RR1'; -- Senior guaranteed unsecured notes at 'BB+/RR4'; -- Senior unsecured notes at 'BB/RR5'. The Rating Outlook is Stable. The assignment of the RRs reflects 'Recovery Ratings and Notching Criteria for Non-Financial Corporates issuers' criteria dated Nov. 18, 2014, which allows for the assignment of recovery ratings for issuers with IDRs in the 'BB' category. LIFEPOINT HEALTH: Fitch Affirms 'BB' IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed LifePoint Health, Inc.'s ratings, including the Issuer Default Rating at 'BB'. The ratings apply to approximately $2.2 billion of debt at March 31, 2015. The Rating Outlook is Stable. KEY RATING DRIVERS -- LifePoint's leverage (total debt to EBITDA) of 3.2x is amongst the lowest in the for-profit hospital industry. Coupled with strong and consistent free cash flow, this gives the company financial flexibility to pursue a fairly aggressive growth through acquisition strategy while maintaining credit metrics supportive of the 'BB' IDR. -- Starting in the second half of 2014, organic patient volumes in the for profit hospital sector dramatically improved following several years of depressed growth. However, Fitch believes the recently very strong operating performance is likely to taper, since certain secular headwinds remain intact. -- LifePoint's recent acquisitions have been in faster growing markets with a more favorable patient payor mix than the company's legacy markets, improving the business profile. -- There are headwinds to profitability. Some are industry- wide concerns, including the potential for negative operating leverage if recently strong volume performance subsides, and a reduction in cash payments for demonstrating meaningful use of electronic health records. Specific to LifePoint, the integration of a rapid succession of acquisitions is a drag on profitability. Acquisitions Driving Better Results While LifePoint remains primarily a rural and small suburban market hospital operator, the company has recently been deploying capital to buy hospitals in faster-growing markets, as well as making acquisitions to build out the network of facilities in certain of its existing markets. This strategy has contributed to stronger trends in patient volumes and pricing, evidenced by growth in pricing in continuing operations being markedly better than same-hospital results starting in 2014. LifePoint's legacy portfolio exposed the company to certain operating challenges. These included high volumes of uninsured patients and uncompensated care, sensitivity to trends in low acuity conditions like the seasonal flu, and a greater macroeconomic sensitivity of patient demand. Fitch believes the company's improved geographic mix will translate into better organic operating trends as an increasing number of the recent acquisitions are rolled into same-store results in 2015 - 2016. But Strategy Not Without Challenges The rapid pace of M&A does present some challenges. Rolling in the newly acquired hospitals is a headwind to profitability since the company's typical target is a not-for-profit community hospital that operates with margins much below the legacy LifePoint group of hospitals. In Q1'15, the company's operating EBITDA margin dropped by 78 bps versus the prior year period, with management attributing much of the decline to the integration of acquisitions. Hospital operators acquire properties with the intent of improving profitability over a period of several years. The source of margin improvement includes both the obvious sorts of cost synergies, as well as revenue synergies stemming from relationships with patients and health insurers. As with any inorganic growth strategy, there is some amount of integration risk involved, but LifePoint has a recently successful track record based on the margin improvements posted in the class of recently acquired hospitals. Affordable Care Act Supporting Operations, Although Outlook is Uncertain LifePoint operates in markets that have historically had high exposure to uninsured patients, contributing to a significant financial headwind from uncompensated care. Only nine of the 20 states in which LifePoint operates hospitals have so far opted into Medicaid expansion under the Affordable Care Act (ACA), but the company experienced a very marked decline in volumes of self-pay patients in these states; same-hospital self-pay admissions in Medicaid expansion states dropped 71% in the fourth quarter of 2014, and in all states by 42%. There remains a significant amount of uncertainty regarding the ACA's ultimate impact on the hospital sector. Most immediately, the upcoming Supreme Court decision on the legality of financial subsidies for about 6 million health exchange plan enrolees, and future state Medicaid expansion decisions are major questions marks. However, any changes to the ACA are unlikely to be impactful enough to business profiles and financial flexibility to move the ratings of hospital companies in the medium term. Good Balance Sheet Flexibility At 3.2x at March 31, 2015, LifePoint's leverage is amongst the lowest in the for-profit hospital industry, commensurate with the decent financial flexibility required for the 'BB' rating. Leverage is down significantly over the past year due to EBITDA growth contributed by the recent acquisitions, and the repayment of some debt due in 2014, but Fitch thinks the company could increase debt to fund larger hospital purchases as it grows in size, as well as share repurchases. KEY ASSUMPTIONS Fitch expects low single digit organic topline growth through the forecast period. This incorporates an assumption that both patient volumes and pricing will show some pull back from the strong results of the past couple of quarters. Secular headwinds to growth in the hospital sector remain intact, comparisons will become more difficult in the second half of 2015, and the tailwind from the ACA health insurance expansion is likely to taper. Fitch forecasts EBITDA of $704 million and free cash flow (FCF; CFO less capital expenditures and dividends) of about $200 million for LifePoint in 2015, including the contribution of recent acquisitions. Fitch expects LifePoint's operating EBITDA margin to contract by about 100 bps in 2015 versus the 2014 level. The drop in profitability is related to some negative operating leverage as recently very strong volume growth recedes, as well as to the integration of less profitable acquired hospitals. Capital expenditures are forecasted at $250 million in 2015; higher capital expenditures are related to capital commitments at recently acquired hospitals. In some cases, this is project-related spending, which will support future EBITDA growth. FCF remains above $170 million throughout the forecast period despite higher capital expenditures. The company deploys cash for both acquisitions and share repurchases; total debt is maintained at a level where leverage is consistently below 4.0x. RATING SENSITIVITIES A downgrade could result from gross debt/EBITDA being maintained above 4.0x and FCF generation sustained below $150 million annually. The most likely driver of a negative rating action is debt funding of capital deployment, including acquisitions and share repurchases, leading to leverage sustained above 4.0x. In addition, difficulty in the integration of recent acquisitions and the timing and level of funding of capital projects in new markets could weigh on FCF and the credit profile. An upgrade to 'BB+' would be supported by the company operating with leverage below 3.0x. Fitch does not believe LifePoint currently has a financial incentive to operate with leverage at such a low level, and it is inconsistent with the company's recently more aggressive stance toward capital deployment for M&A and share repurchases. LIQUIDITY LifePoint's liquidity profile is supportive of the 'BB' credit profile. At March 31, 2015, LifePoint's liquidity included $282 million of cash on hand, $332 million of available capacity on its bank facility revolving loan and LTM FCF of $257 million. LifePoint's LTM EBITDA to gross interest expense was solid for the 'BB' rating category at 5.8x and the company has ample operating cushion under its bank facility financial maintenance covenants, which require debt to be maintained below 4.75x EBITDA. Debt maturities are manageable. The next large maturity is the term loans, which have a final maturity in 2017. The terms of the bank agreement give LifePoint significant flexibility to issue additional debt, including debt secured on a basis pari passu with the bank agreement. The company is permitted to issue incremental term loans or secured notes up to a senior secured leverage ratio of 3.5x, with an $800 million carveout permitted regardless of the senior leverage ratio. The indentures for the two outstanding series of senior unsecured notes due 2020 and 2021 allow additional secured debt up to a secured leverage ratio of 3.0x and 3.5x, respectively, plus a carveout of the greater of $200 million or 5% of total assets for the notes due 2020 and $300 million or 6% of total assets for the notes due 2021. Above this level, there is a springing lien provision that would result in the senior notes becoming equally and ratably secured. With a secured leverage ratio of 1.0x at March 31, 2015, LifePoint has significant capacity for secured debt under all of the debt agreements. FULL LIST OF RATING ACTIONS Fitch affirms LifePoint's ratings as: -- Issuer Default Rating at 'BB'; -- Secured bank facility at 'BB+/RR1'; -- Senior unsecured notes at 'BB/RR4'. Note that Recovery Ratings (RRs) were assigned to the debt. The Rating Outlook is Stable. MA LERIN HILLS: Section 341 Meeting Scheduled for July 13 --------------------------------------------------------- A meeting of creditors in the bankruptcy case of MA Lerin Hills Holder, LP is set for July 13, 2015, at 9:30 a.m. at San Antonio Room 333. Creditors have until Oct. 12, 2015, to submit their proofs of claim. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. MA Lerin Hills Holder, LP, L H Devco, Inc. and Lerin Hills Utility Easement sought Chapter 11 for protection (Bankr. W.D. Tex. Case Nos. 15-51424, 15-51425 and 15-51426, respectively) on June 9, 2015. The petition was signed by Andrew S. Cohen as receiver. Dykema Cox Smith serves as the Debtors' counsel. Golden Steves Cohen & Gordon LLP acts as the Debtors' real estate counsel. Padgett Strateman is the Debtors' financial advisor. Judge Hon. Craig Gargotta is assigned to the cases. MAGNETATION LLC: Court Wants Donlin Recano's Admin. Role Limited ---------------------------------------------------------------- The Hon. Gregory F. Kishel of the U.S. Bankruptcy Court for the District of Minnesota denied the request of Magnetation LLC and its debtor-affiliates to employ Donlin, Recano & Company to perform in various capacities in the administration of their cases, including the maintenance of what are described as parts of an "official record" for the cases independently of the clerk of the court. The motion was styled under 28 U.S.C. Sec. 156(c), and Sarah J. Wencil, appearing on behalf of the United States Trustee, objected. The Court memorialized rulings on the record in disposition of the motion and the objection. The Court held that: -- The Debtors’ motion, as styled under 28 U.S.C. Sec. 156(c) and for the specific complex of relief set forth in the motion, is denied. -- The Court's denial is without prejudice to an application under 11 U.S.C. Sec. 327 for leave to retain Donlin Recano as a professional person, for more limited and strictly-defined duties in the administration of the estate. The proposed duties shall not include a purported administration of a part of the court's official record. The Debtors are also hiring Donlin Recano as claims, noticing and balloting agent. As reported in the Troubled Company Reporter on May 14, 2015, although the Debtors have not yet filed their schedules of assets and liabilities, they anticipate that there will be thousands of entities to be noticed. In view of the number of anticipated claimants and the complexity of the Debtors' businesses, the Debtors submit that the appointment of a claims, noticing and balloting agent is both necessary and in the best interests of both the Debtors' estates and their creditors. For its role as claims, noticing and balloting agent, the Debtors prior to the bankruptcy filing date provided Donlin Recano a retainer in the amount of $20,000 and paid prepetition fees and expenses in the amount of $30,000. For its professional services, Donlin Recano will charge the Debtors at these rates: Position Hourly Rate -------- ----------- Senior Bankruptcy Consultant $170 Consultant $115 Case Manager/Analyst $40 to $70 Technology/Programming Consultant $60 to $110 Clerical $25 For first day preparation, Schedules/SOFA preparation and solicitation, the firm will charge the Debtors at these rates: Position Hourly Rate -------- ----------- Senior Bankruptcy Consultant $190 Consultant $125 Case Manager/ Analyst $40 to $70 Technology/Programming Consultant $60 to $110 Clerical $25 For its noticing services, Donlin Recano will waive fees for fax and e-mail noticing. With respect to claims docketing and management, the firm will waive fees for Web hosting and Website development but will charge $0.06 per credit per month for data storage. The firm 24/7 global call center will charge the Debtor at its standard hourly rates. Donlin Recano represents that it is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code with respect to the matters upon which it is to be engaged. About Magnetation LLC Magnetation LLC -- http://www.magnetation.com/-- is a joint venture between Magnetation, Inc. (50.1% owner) and AK Iron Resources, LLC, an affiliate of AK Steel Corporation (49.9% owner). Magnetation LLC recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. Magnetation LLC owns iron ore concentrate plants located in Keewatin, MN, Bovey, MN and Grand Rapids, MN, and an iron ore pellet plant in Reynolds, IN. Magnetation LLC and four subsidiaries sought Chapter 11 bankruptcy protection (Bankr. D. Minn. Lead Case No. 15-50307) in Duluth, Minnesota, on May 5, 2015, after reaching a deal with secured noteholders on a balance sheet restructuring. The cases are assigned to Chief Judge Gregory F Kishel. The Debtors have tapped Davis Polk & Wardwell LLP and Lapp, Libra, Thomson, Stoebner & Pusch, Chtd., as attorneys; Blackstone Advisory Partners LP as financial advisor; and Donlin, Recano & Company, Inc., as the claims agent. The Debtor's exclusive period for filing a plan and disclosure statement ends Sept. 2, 2015. The U.S. Trustee for Region 12 appointed three creditors of Magnetation LLC to serve on an official committee of unsecured creditors. NEW YORK MILITARY: Taps MacVean Lewis to Handle Business Matters ---------------------------------------------------------------- New York Military Academy asks the U.S. Bankruptcy Court for the Southern District of New York for permission to employ the firm of MacVean, Lewis, Sherwin & McDermott PC to represent it in business matters including, the sale of assets outside of the ordinary course of business. The Debtor anticipates that there will be no duplication of services of special counsel and the law firm of Lewis D. Wrobel, Esq., the Debtor's counsel. The Debtor has been advised that the fees of said law firm are: Partners $300 Associates $240 The Bankruptcy estate will be responsible for any and all disbursements incurred by MacVean Lewis representing the Debtors. To the best of the Debtor's knowledge, the law firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About New York Military Academy New York Military Academy, a private coeducational boarding school, filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 15-35379) on March 3, 2015. David B. Fields signed the petition as first vice-president. The Debtor reported total assets of $10.5 million and total debts of $10.9 million. Lewis D. Wrobel, Esq., at Lewis D. Wrobel, represents the Debtor as counsel. The U.S. Trustee for Region 2 appointed three unsecured creditors to serve on the Official Committee of Unsecured Creditors. NIRVANA INC: Has Interim OK to Use Lenders' Cash Collateral ----------------------------------------------------------- Judge Diane Davis of the U.S. Bankruptcy Court for the Northern District of New York gave Nirvana, Inc., et al., interim authority to use cash collateral securing their prepetition indebtedness. As of the Petition Date, the Debtors are indebted to secured creditors NBT Bank ("NBT"), the U.S. Small Business Administration, through the Empire State Certified Development Corp. ("ESCDC/SBA"), the New York State Business Development Corporation ("NYBDC"), the Statewide Zone Capital Corporation of New York ("SZCC"), Northeast Bank/United States Department of Agriculture ("NEB/USDA") and Comsource, Inc. ("Comsource") in the aggregate principal amount of $27,204,092. The Lenders' perfected security interests and liens cover substantially all of the Debtors' assets, including accounts receivable and cash. In the absence of a further order of the Court, the Debtors' authority to use cash collateral will cease after the earlier to occur of (i) June 19, 2015, and (ii) the date upon which any termination event occurs. In order to adequately protect the Prepetition Secured Lenders' interest in the cash collateral, the Debtors propose to grant to each of the lenders, in accordance with their relative priority, adequate protection rollover liens, subject to a carve-out, to secure their adequate protection obligations. A final hearing on the motion will be held on June 25, 2015, at 10:30 a.m., prevailing Eastern Time. Any objections must be filed no later than seven days before the Final Hearing and must be served upon the following: About Nirvana Inc. Nirvana Inc. is a manufacturer and bottler of spring water that is captured from four natural springs on 1,600 acres of property located in the foothills of the Adirondack Mountains at Forestport, New York. Nirvana says its water is exceptionally pure and flows naturally to the surface at a temperature of 42 degrees Fahrenheit. Nirvana is a closely-held New York corporation with a principal office located at One Nirvana Plaza, Forestport, New York. Nirvana was formed on June 2, 1995 by Mozafar Rafizadeh and his brother, Mansur Rafizadeh. Nirvana, Inc., and three affiliates -- Nirvana Transport, Inc., Nirvana Warehousing, Inc. and Millers Wood Development Corp. -- sought Chapter 11 bankruptcy protection (Bankr. N.D.N.Y. Lead Case No. 15-60823) in Utica, New York, on June 3, 2015. The cases are assigned to Judge Diane Davis. According to the docket, the Debtors' Chapter 11 plan and disclosure statement are due Oct. 1, 2015. The deadline for filing claims by governmental units is Nov. 30, 2015. The Debtors tapped Bond, Schoeneck & King, PLLC, as general counsel, and Teitelbaum & Baskin, LLC, as special counsel. NOVA CHEMICALS: Fitch Raises Issuer Default Rating From 'BB+' ------------------------------------------------------------- Fitch Ratings has upgraded NOVA Chemicals Corporation's Issuer Default Rating to 'BBB-', its senior unsecured credit facility and senior unsecured notes at 'BBB-', and affirmed the company's secured credit facility at 'BBB-'. The Rating Outlook is revised to Stable from Positive. This rating action affects approximately $1.7 billion of debt and commitments. KEY RATING DRIVERS The ratings reflect NOVA's position as a low cost ethylene producer. NOVA benefits from low cost feedstock at both its Joffre, Alberta and Corunna, Ontario sites after converting the Corunna cracker to accept light feedstock. The company is also sourcing ethane directly from the Williston (for Joffre) and Marcellus (for Corunna) basins. EBITDA margins have increased to above 20% from levels below 10% in 2009. Fitch believes NOVA's financial management is conservative. NOVA has reduced its debt balances since it was acquired by IPIC PJSC ('AA'/Outlook Stable) in 2009. Debt has declined from $1.8 billion at the end of 2009 to $1 billion for the period ended March 31, 2015. Leverage metrics are strong as well, measuring just below 1.0x on a total debt to operating EBITDA basis at March 31, 2015. While distributions to IPIC and capital expenditures have been growing, Fitch expects future distributions to be moderate and in line with the financial performance of the company and capex to decline significantly after the reactor currently under construction is completed in 2016. The company is in the midst of executing its NOVA 2020 plan. NOVA has completed its transition of the Corunna cracker to all light feedstock and is in the process of building another polyethylene reactor at Joffre, which is expected to be completed in mid-2016 and start-up in Q4 2016, adding approximately 1 billion pounds of new polyethylene capacity. Capital spending will peak in 2015 and 2016 for these projects, but Fitch expects additional borrowings will not be necessary given strong cash generation and large cash balances. The ratings are constrained by the company's lack of product diversification. NOVA produces a variety of polyethylene products (HDPE, LDPE, and LLDPE) and grades but no other ethylene derivatives. NOVA's competitors with other ethylene chains can direct ethylene production to the highest margin intermediate or end product. NOVA's products are also commoditized in nature, with a number of producers manufacturing similar products. Fitch acknowledges the cyclical nature of commodity chemicals. NOVA is dependent upon plastic demand for revenue growth. Plastics demand generally tracks global economic growth. With the decline in naphtha prices, prices of ethylene and its derivatives have decreased also, as the highest cost marginal producers are naphtha-based, mostly in Europe and China. Fitch expects some margin contraction for light feedstock producers in the near term, but a material cost advantage is expected to remain in the long run. The advantaged cost position for North American ethylene production has spurred capacity expansion activity, with large amounts of North American ethylene production capacity comping online by 2019. However, Fitch expects at least some of these pre-construction projects to be cancelled, leaving companies such as NOVA that brought capacity online earlier to benefit from a return to more rational margins. Fitch also expects that North American ethylene producers as a whole will continue to be low cost due to the feedstock advantages associated with the shale revolution. LIQUIDITY NOVA has robust liquidity that should enable the company to fund working capital and capital expenditure requirements and to withstand less favorable industry conditions. At March 31, 2015, NOVA had liquidity of $1.4 billion, consisting of $763 million cash on-hand and $608 million available under its syndicated and bilateral credit facilities. Fitch projects marginal negative FCF after distributions in 2015 and 2016, but cash balances should enable the company to fund the use of cash without significant additional borrowings. NOVA's main $550 million senior secured credit facility, which matures in December 2018, is governed by a senior debt-to-cash-flow covenant of max 3.0x and a debt-to- capitalization covenant of max 60%. NOVA was in compliance with these covenants at March 31, 2015. Fitch expects the company to remain in compliance throughout the lifetime of the facility. The facility is secured by NOVA's interest in assets in Canada, including a fixed and floating charge on certain real property and a security interest in personal property. The company has a light maturity schedule with no large principal payments due until 2023. NOVA has two notes outstanding, $500 million due in 2023 and $500 million due 2025. KEY ASSUMPTIONS -- Capital spending peaks in 2015 and 2016; -- Cash balances and internal cash generation sufficient to fund capital spending in 2015 and 2016; -- Volume increases when capacity at Joffre comes online in Q4 2016. RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to positive rating action include: -- Material increase in size, scale, or diversification while maintaining strong credit metrics; -- Hard credit support from IPIC. Negative: Future developments that may, individually or collectively, lead to negative rating action include: -- A sustained return of adverse economic conditions and excess capacity for the chemical industry leading to weak sales and profits; -- A sharp erosion of the company's feedstock advantage resulting in higher debt funding during the capex build-out period; -- Expectations for prolonged meaningful negative FCF leading to debt levels where leverage is sustained above 2.5x on a total debt to EBITDA basis through the cycle; -- Substantially increased distributions to IPIC funded by debt. Fitch takes these rating actions on NOVA: -- Long-term IDR upgraded to 'BBB-' from 'BB+'; -- Senior unsecured revolving credit facilities upgraded to 'BBB-' from 'BB+'; -- Senior unsecured notes upgraded to 'BBB-' from 'BB+'; -- Senior secured revolving credit facility at 'BBB-'. The Rating Outlook is Stable. OCEAN SPRAY: Fitch Affirms 'BB' Rating on $150MM Preferred Stock ---------------------------------------------------------------- Fitch Ratings has affirmed Ocean Spray Cranberries, Inc.'s Issuer Default Rating at 'BBB-'. The Rating Outlook is Stable. KEY RATING DRIVERS Strong Market Position Ocean Spray's credit ratings reflect its dominant share in the shelf stable cranberry juice and dried cranberry segments. Importantly, Ocean Spray's strong focus on innovation in their beverage and snack portfolio mitigates in part a relatively narrow product line that is mainly dependent on a single fruit. Ocean Spray's market position with its premium, highly-recognizable brand has generated a good level of consistent profitability for a consumer goods company. Consequently, Ocean Spray has not experienced the market share and volume erosion that has occurred in the shelf stable juice segment during the past several years due to competition, shift in consumer preferences and consolidation within the supermarket chains. Nevertheless, larger, well-capitalized beverage companies remain a significant threat given their resources and a wider variety of alternative beverage options. Market Leadership, Brand Equity Ocean Spray is a marketing cooperative that is wholly owned by approximately 800 cranberry and 40 grapefruit growers. Approximately 60% of the world-wide cranberry crop is received, processed, and marketed through Ocean Spray resulting in approximately $1.7 billion in net sales. Ocean Spray also has a material presence in the grapefruit industry. The cooperative provides a stable organizational structure for cranberry grower-owners that greatly supports Ocean Spray's marketing/advertising, new product development/innovation and demand planning. Consequently, Ocean Spray has generated material profitable returns for its grower-owners during the past several years. Innovation Key Ocean Spray will need to continue leveraging innovation efforts into successful new products and categories to stem on-going competitive intrusions and create new growth avenues to help mitigate operating challenges with supply-demand imbalances. As part of these efforts, Ocean Spray must also address public concerns over high sugar content in its products through public relations campaigns and adaptation of their product portfolio. As such, PACT cranberry extract water is Ocean Spray's new cranberry extract water, an important innovation that targets consumers seeking healthier beverages that are fresh, natural, flavorful and minimally processed. PACT cranberry extract water which has a low sugar content and contains the health promoting elements inside the cranberry, will be distributed nationally by PepsiCo, Inc. Ocean Spray will also likely leverage PACT cranberry extract water development into other beverage products to improve health and wellness function. Financial Flexibility Limited Ocean Spray's financial flexibility is currently a factor that constrains the ratings. Ocean Spray's cooperative status results in high cash patronage payments of its profits to its grower-owners leaving the company significantly more reliant on external sources of liquidity particularly in times of high investment periods. In addition, the high member cash payments hinder the company's ability to deleverage following increases in debt. As such, Ocean Spray's narrow product focus and high cash patronage payments are major elements in limiting the IDR to the 'BBB' category. Fitch believes Ocean Spray needs to demonstrate a track record for reducing debt, increasing the level of growers' equity and maintaining sufficient external access for liquidity to ensure appropriate flexibility. Increased Leverage Expected Estimated leverage at the end of the second fiscal quarter 2015 was 3.0x, flat to the end of fiscal 2014. Fitch expects Ocean Spray's leverage will increase moderately higher to an estimated 3.4x at the end of fiscal 2015. This is due to several factors including the delayed benefit from restructuring pool payments and pool year advances. In fiscal 2016, the expectation is for Ocean Spray to generate excess discretionary cash flow that would reduce leverage to the low 3x range. Ocean Spray has minimal off-balance sheet lease obligations as the company owns the majority of its facilities and most lease obligations typically relate to office and industrial equipment. Ocean Spray's upcoming maturities during fiscal 2015 and fiscal 2016 should be relatively modest following the refinancing of term notes due in fiscal 2016. Equity Treatment Considerations Fitch gives Ocean Spray's subordinated debt and preferred stock each 50% equity treatment based on methodology outlined in Fitch's hybrid debt criteria report. Key attributes for both instruments include the ability to defer coupon payments for up to five years. Other factors that support 50% equity treatment include the cumulative nature of the preferred stock dividend and for the subordinated debt, no cross default or cross acceleration triggers are present in the event of default on Ocean Spray's senior debt. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for the issuer include: -- Modest revenue decline assumed for fiscal 2015. In fiscal 2016, Fitch expects Ocean Spray will increase revenue in the low single digits; -- Cranberry COGS adjustment in the midsingle digit of revenue for imputed cost of cranberries; -- Gross margins (with cranberry COGS adjustment) in the mid 20% range for fiscal 2015 and 2016; -- In fiscal 2016, Ocean Spray is expected to derive cash flow benefits from adjusting grow-owner payment schedules to better align grower advances to pool earnings. -- Leverage (Debt / adjusted EBITDA) will increase to approximately 3.4x at the end of fiscal 2015, before declining to the low 3x range in fiscal 2016. RATING SENSITIVITIES Future developments that may, individually or collectively, lead to a positive rating action include: -- Total adjusted debt-to-operating EBITDA sustained below the 3.0x range due to operating income growth and/or debt reduction; -- Demonstrated ability to generate discretionary cash flow to reduce debt; -- Low single-digit revenue growth driven by innovation; -- Increase in grower equity to the upper 20% to the low 30% range of debt to capitalization; -- Per barrel patronage rates reflecting healthy operating conditions for Ocean Spray and its member-owners; -- EBITDA margins (absent COGS adjustments) sustained at least in the low 20% range. Future developments that may, individually or collectively, lead to a negative rating action include: -- Total adjusted debt-to-operating EBITDA sustained above mid 3x range due to materially lower than expected operating income, or unanticipated debt-financed acquisitions; -- Negative cash deficit over multiyear period driven by higher capital investment and working capital requirements funded by debt; -- Revenue declines in the low to mid-single digits; -- EBITDA margins (absent COGS adjustments) sustained below 20%; -- Grower equity as a percent of total capitalization declines to the low 20% range or less; -- Lack of appropriate level in external liquidity with sufficient covenant capacity in the event of a material revolver draw-down. -- Persistent industry oversupply that causes per barrel patronage rates to fall significantly into the $20 per barrel range or less for a sustained period of time; -- A material adverse outcome associated with the current class action lawsuit that requires Ocean Spray to materially increase debt; LIQUIDITY Ocean Spray's liquidity is supported by its good cash flow generation and subordinated grower payments. Fitch believes the subordinated nature of Ocean Spray's patronage payments to any loan agreements or preferred stock distribution provides additional protection and credit enhancing restrictions in the unlikely event of an unforeseen drop in profitability and cash flow. The board of directors for Ocean Spray must approve each patronage payment allowing the payment to be withheld or adjusted for business needs. Ocean Spray recently amended and increased the size of its credit agreement to $820 million including a $300 million revolving commitment with a $100 million accordion that matures in 2020. Fitch believes Ocean Spray maintains an appropriate level of external liquidity with sufficient covenant capacity with the new amended agreement in the event of a material revolver draw-down. This also provides Ocean Spray with sufficient cushion if capital market access becomes limited. Current cushion under the debt to consolidated capitalization and consolidated shareholders' equity covenants are sufficient. A class action lawsuit was filed against Ocean Spray by a small group of cranberry growers during 2012. Recent decisions by the court dismissed 10 out of the 13 counts. While the litigation could likely take significant time before a resolution occurs, Fitch believes the company retains flexibility to mitigate against the costs required to defend this suit and the potential negative effects of adverse findings. FULL LIST OF RATING ACTIONS Fitch has affirmed these ratings for Ocean Spray: -- Long-term IDR at 'BBB-'; -- $150 million 6.25% series A preferred stock at 'BB'. OXANE MATERIALS: Rejects Five Warehouse, Railcar Leases ------------------------------------------------------- Oxane Materials, Inc., sought and obtained authority from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to reject the following five leases: (1) Jenny Lind Warehouse, located at 7209 Jenny Lind Road, Fort Smith, Arkansas 72901; (2) 5th St. Warehouse, located at 3109 South 5th St., Fort Smith, Arkansas 72916; (3) E Street Warehouse, located at 100 South E St., Fort Smith, Arkansas 72901; (4) "Lease of Railway Covered Hopper Cars" with Chicago Fright Car Leasing Co., Lease No. 1171, dated November 21, 2011, as supplemented by a First Supplement, Second Supplement and Third Supplement, for a lease totaling 42 rail cars; and (5) "Oxane Odessa Agreement" with Francis Drilling Fluids, Ltd., dated effective April 1, 2013, for a 20 railcar spot located at the Francis Drilling Fluids facility at 3215 West Murphy, Odessa, Texas 79763. Prior to the Petition Date, the Debtor ceased any active operations at the Fort Smith, Arkansas sites covered by the Leases. There are currently raw materials stored at each of the sites which were sold to Saint-Gobain Ceramics & Plastics, Inc. prepetition, and are no longer property of the Debtor. Also, there are certain other materials which are owned by the Debtor which are located at Jenny Lind and E Street warehouses, which have been or will be removed the week of June 1, 2015. The Debtor told the Court that it does not need the Leases nor the sites covered by the Leases. The Debtor is selling its assets, and does not need the Leases for its bankruptcy case nor does it intend to assume and assign the Leases. Continuing to pay rent under the Leases would be a needless expense and drain on the Debtor's resources, and nothing more than a burden to the Estate. About Oxane Materials Oxane Materials, Inc., a developer of nanotechnologies based in Houston, Texas, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex., Case No. 15-32940), on May 31, 2015. The case is assigned to Judge Jeff Bohm. The Debtor's counsel is Morris Dean Weiss, Esq., at Taube Summers Harrison Taylor Meinzer Brown LLP, in Austin, Texas. OXANE MATERIALS: Seeks to Hire Miller Egan as Special Counsel ------------------------------------------------------------- Oxane Materials, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to employ Miller Egan Molter & Nelson, LLP, as special corporate counsel. The services to be rendered by Miller Egan include, but are not limited to, (i) preparation of an asset purchase agreement or agreements and related documents; and (ii) provide additional services as requested from time to time by the Debtor related to corporate transaction matters arising from this bankruptcy case. Miller Egan has agreed to the following rates: Classification Hourly Rates -------------- ------------ Partners $425-$550/hour Administrative/Paraprofessional $150-$350/hour In addition, Miller Egan will seek reimbursement of its reasonable out-of-pocket expenses incurred in connection with the engagement, including travel, lodging, duplicating, computer research, messenger and telephone charges. Miller Egan currently holds a retainer of $52,620 paid by the Debtor in April 2015. Thomas R. Nelson, Esq., a partner at Miller Egan Molter & Nelson, LLP, in Austin, Texas, assures the Court that his 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. Mr. Nelson may be reached at: Thomas R. Nelson, Esq. MILLER EGAN MOLTER & NELSON, LLP, 221 West Sixth Street, Suite 700 Austin, TX 78701 Tel: (512) 685-0201 Fax: (866) 815-1912 Email: tom.nelson@MillerEgan.com About Oxane Materials Oxane Materials, Inc., a developer of nanotechnologies based in Houston, Texas, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex., Case No. 15-32940), on May 31, 2015. The case is assigned to Judge Jeff Bohm. The Debtor's counsel is Morris Dean Weiss, Esq., at Taube Summers Harrison Taylor Meinzer Brown LLP, in Austin, Texas. OXANE MATERIALS: Seeks to Tap Kilyk-Bowersox as Special Counsel --------------------------------------------------------------- Oxane Materials, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to employ Kilyk & Bowersox, PLLC, as special corporate counsel. The services to be rendered by Kilyk-Bowersox include, but are not limited to: (i) maintaining to the extent asked all of Oxane's intellectual property patents and trademarks, including filings in the United States and outside of the United States and assisting in the due diligence review that will occur with any sale of the intellectual property of Oxane; and (ii) provide additional services as requested from time to time by the Debtor related to intellectual property matters arising from the bankruptcy case. Kilyk-Bowersox has agreed to the following rates: Partners-Members $450/hour Associates $330/hour Legal Assistants $100/hour In addition, Kilyk-Bowersox will seek reimbursement of its reasonable out-of-pocket expenses incurred in connection with the engagement. Kilyk-Bowersox currently holds a retainer of $50,000 paid by the Debtor in May 2015. Luke A. Kilyk, Esq., a founding member of Kilyk & Bowersox, PLLC, in Warrenton, Virginia, relates that his firm has represented the Debtor prior to the Petition Date. The Debtor is seeking to retain Kilyk-Bowersox as special counsel pursuant to Section 327(e) of the Bankruptcy Code. As of the Petition Date, Kilyk-Bowersox was owed $1,181 and therefore holds a general unsecured claim in the case. Because the Debtor is seeking to retain Kilyk-Bowersox pursuant to Section 327(e) and not 327(a), Kilyk-Bowersox only needs to meet the "interest adverse to the debtor" standard and not the "disinterestedness test," according to Mr. Kilyk. Accordingly, Mr. Kilyk assures the Court that his 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. Mr. Kilyk may be reached at: Luke A. Kilyk, Esq. KILYK & BOWERSOX, PLLC 400 Holiday Court, Suite 102 Warrenton, VA 20186 Tel: (540) 428-1701 Fax: (540) 428-1720 E-mail: general@kbpatentlaw.com About Oxane Materials Oxane Materials, Inc., a developer of nanotechnologies based in Houston, Texas, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex., Case No. 15-32940), on May 31, 2015. The case is assigned to Judge Jeff Bohm. The Debtor's counsel is Morris Dean Weiss, Esq., at Taube Summers Harrison Taylor Meinzer Brown LLP, in Austin, Texas. PARK 91: Taps Tarter Krinsky as General Bankruptcy Counsel ---------------------------------------------------------- PARK 91, LLC, asks the U.S. Bankruptcy Court for the Southern District of New York for permission to employ Tarter Krinsky & Drogin LLP as its general bankruptcy counsel. To the best of the Debtor's knowledge, TKD is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Scott S. Markowitz, Esq. Rocco A. Cavaliere, Esq. TARTER KRINSKY & DROGIN LLP 1350 Broadway, 11th Floor New York, NY 10018 Tel: (212) 216-8000 About Park 91 Park 91 LLC is the fee simple owner of a townhouse located at 1145 Park Avenue, New York. The townhouse is located in the Carnegie Hill Historic District on Park Avenue and 91st Street. Park 91 sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 15-10957) in Manhattan on April 17, 2015. Bankruptcy Judge James L. Garrity Jr. presides over the case. The Debtor is represented by Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, in New York. According to the docket, the Chapter 11 plan and disclosure statement are due by Aug. 17, 2015. PENINSULA HOSPITAL: Trustee Seeks Late OK for LH&M to Include PNH ----------------------------------------------------------------- Lori Lapin Jones, Chapter 11 trustee for Peninsula Hospital Center and Peninsula General Nursing Home, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of New York a second supplemental application to employ Lamonica Herbst & Maniscalco, LLP, as counsel. By order dated April 4, 2012, the Court approved the employment of LH&M as general counsel for the Trustee effective as of March 23, 2012. The employment order, among other things, authorized the Trustee's employment of LH&M to assist the trustee in the pursuit and recovery of voidable transfers of the Debtors' assets. By supplemental application dated Sept. 20, 2012, the Trustee sought the entry of an amended order to (a) provide that LH&M will be paid on a contingent fee basis for its legal services with respect to avoidance actions in the PHC case, and (b) authorize the Trustee to compensate LH&M on a monthly basis for its legal services with respect to avoidance actions in the PHC case. By amended order dated Oct. 5, 2012, the Court approved the relief requested in the first supplemental application. At the time the first supplemental application was filed, the Trustee had not yet completed her investigation into PNH's financial affairs or determined that it was necessary to commence avoidance actions in the PNH case. LH&M has been assisting the Trustee in pursuing the avoidance actions in both Debtors' cases by performing legal services including, but not limited to: a) prosecuting avoidance actions as appropriate; b) negotiating settlements of avoidance actions; and c) performing other services as the trustee deems necessary in connection with the avoidance actions. To date, LH&M has been paid a total of $4,873 solely from actual recoveries in three of the avoidance actions in the PNH case. Pursuant to the second supplemental application, the Trustee seeks permission to include LH&M's representation of Peninsula General Nursing Home, Inc., doing business as Peninsula Center for Extended Care and Rehabilitation, nunc pro tunc to Aug. 15, 2013. The Trustee explains that LH&M was previously employed as counsel to the Trustee by the Employment Order and the scope of LH&M's employment was expanded by the Amended Employment Order. At the time the First Supplemental Application was filed in these jointly-administered cases, the Trustee had not yet completed her investigation into PNH's financial affairs or determined that it was necessary to commence Avoidance Actions in the PNH case. Eleven Avoidance Actions were subsequently commenced in the PNH case beginning on Aug. 15, 2013. A supplemental application to expand the scope of the Amended Employment Order to include PNH was inadvertently not filed with the Court at that time. In light of the totality of the circumstances surrounding LH&M's employment, the Trustee submits that nunc pro tunc relief is reasonable and appropriate here. About Peninsula Hospital Wayne S. Dodakian, Vinod Sinha, and Shannon Gerardi filed an involuntary Chapter 11 bankruptcy protection against Peninsula Hospital Center -- http://www.peninsulahospital.org/-- (Bankr. E.D.N.Y. Case No. 11-47056) on Aug. 16, 2011. Marilyn Cowhey Macron, Esq., at Macron & Cowhey, represents the petitioners. On Sept. 19, 2011, PHC consented to entry of the order for relief under Chapter 11 of the Bankruptcy Code and, on that same day, Peninsula General Nursing Home, Inc. (d/b/a Peninsula Center for Extended Care and Rehabilitation), filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. On Sept. 21, 2011, the Court entered an order for relief under Chapter 11 of the Bankruptcy Code. The Debtors' cases are being jointly administered in accordance with an order of the Court. The Debtor disclosed $22.8 million in assets and $34.5 million in liabilities as of the Chapter 11 filing. Judge Elizabeth S. Stong presides over the cases. The Debtors employed Alvarez & Marsal Healthcare Industry Group, LLC, as financial advisors. The Hospital employed Abrams Fensterman, et al., as their attorneys. Nixon Peabody served as their special counsel; GCG, Inc., serves as claims and noticing agent. Judge Stong appointed Daniel T. McMurray at Focus Management Group as patient care ombudsman. Neubert, Pepe & Monteith P.C. serves as PCO's counsel. In April 2013, the bankruptcy court discharged Daniel T. McMurray from his duties and responsibilities as patient care ombudsman. Richard J. McCord, Esq., was appointed by the Court as examiner in the Debtors' cases. His task was to conduct an investigation of the Debtors' relationship and transactions with Revival Home Health Care, Revival Acquisitions Group LLC, Revival Funding Co. LLC, and any affiliates. Mr. McCord's own firm, Certilman Balin, & Hyman, LLP, served as the Examiner's counsel. CBIZ Accounting, Tax & Advisory of New York, LLC and CBIZ, Inc., serve as financial advisors for the Official Committee of Unsecured Creditors. Robert M. Hirsh, Esq., at Arent Fox LLP, in New York, N.Y., represents the Committee as counsel. At the behest of the U.S. Trustee, Lori Lapin Jones, Esq. was named Chapter 11 Trustee in March 2012, replacing Todd Miller, the Debtors' Chief Executive Officer. The Chapter 11 trustee is represented by LaMonica Herbst & Maniscalco LLP as her counsel. Storch Amini & Munves, PC, serves as the Chapter 11 Trustee's special counsel in connection with her investigation of the Debtors. She obtained approval to employ Garfunkel Wild, P.C., as her special health care, regulatory, corporate, finance and litigation counsel; and Foy Advisors LLC as consultant. PETROMAROC CORP: Enters Into Waiver Agreement on Debentures ----------------------------------------------------------- PetroMaroc Corporation plc on June 11 disclosed that it has entered into a waiver and amending agreement with all three holders of the Company's Cdn$9.7 million principal amount of debentures issued on April 10, 2014, to defer payment of the quarterly interest payments under the Debentures until April 10, 2016, the maturity date of the Debentures, including the March 31, 2015 interest payment. Pursuant to the terms of the Waiver Agreement, and subject to the TSX Venture Exchange approval, the aggregate amount of all Deferred Interest Payments shall accrue interest at the amended annual interest rate of 15% and shall be due and owing on the Maturity Date. In consideration for entering into the Waiver Agreement, the Company has agreed to pay to the Debentureholders a fee equal to 15% of the aggregate amount of their respective Deferred Interest Payments, which Consideration Fee shall be payable on the Maturity Date in cash. The Waiver Agreement remains subject to the TSXV approval. The Company continues to be actively engaged in discussions with stakeholders to recapitalize the Company. Strategic and financial alternatives under consideration are focused on relieving the financial burden of the Company's current debt structure and obtaining additional financing necessary to fund ongoing operations. There can be no assurance that the current process will result in a transaction or, if a transaction is undertaken, that it will be successfully concluded in a timely manner or at all. In order to fund current operational commitments and to fund additional evaluation of Sidi Moktar, PetroMaroc will be required to complete additional financings and/or incur additional debt in the future. About PetroMaroc PetroMaroc -- http://www.petromaroc.co-- is an independent oil and gas company focused on its significant land position in Morocco. The Company has a 50 percent operated interest in the Sidi Moktar license area covering 2,683 square kilometers and is working closely with Morocco's National Office of Hydrocarbons and Mines (ONHYM) as a committed long-term partner to unlock the hydrocarbon potential of the region. Morocco offers a politically stable environment to work within and has favorable fiscal terms to energy producers. PetroMaroc is a public company listed on the TSX Venture Exchange under the symbol "PMA". RADIOSHACK CORP: Files Bankruptcy Plan After Standard General Sale ------------------------------------------------------------------ Dawn McCarty, writing for Bloomberg News, reported that RadioShack Corp. has filed a bankruptcy liquidation plan explaining how the remaining assets of the once-iconic, Fort Worth-based consumer electronics retailer will be distributed. According to the report, the plan follows the sale of about 1,700 of the chain’s stores -- as well as the rights to its name -- to a unit of the New York hedge fund Standard General. The plan filed on June 12 in U.S. Bankruptcy Court in Delaware covers what's left of the company's estate, including some warehouses that are being sold, the report related. It doesn't include specific distribution amounts, but general unsecured creditors and other claimholders will get a pro rata share of the assets remaining in a liquidating trust, the report added. About RadioShack Corporation Headquartered in Fort Worth, Texas, RadioShack (NYSE: RSH) -- http://www.radioshackcorporation.com/-- is a retailer of mobile technology products and services, as well as products related to personal and home technology and power supply needs. RadioShack's retail network includes more than 4,300 company-operated stores in the United States, 270 company-operated stores in Mexico, and approximately 1,000 dealer and other outlets worldwide. RadioShack Corporation and affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. Judge Kevin J. Carey presides over the case. David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki, Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M. Green, Esq., at Jones Day serve as the Debtors' bankruptcy counsel. David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H. Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel. Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors' restructuring advisor. Maeva Group, LLC, is the Debtors' Turnaround advisor. Lazard Freres & Co. LLC is the Debtors' investment banker. A&G Realty Partners is the Debtors' real estate advisor. Prime Clerk is the Debtors' claims and noticing agent. In their Petitions, the Debtors disclosed total assets of $1.2 billion, versus total debts of $1.3 billion. Quinn Emanuel Urquhart & Sullivan, LLP and Cooley LLP represent the Official Committee of Unsecured Creditors as co-counsel. Houlihan Lokey Capital, Inc., serves as financial advisor and investment banker. REED AND BARTON: Court Approves $22MM Sale of Assets to Lenox Corp. ------------------------------------------------------------------- Judge Henry J. Boroff of the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, approved the sale of substantially all of the assets of Reed and Barton Corporation to an affiliate of Lenox Corporation for $22,000,000. An auction was conducted on April 28, 2015, and Lenox was declared the prevailing bidder after submitting a cash bid of $22,000,000, plus the amount of the break-up fee and expenses reimbursement to Lifetime Brands, Inc., which served as stalking horse bidder. To recall, Lifetime Brands offered $15 million for the Debtor's assets. Subsequent to the issuance of the sale approval order, Lifetime Brands filed an application asking the Bankruptcy Court to direct the payment of its break-up fee in the sum of $750,000. Lifetime Brands' counsel, Robert N.H. Christmas, Esq., at Nixon Peabody LLP, in New York, asserted that Lifetime has made unique, substantial and valuable contributions to the Debtor's marketing and sale efforts for its business, at considerable expense to Lifetime, including (a) substantial internal employee time; (b) outside professional and advisor expenses; (c) extraordinary special data conversion efforts, because of the Debtor's declining workforce, that were essential to prepare for a stable and efficient transition of the business to the successful purchaser; and (d) the maintenance of Reed and Barton's presence and showroom at the April 2015 New York Tabletop Show. Mr. Christmas said that the total Lifetime internal personnel time devoted to both the Initial and later Reed and Barton Sale Processes was approximately 1,490 hours, all of which was at Lifetime's own expense. He added that Lifetime has incurred, and has paid, outside professional fees and disbursements of approximately $605,751 for legal, financial, insurance and pension due diligence and SAP system conversion consulting and advice. Mr. Christmas told the Court that Lifetime required that the Break-Up Fee be a condition of the Asset Purchase Agreement because of the substantial internal and external diligence costs to Lifetime in entering into the transaction with the Debtor. He noted that the Break-Up Fee amount thus reflected a considered projection of the costs that Lifetime would be required to shoulder. Judge Boroff, in the sale approval order, overruled the objection raised by 41 Madison L.P, the landlord of the Debtor's showroom space on the 7th floor of 41 Madison Avenue, in New York, complaining that it was not given the opportunity to object to the Debtor's Proposed Cure Amount, as well as the opportunity to evaluate adequate assurance issues, and object thereto if necessary. The Landlord's counsel, Marc D. Rosenberg, Esq., at Golenbock Eiseman Assor Bell & Peskoe LLP, in New York, told the Court that the Landlord has neither received a Cure Notice nor any other information regarding the Debtor's proposed Cure Amount as the Lease was not an Assigned Contract in the potential sale to Lifetime Brands. 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 Lifetime Brands is represented by: Robert N.H. Christmas, Esq. NIXON PEABODY LLP 437 Madison Avenue New York, NY 10022 Telephone: (212)940-3000 Facsimile: (212)940-3111 Email: rchristmas@nixonpeabody.com 41 Madison L.P. Is represented by: Marc D. Rosenberg, Esq. Michael S. Weinstein, Esq. GOLENBOCK EISEMAN ASSOR BELL & PESKOE LLP 437 Madison Avenue New York, NY 10022 Telephone: (212)907-7300 Facsimile: (212)754-0330 Email: Mweinstein@golenbock.com mrosenberg@golenbock.com -- and -- Gary M. Weiner, Esq. WEINER LAW FIRM, P.C. 1441 Main Street, Suite 610 Springfield, MA 01103 Telephone: (413)732-6840 Facsimile: (413)785-5666 Email: Gweiner@Weinerlegal.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.   REED AND BARTON: Financo Approved as Investment Banker ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Massachusetts authorized Reed and Barton Corporation to employ Financo LLC as its investment banker nunc pro tunc to the Petition Date. To the best of the Debtor's knowledge, Financo is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The Court also overruled objections, including that of William K. Harrington, the U.S. Trustee for Region 1. As reported in the Troubled Company Reporter on April 14, 2015, the Trustee objected, on a limited basis, requesting that Financo's final compensation (fees and expenses) be subject to plenary review by the Court; and that its indemnification by the Debtor exclude claims arising from gross negligence, bad faith and disputes pertaining to the services that Financo has agreed to provide under its Jan. 30, 2015 engagement letter. The U.S. Trustee also stated that the Court must direct Financo to file fee applications, allowing it to conduct a plenary review of its requested fees and expense reimbursement. 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. RESIDENTIAL CAPITAL: Trust Posts Amended Beneficiary Tax Info ------------------------------------------------------------- The ResCap Liquidating Trust on June 12 disclosed that it has posted an Amended 2014 Trust Beneficiary Information for U.S. Federal and State Income Tax Purposes Letter, as well as an Amended 2014 Trust Beneficiary Tax Worksheet for U.S. Federal Income Tax Purposes for Beneficiaries of Trust Units for the calendar year 2014 to the Trust's website. The amendments reflect an increase in the Trust's short-term capital losses from $21,163,791 to $22,794,417 (an increase of $0.017 per unit) and a corresponding decrease in the Trust's long-term capital loss of $1,630,626 to a long-term capital gain of $100,082 (a decrease of $0.017 per unit). All other amounts are unchanged. The 2014 Trust Beneficiary Tax Worksheets for State Specific Income Tax Purposes for Beneficiaries of Trust Units for the calendar year 2014 will be posted at a later date after all Trust state tax returns have been completed. The Trust is targeting the posting of these worksheets on or before July 15, 2015. The Trust's website is rescapliquidatingtrust.com About Residential Capital Residential Capital LLC, the unprofitable mortgage subsidiary of Ally Financial Inc., filed for bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012. Neither Ally Financial nor Ally Bank is included in the bankruptcy filings. ResCap, one of the country's largest mortgage originators and servicers, was sent to Chapter 11 with 50 subsidiaries amid "continuing industry challenges, rising litigation costs and claims, and regulatory uncertainty," according to a company statement. ResCap disclosed $15.7 billion in assets and $15.3 billion in liabilities at March 31, 2012. Centerview Partners LLC and FTI Consulting are acting as financial advisers to ResCap. Morrison & Foerster LLP is acting as legal adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is the conflicts counsel. Rubenstein Associates, Inc., is the public relations consultants to the Company in the Chapter 11 case. Morrison Cohen LLP is advising ResCap's independent directors. Kurtzman Carson Consultants LLP is the claims and notice agent. Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves as counsel to Ally Financial. ResCap sold most of the businesses for a combined $4.5 billion. The Bankruptcy Court in November 2012 approved ResCap's sale of its mortgage servicing and origination platform assets to Ocwen Loan Servicing, LLC and Walter Investment Management Corporation for $3 billion; and its portfolio of roughly 50,000 whole loans to Berkshire Hathaway for $1.5 billion. Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11 Plan co-proposed by Residential Capital and the Official Committee of Unsecured Creditors. ROI LAND: Reports $2.62-Mil. Net Loss for 1st Quarter ----------------------------------------------------- ROI Land Investments Ltd. filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $2.62 million on $18,995 of interest income for the three months ended March 31, 2015, compared with a net loss of $1.05 million on $nil of interest income for the same period in 2014. The Company's balance sheet at March 31, 2015, showed $11.1 million in total assets, $8.63 million in total liabilities, and stockholders' equity of $2.49 million. The Company has incurred cumulative losses since inception of $7.92 million, raising substantial doubt about the ability of the Company to continue as a going concern. A copy of the Form 10-Q is available at: http://is.gd/0FbyoM ROI Land Investments Ltd. specializes in land development opportunities in Canada and abroad. Based in Quebec, Canada, the Company aims to acquire attractive land free of zoning restrictions to be sold to residential and commercial building developers. SALADWORKS LLC: Centre Lane Affiliate Acquires Business ------------------------------------------------------- Saladworks, the nation's first and largest fresh-tossed salad restaurant chain, on June 15 disclosed that New York-based Centre Lane Partners LLC has made an investment in the company. In addition, the private investment firm has committed to investing substantial capital to accelerate the company's growth nationwide, with a strategic focus along the I-95 corridor. Centre Lane's investment portfolio includes leading middle market companies in industries ranging from packaging, to consumer products manufacturing, franchising and global aviation services. Saladworks is an iconic Philadelphia Brand with a stable 29-year history. The Company's long tenured management team will remain in place to lead the next phase of growth. Saladworks President Paul Steck has been promoted to the position of President/CEO, expanding his company leadership responsibilities. Mr. Steck has been with Saladworks for more than 12 years and is a well-known and respected executive in the industry. Saladworks is preparing for growth with such initiatives as new store design, menu enhancement and an increase in support to its franchisees. To support these objectives and its franchisees, Saladworks plans to increase staff in the home office by more than 40 percent over a six-month period. "We're proud to be affiliated with Centre Lane, a private equity firm known for aligning itself with businesses that hold the lead market positions in their categories and offer strong growth potential," said Mr. Steck, President and CEO, Saladworks. "Moreover, we're excited about what their support and investment means in terms of growth of the brand, expanded product and service offerings to our customers and additional support to our franchisees." The acquisition follows a four-month search for a buyer after Saladworks filed for Chapter 11 bankruptcy reorganization in February 2015. Saladworks customer and franchisees were not affected by the filing, as all 108 Saladworks' restaurant locations in the U.S., Canada, Dubai and Singapore remained opened throughout this process. Saladworks remains the leader in the made to order, entree sized salad category with a health conscious consumer base that lends itself to a fast casual atmosphere. "Saladworks was the creator of the fresh-tossed salad restaurant concept and from the beginning has been committed to offering consumers an exciting dining option that had previously been unavailable -- fresh, fast and convenient food offerings that fit today's healthier lifestyles," said Mayank Singh, Managing Director, Centre Lane Partners. "For us, this type of focus and commitment is the hallmark of a wise business investment and we look forward to partnering with Saladworks to support the company's growth and success." "It's clear to us that Centre Lane recognizes both the current value of our brand and also has the vision to imagine its future potential. We're incredibly excited about what lies ahead," concluded Mr. Steck. About Centre Lane Partners, LLC Centre Lane -- http://www.CentreLanepartners.com-- is a private investment firm focused on making equity and debt, control and non-control, investments in North American middle market companies. Centre Lane targets companies with revenues between $20 and $500 million that have leading market positions and sustainable competitive advantages in their respective niches. 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 assigned to Judge Laurie Selber Silverstein. The Debtor has tapped Landis Rath & Cobb LLP as counsel; SSG Advisors, LLC, as investment banker; EisnerAmper 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. SPECTRUM ANALYTICAL: Seth Schalow OK'd as Restructuring Consultant ------------------------------------------------------------------ The Hon. Henry J. Borroff of the U.S. Bankruptcy Court for the District of Massachusetts authorized Steven Weiss, Chapter 11 trustee for Spectrum Analytical, Inc., et al., to employ Seth Schalow as a restructuring consultant for the estates. Judge Borroff also ordered that Mr. Schalow will not perform any forensic analysis or investigation of the financial transactions for the Debtors or of Mark Russo, as receiver, and that Mr. Schalow's claims for fee for the period of May 1, to May 11, 2015 are waived. About Spectrum Analytical Spectrum Analytical Inc. provides testing and analytical data for environmental interests. Hanibal Technology LLC serves as Spectrum's exclusive international marketing and sales agent, and focuses on education, research, and development in environmental technology. Spectrum maintains offices in Agawam, Massachusetts, Tampa, Florida, North Kingstown, Rhode Island, and Syracuse, New York. Spectrum Analytical and Hanibal Technology commenced Chapter 11 bankruptcy cases (Bankr. D. Mass. Case Nos. 15-30404 and 15-30405) on April 30, 2015, to retake management of their business and assets from the receiver installed by their lender. Hanibal Tayeh, the sole member, signed the bankruptcy petitions. Spectrum disclosed $8,658,751 in assets and $1,987,714 in liabilities as of the Chapter 11 filing. Hanibal estimated less than $10 million in assets and debt. Bacon Wilson, P.C., serves as the Debtors' counsel. SPECTRUM ANALYTICAL: Shatz Schwartz OK'd as Trustee's Counsel ------------------------------------------------------------- The Hon. Henry J. Borroff of the U.S. Bankruptcy Court for the District of Massachusetts authorized Steven Weiss, Chapter 11 trustee for Spectrum Analytical, Inc., et al., to employ Shatz Schwartz and Fentin. P.C., as his counsel. To the best of the trustee's knowledge, Shatz is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at Shatz, Schwartz and Fentin, P.C., 1441 Main Street, Suite 1100, Springfield, Massachusetts. About Spectrum Analytical Spectrum Analytical Inc. provides testing and analytical data for environmental interests. Hanibal Technology LLC serves as Spectrum's exclusive international marketing and sales agent, and focuses on education, research, and development in environmental technology. Spectrum maintains offices in Agawam, Massachusetts, Tampa, Florida, North Kingstown, Rhode Island, and Syracuse, New York. Spectrum Analytical and Hanibal Technology commenced Chapter 11 bankruptcy cases (Bankr. D. Mass. Case Nos. 15-30404 and 15-30405) on April 30, 2015, to retake management of their business and assets from the receiver installed by their lender. Hanibal Tayeh, the sole member, signed the bankruptcy petitions. Spectrum disclosed $8,658,751 in assets and $1,987,714 in liabilities as of the Chapter 11 filing. Hanibal estimated less than $10 million in assets and debt. Bacon Wilson, P.C., serves as the Debtors' counsel. SPECTRUM ANALYTICAL: TechKnowledgey Approved as Trustee's Broker ---------------------------------------------------------------- The Hon. Henry J. Borroff of the U.S. Bankruptcy Court for the District of Massachusetts authorized Steven Weiss, Chapter 11 trustee for Spectrum Analytical, Inc., et al., to employ TechKnowledgey Strategic Group, as his business broker. The trustee agreed to pay TSG: -- 2.5% of the consideration paid up to $4,000,000; -- 3.5% of the consideration received in excess of $4,000,000, up to $6,000,000; and -- 5% of the consideration received in excess of $6,000,000. The trustee is also authorized to pay TSG a retainer of $10,000,000 toward out of pocket expenses, subject to final allowance by the Court. Steven Maxwell, owner of TSG with an address at 443 Mountain View Road, Boulder, Colorado, assured the Court that TSG has no interest adverse to the Debtor. About Spectrum Analytical Spectrum Analytical Inc. provides testing and analytical data for environmental interests. Hanibal Technology LLC serves as Spectrum's exclusive international marketing and sales agent, and focuses on education, research, and development in environmental technology. Spectrum maintains offices in Agawam, Massachusetts, Tampa, Florida, North Kingstown, Rhode Island, and Syracuse, New York. Spectrum Analytical and Hanibal Technology commenced Chapter 11 bankruptcy cases (Bankr. D. Mass. Case Nos. 15-30404 and 15-30405) on April 30, 2015, to retake management of their business and assets from the receiver installed by their lender. Hanibal Tayeh, the sole member, signed the bankruptcy petitions. Spectrum disclosed $8,658,751 in assets and $1,987,714 in liabilities as of the Chapter 11 filing. Hanibal estimated less than $10 million in assets and debt. Bacon Wilson, P.C., serves as the Debtors' counsel. SRB INTERNATIONAL: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: SRB International L.L.C. 1512 W 610 N Lindon, UT 84042 Case No.: 15-25505 Chapter 11 Petition Date: June 12, 2015 Court: United States Bankruptcy Court District of Utah (Salt Lake City) Judge: Hon. Kimball R. Mosier Debtor's Counsel: Anna W. Drake, Esq. ANNA W. DRAKE, P.C. 175 South Main Street, Suite 300 Salt Lake City, UT 84111 Tel: (801) 328-9792 Fax: (801) 413-1620 Email: annadrake@att.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sasha R. Brown, manager. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/utb15-25505.pdf SSH HOLDINGS: S&P Affirms 'B' Corporate Credit Rating ----------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on SSH Holdings Inc., the direct parent of Egg Harbor Township, N.J.-based Spencer Spirit Holdings Inc. The outlook is stable. At the same time, S&P affirmed the 'B' issue-level rating on the company's first-lien secured term loan and revised the recovery rating to '4' from '3', indicating S&P's expectation of average recovery in the event of a payment default toward the higher end of the 30% to 50% range. According to the company, it will use the proceeds of the proposed first-lien term loan add-on to buy out the remaining minority position owned by the equity sponsor. "The affirmation reflects our expectation that operating performance and credit metrics will remain generally stable, despite some modest increase in leverage following the new debt issuance. Our assessment also reflects Spencer’s participation in the highly competitive and fragmented specialty teen apparel and gift industry, which is facing declining mall traffic and heightened price competition from fast-fashion and online players," said credit analyst Mathew Christy. "It also reflects Spirit's exposure to the seasonal Halloween business and the challenges, albeit well managed, involved in opening and closing about 1,100 pop-up stores within a few months every year. Management has successfully expanded the Spirit store count in recent years, but we expect slower growth for the Halloween business base in the next three years, with continued capital spending directed toward e-commerce, which is growing at a relatively rapid clip." The stable outlook incorporates S&P's expectation that performance will remain relatively flat over the next year, with Spencer only modestly reducing debt with cash flow generation. Although S&P forecasts some modest improvement in the company's credit protection measures, it believes they will remain commensurate with an "aggressive" financial risk profile over the 12 to 24 months. S&P could lower the rating if performance falls significantly below S&P's projections because of flat sales and margin contraction, a result of a decline in traffic or inability to boost transaction levels. Under this scenario, revenue would turn flat to slightly negative and gross margin would shrink more than 200 bps, with leverage approaching the 5.0x area. This would cause S&P to revise its financial risk profile to "highly leveraged". To consider an upgrade, Spencer's performance would need to improve ahead of S&P's expectations, with revenue growth in the 15% range as a result of faster-than-anticipated store growth or gross margin expansion of more than 200 bps through greater-than-projected sourcing and other cost savings. At that time, leverage would be in the mid-to-high-3.0x range and FFO to debt would be in the 20% range, which would cause S&P to revise its financial risk profile assessment to "significant". S&P would also need to believe that the company’s financial policy would support credit metrics sustaining at these levels and releveraging is unlikely. SURNA INC: Needs Additional Financing to Cover for Losses --------------------------------------------------------- Surna Inc. filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $1.42 million on $871,000 of revenue for the three months ended March 31, 2015, compared with a net loss of $53,600 on $nil of revenue for the same period last year. The Company's balance sheet at March 31, 2015, showed $2.65 million in total assets, $4.39 million in total liabilities and a stockholders' deficit of $1.74 million. The Company has generated cumulative net losses of $7.19 million during the period from inception through March 31, 2015. In the course of its development activities, the Company has sustained and continues to sustain losses. The Company cannot predict if or when the Company will generate profits. The Company expects to finance its operations primarily through debt or equity financing. On March 28, 2014, the Company commenced a private placement in the form of convertible promissory notes for up to $5 million ("Initial Private Placement"). On Oct. 16, 2014, the Company closed the Initial Private Placement in which it raised $1.34 million and filed a Form D with the SEC disclosing the closing of the Initial Private Placement. In October 2014, subsequent to the closing of the Initial Private Placement, the Company engaged Newbridge Securities Corporation to act on a "best efforts" basis as a placement agent for the Company in connection with the structuring, issuance, and sale of debt and/or equity "Securities" to obtain up to $3 million in additional capital. For this purpose, the Company sold Securities, which are defined as up to 60 Units (each, a "Unit") with each Unit consisting of (i) Two Hundred Fifty Thousand (250,000) shares of the Company's common stock, par value $0.00001; (ii) a $50,000 10% Convertible Note; and (iii) 50,000 Warrants for the purchase of 50,000 shares of the Company’s common stock. Through March 31, 2015, the Company had raised $2.54 million. These conditions may raise substantial doubt about the Company's ability to continue as a going concern without the raising of necessary additional financing, according to the regulatory filing. A copy of the Form 10-Q is available at: http://is.gd/vThU7V Surna Inc. designs, manufactures, and distributes systems for controlled environment agriculture (CEA). It offers indoor climate control systems, including chillers, lights, reflectors, and irrigation systems, for use in conjunction with cannabis and CEA industry. The company serves cannabis cultivation facilities; and other indoor agricultural producers, including organic herb and vegetable producers. Surna Inc. was incorporated in 2009 and is headquartered in Boulder, Colorado. TEXAS REGENCY: Section 341 Meeting Set for July 14 -------------------------------------------------- There will be a meeting of creditors in the bankruptcy case of Texas Regency Apartments, L.P. on July 14, 2015, at 10:00 a.m. at Houston, 515 Rusk Suite 3401. Deadline to file proofs of claim is Oct. 13, 2015. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This meeting of creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. Texas Regency Apartments, L.P., owner of the Regency Square Apartments at 7222 Bellerive Dr., Houston, Texas, sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 15-33188) in Houston, Texas, on June 10, 2015. Gordon Steele signed the petition chief financial officer. The Debtor disclosed total assets of $11.1 million and total liabilities of $11.4 million. The Debtor tapped Matthew Hoffman, Esq., at the Law Offices of Matthew Hoffman, P.C., as counsel. Judge David R. Jones presides over the case. TRANSCOASTAL CORP: Reports $383K Net Loss in Q1 Ending Mar. 31 -------------------------------------------------------------- TransCoastal Corporation filed its quarterly report on Form 10-Q, disclosing a net loss of $383,000 on $665,000 of revenues for the three months ended March 31, 2015, compared with a net loss of $106,0000 on $1.03 million of revenues for the same period last year. The Company's balance sheet at March 31, 2015, showed $25.2 million in total assets, $20.3 million in total liabilities, and stockholders' equity of $4.91 million. A copy of the Form 10-Q is available at http://is.gd/TKRdDI About TransCoastal Corporation TransCoastal Corporation is engaged in the exploration, development and production of natural gas and oil properties in the United States and Canada. Dallas-based TCEC has been focused on its drilling operations in Texas and the southwestern region of the U.S. Since 2000. TransCoastal reported a net loss of $1.69 million on $4.55 million of total revenues for the year ended Dec. 31, 2014, compared to a net loss of $4.05 million on $3.62 million of total revenues in the prior year. Whitley Penn LLP expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has an accumulated deficit, a working capital deficit and a net loss from operations. The Company's balance sheet at Dec. 31, 2014, showed $25.4 million in total assets, $20.1 million in total liabilities and total stockholders' equity of $5.29 million. TRIMEDYNE INC: Posts $202K Net Loss in March 31 Quarter ------------------------------------------------------- Trimedyne, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $202,000 on $1.19 million of net revenues for the three months ended March 31, 2015, compared to a net loss of $11,000 on $1.38 million of net revenues for the same period in 2014. The Company's balance sheet at March 31, 2015, showed $4.03 million in total assets, $788,000 in total liabilities and total stockholders' equity of $3.24 million. At March 31, 2015, the Company had working capital of $2.08 compared to $2.41 million at the end of the fiscal year ended Sept. 30, 2014. Cash decreased by $714,000 to $578,000 from $1.29 million at Sept. 30, 2014. As of March 31, 2015, the Company has cash on hand of $578,000. It intends to fund operations with cash on hand and from operations, however, additional working capital in the next 12 months will be required based upon its current expenditure rate. These factors raise substantial doubt about the Company's ability to continue as a going concern, according to the regulatory filing. A copy of the Form 10-Q is available at: http://is.gd/qRe03Q Irvine, Calif.-based Trimedyne, Inc., is engaged in the development, manufacturing and marketing of 80 and 30 watt Holmium "cold" pulsed lasers and a variety of disposable and reusable, fiber optic laser energy delivery devices for use in a broad array of medical applications. TRINITY INDUSTRIES: Fitch Retains 'BB+' Subordinated Notes Rating ----------------------------------------------------------------- While the recent guardrail judgment against Trinity Industries Inc. could potentially weaken the company's credit metrics if payment is required in the near term, Fitch Ratings expects TRN's operating performance will enable it to rebuild metrics quickly in such a scenario. Fitch believes TRN has the capacity to fund litigation payments of as much as $600 million without borrowing, which is somewhat less than the amount of the $682 million judgment. As a result, leverage would increase modestly if debt is used to help fund the litigation payment. Payment of the judgment would also reduce TRN's liquidity and increase its sensitivity to its cyclical markets. However, a lengthy litigation process could provide time for TRN to generate FCF and improve its ability to fund the judgment as well as other litigation payments that might arise. Debt/EBITDA of 0.9x at March 31, 2015 and FFO Adjusted Leverage of 2.0x are at solid levels that support TRN's current ratings, partly reflecting the company's rail business that is in a strong part of the cycle. Fitch expects mid-cycle leverage (gross manufacturing debt/manufacturing EBITDA) to be approximately 1.0x to 1.5x, which incorporates flexibility to adjust to eventual downturns in TRN's cyclical end markets and support the company's leasing business. In addition to the judgment, litigation risks include related cases involving other states and class action shareholder lawsuits that could lead to additional significant penalties or fines. Some of these cases are in an early stage, but if TRN's cash is insufficient to fund such liabilities, such litigation payments could result in higher debt and leverage and weaken TRN's credit profile. Also, TRN has received a subpoena from U.S. Department of Justice for documents related to TRN's guardrail end-terminal products. Fitch expects TRN will appeal the judgment if post-judgment motions planned by the company do not result in rulings favorable to TRN. TRN expects to obtain an appeal bond on an unsecured basis. Fitch estimates manufacturing FCF in 2015 will be near $250 million compared to $153 million in 2014. Fitch expects TRN's operating results will improve due to incremental revenue from Meyer Steel Structures acquired in August 2014 and continued strong railcar sales. FCF excludes cash flow at TRN's leasing business which Fitch estimates could decline slightly from roughly $100 million in 2014 before considering proceeds from asset sales, primarily railcars. TRN's liquidity at March 31, 2015 included $691 million of consolidated cash and short-term marketable securities, most of which is held at the manufacturing businesses. In addition, $336 million was available under a revolving credit facility. In May 2015, TRN replaced the existing $425 million facility scheduled to mature in October 2016 with a $600 million five-year facility. There are no material scheduled long-term debt maturities scheduled prior to 2024 at the manufacturing business. Debt used to fund TILC's leasing operations totaled approximately $2.7 billion, including partially owned subsidiaries, and nearly all of the debt is non-recourse. Fitch's current ratings for TRN are: Trinity Industries Inc. -- Issuer Default Rating 'BBB-'; -- Senior unsecured revolving credit facility 'BBB-'; -- Senior unsecured notes 'BBB-' -- Subordinated convertible notes 'BB+'. The Rating Outlook is Stable. The ratings affect approximately $850 million of manufacturing debt outstanding at March 31, 2015. TROCOM CONSTRUCTION: June 17 Hearing on Continued Use of Cash ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York signed a consent order authorizing, on an interim basis, Trocom Construction Corp., to use cash collateral and provide adequate protection to Manufacturers and Traders Trust Company, also known as M&T Bank, 460 Kingsland Avenue Real Estate LLC and Reveal Kingsland LLC. The Court has signed several orders authorizing the interim use of cash collateral. The latest order stated that the Debtor may use the cash collateral until June 18, 2015, although the budget runs until July 7, 2015; and the Debtor may not make payment to Liberty Mutual Insurance Company for bond premiums. The hearing for the approval of a final stipulated order will be held on June 17, at 2:00 p.m. before the Hon. Nancy Hershey Lord. The Debtor's revenue is attributable to its municipal customers, including the New York City Department of Design and Construction, Parks Department and Economic Development Corp. All of the Debtor's municipal customers require that the Debtor furnish one or more surety bonds to secure the Debtor's payment or performance obligations under the applicable construction contract. Consequently, in the ordinary course of its business, the Debtor has arranged for Liberty Mutual to issue surety bonds on the Debtor's behalf for the benefit of its customers and to secure the Debtor's obligations to pay its subcontractors and suppliers for those contracts bonded by Liberty Mutual. As of the Petition Date, the Debtor has approximately 28 outstanding Surety Bonds issued by the Surety. The aggregate penal sums of these bonds total approximately $176,051,193. The Debtor acknowledges that the amount outstanding under the credit line, the master lease, and retail installment contract as of the Petition Date is $6,277,597, $436,884, and $6,402, respectively. Prior to the Petition Date, two entities affiliated with the Guarantors, 460 Kingsland Avenue Realty LLC and Reveal Kingsland LLC each made a cash infusion of $250,000 for the Debtor's working capital secured by a blanket lien on the Debtor's assets subordinate to M&T, all of which is due and owing by the Debtor to 460 and Reveal. As adequate protection from any diminution in value of the lenders' collateral, the Debtor will grant to the lenders replacement liens on all property of the Debtor and its estate. The Debtor will also make monthly adequate protection payments to M&T in the amount of $46,197 each, the first of which will be made on June 1, 2015, and thereafter on the 1st day of each and every month during the budget period. Additionally, the Debtor will tender monthly payments of $29,763 to Newfound LLC for postpetition use and occupancy. M&T Bank's Objections Lender M&T made several objections to the Debtor's continued access to the cash collateral. In its objection, M&T stated that the proposed 30-day budget shows a $2.7 million shortfall. M&T noted that the Debtor proposed to pay to the surety a prepetition claim in the excess of $165,000. In this relation, entry of the final order must be conditioned upon the deletion of that amount in the proposed 30 day budget, M&T told the Court. In a previous objection, M&T asserted that it is not adequately protected. M&T noted that approximately half of the $19 million in claims against the city are in litigation in State Court, are disputed by the City, and are far from resolutions and uncertain of recovery. The other half of the claims have not yet been put into litigation yet. In addition, despite numerous promises, M&T has not yet been provided with the audit report of the Debtor's surety revealing the amount of the claims of trust beneficiaries. Accordingly, M&T has not been able to confirm that it is adequately protected. M&T, in its first objection, requested that the Court permit the Debtor to maintain its DIP bank accounts at M&T Bank and that any order granting interim use of cash collateral and provide that the maintenance of such accounts at M&T is a condition of the use of cash collateral. M&T Bank is represented by: Richard J. McCord, Esq. Thomas McNamara, Esq. CERTILMAN BALIN ADLER & HYMAN, LLP 90 Merrick Avenue East Meadow, NY 11554 Tel: (516) 296-7000 Liberty Mutual is represented by: Scott A. Zuber, Esq. CHIESA SHAHINIAN & GIANTOMASI, P.C. One Boland Drive West Orange, NJ 07052 Tel: (973) 325-1500 The Debtor is represented by: Bonnie Pollack, Esq. C. Nathan Dee, Esq. CULLEN & DYKMAN, LLP 100 Quentin Roosevelt Blvd. Garden City, NY 11530 Tel: (516) 357-3700 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. Judge Nancy Hershey Lord presides over the case. 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. VICTORY MEDICAL: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Victory Medical Center Mid-Cities, LP 15-42373 2201 Timberloch, Suite 200 The Woodlands, TX 77380 Victory Medical Center Mid-Cities GP, LLC 15-42376 Victory Medical Center Plano, LP 15-42377 Victory Medical Center Plano GP, LLC 15-42378 Victory Medical Center Craig Ranch, LP 15-42379 Victory Medical Center Craig Ranch GP, LLC 15-42381 Victory Medical Center Landmark, LP 15-42382 Victory Medical Center Landmark GP, LLC 15-42383 Victory Parent Company, LLC 15-42384 Type of Business: Health Care Chapter 11 Petition Date: June 12, 2015 Court: United States Bankruptcy Court Northern District of Texas (Ft. Worth) Judge: Hon. Russell F. Nelms Debtors' Counsel: Melissa A. Haselden, Esq. HOOVER SLOVACEK, LLP Galleria Tower II 5051 Westheimer, Suite 1200 Houston, TX 77057 Tel: 713.977.8686 Fax: 713.977.5395 Email: Haselden@hooverslovacek.com - and - Josh T. Judd, Esq. HOOVER SLOVACEK LLP Galleria II 5051 Westheiner, Suite 1200 Houston, TX 77056 Tel: (713) 977-8686 Fax: (713) 977-5395 Email: judd@hooverslovacek.com - and - Edward L. Rothberg, Esq. HOOVER SLOVACEK LLP Galleria Tower II 5051 Westheimer, Suite 1200 Houston, TX 77057 Tel: (713) 977-8686 Fax: (713) 977-5395 Email: rothberg@hooverslovacek.com Debtors' BAKER, DONELSON, BEARMAN, CALDWELL & Special BERKOWITZ, PC Counsel: Debtors' EPIQ BANKRUPTCY SOLUTIONS, LLC Claims, Noticing and Balloting Agent: Estimated Assets: $10 million to $50 million Estimated Debts: $10 million to $50 million The petition was signed by Robert N. Helms, Jr., manager of G.P., Victory Medical Center Mid-Cities GP, LLC. Consolidated List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Helix Medical Group Trade $863,606 3001 Know St Suite 405 Dallas, TX 75205 jamesregester@hotmail.com Suture Express, Inc. Trade $487,141 P.O. Box 842806 Kansas City, MO 64184-2806 Tel: 913.384-2220x315 melody@sutureexpress.com Vision Ortho, LLC Trade $393,060 14215 Proton Road Dallas, TX 75244 Tel: 214.405.2870 manderson@acuitysurgical.com Valmed Trade $312,170 2140 E. Southlake Blvd L-508 Southlake, TX 76092 Tel: 817.605.6050 isbellmel@gmail.com Matt Media & Technology Trade $300,000 7212 Thames Trail Colleyville, TX 76034 Tel: 817.312.7768 Cnl Healthcare Properties, Inc. Trade $297,986 c/o Lincoln Harris Csg 6688 North Central Expressway Dallas, TX 75206 Medical Information Technology, Inc. Trade $277,043 P.O. Box 74569 Chicago, IL 60696 Tel: 781.774.4513 lboyle@meditech.com Omni Acquisition Inc. DBA Spine 360 Trade $217,489 St Jude Medical Trade $211,620 Allosource Trade $162,125 Centinel Spine Trade $152,065 Spine Smith Trade $149,351 Alphatec Spine Inc. Trade $148,189 Dell Marketing LP Trade $137,764 Biomet, Inc. Trade $131,002 X-spine Systems, Inc Trade $101,416 SHC Services, Inc Trade $95,625 McKesson Medical Surgical, Inc Trade $90,912 Intercede Health Trade $88,622 GTR Medical Group LLC Trade $83,305 VICTORY MEDICL: Files for Ch. 11 to Sell Hospital to Nobilis ------------------------------------------------------------ Victory Parent Company, LLC, which manages six for-profit Victory Healthcare medical and surgical centers in Texas, on June 12 filed voluntarily under Chapter 11 of the U.S. Bankruptcy Code in the Northern District of Texas in Fort Worth. Concurrently, Victory intends to file a motion for an accelerated sale of its Victory Medical Center in Plano, Tex. to Nobilis, which recently purchased the company's Victory Medical Center Houston in the Texas Medical Center. The Company has many interested buyers for its centers regarding this process, and has already received Letters of Intent for its centers. Included in the Chapter 11 filing are Victory Healthcare facilities in Hurst ("Mid-Cities"), McKinney ("Craig Ranch"), Plano, and San Antonio ("Landmark"). Excluded from the filing are Victory Medical Center Beaumont and Victory Medical Center Houston-East, which have buyers in place outside of the Court process. According to Robert N. Helms, Jr., Chairman, CEO and Manager of Victory, the filing was necessitated by a temporary restraining order associated with a pending lawsuit. This order, which had blocked the Plano facility sale, is now stayed under bankruptcy law. "We had built an extremely high quality, state-of-the-art group of community-centric medical centers and hospitals," Mr. Helms stated. "Unfortunately, as out-of-network providers, we came under attack by large insurance carriers. Even though we were able to execute in-network agreements with three large insurers, the extreme slowness and lack of payment from the carriers constrained liquidity significantly. We have responded by reducing expenses and changing our facilities to provide fewer services and kept our emergency rooms open. Unfortunately, now we have no other choice except to sell our facilities with the intent of remunerating secured and unsecured creditors alike. "The Chapter 11 filing will allow us to continue operating without interruption while we conduct the sales under Section 363 of the Code. The automatic stay that went into effect with the filing of the petitions will allow our existing funds to support our operations during this time period. We pledge to continue providing the same high level of service in our facilities that has distinguished our organization to date. I also want to extend a personal note to the remaining 160 employees at the affected medical centers and corporate office, and the many doctors and other medical professionals who have stood with us through a time of great challenge. There is no finer team of medical and management personnel in the state of Texas." The company is submitting its motions to the Court to maintain business in the ordinary course, including employee compensation and benefits, which is commonplace in such cases. The company's vendors will be paid in the ordinary course going forward. The company hopes to complete the necessary sales on an expedited basis, or within the next two months. Victory is being advised by Hoover Slovacek, LLP and Baker Donelson as legal counsel. For additional information about the filing, please visit http://dm.epiq11.com/VPC About Victory Parent Company, LLC Headquartered in The Woodlands, Texas, Victory Parent Company, LLC manages six medical centers in Texas. Founded in 2005, Victory now maintains medical centers offering emergency room services in through Victory Medical Center Mid-Cities in Hurst, Victory Medical Center Plano, Victory Medical Center Craig Ranch in McKinney, and Victory Medical Center Landmark in San Antonio. The company also manages its Victory Medical Center Beaumont and Houston-East, which are not part of the Chapter 11 filing and will be sold separately. A privately held company, Victory employs approximately 160 people. WAYNE COUNTY, MI: Selling Notes Amid Possibility of Bankruptcy -------------------------------------------------------------- Karen Pierog, writing for Reuters, reported that Michigan's Wayne County plans to sell nearly $187 million of general obligation limited-tax notes, while warning potential investors that it could be headed to federal bankruptcy court. According to the report, the note sale is part of about $8 billion of debt expected to be offered in the U.S. municipal bond market. Wayne County said if its plan to address chronic budget deficits by curbing pension and healthcare benefits and cutting wages is not implemented, the state of Michigan is likely to appoint an emergency manager, who could recommend a Chapter 9 municipal bankruptcy filing, Reuters said, citing offering documents for the note deal. * * * The Troubled Company Reporter, on March 16, 2015, reported that Fitch Ratings has downgraded the ratings for the following Wayne County, Michigan bonds: -- $186.3 million limited tax general obligation (LTGO) bonds issued by Wayne County to 'B' from 'BB-'; -- $51.3 million building authority (stadium) refunding bonds, series 2012 (Wayne County LTGO) issued by Detroit/Wayne County Stadium Authority to 'B' from 'BB-'; -- $203.5 million building authority bonds issued by Wayne County Building Authority to 'B' from 'BB-'; -- Wayne County unlimited tax general obligation (ULTGO) (implied) to 'B' from 'BB'. On Feb. 10, 2015, the TCR reported that Moody's Investors Services has downgraded to Ba3 from Baa3 the rating on the general obligation limited tax (GOLT) debt of Wayne County, MI. The county has a total of $695 million of long-term GOLT debt outstanding, of which $336 million is rated by Moody's. An additional $302 million of short-term GOLT delinquent tax anticipation notes are outstanding. The outlook remains negative. The TCR, on Feb. 9, 2015, also reported that Fitch Ratings has placed the following Wayne County ratings on Rating Watch Negative: -- $190.9 million limited tax general obligation (LTGO) bonds issued by Wayne County 'BB-'; -- $54.9 million building authority (stadium) refunding bonds, series 2012 (Wayne County LTGO) issued by Detroit/Wayne County Stadium Authority 'BB-'; -- $207.2 million building authority bonds issued by Wayne County Building Authority 'BB-'; -- Wayne County unlimited tax general obligation (ULTGO) (implied) 'BB'. WP CPP: S&P Affirms 'B' Corp. Credit Rating, Outlook Remains Stable ------------------------------------------------------------------- Standard & Poor's Ratings Services said that it has affirmed its 'B' corporate credit rating on WP CPP Holdings LLC. The outlook remains stable. At the same time, S&P affirmed its 'B' issue-level ratings on the company's $125 million revolver and $538.8 million (including the proposed $65 million add-on) first-lien term loan B. The '3' recovery ratings remain unchanged, indicating S&P's expectation of meaningful (50%-70%; lower end of the range) recovery in the event of a payment default. S&P also affirmed its 'CCC+' issue-level rating on the company's second-lien term loan, which was originally $240 million but will be reduced to $133 million after the proposed transaction. The '6' recovery rating is unchanged, reflecting S&P's expectation of negligible (0%-10%) recovery in the event of a payment default. CPP plans to use the proceeds from a $65 million add-on to its existing first-lien term loan and $45 million of cash to pay down approximately $107 million of debt on its second-lien term loan. S&P expects the transaction to reduce the company's interest expense by about $8 million per year. The proposed refinancing will lower CPP's debt and interest expense; however, the company's 2015 earnings will now likely be lower than in S&P's previous forecast, although its expected credit ratios for 2015 are largely unchanged (debt-to-EBITDA of 6.0x-6.5x). "We had previously expected that the company's revenues would increase by 2%-5% in 2015 and that its margins would improve during the year; however, the restructuring of the company's Lourdes, France facility, the impact of the weaker euro, and weaker non-commercial aerospace demand has caused us to lower our forecast," said Standard & Poor's credit analyst Christopher Denicolo. The stable outlook reflects S&P's expectation that CPP's revenues and earnings will decline modestly in 2015 from their 2014 levels, but that they will begin to improve again in 2016 as the company benefits from a strong commercial aerospace market and management's cost-reduction efforts. However, the decline in the company's debt and interest expense from the proposed refinancing should modestly improve its credit ratios in 2015, with its debt-to-EBITDA metric falling below 6.5x. S&P could lower its rating on the company if the commercial aerospace market weakens, or if CPP's makes further debt-financed acquisitions or dividends that increase its debt-to-EBITDA metric above 7x. [*] Mintz Levin's Bankruptcy Practice Recognized by Legal 500 ------------------------------------------------------------- The Legal 500 United States has recognized Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. as a leading municipal bankruptcy firm in the 2015 edition. According to the guide, the Mintz Levin team "has an excellent track record in Chapter 9 and Chapter 11 cases where it acts for bondholders, trustees and bond insurers." For the third consecutive year, William W. Kannel, Section Head of the Bankruptcy, Restructuring & Commercial Law Section, has been named to The Legal 500 United States' "Leading Lawyers" list, the highest ranking for individuals, for Finance – Municipal Bankruptcy. Mr. Kannel is described by clients and peers as "invaluable and articulate." The guide also highlighted Adrienne K. Walker and Ian A. Hammel, Members of the Bankruptcy, Restructuring & Commercial Law Section, Richard H. Moche and Ann-Ellen Hornidge, Members of the Public Finance Section, and Michael S. Gardener, a Member of the Litigation Section, as key attorneys in the firm's nationally ranked municipal bankruptcy group. The Legal 500 is an independent guide that surveys and interviews more than 250,000 corporate counsel globally each year. The Legal 500 United States is the only guide to recommend firms on a national basis. [^] Large Companies With Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE OU1 GR 111.9 (5.5) (0.6) ABSOLUTE SOFTWRE ALSWF US 111.9 (5.5) (0.6) ABSOLUTE SOFTWRE ABT CN 111.9 (5.5) (0.6) ACCRETIVE HEALTH ACHI US 510.0 (85.6) (17.7) ADVANCED EMISSIO OXQ1 GR 106.4 (46.1) (15.3) ADVANCED EMISSIO ADES US 106.4 (46.1) (15.3) ADVENT SOFTWARE ADVS US 424.8 (50.1) (110.8) ADVENT SOFTWARE AXQ GR 424.8 (50.1) (110.8) AEROJET ROCKETDY GCY GR 1,911.7 (126.4) 109.8 AEROJET ROCKETDY GCY TH 1,911.7 (126.4) 109.8 AEROJET ROCKETDY AJRD US 1,911.7 (126.4) 109.8 AIR CANADA AC CN 11,581.0 (1,213.0) (95.0) AIR CANADA ACDVF US 11,581.0 (1,213.0) (95.0) AIR CANADA ADH2 GR 11,581.0 (1,213.0) (95.0) AIR CANADA ACEUR EU 11,581.0 (1,213.0) (95.0) AIR CANADA ADH2 TH 11,581.0 (1,213.0) (95.0) AK STEEL HLDG AKS US 4,556.3 (392.9) 949.0 AK STEEL HLDG AKS* MM 4,556.3 (392.9) 949.0 AK STEEL HLDG AK2 TH 4,556.3 (392.9) 949.0 AK STEEL HLDG AK2 GR 4,556.3 (392.9) 949.0 ALLIANCE HEALTHC AIQ US 551.6 (88.9) 46.7 AMC NETWORKS-A AMCX US 4,049.4 (89.4) 597.5 AMC NETWORKS-A AMCX* MM 4,049.4 (89.4) 597.5 AMC NETWORKS-A 9AC GR 4,049.4 (89.4) 597.5 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMYLIN PHARMACEU AMLN US 1,998.7 (42.4) 263.0 ANGIE'S LIST INC 8AL TH 178.8 (15.6) (13.1) ANGIE'S LIST INC 8AL GR 178.8 (15.6) (13.1) ANGIE'S LIST INC ANGI US 178.8 (15.6) (13.1) ASPEN TECHNOLOGY AZPN US 317.1 (26.8) (17.4) ASPEN TECHNOLOGY AST GR 317.1 (26.8) (17.4) AUTOZONE INC AZO US 7,950.0 (1,468.7) (709.5) AUTOZONE INC AZ5 TH 7,950.0 (1,468.7) (709.5) AUTOZONE INC AZOEUR EU 7,950.0 (1,468.7) (709.5) AUTOZONE INC AZ5 GR 7,950.0 (1,468.7) (709.5) AVID TECHNOLOGY AVID US 182.0 (344.7) (165.7) AVID TECHNOLOGY AVD GR 182.0 (344.7) (165.7) AVINGER INC AVGR US 23.1 (16.1) 13.3 BARRACUDA NETWOR CUDA US 389.3 (39.1) 29.1 BARRACUDA NETWOR 7BM GR 389.3 (39.1) 29.1 BERRY PLASTICS G BP0 GR 5,214.0 (73.0) 758.0 BERRY PLASTICS G BERY US 5,214.0 (73.0) 758.0 BRINKER INTL EAT US 1,437.3 (32.1) (216.6) BRINKER INTL BKJ GR 1,437.3 (32.1) (216.6) BURLINGTON STORE BURL* MM 2,683.1 (30.4) 161.9 BURLINGTON STORE BURL US 2,683.1 (30.4) 161.9 BURLINGTON STORE BUI GR 2,683.1 (30.4) 161.9 CABLEVISION SY-A CVY TH 6,701.2 (5,022.6) 50.8 CABLEVISION SY-A CVCEUR EU 6,701.2 (5,022.6) 50.8 CABLEVISION SY-A CVC US 6,701.2 (5,022.6) 50.8 CABLEVISION SY-A CVY GR 6,701.2 (5,022.6) 50.8 CABLEVISION-W/I CVC-W US 6,701.2 (5,022.6) 50.8 CABLEVISION-W/I 8441293Q US 6,701.2 (5,022.6) 50.8 CAMBIUM LEARNING ABCD US 154.9 (77.3) (19.9) CARBYLAN THERAPE CBYL US 7.7 (9.4) (6.7) CASELLA WASTE CWST US 654.4 (20.9) 4.9 CASELLA WASTE WA3 GR 654.4 (20.9) 4.9 CEDAR FAIR LP 7CF GR 2,005.9 (21.2) (74.4) CEDAR FAIR LP FUN US 2,005.9 (21.2) (74.4) CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1) CHOICE HOTELS CHH US 661.1 (413.5) 175.4 CHOICE HOTELS CZH GR 661.1 (413.5) 175.4 CINCINNATI BELL CBB US 1,733.0 (599.6) 46.3 CINCINNATI BELL CIB GR 1,733.0 (599.6) 46.3 CLEAR CHANNEL-A C7C GR 6,179.8 (255.3) 410.7 CLEAR CHANNEL-A CCO US 6,179.8 (255.3) 410.7 CLIFFS NATURAL R CLF US 2,702.6 (1,782.1) 677.9 CLIFFS NATURAL R CVA TH 2,702.6 (1,782.1) 677.9 CLIFFS NATURAL R CVA GR 2,702.6 (1,782.1) 677.9 CLIFFS NATURAL R CLF* MM 2,702.6 (1,782.1) 677.9 CLIFFS NATURAL R CLF2EUR EU 2,702.6 (1,782.1) 677.9 COLLEGIUM PHARMA COLL US 5.1 (12.2) (5.9) CONNECTURE INC 2U7 GR 96.0 (33.2) (24.9) CONNECTURE INC CNXR US 96.0 (33.2) (24.9) CORINDUS VASCULA CVRS US 0.0 (0.0) (0.0) CORIUM INTERNATI CORI US 62.7 (0.4) 35.9 CORIUM INTERNATI 6CU GR 62.7 (0.4) 35.9 CYAN INC CYNI US 112.1 (18.4) 56.9 CYAN INC YCN GR 112.1 (18.4) 56.9 DELEK LOGISTICS DKL US 332.6 (20.6) 11.8 DELEK LOGISTICS D6L GR 332.6 (20.6) 11.8 DIRECTV DTV US 24,301.0 (4,280.0) 482.0 DIRECTV DTV CI 24,301.0 (4,280.0) 482.0 DIRECTV DTVEUR EU 24,301.0 (4,280.0) 482.0 DIRECTV DIG1 GR 24,301.0 (4,280.0) 482.0 DOMINO'S PIZZA DPZ US 637.0 (1,213.6) 170.7 DOMINO'S PIZZA EZV TH 637.0 (1,213.6) 170.7 DOMINO'S PIZZA EZV GR 637.0 (1,213.6) 170.7 DUN & BRADSTREET DB5 GR 2,027.7 (1,201.3) (276.7) DUN & BRADSTREET DB5 TH 2,027.7 (1,201.3) (276.7) DUN & BRADSTREET DNB US 2,027.7 (1,201.3) (276.7) DUN & BRADSTREET DNB1EUR EU 2,027.7 (1,201.3) (276.7) DUNKIN' BRANDS G DNKN US 3,360.1 (84.9) 278.7 DUNKIN' BRANDS G 2DB GR 3,360.1 (84.9) 278.7 DUNKIN' BRANDS G 2DB TH 3,360.1 (84.9) 278.7 DURATA THERAPEUT DRTX US 82.1 (16.1) 11.7 DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7 DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7 EDGEN GROUP INC EDG US 883.8 (0.8) 409.2 ENTELLUS MEDICAL ENTL US 14.0 (8.0) 4.8 ENTELLUS MEDICAL 29E GR 14.0 (8.0) 4.8 EOS PETRO INC EOPT US 1.2 (28.0) (29.1) EXELIXIS INC EXEL US 282.9 (146.8) 66.4 EXELIXIS INC EX9 GR 282.9 (146.8) 66.4 EXELIXIS INC EXELEUR EU 282.9 (146.8) 66.4 FAIRWAY GROUP HO FWM US 359.1 (22.6) 17.6 FAIRWAY GROUP HO FGWA GR 359.1 (22.6) 17.6 FENIX PARTS INC 9FP GR 0.8 (1.1) (1.1) FENIX PARTS INC FENX US 0.8 (1.1) (1.1) FERRELLGAS-LP FGP US 1,747.0 (128.0) (6.4) FERRELLGAS-LP FEG GR 1,747.0 (128.0) (6.4) FREESCALE SEMICO FSL US 3,096.0 (3,454.0) 1,174.0 FREESCALE SEMICO FSLEUR EU 3,096.0 (3,454.0) 1,174.0 FREESCALE SEMICO 1FS GR 3,096.0 (3,454.0) 1,174.0 FREESCALE SEMICO 1FS TH 3,096.0 (3,454.0) 1,174.0 GAMING AND LEISU GLPI US 2,552.5 (125.5) 1.1 GAMING AND LEISU 2GL GR 2,552.5 (125.5) 1.1 GARDA WRLD -CL A GW CN 1,482.9 (332.3) 47.7 GARTNER INC GGRA GR 1,789.4 (139.5) (420.1) GARTNER INC IT US 1,789.4 (139.5) (420.1) GENESIS HEALTHCA SH11 GR 6,031.4 (205.5) 209.3 GENESIS HEALTHCA GEN US 6,031.4 (205.5) 209.3 GENTIVA HEALTH GHT GR 1,225.2 (285.2) 130.0 GENTIVA HEALTH GTIV US 1,225.2 (285.2) 130.0 GLG PARTNERS INC GLG US 400.0 (285.6) 156.9 GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9 GOLD RESERVE INC GRZ CN 17.9 (24.6) (35.0) GOLD RESERVE INC GDRZF US 17.9 (24.6) (35.0) GOLD RESERVE INC GOD GR 17.9 (24.6) (35.0) GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5 GYMBOREE CORP/TH GYMB US 1,206.6 (352.8) 30.7 HCA HOLDINGS INC HCA US 31,288.0 (6,222.0) 1,958.0 HCA HOLDINGS INC 2BH TH 31,288.0 (6,222.0) 1,958.0 HCA HOLDINGS INC 2BH GR 31,288.0 (6,222.0) 1,958.0 HD SUPPLY HOLDIN 5HD GR 6,321.0 (498.0) 1,400.0 HD SUPPLY HOLDIN HDS US 6,321.0 (498.0) 1,400.0 HERBALIFE LTD HLFEUR EU 2,388.9 (301.2) 259.3 HERBALIFE LTD HOO GR 2,388.9 (301.2) 259.3 HERBALIFE LTD HLF US 2,388.9 (301.2) 259.3 HOVNANIAN ENT-B HOVVB US 2,517.0 (146.3) 1,516.6 HOVNANIAN-A-WI HOV-W US 2,517.0 (146.3) 1,516.6 HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8) IHEARTMEDIA INC IHRT US 13,581.9 (10,153.7) 683.9 INCYTE CORP ICY GR 862.6 (41.4) 466.6 INCYTE CORP ICY TH 862.6 (41.4) 466.6 INCYTE CORP INCYEUR EU 862.6 (41.4) 466.6 INCYTE CORP INCY US 862.6 (41.4) 466.6 INFOR US INC LWSN US 6,778.1 (460.0) (305.9) INVENTIV HEALTH VTIV US 2,154.4 (613.8) 84.5 IPCS INC IPCS US 559.2 (33.0) 72.1 ISTA PHARMACEUTI ISTA US 124.7 (64.8) 2.2 JUST ENERGY GROU JE CN 1,297.2 (638.8) (87.0) JUST ENERGY GROU JE US 1,297.2 (638.8) (87.0) JUST ENERGY GROU 1JE GR 1,297.2 (638.8) (87.0) KEMPHARM INC KMPH US 14.1 (26.1) 6.3 L BRANDS INC LB* MM 6,638.0 (606.0) 927.0 L BRANDS INC LB US 6,638.0 (606.0) 927.0 L BRANDS INC LTD QT 6,638.0 (606.0) 927.0 L BRANDS INC LTD TH 6,638.0 (606.0) 927.0 L BRANDS INC LBEUR EU 6,638.0 (606.0) 927.0 L BRANDS INC LTD GR 6,638.0 (606.0) 927.0 LEAP WIRELESS LEAP US 4,662.9 (125.1) 346.9 LEAP WIRELESS LWI GR 4,662.9 (125.1) 346.9 LEAP WIRELESS LWI TH 4,662.9 (125.1) 346.9 LEE ENTERPRISES LEE US 779.6 (165.1) (20.2) LENNOX INTL INC LII US 1,879.5 (16.2) 369.8 LENNOX INTL INC LXI GR 1,879.5 (16.2) 369.8 LORILLARD INC LO US 4,154.0 (2,134.0) 1,135.0 LORILLARD INC LLV TH 4,154.0 (2,134.0) 1,135.0 LORILLARD INC LLV GR 4,154.0 (2,134.0) 1,135.0 MAJESCOR RESOURC MJXEUR EU 0.1 (2.9) (2.9) MANNKIND CORP MNKDEUR EU 360.0 (97.0) (222.5) MANNKIND CORP NNF1 TH 360.0 (97.0) (222.5) MANNKIND CORP NNF1 GR 360.0 (97.0) (222.5) MANNKIND CORP MNKD US 360.0 (97.0) (222.5) MARRIOTT INTL-A MAR US 6,803.0 (2,537.0) (1,202.0) MARRIOTT INTL-A MAQ TH 6,803.0 (2,537.0) (1,202.0) MARRIOTT INTL-A MAQ GR 6,803.0 (2,537.0) (1,202.0) MDC COMM-W/I MDZ/W CN 1,640.1 (196.6) (284.0) MDC PARTNERS-A MDZ/A CN 1,640.1 (196.6) (284.0) MDC PARTNERS-A MDCA US 1,640.1 (196.6) (284.0) MDC PARTNERS-A MD7A GR 1,640.1 (196.6) (284.0) MDC PARTNERS-EXC MDZ/N CN 1,640.1 (196.6) (284.0) MERITOR INC AID1 GR 2,317.0 (570.0) 268.0 MERITOR INC MTOR US 2,317.0 (570.0) 268.0 MERRIMACK PHARMA MACK US 127.0 (128.8) (4.4) MERRIMACK PHARMA MP6 GR 127.0 (128.8) (4.4) MICHAELS COS INC MIK US 1,922.7 (2,031.3) 471.7 MICHAELS COS INC MIM GR 1,922.7 (2,031.3) 471.7 MONEYGRAM INTERN MGI US 4,578.9 (261.8) (45.4) MOODY'S CORP DUT GR 4,976.0 (146.2) 1,901.1 MOODY'S CORP MCO US 4,976.0 (146.2) 1,901.1 MOODY'S CORP DUT QT 4,976.0 (146.2) 1,901.1 MOODY'S CORP MCOEUR EU 4,976.0 (146.2) 1,901.1 MOODY'S CORP DUT TH 4,976.0 (146.2) 1,901.1 MORGANS HOTEL GR M1U GR 532.4 (246.2) 31.0 MORGANS HOTEL GR MHGC US 532.4 (246.2) 31.0 MOXIAN CHINA INC MOXC US 9.5 (6.4) (13.7) MPG OFFICE TRUST 1052394D US 1,280.0 (437.3) - NATIONAL CINEMED XWM GR 985.6 (219.8) 63.5 NATIONAL CINEMED NCMI US 985.6 (219.8) 63.5 NAVISTAR INTL IHR TH 6,925.0 (4,744.0) 770.0 NAVISTAR INTL IHR GR 6,925.0 (4,744.0) 770.0 NAVISTAR INTL NAV US 6,925.0 (4,744.0) 770.0 NEFF CORP-CL A NEFF US 634.4 (202.7) (12.8) NEW ENG RLTY-LP NEN US 175.7 (29.1) - NORTHWEST BIO NBYA GR 49.4 (70.7) (86.3) NORTHWEST BIO NWBO US 49.4 (70.7) (86.3) OCATA THERAPEUTI OCAT US 4.9 (2.1) (0.3) OCATA THERAPEUTI T2N1 GR 4.9 (2.1) (0.3) OMTHERA PHARMACE OMTH US 18.3 (8.5) (12.0) PALM INC PALM US 1,007.2 (6.2) 141.7 PBF LOGISTICS LP PBFX US 402.3 (112.0) 30.1 PBF LOGISTICS LP 11P GR 402.3 (112.0) 30.1 PHILIP MORRIS IN PM FP 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN PM1CHF EU 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN 4I1 QT 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN 4I1 TH 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN PMI SW 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN PM1EUR EU 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN PM US 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN 4I1 GR 33,255.0 (12,246.0) (705.0) PHILIP MORRIS IN PM1 TE 33,255.0 (12,246.0) (705.0) PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9) PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9) PLY GEM HOLDINGS PGEM US 1,231.9 (150.1) 241.4 PLY GEM HOLDINGS PG6 GR 1,231.9 (150.1) 241.4 POLYMER GROUP IN POLGA US 1,901.8 (12.6) 315.2 POLYMER GROUP-B POLGB US 1,901.8 (12.6) 315.2 PROTALEX INC PRTX US 0.6 (11.5) 0.0 PROTECTION ONE PONE US 562.9 (61.8) (7.6) PUREBASE CORP PUBC US 0.3 (1.0) (0.3) QUALITY DISTRIBU QDZ GR 417.9 (26.9) 110.6 QUALITY DISTRIBU QLTY US 417.9 (26.9) 110.6 QUINTILES TRANSN QTS GR 3,236.7 (612.3) 778.1 QUINTILES TRANSN Q US 3,236.7 (612.3) 778.1 RAYONIER ADV RYAM US 1,281.8 (52.6) 179.2 RAYONIER ADV RYQ GR 1,281.8 (52.6) 179.2 RE/MAX HOLDINGS RMAX US 362.5 (0.2) 41.0 RE/MAX HOLDINGS 2RM GR 362.5 (0.2) 41.0 REGAL ENTERTAI-A RETA GR 2,484.4 (911.5) (118.6) REGAL ENTERTAI-A RGC US 2,484.4 (911.5) (118.6) REGAL ENTERTAI-A RGC* MM 2,484.4 (911.5) (118.6) RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4) RENTPATH INC PRM US 208.0 (91.7) 3.6 REVLON INC-A REV US 1,873.7 (658.9) 315.1 REVLON INC-A RVL1 GR 1,873.7 (658.9) 315.1 ROUNDY'S INC RNDY US 1,112.5 (87.0) 80.0 RURAL/METRO CORP RURL US 303.7 (92.1) 72.4 RYERSON HOLDING 7RY GR 1,903.2 (135.0) 706.3 RYERSON HOLDING 7RY TH 1,903.2 (135.0) 706.3 RYERSON HOLDING RYI US 1,903.2 (135.0) 706.3 SALLY BEAUTY HOL S7V GR 2,134.9 (261.0) 766.9 SALLY BEAUTY HOL SBH US 2,134.9 (261.0) 766.9 SBA COMM CORP-A SBJ GR 7,527.3 (1,036.8) 38.5 SBA COMM CORP-A SBACEUR EU 7,527.3 (1,036.8) 38.5 SBA COMM CORP-A SBJ TH 7,527.3 (1,036.8) 38.5 SBA COMM CORP-A SBAC US 7,527.3 (1,036.8) 38.5 SCIENTIFIC GAM-A TJW GR 9,703.4 (189.4) 686.9 SCIENTIFIC GAM-A SGMS US 9,703.4 (189.4) 686.9 SEARS HOLDINGS SEE GR 13,290.0 (1,182.0) 24.0 SEARS HOLDINGS SHLD US 13,290.0 (1,182.0) 24.0 SEARS HOLDINGS SEE TH 13,290.0 (1,182.0) 24.0 SEQUENOM INC QNMA QT 145.5 (15.1) 84.4 SEQUENOM INC SQNM US 145.5 (15.1) 84.4 SILVER SPRING NE 9SI GR 528.2 (94.3) (10.2) SILVER SPRING NE 9SI TH 528.2 (94.3) (10.2) SILVER SPRING NE SSNI US 528.2 (94.3) (10.2) SIRIUS XM CANADA SIICF US 298.2 (128.5) (173.7) SIRIUS XM CANADA XSR CN 298.2 (128.5) (173.7) SONIC CORP SO4 GR 625.8 (0.3) 13.7 SONIC CORP SONCEUR EU 625.8 (0.3) 13.7 SONIC CORP SONC US 625.8 (0.3) 13.7 SPORTSMAN'S WARE SPWH US 305.8 (32.8) 77.8 SPORTSMAN'S WARE 06S GR 305.8 (32.8) 77.8 STINGRAY - SUB V RAY/A CN 128.2 (17.8) (41.0) STINGRAY DIG-VSV RAY/B CN 128.2 (17.8) (41.0) SUPERVALU INC SVU US 4,485.0 (636.0) 167.0 SUPERVALU INC SJ1 GR 4,485.0 (636.0) 167.0 SUPERVALU INC SJ1 TH 4,485.0 (636.0) 167.0 SYNERGY PHARMACE S90 GR 194.8 (24.7) 163.1 SYNERGY PHARMACE SGYPEUR EU 194.8 (24.7) 163.1 SYNERGY PHARMACE SGYP US 194.8 (24.7) 163.1 THERAVANCE HVE GR 488.7 (260.1) 251.4 THERAVANCE THRX US 488.7 (260.1) 251.4 THRESHOLD PHARMA THLD US 88.0 (19.9) 53.1 THRESHOLD PHARMA NZW1 GR 88.0 (19.9) 53.1 TRANSDIGM GROUP TDG US 7,226.2 (1,326.2) 853.8 TRANSDIGM GROUP T7D GR 7,226.2 (1,326.2) 853.8 TRINET GROUP INC TNETEUR EU 1,620.2 (15.1) 15.2 TRINET GROUP INC TNET US 1,620.2 (15.1) 15.2 TRINET GROUP INC TN3 GR 1,620.2 (15.1) 15.2 TRINET GROUP INC TN3 TH 1,620.2 (15.1) 15.2 UNISYS CORP UISCHF EU 2,131.5 (1,421.3) 242.8 UNISYS CORP UISEUR EU 2,131.5 (1,421.3) 242.8 UNISYS CORP USY1 GR 2,131.5 (1,421.3) 242.8 UNISYS CORP USY1 TH 2,131.5 (1,421.3) 242.8 UNISYS CORP UIS1 SW 2,131.5 (1,421.3) 242.8 UNISYS CORP UIS US 2,131.5 (1,421.3) 242.8 VENOCO INC VQ US 596.0 (31.1) 52.2 VERISIGN INC VRS GR 2,607.7 (947.9) 17.8 VERISIGN INC VRS TH 2,607.7 (947.9) 17.8 VERISIGN INC VRSN US 2,607.7 (947.9) 17.8 VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8) VERSEON CORP VSN LN - - - VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3) WEIGHT WATCHERS WW6 TH 1,446.4 (1,385.2) (260.9) WEIGHT WATCHERS WTWEUR EU 1,446.4 (1,385.2) (260.9) WEIGHT WATCHERS WW6 GR 1,446.4 (1,385.2) (260.9) WEIGHT WATCHERS WTW US 1,446.4 (1,385.2) (260.9) WEST CORP WSTC US 3,546.2 (647.7) 247.3 WEST CORP WT2 GR 3,546.2 (647.7) 247.3 WESTERN REFINING WNRL US 434.0 (27.4) 71.5 WESTERN REFINING WR2 GR 434.0 (27.4) 71.5 WESTMORELAND COA WLB US 1,829.7 (388.7) 59.0 WESTMORELAND COA WME GR 1,829.7 (388.7) 59.0 WINGSTOP INC WING US 114.1 (54.0) (4.6) WYNN RESORTS LTD WYNN US 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYNN SW 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYNNCHF EU 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYNN* MM 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYR TH 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYR GR 9,151.7 (147.2) 1,135.3 XERIUM TECHNOLOG TXRN GR 561.0 (102.9) 81.5 XERIUM TECHNOLOG XRM US 561.0 (102.9) 81.5 XOMA CORP XOMA GR 78.1 (13.4) 46.2 XOMA CORP XOMA TH 78.1 (13.4) 46.2 XOMA CORP XOMA US 78.1 (13.4) 46.2 YRC WORLDWIDE IN YEL1 GR 1,966.2 (479.7) 148.7 YRC WORLDWIDE IN YEL1 TH 1,966.2 (479.7) 148.7 YRC WORLDWIDE IN YRCW US 1,966.2 (479.7) 148.7 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***