TCR_Public/150702.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, July 2, 2015, Vol. 19, No. 183

                            Headlines

AEROGROW INTERNATIONAL: Posts $1.5 Million Net Loss in FY 2015
ALLIED NEVADA: Stroock Files First Supplemental 2019 Statement
ALPHA NATURAL: Creditors Ready for Possible Restructuring Talks
ALVION PROPERTIES: Judge Kenneth J. Meyers Now Handles Case
ALVION PROPERTIES: Taps Antonik Law Offices as Bankruptcy Counsel

AMERICAN AIRLINES: Moody's Raises CFR to 'Ba3', Outlook Stable
AMERICAN PIPING: Moody's Withdraws 'B3' Corporate Family Rating
ANACOR PHARMACEUTICALS: Amends Kerydin Commercialization Deal
APEX TOOLS: Moody's Affirms 'B3' CFR & Revises Outlook to Stable
AURORA DIAGNOSTICS: S&P Affirms 'CCC+' CCR, Off Watch Negative

AXIALL CORP: S&P Revises Outlook to Negative & Affirms 'BB' CCR
BAHA MAR: Asks Court to Enforce Automatic Stay
BAHA MAR: Court Approves Interim DIP Financing From Developer
BAHA MAR: Proposes $80M Financing From Developer
BLU COMPANIES: Case Summary & 18 Largest Unsecured Creditors

BMB MUNAI: Eide Bailly Issues Going Concern Qualification
BRAND ENERGY: Bank Debt Trades at 2% Off
CAESARS ENTERTAINMENT: 2017 Bank Debt Trades at 13% Off
CANDAX ENERGY: Obtains Extension to Facility Waiver Until July 22
CHECKERS DRIVE-IN: Moody's Affirms 'B3' CFR, Outlook Stable

COSO GEOTHERMAL: Fitch Affirms 'C' Rating on 2026 Certificates
COVIS PHARMA: S&P Affirms Then Withdraws 'B' Rating
DEEPHAVEN, MN: S&P Cuts Rating on 2013A/B Revenue Bonds to 'BB+'
DOUGLAS HIMMELFARB: Hawaii Court Rules on Award of Atty Fees
DRYDEN ADVISORY: Motion to Correct Record Denied

ELIZABETH ARDEN: S&P Lowers CCR to 'B', Outlook Negative
EVERYWARE GLOBAL: S&P Raises CCR to 'CCC+' on Restructuring
FIDELITY NATIONAL: Fitch Affirms BB+ Rating on $300MM Sr. Notes
FIGUEROA TOWER: Cal. App. Flips Summary Ruling Favoring U.S. Bank
FRAC TECH SERVICES: Bank Debt Trades at 17% Off

FREMAK INDUSTRIES: Case Summary & 7 Largest Unsecured Creditors
GELTECH SOLUTIONS: Issues $200,000 Convertible Note to Reger
GENWORTH HOLDINGS: Moody's Gives (P)Ba1 Rating on Sr. Unsec. Debt
GLENCOE ACQUISITION: Bid to Dismiss Clawback Complaint Denied
GREENSHIFT CORP: Effects 1-for-100 Reverse Stock Split

GYMBOREE CORP: Bank Debt Trades at 28% Off
H. K. GRAND VENTURE: Voluntary Chapter 11 Case Summary
HAWAIIAN HOLDINGS: S&P Raises CCR to 'B+', Outlook Stable
HAWKER BEECHCRAFT: Court Rules on Motions in ADA Suit
HURLEY MEDICAL: Moody's Affirms 'Ba1' Rating on $99MM Revenue Bonds

IMMEDIATE RESPONSE: Hughes' Bid for Reconsideration Denied
INC RESEARCH: S&P Affirms 'BB-' Corp. Credit Rating
INDEPENDENCE TAX II: Incurs $493,000 Net Loss in Fiscal 2015
INDEPENDENCE TAX IV: Posts $11.2 Million Net Income in Fiscal 2015
INDUSTRIAL SYSTEMS: Case Summary & 20 Largest Unsecured Creditors

IRA JOHNNY HARBER: Debts to Renasant Bank Nondischargeable
IRON MOUNTAIN: S&P Assigns 'BB' Rating on Sr. Secured Facility
J.C. PENNEY: Moody's Revises Outlook to Pos. & Affirms 'Caa1' CFR
JAMES LEE NICKESON: Court Rules on Trustee's Clawback Suit
JEANNINE N. BEARMAN: Motion to Prevent Turnover Computers Denied

JW RESOURCES: Case Summary & 20 Largest Unsecured Creditors
KID BRANDS: Vogel Bach Approved to Prosecution Turnover Actions
KOLO LLC: Case Summary & 20 Largest Unsecured Creditors
LANTHEUS MEDICAL: S&P Raises Corp. Credit Rating to 'B
LAXMI REAL ESTATE: Case Summary & 19 Top Unsecured Creditors

LEMIRE SCHMEGLAR: US Bank Entitled to Enforce Mortgage Note
LIME ENERGY: May Issue 250,000 Shares Under 2010 Stock Plan
LOMA LINDA: S&P Lowers Rating on 2014A/B/C Revenue Bonds to 'BB+'
LOYALIST GROUP: Executes Forbearance Agreement with Senior Lender
MADERA VOLUNTEER: Rural Fire Dept. Files for Bankruptcy

MADERA VOLUNTEER: Voluntary Chapter 11 Case Summary
METRO AFFILIATES: Has Until Dec. 31 to Object to Claims
MOUNT CLEMENS: Moody's Affirms Ba3 Rating on $36.1-Mil. GOULT Debt
MURPHY OIL: Moody's Hikes Corp Family Rating to Ba1, Outlook Stable
NEWPAGE CORP: Bank Debt Trades at 18% Off

NGPL PIPECO: Debt Trades at 4% Off
NISKA GAS: S&P Revises Outlook to Developing & Affirms 'B-' CCR
NORTEL NETWORKS: Jacqueline M. Moessner Withdrawn as Counsel
PATRIOT COAL: Won't Disclose Insider Pay Leading Up to 2nd Ch. 11
PEABODY ENERGY: Debt Trades at 15% Off

PORTER BANCORP: Adopts Tax Benefits Preservation Plan
PREMIER PAIN: Case Summary & 21 Largest Unsecured Creditors
PREMIER PROPERTY: Voluntary Chapter 11 Case Summary
PVH CORP: S&P Affirms 'BB+' Corp Credit Rating, Outlook Stable
QUINTO & WILKS: Involuntary Chapter 7 Petition Dismissed

RECOVERY CENTERS: Taps Paul Bailey to Continue Accounting Services
RECOVERY CENTERS: U.S. Trustee Forms Five-Member Creditors Panel
RESIDENTIAL CAPITAL: Objection to Subpoena Program Overruled
ROBERT J. MEIER: Shrock's Bid for Administrative Expense Denied
ROOFING SUPPLY: S&P Revises Outlook to Stable & Affirms 'B' CCR

SAAD INVESTMENTS: July 14 Hearing on U.S. Recognition
SEADRILL LTD: 2021 Bank Debt Trades at 23% Off
SEARS HOLDINGS: ESL Investments Reports 55.2% Equity Stake
SELECTBUILD ILLINOIS: Bid to Enforce Permanent Injunction Denied
SONY CORP: Moody's Affirms Ba1 Rating on Sr. Unsecured Bonds

SS&C TECHNOLOGIES: Moody's Retains 'B1' CFR Over Notes Increase
STEPHEN E. CREECH: Court Rules in Suit Against Ormond Oil
SUN PRODUCTS: S&P Affirms 'B-' CCR & Revises Outlook to Stable
TECHPRECISION CORP: Incurs $3.6 Million Net Loss in FY 2015
TECHPRECISION CORP: Posts Net Loss of $3.6M in Fiscal Year 2015

TENSAR CORP: S&P Cuts Corp. Credit Rating to 'B-', Outlook Stable
TIERRA DEL REY: Apartment Complex Enters Ch. 11 with $5.54M Debt
TWIN CITIES: S&P Assigns 'BB' Rating on $15.8MM Revenue Bonds
TXU CORP: 2014 Bank Debt Trades at 42% Off
TXU CORP: 2017 Bank Debt Trades at 42% Off

U.S. FOODS: S&P Affirms 'B' Corp. Credit Rating, Off CreditWatch
UNITED BANCSHARES: Incurs $343,000 Net Loss in 2014
VIGGLE INC: President and COO Resigns
WAUSAU PAPER: S&P Affirms 'B-' CCR & Revises Outlook to Positive
[*] Bankruptcy Lawyer Richard Fonfrias Provides Facts on Tax Liens

[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

AEROGROW INTERNATIONAL: Posts $1.5 Million Net Loss in FY 2015
--------------------------------------------------------------
AeroGrow International, Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to common shareholders of $1.5 million on $17.9
million of net revenue for the year ended March 31, 2015, compared
with a net loss attributable to common shareholders of $4.1 million
on $9.3 million of of net revenue for the year ended March 31,
2014.

As of March 31, 2015, the Company had $5.9 million in total assets,
$4.6 million in total liabilities, all current, and $1.4 million
total stockholders' equity.

"Our core strategy for FY 2015 was to grow at a rapid rate while
generating at least a modest EBITDA profit, and I think our results
are a strong validation of this approach," said President and CEO
J. Michael Wolfe.

"Our growth was driven largely by sales in our Retail distribution
channel, both on-line and in-store, which increased over 200% year
over year.  We continued to show strong results with our on-line
retail partners, including Amazon, Costco.com, Walmart.com,
HomeDepot.com, and others.  This growth in the on-line channel
actually accelerated in Q4, with sales at Amazon growing more than
270% year over year in the March quarter.

"We conducted in-store tests with various products at different
price points and in a wide range of demographics and geographies.
These tests included Costco, Walmart and several others and our
results varied widely - ranging from full sell-thru in some
locations to very limited in others.  We learned a great deal from
these tests and have developed a plan to drive promotions, product
placement, pricing, and other factors in order to successfully
build a strong in-store program over time.

"Our Direct-to-Consumer channel generated 21% growth year over
year.  We're quite pleased with this growth, after several years of
decline in this channel, especially given all of the new retail
distribution we opened up.  This additional distribution - while
clearly generating more total sales for us - created quite a bit of
competition for our web and catalog business.

"I am extremely proud of the progress that we've made here at
AeroGrow.  Our focus for FY 2016 will be to continue growing our
key distribution channels, including testing an international sales
model.  In addition, we plan to continue our commitment to
introducing innovative new products into the market, while
emphasizing improved gross margins and profitability."

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

                        http://is.gd/YFlTIK

                          About AeroGrow

Boulder, Colo.-based AeroGrow International, Inc., is a developer,
marketer, direct-seller, and wholesaler of advanced indoor garden
systems designed for consumer use and priced to appeal to the
gardening, cooking, and healthy eating, and home and office decor
markets.


ALLIED NEVADA: Stroock Files First Supplemental 2019 Statement
--------------------------------------------------------------
Stroock & Stroock & Lavan LLP, which represents a group of Allied
Nevada Gold Corp.'s senior unsecured noteholders, filed its first
supplemental verified statement pursuant to Rule 2019 of the
Federal Rules of Bankruptcy Procedure.

In the court filing, the firm disclosed that as of May 28, 2015,
the noteholders or their affiliates are the advisor to or
beneficial owner of, or the holder or manager of, various accounts
for $30.23 million of the debtor-in-possession loans and CAD$268.93
million of the Allied Nevada Gold Corp. 8.75% Senior Unsecured
Notes Due 2019.

A list detailing the nature and amount of economic interests held
or managed by each member of the group as of May 28, 2015, is
available for free at http://is.gd/XvcWcS

                        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 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.

                       *     *     *

Allied Nevada Gold Corp., et al.'s plan of reorganization
incorporates the terms of the prepetition plan support agreement
reached by the Debtors with holders of at least 67% of the
aggregate outstanding principal amount of the Notes and 100% of the
Holders of Secured ABL Claims and Secured Swap Claims.

Pursuant to the plan support agreement, each Holder of an Allowed
Secured ABL Claim will receive (i) its Pro Rata share of the
Secured ABL/Swap Cash Payments not made prior to the Effective Date
and (ii) an amount of New First Lien Term Loans in an aggregate
principal amount equal to (A) the amount of allowed claims pursuant
to Section 2.7(b) of the Plan minus (B) the amount paid in cash in
respect of the Secured ABL Claims pursuant to clause (i) of Section
2.7(c) of the Plan.  In addition, for the avoidance of doubt, any
unpaid amounts owed to the holders of Secured ABL Claims pursuant
to Section 11 of the DIP Facility Order will be due and payable in
cash on the Effective Date.

A full-text copy of the Disclosure Statement dated April 24, 2015,
is available at http://bankrupt.com/misc/ALLIEDds0424.pdf


ALPHA NATURAL: Creditors Ready for Possible Restructuring Talks
---------------------------------------------------------------
Matt Jarzemsky, writing for The Wall Street Journal, reported that
creditors of Alpha Natural Resources Inc., which is among the
largest coal producers in the U.S., have hired advisers to prepare
for possible restructuring talks ahead of an August debt payment,
as the coal-mining company grapples with an industry-wide slump.

According to the Journal, citing people familiar with the matter,
holders of Alpha's senior loans, including Citigroup Inc. and hedge
fund Davidson Kempner Capital Management LLC, are working with law
firm Davis Polk & Wardwell LLP and Ducera Partners LLC, a new
financial advisory firm led by former Perella Weinberg Partners
banker Michael Kramer.

Holders of Alpha's secured bonds have enlisted law firm Kirkland &
Ellis LLP for advice on the talks, the Journal related, further
people familiar with the bondholder group.  The people, the Journal
noted, said the bondholders include mutual-fund giants Capital
Research & Management Co. and Franklin Resources Inc., Bain Capital
debt-investment arm Sankaty Advisors LLC and hedge fund Blue
Mountain Capital Management LLC.

                         About Alpha Natural

Alpha Natural is a coal supplier, ranked second largest among
publicly traded U.S. coal producers as measured by 2014
consolidated revenues of $4.3 billion.  As of Dec. 31, 2014, the
Company operated 60 mines and 22 coal preparation plants in
Northern and Central Appalachia and the Powder River Basin, with
approximately 8,900 employees.

Alpha Natural reported a net loss of $874.9 million in 2014, a net
loss of $1.1 billion in 2013 and a net loss of $2.4 billion in
2012.

                             *    *    *

As reported by the TCR on June 4, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Alpha
Natural Resources Inc. to 'CCC+' from 'B'.

The TCR reported on April 8, 2015, that Moody Investor's Service
downgraded the corporate family rating of Alpha Natural Resources,
Inc. to Caa3 from Caa1 and the probability default rating to
Caa3-PD/LD from Caa1-PD.


ALVION PROPERTIES: Judge Kenneth J. Meyers Now Handles Case
-----------------------------------------------------------
The Hon. Laura K. Grandy of the U.S. Bankruptcy Court for the
Southern District of Illinois reassigned Alvion Properties Inc.'s
Chapter 11 case and further proceedings to Judge Kenneth J.
Meyers.

                      About Alvion Properties

Alvion Properties, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Ill. Case No. 15-40462) on May 14, 2015.  Karnes
Medley, as president, signed the petition.  The Debtor disclosed
total assets of $1 billion and total debts of $2.7 million in its
petition.

Judge Laura K. Grandy presides over the case.  Antonik Law Offices
serves as the Debtor's counsel.

The Court has yet to set a general bar date for filing proofs of
claim.  The deadline for governmental units to file claims is
Nov. 10, 2015.



ALVION PROPERTIES: Taps Antonik Law Offices as Bankruptcy Counsel
-----------------------------------------------------------------
Alvion Properties Inc., asks the U.S. Bankruptcy Court for the
Southern District of Illinois for permission to employ Douglas A.
Antonik and Antonik Law Offices as counsel.

To the best of the Debtor's knowledge, Mr. Antonik has no
connection with the creditors or any other parties-in-interest.

The hourly rates of the firm's personnel are:

   Mr. Antonik                         $250
   Associate Attorneys             $100 to $200
   Law Clerks                          $100
   Paralegals                       $50 to $75

The Debtor has agreed to and paid a retainer fee of $6,717 to
Antonik Law Offices which includes the filing fee of $1,717.
Prepetition services rendered by the Antonik Law Office in the
amount of $2,273 were paid prepetition from the $6,717 retainer
well as the filing fee of $1,717 leaving a balance of $2,726 of the
retainer in the trust account.

The firm can be reached at:

         Douglas A. Antonik, Esq.
         ANTONIK LAW OFFICES
         3405 Broadway - P.O. Box 594
         Mt. Vernon, IL 62864
         Tel: (618) 244-5739
         Fax: (618) 244-9633
         E-mail: antoniklaw@charter.net

                      About Alvion Properties

Alvion Properties, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Ill. Case No. 15-40462) on May 14, 2015.  Karnes
Medley, as president, signed the petition.  The Debtor disclosed
total assets of $1 billion and total debts of $2.7 million in its
petition.  

Judge Laura K. Grandy presides over the case.  Antonik
Law Offices serves as the Debtor's counsel.

The Court has yet to set a general bar date for filing proofs of
claim.  The deadline for governmental units to file claims is
Nov. 10, 2015.



AMERICAN AIRLINES: Moody's Raises CFR to 'Ba3', Outlook Stable
--------------------------------------------------------------
Moody's Investors Service upgraded most of its ratings of American
Airlines Group, Inc. ("AAG"), including the Corporate Family Rating
to Ba3 from B1, Senior Secured rating assigned to corporate
obligations to Ba1 (LGD2) from Ba2 (LGD2), and Senior Unsecured to
B1 (LGD5) from B3 (LGD5).  Moody's also upgraded the majority of
the senior tranches of the Enhanced Equipment Trust Certificate
("EETC") ratings and confirmed most of the ratings assigned to the
junior tranche EETCs.  The rating outlook is stable.  The rating
action resolves the review for upgrade initiated on June 16, 2015
following the implementation of Moody's change to its approach for
standard adjustments for operating leases.

RATINGS RATIONALE

"The upgrade to Ba3 considers the benefits to American of key
industry drivers including the expected sharply lower cost for jet
fuel, a supportive outlook for passenger demand and ongoing
capacity discipline in the pursuit of earning targeted returns on
invested capital.  Moody's expects these factors to contribute to
strengthening of credit metrics through 2016 to levels reflective
of the Ba-rating category," said Senior Credit Officer, Jonathan
Root.  The upgrade also reflects the reduction in adjusted debt due
to changes in Moody's approach for capitalizing operating leases.
Moody's reduced its debt adjustment to $14 billion from about $22.4
billion for AAG, providing a one turn decrease in Debt to EBITDA to
4.2 times at 2014 year end.  AAG's adjusted debt is expected to be
about $40 billion at 2015 year end.

The stable outlook reflects Moody's expectation that funded debt
and adjusted debt are not likely to meaningfully decline because of
the company's fleet replacement strategy, which will constrain free
cash flow generation in upcoming years.  AAG's annual capital
investment of about $6.5 billion in 2015 and about $5.5 billion in
2016 will be one and one half to two times larger than those of its
legacy peers.  Moody's anticipates negative free cash flow for
American in 2015 and positive free cash flow of between $1.0
billion and $1.5 billion in 2016, if the cost of fuel remains below
$2.20 per gallon and passenger unit revenues do not meaningfully
decline from current levels.  Going forward, Moody's believes that
more of positive free cash flow will likely fund returns to
shareholders rather than debt reduction.  The company's large order
book will require higher capital investment than its peers after
2016.  The larger investment and weaker free cash flow will likely
lead to increases in funded debt, slowing the pace of improvement
in AAG's credit metrics profile beyond 2016.

The Ba3 rating recognizes AAG's EBIT and EBITDA margins (Moody's
adjusted basis) of about 20% and about 26%, respectively, which are
competitive with those of Southwest Airlines and JetBlue and
stronger than those of Delta and United.  The large investment in
new aircraft will support the company's profit margins in future
years, given improvements in fuel efficiency and maintenance
expense, helping to limit upward pressure on financial leverage
with the increases in adjusted debt that Moody's anticipates.
Moody's expects liquidity to remain very good, although it believes
unrestricted cash and short-term investments is likely to decline
towards about $4.0 billion starting in 2016, following completion
of the integration of the airline operations.

Of the 17 A-tranche EETCs outstanding, ten have been upgraded by
one notch in step with the upgrade of the Corporate Family rating
and the remainder have been confirmed.  Nine of the ten B-tranche
EETCs have been confirmed and one upgraded and five of the six
C-tranches have been confirmed and one upgraded.  The ratings of
the EETCs consider our estimates of the relative attractiveness or
demand for particular aircraft models and vintages under a
reorganization scenario, our estimates of loan-to-value and
presence of cross-default and cross-collateralization across the
transactions and the alignment of the LTVs with Moody's EETC
notching grids found in our EETC rating methodology published in
2010.  The actions on the EETCs reflect Moody's view that
notwithstanding generally lower loans-to-value, older transactions
with older vintage aircraft that lack cross-default or
cross-collateralization have higher probabilities of default than
more recent transactions that are crossed and are collateralized by
younger vintage aircraft, some of which have significantly lower
coupons.

A positive rating action could occur if AAG reduces debt to limit
pressure on credit metrics when industry fundamentals weaken,
including declines in demand or higher fuel prices that cannot be
covered by higher fares.  Maintaining unrestricted cash and
availability on revolvers above $6.0 billion while adjusted debt
remains above $35 billion following the completion of the merger
integration could also support a positive rating action.  A
combination of Debt to EBITDA of less than 3.5 times, Funds from
Operations + Interest to Interest of above 5 times and an EBITDA
margin that is sustained near 25% could support an upgrade.
Sustaining positive free cash flow that approaches 5% of debt, a
majority of which is applied to debt reduction could also support a
positive rating action as could applying any excess cash to the
repayment of debt or buyout of aircraft leases rather than share
repurchases.  A negative rating action could occur if AAG's EBITDA
margin approaches 17%.  A sustained decline in demand that led to
declines in yields of more than 8% with no corresponding offsets to
costs could pressure the ratings as could aggregate liquidity
(including availability on revolving credit facilities) of less
than $5.0 billion.  Debt to EBITDA that approaches 5.0 times, Funds
from Operations + Interest to Interest that approaches 3.0 times,
Retained Cash Flow to Net Debt that approaches 15%, or a sustained
increase in the cost of jet fuel that is not offset by higher fares
and or debt-funding of share repurchases could result in a negative
rating action.

Changes in AAG's Corporate Family rating, in Moody's opinion of the
importance of particular aircraft models to its network, or in
Moody's estimates of aircraft market values, which will affect
estimates of loan-to-value can result in changes to EETC ratings.

American Airlines Group is the holding company for American
Airlines and US Airways.  Together with regional partners,
operating as American Eagle and US Airways Express, the airlines
operate an average of nearly 6,700 flights per day to nearly 350
destinations in more than 50 countries.

The methodologies used in these ratings were Global Passenger
Airlines published in May 2012 and Enhanced Equipment Trust And
Equipment Trust Certificates published in December 2010.  Other
methodologies used include Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada and EMEA published in
June 2009.

Upgrades:

Issuer: America West Airlines, Inc.
  Senior Secured Enhanced Equipment Trust Series 2000-1G1,
   Upgraded to Baa2 from Baa3

Issuer: American Airlines Group Inc.
  Probability of Default Rating, Upgraded to Ba3-PD from B1-PD;
  Corporate Family Rating, Upgraded to Ba3 from B1; and
  Senior Unsecured Regular Bond/Debenture, Upgraded to B1 (LGD5)
   from B3 (LGD5)

Issuer: American Airlines, Inc.
  Senior Secured Bank Credit Facility, Upgraded to Ba1 (LGD2) from

   Ba2 (LGD2);
  Senior Secured Enhanced Equipment Trust Series 2001-1A1,
   Upgraded to B1 from B2;
  Senior Secured Enhanced Equipment Trust Series 2011-1A, Upgraded

   to A3 from Baa1;
  Senior Secured Enhanced Equipment Trust Series 2001-1B, Upgraded

   to Caa2 from Caa3; and
  Senior Secured Enhanced Equipment Trust Series 2001-1C, Upgraded

   to Caa2 from Caa3

Issuer: HILLSBOROUGH COUNTY AVIATION AUTHORITY, FL
  Senior Secured Revenue Bonds, Upgraded to B1 (LGD5) from B3
   (LGD5)

Issuer: Indianapolis Airport Authority, IN
  Revenue Bonds, Upgraded to B1 (LGD5) from B3 (LGD5)

Issuer: Pennsylvania Economic Dev. Fin. Auth.
  Senior Unsecured Revenue Bonds, Upgraded to B1 (LGD5) from B3
   (LGD5)

Issuer: Phoenix Industrial Development Authority, AZ
  Senior Unsecured Revenue Bonds, Upgraded to B1 (LGD5) from B3
   (LGD5)

Issuer: US Airways Group, Inc.
  Senior Unsecured Regular Bond/Debenture, Upgraded to B1 (LGD5)
   from B3 (LGD5)

Issuer: US Airways, Inc.
  Senior Secured Bank Credit Facility, Upgraded to Ba1 (LGD2) from

   Ba2 (LGD2);
  Senior Secured Enhanced Equipment Trust Series 2000-3C, Upgraded

   to Ba3 from B2;
  Senior Secured Enhanced Equipment Trust Series 2012-1C, Upgraded

   to Ba3 from B1;
  Senior Secured Enhanced Equipment Trust Series 2012-2C, Upgraded

   to Ba3 from B1;
  Senior Secured Enhanced Equipment Trust Series 2013-1A, Upgraded

   to A3 from Baa1;
  Senior Secured Enhanced Equipment Trust Series 2012-2A, Upgraded

   to A3 from Baa1;
  Senior Secured Enhanced Equipment Trust Series 2011-A, Upgraded
   to A3 from Baa1;
  Senior Secured Enhanced Equipment Trust Series 2010-1A, Upgraded

   to A3 from Baa1;
  Senior Secured Enhanced Equipment Trust Series 2012-1A, Upgraded

   to A3 from Baa1; and
  Senior Secured Enhanced Equipment Trust Series 2001-1G, Upgraded

   to Baa1 from Baa2

Confirmations:

Issuer: America West Airlines, Inc.
  Senior Secured Enhanced Equipment Trust Series 2001-1G,
   Confirmed at Ba1;
  Senior Secured Enhanced Equipment Trust Series 1998-1B,
   Confirmed at Ba1;
  Senior Secured Enhanced Equipment Trust Series 1998-1A,
   Confirmed at Baa1; and
  Senior Secured Enhanced Equipment Trust Series 1999-1G1,
   Confirmed at Baa3

Issuer: American Airlines, Inc.
  Senior Secured Enhanced Equipment Trust Series 2011-1B,
   Confirmed at Ba1

Issuer: US Airways, Inc.
  Senior Secured Enhanced Equipment Trust Series 2001-C, Confirmed

   at Ba3;
  Senior Secured Enhanced Equipment Trust Series 2011-B, Confirmed

   at Ba1;
  Senior Secured Enhanced Equipment Trust Series 2012-2B,
   Confirmed at Ba1;
  Senior Secured Enhanced Equipment Trust Series 2010-1B,
   Confirmed at Ba1;
  Senior Secured Enhanced Equipment Trust Series 1999-1C,
   Confirmed at Ba3;
  Senior Secured Enhanced Equipment Trust Series 2013-1B,
   Confirmed at Ba1;
  Senior Secured Enhanced Equipment Trust Series 2012-1B,
   Confirmed at Ba1;
  Senior Secured Enhanced Equipment Trust Series 1998-1B,
   Confirmed at Ba1;
  Senior Secured Enhanced Equipment Trust Series 1999-1A,
   Confirmed at Baa1;
  Senior Secured Enhanced Equipment Trust Series 1999-1A2,
   Confirmed at Baa1;
  Senior Secured Enhanced Equipment Trust Series 2000-3G,
   Confirmed at Baa1;
  Senior Secured Enhanced Equipment Trust Series 2000-2G,
   Confirmed at Baa1;
  Senior Secured Enhanced Equipment Trust Series 1998-1A,
   Confirmed at Baa1; and
  Senior Secured Equipment Trust Series 1999-1B, Confirmed at Ba1

Outlook Actions:

Issuer: America West Airlines, Inc.
  Outlook, Changed To Stable From Rating Under Review

Issuer: American Airlines Group Inc.
  Outlook, Changed To Stable From Rating Under Review

Issuer: American Airlines, Inc.
  Outlook, Changed To Stable From Rating Under Review

Issuer: US Airways Group, Inc.
  Outlook, Changed To Stable From Rating Under Review

Issuer: US Airways, Inc.
  Outlook, Changed To Stable From Rating Under Review



AMERICAN PIPING: Moody's Withdraws 'B3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service withdrew the ratings for American Piping
Products, Inc. including its B3 corporate family rating, B3-PD
probability of default rating and Caa1 senior secured notes rating
as the company has redeemed its senior secured notes.

RATINGS RATIONALE

American Piping Products, Inc., headquartered in Chesterfield,
Missouri is a distributor of carbon and alloy seamless pipe, welded
pipe, fittings and flanges.  Its primary end-markets include the
oil and gas, refining, petrochemical and power generation sectors.
American Piping generated sales of $206 million during the twelve
months ended March 30, 2015.  The company is owned by Edgewater
Funds, certain co-investors and senior management.



ANACOR PHARMACEUTICALS: Amends Kerydin Commercialization Deal
-------------------------------------------------------------
Anacor Pharmaceuticals, Inc., announced an amendment to its
distribution and commercialization agreement with Sandoz Inc., a
Novartis company, pursuant to which PharmaDerm, the branded
dermatology division of Sandoz, distributes and commercializes
KERYDIN (tavaborole) topical solution, 5% in the United States.

Pursuant to the amendment, Sandoz will increase its commercial
investment in KERYDIN in 2015, and Anacor will contribute $20
million to Sandoz, primarily focused on consumer-directed
commercialization activities.  The parties' increased investment in
support of KERYDIN in 2015 includes Sandoz's previously expanded
field-sales force and a new multi-channel integrated marketing
campaign.  In addition, the amendment increases the minimum
profit-sharing payments to Anacor for 2016 to $65 million from $45
million and establishes new minimum profit-sharing payments to
Anacor for 2017 of $65 million.  The amendment also reduces the
price associated with Anacor's option to repurchase all rights in
KERYDIN from Sandoz on Dec. 31, 2017, as determined pursuant to the
distribution and commercialization agreement.

"We are pleased with Sandoz's increased investment to support the
continued long-term growth of the KERYDIN brand and believe that
our contribution to fund the consumer-directed investment will help
increase brand awareness among the patients suffering from
onychomycosis who are most likely to use KERYDIN and motivate them
to seek treatment from their physicians," said Paul L. Berns,
chairman and chief executive officer of Anacor.

                   About Anacor Pharmaceuticals

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

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

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


APEX TOOLS: Moody's Affirms 'B3' CFR & Revises Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service affirmed Apex Tool Group, LLC's Corporate
Family Rating at B3, the Probability of Default Rating at B3-PD,
the company's first lien senior secured credit facilities,
consisting of $175 million revolver due 2018 and $835 million term
loan due 2020, at B2, and the $450 million senior unsecured notes
due 2021 at Caa1.  The rating outlook was revised to stable.

These rating actions have been taken:

Corporate Family Rating, affirmed at B3;
Probability of Default Rating, affirmed at B3-PD;
$175 million senior secured revolving credit facility
   due 2018, affirmed at B2, LDG3;
$835 million senior secured term loan facility due 2020,
   affirmed at B2, LGD3;
$450 million senior unsecured notes due 2021, affirmed
   at Caa1, LGD4;

The rating outlook was revised to stable from negative.

RATINGS RATIONALE

The rating outlook change to stable from negative reflects the
decline in Apex's adjusted debt-to-EBITDA over the past year along
with our expectation that adjusted debt-to-EBITDA will decline
further in 2015 and 2016, closer to 7.0x.  The stable outlook also
considers benefits from operational initiatives not yet fully
realized and our expectation that trailing-twelve month earnings
will increase by early 2016 as a result of these initiatives.

The B3 Corporate Family Rating reflects Apex's solid market
positions within its hand and power tool business segments, breadth
of product offerings and brand names, its global reach, extensive
operational footprint and distribution channels, and diversity of
customers and industries served.  The ratings also reflect the
company's high adjusted debt-to-EBITDA and adjusted
debt-to-capitalization leverage, small equity base, highly
competitive industry, and cyclicality within its various end
markets.  Moody's expects Apex to expand its profitability through
a combination of higher sales and a reduced cost structure as a
result of 2013 and 2014 manufacturing restructuring and procurement
initiatives.  More specifically, we expect EBITA margins to improve
in 2015 and 2016 driven by continued operational improvements and
international market share gains.

The company has good liquidity supported by a cash balance of $84
million at March 27, 2015, a $175 million senior secured revolving
credit facility, cash flow from operations and lack of significant
debt maturities until 2018, when its revolving credit facility
expires.  The company's liquidity is constrained by seasonal
working capital needs.  As of March 27, 2015, the company had
approximately $77 million of remaining revolver availability, after
accounting for $95 million of borrowings and $3.0 million of letter
of credit commitments.  The ratings incorporate Moody's expectation
that Apex will have reasonable room under its 4.75x senior secured
net leverage covenant in the credit agreement, which is applicable
only if revolver outstanding balance exceeds $35 million.  Apex was
in compliance with its senior secured net leverage covenant as of
the end of 1Q15.

The stable outlook reflects our expectation that revenues and
earnings will improve such that adjusted debt-to-EBITDA will be
closer to or less than 7.0x, EBITA margin will exceed 10% and
EBITA-to-interest coverage will approach 2.0x.

Moody's indicated that a rating upgrade would be predicated upon
adjusted debt leverage approaching 6.0x and EBITA-to-interest
coverage above 2.0X, both on a sustainable basis, driven by
earnings growth and margin expansion.

Downward pressure on the rating could result if, over an extended
period of time, the company's adjusted debt-to-EBITDA remains above
7.0x, adjusted debt-to-capitalization remains above 75%, or
EBITA-to interest coverage falls below 1.5x.  A rating downgrade
could also occur if liquidity weakens significantly.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

Apex Tool Group, LLC, headquartered in Sparks, MD, is a global
manufacturer and supplier of hand and power tools for industrial,
commercial, and do-it-yourself customers.  Apex was established as
a joint venture between Danaher Tool Group and Cooper Industries'
Cooper Tools in July 2010.  On Feb. 1, 2013, the company was
acquired by the private equity sponsor, Bain Capital Partners LLC,
for $1.55 billion.  Apex designs, manufactures, markets and sells
proprietary brands, and it also designs and manufactures private
label tool brands for retailers.  The company operates two business
segments: Hand Tools (representing approximately 73% of its total
revenues) and Power Tools (representing approximately 27% of total
revenues).  The company serves customers in automotive, aerospace,
electronics, hardware, energy, and consumer retail industries.
Apex has operations in North America, Europe, Asia, Australia and
Latin America.  For the trailing twelve months ended March 27,
2015, the company generated about $1.5 billion in revenues.



AURORA DIAGNOSTICS: S&P Affirms 'CCC+' CCR, Off Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Palm
Beach Gardens, Fla.-based Aurora Diagnostic Holdings LLC, including
the 'CCC+' corporate credit rating.  At the same time, S&P removed
all ratings from CreditWatch, where it placed them with negative
implications on April 20, 2015, following the company's
announcement that it would not file its form 10-K on a timely
basis.

In addition, S&P affirmed its 'CCC+' issue-level rating on Aurora's
senior secured debt. The recovery rating on this debt is '3',
reflecting S&P's expectation for meaningful (50% to 70%, at the
high end of the range) recovery in the event of payment default.
S&P also affirmed its 'CCC-' issue-level on the company's senior
unsecured notes.  The recovery rating on the notes is '6',
reflecting S&P's expectation for negligible (0% to 10%) recovery on
this debt in the event of default.

"Our rating action on Aurora follows the company's filing of its
financial statements for the periods ending Dec. 31, 2014, and
March 31, 2015, with operating results that were broadly consistent
with our expectations," said Standard & Poor's credit analyst
Shannan Murphy.

S&P's ratings on Aurora reflect S&P's view that the company's
business risk profile remains "vulnerable," characterized by the
company's narrow operating focus, which S&P believes makes it
especially susceptible to reimbursement risk.  Changes in Medicare
payments accounted for a large decline in Aurora's 2013 EBITDA;
Medicare reimbursement increased by less than 1% in each of 2014
and 2015.  S&P believes Aurora and its peers face significant
uncertainty regarding future Medicare reimbursement rates, given
the potential for significant changes as Medicare moves toward a
market-based system of determining laboratory fees.

S&P's stable outlook on Aurora reflects S&P's view that the
company's liquidity is sufficient to support its operations for at
least the next year.  It also reflects S&P's view that EBITDA is
unlikely to improve to levels sufficient to support the capital
structure for the long term.

S&P could lower its rating if Aurora depletes its cash balances and
is forced to draw meaningfully on its revolver, as this might cause
S&P to view the possibility of a default within the next 12 months
as heightened.  In S&P's view, this could happen if the company
experiences higher customer losses, or if tightening reimbursement
results in revenue per accession declines that are more severe than
our current low-single-digit assumption.  Under this scenario, S&P
could see tightening covenant cushions that result in restricted
access to the company's revolver.

S&P could consider raising its rating if Aurora is able to generate
sustainable EBITDA of at least $45 million per year, a level S&P
believes would allow the company to generate sufficient cash flow
to sustainably cover its fixed charges without drawing on the
credit facility.  S&P believes this scenario would require EBITDA
margin expansion of about 400 basis points, which S&P views as
unlikely given its expectations for falling reimbursement.



AXIALL CORP: S&P Revises Outlook to Negative & Affirms 'BB' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Georgia-based Axiall Corp. to negative from stable.  At the same
time, S&P affirmed its ratings on Axiall, including its 'BB'
corporate credit rating.

"The outlook revision reflects our view of risks to the company's
credit quality arising from weaker-than-expected earnings," said
Standard & Poor's credit analyst Sebastian Pinto-Thomaz.  "The
company's earnings as of year-end 2014 and the first quarter of
2015 have been below our expectations," he added.

Although S&P anticipates an improvement in the second half of the
year, it believes the improvement might be slower than it initially
expected.  S&P's negative rating outlook reflects the risk that the
company might not improve performance to levels where credit
measures will be appropriate for current ratings.  At the current
rating, S&P expects the ratio of FFO to debt and adjusted debt to
EBITDA to be above 20% and below 4x, respectively.  As of March 31,
2015, the ratios were 19.7% and 3.7x, respectively.

S&P's assessment of Axiall's business risk as "fair" reflects its
position among the leading North American producers of chlorine,
caustic soda, and vinyl.  S&P regards liquidity as "adequate" as
defined in its criteria, with liquidity sources exceeding uses by
more than 1.2x, and sources minus uses remaining positive even if
EBITDA is 15% lower than it projects.

The negative rating outlook reflects an at least one-in-three
chance of a downgrade during the next 12 months.

S&P could lower the ratings during the next year if business
conditions or acquisitions drive adjusted debt to EBITDA above 4x
or to a point where FFO to adjusted debt remains below 20%, on a
sustained basis.  S&P could also lower ratings if financial results
remain weak during the second half of the year or outlays related
to the Lotte Chemical Corp. joint venture are greater than
expected.

S&P could consider a stable outlook if performance improves in the
second half of the year.  S&P would also consider a stable outlook
if the ratio of adjusted debt to EBITDA and FFO to debt ratios
remain steadily below 4x and improve to above 20%, respectively.



BAHA MAR: Asks Court to Enforce Automatic Stay
----------------------------------------------
Northshore Mainland Services Inc. and its affiliated debtors are
asking the U.S. Bankruptcy Court for the District of Delaware to
enter an order (i) enforcing and restating the automatic stay and
ipso facto provisions of the Bankruptcy Code, and (ii) authorizing
Northshore to act as the foreign representative on behalf of the
Debtors' estates in any judicial or other proceedings in a foreign
country, including any proceedings in The Bahamas.

Laura Davis Jones, Esq., at Pachulski Stang Ziehl Jones LLP,
explains that given the nature and organizational structure of the
Debtors' businesses, the Debtors regularly and extensively transact
with vendors and suppliers of goods and services located outside
the United States, particularly in The Bahamas.  These foreign
creditors and counterparties are not likely to be familiar with the
Bankruptcy Code, particularly with respect to the various
protections it affords to chapter 11 debtors, including the
automatic stay.  Accordingly, the Debtors ask the Court to enter an
order enforcing and restating the automatic stay and ipso facto
provisions of the Bankruptcy Code.

In addition, the Debtors intend to seek assistance from the Supreme
Court of The Commonwealth of The Bahamas in order to further
protect the Debtors' assets and operations in The Bahamas. In order
to seek such relief, the Debtors must be authorized to act as a
"foreign representative" on behalf of the Debtors' estates to seek
such relief from the Supreme Court of The Commonwealth of The
Bahamas.  Accordingly, the Debtors seek authorization from the U.S.
Bankruptcy Court to act as a "foreign representative" for purposes
of protecting the assets and interests of the Debtors' estates.

                          About Baha Mar

Baha Mar -- http://www.bahamar.com-- is a 3.3 million square foot
resort complex located in Cable Beach, Nassau, The Bahamas.  A
prominent resident in The Bahamas, Sarkis Izmirlian, conceptualized
the project and has invested almost $900 million from the project.
With the support of The Bahamian Government, the project commenced
in 2005.  When completed, Baha Mar will feature elite hotels with
gaming, entertainment, private residences, shopping and natural
attractions that reflect an authentic Bahamian experience.
Amenities will include a Jack Nicklaus Signature golf course;
200,000 square feet of flexible convention facilities, including a
2,000-seat entertainment venue; art galleries featuring Bahamian
art; more than 40 restaurants, bars and clubs; global luxury
designer and local artisan boutiques; and 20 acres of exquisitely
landscaped beach and pool experiences, including a beachfront
sanctuary with native Bahamian flora and fauna.  

With the Baha Mar project only 97% complete as a result of
construction delays, Northshore Mainland Services Inc., Baha Mar
Ltd., and 13 other affiliated entities sought bankruptcy protection
in Delaware on June 29, 2015, with the goal of completing the
project while under the umbrella of the bankruptcy court.  The
cases are jointly administered, with joint pleadings under lead
debtor Northshore Mainland Services Inc. (Bankr. D. Del. Case No.
15-11402).

Milbank, Tweed, Hadley & McCoy, LLP and Kobre & Kim, LLP are acting
as legal advisors, and Moelis & Company is acting as financial
advisor to the filing entities.


BAHA MAR: Court Approves Interim DIP Financing From Developer
-------------------------------------------------------------
Baha Mar Ltd. on July 1 moved forward with its Chapter 11 process,
receiving Court approval for, among other key initiatives, the
continued payment of salaries and benefits, payment of ordinary
course suppliers and vendors for any post-petition claims, and the
operation of certain customer loyalty and other programs.

To enable Baha Mar to undertake these initiatives, the Court
approved the interim Debtor in Possession (DIP) financing arranged
by Sarkis Izmirlian, Baha Mar's developer.  Specifically, the total
DIP facility is up to $80 million of which up to $30 million will
be utilized by Baha Mar over the next 30 days.

Mr. Izmirlian stated, "Our goal is to complete construction and
successfully open Baha Mar as a world-class destination resort that
will attract guests from across the globe and serve as a key
economic sparkplug in The Bahamas.  The Chapter 11 process provides
us the best path to position us to achieve this goal."

More information about Baha Mar's voluntary undertaking of the
Chapter 11 process is available at www.bmpathforward.com
Information for suppliers and vendors is available at 855-410-7357
(U.S.) or +1-646-795-6963 (International).  The court case number
is 15-11402.

Milbank, Tweed, Hadley & McCloy, LLP and Kobre & Kim, LLP are
acting as legal advisors, and Moelis & Company is acting as
financial advisor to the filing entities.

                          About Baha Mar

Baha Mar -- http://www.bahamar.com-- is a 3.3 million square foot
resort complex located in Cable Beach, Nassau, The Bahamas.  A
prominent resident in The Bahamas, Sarkis Izmirlian, conceptualized
the project and has invested almost $900 million from the project.
With the support of The Bahamian Government, the project commenced
in 2005.  When completed, Baha Mar will feature elite hotels with
gaming, entertainment, private residences, shopping and natural
attractions that reflect an authentic Bahamian experience.
Amenities will include a Jack Nicklaus Signature golf course;
200,000 square feet of flexible convention facilities, including a
2,000-seat entertainment venue; art galleries featuring Bahamian
art; more than 40 restaurants, bars and clubs; global luxury
designer and local artisan boutiques; and 20 acres of exquisitely
landscaped beach and pool experiences, including a beachfront
sanctuary with native Bahamian flora and fauna.  

With the Baha Mar project only 97% complete as a result of
construction delays, Northshore Mainland Services Inc., Baha Mar
Ltd., and 13 other affiliated entities sought bankruptcy protection
in Delaware on June 29, 2015, with the goal of completing the
project while under the umbrella of the bankruptcy court.  The
cases are jointly administered, with joint pleadings under lead
debtor Northshore Mainland Services Inc. (Bankr. D. Del. Case No.
15-11402).

Milbank, Tweed, Hadley & McCoy, LLP and Kobre & Kim, LLP are acting
as legal advisors, and Moelis & Company is acting as financial
advisor to the filing entities.


BAHA MAR: Proposes $80M Financing From Developer
------------------------------------------------
Northshore Mainland Services Inc. and its affiliated debtors are
asking the U.S. Bankruptcy Court for the District of Delaware to
enter interim and final orders authorizing them to use cash
collateral and access up to $80 million of DIP financing from
developer Sarkis Izmirlian's Granite Ventures Ltd.

Laura Davis Jones, Esq., at Pachulski Stang Ziehl Jones LLP,
explains that the Debtors need immediate access to the DIP Facility
in order to finance their operations and preserve the value of
their assets -- principally the Baha Mar project -- for the benefit
of all stakeholders.  In the absence of the liquidity provided by
the DIP Facility, the Debtors are projected to run out of cash by
July 3, 2015.

The Project is approximately 97% complete and is the product of
years of construction and billions of dollars already lent and
invested.  Ms. Jones avers that it is critical that this asset be
preserved.  The Debtors filed the Chapter 11 Cases in order to
access the DIP financing, which will fund limited business
operations as set forth in the budget while the Debtors seek to
resolve the various issues surrounding the Project's completion --
including the failure of general contractor CCA to complete its
work.
Prior to filing the Chapter 11 Cases, the Debtors negotiated and
documented the DIP Facility, which provides for $30 million of
financing on an interim basis, increasing to $80 million of
availability upon final approval by the Bankruptcy Court.

As of the Petition Date, the Debtors' unaudited balance sheets
reflected total assets of approximately $3.1 billion and total
liabilities of approximately $2.7 billion.  The Debtors' material
debt obligations principally consist of approximately $2.4 billion
in loans under a secured credit agreement with CEXIM Bank,
approximately $140 million allegedly owed to CCA under their main
construction contract, and approximately $123 million in trade
debt.  

                      Use of Cash Collateral

The Debtors seek authorization to use cash collateral, and grant
adequate protection to the agents, namely: Citicorp International
Limited, as Facility Agent, Citicorp International Limited, as
Offshore Security Agent, and Citibank N.A. Bahamas, as Onshore
Security Agent.  

The Debtors have approximately $9.33 million in cash on hand as of
the Petition Date.  The Debtors propose to use such cash as
follows:

   (i) Melia Cash. The Debtors will continue to operate the Melia
Nassau Beach resort during the Chapter 11 cases.  As of the
Petition Date, approximately $3.26 million is held in bank accounts
that are used to support the operations of Melia (the "Melia
Cash").  The Debtors propose to continue to use the Melia Cash
solely to support the operations of the Melia.

  (ii) Customer Deposits.  As of the Petition Date, approximately
$2.5 million is held by certain Debtors in accounts used to hold,
honor and pay customer deposits in the ordinary course of business
(the "Customer Deposit Cash").  The Debtors propose to continue to
use the Customer Deposit Cash solely in accordance with any
applicable agreements or laws.

(iii) All Other Cash.  It is possible that the Debtors will also
receive cash from the Bahamian government reimbursing the Debtors
for infrastructure improvements around the Project.  The Debtors
propose to use this cash and any other cash to generally finance
their operations in the Chapter 11 cases, subject to the Budget.

Aside from cash generated by the Melia property or any funds from
the Bahamian government, the Debtors do not anticipate generating
any material amount of cash through operations.  However, to the
extent any such cash is generated, the Debtors request authority to
use it in accordance with the Interim Order and Budget.

                           DIP Facility

The Debtors will access DIP financing on these terms:

   * Borrower: Baha Mar Ltd.

   * Guarantors: Northshore Mainland Services, et al.

   * DIP Lender: Granite Ventures Ltd.

   * Admin. Agent: An entity to be determined by the lenders.

   * Commitment: Loans to be advanced in an aggregate principal of
$80 million, of which $30 million will be available on an interim
basis.

   * All obligations of the Debtors under the DIP Facility shall
bear interest at the LIBOR 4001(c)(1)(B); Rate payable-in-kind
monthly in arrears.  On each interest payment date, the outstanding
amount of the DIP Loans will be increased by the amount of interest
accrued during the applicable period and such increased amount will
bear interest at the LIBOR Rate.  The LIBOR Rate will be equal to
LIBOR plus 6.0% per annum.  The default interest rate will be the
interest rate then in effect plus 2% per annum.

   * Term: All loans are to be repaid in full at the earliest of
(i) the 45th day following the Petition Date if, as of such date,
the Bankruptcy Court will not have entered the Final Order, (ii)
nine months following the Petition Date, (iii) the effective date
of a chapter 11 plan (a "Plan") in the Chapter 11 cases which is
confirmed by an order of the Bankruptcy Court, (iv) the date of
consummation of a sale of all or substantially all of the assets or
stock of the Debtors under Section 363 of the Bankruptcy Code, and
(v) the termination by the DIP Lenders upon an event of default
(any such date, the "Maturity Date").

   * Fees: There's a delayed draw fee comprising: (i) Prior to
entry of the Final Order, 0.50% of the unused portion of the
Initial Availability, payable in cash monthly in arrears; and (ii)
On or after the Final Order, 0.50% of the unused portion of the DIP
Loan Commitment payable in cash monthly in arrears.  There's also
an upfront fee of fifty basis points (0.50%) on the DIP Loan
Commitment, payable in cash upon entry of the Interim Order.

   * Chapter 11 Milestones: The DIP Facility does not contain
milestones.

   * Liens and Priorities: The DIP Facility will be secured by a
first priority lien on the Debtors' unencumbered assets and a
junior lien on the Debtors' assets that are already subject to
valid, perfected and unavoidable prepetition liens.  The DIP Agent
on its behalf and on behalf of the DIP Lenders will also be granted
superpriority administrative expense claims.  The Debtors and the
DIP Parties at this time do not seek to prime the Prepetition
Facility or any other valid, perfected and unavoidable prepetition
lien.

   * Challenge Period: Because the DIP Facility does not contain
any stipulations with respect to the Prepetition Facility, the DIP
Facility does not include a challenge period.

   * Priming or Pari Passu Liens:  The DIP Facility at this time
does not provide for pari passu or priming liens to be granted to
the DIP Parties.

                          About Baha Mar

Baha Mar -- http://www.bahamar.com-- is a 3.3 million square foot
resort complex located in Cable Beach, Nassau, The Bahamas.  A
prominent resident in The Bahamas, Sarkis Izmirlian, conceptualized
the project and has invested almost $900 million from the project.
With the support of The Bahamian Government, the project commenced
in 2005.  When completed, Baha Mar will feature elite hotels with
gaming, entertainment, private residences, shopping and natural
attractions that reflect an authentic Bahamian experience.
Amenities will include a Jack Nicklaus Signature golf course;
200,000 square feet of flexible convention facilities, including a
2,000-seat entertainment venue; art galleries featuring Bahamian
art; more than 40 restaurants, bars and clubs; global luxury
designer and local artisan boutiques; and 20 acres of exquisitely
landscaped beach and pool experiences, including a beachfront
sanctuary with native Bahamian flora and fauna.  

With the Baha Mar project only 97% complete as a result of
construction delays, Northshore Mainland Services Inc., Baha Mar
Ltd., and 13 other affiliated entities sought bankruptcy protection
in Delaware on June 29, 2015, with the goal of completing the
project while under the umbrella of the bankruptcy court.  The
cases are jointly administered, with joint pleadings under lead
debtor Northshore Mainland Services Inc. (Bankr. D. Del. Case No.
15-11402).

Milbank, Tweed, Hadley & McCoy, LLP and Kobre & Kim, LLP are acting
as legal advisors, and Moelis & Company is acting as financial
advisor to the filing entities.


BLU COMPANIES: Case Summary & 18 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Blu Companies, Incorporated
        4451 Shangri-la Court
        Placerville, CA 95667

Case No.: 15-25213

Chapter 11 Petition Date: June 29, 2015

Court: United States Bankruptcy Court
       Eastern District of California (Sacramento)

Judge: Hon. Michael S. McManus

Debtor's Counsel: Matthew R. Eason, Esq.
                  EASON & TAMBORNINI, A LAW CORPORATION
                  1819 K St #200
                  Sacramento, CA 95811
                  Tel: 916-438-1819
                  Email: matthew@capacitylaw.com

Total Assets: $5.4 million

Total Liabilities: $7.3 million

The petition was signed by Todd Wille, president.

A list of the Debtor's 18 largest unsecured creditors is available
for free at http://bankrupt.com/misc/caeb15-25213.pdf


BMB MUNAI: Eide Bailly Issues Going Concern Qualification
---------------------------------------------------------
BMB Munai, Inc. filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $18,800 on
$0 of revenues for the year ended March 31, 2015, compared with a
net loss of $1.6 million on $0 of revenues for the year ended March
31, 2014.

As of March 31, 2015, the Company had $8.6 million in total assets,
$8.6 million in total liabilities, all current, and a $38,084 total
stockholders' deficit.

Eide Bailly LLP, in Salt Lake City, Utah, issued a "going concern"
qualification on the consolidated financial statements for the year
ended March 31, 2015, citing that BMB Munai, Inc. has no continuing
operations that result in positive cash flow.  This situation
raises substantial doubt about its ability to continue as a going
concern.

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

                        http://is.gd/a6fOiT

                          About BMB Munai

BMB Munai, Inc., is engaged in oil and natural gas exploration and
production through Emir Oil LLP, which was sold to a third party
entity in 2011.  The Company has been focused on satisfying its
post-closing undertakings in connection with the sale of Emir Oil,
winding down its operations in Kazakhstan and exploring oil and
gas opportunities.


BRAND ENERGY: Bank Debt Trades at 2% Off
----------------------------------------
Participations in a syndicated loan under which Brand Energy &
Infrastructure Services is a borrower traded in the secondary
market at 97.98 cents-on-the-dollar during the week ended Friday,
June 26, 2015, according to data compiled by LSTA/Thomson Reuters
MTM Pricing and reported in the June 30, 2015, edition of The Wall
Street Journal.  This represents an increase of 0.43 percentage
points from the previous week, The Journal relates.  Brand Energy
pays 375 basis points above LIBOR to borrow under the facility. The
bank loan matures on Nov. 12, 2020, and carries Moody's B1 rating
and Standard & Poor's B rating.  The loan is one of the biggest
gainers and losers among 260 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.



CAESARS ENTERTAINMENT: 2017 Bank Debt Trades at 13% Off
-------------------------------------------------------
Participations in a syndicated loan under which Caesars
Entertainment Inc. is a borrower traded in the secondary market at
87.38 cents-on-the- dollar during the week ended Friday, June 26,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in the June 30, 2015, edition of The Wall
Street Journal.  This represents a decrease of 0.38 percentage
points from the previous week, The Journal relates. Caesars
Entertainment Inc. pays 875 basis points above LIBOR to borrow
under the facility.  The bank loan matures on March 1, 2017, and
carries Moody's withdraws its rating and Standard & Poor's D
rating.  The loan is one of the biggest gainers and losers among
260 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



CANDAX ENERGY: Obtains Extension to Facility Waiver Until July 22
-----------------------------------------------------------------
Candax Energy Inc., a company with mature oil & gas field
developments in Tunisia, on June 30 disclosed that it has not been
able to reach agreement with its partner to bring forward sales of
its oil inventory stock from November to August 2015.

The cash balance of the Company as at end of June is circa $2
million.

The net Candax share of crude oil in inventory as at end of June
2015, amounts to 57 thousand barrels ("kbbls") (over 94 kbbs
available in Maretap Tank storage) which represents an approximate
value of $3.5 million at today's Brent prices, rising to 100 kbbls
net Candax share (170 kbbs available in Maretap Tank storage) by
end of September, with a forecasted average monthly net production
of 13.5 kbbls (25 kbbls gross production including partners).

Based on current business assumptions, and assuming that oil sales
revenues are delayed until December 2015, the company would likely
experience a cash shortfall by the end of September 2015.  However
the Company forecasts a positive cash balance at the end of 2015,
once oil sales proceeds have been received.

The Management, with the support of the Board of Directors, is
studying cost reductions and rescheduling of its current
liabilities.  The Company is also actively working on options to
increase working capital, including rescheduling debt and interest
payments, pre-financing its crude oil inventory, advancing sales of
crude oil, and the sale or lease back of assets.

The Company also disclosed that it has obtained from Geofinance NV,
major debtholder and shareholder of the Company, a further
extension of 21 days on the waiver granted on January 29, 2015 up
to July 22, 2015 under a facility agreement.  Geofinance NV has
agreed not to seek any remedy under such facility agreement in
respect of the $3.5 million unpaid amount until July 22, 2015, or
earlier in specific circumstances.  A copy of the amendment and
waiver letter will be filed publicly by the Company and available
on SEDAR.

The company has also decided to explore the option to voluntarily
delist from the Toronto Stock Exchange ("TSX") to another exchange
including the TSX Venture Exchange (TSX-V) and the Canadian
Securities Exchange (CSE).  Both such exchanges have lower listing
requirements but it is not confirmed that the Company could meet
the listing requirements on either exchange.  Due to the
expenditure requirements for a senior listing, the Board is
considering whether or not it would be in the best interests of
shareholders to transition to another exchange, thereby further
reducing costs.

                           About Candax

Candax is an international energy company with offices in Toronto
and Tunis.  The Candax group is engaged in exploration and the
production of oil and gas in Tunisia and holds a royalty interest
in an exploration permit in Madagascar.


CHECKERS DRIVE-IN: Moody's Affirms 'B3' CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service affirmed Checkers Drive-In Restaurants,
Inc.'s B3 Corporate Family Rating, B3-PD Probability of Default
Rating (PDR) and B3 $160 million 11% senior secured notes rating.
The rating outlook was changed to stable from negative.

Issuer: Checkers Drive-In Restaurants, Inc.

Outlook Actions:

  Outlook, Changed To Stable From Negative

Affirmations:

  Probability of Default Rating, Affirmed B3-PD
  Corporate Family Rating, Affirmed B3
  Senior Secured Regular Bond/Debenture, Affirmed
    B3 (LGD4)

RATINGS RATIONALE

The change in outlook from negative to stable reflects Checker's
relatively steady improvement in operating performance and
earnings, driven in large part by positive same-store sales trends
which along with modestly lower funded debt levels has resulted in
better credit metrics.  The outlook also anticipates that
management will maintain adequate liquidity and a moderate
financial policy.

The B3 Corporate Family Rating reflects Checkers high leverage and
modest coverage, and our concern that the soft consumer spending
environment and competition will continue to pressure same-store
sales, earnings and debt protection metrics.  The ratings are
supported by the company's material level of brand awareness,
reasonable scale, and adequate liquidity.

The ratings could be downgraded in the event operating performance
were to deteriorate resulting in a sustained weakening of credit
metrics.  Specifically, a downgrade could occur if debt to EBITDA
exceeded 6.5 times or EBITA to interest was below 1.1 times on a
sustained basis.  A deterioration in liquidity for any reason could
also result in negative ratings pressure.

Factors that could result in an upgrade include a sustained
improvement in earnings driven by positive operating trends and
lower costs.  Specifically, an upgrade would require debt to EBITDA
approaching 5.25 times and EBITA coverage of interest above 1.75
times on a sustained basis.  A higher rating would also require an
improved liquidity profile.

Checkers Drive-in Restaurants, Inc. owns, operates, and franchises
hamburger quick service restaurants under the brand names Checkers
and Rally's Hamburgers.  Annual revenues are approximately $350
million.

The principal methodology used in this rating was Global Restaurant
Methodology published in June 2011.



COSO GEOTHERMAL: Fitch Affirms 'C' Rating on 2026 Certificates
--------------------------------------------------------------
Fitch Ratings has affirmed Coso Geothermal Power Holdings LLC's
$629 million ($430 million outstanding) pass through certificates
due 2026 at 'C'.

The rating affirmation is based on Fitch's expectation that default
appears imminent. Default could occur as early as mid-July 2015 if
Coso fails to meet certain rent payments required under the
facility lease. The potential October 2015 expiration and
subsequent repayment of the letter of credit (LC) backing Coso's
collateral obligation under its revenue contracts presents another
near-term default risk. Cash flow projections and remaining
reserves indicate that a payment default is likely by early 2017.

KEY RATING DRIVERS

Geothermal Resource Depletion - Supply Risk: Weaker

Underperformance of the geothermal resource has lowered net
operating capacity at the project's three interlinked geothermal
power plants. With the decline in the geothermal resource, energy
revenues have fallen to levels that are not sufficient to meet debt
obligations.

Expected Payment Shortfalls - Debt Structure: Midrange

Fitch's projections indicate that cash available for debt service
will result in shortfalls for future payment obligations on the
fully amortizing certificates. A senior debt reserve, funded with
cash from a drawn LC facility, supports these obligations when
needed, though the remaining reserve balance equates to less than
50% of annual debt service.

Limited Price Risk - Revenue Risk: Midrange

Variable pricing on energy sales is limited to one-fifth of total
revenues between July 2014 and March 2019. Coso earns the majority
of its revenue for its energy output through various power purchase
agreements (PPA) with off-taker Southern California Edison (SCE,
rated 'A-' with a Stable Outlook by Fitch).

Lack of Dedicated Operating Reserves - Operation Risk: Weaker
The project has no dedicated operations and maintenance or major
maintenance reserve, leaving little cushion to protect against
increased operational costs.

Peer Comparison

Coso's geothermal assets have suffered worse resource depletion
than those within the CE Generation LLC ('BB-'/Outlook Stable)
portfolio and OrCal Geothermal Inc. ('BB'/Outlook Stable), leading
to more pressured financial performance.

RATING SENSITIVITIES

Negative -- Failure to meet certain obligations this year under the
facility lease or revenue contracts could result in near-term
technical default.

Negative -- Payment default could occur in early 2017 if operating
cash flow and remaining reserves are insufficient to meet debt
obligations.

SUMMARY OF CREDIT

The rated certificates could be pulled into default as early as
July 2015 if Coso fails to make certain equity rent payments, an
obligation under the facility lease. Fitch expects a $3 million
shortfall on the upcoming equity rent payment due July 15, 2015.
The senior debt reserve may not be used to make up for any equity
rent shortfalls, but the owner lessors do have the option to cure.
If not cured within 10 days of the due date, Fitch expects the
rated debt will be pulled into default.

Default could also occur if Coso fails to secure an extension or
replacement of the LC backing a $15 million collateral posting
required under its PPA with SCE. Coso currently satisfies this
requirement with an LC with Citibank, N.A. ('A+'/Outlook Stable),
which expires in October 2015. SCE would draw on the LC if it is
not extended or replaced. If Coso is unable to meet subsequent LC
repayment obligations, this may lead to a technical default that
could cross default to the lease and lease indenture of the rated
certificates.

Based on Fitch's projections, operating cash flow and remaining
debt service reserves are expected to be sufficient to repay
obligations through 2016. In Fitch's view, reserves are likely to
be exhausted and a payment default is likely to occur in early 2017
due to weakened operational performance. As of June 2015, Coso has
tapped its senior reserve three times over the past three years to
meet debt payment shortfalls. Coso drew the senior debt reserve
portion of its LC into cash in November 2014 and continues to meet
rated debt obligations using a combination of operating cash flow
and the remaining reserves. Coso utilized $10 million of the senior
debt reserve to meet the most recent January 2015 payment, leaving
a reserve balance of $17.6 million. Coso has defaulted on its
obligation to repay principal on the LC's drawn funds, but this
does not constitute a default under the lease indenture for the
rated certificates.

CGP is a special-purpose company formed to lease and operate the
Coso project, which consists of three interlinked geothermal power
plants located in Inyo County, CA. Coso provides royalty payments
to the U.S. Navy and the Bureau of Land Management for use of the
geothermal resource. Under a series of power purchase agreements,
Coso's entire output will be sold to SCE through January 2030. Cash
flows from both Coso and Beowawe, an affiliated geothermal project
in Nevada, are available to service CGP's rent payments under the
CGP lease. Rent payments are the sole source of cash available to
pay debt service on the pass-through trust certificates. Each
tranche of the certificates represents an undivided interest in a
related pass-through trust, which holds the lessor notes issued by
the owner lessors. The notes are the sole collateral and source of
repayment of the certificates.



COVIS PHARMA: S&P Affirms Then Withdraws 'B' Rating
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' rating on Covis
Pharma Holdings Sarl (Covis) following Covis' acquisition by
Concordia Healthcare Corp. (B/Stable/--).  The outlook is stable.

S&P subsequently withdrew the rating to reflect the repayment by
Covis of all its outstanding debt.



DEEPHAVEN, MN: S&P Cuts Rating on 2013A/B Revenue Bonds to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Deephaven,
Minn.'s series 2013A and 2013B charter school lease revenue bonds,
issued for Eagle Ridge Academy, one notch to 'BB+' from 'BBB-'.  At
the same time, Standard & Poor's assigned its 'BB+' rating to
Deephaven's $31 million tax-exempt series 2015A and $385,000
taxable series 2015B charter school lease revenue and refunding
bonds, also issued for the academy.  The outlook is stable.

"The downgrade on the 2013 bonds reflects our view of the added
burden the 2015 issuance places on Eagle Ridge's debt profile,"
said Standard & Poor's credit analyst Stephanie Wang.  "This
results in lower pro forma maximum annual debt service (MADS)
coverage based on fiscal 2014 results, and a high pro forma MADS
burden that is more commensurate with a 'BB+' rating."

Approximately $10 million of proceeds from the 2015 bonds will be
used to fully refund the series 2013 bonds, with the remainder used
to acquire the land for, design, and renovate a new facility for
the academy; fund a reserve fund and capitalized interest on the
2015 bonds; and pay issuance costs.  Once the bond sale closes and
the 2013 bonds are defeased in full, S&P expects that the 2013
bonds will no longer be the responsibility of the academy or its
affiliated building company.

"A positive rating action may occur beyond the outlook period
should the school fulfill its enrollment goals and grow operations
such that MADS coverage and liquidity increase to levels more
commensurate with a higher rating," Ms. Wang added.  "Conversely, a
negative rating action may occur should there be construction
delays or cost overruns that stifle enrollment growth plans, a
decline in academic performance that leads to charter renewal
issues, or weakened operations resulting in lower MADS coverage and
a significant decline in liquidity."

Eagle Ridge is a kindergarten-through-Grade 12 public charter
school located about 15 miles outside the Twin Cities in Eden
Prairie.



DOUGLAS HIMMELFARB: Hawaii Court Rules on Award of Atty Fees
------------------------------------------------------------
Bankruptcy Judge Robert J. Faris ruled on certain issues in the
remanded case, In re DOUGLAS BRUCE HIMMELFARB, Chapter 11, Debtor,
CASE NO. 13-00229, RELATED DOCKET NO. 203 (Bankr. D. Hawaii).

Judge Faris previously cited debtor Douglas Himmelfarb for contempt
for committing a willful violation of two court orders when
Himmelfarb disclosed information he obtained from Christopher
Rothko and Marian Kahan.

On appeal, the district court affirmed the contempt citation, but
it vacated the award of attorneys' fees, the denial of Himmelfarb's
countermotion for contempt, and the fine.

On remand, Judge Faris held as follows:

     -- As to the award of attorney's fees, Judge Faris held that
        the amount of $44,572.13 is a reasonable amount of
        attorney's fees flowing directly from Himmelfarb's
        contempt.  However, Judge Faris did not award attorney's
        fees to the Rothko parties in connection with the appeal
        because he did not have the power to award such
        attorney's fees, and Himmelfarb prevailed in part on
        appeal.

     -- On his denial of Himmelfarb's countermotion, Judge Faris
        held that the Rothko parties did not violate the
        Stipulated Protective Order when they made their
        confidentiality designations and that, even if there were  

        a violation, it was not willful and did not harm
        Himmelfarb.

     -- Lastly, Judge Faris reaffirmed his decision that
        Himmelfarb should pay a $9,000 fine.

A copy of the May 28, 2015 memorandum is available at
http://is.gd/dvq95Gfrom Leagle.com.


DRYDEN ADVISORY: Motion to Correct Record Denied
------------------------------------------------
Dryden Advisory Group, LLC, filed a motion for interim use of cash
collateral on February 20, 2015.  Durham Commercial Capital Corp.
argued that some of the accounts receivable in which both Citibank,
N.A. and Beneficial Mutual Savings Bank claimed a security interest
were sold by Debtor to Durham under a factoring agreement.  A
hearing on the Cash Collateral Motion was held on April 28, 2015,
and May 7, 2015.

At the May 7 hearing, Michael T. Eismann, the Debtor's vice
president, testified on behalf of Debtor on a variety of topics
related to the Debtor's operations and its dealings with its
creditors.  During his testimony, Mr. Eismann stated that the
Debtor did not receive payment from Susquehanna Bank on a certain
invoice that Durham asserted was subject to the factoring
agreement.  Durham sought to elicit an admission from Mr. Eismann
that the Susquehanna Bank invoice had been received by the Debtor,
but Mr. Eismann steadfastly denied that payment had been received.
The record was closed on May 7, 2015, and a briefing schedule was
issued by the Court.

On May 11, the Debtor filed the Motion to Correct Record and
attached an affidavit in which Mr. Eismann admits that Debtor did,
in fact, receive payment of the account receivable from Susquehanna
Bank.  In the affidavit, Mr. Eismann states that his prior
testimony was incorrect and, as Durham had asserted, that the
Debtor received payment directly on one of the accounts factored to
Durham.  Although Durham tried to elicit this admission at trial,
it objected to the Motion to Correct arguing that there is no
procedure to correct the record after it has been closed.

Judge Mary D. France of the United States Bankruptcy Court for
Middle District of Pennsylvania denied the Debtor's motion for
order to correct record, holding that, it would be inappropriate
for the Court to permit the Debtor to file an affidavit correcting
testimony presented at trial without a showing that it meets the
standards set forth in the case captioned Zenith Radio Corp. v.
Hazeltine Research, Inc., 401 U.S. 321, 331(1971).

Accordingly, Judge France denied the Motion to Correct with leave
granted to the Debtor to file a motion to reopen the record within
14 days from the date of the order accompanying the opinion.  If a
motion to reopen is filed, Dryden will have seven days thereafter
to file an objection.  

The Debtor, according to Judge France, has demonstrated that Mr.
Eismann failed to prepare adequately to testify at the hearing in
this matter and is seeking to correct testimony that he later
determined was false.  The Court also found it would be
inappropriate for the Debtor to be permitted to simply submit an
affidavit to change earlier testimony without some showing that the
Debtor's receipt of the Susquehanna invoice is especially important
or probative to the issues to be decided in this matter.  Further,
if Durham wishes to contest reopening of the record, it should be
afforded an opportunity to show why it will suffer undue prejudice
if Mr. Eismann is permitted to admit to a fact that Durham sought
to establish at trial, Judge France said.

The case is DRYDEN ADVISORY GROUP, LLC, Movant, v. BENEFICIAL
MUTUAL SAVINGS BANK, CITIBANK, N.A. and DURHAM COMMERCIAL CAPITAL
CORP., Respondents, IN RE: DRYDEN ADVISORY GROUP, LLC, Chapter 11,
Debtor-in-Possession, NO. 1:15-BK-00545MDF (Bankr. M.D. Pa.).

A full-text copy of Judge France's Opinion dated June 15, 2015, is
available at http://bit.ly/1TQo847from Leagle.com.



ELIZABETH ARDEN: S&P Lowers CCR to 'B', Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on New York-based Elizabeth Arden Inc. to 'B' from
'B+'.  The outlook is negative.

At the same time, S&P lowered its issue-level rating on the
company's senior unsecured notes due 2021 to 'B' from 'B+' and
revised the recovery rating on the debt to '4' from '3'.  The '4'
recovery rating indicates S&P's expectation for average (30% to
50%; upper half of the range) recovery in the event of payment
default.

"The downgrade reflects Elizabeth Arden's weak credit measures due
to its poor operating performance, and our expectation that its
recovery will be slow and uneven, given the over-saturation of
celebrity brand fragrances and intense competition in the cosmetics
industry," said Standard & Poor's credit analyst Peter Deluca.

The company's weak operating performance over the past year and a
half has resulted in a significant deterioration in credit
measures.  S&P expects leverage to be about 15x at year-end 2015
and EBITDA coverage of interest to be below 1.0x.  Because of this,
S&P has revised its financial risk profile for Elizabeth Arden to
"highly leveraged" from "aggressive".

The company's product portfolio is highly concentrated in
fragrances and is more volatile than its other business segments.
Also, the company's sales and EBITDA are weighted toward the first
half of its fiscal year (which ends June 30), as retailers increase
purchases in advance of the holiday season.  However, the company
maintains a solid market position in fragrances through its
portfolio of well-known brands.  These factors support S&P's
business risk assessment of "weak".

The negative outlook reflects the risk that Elizabeth Arden may not
be able to strengthen profitability and credit measures through its
performance improvement plans and restructuring activities.  S&P
expects the company should be able to stabilize its operating
performance by the end of fiscal 2016, although profit measures
will be well below historical levels.

S&P could lower its ratings if the anticipated benefits from the
restructuring initiatives fail to materialize, or if the
competitive landscape intensifies further such that credit measures
remain very weak, including EBITDA coverage of interest remaining
below 1.0x.  In addition, S&P could lower the ratings if liquidity
worsens because the company has to fund its operations with
revolver drawings.

S&P could consider revising the outlook to stable if the company
stabilizes operating performance, realizes cost savings from its
efficiency initiatives, and EBITDA coverage of interest increases
to 1.0x.  This could occur if the company generates EBITDA about
48% over S&P's base-case forecast for 2015.  The company could
achieve this if it is able to expand margins to almost 5% in 2015.
S&P's base-cast estimate is in the low-3.0% area.



EVERYWARE GLOBAL: S&P Raises CCR to 'CCC+' on Restructuring
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Lancaster, Ohio-based EveryWare Global Inc. to 'CCC+'
from 'D' following the company's emergence from Chapter 11
bankruptcy.  The outlook is negative.

In addition, S&P assigned its 'B-' issue-level rating to the $40
million senior secured term loan due June 2018 issued by its
operating subsidiaries Anchor Hocking LLC and Oneida Ltd.  The
recovery rating is '2', indicating S&P's expectations of
substantial (70% to 90%, at the upper half of the range) recovery
in the event of a payment default.

S&P also withdrew the ratings on Oneida Ltd. And Anchor Hocking
LLC's $250 million term loan due May 2020, which was impaired
following the company's Chapter 11 filing.  

S&P's ratings incorporate an analysis of EveryWare Global Inc. on a
consolidated basis, which includes Universal Table Inc., Oneida
Ltd., and Anchor Hocking LLC, the wholly owned subsidiaries.  

"The upgrade reflects EveryWare's completion of its financial
restructuring and emergence from bankruptcy," said Standard &
Poor's credit analyst Beverly Correa.  "We believe the company may
not be able to maintain sufficient liquidity during the next 12
months, and that it will remain challenged to substantially
increase its revenues, profitability, and overall cash flow and
meaningfully improve its financial position within the next two
years."

The negative outlook reflects Standard & Poor's expectation that
the company's recovery will be slow and uneven, and that its
operating cash flows will continue to be negative for the remainder
of 2015, which may result in an inability to maintain adequate
cushion on its financial covenants in its credit agreement.  S&P
could revise the outlook to stable or raise the ratings if the
company can restore revenue and profit growth, improve free
operating cash flows, and sustain adequate cushion on its financial
covenants.



FIDELITY NATIONAL: Fitch Affirms BB+ Rating on $300MM Sr. Notes
---------------------------------------------------------------
Fitch Ratings has upgraded Fidelity National Financial, Inc.'s
(FNF) title insurance operating companies' Insurer Financial
Strength (IFS) ratings to 'A-' from 'BBB+'. In addition, Fitch has
affirmed FNF's Issuer Default Rating (IDR) at 'BBB-' and senior
unsecured debt at 'BB+.' The Rating Outlook is Stable.

KEY RATING DRIVERS

Fitch's upgrade of FNF's IFS ratings are based on market-leading
scale, margins, and operating company capitalization. Offsetting
these positives though has been a history of periodic consolidated
balance sheet financial leverage increases to fund acquisitions of
ancillary businesses. While Fitch notes that past ventures have
been successful, historical results do not mitigate future risks.

FNF's more aggressive holding company capital management, coupled
with high tangible financial leverage are the primary reasons for
the expansion of holding company debt-notching with the IFS rating
upgrade. On Jan. 2, 2014, FNF acquired Lender Processing Services,
Inc. (LPS) for $3.4 billion, generating approximately $3 billion of
the total $4.7 billion in goodwill.

FNF's financial leverage as of March 31, 2015 was 33%; however,
tangible financial leverage was 100%. Prior to the LPS transaction,
financial leverage was 19% and tangible financial leverage was 31%
at year-end 2013.

Fitch's ratings analysis considers both the two tracking stocks,
FNF Core (Ticker: FNF NYSE) and FNF Financial Ventures (Ticker:
FNFV NYSE). While Fitch recognizes the tracking stock gives FNF's
management the ability to streamline the organizational chart and
lessen the volatility of title insurance operations it does not
alleviate holding company obligations, as neither is a separate
legal entity. Any future material organizational structure changes
at FNF would merit further assessment of the ratings.

FNF has a dominant position in title insurance accounting for
approximately 32% of the U.S. title insurance market. This scale
coupled with an aggressive cost management focus has allowed FNF to
be one of the most profitable title insurance companies, reporting
a GAAP pretax operating margin of 12.2% for full-year 2014, the
highest amongst large publicly traded title insurance companies.

As of March 31, 2015, GAAP fixed charge coverage (FCC) was 5.9x.
Fitch anticipates modest improvement in the FCC ratio as the
company actively reduces its debt load.

Fidelity's title insurance operating subsidiaries have strong
capitalization with statutory operating leverage of 2.5x as of
year-end 2014 and a risk adjusted capital (RAC) score of 197%; both
metrics are favorable relative to title insurer peers.

RATING SENSITIVITIES

The following is a list of key rating drivers that could lead to an
upgrade for the holding company ratings:

-- Sustained improvement in debt/EBITDA of 2.3x or higher; year-
    end 2014 debt/EBITDA was 2.8x.
-- Significant improvement in tangible financial leverage.
-- Sustained GAAP FCC ratio of 8.0x or higher.

These factors, as well as the following items could lead to an
upgrade of both IFS and debt ratings:

-- Maintenance of operating company capital strength as
    demonstrated by a RAC score above 175% and net leverage below
    4.0x.

-- Maintenance of GAAP operating margins at current levels that
    remain in top tier versus industry norms.

The following is a list of key rating drivers that could lead to a
downgrade:

-- A RAC score below 130%.
-- Any acquisition that increases financial leverage above 35%.
-- A significant write-down in goodwill or signs that indicate a
    potential write-down of goodwill is possible.
-- Deterioration in earnings, primarily measured by consolidated
    pretax GAAP margins, at a pace greater than peer averages.
-- Sustained material adverse reserve development.

FULL LIST OF RATING ACTIONS

Fitch has upgraded the following ratings with a Stable Outlook:

Fidelity National Title Ins. Co.
Alamo Title Insurance Co. of TX
Chicago Title Ins. Co.
Commonwealth Land Title Insurance Co.
  -- IFS ratings to 'A-' from 'BBB+'.

Fitch has affirmed the following ratings with a Stable Outlook:

Fidelity National Financial, Inc.
  -- IDR at 'BBB-';
  -- $300 million 4.25% convertible senior note maturing Aug. 15,
     2018 at 'BB+';
  -- $300 million 6.6% senior note maturing May 15, 2017 at 'BB+';

  -- $400 million 5.5% senior note maturing Sept. 1, 2022 at 'BB+'
  -- Four-year $800 million unsecured revolving bank line of
     credit due July 2018 at 'BB+'.



FIGUEROA TOWER: Cal. App. Flips Summary Ruling Favoring U.S. Bank
-----------------------------------------------------------------
Plaintiffs and appellants Figueroa Tower I, LP, Figueroa Tower II,
LP, and Figueroa Tower III, LP, brought an action against
defendants and respondents U.S. Bank National Association and
Witkin & Eisinger asserting seven causes of action based on actions
defendants took in enforcing the provisions of a promissory note
and a deed of trust.

The trial court sustained without leave to amend defendants'
demurrer to five of plaintiffs' causes of action.  It granted
defendants' motion for summary judgment as to plaintiffs' two
remaining causes of action as well as to two of the causes of
action as to which it had already sustained defendants' demurrer.
On appeal, plaintiffs challenge the trial court's demurrer ruling
as to two of their causes of action and its summary judgment
ruling.

The Court of Appeals for the Second District of California,
Division Five, reversed a trial court's ruling.

The Court of Appeals reversed the trial court's ruling on
defendants' demurrer as to plaintiffs' wrongful foreclosure and
declaratory relief causes of action and its ruling on defendants'
summary judgment motion as to plaintiffs' breach of written
contract, wrongful foreclosure, and declaratory relief causes of
action.  It also affirmed the trial court's ruling on defendants'
summary judgment motion as to plaintiffs' accounting cause of
action.  It remanded to the trial court for further proceedings.
The Plaintiffs are awarded their costs on appeal.

The Court of Appeals found that the Defendants cite no authority
that holds that a trial court may require a plaintiff to deposit in
an escrow account the disputed funds due in order to maintain an
action challenging a nonjudicial foreclosure sale.  Further, the
Court found that the Defendants do not cite a finding by the trial
court that plaintiffs were unable to make good on their tender.
Moreover, the Court said the plaintiffs demonstrated their ability
to make good on their tender by their deposit of $5 million in the
client trust account of the law firm of Resch, Polster & Berger,
LLP.  In its ruling on defendants' summary judgment motion, the
trial court stated that plaintiffs had failed to comply with its
demurrer ruling requiring them to deposit $5 million in an escrow
account in order to proceed with their wrongful foreclosure and
declaratory relief causes of action. The trial court's apparent
intended meaning of that statement was that the trial court was not
changing its order sustaining without leave to amend defendants'
demurrer as to those causes of action, the Court said.

Because the Court of Appeals reversed the trial court's ruling on
defendants' demurrer, the Court of Appeals addresses the trial
court's alternative ruling and hold that the alternative ruling was
error in light of our holding in U.S. Bank, supra, 232 Cal. App.
4th 639 because plaintiffs' wrongful foreclosure and declaratory
relief causes of action were based in part on the Bank's alleged
erroneous calculation of the prepayment fee.  Defendants do not
argue that summary judgment or summary adjudication was otherwise
appropriate on any other ground as to those causes of action or for
any other reasons stated by the trial court.  Moreover, this case
concerns a multimillion dollar real estate transaction. The order
with which plaintiffs have not complied was a $25,000 attorney fees
award that was awarded in part on an erroneous basis.  The appeal
before the Court does not concern the $25,000 attorney fees award.
Under the circumstances, it would be inequitable to dismiss
plaintiffs' appeal based on their alleged misconduct, the Court
ruled.

The appeals case is FIGUEROA TOWER I, LP., et al, Plaintiffs and
Appellants, v. U.S. BANK NATIONAL ASSOCIATION, etc., Defendants and
Respondents, Case No. B255844, (Cal. App.).  A full-text copy of
the Opinion dated June 16, 2015, is available at
http://bit.ly/1FDFupVfrom Leagle.com.

Marc Smith, Esq. -- msmith@kranesmith.com and Daniel Reback, Esq.
-- dreback@kranesmith.com of Krane & Smith -- Katharine J. Galston,
Esq. --  kate@deganigalston.com of The Law Office of Katharine J.
Galston serve as counsel for Plaintiffs and Appellants.

Robert B. Kaplan, Esq. -- RKaplan@jmbm.com and Neil C. Erickson,
Esq. -- NErickson@jmbm.com of Jeffer Mangels Butler & Mitchell
serve as counsel for Defendants and Respondents.


FRAC TECH SERVICES: Bank Debt Trades at 17% Off
-----------------------------------------------
Participations in a syndicated loan under which Frac Tech Services
Ltd is a borrower traded in the secondary market at 82.96
cents-on-the- dollar during the week ended Friday, June 26, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 30, 2015, edition of The Wall Street Journal.
This represents a decrease of 0.68 percentage points from the
previous week, The Journal relates. Frac Tech Services Ltd. pays
475 basis points above LIBOR to borrow under the facility.  The
bank loan matures on April 3, 2021, and carries Moody's B2 rating
and Standard & Poor's B rating.  The loan is one of the biggest
gainers and losers among 260 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.



FREMAK INDUSTRIES: Case Summary & 7 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Fremak Industries, Inc.
        150 East 58th Street, Suite 2001
        New York, NY 10155

Case No.: 15-11740

Chapter 11 Petition Date: July 1, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Sean H. Lane

Debtor's Counsel: David L. Barrack, Esq.
                  POLSINELLI PC
                  900 Third Avenue, 21st floor
                  New York, NY 10022
                  Tel: 646-289-6517
                  Email: dbarrack@polsinelli.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Leon Goldenberg, president.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/nysb15-11740.pdf


GELTECH SOLUTIONS: Issues $200,000 Convertible Note to Reger
------------------------------------------------------------
GelTech Solutions, Inc., on June 24, 2015, issued Mr. [___] Reger a
$200,000 7.5% secured convertible note in consideration for a
$200,000 loan, according to a document filed with the Securities
and Exchange Commission.  

The note is convertible at $0.82 per share and matures on Dec. 31,
2020.  Repayment of the note is secured by all of the Company's
assets including its intellectual property and inventory in
accordance with a secured line of credit agreement between the
Company and Mr. Reger.  Additionally, the Company issued Mr. Reger
121,952 two-year warrants exercisable at $2.00 per share.  

All of the securities were issued without registration under the
Securities Act of 1933 in reliance upon the exemption provided in
Section 4(a)(2) and Rule 506(b) thereunder.

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

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

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

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2013.  The independent auditors noted
that the Company has a net loss and net cash used in operating
activities in 2013 of $5,221,747 and $4,195,655, respectively, and
has a working capital deficit, accumulated deficit and
stockholders' deficit of $556,140, $28,021,633 and $2,270,386,
respectively, at June 30, 2013.  These matters raise substantial
doubt about the Company's ability to continue as a going concern.


GENWORTH HOLDINGS: Moody's Gives (P)Ba1 Rating on Sr. Unsec. Debt
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional debt ratings
(senior unsecured debt at (P)Ba1) to Genworth Holdings, Inc.'s
multiple security shelf.  Other provisional ratings assigned are
listed below.  The outlook on all the ratings is negative.  The
shelf renews and replaces a similar universal shelf registration
that expires in June 2015.

RATINGS RATIONALE

Moody's said that the Ba1 senior unsecured debt rating of Genworth,
the intermediate holding company of Genworth Financial, Inc.
(unrated, NYSE: GNW) is based on the Baa1 IFS rating of its life
insurance operations and the strength of its international mortgage
insurance operations.  Genworth is a leading provider of individual
long-term care (LTC) insurance in the US, and as a multinational
provider of mortgage insurance (MI) has a material position in the
US, Canada and Australia.

According to Scott Robinson, Senior Vice President, "These
strengths are somewhat offset by the company's adverse experience
within its LTC business and its reliance on regulatory approval of
rate increases, as well as its recent shift in strategy to possibly
deemphasize its life insurance operations." Moody's added that
although Genworth has taken a number of prudent steps to protect
its capital position to comply with revised regulatory capital
requirements for the US MI business and maintain strong LTC
accounting reserve margins, it remains exposed to further
deterioration in its legacy block of LTC business.

Moody's noted that given the company's negative outlook, an upgrade
over the near term is unlikely.  However, the following could cause
the outlook on Genworth to be changed to stable: A change in the
outlook on Genworth's life insurance subsidiaries to stable.  On
the other hand, the following could result in a downgrade of the
holding company's ratings: a downgrade of the US life insurance
operations.

These provisional debt ratings were assigned with a negative
outlook:

Genworth Holdings, Inc. -- provisional senior unsecured shelf
rating at (P)Ba1; provisional subordinated shelf rating at (P)Ba2.

Genworth Financial, Inc., headquartered in Richmond, Virginia,
reported total assets of $112 billion and total shareholders'
equity of $17.1 billion as of March 31, 2015.



GLENCOE ACQUISITION: Bid to Dismiss Clawback Complaint Denied
-------------------------------------------------------------
Judge Kevin Gross of the United States Bankruptcy Court for the
District of Delaware denied HBK Master Fund L.P.'s motion to
dismiss the Amended Complaint filed by Charles M. Forman, as
Chapter 7 Trustee for Glencoe Acquisition, Inc.

Glencoe and HBK, a foreign limited partnership, entered into a
Stock Purchase Agreement in which HBK agreed to convey to Glencoe
all of the issued and outstanding securities of HomeWise Holdings,
Inc. for $500,000.  As a result, the SPA also provided that Glencoe
would obtain Holdings' interest in several wholly-owned
subsidiaries.  Specifically, pursuant to the SPA, Glencoe purchased
Holdings' 100% interest in HomeWise Management Company, and HMC's
100% interest in both HomeWise Insurance Company and HomeWise
Preferred Insurance Company.

According to the Chapter 7 Trustee, on August 15, 2011, Demotech, a
third-party company that provides financial stability ratings,
"pulled the rating for HWIC."  As a result, the Chapter 7 Trustee
claims that "HWIC was no longer able to write insurance policies."
On November 18, 2011, HWIC was ordered into receivership by the
Second Judicial Circuit Court in Leon County, Florida.  Based on
these allegations, the Chapter 7 Trustee seeks to avoid the
Transfer -- Glencoe's $500,000 purchase of Holdings, HMC, HWIC and
HPIC -- to HBK as a fraudulent transfer.

The Chapter 7 Trustee alleges two counts against HBK.  In Count
One, the Trustee seeks to avoid and recover the Transfer as a
constructive and actual fraudulent transfer pursuant to Bankruptcy
Code Section 548 and Del. Code Ann. Tit. 6, Sections 1304(a)(1) and
1307(a)(1).  In Count Two, the Trustee incorporates the prior
allegations and states that he may "recover the Transfer from any
`immediate or mediate transferee' of HBK."

Judge Gross denied the HBK's motion to dismiss the Amended
Complaint, although the Court did not address HBK's Motion to
Strike because it is not necessary to the decision.

According to Judge Gross, the Chapter 7 has provided sufficient
allegations from which a reasonable person could infer that the
totality of the Transfer and the acquisition of woefully
underfunded entities caused Glencoe's insolvency, left Glencoe with
unreasonably small capital, and that at the time of the Transfer,
Glencoe believed that it would incur debts beyond its ability to
pay.

The case is CHARLES M. FORMAN, as the Chapter 7, trustee for
Glencoe Acquisition, Inc., et al., Plaintiff, v. HBK MASTER FUND
L.P., and JOHN DOES No. 1 through 100, being fictional names,
Defendants, ADV. PROC. NO. 14-50464(KG), In re GLENCOE ACQUISITION,
INC., et al., Chapter 11, Debtors, Case No. 12-12071(KG) (Bankr. D.
Del.).

A full-text of copy of Judge Gross' Memorandum Opinion dated June
16, 2015, is available at http://bit.ly/1BFjKPofrom Leagle.com.


GREENSHIFT CORP: Effects 1-for-100 Reverse Stock Split
------------------------------------------------------
GreenShift Corporation filed with the Secretary of State of the
State of Delaware a certificate of amendment to the Company's
certificate of incorporation to give effect to a 1-for-100 reverse
stock split effective June 29, 2015, according to a document filed
with the Securities and Exchange Commission.  The Company's common
stock began trading on a post-reverse split basis on June 30,
2015.

                    About Greenshift Corporation

Headquartered in New York, GreenShift Corporation develops and
commercializes clean technologies designed to integrate into and
leverage established production and distribution infrastructure to
address the financial and environmental needs of its clients by
decreasing raw material needs, facilitating co-product reuse, and
reducing waste and emissions.

Greenshift reported net income of $1.97 million on $12.8 million of
total revenue for the year ended Dec. 31, 2014, compared with a net
loss of $4.43 million on $15.5 million of total revenue for the
year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $1.28 million in total
assets, $41.97 million in total liabilities and a $40.7 million
total stockholders' deficit.


GYMBOREE CORP: Bank Debt Trades at 28% Off
------------------------------------------
Participations in a syndicated loan under which Gymboree Corp. is a
borrower traded in the secondary market at 72.46 cents-on-the-
dollar during the week ended Friday, June 26, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 30, 2015, edition of The Wall Street Journal.  This
represents a decrease of 1.09 percentage points from the previous
week, The Journal relates. Gymboree Corp. pays 350 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
February 23, 2018, and carries Moody's B3 rating and Standard &
Poor's CCC+ rating.  The loan is one of the biggest gainers and
losers among 260 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.



H. K. GRAND VENTURE: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: H. K. Grand Venture Capital, LLC
        30800 Northwestern Highway, Ste. 223
        Farmington Hills, MI 48334

Case No.: 15-49994

Chapter 11 Petition Date: July 1, 2015

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

Judge: Hon. Phillip J Shefferly

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

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steven Gittleman, member.

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


HAWAIIAN HOLDINGS: S&P Raises CCR to 'B+', Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
corporate credit rating on Honolulu, Hawaii-based Hawaiian Holdings
Inc., the parent company of Hawaiian Airlines Inc., to 'B+' from
'B'.  The outlook is stable.

S&P also raised its issue-level rating on Hawaiian Airlines Inc.'s
2013-1 Class B pass-through trust certificates by one notch to
'BB', in conjunction with S&P's upgrade of Hawaiian Holdings.

At the same time, S&P affirmed its issue-level rating on Hawaiian
Airlines' 2013-1 Class A pass-through trust certificates because
S&P believes that their collateral protection has deteriorated,
offsetting the effect of its upgrade of Hawaiian Holdings Inc.

"Our upgrade of Hawaiian Holdings Inc. reflects the company's
improved operating performance, which has strengthened its credit
measures," said Standard & Poor's credit analyst Betsy Snyder.  As
of March 31, 2015, Hawaiian's trailing-12-months funds from
operations (FFO)-to-debt ratio was 24% and its debt-to-EBITDA
metric was 3.3x.  S&P expects the company to maintain its stronger
operating performance going forward, due in large part to its lower
fuel expense, which should improve its credit metrics in 2015
before they moderate slightly in 2016.  Based on these trends, S&P
now assess Hawaiian's financial risk profile as "aggressive"
(compared with "highly leveraged" previously) under S&P's
criteria.

S&P expects Hawaiian Holdings Inc.'s credit metrics to improve in
2015 and moderate thereafter as fuel prices increase.

S&P could lower its ratings on the company if its earnings and cash
flow are weaker than it had anticipated because of
higher-than-expected fuel prices or lower-than-expected demand and
pricing, causing its FFO-to-debt ratio to decline to 12% or below
on a sustained basis.

Although unlikely, S&P could raise its ratings if the company's
earnings and cash flow improve because of lower-than-expected fuel
prices or higher-than-expected demand and pricing, causing its
FFO-to-debt ratio to rise above 30% on a sustained basis.



HAWKER BEECHCRAFT: Court Rules on Motions in ADA Suit
-----------------------------------------------------
District Judge Julie A. Robinson ruled on several motions filed in
the case captioned HAROLD M. NYANJOM, Plaintiff, v. HAWKER
BEECHCRAFT CORP., Defendant, CASE NO. 12-1461-JAR (D. Kan.).

On November 27, 2012, a suit was filed by Harold M. Nyanjom in the
United States District Court for the Southern District of New York
against his former employer, Hawker Beechcraft Corp. He alleged
claims of discrimination and retaliation under the Americans with
Disabilities Act ("ADA") and the Kansas Act Against Discrimination
("KAAD").

The following motions were filed: Defendant's Motion for Summary
Judgment, Plaintiff's Cross-Motion for Summary Judgment,
Plaintiff's Motion for Leave to File Sur-Reply, Plaintiff's Amended
Motion for Leave to File Sur-Reply, and Defendant's Motion to
Strike Plaintiff's Response to Defendant's Reply to Defendant's
Motion for Summary Judgment.

Judge Robinson denied Plaintiff's cross-motion for summary judgment
because, even if it had been timely filed, he has not met his
burden of persuasion on his claims of discrimination and
retaliation.  On the other hand, Defendant's motion for summary
judgment was granted because it has met its burden of demonstrating
a lack of evidence that would produce a genuine issue of material
fact on any of the essential elements of Plaintiff's claims.

Judge Robsinson further ordered that Plaintiff's Motion for Leave
to File Sur-Reply is moot and Plaintiff's Amended Motion for Leave
to File Sur-Reply is granted. Defendant's Motion to Strike
Plaintiff's Response to Defendant's Reply to Defendant's Motion for
Summary Judgment was denied.

A copy of the May 26, 2015 memorandum and order is available at
http://is.gd/Exw5rLfrom Leagle.com.

Hawker Beechcraft Corp., and its representatives, Defendant,
represented by Anna C. Ritchie -- acritchie@martinpringle.com --
Martin, Pringle, Oliver, Wallace & Bauer, LLP & Terry L. Mann --
tlmann@martinpringle.com -- Martin, Pringle, Oliver, Wallace &
Bauer, LLP.

                      About Hawker Beechcraft

Hawker Beechcraft Acquisition Company, LLC, headquartered in
Wichita, Kansas, manufactures business jets, turboprops and piston
aircraft for corporations, governments and individuals worldwide.

Hawker Beechcraft Inc. and 17 affiliates filed for Chapter 11
reorganization (Bankr. S.D.N.Y. Lead Case No. 12-11873) on May 3,
2012.  Hawker is 49%-owned by affiliates of Goldman Sachs Group
Inc. and 49%-owned by Onex Corp.  The Company's balance sheet at
Dec. 31, 2011, showed $2.77 billion in total assets, $3.73 billion
in total liabilities and a $956.90 million total deficit.  Other
claims include pensions underfunded by $493 million.

Hawker's legal representative was Kirkland & Ellis LLP, its
financial advisor was Perella Weinberg Partners LP and its
restructuring advisor was Alvarez & Marsal.  Epiq Bankruptcy
Solutions LLC served as claims and notice agent.

Sidley Austin LLP served as legal counsel and Houlihan Lokey
Howard & Zukin Capital Inc. served as financial advisor to the DIP
Agent and the Prepetition Agent.

Wachtell, Lipton, Rosen & Katz represented an ad hoc committee of
senior secured prepetition lenders holding 70% of the loans.

Milbank, Tweed, Hadley & McCloy LLP represented an ad hoc committee
of holders of the 8.500% Senior Fixed Rate Notes due 2015 and
8.875%/9.625% Senior PIK Election Notes due 2015 issued by Hawker
Beechcraft Acquisition Company LLC and Hawker Beechcraft Notes
Company.  The members of the Ad Hoc Committee -- GSO Capital
Partners, L.P. and Tennenbaum Capital Partners, LLC -- hold claims
or manage accounts that hold claims against the Debtors' estates
arising from the purchase of the Senior Notes.  Deutsche Bank
National Trust Company, the indenture trustee for senior fixed rate
notes and the senior PIK-election notes, is represented by Foley &
Lardner LLP.

An Official Committee of Unsecured Creditors appointed in the case
selected Daniel H. Golden, Esq., and the law firm of Akin Gump
Strauss Hauer & Feld LLP as legal counsel.  The Committee's
financial advisor was FTI Consulting, Inc.

On June 30, 2012, Hawker filed its Plan, which proposed to
eliminate $2.5 billion in debt and $125 million of annual cash
interest expense.  The plan would give 81.9% of the new stock to
holders of $1.83 billion of secured debt, while 18.9% of the new
shares are for unsecured creditors.  The proposal has support from
68% of secured creditors and holders of 72.5% of the senior
unsecured notes.

In July 2012, Hawker disclosed it was in exclusive talks with
China's Superior Aviation Beijing Co. for the purchase of Hawker's
corporate jet and propeller plane operations out of bankruptcy for
$1.79 billion.  In October 2012, Hawker unveiled that those talks
have collapsed amid concerns a deal with Superior wouldn't pass
muster with a U.S. government panel and other cross-cultural
complications.  Sources told The Wall Street Journal that Superior
encountered difficulties separating Hawker's defense business from
those units in a way that would make both sides comfortable the
deal would get U.S. government clearance.  The sources told WSJ the
defense operations were integrated in various ways with Hawker's
civilian businesses, especially the propeller plane unit, in ways
that proved difficult to untangle.

Thereafter, Hawker said it intends to emerge from bankruptcy as an
independent company.  On Oct. 29, 2012, Hawker filed a modified
reorganization plan and disclosure materials.  Hawker said the plan
was supported by the official creditors' committee and by a
"substantial majority" of holders of the senior credit and a
majority of holders of senior notes.  Hawker said it will either
sell or close the jet-manufacturing business.

The revised plan still offered 81.9% of the new stock in return for
$921 million of the $1.83 billion owing on the senior credit.
Unsecured creditors were slated to receive the remaining 18.9% of
the new stock.  Holders of the senior credit would receive 86% of
the new stock.  The senior credit holders were projected to have a
43.1% recovery from the plan.  General unsecured creditors'
recovery was a projected 5.7% to 6.3%.  The recovery by holders of
$510 million in senior notes was predicted to be 9.2% to 10%.

The company's Joint Plan of Reorganization was approved by the
Bankruptcy Court on Feb. 1, 2013, and became effective on Feb. 15.
Hawker Beechcraft, on Feb. 19, 2013, disclosed that it formally
emerged from the Chapter 11 process as Beechcraft Corp., a new
company well-positioned to compete in the worldwide business
aviation, special mission, trainer and light attack markets.


HURLEY MEDICAL: Moody's Affirms 'Ba1' Rating on $99MM Revenue Bonds
-------------------------------------------------------------------
Moody's Investors Service affirms Hurley Medical Center's Ba1
rating.  This action affects approximately $99 million of rated
revenue bonds issued through the City of Flint Hospital Building
Authority.  The outlook has been revised to stable from negative.

SUMMARY RATING RATIONALE

The outlook revision to stable considers Hurley's significantly
improved operating margins and liquidity strength in FY 2014 and
interim FY 2015.

The Ba1 rating reflects Hurley's recent marked improvement in
operating cash flow margins and significant liquidity strengthening
during interim FY 2015.  Hurley continues to be challenged by
considerable competition in a somewhat modest service area and
deeply underfunded Moody's-adjusted defined benefit pension plan
(which is administered by the Municipal Public Employees Retirement
System of Michigan, MERS).

OUTLOOK

The outlook revision to stable from negative reflects Hurley's
significantly improved operating margins and liquidity strength in
FY 2014 and through nine months FY 2015.

WHAT COULD MAKE THE RATING GO UP

  Significant reduction in adjusted net pension liability
  Maintenance of elevated operating cash flow margin as recorded
   through nine months FY 2015
  Continued significant strengthening of liquidity ratios

WHAT COULD MAKE THE RATING GO DOWN

  Reversion to weaker operating margins
  Reversion to thinner liquidity ratios
  Failure to improve adjusted net pension liability

OBLIGOR PROFILE

Hurley is a 414-staffed bed tertiary referral hospital located in
Flint, MI. Hurley is a component unit of the City of Flint.

LEGAL SECURITY

The bonds are secured by a pledge of net revenues of the obligated
group, as defined in the bond documents.  Hurley is the only member
of the obligated group.  While Hurley is component unit of the City
of Flint, MI, the bonds are not secured by the full faith and
credit of the City of Flint.  Debt service reserve funds (DSRF) are
in place.



IMMEDIATE RESPONSE: Hughes' Bid for Reconsideration Denied
----------------------------------------------------------
District Judge Leonie M. Brinkema denied the plaintiff's Motion for
Reconsideration in the case captioned HARLEY A. HUGHES, Plaintiff,
v. IMMEDIATE RESPONSE TECHNOLOGIES, LLC, and IMMEDIATE RESPONSE
TECHNOLOGIES, INC., Defendants, NO. 1:14-CV-1699 (LMB/IDD) (E.D.
Va., Alexandria Div.).

On March 13, 2015, the Court granted defendant Immediate Response
Technologies, LLC's ("IRT LLC") two motions for summary judgment on
all eight counts in plaintiff Harley A. Hughes' Amended Complaint.
Hughes filed a Motion for Reconsideration, but only as to Counts 1,
2, 3, 4, and 8.

Judge Brinkema denied Hughes' motion. He held that although IRT LLC
filed its motions for summary judgment before the start of
discovery, nothing prevented Hughes from obtaining affidavits from
anyone who could corroborate his version of the facts to support
his opposition to the summary judgment.  However, he only provided
his own affidavit and the affidavit of expert Harold G. Martin,
whom he retained in anticipation of this litigation to perform a
valuation estimate of IRT Inc. Standing alone, Hughes' self-serving
affirmations are not sufficient to prolong this civil action,
especially in light of all the documentary evidence presented by
IRT LLC and the significant inconsistencies within Hughes' version
of the facts.

A copy of the May 6, 2015 memorandum opinion is available at
http://is.gd/WEMeZffrom Leagle.com.

Harley A. Hughes, Plaintiff, represented by James S. Kurz --
jkurz@rpb-law.com -- Redmon Peyton & Braswell LLP & Daniel Duane
Mauler -- dmauler@rpb-law.com -- Redmon Peyton & Braswell LLP.

Immediate Response Technologies, LLC, Defendant, represented by
Philip John Harvey, Law Offices of Philip J.Harvey PLLC, John Isaac
Post, Law Offices of Philip J.Harvey PLLC & Louise Tavey Gitcheva,
Harvey & Binnall PLLC.


INC RESEARCH: S&P Affirms 'BB-' Corp. Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Raleigh, N.C.-based contract research organization
(CRO) INC Research LLC.  The outlook is stable.

At the same time, S&P assigned a 'BB-' issue rating and '3'
recovery rating to INC's new senior secured credit facilities.  The
facilities consist of a $150 million revolving bank loan due 2020
and a $525 million term loan due 2020.  The '3' recovery rating
indicates expectations of meaningful (50% to 70%, in the lower half
of the range) recovery in the event of a default.

S&P is withdrawing its issue-level rating on INC's existing credit
facilities because they have been repaid.

"We currently assess INC's business risk as 'weak,' based on our
view that the CRO sector is inherently cyclical given contract
cancellation risk, and INC's market position within the industry,"
said Standard & Poor's credit analyst Colm Kelly.

While recent success in signing new contracts has allowed INC to
grow faster than the industry over the past few quarters, S&P
believes INC is still at a disadvantage to the largest industry
participants, which benefit from greater scale.

Moreover, while favorable industry trends, including growth in
overall pharma research spending and increased levels of
outsourcing by pharma customers of the clinical research function,
are likely to result in mid- to high-single-digit revenue growth
over next few years, even the largest CROs are much smaller than
the pharmaceutical company customers they serve, which limits
pricing power.

S&P's stable rating outlook reflects its view that INC's financial
policies should remain supportive of leverage in the mid-3x range,
and that recent backlog growth should support at least
high-single-digit revenue growth over the next year.

S&P could lower the rating if financial policies become more
aggressive, resulting in leverage that it expects to be sustained
over 4x for an extended period of time.  This could occur if the
company increased debt by around $300 million (assuming no increase
in EBITDA).  Under this scenario, S&P would likely assess credit
quality as more consistent with 'B+' (as opposed to 'BB-') rated
rating peers.

A higher rating would require the company to reduce leverage below
3x, which S&P believes would require EBITDA levels 10% above its
2015 expected levels.  While S&P views the recent equity offering
as a continuation of the transition toward public ownership, it
continues to view ongoing sponsor involvement as a risk factor. For
this reason, further deleveraging alone would not result in an
upgrade unless and until other shareholders own at least 60% of the
company.

S&P could, however, raise the rating if INC's overall revenue base
converged with that of the larger players in this segment.  Such a
convergence could prompt S&P to revise the business risk to "fair".
Ownership considerations would not be factor in this instance.



INDEPENDENCE TAX II: Incurs $493,000 Net Loss in Fiscal 2015
------------------------------------------------------------
Independence Tax Credit Plus L.P. II filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $493,000 on $868,000 of total revenues for the year ended
March 31, 2015, compared with a net loss of $568,000 on $849,000 of
total revenues for the year ended March 31, 2014.

As of March 31, 2015, the Company had $2.70 million in total
assets, $16.9 million in total liabilities, and a $14.2 million
total partners' deficit.

"At March 31, 2015, the Partnership's liabilities exceeded assets
by $14,244,660 and for the year then ended, the partnership had net
loss of $(493,313).  These factors raise doubt about the
Partnership's ability to continue as a going concern," the
Partnership said in the report.

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

                      http://is.gd/RHNWTx

          About Independence Tax Credit Plus L.P. II

Based in New York, Independence Tax Credit Plus L.P. II was
organized on Feb. 11, 1992, and commenced its public offering on
Jan. 19, 1993.  The general partner of the Partnership is Related
Independence Associates L.P., a Delaware limited partnership.  The
general partner of Related Independence Associates L.P. is Related
Independence Associates Inc., a Delaware Corporation.  The
ultimate parent of Related Independence Associates L.P. is
Centerline Holding Company.

The Partnership's business is primarily to invest in other
partnerships owning leveraged apartment complexes that are
eligible for the low-income housing tax credit enacted in the Tax
Reform Act of 1986, some of which may also be eligible for the
historic rehabilitation tax credit.

The Partnership is in the process of developing a plan to dispose
of all of its investments.


INDEPENDENCE TAX IV: Posts $11.2 Million Net Income in Fiscal 2015
------------------------------------------------------------------
Independence Tax Credit Plus L.P. IV filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing net
income of $11.2 million on $2.8 million of total revenues for the
year ended March 31, 2015, compared to a net loss of $2.7 million
on $2.8 million of total revenues for the year ended March 31,
2014.

As of March 31, 2015, the Company had $3.1 million in total assets,
$13.4 million in total liabilities and a $10.3 million total
partners' deficit.

"At March 31, 2015, the Partnership's liabilities exceeded assets
by $10,308,898 and for the year ended March 31, 2015, the
Partnership recognized net income of $11,240,313, including gain on
sale of properties of $11,555,138.  These factors raise substantial
doubt about the Partnership's ability to continue as a going
concern," the Partnership said.

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

                        http://is.gd/qgm0NI
        
                     About Independence Tax IV

New York-based Independence Tax Credit Plus L.P. IV is a limited
partnership which was formed under the laws of the State of
Delaware on Feb. 22, 1995.

On July 6, 1995, the Partnership commenced a public offering of
Beneficial Assignment Certificates representing assignments of
limited partnership interests in the Partnership.  The Partnership
received $45,844,000 of gross proceeds from the Offering from
2,759 investors.  The Offering was terminated on May 22, 1996.

The Partnership's initial business was to invest in other
partnerships owning leveraged apartment complexes that are
eligible for the low-income housing tax credit enacted in the Tax
Reform Act of 1986, some of which may also be eligible for the
historic rehabilitation tax credit.

The Partnership is currently in the process of developing a plan
to dispose of all of its investments.  It is anticipated that this
process will take a number of years.


INDUSTRIAL SYSTEMS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Industrial Systems, Inc.
        5513 Highway 348
        Delta, CO 81416

Case No.: 15-17212

Chapter 11 Petition Date: June 30, 2015

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: Hon. Howard R Tallman

Debtor's Counsel: Andrew Figel, Esq.
                  MILLER & LAW
                  1900 W. Littleton Blvd.
                  Littleton, CO 80120
                  Tel: 303-722-6500
                  Fax: 303-722-9270
                  Email: waf@lpmlaw.com

Total Assets: $5.4 million

Total Liabilities: $3.3 million

The petition was signed by John Robert Isom, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cob15-17212.pdf


IRA JOHNNY HARBER: Debts to Renasant Bank Nondischargeable
----------------------------------------------------------
Bankruptcy Judge Jason D. Woodard found that the defendant's debts
to plaintiff are nondischargeable under 11 U.S.C. Section
523(a)(2)(B), in the case captioned In re: IRA JOHNNY HARBER,
Chapter 11, Debtor. RENASANT BANK, Plaintiff, v. IRA JOHNNY HARBER,
Defendant, CASE NO. 11-15900-JDW, A.P. NO. 12-01107-JDW (Bankr.
N.D. Miss.).

Creditor Renasant Bank commenced an adversary proceeding against
debtor Ira Johnny Harber, seeking a determination that debts owed
by Harber are nondischargeable.

Judge Woodard found that Harber unequivocally possessed the
requisite intent to deceive when he prepared and presented the
financial statements which Renasant Bank actually and reasonably
relied upon. The financial statements contained not only baseless
exaggerations of property values, but completely falsified
information concerning assets that did not exist.

A copy of the May 29, 2015 memorandum opinion and order is
available at http://is.gd/S3HK61from Leagle.com.

Ira Johnny Harber filed a bankruptcy case on March 16, 2012.


IRON MOUNTAIN: S&P Assigns 'BB' Rating on Sr. Secured Facility
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating and '1' recovery rating to Boston-based Iron Mountain Inc.'s
senior secured credit facility, which consists of a $1.5 billion
revolver and $250 million term loan A, following an announced debt
refinancing.  The '1' recovery rating indicates S&P's expectation
for very high recovery (90%-100%) of principal for debtholders in
the event of a default.  The issue-level rating on the debt is two
notches higher than our 'B+' corporate credit rating on the
company.

At the same time, S&P revised its recovery rating on the company's
senior unsecured debt to '3' from '4'.  The issue-level rating is
unchanged at 'B+'.  The '3' recovery indicates S&P's expectation
for meaningful recovery (50%-70%; upper half of the range) of
principal in the event of a default.

Iron Mountain plans to close on its announced senior secured credit
facility refinancing on July 6, 2015.  It plans to extend the
maturity date on the $1.5 billion revolving credit facility and
$250 million term loan A by three years to 2019.  S&P do not expect
the transaction to affect the company's adjusted leverage ratio,
which was 5.4x as of March 31, 2015.  The company plans to use the
proceeds to refinance its existing senior secured credit facility.


The revised recovery rating on the senior unsecured debt is based
on a higher estimate of EBITDA and emergence enterprise value under
S&P's simulated default scenario.  It also reflects the benefit of
the senior note domestic subsidiary guarantees, which rank pari
pasu with the guarantees the company provides to senior secured
lenders.

RECOVERY ANALYSIS

Key analytical factors

   -- S&P's simulated default scenario contemplates a default in
      2019 as a result of financial stress from an accelerating
      shift away from paper records storage, compounded by large
      shareholder distributions that drain liquidity and less
      equity market access than management envisions.

   -- S&P's default scenario assumes that Iron Mountain would
      reorganize or sell its most valuable assets piecemeal,
      rather than liquidate the business.  Therefore, S&P valued
      the company on a going-concern basis using a 6x multiple of
      its estimated emergence EBITDA

Simulated default assumptions
   -- Simulated year of default: 2019
   -- EBITDA at emergence: $518 million
   -- EBITDA multiple: 6x
   -- An 85% draw of the revolving credit facility at the time of
      Default

Simplified waterfall
   -- Net enterprise value (after 11% administrative costs): $2.8
      billion
   -- Priority claims (capital leases/other mortgages/accounts
      receivable securitization): $407 million
   -- Net value available to creditors: $2.4 billion
      ------------------
   -- Secured first-lien debt: $1.5 billion
      -- Recovery expectations: 90%-100%
   -- Senior unsecured debt: $1.4 billion
      -- Recovery expectations: 50%-70% (upper half of the range)
   -- Senior subordinated notes: $1.8 billion
      -- Recovery expectation: 0%-10%

Note that all debt amounts include six months of prepetition
interest.

RATINGS LIST

Iron Mountain Inc.
Corporate Credit Rating        B+/Positive/--

Rating Unchanged; Recovery Rating Revised
                                To       From
Iron Mountain Inc.
Senior unsecured               B+       B+
  Recovery Rating               3H       4

New Ratings

Iron Mountain Inc.
Senior secured
  $1.5 billion revolver due 2019*       BB
   Recovery Rating                      1
  $250 million term loan A due 2019*    BB
   Recovery Rating                      1

*Refinanced amount.



J.C. PENNEY: Moody's Revises Outlook to Pos. & Affirms 'Caa1' CFR
-----------------------------------------------------------------
Moody's Investors Service revised J.C. Penney Company, Inc.'s
rating outlook to positive from stable.  Moody's also affirmed the
company's Caa1 Corporate Family Rating, and raised the company's
Speculative Grade Liquidity rating to SGL-1 from SGL-2.  All
ratings are affirmed.

"The rating outlook revision to positive from stable reflects
Moody's view that JC Penney's operating performance has shown signs
of improvement as a result of better merchandising, cost controls,
and integration of its online business" said Moody's Vice President
Scott Tuhy.  He added, "we have seen positive momentum building for
the company to achieve $700 to $800 million of adjusted EBITDA, a
level in which earnings would fully cover cash flow and interest".
The upgrade in the Speculative Grade Liquidity rating primarily
reflects the company's improved operating performance as we expect
free cash flow to be near break-even levels and the company's
meaningful cash balances are sufficient to cover expected seasonal
working capital needs.

J.C. Penney Company, Inc.

These ratings were affirmed:
Corporate Family Ratings at Caa1
Probability of Default Rating at Caa1-PD

The following rating was upgraded:
Speculative Grade Liquidity rating to SGL-1 from SGL-2

For J.C. Penney Corporation, Inc.

These ratings were affirmed:

$1.85 billion asset based revolving credit facility due June 2019
   at B1 (LGD2)
$500 million asset based "first in last out" term loan due June
   2019 at B2 (LGD3)
$2.2 billion term loan due 2018 at B2 (LGD3)
Senior Unsecured Notes at Caa2 (LGD5)
Medium Term Notes Program at (P)Caa2
Senior Unsecured Shelf at (P)Caa2

RATINGS RATIONALE

J.C. Penney's Caa1 Corporate Family Rating reflects the company's
weak credit metrics with adjusted debt to EBITDA at around 10 times
and negative interest coverage for the twelve months ending May 2,
2015.  The rating also reflects the company's ongoing operating
losses, with the company reporting an operating loss of $200
million for the twelve months ending May 2, 2015.  The Caa1 CFR
rating also reflects our expectation that the company's credit
metrics will remain weak over the next twelve to eighteen months.
Moody's also expects J.C. Penney's operating performance to
continue to gradually improve, and the rating reflects our view
that further improvement in earnings is required for J.C. Penney to
have a sustainable capital structure.  J.C. Penney's Caa1 rating is
supported by the company's very good liquidity and lack of near
dated debt maturities which provides it with time to implement its
turnaround efforts to grow sales, gross margins, and free cash
flow.  Moody's estimates that J.C. Penney will likely be free cash
flow breakeven to slightly negative in 2015, given J.C. Penney's
reduced level of capital expenditures, better inventory management,
and strengthened performance.  Moody's believes J.C. Penney's $1,04
billion in available cash at May 2, 2015 and its $1.85 billion
asset based credit facility provide it with very good liquidity
which supports the potential range of cash flow outcomes.

The positive rating outlook acknowledges J.C. Penney's continued
progress with sales growth, margin expansion, and increasing
momentum towards a sustainable capital structure evidenced by its
recent upward guidance.  While Moody's still has concerns in the
company achieving its long term targets, we believe the company has
many levers to pull in the event its sales growth is softer than
panned.  The positive rating outlook also reflects the company's
good liquidity and lack of near dated debt maturities which
provides the company with the time to implement its turnaround
efforts.

Given the significant weakness is credit metrics, an upgrade is
unlikely at the present time.  Over time, ratings could be upgraded
should earnings improve such that it becomes likely that debt to
EBITDA will remain below 7.25 times and EBITDA-Capital Expenditures
to interest expense approaching 1.0 time while maintaining a good
liquidity profile.

Ratings could be downgraded should J.C. Penney's liquidity erode,
should its sales and earnings not continue to evidence signs
improvement, or should the overall probability of default increase.
The rating outlook could be revised to stable should the company's
operating performance not meaningfully improve above current
levels.

The principal methodology used in these ratings was Global Retail
Industry published in June 2011.  Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.



JAMES LEE NICKESON: Court Rules on Trustee's Clawback Suit
----------------------------------------------------------
Bankruptcy Judge Charles L. Nail, Jr., ruled on the Trustee's
adversary complaint in the case captioned FORREST C. ALLRED,
TRUSTEE Plaintiff, v. CAMILLE NICKESON; LEE NICKESON; JAMES L.
NICKESON FARMS, INC.; and LLJ, LLP Defendants, ADV. NO. 14-1004
(Bankr. D.S.D.).

Forrest C. Allred, the Chapter 7 trustee, filed against Camille
Nickeson, Lee Nickeson, James L. Nickeson Farms, Inc. -- Farm
Corporation -- and LLJ, LLP, an Adversary Complaint to Set Aside
and Recover Fraudulent Transfers, Reverse Pierce the Corporate
Veil, Substantively Consolidate, and for Turnover and Injunctive
Relief as it relates to the counts against defendants Camille
Nickeson and James L. Nickeson Farms, Inc.

Allred's Complaint contained the following counts:

Count I -- For avoidance of Debtor's transfer of the 97% interest
in Farm Corporation to Camille Nickeson, alleging the transfer was
actually fraudulent under 11 U.S.C. Section 548(a)(1)(A);

Count II -- For avoidance of Debtor's transfer of the 97% interest
in Farm Corporation to Camille Nickeson, alleging the transfer was
constructively fraudulent under 11 U.S.C. Section 548(a)(1)(B);

Count III -- For avoidance of Debtor's transfer of the 97% interest
in Farm Corporation to Camille Nickeson, alleging the transfer was
actually fraudulent under 11 U.S.C. Section 544(b) and S.D.C.L.
Section 54-8A-4(a)(1);

Count IV -- For avoidance of Debtor's transfer of the 97% interest
in Farm Corporation to Camille Nickeson alleging the transfer was
constructively fraudulent under 11 U.S.C. Section 544(b) and
S.D.C.L. Section 54-8A-4(a)(2);

Count VII -- For recovery under 11 U.S.C. Section 550 of the Farm
Corporation stock transferred to Camille Nickeson, or its value, on
behalf of Debtor's bankruptcy estate;

Count VIII -- For a turnover under 11 U.S.C. Sections 542 and 543
of Debtor's interest in the LLJ partnership, with a parenthetical
reference to Farm Corporation;

Count IX -- For a "reverse piercing" of Farm Corporation's
corporate veil;

Count X -- For substantive consolidation of the assets of Camille
Nickeson and Farm Corporation with Debtor's bankruptcy estate; and

Count XI -- For a restraining order and permanent injunction
against Camille Nickeson and Farm Corporation to prevent Farm
Corporation from selling, encumbering, or otherwise transferring
assets of Farm Corporation;

In his May 28, 2015 decision which is available at
http://is.gd/4CVya8from Leagle.com, Judge Nail entered judgment:

     -- in favor of Trustee-Plaintiff Allred on Counts I, II,
        III, IV, VII, and XI;

     -- dismissing with prejudice Count VIII as to defendant
        James L. Nickeson Farms, Inc.; and

     -- dismissing without prejudice Counts IX and X.

                     About James Lee Nickeson

James Lee Nickeson filed a Chapter 11 petition in bankruptcy on
December 3, 2009.  On June 12, 2012, 16 months after confirmation
of a plan, Nickeson moved for dismissal of his Chapter 11 case.  No
party in interest opposed his motion, and the court dismissed the
Chapter 11 case on July 9, 2012.  On August 27, 2013, Nickeson
filed a chapter 7 petition (Bankr. D.S.D. Case No. 13-10137) in
bankruptcy.


JEANNINE N. BEARMAN: Motion to Prevent Turnover Computers Denied
----------------------------------------------------------------
Judge David M. Warren of the United States Bankruptcy Court for
Eastern District of North Carolina, Fayetteville Division, denied
the motion to prevent the Chapter 7 trustee of the estate of
Jeanine M. Berman from turning over computers to Michael S.
McGinnis.

Jeannine N. Berman filed a petition under Chapter 11 of the United
States Bankruptcy Code.  After the Debtor's death on August 17,
2012, the court converted the case to a Chapter 7 proceeding on
September 27, 2012.

On October 11, 2013, the Trustee filed an adversary proceeding
captioned Sparkman, Trustee v. Michael S. McGinnis, et al,
adversary proceeding number 13-00171-8-RDD, seeking to avoid and
set aside certain transfers made to the Debtor's IRA investments
and other assets.  On September 24, 2014, Micheletti and Glaves
Living Trust filed an adversary proceeding captioned Micheletti
Family Trust, et al. v. Jeannine N. Berman, adversary proceeding
number 14-00153-8-RDD, seeking the revocation of the Debtor's
Chapter 7 discharge pursuant to Section 727(d) of the Bankruptcy
Code.

The Trustee filed a Motion to Compromise Adversary Proceeding on
December 12, 2014, under the terms of the Mediation Settlement
Agreement.  The parties, their counsel, and the mediator signed the
MSA.  Paragraph 13 of the MSA states: "Upon the close of the
bankruptcy estate by final decree and confirmation by the
bankruptcy estate CPA's that the same are no longer needed, which
shall be no later than June 16, 2015, the Trustee shall deliver Mr.
Sasser the computers and phones of the debtor along with known
access codes and passwords."

In order to prevent the Trustee from delivering the computer,
phones, and tablets of the Debtor to Michael S. McGinnis,
Micheletti filed the Motion to Prevent Turnover.  Micheletti
believes that there are unscheduled, unreported, and unfound assets
of the Debtor.  Those assets now belong to Micheletti, Micheletti
asserted.  Micheletti also believed that the key to finding the
unscheduled, unreported, and unfound assets of the Debtor may lie
in the Electronic Property.  Micheletti argued that if the
Electronic Property is delivered to McGinnis, in care of Travis
Sasser, on June 16, 2015, a real and imminent possibility exists
that any evidence of unscheduled, unreported, and unfound assets of
the Debtor will be lost forever.

Judge Warren denied the Trustee's ex-parte motion to prevent
turnover.  It found out that the parties freely negotiated and
willingly signed the MSA.  The parties had the capability of
negotiating each provision of the MSA, including the turnover of
the Electronic Property to McGinnis.  Regardless of whether the
failure to negotiate the terms of the turnover was an oversight at
the time of mediation or whether the terms of Paragraph 13 are now
regrettable in hindsight, the court should not modify the terms of
an executed agreement resulting from an arms-length negotiation
under the supervision of a seasoned and experienced mediator.  The
MSA, as approved by the court, is valid as entered, is binding on
the parties, and a modification of the MSA or Judge Doub's Order is
not justified.

The case is IN RE: JEANNINE N. BERMAN, Deceased, Chapter 11,
Debtor, CASE NO. 11-07886-8-DMW (Bankr. E.D.N.C.).

A full-text copy of Judge Warren's Order dated June 16, 2015, is
available at http://bit.ly/1FDH0bDfrom Leagle.com.


JW RESOURCES: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                      Case No.
       ------                                      --------
       JW Resources, Inc.                          15-60831
       8331 E. Walker Springs Lane, Suite 200
       Knoxville, TN 37923

       Straight Creek Coal Mining, Inc.            15-60832
       8331 E. Walker Springs Lane, Suite 200
       Knoxville, TN 37923

       SCRB Processing, Inc.                       15-60835
       8331 E. Walker Springs Lane, Suite 200
       Knoxville, TN 37923

Type of Business: The Debtors are U.S. producers of thermal coal
                  with mineral reserves, mining operations and
                  coal properties located in the Central
                  Appalachian regions of Kentucky.

Chapter 11 Petition Date: June 30, 2015

Court: United States Bankruptcy Court
       Eastern District of Kentucky (London)

Debtors' Counsel: Paige Leigh Ellerman, Esq.
                  Ronald E. Gold, Esq.
                  Douglas L. Lutz, Esq.
                  FROST BROWN TODD LLC
                  3300 Great American Tower
                  301 E. Fourth Street
                  Cincinnati, OH 45202
                  Tel: (513) 651-6483
                  Email: pellerman@fbtlaw.com
                         rgold@fbtlaw.com
                         dlutz@fbtlaw.com

                     - and -

                  Adam R. Kegley, Esq.
                  250 West Main Street, Suite 2800
                  Lexington, KY 40507
                  Tel: (859) 231-0000
                  Fax: (859) 231-0011
                  E-mail: akegley@fbtlaw.com

Debtors'          ENERGY VENTURES ANALYSIS, INC.
Sale
Advisor:

                                          Estimated    Estimated
                                           Assets     Liabilities
                                         -----------  ------------
Straight Creek Coal Mining               $10MM-$50MM  $50MM-$100MM
JW Resources, Inc.                       $1MM-$10MM   $50MM-$100MM
SCRB Processing, Inc.                    $0-$50,000   $50MM-$100MM

The petition was signed by Josh Porter, authorized representative.

List of Debtors' 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Penn Virginia Operating Co. LLC       Accounts         $917,591
P.O. Box 102992                       Payable
Atlanta, GA 30368

Midland Powder, LLC                   Accounts         $440,819
2691 Andersonville Highway            Payable
Suite 100
Cinton, TN 37716

Bell County Sheriff's Department      Taxes & Debts    $405,663
P.O. Box 448
Pineville, KY 40977

Whayne Supply Company                 Accounts         $351,819
National City Trust Oper: Misc.       Payable
P.O. Box 94777
Cleveland, OH 44101

Brandeis                              Accounts         $196,487
                                      Payable

Linsco Energy, LLC                    Accounts         $194,064
                                      Payable

Eastern Kentucky Equipment Sales      Accounts         $170,447
& Service                             Payable

C B Industries, Inc.                  Accounts         $168,884
                                      Payable

Kentucky State Treasurer              Taxes & Debts    $124,034

Foundation Royalty Company            Accounts         $109,193
                                      Payable

Carolina Hydraulics, Inc.             Accounts          $93,946
                                      Payable

C & M Giant Tire, LLC                 Accounts          $72,864
                                      Payable

J. Turner Trucking Co., Inc.          Accounts          $63,674
                                      Payable

Jack B. Green                         Accounts          $59,107
                                      Payable

Summit Engineering, Inc.              Accounts          $52,890
                                      Payable

Robert Half Finance & Accounting      Accounts          $52,500
                                      Payable

Stowers Machinery Corporation         Accounts          $49,281
                                      Payable

LaFollette Mine Supply Co.            Accounts          $43,326
                                      Payable

First Insurance Funding               Accounts          $38,942
                                      Payable

Industrial Supply Co.                 Accounts          $38,457
                                      Payable


KID BRANDS: Vogel Bach Approved to Prosecution Turnover Actions
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
Kid Brands, Inc., et al., to employ Vogel Bach, P.C., as special
counsel for the prosecution of the turnover actions, nunc pro tunc
to May 4, 2015.

The Debtors agreed that the firm will be compensated from cash
recoveries of the turnover actions plus its reasonable out of
pocket costs and expenses.

The Court also ordered that the firm will, among other things:

   1. receive a contingency fee of 22% of the cash value received,
by settlement or otherwise, on account of a turnover action;

   2. remit the net recoveries to the Debtors 21 days after the
firm receives a defendant's payment;

   3. be reimbursed from gross proceeds for its reasonable and
necessary out of pocket expenses, including filing fees;

   4. not be responsible for expert witness fees and expenses or
the fees and expenses of any mediator, which will be paid by the
Debtors' estates;

   5. not hire any expert or mediator without the prior written
consent of (i) the Debtors, (ii) the DIP Lenders, and (iii) the
Committee.

To the best of the Debtors' knowledge, the firm does not represent
or hold any interest adverse to the Debtors or their estates with
respect to the matters on which the firm is to be employed.

The firm can be reached at:

         Eric H. Horn, Esq.
         Heike Vogel, Esq.
         Victoria Bach, Esq.
         VOGEL BACH, P.C.
         1745 Broadway, 17th FL
         New York, NY 10019

               - and -

         220 South Orange Avenue
         Livingston, NJ 07039
         Tel: (973) 577-7264
         Fax: (646) 607-2075

                         About Kid Brands

Based in Rutherford, New Jersey, Kid Brands, Inc., is a designer,
importer, marketer, and distributor of infant and juvenile consumer
products.  Its operating subsidiaries consist of Kids Line, LLC,
CoCaLo, Inc., Sassy, Inc., and LaJobi, Inc.

Citing their inability to raise capital due to contingent
liabilities and operational issues, Kid Brands and six of its U.S.
subsidiaries each filed a voluntary petition (Bankr. D.N.J. Lead
Case No. 14-22582) on June 18, 2014.  The Court approved the joint
administration of their cases.  Kid Brands Inc. disclosed $921,358
in assets and $47,947,589 in liabilities as of the Chapter 11
filing.

Judge Donald H. Steckroth presides over the cases.  Lowenstein
Sandler LLP represents the Debtors in their restructuring effort.
PricewaterhouseCoopers LLP is the Debtors' financial advisor, and  
GRL Capital Advisors acts as restructuring advisors.  GRL's Glenn
Langberg is the Debtors' chief restructuring officer.  Rust
Consulting/Omni Bankruptcy is the Debtors' claims and noticing
agent.

The Debtors are pursuing a sale of the assets pursuant to Section
363 of the Bankruptcy Code.

Salus Capital Partners LLC and Sterling National Bank have
committed to provide up to $49 million in DIP financing to the
Debtors.

The Official Committee of Unsecured Creditors retained Kelley Drye
& Warren LLP as its counsel, and Emerald Capital Advisors Corp. as
its financial advisors.



KOLO LLC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

        Debtor                                      Case No.
        ------                                      --------
        Kolo, LLC                                   15-21161
        1224 Mill Street
        Building B, Suite 9
        East Berlin, CT 06023

        Kolo Retail, LLC                            15-21162
        1224 Mill Street
        Building B, Suite 9
        East Berlin, CT 06023

Chapter 11 Petition Date: June 30, 2015

Court: United States Bankruptcy Court
       District of Connecticut (Hartford)

Judge: Hon. Ann M. Nevins

Debtors' Counsel: Kaitlin M. Humble, Esq.
                  HALLORAN & SAGE LLP
                  225 Asylum Street
                  Tel: Hartford, CT 06103
                  Tel: 260-241-4070
                  Fax: 860-548-0006
                  Email: humble@halloransage.com

                    - and -

                  Craig I. Lifland, Esq.
                  HALLORAN & SAGE LLP
                  225 Asylum Street
                  Hartford, CT 06103
                  Tel: 860-241-4044
                  Fax: 860-548-0006
                  Email: lifland@halloransage.com

                                           Total       Total
                                          Assets     Liabilities
                                        ----------   -----------
Kolo, LLC                                $149,262     $1.7-Mil.
Kolo Retail, LLC                         $193,201     $1.2-Mil.

The petition was signed by Peter Dunn, president and CEO.

A list of Kolo, LLC's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ctb15-21161.pdf

A list of Kolo Retail, LLC's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/ctb15-21162.pdf


LANTHEUS MEDICAL: S&P Raises Corp. Credit Rating to 'B
------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on North Billerica, Mass.-based Lantheus Medical Imaging
Inc. to 'B' from 'B-'.  The outlook is stable.

At the same time, S&P assigned its 'B' issue-level rating to the
company's proposed $365 million term loan B.  The recovery rating
on the term loan is '4', reflecting S&P's expectation of average
(30% to 50%, at the low end of the range) recovery in the event of
payment default.

"The upgrade follows Lantheus' successful IPO, from which it used
partial proceeds for debt reduction, and its simultaneous
recapitalization into a new term loan B," said Standard & Poor's
credit analyst Maryna Kandrukhin.  S&P expects the transactions to
result in pro forma leverage declining to 5.5x at the end of 2015
and to about 5x at the end of 2016.  Moreover, S&P's revised
base-case expectation is that Lantheus will generate between $15
million and $20 million of free cash flow over the next 18 months.

Lantheus continues to have a narrow business focus, product
concentration, and a relatively small size that makes it
susceptible to customer pricing demands.  Moreover, it continues to
have a dependence on contract manufacturers since a secondary
contract manufacturer is not expected to be commercially available
until the first half of next year, which S&P believes increases the
risk of product shortage issues.  In addition, increased
competition in its largest product, and the absence of a Cardinal
Health contract, continue to pose competitive challenges.  S&P
continues to assess business risk as "vulnerable".

The stable outlook reflects S&P's view that Lantheus will generate
low-single-digit revenue growth over the next 12 to 18 months that,
along with stable EBITDA margins, will contribute to positive free
cash flow generation and maintenance of leverage in the 5x to 5.5x
range over the next year.

S&P could lower the rating if Lantheus does not meet S&P's
base-case expectation that it will generate at least $15 million of
free cash flow over the next 18 months.  This could occur if
revenues contract by more than 300 basis points and margins
contract by a similar amount.  Such a scenario would lead S&P to
believe that Lantheus' credit profile would be more similar to
'B-' (as opposed to 'B') rated peers.

S&P could raise the rating once Lantheus successfully
commercializes a secondary contract manufacturer and demonstrates a
second consecutive year of at least stable EBITDA in 2015.  Such
actions would strengthen our perception that Lantheus' business
continues to be stable and could lead S&P to revise its business
risk assessment to weak, from vulnerable.  Under this scenario, S&P
would also need to be confident that Lantheus would be able to
maintain leverage below 5x, consistent with S&P's current
expectations for fiscal 2016.



LAXMI REAL ESTATE: Case Summary & 19 Top Unsecured Creditors
------------------------------------------------------------
Debtor: Laxmi Real Estate, LLC
        11 Dodge Avenue
        East Haven, CT 06512

Case No.: 15-31115

Chapter 11 Petition Date: June 30, 2015

Court: United States Bankruptcy Court
       District of Connecticut (New Haven)

Judge: Hon. Julie A. Manning

Debtor's Counsel: Ronald Chorches, Esq.
                  LAW OFFICES OF RONALD I. CHORCHES
                  449 Silas Deane Highway, 2nd Floor
                  Wethersfield, CT 06109
                  Tel: 860-563-3955
                  Fax: 860-513-1577
                  Email: ronchorcheslaw@sbcglobal.net

Total Assets: $760,160

Total Liabilities: $1.8 million

The petition was signed by Nikulkumar Patel, managing member.

A list of the Debtor's 19 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ctb15-31115.pdf


LEMIRE SCHMEGLAR: US Bank Entitled to Enforce Mortgage Note
-----------------------------------------------------------
Bankruptcy Judge Jack B. Schmetter entered judgment in favor of US
Bank N.A. and Wells Fargo Bank, N.A. in the case Lemire Schmeglar,
Interpleader Plaintiff, v. PHM Financial, Inc. d/b/a PHM Financial
Services, DLJ Mortgage Capital Inc., Mortgage Electronic
Registration Systems, Inc., U.S. Bank N.A. as Trustee for Credit
Suisse First Boston ARMT 2005-5, U.S. Bank N.A. as Trustee for
Adjustable Rate Mortgage 2005-5, Adjustable Rate Mortgage Backed
Pass Through Certificates, Series 2005-5, Wells Fargo Bank, N.A.,
Credit Suisse First Boston Mortgage Securities Corp., Adjustable
Rate Mortgage 2005-5, Interpleader Defendants, ADVERSARY NO.
14-AP-121 (Bankr. N.D. Ill., Eastern Div.).

Debtor Lemire Schmeglar filed an interpleader as an adversary
proceeding to determine which party is entitled to payment among
the many entities that have claimed an ownership or interest in a
note and/or mortgage evidencing a loan he obtained in 2005 from PHM
Financial, Inc.

Judge Schmetter held that US Bank is legally entitled to enforce
the note because it possesses the original signed note, endorsed in
blank. Wells Fargo, as servicer, is empowered under a Pooling and
Servicing Agreement to collect payment on behalf of US Bank.

A copy of the May 22, 2015 findings of fact and conclusion of law
is available at http://is.gd/kdwsUjfrom Leagle.com.

                      About Lemire Schmeglar

After a state court judgment of foreclosure in favor of the
plaintiff in that case, but before a foreclosure sale took place,
Lemire Schmeglar filed for bankruptcy relief under Chapter 11. A
plan of reorganization was confirmed on July 8, 2013, and an order
was entered granting a final decree on March 21, 2014.


LIME ENERGY: May Issue 250,000 Shares Under 2010 Stock Plan
-----------------------------------------------------------
Lime Energy Co. filed a Form S-8 registration statement with the
Securities and Exchange Commission to register an additional
250,000 shares of common stock, $0.0001 par value, of the Company
that may be offered pursuant to the Company's 2010 Non-Employee
Directors Stock Plan.  The proposed maximum aggregate offering
price is $850,000.  A copy of the prospectus is available for free
at http://is.gd/g3W43l

                         About Lime Energy

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

Lime Energy reported a net loss available to common stockholders of
$5.6 million in 2014, a net loss available to common stockholders
of $18.5 million in 2013 and a net loss of $31.8 million in 2012.

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


LOMA LINDA: S&P Lowers Rating on 2014A/B/C Revenue Bonds to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating to
'BB+' from 'BBB' on the California Statewide Communities
Development Authority's $574 million series 2014A, $123 million
series 2014B, and $13 million series 2014C revenue bonds, issued
for Loma Linda University Medical Center.  The outlook remains
negative.  With this review, S&P is reclassifying LLUMC as a
multisite system, because LLUMC now meets S&P's system definition
by having three or more hospitals and operating revenues in excess
of $1.5 billion.

"The downgrade and continuing negative outlook reflect LLUMC's
extremely large campus transformation project that is now board
approved for a total cost of $1.049 billion, up from an estimated
$926.3 million at the time of our previous analysis," said Standard
& Poor's credit analyst Kenneth Gacka.  "In our view, the magnitude
of the now-final approved project and the planned debt issuance in
less than a year, on top of LLUMC's balance sheet, which we believe
is currently thin, prompt the downgrade."

More specifically, the rating and negative outlook reflect S&P's
view of these credit risks:

   -- LLUMC's $1.049 billion campus transformation project that
      will result in more than $800 million of additional debt as
      well as more than $200 million from cash flow over the
      multiyear course of the projects;

   -- The organization's currently only adequate balance sheet;

   -- LLUMC's reliance on California's provider fee program for
      the majority of its operating profits;

   -- The impending project risks that inherently exist in major
      construction projects, including the possibility for future
      scope changes, construction delays, and the ultimate
      operationalization of the assets; and

   -- The reliance on sizable future fundraising for the master
      facility plan, though there has been significant progress to

      date.



LOYALIST GROUP: Executes Forbearance Agreement with Senior Lender
-----------------------------------------------------------------
Loyalist Group Limited on June 29 disclosed that the Company has
executed a forbearance agreement with an effective date of June 26,
2015 with Bank of Montreal (the "Senior Lender").  The forbearance
agreement provides for a repayment date of September 30, 2015
provided that certain conditions and milestones are met, including
the Company raising a minimum of $2.8 million of cash from existing
or new investors by no later than July 10, 2015.  

"Execution of the forbearance agreement is an important milestone
which enables us to move forward with our financing initiatives. We
appreciate Bank of Montreal's collaborative effort with our new
management team to put Loyalist back on sound footing and rebuild
confidence with all parties," said Shawn Klerer, Chief Executive
Officer.

As noted in the press release dated June 22, 2015, the Company is
presently undertaking a proposed non-brokered financing to raise
gross proceeds of a minimum of $2.5 million and a maximum of $8.0
million (the "Offering") to be completed in two stages.  Under the
proposed terms of the Offering, the Corporation will issue up to
800,000 units (the "Units") at a price of C$10.00 per Unit for
gross proceeds of C$8,000,000.  Terms of the Offering are more
fully described in the June 22, 2015 press release.

The net proceeds of the Offering will be used solely to fund the
Company's working capital requirements during the period of
forbearance under the Company's agreement with the Senior Lender.
No portion of the net proceeds of the Offering will be used to
repay any outstanding indebtedness (consisting of loans, credit
facilities and debentures) of the Company, including amounts owing
to the Senior Lender.

To date, the Company has obtained firm orders for the Offering
totaling $2.8 million, of which $2.0 million is slated to close in
the first stage, which is now expected to occur, on or about
June 30, 2015.  The remaining $0.8 million of firm orders will
close in the second stage, which is now expected to occur on or
about July 6, 2015.  The Company will continue to work to obtain
additional firm orders for the second closing.  Insiders, including
directors, officers, management and employees, together with family
and friends have already committed $1.6 million to the Offering.

                        About Loyalist

Loyalist owns and operates private English as a Second Language
(ESL) Schools, Career Colleges and Community Colleges in Toronto,
Vancouver, Victoria and Halifax.


MADERA VOLUNTEER: Rural Fire Dept. Files for Bankruptcy
-------------------------------------------------------
Madera Volunteer Fire Co., a volunteer fire department in rural
Pennsylvania, filed for bankruptcy on June 30 to protect its main
pipeline of revenue: Friday night bingo games.

According to Katy Stech, writing for The Wall Street Journal,
citing documents filed in U.S. Bankruptcy in Johnstown, Pa.,
reported that officials who put the nonprofit fire department into
bankruptcy urged a judge to let them spend restricted cash needed
for "[hosting] bingo games, fuel, propane, telephone services,
insurance and other normal and necessary costs of business."


MADERA VOLUNTEER: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Madera Volunteer Fire Co., Inc.
        2720 Main Street
        Madera, PA 16661

Case No.: 15-70469

Chapter 11 Petition Date: June 30, 2015

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Johnstown)

Judge: Hon. Jeffery A. Deller

Debtor's Counsel: Kevin J. Petak, Esq.
                  SPENCE CUSTER SAYLOR WOLFE & ROSE, LLC
                  P.O. Box 280
                  Johnstown, PA 15907-0280
                  Tel: 814-536-0735
                  Fax: 814-539-1423
                  Email: kpetak@spencecuster.com

Total Assets: $898,980

Total Liabilities: $2.2 million

The petition was signed by Larry S. Hayward, president.

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


METRO AFFILIATES: Has Until Dec. 31 to Object to Claims
-------------------------------------------------------
U.S. Bankruptcy Judge Sean Lane has given Metro Affiliates Inc.
until Dec. 31, 2015, to file objections to claims against the
company and its affiliates.

The extension would allow the company to settle priority non-tax
claims held by the National Labor Relations Board, Amalgamated
Transit Union Local 1181-1061, and by the health and welfare
benefit funds associated with the union.

The aggregate amount of priority non-tax claims asserted by these
groups exceeds the amount anticipated to be available for
distribution to unsecured creditors.  

General unsecured creditors may not receive payments under Metro
Affiliates' liquidation plan unless these priority non-tax claims
are resolved by the company, court filings show.

                      About Metro Affiliates

Staten Island, New York-based Metro Affiliates, Inc., and its
subsidiaries sought protection under Chapter 11 of the Bankruptcy
Code on Nov. 4, 2013 (Bankr. S.D.N.Y. Case No. 13-13591).  The case
is assigned to Judge Sean Lane.  In its schedules, Metro
Affiliates disclosed $14,438,351 in total assets and $163,562,007
total liabilities.

Lisa G. Beckerman, Esq., and Rachel Ehrlich Albanese, Esq., at Akin
Gump Strauss Hauer & Feld LLP, in New York; and Scott L.
Alberino, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
Washington, D.C., represent the Debtors.  Silverman Shin & Byrne
PLLC serves as special counsel.  Rothschild Inc. serves as the
Debtors' investment banker, while Kurtzman Carson Consultants LLC
serves as their claims and noticing agent.

The Joint Chapter 11 Plan of Liquidation filed by Metro
Affiliates, Inc. and its debtor affiliates embodies a global
settlement among the Debtors, the Creditors Committee, Wells Fargo
and Wayzata for a fair allocation of the Debtors' remaining assets.
Wayzata holds a substantial majority of the Debtors' Notes.  Among
other things, the Settlement provides that proceeds of the
Noteholders' Collateral will be used to pay certain administrative
expenses.

The Plan creates a trust for unsecured creditors who are given the
right to pursue lawsuits.  Recoveries will be shared, with 70%
going to noteholders on their remaining claim of $14.3 million and
30% earmarked for other unsecured creditors.

On June 11, 2014, the U.S. Bankruptcy Court entered its Findings of
Fact, Conclusions of Law, and Order Confirming First Amended Joint
Chapter 11 Plan of Liquidation for the Debtors.

Wells Fargo Bank, National Association, as agent for a consortium
of DIP lenders, is represented by Jonathan N. Helfat, Esq., at
Otterbourg, Steindler, Houston & Rosen, P.C., in New York.

The Bank of New York Mellon as indenture trustee and collateral
agent for prepetition noteholders, is represented by James
Gadsden, Esq., at Carter, Ledyard & Milburn LLP, in New York.
Certain Noteholders are represented by Kristopher M. Hansen, Esq.,
at Stroock & Stroock & Lavan LLP, in New York.

The U.S. appointed a three-member official committee of unsecured
creditors represented by Farrell Fritz, P.C. PricewaterhouseCoopers
LLP serves as the Committee's Financial advisors.

This is Metro Affiliates' third trip to Chapter 11.  The Company,
together with its subsidiaries, previously sought protection under
Chapter 11 of the Bankruptcy Code on Aug. 16, 2002 (In re Metro
Affiliates, Inc., Case No. 02-42560 (PCB), Bankr. S.D.N.Y.).  A
plan in the second Chapter 11 case was confirmed in September
2003.  The first bankruptcy was in 1994.


MOUNT CLEMENS: Moody's Affirms Ba3 Rating on $36.1-Mil. GOULT Debt
------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 rating on Mount
Clemens Community School District, MI's general obligation
unlimited tax (GOULT) debt.  The negative outlook has been
maintained.  The Ba3 rating and negative outlook applies to $36.1
million of rated GOULT debt.

SUMMARY RATING RATIONALE

The Ba3 rating reflects the district's deficit fund position,
recent operating surpluses resulting from expenditure reductions,
and elevated debt burden.  Also incorporated in the rating is the
district's declining and modestly sized tax base with below average
socioeconomic indices, and ongoing enrollment losses.

OUTLOOK

The negative outlook reflects the expectation that declines in
enrollment will continue to pressure revenues and challenge the
district's ability to sustain balanced operations, despite recent
surplus operations and a budgeted surplus in fiscal 2016.  While
budgetary adjustments have been substantial and resulted in
improving financial operations, we believe there remain challenges,
particularly as the reserve position remains negative and the
district continues to be heavily reliant on cash flow borrowing.

WHAT COULD MAKE THE RATING GO UP

  Substantial and sustained growth in General Fund reserves
  Positive enrollment trends
  Strengthening of the district's tax base and/or
   socioeconomic profile

WHAT COULD MAKE THE RATING GO DOWN
  Failure to eliminate deficit fund balance
  Further declines in enrollment and/or reductions to state aid
   revenues

OBLIGOR PROFILE

The district provides K-12 education and serves residents of the
city of Mount Clemens and a small portion of Clinton Township with
an enrollment of 1,100 as of fiscal 2015.

LEGAL SECURITY

Debt service on the bonds is secured by the district's GO tax
pledge with voter authorization to levy property taxes without
limitation as to rate or amount.

USE OF PROCEEDS

Not applicable.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was US Local
Government General Obligation Debt published in January 2014.



MURPHY OIL: Moody's Hikes Corp Family Rating to Ba1, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service upgraded Murphy Oil USA, Inc.'s Corporate
Family Rating to Ba1 from Ba2 and also upgraded the company's
probability of default rating to Ba1-PD from Ba2-PD. Additionally,
Moody's upgraded the rating of the company's $500 million senior
unsecured notes to Ba2 from Ba3.  The company's Speculative Grade
Liquidity rating was raised to SGL-1 from SGL-2. The rating outlook
is stable.

"Murphy Oil USA's credit metrics are strong and we believe they
will remain strong with debt/EBITDA and EBITA/interest in the next
12 to 18 months expected to be about 1.5 to 2.0 times and 6.5 to
7.0 times respectively as the company has increased profitability
and reduced its debt burden", said Mickey Chadha, Senior Analyst at
Moody's Investors Service.  "Although we do not expect
profitability in 2015 to remain at 2014's record levels as the
price of oil stabilizes and fuel gross margin reverts back to more
historical levels, Murphy's Oil USA's conservative balance sheet
will support credit metrics remaining strong", Chadha further
stated.

RATINGS RATIONALE

The Ba1 Corporate Family Rating reflects MUSA's strong credit
metrics, its relationship with Wal-Mart which provides a growth
platform and traffic of value oriented consumers, very good
liquidity, meaningful scale, good market position and geographic
reach, and Moody's opinion that consumer demand for motor fuel and
value priced convenience items will retain some degree of stability
regardless of economic conditions.  Moody's expects the company's
credit metrics to remain consistent with its Ba1 rating category
and below the company's debt/EBITDA (as reported) target of 2.5
times even if gross margin for motor fuel declines to a more
normalized historical level compared to 2014.  The ratings are
constrained by the company's low merchandise margins and the high
sales and earnings volatility related to motor fuel sales which
account for a substantial majority of the company's revenue.

These ratings are upgraded:

Corporate Family Rating to Ba1 from Ba2
Probability of Default Rating to Ba1-PD from Ba2-PD
$500 million Senior Unsecured Notes maturing 2023 to Ba2 (LGD5)
from Ba3 (LGD5)
Speculative Grade Liquidity Rating to SGL-1 from SGL-2

The stable outlook reflects Moody's expectation that MUSA's
liquidity will remain very good, credit metrics will remain
consistent with the company's Ba1 rating category despite some
deterioration if motor fuel gross margin and that the company will
manage its operations and balance sheet to remain within its
debt/EBITDA (as reported) target of 2.5 times.

An upgrade would require very good liquidity, increased geographic
and product diversification, and a sustained improvement in credit
metrics driven in part by increasing higher margin merchandise
revenues.  An upgrade would also require a balanced growth strategy
and a financial policy and capital structure that supports the
credit profile required of a higher rating. Additionally an upgrade
would require debt/EBITDA sustained below 2.5 times and
EBITA/interest sustained near 5.5 times.

Deterioration in operating performance resulting in weakening of
liquidity or credit metrics could result in a downgrade.  A growth
strategy that negatively impacts liquidity or metrics could also
pressure ratings.  Specifically ratings could be downgraded if
debt/EBITDA is sustained above 3.5 times and EBITA/interest is
sustained below 4.0 times.

The principal methodology used in these rating was the Global
Retail Industry published in June 2011.  Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

MUSA primarily sells retail motor fuel products and convenience
merchandise through 1,268 retail stations almost all of which are
in close proximity to Wal-Mart stores.  The company's retail
stations are located in 23 states, primarily in the Southern and
Midwestern United States.  Revenues were about $17 billion for the
fiscal year 2014.



NEWPAGE CORP: Bank Debt Trades at 18% Off
-----------------------------------------
Participations in a syndicated loan under which NewPage Corp is a
borrower traded in the secondary market at 82.45
cents-on-the-dollar during the week ended Friday, June 26, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 30, 2015, edition of The Wall Street Journal.
This represents a decrease of 0.42 percentage points from the
previous week, The Journal relates.  NewPage Corp pays 825 basis
points above LIBOR to borrow under the facility.  The bank loan
matures on Jan. 31, 2021, and carries Moody's B2 rating and
Standard & Poor's B+ rating.  The loan is one of the biggest
gainers and losers among 260 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.


NGPL PIPECO: Debt Trades at 4% Off
----------------------------------
Participations in a syndicated loan under which NGPL Pipeco LLC is
a borrower traded in the secondary market at 95.75 cents-on-the-
dollar during the week ended Thursday, June 26, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 30, 2015, edition of The Wall Street Journal.  This
represents a decrease of 0.56 percentage points from the previous
week, The Journal relates. NGPL Pipeco LLC pays 550 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
May 4, 2017, and carries Moody's Caa2 rating and Standard & Poor's
CCC+ rating.  The loan is one of the biggest gainers and losers
among 260 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.


NISKA GAS: S&P Revises Outlook to Developing & Affirms 'B-' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Niska Gas Storage Partners LLC to developing from negative.  At the
same time, Standard & Poor's affirmed its 'B-' long-term corporate
credit rating and its 'CCC+' issue-level rating and revised the
recovery rating to '5H' from '5' on the company's senior unsecured
debt.

"The outlook revision reflects a combination of Brookfield
Infrastructure's recently announced acquisition of Niska -–
expected to close in 2016; and our expectation that, if the
transaction does not close and Niska loses access to a US$50
million committed credit facility provided by Brookfield we could
revise our assessment of liquidity to "weak," said Standard &
Poor's credit analyst Gerry Hannochko.  On its own, Niska's credit
metrics and business fundamentals are expected to be weak because
of poor seasonal spreads over the next 12-18 months.

The ratings on Niska reflect Standard & Poor's assessment of the
company's leveraged balance sheet, exposure to contract renewal
risk and market pricing risk, and the potential large working
capital and liquidity requirements of its optimization program.
There is no change to S&P's assessment of Niska's "weak" business
risk profile or "highly leveraged" financial risk profile.

The developing outlook reflects Standard & Poor's expectation that
the announced acquisition by Brookfield could improve credit
quality in the next 12-18 months.  Conversely, if the transaction
is not completed, the current weak business fundamentals could
drive the rating into the 'CCC' category, and S&P could revise its
assessment of liquidity to weak.

S&P could lower the ratings if the transaction does not close and
business fundamentals do not improve.  Additionally, S&P could
lower the ratings if it revises its assessment of Niska's liquidity
to weak.

S&P believes an upgrade during the outlook horizon would require
the acquisition to be completed, and either a demonstrable
improvement in the business fundamentals from improved seasonal
spreads, or significantly reduced leverage.



NORTEL NETWORKS: Jacqueline M. Moessner Withdrawn as Counsel
------------------------------------------------------------
Nortel Networks Inc., et al., notified the U.S. Bankruptcy Court
for the District of Delaware that Jacqueline M. Moessner at Cleary
Gottlieb Steen & Hamilton LLP was withdrawn as counsel for the
Debtors.  The Debtors continue to be represented by the law firms
of Cleary Gottlieb Steen & Hamilton LLP and Morris, Nichols, Arsht
& Tunnell LLP.

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation and
its affiliated entities provided technologies support multimedia
and business-critical applications.  Networks Limited was the
principal direct operating subsidiary of Nortel Networks
Corporation.

Nortel Networks Corporation, and certain of their Canadian
affiliates commenced a proceeding with the Ontario Superior Court
of Justice under the Companies' Creditors Arrangement Act (Canada)
seeking relief from their creditors.  Ernst & Young was appointed
to serve as monitor and foreign representative of the Canadian
Nortel Group.  The monitor also sought recognition of the CCAA
Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No.
09-10164) under Chapter 15 of the U.S. Bankruptcy Code.

NNI and certain of its affiliated U.S. entities filed Chapter 11
protection (Bankr. D. Del. Case No. 09-10138).

In addition, the High Court of England and Wales placed 19 of
NNI's European affiliates into administration under the control of
individuals from Ernst & Young LLP.  Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.

On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A.  On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy
Court for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.

U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases.  Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.

In the Chapter 11 case, James L. Bromley, Esq., and Howard S.
Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New
York, serve as the U.S. Debtors' general bankruptcy counsel; Derek
C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in
Wilmington, serves as Delaware counsel.  The Chapter 11 Debtors'
other professionals are Lazard Freres & Co. LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims and notice
agent.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors in respect of the U.S. Debtors.

An ad hoc group of bondholders also was organized.  An Official
Committee of Retired Employees and the Official Committee of
Long-Term Disability Participants tapped Alvarez & Marsal
Healthcare Industry Group as financial advisor.  The Retiree
Committee is represented by McCarter & English LLP as Delaware
counsel, and Togut Segal & Segal serves as the Retiree Committee.
The Committee retained Alvarez & Marsal Healthcare Industry Group
as financial advisor, and Kurtzman Carson Consultants LLC as its
communications agent.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion.  The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies.  As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.

Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers.  Nortel has collected roughly $9 billion for
distribution to creditors.  Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation.  The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction.  The
deal closed in July 2011.

Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court.  The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.

The trial on how to divide proceeds among creditors in the U.S.,
Canada, and Europe commenced on Sept. 22, 2014.  The question of
how to divide $7.3 billion raised in the international bankruptcy
of Nortel Networks Corp. was answered on May 12, 2015, by two
judges, one in the U.S. and one in Canada.

According to The Wall Street Journal, Justice Frank Newbould of
the Ontario Superior Court of Justice in Toronto and Judge Kevin
Gross of the U.S. Bankruptcy Court in Wilmington, Del., agreed on
the outcome: a modified pro rata split of the money.



PATRIOT COAL: Won't Disclose Insider Pay Leading Up to 2nd Ch. 11
-----------------------------------------------------------------
Peg Brickley, writing for The Wall Street Journal, reported that
Patriot Coal Corp. won't disclose what it paid top officers and
directors as it slid back into bankruptcy 18 months after emerging
from a Chapter 11 case that it said would get it back on its feet.

According to the Journal, papers the company filed on June 26 in
bankruptcy court have details about the West Virginia coal miner's
environmental troubles, the lawsuits it faces and other basics of
its business. But as for what it paid officers and directors,
Patriot said only that they received "standard and customary
compensation."  The company, the Journal said, didn't respond to
questions about why the insider-pay data are missing from its
answers on standard bankruptcy questionnaires.

                        About Patriot Coal

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

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

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

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

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

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

                        *     *     *

Patriot Coal Corporation, a producer and marketer of coal in the
eastern United States, on June 3 disclosed that it has filed with
the Bankruptcy Court a letter of intent for a proposed sale of a
substantial majority of its operating assets to Blackhawk Mining,
LLC, as well as a motion outlining bidding procedures.  The
contemplated transaction would be consummated pursuant to a
chapter
11 plan and is subject to documentation of a definitive asset
purchase agreement, bankruptcy court approval of the sale,
confirmation of a chapter 11 plan, and other customary conditions.

Patriot's mining operations and customer shipments will continue
in
the ordinary course during the sale process.

Under the terms of the letter of intent, Blackhawk would issue to
Patriot's secured lenders new debt securities totaling
approximately $643 million plus Class B Units providing them an
ownership stake in Blackhawk.  In addition, Blackhawk would assume
or replace surety bonds supporting reclamation and related
liabilities associated with the purchased assets.


PEABODY ENERGY: Debt Trades at 15% Off
--------------------------------------
Participations in a syndicated loan under which Peabody Energy
Power Corp is a borrower traded in the secondary market at 84.68
cents-on-the- dollar during the week ended Friday, June 26, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the June 30, 2015 edition of The Wall Street Journal.
This represents an increase of 1.85 percentage points from the
previous week, The Journal relates. Peabody Energy Power Corp pays
325 basis points above LIBOR to borrow under the facility.  The
bank loan matures on September 20, 2020, and carries Moody's Ba3
rating and Standard & Poor's BB+ rating.  The loan is one of the
biggest gainers and losers among 260 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday.



PORTER BANCORP: Adopts Tax Benefits Preservation Plan
-----------------------------------------------------
Porter Bancorp, Inc. announced that its board of directors adopted
a tax benefits preservation plan designed to preserve the value of
certain of the Company's deferred tax assets primarily associated
with net operating loss carryforwards under Section 382 of the
Internal Revenue Code.

NOLs can generally be used to offset future taxable income and
therefore reduce federal income tax obligations.  However, the
Company's ability to use its NOLs would be limited if there was an
"ownership change" under Section 382.  This would occur if
shareholders owning (or deemed to own under the tax rules) 5% or
more of the Company's stock increase their aggregate ownership of
outstanding shares of the Company's common stock by more than 50
percentage points over a defined period of time.  The plan is
intended to reduce the likelihood of an "ownership change"
occurring as a result of the buying and selling of the Company's
common stock.

"The primary purpose of the tax preservation plan is to protect the
value of our NOLs for our shareholders," stated John Taylor,
president and CEO of Porter Bancorp.  "While our deferred tax asset
is subject to a full valuation allowance, it remains very important
to the Company."

In connection with the plan, the Company has declared a dividend of
one preferred stock purchase right for each share of common stock
outstanding as of the close of business on July 10, 2015. Effective
June 26, 2015, any shareholder or group that acquires beneficial
ownership of 5 percent or more of the Company's outstanding stock
(an "acquiring person") could be subject to significant dilution in
its holdings if the Company's board of directors does not approve
such acquisition.  Existing shareholders holding 5 percent or more
of the Company's common stock will not be considered acquiring
persons unless they acquire additional shares, subject to certain
exceptions described in the plan.  In addition, in its discretion,
the board of directors may exempt certain transactions and certain
persons whose acquisition of securities is determined by the board
not to jeopardize the Company's deferred tax assets.

The rights will expire upon the earlier of (i) June 29, 2018, (ii)
the beginning of a taxable year with respect to which the board of
directors determines that no tax benefits may be carried forward,
(iii) the repeal or amendment of Section 382 or any successor
statute, if the board of directors determines that the plan is no
longer needed to preserve the tax benefits, (iv) the effective date
of an amendment to the Company's articles of incorporation to
preserve the Company's tax benefits that has been approved by the
Company's shareholders entitled to vote on such amendment, and (v)
certain other events as described in the plan.

A copy of the Tax Benefits Preservation Plan is available at:

                        http://is.gd/iy26sB

                       About Porter Bancorp

Porter Bancorp, Inc., is a bank holding company headquartered in
Louisville, Kentucky.  Through its wholly-owned subsidiary PBI
Bank, the Company operates 18 full-service banking offices in
12 counties in Kentucky.

Porter Bancorp reported a net loss of $11.2 million in 2014, a net
loss of $1.58 million in 2013 and a net loss of $32.93 million in
2012.  As of March 31, 2015, Porter Bancorp had $1 billion in total
assets, $975.73 million in total liabilities and $33.97 million in
total stockholders' equity.

Crowe Horwath, LLP, in  Louisville, Kentucky, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has incurred
substantial losses in 2014, 2013 and 2012, largely as a result of
asset impairments resulting from the re-evaluation of fair value
and ongoing operating expenses related to the high volume of other
real estate owned and non-performing loans.  In addition, the
Company's bank subsidiary is not in compliance with a regulatory
enforcement order issued by its primary federal regulator
requiring, among other things, increased minimum regulatory capital
ratios as well as being involved in various legal proceedings in
which the Company disputes material factual allegations against the
Company.  Additional losses, adverse outcomes from legal
proceedings or the continued inability to comply with the
regulatory enforcement order may result in additional adverse
regulatory action.  These events raise substantial doubt about the
Company's ability to continue as a going concern, the auditors
said.


PREMIER PAIN: Case Summary & 21 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Premier Pain Solutions LLC
        2813 E Camelback Rd, Ste 430
        Phoenix, AZ 85016-4337

Case No.: 15-08181

Nature of Business: Health Care

Chapter 11 Petition Date: June 30, 2015

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Hon. Eddward P. Ballinger Jr.

Debtor's Counsel: Richard A Drake, Esq.
                  DRAKE LAW FIRM PLC
                  14500 N Northsight Boulevard, Suite 208
                  Scottsdale, AZ 85260
                  Tel: 602-687-8800
                  Fax: 602-387-8979
                  Email: rdrake@bdlawyers.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sky Moore, member.

A list of the Debtor's 21 largest unsecured creditors is available
for free at http://bankrupt.com/misc/azb15-08181.pdf


PREMIER PROPERTY: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Premier Property Advisors, LLC
        30800 Northwestern Highway, Ste. 223
        Farmington Hills, MI 48334

Case No.: 15-49995

Chapter 11 Petition Date: July 1, 2015

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

Judge: Hon. Phillip J Shefferly

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

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steven Gittleman, member.

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


PVH CORP: S&P Affirms 'BB+' Corp Credit Rating, Outlook Stable
--------------------------------------------------------------
Standards & Poor's Ratings Services affirmed its 'BB+' corporate
credit rating on New York City-based PVH Corp.  The outlook is
stable.

At the same time, S&P raised its issue-level ratings on the
company's first-lien credit facilities (consisting of a $750
million revolving credit facility due 2019, a $1.9 billion
first-lien term loan due 2019, $833 million term loan B due 2020,
and the $100 million first-line notes due 2021) to 'BBB' from
'BBB-', and revised the recovery ratings '1', indicating S&P's
expectations of very high (90% to 100%) recovery in the event of a
payment default, from '2'.

Concurrently, S&P raised its issue-level rating on the company's
$600 million unsecured notes due in 2022 to 'BB+' from 'BB', and
revised the recovery ratings to '3', indicating S&P's expectation
of meaningful recovery (50%-70%, at the higher end of the range)
from '5'.

"The ratings affirmation reflects PVH's good market position,
portfolio of well-recognized brands, geographic diversification,
good profitability, moderate leverage, and history of paying down
debt after building it up for an acquisition," said Standard &
Poor's credit analyst Peter Deluca.  "We have also factored into
our rating assessment the company's participation in the highly
competitive apparel sector, which is vulnerable to fashion risk,
and still-slow growth in consumer spending."

The outlook on PVH Corp. is stable.  Standard & Poor's expects
PVH's operating performance, supported by its good market positions
and diversified operating platform, to remain relatively stable.
In addition, S&P expects PVH to modestly reduce leverage through a
combination of debt repayment and EBITDA growth.  Given its
acquisition history, there is the possibility of a leveraged
transaction.

Although unlikely over the next year, S&P could raise the ratings
if it believes the company will sustain leverage below 3x.
Alternatively, S&P could lower the rating if it believes the
company will sustain adjusted leverage above 4x.



QUINTO & WILKS: Involuntary Chapter 7 Petition Dismissed
--------------------------------------------------------
Bankruptcy Judge Brian F. Kenney dismissed the involuntary petition
seeking to place Quinto & Wilks, P.C., under Chapter 7 bankruptcy
petition.

On October 22, 2014, an Involuntary Petition (Bankr. E.D. Va. Case
No. 14-13937-BFK) under Chapter 7 of the Bankruptcy Code was filed
against Quinto & Wilks, P.C. by its former employee, Jenine E.
Graves. The Involuntary Petition was filed by Graves as a single
creditor petition. At the time of the petition, Ms. Graves and
Quinto & Wilks were engaged in highly acrimonious litigationin the
Circuit of Prince William County.

Quinto & Wilks filed a Motion to Dismiss, arguing that: (1) Ms.
Graves is not an eligible petitioning creditor, because her claim
is the subject of a bona fide dispute as to liability and amount;
(2) Ms. Graves filed the Involuntary Petition in bad faith; and (3)
Ms. Graves has failed in sustaining her burden of proof to show
that Quinto & Wilks was not paying its debts as they became due.

Although Judge Kenney did not find that Ms. Graves filed the
petition in bad faith, he agreed with Quintos & Wilks that Ms.
Graves' claim is the subject of a bona fide dispute as to liability
and amount, and that Ms. Graves has not met her burden to show that
Quintos and Wilks was not paying its debts as they became due.

A copy of the May 29, 2015 ruling is available at
http://is.gd/7Bo5M9from Leagle.com.

Kevin M. O'Donnell, Esquire -- kmo@henrylaw.com -- Henry &
O'Donnell, P.C., Alexandria, VA, Counsel for Chapter 7 Debtor.

Timothy Wayne Graves, Esquire, A Attorney LLC, Manassas, VA,
Counsel for Petitioning Creditor.


RECOVERY CENTERS: Taps Paul Bailey to Continue Accounting Services
------------------------------------------------------------------
Recovery Centers of King County asks the U.S. Bankruptcy Court for
the Western District of Washington for permission to employ Paul
Bailey and Clifton Allen Larson, LLP, as certified pubic
accountant.

The Debtor requires the services of an accountant to assist with
the winding up of its business.  Given Mr. Bailey's familiarity
with the Debtor's financial situation, it proposes to continue with
his employment as accountant going forward.

                      About Recovery Centers

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

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

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

The Debtor's Chapter 11 plan contemplates the sale of its real
estate located at 464 - 12th Ave S, Seattle, Washington, 1701 18th
Ave. S, Seattle, WA and 505 Washington Ave. S., Kent, Washington.
The Debtor will sell real property located at 464 12th Avenue, in
Seattle, Washington, to Low Income Housing Institute for $4.1
million.

Bank of America, N.A., is the Debtor's secured lender.

The U.S. Trustee for Region 18 appointed five creditors to serve in
the Official Unsecured Creditors Committee.  The Committee is
represented by Nagler Law Group, P.S.


RECOVERY CENTERS: U.S. Trustee Forms Five-Member Creditors Panel
----------------------------------------------------------------
Gail Brehm Geiger, Acting U.S. Trustee for Region 18, appointed
five creditors to serve in the Official Unsecured Creditors
Committee in the Chapter 11 case of Recovery Centers of King
County:

      1. Karis C. Bjerke

      2. Jazmin Carter‐Allen

      3. Evergreen Recovery Centers
         Attn: Linda Grant, CEO
         P.O. Box 12598
         Everett, WA 98206
         Tel: (425) 258‐2407
              (425) 339‐2601
         E-mail: lgrant@evergreenmanor.org

      4. ONCALL 24/7 – Allegiant Business Finance
         Attn: Alexander Borromeo, Administrator
         6106 NE 182nd Street
         Kenmore, WA 98028
         Tel: (206) 300‐1247
         Fax: (206) 512‐3093
         E-mail: alex@sambara.com

      5. Pioneer Human Services
         Attn: Vicki Rush, Contracts Administrator
         7440 W. Marginal Way South
         Seattle, WA 98108
         Tel: (206) 766‐7006
         Fax: (206) 768‐8910
         E-mail: vicki.rush@p‐h‐s.com`

                      About Recovery Centers

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

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

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

The Debtor's Chapter 11 plan contemplates the sale of its real
estate located at 464 - 12th Ave S, Seattle, Washington, 1701 18th
Ave. S, Seattle, WA and 505 Washington Ave. S., Kent, Washington.
The Debtor will sell real property located at 464 12th Avenue, in
Seattle, Washington, to Low Income Housing Institute for $4.1
million.

Bank of America, N.A., is the Debtor's secured lender.

The U.S. Trustee for Region 18 appointed five creditors to serve in
the Official Unsecured Creditors Committee.  The Committee is
represented by Nagler Law Group, P.S.


RESIDENTIAL CAPITAL: Objection to Subpoena Program Overruled
------------------------------------------------------------
District Judge Susan Richard Nelson overruled the defendants'
objection to the plaintiffs' Employer Subpoena Program in the case
captioned In Re: RFC and RESCAP Liquidating Trust Actions, CIVIL
FILE NO. 13-3451 (SRN/JJK/HB) (D. Minn.).

Defendants opposed the plaintiffs' proposal to issue a series of
subpoenas to the third-party employers of borrowers of stated
income loans. The proposed subpoenas request documents relating to
the borrowers' employment and income for an 18-month period around
the time of the origination of the borrowers' loans.

Defendants argued that the discovery was irrelevant and that the
requested information is harassing, unduly burdensome, and could
potentially harm the borrowers. Also, if the proposed subpoenas are
allowed, Defendants also request additional time in which to rebut
the plaintiffs' breach allegations for any stated income loan that
is subject to the subpoenas.

Judge Nelson found that the proposed discovery, particularly as it
relates to representations and warranties, falls under the broad
definition of relevance as contemplated by Federal Rule of Civil
Procedure 26(b).

Judge Nelson also found the defendants' arguments contending that
the subpoenas will be harassing, unduly burdensome, and potentially
harmful are conclusory and speculative, and are not sufficiently
particularized to establish good cause.

Finally, Judge Nelson also denied the defendants' request for a
modification to the Scheduling Order.

A copy of the May 27, 2015 order is available at
http://is.gd/gL0RrVfrom Leagle.com.

Residential Funding Company, LLC, Plaintiff, represented by Anthony
Alden -- anthonyalden@quinnemanuel.com -- Quinn Emanuel Urquhart &
Sullivan, David Elsberg -- davidelsberg@quinnemanuel.com -- Quinn
Emanuel Urquhart & Sullivan LLP, David L Hashmall, Felhaber Larson,
Donald G Heeman, Felhaber Larson, Edward P Sheu --
esheu@bestlaw.com -- Best & Flanagan LLP, Gabriel F Soledad --
gabrielsoledad@quinnemanuel.com -- Quinn Emanuel Urquhart &
Sullivan, Isaac Nesser -- isaacnesser@quinnemanuel.com -- Quinn
Emanuel Urquhart & Sullivan, Jeffrey A Lipps --
lipps@carpenterlipps.com -- Carpenter Lipps & Leland LLP, Jennifer
A L Battle -- battle@carpenterlipps.com -- Carpenter Lipps & Leland
LLP, Johanna Ong -- johannaong@quinnemanuel.com -- Quinn Emanuel
Urquhart & Sullivan, LLP, Marnie E Fearon, Felhaber Larson, Matthew
R Scheck -- matthewscheck@quinnemanuel.com -- Quinn Emanuel
Urquhart & Sullivan, Peter E. Calamari --
petercalamari@quinnemanuel.com -- Quinn Emanuel Urquhart & Sullivan
LLP, Richard R Voelbel, Felhaber Larson, Ryan A Olson, Felhaber
Larson, Thomas G Garry -- tgarry@bestlaw.com -- Best & Flanagan
LLP, Bradley T Smith, Felhaber Larson, Jessica J Nelson, Felhaber
Larson & Daniel R Kelly, Felhaber Larson.

ResCap Liquidating Trust, Plaintiff, represented by Anthony Alden,
Quinn Emanuel Urquhart & Sullivan,Bradley T Smith, Felhaber Larson,
David Elsberg, Quinn Emanuel Urquhart & Sullivan LLP, David L
Hashmall, Felhaber Larson, Donald G Heeman, Felhaber Larson,
Gabriel F Soledad, Quinn Emanuel Urquhart & Sullivan, Isaac Nesser,
Quinn Emanuel Urquhart & Sullivan, Jeffrey A Lipps, Carpenter Lipps
& Leland LLP, Jennifer A L Battle, Carpenter Lipps & Leland LLP,
Johanna Ong, Quinn Emanuel Urquhart & Sullivan, LLP, Marnie E
Fearon, Felhaber Larson, Matthew R Scheck, Quinn Emanuel Urquhart &
Sullivan,Peter E. Calamari, Quinn Emanuel Urquhart & Sullivan LLP,
Richard R Voelbel, Felhaber Larson, Ryan A Olson, Felhaber Larson,
Jessica J Nelson, Felhaber Larson & Daniel R Kelly, Felhaber
Larson.

Academy Mortgage Corporation, Defendant, represented by David M
Souders -- souders@thewbkfirm.com -- Weiner Brodsky Kider PC, Tessa
K Somers -- somers@thewbkfirm.com -- Weiner Brodsky Kider PC,
Daniel J Supalla, Briggs & Morgan, PA & James L Forman --
jforman@obermanthompson.com -- Oberman Thompson, LLC.

Mortgage Outlet, Inc., The, Defendant, represented by Eldon J
Spencer, Jr -- espencer@losgs.com -- Leonard, O'Brien, Spencer,
Gale & Sayre, Ltd, Stacey L Drentlaw -- sdrentlaw@losgs.com --
Leonard, O'Brien, Spencer, Gale & Sayre, Ltd & Daniel J Supalla,
Briggs & Morgan, PA.

Ark-La-Tex Financial Services, LLC, Defendant, represented by Mark
J Carpenter -- mark@carpenter-law-firm.com -- Carpenter Law Firm
PLLC & Daniel J Supalla, Briggs & Morgan, PA.

Cherry Creek Mortgage Co., Inc., and Fremont Bank, Defendants,
represented by Eldon J Spencer, Jr, Leonard, O'Brien, Spencer, Gale
& Sayre, Ltd, James M Jorissen -- jjorissen@losgs.com -- Leonard,
O'Brien, Spencer, Gale & Sayre, Ltd, Stacey L Drentlaw, Leonard,
O'Brien, Spencer, Gale & Sayre, Ltd & Daniel J Supalla, Briggs &
Morgan, PA.

Guaranty Bank, Defendant, represented by Gregory A Bromen --
gbromen@nilanjohnson.com -- Nilan Johnson Lewis PA, Matthew S.
Vignali -- mvignali@bcblaw.net -- Beck Chaet Bamberger & Polksy SC,
Steven W Jelenchick -- sjelenchick@bcblaw.net -- Beck Chaet
Bamberger & Polsky SC & Daniel J Supalla, Briggs & Morgan, PA.

First California Mortgage Company, Americash, Broadview Mortgage
Corp., Central Pacific Homeloans, Inc., Central Pacific Bank,
Central Pacific Financial Corp., Mortgage Network, Inc., doing
business as MNET Mortgage Corporation, Mortgage Access Corp., doing
business as Weichert Financial Services, Wallick & Volk, Inc., and
Gateway Bank, F.S.B., Defendants, represented by Andrew Steinfeld
-- asteinfeld@americanmlg.com -- American Morgage Law Group, P.C.,
Carol R M Moss -- cmoss@hjlawfirm.com -- Hellmuth & Johnson PLLC,
Edward Page Allinson -- eallinson@americanmlg.com
-- American Mortgage Law Group, P.C., Evans D Prieston, American
Mortgage Law Group, P.C., J Robert Keena -- jkeena@hjlawfirm.com --
Hellmuth & Johnson PLLC, Jack V Valinoti --
jvalinoti@americanmlg.com -- American Mortgage Law Group, P.C.,
James W. Brody -- jbrody@americanmlg.com -- American Mortgage Law
Group & Daniel J Supalla, Briggs & Morgan, PA.

Golden Empire Mortgage, Inc., Defendant, represented by Erin
Sindberg Porter -- esindbergporter@greeneespel.com -- Greene Espel
PLLP, Janine Wetzel Kimble -- jkimble@greeneespel.com -- Greene
Espel PLLP, Jenny Gassman-Pines -- jgassman-pines@greeneespel.com
-- Greene Espel PLLP, Philip R. Stein - pstein@bilzin.com -- Bilzin
Sumberg Baena Price & Axelrod LLP, Shalia M Sakona --
ssakona@bilzin.com -- Bilzin Sumberg Baena Price & Axelrod LLP &
Daniel J Supalla -- dsupalla@briggs.com -- Briggs & Morgan, PA.

Community West Bank, N.A., Defendant, represented by Christina
Rieck Loukas -- cloukas@winthrop.com -- Winthrop & Weinstine, PA,
Christopher A Camardello - ccamardello@winthrop.com -- Winthrop &
Weinstine, PA, Jeffrey R Ansel -- jansel@winthrop.com -- Winthrop &
Weinstine, PA, Michael A Rosow -- mrosow@winthrop.com -- Winthrop &
Weinstine, PA & Daniel J Supalla, Briggs & Morgan, PA.

First Equity Mortgage Bankers, Inc., Mortgage Capital Associates,
Inc., and E Trade Bank, as successor to United Medical Bank, FSB,
Defendants, represented by Amelia R Selvig --
aselvig@anthonyostlund.com -- Anthony Ostlund Baer & Louwagie PA,
Brooke D Anthony - banthony@anthonyostlund.com -- Anthony Ostlund
Baer & Louwagie PA, Joseph W Anthony -- janthony@anthonyostlund.com
-- Anthony Ostlund Baer & Louwagie PA, Philip R. Stein, Bilzin
Sumberg Baena Price & Axelrod LLP, Shalia M Sakona, Bilzin Sumberg
Baena Price & Axelrod LLP & Daniel J Supalla, Briggs & Morgan, PA.

Colonial Savings, F.A., Defendant, represented by Daniel N Moak
-- dmoak@briggs.com -- Briggs & Morgan, PA, Daniel J Supalla,
Briggs & Morgan, PA & Mark G Schroeder, Briggs & Morgan, PA.

First Guaranty Mortgage Corporation, Defendant, represented by
Kevin J Dunlevy -- kevind@bdmnlaw.com -- Beisel & Dunlevy, PA,
Michael E Kreun -- michaelk@bdmnlaw.com -- Beisel & Dunlevy, PA &
Daniel J Supalla, Briggs & Morgan, PA.

Provident Funding Associates, L.P., Defendant, represented by
Daniel N Moak, Briggs & Morgan, PA, Daniel J Supalla, Briggs &
Morgan, PA, Mark G Schroeder -- mschroeder@briggs.com -- Briggs &
Morgan, PA & Neil R O'Hanlon -- neil.ohanlon@hoganlovells.com --
Hogan Lovells US LLP.

First Mortgage Corporation, Defendant, represented by Gene A Hoff,
Minenko & Hoff, Michael J Minenko, Minenko & Hoff, P.A. & Daniel J
Supalla, Briggs & Morgan, PA.

Lenox Financial Mortgage Corp., Defendant, represented by Gina L
Albertson, Albertson Law, Michael D O'Neill, Martin & Squires, P.A.
& Daniel J Supalla, Briggs & Morgan, PA.

Lake Forest Bank & Trust Company, Defendant, represented by Amelia
R Selvig, Anthony Ostlund Baer & Louwagie PA, Amy Y Cho, Shook,
Hardy & Bacon LLP, Brooke D Anthony, Anthony Ostlund Baer &
Louwagie PA, Michael P Conway, Shook, Hardy & Bacon LLP & Daniel J
Supalla, Briggs & Morgan, PA.

PNC Bank, N.A., as successor in interest to National City Mortgage
Co., NCMC Newco, Inc. and North Central Financial Corporation,
Defendant, represented by Adam M Gogolak, Wachtell, Lipton, Rosen &
Katz, Amanda Raines Lawrence, BuckleySandler LLP, Brett J
Natarelli, BuckleySandler LLP, Daniel J Supalla, Briggs & Morgan,
PA, David A Schooler, Briggs & Morgan, PA, Elaine P Golin,
Wachtell, Lipton, Rosen & Katz, Fredrick S Levin, BuckleySandler
LLP, Jonathan M Moses, Wachtell, Lipton, Rosen & Katz, Justin V
Rodriguez, Wachtell, Lipton, Rosen & Katz, Mark G Schroeder, Briggs
& Morgan, PA,Michael A. Rome, BuckleySandler LLP & Richard E
Gottlieb, BuckleySandler LLP.

Cornerstone Home Lending, Inc., formerly known as Cornerstone
Mortgage Company, and Stearns Lending, LLC, formerly known as First
Pacific Financial, Inc., Defendants, represented by Alan H Maclin,
Briggs & Morgan, PA, Daniel J Supalla, Briggs & Morgan, PA & Mark G
Schroeder, Briggs & Morgan, PA.

Impac Funding Corporation, Defendant, represented by Erin Sindberg
Porter, Greene Espel PLLP, Jenny Gassman-Pines, Greene Espel PLLP,
Katherine M. Swenson, Greene Espel PLLP, Daniel J Supalla, Briggs &
Morgan, PA & Janine Wetzel Kimble, Greene Espel PLLP.

Plaza Home Mortgage, Inc., Defendant, represented by Amelia R
Selvig, Anthony Ostlund Baer & Louwagie PA, Brooke D Anthony,
Anthony Ostlund Baer & Louwagie PA, Joseph W Anthony, Anthony
Ostlund Baer & Louwagie PA & Daniel J Supalla, Briggs & Morgan,
PA.

Hometown Mortgage Services, Inc., Defendant, represented by Andrew
Steinfeld, American Morgage Law Group, P.C., Carol R M Moss,
Hellmuth & Johnson PLLC, Edward Page Allinson, American Mortgage
Law Group, P.C., Evans D Prieston, American Mortgage Law Group,
P.C., J Robert Keena, Hellmuth & Johnson PLLC, Jack V Valinoti,
American Mortgage Law Group, P.C., James W. Brody, American
Mortgage Law Group, Brooke D Anthony, Anthony Ostlund Baer &
Louwagie PA & Daniel J Supalla, Briggs & Morgan, PA.

Sierra Pacific Mortgage Company, Inc., Defendant, represented by
Amy L Schwartz, Lapp Libra Thomson Stoebner & Pusch, Chartered,
Jonathan M Jenkins, JENKINS KAYAYAN LLP, Lara Kayayan, Jenkins LLP,
Navdeep Singh, Jenkins Kayayan LLP, Richard T Thomson, Lapp Libra
Thomson Stoebner & Pusch, Chartered & Daniel J Supalla, Briggs &
Morgan, PA.

Branch Banking & Trust Co., Defendant, represented by Jason D
Evans, McGuire Woods LLP, Kelly G Laudon, Lindquist & Vennum PLLP,
Mark A Jacobson, Lindquist & Vennum PLLP, T Richmond McPherson,
III, McGuire Woods LLP, William C Mayberry, Mcguire Woods LLP &
Daniel J Supalla, Briggs & Morgan, PA.

T.J. Financial, Inc., Defendant, represented by Erin Sindberg
Porter, Greene Espel PLLP, Janine Wetzel Kimble, Greene Espel PLLP,
Jenny Gassman-Pines, Greene Espel PLLP, Philip R. Stein, Bilzin
Sumberg Baena Price & Axelrod LLP, Shalia M Sakona, Bilzin Sumberg
Baena Price & Axelrod LLP & Daniel J Supalla, Briggs & Morgan, PA.

Terrace Mortgage Company, Defendant, represented by Aaron P M Tady,
Coles Barton LLP, C J Schoenwetter, Bowman & Brooke LLP, John D
Sear, Bowman & Brooke LLP, Thomas M Barton, Coles Barton LLP,
Daniel J Supalla, Briggs & Morgan, PA & Rachelle A Velgersdyk,
Bowman & Brooke LLP.

Universal American Mortgage Company, LLC, and Standard Pacific
Mortgage, Inc., Defendants, represented by Enza G Boderone, Bilzin
Sumberg Baena Price & Axelrod LLP, Erin Sindberg Porter, Greene
Espel PLLP, Janine Wetzel Kimble, Greene Espel PLLP, Jenny
Gassman-Pines, Greene Espel PLLP, Philip R. Stein, Bilzin Sumberg
Baena Price & Axelrod LLP, Shalia M Sakona, Bilzin Sumberg Baena
Price & Axelrod LLP & Daniel J Supalla, Briggs & Morgan, PA.

Wells Fargo Bank, N.A., formerly known as Wachovia Mortgage
Corporation formerly known as First Union National Bank formerly
known as First Union Mortgage Corporation, Defendant, represented
by Amy L Schwartz, Lapp Libra Thomson Stoebner & Pusch, Chartered,
Eric P Tuttle, Munger, Tolles & Olson LLP,Gregory D Phillips,
Munger, Tolles & Olson, LLP, Marc T G Dworsky, Munger, Tolles &
Olson, LLP,Michael E Soloff, Munger, Tolles & Olson LLP, Richard C
St John, Munger Tolles & Olson, Richard T Thomson, Lapp Libra
Thomson Stoebner & Pusch, Chartered, Thomas Jacob, Wells Fargo Law
Department, Todd J Rosen, Munger Tolles & Olson LLP & Daniel J
Supalla, Briggs & Morgan, PA.

BMO Harris Bank, N.A., doing business as M&I Bank, FSB, Defendant,
represented by Amanda Raines Lawrence, BuckleySandler LLP, Brett J
Natarelli, BuckleySandler LLP, Daniel J Supalla, Briggs & Morgan,
PA, David A Schooler, Briggs & Morgan, PA, Fredrick S Levin,
BuckleySandler LLP, Kristopher Knabe, BuckleySandler LLP, Michael
A. Rome, BuckleySandler LLP & Richard E Gottlieb, BuckleySandler
LLP.

Wells Fargo Financial Retail Credit, Inc., formerly known as
Norwest Financial Acceptance, Inc ., Defendant, represented by Eric
P Tuttle, Munger, Tolles & Olson LLP, Gregory D Phillips, Munger,
Tolles & Olson, LLP, Kristopher Knabe, BuckleySandler LLP, Marc T G
Dworsky, Munger, Tolles & Olson, LLP,Michael E Soloff, Munger,
Tolles & Olson LLP, Richard C St John, Munger Tolles & Olson,
Richard T Thomson, Lapp Libra Thomson Stoebner & Pusch, Chartered,
Thomas Jacob, Wells Fargo Law Department, Todd J Rosen, Munger
Tolles & Olson LLP, Amy L Schwartz, Lapp Libra Thomson Stoebner &
Pusch, Chartered & Daniel J Supalla, Briggs & Morgan, PA.

National Bank of Kansas City, Defendant, represented by Nancy A
Temple, Katten & Temple LLP, Scott N Gilbert, Katten & Temple LLP,
Seth J S Leventhal, LEVENTHAL pllc & Daniel J Supalla, Briggs &
Morgan, PA.

iServe Residential Lending, LLC, Defendant, represented by Erin
Sindberg Porter, Greene Espel PLLP,Janine Wetzel Kimble, Greene
Espel PLLP, Jeanette M. Bazis, Greene Espel PLLP, Peter L Loh,
Gardere Wynne Sewell LLP, Randy D Gordon, Gardere Wynne Sewell LLP
& Daniel J Supalla, Briggs & Morgan, PA.

United Fidelity Funding Corp, Defendant, represented by Michael J
Steinlage, Larson King, LLP.

DB Structured Products, Inc., Defendant, represented by Danielle
Kantor, Simpson Thacher & Bartlett LLP, David J Woll, Simpson
Thacher & Bartlett LLP, Isaac M Rethy, Simpson Thacher & Bartlett
LLP,Jonathan Nussbaum, Simpson Thacher & Bartlett LLP, William A
McNab, Winthrop & Weinstine, PA,William T Russell, Jr, Simpson
Thacher & Bartlett LLP & Daniel J Supalla, Briggs & Morgan, PA.

MortgageIT, Inc., Defendant, represented by David J Woll, Simpson
Thacher & Bartlett LLP, Isaac M Rethy, Simpson Thacher & Bartlett
LLP, William A McNab, Winthrop & Weinstine, PA & Daniel J Supalla,
Briggs & Morgan, PA.

CTX Mortgage Company, LLC, Defendant, represented by Benjamin E
Gurstelle, Briggs & Morgan, PA,Paul J Hemming, Briggs & Morgan, PA
& Daniel J Supalla, Briggs & Morgan, PA.

Pulte Homes, Inc., and PulteGroup, Inc., Defendants, represented by
Benjamin E Gurstelle, Briggs & Morgan, PA & Paul J Hemming, Briggs
& Morgan, PA.

Home Loan Center, Inc., Defendant, represented by Andrew Steinfeld,
American Morgage Law Group, P.C., Carol R M Moss, Hellmuth &
Johnson PLLC, Edward Page Allinson, American Mortgage Law Group,
P.C., J Robert Keena, Hellmuth & Johnson PLLC, Jack V Valinoti,
American Mortgage Law Group, P.C.,James W. Brody, American Mortgage
Law Group, Kyle E. Thomason, Williams & Connolly LLP, Daniel J
Supalla, Briggs & Morgan, PA, Elizabeth V Kniffen, Zelle Hofmann
Voelbel & Mason LLP & Matthew Van Johnson, Williams & Connolly
LLP.

Decision One Mortgage Company, LLC, Defendant, represented by Beth
A Stewart, Williams & Connolly LLP, Daniel J Millea, Zelle Hofmann
Voelbel & Mason LLP, Elizabeth V Kniffen, Zelle Hofmann Voelbel &
Mason LLP, Jesse T Smallwood, Williams & Connolly LLP, Matthew V
Johnson, Williams & Connolly LLP,Noorudin Mahmood Ahmad, Williams &
Connolly LLP, R. Hackney Wiegmann, Williams & Connolly LLP &Daniel
J Supalla, Briggs & Morgan, PA.

HSBC Finance Corporation, Defendant, represented by David J
Stagman, Katten Muchin Rosenman LLP,Gregory S Korman, Katten Muchin
Rosenman LLP, Nicole M Moen, Fredrikson & Byron, PA, Stuart M
Richter, Katten Muchin Rosenman LLP, Todd A Wind, Fredrikson &
Byron, PA & Daniel J Supalla, Briggs & Morgan, PA.

E-Loan, Inc., Defendant, represented by Sharda R Kneen, Lindquist &
Vennum PLLP, Terrence J Fleming, Lindquist & Vennum PLLP, Brooke D
Anthony, Anthony Ostlund Baer & Louwagie PA & Daniel J Supalla,
Briggs & Morgan, PA.

Rescue Mortgage, Inc., Defendant, represented by Christopher R
Morris, Bassford Remele, PA, Daniel R Olson, Bassford Remele, PA,
Jeffrey D. Klobucar, Bassford Remele, PA, Mark D Covin, Bassford
Remele, PA & Daniel J Supalla, Briggs & Morgan, PA.

American Mortgage Network, LLC, formerly known as American Mortgage
Network, Inc. doing business as Vertice, Defendant, represented by
Daniel J Supalla, Briggs & Morgan, PA.

RBC Mortgage Company, Defendant, represented by Amanda Raines
Lawrence, BuckleySandler LLP,Brian Wegrzyn, BuckleySandler LLP,
Daniel J Supalla, Briggs & Morgan, PA, David A Schooler, Briggs &
Morgan, PA & Matthew P Previn, BuckleySandler LLP.

CMG Mortgage, Inc, Defendant, represented by Andrew Steinfeld,
American Morgage Law Group, P.C.,Carol R M Moss, Hellmuth & Johnson
PLLC, Edward Page Allinson, American Mortgage Law Group, P.C.,J
Robert Keena, Hellmuth & Johnson PLLC, Jack V Valinoti, American
Mortgage Law Group, P.C., James W. Brody, American Mortgage Law
Group & Daniel J Supalla, Briggs & Morgan, PA.

Synovus Mortgage Corp., Defendant, represented by Brent D Hitson,
Burr & Forman LLP, Daniel J Supalla, Briggs & Morgan, PA, Mark G
Schroeder, Briggs & Morgan, PA & Victor L Hayslip, Burr & Forman
LLP.

Honor Bank, formerly known as The Honor State Bank, Defendant,
represented by Garth G Gavenda, Anastasi Jellum, PA, Lindsay W
Cremona, Anastasi Jellum, P.A., Susan Jill Rice, Alward Fisher Rice
Rowe & Graf, PLC, T Christopher Stewart, Anastasi Jellum, PA &
Daniel J Supalla, Briggs & Morgan, PA.

Primary Capital Advisors LLC, Defendant, represented by Daniel J
Supalla, Briggs & Morgan, PA, John O'Shea Sullivan, Burr & Forman
LLP, Mark G Schroeder, Briggs & Morgan, PA & Tala Amirfazli, Burr &
Forman LLP.

PHH Mortgage Corp., Defendant, represented by David T Schultz,
Maslon LLP, David M Souders, Weiner Brodsky Kider PC, Nicole E
Narotzky, Maslon LLP, Tessa K Somers, Weiner Brodsky Kider PC &
Daniel J Supalla, Briggs & Morgan, PA.

Global Advisory Group, Inc., Defendant, represented by Lance T
Bonner, Lindquist & Vennum PLLP.

Freedom Mortgage Corporation, Defendant, represented by Enza G
Boderone, Bilzin Sumberg Baena Price & Axelrod LLP, Erin Sindberg
Porter, Greene Espel PLLP, Janine Wetzel Kimble, Greene Espel
PLLP,Jenny Gassman-Pines, Greene Espel PLLP, Philip R. Stein,
Bilzin Sumberg Baena Price & Axelrod LLP &Daniel J Supalla, Briggs
& Morgan, PA.

Monarch Bank, Defendant, represented by Beth A Jenson Prouty,
Bassford Remele, PA & Daniel J Supalla, Briggs & Morgan, PA.

First Mariner Bank, Defendant, represented by Joel L Perrell, Jr.,
Miles & Stockbridge P.C., Michael E Blumenfeld, Miles &Stockbridge
P.C., Nicole M Moen, Fredrikson & Byron, PA, Timothy M Hurley,
Miles & Stockbridge P.C., Todd A Wind, Fredrikson & Byron, PA &
Daniel J Supalla, Briggs & Morgan, PA.

Sierra Pacific Mortgage Company, Inc., Counter Claimant,
represented by Navdeep Singh, Jenkins Kayayan LLP.


ROBERT J. MEIER: Shrock's Bid for Administrative Expense Denied
---------------------------------------------------------------
Judge Jack B. Schmetterer of the United States Bankruptcy Court for
the North District of Illinois, Eastern Division, denied Shrock'S
motion for administrative expense For his work in recovering the
money for the bankruptcy estate of Robert J. Meier.

When Meier converted his bankruptcy case from Chapter 11 to Chapter
7, he reported that the debtor in possession account contained
$98,000 in postpetition income, which he claimed as not property of
the estate.  Shrock moved for a turnover and the Trustee joined in
that motion and filed the only reply brief at the end of briefing.
The Trustee moved to settle with Meier for half the amount, Shrock
objected.  The objection to settlement was sustained, and the
motion for turnover was granted.  That order for turnover is
currently on appeal.  Shrock has moved for an administrative
expense for his work in recovering the money for the estate.

Judge Schmetterer denied Shrock's motion for administrative
expense, holding that Shrock is not entitled to recover and that
his motion was not necessary.  The Court pointed out that the
Trustee was fully competent to seek recovery of the fund in issue.
Shrock, according to the Court, jumped the gun as the new trustee
was getting organized and cannot claim to have actually benefited
the estate.

Judge Schmetterer further held that Section 503 of the Bankruptcy
Code provides that an administrative expense includes reasonable
compensation for professional services rendered by an attorney or
an accountant of an entity whose expense is allowable under
"subparagraph (A), (B), (C), (D), or (E) of paragraph (3) of this
subsection . . ."  Paragraph (3) provides "the actual, necessary
expenses . . . incurred by (B) a creditor that recovers, after the
court's approval, for the benefit of the estate any property
transferred or concealed by the debtor."

Judge Schmetterer said, here, only subparagraph (B) could possibly
apply.  Under subparagraph (B), Shrock's attorney cannot be paid
because he did not seek and does not contend that he did seek the
court's approval before bringing his motion.  Also, the Trustee
asserts that Shrock brought the motion before consulting with him.
Nor was the property transferred or concealed because it was
reported by the Debtor.  Thus, there is no administrative expense
under Section 503(b)(4).

The case is n re: Robert J. Meier, Chapter 7 (Converted from
Chapter 11), Debtor, BANKRUPTCY NO. 14-BK-10105 (Bankr. N.D.
Ill.).

A full-text copy of Judge Schmetterer's Memorandum Opinion dated
June 12, 2015, is available at http://bit.ly/1fHK15Qfrom
Leagle.com.


ROOFING SUPPLY: S&P Revises Outlook to Stable & Affirms 'B' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its rating
outlook on Roofing Supply Group LLC to stable from negative and
affirmed its 'B' corporate credit rating on the company.

S&P's 'B' issue-level rating and '3' recovery rating on the
company's $315 million term loan due 2019 remain unchanged.  The
'3' recovery rating indicates S&P's expectation for meaningful
recovery (50%-70%; lower end of the range) in the event of payment
default.  S&P's 'CCC+' issue-level rating and '6' recovery rating
on the company's $200 million 10% senior notes due 2020 are also
unchanged.

"The stable rating outlook on Roofing Supply Group LLC reflects our
expectation that the company will improve credit measures due to
increased sales and EBITDA margins in 2015," said Standard & Poor's
credit analyst Pablo Garces.  "Still, we expect the company to
remain highly leveraged over the next 12 months, with debt to
EBITDA for 2015 of 5.7x."

S&P could lower the ratings on the company if roof replacement
demand were to deteriorate significantly; if profitability were to
decline due to severe price competition among distributors,
resulting in the company's interest coverage falling below 1.5x; or
if liquidity became constrained due to an unexpected contraction in
the company's ABL availability.

S&P views an upgrade as unlikely in the next 12 months, given its
expectation for leverage to remain high and given the company's
ownership by a financial sponsor.  However, S&P would consider a
positive rating action if leverage dropped to less than 5x and if
S&P expected management and sponsors to adopt financial policies
consistent with an "aggressive" financial risk profile.



SAAD INVESTMENTS: July 14 Hearing on U.S. Recognition
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on July 14, 2015, at 10:00 a.m., to consider
the joint official liquidators of Saad Investments Company
Limited's request for recognition of SICL's liquidation proceedings
pending before the Grand Court of the Cayman Islands, Financial
Services Division.

As reported in the Troubled Company Reporter on June 5, 2015, the
Joint Official Liquidators -- Hugh Dickson of Grant Thornton
Specialist Services (Cayman) Limited and Stephen Akers and Mark
Byers of Grant Thornton U.K. L.L.P -- are in the midst of a lengthy
and complex liquidation process based in the Cayman Islands for
which they are the sole persons authorized to act on SICL's behalf.
SICL's multibillion-dollar liquidation is international in scale
and has been in progress for almost six years.

The Cayman Island Proceeding involves over $9.7 billion in assets
and about $3.754 billion in liabilities, stemming from holdings and
obligations located in multiple jurisdictions in the Caribbean,
Europe, Australia, and Middle East.

Accordingly, in carrying out their duties, the JOLs have already
sought and received recognition of the Cayman Islands Proceeding as
a foreign main proceeding in multiple jurisdictions, including in
England and Australia, and brought various legal proceedings to
recover SICL's assets on behalf of creditors.  To date, they have
recovered over $450 million in assets.

The JOLs seek recognition of the Cayman Islands Proceeding to
efficiently administer SICL's assets and investigate SICL's affairs
in the United States.

                $9 Billion in Assets at its Peak

SICL, incorporated in the Cayman Islands, was formed by Maan
Al-Sanea of Saudi Arabia, to manage his non-Saudi Arabian assets,
including a portfolio consisting of equities, funds, interest
bearing securities, and real estate.  According to its internal
accounting records, SICL held about an estimated $9 billion in
assets and $4.5 billion in liabilities.  SICL's interests are
spread across the globe, including in the Caribbean, Australia,
Europe, and the Middle East.

Around May 28, 2009, the Saudi Arabian Monetary Authority ("SAMA")
froze Al-Sanea's assets.  The freeze was reported globally and
triggered the withdrawal by Moody's of the credit rating of SICL's
debt in early June 2009

Prior to the freeze, SICL entered into a Credit Facility Agreement
with a syndicate of banks.  The banks made available to SICL a
syndicated unsecured revolving credit facility in the amount of
US$2.815 billion (the "Credit Facility Agreement").  As a result of
the removal of SICL's credit rating, individual banks issued
default notices under the Credit Facility Agreement and other
bilateral agreements between those banks and SICL and began selling
collateral shortly after the SAMA asset freeze.

During this time, the Saad Group contemplated an out-of-court
restructuring with creditor agreement.  A director of the Saad
Group sent a letter to SICL's lenders notifying them of the
proposed restructuring to "resolve the funding problems with a
proper process."  In late June 2009, SICL sent a notice to its
lenders containing details of a meeting it proposed to be held in
early July informing creditors of its restructuring proposals.

The meeting never materialized.

Instead, on July 30, 2009, Barclays Bank PLC, CALYON, and The Royal
Bank of Scotland (the "Petitioning Creditors") -- each a lender
under the Credit Facility Agreement -- filed a petition for the
winding up of SICL.

Following the petition, on August 5, 2009, the Cayman Islands Grand
Court appointed Hugh Dickson of Grant Thornton Specialist Services
(Cayman) Limited and Stephen Akers and Mark Byers of Grant Thornton
U.K. L.L.P as Joint Provisional Liquidators of SICL.  On Sept. 18,
2009, Messrs Dickson, Akers and Byers were appointed Joint Official
Liquidators of SICL.

                         Related Entities

One or more of the JOLs were also appointed as joint official
liquidators over various other entities within the Saad Group that
were connected to SICL:

                           Liquidation process       Date of
   Group company             and jurisdiction       Liquidation
   -------------             ----------------       -----------
Lombard Atlantic Bank N.V.     Voluntary           4 Sept. 2009
                               Liquidation,
                               Curacao

Singularis Holdings Limited    Court Supervised   18 Sept. 2009
                               Liquidation,
                               Cayman Islands

LA Investments Limited         Members' Voluntary 21 Sept. 2009
                               Liquidation, UK

Saad Inv. Finance Co. Ltd.     Court Supervised   26 Oct. 2009
                               Liquidation,
                               Cayman Islands
Saad Inv. Finance Co. (No. 2)  Court Supervised   26 Oct. 2009
                               Liquidation,
                               Cayman Islands

Saad Inv. Finance Co. (No. 3)  Court Supervised   26 Oct. 2009
                               Liquidation,
                               Cayman Islands

Saad Inv. Finance Co. (No. 8)  Court Supervised   26 Oct. 2009
                               Liquidation,
                               Cayman Islands

Saad Inv. Finance Co. (No. 9)  Court Supervised   26 Oct. 2009
                               Liquidation,
                               Cayman Islands

Saad Inv. Finance Co (No. 10)  Court Supervised   26 Oct. 2009
                               Liquidation,
                               Cayman Islands

Ringmore Limited               Summary Winding    25 Nov. 2009
                               up,
                               Jersey

Saad Cayman Limited            Court Supervised    4 Dec. 2009
                               Liquidation,
                               Cayman Islands
Saad Financial Advisory
Services Ltd.                  Official Liquid.   22 Feb. 2010
                               in Dubai
                               International
                               Financial Centre

There are multiple foreign proceedings related to the Cayman
Islands Proceeding that have already received recognition as
foreign main proceedings in U.S. court.  First is Saad Investments
Finance Company (No. 5) Limited, which is a wholly owned subsidiary
of SICL and also in official liquidation in the Cayman Islands.
Due to a conflict, Petitioners were not appointed as Joint Official
Liquidators of Saad Investments Finance Company (No. 5) Limited;
instead Mark Longbottom and Nicholas Paul Matthews of Kinetic
Partners were appointed as the entity's Joint Official Liquidators.
Saad Investments Finance Company (No. 5) Limited's Cayman Islands
insolvency proceeding was recognized as a foreign main proceeding
by order of the Bankruptcy Court for the District of Delaware, Case
No. 09-13985-KG, Docket No. 39,
Dec. 4, 2009.

The second related proceeding is Awal Bank, BSC, which is a foreign
banking corporation incorporated in the Kingdom of Bahrain.  SICL
is a 48% shareholder of Awal Bank.  On July 30, 2009, the Central
Bank of Bahrain placed Awal Bank into administration and appointed
Charles Russell, a British law firm with a Bahrain office, as
External Administrator. Awal Bank's Bahrain insolvency proceeding
was recognized as a foreign main proceeding by order of the
Bankruptcy Court for the Southern District of New York, Case No.
09-15923 (ALG), Docket No. 18, October 28, 2009. Subsequently, Awal
Bank filed a voluntary petition under chapter 11 of the Bankruptcy
Code also in the Bankruptcy Court for the Southern District of New
York, Case No. 10-15518 (ALG).

Finally, there is a third set of proceedings for seven of Awal
Bank's subsidiaries -- Awal Master Fund, Awal Finance Company
Limited, Awal Feeder 1 Fund Limited, Awal Finance Company (No. 2)
Limited, Awal Finance Company (No. 3) Limited, Awal Finance Company
(No. 4) Limited, and Awal Finance Company (No. 5) Limited
(collectively, the "Awal Subsidiaries").  Each of the Awal
Subsidiaries has liquidation proceedings in the Cayman Islands.
Chris Johnson, Russell Homer, Bruce Alexander MacKay, and Geoffrey
Lambert Carton-Kelly were appointed as the Joint Official
Liquidators of the Awal Subsidiaries.  The Awal Subsidiaries'
Cayman Islands proceedings were recognized by order of the
Bankruptcy Court for the Southern District of New York, Case No.
15-10652 (MEW), Docket No. 15, May 5, 2015.

                     About Saad Investments

Saad Investments Company Limited is the main holding company of a
group of Saad entities.  The Saad Group's Chairman and SICL's
beneficial owner is Maan Al-Sanea of Saudi Arabia.  According to
Forbes magazine, Al-Sanea's net worth was once $7 billion, ranking
him as the world's 62nd richest person. SICL's stated purpose was
to hold and manage Al-Sanea's non-Saudi Arabian assets, including
a
portfolio consisting of equities, funds, interest bearing
securities, and real estate.

The joint official liquidators of SICL filed a Chapter 15 petition
(Bankr. S.D.N.Y. Case No. 15-11440) in Manhattan in the United
States on May 29, 2015, to seek recognition of SICL's winding up
proceedings in the Cayman Islands.  

The U.S. case is assigned to Judge James L. Garrity Jr.  Randall
Adam Swick, Esq., at Reid Collins & Tsai LLP, serves as counsel in
the U.S. case.



SEADRILL LTD: 2021 Bank Debt Trades at 23% Off
----------------------------------------------
Participations in a syndicated loan under which Seadrill Ltd. is a
borrower traded in the secondary market at 77.22 cents-on-the-
dollar during the week ended Friday, June 26, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 30, 2015, edition of The Wall Street Journal.  This
represents a decrease of 1.32 percentage points from the previous
week, The Journal relates. Seadrill Ltd. pays 300 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
February 17, 2021, and carries Moody's Ba3 rating and Standard &
Poor's BB- rating.  The loan is one of the biggest gainers and
losers among 260 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday.


SEARS HOLDINGS: ESL Investments Reports 55.2% Equity Stake
----------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, ESL Investments, Inc. disclosed that as of June 26,
2015, it beneficially owned 61,515,999 common shares of Sears
Holdings Corporation, which represents 55.2 percent of the shares
outstanding.

On June 26, 2015, in connection with the Seritage Rights Offering,
ESL and Edward S. Lampert (the "Participants") entered into an
exchange agreement with Seritage Growth Properties, L.P., and
Seritage.  Pursuant to the Exchange Agreement, each Participant has
agreed to exchange cash and subscription rights received pursuant
to the Seritage Rights Offering that, if exercised, would result in
the Participants receiving in excess of 3.2% of the Seritage common
shares, for Operating Partnership units and Class B non-economic
shares of beneficial interest, par value $0.01 per share, of
Seritage.  The Class B Shares will have, in the aggregate, 6.6% of
the voting power of Seritage at the closing of the rights offering
by Seritage but will not be entitled to dividends or distributions.
The Exchange Agreement allows the Participants to participate in
the over-subscription privilege with respect to subscription rights
they exchange to the same extent as if they had exercised those
rights.  In addition, the Participants have agreed that upon any
sale or other transfer to a non-affiliate of any of the OP Units
received pursuant to the Exchange Agreement, they will surrender to
Seritage a pro rata portion of the Class B Shares that they hold,
whereupon the surrendered shares will be cancelled and the
aggregate voting power of the Participants in Seritage will be
reduced.

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

                      http://is.gd/AiplMS

                           About Sears

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

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

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

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

For the year ended Jan. 31, 2015, the Company reported a net loss
attributable to Holdings' shareholders of $1.68 billion compared to
a net loss attributable to Holdings' shareholders of $1.36 billion
for the year ended Feb. 1, 2014.  As of May 2, 2015, Sears Holdings
had $13.3 billion in total assets, $14.5 billion in total
liabilities, and a $1.20 billion total deficit.

                            *     *     *

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

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

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

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


SELECTBUILD ILLINOIS: Bid to Enforce Permanent Injunction Denied
----------------------------------------------------------------
Bankruptcy Judge Kevin J. Carey denied the reorganized debtors'
Motion to Enforce the Permanent Injunction against the Ryland
Group, Inc. in the case captioned In re: SELECTBUILD ILLINOIS, LLC,
et al., CHAPTER 11, Reorganized Debtors, CASE NO. 09-12085 (KJC)
(Bankr. D. Del.).

Ryland sought to obtain indemnification from ACE American Insurance
Company for personal injury claims brought by former employees of
debtor SelectBuild Illinois, LLC against Ryland in Illinois state
court.

The Reorganized Debtors filed a Motion to Enforce the Permanent
Injunction against Ryland, arguing that Ryland's efforts would
violate the discharge injunction provided by their confirmed plan
because it could trigger SelectBuild's obligation to pay $1.9
million deductible under its policy with ACE.

Ryland contended that it should be allowed to seek indemnification
from ACE because, for among other reasons, Ryland is an additional
insured on the policy.

Judge Carey denied the relief requested by the Reorganized Debtors
and Ryland was not enjoined from seeking indemnification as an
additional insured from ACE.

A copy of the May 28, 2015 memorandum is available at
http://is.gd/G330pxfrom Leagle.com.

                     About Building Materials
                     and SelectBuild Illinois

Building Materials Holding Corporation -- http://www.bmhc.com/--
is one of the largest providers of building materials and
residential construction services in the United States.  BMHC
serves the homebuilding industry through two recognized brands: as
BMC West, it distributes building materials and manufacture
building components for professional builders and contractors in
the western and southern states; as SelectBuild, it provides
construction services to high-volume production homebuilders in key
markets across the country.

BMHC and its 11 affiliates, including SelectBuild Illinois, LLC,
filed for bankruptcy on June 16, 2009 (Bankr. D. Del. Lead Case No.
09-12074).  Judge Kevin J. Carey presided over the cases.  Michael
A. Rosenthal, Esq., and Matthew K. Kelsey, Esq., at Gibson, Dunn &
Crutcher LLP; and Sean M. Beach, Esq., at Young Conaway Stargatt &
Taylor, LLP, served as bankruptcy counsel.  Paul Croci, at Peter J.
Solomon Company, served as financial advisor.  Joseph Spano at
Alvarez & Marsal North America, LLC, served as restructuring
advisor.  The Debtors' tax consultant was KPMG LLP; tax advisor was
PricewaterhouseCoopers LLP; and claims and notice agent was The
Garden City Group, Inc.

As of March 31, 2009, the Debtors had total assets of $480,148,000
and total debts of $481,314,000.

On December 17, 2009, the court entered an Order confirming the
debtors' joint plan of reorganization.


SONY CORP: Moody's Affirms Ba1 Rating on Sr. Unsecured Bonds
------------------------------------------------------------
Moody's Japan K.K. has changed Sony Corporation's ratings outlook
to positive from stable. At the same time, Moody's has affirmed
Sony's Ba1 issuer and long-term senior unsecured bond ratings.

Moody's has also affirmed Not Prime short-term rating of its
supported subsidiary, Sony Global Treasury Services Plc.

RATINGS RATIONALE

"The change in Sony's ratings outlook to positive from stable
principally reflects the company's efforts in effectively lowering
its financial leverage over the past year as well as our view that
steady progress in the company's restructuring efforts will help
sustain its operating performance over the next 12-18 months," says
Takashi Akimoto, a Moody's Analyst.

"The change in Sony's ratings outlook also reflects the alleviation
of our concerns over a potential deterioration in its financial
leverage, following Sony's announcement today that its recently
expanded capex program would be funded by new equity offerings,"
says Akimoto who is also the Lead Analyst for Sony.

"The company's now lower leverage combined with the benefit of
additional equity has provided a more meaningful cushion within its
rating to absorb potential volatility in its operating environment
and earnings", adds Akimoto.

On June 30, 2015, Sony announced an approximate JPY320 billion
issuance of new shares together with a secondary offering of shares
and a JPY120 billion issuance of new convertible bonds. Proceeds
from the share and bond issuance will be mainly used to expand the
company's production capacity and to enhance research and
development activities for its image sensors business.  In
addition, JPY69 billion out of JPY120 billion issuance of
convertible bonds will be used for existing debt repayment.

Sony announced in April 2015 that it would more than double its
capex for FYE3/2016 to JPY501.0 billion from the JPY243.9 billion
notified at FYE3/2015.

Sony's reported total debt for its non-financial services
businesses fell by JPY360.8 billion for FYE3/2015 to JPY886.3
billion from JPY1.25 trillion at FYE3/2014.

A recovery in the operating performance of its non-financial
services businesses contributed to its improved financial leverage.
Specifically, adjusted debt/EBITDA of 2.9x for FYE3/2015 improved
materially from the 4.5x for FYE3/2014.  Moody's expects that with
the announcement of new equity issuance and taking into account its
heightened capex plans, the company's financial profile should be
more manageable within the rating.

"Sony's debt reduction efforts and proposed equity issuance are
credit positive and indicative of management's greater commitment
to restoring its financial strength", adds Akimoto.

The company's mid-range plan -- covering the periods from FYE3/2016
to FYE3/2018 -- aims to transform its operations by focusing on
profitability rather than volume.

In addition, all business segments — except for mobile
communications — posted positive operating income at FYE 3/2015,
supported by steady progress in the company's restructuring efforts
to turn around its unprofitable businesses.

Sony expects to report solid operating performance in FYE3/2016. In
particular, the company expects to post operating income of
JPY145.0 billion in FYE3/2016; excluding its financial segment.

Sony's forecast for operating income in FYE3/2016 contrasts
significantly from its operating loss of JPY124.8 billion in
FYE3/2015.  Moody's notes that the operating loss in FYE3/2015
includes non-recurring expenses, such as a JPY98.0 billion in
restructuring charges and JPY176.0 billion in goodwill impairment
charges related to its mobile communications segment.

"Nevertheless, a level of uncertainty remains as to whether or not
Sony can achieve sustainable operating performance over the longer
term; especially in its consumer electronics-related businesses,
where pricing pressures remain strong" Says Akimoto.

For instance, Sony's mobile communications segment will likely
incur an operating loss of JPY39.0 billion for FYE3/2016. Moody's
will continue to monitor Sony's progress on its restructuring
measures for this segment, and whether or not the segment's
profitability recovers.

Sony's Ba1 ratings reflect its diversified business portfolio, as
seen by its broad range of products; strong brand recognition;
large scale and geographically diversified earnings stream.  The
ratings also incorporate the challenges it faces in stabilizing its
profitability.

The positive outlook provides a potential pathway to ratings
improvement should debt remain permanently lower and earnings
stabilize further in its key operating segments.

Sony's ratings could experience upgrade pressure if its
non-financial services businesses maintain: 1) an adjusted
debt/EBITDA of 4.0x-4.5x; and 2) an adjusted debt/capitalization
below 55%.

On the other hand, downward ratings pressure could emerge if
profitability, cash flow, and leverage deteriorate further, and if
Sony's non-financial services segments fail to maintain overall
operating profit — excluding non-recurring gains and losses, and
equity income — or if adjusted debt/EBITDA deteriorates to the
6x-7x range, or adjusted debt/capitalization deteriorates such that
the ratio exceeds 65%.

The principal methodology used in these ratings was Global
Manufacturing Companies (Japanese) published in August 2014.

Sony Corporation, headquartered in Tokyo, is one of the world's
leading manufacturers of consumer electronics products.



SS&C TECHNOLOGIES: Moody's Retains 'B1' CFR Over Notes Increase
---------------------------------------------------------------
Moody's Investors Service said that SS&C Technologies Holdings,
Inc.'s B1 Corporate Family Rating, the ratings for SS&C's proposed
senior credit facilities and senior unsecured notes, as well as its
positive ratings outlook are not affected by the company's plans to
increase its senior notes offering by $100 million to $600 million.


STEPHEN E. CREECH: Court Rules in Suit Against Ormond Oil
---------------------------------------------------------
Bankruptcy Judge Stephani W. Humrickhouse issued an order in
determination of an adversary proceeding and objection to claim in
the case captioned STEPHEN E. CREECH, EDNA B. CREECH, Plaintiffs,
v. ORMOND OIL & GAS CO., INC., Defendant, ADVERSARY PROCEEDING NO.
13-00124-8-SWH (E.D.N.C., Raleigh Div.).

On November 13, 2012, Stephen E. Creech and Edna B. Creech executed
a Future Advance Promissory Note to evidence their debt with
defendant Ormond Oil & Gas Co., Inc., secured by a Deed of Trust
(With Future Advance Clause).  The deed of trust was recorded on
November 16, 2012 at Book 4205, Page 885, Johnston County
Registry.

On July 29, 2013, the debtors filed a complaint seeking the
avoidance of the deed of trust as a preferential transfer, and
disallowance of the defendant's claim because it violates Chapter
75 of the North Carolina General Statutes.  The defendant sought a
determination that the debt is nondischargeable, alleging that the
debtors obtained money, services, or an extension, renewal or
refinancing of credit by false pretenses, a false representation,
or actual fraud.

After conducting a trial on the merits, Judge Humrickhouse allowed
the debtors' request for avoidance of the deed of trust pursuant to
Section 547(B).  He found that the deed of trust fully satisfies
the elements of Section 547 and the new value defense is not
available to the defendant.

Judge Humrickhouse, however, denied the debtors' claim pursuant to
Chapter 75 of the North Carolina General Statutes.  She held that
the evidence presented by the debtors is insufficient to show that
the actions of the defendant constituted an unfair trade practice.
The debtors have also failed to show any evidence of actual injury
as required by Chapter 75.

Lastly, Judge Humrickhouse denied the defendant's counterclaim
seeking a determination that its debt is nondischargeable pursuant
Section 523.  She found that the defendant failed to prove that the
debtors made any false representations about their financial
situation or that the debtors acted fraudulently by continuing to
accept fuel from the defendant.

A copy of the May 28, 2015 order is available at
http://is.gd/1FNWRWfrom Leagle.com.

            About Stephen E. Creech and Edna B. Creech

Stephen and Edna Creech filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
13-00817-8-SWH) on February 8, 2013.


SUN PRODUCTS: S&P Affirms 'B-' CCR & Revises Outlook to Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Wilton, Conn.-based The Sun Products Corp. and
revised its rating outlook to stable from negative.

At the same time, S&P affirmed its 'B-' issue-level rating on the
company's $1.155 billion secured bank credit facility.  The
recovery rating on this debt remains '3', indicating S&P's
expectation that lenders could expect meaningful (50%-70%, at the
upper half of the range) recovery in the event of a payment default
or bankruptcy.

S&P also affirmed its 'CCC' issue-level rating on the company's
$575 million 7.75% senior unsecured notes due 2021.  The recovery
rating on this debt remains '6', indicating that lenders could
expect negligible (0-10%) recovery in the event of a payment
default or bankruptcy.  Debt outstanding as of March 31, 2015, was
about $1.86 billion, including preferred stock.

"The outlook revision reflects our expectation that Sun Products
will be able to generate modest free cash flow for debt repayment
and sustain its improved, albeit still below-average,
profitability," said Standard & Poor's credit analyst Gerald
Phelan.  "This should also enable the company to modestly
strengthen its currently weak credit metrics."

Standard & Poor's ratings on Sun Products reflect the intense
competition it faces from several large rivals that have
substantially greater resources, including Procter & Gamble Co.,
Church & Dwight Co. Inc., and Henkel AG & Co. KGaA; and the
company's narrow focus in the laundry category, which is mature and
has declined over the past few years owing to weak disposable
incomes, the introduction of "unit-dose" products that have enabled
consumer to reduce overall usage, and a price war triggered by the
launch of a lower-priced brand extension from the dominant industry
leader, P&G.  Although S&P believes the highly competitive pricing
environment has stabilized, it is possible renewed discounting
could occur, especially since Henkel recently launched Persil, a
higher-end laundry detergent that is already established in Europe
and quickly gaining share in the U.S., into Wal-Mart stores.  S&P
believes Henkel will try to gain shelf space with other retailers.
This could result in price competition across the pricing spectrum,
including in the lower end, which is where Sun Products generally
competes through its owned brands (primarily All, Wisk, and
Snuggle) and its private-label store brands.

S&P's business risk assessment also incorporates Sun Products'
substantial customer concentration, particularly with Wal-Mart and
Costco, which combined account for almost half of the company's
sales.  S&P's ratings assume Sun Products maintains its number two
position in the industry and market share in the mid-to-high teens.


S&P's ratings also reflect Sun Products highly leveraged capital
structure and its majority ownership by a private equity financial
sponsor.  Most financial sponsors focus on generating investment
returns over short-term horizons (less than five years), at times
through acquisitions and dividend payouts.  Therefore, S&P
continues to believe the company will likely add leverage if it
were able to meaningfully improve profitability to make
acquisitions and/or distribute dividends to its shareholders.



TECHPRECISION CORP: Incurs $3.6 Million Net Loss in FY 2015
-----------------------------------------------------------
TechPrecision Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$3.6 million on $18.2 million of net sales for the year ended March
31, 2015, compared to a net loss of $7.1 million on $21.1 million
of net sales for the year ended March 31, 2014.

For the three months ended March 31, 2015, the Company reported a
net loss of $718,624 on $3.9 million of net sales compared to a net
loss of $4.1 million on $3.6 million of net sales for the same
period last year.

As of March 31, 2015, the Company had $11.3 million in total
assets, $11 million in total liabilities and $288,495 in total
stockholders' equity.

Marcum LLP, in Bala Cynwyd, Pennsylvania, issued a "going concern"
qualification on the consolidated financial statements for the year
ended March 31, 2015, citing that the Company has suffered
recurring losses from operations, and the Company's liquidity may
not be sufficient to meet its debt service requirements as they
come due over the next twelve months.  These circumstances raise
substantial doubt about the Company's ability to continue as a
going concern.

"Recapping our turnaround activities in fiscal year 2015, we
sharply focused on productivity initiatives, realignment of
resources, and top line growth with key customers," stated
Alexander Shen, TechPrecision's chief executive officer.  "As a
result, we have improved profitability on a sales volume that was
13% lower than last year.  We ended fiscal year 2015 with a 26%
year over year decrease in selling, general, and administrative
expense, and a positive gross margin of 13% compared to a negative
gross margin of 3.5% for the previous year.  Also, we achieved a
key milestone in successfully refinancing our legacy bank debt
through two separate financing events with asset based lenders,
enabling us to eliminate certain liquidity risks associated with
defaults under our legacy bank covenants, giving us the time and
flexibility to rebuild our business with a more optimal mix of
customers and customer orders."

"Moving forward, the key is to maintain the sharp focus that got us
to this point of our recovery.  We plan to increase our backlog and
focus on new business contracts with our core customers which
utilize our core competencies in custom, large scale, high
precision fabrication and machining  and leverage our established
expertise, certifications, and qualifications in the defense,
nuclear, energy, and precision industrial sectors.  We must
continue to execute and maintain operational run rate improvements
to improve gross margins and increase the amount of cash generated
from operations."

At March 31, 2015, TechPrecision had negative working capital of
$2.1 million compared with negative working capital of $2.0
million, at March 31, 2014.  As of March 31, 2015, the Company had
$1.3 million in cash and cash equivalents compared to $1.1 million
at March 31, 2014.  The Company's backlog at March 31, 2015, was
$14.3 million compared to an adjusted backlog of $17.4 million, at
March 31, 2014, that excludes orders cancelled by a customer that
filed for bankruptcy subsequent to March 31, 2014.

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

                       http://is.gd/mdkbbx

                       About TechPrecision

TechPrecision Corporation (OTC BB: TPCSE), through its wholly
owned subsidiaries, Ranor, Inc., and Wuxi Critical Mechanical
Components Co., Ltd., globally manufactures large-scale, metal
fabricated and machined precision components and equipment.


TECHPRECISION CORP: Posts Net Loss of $3.6M in Fiscal Year 2015
---------------------------------------------------------------
TechPrecision Corporation, an industry leading global manufacturer
of precision, large-scale fabricated and machined metal components
and tested systems with customers in the defense, energy and
precision industrial sectors, on June 29 reported financial results
for the fourth quarter and full-year periods of fiscal year 2015,
the periods ended March 31, 2015.

                       Year-end Recap

"Recapping our turnaround activities in fiscal year 2015, we
sharply focused on productivity initiatives, realignment of
resources, and top line growth with key customers," stated
Alexander Shen, TechPrecision's Chief Executive Officer.  "As a
result, we have improved profitability on a sales volume that was
13% lower than last year.  We ended fiscal year 2015 with a 26%
year over year decrease in selling, general, and administrative
expense, and a positive gross margin of 13% compared to a negative
gross margin of 3.5% for the previous year.  Also, we achieved a
key milestone in successfully refinancing our legacy bank debt
through two separate financing events with asset based lenders,
enabling us to eliminate certain liquidity risks associated with
defaults under our legacy bank covenants, giving us the time and
flexibility to rebuild our business with a more optimal mix of
customers and customer orders."

"Moving forward, the key is to maintain the sharp focus that got us
to this point of our recovery.  We plan to increase our backlog and
focus on new business contracts with our core customers which
utilize our core competencies in custom, large scale, high
precision fabrication and machining and leverage our established
expertise, certifications, and qualifications in the defense,
nuclear, energy, and precision industrial sectors.  We must
continue to execute and maintain operational run rate improvements
to improve gross margins and increase the amount of cash generated
from operations."

Fourth Quarter Fiscal Year 2015 (Q4 FY15) Summary: Three Months
Ended March 31, 2015

Net sales increased 9% to $3.9 million in Q4 FY15 compared to $3.6
million in Q4 FY14.

Cost of sales decreased by $3.2 million in Q4 FY15 compared to Q4
FY14. The higher level of cost of sales in Q4 FY14 was primarily
driven by $3.1 million of contract losses recorded during that
quarter.

Gross profit was $0.9 million or 22% of revenue for Q4 FY15
compared to a gross loss of $2.65 million or (74%) of revenue in Q4
FY14.

Selling, general and administrative expenses decreased 9% to $1.3
million in Q4 FY15 compared to $1.4 million in Q4 FY14.

The Company continues a process to recover some of the contract
losses recorded last year; however, this effort is now governed by
a customer's Chapter 11 bankruptcy proceeding which adds
uncertainty to both the timeframe and degree of recovery that might
be ultimately achieved.

Net loss was $0.7 million for Q4 FY15 compared to a net loss of
$4.1 million in Q4 FY14.

Fiscal Year 2015 (FY15) Summary: 12 Months Ended March 31, 2015

For FY15, net sales decreased 13% or $2.8 million to $18.2 million
compared to $21.1 million in FY14.

Gross margin was 13% for FY15 compared to a negative 3.5% gross
margin in FY14.

Selling, general and administrative expense decreased 26% to $4.5
million in FY15 compared to $6.1 million in FY14.

Loss from operations was $2.2 million for FY15 compared to $6.8
million in FY14.

Net loss was $3.6 million for FY15 compared to a net loss of $7.1
million in FY14.

                      Balance Sheet Summary

At March 31, 2015, TechPrecision had negative working capital of
$2.1 million compared with negative working capital of $2.0
million, at March 31, 2014.  As of March 31, 2015, the Company had
$1.3 million in cash and cash equivalents compared to $1.1 million
at March 31, 2014.  The Company's backlog at March 31, 2015 was
$14.3 million compared to an adjusted backlog of $17.4 million, at
March 31, 2014, that excludes orders cancelled by a customer that
filed for bankruptcy subsequent to March 31, 2014.

                       About TechPrecision

TechPrecision Corporation (OTC BB: TPCSE), through its wholly owned
subsidiaries, Ranor, Inc., and Wuxi Critical Mechanical Components
Co., Ltd., globally manufactures large-scale, metal fabricated and
machined precision components and equipment.

TechPrecision reported a net loss of $7.09 million for the year
ended March 31, 2014, as compared with a net loss of $2.41 million
for the year ended March 31, 2013.

As of Dec. 31, 2014, the Company had $14.4 million in total assets,
$13.5 million in total liabilities and $937,000 in total
stockholders' equity.

KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern"
qualification on the consolidated financial statements for the year
ended March 31, 2013.  The independent auditors noted that the
Company was not in compliance with the fixed charges and interest
coverage financial covenants under their credit facility, and the
Bank has not agreed to waive the non-compliance with the covenants.
Since the Company is in default, the Bank has the right to
accelerate payment of the debt in full upon 60 days written notice.
The Company has suffered recurring losses from operations, and the
Company's liquidity may not be sufficient to meet its debt service
requirements as they come due over the next
twelve months.  These circumstances raise substantial doubt about
the Company's ability to continue as a going concern.


TENSAR CORP: S&P Cuts Corp. Credit Rating to 'B-', Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Alpharetta, Ga.-based site-development solution
provider The Tensar Corp. to 'B-' from 'B'.  The outlook is
stable.

Concurrently, S&P lowered the issue-level ratings on the company's
$30 million revolving credit facility due 2019 and $235 million
first-lien term loan due 2021 to 'B' from 'B+'.  The recovery
rating remains '2', indicating S&P's expectation of substantial
(70% to 90%; upper half of range) recovery in the event of a
payment default.  S&P also lowered the issue-level rating on the
company's $78 million second-lien term loan due 2022 to 'CCC+' from
'B-'.  The recovery rating remains '5', indicating S&P's
expectation of modest (10% to 30%; lower half of range) recovery in
the event of a payment default.

"The stable outlook reflects our view that the company will
demonstrate modest performance growth over the next year because of
higher infrastructure spending and commercial construction," said
Standard & Poor's credit analyst Maurice Austin.  "We also believe
that increased penetration of the company's products will provide
incremental revenues gains.  However, we forecast that credit
protection measures will remain commensurate with a highly
leveraged financial risk profile over the next year, with leverage
remaining above 10x and interest coverage in excess of 1x."

Although less likely in an improving business environment, S&P
could lower the rating if liquidity deteriorates significantly such
that availability on the first-lien revolving credit facility
approaches $10 million, a level less than the company expects. This
could occur if spending in the infrastructure and commercial
equipment industries is meaningfully lower than S&P's forecast, the
company fails to meet its sales targets, or a significant increase
in raw material costs results in performance erosion for the
company.

Although S&P forecasts some modest performance gains, it do not
believe an upgrade is likely within the next 12 months given its
forecast for leverage to remain significantly above 5x.  Any
positive ratings momentum would be predicated on EBITDA growth in
line with company projections, or a reduction in debt such that
leverage would decline to the mid-5x area.  Both scenarios would
need to be in conjunction with our reassessment of liquidity as
"adequate."



TIERRA DEL REY: Apartment Complex Enters Ch. 11 with $5.54M Debt
----------------------------------------------------------------
Tierra Del Rey, LLC, filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Cal. Case No. 15-04253) on June 29, 2015, disclosing assets of
$10.8 million against $5.54 million in debt.

The Debtor owns the Tierra Del Rey Apartments, an 80-unit
multi-family apartment complex at 3675 King Street and 6975 Waite
Street in La Mesa, California.  The property is valued at $10.6
million and secures a debt of $4.21 million debt to Fannie Mae (1st
trust deed) and a $1.27 million debt to AP Mortgage Company, Inc.
(2nd trust deed).

In its schedules of assets and liabilities, the company disclosed:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $10,600,000
  B. Personal Property              $217,100
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $5,484,514
  E. Creditors Holding
     Unsecured Priority
     Claims                                            $5,600
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                           $48,613
                                 -----------      -----------
        TOTAL                    $10,817,100       $5,538,726

According to the statement of financial affairs, the apartment
complex generated rental income of $864,000 in 2013, $882,000 in
2014, and $275,000 in January to June 2015.

The Debtor disclosed that a receiver seized control of the
apartment complex on June 19, 2015.  The receiver so far has
collected $211,000.  The receiver, Trigild, Inc., was appointed at
the behest of AP Mortgage, which commenced the suit styled, AP
Mortgage Company, Inc. vs. Bay Vista Methodist Heights et al.
37-2015-00012044-CU-OR-CTL, SDSC Central Division.

The Debtor tapped Craig E. Dwyer, Esq., in San Diego, California,
as counsel.


TWIN CITIES: S&P Assigns 'BB' Rating on $15.8MM Revenue Bonds
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to the
Housing and Redevelopment Authority of the City of St. Paul,
Minn.'s $15.8 million series 2015A and series 2015B charter school
lease revenue bonds, issued for Twin Cities Academy (TCA).  The
outlook is stable.

"The rating reflects our assessment of TCA's long history of
sustainable operations, good state support in Minnesota, growing
enrollment with modest wait lists, adequate liquidity, and
experienced management team," said Standard & Poor's credit analyst
Jessica Wood.  "Factors currently precluding a higher rating are
TCA's planned addition of a significant amount of debt, slim pro
forma debt service coverage at less than 1.0x, and high debt
burden, as well as the risks associated with new construction,
relocation, and the need to grow enrollment and for net income to
exceed 1.0x maximum annual debt service coverage over time."

Management plans to use the net proceeds of the series 2015 bonds
to acquire land and construct a new building (approximately 1.5
miles from its current site) to provide classroom space for its
current sixth to 12th grade students, as well as to accommodate
growth over the next few years, to 600 students from 450.  Proceeds
will also be used to fund capitalized interest, to fund a debt
service reserve fund, and to pay costs associated with the issuance
of the series 2015 bonds.



TXU CORP: 2014 Bank Debt Trades at 42% Off
------------------------------------------
Participations in a syndicated loan under which TXU Corp. is a
borrower traded in the secondary market at 57.40 cents-on-the-
dollar during the week ended Friday, June 26, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 30, 2015, edition of The Wall Street Journal.   This
represents an increase of 0.15 percentage points from the previous
week, The Journal relates. TXU Corp. pays 350 basis points above
LIBOR to borrow under the facility.  The bank loan was scheduled to
mature on Oct. 10, 2014 and Moody's withdraws ratings and Standard
& Poor did not give any rating. The loan is one of the biggest
gainers and losers among 260 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday.


TXU CORP: 2017 Bank Debt Trades at 42% Off
------------------------------------------
Participations in a syndicated loan under which TXU Corp. is a
borrower traded in the secondary market at 58.43 cents-on-the-
dollar during the week ended Friday, June 26, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the June 30, 2015, edition of The Wall Street Journal.  This
represents an increase of 1.11 percentage points from the previous
week, The Journal relates. TXU Corp. pays 450 basis points above
LIBOR to borrow under the facility.  The bank loan matures on Oct.
10, 2017 and Moody's withdraws ratings and Standard & Poor did not
give any rating.  The loan is one of the biggest gainers and losers
among 260 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.



U.S. FOODS: S&P Affirms 'B' Corp. Credit Rating, Off CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed all of its long-term
ratings on Rosemont, Ill.-based US Foods Inc. (USF), including its
'B' corporate credit rating.  At the same time, S&P removed its
ratings on the company from CreditWatch, where it placed them with
positive implications on Dec. 9, 2013.  The rating outlook is
stable.

The affirmation and CreditWatch action follow the termination of
the company's merger agreement with Sysco after a federal judge's
decision to grant the FTC's request for a preliminary injunction to
block the proposed merger.

Standard & Poor's ratings on USF reflect its number two position as
a stand-alone entity in the highly competitive and fragmented
foodservice distribution industry, and its low, albeit stable,
margins.

"While we believe the high degree of uncertainty since the proposed
merger was announced has caused some customer and employee
defections, we don't believe this has had a significant impact on
the company's market share," said Standard & Poor's credit analyst
Brennan Clark.

S&P's ratings also reflect the company's weak credit ratios and
financial sponsor ownership.  In S&P's opinion, financial policy
will favor shareholder returns over meaningful permanent debt
reduction, keeping leverage high, despite anticipated EBITDA
growth.

S&P's stable outlook reflects its expectation that USF will grow
revenues modestly and generate stable free cash flow while
maintaining adequate liquidity.  S&P believes this will enable the
company to improve credit ratios modestly, including leverage in
the high-6x area and FFO to debt in the high-single digits over the
next year.  While the company has likely lost some customers over
the last year and a half since the proposed merger with Sysco was
announced, S&P don't believe this has resulted in a significant
loss of market share.

S&P could lower the ratings if USF's credit metrics deteriorate,
including leverage in the mid-8x area.  While unlikely over the
next 12 months, S&P could raise the ratings if the company
continues to increase scale and realize cost savings from its
business transformation program.  Alternatively, S&P could raise
the ratings if USF improves credit ratios, including leverage in
the mid-5x area, and adopts a more conservative financial policy
with a clear indication that the financial sponsors are reducing
control.



UNITED BANCSHARES: Incurs $343,000 Net Loss in 2014
---------------------------------------------------
United Bancshares, Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$343,000 on $2.90 million of total interest income for the year
ended Dec. 31, 2014, compared with a net loss of $669,000 on $2.90
million of total interest income for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $60.5 million in total assets,
$57.3 million in total liabilities and $3.2 million in total
shareholders' equity.

McGladrey LLP, in Blue Bell, Pennsylvania, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, noting that the Company's regulatory capital
amounts and ratios are below the required levels stipulated with
Consent Orders between the Company and its regulators under the
regulatory framework for prompt corrective action.  Failure to meet
the capital requirements exposes the Company to regulatory
sanctions that may include restrictions on operations and growth,
mandatory asset disposition, and seizure of the Company.  These
matters raise substantial doubt about the ability of the Company to
continue as a going concern.  

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

                       http://is.gd/w5VtNO

                      About United Bancshares

Located in Philadelphia, Pennsylvania, United Bancshares, Inc., is
an African American controlled and managed bank holding company
for United Bank of Philadelphia, a commercial bank chartered in
1992 by the Commonwealth of Pennsylvania, Department of Banking.


VIGGLE INC: President and COO Resigns
-------------------------------------
Gregory Consiglio, Viggle Inc.'s president and chief operating
officer, notified the Company that he is resigning from that
position effective June 30, 2015, according to a document filed
with the Securities and Exchange Commission.

The Nominating Committee of the Company's Board of Directors
intends to nominate Mr. Consiglio to become a member of the
Company's Board of Directors at the Company's next annual
stockholders meeting.

As previously disclosed by the Company in a Form 8-K filed on
June 12, 2015, Sillerman Investment Company IV, LLC., an affiliate
of , Robert F.X. Sillerman, the Company's executive chairman and
chief executive officer, agreed to provide a Line of Credit to the
Company of up to $10,000,000, at which time an advance of
$1,000,000 was made.  On June 24, 2015, the Company borrowed an
additional $2,000,000 so that $3,000,000 is now outstanding.

                     Special Committee Formed

The Company disclosed with the SEC that it has formed a special
committee of independent directors to review strategic
alternatives.  Peter Horan, Michael Meyer and Birame Sock, each
considered by the Board of Directors to be an independent director,
have agreed to serve on that committee.  

These alternatives could include, among others, possible joint
ventures, strategic partnerships, marketing alliances, sale of the
Company, or other possible transactions.  The Special Committee
will evaluate, negotiate and, if the Special Committee so
determines in its sole discretion, recommend to the Company's full
Board of Directors, any transaction suggested as a result of those
negotiations.  The Special Committee was formed because Mr.
Sillerman and his affiliates are significant stockholders of the
Company.

Mr. Sillerman has proposed for consideration a transaction
involving a purchase of the Wetpaint related assets owned by the
Company and he has indicated he may otherwise propose an
alternative transaction in which he may have an interest,
including, without limitation, an offer to acquire all of shares of
the Company that he does not already own or an offer to purchase
certain other assets or subsidiaries of the Company. However, the
Company said, such expression of interest by Mr. Sillerman in
making a proposal to the Company are very preliminary and there can
be no assurance that any such proposal to the Company will be made,
and Mr. Sillerman has not taken any substantial steps in
furtherance thereof, according to a Form 8-K filed with the SEC.

                           About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss of $68.4 million on $18 million of
revenues for the year ended June 30, 2014, compared with a net
loss of $91.4 million on $13.9 million of revenues for the year
ended June 30, 2013.

The Company's balance sheet at March 31, 2015, showed $70.9 million
in total assets, $54.6 million in total liabilities, $11.4 million
in series C convertible redeemable preferred stock, and
stockholders' equity of $4.88 million.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2014, has a deficiency in working capital that raises substantial
doubt about its ability to continue as a going concern.


WAUSAU PAPER: S&P Affirms 'B-' CCR & Revises Outlook to Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed both its 'B-'
corporate credit rating on Wausau Paper Corp. and its 'B'
issue-level rating on the company's secured term loan.  The
recovery rating on the term loan is '2', indicating S&P's
expectation for substantial recovery (70% to 90%; low end of the
range) to creditors in the event of payment default.  At the same
time, S&P revised its rating outlook on the company to positive
from stable.

S&P's ratings affirmation and outlook revision reflect its
expectation that the company's credit measures will continue to
improve due to profitability enhancements and growing sales volume.
Specifically, S&P forecasts the company's debt to EBITDA to fall
closer to 4x by the end of fiscal 2015 and below 4x thereafter.

"The positive outlook reflects our expectation that the company
will continue to enhance profitability and improve its leverage
profile such that adjusted debt to EBITDA falls to the low-4x area
for fiscal 2015 and below 4x thereafter," said Standard & Poor's
credit analyst Christopher Andrews.

An upgrade may occur if the company continues to deliver on its
strategic focus to improve profitability and gain market share,
causing sales growth and margin improvement that decrease leverage
to below 4x over the next 12 to 18 months, a level more consistent
with a "significant" financial risk profile.  An upgrade would also
require the company to continue to maintain an adequate level of
liquidity for its operational profile.

S&P could stabilize the rating if volume growth or profitability
improvements stall and S&P believes that debt to EBITDA will be
sustained at more than 4x for the next few years.

Although S&P views it as unlikely at this time, it would consider a
downgrade if liquidity becomes materially constrained due to losses
or diminished availability under its revolving credit facility.



[*] Bankruptcy Lawyer Richard Fonfrias Provides Facts on Tax Liens
------------------------------------------------------------------
To help those in financial trouble and provide information on a
host of important legal and financial topics including bankruptcy,
foreclosure, and tax issues, financial rescue specialist and
Chicago bankruptcy attorney Richard G. Fonfrias, J.D., managing
partner of the Fonfrias Law Group, LLC, has added another article
to his Chicago law practice's website -- www.chicagomoneylawyer.com


The article, IRS Tax Liens: What Every Taxpayer Needs to Know,
explains in plain language what a tax lien is, how it differs from
a tax levy, and what happens when a federal tax lien is placed
against a taxpayer's property.

"As a financial rescue and bankruptcy lawyer, I can only imagine
how difficult it must be for the average person to understand and
decipher Federal Tax Law and State Tax Law.  Liens are a very
complex area of tax law.  I wrote the IRS Tax Lien article for my
website because I wanted to share some basic information.  I hope
it will give people a better understanding of what tax liens are
and how a lien might affect them," says Mr. Fonfrias.

A few points from the IRS Tax Liens article:

-- An (IRS) lien is a Federal tax lien (FTL) placed against a
property by the IRS.  It is like a lien on a car or a mortgage on a
home, except it is placed against everything the taxpayer owns,
including, furniture, clothing and cash.  It can also include
future interests and property acquired after the lien has been
placed.

-- An IRS lien is non-consensual; it is placed on property without
permission or consent and is dormant until the taxpayer tries to do
something with the property or till the IRS starts court action to
foreclose.

-- An IRS lien differs from a levy; a levy is when the IRS seizes
property, a lien is used to force taxpayers in arrears to pay taxes
owing.

--  An IRS lien remains on a property until all taxes are paid, or
until the statute of limitations makes it legally unenforceable,
usually ten years, however, there are several ways the statute can
be extended.

"The statue of limitations on an IRS lien can be extended by a
waiver signed by the taxpayer when submitting an offer in
compromise.  The IRS can also sue the taxpayer in court to get a
judgment that removes the statute of limitations so that the lien
remains in force until it's paid.  As well, the IRS can seize
taxpayer assets, or serve notice of levy on a third party before
the collection period expires.  Even after the collection statute
and the levy expire, the seized property can be sold, or the levy
enforced against the third party," explains Mr. Fonfrias.

"Through my website article, radio shows, and free seminars, I try
providing the information that people need to know so that they can
make the right decisions and protect their assets.  As a Chicago
bankruptcy lawyer, I'm often asked whether an IRS tax lien can be
discharged in bankruptcy.  It is a complicated issue, and the
answer depends on the individual's specific circumstances.  I would
advise anyone concerned about a possible IRS lien to educate
themselves as best they can, and then call a reputable lawyer,"
adds Mr. Fonfrias.

                    About Fonfrias Law Group

Chicago financial rescue expert and bankruptcy lawyer Richard
Fonfrias of the Fonfrias Law Group --
http://www.chicagomoneylawyer.com-- has earned a solid reputation
helping people with serious money problems.  The Fonfrias Law Group
is Chicago's experienced financial rescue and bankruptcy team,
providing financial legal services that include bankruptcy, tax
defense, debt consolidation, foreclosure defense, bad credit
repair, debt management, loan and mortgage refinancing advice.
Ready to assist consumers and businesses in serious financial
trouble, Richard Fonfrias invites your questions about Illinois
bankruptcy, foreclosure, credit card debt, loans, tax liens or
other financial concerns.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Neal Mitchell Jones and Amy Lu Jones
   Bankr. D. Ariz. Case No. 15-07635
      Chapter 11 Petition filed June 19, 2015

In re Lockeford Ventures, LLC
   Bankr. E.D. Cal. Case No. 15-24941
      Chapter 11 Petition filed June 19, 2015
         See http://bankrupt.com/misc/caeb15-24941.pdf
         Filed Pro Se

In re Round the Clock Repair Service, LLC
   Bankr. D. Conn. Case No. 15-21086
      Chapter 11 Petition filed June 19, 2015
         See http://bankrupt.com/misc/ctb15-21086.pdf
         represented by: Anthony S. Novak, Esq.
                         NOVAK LAW OFFICE, P.C.
                         E-mail: AnthonySNovak@aol.com

In re Playcare Kids, Inc.
   Bankr. M.D. Fla. Case No. 15-06368
      Chapter 11 Petition filed June 19, 2015
         See http://bankrupt.com/misc/flmb15-06368.pdf
         represented by: David W. Steen, Esq.
                         DAVID W. STEEN, P.A.
                         E-mail: dwsteen@dsteenpa.com

In re Sandra Nadeen Monger
   Bankr. D. Md. Case No. 15-18735
      Chapter 11 Petition filed June 19, 2015

In re Taverna Ouzo Group, Inc.
   Bankr. D.N.J. Case No. 15-21509
      Chapter 11 Petition filed June 19, 2015
         See http://bankrupt.com/misc/njb15-21509.pdf
         represented by: Brian W. Hofmeister, Esq.
                         LAW FIRM OF BRIAN W. HOFMEISTER
                         E-mail: bwh@hofmeisterfirm.com

In re Marullo Development Corp
   Bankr. D.P.R. Case No. 15-04658
      Chapter 11 Petition filed June 19, 2015
         See http://bankrupt.com/misc/prb15-04658.pdf
         represented by: Charles Alfred Cuprill, Esq.
                         CHARLES A. CURPILL, PSC LAW OFFICE
                         E-mail: cacuprill@cuprill.com

In re Hudson Acquisitions, Inc.
   Bankr. E.D. Tex. Case No. 15-90157
      Chapter 11 Petition filed June 19, 2015
         See http://bankrupt.com/misc/txeb15-90157.pdf
         represented by: William Stephen Shires, Esq.
                         METTAUER SHIRES & ADAMS
                         E-mail: stephen@msalawyers.com

In re James Clarence Morris, II
   Bankr. N.D. Tex. Case No. 15-32555
      Chapter 11 Petition filed June 19, 2015

In re Lester Pokorne
   Bankr. M.D. Fla. Case No. 15-06395
      Chapter 11 Petition filed June 21, 2015

In re Demitrius McKaye Anthony and Jasmine Eley Anthony
   Bankr. D. Md. Case No. 15-18773
      Chapter 11 Petition filed June 21, 2015

In re Dennis D Windscheffel
   Bankr. C.D. Cal. Case No. 15-19933
      Chapter 11 Petition filed June 22, 2015

In re Divine Dedication, Inc.
   Bankr. D. Colo. Case No. 15-16878
      Chapter 11 Petition filed June 22, 2015
         See http://bankrupt.com/misc/cob15-16878.pdf
         represented by: Steven T. Mulligan, Esq.
                         JACKSON KELLY PLLC
                         E-mail: smulligan@jacksonkelly.com

In re Milanka V. Verdes
   Bankr. S.D. Fla. Case No. 15-21222
      Chapter 11 Petition filed June 22, 2015

In re Kelly Lee Skeesick
   Bankr. W.D. La. Case No. 15-11101
      Chapter 11 Petition filed June 22, 2015

In re Bar-Wala, Inc.
   Bankr. D.N.J. Case No. 15-21701
      Chapter 11 Petition filed June 22, 2015
         See http://bankrupt.com/misc/njb15-21701.pdf
         represented by: Laurent W. Metzler, Esq.
                         METZLER & DESANTIS, LLP
                         E-mail: LWM@metzlerdesantis.com

In re Expert Web Services Incorporated
   Bankr. E.D.N.Y. Case No. 15-72654
      Chapter 11 Petition filed June 22, 2015
         See http://bankrupt.com/misc/nyeb15-72654.pdf
         represented by: Richard S. Feinsilver, Esq.
                         E-mail: feinlawny@yahoo.com

In re M Realty 1 LLC
   Bankr. E.D.N.Y. Case No. 15-72689
      Chapter 11 Petition filed June 22, 2015
         See http://bankrupt.com/misc/nyeb15-72689.pdf
         filed Pro Se

In re Ida Mae Woods
   Bankr. C.D. Cal. Case No. 15-20029
      Chapter 11 Petition filed June 23, 2015
         represented by: Michael R Totaro, Esq.
                         TOTARO & SHANAHAN
                         E-mail: tsecfpacer@aol.com

In re Farzaneh Nazerian
   Bankr. S.D. Cal. Case No. 15-04160
      Chapter 11 Petition filed June 23, 2015

In re Johnson Family Restarant. LLC
   Bankr. D. Del. Case No. 15-11343
      Chapter 11 Petition filed June 23, 2015
         See http://bankrupt.com/misc/deb15-11343.pdf
         filed Pro Se

In re Aracle Foods One, LLC
   Bankr. M.D. Fla. Case No. 15-06488
      Chapter 11 Petition filed June 23, 2015
         See http://bankrupt.com/misc/flmb15-06488.pdf
         represented by: James W Elliott, Esq.
                         MCINTYRE THANASIDES BRINGGOLD ELLIOT, ET
AL.
                         E-mail: james@mcintyrefirm.com

In re Giuliano Carrafelli
   Bankr. S.D. Fla. Case No. 15-21322
      Chapter 11 Petition filed June 23, 2015

In re Michael P. Baratta
   Bankr. D. Md. Case No. 15-18855
      Chapter 11 Petition filed June 23, 2015

In re Sandra Vera
   Bankr. D.N.J. Case No. 15-21795
      Chapter 11 Petition filed June 23, 2015

In re TJ Realty Company Of Broome County LLC,
   Bankr. N.D.N.Y. Case No. 15-60943
      Chapter 11 Petition filed June 23, 2015
         See http://bankrupt.com/misc/nynb15-60943.pdf
         represented by: Peter Alan Orville, Esq.
                         ORVILLE & MCDONALD LAW, PC
                         E-mail: peteropc@gmail.com

In re Donald S Kurilla
   Bankr. W.D. Pa. Case No. 15-22261
      Chapter 11 Petition filed June 23, 2015

In re True Brew Enterprises, LLC
   Bankr. E.D. Tex. Case No. 15-41129
      Chapter 11 Petition filed June 23, 2015
         See http://bankrupt.com/misc/txeb15-41129.pdf
         represented by: Robert T. DeMarco, Esq.
                         DEMARCO-MITCHELL, PLLC
                         E-mail: robert@demarcomitchell.com

In re Erick Danilo Portillo
   Bankr. E.D. Va. Case No. 15-12181
      Chapter 11 Petition filed June 23, 2015

In re J L Leasing & Transportation, Inc.
   Bankr. W.D. Wash. Case No. 15-13813
      Chapter 11 Petition filed June 23, 2015
         See http://bankrupt.com/misc/wawb15-13813.pdf
         represented by: Danial D. Pharris, Esq.
                         LASHER HOLZAPFEL SPERRY & EBBERSON PLLC
                         E-mail: pharris@lasher.com

In re Dennis Kolodin and Catherine Kolodin
   Bankr. D. Ariz. Case No. 15-07843
      Chapter 11 Petition filed June 24, 2015

In re Jorge Klappenback
   Bankr. C.D. Cal. Case No. 15-13176
      Chapter 11 Petition filed June 24, 2015

In re Alfonso De La Cruz Santos
   Bankr. C.D. Cal. Case No. 15-20139
      Chapter 11 Petition filed June 24, 2015

In re Eurisko Development LLC
   Bankr. E.D. Cal. Case No. 15-25055
      Chapter 11 Petition filed June 24, 2015
         See http://bankrupt.com/misc/caeb15-25055.pdf
         filed Pro Se

In re Feed Me Corp
   Bankr. S.D. Fla. Case No. 15-21399
      Chapter 11 Petition filed June 24, 2015
         See http://bankrupt.com/misc/flsb15-21399.pdf
         filed Pro Se

In re Arnel Peralta
   Bankr. D. Md. Case No. 15-18960
      Chapter 11 Petition filed June 24, 2015

In re Susan Waller Vogel
   Bankr. D. Md. Case No. 15-18961
      Chapter 11 Petition filed June 24, 2015

In re Walter R. Summerford and Jamie Summerford
   Bankr. E.D.N.C. Case No. 15-11002
      Chapter 11 Petition filed June 24, 2015

In re River Valley Forestry, LLC
   Bankr. E.D. Ark. Case No. 15-13174
      Chapter 11 Petition filed June 26, 2015
         See http://bankrupt.com/misc/areb15-13174.pdf
         represented by: Brian Christopher Wilson, Esq.
                         E-mail: bcwlaw@yahoo.com

In re El Tropico LLC
   Bankr. S.D. Fla. Case No. 15-21592
      Chapter 11 Petition filed June 26, 2015
         See http://bankrupt.com/misc/flsb15-21592.pdf
         represented by: Joel M. Aresty, Esq.
                         E-mail: aresty@mac.com

In re Murry Benjamin Sturkie and Loralei Suzanne Sturkie
   Bankr. D. Idaho Case No. 15-00853
      Chapter 11 Petition filed June 26, 2015

In re Rudy Properties, LLC
   Bankr. W.D. Ky. Case No. 15-23104
      Chapter 11 Petition filed June 26, 2015
         See http://bankrupt.com/misc/kywb15-32104.pdf
         represented by: Michael W. McClain, Esq.
                         MCCLAIN DEWEES, PLLC
                         E-mail: mmcclain@mcclaindewees.com

In re Mario Mendez
   Bankr. D. Nev. Case No. 15-13697
      Chapter 11 Petition filed June 26, 2015

In re MGM Group Holdings LLC
   Bankr. W.D.N.C Case No. 15-50414
      Chapter 11 Petition filed June 26, 2015
         See http://bankrupt.com/misc/ncwb15-50414.pdf
         represented by: Richard S. Wright, Esq.
                         MOON WRIGHT & HOUSTON, PLLC
                         E-mail: rwright@mwhattorneys.com

In re Jason Jay Smith
   Bankr. D. Or. Case No. 15-62179
      Chapter 11 Petition filed June 26, 2015

In re Nicklas, LLC
   Bankr. M.D. Pa. Case No. 15-02742
      Chapter 11 Petition filed June 26, 2015
         See http://bankrupt.com/misc/pamb15-02742.pdf
         represented by: Robert E Chernicoff, Esq.
                         CUNNINGHAM AND CHERNICOFF PC
                         E-mail: rec@cclawpc.com

In re Urban Transit Solutions, Inc.
   Bankr. D.P.R. Case No. 15-04814
      Chapter 11 Petition filed June 26, 2015
         See http://bankrupt.com/misc/prb15-04814.pdf
         represented by: Luis D Flores Gonzalez, Esq.
                         E-mail: ldfglaw@coqui.net

In re Felix R Roque Velazquez
   Bankr. D.P.R. Case No. 15-04840
      Chapter 11 Petition filed June 26, 2015

In re Ralph Washington Pressley, Jr.
   Bankr. M.D. Fla. Case No. 15-02905
      Chapter 11 Petition filed June 28, 2015




                            *********

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 ***