TCR_Public/150703.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, July 3, 2015, Vol. 19, No. 184

                            Headlines

ABTS HOLDINGS: Suit v. Synovus Bank to Remain in Bankruptcy Court
AFFIRMATIVE INSURANCE: Closes Sale of MGA Business for $95-Mil.
AFREN PLC: Chapter 15 Case Summary
AFREN PLC: London-Based Oil Company Files for Chapter 15
ALROSE ALLEGRIA: Case Summary & 20 Largest Unsecured Creditors

ALROSE ALLEGRIA: Chapter 11 Plan Due October 30
ALTEGRITY INC: Exclusive Solicitation Period Extended to Nov. 5
AMERICAN MEDIA: Needs More Time to File Fiscal 2015 Form 10-K
AMERICAN PIPING: S&P Affirms Then Withdraws 'B-' CCR
BABCOCK & WILCOX: Moody's Withdraws 'Ba1' Corporate Family Rating

BAHA MAR: Wins Interim Access to $30-Mil. Bankruptcy Loan
BEAUMONT GROUP: Case Summary & 5 Largest Unsecured Creditors
BOOMERANG TUBE: Files Debt-for-Equity Ch. 11 Plan
BOOMERANG TUBE: Meeting of Creditors Set for July 17
BOOMERANG TUBE: US Trustee Forms Five-Member Creditors' Committee

CAL DIVE: $7,000 in Claims Transferred Between April 1 & May 7
COLT DEFENSE: Noteholders Oppose DIP Financing
CONAGRA FOODS: Fitch Affirms 'BB+' Rating on Subordinated Notes
COOPER GAY: Moody's Rates First Lien Loans 'B2'
CORINTHIAN COLLEGES: Creditors' Panel Hires Rosner Law as Counsel

CORINTHIAN COLLEGES: Hires PricewaterhouseCoopers as Tax Advisor
CORINTHIAN COLLEGES: Panel Hires Brown Rudnick as Co-counsel
CORINTHIAN COLLEGES: Panel Taps Gavin/Solmonese as Advisor
CROWN CASTLE: Fitch Raises Issuer Default Rating From 'BB'
CROWN MEDIA: S&P Raises CCR to 'BB-', Outlook Stable

CTI BIOPHARMA: Estimates $9.8M Net Financial Standing at May 31
DORAL FINANCIAL: Seeks More Time to Control Bankruptcy Case
EFT HOLDINGS: Delays Fiscal 2015 Annual Report
EMPIRE LATH: Case Summary & 20 Largest Unsecured Creditors
FILTRATION GROUP: Moody's Affirms 'B2' Corporate Family Rating

FILTRATION GROUP: S&P Affirms 'B' Rating on 1st Lien Loans
FINANCIAL HOLDINGS: Wilmington Trust Objects to Quick Sale
FREESEAS INC: Cambria Capital Reports 6.6% Stake as of May 31
FTI CONSULTING: Possible Notes Refinancing No Impact on Moody's CFR
FTI CONSULTING: S&P Revises Outlook to Positive & Affirms 'BB' CCR

GRADY COUNTY: S&P Puts 'BB+' Revenue Debt Rating on Watch Negative
GRAHAM HOLDINGS: S&P Lowers CCR to 'BB+', Outlook Stable
GUIDED THERAPEUTICS: Announces $4 Million Private Placement
INTEGRATED FREIGHT: Needs More Time to File Fiscal 2015 Form 10-K
JCBG INCORPORATED: Case Summary & 20 Largest Unsecured Creditors

JW RESOURCES: Files for Chapter 11 to Conduct Open Auction
JW RESOURCES: Wants Motions Heard in Lexington Division
KAR AUCTION: S&P Raises CCR to 'BB-', Outlook Stable
KATE SPADE: Moody's Raises Corporate Family Rating to 'Ba3'
KONSTAN REALTY: Case Summary & Largest Unsecured Creditor

LAUREATE EDUCATION: Moody's Lowers Corporate Family Rating to 'B3'
LINEAR ELECTRIC: Case Summary & 20 Largest Unsecured Creditors
LOCAL CORPORATION: Can Use Cash Collateral Until July 9
MIDWAY GOLD: Court Issues Joint Administration Order
MOLYCORP INC: Switches to Oaktree for Bankruptcy Financing

MURPHY USA: S&P Raises CCR to 'BB+', Outlook Stable
NATURAL MOLECULAR: East Valley Gets $80,730 Admin Expense Claim
NEOMEDIA TECHNOLOGIES: George O'Leary Quits as Director
OXANE MATERIALS: Meeting of Creditors Set for July 13
P.F. CHANG'S: S&P Affirms 'B-' Corp. Credit Rating, Outlook Stable

PARFUMS ACQUISITION: Moody's Assigns 'B2' Corporate Family Rating
PATRIOT COAL: Auction Slated for Sept. 9; Bids Due Sept. 4
PDC ENERGY: Moody's Hikes Probability of Default Rating to 'B1'
PVH CORP: Moody's Raises Corporate Family Rating to 'Ba1'
QUEST SOLUTION: Amends Credit Agreement with Wells Fargo

RCS CAPITAL: Moody's Affirms B3 Rating on First Lien Loans
REFCO INC: NJ Ct. Denies Bid to Exclude Testimonies in SPhinX Suit
RICEBRAN TECHNOLOGIES: Stockholders Elect Seven Directors
RYNARD PROPERTIES: Fannie Mae Balks at Marston's Compensation
SANUWAVE HEALTH: Provides Update on dermaPACE Clinical Trial

SEARS HOLDINGS: S&P Affirms 'CCC+' CCR, Outlook Remains Negative
SIGA TECHNOLOGIES: Defends Bid to Disband Creditors Committee
SIGA TECHNOLOGIES: Susman and Ressler Okayed as Panel Co-Counsel
SOURCEHOV LLC: S&P Revises Outlook to Negative & Affirms 'B' CCR
SPORTS AUTHORITY: Moody's Affirms 'Caa1' Corporate Family Rating

TOLEDO-LUCAS COUNTY: Fitch Affirms BB Rating on 2003 Revenue Bonds
TROCOM CONSTRUCTION: Court Denied SSI's Bid for Relief of Stay
TROCOM CONSTRUCTION: Okayed to Pay Prepetition Employee Obligations
ULTRA PETROLEUM: Moody's Affirms Ba3 CFR & Alters Outlook to Stable
UTSTARCOM HOLDINGS: Files Annual Report of iTV Media

VERSO PAPER: S&P Raises Corp. Credit Rating to 'B-', Outlook Stable
VICTORY ENERGY: Settles with Lucas, Louise Rogers and Earthstone
VIGGLE INC: Appoints General Manager & Product Development Head
VIGGLE INC: Closes $4.2 Million Underwritten Sale of Common Stock
WAYNE COUNTY, MI: State Finds Probable Financial Stress

WET SEAL: Court Waives Requirement Relating to Fee Examiner
WHATSWHAT INC: Files for Bankruptcy; First Creditors Meeting July 7
WPCS INTERNATIONAL: Issues 157,202 Common Shares
WPCS INTERNATIONAL: Settles New York Securities Lawsuit
[^] BOOK REVIEW: Risk, Uncertainty and Profit


                            *********

ABTS HOLDINGS: Suit v. Synovus Bank to Remain in Bankruptcy Court
-----------------------------------------------------------------
Judge Susan C. Bucklew denied the plaintiff's motions to withdraw
the bankruptcy court reference in the case captioned In re: ABLE
BODY TEMPORARY SERVICES, INC., Debtor. CHRISTINE L. HERENDEEN,
Plaintiff, v. SYNOVUS BANK, Defendant. In re: YJNK XI CA, LLC,
Debtor. CHRISTINE L. HERENDEEN, Plaintiff, v. SYNOVUS BANK,
Defendant. In re: ROTRPICK, LLC, Debtor. CHRISTINE L. HERENDEEN,
Plaintiff, v. SYNOVUS BANK, Defendant. In re: ABTS HOLDINGS, LLC,
Debtor. CHRISTINE L. HERENDEEN, Plaintiff, v. SYNOVUS BANK,
Defendant. In re: PREFERABLE HQ, LLC, Debtor. CHRISTINE L.
HERENDEEN, Plaintiff, v. SYNOVUS BANK, Defendant. In re: CECIL B.
DEBOONE, LLC, Debtor. CHRISTINE L. HERENDEEN, Plaintiff, v. SYNOVUS
BANK, Defendant. In re: TRAINING U, LLC, Debtor. CHRISTINE L.
HERENDEEN, Plaintiff, v. SYNOVUS BANK, Defendant. In re: USL&H
STAFFING, LLC, Debtor. CHRISTINE L. HERENDEEN, Plaintiff, v.
SYNOVUS BANK, Defendant. In re: YJNK VIII, Inc., Debtor. CHRISTINE
L. HERENDEEN, Plaintiff, v. SYNOVUS BANK, Defendant, LEAD CASE NO:
8:15-CV-644-T-24, MEMBER CASE NO: 8:15-CV-645-T-24, MEMBER CASE NO:
8:15-CV-646-T-24, MEMBER CASE NO: 8:15-CV-647-T-24, MEMBER CASE NO:
8:15-CV-648-T-24, MEMBER CASE NO: 8:15-CV-649-T-24, MEMBER CASE NO:
8:15-CV-650-T-24, MEMBER CASE NO: 8:15-CV-651-T-24, MEMBER CASE NO:
8:15-CV-652-T-24 (M.D. Fla., Tampa Div.).

On January 30, 2015, Christine Herendeen filed complaints in
bankruptcy court on behalf of several bankrupt entities, including
the debtors, owned by Frank Mongelluzzi against Synovus Bank.  The
complaints all sought to determine the extent, validity, or
priority of lien and avoidance of lien pursuant to 11 U.S.C.
Section 544(a) and assert claims against Synovus Bank for aiding
and abetting breach of fiduciary duty.

Herendeen moved for the entry of an order withdrawing the
reference, contending these reasons: (1) the complaints' claims are
non-core; (2) withdrawing the reference would promote the efficient
use of economic and judicial resources; and (3) withdrawing of the
reference would facilitate consistent rulings.  Herendeen also
demanded a jury trial which she contended is another factor in
support of withdrawal.

In denying Herendeen's motion to withdraw the reference, Judge
Bucklew determined it is appropriate for the reference to remain
with the bankruptcy court, and for non-bankruptcy court to address
all matters at this time.

A copy of the May 29, 2015 order is available at
http://is.gd/K0oqRKfrom Leagle.com.

Christine Herendeen, as Chapter 7 Trustee of ABTS Holdings, LLC,
Plaintiff, represented by James D. Gassenheimer --
JGassenheimer@bergersingerman.com -- Berger Singerman, LLP.

Synovus Bank, formerly known as Columbus Bank and Trust Company,
Defendant, represented by Charles Franklin Ketchey, Jr., Trenam
Kemker & William Albert McBride -- wmcbride@trenam.com -- Trenam
Kemker.

Angela Welch, Trustee, Pro Se.

According to prior reports by the Troubled Company Reporter, ABTS
Holdings, LLC, based in Somerset, New Jersey, filed for Chapter 11
bankruptcy (Bankr. D.N.J. Case No. 10-39287) on September 22, 2010.
Judge Kathryn C. Ferguson presides over the case.  Lawrence
Morrison, Esq., served as Chapter 11 counsel to the debtor.  In its
petition, ABTS listed under $50,000 in assets, and $1 million to
$10 million in debts.  A list of the Company's 20 largest unsecured
creditors filed together with the petition is available for free at


     http://bankrupt.com/misc/njb10-39287.pdf

The petition was signed by Frank Mongelluzi, president.


AFFIRMATIVE INSURANCE: Closes Sale of MGA Business for $95-Mil.
---------------------------------------------------------------
Affirmative Insurance Holdings, Inc., completed on June 30, 2015,
its sale of the MGA Business pursuant to the Stock and Asset
Purchase Agreement with Confie Seguros Holding II Co. and Confie
Insurance Group Holdings, Inc., dated June 12, 2015, for an
aggregate purchase price of up to $95 million.  The purchase price
may be subject to a further post-closing adjustment for working
capital to be determined 90 days after the closing date.

The Company received a total of $65 million in cash at closing, in
addition to the $5 million payment received when the Purchase
Agreement was signed on June 12, 2015.  A deferred amount of $15
million is secured by a letter of credit held in escrow and is
payable either to the Company's wholly-owned insurance subsidiary
to the extent necessary to maintain minimum quarterly risk-based
capital ratios, or to the Company on Dec. 31, 2017.  An additional
deferred contingent amount of up to $10 million is payable
depending upon the achievement of certain conditions in 2017 and
2018.

                Managing General Agency Agreements

Two of the Company's wholly-owned insurance subsidiaries entered
into managing general agency agreements with the managing general
agent entity sold by the Company.  Under those agreements, the MGA
will continue to produce insurance business for the Company's
insurance subsidiaries.  The term of the MGA Agreements is expected
to continue through at least Dec. 31, 2019.

As consideration for the production of business under the MGA
Agreements, the MGA will receive a commission that is subject to
adjustment based on the loss ratio results of the Company's
insurance subsidiaries beginning in 2017.  The MGA Agreements also
include certain terms designed to preserve the continuity of
operations for both the MGA and the Company, including certain
obligations with respect to pricing and the conduct of the MGA
Business.

The MGA Agreements also authorize the MGA to handle claims arising
out of the business written by the MGA.  The MGA Agreements specify
certain minimum standards for claims handling.  The MGA will
receive a fee as compensation for providing these claims handling
services.

            Third Party Claims Administration Agreement

One of the Company's insurance subsidiaries and the MGA entered
into a Third Party Claims Administration Agreement pursuant to
which the MGA will administer claims arising out of or in
connection with policies issued by the Company's insurance
subsidiary in the State of California.  The MGA will receive a fee
as compensation for providing these claims handling services.

The Company paid off and terminated that certain $40 million senior
secured credit facility dated Sept. 30, 2013, by and between the
Company and Credit Suisse AG, Cayman Islands Branch, as
Administrative Agent and Collateral Agent.

                     About Affirmative Insurance

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

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

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

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


AFREN PLC: Chapter 15 Case Summary
----------------------------------
Chapter 15 Debtor: Afren plc
                   Kinnard House
                   1 Pall Mall East
                   United Kingdom

Chapter 15 Case No.: 15-11452

Chapter 15 Petition Date: July 2, 2015

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Kevin Gross

Chapter 15 Petitioner's Counsel: John L. Bird, Esq.
                                 FOX ROTHSCHILD LLP
                                 919 North Market St., Suite 300
                                 Wilmington, DE 19801
                                 Tel: 302-622-4263
                                 Fax: 302-656-8920
                                 Email: jbird@foxrothschild.com

                                    - and -

                                 Jeffrey M. Schlerf, Esq.
                                 FOX ROTHSCHILD LLP
                                 Citizens Bank Center, Suite 300
                                 919 North Market Street
                                 Tel: P.O. Box 2323
                                 Wilmington, DE 19899-2323
                                 Tel: 302-654-7444
                                 Fax: 302-656-8920
                                 Email: jschlerf@foxrothschild.com

Estimated Assets: More than $1 billion

Estimated Debts: More than $1 billion


AFREN PLC: London-Based Oil Company Files for Chapter 15
--------------------------------------------------------
Afren plc filed a Chapter 15 bankruptcy petition (Bankr. D. Del.
Case No. 15-11452) on July 2, 2015, in the United States, to seek
recognition of its restructuring proceedings in England.

Afren (LSE: AFR) is a London-based company specializing in oil and
gas exploration and production.  The company is listed on the Main
Market of the London Stock Exchange.

Judge Kevin Gross presides over the U.S. case.  L. John Bird, Esq.,
and Jeffrey M. Schlerf, Esq., at Fox Rothschild LLP, serve as
counsel to the Debtor in the U.S. case.

Alfren's operations are focused in Africa, primarily in Nigeria.
Since its IPO in March 2005, Afren has rapidly expanded its
portfolio across six countries: Nigeria, Sao Tome & Principe JDZ,
Gabon, Republic of the Congo, Côte d'Ivoire, Ghana and Iraqi
Kurdistan.

In March 2015, Afren reported lenders approved a three month
payment deferral for a $300 million debt facility.  Afren said it
won a payment deferral for a $50 million amortization payment for a
$300 million Ebok debt facility that was due January 31.

On March 4, 2015, Afren defaulted on its 2016 bonds after refusing
to make a $15 million interest payment in order to preserve cash
for an ongoing capital structure review.

On March 12, 2015, Afren inked a recapitalization plan with its
lenders to secure $300 million in funding.  They entered the deal
with noteholders under its 2016, 2019 and 2020 notes and a majority
of the lenders under its existing $300 million Ebok credit
facility.  The agreement provides $300 million of net total funding
before the end of June 2015.

On June 30, 2015, the High Court of Justice in England and Wales
issued an order granting the Company certain directions in relation
to a scheme of arrangement under Part 26 of the UK Companies Act
2006.  The proposed scheme of arrangement relates to the proposed
financial restructuring of the Company's (a) 11.5% senior secured
notes due Feb. 1, 2016; (b) 10.25% senior secured notes due April
8, 2019; and (c) 6.625% senior secured notes due Dec. 9, 2020.

The Court's directions include permission to convene a single
meeting for Scheme Creditors for the purpose of considering and, if
thought fit, approving the scheme of arrangement.  The Scheme
Meeting will be held on July 29, 2015.

Alan Linn was recently named as the Company's CEO.

            Chairman Statement at Annual Meeting

Egbert Imomoh, the chairman of the Board, opened the June 25, 2015,
annual general meeting with this statement:

     "Just over a year ago when I spoke at the last AGM, little was
I aware that of what the year held in stock for us. The events that
have radically changed our Company commenced when the Board
discovered that our former CEO, Osman Shahenshah, and our former
COO Shahid Ullah had received payments undisclosed and unknown to
the Board.  They were immediately suspended and following a very
thorough investigation of the situation their contracts with the
Company were terminated.  This necessitated Toby Hayward stepping
in as the interim CEO and me as executive chairman whilst we
commenced the search for a new CEO."

     "Events following their dismissal, including the Company's
inability to complete the planned refinancing of its debt
obligations in the second half of 2014, and the sharp decline in
oil prices from over US$100/bbl in August 2014 to under US$50 per
barrel in January 2015, placed significant pressure on the Group's
liquidity position, resulting in the Group having net current
liabilities of US$459 million as at 31 December 2014.  Early this
year, we reviewed our strategic options in respect of the Barda
Rash field in the Kurdistan region of Iraq after disappointing
operational results (early water breakthrough and production of
hydrogen sulphide) at the field and a significant reserves and
resources downgrade.  This eliminated gross 2P reserves whilst
gross 2C resources fell from 1,243 mmbbls to around 250 mmbbls.
This movement in reserves in the field led to a material impairment
charge in the year ended 31 December 2014 of US$933 million, which
contributed to the unprecedented pre-tax loss of US$1,955 million
last year.

     "Average net production for year ended 31 December 2014 was
31,819 bopd (excluding Barda Rash), a decrease of 32% from 47,112
bopd for the year ended 31 December 2013, this was due to achieving
cost recovery on Ebok in the first quarter of 2014, and delays in
achieving production rampup across Afren's producing asset base in
Nigeria.  There was also a 42% decrease in revenue from US$1,644
million for the year ended 31 December 2013 to US$946 million in
the year ended 31 December 2014 reflecting lower production volumes
and share of production, and the impact of lower realized oil
prices during the second half of 2014.

     "The Company recorded a loss after tax of US$1,651 million in
the year ended 31 December 2014, mainly due to a reduction in
revenue given the fall in oil prices, a material impairment charge
of US$1,112 million in respect of the carrying value of the
Company's production and development assets and the impact of the
curtailment of future capital expenditure on our exploration.

     "In response to the very adverse situation that developed, the
interim management took decisive action in reviewing our capital
structure and operating/capital expenditure.  We took the strategic
decision to concentrate on the lower cost production capacity in
our Nigerian portfolio.  We are focused on delivering on this
strategy, and have therefore lowered our full 2015 capital
expenditure to US$0.4 billion.  We are confident that, in
conjunction with our proven operational capabilities, the strategy
will create value for all our stakeholders in the near future.

     "In March, we announced the terms of a financial restructuring
which had been agreed with our creditors, and which provided
essential additional funding to the Group  -- without this funding,
I can genuinely say that we would not be here today.  Last week, we
published the full prospectus explaining the terms of the
restructuring and how shareholders can participate in this for the
benefit of your Company.  I strongly encourage you all to read the
document that has been sent to you, which explains why your Board
believes that this is the only viable option to secure Afren's
future and to provide an opportunity for shareholders to realise
value in their investment in the Company.  Your Board also
unanimously recommends that you vote in favour of the restructuring
at the extraordinary general meeting to be held on 24 July, because
a "No Vote" will mean shareholders will receive no return at all.

     "In the first quarter of this year Afren achieved an average
net production of 36,035 bopd, which is above our guidance range of
23,000 - 32,000 bopd for 2015.  The Company delivered revenue of
US$130 million and operating cash flows before movements in working
capital of US$59 million, down from US$269 million and US$169
million respectively in Q1 2014.  The fall in revenue was due to a
lower realised oil prices and production liftings from Ebok
utilised to settle a net profit interest (NPI) liability which is
part of the agreement.

     "As we have moved forward, a key requisite has been renewing
the management team.  I am therefore delighted to welcome Alan Linn
as the new Chief Executive Officer.  His proven turnaround
experience and excellent grasp of operational matters will be
invaluable.  He has a firm vision of where he wishes to take the
Company.  We have also recently appointed Dave Thomas as our COO
and proposed new executive director, who has significant executive
and operational experience in the international oil and gas
industry. I would also like to thank Toby Hayward for his steady
leadership in adverse circumstances.

     "On behalf of the Board, I would like to re-iterate my thanks
to Darra Comyn, Peter Bingham, John St John and Ennio Sganzerla,
who have all stepped down as Executive and Non-Executive Directors
since the last AGM. They all have made considerable contributions
to Afren and its development.

     "Additionally, I shall be stepping down as Chairman with
effect from the close of this Annual General Meeting, together with
Iain McLaren, Toby Hayward, Patrick Obath and Sheree Bryant as
Non-Executive Directors.  My thanks also go out to each of Iain,
Toby, Patrick and Sheree.  David Frauman, an experienced
restructuring lawyer and director, will become nonexecutive
chairman with immediate effect from the close of this meeting. As
previously announced, the Company has commenced the search for a
Chief Financial Officer and is also seeking to appoint additional
non-executive directors to the Board.

     "The internal changes go beyond the Board movements. All of
our internal processes have been reviewed and amended where
necessary to ensure compliance with corporate governance best
practice.  We have run comprehensive training for our employees and
contractors in anti-bribery and corruption laws, and are confident
that we now have a robust infrastructure in place to avoid the
failures of the past.

     "I would also like to say a few words about our corporate
responsibility activities. In 2014 the Board identified CSR as one
of the five key strategic priorities needed to fulfil our vision,
and the Board of Directors adopted a new CSR strategy. Our approach
was generated by taking as the framework industry guidance on
sustainability produced by IPIECA and identifying where current
performance did not meet stakeholder expectations. The strategy
design process identified a series of high priority issues and
recommendations to address these gaps. These are reflected in our
targets and aims for 2014 and 2015. More detail can be found in our
annual report.

     "In summary, the last 12 months have been far from what we
planned and results have been disappointing and have led to a very
sharp drop in our share price and a loss of confidence by
stakeholders. However I believe the Company can face the future
with confidence given the quality of our assets, the good
relationship with our partners, the injection of capital and the
attraction of very competent people into the Company. I want to
thank our shareholders, bondholders, partners, staff and all other
stakeholders for their patience and forbearance in what has been a
very difficult period for the Company. I would like to end by
re-iterating the new Board's commitment and determination to regain
the confidence of all our stakeholders, and set Afren back on the
course to value growth once more and where it truly belongs."


ALROSE ALLEGRIA: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Alrose Allegria LLC
        30 East 39th Street
        New York, NY 10016

Case No.: 15-11760

Chapter 11 Petition Date: July 2, 2015

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

Debtor's Counsel: Richard J. Bernard, Esq.
                  FOLEY & LARDNER LLP
                  90 Park Avenue
                  New York, NY 10016
                  Tel: 212-338-3586
                  Fax: 212-687-2329
                  Email: rbernard@foley.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Allen Rosenberg, designated officer.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
New York State Department of            Taxes         $6,042,083
Taxation and Finance
A. Patel and W. Jefferson
Tel: (631) 595-4030

LaMonica Herbst & Maniscalco, LLP    Professional       $239,999

Hodgson Russ LLP                     Professional       $146,306

City of Long Beach Water Fund            Trade          $141,828

Alpha 1 Security                         Trade           $60,546

PSEG Long Island                         Trade           $57,089

Elite In-Flite Services, LLC             Trade           $56,832

Crowne Plaza JFK Airport                                 $36,676
New York City  

National Grid                            Trade           $34,864

Cintas Corporation-                   Professional       $33,774
Irwin R Meyers, Esq.

Forte Security Group                     Trade           $31,827

Hotel Pennsylvania                       Trade           $29,894

NYS Unemployment Insurance               Labor           $28,892

Hotel Connections                                        $26,814

Hilton New York JFK Airport                              $23,682

Elegant II Valet                                         $21,962
Parking Services

Treasure Isle Foods Inc.                                 $20,700

Cintas Corporation #780                                  $19,033

Bank Direct Capital Finance                              $18,826

Internal Revenue Service                 Trade           Unknown


ALROSE ALLEGRIA: Chapter 11 Plan Due October 30
-----------------------------------------------
Alrose Allegria LLC sought Chapter 11 protection (Bankr. S.D.N.Y.
Case No. 15-11760) in Manhattan on July 2, 2015, without stating a
reason.  

According to the docket, the Debtor's Chapter 11 plan and
disclosure statement are due Oct. 30, 2015.   The initial case
conference is due by Aug. 3, 2015.  

The Debtor estimated $10 million to $50 million in assets and $1
million to $10 million in debt.  Allen Rosenberg, managing member
of Alrose Allegria and president of the Alrose Group, signed the
bankruptcy petition.

The Debtor tapped Richard J. Bernard, Esq., at Foley & Lardner LLP,
in New York, as counsel.

In July 2011, another unit of the Alrose Group, Alrose King David
LLC filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y.
Case No. 11-75361) in Brooklyn.  Alrose King David LLC was a
special entity established by the Alrose Group to own the 143-room,
beachfront hotel property called the Allegria Hotel & Spa in Long
Beach, Long Island.  Alrose King David won approval of its
reorganization plan in March 2012.


ALTEGRITY INC: Exclusive Solicitation Period Extended to Nov. 5
---------------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware extended to Sept. 6, 2015, the period by
which Altegrity, Inc., et al., has exclusive right to file a plan
and to Nov. 5, 2015, the period by which the Debtors have exclusive
right to solicit acceptances of that plan.

A hearing to consider confirmation of the Debtors' Proposed Plan
commence on July 1.  In an abundance of caution and in order to
preserve the Debtors' exclusivity through confirmation and
effectiveness and to maximize the likehood of emergence in the near
term with minimal distractions, the Debtors seek further extension
of their exclusive periods.

                     About Altegrity Inc.

Altegrity Inc. provides background investigations for the U.S.
government; employment background and mortgage screening for
commercial customers; technology-driven legal services and software
for data management; and investigative, analytic, consulting, due
diligence, and security services.  Altegrity is principally owned
by investment funds affiliated with Providence Equity Partners.

Altegrity Inc. and 37 of its affiliates filed Chapter 11
Bankruptcy petitions (Bankr. D. Del. Lease Case No. 15-10226) on
Feb. 8, 2015.

Jeffrey S. Campbell signed the petitions as president and chief
financial officer.  The Debtors disclosed total assets of $1.7
billion and total liabilities of $2.1 billion as of June 30, 2014.

M. Natasha Labovitz, Esq., Jasmine Ball, Esq., and Craig A.
Bruens, Esq., at Debevoise & Plimpton LLP serve as the Debtors'
counsel.  Joseph M. Barry, Esq., Ryan M. Bartley, Esq., and Edmon
L. Morton, Esq., at Young, Conaway, Stargatt & Taylor, LLP, act as
the Debtors' Delaware and conflicts counsel.  Stephen Goldstein and
Lloyd Sprung, at Evercore Group, LLC, are the Debtors' investment
bankers.  Kevin M. McShea and Carrianne J. M. Basler, at
Alixpartners LLP serve as the Debtors' restructuring advisors.  

Prime Clerk LLC is the Debtors' claims and noticing agent.
PricewaterhouseCoopers LLP serves as the Debtors' independent
auditors.

The Bankruptcy Court has scheduled for May 5, 2015, the hearing to
consider the approval of the disclosure statement explaining the
Debtor's plan, which proposes to liquidate the US Investigations
Services.  Land Line relates that USIS lost key federal background
check contracts.

The U.S. Trustee for Region 3 appointed six creditors to serve on
the official committee of unsecured creditors.  The Creditors'
Committee retained Wilmer Cutler Pickering Hale & Dorr LLP, as lead
counsel, and Bayard, P.A., as Delaware co-counsel.

                           *     *     *

Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware on May 15, 2015, approved the disclosure
statement explaining Altegrity, Inc., et al.'s Joint Chapter 11
Plan and scheduled the confirmation hearing for July 1, 2015, at
10:00 a.m. (prevailing Eastern time).

As reported in the April 1, 2015 edition of the Troubled Company
Reporter, the Debtors filed a Joint Chapter 11 Plan and
accompanying disclosure statement that will delever the Company by
approximately $700 million, or 40% of the Debtors' outstanding
debt.

The Plan provides for a 2.2% estimated recovery of allowed general
unsecured claims, which total approximately $82,510,532.  Holders
of Secured Third Lien Notes Claims are poised to recover 7.7% of
their estimated $66,304,133 total amount of claims.  Holders of
Secured Second Lien Notes Claims are poised to recover 48.4% of
their estimated $519,265,011 total amount of claims.

A full-text copy of the Disclosure Statement dated May 16, 2015,
is available at http://bankrupt.com/misc/ALTEGRITYds0516.pdf


AMERICAN MEDIA: Needs More Time to File Fiscal 2015 Form 10-K
-------------------------------------------------------------
American Media, Inc., notified the Securities and Exchange
Commission it could not complete the filing of its annual report on
Form 10-K for the fiscal year ended March 31, 2015, within the
prescribed time period due to a delay in obtaining and compiling
information required to be included therein, which delay could not
be eliminated by the Company without unreasonable effort and
expense.

The Company plans to file that Annual Report no later than
July 14, 2015.

The Company expects to report total operating revenues of $245.2
million and operating loss of $5.8 million for the fiscal year
ended March 31, 2015, compared to total operating revenues of
$287.3 million and operating income $33.8 million for the fiscal
year ended March 31, 2014.  The decline in operating revenues and
operating income were due to (i) the industry wide disruption in
the Company's wholesaler channels due to the shutdown and
bankruptcy of one of the Company's major wholesalers, (ii) the
decline in the celebrity magazine market, (iii) the overall decline
in the consumer advertising market and (iv) the divestiture of the
distribution and merchandising business, included in the prior year
period with no comparable revenue in the current year period.  The
decline in operating income was also impacted by the increase in
impairment charges for goodwill and tradenames during the current
year period which were previously reported in the quarter ended
Sept. 30, 2014.

                       About American Media

Based in New York, American Media, Inc., publishes celebrity
journalism and health and fitness magazines in the U.S.  These
include Star, Shape, Men's Fitness, Fit Pregnancy, Natural Health,
and The National Enquirer.  In addition to print properties, AMI
manages 14 different Web sites.  The company also owns
Distribution Services, Inc., an in-store magazine merchandising
company.

American Media, Inc., and 15 units, including American Media
Operations, Inc., filed for Chapter 11 protection in Manhattan
(Bankr. S.D.N.Y. Case No. 10-16140) on Nov. 17, 2010, with a
prepackaged plan.  The Debtors emerged from Chapter 11
reorganization in December 2010, handing ownership to former
bondholders.  The new owners include hedge funds Avenue Capital
Group and Angelo Gordon & Co.

American Media reported a net loss of $54.3 million on
$344 million of total operating revenues for the fiscal year ended
March 31, 2014, following a net loss of $56.2 million on $349
million of total operating revenues for the year ended March 31,
2013.

As of Dec. 31, 2014, American Media had $529.37 million in total
assets, $568 million in total liabilities, $3 million in redeemable
non-controlling interests and a $41.8 million total stockholders'
deficit.

                           *     *     *

As reported in the Jan. 9, 2015 edition of the TCR, American Media
carries a 'Caa1' corporate family rating from Moody's.  American
Media's Caa1 CFR reflects the company's elevated total debt to
EBITDA leverage that Moody's expect will rise to the 8-9x range
(Moody's adjusted) over the rating horizon from about 7x as of
Sept. 30, 2014 as a result of lower EBITDA performance that
stems from a reduction in circulation sales associated with the
bankruptcy filing of AMI's second largest publications wholesaler,
Source Interlink Distribution ("Source").  The rating also captures
AMI's weak liquidity profile and deteriorating EBITDA cushion under
the revolver's first-lien leverage covenant resulting from the
lower circulation revenue aggravated by the Source bankruptcy,
which required temporary covenant relief through an amendment to
the credit facility.

As reported in the Jan. 14, 2015 edition of the TCR, Standard &
Poor's Ratings Services said that its ratings on U.S. magazine
publisher American Media Inc., including the 'CCC' corporate credit
rating, are not affected by the company's announcement that it is
exchanging $32 million of its first-lien 11.5% notes due 2017 for
$39 million in new second-lien 7% notes due 2020.  The negative
rating outlook remains unchanged.


AMERICAN PIPING: S&P Affirms Then Withdraws 'B-' CCR
-----------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
corporate credit rating on U.S.-based steel distributor American
Piping Products Inc.  S&P subsequently withdrew all of its ratings,
at the company's request, following the repayment of its senior
secured notes.


BABCOCK & WILCOX: Moody's Withdraws 'Ba1' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service withdrew the ratings for The Babcock &
Wilcox Company including its Ba1 corporate family rating, Ba2-PD
probability of default rating, Baa3 senior secured bank credit
facility rating and the SGL-1 Speculative Grade Liquidity Rating.
The company recently terminated its bank credit facility following
the spin-off of its Power Generation business.

RATINGS RATIONALE

Headquartered in Charlotte, North Carolina, The Babcock & Wilcox
Company (B&W) was an energy-focused engineering and construction
company with a sizeable government business prior to the spin-off
of its Power Generation business on June 30, 2015. The company has
been renamed BWX Technologies and consists of three of the
company's prior segments including: 1) Nuclear Operations -
produces naval nuclear components and reactors for the US
Department of Energy (DOE)/ National Nuclear Security
Administration (NNSA), 2) Nuclear Energy - provides commercial
nuclear services and manufactures components for utilities, 3)
Technical Services - together with its various joint venture
partners, operates facilities for the DOE/ NNSA and other US
government agencies. BWX Technologies pro forma revenue for the
year ended December 31, 2014 was about $1.5 billion.



BAHA MAR: Wins Interim Access to $30-Mil. Bankruptcy Loan
---------------------------------------------------------
Stephanie Gleason, writing for The Wall Street Journal, reported
that Baha Mar Ltd., the developer of a yet-to-open $3.5 billion
Bahamian resort, received approval to begin tapping $80 million in
fresh financing that keeps the resort on track to eventually open
its doors to guests.

According to the Journal, Judge Kevin Carey of the U.S. Bankruptcy
Court in Wilmington, Del., signed off on the company's bid to
access $30 million of the financing on an interim basis during a
hearing on July 1, noting that it was the first time in a long time
he'd seen a bankruptcy loan with so few strings attached.  The
financing is being provided by Baha Mar chairman Sarkis Izmirlian,
a Bahamian businessman who began work on the project in 2009, the
Journal related.

                           About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The case is assigned to Judge Kevin J. Carey.

The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York.  The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is Kobre
& Kim LLP.  The Debtors' construction counsel is Glaser Weil Fink
Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime Clerk
LLC.


BEAUMONT GROUP: Case Summary & 5 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: The Beaumont Group LLC
           dba First Street Storage
        a California limited liability company
        PO Box 1267
        Anaheim, CA 92815

Case No.: 15-13344

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: July 1, 2015

Court: United States Bankruptcy Court
       Central District of California (Santa Ana)

Judge: Hon. Scott C Clarkson

Debtor's Counsel: Robert E Opera, Esq.
                  WINTHROP COUCHOT PC
                  660 Newport Center Dr Ste 400
                  Newport Beach, CA 92660
                  Tel: 949-720-4100
                  Email: ropera@winthropcouchot.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by I.B. Nanda, member.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/cacb15-13344.pdf


BOOMERANG TUBE: Files Debt-for-Equity Ch. 11 Plan
-------------------------------------------------
Boomerang Tube, LLC, et al., filed with the U.S. Bankruptcy Court
for the District of Delaware Chapter 11 plan that has been
prearranged before the Petition Date and a disclosure statement
explaining the Plan.

The Plan reduces the Debtors' funded debt obligations by converting
approximately $214 million in outstanding principal of Term Loan
Facility obligations into (i) 100% of the New Holdco Common Stock
(subject to dilution for (1) the payment of the Exit Term Facility
Backstop Fee and the Exit Term Facility Closing Fee in the
aggregate equal to collectively 20% of the New Holdco Common Stock
as of the closing date of the Exit Term Facility and (2) issuances
of equity under a management incentive plan not to exceed 5% of the
total outstanding equity of New Holdco); and (ii) $55 million of
subordinated secured notes issued by New Opco. The Plan provides
that New Holdco will hold 100% of the New Opco Common Units.

Pursuant to the DIP Term Facility Loan Agreement, dated as of June
11, 2015, the Term Loan Lenders provided the $60 million DIP Term
Facility, which will be paid in cash on the Effective Date with the
proceeds of the Exit Term Facility.  Pursuant to an Exit Commitment
Letter, dated as of June 8, 2015, the DIP Term Facility Lenders
have committed to provide the Exit Term Facility.  Pursuant to the
DIP ABL Facility Loan Agreement, dated as of June 11, 2015, the ABL
Facility Lenders provided the $85 million DIP ABL Facility, which
will refinanced by the Exit ABL Facility.  Pursuant to an Exit
Commitment Letter, dated as of June 8, 2015, the DIP ABL Facility
Lenders have committed to provide the Exit ABL Facility.

The Debtors intend to present the Disclosure Statement, and any
changes or modifications thereto, for approval at a hearing on Aug.
11, 2015, at 2:00 p.m. (prevailing Eastern Time).  Objections, if
any, to the approval of the Disclosure Statement must be served on
or before July 30.

A full-text copy of the Disclosure Statement dated June 30, 2015,
is available at http://bankrupt.com/misc/BOOMERANGds0630.pdf

                       About Boomerang Tube

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

Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
15-11247) on June 9, 2015, with a deal with lenders on a balance
sheet restructuring that would convert $214 million of debt to 100%
of the common stock of the reorganized company.

The cases are assigned to Judge Mary F. Walrath.

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


BOOMERANG TUBE: Meeting of Creditors Set for July 17
----------------------------------------------------
The meeting of creditors of Boomerang Tube LLC is set to be held on
July 17, 2015, at 10:00 a.m. (ET), according to a filing with the
U.S. Bankruptcy Court in Delaware.

The meeting will take place at J. Caleb Boggs Federal Building, 2nd
Floor, Room 2112, 844 North King Street, in Wilmington, Delaware.

The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                       About Boomerang Tube

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

Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
15-11247) on June 9, 2015, with a deal with lenders on a balance
sheet restructuring that would convert $214 million of debt to 100%
of the common stock of the reorganized company.

The cases are assigned to Judge Mary F. Walrath.

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


BOOMERANG TUBE: US Trustee Forms Five-Member Creditors' Committee
-----------------------------------------------------------------
The U.S. trustee overseeing the Chapter 11 case of Boomerang Tube
LLC appointed five creditors to serve on an official committee of
unsecured creditors:

     (1) Nucor Steel
         Attn: Mark DiGirolamo
         P.O. Box 30
         Armorel, AR 72310
         Phone: (870) 838-2303
         Fax: (870) 762-2108

     (2) Daewoo International Corp.
         Attn: Jinyong Kwon
         165, Convensia-daero, Yeonsu-gu Incheon
         406-840, Korea
         Phone: 82-2-759-3456
         Fax: 82-2-2076-2411

     (3) Cudd Pressure Control Inc.
         d/b/a Patterson Tubular Services
         P.O. Box 117
         539 S. Sheldon
         Channelview, TX 77530
         Phone: (800) 452-5443
         Fax: (281) 452-7410

     (4) Harry Johnson Welding
         10191 Hwy 90 East
         Liberty, TX 77575
         Phone: (936) 334-1818
         Fax: (936) 334-1821

     (5) J.B. Fabricating LLC
         P.O. Box 750243
         Houston, TX 77275
         Phone: (713) 705-7053
         Fax: (281) 485-8498

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense.  They may investigate the debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                       About Boomerang Tube

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

Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
15-11247) on June 9, 2015, with a deal with lenders on a balance
sheet restructuring that would convert $214 million of debt to 100%
of the common stock of the reorganized company.

The cases are assigned to Judge Mary F. Walrath.

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


CAL DIVE: $7,000 in Claims Transferred Between April 1 & May 7
--------------------------------------------------------------
In the Chapter 11 cases of Cal Dive International, Inc., et al.,
two claims switched hands between April 1, 2015, and May 7, 2015:

     Transferee                   Transferor        Claim Amount
     ----------                   ----------        ------------
Sierra Liquidity Fund, LLC        Power Specialties,   $2,492.95
                                  LLC

Sierra Liquidity Fund, LLC        Veriforce            $4,517.50

                   About Cal Dive International

Houston, Texas-based marine contractor Cal Dive International,
Inc., provides manned diving, pipelay and pipe burial, platform
installation and salvage, and light well intervention services to
the offshore oil and natural gas industry on the Gulf of Mexico
OCS, Northeastern U.S., Latin America, Southeast Asia, China,
Australia, West Africa, the Middle East, and Europe.

Cal Dive and its U.S. subsidiaries filed simultaneous voluntary
petitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015.
Through the Chapter 11 process, the Company intends to sell
non-core assets and intends to reorganize or sell as a going
concern its core subsea contracting business.

Cal Dive disclosed total assets of $571 million and total debt of
$411 million as of Sept. 30, 2015.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel,
O'Melveny & Myers LLP, as co-counsel; Jones Walker Jones Walker LLP
as corporate counsel; and Kurtzman Carson Consultants, LLC, as
claims and noticing agent.  The Debtors also tapped Carl Marks
Advisory Group LLC as crisis managers and appoint F. Duffield
Meyercord as chief restructuring officer.

The U.S. Trustee for Region 3 formed a five-member committee of
unsecured creditors in the case.  The Committee retained Akin Gump
Strauss Hauer & Feld LLP and Pepper Hamilton LLP as co-counsel; and
Guggenheim Securities, LLC as exclusive investment banker.

Cal Dive Offshore Contractors, Inc., disclosed total assets of
$233,273,806 and $311,339,932 in liabilities as of the Chapter 11
filing.


COLT DEFENSE: Noteholders Oppose DIP Financing
----------------------------------------------
U.S. Bankruptcy Judge Laurie Selber Silverstein has authorized Colt
Defense LLC access to its proposed $20 million of DIP Financing on
an interim basis.

The DIP Loan consists of (i) a $6,666,667 DIP Facility from
Cortland Capital Market Services, LLC, as agent for a consortium of
lenders; and (ii) a $13,333,333 DIP Facility from Wilmington
Savings Fund Society, FSB, as agent for a consortium of lenders.
The DIP Facilities accrue interest at 12.5% per annum.

An initial draw of $6 million will be available on the execution
date, and a $4 million is available after entry of a second interim
order.  An additional draw of $10 million is available upon entry
of a final DIP order.

                        Noteholders Object

In its supplemental objection, the Ad Hoc Consortium of Holders of
the 8.75% Senior Notes says the Debtors' proposed DIP Loan compels
a particular case outcome: A Section 363 sale in about one month,
presumptively to Colt's equity sponsor (Sciens Capital Management).
This is proper, say the Debtors, because: (1) their pre-petition
bondholders are now locked in a stand-off with Sciens; (2) the
Debtors are too fragile to withstand the resulting business
pressures; and (3) the lease for their primary manufacturing
facility (controlled by Sciens) is about to expire. The Debtors
further contend that, given present circumstances, no alternative
financing is available or appropriate. Moreover, and of critical
importance, the Debtors assure the Court that it can place
confidence in the Debtors' business judgment, including their
decision to enter into the DIP Loan, because it all has been
carefully vetted by an Independent Committee of the Governing
Board.

Contrary to the Debtors' narrative presentation, the Consortium
submits that Sciens is not a white knight savior; rather, it has
long run Colt for cash, taking for itself all available cash flow
and tax benefits and depriving the business of necessary R&D and
CapEx funding. The company does not have a reliable governance
structure; Sciens controls corporate decision-making, including
matters purportedly vested with the Independent Committee, and
specifically waived (at a critical strategic moment) all fiduciary
obligations it otherwise owed the company, its Members, and any
other Person.

The Consortium states that there is no stand-off with bondholders;
Sciens has rebuffed the Consortium's numerous offers of support,
including offers to provide less expensive financing. Sciens
instead had Colt launch two expensive exchange/pre-pack offers that
called for bondholders to take 70% or 55% discounts on their
claims, while equity was left unimpaired. When the bondholders did
not readily accept proposals so contrary to the absolute priority
rule, Sciens threatened to evict the Debtors from their primary
manufacturing facility (a threat that will not withstand legal
scrutiny). When the Consortium pleaded with Sciens for a more
business-like approach, the Consortium became aware of Sciens
fall-back scheme: File Colt for Chapter 11 relief; claim false
emergency to compel a quick Section 363 sale; ensure no competitive
bidding; and then reclaim the company by bidding a peppercorn above
the secured debt. The DIP Loan is the means to that end.

Appreciating that the Debtors still require liquidity, the
Consortium has advanced its own offer for post-petition financing.
The Consortium’s DIP Loan: (i) provides the same liquidity amount
for working capital ($20 million); (ii) is substantially less
expensive; (iii) does not prime any secured lender's liens; (iv)
has a more extended (6 month) term; (v) does not contain any
milestones, case controls or otherwise dictate case outcome; (vi)
does not default if the Court perceives that, on these facts, a
Chapter 11 trustee is warranted; and (vii) is a true defensive
loan, offered by the fulcrum creditors to maximize (not excessively
usurp) estate value. The Consortium respectfully submits that, on
these facts, this is a far more appropriate way to launch these
Chapter 11 cases.

The Consortium is represented by:

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

                     Sciens Capital Responds

Sciens Capital Management LLC has replied to the objection filed by
the Ad Hoc Consortium of Holders of the 8.75% Senior Notes to the
DIP motion.

Sciens and Colt have implemented a sales process, governed by
independent board members, designed to ensure a price for Colt's
assets that meets the entire fairness standard and that will
maximize value for all stakeholders. In order to afford stability
to this process, Sciens, a long-time owner of Colt, is prepared to
serve as buyer if no one else emerges. Colt's independent board
members decided to pursue this approach because of the
ill-considered, pre-petition efforts of the Consortium to burden
Colt with more debt than it can handle, and to arrogate value to
the Consortium's institutional members to the exclusion of several
thousand small, retailer holders of the Senior Notes who
collectively hold tens of millions of dollars of these obligations.
An independent sales process, conducted under the watchful eye of
this Court, eliminates the potential for further games by the
Consortium: if its members want to own Colt, they need to bid for
it.

The Consortium's financial advisor admitted in his deposition that
the Consortium's proposed DIP financing is intended to derail this
process. Without a sales process, Colt will be in a free-fall
chapter 11. But Colt cannot survive a free-fall chapter 11. It
derives almost half of its revenue from U.S. and allied
governments. There is a substantial risk that Colt will lose its
contracts with these critical customers in a protracted chapter 11,
as they cannot rely on a bankrupt company with an uncertain future
to provide them with vital military equipment.

This is why the independent committee authorized a sales process
with a committed, experienced, back-stop bidder. This Court should
not countenance the enormous risk of value
destruction engendered by the Consortium's approach. It should
instead defer to the judgment of Colt's independent committee
members regarding the DIP Motion. That committee has been vested
with exclusive authority to determine which financing option is
best for Colt; Sciens and its board designees have no vote on the
matter. The Consortium's objections therefore are without merit and
should be overruled.

Sciens Capital is represented by:

         SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
         Anthony W. Clark, Esq.
         Jason M. Liberi, Esq.
         One Rodney Square, P.O. Box 636
         Wilmington, Delaware 19899-0636
         Tel: (302) 651-3000
         Fax: (302) 651-3001

                            About Colt

Colt Defense LLC is one of the world's oldest and most iconic
designers, developers, and manufacturers of firearms for military,
law enforcement, personal defense, and recreational purposes and
was founded over 175 years ago by Samuel Colt, who patented the
first commercial successful revolving cylinder firearm in 1836 and
began supplying U.S. and international military customers with
firearms in 1847.  Colt is incorporated in Delaware and
headquartered in West Hartford, Connecticut.

In 1992, Colt Manufacturing Company, then the principal operating
subsidiary, filed chapter 11 petitions in the U.S. Bankruptcy Court
for the District of Connecticut.  An investment by Zilkha & Co.
allowed CMC to confirm a chapter 11 plan and emerge from bankruptcy
in 1994.

Sometime after 1994, majority ownership of the Company transitioned
from Zilkha & Co. to Sciens Capital Management.

On June 12, 2015, Colt's previously announced exchange offer,
consent solicitation and solicitation of acceptances of a
prepackaged plan of reorganization, dated April 14, 2015, as
supplemented, with respect to its $250 million in 8.75% Senior
Notes due 2017 expired. The conditions to the exchange offer, the
consent solicitation and the prepackaged plan of reorganization
were not satisfied, and those conditions were not waived by Colt.
Colt's restructuring support agreement with Marblegate Special
Opportunities Master Fund, L.P. and Morgan Stanley Senior Funding,
Inc., the Company's senior secured term loan lenders, requires it
to file for Chapter 11 bankruptcy.

Accordingly, Colt Holding Company LLC and nine affiliates,
including Colt Defense LLC, on June 14, 2015, filed voluntary
petitions (Bankr. D. Del. Lead Case No. 15-11296) for relief under
Chapter 11 of the Bankruptcy Code to pursue a sale of the assets as
a going concern.  Colt Defense estimated $100 million to $500
million in assets and debt.

The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny &
Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as
claims and noticing agent.  Perella Weinberg Partners L.P. is
acting as financial advisor of the Company, and Mackinac Partners
LLC is acting as its restructuring advisor.

Wilmington Savings Fund Society, FSB, as agent under the $13.33
million Term DIP Loan Agreement, is represented by Pryor Cashman
LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's
Leonard Klingbaum, Esq.

Cortland Capital Market Services LLC, as agent under the $6.67
million Senior DIP Credit Agreement, is represented by Holland &
Knight LLP's Joshua M. Spencer, Esq.; Stroock & Stroock & Lavan
LLP's Brett Lawrence, Esq.; and Osler, Hoskin & Harcourt LLP's
Richard Borins, Esq., and Tracy Sandler, Esq.

                         *     *     *

Colt's equity sponsor, Sciens Capital Management, has agreed to act
as a stalking horse bidder in the proposed asset sale. Details of
the deal were not provided in Colt's news statement announcing the
Chapter 11 filing.  Colt, however, said it would be soliciting
competing bids and has appointed an independent committee of its
board of managers to manage the process and evaluate bids.  Colt
expects to complete the entire Chapter 11 process in 60-90 days.



CONAGRA FOODS: Fitch Affirms 'BB+' Rating on Subordinated Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings for
ConAgra Foods, Inc. and its subsidiary, Ralcorp Holdings, Inc. at
'BBB-' and has affirmed ConAgra's Short-term IDR at 'F3'.  The
Rating Outlook is Negative.

Fitch views ConAgra's announcement that it will exit the Private
Brands operation and essentially unwind the Ralcorp acquisition
(completed just two years ago) as a credit positive, and the
company could use potential proceeds to pay down debt to bring
leverage down to the low 3.0x range in the near term.  However,
ConAgra continues to face headwinds in its remaining branded
business.  ConAgra would have to demonstrate a meaningful track
record in stabilizing its volumes and market share in the remaining
branded and commercial businesses and a commitment to a
conservative financial policy, particularly in the face of activist
interest, to maintain its investment grade rating.

KEY RATING DRIVERS

ConAgra announced plans to exit its Private Brands operations,
essentially unwinding its $6.8 billion acquisition (or 13.2x
EV/EBITDA multiple) of RalCorp in January 2013.  Profitability in
the company's private brands business has been weak.  A highly
competitive bidding environment, combined with recent
service-related issues and execution shortfalls, have negatively
impacted results and expectations for volume, pricing and margins
in that business.

The Private Brands segment generated roughly $4.1 billion in annual
net sales and adjusted EBITDA of approximately $350 million in the
fiscal year ended May 31, 2015, accounting for approximately 26% of
total revenue and 16% of EBITDA.  Based on recent packaged foods
trading and transaction multiples, Fitch anticipates ConAgra could
receive proceeds of $3.2 billion to $4.2 billion based on a 9x to
12x multiple.

The ongoing business, consisting of Consumer and Commercial
operations, currently generates $11.8 billion annual net sales and
$1.7 billion operating EBITDA.  Considering fiscal 2015 year-end
total debt of $7.9 billion, ConAgra would have to pay down
approximately $2.3 to $2.6 billion in debt to return gross leverage
to the 3.0-3.2x range.  However, activist investor Jana Partners,
which has disclosed a 7% equity stake, could also push for
accelerated change that could result in higher leverage if proceeds
are primarily used for shareholder friendly activities.

In addition, should ConAgra even pay down significant debt to bring
leverage to the low 3.0x range given its current comments about
maintaining a balanced capital allocation that includes a leverage
target in the two to three times range, there are significant
headwinds in the remaining business.  Volumes in its consumer foods
business, which accounts for 46% of revenue and approximately 55%
of EBITDA, have been in the negative 1% to 3% range for the last
five years, offset by only a modest improvement in pricing/mix
effect in the 1% range.  The company will need to drive
productivity improvements in sg&a, supply chain and trade spending
to support future investments in marketing, infrastructure,
innovation, and acquisitions.  In addition, similar to its industry
peers, the company will have to reposition its branded portfolio
over the next few years to exit low to negative growth brands and
invest in health and wellness brands given shifting consumer
preferences.

ConAgra plans to outline its long-term financial strategy at an
investor event in the fall of 2015, and Fitch will continue to
evaluate the impact of its various restructuring activities, use of
proceeds from the sale of private brand, and any change in
financial strategies that may result from activist actions.

KEY ASSUMPTIONS

   -- Potential proceeds of $3.2 billion to $4.2 billion for the
      private brands business, based on EBITDA multiples in the 9-
      12x range on adjusted EBITDA of approximately $350 million.

   -- Post the sale of the private brand business, ConAgra would
      have to pay down approximately $2.3 to $2.6 billion in debt
      to return gross leverage to the 3.0-3.2x range.

   -- Remaining Consumer and Commercial businesses currently
      generates approximately $11.8 billion net sales and $1.7
      billion EBITDA.  Assuming above mentioned debt paydown, the
      company will have to drive operating improvements in its
      ongoing business to maintain or improve EBITDA from current
      levels.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead to
a negative rating action include:

   -- If weak top line and operating trends continue and gross
      leverage (total debt-to-operating EBITDA) remains at or
      above the mid-3.0x range. Deteriorating FCF or a sizeable
      leveraged transaction would also support a downgrade.

Future developments that may, individually or collectively, lead to
a positive rating action include:

   -- The Outlook could be revised to Stable if there is a
      sustained operational improvement in fiscal 2016 and beyond,

      including stable volumes and market shares in its ongoing
      businesses, in addition to demonstrating a financial
      commitment to maintain leverage in the low 3.0x range.

   -- In the long term, a positive rating action could be
      supported by consistent positive volume and market share
      growth due to an improved brand portfolio, strong FCF
      generation, along with a commitment to maintain leverage in
      the mid-2x range.  This is not anticipated in the
      intermediate term.

LIQUIDITY

Ample Liquidity, Manageable Maturities: ConAgra maintains an
undrawn $1.5 billion revolving credit facility expiring Sept. 14,
2018 that provides backup to its commercial paper (CP) program. The
company had $183 million cash, which was mainly outside the U.S.,
at fiscal 2015 year end.  The revolving credit facility contains
covenants that consolidated debt must not exceed 65%, and the
company's fixed charge coverage ratio must be greater than 1.75x on
a rolling four quarter basis.  ConAgra's long-term debt maturities
primarily consist of $1 billion due in fiscal 2016 and
approximately $550 million due in fiscal 2017.

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

ConAgra Foods, Inc.
   -- Long-term IDR at 'BBB-';
   -- Senior unsecured notes at 'BBB-';
   -- Bank credit facility at 'BBB-';
   -- Subordinated notes at 'BB+';
   -- Short-term IDR at 'F3';
   -- Commercial paper at 'F3'.

Ralcorp Holdings, Inc.
   -- Long-term IDR at 'BBB-';
   -- Senior unsecured notes at 'BBB-'.

The Rating Outlook is Negative.



COOPER GAY: Moody's Rates First Lien Loans 'B2'
-----------------------------------------------
Moody's Investors Service has placed the ratings of Cooper Gay
Swett & Crawford Ltd. (CGSC corporate family rating B3, probability
of default rating B3-PD) on review for downgrade given
deterioration in EBITDA, financial leverage and interest coverage
metrics. Moody's also placed the B2 rating on CGSC's revolving
credit facility and first-lien term loan and Caa2 rating on its
second-lien term loan on review for downgrade.

RATINGS RATIONALE

According to Moody's, the review will focus on the timing and
magnitude of the company's strategic initiatives to restore revenue
and EBITDA growth, the impact of expense reduction and other
restructuring initiatives, as well as prospective interest coverage
and free cash flow generation to service debt. For the 12 months
ended March 31, 2015, the company reported a decline in the EBITDA
margin to about 13% as a result of weak organic growth in the
group's international operations, particularly in London and
Europe, which was mitigated by good performance in its North
America segment.

The company's debt-to-EBITDA ratio has risen to over 10x on a
Moody's adjusted basis with a weakening of EBITDA interest coverage
to about 1x for the 12 months ended March 2015. The rating agency
added the company has $36 million of unrestricted cash on its
balance sheet as of March 31, 2015.

CGSC has a good market presence as a wholesale and reinsurance
broker and is well diversified across geographic regions and
business lines. Declines in revenue and earnings in part reflect
negative pricing and volume trends related to its January 1
reinsurance renewals, where changes in buying trends and
significant competition from alternative capital has pressured the
traditional reinsurance market.

The rating agency said that the following factors could lead to a
downgrade: (i) debt-to-EBITDA ratio remaining above 8x on a
sustained basis, (ii) (EBITDA-capex) coverage of interest remaining
below 1.2x, and/or (iii) free-cash-flow to debt ratio consistently
less than 2%.

Conversely, the ratings could be confirmed in the event of: (i)
successful execution of management actions to restore revenue and
EBITDA, (ii) debt-to-EBITDA ratio trending towards 8x or below,
(iii) (EBITDA-capex) coverage of interest of exceeding 1.2x, and/or
(iv)) free-cash-flow to debt ratio consistently exceeding 2%.

Moody's has placed the following ratings on review for downgrade
(and revised the loss given default (LGD) assessments as of March
31, 2015):

  CGSC corporate family rating B3;

  CGSC probability of default rating B3-PD;

  CGSC of Delaware Holdings Corporation $75 million revolving
  credit facility expiring April 2018, rated B2 (to LGD3,
  33% from LGD3, 35%);

  CGSC of Delaware Holdings Corporation $305 million first-lien
  term loan due April 2020, rated B2 (to LGD3, 33% from LGD3,
35%);

  CGSC of Delaware Holdings Corporation $120 million second-lien
  term loan due October 2020, rated Caa2 (to LGD5, 84% from
  LGD5, 86%).

Based in London, England, CGSC is a leading independent wholesale,
underwriting management and reinsurance broker, placing about $5
billion of premiums annually in the London, US, and international
insurance markets. For the 12 months ending March 2015, the company
generated revenue of $375 million.



CORINTHIAN COLLEGES: Creditors' Panel Hires Rosner Law as Counsel
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Corinthian
Colleges, Inc., et al., seeks authorization from the U.S.
Bankruptcy Court for the District of Delaware to retain Rosner Law
Group LLC as Delaware counsel to the Committee, nunc pro tunc to
May 13, 2015.

The Committee requires Rosner Law to:

   (a) provide legal advice regarding local rules, practices, and
       procedures and provide substantive and strategic advice on
       how to accomplish the Committee's goals in connection with
       the prosecution of these cases, bearing in mind that the
       Court relies on Delaware counsel such as RLG to be involved

       in all aspects of these bankruptcy cases;

   (b) review, comment upon and/or prepare drafts of documents to
       be filed with the Court as Delaware counsel to the
       Committee;

   (c) appear in Court and at any meeting with the U.S. Trustee
       and any meeting of creditors at any given time on behalf of

       the Committee as its Delaware counsel;

   (d) perform various services in connection with the
       administration of these cases including, without
       limitation, (i) preparing certificates of no objection,
       certifications of counsel, notices of fee applications and
       hearings, and hearing binders of documents and pleadings,
       (ii) monitoring the docket for filings and coordinating
       with Brown Rudnick on pending matters that need responses,
       (iii) preparing and maintaining critical dates memoranda to

       monitor pending applications, motions, hearing dates and
       other matters and the deadlines associated with the same,
       and (iv) handling inquiries and calls from creditors and
       counsel to interested parties regarding pending matters and

       the general status of these cases and coordinating with
       Brown Rudnick on any necessary responses; and

   (e) perform all other services assigned by the Committee, in
       consultation with Brown Rudnick, to RLG as Delaware counsel

       to the Committee.

Rosner Law will be paid at these hourly rates:

       Frederick B. Rosner            $275
       Scott Leonhardt                $275
       Julia Klein                    $275
       Frederick Sassier (paralegal)  $150
       Law Clerk                      $75

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

Frederick B. Rosner, member of Rosner Law, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Consistent with the United State Trustees' Appendix B - Guidelines
for U.S.C. section 330 by Attorneys in Larger Chapter 11 Cases (the
"U.S. Trustee Guidelines"), effective Nov. 1, 2013, Rosner Law
stated:

  -- Except for discounting its rates, Rosner Law has not agreed
     to a variation of its standard of customary billing
     arrangements for the Engagement;

  -- None of Rosner Law's professionals included in the Engagement

     have varied their rate based on the geographic location of
     these Chapter 11 Cases;

  -- The Committee has approved a prospective budget and staffing
     plan for Rosner Law's Engagement for the post-petition period

     as appropriate. In accordance with the U.S. Trustee
     Guidelines, the budget may be amended as necessary to reflect

     changed or unanticipated developments in these Chapter 11
     Cases.

Rosner Law can be reached at:

     Frederick B. Rosner, Esq.
     THE ROSNER LAW GROUP LLC
     824 Market Street, Suite 810
     Wilmington, DE 19801
     Tel: (302) 777-1111
     E-mail: rosner@teamrosner.com

                     About Corinthian Colleges

Corinthian Colleges, Inc., Pegasus Education, Inc., and 23
affiliated entities filed voluntary Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 15-10952) on May 4, 2015, to complete an orderly
wind down of its operations.  The cases are jointly administered
Case No. 15-10952.

Judge Kevin J. Carey presides over the case.  Richards, Layton &
Finger, P.A., represents the Debtors in their restructuring
efforts; FTI Consulting, Inc., serves as restructuring advisors;
and Rust Consulting/Omni Bankruptcy serves as claims and noticing
agent.

Corinthian Colleges, Inc., disclosed $721,596,789 in assets and
$2,929,448,278 in liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 3 appointed five creditors to serve on
an official committee of unsecured creditors.


CORINTHIAN COLLEGES: Hires PricewaterhouseCoopers as Tax Advisor
----------------------------------------------------------------
Corinthian Colleges, Inc. and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the District of
Delaware to assume employment agreements with
PricewaterhouseCoopers, LLP and employ the firm as tax advisor,
nunc pro tunc to the May 4, 2015 petition date.

The Debtors seek to retain PwC, pursuant to section 327(a) of the
Bankruptcy Code, to continue providing the Sales/Use Tax Refund
Services, the Income Tax Refund Services and the CA FTB Audit
Support Services on a post-petition basis.

PwC will provide advice and assistance with respect to matters
relating to the California Franchise Tax Board's ("FTB")
examination of your California corporate income tax returns for
fiscal years ending June 30, 2009 through June 30, 2012.

All services unrelated to the incremental increase of the
California Enterprise Zone Hiring Credit are not included in the
scope as previously defined in the Engagement Letter dated March 7,
2014 and are considered out of scope services to be covered under
this agreement.  The following illustrates the nature of the
services intended to be covered by this agreement:

  -- review of the appropriate income tax return(s) and other
     support documentation;

  -- review of all audit materials and communication issued by the

     FTB;

  -- development of the audit defense strategies;

  -- direct communications with the FTB audit as appropriate and
     needed;

Under the terms of the Engagement Agreement, PwC's compensation for
the Sales/Use Tax Refund Services and the Income Tax Refund
Services is based on a contingency
fee arrangement. Indeed, PwC is entitled to 25% of any refund or
credit received by the Debtors

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

      Partners            $719
      Director            $488
      Manager             $389
      Senior Associates   $289
      Associates and
      other staff         $158-$215

The principal professionals designated to assist the Debtors and
their current positions within the organization are as follows:

      Chris Whitney    Partner
      George Yashou    Director
      Nicole Rayhan    Senior Associate

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

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

PwC can be reached at:

       Chris Whitney
       PRICEWATERHOUSECOOPERS, LLP
       601 S. Figueroa Street
       Los Angeles CA 90017
       Tel: (213) 356-6007
       Fax: (813) 741-5167
       E-mail: chris.whitney@us.pwc.com

                     About Corinthian Colleges

Corinthian Colleges, Inc., Pegasus Education, Inc., and 23
affiliated entities filed voluntary Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 15-10952) on May 4, 2015, to complete an orderly
wind down of its operations.  The cases are jointly administered
Case No. 15-10952.

Judge Kevin J. Carey presides over the case.  Richards, Layton &
Finger, P.A., represents the Debtors in their restructuring
efforts; FTI Consulting, Inc., serves as restructuring advisors;
and Rust Consulting/Omni Bankruptcy serves as claims and noticing
agent.

Corinthian Colleges, Inc., disclosed $721,596,789 in assets and
$2,929,448,278 in liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 3 appointed five creditors to serve on
an official committee of unsecured creditors.


CORINTHIAN COLLEGES: Panel Hires Brown Rudnick as Co-counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Corinthian
Colleges, Inc., et al., asks for permission from the U.S.
Bankruptcy Court for the District of Delaware to retain Brown
Rudnick LLP as co-counsel, nunc pro tunc to May 13, 2015.

The Committee requires Brown Rudnick to:

   (a) assist and advise the Committee in its discussions with the

       Debtors and other parties in interest regarding the overall

       administration of these cases;

   (b) represent the Committee at hearings to be held before this
       Court and communicating with the Committee regarding the
       matters heard and the issues raised as well as the
       decisions and considerations of this Court;

   (c) assist and advise the Committee in its examination and
       analysis of the conduct of the Debtors' affairs;

   (d) review and analyze pleadings, orders, schedules, and other
       documents filed and to be filed with the Court by
       interested parties in these cases; advise the Committee as
       to the necessity, propriety, and impact of the foregoing
       upon these cases; and consenting or objecting to pleadings
       or orders on behalf of the Committee, as appropriate;

   (e) assist the Committee in preparing such applications,
       motions, memoranda, proposed orders, and other pleadings as

       may be required in support of positions taken by the
       Committee, including all trial preparation as may be
       necessary;

   (f) confer with the professionals retained by the Debtors and
       other parties in interests, as well as with such other
       professionals as may be selected and employed by the
       Committee;

   (g) coordinate the receipt and dissemination of information
       prepared by and received from the Debtors' professionals,
       as well as such information as may be received from
       professionals engaged by the Committee or other parties-in-
       interest in these cases;

   (h) participate in such examinations of the Debtors and other
       witnesses as may be necessary in order to analyze and
       determine, among other things, the Debtors' assets and
       financial condition, whether the Debtors have made any
       avoidable transfers of property, or whether causes of
       action exist on behalf of the Debtors' estates;

   (i) negotiate and formulate a plan of reorganization for the
       Debtors; and

   (j) assist the Committee generally in performing such other
       services as may be desirable or required for the discharge
       of the Committee's duties pursuant to section 1103 of the
       Bankruptcy Code.

Brown Rudnick will be paid at these hourly rates:

       H. Jeffrey Schwartz          $1,235
       Bennett S. Silverbag         $885
       Lauren Curry                 $730
       Jacob T. Beiswenger          $570
       Attorneys                    $415-$1,240
       Paraprofessionals            $285-$345

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

H. Jeffrey Schwartz, member of Brown Rudnick, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Brown Rudnick can be reached at:

       H. Jeffrey Schwartz, Esq.
       BROWN RUDNICK LLP
       Seven Times Square
       New York, NY 10036
       Tel: (212) 209-4800
       E-mail: jschwartz@brownrudnick.com

                     About Corinthian Colleges

Corinthian Colleges, Inc., Pegasus Education, Inc., and 23
affiliated entities filed voluntary Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 15-10952) on May 4, 2015, to complete an orderly
wind down of its operations.  The cases are jointly administered
Case No. 15-10952.

Judge Kevin J. Carey presides over the case.  Richards, Layton &
Finger, P.A., represents the Debtors in their restructuring
efforts; FTI Consulting, Inc., serves as restructuring advisors;
and Rust Consulting/Omni Bankruptcy serves as claims and noticing
agent.

Corinthian Colleges, Inc., disclosed $721,596,789 in assets and
$2,929,448,278 in liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 3 appointed five creditors to serve on
an official committee of unsecured creditors.


CORINTHIAN COLLEGES: Panel Taps Gavin/Solmonese as Advisor
----------------------------------------------------------
The Official Committee of Unsecured Creditors of Corinthian
Colleges, Inc., et al., asks for permission from the U.S.
Bankruptcy Court for the District of Delaware to retain
Gavin/Solmonese LLC as financial advisor to the Committee, nunc pro
tunc to May 13, 2015.

The Committee requires Gavin/Solmonese to:

   (a) review and analyze the businesses, management, operations,
       properties, financial condition and prospects of the
       Debtors;

   (b) review and analyze historical financial performance, and
       transactions between and among the Debtors, their
       creditors, affiliates and other entities;

   (c) review the assumptions underlying the business plans and
       cash flow projections for the assets involved in any
       potential asset sale or plan of reorganization;

   (d) determine the reasonableness of the projected performance
       of the Debtors, both historically and future;

   (e) monitor, evaluate and report to the Committee with respect
       to the Debtors' near-term liquidity needs, material
       operational changes and related financial and operational
       issues;

   (f) review and analyze all material contracts and/or
       agreements;

   (g) assist in the procurement of and assembling any necessary
       validations of asset values;

   (h) provide ongoing assistance to the Committee and the
       Committee's legal counsel;

   (i) evaluate the Debtors' capital structure and making
       recommendations to the Committee with respect to the
       Debtors' efforts to reorganize their business operations
       and/or confirm a restructuring or liquidating plan;

   (j) assist the Committee in preparing documentation required in
       connection with creating, supporting or opposing a plan and

       participating in negotiations on behalf of the Committee
       with the Debtors or any groups affected by a plan;

   (k) assist the Committee in marketing the Debtors' assets with
       the intent of maximizing the value received for any such
       assets from any such sale;

   (1) provide ongoing analysis of the Debtors' financial
       condition, business plans, capital spending budgets,
       operating forecasts, management and the prospects
       for their future performance; and

   (m) such other tasks as the Committee or its counsel may
       reasonably request in the course of exercise of the
       Committee's duties in these cases.

Gavin/Solmonese will be paid at these hourly rates:

       Edward T. Gavin           $625
       Wayne P. Weitz            $525
       Kathryn McGlynn           $400
       Charles F. Lewis          $295
       Professionals             $250-$650

Gavin/Solmonese will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Wayne P. Weitz, managing director of Gavin/Solmonese, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Gavin/Solmonese can be reached at:

       Wayne P. Weitz
       GAVIN/SOLMONESE LLC
       919 N. Market Street, Suite 600
       Wilmington, DE 19801
       Tel: (302) 655-8997 ext. 152
       E-mail: wayne.weitz@gavinsolmonese.com

                     About Corinthian Colleges

Corinthian Colleges, Inc., Pegasus Education, Inc., and 23
affiliated entities filed voluntary Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 15-10952) on May 4, 2015, to complete an orderly
wind down of its operations.  The cases are jointly administered
Case No. 15-10952.

Judge Kevin J. Carey presides over the case.  Richards, Layton &
Finger, P.A., represents the Debtors in their restructuring
efforts; FTI Consulting, Inc., serves as restructuring advisors;
and Rust Consulting/Omni Bankruptcy serves as claims and noticing
agent.

Corinthian Colleges, Inc., disclosed $721,596,789 in assets and
$2,929,448,278 in liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 3 appointed five creditors to serve on
an official committee of unsecured creditors.


CROWN CASTLE: Fitch Raises Issuer Default Rating From 'BB'
----------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Ratings of Crown
Castle International Corp. and its subsidiaries to 'BBB-' from
'BB'.  In addition, Fitch has upgraded the long-term debt ratings
of Crown and its subsidiaries.  The Outlook is Stable, resolving
the previous Positive Outlook.

KEY RATING DRIVERS

Crown's ratings reflect the strong recurring cash flows generated
from its leasing operations, the robust EBITDA margins and the
scale of its tower portfolio.  A focus on the U.S. market reduces
operating risk.  These factors lend considerable stability to cash
flows and lead to a lower business risk profile than most typical
corporate credits.

Delevering Progress: Crown has made progress on delevering
following two major acquisitions of towers, or rights to towers,
since the end of 2012.  These transactions include the $2.5 billion
T-Mobile transaction in 2012, which was largely debt financed, and
the $4.8 billion AT&T Inc. transaction in 2013, which was primarily
financed with equity.  Fitch expects Crown's 2016 gross leverage to
reach 5.2x on a run-rate basis at the end of the year, which is
within Fitch's expectations for leverage for a 'BBB-' rating for a
tower company with Crown's business and financial risk profile.

Higher Distributions: In December 2014, Crown began paying out a
higher proportion of cash flow to its shareholders as it increased
its distribution to $3.28 per share, or approximately $1.1 billion
annually, from $1.40 per share, or approximately $470 million
annually.  The payout represents an acceleration of the level of
payout relative to previous expectations, but slows future
distribution growth.  In addition, the change reduces the rate at
which net operating loss carryforwards are used to manage required
real estate investment trust (REIT) distributions.

Portfolio Expansion: In December 2013, Crown acquired exclusive
rights to lease and operate towers from AT&T, Inc. for $4.83
billion.  The rights are for a weighted average lease term of
approximately 28 years, and Crown has the option to purchase the
towers at the end of the respective lease term for aggregate
payments of approximately $4.2 billion.  The leased towers, plus a
small number acquired outright, comprise approximately 24% of
Crown's domestic towers.

Equity Financing: Approximately $3.95 billion of the AT&T
transaction was funded by proceeds from October 2013 common and
preferred equity offerings, with the remainder funded by cash on
hand and revolver borrowings (later partly repaid by incremental
term loans totalling $700 million).

Wireless Broadband Growth: A key factor in future revenue and cash
flow growth for Crown and its industry peers is the growth in
wireless network capacity needed to meet demand for mobile
broadband services.  Growth in 4G data services will drive
amendment activity and new lease-up revenues from the major
operators, leading to at least mid-single-digit growth prospects
for the next couple of years.  Crown has also deployed distributed
antenna systems, which should allow it to capture additional share
in the small-cell infrastructure required for scaling 4G networks.

Sunesys Acquisition: Crown will acquire Sunesys (a wholly owned
subsidiary of Quanta Services, Inc.), a fiber services provider
that owns or has rights to nearly 10,000 miles of fiber in major
metropolitan areas, for $1 billion in a transaction expected to
close by the end of the year.  Strategically, the acquisition
complements Crown's rapidly growing small-cell network business,
which Fitch believes is a positive.  Crown will fund the
transaction in a leverage-neutral manner through the sale of its
Australian subsidiary.

Australian Subsidiary: Crown Castle sold its 77.6% interest in its
Australian subsidiary (CCAL) in May 2015 to a consortium of
investors led by Macquarie Infrastructure and Real Assets for
approximately $1.6 billion.  After accounting for its ownership
interest, the repayment of intercompany debt and transaction costs,
Crown realized about $1.3 billion in net proceeds and disclosed
that the primary use of cash would be to finance the Sunesys
transaction.  The sale was prompted by the receipt of unsolicited
offers.  CCAL was expected to contribute approximately $100 million
to 2015 adjusted EBITDA.

Maturity Profile: Crown's maturity profile is manageable, with
legal maturities for 2015 of $83 million and 2016 of $125 million,
respectively.  In May 2015, the company issued $1 billion of
securitized tower revenue notes and used part of the proceeds for
anticipated repayments of previously issued $250 million of tower
revenue notes.  The remainder was used for the repayment of other
debt.

REIT Conversion: Crown converted to a REIT for tax purposes on Jan.
1, 2014.  The company was not required to make an accumulated
earnings and profits distribution in order to convert to a REIT.
The company's total cash distribution in 2015 will approximate $1.1
billion.  Fitch believes the company will have flexibility to
manage its leverage as a REIT on a business as usual basis, since
the contractual revenues with escalators provide for natural
delevering over time.

KEY ASSUMPTIONS

   -- Fitch assumes organic site rental revenue growth will be in
      the low single digits (on a GAAP basis) in 2015, with
      potential improvements resulting from lower churn in the
      future.  Over the next two to three years, EBITDA margins
      will remain relatively stable in the mid- to high-50% range.

   -- Fitch anticipates moderate deleveraging will produce gross
      debt/EBITDA (last 12-months EBITDA) in the range of 5.2x to
      5.4x (as calculated by Fitch) at the end of 2016.

RATING SENSITIVITIES

Positive Rating Action: An upgrade is not likely within a rating
horizon extending to the end of 2016.

Negative Rating Action: Developments potentially leading to a
negative rating action include an increase in leverage above 5.5x
for a protracted period of time due to an acquisition funded mostly
by debt, or a change in financial policy targeting higher
leverage.

LIQUIDITY

Strong Liquidity: Crown has meaningful cash generation, balance
sheet cash, revolving credit facility availability and a favorable
maturity schedule relative to available liquidity.  Cash, excluding
restricted cash, was $240 million as of March 31, 2015. For the LTM
ended March 31, 2015, FCF was approximately $98 million.  Capital
expenditures were $842 million on capital expenditures during this
period, of which approximately $90 million were sustaining capital
expenditures, with the balance discretionary in nature.

CCOC had drawn $860 million on its $2.23 billion senior secured RCF
as of March 31, 2014.  The RCF matures in November 2018.  The
financial covenants within the credit agreement include a total net
leverage ratio of 5.5x, and consolidated interest coverage of 2.5x.


Debt Maturities: Crown's maturity profile is manageable, with no
significant legal maturities for 2015 or 2016.  In 2015,
anticipated repayments for securitized debt are expected under the
terms of $250 million of tower revenue notes and WCP securitized
notes with a current face value of $259 million.

FULL LIST OF RATING ACTIONS

Crown Castle International Corp. (CCIC)
   -- IDR upgraded to 'BBB-' from 'BB';
   -- Senior unsecured debt upgraded to 'BBB-' from 'BB-/RR5'.

Crown Castle Operating Company (CCOC)
   -- IDR upgraded to 'BBB-' from 'BB';
   -- Senior secured credit facility upgraded to 'BBB' from
      'BB+/RR2'.

CC Holdings GS V LLC (GS V)
   -- IDR upgraded to 'BBB' from 'BB';
   -- Senior secured notes upgraded to 'BBB' from 'BBB-/RR1'.

The Rating Outlook has been revised to Stable from Positive.



CROWN MEDIA: S&P Raises CCR to 'BB-', Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on Crown Media Holdings Inc. to 'BB-' from
'B+'.  The rating outlook is stable.

At the same time, S&P assigned its 'BB+' issue-level rating and '1'
recovery rating to the company's senior secured credit facility.
The credit facility consists of a $100 million revolving credit
facility and a $325 million term loan A, both maturing in June
2020.  The '1' recovery rating indicates S&P's expectations for
very high recovery (90%-100%) of principal in the event of a
payment default.

The company used $80 million of proceeds to pay off the existing
term loan due 2018 ($98.3 million outstanding) on June 25, 2015.
S&P has withdrawn its ratings on the term loan and revolver.  The
company plans to use the remaining proceeds to redeem the 10.5%
senior notes due 2019 ($271.5 million outstanding as of March 31,
2015).  S&P will withdraw its ratings on the 2019 notes when that
transaction closes.

"The upgrade reflects Crown Media's improved financial risk
profile," said Standard & Poor's credit analyst Naveen Sarma. "Over
the past three years, the company's adjusted leverage improved to
1.9x, pro forma for the refinancing, from above 4x." S&P expects
the company to maintain adjusted leverage below the mid-2x area.
The upgrade also incorporates the potential for the company to
modestly raise leverage to pay a special dividend to shareholders.

The stable rating outlook reflects S&P's expectation that Crown
Media's leverage will remain below the mid-2x area.  S&P believes a
downgrade is more likely during the next two to three years.

S&P could lower the rating on the company over the next two to
three years if its revenue and EBITDA growth flatten or falls. This
could result from unfavorable pricing terms with distributors, a
decrease in its total subscriber base, or a decline in advertising
revenue.  Additionally, S&P could lower the rating if the company's
financial policy becomes more aggressive, such that adjusted
leverage increases above 3x with no prospect of declining.

Although unlikely, S&P would consider raising the rating over the
next two to three years if Crown Media improves its business risk
profile.  S&P would need to be convinced that the company has a
"must-have" competitive position in a "skinny" TV bundle.  This
could include broadening its business portfolio and strengthening
the position of its cable networks, including subscriber
penetration, audience ratings (particularly outside of the holiday
season), and affiliate fees.  Increased transparency, which
indicates minimal risk associated with shareholder return and
acquisition strategies, could also increase the potential for an
upgrade.



CTI BIOPHARMA: Estimates $9.8M Net Financial Standing at May 31
---------------------------------------------------------------
CTI BioPharma Corp. provided information pursuant to a request from
the Italian securities regulatory authority, CONSOB, pursuant to
Article 114, Section 5 of the Italian Legislative Decree no. 58/98,
that the Company issue at the end of each month a press release
providing a monthly update of certain information relating to the
Company's financial situation.

CTI BioPharma Corp. estimated net financial standing of $9.8
million as of May 31, 2015.  The total estimated and unaudited net
financial standing of CTI Consolidated Group as of May 31, 2015,
was $10.4 million.

CTI Parent Company trade payables outstanding for greater than 30
days were approximately $8.2 million as of May 31, 2015.

CTI Consolidated Group trade payables outstanding for greater than
30 days were approximately $10.9 million as of May 31, 2015.

During May 2015, there were solicitations for payment only within
the ordinary course of business and there were no injunctions or
suspensions of supply relationships that affected the course of
normal business.

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

                        http://is.gd/kP66ZB

                        About CTI BioPharma

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

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

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


DORAL FINANCIAL: Seeks More Time to Control Bankruptcy Case
-----------------------------------------------------------
Joseph Checkler, writing for The Wall Street Journal, reported that
the bankrupt parent of Puerto Rico's failed Doral Bank wants three
more months to control its chapter 11 case without the threat of
rival proposals as it looks to sell off more assets.

According to the Journal, in a June 29 filing with U.S. Bankruptcy
Court in Manhattan, Doral Financial Corp. said that while it has
"achieved a number of important tasks" in its Chapter 11 case so
far, including selling its insurance unit, it needs until Oct. 7 to
file a viable reorganization plan and until Jan. 5, 2016, to
solicit votes on that plan.

Without the approval of Judge Shelley C. Chapman of U.S. Bankruptcy
Court in Manhattan, those periods would expire after July 9 and
Sept. 7, respectively, the Journal noted.

                       About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in
New York City, Coral Gables, Florida and San Juan, Puerto Rico.  

DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The Debtor's Chapter 11 plan and Disclosure Statement are due July
9, 2015.  The initial case conference is set for April 10, 2015.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.


EFT HOLDINGS: Delays Fiscal 2015 Annual Report
----------------------------------------------
EFT Holdings, Inc., filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the period ended
March 31, 2015.    

The Company said the compilation, dissemination and review of the
information required to be presented in the Annual Report on the
Form 10-K for the relevant period has imposed time constraints that
have rendered timely filing of the Form 10-K impracticable without
undue hardship and expense.  The Company undertakes the
responsibility to file that report no later than the 15th day after
its original prescribed due date.

                         About EFT Holding

EFT Holdings, Inc., is an Industry, California-based company whose
products are sold directly to customers through its Web site.  The
Company sells 27 nutritional products, consisting of oral sprays,
personal care products, a house cleaner, and a portable drinking
container.

For the nine months ended Dec. 31, 2014, the Company reported a net
loss of $4.36 million on $800,040 of net total revenues compared to
a net loss of $12.1 million on $1.58 million of net total revenues
for the same period during the prior year.

As of Dec. 31, 2014, the Company had $8.21 million in total assets,
$14.7 million in total liabilities, and a $6.52 million total
deficiency.

"The Company has negative working capital of $7.82 million and an
accumulated deficit of $59.3 million as of Dec. 31, 2014 and has
reported net losses for the past two fiscal years.  The Company
expects to continue incurring losses for the foreseeable future and
may need to raise additional capital from external sources such as
bank borrowings or capital issuances in order to continue the
long-term efforts contemplated under its current business plan.
Management is also considering different marketing strategies to
generate more revenues and plans to continue to reduce certain
operating expenses going forward.  In addition, the Company is
seeking to recover $21 million through the U.S. federal courts, but
there can be no assurance that it will be successful in doing so.
These circumstances, among others, raise substantial doubt about
the Company's ability to continue as a going concern," according to
the 10-Q report for the quarter ended Dec. 31, 2014.


EMPIRE LATH: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Empire Lath & Plaster, Inc.
           fdba Empire Lathing & Plastering Co
        P.O. BOX 21346
        Billings, MT 59104

Case No.: 15-60603

Chapter 11 Petition Date: July 1, 2015

Court: United States Bankruptcy Court
       District of Montana (Butte)

Judge: Hon. Ralph B. Kirscher

Debtor's Counsel: James A Patten, Esq.
                  PATTEN PETERMAN BEKKEDAHL & GREEN
                  Ste 300, The Fratt Bldg
                  2817 2nd Ave N
                  Billings, MT 59101
                  Tel: (406) 252-8500
                  Fax: (406) 294-9500
                  Email: japatten@ppbglaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sandra L. Tilzey, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mtb15-60603.pdf


FILTRATION GROUP: Moody's Affirms 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service affirmed Filtration Group Corporation's
B2 Corporate Family Rating (CFR) and B2-PD Probability of Default
rating following the company's announced acquisitions of Purafil,
Inc. and Kaydon Custom Filtration for approximately $90 million, to
be funded with an add-on to its existing first-lien term loan.
Moody's also downgraded the rating of the company's first-lien
credit facility -- term loan and revolving credit facility -- from
B1 to B2. The credit facility downgrade reflects a shift in the
proportional mix of the company's debt structure with first-lien
secured debt increasing due to the acquisition funding and junior
debt declining due to scheduled maturities of subordinated notes
(not rated). Moody's affirmed the Caa1 rating on the company's
second-lien term loan. The rating outlook is stable.

Ratings affirmed:

Corporate Family Rating at B2

Probability of Default Rating at B2-PD

Second lien term loan at Caa1 (LGD rating changed to LGD6 from
LGD5)

Ratings changed:

First lien revolving facility to B2 (LGD3) from B1 (LGD3)

First lien term loan to B2 (LGD3) from B1 (LGD3)

RATINGS RATIONALE

The B2 Corporate Family Rating reflects Filtration Group's elevated
leverage (Moody's forecasts year-end 2015 adjusted debt-to-EBITDA
at approximately 6.5x) after giving pro forma effect for both the
Purafil and Kaydon acquisitions and the scheduled maturities of
outstanding seller notes in the second half of 2015. The B2 rating
also considers the company's modest scale and the potential for
larger competitors to enter its niche markets. The company has
pursued a fairly aggressive acquisition strategy, completing more
than 10 acquisitions since 2010.

Ratings are supported by the company's broad collection of brands
that command leading market positions in their niche sectors and
products that serve a diverse range of industries and filtration
applications. The revenue base is well diversified geographically
with over 40% of sales generated outside the US. The estimated 80%+
of revenues considered replacement demand or recurring results in a
resilient operating model that enabled the company to perform
relatively well during the last recession.

The addition of Purafil's highly technical and customizable air
filtration business fits well into Filtration Group's overall
portfolio of niche and proprietary products and services. The
smaller Kaydon modestly extends the company's offering of fluid
filters and builds its presence with power generation customers.

The ratings could be upgraded if the company exhibits stronger than
expected organic top-line growth in conjunction with periodic,
quickly accretive acquisitions. Better than expected margin
expansion and significantly stronger free cash flow that translates
into accelerated debt repayment such that debt-to-EBITDA
approaching 4x and funds from operations-to-debt near 15%, on a
sustained basis, could lead to upward rating pressure.

The ratings could be downgraded if there is a material decline in
revenues potentially driven by increased competition from larger
competitors, substantially weaker free cash flow or a deterioration
in liquidity. Downward rating pressure could result from
debt-to-EBITDA remaining at or above 6.5x, free cash flow-to-debt
below 5% by the end of 2015 or if EBITDA margins fell to the
low-teens percent.

Filtration Group Corporation is a diverse filtration company with
manufacturing and marketing operations on five continents,
excluding South America. The company is an affiliate of Madison
Industries. Revenues for the twelve months ending March 31, 2015
were $759 million.



FILTRATION GROUP: S&P Affirms 'B' Rating on 1st Lien Loans
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' issue-level
rating on Filtration Group Corp.'s first-lien senior secured credit
facility, which consists of a $75 million revolving credit facility
due 2018 and a proposed $93 million incremental term loan resulting
in a nearly $840 million first-lien term loan due 2020. The
recovery rating remains '3', indicating S&P's expectation of
meaningful (50% to 70%; lower half of the range) recovery in the
event of a payment default.  In addition, S&P affirmed its 'B-'
issue-level rating on the company's second-lien credit facility due
2021.  The recovery rating on this debt remains '5', indicating
S&P's expectation of modest (10% to 30%; lower half of the range)
recovery in the event of a payment default.  The 'B' corporate
credit rating and stable outlook on Chicago-based Filtration Group
Corp. are unaffected.

The company will use the proceeds to repay drawings under its
revolver and a bridge loan provided by an affiliate of Madison
Industries to acquire Purafil, a global provider of gas phase air
filtration systems and engineered solutions, and Kaydon Custom
Filtration, a provider of fluid filtration solutions including
coalescing, fuel, lube and oil filtration systems.

RATINGS LIST

Filtration Group Corp.
Corporate credit rating                 B/Stable/--

Issue-Level Rating Affirmed; Recovery Rating Unchanged
Filtration Group Corp.
First-lien term loan due 2020          B
  Recovery rating                       3L
Second-lien credit facility due 2021   B-
  Recovery rating                       5L



FINANCIAL HOLDINGS: Wilmington Trust Objects to Quick Sale
----------------------------------------------------------
Wilmington Trust Company objects to the proposed quick sale of all
or substantially all of the assets of Financial Holdings, Inc.,
complaining that the proposed timeline leaves minimal time for
input, investigation, and objection by creditors and other
stakeholders.

Wilmington argues that if granted, the Motion, which proposes a
sale hearing on or before July 31, will propel the bankruptcy case
down an irreversible course and will restrict the Debtor to a sale
process that allows insufficient time for obtaining higher and
better bids and thereby precludes any hope of a return to unsecured
creditors.

Accordingly, Wilmington asks the U.S. Bankruptcy Court for the
Eastern District of Kentucky, Lexington Division, to deny the
bidding procedures motion unless the Sale Schedule and the Bidding
Procedures are extended.

Wilmington is represented by:

         Todd C. Meyers, Esq.
         KILPATRICK TOWNSEND & STOCKTON LLP
         1100 Peachtree Street, Suite 2800
         Atlanta, GA 30309-4530
         Tel: (404) 815-6500
         Fax: (404) 815-6555
         Email: tmeyers@kilpatricktownsend.com

            -- and --

         Shane G. Ramsey, Esq.
         KILPATRICK TOWNSEND & STOCKTON LLP
         1114 Avenue of the Americas
         New York, NY 10036-7703
         Tel: (212) 775-8767
         Fax: (212) 775-8704
         Email: sramsey@kilpatricktownsend.com

            -- and --

         Laura Day DelCotto, Esq.
         DELCOTTO LAW GROUP PLLC
         200 North Upper Street
         Lexington, KY 40507
         Tel: (859) 231-5800
         Fax: (859) 281-1179
         Email: ldelcotto@dlgfirm.com

                     About Financial Holdings

Financial Holdings, Inc., is a bank holding company, organized
under the laws of the Commonwealth of Kentucky, that owns 100% of
the common stock of two subsidiaries: (i) American Founders Bank,
Inc. and (ii) American Founders Statutory Trust I.  The Bank, in
turn, owns 100% of the voting common stock of American Founders
Loan Corporation.

Financial Holdings sought Chapter 11 protection (Bankr. E.D. Ky.
Case No. 15-51187) on June 16, 2015, in Lexington, Kentucky.  The
Bank, Statutory Trust, and AFLC, are not debtors in the Chapter 11
case.

The Debtor disclosed total assets of $11.9 million and total
liabilities of $40.6 million.

The case is assigned to Judge Gregory R. Schaaf.

The Debtor tapped Stoll Keenon Ogden, PLLC, as counsel, and Austin
Associates, LLC, as financial advisors.

Counsel to the proposed purchaser, WPB-AFB, LLC, are Michael G.
Dailey, Esq., Uday Gorrepati, Esq., and Susan Zaunbrecher, Esq., at
Dinsmore & Shohl, LLP, in Cincinnati, Ohio.


FREESEAS INC: Cambria Capital Reports 6.6% Stake as of May 31
-------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Cambria Capital, LLC disclosed that as of  
June 24, 2015, it beneficially owned 102,000 shares of common stock
of Freeseas Inc., which represents 6.6 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/bZYzfK

                        About FreeSeas Inc.

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

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

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

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

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


FTI CONSULTING: Possible Notes Refinancing No Impact on Moody's CFR
-------------------------------------------------------------------
Moody's Investors Service said that if FTI Consulting, Inc.'s Ba2
Corporate Family Rating and its Ba2-PD Probability of Default
Rating will not be affected by the potential refinancing of senior
unsecured notes using the proceeds of the new senior secured
revolving credit facility and cash on hand. The company announced
that it has entered into a new credit agreement which provides for
a new 5-year, $550 million revolving line of credit and replaces
its existing $350 million revolving credit facility. There were no
borrowings outstanding under the existing revolving credit
facility. The company said it could redeem its $400 million of
6.75% senior unsecured notes due 2020, on or before October 1,
2015, subject to approval by its Board of Directors, market
conditions and other factors. Moody's does not rate FTI's existing
revolving credit facility.

At the same time, if a substantial portion of FTI's senior
unsecured notes is refinanced with borrowings under the senior
secured credit facility as currently contemplated, Moody's expects
to lower the Ba2 rating for FTI's senior unsecured notes, in
accordance with Moody's Loss Given Default Methodology.



FTI CONSULTING: S&P Revises Outlook to Positive & Affirms 'BB' CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its rating
outlook on Baltimore-based consulting firm FTI Consulting Inc. to
positive from stable.  At the same time, S&P affirmed its 'BB'
corporate credit rating on the company.

S&P also revised its recovery rating on FTI Consulting's senior
unsecured notes to '3' from '4' and affirmed the 'BB' issue-level
rating on the debt.  The '3' recovery rating indicates S&P's
expectation for meaningful recovery (50%-70%; low end of the range)
of principal in the event of a default.

"The positive rating outlook is based on FTI Consulting's more
conservative financial policy," said Standard & Poor's credit
analyst Andy Liu.  Historically, the company has been fairly
aggressive in pursuing acquisitions, several of which led to EBITDA
declines due to cash restructuring charges and debt leverage
exceeding 3x.  The management team has moved to significantly
curtail acquisitions and plans to reduce total debt outstanding.
FTI Consulting is amending and extending its revolving credit
facility to $550 million from $350 million, and extending the
maturity date to 2020 from 2017.  The company plans to partially
draw on its amended and extended revolving credit facility and cash
on hand to call its $400 million 6.75% notes due 2020.  As a
result, S&P expects that adjusted debt leverage will likely decline
to around 2.5x by the end of 2015 from about 2.7x as of March 31,
2015.

The positive rating outlook reflects the possibility of a rating
upgrade over the next 12 months.  The outlook revision is based on
FTI Consulting's reduced debt leverage and move toward a more
conservative financial policy.  In the long term, S&P expects that
the company's debt leverage will likely to around 2.5x or below.

S&P would raise the rating on FTI Consulting one notch to 'BB+' if
the company maintains positive top-line growth, demonstrates
commitment to its more conservative financial policy well into
2016, and minimizes restructuring expenses while keeping debt
leverage below 2.75x.

S&P could revise the outlook to stable if the company's top-line
performance deteriorates or if it resumes its aggressive
acquisition policy, thereby pushing debt leverage to above 2.75x. A
large and unexpected restructuring charge that reduces EBITDA could
also lead S&P to revise the rating outlook to stable.



GRADY COUNTY: S&P Puts 'BB+' Revenue Debt Rating on Watch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB+'
long-term rating on the Grady County Criminal Justice Authority,
Okla.'s previously rated federally secured correction revenue debt
on CreditWatch with negative implications.

"This action follows our repeated attempts to obtain timely
information of satisfactory quality to maintain our rating on the
securities in accordance with our applicable criteria and
policies," said Standard & Poor's credit analyst Edward McGlade.
Failure to receive the requested information by July 14, 2015 will
likely result in S&P's withdrawal of the affected rating, preceded,
in accordance with its policies, by any change to the rating that
S&P considers appropriate given available information.



GRAHAM HOLDINGS: S&P Lowers CCR to 'BB+', Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Arlington, Va.-based Graham Holdings Co. to 'BB+'
from 'BBB' and its short-term rating to 'B' from 'A-2'.  S&P
removed the ratings from CreditWatch, where it had placed them with
negative implications on Nov. 18, 2014.  The outlook is stable.

At the same time, S&P lowered its issue-level rating on GHC's
senior unsecured notes to 'BB+' from 'BBB'.  S&P assigned a
recovery rating of '3', indicating its expectation for meaningful
(50%-70%; higher end of the range) recovery of principal for
lenders in the event of a payment default.

"The downgrade reflects our view that Graham's overall business
risk profile is weaker following the spin-off its cable segment,"
said Standard & Poor's credit analyst Eric Nietsch.

While the cable unit accounted for only 20%-25% of revenue, it
contributed about 40%-50% of consolidated EBITDA.  Although the
spin-off transaction resulted in a payment of $450 million to GHC,
S&P do not expect the company to use the proceeds for debt
reduction.  As such, pro forma leverage is around 1.6x.  Moreover,
S&P believes that the company will use its cash balance, which is
about $1.3 billion on a pro forma basis, for acquisitions, rather
than debt repayment.

The stable outlook reflects S&P's expectation that the company will
pursue strategic acquisitions to diversify its base of business or
shareholder-friendly initiatives although S&P believes that
leverage will remain below 2.5x and that it will continue to
maintain a strong liquidity position.

Although unlikely in the near term, S&P could lower the rating if
the company experienced significant deterioration in operating and
financial performance in the education segment or pursued a
material debt-financed acquisition such that leverage rises above
2.5x.

The potential for an upgrade would require a revision of S&P's
business risk assessment to "fair," which would likely be based on
an acquisition that improved GHC's overall business risk profile.
This could include a diversifying acquisition that is deleveraging
and improves consolidated EBITDA margins above 15%.



GUIDED THERAPEUTICS: Announces $4 Million Private Placement
-----------------------------------------------------------
Guided Therapeutics, Inc. announced that it has entered into a
securities purchase agreement with certain accredited investors for
the private placement of its convertible preferred stock and
warrants to purchase shares of its common stock.  Gross cash
proceeds to the Company are expected to be approximately $4
million, prior to the payment of placement agent fees and
expenses.

In advance of the private placement, the Company negotiated various
agreements with existing security holders to effectively eliminate
certain price- and share-reset provisions in those securities,
allowing the Company to complete the private placement without the
additional dilution of its common stock that otherwise would occur
upon trigger of those provisions.  The Company also negotiated a
14-month extension of its secured promissory note.

Net proceeds from the private placement are intended to be used to
support manufacturing and marketing of the Guided Therapeutics
LuViva Advanced Cervical Scan.  The Company also intends to use a
portion of the proceeds to repay its outstanding senior convertible
note, in order to avoid further dilution of its common stock.

Gene Cartwright, CEO of Guided Therapeutics, stated, "This
significant restructuring of the Company's securities combined with
the additional $4 million in cash from the private placement is a
major milestone for the Company and will allow us to focus on
filling the significant purchase orders that have been signed or
are in the works."

Pursuant to the purchase agreement, dated June 29, 2015, the
Company has agreed to issue an aggregate of up to 6,737 shares of
preferred stock, which are convertible by the holders at any time
into an aggregate of up to approximately 70.9 million shares of
common stock at a conversion price of $0.095 per share.  Holders of
the preferred stock will be entitled to quarterly cumulative
dividends at an annual rate of 12.0%, beginning Oct. 1, 2015, and
ending 42 months after the original issuance date, in each case
payable in cash or common stock.

The Company has further agreed to issue five-year warrants
exercisable for an aggregate of approximately 106.4 million shares
of common stock, at an exercise price of $0.095 per share.

The private placement will be consummated in two closings, with the
first expected to close on June 30, 2015, resulting in gross cash
proceeds of approximately $2.5 million of the $4 million total.  At
the second closing, the Company expects to receive the remaining
approximately $1.5 million in cash, and certain additional
investors are expected to exchange their outstanding shares of the
Company's Series B convertible preferred stock in lieu of a cash
payment for their investment.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann
Financial Services Inc., acted as exclusive placement agent for
this transaction.

Additional information is available for free at:
                        http://is.gd/yoSE9L

                     About Guided Therapeutics

Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP)
-- http://www.guidedinc.com/-- is developing a rapid and painless
test for the early detection of disease that leads to cervical
cancer.  The technology is designed to provide an objective result
at the point of care, thereby improving the management of cervical
disease.  Unlike Pap and HPV tests, the device does not require a
painful tissue sample and results are known immediately.  GT has
also entered into a partnership with Konica Minolta Opto to
develop a non-invasive test for Barrett's Esophagus using the
LightTouch technology platform.

For the year ended Dec. 31, 2014, the Company reported a net loss
attributable to common stockholders of $10.03 million on $65,000 of
contract and grant revenue compared to a net loss attributable to
common stockholders of $10.39 million on $820,000 of contract and
grant revenue in 2013.

As of March 31, 2015, the Company had $2.56 million in total
assets, $7.57 million in total liabilities and $5.01 million total
stockholders' deficit.


INTEGRATED FREIGHT: Needs More Time to File Fiscal 2015 Form 10-K
-----------------------------------------------------------------
Integrated Freight Corporation filed with the U.S. Securities and
Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the period ended
March 31, 2015.     
     
The Company said the compilation, dissemination and review of the
information required to be presented in the Form 10-K could not be
completed and filed without undue hardship and expense.  The
Company anticipates that it will file that report within the
"grace" period provided by Securities Exchange Act Rule 12b-25.

                     About Integrated Freight

Integrated Freight Corporation, formerly PlanGraphics, Inc., (OTC
BB: IFCR) -- http://www.integrated-freight.com/-- is a Sarasota,
Florida headquartered motor freight company providing long-haul,
regional and local service to its customers.  The Company
specializes in dry freight, refrigerated freight and haz-waste
truckload services, operating primarily in well-established
traffic lanes in the upper mid-West, Texas, California and the
Atlantic seaboard.  IFCR was formed for the purpose of acquiring
and consolidating operating motor freight companies.

Integrated Freight reported a net loss of $1.43 million on $20.2
million of revenue for the year ended March 31, 2014, compared with
net income of $4.81 million on $20.1 million of revenue for the
year ended March 31, 2013.

As of Dec. 31, 2014, the Company had $4.30 million in total assets,
$16.7 million in total liabilities, and a $12.4 million total
stockholders' deficit.

DKM Certified Public Accountants, in Clearwater, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended March 31, 2014, citing that the
Company has significant net losses and cash flow deficiencies.
Those conditions raise substantial doubt about the Company's
ability to continue as a going concern.


JCBG INCORPORATED: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: JCBG Incorporated
           aka Coastline Restaurant
           aka Coastline Bar and Grill
        1240 Brace Road
        Cherry Hill, NJ 08002

Case No.: 15-22426

Chapter 11 Petition Date: July 1, 2015

Court: United States Bankruptcy Court
       District of New Jersey (Camden)

Judge: Hon. Andrew B. Altenburg Jr.

Debtor's Counsel: Dino S. Mantzas, Esq.
                  LAW OFFICE OF DINO S. MANTZAS
                  10000 Lincoln Drive West, Suite 1
                  Marlton, NJ 08053
                  Tel: (856) 988-0033
                  Fax: (856) 988-9799
                  Email: dmantzas@aol.com

Total Assets: $3.7 million

Total Liabilities: $4.7 million

The petition was signed by Dawn Mourtos, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/njb15-22426.pdf


JW RESOURCES: Files for Chapter 11 to Conduct Open Auction
----------------------------------------------------------
JW Resources Inc., which acquired the thermal coal mining
operations of Xinergy in eastern Kentucky for $47.2 million in
2013, has sought bankruptcy protection to pursue an open auction
for the assets.

Following the transaction with Xinergy in February 2013, there has
been a decrease in the demand for coal and a dramatic increase in
the cost of mining and processing coal, due in part to burdensome
governmental regulations, with the spot price of coal per ton
decreasing by 26% through April 2015.  These factors have
contributed to the Debtors' inability to service its secured debt
and to sustain its business operations outside of the protections
of the Chapter 11 cases.

The Debtors have been unable to obtain needed additional funding
from their existing secured lenders, equity holders or other
third-parties.  In order to maximize the value of the Debtors'
assets for the benefit of all stakeholders, the Debtors retained
Energy Ventures Analysis, Inc., as their investment bankers to
pursue a sale of substantially all of the assets of the Debtors as
part of the Chapter 11 cases.  Accordingly, the Debtors are filing
a motion seeking to sell substantially all of their assets through
an open auction process under Section 363 of the Bankruptcy Code.

                         First Day Motions

The Debtors on the Petition Date filed motions to:

  -- jointly administer their Chapter 11 cases;
  -- maintain their existing cash management system;
  -- pay prepetition tax obligations;
  -- continue insurance coverage;
  -- renew their surety bond programs;
  -- prohibit utilities from discontinuing service; and
  -- pay prepetition wages and benefits.

                        About JW Resources

JW Resources Inc. and its subsidiaries are U.S. producers of
thermal coal with mineral reserves, mining operations and coal
properties located in the Central Appalachian ("CAPP") regions of
Kentucky.  The business operations comprise what is known as the
"Straight Creek" operations located in Bell, Leslie and Harlan
Counties, Kentucky, and the "Red Bird" operations located in Bell,
Leslie, Knox, and Clay Counties, Kentucky.  JW Resources is the
parent and sole shareholder of SCRB Properties, Inc., Straight
Creek Coal Mining, Inc. and SCRB Processing, Inc.

JW Resources and its subsidiaries sought Chapter 11 bankruptcy
protection (Bankr. E.D. Ky. Lead Case No. 15-60831) in London,
Kentucky on June 30, 2015.

The Debtors tapped Frost Brown Todd LLC as counsel, and Energy
Ventures Analysis, Inc., as sale advisor.

JW Resources estimated $1 million to $10 million in assets and $50
million to $100 million in debt.  Straight Creek estimated $10
million to $50 million in assets and $50 million to $100 million in
debt.


JW RESOURCES: Wants Motions Heard in Lexington Division
-------------------------------------------------------
JW Resources Inc. and its affiliated debtors are asking the U.S.
Bankruptcy Court for the Eastern District of Kentucky to enter an
order (i) allowing the Debtors to notice the first day motions in
the Chapter 11 cases to be heard in the Lexington Division as
opposed to the London Division, and (ii) scheduling a final hearing
to consider allowing all subsequent motions to be heard in the
Lexington Division.

The Debtors have sought to retain Frost Brown Todd LLC as their
counsel in the Chapter 11 Cases.  Frost Brown Todd LLC maintains an
office in Lexington, Kentucky, which will allow the Debtors to
maintain costs more efficiently if hearings are held in the
Lexington Division.

Furthermore, upon information and belief, many of the Debtors'
creditors have or will retain counsel in Lexington, Kentucky.  By
holding all conferences and hearings in the Chapter 11 Cases,
whether those on the first day motions or all subsequent motions
and matters, in the Lexington Division, the Debtors believe that a
majority of their creditors and other parties in interest,
including, but not limited to, the United States Trustee, will be
able to attend hearings in a more efficient and cost-effective
manner.

                        About JW Resources

JW Resources Inc. and its subsidiaries are U.S. producers of
thermal coal with mineral reserves, mining operations and coal
properties located in the Central Appalachian ("CAPP") regions of
Kentucky.  JW acquired the thermal coal mining operations of
Xinergy in eastern Kentucky for $47.2 million in February 2013.
JW's business operations comprise what is known as the "Straight
Creek" operations located in Bell, Leslie and Harlan Counties,
Kentucky, and the "Red Bird" operations located in Bell, Leslie,
Knox, and Clay Counties, Kentucky.  JW Resources is the parent and
sole shareholder of SCRB Properties, Inc., Straight Creek Coal
Mining, Inc. and SCRB Processing, Inc.

JW Resources and its subsidiaries sought Chapter 11 bankruptcy
protection (Bankr. E.D. Ky. Lead Case No. 15-60831) in London,
Kentucky on June 30, 2015.

The Debtors tapped Frost Brown Todd LLC as counsel, and Energy
Ventures Analysis, Inc., as sale advisor.

JW Resources estimated $1 million to $10 million in assets and $50
million to $100 million in debt.  Straight Creek estimated $10
million to $50 million in assets and $50 million to $100 million in
debt.


KAR AUCTION: S&P Raises CCR to 'BB-', Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services raised the corporate credit
rating on Indiana-based KAR Auction Services Inc. to 'BB-' from
'B+'.  The outlook is stable.

At the same time, S&P is raising its issue-level rating on KAR's
senior secured term debt to 'BB' from 'BB-'.  The '2' recovery
rating indicates S&P's expectation for substantial recovery
(70%-90%, at the high end of the range) in the event of a default.

"KAR continues to show high levels of profitability and steady cash
flow generation," said Standard & Poor's credit analyst Larry
Orlowski.  "Moreover, since a group of private equity sponsors sold
their ownership stake in the company in late 2013, we have come to
believe KAR's management depth is sufficient to execute its
business strategy and that financial policy will balance the
requirements of shareholders and creditors.  As a result, we have
revised our management and governance score to 'fair' from 'weak',
thereby removing the negative one-notch impact on the corporate
credit rating."

KAR has an established position in the competitive whole-car and
salvage auction markets, is somewhat resilient to economic
weakness, and has strong EBITDA margins.  The scope of the
company's business activities remains concentrated in North
America

The stable rating outlook reflects S&P's opinion that KAR can
generate earnings and free cash flow appropriate for the rating
during the year ahead through its relatively consistent revenue
base and tight financial controls.  S&P also assumes KAR's
competitive position will benefit from evolving dynamics in the
physical and online whole-car and salvage auction markets, which
will provide an opportunity for business expansion because the
company has product offerings in both types of auctions.



KATE SPADE: Moody's Raises Corporate Family Rating to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service upgraded Kate Spade & Company's Corporate
Family Rating to Ba3 from B1, Probability of Default Rating to
Ba3-PD from B1-PD and senior secured term loan rating to Ba3 from
B1. These actions conclude the review for upgrade initiated on June
16, 2015 upon the adoption of Moody's updated approach for standard
adjustments for operating leases, which is explained in the
cross-sector rating methodology Financial Statement Adjustments in
the Analysis of Non-Financial Corporations, published on June 15,
2015. Moody's affirmed the company's SGL-1 Speculative Grade
Liquidity rating. The rating outlook is stable.

The upgrade reflects Kate Spade's approximately 1.2 times decline
in lease-adjusted debt/EBITDA from 5.1 times to 3.9 times (as of
April 4, 2015) due to changes in Moody's approach for capitalizing
operating leases. Moody's expects that the company will be able to
maintain solid credit metrics as it pursues its strategy to expand
product categories and geographic presence, and repays debt over
time.

Moody's took the following rating actions on Kate Spade & Company:

-- Corporate Family Rating, upgraded to Ba3 from B1

-- Probability of Default Rating, upgraded to Ba3-PD from B1-PD

-- $400 million Senior Secured Term Loan due 2021, upgraded to
    Ba3 (LGD 3) from B1 (LGD 3)

-- Speculative Grade Liquidity, affirmed at SGL-1

-- Stable outlook

RATINGS RATIONALE

Kate Spade's Ba3 Corporate Family Rating reflects the company's
strong organic growth as a stand-alone brand, as well as credible
opportunities for continued product and geographic expansion.
Moody's expects Kate Spade's lease-adjusted debt/EBITDA to improve
to the mid-3 times range and EBITA/interest expense to remain in
the high-2 range times in the next 12-18 months. Moody's also has a
positive view of the company's financial strategies, including a
stated long-term target of debt reduction, and emphasis on
investment in the business over acquisitions and capital return to
shareholders. Kate Spade's very good liquidity profile, primarily
driven by high cash balances derived from recent asset sales, and
access to a substantially undrawn asset-based revolver, also
supports the rating. These factors are mitigated by the high
fashion risk and vulnerability to changes in consumer sentiment
inherent in the luxury goods industry. Further, the company is
essentially a mono-brand player that relies on the handbag and
small leather goods category for the majority of its earnings.

The stable rating outlook reflects Moody's expectation for
continued near-term earnings growth, driven by mid- to
high-single-digit revenue growth and margin expansion, and very
good liquidity.

The ratings could be upgraded if the company meaningfully expands
its scale, sustains EBITDA margins and further broadens its product
range and geographic presence, while maintaining a very good
overall liquidity profile and conservative financial policies.
Quantitatively, an upgrade would require debt/EBITDA sustained
below 2.5 times and EBITA/interest expense above 3.5 times.

The ratings could be downgraded if revenue growth stalls and
operating margins decline, indicating the brand is losing resonance
with its core customer. Quantitatively, the ratings could be
downgraded if debt/EBITDA is sustained above 4.25 times or interest
coverage is below 2.75 times.

Headquartered in New York, NY, Kate Spade & Company is a designer
and marketer of luxury handbags, accessories and other products.
The company sells its products through specialty stores, premium
department stores, outlets, concessions and websites in the US,
Asia and Europe. Revenues for the twelve months ended April 4, 2015
were approximately $1.2 billion.



KONSTAN REALTY: Case Summary & Largest Unsecured Creditor
---------------------------------------------------------
Debtor: Konstan Realty LLC
        575-80th Street
        Brooklyn, NY 11201

Case No.: 15-43085

Chapter 11 Petition Date: July 1, 2015

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

Judge: Hon. Elizabeth S. Stong

Debtor's Counsel: Scott R Schneider, Esq.
                  LAW OFFICES OF SCOTT R SCHNEIDER
                  117 Broadway
                  Hicksville, NY 11801
                  Tel: (516) 433-1555
                  Fax: (516) 433-1511
                  Email: scottsch@optonline.net

Total Assets: $3.1 million

Total Liabilities: $1.7 million

The petition was signed by Irini Laskaratos, sole member.

The Debtor listed NYC Water Board as its largest unsecured creditor
holding a claim of $5,713.

A copy of the petition is available for free at:

                http://bankrupt.com/misc/nyeb15-43085.pdf


LAUREATE EDUCATION: Moody's Lowers Corporate Family Rating to 'B3'
------------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
for Laureate Education, Inc. to B3 from B2 and its Probability of
Default Rating to B3-PD from B2-PD. At the same time, Moody's
lowered the ratings of Laureate's senior secured credit facilities
to B3 from B2, as well as the company's senior notes due 2019, to
Caa2 from Caa1, and assigned a B3 rating to the company's amended
senior secured revolving credit facility due 2018. The rating
outlook was changed to stable from negative.

According to Moody's analyst David Berge, "Laureate's aggressive
growth has created persistently-high leverage and has strained the
company's liquidity."

Downgrades:

  Corporate Family Rating, Downgraded to B3 from B2
  Probability of Default Rating, Downgraded to B3-PD
   from B2-PD
  Senior Secured Bank Credit Facility Jun 16, 2018,
   Downgraded to B3 (LGD3) from B2 (LGD4)
  Senior Unsecured Regular Bond/Debenture Sep 1, 2019,
   Downgraded to Caa2 (LGD5) from Caa1 (LGD5)

Assignments:

  Senior Secured Bank Credit Facility Mar 08, 2018, Assigned
  at B3 (LGD3)

Outlook Actions:

Outlook, Changed To Stable from Negative

RATINGS RATIONALE

The downgrade reflects implementation of Laureate's aggressive
debt-financed growth plans that have increased the company's
leverage to levels no longer supportive of a B2 rating, while
weakening the company's liquidity profile due to increased reliance
on its revolving credit facility. On June 30, 2015, the company
announced that it had entered into an agreement with lenders to
amend its revolving credit agreement, which would have terminated
in June 2016, to extend the maturity to March 8, 2018. By extending
the maturity, Laureate has been able to avert significant
refinancing risk over the near term as nearly $300 million of the
$350 million facility was drawn as of March 31, 2015. However, the
amendment will increase the amount of debt maturing in 2018 (over
$2 billion of term loan and revolver) that presents a sizeable
refinancing challenge.

Since March 31, 2014, Laureate has invested approximately $677
million in acquisitions and capital spending (gross, before
proceeds from sale of assets) to support its growth plans, while
total student enrollment has grown by nearly 20%. While enrollment
growth is a positive, it has constrained the company's liquidity as
evidenced by revolver borrowings that are well above recent
historical averages with nearly $108 million in incremental
borrowings year over year and average availability below 20% during
the last four quarters.

Laureate's total debt (including Moody's standard adjustments) now
stands at approximately $5.9 billion as of March 31, 2015, and
leverage, as measured by debt to EBITDA, is estimated at 6.3 times
(including pro forma results for acquisitions) for the March 2015
LTM period. Other credit metrics are similarly more in line with a
B3 rating: pro forma EBITA to interest is estimated at 1.1 times,
while retained cash flow to debt is below 10%. The company has a
history of generating earnings from growth investments to stabilize
and modestly reduce leverage, but it will be a challenge to reduce
leverage materially over the near term due to the scale of current
growth plans and risks inherent in the company's wide range of
operations internationally. Moreover, because of the company's
global breadth, Laureate's earnings are subject to substantial
foreign exchange exposure.

However, the rating is supported by the company's prominent market
position in the international for-profit, post-secondary education
space, substantial diversity due to the broad geographic scope of
service offerings worldwide, favorable industry fundamentals, and
generally supportive educational policies in countries in which
Laureate operates, which should support positive enrollment trends.
In addition, because the company operates primarily outside of the
US, it does not face the same regulatory pressures relating to
Title IV funding that negatively affects many US-based for-profit
education providers. Nonetheless, Moody's believes the company
faces substantial political risk on campuses outside of the US, as
any changes in policies promulgated by authorities overseeing
post-secondary education could have a material impact on the
company's operations.

Moody's assesses Laureate's liquidity condition as adequate. The
company carries substantial cash balances ($430 million as of March
31, 2015), although only $83 million is held in the US. This amount
reflects seasonal working capital swings, and is expected to
increase over the course of the year, approaching levels reported
at year-end 2014 (approximately $200 million), which is important
considering the company's substantial US dollar debt service
requirements. Because of high levels of investments, free cash flow
is expected to be negative through 2015, as it was in 2014, which
could pressure cash reserves. To some extent the company can rely
on the sale of unencumbered assets, such as real estate, as an
alternative source of liquidity that mitigates the substantially
negative free cash flow. Laureate maintains a $350 million
revolving credit facility which is being amended to extend its
maturity until March 2018. However, with the significant portion of
this facility drawn as of March 31, 2015, only approximately $57.5
million was available to the company as a secondary source of
liquidity. The company also maintains credit facilities outside of
the US, aggregating approximately $100 million, which is used to
cover working capital requirements in many of their non-US
operations.

The stable ratings outlook reflects Moody's expectations that the
company will continue to invest to support expansion in its network
of universities, which will inhibit rapid deleveraging or a return
to a stronger liquidity profile over the near term. Moody's also
expects that the company will maintain its current liquidity
condition, with strong cash balances that provide support to
seasonal cash flow needs or a modest deterioration in operating
performance.

The ratings could be lowered if the company experienced a weakening
in enrollments, or if the company cannot successfully implement
integration plans under its current growth strategy, possibly
resulting in weaker liquidity or further increases in debt to
support operations. Specifically, a downgrade could be warranted if
debt to EBITDA exceeds 7.5 times for a prolonged period, if EBITA
to interest is sustained below 1 time, or if total cash balance
fall below $200 million without significant improvement in
committed revolver availability.

Ratings could be raised if the company's earnings and cash
generated from operations allow for substantial debt reduction and
improvement in liquidity. Specifically, the company would need to
substantially restore revolver availability while generating
positive free cash flow (before consideration of proceeds from
asset sales). Credit metrics sustained at the following levels
would support higher rating consideration: debt to EBITDA sustained
below 6.0 times, EBITA to interest in excess of 1 times, and
retained cash flow to debt above 10%.

Laureate is based in Baltimore, Maryland, and operates a leading
international network of accredited campus-based and online
universities with 89 institutions in 29 countries, offering
academic programs to approximately 1,037,000 students through over
200 campuses and online delivery. Laureate had revenues of
approximately $4.4 billion for the LTM period ended March 31,
2015.



LINEAR ELECTRIC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Linear Electric Co., Inc.
        428 Route 46
        Rockaway, NJ 07866

Case No.: 15-22493

Chapter 11 Petition Date: July 1, 2015

Court: United States Bankruptcy Court
       District of New Jersey (Newark)

Debtor's Counsel: Leonard C. Walczyk, Esq.
                  WASSERMAN, JURISTA & STOLZ, P.C.
                  110 Allen Road, Suite 304
                  Basking Ridge, NJ 07920
                  Tel: (973) 467-2700
                  Email: lwalczyk@wjslaw.com

Total Assets: $3 million

Total Liabilities: $4.5 million

The petition was signed by Lewis Weinstock, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/njb15-22493.pdf


LOCAL CORPORATION: Can Use Cash Collateral Until July 9
-------------------------------------------------------
Judge Scott C. Clarkson of the U.S. Bankruptcy Court Central
District of California - Santa Ana Division gave Local Corporation
interim authority to use through July 9, 2015, cash collateral
securing its prepetition indebtedness in an amount not to exceed
$1.0 million in aggregate.

Secured party Fast Pay Partners, LLC, objects to the cash
collateral motion saying the motion does not adequately address the
limitations or the mandate to provide certain information imposed
by the Court.  According to Fast Pay, the cas collateral is
security for the approximately $3.165 million gross balance the
Debtor owes to Fast Pay.

A final hearing on the Motion will be held on July 9, 2015, at
11:00 a.m.  The Debtor will file with the Court and serve
supplemental papers in further support of the continued use of cash
collateral by July 6.  Any supplemental responses must be filed and
served by July 8.

Fast Pay is represented by:

         Scott H. Siegel, Esq.
         Lori E. Eropkin, Esq.
         LEVINSON ARSHONSKY & KURTZ, LLP
         15303 Ventura Blvd., Suite 1650
         Sherman Oaks, CA 91403
         Tel: (818) 382-3434
         Fax: (818) 382-3433
         E-Mail: ssiegel@laklawyers.com
                 leropkin@laklawyers.com

                     About Local Corporation

Local Corporation, a publicly traded Delaware corporation (NASDAQ
symbol LOCM), is in the business of providing search results to
consumers who are searching online for local businesses, products
and services.  Founded in 1999, the Irvine, California-based
company went public in 2004 and has been one of the fastest growing
online local media businesses for a number of years, and for the
past four years it has been listed by Deloitte on its Technology
Fast 500.  The Company's search results are provided through the
Company's flagship Local.com Web site and through other proprietary
Web sites, and they are also delivered to a network of over 1,600
other Web sites that rely on search syndication services to provide
local search results to their own users.  The Company generates
revenue from ad units placed alongside its search results, which
include pay-per-click, pay-per-call, and display ad units.

The Company reported a net loss of $5.50 million on $83.1 million
of revenue for the year ended Dec. 31, 2014, compared with a net
loss of $10.4 million on $94.4 million of revenue in the prior
year.

The Company's balance sheet at March 31, 2015, showed $36.8 million
in total assets, $25.7 million in total liabilities, and
stockholders' equity of $11.2 million.

Local Corp. filed a Chapter 11 bankruptcy petition (Bankr. C.D.
Cal. Case No. 15-13153) in Santa Ana, California, on June 23,
2015.

The case is assigned to Judge Scott C Clarkson.

The Debtor tapped Winthrop Couchot as counsel.

The official schedules of assets and liabilities and statement of
financial affairs are due July 7, 2015.


MIDWAY GOLD: Court Issues Joint Administration Order
----------------------------------------------------
Judge Michael E. Romero of the U.S. Bankruptcy Court for the
District of Colorado signed off an order granting the motions for
joint administration of the Chapter 11 cases of Midway Gold US,
Inc., and its debtor affiliates under Case No. 15-16835.

                         About Midway Gold

Midway Gold Corp., incorporated on May 14, 1996 under the laws of
the Province of British Columbia, Canada, is engaged in the
acquisition, exploration and development of mineral properties
located in the state of Nevada and Washington.

Midway Gold operates primarily through its wholly-owned subsidiary
located in the United States, Midway Gold US Inc.  The executive
offices are in Englewood, Colorado.  Midway US currently has one
gold producing property: the Pan gold mine located in White Pine
County, Nevada.  Midway also has gold properties which are
exploratory stage projects where gold mineralization has been
identified, such as the Tonopah project in Nye County, Nevada, the
Gold Rock project in White Pine County, Nevada, and the Golden
Eagle project in Ferry County, Washington.  Out of these projects,
a permitting process has been undertaken only for the Gold Rock
project.  Finally, Midway's Spring Valley property, another gold
property located in Pershing County, Nevada, is subject to a joint
venture with Barrick Gold Exploration Inc.

On June 22, 2015, Midway Gold US Inc. and 12 related entities,
including parent Midway Gold Corp. each filed a petition in the
U.S. Bankruptcy Court for the District of Colorado seeking relief
under Chapter 11 of the U.S. Bankruptcy Code.  The Debtors' cases
have been assigned to Judge Michael E. Romero.  The Debtors sought
to have their cases jointly administered for procedural purposes,
with all pleadings will be maintained on the case docket for Midway
Gold US Inc.; Case No. 15-16835.

The Debtors tapped Squire Patton Boggs (US) LLP as bankruptcy
counsel; Sender Wasserman Wadsworth, P.C., as special bankruptcy
and restructuring counsel; DLA Piper (Canada) LLP, as Canadian
bankruptcy counsel; Ernst & Young Inc., as information officer of
Canadian court; RBC Capital Markets, as investment banker; FTI
Consulting as financial advisor; and Epiq Solutions, as claims and
noticing agent.

Midway Gold disclosed $184 million in assets and $62.4 million in
liabilities as of March 31, 2015.


MOLYCORP INC: Switches to Oaktree for Bankruptcy Financing
----------------------------------------------------------
Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review,
reported that in an about-face, Molycorp Inc. has chosen bankruptcy
financing from top-ranking lender Oaktree Capital Group LLC over a
competing offer from secured bondholders, setting off a new round
of court fights.

According to the report, Oaktree's proposed loan is linked to the
proposed sale of Molycorp's most valuable business, the moneymaking
Neo Material Technologies Inc. operations.  Bondholders say
Molycorp needs to hang onto Neo to remain viable over the long
haul, the report related.

As reported in the June 30, 2015 edition of the TCR, a unit of by
Oaktree Capital Management, L.P. submitted to the U.S. Bankruptcy
Court for the District of Delaware an objection to Molycorp, Inc.'s
motion to obtain postpetition financing, consisting of up to $225
million in gross proceeds provided by certain holders of the
prepetition 10% senior secured notes.

Molycorp had obtained commitments from a group of its 10% senior
secured noteholders, led by JHL Capital Group, JMB Capital
Partners
and QVT Financial LP, for up to $225 million in gross proceeds of
debtor-in-possession (DIP) financing, subject to Court approval,
which will be used to support operations during the Chapter 11
period.

                        About Molycorp

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare  
earths and rare metals producer.  Molycorp owns several prominent
rare earth processing facilities around the world.  It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.

Molycorp has corporate offices in the United States, Canada and
China.  CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada.  Other senior manageemnt members are located at its U.S.
corporate headquarters in Greendwood Village, Colorado.

Molycorp reported a net loss of $623 million in 2014, a net loss
of
$377 million in 2013 and a net loss of $475 million in 2012.

As of March 31, 2015, the Company had $2.49 billion in total
assets, $1.78 billion in total liabilities and $709 million in
total stockholders' equity.

Molycorp and its North American subsidiaries, together with
certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring.  The Chapter 11
cases of Molycorp and 20 affiliated debts are pending before Judge
Christopher S. Sontchi.

The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.

The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings.  Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from
the
filings as it is not 100% owned by the Company.

Molycorp is being advised by the investment banking firm of Miller
Buckfire & Co. and is receiving financial advice from
AlixPartners,
LLP.  Jones Day and Young, Conaway, Stargatt & Taylor LLP act as
legal counsel to the Company in this process.  Prime Clerk serves
as claims and noticing agent.


MURPHY USA: S&P Raises CCR to 'BB+', Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on El Dorado, Ark.-based convenience store operator Murphy
USA Inc. to 'BB+' from 'BB'.  The outlook is stable.

At the same time, S&P raised its issue-level ratings on the
company's $500 million unsecured notes to 'BB+' from 'BB' in
conjunction with the higher corporate credit rating.  S&P's
recovery rating remains '3', indicating its expectation of
meaningful (50% to 70%, in the higher half of the range) recovery
in the event of a default.

"The upgrade reflects the company's good financial performance that
has exceeded our expectations.  Upon separation from its parent
Murphy Oil Corp. in 2013, Murphy USA focused on a leverage target
of below 2.5x.  The company used proceeds from assets sales and
cash flows to reduce debt, and leverage has remained below 1.5x for
five consecutive quarters," said credit analyst Andy Sookram.  "We
expect credit metrics will remain commensurate with ratings over
the next two years.  Our base-case forecast shows leverage of 1.5x,
which represents an increase from 1.2x at
March 31, 2015, because of our expectations for fuel margin
declines.  We also think earnings contribution from
internally-funded new store openings could allow the company to
sustain leverage in line with our expectations."

The stable rating outlook on Murphy reflects S&P's expectation that
leverage will be around 1.5x in the next year.  S&P forecasts fuel
margins of around 14 cents a gallon and some modest improvement in
merchandise margins.  While S&P thinks EBITDA could decline year
over year because of fuel price swings inherent the
convenience-store business, it thinks the company could generate
some profit gains from new store openings and in-store initiatives.
S&P do not anticipate any additional funded debt as it believes
the company will use generated funds and cash balances to support
its growth program.

S&P could lower the rating if operating performance weakens on
persistently rising fuel prices that squeeze earnings and cash
flows or intensified competitive pressures.  Under this scenario,
fuel margins could decline to about 10 cents or lower and leverage
is maintained above 2.0x.  In the latter situation, S&P would most
likely revise its financial risk assessment to "intermediate".  S&P
could also take a negative rating action if the company pursues
large debt-financed shareholder initiatives or acquisitions or,
although unlikely, if a change in incentives causes Murphy's
agreement with Wal-Mart to end.

S&P do not anticipate a positive rating action in the next year,
given its views on the business risk profile, including high
dependence on volatile fuel profits.  Still, an upgrade could occur
if S&P revises the business risk profile to "fair" on meaningful
merchandise margin improvement because of improved product
assortment, and leverage is sustained around 1x despite oil price
fluctuations.



NATURAL MOLECULAR: East Valley Gets $80,730 Admin Expense Claim
---------------------------------------------------------------
East Valley Petula LLC will get an administrative expense claim of
$80,730 on account of unpaid rent owed by Natural Molecular Testing
Corp., according to court filings.

Judge Marc Barreca signed off on an order granting the landlord an
administrative expense claim of $15,164, which is in addition to
the $65,566 that the bankruptcy judge previously approved.

East Valley originally asked for an administrative expense claim in
the amount of $82,557, consisting of $65,566 that Judge Barreca
approved in October last year, and an additional $16,990 for the
period Oct. 1 to Dec. 30, 2014.

Natural Molecular's bankruptcy trustee earlier opposed the claim
asserted by the landlord, saying it suffered damages after it was
told to vacate the leased properties immediately.

"The landlord created a false sense of urgency and crisis through
its misrepresentations to the court regarding having a replacement
tenant signed for the premises," Mark Calvert, the Chapter 11
trustee, said in a court filing.   

According to the trustee, the company "has suffered damages
exceeding the amount of administrative claim" sought by the
landlord.

In response, East Valley said the statements made by the trustee
are merely speculations.  "Nothing in the trustee's objection or
supporting papers supports the factual allegations upon which his
objection is based," East Valley argued.

                     About Natural Molecular

Natural Molecular Testing Corp., which provides molecular
diagnostic-testing services, including testing for sexually
transmitted diseases and screening and counseling about cystic
fibrosis, filed a petition for Chapter 11 protection (Bankr. W.D.
Wash. Case No. 13-19298) on Oct. 21, 2013, in Seattle.  Hacker &
Willig, Inc., P.S., serves as its bankruptcy counsel.  The closely
held company said assets are worth more than $100 million while
debt is less than $50 million.

Gail Brehm Geiger, Acting U.S. Trustee for Region 18, appointed a
five-member Committee of Unsecured Creditors.  Foster Pepper's Jane
Pearson, Esq.; Christopher M. Alston, Esq., and Terrance Keenan,
Esq., serve as the Committee's attorneys.


NEOMEDIA TECHNOLOGIES: George O'Leary Quits as Director
-------------------------------------------------------
George O'Leary, a director since 2006, resigned as a member of the
Board of Directors of NeoMedia Technologies, Inc., on June 30,
2015, according to a document filed with the Securities and
Exchange Commission.  Mr. O'Leary also served as chairman of the
Company's Audit Committee.

                     About NeoMedia Technologies

Atlanta, Ga.-based NeoMedia Technologies provides mobile barcode
scanning solutions.  The Company's technology allows mobile
devices with cameras to read 1D and 2D barcodes and provide "one
click" access to mobile content.

NeoMedia reported a net loss of $2.46 million on $3.51 million of
revenues for the year ended Dec. 31, 2014, compared to net income
of $28.46 million on $4.29 million of revenues in 2013.

As of March 31, 2015, the Company had $1.18 million in total
assets, $40.7 million in total liabilities, all current, $4.31
million in series C convertible preferred stock, $348,000 in series
D convertible preferred stock and a $44.2 million total
shareholders' deficit.

StarkSchenkein, LLP, in Denver, CO, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014.  The independent auditors noted that the
Company has suffered recurring losses from operations, has
significant working capital and shareholder deficits and may have
ongoing requirements for additional capital investment.  These
factors, the auditors noted, raise substantial doubt about the
Company's ability to continue as a going concern.


OXANE MATERIALS: Meeting of Creditors Set for July 13
-----------------------------------------------------
The meeting of creditors of Oxane Materials Inc. is set to be held
on July 13, 2015, at 1:30 p.m., according to a filing with the U.S.
Bankruptcy Court for the Southern District of Texas.

The meeting will take place at Suite 3401, 515 Rusk Avenue, in
Houston, Texas.

The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                      About Oxane Materials

Oxane Materials, Inc., a developer of nanotechnologies based in
Houston, Texas, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex., Case No. 15-32940), on May 31,
2015.  The case is assigned to Judge Jeff Bohm.

The Debtor's counsel is Morris Dean Weiss, Esq., at Taube Summers
Harrison Taylor Meinzer Brown LLP, in Austin, Texas.


P.F. CHANG'S: S&P Affirms 'B-' Corp. Credit Rating, Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Scottsdale, Ariz.-based P.F. Chang's China Bistro
Inc.  The outlook is stable.  At the same time, S&P affirmed its
'B' issue-level rating and 'CCC' issue-level ratings on the
company's secured credit facility and unsecured notes,
respectively.

"Our rating affirmation reflects our expectation that the company's
liquidity will remain adequate with modestly positive free
operating cash flow and adequate covenant headroom in the next 12
months," said credit analyst Mathew Christy.  "We revised our
assessment of P.F. Chang's business risk based on the decline in
adjusted EBITDA margins compared with the year ago period.  The
revision has no effect on the corporate credit or issue-level
ratings."

The stable outlook reflects S&P's expectation that improved menu
offerings and promotional strategies at P.F. Chang's will provide
only limited traffic and operational upside in 2015.  In S&P's
base-case forecast, it also expects the company will maintain
adequate liquidity and remain in compliance with covenants in the
next 12 months.

S&P could consider a negative rating action if weaker-than-expected
performance or aggressive growth activities result in less than
adequate liquidity and S&P believes the capital structure is
unsustainable.  This could happen if weak same-restaurant sales
trends and margin erosion seem cause gross margin to fall about 50
bps or sales to decline in the low-single-digit range, resulting in
an EBITDA decline of more than 20% in fiscal 2015.  In this
scenario, interest coverage would approach 1.0x and liquidity would
erode because of increased cash burn.  S&P could also lower its
rating if the covenant headroom falls below 15% on a sustained
basis, especially after the expected net senior secured lease
adjusted leverage covenant step down in June 2016.

Although unlikely, S&P could raise its rating if P.F. Chang's
improves gross margin more than 200 bps above S&P's expectations or
sales increase 10% in the coming year, resulting in a low-teens
percent increase in EBITDA and leverage below 5.0x.  However, given
S&P's expected credit measures for the company, it do not expect to
raise its rating in the coming year.



PARFUMS ACQUISITION: Moody's Assigns 'B2' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
(CFR) and B2-PD Probability of Default Rating (PDR) to Parfums
Acquisition Company, Inc. ("Parfums") and a B2 rating on its
proposed senior secured credit facilities. Parfums plans to utilize
the net proceeds along with excess cash to complete the acquisition
of Cantu and Bodycology and to refinance its existing bank debt.
The rating outlook is stable.

The following ratings were assigned:

Parfums Acquisition Company, Inc.:

Corporate Family Rating at B2

Probability of Default Rating at B2-PD

Parfums de Coeur, Ltd. (d/b/a PDC Brands):

$20 Million Senior Secured Bank Credit Revolver at B2 (LGD4)

$260 Milllion Senior Secured Bank Term Loan at B2 (LGD4)

The rating outlook is stable.

All ratings assigned are subject to Moody's review of final
closing documents.

RATINGS RATIONALE

Parfums' B2 CFR reflects its small scale, high customer
concentration, strong competition, relatively weak market share,
and high financial leverage. Parfums products are also vulnerable
to shifts in consumer preferences, retailers' shelf space
allocation and marketing support. The mass fragrances market is
also highly competitive and Parfums faces steep competition from
branded product companies that are significantly larger, more
diverse, financially stronger, and which have much greater
investment capacity. These factors are counterbalanced by the
company's diverse portfolio and positive projected free cash flow.
Parfums also has a good relationship with retailers and has been
able to successfully target specific demographic segments through
effective marketing and packaging.

Parfums' stable rating outlook reflects Moody's view that the
company will remain a relatively small, leveraged company for the
for the foreseeable future.

Customer or competitor actions that pressure Parfums' revenue and
EBITDA through a deterioration in market share, retail distribution
or pricing could result in a downgrade. Acquisitions, shareholder
distributions or other actions that result in a sustained
debt-to-EBITDA above 5.0x, or a deterioration in liquidity could
also result in a downgrade.

An upgrade could be considered if Parfums increases its scale and
demonstrates a longer-term track record of profitable growth.
Parfums would also need to maintain conservative financial policies
including debt-to-EBITDA below 3.0x and maintain good liquidity to
be considered for an upgrade.

The principal methodology used in these ratings was Global Packaged
Goods published in June 2013. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
US, Canada and EMEA published in June 2009. Please see the Credit
Policy page on www.moodys.com for a copy of these methodologies.

Parfums, headquartered in Stamford, CT, develops, markets and sells
fragrance, bath care and specialty bath and hair care products to
mass market consumers. Key brands include Dr. Teal's, Body
Fantasies, Calgon, Designer Imposters and BODman. Parfums acquired
the Cantu and Bodycology brands in June 2015. Parfums is
majority-owned by Yellow Wood Partners. Pro forma revenues are
approximately $230 million.



PATRIOT COAL: Auction Slated for Sept. 9; Bids Due Sept. 4
----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia
approved the bidding procedures for the sale of assets of Patriot
Coal Corporation et al. free and clear of liens, claims,
encumbrances, and interests.

Deadline to file bids for the Debtors' assets is Sept. 4, 2015, at
5:00 p.m. (prevailing Eastern time).  An auction will take place on
Sept. 9, 2015, at 10:00 a.m. (prevailing Eastern Time), in
Richmond, Virginia.

                        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 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.


PDC ENERGY: Moody's Hikes Probability of Default Rating to 'B1'
---------------------------------------------------------------
Moody's Investors Service upgraded PDC Energy's (PDC) Corporate
Family Rating and Probability of Default Rating to B1 and B1-PD
from B2 and B2-PD, respectively. In a related action, Moody's
upgraded PDC's senior unsecured notes due 2022 to B2 from B3. The
outlook was changed to stable from positive. The Speculative Grade
Liquidity Rating was upgraded to SGL-2 from SGL-3.

"PDC Energy's upgrade reflects the continued expected increase in
production in 2015 and 2016 primarily from its core Wattenberg
Field assets despite a challenging commodity price environment,"
stated Arvinder Saluja, Moody's Vice President. "A strong balance
sheet and good hedges through 2016 provide additional support to
PDC's credit profile."

Ratings upgraded:

Issuer: PDC Energy

Corporate Family Rating, B1 from B2

Probability of Default Rating, B1-PD from B2-PD

$500 million Senior Unsecured Notes, B2 (LGD5) from B3 (LGD5)

Speculative Grade Liquidity Rating, SGL-2 from SGL-3

Outlook action:

Issuer: PDC Energy

Outlook changed to stable from positive

RATINGS RATIONALE

PDC's B1 CFR recognizes the company's improvement in scale with
production expected to exceed 35 mboe/day in 2015 and to
additionally increase materially in 2016; strong balance sheet; and
good liquidity, which will comfortably cover the anticipated capex
outspend of cash flow. PDC expects to continue a 5 rig program in
its core Wattenberg acreage despite having few drilling
requirements and low sustaining capex. Beyond a good hedging
profile in 2015-16, this also signifies good drilling economics in
Wattenberg for PDC. The CFR also reflects its moderate finding and
development (F&D) costs, good returns, a large drilling inventory,
considerable flexibility with the size of its capital expenditure
program, and the growth in its liquids production, with total
production consisting of 45% crude oil, 20% natural gas liquids,
and 35% natural gas. PDC's rating is constrained by its moderate
production scale and its primary concentration in one basin, the
Wattenberg field of the Rocky Mountain region. Even though its
expansion into the liquid-rich window of Utica Shale could over
time improve diversification and increase liquids production, PDC
has suspended its drilling activity in the region temporarily due
to weak NGL prices.

PDC's SGL-2 rating reflects good liquidity. In March 2015, PDC
issued equity in the secondary market and received net proceeds of
$203 million. As of March 31, 2015, the company had $438.3 million
available under its secured borrowing base revolving credit
facility and approximately $67 million of cash on the balance
sheet. PDC's commitment level under its revolver due May 2018 is
$450 million, which is lower than the current borrowing base of
$700 million. There are $11.7 million of letters of credit
outstanding. We expect the company's capex to exceed cash flow in
both 2015 and 2016. There are no debt maturities until May 2016
when the 3.25% convertible senior notes mature. We expect a portion
of the 3.25% convertible notes to be converted to common equity at
maturity if they are in the money (exchange rate of $42.40 per
share of common stock). Revolver covenants include a current ratio
of at least 1.0x and a debt / EBITDAX ratio of no more than 4.25x.
We expect the company to maintain comfortable cushion to comply
with the covenants over the next 12-18 months. Substantially all of
PDC's assets are pledged as security under the credit facility, but
Moody's believes the company could sell some assets to raise cash
for additional liquidity if needed.

The $500 million 7.75% Senior Unsecured Notes due 2022 is rated B2,
one notch below the CFR, reflecting the effective subordination to
the $450 million secured revolving credit facility due 2018
(unrated). The senior secured revolver is secured by a pledge of
substantially all assets of the company and ranks ahead of the
senior notes. The $115 million 3.25% convertible senior notes due
May 2016 (unrated) rank equal in right of payment to the 7.75%
senior notes.

The stable outlook reflects our expectation that PDC will be able
to continue production growth into 2016 while maintaining a
favorable finding and development cost and return profile.

The ratings could be upgraded if average daily production exceeded
60 mboe/day while maintaining debt to average daily production
below $20,000 per BOE and RCF/debt above 30%, assuming returns and
the company's business risk profile do not deteriorate as a result
of further expansion and development. The ratings could be
downgraded if debt to average daily production increases above
$30,000 per BOE for a sustained period or if RCF / debt decreases
to below 20%.

PDC Energy is an independent exploration and production company
headquartered in Denver, Colorado.



PVH CORP: Moody's Raises Corporate Family Rating to 'Ba1'
---------------------------------------------------------
Moody's Investors Service upgraded PVH Corp.'s Corporate Family
Rating to Ba1 and Probability of Default Rating to Ba1-PD. In
conjunction with the rating action, the senior secured debt (which
includes the bank facilities and secured bonds) and senior
unsecured notes were raised a notch to Baa3 and Ba2, respectively.
Moody's also affirmed the SGL-1 Speculative Grade Liquidity Rating.
The rating action concludes the review for upgrade initiated on
June 16, 2015. The rating outlook is stable.

"The upgrade reflects the reduction in adjusted debt due to changes
in Moody's approach for capitalizing operating leases" said Moody's
Vice President Scott Tuhy. The updated approach for standard
adjustments for operating leases is explained in the cross-sector
rating methodology Financial Statement Adjustments in the Analysis
of Non-Financial Corporations, published on June 15, 2015. Tuhy
added "The upgrade considers that notwithstanding expected pressure
on results in the near term from the strengthening USD we expect
PVH to maintain leverage in the low 3x range and consistent sales
performance at its leading global brands Calvin Klein and Tommy
Hilfiger."

The following ratings were upgraded:

Corporate Family Rating to Ba1 from Ba2

Probability of Default Rating from Ba1-PD from Ba2-PD

$750 million four-year secured revolving credit facilities to Baa3,
LGD3 from Ba1, LGD3

$1.88 billion five-year secured term loan A to Baa3, LGD3 from Ba1,
LGD3

$808 million five- year secured term loan B to Baa3, LGD3 from Ba1,
LGD3

$100 million senior secured bonds due 2023 to Baa3, LGD3 from Ba1,
LGD3

$700 million senior unsecured notes due 2022 to Ba2, LGD5 from Ba3,
LGD5

The following ratings were affirmed:

Speculative Grade Liquidity Rating: SGL-1

Outlook: Stable

RATINGS RATIONALE

PVH's Ba1 CFR reflects the company's strong market position and
ownership of two multibillion dollar lifestyle fashion brands with
global presence and broad lifestyle appeal - Tommy Hilfiger and
Calvin Klein. The rating reflects the company's consistent
performance as evidenced by continued strong operating margins
despite currency fluctuations and softness in some product
categories (such as women's denim). The company's heritage
businesses in the men's sportswear, swimwear, and intimate apparel
categories are in mature categories however they are cash generated
with strong and consistent returns on capital. The rating reflects
the company's moderate debt burden with debt/EBITDA expected to be
below 3.5 times by the end of the current fiscal year. Ratings are
constrained by the company's aggressive financial policies which
include meaningful debt financed acquisitions.

The stable rating outlook reflects Moody's view the company will
maintain leverage in the low 3x over the next 12-18 months as it
anticipates that absent additional acquisition activity, it expects
the company will increasingly use its strong free cash flow to
repurchase shares over time. The rating outlook encompasses
expectations PVH will acquire licensed product categories and
territories over time. Despite negative pressure on fiscal 2015
reported revenue due to currency headwinds, Moody's expects the
company to maintain positive constant-currency sales growth for its
portfolio of brands as a whole and maintain its high operating
margins.

Ratings could be upgraded if the company continues reduce absolute
debt levels and demonstrates continued stability in operating
performance. Quantitatively ratings could be upgraded if
debt/EBITDA was expected to be below 3x and interest coverage
exceeded 4.5x. The company would also need to meaningfully reduce
its reliance on secured debt for an upgrade into investment grade.

Ratings could be lowered if the company's financial policies were
to become more aggressive or operating performance began to falter.
Quantitatively, ratings could be lowered if debt/EBITDA was
sustained above 3.75x.

Headquartered in New York, NY, PVH Corp. ("PVH") is one of the
world's largest apparel companies, owns and markets the Calvin
Klein and Tommy Hilfiger brands worldwide. It is the world's
largest shirt and neckwear company and markets a variety of goods
under its own brands including Calvin Klein, Tommy Hilfiger, Van
Heusen, IZOD, ARROW, Warner's and Olga, and its licensed brands,
including Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth
Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Donald J.
Trump Signature Collection, and Ike Behar. Revenues for the twelve
month period ending May 3, 2015 were around $8.2 billion.



QUEST SOLUTION: Amends Credit Agreement with Wells Fargo
--------------------------------------------------------
Quest Solution, Inc., and each of its wholly-owned subsidiaries,
Quest Marketing, Inc., and Bar Code Specialties, Inc., amended
their existing credit agreement dated as of Dec. 31, 2014, with
Wells Fargo Bank, National Association.

The First Amendment provides for the following:

   * an amendment to Section 4.3 of the Credit Agreement,
     inserting a new clause (c) to Section 4.3, which states that
     the Loan Parties' shall maintain a Free Cash Flow measured
     monthly as of the last day of each month, on a year-to-year-
     date basis, in an amount no greater than the amounts set
     forth in the table to the agreement;

   * a one-time extension for delivery of the Loan Parties' April
     2015 and May 2015 financial statements until no later than
     June 26, 2015; and
       
   * Lender's consent to a one-time payment to certain
     subordinated debt holders.

                          Promissory Notes

In connection with the First Amendment on June 24, 2015, Quest
issued subordinated promissory notes to three investors (who are
also Quest employees) in the aggregate principal amount of $400,000
in exchange for an aggregate 170,000 shares of Quest's restricted
common stock, par value $0.001 per share.  The Promissory Notes
accrue interest at six percent per annum and are payable in 12
equal, monthly installments.  The Promissory Notes are due on July
31, 2016.  The Promissory Notes are debt obligations arising other
than in the ordinary course of business, which constitute direct
financial obligations of Quest.

                     Security Purchase Agreement

On May 19, 2015, Quest entered into a Security Purchase Agreement
with an accredited investor, who is also a subordinated debt holder
and an employee of Quest, pursuant to which Quest issued 667,000
shares of Common Stock in exchange for $200,000.

                        About Quest Solution

Quest Solution (formerly known as Amerigo Energy, Inc.) is a
national mobility systems integrator with a focus on design,
delivery, deployment and support of fully integrated mobile
solutions.  The Company takes a consultative approach by offering
end to end solutions that include hardware, software,
communications and full lifecycle management services.  The highly
tenured team of professionals simplifies the integration process
and delivers proven problem solving solutions backed by numerous
customer references.  Motorola, Intermec, Honeywell, Panasonic,
AirWatch, Wavelink, SOTI and Zebra are major suppliers which Quest
Solution uses in its systems.

Quest Solution reported net income of $302,000 on $37.3 million of
total revenues for the year ended Dec. 31, 2014, compared with a
net loss of $1.12 million on $4,070 of total revenues for the year
ended Dec. 31, 2013.

As of March 31, 2015, the Company had $33.4 million in total
assets, $32.6 million in total liabilities and $791,000 in total
stockholders' equity.


RCS CAPITAL: Moody's Affirms B3 Rating on First Lien Loans
----------------------------------------------------------
Moody's Investors Service affirmed RCS Capital Corporation's (RCS)
B3 first lien and Caa2 second lien ratings, and maintained a
negative outlook, following the company's announcement that it had
successfully amended its credit agreements to loosen leverage ratio
requirements.

Moody's has taken the following rating actions:

-- Corporate family rating, affirmed at B3

-- $575 million senior secured first lien term loan, affirmed at
    B3

-- $25 million senior secured first lien revolving credit
    facility, affirmed at B3

-- $150 million senior secured second lien term loan, affirmed at

    Caa2

-- Outlook, remains negative

RATINGS RATIONALE

Moody's said the credit agreement modifications reduce the
likelihood that RCS will breach its financial covenants in
forthcoming reporting periods, which, combined with ample
liquidity, affords the company some time and flexibility as it
strives to improve results in wholesale distribution and capital
markets advisory activities. Nonetheless, said Moody's, RCS still
has a significant confidence-sensitive concentration risk in its
transactions with affiliates in these businesses. Moody's said
there remains a heightened level of uncertainty about its ability
to generate substantially more wholesale distribution revenue, and
to develop and sustain regular, large quarterly cash inflows from
its capital markets business. The negative outlook on RCS' ratings
is likely to remain in place until there is more clarity on these
matters, said Moody's.

Moody's said RCS' independent retail advisory business has a
comparatively more enduring earnings capacity than its other
activities. However, it is still in the midst of a substantial
transitional period (having been assembled via multiple
acquisitions during 2014 and 2015) and will require organic revenue
growth and the substantial realization of synergies and cost
savings in 2015 in order to fulfil its potential, said Moody's.
Moody's added that RCS faces potentially stiff regulatory headwinds
from the Department of Labor's proposal to adopt a fiduciary
standard for retirement advisory activities. The implementation of
such a rule could prove complex and costly to implement and comply
with, and could result in lost revenue in some activities that
could be challenging to replace.

What Could Change the Rating -- Up

A strong demonstration of the successful integration of acquired
independent retail advisory companies, evidenced by continuing and
substantial achievement of planned synergies and improved operating
results, could result in upward rating pressure. A definitive trend
towards substantially reduced reliance on transactions with
affiliates would also be viewed positively.

What Could Change the Rating -- Down

A prolonged downturn in retail financial advisory earnings or
advisor losses would be viewed negatively. A failure to
successfully re-invigorate the wholesale distribution business or a
developing trend of muted capital market revenues would add to such
downward rating pressure. The emergence of regulatory or compliance
matters that could result in significant financial penalties or
loss of business could also lead to a downgrade.



REFCO INC: NJ Ct. Denies Bid to Exclude Testimonies in SPhinX Suit
------------------------------------------------------------------
Chief Judge Jerome B. Simandle of the United States District Court
for New Jersey granted in part and denied in part the parties
motion to exclude experts' testimonies in the case captioned
KENNETH M. KRYS, MARGOT MACiNNIS, and THE HARBOUR TRUST CO. LTD.,
Plaintiffs, v. ROBERT AARON, DERIVATIVE PORTFOLIO MANAGEMENT LLC,
DPM-MELLON, LLC, DERIVATIVE PORTFOLIO MANAGEMENT, LTD., DPM-MELLON,
LTD, and BANK OF NEW YORK MELLON CORPORATION, Defendants, Civil
Action No.: 14-2098 (JBS/AMD), (D.N.J.).

The case arises from the complex financial and brokerage
relationships between, and ultimate dissolutions of, three
entities: PlusFunds Group, Inc., SPhinX Funds, and Refco, Inc.
Plaintiffs Kenneth M. Krys and Margot Macinnis, the Joint Official
Liquidators of the SPhinX Trust, and The Harbour Trust Co. Ltd.,
the Trustee of the SPhinX Trust, allege that the Defendants, all
SPhinX Funds' and PlusFunds' agents and fiduciaries, allowed and/or
facilitated the unauthorized diversion of SMFF's excess cash from
protected, customer-segregated accounts to non-regulated and
unsegregated offshore accounts with Refco and failed to take
certain corrective steps in the face of Refco's potential
insolvency.  The parties filed a motion to exclude in whole or in
part of the experts' testimonies.

Judge Simandle denied the exclusion of the testimony of Michael
Greenberger, the Plaintiffs' expert on Commodity Futures Trading
Commission issues, after finding that Mr. Greenberger provides
background testimony relevant to the futures' industry, and
specifically concerning the customs and business practices with
regard to issues of segregation and/or sweeps of customer funds.

With regard to the testimony of Anthony J. Leitner, the Court will
not exclude provide background testimony relevant to the futures'
industry, and specifically concerning the customs and business
practices with regard to issues of segregation.

Further, The Court has little doubt that the testimony of Anthony
J. Leitner, the Defendants' expert on segregation issues under the
CEA and the CFTC, on industry customs and practices with respect to
segregation and cash sweeps will prove helpful to the jury under
Rule 702 of the Federal Rules of Evidence.  Indeed, Judge Simandle
found that Mr. Leitner's testimony on these issues will allow the
jury to contextualize the transactions at issue in this litigation,
and will further provide helpful comparative information concerning
industry standards relevant to this litigation.

Judge Simandle denied the Defendants' motion to exclude the
testimony of Joan A. Lipton on admissibility grounds under Rule
702, after finding that the Defendants' challenges to the
underlying bases for Dr. Lipton's Report go to weight, not
admissibility, and therefore constitute challenges properly
presented through cross-examination, and not through exclusion of
her otherwise reliable and relevant valuation work.  The factual
narrative that underpins her conclusions is based on evidence that
is disputed but provable at trial, as outlined at length by the
Plaintiffs' counsel at oral argument. Whether the evidence is
adopted by the jury is not determined in the Daubert motion.  It
suffices that Lipton propounds a reasonable factual basis that
resonates with Plaintiffs' view of the evidence, Judge Simandale
said.

As to the testimony of Avram S. Tucker, the Court denied the
Plaintiffs' motion to exclude Mr. Tucker, as narrowed by the
Defendants' concessions.  Judge Simandale said the Court need not
belabor the Plaintiffs' position, because Mr. Tucker's assumptions
primarily concern basic issues regarding the filing and allowance
of bankruptcy claims and his conclusions largely recapitulate
assumptions relied upon and supported by the Plaintiffs' own
experts.

As to the testimony of Peter U. Viniella, Judge Simandle granted
the Defendants' motion to the extent it seeks to exclude Mr.
Vinella's testimony concerning Defendants' state of mind and to the
extent his testimony constitutes a legal opinion, but denied to the
extent it seeks to bar Mr. Vinella's testimony in its entirety.
Judge Simandle directed the Plaintiffs to make redactions to Mr.
Vinella's proposed Report consistent with the Opinion and counsel's
concessions.

As to the testimony of Raymond O'Neill, the Court denied the
Plaintiffs' motion as to Mr. O'Neil without prejudice to the
Plaintiffs' right to voice any objections at the time of trial in
the event Mr. O'Neill's actual testimony reflects an impermissible
legal conclusion.  Moreover, to the extent the Plaintiffs have a
basis at trial to challenge Mr. O'Neill's underlying factual
assumptions, the Plaintiffs, of course, retain the right to
cross-examine him on this and any related issues.  The Court cannot
conclude that Mr. O'Neill's Report exceeds "the purview of
experts."  Rather, the report, when viewed as a whole, bears
adequate indicia of reliability for purposes of admissibility.

As to R. David Wallace, CPA, CFF's testimony, the Defendants'
motion to exclude Mr. Wallace, as narrowed by the Plaintiffs'
concessions, will be granted with respect to Mr. Wallace's
anticipated testimony on SMFF's 2002 financial statements, but
denied with respect to testimony concerning SMFF's 2003 and 2004
financial statements.  In sum, the Court's decision on the parties'
various motions to exclude, the expert reports will require
revisions consistent with the Opinion and the parties' various
concessions concerning the scope of each expert's testimony.
Therefore, the Court will direct counsel to revise the proposed
expert reports and to provide copies to the adversaries' counsel by
no later than June 19, 2015.  The Court further reminds counsel
that, as discussed at oral argument, the revised reports provide
only the outline and scope of the anticipated expert testimony, but
are not themselves admissible, nor will they be shown directly to
the jury.  It is, of course, the duty of counsel to clearly advise
their experts of any limitations placed on their testimony.

A full-text copy of Judge Simandle's Opinion dated June 12, 2015,
is available at http://is.gd/PyXqUGfrom Leagle.com.

David J. Molton, Esq. – dmolton@brownrudnick.com -- Mason C.
Simpson, Esq. – msimpson@brownrudnick.com of BROWN RUDNICK LLP --
Leo R. Beus, Esq. -- L. Richard Williams, Esq. -- Thomas A. Gilson,
Esq. -- and Lee M. Andelin, Esq. -- of BEUS GILBERT PLLC serve as
counsel for Plaintiffs.

B. John Pendleton, Jr., Esq. – john.pendleton@dlapiper.com --
Andrew O. Bunn, Esq. – andrew.bunn@dlapiper.com -- Kristin A.
Pacio, Esq. – kristin.pacio@dlapiper.com -- and Gina Trimarco,
Esq. – gina.trimarco@dlapiper.com of DLA PIPER LLP (US) serve as
counsel for Defendants.


RICEBRAN TECHNOLOGIES: Stockholders Elect Seven Directors
---------------------------------------------------------
The annual meeting of shareholders of RiceBran Technologies was
held on June 24, 2015, at which the shareholders elected John
Short, Marco V. Galante, David Goldman, Baruch Halpern, Henk W.
Hoogenkamp, Robert C. Schweitzer and Peter A. Woog as directors.

The shareholders also approved, on a nonbinding advisory basis, the
compensation of the Company's named executive officers and ratified
the appointment of Marcum, LLP as the Company's independent
registered public accounting firm for the for the year ending Dec.
31, 2015.

                           About RiceBran

Scottsdale, Ariz.-based RiceBran Technologies, a California
corporation, is a human food ingredient and animal nutrition
company focused on the procurement, bio-refining and marketing of
numerous products derived from rice bran.

Ricebran incurred a net loss of $26.6 million in 2014 following a
net loss of $17.6 million in 2013.

As of March 31, 2015, the Company had $39.7 million in total
assets, $26.3 million in total liabilities, $1.37 million in
temporary equity, and $12 million in total equity.

Marcum, LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has suffered recurring
losses from operations resulting in an accumulated deficit of
$242.5 million at Dec. 31, 2014.  This factor among other things,
raises substantial doubt about its ability to continue as a going
concern.


RYNARD PROPERTIES: Fannie Mae Balks at Marston's Compensation
-------------------------------------------------------------
Primary lender Fannie Mae objected to Rynard Properties Ridgecrest
LP's application to employ Jimmy Dickey, Terry Johnson and The
Marston Group PLC as accountants.

The Debtor is indebted to Fannie Mae in the amount of $5,000,000,
which is secured by a first priority Deed of Trust encumbering the
Ridgecrest Apartment Complex operated by Debtor as well as related
collateral.

According to Fannie Mae, the application stated that the Debtor
will pay Marston an initial retainer of $5,000 with a base fee of
$1,000 per month for accounting services provided to produce the
monthly reports and further fees in the amount of $375 per hour to
Jimmy Dickey and $125 per hour to professional staff.

Fannie Mae noted that the Debtor has not consulted with Fannie Mae
concerning the retention of Marston or requested that Fannie Mae
consent to the use of cash collateral for the payment of Marston's
fees.  However, if the Debtor can demonstrate that it has a viable
source of payment to Marston other than Fannie Mae's cash
collateral, Fannie Mae has no objection to the retention of
Marston.

The Debtor, in its motion, stated that Marston Group will assist
them in general accounting and tax related matters, including
preparation of monthly financial reports, and payment and
verification of bills, preparation of compilation reports and
federal and state tax returns and/or other accounting needs for the
operation of the business of the Debtor in the matters.

Mr. Dickey who is a member of this firm will be the primary partner
in charge.

To the best of the Debtor's knowledge, Marston Group has no adverse
interest to the Debtor, creditors or other interested parties in
the case.

Fannie Mae is represented by:

         Geoffrey Treece, Esq.
         QUATTLEBAUM, GROOMS & TULL PLLC
         111 Center Street, Suite 1900
         Little Rock, AR 72201
         Tel: (501) 379-1735
         Fax: (501) 379-3835
         E-mail: gtreece@qgtlaw.com

                About Rynard Properties Ridgecrest

Rynard Properties Ridgecrest LP is a Tennessee limited
partnership.  Its principal place of business is 2881 Rangeline
Road, Memphis, TN 38127, and the Debtor operates a 256 unit
multifamily apartment complex of Section 8 housing named
Ridgecrest Apartments and currently has TESCO operating the
complex as leasing agent.

The Debtor filed a Chapter 11 bankruptcy petition (Bankr. W.D.
Tenn. Case No. 14-22674) on March 13, 2014.  John Bartle signed
the petition as secretary/treasurer of Ridgecrest LLC, general
partner of the Debtor.  In its schedules, the Debtor disclosed
$16.2 million in total assets and $8.73 million in total
liabilities.  Toni Campbell Parker serves as the Debtor's counsel.

Judge Jennie D. Latta oversees the case.

The U.S. Trustee for Region 8 has notified the Bankruptcy Court
that it was unable to appoint an official committee of unsecured
creditors.



SANUWAVE HEALTH: Provides Update on dermaPACE Clinical Trial
------------------------------------------------------------
SANUWAVE Health, Inc., announced the plan for completing the
Company's Phase III supplemental clinical trial that used the
dermaPACE for treating diabetic foot ulcers.

SANUWAVE and its regulatory advisors, Musculoskeletal Clinical
Regulatory Advisers, LLC, held an in-person meeting with the U.S.
Food and Drug Administration in June 2015.  In this meeting, it was
determined that the best path to success would be for the Company
to retain the original analysis plan.  In addition, the FDA noted
the totality of the data from the clinical study, such as
additional endpoints and a favorable risk/benefit profile, will
play an important role in the FDA's review of the Company's
Premarket Approval submission.

The Company completed enrollment in the clinical study in November
2014 and all 130 patients have now completed the full 24-week
follow-up.  The Company and its CRO are in the process of
completing the auditing of the clinical documentation at each
clinical site to be followed by site close-out, a final review, and
then locking of the clinical study database.  After the database is
locked, the Company will be unblinded to the data, conduct
statistical analyses, announce the top-line results publicly in
Q3-2015, and draft the clinical study report.  Assuming positive
clinical results, this work will culminate in submission of the PMA
to the FDA in Q4-2015/Q1-2016.

Kevin A. Richardson II, Chairman of the board of directors of
SANUWAVE, commented, "We are very pleased to have reached this
major milestone in the supplemental clinical trial of dermaPACE to
treat diabetic foot ulcers.  The positive feedback from the FDA at
our meeting to discuss the dermaPACE clinical study gives us the
confidence to stop further enrollment in the study and move towards
final data review and PMA submission to the FDA."

"With the recent positive feedback from the FDA, we have now begun
discussions with various strategic parties about partnering on the
commercialization of the product.  The dermaPACE, with its novel
biologic regenerative effects, holds promise to heal diabetic foot
ulcers and increase limb preservation, thus improving quality of
life for these patients and their families and significantly easing
the economic burden on an overwhelmed healthcare system that cares
for these patients.  We are moving quickly toward our ultimate goal
of obtaining FDA approval for dermaPACE and commercializing the
technology in the U.S. where millions of people suffer from costly
and debilitating diabetic foot ulcers," concluded Mr. Richardson.

                       About SANUWAVE Health

Alpharetta, Ga.-based SANUWAVE Health, Inc., is an emerging global
regenerative medicine company focused on the development and
commercialization of noninvasive, biological response activating
devices for the repair and regeneration of tissue, musculoskeletal
and vascular structures.

SANUWAVE Health reported a net loss of $5.97 million on $847,000 of
revenues for the year ended Dec. 31, 2014, compared with a net loss
of $11.3 million on $800,000 of revenues in 2013.

As of March 31, 2015, the Company had $3.49 million in total
assets, $6.18 million in total liabilities, and a $2.69 million
total stockholders' deficit.


SEARS HOLDINGS: S&P Affirms 'CCC+' CCR, Outlook Remains Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit rating on Sears Holdings Corp.  The outlook remains
negative.

S&P is raising the issue-level ratings on the $1.25 billion
second-lien notes to 'B' from 'B-', and revising the recovery
rating revised to '1' from '2'.  The '1' recovery rating reflects
S&P's expectation for very high (90% to 100%) recovery in the event
of default.  S&P also raised the issue-level rating on Sears
Roebuck Acceptance Corp.'s (SRAC's) $327 million outstanding senior
notes to 'B-' from 'CCC+' and revised the recovery rating to '2'
from '4'.  The '2' recovery rating reflects S&P's expectation for
substantial (lower half of the 70% to 90%) recovery.

These instruments have stronger recovery prospects than S&P had
previously projected, stemming primarily from an increase in S&P's
valuation of Sears' real estate portfolio (the stores that Sears
will continue to own after the REIT transaction closes) and S&P's
inclusion of the Kenmore, Craftsman, and Diehard brands as
additional sources of recovery value for Sears' creditors.

"The rating affirmation reflects our expectation that the company
maintains sufficient liquidity to fund cash losses from the retail
business into at least late 2016, taking into account the proceeds
Sears expects to realize from the pending REIT transaction," said
credit analyst Robert Schulz.  "Because of the very high leverage
from ongoing negative EBITDA versus existing debt balances, we
continue to view the capital structure as unsustainable under our
criteria, although we do not envision a near term credit or payment
crisis.  We believe the still-substantial unencumbered assets have
value, potentially independent of Sears' current business
struggles.  We believe Sears could use these assets to generate
liquidity, but progress in stabilizing sales and improving earnings
and cash flow are important to avoid an eventual restructuring."

"Our negative outlook on Sears reflects our view that weak
operating performance will persist during 2015 and a turnaround
depends on the company's progress with its integrated retail
strategy to reverse the lack of profitability and substantial cash
use.  We believe Sears retains significant unencumbered real estate
it can use to generate liquidity, but progress in stabilizing sales
and improving earnings and cash flow are just as critical to avoid
an eventual restructuring.  We currently expect Sears will close
the REIT transaction with Seritage Growth Properties and also
extend a majority of its ABL facility until 2020, the combination
of which will represent a significant boost to liquidity," S&P
said.

S&P would lower the rating if it seems unlikely that the company
will complete the transactions.  If the company raises liquidity,
as S&P currently assumes, the outlook would remain negative since
it considers the capital structure to be unstable longer term at
the current level of retail losses, negative EBITDA, and cash burn.
S&P could lower the rating if retail cash usage did not show signs
of abating into late 2016 and this leads S&P to envision a
subsequent specific default scenario.

S&P could consider revising the outlook to stable if there were
indications that the company's main retail segment is recovering,
including prospects for a return to positive EBITDA and if
liquidity seems sufficient for 2017 and beyond.  As S&P evaluates
the benefits from the REIT transaction over the next year, key
considerations will include the company's use of proceeds, how fast
incremental rent obligations may be reduced by landlord space
recapture, and prospects for Sears to turnaround its retail
operations.

S&P views an upgrade as less likely at this time because of its
expectations for continued challenges in the retail segment.



SIGA TECHNOLOGIES: Defends Bid to Disband Creditors Committee
-------------------------------------------------------------
SIGA Technologies, Inc., responded to the objections of (i)
William K. Harrington, the U.S. Trustee for Region 2; and (ii) the
Statutory Creditors' Committee to the motion to disband the
Statutory Creditors' Committee.

The objections asserted that (a) there is no authority for the
Court to disband the Committee; (b) the Committee no longer is a
committee of one because of the recent appointment of Patheon
Manufacturing Services, LLC; and (c) a committee is necessary to
monitor and supervise the Debtor, to engage in plan negotiations
with the Debtor, and to expedite the Debtor's prompt emergence from
chapter 11.

The Debtor had sought to disband the Committee, citing that there
is only one eligible member of the Committee -- PharmAthene, Inc.,
the Debtor's long-time litigation adversary -- and under these
circumstances, the continued existence of the Committee, with all
of the attendant costs and expenses, is neither appropriate nor
warranted.

Despite the appointment of Patheon, the Debtor insists on the
disbandment of the Committee for these reasons:

   -- Patheon is not and cannot be a prepetition creditor of SIGA,
and is not eligible to sit on the Committee;

   -- PharmAthene, which has controlled the Committee from its
inception, has demonstrated that it is more than capable of
monitoring the Debtor and the administration of the case; and

   -- the Committee's concern over its right to appeal a
disbandment order can be addressed at the appropriate time.

                      About SIGA Technologies

Publicly held SIGA Technologies, Inc., with headquarters in Madison
Avenue, New York, is a biotech/pharmaceutical company that
specializes in the development and commercialization of solutions
for serious unmet medical needs and biothreats.  SIGA's lead
product is Tecovirimat, also known as ST-246, an orally
administered antiviral drug that targets orthopoxviruses.

SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 14-12623) on Sept. 16, 2014, in Manhattan.  The case is
assigned to Judge Sean H. Lane.

The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and
Prime Clerk LLC as claims agent.

The Debtor's Chapter 11 plan and disclosure statement are due
May 14, 2015.

The Debtor disclosed total assets of $131,669,746 and $7,954,645 in
liabilities as of the Chapter 11 filing.

The Statutory Creditors' Committee is represented by Martin J.
Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at
PROSKAUER ROSE LLP.  The Committee tapped to retain Guggenheim
Securities, LLC, as its financial advisor and investment banker.



SIGA TECHNOLOGIES: Susman and Ressler Okayed as Panel Co-Counsel
----------------------------------------------------------------
The Hon. Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York authorized the Statutory Creditors' Committee
of SIGA Technologies, Inc., to retain Susman Godfrey L.L.P. and
Ressler & Ressler as special litigation co-counsel, nunc pro tunc
to May 13, 2015.

The joint venture will to pursue the discovery and potential
litigation against a host of parties, as set forth in the 2004
motion.

All objections to the application are overruled.

On May 11, 2015, the Committee, filed an omnibus reply to the (i)
objection of the Debtor to the Committee's motion for order
pursuant to Bankruptcy Rule 2004 authorizing discovery from the
Debtor and certain third parties; (ii) objection of MacAndrews &
Forbes Incorporated, MacAndrews & Forbes Group LLC, and MacAndrews
& Forbes LLC to motion of authorizing discovery; and (iii)
objection of the Debtor to application of the Committee consistent
with its motion to disband the Committee, opposition to the
Committee investigation motions continues to expose its strategy
for the case.

According to the Committee, the Debtor's objection to the
Committee's application to retain special counsel is without merit.
Contrary to the Debtor's distortion of reality, the Committee has
engaged special counsel that will conduct an efficient and
cost-effective investigation at 20% discounted rates.

Special counsel will also pursue litigation on a noncontroversial
contingency fee basis.

The Debtor, in its objection, requested that the Court deny the
application to retain Susman and Ressler.  The Debtor said that the
retention application is just one more step designed to promote
PharmAthene Inc.'s parochial interests at the estate's expense.

The Committee is represented by:

         Martin J. Bienenstock, Esq.
         Scott K. Rutsky, Esq.
         Ehud Barak, Esq.
         PROSKAUER ROSE LLP
         Eleven Times Square
         New York, NY 10036
         Tel: (212) 969-3000
         Fax: (212) 969-2900

                      About SIGA Technologies

Publicly held SIGA Technologies, Inc., with headquarters in Madison
Avenue, New York, is a biotech/pharmaceutical company that
specializes in the development and commercialization of solutions
for serious unmet medical needs and biothreats.  SIGA's lead
product is Tecovirimat, also known as ST-246, an orally
administered antiviral drug that targets orthopoxviruses.

SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 14-12623) on Sept. 16, 2014, in Manhattan.  The case is
assigned to Judge Sean H. Lane.

The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and
Prime Clerk LLC as claims agent.

The Debtor's Chapter 11 plan and disclosure statement are due
May 14, 2015.

The Debtor disclosed total assets of $131,669,746 and $7,954,645 in
liabilities as of the Chapter 11 filing.

The Statutory Creditors' Committee is represented by Martin J.
Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at
Proskauer Rose LLP.  The Committee tapped to retain Guggenheim
Securities, LLC, as its financial advisor and investment banker.



SOURCEHOV LLC: S&P Revises Outlook to Negative & Affirms 'B' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to negative
from stable and affirmed its 'B' corporate credit rating on
Coppell, Texas-based SourceHOV LLC.

At the same time, S&P is affirming its 'B' issue-level rating, with
a recovery rating of '3', on the company's $780 million first-lien
senior secured term loan due 2020 and $75 million revolving credit
facility due 2019, indicating S&P's expectation for meaningful (50%
to 70%, in the upper half of the range) recovery in the event of
payment default.

In addition, S&P is affirming its 'CCC+' issue-level rating, with a
recovery rating of '6', on the company's $250 million second-lien
term loan due 2021, indicating S&P's expectation for negligible (0%
to 10%) recovery in the event of payment default.

"The outlook revision reflects our view that covenant cushion could
remain below 10% over the next 12 months if operating performance
is below our expectations," said Standard & Poor's credit analyst
Minesh Shilotri.



SPORTS AUTHORITY: Moody's Affirms 'Caa1' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service affirmed The Sports Authority Inc.'s
ratings, including its Caa1 Corporate Family Rating, Caa1-PD
Probability of Default Rating and Caa1 on the company's $300
million senior secured term loan. Concurrently, Moody's changed the
company's ratings outlook to stable from negative reflecting
improved liquidity due to the maturity extension of its
subordinated notes to February 19, 2018 from May 3, 2016. As a
result of the maturity extension, the maturity dates for Sports
Authority's ABL revolver and senior secured term loan will remain
May, 17, 2017 and November 16, 2017, respectively, and will not
accelerate to February 2, 2016.

Ratings affirmed:

-- Corporate Family Rating at Caa1;

-- Probability of Default Rating at Caa1-PD;

-- $300 million senior secured term loan due 2017 at Caa1 (LGD 3)

The ratings outlook was revised to stable from negative

RATINGS RATIONALE

The Sports Authority's Caa1 Corporate Family Rating reflects the
company's high debt and leverage, niche product focus and continued
weak operating performance. Lease-adjusted debt/EBITDAR (using a 5x
multiple of rent) stood at 6.3x for the latest twelve month period
ended May 2, 2015, and EBITA/Interest was well below 1.0x. The
rating is supported by the company's well-recognized brand name,
national footprint, and management initiatives to reduce costs and
improve store efficiencies. Liquidity is expected to be adequate
over the next twelve months, as balance sheet cash, cash flow and
revolver availability are expected to be sufficient to cover cash
flow needs during this timeframe.

Management continues to implement its operational improvement plan,
which includes cost savings initiatives and investments in the
customer shopping experience through improved product merchandising
and stock levels, more strategic store remodel/relocation and
marketing plans, and e-commerce initiatives. However, when
considering margin pressures stemming from a highly promotional
retail environment and increased shipping costs related to higher
e-commerce sales, these investments have exacerbated EBITDA
declines. We expect EBITDA and debt leverage to modestly improve,
but remain weak, over the next 12 months as the company
anniversaries 2014's investment spending and begins to see some
benefit from these initiatives. Should these initiatives not bear
fruit over the next 12-18 months, refinancing its capital structure
could be challenging.

The Caa1 rating on the senior secured term loan reflects its junior
position to the $650 million ABL, which has a first lien on the
company's more liquid assets. The rating is also supported by the
cushion provided by more junior claims in the capital structure,
including $343 million of subordinated notes.

The stable outlook reflects Moody's expectation that the company
will continue to implement its operational improvement plans and
cost control initiatives, and that reduced capital spending and
disciplined inventory management will minimize cash burn in order
to maintain adequate liquidity over the next twelve months.

The ratings could be downgraded if the company does not make
substantive progress in improving operating performance over the
next twelve months, or if liquidity weakens for any reason. An
inability to refinance its debt well ahead of maturities beginning
in May 2017 could also lead to a ratings downgrade.

Given the company's high balance sheet leverage and inconsistent
track record of same store sales growth, an upgrade is unlikely in
the near term. However, over the longer term, sustained revenue
growth, profit improvement and de-leveraging along with maintaining
adequate liquidity, successful refinancing of its full capital
structure in particular, could lead to a ratings upgrade.
Specifically, ratings could be upgraded if debt/EBITDA is sustained
below 7x and EBITA/interest expense is sustained above 1.0x.

The Sports Authority, Inc. is a full-line sporting goods retailer
operating 470 stores in 41 states and Puerto Rico. Revenues
approached $2.7 billion for the twelve months ended May 2, 2015.
The company is owned by private equity firm Leonard Green &
Partners, L.P.




TOLEDO-LUCAS COUNTY: Fitch Affirms BB Rating on 2003 Revenue Bonds
------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' rating on the $64.735 million
Toledo-Lucas County Port Authority, OH (Crocker Park Public
Improvement Project) special assessment revenue bonds series 2003.

The Rating Outlook is Stable.

SECURITY

The bonds are special limited obligations payable by the issuer
from special assessments levied on the assessment property by the
city of Westlake.  A debt service reserve fund equal to maximum
annual debt service (excluding the final maturity) is fully funded
through a guaranteed investment contract.

KEY RATING DRIVERS

SINGLE-PAYOR RISK: Pledged special assessments are payable from a
single payor on property comprising a small, highly concentrated
geographic area.

PROJECT CASH FLOWS STILL WEAK: Despite high occupancy rates, the
project does not generate cash flow sufficient to cover mortgage
payments.  After a substantial improvement from 0.57x coverage in
2011 to 0.89x in 2012, coverage has declined to 0.8x in 2013 and
0.63x in 2014.

PROJECT OBLIGATIONS CURRENT: The project generates enough revenue
to cover property taxes and special assessments, although coverage
of mortgage payments is insufficient.

LIEN SUPERIOR TO MORTGAGE OBLIGATION: Special assessment payments,
equal to at least annual debt service through final bond maturity
regardless of the assessed value of property, are on parity with
property taxes and are senior to the sizable mortgage payments.

HIGH LEVERAGE: Fitch-estimated loan-to-value is a very high 1.71:1.
This combined with the cash-flow shortfall underscores Fitch's
concerns about the developer's continued willingness and ability to
continue to make special assessment payments, although Fitch notes
that coverage trends are generally positive.

RATING SENSITIVITIES

FAILURE TO PAY PROPERTY OBLIGATIONS: Failure to pay special
assessments or the subordinate mortgage payments on time would
cause a downgrade.

CONTINUED COVERAGE EROSION: Continued lack of sum sufficient
cash-flow coverage of mortgage payments could put further downward
pressure on the rating.

MORTGAGE WITH SPECIAL SERVICER: Placement of the mortgage with a
special servicer would indicate severe stress, but could,
ultimately, be a stabilizing factor at a lower rating level.

LACK OF SUFFICIENT OR TIMELY INFORMATION: The inability to receive
information pertinent to the rating of these obligations by Fitch
on a timely basis could result in a change or withdrawal of the
rating.

CREDIT PROFILE

SINGLE PAYOR RISK

The bonds are secured by special assessments payable by a single
payor, Crocker Park, LLC (the developer/owner), an affiliate of
Robert L. Stark Enterprises.  The special assessment property is
within an established retail area, Crocker Park, in affluent
Westlake, Ohio (rated 'AAA' by Fitch).  The area has complementary
retailers, office and residential units and retains a competitive
position in the region.  The assessment property is composed of the
retail portion of Crocker Park with over 630,000 square feet of
retail space anchored by several major retailers, in addition to
office space and residential properties.

MATURE PROJECT WITH HIGH OCCUPANCY RATES

All phases of the development anticipated at the time of the bond
financing have been completed.  Occupancy rates recently have been
quite strong, ranging from 92% to 100%.  Development continues in
areas adjacent to the assessment property.  Construction of a new
headquarters for American Greetings scheduled to open in 2016 is
expected to result in the addition of 1,500 jobs and should further
strengthen consumer demand at the mall.

The development generates cash flow insufficient to support large
mortgage payments, after payment of special assessments, despite
the high occupancy rates.  Mortgage coverage improved to 0.89x in
2012 and 0.8x in 2013 after sinking to 0.57x in 2011 from 0.75x in
2010; it declined back to 0.63x in 2014.  However, the developer is
current on mortgage payments.

LIEN SUPERIOR TO MORTGAGE OBLIGATION

The special assessments are on parity with real estate taxes and
are senior to an outstanding mortgage on the property.  Special
assessments were authorized in aggregate maximum annual
installments of $6 million for the term of the bonds and are levied
annually in an amount sufficient to pay annual debt service.  Fitch
remains concerned about the current or any future owner's incentive
to continue to make special assessment payments, given the high
overall loan-to-value ratio of 1.71:1, using Fitch's conservative
stressed value of the entire development.

STRUCTURAL PROTECTIONS

Fitch derives some comfort from the superiority of the lien to
those of larger obligations; however, the weak coverage of the
mortgage obligation introduces risk of payment disruption should
the loan go into foreclosure.  Fitch believes the presence of a
master servicer (and the addition of a special servicer, if
necessary), as part of the mortgage trust securitization may prove
to be a stabilizing factor, should the trust have sufficient
resources and choose to provide liquidity to bridge any payment
interruption during a work-out.  The 'BB' rating does not assume
any such external support from the trust.



TROCOM CONSTRUCTION: Court Denied SSI's Bid for Relief of Stay
--------------------------------------------------------------
The Hon. Nancy Hershey Lord of the U.S. Bankruptcy Court for the
Eastern District of New York denied Soil Solutions, Inc.'s motion
to vacate the automatic stay in the Chapter 11 cases of Trocom
Construction Corp.

SSI, a creditor, stated its motion must be granted because it has
established cause for lifting the automatic stay and the Debtor's
opposition is replete of factual inaccuracies and a
misunderstanding of surety payment bond law.

The Debtor, in its objection to the SSI motion, said the relief
from stay is not warranted at this time, and SSI misstated the
facts.

As reported in the TCR on May 27, 2015, SSI requested for a relief
from the automatic stay to continue to prosecute the state court
actions it commenced against the Debtor.

On Feb. 5, 2015, SSI commenced an action in the Supreme Court of
the State of New York, County of New York, identified by index
number 151215/2015, against the Debtor alleging a cause of action
sounding in foreclosure of mechanic's lien and payment bond claims.
Soil Solutions seeks an amount to be determined at trial, but
believed to be in excess of $193,038.

On Feb. 6, 2015, SSI commenced an action in the Supreme Court of
the State of New York, County of New York, identified by index
number 151285/2015, against the Debtor, alleging a cause of action
sounding in foreclosure of mechanic's lien and payment bond claims.
SSI seeks an amount to be determined at trial, but believed to be
in excess of $322,816.

According to SSI' counsel, Henry C. Chan, Esq., at Wilson & Chan,
LLP, in New York, the amount of SSI' claims against the Debtor will
be determined in the pending state court actions, allowing for a
quicker resolution of the bankruptcy proceeding.

                     About Trocom Construction

Trocom Construction Corp. formed in 1969 by Salvatore Trovato.
Trocom is in the heavy construction business.  Its primary customer
is the City of New York through its various agencies.  The company
has 75 employees, the majority of whom are members of various
unions.  Joseph Trovato is presently the president and holder of
100% of the voting shares of Trocom.

Trocom commenced a Chapter 11 bankruptcy case (Bankr. E.D.N.Y. Case
No. 15-42145) on May 7, 2015, in Brooklyn.  

Judge Nancy Hershey Lord presides over the case.  The Debtor tapped
Cullen & Dykman, LLP, as its general bankruptcy counsel.

The Debtor estimated $10 million to $50 million in assets and less
than $10 million in debt.

According to the docket, the Chapter 11 plan and disclosure
statement are due Sept. 4, 2015.



TROCOM CONSTRUCTION: Okayed to Pay Prepetition Employee Obligations
-------------------------------------------------------------------
The Hon. Nancy Hershey Lord of the Bankruptcy Court for the
Eastern District of New York authorized Trocom Construction Corp.
(i) to pay certain prepetition employee obligations, and
prepetition withholding obligations; and (ii) to continue
performing under the collective bargaining agreements with the
unions to ensure that the employee benefit programs are honored.

Specifically, the Debtor is authorized to:

   1. pay prepetition obligations relating to its employees
including, but not limited to, the wages, to the extent such wages
do not exceed $12,475 per employee, and to remit all withholding
obligations and payroll taxes to the appropriate third parties as
and when such obligations come due;

   2. withhold Union dues from the employees' paychecks and remit
same to the unions in the ordinary course of business; and

   3. remit monthly payment of the Union Fringes to the unions
under the terms of the CBAs in the ordinary course of business.

                     About Trocom Construction

Trocom Construction Corp. formed in 1969 by Salvatore Trovato.
Trocom is in the heavy construction business.  Its primary customer
is the City of New York through its various agencies.  The company
has 75 employees, the majority of whom are members of various
unions.  Joseph Trovato is presently the president and holder of
100% of the voting shares of Trocom.

Trocom commenced a Chapter 11 bankruptcy case (Bankr. E.D.N.Y. Case
No. 15-42145) on May 7, 2015, in Brooklyn.  

Judge Nancy Hershey Lord presides over the case.  The Debtor tapped
Cullen & Dykman, LLP, as its general bankruptcy counsel.

The Debtor estimated $10 million to $50 million in assets and less
than $10 million in debt.

According to the docket, the Chapter 11 plan and disclosure
statement are due Sept. 4, 2015.



ULTRA PETROLEUM: Moody's Affirms Ba3 CFR & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service changed Ultra Petroleum Corporation's
outlook to stable from positive and affirmed Ultra's Ba3 Corporate
Family Rating (CFR) and the B2 ratings on its two public notes
issues. The move to a stable outlook reflects Moody's expectations
that a continuation of low natural gas prices will limit the
improvements in cash margins and retained cash flow contemplated
when Ultra acquired its Pinedale Field assets.

The following summarizes the ratings:

Ultra Petroleum Corporation

Ratings affirmed

Corporate Family Rating -- Ba3
Probability of Default Rating -- Ba3-PD
$450 million sr unsec notes due 2018 -- B2
$850 million sr unsec notes due 2024 -- B2
Speculative Grade Liquidity Rating -- SGL-3
Outlook, changed to Stable from Positive

RATINGS RATIONALE

The stable outlook reflects Moody's expectation the company will
grow its natural gas production in 2015, but will not meaningfully
improve its cash flow and leverage metrics to a level supportive of
a higher rating. Natural gas prices have remained lower than Ultra
anticipated when it debt-financed the acquisition of Pinedale Field
assets in September 2014, leaving the company with higher than
anticipated leverage and lower margins and cash flow. Ultra has
indicated it is considering small asset sales that would modestly
improve its metrics, but Moody's does not expect its credit metrics
to support a higher CFR in the near-term.

The 2013 acreage acquisition in the oil-rich area of the Uinta
Basin and the add-on extensions of natural gas-dominated properties
in the Pinedale Anticline complemented Ultra's experience and
expertise in developing its properties in the Green River Basin, as
the two areas are geologically similar. The repositioning of
Ultra's portfolio to higher-returning assets in the Pinedale
Anticline over its lower-returning assets in the Marcellus Shale
should improve the company's cash margins and the ability to
generate cash flow as these properties are further developed.

Ultra's Ba3 CFR is supported by its long-term track record of
production and PD reserves growth on a competitive cost basis and
through moderate financial policies. Ultra has strong reserve and
production scale for a Ba3-rated company. The company is an
experienced operator with a highly competitive cost structure. The
rating is restrained by Ultra's high natural gas concentration in
its properties (over 90% of 2014 production was natural gas)
resulting in weak cash margins in a low natural gas price
environment and its high leverage metrics stemming from debt-funded
acquisitions of properties in the Uinta and Green River Basins.

The ratings could be upgraded if Ultra improved its cash margins
while maintaining its competitive cost structure such that retained
cash flow to debt approached 25% and debt to PD reserves remained
below $8.00/BOE. A ratings downgrade could be triggered if Ultra
were to significantly increase its leverage metrics through more
debt-funded acquisitions or through a more aggressive capital
spending program. Retained cash flow to debt sustained below 15%
and debt to PD rising above $12.00/BOE could pressure the ratings.

Ultra Petroleum Corporation is a publicly traded independent
exploration and production company headquartered in Houston, Texas,
engaged in domestic natural gas and crude oil exploration,
development and production. Over 90% of the company's 2014
production consisted of natural gas. Its operations focus on
developing natural gas assets in the Green River basin of Wyoming
(Pinedale Anticline and Jonah Field), but it also has a drilling
program in the Uinta Basin where it owns crude oil assets.



UTSTARCOM HOLDINGS: Files Annual Report of iTV Media
----------------------------------------------------
UTStarcom Holdings Corp. has amended its annual report on Form
20-F for the fiscal year ended Dec. 31, 2014, to include the
consolidated financial statements of iTV Media Inc. for the fiscal

year ended Dec. 31, 2014, and 2013.

iTV Media reported a net loss of RMB 95.1 million on RMB 45.8
million of revenues for the year ended Dec. 31, 2014, compared to a
net loss of RMB 112.6 million on RMB 12.3 million of revenues for
the year ended Dec. 31, 2013.

As of Dec. 31, 2014, iTV Media had RMB 90.4 million in total
assets, RMB 295.5 million in total liabilities, RMB 156.5 million
in total mandatorily redeemable convertible preferred shares and a
RMB 361.6 million total shareholders' deficit.

A full-text copy of the ITV Media's Annual Report is available at:

                       http://is.gd/heyqDh

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

UTStarcom reported a net loss of $30.3 million in 2014, a net loss
of $22.7 million in 2013 and a net loss of $34.4 million in 2012.


VERSO PAPER: S&P Raises Corp. Credit Rating to 'B-', Outlook Stable
-------------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Verso Paper Holdings LLC and its parent Verso
Paper Finance Holdings LLC to 'B-' from 'SD'.  At the same time,
S&P raised its ratings on Verso's debt obligations as:

   -- S&P upgraded Verso's asset based lending facility to 'B+'
      from 'CCC'.  The '1' recovery rating reflects S&P's
      expectation for very high (90% to 100%) recovery in the
      event of a payment default.

   -- S&P upgraded Verso's senior secured debt to 'B-' from 'CC'.
      The '4' recovery rating reflects S&P's expectation for
      average (30% to 50%, lower half of the range) recovery.

   -- S&P upgraded Verso's junior debt securities to 'CCC' from
      'D'.  The '6' recovery rating reflects S&P's expectation for

      negligible (0% to 10%) recovery.

S&P also lowered its corporate credit rating on subsidiary NewPage
Corp. (now known as NewPage Holdings LLC) to 'B-' from 'B+' and
subsequently withdrew the corporate credit rating on this core
subsidiary.  At the same time S&P lowered its issue-level rating on
the NewPage senior secured term loan to 'B-' from 'B+'.  The '3'
recovery rating reflects S&P's expectation for meaningful recovery
(50% to 70%, at the upper end of the range) in the event of a
payment default.

"The stable outlook reflects our view that Verso will remain highly
leveraged over the next 12 months, with leverage at or above 8x
EBITDA," said Standard & Poor's credit analyst Jim Fielding.  "The
stable outlook also assumes that the integration of the NewPage
acquisition proceeds relatively smoothly, with no significant
unplanned plant outages or other disruptions that could negatively
affect cash flows."

S&P would raise its ratings on Verso if the company realizes
management's expectation for $175 million in synergies more quickly
than S&P currently anticipates, causing leverage to drop below 8x
EBITDA.  An upgrade would also be predicated on consistently
positive discretionary cash flow and improved liquidity, including
at the parent level.

S&P would lower its rating if significant cash flow deficits occur
over the next year, causing S&P to view liquidity to be "less than
adequate."  This could occur as the result of a lengthy unplanned
plant outage or if the U.S. economy slips into recession.  The
latter scenario would likely cause demand for Verso's coated papers
to drop as customers in the publishing, advertising, and other
sectors contract.



VICTORY ENERGY: Settles with Lucas, Louise Rogers and Earthstone
----------------------------------------------------------------
Victory Energy Corporation separately entered into settlement
agreement with Lucas Energy, Inc.; Louise H. Rogers; and Earthstone
Operating, LLC, Earthstone Energy, Inc., Oak Valley Resources, LLC,
Oak Valley Operating LLC and Sabine River Energy, LLC.

The material terms of the Lucas Settlement Agreement include the
following:

  * Lucas Energy transferred to Victory certain proved producing
    and proved undeveloped properties in the Eagle Ford area of
    south Texas, including a 3.27581% working interest in the
    Dingo Unit and a 1.481330% working interest in the Platypus
    Unit operated by Penn Virginia;

  * Victory retained its interest in the five Penn Virginia well
    bores previously assigned by Lucas Energy to Victory,
    including the rights to the cumulative net revenues since all
    wells started producing;

  * Lucas is required to issue to Victory approximately 1.1
    million shares of its common stock;

  * Victory assigned to Earthstone Energy/Oak Valley Resources or
    its affiliate two Karnes County well-bores (the Boggs Unit No.
    1H and the Boggs Unit No. 2H);

  * Victory forgave the $600,000 of debt currently owned to
    Victory by Lucas Energy.

  * Oak Valley is obligated to return a net aggregate of $54,020
    in pre-drilling costs previously paid to Oak Valley to Lucas
    Energy;

  * Lucas Energy and Victory released each other from all claims
    that each party had against the other (except for claims
    arising under the Settlement Agreement itself) and
    simultaneously also entered into mutual releases with Oak
    Valley and Lucas Energy's senior lender; and

  * Victory is obligated to pay Mr. Rogers, Lucas Energy's senior
    lender, $253,750 on or before July 15, 2015, and the
    assignment relating to the Additional Property and the Lucas
    Common Shares are being held in escrow until such payment is
    made in full.

"The conclusion of these settlement agreements effectively return
to Victory a near equivalent value of real property and stock in
exchange for the capital that had been invested into the proposed
business combination.  We are satisfied this settlement provides an
adequate trade for the benefit of our shareholders.  We will be
adding the near $1.7 million dollars of PDP and PUD reserves (June
NYMEX Strip), associated with the Penn Virginia operated wells, to
our mid-year company reserve report.  We wish the Lucas Energy team
all the best with their future endeavors, as we continue to move
forward with our producing property acquisition strategy," said
Kenny Hill, chief executive officer of Victory Energy.

                        About Victory Energy

Austin, Texas-based Victory Energy Corporation is engaged in the
exploration, acquisition, development and exploitation of domestic
oil and gas properties.  Current operations are primarily located
onshore in Texas, New Mexico and Oklahoma.

Victory Energy reported a net loss of $4.22 million in 2014
following a net loss of $2.11 million in 2013.

As of March 31, 2015, Victory Energy had $2.40 million in total
assets, $3.50 million in total liabilities and a $1.1 million total
stockholders' deficit.

Weaver and Tidwell, L.L.P., in Houston, Texas, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has
experienced recurring losses since its inception and has an
accumulated deficit, which raise substantial doubt regarding the
Company's ability to continue as a going concern.


VIGGLE INC: Appoints General Manager & Product Development Head
---------------------------------------------------------------
Viggle Inc. has appointed Kyle Brink, former SVP product
development, as general manager and Mario Cruz, co-founder of
Viggle's Choose Digital, as head of product development.  

Along with CEO and Board Chairman Robert F.X. Sillerman, the
Company is completing the transition put in place in January 2015
after expanding the roles of John Small, CFO and Kyle Brink, former
SVP of Product Development.

Viggle also announced the resignation of Greg Consiglio as
president and COO, effective close of business on June 30.  The
Nominating Committee of the Company's Board of Directors intends to
nominate Mr. Consiglio to become a member of the Board at the
Company's next annual stockholders meeting.

                           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.


VIGGLE INC: Closes $4.2 Million Underwritten Sale of Common Stock
-----------------------------------------------------------------
Viggle Inc. has closed an underwritten sale of 2,048,780 shares of
its common stock at $2.05 per share to Wolverine Asset Management.
Gross proceeds from the sale are approximately $4.2 million.
Viggle intends to use the proceeds from the offering to fund
general corporate purposes.

Robert F.X. Sillerman, the Company's executive chairman and chief
executive officer, commented on the transaction, "We are very
excited to have completed this financing with one of the preeminent
small-cap investors in the market today."

Ladenburg Thalmann & Co. Inc. a subsidiary of Ladenburg Thalmann
Financial Services Inc. acted as the sole bookrunner in connection
with the offering.  H.C. Wainwright & Co. and Chardan Capital
Markets, LLC, acted as co-managers for the offering.

                           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.


WAYNE COUNTY, MI: State Finds Probable Financial Stress
-------------------------------------------------------
The Associated Press reported that a state board that examined a
preliminary review of Wayne County's finances said the entity is
operating under probable financial stress.

According to the AP report, the state's most populous county is the
latest government entity whose fiscal future could be determined by
the state, as Gov. Rick Snyder is mandated by law to appoint a
review team to go over the county's finances.

                         *     *     *

The Troubled Company Reporter, on June 26, 2015, reported that
Moody's Investors Services has affirmed the Ba3 rating on the
general obligation limited tax (GOLT) debt of Wayne County, MI.
The county has a total of $654 million of long-term GOLT debt
outstanding, of which $336 million is rated by Moody's.  An
additional $144 million of short-term GOLT delinquent tax
anticipation notes (DTANs) are outstanding, with a sale for an
additional $186.9 million of short-term DTANs.

The TCR, on March 16, 2015, reported that Fitch Ratings has
downgraded the ratings for the following Wayne County, Michigan
bonds:

-- $186.3 million limited tax general obligation (LTGO) bonds
    issued by Wayne County to 'B' from 'BB-';

-- $51.3 million building authority (stadium) refunding bonds,
   series 2012 (Wayne County LTGO) issued by Detroit/Wayne County
   Stadium Authority to 'B' from 'BB-';

-- $203.5 million building authority bonds issued by Wayne County
   Building Authority to 'B' from 'BB-';

-- Wayne County unlimited tax general obligation (ULTGO) (implied)
   to 'B' from 'BB'.

On Feb. 10, 2015, the TCR reported that Moody's Investors Services
has downgraded to Ba3 from Baa3 the rating on the general
obligation limited tax (GOLT) debt of Wayne County, MI. The county
has a total of $695 million of long-term GOLT debt outstanding, of
which $336 million is rated by Moody's.  An additional $302
million
of short-term GOLT delinquent tax anticipation notes are
outstanding. The outlook remains negative.

The TCR, on Feb. 9, 2015, also reported that Fitch Ratings has
placed the following Wayne County ratings on Rating Watch
Negative:

  -- $190.9 million limited tax general obligation (LTGO) bonds
     issued by Wayne County 'BB-';

  -- $54.9 million building authority (stadium) refunding bonds,
     series 2012 (Wayne County LTGO) issued by Detroit/Wayne
     County Stadium Authority 'BB-';

  -- $207.2 million building authority bonds issued by Wayne
     County Building Authority 'BB-';

  -- Wayne County unlimited tax general obligation (ULTGO)
     (implied) 'BB'.


WET SEAL: Court Waives Requirement Relating to Fee Examiner
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware waived the
requirements of fee examiner order in the Chapter 11 cases of
Seal123, Inc., et al.  The Debtors requested that the Court waive
requirements of the general order regarding fee examiners in
Chapter 11 cases with combined assets and liabilities in excess of
$100,000.

                          About Wet Seal

The Wet Seal, Inc., et al., are retailers selling fashion apparel
and accessory items designed for female customers aged 13 to 24
years old.

The Company, and three affiliates -- The Wet Seal Retail,
Inc., Wet Seal Catalog, Inc., and Wet Seal GC, LLC -- filed for
separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 15-10081
to 15-10084) on Jan. 15, 2015.  The Wet Seal, Inc., disclosed
$215,254,952 in assets and $60,598,968 in liabilities as of the
Chapter 11 filing.

The Hon. Christopher S. Sontchi presides over the jointly
administered cases.  Maris J. Kandestin, Esq., and Michael R.
Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP; Lee R.
Bogdanoff, Esq., Michael L. Tuchin, Esq., David M. Guess, Esq.,
and Jonathan M. Weiss, Esq., at Klee, Tuchin, Bogdanoff & Stern
LLP; and Paul Hastings LLP, serve as the Debtors' Chapter 11
counsel.  FTI Consulting serves as the Debtors' restructuring
advisor.  The Debtors' investment banker is Houlihan Lokey.  The
Debtors tapped Donlin, Recano & Co., Inc. as claims and noticing
agent.  

The petitions were signed by Thomas R. Hillebrandt, interim chief
financial officer.

B. Riley, the original DIP lender and plan sponsor, is represented
by Van C. Durrer, II, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP.

Versa Capital Management, LLC, and its affiliate, Mador Lending,
LLC, which was selected as the successful bidder at an auction, is
being advised by Greenberg Traurig LLP, Klehr Harrison Harvey
Branzburg LLP, and KPMG LLP.  

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors.  The Committee retained Pachulski Stang Ziehl & Jones
LLP as its counsel and Province Inc. as its financial advisor.

The Wet Seal, Inc., changed its name to "Seal123, Inc." on
April 17, 2015, in accordance with the asset purchase agreement
with Mador Lending, LLC, an affiliate of Versa Capital Management,
LLC, as buyer.



WHATSWHAT INC: Files for Bankruptcy; First Creditors Meeting July 7
-------------------------------------------------------------------
A bankruptcy order was made against Whatswhat Inc. on June 16,
2015, by the Superior Court of Justice and that the first meeting
of creditors will be held on July 7, 2015, at 11:00 a.m., at the
office of the Trustee; 4646 Dufferin st., Suite 6 in Toronto,
Ontario, and that to be eligible to vote, creditors must file with
the Trustee, prior to the meeting, proofs of claim and, where
necessary, proxies.

The trustee can be reached at:

  Dodick Landau
  4646 Dufferin St., Suite 6
  Toronto, On M3H 5S4
  Tel: 416-645-0542
  Fax: 416-649-7725
  Email: stephanie@dodicklandau.ca


WPCS INTERNATIONAL: Issues 157,202 Common Shares
------------------------------------------------
WPCS International Incorporated issued 157,202 shares of its common
stock, par value $0.0001 per share from June 23, 2015, through June
30, 2015, according to a document filed with the Securities and
Exchange Commission.

The issuances on June 25, 2015, resulted in an increase in the
number of shares of Common Stock outstanding by more than 5%
compared to the number of shares of Common Stock reported
outstanding in the Current Report on Form 8-K filed by the Company
with the SEC on June 23, 2015.  

The Company has issued a total of 776,471 shares of Common Stock to
holders of its Series F and F-1 and Series G-1 Convertible
Preferred Stock upon the conversion of shares of Series F and F-1
and Series G-1Convertible Preferred Stock.  The shares of Common
Stock issued upon the conversion of shares of Series F and F-1 and
Series G-1 Convertible Preferred Stock were issued in reliance upon
the exemption from registration in Section 3(a)(9) of the
Securities Act of 1933.  As of June 30, 2015, the Company has
1,408,887 shares of Common Stock outstanding.

              About WPCS International Incorporated

WPCS -- http://www.wpcs.com/-- operates in two business segments
including: (1) providing communications infrastructure contracting
services to the public services, healthcare, energy and corporate
enterprise markets worldwide; and (2) developing a Bitcoin trading
platform.

WPCS International incurred a net loss attributable to common
shareholders of $11.2 million for the year ended April 30, 2014,
as compared with a net loss attributable to common shareholders of
$6.91 million for the year ended April 30, 2013.

As of Jan. 31, 2015, the Company had $14.8 million in total assets,
$14.8 million in total liabilities and a $36,000 total deficit.

Marcum LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2014.  The independent auditing firm
noted that the Company has incurred significant losses and needs
to raise additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


WPCS INTERNATIONAL: Settles New York Securities Lawsuit
-------------------------------------------------------
WPCS International Incorporated and a shareholder plaintiff entered
into a settlement with the two remaining defendants in a case
pending in the United States District Court for the Southern
District of New York to resolve claims under Section 16 of the
Securities Exchange Act of 1934.

Under the terms of the Settlement, the Defendants have agreed to
the following:

   (1) payment of $315,000 for the plaintiff's attorney's fees;

   (2) forgiveness of $400,000 of principal amount of debt owed by
       the Company to the Defendants;

   (3) an exchange of the remaining $405,000 of debt owed by the
       Company to the Defendants into shares of a yet to be
       designated Series H Convertible Preferred Stock, par value
       $0.0001 per share, of the Company;

   (4) waiver of certain conditions preventing the Company from
       paying accrued dividends on its Series F-1 Convertible
       Preferred Stock and Series G-1 Convertible Preferred Stock
       in shares of the Company's common stock; and

   (5) relinquishment of all voting rights the Defendants have in
       all shares of the Company's preferred stock now held or
       hereinafter acquired.

The Settlement was entered into solely by way of compromise and
settlement and is not in any way an admission of liability by the
Defendants.

                About WPCS International Incorporated

WPCS -- http://www.wpcs.com/-- operates in two business segments
including: (1) providing communications infrastructure contracting
services to the public services, healthcare, energy and corporate
enterprise markets worldwide; and (2) developing a Bitcoin trading
platform.

WPCS International incurred a net loss attributable to common
shareholders of $11.2 million for the year ended April 30, 2014,
as compared with a net loss attributable to common shareholders of
$6.91 million for the year ended April 30, 2013.

As of Jan. 31, 2015, the Company had $14.8 million in total assets,
$14.8 million in total liabilities and a $36,000 total deficit.

Marcum LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2014.  The independent auditing firm
noted that the Company has incurred significant losses and needs
to raise additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


[^] BOOK REVIEW: Risk, Uncertainty and Profit
---------------------------------------------
Author:  Frank H. Knight
Publisher:  Beard Books
Softcover:  381 pages
List Price:  $34.95
Review by Gail Owens Hoelscher

Order your personal copy today at
http://www.amazon.com/exec/obidos/ASIN/1587981262/internetbankrupt

The tenets Frank H. Knight sets out in this, his first book,
have become an integral part of modern economic theory. Still
readable today, it was included as a classic in the 1998 Forbes
reading list. The book grew out of Knight's 1917 Cornell
University doctoral thesis, which took second prize in an essay
contest that year sponsored by Hart, Schaffner and Marx. In it,
he examined the relationship between knowledge on the part of
entrepreneurs and changes in the economy. He, quite famously,
distinguished between two types of change, risk and uncertainty,
defining risk as randomness with knowable probabilities and
uncertainty as randomness with unknowable probabilities. Risk,
he said, arises from repeated changes for which probabilities
can be calculated and insured against, such as the risk of fire.
Uncertainty arises from unpredictable changes in an economy,
such as resources, preferences, and knowledge, changes that
cannot be insured against. Uncertainty, he said "is one of the
fundamental facts of life."

One of the larger issues of Knight's time was how the
entrepreneur, the central figure in a free enterprise system,
earns profits in the face of competition. It was thought that
competition would reduce profits to zero across a sector because
any profits would attract more entrepreneurs into the sector and
increase supply, which would drive prices down, resulting in
competitive equilibrium and zero profit.

Knight argued that uncertainty itself may allow some entrepreneurs
to earn profits despite this equilibrium. Entrepreneurs, he said,
are forced to guess at their expected total receipts. They cannot
foresee the number of products they will sell because of the
unpredictability of consumer preferences. Still, they must
purchase product inputs, so they base these purchases on the
number of products they guess they will sell. Finally, they have
to guess the price at which their products will sell. These
factors are all uncertain and impossible to know. Profits are
earned when uncertainty yields higher total receipts than
forecasted total receipts. Thus, Knight postulated, profits are
merely due to luck. Such entrepreneurs who "get lucky" will try to
reproduce their success, but will be unable to because their luck
will eventually turn.

At the time, some theorists were saying that when this luck runs
out, entrepreneurs will then rely on and substitute improved
decision making and management for their original
entrepreneurship, and the profits will return. Knight saw
entrepreneurs as poor managers, however, who will in time fail
against new and lucky entrepreneurs. He concluded that economic
change is a result of this constant interplay between new
entrepreneurial action and existing businesses hedging against
uncertainty by improving their internal organization.

Frank H. Knight has been called "among the most broad-ranging
and influential economists of the twentieth century" and "one of
the most eclectic economists and perhaps the deepest thinker and
scholar American economics has produced." He stands among the
giants of American economists that include Schumpeter and Viner.
His students included Nobel Laureates Milton Friedman, George
Stigler and James Buchanan, as well as Paul Samuelson. At the
University of Chicago, Knight specialized in the history of
economic thought. He revolutionized the economics department
there, becoming one the leaders of what has become known as the
Chicago School of Economics. Under his tutelage and guidance,
the University of Chicago became the bulwark against the more
interventionist and anti-market approaches followed elsewhere in
American economic thought. He died in 1972.


                            *********

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 ***