TCR_Public/150730.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, July 30, 2015, Vol. 19, No. 211

                            Headlines

99 CENTS: Bank Debt Trades at 5% Off
ADVANCED MICRO: Moody's Lowers CFR to Caa1, Outlook Negative
ALLIED NEVADA: Equity Committee Balks at Plan Filing Extension
ALLIED SYSTEMS: Plan Confirmation Hearing Set for Sept. 9
ALLIED SYSTEMS: Settlement Appeal to Proceed; Mediation Nixed

ALPHA NATURAL: Bank Debt Trades at 31% Off
AMERICAN POWER: Appoints Matt Van Steenwyk as New Board Member
AMPAL-AMERICAN: Chapter 7 Trustee Trumps Disqualification Bid
ATLANTIC & PACIFIC: Court Restricts Trading of Securities
AZIZ CONVENIENCE: Has Nod to Sell Assets to Susser for $41.6M

BAHA MAR: CSCEC Prepared to Invest $100M, CCA Bahamas Says
BERNARD L. MADOFF: Judge Approves Settlement with Plaza Investments
BRAND ENERGY: Bank Debt Trades at 3% Off
BRIAN J. COOK: Court Denies Motion to Reject Executory Contract
C & O ENTERPRISES: Case Summary & 11 Largest Unsecured Creditors

CAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 7% Off
CAESARS ENTERTAINMENT: Not Allowed to Make Fast Appeal of Ruling
CAL DIVE: Gets Approval to Sell Vessel to Arendal for $3.5-Mil.
CAL DIVE: Waveny Master Fund Resigns from Creditors Committee
CAPELLA HEALTHCARE: Moody's Retains B2 CFR on Announced Sale

CAPELLA HEALTHCARE: S&P Puts 'B' CCR on CreditWatch Positive
CICERO INC: Privet Fund Reports 50.9% Stake as of July 15
COATES INTERNATIONAL: Issues $62,500 Conv. Note to Vis Vires
COCRYSTAL PHARMA: Appoints Walt Linscott as General Counsel
COMMUNITY HEALTH: To File Plan Outline By End of July

CORNERSTONE HOMES: Can Use Cash Collateral Until July 31
CPI HOLDINGS: Moody's Assigns B1 Corp. Family Rating
CPI HOLDINGS: S&P Assigns 'BB-' CCR & Rates $435MM Loan 'BB-'
CTI BIOPHARMA: Bruce Seeley Is New EVP Chief Commercial Officer
DELIAS INC: GECC Given $7.3-Mil. Allowed Secured Claim

DTZ: S&P Affirms 'B+' ICR & Removes from CreditWatch Developing
EMDEON INC: Moody's Confirms B2 CFR, Outlook Stable
EMDEON INC: S&P Affirms 'B' CCR & Rates $395MM Sr. Loan 'B+'
ERF WIRELESS: Issues 4 Million Preferred Shares to Angus Capital
FJK PROPERTIES: Meeting of Creditors Set for August 14

FORTESCUE METALS: Bank Debt Trades at 18% Off
FRAC TECH: Bank Debt Trades at 30% Off
FREESCALE SEMICONDUCTOR: S&P Keeps 'B' CCR on CreditWatch Positive
FUWEI FILMS: Regains Compliance with NASDAQ Minimum Bid Price Rule
GELTECH SOLUTIONS: Issues $200,000 Convertible Note to Reger

GENERAL STEEL: Appoints New Chief Executive Officer
GLOBAL HEALTHCARE: Moody's Assigns B2 CFR, Outlook Stable
GRATON ECONOMIC: Moody's Assigns B2 Rating on $225MM Sr. Sec. Loan
GRATON ECONOMIC: S&P Assigns 'B+' Rating on Proposed $225MM Loan
GREEN EARTH: Greg Adams Quits as CFO, COO and Secretary

GREEN MOUNTAIN: Court Approves $117K Bonus Pay for Non-Executives
GREEN MOUNTAIN: Court Denies Bid for Ch. 11 Appointment
GREEN MOUNTAIN: Seeks to Have GMA, Dan Cowart Held in Contempt
GROVE ESTATES: Bank Objects to Propose Sale of 8 Parcels of Land
GT ADVANCED: Closes on $95-Mil. DIP Term Loan Facility

GTA REALTY: Wants Third Extension of Exclusivity
GYMBOREE CORP: Bank Debt Trades at 26% Off
HEALTH DIAGNOSTIC: Bankruptcy Stays Boston Heart Suit
HERCULES OFFSHORE: S&P Lowers CCR to 'D', Off Watch Negative
ICON HEALTH: Moody's Raises CFR to B2 & Rates $160MM Loan B2

ICON HEALTH: S&P Affirms 'B-' CCR & Revises Outlook to Positive
IMH FINANCIAL: Stockholders Elect Four Directors
ISTAR FINANCIAL: Files 4th Amendment to Tender Offer Statement
J. CREW: Debt Trades at 14% Off
JANUS CAPITAL: Moody's Assigns Ba1 Rating on Prospective Sub. Debt

JARDEN CORP: S&P Lowers Rating on $1.9BB Sr. Sub. Notes to 'B+'
JOHNS-MANVILLE CORP: Ch. 11 Ruling Relieves Marsh from PI Liability
JUSTIN DAVIS ENTERPRISES: Case Summary & 20 Top Unsec. Creditors
KC MERGERSUB: Moody's Assigns B3 Corp. Family Rating
KEMET CORP: Stockholders Elect Three Directors

MD AMERICA: S&P Affirms 'B-' Corp. Credit Rating, Outlook Stable
MEDIACOM COMMUNICATIONS: S&P Hikes Rating on Sec. Debt to 'BB+'
MEDICAL PROPERTIES: S&P Affirms 'BB+' CCR, Outlook Stable
MEG ENERGY: Bank Debt Trades at 3% Off
MILLENNIUM HEALTH: At Increased Default Risk

MILLENNIUM HEALTH: Moody's Cuts CFR to Caa2, Ratings on Review
MISSISSIPPI PHOSPHATES: Accused of Violating Clean Water Act
MOLYCORP INC: US Trustee Appoints One More Committee Member
MONTREAL MAINE: Civil Proceedings Stayed Pending Plan Approval
MONTREAL MAINE: Suit v. World Fuel, CPR Remains in Bankr. Court

MULTIPLAN INC: Bank Debt Trades at 0.36% Off
NAVISTAR INTERNATIONAL: MHR Reports 18.4% Stake as of July 24
NEPHROS INC: Enters Into Purchase Agreement with Lincoln Park
OCEAN RIG: Bank Debt Trades at 17% Off
ORLANDO GATEWAY: Asks to Consolidate Ch. 11 Case with Nilhan's

ORLANDO GATEWAY: U.S. Trustee Seeks To Disqualify Wolff Hill
PACIFIC DRILLING: Bank Debt Trades at 19% Off
PARALLEL HOTELS: Case Summary & 20 Largest Unsecured Creditors
PARTY CITY: Moody's Raises CFR to 'B1', Outlook Positive
PATRIOT COAL: Final DIP Order Challenge Deadline Moved to Aug. 3

PATRIOT COAL: Retiree Committee Taps Stahl Cowen as Counsel
PLUG POWER: To Acquire Full Control of 'HyPulsion' for $11.5MM
PODS LLC: S&P Retains 'B+' 1st Lien Loan Rating After Add-On
QUALITY DISTRIBUTION: Provides Preliminary 2nd Quarter Results
REBECCA ENGLE: Distribution of Remaining Funds in "Buckley" Okayed

RELATIVITY MEDIA: Lays Off Staff as Financial Picture Darkens
RELATIVITY MEDIA: Plans to Lay Off Up to 90 Workers
SALIX PHARMACEUTICALS: S&P Raises CCR to 'BB-', Outlook Stable
SEADRILL LTD: 2021 Bank Debt Trades at 25% Off
SPIRIT AIRLINES: S&P Affirms 'BB-' Corporate Credit Rating

STANDARD REGISTER: Sale to Taylor Corp to Close on July 31
SUN BANCORP: Names Grace Torres to Board of Directors
TERVITA CORP: Bank Debt Trades at 9% Off
TREETOPS ACQUISITION: Exits Chapter 11 Bankruptcy
TRUMP ENTERTAINMENT: Bid to Stay Union Activities Denied

TWC INC: Case Summary & 20 Largest Unsecured Creditors
US TELEPACIFIC: S&P Raises CCR to 'B', Outlook Stable
VARIANT HOLDING: Asks Court to Extend Plan Filing Date to Dec. 23
VARIANT HOLDING: Needs Until Nov. 23 to Remove Actions
WALTER ENERGY: Not Permitted to Pay Obligations Prior to July 15

WALTER ENERGY: Won't Pay Royalty Payments to Dominion Resources
WEST COAST: Can Use Cash Collateral Until August 15
[*] Chilmark, Burford Launch Bankruptcy Litigation Joint Venture
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

99 CENTS: Bank Debt Trades at 5% Off
------------------------------------
Participations in a syndicated loan under which 99 cents is a
borrower traded in the secondary market at 95.23
cents-on-the-dollar during the week ended Friday, July 24, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the July 28, 2015, edition of The Wall Street Journal.
This represents an increase of 0.90 percentage points from the
previous week, The Journal relates.  99 cents pays 350 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
Jan. 31, 2019. Moody's rates the loan 'B2' and Standard & Poor's
gave a B rating to the loan.  The loan is one of the biggest
gainers and losers among 253 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended July 24.


ADVANCED MICRO: Moody's Lowers CFR to Caa1, Outlook Negative
------------------------------------------------------------
Moody's Investors Service lowered Advanced Micro Devices, Inc's
("AMD") corporate family rating to Caa1 from B3, and the ratings on
the senior unsecured notes to Caa2 from Caa1.  The speculative
grade liquidity rating was lowered to SGL-3 from SGL-2.  The
outlook is negative.

The downgrade of the corporate family rating to Caa1 reflects AMD's
prospects for ongoing operating losses over the next year and
negative free cash flow.  Moody's performance outlook for AMD is
driven by ongoing revenue declines and operating losses in its
PC-related business (microprocessors and graphics chips) that will
more than offset the expected profitability (albeit lower than last
year) in the company's embedded and semi-custom chip business,
which makes up 60% of revenue.  "Weaker than expected demand
conditions in the personal computer space, particularly in the
desktop and lower end segments, will persist over the next few
quarters", said Moody's Richard Lane.  Combined with efforts to
reduce channel inventory ahead of Microsoft's launch of the Windows
10 operating system this summer, Moody's expects "AMD will continue
to lose money in this shrinking part of the business", said Lane.

RATINGS RATIONALE

The Caa1 corporate family rating reflects AMD's prospects for
continued weak operating performance, very high financial leverage,
and the likelihood for operating losses and negative cash flow
generation over the next year.  Revenue declines (we estimate 30%
to 40% year over year declines through 2015) and ongoing operating
losses in the company's microprocessor business as well as market
share losses in its graphics business will result in segment
operating losses throughout 2015, and in Moody's view,
significantly diminished prospects for profitability going forward
given its declining scale and share loss.  Moody's expects AMD's
embedded and semi-custom chip business will remain profitable, but
insufficiently to offset losses in the rest of its business.  While
AMD has reported design wins, including two large (unnamed) wins in
late 2014 that could have combined revenue in excess of $1 billion,
the company recently noted that revenue is not likely to build
until the second half of 2016.

As a result of projected operating losses, credit metrics will be
very weak, with negative EBITDA relative to $2.5 billion of
adjusted debt, and negative free cash flow.

AMD reported $829 million of cash and marketable securities as of
June 2015 (the vast majority of which is domestic), down from $1.04
billion at December 2014.  The company is now targeting to maintain
cash and marketable securities of between $600 million and $1
billion, down from previous targets of around $1 billion. AMD
maintains a $500 million asset based revolving credit facility
(ABL) under which $230 million was drawn as of June 2015.  With
cash balances, access to the ABL, and no material debt maturities
until May 2019, near term liquidity is currently adequate. However,
we expect AMD will consume $100 million in the third quarter of
2015.  Depending on fourth quarter cash consumption, we expect
AMD's 2015 year-end cash balances to approximate $650 million to
$750 million.  Combined with slower seasonality of the first
quarter, in addition to approximately $70 million of cash interest
payments, cash balances in the early part of 2016 could fall below
$600 million.

Ratings downgraded:

  Corporate family rating to Caa1 from B3

  Probability of default rating to Caa1-PD from B3-PD

  $600 million senior unsecured notes due 2019 to Caa2 (LGD4) from
Caa1 (LGD4)

  $450 million senior unsecured notes due 2020 to Caa2 (LGD4) from
Caa1 (LGD4)

  $475 million senior unsecured notes due 2022 to Caa2 (LGD4) from
Caa1 (LGD4)

  $500 million senior unsecured notes due 2024 to Caa2 (LGD4) from
Caa1 (LGD4)

  Speculative grade liquidity rating to SGL-3 from SGL-2

The negative outlook considers the execution challenges facing AMD,
the likelihood of ongoing losses, and, while currently adequate,
prospects for a weakening liquidity profile, although there are no
debt maturities until 2019.

What Could Change the Rating - Down

The rating could be lowered if AMD's cash and liquid investments
are likely to drop below $600 million (without raising additional
debt) or if the company is unlikely to achieve breakeven operating
profit over the next year and sustain modest profitability and
positive free cash flow over the intermediate term.

What Could Change the Rating - Up

The rating is not likely to be raised over the near term.  Longer
term, the rating could be raised if AMD is able to achieve and
sustain revenue growth with Moody's adjusted EBITDA margins above
8%, while maintaining cash and liquid investments in excess of $1
billion and achieving adjusted debt to EBITDA below 4 times.

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



ALLIED NEVADA: Equity Committee Balks at Plan Filing Extension
--------------------------------------------------------------
The Official Committee of Equity Security Holders of Allied Nevada
Gold Corp. and its debtor-affiliates objected to the Debtors'
request to extend the exclusive periods to file a Chapter 11 plan
and solicit acceptances of that plan.

According to the Equity Committee, the Debtors engaged in
negotiations with the Equity Committee's prior representatives with
respect to the plan.  However, negotiations concerning the plan
have now ceased and Debtors are in the process of formulating a
revised plan and disclosure statement.  Since beginning the process
of developing a revised plan and disclosure statement, the Debtors
have not made any effort to negotiate the terms of a revised plan
and disclosure statement with the Equity Committee.  Indeed, the
only negotiations between the Equity Committee and the Debtors has
been in connection with certain discovery served by the Equity
Committee.  The Debtors' lack of interest in engaging in
substantive negotiations with the Equity Committee demonstrates
that an extension of the Exclusive Periods to enable the Debtors to
negotiate a revised plan is unnecessary.

The Equity Committee pointed out that the necessity of an extension
of exclusivity to permit the Debtors to negotiate a plan and
prepare adequate information fails to establish cause for an
extension of the exclusive periods.

The hearing to approve the request for extension of time to file a
plan has been adjourned to Aug. 20, 2015, at 11:30 p.m.

As reported in the Troubled Company Reporter on June 26, 2015, the
Debtors asked the Delaware Bankruptcy Court to further extend the
period during which they have the exclusive right to file a plan
through and including Nov. 5, 2015, and the period during which
they have the exclusive right to solicit acceptances of the plan
through and including Jan. 4, 2016.

According to the Debtors, they are currently in the process of
revising their projections and related valuation analyses that were
filed with the Disclosure Statement explaining their Joint Chapter
11 Plan of Reorganization to reflect their current financial and
operating performance and are in discussions with their primary
creditor constituencies regarding modifications to the Plan.  The
Debtors said they expect to file a revised plan and disclosure
statement in the near term.

The Debtors are represented by Stanley B. Tarr, Esq., Bonnie Glantz
Fatell, Esq., and Michael D. DeBaecke, Esq., at Blank Rome LLP, in
Wilmington, Delaware; and Ira S. Dizengoff, Esq., Philip C. Dublin,
Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld
LLP, in New York.

                       About Allied Nevada

Allied Nevada Gold Corp. ("ANVGQ"), a Delaware corporation, is a
publicly traded U.S.-based gold and silver producer engaged in
mining, developing and exploring properties in the State of
Nevada.

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

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

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

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

                       *     *     *

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

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

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


ALLIED SYSTEMS: Plan Confirmation Hearing Set for Sept. 9
---------------------------------------------------------
The Delaware Bankruptcy Court will hold a hearing to consider
confirmation of the Joint Chapter 11 Plan of Reorganization
Proposed by ASHINC Corporation (f/k/a Allied Systems Holdings,
Inc.), and its affiliated debtors; the Official Committee of
Unsecured Creditors; and Black Diamond Commercial Finance, L.L.C.,
as first lien agent, on September 9, 2015 at 9:30 a.m. (ET) before
the Hon. Christopher S. Sontchi.

The deadline for filing objections to the confirmation of the Plan
is August 17, 2015 at 4:00 p.m. (prevailing Eastern Time).

The Bankruptcy Court on July 8 approved the Disclosure Statement
explaining the Plan.

As reported by the Troubled Company Reporter on Oct. 10, 2014,
Bankruptcy Judge Christopher S. Sontchi declined to consider
approval of the settlement between Allied Systems Holdings Inc.'s
unsecured creditors and private equity owners The Yucaipa Cos. LLC.
Judge Sontchi rejected a request by Allied's independent directors
to schedule a hearing on the settlement, which would resolve a $57
million adversary suit brought by the official committee of
unsecured creditors against Yucaipa and the debtor's directors.

The Debtors are represented by:

     Mark D. Collins, Esq.
     Marisa A. Terranova, Esq.
     RICHARDS, LAYTON & FINGER, P.A.
     One Rodney Square
     920 North King Street
     Wilmington, DE 19801
     Telephone: (302) 651-7700
     Facsimile: (302) 651-7701

          - and -

     Jeffrey W. Kelley, Esq.
     Ezra H. Cohen, Esq.
     Matthew R. Brooks, Esq.
     Benjamin R. Carlsen, Esq.
     TROUTMAN SANDERS LLP
     Bank of America Plaza
     600 Peachtree Street, Suite 5200
     Atlanta, GA 30308-2216
     Telephone: (404) 885-3000
     Facsimile: (404) 885-3900
     Email: matthew.brooks@troutmansanders.com
            benjamin.carlsen@troutmansanders.com

                   About Allied Systems Holdings

BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and
Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary
petitions for Allied Systems Holdings Inc. and Allied Systems Ltd.
(Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012.
The signatories of the involuntary petitions assert claims of at
least $52.8 million for loan defaults by the two companies.

Allied Systems, through its subsidiaries, provides logistics,
distribution, and transportation services for the automotive
industry in North America.

Allied Holdings Inc. first filed for chapter 11 protection (Bankr.
N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005.
Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented the
Debtors in the 2005 case.  Allied won confirmation of a
reorganization plan and emerged from bankruptcy in May 2007 with
$265 million in first-lien debt and $50 million in second-lien
debt.

The petitioning creditors said Allied defaulted on payments of
$57.4 million on the first lien debt and $9.6 million on the
second.  They hold $47.9 million, or about 20% of the first-lien
debt, and about $5 million, or 17%, of the second-lien obligation.
They are represented by Adam G. Landis, Esq., and Kerri K. Mumford,
Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., and
Robert J. Ward, Esq., at Schulte Roth & Zabel LLP.

Allied Systems Holdings Inc. formally put itself and 18
subsidiaries into bankruptcy reorganization June 10, 2012,
following the filing of the involuntary Chapter 11 petition.

The Company is being advised by Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., and Jeffrey W. Kelley, Esq., at
Troutman Sanders, Gowling Lafleur Henderson.

The bankruptcy court process does not include captive insurance
company Haul Insurance Limited or any of the Company's Mexican or
Bermudan subsidiaries.  The Company also announced that it intends
to seek foreign recognition of its Chapter 11 cases in Canada.

An official committee of unsecured creditors has been appointed in
the case.  The Committee consists of Pension Benefit Guaranty
Corporation, Central States Pension Fund, Teamsters National
Automobile Transporters Industry Negotiating Committee, and General
Motors LLC.  The Committee is represented by Sidley Austin LLP.

In January 2014, the U.S. Trustee for Region 3 appointed a three-
member Official Committee of Retirees.

Yucaipa Cos. has 55% of the senior debt and took the position it
had the right to control actions the indenture trustee would take
on behalf of debt holders.  The state court ruled in March 2013
that the loan documents didn't allow Yucaipa to vote.

In March 2013, the bankruptcy court gave the official creditors'
committee authority to sue Yucaipa.  The suit includes claims that
the debt held by Yucaipa should be treated as equity or
subordinated so everyone else is paid before the Los Angeles-based
owner. The judge allowed Black Diamond to participate in the
lawsuit against Yucaipa and Allied directors.

Yucaipa American Alliance Fund I, L.P., Yucaipa American Alliance
(Parallel) Fund I, L.P., Yucaipa American Alliance Fund II, L.P.,
Yucaipa American Alliance (Parallel) Fund II, L.P., represented by
Michael R. Nestor, Esq., and Edmund L. Morton, Esq., at Young
Conaway Stargatt & Taylor, LLP; and Robert A. Klyman, Esq., at
Gibson, Dunn & Crutcher LLP.

First Lien Agent, Black Diamond Commercial Finance, L.L.C.,
represented by Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at
Landis Rath & Cobb LLP; and Adam C. Harris, Esq., Robert J. Ward,
Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP.

Allied Systems Holdings, Inc., has changed its name to ASHINC
Corporation.

                          *     *     *

ASHINC Corporation, f/k/a Allied Systems Holdings, Inc., and its
debtor affiliates filed with the U.S. Bankruptcy Court for the
District of Delaware a joint Chapter 11 plan of reorganization,
co-proposed by the Committee and the first lien agents.

The Plan provides that certain of the Debtors' assets, the
Litigation Trust Assets, will vest in the Allied Litigation Trust,
and the remainder of the Debtors' assets, including the proceeds
from the sale of substantially all of the Debtors' assets, will
either revest in the Reorganized Debtors or be distributed to the
Debtors' creditors.


ALLIED SYSTEMS: Settlement Appeal to Proceed; Mediation Nixed
-------------------------------------------------------------
Chief Magistrate Judge Mary Pat Thynge recommended that the case,
GENDREGSKE, et al. Appellants, v. BLACK DIAMOND COMMERCIAL FINANCE
LLC, et al., Appellees, Civ. No. 14-1415-SLR (D. Del.), be
withdrawn from the mandatory referral for mediation and proceed
through the district court's appellate process.

Delaware District Judge Sue L. Robinson accepted that
recommendation and set this briefing schedule:

     1. Appellants' brief in support of the appeal due on or before
July 9, 2015.

     2. Appellees' brief in opposition to the appeal is due on or
before August 10, 2015.

     3. Appellants' reply brief is due on or before August 24,
2015.

A copy of the Court's Order is available at http://is.gd/ht5GZv
from Leagle.com.

The issues presented on appeal:

"Whether the Bankruptcy Court erred by denying the Settlement
Motion where the Bankruptcy Court (a) refused Appellants' request
to conduct an evidentiary hearing that would have provided
Appellants and other proponents of the Settlement Motion the
opportunity to submit evidence demonstrating that the settlement
was in the best interests of the Debtors’ estates, despite such
settlement having been negotiated with the guidance of a sitting
Bankruptcy Judge appointed by the Bankruptcy Court to mediate this
matter, (b) and erred in its interpretation of the settlement
agreement, including an interpretation purportedly permitting one
party to unilaterally opt out of the agreement, despite its express
obligation to support and abide by the agreement."

As reported by the Troubled Company Reporter on Oct. 10, 2014,
Bankruptcy Judge Christopher S. Sontchi declined to consider
approval of the settlement between Allied Systems Holdings Inc.'s
unsecured creditors and private equity owners The Yucaipa Cos. LLC.
Judge Sontchi rejected a request by Allied's independent directors
to schedule a hearing on the settlement, which would resolve a $57
million adversary suit brought by the official committee of
unsecured creditors against Yucaipa and the debtor's directors.

Appellants Mark Gendregske and Brian Cullen, represented by:

     Derek C. Abbott, Esq.
     William M. Alleman, Jr., Esq.
     MORRIS, NICHOLS, ARSHT & TUNNELL LLP
     1201 N. Market Street, 16th Floor
     P.O. Box 1347
     Wilmington, DE 19899-1347
     Telephone: (302) 658-9200
     Facsimile: (302) 658-3989
     Email: dabbott@mnat.com
            walleman@mnat.com

          - and -

     John C. Massaro, Esq.
     Ian S. Hoffman, Esq.
     ARNOLD & PORTER LLP
     555 Twelfth Street, NW
     Washington, D.C. 20004-1206
     Telephone: 202-942-5000
     Facsimile: 202-942-5999
     Email: john.massaro@aporter.com
            ian.hoffman@aporter.com

Appellees The Official Committee of Unsecured Creditors,
represented by:

     Michal G. Burke, Esq.
     Nicholas K. Lagemann, Esq.
     SIDLEY AUSTIN LLP
     787 Seventh Avenue
     New York, NY 10019
     Telephone: (212) 839-5300
     Facsimile: (212) 839-5599
     Email: mburke@sidley.com
            nlagemann@sidley.com

           - and -

     William D. Sullivan, Esq.
     William A. Hazeltine, Esq.
     SULLIVAN HAZELTINE ALLINSON LLC
     901 N. Market Street
     Wilmington, DE 19801
     Telephone: (302) 428-8191
     Facsimile: (302) 428-8195
     Email: bsullivan@sha-llc.com
            whazeltine@sha-llc.com

Appellees Yucaipa American Alliance Fund I, L.P., Yucaipa American
Alliance (Parallel) Fund I, L.P., Yucaipa American Alliance Fund
II, L.P., Yucaipa American Alliance (Parallel) Fund II, L.P.,
represented by:

     Michael R. Nestor, Esq.
     Edmund L. Morton, Esq.
     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     1000 N. King St.
     Wilmington, DE 19801
     Telephone: (302) 571-6600
     Email: mnestor@ycst.com
            emorton@ycst.com

          - and -

     Robert A. Klyman, Esq.
     GIBSON, DUNN & CRUTCHER LLP
     333 S. Grand Ave.
     Los Angeles, CA 90071
     Telephone: (213) 229-7000
     Email: rklyman@gibsondunn.com

Appellees First Lien Agent, Black Diamond Commercial Finance,
L.L.C., represented by:

     Adam G. Landis, Esq.
     Kerri K. Mumford, Esq.
     LANDIS RATH & COBB LLP
     919 N. Market St.
     Wilmington, DE 19801
     Telephone: (302) 467-4400
     Facsimile: (302) 467-4450

          - and -

     Adam C. Harris, Esq.
     Robert J. Ward, Esq.
     David M. Hillman, Esq.
     SCHULTE ROTH & ZABEL LLP
     919 Third Ave.
     New York, NY 10022
     Telephone: (212) 756-2000

The Debtors are represented by:

     Mark D. Collins, Esq.
     Christopher M. Samis, Esq.
     Marisa A. Terranova, Esq
     RICHARDS, LAYTON & FINGER, P.A.
     920 N. King St.
     Wilmington, DE 9801
     Telephone: (302) 651-7700
     Facsimile: (302) 651-7701
     Email: terranova@rlf.com

          - and -

     Jeffrey W. Kelley, Esq.
     Ezra H. Cohen, Esq.
     TROUTMAN SANDERS LLP
     600 Peachtree St.
     Atlanta, GA 30308
     Telephone: (404) 885-3000
     Facsimile: (404) 885-3900
     Email: jeffrey.kelley@troutmansanders.com
            ezra.cohen@troutmansanders.com

                   About Allied Systems Holdings

BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and
Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary
petitions for Allied Systems Holdings Inc. and Allied Systems Ltd.
(Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012.
The signatories of the involuntary petitions assert claims of at
least $52.8 million for loan defaults by the two companies.

Allied Systems, through its subsidiaries, provides logistics,
distribution, and transportation services for the automotive
industry in North America.

Allied Holdings Inc. first filed for chapter 11 protection (Bankr.
N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005.
Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented the
Debtors in the 2005 case.  Allied won confirmation of a
reorganization plan and emerged from bankruptcy in May 2007 with
$265 million in first-lien debt and $50 million in second-lien
debt.

The petitioning creditors said Allied defaulted on payments of
$57.4 million on the first lien debt and $9.6 million on the
second.  They hold $47.9 million, or about 20% of the first-lien
debt, and about $5 million, or 17%, of the second-lien obligation.
They are represented by Adam G. Landis, Esq., and Kerri K. Mumford,
Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., and
Robert J. Ward, Esq., at Schulte Roth & Zabel LLP.

Allied Systems Holdings Inc. formally put itself and 18
subsidiaries into bankruptcy reorganization June 10, 2012,
following the filing of the involuntary Chapter 11 petition.

The Company is being advised by Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., and Jeffrey W. Kelley, Esq., at
Troutman Sanders, Gowling Lafleur Henderson.

The bankruptcy court process does not include captive insurance
company Haul Insurance Limited or any of the Company's Mexican or
Bermudan subsidiaries.  The Company also announced that it intends
to seek foreign recognition of its Chapter 11 cases in Canada.

An official committee of unsecured creditors has been appointed in
the case.  The Committee consists of Pension Benefit Guaranty
Corporation, Central States Pension Fund, Teamsters National
Automobile Transporters Industry Negotiating Committee, and General
Motors LLC.  The Committee is represented by Sidley Austin LLP.

In January 2014, the U.S. Trustee for Region 3 appointed a three-
member Official Committee of Retirees.

Yucaipa Cos. has 55% of the senior debt and took the position it
had the right to control actions the indenture trustee would take
on behalf of debt holders.  The state court ruled in March 2013
that the loan documents didn't allow Yucaipa to vote.

In March 2013, the bankruptcy court gave the official creditors'
committee authority to sue Yucaipa.  The suit includes claims that
the debt held by Yucaipa should be treated as equity or
subordinated so everyone else is paid before the Los Angeles-based
owner. The judge allowed Black Diamond to participate in the
lawsuit against Yucaipa and Allied directors.

Allied Systems Holdings, Inc., changed its name to ASHINC
Corporation.

                          *     *     *

ASHINC Corporation, f/k/a Allied Systems Holdings, Inc., and its
debtor affiliates filed with the U.S. Bankruptcy Court for the
District of Delaware a joint Chapter 11 plan of reorganization,
co-proposed by the Committee and the first lien agents.

The Plan provides that certain of the Debtors' assets, the
Litigation Trust Assets, will vest in the Allied Litigation Trust,
and the remainder of the Debtors' assets, including the proceeds
from the sale of substantially all of the Debtors' assets, will
either revest in the Reorganized Debtors or be distributed to the
Debtors' creditors.


ALPHA NATURAL: Bank Debt Trades at 31% Off
------------------------------------------
Participations in a syndicated loan under which Alpha Natural
Resources is a borrower traded in the secondary market at 69.30
cents-on-the-dollar during the week ended Friday, July 24, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the July 28, 2015, edition of The Wall Street Journal.

This represents an increase of 0.33 percentage points from the
previous week, The Journal relates.  Alpha Natural Resources pays
275 basis points above LIBOR to borrow under the facility.  The
bank loan matures on May 31, 2020. Moody's rates the loan 'B3' and
Standard & Poor's gave a BB- rating to the loan.  The loan is one
of the biggest gainers and losers among 253 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended July 24.



AMERICAN POWER: Appoints Matt Van Steenwyk as New Board Member
--------------------------------------------------------------
American Power Group Corporation announced that Matt Van Steenwyk
has joined the Company's Board of Directors, effective July 21,
2015.

Matt Van Steenwyk has been managing director of Longbow Technology
Ventures, a technology investment fund located in Las Vegas, NV
since 2010 and is a director and partner at Northern Cross
Partners, a Los Angeles based merchant bank offering financial and
operation advisory services to companies in the small and middle
market since 2012.

Mr. Van Steenwyk has over twenty-five years of investing and
operating experience across multiple industries with a strong focus
on energy related industries.  After graduating from the
United States Air Force Academy, Mr. Van Steenwyk flew jet fighters
during the Cold War and later went on to oversee a
six billion dollar procurement/fighter replacement project for  the
Air Force.  In 1986, he left the Air Force to join a small  firm in
the energy services sector.  There, he was part of the  executive
team that built the company into what is now global firm with over
1,400 employees and operations in Canada, Europe, the Middle East,
Asia Pacific, Latin America and the United States.

Mr. Van Steenwyk directly owns and/or has a beneficial interest
through several investment vehicles he controls approximately 12.7
million shares of American Power Group Corporation's common stock.

Maury Needham, American Power Group's chairman of the Board of
Directors, stated, "We are extremely pleased that in addition to
his substantial financial investment in American Power Group
Matt has agreed to join the Company's Board.  Matt brings a  wealth
of expertise and experience in the global energy and  energy
services sectors with particular focus in the areas of oil and gas
exploration and production.  Matt will provide valuable industry
insight as we accelerate our Fueled By Flare initiatives
for both vehicular and stationary applications in the
Bakken region of North Dakota as well as other regions of the
United States."

                    About American Power Group

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

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

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


AMPAL-AMERICAN: Chapter 7 Trustee Trumps Disqualification Bid
-------------------------------------------------------------
Alex Spizz, the chapter 7 trustee of Ampal-American Israel
Corporation, is not going anywhere, according to a ruling by
Bankruptcy Judge Stuart M. Bernstein.

Judge Bernstein turned down calls by Yosef A. Maiman, the chairman
and former chief executive officer and president of Ampal together
with entities under his ownership or control, to disqualify Mr.
Spizz.

Judge Bernstein also tossed the Controlling Shareholders' objection
to Mr. Spizz's request to retain the law firm of Tarter Krinsky &
Drogin LLP as substitute general bankruptcy counsel under 11 U.S.C.
Sec. 327(a).

The Chapter 7 Trustee recently joined Tarter as a partner together
with four other lawyers and one paralegal after his previous firm,
Spizz Cohen & Serchuk, P.C., which dissolved and closed.

The Controlling Shareholders objected to Tarter's retention based
on its prior representation of certain parties-in-interest in other
matters in Ampal's bankruptcy case.  They also wanted the Trustee
disqualified based primarily on his affiliation with Tarter.  Irit
Eluz, a former officer of Ampal, joined in the objection and the
cross-motion.

A copy of Judge Bernstein's July 27 Findings of Fact and
Conclusions of Law is available at http://is.gd/RMKJpCfrom
Leagle.com.

Tarter Krinsky & Drogin LLP's Arthur Goldstein, Esq., and Jill
Makower, Esq. -- agoldstein@tarterkrinsky.com and
jmakower@tarterkrinsky.com -- argue for the Chapter 7 Trustee.

Yosef A. Maiman and Merhav (M.N.F.) Limited are represented by
Kasowitz, Benson, Torres & Friedman LLP's David M. Friedman, Esq.,
Daniel A. Fliman, Esq., and Nii-Amar Amamoo, Esq. --
dfliman@kasowitz.com and namamoo@kasowitz.com

Cole Schotz, P.C.'s Michael D. Sirota, Esq., and Steven L. Klepper,
Esq. -- sklepper@coleschotz.com -- represent Irit Eluz.

                        About Ampal-American

Ampal-American Israel Corporation -- http://www.ampal.com/--   
acquired interests primarily in businesses located in Israel or
that are Israel-related.  Ampal-American filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-13689) on Aug. 29, 2012, to
restructure the Company's Series A, Series B and Series C
debentures.  Bankruptcy Judge Stuart M. Bernstein presides over
the case.  Ampal-American sought bankruptcy protection in the U.S.
because bankruptcy laws in Israel would lead to the Company's
liquidation.

Michelle McMahon, Esq., at Bryan Cave LLP, serves as the Debtor's
counsel.  Houlihan Lokey serves as investment banker.

The petition was signed by Irit Eluz, chief financial officer,
senior vice president.  The Company scheduled $290,664,095 in
total assets and $349,413,858 in total liabilities.

A three-member official committee of unsecured creditors is
represented by Brown Rudnick as counsel.

In May 2013, the Bankruptcy Court converted Ampal's Chapter 11
bankruptcy to a Chapter 7 liquidation after determining that the
energy investment holding company does not have sufficient cash to
execute a reorganization plan.


ATLANTIC & PACIFIC: Court Restricts Trading of Securities
---------------------------------------------------------
In the Chapter 11 cases of Montvale-Para Holdings Inc., and certain
of its affiliates, including The Great Atlantic & Pacific Tea
Company, the U.S. Bankruptcy Court for the Southern District of New
York entered an interim order temporarily establishing procedures
that, in certain circumstances, restrict transactions by, any
person or group of persons that is or, as a result of such a
transaction, would become a substantial securityholder of either
(a) the common stock; or (b) the 14% senior secured convertible
notes due March 13, 2018, in each case issued by Montvale.

For purposes of the procedures, a substantial securityholder is any
person or entity that beneficially owns, directly or indirectly, at
least 38,000 shares of such common stock.

A hearing to consider entry of an order approving the procedures on
a final basis will be held on Aug. 10, 2015, at 10:00 a.m.
(prevailing Eastern Time).

                     About Atlantic & Pacific

Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea
Company, Inc., and its affiliates are one of the nation's oldest
leading supermarket and food retailers, operating approximately 300
supermarkets, beer, wine, and liquor stores, combination food and
drug stores, and limited assortment food stores across six
Northeastern states.  The primary retail operations consist of
supermarkets operated under a variety of well known trade names, or
"banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food
Basics, The Food Emporium, Best Cellars, and A&P Liquors.  The
Company employs approximately 28,500 employees, over 90% of whom
are members of one of twelve local unions whose members are
employed by the Debtors under the authority of 35 separate
collective bargaining agreements.

Then with 429 stores, A&P and its affiliates filed Chapter 11
petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, and
in 2012 emerged from Chapter 11 bankruptcy as a privately held
company with 320 supermarkets.

On July 19, 2015, with 300 stores, A&P and 20 affiliated debtors
each filed a Chapter 11 petition (Bankr. S.D.N.Y.) after reaching
deals for the going concern sales of 120 stores.  The Debtors are
seeking joint administration under Case No. 15-23007.

As of Feb. 28, 2015, the Debtors reported total assets of $1.6
billion and liabilities of $2.3 billion.

The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore
Group L.L.C., as investment banker, FTI Consulting, Inc., as
financial advisor, Hilco Real Estate, LLC, as real estate advisor,
and Prime Clerk LLC, as claims and noticing agent.


AZIZ CONVENIENCE: Has Nod to Sell Assets to Susser for $41.6M
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
approved on July 28, 2015, the sale of Aziz Convenience Stores LLC
and its assets to Susser Petroleum Property Co. LLC for $41.6
million, Greg Lindenberg at CSP Daily News reports, citing Harold
J. Bordwin, principal and managing director of Keen-Summit Capital
Partners LLC.

As reported by the Troubled Company Reporter on July 9, 2015, the
Court entered an order approving the sale and bid procedures in
connection with the sale of substantially all of the Company's
assets.  The Debtor had sought court authorization for the sale of
its assets to Susser Petroleum, subject to better and higher
offers.  Susser Petroleum proposed to acquire the Debtor's assets
for $28 million plus an "inventory payment."  

CSP Daily quoted Mr. Bordwin as saying, "We had three bidders.
Circle K [Stores Inc.] was the backup bidder, submitting the next
highest bid" at $41.5 million.  

Citing a source with knowledge of the deal, CSP Daily relates that
the third bidder was TravelCenters of America.

                           About Aziz Convenience

Aziz Convenience Stores, L.L.C., owner of convenience stores with
gas pumps in Texas, filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Tex. Case No. 14-70427) in its hometown in McAllen, Texas, on
Aug. 4, 2014, without stating a reason.

The Debtor owns properties in Mission, San Juan, Pharr, McAllen,
Sullivan City, Edinburg, La Joya, Donna, Alamo, Alton, Edinburg,
all in Texas.  It appears that none of the Debtor's convenience
stores are on leased property as the schedule of unexpired leases
only shows the contract with Valero LP.

The Debtor is represented by William A Csabi, Esq., from Harlingen,
Texas.  For his legal services, Mr. Csabi agreed to accept $65,000
from the Debtor, with the $12,500 already paid prepetition.


BAHA MAR: CSCEC Prepared to Invest $100M, CCA Bahamas Says
----------------------------------------------------------
CCA Bahamas Ltd., a wholly owned indirect subsidiary of China State
Construction Engineering Corporation Limited (CSCEC) and the
construction manager/general contractor for the $3.5 billion Baha
Mar resort project, said in a statement on July 27, 2015, that its
parent company is prepared to invest an additional $100 million in
Baha Mar Ltd. and provide a guarantee of $175 million to China Exim
Bank in connection with new loan facility.

CCA Bahamas said that it has "continued to make every effort to
work diligently and constructively with the Bahamian government,
China Exim Bank, and Baha Mar Ltd., to reach a swift resolution
that will enable work to restart on the Baha Mar project."

CCA Bahamas presented these key facts about legacy business
interests in the Baha Mar resort project and its continued
initiatives to reach a successful resolution:

1. CCA Bahamas never had any development responsibilities with
respect to Baha Mar.  CCA Bahamas' role has been -- and will
continue to be -- limited to that of a construction contractor.  In
an effort to resurrect Baha Mar, CCA Bahamas went above and beyond
the obligations of a traditional construction contractor and made a
minority equity investment of $150 million (preferred shares) in
Baha Mar Ltd. (BML) which was indispensable to the funding of the
project.

2. CCA Bahamas has a firm, binding contract in place with BML to
serve as the construction manager/general contractor for the Baha
Mar project.  BML has failed to pay CCA Bahamas the normal monthly
construction progress payments of approximately $72 million for the
first five months of 2015 and has not honored CCA Bahamas' requests
for additional payments of approximately $70 million for
outstanding construction change orders.

3. BML is bankrupt because it repeatedly made mistakes in the
development of Baha Mar.  Their attempts to place blame on CCA
Bahamas are self-serving explanations to deflect attention from
their own negligence and mismanagement of the resort's development.
However, despite their serial missteps and purposeful avoidance of
its contractual payment obligations, CCA Bahamas are once again
offering to provide financial assistance to help save Baha Mar and
create thousands of jobs for the Bahamian people.

4. Completing Baha Mar is a major priority for CCA Bahamas.  It is
the largest project of its kind in the history of the Caribbean and
a national priority for the people and government of The Bahamas.
To demonstrate our strong confidence in the project and further
reinforce CCA Bahamas' continued commitment to completing Baha Mar,
CCA Bahamas haS offered to invest an additional $100 million in BML
and provide a guarantee of $175 million to China Exim Bank in
connection with China Exim Bank's new $200 million loan facility to
BML.

5. To satisfy China Exim Bank's clear requirements for a guarantee
of the new loan facility, CCA Bahamas haS asked BML to provide a
similar guarantee.  Mr. Izmirlian has categorically rejected CCA
Bahamas' reasonable request for a counter guarantee -- one which
would put the Baha Mar resort project back on track for
completion.

6. BML has counterproductively demanded that CCA Bahamas reduce the
value of CCA Bahamas' existing equity investment ($150 million of
preferred shares) in BML, to $75 million -- a 50% write-down ($75
million) of CCA Bahamas' equity investment in BML and has also
requested that the interest rate on CCA Bahamas' investment in BML
be reduced to zero.

CCA Bahamas' expertise and historical oversight of the Baha Mar
project is essential to successfully completing the resort as
quickly as possible, and putting Bahamians back to work.  While BML
continues to be unwilling to reach a mutually beneficial agreement,
CCA Bahamas said that its commitment to supporting the Bahamian
government and the people of the Bahamas has not waned.  "We will
continue to work closely with any and all appropriate parties to
reach a viable plan in order to expeditiously open this landmark
resort," CCA Bahamas said.

About China State Construction Engineering Corporation & CCA
Bahamas Ltd.

Established in 1985, China Construction America (CCA) is the North
American and South American subsidiary of CSCEC.  CSCEC is a public
company listed on the Shanghai Stock Exchange with a total market
capitalization of $48 billion as of June 2015.  Ranked 37th among
Fortune Global 500 companies in 2015 and no. 1 on the ENR Global
Contractors list in 2014, CSCEC is unrivaled by any other
construction company in the world.

CCA Bahamas is a wholly owned subsidiary of CCA with founding
principles of integrity and innovation with quality assurance and
value creation.  With revenue of approximately $2 billion in 2014,
CCA is the no. 32 ranked contractor in the US.  In accordance with
its core values, CCA is committed to creating value for all
stakeholders and building a better Bahamas and a better world.

                         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.


BERNARD L. MADOFF: Judge Approves Settlement with Plaza Investments
-------------------------------------------------------------------
Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,
reported that Judge Stuart M. Bernstein of the U.S. Bankruptcy
Court in Manhattan approved a settlement among Irving H. Picard,
Securities Investor Protection Act (SIPA) Trustee for the
liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS),
and Plaza Investments International Limited and Notz, Stucki
Management (Bermuda) Limited.

As previously reported by The Troubled Company Reporter, under the
terms of the agreement, the settlement with Plaza will immediately
benefit the BLMIS Customer Fund by $140 million.  This payment by
Plaza represents approximately 60 percent of the amount transferred
from BLMIS to Plaza during the six-year period prior to the BLMIS
liquidation filing and also includes 100 percent of the preference
and transfers from BLMIS to the Plaza defendants that occurred
within two years of the BLMIS liquidation filing.

As of the approval of the settlement, Plaza will be entitled to an
allowed claim of approximately $405 million and entitled to receive
catch-up payments of approximately $198 million based on the five
pro rata interim distributions made in the SIPA liquidation of
BLMIS to date, plus the $500,000 SIPC advance. Plaza will use the
first $140 million of the catch-up payments to pay the amount it
owes to the BLMIS Customer Fund.  Plaza will now be entitled to
further pro rata interim distributions along with all other BLMIS
customers with allowed claims not yet fully satisfied.

                    About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New
York granted the application of the Securities Investor Protection
Corporation for a decree adjudicating that the customers of BLMIS
are in need of the protection afforded by the Securities Investor
Protection Act of 1970.  The District Court's Protective Order (i)
appointed Irving H. Picard, Esq., as trustee for the liquidation
of
BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and
(iii) removed the SIPA Liquidation proceeding to the Bankruptcy
Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).  Mr.
Picard has retained AlixPartners LLP as claims agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The petitioning creditors -- Blumenthal &
Associates Florida General Partnership, Martin Rappaport
Charitable
Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven
Morganstern -- assert US$64 million in claims against  Mr. Madoff
based on the balances contained in the last statements they got
from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to 150
years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).

From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has commenced  distributions to victims.  As of the end
of May 2015, the SIPA Trustee has recovered more than $10.699
billion and has distributed approximately $7.576 billion.  When
additional settlements awaiting distribution are taken into
account, the recovery in the Madoff liquidation proceeding totals
$10.734 billion.


BRAND ENERGY: Bank Debt Trades at 3% Off
----------------------------------------
Participations in a syndicated loan under which Brand Energy &
Infrastructure Services is a borrower traded in the secondary
market at 96.72 cents-on-the-dollar during the week ended Friday,
July 24, 2015, according to data compiled by LSTA/Thomson Reuters
MTM Pricing and reported in the July 28, 2015, edition of The Wall
Street Journal.  This represents an increase of 0.48 percentage
points from the previous week, The Journal relates.  Brand Energy
pays 375 basis points above LIBOR to borrow under the facility. The
bank loan matures on Nov. 12, 2020, and carries Moody's B1 rating
and Standard & Poor's B rating.  The loan is one of the biggest
gainers and losers among 253 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
July 24.



BRIAN J. COOK: Court Denies Motion to Reject Executory Contract
---------------------------------------------------------------
Bankruptcy Judge Robert Kwan in Los Angeles, California, denied the
motion of debtors Brian and Victoria Cook to reject a contract as
executory between Mr. Cook and creditor Edward Franowicz.

Judge Kwan noted that the "sparse and conclusory nature of the
evidentiary showing by debtors in the moving papers has led the
court to determine that the court cannot rule upon the motion
without sufficient factual development because the record is
insufficient at this time for the court to rule in favor of debtors
on this motion. That is, the evidentiary record is insufficient for
the court to find that the contract is executory, that creditor is
not a purchaser-in-possession entitled to the protections of 11
U.S.C. [Sec.]365(i), or that the rejection of the contract is a
reasonable exercise of the business judgment of debtors in
possession."

"Debtors' evidentiary showing in support of their motion consists
of scanty (or "bare bones" as described by creditor) and conclusory
statements by debtor Brian Cook that the contract is executory,
that rejection of the contract is a reasonable exercise of debtors'
business judgment and that creditor is not entitled to protection
as a purchaser-in-possession under 11 U.S.C. [Sec.]365(i), to which
statements creditor has interposed evidentiary objections, which
the court now sustains because the statements are conclusory and
lacking in foundation.

"The court denies the motion without prejudice. That is, debtors
may file an amended motion that remedies the deficiencies in proof
described in this order."

The court determined that oral argument on the matter was not
necessary, and vacated a scheduled hearing for June 9, 2015.

A copy of Judge Kwan's order is available at http://is.gd/Cdz5ea
from Leagle.com.

Brian J. Cook and Victoria Velasquez Cook filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 15-10768) on January 21, 2015.


C & O ENTERPRISES: Case Summary & 11 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: C & O Enterprises, LLC
        c/o Kanetha Chau, Managing Member
        1548 Cutty Sark Cove
        Slidell, LA 70461

Case No.: 15-11892

Chapter 11 Petition Date: July 28, 2015

Court: United states Bankruptcy Court
       Eastern District of Louisiana (New Orleans)

Judge: Hon. Elizabeth W. Magner

Debtor's Counsel: Phillip K. Wallace, Esq.
                  PHILLIP K. WALLACE, PLC
                  4040 Florida Street, Suite 203
                  Mandeville, LA 70448
                  Tel: (985) 624-2824
                  Fax: (985) 624-2823
                  Email: PhilKWall@aol.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kanetha Chau, managing member.

A list of the Debtor's 11 largest unsecured creditors is available
for free at http://bankrupt.com/misc/laeb15-11892.pdf


CAESARS ENTERTAINMENT: 2020 Bank Debt Trades at 7% Off
------------------------------------------------------
Participations in a syndicated loan under which Caesars
Entertainment Inc. is a borrower traded in the secondary market at
93.15 cents-on-the- dollar during the week ended Friday, July 24,
2015, according to data compiled by LSTA/Thomson Reuters MTM
Pricing and reported in the July 28, 2015, edition of The Wall
Street Journal.  This represents a decrease of 0.63 percentage
points from the previous week, The Journal relates.  Caesars
Entertainment Inc. pays 600 basis points above LIBOR to borrow
under the facility.  The bank loan matures on September 24, 2020,
and carries Moody's B2 rating and Standard & Poor's CCC+ rating.
The loan is one of the biggest gainers and losers among 253 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended Friday, July 24.



CAESARS ENTERTAINMENT: Not Allowed to Make Fast Appeal of Ruling
----------------------------------------------------------------
Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,
reported that Caesars Entertainment Operating Co. can't quickly
appeal a ruling that allows creditors' lawsuits against its parent
to proceed, a bankruptcy judge ruled.

According to the report, Judge A. Benjamin Goldgar of the U.S.
Bankruptcy Court in Chicago said CEOC may not bypass the district
court to take its challenge of his ruling straight to the Seventh
U.S. Circuit Court of Appeals, a victory for the creditors suing
parent Caesars Entertainment Corp. over asset transfers between the
two companies before CEOC's bankruptcy filing.

                    About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,
is one of the world's largest casino companies.  Caesars casino
resorts operate under the Caesars, Bally's, Flamingo, Grand
Casinos, Hilton and Paris brand names.  The Company has its
corporate headquarters in Las Vegas.  Harrah's announced its
re-branding to Caesar's in mid-November 2010.

In January 2015, Caesars Entertainment and subsidiary Caesars
Entertainment Operating Company, Inc., announced that holders of
more than 60% of claims in respect of CEOC's 11.25% senior secured
notes due 2017, CEOC's 8.5% senior secured notes due 2020 and
CEOC's 9% senior secured notes due 2020 have signed the Amended
and
Restated Restructuring Support and Forbearance Agreement, dated as
of Dec. 31, 2014, among Caesars Entertainment, CEOC and the
Consenting Creditors.  As a result, The RSA became effective
pursuant to its terms as of Jan. 9, 2015.

Appaloosa Investment Limited, et al., owed $41 million on account
of 10% second lien notes in the company, filed an involuntary
Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case
No. 15-10047) on Jan. 12, 2015.  The bondholders are represented
by
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP.

CEOC and 172 other affiliates -- operators of 38 gaming and resort
properties in 14 U.S. states and 5 countries -- filed Chapter 11
bankruptcy petitions (Bank. N.D. Ill.  Lead Case No. 15-01145) on
Jan. 15, 2015.  CEOC disclosed total assets of $12.3 billion and
total debt of $19.8 billion as of Sept. 30, 2014.

Delaware Bankruptcy Judge Kevin Gross entered a ruling that the
bankruptcy proceedings will proceed in the U.S. Bankruptcy Court
for the Northern District of Illinois.

Kirkland & Ellis serves as the Debtors' counsel.  AlixPartners is
the Debtors' restructuring advisors.  Prime Clerk LLC acts as the
Debtors' notice and claims agent.  Judge Benjamin Goldgar presides
over the cases.

The U.S. Trustee has appointed seven noteholders to serve in the
Official Committee of Second Priority Noteholders and nine members
to serve in the Official Unsecured Creditors' Committee.

The U.S. Trustee appointed Richard S. Davis as Chapter 11
examiner.

                         *     *     *

The Troubled Company Reporter, on April 27, 2015, reported that
Fitch Ratings has affirmed and withdrawn the Issuer Default
Ratings
(IDR) and issue ratings of Caesars Entertainment Operating Company
(CEOC).  These actions follow CEOC's Chapter 11 filing on Jan. 15,
2015.  Accordingly, Fitch will no longer provide ratings or
analytical coverage for CEOC.

In addition, Fitch has affirmed the IDR and issue rating of
Chester
Downs and Marina LLC (Chester Downs) and the ratings have been
simultaneously withdrawn for business reasons.


CAL DIVE: Gets Approval to Sell Vessel to Arendal for $3.5-Mil.
---------------------------------------------------------------
An affiliate of Cal Dive International Inc. won court approval to
sell a vessel to Arendal, S. de R.L. de C.V. for $3.5 million.

U.S. Bankruptcy Judge Christopher Sontchi on July 24 allowed Cal
Dive Offshore Contractors Inc. to sell a Vanuatu-flagged vessel
called Texas and other assets to the Mexican company.

Arendal emerged as the winning bidder for the assets at a
bankruptcy auction on July 22, beating out rival bidder Shelf
Subsea Services Pte., which offered $1.4 million.

The assets will be sold to Shelf Subsea, the court-approved
"back-up bidder," in case Cal Dive's sale transaction with the
Mexican company falls through.

Cal Dive's sale agreement with Arendal is just one of the many
transactions entered into by the company since it received the
bankruptcy judge's approval to solicit offers for its assets.

In June this year, Judge Sontchi approved a bidding process despite
opposition from Cal Dive's secured creditor Sabine Pass Independent
School District and other groups that claim to have maritime liens
on vessels owned by the company.

In its objection, Sabine Pass expressed concern its tax lien wasn't
"adequately" protected.  Sabine Pass dropped its objection last
week.

                           About Cal Dive

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.

On March 17, 2015, 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.


CAL DIVE: Waveny Master Fund Resigns from Creditors Committee
-------------------------------------------------------------
The U.S. Trustee for Region 3 announced that Waveny Master Fund LP
resigned from Cal Dive International Inc.'s official committee of
unsecured creditors effective July 27.

The remaining members of the committee are:  

     (1) The Bank of New York Mellon Trust Company, N.A.
         Attn: Dennis Roemlein
         601 Travis, 16th Floor
         Houston, TX 77002
         Phone: (713) 483-6531
         Fax: (713) 483-6979

     (2) AQR Funds–AQR Diversified Arbitrage Fund
         Attn: Melinda Franek
         2 Greenwich Plaza, Third Floor
         Greenwich, CT 06830  
         Phone: (203) 742-3007
         Fax: (203) 742-3077

     (3) Cashman Equipment Corp.
         Attn: Kim Marie Shaughnessy
         41 Brooks Drive Suite 1005
         Braintree, MA 02184
         Phone: (617) 908-1982
         Fax: (781) 535-6220

     (4) Smith Marine Towing Corp.
         Attn: Kirk Smith
         P.O. Box 2120
         Morgan City, LA 70381  
         Phone: (985) 631-9420
         Fax: (985) 631-6655

                           About Cal Dive

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.

On March 17, 2015, 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.


CAPELLA HEALTHCARE: Moody's Retains B2 CFR on Announced Sale
------------------------------------------------------------
Moody's Investors Service said that the announced sale of Capella
Healthcare, Inc. to Medical Properties Trust, Inc. ("MPT" Ba1,
stable) has no immediate impact on Capella's ratings, including the
company's B2 Corporate Family Rating and stable outlook.

Headquartered in Franklin, Tennessee, Capella Healthcare, Inc. is
an owner and operator of non-urban hospitals.  Capella generated
revenue of approximately $751 million for the last twelve month
period ended March 31, 2015.  Capella is majority owned by GTCR
Golder Rauner, LLC.



CAPELLA HEALTHCARE: S&P Puts 'B' CCR on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services placed all of its ratings,
including the 'B' corporate credit rating, on Capella Healthcare
Inc. on CreditWatch with positive implications.

The CreditWatch placement follows MPT's announcement that it
intends to acquire Capella for $900 million.  Under the terms of
the transaction, operations of Capella's seven hospitals will be
jointly managed by both the REIT and Capella's existing senior
management.

Earlier, S&P affirmed its 'BB+' rating on MPT on news of the
acquisition.

S&P will resolve its CreditWatch listing on Capella when the
acquisition closes, pending additional information on MPT's
acquisition integration plans and on the ultimate capital structure
of the combined entity.



CICERO INC: Privet Fund Reports 50.9% Stake as of July 15
---------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Privet Fund LP, Privet Fund Management LLC and Ryan
Levenson disclosed that as of July 15, 2015, they beneficially
owned 168,102,778 shares of common stock of Cicero, Inc., which
represents 50.9 percent of the shares outstanding.

Mr. Levenson is the sole managing member of Privet Fund Management
LLC, which is the general partner and investment manager of Privet
Fund LP.

On July 15, 2015, Privet entered into a Stock and Warrant Purchase
Agreement with the other investors named therein, including John L.
Steffens and the Issuer, pursuant to which the Purchasers severally
purchased, in the aggregate, 25,000,000 shares of Common Stock and
warrants to purchase up to an aggregate of 205,277,778 shares of
Common Stock for an aggregate consideration of $1,000,000.

Privet acquired the following Warrants: (i) Warrants to purchase up
to 63,875,000 shares of the Common Stock at a price of $0.04 per
share; (ii) Warrants to purchase up to 56,777,778 shares of the
Common Stock at a price of $0.045 per share; and (iii) Warrants to
purchase up to 29,200,000 shares of the Common Stock are
exercisable at a price of $0.05 per share.  Because the Issuer does
not have a sufficient number of authorized shares at this time to
permit it to issue the shares upon exercise of the Warrants, the
exercise of the Warrants is also subject to the Issuer obtaining
authorization of the shareholders and filing an amendment to the
certificate of incorporation to increase the number of authorized
shares of the Issuer's common stock within 60 days after the
closing of the transaction.

In connection with the execution of the Purchase Agreement, Privet
and Mr. Steffens entered into an Investor Rights Agreement with the
Issuer, which granted the Investors the right to require the Issuer
to file with the Securities and Exchange Commission up to four
requested registration statements to register for resale the
Investors' shares of common stock purchased under the Purchase
Agreement and purchased upon exercise of any of the Warrants.  The
Investors also are granted unlimited "piggy-back" registration
rights with respect to the Registrable Securities.  The obligation
to register the Registrable Securities continues until those
securities have been sold or transferred.

A copy of the regulatory filing is available at:

                        http://is.gd/dq1spO

                          About Cicero Inc.

Cary, N.C.-based Cicero, Inc., provides business integration
software solutions and also provides technical support, training
and consulting services as part of its commitment to providing
customers with industry-leading solutions.

The Company focuses on the customer experience management market
with emphasis on desktop integration and business process
automation with its Cicero XM(TM) products.  Cicero XM enables the
flow of data between different applications, regardless of the
type and source of the application, eliminating redundant entry
and costly mistakes.

The Company has extended the maturity dates of several debt
obligations that were due in 2011 to 2012, to assist with
liquidity and may attempt to extend these maturities again if
necessary.  Despite the recent additions of several new clients,
the Company continues to struggle to gain additional sources of
liquidity on terms that are acceptable to the Company.

Cicero reported a net loss applicable to common stockholders of
$4.05 million on $1.9 million of total operating revenue for the
year ended Dec. 31, 2014, compared to a net loss applicable to
common stockholders of $3.33 million on $2.19 million of total
operating revenue in 2013.

As of March 31, 2015, the Company had $2.70 million in total
assets, $16.2 million in total liabilities and a $13.5 million
total stockholders' deficit.

Cherry Bekaert LLP, in Raleigh, North Carolina, issued a "going
concern" in its report on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has suffered
recurring losses from operations and has a working capital
deficiency as of Dec. 31, 2014.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


COATES INTERNATIONAL: Issues $62,500 Conv. Note to Vis Vires
------------------------------------------------------------
Coates International, Ltd. on July 24, 2015, received the net
proceeds of a securities purchase agreement and related convertible
promissory note, dated July 21, 2015, in the face amount of $62,500
issued to Vis Vires Group, Inc.

The Promissory Note matures in March 2016 and provides for interest
at the rate of 8 percent per annum.  The Note may be converted into
unregistered shares of the Company's common stock, par value
$0.0001 per share, at the Conversion Price, in whole, or in part,
at any time beginning 180 days after the date of the Note, at the
option of the Holder.  All outstanding principal and unpaid accrued
interest is due at maturity, if not converted prior thereto.  The
Company incurred expenses amounting to $2,500 in connection with
this transaction.

The Conversion Price will be equal to 61% multiplied by the Market
Price.  The Market Price will be equal to the average of the three
lowest closing bid prices of the Company's common stock on the
OTCQB during the 10 trading-day period ending one trading day prior
to the date of conversion by the Holder.  The Conversion Price is
subject to adjustment for changes in the capital structure such as
stock dividends, stock splits or rights offerings.  The number of
shares of common stock to be issued upon conversion will be equal
to the aggregate amount of principal, interest and penalties, if
any divided by the Conversion Price. The Holder anticipates that
upon any conversion, the shares of stock it receives from the
Registrant will be freely tradable in compliance with Rule 144 of
the U.S. Securities and Exchange Commission.

The Conversion Price is subject to adjustment in the event of any
of the following:

  1. During the period when a Major Announcement by the Company  
     relating to a merger, consolidation, sale of the Company
     or substantially all of its assets or tender offer is in
     effect.

  2. A merger, consolidation, exchange of shares,
     recapitalization, reorganization or other similar event being

     consummated.

The Company is not permitted to pay dividends or make other
distributions of capital or repurchase or otherwise acquire any
shares of its capital stock without the Holder's consent and is
subject to certain restrictions on new borrowings, while there is a
remaining outstanding balance related to the convertible promissory
note.

These notes may be prepaid during the first six months the notes
are outstanding by paying a prepayment penalty equal to 30% during
the first 60 days, increasing in 5% increments each month
thereafter, to a maximum of 50%.  The Company has reserved
135,000,000 shares of its unissued common stock for potential
conversion of the convertible note.

The Company has substantially reduced its reliance on the use of
convertible promissory notes to provide working capital since the
end of 2014.  At Dec. 31, 2014, the principal amount of outstanding
convertible notes was approximately $696,000.  As of July 27, 2015,
the balance of all outstanding convertible promissory notes had
been reduced to approximately $271,000.

                            About Coates

Based in Wall Township, N.J., Coates International, Ltd.
(OTC BB: COTE) -- http://www.coatesengine.com/-- was
incorporated on August 31, 1988, for the purpose of researching,
patenting and manufacturing technology associated with a spherical
rotary valve system for internal combustion engines.  This
technology was developed over a period of 15 years by Mr. George
J. Coates, who is the President and Chairman of the Board of the
Company.

The Coates Spherical Rotary Valve System (CSRV) represents a
revolutionary departure from the conventional poppet valve.  It
changes the means of delivering the air and fuel mixture to the
firing chamber of an internal combustion engine and of expelling
the exhaust produced when the mixture ignites.

As of March 31, 2015, the Company had $2.36 million in total
assets, $7.88 million in total liabilities and a $5.52 million
total stockholders' deficiency.

In its report on the consolidated financial statements for the year
ended Dec. 31, 2014, Cowan, Gunteski & Co., P.A., expressed
substantial doubt about the Company's ability to continue as a
going concern, citing that the Company continues to have negative
cash flows from operations, recurring losses from operations, and a
stockholders' deficiency.


COCRYSTAL PHARMA: Appoints Walt Linscott as General Counsel
-----------------------------------------------------------
The Board of Directors of Cocrystal Pharma, Inc., appointed Walt
Linscott, Esq., to serve as general counsel and corporate secretary
of the Company, effective July 15, 2015.

From Jan. 1, 2015, through July 14, 2015, Mr. Linscott, 54, served
as global strategic legal advisor for Thompson Hine, LLP.
Previously, from Jan. 1, 2011, through Dec. 31, 2014, Mr. Linscott
served as general counsel of Carestream Health, Inc. and its
corporate secretary through Oct. 1, 2014.  From Jan. 1, 2005,
through Dec. 31, 2010, Mr. Linscott served as office managing
partner and Chair of the Life Sciences practice of Thompson Hine,
LLP.

In connection with his appointment, the Company entered into an
employment agreement with Mr. Linscott pursuant to which the
Company agreed to provide Mr. Linscott an annual base salary of
$225,000 and a discretionary annual bonus, to be determined by the
Company's Compensation Committee, equal to up to 35% of Mr.
Linscott's annual base salary.  In addition, the Company granted
Mr. Linscott 1,200,000 ten-year stock options, vesting in four
equal annual increments with the first vesting date being one year
from grant date, subject to continued employment and accelerated
vesting under certain conditions.

                      About Cocrystal Pharma

Cocrystal Pharma, Inc., formerly known as Biozone Pharmaceuticals,
Inc., is a pharmaceutical company with a mission to discover novel
antiviral therapeutics as treatments for serious and/or chronic
viral diseases.  Cocrystal Pharma employs unique technologies and
Nobel Prize winning expertise to create first- and best-in-class
antiviral drugs.  These technologies and the Company's market-
focused approach to drug discovery are designed to efficiently
deliver small molecule therapeutics that are safe, effective and
convenient to administer.

The Company's primary business going forward is to develop novel
medicines for use in the treatment of human viral diseases.
Cocrystal has been developing novel technologies and approaches to
create first-in-class and best-in-class antiviral drug candidates
since its initial funding in 2008.  Subsequent funding was
provided to Cocrystal Discovery, Inc., by Teva Pharmaceuticals
Industries, Ltd., or Teva, in 2011.  The Company's focus is to
pursue the development and commercialization of broad-spectrum
antiviral drug candidates that will transform the treatment and
prophylaxis of viral diseases in humans.  By concentrating the
Company's research and development efforts on viral replication
inhibitors, the Company plans to leverage its infrastructure and
expertise in these areas.

Cocrystal Pharma reported a net loss of $99,000 in 2014 following a
net loss of $3.8 million in 2013.

As of March 31, 2015, the Company had $269 million in total assets,
$79.9 million in total liabilities, and $189 million in total
stockholders' equity.


COMMUNITY HEALTH: To File Plan Outline By End of July
-----------------------------------------------------
Community Health Systems of Wisconsin is preparing a disclosure
statement for its creditors to be filed by the end of the month,
while the finalized plan should be put into place in October 2015,
Whitney Helm, writing for Beloitdailynews.com, reports, citing
James Sweet, Esq., at the Sweet DeMarb law firm, and Interim CEO
Julie Sprecher.

According to Beloitdailynews.com, the Company is making plans to
pay back all its creditors fully in a five-year period while adding
services.

The report quoted Mr. Sweet as saying, "The entire purpose of that
filing was to give us a little breathing room to figure out how we
want to make the business look at the end of the process.  What
people did we want?  What services did we want to provide? . . . We
also had to figure out what the company owed to whom and for
what?"

Beloitdailynews.com, citing Mr. Sweet, relates that the accounting
records were well maintained for the most part, but there are
questions pertaining to the federal government and Medicaid.  The
report says that Beloit Area Community Health Center's budget is
about $11 million per year and receives a grant from U.S. Health
Review and Services Administration (HRSA) for about $1.2 million.
Mr. Sweet said that the accounting records of the HRSA grant are
still being looked at, the report states.

Ms. Sprecher said that there will be no more closures in
Janesville, Beloit or Darlington, Beloitdailynews.com reports.  The
report recalls that the Company closed its Racine clinic earlier
this year.

                   About Community Health Systems

Headquartered in Beloit, Wisconsin, Community Health Systems of
Wisconsin is the operator of the Beloit Area Community Health
Center.  It is the health care provider for uninsured and
underinsured clients.

Community Health Systems, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Wis. Case No. 14-11319) on March 31, 2014,
estimating its assets and liabilities at between $1 million and $10
million each.  The petition was signed by Richard A. Perry, chief
executive
officer.  

Judge Robert D. Martin presides over the case.

Rebecca R. DeMarb, Esq., at Kerkman Dunn Sweet Demarb serves as the
Company's bankruptcy counsel.


CORNERSTONE HOMES: Can Use Cash Collateral Until July 31
--------------------------------------------------------
Judge Paul R. Warren of the United States Bankruptcy Court for
Western District of New York entered an interim order authorizing
Michael H. Arnold, the Chapter 11 Trustee for Cornerstone Homes,
Inc., to use the cash collateral until July 31, 2015.

The Trustee must deliver to Lyons National Bank, which asserts an
interest in the cash collateral, on or before the tenth day of each
month, adequate protection payments in the amount of $16,403.  The
Trustee is also required to, among others, manage the real property
in which the Lyons asserts an interest and insure the Lyons
Property for the benefit of Lyons and the Chapter 11 estate to the
extent of its full market value.

The Trustee and the Official Committee of Unsecured Creditors, in
response to First Citizens National Bank, which objected to the
Cash Collateral Motion, maintained that certain cash is not cash
collateral of the Prepetition Lenders.  The Unencumbered Cash is
not cash collateral of the Prepetition Lenders because they cannot
meet their initial burden of proof with respect to the validity,
priority, and extent of their purported interests in Debtor's
property, the Trustee argued.

Although the Unencumbered Cash is not cash collateral of the
Prepetition Lenders, the Trustee has proposed to use the
Unencumbered Cash to pay past due real estate taxes on the
Prepetition Lenders' purported real property collateral, the
Trustee said.  Although acknowledging that the perfection of its
perfected security interest in land contract revenue is a
"colorable" issue, First Citizens does not cite any statute or case
to support its position that it is entitled to adequate protection
with respect to the land contract revenue, the Trustee pointed
out.

The Official Committee of Unsecured Creditors is represented by:

          Gregory J. Mascitti, Esq.
          Michael J. Crosniker, Esq.
          LeClairRyan, a Professional Corporation
          70 Linden Oaks, Suite 210
          Rochester, New York 14625
          Tel.: 585 270-2100
          Fax: 585 270-2179
          Email: gregory.mascitti@leclairryan.com
                 michael.crosnicker@leclairryan.com

Lyons National Bank is represented by:

          Paul S. Groschadl, Esq.
          Woods Oviatt Gilman, LLP
          700 Crossroads Bldg.
          2 State Street
          Rochester, New York 14614
          Tel.: 585 987-2800
          Fax: 585 454-3968
          Email: pgroschadl@woodsoviatt.com

                   About Cornerstone Homes

Cornerstone Homes Inc. is based in Corning, New York and is engaged
in the business of buying, selling and leasing single family homes
in the State of New York, with such properties primarily located in
the South Central and South Western portions of the State.

Cornerstone Homes Inc., filed a Chapter 11 petition (Bankr.
W.D.N.Y. Case No. 13-21103) on July 15, 2013, in Rochester
alongside a reorganization plan already accepted by 96 percent of
unsecured creditors' claims.

The Debtor disclosed assets of $18.6 million and liabilities of
$36.2 million.  Four secured lenders with $21.8 million in claims
are to be paid in full under the plan.  Unsecured creditors --
chiefly noteholders with $14.5 million in claims -- will have a 7
percent recovery.

Judge Paul R. Warren presides over the case.  Curtiss Alan
Johnson,Esq., and David L. Rasmussen, Esq., at Davidson Fink, LLP,
in Rochester, N.Y., serve as the Debtor's counsel.  The Debtor has
tapped GAR Associates to appraise a selection of its properties to
support the Debtor's liquidation analysis.

The Official Committee of Unsecured Creditors is represented by
Gregory J. Mascitti, Esq., at LeClairRyan PC.  The Committee
retained Getzler Henrich & Associates LLC as financial advisor.

Cornerstone Homes Inc. delivered to the Bankruptcy Court a First
Amended Plan of Reorganization and explanatory Disclosure Statement
on Jan. 3, 2014.  The Amended Plan supersedes the Plan Cornerstone
prepared prior to filing for bankruptcy.  The Debtor intends to
liquidate properties over a period of time, so as to achieve
maximum recovery for the creditors while avoiding a deleterious
affect on the housing market.  The Plan provides for a distribution
of $1 million as an Unsecured Distribution Amount.  

Owner David Fleet will pledge up to $1 million to fund
distributions under the Plan.  It also provides for the
distribution of the stock in the Reorganized Debtor to holders of
Allowed Unsecured Noteholder Claims under Class 5.  The Class 5
Claimants are expected to receive 7% plus distribution of stock on
the Distribution Date.  The Claimants are impaired and entitled to
vote on the Plan.

No hearing was slated to consider the Amended Plan documents.
Instead, the Court accepted the request of the Committee to appoint
a Chapter 11 trustee to replace management.  The Court approved the
appointment of Michael H. Arnold, Esq., as Chapter 11 trustee.  He
is represented by his law firm, Place and Arnold as his counsel.


CPI HOLDINGS: Moody's Assigns B1 Corp. Family Rating
----------------------------------------------------
Moody's Investors Service assigned a first time B1 corporate family
rating and a B1-PD probability of default rating to CPI Holdings,
Inc..  Moody's also assigned B1 ratings to the proposed $435
million senior secured term loan and $40 million senior secured
revolver of CPI Acquisition, Inc., the debt issuing subsidiary of
CPI.  The rating outlook is stable.

The proceeds from the term loan will be used to refinance CPI's
existing term loan and redeem preferred stock.

RATINGS RATIONALE

The B1 CFR is supported by CPI's leading position as a U.S.
provider of financial payment cards and services in an industry
with steady, recurring demand characteristics.  The rating also
benefits from favorable industry dynamics with an increased focus
on secure payment transactions and the ongoing conversion to EMV
chip cards by card-issuing banks.  Effective October 1, 2015, U.S.
banks and merchants will be subject to the card networks' liability
shift in the U.S. for domestic and cross-border counterfeit
transactions, whereby the party that doesn't support the use of
chip-on-chip credit or debit cards will assume liability for
card-present counterfeit card fraud losses.

Moody's expects CPI to generate over double digit revenue growth
with operating margins of around 20% over the next several years as
the company capitalizes on the conversion to EMV cards from
magnetic stripe cards in the US.  United States is the remaining
G-20 country which has not adopted EMV chip technology as the
standard in financial payment cards.  The replacement chip cards
will generate more revenue and profits per card than the
traditional magnetic cards.  Although the conversion is already
underway, there is some uncertainty in the pace of adoption, and
full adoption could take three or more years to complete.

The ratings also consider CPI's modest size (Moody's projects over
$400 million in sales in FY 2016), and relatively high customer and
geographic concentration.  CPI competes primarily in the US with
its top 10 customers (mainly large card issuing banks and merchant
acquirers) accounting for just over half of its revenue stream.
CPI's largest bank customers source from multiple payment card
vendors to foster competition and lower their costs, a trend which
could pressure pricing and profit margins over the long term.

The stable rating outlook reflects Moody's expectation that CPI's
leverage will improve to near 4x by the end of 2016 through a
combination of debt pay down and profit growth.  Moody's expects
margin expansion to be driven by high revenue growth and operating
leverage from investments already incurred in preparation for the
conversion to EMV cards.  Moody's also expects CPI to maintain good
liquidity over the next year, with minimal projected cash balances
offset by solid free cash flow of at least $40 million.

The ratings could be upgraded if CPI were to generate organic
revenue growth of over 15% with EBITDA margins over 25%, reduce
adjusted debt to EBITDA to the low 3x, and produce strong cash
flows such that FCF to gross debt is maintained above 10%.  The
ratings could be downgraded if revenue growth does not materialize,
or the company experiences market share loss or operational
missteps.  Ratings could also be downgraded if margins erode (e.g.,
EBITDA margins below 15%) as a result of pricing pressures or
higher operating costs.  Inability to reduce financial leverage to
near 4 times or a reduction in free cash flow to debt to mid-single
digits would also pressure ratings.

Rating Assignments:

Issuer: CPI Holdings I, Inc.

  Corporate Family Rating, Assigned B1
  Probability of Default Rating, Assigned B1-PD

Issuer: CPI Acquisition, Inc.

  Senior Secured Term Loan due 2022 Assigned B1 (LGD3)
  Senior Secured Revolving Credit Facility due 2020 Assigned B1
   (LGD3)

Outlook Actions:

Issuer(s): CPI Holdings I, Inc./CPI Acquisition, Inc.
  Outlook, Assigned as Stable

CPI is a provider of financial payment cards and card services to
U.S. card issuing banks and prepaid debit card program managers.

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



CPI HOLDINGS: S&P Assigns 'BB-' CCR & Rates $435MM Loan 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
corporate credit rating to Littleton, Colo.-based CPI Holdings I
Inc.  The rating outlook is stable.

At the same time, S&P assigned its 'BB-' issue-level and '3'
recovery ratings to the company's planned $435 million senior
secured term loan due 2022 and $40 million revolver bank loan due
2020.  The '3' recovery rating indicates S&P's expectation for
meaningful recovery (50%-70%; upper half of the range) of principal
for lenders in the event of a payment default.  The borrower of the
debt is CPI Acquisition Inc.

The company plans to change its legal name to CPI Card Group Inc.
in August 2015.

S&P's corporate credit rating on CPI reflects S&P's assessment of
the company's leading position in the growing U.S. credit, debit,
and prepaid financial payment card market; the industry's
transition to higher-value contact EMV standard embedded
microprocessor payment cards ("chip card") from the lower-value
magnetic stripe cards; and the company's relatively narrow product
focus and limited geographic diversity.  The rating also reflects
S&P's expectation that the company's credit measures will
strengthen significantly over the next 12-18 months due to industry
tailwinds causing leverage to approach 4x by the end of 2016.

"The stable rating outlook is based on our expectations that CPI's
operating performance will improve with the industry shift to more
profitable EMV chip cards from magnetic stripe cards," Standard &
Poor's credit analyst Thomas Hartman.  "We also expect that
leverage will continue to improve to the low-4x area by the end of
2016."

S&P could lower the rating if CPI's operating performance does not
continue to improve through 2016 with the industry shift to EMV
chip cards, causing S&P's leverage expectations to increase to the
5x area or above on a sustained basis.  This could occur if the
average selling price of EMV cards declines faster than S&P expects
or if CPI loses market share within the financial payment card
market.  S&P could also lower the rating if it views the company's
financial policy as more aggressive due to debt-financed dividends
or acquisitions that result in leverage in the 5x area or higher
over the next 18 months.

S&P views an upgrade as unlikely over the next two years.  S&P
could raise the rating if CPI is able to meaningfully diversify its
business while meeting or exceeding S&P's operating performance
expectations.  This would likely include the company supplying
contact EMV chip cards internationally.  S&P would also consider an
upgrade if the company's financial sponsor's ownership percentage
declines to less than 40% and leverage declines to well below 4x on
a sustained basis.



CTI BIOPHARMA: Bruce Seeley Is New EVP Chief Commercial Officer
---------------------------------------------------------------
Bruce J. Seeley became CTI Biopharma Corp.'s executive vice
president and chief commercial officer on July 27, 2015, according
to a Form 8-K document filed with the Securities and Exchange
Commission.  In this capacity, Mr. Seeley will oversee the
Company's commercial organization worldwide, including sales,
marketing, commercial operations, medical affairs and supply
chain.

In connection with the transition of medical affairs to the new
chief commercial officer, effective July 27, 2015, Dr. Jack Singer
assumes the position of chief scientific officer and will continue
to serve as executive vice president, interim chief medical officer
and Global Head of Translational Medicine.  He will also continue
to serve on the Company's Board of Directors.

                       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.


DELIAS INC: GECC Given $7.3-Mil. Allowed Secured Claim
------------------------------------------------------
Judge Robert D. Drain of the United States Bankruptcy Court for
Southern District of New York approved a stipulation entered into
by Delia*s Inc and General Electric Capital Corporation setting the
terms and conditions for the return of cash collateral held by
GECC.

The parties agreed that the GECC Capital will have an allowed
secured claim in the Chapter 11 cases in the amount of $7,360,458,
and GE Capital will be entitled to retain all of the funds received
by GE Capital on account of that claim.  In no event will any of
the funds received by GE Capital on account of that claim be
subject to disgorgement, return or refund to the Debtor releasing
parties or otherwise.  The parties further agreed that the LC
Agreement is terminated in accordance with its terms.  Immediately
after the entry by the Court of the Stipulated Order, GE Capital
will remit the Cash Collateral Balance to the Debtors by wire
transfer.

Delias Inc. is represented by:

          Gregg M. Galardi, Esq.
          Dienna Corrado, Esq.
          Arkady A. Goldinstein, Esq.
          DLA PIPER LLP (US)
          1251 Avenue of the Americas
          New York, NY 10020
          Tel.: 212 335-4500
          Fax: 212 335-4501
          Email: gregg.galardi@dlapiper.com
                 Dienna.Corrado@dlapiper.com
                 arkady.goldinstein@dlapiper.com

General Electric Capital Corporation is represented by:

          Brian I. Swett, Esq.
          MCGUIREWOODS LLP
          77 West Wacker Drive
          Chicago, Illinois 60601
          Tel.: 312 849-8100
          Fax: 312 849-3690
          Email: bswett@mcguirewoods.com

                       About DELIAS INC.

Launched in 1993, dELiA*s Inc., is a retailer which sells apparel,
accessories, footwear, and cosmetics marketed primarily to teenage
girls and young women.  The dELiAs brand products are sold through
the Company's mall-based retail stores, direct mail catalogs and
e-commerce Web sites.

On Dec. 7, 2014, dELiAs and eight of its subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. S.D.N.Y.).  The Debtors have requested that
their cases be jointly administered under Case No. 14-23678.

As of the bankruptcy filing, dELiA owns and operates 92 stores in
29 states.

The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking
Group LLC, as restructuring advisor, Janney Montgomery Scott LLC,as
investment banker, and Prime Clerk LLC as claims agent.

As of the Petition Date, the Debtors had $47.0 million in total
assets and $50.5 million in liabilities.

The Debtors have sought court approval of a deal for Gordon
Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC, to
launch going-out-of-business sales.


DTZ: S&P Affirms 'B+' ICR & Removes from CreditWatch Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+' issuer
credit rating on DTZ and removed the rating from CreditWatch, where
S&P had placed it with developing implications on May 11, 2015.
The outlook is stable.

"Our affirmation of the 'B+' credit rating reflects our assumption
that DTZ’s acquisition of Cushman & Wakefield, once successfully
integrated, will likely enhance the firm's current product
offerings by adding to the current leasing, valuation, and advisory
capabilities," said Standard & Poor's credit analyst Richard Zell.
"We also expect that the limited geographic overlap of the two
firms, specifically as it relates to APAC and EMEA, will result in
greater geographic capabilities that will help DTZ service large
multinational firms."

S&P also believes that in the U.S., DTZ's largest market, the C&W
brand is more widely recognized, which is likely to benefit DTZ.
However, in the near term, S&P believes that an integration of this
magnitude carries significant integration, execution, and financial
reporting risks, which limits S&P's assessment of DTZ's business
risk to "fair."  For example, S&P is not expecting to receive
audited financial statements for the period ended Dec. 31, 2014, as
the company transitions to a December year-end, from the previous
June 30 practice until the spring of 2016.  S&P believes this is
reflective of the operational and integration challenges that
management is currently facing and limits the audited data
available for our analysis.  S&P has based its analysis, in part,
on company-prepared financial statements.

DTZ's announcement in early May that it would acquire C&W, the
fourth-largest global commercial real estate services company,
followed the company's December 2014 purchase of U.S.-focused
Cassidy Turley and the November lift-out of DTZ from Australian
parent UGL Ltd.  Pro forma for the C&W acquisition, global revenue
is likely to exceed $5 billion, more than double the annualized
March 31, 2015, quarter.

"We expect that pro forma, the revenue mix of the firm will shift
considerably but remain largely recurring and stable.  Currently,
DTZ earns approximately 60% of the firm's total revenue from
property/facility management (PM/FM).  We expect this contribution
to decline to approximately 45% because C&W has more of a focus on
leasing, which we expect will represent nearly 33% of the firm's
combined revenues.  We view PM/FM revenue as extremely stable and
largely recurring.  Traditionally, more than 90% of these contracts
are renewed with the current service provider.  Although the
leasing business is somewhat less stable than PM/FM, it also
contributes a fair amount to recurring revenues.  Based upon
historical industry performance, our expectation is that current
service providers recapture approximately 75% of leasing revenues.
DTZ currently has limited exposure to the more volatile capital
market revenue.  We expect that pro forma, less than 10% of total
revenues will be earned via capital markets activity.  The
advantage to the pro forma revenue mix is likely to be increased
EBITDA margins, but we expect that EBITDA margins will remain below
15%, or "below average"," S&P added.

The proposed acquisition of C&W is likely to balance DTZ's non-U.S.
business more evenly between APAC and EMEA.  The U.S. will still
dominate the global revenues of the firm, 68% pro forma versus 66%
as of March 31, 2015.  However, DTZ will increase its presence in
EMEA, where the firm currently earns only 12% of global revenues.
S&P expects that following the close of the acquisition, EMEA and
APAC will each represent approximately 16% of total revenue.  In
addition to the incremental increase in revenue diversification,
the expanded footprint in EMEA and South America will give DTZ
additional geographic capabilities, which S&P believes is more
attractive to the type of multinational firms that DTZ is looking
to attract.  Additionally, S&P believes that the C&W brand is more
widely accepted globally, with China and Australia being possible
exceptions, thus giving the company a huge lift in name recognition
with the adoption of the brand.

S&P expects that the successful integration of these three, until
recently stand-alone, companies, two of which are global, is likely
to be a difficult task.  It is likely that during this time of
organizational disruption the firm's more stable competitors will
attempt to attract top-performing employees, profitable clients, or
both.  S&P will continue to monitor the integration for signs of
progress.

The stable outlook reflects S&P's expectation that DTZ will be
focused on the integration of Cassidy Turley and C&W during the
remainder of 2015 and a meaningful portion of 2016.  S&P expects
limited revenue attrition and stabilization of the firm's long-term
business strategy, though S&P also expects DTZ to remain highly
leveraged.

S&P could lower the rating on DTZ if integration issues endanger
the firm's reputation in its primary geographic markets and,
ultimately, its earnings.  If S&P anticipates that leverage will
increase meaningfully, and if it believes the company will maintain
this degree of leverage, S&P would also likely lower the rating.
Additionally, if operational or financial reporting challenges
arise S&P may consider lowering the rating.

If DTZ sustainably reduces leverage to less than 5x debt to EBITDA,
particularly with an increase in steady recurring revenue sources,
S&P would consider raising the rating.  Additionally, if there is
significant evidence that the integration of CT and C&W has been
successfully implemented, thus making the company a more stable
competitor to CBRE and JLL, S&P may consider raising the rating.
However, given the limited operating history of the new entity and
S&P's projection for the firm's leverage profile, it views a
near-term upgrade as unlikely.


EMDEON INC: Moody's Confirms B2 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service confirmed the ratings of Emdeon Inc.,
including the company's B2 Corporate Family Rating and B2-PD
Probability of Default Rating.  Concurrently, Moody's confirmed the
Ba3 rating on the company's senior secured revolver and term loans
(to be upsized by $395 million), and the Caa1 rating on the
company's senior notes due 2019.  Moody's assigned a Caa1 rating to
the company's proposed $250 million of senior notes and a
Speculative Grade Liquidity Rating ('SGL") of SGL-2.  The rating
outlook is stable.  This concludes the review initiated on July 7,
2015 when Emdeon announced that it would acquire Altegra Health for
$910 million.

Proceeds from the $395 million incremental term loan B and the $250
million proposed senior unsecured notes, along with new equity
totaling $160 million, cash on hand and revolver borrowings, will
be used to finance the previously announced acquisition, plus pay
fees and expenses.  The acquisition is expected to close by the end
of the third quarter of 2015.

The confirmation of the B2 rating reflects Moody's expectation that
even as debt to EBITDA will increase to the high 6 times level on a
pro-forma basis as a result of the debt financed acquisition,
credit metrics will improve over the next twelve months.  Growth in
both Emdeon's base business and Altegra, aided by synergies, cost
savings, and performance from previous acquisitions will facilitate
reducing debt to EBITDA back to the mid 6 times level.

The Speculative Grade Liquidity Rating of SGL-2 reflects Moody's
expectation for the maintenance of a good liquidity profile over
the next twelve months.  Emdeon's liquidity profile is
characterized by modest capital expenditure needs that will
contribute to robust free cash flow generation and allow for
repayment of the revolver draw used to fund a portion of the
acquisition.

Moody's has taken these rating actions on Emdeon Inc. (subject to
receipt and review of final documentation):

Ratings confirmed:

  Corporate Family Rating at B2

  Probability of Default Rating at B2-PD

  Senior secured revolving credit facility due 2016 at Ba3 (LGD3)

  Senior secured term loan B2 due 2018 at Ba3 (LGD3)

  Senior secured term loan B3 due 2018 at Ba3 (LGD3)

  11% senior unsecured notes due 2019 at Caa1 (LGD5)

Ratings assigned:

  $250 million Senior unsecured notes at Caa1 (LGD5)

  Speculative Grade Liquidity Rating at SGL-2

The rating outlook is stable.

RATINGS RATIONALE

The B2 Corporate Family Rating continues to reflect Emdeon's high
debt leverage and exposure to competition in the healthcare
technology industry that could cause pricing and margin pressure.
The company has prioritized cash and cash flow for growth
initiatives and has made debt financed acquisitions which have
bolstered Emdeon's product offering and growth instead of utilizing
funds for material debt reduction.  The rating is supported by
Emdeon's high recurring revenue base, its position as one of the
leading providers of revenue and payment cycle management services,
high product switching costs, and opportunities to cross-sell its
services.  Further supporting the rating is anticipated growth in
utilization of healthcare services because of the Affordable Care
Act ("ACA"), which will provide increased opportunity for growth
through additional transaction volume.  Additionally, Emdeon will
benefit from greater focus by the healthcare industry on
operational efficiencies in order to manage higher costs and cope
with lower reimbursement rates.

The stable outlook reflects Emdeon's good liquidity position,
recurring revenue base, as well as Moody's expectation for a
decline in leverage to the mid 6 times level.

The rating could be downgraded if the company's adjusted debt
leverage is sustained above 6.5 times and EBITA/interest expense
declines below 1.5 times on a sustained basis.  This could occur if
Emdeon faces substantial pricing pressures and/or if the company
begins to experience declines in its customer base.  The ratings
could also be downgraded if the company pursues debt funded
acquisitions that do not result in an improvement in pro forma
credit metrics or engages in shareholder friendly initiatives.
Finally, the ratings could be downgraded if the company's liquidity
profile deteriorates.

The ratings could be upgraded if the company meaningfully reduces
debt leverage resulting in a sustainable improvement of key credit
metrics including adjusted debt-to-EBITDA below 4.5 times.

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

Emdeon Inc. is a provider of software and analytics, network
solutions and technology-enabled services that optimize
communications, payments and actionable insights by leveraging its
intelligent healthcare platform, which includes one of the largest
financial and administrative networks in the United States
healthcare system.  Emdeon's platform and solutions integrate and
automate key functions of its payer, provider and pharmacy
customers throughout the patient encounter, from consumer
engagement and pre-care eligibility and enrollment through payment.
Emdeon generated approximately $1.4 billion in revenue for the
last twelve month period ended June 30, 2015.  Emdeon is owned by
Blackstone and Hellman & Friedman.



EMDEON INC: S&P Affirms 'B' CCR & Rates $395MM Sr. Loan 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Nashville, Tenn.-based Emdeon Inc. (Emdeon).  The
outlook is stable.

At the same time, S&P is assigning a 'B+' issue-level rating to
Emdeon's $395 million incremental senior secured term loan due 2018
while maintaining the 'B+' issue-level rating on the existing $125
million revolving credit facility and $1.46 billion secured term
loan.  The '2' recovery rating on these instruments indicates S&P's
expectation for substantial (70% to 90%, at the higher end of the
range) recovery in the event of payment default.

In addition, S&P is assigning its 'CCC+' issue-level rating to the
proposed $250 million senior unsecured notes while affirming S&P's
'CCC+' issue-level rating on the company's $375 million senior
unsecured notes due 2019 and $375 million senior unsecured notes
due 2020.  The '6' recovery rating on the notes remains unchanged
and indicates S&P's expectation for negligible (0% to 10%) recovery
of principle in the event of payment default.

"The ratings reflect our view of Emdeon's 'highly leveraged'
financial risk profile, with Standard & Poor's adjusted leverage of
around 7x pro forma for the Altegra Health acquisition, declining
to about the mid-6x area by fiscal year-end 2016, based on
contributions from Altegra Health as well as organic growth at
Emdeon," said Standard & Poor's credit analyst Minesh Shilotri.
"The ratings also reflect our view of the company's 'fair' business
risk profile, characterized by the company's acquisitive growth
strategy and highly competitive landscape, offset by high recurring
revenue, a diverse customer base, and growth prospects in Emdeon's
ancillary, value-added products."

The stable outlook reflects S&P's anticipation that operating
trends will remain positive as a result of Emdeon's highly
recurring revenue and broad customer base and that the company will
maintain leverage near or below current levels.


ERF WIRELESS: Issues 4 Million Preferred Shares to Angus Capital
----------------------------------------------------------------
From July 6 through July 27, 2015, ERF Wireless, Inc. issued
4,000,000 shares of Series B Preferred Stock in exchange for
$4,000,000 of debt under the Line of Credit Agreement with Angus
Capital Partners.  

The Company received no additional compensation at the time of the
exchange.  The shares were issued at an average of $1.00 per share.
The issuance of the shares constitutes 40% of the authorized
Series B Preferred Stock and 100% of the issued and outstanding
Series B Preferred Stock.

                        About ERF Wireless

Based in League City, Texas, ERF Wireless, Inc., provides secure,
high-capacity wireless products and services to a broad spectrum of
customers in primarily underserved, rural and suburban parts of the
United States.

ERF Wireless reported a net loss attributable to the company of
$7.26 million in 2013, a net loss of $4.81 million in 2012, and a
net loss of $3.37 million in 2011.

As of Sept. 30, 2014, the Company had $3.59 million in total
assets, $10.4 million in liabilities, and a $6.84 million
shareholders' deficit.


FJK PROPERTIES: Meeting of Creditors Set for August 14
------------------------------------------------------
The meeting of creditors of FJK Properties Inc. is set to be held
on August 14, 2015, at 11:30 a.m., according to a filing with the
U.S. Bankruptcy Court for the Southern District of Florida.

The meeting will be held at Flagler Waterview Building, Room 870,
1515 N. Flagler Drive, in West Palm Beach, Florida.

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 FJK Properties

FJK Properties Inc. filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Fla. Case No. 15-19494) on May 26, 2015.  The Debtor tapped
Robert C. Furr and the law firm Furr and Cohen, P.A., as its
counsel.  Hon. Paul G. Hyman, Jr., is assigned to the case.


FORTESCUE METALS: Bank Debt Trades at 18% Off
---------------------------------------------
Participations in a syndicated loan under which Fortescue Metals
Group Corp. is a borrower traded in the secondary market at 81.97
cents-on-the- dollar during the week ended Friday, July 24, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the July 28, 2015, edition of The Wall Street Journal.
This represents a decrease of 1.56 percentage points from the
previous week, The Journal relates. Fortescue Metals Group Corp.
pays 275 basis points above LIBOR to borrow under the facility. The
bank loan matures on June 13, 2019, and carries Moody's Ba1 rating
and Standard & Poor's BB+ rating.  The loan is one of the biggest
gainers and losers among 253 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended July 24.



FRAC TECH: Bank Debt Trades at 30% Off
--------------------------------------
Participations in a syndicated loan under which Frac Tech Services
Ltd is a borrower traded in the secondary market at 70.50
cents-on-the- dollar during the week ended Friday, July 24, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the July 28, 2015, edition of The Wall Street Journal.
This represents a decrease of 3.92 percentage points from the
previous week, The Journal relates. Frac Tech Services Ltd. pays
475 basis points above LIBOR to borrow under the facility.  The
bank loan matures on April 3, 2021, and carries Moody's B2 rating
and Standard & Poor's B rating.  The loan is one of the biggest
gainers and losers among 253 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
July 24.



FREESCALE SEMICONDUCTOR: S&P Keeps 'B' CCR on CreditWatch Positive
------------------------------------------------------------------
Standard & Poor's Ratings Services said it kept its 'B' corporate
credit rating on Austin, Texas-based semiconductor manufacturer
Freescale Semiconductor Inc. on CreditWatch with positive
implications.

S&P also kept the ratings on the company's senior secured credit
facilities and senior unsecured notes on CreditWatch with positive
implications.

"The original CreditWatch placement followed Freescale's
announcement that it will merge with NXP," said Standard & Poor's
credit analyst David Tsui.

The merger will result in a combined entity with combined revenue
of greater than $10 billion.  The combined entity will be one of
the market leaders in auto semiconductor solutions and general
purpose microcontrollers.

S&P will resolve the CreditWatch once the merger transaction
between Freescale and NXP is closed.  Shareholders of Freescale and
NXP independently approved the proposed merger.  The transaction is
expected to close by the end of 2015, pending regulatory approvals.
At that time, S&P will determine the issue-level ratings on the
outstanding debt based on notching from S&P's corporate credit
rating on the combined entity.



FUWEI FILMS: Regains Compliance with NASDAQ Minimum Bid Price Rule
------------------------------------------------------------------
Fuwei Films (Holdings) Co., Ltd., a manufacturer and distributor of
high-quality BOPET plastic films in China, on July 28 disclosed
that the Company received a letter from the Nasdaq Stock Market on
July 23, 2015 notifying the Company that it has regained compliance
with the $1.00 per share minimum closing bid price requirement for
continued listing on the NASDAQ Capital Market, pursuant to the
NASDAQ Listing Rule 5550(a)(2).

As previously reported, on December 8, 2014, NASDAQ notified the
Company that its ordinary shares failed to maintain a minimum bid
price of $1.00 over the previous thirty consecutive business days
as required by the Listing Rules of The Nasdaq Stock Market.
Additionally, on June 9, 2015, Nasdaq notified the Company that
while the Company had not regained compliance with the Bid Price
Rule, it was eligible for an additional 180-day grace period, until
December 7, 2015, to regain compliance with the Bid Price Rule.

Since then, NASDAQ has determined that for the last ten consecutive
business days, from July 9, to July 22, 2015, the closing bid price
of the Company's ordinary shares has been at $1.00 per share or
greater.  Accordingly, the Company has regained compliance with the
Bid Price Rule and this matter is now closed.

                       About Fuwei Films

Fuwei Films conducts its business through its wholly owned
subsidiary, Fuwei Films (Shandong) Co., Ltd.  Fuwei Shandong
develops, manufactures and distributes high-quality plastic films
using the biaxial oriented stretch technique, otherwise known as
BOPET film (biaxially oriented polyethylene terephthalate).  Fuwei
Films' BOPET film is widely used to package food, medicine,
cosmetics, tobacco, and alcohol, as well as in the imaging,
electronics, and magnetic products industries.


GELTECH SOLUTIONS: Issues $200,000 Convertible Note to Reger
------------------------------------------------------------
GelTech Solutions, Inc. issued Mr. Reger, on July 23, 2015, a
$200,000 7.5% secured convertible note in consideration for a
$200,000 loan, according to a document filed with the Securities
and Exchange Commission.

The note is convertible at $0.74 per share and matures on Dec. 31,
2020.  Repayment of the note is secured by all of the Company's
assets including its intellectual property and inventory in
accordance with a secured line of credit agreement between the
Company and Mr. Reger.  Additionally, the Company issued Mr. Reger
135,136 two-year warrants exercisable at $2.00 per share.  

Additionally, the Company issued Mr. Reger 101,352 shares of common
stock in lieu of a cash payment for interest due to Mr. Reger under
his $1,000,000 convertible note.  

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

GelTech incurred a net loss of $7.1 million for the year ended June
30, 2014, compared to a net loss of $5.2 million for the year ended
June 30, 2013.

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

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended June 30, 2014, citing that the Company has a net
loss and net cash used in operating activities in 2014 of
$7,111,945 and $5,132,019 respectively and has an accumulated
deficit and stockholders' deficit of $35,133,578 and $1,898,315,
respectively, at June 30, 2014.  These matters raise substantial
doubt about the Company's ability to continue as a going concern.


GENERAL STEEL: Appoints New Chief Executive Officer
---------------------------------------------------
General Steel Holdings, Inc. announced the appointment of Ms.
Yunshan Li as its chief executive officer effective July 23, 2015.
Ms. Li succeeds Mr. Henry Yu, the Company's former chief executive
officer, who will remain to serve as the Chairman of the Board of
Directors of the Company, and continue to work closely with Ms. Li
to ensure a seamless transition.   Mr. Yu's resignation was for
personal reasons and not due to any disagreements with the Company
or any of its operations, policies or practices.

Ms. Li brings considerable experience in the chemical and clean
energy industries.  Prior to General Steel, Ms. Li was the
co-founder and chief executive officer of Catalon Chemical
Corporation, a manufacturer of De-NOx honeycomb catalysts that are
widely applied at coal-fired power plants and steel mills in China
to reduce polluting emissions.  Previously, Ms. Li served as the
Chief Representative for the University of Southern California
Viterbi School of Engineering in China.  With her strong
inter-cultural and technical background, Ms. Li had also helped
several US-based clean energy companies to successfully launch
their operations in China.  She received two Master Degrees in
Industrial Engineering and Petroleum Engineering, both from
University of Southern California.

"We are thrilled to have Ms. Li join the executive team and look
forward to her stewardship in our continued strategic
transformation from an integrated steel producer into a
comprehensive service and product provider in other alternative
businesses," said Henry Yu, Chairman of General Steel.  "The Board
and I are confident that Ms. Li's inter-cultural leadership
qualities, deep experience in chemical and clean technologies, and
proven ability to pioneer breakthrough products into new markets
make her the ideal choice as General Steel's new Chief Executive
Officer."

Ms. Li commented, "I am honored to have the opportunity to join
General Steel and help transform the Company into new markets and
business models.  I hope to inject fresh perspectives to not only
improve the Company's existing operations and objectives but also
use the Company's considerable resources to springboard into other
businesses and acquire new strategic opportunities.  I look forward
to working with Henry, the Board and the rest of the leadership
team in guiding General Steel into a new era."

                    About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi and
Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin
municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net loss
of $42.6 million on $2 billion of sales for the year ended Dec. 31,
2013.

As of March 31, 2015, the Company had $2.5 billion in total assets,
$3.14 billion in total liabilities and a $637 million total
deficiency.

Friedman 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 an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


GLOBAL HEALTHCARE: Moody's Assigns B2 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and a B3-PD probability of default rating to Global Healthcare
Exchange, LLC ("GHX").  Moody's also assigned B2 ratings to GHX's
proposed $25 million senior secured revolving credit facility
("Revolver") and $375 million senior secured term loan B credit
facility ("TLB").  The rating outlook is stable.

The proceeds from the proposed TLB and approximately $16.7 million
of cash from GHX's balance sheet will be used to refinance existing
debt at GHX.  The Revolver is expected to be undrawn at closing.

RATINGS RATIONALE

The B2 CFR reflects GHX's market leading position in North America
providing SaaS based supply chain automation solutions to the
healthcare industry, facilitating B2B transactions between
suppliers, care providers and distributors.  It also reflects i) a
highly visible recurring revenue stream supported by multi-year
contractual payments; ii) the strategic importance of the company's
exchange services to its healthcare supplier and provider
customers; and iii) strong healthcare industry fundamentals.  The
ratings are constrained by the company's small scale, limited
revenue base and elevated leverage of about 6.5x (on a Moody's
adjusted basis and pro forma for certain one-time expenses) at LTM
June 30, 2015.  Over the next 12 to 18 months Moody's expects GHX's
leverage to decline to below 6.0x.

Moody's views GHX's liquidity as good.  Over the next 12 months
Moody's expects GHX to have cash and cash equivalents of at least
$5 million and to generate free cash flow of around $25 million,
factoring in capital expenditures of about $20 million during this
period.  Over the next 12 months, Moody's also anticipates
significant availability under GHX's proposed Revolver, with
adequate cushion under the financial covenants of the Revolver and
TLB.  The TLB is anticipated to amortize approximately 1% per
annum, with a bullet due at maturity about 7 years from closing.

The stable rating outlook reflects high recurring revenues, with
revenues expected to grow in the low to mid-single digits, good to
strong adjusted EBITDA margins (Moody's adjusted basis) and free
cashflow of at least $20 million (including the tax shield provided
by prior net operating losses) over the next 12 months.

GHX's rating could be upgraded if it demonstrates sustained
material growth in revenues, profitability and market share, such
that FCF to debt is sustained above 8% and Debt to adjusted EBITDA
(Moody's adjusted basis) declines to under 4.5x.

GHX's rating could be downgraded if leverage is sustained at 6x or
above, or FCF to debt is sustained below 3% or less.  GHX's rating
could also be downgraded if they experience a material
deterioration in liquidity or have aggressive financial policies.

These ratings were assigned:

Issuer - Global Healthcare Exchange, LLC

Corporate Family Rating -- B2
Probability of Default Rating -- B3-PD
Senior Secured Revolving Credit Facility: - B2 (LGD 3)
Senior Secured Term Loan B Credit Facility -- B2 (LGD 3)
Outlook - Stable

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

Global Healthcare Exchange, LLC ("GHX"), headquartered in
Louisville, CO, is a leading North American provider of SaaS based
supply chain automation solutions to the healthcare industry,
facilitating B2B transactions between suppliers, providers and
distributors.  GHX had approximately $165 million in revenues for
LTM June 30, 2015.


GRATON ECONOMIC: Moody's Assigns B2 Rating on $225MM Sr. Sec. Loan
------------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Graton Economic
Development Authority's proposed $225 million senior secured term
loan B due 2022.  At the same time, Moody's affirmed the company's
B2 Corporate Family Rating, B2-PD Probability of Default Rating and
the B2 rating on its $450 million senior secured notes due 2019.
The rating outlook is stable.  Ratings are subject to final review
of documentation.

The proposed $225 million senior secured term loan B -- along with
a proposed $200 million add-on to its $309 million senior secured
term loan A (unrated), a $25 million draw on its $125 million
committed senior secured revolver due 2019 (unrated) and $45
million of cash on hand -- will be used to refinance the company's
$450 million senior secured notes.  The rating on the senior
secured notes will be withdrawn when the transaction closes.

The transaction is credit positive in that it reduces Graton's
annual interest expense from about $71 million for the last 12
month period ended March 31, 2015 to about $32 million annually. As
a result, Graton's pro forma EBIT/interest improves from 2.2x to
above 4.0x (assuming a full year at the lower interest rate). The
transaction is leverage neutral, so debt/EBITDA of 4.2x for the LTM
period ended March 31, 2015 remains unchanged.

Ratings affirmed:

Corporate Family Rating at B2
Probability of Default Rating at B2-PD
$450 million 9.625% senior secured notes due 2019 at B2 (LGD4)

Ratings assigned:

$225 million senior secured term loan B at B2 (LGD4)

RATINGS RATIONALE

Graton's B2 Corporate Family Rating (CFR) reflects the Authority's
small size in terms of revenue and single asset profile which
subjects it to greater risks than a multi-facility and more
geographically diversified gaming company.  Graton's lack of
diversification makes it more vulnerable to economic swings
specifically in its primary market area of San Francisco and
California in general, market conditions, promotional activity, and
earnings compression.  The rating also takes into consideration
Graton's ability to construct a 200-room hotel at its casino using
free cash flow.  The company's credit agreement allows for the
construction of a hotel at a cost of up to $200 million, but not
until after Sept. 1, 2015.  If Graton goes forward with the hotel,
concerns include using its free cash flow over the next 12 to 18
months to build the hotel, management distraction from casino
operations during construction, the potential for the construction
to disrupt casino customer visits (although this is mitigated in
part by the location of the planned hotel in regards to the
casino).  Also considered in the ratings is competition from
several large casinos already operating in Graton's primary market
area although the casino's advantageous location (about 43 miles
from San Francisco) helps to partially mitigate this risk.  Other
rating constraints include credit risks that are common to Native
American gaming issuers, including uncertainty as to enforceability
of lender's claims in bankruptcy or liquidation.

Positive ratings consideration is given to the casino's strong pro
forma interest coverage, modest leverage metrics, and high
profitability compared to other rated peers.  Also considered is
the casino's strategic location as the closest class III gaming
facility to the San Francisco Bay area.

The B2 rating on Graton's senior secured term loan B is the same as
the CFR.  The senior secured term loan B shares a first priority
security interest in all gaming assets, revenues, and FF&E
(excluding real property and other exclusions), pari passu with the
same security interest that secures senior secured revolver and
term loan A.  The revolver, term loan A and term loan B make up the
preponderance of debt in the capital structure.

The stable rating outlook reflects Moody's expectations that Graton
will continue to profitably ramp-up its gaming operations despite
the potential for construction of a hotel to start as early as
September 2015.

Graton's ratings could be lowered if debt/EBITDA increases to above
5.75 times or if liquidity deteriorates for any reason.  The
ratings could also be lowered if it appears that the proposed hotel
project was going to be over budget, thereby reducing the company's
free cash flow further, or causing the company to draw under its
revolver.  Graton's ratings could go up if it appears that the
company can achieve and maintain debt/EBITDA below 3.75 times and
EBIT/interest above 3.0 times.  Any upgrade would require Graton
maintain good liquidity.

The Graton Economic Development Authority is a wholly owned,
unincorporated governmental instrumentality of the Federated
Indians of Graton Rancheria (the Tribe), a federally recognized
Indian tribe.  The Authority was formed in July 2012 to develop and
operate a casino and entertainment facility located in Sonoma
County, approximately 43 miles north of San Francisco, California,
known as the Graton Resort & Casino.  As of March 31, 2015, the
Graton Resort & Casino featured about 2,900 slot machines, 131
table games including blackjack, a 20-table poker room and other
various entertainment and dining offerings.  For the last 12 month
period ended March 31, 2015, net revenue was approximately
$366 million.

The casino is managed by wholly owned subsidiaries of Station
Casinos LLC (B2 stable), a Nevada limited liability company that
owns and operates casinos in Las Vegas, Nevada and whose
subsidiaries also develop and manage tribal gaming facilities.

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



GRATON ECONOMIC: S&P Assigns 'B+' Rating on Proposed $225MM Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
issue-level rating to Rohnert Park, Calif.-based Graton Economic
Development Authority's (the Authority's) proposed $225 million
term loan B due 2022.  The issue-rating is the same as S&P's 'B+'
issuer credit rating.

S&P's other ratings on the Authority, including the 'B+' issuer
credit rating and the upsized $525 million term loan A facility
(after including the $200 million add-on), and stable rating
outlook are unchanged.

The Authority plans to use the proceeds from the incremental credit
facility along with balance sheet cash and a modest draw on its
revolver to repay the outstanding balance on its existing $450
million 9.625% senior secured notes due 2019 and to pay breakage
costs, transaction fees, and expenses.  S&P plans to withdraw its
rating on the existing 9.625% notes once they are redeemed in full.


The Authority is a wholly owned unincorporated instrumentality of
the Federated Indians of Graton Rancheria (the Tribe).  S&P do not
assign recovery ratings to Native American debt issues because
there are significant uncertainties surrounding the exercise of
creditor rights against a sovereign nation, including whether the
Bankruptcy Code would apply, whether a U.S. court would ultimately
be the appropriate venue to settle such a matter, and to what
extent a creditor would be able to enforce any judgment against a
sovereign nation.

The 'B+' issuer credit rating reflects S&P's assessment of the
Authority's business risk profile as "weak" and its financial risk
profile as "aggressive."

"The stable rating outlook reflects our expectation that the
Authority will continue to generate good cash flow that it could
use to fund the construction of a potential hotel and meet tribal
distribution needs," said Standard & Poor's credit analyst Stephen
Pagano.  "We expect that the Authority will maintain adjusted debt
to EBITDA in the low-4x area and FFO to debt in the mid-to
high-teens percentage area through 2016."

S&P could lower its rating on the Authority if its operating
performance is materially worse than it had expected, such that
debt to EBITDA is above 5x, FFO to debt is below 12%, or EBITDA
coverage of interest declines to or below 2x.  This could result
from increased competitive pressures or a larger-than-anticipated
impact from disruptions related to hotel construction.

S&P would consider raising its rating if the casino outperforms its
expectations or if the Authority repays debt faster than S&P had
expected, such that debt to EBITDA is sustained below 4x, FFO to
debt is above 20%, and EBITDA coverage of interest remains above
3x.  S&P views an upgrade as unlikely over the next two years,
given its expectation that the Authority will prioritize free cash
flow to fund a potential hotel development rather than to repay
debt.



GREEN EARTH: Greg Adams Quits as CFO, COO and Secretary
-------------------------------------------------------
Greg D. Adams resigned from his positions as chief financial
officer, chief operating officer and secretary of the Green Earth
Technologies, Inc., effective on July 26, 2015, according to a Form
8-K document filed with the Securities and Exchange Commission.

The Company is actively engaged in pursuing opportunities in the
Green Well Service industry.  Several opportunities using the
Company's Well Stimulation and Oil Refinery products have been
successfully tested and the Company is hopeful that it will lead to
the receipt of purchase orders for these products in the near
future.

                   About Green Earth Technologies

White Plains, N.Y.-based Green Earth Technologies, Inc. (OTC QB:
GETG) -- http://www.getg.com/-- markets, sells and distributes
bio-degradable performance and cleaning products.  The Company's
product line crosses multiple industries including the automotive
aftermarket, marine and outdoor power equipment markets.

Green Earth incurred a net loss of $6.84 million for the year
ended June 30, 2014, compared to a net loss of $6.59 million
for the year ended June 30, 2013.

As of March 31, 2015, the Company had $14.9 million in total
assets, $29.5 million in total liabilities, and a $14.7 million
total stockholders' deficit.

Friedman LLP, in East Hanover, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014.  The independent auditors noted
that the Company's losses, negative cash flows from operations,
working capital deficit, related party note in default payable
upon demand and its ability to pay its outstanding liabilities
through fiscal 2014 raise substantial doubt about its ability to
continue as a going concern.


GREEN MOUNTAIN: Court Approves $117K Bonus Pay for Non-Executives
-----------------------------------------------------------------
Green Mountain Management, LLC, and Georgia Flattop Partners, LLC
sought and obtained from Judge Barbara Ellis-Monro of the U.S.
Bankruptcy Court for the Northern District of Georgia, Atlanta
Division, approval of a transaction incentive plan ("TIP") for
non-executive employees.

The Debtors have identified 34 non-insider, non-executive,
non-officer, key employees, which include the Debtors' mechanics,
scales operators, rock truck drivers, and other individuals, with
specific expertise with respect to the Landfill's operations whose
institutional knowledge and skill are essential to maximizing the
value of the Debtors' estates during their bankruptcy cases.

The proposed payments under the Incentive Plan would be equal to
approximately 8% of the TIP Participants' current annual
compensation and those payments will range from approximately
$1,200 to $8,000.  The cash payments under the Incentive Plan would
be made in a single payment to each TIP Participant following the
closing of a transaction to refinance or sell substantially all of
the Debtors' assets.  A TIP Participant must be employed by the
Debtors at the time of closing to be eligible to participate in the
TIP.  The total payments to TIP Participants under the TIP will
equal approximately $97,677, plus employment taxes of approximately
20% ($19,535), making the total cost of the Incentive Plan
$117,212.

Sage M. Sigler, Esq., at Alston & Bird, LLP, in Atlanta, Georgia,
told the Court that it is imperative that the TIP Participants
continue their employment with the Debtors through the consummation
of a transaction to refinance the Debtors' secured debt or sell
substantially all of the Debtors' assets.

Green Mountain Management, LLC and Georgia Flattop Partners LLC are
represented by:

          Dennis J. Connolly, Esq.
          David A. Wender, Esq.
          Sage M. Sigler, Esq.
          Kevin M. Hembree, Esq.
          ALSTON & BIRD LLP
          1201 West Peachtree Street
          Atlanta, GA 30309
          Telephone: (404)881-7000
          Facsimile: (404)881-7777
          Email: dennis.connolly@alston.com
                 david.wender@alston.com
                 sage.sigler@alston.com
                 kevin.hembree@alston.com

                       About Green Mountain

Green Mountain Management, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Ga. Case No. 14-64287) on July 25, 2014. The
petition was signed by Daniel B. Cowart, sole member of Georgia
Flattop Partners, LLC, and chairman of Green Mountain Management,
LLC.  The Debtor estimated $10 million to $50 million in assets
and
debt.  Georgia Flattop Partners, LLC is the managing member and
holders of 93% of the stock.

The case is assigned to Judge Barbara Ellis-Monro.

No official committee of unsecured creditors has been appointed,
and UMB Bank, n.a.'s request for the appointment of a trustee was
resolved consensually pursuant to this Court's order entered on
Nov. 20, 2014.

On May 29, 2015, the Debtor filed an application to employ Nelson
Mullins Riley & Scarborough LLP as its bankruptcy counsel.  

The filing came after the Debtor notified Alston & Bird LLP that
Green Mountain Aggregates LLC, Dan Cowart, Dan Cowart Inc. and the
Debtor intended to pursue claims against the law firm.

Alston & Bird was hired by the Debtor in 2014 to be its bankruptcy
counsel.  On June 1, 2015, the firm withdrew as its counsel.  On
June 2, 2015, Judge Ellis-Monro authorized the Debtor to hire
Atlanta-based Nelson Mullins to be its new bankruptcy counsel.


GREEN MOUNTAIN: Court Denies Bid for Ch. 11 Appointment
-------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia,
Atlanta Division, denies the request filed by Daniel B. Cowart, the
Dan Cowart Companies, and Green Mountain Aggregates, LLC, for the
appointment of a Chapter 11 trustee for Green Mountain Management,
LLC, and to terminate the employment of Lee Katz of GlassRatner
Advisory & Capital Group LLC.

The Cowart Parties' counsel, Frank W. DeBorde, Esq., at Morris,
Manning & Martin, LLP, in Altanta, Georgia, told the Court that the
Debtors' business is deteriorating under the control of Mr. Katz,
who was appointed Chief Restructuring Officer.  Mr. DeBorde pointed
out that none of the pleadings filed show that Mr. Katz or any of
the additional personnel have any expertise in managing and
operating a waste facility like the Debtors.  He asserts that it is
necessary for the Debtors to have its experienced management team
in place to conduct the day-to-day operations of the waste
facility.  He relates that David Hendricks, the general manager,
and Shannon Humphrey, an on-site account manager for U.S. Steel,
Debtors' single largest customer, have threatened to resign as a
result of the mismanagement and interference from Mr. Katz.

UMB Bank, National Association, as Bond Trustee, objected to the
Cowart Parties' motion, complaining that the Motion falls far short
of demonstrating cause for the appointment of a Chapter 11 trustee
on the basis of Mr. Katz's role or performance as the GMM Manager.
UMB Bank said there is no evidence of mismanagement as alleged by
Cowart.

The Debtor Georgia Flattop Partners LLC also objected to the
motion, arguing that the Court had previously considered the
appointment of a trustee in the case and ruled that Mr. Katz be
appointed as GMM Manager instead.  The Debtor asserted that the law
of the case doctrine prevents the Cowart Parties from re-litigating
the question of whether Mr. Katz should be employed as GMM Manager
in lieu of appointing a trustee.

                 *     *     *

The Cowart Parties appeal from the Court's denial of their
request.

Daniel B. Cowart, Dan Cowart Companies, and Green Mountain
Aggregates, LLC, are represented by:

          Frank W. DeBorde, Esq.
          Lisa Wolgast, Esq.
          Sameer K. Kapoor, Esq.
          MORRIS, MANNING & MARTIN, LLP
          3343 Peachtree Road, N.E.
          Suite 1600
          Atlanta, GA 30326
          Telephone: (404)233-7000
          Email: fdeborde@mmmlaw.com
                 lwolgast@mmmlaw.com
                 skapoor@mmmlaw.com

UMB Bank, N.A. is represented by:
         
          Kevin J. Walsh, Esq.
          Colleen A. Murphy, Esq.
          MINTZ, LEVIN, COHN, FERRIS,
          GLOVSKY & POPEO, P.C.
          One Financial Center
          Boston, MA 02111
          Email: KWalsh@mintz.com
                 CAMurphy@mintz.com

             -- and --

          Eric W. Anderson, Esq.
          PARKER, HUDSON, RAINER & DOBBS LLP
          285 Peachtree Center Ave.
          Suite 1500
          Atlanta, Georgia 30303
          Telephone: (404)523-5300
          Facsimile: (404)522-8409
          Email: eanderson@phrd.com

Green Mountain Management, LLC and Georgia Flattop Partners LLC are
represented by:

          Richard B. Herzog, Jr., Esq.
          Gregory M. Taube, Esq.
          NELSON MULLINS RILEY & SCARBOROUGH LLP
          201 17th Street, N.W., Suite 1700
          Atlanta, GA 30363
          Telephone: (404)322-6000
          Facsimile: (404)322-6050
          Email: richard.herzog@nelsonmullins.com
                 greg.taube@nelsonmullins.com

                       About Green Mountain

Green Mountain Management, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Ga. Case No. 14-64287) on July 25, 2014. The
petition was signed by Daniel B. Cowart, sole member of Georgia
Flattop Partners, LLC, and chairman of Green Mountain Management,
LLC.  The Debtor estimated $10 million to $50 million in assets
and
debt.  Georgia Flattop Partners, LLC is the managing member and
holders of 93% of the stock.

The case is assigned to Judge Barbara Ellis-Monro.

No official committee of unsecured creditors has been appointed,
and UMB Bank, n.a.'s request for the appointment of a trustee was
resolved consensually pursuant to this Court's order entered on
Nov. 20, 2014.

On May 29, 2015, the Debtor filed an application to employ Nelson
Mullins Riley & Scarborough LLP as its bankruptcy counsel.  

The filing came after the Debtor notified Alston & Bird LLP that
Green Mountain Aggregates LLC, Dan Cowart, Dan Cowart Inc. and the
Debtor intended to pursue claims against the law firm.

Alston & Bird was hired by the Debtor in 2014 to be its bankruptcy
counsel.  On June 1, 2015, the firm withdrew as its counsel.  On
June 2, 2015, Judge Ellis-Monro authorized the Debtor to hire
Atlanta-based Nelson Mullins to be its new bankruptcy counsel.


GREEN MOUNTAIN: Seeks to Have GMA, Dan Cowart Held in Contempt
--------------------------------------------------------------
Green Mountain Management, LLC, asks the U.S. Bankruptcy Court for
the Northern District of Georgia, Atlanta Division, to hold Green
Mountain Aggregates, LLC, and Dan Cowart in contempt.

Richard B. Herzog, Jr., Esq., at Nelson Mullins Riley & Scarborough
LLP, in Atlanta Georgia, asserts that the Court has the power to
hold Cowart and GMA in contempt for violating the Trustee
Resolution Order.  He tells the Court that GMA is proposing a sale
of its assets under Section 363, which is expected to close by
August 17, 2015.

Mr. Herzog asserts that that Cowart and GMA are disrupting the
sales process by refusing to abide by the Trustee Resolution Order,
which required GMA to give assurance satisfactory to GMM and the
Indenture Trustee of the following: (a) GMM is entitled to mine and
use rock and dirt consistent with the Permit for Rock Removal,
dated August 1, 2013, between Walter Minerals, Inc. and GMA, as
needed by GMM for its day to day operations including, dirt to
cover landfill, aggregate to create new cells, and rock for sales
consistent with the cash collateral budget; (b) All related revenue
and expenses in connection with these activities will remain assets
and liabilities of GMM; and (c) This would be a perpetual right for
the life of the Rock  Permit and run to GMM's successors and
assigns.

Mr. Herzog further asserts that the Court has the power to sanction
Cowart and GMA because sanctioning Cowart is necessary to (1)
compensate GMM for losses and expenses it incurred because of
Cowart and GMA's contemptuous acts, and (2) coerce Cowart and GMA
into complying with the Trustee Resolution Order.

Green Mountain Management, LLC and Georgia Flattop Partners LLC are
represented by:

          Richard B. Herzog, Jr., Esq.
          Gregory M. Taube, Esq.
          NELSON MULLINS RILEY & SCARBOROUGH LLP
          201 17th Street, N.W., Suite 1700
          Atlanta, GA 30363
          Telephone: (404)322-6000
          Facsimile: (404)322-6050
          Email: richard.herzog@nelsonmullins.com
                 greg.taube@nelsonmullins.com

                       About Green Mountain

Green Mountain Management, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Ga. Case No. 14-64287) on July 25, 2014. The
petition was signed by Daniel B. Cowart, sole member of Georgia
Flattop Partners, LLC, and chairman of Green Mountain Management,
LLC.  The Debtor estimated $10 million to $50 million in assets
and
debt.  Georgia Flattop Partners, LLC is the managing member and
holders of 93% of the stock.

The case is assigned to Judge Barbara Ellis-Monro.

No official committee of unsecured creditors has been appointed,
and UMB Bank, n.a.'s request for the appointment of a trustee was
resolved consensually pursuant to this Court's order entered on
Nov. 20, 2014.

On May 29, 2015, the Debtor filed an application to employ Nelson
Mullins Riley & Scarborough LLP as its bankruptcy counsel.  

The filing came after the Debtor notified Alston & Bird LLP that
Green Mountain Aggregates LLC, Dan Cowart, Dan Cowart Inc. and the
Debtor intended to pursue claims against the law firm.

Alston & Bird was hired by the Debtor in 2014 to be its bankruptcy
counsel.  On June 1, 2015, the firm withdrew as its counsel.  On
June 2, 2015, Judge Ellis-Monro authorized the Debtor to hire
Atlanta-based Nelson Mullins to be its new bankruptcy counsel.


GROVE ESTATES: Bank Objects to Propose Sale of 8 Parcels of Land
----------------------------------------------------------------
Manufacturers and Traders Trust Company objects to Grove Estates,
LP's motion to sell certain real property numbered as 305, 315,
325, 330, 335, 340, 345, and 360 Darleen Street, York Township, in
the County of York, Pennsylvania, to NADU Construction for $375,
000.

M&T Bank asserts that its claims, totaling more than $3.5 million,
are secured by mortgages against the Real Estate.  M&T says it
cannot consent to the sale of the Real Estate and the distribution
of the sale proceeds proposed in Debtor's motion as the Debtor
proposes to distribute the remaining proceeds from the sale to
Debtor's Counsel, in trust, rather than being paid directly to M&T
Bank.

Grove Estates, LP is represented by:

          Robert L. Knupp, Esq.
          Smigel, Anderson & Sacks, LLP
          4431 North Front Street
          Harrisburg, PA 17110
          Tel: 717 234-2401
          Fax: 800 822-9757
          Email: rknupp@sasllp.com

Manufacturers and Traders Trust Company is represented by:

          William F. Colby, Jr., Esq.
          Barley Snyder
          50 N. 5th Street
          2nd Floor
          P.O. Box 942
          Reading, Pennsylvania 19603
          Tel.: 610 898-7161
          Fax: 610 376-5243
          Email: wcolby@barley.com

                       About Grove Estates

Grove Estates, LP, an operator of land development business in
York, Pennsylvania, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Pa. Case No. 14-04368) on Sept. 23,
2014.  The case is assigned to Judge Robert N Opel II.

The Debtor's counsel is Robert L Knupp, Esq., at Smigel, Anderson &
Sacks, LLP, in Harrisburg, Pennsylvania.  The Debtor's accountant
is Francis C. Musso, CPA, MPA, P.C.

Following a hearing on June 3, 2015, Judge Robert N. Opel, II,
entered an order confirming Grove Estates, L.P.'s Chapter 11 plan,
as filed on Nov. 3, 2014, and modified on April 27, 2015.  Judge
Opel ruled that the Amended Plan has satisfied the requirements of
confirmation set forth in 11 U.S.C. Sec. 1129(a).

Secured creditors Susquehanna Bank and M&T Bank (Class 2) voted to
accept the Plan.  Unsecured claims and equity interests are
unimpaired under the Plan.


GT ADVANCED: Closes on $95-Mil. DIP Term Loan Facility
------------------------------------------------------
GT Advanced Technologies Inc. on July 28 disclosed that it has it
has closed on its $95 million debtor-in-possession term loan
facility.  The lenders include certain holders of GT's convertible
notes.  The loan has a one year term and will be secured by all
assets of the company on a super-priority basis.

The Company will use the proceeds of the DIP Loan Facility to fund
working capital requirements and pay other costs and expenses with
respect to the administration of GT's and certain of its
subsidiaries' Chapter 11 cases.

"This is an important milestone in our plan to emerge from Chapter
11, and we are pleased that our court-approved DIP financing loan
has closed," said Tom Gutierrez, GT's president and CEO.  "The DIP
loan gives us access to needed capital to continue to operate the
company as we pursue near-term revenue opportunities and meet the
obligations required as part of our Chapter 11 filing.  I also want
to take this opportunity to thank our customers for their continued
loyalty, and our dedicated employees who have shown tremendous
commitment to GT during some very difficult times."

GT is working with some of the leading legal and financial
organizations to guide it through the Chapter 11 process.  
Paul Hastings LLP is serving as bankruptcy counsel and Rothschild
Inc. is the financial advisor.

                       About GT Advanced

Headquartered in Merrimack, New Hampshire, GT Advanced Technologies
Inc. -- http://www.gtat.com/-- produces materials and equipment
for the electronics industry.  On Nov. 4, 2013, GTAT announced a
multiyear supply deal with Apple Inc. to produce sapphire glass
material for use in consumer electronics products.

Under the deal, Apple would provide GTAT with a prepayment of
approximately $578 million paid in four installments and, starting
in 2015, GTAT would reimburse Apple for the prepayment over a
five-year period.

GT is a publicly held corporation whose stock was traded on NASDAQ
under the ticker symbol "GTAT."  GTAT was de-listed from the NASDAQ
stock exchange in October 2014.

As of June 28, 2014, the GTAT Group's unaudited and consolidated
financial statements reflected assets totaling $1.5 billion and
liabilities totaling $1.3 billion.  As of Sept. 29, 2014, GTAT had
$85 million in cash, $84 million of which is unencumbered.

On Oct. 6, 2014, GT Advanced Technologies and eight affiliates
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 14-11916).  GT
says that it has sought bankruptcy protection due to a severe
liquidity crisis brought about by its issues with Apple.

The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as
attorneys and Kurtzman Carson Consultants LLC as claims and
noticing agent.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee' professionals are Kelley
Drye as its bankruptcy counsel; Devine, Millimet & Branch,
Professional Association as local counsel; EisnerAmper LLP as
financial advisors; and Houlihan Lokey Capital, Inc. as investment
banker.

GTAT has reached a settlement with Apple.  The settlement gives
Apple an approved claim for $439 million secured by more than 2,000
sapphire furnaces that GT Advanced owns and has four years to sell,
with proceeds going to Apple.  In addition, Apple gets
royalty-free, non-exclusive licenses for GTAT's technology.

The bankruptcy case is assigned to Judge Henry J. Boroff.


GTA REALTY: Wants Third Extension of Exclusivity
------------------------------------------------
GTA Realty II, LLC, filed third motion asking the United States
Bankruptcy Court for Southern District of New York extend its
120-day exclusive period to file a plan of reorganization and its
180-day period to solicit acceptances to a plan of reorganization.

The Debtor seeks to extend that time to avoid competing plans while
proceeding to confirmation.

The Official Committee of Unsecured Creditors objects to Debtor's
extension motion, arguing it does not oppose another extension of
the exclusivity periods to obtain and propose a means to a 100%
plan.  However, the Committee said a shorter time should be
allowed.  If the Debtor's efforts are to succeed, let them do so
with due haste; if the Debtor is without a concrete transaction and
without the ability to propose a definitive and feasible plan that
is likely to be consummated and pay claims in full, the Court
should end the period of delay and allow other options to be
proposed and negotiated, the Committee asserted.

Rialto Capital Advisors, LLC, also objects to the extension motion,
contending that further extension of the Debtor's Exclusive Periods
is unnecessary and, in any event, any extension should be limited
to a period of no more than 30 days.  The Debtor has, since before
the filing of its bankruptcy case, consistently exhibited an
inability or unwillingness to consummate a transaction, Rialto told
the Court.

GTA Realty II, LLC is represented by:

          Mark A. Frankel, Esq.
          BACKENROTH FRANKEL & KRINSKY, LLP
          800 Third Avenue
          New York, New York 10022
          Tel: 212 593-1100
          Fax: 212 644-0544
          Email: mfrankel@bfklaw.com

Rialto Capital Advisors, LLC is represented by:

          William Hao, Esq.
          Alston & Bird LLP
          90 Park Ave.
          New York, New York 10016
          Tel:: 212 210-9400
          Fax: 212 210-9444
          Email: william.hao@alston.com

             -- and --

          David A. Wender, Esq.
          One Atlantic Center
          1201 West Peachtree Street
          Atlanta, Georgia 30309-3424
          Tel: 404 881-7000
          Fax: 404 253-8563
          Email: david.wender@alston.com

Official Committee of Unsecured Creditors is represented by:

          Allen G. Kadish, Esq.
          Diconza Traurig Kadish LLP
          630 Third Avenue
          New York, New York 10017
          Tel: 212 682-4940
          Fax: 212 682-4942
          Email: akadish@dtklawgroup.com

                    About GTA Realty II

GTA Realty II, LLC, sought bankruptcy protection (Bankr. S.D.N.Y.
Case No. 14-12840) in Manhattan on Oct. 8, 2014.

In its schedules of assets and liabilities, the Debtor disclosed
$18 million in total assets and $7.26 million in liabilities.  The
Debtor owns real property at 184 Prince Street, New York, valued at
$6 million and a property at 287 Bleeker Street, New York, valued
at $12 million.   U.S. Bank National Association, owed $5.3
million, holds a first mortgage on the property.

The case is assigned to Judge Robert E. Gerber.

The Debtor is represented by Mark A. Frankel, Esq., at Backenroth
Frankel & Krinsky, LLP, in New York.

The Debtor has tapped Backenroth Frankel & Krinsky, LLP as
counsel.

The U.S. Trustee for Region 2 appointed three creditors to serve on
the official committee of unsecured creditors.


GYMBOREE CORP: Bank Debt Trades at 26% Off
------------------------------------------
Participations in a syndicated loan under which Gymboree Corp. is a
borrower traded in the secondary market at 73.91
cents-on-the-dollar during the week ended Friday, July 24, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the July 28, 2015, edition of The Wall Street Journal.
This represents a decrease of 0.26 percentage points from the
previous week, The Journal relates. Gymboree Corp. pays 350 basis
points above LIBOR to borrow under the facility.  The bank loan
matures on February 23, 2018, and carries Moody's B3 rating and
Standard & Poor's CCC+ rating.  The loan is one of the biggest
gainers and losers among 253 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended July 24.


HEALTH DIAGNOSTIC: Bankruptcy Stays Boston Heart Suit
-----------------------------------------------------
BOSTON HEART DIAGNOSTICS CORPORATION, Plaintiff, v. HEALTH
DIAGNOSTICS LABORATORY, INC., Defendant, Civil Acrion No.
13-cv-13111-IT (D. Mass.), has been stayed in view of HDL Inc.'s
Chapter 11 bankruptcy filing, according to an order by District
Judge Indira Talwani, available at http://is.gd/zvXZCefrom
Leagle.com.

Boston Heart is represented in the case by Wayne F. Dennison, Esq.,
Edward J. Naughton, Esq., and Rebecca MacDowell Lecaroz, Esq., at
Brown Rudnick LLP.

The debtor is represented by Alissa K. Lipton, Esq., Christopher S.
Schultz, Esq., Lillian M. Robinson, Esq., and Sanya Sukduang, Esq.,
at Finnegan, Henderson, Farabow, Garrett & Dunner,LLP.

                     About Health Diagnostic

Health Diagnostic Laboratory, Inc., Central Medical Laboratory,
LLC, and Integrated Health Leaders, LLC, are health care businesses
based in Richmond, Virginia.  HDL is a blood testing company.

Health Diagnostic Laboratory, Inc. (Bankr. E.D. Va. Case No.
15-32919) and affiliates Central Medical Laboratory, LLC (Bankr.
E.D. Va. Case No. 15-32920) and Integrated Health Leaders, LLC
(Bankr. E.D. Va. Case No. 15-32921) filed separate Chapter 11
bankruptcy petitions on June 7, 2015, estimating their assets at
between $100 million and $500 million and their debts at between
$100 million and $500 million.  The petitions were signed by Martin
McGahan, chief restructuring officer.

Justin F. Paget, Esq., Tyler P. Brown, Esq., Jason W. Harbour,
Esq., and Henry P. (Toby) Long, III, Esq. At Hunton & Williams LLP
serve as the Debtors' bankruptcy counsel.  Alvarez & Marsal is the
Debtors' financial advisor.  Robert S. Westermann, Esq., at
Hirshler Fleisher, P.C., serve as the Debtors' conflicts counsel.
American Legal Claims Services, LLC, is the Debtors' claims,
noticing and balloting agent.

                           *     *     *

Health Diagnostic Laboratory Inc. will hold a Sept. 10 auction to
sell the Virginia lab's operations. In a court order signed on July
15, Judge Kevin Huennekens set a Sept. 4 bid deadline for potential
buyers.


HERCULES OFFSHORE: S&P Lowers CCR to 'D', Off Watch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Houston-based Hercules Offshore Inc. to 'D' from 'CC'.
S&P also lowered the issue-level rating on the company's senior
unsecured notes to 'D' from 'CC'.  At the same time, S&P removed
all ratings from CreditWatch where it placed them with negative
implications on June 18, 2015.

The recovery rating on the senior unsecured notes remains '4',
reflecting S&P's expectation of average (lower end of the 30% to
50% range) recovery for lenders in the event of a payment default.


"The downgrade follows Hercules Offshore's missed interest payment
on its 8.75% senior unsecured notes," said Standard & Poor's credit
analyst Stephen Scovotti.

The company has recently entered into a restructuring support
agreement with the steering group of senior noteholders, which
would convert Hercules' outstanding debt of about $1.2 billion into
96.9% of equity.  Additionally, the proposed plan of reorganization
will include $450 million of new debt financing, $200 million of
which will be earmarked for the final delivery of the Highlander
jack-up.  On July 13, 2015, the company commenced the solicitation
of votes for the prepackaged plan of reorganization.  The
solicitation period ends on Aug. 12, 2015.

Standard & Poor's will re-evaluate Hercules's corporate credit
rating and proposed $450 million notes issue level rating under its
new capital structure.


ICON HEALTH: Moody's Raises CFR to B2 & Rates $160MM Loan B2
------------------------------------------------------------
Moody's Investors Service upgraded ICON Health & Fitness' Corporate
Family Rating to B2 from B3 due to its improved operating
performance and enhanced liquidity profile.  The proposed $160
million first lien term loan was rated B2 and the $60 million
second lien term loan was rated B3.  The proceeds will be used to
refinance the existing 11.875% senior secured notes. The Caa1
rating on the notes will be withdrawn at close.  The rating outlook
is stable.

"The upgrade reflects our view that the company's strategy of
streamlining its manufacturing footprint and expanding its
distribution network will continue to improve its operating
performance and credit metrics," said Kevin Cassidy, Senior Credit
Officer at Moody's Investors Service.

The B2 rating on the first lien term loan reflects its second lien
position with respect to the collateral securing the $175 million
ABL revolving credit facility (unrated), its first lien position in
certain other assets and its upstream guarantees from operating
subsidiaries.  The ABL facility is secured by a first lien on cash,
accounts receivable and inventory and a second lien on other
assets.  The B3 rating on the second lien term reflects its third
lien on the ABL collateral, its second lien position to non-ABL
collateral and its upstream guarantees from operating
subsidiaries.

Ratings upgraded:

Corporate Family Rating to B2 from B3;
Probability of Default Rating to B2-PD from B3-PD;

Ratings assigned:

$160 million First Lien Term Loan due 2021 at B2 (LGD3);
$60 million Second Lien Term Loan due 2022 at B3 (LGD4)

RATINGS RATIONALE

ICON's B2 Corporate Family Rating (CFR) reflects its moderate
leverage and operating margins, narrow business focus on home
fitness equipment and limited free cash flow.  Having limited
operations outside of North America also constrains the rating as
does its significant customer concentration.  The rating is further
limited by the company's susceptibility to discretionary consumer
spending.  Moody's expects ICON to maintain better than typical
credit metrics for a given rating category because of the
discretionary nature of its business.  The rating benefits from the
company's strong market position in fitness equipment and its
well-known brands such as NordicTrack.  ICON's efforts to diversify
its retail channels and focus on the direct to consumer channel
will help balance its customer concentration.  The continuing focus
on health and fitness among consumers should help drive demand as
the economy improves.

The stable outlook reflects Moody's view that the company's
operating performance and credit metrics will modestly improve over
the next couple of years.

An upgrade is possible if ICON can sustain debt/EBITDA below 4
times and maintain EBIT margins around 10%.  The consistent
generation of sufficient free cash flow is also needed for an
upgrade to be considered.

A downgrade could occur if ICON operating performance deteriorates
for any reason resulting in debt/EBITDA sustained over 6 times and
low single digit EBIT margins.

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

Headquartered in Logan, Utah, ICON manufactures, markets and
distributes a broad line of products in the home fitness equipment
market including cardiovascular equipment (79% of fiscal 2014
revenue), strength training equipment (18%) and equipment service
products (3%).  Products/services are offered under brands such as
NordicTrack, Pro Forms, Health Rider, Weslo, and iFit as well as
licenses with Gold's Gym, Jilian Michaels, Weider and Reebok.  ICON
generated approximately $810 million of revenue in the 12 months
ended February 2015.



ICON HEALTH: S&P Affirms 'B-' CCR & Revises Outlook to Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
corporate credit rating on Logan, Utah-based ICON Health & Fitness
Inc. and revised the rating outlook to positive from stable.

"At the same time, we assigned the company's $160 million
first-lien term loan due 2021 our 'B-' issue-level rating and '4'
recovery rating, indicating our expectation for average (30%-50%;
lower half of the range) recovery for lenders in the event of a
payment default.  We also assigned the company's $60 million
second-lien term loan due 2022 our 'CCC' issue-level rating and '6'
recovery rating, indicating our expectation for negligible (0%-10%)
recovery for lenders in the event of a payment default.
Additionally, we assigned the company's new $175 million
asset-based revolver due 2020 our 'B+' issue-level rating and '1'
recovery rating, indicating our expectation for very high
(90%-100%) recovery for lenders in the event of a payment default,"
S&P said.

"We also revised our financial policy assessment on ICON to
"neutral" from "FS-6" as a result of management's and individual
directors' recent buyout of equity interests that were previously
held by a unit of Credit Suisse, which we considered a financial
sponsor," S&P added.

"The outlook revision to positive from stable reflects our
expectation that ICON could improve EBITDA coverage of interest
expense to the high-2x area in fiscal year ending May 31, 2016 and
to the high-3x area in fiscal 2017 as a result of substantially
lower interest costs from the proposed transaction, and sustain an
adequate liquidity position over this period," said Standard &
Poor's credit analyst Shivani Sood.

The rating reflects S&P's assessment of ICON's business risk as
"vulnerable" and our assessment of its financial risk as "highly
leveraged," as defined in S&P's criteria.

The positive outlook reflects S&P's expectation that liquidity will
be adequate, EBITDA coverage of interest expense will improve to
the high-2x area in fiscal 2016 and to the high-3x area in fiscal
2017, and ICON could sustain total adjusted debt to EBITDA below
5x, levels that could be aligned with a one-notch higher rating on
ICON.  S&P also believes ICON will be able to improve EBITDA margin
over this period, although S&P recognizes that there are execution
risks associated with the transition of its remaining manufacturing
platform to existing Chinese facilities.

S&P could revise the outlook to stable or lower the ratings if
there is a sufficient deterioration in operating performance or
working capital management such that the company's "adequate"
liquidity profile becomes strained.  This could occur if the
manufacturing transition has significant cost overruns or results
in significant working capital fluctuations.

S&P could raise the rating by one notch once it is confident ICON
has successfully completed its manufacturing transition and is
managing inventory levels such that EBITDA and cash flow
fluctuations are lessened (even though they will not be eliminated)
as risk factors, and S&P believes ICON can sustain adjusted debt to
EBITDA below 5x and EBITDA coverage of interest expense above the
2x area.



IMH FINANCIAL: Stockholders Elect Four Directors
------------------------------------------------
At the 2015 annual meeting of stockholders of IMH Financial
Corporation held on July 21, 2015, the Company's stockholders:

   (a) elected Lawrence D. Bain, Leigh Feuerstein, Dr. Andrew
       Fishleder and Michael M. Racy as directors;

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

   (c) approved, on an advisory basis, the Company's executive
       compensation;

   (d) approved the holding of future advisory vote on executive
       compenstion every three years;

   (e) approved the Company's First Amended and Restated Employee
       Stock Incentive Plan; and

   (f) approved the Company's Non-Employee Director Compensation
       Plan.

                        About IMH Financial

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

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

As of March 31, 2015, the Company had $197 million in total
assets, $109 million in total liabilities, $27.9 million in
redeemable convertible preferred stock and $60.4 million in total
stockholders' equity.


ISTAR FINANCIAL: Files 4th Amendment to Tender Offer Statement
--------------------------------------------------------------
iStar Financial Inc. has filed an amendment no. 4 to its tender
offer statement on Schedule TO relating to the offering to holders
of up to 4,937.5 shares of High Performance Common Stock-Series 1,
5,000 shares of Company's High Performance Common Stock-Series 2
and 4,950 shares of High Performance Common Stock-Series 3 issued
and outstanding as of June 11, 2015, the opportunity to exchange
those HPU Shares for the Cash Consideration or the Stock
Consideration.

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

"Cash Consideration" is the amount of cash equal to the product of:
(i) the aggregate number of Common Stock Equivalents that are
attributable to the HPU Shares that you tender in the Offer,
multiplied by (ii) $8.00.

The Company has extended the expiration date of its tender offer
until 5:00 p.m. Eastern Time on Friday, July 31, 2015, unless
further extended.

The Offer had been previously scheduled to expire at 9:00 a.m.
Eastern Time on July 27, 2015.  As of July 24, 2015, 1,736 HPU
Shares representing approximately 349,480 Common Stock Equivalents
have been tendered.

On or about July 24, 2015, the Company advised the holders of HPU
Shares of the extension of the Offer by email communication.

                       About iStar Financial

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

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

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

                            *     *     *

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

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

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


J. CREW: Debt Trades at 14% Off
-------------------------------
Participations in a syndicated loan under which J. Crew is a
borrower traded in the secondary market at 86.21 cents-on-the-
dollar during the week ended Friday, July 24, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the July 28, 2015 edition of The Wall Street Journal.  This
represents an increase of 0.25 percentage points from the previous
week, The Journal relates.  J. Crew pays 300 basis points above
LIBOR to borrow under the facility.  The bank loan matures on
February 27, 2021, and carries Moody's B2 rating and Standard &
Poor's B- rating.  The loan is one of the biggest gainers and
losers among 253 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended July 24.



JANUS CAPITAL: Moody's Assigns Ba1 Rating on Prospective Sub. Debt
------------------------------------------------------------------
Moody's Investors Service has assigned a Baa3 rating with a stable
outlook to Janus Capital Group's new $300 million senior notes due
2025, to be offered July 28, 2015 off its US multiple seniority
shelf registration, pursuant to a prospectus supplement filed with
the Securities Exchange Commission.  Moody's also assigned
provisional ratings to the multiple seniority shelf registration,
which Janus registered on March 14, 2013.

Net proceeds from the 2025 Notes along with cash on hand, will be
used to redeem $345 million of 6.70% notes due 2017, and for a cash
"make whole" payment to investors tendering the 2017 Notes.

Concurrent with these actions, Moody's affirmed the Baa3 rating for
Janus's senior unsecured debt with a stable outlook.

RATINGS RATIONALE

Janus is a mid-sized provider of investment funds and services to
retail and institutional investors, predominantly in the United
States, although with a growing international presence.  It derives
its credit strength from the size and diversity of its $197 billion
of assets under management (AUM, as of 1 July 2015), $1 billion of
revenue, an established reputation in growth equity products, value
and mathematical equity offerings (through its Perkins and INTECH
subsidiaries), and its expanding fixed-income capabilities, which
now approach 22% of AUM.  Janus's asset base is growing more
international with 20% of AUM sourced overseas.

In affirming Janus Capital Group Inc.'s Baa3 senior debt rating
Moody's concluded that recent improvements in the company's
performance and its initiatives to broaden its product and
distribution capabilities are in their early stages.  Janus's
financial metrics have been stable and the company is experiencing
a reversal in two trends that hurt its fundamental performance in
recent years.  Net fund flows have been positive for the company
for the past three quarters, after six years of outflows, and
negative mutual fund performance or "fulcrum" fees have abated,
lessening their drag on management fee revenue.  However, negative
organic growth has persisted in some key products.

The company has stabilized itself through a number of actions,
including applying a more rigorous framework of risk controls to
fund management, expanding its fixed income capability, investing
in non-US distribution, managing expenses, and proactively reducing
debt and building liquidity.

The company is undertaking efforts to diversify its traditional
product set with acquisitions and new hires.  These have included
the acquisition of Kapstream, an Australian fixed income macro fund
manager, and VelocityShares, a developer of exchange-traded
products, and the hiring of prominent industry figures Bill Gross
and Myron Scholes.  With these hires, Janus is expanding its
activities into non-traditional product areas, such as asset
allocation and macro fixed income.  Moody's views these
developments with interest, however they remain too new to
materially alter our view of Janus's core business strengths.

Moody's regards the sale of the 2025 Notes and refinancing of the
2017 Notes as credit positive for Janus.  Benefits include the
extension of $300 million in the company's maturity schedule by
eight years at favorable borrowing rates, and a reduction in
current interest payments of approximately $10 million, offset by
the make whole payment.

RATINGS DRIVERS

Moody's said factors that could cause upward pressure on Janus's
ratings include 1) continuing improvement of fundamental equity
investment performance and the reversal of negative performance
fees, 2) the reestablishment of sustained positive net flows across
the company's equity business lines, 3) increased scale of Janus's
fixed income business lines and improved asset class
diversification, and 4) sustained Debt/EBITDA (as defined by
Moody's) under 1.25 times.  Moody's said factors that could cause
downward pressure on Janus's ratings include 1) a reduction of
revenues, net of distribution costs, to below $500 million, 2) the
persistence of negative performance fees at the lower limit of
their range, and 3) Debt/EBITDA (as defined by Moody's) at over 3.0
times.

LIST OF RATING ACTIONS

The rating was affirmed, with stable outlook:

Janus Capital Group, Inc. - Senior Unsecured Debt: Baa3

The following ratings were assigned, with stable outlook:

Janus Capital Group, Inc. - $300 million Notes due 2025: Baa3
Janus Capital Group Inc. - US$ Multiple Seniority Shelf:
   -- Prospective Debt Rating Senior Unsecured (P)Baa3
   -- Prospective Debt Rating Subordinate (P)Ba1
   -- Prospective Junior Subordinated Debentures (P)Ba2

The principal methodology used in these ratings was Asset Managers:
Traditional and Alternative published in February 2014.

Janus Capital Group Inc. is a US holding company for three
investment advisors -Janus Capital Management LLC, INTECH
Investment Management LLC, and Perkins Investment Management LLC.
While Janus serves primarily US investors, the company continues to
increase its international operations, which accounted for 20% of
its $197 billion of AUM following the July 1, 2015 acquisition of a
majority interest in Kapstream Capital, headquartered in Sydney,
Australia.



JARDEN CORP: S&P Lowers Rating on $1.9BB Sr. Sub. Notes to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue-level rating
on Florida-based Jarden Corp.'s $1.9 billion senior subordinated
notes to 'B+' from 'BB-' following Jarden's announcement that it is
upsizing its new senior secured term loan B-2 to $600 million from
$300 million.  S&P also revised the recovery rating on the senior
subordinated notes to '6' from '5', reflecting a higher amount of
senior secured debt in the company's capital structure. The '6'
recovery rating indicates S&P's expectation for negligible recovery
(0%-10%), in the event of a payment default.  The company is now
raising a total of $900 million in senior secured bank debt in
conjunction with its acquisition of the Waddington Group Inc.,
which S&P expects will close in the third quarter.  This includes
the $600 million senior secured term loan B-2 and $300 million
add-on to the company's senior secured term loan B-1.

All of S&P's other ratings on the company, including the 'BB'
corporate credit rating, are unchanged by this proposed
transaction.  The outlook is stable.  Pro forma for the proposed
financing, total debt outstanding is approximately $5.9 billion.
The ratings are subject to change, and assume the transaction
closes on substantially the same terms presented to S&P.

The ratings reflect Jarden's strong position across a diverse
portfolio of niche consumer products, small appliances, household
products, outdoor products, and sports equipment.  The company has
well-recognized brands, including Yankee Candle, Rawlings, Coleman,
Sunbeam, K2, and Mr. Coffee, and S&P believes the company is a
category captain with many of its products and is an important
strategic supplier to leading retailers such as Wal-Mart and
Target.  The company also has an extensive global distribution
network and derives more than 35% of its sales from outside the
U.S., which S&P believes will increase in the coming years.

S&P's ratings also reflect Jarden's high debt levels and active
acquisition and share repurchase strategy.  The company has raised
a significant amount of equity to fund the acquisition of
Waddington Group, resulting in very modest credit ratio
deterioration.  S&P believes the company will maintain leverage
between 4.0x to 4.5x and funds from operations to debt in the
mid-teens.

RATINGS LIST

Jarden Corp.
Corporate credit rating            BB/Stable/--

Issue Rating Lowered; Recovery Rating Revised
                                    To          From
Subordinated
  $1.9 bil. notes                   B+          BB-
   Recovery rating                  6           5L


JOHNS-MANVILLE CORP: Ch. 11 Ruling Relieves Marsh from PI Liability
-------------------------------------------------------------------
Marsh USA, Inc., asked the United States Bankruptcy Court for the
Southern District of New York to enforce orders entered in
connection with the Chapter 11 cases of Johns-Manville Corporation
and its related entities.

Marsh is one of several defendants in a lawsuit brought by Salvador
Parra, Jr., who developed asbestosis and other conditions after he
was exposed to asbestos while working as an insulator during the
1960s and '70s.  Parra filed suit in 2009, claiming that Marsh had
conspired with other asbestos producers, distributors, and insurers
to withhold information from the public regarding the dangers of
asbestos inhalation.  In response, Marsh filed the Motion, arguing
that it was relieved of any liability for those claims by the
release and channeling injunction contained in the order approving
Manville's Chapter 11 plan and an accompanying order approving
settlement agreements between Manville and certain of its
insurers.

In a memorandum decision dated July 27, 2015, U.S. Bankruptcy Judge
Cecelia G. Morris agrees with Marsh that Parra's claims are barred
by the plain language of the applicable release and injunction.
Accordingly, Judge Morris granted Marsh's motion.

In re: JOHNS-MANVILLE CORPORATION, Chapter 11, et al., Debtors,
CASE NO. 82-11656 (CGM)(Bankr. S.D.N.Y.).  A full-text copy of
Judge Morris's Decision is available at http://is.gd/NcuQkjfrom
Leagle.com.

WILLKIE FARR & GALLAGHER LLP, By Brian E. O'Connor, Esq. --
boconnor@willkie.com -- Emma J. James, Esq. -- ejames@willkie.com
-- New York, New York, Attorneys for Marsh USA, Inc.

THE BOGDAN LAW FIRM, By: Eric Bogdan, Esq. , Stafford, Texas,
Attorneys for Salvador Parra, Jr.

STUTZMAN BROMBERG ESSERMAN & PLIFKA, By: Sander L. Esserman, Esq.
-- esserman@sbep-law.com -- Peter D'Apice, Esq. --
d'apice@sbep-law.com -- Cliff I. Taylor, Esq. --
taylor@sbep-law.com -- Dallas, Texas, Attorneys for The Bogdan Law
Firm, as Counsel for Salvador Parra, Jr.

SIMPSON THACHER & BARTLETT LLP, By: Barry R. Ostrager, Esq. --
bostrager@stblaw.com -- Myer O. Sigal, Jr., Esq., Andrew T.
Frankel, Esq. -- afrankel@stblaw.com -- New York, New York,
Attorneys for The Travelers Indemnity Company and Travelers
Casualty and Surety Company.

                       About Johns-Manville

Johns-Manville Corp. was, by most sources, the largest
manufacturer of asbestos-containing products and the largest
supplier of raw asbestos in the United States from the 1920s until
the 1970s.  Manville sold raw asbestos to manufacturers of
asbestos-based products in 58 countries and distributed its own
asbestos-based products "across the entire spectrum of industries
and employment categories subject to asbestos exposure."

As a result of studies linking asbestos with respiratory disease,
Manville became the target of a growing number of products
liability lawsuits in the 1960s and 1970s.  Buckling under the
weight of its asbestos liability, Manville filed for Chapter 11
protection on August 26, 1982, before Judge Lifland.

To avoid the uncertainty of insurance litigation and to fund its
plan of reorganization, Manville sought to settle its insurance
claims.  Manville obtained in excess of $850,000,000 from
settlements with its insurers.  The U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Debtors' Second Amended and Restated Plan of Reorganization on
Dec. 22, 1986.


JUSTIN DAVIS ENTERPRISES: Case Summary & 20 Top Unsec. Creditors
----------------------------------------------------------------
Debtor: Justin Davis Enterprises, Inc.
        378 E. Base St., #216
        Madison, FL 32340

Case No.: 15-07698

Chapter 11 Petition Date: July 28, 2015

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Judge: Hon. Michael G. Williamson

Debtor's Counsel: Daniel R Fogarty, Esq.
                  STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
                  110 East Madison Street, Suite 200
                  Tampa, FL 33602
                  Tel: (813) 229-0144
                  Email: dfogarty.ecf@srbp.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by James B. Davis, IV, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flmb15-07698.pdf


KC MERGERSUB: Moody's Assigns B3 Corp. Family Rating
----------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating and
a B3-PD probability of default rating to KC Mergersub, Inc.
("Knowledge Universe"), a B1 rating to the company's proposed first
lien senior secured credit facilities, consisting of $645 million
term loan due 2022 and $80 million revolving credit facility due
2020, and a Caa1 rating to proposed $200 million second lien senior
secured term loan due 2023.  The rating outlook is stable.

Knowledge Universe has entered into a definitive agreement whereby
Partners Group will acquire the company.  The acquisition will be
funded with the proceeds of the proposed first lien and second lien
term loans and equity contributions from the sponsor and the
management.

According to Moody's analyst Natalia Gluschuk, "While the LBO
financing increases Knowledge Universe's debt levels dramatically,
pro forma credit metrics and ensuing liquidity support the B3
rating."

These rating actions were taken:

Issuer: KC Mergersub, Inc.

  Corporate family rating, assigned a B3;
  Probability of default rating, assigned a B3-PD;
  Proposed $80 million first lien senior secured revolving credit
   facility due 2020, assigned a B1, LGD3;
  Proposed $645 million first lien senior secured term loan due
   2022, assigned a B1, LGD3;
  Proposed $200 million second lien senior secured term loan due
   2023, assigned a Caa1, LGD5;

The rating outlook is stable.

Issuer: Knowledge Universe Education LLC:

All of the company's existing ratings remain unchanged, and will be
withdrawn upon closing of the transaction.

All ratings are subject to the execution of the transaction as
currently proposed and Moody's review of final documentation.  The
instrument ratings are subject to change if the proposed capital
structure is modified.

RATINGS RATIONALE
The B3 Corporate Family Rating (CFR) reflects Knowledge Universe's
thin operating margins and modest free cash flow generation, along
with the substantial increase in debt associated with the purchase
of the company by Partners Group.  Total debt will increase by $550
million, to $845 million, as a result of this transaction,
resulting in pro forma debt to revenues of 56% and pro forma
debt-to-EBITDA of approximately 5.1x (inclusive of Moody's standard
adjustment for operating leases).  While this level of leverage is
solid for the rating category, the company's EBITA margin,
estimated at approximately 9%, results in only modest free cash
flow after a material level of capital spending, while interest
coverage (EBITDA less capex to interest) of approximately 1.1x is
more typical of B3-rated companies.  The rating also reflects the
volatile and cyclical nature of the child-care and education
industry, which is dependent on macro-economic factors such as
employment and demographic trends, the highly fragmented and
competitive nature of the industry, and susceptibility to
reductions in federal and state funding support.  Furthermore, the
company's rating is constrained by longer-term risks associated
with potential shareholder enhancement activities given the private
equity ownership.  However, the rating is supported by the
company's large scale within the child-care and education industry,
broad geographical diversity within the U.S., and the value of its
brands.  Additionally, the rating considers improving general
economic conditions and employment trends, modest growth in the
company's same center sales and occupancy rates, and its on-going
cost structure rationalization and real estate portfolio
optimization initiatives that Moody's expects to continue driving
profitability improvements.  Also supportive of the rating are
favorable long term demographic fundamentals, including population
growth and increasing percentage of dual income families.

The stable outlook reflects Moody's view that favorable
macro-economic trends, combined with modest growth in same center
sales/occupancy rates and cost rationalization initiatives, will
result in gradual improvement in the company's operating
performance and credit metrics.

Knowledge Universe has an adequate liquidity profile, supported by
the flexibility under springing maximum first lien net leverage
covenant and an extended debt maturity profile.  However, Moody's
expects that the company will only generate moderate levels of free
cash flow given high level of capital expenditures, which is a key
constraint in our liquidity assessment.  Moody's also views
availability under the new $80 million revolver, estimated at
approximately $30 million after letter of credit utilization, as
only modest for a company of this size.

The B1 rating on the first lien credit facilities benefits from the
first priority interest in substantially all assets of the company
and the guarantors, and the Caa1 rating on the second lien term
loan reflects the loss absorption provided by this instrument in
the capital structure.

The ratings could be upgraded if the company demonstrates same
center revenue growth and improves operating margins such that
EBITDA less capex to interest coverage exceeds 1.5x, free cash flow
to debt is in the mid single-digit range, and adjusted
debt-to-EBITDA is sustained below 5.0x.  In addition, for a higher
rating consideration, the company would need to demonstrate a
substantial improvement in liquidity, characterized by strong and
consistent free cash flow generation and a significant increase in
revolver availability.

The ratings could be downgraded if the company experiences a
deterioration in its operating performance or increase in leverage,
possibly due to declines in same center sales, acquisitions or
shareholder distributions.  Debt-to-EBITDA sustained above 6.5x or
a material weakening in the company's liquidity profile could also
pressure ratings.

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

Knowledge Universe, based in Portland, Oregon, is a large scale
for-profit provider of child-care and education services in the
U.S. As of April 4, 2015, the company had a licensed capacity to
serve 197,916 children from 6 weeks to 12 years of age in 39 states
and the District of Columbia.  The company operates approximately
1,393 community-based centers, about 415 school-partnership sites
and over 94 employer-partnership centers under a number of
recognized brands, including "KinderCare", "CCLC" and "Champions."
Knowledge Universe is being acquired by Partners Group.  In the
last twelve months ending April 4, 2015, the company generated
approximately $1.5 billion in revenues.



KEMET CORP: Stockholders Elect Three Directors
----------------------------------------------
KEMET Corporation held its annual meeting of stockholders on
July 24, 2015, at which the stockholders:

   (a) elected Dr. Wilfried Backes, Gurminder S. Bedi and
       Per-Olof Loof as directors to serve three-year terms to
       expire in 2018;

   (b) ratified the appointment of Ernst & Young LLP as the
       Company's independent registered public accounting firm for

       the fiscal year ending March 31, 2016; and

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

                            About KEMET

KEMET, based in Greenville, South Carolina, is a manufacturer and
supplier of passive electronic components, specializing in
tantalum, multilayer ceramic, film, solid aluminum, electrolytic,
and paper capacitors.  KEMET's common stock is listed on the NYSE
under the symbol "KEM."

As of March 31, 2015, the Company had $753 million in total assets,
$588 million in total liabilities, and $165 million in total
stockholders' equity.

                           *     *     *

As reported by the TCR on March 26, 2013, Moody's Investors
Service downgraded KEMET Corp.'s Corporate Family Rating to 'Caa1'
from 'B2' and the Probability of Default Rating to 'Caa1-PD' from
'B2- PD' based on Moody's expectation that KEMET's liquidity will
be pressured by maturing liabilities and negative free cash flow
due to the interest burden and continued operating losses at the
Film and Electrolytic segment.

As reported by the TCR on Aug. 9, 2013, Standard & Poor's Ratings
Services lowered its corporate credit rating on KEMET to 'B-' from
'B+'.  "The downgrade is based on continued top-line and margin
pressures and lagging results from the restructuring of the Film &
Electrolytic [F&E] business, which combined with cyclical weak
end-market demand, has resulted in sustained, elevated leverage
well in excess of 5x, persistent negative FOCF, and diminishing
liquidity," said Standard & Poor's credit analyst Alfred
Bonfantini.

The TCR reported in August 2014 that S&P revised its outlook on
KEMET to 'stable' from 'negative'.  S&P affirmed the ratings,
including the 'B-' corporate credit rating.


MD AMERICA: S&P Affirms 'B-' Corp. Credit Rating, Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Texas-based exploration and production company MD
America Energy LLC.  The outlook is stable.  At the same time, S&P
raised its issue-level rating on the company's $525 million secured
term loan to 'B-' from 'CCC+' (the same as the corporate credit
rating).  S&P simultaneously revised the recovery rating on this
loan to '4' from '5', indicating S&P's expectation of average (30%
to 50%, higher end of the range) recovery in the event of a payment
default.

"The stable outlook reflects our expectation that MDAE will
maintain adequate liquidity, FFO to debt of about 20%, and debt
leverage below 5x on average over the next three years, while
growing its reserve and production base," said Standard & Poor's
credit analyst Christine Besset.

MD America is a wholly owned subsidiary of Meidu Holding Co. Ltd.,
a public real estate and energy entity traded on the Shanghai Stock
Exchange.  Since Acquiring MDAE in December 2013, Meidu has
contributed $567 million of common equity to support MDAE's growth.
In addition, MDAE expects to receive an additional equity infusion
from Meidu totaling $987 million in the second half of 2015.  Meidu
raised $1.3 billion on the Shanghai Stock Exchange in January 2015;
however, the regulatory steps necessary to make the funds available
take several months.  S&P considers MDAE "moderately strategic" to
Meidu, reflecting Meidu's publicly stated long-term strategy of
expanding its U.S. oil E&P investments, combined with S&P's
expectation that Meidu would provide support to MDAE during periods
of stress.

The ratings of MDAE reflect S&P's assessment of the company's
"vulnerable" business risk, "highly leveraged" financial risk, and
"adequate" liquidity.

S&P could lower the rating if liquidity falls to below $50 million.
Such an event could occur if the company's production failed to
meet S&P's current expectations, capital spending materially
exceeds S&P's current projections, or the company loses access to
its revolving credit facility due to a breach of covenant.

S&P considers an upgrade unlikely over the next 12 months, given
the company's size and scale of production and reserves.  However,
S&P could raise the rating if the company can significantly
increase it scale, while maintaining adequate liquidity, and FFO to
debt above 30%.


MEDIACOM COMMUNICATIONS: S&P Hikes Rating on Sec. Debt to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its issue-level rating on
Mediacom Broadband Group's and Mediacom LLC Group's senior secured
credit facilities to 'BB+' from 'BB' and revised S&P's recovery
rating on the debt to '1' from '2'.  The '1' recovery rating
indicates S&P's expectation of very high (90% to 100%) recovery for
lenders in the event of a payment default.  The revision of S&P's
recovery ratings reflects the company's voluntary pay-down of
senior secured bank debt at both entities over the last 12 months,
and S&P's expectation of continued debt repayment over the
intermediate term.  Borrowers under the credit facilities are
subsidiaries of Mediacom Broadband LLC and Mediacom LLC, which are
both subsidiaries of Mediacom Park, N.Y.–based cable-TV operator
Mediacom Communications Corp.

All other ratings on Mediacom, including the 'BB-' corporate credit
rating on parent Mediacom Communications Corp., are unaffected.

RATINGS LIST

Mediacom Communications Corp.
Corporate Credit Rating            BB-/Stable/--

Upgraded; Recovery Rating Revised

Mediacom Broadband Group
Mediacom LLC Group
                                    To            From
Senior Secured                     BB+           BB
  Recovery Rating                   1             2


MEDICAL PROPERTIES: S&P Affirms 'BB+' CCR, Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit rating on Medical Properties Trust Inc. and its operating
partnerships, MPT Operating Partnership L.P. and MPT Finance Corp.
(collectively, MPW).  The outlook is stable.

At the same time, S&P affirmed its 'BBB-' issue-level rating on
MPW's senior unsecured notes.  S&P's recovery rating on this debt
remains '2', indicating its expectation for a substantial recovery
in the event of payment default in the upper half of the 70% to 90%
range.

"MPW's $900 million acquisition of Capella Healthcare consists of a
$600 million investment in Capella's real estate (seven acute care
hospitals) and a $300 million investment in Capella's operating
entities, which we expect MPW and former Capella management to
jointly own," said credit analyst Michael Souers. "We expect the
company will finance this acquisition in a leverage-neutral manner,
but MPW has secured a $1 billion bridge loan in the event it needs
temporary financing.  Moreover, we believe this transaction reduces
concentration risk, although the company's top three tenants still
comprise nearly half of total investments."

The stable outlook on MPW reflects S&P's expectation that the
company will continue to diversify its portfolio and maintain
stable to improving cash flow as a result of solid rent coverage
and low lease rollover.  In addition, S&P expects the company will
continue to finance acquisitions in a manner that supports its
assessment of an "intermediate" financial risk profile.

Consideration for an upgrade remains unlikely at this time given
the still-high tenant concentration and specialty purpose nature of
its assets, which carry notable government reimbursement risk.
However, S&P would consider an upgrade if the company significantly
increases its scale from current levels in a leverage neutral
fashion, while further diversifying its tenant mix.  S&P would also
consider an upgrade if financial metrics improve to levels
commensurate with a "modest" financial risk profile, with debt to
EBITDA in the 2.5x to 4.5x range, FCC in the 3.1x to 3.7x area, and
debt to undepreciated capital in the 30% to 40% range.

Although also unlikely in the near term, S&P would consider
lowering the ratings if MPW aggressively pursues debt-financed
acquisitions or faces material tenant challenges such that credit
metrics deteriorate.  Credit measure thresholds include FCC of 2.1x
or below, debt to EBITDA above 7.5x, and debt to undepreciated
capital exceeding 55%.  Deterioration in credit metrics to the
aforementioned levels could cause us to revise the financial risk
profile to "significant" from "intermediate".



MEG ENERGY: Bank Debt Trades at 3% Off
--------------------------------------
Participations in a syndicated loan under which MEG Energy Corp is
a borrower traded in the secondary market at 97.52 cents-on-the-
dollar during the week ended Friday, July 24, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the July 28, 2015 edition of The Wall Street Journal.  This
represents a decrease of 0.98 percentage points from the previous
week, The Journal relates.  MEG Energy Corp pays 275 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
March 16, 2020, and carries Moody's Ba1 rating and Standard &
Poor's BB+ rating.  The loan is one of the biggest gainers and
losers among 253 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended July 24.



MILLENNIUM HEALTH: At Increased Default Risk
--------------------------------------------
Stephanie Gleason, writing for Dow Jones' Daily Bankruptcy Review,
reported that facing changing reimbursement rates, a huge debt load
and potential settlement costs over a U.S. Department of Justice
investigation, health care testing company Millennium Health LLC
has an increased risk for default or distressed exchange.

Millennium Healthcare Inc. is a medical device and healthcare
support and services company based in Garden City, New York.  The
Company purchases, supplies and distributes medical devices and
equipment focused on preventative care through early detection.

                    *     *     *

The Troubled Company Reporter, on July 23, 2015, reported that
Standard & Poor's Ratings Services placed all of its ratings,
including its 'B' corporate credit rating, on San Diego-based
clinical toxicology laboratory services provider Millennium Health
LLC on CreditWatch with negative implications.

"The CreditWatch listing reflects our view that there is
considerable uncertainty regarding Millennium's ability to service
its debt over the long term, given the ongoing, rapid deterioration
in the reimbursement rates that the company receives for urine drug
testing as well as the company's need to fund its pending
settlement regarding Medicare overbilling allegations," said credit
analyst Shannan Murphy.  "While the amount and timing of any
settlement has not yet been disclosed, we believe the amount will
likely significantly exceed the approximately $60 million in cash
the company held at March 31, 2015.  Further, we believe the
company's financial covenants and falling EBITDA would preclude it
from accessing the revolver to fund any settlement.  As such, we
believe a lump-sum payment requirement could result in a liquidity
event."


MILLENNIUM HEALTH: Moody's Cuts CFR to Caa2, Ratings on Review
--------------------------------------------------------------
Moody's Investors Service downgraded Millennium Health, LLC's
Corporate Family Rating to Caa2 from B2 and Probability of Default
Rating to Caa2-PD from B2-PD.  Additionally, Moody's downgraded the
ratings on the company's senior secured credit facilities to Caa2
(LGD 4) from B2 (LGD 4).  The ratings remain under review for
further downgrade.

The downgrade reflects Moody's view that a confluence of events is
having a material, negative impact on Millennium's credit profile.
"We have growing concerns related to the sustainability of the
company's capital structure, given its significant debt load, the
possibility of a large settlement, and the risk that earnings will
continue to fall because of lower government reimbursements" said
Chedly Louis, Vice President and Senior Analyst at Moody's.  "As a
result, there is increasing probability that Millennium will pursue
a transaction with its lenders that Moody's considers a distressed
exchange, and hence a default," Louis added.

Millennium could be negatively impacted by a reduction in Medicare
billing rates for diagnostic testing as early as 2016, potentially
constraining the company's liquidity position and deleveraging
abilities.  The anticipated reimbursement reduction relates to The
Centers for Medicare and Medicaid Services ("CMS") changing the
method in which it reimburses for drug tests, with the impact being
a net reimbursement reduction.  In addition, Moody's highlights
Millennium's weak first quarter performance, which will further
adversely impact the company's credit profile should operating
performance not improve.

Millennium's cash flow and debt will also be impacted if the
company is required to make a sizable payment to the Department of
Justice ("DOJ") as it finalizes its agreement with the government
in part related to allegations that the company billed Medicare for
unnecessary drug tests.  Management does not expect the payment to
exceed $250 million, but this amount would be very material given
the company's other challenges.

Moody's review of the ratings will focus on the amount and terms of
the final settlement with the Justice Department, as well as
Moody's expectations regarding Millennium's profitability,
liquidity and financial flexibility.  Moody's will also focus on
the company's debt load and its ability to delever going forward.

These ratings were downgraded and remain under review for further
downgrade:
Millennium Health, LLC
  Corporate Family Rating to Caa2 from B2
  Probability of Default Rating to Caa2-PD from B2-PD
  $50 million senior secured revolving credit facility expiring in

   2019 to Caa2 (LGD 4) from B2 (LGD 4)
  $1,775 million senior secured term loan due in 2021 to Caa2
   (LGD 4) from B2 (LGD 4)

RATINGS RATIONALE
Millennium's Caa2 Corporate Family Rating reflects the growing
uncertainty related to the company's credit profile given the
government's high scrutiny on reimbursement rates for the company's
services, the risks associated with the Justice Department's
continued investigation, the company's high financial leverage, its
relatively small scale, and its revenue concentration in core
toxicology testing services.  These factors raise the probability
that Millennium will pursue a transaction which Moody's considers a
distressed exchange, and hence a default.  The company could face
difficulty mitigating declines to revenues and EBITDA, which would
impact Millennium's credit metrics, constrain its ability to repay
debt and pressure the company's liquidity position.  Moody's
anticipates that the company will continue to operate with
considerable financial leverage, with debt/EBITDA sustained above
6.0x.  Millennium's EBITDA will contract as the company absorbs
reductions in reimbursement from Medicare that will begin in early
2016, causing debt/EBITDA (of 5.6 times at March 31, 2015) to
increase.

Should Millennium's liquidity weaken, or for any reason the risk of
a debt restructuring or distressed exchange increase, the company's
ratings could be downgraded.  An upgrade is unlikely at this time,
but would be contingent on a material improvement in the company's
liquidity, and Moody's gaining greater comfort with the
sustainability of Millennium's capital structure.

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

Millennium, headquartered in San Diego, CA, provides health care
professionals with medication monitoring and drug detection
services, pharmacogenic testing, and clinical tools, scientific
data and education used



MISSISSIPPI PHOSPHATES: Accused of Violating Clean Water Act
------------------------------------------------------------
Robin Fitzgerald at SunHerald reports that the U.S. Attorney's
Office has charged Mississippi Phosphates Corporation in Pascagoula
with violating the Clean Water Act by discharging pollutants that
have killed thousands of fish and destroyed marshy areas over the
past decade.

SunHerald says that breaching the Clean Water Act carries a maximum
fine of $500,000 or twice the amount of harm done or twice the
company's gain, whichever is the greater.  Citing U.S. Attorney's
Office spokesperson Sheila Wilbanks, the report states that
restitution, probation and additional obligations could be
ordered.

According to SunHerald, a bill of information was filed on July 27,
2015, accusing the Company of: (i) illegal wastewater discharges
and of failing to rectify the problems even after receiving
hundreds of notices; and (ii) releasing hazardous air pollutants
that endangered its employees and those at a neighboring plant.

Citing records, SunHerald reports that U.S. Bankruptcy Judge
Katharine Samson has authorized the sale of the Company's business,
settlement terms that resolve environmental issues and details of a
plea agreement on the criminal charge.  According to the court
order, the Company plans to give 320 acres of land near the plant
to the Mississippi Department of Marine Resources to become part of
the Grand Bay National Estuarine Research Reserve.

                About Mississippi Phosphates

Mississippi Phosphates Corporation is a major United States
producer and marketer of diammonium phosphate ("DAP"), one of the
most common types of phosphate fertilizer.  MPC, which is a
Delaware corporation formed in October 1990, owns a DAP facility in
Pascagoula, Mississippi, which was acquired from Nu-South, Inc., in
its 1990 bankruptcy.  Phosphate rock, the primary raw material used
in the production of DAP, is being supplied by OCP S.A., a
corporation owned by the Kingdom of Morocco.

The parent, Phosphate Holdings, Inc., was formed in December 2004
in connection with the bankruptcy reorganization of MPC and its
then-parent Mississippi Chemical Corporation, the first fertilizer
cooperative in the United States.

As of Oct. 27, 2014, MPC had a work force of 250 employees, broken
into 224 regular employees and 26 "nested" third-party contract
employees.

MPC and its subsidiaries, namely Ammonia Tank Subsidiary, Inc., and
Sulfuric Acid Tanks Subsidiary, Inc., sought Chapter 11 bankruptcy
protection (Bankr. S.D. Miss. Lead Case No. 14-51667) on Oct. 27,
2014.  Judge Katharine M. Samson is assigned to the cases.

Mississippi Phosphates disclosed $98.8 million in assets and $141
million plus an unknown amount in liabilities.  Affiliates Ammonia
Tank and Sulfuric Acid Tanks each estimated $1 million to $10
million in both assets and liabilities.

Jonathan J. Nash -- jonnash@deloitte.com -- is the CRO and
Robert P. Kerley --r.kerley@missphosphates.com -- is the CFO of
the Debtors.

The Debtors have tapped Butler Snow LLP as counsel and Sandler
O'Neill + Partners, L.P., as investment banker.  The official
committee of unsecured creditors tapped Burr & Forman LLP as its
counsel and Capstone/BRG as financial advisor.  The lender parties
tapped Haynes and Boone, LLP, and Byrd & Wiser, as attorneys.


MOLYCORP INC: US Trustee Appoints One More Committee Member
-----------------------------------------------------------
The U.S. Trustee for Region 3 appointed United Steelworkers to
Molycorp Inc.'s official committee of unsecured creditors.  

The unsecured creditors' committee is now composed of:

     (1) Wilmington Savings Fund Society, FSB
         Attn: Patrick Healy
         500 Delaware Ave.
         Wilmington, DE 19801
         Phone: 302-888-7420
         Fax: 302-421-9137

     (2) MP Environmental Services, Inc.
         Attn: Richard Turner
         3400 Manor St.
         Bakersfield, CA 93308
         Phone: 661-393-1151
         Fax: 661-392-1726

     (3) Computershare Trust Company of Canada
         Attn: Shelley Bloomberg
         100 University Ave., 11th Floor
         Toronto, Ontario, M5J 2Y1
         Phone: 212-238-3148

     (4) Veolia Water North America Operating Services LLC
         Attn: Van A. Cates
         14055 Riveredge Dr., Ste. 240
         Tampa, FL 33637
         Phone: 813-983-2804
         Fax: 813-983-2821

     (5) Delaware Trust Company, as Indenture Trustee
         Attn: Sandra E. Horwitz
         2711 Centerville Rd.
         Wilmington, DE 19808
         Phone: 877-374-6010 x 62412
         Fax: 302-636-8666

     (6) Wazee Street Capital Management
         Attn: Michael Collins
         7900 E. Union Ave., Ste. 1100
         Denver, CO 80237
         Phone: 303-217-4506
         Fax: 303-843-9111

     (7) Plymouth Lane Partners (Master) LP
         Attn: Mark Kronfeld
         717 5th Ave., 11th Floor
         New York, NY 10022
         Phone: 212-235-2275

     (8) United Steelworkers
         Attn. David Jury
         Associate General Counsel
         60 Boulevard of the Allies, Room 807
         Pittsburgh, PA 15222
         Phone: (412) 562-2545
         Fax: (412) 562-2574

The U.S. trustee appointed the seven other members of the unsecured
creditors' committee earlier this month.

                        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.

On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed seven creditors of the company to serve on
the official committee of unsecured creditors.


MONTREAL MAINE: Civil Proceedings Stayed Pending Plan Approval
--------------------------------------------------------------
Magistrate Judge John C. Nivison of the District of Maine gave his
stamp of approval on a stipulation staying certain civil actions
against Montreal Maine & Atlantic Railway, Ltd.

The civil actions subject to the stay are pending before the Maine
district court with docket numbers 1:14-cv-00071, 1:14-cv-00113-NT
and 1:13-cv-00184-NT.

The stay also covers the civil actions that plaintiffs allege have
been dismissed without prejudice but as to which some defendants
maintain have not been dismissed, with these assigned docket
numbers:

1:14-cv-00122-NT 1:14-cv-00114-NT 1:14-cv-00123-NT 1:14-cv-00115-NT
1:14-cv-00124-NT 1:14-cv-00116-NT 1:14-cv-00125-NT 1:14-cv-00117-NT
1:14-cv-00126-NT 1:14-cv-00118-NT 1:14-cv-00127-NT 1:14-cv-00119-NT
1:14-cv-00128-NT 1:14-cv-00120-NT 1:14-cv-00129-NT 1:14-cv-00121-NT
1:14-cv-00130-NT

By agreement with the plaintiff in Grimard v. Western Petroleum
Company (which case was transferred pursuant to the Section
157(b)(5) Transfer Order, although the physical file has not been
transferred by the Clerk of the Circuit Court of Cook County
(Illinois)), that case is also subject to the stay.

The stay will terminate on the earlier of (i) the Effective Date of
the Plan proposed in the Chapter 11 Case and the Implementation
Date of the Plan proposed in the Canadian Case or (ii) September
30, 2015.  However, if the order confirming (or denying
confirmation of) the Plan proposed in the Chapter 11 Case has not
been entered by the Bankruptcy Court and/or has not become final
and nonappealable prior to September 30, then the stay will remain
in place until the order confirming the plan has been finally
adjudicated, including by the exhaustion of all appeals from the
confirmation order, or the Chapter 11 Case has been dismissed.

The Stipulation was reached after Annick Roy (O/B/O Jean-Guy
Veilleux), Marie-Josee Grimard (O/B/O Henriette Latulippe); and
Robert J. Keach, the chapter 11 trustee of Montreal Maine &
Atlantic Railway, Ltd., filed a joint motion to modify a consent
order staying proceedings related to the train derailment pending
appeal.  The Official Committee of Victims appointed in the MMA
chapter 11 case also filed a motion partially opposing the
termination of the stay.

The parties to the stipulation are:

     * DEVLAR ENERGY MARKETING LLC, LARIO OIL & GAS COMPANY and
DEVO TRADING & CONSULTING COMPANY, represented by:

       Steven E. Cope, Esq.
       COPE LAW FIRM
       One William Street
       P.O. Box 1398
       Portland, ME 04104
       Tel: (207) 772-7491

     * OASIS PETROLEUM INC., AND OASIS PETROLEUM LLC, represented
by:

       Kelley Friedman, Esq.
       Randy L. Fairless, Esq.
       JOHANSON & FAIRLESS, L.L.P.
       1456 First Colony Blvd.
       Sugar Land, TX 77479
       Tel: (281) 313-5000

     * INLAND OIL & GAS CORPORATION, WHITING PETROLEUM CORPORATION,
ENERPLUS RESOURCES (USA) CORPORATION, HALCÓN RESOURCES
CORPORATION, TRACKER RESOURCES, KODIAK OIL & GAS CORP. (N/K/A
WHITING CANADIAN HOLDING COMPANY, ULC), AND GOLDEN EYE RESOURCES
LLC, represented by:

       Kelley Friedman, Esq.
       Randy L. Fairless, Esq.
       JOHANSON & FAIRLESS, L.L.P.
       1456 First Colony Blvd.
       Sugar Land, TX 77479
       Tel: (281) 313-5000

     * ARROW MIDSTREAM HOLDINGS CCC, represented by:

       Mark W. Zimmerman, Esq.
       Elizabeth T. Jozefowicz, Esq.
       CLAUSEN MILLER P.C.
       10 South LaSalle
       Chicago, IL 60603
       Tel: (312) 855-1010

     * MARATHON OIL COMPANY, represented by:

       Tracie J. Renfroe, Esq.
       Sarah R. Borders, Esq.
       KING & SPALDING LLP
       1100 Louisiana Street Suite 400
       Houston, TX 77003
       Tel: (713) 751-3214

     * QEP RESOURCES, INC., represented by:

       Jeremy R. Fischer, Esq.
       DRUMMOND WOODSUM
       84 Marginal Way, Suite 600
       Portland, Maine 04101
       Tel: (207) 772-1941

     * SLAWSON EXPLORATION COMPANY, INC., represented by:

       Steven E. Cope, Esq.
       COPE LAW FIRM
       One William Street
       P.O. Box 1398
       Portland, ME 04104
       Tel: (207) 772-7491

            - and -

     * EDWARD A. BURKHARDT, LARRY PARSONS, STEVEN J. LEE, STEPHEN
ARCHER, ROBERT C. GRINDROD, JOSEPH C. MCGONIGLE, GAYNOR RYAN,
DONALD GARDNER, JR., IN THEIR CAPACITY AS DIRECTORS AND OFFICERS OF
MMA AND MMAC, MONTREAL, MAINE & ATLANTIC CORPORATION and/or LMS
ACQUISITION CORPORATION, represented by:

       Patrick C. Maxcy, Esq.
       DENTONS US LLP
       233 South Wacker Drive Suite 5900
       Chicago, IL 60606
       Tel: (312) 876-2810

     * HARTFORD CASUALTY INSURANCE COMPANY, represented by:

       William D. Goddard, Esq.
       DAY PITNEY LLP
       242 Trumbull Street
       Hartford, CT 06103
       Tel: (860) 275-0117

     * RAIL WORLD HOLDINGS LLC, RAIL WORLD, INC., RAIL WORLD
LOCOMOTIVE LEASING LLC, THE SAN LUIS CENTRAL R.R. CO., PEA VINE
CORPORATION, LMS ACQUISITION CORPORATION, MMA CORPORATION, and
EARLSTON ASSOCIATES L.P., represented by:

       Patrick C. Maxcy, Esq.
       DENTONS US LLP
       233 South Wacker Drive Suite 5900
       Chicago, IL 60606
       Tel: (312) 876-2810

     * GENERAL ELECTRIC RAILCAR SERVICES CORPORATION, GENERAL
ELECTRIC COMPANY, represented by:

       Jeffrey C. Steen, Esq.
       SIDLEY AUSTIN LLP
       One South Dearborn
       Chicago, IL 60603
       Tel: (312) 853-7824

     * TRINITY INDUSTRIES, INC., TRINITY INDUSTRIES LEASING
COMPANY, TRINITY TANK CAR, INC., TRINITY RAIL GROUP LLC, RIV 2013
RAIL HOLDINGS LLC, and TRINITY RAIL LEASING WAREHOUSE TRUST,
represented by:

       Jennifer A. Kenedy, Esq.
       LOCKE LORD LLP
       111 South Wacker Drive
       Chicago, IL 60606
       Tel: (312) 443-0377

     * TRINITY RAIL LEASING 2012 LLC, represented by:

       D. Ferguson McNiel, Esq.
       VINSON & ELKINS LLP
       1001 Fannin Street Suite 2500
       Houston, TX 77002
       Tel: (713) 758-3882

     * UNION TANK CAR COMPANY, THE UTLX INTERNATIONAL DIVISION OF
UTCC, THE MARMON GROUP LLC, and PROCOR LIMITED, represented by:

       James K Robertson, Jr., Esq.
       CARMODY TORRANCE SANDAK & HENNESSEY
       50 Leavenworth Street
       Waterbury, CT 06721
       Tel: (203) 575-2636

     * FIRST UNION RAIL CORPORATION, represented by:

       Robert C. Bowers, Esq.
       MOORE & VAN ALLEN PLLC
       100 North Tryon Street Suite 4700
       Charlotte, NC 28202
       Tel: (704) 331-3560

     * CIT GROUP, INC., represented by:

       Debra A. Dandeneau, Esq.
       WEIL, GOTSHAL & MANGES LLP
       767 Fifth Avenue
       New York, NY 10153
       Tel: (212) 310-8541

     * CONOCOPHILLIPS COMPANY, represented by:

       Julie Hardin, Esq.
       REED SMITH LLP
       811 Main Street, Suite 1700
       Houston, TX 77002
       Tel: (713) 469-3813

     * SHELL OIL COMPANY, AND SHELL TRADING (US) COMPANY,
represented by:

       William K. Kroger, Esq.
       Omar J. Alaniz, Esq.
       BAKER BOTTS LLP
       2910 Louisiana Street
       Houston, TX 77002
       Tel: (713) 229-1378

     * INCORR ENERGY GROUP LLC, represented by:

       Tomothy A. Davidson II, Esq.
       ANDREWS KURTH LLP
       600 Travis, Suite 4200
       Houston, TX 77002
       Tel: (713) 220-4200

     * ENSERCO ENERGY, LLC, represented by:

       Julie Hardin, Esq.
       REED SMITH LLP
       811 Main Street, Suite 1700
       Houston, TX 77002
       Tel: (713) 469-3813

     * WORLD FUEL SERVICES CORPORATION, WORLD FUEL SERVICES, INC.,
WORLD FUEL SERVICES CANADA, INC., PETROLEUM TRANSPORT SOLUTIONS,
LLC, WESTERN PETROLEUM COMPANY, STROBEL STAROSTKA TRANSFER LLC,
DAKOTA PLAINS MARKETING LLC, DAKOTA PLAINS HOLDINGS, INC., DPTS
MARKETING INC., DAKOTA PLAINS TRANSLOADING LLC, and DAKOTA
PETROLEUM TRANSPORT SOLUTIONS LLC, represented by:

       Leslie M. Smith, Esq.
       Adam Paul, Esq.
       KIRKLAND & ELLIS LLP
       300 North LaSalle
       Chicago, IL 60654 Tel: (312) 862-2000

     * SMBC RAIL SERVICES, LLC f/k/a FLAGSHIP RAIL SERVICES, LLC,
represented by:

       Susan Gummow, Esq.
       FORAN GLENNON
       222 North LaSalle Street, Suite 1400
       Chicago, IL 60601
       Tel: (312) 863-5055

A copy of the Stipulated Order is available at http://is.gd/xHRFdO
from Leagle.com.

                      About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., operated the train that
derailed and exploded in July 2013, killing 47 people and
destroying part of Lac-Megantic, Quebec.

The Company sought bankruptcy protection (Bankr. D. Maine Case No.
13-10670) on Aug. 7, 2013, with the aim of selling its business.
Its Canadian counterpart, Montreal, Maine & Atlantic Canada Co.,
meanwhile, filed for protection from creditors in Superior Court
of Quebec in Montreal.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., serves as Chapter 11 trustee.  Michael A. Fagone, Esq., and
D. Sam Anderson, Esq. serves as his counsel.  Development
Specialists, Inc., serves as his financial advisor; and Gordian
Group, LLC, serves as his investment banker.

Bankruptcy Judge Louis H. Kornreich presides over the U.S. case.
The law firm of Verrill Dana represents the Debtor in its
restructuring effort.

Justice Martin Castonguay oversees the case in Canada.  Andrew
Adessky at Richter Consulting was named CCAA monitor.  The CCAA
Monitor is represented by Sylvain Vauclair at Woods LLP.  MM&A
Canada is represented by Patrice Benoit, Esq., at Gowling LaFleur
Henderson LLP.

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

The unofficial committee of wrongful death claimants is
represented by George W. Kurr, Jr., Esq., at Gross, Minsky & Mogul,
P.A.;
Daniel C. Cohn, Esq., at Murtha Cullina LLP; Peter J. Flowers,
Esq., at Meyers & Flowers, LLC; Jason C. Webster, Esq., at The
Webster Law Firm; and Mitchell A. Toups, Esq., at Weller, Green
Toups & Terrell LLP.

On Jan. 29, 2014, an ad hoc group of wrongful-death claimants
submitted a plan, which would give 75% of the $25 million in
available insurance to the families of those who died after an
unattended train derailed in Lac-Megantic, Quebec, in July.

Montreal, Maine & Atlantic Canada Co. ("MMA Canada"), the Canadian
unit of Chapter 11 debtor Montreal, Maine & Atlantic Railway Ltd.
("MMA"), on July 20, 2015, filed a Chapter 15 bankruptcy petition
(Bankr. D. Maine Case No. 15-20518) in Portland, Maine, to seek
recognition and enforcement in the U.S. of the order by the Quebec
Court approving MMA Canada's plan to pay off victims of the July
2013 derailment.

              *     *     *

Robert J. Keach, Esq., Chapter 11 trustee of Montreal Maine &
Atlantic Railway Ltd., and the monitor expect that the Maine
Bankruptcy Court will convene a hearing on Aug. 20, 2015, at 9:00
a.m. (ET) to consider the petition for recognition as foreign
proceeding and related relief, and the monitor's motion for entry
of an order recognizing and enforcing the plan sanction order of
the Quebec Superior Court.

The Hon. Peter G. Cary of the U.S. Bankruptcy Court for the
District of Maine scheduled a hearing on Sept. 24, 2015, to confirm
the plan of liquidation dated July 7, 2015, filed by the Chapter 11
trustee.  The Chapter 11 plan will distribute C$275 million (US$220
million) to creditors, including families of the 48 people who died
during the 2013 trail derailment accident.


MONTREAL MAINE: Suit v. World Fuel, CPR Remains in Bankr. Court
---------------------------------------------------------------
ROBERT KEACH, solely in his capacity as the chapter 11 trustee for
MONTREAL MAINE & ATLANTIC RAILWAY, LTD., Plaintiff, v. WORLD FUEL
SERVICES CORP., WORLD FUEL SERVICES, INC., WESTERN PETROLEUM CO.,
WORLD FUEL SERVICES, CANADA, INC., PETROLEUM TRANSPORT SOLUTIONS,
LLC, CANADIAN PACIFIC RAILWAY CO., and IRVING OIL LTD., Defendants
Adv. Proc. No. 14-1001 (Bankr. D. Maine) will continue to be heard
by the Maine bankruptcy court, Chief District Judge Nancy Torresen
has said.

Judge Torresen denied a request by Canadian Pacific Railway Co.,
one of the defendants, for the District Court to withdraw the
reference of the adversary proceeding that was automatically
referred to the Bankruptcy Court.

"The proceeding at issue is just a small piece in a sprawling,
ten-figure bankruptcy case with many, many moving parts. The
Bankruptcy Court has been ably presiding over the bankruptcy case
for more than a year and a half and is familiar with the divergent
interests at stake. Denying the motion for immediate withdrawal of
the reference would discourage parties from forum shopping and
encourage them to expend their legal energy on the merits of their
claims. It would also allow the Bankruptcy Court to oversee the
early stages of this adversary proceeding in concert with the rest
of the bankruptcy case and allow both this Court and the parties to
take advantage of the Bankruptcy Court's broad expertise in
bankruptcy law and complex case management," the judge explained.

A copy of Judge Torresen's June 8, 2015 Order is available at
http://is.gd/HEumOKfrom Leagle.com.

                      About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., operated the train that
derailed and exploded in July 2013, killing 47 people and
destroying part of Lac-Megantic, Quebec.

The Company sought bankruptcy protection (Bankr. D. Maine Case No.
13-10670) on Aug. 7, 2013, with the aim of selling its business.
Its Canadian counterpart, Montreal, Maine & Atlantic Canada Co.,
meanwhile, filed for protection from creditors in Superior Court of
Quebec in Montreal.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., serves as Chapter 11 trustee.  Michael A. Fagone, Esq., and
D. Sam Anderson, Esq. serves as his counsel.  Development
Specialists, Inc., serves as his financial advisor; and Gordian
Group, LLC, serves as his investment banker.

Bankruptcy Judge Louis H. Kornreich presides over the U.S. case.
The law firm of Verrill Dana represents the Debtor in its
restructuring effort.

Justice Martin Castonguay oversees the case in Canada.  Andrew
Adessky at Richter Consulting was named CCAA monitor.  The CCAA
Monitor is represented by Sylvain Vauclair at Woods LLP.  MM&A
Canada is represented by Patrice Benoit, Esq., at Gowling LaFleur
Henderson LLP.

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

The unofficial committee of wrongful death claimants is
represented by George W. Kurr, Jr., Esq., at Gross, Minsky & Mogul,
P.A.; Daniel C. Cohn, Esq., at Murtha Cullina LLP; Peter J.
Flowers, Esq., at Meyers & Flowers, LLC; Jason C. Webster, Esq., at
The Webster Law Firm; and Mitchell A. Toups, Esq., at Weller, Green
Toups & Terrell LLP.

On Jan. 29, 2014, an ad hoc group of wrongful-death claimants
submitted a plan, which would give 75% of the $25 million in
available insurance to the families of those who died after an
unattended train derailed in Lac-Megantic, Quebec, in July.

Montreal, Maine & Atlantic Canada Co. ("MMA Canada"), the Canadian
unit of Chapter 11 debtor Montreal, Maine & Atlantic Railway Ltd.
("MMA"), on July 20, 2015, filed a Chapter 15 bankruptcy petition
(Bankr. D. Maine Case No. 15-20518) in Portland, Maine, to seek
recognition and enforcement in the U.S. of the order by the Quebec
Court approving MMA Canada's plan to pay off victims of the July
2013 derailment.

              *     *     *

Robert J. Keach, Esq., Chapter 11 trustee of Montreal Maine &
Atlantic Railway Ltd., and the monitor expect that the Maine
Bankruptcy Court will convene a hearing on Aug. 20, 2015, at 9:00
a.m. (ET) to consider the petition for recognition as foreign
proceeding and related relief, and the monitor's motion for entry
of an order recognizing and enforcing the plan sanction order of
the Quebec Superior Court.

The Hon. Peter G. Cary of the U.S. Bankruptcy Court for the
District of Maine scheduled a hearing on Sept. 24, 2015, to confirm
the plan of liquidation dated July 7, 2015, filed by the Chapter 11
trustee.  The Chapter 11 plan will distribute C$275 million (US$220
million) to creditors, including families of the 48 people who died
during the 2013 trail derailment accident.


MULTIPLAN INC: Bank Debt Trades at 0.36% Off
--------------------------------------------
Participations in a syndicated loan under which MultiPlan Inc. is a
borrower traded in the secondary market at 99.64
cents-on-the-dollar during the week ended Friday, July 24, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the July 28, 2015 edition of The Wall Street Journal.
This represents an increase of 0.18 percentage points from the
previous week, The Journal relates.  The Company pays 300 basis
points above LIBOR to borrow under the facility.  The bank loan
matures on March 14, 2021, and carries Moody's B1 rating and
Standard & Poor's B rating.  The loan is one of the biggest gainers
and losers among 253 widely quoted syndicated loans with five or
more bids in secondary trading for the week ended July 24.


NAVISTAR INTERNATIONAL: MHR Reports 18.4% Stake as of July 24
-------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, MHR Institutional Partners III LP disclosed that as of
July 24, 2015, it beneficially owned 14,980,528 shares of common
stock of Navistar International Corporation, which represents 18.4
percent of the shares outstanding based on 81,500,808 shares of
Common Stock outstanding as of May 31, 2015.

On July 22 through July 24, 2015, Institutional Partners III
acquired an aggregate of 800,000 shares of Common Stock in open
market purchases for aggregate consideration (excluding
commissions) of approximately $14,823,822.

Mark H. Rachesky, M.D. may be deemed to be the beneficial owner of
16,247,942 shares of Common Stock (approximately 19.9% of the total
number of shares of Common Stock outstanding.

A copy of the regulatory filing is available at:

                       http://is.gd/gCSzeb

                  About Navistar International

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

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

                          *     *     *

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

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

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


NEPHROS INC: Enters Into Purchase Agreement with Lincoln Park
-------------------------------------------------------------
Nephros, Inc., announced that it has entered into a purchase
agreement with Lincoln Park Capital Fund, LLC, a Chicago-based
institutional investor.  Under the terms of the purchase agreement,
over a 36-month term, Nephros will have the right and the sole
discretion to sell to LPC up to $10 million worth of shares of
Nephros common stock in amounts as set forth in the agreement.
Nephros will control the timing and amount of any future investment
and LPC will be obligated to make purchases in accordance with the
agreement.

"We are pleased to enter into this purchase agreement with LPC, an
existing investor in Nephros," commented Daron Evans, CEO of
Nephros.  "This commitment provides us with a vehicle for accessing
capital as we target profitability through growth in our filter
business.  Additionally, we will be able to continue to work with
our strategic partners to treat patients with our HDF system,
growing our experience in the commercial setting."

There are no upper limits to the price LPC may pay to purchase
common stock from Nephros and the purchase price of the shares
related to any future investments will be based on the prevailing
market prices of the Company's shares immediately preceding the
notice of sale to LPC.  LPC has agreed not to cause or engage in
any manner whatsoever, any direct or indirect short selling or
hedging of the Company's shares of common stock.  In consideration
for entering into the agreement, Nephros has issued shares of
common stock to LPC as a commitment fee.  The agreement may be
terminated by Nephros at any time, at its sole discretion, without
any monetary cost.

Under the terms of the purchase agreement and related registration
rights agreement, Nephros has agreed to file a registration
statement with the U.S. Securities and Exchange Commission covering
the sale of the shares that may be issued to LPC.

A copy of the purchase agreement is available at:

                        http://is.gd/dgXkxH

                           About Nephros

River Edge, N.J.-based Nephros, Inc., is a commercial stage
medical device company that develops and sells high performance
liquid purification filters.  Its filters, which it calls
ultrafilters, are primarily used in dialysis centers and
healthcare facilities for the production of ultrapure water and
bicarbonate.

Nephros reported a net loss of $7.37 million on $1.74 million of
total net revenues for the year ended Dec. 31, 2014, compared to
net income of $1.32 million on $1.74 million of total net revenues
for the year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $2.62 million in total
assets, $8.03 million in total liabilities and a $5.41 million
total stockholders' deficit.

Withum Smith+Brown PC, in Morristown, New Jersey, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has incurred
negative cash flow from operations and recurring net losses since
inception.  These conditions, among others, raise substantial doubt
about its ability to continue as a going concern.


OCEAN RIG: Bank Debt Trades at 17% Off
--------------------------------------
Participations in a syndicated loan under which Ocean Rig is a
borrower traded in the secondary market at 82.80 cents-on-the-
dollar during the week ended Friday, July 24, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the July 28, 2015 edition of The Wall Street Journal.  This
represents a decrease of 0.64 percentage points from the previous
week, The Journal relates. Ocean Rig pays 450 basis points above
LIBOR to borrow under the facility. The bank loan matures on July
17, 2021, and carries Moody's withdrawn rating and Standard &
Poor's B+ rating.  The loan is one of the biggest gainers and
losers among 253 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended July 24.



ORLANDO GATEWAY: Asks to Consolidate Ch. 11 Case with Nilhan's
--------------------------------------------------------------
Nilhan Hospitality, LLC, and Orlando Gateway Partners, LLC, ask the
U.S. Bankruptcy Court for the Middle District of Florida, Orlando
Division, to consolidate their Chapter 11 cases and estates.

Kenneth D. Herron, Jr., Esq., at Wolff, Hill, McFarlin & Herron,
P.A., in Orlando, Florida, tells the Court that there is
substantial identity between the entities to be consolidated and
that consolidation is necessary to avoid some harm or to realize
some benefit.  Mr. Herron alleges that Debtors OGP and Hospitality
are limited liability companies organized under the laws of the
State of Florida and are managed by Chittranjan Thakkar, who signed
the petitions commencing the Chapter 11 cases.  He further tells
the Court that the members of OGP and Hospitality are related to or
controlled by Thakkar and that the creditors of OGP and Hospitality
are substantially the same.

Mr. Herron notes that many of the debts are owed jointly or have
been guaranteed by one of the Debtors for the other.  He asserts
that the only major distinctions between creditors are secured
creditors that have mortgage liens on specific parcels of property
owned either by OGP or Hospitality.

Mr. Herron tells the Court that the assets of the Debtors are
intertwined, which gave rise to inter-Debtor liabilities.  He
further tells the Court that consolidation will be a benefit to the
Debtors and all creditors because it would avoid the costs
associated with the task of trying to sort out the assets and
liabilities of the respective estates.

Acting United States Trustee for Region 21, Guy G. Gebhardt,
objected to the Debtors' motion, arguing that the Court must first
rule on the U.S. Trustee's Motion to Dismiss and the Motion to
Appoint Trustee because if dismissal, conversion, or appointment of
a Chapter 11 trustee occurs, the Debtors' motion would be moot.

Timothy S. Laffredi, Esq., at the Office of the U.S. Trustee, in
Orlando Florida, tells the Court that the Debtors' motion should
not be heard until the issues concerning Wolf, Hill, McFarlin &
Herron, P.A.'s retention of the Debtors is resolved in the U.S.
Trustee's Motion to Disqualify WHMH for reasons, which include
conflicts of interest in representing the two Debtors.  Mr.
Laffredi alleges that the Debtors failed to establish the existence
of substantial identity and that their conclusory statements that
substantial identity exists contain virtually no analysis or
application of the facts to the law.

Nilhan Hospitality, LLC and Orlando Gateway Partners, LLC are
represented by:

          Kenneth D. Herron, Jr., Esq.
          WOLFF, HILL, MCFARLIN & HERRON, P.A.
          1851 W. Colonial Dr.
          Orlando, FL 32804
          Telephone: (407)648-0058
          Facsimile: (407)648-0681
          Email: kherron@whmh.com

The Acting United States Trustee for Region 21, Guy G. Gebhardt is
represented by:

          Timothy S. Laffredi, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          U.S. Department of Justice
          George C. Young Federal Building
          400 West Washington Street, Suite 1100
          Orlando, FL 32801
          Telephone: (407)648-6301, Ext. 10
          Facsimile: (407)648-6323
          Email: timothy.s.laffredi@usdoj.gov

                    About Orlando Gateway

Nilhan Hospitality, LLC, and Orlando Gateway Partners, LLC
commenced Chapter 11 bankruptcy cases (Bankr. M.D. Fla. Case No.
15-03447 and 15-03448, respectively) on  April 20, 2015.
Chittranjan Thakkar, the manager, signed the  petitions.  

Orlando Gateway, Orlando Sentinel states, is a $500 million retail
and residential complex -- which includes two restaurants, a
Bonefish Grill and Carraba's, and plans for additional  commercial
and residential build out -- near Orlando International Airport.  

Nilhan estimated $1 million to $10 million in assets and $10
million to $50 million in debt while Orlando Gateway estimated at
least $10 million in assets and debt.  

The Debtors are represented by Kenneth D Herron, Jr., Esq., at
Wolff, Hill, McFarlin & Herron, P.A.

According to the docket, the Debtors' Chapter 11 plan and
disclosure statement are due Aug. 18, 2015.

The initial meeting of creditors was held and concluded on July 6,
2015, court filings show.  

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.


ORLANDO GATEWAY: U.S. Trustee Seeks To Disqualify Wolff Hill
------------------------------------------------------------
Guy G. Gebhardt, Acting United States Trustee for Region 21, asks
the U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, to disqualify Kenneth D. Herron, Jr., Esq., and
Wolff, Hill, McFarlin & Herron, P.A. as counsel for Nilhan
Hospitality, LLC, and Orlando Gateway Partners, LLC.

Timothy S. Laffredi, Esq., at the Office of the United States
Trustee, in Orlando, Florida, tells the Court that (a) Nilhan and
OGP are creditors and debtors of each other; (b) they are
co-debtors on many obligations; (c) Mr. Thakkar, who paid WHMH's
retainer and who guaranteed future payment of fees and expenses, is
a creditor himself; (d) Mr. Thakkar is the principal of creditors
of these Debtors, including a secured creditor of one Debtor and
creditors who are currently in their own chapter 11 cases in the
Northern District of Georgia; and (e) Mr. Thakkar is also a
co-debtor on various obligations of these Debtors.

Mr. Laffredi asserts that given the various relationships among
Nilhan, OGP, Mr. Thakkar, and the Thakkar-related entities, there
is substantial risk that the simultaneous representation of both
Debtors will be materially limited by WHMH's individual
responsibilities to each of Nilhan, OGP, and Mr. Thakkar.  He tells
the Court that WHMH and Mr. Herron, by representing both Debtors,
are in a position of having "to serve too many masters."

The Acting United States Trustee for Region 21, Guy G. Gebhardt is
represented by:

          Timothy S. Laffredi, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          U.S. Department of Justice
          George C. Young Federal Building
          400 West Washington Street, Suite 1100
          Orlando, FL 32801
          Telephone: (407)648-6301, Ext. 10
          Facsimile: (407)648-6323
          Email: timothy.s.laffredi@usdoj.gov

                    About Orlando Gateway

Nilhan Hospitality, LLC, and Orlando Gateway Partners, LLC
commenced Chapter 11 bankruptcy cases (Bankr. M.D. Fla. Case No.
15-03447 and 15-03448, respectively) on  April 20, 2015.
Chittranjan Thakkar, the manager, signed the  petitions.  

Orlando Gateway, Orlando Sentinel states, is a $500 million retail
and residential complex -- which includes two restaurants, a
Bonefish Grill and Carraba's, and plans for additional  commercial
and residential build out -- near Orlando International Airport.  

Nilhan estimated $1 million to $10 million in assets and $10
million to $50 million in debt while Orlando Gateway estimated at
least $10 million in assets and debt.  

The Debtors are represented by Kenneth D Herron, Jr., Esq., at
Wolff, Hill, McFarlin & Herron, P.A.

According to the docket, the Debtors' Chapter 11 plan and
disclosure statement are due Aug. 18, 2015.

The initial meeting of creditors was held and concluded on July 6,
2015, court filings show.  

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.


PACIFIC DRILLING: Bank Debt Trades at 19% Off
---------------------------------------------
Participations in a syndicated loan under which Pacific Drilling
Ltd. is a borrower traded in the secondary market at 80.60
cents-on-the- dollar during the week ended Friday, July 24, 2015,
according to data compiled by LSTA/Thomson Reuters MTM Pricing and
reported in the July 28, 2015 edition of The Wall Street Journal.
This represents a decrease of 0.73 percentage points from the
previous week, The Journal relates. Pacific Drilling Ltd. pays 350
basis points above LIBOR to borrow under the facility.  The bank
loan matures on May 15, 2018, and carries Moody's B1 rating and
Standard & Poor's B+ rating.  The loan is one of the biggest
gainers and losers among 256 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended July 24.



PARALLEL HOTELS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Parallel Hotels Inc.
           d/b/a/ Quality Inn and Suites
        2020 Apalachee Pkwy
        Tallahassee, FL 32301

Case No.: 15-40407

Chapter 11 Petition Date: July 28, 2015

Court: United States Bankruptcy Court
       Northern District of Florida (Tallahassee)

Judge: Hon. Karen K. Specie

Debtor's Counsel: Robert C. Bruner, Esq.
                  261 Pinewood Drive
                  Tallahassee, FL 32303
                  Tel: 850-385-0342
                  Fax: 850-270-2441
                  Email: RobertCBruner@hotmail.com

Total Assets: $3.7 million

Total Liabilities: $5.4 million

The petition was signed by Rakesh Patel, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flnb15-40407.pdf


PARTY CITY: Moody's Raises CFR to 'B1', Outlook Positive
--------------------------------------------------------
Moody's Investors Service upgraded Party City Holdings Inc.'s debt
ratings, including its Corporate Family Rating to B1 from B2 and
Probability of Default Rating to B1-PD from B2-PD.  The rating
action concludes the review for upgrade initiated on June 16, 2015.
Concurrently, Moody's assigned a B1 rating to the company's
proposed $1.34 billion secured term loan, and a SGL-2 Speculative
Grade Liquidity rating.  The ratings outlook is positive.

Proceeds from the proposed term loan and drawings under a new $540
million asset-based revolving credit facility (with a seasonal
increase to $640 million during a certain period of each calendar
year) will be used to refinance the existing $1.094 billion term
loan due 2019 and to redeem $350 million of the company's $700
million senior unsecured notes due 2020.  The assigned ratings are
subject to review of final documentation.  The transaction is a
credit positive for Party City as it is expected to reduce interest
costs and lengthen the company's debt maturity profile.

"The upgrade reflects the reduction in adjusted debt due to changes
in Moody's approach for capitalizing operating leases," said
Moody's Analyst, Mike Zuccaro.  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.  As a
result of this change, pro forma for the repayment of the $350
million PC Nextco Holdings, LLC ("PC Nextco") notes in April 2015,
Party City's lease-adjusted leverage for the latest twelve month
period ended March 31, 2015 improved to 5.4x from 6.5x under the
prior methodology.  Zuccaro added, "The positive outlook considers
the company's consistent profitable growth and successful track
record of integrating acquisitions, and our expectation that this
will continue over the intermediate term. When coupled with
anticipated debt reduction, the company's credit metrics are
expected to continue to improve over the intermediate term."

These ratings were upgraded:

Party City Holdings Inc.:

   -- Corporate Family Rating to B1 from B2;
   -- Probability of Default Rating to B1-PD from B2-PD
   -- Senior secured term loan due 2019 to Ba3 (LGD3) from B1
      (LGD3) (*);
   -- Guaranteed senior unsecured notes due 2020 to B3 (LGD 5)
      from Caa1 (LGD 5)
  (*) ratings expected to be withdrawn upon completion of the
    proposed refinancing.

These ratings were assigned:

Party City Holdings Inc.:

   -- Senior secured term loan due 2022, B1 (LGD4);
   -- Speculative Grade Liquidity Rating of SGL-2.

Outlook revised to positive from rating on review.

RATINGS RATIONALE

Party City's B1 Corporate Family Rating reflects the company's
narrow business focus on party goods and accessories and it's high
financial leverage, as measured by pro-forma lease-adjusted
debt/EBITDA, of 5.4x.  The rating also reflects that Party City
remains a 'controlled company' as defined by the SEC with
affiliates of Thomas H. Lee Partners, L.P. and Advent International
Corporation, who have a history of funding sizable debt financed
dividends, still holding over 70% of the outstanding shares in the
company.  The rating is supported by Party City's strong market
presence in both retail and wholesale, growing geographic
diversification, relative demand stability of party goods and
accessories, and track record of integrating acquisitions and
achieving cost savings, all of which should enable continued future
steady growth and metric improvement. Liquidity is good, as cash
flow and revolver availability are expected to be more than
sufficient to cover cash flow needs over the next 12-18 months.

The positive outlook reflects Moody's expectation for steady
improvement in debt protection metrics due to the relatively stable
demand characteristics of party goods and accessories, and
continued successful integration of potential future bolt-on
acquisitions.

Ratings could be upgraded through sustained growth in revenue and
profitability leading to improved credit metrics.  Clarity around
future financial policies, such as demonstrating the willingness
and ability to sustainably reduce debt and improve credit metrics,
and reduced private equity ownership could also support a ratings
upgrade.  Specific metrics include lease-adjusted debt to EBITDA
sustained below 5.0x and EBITA /interest expense is sustained above
2.5x.

Ratings could be downgraded if the company's operating performance
were to sustainably weaken due to declines in consumer
discretionary spending, heightened competition or integration
issues, more aggressive financial policies or a material erosion in
liquidity.  Metrics include debt/EBITDA sustained above 6.0x or if
EBITA/interest below 1.75x.

Party City Holdings Inc. is a designer, manufacturer, distributor
and retailer of party goods and related accessories.  The company's
retail brands principally include Party City and Halloween City.
Total revenue exceeded $2.3 billion for the twelve month period
ended March 31, 2015.  Following its IPO in April 2015, the company
remains majority owned by Thomas H. Lee Partners, L.P. ("THL").

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



PATRIOT COAL: Final DIP Order Challenge Deadline Moved to Aug. 3
----------------------------------------------------------------
The deadline established in the final debtor-in-possession
financing order for the Official Committee of Unsecured Creditors
of Patriot Coal Corporation, et al., to commence a challenge under
the final DIP order is extended to Aug. 3, 2015, provided that the
period may be further extended (i) upon agreement of the subject
prepetition secured parties, as applicable, and each in their sole
discretion or (ii) as has been ordered by the U.S. Bankruptcy Court
for the Eastern District of Virginia.

The Debtors entered into a second stipulation and consent order
with the Committee, Deutsche Bank AG New York Branch, it its
capacity as administrative agent for the prepetition ABL lenders
and collateral agent under the prepetition ABL facility, Barclays
Bank PLC, in its capacity as L/C administrative agent under the
prepetition LC/term loan agreement, Cortland Capital Market
Services LLC, in its capacity as successor term administrative
agent under the prepetition LC/term loan agreement, holders of a
majority of the Debtors' outstanding loans under the prepetition
term loan facility and prepetition notes, and U.S. Bank National
Association in its capacity as trustee under the prepetition
indenture, extending the challenge deadline in the final order
authorizing the Debtors to obtain postpetition financing and use of
cash collateral.

The Court entered on June 4, 2015, a final order authorizing the
Debtors to obtain postpetition financing and authorizing the use of
cash collateral.  A copy of the final court order is available for
free at http://is.gd/Teaf6K. As reported by the Troubled Company
Reporter on May 26, 2015, the Court gave the Debtors interim
authority to obtain up to an aggregate principal amount not to
exceed $30.0 million from the $100 million debtor-in-possession
facility committed by certain of their prepetition lenders.

The final DIP order contemplated that the Committee will commence
challenge, if any, no later than 45 days after the appointment of
the Committee, subject to extensions.  On July 6, 2015, the Court
entered the stipulation and consent order extending to July 27,
2015, the deadline established by the final DIP order for the
Committee to commence a challenge.

The DIP financing met objection from the Committee, which said in a
filing dated June 1, 2015, that the proposed DIP financing (i) is
insufficient to fund the Debtors' needs through these cases, (ii)
contains overly aggressive case milestones that limit the Debtors'
ability to explore value maximizing reorganization alternatives,
(iii) burdens the Debtors' estates with excessive costs, and (iv)
encumbers assets that are presently available for general unsecured
creditors.  Leon Szlezinger, managing direcotr and joint global
head of restructuring and recapitalization at Jefferies LLC, the
Committee's appointed investment banker and financial advisor, said
that given the overall annualized costs of the DIP Facility, it
would be more fair and consistent with market if the 3.0% exit fee
was eliminated.

Limited objections to the DIP financing were filed by Cortland
Capital, Barclays Bank, and Travelers Casualty and Surety Company
of America, US Specialty Insurance, and Westchester Fire Insurance
Company.

On June 2, 2015, The Patriot Non-Union Retiree VEBA Trust objected
to material terms -- the undisclosed milestones -- of the proposed
DIP financing which were never disclosed to this Court or
other interested parties by Debtors (but instead were located in a
June 1, 2015 Committee filing).

The Patriot Coal Non-Union Retiree VEBA is represented by:

      Schnader Harrison Segal & Lewis LLP
      Gordon S. Woodward, Esq.
      750 9th Street, NW, Suite 550
      Washington, DC 20001-4534
      Tel: (202) 419-4215
      Fax: (202) 419-4253
      E-mail:gwoodward@schnader.com

            and

      Stahl Cowen Crowley Addis LLC
      Jon D. Cohen, Esq., Esq. (Pro Hac Vice pending)
      55 West Monroe Street, Suite 1200
      Chicago, Illinois 60603
      Phone: (312) 641-0060
      Fax: (312) 641-6959
      E-mail:jcohen@stahlcowen.com

Travelers Casualty is represented by:

      Stites & Harbison PLLC
      Michael K. Kim, Esq.
      1199 N. Fairfax Street, Suite 900
      Alexandria, VA 22314
      Tel: (703) 837-3931
      Fax: (703) 518-2951
      E-mail: mkim@stites.com

            and

      Stites & Harbison, PLLC
      William T. Gorton III, Esq.
      W. Blaine Early, III, Esq.
      Elizabeth Lee Thompson, Esq.
      250 West Main Street
      Suite 2300
      Lexington, KY 40507
      Tel: (859) 226-2300
      Fax: (859) 253-9144

The Committee is represented by:

      Morrison & Foerster LLP
      Lorenzo Marinuzzi, Esq. (admitted pro hac vice)
      Jennifer L. Marines, Esq. (admitted pro hac vice)
      Jordan A. Wishnew, Esq. (admitted pro hac vice)
      250 West 55th Street
      New York, New York 10019-9601
      Tel: (212) 468-8000
      Fax: (212) 468-7900

            and

      Tavenner & Beran, PLC
      Lynn L. Tavenner, Esq.
      Paula Beran, Esq.
      20 North Eighth Street
      Richmond, Virginia 23219
      Tel: (804) 783-8300
      Fax: (804) 783-0178

The Administrative Agent under the Prepetition ABL Facility is
represented by:

      Hunton & Williams LLP
      Tyler P. Brown, Esq.
      Henry P. (Toby) Long, III, Esq.
      Justin F. Paget, Esq.
      Riverfront Plaza, East Tower
      951 East Byrd Street
      Richmond, VA 23219
      Tel: (804) 788-8200
      Fax: (804) 788-8218

            and

      Simpson Thacher & Bartlett LLP
      Sandeep Qusba, Esq. (admitted pro hac vice)
      Wiliam T. Russell, Jr., Esq. (admitted pro hac vice)
      Nicholas Baker, Esq. (admitted pro hac vice)
      425 Lexington Avenue
      New York, NY 10017
      Tel: (212) 455-2000
      Fax: (212) 455-2502

Barclays Bank is represented by:

      Hunton & Williams LLP
      Tyler P. Brown, Esq.
      Henry P. (Toby) Long, III, Esq.
      Justin F. Paget, Esq.
      Riverfront Plaza, East Tower
      951 East Byrd Street
      Richmond, VA 23219
      Tel: (804) 788-8200
      Fax: (804) 788-8218

            and

      Skadden, Arps, Slate, Meagher & Flom LLP
      Kenneth S. Ziman, Esq. (admitted pro hac vice)
      Shana A. Elberg, Esq. (admitted pro hac vice)
      4 Times Square
      New York, NY 10036
      Tel: (212) 735-3000
      Fax: (212) 735-2000

            and

      Skadden, Arps, Slate, Meagher & Flom LLP
      Albert L. Hogan III, Esq. (admitted pro hac vice)
      155 N. Wacker Drive
      Chicago, IL 60606
      Tel: (312) 407-0700
      Fax: (312) 407-0411

The Majority Term/Notes Secured Parties are represented by:

      McGuirewoods LLP
      Dion W. Hayes, Esq.
      Sarah B. Boehm, Esq.
      One James Center
      901 East Cary Street
      Richmond, VA 23219
      Tel: (804) 775-1000
      Fax: (804) 698-2255

            and

      Kramer Levin Naftalis & Frankel LLP
      Thomas M. Mayer, Esq. (admitted pro hac vice)
      Gregory G. Plotko, Esq. (admitted pro hac vice)
      Stephen M. Blank, Esq. (admitted pro hac vice)
      1177 Avenue of the Americas
      New York, New York 10036
      Tel: (212) 715-9169
      Fax: (212) 715-8000

Cortland Capital is represented by:

      Williams, Mullen
      William H. Schwarzschild, III, Esq.
      W. Alexander Burnett, Esq.
      Post Office Box 1320
      Richmond, VA 23218
      Tel: (804) 420-6489
      Fax: (804) 420-6507

            and

      Brown Rudnick LLP
      Jeffrey L. Jonas, Esq. (admitted pro hac vice)
      Jonathan D. Marshall, Esq. (admitted pro hac vice)
      One Financial Center
      Boston, MA 02111
      Tel: (617) 856-8200
      Fax: (617) 856-8201

U.S. Bank is represented by:

      Dorsey & Whitney LLP
      Eric Lopez Schnabel, Esq.
      Alessandra Glorioso, Esq.
      51 W. 52nd Street
      New York, NY 10019
      Tel: (212) 415-9200
      Fax: (212) 953-7201

            and

      Dorsey & Whitney LLP
      Steven J. Heim, Esq.
      Darryn C. Beckstrom, Esq.
      50 South Sixth Street, Suite 1500
      Minneapolis, MN 55402
      Tel: (612) 340-8792
      Fax: (612) 340-2643

                        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: Retiree Committee Taps Stahl Cowen as Counsel
-----------------------------------------------------------
The Official Retiree Committee in the Chapter 11 cases of Patriot
Coal Corporation asks the Court Eastern District of Virginia for
permission to retain the law firm of Stahl Cowen Crowley Addis LLC,
as its counsel for all matters.

Stahl Cowen will, among other things:

   a. counsel the Retiree Committee with respect to the general
duties of a committee formed, advise the Retiree Committee members
with respect to their fiduciary duties, and its duty to communicate
with the retiree constituents;

   b. investigate the assets, liabilities and financial condition
of the Debtors and the Debtors non-debtor affiliates (if any),
reviewing post-bankruptcy transactions involving the Debtors and
the various orders entered by the Court; and

   c. investigate the claims or asserted priorities of other
parties with respect to the assets of Debtors and related efforts.

The hourly rates of SCCA's personnel are:

      Name          Title                   Hourly Rate
      ----          -----                   -----------
Jon D. Cohen        partner (1991)             $560
Jeremy Kreger       partner (2003)             $425
John Burnett        partner (2005)             $415
Kevin Hunt          partner (2004)             $400
Eric Malnar         associate (2005)           $375
Melissa Lettiere    associate (2007)           $350
Stephanie Stinton   associate (2007)           $350
Paralegals                                     $150

To the best of the Committee's knowledge, SCCA is a
"disinterested” person as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached at:

         Jon D. Cohen, Esq.
         STAHL COWEN CROWLEY ADDIS LLC
         55 West Monroe Street, Suite 1200
         Chicago, IL 60603
         Tel: (312) 377-4565
         Fax: (312) 423-8156
         E-mail: jcohen@stahlcowen.com

The Retiree Committee's proposed local counsel can be reached at:

         Gordon S. Woodward, Esq.
         SCHNADER HARRISON SEGAL & LEWIS LLP
         750 9th Street, NW, Suite 550
         Washington, DC 20001-4534
         Tel: (202) 419-4215
         Fax: (202) 419-4253
         E-mail: gwoodward@schnader.com

                        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.


PLUG POWER: To Acquire Full Control of 'HyPulsion' for $11.5MM
--------------------------------------------------------------
Plug Power Inc. entered into a definitive agreement with Axane,
S.A., a subsidiary of Air Liquide S.A. to acquire the remaining 80
percent that it doesn't own of HyPulsion, its European joint
venture, for $11.47 million in Plug Power common stock, subject to
certain post-closing adjustments.  The transaction is subject to
the satisfaction of certain customary closing conditions and is
expected to close no later than August 2015.

Plug Power and Air Liquide founded HyPulsion in 2012 to jump-start
the hydrogen and fuel cell market in Europe.  To date the company
has achieved key milestones in product development, customer
engagement and strong OEM relationships.  The original agreement
intended for Plug Power to ultimately assume control of HyPulsion,
though this was accelerated given Plug Power's success in the North
American market.

Both Plug Power and Air Liquide agree that Plug Power is the right
entity to drive growth in commercializing the European hydrogen and
fuel cell market.  "Plug Power has displayed leadership in building
an industry in North America, delivering record growth in revenue,
bookings and shipments," said Xavier Pontone, managing director Air
Liquide Advanced Business.  "We look forward to a continued
partnership with Plug Power in the coming years."

Air Liquide remains a critical partner for Plug Power and its
growth strategy within Europe.  Air Liquide will support HyPulsion
as a hydrogen supplier to Plug Power's material handling customers.
Additionally, Air Liquide will retain its seat on Plug Power's
board of directors, a position held since 2012.

"A larger stake for Plug Power in Europe follows in line with the
strategic path we've established to grow to a $500 million revenue
company," said Andy Marsh, CEO of Plug Power.  "The appropriate
sales and engineering staff are in place, and we will now move
bullishly to broaden our presence in the European material handling
market.  I'd like to thank Air Liquide for its years of partnership
and am pleased that our work together will continue as we develop
the hydrogen economy in Europe."

Today, Plug Power primarily sells its products into material
handling applications, an addressable market that doubles in size
when including both North America and Europe.  Plug Power has more
than 7,000 fuel cell products deployed in North American material
handling operations.  These fuel cells have accumulated more than
100 million hours of operational time.

                         About Plug Power

Plug Power Inc. is a provider of alternative energy technology
focused on the design, development, commercialization and
manufacture of fuel cell systems for the industrial off-road
(forklift or material handling) market.

Plug Power reported a net loss attributable to common shareholders
of $88.6 million on $64.2 million of total revenue for the year
ended Dec. 31, 2014, compared to a net loss attributable to common
shareholders of $62.8 million on $26.6 million of total revenue for
the year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $189 million in total assets,
$39.1 million in total liabilities, $1.15 million in series C
convertible redeemable preferred stock and $149 million in total
stockholders' equity.

                        Bankruptcy Warning

"Our cash requirements relate primarily to working capital needed
to operate and grow our business, including funding operating
expenses, growth in inventory to support both shipments of new
units and servicing the installed base, and continued development
and expansion of our products.  Our ability to achieve
profitability and meet future liquidity needs and capital
requirements will depend upon numerous factors, including the
timing and quantity of product orders and shipments; the timing and
amount of our operating expenses; the timing and costs of working
capital needs; the timing and costs of building a sales base; the
timing and costs of developing marketing and distribution channels;
the timing and costs of product service requirements; the timing
and costs of hiring and training product staff; the extent to which
our products gain market acceptance; the timing and costs of
product development and introductions; the extent of our ongoing
and any new research and development programs; and changes in our
strategy or our planned activities. We expect that we may require
significant additional capital to fund and expand our future
operations.  In particular, in the event that our operating
expenses are higher than anticipated or the gross margins and
shipments of our products are lower than we expect, we may need to
implement contingency plans to conserve our liquidity or raise
additional capital to meet our operating needs. Such plans may
include: a reduction in discretionary expenses, funding from
licensing the use of our technologies, debt and equity financing
alternatives, government programs, and/or a potential business
combination, strategic alliance or sale of a portion or all of the
Company.  If we are unable to fund our operations and therefore
cannot sustain future operations, we may be required to delay,
reduce and/or cease our operations and/or seek bankruptcy
protection," the Company said in its 2014 annual report.


PODS LLC: S&P Retains 'B+' 1st Lien Loan Rating After Add-On
------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' issue-level
rating and '2' recovery rating on PODS LLC's first-lien term loan
due 2022 and its 'CCC+' issue-level rating and '6' recovery rating
on the company's second-lien term loan due 2023 are unchanged
following PODS' announcement of a $50 million add-on to, and
repricing of, its first-lien term loan.  The '2' recovery rating on
the first-lien term loan indicates S&P's expectation of substantial
(70%-90%; lower half of the range) recovery in the event of a
default.  The '6' recovery rating on the second-lien term loan
indicates S&P's expectation of negligible (0%-10%) recovery in the
event of a default.  S&P's 'B' corporate credit rating and stable
outlook on PODS LLC remain unchanged.

The company will use the proceeds from this add-on to repay the
borrowings from its revolver and add cash to its balance sheet.

S&P assesses the company's business risk profile as "weak,"
reflecting its position as a leading provider of portable storage
units, its fairly good and improving operating efficiency, its
limited end-market diversity, and the narrow scope of its
operations.

S&P assesses PODS' financial risk profile as "aggressive," based on
the company's debt leverage, steady cash flow, and aggressive
financial policy.

RECOVERY ANALYSIS

Key analytical factors

   -- S&P's '2' recovery rating on the company's $50 million
      senior secured revolver and upsized $459 million first-lien
      term loan remain unchanged.

   -- S&P's '6' recovery rating on the company's $150 million
      second-lien term loan is also unchanged.

   -- S&P has valued the company on a going-concern basis using a
      5.0x multiple of S&P's projected emergence EBITDA of $380
      million.  S&P estimates that, for the company to default,
      its EBITDA would need to decline significantly, representing

      material deterioration from the current state of its
      business.

Simulated default assumptions
   -- Simulated year of default: 2018
   -- EBITDA at emergence: $80.0 million
   -- EBITDA multiple: 5.0x
Simplified waterfall
   -- Net enterprise value: $380 million
   -- Valuation split (obligors/nonobligors): 100%/0%
   -- Priority claims: $1 million
   -- Value available to first-lien debt
      (collateral/noncollateral): $379 million/$0
   -- Secured first-lien debt claims: $497 million
      -- Recovery expectations: 70%-90% (lower half of the range)
   -- Secured second-lien debt claims: $158 million
   -- Recovery expectations: 0%-10%

Note: All debt amounts include six months of prepetition interest.
Collateral value equals asset pledge from obligors after priority
claims plus equity pledge from nonobligors after nonobligor debt.

RATINGS LIST

Ratings Unchanged

PODS LLC
Corporate Credit Rating             B/Stable/--
  First-lien Term Loan Due 2022      B+         
   Recovery Rating                   2L         
  Second-Lien Term Loan Due 2023     CCC+       
   Recovery Rating                   6          


QUALITY DISTRIBUTION: Provides Preliminary 2nd Quarter Results
--------------------------------------------------------------
Quality Distribution, Inc., announced the following estimated
preliminary second quarter 2015 results:

   * For the three-month period ended June 30, 2015, Quality
     expects total revenue excluding fuel surcharges to be within
     the range of $200 million to $205 million and Adjusted EBITDA

     to be within the range of $21.6 million to $22.4 million;

   * Estimated Adjusted EBITDA for the three-month period ended
     June 30, 2015, excludes cash and non-cash pre-tax
     reorganization costs within the Energy Logistics business,
     costs associated with the Company's previously announced
     merger with Gruden Acquisition, Inc., as well as other costs
     not considered part of normal operating activities; and

   * Total debt net of cash at June 30, 2015, was approximately
     $325 million.

Quality has provided these estimated results in connection with the
debt financing being arranged to consummate the pending merger with
Gruden.  Quality does not generally release preliminary results
and, following the completion of the pending merger with Gruden,
Quality does not expect to provide similar information on a going
forward basis.

                    About Quality Distribution

Quality Distribution, LLC, and its parent holding company, Quality
Distribution, Inc., are headquartered in Tampa, Florida.  The
company is a transporter of bulk liquid and dry bulk chemicals.
The company's 2010 revenues are approximately $686 million.
Apollo Management, L.P., owns roughly 30 percent of the common
stock of Quality Distribution, Inc.

As of March 31, 2015, the Company had $418 million in total assets,
$445 million in total liabilities and a $26.9 million total
shareholders' deficit.

                        Bankruptcy Warning

"We have substantial indebtedness and may not be able to make
required payments on our indebtedness.

We had consolidated indebtedness and capital lease obligations,
including current maturities of $351.3 million, as of December 31,
2014.  We must make regular payments under the ABL Facility,
including the Term Loan, thereunder, and our capital leases and
semi-annual interest payments under our 2018 Notes.

The ABL will mature at the earlier of November 2019 and the date
that is 91 days prior to the maturity of the Company's currently
outstanding 2018 Notes or any replacement notes if the outstanding
amount of such debt is above a certain threshold.  The Term Loan
matures on November 3, 2017 but we are subject to mandatory
prepayment of the principal amount of the Term Loan in equal
quarterly payments beginning as early as November 2015.  The
maturity date of the ABL Facility, including the Term Loan, may be
accelerated if we default on our obligations.  If the maturity of
the ABL Facility and/or such other debt is accelerated, we may not
have sufficient cash on hand to repay the ABL Facility and/or such
other debt or be able to refinance the ABL Facility and/or such
other debt on acceptable terms, or at all.  The failure to repay
or refinance the ABL Facility and/or such other debt at maturity
would have a material adverse effect on our business and financial
condition, would cause substantial liquidity problems and may
result in the bankruptcy of us and/or our subsidiaries.  Any actual
or potential bankruptcy or liquidity crisis may materially harm our
relationships with our customers, suppliers and independent
affiliates," the Company states in its 2014 annual report.

                           *     *     *

As reported in the TCR on June 28, 2013, Moody's Investors Service
upgraded Quality Distribution, LLC's Corporate Family Rating to
'B2' from 'B3' and Probability of Default Rating to 'B2-PD' from
'B3-PD'.

The upgrade of Quality's CFR to 'B2' was largely driven by the
expectation that credit metrics will improve over the next twelve
to eighteen months, through a combination of EBITDA growth and
debt paydowns, to levels consistent with the 'B2' rating level.
The company is in the process of integrating the bolt-on
acquisitions made in its Energy Logistics business sector since
2011.

As reported by the TCR on July 17, 2015, Standard & Poor's Ratings
Services said that it has lowered its corporate credit rating on
Tampa-based transportation and logistics provider Quality
Distribution Inc. to 'B-' from 'B' and removed the ratings from
CreditWatch, where S&P had placed them with negative implications
on May 8, 2015.  "The downgrade reflects Quality Distribution's
higher debt-leverage pro forma for its acquisition by Apax
Partners," said Standard & Poor's credit analyst Michael Durand.


REBECCA ENGLE: Distribution of Remaining Funds in "Buckley" Okayed
------------------------------------------------------------------
DAVID BUCKLEY, on behalf of himself, the Robert L. McKissick
Irrevocable Trust and the Brenda L. Buckley Revocable Trust, REX
WELDON, on behalf of Nancy Weldon, Robert Clark Weldon and the
Robert Clark Weldon and Nancy Weldon Trust, JILL SCHUNEMAN, on
behalf of herself and the Jill Schuneman Living Trust, and LYLE
BREHM, on behalf of Willard F. Brehm, Gladys M. Brehm, the Willard
F. Brehm Revocable Trust and the Gladys M. Brehm Revocable Trust,
collectively on behalf of themselves and all others similarly
situated, Plaintiffs, v. REBECCA ENGLE, BRIAN SCHUSTER, ENGLE &
SCHUSTER FINANCIAL, Inc.; AMERICAN CAPITAL CORP., ROYAL PALM
CAPITAL GROUP, Inc.; GERALD PARKER; and LIANA DOBARGANES
HARRINGTON, in her capacity as sole heir or putative personal
representative of the estate of Patrick Harrington, deceased;
Defendants, NO. 8:07CV254, (D. Neb.) is before the court on the
plaintiff's motion to approve distribution of remaining class
action settlement funds.

The court earlier approved attorneys' fees in the amount of
one-third of the settlement proceeds in connection with partial
settlements with other defendants. For the reasons stated in those
orders, the court finds an additional award of fees is
appropriate.

Lead plaintiffs also seek reimbursement of expenses in the amount
of $5292.85, plus an additional $200.00 for mailings, for a total
of $5,492.85. They have submitted a summary of expenses and costs.
The court has reviewed the submissions and finds that the costs and
expenses incurred, including PACER fees, postage, mileage, document
reproduction, accounting fees, and other expenses, are fair and
reasonable and were necessary to prosecute the claims on behalf of
the class.

Accordingly, Senior District Judge Joseph F. Bataillon ordered that
Attorneys' fees in the amount of $5,293.24 and costs and expenses
in the amount of $5,492.85 are approved and awarded.

Co-lead counsel may withdraw attorneys' fees in the amount of
$5,293.24 and costs and expenses in the amount of $5,492.85 from
the settlement proceeds maintained in Mattson Ricketts' trust
account. Co-lead counsel must distribute the remaining Settlement
Funds to Class members whose Proofs of Claims have been accepted on
a pro rata basis, in accordance with this court's earlier orders.
The court retains jurisdiction to enforce the orders and judgments
entered in this action.

"This action is dismissed," Judge Bataillon wrote in his memorandum
and order dated June 12, 2015, a copy of which is available at
http://bit.ly/1C00ooJfrom Leagle.com.

David Buckley, Plaintiff, represented by David M. Gaba --
davegaba@compasslegal.com -- COMPASS LAW GROUP, David A. Yudelson
-- david.yudelson@koleyjessen.com -- KOLEY, JESSEN LAW FIRM,
Gregory C. Scaglione -- greg.scaglione@koleyjessen.com -- KOLEY,
JESSEN LAW FIRM, J.Daniel Weidner -- daniel.weidner@koleyjessen.com
-- KOLEY, JESSEN LAW FIRM & John L. Spray --
JLS@mattsonricketts.com -- MATTSON, RICKETTS LAW FIRM.

Rex Weldon, Plaintiff, represented by David M. Gaba, COMPASS LAW
GROUP, David A. Yudelson, KOLEY, JESSEN LAW FIRM, Gregory C.
Scaglione, KOLEY, JESSEN LAW FIRM, J.Daniel Weidner, KOLEY, JESSEN
LAW FIRM & John L. Spray, MATTSON, RICKETTS LAW FIRM.

Jill Schuneman, Plaintiff, represented by David M. Gaba, COMPASS
LAW GROUP, David A. Yudelson, KOLEY, JESSEN LAW FIRM, Gregory C.
Scaglione, KOLEY, JESSEN LAW FIRM, J.Daniel Weidner, KOLEY, JESSEN
LAW FIRM & John L. Spray, MATTSON, RICKETTS LAW FIRM.

Lyle Brehm, Plaintiff, represented by David A. Yudelson, KOLEY,
JESSEN LAW FIRM, Gregory C. Scaglione, KOLEY, JESSEN LAW FIRM,
J.Daniel Weidner, KOLEY, JESSEN LAW FIRM & John L. Spray, MATTSON,
RICKETTS LAW FIRM.

Rebecca Engle, Defendant, represented by Matthew D. Karnas --
karnas@bellovinkarnas.com -- BELLOVIN, KARNAS LAW FIRM.

Brian Schuster, Defendant, Pro Se.

Gerald Parker, Defendant, Pro Se.

Liana Dobarganes Harrington, deceased, Defendant, Pro Se.

Bonnie Post, Movant, represented by David M. Gaba, COMPASS LAW
GROUP & John L. Spray, MATTSON, RICKETTS LAW FIRM.

William Sheldon, Movant, represented by David M. Gaba, COMPASS LAW
GROUP & John L. Spray, MATTSON, RICKETTS LAW FIRM.

Rebecca Engle, a former Nebraska City broker, who is accused of
improperly selling risky investments in several interrelated
Florida companies filed for Chapter 11 bankruptcy protection
before the U.S. Bankruptcy for the District of Arizona on May 30,
2008.  Ms. Engle disclosed assets between $500,000 and $1 million,
and estimated debts between $10 million and $50 million.


RELATIVITY MEDIA: Lays Off Staff as Financial Picture Darkens
-------------------------------------------------------------
Erich Schwartzel and Patrick Fitzgerald, writing for Dow Jones'
Daily Bankruptcy Review, reported that Relativity Media LLC, the
beleaguered independent film and television studio behind such
recent releases as "The Lazarus Effect" and hits like MTV's
"Catfish," laid off one-fifth of its workforce on July 29 as the
company struggles under a heavy debt load and a spate of recent
box-office flops.

The Troubled Company Reporter, on July 28, 2015, citing TheWrap,
reports that Relativity Media is considering filing for Chapter 11
bankruptcy as the Company has been seeking new funding for weeks to
respond to demands of its lenders.  Citing insiders, TheWrap
relates that Mr. Kavanaugh is seeking a one-year extension on his
$30 million in debt as well as new equity investment.  

Relativity Media is an indie film distributor founded in 2004 by
Ryan Kavanaugh.  It is one of Hollywood's mini-major film studios,
which produces, acquires and distributes films, and has divisions
in television, sports, music and fashion.


RELATIVITY MEDIA: Plans to Lay Off Up to 90 Workers
---------------------------------------------------
Relativity Media is expected to file for Chapter 11 bankruptcy this
week, Matt Donnelly and Sharon Waxman at TheWrap report, citing two
individials familliar with the studio plans.

TheWrap, citing an insider, relates that the Company has started a
major round of layoffs,  targeting about 90 people out of a staff
of 350, while Ryan Faughnder at Los Angeles Times reports that
people knowledgeable of the matter said that the Company is letting
go of roughly 50 workers.

According to TheWrap, the downsizing started on Tuesday.  The
report adds that one of the sources said that Ryan Kavanaugh would
remain CEO and chairperson to help the Company emerge with a
cleaner capitalization structure.

Relativity Media is an indie film distributor founded in 2004 by
Ryan Kavanaugh.  It is one of Hollywood's mini-major film studios,
which produces, acquires and distributes films, and has divisions
in television, sports, music and fashion.

As reported by the Troubled Company Reporter on July 28, 2015,
Sharon Waxman, writing for TheWrap, reported that the Company is
considering filing for Chapter 11 bankruptcy.  According to
TheWrap, the Company has been seeking new funding for weeks to
respond to demands of its lenders.


SALIX PHARMACEUTICALS: S&P Raises CCR to 'BB-', Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Salix Pharmaceuticals Ltd. to 'BB-' from 'B'.  The
outlook is stable.

S&P is subsequently withdrawing all ratings, including all
issue-level ratings, on Salix.

The rating actions follow the completion of Valeant's acquisition
of Salix for $14.5 billion, and the retirement of all rated Salix
debt.



SEADRILL LTD: 2021 Bank Debt Trades at 25% Off
----------------------------------------------
Participations in a syndicated loan under which Seadrill Ltd. is a
borrower traded in the secondary market at 74.68 cents-on-the-
dollar during the week ended Friday, July 24, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the July 28, 2015, edition of The Wall Street Journal.  This
represents a decrease of 0.33 percentage points from the previous
week, The Journal relates. Seadrill Ltd. pays 300 basis points
above LIBOR to borrow under the facility.  The bank loan matures on
February 17, 2021, and carries Moody's Ba3 rating and Standard &
Poor's BB- rating.  The loan is one of the biggest gainers and
losers among 253 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended July 24.



SPIRIT AIRLINES: S&P Affirms 'BB-' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
'A (sf)' issue-level rating on Spirit Airlines Inc.'s $455.622
million 2015-1 Class A pass-through certificates, with an expected
maturity of April 1, 2028.

At the same time, S&P assigned its preliminary 'BBB- (sf)'
issue-level rating on the company's $120.959 million Class B
pass-through certificates, with an expected maturity of April 1,
2024. The final legal maturity dates for the certificates will be
18 months after their expected maturity dates.  S&P will assign
final ratings upon the completion of its legal and structural
review.

S&P bases its preliminary ratings on the certificates on Spirit's
credit quality, the substantial collateral coverage by good quality
aircraft, and on the legal and structural protections available to
the pass-through certificates.  The company will use the proceeds
from these offerings to finance the purchase of 12 Airbus A321-200
aircraft and three Airbus A320-200 aircraft to be delivered from
October 2015 through December 2016.  Each aircraft's secured notes
are cross-collateralized and cross-defaulted, a provision that S&P
believes increases the likelihood that Spirit would affirm the
notes (and thus continue to pay on the certificates) in
bankruptcy.

The pass-through certificates are a form of enhanced equipment
trust certificates (EETC) and benefit from legal protections
afforded under Section 1110 of the U.S. Bankruptcy Code and from a
liquidity facility provided by Natixis S.A., through its New York
branch (A/Negative/A-1).  The liquidity facility is intended to
cover up to three semiannual interest payments, a period during
which the collateral could be repossessed and remarketed by the
certificateholders following any default by the airline, or to
maintain the continuity of interest payments as the
certificateholders negotiate with Spirit in bankruptcy.

The ratings apply to a unit consisting of certificates representing
the trust property and escrow receipts, initially representing
interests in deposits (the proceeds of the offerings).  A
depositary bank, also Natixis S.A. through its New York branch,
holds the escrow deposits until the existing debt on the planes is
paid off (which should be accomplished by December 2016).  The
amounts deposited under the escrow agreements are not the property
of Spirit and are not entitled to the benefits of Section 1110 of
the U.S. Bankruptcy Code, and any default arising under an
indenture solely by reason of the cross-default in such indenture
may not be of a type required to be cured under Section 1110.  Any
cash collateral held as a result of the cross-collateralization of
the equipment notes also would not be entitled to the benefits of
Section 1110.  Neither the certificates nor the escrow receipts may
be separately assigned or transferred.

S&P believes that Spirit views these planes as important and would,
given the cross-collateralization and cross-default provisions,
likely affirm the aircraft notes in a bankruptcy scenario.  In
contrast to most EETCs issued before 2009, the cross-default would
take effect immediately in a bankruptcy if Spirit rejected any of
the aircraft notes.  This should prevent Spirit from selectively
affirming some aircraft notes and rejecting others
(cherry-picking), which often harms the interests of certificate
holders in a bankruptcy.

S&P considers the collateral pool of A321-200s and A320-200s to be
of good quality.  The largest proportion of aircraft securing the
certificates are A321-200s, which are the largest of the three main
models in Airbus' narrowbody product line.  Introduced in 1996, the
A321-200 did not initially sell as well as the A320-200, but is has
since gained in popularity, with cumulative deliveries and orders
of more than 1,600 planes.  The success is due to commercial
airlines' increasing preference for larger narrowbody models and
because of the successive incremental improvements made to the
A321-200 since its introduction.  Airbus will introduce a neo (new
engine option) version of the A321, which is projected to enter
service in 2017.  S&P do not expect this new version to put
pronounced downward pressure on the value of the A321-200s, but the
introduction of the neo version could raise the risk of increased
volatility late in the decade.

The second-largest proportion of aircraft securing the certificates
are A320-200s, a midsize narrowbody jet that was first introduced
in 1989.  It continues to be one of the most widely used and
marketable aircraft, with close to 5,000 cumulative orders and
deliveries over its lifetime.  Airbus plans to introduce a neo
version of this plane later this year, but replacing all of the
current A320s will take many years.  There has also recently been
some concern among leasing companies and investors in
aircraft-backed debt that Airbus' plans to increase production
rates of the current version of the A320s will hurt resale values.
S&P sees these developments as moderate threats to the value of the
airplanes and incorporate them into its collateral evaluation.

The initial loan-to-value ratio of the Class A certificates is
54.0% and the initial loan-to-value ratio of the Class B
certificates is 66.7%, using the appraised base values and
depreciation assumptions in the offering memorandum.  However, S&P
focused on the more conservative maintenance-adjusted appraised
values (not disclosed in the offering memorandum).  S&P also uses
more conservative depreciation assumptions for all of the planes
than those in the prospectus.  S&P assumed that, absent cyclical
fluctuations, the values of the A321-200s would decline by 6.5% and
the values of the A320-200s would decline by 6%, respectively, per
year.  Using these values and assumptions, the initial
loan-to-value ratio of the Class A certificates is higher, at
57.6%, and rises to around 60% at its highest point, before
declining gradually.  The initial loan-to-value ratio of the Class
B certificates, using S&P's assumptions, is about 72.8%, and peaks
at around 76% before declining.  S&P's analysis also considered
that a fully drawn liquidity facility, plus the interest on those
draws, represents a claim senior to the certificates.  This amount
is in line (as a percent of asset value) with the EETCs that other
U.S. airlines have issued over the last few years.  Initially, a
full draw with interest is equivalent to about 5.5% of asset value,
using S&P's assumptions.  S&P notes that the transaction is
structured so that Spirit could later issue one or more classes of
additional pass-through certificates.  In the past, airlines have
structured follow-on certificates of this kind in such a way as to
not affect the rating on their outstanding senior certificates.

S&P's ratings on Miramar, Fla.-based Spirit Airlines Inc. reflect
its participation in the high-risk U.S. airline industry, its
relatively small position in that industry, and its strong
operating performance and credit metrics.  S&P characterizes the
company's business profile as "weak", its financial profile as
"significant", and its liquidity as "adequate" under S&P's
criteria.

S&P's stable outlook on the company reflects S&P's expectation that
Spirit's credit metrics will remain relatively consistent through
2016, with a funds from operations (FFO)-to-debt ratio remaining
around 30%, based on S&P's expectation that increased earnings and
cash flow will offset incremental debt to finance the acquisition
of 26 aircraft over that period.  Although unlikely, S&P could
raise its rating on Spirit if its earnings and cash flow improve
because of lower-than-expected fuel prices or higher-than-expected
demand and pricing, causing the company's FFO-to-debt ratio to
increase above 40% on a sustained basis.  Alternatively, S&P could
lower its rating on the company if its earnings and cash flow are
weaker than S&P anticipated because of higher-than-expected fuel
prices or lower-than-expected demand and pricing, causing its
FFO-to-debt ratio to fall to 12% or below on a sustained basis.

RATINGS LIST

Spirit Airlines Inc.
Corporate Credit Rating          BB-/Stable/--

New Ratings Assigned

Spirit Airlines Inc.
Series 2015-1 Class A            A (prelim.) (sf)
pass-through certificates
Series 2015-1 Class B            BBB- (prelim.) (sf)
pass-through certificates



STANDARD REGISTER: Sale to Taylor Corp to Close on July 31
----------------------------------------------------------
Standard Register Co. said in court documents filed with the U.S.
Bankruptcy Court for the District of Delaware on July 28, 2015,
that the sale of its assets to Taylor Corp. is expected to close by
Friday.

The Company filed on Tuesday a motion with to change its corporate
and business names, as required under the asset purchase agreement
between Standard Register and Taylor Corp., to become SRC
Liquidation Co.

According to Dave Larsen at Dayton Daily News, a hearing on the
name change is set for Aug. 18, 2015.

Dayton Daily relates that the Court extended, at the behest of the
Company, the 120-day period for the Company to file a plan by an
additional 90 days to Oct. 8, 2015, from the July 10, 2015.  The
report adds that the Court extended Company's period to solicit
acceptance of the plan to Dec. 7, 2015, from Sept. 8, 2015.

                     About Standard Register

Standard Register provides market-specific insights and a
compelling portfolio of workflow, content and analytics solutions
to address the changing business landscape in healthcare, financial
services, manufacturing and retail markets.  The Company has
operations in all U.S. states and Puerto Rico, and currently
employs 3,500 full-time employees and 16 part-time employees.

The Standard Register Company and 10 affiliated debtors sought
Chapter 11 protection in Delaware on March 12, 2015, with plans to
launch a sale process where its largest secured lender would serve
as stalking horse bidder in an auction.

The cases are pending before the Honorable Judge Brendan L.
Shannon and are jointly administered under Case No. 15-10541.

The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young
Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery &
Transformation Services U.S., LLC, as restructuring advisors; and
Prime Clerk LLC as claims agent.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel and Jefferies LLC as its exclusive
investment banker.


SUN BANCORP: Names Grace Torres to Board of Directors
-----------------------------------------------------
Sun Bancorp, Inc., the holding company for Sun National Bank,
appointed Grace C. Torres to the Board of Directors of the Company.
Ms. Torres will also serve as a director of the Bank and as a
member of the Audit and Risk Committees of the Company's and Bank's
Boards of Directors.  Ms. Torres has been appointed to serve for a
term to expire at the next annual meeting of shareholders of the
Company and until her successor has been duly elected and
qualified.

Torres currently serves as a director and trustee of the Prudential
Retail Mutual Funds complex, comprised of more than 60 mutual
funds, with aggregate assets of $78 billion, encompassing a
multitude of diverse asset classes.  She also serves as a member of
the Prudential Retail Mutual Funds Investment Committee.
Previously, Torres held leadership roles at Prudential Investments
LLC, Prudential Annuities Advisory Services, Inc., and AST
Investment Services, Inc.  Most recently, she served as principal
financial officer, principal accounting officer, treasurer and
senior vice president of Prudential Investments LLC.  Torres also
held progressive management roles at Bankers Trust and Ernst &
Young in New York City.

"Grace is a results-oriented global financial executive with more
than 30 years of experience," said Thomas M. O'Brien, president &
CEO.  "We are delighted to welcome Grace to Sun.  With a
distinguished track record at Fortune 500 corporations including
executive level roles in managing finance, treasury, operations,
public company reporting and regulatory matters, Grace will  be a
valuable addition to our Board."

A Certified Public Accountant, Torres is a graduate of New York
University, and has been recognized as one of top 50 Hispanic
business executives by both Hispanic Business and Latina Style
magazines.

                       About Sun Bancorp. Inc.

Sun Bancorp, Inc. is a bank holding company headquartered in Mount
Laurel, New Jersey.  Its primary subsidiary is Sun National Bank, a
community bank serving customers throughout New Jersey.  Sun
National Bank -- http://www.sunnationalbank.com/-- is an Equal
Housing Lender and its deposits are insured up to the legal maximum
by the Federal Deposit Insurance Corporation (FDIC).

On April 15, 2010, Sun National Bank entered into a written
agreement with the OCC which contained requirements to develop and
implement a profitability and capital plan which provides for the
maintenance of adequate capital to support the Bank's risk profile
in the current economic environment.

Sun Bancorp reported a net loss available to common shareholders of
$29.8 million in 2014, a net loss available to common shareholders
of $9.94 million in 2013, and a net loss available to common
shareholders of $50.49 million in 2012.

As of March 31, 2015, the Company had $2.43 billion in total
assets, $2.18 billion in total liabilities and $249 million in
total shareholders' equity.


TERVITA CORP: Bank Debt Trades at 9% Off
----------------------------------------
Participations in a syndicated loan under which Tervita Corp is a
borrower traded in the secondary market at 91.20 cents-on-the-
dollar during the week ended Friday, July 24, 2015, according to
data compiled by LSTA/Thomson Reuters MTM Pricing and reported in
the July 28, 2015, edition of The Wall Street Journal.  This
represents a decrease of 1.55 percentage points from the previous
week, The Journal relates. Tervita Corp pays 500 basis points above
LIBOR to borrow under the facility.  The bank loan matures on
January 24, 2018, and carries Moody's B3 rating and Standard &
Poor's B- rating.  The loan is one of the biggest gainers and
losers among 256 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended July 24.



TREETOPS ACQUISITION: Exits Chapter 11 Bankruptcy
-------------------------------------------------
UpNorthLive.com reports that Treetops Resort said on July 27, 2015,
that they have completed the voluntarily reorganization process
under Chapter 11 of the U.S. Bankruptcy code, giving the resort's
ownership time to shed legacy debt and position itself financially
for further improvements.

                    About Treetops Acquisition

Headquartered in Gaylord, Michigan, Treetops Acquisition Company,
LLC -- dba Treetops Land Company, LLC; Treetops Enterprises, LLC;
Treetops; Treetops South Village Property Management; Association,
INc.; Treetops Sylvan Resort; Treetops Jones Estates Property
Owners Association, Inc.; Treetops Resort; Treetops Holding
Company; Treetops Realty, Inc.; Treetops Land Development Company,
LLC; Treetops Tradition Condominium Association, Inc.; Treetops
North Estates Condominium Association, Inc.; and Sylvan Resort --
owns Treetops Resort and Spa, a northern Michigan golf and ski
destination, and features prominent auto industry investors.

Treetops Acquisition filed for Chapter 11 bankruptcy protection
(Bankr. E.D. Mich. Case No. 14-22602) on Nov. 25, 2014,
estimating its assets at $1 million to $10 million and its
liabilities at $10 million to $50 million.  The petition was
signed by Richard B. Owens, general manager.

Jason W. Bank, Esq., at Kerr, Russell And Weber, PLC, serves as
the Debtor's bankruptcy counsel.


TRUMP ENTERTAINMENT: Bid to Stay Union Activities Denied
--------------------------------------------------------
Judge Kevin Gross of the United States Bankruptcy Court for the
District of Delaware denied Trump Entertainment Resorts, Inc., and
certain of its affiliates' motion seeking enforcement of the
automatic stay against UNITE HERE Local 54.

Beginning on or about September 26, 2014, the Union began
contacting potential customers of the Debtors to discuss its
ongoing dispute with the Debtors concerning their Collective
Bargaining Agreement.  The Union encouraged the customers to
boycott the Trump Taj Mahal Hotel Casino which the Debtors owned
and operated.

On October 8, 2014, Trump Entertainment filed the Stay Motion,
arguing that the Union's communications with potential Taj Mahal
customers violate the automatic stay contained in Section 362 of
the Bankruptcy Code.

The Union objected to the Stay Motion, arguing that its
communications with potential Taj Mahal customers do not violate
the automatic stay or are otherwise protected by federal labor law,
specifically the Norris-LaGuardia Act (the "NLA") and the First
Amendment.

Judge Gross determined that the automatic stay does not apply to
the Union's conduct.  The judge found that, based on the Union's
superior competing legal interest, as embodied by the NLA and its
policy against court interference with labor relations, the Union
has not acted to obtain possession or exercise control over
property of Trump Entertainment's bankruptcy estate.  Thus, Section
362(a)(3) of the Bankruptcy Code is inapplicable to the Union's
conduct.  The judge also found that Section 362(a)(6) is
inapplicable to the Union's forward-looking labor activities.

The case is In re: TRUMP ENTERTAINMENT RESORTS, INC., et al.,
Chapter 11, Debtors, CASE NO. 14-12103 (KG) (Bankr. D. Del.).

A full-text copy of Judge Gross' July 21, 2015 opinion is available
at http://is.gd/YsbSMiat Leagle.com.

                About Trump Entertainment

Trump Entertainment Resorts Inc., owner of the Atlantic City
Boardwalk casinos that bear the name of Donald Trump, returned to
Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on Sept.
9, 2014, with plans to shutter its casinos.

TER and its affiliated debtors own and operate two casino hotels
located in Atlantic City, New Jersey.  TER said it will close the
Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union
concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104.

The Debtors have sought an order authorizing the joint
administration of their Chapter 11 cases and the consolidation
thereof for procedural purposes only.  Judge Kevin Gross presides
over the Chapter 11 cases.

The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as
counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan
Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as
noticing and claims agent.

TER estimated $100 million to $500 million in assets as of the
bankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principal
plus accrued but unpaid interest of $6.6 million under a first lien
debt issued under their 2010 bankruptcy-exit plan.  The Debtors
also have trade debt in the amount of $13.5 million.

                         *     *     *

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware on March 12, 2015, confirmed Trump Entertainment Resorts,
Inc., et al.'s Third Amended Joint Plan of Reorganization and
Disclosure Statement pursuant to Section 1129 of the Bankruptcy
Code.

The Debtors filed on January 5, 2015, the Plan and accompanying
Disclosure Statement to, among other things, provide that holders
of General Unsecured Claims will receive Distribution Trust
Interests, which will include $1 million in cash and the proceeds,
if any, of certain avoidance actions.  Under the revised plan,
holders of general unsecured claims are estimated to recover 0.47%
to 0.43% of their total allowed claim amount.  The Amended Plan
also includes language reflecting the recently-approved $20 million
loan from Carl Icahn.


TWC INC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: TWC, Inc.
        PO Box 1180
        Shelby, NC 28151

Case No.: 15-40311

Chapter 11 Petition Date: July 28, 2015

Court: United States Bankruptcy Court
       Western District of North Carolina (Shelby)

Judge: Hon. Craig Whitley

Debtor's Counsel: Richard S. Wright, Esq.
                  MOON WRIGHT & HOUSTON, PLLC
                  227 W. Trade Street, Suite 1800
                  Charlotte, NC 28202
                  Tel: (704) 944-6564
                  Fax: (704) 944-0380
                  Email: rwright@mwhattorneys.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Bryson A. Westbrook, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ncwb15-40311.pdf


US TELEPACIFIC: S&P Raises CCR to 'B', Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Los Angeles-based U.S. TelePacific Holdings Corp.
to 'B' from 'B-'.  The outlook is stable.

S&P also raised the issue-level rating on the company's senior
secured revolver and term loan to 'B' from 'B-' and revised the
recovery rating on the debt to '3' from '4'.  The '3' recovery
rating indicates S&P's expectation for meaningful (50%-70%; at the
lower half of the range) recovery in the event of a payment
default.

"The upgrade reflects our improved view of the business as the
company has diversified away from declining basic voice and
low-bandwidth Internet services by successfully targeting larger,
multi-location business accounts, and capitalizing on selling
high-margin, value-added products and services to its customers,"
said Standard & Poor's credit analyst Scott Tan.

Through a series of acquisitions over the past several years,
TelePacific has increased its capabilities to service higher
average revenue per account (ARPA) business customers," he added.

S&P views this strategy favorably as the cable providers increase
their presence in the small and midsize business (SMB) market.

The stable rating outlook reflects S&P's expectation that revenues
will increase modestly over the next year as the company reduces
its exposure to smaller business accounts and increases its market
penetration among larger business customers while maintaining low
churn, resulting in a relatively stable EBITDA margin in the
low-20% area.

S&P could lower the rating if increased competitive pressures from
the incumbents or weaker economic conditions result in
higher-than-expected revenue churn and lower levels of EBITDA such
that the company records ongoing free operating cash flow deficits,
leverage rises above 7x, liquidity is pressured, or S&P believes
there is the potential for covenant headroom to tighten.

S&P could raise the rating following a favorable revision of the
business risk to "weak" from "vulnerable" as result of increased
revenue per SMB customers with double-digit-percent revenue growth
or if the company is able to reduce adjusted leverage to the low-4x
area.  However, even under that scenario, an upgrade is unlikely
unless TelePacific's private-equity owners clearly articulate a
credible financial policy that would allow leverage to remain in
the low-4x area over the longer term.



VARIANT HOLDING: Asks Court to Extend Plan Filing Date to Dec. 23
-----------------------------------------------------------------
Variant Holding Company, LLC, and its debtor affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to extend their
exclusive period to file a plan of reorganization through and
including December 23, 2015, and their exclusive period to obtain
acceptances of that plan through and including February 23, 2016.

The Debtors tell the Court that they merely require additional time
to maximize the value of their estate, consistent with the
timetable and protocols incorporated into the settlement with the
Beach Point Funds.  

The Debtor is represented by:

          Richard M. Pachulski, Esq.
          Maxim B. Litvak, Esq.
          Peter J. Keane, Esq.
          PACHULSKI STANG ZIEHL & JONES
          919 North Market Street,
          17th Floor P.O. Box 8705
          Wilmington, Delaware 19899-8705
          Tel: (302) 652-4100
          Fax: (302) 652-4400
          Email: rpachulski@pszjlaw.com
                 mlitvak@pszjlaw.com
                 pkeane@pszj law.com

                       About Variant Holding

Variant Holding Company, LLC, commenced bankruptcy proceedings
under Chapter 11 of the U.S. Bankruptcy Code in Delaware (Case No.
14-12021) on Aug. 28, 2014, without stating a reason.

Tucson, Arizona-based Variant Holding estimated $100 million to
$500 million in assets and less than $100 million in debt.

The Debtor has tapped Peter J. Keane, Esq., at Pachulski Stang
Ziehl & Jones LLP, as counsel.

Members holding the majority of the interests in the company,
namely Conix WH Holdings, LLC, Conix Inc., Numeric Holding
Company,
LLC, Walkers Dream Trust, and Variant Royalty Group, LP, signed
the
resolution authorizing the bankruptcy filing.


VARIANT HOLDING: Needs Until Nov. 23 to Remove Actions
------------------------------------------------------
Variant Holding Company, LLC, and its debtor affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to extend the
time within which they may remove actions pursuant to 28 U.S.C.
Section 1452 and Rule 9027 of the Federal Rules of Bankruptcy
Procedure through and including November 23, 2015.

The Debtors tell the Court that they have been focused on
addressing (a) their settlement with IMH Financial Corporation, (b)
sale of their subsidiaries' real property assets to a third-party
buyer, (c) first and second amendments to their
debtor-in-possession financing with the Beach Point Funds, (d)
litigating their opposition to a motion by Courtland Gettel and
certain of his affiliates for payment of asserted property-level
claims, (e) their supplemental sale motion for the sale of their
subsidiary's Texas/East Coast Portfolio to the third party buyer,
and (f) review filed proofs of claims and investigate causes of
action and prepetition transactions.  These critical matters has
been unable to fully analyze the existence of and extent of any
Actions and make appropriate determinations concerning removal, the
Debtors say.

The Debtor believes the extension requested will provide the Debtor
with sufficient time to make well-informed decisions concerning the
removal of any Actions and will ensure that the Debtor's rights
provided by Section 1452 can be exercised in an appropriate
manner.

The Debtor is represented by:

          Richard M. Pachulski, Esq.
          Maxim B. Litvak, Esq.
          Peter J. Keane, Esq.
          PACHULSKI STANG ZIEHL & JONES
          919 North Market Street,
          17th Floor P.O. Box 8705
          Wilmington, Delaware 19899-8705
          Tel: (302) 652-4100
          Fax: (302) 652-4400
          Email: rpachulski@pszjlaw.com
                 mlitvak@pszjlaw.com
                 pkeane@pszj law.com

                       About Variant Holding

Variant Holding Company, LLC, commenced bankruptcy proceedings
under Chapter 11 of the U.S. Bankruptcy Code in Delaware (Case No.
14-12021) on Aug. 28, 2014, without stating a reason.

Tucson, Arizona-based Variant Holding estimated $100 million to
$500 million in assets and less than $100 million in debt.

The Debtor has tapped Peter J. Keane, Esq., at Pachulski Stang
Ziehl & Jones LLP, as counsel.

Members holding the majority of the interests in the company,
namely Conix WH Holdings, LLC, Conix Inc., Numeric Holding
Company,
LLC, Walkers Dream Trust, and Variant Royalty Group, LP, signed
the
resolution authorizing the bankruptcy filing.


WALTER ENERGY: Not Permitted to Pay Obligations Prior to July 15
----------------------------------------------------------------
Walter Energy, Inc., has advised Dominion Resources Black Warrior
Trust that it is not permitted to pay obligations that arose prior
to July 15, 2015, including royalty payments.  Specifically, the
Trustee was informed by Walter Energy that it will not be paying
the distribution to the Trust, which would normally be paid by Aug.
14, and normally would include royalty payments for the production
months of April, May and June 2015, as well as the portion of any
future quarterly distributions relating to production attributable
to periods prior to July 15, 2015.

The Trustee has engaged counsel and will take appropriate action to
protect the royalty payments and assets of the Dominion Resources
Black Warrior Trust.  

                        About Walter Energy

Walter Energy -- http://www.walterenergy.com/-- is a publicly   
traded "pure-play" metallurgical coal producer for the global steel
industry with strategic access to steel producers in Europe, Asia
and South America.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas.  Walter
Energy employs approximately 2,700 employees, with operations in
the United States, Canada and the United Kingdom.

Walter Energy, Inc., aka Walter Industries, Inc. (Bankr. N.D. Ala.
Case No. 15-02741) and affiliates Jim Walter Resources, Inc.
(Bankr. N.D. Ala. Case No. 15-02743), Walter Coke, Inc. (Bankr.
N.D. Ala. Case No. 15-02744), SP Machine, Inc. (Bankr. N.D. Ala.
Case No. 15-02746), Atlantic Development & Capital, LLC (Bankr.
N.D. Ala. Case No. 15-02747), Blue Creek Coal Sales, Inc. (Bankr.
N.D. Ala. Case No. 15-02750), Taft Coal Sales & Associates, Inc.
(Bankr. N.D. Ala. Case No. 15-02751), Blue Creek Energy, Inc.
(Bankr. N.D. Ala. Case No. 15-02752), Tuscaloosa Resources, Inc.
(Bankr. N.D. Ala. Case No. 15-02753), V Manufacturing Company
(Bankr. N.D. Ala. Case No. 15-02754), J.W. Walter, Inc. (Bankr.
N.D. Ala. Case No. 15-02755), Walter Black Warrior Basin, LLC
(Bankr. N.D. Ala. Case No. 15-02756), Walter Exploration &
Production LLC (Bankr. N.D. Ala. Case No. 15-02757), Walter Energy
Holdings, LLC (Bankr. N.D. Ala. Case No. 15-02758), Jefferson
Warrior Railroad Company Inc. (Bankr. N.D. Ala. Case No. 15-02759),
Walter Home Improvement, Inc. (Bankr. N.D. Ala. Case No. 15-02760),
Walter Land Company (Bankr. N.D. Ala. Case No. 15-02761), Jim
Walter Homes, LLC (Bankr. N.D. Ala. Case No. 15-02762), Walter
Minerals, Inc. (Bankr. N.D. Ala. Case No. 15-02763), Maple Coal
Co., LLC (Bankr. N.D. Ala. Case No. 15-02764), Walter Natural Gas,
LLC (Bankr. N.D. Ala. Case No. 15-02765), Sloss-Sheffield Steel &
Iron Company (Bankr. N.D. Ala. Case No. 15-02766), and Atlantic
Leaseco, LLC (Bankr. N.D. Ala. Case No. 15-02773) filed separate
Chapter 11 bankruptcy petitions on July 15, 2015.

Judge Tamara O Mitchell presides over the case.

Stephen J. Shimshak, Esq., Kelley A. Cornish, Esq., Claudia R.
Tobler, Esq., Ann K. Young, Esq., and Michael S. Rudnick, Esq., at
Paul, Weiss, Rifkind, Wharton & Garrison serve as the Debtors'
bankruptcy counsel.       

Patrick Darby, Esq., Jay Bender, Esq., Cathleen Moore, Esq., James
Bailey, Esq., and Bradley Arant Boult Cummings LLP serve as the
Debtors' co-counsel.

Ogletree Deakins LLP is the Debtors' labor & employment counsel.

Maynard, Cooper & Gale, P.C., is the Debtors' special counsel.

Blackstone Advisory Services, L.P., is the Debtors' investment
banker.

Alixpartners, LLP, is the Debtors' financial advisor.

Kurtzman Carson Consultants LLC serves as the Debtors' claims,
notice & balloting agent.

Ira Dizengoff, Esq., Kristine Manoukian, Esq., and James Savin,
Esq., at Akin Gump Strauss Hauer & Feld LLP serve as the Steering
Committee's legal advisor.  Lazard Freres & Co. LLP is the steering
committee's financial advisor.

The Debtors listed total assets of $5.2 billion as of March 31,
2015, and total debts of $5 billion as of March 31, 2015.

The petition was signed by William Harvey, executive vice president
and chief financial officer.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.  As
of Dec. 31, 2014, Walter Energy had $5.38 billion in total assets,
$5.10 billion in total liabilities, and $282 million in
stockholders' equity.


WALTER ENERGY: Won't Pay Royalty Payments to Dominion Resources
---------------------------------------------------------------
Dominion Resources Black Warrior Trust on July 28 disclosed that it
received a letter from Walter Energy, Inc., stating that it filed a
petition for relief under Chapter 11 of the U.S. Bankruptcy Code on
July 15, 2015 and that is has an agreement with lenders regarding a
pre-negotiated restructuring plan.  In the letter, Walter advised
the Trust that it is not permitted to pay obligations that arose
prior to July 15, 2015, ("pre-petition obligations") including
royalty payments.  Specifically, the Trustee was informed by Walter
Energy, Inc. that it will not be paying the distribution to the
Trust, which would normally be paid by August 14, and normally
would include royalty payments for the production months of April,
May and June 2015, as well as the portion of any future quarterly
distributions relating to production attributable to periods prior
to July 15, 2015.

The Trustee has engaged counsel and will take appropriate action to
protect the royalty payments and assets of the Dominion Resources
Black Warrior Trust.  

                       About Walter Energy

Walter Energy -- http://www.walterenergy.com/-- is a publicly
traded "pure-play" metallurgical coal producer for the global steel
industry with strategic access to steel producers in Europe, Asia
and South America.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas.  Walter
Energy employs approximately 2,700 employees, with operations in
the United States, Canada and the United Kingdom.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.  

Walter Energy, Inc., and its affiliates sought Chapter 11
protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham,
Alabama on July 15, 2015.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as
counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree
Deakins LLP, as labor and employment counsel; Maynard, Cooper &
Gale, P.C., as special counsel; Blackstone Advisory Services, L.P.,
as investment banker; AlixPartners, LLP, as financial
advisor, and Kurtzman Carson Consultants LLC, as claims and
noticing agent.

Walter Energy disclosed total assets of $5.2 billion and total debt
of $5 billion as of March 31, 2015.



WEST COAST: Can Use Cash Collateral Until August 15
---------------------------------------------------
The Hon. W. Richard Lee of the U.S. Bankruptcy Court for the
Eastern District of California approved a stipulation allowing West
Coast Growers, Inc., to use cash collateral until August 15, 2015.

The stipulation, entered into by and between the Debtor, Central
Valley Community Bank and the Growers, provides that the Debtor's
costs of operation, not including professional fees and costs,
claims entitled to priority under 11 U.S.C. Section 503 (b)(9)
claims and quarterly fees owed to the United States Trustee, do not
exceed $0.235/lb. per processed pound.

The Court prohibited the Debtor from paying George Salwasser -- an
insider from the Debtor's payroll -- any compensation, nor provide
him with any other employee-related benefits, unless subsequently
approved by the Court.

The parties believe that by continuing to process raisins through
July the Debtor will be able to generate approximately $600,000
more for the Growers versus shutting down all operations at the end
of current budget period expiring July 4, 2015.

West Coast Growers, Inc. is represented by:

          Hagop T. Bedoyan, Esq.
          Jacob L. Eaton, Esq.
          Lisa A. Holder, Esq.
          KLEIN, DENATALE, GOLDNER, COOPER,
             ROSENLIEB & KIMBALL, LLP
          5260 N. Palm Avenue, Suite 201
          Fresno, California 93704
          Tel.: 559 438-4374
          Fax: 559 432-1847
          Email: hbedoyan@kleinlaw.com
                 jeaton@kleinlaw.com
                 lholder@kleinlaw.com

                    About West Coast Growers

West Coast Growers, Inc., a Kerman, California-based processor and
distributor of California raisins, sought Chapter 11 bankruptcy
protection (Bankr. E.D. Cal. Case No. 15-11079) on March 20, 2015,
in Fresno, California.  The case is assigned to Judge W. Richard
Lee. Related entity Salwasser, Inc. (the 100% shareholder of WCG)
also sought bankruptcy protection on March 20, 2015 (Case No.
15-11080). Charlotte Ellen Salwasser filed a Chapter 11 petition
(Case No. 15-10705) on Feb. 26, 2015.  Ms. Salwasser an husband
George Salwasser are the principals and 50% shareholders of
Salwasser, Inc.  Mr. Salwasser is the president of WCG, and Ms.
Salwasser is the vice president and secretary of WCG.

West Coast Growers disclosed total assets of $10.1 million and
total liabilities of $59.6 million.

Hagop T. Bedoyan, Esq., Jacob L. Eaton, Esq., at Lisa A. Holder,
Esq., at Klein, Denatale, Goldner, Cooper, Rosenlieb & Kimball,
LLP, serve as West Coast Growers' attorneys.  Peter L. Fear, Esq.,
at Fear Law Group, P.C., represents Salwasser as counsel.


[*] Chilmark, Burford Launch Bankruptcy Litigation Joint Venture
----------------------------------------------------------------
Chilmark Partners, an bankruptcy and restructuring firm, and
Burford Capital, a global finance and professional services firm
focused on law, on July 28 announced the launch of a new joint
venture to provide financing and advisory services for claims
brought in connection with US bankruptcies.

The venture, Bankruptcy Litigation Funding LLC, will provide
financing to enable trustees, debtors, trusts and bankruptcy
estates to pursue litigation claims that might otherwise be
resource constrained.  The new venture is also available to act as
the trustee itself, or as the administrator or manager of pools of
such claims.

During the last several years two conflicting trends have emerged
in the bankruptcy world: more litigation and pressure for speedier
resolution.  One solution has been to assign to post-confirmation
trusts legal claims that do not need to be litigated prior to the
effective date of the title 11 Plan.  The fundamental goal of the
venture is to improve the efficiency of these trusts and to better
align creditor interests with trust administration.

Burford and Chilmark have significant financial resources available
to devote to this new venture.  Burford, publicly traded on the
London Stock Exchange, has committed more than $500 million to
litigation financing over the past five years, and Chilmark has
invested more than $1 billion in distressed private equity and has
also advised on almost $100 billion of restructurings and
financings.  Together these firms bring unique and seasoned
experience and perspective on the nuances of litigation in the
insolvency landscape.

The venture will be co-chaired by David Schulte, Chilmark's
Managing General Partner, and Jonathan Molot, Burford's Chief
Investment Officer.

David Schulte commented: "Many times at the end of bankruptcy cases
I have seen major creditors stay interested through confirmation
and kick important unresolved disputes down the road.  The system
will work better if creditor interests are more closely aligned
with the conduct of post-confirmation litigation.  We intend to
fill that void by bringing capital and quality management to the
process.  We have been in the bankruptcy world for more than 30
years and Burford is the first name in litigation finance."

Jonathan Molot commented: "Burford has ample experience in
successfully financing insolvency matters, but collaborating with
Chilmark means we will raise our game to a whole new level.  We
look forward to transforming this market -- just as we have
transformed other areas of litigation."

                    About Chilmark Partners

Chilmark Partners -- http://www.chilmarkpartners.com-- works
closely with clients to solve their most complex financial issues
-- restructuring, M&A, financing, and resolving litigation.  Since
1984 Chilmark has provided companies, creditors and investors with
truly independent advice.  The firm has also invested capital in
insolvency situations and has operated numerous companies. Chilmark
Partners is based in Chicago.

                      About Burford Capital

Burford -- http://www.burfordcapital.com-- is a global finance and
professional services firm focused on law.  Burford's businesses
include litigation finance, insurance and risk transfer, law firm
lending, corporate intelligence and judgment enforcement, advisory
and professional services and a wide range of investment
activities.  Burford's equity and debt securities are publicly
traded on the London Stock Exchange, and it works with lawyers and
clients around the world from its principal offices in New York and
London.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Palatial Investment Corp.
   Bankr. D. Ariz. Case No. 15-08730
      Chapter 11 Petition filed July 14, 2015
         Filed as Pro Se

In re Suzanne Jack
   Bankr. N.D. Cal. Case No. 15-30905
      Chapter 11 Petition filed July 14, 2015

In re Donald J. Pellicer, Sr.
   Bankr. M.D. Fla. Case No. 15-03157
      Chapter 11 Petition filed July 14, 2015

In re Janus Medical Group, Inc.
   Bankr. E.D. La. Case No. 15-11750
      Chapter 11 Petition filed July 14, 2015
         See http://bankrupt.com/misc/laeb15-11750.pdf
         represented by: Edwin M. Shorty, Jr., Esq.
                         EDWIN M. SHORTY, JR. & ASSOCIATES
                         E-mail: EShorty@eshortylawoffice.com

In re Corey Jude Delahoussaye
   Bankr. M.D. La. Case No. 15-10816
      Chapter 11 Petition filed July 14, 2015

In re L&L Bakeries, Inc.
   Bankr. D. Md. Case No. 15-19851
      Chapter 11 Petition filed July 14, 2015
         See http://bankrupt.com/misc/mdb15-19851.pdf
         represented by: Richard H. Gins, Esq.
                         THE LAW OFFICE OF RICHARD H. GINS, LLC
                         E-mail: richard@ginslaw.com

In re Randal Irvin Voltin
   Bankr. D. Md. Case No. 15-19852
      Chapter 11 Petition filed July 14, 2015

In re Francisco Javier Sanchez and Maria Elena Sanchez
   Bankr. D. Nev. Case No. 15-14039
      Chapter 11 Petition filed July 14, 2015

In re 262 Broad Street Corp.
   Bankr. D.N.J. Case No. 15-23139
      Chapter 11 Petition filed July 14, 2015
         See http://bankrupt.com/misc/njb15-23139.pdf
         represented by: Steven D. Pertuz, Esq.
                         LAW OFFICES OF STEVEN D. PERTUZ, LLC
                         E-mail: pertuzlaw@verizon.net

In re Canoventures, Corp.
   Bankr. E.D.N.Y. Case No. 15-43218
      Chapter 11 Petition filed July 14, 2015
         See http://bankrupt.com/misc/mab15-43218.pdf
         represented by: Nigel E. Blackman, Esq.
                         BLACKMAN & MELVILLE, P.C.
                         E-mail: nigel@bmlawonline.com

In re 3211 Transit Rd., Inc.
   Bankr. W.D.N.Y. Case No. 15-11488
      Chapter 11 Petition filed July 14, 2015
         See http://bankrupt.com/misc/nywb15-11488.pdf
         represented by: Arthur G. Baumeister, Jr., Esq.
                         AMIGONE, SANCHEZ, ET AL.
                         E-mail: abaumeister@amigonesanchez.com

In re Gary D. Robbins
   Bankr. W.D. Pa. Case No. 15-22552
      Chapter 11 Petition filed July 14, 2015

In re Peter O. Ozoh and Ngozi Frances Ozoh
   Bankr. E.D. Va. Case No. 15-72398
      Chapter 11 Petition filed July 14, 2015


In re Leonel Ramos
   Bankr. C.D. Cal. Case No. 15-21179
      Chapter 11 Petition filed July 15, 2015

In re Gert Sommer Jensen and Lauralee Sundbloom Jensen
   Bankr. E.D. Cal. Case No. 15-25626
      Chapter 11 Petition filed July 15, 2015

In re 9006 Soquel Drive, Aptos, LLC
   Bankr. N.D. Cal. Case No. 15-52325
      Chapter 11 Petition filed July 15, 2015
         See http://bankrupt.com/misc/canb15-52325.pdf
         represented by: Henry B. Niles, III, Esq.
                         LAW OFFICES OF HENRY B. NILES III
                         E-mail: hbniles@hbniles.com

In re Judith Winick, Inc.
   Bankr. D. Colo Case No. 15-17906
      Chapter 11 Petition filed July 15, 2015
         filed Pro Se

In re 5037 Meads ST, LLC
   Bankr. D.D.C. Case No. 15-00369
      Chapter 11 Petition filed July 15, 2015
         See http://bankrupt.com/misc/dcb15-00369.pdf
         represented by: Richard H. Gins, Esq.
                         THE LAW OFFICE OF RICHARD H. GINS LLC
                         E-mail: Richard@ginslaw.com

In re Joe's Properties, LLC
   Bankr. M.D. Fla. Case No. 15-03177
      Chapter 11 Petition filed July 15, 2015
         See http://bankrupt.com/misc/flmb15-03177.pdf
         represented by: Bryan K. Mickler, Esq.
                         LAW OFFICES OF MICKLER & MICKLER
                         E-mail: court@planlaw.com

In re George D Chatelain
   Bankr. E.D.N.Y. Case No. 15-43220
      Chapter 11 Petition filed July 15, 2015

In re Tin Ming Cheng
   Bankr. E.D.N.Y. Case No. 15-43231
      Chapter 11 Petition filed July 15, 2015

In re Biz as Usual, LLC
   Bankr. E.D. Pa. Case No. 15-15040
      Chapter 11 Petition filed July 15, 2015
         See http://bankrupt.com/misc/paeb15-15040.pdf
         represented by: Sherri Dicks, Esq.
                         LAW OFFICES OF SHERRI R. DICKS, P.C.
                         E-mail: shrdlaw@hotmail.com

In re Ream Properties, LLC
   Bankr. M.D. Pa. Case No. 15-02980
      Chapter 11 Petition filed July 15, 2015
         See http://bankrupt.com/misc/pamb15-02980.pdf
         filed Pro Se

In re German Ruiz Feneque and Teodocia Nieves Acevedo
   Bankr. D.P.R. Case No. 15-05393
      Chapter 11 Petition filed July 15, 2015

In re James Wendell Norris
   Bankr. E.D.Tex. Case No. 15-41267
      Chapter 11 Petition filed July 15, 2015

In re E.O. Wood Co., Inc.
   Bankr. N.D. Tex. Case No. 15-42830
      Chapter 11 Petition filed July 15, 2015
         See http://bankrupt.com/misc/txnb15-42830.pdf
         represented by: Behrooz P. Vida, Esq.
                         THE VIDA LAW FIRM, PLLC
                         E-mail: filings@vidalawfirm.com

In re Tom Baures Excavating, LLC
   Bankr. W.D. Wis. Case No. 15-12571
      Chapter 11 Petition filed July 15, 2015
         See http://bankrupt.com/misc/wiwb15-12571.pdf
         represented by: Greg P. Pittman, Esq.
                         PITTMAN & PITTMAN LAW OFFICES, LLC
                         E-mail: greg@pittmanandpittman.com

In re Herlinda Ornelas
   Bankr. C.D. Cal. Case No. 15-12424
      Chapter 11 Petition filed July 16, 2015

In re Mayra Lourdes Crespo
   Bankr. C.D. Cal. Case No. 15-21248
      Chapter 11 Petition filed July 16, 2015

In re Executive Title, Inc.
   Bankr. N.D. Ill. Case No. 15-24212
      Chapter 11 Petition filed July 16, 2015
         See http://bankrupt.com/misc/ilnb15-24212.pdf
         represented by: James J. Burns, Jr., Esq.
                         THE BURNS LAW FIRM P.C.
                         E-mail: bandwlaw@sbcglobal.net

In re Robert S Farnik
   Bankr. N.D. Ill. Case No. 15-24241
      Chapter 11 Petition filed July 16, 2015

In re Nelson E Clemmens
   Bankr. W.D. Ky. Case No. 15-32294
      Chapter 11 Petition filed July 16, 2015

In re Prabhat, LLC
   Bankr. D. Nev. Case No. 15-14106
      Chapter 11 Petition filed July 16, 2015
         See http://bankrupt.com/misc/nvb15-14106.pdf
         represented by: David A Riggi, Esq.
                         E-mail: darnvbk@gmail.com

In re Bnois Spinka
   Bankr. E.D.N.Y. Case No. 15-43251
      Chapter 11 Petition filed July 16, 2015

In re Steve LaCroix Ramos, Sr.
   Bankr. E.D.N.C. Case No. 15-03906
      Chapter 11 Petition filed July 16, 2015


In re Matthew Alvalee Dorris and Tanya Marie Dorris
   Bankr. W.D. Ark. Case No. 15-71853
      Chapter 11 Petition filed July 20, 2015

In re B & M Industries, Inc.
   Bankr. M.D. Fla. Case No. 15-07432
      Chapter 11 Petition filed July 20, 2015
         See http://bankrupt.com/misc/flmb15-07432.pdf
         represented by: Buddy D. Ford, Esq.
                         BUDDY D. FORD, P.A.
                         E-mail: Buddy@tampaesq.com

In re Urban Properties Group, Inc., Debtor
   Bankr. S.D. Fla. Case No. 15-22938
      Chapter 11 Petition filed July 20, 2015
         See http://bankrupt.com/misc/flsb15-22938.pdf
         represented by: Owei Z Belleh, Esq.
                         BROWN & BELLEH, PLLC
                         E-mail: owei@bellehlaw.com

In re Keith Irvin Payne
   Bankr. S.D. Ind. Case No. 15-06152
      Chapter 11 Petition filed July 20, 2015

In re Creative Vistas, Inc.
   Bankr. N.D. Ill. Case No. 15-24637
      Chapter 11 Petition filed July 20, 2015
         See http://bankrupt.com/misc/ilnb15-24637.pdf
         represented by: David P. Lloyd, Esq.
                         DAVID P. LLOYD, LTD.
                         E-mail: courtdocs@davidlloydlaw.com

In re Mijona Simonovic
   Bankr. N.D. Ill. Case No. 15-24667
      Chapter 11 Petition filed July 20, 2015

In re 336 Barretto Street, LLC
   Bankr. S.D.N.Y. Case No. 15-11885
      Chapter 11 Petition filed July 20, 2015
         filed Pro Se

In re Arnold C Hansen
   Bankr. W.D. Wash Case No. 15-14368
      Chapter 11 Petition filed July 20, 2015



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
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                   *** End of Transmission ***