/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/150804.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, August 4, 2015, Vol. 19, No. 216 Headlines ALABAMA MARBLE: Musilino, et al.'s Appeal Dismissed as Moot ALLIED NEVADA: Can Pay Up to $5.2-Mil. in Bonuses to Employees ALPHA NATURAL: Files Voluntary Chapter 11 Bankruptcy Petition AMERICAN APPAREL: Strikes Deal with Landlord on L.A. Factory ANDOVER COVERED: Meeting of Creditors Set for Aug. 6 ATLANTIC & PACIFIC: Court Issues Joint Administration Order BEECHGROVE REDEVELOPMENT: First KT Lending Awarded $450K+ in Fees BELDEN INC: S&P Revises Outlook to Negative & Affirms 'BB' CCR BLUE SUN ST. JOE: Case Summary & 20 Largest Unsecured Creditors CAESARS ENTERTAINMENT: Enters Into Amended RSA with Noteholders CAL DIVE: Cross & Simon, Lugenbuhl File Revised 2019 Statement CANAL ASPHALT: Voluntary Chapter 11 Case Summary CARAUSTAR INDUSTRIES: S&P Retains 'B+' 1st Lien Loan Rating CENTER 129: Case Summary & Largest Unsecured Creditor CHESAPEAKE ENERGY: To Eliminate Dividend, Sell Assets COLT DEFENSE: US Trustee to Continue Creditors Meeting on Sept. 16 CORINTHIAN COLLEGES: Seeks Transfer of Call Center Assets to Buyer CORPORATE RESOURCE: Court Issues Joint Administration Order CORPORATE RESOURCE: TSE Ch. 11 Trustee Wants Venue Moved to NY COYNE INT'L: Files for Chapter 11; To Sell Three Operating Units COYNE INTERNATIONAL: Case Summary & 50 Top Unsecured Creditors COYOTE LOGISTICS: S&P Puts 'B-' CCR on CreditWatch Positive CRUZ-A-LONG ENTERPRISES: Case Summary & 10 Top Unsecured Creditors DEERFIELD RANCH: Plan Filing Deadline Extended to August 28 DORAL FINANCIAL: Investors' Suit vs. Wakeman, Wahlman Continues DUNE ENERGY: Closes Asset Sales to White Marlin, Trimont DUNE ENERGY: Committee Has Standing to Pursue Claims Against D&Os DUNE ENERGY: SVP & CFO Frank Smith, Directors Step Down DYNAMIC DRYWALL: Suit vs. McPherson Sent to District Court ENDEAVOUR INT'L: Exclusive Plan Filing Date Extended to Oct. 6 ENERGY FUTURE: Action Removal Period Extended Thru Jan. 23 ENERGY FUTURE: Asbestos Claimants Seek Future Legal Representative EPR PROPERTIES: Fitch Affirms 'BB' Preferred Stock Rating FAMILY CHRISTIAN: Gets Interim Approval to Incur DIP Financing GEORGIA RV COLLISION: Case Summary & 8 Top Unsecured Creditors GONZALO SALDANA: OLG's Fee Application Ruling Partially Affirmed GT ADVANCED: Has Settlement Relating to Sale of ASF Furnaces GT ADVANCED: McCarthy Allowed to Enforce Mechanic's Lien HEALTH DIAGNOSTIC: Can Void Leases on 8 Centers HEALTH DIAGNOSTIC: Court to Decide on DIP Financing on Aug. 4 HOLLEY PERFORMANCE: Del. Judge Defers on Bid to Reopen Case HS 45 JOHN: Wants Madison Lenders' 2nd Stay Relief Bid Denied HYPNOTIC TAXI: Seeks Joint Administration of Ch. 11 Cases JERSEY ELECTRIC: Case Summary & 20 Largest Unsecured Creditors JWADE WALKER: Voluntary Chapter 11 Case Summary KITTUSAMY LLP: Petitioning Creditors Seek Oral Examination LIFE PARTNERS: Aug. 17 Hearing on Bid to Terminate Exclusivity LIFE PARTNERS: Wiley Law Group Files Rule 2019 Statement LLS AMERICA: Lenders Directed to Return $60K to Estate LSI RETAIL: Completes Sale of Colo. Property to SUSO 4 Roxborough METROPOLITAN COFFEE: Files Motion to Convert Ch.11 Case to Ch.7 MILAGRO OIL: Court Issues Joint Administration Order MOLYCORP INC: Kramer, Pachulski File Rule 2019 Statement MOLYCORP INC: Mirick O'Connell Files Rule 2019 Statement MT. GOX: Japanese Police Arrests Mark Karpeles NATURAL MOLECULAR: To Be Liquidated Under Bankruptcy Settlement NCR CORP: S&P Affirms 'BB+' CCR & Revises Outlook to Negative NNN MET CENTER: Case Summary & 20 Largest Unsecured Creditors PETER F. BRONSON: 9th Cir. Affirms Chapter 7 Conversion PREMIUM EXPLORATION: Case Summary & 20 Top Unsecured Creditors PSL-NORTH AMERICA: Plan Filing Date Extended to Oct. 12 QTS REALTY: S&P Raises Rating on Sr. Unsecured Debt to 'BB-' RADIOSHACK CORP: Committee Seeks Approval of Deal with ABL Lenders RELATIVITY MEDIA: Bankruptcy Court Approves First Day Motions RELATIVITY MEDIA: Owens Film Talks Halted Before Ch 11 Filing RELATIVITY MEDIA: Relativity Television Says No Layoffs in Co. ROYAL CARIBBEAN: S&P Raises Corp. Credit Rating to 'BB+' SAAD INVESTMENTS: Cayman Proceedings Wins US Court Recognition SABINE OIL: Court Issues Joint Administration Order SENSATA TECHNOLOGIES: S&P Puts 'BB+' CCR on CreditWatch Negative SIGNAL INT'L: Court Issues Joint Administration Order SOUTHERN REGIONAL: Files for Chapter 11 Bankruptcy Protection SOUTHERN REGIONAL: Files for Chapter 11 Due to Financial Woes SOUTHERN REGIONAL: Proposes Kurtzman Carson as Claims Agent SOUTHERN REGIONAL: Proposes to Use Cash Collateral SRA INTERNATIONAL: S&P Affirms 'B' CCR, Outlook Stable STANDARD REGISTER: Amends Statement of Financial Affairs SULLIVAN INTERNATIONAL: Panel Gets Court Nod to Hire Ballard Spahr THREE LEGGED MONKEY: Bid to Amend Complaint vs. City Partially OK'd VARIANT HOLDING: Files Clawback Suit Against Former Principals VIPER VENTURES: Seeks to Extend Exclusive Right to File Exit Plan WALTER ENERGY: Initial Meeting of Creditors Slated for August 20 WALTER ENERGY: Shares Delisted From NYSE Effective Aug. 10 Z'TEJAS SCOTTSDALE: Court Issues Joint Administration Order [^] Large Companies With Insolvent Balance Sheet ********* ALABAMA MARBLE: Musilino, et al.'s Appeal Dismissed as Moot ----------------------------------------------------------- Judge R. David Proctor of the United States District Court for the Northern District of Alabama, Eastern Division, granted Alabama Marble Company, Inc., et al.'s motion to dismiss as equitably moot an appeal from the bankruptcy court's order approving a compromise settlement agreement and dismissing the Debtor's Chapter 11 case. Stephen Musilino, Mediterranean Exports, Inc., and Sycamore Marble, Inc., appealed, arguing that the settlement agreement was premised on the Luce Parties' exaggerated secured claims. The Debtor, Blue Devil Investments, Inc., David Luce, TBGS Quarry, LLC and Credit Strategy Advisors, Inc., filed the motion to dismiss the appeal, contending that the District Court can no longer grant effective relief. Judge Proctor found that the challenged settlement agreement has been fully consummated, in part due to the Appellants' failure to pursue a stay of the bankruptcy court's order. Thus, the District Court can no more provide effective relief in this matter than it can undo the Settlement Agreement and return the parties to the status quo, Judge Proctor held. The appeal is STEPHEN MUSILINO, et al., Appellants, v. ALABAMA MARBLE COMPANY, INC., et al., Appellees, CASE NO. 1:15-CV-00053-RDP (N.D. Ala.). A full-text copy of Judge Proctor's July 20, 2015 memorandum opinion is available at http://is.gd/MMPQOsfrom Leagle.com. Stephen Musilino, Sycamore Marble Company, Inc., and Mediterranean Exports, Inc. are represented by: Harry P Long, Esq. LAW OFFICES OF HARRY P. LONG, LLC. Alabama Marble Co., Inc. is represented by: Jennifer B Kimble, Esq. R Scott Williams, Esq. RUMBERGER, KIRK & CALDWELL, P.C. Renasan Place, Suite 1300 2001 Park Place North Birmingham, AL 35203 Tel: (205) 327-5550 Fax: (205) 326-6786 Email: jkimble@rumberger.com swilliams@rumberger.com -- and –- Clark R Hammond, Esq. WALLACE JORDAN RATLIFF & BRANDT LLC First Commercial Bank Building 800 Shades Creek Parkway Suite 400 Birmingham, AL 35209 Tel: (205) 870-0555 Fax: (205) 871-7534 Email: chammond@wallacejordan.com Blue Devil Investments, Inc. and David Luce are represented by: Clark R Hammond, Esq. WALLACE JORDAN RATLIFF & BRANDT LLC P.O. Box 530910 Birmingham, AL 35253 Tel: (205) 874-0331 Fax: (205) 874-3240 Email: chammond@wallacejordan.com Credit Strategy Advisors, Inc. is represented by: Charles R Johanson, III, Esq. ENGEL HAIRSTON & JOHANSON PC 4th Floor, 109 North Twentieth Street Birmingham, AL 35203 Tel: (205) 328-4600 Fax: (205) 328-4698 Email: rjohanson@ehjlaw.com -- and –- Clark R Hammond, Esq. WALLACE JORDAN RATLIFF & BRANDT LLC P.O. Box 530910 Birmingham, AL 35253 Tel: (205) 874-0331 Fax: (205) 874-3240 Email: chammond@wallacejordan.com TBGS Quarry LLC is represented by: Timothy Michael Lupinacci, Esq. William G Somerville, III, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ PC 1400 Wells Fargo Tower 420 20th Street North Birmingham, AL 35203 Tel: (205) 328-0480 Fax: (205) 322-8007 Email: tlupinacci@bakerdonelson.com wsomerville@bakerdonelson.com -- and –- Clark R Hammond, Esq. WALLACE JORDAN RATLIFF & BRANDT LLC P.O. Box 530910 Birmingham, AL 35253 Tel: (205) 874-0331 Fax: (205) 874-3240 Email: chammond@wallacejordan.com About Alabama Marble Alabama Marble Co., Inc., based in Sylacauga, Alabama, filed for Chapter 11 bankruptcy (Bankr. N.D. Ala. Case No. 14-40157) on Feb. 7, 2014. Judge James J. Robinson oversees the case. Jennifer Brooke Kimble, Esq., and Scott R. Williams, Esq., at Rumberger, Kirk & Caldwell, P.C., serves as the Debtor's counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Stephen Musolino, president. ALLIED NEVADA: Can Pay Up to $5.2-Mil. in Bonuses to Employees -------------------------------------------------------------- Allied Nevada Gold and its debtor subsidiaries sought and obtained authority from the U.S. Bankruptcy Court for the District of Delaware to implement compensation plans proposing to pay $5.2 million to key employees. The Compensation Plans, which were developed by the Debtors after careful consultation with their advisors, including a compensation consultant, and their key creditor constituencies, consist of: (i) the KEIP for four insider-employees for a total maximum amount of $540,000, designed to incentivize these employees to maximize the value of the Ongoing Operations through the effectiveness of a plan of reorganization; (ii) the tier-based KERP for 51 non-insider employees who are critical to the implementation of the Mining Suspension Plan, the Ongoing Operations and other critical business functions, for a total maximum amount of $682,276, designed to incentivize these employees to remain with the Debtors through the effectiveness of a plan of reorganization; and (iii) the tier-based Severance Plan for all remaining employees, for a total maximum amount of $3.991 million. The KEIP payments will not be made unless the KEIP participants achieve certain specified benchmarks, including both operational and financial goals, and KERP payments will not be made for voluntary departures unless a plan of reorganization is first confirmed and consummated. Additionally, the Severance Plan is only applicable to the remaining 138 employees the Debtors believe are necessary to implement the Mining Suspension Plan, continue their Ongoing Operations, and maintain critical business functions during the Chapter 11 cases. As a result, the Debtors do not expect to terminate these remaining employees and, therefore, the anticipated costs under the Severance Plan are projected to be minimal, Stanley B. Tarr, Esq. at Blank Rome LLP, in Wilmington, Delaware, told the Court. The Debtors are represented by: Stanley B. Tarr, Esq. Bonnie Glantz Fatell, Esq. Michael D. DeBaecke, Esq. BLANK ROME LLP 1201 N. Market Street, Suite 800 Wilmington, Delaware 19801 Tel: (302) 425-6400 Fax: (302) 425-6464 Email: tarr@blankrome.com fatell@blankrome.com dabaecke@blankrome.com -- and -- Ira S. Dizengoff, P.C., Esq. Philip C. Dublin, P.C., Esq. Alexis Freeman, P.C., Esq. Matthew C. Fagen, P.C., Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, New York 10036 Tel: (212) 872-1000 Fax: (212) 872-1002 Email: idizengoff@akingump.com pdublin@akingump.com afreeman@akingump.com mfagen@akingump.com About Allied Nevada Allied Nevada Gold Corp. ("ANV"), a Delaware corporation, is a publicly traded U.S.-based gold and silver producer engaged in mining, developing and exploring properties in the State of Nevada. ANV 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.pd ALPHA NATURAL: Files Voluntary Chapter 11 Bankruptcy Petition ------------------------------------------------------------- Alpha Natural Resources, Inc. and certain of its wholly-owned subsidiaries filed voluntary petitions on Aug. 3 with the United States Bankruptcy Court for the Eastern District of Virginia in Richmond to reorganize under Chapter 11 of the U.S. Bankruptcy Code. The Board of Directors of Alpha Natural Resources authorized the filing of the Chapter 11 cases to enhance the company's future as it weathers a historically challenged coal market. The relief provided by Chapter 11 will allow the company to reorganize and emerge as a financially viable business that is better positioned to compete in dynamic energy markets. The Company will promptly seek the necessary immediate relief from the Bankruptcy Court that will allow normal business operations to continue uninterrupted while in Chapter 11, with coal being mined, customer commitments honored, and wages and benefits for Alpha's affiliated employees paid. Alpha Natural Resources affiliates operate more than 50 underground and surface mines and more than 20 coal preparation facilities in Virginia, Kentucky, West Virginia, Pennsylvania and Wyoming. Alpha's Chairman and CEO Kevin Crutchfield said: "While a difficult decision, this voluntary Chapter 11 filing is the right strategy at the right time for the future of our business. It will enable us to build on the significant steps we have taken over the past several years to restructure our debt and protect our operations. I am confident Alpha will emerge from this process as a stronger company, with a diversified resource base and better positioned for the future." Mr. Crutchfield noted that the U.S. coal industry is in an unprecedented period of distress with increased competition from natural gas, an oversupply in the global coal market, historically low prices due to weaker international and domestic economies, and increasing government regulation that has pushed electric utilities to transition away from coal-fired power plants. But he also emphasized that neither Alpha nor the U.S. coal industry should be thought of in the past tense -- while the sector will likely get smaller, coal will continue to play a critical role in providing affordable and reliable electricity and in the production of steel for infrastructure. "The change and challenges the U.S. coal industry has experienced over the last several years are greater than any in the past three decades," Mr. Crutchfield said. "There is no doubt more uncertainty ahead, but also transformational opportunity in the coal sector for those who make proactive, strategic decisions." The Company has secured an 18-month Debtor-in-Possession (DIP) financing package totaling up to approximately $692 million, arranged by Citigroup, and led by a group of both its first and second lien lenders. The DIP financing package demonstrates the support of its secured creditors and provides the Company with significant operational flexibility to successfully reorganize. Accordingly, Alpha enters this process with the necessary liquidity to support its ongoing operations (which will continue to generate additional cash). Alpha expects to work with all key constituencies to reorganize and exit Chapter 11 in the most efficient manner possible. The current management team is expected to remain in place to lead the company through the bankruptcy process. Alpha on Aug. 3 launched www.alpharestructuring.com to provide stakeholders with information about the bankruptcy process and legal filings made with the Court. With [Mon]day's filing, the previously announced conference call and webcast scheduled for Wednesday, August 5, 2015, to report the company's second quarter 2015 results will no longer take place. About Alpha Natural Alpha Natural -- http://www.alphanr.com-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers as measured by 2014 consolidated revenues of $4.3 billion. As of Dec. 31, 2014, the Company operated 60 mines and 22 coal preparation plants in Northern and Central Appalachia and the Powder River Basin, with approximately 8,900 employees. Alpha Natural reported a net loss of $874.9 million in 2014, a net loss of $1.1 billion in 2013 and a net loss of $2.4 billion in 2012. * * * As reported by the TCR on June 4, 2015, Standard & Poor's Ratings Services said it lowered its corporate credit rating on Alpha Natural Resources Inc. to 'CCC+' from 'B'. The TCR reported on April 8, 2015, that Moody Investor's Service downgraded the corporate family rating of Alpha Natural Resources, Inc. to Caa3 from Caa1 and the probability default rating to Caa3-PD/LD from Caa1-PD. AMERICAN APPAREL: Strikes Deal with Landlord on L.A. Factory ------------------------------------------------------------ Stephanie Gleason, writing for Dow Jones' Daily Bankruptcy Review, reported that American Apparel Inc. has reached a deal to bring it back into compliance on the lease of its well-known manufacturing facility in downtown Los Angeles. According to the report, under the deal disclosed July 29, American Apparel will pay landlord Alameda Square Owner LLC $1.8 million, reduced from nearly $3 million, to satisfy rent, interest and other fees that accrued during the first half of 2014. The payment will be made in 11 installments beginning in April 2016, according to the disclosure, the report related. About American Apparel American Apparel is a vertically-integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California. As of Sept. 30, 2014, American Apparel had approximately 10,000 employees and operated 245 retail stores in 20 countries including the United States and Canada. American Apparel also operates a global e-commerce site that serves over 60 countries worldwide at http://www.americanapparel.com. In addition, American Apparel operates a leading wholesale business that supplies high quality T-shirts and other casual wear to distributors and screen printers. Amid liquidity problems and declining sales, American Apparel in early 2011 reportedly tapped law firm Skadden, Arps, Slate, Meagher & Flom and investment bank Rothschild Inc. for advice on a restructuring. In April 2011, American Apparel said it raised $14.9 million in rescue financing from a group of investors led by Canadian financier Michael Serruya and private equity firm Delavaco Capital Corp., allowing the casual clothing retailer to meet obligations to its lenders for the time being. Under the deal, the investors were buying 15.8 million shares of common stock at 90 cents apiece. The deal allows the investors to purchase additional 27.4 million shares at the same price. American Apparel reported a net loss of $68.8 million in 2014, a net loss of $106 million in 2013 and a net loss of $37.3 million in 2012. As of March 31, 2015, the Company had $271 million in total assets, $416 million in total liabilities and a $144 million total stockholders' deficit. * * * The TCR reported on Nov. 21, 2013, that Moody's Investors Service downgraded American Apparel Inc.'s corporate family rating to Caa2. The clothing retailer's probability of default was also lowered one level and the outlook is negative. As reported by the TCR on Sept. 2, 2014, Standard & Poor's Ratings Services lowered its corporate credit rating on Los Angeles-based American Apparel Inc. to 'CCC-' from 'CCC'. The outlook is negative. ANDOVER COVERED: Meeting of Creditors Set for Aug. 6 ---------------------------------------------------- Judith Meyer at Lewiston-Auburn Sun Journal reports that the first meeting of creditors in the Chapter 11 case of Andover Covered Bridge, LLC, is set for Aug. 6, 2015. Creditors not already named on the petition have until Nov. 4, 2015, to file a claim with the U.S. Bankruptcy Court in Maine against the Company, the report says. The Company filed for Chapter 11 bankruptcy protection (Bankr. D. Maine Case No. 15-20489) on July 2, 2015, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Peter J. Bolduc, Jr., manager. Scott Dolan at Portland Press Herald relates that Mr. Bolduc filed for bankruptcy, citing injury claims as primary liability. Sun Journal states that the Andover Covered Bridge holdings included in the bankruptcy petition are the $132,000 pizza restaurant at the farm, the $88,800 building known as "The Cottage", land and all of the remaining buildings at the property, including the ice cream and apple crisp stand, structures and property making up the Gauntlet haunted hayride, the petting farm and the farm's playland, the collection of which is assessed at $1.2 million. Citing the law firm representing Mr. Bolduc, Press Herald adds that the filing does not include the business that operated the hayride, just the entity that owns the land on which that business and other related enterprises are tenants. Judge Peter G Cary presides over the case. Steven E. Cope, Esq., at Cope Law Firm serves as the Company's bankruptcy counsel. According to Press Herald, the family of teenager Cassidy Charette, who was killed on Oct. 11, 2015, when the brakes of Harvest Hill Farms' Jeep CJ-5 failed and the vehicle and trailer rolled down a hill and hit a tree, plans to bring a claim against the farm in connection with her death. The family is represented by Jodi Nofsinger, Esq., at Berman & Simmons, the report says. Harvest Hill Farms faces a maximum fine of $170,000 if convicted of all criminal charges, Press Herald states, citing Mr. Whipple. Press Herald relates that Michael Whipple, Esq., the attorney for the farm, said that Mr. Bolduc is not being held criminally responsible, although workers at the farm told investigators that the farm's owner was aware of brake problems with the Jeep that killed the teenager and injured 20 others. Headquartered in Portland, Maine, Andover Covered Bridge, LLC, owns the land and buildings on Route 26 that are leased to Peter J. Bolduc, Jr.'s farm operation, including the Gauntlet haunted hayride, Farm House Pizza and Pumpkin Land. Mr. Bolduc's companies that are associated with the Route 26 property -- Harvest Hill Farm, October 22 and Andover Covered Bridge -- are operating under a warning from the Secretary of State's Bureau of Corporations and considered "not in good standing" with the state, Judith Meyer at Lewiston-Auburn Sun Journal reported. ATLANTIC & PACIFIC: Court Issues Joint Administration Order ----------------------------------------------------------- Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York issued an order directing joint administration of the Chapter 11 cases of The Great Atlantic & Pacific Tea Company, Inc., and its debtor affiliates under lead case no. 15-23007. 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. BEECHGROVE REDEVELOPMENT: First KT Lending Awarded $450K+ in Fees ----------------------------------------------------------------- First KT Lending, LLC, was awarded the sum of $388,277 in fees and $61,950 in costs by Judge Elizabeth W. Magner of the United States Bankruptcy Court for the Eastern District of Louisiana. First KT Lending filed a first application for compensation of fees, costs and charges, including fees of counsel and consultants hired by both First KT Lending and its predecessor-in-interest, Regions Bank, f/k/a AmSouth Bank. Judge Magner considered the allowance of attorney's fees in the amount of $370,277 to be extremely reasonable after applying a lodestar analysis in reviewing the fees requested for counsels Chaffe McCall LLP, Locke Lord Bissell & Liddell LLP, and Adams and Reese LLP. Judge Magner, however, cannot find any justification for the employment of Chiron Financial Advisors much less the requested fee of $195,000. The judge approved only $18,000 in fees for the services Chiron Financial appears to have performed. The bankruptcy cases are IN RE: BEECHGROVE REDEVELOPMENT, LLC, SECTION A CHAPTER 11, DEBTOR, BEECHGROVE REDEVELOPMENT PHASE II, LLC, SECTION A CHAPTER 11, DEBTOR, CASE NOS. 07-12057, 07-12058 (Bankr. E.D. La.). A full-text copy of Judge Magner's July 20, 2015 reasons for decision is available at http://is.gd/tSiF0gfrom Leagle.com. Westwego, Louisiana-based Beechgrove Redevelopment, L.L.C., sought protection under Chapter 11 of the Bankruptcy Code on Oct. 24, 2007 (Bankr. E.D. La., Case No. 07-12057), together with its affiliate, Beechgrove Redevelopment Phase II, L.L.C. (Bankr. E.D. La., Case No. 07-12058). The Debtors' counsel is Douglas S. Draper, Esq., and Jan Marie Hayden, Esq., at Heller Draper Hayden Patrick & Horn, L.L.C., in New Orleans, Louisiana. BELDEN INC: S&P Revises Outlook to Negative & Affirms 'BB' CCR -------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook to negative from stable and affirmed its 'BB' corporate credit rating on St. Louis-based Belden Inc. S&P's issue-level and recovery ratings on the company's secured and subordinated debt are unchanged. "The outlook revision reflects our view that headwinds in Belden's broadcast and industrial segments may preclude the company from reducing leverage to less than 4x during the next 12 months, from leverage estimated in the high-4x area at June 28, 2015 pro forma for acquisitions, and that the company may not be able to pursue its merger and acquisition strategy within the constraints of the rating," said Standard & Poor's credit analyst Christian Frank. The rating reflects S&P's view that Belden is likely to reduce leverage to the mid-3x area in 2016 in the absence of material acquisitions or share buybacks, and S&P's view of its highly competitive and cyclical markets. However, Belden has a leading position within some of its niche markets and S&P expects its EBITDA margins to continue their upward trend. Belden's business risk profile is characterized by its highly competitive and cyclical cable, connectivity, and networking markets, and its exposure to volatile raw material pricing. The negative outlook reflects S&P's view that headwinds in certain segments may preclude Belden from reducing leverage to levels more consistent with the 'BB' rating. S&P could lower the rating if limited organic revenue growth or acquisitions preclude the company from reducing leverage to less than 4x during the next 12 months. S&P could revise the outlook to stable if a recovery in broadcast segment revenues, moderation of one-time costs, and cost controls result in leverage in the mid-3x area in 2016 and S&P come to believe that the company can sustain such a financial profile while pursuing its acquisitive growth strategy. BLUE SUN ST. JOE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Blue Sun St. Joe Refining, LLC 15-42231 1000 Walnut Street, Suite 1400 Kansas City, MO 64106 Blue Sun Energy, Inc. 15-42232 Blue Sun Biodiesel, LLC 15-42233 Blue Sun Advanced Fuels, LLC 15-42234 Type of Business: Biodiesel Chapter 11 Petition Date: July 31, 2015 Court: United States Bankruptcy Court Western District of Missouri (Kansas City) Judge: Hon. Arthur B. Federman Debtors' General Jeffrey A. Deines, Esq. Counsel: LENTZ CLARK DEINES PA 9260 Glenwood Overland Park, KS 66212 Tel: 913-648-0600 Fax: 913-648-0664 Email: jdeines@lcdlaw.com Debtors' Local Todd A. Burgess, Esq. Counsel: John R. Clemency, Esq. Lindsi M. Weber, Esq. GALLAGHER & KENNEDY, P.A 2575 E. Camelback Rd. Phoenix, AZ 85016 Tel: (602) 530-8000 Fax: (602) 530-8500 Email: john.clemency@gknet.com todd.burgess@gknet.com lindsi.weber@gknet.com Total Assets: $29.3 million Total Liabilities: $37.6 million The petition was signed by Jerry Washburn, CFO/director. List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Novozymes N.A., Inc. Trade Debt $2,370,000 P.O. Box 7247-7554 Philadelphia, PA Farnam Street Financial, Inc. Lease Guaranty $1,374,018 5850 Opus Parkway, Suite 240 Minnetonka, MN 55343 ISM Industrial #2 Trade Debt $231,269 Terra Bioenergy, LLC Lease Obligations $369,970 5701 Stockyards Expressway St. Joseph, MO 64504 City of St. Joseph Trade Debt $143,929 KCPL Trade Debt $129,689 Mid-States Supply Co. Inc. Trade Debt $121,761 National Biodiesel Board Trade Debt $98,930 Atmos Energy Marketing, LLC Trade Debt $76,051 Endress + Hauser Trade Debt $69,826 Perry Products Trade Debt $54,820 Harcros Chemicals Trade Debt $50,410 KWI North America Trade Debt $45,000 Baker Corp Trade Debt $42,000 Amistco Separation Products dba Trade Debt $34,450 AMACS Hughes Machinery Trade Debt $31,012 Hawkins, Inc. Trade Debt $30,124 Brenntag Trade Debt $23,229 Eurofins QTA, Inc. Trade Debt $22,000 United Rentals Trade Debt $20,704 CAESARS ENTERTAINMENT: Enters Into Amended RSA with Noteholders --------------------------------------------------------------- Caesars Entertainment Corporation (Caesars Entertainment) and Caesars Entertainment Operating Company, Inc. (CEOC) have entered into an amended Restructuring Support Agreement (RSA) with First Lien Noteholders. The agreement reaffirms support of CEOC's largest creditor constituency and, along with the recently announced Second Lien Noteholder restructuring support agreement, provides a continued platform for a consensual restructuring. Pursuant to the RSA, the Noteholders, Caesars Entertainment and CEOC have agreed to a revised set of case milestones in addition to several significant enhancements to the transaction for the benefit of all creditors, including the First Lien Noteholders, First Lien Bank Lenders and Non-First Lien Noteholders. The RSA and a summary of the transaction are available in the Media Resources section of the CEOC Restructuring Web site at http://www.ceocrestructuring.com/media-resources/ The agreement demonstrates Caesars Entertainment and CEOC's ongoing efforts to complete the restructuring of CEOC consensually and expeditiously. This process is supported by a significant constituency of CEOC's creditors and Caesars Entertainment and CEOC look forward to continuing to build consensus around this proposed restructuring plan. 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: Cross & Simon, Lugenbuhl File Revised 2019 Statement -------------------------------------------------------------- The law firms of Cross & Simon, LLC and Lugenbuhl, Wheaton, Peck, Rankin & Hubbard filed a revised statement disclosing that they also represent these creditors in the Chapter 11 cases of Cal Dive International Inc. and its affiliates: (1) Central Gulf Towing LLC 14561 West Main Street Cut Off, LA 70345 (2) Marine Transportation Services Inc. 3830 Frankford Ave. Panama City, FL 32405 The creditors assert maritime lien claims against Cal Dive or one of its affiliates, the law firms said in the court filing. The law firms made the disclosure pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. 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. CANAL ASPHALT: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Canal Asphalt Inc. 800 Canal Street Mt. Vernon, NY 10550 Case No.: 15-23094 Type of Business: Construction Chapter 11 Petition Date: July 31, 2015 Court: United States Bankruptcy Court Southern District of New York (White Plains) Judge: Hon. Robert D. Drain Debtor's Counsel: Gary M. Kushner, Esq. GOETZ FITZPATRICK LLP One Penn Plaza, 44th Floor New York, NY 10119 Tel: (212) 695-8100 Fax: (212) 629-4013 Email: gkushner@goetzfitz.com - and - Scott D. Simon, Esq. GOETZ FITZPATRICK LLP 1 Penn Plaza, 44th Floor New York, NY 10119 Tel: (212) 695-8100 Fax: (212)629-4013 Email: ssimon@goetzfitz.com Total Assets: $20.3 million Total Liabilities: $23 million The petition was signed by August Nigro III, president. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. CARAUSTAR INDUSTRIES: S&P Retains 'B+' 1st Lien Loan Rating ----------------------------------------------------------- Standard & Poor's Ratings Services said that its 'B+' issue-level rating on Caraustar Industries Inc.'s first lien term loan due 2019 is unchanged following the company's announcement of a $75 million add-on offering. The '3' recovery rating on the term loan, indicating meaningful (50%-70%; lower half of the range) recovery in the event of default, is also unchanged. In addition, the proposed issuance will not affect the 'B+' corporate credit rating on the company or S&P's negative outlook on the rating. S&P anticipates the company will use the proceeds for general corporate purposes or to provide capital for growth, either through expansion of its existing operations or through acquisitions. Caraustar is a vertically integrated manufacturer of 100% recycled paperboard and converted paperboard products. The company serves the four principal recycled paperboard product end-use segments: tubes and cores, folding cartons, gypsum facing paper, and specialty paperboard products. With the acquisition of major competitor The Newark Group that closed in February 2015, the company significantly increased its size and market share within the recycled paperboard markets. The company financed this transaction largely through debt, which resulted in temporarily elevated debt-to-EBITDA levels. As the company integrates operations and moves toward a run-rate EBITDA level, S&P forecasts leverage to gradually improve toward 5x by the end of 2016. Ratings List Caraustar Industries Inc. Corporate Credit Rating B+/Negative/-- Rating Unchanged Caraustar Industries Inc. $900 mil 1st-lien term loan due 2019* B+ Recovery Rating 3L *Includes $75 million add-on. CENTER 129: Case Summary & Largest Unsecured Creditor ----------------------------------------------------- Debtor: Center 129, LLC PO Box 65 Oak Island, NC 28465 Case No.: 15-04145 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: July 31, 2015 Court: United States Bankruptcy Court Eastern District of North Carolina (Wilmington Division) Judge: Hon. David M. Warren Debtor's Counsel: George M. Oliver, Esq. THE LAW OFFICES OF OLIVER & CHEEK, PLLC PO Box 1548 New Bern, NC 28563 Tel: 252 633-1930 Fax: 252 633-1950 Email: efile@ofc-law.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by John G. Hamilton, member manager. A list of the Debtor's largest unsecured creditor is available for free at http://bankrupt.com/misc/nceb15-04145.pdf CHESAPEAKE ENERGY: To Eliminate Dividend, Sell Assets ----------------------------------------------------- Claire Poole, writing for The Deal, reported that Chesapeake Energy Corp. has said it was eliminating its dividend "due to the current commodity price environment for oil, natural gas and natural gas liquids and the resulting reduction in capital available to invest in its high-quality assets." The company, according to the report, also announced an asset sale to private equity-backed FourPoint Energy LLC that will bring in cash proceeds of $90 million. Analysts at Tudor, Pickering, Holt & Co. LLC said the move was "prudent," saving the company $240 million per year, noting that few investors bought Chesapeake's shares for their dividend -- 35 cents per share per year, or a 3.4% yield, The Deal related. "Given [the] move in commodity prices, we believe investors will continue to favor capital discipline," they said, the analysts said, according to The Deal. * * * The Troubled Company Reporter, on June 8, 2015, reported that Moody's Investors Service changed Chesapeake Energy Corporation's rating outlook to stable from positive. Moody's also affirmed Chesapeake's Ba1 Corporate Family Rating and Ba1 senior unsecured notes ratings. The Speculative Grade Liquidity (SGL) Rating was lowered to SGL-3 from SGL-2. "The headwinds of low natural gas and oil prices have reduced the likelihood of meaningful debt reduction and improvement in credit metrics for Chesapeake in 2015 and 2016," commented Pete Speer, Moody's Senior Vice President. "We expect Chesapeake to continue to lower its cost structure, improve its capital efficiency and simplify its capital structure, but the pace of organic improvement in its credit metrics will be slow absent a much more supportive commodity price environment." On the same day, the TCR reported that Fitch Ratings has affirmed all ratings for Chesapeake Energy Corporation (NYSE: CHK). The Rating Outlook is revised to Stable from Positive. The Fitch Outlook revision reflects the reduced prospects of a positive rating over the next 12 months due to the impact of lower oil & gas prices on the company's forecasted cash flow and leverage profiles, as well as a general loss of debt reduction and capital structure simplification momentum. Approximately $11.7 billion and $3.0 billion in unsecured debt and convertible preferred stock, respectively, are affected by Fitch's rating action. COLT DEFENSE: US Trustee to Continue Creditors Meeting on Sept. 16 ------------------------------------------------------------------ The U.S. trustee overseeing the Chapter 11 case of Colt Defense LLC will continue the meeting of creditors on Sept. 16, 2015, at 10:30 a.m., according to a filing with the U.S. Bankruptcy Court in Delaware. The meeting will be held at J. Caleb Boggs Federal Building, Room 5209, 844 King Street, in Wilmington, Delaware. The court overseeing the bankruptcy case of a company schedules the meeting of creditors usually about 30 days after the bankruptcy petition is filed. The meeting is called the "341 meeting" after the section of the Bankruptcy Code that requires it. A representative of the company is required to appear at the meeting and answer questions under oath. The meeting is presided over by the U.S. trustee, the Justice Department's bankruptcy watchdog. About Colt Defense Colt Defense LLC is one of the world's oldest and most iconic designers, developers, and manufacturers of firearms for military, law enforcement, personal defense, and recreational purposes and was founded over 175 years ago by Samuel Colt, who patented the first commercial successful revolving cylinder firearm in 1836 and began supplying U.S. and international military customers with firearms in 1847. Colt is incorporated in Delaware and headquartered in West Hartford, Connecticut. In 1992, Colt Manufacturing Company, then the principal operating subsidiary, filed chapter 11 petitions in the U.S. Bankruptcy Court for the District of Connecticut. An investment by Zilkha & Co. allowed CMC to confirm a chapter 11 plan and emerge from Bankruptcy in 1994. Sometime after 1994, majority ownership of the Company transitioned from Zilkha & Co. to Sciens Capital Management. On June 12, 2015, Colt's exchange offer, consent solicitation and solicitation of acceptances of a prepackaged plan of reorganization, dated April 14, 2015, as supplemented, with respect to its $250 million in 8.75% Senior Notes due 2017 expired. The conditions to the exchange offer, the consent solicitation and the prepackaged plan of reorganization were not satisfied, and those conditions were not waived by Colt. Colt's restructuring support agreement with Marblegate Special Opportunities Master Fund, L.P. and Morgan Stanley Senior Funding, Inc., the Company's senior secured term loan lenders, requires it to file for Chapter 11 bankruptcy. Accordingly, Colt Holding Company LLC and nine affiliates, including Colt Defense LLC, on June 14, 2015, filed voluntary petitions (Bankr. D. Del. Lead Case No. 15-11296) for relief under Chapter 11 of the Bankruptcy Code to pursue a sale of the assets as a going concern. Colt Defense estimated $100 million to $500 million in assets and debt. On June 16, 2015, the Court directed the joined administration of the assets. The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny & Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as claims and noticing agent. Perella Weinberg Partners L.P. is acting as financial advisor of the Company, and Mackinac Partners LLC is acting as its restructuring advisor. Wilmington Savings Fund Society, FSB, as agent under the $13.33 million Term DIP Loan Agreement, is represented by Pryor Cashman LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's Leonard Klingbaum, Esq. Cortland Capital Market Services LLC, as agent under the $6.67 million Senior DIP Credit Agreement, is represented by Holland & Knight LLP's Joshua M. Spencer, Esq.; Stroock & Stroock & Lavan LLP's Brett Lawrence, Esq.; and Osler, Hoskin & Harcourt LLP's Richard Borins, Esq., and Tracy Sandler, Esq. The U.S. Trustee for Region 3 appointed five creditors of Colt Defense Inc. and its affiliates to serve on the official committee of unsecured creditors. * * * Colt's equity sponsor, Sciens Capital Management, has agreed to act as a stalking horse bidder in the proposed asset sale. Details of the deal were not provided in Colt's news statement announcing the Chapter 11 filing. Colt, however, said it would be soliciting competing bids and has appointed an independent committee of its board of managers to manage the process and evaluate bids. Colt expects to complete the entire Chapter 11 process in 60-90 days. Sciens Capital is represented by Skadden, Arps, Slate, Meagher & Flom LLP's Anthony W. Clark, Esq., and Jason M. Liberi, Esq. CORINTHIAN COLLEGES: Seeks Transfer of Call Center Assets to Buyer ------------------------------------------------------------------ Corinthian Colleges, Inc., and its affiliated debtors ask the U.S. Bankruptcy Court for the District of Delaware for authority to transfer their former call center assets, located in Colorado Springs, Colorado, to Corporate Ridge Office, LLC, who will purchase the property. The Purchase Agreement between Debtor Florida Metropolitan University, Inc., and the Purchaser contains the following salient terms: (a) Purchase Price. The Purchase Price will be in the form of a credit bid of up to $275,363 consisting of (i) a credit bid in the amount of $183,768 consisting of the estimated amount of the Purchaser's administrative rent claim for amounts outstanding under the Lease from the Petition Date up to June 30, 2015; and (ii) a credit bid in the amount of $91,884 consisting of the estimated amount of the Purchaser's administrative rent claim under the Lease for the month of July 2015, provided that the credit bid of July Rent will be reduced by 50% of any amount that the Debtors are able to recover from Zenith Education Group, Inc. under the Transition Services Agreement on account of the July Rent. (b) Assets. The Assets include all personal property located at Colorado Springs Location (1575 Garden of the Gods), including all furniture and equipment, including, but not limited to, desks, chairs, tables, lighting fixtures, cable and wiring, telecommunications equipment, projectors, whiteboards, computer monitors, computer keyboards and personal computer hardware. (c) Treatment of July Rent. The Debtors will pay the Purchaser any amounts due and owing on account of July Rent, within 14 days of the Debtors receiving any payment from Zenith pursuant to the terms of the Transition Services Agreement on account of July Rent. The Purchaser acknowledges that no amounts will be allocated to July Rent unless the amounts received by the Debtors from Zenith on account of outstanding rent obligations under the Lease exceed $183,768 (as the first $183,768.84 will be allocated to May and June rent). The Debtors will have no obligation to pay any July Rent to the Purchaser unless and until Zenith has paid July Rent to the Debtors pursuant to the Transition Services Agreement. In the event that the Debtors fail to recover any July Rent from Zenith under the Transition Services Agreement, the entirety of July Rent shall be part of Purchaser’s credit bid for the Purchased Assets. (d) Waiver of Additional Rent Claims and Rejection of Lease. The Purchaser waives any and all additional administrative rent claims that it may have against the Debtors for rents accruing from August 1, 2015, forward until the consummation of the proposed transaction; provided that the Debtors will seek to reject the Lease, immediately following the consummation of the sale of the Purchased Assets to Purchaser. (e) Private Sale. The Debtors submit that the terms memorialized in the Purchase Agreement constitute the highest and otherwise best offer for the Assets. The Debtors do not believe that conducting a formal auction with respect to the Assets would result in a higher and otherwise better offer. Amanda R. Steele, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, tells the Court that the Debtors' decision to transfer the Assets pursuant to the Purchase Agreement is based upon an exercise of their sound business judgment. She further tells the Court that given the marketing process, the Debtors believe that Purchaser's credit bid of up to $275,363.30 represents the highest and otherwise best offer for the Assets. Ms. Steele asserts that the proposed transaction is in the best interests of the Debtors' estates because, among other things, it will allow the Debtors to exit the Colorado Springs Location so that the Purchaser may re-let the premises. She says that this will benefit the estates by reducing the amount of any rejection damages claim against the Debtors' estates. Ms. Steele adds that the transfer of the Assets to the Purchaser will facilitate a quick and efficient disposition of the Assets. She relates that the Debtors are no longer operating and therefore have no further use for the Assets. Ms. Steele warns that a further prolonged sale process will be to the detriment of the Debtors and their estates because such process may depress the purchase price for the Assets, could result in the Debtors incurring additional administrative rent obligations with respect to the Colorado Springs Location and could impair the Purchaser's ability to re-let the premises. Corinthian Colleges, Inc. and its affiliated Debtors are represented by: Mark D. Collins, Esq. Michael J. Merchant, Esq. Marisa A. Terranova, Esq. Amanda R. Steele, Esq. RICHARDS, LAYTON & FINGER, P.A. 920 N. King Street Wilmington, Delaware 19801 Telephone: (302)651-7700 Facsimile: (302)651-7701 Email: collins@rlf.com merchant@rlf.com terranova@rlf.com steele@rlf.com About Corinthian Colleges Corinthian Colleges, Inc., Pegasus Education, Inc., and 23 affiliated entities filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 15-10952) on May 4, 2015, to complete an orderly wind down of its operations. The cases are jointly administered Case No. 15-10952. Judge Kevin J. Carey presides over the case. Richards, Layton & Finger, P.A., represents the Debtors in their restructuring efforts; FTI Consulting, Inc., serves as restructuring advisors; and Rust Consulting/Omni Bankruptcy serves as claims and noticing agent. Corinthian Colleges, Inc., disclosed $721,596,789 in assets and $2,929,448,278 in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 3 appointed five creditors to serve on the official committee of unsecured creditors. CORPORATE RESOURCE: Court Issues Joint Administration Order ----------------------------------------------------------- Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware issued an order authorizing joint administration of the Chapter 11 cases of Corporate Resources Services, Inc., and its debtor affiliates under lead case no. 15-11546. About Corporate Resource Corporate Resource Services, Inc., was a New York-based provider of employment and human resource solutions for corporations throughout the United States. CRS leases its headquarters and does not own any real property. About 90% of CRS shares are owned by Robert Cassera and the balance are traded OTC. As of Dec. 31, 2014, CRS was one of the largest employment staffing companies in the U.S., providing employment and human resources solutions for corporations with annual sales of about one billion dollars. In February 2015, CRS began an orderly wind down of operations after discovering that TS Employment, Inc., a privately held company owned by Mr. Cassera, failed to remit tens of millions of dollars of the Debtors' withholding taxes to taxing authorities. TS Employment Inc., a professional employer organization that provided payroll-related services for CRS, sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10243) in Manhattan on Feb. 2, 2015. TSE tapped Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, in New York, as counsel. Realization Services Inc. serves as the Debtor's consultant. CRS and its subsidiaries sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 15-11546) on July 23, 2015, to complete their orderly wind down of operations. Judge Kevin J. Carey presides over the Chapter 11 cases. The Debtors tapped (a) Gellert Scali Busenkell & Brown, LLC, as bankruptcy counsel, (b) Wilmer Cutler Pickering Hale & Dorr LLP, as special counsel; (c) Carter Ledyard & Milburn LLP, as special SEC counsel, (d) SSG Capital Advisors as financail avisors and investment bankers, and (e) Rust Omni LLC as claims agent. CRS estimated $10 million to $50 million in assets and $50 million to $100 million in debt. CORPORATE RESOURCE: TSE Ch. 11 Trustee Wants Venue Moved to NY -------------------------------------------------------------- James S. Feltman, as Chapter 11 trustee for TS Employment, Inc., asks the U.S. Bankruptcy Court for the District of Delaware to transfer venue of the Chapter 11 cases of Corporate Resource Services, Inc., et al., to the U.S. Bankruptcy Court for the Southern District of New York. According to the Chapter 11 trustee, TSE's Chapter 11 case has been pending in New York for five months, yet CRS filed a Chapter 11 petition in Delaware. The Chapter 11 trustee asserts that TSE and CRS are so closely connected and their operations so intertwined that CRS' Chapter 11 case should be administered in the same court and presided over by the same judge and therefore must be immediately transferred to New York. The Chapter 11 trustee relates that CRS needed TSE to process payroll and secure insurance for its thousands of part-time employees at bargain basement prices; TSE relief upon CRS, its life support, for all of its funding and to operate. The Chapter 11 trustee adds that CRS also has substantial conncections to the Southern District of New York, pointing out that its large creditors, its bank and its only secured lender, its principal office, books, and records, most of its management, and its certified public accounts are in New York. The TSE Chapter 11 Trustee is represented by: Daniel K. Astin, Esq. John D. McLaughlin, Jr., Esq. Joseph J. McMahon, Jr., Esq. CIARDI CIARDI & ASTIN 1204 N. King Street Wilmington, DE 19801 Tel: (302) 384-9542 Fax: (302) 658-1300 Email: jmclaughlin@ciardilaw.com jmcmahon@ciardilaw.com -- and -- Albert Togut, Esq. Jeffrey R. Gleit, Esq. Steven S. Flores, Esq. Lauren L. Peacock, Esq. TOGUT, SEGAL & SEGAL LLP One Penn Plaza, Suite 3335 New York, NY 10119 Tel: (212) 594-5000 Fax: (212) 967-4258 Email: altogut@teamtogut.com jgleit@teamtogut.com sflores@teamtogut.com lpeacock@teamtogut.com About Corporate Resource Corporate Resource Services, Inc., was a New York-based provider of employment and human resource solutions for corporations throughout the United States. CRS leases its headquarters and does not own any real property. About 90% of CRS shares are owned by Robert Cassera and the balance are traded OTC. As of Dec. 31, 2014, CRS was one of the largest employment staffing companies in the U.S., providing employment and human resources solutions for corporations with annual sales of about one billion dollars. In February 2015, CRS began an orderly wind down of operations after discovering that TS Employment, Inc., a privately held company owned by Mr. Cassera, failed to remit tens of millions of dollars of the Debtors' withholding taxes to taxing authorities. TS Employment Inc., a professional employer organization that provided payroll-related services for CRS, sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10243) in Manhattan on Feb. 2, 2015. TSE tapped Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, in New York, as counsel. Realization Services Inc. serves as the Debtor's consultant. CRS and its subsidiaries sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 15-11546) on July 23, 2015, to complete their orderly wind down of operations. Judge Kevin J. Carey presides over the Chapter 11 cases. The Debtors tapped (a) Gellert Scali Busenkell & Brown, LLC, as bankruptcy counsel, (b) Wilmer Cutler Pickering Hale & Dorr LLP, as special counsel; (c) Carter Ledyard & Milburn LLP, as special SEC counsel, (d) SSG Capital Advisors as financail avisors and investment bankers, and (e) Rust Omni LLC as claims agent. CRS estimated $10 million to $50 million in assets and $50 million to $100 million in debt. COYNE INT'L: Files for Chapter 11; To Sell Three Operating Units ---------------------------------------------------------------- Rick Moriarty at Syracuse.com reports that Coyne International Enterprises Corp. dba Coyne Textile Services filed for Chapter 11 bankruptcy protection on July 31, 2015, estimating its assets at between $10 million and $50 million, and its liabilities at between $50 million and $100 million, owed to between 1,000 and 5,000 creditors. The Company, according to Syracuse.com, said that the bankruptcy filing would allow it to restructure its balance sheet and complete these three planned sales of its operating units: a. Clean Uniforms and More! would acquire the Company's customer routes, but not its real estate or equipment, in New Bedford, Massachusetts, for $4 million; b. Prudential Overall Supply would purchase the Company's facility in Richmond, Virginia, and its customer routes and equipment at its facility in Greenville, South Carolina, for $7.0 million; and c. Coyne Acquisition LLC (NXT Newco), an entity newly formed by the Company's senior secured lender NXT Capital LLC – owed approximately $34 million -- would purchase all of the Company's remaining assets, consisting of its customer routes, equipment and facilities in Syracuse; Buffalo; Bristol, Tennessee; Cleveland, Ohio; London, Kentucky; and York, Pennsylvania, for $22.5 million, subject to adjustment. NXT, Syracuse.com states, would transfer NXT Newco to an entity to be owned by the Company's existing senior management team. The Company said it has been seeking buyers for its plants for about a year and that it hopes to close the sales within 90 days, Syracuse.com reports. The Company said that under the three proposed sales, seven of its nine locations would remain open and approximately 525 of 620 jobs would be preserved, Syracuse.com relates. The report adds that the Company said it did not expect any job losses at its headquarters at 140 Cortland Avenue in Syracuse. Syracuse.com notes that the Company's facilities in New Bedford, Massachusetts, and Greenville would likely close after the sales, as both of them have environmental compliance issues. The Company said that it has obtained a commitment for $3.5 million in debtor-in-possession financing from NXT to finance its operations during its reorganization, Syracuse.com relates. The Company said it also owed Medley Opportunity Fund II, its junior secured lender, approximately $20 million, the report added. According to Syracuse.com, the Company said it had revenues of $66.2 million and lost $7.1 million in the fiscal year that ended Oct. 31, 2014, and had revenues of $77.4 million and lost $1.5 million in the fiscal year that ended Oct. 31, 2013. The Company said in its court filing that it lost in 2013 key clients AK Steel, Mylan NV and General Mills, which accounted for approximately $6.6 million in annual revenue. Syracuse.com recalls that lenders started taking control in 2014 when the Company failed to meet its debt obligations. The Company said that owner Thomas "Tommy" Coyne, the son of company founder J. Stanley Coyne, was suspended on Oct. 2, 2015, with full pay from serving as president and CEO, Syracuse.com states. Coyne International Enterprises Corp. dba Coyne Textile Services was founded in 1929 by J. Stanley Coyne and has been family-owned and operated ever since. The Company serves 9,100 customers in 24 states through nine commercial laundry plants and 16 service centers. It provides uniform sales, rental and laundry services to a wide variety of industries. It also provides linens, mats, towels and restroom hygiene products. COYNE INTERNATIONAL: Case Summary & 50 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Coyne International Enterprises Corp. dba Coyne Textile Services 140 Cortland Avenue Syracuse, NY 13202 Case No.: 15-31160 Nature of Business: A commercial laundry service company in the United States which sells, rents and launders a wide variety of workplace uniforms, career apparel, protective garments, shop towels, reusable absorbent socks and pads, floor mats, treated dust mops and wet mops. Coyne also provides linens, mats, towels and restroom hygiene products, including restroom towels, sanitizers, deodorants, and soaps. Chapter 11 Petition Date: July 31, 2015 Court: United States Bankruptcy Court Northern District of New York (Syracuse) Judge: Hon. Margaret M. Cangilos-Ruiz Debtor's Principal Hanh V Huynh, Esq. Counsel: HERRICK FEINSTEIN LLP 2 Park Avenue New York, NY 10016 Tel: 212-592-1482 Email: hhuynh@herrick.com - and - Robert L Rattet, Esq. HERRICK FEINSTEIN LLP 2 Park Avenue New York, NY 10016 Tel: 212-592-1491 Email: rrattet@herrick.com - and - Stephen B Selbst, Esq. HERRICK FEINSTEIN LLP 2 Park Avenue New York, NY 10016 Tel: 212-592-1405 Email: sselbst@herrick.com Debtors' PHILLIPS LYTLE LLP Local Bankruptcy Counsel: Debtors' COHNREZNICK LLP Financial 333 Thornall Street Consultants: Edison, NJ 08837 Tel: (732) 549-0700 Debtors' SSG CAPITAL ADVISORS LLC Investment Banker: Debtors' RUSTOMNI Claims and Administrative Agent: Debtors' RAAB, STURM & GANCHROW, LLP Labor Counsel: Debtors' HARBRIDGE CONSULTING GROUP, LLC Pension Consultant: Debtors' BEVERIDGE & DIAMOND PC Environmental Counsel: Debtors' GZA GEOENVIROMENTAL, INC. Environmental Consultant: Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petition was signed by Mark Samson, CEO. List of Debtor's 50 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Teamsters Local 560 Benefit Fund Union $713,565 Teamsters Building 707 Summit Ave. Union City, NJ 07087 Redkap Industries CSV Vendor $386,057 P.O. Box 640396 Pittsburgh, PA 15264-0396 Calderon Textile Vendor $270,568 P.O. Box 1627 Indianapolis, IN 46204-1627 Central States SE & SW Pension Fund Union $267,760 Attn: Withdrawal Liability Dept. Palatine, IL 60055 Blue Cross & Blue Shield of CN Health Insurance $240,855 National Retirement Fund Union $184,094 Penske Truck Leasong Co., L.P. Vendor $183,182 Reed Manufacturing Vendor $157,431 Eileen Lastrance Deferred Comp $154,032 Kleen Tech (09) Vendor $129,719 Northeast Ohio Sewer District Utilities $118,750 Ecolab Vendor $96,167 Norchem Corporation Vendor $86,577 Pro Clean of Atlanta Vendor $85,878 Mountville Mills, Inc. Vendor $61,894 RT Highway 290 Building 2, LLC Landlord $61,666 Tradebe Environmental Services Vendor $51,239 Liberty Mutual Insurance Vendor $41,459 Northeast Ohio Regional Vendor $37,105 Wright Express (Wex) Vendor $36,011 Tyco Global Financial Solution Vendor $27,154 Franklin Traffic Service Inc. Vendor $26,989 Prudential Overall Supply (14) Vendor $26,424 NYSIF Woerker's Compenation Workers Comp $25,926 R.L.Williams Company, Inc. Vendor $25,530 US Attorney -Department of Justice Environmental $25,000 Geosyntec Consultants Vendor $24,778 Quality Linen Service Kleen 04 Vendor $23,565 Medline Industries Vendor $21,696 Division of Water (09) Utilities $21,388 Stand Energy (07) Vendor $21,369 World Emblem International, IN Vendor $21,032 PA State Workers Insurance Vendor $17,974 Steel Grip**For Confirming ONL Vendor $15,772 KY Employers Mutal Insurance Vendor $15,766 Shamrock Environmental Corp. Vendor $15,331 Innovative Fabrication LLC Vendor $15,271 Noco Energy Corp. Vendor $14,243 Enviroserve Vendor $13,867 ADP, Inc. Vendor $12,528 The Illuminating Company Vendor $12,253 Penco Products, Inc. Vendor $11,114 Sanmar Corporation Vendor $10,749 R3 Industrial Vendor $10,044 Solvents & Petroleum SVC Vendor $9,750 Environmental Products & Servi Vendor $9,682 American Dawn, Inc. Vendor $9,400 IOS Capital-Fixed PMT (RICOH) Vendor $7,995 Delta Natural Gas Company Vendor $7,800 UWH Industries, LLC Vendor $7,469 COYOTE LOGISTICS: S&P Puts 'B-' CCR on CreditWatch Positive ----------------------------------------------------------- Standard & Poor's Ratings Services said that it has placed its ratings on Coyote Logistics LLC, including S&P's 'B-' corporate credit rating on the company, on CreditWatch with positive implications. "The CreditWatch placement follows UPS' announcement that it is planning to buy Coyote for $1.8 billion," said Standard & Poor's credit analyst Tatiana Kleiman. "We expect that all of Coyote's outstanding debt will be repaid as part of the transaction." The transaction is subject to the customary regulatory approvals and S&P expects that it will close in the third quarter of 2015. S&P plans to resolve the CreditWatch placement after the transaction closes. At that time, S&P expects to withdraw all of its ratings on the company if its rated debt is repaid as it expects. CRUZ-A-LONG ENTERPRISES: Case Summary & 10 Top Unsecured Creditors ------------------------------------------------------------------ Debtor: Cruz-A-Long Enterprises, LLC PO Box 660 Rush Springs, OK 73082 Case No.: 15-12903 Chapter 11 Petition Date: July 31, 2015 Court: United States Bankruptcy Court Western District of Oklahoma (Oklahoma City) Judge: Hon. Janice D. Loyd Debtor's Counsel: O. Clifton Gooding, Esq. THE GOODING LAW FIRM, P.C. 650 City Place Building 204 N Robinson Avenue Oklahoma City, OK 73102 Tel: (405) 948-1978 Fax: (405) 948-0864 Email: cgooding@goodingfirm.com Total Assets: $990,224 Total Liabilities: $1.4 million The petition was signed by Reginald L. Long, president. A list of the Debtor's 10 largest unsecured creditors is available for free at http://bankrupt.com/misc/okwb15-12903.pdf DEERFIELD RANCH: Plan Filing Deadline Extended to August 28 ----------------------------------------------------------- The Hon. Alan Jaroslovsky of the U.S. Bankruptcy Court for the Northern District of California extended the period within which Deerfield Ranch Winery LLC has the exclusive right to: -- file a plan of reorganization until Aug. 28, 2015, and -- solicit acceptances for that plan until Oct. 30, 2015. The Official Committee of Unsecured Creditors informed Judge Jaroslovsky that it supports the Debtors' extension of time to file a plan. According to the Committee, the Debtor is in the process of negotiating plan treatment with secured creditor Rabobank after devoting substantial time to the development of detailed and accurate financial projections. This process, while time consuming, is necessary to avoid the unnecessary expense attendant to any cram down fight. Further, the amount of time sought by the Debtor -- an additional 60 days -- is reasonable under almost any set of circumstances (and certainly reasonable in this case), the Committee noted. As reported in the Troubled Company Reporter on July, 13, 2015, Shane J. Moses, Esq., at McNutt Law Group LLP, counsel to the Debtor, said the needs an exclusivity extension to facilitate negotiations with the Debtor's secured lender, Rabobank N.A., and creditors committee. The Debtor has prepared a draft plan, based on its financial projections. About Deerfield Ranch Winery Sonoma Valley-based Deerfield Ranch Winery, LLC was founded in 1982 by Robert and PJ Rex. Deerfield Ranch Winery filed a Chapter 11 bankruptcy petition (Bank. N.D. Cal. Case No. 15-10150) on Feb. 13, 2015. The Debtor disclosed $25,197,611 in assets and $12,041,939 in liabilities as of the Chapter 11 filing. Scott H. McNutt, Esq., and Shane J. Moses, Esq., at McNutt Law Group LLP serve as the Debtor's counsel. Jigsaw Advisors LLC acts as the Debtor's restructuring financial advisor. Judge Alan Jaroslovsky is assigned to the case. Dana Burwell, as appraiser, will assist in valuing its real property known as 10176 Sonoma Highway, Kenwood, California. Rabobank N.A, is the Debtor's primary secured lender. The U.S. Trustee for Region 17 appointed three creditors to serve on the official committee of unsecured creditors. Pachulski Stang Ziehl & Jones LLP serves as Committee counsel. DORAL FINANCIAL: Investors' Suit vs. Wakeman, Wahlman Continues --------------------------------------------------------------- In the case captioned ROBERT BLUE, Individually and on Behalf of All Others Similarly Situated, Plaintiffs, v. DORAL FINANCIAL CORPORATION, GLEN R. WAKEMAN, ROBERT E. WAHLMAN, PENKO IVANOV, DAVID HOOSTON, ENRIQUE R. UBARRI-BARAGANO and CHRISTOPHER C. POULTON, Defendants, CIVIL NO. 14-1393 (GAG) (D.P.R.), Judge Gustavo A. Gelpi of the United States District Court for the District of Puerto Rico granted in part and denied in part a motion to dismiss, and, subsequently, dismissed the case against the individual defendants, except for Glen R. Wakeman and Robert E. Wahlman against whom the case continues. A putative class action lawsuit was filed on behalf of investors against the holding company of Doral Bank, Doral Financial Corporation, and several current and prior company executives. The complaint alleged that the plaintiffs purchased common stock of Doral between April 2, 2012, and May 1, 2014, at prices that were artificially inflated by the defendants' false and misleading statements. The defendants moved to dismiss the complaint pursuant to the Private Securities Litigation Reform Act of 1995 and Federal Rules of Civil Procedure 9(b) and 12(b)(6), arguing that the plaintiffs failed to state a single claim under the applicable federal securities laws upon which relief can be granted. Judge Gelpi analyzed the motion to dismiss only as to the individual defendants because the case against Doral was automatically stayed when it filed a voluntary petition under Chapter 11 of the Title 11 of the Bankruptcy Code. Judge Gelpi found that the allegations regarding Wakeman and Wahlman's participation in the fraudulent scheme by knowingly manipulating the ALLL and PLLL that was reported in the numerous SEC filings, conference calls, and press releases are sufficient to meet the heightened pleading standards for scienter. However, Judge Gelpi found that with the remaining defendants, the plaintiffs failed to plead their involvement in the purported fraudulent scheme with the particularity required under Rule 9(b) and the Private Securities Litigation Reform Act of 1995. A full-text copy of Judge Gelpi's July 22, 2015 opinion and order is available at http://is.gd/gyQmVNfrom Leagle.com. Robert Blue is represented by: Erin W. Boardman, Esq. Robert M. Rothman, Esq. ROBBINS GELLER RUDMAN & DOWD LLP 58 South Service Road, Suite 200 Melville, NY 11747 Tel: (631) 367-7100 Fax: (631) 367-1173 Email: eboardman@rgrdlaw.com rrothman@rgrdlaw.com -- and –- Frank J. Johnson, Esq. JOHNSON & WEAVER, LLP 600 West Broadway, Suite 1540 San Diego, CA 92101 Tel: (619) 230-0063 Fax: (619) 255-1856 Email: frankj@johnsonandweaver.com -- and –- Andres W. Lopez, Esq. THE LAW OFFICES OF ANDRES W. LOPEZ, P.S.C. John Dalessandro is represented by: Erin W. Boardman, Esq. ROBBINS GELLER RUDMAN & DOWD LLP 58 South Service Road, Suite 200 Melville, NY 11747 Tel: (631) 367-7100 Fax: (631) 367-1173 -- and –- Francis McConville, Esq. Jeremy A. Lieberman, Esq. POMERANTZ, LLP 600 Third Avenue New York, NY 10016 Tel: (212) 661-1100 Fax: (212) 661-8665 Email: jalieberman@pomlaw.com -- and –- Frank J. Johnson, Esq. JOHNSON & WEAVER, LLP 600 West Broadway, Suite 1540 San Diego, CA 92101 Tel: (619) 230-0063 Fax: (619) 255-1856 -- and –- Jorge E. Perez-Casellas, Esq. Andres W. Lopez, Esq. THE LAW OFFICES OF ANDRES W. LOPEZ, P.S.C. Timothy Stump and are represented by: Francis McConville, Esq. POMERANTZ, LLP Mordechai Hakim represented by: Eric M. Quetglas-Jordan, Esq. QUETGLAS LAW OFFICE #1021 Ashford Ave., 2nd Floor Condado, PR 00908 Tel: (787) 722-0635 Fax: (787) 725-3970 -- and –- Kara M. Wolke, Esq. Leanne E. Heine-Solish, Esq. Lionel Z. Glancy, Esq. Peter A. Binkow, Esq. GLANCY PRONGAY & MURRAY LLP 1925 Century Park East Suite 2100 Los Angeles, CA 90067 Tel: (310) 201-9150 Fax: (310) 432-1495 Email: kwolke@glancylaw.com lheine@glancylaw.com lglancy@glancylaw.com pbinkow@glancylaw.com -- and –- Robert M. Rothman, Esq. ROBBINS GELLER RUDMAN & DOWD LLP 58 South Service Road, Suite 200 Melville, NY 11747 Tel: (631) 367-7100 Fax: (631) 367-1173 Email: rrothman@rgrdlaw.com Doral Financial Corporation, Glenn R. Wakeman, Robert E. Wahlman, Penko Ivanov, David Hooston, Enrique R. Ubarri-Baragano, and Christopher C. Poulton are represented by: Anthony Antonelli, Esq. Kevin P. Broughel, Esq. Kevin C. Logue, Esq. Shahzeb Lari, Esq. PAUL HASTINGS LLP 75 East 55th Street New York, NY 10022 Tel: (212) 318-6000 Fax: (212) 319-4090 Email: anthonyantonelli@paulhastings.com kevinbroughel@paulhastings.com shahzeblari@paulhastings.com Jose A. Acosta-Grubb, Esq. Jose L. Ramirez-Coll, Esq. FIDDLER GONZALEZ & RODRIGUEZ, P.S.C. 254 Munoz Rivera Ave. 6th floor Hato Rey, PR 00918 Tel: (787) 753-3113 Email: jacosta@fgrlaw.com jramirez@fgrlaw.com About Doral Financial Doral Financial Corporation is a holding company whose primary operating asset was equity in Doral Bank. DFC maintains offices in New York City, Coral Gables, Florida and San Juan, Puerto Rico. DFC has three wholly-owned subsidiaries: (i) Doral Properties, Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and (iii) Doral Recovery, Inc. On Feb. 27, 2015, regulators placed Doral Bank into receivership and named the Federal Deposit Insurance Corp. as receiver. Doral Bank served customers through 26 branches located in New York, Florida, and Puerto Rico. DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10573) in Manhattan on March 11, 2015. The case is assigned to Judge Shelley C. Chapman. DFC estimated $50 million to $100 million in assets and $100 million to $500 million in debt as of the bankruptcy filing. The Debtor tapped Ropes & Gray LLP as counsel. The Debtor's Chapter 11 plan and Disclosure Statement are due July 9, 2015. The initial case conference is set for April 10, 2015. The U.S. trustee overseeing the Chapter 11 case of Doral Financial Corp. appointed five creditors of the company to serve on the official committee of unsecured creditors. DUNE ENERGY: Closes Asset Sales to White Marlin, Trimont -------------------------------------------------------- Dune Energy, Inc. on July 15, 2015, entered into: -- a Purchase and Sale Agreement dated as of June 24, 2015, as amended, with White Marlin Oil and Gas Company, LLC; and -- Purchase and Sale Agreement dated as of June 30, 2015, as amended, with Trimont Energy (NOW), LLC and assigned to Trimont Energy (BL), LLC and Trimont Energy (GIB), LLC, for the sale of substantially all of the Debtors' assets Pursuant to the Trimont PSA, Trimont agreed to purchase the Garden Island Bay field and the Bateman Lake field from the Debtors for $1, the assumption of real estate tax liabilities and the assumption of all related plugging and abandonment liabilities. Trimont also agreed to assume certain of the Debtors' executory contracts and pay costs necessary to cure defaults under such contracts. Pursuant to the White Marlin PSA, White Marlin agreed to purchase Abbeville North, Bayou Couba, Chocolate Bayou, Comite, Lake Bouef SW, Leeville, Los Mogotes, Malo Domingo, Manchester SW, Manchester W, and Toro Grande Fields from the Debtors for $19 million and the assumption of plugging and abandonment liabilities as set forth in the White Marlin PSA. White Marlin also agreed to assume certain of the Debtors' executory contracts and pay costs necessary to cure defaults under such contracts. The Trimont PSA and the White Marlin PSA contain customary representations and warranties as well as various covenants. The closing of the Asset Sales occurred on July 27, 2015. The Asset Sales were conducted pursuant to the provisions of Sections 105, 363 and 365 of the Bankruptcy Code and effected pursuant to the White Marlin PSA and Trimont PSA. The Company is evaluating its options with respect to the sale of the remaining immaterial assets and wind-down of the Company. As reported by the Troubled Company Reporter, based on the Company's debt and other obligations, the Company does not expect to be able to distribute any proceeds as a result of the Chapter 11 Cases to the Company's stockholders and therefore believes that the shares of its common stock are worthless. Trimont is represented by: BAKERHOSTETLER LLP Attn: Thomas Wearsch, Esq. 3200 PNC Center 1900 E. Ninth St. Cleveland, OH 44114 Tel: 216-861-7303 E-mail: mbooher@bakerlaw.com White Marlin is represented by: John K. Howie PARALLEL RESOURCE PARTNERS, LLC 919 Milam Street, Suite 550 Houston, TX 77002 Telephone: (713) 238 9516 Facsimile: (713) 238-9501 - and - Louis J. Davis, Esq. BAKER & MCKENZIE LLP 700 Louisiana, Suite 3000 Houston, TX 77002 Telephone: (713) 427-5031 Facsimile: (713) 427-4099 A copy of the Purchase and Sale Agreement, dated as of June 30, 2015, between Dune Energy, Inc., Dune Operating Company and Dune Properties, Inc. and Trimont Energy (NOW), LLC, as amended, is available at http://is.gd/e57Dbv A copy of the Purchase and Sale Agreement, dated as of June 24, 2015, between Dune Energy, Inc., Dune Operating Company and Dune Properties, Inc. and White Marlin Oil and Gas Company, LLC, as amended, is available at http://is.gd/iEOuXV A copy of the Bankruptcy Court Sale Order Approving the Trimont Purchase and Sale Agreement, entered July 10, 2015, is available at http://is.gd/QeNTtT A copy of the Bankruptcy Court Sale Order Approving the White Marlin Purchase and Sale Agreement, entered July 10, 2015, is available at http://is.gd/mHZpo1 About Dune Energy Dune Energy, Inc. (NYSE AMEX: DNE), is an independent energy company based in Houston, Texas. Since May 2004, the Company has been engaged in the exploration, development, acquisition and exploitation of natural gas and crude oil properties, with interests along the Louisiana/Texas Gulf Coast. The Company's properties cover over 90,000 gross acres across 27 producing oil and natural gas fields. Affiliates Dune Energy, Inc. (Bankr. W.D. Tex. Case No. 15-10336), Dune Operating Company (Bankr. W.D. Tex. Case No. 15-10337), and Dune Properties, Inc. (Bankr. W.D. Tex. Case No. 15-10338) filed separate Chapter 11 bankruptcy petitions on March 8, 2015. The petitions were signed by James A. Watt, president and chief executive officer. Judge Christopher H. Mott presides over the case. Charles A. Beckham, Jr., Esq., Kourtney P. Lyda, Esq., and Kelli M. Stephenson, Esq., at Haynes And Boone, LLP, serve as the Debtors' bankruptcy counsel. Deloitte Transactions And Business Analytics LLP is the Debtors' restructuring advisors. Parkman Whaling LLC is the Debtors' sale professionals. The Debtors listed $229 million in total assets and $144 million in total debts as of Sept. 30, 2014. In their schedules, Dune Energy Inc., et al., disclosed $263,337,172 in assets and $107,981,306 in liabilities. The U.S. trustee overseeing the Chapter 11 case of Dune Energy appointed three creditors to serve on the official committee of unsecured creditors. DUNE ENERGY: Committee Has Standing to Pursue Claims Against D&Os ----------------------------------------------------------------- The Official Committee of Unsecured Creditors for the Dune Energy, Inc., et al., Chapter 11 cases sought and obtained authority from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to bring certain estate causes of action against present and former officers and directors of the Debtors. The Committee recently learned that the coverage of the Debtors' directors and officer insurance policy drops from $25 million to $10 million if claims are not made before June 15, 2015. Colorable claims against the D&Os exist, arising from, among other things, the Debtors' failed prepetition sale efforts and failed merger with Eos Petrol, Inc. The Committee asserted that it is imperative that the panel bring these claims to ensure that the D&O policies are properly triggered before June 15, 2015, averting the loss of $15 million of value for the estate. There are several causes of action that the Committee seeks to investigate, make demand and sue on the benefit of the estates, including (a) breach of fiduciary duty against insiders for foregoing better offers and seeking a self-interested deal with EOS; and (b) preference and fraudulent transfer avoidance for "stock compensation" and other payments to insiders made during the applicable reach-back period. The Debtors, in a reply, argued that the Committee makes a host of allegations that are unsupported by the facts, or that are premised upon selective and convenient citations to the factual record that tell an incomplete and misleading story. The Debtors, however, proposed an Agreed Order granting the Committee standing for the limited purpose of making its demand on the Debtors' insurance carriers. The Debtors are represented by: Charles A. Beckham, Jr., Esq. Kenric D. Kattner, Esq. Kourtney P. Lyda, Esq. Kelli M. Stephenson, Esq. HAYNES AND BOONE, LLP 1221 McKinney Street, Suite 2100 Houston, Texas 77010 Tel: (713) 547-2000 Fax: (713) 547-2600 Email: charles.beckham@haynesboone.com kenric.kattner@haynesboone.com kourtney.lyda@haynesboone.com kelli.stephenson@haynesboone.com The Official Committee of Unsecured Creditors is represented by: Hugh M. Ray, Esq. MCKOOL SMITH, P.C 600 Travis, Suite 7000 Houston, Texas 77002 Tel: 713-485-7300 Email: hray@mckoolsmith.com About Dune Energy Dune Energy, Inc. (NYSE AMEX: DNE), is an independent energy company based in Houston, Texas. Since May 2004, the Company has been engaged in the exploration, development, acquisition and exploitation of natural gas and crude oil properties, with interests along the Louisiana/Texas Gulf Coast. The Company's properties cover over 90,000 gross acres across 27 producing oil and natural gas fields. Affiliates Dune Energy, Inc. (Bankr. W.D. Tex. Case No. 15-10336), Dune Operating Company (Bankr. W.D. Tex. Case No. 15-10337), and Dune Properties, Inc. (Bankr. W.D. Tex. Case No. 15-10338) filed separate Chapter 11 bankruptcy petitions on March 8, 2015. The petitions were signed by James A. Watt, president and chief executive officer. Judge Christopher H. Mott presides over the case. Charles A. Beckham, Jr., Esq., Kourtney P. Lyda, Esq., and Kelli M. Stephenson, Esq., at Haynes And Boone, LLP, serve as the Debtors' bankruptcy counsel. Deloitte Transactions And Business Analytics LLP is the Debtors' restructuring advisors. Parkman Whaling LLC is the Debtors' sale professionals. The Debtors listed $229 million in total assets and $144 million in total debts as of Sept. 30, 2014. In their schedules, Dune Energy Inc., et al., disclosed $263,337,172 in assets and $107,981,306 in liabilities. The U.S. trustee overseeing the Chapter 11 case of Dune Energy appointed three creditors to serve on the official committee of unsecured creditors. DUNE ENERGY: SVP & CFO Frank Smith, Directors Step Down ------------------------------------------------------- Dune Energy, Inc., said in a regulatory filing with the Securities and Exchange Commission that in connection with the asset sales, John Brecker resigned on July 24, 2015, and Michael Keener and Robert Schmitz resigned on July 29, from their positions on the Board of Directors of the Company and from all committees of the Company of which each was a member. Frank T. Smith, the Senior Vice President, Chief Financial Officer and Secretary of the Company, resigned on July 24 from his positions with the Debtors as well as from his position as an officer of the Company, and James A. Watt was appointed as Secretary of the Company. About Dune Energy Dune Energy, Inc. (NYSE AMEX: DNE), is an independent energy company based in Houston, Texas. Since May 2004, the Company has been engaged in the exploration, development, acquisition and exploitation of natural gas and crude oil properties, with interests along the Louisiana/Texas Gulf Coast. The Company's properties cover over 90,000 gross acres across 27 producing oil and natural gas fields. Affiliates Dune Energy, Inc. (Bankr. W.D. Tex. Case No. 15-10336), Dune Operating Company (Bankr. W.D. Tex. Case No. 15-10337), and Dune Properties, Inc. (Bankr. W.D. Tex. Case No. 15-10338) filed separate Chapter 11 bankruptcy petitions on March 8, 2015. The petitions were signed by James A. Watt, president and chief executive officer. Judge Christopher H. Mott presides over the case. Charles A. Beckham, Jr., Esq., Kourtney P. Lyda, Esq., and Kelli M. Stephenson, Esq., at Haynes And Boone, LLP, serve as the Debtors' bankruptcy counsel. Deloitte Transactions And Business Analytics LLP is the Debtors' restructuring advisors. Parkman Whaling LLC is the Debtors' sale professionals. The Debtors listed $229 million in total assets and $144 million in total debts as of Sept. 30, 2014. In their schedules, Dune Energy Inc., et al., disclosed $263,337,172 in assets and $107,981,306 in liabilities. The U.S. trustee overseeing the Chapter 11 case of Dune Energy appointed three creditors to serve on the official committee of unsecured creditors. DYNAMIC DRYWALL: Suit vs. McPherson Sent to District Court ---------------------------------------------------------- Judge Robert E. Nugent of the United States Bankruptcy Court for the District of Kansas recommended that the district court withdraw the reference in the adversary proceeding captioned DYNAMIC DRYWALL, INC., Plaintiff, v. MCPHERSON CONTRACTORS, INC. and FIDELITY AND DEPOSIT COMPANY OF MARYLAND, Defendants, ADV. NO. 15-5005 (D. Kan.), for cause and that the adversary proceeding be immediately transferred to the district court for all future proceedings, including jury trial. McPherson Contractors, Inc., and Fidelity and Deposit Company of Maryland moved to withdraw the reference for cause as to Dynamic Drywall, Inc.'s adversary proceeding against them in which DDI sought damages for breach of a construction subcontract against McPherson, payment from F&D as surety under a Kansas statutory payment bond, and damages in an amount equal to the value of miscellaneous construction equipment allegedly converted by McPherson. Judge Nugent found that DDI's causes of action are legal, not equitable, non-core claims within the meaning of 28 U.S.C. Section 157(b), and are state law claims that are not amenable to resolution in the bankruptcy claims allowance process and do not implicate public rights. Judge Nugent further held that the bankruptcy court cannot hear and determine the said claims because both defendants have demanded a trial by jury and neither has expressly consented to the bankruptcy court conducting that trial. A full-text copy of Judge Nugent's July 21, 2015 report and recommendation is available at http://is.gd/60yMgNfrom Leagle.com. About Dynamic Drywall Dynamic Drywall Inc., based in Wichita, Kansas, filed for Chapter 11 bankruptcy (Bankr. D. Kan. Case No. 14-11131) on May 21, 2014. Judge Robert E. Nugent presides over the case. Mark J. Lazzo, P.A., serves as the Debtor's counsel. In its petition, Dynamic Drywall estimated $1 million to $10 million in assets and $0 to $50,000 in liabilities. The petition was signed by Randall G. Salyer, president. ENDEAVOUR INT'L: Exclusive Plan Filing Date Extended to Oct. 6 -------------------------------------------------------------- Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware extended Endeavour Operating Corporation, et al.'s exclusive plan filing period through and including Oct. 6, 2015, and their exclusive solicitation period through and including Dec. 4, 2015. The Debtors told the Court that since the First Exclusivity Order was granted, they have diligently moved forward with the sale process while continuing to explore alternatives for emerging from Chapter 11, including the possibility of an alternative plan, proposed with the support of certain key creditors. The Debtors sought a second extension of the exclusive periods to pursue the sale transaction and to continue negotiations with the Ad Hoc Group of First Priority Noteholders and the Ad Hoc Group of EEUK Term Loan Lenders regarding the possibility of formulating a consensual plan or other emergence alternatives, the Debtors' counsel, Rachel L. Biblo, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, said. The Debtors are less than a month in to the marketing process for the sale transaction and expect to hold an auction on Aug. 11, and a final sale hearing on Aug. 26, Ms. Biblo added. Extension of the exclusive perios will allow the Debtors to maintain control over their Chapter 11 cases and pursue the sale transaction without the distraction and expense of addressing competing plan proposals, Ms. Biblo asserted. About Endeavour International Houston, Texas-based Endeavour International Corporation (OTC: ENDRQ) (LSE: ENDV) is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. On Oct. 10, 2014, Endeavour International and five affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code after reaching a restructuring deal with noteholders. The cases are pending joint administration under Endeavour Operating Corp.'s Case No. 14-12308 before the Honorable Kevin J. Carey (Bankr. D. Del.). As of June 30, 2014, the Company had $1.55 billion in total assets, $1.55 billion in total liabilities, $43.7 million in series c convertible preferred stock, and a $41.5 million stockholders' deficit. Endeavour Operating Corporation, in its schedules, disclosed $808,358,297 in assets and $1,242,480,297 in liabilities as of the Chapter 11 filing. The Debtors have tapped Weil, Gotshal & Manges LLP as counsel; Richards, Layton & Finger, P.A., as co-counsel; The Blackstone Group L.P., as financial advisor; AlixPartners, LLP, as restructuring advisor; and Kurtzman Carson Consultants LLC, as claims and noticing agent. The U.S. Trustee for Region 3 has appointed three members to the Official Committee of Unsecured Creditors in the Chapter 11 cases of Endeavour Operating Corporation and its debtor affiliates. The Committee is represented by David M. Bennett, Esq., Cassandra Sepanik Shoemaker, Esq., and Demetra L. Liggins, Esq., at Thompson & Knight LLP, and Neil B. Glassman, Esq., Scott D. Cousins, Esq., and Evan T. Miller, Esq., at Bayard, P.A. Alvarez & Marsal North America, LLC, serves as financial advisors to the Committee, while UpShot Services LLC serves as website administrator. * * * U.S. Bankruptcy Judge Kevin J. Carey in of Delaware, on Dec. 22, 2014, approved the disclosure statement explaining Endeavour Operating Corporation, et al.'s joint plan of reorganization. The Amended Plan, dated Dec. 19, 2014, provides that it is supported by creditors who collectively hold 82.99% of the March 2018 Notes Claims (Class 3), 70.88% of the June 2018 Notes Claims (Class 4), 99.75% of the 7.5% Convertible Bonds Claims (Class 5), and 69.08% of the Convertible Notes Claims (Class 6). The Amended Plan also provides that holders of general unsecured claims will recover an estimated 15% of the total claims amount, which is estimated to be $6,000,000. The hearing to consider confirmation of the Amended Joint Plan of Reorganization, dated Dec. 23, 2014, of Endeavour Operating Corporation and its affiliated debtors, including Endeavour International Corporation, has been adjourned to a date to be determined. On April 29, 2015, the Debtor announced that, as a result of recent declines in oil and gas prices, the Company withdrew the proposed Plan. ENERGY FUTURE: Action Removal Period Extended Thru Jan. 23 ---------------------------------------------------------- Energy Future Holdings Corp. and its debtor affiliates sought and obtained from Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware, an order enlarging the period within which they may remove: (a) Prepetition Actions by 180 days, or up to January 23, 2016; or (b) Postpetition Actions to the later of (i) the Removal Date and (ii) the time periods set forth in Bankruptcy Rule 9027(a)(3). Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, tells the Court that the Debtors believe the extension will provide them with the necessary additional opportunity to make fully informed decisions concerning the removal of the more than 400 civil actions filed before the Petition Date, as well as the additional civil actions that have been and may continue to be commenced against the Debtors during the pendency of the chapter 11 cases. He further tells the Court that the rights of parties to the Actions will not be unduly prejudiced by the Debtors' request for an extension. Energy Future Holdings Corp. and its debtor affiliates are represented by: Mark D. Collins, Esq. Daniel J. DeFranceschi, Esq. Jason M. Madron, Esq. RICHARDS, LAYTON & FINGER, P.A. 920 North King Street Wilmington, DE 19801 Telephone: (302)651-7700 Facsimile: (302)651-7701 Email: collins@rlf.com defranceschi@rlf.com madron@rlf.com -- and -- Edward O. Sassower, Esq. Stephen E. Hessler, Esq. Brian E. Schartz, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, NY 10022-4611 Telephone: (212)446-4800 Facsimile: (212)446-4900 Email: edward.sassower@kirkland.com stephen.hessler@kirkland.com brian.schartz@kirkland.com -- and -- James H.M. Sprayregen, Esq. Marc Kieselstein, Esq. Chad J. Husnick, Esq. Steven N. Serajeddini, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Chicago, IL 60654 Telephone: (312)862-2000 Facsimile: (312)862-2200 Email: james.sprayregen@kirkland.com marc.kieselstein@kirkland.com chad.husnick@kirkland.com steven.serajeddini@kirkland.com About Energy Future Holdings Corp. Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas.   The Company delivers electricity to roughly three million delivery  points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc.   On April 29, 2014, Energy Future Holdings and 70 affiliated  companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt.   The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). The Debtors are seeking to have their cases jointly administered for procedural purposes.   As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in  book value and liabilities of $49.7 billion. The Debtors have $42  billion of funded indebtedness.   EFH's legal advisor for the Chapter 11 proceedings is Kirkland &  Ellis LLP, its financial advisor is Evercore Partners and its  restructuring advisor is Alvarez & Marsal. The TCEH first lien  lenders supporting the restructuring agreement are represented by  Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,  and Millstein & Co., LLC, as financial advisor.   The EFIH unsecured creditors supporting the restructuring  agreement are represented by Akin Gump Strauss Hauer & Feld LLP,  as legal advisor, and Centerview Partners, as financial advisor.  The EFH equity holders supporting the restructuring agreement are  represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,  and Blackstone Advisory Partners LP, as financial advisor. Epiq  Systems is the claims agent.   Wilmington Savings Fund Society, FSB, the successor trustee for the second-lien noteholders owed about $1.6 billion, is  represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and  Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S.  Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq.,  Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq.   An Official Committee of Unsecured Creditors has been appointed in the case. The Committee represents the interests of the unsecured  creditors of ONLY of Energy Future Competitive Holdings Company  LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings  Company LLC; and EFH Corporate Services Company, and of no other  debtors. The Committee has selected Morrison & Foerster LLP and  Polsinelli PC for representation in this high-profile energy restructuring. The lawyers working on the case are James M. Peck,  Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at  Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.  Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at  Polsinelli PC.   ENERGY FUTURE: Asbestos Claimants Seek Future Legal Representative ------------------------------------------------------------------ Charlotte Liberda and Curtis Liberda, identified unmanifested asbestos claimants in the Chapter 11 cases of Energy Future Holdings Corp., et al., ask the U.S. Bankruptcy Court for the District of Delaware to appoint a legal representative to represent the interests of all Unmanifested Asbestos Claimants. The Unmanifested Claimants have an even greater stake in their ultimate treatment under a plan of reorganization and are "parties in interest" with an absolute right to appear and be heard pursuant to the Chapter 11 case, Daniel K. Hogan, Esq., at Hogan & McDaniel, in Wilmington, Delaware, tells the Court. The Unmanifested Claimants have no one who can appear before the Court and be heard on their behalf, Mr. Hogan asserts. The members of this group are largely unknown to themselves and to each other, he further asserts. Those representing current asbestos victims cannot voice the concerns of future victims, he adds. Mr. Hogan says Charlotte and Curtis Liberda and the thousands of other Unmanifested Claimants are entitled to a voice in these proceedings; they are entitled to a legal representative. Charlotte and Curtis Liberda are represented by: Daniel K. Hogan, Esq. HOGAN & McDANIEL 1311 Delaware Avenue Wilmington, Delaware 19806 Tel: (302) 656-7540 Fax: (302) 656-7599 Email: dkhogan@dkhogan.com -- and -- Frances Gecker, Esq. Joseph D. Frank, Esq. FrankGecker LLP 325 North LaSalle Street, Suite 625 Chicago, IL 60654 Tel: (312) 276-1400 Fax: (312) 276-0035 Email: fgecker@fgllp.com jfrank@fgllp.com About Energy Future Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt. The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). The Debtors are seeking to have their cases jointly administered for procedural purposes. As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in book value and liabilities of $49.7 billion. The Debtors have $42 billion of funded indebtedness. EFH's legal advisor for the Chapter 11 proceedings is Kirkland & Ellis LLP, its financial advisor is Evercore Partners and its restructuring advisor is Alvarez & Marsal. The TCEH first lien lenders supporting the restructuring agreement are represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, and Millstein & Co., LLC, as financial advisor. The EFIH unsecured creditors supporting the restructuring agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as legal advisor, and Centerview Partners, as financial advisor. The EFH equity holders supporting the restructuring agreement are represented by Wachtell, Lipton, Rosen & Katz, as legal advisor, and Blackstone Advisory Partners LP, as financial advisor. Epiq Systems is the claims agent. Wilmington Savings Fund Society, FSB, the successor trustee for the second-lien noteholders owed about $1.6 billion, is represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee represents the interests of the unsecured creditors of ONLY of Energy Future Competitive Holdings Company LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings Company LLC; and EFH Corporate Services Company, and of no other debtors. The Committee has selected Morrison & Foerster LLP and Polsinelli PC for representation in this high-profile energy restructuring. The lawyers working on the case are James M. Peck, Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC. EPR PROPERTIES: Fitch Affirms 'BB' Preferred Stock Rating --------------------------------------------------------- Fitch Ratings has affirmed the ratings for EPR Properties (NYSE: EPR), including the company's Issuer Default Rating (IDR) at 'BBB-'. The Rating Outlook is Stable. KEY RATING DRIVERS Fitch's ratings reflect EPR's consistent cash flows generated by the company's triple-net leased megaplex movie theatres and other investments across the entertainment, education and recreation segments, resulting in maintenance of strong leverage and fixed-charge coverage metrics. EPR benefits from generally strong levels of rent coverage across its portfolio and structural protections including cross-collateralization among properties operated by certain tenants. While cinema attendee demand has remained consistent over a long time period and thereby improved the durability of operating cash flows, other investment segments lack a similar long-term track record. Credit concerns include significant, though very much improving tenant concentration and concerns about the company's investment in niche asset classes that are less proven and may be less liquid or financeable during periods of potential financial stress and/or have limited alternative uses. EXPECTED INCREASE IN LEVERAGE Leverage was strong at 5.1x over the trailing 12 months (TTM) ended March 31, 2015, up marginally from 5.0x at both year-end 2014 and 2013. The company has generally operated in the 4.5x to 5.0x range over the past five years, but Fitch projects leverage will increase as high as 5.4x in the near term and remain in the low 5x range through 2017. The projected uptick in leverage is driven by an increase in capital spending particularly for pre-leased build-to-suit investments, which require large capital outlays in advance of the assets producing cash flow, as well as the anticipation of development spending related to the Adelaar project. EPR and its partner, Empire Resorts, are expected to begin construction of the full-scale resort on the already cleared land parcel upon receiving official licensing from the New York State Gaming Commission. Despite the expected increase, leverage will remain appropriate for the 'BBB-' rating given EPR's niche property focus. Fitch defines leverage as net debt divided by recurring operating EBITDA. STRONG FIXED-CHARGE COVERAGE EPR's fixed-charge coverage is solid for a 'BBB-' IDR. Fixed charge coverage was 2.7x for the TTM ended March 31, 2015, flat from 2.7x in 2014 and up slightly from 2.6x in 2013. Fitch projects that EPR's fixed-charge coverage ratio will continue to improve and surpass 3.0x by year-end 2015, which would be strong for the 'BBB-' rating. The expected improvement is driven by an increasing level of high-yielding acquisitions and developments, partially offset by increased interest expense from unsecured bond issuances, though EPR has been achieving more favorable pricing each time it has issued via the unsecured bond market. New investments will generally target equal weightings among the entertainment, education and recreation segments, and Fitch expects the company to have acquisition opportunities available within each respective segment. Fixed-charge coverage is defined as recurring operating EBITDA less recurring capital expenditures and straight-line rent adjustments, divided by cash interest incurred and preferred stock dividends. FAVORABLE DEBT MATURITY PROFILE Debt maturities are manageable through 2017, with no year representing more than 8.9% of total debt. Beyond 2017, the maturities represent unsecured debt offerings which are larger in size but still mostly well-spaced. Fitch expects the company will be able to effectively ladder its debt maturity profile, which should reduce refinancing risk in any given year. Fitch expects the company to repay all of its upcoming secured debt maturities with unsecured debt, resulting in a fully unencumbered portfolio. However, in certain instances the company may assume secured debt when acquiring assets. MINIMAL LEASE EXPIRATION RISK From 2018-2029, no more than 7% of total revenue expires in any single year. Megaplex theatres currently represent 56% of total revenues for TTM March 31, 2015. EPR's charter school segment represents 15% of total revenue and all leases expire after 2030, with the exception of one in 2017. Historically, most tenants have chosen to exercise their renewal options, which has mitigated re-leasing risk and provided predictability to portfolio-level cash flows. Over the past several years some tenants have given back space, but more recently this trend has subsided. Rent renewal spreads can vary greatly depending on the operating performance of the asset. ADEQUATE LIQUIDITY Fitch calculates that EPR's liquidity coverage ratio is 1.9x for the period April 1, 2015 to Dec. 31, 2016. Subsequent to March 31, 2015, EPR amended and combined its unsecured revolving credit and term loan facilities, increasing the revolver to $650 million from $535 million and providing an additional $65 million of availability on the term loan. The revolver was undrawn at March 31, 2015 and the biggest weight on liquidity uses is $243 million of expected development expenditures over the forecast period. Fitch defines liquidity coverage as sources of liquidity (unrestricted cash, availability under the revolving credit facility, expected retained cash flows from operating activities after dividend payments) divided by uses of liquidity (debt maturities, development expenditures and capital expenditures). EPR paid out 94% of its adjusted funds from operations (AFFO) in dividends in the first quarter of 2015, up materially from the two previous quarters, but not to a level of concern for Fitch. Fitch expects the company's payout ratio decline to the mid-80% range on a long term basis, and internally generated liquidity will be used in part to fund new investments. APPROPRIATE UNENCUMBERED ASSET COVERAGE OF UNSECURED DEBT EPR has solid contingent liquidity from its unencumbered asset pool. Unencumbered asset coverage of net unsecured debt (UA/UD) is 1.9x when applying a stressed 12% capitalization rate to unencumbered net operating income (NOI). This ratio is adequate for a 'BBB-' IDR. The company continues to unencumber megaplex theatre assets, improving the quality of the unencumbered pool as EPR transitions to a more unsecured funding model. Nonetheless, EPR's assets generally are less financeable and have fewer potential buyers than more traditional commercial real estate. HIGH TENANT CONCENTRATION IS RECEDING EPR's largest tenant, American Multi-Cinema, Inc. (AMC) (IDR of 'B+' with a Stable Outlook), accounted for 21% of total revenues in the first quarter of 2015, down from 24% the year prior. The exposure to AMC has consistently decreased since the company's inception and the company's top 10 tenants accounted for 66% of total revenue in the most recent quarter. EPR's largest charter school tenant, Imagine Schools, Inc. (Imagine) accounted for 6% of total revenues in first quarter of 2015, decreasing as expected after the sale of four Imagine charter schools in Florida in April 2014. The sale not only reduced EPR's exposure to Imagine, but also helped demonstrate some degree of liquidity in the public charter school space. The company has been expanding its relationships with new charter school operators. EPR had 35 tenants during the 2014-2015 school year, 23 tenants during the 2013-2014 school year and just one tenant during the 2010-2011 school year. While most of EPR's theatre leases and all of EPR's charter school leases for a given operator are cross-defaulted, a tenant bankruptcy could allow for the rejection of certain non-economic leases. Most of EPR's top tenants are either unrated or have below-investment grade ratings; thus the potential for corporate default, bankruptcy and lease rejection could reduce EPR's rental revenues. Mitigating this risk is that on a portfolio and property-level basis, EBITDAR covers rent payments by a healthy margin for nearly all of EPR's properties. Operator concentration risk is partially mitigated by the fact that the primary drivers of theatre box office consumer demand are location and which movies are showing at a particular theatre as opposed to theatre operator. DURABLE THEATRE BUSINESS North American box office revenue has proven highly resilient growing at a compound annual growth rate of nearly 4% over the past 25 years. While revenue was down in 2014 for the first time since 2011, 2015 Fitch expects box office revenue growth in 2015. The enhancement of the customer experience through a variety of amenities such as luxury seating and new beverage concepts within the theaters has both expanded revenue streams and increased the frequency of customer visits. EPR's theater portfolio is 100% leased and since the company's formation in 1997, no theatre tenant has missed a lease payment. Despite the lack of lease payment defaults, EPR has realized negative leasing spreads upon renewal from time-to-time, which partially reflects the limited alternative tenants and uses for the assets. EDUCATION SEGMENT EVOLVING EPR is highly focused on the burgeoning market for education investments. The company's education segment included investments in 63 public charter schools, six early childhood education schools and two private schools as of March 31, 2015. This portfolio consists of 3.5 million square feet and is 100% leased, with an additional seven public charter schools, 13 early education centers and one K-12 private school under development. EPR has been able to work through prior issues with Imagine, while reducing exposure to the operator, expanding to 35 operators during the 2014-2015 school year. The demand for enhanced education at an early age has begun to outpace the supply within the U.S. as the national waiting list currently holds over 1 million students. The largest investment risk in this segment is the mismatch between the charter renewal cycle (typically every two to four years) and the average lease term (25-30 years). Alternative uses for charter school facilities should the school lose its charter and EPR need to seek an alternative tenant is largely unproven. NICHE SECTORS The ratings reflect EPR's focus on investing in non-core property types that are likely less liquid or financeable during periods of market stress. While the company's theatre properties are typically well located and have high-quality amenities, alternative uses of space may be limited or may require significant capital expenditures to attract non-theatre tenants. The recreation and education facilities are also high-quality but the financeability of the assets is uncertain. The sale of four Imagine schools in April 2014 demonstrated some liquidity in the sector; however, the depth of mortgage financing is likely limited. EPR has previously made some ill-timed non-core investments including entering the vineyard and winery business at the top of the market. Going forward, management intends on continuing to focus on its three investment segments which Fitch views positively. Management has a highly specialized knowledge within EPR's investment segments which helps shape the company's longer term strategy. PREFERRED STOCK NOTCHING The two-notch differential between EPR's IDR and its preferred stock rating is consistent with the 'Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis' Criteria Report dated Nov. 25, 2014, as EPR's preferred securities have cumulative coupon deferral options exercisable by EPR and thus have readily triggered loss absorption provisions in a going concern. STABLE OUTLOOK The Stable Outlook reflects that while leverage will increase to between 5.2x-5.4x through active capital investment spending, it will still stay below Fitch's negative sensitivity, while coverage should continue to increase to the low 3x range. These strong credit metrics are somewhat offset by the unique risks to EPR's specialty property types such as liquidity, financeability and alternative use. The Stable Outlook further reflects EPR's adequate liquidity coverage and minimal refinancing risk. KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: -- Annual same-store NOI growth of 2% between 2015-2017. -- Investments of $588 million, $650 million and $750 million in 2015, 2016 and 2017, respectively with a yield of 9%. -- Unsecured bond issuances of $450 million and $500 million in 2016 and 2017, respectively. -- Equity issuance of approximately $275 million, $300 million and $400 million in 2015, 2016 and 2017, respectively, used to fund external growth. RATING SENSITIVITIES The following factors may have a positive impact on the ratings and/or outlook: -- Fitch's expectation of leverage sustaining below 4.0x (leverage was 5.1x for the TTM ended March 31, 2015); -- Fitch's expectation of fixed-charge coverage sustaining above 3.0x (coverage was 2.7x for the TTM ended March 31, 2015). The following factors may have a negative impact on the ratings and/or outlook: -- Fitch's expectation of leverage sustaining above 5.5x; -- Fitch's expectation of fixed-charge coverage sustaining below 2.2x; -- A liquidity coverage sustaining below 1.25x, coupled with a strained unsecured debt financing environment. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: EPR Properties -- Issuer Default Rating (IDR) at 'BBB-'; -- Unsecured Revolving Line of Credit at 'BBB-'; -- Senior Unsecured Term Loan at 'BBB-'; -- Senior Unsecured Notes at 'BBB-'; -- Preferred Stock at 'BB'. The Rating Outlook is Stable. FAMILY CHRISTIAN: Gets Interim Approval to Incur DIP Financing -------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Michigan authorized, on an interim basis, Family Christian, LLC, et al., to (i) obtain postpetition debtor-in-possession financing from FC Special Funding, LLC up to the maximum amount of $6,000,000, and (ii) use cash collateral. The Debtors are indebted to FC Special Funding, LLC, as assignee of JP Morgan Chase Bank, N.A., individually and in its role as agent under a Credit Agreement dated Nov. 14, 2012, that provides a revolving line of credit up to a maximum of $40 million, which loan provides working capital for the Operating Debtor's business operations. The senior lender's sole participant in the Working Capital Loan is Jackson Investment Group, LLC. Richard L. Jackson is the chief executive officer of JIG. As of the Petition Date, the Debtors have acknowledged and stipulated in the final cash collateral order that the principal amount of the indebtedness owed by the Debtors under the loan documents to the senior Lender is approximately $23,100,000 and to the term loan lenders is approximately $34,200,000, which amounts are exclusive of interest, costs, attorneys' fees, and other amounts chargeable to the Debtors under the loan documents. The Debtors would use the DIP credit facility exclusively to (Y) fund working capital; and (Z) pay, up to the budgeted amount for the fees, costs, expenses, and disbursements of professionals retained by the Debtors and the Committee. The Loan: 1. will terminate on the earliest of (a) Aug. 15, 2015, or (b) the closing date of the proposed sale to FCS Acquisition, LLC pursuant to a confirmed plan of reorganization; and 2. will have the interest rate of 4.5% per annum, which interest will be payable monthly; upon the occurrence of a default, a rate of 6.5% per annum. Daniel M. McDermott, U.S. Trustee for Region 9, objected to the Debtors' motion, stating there are several reasons why the DIP loan must not be approved on the terms submitted in the motion. The U.S. Trustee said that he understood that after almost five months in Chapter 11, after running two failed sale attempts, and after failing to promptly file a plan and disclosure statement, Family Christian may well be running out of money. The fact that Family Christian would run out of money was foreseeable in February, 2015. Additionally, Family Christian has failed to file a copy of the credit agreement, for the reason that no such agreement yet exists. Approving the motion would allow Family Christian and FC Special Funding to draft a binding loan agreement without any review by the Court, the creditors or the U.S. Trustee. About Family Christian Family Christian Holding, LLC, is the sole owner and member of Family Christian, LLC, which operates and runs Family Christian stores, one of the largest retail sellers of Christian books, music, DVDs, church supplies, and other faith based merchandise. Family Christian, LLC, Family Christian Holding, LLC, and FCS Giftco, LLC, filed Chapter 11 bankruptcy petitions (Bankr. W.D. Mich. Lead Case No. 15-00643) on Feb. 11, 2015. The petition was signed by Chuck Bengochea as president and CEO. The Debtors estimated assets and liabilities of $50 million to $100 million. The Debtors are being represented by Todd Almassian, Esq., at Keller & Almassian PLC, and Erich Durlacher, Esq., Brad Baldwin, Esq., Bryan Glover, Esq., at Burr & Forman LLP as counsel. The U.S. Trustee for Region 9 appointed seven creditors of Family Christian LLC to serve on the official committee of unsecured creditors. GEORGIA RV COLLISION: Case Summary & 8 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Georgia RV Collision and Service Center, LLC 350 White Avenue, S.E. Marietta, GA 30060-9200 Case No.: 15-64414 Chapter 11 Petition Date: July 31, 2015 Court: United States Bankruptcy Court Northern District of Georgia (Atlanta) Debtor's Counsel: William A. Rountree, Esq. MACEY, WILENSKY & HENNINGS, LLC Suite 4420 303 Peachtree Street, NE Atlanta, GA 30308 Tel: 404-584-1200 Fax: 404-681-4355 Email: swenger@maceywilensky.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jay A. Purpura, sole member and manager. A list of the Debtor's eight largest unsecured creditors is available for free at http://bankrupt.com/misc/ganb15-64414.pdf GONZALO SALDANA: OLG's Fee Application Ruling Partially Affirmed ---------------------------------------------------------------- Judge A. Joe Fish of the United States District Court for the Norther District of Texas, Dallas Division, affirmed in part and remanded in part A bankruptcy court's order regarding the application for attorney's fees filed by the Orenstein Law Group, P.C., in the Chapter 11 cases of Gonzalo Saldana and his debtor affiliates. OLG represented the Debtors in their Chapter 11 bankruptcy cases from January 1, 2014. OLG filed an application for compensation with the bankruptcy court after the bankruptcy court converted Gonzalo's and Mexia Tire's cases to Chapter 7 and appointed a Chapter 11 trustee in the Mexia Nursery case on August 4, 2014. Estela Saldana, Gonzalo's ex-wife, objected to the application. Granting OLG a portion of the fees requested, the bankruptcy court (1) denied OLG any compensation for its work regarding the adversary complaints the Debtors filed against Estela, (2) granted OLG half of its requested compensation for its work opposing Estela's motions to convert, and (3) granted OLG all of its requested fees concerning its preparation and support of the Debtors' Chapter 11 bankruptcy plan and disclosure statement. Both OLG and Estela filed timely notices to appeal the bankruptcy court's order. Judge Fish did not find any clear error in the bankruptcy court's factual conclusions. Regarding the adversary complaint, Judge Fish said that the near certainty that Mexia Nursery's unsecured creditors would be paid in full combined with the inordinate amount of legal fees relative to the amount of unsecured claims in the Mexia Tire and Gonzalo cases support the bankruptcy court's decision. As to the Motion to Dismiss/Convert category of fees, Judge Fish held that the "context of the case in June, July and August 2014" supported the bankruptcy court's conclusion that "it was not reasonable to be incurring this high level of fees," with the resulting reduction of the fees by 50%. Judge Fish, however, remanded the bankruptcy court's order regarding the "plan and disclosure statement" category in the Mexia Nursery and Gonzalo cases because the bankruptcy court provided no insight why any of the fees in this category following June 19, 2014, should be allowed if the Debtors were incapable of confirming a plan as of this date. The appeals are ORENSTEIN LAW GROUP, P.C., Appellant, v. ESTELA SALDANA, Appellee, CIVIL ACTION NO. 3:15-CV-0362-G, NO. 3:15-CV-0363-G., 3:15-CV-0364-G (N.D. Tex.). The bankruptcy cases are IN RE: GONZALO SALDANA, MEXIA NURSERY & TREE FARM, INC., and MEXIA TIRE SERVICE, LLC, Debtors, BANKRUPTCY CASE NO. 13-34861-SGJ-7, NO. 13-34862-SGJ-7., 13-34863-SGJ-7 (Bankr. N.D. Tex.). A full-text copy of Judge Fish's July 20, 2015 memorandum of opinion and order is available at http://is.gd/Ct72eTfrom Leagle.com. Orenstein Law Group PC is represented by: Rosa R Orenstein, Esq. Carol Lynn Wolfram, Esq. ORENSTEIN LAW GROUP PC 8401 N. Central Expy. Suite 840 Dallas, TX 75225 Tel: (214) 757-9101 Fax: (972) 764-8110 Email: rosa@orenstein-lg.com -- and –- Nathan M Nichols, Esq. SULLIVAN & HOLSTON 4131 N Central Expy #980 Dallas, TX 75204 Tel: (214) 528-9560 Estela Saldana is represented by: Charles B Hendricks, Esq. Emily Scott Wall, Esq. CAVAZOS, HENDRICKS, POIROT & SMITHAM, P.C. Suite 570, Founders Square 900 Jackson Street Dallas, TX 75202-4425 Tel: (214) 573-7300 Fax: (214) 573-7399 Email: chuckh@chfirm.com ewall@chfirm.com Gonzalo Saldana and Mexia Nursery & Tree Farm Inc are represented by: Nathan M Nichols, Esq. SULLIVAN & HOLSTON 4131 N Central Expy #980 Dallas, TX 75204 Tel: (214) 528-9560 About Gonzalo Saldana Gonzalo Saldana filed a voluntary Chapter 11 petition (Bankr. N.D. Tex., Case No. 13-34861-SGJ-7) on September 23, 2013. At the same time, his two businesses, Mexia Nursery & Tree Farm, Inc., and Mexia Tire Company, LLC, also each filed voluntary petitions for relief under Chapter 11. After several months of attempting to reorganize, Saldana and his businesses were converted to Chapter 7 liquidation cases. John H. Litzler was appointed as the Chapter 7 Trustee of the Saldana's bankruptcy case. The two business entities each have their own separate Chapter 7 trustees. GT ADVANCED: Has Settlement Relating to Sale of ASF Furnaces ------------------------------------------------------------ GT Advanced Technologies Inc. and its affiliated debtors sought and obtained approval from the U.S. Bankruptcy Court for the District of New Hampshire of a settlement resolving intercompany issues between GT Advanced Technologies Limited, GTAT Corporation, and GT Advanced Equipment Holding LLC, related to their intercompany license and cost sharing agreements, the sale of advanced sapphire furnaces outside of the United States, as well as other intercompany issues between GTAT Corp. and GT Hong Kong. The Debtors assert that there are numerous serious intercompany issues which could not be resolved absent extensive litigation or a consensual resolution. GT Hong Kong owes GTAT Corp. more than $131,000,000 in aggregate cure costs with respect to these agreements as well as more than $25,000,000 on account of intercompany administrative expense claims. GT Hong Kong does not have the financial wherewithal to pay these cure and administrative costs. Luc A. Despins, Esq., at Paul Hastings LLP, in New York, explains that the sale of the ASF Furnaces is critical to the Debtors' ability to reorganize. Here, the Debtors' prepetition contractual arrangements prevent GTAT Corp. and GT SPE from selling their more than 2,100 ASF Furnaces to customers outside of the United States, because GT Hong Kong enjoys the exclusive license to sell ASF Furnaces outside the United States. Under the Intercompany Settlement, GTAT Corp. and GT Hong Kong will each assume certain license and cost sharing agreements as well as certain management services agreements, with the related and modified cure cost to be paid by GT Hong Kong over time through an intercompany note, payment of which is expressly contingent upon sales of ASF Furnaces. The Intercompany Settlement also provides for the resolution of administrative expense and other claims of GTAT Corp. against GT Hong Kong, including the allocation and payment of professional fees incurred in these Chapter 11 cases as between GTAT Corp. and GT Hong Kong, through a combination of cash and the issuance of a priority note by GT Hong Kong to GTAT Corp. Perhaps most critically, the Intercompany Settlement will establish the terms on which GTAT Corp. and GT SPE will sell their ASF Furnaces to customers in Asia via back-to-back sales with GT Hong Kong. Importantly, only when a binding contract is executed with a third party customer will GT Hong Kong buy the requisite number of ASF Furnaces from GTAT Corp. and/or GT SPE. The Debtors are represented by: Luc A. Despins, Esq. Andrew V. Tenzer, Esq. James T. Grogan, Esq. (BNH07394) Kyle J. Ortiz (BNH07467) PAUL HASTINGS LLP Park Avenue Tower 75 East 55th Street, First Floor New York, New York 10022 Tel: (212) 318-6000 Fax: (212) 319-4090 Email: lucdespins@paulhastings.com andrewtenzer@paulhastings.com jamesgrogan@paulhastings.com kyleortiz@paulhastings.com -- and -- Daniel W. Sklar, Esq. Holly J. Barcroft, Esq. NIXON PEABODY LLP 900 Elm Street Manchester, NH 03101-2031 Tel: (603) 628-4000 Fax: (603) 628-4040 Email: dskylar@nixonpeabody.com hbarcroft@nixonpeabody.com 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. GT ADVANCED: McCarthy Allowed to Enforce Mechanic's Lien -------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Hampshire, at the behest of McCarthy Building Companies, Inc., lifted the automatic stay imposed in the Chapter 11 cases of GT Advanced Technologies Inc., et al., to allow McCarthy to enforce a mechanic's lien. McCarthy supplied labor, materials and equipment for a decommissioning project during the prepetition period. It invoiced GT Advanced $724,298 but was paid only $601,366, leaving a balance of $122,931. McCarthy submitted a timely proof of claim in this amount in this bankruptcy. Under Missouri law, McCarthy has six months to commence a suit to enforce the lien, that is, until August 25, 2015, or the lien will be lost. The relevant statutory scheme, however, requires that all parties to the construction contract and interested parties be included in the suit. Lifting the stay, according to McCarthy, will allow the named Debtors to participate in McCarthy's mechanic's lien enforcement action in Missouri state court. The Debtors objected, arguing that McCarthy has failed to demonstrate the requisite cause to deprive the Debtors of the fundamental protection of the automatic stay. Thus, the Debtors asserted there is no reason that the automatic stay should be lifted so that the Debtors become entangled in a protracted litigation with little likelihood of success when the Debtors' energies should be focused on developing a Chapter 11 plan. U.S. Bankruptcy Judge Henry J. Boroff granted the motion but only to enable McCarthy to file the complaint and serve it on the applicable Debtors. McCarthy is represented by: Lisa Snow Wade, Esq. ORR & RENO, PA 45 S. Main Street Box 3550 Concord, NH 03302-3550 Tel: (603)223-9150 Email: lwade@orr-reno.com -- and -- Jennifer L. Therrien GREENSFELDER, HEMKER & GALE, P.C. 10 S. Broadway, Suite 2000 St. Louis, MO 63102 Tel:(314) 335-6826 Email: jlm@greensfelder.com The Debtors are represented by: Luc A. Despins, Esq. Andrew V. Tenzer, Esq. James T. Grogan, Esq. (BNH07394) Kyle J. Ortiz (BNH07467) PAUL HASTINGS LLP Park Avenue Tower 75 East 55th Street, First Floor New York, New York 10022 Tel: (212) 318-6000 Fax: (212) 319-4090 Email: lucdespins@paulhastings.com andrewtenzer@paulhastings.com jamesgrogan@paulhastings.com kyleortiz@paulhastings.com -- and -- Daniel W. Sklar, Esq. Holly J. Barcroft, Esq. NIXON PEABODY LLP 900 Elm Street Manchester, NH 03101-2031 Tel: (603) 628-4000 Fax: (603) 628-4040 Email: dskylar@nixonpeabody.com hbarcroft@nixonpeabody.com 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. HEALTH DIAGNOSTIC: Can Void Leases on 8 Centers ----------------------------------------------- U.S. Bankruptcy Judge Kevin R. Huennekens authorized Health Diagnostic Laboratory, Inc., on Thursday to void Health Diagnostic Laboratory, Inc.'s leases on eight blood-drawing centers -- including (i) an office at the Bon Secours Heart Institute on Forest Avenue in Henrico County, (ii) an office at a Hanover Memorial Regional medical office building on Meadowbridge Road; (iii) a site in Suffolk; and (iv)five out of state -- after the Company gives notice to the landlords, Jacob Geiger Richmond Times-Dispatch reports. Times-Dispatch relates that the Bankruptcy Court has granted the Company permission to explore a sale. The Company has until Sept. 4, 2015, to solicit bids, and hopes to get approval for any sale by mid-September, Times-Dispatch states. 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. HEALTH DIAGNOSTIC: Court to Decide on DIP Financing on Aug. 4 ------------------------------------------------------------- Jacob Geiger Richmond Times-Dispatch reports that U.S. Bankruptcy Judge Kevin R. Huennekens will consider on Tuesday the approval of Health Diagnostic Laboratory, Inc.'s motion to obtain DIP financing. According to Times-Dispatch, the Company's lawyers said on Thursday that they were close to securing DIP financing that would help the business operate while it explores a sale. Tyler Brown, Esq., a partner at Hunton & Williams, the Company's bankruptcy counsel, told Judge Kevin R. Huennekens during a hearing that the Company and its attorneys had been working "around the clock" to finalize the financing, but that they weren't quite ready to present the plan to the judge, Times-Dispatch relates. Mr. Brown had said that the arrangement would be ready by the end of last week, the report states. The report adds that the Company has been operating without the DIP financing. Citing an attorney for lender BB&T, Times-Dispatch reports that the bank will allow the Company to keep accessing cash held by the bank until new financing is arranged. According to the report, Robert S. Westermann, Esq., a partner at Hirschler Fleisher, the Company's bankruptcy counsel, said that the more than $1 million from a sale in June of some of the Company's surplus equipment would be transferred to BB&T to help pay down some existing debts and guarantee the Company's access to the cash it needs for operations. Mr. Westermann said that about $300,000 had already gone to BB&T, and $400,000 more would be transferred as part of the agreement on cash collateral, the report relates. 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. HOLLEY PERFORMANCE: Del. Judge Defers on Bid to Reopen Case ----------------------------------------------------------- Bankruptcy Judge Kevin J. Carey denied a request to temporarily reopening the case of Weiand Automotive Industries, Inc. to enforce the confirmation order and discharges and injunctions against Mehrabian Family Trust and CA Auto Mart Group, Inc. Weiand Automotive and certain affiliated entities -- Holley Performance Products, Inc., High Performance Industries, Inc., Nitrous Oxide Systems, Inc., and Holley Performance Systems, Inc. -- filed chapter 11 bankruptcy petitions on September 28, 2009 in the U.S. Bankruptcy Court for the District of Delaware, and obtained confirmation of a chapter 11 plan on June 7, 2010. The effective date of the Plan was June 22, 2010. The Delaware Bankruptcy Case was closed on February 27, 2012. In March 2015, Mehrabian et al. filed an action in the United States District Court for the Central District of California against Joan F. Weiand, the Joan F. Weiand Trust, and debtor Weiand Automotive asserting claims to recover costs and damages arising out of environmental remediation efforts on real property located at 2302-2324 N. San Fernando Road, Los Angeles, CA. Weiand Automotive filed a motion to dismiss the California Action in July 2015. That Motion is scheduled for oral argument before the California District Court on August 24, 2015. Weiand Automotive filed the Motion to Reopen asking the Court to enter an order: (i) reopening the bankruptcy case of Weiand Automotive for the limited purpose of considering the Motion, (ii) finding that the claims in the California Action are barred by the Debtors' Plan and Confirmation Order, (iii) ordering the Plaintiffs to dismiss the California Action; and (iv) such other relief as the Court deems just and proper. Weiand Automotive argues, among other things, that the claims asserted against it in the Plaintiffs' California Action are "Claims" that were discharged by the Plan that was confirmed in the Delaware Bankruptcy Case. According to Judge Carey, the Delaware Bankruptcy Case has been closed for three years and the Reorganized Debtors advised at the hearing that the Plan has been substantially consummated. The issues raised in the Motion to Reopen are presently pending before an Article III court for oral argument on the Motion to Dismiss. Weiand Automotive will not be prejudiced if the Delaware Bankruptcy Case is not reopened, Judge Carey said. Mehrabian et al. objected to the Motion to Reopen. A hearing to consider the Motion was held on July 29, 2015. At the hearing, Judge Carey asked the parties whether they would consent to the judge contacting the district judge in the California Action to discuss the most efficient way to determine the issues raised in the Motion to Reopen. The parties advised by a Statement filed on July 30 that they would not consent to contacting Judge Wright. "The Motion will be denied, without prejudice, to permit a renewed motion to be filed should the California District Court prefer that this Court determine the issues raised in the Motion," he said. A copy of Judge Carey's July 31, 2015 Memorandum and Order is available at http://bit.ly/1VY71OWfrom Leagle.com. About Holley Performance Holley Performance and its affiliates are suppliers of performance automotive products. The Company designs, manufactures, and markets a diversified line of performance automotive products, including carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, and automotive performance plumbing products. Holley Performance and its affiliates filed for Chapter 11 on September 28, 2009 (Bankr. D. Del. Case No. 09-13333). Pepper Hamilton LLP represents the Debtors in their restructuring effort. Ropes & Gray LLP is corporate counsel. Epiq Bankruptcy Solutions LLC serves as claims and notice agent. The Debtors' cases have been assigned to Judge Peter J. Walsh. The petition says assets and debts are between $100 million and $500 million. Holley Performance returned to the bankruptcy court 19 months after winning court approval of its last reorganization plan. HS 45 JOHN: Wants Madison Lenders' 2nd Stay Relief Bid Denied ------------------------------------------------------------- HS 45 John LLC, objected to the motion of SDF81 45 John Street 1 LLC and SDF81 45 John Street 2 LLC (collectively the Madison Lenders) seeking relief from the automatic stay. The Debtor also requested that the Court (i) determine that the Debtor is not a single asset real estate entity; and (ii) deny the lenders' motion. According to the Debtor, having been denied relief in their initial effort to vacate the stay pursuant to order dated April 6, 2015, the Madison lenders have filed a second motion arguing that the Chapter 11 case is currently a single asset real estate case and the stay must be vacated under Section 362(d)(3). The Madison lenders premise their motion upon a reference to single asset real estate in the petition. The Debtor noted that that the mortgages held by the Madison lenders are disputed. While discovery is still on-going, it was confirmed that the Madison lenders not only knew about the disposition of the bulk of the Debtor's initial payment of $14.3 million, but participated and funded a contemporaneous transaction through which Chaim Miller use the bulk of the funds to complete a buyout of another partner, Bo-Jin Zhu, involving other properties located in Brooklyn in which Mr. Zhu and Mr. Miller were 50% partners, unrelated to 45 John Street. About HS 45 HS 45 John LLC, a single asset real estate, filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 15-10368) on Feb. 20, 2015. The Debtor estimated $50 million to $100 million in assets and liabilities. The case is assigned to Judge Sean H. Lane. Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP, represents the Debtor in its restructuring effort. HYPNOTIC TAXI: Seeks Joint Administration of Ch. 11 Cases --------------------------------------------------------- Hypnotic Taxi LLC and its debtor affiliates ask the U.S. Bankruptcy Court for the Eastern District of New York to issue an order joining administration of their Chapter 11 cases under lead case no. 15-43300. In support of their request, the Debtors state: "The Debtors are related entities with shared management and are all presently being managed by Joshua Rizack, in his capacity as Chief Restructuring Office of each of the Debtors. Each of the Debtors holds two or three New York City Taxi Medallions and operates taxi vehicles under their Medallions. The Debtors' Medallions and related Taxi Vehicles are leased to affiliated, non-debtor management companies which operate and manage the Medallions and Taxi Vehicles of other non-debtor entities. Given the relationship between the Debtors, the Debtors believe that their Chapter 11 cases would be most efficiently managed through the joint administration of their cases under the lead Hypnotic case." The request was filed by Fred Stevens, Esq., Sean C. Southard, Esq., and Maeghan J. McLoughlin, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP, in New York. About Hypnotic Taxi Hypnotic Taxi LLC and 21 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. E.D.N.Y. Lead Case No. 15-43300) on July 22, 2015. The petition was signed by Evgeny Freidman as sole and managing member. Klestadt Winters Jureller Southard & Stevens LLP serves as the Debtors' counsel. Judge Carla E. Craig presides over the case. The Debtors each own either two or three medallions issued by the New York City Taxi and Limousine Commission that permit taxi services to be performed by the Debtors. JERSEY ELECTRIC: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Jersey Electric & Solar fdba Jersey Solar Las Vegas, Inc. fdba Solar Universe Las Vegas, Inc. fdba Jersey Electric 4001 S. Decatur Blvd., #37-467 Las Vegas, NV 89103 Case No.: 15-14394 Chapter 11 Petition Date: July 31, 2015 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Judge: Hon. Laurel E. Davis Debtor's Counsel: Ryan A. Anderson, Esq. ANDERSEN LAW FIRM, LTD. 101 Convention Center Drive Suite 600, Las Vegas, NV 89109 Tel: (702) 522 1992 Fax: (702) 825 2824 Email: randersen@andersenlawlv.com Total Assets: $7.9 million Total Liabilities: $8.3 million The petition was signed by Brian Nelson Geczi, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/nvb15-14394.pdf JWADE WALKER: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: JWade Walker Lane, LLC 2389 East 6895 South Cottonwood Heights, UT 84121 Case No.: 15-27189 Nature of Business: Real Estate Holdings Chapter 11 Petition Date: July 31, 2015 Court: United States Bankruptcy Court District of Utah (Salt Lake City) Judge: Hon. Joel T. Marker Debtor's Counsel: Franklin L. Slaugh, Esq. THE LAW OFFICE OF FRANKLIN L SLAUGH 880 East 9400 South, Suite 103 Sandy, UT 84094 Tel: (801) 572-4412 Fax: (801) 572-9259 Email: frank@fiber.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lance Wade, manager. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. KITTUSAMY LLP: Petitioning Creditors Seek Oral Examination ---------------------------------------------------------- Petitioning Creditor, Moonshell, LLC, asks the U.S. Bankruptcy Court for the District of Nevada to order the Person Most Knowledgeable for Kittusamy, LLP, to appear for examination of its acts, conduct, or property and to its liabilities and financial condition, or to any matter which may affect the Alleged Debtor's estate. The examination may also relate to the operation of any business and the desirability of its continuance, the source of any money or property acquired or to be acquired by the Alleged Debtor and the consideration given or offered therefor, and any other matter relevant to the case. The Petitioning Creditor further requests that the order provide that oral examination may be continued from day to day until concluded. Kittusamy, LLP, doing business as Las Vegas Medical Centers, is subject to an involuntary Chapter 11 bankruptcy petition filed by creditors owed $6.93 million on business loans and an equipment lease. The creditors who signed the petition are: Claim Creditor Nature of Claim Amount -------- --------------- ------ Moonshell, LLC Business Loans $2,952,870 Xspectra, Inc. Business Loan $209,000 Seven Hills Equipment, LLC Equipment Lease $2,740,660 Venus Group, LLC Medical Liens $1,024,682 ---------- $6,927,211 Moonshell and Venus are represented by Samuel A. Schwartz, Esq., at Schwartz Flansburg PLLC. Xspectra and Seven Hills are represented by Matthew C. Zirzow, Esq., at Larson & Zirzon, LLC. LIFE PARTNERS: Aug. 17 Hearing on Bid to Terminate Exclusivity -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas is set to hold a hearing on August 17 to consider the motion filed by a group of creditors to terminate the exclusive right of Life Partners Inc. and LPI Financial Services Inc. to propose a bankruptcy plan. The request, if granted, would allow others to file rival plans in court and end the companies' control over their bankruptcy cases. The motion was filed by John Gissas, Dean Vagnozzi and Frank Bice. The creditors are represented by Chicago-based law firm Kaye Scholer LLP. About Life Partners Headquartered in Waco, Texas, Life Partners Holdings, Inc. -- http://www.lphi.com/-- is the parent company engaged in the secondary market for life insurance, commonly called "life settlements." Since its incorporation in 1991, Life Partners, Inc., has completed over 162,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value. LPHI is a publicly traded company incorporated in Texas and its common stock has been delisted from the NASDAQ (formerly trading under the symbol LPHI). Life Partners Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20, 2015. The case is assigned to Judge Russell F. Nelms. J. Robert Forshey, Esq., at Forshey & Prostok, LLP, serves as counsel to the Debtor. LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilities as of the Chapter 11 filing. The official committee of unsecured creditors formed in the case tapped Munsch Hardt Kopf & Harr, P.C., as counsel. Tracy A. Bolt of BDO USA, LLP, was named as examiner for the Debtor's case. At the behest of the U.S. Securities and Exchange Commission, the U.S. Trustee, and the Creditors Committee, the Court ordered the appointment of a Chapter 11 trustee. On March 13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee in LPHI's case. The trustee is represented by Thompson & Knight LLP. The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No. 15-41995) and LPI Financial Services, Inc. (Case No. 15-41996). Life Partners is estimated to have $100 million to $500 million in assets and more than $1 billion in debt. LPI Financial estimated less than $50,000. LIFE PARTNERS: Wiley Law Group Files Rule 2019 Statement -------------------------------------------------------- The Wiley Law Group, PLLC filed a statement disclosing that it represents a group of investors, who own fractional interest in life settlement policies, in the Chapter 11 cases of Life Partners Holdings Inc. and its affiliates. A list of the investors is available without charge at http://is.gd/XaGihE The law firm made the disclosure pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. Wiley Law Group can be reached at: Kevin S. Wiley, Sr. State Bar No. 21470700 Kevin S. Wiley, Jr. 325 N. St. Paul, Suite 2750 Dallas, TX 75201 Fax: (469) 484-5004 E-mail:kwiley@mahomesbolden.com About Life Partners Headquartered in Waco, Texas, Life Partners Holdings, Inc. -- http://www.lphi.com/-- is the parent company engaged in the secondary market for life insurance, commonly called "life settlements." Since its incorporation in 1991, Life Partners, Inc., has completed over 162,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value. LPHI is a publicly traded company incorporated in Texas and its common stock has been delisted from the NASDAQ (formerly trading under the symbol LPHI). Life Partners Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20, 2015. The case is assigned to Judge Russell F. Nelms. J. Robert Forshey, Esq., at Forshey & Prostok, LLP, serves as counsel to the Debtor. LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilities as of the Chapter 11 filing. The official committee of unsecured creditors formed in the case tapped Munsch Hardt Kopf & Harr, P.C., as counsel. Tracy A. Bolt of BDO USA, LLP, was named as examiner for the Debtor's case. At the behest of the U.S. Securities and Exchange Commission, the U.S. Trustee, and the Creditors Committee, the Court ordered the appointment of a Chapter 11 trustee. On March 13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee in LPHI's case. The trustee is represented by Thompson & Knight LLP. The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No. 15-41995) and LPI Financial Services, Inc. (Case No. 15-41996). Life Partners is estimated to have $100 million to $500 million in assets and more than $1 billion in debt. LPI Financial estimated less than $50,000. LLS AMERICA: Lenders Directed to Return $60K to Estate ------------------------------------------------------ Judge Rosanna Malouf Peterson of the United States District Court for the Eastern District of Washington required Connie Konsulis and Shanna Bowolin and Matthew Bowolin to return almost $60,000 that they received, including principal and interest, from LLS America, LLC. Judge Peterson determined that LLS America operated a Ponzi scheme and was insolvent at the time of each of the transfers to the Defendants who are individual lenders to the Debtor. Total transfers to Defendants are as follows: -- Matthew and Shanna Bowolin for CA$34,601 -- Connie Konsulis for US$25,003 The judge found that all transfers to the defendants were made with actual fraudulent intent and in furtherance of a Ponzi scheme and that the defendants did not meet the objective standard of good faith. The adversary proceeding is BRUCE P. KRIEGMAN, solely in his capacity as court-appointed Chapter 11 Trustee for LLS America, LLC, Plaintiff, v. ANGELA MIRROW, et al., Defendants, NO. 2:14-CV-268-RMP (E.D. Wash.). The bankruptcy case is In Re LLS AMERICA, LLC, Debtor, BANKR. CASE NO. 09-06194-FPC11 (Bankr. E.D. Wash.). A full-text copy of Judge Peterson's July 17, 2015 findings of fact and conclusions of law is available at http://is.gd/30N1w9from Leagle.com. Bruce P. Kriegman is represented by: Daniel J Gibbons, Esq. Michael Lee Loft, Esq. Ross P White, Esq. Shelley N Ripley, Esq. Thomas Dean Cochran, Esq. Michael John Kapaun, Esq. WITHERSPOON KELLEY Tel: (509) 624-5265 (509) 458-2728 Email: djg@witherspoonkelley.com mll@witherspoonkelley.com rpw@witherspoonkelley.com snr@witherspoonkelley.com tdc@witherspoonkelley.com mjk@witherspoonkelley.com Dale Elford and Evelyn Elford are represented by: Michael John Paukert, Esq. PAUKERT LAW GROUP, P.S. 522 W. Riverside Avenue, Suite 560 Spokane, WA 99201 Tel: (509) 232-7760 Fax: (509) 232-7762 Email: mpaukert@pt-law.com About LLS America LLS America LLC, doing business as Little Loan Shoppe, operated an online payday loan business. Affiliate Team Spirit America provided the manpower, management and equipment for Little Loan Shoppe. The companies are among a multitude of Canadian and American business entities owned and operated by Doris E. Nelson, a/k/a Dee Nelson, a/k/a Dee Foster. Investors claimed Ms. Nelson operated a Ponzi scheme. Ms. Nelson allegedly told investors they could earn as much as 60% on money her companies used to make payday loans to consumers. American and Canadian investors bought notes worth US$29 million and another C$26,000,000. However, the investors received no payments after March 2009. One investor group placed a related company, LLS-A LLC, into bankruptcy in July 10, 2009. LLS America LLC filed for bankruptcy (Bankr. D. Nev. Case No. 09-23021) on July 21, 2009, before Judge Linda B. Riegle. Gregory E. Garman, Esq., at Gordon Silver, served as the Debtor's counsel. In its petition, the Debtor disclosed $2,661,584 in assets and $24,013,837 in debts. The petition was signed by Ralph Gamble, CEO of the Company. The case was subsequently moved to Washington state (Bankr. E.D. Wash. Case No. 09-06194). Charles Hall was appointed as examiner in the case. LSI RETAIL: Completes Sale of Colo. Property to SUSO 4 Roxborough ----------------------------------------------------------------- LSI Retail II, LLC, announced that the sale of its real property in Colorado to SUSO 4 Roxborough LP closed on July 9, 2015. The company sold the property for $15.618 million "free and clear of liens and encumbrances," according to court filings. Proceeds from the sale will be used to pay real property taxes, and the secured claim of holders of the deeds of trust on the property. Mountain High Real Estate Advisors Inc., the company's real estate broker, will get a commission of 2.5% of the total gross sale price, court filings show. About LSI Retail II, LLC LSI Retail II, LLC filed a Chapter 11 bankruptcy petition (Bank. D. Colo. Case No. 15-13375) on April 2, 2015. Alan R. Fishman signed the petition as president of manager Sunset Management Services. The Debtor estimated assets and debts of $10 million to $50 million. Jeffrey Weinman, Esq., at Weinman & Associates, P.C., serves as the Debtor's counsel. The case has been reassigned to Judge Michael E. Romero from Judge Sidney B. Brooks. LSI Retail II, LLC, filed on April 23, 2015, a plan of reorganization that provides for the payment of secured and unsecured claims in full with interest at the closing on the sale of its two parcels of real property or on the effective date of the Plan. The U.S. Trustee for Region 19 was unable to appoint an official committee of unsecured creditors because there were too few unsecured creditors who are willing to serve on the creditors' committee. METROPOLITAN COFFEE: Files Motion to Convert Ch.11 Case to Ch.7 --------------------------------------------------------------- Metropolitan Coffee and Concession Company, LLC, filed on July 31 a motion to convert its Chapter 11 case to a case under Chapter 7. The company operated four Peet's Coffee & Tea licensed stores under an exclusive permit within the Bay Area Rapid Transit (Bart) District. Under the direction of Harry R. Kraatz, the Court appointed "Responsible Party" and Chief Restructuring Officer, Metropolitan successfully sold all of its kiosks assets to Boundless Enterprises, LLC dba Scooter's Coffee. That sale has closed, and Scooter's is operating its coffee kiosks in BART stations. Counsel for the Debtor, Gregory A. Rougeau of Diamond McCarthy, LLP, indicated in a Motion to Convert Metropolitan's Chapter 11 reorganization to a Chapter 7 that the Debtor was encouraged by numerous creditors to propose a plan of liquidation (the Debtor retains its litigation claims against former officers, directors and third parties, its equity interest in an affiliate restaurant entity here in San Francisco, and receives revenue from ATM machines), but Metropolitan concluded, given the time and expense associated with plan formulation and confirmation, and after conferring regarding the matter with the United States Trustee, that the remaining assets in the estate should be administered by a Chapter 7 Trustee. The Chapter 11 case number assigned by the United States Bankruptcy Court for the Northern District of California is 14-44242. More information about the case may be obtained from the Clerk of the United States Bankruptcy Court for the Northern District of California. Information regarding the reorganization may also be obtained from Gregory A. Rougeau, Esq., the Companies' counsel of record, at the following number: (415) 692-5200. About Harry R. Kraatz Mr. Kraatz is President of a privately held crisis management and turn-around consulting firm. In such capacity, he has provided consulting services and DIP financing for numerous finance, manufacturing and retailing companies including: Montgomery Medical Ventures, Commonwealth Associates, Westminster Capital, Liberty Travel, Shearson Financial Network, E3 Biofuels, Swensen's Ice Cream Company, Aca Joe Inc., Finet Holdings Company, Zapworld.com, Positron, Worldwide Wireless, Java Detour Inc., Fresh Choice Inc., MFM industries and others. Mr. Kraatz has held various positions including Vice Chairman of the Board of Commercial Bank of San Francisco and Chief Executive Officer of Finet Holdings Corporation. He has also served as the Chief Restructuring Officer and Responsible Individual for numerous Chapter 11 proceedings. He has also been appointed by the United States Bankruptcy, Court Southern District of New York as Liquidating Trustee for Redsky Interactive, Inc. About Diamond McCarthy, LLP Diamond McCarthy is a national litigation boutique practicing in complex and high-stakes business cases. Mr. Rougeau is a partner at Diamond McCarthy, specializing in complex bankruptcy cases, reorganizations, workouts, and related litigation. About Metropolitan Coffee Metropolitan Coffee and Concession Company, LLC is headquartered in Emeryville, California. MILAGRO OIL: Court Issues Joint Administration Order ---------------------------------------------------- Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware issued an order directing joint administration of the Chapter 11 cases of Milagro Holdings, LLC, and its debtor affiliates under lead case no. 15-11520. About Milagro Oil Based in Houston, Texas, Milagro Oil & Gas, Inc., is an independent oil and gas company primarily engaged in the acquisition, exploration, exploitation, development, production and sale of oil and natural gas reserves. Milagro's historic geographic focus has been along the onshore Gulf Coast area, primarily in Texas, Louisiana and Mississippi. Milagro has 1,200 wells in South Texas, along the Gulf Coast and in Louisiana. As of March 31, 2015, the book value of Milagro's total assets and liabilities was approximately $390 million and $468 million, respectively. On July 15, 2015, Milagro Oil & Gas, its parent Milagro Holdings, LLC, and four affiliated entities each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The cases are pending before the Honorable Kevin Gross and are jointly administered under In re Milagro Holdings, Case No. 15-11520. The Debtors tapped (i) Porter Hedges LLP as general counsel; (ii) Young Conaway Stargatt & Taylor, LLP, as local counsel; (iii) Zolfo Cooper, LLC, as restructuring advisors; and (iv) Prime Clerk LLC as claims and noticing agent. Noteholders that are parties to the RSA have tapped (i) Akin Gump Strauss Hauer & Feld LLP, as legal counsel, (ii) Richards, Layton & Finger, P.A., as Delaware legal counsel, and (iii) Blackstone Advisory Partners L.P., as financial advisor. The first lien agent, TPG Specialty Lending, Inc., is represented by, Schulte Roth & Zabel LLP. Equity holder ACON Funds Management is represented by Hogan Lovells US LLP. White Oak is represented by Locke Lord LLP. * * * Milagro Holdings, LLC, et al., intend to present the Disclosure Statement explaining their Plan of Reorganization for approval at a hearing before the Honorable Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware on September 1, 2015, at 2:00 p.m. (prevailing Eastern Time). The Plan effects the prepetition transactions contemplated by the Contribution Agreement and Restructuring Support Agreement. Following the Effective Date, the Reorganized Debtor will be the owner of the Milagro Interests, which are equity interests in White Oak that are expected to be approximately 37.5% of the outstanding interests in White Oak, but which are subject to final determination in accordance with the terms of the Contribution Agreement. Holders of Allowed General Unsecured Claims are impaired under the Plan, and are not entitled to any distribution on account of their Claims. All Equity Interests in the Debtors will be cancelled and the Holders of Equity Interests are not entitled to receive any distribution under the Plan. MOLYCORP INC: Kramer, Pachulski File Rule 2019 Statement -------------------------------------------------------- Kramer Levin Naftalis & Frankel LLP and Pachulski Stang Ziehl &Jones LLP disclosed that they serve as counsel to a group of holders of 10% notes issued by Molycorp Inc. The noteholders are JHL Capital Group LLC, SMH Capital, Stretum Investments Ltd., Reinber Assets Ltd., QVT Financial LP and WhiteBox Advisors. As of July 17, 2015, the companies hold, or are the investment advisors or managers of accounts that hold, in excess of 67% of the aggregate principal amount (approximately $438 million) of the 10% notes. The law firms made the disclosure pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. Kramer Levin can be reached at: Thomas Moers Mayer Gregory A. Horowitz Joshua K. Brody Kramer Levin Naftalis &Frankel LLP 1177 Avenue of the Americas New York, New York 10036 Telephone: (212) 715-9100 Facsimile: (212) 715-8000 Email: tmayer@kramerlevin.com ghorowitz@kramerlevin.com jbrody@kramerlevin.com Pachulski Stang can be reached at: Laura Davis Jones James E. O'Neill Colin R. Robinson 919 N. Market Street, 17th Floor P.O. Box 8705. Wilmington, DE 19899-8705 (Courier 19801) Telephone: (302) 652-4100 Facsimile: (302) 652-4400 Email: ljones@pszjlaw.com jo'neill@pszjlaw.com crobinson@pszjlaw.com 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. MOLYCORP INC: Mirick O'Connell Files Rule 2019 Statement -------------------------------------------------------- Mirick, O'Connell, DeMallie & Lougee LLP disclosed that it represents these creditors in the Chapter 11 cases of Molycorp Inc. and its affiliates: (1) Total-Western Inc. 8049 Somerset Boulevard Paramount, CA 90723 (2) The PENTA Building Group 181 E. Warms Springs Road Las Vegas, NV 89119 The firm further disclosed that it does not have claims against nor interests in Molycorp and its affiliates. Mirick O'Connell made the disclosure pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. 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. MT. GOX: Japanese Police Arrests Mark Karpeles ---------------------------------------------- Takashi Mochizuki, writing for The Wall Street Journal, reported that Japanese police on July 30 arrested Mark Karpeles, the head of collapsed bitcoin exchange Mt. Gox, alleging that he manipulated the company's computer system to increase the balance in an account. According to the Journal, Japanese media aired footage of Mr. Karpeles being led by police officers from his apartment before 7 a.m. on July 30. A police spokesman said Mr. Karpeles is suspected of manipulating his own account at the company by making it appear that $1 million was added to it, the Journal related. About Mt. Gox Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter 15 of the U.S. Bankruptcy Code on March 9, 2014, days after the company sought bankruptcy protection in Japan. The bankruptcy in Japan came after the bitcoin exchange lost 850,000 bitcoins valued at about $475 million "disappeared." The Japanese bitcoin exchange halted trading in February 2014. It filed for bankruptcy protection in the U.S. to prevent customers from targeting the cash it holds in U.S. bank accounts. The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229 (Bankr. N.D. Tex.). The Chapter 15 Petitioner is Robert Marie Mark Karpeles, the company's chief executive officer. Mr. Karpeles is represented by John E. Mitchell, Esq., and David William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas. The bankruptcy trustee and foreign representative of MtGox Co. Ltd. with respect to the Japan Bankruptcy Proceedings: MtGox Co., Ltd. Office of Bankruptcy Trustee Kojimachi 3 chome building #202 Kojimachi 3-4-1 Chiyoda-ku, Tokyo Tel: +81-3-4588-3922 Attn: Nobuaki Kobayashi The Ontario Superior Court of Justice (Commercial List) on Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy and Insolvency Act, that the bankruptcy proceedings commenced with respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox -- be recognized as a "foreign main proceeding." The Canadian legal counsel to the bankruptcy trustee and foreign representative of MtGox Co., Ltd, are: MILLER THOMSON LLP Scotia Plaza 40 King Street West, Suite 5800 PO Box 1011 Toronto, ON Canada M5H 3S1 Tel: 416-595-8615/8577 Fax: 416-595-8695 Attn: Jeffrey Carhart/ Margaret Sims The company said it has estimated assets of $10 million to $50 million and debts of $50 million to $100 million. NATURAL MOLECULAR: To Be Liquidated Under Bankruptcy Settlement --------------------------------------------------------------- Annie Zak, writing for Puget Sound Business Journal, reported that Natural Molecular Testing Corp., a Renton business that was once the largest genetic testing company in the country, will be liquidated and its assets handed over to creditors as part of a bankruptcy settlement. According to the report, as a result of the settlement in the bankruptcy case, which was filed July 28 in the Western District of Washington, Natural Molecular will have its assets liquidated and cease all business operations. The company must pay back $71 million in payments Medicare made for claims related to genetic tests performed on patients, the report said. About Natural Molecular Natural Molecular Testing Corp., which provides molecular diagnostic-testing services, including testing for sexually transmitted diseases and screening and counseling about cystic fibrosis, filed a petition for Chapter 11 protection (Bankr. W.D. Wash. Case No. 13-19298) on Oct. 21, 2013, in Seattle. Hacker & Willig, Inc., P.S., serves as its bankruptcy counsel. The closely held company said assets are worth more than $100 million while debt is less than $50 million. Gail Brehm Geiger, Acting U.S. Trustee for Region 18, appointed a five-member Committee of Unsecured Creditors. Foster Pepper's Jane Pearson, Esq.; Christopher M. Alston, Esq., and Terrance Keenan, Esq., serve as the Committee's attorneys. NCR CORP: S&P Affirms 'BB+' CCR & Revises Outlook to Negative ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB+' corporate credit rating on Duluth, Ga.–based NCR Corp. and revised the outlook to negative from stable. "Our outlook revision on NCR to negative from stable reflects uncertainties of the company's strategic review, which could result in a business separation or adoption of a more aggressive financial policy," said Standard & Poor's credit analyst Peter Bourdon. The rating reflects S&P's view of NCR's "satisfactory" business risk profile, incorporating its leading positions in the financial, retail and hospitality, and specialty automation segments, an earnings concentration with heavy reliance on financial self-service and retail store automation and related services, and a growing software and service business with higher margins and recurring revenues. The negative outlook reflects uncertainties of the strategic review, which could result in a business separation or adoption of a more aggressive financial policy. A lower rating would most likely be the result of the company's adoption of a more aggressive financial policy, such that net debt to EBITDA exceeded 4.0x on a sustained basis, or due to a business separation. S&P could revise the outlook to stable if NCR concludes its strategic review with its existing financial policy intact and net debt to EBITDA of less than 4.0x. NNN MET CENTER: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- NNN Met Center 15 39 15-42359 32257 Devonshire Street Union City, CA 94587 NNN Met Center 15 15-42361 NNN Met Center 15 4 15-42362 NNN Met Center 15 5 15-42363 NNN Met Center 15 6 15-42365 NNN Met Center 15 7 15-42366 NNN Met Center 15 8 15-42368 NNN Met Center 15 9 15-42369 NNN Met Center 15 10 15-42371 NNN Met Center 15 11 15-42372 NNN Met Center 15 12 15-42374 NNN Met Center 15 13 15-42375 NNN Met Center 15 16 15-42377 NNN Met Center 15 18 15-42378 NNN Met Center 15 19 15-42380 NNN Met Center 15 20 15-42382 NNN Met Center 15 21 15-42383 NNN Met Center 15 22 15-42385 NNN Met Center 15 23 15-42387 NNN Met Center 15 25 15-42389 NNN Met Center 15 26 15-42391 NNN Met Center 15 28 15-42393 NNN Met Center 15 29 15-42394 NNN Met Center 15 30 15-42395 NNN Met Center 15 31 15-42396 NNN Met Center 15 32 15-42397 NNN Met Center 15 33 15-42400 NNN Met Center 15 34 15-42401 NNN Met Center 15 35 15-42404 NNN Met Center 15 36 15-42405 NNN Met Center 15 38 15-42406 NNN Met Center 15 40 15-42407 NNN Met Center 15 41 15-42408 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: July 31, 2015 Court: United States Bankruptcy Court Northern District of California (Oakland) Judge: Hon. William J. Lafferty Debtors' Counsel: Darvy Mack Cohan, Esq. LAW OFFICES OF DARVY MACK COHAN 7855 Ivanhoe Ave #400 La Jolla, CA 92037 Tel: (858) 459-4432 Email: dmc@cohanlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Alan Sparks, manager and responsible individual. List of NNN Met Center 15 39's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Breakwater Equity Partners Contracts Unknown Building Diagnostics Engineering Services $11,000 CBRE, Inc. Management Services $12,000 City of Austin Utility Services Unknown Dioguardi Flynn LLP Legal Services $78,194 Epsilon Engineering & Engineering Services Unknown Materials, LLC Glast Phillips & Murry, PC Legal Services $75,736 Joseph & Sammel Inc. Services $1,000 Landscape Resources Services $4,934 Mirror Lawn Turf Services $150 National Asset Services, Inc. Mgmt. Services $4,800 Principal Management Mgmt. Services Unknown Solutions, LLC Set Construction, LLC Contracting Services Unknown Shelley Lamoglia Reimbursement $55 Van Norman LLC Services $180 Vantage Point Consulting, LLC Consulting Services $58,875 Virtua Partners, LLC Money Loaned $220,661 Virtua High Growth Fund, LLC Purchase of 7.5% $253,275 1805 East Desert Park Lane Tenant in common Phoenix, Arizona 85020 interest Waste Management, Inc. Window repair $1,000 Worldwide Pest Services $75 PETER F. BRONSON: 9th Cir. Affirms Chapter 7 Conversion ------------------------------------------------------- Peter and Sherri Bronson appeal pro se from the Bankruptcy Appellate Panel's decision affirming the bankruptcy court's orders granting creditor Thomas Thompson's motion to convert their Chapter 11 petition to Chapter 7 under 11 U.S.C. Sec. 1112(b), and denying their reconsideration motion. A three-judge panel of the United States Court of Appeals, Ninth Circuit, ruled last week that the bankruptcy court did not abuse its discretion in converting the case to Chapter 7 because it found cause to convert, and that conversion was in the best interests of creditors and the estate. A copy of the Ninth Circuit's July 29, 2015 Memorandum is available at http://bit.ly/1hgFic2from Leagle.com. The appellate case is, PETER F. BRONSON and SHERRI L. BRONSON, Appellants, v. THOMAS M. THOMPSON, Appellee, No. 13-60088 (9th Cir.). PREMIUM EXPLORATION: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Premium Exploration USA Inc. 254 W. Hanley, #A Coeur D Alene, ID 83815 Case No.: 15-20597 Chapter 11 Petition Date: July 31, 2015 Court: United States Bankruptcy Court District of Idaho (Coeur dAlene) Judge: Hon. Terry L Myers Debtor's Counsel: Bruce A. Anderson, Esq. ELSAESSER JARZABEK ANDERSON ELLIOTT & MACDONALD 320 East Neider Avenue, Suite 102 Coeur d'Alene, ID 83815 Tel: (208) 667-2900 Fax: (208) 667-2150 Email: baafiling@ejame.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by John Ryan, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/idb15-20597.pdf PSL-NORTH AMERICA: Plan Filing Date Extended to Oct. 12 ------------------------------------------------------- Judge Laurie S. Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended PSL-North America LLC, et al.'s exclusive plan filing period through and including Oct. 12, 2015, and their exclusive solicitation period through and including Dec. 13, 2015. Joseph C. Barsalona II, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, told the Court that the Debtors have been operating under the protection of Chapter 11 for approximately thirteen months. Mr. Barsalona further told the Court that during this time, the Debtors have (a) stabilized their businesses after the filing of their Chapter 11 Cases and responded to myriad requests and inquiries from vendors, customers, employees and other creditors, (b) negotiated and drafted the Asset Purchase Agreement, (c) prepared and filed the Sale Motion, (d) prepared and filed schedules of assets and liabilities and statements of financial affairs for each of the Debtors, (e) reviewed executory contracts and worked to determine the appropriate cure amounts related thereto, (f) filed notices of assumption and assignment of executory contracts, (g) closed the Sale, (h) set bar dates and finalized a bar date process, and (i) assisted in the transition of the Debtors' former business operations and assets to the purchaser. He said that since the Bar Dates ran in these cases, the Debtors have been in the process of evaluating the potential claims and preparing a plan of liquidation and related disclosure statement for what the Debtors hope to be a consensual result of these Chapter 11 Cases. About PSL-North America Founded in 2006, PSL-North America LLC is a manufacturer and coater of large diameter steel pipes. The company has a state-of-the-art facility located in Bay St. Louis, Mississippi, with the land leased for 99 years. The company is an American-based partially owned subsidiary of India's largest producer and manufacturer of steel piping, PSL Limited. On June 16, 2014, PSL-North America LLC and PSL USA Inc., filed voluntary petitions in Delaware (Lead Case No. 14-11477) seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases have been assigned to Judge Peter J. Walsh. The Debtors seek to have their cases jointly administered for procedural purposes. PSL-North America LL disclosed $93.3 million in assets and $204 million in liabilities as of the Chapter 11 filing. As of the Petition Date, the company had total outstanding debt obligations of $130 million, according to a court filing. Counsel for the Debtor are John H. Knight, Esq., Paul N. Heath, Esq., Tyler D. Semmelman, Esq., Amanda R. Steele, Esq. and William A. Romanowicz, Esq. at Richards, Layton & Finger, P.A., of Wilmington, Delaware. Epiq Bankruptcy Solutions serves as claims agent. QTS REALTY: S&P Raises Rating on Sr. Unsecured Debt to 'BB-' ------------------------------------------------------------ Standard & Poor's Ratings Services raised its issue-level rating on Overland Park, Kan.-based data center operator QTS Realty Trust Inc.'s senior unsecured debt to 'BB-' from 'B+' and revised the recovery rating on this debt to '2' from '3'. The '2' recovery rating reflects S&P's expectation for "substantial" (70% to 90%; lower half of the range) recovery for lenders in a payment default. The higher recovery rating reflects an increase in S&P's net enterprise value due to the closing of QTS's acquisition of cloud and managed services provider Carpathia Hosting Inc. The $326 million acquisition was funded with proceeds from equity issuances and revolver borrowings. As S&P's hypothetical default scenario assumes an 85% draw on the revolver at the point of default, the acquisition benefits the company's enterprise value without adding incremental debt. S&P's corporate credit rating on QTS Realty Trust remains 'B+' with a stable outlook. RECOVERY ANALYSIS Key analytical factors S&P's recovery analysis incorporates the additional value of the Carpathia acquisition, which was primarily financed with equity issuance and revolver borrowings. S&P's simulated default scenario contemplates a default in 2019 reflecting a material decline in cash flow as a result of significant overexpansion amid declining demand driven by a prolonged contraction in business spending. S&P assumes a reorganization following the default, using an emergence EBITDA multiple of 5.0x to value the company. Simulated default assumptions -- Simulated year of default: 2019 -- EBITDA at emergence: $164 million -- EBITDA multiple: 5x Simplified waterfall -- Net enterprise value (after 5% admin. costs): $777 million -- Collateral value available to unsecured creditors: $686 million -- Unsecured debt claims: $893 million -- Recovery expectations: 70% to 90% (Lower half of the range) Note: All debt amounts include six months of prepetition interest. RATINGS LIST QTS Realty Trust Inc. Corporate Credit Rating B+/Stable/-- Upgraded; Recovery Rating Revised QTS Realty Trust Inc. To From Senior Unsecured BB- B+ Recovery Rating 2L 3 RADIOSHACK CORP: Committee Seeks Approval of Deal with ABL Lenders ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of RadioShack Corporation, et al., asks the U.S. Bankruptcy Court for the District of Delaware to approve a settlement agreement it entered into with Cantor Fitzgerald Securities, also known as the ABL Agent, and the First Out Lenders. The Pre-Petition ABL Credit Agreement consisted of financing in the form of a five-year, $585 million asset-based credit agreement that RadioShack obtained with General Electric Capital Corporation. The DIP Credit Agreement consisted of a $285 million senior secured superpriority credit facility among RadioShack and certain of its subsidiaries and affiliates, the ABL Agent, and certain lenders thereto, which was approved by the Bankruptcy Court on March 6, 2015. Obligations under the Pre-Petition ABL Credit Agreement were rolled-up on a dollar-for-dollar basis under the DIP Facility. The First Out Lenders are party to the DIP Credit Agreement or the Pre-Petition ABL Credit Agreement. The principal terms of the Settlement Agreement are: (1) The Committee and the Debtors agree to waive and release any and all Debtor Released Claims against the Lender Releasees, including all of the Potential ABL Claims and Challenges. (2) The ABL Agent and the First Out Lenders are entitled to reimbursement from amounts in both Reserves (a) the expense reserve of $5 million to reimburse the reasonable fees and expenses of the First Out Lenders and the ABL Agent that would otherwise be payable under the DIP Credit Agreement, and (b) an indemnification reserve of $7 million to reimburse valid indemnification claims of the First Out Lenders and the ABL Agent, as provided in the DIP Credit Agreement to the extent of any Liabilities imposed on or incurred by the ABL Agent and the First Out Lenders related to, arising out of, or as a result of the SCP Adversary Proceeding, that was initiated by Salus Capital Partners, LLC on behalf of the SCP Lenders. (3) Neither the Debtors' confirmed Plan nor any other motion or action, will limit, impair or prejudice in any way the ABL Agent's or the First Out Lenders' right to seek a reserve or payment of their Indemnification Claims from any amounts distributed to or to be distributed to the SCP Agent, the SCP Lenders or any of their affiliates or transferees pursuant to any settlement or other agreement between the Debtors and the SCP Agent and/or SCP Lenders. (4) The ABL Agent and the First Out Lenders will seek recovery in respect of any Indemnification Claims solely (i) as provided for in the settlement, (ii) as against each other or any other ABL Lender, or Standard General L.P. and its affiliates, as provided for in either the Pre-Petition ABL Credit Agreement or the DIP Credit Agreement, or otherwise permitted under applicable law, (iii) from the SCP Agent or any SCP Lenders on account of amounts previously distributed to the SCP Agent or any SCP Lender from, by or on behalf of the Debtors’ estates, (iv) from the SCP Agent or any SCP Lender on account of any amounts that are sought to be distributed to the SCP Agent or any SCP Lender from, by or on behalf of the Debtors’ estates, whether pursuant to a plan of reorganization or liquidation proposed by the Debtors for which confirmation is sought in the Cases or otherwise; and (v) from the Debtors' estates as adequate protection pursuant to the Final DIP Order, as subsequently amended by the DIP Extension Order, for reasonable professional fees and expenses, including fees and expenses incurred in connection with any objection to any motion, the provision of any Plan or any other agreement pursuant to which distributions are sought to or will be made to the SCP Agent or any SCP Lender. (5) The ABL Agent and the First Out Lenders agree not to object to, or support any other party's objection to, any Plan solely on the grounds that the Plan (i) is not feasible under section 1129(a)(11) of the Bankruptcy Code or (ii) does not pay in full in cash on the effective date of such Plan the Indemnification Claims of the ABL Agent and the First Out Lenders, in each case, so long as such Plan treats the rights and claims of the ABL Agent and the First Out Lenders in a manner consistent with, and not more adverse than, their treatment under the Settlement Agreement; provided that nothing contained in the Settlement Agreement shall in any way prohibit the ABL Agent or the First Out Lenders from objecting to or opposing any provision of any Plan pursuant to which distributions are sought to or will be made to the SCP Agent or any SCP Lender. (6) The ABL Agent and the First Out Lenders agree not to seek or accept any recovery with respect to any property or assets of any Debtor and the Debtors' estates that was distributed or is to be distributed under a Plan, or any other motion or action, on account of administrative, priority, or unsecured claims. (7) On the Approval Date, the Parties grant each other mutual releases. (8) The Settlement Agreement does not remise, release, or discharge: (i) any claims, causes of action or any other rights that may be asserted as against Standard General or any of its affiliates; (ii) any claims, causes of action or any other rights that may be asserted as against Wells Fargo (except in its WF Lender Capacity), (iii) any claims, causes of action or any other rights that any of the ABL Agent or the First Out Lenders may assert as against each other or any First Out Lender may assert against any other First Out Lender, (iv) any Indemnification Claims related to, arising out of or as a result of the SCP Adversary Proceeding; provided that the ABL Agent and the First Out Lenders shall seek recovery in respect of any Indemnification Claims solely as described in paragraph (4), above; (v) any Party’s rights or obligations under this Settlement Agreement, (vi) any obligation of the Debtors with respect to fees and expenses owed or any other contractual or other obligation that the Debtors have agreed to in connection with the Pre-Petition ABL Credit Agreement, the DIP Credit Agreement, the Settlement Agreement or any plan of reorganization or liquidation; provided, however, any and all rights of the First Out Lenders and the ABL Agent described in this paragraph are subject to any recourse limitation set forth in paragraph (6), above. (9) If the Bankruptcy Court fails to enter a Settlement and Bar Order or if the Settlement and Bar Order is vacated, reversed, modified or amended, then the Settlement Agreement shall be null and void and the Parties shall revert to their respective positions on the date immediately prior to the Execution Date, and no releases shall be granted under the Settlement Agreement. In the event of any termination of the Settlement Agreement, the Challenge Period shall be deemed extended to the date that is 21 days after the occurrence of such event. Katherine Good, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington, Delaware, tells the Court that the settlement agreement is both fair and reasonable and helps pave the way for Plan confirmation and recoveries for unsecured creditors. She further tells the Court that the Settlement gives unsecured creditors who, as of now, do not stand to receive any distribution under a Plan, the realistic prospect of receiving a recovery as a result of the litigation that will be pursued by the Liquidating Trust. Ms. Good adds that claims against other parties, including Standard General and RadioShack's directors and officers, are not being released under the Settlement Agreement. She says the Committee and the Liquidating Trustee are free to pursue those claims in order to provide recoveries for the Debtors' unsecured, and undersecured, creditors, after the effective date of the Plan. The Committee of Unsecured Creditors of RadioShack Corporation is represented by: Christopher M. Samis, Esq. Katherine Good, Esq. WHITEFORD, TAYLOR & PRESTON LLC The Renaissance Center 405 North King Street, Suite 500 Wilmington, DE 19801 Telephone: (302)357-3266 Facsimile: (302)357-3288 Email: csamis@wtplaw.com kgood@wtplaw.com -- and -- Susheel Kirpalani, Esq. Robert Loigman, Esq. Kate Scherling, Esq. QUINN EMANUEL URQUHART & SULLIVAN, LLP 51 Madison Avenue New York, NY 10010 Telephone: (212)849-7000 Facsimile: (212)849-7100 Email: susheelkirpalani@quinnemanuel.com robertloigman@quinnemanuel.com katescherling@quinnemanuel.com About RadioShack Corporation Headquartered in Fort Worth, Texas, RadioShack is a retailer of mobile technology products and services, as well as products related to personal and home technology and power supply needs. RadioShack's retail network includes more than 4,300 company-operated stores in the United States, 270 company-operated stores in Mexico, and approximately 1,000 dealer and other outlets worldwide. RadioShack Corporation and affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. Judge Kevin J. Carey presides over the case. David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki, Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M. Green, Esq., at Jones Day serve as the Debtors' bankruptcy counsel. David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H. Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel. Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors' restructuring advisor. Maeva Group, LLC, is the Debtors' Turnaround advisor. Lazard Freres & Co. LLC is the Debtors' investment banker. A&G Realty Partners is the Debtors' real estate advisor. Prime Clerk is the Debtors' claims and noticing agent. In their Petitions, the Debtors disclosed total assets of $1.2 billion, versus total debts of $1.3 billion. Quinn Emanuel Urquhart & Sullivan, LLP and Cooley LLP represent the Official Committee of Unsecured Creditors as co-counsel. Houlihan Lokey Capital, Inc., serves as financial advisor and investment banker. The bankruptcy case is assigned to Judge Brendan L. Shannon. RELATIVITY MEDIA: Bankruptcy Court Approves First Day Motions ------------------------------------------------------------- Relativity Media LLC on July 31 disclosed that the U.S. Bankruptcy Court for the Southern District of New York has entered orders approving the Company's First Day Motions to allow Relativity to maintain its business operations throughout the confirmation process. The Court authorized Relativity to continue the payment of wages, salaries, employee benefits and other processes important to maintain business continuity during the reorganization period. The Court also entered orders approving Relativity's request to use $9.5 million in interim funding prior to an August 14th hearing on the $45 million in debtor-in-possession ("DIP") financing provided by a group of the company's prepetition lenders. "The ability to minimize the impact of this process on our employees and operations is among our most important priorities, and we are pleased that the Court has ordered these motions, which will allow us to preserve value for our stakeholders," said Ryan Kavanaugh, Chairman and CEO of Relativity. "The orders the Court entered [Fri]day are an important milestone in our reorganization. I look forward to building on this momentum to emerge as a stronger company." Relativity previously announced on July 30 that it had elected to complete its reorganization through a voluntary Chapter 11 filing in order to achieve the Company's financial and strategic objectives. 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: Owens Film Talks Halted Before Ch 11 Filing ------------------------------------------------------------- Justin Kroll and James Rainey at Variety.com report that hours before the Relativity Media's bankruptcy filing, producers of the Jesse Owens biopic have reportedly succeeded in canceling ongoing talks that would have made the Company become the film's distributor. The talks were concluded and the film -- centered on the American hero of the 1936 Olympic Games -- released by the close of business Wednesday, Variety.com relates, citing sources close to the project. Variety.com notes that producers are rushing to move their pictures because the Company has already postponed the release of several films and with P&A money lacking, many fear future releases are also imperiled. The producers fear that pictures not pulled by the Thursday bankruptcy filing will be subject to that proceeding, which could drag on for months, or years, the report adds. 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 31, 2015, Relativity Media LLC filed for bankruptcy protection on July 30, 2015. James Rainey and Brent Lang at Variety.com reported that petitions were filed with the U.S. Bankruptcy Court for the Southern District of New York were filed on behalf of parent Relativity Media and 144 other subsidiaries and holding companies, most of them LLCs formed for the production of individual films. The Company, according to Variety, estimates between $500 million and $1 billion in liabilities, and between $100 million and $500 million in assets. Ryan Lattanzio, writing for Thompson on Hollywood, reported that Relativity Media will be put on sale with hopes of closing a deal by early October 2015. The Company is also seeking $45 million in financing to cover the cost of the Chapter 11 procedure, Thompson on Hollywood added. RELATIVITY MEDIA: Relativity Television Says No Layoffs in Co. -------------------------------------------------------------- Gregg Kilday at The Hollywood Reporter reports that Tom Forman, the CEO of Relativity Television, assured the company's workers that there won't be job losses in the company as a result of Relativity Media's bankruptcy. According to the report, Mr. Forman told the staffers to "ignore the noise" of the bankruptcy proceeding. The report quoted him as saying, "For us, it's business as usual. The mission here is to just keep doing what we've been doing -- with the team that's been doing it. Quite simply, things in TV don't change as a result of this process." The Hollywood Reporter relates that with an auction scheduled for October, Relativity's TV division is expected to be one of its most hotly contested assets. 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 31, 2015, Relativity Media LLC filed for bankruptcy protection on July 30, 2015. James Rainey and Brent Lang at Variety.com reported that petitions were filed with the U.S. Bankruptcy Court for the Southern District of New York were filed on behalf of parent Relativity Media and 144 other subsidiaries and holding companies, most of them LLCs formed for the production of individual films. The Company, according to Variety, estimates between $500 million and $1 billion in liabilities, and between $100 million and $500 million in assets. Ryan Lattanzio, writing for Thompson on Hollywood, reported that Relativity Media will be put on sale with hopes of closing a deal by early October 2015. The Company is also seeking $45 million in financing to cover the cost of the Chapter 11 procedure, Thompson on Hollywood added. ROYAL CARIBBEAN: S&P Raises Corp. Credit Rating to 'BB+' -------------------------------------------------------- Standard & Poor's Ratings Services said it raised its corporate credit rating on Miami, Fla.-based Royal Caribbean Cruises Ltd. to 'BB+' from 'BB'. The rating outlook is stable. At the same time, S&P raised all issue-level ratings one notch in conjunction with the upgrade of the company. "The upgrade reflects our view that fundamental improvement in operating performance will allow Royal to reduce total lease and port commitment adjusted EBITDA to near 4.0x and increase funds from operations (FFO) to debt to near 20% by the end of 2015," said Standard & Poor's credit analyst Melissa Long. "We expect the cruise demand environment to remain good and believe that Royal will be able to grow yields in the low-single digits in 2015 (on a constant currency basis), although we note that reported net yields will be significantly impaired by recent currency movements. We also believe Royal will benefit from lower costs this year, partly due to the significant decline in fuel costs compared to last year and partly due to the favorable impact of currency. As a result, we have modestly revised upward our base-case forecast for EBITDA to grow in the mid- to high-teens percentage area (from the low-teens percentage area previously). In addition, although Royal has significant debt-financed ship deliveries in 2016, we expect increasing demand due to general macroeconomic improvement along with our forecast that the new ships will enjoy a price premium relative to older ships in the fleet will result in sufficient EBITDA growth such that credit measures modestly improve further in 2016. We believe leverage improving to below 4x and FFO to debt above 20% in 2016, coupled with EBITDA coverage of interest around 6x, are aligned with a "significant" financial risk profile, resulting in a one-notch higher rating. We believe the improvements to Royal's leverage measures are sustainable given our macroeconomic outlook for moderate growth in the U.S. and Europe, and the company's forward booked position. Forecasted credit measures through 2016 in our base case provide sufficient cushion compared to our 4.5x debt to EBITDA and 20% FFO to debt thresholds," S&P added. "Our rating also incorporates our assessment of Royal's business risk profile as satisfactory, reflecting its position as the second largest cruise operator in the world, its solid brands, a relatively young, high-quality fleet of ships, high barriers to entry in the cruise industry, and an experienced management team. Key business risk factors include significant capital requirements needed to fund new shipbuilding, the lack of flexibility to pull back spending once a ship order is committed, and the cruise industry's sensitivity to the economic cycle," S&P noted. The stable rating outlook reflects S&P's belief that good anticipated cruise demand and pricing will allow Royal to grow net yields across its portfolio of brands (on a constant currency basis) and that improving EBITDA and cash flow, also partly driven by lower fuel costs, will translate into leverage measures improving to around 4x and FFO to debt increasing above 20% by the end of 2015. S&P expects further improvement in credit measures in 2016, aided by the addition of new ships to Royal's fleet. In S&P's view, an investment-grade rating for Royal is unlikely before 2017 because of the company's two planned ship deliveries in 2016 and the resulting additional debt that it will incur to fund these ships. An upgrade to 'BBB-' would be preceded by an improvement in total debt to EBITDA to below 3.75x and FFO to total debt higher than 25%. Prior to raising the rating, S&P would also need to be confident that Royal has sufficient cushion compared to these thresholds such that the company could sustain these levels during the next cyclical downturn. While it is less likely given recent performance and S&P's outlook for the cruise industry, it could lower the rating if Royal sustains leverage above the 4.5x area and FFO to debt below 20%. This would likely be the result of an unexpected deterioration in the economy or an adverse event like a ship accident at a time when the company has meaningful ship deliveries. SAAD INVESTMENTS: Cayman Proceedings Wins US Court Recognition -------------------------------------------------------------- The Hon. James L. Garrity, Jr., of the U.S. Bankruptcy Court for the Southern District of New York approved the request of recognition of Saad Investments Company Limited's liquidation proceedings pending before the Grand Court of the Cayman Islands, Financial Services Division filed by the joint official liquidators of SICL. As reported in the Troubled Company Reporter on July 2, 2015, the Joint Official Liquidators -- Hugh Dickson of Grant Thornton Specialist Services (Cayman) Limited and Stephen Akers and Mark Byers of Grant Thornton U.K. L.L.P -- are in the midst of a lengthy and complex liquidation process based in the Cayman Islands for which they are the sole persons authorized to act on SICL's behalf. SICL's multibillion-dollar liquidation is international in scale and has been in progress for almost six years. The Cayman Island Proceeding involves over $9.7 billion in assets and about $3.754 billion in liabilities, stemming from holdings and obligations located in multiple jurisdictions in the Caribbean, Europe, Australia, and Middle East. Accordingly, in carrying out their duties, the JOLs have already sought and received recognition of the Cayman Islands Proceeding as a foreign main proceeding in multiple jurisdictions, including in England and Australia, and brought various legal proceedings to recover SICL's assets on behalf of creditors. To date, they have recovered over $450 million in assets. The JOLs seek recognition of the Cayman Islands Proceeding to efficiently administer SICL's assets and investigate SICL's affairs in the United States. There are multiple foreign proceedings related to the Cayman Islands Proceeding that have already received recognition as foreign main proceedings in U.S. court. First is Saad Investments Finance Company (No. 5) Limited, which is a wholly owned subsidiary of SICL and also in official liquidation in the Cayman Islands. Due to a conflict, Petitioners were not appointed as Joint Official Liquidators of Saad Investments Finance Company (No. 5) Limited; instead Mark Longbottom and Nicholas Paul Matthews of Kinetic Partners were appointed as the entity's Joint Official Liquidators. Saad Investments Finance Company (No. 5) Limited's Cayman Islands insolvency proceeding was recognized as a foreign main proceeding by order of the Bankruptcy Court for the District of Delaware, Case No. 09-13985-KG, Docket No. 39, Dec. 4, 2009. The second related proceeding is Awal Bank, BSC, which is a foreign banking corporation incorporated in the Kingdom of Bahrain. SICL is a 48% shareholder of Awal Bank. On July 30, 2009, the Central Bank of Bahrain placed Awal Bank into administration and appointed Charles Russell, a British law firm with a Bahrain office, as External Administrator. Awal Bank's Bahrain insolvency proceeding was recognized as a foreign main proceeding by order of the Bankruptcy Court for the Southern District of New York, Case No. 09-15923 (ALG), Docket No. 18, October 28, 2009. Subsequently, Awal Bank filed a voluntary petition under chapter 11 of the Bankruptcy Code also in the Bankruptcy Court for the Southern District of New York, Case No. 10-15518 (ALG). Finally, there is a third set of proceedings for seven of Awal Bank's subsidiaries -- Awal Master Fund, Awal Finance Company Limited, Awal Feeder 1 Fund Limited, Awal Finance Company (No. 2) Limited, Awal Finance Company (No. 3) Limited, Awal Finance Company (No. 4) Limited, and Awal Finance Company (No. 5) Limited (collectively, the "Awal Subsidiaries"). Each of the Awal Subsidiaries has liquidation proceedings in the Cayman Islands. Chris Johnson, Russell Homer, Bruce Alexander MacKay, and Geoffrey Lambert Carton-Kelly were appointed as the Joint Official Liquidators of the Awal Subsidiaries. The Awal Subsidiaries' Cayman Islands proceedings were recognized by order of the Bankruptcy Court for the Southern District of New York, Case No. 15-10652 (MEW), on May 5, 2015. About Saad Investments Saad Investments Company Limited is the main holding company of a group of Saad entities. The Saad Group's Chairman and SICL's beneficial owner is Maan Al-Sanea of Saudi Arabia. According to Forbes magazine, Al-Sanea's net worth was once $7 billion, ranking him as the world's 62nd richest person. SICL's stated purpose was to hold and manage Al-Sanea's non-Saudi Arabian assets, including a portfolio consisting of equities, funds, interest bearing securities, and real estate. The joint official liquidators of SICL filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No. 15-11440) in Manhattan in the United States on May 29, 2015, to seek recognition of SICL's winding up proceedings in the Cayman Islands. The U.S. case is assigned to Judge James L. Garrity Jr. Randall Adam Swick, Esq., at Reid Collins & Tsai LLP, serves as counsel in the U.S. case. SABINE OIL: Court Issues Joint Administration Order --------------------------------------------------- Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York issued an order authorizing joint administration of the Chapter 11 cases of Sabine Oil & Gas Corporation and its debtor affiliates under lead case no. 15-11835. About Sabine Oil & Gas Sabine Oil & Gas Corp. is an independent energy company engaged in the acquisition, production, exploration, and development of onshore oil and natural gas properties in the U.S. The Company's current operations are principally located in the Cotton Valley Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in South Texas, the Granite Wash in the Texas Panhandle, and the North Louisiana Haynesville. The Company operates, or has joint working interests in, approximately 2,100 oil and gas production sites (approximately 1,800 operating and approximately 315 non-operating) and has approximately 165 full-time employees. Sabine Oil and its affiliated entities sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 15-11835) in Manhattan on July 15, 2015. The Debtors have engaged Kirkland & Ellis LLP and Kirkland & Ellis International LLP, as counsel; Lazard Freres & Co. LLC, as investment banker, and Prime Clerk LLC as notice, claims and balloting agent. The Debtors also tapped Zolfo Cooper Management, LLC, to provide Jonathan A. Mitchell as CRO and other additional personnel. SENSATA TECHNOLOGIES: S&P Puts 'BB+' CCR on CreditWatch Negative ---------------------------------------------------------------- Standard & Poor's Ratings Services has placed all of its ratings on Sensata Technologies B.V., including S&P's 'BB+' corporate credit rating on the company, on CreditWatch with negative implications. "The CreditWatch placement reflects our expectation that Sensata's planned $1 billion acquisition of CST's sensing portfolio will be funded almost entirely with debt," said Standard & Poor's credit analyst Lawrence Orlowski. "Consequently, we expect that the firm's debt-to-EBITDA metric will climb above 4.0x over the next two years." Sensata expects the transaction to close in the fourth quarter of 2015 or the first quarter of 2016. The CreditWatch negative placement reflects the greater than 50% probability that S&P could lower its ratings on Sensata. During the next 90 days, S&P expects to resolve the CreditWatch listing once it has a better understanding of how much debt will be used to fund the company's acquisition of CST's sensing portfolio and how it will impact the company's financial risk profile. SIGNAL INT'L: Court Issues Joint Administration Order ----------------------------------------------------- Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware issued an order directing joint administration of the Chapter 11 cases of Signal International, Inc., and its debtor affiliates under lead case no. 15-11498. About Signal International Signal International Inc. -- http://www.signalint.com/-- primarily engages in the business of offshore drilling rig overhaul, repair, upgrade, and conversion, as well as new shipbuilding construction. Additionally, Signal provides services to the general marine and heavy fabrication markets for barges, power plants, and modular construction. Signal International, LLC ("SI LLC"), was organized on Dec. 6, 2002, as a limited liability company after acquiring the assets of the Offshore Division of Friede Goldman Halter from bankruptcy. SI Inc. was incorporated on Oct. 12, 2007, and began operations with offshore fabrication and repair in Mississippi. Today, Signal's corporate headquarters are in Mobile, Alabama, with operations in Alabama and Mississippi, and a sales office in Texas. On Oct. 3, 2014, Signal International Texas, L.P., sold substantially all of its assets to Westport Orange Shipyard, LLC, in a partially seller-financed transaction for a total purchase price of $35,900,000. As part of the transaction, Westport provided a down payment of $7,000,000 and delivered a promissory note in the principal amount of $28,900,000 to SI Texas due on or before Oct. 3, 2019 (the "Texas Note"). On July 12, 2015, SI Inc. and its direct and indirect wholly owned subsidiaries, including SI LLC, commenced cases under chapter 11 of title 11 of the United States Code (Bankr. D. Del. Lead Case No. 15-11498). The Debtors tapped Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, Hogan Lovells US LLP as general corporate counsel, GGG Partners, LLC, as financial and restructuring advisors, and Kurtzman Carson Consultants LLC as claims and noticing agent. Signal International Inc. estimated $10 million to $50 million in assets and $50 million to $100 million in debt. SOUTHERN REGIONAL: Files for Chapter 11 Bankruptcy Protection ------------------------------------------------------------- Southern Regional Health System, Inc., has filed a voluntary petition for relief under the provisions of Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Georgia. Cailin O'Brien, writing for Clayton News Daily, reports that the Company's Board of Directors voted unanimously on the action on Thursday. Southern Regional officials emphasized that filing for reorganization will allow the Southern Regional Medical Center to remain open and operating while it evaluates a proposed sale of the Hospital. During the Chapter 11 process, the Hospital will continue to provide high-quality care to its patients and meet its current financial obligations to its employees and vendors. To ensure it will be able to meet its financial obligations, Southern Regional has obtained a commitment for post-bankruptcy financing. According to Clayton News, the bankruptcy filing allows non-profit hospital system Prime Healthcare Foundation to legally take the hospital's assets from the county. Prime Healthcare has submitted a Letter of Intent (LOI) to purchase most of Southern Regional's assets, and would operate the Hospital after the proposed sale. The terms of the proposed sale also require Prime to make substantial capital improvements to the Hospital, and to continue the Hospital's commitment to indigent care. Under the bankruptcy sale process, the proposed transaction is subject to the execution of a definitive asset purchase agreement, court approval and other customary conditions. Interested parties will have an opportunity to submit higher or better offers for Southern Regional's assets. "We are grateful for the support Prime Healthcare Foundation has provided in connection with its Letter of Intent (LOI) and the proposed sale," said Jim Adams, Southern Regional's Board Chairman. "The purchase of Southern Regional will preserve jobs, access to healthcare in Clayton County, and allow us to emerge from bankruptcy in a relatively short time frame." "Both during the bankruptcy case, and after any sale, Southern Regional Medical Center will continue to provide the citizens of Clayton County with a wide array of high-quality medical services," Mr. Adams said. "We believe Southern Regional Medical Center is essential to the health of Clayton County citizens, the community's economic future, and the availability of healthcare in the Southern Crescent. We fully expect Southern Regional to join that list of companies who have emerged from Chapter 11 reorganization even stronger than before." Southern Regional Health System, Inc., is a nonprofit organization which owns Southern Regional Medical Center. SOUTHERN REGIONAL: Files for Chapter 11 Due to Financial Woes ------------------------------------------------------------- Southern Regional Health System, Inc., owner of a 331-bed full-service hospital in Riverdale, Georgia, has sought bankruptcy protection to effectuate a transaction that will allow it to continue to provide healthcare services and preserve jobs. In early 2014, Southern Regional embarked on an organization-wide business improvement initiative. The objectives of this initiative included improving the financial performance of the Debtors, and led to the implementation of cost reductions throughout the hospital, which were estimated to save the organization approximately $12 million per year. Additionally, with the passage of a Special Purpose Local Option Sales Tax ("SPLOST"), Southern Regional was able to retire the Hospital Authority's bonds, saving Southern Regional $3 million annually in debt service costs. Retirement of this debt allowed funds otherwise needed for debt service to be used for hospital operating expenses. SPLOST funds were also allocated for a $1.6 million heating and cooling infrastructure project, which was essential to hospital operations. Additionally, Clayton County provided support to the hospital by providing $7.9 million for Fiscal Year 2015 to help partially offset the costs of indigent care provided by Southern Regional. These payments ended in June 2015. Despite continued cuts in staffing and operational costs, the Debtors continue to struggle financially for two principal reasons. First, the cost of uncompensated care is a significant burden to the entire Clayton County community, but especially to Southern Regional. The hospital is legally required to treat a large number of patients who have no insurance and this trend continues to escalate. In fiscal year 2014, the cost uncompensated care to Southern Regional was in excess of $21 million. Second, while uncompensated care is increasing, compensated care continues to decline. In an effort to land lasting solution to the Debtors' financial challenges, Southern Regional's board of directors and Clayton County hired a nationally recognized healthcare consulting firm to evaluate all viable strategic options, including identifying potential strategic financial partners for the hospital. After evaluating alternatives, conducting an exhaustive sale process and consulting with their advisors and directors, the Debtors eventually conducted that it was in their best interest, and the interests, and the interests of their creditors and employees, to seek protection under Chapter 11 of the Bankruptcy Code, and hopefully effectuate a transaction whereby the Debtors will continue to provide healthcare services to the surrounding community while also preserving vital jobs and supporting the local economy. First Day Pleadings The Debtors on the Petition Date filed various pleadings designed to minimize the adverse effects of the Chapter 11 cases and ensure that the reorganization efforts proceed as efficiently as possible. The Debtors are asking the Bankruptcy Court for approval to: -- jointly administer their Chapter 11 cases; -- hire Kurtzman Carson Consultants LLC as claims agent; -- use their existing bank accounts; -- continue prepetition insurance programs; -- pay prepetition wages and benefits of employees; and -- use cash collateral. A copy of the affidavit in support of the first day motions is available for free at: http://bankrupt.com/misc/Southern_1st_Day_Affidavit.pdf About Southern Regional Southern Regional Health System, Inc., owns the Southern Regional Medical Center, a 331-licensed bed full-service hospital located in Riverdale, Georgia. Managed by Emory Healthcare, Inc., the hospital serves residents throughout the region south of Atlanta. As a leader in neurologic, heart & vascular, bariatric, and women's healthcare services, Southern Regional's medical staff is comprise of more than 480 physicians that blend their passion for healing with advanced technology to offer the latest procedures and treatments. Southern Regional and its subsidiaries sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 15-64266) on July 30, 2015, in Atlanta, Georgia. The cases are assigned to Judge Wendy L. Hagenau. Southern Regional estimated $50 million to $100 million in assets and $100 million to $500 million in debt. The Debtors' secured creditors are Gemino Healthcare Finance, LLC, and U.S. Foods, Inc. Gemino claims to be owed in excess of $10 million, while U.S. Foods has a $60,000 claim. The Debtors tapped Scroggins & Williamson, P.C., as bankruptcy attorneys, Nelson Mulins Riley & Scarborough LLP, as outside general counsel, and Kurtzman Carson Consultants LLC as claims and balloting agent. The Chapter 11 plan and disclosure statement are due Nov. 27, 2015. SOUTHERN REGIONAL: Proposes Kurtzman Carson as Claims Agent ----------------------------------------------------------- Southern Regional Health System, Inc., and its debtor-subsidiaries filed an application to employ Kurtzman Carson Consultants LLC as claims, noticing agent, and balloting agent. The Debtors want to tap KCC to, among other things, (a) serve as the Debtors' claims and noticing agent to receive and record proofs of claim and proofs of interest and mail notices to certain of the estates' creditors and other parties-in-interest; (b) provide computerized claims, objection and balloting database services; and (c) provide expertise and consultation and assistance in claim and ballot processing and with the dissemination of other administrative information related to the Debtors' Chapter 11 cases. The Debtors anticipate that there will be in excess of 750 entities that the Debtors will be required to serve with various notices, pleadings and other documents filed in the Chapter 11 cases. In consideration of the number of anticipated claimants and parties-in-interest and the nature of the Debtors' businesses, the Debtors submit that the appointment of KCC will expedite the distribution of notices and relieve the Clerk's office of the administrative burden of processing such notices. The Debtors have agreed to provide a $15,000 retainer to KCC. The Debtors will pay KCC for its services, expenses and supplies at the rates or prices set by KCC in accordance with the KCC Fee Structure. The KCC Fee Structure was not included in the publicly available court filings by the Debtors. The firm can be reached at: KURTZMAN CARSON CONSULTANTS LLC 2335 Alaska Ave. El Segundo, CA 90245 Attn: Drake D. Foster Tel: (310) 823-9000 Fax: (310) 823-9133 E-mail: dfoster@kccllc.com About Southern Regional Southern Regional Health System, Inc., owns the Southern Regional Medical Center, a 331-licensed bed full-service hospital located in Riverdale, Georgia. Managed by Emory Healthcare, Inc., the hospital serves residents throughout the region south of Atlanta. As a leader in neurologic, heart & vascular, bariatric, and women's healthcare services, Southern Regional's medical staff is comprise of more than 480 physicians that blend their passion for healing with advanced technology to offer the latest procedures and treatments. In addition to hospital based services, Southern also offers ambulatory care services at a second campus Spivey Station, located in Jonesboro, Georgia. Southern Regional and its subsidiaries sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 15-64266) on July 30, 2015, in Atlanta, Georgia. The cases are assigned to Judge Wendy L. Hagenau. Southern Regional estimated $50 million to $100 million in assets and $100 million to $500 million in debt. The Debtors' secured creditors are Gemino Healthcare Finance, LLC, and U.S. Foods, Inc. Gemino claims to be owed in excess of $10 million, while U.S. Foods has a $60,000 claim. The Debtors tapped Scroggins & Williamson, P.C., as bankruptcy attorneys, Nelson Mulins Riley & Scarborough LLP, as outside general counsel, and Kurtzman Carson Consultants LLC as claims and balloting agent. The Chapter 11 plan and disclosure statement are due Nov. 27, 2015. SOUTHERN REGIONAL: Proposes to Use Cash Collateral -------------------------------------------------- Southern Regional Health System, Inc., and its debtor-subsidiaries are asking the U.S. Bankruptcy Court for the Northern District of Georgia for authority to use cash collateral. Gemino Healthcare Finance, LLC, made certain loans to one or more of the Debtors prepetition for which it contends it is owed in excess of $10 million. In connection therewith, Gemino may assert liens and security interests in some or all of the Debtors' personal property used in the operation of their businesses, which consists of, inter alia, accounts, inventory, furniture, fixtures and equipment, and general intangibles. Gemino may also assert that the proceeds received from property consisting of inventory and accounts receivable is "cash collateral" as defined in 11 U.S.C. Sec. 363(a). Additionally, U.S. Foods, Inc., may assert a security interest in the Property (and said cash collateral) pursuant to the terms of a customer account application as security for a claim against the Debtors in the approximate amount of $60,000. Ashley R. Ray, Esq., at Scroggins & Williamson, P.C., in Atlanta, explains that the Debtors' use of cash collateral is essential to the continued operation of their businesses, to maintain the value of the property and for an effective reorganization. The Debtors do not propose to use cash collateral to pay any amounts due and owing prior to the Petition Date absent further order of the Court. The Debtors are willing to provide adequate protection for the use of cash collateral as follows: (a) The Secured Creditors will be given a replacement lien in postpetition accounts receivable and proceeds thereof to the extent such prepetition liens are a valid, properly perfected and enforceable interest, and in the same relative priority; and (b) Cash collateral may only be used for items set forth in a budget to be approved by the Court. About Southern Regional Southern Regional Health System, Inc., owns the Southern Regional Medical Center, a 331-licensed bed full-service hospital located in Riverdale, Georgia. Managed by Emory Healthcare, Inc., the hospital serves residents throughout the region south of Atlanta. As a leader in neurologic, heart & vascular, bariatric, and women's healthcare services, Southern Regional's medical staff is comprise of more than 480 physicians that blend their passion for healing with advanced technology to offer the latest procedures and treatments. In addition to hospital based services, Southern also offers ambulatory care services at a second campus Spivey Station, located in Jonesboro, Georgia. Southern Regional and its subsidiaries sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 15-64266) on July 30, 2015, in Atlanta, Georgia. The cases are assigned to Judge Wendy L. Hagenau. Southern Regional estimated $50 million to $100 million in assets and $100 million to $500 million in debt. The Debtors' secured creditors are Gemino Healthcare Finance, LLC, and U.S. Foods, Inc. Gemino claims to be owed in excess of $10 million, while U.S. Foods has a $60,000 claim. The Debtors tapped Scroggins & Williamson, P.C., as bankruptcy attorneys, Nelson Mulins Riley & Scarborough LLP, as outside general counsel, and Kurtzman Carson Consultants LLC as claims and balloting agent. The Chapter 11 plan and disclosure statement are due Nov. 27, 2015. SRA INTERNATIONAL: S&P Affirms 'B' CCR, Outlook Stable ------------------------------------------------------ Standard & Poor's Ratings Services said it affirmed the 'B' corporate credit rating on Fairfax, Va.-based SRA International Inc. The outlook is stable. At the same time, S&P raised the issue-level rating on the company's senior secured credit facility to 'B+' from 'B' to reflect S&P's revision of the recovery rating on the debt to '2' from '3'. The '2' recovery rating indicates S&P's expectation of a substantial recovery (70% to 90%; lower half of the range) in the event of a default. S&P also affirmed the 'CCC+' issue-level rating on the company's senior unsecured debt. The recovery rating on the debt remains '6', indicating S&P's expectation for negligible recovery (0% to 10%) in the event of a default. "SRA's outstanding senior secured loan balance as of March 31, 2015 was $660 million, down from the $710 million outstanding balance on March 31, 2014. The reduced outstanding debt results in higher recovery prospects for secured creditors in our recovery analysis and meets the 70% threshold, per our criteria, for a '2' recovery rating (at the higher half of the 70% to 90% recovery range) and therefore a 'B+' issue-level rating according to our notching criteria. The company reduced the debt in its fiscal fourth quarter of 2014 through covenant-mandated excess cash flow payments. SRA's revenue decline has slowed recently, with revenue through the nine months in fiscal 2015 ending June 30, 2015 down less than 1% from fiscal 2014," S&P added. "Our ratings on SRA International reflect our view of the company's business risk profile as 'fair,' incorporating the company's predictable revenue streams based on a contractual backlog of business, and a diversified customer and contract base of approximately 1,100 active contracts that generate consistently positive FOCF, even in the tight defense spending environment," said Standard & Poor's credit analyst Peter Bourdon. S&P's view of SRA International's "highly leveraged" financial risk profile reflects its high debt to EBITDA in the mid-6x area on March 31, 2015. It also reflects an ownership structure and financial policy that S&P believes precludes material and sustained debt reduction. The outlook on SRA International Inc. is stable, reflecting Standard & Poor's Rating Services' view that the company's diversified customer and contract base will continue to support S&P's expectation of positive FOCF generation. S&P could lower the rating if the competitive bidding environment intensifies, leading to a loss of material contracts, or if the company faces margin pressures that erode its EBITDA base, leading to leverage sustained above the low-7x level. The company's "highly leveraged" financial risk profile and S&P's expectation that its debt to EBITDA will remain above 5x over the next 12 months limit the possibility of an upgrade. STANDARD REGISTER: Amends Statement of Financial Affairs -------------------------------------------------------- Standard Register Co. filed with the U.S. Bankruptcy Court for the District of Delaware an amended statement of financial affairs. A full-text copy of the amended statement is available for free at http://is.gd/DBfVfq 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. SULLIVAN INTERNATIONAL: Panel Gets Court Nod to Hire Ballard Spahr ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of Sullivan International Group, Inc. sought and obtained permission from the Hon. Laura S. Taylor of the U.S. Bankruptcy Court for the Southern District of California to retain Ballard Spahr LLP as local co-counsel to the Committee, as of May 20, 2015. The Committee requires Ballard Spahr to assist in legal matters as: -- business valuation and sale; -- government contracts; -- environmental services and related construction lien law and financial resources; -- defend and prosecute federal and state civil claims of all kinds, including analysis of claims on guaranty obligations. Ballard Spahr will be paid at these hourly rates: Christopher Celentino, Partner $675 Dawn A. Messick, Associate $455 David A. Cain, Associate $266 Caron C. Burke, Paraprofessional $184 Ballard Spahr will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher Celentino, partner of Ballard Spahr, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Ballard Spahr can be reached at: Christopher Celentino, Esq. BALLARD SPAHR LLP 655 West Broadway, Suite 1600 San Diego, CA 92101-8494 Tel: (619) 487-0797 Fax: (619) 696-9269 E-mail: celentino@ballardspahr.com About Sullivan International Sullivan International Group, Inc., an environmental engineering provider, commenced a Chapter 11 bankruptcy case (Bankr. S.D. Cal. Case No. 15-02281) in San Diego, California, on April 6, 2015. Steven E. Sullivan signed the petition as chief executive officer. The Debtor disclosed total assets of $16.27 million and total Debts of $17.25 million. James P. Hill, Esq., at Sullivan, Hill, Lewin, Rez & Engel, APLC, in San Diego, represents the Debtor as counsel. The U.S. trustee overseeing the Debtor's bankruptcy case appointed DeNovo Constructors Inc., Tetra Tech Inc., Park Construction Co., Energy Solutions, Wittie Letsche & Waldo LLP, Lawson Environmental Service, Meyer Construction Inc., Cascade Drilling LP, and McMillin NTC 903/904 LLC to serve on the official committee of unsecured creditors. THREE LEGGED MONKEY: Bid to Amend Complaint vs. City Partially OK'd ------------------------------------------------------------------- Judge Frank Montalvo of the United States District Court for the Western District of Texas, El Paso Division, granted in part and denied in part Three Legged Monkey, L.P.'s motion for leave to file a fourth amended complaint against the City of El Paso, Texas, et al. On July 1, 2015, Three Legged Monkey sought to file an amended complaint, which "in addition to making certain non-substantive changes and deleting a factual allegation ... seeks to add a claim for 'attorney-fee-as-damages.'" While the city defendants did not oppose the non-substantive changes requested by the plaintiff, they opposed the proposed claim for "attorney-fee-as-damages based on equity." Judge Montalvo ruled that Three Legged Monkey asserted no reasonable explanation for either the undue delay or potential prejudice to the city defendants caused by the newly asserted claim for attorney's fees based on a previous bankruptcy proceeding. Accordingly, the judge denied the plaintiff's motion in part insofar as it sought to add a claim for "attorney-fee-as-damages based on equity." Judge Montalvo, however, granted the motion in part to the extent it sought to make non-substantive changes and remove a factual allegation that is unopposed by the city defendants. The case is THREE LEGGED MONKEY, L.P., Plaintiff, v. CITY OF EL PASO, TEXAS; EMMA ACOSTA, in her official capacity as City Representative for District Three of El Paso, Texas; JOHN F. COOK, in his official capacity as Mayor of the City of El Paso, Texas; ANN MORGAN LILLY, in her official capacity as Representative for District One of El Paso, Texas; SUSANNAH M. BYRD, in her official capacity as City Representative for District Two of El Paso, Texas; STEVE ORTEGA, in his official capacity as City Representative for District Seven for El Paso, Texas; and JOYCE WILSON, in her official capacity as City Manager of El Paso, Texas; Defendants, NO. EP-14-CV-00260-FM (W.D. Tex.). A full-text copy of Judge Montalvo's July 20, 2015 order is available at http://is.gd/RqptIsfrom Leagle.com. Three Legged Monkey LP is represented by: Troy Chandler Brown, Esq. TROY C. BROWN, PC 401 West Vinton RD Anthony, TX 79821 City of El Paso, Texas, Emma Acosta, Joyce Wilson, Steve Ortega, John F. Cook, Susannah M. Byrd and Ann Morgan Lilly are represented by: Clyde A. Pine, Jr., Esq. MOUNCE, GREEN, MYERS, SAFI, PAXSON & GALATZAN, P.C. 100 N. Stanton, Suite 1000 10th Floor Stanton Tower El Paso, TX 79901-1448 Tel: (915) 532-2000 Fax: (915) 541-1597 Email: pine@mgmsg.com -- and –- David S. Jeans, Esq. RAY, VALDEZ, MCCHRISTIAN & JEANS 5822 Cromo Drive El Paso, TX 79912 Tel: (915) 832-7200 Fax: (915) 832-7333 Email: djeans@rmjfirm.com Three Legged Monkey filed for Chapter 11 (Bankr. W.D. Tex. Case No. 12-31019) on June 2, 2012. VARIANT HOLDING: Files Clawback Suit Against Former Principals -------------------------------------------------------------- Variant Holding Company, LLC, filed an adversary complaint in the U.S. Bankruptcy Court for the District of Delaware against, among others, Courtland Gettel, individually and as trustee for Walker's Dream Trust, and other former principals, current equity holders, and their various designees and affiliates, for: (i) contempt of court for willful violation of the Court's Order Approving Settlement Agreement with the Beach Point Funds entered on November 3, 2014, and Order Denying Motion for Payment of Property Level Claims from Proceeds of Sale of Property of Non-Debtor Entities entered on June 1, 2015; (ii) conversion; (iii) turnover of misappropriated funds pursuant to Sections 105(a) and 542(a) of the Bankruptcy Code; (iv) injunctive relief in connection with the Debtor's subsidiary sale process under Section 105(a), Fed. R. Bankr. P. 7001(7), 7065; (v) declaratory judgment; (vi) breach of fiduciary duty; (vii) professional negligence/legal malpractice; and (viii) recovery of avoidable transfers under Sections 548 and 550. Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, relates that the Debtor seeks to put an end to the misconduct and malfeasance of the Defendants and to recover misappropriated funds and to collect damages from Defendants for the multitude of wrongs that they have been perpetrated upon the Debtor and this estate. According to Mr. Keane, most recently, on July 16, 2015, Defendants Gettel and Greenberg absconded with $750,000 from an account owned by the Debtor's indirect subsidiary, Laser Focus Commercial Investments, LLC. Funds were inadvertently deposited into this account by the servicing agent (Trimont Real Estate Advisors) for the current mortgage lender (Centennial Commercial Finance Group) on 14 of the Debtor's subsidiaries' properties in Texas. On the very next day, Mr. Greenberg's office authorized a wire transfer of these funds to an entity called Tommy Boy, LLC, which upon information and belief is an entity owned and controlled by Mr. Gettel. Mr. Greenberg is the registered agent for this entity. None of the Defendants have any legal or equitable rights or interests to the transferred funds, Mr. Keane asserts. Despite assurances from Mr. Greenberg that these funds would be returned on July 17, 2015, the funds have not been returned, Mr. Keane tells the Court. These funds are necessary to fund operational expenses, including payroll and maintenance, at the H14 Portfolio, and the Debtor seeks immediate turnover of these now stolen funds. In addition, the Debtor seeks damages for Defendants' prepetition mismanagement and the recovery of any fraudulent transfers. In late 2013, Mr. Gettel, through various affiliates, caused the Debtor to borrow $73.5 million from the predecessors of BPC VHI, L.P., Beach Point Total Return Master Fund, L.P., and Beach Point Distressed Master Fund, L.P., for the purpose of acquiring interests in various property-owning entities. Mr. Gettel, through his affiliates and accomplices, also made various draws on the mortgage loan against the H14 Portfolio purportedly to renovate and improve the properties. In connection with those loans, the Defendants effectuated an elaborate scheme to skim money and divert funds to Mr. Gettel and his accomplices. The remaining defendants are Gettel Children's Trust, Gettel Children's Trust 2, and Gettel Children's Trust 3; Peter Cash Doye; Jeffrey H. Greenberg; Michael Bernstein; Thomas O. Wagner, II; Kathryn Nighswander; Conix, Inc.; JH Greenberg & Associates, PLLC; Helena, LLC; Sui Generis, LLC; Premier Home Development Group LLC; Forward Progress Enterprises, LLC; Variant Management Company, LLC; Conix WH Holdings, LLC; Numeric Holding Company, LLC; Variant Royalty Group, LLC; and Tommy Boy, LLC. The Debtor is represented by: Richard M. Pachulski, Esq. Alan J. Kornfeld, Esq. Maxim B. Litvak, Esq. Peter J. Keane, Esq. 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 akornfeld@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. VIPER VENTURES: Seeks to Extend Exclusive Right to File Exit Plan ----------------------------------------------------------------- Viper Ventures LLC asked a federal judge to extend the period of time during which it alone holds the right to file a plan to exit Chapter 11 protection. In a motion, the company asked U.S. Bankruptcy Judge Catherine Peek McEwen to extend its exclusive right to propose a restructuring plan to October 28, 2015, and to solicit votes from creditors to December 28, 2015. The extension would prevent others from filing rival plans in court and maintain Viper Ventures' control over its bankruptcy case. On April 10, the company filed a plan to exit bankruptcy protection and a disclosure statement outlining its proposed restructuring plan. On June 5, Judge McEwen issued an order conditionally approving the disclosure statement. The preliminary hearing to consider confirmation of the plan was initially scheduled for July 1. It was moved to Sept. 25 after the company's lender Wells Fargo Bank NA and Chemical Formulators Inc. asked to reschedule the hearing. Judge McEwen will hold a final evidentiary hearing on confirmation of the plan in October. About Viper Ventures Viper Ventures, LLC, is a Florida limited liability company that owns 31 acres of waterfront land on Rattlesnake Point just south of Gandy Boulevard in Tampa, Florida. Viper Ventures filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 15-bk-03404) in Tampa, Florida, on April 1, 2015. The case is assigned to Judge Catherine Peek McEwen. The Debtor is represented by Edward J. Peterson, III, Esq., at Stichter, Riedel, Blain & Prosser, PA, in Tampa, Florida. The Debtor disclosed $6,669,137 in assets and $16,110,224 in liabilities as of the Chapter 11 filing. According to the docket, the Debtor's Chapter 11 plan and explanatory disclosure statement are due by July 30, 2015. WALTER ENERGY: Initial Meeting of Creditors Slated for August 20 ---------------------------------------------------------------- The Bankruptcy Administrator has scheduled the initial Section 341(a) meeting of creditors for Walter Energy Inc. and its debtor-affiliates for Aug. 20, 2015, at 1:00 p.m. CDT at the U.S. Bankruptcy Court, Robert S. Vance Federal Building, 1800 Fifth Avenue North in Birmingham, Alabama. During the initial meeting, the B.A. will announce that the meeting of creditors is continued to Sept. 10, 2015, at 1:00 p.m. CDT. There will be no questioning of the Debtors' representative at the initial 341 meeting. There will be requesting allowed at the continue meeting of creditors on September 10. 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. WALTER ENERGY: Shares Delisted From NYSE Effective Aug. 10 ---------------------------------------------------------- New York Stock Exchange LLC filed a Form 25 with the U.S. Securities and Exchange Commission, notifying the SEC of its intention to remove the entire class of common stock of Walter Energy, Inc. from listing and registration on the Exchange at the opening of business on August 10, 2015, pursuant to the provisions of Rule 12d2-2(b), because, in the opinion of the Exchange, the Common Stock is no longer suitable for continued listing and trading on the Exchange. NYSE Regulation reached its decision to delist the Common Stock pursuant to Section 802.01D of the Listed Company Manual because of its 'abnormally low' trading price. In addition, the Company previously fell below the NYSE's continued listing standard in Section 802.01C of the Manual requiring listed companies to maintain an average closing price per share of not less than $1.00 over a consecutive 30 trading day period. Section 802.01D of the Manual states that the Exchange would normally give consideration to suspending or removing from the list a security of a company when it has an abnormally low selling price or volume of trading. NYSE Regulation, on July 8, 2015, determined that the Common Stock of the Company should be suspended immediately from trading, and directed the preparation and filing with the SEC of an application for the removal of the Common Stock from listing and registration on the Exchange. The Company was notified by phone and letter on July 8, 2015. Pursuant to the authorization of the suspension of trading the Common Stock, a press release announcing the suspension was issued on July 8, 2015. In addition, an announcement was made immediately on the 'ticker' of the Exchange and at the close of the trading session on July 8, 2015. Similar information was included on the Exchange's website. The Company had a right to appeal to the Committee for Review of the Board of Directors of NYSE Regulation the determination to delist the Common Stock, provided that it filed a written request for such a review with the Secretary of the Exchange within ten business days of receiving notice of the delisting determination. The Company did not file such request within the specified time period. Consequently, all conditions precedent under SEC Rule 12d2-2(b) to the filing of this application have been satisfied. The Company's common stock is currently trading on the OTC Pink market under the ticker symbol "WLTGQ." Z'TEJAS SCOTTSDALE: Court Issues Joint Administration Order ----------------------------------------------------------- Judge Paul Sala of the U.S. Bankruptcy Court for the District of Arizona issued an order authorizing joint administration of the Chapter 11 cases of Z'Tejas Scottsdale, LLC, and its debtor affiliates under lead case no. 2:15-bk-09178-PS. About Z'Tejas Scottsdale Based in Scottsdale, Arizona, Z'Tejas Scottsdale, LLC, et al., operate 9 Z'Tejas, Z'Tejas Southwestern Grill and Taco Guild restaurants within the United States. The restaurant chain was founded in 1989 by Larry Foels and Guy Villavso. Z'Tejas boasts of exceptional and innovative food and a unique look at each location to provide a "non-chain feel". Five restaurants are in Arizona, three are in Austin, Texas, and one in Costa Mesa, California. The company has 300 full time employees and 425 part-time employees. Z'Tejas Scottsdale and its affiliates sought Chapter 11 protection (Bankr. D. Ariz. Lead Case No. 15-09178) in Phoenix on July 22, 2015. The cases are assigned to Judge Paul Sala. The Debtors have tapped Nussbaum Gillis & Dinner, P.C., and Pachulski Stang Ziehl & Jones LLP as attorneys, and Mastodon Ventures, Inc., as investment banker. The 11 U.S.C. Sec. 341(a) meeting of creditors is slated for Aug. 25, 2015. Lender Cornbread Ventures, LP, is represented by Jordan A. Kroop, Esq., at Perkins Coie LLP, in Phoenix, Arizona. [^] Large Companies With Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE ABT CN 111.9 (5.5) (0.6) ABSOLUTE SOFTWRE OU1 GR 111.9 (5.5) (0.6) ABSOLUTE SOFTWRE ALSWF US 111.9 (5.5) (0.6) AC SIMMONDS & SO ACSX US 1.4 (0.4) (1.5) ADV MICRO DEVICE AMD* MM 3,381.0 (141.0) 1,052.0 ADVANCED EMISSIO ADES US 106.4 (46.1) (15.3) ADVANCED EMISSIO OXQ1 GR 106.4 (46.1) (15.3) ADVENT SOFTWARE ADVS US 424.8 (50.1) (110.8) ADVENT SOFTWARE AXQ GR 424.8 (50.1) (110.8) AEROJET ROCKETDY GCY TH 1,898.1 (95.6) 143.6 AEROJET ROCKETDY GCY GR 1,898.1 (95.6) 143.6 AEROJET ROCKETDY AJRD US 1,898.1 (95.6) 143.6 AIR CANADA ACDVF US 11,581.0 (1,213.0) (95.0) AIR CANADA ADH2 TH 11,581.0 (1,213.0) (95.0) AIR CANADA AC CN 11,581.0 (1,213.0) (95.0) AIR CANADA ACEUR EU 11,581.0 (1,213.0) (95.0) AIR CANADA ADH2 GR 11,581.0 (1,213.0) (95.0) AK STEEL HLDG AK2 TH 4,335.4 (463.0) 863.4 AK STEEL HLDG AKS* MM 4,335.4 (463.0) 863.4 ALLIANCE HEALTHC AIQ US 551.6 (88.9) 46.7 AMC NETWORKS-A AMCX US 4,049.4 (89.4) 597.5 AMC NETWORKS-A 9AC GR 4,049.4 (89.4) 597.5 AMC NETWORKS-A AMCX* MM 4,049.4 (89.4) 597.5 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMYLIN PHARMACEU AMLN US 1,998.7 (42.4) 263.0 ANGIE'S LIST INC 8AL TH 176.1 (21.6) (26.0) ANGIE'S LIST INC ANGI US 176.1 (21.6) (26.0) ANGIE'S LIST INC 8AL GR 176.1 (21.6) (26.0) ARCADIA BIOSCIEN RKDA US 19.4 (7.3) 0.3 ARCADIA BIOSCIEN 17D GR 19.4 (7.3) 0.3 ASPEN TECHNOLOGY AZPN US 317.1 (26.8) (17.4) ASPEN TECHNOLOGY AST GR 317.1 (26.8) (17.4) AUTOZONE INC AZ5 GR 8,032.4 (1,643.2) (742.6) AUTOZONE INC AZ5 TH 8,032.4 (1,643.2) (742.6) AUTOZONE INC AZOEUR EU 8,032.4 (1,643.2) (742.6) AUTOZONE INC AZO US 8,032.4 (1,643.2) (742.6) AVID TECHNOLOGY AVID US 182.0 (344.7) (165.7) AVID TECHNOLOGY AVD GR 182.0 (344.7) (165.7) AVINTIV SPECIALT POLGA US 1,901.8 (12.6) 315.2 BARRACUDA NETWOR CUDA US 400.4 (31.3) 36.9 BARRACUDA NETWOR CUDAEUR EU 400.4 (31.3) 36.9 BARRACUDA NETWOR 7BM GR 400.4 (31.3) 36.9 BERRY PLASTICS G BERY US 5,011.0 (74.0) 673.0 BERRY PLASTICS G BP0 GR 5,011.0 (74.0) 673.0 BLUE BUFFALO PET B6B GR 423.0 (56.8) 235.4 BLUE BUFFALO PET B6B TH 423.0 (56.8) 235.4 BLUE BUFFALO PET BUFF US 423.0 (56.8) 235.4 BRINKER INTL EAT US 1,437.3 (32.1) (216.6) BRINKER INTL BKJ GR 1,437.3 (32.1) (216.6) BURLINGTON STORE BURL US 2,683.1 (30.4) 161.9 BURLINGTON STORE BUI GR 2,683.1 (30.4) 161.9 CABLEVISION SY-A CVY GR 6,701.2 (5,022.6) 50.8 CABLEVISION SY-A CVY TH 6,701.2 (5,022.6) 50.8 CABLEVISION SY-A CVCEUR EU 6,701.2 (5,022.6) 50.8 CABLEVISION SY-A CVC US 6,701.2 (5,022.6) 50.8 CABLEVISION-W/I CVC-W US 6,701.2 (5,022.6) 50.8 CABLEVISION-W/I 8441293Q US 6,701.2 (5,022.6) 50.8 CAMBIUM LEARNING ABCD US 154.9 (77.3) (19.9) CARBYLAN THERAPE CBYL US 7.7 (9.4) (6.7) CASELLA WASTE CWST US 654.4 (20.9) 4.9 CASELLA WASTE WA3 GR 654.4 (20.9) 4.9 CEDAR FAIR LP FUN US 2,005.9 (21.2) (74.4) CEDAR FAIR LP 7CF GR 2,005.9 (21.2) (74.4) CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1) CHOICE HOTELS CHH US 702.6 (385.5) 195.9 CHOICE HOTELS CZH GR 702.6 (385.5) 195.9 CINCINNATI BELL CBB US 1,733.0 (599.6) 46.3 CINCINNATI BELL CIB GR 1,733.0 (599.6) 46.3 CLEAR CHANNEL-A CCO US 6,188.4 (263.3) 386.6 CLEAR CHANNEL-A C7C GR 6,188.4 (263.3) 386.6 CLIFFS NATURAL R CLF* MM 2,609.4 (1,740.2) 623.8 COLLEGIUM PHARMA COLL US 5.1 (12.2) (5.9) COMVERSE INC CNSI US 577.9 (7.2) 59.9 COMVERSE INC CM1 GR 577.9 (7.2) 59.9 CONNECTURE INC 2U7 GR 96.0 (33.2) (24.9) CONNECTURE INC CNXR US 96.0 (33.2) (24.9) CORIUM INTERNATI 6CU GR 59.3 (5.4) 31.2 CORIUM INTERNATI CORI US 59.3 (5.4) 31.2 CYAN INC YCN GR 112.1 (18.4) 56.9 CYAN INC CYNI US 112.1 (18.4) 56.9 DELEK LOGISTICS DKL US 332.6 (20.6) 11.8 DELEK LOGISTICS D6L GR 332.6 (20.6) 11.8 DIRECTV DTVEUR EU 24,301.0 (4,280.0) 482.0 DIRECTV DTV US 24,301.0 (4,280.0) 482.0 DIRECTV DIG1 GR 24,301.0 (4,280.0) 482.0 DIRECTV DTV CI 24,301.0 (4,280.0) 482.0 DOMINO'S PIZZA EZV TH 597.9 (1,245.7) 135.3 DOMINO'S PIZZA DPZ US 597.9 (1,245.7) 135.3 DOMINO'S PIZZA EZV GR 597.9 (1,245.7) 135.3 DUN & BRADSTREET DB5 GR 2,027.7 (1,201.3) (276.7) DUN & BRADSTREET DNB1EUR EU 2,027.7 (1,201.3) (276.7) DUN & BRADSTREET DB5 TH 2,027.7 (1,201.3) (276.7) DUN & BRADSTREET DNB US 2,027.7 (1,201.3) (276.7) DUNKIN' BRANDS G DNKN US 3,358.7 (87.9) 269.5 DUNKIN' BRANDS G 2DB TH 3,358.7 (87.9) 269.5 DUNKIN' BRANDS G 2DB GR 3,358.7 (87.9) 269.5 DURATA THERAPEUT DRTX US 82.1 (16.1) 11.7 DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7 DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7 EDGEN GROUP INC EDG US 883.8 (0.8) 409.2 EOS PETRO INC EOPT US 1.2 (28.0) (29.1) EXELIXIS INC EX9 GR 282.9 (146.8) 66.4 EXELIXIS INC EXELEUR EU 282.9 (146.8) 66.4 EXELIXIS INC EXEL US 282.9 (146.8) 66.4 EXELIXIS INC EX9 TH 282.9 (146.8) 66.4 FENIX PARTS INC 9FP GR 0.9 (1.9) (1.9) FENIX PARTS INC FENX US 0.9 (1.9) (1.9) FERRELLGAS-LP FGP US 1,592.9 (103.4) 23.7 FERRELLGAS-LP FEG GR 1,592.9 (103.4) 23.7 FREESCALE SEMICO 1FS GR 3,165.0 (3,173.0) 1,257.0 FREESCALE SEMICO FSLEUR EU 3,165.0 (3,173.0) 1,257.0 FREESCALE SEMICO FSL US 3,165.0 (3,173.0) 1,257.0 FREESCALE SEMICO 1FS TH 3,165.0 (3,173.0) 1,257.0 GAMING AND LEISU GLPI US 2,552.5 (125.5) 1.1 GAMING AND LEISU 2GL GR 2,552.5 (125.5) 1.1 GARDA WRLD -CL A GW CN 1,401.9 (325.2) 39.5 GARTNER INC GGRA GR 1,861.0 (170.2) (138.5) GARTNER INC IT US 1,861.0 (170.2) (138.5) GENESIS HEALTHCA GEN US 6,031.4 (205.5) 209.3 GENESIS HEALTHCA SH11 GR 6,031.4 (205.5) 209.3 GENTIVA HEALTH GHT GR 1,225.2 (285.2) 130.0 GENTIVA HEALTH GTIV US 1,225.2 (285.2) 130.0 GLAUKOS CORP 6GJ GR 28.3 (4.4) (4.9) GLAUKOS CORP GKOS US 28.3 (4.4) (4.9) GLG PARTNERS INC GLG US 400.0 (285.6) 156.9 GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9 GOLD RESERVE INC GDRZF US 17.9 (24.6) (35.0) GOLD RESERVE INC GRZ CN 17.9 (24.6) (35.0) GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5 GREENSHIFT CORP VD4B GR 1.3 (40.7) (39.9) GYMBOREE CORP/TH GYMB US 1,206.6 (352.8) 30.7 HCA HOLDINGS INC HCAEUR EU 31,288.0 (6,222.0) 1,958.0 HCA HOLDINGS INC 2BH TH 31,288.0 (6,222.0) 1,958.0 HCA HOLDINGS INC 2BH GR 31,288.0 (6,222.0) 1,958.0 HCA HOLDINGS INC HCA US 31,288.0 (6,222.0) 1,958.0 HD SUPPLY HOLDIN 5HD GR 6,321.0 (498.0) 1,400.0 HD SUPPLY HOLDIN HDS US 6,321.0 (498.0) 1,400.0 HERBALIFE LTD HLF US 2,388.9 (301.2) 259.3 HERBALIFE LTD HLFEUR EU 2,388.9 (301.2) 259.3 HERBALIFE LTD HOO QT 2,388.9 (301.2) 259.3 HERBALIFE LTD HOO GR 2,388.9 (301.2) 259.3 HOVNANIAN-A-WI HOV-W US 2,517.0 (146.3) 1,516.6 HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8) IEG HOLDINGS COR IEGH US - (3.8) (0.6) IHEARTMEDIA INC IHRT US 13,626.9 (10,240.8) 816.5 INCYTE CORP ICY TH 862.6 (41.4) 466.6 INCYTE CORP INCY US 862.6 (41.4) 466.6 INCYTE CORP ICY GR 862.6 (41.4) 466.6 INCYTE CORP INCYEUR EU 862.6 (41.4) 466.6 INFOR US INC LWSN US 6,778.1 (460.0) (305.9) INVENTIV HEALTH VTIV US 2,154.4 (613.8) 84.5 IPCS INC IPCS US 559.2 (33.0) 72.1 ISTA PHARMACEUTI ISTA US 124.7 (64.8) 2.2 JUST ENERGY GROU JE CN 1,297.2 (638.8) (87.0) JUST ENERGY GROU JE US 1,297.2 (638.8) (87.0) JUST ENERGY GROU 1JE GR 1,297.2 (638.8) (87.0) KEMPHARM INC KMPH US 14.1 (26.1) 6.3 KEMPHARM INC 1GD GR 14.1 (26.1) 6.3 L BRANDS INC LTD QT 6,638.0 (606.0) 927.0 L BRANDS INC LB US 6,638.0 (606.0) 927.0 L BRANDS INC LB* MM 6,638.0 (606.0) 927.0 L BRANDS INC LBEUR EU 6,638.0 (606.0) 927.0 L BRANDS INC LTD TH 6,638.0 (606.0) 927.0 L BRANDS INC LTD GR 6,638.0 (606.0) 927.0 LANTHEUS HOLDING 0L8 GR 248.7 (240.5) 37.4 LANTHEUS HOLDING LNTH US 248.7 (240.5) 37.4 LEAP WIRELESS LEAP US 4,662.9 (125.1) 346.9 LEAP WIRELESS LWI TH 4,662.9 (125.1) 346.9 LEAP WIRELESS LWI GR 4,662.9 (125.1) 346.9 LEE ENTERPRISES LEE US 779.6 (165.1) (20.2) LORILLARD INC LO US 4,154.0 (2,134.0) 1,135.0 LORILLARD INC LLV TH 4,154.0 (2,134.0) 1,135.0 LORILLARD INC LLV GR 4,154.0 (2,134.0) 1,135.0 MAJESCOR RESOURC MJXEUR EU 0.1 (3.2) (3.2) MANNKIND CORP NNF1 GR 360.0 (97.0) (222.5) MANNKIND CORP NNF1 TH 360.0 (97.0) (222.5) MANNKIND CORP MNKDEUR EU 360.0 (97.0) (222.5) MANNKIND CORP MNKD US 360.0 (97.0) (222.5) MARRIOTT INTL-A MAQ QT 6,321.0 (3,033.0) (1,611.0) MARRIOTT INTL-A MAR US 6,321.0 (3,033.0) (1,611.0) MARRIOTT INTL-A MAQ GR 6,321.0 (3,033.0) (1,611.0) MARRIOTT INTL-A MAQ TH 6,321.0 (3,033.0) (1,611.0) MCBC HOLDINGS IN MCFT US 91.6 (44.8) (38.2) MCBC HOLDINGS IN 1SG GR 91.6 (44.8) (38.2) MDC COMM-W/I MDZ/W CN 1,640.1 (196.6) (284.0) MDC PARTNERS-A MD7A GR 1,640.1 (196.6) (284.0) MDC PARTNERS-A MDCA US 1,640.1 (196.6) (284.0) MDC PARTNERS-A MDZ/A CN 1,640.1 (196.6) (284.0) MDC PARTNERS-EXC MDZ/N CN 1,640.1 (196.6) (284.0) MERITOR INC AID1 GR 2,453.0 (591.0) 360.0 MERITOR INC MTOR US 2,453.0 (591.0) 360.0 MERRIMACK PHARMA MP6 GR 127.0 (128.8) (4.4) MERRIMACK PHARMA MACK US 127.0 (128.8) (4.4) MICHAELS COS INC MIK US 1,922.7 (2,031.3) 471.7 MICHAELS COS INC MIM GR 1,922.7 (2,031.3) 471.7 MONEYGRAM INTERN MGI US 4,464.6 (248.7) (40.4) MOODY'S CORP MCO US 4,999.5 (103.4) 1,939.2 MOODY'S CORP DUT QT 4,999.5 (103.4) 1,939.2 MOODY'S CORP MCOEUR EU 4,999.5 (103.4) 1,939.2 MOODY'S CORP DUT GR 4,999.5 (103.4) 1,939.2 MOODY'S CORP DUT TH 4,999.5 (103.4) 1,939.2 MORGANS HOTEL GR M1U GR 532.4 (246.2) 31.0 MORGANS HOTEL GR MHGC US 532.4 (246.2) 31.0 MPG OFFICE TRUST 1052394D US 1,280.0 (437.3) - NANOFLEX POWER C OPVS US 0.0 (6.0) (6.0) NATIONAL CINEMED NCMI US 985.6 (219.8) 63.5 NATIONAL CINEMED XWM GR 985.6 (219.8) 63.5 NAVISTAR INTL NAV US 6,925.0 (4,744.0) 770.0 NAVISTAR INTL IHR GR 6,925.0 (4,744.0) 770.0 NAVISTAR INTL IHR TH 6,925.0 (4,744.0) 770.0 NEFF CORP-CL A NEFF US 634.4 (202.7) (12.8) NEW ENG RLTY-LP NEN US 175.7 (29.1) - NII HOLDINGS INC NIHD US 4,897.0 (2,504.0) (68.7) NII HOLDINGS INC NJJA GR 4,897.0 (2,504.0) (68.7) NORTHWEST BIO NBYA GR 49.4 (70.7) (86.3) NORTHWEST BIO NWBO US 49.4 (70.7) (86.3) OCATA THERAPEUTI OCAT US 4.9 (2.1) (0.3) OCATA THERAPEUTI T2N1 GR 4.9 (2.1) (0.3) OMTHERA PHARMACE OMTH US 18.3 (8.5) (12.0) OOMA INC OOMA US 33.9 (8.3) (6.0) PALM INC PALM US 1,007.2 (6.2) 141.7 PBF LOGISTICS LP PBFX US 402.3 (112.0) 30.1 PBF LOGISTICS LP 11P GR 402.3 (112.0) 30.1 PHILIP MORRIS IN PM1 TE 32,713.0 (11,798.0) (1,614.0) PHILIP MORRIS IN PM US 32,713.0 (11,798.0) (1,614.0) PHILIP MORRIS IN PM1CHF EU 32,713.0 (11,798.0) (1,614.0) PHILIP MORRIS IN PMI SW 32,713.0 (11,798.0) (1,614.0) PHILIP MORRIS IN PM FP 32,713.0 (11,798.0) (1,614.0) PHILIP MORRIS IN 4I1 TH 32,713.0 (11,798.0) (1,614.0) PHILIP MORRIS IN 4I1 GR 32,713.0 (11,798.0) (1,614.0) PHILIP MORRIS IN PM1EUR EU 32,713.0 (11,798.0) (1,614.0) PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9) PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9) PLY GEM HOLDINGS PG6 GR 1,231.9 (150.1) 241.4 PLY GEM HOLDINGS PGEM US 1,231.9 (150.1) 241.4 POLYMER GROUP-B POLGB US 1,901.8 (12.6) 315.2 PROTECTION ONE PONE US 562.9 (61.8) (7.6) PURETECH HEALTH PRTC LN - - - PURETECH HEALTH PRTCGBX EU - - - QUALITY DISTRIBU QLTY US 417.9 (26.9) 110.6 QUALITY DISTRIBU QDZ GR 417.9 (26.9) 110.6 QUINTILES TRANSN QTS GR 3,341.8 (701.7) 866.0 QUINTILES TRANSN Q US 3,341.8 (701.7) 866.0 RAPID7 INC RPD US 79.4 (42.0) (14.6) RAPID7 INC R7S GR 79.4 (42.0) (14.6) RAYONIER ADV RYAM US 1,281.8 (52.6) 179.2 RAYONIER ADV RYQ GR 1,281.8 (52.6) 179.2 RE/MAX HOLDINGS 2RM GR 362.5 (0.2) 41.0 RE/MAX HOLDINGS RMAX US 362.5 (0.2) 41.0 REGAL ENTERTAI-A RGC US 2,484.4 (911.5) (118.6) REGAL ENTERTAI-A RETA GR 2,484.4 (911.5) (118.6) REGAL ENTERTAI-A RGC* MM 2,484.4 (911.5) (118.6) RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4) RENTPATH INC PRM US 208.0 (91.7) 3.6 REVLON INC-A REV US 1,926.6 (629.2) 322.1 REVLON INC-A RVL1 GR 1,926.6 (629.2) 322.1 RURAL/METRO CORP RURL US 303.7 (92.1) 72.4 RYERSON HOLDING 7RY GR 1,903.2 (135.0) 706.3 RYERSON HOLDING RYI US 1,903.2 (135.0) 706.3 SALLY BEAUTY HOL SBH US 2,134.9 (261.0) 766.9 SALLY BEAUTY HOL S7V GR 2,134.9 (261.0) 766.9 SBA COMM CORP-A SBAC US 7,751.9 (1,133.2) 30.4 SBA COMM CORP-A SBJ GR 7,751.9 (1,133.2) 30.4 SBA COMM CORP-A SBJ QT 7,751.9 (1,133.2) 30.4 SBA COMM CORP-A SBJ TH 7,751.9 (1,133.2) 30.4 SBA COMM CORP-A SBACEUR EU 7,751.9 (1,133.2) 30.4 SCIENTIFIC GAM-A TJW GR 9,703.4 (189.4) 686.9 SCIENTIFIC GAM-A SGMS US 9,703.4 (189.4) 686.9 SEARS HOLDINGS SHLD US 13,290.0 (1,182.0) 24.0 SEARS HOLDINGS SEE TH 13,290.0 (1,182.0) 24.0 SEARS HOLDINGS SEE GR 13,290.0 (1,182.0) 24.0 SECTOR 5 INC SECT US - (0.0) (0.0) SILVER SPRING NE SSNI US 528.2 (94.3) (10.2) SILVER SPRING NE 9SI GR 528.2 (94.3) (10.2) SILVER SPRING NE 9SI TH 528.2 (94.3) (10.2) SIRIUS XM CANADA SIICF US 297.1 (132.8) (177.9) SIRIUS XM CANADA XSR CN 297.1 (132.8) (177.9) SPORTSMAN'S WARE 06S GR 305.8 (32.8) 77.8 SPORTSMAN'S WARE SPWH US 305.8 (32.8) 77.8 STINGRAY - SUB V RAY/A CN 128.2 (17.8) (41.0) STINGRAY DIG-VSV RAY/B CN 128.2 (17.8) (41.0) SUPERVALU INC SJ1 TH 4,491.0 (561.0) (77.0) SUPERVALU INC SJ1 GR 4,491.0 (561.0) (77.0) SUPERVALU INC SVU US 4,491.0 (561.0) (77.0) SYNERGY PHARMACE SGYPEUR EU 194.8 (24.7) 163.1 SYNERGY PHARMACE SGYP US 194.8 (24.7) 163.1 SYNERGY PHARMACE S90 GR 194.8 (24.7) 163.1 SYNTHETIC BIOLOG SYN US 13.7 (1.6) (1.7) THERAVANCE THRX US 605.6 (187.5) 334.0 THERAVANCE HVE GR 605.6 (187.5) 334.0 THRESHOLD PHARMA THLD US 88.0 (19.9) 53.1 THRESHOLD PHARMA NZW1 GR 88.0 (19.9) 53.1 TRANSDIGM GROUP T7D GR 7,226.2 (1,326.2) 853.8 TRANSDIGM GROUP TDG US 7,226.2 (1,326.2) 853.8 TRINET GROUP INC TN3 GR 1,620.2 (15.1) 15.2 TRINET GROUP INC TN3 TH 1,620.2 (15.1) 15.2 TRINET GROUP INC TNET US 1,620.2 (15.1) 15.2 TRINET GROUP INC TNETEUR EU 1,620.2 (15.1) 15.2 UNISYS CORP USY1 TH 2,163.6 (1,455.9) 177.2 UNISYS CORP UISEUR EU 2,163.6 (1,455.9) 177.2 UNISYS CORP UIS US 2,163.6 (1,455.9) 177.2 UNISYS CORP USY1 GR 2,163.6 (1,455.9) 177.2 UNISYS CORP UISCHF EU 2,163.6 (1,455.9) 177.2 UNISYS CORP UIS1 SW 2,163.6 (1,455.9) 177.2 VENOCO INC VQ US 596.0 (31.1) 52.2 VERISIGN INC VRS TH 2,570.7 (994.3) (15.0) VERISIGN INC VRS GR 2,570.7 (994.3) (15.0) VERISIGN INC VRSN US 2,570.7 (994.3) (15.0) VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8) VERSEON CORP VSN LN - - - VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3) WEIGHT WATCHERS WW6 GR 1,446.4 (1,385.2) (260.9) WEIGHT WATCHERS WTWEUR EU 1,446.4 (1,385.2) (260.9) WEIGHT WATCHERS WW6 TH 1,446.4 (1,385.2) (260.9) WEIGHT WATCHERS WTW US 1,446.4 (1,385.2) (260.9) WEST CORP WSTC US 3,546.2 (647.7) 247.3 WEST CORP WT2 GR 3,546.2 (647.7) 247.3 WESTERN REFINING WR2 GR 434.0 (27.4) 71.5 WESTERN REFINING WNRL US 434.0 (27.4) 71.5 WESTMORELAND COA WLB US 1,829.7 (388.7) 59.0 WESTMORELAND COA WME GR 1,829.7 (388.7) 59.0 WINGSTOP INC EWG GR 114.1 (54.0) (4.6) WINGSTOP INC WING US 114.1 (54.0) (4.6) WINMARK CORP GBZ GR 45.3 (41.5) 11.5 WINMARK CORP WINA US 45.3 (41.5) 11.5 WYNN RESORTS LTD WYNN SW 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYR TH 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYR GR 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYNN* MM 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYNNCHF EU 9,151.7 (147.2) 1,135.3 WYNN RESORTS LTD WYNN US 9,151.7 (147.2) 1,135.3 XACTLY CORP XTLY US 52.7 (25.4) (6.8) XACTLY CORP XT4Y GR 52.7 (25.4) (6.8) XERIUM TECHNOLOG TXRN GR 561.0 (102.9) 81.5 XERIUM TECHNOLOG XRM US 561.0 (102.9) 81.5 YRC WORLDWIDE IN YRCW US 1,968.6 (445.2) 200.4 YRC WORLDWIDE IN YEL1 GR 1,968.6 (445.2) 200.4 YRC WORLDWIDE IN YEL1 TH 1,968.6 (445.2) 200.4 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***