TCR_Public/150810.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, August 10, 2015, Vol. 19, No. 222

                            Headlines

3S INTERNATIOAL: Case Summary & 20 Largest Unsecured Creditors
ALLIANCE ONE: Posts $22.9 Million Net Loss for June 30 Quarter
AMG CAPITAL II: Fitch to Withdraw BB+ Trust Preferred Sec. Rating
AMPLIPHI BIOSCIENCES: Cleared to Submit NYSE Listing Application
AMPLIPHI BIOSCIENCES: Stockholders Elect Two Directors

AMRICAN STANDARD: Section 341 Meeting Set for Sept. 17
ANIXTER INC: Fitch Assigns 'BB+/RR4' Rating to Sr. Unsecured Notes
ANK LLC: Case Summary & Largest Unsecured Creditor
B456 SYSTEMS: Daimler's Summary Judgment Bid Partially Denied
BERRY PLASTICS: Adopts Amended Code of Business Ethics

BERRY PLASTICS: To Acquire AVINTIV for $2.4 Billion
BOMBARDIER INC: Moody's Lowers Corporate Family Rating to B2
BROADVIEW NETWORKS: Reports $2.2 Million Net Loss for 2nd Quarter
BUILDERS FIRSTSOURCE: Closes Sale of $700 Million Senior Notes
CAESARS ENTERTAINMENT: Posts $15 Million Net Income for Q2

CANAL ASPHALT: Section 341 Meeting Set for Aug. 26
CF INDUSTRIES: Moody's Says Combination With OCI is Credit Positive
CIT GROUP: Fitch Assigns 'BB+/B' Issuer Default Ratings
COMMUNICATIONS SALES: S&P Puts 'BB-' CCR on CreditWatch Negative
COMMUNITY HEALTH: Fitch Affirms 'B+' Issuer Default Rating

COOK INLET: Involuntary Chapter 11 Case Summary
CORNERSTONE INVESTMENTS: Voluntary Chapter 11 Case Summary
COYNE INTERNATIONAL: Meeting of Creditors Set for Aug. 31
DISTRICT AT MCALLEN: City Bank Opposes Use of Cash Collateral
DREAMPLAY INC: Court Awards James Koch $8K for Fees, Expenses

EMPIRE RESORTS: Posts $7.6 Million Net Loss for Second Quarter
ERF WIRELESS: Timothy Maxson Resigns as Chief Operating Officer
ERNESTO GYUREC: Cal. App. Affirms Judgment Favoring Deutsche Bank
FANNIE MAE: Reports Net Income of $4.6 Billion for Q2 2015
FCC HOLDINGS: Moody's Hikes Senior Unsecured Notes Rating to Caa1

FIRST DATA: Announces Cash Tender Offers for Senior Notes
FIRST DATA: Announces Offering of $675 Million Senior Notes
FIRST DATA: Fitch Assigns 'BB/RR1' Rating on 2023 1st Lien Notes
FISCHBEIN LLC: Moody's Assigns 'B2' Corporate Family Rating
FISCHBEIN LLC: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable

GARDA WORLD: Fitch Affirms 'B+' Issuer Default Rating
GLENTEL INC: S&P Raises CCR From 'B+' Then Withdraws Rating
GOODYEAR TIRE: Moody's Hikes Corporate Family Rating to 'Ba2'
HUDSON'S BAY: S&P Assigns 'BB' Rating on Proposed US$1.085BB Loan
ICE THEATERS: Case Summary & 19 Largest Unsecured Creditors

IGATE CORP: S&P Raises Then Withdraws Corp. Credit Rating
INTELLIPHARMACEUTICS INT'L: Updates Status of Focalin Approvals
JTS LLC: Can Use Northrim Bank Cash Collateral Until November 30
LEVEL 3: Reports $13 Million Net Loss for Second Quarter
LUCA INTERNATIONAL: Voluntary Chapter 11 Case Summary

MARIAN AND ALFRED: Case Summary & 3 Largest Unsecured Creditors
MERRIMACK PHARMACEUTICALS: Yasir Al-Wakeel Elected CFO
MIDSTATES PETROLEUM: Completes 1-for-10 Reverse Stock Split
MISSION NEW ENERGY: Settles Dispute with KNM Process
MOHEGAN TRIBAL: S&P Affirms 'CCC' Rating on 9.75% Sr. Unsec. Notes

MORGANS HOTEL: Posts $10.7 Million Net Loss for Second Quarter
N-VIRO INTERNATIONAL: Carl Richard Quits as Director
NATIONSTAR MORTGAGE: S&P Revises Outlook to Stable, Affirms B+ ICR
NAVISTAR INTERNATIONAL: To Present at Jefferies 2015 Conference
NET ELEMENT: Signs Letter Agreements with Investors

NJK REAL ESTATE: Case Summary & 3 Largest Unsecured Creditors
NNN DORAL COURT: Case Summary & 20 Largest Unsecured Creditors
NNN MET CENTER: Section 341 Meeting Schedule for Aug. 31
OCI BEAUMONT: S&P Puts 'B' CCR on CreditWatch Positive
OLLIE'S BARGAIN: S&P Hikes Corp Credit Rating to B+, Outlook Stable

ONE SOURCE: To Make $950 Monthly Payment to Key Equipment
OWENS ILLINOIS: Moody's Lowers Corporate Family Rating to 'Ba3'
PASSSAIC HEALTHCARE: Equipment, Inventory Bidding Procedures OK'd
PLUG POWER: Axane S.A. Reports 2.6% Stake as of July 31
PORTER BANCORP: Posts $2.1 Million Net Loss for Second Quarter

PRESS GANEY: Moody's Withdraws 'B1' Corporate Family Rating
PRESS GANEY: S&P Withdraws BB- Corp Credit Rating on Debt Repayment
PROGRESO INDEPENDENT: Fitch Affirms BB+ Rating on $27.6MM ULT Bonds
QUALITY DISTRIBUTION: CFIUS Completes Review on Proposed Merger
QUALITY DISTRIBUTION: Proxy Statement Supplemental Disclosures

QUANTUM CORP: Grants 10.3-Mil. Restricted Shares in Fiscal 2015
QUANTUM FUEL: Reports Second Quarter 2015 Financial Results
RETROPHIN INC: Reports Second Quarter 2015 Financial Results
ROCKWELL MEDICAL: Posts $2.5 Million Net Loss for Second Quarter
SBM DEEP: Fitch Lowers Rating on $450MM Sr. Sec. Notes to 'BB'

SEARS HOLDINGS: Edward Lampert Reports 52.8% Stake as of Aug. 3
SEQUENOM INC: Reports $9 Million Net Loss for Second Quarter
SOUTHERN STATES: Moody's Cuts Corporate Family Rating to B3
SPX CORP: Moody's Affirms Ba3 Rating on $600MM Sr. Unsecured Notes
SRP PLAZA: Can Use Cash Collateral Until August 25

SULLIVAN INTERNATIONAL: 'Challenge' Period Extended to Aug. 15
TIERRA DEL REY: Can Use Cash Collateral Until September 29
TOWN SPORTS: S&P Lowers CCR to 'B-'; Outlook Negative
TRAPEZA CDO XIII: Moody's Raises Rating Class C-2 Notes to Caa1
TRAVELPORT WORLDWIDE: Reports $16 Million Net Income for Q2

UNI-PIXEL INC: Officers to Receive Portion of Salary in Shares
VEIGEL FARM: Suit vs. Ag Acceptance Transferred to Texas Court
WAFERGEN BIO-SYSTEMS: Reports Results for Second Quarter 2015
WARNER MUSIC: Posts $44 Million Net Loss for Third Quarter
WEST CORP: Reports $49.6 Million Net Income for Second Quarter

WESTMORELAND RESOURCE: Contribution of Kemmerer Mine Completed
WINDSTREAM HOLDINGS: S&P Puts 'BB-' CCR on CreditWatch Negative
WORLDCOM INC: Tax Court Affirms Disallowance of $271MM Deductions
ZUCKER GOLDBERG: Aug. 12 Meeting Set to Form Creditors' Panel
ZUCKER GOLDBERG: Section 341 Meeting Scheduled for Sept. 9

[^] BOND PRICING: For the Week From Aug. 3 to 7, 2015

                            *********

3S INTERNATIOAL: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: 3S International, LLC
           dba Three S International
        108 S. University Avenue, Suite 6
        Mount Pleasant, MI 48858-2327

Case No.: 15-21594

Chapter 11 Petition Date: August 6, 2015

Court: United States Bankruptcy Court
       Eastern District of Michigan (Bay City)

Judge: Hon. Daniel S. Opperman

Debtor's Counsel: Robert F. Wardrop, II, Esq.
                  WARDROP & WARDROP, P.C.
                  300 Ottawa Avenue, NW, Suite 150
                  Grand Rapids, MI 49503
                  Tel: 616-459-1225
                  Email: robb@wardroplaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by W. Sidney Smith, Chairman of the Board,
manager.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mieb15-21594.pdf


ALLIANCE ONE: Posts $22.9 Million Net Loss for June 30 Quarter
--------------------------------------------------------------
Alliance One International, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $22.9 million on $263.8 million of sales and other
operating revenues for the three months ended June 30, 2015,
compared to a net loss of $18.5 million on $249 million of sales
and other operating revenues for the same period in 2014.

As of June 30, 2015, the Company had $1.8 billion in total assets,
$1.6 billion in total liabilities and $217.6 million in total
equity.

Pieter Sikkel, president and chief executive officer said, "Global
markets are still in oversupply with some regions beginning to
tighten.  Market prices paid in U.S dollars for suppliers' green
tobacco have again been generally lower this year, and conditions
highlighted since the end of fiscal year 2014 when global
oversupply was building have continued.  We anticipate that
oversupply will further correct through the current crop cycle.
Despite global oversupply and reduced average sales prices, our
sales for the first quarter improved 5.9% versus last year to
$263.8 million primarily due to increased volumes shipped from
South America and enhanced customer demand for Asian products.
South American and African markets have been delayed by 4 to 6
weeks this year mainly related to weather.  As a result, we have
experienced a slow start that is expected to improve through the
year with sales building each subsequent quarter and resulting in
improved full-year revenue and adjusted EBITDA when compared to
last fiscal year."

On July 23, 2015, the Company's deconsolidated Zimbabwe subsidiary
experienced a fire at its warehouse located in Harare which stored
a portion of the green tobacco from the most recent harvest in that
country.  In addition to destroying green tobacco, the fire
severely damaged the building and other fixed assets.  The Company
maintains insurance which provides for the recovery of loss from
fire, including lost profit.  The timing, and the exact amount, of
insurance recovery related to the Harare fire is uncertain and an
extended delay in receiving the full anticipated insurance recovery
could adversely affect liquidity.

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

                       http://is.gd/nPoL0X

                        About Alliance One

Alliance One International is a leading global independent leaf
merchant.  Visit the Company's Web site at http://www.aointl.com/



Alliance One reported a net loss of $15.6 million on $2.10 billion
of sales and other operating revenues for the year ended March 31,
2015, compared to a net loss of $87 million on $2.3 billion of
sales and other operating revenues for the year ended March 31,
2014.

                            *    *    *

As reported by the TCR on Feb. 12, 2015, Moody's Investor Service
downgraded the Corporate Family Rating of Alliance One
International, Inc. (AOI) to Caa1 from B3.  The downgrade of AOI's
CFR to Caa1 reflects Moody's expectation that credit metrics will
remain weak over the next 12 - 18 months.

The TCR reported on April 13, 2015, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Morrisville,
N.C.-based Alliance One International Inc. to 'CCC+' from 'B-'.


AMG CAPITAL II: Fitch to Withdraw BB+ Trust Preferred Sec. Rating
-----------------------------------------------------------------
Fitch Ratings plans to withdraw the ratings on Affiliated Managers
Group, Inc. on or about Sept. 8, 2015, for commercial reasons.

Fitch currently rates Affiliated Managers Group Inc

Affiliated Managers Group, Inc.
   -- Long-term Issuer Default Rating (IDR) 'BBB+';
   -- Senior unsecured notes 'BBB+';
   -- Senior bank credit facility 'BBB+'.

AMG Capital Trust II
   -- Trust preferred securities 'BB+'.

The Rating Outlook is Stable.

Fitch reserves the right in its sole discretion to withdraw or
maintain any rating at any time for any reason it deems sufficient.
Fitch believes that investors benefit from increased rating
coverage by Fitch and is providing approximately 30 days' notice to
the market on the withdrawal.  Ratings are subject to analytical
review and change up to the time Fitch withdraws the ratings.

Fitch's last rating action for the above referenced entities was on
June 15, 2015.  The ratings were upgraded by one notch with a
Stable Outlook.



AMPLIPHI BIOSCIENCES: Cleared to Submit NYSE Listing Application
----------------------------------------------------------------
AmpliPhi BioSciences Corporation announced that its board of
directors has approved a 1-for-50 reverse split of the Company's
common stock to become effective at market open on
Aug. 7, 2015.  The Company has also been cleared to submit an
application to the NYSE MKT for a planned uplisting.  AmpliPhi's
eligibility is subject to NYSE MKT rules and regulations and
maintaining a minimum market price per share for a specified time
period as determined by the NYSE.

"We believe that the reverse stock split will facilitate our
listing to a major national exchange, and by listing on a national
exchange we will significantly increase the marketability of the
company's common stock among both institutional and retail
investors focused on national exchange-listed securities," said M.
Scott Salka, CEO of AmpliPhi.  "Following our recent successful
financing round in March 2015, AmpliPhi remains in a solid
financial position to execute on its near-term corporate objectives
and we expect that the reverse split will encourage greater
interest in our Common Stock by the financial community and the
investing public."

The reverse stock split was authorized by shareholders on Aug. 3,
2015, at the Company's 2015 Annual Meeting.  The reverse stock
split is intended to increase the per share trading price of the
company's common stock to meet the minimum per share bid price
required by NYSE MKT.  The effect of the reverse stock split will
be to combine each 50 shares of outstanding common stock into one
new share, with no change in par value per share, and to reduce the
number of common shares outstanding from approximately 289 million
to approximately 5.8 million.  On Aug. 7, 2015, the Company's stock
will trade on the OTCQB under the symbol "APHBD", with the "D"
added to signify a reverse stock split has occurred.

Informational letters will be sent to all shareholders on record by
the Company's transfer agent, Computershare.  Additional
information about the reverse stock split can be found in the
Company's Form 8-K filed with the Securities and Exchange
Commission, a copy of which is available at http://is.gd/3cCyv4

                          About AmpliPhi

AmpliPhi Biosciences Corp. is a biopharmaceutical company that
develops bacteriophage-based therapeutics.  It also develops an
internally generated pipeline of naturally occurring viruses
called bacteriophage (Phage) for the treatment of bacterial
infection, such as drug-resistant strains of bacteria that are
commonly found in the hospital setting.  The company's Phage
discovery also focuses on acute & chronic lung, sinus and
gastrointestinal infections.  AmpliPhi Biosciences was founded in
March 1989 and is headquartered in Glen Allen, Virginia.

The Company reported net income attributable to common stockholders
of $21.82 million for the year ended Dec. 31, 2014, compared to a
net loss attributable to common stockholders of $65.2 million for
the year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $38.6 million in total
assets, $39.35 million in total liabilities, $2.32 million in
series B redeemable convertible preferred stock, and a $3.07
million stockholders' deficit.


AMPLIPHI BIOSCIENCES: Stockholders Elect Two Directors
------------------------------------------------------
AmpliPhi Biosciences Corporation held its annual meeting of
stockholders on Aug. 3, 2015, at which the stockholders:

   (1) elected Scott Salka and Jeremy Curnock Cook as Class III
       directors to hold office until the Company's 2018 annual
       meeting of stockholders;

   (2) approved the proposal to amend the 2013 Stock Incentive
       Plan to increase the number of shares of common stock
       authorized for issuance under the plan from 40,000,000
       shares to 66,000,000;

   (3) ratified the selection of Ernst & Young LLP as the
       Company's independent registered public accounting firm for
       the fiscal year ending Dec. 31, 2015;

   (4) authorized an amendment to the Company's Amended and
       Restated Articles of Incorporation allowing the Company's
       Board, in its discretion at any time prior to June 30,
       2016, to effect a reverse stock split of the Company's
       outstanding common stock at a ratio of at least five-for-
       one and up to fifty-for-one; and

   (5) authorized an amendment to the Company's Amended and
       Restated Articles of Incorporation to increase the number
       of authorized shares of common stock from 445,000,000
       shares to 670,000,000 shares.

                          About AmpliPhi

AmpliPhi Biosciences Corp. is a biopharmaceutical company that
develops bacteriophage-based therapeutics.  It also develops an
internally generated pipeline of naturally occurring viruses
called bacteriophage (Phage) for the treatment of bacterial
infection, such as drug-resistant strains of bacteria that are
commonly found in the hospital setting.  The company's Phage
discovery also focuses on acute & chronic lung, sinus and
gastrointestinal infections.  AmpliPhi Biosciences was founded in
March 1989 and is headquartered in Glen Allen, Virginia.

The Company reported net income attributable to common stockholders
of $21.82 million for the year ended Dec. 31, 2014, compared to a
net loss attributable to common stockholders of $65.2 million for
the year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $38.6 million in total
assets, $39.35 million in total liabilities, $2.32 million in
series B redeemable convertible preferred stock, and a $3.07
million stockholders' deficit.


AMRICAN STANDARD: Section 341 Meeting Set for Sept. 17
------------------------------------------------------
A meeting of creditors in the bankruptcy case of American Standard
Energy, Corp., has been scheduled for Sept. 17, 2015, at 12:15 p.m.
at Midland Room 124.  Creditors have until Dec. 16, 2015, to submit
their proofs of claim.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

American Standard Energy, Corp. and American Standard Energy Corp.
filed Chapter 11 bankruptcy petitions (Bankr. W.D. Tex. Case Nos.
15-70104 and 15-70105) on Aug. 3, 2015.  Steven Person signed the
petition as president.  The Debtors disclosed total assets of at
least $40 million and total debts of $53 million as of July 31,
2015.  Loeb & Loeb LLP serves as the Debtors' counsel.  The cases
are assigned to Judge Ronald B. King.


ANIXTER INC: Fitch Assigns 'BB+/RR4' Rating to Sr. Unsecured Notes
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB+/RR4' rating to Anixter, Inc.'s
senior unsecured notes offering. Anixter intends to use the net
proceeds of the offering to fund a portion of the previously
announced acquisition of HD Supply's Power Solutions business for
$825 million in cash. The ratings affect $1.7 billion of debt,
including undrawn amounts under the company's credit facilities. A
full list of current ratings follows at the end of this release.

KEY RATING DRIVERS

Fitch believes Anixter's proposed acquisition of Power Systems, the
leading top utilities distributor in the U.S., should support
longer-term top line growth by adding complementary transmission
and distribution capabilities to Anixter's existing generation
business.

Power Systems significantly expands Anixter's high and low voltage
product offerings, as well as value added services, for utilities
markets and should drive longer-term revenue synergies and share
gains as customers consolidate vendors.

Power Systems will add roughly $1.9 billion of annual revenues
growing in the mid-single digits, although Fitch anticipates
significant exposure to project spending may increase revenue
volatility. Pro forma for the transaction, Fitch estimates
operating EBITDA margin of 6.1% and expects margins in the 5.5% to
6% range through the intermediate-term, given lower profitability
associated with utilities markets.

Fitch expects Anixter will fund the acquisition with a mix of
available cash and incremental borrowings. As a result, Fitch
believes total leverage (total debt to operating EBITDA) could
approach 3.7x, versus 2.6x for the latest 12 months (LTM) ended
July 28, 2015. However, the ratings and Outlook incorporate Fitch's
expectations Anixter will manage debt levels with free cash flow
(FCF) to return total leverage closer to 3x in the near-term.

Fitch believes Anixter's liquidity remains adequate and Fitch
forecasts $50 - $75 million of incremental FCF by the acquisition's
expected closing date (fourth quarter of 2015).

Anixter's ratings and Outlook are supported by the following:

-- Leading market position in niche distribution markets which
    Fitch believes contributes to Anixter's above-average margins
    for a distributor;

-- Broad diversification of products, suppliers, customers and
    geographies which adds stability to the company's financial
    profile by reducing operating volatility;

-- Counter-cyclical inventory that allows the company to generate

    free cash flow in a downturn.

Credit concerns include:

-- Expectations that credit protection measures could remain weak

    from the use of FCF for shareholder returns rather than debt
    reduction;

-- Thin operating margins characteristic of the distribution
    industry, which amplifies movement in credit protection
    measures through the IT cycle;

-- Significant unhedged exposure to copper prices and currency
    prices.

KEY ASSUMPTIONS

-- Pro forma for the transaction, sale of the fasteners business
    and Triad acquisition in the 4th quarter of 2014, Fitch
    expects low- to mid-single digit organic revenue growth
    through the intermediate-term that will be meaningfully
    constrained by FX headwinds in 2015. Anixter's FX exposure is
    less post-sale of the fasteners business given the higher
    exposure to Europe.

-- Revenue synergies and share consolidation support longer-term
    revenue growth at the higher end of the low- to mid-single
    digit range.

-- Acquisition activity will remain muted with Anixter focusing
    on integration of Power Supply, as well as continued
    integration of Triad and rationalization post-sale of the
    fasteners business.

-- Operating EBITDA margin ranging from 5.5% to 6% through the
    intermediate-term, supported by higher revenues and increasing

    mix of value added services, despite lower base line
    profitability for utilities markets.

-- Lower blended capital and working capital intensity supports
    more consistent, albeit modest FCF through the cycle.

-- Anixter will use FCF for debt reduction rather than
    shareholder returns over the near-term, returning total
    leverage to 3x.

RATING SENSITIVITIES

Negative rating actions could occur if Fitch expects Anixter to
sustain adjusted leverage (Total Debt plus 8x annual rent expense
to EBITDAR) above 4x likely from a combination of:

-- Market share losses or profit margin contraction; or
-- Use of FCF for special dividends or other shareholder returns
    instead of debt reduction.

Fitch believes positive rating actions are limited in the absence
of management's commitment to more conservative financial policies,
including a meaningfully lower adjusted leverage target and more
moderate and predictable shareholder returns.

LIQUIDITY

Anixter's liquidity was adequate at July 28, 2015 and was supported
by:

-- $206.2 million of cash; and
-- $458.7 million of available borrowing capacity under Anixter's

    credit facilities and accounts receivables securitization
    facility as of July 28, 2015.

Modest annual FCF of $100 million to $200 million also supports
liquidity.

Total debt pro forma for the senior notes issuance was $1.3 billion
and consisted primarily of the following:

-- $196 million unsecured term loan A due November 2018;
-- $350 million 5.625% senior unsecured notes due May 2019;
-- $400 million 5.125% senior unsecured notes due October 2021;
-- $350 million senior unsecured notes due 2023.

Fitch currently rates Anixter as follows:

Anixter International, Inc.
-- Issuer Default Rating (IDR) 'BB+';

Anixter Inc.
-- IDR 'BB+';
-- Senior unsecured notes 'BB+/RR4';
-- Senior unsecured bank credit facility 'BB+/RR4'.

The Rating Outlook is Stable.



ANK LLC: Case Summary & Largest Unsecured Creditor
--------------------------------------------------
Debtor: ANK LLC
        31 Walker Avenue, Ste 110
        Pikesville, MD 21208

Case No.: 15-20990

Chapter 11 Petition Date: August 6, 2015

Court: United States Bankruptcy Court
       District of Maryland (Baltimore)

Debtor's Counsel: Michael Patrick Coyle, Esq.
                  THE COYLE LAW GROUP LLC
                  6700 Alexander Bell Drive, Suite 200
                  Columbia, MD 21046
                  Tel: 410-884-3180
                  Fax: 410-884-3104
                  Email: mcoyle@thecoylelawgroup.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Brenda J. Faulk, authorized individual.

The Debtor listed Ocwen Loan Servicing, LLC as its largest
unsecured creditor holding a claim of $3.3 million.


B456 SYSTEMS: Daimler's Summary Judgment Bid Partially Denied
-------------------------------------------------------------
Judge Kevin J. Carey of the United States Bankruptcy Court for the
District of Delaware granted in part and denied in part Daimler
Purchasing Coordination Corp.'s motion for summary judgment, and
denied the cross-motion for summary judgment filed by Pirinate
Consulting Group, LLC, as the trustee for the B456 Liquidation
Trust.

DPCC filed a proof of claim for $25.5 million for damages resulting
from the Debtors' rejection of an alleged contract between debtor
A123 Systems, Inc., and Daimler AG, pursuant to which A123 would
manufacture and supply Daimler with lithium-ion starter batteries
to replace lead acid batteries in certain Mercedez-Benz car lines.
The trustee argued that a contract was never formed because, among
other things, A123 did not accept DPCC's offers nor did A123
execute a writing sufficient to satisfy the statute of frauds.

Judge Carey concluded that the signed Amendment to the Purchase
Contracts between A123 and DPCC establishes that there was a
written, enforceable contract between the parties, and that the
signed Agreement satisfies the statute of frauds.  However, Judge
Carey also held that there are issues of material fact regarding
the length of that contract.  Accordingly, DPCC's Summary Judgment
Motion was granted, in part, and denied, in part.

The case is In re B456 SYSTEMS, INC., et al., Chapter 11, Debtors,
CASE NO. 12-12859 (KJC) (Bankr. D. Del.)

A copy of the Judge Carey's July 24, 2015 memorandum is available
at http://is.gd/Oo6Gmaat Leagle.com.  

                        About B456 Systems

B456 Systems, Inc., formerly A123 Systems, Inc., designs, develops,
manufactures and sells rechargeable lithium-ion and energy storage
systems.  In the transportation industry market, the Company
works with global automotive manufacturers and tier 1 suppliers to
develop batteries and battery systems for hybrid electric vehicles
(HEVs), plug-in hybrid electric vehicles (PHEVs) and electric
vehicles, (EVs).  The Company's transportation business is
divided into two categories: heavy-duty and passenger. As of Dec.
31, 2011, the Company's product offerings included batteries in
various sizes and forms, as well as packaged modules and
fully-tested battery systems.  The platform for battery and
battery system development is its Nanophosphate material.  In
January 2013, A123 Systems LLC acquired the non-government business
assets of the Company.

A123 and U.S. affiliates, A123 Securities Corporation and Grid
Storage Holdings LLC, sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 12-12859 to 12-12861) on Oct. 16, 2012.
A123 disclosed assets of $459.8 million and liabilities totaling
$376 million.  Lawyers at Richards, Layton & Finger, P.A., and
Latham & Watkins LLP serve as the Debtors' counsel.  Lazard
Freres & Co. LLC acts as the Debtors' financial advisors, while
Alvarez & Marsal serves as restructuring advisors.  Logan &
Company Inc. serves as the Debtors' claims and noticing
agent.  Brown Rudnick LLP and Saul Ewing LLP serve as counsel to
the Official Committee of Unsecured Creditors.

As reported by Reuters, on May 21, 2013, the Company won court
approval for its bankruptcy plan.  Under the approved Plan,
unsecured creditors of the Company are expected to recover about
65 cents for each dollar.


BERRY PLASTICS: Adopts Amended Code of Business Ethics
------------------------------------------------------
The Board of Directors of Berry Plastics Group, Inc. adopted a
revised Code of Business Ethics to (a) clarify that all board
members, executives and employees are accountable for complying and
adhering to the Code, (b) add policies that require personnel to
understand and comply with anticorruption, employee privacy,
government procurement and anti-boycott laws, (c) require
pre-approval from the Company's chief financial officer and general
counsel for political contributions or expenditures incurred by the
Company and (d) make other administrative and non-substantive
changes to the Code.  A copy of the Code of Business Ethics is
available for free at http://is.gd/ttkam7

                        About Berry Plastics

Berry Plastics Corporation manufactures and markets plastic
packaging products, plastic film products, specialty adhesives and
coated products.  At Jan. 2, 2010, the Company had more than 80
production and manufacturing facilities, primarily located in the
United States.  Berry is a wholly-owned subsidiary of Berry
Plastics Group, Inc.  Berry Group is primarily owned by affiliates
of Apollo Management, L.P., and Graham Partners.  Berry, through
its wholly owned subsidiaries operates five reporting segments:
Rigid Open Top, Rigid Closed Top, Flexible Films, Tapes/Coatings
and Specialty Films.  The Company's customers are located
principally throughout the United States, without significant
concentration in any one region or with any one customer.

On Dec. 3, 2009, Berry Plastics obtained control of 100 percent of
the capital stock of Pliant upon Pliant's emergence from
reorganization pursuant to a proceeding under Chapter 11 for a
purchase price of $602.7 million.  Pliant is a manufacturer of
films and flexible packaging for food, personal care, medical,
agricultural and industrial applications.

                           *     *     *

As reported by the TCR on Jan. 30, 2015, Moody's Investors Service
upgraded the corporate family rating of Berry Plastics to 'B1' from
'B2'.  The upgrade of the corporate family rating reflects the
pro-forma benefits from the recent restructuring and acquisitions.


BERRY PLASTICS: To Acquire AVINTIV for $2.4 Billion
---------------------------------------------------
Berry Plastics Group, Inc. and AVINTIV Inc. announced that they
have entered into a definitive agreement for Berry Plastics to
acquire AVINTIV Inc. from private equity funds managed by The
Blackstone Group LP for approximately $2.45 billion in cash on a
debt-free, cash-free basis.

AVINTIV Inc. is a developer, producer, and marketer of specialty
materials used in infection prevention, personal care, and
high-performance solutions.  With 23 locations in 14 countries, an
employee base of over 4,500 people, and the broadest range of
process technologies in the industry, AVINTIV's strategically
located manufacturing facilities position it as a global supplier
to many of the same leading consumer and industrial product
manufacturers that Berry Plastics supplies.  For the twelve-month
period ended March 2015, AVINTIV generated pro forma revenues and
adjusted EBITDA of $2.1 billion and $303 million, respectively.
Additionally, Berry Plastics expects to realize approximately $50
million in annual cost synergies.

"We are extremely excited to welcome the team and global
capabilities of AVINTIV to the Berry organization," said Jon Rich,
Chairman and CEO of Berry Plastics.  "The combination of Berry
Plastics and AVINTIV creates a global leader in plastics packaging
and engineered specialty materials with enhanced technology,
material, and commercial capabilities to more broadly serve our
customers."

Joel Hackney, AVINTIV's chief executive officer, commented,
"AVINTIV has made tremendous progress advancing our mission to
create a safer, cleaner, and healthier world. Joining Berry creates
an ideal platform to expand into new adjacencies, strengthen our
current capabilities, and bring new innovations to our customers.
Our employees' hard work and dedication has enabled us to deliver
consistent growth and margin expansion and will continue to play a
critical role in the success of Berry."

The proposed transaction, which is subject to customary closing
conditions, is expected to close by the end of calendar year 2015.


Berry Plastics has secured committed debt financing to fund the
transaction and expects to utilize the strong, recession-resistant
free cash flow of the combined business to reduce leverage
following the transaction.  Additionally, subject to market
conditions, Berry will consider raising a modest amount of equity
to result in a net debt to adjusted EBITDA ratio of approximately 5
times.

Credit Suisse and Barclays acted as financial advisors and Bryan
Cave acted as legal advisor for Berry Plastics.  Citi and BofA
Merrill Lynch acted as financial advisors and Simpson Thatcher &
Bartlett LLP acted as legal advisor for AVINTIV and Blackstone.

A copy of the Agreement and Plan of Merger is available at:

                       http://is.gd/32WHRA

                       About Berry Plastics

Berry Plastics Corporation manufactures and markets plastic
packaging products, plastic film products, specialty adhesives and
coated products.  At Jan. 2, 2010, the Company had more than 80
production and manufacturing facilities, primarily located in the
United States.  Berry is a wholly-owned subsidiary of Berry
Plastics Group, Inc.  Berry Group is primarily owned by affiliates
of Apollo Management, L.P., and Graham Partners.  Berry, through
its wholly owned subsidiaries operates five reporting segments:
Rigid Open Top, Rigid Closed Top, Flexible Films, Tapes/Coatings
and Specialty Films.  The Company's customers are located
principally throughout the United States, without significant
concentration in any one region or with any one customer.

On Dec. 3, 2009, Berry Plastics obtained control of 100 percent of
the capital stock of Pliant upon Pliant's emergence from
reorganization pursuant to a proceeding under Chapter 11 for a
purchase price of $602.7 million.  Pliant is a manufacturer of
films and flexible packaging for food, personal care, medical,
agricultural and industrial applications.

                           *     *     *

As reported by the TCR on Jan. 30, 2015, Moody's Investors Service
upgraded the corporate family rating of Berry Plastics to 'B1' from
'B2'.  The upgrade of the corporate family rating reflects the
pro-forma benefits from the recent restructuring and acquisitions.


BOMBARDIER INC: Moody's Lowers Corporate Family Rating to B2
------------------------------------------------------------
Moody's Investors Service downgraded Bombardier Inc.'s Corporate
Family rating (CFR) to B2 from B1, probability of default rating to
B2-PD from B1-PD and senior unsecured ratings to B2 from B1.
Moody's also affirmed the company's speculative grade liquidity
rating at SGL-2, indicating good liquidity. Bombardier's outlook
remains negative.

RATINGS RATIONALE

"We believe that weakness in Bombardier's business jet segment will
push its leverage above 8.5x next year and that the company's cash
flow consumption will be more negative than we previously
expected", said Darren Kirk, Moody's Vice President and Senior
Credit Officer, explaining the downgrade.

Bombardier's B2 CFR is driven by its significant financial
leverage, ongoing cash consumption, and risks associated with
bringing the CSeries into service in the first half of 2016. A new
management team is focused on addressing performance issues,
reducing costs and improving cash flows while enhancing flexibility
through an initial public offering (IPO) of the Transportation
division. Moody's nonetheless expects Bombardier's EBITDA to
decline through 2016 due to costs associated with ramping up
CSeries production and weakness in the business jet segment, which
will also cause Bombardier to consume more cash than Moody's
previously expected. In particular, market conditions for large
cabin business jets have softened in recent quarters while
Bombardier's competitive position has weakened in Moody's opinion
as it has spent heavily on the CSeries and business jets that will
not enter into service until at least late 2018. The company's
significant scale and diversity, established global market
positions, good liquidity, natural barriers to entry and sizeable
backlog levels in its primary business segments favorably influence
the rating.

Bombardier's SGL-2 liquidity rating is supported by June 30, 2015
cash of $3.1 billion and $1.3 billion (USD equivalent) of unused
revolvers ($750 million at BA due June 2018 and EUR 500 million at
BT due Mar 2017). After consuming $1.6 billion of cash in H1/15,
Moody's estimates that Bombardier will generate neutral to modestly
positive free cash flow in the second half of 2015. Free cash flow
consumption should improve towards a use of $750 million next year
in Moody's estimate as the CSeries capex is reduced and actions are
taken by the new management team. Typical seasonal working capital
swings however may result in Bombardier's cash hitting a minimum of
$2 billion by September 30, 2016, excluding any proceeds from the
potential IPO of the Transportation business. Bombardier's bank
financial covenants are not public, but they include minimum
liquidity and maximum leverage requirements. Moody's expects the
company will maintain good headroom against the covenants but view
the covenant package as cumbersome, which weighs on the SGL rating.
The company does not have any material debt maturities until 2018,
when $1.4 billion matures.

The negative ratings outlook reflects Bombardier's very high
financial leverage and cash consumption that has consistently
exceeded Moody's expectations during the last few years.

Bombardier's rating could be upgraded if 1) its CSeries aircraft
enters into service, leading to stronger order flow for the
aircraft, 2) Moody's expects the company will produce sustainable
free cash flow, and 3) Moody's expects adjusted financial leverage
will reduce below 6.5x.

Bombardier's rating could be downgraded if 1) further delays and/or
cost overruns occur with the CSeries, 2) if Moody's expects the
company's adjusted financial leverage to remain above 8.5x, or 3)
if Moody's develops concerns over the adequacy of the company's
liquidity.

Issuer: Bombardier Inc.

Speculative Grade Liquidity Rating, Affirmed at SGL-2

Corporate Family Rating, downgraded to B2 from B1

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

Senior Unsecured Regular Bonds/Debentures, downgraded to B2 (LGD4)
from B1 (LGD4)

Outlook Action:

Issuer: Bombardier Inc.

Outlook, remains Negative

Issuer: Broward (County of) FL

Senior Unsecured Revenue Bonds, downgraded to B2 (LGD4) from B1
(LGD4)

Issuer: Connecticut Development Authority

Senior Unsecured Revenue Bonds, downgraded to B2 (LGD4) from B1
(LGD4)

Issuer: Dallas-Fort Worth Intl. Airp. Fac. Imp. Corp.

Senior Unsecured Revenue Bonds, downgraded to B2 (LGD4) from B1
(LGD4)

Headquartered in Montreal, Quebec, Canada, Bombardier is a globally
diversified manufacturer of business and commercial jets as well as
rail transportation equipment. Annual revenues total roughly $20
billion



BROADVIEW NETWORKS: Reports $2.2 Million Net Loss for 2nd Quarter
-----------------------------------------------------------------
Broadview Networks Holdings, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $2.2 million on $73.1 million of revenues for the
three months ended June 30, 2015, compared to a net loss of $1.1
million on $76.4 million of revenues for the same period in 2014.

For the six months ended June 30, 2015, the Company reported a net
loss of $5.9 million on $145.9 million of revenues compared to a
net loss of $4.2 million on $154 million of revenues for the same
period during the prior year.

As of June 30, 2015, the Company had $200.5 million in total
assets, $207.5 million in total liabilities and a $6.9 million
total stockholders' deficiency.

A full-text copy of the Form 10-Q is available at:

                        http://is.gd/4qtTVe

                     About Broadview Networks

Rye Brook, N.Y.-based Broadview Networks Holdings, Inc., is a
communications and IT solutions provider to small and medium sized
business ("SMB") and large business, or enterprise, customers
nationwide, with a historical focus on markets across 10 states
throughout the Northeast and Mid-Atlantic United States, including
the major metropolitan markets of New York, Boston, Philadelphia,
Baltimore and Washington, D.C.

Broadview Networks reported a net loss of $9.22 million in 2014, a
net loss of $8.48 million in 2013 and a net loss of $35.3 million
in 2012.

                           *     *     *

In the July 23, 2012, edition of the Troubled Company Reporter,
Moody's Investors Service downgraded Broadview Networks Holdings,
Inc. Corporate Family Rating (CFR) to 'Caa3' from 'Caa2' and the
Probability of Default Rating (PDR) to 'Ca' from 'Caa3' in
response to the company's announcement that it has entered into a
restructuring support agreement with holders of roughly 70% of its
preferred stock and roughly 66-2/3% of its Senior Secured Notes.
The company is expected to file a pre-packaged Chapter 11 Plan of
Reorganization or complete an out of court exchange offer.

As reported by the TCR on July 25, 2012, Standard & Poor's Ratings
Services lowered its corporate credit rating on Broadview to 'D'
from 'CC'.  "This action follows the company's announced extension
on its revolving credit facility.  We expect to lower the issue-
level rating on the notes to 'D' once the company files for
bankruptcy, or if it misses the Sept. 1, 2012 maturity payment on
the notes," S&P said.


BUILDERS FIRSTSOURCE: Closes Sale of $700 Million Senior Notes
--------------------------------------------------------------
Builders FirstSource, Inc., completed on July 31, 2015, the sale of
$700 million aggregate principal amount of its 10.75% senior notes
due 2023 at an issue price of 100.000%.

The terms of the Notes are governed by the indenture, dated as of
the Closing Date, among the Company, the guarantors named therein
and Wilmington Trust, National Association, as trustee.

Pursuant to a supplemental indenture, dated as of the Closing Date,
among the Company, the guaranteeing subsidiaries and the Trustee,
ProBuild Holdings LLC and certain of its subsidiaries, each a
wholly-owned subsidiary of the Company following the completion of
the Company's previously announced acquisition of ProBuild, agreed
to serve as guarantors of the Notes under the Indenture.

The Notes bear interest at a rate of 10.75% and mature on Aug. 15,
2023.  Interest is payable on the Notes on March 1 and September 1
of each year, commencing on March 1, 2016.

A copy of the Indenture is available for free at:

                       http://is.gd/1OWCoM

                    About Builders FirstSource

Headquartered in Dallas, Texas, Builders FirstSource --
http://www.bldr.com/-- is a supplier and manufacturer of
structural and related building products for residential new
construction.  The Company operates 56 distribution centers and 56
manufacturing facilities in nine states, principally in the
southern and eastern United States. Manufacturing facilities
include plants that manufacture roof and floor trusses, wall
panels, stairs, aluminum and vinyl windows, custom millwork and
pre-hung doors.  Builders FirstSource also distributes windows,
interior and exterior doors, dimensional lumber and lumber sheet
goods, millwork and other building products.

Builders Firstsource reported net income of $18.2 million on $1.60
billion of sales for the year ended Dec. 31, 2014, compared to a
net loss of $42.7 million on $1.48 billion of sales in 2013.

                           *     *     *

As reported by the TCR on May 15, 2013, Standard & Poor's Ratings
Services Inc. said it raised its corporate credit rating on
Dallas-based Builders FirstSource to 'B' from 'CCC'.  "The upgrade
acknowledges U.S.-based building materials manufacturer and
distributor Builders FirstSource's 'strong' liquidity based on the
company's proposed recapitalization," said Standard & Poor's credit
analyst James Fielding.

In the May 13, 2014, edition of the TCR, Moody's Investors Service
upgraded Builders FirstSource's Corporate Family Rating to 'B3'
from 'Caa1'.  The upgrade reflects Moody's expectation that BLDR's
operating performance will continue to benefit from improved
housing construction, repair and remodeling.


CAESARS ENTERTAINMENT: Posts $15 Million Net Income for Q2
----------------------------------------------------------
Caesars Entertainment Corporation filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income attributable to the Company of $15 million on $1.1
billion of net revenues for the three months ended June 30, 2015,
compared to a net loss attributable to the Company of $466 million
on $2.1 billion of net revenues for the same period during the
prior.

For the six months ended June 30, 2015, Caesars posted net income
attributable to the Company of $6.7 billion on $2.3 billion of net
revenues compared to a net loss attributable to the Company of $853
million on $4.1 billion of net revenues for the same period a year
ago.

As of June 30, 2015, the Company had $12.5 billion in total assets,
$9.4 billion in total liabilities and $3 billion in total
stockholders' equity.

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

                        http://is.gd/dkfHz9

                   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.


CANAL ASPHALT: Section 341 Meeting Set for Aug. 26
--------------------------------------------------
There will be a meeting of creditors in the bankruptcy case of
Canal Asphalt Inc. on Aug. 26, 2015, at 1:00 p.m. at Room 243A,
White Plains Courthouse.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Canal Asphalt Inc. filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 15-23094) on July 31, 2015.  The petition was
signed by August Nigro III as president.  The Debtor disclosed
total assets of $20.3 million and total liabilities of $23 million.
Goetz Fitzpatrick LLP serves as the Debtor's counsel.
Hon. Robert D. Drain presides over the case.


CF INDUSTRIES: Moody's Says Combination With OCI is Credit Positive
-------------------------------------------------------------------
Moody's Investors Service says that the combination of OCI N.V.
(not rated) and CF Industries Holdings, Inc. (Baa2 stable) is
credit positive for OCI Beaumont LLC (OCI, B1 CFR stable); however,
OCI's rating and outlook remain unchanged. While all of the details
of the $8 billion transaction have not been disclosed, the combined
company will be a larger investment grade credit that owns roughly
80% of OCI Partners LP (the parent company of OCI). However, OCI
will remain a variable distribution master limited partnership
(MLP) with an elevated dividend and limited financial flexibility
as 20% of the partnership shares will continue to be publicly
held.

"The improvement in the credit quality of the general partner and
majority owner is a credit positive, but without a change in the
legal structure or MLP distribution policy it will be a weaker
credit than the new parent," stated Lori Harris Moody's Assistant
Vice President and lead analyst for OCI.

The B1 Corporate Family Rating (CFR) for OCI reflects its
advantaged feedstock position in the US as natural gas accounts for
over 70% of its cash costs and strategic production location on the
Gulf Coast. These positive factors are offset by its single site
location on the Gulf Coast, small scale as measured by revenue and
production assets, its limited operating history, customer and
supplier concentration, and its master limited partnership (MLP)
structure that results in nearly all free cash flow returning to
unit holders on a quarterly basis.

There are change of control provisions on its revolver and term
loan, additionally, OCI has unutilized intercompany facilities with
OCI N.V. Moody's expects that OCI's new majority owner would
amended the agreements or otherwise refinance the debt as part of
the transaction. Moody's believes that the new majority owner will
be a supportive of OCI and a good steward of OCI's operations. No
changes to OCI's capital structure or SEC filing status is expected
to change at this time.

The stable outlook reflects OCI's recently completed
debottlenecking project combined with improved reliability and
capacity utilization. The outlook also includes our expectations
for a temporary increase in leverage due to the added debt and
extended downtime related to the debottleneck project. We expect
that OCI's capacity increases will improve earnings such that
leverage metrics will improve by FYE 2015 and cash generated will
cover payments on its capex, which are expected to be elevated
through 2015 as debottleneck construction bills come due. The
rating is restricted at its current level as a result of the
combination of OCI's limited operating history, single production
site, and the financial constraints of the MLP structure. To obtain
a higher rating the company would need to meaningfully increase its
size in addition to expanding its geographic and operational
diversity. If OCI incurs persistent operational issues that limit
production to less than 80% of capacity for an extended period, or
if leverage rises above 4.0x, we could lower the company's rating.

OCI Beaumont LLC (OCI), headquartered in Beaumont, TX, operates a
single-site Gulf Coast petrochemical facility that produced 617
thousand tonnes of methanol and 259 thousand tonnes of ammonia in
2014. As of April 2015, the company has expanded capacity to 913
thousand tonnes per year of methanol and 331 thousand tonnes of
ammonia. OCI had revenues of approximately $341 million for the
twelve months ended March 31, 2015. OCI is 100% owned by OCI
Partners LP, a public master limited partnership (MLP), which is
currently 80% owned by OCI N.V.

OCI N.V., the general partner and majority owner of OCI Partners
LP, is a global engineering & construction contractor and nitrogen
fertilizer producer based in the Netherlands. OCI N.V. was formerly
known as Orascom Construction Industries S.A.E. (Egypt). OCI N.V.
operates nitrogen fertilizer plants in Egypt, Algeria, The
Netherlands and the US. It is also a distributor of fertilizers
globally. OCI N.V. is listed on the NYSE Euronext in Amsterdam and
has a market capitalization of roughly $6.6billion as of August 6,
2015.

CF Industries Holdings, Inc., (CFH) headquartered in Deerfield,
Illinois, is a leading global producer of nitrogen based
fertilizers and the parent company of CF Industries, Inc. (CF).
CF's debt is guaranteed by CFH. CFH generated annual revenues of
$4.4 billion for the LTM ending June 30, 2015. CFH is listed on the
New York Stock Exchange and has a market cap of $14.8 billion as of
August 6, 2015.



CIT GROUP: Fitch Assigns 'BB+/B' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has assigned 'BB+/B' long- and short-term Issuer
Default Ratings (IDRs) to CIT Bank, N.A., following the
announcement that CIT Group Inc. (CIT) completed its acquisition of
IMB Holdco LLC, the parent company of OneWest Bank N.A. for
approximately $3.4 billion in cash and stock. As part of that
transaction, CIT Bank merged with and into OneWest Bank N.A. and
the combined entity was re-named CIT Bank, N.A. The Rating Outlook
is Stable. Fitch has also affirmed and withdrawn the 'BB+/B' long-
and short-term IDRs for the former CIT Bank as the entity no longer
exists. A full list of ratings follows at the end of this release.

Transaction Overview

On July 21, 2014, CIT Group Inc. entered into a merger agreement
with IMB Holdco LLC and other entities (OneWest transaction). As
part of the OneWest transaction, CIT Bank, a Utah state chartered
bank and a wholly owned subsidiary of CIT, merged with and into
OneWest Bank N.A., a national bank and a wholly owned subsidiary of
IMB Holdco LLC. OneWest Bank N.A. survived as a wholly owned
subsidiary of CIT and was re-named CIT Bank, N.A. The net merger
consideration was comprised of approximately 59% cash
(approximately $1.867 billion) and approximately 30.9 million
shares of CIT, as well as approximately 168,000 restricted stock
units of CIT. On July 21, 2015, The Federal Reserve Board, the
Office of the Comptroller of the Currency, and all required state
regulators approved the OneWest Transaction.

KEY RATING DRIVERS

IDRs and VR

Post the OneWest transaction, CIT has more than $65 billion in
assets and more than $30 billion of deposits. The OneWest
transaction will increase CIT's deposit base, lower its overall
cost of funds, create additional cross selling opportunities and
allow CIT to potentially realize more of its existing net operating
loss carry forward. However, Fitch views the OneWest transaction as
posing modest integration and execution risks, while the move above
the $50 billion asset threshold introduces additional regulatory
hurdles and compliance costs.

Furthermore, Fitch views OneWest's deposit platform as potentially
more sensitive to interest rates relative to its bank peers as
result of an above average mix of time deposits and a sizeable mix
of high average balance accounts. Given these offsetting factors,
Fitch's assessment of CIT's credit risk profile is unaffected by
the closing of the OneWest transaction.

CIT Bank, N.A.'s IDRs and Viability Rating (VR) reflect CIT's
leading franchise positions in key business segments, including
aircraft leasing, railcar leasing and factoring, appropriate
capital levels relative to asset exposures, strong liquidity,
diversified funding profile, seasoned management team and
demonstrated execution on previously-articulated business
objectives.

These strengths are counterbalanced by CIT's elevated exposure to
middle market borrowers, a higher risk customer segment
historically, outsized exposure to cyclical businesses such as
aircraft and railcar leasing and associated asset residual value
risk, and greater earnings volatility relative to its bank peers.
Fitch believes that CIT's profitability and returns, although
improving, remain below the company's cost of capital and long-term
return on average tangible common equity target, which could
potentially introduce strategic uncertainty over the intermediate-
to long-term.

Furthermore, ratings remain constrained by CIT's outsized reliance
on wholesale funding sources relative to its bank peers. Fitch
believes CIT's online deposit franchise, which includes a
higher-than-average mix of high dollar balance accounts and time
deposits, may be subject to increased deposit outflow sensitivity
in a rising interest rate environment.

CIT Bank, N.A.'s IDR of 'BB+' is equalized with its VR of 'bb+',
reflecting Fitch's view that external support cannot be relied
upon.

KEY RATING DRIVERS

Support Ratings and Support Rating Floors

The Support Rating (SRs) of '5' reflects Fitch's view that external
support cannot be relied upon. The Support Rating Floor (SRF) of
'No Floor' reflects Fitch's view that there is no reasonable
assumption that sovereign support will be forthcoming to CIT Bank,
N.A.

KEY RATING DRIVERS

Long- and Short-term Deposit Ratings

CIT Bank, N.A.'s uninsured deposit ratings of 'BBB-/F3' are rated
one notch higher than the bank's IDRs because U.S. uninsured
deposits benefit from depositor preference in the U.S. Fitch
believes depositor preference in the U.S. gives deposit liabilities
superior recovery prospects in the event of default.

RATING SENSITIVITIES

IDRs and VR

Fitch views CIT Bank, N.A. as a core subsidiary of CIT and
therefore, its ratings are primarily sensitive to changes in CIT's
overall credit risk profile.

Fitch views upward rating momentum for CIT as limited given current
modest operating performance levels, potential increased
sensitivity of the deposit platform to rising rates and the
integration and execution hurdles associated with the OneWest
acquisition. Longer-term, however, positive rating momentum could
develop as a result of improved and consistent operating
performance, demonstrated credit performance through market cycles
which is in line with expectations, maintenance of appropriate
capital levels relative to the company's risk profile and
regulatory minimums and an enhanced funding profile characterized
by less reliance on wholesale funding sources and demonstrated
durability of deposits in a rising interest rate environment.

Negative rating momentum could be driven by a sustained weakness in
operating performance which results in insufficient capital
generation or a material change in risk appetite, strategic
objectives, or composition of business activities. Expansion into
new business verticals outside CIT's core commercial lending and
leasing expertise or outsized growth in new commercial businesses
may lead to negative rating momentum.

Failure to successfully integrate OneWest could adversely impact
CIT's ratings if accompanied by outsized costs or risks to the
broader organization. An inability to successfully manage the
increased regulatory requirements associated with assets exceeding
the $50 billion threshold would also be viewed negatively.

RATING SENSITIVITIES

Support Ratings and Support Rating Floors

CIT Bank, N.A.'s SR and SRF are sensitive to Fitch's assumptions
around capacity to procure extraordinary support in case of need.

RATING SENSITIVITIES - Long- and Short-Term Deposit Ratings

CIT Bank, N.A.'s uninsured deposit ratings are rated one notch
higher than the company's IDR, and therefore are sensitive to any
changes in CIT Bank, N.A.'s IDR. The deposit ratings are primarily
sensitive to any change in CIT Bank, N.A.'s long- and short-term
IDRs.

Fitch has affirmed and withdrawn the following ratings for CIT
Bank, as the entity no longer exists:

-- Long-term IDR at 'BB+';
-- Short-term IDR at 'B';
-- Viability Rating at 'bb+';
-- Long-Term Deposit Rating at 'BBB-';
-- Short-Term Deposit Rating at 'F3';
-- Support Rating at '5';
-- Support Rating Floor at 'NF'.

Fitch has assigned the following ratings to CIT Bank, N.A. with a
Stable Outlook:

-- Long-term IDR at 'BB+';
-- Short-term IDR at 'B';
-- Viability Rating at 'bb+';
-- Long-Term Deposit Rating at 'BBB-';
-- Short-Term Deposit Rating at 'F3';
-- Support Rating at '5';
-- Support Rating Floor at 'NF'.

Fitch currently rates CIT Group Inc. as follows:

-- Long-term IDR 'BB+';
-- Short-term IDR 'B';
-- Viability Rating 'bb+';
-- Revolving Credit Facility 'BB+';
-- Senior Unsecured Debt Rating 'BB+';
-- Support Rating '5';
-- Support Rating Floor 'NF'.



COMMUNICATIONS SALES: S&P Puts 'BB-' CCR on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its ratings,
including its 'BB-' corporate credit rating, on Little Rock,
Ark.-based Communications Sales & Leasing Inc. (CS&L) on
CreditWatch with negative implications.

"The CreditWatch listing reflects our placement of the ratings on
Windstream Holdings Inc. on CreditWatch with negative implications
following Windstream's announced share repurchase program, which
could hurt its credit measures absent improved operating
performance or mitigating actions to reduce leverage," said
Standard & Poor's credit analyst Scott Tan.

Windstream is currently CS&L's sole tenant, with CS&L's business
entirely dependent on Windstream.  Unless CS&L can meaningfully
diversify its customer base, S&P views the company's credit quality
as tethered to that of Windstream's.

While S&P expects that CS&L's leverage will remain steady at around
5.6x and that Windstream will continue to make its rental payments
to CS&L, S&P's view is supported by its expectation that in a
stress scenario, Windstream would likely try to renegotiate lease
payment terms, though CS&L has no obligation to renegotiate.

The CreditWatch placement reflects the potential for a one-notch
downgrade of the company.  S&P would likely lower its ratings on
CS&L if it lowers the ratings on Windstream.



COMMUNITY HEALTH: Fitch Affirms 'B+' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Community Health Systems,
Inc., (CHS) including the 'B+' Issuer Default Rating (IDR). The
Rating Outlook is revised to Stable from Negative. The ratings
apply to $16.8 billion of debt outstanding at June 30, 2015.

KEY RATING DRIVERS

SPIN OFF FAVORABLE TO BUSINESS PROFILE

CHS has announced plans to spin off 38 of the company's 193 acute
care hospitals as well as Quorum Health Resources, LLC, a hospital
management and consulting business. The transaction is expected to
occur in the first quarter of 2016 (1Q16). The terms of CHS's debt
agreements permit the company to spin off operations comprising up
to 15% of the company's EBITDA; the assets to be spun off represent
$255 million or about 9% of trailing 12 months (TTM) EBITDA.

Fitch believes the transaction will improve CHS's business profile.
The remaining group of hospitals is substantially more profitable
and is located in larger markets that Fitch believes have better
organic growth potential. Loss of business or geographic
diversification is not a major concern with this transaction since
the company will still be of a substantial size relative to
hospital industry peers, with about 160 hospitals located across 22
states.

Additionally, the transaction may result in cash proceeds to CHS
that would provide an opportunity to pay down debt. The company
currently has about $7 billion of pre-payable secured term loans
outstanding. The terms of CHS's debt agreements do not require that
the proceeds from a spin off transaction be used to reduce debt,
but the pro forma secured net leverage ratio cannot exceed the
ratio immediately prior to the transaction, implying that the loss
of EBITDA will require some amount of secured debt reduction. At
June 30, 2015, Fitch calculates net secured leverage of about 3.3x.


LEVERAGE STUBBORNLY HIGH BUT IMPROVING

CHS's leverage has been elevated since the 2014 acquisition of
rival hospital operator Health Management Associates (HMA), in a
deal that added about $7 billion of debt to the capital structure
and pushed leverage to greater than 6.0x. CHS's leverage dropped
below 6.0x in 1Q15 for the first time since the HMA purchase, due
to a combination of growth in EBITDA and scheduled term loan
amortization. Fitch now expects that the company's leverage ratio
will be durably maintained below 6.0x

OPERATING TRENDS LAG INDUSTRY BUT GAP CLOSING

Prior to the HMA acquisition and early in the integration process,
CHS's patient volume trends lagged industry peers and weighed on
top-line growth and margins. Although a performance gap remains
relative to peers in the first half of 2015 (1H15) volume growth,
CHS has made progress in this area, posting an improvement in
volumes along with the rest of the for-profit hospital industry
beginning in the 2H14. The economic recovery taking hold in more
markets, investments in higher-growth service lines and expansion
of health insurance under the Affordable Care Act (ACA) are
supporting better growth despite ongoing secular headwinds.

PROGRESS IN RESOLVING LEGAL ISSUES

CHS has been dealing with government investigations and lawsuits
related to the issue of short-stay hospital admissions. CHS made
progress in resolving the legal issues facing the legacy CHS
hospitals during 2014, which did not involve financial fines
significant enough to threaten financial flexibility or require
major operational changes that would influence future revenue and
EBITDA growth.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for CHS include:

-- Spin-off of Quorum Health Corporation occurs as planned in
    1Q16;
-- Sustained positive top-line organic growth of low single
    digits annually, driven primarily by pricing increases,
    although the trend in patient volume growth is not expected to

    reverse to the poor levels experienced in 2013 and early 2014;
-- Operating EBITDA margins sustained above 15% and slightly
    expanding in 2015-2017, aided by the spin-off of the group of
    less profitable hospitals;
-- CFO generation of $1.6 billion-$1.8 billion annually;
-- No substantial debt repayment in 2015-2017;
-- Capital expenditures of $1 billion-$1.1 billion annually in
    2015-2017.

RATING SENSITIVITIES

Maintenance of the 'B+' Issuer Default Rating (IDR) considers CHS
maintaining total debt to EBITDA below 6.0x, an operating EBITDA
margin of at least 14% and a free cash flow (FCF) margin of at
least 2%. Fitch thinks maintaining leverage at this level is
achievable even if total debt levels are not substantially reduced
after the planned spin-off in early 2016. A sustained trend of
positive organic revenue growth as seen in the first half of 2015
would also support maintenance of the rating.

A downgrade could result from leverage above 6.0x and an FCF margin
below 2%. Risks to the operating outlook include the inability to
achieve projected cost synergies and implement operational
improvements at the HMA hospitals, lack of progress towards
resolution of HMA's legal issues, and a reversal of the improving
trends in patient volumes. An upgrade of the ratings is unlikely in
the near term, but could occur if Fitch believes leverage is likely
to be durably maintained at or near 4.5x.

LIQUIDITY

CHS's liquidity profile is decent, with no major areas of concern.
The company has adequate cushion under the bank facility financial
maintenance covenants, and cash from operations is fairly robust
and is expected to be stable. At March 31, 2015, sources of
liquidity included cash on hand of $222 million, latest 12 months
(LTM) FCF of $563 million and availability on the revolving credit
facilities of $932 million. Fitch projects that the company will
maintain a 3% FCF margin, with FCF generation of about $600 million
annually. Near-term debt maturities are manageable with the next
large maturity occurring in 2018.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Community Health Systems, Inc.:
-- IDR at 'B+'.

CHS/Community Health Systems, Inc.:
-- IDR at 'B+',
-- Senior secured credit facility at 'BB/RR2';
-- Senior secured notes at 'BB/RR2';
-- Senior unsecured notes at 'B+/RR4';

The Rating Outlook is revised to Stable from Negative.

The 'BB/RR2' rating for CHS's secured debt (which includes the bank
term loans, revolver and senior secured notes) reflects Fitch's
expectations for 83% recovery under a hypothetical bankruptcy
scenario. The 'B+/RR4' rating on CHS's $6.2 billion senior
unsecured notes rating reflects Fitch's expectations for principal
recovery of 49%.



COOK INLET: Involuntary Chapter 11 Case Summary
-----------------------------------------------
Alleged Debtor: Cook Inlet Energy LLC
                601 W 5th Ave., Ste 310
                Anchorage, AK 99501

Case Number: 15-00236

Involuntary Chapter 11 Petition Date: August 6, 2015

Court: United States Bankruptcy Court
       District of Alaska (Anchorage)

Petitioners' Counsel: Erik LeRoy, Esq.
                      ERIK LEROY, P.C.
                      500 L St., Ste 302
                      Anchorage, AK 99501
                      Tel: (907) 277-2006

   Petitioners                  Nature of Claim  Claim Amount
   -----------                  ---------------  ------------
Baker Hughes Oilfield           Goods, Materials   $1,399,251
Operations, Inc.                  & Services
PO Box 4740
Houston, TX
Tel: 77210-4740

M-I LLC                         Goods, Materials     $478,219
1325 S. Dairy Ashford              & Services
Houston, TX 77077

Schlumberger Tech. Corp.        Goods, Materials     $742,084
1675 Broadway                      & Services
Ste. 900, Denver, CO 80202

Baker Petrolite, LLC            Goods, Materials     $173,060
P.O. Box 4740                      & Services
Houston, TX
77210-4740


CORNERSTONE INVESTMENTS: Voluntary Chapter 11 Case Summary
----------------------------------------------------------
Debtor: Cornerstone Investments, LLC
        3235 Hwy 119
        Montevallo, AL 35115

Case No.: 15-03071

Chapter 11 Petition Date: August 6, 2015

Court: United States Bankruptcy Court
       Northern District of Alabama (Birmingham)

Judge: Hon. Margaret A. Mahoney

Debtor's Counsel: C Taylor Crockett, Esq.
                  C. TAYLOR CROCKETT, P.C.
                  2067 Columbiana Road
                  Birmingham, AL 35216
                  Tel: 205-978-3550
                  Fax: 205-978-3556
                  Email: taylor@taylorcrockett.com

Total Assets: $5.2 million

Total Liabilities: $1.6 million

The petition was signed by Donnie G. Norris, managing member.

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


COYNE INTERNATIONAL: Meeting of Creditors Set for Aug. 31
---------------------------------------------------------
A meeting of creditors in the bankruptcy case of Coyne
International Enterprises Corp. will be held on Aug. 31, 2015,
at 2:00 p.m. at First Meeting Syracuse.  Proofs of claims are due
by Nov. 16, 2015.  For governmental units, the bar date is
Jan. 27, 2016.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Coyne International Enterprises Corp. filed a Chapter 11 bankruptcy
petition (Bankr. N.D.N.Y. Case No. 15-31160) on
July 31, 2015.  The petition was signed by Mark Samson as CEO.
The Debtor estimated assets of $10 million to $50 million and
liabilities of at least $50 million.

Herrick Feinstein LLP serves as the Debtor's general counsel.
Phillips Lytle LLP acts as the Debtor's local bankruptcy counsel.
Cohnreznick LLP is the Debtor's financial advisor.  SSG Capital
Advisors LLC is the Debtor's investment banker.  Rust Omni serves
the Debtor as claims and administrative agent.  Raab, Sturm &
Ganchrow, LLP acts as labor counsel to the Debtor.  Harbridge
Consulting Group, LLC serves as the Debtor's pension consultant.
Beveridge & Diamond PC is the Debtor's environmental counsel.
GZA Geoenvironmental, Inc., represents the Debtor as environmental
consultant.


DISTRICT AT MCALLEN: City Bank Opposes Use of Cash Collateral
-------------------------------------------------------------
City Bank Texas notified the United States Bankruptcy Court for the
Southern District of Texas, McAllen Division, that it does not
consent to The District at McAllen, LP's use of cash collateral.

City Bank claims an interest in, among other things, the Debtor's
rents, cash and other collateral derived from the Debtor's use of
City Bank's collateral.  City Bank, by the notice, makes abundantly
clear that it has not consented to the Debtor's use of cash
collateral, and will consent, if at all, only upon receipt of a
budget from the Debtor that is acceptable to City Bank.  Unless and
until City Bank receives an acceptable budget proposal from the
Debtor, City Bank will not consent to any use of cash collateral by
the Debtor.

The District at McAllen, LP is represented by:

          Marcos Demetrio Oliva, Esq.
          Marcos D. Oliva, PC
          223 W. Nolana
          McAllen, Texas 78504
          Email:  marcos@oliva-law.com

             -- and --

          Antonio Villeda, Esq.
          Attorney at Law
          6316 N 10th St, Bldg. B
          McAllen, Texas 78504
          Tel.: 956 631-9100
          Fax: 956 631-9146
          Email: avilleda@mybusinesslawyer.com

City Bank is represented by:

          Mark E. Andrews, Esq.
          Aaron M. Kaufman, Esq.
          DYKEMA COX SMITH
          1201 Elm Street, Suite 3300
          Dallas, Texas 75270
          Tel.: 214 698-7800
          Fax: 214 698-7899
          Email: mandrews@dykema.com
                 akaufman@dykema.com

                    About The District at McAllen, LP

Dr. Ernesto Ramirez filed an involuntary Chapter 11 bankruptcy
petition against McAllen, Texas-based The District at McAllen LP
(Bankr. S.D. Tex., Case No 14-70661) on Dec. 2, 2014.  The
petitioner's counsel is Nathaniel Peter Holzer, Esq., at Jordan
Hyden Womble Culbreth & Holzer PC.


DREAMPLAY INC: Court Awards James Koch $8K for Fees, Expenses
-------------------------------------------------------------
Judge Robert A. Gordon of the United States Bankruptcy Court for
the District of Maryland, Baltimore, partially granted James P.
Koch's application for compensation for his services as counsel to
Dreamplay, Inc.

Koch, who was authorized to serve as the Debtor's postpetition
counsel and did so until the appointment of a Chapter 11 Trustee,
filed an application requesting for the approval of his fees and
that they be allowed as an administrative expense.  Judge Gordon
awarded Koch $7,250 in fees representing his retainer and $1,046 in
expenses of the total $15,680 plus expenses that was sought in the
fee application.  This was in light of the wild swings between
effective and ineffective representation on the part of Koch.

Judge Gordon denied the motion for allowance of administrative fees
filed by John DeLuca, a professional accountant.  DeLuca filed a
motion on April 8, 2013, seeking the approval of fees on the
premise that the work he did postpetition to help topple the
Debtor's existing management made a "substantial contribution" to
the case.  Judge Gordon found that DeLuca's contribution was
neither substantial nor unique and DeLuca's motion does not warrant
approval either under existing law or the equities of the case.

Judge Gordon also sustained the order for John P. Raynor to show
cause why he should not be held in contempt for representing DeLuca
as a "ghost" attorney without either pro hac vice status or a
Maryland law license.  In sustaining the show cause order against
Raynor, Judge Gordon held that Raynor, by giving advice and
preparing documents but intentionally not signing them, violated
Rule 9011 which ensures that submissions of court documents are
made in good faith with the responsible party's signature.

The case is In re: Dreamplay, Inc. t/a The Oasis, Chapter 7,
Debtor, CASE NO. 12-23120-RAG (Bankr. D. Md.).

A full-text copy of the Judge Gordon's July 24, 2015 memorandum
opinion is available at http://is.gd/t91VSdfrom Leagle.com.  


EMPIRE RESORTS: Posts $7.6 Million Net Loss for Second Quarter
--------------------------------------------------------------
Empire Resorts, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $7.6 million on $17.8 million of net revenues for the three
months ended June 30, 2015, compared to a net loss of $10.3 million
on $16.2 million of net revenues for the same period in 2014.

For the six months ended June 30, 2015, the Company reported a net
loss of $11.6 million on $32.3 million of net revenues compared to
a net loss of $15.6 million on $30.8 million of net revenues for
the same period last year.

As of June 30, 2015, Empire Resorts had $81.7 million in total
assets, $58.1 million in total liabilities and $23.5 million in
total stockholders' equity.

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

                        http://is.gd/p96BMF

                        About Empire Resorts

Based in Monticello, New York, Empire Resorts, Inc. (NASDAQ: NYNY)
-- http://www.empireresorts.com/-- owns and operates Monticello
Casino & Raceway, a video gaming machine and harness racing track
and casino located in Monticello, New York, 90 miles northwest of
New York City.

Empire Resorts reported a net loss applicable to common shares of
$24.1 million on $65.2 million of net revenues for the year ended
Dec. 31, 2014, compared to a net loss applicable to common shares
of $27.05 million on $70.96 million of net revenues in 2013.


ERF WIRELESS: Timothy Maxson Resigns as Chief Operating Officer
---------------------------------------------------------------
Timothy A. Maxson, who has served as the chief operating officer of
ERF Wireless, Inc. since January 2013, left the Company as part of
an overall cost reduction effort.  As of Aug. 1, 2015, Dr. H. Dean
Cubley is serving in the position of acting COO in addition to his
position as CEO for ERF Wireless, Inc.

                       About ERF Wireless

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

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

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


ERNESTO GYUREC: Cal. App. Affirms Judgment Favoring Deutsche Bank
-----------------------------------------------------------------
On August 20, 2012, Ernesto Daniel Gyurec, a property owner who
defaulted on a real estate loan, initiated an action seeking
monetary relief against Deutsche Bank National Trust Company, as
trustee for the WAMU Mortgage Pass-Through Certificates Series
2005-AR8 G1, and California Reconveyance Company, for wrongful
foreclosure of real property at 18540 State Street, in Corona,
California.  In December 2012, the Defendants demurred to the
action on grounds of res judicata, failure to allege tender of the
full amount of indebtedness, and lack of standing to question the
securitization of the loan.  The trial court sustained the demurrer
without leave to amend and ordered Gyurec to pay the Defendants
their attorneys fees.  Gyurec appealed from the subsequent judgment
of dismissal.

The Court of Appeals of California, Fourth District, Division Two,
affirmed a trial court's judgment of dismissal that followed an
order sustaining the defendants' demurrer.

The appellate court found that Gyurec alleged nothing unlawful
except that an allegedly deficient assignment and securitization
deprived Deutsche Bank of an interest in the property.  The court
held that Gyurec has no standing to make such a claim.  The
appellate court also held that Gyurec's claim has been adjudicated
in his bankruptcy proceeding, and the bankruptcy court's
order/judgment creates a res judicata bar.

Further, the appellate court found that the trial court did not err
in sustaining the demurrer without leave to amend because not only
has Gyurec not met his burden, he also has not shown that he could
meet his burden if given the chance to amend his complaint a second
time.

Lastly, the appellate court held that the defendants are entitled
to an award of reasonable attorney's fees and costs because they
have prevailed on Gyurec's action on the promissory note and deed
of trust which he had executed in exchange for his loan.

The case is ERNESTO DANIEL GYUREC, Plaintiff and Appellant, v.
DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee, etc. et al.,
Defendants and Respondents, NO. E058590 (Cal. Ct. App.).

A full-text copy of appellate court's July 27, 2015 opinion is
available at http://is.gd/xNV4Gbfrom Leagle.com.

Plaintiff and Appellant is represented by:

          CARE LAW GROUP
          817 W. San Marcos Blvd.
          San Marcos, CA 92078-1112
          Tel: (619) 231-3131
          Fax: (760) 650-3484

          Stephen F. Lopez, Esq.
          600 B Street, Suite 2230
          San Diego, CA 92101
          Tel: (858) 682-9666
          Fax: (619) 243-7215
          Email: steve@sflopesq.com

Defendants and Respondents are represented by:

          Sean D. Muntz, Esq.
          Allan P. Bareng, Esq.
          BRYAN CAVE
          3161 Michelson Drive, Suite 1500
          Irvine, CA 92612-4414 USA
          Tel: (949) 223-7000
          Fax: (949) 223-7100
          Email: sean.muntz@bryancave.com
                 barenga@bryancave.com
          
Ernesto Daniel Gyurec filed a Chapter 11 bankruptcy petition
(Bankr. C.D. Calif. Case No. 09-14497) March 11, 2009.


FANNIE MAE: Reports Net Income of $4.6 Billion for Q2 2015
----------------------------------------------------------
Federal National Mortgage Association filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $4.6 billion on $27.1 billion of total interest
income for the three months ended June 30, 2015, compared to net
income of $3.6 billion on $28.7 billion of total interest income
for the same period in 2014.

For the six months ended June 30, 2015, the Company reported net
income of $6.5 billion on $54.6 billion of total interest income
compared to net income of $8.9 billion on $57.9 billion of total
interest income for the same period during the prior year.

As of June 30, 2015, Fannie Mae had $3.2 trillion in total assets,
$3.2 trillion in total liabilities and $6.1 billion in total
equity.

"We reported another strong quarter of financial performance with
solid revenues and an impressive book of business that only
continues to improve.  We have reduced the risk of our business and
have made great strides in transferring credit risk to private
capital to better protect taxpayers," said Timothy J. Mayopoulos,
president and chief executive officer.  "We are committed to
serving our customers and the market with solutions that promote
simplicity and certainty.  We are creating revolutionary new tools,
products, and solutions - and enhancing our existing foundational
resources - to support our lenders.  We continue to make changes
throughout our company that improve the way we work and increase
the value we provide to the housing finance system."   

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

                        http://is.gd/aoU431

                         About Fannie Mae

Federal National Mortgage Association, aka Fannie Mae, is a
government-sponsored enterprise that was chartered by U.S.
Congress in 1938 to support liquidity, stability and affordability
in the secondary mortgage market, where existing mortgage-related
assets are purchased and sold.

The U.S. Department of the Treasury owns Fannie Mae's senior
preferred stock and a warrant to purchase 79.9 percent of its
common stock, and Treasury has made a commitment under a senior
preferred stock purchase agreement to provide Fannie with funds
under specified conditions to maintain a positive net worth.

Fannie Mae reported net income of $84.0 billion on $117.54
billion of total interest income for the year ended Dec. 31, 2013,
as compared with net income of $17.2 billion on $129 billion
of total interest income for the year ended Dec. 31, 2012.

                        About Freddie Mac

Based in McLean, Virginia, the Federal Home Loan Mortgage
Corporation, known as Freddie Mac (OTCBB: FMCC) --
http://www.FreddieMac.com/-- was established by Congress in       

1970 to provide liquidity, stability and affordability to the
nation's residential mortgage markets.  Freddie Mac supports
communities across the nation by providing mortgage capital to
lenders.  Over the years, Freddie Mac has made home possible for
one in six homebuyers and more than five million renters.

Freddie Mac is under conservatorship and is dependent upon the
continued support of Treasury and the Federal Housing Finance
Agency acting as conservator to continue operating its
business.


FCC HOLDINGS: Moody's Hikes Senior Unsecured Notes Rating to Caa1
-----------------------------------------------------------------
Moody's Investors Service upgraded the rating on the Senior
Unsecured Notes ("Senior Notes") co-issued by FCC Holdings, LLC
("FCC") and FCC Holdings Finance Subsidiary, Inc. to Caa1 from Ca.
FCC's Caa1 Corporate Family Rating ("CFR") was affirmed. The
outlook has been revised to stable from negative.

RATINGS RATIONALE

The upgrade of the Senior Notes reflects a substantially lower
potential loss on the outstanding obligations, following their
partial prepayments earlier this year.

In the second quarter of this year, FCC sold essentially all of its
asset-based and factoring loan portfolios. With the sale proceeds,
some of which have been deferred, FCC redeemed $75 million of its
Senior Notes with an outstanding balance of approximately $89
million. After the next redemption in the amount of $10 million is
completed, which is currently scheduled for September 1st, the
aggregate amount of the repayments will be $85 million, which will
reduce the outstanding balance of the Senior Notes to approximately
$4 million. The repayments reduce a maximum potential loss rate on
the obligations to less than 10%, supporting a higher rating.

The Senior Notes ratings could be upgraded if the company makes
additional redemptions or retires the notes in full at their
scheduled maturity on December 15, 2015. The company might not have
sufficient liquidity to fully repay the Senior Notes, considering
that it is currently winding down its remaining business and will
be incurring various expenses as it completes the liquidation.



FIRST DATA: Announces Cash Tender Offers for Senior Notes
---------------------------------------------------------
First Data Corporation has commenced cash tender offers for any and
all of its outstanding 7.375% Senior Secured Notes due 2019 and any
and all of its outstanding 8.875% Senior Secured Notes due 2020.

Title of Notes: 7.375% Senior Secured Notes due 2019

CUSIP:          319963BC7 U3198DAJ3

Principal       $640,000,000
Amount
Outstanding:

Total           $1,039.47  
Consideration:

Title of Notes: 8.875% Senior Secured Notes due 2020

CUSIP:          319963AW4 U3198DAB0

Principal       $510,000,000
Amount
Outstanding:

Total           $1,047.49
Consideration:

Each tender offer is scheduled to expire at the expiration time,
which is at 5:00 p.m., New York City time, on Aug. 12, 2015, unless
extended or earlier terminated.  Holders of Notes must tender and
not withdraw their Notes on or before the expiration time, to
receive the applicable "Total Consideration."

The Total Consideration payable for each $1,000 principal amount of
7.375% Notes validly tendered on or before the expiration time and
accepted for payment is equal to $1,039.47.  The Total
Consideration payable for each $1,000 principal amount of 8.875%
Notes validly tendered on or before the expiration time and
accepted for payment is equal to $1,047.49.  In addition to the
applicable Total Consideration, holders of Notes accepted for
payment will receive accrued and unpaid interest from the last
interest payment date for the Notes to, but not including, the
settlement date.

Except as required by applicable law, Notes tendered may be
withdrawn only on or before the expiration time, or, if a tender
offer is extended, the 10th business day after the commencement of
such tender offer.

First Data may elect to accept for purchase prior to the expiration
of the tender offer all Notes validly tendered on or before the
expiration time.  It is anticipated that the settlement date for
Notes validly tendered on or before the expiration time will be
Aug. 13, 2015.

First Data has retained Merrill Lynch, Pierce, Fenner & Smith
Incorporated to serve as dealer manager for the tender offers.
First Data has retained Global Bondholder Services Corporation to
serve as the depositary and the information agent for the tender
offers.  Requests for documents may be directed to Global
Bondholder Services Corporation by phone at (866) 794-2200 or (212)
430-3774 or in writing at 65 Broadway - Suite 404, New York, New
York 10006. Copies may also be obtained at
http://www.gbsc-usa.com/First_Data/. Questions regarding the
tender offers may be directed to Merrill Lynch, Pierce, Fenner &
Smith Incorporated by phone at (980) 388-3646 (collect) or (888)
292-0070 (U.S. toll free).

                         About First Data

Based in Atlanta, Georgia, First Data Corporation provides
commerce and payment solutions for financial institutions,
merchants, and other organizations worldwide.

First Data reported a net loss attributable to the Corporation of
$458 million on $11.2 billion of total revenues for the year ended
Dec. 31, 2014, compared with a net loss attributable to the
Corporation of $869 million on $10.8 billion of total revenues
during the prior year.

As of March 31, 2015, the Company had $34.13 billion in total
assets, $31.7 billion in total liabilities, $78 million in
redeemable noncontrolling interest, and $2.35 billion in total
equity.

                           *     *     *

The Company carries a 'B3' corporate family rating, with a
stable outlook, from Moody's Investors Service, a 'B' corporate
credit rating, with stable outlook, from Standard & Poor's, and
a 'B' long-term issuer default rating from Fitch Ratings.


FIRST DATA: Announces Offering of $675 Million Senior Notes
-----------------------------------------------------------
First Data Corporation intends to offer $675 million aggregate
principal amount of senior secured notes due 2023, subject to
market conditions.  First Data intends to use the proceeds from the
offering of the Notes to redeem or repurchase the remaining
outstanding amount of its 7.375% senior secured first lien notes
due 2019 and to pay related fees and expenses.

The Notes have not been registered under the Securities Act of
1933, as amended, and, unless so registered, may not be offered or
sold in the United States absent registration or an applicable
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and other
applicable securities laws.

                         About First Data

Based in Atlanta, Georgia, First Data Corporation provides
commerce and payment solutions for financial institutions,
merchants, and other organizations worldwide.

First Data reported a net loss attributable to the Corporation of
$458 million on $11.2 billion of total revenues for the year ended
Dec. 31, 2014, compared with a net loss attributable to the
Corporation of $869 million on $10.8 billion of total revenues
during the prior year.

As of March 31, 2015, the Company had $34.13 billion in total
assets, $31.7 billion in total liabilities, $78 million in
redeemable noncontrolling interest, and $2.35 billion in total
equity.

                           *     *     *

The Company carries a 'B3' corporate family rating, with a
stable outlook, from Moody's Investors Service, a 'B' corporate
credit rating, with stable outlook, from Standard & Poor's, and
a 'B' long-term issuer default rating from Fitch Ratings.


FIRST DATA: Fitch Assigns 'BB/RR1' Rating on 2023 1st Lien Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB/RR1' rating to First Data Corp.'s
(FDC) senior secured first lien notes due 2023.  FDC's Issuer
Default Rating is 'B' with a Stable Outlook.  At June 30, 2015, the
company had $21 billion in total debt outstanding.

Proceeds are expected to be used to pay down the remaining 7.375%
first lien secured notes due 2019, as well as related fees and
expenses.  Pro forma for the repayment of $955 million of these
notes in July 2015 using proceeds from a new term loan, $640
million remained outstanding as of June 30, 2015.

KEY RATING DRIVERS

   -- Leveraged Capital Structure: The rating reflects FDC's highly
leveraged capital structure.  As of June 30, 2015, total and
secured leverage were 7.9x and 5.8x, respectively.  Fitch notes
that leverage has materially declined from 10.6x in 2010 as a
result of debt reduction and EBITDA growth.  Debt reduction was
driven largely by $3.5 billion in equity private placement at First
Data Holdings, Inc. (FDC's direct parent, HoldCo) in July 2014, of
which $2.2 billion was used to pay down debt at FDC (excluding $214
million in call premiums).  Remaining proceeds were used to pay
down the 14.5% PIK notes at HoldCo, which as of December 2014, were
fully redeemed.

   -- Fitch believes FDC's execution of a successful initial public
offering (IPO) would be a positive development for FDC's credit
profile.  FDC recently filed a preliminary prospectus regarding an
IPO of its common stock, and indicated that the proceeds from the
IPO will be used to pay down debt.  FDC's reduction in leverage
following the debt repayment could lead to a positive rating
action, once the debt reduction is completed.

   -- Large Operational Scale: The Global Business Solutions
business is characterized by its large scale and global footprint
with more than six million merchants.  Existing merchant
relationships and large distribution platform (alliances and
partnerships) reinforce the company's ability to sustain its market
share while providing a segue to introduce and capitalize on
emerging technologies (i.e. Apple Pay, Clover, EMV, and Mobile
Payments).  The Global Financial Solutions business also benefits
from this scale and established relationships with card issuers as
well as from long-term contracts which have high switching costs.

   -- Diversified Customer Base: The customer base is global in
nature and consists primarily of millions of regional and local
merchants and large financial institutions.  Fitch notes, however,
that FDC is exposed to price-sensitive merchants within small- and
medium-sized businesses that are more susceptible to down cycles.

   -- Fee Structure Offsets Cyclicality: Revenue has a correlation
with consumer spending, but volatility is subdued due to the
continued adoption of electronic payments, exposure to consumer
staples, pricing model (paid per transaction as well as on a
percentage of transacted amount) in Global Business Solutions, and
contractual nature of fees (based on activity level) in Global
Financial Solutions.

   -- Spending Shift: A mix shift in consumer spending patterns
favoring large discount retailers that have more leverage to
negotiate favorable fees has pressured profitability and revenue
growth.  Fitch notes that this is mitigated by increased spending
online that can generate high fees due to the higher risk
associated with the transaction.

   -- Financial Industry Consolidation: Consolidation could pose a
risk for the company, particularly in FDC's Global Financial
Solutions segment, as could changes in regulations in FDC's overall
business.

   -- Emerging Competition: The high barriers to entry could be
eroded by the emergence of new payment technology in the Global
Business Solutions segment.  Conversely, the Global Financial
Solutions segment has much lower exposure to emerging competitors
due to First Data's strong position in card processing for large
institutions.

KEY ASSUMPTIONS

   -- Fitch assumes revenues will grow in the low- to mid-single
digits over the near term, and that First Data's EBITDA margin will
be relatively stable in the 24% to 25% range.

   -- Fitch believes that primarily through EBITDA growth First
Data's consolidated leverage will decline to approximately 7x by
the end of 2017.

RATING SENSITIVITIES

Positive Trigger: An explicit commitment by management to maintain
leverage at or below 6x (gross leverage) could merit an upgrade
consideration.  Future developments that may lead to positive
rating action include a greater visibility and confidence in the
potential for the company to access the public equity markets, with
proceeds used to reduce debt outstanding.

Negative Trigger: The ratings could be downgraded if First Data
were to experience erosion in its market share or if price
compression accelerates due to new competitive threats leading to
sustained EBITDA margins at approximately 20% or below with
negative free cash flow generation.

LIQUIDITY AND DEBT STRUCTURE

Liquidity as of June 30, 2015 consisted of $348 million in cash
(net $92 million in amounts held outside the U.S. and at
subsidiaries to fund their respective operations).  FDC also has a
$1.25 billion revolving credit facility (RCF) that expires in June
2020 (subject to an earlier springing maturity if certain debt
remains outstanding at certain dates).  As of June 30, 2015, FDC's
RCF provided an additional approximately $1 billion of liquidity
(net of $204 million drawn and $41 million in letters of credit
outstanding).



FISCHBEIN LLC: Moody's Assigns 'B2' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
(CFR) and B2-PD Probability of Default Rating to Fischbein LLC
(D/B/A Duravant). Concurrently, Moody's assigned B1, B1 and Caa1
ratings to the company's $25 million senior secured revolver, $276
million senior secured first lien term loan and $50 million senior
secured second lien term loan, respectively. Duravant used issuance
proceeds from its first and second lien term loans to fund the
recently completed acquisition of Mespack (a Spain-based
manufacturer of flexible packaging equipment), refinance existing
debt, and pay fees and expenses. The rating outlook is stable.

RATINGS RATIONALE

Duravant is weakly positioned within the B2 rating category as a
result of its modest scale characteristics, as well as its exposure
to cyclical downturns and elevated financial risk as measured by
Moody's expectation of Moody's-adjusted debt to EBITDA of 5.8 times
by the end of 2015. The CFR also reflects the company's limited
operating history at current size given that roughly a third of pro
forma 2015 EBITDA is attributable to operating assets acquired
within the last twelve months. Because Duravant is an assembler
that does not manufacture the component parts of the equipment it
sells, it is vulnerable to shifts in the structure of the supply
chain to end market clients. However, the B2 CFR considers the
company's long-standing customer relationships, significant
proportion of aftermarket revenue and modest capital requirements
that support profitability, free cash flow and de-levering
capacity. Moody's anticipates in the rating that a significant
proportion of free cash flow will fund sizeable debt repayment as
required through scheduled amortization and the 50% excess cash
flow sweep, and that this will help build the company's flexibility
within the rating for acquisitions.

Duravant's liquidity assessment is good in Moody's view. The
company's strong profitability measures and modest capital
investment requirements support Moody's expectation that forward
working capital and capital expenditure investment will be fully
accommodated out of internally generated cash flows. Moody's
projects the company to generate approximately $20 million of free
cash flow over the next 12 months. Although the company's $25
million revolver is entirely available, Moody's does not anticipate
reliance on revolver borrowings to fund normal-course investment
activity. Based on operating needs, revolver borrowings will likely
remain below the 30% utilization threshold necessary to spring the
senior secured facilities' sole 7.6 times senior secured net
leverage covenant. However, Moody's expects the company will pursue
acquisitions and this could lead to revolver borrowings in excess
of the covenant trigger. Moody's projects the company will have a
greater than 20% EBITDA cushion within the covenant if it is
triggered. There are no financial maintenance covenants on the term
loans.

The rating of the revolver and first lien term loan is B1, or one
notch above the B2 CFR. This notching reflects the revolver and
first lien term loan's senior secured claim on all assets of the
company's domestic subsidiaries, as well as junior capital support
from the company's $50 million second lien term loan. The second
lien term loan is rated Caa1, reflecting the term loan's position
of first loss within Duravant's liability structure.

The stable rating outlook reflects Moody's expectation that
Duravant will reduce debt-to-EBITDA to a mid 5x range in 2016
through EBITDA growth as well as significant mandatory debt
amortization. The stable outlook also incorporates the explicit
expectation that forward acquisitions are fully accommodated out of
free cash flow and excess liquidity rather than incremental debt
financing until leverage is reduced.

The rating could be upgraded if debt-to-EBITDA were expected to
remain below 4.0 times on a sustained basis, or if the company were
able to materially augment its scale characteristics without
incurring material margin compression.

The rating could be downgraded if unexpected costs related to
acquisition integration, client losses or spending shifts, or
pricing pressure reduces EBITDA such that debt-to-EBITDA was
expected to remain above 6.0 times on a sustained basis, cash flow
weakens, or liquidity deteriorates.

Moody's assigned the following ratings to Fischbein LLC:

  Corporate Family Rating, Assigned B2

  Probability of Default Rating, Assigned B2-PD

  Senior Secured 1st lien Bank Credit Facility, Assigned B1 (LGD3)

  Senior Secured 2nd lien Bank Credit Facility, Assigned Caa1
(LGD6)

Outlook is Stable

Duravant is a leading manufacturer of packaging, food processing
and material handling equipment for use in a broad range of
industries, including agriculture, consumer packaged goods, and
chemicals.



FISCHBEIN LLC: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B' corporate credit rating on Fischbein LLC.  The outlook is
stable.

At the same time, S&P assigned its 'B' issue-level rating and '3'
recovery rating on the company's newly issued $301 million senior
secured first-lien credit facility, which is composed of a
$25 million revolver due 2020 and a $276 million term loan
(including a EUR90 million term loan) due 2022.  The '3' recovery
rating indicates S&P's expectation of meaningful recovery (50%-70%;
upper half of the range) in the event of a payment default.

Additionally, S&P assigned its 'B-' issue-level rating and '5'
recovery rating on Fischbein's newly issued $50.1 million senior
secured second-lien term loan due 2023.  The '5' recovery rating
indicates S&P's expectation of modest recovery (10%-30%; lower half
of the range) in the event of a payment default.

Fischbein used the proceeds from its debt offerings, along with
rollover equity from the sellers, to fund its acquisition of
Mespack, repay existing debt, and pay related fees and expenses.

"Fischbein LLC is a provider of packaging equipment, material
handling, and food processing applications, as well as related
aftermarket parts and services, for a variety of end markets," said
Standard & Poor's credit analyst Nadine Totri.  "These markets
include food and beverage, agriculture, chemicals, minerals, lawn
and garden, and other related industries."

The stable outlook reflects S&P's expectations that the company's
good niche market position and EBITDA margins will help it sustain
an adjusted debt-to-EBITDA metric of between 5x and 6x and a
FFO-to-adjusted debt ratio in the high-single-digit percent area
over the next 12 months.

S&P could lower its ratings on Fischbein if weaker-than-expected
market demand or operational issues cause its credit measures to
deteriorate, such that its leverage metric remains over 6.5x for an
extended period.  S&P could also lower the ratings if the company's
free cash flow declines significantly and its liquidity becomes
constrained.

Although unlikely over the next 12 months, S&P could raise the
ratings if Fischbein were to meaningfully increase its scale and
scope and management committed to maintain a financial policy that
would cause the company's leverage to fall below 5x and its
FFO-to-debt ratio to exceed 12% for a sustained period.



GARDA WORLD: Fitch Affirms 'B+' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed Garda World Security Corporation's
Issuer Default Rating (IDR) at 'B+'.  In addition, Fitch has
affirmed the rating at 'BB+/RR1' on Garda's senior secured credit
facility and 'B-/RR6' on its senior unsecured notes.  The Rating
Outlook is Stable.  Approximately CAD1.5 billion of outstanding
debt is covered by Fitch's ratings.

The recent announced acquisition of Aegis Group (Aegis) will likely
be funded by incremental additional debt and cash on the balance
sheet.  Though Garda's leverage is elevated relative to its
industry peers, this is mitigated by recent accretive acquisitions,
stable reoccurring revenue and positive fee cash flow (FCF).  Any
additional debt-funded dividends could materially affect Garda's
ratings; however, given the track-record of the company's private
equity owners (Apax Partners LLP and The Cretier Group), Fitch
believes that the likelihood of this is low in the near term.

KEY RATING DRIVERS

Garda's ratings reflect the company's leading position in the North
American cash logistics and Canadian security solutions businesses
and its solid and improving operating margins.  Rating strengths
include expected positive FCF generation following the successful
integration of other recent acquisitions including G4S Cash
Solutions (Canada) Ltd. in 2013, and the acquisition of 32 currency
vaults from Bank of America in 2014.  Additional strength comes
from the stable reoccurring nature of Garda's revenues and
operating profits for both of its segments and leading market share
in nearly every one of its business lines.  Garda currently has
leading market share in cash logistics in North America and the
Aegis acquisition strengthens Garda's position across 10 African
and Middle East emerging markets, in addition to Aegis's long-term
and growing relationship with U.S. Government.  This deal expands
Garda's geographic footprint considerably as a full 88% of its
revenue was generated in North America prior to the transaction.

The company recently announced the acquisition of Aegis, a leading
provider of highly specialized protective services with annual
run-rate revenues of approximately CAD450 million.  The transaction
is awaiting U.S. Department of Justice approval and is expected to
close by September of this year.  Fitch expects the pro forma
EBITDA leverage of the combined entity to be under 6x.

Rating concerns include Garda's continued appetite for additional
leverage through debt-funded acquisitions and dividends, its
concentrated customer base, and its historically low, though
currently improving, FCF margin.  Additional dividends,
particularly debt-funded, would significantly reduce the likelihood
of debt reduction in the near to intermediate term. Customer
concentration is also a credit negative as Garda's top 11 customers
represent approximately 31% of the revenue (prior to the Aegis
acquisition).  In addition, the Aegis acquisition only mildly
improves customer concentration as a large portion of Aegis's
revenue comes from the U.S. Government, though it is more
diversified from a geographic perspective.  The loss of a
significant customer would have a material impact on Garda's
revenue though Fitch would expect the impact on margins from such
an event to be attenuated by the company's variable cost
structure.

The strength of Garda's business profile provides somewhat of an
offset to the relatively elevated leverage in the company's credit
profile.  Also, the recurring nature of the company's revenues,
long customer contracts, and relatively stable operating margins
are features of higher rating categories.  Garda enjoys a more
stable operating profile than most issuers in the 'B+' rating
category.  Although high leverage and debt service costs will
continue to be the largest intermediate term risk, positive FCF
should, to a degree, counterbalance them.

Garda maintains a relatively high leverage level of 7.31x (total
debt/EBITDA) latest 12 months (LTM) as of April 30, 2015, down from
7.91x at Jan. 31, 2015 (Garda's year-end).  This leverage is
mitigated by a very aggressive acquisition strategy which, thus
far, has materialized into significant margin improvement and an
improved market position.  The company's EBITDA margin as of April
30, 2015 was 10.79% on an LTM basis, up from 9.38% on Jan. 31,
2014.  Since October of 2013 Garda's Cash Services segment and
Service Solutions segment have each improved EBITDA margins
considerably from 14.5% to 15.8% and from 5.9% to 8.4% respectively
as of April 30, 2015.  Fitch expects aggregate EBITDA margins to be
in the 12%-13% range in the intermediate term, assuming successful
acquisition integration.

Fitch expects Garda to primarily deploy excess cash toward
acquisitions.  Financing costs have been reduced recently due to
refinancing.  Fitch expects pro forma funds from operations (FFO)
interest coverage to be 3.4x compared to 2.4x at year end fiscal
2015.  Following a number of one-time costs in fiscal 2015, Fitch
expects Garda to produce solidly positive FCF going forward with
stable capital expenditures.  With an asset-light business model
(the firm's largest cost is personnel) Garda utilizes operating
leases for its armored vehicle fleets and other heavy equipment,
which allows for cash flow flexibility.  The medium-term maturity
schedule is favorable with no material debt maturities until 2020,
though the nearly CAD1.4 billion in maturities due that fiscal year
is cause for concern.  The company has adequate liquidity with a
CAD44 million cash balance as of April 30, 2015, and USD17 million
of availability under its multi-currency revolving facility.  Fitch
expects the revolver to continue to be used for acquisitions and
other general corporate purposes.

The rating of 'BB+/RR1' on Garda's senior secured credit facility
reflects its substantial collateral coverage and outstanding
recovery prospects in a distressed scenario, which Fitch estimates
in the 90% to 100% range.  Collateral consists of nearly all U.S.
and Canadian assets of restricted subsidiaries, including such
assets which may be under lease agreements.  This includes without
limitation, accounts receivables, inventory, equipment, investment
property, intellectual property, other general intangibles, and
owned (but not leased) real property.  The equity interests of the
borrower and all equity interests of any wholly owned subsidiaries
are also included within the collateral package.  The rating of
'B-/RR6' on the company's senior unsecured notes reflects the
minimal recovery prospects on the notes, estimated by Fitch to be
in the 0% to 10% range in a distressed scenario.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Approximately 10% revenue growth in fiscal year (FY) 2016,
      driven by acquisitions;

   -- The company achieves an EBITDA margin in FY2016 of at least
      12%;

   -- There are no additional debt-funded dividends in the medium
      term;

   -- Additional depreciation in the CAD vs the USD is limited;

   -- Successful closing of the Aegis transaction by September of
      this year.

RATING SENSITIVITIES

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

   -- Maintaining EBITDA leverage below 5.0x;
   -- Maintaining FCF margin between 4%-5%;
   -- Maintaining an EBITDA margin above 12%;
   -- Successful M&A integration.

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

   -- An increase in EBITDA leverage to above 6.5x for an extended

      period;
   -- Continued debt-funded dividend pay-outs to private equity
      owners;
   -- A decline in the company's EBITDA margin to below 10% on a
      sustained basis;
   -- Loss of a material contract or customer.

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

Garda World Security Corporation
   -- IDR at 'B+';
   -- Secured revolving credit facility at 'BB+/RR1';
   -- Secured USD term loan B at 'BB+/RR1';
   -- Secured CAD term loan B at 'BB+/RR1';
   -- Senior unsecured notes at 'B-/RR6'.

The Rating Outlook is Stable.



GLENTEL INC: S&P Raises CCR From 'B+' Then Withdraws Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Burnaby, B.C.-based, multi-carrier
mobile products distributor Glentel Inc. to 'BBB-' from 'B+'.
Standard & Poor's removed the ratings from CreditWatch, where they
were placed with positive implications Dec. 1, 2014.  The outlook
is stable.  Standard & Poor's subsequently withdrew the rating on
Glentel at the company's request.

Glentel was acquired by BCE Inc. on May 20, 2015, who subsequently
divested 50% to Rogers Communications Inc.

S&P is raising its stand-alone credit profile (SACP) on Glentel to
'bb-' from 'b+', reflecting its revised liquidity score of
"adequate" from less than Adequate," based on improved financial
flexibility given the ownership change.  This elevates the SACP by
three notches and results in the final 'BBB-' rating, based on
S&P's assessment of Glentel as being "strategically important" to
BCE and Rogers under S&P's group rating methodology.



GOODYEAR TIRE: Moody's Hikes Corporate Family Rating to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service upgraded the ratings of The Goodyear Tire
& Rubber Company -- Corporate Family Rating and Probability of
Default Rating to Ba2 and Ba2-PD, from Ba3 andBa3-PD, respectively
and revised the company's rating outlook to stable from positive.
In a related action Moody's upgraded the ratings of Goodyear's
second lien term loan to Baa3 from Ba1, unsecured guaranteed notes
to Ba3 from B1, unsecured unguaranteed note to B1 from B2, and
Goodyear Dunlop Tires Europe B.V.'s senior unsecured notes to Ba1
from Ba2. The outlook for Goodyear Dunlop Tires Europe B.V. was
revised to stable from positive. The Speculative Grade Liquidity
Rating was raised to SGL-1 from SGL-2.

Ratings raised:

The Goodyear Tire & Rubber Company

Corporate Family Rating, to Ba2 from Ba3;

Probability of Default Rating, to Ba2-PD from Ba3-PD;

$1 billion (remaining amount) second lien term loan due 2019, to
Baa3 (LGD2) from Ba1 (LGD2);

8.75% senior unsecured guaranteed notes due 2020, to Ba3 (LGD4)
from B1 (LGD4);

8.25% senior unsecured guaranteed notes due 2020, to Ba3 (LGD4)
from B1 (LGD4);

6.5% senior unsecured guaranteed notes due 2021, to Ba3 (LGD4) from
B1 (LGD4);

7.0% senior unsecured guaranteed notes due 2022, to Ba3 (LGD4) from
B1 (LGD4);

7.0% senior unsecured unguaranteed notes due 2028, to B1 (LGD6)
from B2 (LGD6)

Speculative Grade Liquidity Rating, to SGL-1 from SGL-2

Goodyear Dunlop Tires Europe B.V.:

6.75% senior unsecured Euro notes due April 2019, to Ba1 (LGD2)
from Ba2 (LGD2)

RATINGS RATIONALE

The upgrade of Goodyear's Corporate Family Rating to Ba2 reflects
the company's ongoing pace of overall improving segment operating
income (SOI) supported by sustained cost saving actions and low raw
material costs. Moody's expects the company to continue to see
benefits from these items over the coming quarters to solidly
position the company's credit metrics in line with a Ba2 CFR. The
rating action recognizes that there could be volatility in the pace
of SOI improvement, such as the company's experience in the fourth
quarter of 2014, due to weather conditions, and unbalanced regional
economic conditions in the company's end markets. Yet, Goodyear's
results should continue to benefit over the longer term from the
favorable business environment for tires, the economic benefits to
be gained from the dissolution of the global alliance with Sumitomo
Rubber Industries, and ongoing cost saving initiatives.

For the LTM period ending June 30, 2015 Goodyear's debt/EBITDA
approximated 3.4x and EBITA/interest approximated 2.5x. Over the
coming quarters these credit metrics will reflect the benefit of
Goodyear's improving profitability, along with debt paydowns and
lower interest costs under the term loan facility. Goodyear's debt
service ability also will be supported in 2016 by the elimination
of minority interest costs related to the dissolution of the global
alliance with Sumitomo Rubber Industries.

The stable rating outlook incorporates the expectation that
Goodyear's credit metrics will continue to improve, while cash flow
allocation will be balanced across capital reinvestment, debt
reduction, and shareholder returns. This is expected to produce
positive free cash flow sufficient to support meaningful debt
reduction and the assigned rating.

Goodyear's SGL-1 Speculative Grade Liquidity Rating reflects
Moody's expectation of a very good liquidity profile over the next
12-18 months supported by strong cash balances and revolving credit
availability. Goodyear's global cash on hand at June 30, 2015
approximated $1.6 billion which includes about $492 million of cash
located in regions where access could be constrained. As of June
30, 2015, Goodyear had $1 billion of borrowing base availability
after $373 million of outstanding letters of credit under the
US$2.0 billion ABL revolving credit facility which matures in 2017.
Goodyear's Euro 550 million revolving credit facility was undrawn
as of June 30, 2015 and the Pan European accounts receivable
securitization facility was fully utilized. Goodyear is expected to
be cash flow positive over the near-term benefiting from improving
profit margins and low raw material costs, partially offset by
higher capital expenditures. There is a coverage ratio covenant
test under the $2.0 billion revolver which comes into effect only
when availability under the revolver, plus cash balances of the
parent and guarantor subsidiaries under the facility, goes below
$200 million, which is unlikely to be activated in the near-term.
Goodyear has the capacity under the indentures for its unsecured
obligations to pledge additional assets (subject to the terms,
limitations and exclusions provided in the respective indentures).
Should the permissible liens exceed the prescribed amount, Goodyear
would be required to ratably secure the unsecured notes issued
under the indentures.

A higher rating or outlook over the near term is unlikely as
Goodyear's credit metrics gradually improve. Over the intermediate
term, a higher rating or outlook could result from sustained
industry conditions which support improvement in profit margins and
debt reduction. A higher rating or outlook could result from
EBITA/interest at or above 4.0x, and debt/EBITDA at or about 2.0x
while maintaining at least a good liquidity profile.

A lower rating outlook or rating could result if industry
conditions deteriorate through weakening volume trends, competitive
pressures, or increasing raw material costs which are not offset by
improved product mix, pricing, or restructuring actions. A lower
rating outlook or rating could result from deteriorating EBITA
margins, the inability to generate positive free cash flow
sufficient to maintain debt/EBITDA at 3x, or EBITA/Interest at 3x.
Ratings pressure could also arise from a meaningful decline in the
company's liquidity profile.

The Goodyear Tire & Rubber Company, based in Akron, OH, is one of
the world's largest tire companies with 50 manufacturing facilities
in 22 countries around the world. Revenues for the LTM period
ending June 30, 2015 were approximately $17.2 billion.



HUDSON'S BAY: S&P Assigns 'BB' Rating on Proposed US$1.085BB Loan
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB'
issue-level rating and '1' recovery rating to Toronto-based
Hudson's Bay Co.'s (HBC) proposed US$1.085 billion term loan B.
Standard & Poor's also corrected its rating on the debt by placing
the rating on CreditWatch with negative implications, consistent
with its CreditWatch implications on the corporate credit rating on
HBC.  S&P inadvertently did not place the issue-level rating on
CreditWatch earlier on Aug. 6, when it assigned the rating.

The '1' recovery rating indicates S&P's expectation of substantial
(90%-100%) recovery in the event of a default.  S&P bases its
recovery expectations on the company's U.S. and Canadian real
estate and pro forma capital structure following the recent
repayment of its term loan using proceeds from its real estate
joint ventures net of any mortgage debt at the company's
properties.  More than US$5 billion of real estate value supports
our default valuation and recovery rating.

S&P understands proceeds from the issuance will fund corporate
purposes, which could include the partial funding of the
acquisition of Germany's Kaufhof and Belgium's Inno department
store chains from Metro AG as previously announced.

The issue and recovery ratings on the proposed secured term loan
reflect preliminary information and are subject to the successful
issuance of these facilities and S&P's review of the final
documentation.

All ratings on the company and its related entities including its
'B+' corporate credit rating remain on CreditWatch with negative
implications, where they were placed on June 15, 2015 following the
company's announcement to acquire Kaufhof for C$3.4 billion.

"We will resolve the CreditWatch placement when it becomes clear
that HBC will close the acquisition and subsequent real estate
transactions.  If the company completes the real estate joint
ventures and equity issuance as proposed, we would likely affirm
the corporate credit rating, notwithstanding high fully adjusted
leverage that would rely on EBITDA interest flow coverage above 2x
amid difficult market conditions to preserve stable credit
measures.  We could lower the rating one notch if HBC fails to
complete the real estate monetization and associated equity in a
timely manner, which we believe could leave the company with a
large funded debt load and prospective EBITDA interest coverage
below 2x," S&P said.

RATINGS LIST

Hudson's Bay Co.
Corporate credit rating                B+/Watch Neg/--

Rating Assigned
Prop. US$1.085 bil. term loan B        BB/Watch Neg
  Recovery rating                       1



ICE THEATERS: Case Summary & 19 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Ice Theaters, LLC
        3330 West Roosevelt Road
        Chicago, IL 60624

Case No.: 15-26965

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: August 6, 2015

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Hon. Pamela S. Hollis

Debtor's Counsel: John F Hiltz, Esq.
                  HILTZ & ZANZIG LLC
                  53 West Jackson Blvd., Suite 205
                  Chicago, IL 60604
                  Tel: 312 566 9008
                  Fax: 312 566 9015
                  Email: jhiltz@hwzlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Donzell Starks, manager.

A list of the Debtor's 19 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ilnb15-26965.pdf


IGATE CORP: S&P Raises Then Withdraws Corp. Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Bridgewater, N.J.-based IGATE Corp. to 'BBB' from
'BB'.  The outlook is stable.

At the same time, S&P removed all of its ratings on IGATE from
CreditWatch, where it placed them with positive implications on
April 27, 2015.

S&P is subsequently withdrawing all ratings, including all
issue-level ratings, on IGATE.

"The ratings upgrade and subsequent withdrawal follow the
completion of Cap Gemini's acquisition of IGATE for $4 billion, and
the redemption of the outstanding $325 million unsecured notes on
July 31, 2015," said Standard & Poor's credit analyst Peter
Bourdon.



INTELLIPHARMACEUTICS INT'L: Updates Status of Focalin Approvals
---------------------------------------------------------------
Intellipharmaceutics International Inc. announced that the United
States Food and Drug Administration has reinstated a
previously-imposed (and then subsequently rescinded) requirement
that the Company's tentatively-approved strengths of its generic
Focalin XR (dexmethylphenidate hydrochloride extended-release)
capsules will have to meet new conditions for bioequivalence prior
to receiving final approval.  The strengths affected are 5 mg, 10
mg, 20 mg and 40 mg.  The already-approved 15 mg and 30 mg
strengths of its generic Focalin XR capsules now in the market are
not affected. The new bioequivalence requirements also do not apply
to any of the Company's other drug product candidate applications
for commercial approval now pending with the FDA.

To briefly summarize the relevant correspondence from the FDA on
this matter:

   * In November 2013, the FDA granted the Company tentative
     approvals for the 5 mg, 10 mg, 20 mg, and 40 mg strengths of
     its generic Focalin XR.

   * In June 2015, the FDA required that the Company demonstrate
     bioequivalence with Focalin XR for the 40 mg strength, under
     new bioequivalence criteria, as a basis for the approval of
     each of the affected strengths.

   * In July 2015, the FDA rescinded its June 2015 requirement
     that the Company demonstrate bioequivalence with Focalin XR
     for the 40 mg strength, under new bioequivalence criteria, as
     a basis for the approval of each of the affected strengths.
   * The FDA has now reinstated the requirement that the Company
     demonstrate bioequivalence with Focalin XR for the 40 mg
     strength, under new bioequivalence criteria, as a basis for
     the approval of each of the affected strengths.  More
     specifically, in reverting to the requirement for a
     demonstration of bio-equivalence under new criteria, the FDA
     stated "Upon review, we have concluded that our rescission
     was issued in error."

"We are, of course, disappointed by this unexpected action by the
FDA.  We remain committed in our efforts to achieve final approval
for each of the affected strengths," stated Dr. Isa Odidi, CEO and
co-founder of Intellipharmaceutics.

The Company intends to consider and pursue appropriate courses of
action towards achieving final approval for each of the affected
strengths.  There can be no assurance that the new conditions can
be successfully met, or that the affected strengths of the Product
will be granted final FDA approval or sold commercially.

                    About Intellipharmaceutics

Toronto, Canada-based Intellipharmaceutics International Inc. is
incorporated under the laws of Canada.  Intellipharmaceutics is a
pharmaceutical company specializing in the research, development
and manufacture of novel and generic controlled-release and
targeted-release oral solid dosage drugs.  Its patented
Hypermatrix(TM) technology is a multidimensional controlled-
release drug delivery platform that can be applied to the
efficient development of a wide range of existing and new
pharmaceuticals.  Based on this technology,
Intellipharmaceutics has a pipeline of product candidates in
various stages of development, including filings with the FDA in
therapeutic areas that include neurology, cardiovascular,
gastrointestinal tract, diabetes and pain.

Intellipharmaceutics reported a net loss of $3.85 million on $8.76
million of revenues for the year ended Nov. 30, 2014, compared with
a net loss of $11.5 million on $1.52 million of revenues for the
year ended Nov. 30, 2013.

Deloitte LLP, in Toronto, Canada, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Nov. 30, 2014, citing that the Company's recurring losses
from operations and the accumulated deficit cast substantial doubt
about the Company's ability to continue as a going concern.


JTS LLC: Can Use Northrim Bank Cash Collateral Until November 30
----------------------------------------------------------------
Judge Gary Spraker of the United States Bankruptcy Court for the
District of Alaska authorized JTS, LLC, doing business as Johnson's
Tire Service, to use cash collateral securing its prepetition
indebtedness from Northrim Bank until Nov. 30, 2015.

At the Petition Date, Northrim held an interest in cash collateral
consisting of the Rents, the amounts Debtor held in deposit
accounts that Debtor maintained with Northrim, and the proceeds of
Debtor's accounts, inventory, and general intangibles.  As adequate
protection of Northrim's interests in the cash collateral, Northrim
is entitled to, and will receive valid, enforceable, properly
perfected, non-avoidable, 1st lien position security interests in
all of the same types and items of collateral against which it held
perfected liens before the bankruptcy filing that are acquired by
the bankruptcy estate after the bankruptcy filing.  To the extent
the Cash Collateral Agreement grants Northrim a replacement lien,
the replacement lien is limited to collateral of the same type and
description in which Northrim held a security interest granted
prepetition.

The Debtor says it needs to use the cash collateral money to pay
postpetition operating expenses and for inventory purchases as
required.  The Debtor will need to use funds generated from ongoing
business operations to cover to pay its operating expenses.  The
monthly budget provides that expenses are anticipated to range
between $501,000 and $1.8 million from August through the end of
this year.  The Debtor's income is seasonal and the summer months
are the lowest in revenue and expenses.

Cooper Tire & Rubber Company filed a limited opposition to the Cash
Collateral Agreement between the Debtor and Northrim, and asserted
that the proposed cash collateral agreement does not provide for
segregation of the proceeds of the sale of the tires subject to
Cooper's PMSI.  Cooper also asserts that all of the cash on hand on
the petition date was cash collateral for Northrim.  Cooper
requests the Bankruptcy Court that all proceeds from the sale of
products supplied by Cooper Tire be segregated pending negotiation
of a cash collateral agreement and further order of the Court.
Cooper also requests that the cash collateral agreement between the
Debtor and Northrim Bank acknowledge that the Cooper Tire has a
first priority security interest on the inventory it sold to the
Debtor and the proceeds of that inventory, and provide that the
proceeds of the sale of the inventory supplied by Cooper Tire be
segregated pending negotiation of a cash collateral agreement
between Cooper Tire and the Debtor.  Cooper objects to the proposed
cash collateral agreement to the extent it purports to give
Northrim Bank a security interest in the tires and proceeds from
the sale of the tires in which Cooper Tire holds a PMSI.

JMJ Properties ER, LLC, JMJ Properties Wasilla, LLC, and JMJ
Properties Soldotna Building, LLC, filed their limited opposition,
telling the Court that they want to make sure that the cash
collateral agreement does not expand the rights of Northrim Bank in
property the Debtor does not have rights in.  The JMJ Companies
also want to ensure that any postpetition lien and other rights
granted to Northrim do not result in the encumbrance of either
motor vehicles or any avoidance actions that may have come into
existence after the Debtor filed for bankruptcy.  JMJ Companies
object to the designations of debt payments in the Cash Collateral
Agreement as interest or principal, as the case may be, to the
allocation of payments to a loan not at risk if cash collateral is
depleted and to any potential treatment of the exhibit to the
agreement as an irrevocable authorization to actually spend monies
the agreement has budgeted to be spent.

H. Watt & Scott, Inc., Solo, LLC, WSW, LLC, Seven C Investments,
Inc., Robert A. Scott, Glenn L. Watts, Craig A. Watts, Bruce A.
Chambers, and Lisa M. Chambers (Judgment Creditors) filed their
Partial Opposition, noting that since the Petition Date, for Cash
Collateral Motion purposes, the Accounts Receivable as of June 16,
2015, should be used rather than an accounts receivable report as
of July 9, 2015.  The Accounts Receivable for Cash Collateral
purposes should be $292,234, the Judgment Creditors asserted.  A
factual determination needs to be made as to the amount of the
Debtor’s tire inventory that is subject to a purchase money
security interest and that inventory should be included for Cash
Collateral purposes, the Judgment Creditors told the Court.

JTS, LLC is represented by:

          David H. Bundy, Esq.
          David H. Bundy, P.C.
          310 K Street Suite 200
          Anchorage, Alaska 99501
          Tel.: 907 248-8431

The Judgment Creditors are represented by:

         Michelle L. Boutin, Esq.
         RCO Legal – Alaska, Inc.
         911 W. 8th Avenue, Suite 200
         Anchorage, Alaska 99501
         Tel.: 907 754 - 9900
         Fax: 907 334 - 5858

Cooper Tire & Rubber Company is represented by:

          Diane F. Vallentine, Esq.
          Gary C. Sleeper, Esq.
          Jermain, Dunnagan & Owens, P.C.
          3000 'A' Street, Suite 300
          Anchorage, Alaska 99503
          Tel.: 907 563-8844
          Fax: 907 563-7322
          Email:dfvallentine@jdolaw.com

JMJ Properties Companies is represented by:

         Robert P. Crowther, Esq.
         LAW OFFICES OF ROBERT CROWTHER
         1113 W. Fireweed Lane, Suite 200
         Anchorage, Alaska 99503
         Tel.: 907 274-1980
         Fax: 907 274-2085
         Email: crowther.lawoffice@acsalaska.net

                      About JTS LLC

JTS, LLC, doing business as Johnson's Tire Service, sought Chapter
11 protection (Bankr. D. Alaska Case No. 15-00167) in Anchorage,
Alaska, on June 15, 2015, without stating a reason.  JTS, in the
business of retail tire sales and automobile maintenance and
repair, estimated $10 million to $50 million in assets and debt.
The formal schedules of assets and liabilities and the statement of
financial affairs are due June 29, 2015.  The Debtor tapped David
H. Bundy, Esq., at David H. Bundy, PC, in Anchorage, as counsel.


LEVEL 3: Reports $13 Million Net Loss for Second Quarter
--------------------------------------------------------
Level 3 Communications, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing
a net loss of $13 million on $2 billion of revenue for the three
months ended June 30, 2015, compared to net income of $51 million
on $1.6 billion of revenue for the same period last year.

For the six months ended June 30, 2015, the Company reported net
income of $109 million on $4.1 billion of revenue compared to net
income of $163 million on $3.2 billion of revenue for the same
period in 2014.

As of June 30, 2015, the Company had $20.8 billion in total assets,
$14 billion in total liabilities and $6.8 billion in total
stockholders' equity.

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

                         http://is.gd/68o3Uu

                    About Level 3 Communications

Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc., is a publicly traded international communications company
with one of the world's largest communications and Internet
backbones.

For the year ended Dec. 31, 2014, the Company reported net income
of $314 million on $6.77 billion of revenue compared to a net loss
of $109 million on $6.31 billion of revenue during the prior year.

                           *     *     *

In June 2014, Fitch Ratings upgraded the Issuer Default Rating
(IDR) assigned to Level 3 Communications, Inc. (LVLT) and its
wholly owned subsidiary Level 3 Financing, Inc. (Level 3
Financing) to 'B+' from 'B'.

"The upgrade of LVLT's ratings is supported by the continued
strengthening of the company's credit profile since the close of
the Global Crossing Limited (GLBC) acquisition, positive operating
momentum evidenced by expanding gross and EBITDA margins, and
ongoing revenue growth within the company's Core Network Services
(CNS) segment and its position to generate meaning FCF," Fitch
stated.

In June 2013, Standard & Poor's Ratings Services raised its
corporate credit rating on Level 3 to 'B' from 'B-'.  "The upgrade
reflects improved debt leverage, initially from the acquisition of
the lower-leveraged Global Crossing in October 2011, and
subsequently from realization of the bulk of what the company
expects to eventually be $300 million of annual operating
synergies," said Standard & Poor's credit analyst Richard
Siderman.

As reported by the TCR on Oct. 31, 2014, Moody's Investors Service
upgraded Level 3's corporate family rating (CFR) to 'B2' from
'B3'.

Level 3's B2 CFR is based on the company's ability to generate
relatively modest free cash flow of between $250 million and $300
million in 2016 and, inclusive of debt which is presumed to be
converted to equity in 2015, to de-lever by approximately 0.5x to
4.8x (Moody's adjusted) by the end of 2016.


LUCA INTERNATIONAL: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                     Case No.
       ------                                     --------
       Luca International Group LLC               15-34221
       12 Greenway Plaza, Suite 1168
       Houston, TX 77046

       Luca International Group (Texas) LLC       15-34224
   
       Luca Operation, LLC                        15-34225

       Luca Barnet Shale Joint Venture, LLC       15-34226

       Luca Energy Fund LLC                       15-34227

       Luca Energy Resources, LLC                 15-34229

       Luca Resources Group, LLC                  15-34230

       Luca I, LP                                 15-34231

       Luca II, LP                                15-34233

       Luca Oil, LLC                              15-34234

       Luca To-Kalon Energy, LLC                  15-34235

       Luca Oil II Joint Venture                  15-34236

Type of Business: Engaged in the exploration and production of
                  natural gas, petroleum and related hydrocarbons.

Chapter 11 Petition Date: August 6, 2015

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Hon. David R Jones

Debtors' Counsel: Josh T. Judd, Esq.
                  HOOVER SLOVACEK, LLP
                  Galleria Tower II
                  5051 Westheimer, Suite 1200
                  Houston, TX 77056
                  Tel: 713-735-4165
                  Fax: 713-977-5395
                  Email: judd@hooverslovacek.com

                    - and -

                  Edward L Rothberg, Esq.
                  HOOVER SLOVACEK, LLP
                  Galleria Tower II
                  5051 Westheimer, Suite 1200
                  Houston, TX 77056
                  Tel: 713-977-8686
                  Fax: 713-977-5395
                  Email: rothberg@hooverslovacek.com

                     - and -

                  Brendetta Anthony Scott, Esq.
                  HOOVER SLOVACEK LLP
                  Galleria Tower II
                  5051 Westheimer, Suite 1200
                  Houston, TX 77056
                  Tel: 713-977-8686
                  Fax: 713-977-5395
                  Email: scott@hooverslovacek.com

Debtors'          BMC GROUP, INC.
Claims
Noticing and
Balloting
Agent:

Estimated Assets: $50 million to $100 million

Estimated Debts: $50 million to $100 million

The petition was signed by Loretta R. Cross, chief restructuring
officer.

The Debtors did not include a list of their largest unsecured
creditors when they filed the petitions.


MARIAN AND ALFRED: Case Summary & 3 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: The Marian and Alfred Charles Foundation, Inc.
        7101 West McNab Road, Suite 200
        Tamarac, FL 33321

Case No.: 15-24270

Chapter 11 Petition Date: August 6, 2015

Court: United States Bankruptcy Court
       Southern District of Florida (Fort Lauderdale)

Judge: Hon. John K Olson

Debtor's Counsel: Barry P Gruher, Esq.
                  GENOVESE JOBLOVE & BATTISTA, P.A.
                  200 E Broward Blvd # 1110
                  Ft Lauderdale, FL 33301
                  Tel: (954) 453-8000
                  Email: bgruher@gjb-law.com

Estimated Assets: $1 million to $10 million

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

The petition was signed by Andrew S. Lieberman, director.

A list of the Debtor's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/flsb15-24270.pdf


MERRIMACK PHARMACEUTICALS: Yasir Al-Wakeel Elected CFO
------------------------------------------------------
The Board of Directors of Merrimack Pharmaceuticals, Inc., elected
Yasir B. Al-Wakeel, BM BCh, as the Company's chief financial
officer and head of corporate development, effective as of
Aug. 11, 2015.  William A. Sullivan, the Company's current chief
financial officer, will relinquish that role as of Aug. 11, 2015,
but will continue as the Company's principal accounting officer.

Dr. Al-Wakeel, age 34, previously served in various capacities at
Credit Suisse, an investment bank, from January 2008 to June 2015.
While at Credit Suisse, Dr. Al-Wakeel was most recently a director
of Healthcare Investment Banking focused on biotechnology and,
prior to that role, he was an Equity Research Analyst covering the
biotechnology and specialty pharmaceuticals sectors.  Before
joining Credit Suisse, Dr. Al-Wakeel was a practicing physician,
holding both clinical and academic medical posts.  Dr. Al-Wakeel
holds a BM BCh (Doctor of Medicine) from Oxford University, an M.A.
in theology from Cambridge University and a B.A. from Cambridge
University.

There is no family relationship between Dr. Al-Wakeel and any of
the Company's directors or executive officers.

The Company and Dr. Al-Wakeel have entered into an employment
agreement that is effective as of Aug. 11, 2015.  The Employment
Agreement continues until Dec. 31, 2016, and thereafter renews
automatically on December 31 of each year for successive one year
terms, unless either the Company or Dr. Al-Wakeel gives notice of
non-renewal.

Pursuant to the terms of the Employment Agreement, Dr. Al-Wakeel
will receive a base salary of $370,000 and is eligible for an
annual bonus percentage of up to 35%.  The Company will also pay
Dr. Al-Wakeel a one-time sign-on bonus of $100,000 and reimburse
him for reasonable relocation expenses.  Subject to the further
approval of the Board, the Company will also grant Dr. Al-Wakeel an
option to purchase 300,000 shares of the Company's common stock at
an exercise price per share equal to the fair market value of the
Company's common stock on the date of grant.

The Employment Agreement prohibits Dr. Al-Wakeel, during the term
of employment and any severance period and for a period of one year
thereafter, from competing with the Company and soliciting or
hiring the Company's employees.  Dr. Al-Wakeel is also bound by the
terms of a separate non-disclosure, developments, non-competition
and non-solicitation agreement.

Upon execution and effectiveness of a severance agreement and
release of claims, Dr. Al-Wakeel is entitled to severance payments
if the Company terminates his employment without cause, including
the Company's decision not to renew his term of employment, or if
he terminates his employment with the Company for good reason.

                          About Merrimack

Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc., a
biopharmaceutical company discovering, developing and preparing to
commercialize innovative medicines consisting of novel
therapeutics paired with companion diagnostics.  The Company's
initial focus is in the field of oncology.  The Company has five
programs in clinical development.  In it most advanced program,
the Company is conducting a pivotal Phase 3 clinical trial.

Merrimack reported a net loss of $83.6 million on $103 million of
collaboration revenues for the year ended Dec. 31, 2014, compared
with a net loss of $131 million on $47.8 million of collaboration
revenues during the prior year.

As of March 31, 2015, Merrimack had $127 million in total assets,
$256 million in total liabilities, $396,000 in noncontrolling
interest, and a $129 million total stockholders' deficit.


MIDSTATES PETROLEUM: Completes 1-for-10 Reverse Stock Split
-----------------------------------------------------------
Midstates Petroleum Company, Inc. has completed a one-for-ten
reverse stock split of its common stock. The Company's stock  began
trading on a split-adjusted basis on Aug. 4, 2015. Midstates' stock
will continue to trade on the New York Stock Exchange under the
trading symbol "MPO" but will trade under a new CUSIP number.

Upon effectiveness of the reverse stock split, every ten shares of
issued and outstanding common stock was automatically combined into
one issued and outstanding share of common stock.  The reverse
stock split reduced the number of shares of the Company's common
stock outstanding from approximately 72 million to approximately
7.2 million.  In addition, the number of authorized shares of the
Company's common stock was decreased from approximately 300 million
to 100 million.

The Company did not issue any fractional shares in connection with
the reverse stock split; stockholders who would otherwise hold a
fractional share of the Company's common stock will receive a cash
payment in lieu of such fractional share.

American Stock Transfer and Trust Company, LLC, the Company's
transfer agent, acted as its exchange agent for the reverse stock
split.  American Stock Transfer and Trust Company, LLC can be
reached at (800) 937-5449 or (718) 921-8200.

                About Midstates Petroleum Company

Midstates Petroleum Company, Inc. --
http://www.midstatespetroleum.com/-- is an independent exploration
and production company focused on the application of modern
drilling and completion techniques in oil and liquids-rich basins
in the onshore U.S. Midstates' drilling and completion efforts are
currently focused in the Mississippian Lime oil play in Oklahoma
and Anadarko Basin in Texas and Oklahoma.  The Company's operations
also include the upper Gulf Coast tertiary trend in central
Louisiana.

Midstates reported net income of $117 million on $794 million of
total revenues for the year ended Dec. 31, 2014, compared to a net
loss of $344 million on $470 million of total revenues for the year
ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $2.47 billion in total assets,
$2 billion in total liabilities and $466 million in total
stockholders' equity.

The Company's independent auditor, Deloittee & Touche LLP, in
Houston, Texas, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that Midstates' projected debt covenant violation and
resulting lack of liquidity raise substantial doubt about its
ability to continue as a going concern.

                             *    *    *

Midstates Petroleum carries a 'B' corporate credit rating from
Standard & Poor's Ratings Services.

As reported by the TCR on April 8, 2013, Moody's Investors Service
affirmed Midstates Petroleum's 'B3' Corporate Family Rating.


MISSION NEW ENERGY: Settles Dispute with KNM Process
----------------------------------------------------
Mission NewEnergy Limited disclosed with the Securities and
Exchange Commission that the ongoing dispute with KNM Process
Systems Sdn Bhd has been amicably settled.

Under the Settlement, Mission will pay to KNM A$4m, being the
amount put aside by Mission upon the sale of Mission's 250,000 tpa
refinery in February 2015, pursuant to a consent order agreed to by
Mission and KNM earlier.  Both parties have agreed to withdraw all
other claims and counter claims and will discontinue all legal
actions against each other

The CEO of Mission, Dato' Nathan Mahalingam said, "Mission is
extremely pleased to put this matter behind us and we look forward
to working to enhance the existing asset value of Mission and to
look for new strategic directions for the Company."

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.

The Company's balance sheet at June 30, 2014, showed $4.04 million
in total assets, $15.40 million in total liabilities and a $11.35
million total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


MOHEGAN TRIBAL: S&P Affirms 'CCC' Rating on 9.75% Sr. Unsec. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' issue-level
rating on Uncasville, Conn.-based Mohegan Tribal Gaming Authority's
(MTGA) 9.75% senior unsecured notes due 2021 following the
company's announcement of its proposed $85 million add-on to the
notes.  MTGA plans to use the proceeds of the proposed add-on, in
conjunction with its recently completed $90 million add-on to its
existing senior secured term loan B, to repay a portion of its 11%
senior subordinated notes due 2018.

Standard & Poor's does not assign recovery ratings to Native
American debt issues because there are sufficient uncertainties
surrounding the exercise of creditor rights against a sovereign
nation.  These include: whether the U.S. Bankruptcy Code would
apply; whether a U.S. court would ultimately be the appropriate
venue to settle such a matter; and to what extent a creditor would
be able to enforce any judgment against the sovereign nation.  The
notching of S&P's issue-level ratings from our issuer credit rating
on a given Native American issuer reflects the relative position of
each security in the capital structure, incorporating the amount of
higher ranking debt ahead of each issue.

All other ratings, including the 'B-' issuer-credit rating, on MTGA
remain unchanged.

RATINGS LIST

Mohegan Tribal Gaming Authority
Corporate Credit Rating           B-/Stable/--

Ratings Affirmed

Mohegan Tribal Gaming Authority
Senior Unsecured
  $585 mil. 9.75% notes due 2021   CCC



MORGANS HOTEL: Posts $10.7 Million Net Loss for Second Quarter
--------------------------------------------------------------
Morgans Hotel Group Co. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to common stockholders of $10.7 million on $56.2
million of total revenues for the three months ended June 30, 2015,
compared to a net loss attributable to common stockholders of $13.7
million on $61.2 million of total revenues for the same period
during the prior year.

For the six months ended June 30, 2015, the Company reported a net
loss attributable to common stockholders of $27.4 million on $109.5
million of total revenues compared to a net loss attributable to
common stockholders of $42.2 million on $116.7 million of total
revenues for the same period last year.
As of June 30, 2015, Morgans Hotel had $520.5 million in total
assets, $772.3 million in total liabilities and a $251.8 million
total deficit.
A full-text copy of the Form 10-Q is available for free at:

                         http://is.gd/YE4S16

                     About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

Morgans Hotel reported a net loss attributable to common
stockholders of $66.6 million on $235 million of total revenues for
the year ended Dec. 31, 2014, compared with a net loss attributable
to common stockholders of $58.5 million on $236 million of total
revenues during the prior year.


N-VIRO INTERNATIONAL: Carl Richard Quits as Director
----------------------------------------------------
Carl Richard, a member of N-Viro International Corporation's Board
of Directors, submitted his resignation as director effective
July 31, 2015, according to a Form 8-K document filed with the
Securities and Exchange Commission.  

His resignation was not the result of any dispute or disagreement
with the Company.  Mr. Richard was a Class I director and a member
of the Nominating Committee, and had served as a director since
December 2004.  As of Aug. 5, 2015, the Company has not nominated
his replacement to the Board.

After the resignation, the Board consists of six Directors - three
Class I and three Class II Directors.

                    About N-Viro International

Toledo, Ohio-based N-Viro International Corporation owns and
sometimes licenses various N-Viro processes and patented
technologies to treat and recycle wastewater and other bio-organic
wastes, utilizing certain alkaline and mineral by-products
produced by the cement, lime, electrical generation and other
industries.

N-Viro International reported a net loss of $1.76 million on $1.33
million of revenues for the year ended Dec. 31, 2014, compared to a
net loss of $1.64 million on $3.37 million of revenues for the year
ended Dec. 31, 2013.

As of March 31, 2015, the Company had $1.87 million in total
assets, $2.41 million in total liabilities and a $543,000 total
stockholders' deficit.

UHY LLP, in Farmington Hills, Michigan, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company's recurring losses,
negative cash flow from operations and net working capital
deficiency raise substantial doubt about its ability to continue as
a going concern.


NATIONSTAR MORTGAGE: S&P Revises Outlook to Stable, Affirms B+ ICR
------------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Nationstar Mortgage LLC to stable from negative.  At the same time,
S&P affirmed its 'B+' issuer credit and senior unsecured debt
ratings on the company.

The recovery rating on the senior unsecured debt is '4H',
indicating S&P's expectation for meaningful recovery for lenders in
the event of a payment default.  S&P's recovery expectations are in
the upper half of the 30%-50% range.

S&P believes the enhanced regulatory environment is now a constant
for the entire residential mortgage industry.  "Although compliance
failures remain a risk to the Nationstar rating, and could draw the
ire of regulators, we do not expect any material regulatory actions
over our one-year outlook time horizon," said Standard & Poor's
credit analyst Stephen Lynch.

Nationstar's leverage has steadily declined over the past year, and
S&P now believes the company is positioned to operate with a debt
to EBITDA ratio below 4.0x.  But because Nationstar is controlled
by Fortress Investment Group, a financial sponsor, S&P believes the
company could pursue a more aggressive financial posture, and so
S&P's rating is lower than what the current leverage might
indicate.

The stable outlook reflects S&P's expectation that Nationstar will
be able to produce modest growth, or at least maintain its
portfolio of mortgage servicing rights around its current $400
billion of unpaid principal balance.  S&P also believes the company
will be able to successfully navigate the regulatory and compliance
scrutiny necessary to operate as a high-touch mortgage servicer and
mortgage originator.

S&P could lower the rating if leverage were to rise or if the
company discloses significant regulatory or compliance failures.
More specifically, S&P could lower the rating if Nationstar
incurred additional debt to finance Fortress' exit strategy, such
that debt to EBITDA exceeded 4.0x.  Alternatively, S&P could lower
the rating if the Consumer Financial Protection Bureau contemplated
substantial enforcement action due to regulatory violations.

An upgrade is unlikely over the foreseeable future.  S&P's rating
on Nationstar currently incorporates a one-notch upward adjustment
because S&P believes the company compares favorably with its
industry peers rated 'B'.  As a result, if S&P was to revise its
view of Nationstar's leverage to reflect less financial risk, S&P
would likely remove the favorable peer notch, and the impact on the
rating would be neutral.



NAVISTAR INTERNATIONAL: To Present at Jefferies 2015 Conference
---------------------------------------------------------------
Navistar International Corporation announced that Bill Kozek,
president, Truck and Parts, will discuss business matters related
to the Company during the Jefferies 2015 Industrial Conference in
New York on Thursday, August 13th, which is scheduled to begin at
11:20 am Eastern.

Live audio webcasts will be available for the presentation at
http://ir.navistar.com/events.cfm. Investors are advised to log on
to the web site at least 15 minutes prior to the presentation to
allow sufficient time for downloading any necessary software. The
web cast will be available for replay at the same address
approximately three hours following its conclusion, and will remain
available for a period of 12 months or earlier, if the information
is superseded or replaced by more current information.

                    About Navistar International

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

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

                          *     *     *

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

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

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


NET ELEMENT: Signs Letter Agreements with Investors
---------------------------------------------------
Net Element, Inc., entered into two letter agreements with certain
qualified institutional investors and certain institutional
accredited investors.  The letter agreements waived certain terms
of the Series A Convertible Preferred Stock of the Company, and
waived and amended certain terms of the Preferred SPA and the Debt
SPA and of the Senior Convertible Notes and Warrants issued
pursuant to the Debt SPA, as follows:

1. Notes and Warrants.

a. No interest will accrue on the Senior Convertible Notes
         issued on April 30, 2015, by the Company to the Investors
         from the date of issuance of the Notes until the
         Moratorium Date, unless otherwise mutually agreed to by
         the Company and the investors.

      b. All obligations of the parties with respect to the Notes,
         the Warrants, including but not limited to the investors'
         obligations to release the purchase price of the Notes to
         the Company and the Company's obligations to the holders
         of the Notes set forth in the Notes or the Investors'
         rights to purchase and the Company obligations to issue
         any Additional Notes or any Additional Warrants, were
         frozen and placed on hold until Sept. 4, 2015.

      c. On or before the Moratorium Date, the Company and the
         investors will mutually decide in writing whether to
         reinstate the Notes or the Warrants and act in accordance
         with the terms thereof or otherwise mutually agreed
         modified terms thereof.  The Company and the investors
         agreed that prior to the Moratorium Date they will work
         in good faith on amending the Warrants in a mutually
         acceptable manner

      d. Unless the Company and the investors have reached
         agreement in writing as contemplated in paragraph(c)   
         above by the Moratorium Date, (i) all Notes will be
         automatically null and void as of the Moratorium Date
         with no obligations or liabilities whatsoever of the
         Company relating thereto; (ii) the investors' right to
         purchase, and the Company's obligation to issue,
         Additional Notes and Additional Warrants will be
         automatically null and void as of the Moratorium Date
         with no obligations or liabilities whatsoever of the
         Company relating thereto; and (iii) within five business
         days from the Moratorium Date, the investors will return
         to the Company the originals of all Notes for
         cancellation by the Company.

      e. Notwithstanding anything to the contrary in the letter
         agreements or any other prior agreements, the Company
         may enter into a transaction in which it obligates itself

         to issue shares of its common stock without triggering
         the Investors' participation rights, the anti-dilution
         provisions or other provisions set forth in any prior
         Agreements provided that such transaction is entered into

         on or prior to the Moratorium Date.

    2. Preferred Securities

The terms of the Preferred SPA and related documents entered into
on April 30, 2015, by and between the Parties with respect to the
issuance of the Preferred Shares will be deemed waived to the
extent necessary so that the following terms apply to the remaining
outstanding Preferred Shares:

     a. From the effective date of the letter agreements, Section
        4 (installment payment obligations) of the Certificate of
        Designations will not apply to the remaining outstanding
        Preferred Shares.  From the effective date of the letter
        agreements until the Moratorium Date, the Equity Condition
        set forth in Section 24(v)(N) of the Certificate of
        Designations will be suspended.

     b. The investors may submit a conversion notice to the
        Company pursuant to Section 2 of the Certificate of
        Designations and the Company will deliver to the
        applicable Investor the shares of the Company common stock
        issuable upon such voluntary conversion pursuant to
        Section 2 of the Certificate of Designations.

In addition, each of the investors, together with any of its
affiliates, agree that it will not sell shares of the Company
common stock during any trading day in an amount exceeding in the
aggregate 10% of the composite aggregate share trading volume of
the Common Stock, measured at the time of each sale of common stock
during such trading day as reported on Bloomberg L.P.

Further, the investors waived any and all actual, alleged or
potential Equity Conditions Failures, Events of Default, any
true-up obligations with respect to any Installment Amounts,
Triggering Events, any failure to pay Interest solely under the
Initial Notes and any other claims with respect to any obligations
of the Company prior to and through the effective date of the
letter agreements, and any Investors' remedies with respect
thereto. The Company and the Investors exchanged mutual general
releases through the date of the letter agreements.

                         About Net Element

Miami, Fla.-based Net Element International, Inc., formerly Net
Element, Inc., currently operates several online media Web sites
in the film, auto racing and emerging music talent markets.

Net Element reported a net loss of $10.18 million on $21.2
million of net revenues for the 12 months ended Dec. 31, 2014,
compared to a net loss of $48.3 million on $18.7 million of net
revenues for the 12 months ended Dec. 31, 2013.

As of March 31, 2015, the Company had $14.02 million in total
assets, $10.3 million in total liabilities and $3.73 million in
total stockholders' equity.

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014.  The accounting firm
said that the Company has suffered recurring losses from operations
and has used substantial amounts of cash to fund its operating
activities that raise substantial doubt about its ability to
continue as a going concern.


NJK REAL ESTATE: Case Summary & 3 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: NJK Real Estate Enterprises, LLC
        14 N. Black Horse Pike
        Williamstown, NJ 08094

Case No.: 15-24842

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: August 6, 2015

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

Judge: Hon. Andrew B. Altenburg Jr.

Debtor's Counsel: Scott M. Zauber, Esq.
                  SUBRANNI ZAUBER LLC
                  1624 Pacific Ave.
                  Atlantic City, NJ 08401
                  Tel: (609) 347-7000
                  Email: szauber@subranni.com

Debtor's          MARKOVITZ, STARKMAN & COMPANY, CPAS, LLC
Accountant:

Total Assets: $2.3 million

Total Liabilities: $2.7 million

The petition was signed by Vasilios Patouhas, president.

A list of the Debtor's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/njb15-24842.pdf


NNN DORAL COURT: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                    Case No.
     ------                                    --------
     NNN Doral Court 3, LLC                    15-24228
     6278 N. Federal Highway PMB #449
     Fort Lauderdale, FL 33308-1916

     NNN Doral Court 4, LLC                    15-24233

     NNN Doral Court 5, LLC                    15-24236

     NNN Doral Court 6, LLC                    15-24237

     NNN Doral Court 7, LLC                    15-24238

     NNN Doral Court 8, LLC                    15-24239

     NNN Doral Court 9, LLC                    15-24241

     NNN Doral Court 10, LLC                   15-24242

     NNN Doral Court 11, LLC                   15-24243

     NNN Doral Court 13, LLC                   15-24245

     NNN Doral Court 14, LLC                   15-24246

     NNN Doral Court 15, LLC                   15-24247

     NNN Doral Court 16, LLC                   15-24248

     NNN Doral Court 18, LLC                   15-24249

     NNN Doral Court 20, LLC                   15-24250

     NNN Doral Court 24, LLC                   15-24252

     NNN Doral Court 26, LLC                   15-24253

     NNN Doral Court 30, LLC                   15-24254

     NNN Doral Court 31, LLC                   15-24256

     NNN Doral Court 32, LLC                   15-24258

     NNN Doral Court 34, LLC                   15-24259

     NNN Doral Court 36, LLC                   15-24261

     NNN Doral Court 37, LLC                   15-24262

     NNN Doral Court 40, LLC                   15-24263

     NNN Doral Court 41, LLC                   15-24264

     NNN Doral Court 42, LLC                   15-24265

     NNN Doral Court 43, LLC                   15-24266

     NNN Doral Court 44, LLC                   15-24268

     NNN Doral Court 45, LLC                   15-24269

Chapter 11 Petition Date: August 6, 2015

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Debtors' Counsel: Geoffrey S. Aaronson, Esq.
                  100 SE 2nd St # 2700
                  Miami, FL 33131
                  Tel: 786.594.3000
                  Email: gaaronson@aspalaw.com

                    - and -

                  Jeremy D Evans, Esq.
                  100 SE 2 St # 2700
                  Miami, FL 33131
                  Tel: 786-594-3000
                  Email: JEVANS@ASPALAW.COM

                    - and -

                  Tamara D McKeown, Esq.
                  100 SE. 2 St # 2700
                  Miami, FL 33131
                  Tel: (305) 579-9077
                  Email: tdmckeown@mckeownpa.com

                    - and -

                  Lawrence M Schantz, Esq.
                  AARONZON SCHANTZ BEILEY P.A.
                  100 SE 2 Street, 27th Floor
                  Miami, FL 33131
                  Tel: 786.594.3000
                  Fax: 866.652.2125
                  Email: lschantz@aspalaw.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Randy George, manager and authorized
bankruptcy representative.

List of NNN Doral Court 3, LLC's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Advance Fire & Security            Security Services         $763

Allied Barton Security Services    Security Services      $11,384

AT&T Corp.                           Telephone and           $479  
                                                       
                                   Internet Services

Ellison Service Corporation        Property Maintenance      $343

Fernandez & Fernandez Maintenance                          $7,083

Florida Power & Light              Building Utilities     $28,638
General Mail Facility

Garlick, Hilfiker & Swift, LLC     Receiver's Legal Fees  $50,719

Global Concept Elevator, Corp.     Building Elevator       $6,936
                                       Service

Green Zone Landscaping, LLC        Building Maintenance   $17,231
                                      and Upkeep

Hill York Air Cond. Serv &         Building Maintenance    $2,282
Energy Sol.            

Howard Martin Holzapfel,             Receiver's Fee        $3,608
Receiver                             Reimbursement

Lift Stations R Us                 Building Maintenance    $1,037

Lumi Maintenance Supply            Building Maintenance      $686
                                        Supplies

Miami Dade Water & Sewer           Building Water and     $10,241
Department                           Sewage Charges

Miami Elevator Insp. &             Building Elevator         $900

Consultations                        Inspections

Pavement Marking & Signs           Building Maintenance   $10,350
                                    and Upkeep

Pritchard Industries, Inc.         Building Maintenance   $60,532

Pro Service Group, LLC             Building Maintenance   $14,110

Pro Waste USA, LLC                 Building waste &        $2,747
                                   Recycling Services

Urban Property                      Building Property      $5,000
Management, LLC                     Management Fee


NNN MET CENTER: Section 341 Meeting Schedule for Aug. 31
--------------------------------------------------------
A meeting of creditors of NNN Met Center has been set for Aug. 31,
2015, at at 9:00 a.m. at Oakland U.S. Trustee Office.  Creditors
have until Nov. 30, 2015, to submit their proofs of claim.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

NNN Met Center 15 39 and 32 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. N.D. Calif. Lead Case No. 15-42359) on
July 31, 2015.  Alan Sparks signed the petitions as manager and
responsible individual.  The Debtors estimated assets and
liabilities of $10 million to $50 million.  The Law Offices of
Darvy Mack Cohan represents the Debtors as counsel.  The cases are
assigned to Judge William J. Lafferty.


OCI BEAUMONT: S&P Puts 'B' CCR on CreditWatch Positive
------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B' corporate
credit rating and 'B+' senior secured issue rating on OCI Beaumont
LLC on CreditWatch with positive implications.

The rating action follows the recent announcement that higher-rated
CF Industries Inc. has entered into a definitive agreement to
acquire OCI N.V.'s 80% ownership in OCI Beaumont.

"Given the higher credit rating at CF Industries, we believe the
proposed combination will improve OCI Beaumont's credit quality,"
said Standard & Poor's credit analyst Paul Kurias.  

S&P expects the transaction to close in 2016 based on the company's
announced timeline, subject to regulatory approvals.  S&P will
resolve its CreditWatch listing when further details are available
or when the transaction is complete as proposed.



OLLIE'S BARGAIN: S&P Hikes Corp Credit Rating to B+, Outlook Stable
-------------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Harrisburg, Penn.-based Ollie's Bargain Outlet Holdings
Inc. to 'B+' from 'B'.  The outlook is stable.

At the same time, S&P raised its issue-level rating on the
company's senior secured term loan to 'B+' from 'B'.  S&P revised
the recovery rating to '3' from '4'.  The '3' recovery rating
indicates S&P's expectation for meaningful recovery in the event
default at the lower end of the 50% to 70% range.  The company's
revolver remains unrated.

"We incorporated Ollie's rapid growth strategy in the closeout
sector, which has experienced increased competition in recent years
from discount and off-price retailers seeking to expand their
footprints, into our revised business risk assessment.  We believe
this has particular relevance to Ollie's Army, which is the
company's loyalty program customer base," said credit analyst Diya
Iyer.  "Ollie's has successfully grown its store base and
accompanying sales and profits in recent years but we believe there
is less opportunity in coming years than the 950 Ollie's the
company believes it can grow to in the U.S. from its 181 stores
through the first quarter of 2015, with fewer retailers planning
such an aggressive brick-and-mortar strategies amid rapidly
changing online shopping patterns.  Additionally, we believe
continued growth in consumables or slower than expected ramp up of
new stores could result in lower profit margins."

The stable rating outlook reflects S&P's view that Ollie's should
continue to see modest earnings growth in the coming year from new
store expansion and same-store sales gains.  S&P expects Ollie's
credit measures will remain in line with pro forma post-IPO results
through the end of fiscal 2015, and remain cautious on the
execution risk associated with merchandising and inventory
management for its brand name products as it scales up.

S&P could consider a lower rating if sales momentum slows because
of weaker-than-expected new store contribution or less leveraging
of fixed overhead costs such that total debt to EBITDA approaches
5x.  This could occur if sales growth turns flat or gross margin
contracts more than 200 bps.  It could also occur if the company
pursues additional debt-financed dividends in the next 12 months.

S&P could consider a higher rating if sales increase more than 20%
and gross margin expands 200 bps above S&P's expectations resulting
from continued strong operational execution in the coming year.
This would result in leverage below 3x, and interest coverage over
5x.  S&P would also consider an upgrade if it views the company's
market position relative to larger discount and closeout peers as
more favorable, resulting in a revised comparable rating analysis
modifier.



ONE SOURCE: To Make $950 Monthly Payment to Key Equipment
---------------------------------------------------------
Judge Russell F. Nelms of the United States Bankruptcy Court for
the Northern District of Texas, Fort Worth Division, has signed off
an agreed order authorizing One Source Industrial Holdings, LLC, to
make additional adequate protection payments to Key Equipment
Finance, Inc.

Key Equipment asserts that it has a perfected purchase-money
security interest in a 2013 Mack Trailer Truck, Model CU613,
Vehicle Identification Number 1M1A07Y4DM014838.  The monthly
payments on the account are $2,222 each.  As of May 4, 2015, the
Debtor owed the amount of $78,961 with regard to the vehicle.

Under the Agreed Order, as a condition for the use of the vehicle,
the Debtor will pay adequate protection payments of $950 monthly
and will continue to pay each consecutive month until the effective
date of its Chapter 11 Plan or as provided in any order regarding
confirmation of the Chapter 11 plan.  In the event that the Debtor
surrenders the vehicle or files a Chapter 11 plan to surrender the
vehicle, the automatic stay will immediately terminate as to the
vehicle.

Further, the Debtor will maintain full coverage insurance on all
the vehicle throughout the pendency of the bankruptcy proceeding,
listing Key Equipment as loss payee as its interest may appear in
the vehicle, as part of Key Equipment's adequate protection.

One Source Industrial Holdings, LLC is represented by:

          J. Robert Forshey, Esq.
          Suzanne K. Rosen, Esq.
          FORSHEY & PROSTOK LLP
          777 Main St., Suite 1290
          Fort Worth, TX 76102
          Tel: (817) 877-8855
          Fax: (817) 877-4151
          Email: bforshey@forsheyprostok.com
                 srosen@forsheyprostok.com

Key Equipment Finance, Inc. is represented by:

          Mark W. Stout, Esq.
          Matthew D. Giadrosich, Esq.
          PADFIELD & STOUT, L.L.P.
          421 W. Third Street, Suite 910
          Fort Worth, TX 76102
          Tel: (817) 338-1616
          Fax: (817) 338-1610
          Email:  ms@livepad.com
                  mdg@livepad.com

                           About One Source Industrial

One Source Industrial Holdings, LLC, and One Source Industrial LLC
are both limited liability companies.  One Source Industrial
Holdings holds equipment utilized by various related entities which
provide rental equipment and industrial services to businesses in
the oil and gas, refining, manufacturing, pipeline, shipping, and
construction industries.  Industrial provides executive management,
accounting, and overhead services for Holdings.

One Source Holdings sought Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 14-44996) on Dec. 16, 2014.  One Industrial
sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No.
15-400038) on Jan. 4, 2015.  

Judge Russell F. Nelms presides over the Holdings' case.  J. Robert
Forshey, Esq., and Suzanne K. Rosen, Esq., at Forshey & Prostok,
LLP, represents the Debtors.  The Debtors tapped EJC Ventures LP as
financial consultant.

The Debtor disclosed $12,036,897 in assets and $15,890,063 in
liabilities as of the Chapter 11 filing.

The U.S. Trustee appointed five creditors to serve on the official
committee of unsecured creditors.   The Creditors' Committee
retained Culhane Meadows PLLC as its counsel.


OWENS ILLINOIS: Moody's Lowers Corporate Family Rating to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating of
Owens Illinois, Inc. ("OI") to Ba3 from Ba2, concluding the review
for possible downgrade initiated on May 13, 2015. Moody's also
assigned Baa3 ratings to the new add-on term loans. Additional
instrument ratings are detailed below. The ratings outlook is
stable. The proceeds will be used to fund the acquisition of
Vitro's food & beverage business and to pay fees and expenses
associated with the transaction. The acquisition is expected to be
completed before year end.

On May 13, 2015, Owens-Illinois, Inc. (NYSE: OI) announced that it
has reached a definitive agreement with Vitro, S.A.B. de C.V. (BMV:
VITROA), to acquire Vitro's food and beverage glass container
business in an all-cash transaction valued at approximately $2.15
billion. The transaction, which has been approved by the boards of
directors and shareholders of both companies, is subject to
customary regulatory approvals. The acquired businessgenerate
estimated annual proforma revenue of $864 million and credit
agreement adjusted EBITDA of $271 million for the 12 months ended
June 2015. Further, OI expects to realize approximately $30 million
in run-rate cost synergies by 2018 through a combination of
procurement savings and operating efficiencies. In the third year
after close, the transaction is expected to add approximately at
least $100 million in free cash flow.

Moody's took the following rating actions:

Owens Illinois, Inc.:

-- Downgraded Corporate Family Rating to Ba3 from Ba2

-- Downgraded Probability of Default Rating to Ba3-PD from Ba2-PD

-- Downgraded $250 million Senior Unsecured Notes due May 2018 to

    B2 from B1

-- Affirmed Speculative Grade Liquidity Rating SGL-2

Owens-Brockway Glass Container Inc.:

-- Assigned $500 million Senior Secured First Lien Term Loan A
    due April 2020, Baa3 (LGD2)

-- Assigned $750 million Senior Secured First Lien Term Loan B
    due August 2022, Baa3 (LGD2)

-- Downgraded $300 million Senior Secured Revolving Credit
    Facility due April 2020 to Baa3 from Baa2

-- Downgraded $600 million Senior Secured Multicurrency Revolving

    Credit Facility due April 2020 to Baa3 from Baa2

-- Downgraded $600 million Senior Secured Term Loan Facility due
    April 2020 to Baa3 from Baa2

-- Downgraded $300 million Senior Secured Term Loan Facility due
    April 2020 to Baa3 from Baa2

-- Downgraded $300 million Senior Unsecured Notes due Jan 2025 to

    B1 from Ba3

-- Downgraded $500 million Senior Unsecured Notes due Jan 2022 to

    B1 from Ba3

-- Downgraded $300 million Senior Unsecured Notes due 2016 to B1
    from Ba3

OI European Group B.V.

-- Downgraded EUR279 million Senior Secured First Lien Term Loan A

    due April 2020 to Baa3 from Baa2

-- Downgraded EUR330 million Senior Unsecured Notes due March 2021

    to Ba3 from Ba2

-- Downgraded EUR500 million Senior Unsecured Notes due September

    2020 to Ba3 from Ba2

The ratings outlook is revised to stable from under review for
possible downgrade.

The ratings are predicated on a $1,000 million senior unsecured
debt issuance at Owens-Brockway Glass Container Inc. in the
near-term to fund the proposed transaction.

The ratings are subject to the receipt and review of final
documentation.

RATINGS RATIONALE

The downgrade in the Corporate Family Rating to Ba3 reflects the
proforma deterioration in credit metrics and an expectation that
they will not return to a level commensurate with the prior rating
category over the medium term horizon. Proforma leverage rises to
over 4.5 times for the 12 months ended June 2015. Vitro and the
Constellation joint venture are expected to help drive improved
operating results over the next 12 to 18 months and OI has pledged
to direct most free cash flow to debt reduction. However, free cash
flow is expected to be negatively impacted by restructuring costs,
currencies, excess capital spending, and investments in the
Constellation joint venture. Moreover, the full benefits of the
contracted new business extend beyond the rating horizon of 12 to
18 months. Additionally, certain segments are expected to remain
soft and the acquisition poses some level of integration risk and
cost.

The rating outlook is stable. The stable outlook contemplates an
improvement in operating results over the next 12 to 18 months and
the dedication of the majority of free cash flow to debt
reduction.

The ratings could be downgraded if there is deterioration in the
credit metrics, further decline in the operating and competitive
environment, and/or increase in the asbestos liability. While
additional large acquisitions are not anticipated, the rating could
also be downgraded for extraordinarily large, debt-financed
acquisitions or significant integration difficulties with any
acquired entities. Specifically, the ratings could be downgraded if
funds from operations to debt declines below 12.5%, debt to EBITDA
rises above 4.8 times, and/or the EBITDA to interest expense
declines below 4.0 times.

The ratings could be upgraded if there is evidence of a sustainable
improvement in credit metrics within the context of a stable
operating profile and competitive position. Specifically, the
ratings could be upgraded if funds from operations to debt
increases to greater than 16%, EBITDA to interest expense increases
above 5.0 times and debt to EBITDA declines below 4.0 times.

Headquartered in Perrysburg, Ohio, Owens-Illinois, Inc. ("OI") is
one of the leading global manufacturers of glass containers. The
company has a leading position in the majority of the countries
where it operates. OI serves the beverage and food industry and
counts major global beer and soft drink producers among its
clients. For the 12 months ended March 2015, proforma sales were
approximately $7.5 billion.



PASSSAIC HEALTHCARE: Equipment, Inventory Bidding Procedures OK'd
-----------------------------------------------------------------
Judge Christine M. Gravelle of the United States Bankruptcy Court
for the District of New Jersey approved bidding procedures
governing the sale of inventory and equipment of Passaic Healthcare
Services, LLC, dba Allcare Medical, and its debtor affiliates.

The Debtors seek to sell (a) all inventory of durable medical
equipment, respiratory therapy equipment and other items of
inventory held by the Debtors as of the closing date; and (b) all
home medical equipment, respiratory therapy equipment and other
durable medical equipment returned to the Debtors from a patient's
home and all associated warranties and service agreements or rights
related thereto.

The Debtors have entered into an asset purchase agreement with
MedStar Surgical & Breathing Equipment, Inc., to purchase the
Transferred Assets.  Subject to the terms of a settlement
agreement, the Transferred Assets will be sold free and clear of
all existing liens, claims and encumbrances for:  (i) $207,200 for
the Inventory; and (ii) a dollar amount equal to 20% of the Per
Unit Value of those items of Returned Equipment that were delivered
to the Buyer during the immediately preceding month.

In order to receive the highest and best price for the Tranferred
Assets, The Debtor seek to sell the Transferred Assets subject to
higher and better bids.  The Debtors' counsel will auction the
Transferred Assets.

The Court also approved certain protections the Debtors wish to
provide to MedStar, including an expense reimbursement up to a
maximum amount of $25,000.

LifeGas filed a limited objection and reservation of rights to the
Debtors.  In its limited objection, Lifegas said it does not object
to the bidding procedures or sale of assets owned by the Debtors in
general.  LifeGas said it filed its Objection to preserve all of
its rights and interest in the Rental Equipment (including the
defaced equipment) and to require the Debtors to provide a
reconciliation of the Rental Equipment before a transfer of any
property to the winning bidder occurs in order to insure that none
of LifeGas' Rental Equipment is sold and transferred to the winning
bidder.  LifeGas told the Court that it has not been able to
ascertain whether any of its Rental Equipment is included in the
items the Debtors seek to sell as part of the Transferred Assets
and finds itself in a difficult position of having to file this
Objection to preserve its rights.  LifeGas is in the process of
attempting to reconcile the inventory. Without cooperation and
information from the Debtors, LifeGas is unable to complete the
process.

McKesson also filed an initial opposition, telling the Court that
the Debtors should not be permitted to structure a sale in a manner
in which McKesson has insufficient time to vindicate the validity
of its secured claims ahead of any auction.  

McKesson argued that nowhere in the Bidding Procedures Motion is
any argument put forth that "cause," within the meaning of Section
363(k) of the Bankruptcy Code, exists to bar McKesson from credit
bidding.  Even assuming, for the sake of argument, that Essex
lawsuit against McKesson and assertion that it owns its DME "free
and clear" of McKesson's security interest rise to the level of a
"substantial dispute" regarding McKesson's secured claim against
the DME, multiple courts have refused to deprive a secured creditor
of its statutory right to credit bid based on the assertion of
adverse claims, the merits of which are unresolved at the time of
sale, McKesson further argued.  It is notable that over the last
six months neither the Debtors nor Essex have provided any contrary
written communications, McKesson told the Court.

Passaic Healthcare Services, LLC, d/b/a Allcare Medical, et al.,
are represented by:

           Thomas M. Walsh, Esq.
           Joseph J. DiPasquale, Esq.
           TRENK, DIPASQUALE, WEBSTER,
              DELLA FERA & SODONO, P.C.
           347 Mt. Pleasant Avenue, Suite 300
           West Orange, NJ 07052
           Tel: (973) 243-8600
           Email: twalsh@trenklawfirm.com
                  jdipasquale@trenklawfirm.com

LifeGas, a division of Linde Gas North America LLC, is represented
by:

          Margarita Y. Ginzburg, Esq.
          DAY PITNEY LLP
          1 Jefferson Road
          Parsippany, NJ 07054
          Tel: (973) 966-6300
          Email: mginzburg@daypitney.com

McKesson Medical-Surgical Minnesota Supply Inc. is represented by:

          Stacey L. Meisel, Esq.
          BECKER MEISEL LLC
          Eisenhower Plaza II
          354 Eisenhower Parkway, Suite 1500
          Livingston, New Jersey 07039
          Tel.: 973 422-1100
          Email: slmeisel@beckermeisel.com

             -- and --

          Jeffrey K. Garfinkle, Esq.
          Mary H. Rose, Esq.
          Buchalter Nemer
          A Professional Corporation
          18400 Von Karman Avenue, Suite 800
          Irvine, California 92612
          Tel.: 949 760-1121
          Email: jgarfinkle@buchalter.com
                 mrose@buchalter.com

                  About Passaic Healthcare

Based in Plainview, New York, Passaic Healthcare Services, LLC,
doing business as Allcare Medical, is a full service durable
medical equipment company specializing in clinical respiratory,
wound care and support services.  Passaic, which employs 200
individuals, has seven locations in New Jersey, New York and
Pennsylvania.

Passaic began operations in December 2010 after it acquired
substantially all of the assets of C&C Homecare, Inc., and Extended
Care Concepts through a bankruptcy sale under 11 U.S.C. Sec. 363.
After acquiring 100% of the equity interests in
Galloping Hill Surgical, LLC, and Allcare Medical SNJ, LLC, Passaic
began using "Allcare Medical" as trade name for its entire
business, and discontinued marketing under the name C&C Homecare.

Passaic Healthcare filed a Chapter 11 bankruptcy petition (Bankr.
D.N.J. Case No. 14-36129) in Trenton, New Jersey, on Dec. 31,
2014.  The case is assigned to Judge Christine M. Gravelle.

Judge Christine M. Gravelle directed that the cases of Passaic
Healthcare Services, LLC, Galloping Hill Surgical LLC, and Allcare
Medical SNJ LLC, are jointly administered with Case No. 14-36129.

The Debtor has tapped Joseph J. DiPasquale, Esq., and Thomas
Michael Walsh, Esq., at Trenk, DiPasquale, Della Fera & Sodono,
P.C., in West Orange, New Jersey, as counsel.

The Debtor disclosed $15,663,665 in assets and $46,734,414 in
liabilities as of the Chapter 11 filing.

U.S. Trustee for Region 3 appointed five creditors to serve on the
Official Committee of Unsecured Creditors.  The Committee tapped
Arent Fox LLP as its counsel, and CBIZ Accounting, Tax & Advisory
of New York, LLC as it financial advisors.


PLUG POWER: Axane S.A. Reports 2.6% Stake as of July 31
-------------------------------------------------------
Axane S.A., a wholly-owned subsidiary of L'Air Liquide S.A.,
acquired 4,781,250 shares of Plug Power, Inc.'s Common Stock on
July 31, 2015, which represents 2.68% of the shares outstanding.
Axane acquired the Common Stock from the Issuer in exchange for the
transfer by Axane to Hypulsion U.S. Holding, Inc., a wholly-owned
subsidiary of the Issuer, of Axane's 80% shareholding in HyPulsion,
a French societe par actions simplifiee.

L'Air Liquide S.A. disclosed that as of July 31, 2015, it
beneficially owned 10,375,168 shares of common stock of Plug Power
Inc., which represents 5.64 percent of the shares outstanding.

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

                      http://is.gd/0kRjpi

                       About Plug Power

Plug Power Inc. is a provider of alternative energy technology
focused on the design, development, commercialization and
manufacture of fuel cell systems for the industrial off-road
(forklift or material handling) market.

Plug Power reported a net loss attributable to common shareholders
of $88.6 million on $64.2 million of total revenue for the year
ended Dec. 31, 2014, compared to a net loss attributable to common
shareholders of $62.8 million on $26.6 million of total revenue for
the year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $189 million in total assets,
$39.1 million in total liabilities, $1.15 million in series C
convertible redeemable preferred stock and $149 million in total
stockholders' equity.

                        Bankruptcy Warning

"Our cash requirements relate primarily to working capital needed
to operate and grow our business, including funding operating
expenses, growth in inventory to support both shipments of new
units and servicing the installed base, and continued development
and expansion of our products.  Our ability to achieve
profitability and meet future liquidity needs and capital
requirements will depend upon numerous factors, including the
timing and quantity of product orders and shipments; the timing and
amount of our operating expenses; the timing and costs of working
capital needs; the timing and costs of building a sales base; the
timing and costs of developing marketing and distribution channels;
the timing and costs of product service requirements; the timing
and costs of hiring and training product staff; the extent to which
our products gain market acceptance; the timing and costs of
product development and introductions; the extent of our ongoing
and any new research and development programs; and changes in our
strategy or our planned activities. We expect that we may require
significant additional capital to fund and expand our future
operations.  In particular, in the event that our operating
expenses are higher than anticipated or the gross margins and
shipments of our products are lower than we expect, we may need to
implement contingency plans to conserve our liquidity or raise
additional capital to meet our operating needs. Such plans may
include: a reduction in discretionary expenses, funding from
licensing the use of our technologies, debt and equity financing
alternatives, government programs, and/or a potential business
combination, strategic alliance or sale of a portion or all of the
Company.  If we are unable to fund our operations and therefore
cannot sustain future operations, we may be required to delay,
reduce and/or cease our operations and/or seek bankruptcy
protection," the Company said in its 2014 annual report.


PORTER BANCORP: Posts $2.1 Million Net Loss for Second Quarter
--------------------------------------------------------------
Porter Bancorp, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $2.1 million on $9.1 million of interest income for the three
months ended June 30, 2015, compared to a net loss of $6.2 million
on $10.1 million of interest income for the same period during the
prior year.

The Company reported a net loss of $1.5 million on $18.3 million of
interest income for the six months ended June 30, 2015, compared to
a net loss of $6.5 million on $20 million of interest income for
the same period in 2014.

As of June 30, 2015, the Company had $979.3 million in total
assets, $949.2 million in total liabilities and $30 million in
total stockholders' equity.

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

                        http://is.gd/HdUAeD

                        About Porter Bancorp

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

Porter Bancorp reported a net loss of $11.2 million in 2014, a net
loss of $1.58 million in 2013 and a net loss of $32.93 million in
2012.  

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


PRESS GANEY: Moody's Withdraws 'B1' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Press Ganey
Holdings, Inc. following the repayment of its senior secured credit
facilities due 2017 and 2018 with the refinancing proceeds from new
credit facilities which are not rated by Moody's. The ratings have
been withdrawn given that the issuer has no rated debt
outstanding.

RATINGS RATIONALE

The following ratings and assessments for Press Ganey Holdings,
Inc. were withdrawn:

B1 Corporate Family Rating

B2-PD Probability of Default Rating

B1 (LGD3) rating on revolving credit facility due April 2017

B1 (LGD3) rating on first lien term loan due April 2018

Rating outlook, changed to Withdrawn from Stable

Headquartered in South Bend, Indiana, Press Ganey Holdings, Inc. is
a provider of performance measurement and improvement services to
UShealthcare providers including hospitals, medical practices and
alternate-site providers. For the twelve months ended March 31,
2015, the company generated total revenues of approximately $291
million.



PRESS GANEY: S&P Withdraws BB- Corp Credit Rating on Debt Repayment
-------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Press Ganey Holdings Inc. after the company repaid
all of its rated debt on July 31, 2015, with a new, unrated, credit
facility.  The outlook is stable.

S&P subsequently withdrew the 'BB-' corporate credit rating on
Press Ganey, and all of the issue-level ratings, at the issuer's
request, following the repayment of the rated debt.



PROGRESO INDEPENDENT: Fitch Affirms BB+ Rating on $27.6MM ULT Bonds
-------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on Progreso Independent
School District, TX's (the district) $27.6 million unlimited tax
(ULT) bonds outstanding.

The Rating Outlook is revised to Stable from Negative.

SECURITY

The bonds are payable from an annual unlimited property tax levy.

KEY RATING DRIVERS

REVISED OUTLOOK: The Stable Outlook reflects the district's
progress in stabilizing its financial position, primarily through
staff rightsizing. The district still faces the potential claw-back
of past state aid for ineligible non-resident students, but
sufficient reserves are expected to readily absorb this
contingency. The tightened verification process of student
residency is expected to reduce unanticipated revenue pressures in
the future.

PROGRESS EXPECTED ON AUDIT FINDINGS: The district's fiscal 2014
audit is unqualified but carries over a large number of audit
findings from the previous year as expected. The district reports
substantial progress in resolving these findings and none are
expected in the fiscal 2015 audit.

STATE CONSERVATORS REMAIN: Conservators remain assigned by Texas
Education Agency (TEA) to the district with oversight authority and
broad power to make and influence management decisions, including a
veto of board decisions. A new superintendent, business manager and
federal programs director were recently hired.

MIXED DEBT PROFILE: Debt-to-market value is very high due to the
low tax base wealth, and amortization is moderately below average.
However, fixed costs for debt service and retiree benefits are
quite affordable due to annual state support. Existing capital
needs will be funded on a pay-go basis and debt plans are limited.


WEAK TAX BASE: Tax base wealth is very low and top taxpayers are
moderately concentrated. Recent taxable assessed valuation (TAV)
growth has been positive but volatile. Tax collection rates are
below average.

LIMITED BUT STABLE ECONOMY: The district's economy is fairly
limited with high unemployment, high poverty, and low wealth. Such
metrics are not unusual for smaller school districts located along
the U.S.-Mexico border.

RATING SENSITIVITIES

SUSTAINED FINANCIAL IMPROVEMENT: Failure to maintain structural
balance and improved financial management practices may lead to
further negative rating action. Conversely, a trend of stable
operations and audited financial improvements may lead to positive
rating action.

CREDIT PROFILE

The district is located on the U.S.-Mexico border in Hidalgo County
and includes the town of Progreso, a small trading center. District
attendance has fluctuated in recent years but remains around 1,900.


OUTLOOK REVISION

The Stable Outlook reflects the district's return to structural
balance through the elimination of 58 positions in fiscal 2015,
which is projected to result in an operating surplus of $2.5
million (15% of spending). It also reflects management's progress
in improving its financial management practices with the assistance
of a state education service center (ESC). The ESC provided
business office support, financial oversight, human resources
support, and student attendance support. Additionally, Fitch views
the hiring of a new leadership team as an important step in
returning stability to the district.

STRUCTURAL IMBALANCE AND MANAGEMENT WEAKNESSES

Fitch's downgrade of the district to 'BB+' with a Negative Outlook
in 2014 stemmed from the confluence of both financial and
governance related problems. A significant structural imbalance in
fiscal 2013, due to overstaffing and transfers for construction
cost overruns, was accompanied by a qualified opinion on the fiscal
2013 audit plus a high 22 audit findings.

These findings reflected many of the problems discovered by TEA's
investigation regarding significant gaps in governance, internal
controls and financial management practices. The lack of
accountability and non-compliance issues spanning various tiers of
leadership ultimately resulted in the arrests of the board
president and an assistant superintendent on bribery charges, as
well as the departure of the district's business manager. In
response, TEA appointed two conservators in 2014, and they continue
to work with the district. Management expects all of the audit
findings will be resolved in the fiscal 2015 audit.

STATE AID OVERPAYMENTS

The district's financial challenges were further exacerbated by a
TEA investigation that revealed the district had been including 100
non-Texas residents, equal to about 5% of its enrollment base, in
its ADA for fiscal years 2012 and 2013. These discrepancies led to
the district receiving an aggregate state aid overpayment of $1.6
million for the biennium and resulted in a reduction of the
district's fund balance by a similar amount in the fiscal 2014
audit. Despite the adverse adjustment, the fiscal 2014 unrestricted
fund balance totaled a still adequate $3.7 million or 18.3% of
spending.

TEA also contends that similar overpayments for 100 non-Texas
residents were received by the district in fiscal 2014, which TEA
had planned to deduct from the fiscal 2015 funding amount. The
district has appealed TEA's finding and contends a smaller number
of non-Texas residents was counted in the district's ADA during
that period. TEA has not ruled on the district's appeal, and the
district has set aside $735,000 for this contingency. The district
has enhanced its processes for verifying students' residency, which
presumably will limit this exposure going forward.

PROJECTED FISCAL 2015 SURPLUS, FISCAL 2016 BUDGET ADOPTED
The fiscal 2015 budget reflected the loss of all 100 students
disputed by TEA as non-eligible. To offset the loss of about
$750,000 in state revenue, management reduced personnel; the
interim administration had identified substantial overstaffing in
maintenance personnel and other non-teaching positions.

The elimination of 58 positions is projected to result in a $2.5
million (15% of spending) net surplus, increasing the unrestricted
fund balance to about $6.2 million or 36.4% of spending. Management
plans to set aside $700,000 and $735,000 of the surplus for roof
repairs and the potential claw-back of fiscal 2014 state aid,
respectively. Netting out these set asides, the estimated financial
cushion represents a still solid 28% of spending.

The proposed fiscal 2016 budget includes pay hikes and assumes a
modest 1% increase in ADA. Funded on a flat O&M tax rate of $1.04
per $100 TAV, the proposed budget is projected to result in a $1
million general fund surplus.

LIMITED BUT STABLE ECONOMY

Tourism, agriculture and trade with Mexico are the leading sectors
of commerce in Hidalgo County. The Progreso-Nuevo Progreso
International Bridge, expanded in 2003, has also enhanced the
area's role in foreign trade activity. Unemployment rates in the
county historically have been significantly higher than state and
national levels. The March 2015 unemployment rate of 7.5% is down
from 9.3% a year-prior but remains well above the state and
national averages of 4.2% and 5.6%, respectively. Likewise, local
wealth indicators traditionally have lagged significantly behind
state and national averages, with market value per capita a low
$28,000 and per capita income equal to only 39% of the national
average.

District TAV has grown by a compound annual average of 4.2% since
fiscal 2011. Recessionary TAV losses were limited to a 6.4%
reappraisal decline in fiscal 2011. Moderate taxpayer concentration
exists, with the top 10 taxpayers accounting for 13.5% of fiscal
2014 TAV, led by a construction company with 3.3% of the total.

The 2015 district estimated population of 8,200 is small. Student
ADA in the district remained flat in recent years before declining
by 2% and 6% in fiscal years 2014 and 2015, respectively. The
fiscal 2015 ADA decline reflects the elimination of all non-Texas
residents identified by TEA. The district is budgeting a modest 1%
gain in ADA in fiscal 2016 to reflect a new pre-K program for 3
year olds, which Fitch considers reasonable.

VERY LOW PROPERTY WEALTH BRINGS SUBSTANTIAL STATE SUPPORT

A major determinant in the amount of state financial aid for Texas
school districts is local property wealth levels. The district's
property wealth per student is among the lowest in the state, and
therefore the district is heavily dependent on state aid for
operating and debt service support. State financial support has
consistently comprised around 80% of general fund revenues; local
property taxes account for less than 10%. Tax collections, typical
of the border region, are somewhat weak but have improved in recent
years due to a change in delinquent tax collection procedures.

ELEVATED DEBT RATIOS WITH AFFORDABLE FIXED COSTS DUE TO STATE
SUPPORT

The district's debt-to-market value ratio is very high at 14.3%,
reflecting the very low property wealth levels. Debt per capita is
more moderate at $3,843. The district's substantial state debt
service support, which when applied as a cost offset, reduces
annual debt service costs to less than 2% of governmental
expenditures.

The pace of principal repayment remains modestly below average at
46% in 10 years. Debt service is level over the medium term and
descends thereafter through final maturity. Current facility
capacity is projected as adequate over the next five years.

District employees participate in the Teacher Retirement System of
Texas (TRS), a cost sharing, multiple-employer pension system.
Contributions are substantially made by plan members and the State
of Texas on behalf of the district, significantly reducing the
annual retiree costs for the district. The district's annual
required contribution for pension and other post-employment
benefits equaled $342,000 or a nominal 1.1% of fiscal 2014
governmental expenditures. Combined fixed costs for debt service
and pension and OPEB ARCs consumed only 3.2% of fiscal 2014
governmental spending.

TEXAS SCHOOL FINANCE LITIGATION

A Texas district judge ruled in August 2014 that the state's school
finance system is unconstitutional. The ruling, which was in
response to a consolidation of six lawsuits representing 75% of
Texas school children and was the second such ruling in the past
two years, found the system inefficient, inequitable, and
underfunded. The judge also ruled that local school property taxes
are effectively a statewide property tax due to lack of local
discretion and therefore are unconstitutional.

The Texas attorney general has appealed the judge's latest ruling
to the state supreme court. If the state school finance system is
ultimately found unconstitutional, the legislature would likely
follow with changes intended to restore its constitutionality.
Fitch would view positively any changes that include additional
funding for schools and more local discretion over tax rates.


QUALITY DISTRIBUTION: CFIUS Completes Review on Proposed Merger
---------------------------------------------------------------
Quality Distribution, Inc., received notice from the Committee on
Foreign Investment in the United States that CFIUS has concluded
its review of the proposed merger with Gruden Acquisition and
determined that there are no unresolved national security concerns
with respect to the transaction.

As previously reported, on May 6, 2015, Quality Distribution
entered into an Agreement and Plan of Merger with Gruden
Acquisition, Inc. ("Parent") and Gruden Merger Sub, Inc. ("Merger
Sub") pursuant to which Merger Sub will merge with and into the
Company.  Parent and Merger Sub are entities formed by funds
advised by Apax Partners LLP.

                    About Quality Distribution

Quality Distribution, LLC, and its parent holding company, Quality
Distribution, Inc., are headquartered in Tampa, Florida.  The
company is a transporter of bulk liquid and dry bulk chemicals.
The company's 2010 revenues are approximately $686 million.
Apollo Management, L.P., owns roughly 30 percent of the common
stock of Quality Distribution, Inc.

As of March 31, 2015, the Company had $418 million in total assets,
$445 million in total liabilities and a $26.9 million total
shareholders' deficit.

                        Bankruptcy Warning

"We have substantial indebtedness and may not be able to make
required payments on our indebtedness.

We had consolidated indebtedness and capital lease obligations,
including current maturities of $351.3 million, as of December 31,
2014.  We must make regular payments under the ABL Facility,
including the Term Loan, thereunder, and our capital leases and
semi-annual interest payments under our 2018 Notes.

The ABL will mature at the earlier of November 2019 and the date
that is 91 days prior to the maturity of the Company's currently
outstanding 2018 Notes or any replacement notes if the outstanding
amount of such debt is above a certain threshold.  The Term Loan
matures on November 3, 2017 but we are subject to mandatory
prepayment of the principal amount of the Term Loan in equal
quarterly payments beginning as early as November 2015.  The
maturity date of the ABL Facility, including the Term Loan, may be
accelerated if we default on our obligations.  If the maturity of
the ABL Facility and/or such other debt is accelerated, we may not
have sufficient cash on hand to repay the ABL Facility and/or such
other debt or be able to refinance the ABL Facility and/or such
other debt on acceptable terms, or at all.  The failure to repay
or refinance the ABL Facility and/or such other debt at maturity
would have a material adverse effect on our business and financial
condition, would cause substantial liquidity problems and may
result in the bankruptcy of us and/or our subsidiaries.  Any actual
or potential bankruptcy or liquidity crisis may materially harm our
relationships with our customers, suppliers and independent
affiliates," the Company states in its 2014 annual report.

                           *     *     *

As reported in the TCR on June 28, 2013, Moody's Investors Service
upgraded Quality Distribution, LLC's Corporate Family Rating to
'B2' from 'B3' and Probability of Default Rating to 'B2-PD' from
'B3-PD'.

The upgrade of Quality's CFR to 'B2' was largely driven by the
expectation that credit metrics will improve over the next twelve
to eighteen months, through a combination of EBITDA growth and
debt paydowns, to levels consistent with the 'B2' rating level.
The company is in the process of integrating the bolt-on
acquisitions made in its Energy Logistics business sector since
2011.

As reported by the TCR on July 17, 2015, Standard & Poor's Ratings
Services said that it has lowered its corporate credit rating on
Tampa-based transportation and logistics provider Quality
Distribution Inc. to 'B-' from 'B' and removed the ratings from
CreditWatch, where S&P had placed them with negative implications
on May 8, 2015.  "The downgrade reflects Quality Distribution's
higher debt-leverage pro forma for its acquisition by Apax
Partners," said Standard & Poor's credit analyst Michael Durand.


QUALITY DISTRIBUTION: Proxy Statement Supplemental Disclosures
--------------------------------------------------------------
Quality Distribution, Inc., filed with the Securities and Exchange
Commission supplemental disclosures to the definitive proxy
statement on Schedule 14A filed on July 16, 2015, and first mailed
to the Company's shareholders on or about July 17, 2015, to update
certain information relating to the Agreement and Plan of Merger,
dated as of May 6, 2015, by and among Gruden Acquisition, Inc.
("Parent"), Gruden Merger Sub, Inc. ("Merger Sub"), and the
Company.

The Supplemental Disclosure was filed in connection with the
Company's settlement of a certain litigation relating to the Merger
Agreement which remains subject to the negotiation of a stipulation
of settlement and approval by the Court in the Delman action.  

A lawsuit relating to the Merger Agreement filed by a purported
shareholder was brought against the Company, the Company's board of
directors, Parent, Merger Sub, Apax Investors and Apax.  This
lawsuit, Delman v. Quality Distribution, Inc., et al. was filed in
the Circuit Court of the 13th Judicial Circuit in and for
Hillsborough County, Florida.  This lawsuit was brought
individually and on behalf of a putative class of the Company's
shareholders, and alleges that the members of the Company's board
of directors breached their fiduciary duties in connection with the
proposed acquisition of the Company by Parent, depriving the
Company's shareholders of the full and fair value of their
ownership interest in the Company.  The action further alleges that
the Company has failed to inform the Company's shareholders of
material facts regarding the proposed transaction, and
additionally, alleges that Apax, Parent, Merger Sub and the Apax
Investors aided and abetted the alleged breaches by the Company's
board of directors.  The Delman action purports to seek equitable
relief, including, among other things, to enjoin consummation of
the transactions contemplated by the Merger Agreement, as well as
compensatory or recissory damages, and an award of all costs,
including attorneys' fees and other expenses.

The Company believes that no further disclosure is required to
supplement the Proxy Statement under applicable laws; however, to
avoid the risk that the lawsuit may delay or otherwise adversely
affect the consummation of the transactions contemplated by the
Merger Agreement, and to minimize the expense of defending that
action, the Company has agreed to make certain supplemental
disclosures related to the Merger Agreement and the transactions
contemplated thereby.

A full-text copy of the Supplemental Disclosures is available for
free at http://is.gd/0hqSam

                   About Quality Distribution

Quality Distribution, LLC, and its parent holding company, Quality
Distribution, Inc., are headquartered in Tampa, Florida.  The
company is a transporter of bulk liquid and dry bulk chemicals.
The company's 2010 revenues are approximately $686 million.
Apollo Management, L.P., owns roughly 30 percent of the common
stock of Quality Distribution, Inc.

As of March 31, 2015, the Company had $418 million in total assets,
$445 million in total liabilities and a $26.9 million total
shareholders' deficit.

                        Bankruptcy Warning

"We have substantial indebtedness and may not be able to make
required payments on our indebtedness.

We had consolidated indebtedness and capital lease obligations,
including current maturities of $351.3 million, as of December 31,
2014.  We must make regular payments under the ABL Facility,
including the Term Loan, thereunder, and our capital leases and
semi-annual interest payments under our 2018 Notes.

The ABL will mature at the earlier of November 2019 and the date
that is 91 days prior to the maturity of the Company's currently
outstanding 2018 Notes or any replacement notes if the outstanding
amount of such debt is above a certain threshold.  The Term Loan
matures on November 3, 2017 but we are subject to mandatory
prepayment of the principal amount of the Term Loan in equal
quarterly payments beginning as early as November 2015.  The
maturity date of the ABL Facility, including the Term Loan, may be
accelerated if we default on our obligations.  If the maturity of
the ABL Facility and/or such other debt is accelerated, we may not
have sufficient cash on hand to repay the ABL Facility and/or such
other debt or be able to refinance the ABL Facility and/or such
other debt on acceptable terms, or at all.  The failure to repay
or refinance the ABL Facility and/or such other debt at maturity
would have a material adverse effect on our business and financial
condition, would cause substantial liquidity problems and may
result in the bankruptcy of us and/or our subsidiaries.  Any actual
or potential bankruptcy or liquidity crisis may materially harm our
relationships with our customers, suppliers and independent
affiliates," the Company states in its 2014 annual report.

                           *     *     *

As reported in the TCR on June 28, 2013, Moody's Investors Service
upgraded Quality Distribution, LLC's Corporate Family Rating to
'B2' from 'B3' and Probability of Default Rating to 'B2-PD' from
'B3-PD'.

The upgrade of Quality's CFR to 'B2' was largely driven by the
expectation that credit metrics will improve over the next twelve
to eighteen months, through a combination of EBITDA growth and
debt paydowns, to levels consistent with the 'B2' rating level.
The company is in the process of integrating the bolt-on
acquisitions made in its Energy Logistics business sector since
2011.

As reported by the TCR on July 17, 2015, Standard & Poor's Ratings
Services said that it has lowered its corporate credit rating on
Tampa-based transportation and logistics provider Quality
Distribution Inc. to 'B-' from 'B' and removed the ratings from
CreditWatch, where S&P had placed them with negative implications
on May 8, 2015.  "The downgrade reflects Quality Distribution's
higher debt-leverage pro forma for its acquisition by Apax
Partners," said Standard & Poor's credit analyst Michael Durand.


QUANTUM CORP: Grants 10.3-Mil. Restricted Shares in Fiscal 2015
---------------------------------------------------------------
Note 9: Stock Incentive Plans and Share-Based Compensation, to
Quantum Corporation's annual report on Form 10-K for the fiscal
year ended March 31, 2015, indicated that approximately 10.3
million shares of restricted stock were granted by Quantum during
the fiscal year that ended March 31, 2015.  Of these approximately
10.3 million shares, approximately 2.4 million were subject to
performance-vesting conditions.  The remainder, consisting of
approximately 7.9 million shares, were subject only to continued
employment or service conditions.  Of the approximately 2.4 million
shares that were subject to performance-vesting conditions,
approximately 30.6% of the shares (equaling approximately 0.7
million shares) were earned based on actual performance during the
performance period (which consisted of fiscal year 2015) as
compared to the pre-established performance goals for the
performance period.  The remaining approximately 1.7 million shares
that were not earned during the performance period were forfeited
back to Quantum and returned to Quantum's 2012 Long-Term Incentive
Plan.

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum reported net income of $16.7 million on $553 million of
total revenue for the year ended March 31, 2015, compared to a net
loss of $21.5 million on $553 million of total revenue for the year
ended March 31, 2014.

As of March 31, 2015, the Company had $359 million in total assets,
$419 million in total liabilities and a $60.4 million stockholders'
deficit.


QUANTUM FUEL: Reports Second Quarter 2015 Financial Results
-----------------------------------------------------------
Quantum Fuel Systems Technologies Worldwide, Inc. reported a net
loss attributable to stockholders of $3.2 million on $10.6 million
of total revenues for the three months ended June 30, 2015,
compared to a net loss attributable to stockholders of $2.2 million
on $6.5 million of total revenues for the same period during the
prior year.

For the six months ended June 30, 2015, the Company reported a net
loss attributable to stockholders of $6.5 million on $19.8 million
of total revenues compared to a net loss attributable to
stockholders of $5.4 million on $14.5 million of total revenues for
the same period last year.

"We are pleased to report strong product and overall revenue growth
for the quarter and excited about our next generation of product
offerings that take advantage of our latest storage technology and
system designs, further enabling our customers to reduce weight and
drive efficiency through their delivery fleets," said Brian Olson,
president and CEO of Quantum.  "The investments we are making to
establish production efficiencies and to bring forth the most cost
efficient and innovative products to market are building an even
stronger foundation from which we can continue to grow our
business," concluded Mr. Olson.

For its continuing operations, the Company had working capital of
$12.3 million (defined as current assets less current liabilities)
as of June 30, 2015, which includes $4.5 million of outstanding
borrowings under its revolving line of credit that is classified as
a current liability.

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

                         http://is.gd/ZIUmWk

                         About Quantum Fuel

Lake Forest, Cal.-based Quantum Fuel Systems Technologies
Worldwide, Inc. (Nasdaq: QTWW) develops and produces advanced
vehicle propulsion systems, fuel storage technologies, and
alternative fuel vehicles.  Quantum's portfolio of technologies
includes electronic and software controls, hybrid electric drive
systems, natural gas and hydrogen storage and metering systems and
other alternative fuel technologies and solutions that enable fuel
efficient, low emission, natural gas, hybrid, plug-in hybrid
electric and fuel cell vehicles.

Quantum Fuel reported a net loss of $14.9 million in 2014, a net
loss attributable to stockholders of $23.0 million in 2013, a net
loss attributable to stockholders of $30.9 million in 2012 and a
net loss attributable to common stockholders of $38.5 million in
2011.

As of March 31, 2015, Quantum Fuel had $72.5 million in total
assets, $41.8 million in total liabilities and $30.8 million in
total stockholders' equity.


RETROPHIN INC: Reports Second Quarter 2015 Financial Results
------------------------------------------------------------
Retrophin, Inc., reported a net loss of $25.5 million on $24
million of net product sales for the three months ended June 30,
2015, compared to net income of $11.8 million on $5.7 million of
net product sales for the same period in 2014.

For the six months ended June 30, 2015, the Company reported net
income of $14.1 million on $41.4 million of net product sales
compared to a net loss of $63.9 million on $5.7 million of net
product sales for the same period during the prior year.

As of June 30, 2015, the Company had $425.1 million in total
assets, $274.3 million in total liabilities and $150.7 million in
total stockholders' equity.

"We are very pleased with the ongoing progress made in the second
quarter," said Stephen Aselage, chief executive officer of
Retrophin.  "The 39 percent top-line increase over the first
quarter illustrates continued robust growth of Thiola and a strong
start to the Cholbam launch.  With the advancement of RE-024 into
the clinic and the recent sale of our Priority Review Voucher for
$245 million, we continued to take meaningful steps to deliver
long-term shareholder value."

A copy of the press release is available for free at:

                        http://is.gd/tbw90p

                          About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

Retrophin reported a net loss of $111 million in 2014 following a
net loss of $34.6 million in 2013.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014.  The accounting firm noted that the Company has
suffered recurring losses from operations, used significant amounts
of cash in its operations, and expects continuing future losses.
In addition, at Dec. 31, 2014, the Company had deficiencies in
working capital and net assets of $70.2 million and $37.3 million,
respectively.  Finally, while the Company was in compliance with
its debt covenants at Dec. 31, 2014, it expects to not be in
compliance with these covenants in 2015.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


ROCKWELL MEDICAL: Posts $2.5 Million Net Loss for Second Quarter
----------------------------------------------------------------
Rockwell Medical, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $2.5 million on $12.9 million of sales for the three months
ended June 30, 2015, compared to a net loss of $3.2 million on $13
million of sales for the same period in 2014.

For the six months ended June 30, 2015, the Company reported a net
loss of $6.2 million on $26.8 million of sales compared to a net
loss of $10.9 million on $25.9 million of sales for the same period
during the prior year.

As of June 30, 2015, the Company had $91.5 million in total assets,
$25.5 million in total liabilities and $65.9 million in total
shareholders' equity.

As of June 30, 2015, the Company had $88.4 million in current
assets and net working capital of $81.4 million.  The Company had
$77.3 million in cash and investments with $37.1 million in cash as
of June 30, 2015.  The Company has no debt outstanding as of June
30, 2015.

"As expected, we had another solid quarter," stated Robert L.
Chioini, Chairman and CEO of Rockwell.  "Our focus and effort the
last five months has been on performing the necessary work to
launch Triferic commercially, as well as Calcitriol.  Since our FDA
approval of Triferic, interest from the clinical community in
gaining access to the drug has been strong across large and small
dialysis organizations.  Short-term pilot evaluations are being
coordinated among some of the larger groups to establish internal
protocol, prior to clinic-wide use.  We anticipate these pilot
studies will begin in the next few weeks.  Once internal protocols
are established and working satisfactorily, we expect to see
broad-based clinical adoption of Triferic."

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

                        http://is.gd/34rYkp

                           About Rockwell

Rockwell Medical, Inc. (Nasdaq: RMTI), headquartered in Wixom,
Michigan, is a fully-integrated biopharmaceutical company
targeting end-stage renal disease ("ESRD") and chronic kidney
disease ("CKD") with innovative products and services for the
treatment of iron deficiency, secondary hyperparathyroidism and
hemodialysis (also referred to as "HD" or "dialysis").

Rockwell's lead investigational drug is in late stage clinical
development for iron therapy treatment in CKD-HD patients.  It is
called Soluble Ferric Pyrophosphate ("SFP").  SFP delivers iron to
the bone marrow in a non-invasive, physiologic manner to
hemodialysis patients via dialysate during their regular dialysis
treatment.

Rockwell reported a net loss of $21.3 million in 2014, a net loss
of $48.8 million in 2013 and a net loss of $54.02 million in 2012.


SBM DEEP: Fitch Lowers Rating on $450MM Sr. Sec. Notes to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded to 'BB' from 'BBB-' the rating of SBM
Deep Panuke S.A.'s $450 million senior secured notes due 2021.  The
Rating Outlook has been revised to Negative from Stable.

The downgrade is based on the weakened credit quality of SBM
Offshore N.V. (SBM), the sponsor and guarantor of the issuer's
performance obligations under the charter.  The counterparty has
the option to terminate the charter based on the bankruptcy or
insolvency of the sponsor.  Thus, a reduction in the credit quality
of SBM increases the likelihood that the counterparty will acquire
the termination option.  Fitch notes that Encana has shifted PFC's
production schedule from continuous to seasonal, and that reserve
estimates have been revised downwards based on actual output
levels.

KEY RATING DRIVERS

Revenue Risk: Stronger

Fixed Charter Contract: The charter contract with strong off-taker,
Encana Corporation (Encana), insulates the project's cash flow from
volume and price risk.  The performance requirement linked to
charter termination is not onerous and Fitch considers the
possibility of performance-related termination remote.  Fixed lease
payments do not fluctuate based on the Deep Panuke production field
center's (PFC or the project) operational performance, and revenue
is not based on throughput.

Operations Risk: Stronger

Parent-Affiliated Operator: The PFC's operational complexity is
mitigated by the involvement of parent SBM, which has extensive
experience in offshore production, and by the full pass-through of
all O&M costs to Encana.  The operations contract exceeds the debt
term, providing long-term operational stability.

Infrastructure Development and Renewal Risk: Stronger

Full Recovery of Life Cycle Costs: The project contracts establish
a full pass-through of O&M costs to Encana, including typical
project maintenance as well as any capital expenditures.  This
structure should enable the PFC to meet long-term performance
expectations.  The seven-year notes mature well within the 20- to
25-year useful life of the PFC's major structural and mechanical
components.

Debt Structure: Midrange

Typical Debt Structure: Deep Panuke's debt structure includes
conventional features.  The senior secured notes are scheduled to
fully amortize over a relatively short debt term and benefit from a
six-month debt service reserve account (DSRA).

Stable Financial Profile: Fixed charter revenues align with level
debt payments to create a flat debt service coverage ratio (DSCR)
profile that should allow for consistent financial performance over
the term of the notes.  Fitch expects debt service coverage to
average 1.26x, with a minimum of 1.26x.

SBM Credit Quality: Under the operating and charter contracts,
bankruptcy or insolvency of SBM gives Encana the right to terminate
these contracts without compensation to the project.  As such, the
project's rating is linked to the credit quality of SBM.

Peer Comparison: Deep Panuke's fixed lease payment structure is
stronger than similar peers with revenues subject to reductions
based on availability, force majeure or production levels.  The
ability to pass through nearly all costs provides Deep Panuke with
a more stable projected financial profile than its peers,
indicating that lower DSCRs are adequate to reach investment grade.
Deep Panuke's low leverage and short debt tenor are also favorable
features compared with similar availability-based projects.

RATING SENSITIVITIES

Positive/Negative - SBM Credit Quality: Further deterioration or an
improvement in the credit quality of SBM may change the likelihood
of charter contract termination.

Negative - Weak Operational Performance: Persistent weak
operational performance may suggest a higher likelihood of charter
contract termination.

CREDIT UPDATE

The weakening of SBM's credit quality increases the likelihood that
the charter's termination provisions will be triggered due to the
bankruptcy or insolvency of SBM.  It is uncertain whether Encana
would exercise its option to terminate the charter, which is the
sole source of Deep Panuke's revenues.  Fitch understands that
Encana has shifted PFC's production schedule from continuous to
seasonal, and that reserve estimates have been revised downwards
based on actual output levels.

Deep Panuke is the owner of the PFC deployed in the Deep Panuke
natural gas field off the shores of Nova Scotia, Canada.  The
project consists of a natural gas production platform with a
contracted production capacity of 300 million standard cubic feet
per day, which has been in commercial operation since Nov. 6, 2013.
The project generates revenue pursuant to a charter-party contract
with Encana for an initial term of eight years.  Gas production and
processing capacity is chartered exclusively to Encana.  The PFC is
responsible for accepting raw gas at the platform from all
production wells, processing the gas to commercial quality and
moving the processed gas to the export pipeline at the exit point
of the platform.  All other phases from exploration to delivery are
Encana's responsibility.



SEARS HOLDINGS: Edward Lampert Reports 52.8% Stake as of Aug. 3
---------------------------------------------------------------
Edward S. Lampert disclosed in a regulatory filing with the
Securities and Exchange Commission that as of Aug. 3, 2015, he
beneficially owned 62,419,554 common shares of Sears Holdings
representing 52.8 percent of the shares outstanding.  ESL Partners,
L.P. beneficially owned 62,062,614 shares of common stock of Sears
Holdings, which represents 55.4 percent of the shares outstanding.
Mr. Lampert is the chairman, chief executive officer and director
of, and may be deemed to indirectly beneficially own securities
owned by, ESL.

In open market purchases on Aug. 4, 2015, and Aug. 5, 2015, Mr.
Lampert acquired an aggregate of 377,950 shares of Holdings Common
Stock for aggregate consideration of approximately $7,899,171
(excluding commissions) using personal funds.

On Aug. 3, 2015, Sears Holdings announced that it commenced a
tender offer to purchase for cash up to $1,000,000,000 principal
amount of its outstanding 6 5/8% Senior Secured Notes Due 2018.
Certain of the Reporting Persons have advised Holdings that they
intend to tender at least 50% of the Notes they beneficially own in
the Offer, although they have not entered into any agreement to do
so.

As of Aug. 6, 2015, the Reporting Persons may be deemed to
beneficially own the shares of Holdings Common Stock:

                                   Number of
                                     Shares       Percentage of
                                 Beneficially     Outstanding
Reporting Person                    Owned           Shares
----------------                ------------     -------------
SPE I Partners, LP                 150,124            0.1%
SPE Master I, LP                   193,341            0.2%
RBS Partners, L.P.                62,406,079         55.7%
ESL Institutional Partners, L.P.   12,573             0.0%
RBS Investment Management, L.L.C.  12,573             0.0%
CRK Partners, LLC                    902              0.0%
ESL Investments, Inc.             62,419,554         55.8%

A full-text copy of the regulatory filing is available at:

                         http://is.gd/flS67B

                              About Sears

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

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

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

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

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

                            *     *     *

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

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

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

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


SEQUENOM INC: Reports $9 Million Net Loss for Second Quarter
------------------------------------------------------------
Sequenom, Inc. filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of $9
million on $32.7 million of total revenues for the three months
ended June 30, 2015, compared to net earnings of $4.4 million on
$39.7 million of total revenues for the same period during the
prior year.

The Company reported net earnings of $5.3 million on $70.5 million
of total revenues for the six months ended June 30, 2015, compared
to a net loss of $11.2 million on $76.8 million of total revenues
for the same period last year.

As of June 30, 2015, the Company had $136.6 million in total
assets, $157.6 million in total liabilities and a $21 million total
stockholders' deficit.

"We are pleased with the improvement in our operations and cash
burn," said Bill Welch, president and chief executive officer of
Sequenom, Inc.  "As expected, we increased revenues from global
patent pool licensees while we saw a decline in test volume from
some referring laboratory partners as they entered the patent
pool."

The Company has a history of recurring losses from operations and
an accumulated deficit.  Its capital requirements to sustain
operations, including commercialization of Sequenom Laboratories'
tests, research and development projects, and litigation have been
and will continue to be significant.  As of June 30, 2015, and Dec.
31, 2014, the Company had working capital of $79.9 million and
$65.7 million, respectively.

As of June 30, 2015, total cash, cash equivalents, and marketable
securities were $86.8 million.

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

                        http://is.gd/uoI1kI

                          About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

"If we fail to generate enough cash flow from our operations or
otherwise obtain the capital necessary to fund our operations, our
financial results, financial condition and our ability to continue
as a going concern will be adversely affected and we will have to
cease or reduce further commercialization efforts or delay or
terminate some or all of our diagnostic testing services or other
product development programs," the Company said in its 2014 annual
report.


SOUTHERN STATES: Moody's Cuts Corporate Family Rating to B3
-----------------------------------------------------------
Moody's Investors Service downgraded Southern States Cooperative
Inc.'s ("Southern States") ratings, including the Corporate Family
Rating to B3 from B2, Probability of Default Rating to B3-PD from
B2-PD, and the second lien note rating to Caa1 from B3. The SGL-3
Speculative Grade Liquidity rating was affirmed, reflecting the
expectation for adequate liquidity. The ratings outlook is stable.

The downgrade reflects the company's weaker-than-expected operating
performance and debt protection measures. While volatility has
always been a key rating factor, the level of volatility has
significantly increased over the past five years largely due to
adverse weather conditions in Southern States' markets. The
company's operating performance and credit metrics have remained
very weak over the past two years, in particular.

In the first nine months ended March 31, 2015, revenue declined 9%
due to lower prices in the petroleum and feed businesses as well as
reduced wheat acres planted last fall. Like last fiscal year,
EBITDA remained negative in the first nine months as higher SG+A
expenses more than offset gross margin improvement that occurred
due to unit volume increases in petroleum and feed. Given the
weaker-than-expected year-to-date performance, Moody's does not
expect material improvement in year-over-year credit metrics.
Moody's estimates that after repaying seasonal revolver borrowing
in the fourth quarter, Southern States will again likely end the
fiscal year with leverage (lease-adjusted debt/EBITDAR) of around
8x and interest coverage (EBITA/Interest) below 1.0x.

Ratings downgraded:

-- Corporate Family Rating to B3 from B2

-- Probability of Default Rating to B3-PD from B2-PD

-- $130 million second lien notes due 2021 to Caa1 (LGD5) from B3

    (LGD5)

Rating affirmed:

-- Speculative Grade Liquidity Rating at SGL-3

The ratings outlook is stable

RATINGS RATIONALE

Southern States' B3 Corporate Family Rating reflects the company's
high degree of earnings and cash flow volatility driven by factors
such as weather and commodity price levels which tend to fluctuate
based on supply and demand. This volatility can lead to significant
fluctuations in sales, profitability and credit metrics. The rating
also reflects Southern States' low absolute profit margins and
limited pricing advantage stemming from the commoditized nature of
its products. The rating is supported by the company's strong
competitive position as an agricultural supplier in the
Mid-Atlantic and Southeastern US, its highly diversified customer
base, and the favorable long-term fundamentals of commercial
agriculture that underpin stable future demand for products,
including population growth and proliferation of industrial
applications such as production of bio-fuels.

Southern States' liquidity remains adequate, as reflected in the
SGL-3 Speculative Grade Liquidity Rating. While revolver usage has
remained high due to seasonal needs and free cash flow deficits,
excess revolver availability has remained ample. The company
typically generates positive free cash flow in its fiscal fourth
quarter ending in June, its seasonal peak, repaying revolver
balances and replenishing balance sheet cash with the excess.

The stable ratings outlook reflects Moody's expectation that
Southern States will manage the inherent business and industry
risks while focusing on potential earnings and cash flow
improvement initiatives under its new Chief Executive Officer that
joined the company in May 2015. The outlook also reflects Moody's
expectation that the company will maintain adequate liquidity over
the next 12-18 months, with improved free cash flow generation and
ample excess revolver availability resulting in relatively stable
year-end cash balances in fiscal 2016.

Ratings could be downgraded if liquidity were to erode for any
reason, specifically if cash or cash flow generation continues to
erode or excess revolver availability were to become constrained. A
downgrade could also occur if it appears that operating performance
and credit metrics will not recover from the current weak levels;
particularly if EBITA/Interest is sustained below 1.0 time.

In view of Southern States' high level of business volatility and
very weak debt protection measures, a ratings upgrade is unlikely
over the near term. Over time, ratings could be upgraded if the
company demonstrates the ability to sustainably improve profit
margins and debt protection measures while maintaining adequate
liquidity. A key credit metric is EBITA/Interest expense improving
to over 1.0x.

Headquartered in Richmond, Virginia, Southern States Cooperative,
Inc. is a retailer and wholesale supplier of a diversified array of
agricultural products and services, such as fertilizer, seed, crop
protectants, animal feed, petroleum, and farm and home supplies.
Annual revenue is estimated to approach $2.0 billion.



SPX CORP: Moody's Affirms Ba3 Rating on $600MM Sr. Unsecured Notes
------------------------------------------------------------------
Moody's corrected its press release to clarify that it has affirmed
the Ba3 rating on $600 million senior unsecured notes that are
currently an obligation of SPX Corp., but are expected to become an
obligation of SPX Flow upon the conclusion of the anticipated
spin-off.

In the first paragraph, the debt list and the fourth paragraph,
references to the assignment of a rating to these senior unsecured
notes under SPX Flow were changed to reflect the affirmation of the
rating on the notes as current obligations of SPX Corp.

The revised release is as follows:

Moody's Investors Service assigned a first time Ba2 corporate
family rating to SPX Flow, Inc., the flow technology and hydraulic
technologies businesses soon to be spun-off as an independent
public company from SPX Corporation. Moody's also assigned a Ba2-PD
probability of default rating and a SGL-2 speculative grade
liquidity rating to SPX Flow. Moody’s affirmed the Ba3 rating for
the $600 million senior unsecured notes that are currently an
obligation of SPX Corp. but are expected to become an obligation of
SPX Flow upon the conclusion of the spin-off. The rating on the
notes is anticipated to remain Ba3 when SPX Flow becomes the
obligor. The rating outlook is stable.

"The spin results in a smaller company than the previous SPX Corp.,
however, we believe SPX Flow is still a well-diversified global
company, with strong margins and low anticipated leverage," said
Paul Aran, Moody's Vice President -- Senior Analyst. "Although we
believe SPX Flow will have strong profitability and generate
positive free cash flow, oil and gas headwinds will pressure the
company's growth and earnings in the short term," added Aran.

Moody's assigned the following rating actions for SPX Flow, Inc.:

Corporate family rating, assigned Ba2

Probability of default rating, assigned Ba2-PD

Speculative liquidity rating, assigned SGL-2

Moody's affirmed the following rating at SPX Corp.:

$600 million senior unsecured notes due 2017, affirmed Ba3, LGD5

The ratings outlook is stable.

RATINGS RATIONALE

The Ba2 Corporate Family Rating ("CFR") reflects SPX Flow's global
scale, geographic footprint, and end market diversification, as
well as low anticipated leverage and commitment to maintain a
strong balance sheet. We believe the food segment will provide
predictable cash flows while the energy segment will remain under
pressure short term. The expectations for the industrial segment
will likely be somewhat muted by the slow growing economy.

The affirmation of the Ba3 rating on the $600 million Senior Notes
due 2017 at SPX Corp., reflects the expectation that they will be
rated Ba3 at SPX Flow upon the spin-off. The Notes' are anticipated
to be in a first loss position given that the unsecured notes are
the most junior material obligations in the company's proposed
capital structure. The Ba3 rating on the notes issue also reflects
the significant amount of senior secured obligations anticipated in
the SPX Flow liability structure, comprised of a $350 million
domestic revolving credit facility and $400 million Senior Secured
Term Loan.

The SGL-2 rating reflects Moody's expectation of SPX to have good
liquidity over the next 12 - 18 months. The SGL-2 is supported by
the company's modest capital expenditure, a cash position of
approximately $217 million as of December 31, 2014, the expectation
for positive free cash flow generation, and good availability under
its $350 million revolving credit facilities. The SGL-2 reflects
the expectation that SPX will remain in compliance with its
covenants over the next 12 - 18 months.

The stable outlook reflects the expectation of moderately improving
performance over the next 12 to 18 months as the company operates
as an independent public entity following the spin from SPX
Corporation.

Although not anticipated, the ratings or outlook could be
downgraded if there was a more aggressive financial policy,
deteriorating credit metrics or debt-funded acquisitions result in
Debt to EBITDA over 4 times or EBITA to Interest below 3 times on a
sustainable basis. Greater shareholder friendly actions including
large share buyback plans or a dividend that leads us to anticipate
leverage closer to the down metrics.

Given SPX's current credit metrics and Moody's expectation for
modest near-term improvement as well as the expectation that
performance will vary due to acquisitions, an upgrade in the near
term is unlikely. However, continued deleveraging and a successful
integration of future acquisitions (anticipated no sooner than
2016) with Debt to EBITDA expected to be below 3.5 times and Free
Cash Flow to Debt above 15% would provide positive ratings
traction. Nevertheless, upward ratings traction is constrained by
financing policies for acquisitions which lead to a cycle that
meaningfully leverages its balance sheet for acquisitions followed
by a deleveraging upon successful integration.

SPX Flow is a spinoff from SPX Corporation with expected annual
revenues just under $2.8 billion.

SPX Flow is comprised of three segments, food and beverage for
approximate 37% of sales, power and energy 31% sales, and the
industrial segment for 32% of sales. Although the entire segment
focuses on the flow of fluids and water, we consider it reasonably
well diversified as it serves many industries. The North America
market comprises 35% of sales, while its second largest market is
Europe at 30%. The company's large foreign exposure is anticipated
to result in higher earnings volatility as the dollar strengthens
or weakens.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014. Other methodologies
used include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Please see the Credit Policy page on www.moodys.com for a copy of
these methodologies.



SRP PLAZA: Can Use Cash Collateral Until August 25
--------------------------------------------------
Judge August B. Landis of the United States Bankruptcy Court for
the District of Nevada granted SRP Plaza, L.P.'s interim authority
to use cash collateral until August 25, 2015.

As adequate protection, U.S. Bank will have a superpriority claim
against Debtor and its estate, monthly adequate protection payment
in the amount of $20,000, and valid and perfected replacement
security interests in and liens upon Debtor's assets and property,
but in all events, only to the extent of any decrease in value of
its properly perfected security interests resulting from the use of
cash collateral or alleged cash collateral and to the extent of
U.S. Bank's prepetition properly perfected security interest in and
any of Debtor's property.  In addition, the Debtor will impound on
a monthly basis by the 15th of month real estate taxes and property
insurance with U.S. Bank so that these items are paid directly by
the U.S. Bank.

The Debtor asserted that it needs the use of cash, including cash
on hand and rents/CAM that may be received postpetition, which may
comprise cash collateral.

The Bankruptcy Court will convene a final hearing on August 25,
2015 at 1:30 p.m.

SRP Plaza, L.P. is represented by:

          Zachariah Larson, Esq.
          Matthew C. Zirzow, Esq.
          Shara L. Larson, Esq.
          Larson & Zirzow, LLC
          810 S. Casino Center Blvd. #101
          Las Vegas, Nevada 89101
          Tel.: 702 382-1170
          Fax: 702 382-1169
          Email: zlarson@lzlawnv.com
                 mzirzow@lzlawnv.com
                 slarson@lzlawnv.com

                       About SRP Plaza, L.P.

SRP Plaza, L.P., is the owner of a retail shopping center commonly
known as "Mission Paseo Shopping Center" with addresses of 6985 and
7005 West Sahara Avenue and 2555 and 2585 South Rainbow Boulevard,
Las Vegas, Nevada.  SRP Plaza, L.P., a Single Asset Real Estate,
filed a Chapter 11 petition (Bankr. D. Nev. Case No. 15-12127) on
April 16, 2015, to halt a receiver from taking control of the
property.

U.S. Bank National Association, as successor trustee for the
registered holders of Bear Stearns Commercial Mortgage Securities,
Inc., Commercial Pass-Through Certificates, Series 20015-PW37,
declared an event of default under a Deed of Trust dated on Dec. 7,
2004, and recorded against the real property of SRP on Dec. 9, 2004
as Instrument No. 20041209-0003438.

On March 31, 2014, the Bank filed a complaint for appointment of a
receiver in the Eight Judicial District Court, Clark County,
Nevada, being Case No. A-15-71622 against SRP, and on April 9,
2015, filed an application for the appointment of a receiver
seeking the potential seizure of control of SRP's property, which
actions, if allowed to proceed, would cause significant and
irreparable harm to SPR, its creditors and other
parties-in-interest.

The bankruptcy case is assigned to Judge August B. Landis.  The
Debtor disclosed $10,481,975 in assets and $7,327,546 in
liabilities as of the Chapter 11 filing.

SRP Plaza is represented by Zachariah Larson, Esq., Matthew C.
Zirzow, Esq. and Shara L. Larson, Esq. at Larson & Zirzow, LLC I
Las Vegas, Nevada.


SULLIVAN INTERNATIONAL: 'Challenge' Period Extended to Aug. 15
--------------------------------------------------------------
Sullivan International Group Inc.'s official committee of unsecured
creditors has until Aug. 15, 2015, to complete its investigation of
the validity of claims of secured creditors Neal Clements and
William Ulmer.

The deadline for the unsecured creditors' committee to challenge
the secured claims has also been extended to Aug. 15, according to
a filing with the U.S. Bankruptcy Court for the Southern District
of California.

                     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.


TIERRA DEL REY: Can Use Cash Collateral Until September 29
----------------------------------------------------------
Judge Laura S. Taylor of the United States Bankruptcy Court for
Southern District of California approved a stipulation giving
Tierra Del Rey, LLC, temporary authority to use cash collateral
through and including September 29, 2015.

The Debtor's authorization to use Fannie Mae's Cash Collateral will
automatically expire at 5:00 p.m., California time on the
Termination Date, unless Fannie Mae and Debtor extend the
expiration date by written agreement for up to 60 days.  Fannie
Mae's consent to any extension may be withheld in its sole
discretion.

From the Cash Collateral Account, the Debtor may use Cash
Collateral to pay actual, necessary, and reasonable expenses of
ordinary maintenance and operation of the Property which are
incurred in the ordinary course of business.

The Debtor will continue to timely pay on a current basis monthly
debt service payments (commencing with the payment due on or about
July 1, 2015) in the same amount as when the Loan was in effect in
the monthly amount of $28,365, exclusive of late fees or default
interest which Fannie Mae contends is also due to Fannie Mae, and
for any payments, the Debtor agrees that turnover of the Cash
Collateral is voluntarily made.  The Debtor agrees that any
turnover to Fannie Mae of any Cash Collateral and any application
of the same by Fannie Mae to the Loan indebtedness will not be
deemed, in any manner, to constitute a setoff or other "action" as
that term is used or defined in section 726 of the California Code
of Civil Procedure, constitute a violation of the "one action rule"
or be considered an effort by Fannie Mae to collect a deficiency
judgment.

The United States Trustee filed a response to the Debtors' request
to use cash collateral, telling the Court that there is a sharp
disagreement between the Debtor and the U.S. Trustee over the terms
of the proposed Order, which appears to stem from a disagreement
over what actually occurred at the hearing.  The Debtor has asked
the Court for an order waiving lodgment of order on emergency cash
collateral motion.  The Debtor stated that it is unclear what
changes to the Order the U.S. Trustee desires, and it remains
unclear when, if ever, the U.S. Trustee will provide guidance
regarding what form of order would be acceptable.

Fannie Mae is represented by:

           David M. Hershorin, Esq.
           HERSHORIN & HENRY, LLP
           27422 Portola Parkway, Suite 360
           Foothill Ranch, California 92610
           Tel.: 949 859-5600
           Fax: 949 859-5680
           Email: davidh@hhlawgroup.com

United States Trustee is represented by:

          Kristin T. Mihelic, Esq.
          Office of the United States Trustee
          402 West Broadway, Suite 600
          San Diego, California 92101

              About Tierra Del Rey

Tierra Del Rey, LLC, filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Cal. Case No. 15-04253) on June 29, 2015, disclosing assets of
$10.8 million against $5.54 million in debt.

The Debtor owns the Tierra Del Rey Apartments, an 80-unit
multi-family apartment complex at 3675 King Street and 6975 Waite
Street in La Mesa, California.  The property is valued at $10.6
million and secures a debt of $4.21 million debt to Fannie Mae (1st
trust deed) and a $1.27 million debt to AP Mortgage Company, Inc.
(2nd trust deed).

A receiver seized control of the apartment complex on June 19,
2015.  The receiver, Trigild Inc., was appointed at the behest of
AP Mortgage, which commenced the suit styled, AP Mortgage Company,
Inc. vs. Bay Vista Methodist Heights et al.
37-2015-00012044-CU-OR-CTL, SDSC Central Division.

The Debtor tapped Craig E. Dwyer, Esq., in San Diego, California,
as counsel.


TOWN SPORTS: S&P Lowers CCR to 'B-'; Outlook Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Town Sports International Holdings Inc. to 'B-'
from 'B'.  The outlook is negative.

At the same time, S&P lowered its issue-level rating on the
company's $325 million senior secured term loan B due 2020 to 'B-'
from 'B'.  S&P also revised the recovery rating on the term loan to
'4' from '3'.  The '4' recovery rating reflects S&P's expectation
that lenders would receive average (30% to 50%; higher half of the
range) recovery in the event of a payment default.  The lower
recovery rating reflects S&P's lowered assessment of Town Sport's
expected EBITDA at emergence as a result of a lower normalized
level of operating performance upon emergence from a simulated
default scenario.

"The downgrade reflects our revised forecast for 2015 EBITDA to
decrease to a range of $20 million to $30 million (based on the
current EBITDA run rate in the first half of 2015), primarily as a
result of an anticipated decline in average monthly dues, partly
offset by higher member counts, and higher costs during this period
of transition to the HVLP club model," said Standard & Poor's
credit analyst Shivani Sood.

The rating action also reflects S&P's downward revision of Town
Sports' business risk profile to "vulnerable" from "weak," as
defined in S&P's criteria.

The negative outlook reflects S&P's expectation for negative free
cash flow through 2016 and a high level of execution risk
associated with the company's transition of 123 of a total 154
owned and operated clubs to its high-value, low-price concept.
Also, recent management and board changes may introduce additional
variability into S&P's base-case forecast.

S&P could lower the rating if it come to believe that EBITDA will
not stabilize in 2016 and the company's cash burn rate will
deteriorate more than S&P's base-case forecast assumes.  The
company's "adequate" liquidity in the form of high cash balances
offers important support for the current rating although S&P
believes the company will need to use part of the cash to fund
capital expenditures through 2016.

S&P would consider revising the outlook to stable once it is
confident Towns Sports can increase EBITDA and cash flow from
operations to levels sufficient to cover capital spending needs.  A
one-notch higher rating would require a meaningful and sustained
improvement in EBITDA, such that S&P come to believe that adjusted
debt to EBITDA can be sustained at less than 6x and reported EBITDA
coverage of cash interest improves to more than 2x.



TRAPEZA CDO XIII: Moody's Raises Rating Class C-2 Notes to Caa1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on these notes
issued by Trapeza CDO XIII, Ltd.:

  U.S. $375,000,000 Class A-1 Senior Secured Floating Rate Notes
   Due 2042 (current balance of $289,031,456), Upgraded to
   A1 (sf); previously on Dec. 22, 2014 Affirmed A2 (sf)

  U.S. $97,000,000 Class A-2a Senior Secured Floating Rate Notes
   Due 2042, Upgraded to A3 (sf); previously on Dec. 22, 2014
   Affirmed Baa1 (sf)

  U.S. $5,000,000 Class A-2b Senior Secured Fixed/Floating Rate
   Notes Due 2042, Upgraded to A3 (sf); previously on Dec. 22,
   2014 Affirmed Baa1 (sf)

  U.S. $21,000,000 Class A-3 Senior Secured Floating Rate Notes
   Due 2042, Upgraded to Baa1 (sf); previously on Dec. 22, 2014
   Upgraded to Baa3 (sf)

  U.S. $65,000,000 Class B Secured Deferrable Floating Rate Notes
   Due 2042, Upgraded to Ba2 (sf); previously on Dec. 22, 2014
   Upgraded to B2 (sf)

  U.S. $58,000,000 Class C-1 Secured Deferrable Floating Rate
   Notes Due 2042 (current balance of $62,925,703 including
   cumulative deferred interest balance), Upgraded to Caa1 (sf);
   previously on Dec. 22, 2014 Upgraded to Caa3 (sf)

  U.S. $5,000,000 Class C-2 Secured Deferrable Fixed/Floating Rate

   Notes Due 2042 (current balance of $7,313,883 including
   cumulative deferred interest balance), Upgraded to Caa1 (sf);
   previously on Dec. 22, 2014 Upgraded to Caa3 (sf)

Trapeza CDO XIII, Ltd., issued in August 2007, is a collateralized
debt obligation backed by a portfolio of bank and insurance trust
preferred securities (TruPS).

RATINGS RATIONALE

These rating actions are due primarily to the deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios the Class A-1 notes have paid
down by approximately 4% or $11.6 million since December 2014, from
the redemption of a performing asset and recoveries from defaulted
assets, as well as the diversion of excess interest proceeds.  As a
result, the Class A-1 notes' par coverage has improved to 201.4%
from 195.1% since December 2014, by Moody's calculations.  Based on
the trustee's June 2015 report, the over-collateralization ratio of
the Class A notes was 141.9% (limit 129.5%), versus 138.1% in
November 2014, that of the Class B notes, 122.6% (limit 119.0%),
versus 119.0%, and that of the Class C notes, 106.9% (limit
113.5%), versus 104.2%.  The Class A-1 notes will continue to
benefit from the diversion of excess interest and the use of
proceeds from redemptions of any assets in the collateral pool.
Since December 2014, the $2.5 million cumulative deferred interest
balance on the Class B notes has been repaid in full.  The Class
C-1 and C-2 notes are also receiving current interest payments, but
continue to carry a deferred interest balance, because of the
ongoing failure of the Class C OC test.

The deal has also benefited from improvement in the credit quality
of the underlying portfolio.  According to Moody's calculations,
the weighted average rating factor (WARF) improved to 771 from 872
in December 2014.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery rate,
are based on its methodology and could differ from the trustee's
reported numbers.  In its base case, Moody's analyzed the
underlying collateral pool has having a performing par (after
treating deferring securities as performing if they meet certain
criteria) of $582 million, defaulted/deferring par of $90.5
million, a weighted average default probability of 8.6% (implying a
WARF of 771), and a weighted average recovery rate upon default of
10%.  In addition to the quantitative factors Moody's explicitly
models, qualitative factors are part of rating committee
considerations.  Moody's considers the structural protections in
the transaction, the risk of an event of default, recent deal
performance under current market conditions, the legal environment
and specific documentation features.  All information available to
rating committees, including macroeconomic forecasts, inputs from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.

Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs," published in June 2014.

Factors that Would Lead to an Upgrade or Downgrade of the Rating:

This transaction is subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade of
the ratings, as described:

  1) Macroeconomic uncertainty: TruPS CDOs' performance could be
negatively affected by uncertainty about credit conditions in the
general economy.  Moody's has a stable outlook on the US banking
and insurance sectors.

  2) Portfolio credit risk: Credit performance of the assets
collateralizing the transaction that is better than Moody's current
expectations could have a positive impact on the transaction's
performance.  Conversely, asset credit performance weaker than
Moody's current expectations could have adverse consequences on the
transaction's performance.

  3) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds and excess
interest proceeds will continue and at what pace.  Note repayments
that are faster than Moody's current expectations could have a
positive impact on the notes' ratings, beginning with the notes
with the highest payment priority.

  4) Resumption of interest payments by deferring assets: A number
of banks have resumed making interest payments on their TruPS.  The
timing and amount of deferral cures could have significant positive
impact on the transaction's over-collateralization ratios and the
ratings on the notes.

  5) Exposure to non-publicly rated assets: The deal contains a
large number of securities whose default probability Moody's
assesses through credit scores derived using RiskCalc or credit
estimates.  Because these are not public ratings, they are subject
to additional uncertainties.

Loss and Cash Flow Analysis:
Moody's applied a Monte Carlo simulation framework in Moody's
CDOROM to model the loss distribution for TruPS CDOs.  The
simulated defaults and recoveries for each of the Monte Carlo
scenarios defined the reference pool's loss distribution.  Moody's
then used the loss distribution as an input in its CDOEdge™ cash
flow model.

The portfolio of this CDO contains mainly TruPS issued by small to
medium sized U.S. community banks and insurance companies that
Moody's does not rate publicly.  To evaluate the credit quality of
bank TruPS that do not have public ratings, Moody's uses
RiskCalc™, an econometric model developed by Moody's Analytics,
to derive credit scores.  Moody's evaluation of the credit risk of
most of the bank obligors in the pool relies on FDIC Q1-2015
financial data.  For insurance TruPS that do not have public
ratings, Moody's relies on the assessment of its Insurance team,
based on the credit analysis of the underlying insurance firms'
annual statutory financial reports.

In addition to the base case analysis, Moody's also conducted
sensitivity analyses to test the impact of a number of default
probabilities on the rated notes relative to the base case modeling
results, which may be different from the current public ratings of
the notes.  Below is a summary of the impact of different default
probabilities (expressed in terms of WARF) on all of the rated
notes (by the difference in the number of notches versus the
current model output, for which a positive difference corresponds
to lower expected loss):

Assuming a two-notch upgrade to assets with below-investment grade
ratings or rating estimates (WARF of 494)
Class A-1: +1
Class A-2a: +2
Class A-2b: +2
Class A-3: +1
Class B: +2
Class C-1: +2
Class C-2: +2

Assuming a two-notch downgrade to assets with below-investment
grade ratings or rating estimates (WARF of 1221)
Class A-1: -1
Class A-2a: -2
Class A-2b: -1
Class A-3: -2
Class B: -2
Class C-1: -2
Class C-2: -2



TRAVELPORT WORLDWIDE: Reports $16 Million Net Income for Q2
-----------------------------------------------------------
Travelport Worldwide Limited filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing
net income of $16 million on $554 million of net revenue for the
three months ended June 30, 2015, compared to net income of $5
million on $551 million of net revenue for the same period during
the prior year.

For the six months ended June 30, 2015, the Company reported net
income of $9 million on $1.1 billion of net revenue compared to a
net loss of $22 million on $1.1 billion of net revenue for the same
period a year ago.

As of June 30, 2015, the Company had $2.9 billion in total assets,
$3.2 billion in total liabilities and a $354 million total deficit.


"Our strong second quarter performance means that we now expect
full year earnings to be closer to the top end of our guidance
ranges for 2015.  Looking at the business, I am delighted that more
and more airlines are turning to us for our industry-leading
merchandising capabilities, including Rich Content and Branding
which enables airlines to market their entire product suite and
brand propositions through Travelport in the same way they do on
their own websites and direct channels.  We now have over 110
carriers signed to this solution, including, most recently, all of
the Lufthansa Group airlines.  To add further strength to our
Platform, we completed the acquisition of MTT in July.  Mobile
travel commerce, in which MTT specializes, is at the forefront of
the evolution of how travel is being consumed and, combined with
the power, content and reach of our Travel Commerce Platform, will
spearhead our growth strategy with an increased digital offering to
the travel industry."

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

                        http://is.gd/hdpmwt

                    About Travelport Worldwide

Travelport Worldwide Limited is a travel commerce platform
providing distribution, technology, payment and other solutions for
the global travel and tourism industry.

                           *     *     *

As reported by the TCR in March 2015, Standard & Poor's Ratings
Services raised to 'B' from 'B-' its long-term corporate credit
rating on U.K.-based travel services provider Travelport Worldwide
Ltd.  The rating action reflects Travelport's good operating
performance in 2014.


UNI-PIXEL INC: Officers to Receive Portion of Salary in Shares
--------------------------------------------------------------
Jeff A. Hawthorne, chief executive officer of Uni-Pixel, Inc.;
Christine Russell, the Company's chief financial officer; and Jalil
Shaikh, the Company's chief operating officer, each agreed, for the
payroll period beginning on Aug. 1, 2015, through the payroll
period ending on Dec. 31, 2015, to take a portion of his or her
salary in shares of the Company's common stock.  

The common stock will be issued from the Company's 2011 Stock
Incentive Plan.  On an annual basis, the cash portion of Mr.
Hawthorne's salary was reduced from $250,000 to $230,000, the cash
portion of Ms. Russell's salary was reduced from $280,000 to
$230,000 and the cash portion of Mr. Shaikh's salary was reduced
from $300,000 to $230,000.  The cash reduction during the Stock
Compensation Period will total $8,333 for Mr. Hawthorne, $20,833
for Ms. Russell and $29,167 for Mr. Shaikh.

                        About Uni-Pixel Inc.

The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL)
-- http://www.unipixel.com/-- is a production stage company       

delivering its Clearly Superior(TM) Performance Engineered Films
to the Lighting & Display, Solar and Flexible Electronics market
segments.

Uni-Pixel incurred a net loss of $25.7 million in 2014, a net loss
of $15.2 million in 2013 and a net loss of $9.01 million in 2012.

As of March 31, 2015, Uni-Pixel had $30.4 million in total assets,
$7.69 million in total liabilities and $22.7 million in total
shareholders' equity.


VEIGEL FARM: Suit vs. Ag Acceptance Transferred to Texas Court
--------------------------------------------------------------
Judge Judith C. Herrera of the United States District Court for the
District of New Mexico granted Ag Acceptance Corporation's motion
to transfer venue to the United States District Court for the
Northern District of Texas, Amarillo Division, of the case
captioned TERRA PARTNERS, TERRA XXI, LTD., ROBERT WAYNE VEIGEL,
ELLA MARIE WILLIAMS VEIGEL, VEIGEL FARMS, INC., VEIGEL CATTLE
COMPANY, AND VEIGEL FARM PARTNERS, Plaintiffs, v. AG ACCEPTANCE
CORPORATION, Defendant, CIV. NO. 14-1112 JCH/KK (D.N.M.).

Ag Acceptance sought the transfer of the case based on convenience
to the Northern District of Texas where five prior cases between
the parties have been litigated.  The plaintiffs opposed the
motion, arguing that the Amarillo court does not have subject
matter jurisdiction over New Mexico land and that venue there would
be improper.

Judge Herrera held that the case could have been brought in the
Amarillo court because a substantial part of the events or
omissions which gave rise to the plaintiffs' dispute occurred in
the Norther District of Texas and thus, venue is proper there.  The
judge also held that since the events controlling this action
occurred in Texas, where the plaintiffs all reside, the convenience
for many of the witnesses therefore weighs in favor of transfer.

Finally, Judge Herrera held that considerations of judicial economy
weigh strongly in favor of the case being heard in the Amarillo
court, considering the 5th Circuit's injunction precluding the
plaintiffs from filing any document in federal court without the
approval of the Amarillo court.

The case is TERRA PARTNERS, TERRA XXI, LTD., ROBERT WAYNE VEIGEL,
ELLA MARIE WILLIAMS VEIGEL, VEIGEL FARMS, INC., VEIGEL CATTLE
COMPANY, AND VEIGEL FARM PARTNERS, Plaintiffs, v. AG ACCEPTANCE
CORPORATION, Defendant, CIV. NO. 14-1112 JCH/KK (D.N.M.)

A full-text copy of Judge Herrera's July 24, 2015 memorandum
opinion and order is available at http://is.gd/JBKSpWfrom
Leagle.com.

Terra Partners, Terra XXI, Ltd., Robert Wayne Veigel, Ella Marie
Williams Veigel, Veigel Farms, Inc., Veigel Cattle Company, and
Veigel Farm Partners are represented by:

          Jeffrey A. Dahl, Esq.
          Justin Bert Breen, Esq.
          KELEHER & MCLEOD, P.A.
          Albuquerque Plaza
          201 Third Street NW
          12th Floor
          Albuquerque, NM 87102
          Tel: (505) 346-4646
          Fax: (505) 346-1370
          Email: jad@keleher-law.com
                 jbb@keleher-law.com

Ag Acceptance Corporation is represented by:

          Richard F. Rowley, II, Esq.
          ROWLEY LAW FIRM
          305 Pile P.O. Box 790
          Clovis, NM 88101
          Tel: (505) 763-4457
          Fax: (505) 763-4450

          Barbara Balliette, Esq.
          REID COLLINS & TSAI LLP
          1301 S. Capital of Texas Hwy
          Building C, Suite 300
          Austin, TX 78746
          Tel: (512) 647-6100
          Fax: (512) 647-6129
          Email: bballiette@rctlegal.com


WAFERGEN BIO-SYSTEMS: Reports Results for Second Quarter 2015
-------------------------------------------------------------
WaferGen Bio-systems, Inc. reported a net loss of $3.8 million on
$1.6 million of total revenue for the three months ended June 30,
2015, compared to a net loss of $2.1 million on $1.7 million of
total revenue for the same period in 2014.

For the six months ended June 30, 2015, the Company reported a net
loss of $8.6 million on $2.7 million of total revenue compared to a
net loss of $4.6 million on $3.1 million of total revenue for the
same period during the prior year.

As of June 30, 2015, the Company had $13.2 million in total assets,
$6.9 million in total liabilities and $6.3 million in total
stockholders' equity.

"I joined WaferGen primarily because of the potential of its
SmartChip technology in single cell analysis, and during my initial
tenure I have become even more convinced of the significant value
it could bring to the field and its application in drug
development," said Rollie Carlson, Ph.D., president and CEO of
WaferGen.  "I am extremely pleased with the progress we are making
with our early access program, with four leading collaborators now
on board, and expect initial data from this work in the third
quarter.  In addition, we continue to expect the full commercial
launch of our single cell technology during the fourth quarter of
2015.  We believe our single-cell business will be the primary
driver of WaferGen's long-term growth and, going forward, will be
where our resources are primarily directed."

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


                        http://is.gd/TKdzvx
   
                     About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.

WaferGen Bio-systems reported a net loss of $10.7 million in 2014,
a net loss of $16.3 million in 2013 and a net loss of $8.97 million
in 2012.


WARNER MUSIC: Posts $44 Million Net Loss for Third Quarter
----------------------------------------------------------
Warner Music Group Corp. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to the Company of $44 million on $710 million of
revenue for the three months ended June 30, 2015, compared to a net
loss attributable to the Company of $185 million on $788 million of
revenue for the same period in 2014.

For the nine months ended June 30, 2015, the Company reported a net
loss attributable to the Company of $68 million on $2.2 billion of
revenue compared to a net loss attributable to the Company of $282
million on $2.2 billion of revenue for the same period during the
prior year.

As of June 30, 2015, the Company had $5.6 billion in total assets,
$5.3 billion in total liabilities and $273 million in total
equity.

At June 30, 2015, the Company had $2.996 billion of debt, $168
million of cash and equivalents (net debt of $2.828 billion,
defined as total long-term debt, including the current portion,
less cash and equivalents) and $254 million of Warner Music Group
Corp. equity.  This compares to $3.030 billion of debt, $157
million of cash and equivalents (net debt of $2.873 billion) and
$371 million of Warner Music Group Corp. equity at Sept. 30, 2014.

"I'm pleased with our relative performance this quarter, given that
Q3 was our strongest quarter in fiscal 2014," said Stephen Cooper,
Warner Music Group's CEO.  "Our successes this quarter are due to
ongoing growth in streaming revenue, a strong flow of outstanding
music from our artists and songwriters, and first-class execution
by our operators around the world."  

"Currency factored prominently in our results.  It is encouraging
that, given the strength of the prior-year quarter, total revenue
was essentially flat year over year on a constant-currency basis,"
added Eric Levin, Warner Music Group's executive vice president and
CFO.  "I'm proud of our OIBDA and margin performance.  We will
continue to take a balanced, global approach to delivering revenue,
free cash flow and OIBDA growth."

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

                        http://is.gd/E7h3ic

                      About Warner Music Group

Based in New York, Warner Music Group Corp. (NYSE: WMG)
-- http://www.wmg.com/-- was formed by a private equity
consortium of investors on Nov. 21, 2003.  The Company is the
direct parent of WMG Holdings Corp., which is the direct parent of
WMG Acquisition Corp.  WMG Acquisition Corp. is one of the world's
major music-based content companies and the successor to
substantially all of the interests of the recorded music and music
publishing businesses of Time Warner Inc.

The Company classifies its business interests into two fundamental
operations: Recorded Music and Music Publishing.  The Company's
Recorded Music business primarily consists of the discovery and
development of artists and the related marketing, distribution and
licensing of recorded music produced by such artists.  The
Company's Music Publishing operations include Warner/Chappell, its
global Music Publishing company, headquartered in New York with
operations in over 50 countries through various subsidiaries,
affiliates and non-affiliated licensees.

In May 2011, Warner Music Group Corp. and Access Industries, the
U.S.-based industrial group, announced the execution of a
definitive merger agreement under which Access Industries will
acquire WMG in an all-cash transaction valued at $3.3 billion.
The purchase includes WMG's entire recorded music and music
publishing businesses.

On July 20, 2011, the Company notified the New York Stock
Exchange, Inc., of its intent to remove the Company's common stock
from listing on the NYSE and requested that the NYSE file with the
SEC an application on Form 25 to report the delisting of the
Company's common stock from the NYSE.  On July 21, 2011, in
accordance with the Company's request, the NYSE filed the Form 25
with the SEC in order to provide notification of that delisting
and to effect the deregistration of the Company's common stock
under Section 12(b) of the Securities Exchange Act of 1934, as
amended.  On August 2, 2011, the Company filed a Form 15 with the
SEC in order to provide notification of a suspension of its duty
to file reports under Section 15(d) of the Exchange Act.  The
Company continues to file reports with the SEC pursuant to the
Exchange Act in accordance with certain covenants contained in the
instruments governing the Company's outstanding indebtedness.

                           *    *     *

As reported by the TCR on March 28, 2014, Standard & Poor's
Ratings Services affirmed its 'B+' corporate credit rating on
recorded music and music publishing company Warner Music Group
Corp. (WMG).  S&P's rating and negative outlook reflect continued
uncertainty surrounding industry wide revenue and profitability
trends affecting WMG over the intermediate term, despite recent
signs of stabilization in the industry.


WEST CORP: Reports $49.6 Million Net Income for Second Quarter
--------------------------------------------------------------
West Corporation filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing net income of $49.6
million on $571.8 million of revenue for the three months ended
June 30, 2015, compared to net income of $47.7 million on $552.3
million of revenue for the same period in 2014.

For the six months ended June 30, 2015, the Company reported net
income of $130 million on $1.1 billion of revenue compared to net
income of $94 million on $1 billion of revenue for the same period
during the prior year.

As of June 30, 2015, the Company had $3.5 billion in total
assets< $4.1 bilion in total liabilities and a $625.9 million
total stockholders' deficit.

                        Bankruptcy Warning

The Company is required to comply on a quarterly basis with a
maximum total leverage ratio covenant and a minimum interest
coverage ratio covenant under its senior secured credit facilities
and senior secured revolving credit facility.

"Our failure to comply with these debt covenants may result in
an event of default which, if not cured or waived, could accelerate
the maturity of our indebtedness.  If our indebtedness is
accelerated, we may not have sufficient cash resources to satisfy
our debt obligations and we may not be able to continue our
operations as planned.  If our cash flows and capital resources are
insufficient to fund our debt service obligations and keep us in
compliance with the covenants under our Amended Credit Agreement or
to fund our other liquidity needs, we may be forced to reduce or
delay capital expenditures, sell assets or operations, seek
additional capital or restructure or refinance our indebtedness
including the notes.  We cannot ensure that we would be able to
take any of these actions, that these actions would be successful
and would permit us to meet our scheduled debt service obligations
or that these actions would be permitted under the terms of our
existing or future debt agreements, including our Senior Secured
Credit Facilities and the indenture that governs the notes.  The
Amended Credit Agreement and the indenture that governs the notes
restrict our ability to dispose of assets and use the proceeds from
the disposition.  As a result, we may not be able to consummate
those dispositions or use the proceeds to meet our debt service or
other obligations, and any proceeds that are available may not be
adequate to meet any debt service or other obligations then due.

If we cannot make scheduled payments on our debt, we will be in
default, and as a result:

   * our debt holders could declare all outstanding principal and
     interest to be due and payable;

   * the lenders under our Senior Secured Credit Facilities could
     terminate their commitments to lend us money and foreclose
     against the assets securing our borrowings; and

   * we could be forced into bankruptcy or liquidation."

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

                         http://is.gd/W3ZGD7

                       About West Corporation

Omaha, Neb.-based West Corporation is a global provider of
communication and network infrastructure solutions.  West helps
manage or support essential enterprise communications with
services that include conferencing and collaboration, public safety
services, IP communications, interactive services such as automated
notifications, large-scale agent services and telecom services.

West Corp reported net income of $158 million in 2014 following
net income of $143 million in 2013.

                          *     *     *

As reported by the TCR on June 21, 2013, Standard & Poor's
Ratings
Services raised its corporate credit rating on West Corp. to
'BB-'
from 'B+'.  The upgrade reflects Standard &
Poor's view that lower
debt leverage and a less aggressive financial policy will
strengthen the company's financial profile.

In the April 4, 2013, edition of the TCR, Moody's Investor
Service
upgraded West Corporation's Corporate Family Rating to
'B1' from
'B2'.  "The CFR upgrade to B1 reflects West's
shift to a more
conservative capital structure and financial policies as a publicly
owned company," stated Moody's analyst Suzanne Wingo.


WESTMORELAND RESOURCE: Contribution of Kemmerer Mine Completed
--------------------------------------------------------------
Westmoreland Resource Partners, LP  and Westmoreland Coal Company
announced that Westmoreland Coal's contribution of Westmoreland
Kemmerer LLC, which owns and operates the Kemmerer Mine in Wyoming,
to WMLP was completed on Aug. 1, 2015. Westmoreland contributed
100% of the outstanding equity interests in Kemmerer to WMLP in
exchange for $115 million of cash and $115 million of new WMLP
Series A Convertible Units at a price of $7.54 per unit.

Immediately following the issuance of Series A Units to
Westmoreland, the Company will own approximately 19.8M shares in
WMLP, representing a 93% ownership.

"The drop down of the Kemmerer mine is an important first step in
our previously articulated MLP strategy," said Keith E. Alessi, CEO
of Westmoreland and WMLP.  "The timing of the transaction was
consistent with our plans to do a drop down in 2015, availability
of the delayed draw facility at WMLP, and attractive valuation of
the WMLP units.  We feel that the units are a good investment for
our shareholders and represent a pool of future liquidity."

"We're pleased to finance the drop of the Kemmerer Mine with the
additional funding available in WMLP's current term debt," said
Kevin Paprzycki, CFO of Westmoreland and WMLP.  "This facility
represented an attractive source of financing relative to today's
challenging markets, and we thank the lending group for their
continued support."

The Series A Units will receive distributions at a rate that
mirrors distributions to the common units, payable at WMLP's
discretion in either cash or Paid in Kind distributions.  In
addition, the Series A Units are subject to conversion into common
units, on a one-for-one basis, upon the earlier of either (i) WMLP
paying a quarterly distribution of $0.22/unit to its common
unitholders, a 10% increase to the current distribution of
$0.20/unit, or (ii) a change of control.

The transaction was approved by the Board of Directors of the
general partner of WMLP and by the Conflicts Committee of the Board
of Directors, which consists entirely of independent directors.
The Conflicts Committee engaged Robert W. Baird & Co. to act as its
independent financial advisor and to render a fairness opinion, and
Akin Gump Strauss Hauer & Feld LLP to act as its legal advisor.
BMO Capital Markets and Holland & Hart LLP acted as financial
advisors and legal advisors, respectively, to Westmoreland.

                    About Westmoreland Resource

Oxford Resource Partners, LP, now known as Westmoreland Resource
Partners, LP, is a producer of high value steam coal, and is the
largest producer of surface mined coal in Ohio.

Westmoreland Resource reported a net loss of $28.6 million on $322
million of total revenues for the year ended Dec. 31, 2014,
compared with a net loss of $23.7 million on $347 million
of total revenues for the year ended Dec. 31, 2013.

As of June 30, 2015, Westmoreland Resource had $289.9 million in
total assets, $234.7 million in total liabilities and $55.2 million
in total partners' capital.


WINDSTREAM HOLDINGS: S&P Puts 'BB-' CCR on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its ratings,
including its 'BB-' corporate credit rating, on Little Rock,
Ark.-based Windstream Holdings Inc. on CreditWatch with negative
implications.

The CreditWatch placement follows the company's announcement that
it had authorized a $75 million share repurchase program that will
expire on Dec. 31, 2016.

"We believe that the stock buyback program, coupled with weak
operating and financial performance, could make it challenging for
the company to achieve our threshold of adjusted debt to EBITDA
below 5.5x over the next year, depending on any mitigating actions
that Windstream takes to reduce leverage," said Standard & Poor's
credit analyst Allyn Arden.

The CreditWatch placement reflects the potential for a one-notch
downgrade or affirmation.  S&P plans to resolve the credit watch
over the next few months and will likely lower its ratings on
Windstream, unless management presents S&P with a credible plan to
reduce leverage to below 5.5x and improve free operating cash flow
to debt above 5% on a sustained basis.



WORLDCOM INC: Tax Court Affirms Disallowance of $271MM Deductions
-----------------------------------------------------------------
The Tax Court of New Jersey affirmed the final determination of the
Director of the Division of Taxation denying MCI Communication
Services, Inc.'s deduction for federal attribute reduction.

As a result of the reorganization of Worldcom, Inc., and its
subsequent merger into MCI, a substantial amount of the debt of MCI
and its affiliated companies was cancelled.  Since Worldcom, Inc.
had limited tax attributes, the Internal Revenue Code required that
"lower tier" members of the group, like MCI Communication Services,
Inc., take into account a portion of the cancellation of
indebtedness of "upper tier" members and to reduce their tax
attributes with respect to the "pushed-down" CODI.

For tax year 2005, MCI recognized income in the amount of
$271,144,051 solely as a result of the pushed down CODI.  When it
filed its 2005 NJ Corporation Business Tax return, it reported a
deduction of $271,132,237 under "other deductions and additions."
The deduction consisted of "Excess Capital Loss Limitation" of
$11,814 and "Reversal of Federal Attribute Reduction Turn" in the
amount of ($271,144,051).  The Division of Taxation disallowed the
deduction of $271,144,051.

The Tax Court held that "as a member of the MCI group filing a
consolidated return for federal income tax purposes, the plaintiff
consented to the filing of the consolidated return.  As a result,
it was required to take into account the excess CODI from upper
tier members of the group which increased its federal taxable
income.  Plaintiff must accept this consequence of its consent to
file a consolidated return with the MCI Group."

The case is Re: MCI Communication Services, Inc. v. Director,
Division of Taxation, DOCKET NO. 013905-2010 (N.J. Tax)

A full-text copy of the Tax Court's July 20, 2015 opinion is
available at http://is.gd/4cytTtfrom Leagle.com.

               About WorldCom, Inc.

WorldCom, Inc., a Clinton, Mississippi-based global communications
company, filed for chapter 11 protection (Bankr. S.D.N.Y. Case No.
02-13532) on July 21, 2002.  On March 31, 2002, WorldCom
disclosed $103,803,000,000 in assets and $45,897,000,000 in
debts.  The Debtors were represented by Weil, Gotshal & Manges
LLP.  The Bankruptcy Court confirmed WorldCom's Plan on Oct. 31,
2003, and on April 20, 2004, the Company formally emerged from
Chapter 11 protection as MCI, Inc.  On Jan. 6, 2006, MCI merged
with Verizon Communications, Inc.  MCI is now known as Verizon
Business, a unit of Verizon Communications.


ZUCKER GOLDBERG: Aug. 12 Meeting Set to Form Creditors' Panel
-------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on Aug. 12, 2015, at 10:00 a.m. in the
bankruptcy case of Zucker, Goldberg & Ackerman, LLC aka Yankee
Title.

The meeting will be held at:

         United States Trustee's Office
         One Newark Center, 1085 Raymond Blvd.
         14th Floor, Room 1401
         Newark, NJ 07102

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee. Section 1103 of the
Bankruptcy Code provides that the Committee may consult with the
debtor, investigate the debtor and its business operations and
participate in the formulation of a plan of reorganization.  The
Committee may also perform other services as are in the interests
of the unsecured creditors whom it represents.


ZUCKER GOLDBERG: Section 341 Meeting Scheduled for Sept. 9
----------------------------------------------------------
A meeting of creditors in the bankruptcy case of Zucker, Goldberg &
Ackerman, LLC will be held on Sept. 9, 2015, at 9:00 a.m. at Suite
1401, One Newark Center.  Proofs of claim are due by Dec. 8, 2015.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Zucker, Goldberg & Ackerman, LLC sought Chapter sought Chapter 11
bankruptcy for protection on Aug. 3, 2015 (Bankr. D. N.J. Case No.

15-24585).  The petition was signed by Michael S. Ackerman as
managing member.  The Debtor reported total assets of $11.5 million
and total liabilities of $53.3 million as of June 30, 2015.
Wasserman, Jurista & Stolz, P.C. serves the Debtor as counsel.
Brown, Moskowitz & Kallen, P.C. acts as the Debtor's litigation
counsel.  The Debtor's noticing and balloting agent is BMC Group,
Inc.  The case is assigned to Judge Christine M. Gravelle.


[^] BOND PRICING: For the Week From Aug. 3 to 7, 2015
-----------------------------------------------------
  Company              Ticker  Coupon  Bid Price  Maturity Date
  -------              ------  ------  ---------  -------------
A-S Co-Issuer
  Subsidiary Inc /
  A-S Merger Sub LLC   ALIANT    7.875   106.400     12/15/2020
A-S Co-Issuer
  Subsidiary Inc /
  A-S Merger Sub LLC   ALIANT    7.875   106.329     12/15/2020
ACE Cash Express Inc   AACE     11.000    46.750       2/1/2019
ACE Cash Express Inc   AACE     11.000    48.000       2/1/2019
Affinion Group
  Holdings Inc         AFFINI   11.625    93.500     11/15/2015
Affinion
  Investments LLC      AFFINI   13.500    45.625      8/15/2018
Alpha Appalachia
  Holdings Inc         ANR       3.250     5.481       8/1/2015
Alpha Natural
  Resources Inc        ANR       6.000     3.744       6/1/2019
Alpha Natural
  Resources Inc        ANR       7.500    12.750       8/1/2020
Alpha Natural
  Resources Inc        ANR       6.250     4.000       6/1/2021
Alpha Natural
  Resources Inc        ANR       9.750     3.000      4/15/2018
Alpha Natural
  Resources Inc        ANR       3.750     3.750     12/15/2017
Alpha Natural
  Resources Inc        ANR       4.875     4.000     12/15/2020
Alpha Natural
  Resources Inc        ANR       7.500     9.000       8/1/2020
Alpha Natural
  Resources Inc        ANR       7.500    25.500       8/1/2020
Altegrity Inc          USINV    14.000    52.250       7/1/2020
Altegrity Inc          USINV    13.000    48.000       7/1/2020
Altegrity Inc          USINV    14.000    51.750       7/1/2020
American Eagle
  Energy Corp          AMZG     11.000    35.000       9/1/2019
American Eagle
  Energy Corp          AMZG     11.000    35.500       9/1/2019
Arch Coal Inc          ACI       7.000     6.000      6/15/2019
Arch Coal Inc          ACI       7.250    10.000      10/1/2020
Arch Coal Inc          ACI       7.250     7.066      6/15/2021
Arch Coal Inc          ACI       9.875     9.950      6/15/2019
Arch Coal Inc          ACI       8.000    12.750      1/15/2019
Arch Coal Inc          ACI       8.000     9.600      1/15/2019
Avon Products Inc      AVP       3.125   100.000      3/15/2016
BPZ Resources Inc      BPZR      8.500    11.000      10/1/2017
Bear Stearns
  Cos LLC/The          JPM       5.550    99.757     12/15/2029
Bristow Group Inc      BRS       3.000    98.000      6/15/2038
Caesars Entertainment
  Operating Co Inc     CZR      10.000    32.250     12/15/2018
Caesars Entertainment
  Operating Co Inc     CZR      10.750    29.500       2/1/2016
Caesars Entertainment
  Operating Co Inc     CZR      12.750    32.500      4/15/2018
Caesars Entertainment
  Operating Co Inc     CZR       6.500    38.307       6/1/2016
Caesars Entertainment
  Operating Co Inc     CZR       5.750    40.000      10/1/2017
Caesars Entertainment
  Operating Co Inc     CZR      10.000    32.500     12/15/2018
Caesars Entertainment
  Operating Co Inc     CZR      10.000    32.250     12/15/2018
Caesars Entertainment
  Operating Co Inc     CZR       5.750    12.250      10/1/2017
Caesars Entertainment
  Operating Co Inc     CZR      10.000    32.250     12/15/2018
Caesars Entertainment
  Operating Co Inc     CZR      10.000    32.250     12/15/2018
Caesars Entertainment
  Operating Co Inc     CZR      10.750    29.250       2/1/2016
Cal Dive
  International Inc    CDVI      5.000     0.500      7/15/2017
Champion
  Enterprises Inc      CHB       2.750     0.250      11/1/2037
Chassix Holdings Inc   CHASSX   10.000     8.000     12/15/2018
Chassix Holdings Inc   CHASSX   10.000     8.000     12/15/2018
Chassix Holdings Inc   CHASSX   10.000     8.000     12/15/2018
Claire's Stores Inc    CLE       8.875    43.500      3/15/2019
Claire's Stores Inc    CLE       7.750    34.750       6/1/2020
Claire's Stores Inc    CLE      10.500    64.125       6/1/2017
Colt Defense LLC /
  Colt Finance Corp    CLTDEF    8.750    31.000     11/15/2017
Colt Defense LLC /
  Colt Finance Corp    CLTDEF    8.750    29.250     11/15/2017
Colt Defense LLC /
  Colt Finance Corp    CLTDEF    8.750    29.250     11/15/2017
Community Choice
  Financial Inc        CCFI     10.750    37.500       5/1/2019
Comstock
  Resources Inc        CRK       7.750    31.000       4/1/2019
Comstock
  Resources Inc        CRK       9.500    34.000      6/15/2020
Dendreon Corp          DNDN      2.875    69.000      1/15/2016
EPL Oil & Gas Inc      EXXI      8.250    43.750      2/15/2018
EXCO Resources Inc     XCO       7.500    38.404      9/15/2018
EXCO Resources Inc     XCO       8.500    29.131      4/15/2022
Endeavour
  International Corp   END      12.000    11.500       3/1/2018
Endeavour
  International Corp   END      12.000     9.750       3/1/2018
Endeavour
  International Corp   END      12.000     9.750       3/1/2018
Energy Conversion
  Devices Inc          ENER      3.000     7.875      6/15/2013
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc     TXU      10.000     1.875      12/1/2020
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc     TXU      10.000     1.875      12/1/2020
Energy XXI Gulf
  Coast Inc            EXXI      9.250    36.750     12/15/2017
Energy XXI Gulf
  Coast Inc            EXXI      7.500    21.830     12/15/2021
Energy XXI Gulf
  Coast Inc            EXXI      7.750    23.870      6/15/2019
Energy XXI
  Gulf Coast Inc       EXXI      6.875    19.270      3/15/2024
FBOP Corp              FBOPCP   10.000     1.843      1/15/2009
FairPoint
  Communications
  Inc/Old              FRP      13.125     1.879       4/2/2018
Federal Agricultural
  Mortgage Corp        FAMCA     0.400   100.000      8/12/2019
Federal Farm
  Credit Banks         FFCB      1.890   100.068      9/19/2019
Federal Farm
  Credit Banks         FFCB      3.840   100.000      7/17/2029
Federal Home
  Loan Banks           FHLB      1.450   100.000      6/26/2018
First Tennessee
  Capital II           FHN       6.300    97.090      4/15/2034
Fleetwood
  Enterprises Inc      FLTW     14.000     3.557     12/15/2011
GT Advanced
  Technologies Inc     GTAT      3.000    24.875      10/1/2017
Gevo Inc               GEVO      7.500    59.500       7/1/2022
Goodrich
  Petroleum Corp       GDP       8.875    28.420      3/15/2019
Goodrich
  Petroleum Corp       GDP       5.000    35.000      10/1/2032
Goodrich
  Petroleum Corp       GDP       8.875    29.375      3/15/2019
Goodrich
  Petroleum Corp       GDP       8.875    29.375      3/15/2019
Gymboree Corp/The      GYMB      9.125    34.200      12/1/2018
Hercules Offshore Inc  HERO      8.750    30.500      7/15/2021
Hercules Offshore Inc  HERO     10.250    32.500       4/1/2019
Hercules Offshore Inc  HERO      8.750    27.875      7/15/2021
Hercules Offshore Inc  HERO     10.250    31.000       4/1/2019
Kohl's Corp            KSS       6.250   111.800     12/15/2017
Las Vegas Monorail Co  LASVMC    5.500     1.026      7/15/2019
Lehman Brothers
  Holdings Inc         LEH       5.000     9.000       2/7/2009
Lehman Brothers
  Holdings Inc         LEH       4.000     9.000      4/30/2009
MF Global
  Holdings Ltd         MF        6.250    15.000       8/8/2016
MF Global
  Holdings Ltd         MF        9.000    15.000      6/20/2038
MF Global
  Holdings Ltd         MF        3.375    15.000       8/1/2018
MModal Inc             MODL     10.750    10.125      8/15/2020
Macy's Retail
  Holdings Inc         M         8.125    99.181      8/15/2035
Magnetation LLC /
  Mag Finance Corp     MAGNTN   11.000    31.000      5/15/2018
Magnetation LLC /
  Mag Finance Corp     MAGNTN   11.000    24.750      5/15/2018
Magnetation LLC /
  Mag Finance Corp     MAGNTN   11.000    24.750      5/15/2018
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC     MPO      10.750    34.900      10/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC     MPO       9.250    32.900       6/1/2021
Molycorp Inc           MCP      10.000    15.875       6/1/2020
Molycorp Inc           MCP       6.000     0.249       9/1/2017
Molycorp Inc           MCP       5.500     0.500       2/1/2018
NBL Texas LLC          ROSE      5.625   105.460       5/1/2021
NBL Texas LLC          ROSE      5.875   107.000       6/1/2022
NBL Texas LLC          ROSE      5.875   107.502       6/1/2024
Nine West
  Holdings Inc         JNY       6.875    31.050      3/15/2019
Noranda Aluminum
  Acquisition Corp     NOR      11.000    38.411       6/1/2019
OMX Timber Finance
  Investments II LLC   OMX       5.540    17.250      1/29/2020
Peabody Energy Corp    BTU       6.000    34.250     11/15/2018
Peabody Energy Corp    BTU       6.500    28.500      9/15/2020
Peabody Energy Corp    BTU       4.750    10.000     12/15/2041
Penn Virginia Corp     PVA       7.250    35.000      4/15/2019
Penn Virginia Resource
  Partners LP / Penn
  Virginia Resource
  Finance Corp         ETP       6.500   107.500      5/15/2021
Permian Holdings Inc   PRMIAN   10.500    56.000      1/15/2018
Powerwave
  Technologies Inc     PWAV      2.750     0.125      7/15/2041
Powerwave
  Technologies Inc     PWAV      1.875     0.125     11/15/2024
Powerwave
  Technologies Inc     PWAV      1.875     0.125     11/15/2024
Quicksilver
  Resources Inc        KWKA      9.125     6.435      8/15/2019
Quicksilver
  Resources Inc        KWKA     11.000     9.500       7/1/2021
Quiksilver Inc /
  QS Wholesale Inc     ZQK      10.000    26.000       8/1/2020
RadioShack Corp        RSH       6.750     0.178      5/15/2019
RadioShack Corp        RSH       6.750     0.178      5/15/2019
Sabine Oil & Gas Corp  SOGC      7.250    21.000      6/15/2019
Sabine Oil & Gas Corp  SOGC      7.500    21.250      9/15/2020
Sabine Oil & Gas Corp  SOGC      9.750    15.500      2/15/2017
Sabine Oil & Gas Corp  SOGC      7.500    20.750      9/15/2020
Sabine Oil & Gas Corp  SOGC      7.500    20.750      9/15/2020
Samson Investment Co   SAIVST    9.750     0.010      2/15/2020
SandRidge Energy Inc   SD        7.500    26.500      3/15/2021
SandRidge Energy Inc   SD        8.750    27.533      1/15/2020
SandRidge Energy Inc   SD        8.125    25.000     10/15/2022
Saratoga
  Resources Inc        SARA     12.500     6.000       7/1/2016
Savient
  Pharmaceuticals Inc  SVNT      4.750     0.225       2/1/2018
ServiceMaster
  Co LLC/The           SERV      7.000   105.438      8/15/2020
SquareTwo
  Financial Corp       SQRTW    11.625    49.636       4/1/2017
Standard Pacific Corp  SPF       7.000    99.000      8/15/2015
Swift Energy Co        SFY       7.125    34.750       6/1/2017
Swift Energy Co        SFY       7.875    23.500       3/1/2022
Swift Energy Co        SFY       8.875    25.032      1/15/2020
TMST Inc               THMR      8.000    13.500      5/15/2013
Terrestar
  Networks Inc         TSTR      6.500    10.000      6/15/2014
Texas Competitive
  Electric Holdings
  Co LLC /
  TCEH Finance Inc     TXU      15.000    14.625       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc          TXU      10.500    12.188      11/1/2016
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc          TXU      15.000    15.000       4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc          TXU      10.500    13.000      11/1/2016
Venoco Inc             VQ        8.875    22.189      2/15/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc      VRS      11.750    35.000      1/15/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc      VRS      11.750    31.030      1/15/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc      VRS      11.375    25.010       8/1/2016
Verso Paper
  Holdings LLC /
  Verso Paper Inc      VRS       8.750    25.100       2/1/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc      VRS      11.750    23.875      1/15/2019
Verso Paper
  Holdings LLC /
  Verso Paper Inc      VRS      11.750    23.875      1/15/2019
Walgreen Co            WBA       1.800   100.656      9/15/2017
Walter Energy Inc      WLTG      9.875     1.250     12/15/2020
Walter Energy Inc      WLTG     11.000     3.625       4/1/2020
Walter Energy Inc      WLTG      8.500     1.500      4/15/2021
Walter Energy Inc      WLTG     11.000     5.000       4/1/2020
Walter Energy Inc      WLTG      9.875     2.500     12/15/2020
Walter Energy Inc      WLTG      9.875     1.212     12/15/2020
Washington Mutual
  Bank / Debt not
  acquired by
  JPMorgan             WAMU      5.950     0.600      5/20/2013


                            *********

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 ***