/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/150908.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, September 8, 2015, Vol. 19, No. 251 Headlines AKBARI-SHAHMIRZADI: Order Denying Bankruptcy Plan Affirmed ALERIS INT'L: Moody's Cuts Corp Family Rating to B2, Outlook Stable ALLIED NEVADA: Committee Taps Gordian Group as Investment Banker ALLIED NEVADA: Committee Taps SRK Consulting as Mining Expert ALLIED NEVADA: Equity Committee Questions Add'l Services From FTI ALLIED NEVADA: Stay Modified to Allow Repossession of Drill Rigs ALLIED NEVADA: Withdraws Motion to Disband Equity Committee AMG CAPITAL: Fitch Withdraws 'BB+' Preferred Securities Rating AMSCO STEEL: Can File Schedules & Statements Until September 25 AMSCO STEEL: Gets Interim OK to Hire SSG & Chiron as Bankers AMSCO STEEL: Wants to Hire Forshey & Prostok as Attorneys BAHA MAR: Wants CEXIM Exhibits Stricken BASIC ENERGY: Moody's Cuts Corp Family Rating to Caa1, Outlook Neg BLUE SUN ST. JOE: Gets Final Approval to Obtain $1.76-Mil. Loan BOOMERANG TUBE: To Vacate HQ at N. Outer Forty Drive, Chesterfield CANAL ASPHALT: Can Use Cash Collateral Until Sept. 15 CANAL ASPHALT: Seeks to Sell Asphalt Plant for $16.5-Mil. CANDAX ENERGY: Gets Addt'l Waiver Extension on Facility Agreement CORINTHIAN COLLEGES: Has Until Nov. 2 to Remove Civil Actions DAVID M. MEYER: 8th Cir. Affirms District Court Sanctions DEFENSE LOGISTICS: Case Summary & 20 Largest Unsecured Creditors ERG INTERMEDIATE: Wants Access to Financing Extended to Nov. 15 FRANCIS MAX FRICK: Bankruptcy Auction Scheduled for Sept. 15 GENON ENERGY: Moody's Affirms B3 CFR & Revises Outlook to Negative GEORGETOWN MOBILE: Plan Gives Add'l 6 Months of Breathing Room GOLD LEAF LAND: Voluntary Chapter 11 Case Summary INTERNATIONAL BRIDGE: Hearing on Cash Use Continued to Nov. 19 ISLE OF CAPRI CASINOS: S&P Hikes Corp. Credit Rating to 'B+' JAMES RIVER: Seeks Oct. 7 Plan Filing Exclusivity Extension KNOLL INC: S&P Affirmed Then Withdrew 'BB' Corp. Credit Rating KORLEY SEARS: Summary Judgment Favoring Family Members Affirmed LDG MIDWAY: Order Denying Anti-SLAPP Motion Reversed LEE COUNTY IDA: Fitch Affirms 'BB+' Rating on 2014 & 2012 Bonds LUCA INTERNATIONAL: Has Final Authority to Obtain $2MM DIP Loan MIDWAY GOLD: Has Interim Use of Cash Collateral Until Sept. 18 MIO DC LLC: Case Summary & 20 Largest Unsecured Creditors NC12 INC: Tex. App. Affirms Ruling in Startup Venture Dispute NEW GOLD: S&P Affirms 'BB-' Corp. Credit Rating, Outlook Stable NEW YORK LIGHT: Panel Wants Until Sept. 30 to Probe Transactions NGPL PIPECO: S&P Lowers Issuer Credit Rating to CCC-, Outlook Neg NORTH AMERICAN LIFTING: Moody's Lowers Corp. Family Rating to 'B3' NORTHWEST BANCORPORATION: Chapter 11 Case Closed O.W. BUNKER: District Court May Hear Interpleader Actions OMNICARE INC: S&P Hikes Corp. Credit Rating From BB, Outlook Stable PATRIOT COAL: Has Until Dec. 8, 2015 to Assume or Reject Leases PATRIOT COAL: Has Until Jan. 7, 2016 to File Chapter 11 Plan PERESETSKY INVESTMENTS: Case Summary & 5 Top Unsecured Creditors PREMIER GOLF: Should Move Forward With Dismissal, Says Cottonwood PUTNAM ENERGY: Cash Collateral Hearing Continued Until Oct. 7 PUTNAM ENERGY: Has Until Oct. 6, 2015 to File Reorganization Plan PUTNAM ENERGY: Has Until Sept. 12 to Decide on Unexpired Leases PUTNAM ENERGY: Status Hearing on Plan Filing on Oct. 7 RAIDER MARINE: 5th Cir. Affirms Judgment Against Comar RAILYARD COMPANY: Case Summary & 20 Largest Unsecured Creditors REBEL LAND: Voluntary Chapter 11 Case Summary RECOVERY CENTERS: Amends Schedule F in SALs RECOVERY CENTERS: Granted Final Approval to Use BoA Cash Collateral REEVES DEVELOPMENT: Court Approves Settlement with Iberiabank RENAULT WINERY: Empire, OceanFirst Object to Bidding Procedures RENAULT WINERY: Seeks Approval of OceanFirst Settlement RIVERWALK JACKSONVILLE: Reorganization Plan Confirmed RIVIERA DRILLING: Gunnison's Bid to Junk Buccaneer Suit Denied ROLLING MEADOWS: Fitch Affirms BB+ Rating on $17.71MM Revenue Bonds SANTA CRUZ: Committee Taps Corporate Recovery as Financial Advisor SANTA CRUZ: Wants to Pay Robert Fritz Koontz from Cash Collateral STAR AMBULANCE: Confirmation of Jointly Administered Plan Denied TEMSCO INC: Sept. 14 Hearing on Bid to Dismiss Ch. 11 Case TLC HEALTH: Hearing on Cash Collateral Use Continued Until Oct. 19 TLC HEALTH: Trustee Adjourns Meeting of Creditors to Oct. 19 TRIP II DULLES: Fitch Affirms 'BB+' Rating on $1BB Revenue Bonds VERDE VALLEY: Ariz. App. Vacates Dismissal of Suit vs. Stonekings YOUSIF HALLOUM: Ex-Attys Win Summary Judgment in Malpractice Suit ZEBRA TECHNOLOGIES: S&P Affirms 'BB-' CCR, Outlook Stable ZLOOP INC: Cases Jointly Administered for Procedural Purposes ZLOOP INC: Proposes Oct. 30, 2015 Gen. Claims Bar Date ZLOOP INC: Taps Miller Industrial To Market Nevada Property ZLOOP INC: Wants to Hire DLA Piper as Bankruptcy Counsel [^] Large Companies with Insolvent Balance Sheet ********* AKBARI-SHAHMIRZADI: Order Denying Bankruptcy Plan Affirmed ---------------------------------------------------------- In the case captioned In Re: NANCY AKBARI-SHAHMIRZADI a/k/a Nancy Jacoby, Debtor/Appellant., NO. CIV 14-0982 JB/WPL, CONSOLIDATED WITH NO. CIV 14-0981 JB/WPL (D.N.M.), Magistrate Judge William P. Lynch affirmed the bankruptcy judge's order denying confirmation of Akbari's plan as a matter of law. Debtor Nancy Akbari-Shahmirzadi appealed from the October 22, 2014 Order Denying Confirmation of Chapter 11 Plan and the October 27, 2014 Order Confirming First Amended Plan of Liquidation filed by Charlotte Leff, Executrix of the Estate of Eleanor Jacoby. Akbari requested that the Court reinstate her as debtor-in-possession and give her control of the management and sale of certain properties, remand the case for a hearing on the issue of an alleged oral settlement agreement, reverse the bankruptcy judge's order denying confirmation of Akbari's proposed plan and remand the case to the bankruptcy judge for further proceedings to determine if the plan was confirmable, and/or give Akbari the opportunity to rework her plan and solicit votes. In affirming the bankruptcy judge's order, Judge Lynch found that Akbari's Plan was not confirmable as a matter of law under 11 U.S.C. Section 1129(a)(10) because no class of impaired creditors actually accepted her plan. He also recommended the dismissal of those portions of Akbari's appeal that were not properly noticed under Federal Rule of Appellate Procedure 3(c). A copy of the June 30, 2015 proposed findings and recommended disposition is available at http://is.gd/Fbz2T9from Leagle.com. Nancy Akbari-Shahmirzadi, In Re, represented by Nancy Akbari Shahmirzadi, Pro-Se. Charlotte Leff, Appellee, represented by George M Moore -- gmm11usc@swcp.com -- Moore, Berkson & Gandarilla, P.C.. Philip J Montoya, Appellee, represented by George M Moore, Moore, Berkson & Gandarilla, P.C.. Nancy Akbari-Shahmirzadi, a retired attorney, filed for Chapter 7 bankruptcy on December 14, 2011. On June 21, 2013, Akbari filed an opposed motion to convert the case to a Chapter 11 bankruptcy. On July 19, 2013, Akbari filed a draft plan of liquidation. The case was converted to Chapter 11 on November 22, 2013 and Akbari became the debtor-in-possession. ALERIS INT'L: Moody's Cuts Corp Family Rating to B2, Outlook Stable ------------------------------------------------------------------- Moody's Investors Service downgraded Aleris International Inc.'s corporate family rating (CFR) and probability of default rating to B2 and B2-PD from B1 and B1-PD respectively. The senior unsecured notes were downgraded to B3 from B2. The outlook is stable. Downgrades: Issuer: Aleris International Inc. Corporate Family Rating, Downgraded to B2 from B1 Probability of Default Rating, Downgraded to B2-PD from B1-PD Gtd Sr Global Notes (Local Currency), Downgraded to B3, LGD4 from B2, LGD4 Outlook Actions: Outlook, Changed To Stable From Negative RATINGS RATIONALE The downgrade reflects Aleris' weak debt protection metrics and high leverage as evidenced by the EBIT/interest and debt/EBITDA ratios of around 0.5x and 6.6x respectively for the twelve months ended June 30, 2015 following pressure on performance in recent years from the aerospace inventory overhang, tightened scrap spreads and other challenges in the company's markets in Europe and North America as well as start-up costs associated with the new rolling mill in Zhenjiang, China. While the downward trend in the company's performance appears to have bottomed, improvement in debt protection metrics and moderation in the leverage position is expected to occur only gradually through 2016 and into 2017. During this timeframe the company will also have high capital expenditures related to its $350 million investment at its Lewisport, Kentucky facility to expand its automotive body sheet capacity. The company's objective is to commence customer shipments in 2017. Once completed, this expansion will enhance Aleris' value added product mix in North America and contribute to a more substantive improvement in profitability and metrics. In addition, although Aleris' business model is a margin on metal construct, the weakening currently seen in aluminum prices could pressure volumes and scrap spreads. The rating anticipates that Aleris' performance will continue to reflect benefits over time from an improving product mix following the divestiture of its recycling/specification alloys and extrusion businesses. In addition, the Chinese mill has recently achieved break-even EBITDA and the company expects ongoing volume improvement. Given the weaker economic growth rates in China, this improvement is expected to be more protracted than previously anticipated. The rating also reflects the company's good market position and value added capabilities in the aerospace and automotive industries in its European rolled products segment. The stable outlook reflects the fact that the company's performance will show improving, albeit slowly, trends over the next twelve to eighteen months, on continued good volumes in aerospace and automotive in the European segment, reduced losses in the Asia Pacific segment and improving trends in North America. The B2 rating on the senior unsecured notes under Moody's loss given default methodology reflects the weaker position of the notes in the liabilities waterfall behind the $600 million secured asset-based lending facility and priority accounts payable. Upward rating movement is unlikely over the next twelve to eighteen months given the expectation for an only gradual improvement in metrics. However, should the debt/EBITDA ratio trend toward and be sustained below 4.x and the EBIT/interest ratio improve to and be sustained above 2.25x, the rating could be favorably impacted. The rating could be downgraded should debt/EBITDA be sustained above 5.25x and EBIT/interest not evidence an improving trend to at least 1.5x. The principal methodology used in these ratings was Global Steel Industry published in October 2012. Headquartered in Beachwood, Ohio, Aleris is a global aluminum rolled products company with operations in North America, Europe and China. For the twelve months ended June 30, 2015, the company reported revenues of $3.1 billion. ALLIED NEVADA: Committee Taps Gordian Group as Investment Banker ---------------------------------------------------------------- The Official Committee of Equity Security Holders in the Chapter 11 cases of Allied Nevada Gold Corp., et al., asks the U.S. Bankruptcy Court for the District of Delaware for permission to retain Gordian Group, LLC as its investment banker. Gordian Group will, among other things: a. familiarize itself with Debtors' business and operations and financial condition; b. assist in negotiations with Debtors, current lenders, creditors, and other interested parties regarding a proposed restructuring; c. evaluate the proposed financial treatment of Debtors' equity holders in connection with any proposed restructuring; and d. provide testimony in the Court, as appropriate and mutually agreed upon by Gordian and the Equity Committee, in connection with any proposed restructuring. The Equity Committee believes that the services provided by Gordian will not duplicate the services that other of its retained professionals will provide to the Equity Committee in the cases. The Equity Committee requests that Gordian be compensated with: a) monthly fees of $25,000 per month; b) a transaction fee payable concurrently with and as a condition to consummation of the restructuring, consisting of the greater of (x) $250,000 or (y) 2.0% of the aggregate consideration. To the best of Equity Committee's knowledge, Gordian Group which has offices located at 950 Third Avenue, 17th Floor, New York City, is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Allied Nevada Gold Corp. Allied Nevada Gold Corp. (OTCMKTS: ANVGQ), a Delaware corporation, is a U.S.-based gold and silver producer engaged in mining, developing and exploring properties in the State of Nevada. ANV was spun off from Vista Gold Corp. in 2006 and began operations in May 2007. Nevada-based mining properties acquired from Vista include the Hycroft Mine, an open-pit heap leach operation located 54 miles west of Winnemucca, Nevada. ANV controls 75 exploration properties throughout Nevada as of Dec. 31, 2014. On March 10, 2015, ANV and 13 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 15-10503). The cases are assigned to Judge Mary F. Walrath. The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer & Feld LLP as attorneys; FTI Consulting Inc. as financial advisor; Moelis & Company as financial advisor; and Prime Clerk LLC as claims and noticing agent. ANV disclosed $941 million in total assets and $664 million in total debt as of Dec. 31, 2014. The U.S. Trustee appointed three creditors of the company to serve on the official committee of unsecured creditors. The Committee retained Arent Fox LLP as co-counsel, and Polsinelli PC as conflicts counsel. It hired Zolfo Cooper, LLC as bankruptcy consultant and financial advisors, and Upshot Services LLC as information agent. The U.S. Trustee also named an Official Committee of Equity Security Holders. The Equity Committee is represented by Cole Schotz P.C.'s Patrick J. Reilley, Esq., and Nicolas J. Brannick, Esq.; and LeClairRyan's Janice B. Grubin, Esq., Gregory J. Mascitti, Esq., Richard A. McGuirk, Esq., and Michael J. Crosnicker, Esq. The Equity Committee has hired Navigant Consulting, Inc. as financial advisor; and Runge, Inc. dba RungePincockMinarco as technical mining expert. ALLIED NEVADA: Committee Taps SRK Consulting as Mining Expert ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware will convene a hearing on Sept. 11, 2015, at 10:00 a.m., to consider the request of the Official Committee of Unsecured Creditors in the Chapter 11 cases of Allied Nevada Gold Corp., et al., for permission to retain SRK Consulting (U.S.), Inc., as its mining expert. Objections, if any, are due Sept. 4. SRK will, among other things: 1. analyze the Debtors' past operating performance to determine reason for deviation from prior operational plans; 2. evaluate Debtors' future operating plans to determine potential cash flow and viability; 3. evaluate Debtors' expansion scenarios to support valuation in a potential transaction; and 4. provide general technical assistance, as requested. SRK's professionals to be engaged by the Committee and their hourly rates are: Neal Rigby $485 John Pfahl $245 Eric Olin $320 Bart Stryhas $275 Bret Swanson $260 Administrative $100 - $120 SRK has an outstanding prepetition unsecured claim in the amount of $87,995 scheduled by the Debtors. SRK has agreed not to seek payment on the claim against the Debtors and will write-off that amount. To the best of the Committee's knowledge, SRK is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Allied Nevada Gold Corp. Allied Nevada Gold Corp. (OTCMKTS: ANVGQ), a Delaware corporation, is a U.S.-based gold and silver producer engaged in mining, developing and exploring properties in the State of Nevada. ANV was spun off from Vista Gold Corp. in 2006 and began operations in May 2007. Nevada-based mining properties acquired from Vista include the Hycroft Mine, an open-pit heap leach operation located 54 miles west of Winnemucca, Nevada. ANV controls 75 exploration properties throughout Nevada as of Dec. 31, 2014. On March 10, 2015, ANV and 13 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 15-10503). The cases are assigned to Judge Mary F. Walrath. The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer & Feld LLP as attorneys; FTI Consulting Inc. as financial advisor; Moelis & Company as financial advisor; and Prime Clerk LLC as claims and noticing agent. ANV disclosed $941 million in total assets and $664 million in total debt as of Dec. 31, 2014. The U.S. Trustee appointed three creditors of the company to serve on the official committee of unsecured creditors. The Committee retained Arent Fox LLP as co-counsel, and Polsinelli PC as conflicts counsel. It hired Zolfo Cooper, LLC as bankruptcy consultant and financial advisors, and Upshot Services LLC as information agent. The U.S. Trustee also named an Official Committee of Equity Security Holders. The Equity Committee is represented by Cole Schotz P.C.'s Patrick J. Reilley, Esq., and Nicolas J. Brannick, Esq.; and LeClairRyan's Janice B. Grubin, Esq., Gregory J. Mascitti, Esq., Richard A. McGuirk, Esq., and Michael J. Crosnicker, Esq. The Equity Committee has hired Navigant Consulting, Inc. as financial advisor; and Runge, Inc. dba RungePincockMinarco as technical mining expert. ALLIED NEVADA: Equity Committee Questions Add'l Services From FTI ----------------------------------------------------------------- The Official Committee of Equity Security Holders in the Chapter 11 cases of Allied Nevada Gold Corp., et al., reserves its rights with respect to the notice of filing of second addendum to the engagement letter between the Debtors and FTI Consulting, Inc. The Equity Committee tells the Court that it does not object to the second addendum. However, the Equity Committee is concerned about the Debtors' purported need for the supplemental services given Debtors' suspension of mining operations on July 8, 2015. According to the Equity Committee, the supplemental services appear, in large part, to fall within the scope of ordinary management functions. Given Debtors' reduced operations, it is unclear why Debtors' management requires additional support from FTI to perform the functions. Moreover, the group points out that the second addendum does not provide any estimated cost with respect to the supplemental services. On March 25, 2015, the Debtors requested for authorization to employ FTI Consulting as operational advisors to the Debtors, nunc pro tunc to the Petition Date. On July 6, 2015, the Debtors and FTI entered into an additional addendum to the engagement letter which sets forth certain additional services to be provided by FTI related to, among other things, providing operational support and assistance with reporting and information management. FTI will provide these supplemental services: 1. meet with site management to discuss operations, plans and capital requirements; 2. assist in the development of a detailed operating plan; 3. as necessary: (i) provide a independent, third party review of the Company's transaction plans; (ii) help the Company to manage the transition to the new operating program; and (iii) assist to stabilize the Company's post transition operations; and 4. review the Company's approach to optimizing costs in a reduced operating level environment. The Equity Committee is represented by: Patrick J. Reilley, Esq. Nicolas J. Brannick, Esq. COLE SCHOTZ P.C. 500 Delaware Avenue, Suite 1410 Wilmington, DE 19801 Tel: (302) 652-3131 Fax: (302) 652-3117 E-mail: preilley@coleschotz.com nbrannick@coleschotz.com Janice B. Grubin, Esq. LECLAIRRYAN, A Professional Corporation 885 Third Avenue, 16th Floor New York, NY 10022 Tel: (212) 634-5016 Fax: (212) 634-5062 E-mail: janice.grubin@leclairryan.com - and - Gregory J. Mascitti, Esq. Richard A. McGuirk, Esq. LECLAIRRYAN, A Professional Corporation 70 Linden Oaks, Suite 210 Rochester, NY 14625 Tel: (585) 270-2106 Fax: (585) 270-2166 E-mail: gregory.mascitti@leclairryan.com richard.mcguirk@leclairryan.com - and - Michael J. Crosnicker, Esq. LECLAIRRYAN, A Professional Corporation 2318 Mill Road, Suite 1100 Alexandria, VA 22314 Tel: (703) 647-5970 Fax: (703) 647-5973 E-mail: michael.crosnicker@leclairryan.com About Allied Nevada Gold Corp. Allied Nevada Gold Corp. (OTCMKTS: ANVGQ), a Delaware corporation, is a U.S.-based gold and silver producer engaged in mining, developing and exploring properties in the State of Nevada. ANV was spun off from Vista Gold Corp. in 2006 and began operations in May 2007. Nevada-based mining properties acquired from Vista include the Hycroft Mine, an open-pit heap leach operation located 54 miles west of Winnemucca, Nevada. ANV controls 75 exploration properties throughout Nevada as of Dec. 31, 2014. On March 10, 2015, ANV and 13 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 15-10503). The cases are assigned to Judge Mary F. Walrath. The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer & Feld LLP as attorneys; FTI Consulting Inc. as financial advisor; Moelis & Company as financial advisor; and Prime Clerk LLC as claims and noticing agent. ANV disclosed $941 million in total assets and $664 million in total debt as of Dec. 31, 2014. The U.S. Trustee appointed three creditors of the company to serve on the official committee of unsecured creditors. The Committee retained Arent Fox LLP as co-counsel, and Polsinelli PC as conflicts counsel. It hired Zolfo Cooper, LLC as bankruptcy consultant and financial advisors, and Upshot Services LLC as information agent. The U.S. Trustee also named an Official Committee of Equity Security Holders. The Equity Committee is represented by Cole Schotz P.C.'s Patrick J. Reilley, Esq., and Nicolas J. Brannick, Esq.; and LeClairRyan's Janice B. Grubin, Esq., Gregory J. Mascitti, Esq., Richard A. McGuirk, Esq., and Michael J. Crosnicker, Esq. The Equity Committee has hired Navigant Consulting, Inc. as financial advisor; and Runge, Inc. dba RungePincockMinarco as technical mining expert. ALLIED NEVADA: Stay Modified to Allow Repossession of Drill Rigs ---------------------------------------------------------------- The Hon. Mary F. Walrath has granted the modification of automatic stay of Allied Nevada Gold Corp. as to Atlas Copco Consumer Finance USA LLC to permit repossession of drill rigs. Under the agreed order, the parties agreed that the amount owing under the equipment leases, including all unpaid overdue post-petition lease payments and interest and missed-payment penalties through and including July 8, 2015 is $9,028,206. Atlas Copco will have an allowed secured claim in the amount of $37,779 for all unpaid overdue postpetition lease payments and interest and missed-payment penalties through and including July 8, 2015, which Allowed Secured PostPetition Lease Payments Claim would be part of the Class 3 Other Secured Claims as set forth Debtor's Amended Joint Chapter 11 Plan of Reorganization. Atlas Copco will have a general unsecured claim for the deficiency, if any, in the proceeds of the sale of the Drill Rigs and the amounts owed under the Equipment Leases after giving effect to the payment of the overdue postpetition lease payments, interest payments and missed-payment penalties, which Unsecured Deficiency Claim would be classified as Unsecured Claims as set forth in the Amended Plan. About Allied Nevada Gold Corp. Allied Nevada Gold Corp. (OTCMKTS: ANVGQ), a Delaware corporation, is a U.S.-based gold and silver producer engaged in mining, developing and exploring properties in the State of Nevada. ANV was spun off from Vista Gold Corp. in 2006 and began operations in May 2007. Nevada-based mining properties acquired from Vista include the Hycroft Mine, an open-pit heap leach operation located 54 miles west of Winnemucca, Nevada. ANV controls 75 exploration properties throughout Nevada as of Dec. 31, 2014. On March 10, 2015, ANV and 13 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 15-10503). The cases are assigned to Judge Mary F. Walrath. The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer & Feld LLP as attorneys; FTI Consulting Inc. as financial advisor; Moelis & Company as financial advisor; and Prime Clerk LLC as claims and noticing agent. ANV disclosed $941 million in total assets and $664 million in total debt as of Dec. 31, 2014. The U.S. Trustee appointed three creditors of the company to serve on the official committee of unsecured creditors. The Committee retained Arent Fox LLP as co-counsel, and Polsinelli PC as conflicts counsel. It hired Zolfo Cooper, LLC as bankruptcy consultant and financial advisors, and Upshot Services LLC as information agent. The U.S. Trustee also named an Official Committee of Equity Security Holders. The Equity Committee is represented by Cole Schotz P.C.'s Patrick J. Reilley, Esq., and Nicolas J. Brannick, Esq.; and LeClairRyan's Janice B. Grubin, Esq., Gregory J. Mascitti, Esq., Richard A. McGuirk, Esq., and Michael J. Crosnicker, Esq. The Equity Committee has hired Navigant Consulting, Inc. as financial advisor; and Runge, Inc. dba RungePincockMinarco as technical mining expert. ALLIED NEVADA: Withdraws Motion to Disband Equity Committee ----------------------------------------------------------- Allied Nevada Gold Corp., et al., notified the U.S. Bankruptcy Court for the District of Delaware that they have withdrawn their motion to disband the Official Committee of Equity Security Holders which was filed on July 31, 2015. The Debtors previously requested a disbandment of the equity committee, saying the shareholders "relentlessly" pursued "scorched-earth litigation" by continually opposing routine motions. The Debtors asserted that the equity committee has become a financial drain, with current and former professionals seeking more than $850,000 in combined fees. About Allied Nevada Gold Corp. Allied Nevada Gold Corp. (OTCMKTS: ANVGQ), a Delaware corporation, is a U.S.-based gold and silver producer engaged in mining, developing and exploring properties in the State of Nevada. ANV was spun off from Vista Gold Corp. in 2006 and began operations in May 2007. Nevada-based mining properties acquired from Vista include the Hycroft Mine, an open-pit heap leach operation located 54 miles west of Winnemucca, Nevada. ANV controls 75 exploration properties throughout Nevada as of Dec. 31, 2014. On March 10, 2015, ANV and 13 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 15-10503). The cases are assigned to Judge Mary F. Walrath. The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer & Feld LLP as attorneys; FTI Consulting Inc. as financial advisor; Moelis & Company as financial advisor; and Prime Clerk LLC as claims and noticing agent. ANV disclosed $941 million in total assets and $664 million in total debt as of Dec. 31, 2014. The U.S. Trustee appointed three creditors of the company to serve on the official committee of unsecured creditors. The Committee retained Arent Fox LLP as co-counsel, and Polsinelli PC as conflicts counsel. It hired Zolfo Cooper, LLC as bankruptcy consultant and financial advisors, and Upshot Services LLC as information agent. The U.S. Trustee also named an Official Committee of Equity Security Holders. The Equity Committee is represented by Cole Schotz P.C.'s Patrick J. Reilley, Esq., and Nicolas J. Brannick, Esq.; and LeClairRyan's Janice B. Grubin, Esq., Gregory J. Mascitti, Esq., Richard A. McGuirk, Esq., and Michael J. Crosnicker, Esq. The Equity Committee has hired Navigant Consulting, Inc. as financial advisor; and Runge, Inc. dba RungePincockMinarco as technical mining expert. AMG CAPITAL: Fitch Withdraws 'BB+' Preferred Securities Rating -------------------------------------------------------------- Fitch Ratings affirmed and withdrawn Affiliated Managers Group, Inc.'s (AMG) long-term Issuer Default Rating (IDR), senior unsecured note rating and senior bank credit facility rating at 'BBB+'. Fitch has also affirmed and withdrawn AMG Capital Trust II's trust preferred security rating at 'BB+'. The ratings have been withdrawn for commercial reasons. KEY RATING DRIVERS IDR, SENIOR UNSECURED DEBT, SENIOR BANK CREDIT FACILITY The affirmations reflect AMG's continued strong financial performance, cash flow generation, AUM inflows and execution, driven by a consistent operating strategy and affiliate and assets under management (AUM) diversity. AMG maintains a favorable competitive position in the affiliated manager space, generally with revenue sharing agreements which reduce downside risk to the company. These attributes have led to improved interest coverage (adjusted EBITDA/interest expense) and a demonstrated ability to manage leverage (adjusted debt-to-adjusted EBITDA) below 2x, consistent with the lowered targets articulated by AMG in 2013 and 2014. Primary rating constraints include AMG's acquisitive business model, which results in periodic increases in leverage, AUM concentration in equities, which is a relatively more volatile asset class and can lead to variability in management fee streams, and leverage and interest coverage that although improved, remain weaker relative to more highly rated peers. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The affirmation of the trust preferred securities issued by AMG Capital Trust II maintains the three-notch differential from AMG's IDR. The three-notch differential reflects Fitch's view of the subordinated nature and interest deferral feature of this hybrid security in accordance with Fitch's criteria 'Treatment and Notching of Hybrids in Nonfinancial Corporates and REIT Credit Analysis'. Fitch has affirmed and withdrawn the following ratings: Affiliated Managers Group, Inc. -- Long-term Issuer Default Rating (IDR) at 'BBB+', Outlook Stable; -- Senior unsecured notes at 'BBB+'; -- Senior bank credit facility at 'BBB+'. AMG Capital Trust II -- Trust preferred securities at 'BB+'. AMSCO STEEL: Can File Schedules & Statements Until September 25 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas extended until Sept. 25, 2015, the deadline with which AMSCO Steel Company LLC and Pyndus Steel & Aluminum Co. Inc to file their schedules of assets and liabilities, and statements of financial affairs. About Amsco Steel AMSCO Steel Company, LLC, and Pyndus Steel & Aluminum Co., Inc., sought protection under Chapter 11 of the Bankruptcy Code on Aug. 10, 2015 (Bankr. N.D. Tex., Case No. 15-43240). The Debtors are suppliers and processors of steel products for a wide variety of customers throughout the United States and Mexico. The case is assigned to Judge Russell F. Nelms. The Debtors' counsel are J. Robert Forshey, Esq., and Matthew G. Maben, Esq., at Forshey & Prostok, LLP, in Forth Worth, Texas. The U.S. trustee overseeing the Chapter 11 cases of AMSCO Steel Company LLC and Pyndus Steel & Aluminum Co. Inc. appointed five creditors to serve on the official committee of unsecured creditors. AMSCO STEEL: Gets Interim OK to Hire SSG & Chiron as Bankers ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas authorized AMSCO Steel Company LLC and Pyndus Steel & Aluminum Co. Inc. to employ, on an interim basis, SSG Advisors LLC and Chiron Financial Group Inc. as investment bankers as of the Debtors' bankruptcy filing. The firms will provide these services: a) Sale: The firms' role in connection with a sale would include: i) prepare an information memorandum describing the Debtors, their historical performance and prospects, including existing contracts, marketing and sales, labor force, and management and anticipated financial results of the Debtors; ii) assist the Debtors in developing a list of suitable potential buyers who will be conducted on a discreet and confidential basis after approval by the Debtors; iii) coordinate the execution of confidentiality agreements for potential buyers wishing to review the information memorandum; iv) assist the Debtors in coordinating site visits for interested buyers and working with the management team to develop appropriate presentations for the visit; v) solicit competitive offers from potential buyers; vi) advise and assist the Debtors in structuring the transaction and negotiating the transaction agreement; and viii) otherwise, assist the Debtors, their attorneys, and accountants, as necessary, through closing on a best effort basis; b) Financing: The firms' role in connection with the financing will include: i) advise in light of current market conditions on all aspects of the financing, including timing, structure and terms; ii) prepare an information memorandum describing the Debtors, their historical performance and prospects, including existing contracts, marketing and sales, labor force and management, and anticipated financial results; iii) approach potential financing sources, including commercial banks, commercial finance companies and other institutional lenders and investors; iv) solicit term sheet from those financing sources interested in the financing; v) solicit terms sheets from those financing sources interested in the financing; vi) negotiating with financing sources regarding the terms and structure of the financing; and necessary, through closing on a best efforts basis; c) Restructuring: The firms' role in connection with a restructuring will include: i) prepare an information memorandum describing the Debtors, their historical performance and prospects, including existing contracts, marketing, and sales, labor force and management, and anticipated financial results; ii) negotiate and assist the Debtors' counsel in reviewing lease documents and meeting with lessors regarding long-term extension agreements with the Debtors; iii) assist in developing a plan for general unsecured creditors with limited further relationship with the Company; and iv) otherwise, assist the Debtors and their other professionals, as necessary, through closing on a best efforts basis. The firms are entitled to receive an initial fee of $25,000 from the Debtors upon signing of the agreement and approval of the Court. Under the agreement, the firms will be entitled to a fee upon the consummation of the sale equal to $25,000. In the event additional party(s) participate in the 363 sale process with the buyer as the stalking horse bidder and bid in excess of the buyer's stalking horse bid, the agreement provide that the firms will be entitled to a sale fee upon consummation of a sale transaction to any party of $25,000 plus 15% of the total consideration in excess of the buyer's stalking horse bid. Finally, in the event the Buyer is not the stalking horse bidder, upon the consummation of a sale transaction to any party, then the agreement provides that the advisor will be entitled to sale fee equal to $25,000 plus 15% of 100% of the total consideration. Additionally, the agreement provides for a financing fee upon the closing of a financing with any financing source, equal to the greater of (a) $50,000 or (b) 10% of any financing raised. Upon closing of a restructuring transaction, the agreement provides that the advisors are entitled to a fee in the amount of $50,000. Mark Chesen, managing director of SSG Advisors LLC, assured the Court that the firms do not hold any interest adverse to the Debtors and their estate, and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Mr. Chesen can be reached at: Mark Chesen Managing Director SSG Advisors LLC 630 Fifth Avenue, Suite 2166 New York, NY 10111 Tel: (610) 940-5801 Fax (212) 782-3756 Email: mchesen@ssgca.com About Amsco Steel AMSCO Steel Company, LLC, and Pyndus Steel & Aluminum Co., Inc., sought protection under Chapter 11 of the Bankruptcy Code on Aug. 10, 2015 (Bankr. N.D. Tex., Case No. 15-43240). The Debtors are suppliers and processors of steel products for a wide variety of customers throughout the United States and Mexico. The case is assigned to Judge Russell F. Nelms. The Debtors' counsel are J. Robert Forshey, Esq., and Matthew G. Maben, Esq., at Forshey & Prostok, LLP, in Forth Worth, Texas. The U.S. trustee overseeing the Chapter 11 cases of AMSCO Steel Company LLC and Pyndus Steel & Aluminum Co. Inc. appointed five creditors to serve on the official committee of unsecured creditors. AMSCO STEEL: Wants to Hire Forshey & Prostok as Attorneys --------------------------------------------------------- AMSCO Steel Company LLC and Pyndus Steel & Aluminum Co. Inc. ask the U.S. Bankruptcy Court for the Northern District of Texas for permission to employ Forshey & Prostok LLP as their attorneys. The firm will: a) advise the Debtors of their rights, powers and duties as debtors an debtors in possession continuing to operate and manage their business and assets; b) advise the Debtors concerning, and assist in the negotiation and documentation of agreements, debt restructurings, and related transactions; c) review the nature and validity of liens asserted against the property of the Debtors and advise the Debtors concerning the enforceability of the liens; d) advise the Debtors concerning the actions that they might have to collect and to recover property for the benefit of the Debtors' estate; e) prepare on behalf of the Debtors all necessary and appropriate applications, motions, pleadings, proposed orders, notices, schedules, and other documents, and review all financial other reports to be filed in these Chapter 11 cases; f) advise the Debtors concerning, and preparing responses to, applications, pleadings notices, and other papers that may be filed and served these Chapter 11 cases; g) counsel the Debtors in connection with the formulation, negotiation and promulgation of one or more plans of reorganization and related documents; h) perform all other legal services for and on behalf of the Debtors that may be necessary or appropriate in the administration of these Chapter 11 cases or in the conduct of the bankruptcy cases and the Debtors' business, including advising and assisting the Debtors with respect to debt restructurings, assets dispositions, and general business, tax, finance, real estate and litigation matters; and i) all other legal services as may be necessary or appropriate in connection with the bankruptcy cases. The firm will charge the Debtors for its legal services on an hourly basis at its customarily hourly rates: Professional Hourly Rates ------------ ------------ Partners $500-$575 Associates $275-$425 Paralegals $150-$190 J. Robert Forshey, Esq., partner in the law firm of the firm, assures the Court that the firm does not hold any interest adverse to the Debtors and their estate, and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Mr. Forshey can be reached at: J. Robert Forshey, Esq. Forshey Prostok LLP 777 Main Street, Suite 1290 Fort Worth, TX 76102 Tel: 011 1 817 877 4212 Fax: 817 877 4151 Email: bforshey@forsheyprostok.com About Amsco Steel AMSCO Steel Company, LLC, and Pyndus Steel & Aluminum Co., Inc., sought protection under Chapter 11 of the Bankruptcy Code on Aug. 10, 2015 (Bankr. N.D. Tex., Case No. 15-43240). The Debtors are suppliers and processors of steel products for a wide variety of customers throughout the United States and Mexico. The case is assigned to Judge Russell F. Nelms. The Debtors' counsel are J. Robert Forshey, Esq., and Matthew G. Maben, Esq., at Forshey & Prostok, LLP, in Forth Worth, Texas. The U.S. trustee overseeing the Chapter 11 cases of AMSCO Steel Company LLC and Pyndus Steel & Aluminum Co. Inc. appointed five creditors to serve on the official committee of unsecured creditors. BAHA MAR: Wants CEXIM Exhibits Stricken --------------------------------------- Northshore Mainland Services Inc., et al., requested that the U.S. Bankruptcy Court for the District of Delaware strike and not consider purported evidence that is the subject of the Debtors' evidentiary objection to the CEXIM reply to objections to CEXIM's motion to dismiss the Chapter 11 cases of the Debtors: Exhibit A -- Appeal Summons in the Matter of an application made under the inherent jurisdiction of the Court, alternatively pursuant to Section 254 of the Companies (Winding Up Amendment) Act 2011. On Aug. 25, CCA Bahamas, Ltd., submitted a reply in support of its motion to dismiss the Debtors' cases, stating that the Debtors filed their petitions in bad faith, coupled with their inability to adequately fund their cases, the strong Bahamian interests at stake, the viability of alternative insolvency proceedings in the Bahamas, and the lack of connections with the United States, compel dismissal of the cases. In a separate Aug. 25 filing, the Debtor made evidentiary objections to the exhibits filed in support of reply of CCA's motion to dismiss. The Debtors requested that the Court strike and not consider any of the purported evidence that is the subject of the Debtors' evidentiary objections nor any statement relying on such purported evidence: Exhibit C -- Address by Prime Minister, Right Honourable Perry G. Christie, M.P. to Nation on Baha Mar Negotiations and Proceedings. Exhibit D -- Petitions In the Matter of the Companies Act, 1992 Chapter 308 and the Companies (Wind Up amendment) Act 2011. Exhibit E -- Applications In the Matter of the Companies Act, 1992 (Chapter 308) and the Companies (Wind Up amendment) Act 2011 The Debtors filed on Aug. 24, a status report regarding Bahamian Proceedings (Winding Up Petitions and Provisional Liquidator Summons) pending before the Supreme Court of The Bahamas, disclosing, among other things: 1. On Aug. 19, the Bahamian Court commenced a hearing to consider certain aspects of the Bahamian Proceedings. During the course of such hearing, the Bahamian Court indicated that it would dismiss the Winding Up Petitions filed in respect of these Debtor entities upon the request of the respondents (and without any objection) because the Attorney General of the Commonwealth of The Bahamas, petitioning in a representative capacity, did not allege on behalf of those parties for whom she was petitioning, that they were creditors of the entities: a. BML Properties Ltd.; b. Baha Mar Operating Company Ltd.; c. Riviera Golf Ventures Ltd.; d. Baha Mar Entertainment Ltd.; e. Baha Mar Support Services Ltd.; f. Baha Mar Leasing Company Ltd.; and g. Baha Mar Sales Company Ltd. As a result, the Provisional Liquidator Summonses relating to the dismissed entities would be dismissed as well. As reported in the Troubled Company Reporter on Sept. 1, 2015, Stephanie Gleason, writing for The Wall Street Journal, reported that the bankruptcy judge for Baha Mar Ltd. on Aug. 28 outlined two possible middle-ground rulings on whether to dismiss the resort developer's bankruptcy case and said he would present his decision as soon as possible, likely in September. According to the report, Judge Kevin Carey of the U.S. Bankruptcy Court in Wilmington, Del., heard arguments on motions from two Chinese national companies -- its lender, the Export-Import Bank of China, and its contractor, a China State Engineering Corp. subsidiary called China Construction America -- that want the case decided in Bahamian court. Judge Carey presented two possible alternatives to a simple confirmation or denial during the hearing: allowing the case to continue but requiring the Bahamian court to approve the bankruptcy plan as a stipulation for its confirmation, and suspending the proceeding rather than dismissing it outright, the report related. About Baha Mar Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., and their affiliates sought protection under Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del., Case No. 15-11402). Baha Mar owns, and is in the final stages of developing, a 3.3 million square foot resort complex located in Cable Beach, Nassau, The Bahamas. The case is assigned to Judge Kevin J. Carey. The Debtors are represented by Paul S. Aronzon, Esq., and Mark Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq., and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. The Debtors' Delaware counselare Laura Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton Sweeting O'Brien. The Debtors' special litigation counsel is Kobre & Kim LLP. The Debtors' construction counsel is Glaser Weil Fink Howard Avchen & Shapiro LLP. The Debtors' investment banker and financial advisor is Moelis Company LLC. The Debtors' claims and noticing agent is Prime Clerk LLC. The Committee tapped Cooley LLP as its lead counsel, and Whiteford, Taylor & Preston LLC as its Delaware counsel. BASIC ENERGY: Moody's Cuts Corp Family Rating to Caa1, Outlook Neg ------------------------------------------------------------------ Moody's Investors Service downgraded Basic Energy Services, Inc.'s Corporate Family Rating (CFR) to Caa1 from B1, its senior unsecured notes rating to Caa2 from B2, and lowered its Speculative Grade Liquidity Rating to SGL-3 from SGL-2. The outlook was changed to negative from stable. "The downgrade reflects our expectation of materially higher leverage and weaker interest coverage driven by the rapid deterioration in industry fundamentals for US onshore oilfield service providers," said John Thieroff, Moody's VP-Senior Analyst. "While Basic has a measure of spending flexibility due to low maintenance capital requirements, we expect recovery in upstream demand to be limited in 2016 which will keep Basic's cash flows under pressure for a prolonged period." Issuer: Basic Energy Services, Inc. Ratings Downgraded: Corporate Family Rating, Downgraded to Caa1 from B1 Probability of Default Rating, Downgraded to Caa1-PD from B1-PD Senior Unsecured Notes Rating, Downgraded to Caa2 (LGD4) from B2 (LGD4) Speculative Grade Liquidity Rating, Lowered to SGL-3 from SGL-2 Outlook Actions: Outlook Changed to Negative from Stable RATINGS RATIONALE The Caa1 Corporate Family Rating reflects Basic's modest cash flow generation, driven by declining demand from upstream exploration & production (E&P) companies, and elevated financial leverage. Basic's credit deterioration ties to the pronounced downturn in oil prices since late 2014 and the resulting diminished demand for its services. Moody's expects interest coverage will fall below 1x in 2015, from 4.7x in 2014, and will continue to be weak into 2016. Without a sustained recovery in commodity prices that leads to a significant uptick in demand, Moody's expects Basic's debt to EBITDA to remain near 10x through 2016. Severely reduced US onshore upstream spending in 2015 has squeezed Basic's margins. With the expectation of muted recovery in the near term, demand for services will remain weak with dim prospects for material recovery in Basic's cash flow generation through 2016. Basic's high interest burden leaves minimal cash flow available for capital spending requirements. Despite weak cash flow, we expect Basic to internally fund maintenance level capital spending in 2016, augmented by cash from the balance sheet. The SGL-3 Speculative Grade Liquidity Rating reflects Moody's view of adequate liquidity through 2016. At June 30, Basic had $208 million of total liquidity, consisting of $92 million of cash and $116 million of availability on its secured asset-based lending (ABL) facility, net of $48.5 million in outstanding letters of credit. Although Basic's borrowing base as of June 30 was $164 million ($116 million of availability, net of letters of credit), we expect availability to become limited to $54 million in late 2015 through 2016 due to the credit facility's covenant structure. Basic is not currently subject to financial covenants under the facility; however, springing covenants take effect when availability is below the greater of 25% of commitments or $62.5 million. In that event, Basic is required to maintain a fixed charge coverage ratio of at least 1x, and a senior secured leverage ratio under 2.5x. While Moody's anticipates Basic will not be in compliance with these covenants once third quarter 2015 results are considered, we do not expect Basic will need to utilize the facility to any meaningful extent through 2016 beyond currently outstanding letters of credit. The credit facility matures November 2019. The Caa2 unsecured notes rating reflects the subordination of the notes to Basic's senior secured ABL facility's priority claim to company assets, causing them to be rated one notch below the Caa1 CFR under Moody's Loss Given Default Methodology. The negative outlook reflects the weak prospects for cash flow generation through 2016. A ratings downgrade is likely if liquidity falls below $50 million. While unlikely in the next 12 months, an upgrade could be considered if Basic improves interest coverage to above 2x and leverage is reduced to under 4.5x for a sustained period. The principal methodology used in this rating was Global Oilfield Services Industry Rating Methodology published in December 2014. BLUE SUN ST. JOE: Gets Final Approval to Obtain $1.76-Mil. Loan --------------------------------------------------------------- A federal judge approved a $1.76 million financing to get Blue Sun St. Joe Refining LLC and its affiliates through bankruptcy. Judge Arthur Federman of U.S. Bankruptcy Court for the Western District of Missouri gave final approval to the loan to be provided by John and Joann Horton Family Limited Partnership. The bankruptcy judge earlier allowed the company to borrow an initial $500,000 from the same lender, court filings show. In exchange for the $1.76 million loan, the lender will get "superpriority" claims and will be granted liens to secure repayment of the company's obligations. Terra Bioenergy LLC last month criticized the company, saying the loan agreement that it initially proposed did not provide for payment of rent under their lease contract. The same was echoed by Terra Bioenergy's lenders Nodaway Valley Bank and FCS Financial, FLCA, which also filed an objection with the bankruptcy court. Blue Sun St. Joe resolved the objections by getting the approval of John and Joann to increase the amount of its loan from $1.1 million to $1.76 million, which would allow the company to pay its rent until the lease is assumed or rejected. The company was also required to pay a monthly rent of $110,000, court filings show. The company leases from Terra Bioenergy a biodiesel plant located along Stockyards Expressway in St. Joseph, Missouri. Terra Bioenergy used the facility as collateral for the loan it obtained from Nodaway and FCS Financial. About Blue Sun St. Joe Blue Sun St. Joe Refining, LLC, and its three affiliates sought protection under Chapter 11 of the Bankruptcy Code on July 31, 2015 (Bankr. W.D. Mo., Case No. 15-42231). The case is assigned to Judge Arthur B. Federman. The Debtors' general counsel is Jeffrey A. Deines, Esq., at Lentz Clark Deines PA, in Overland Park, Kansas. The Debtors' local counsel is Todd A. Burgess, Esq., John R. Clemency, Esq., and Lindsi M. Weber, Esq., at Gallagher & Kennedy, P.A., in Phoenix, Arizona. BOOMERANG TUBE: To Vacate HQ at N. Outer Forty Drive, Chesterfield ------------------------------------------------------------------ Boomerang Tube LLC has until next month to vacate its Chesterfield headquarters and move to another location as part of its agreement with Forty West Partners, LLC. The company leases from Forty West approximately 22,197 square-foot office space at 14567 North Outer Forty Drive, in Chesterfield, Missouri. The landlord on June 16 asked the U.S. Bankruptcy Court in Delaware to lift the so-called automatic stay in a bid to seize the property after Boomerang Tube allegedly failed to pay its rent. Prior to the filing, Forty West terminated its lease with the company, court filings show. On July 6, Boomerang Tube filed an objection in which it argued that it has a "possessory interest" in the property under the lease and Missouri law since the contract was terminated before it filed for bankruptcy protection. Forty West also received an objection from Boomerang Tube's official committee of unsecured creditors. The landlord defended its move by arguing that another company is eyeing the location being occupied by Boomerang Tube. Forty West argued the loss of this prospective tenant could cost the landlord an "indeterminate number of months of vacancy." The companies resolved their dispute by allowing Boomerang Tube to use the location until Oct. 31, 2015, at a monthly rent of $54,066. Boomerang Tube also has the option to use smaller office space in the same building until March 31, 2016. In return, Boomerang Tube agreed to "waive any defenses" it may have to the termination of the lease. About Boomerang Tube Boomerang Tube, LLC, is a manufacturer of welded Oil Country Tubular Goods ("OCTG") in the United States. OCTG are used by drillers in exploration and production of oil and natural gas and consist of drill pipe, casing and tubing. Boomerang has corporate offices in Chesterfield, Missouri and manufacturing facilities in Liberty, Texas, strategically located near major steel production centers and end-user markets. With a 487,000 square foot plant that houses two mills and heat treat lines and a contingent 119 acres, these facilities constitute the second largest alloy OCTG mill in North America. Access Tubulars, LLC, owns 81% of the equity interests in Boomerang. Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 15-11247) on June 9, 2015, with a deal with lenders on a balance sheet restructuring that would convert $214 million of debt to 100% of the common stock of the reorganized company. The Debtor disclosed $272,205,337 in assets and $300,375,946 in liabilities as of the Chapter 11 filing. The cases are assigned to Judge Mary F. Walrath. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as attorneys; Lazard Freres & Co. LLC, as financial advisor; and Donlin, Recano & Co., Inc., as claims and noticing agent. Boomerang Tube disclosed $272,205,337 in assets and $300,375,946 in liabilities as of the Chapter 11 filing. On June 30, 2015, the Debtor filed a bankruptcy-exit plan and explanatory disclosure statement. The U.S. Trustee overseeing the Chapter 11 case appointed five creditors to serve on an official committee of unsecured creditors. The Committee is represented by Brown Rudnick LLP., and Morris, Nichols, Arsht & Tunnel LLP. CANAL ASPHALT: Can Use Cash Collateral Until Sept. 15 ----------------------------------------------------- Judge Robert D. Drain of the United States Bankruptcy Court Southern District of New York granted Canal Asphalt, Inc., interim authority to utilize cash collateral on an interim basis in an amount not to exceed $280,000 covering the period from the Petition Date until the final hearing scheduled on September 15, 2015 at 10:00 a.m. William K. Harrington, the United States Trustee for Region 2, objected to the Debtor's Cash Collateral Request, complaining that the Debtor has failed to communicate and cooperate with the United States Trustee regarding certain urgent matters in this case. The U.S. Trustee also complained that: (1) the Debtor's emergency budget is for 14 days, which runs on its own terms before the hearing date of the Motion, and the Debtor has failed to provide the United States Trustee with an updated budget and the United States Trustee should have an opportunity to review this budget; (2) the Debtor's budget contains certain line items that are unexplained, which line items include include officer salaries, vehicle payments, and travel expenses; and (3) the Debtor must respond to basic United States Trustee requests for information, which includes proof insurance, the DIP account and aging accounts. The Debtor, together with C.L. Consulting & Management Corp. and Signature Bank, filed a stipulation affirming the lenders' consent to the Debtor's use of the cash collateral securing its indebtedness. The Debtor is represented by: Gary M. Kushner GOETZ FITZPATRICK LLP One Penn Plaza 31st Floor New York, New York 10119 Tel: (212) 695-8100 Fax: (212) 629-4013 Email: gkushner@goetzfitz.com Signature Bank is represented by: Theresa A. Driscoll MORITT HOCK & HAMROFF LLP 400 Garden City Plaza Garden City, New York 11530 Tel: (516) 873-2000 Fax: (516) 873-2010 Email: tdriscoll@moritthock.com The U.S. Trustee is represented by: Greg M. Zipes, Esq. TRIAL ATTORNEY 201 Varick Street, Suite 1006 New York, New York 10014 Tel: (212) 510-0500 Fax:(212) 668-2255 Email: webmaster@usdoj.gov About Canal Asphalt 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. CANAL ASPHALT: Seeks to Sell Asphalt Plant for $16.5-Mil. --------------------------------------------------------- Canal Asphalt, Inc., asks the United States Bankruptcy Court Southern District of New York authority for authority to conduct a private sale of its asphalt plant at 800 Canal Street, in Mount Vernon, New York, and certain property and other assets related thereto free and clear of all liens, claims, encumbrances and interests of any kind to Thalle Industries Inc., for $16,500,000. The Purchase Price includes $12,800,000 for the asphalt plant, $1,200,000 for the Gaia Property and $2,500,000 to be paid to Nigro pursuant to a Consulting Agreement with Thalle. Eastern Concrete Materials, Inc.; and Peckham Industries, Inc. and Pro Materials LLC; objected to the proposed private sale. Eastern Concrete complained that the APA has no appraisals, no broker opinions, and no valuation analysis that support that the purchase price is adequate, fair or sufficient for the Debtor's asphalt plant. Eastern Concrete said it is unclear as to how the asphalt plant was valued and if any allocation was given to the various permits, which are believed to have significant independent value. Peckham and Pro Materials asserted that the private sale is highly unusual and asked the Court to direct the Debtor to provide for a public auction sale subject to higher and better offers. Peckham pointed out that the APA provides that Thalle can "walk" away from the deal if it is unable to obtain a mortgage of up to 75% of the purchase price. Peckham argued that the Court should approve the sale only if Thalle affirmatively states that it will close even if it is unable to obtain financing. Thalle, in response, asked the Court to overrule the objections as they fail to set forth any legal or factual basis to deny the proposed sale. According to Thalle, the objections are motivated solely to further the interests of competitor businesses to block the Sale, thereby threatening to harm rather than benefit the Debtor's estate and its creditors. The Debtor, in response, told the Court that it does not have the luxury of engaging in a lengthy sale process at the risk of losing Thalle. Thus, any points raised in the objections about the need for a public auction are insufficient to overcome the fact that the sale to Thalle is not only reasonable, but likely the only viable means of preserving the greatest value for the Debtor and its creditors under all of the circumstances, the Debtor said. C.L. Consulting & Management, Petrillo Contracting Inc., and Signature Bank, support the private sale of the Debtor's asphalt plant. Petrillo stated that it consents to the private sale of the property to Thalle provided that all proceeds to be paid by Thalle are deposited into an interest bearing escrow account, pending further Order of the Court as to their ultimate disposition. The Debtor is represented by: Gary M. Kushner GOETZ FITZPATRICK LLP One Penn Plaza 31st Floor New York, New York 10119 Tel: (212) 695-8100 Fax: (212) 629-4013 Email: gkushner@goetzfitz.com Signature Bank is represented by: Theresa A. Driscoll MORITT HOCK & HAMROFF LLP 400 Garden City Plaza Garden City, New York 11530 Tel: (516) 873-2000 Fax: (516) 873-2010 Email: tdriscoll@moritthock.com Pro Materials LLC is represented by: Arthur Goldstein, Esq. TARTER KRINSKY &DROGIN LLP 1350 Broadway New York, NY 10018 Email: agoldstein@tarterkrinsky.com Peckham Industries, Inc. is represented by: Marc Stuart Goldberg, Esq. MARC STUART GOLDBERG LLC 670 White Plains Road, Suite 121 Scarsdale, NY 10583 Email: mgoldberg@msglegal.com C.L. Consulting & Management is represented by: David Capriotti, Esq. HARRIS BEACH PLLC 333 West Washington Street, Suite 200 Syracuse, NY 13202 Tel: (315) 214-2038 Fax: (315) 422-9331 Email: dcapriotti@harrisbeach.com Petrillo Contracting Inc., is represented by: Joseph P. Asselta, Esq. FORCHELLI, CURTO, DEEGAN, SCHWARTZ, MINEO & TERRANA LLP 333 Earle Ovington Blvd. Suite 1010 Uniondale, New York 11553 Tel: 516-248-1700 Fax: 516-248-1729 Email: jasselta@forchellilaw.com About Canal Asphalt 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. CANDAX ENERGY: Gets Addt'l Waiver Extension on Facility Agreement ----------------------------------------------------------------- Candax Energy Inc., a company with mature oil & gas field developments in Tunisia, on Sept. 4 disclosed that it has obtained from Geofinance NV, major debtholder and shareholder of the Company, a further extension of 5 days on the waiver with respect to terms of the facility agreement entered into by the parties. The extension will extend the waiver until September 8, 2015. As a result, Geofinance NV has agreed not to seek any remedy under the facility agreement in respect of the $3.5 million unpaid amount until September 8, 2015, except in case of specific circumstances. A copy of the amendment and waiver letter will be filed publicly by the Company and available on SEDAR. The Company is in advanced discussions regarding financial alternatives and needs more time to continue these discussions. About Candax Candax is an international energy company with offices in Toronto and Tunis. The Candax group is engaged in exploration and the production of oil and gas in Tunisia and holds a royalty interest in an exploration permit in Madagascar. CORINTHIAN COLLEGES: Has Until Nov. 2 to Remove Civil Actions ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware extended until Nov. 2, 2015, Corinthian Colleges Inc.'s time to file notices to remove any and all civil actions involving the company and its affiliates. As reported in the Troubled Company Reporter on Aug. 19, 2015, the Debtors said the extension, if granted, would give them enough time to determine whether to remove any pending civil action, according to its lawyer, Marisa Terranova, Esq., at Richards, Layton & Finger P.A., in Wilmington, Delaware. About Corinthian Colleges Corinthian Colleges, Inc., Pegasus Education, Inc., and 23 affiliated entities filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 15-10952) on May 4, 2015, to complete an orderly wind down of its operations. The cases are jointly administered Case No. 15-10952. Judge Kevin J. Carey presides over the case. Richards, Layton & Finger, P.A., represents the Debtors in their restructuring efforts; FTI Consulting, Inc., serves as restructuring advisors; and Rust Consulting/Omni Bankruptcy serves as claims and noticing agent. Corinthian Colleges, Inc., disclosed $721,596,789 in assets and $2,929,448,278 in liabilities as of the Chapter 11 filing. The Debtor filed with the Court a first amended and modified combined disclosure statement and plan of liquidation. The Combined Plan incorporates a compromise between the Debtors, the Official Committee of Unsecured Creditors, the Student Committee and the Prepetition Secured Parties as to the Distribution of the Debtors' assets already liquidated or to be liquidated over time to the Holders of Allowed Claims in accordance with the terms of the Combined Plan and Disclosure Statement and the priority of claims provisions of the Bankruptcy Code. The U.S. Trustee for Region 3 appointed five creditors to serve on the official committee of unsecured creditors. Cooley LLP serves as its lead counsel, Foley & Mansfield, PLLP serves as its local counsel, and Province Inc. serves as its financial advisor. Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware, on Aug. 28, issued an order confirming Corinthian Colleges, Inc., et al.'s Third Amended and Modified Combined Disclosure Statement and Chapter 11 Plan of Liquidation. The Combined Plan incorporates a compromise between the Debtors, the Official Committee of Unsecured Creditors, the Student Committee and the Prepetition Secured Parties as to the Distribution of the Debtors' assets already liquidated or to be liquidated over time to the Holders of Allowed Claims in accordance with the terms of the Combined Plan and Disclosure Statement and the priority of claims provisions of the Bankruptcy Code. The Combined Plan provides for the Prepetition Secured Parties to release any liens they may otherwise have upon, and forgo any recoveries from, the Student Refund Reserve, thereby enabling the Debtors to transfer their rights and interest in those funds (in the approximate amount of $4.3 million) to the Student Trust. DAVID M. MEYER: 8th Cir. Affirms District Court Sanctions --------------------------------------------------------- The United States Court of Appeals for the Eighth Circuit affirmed the district court's rulings in the case captioned David M. Meyer and Nancy R. Meyer Trust UTA Dated October 13, 2006, Plaintiff-Appellant v. U.S. Bank National Association, Defendant-Appellee, NO. 14-1560 (8th Cir.). In June 2003, David and Nancy Meyer signed a revolving credit note and revolving credit agreement and later signed a series of term notes and term loan agreements to obtain loans from U.S. Bank to finance their swine production business. In October 2006, the Meyers transferred all their business assets to a revocable trust, The David M. Meyer and Nancy R. Meyer Trust, naming themselves as Grantors and Trustees. The revolving credit loan went into default on July 1, 2008. U.S. Bank agreed not to exercise its default rights. The lending relationship continued until the Meyers withheld proceeds from the sale of collateral (hogs); U.S. Bank commenced a replevin action; and the Meyers filed for Chapter 11 bankruptcy protection in August 2010. The David M. Meyer and Nancy R. Meyer Trust commenced an action in state court, alleging that U.S. Bank tortiously interfered with the Trust's contractual relations with a feed supplier for the Meyers' swine production business. The U.S. Bank removed the action, promptly filed a motion for summary judgment, and later sought Fed.R.Civ.Proc. Rule 11 sanctions. The district court granted summary judgment and imposed a $5,000 sanction against the Trust and its attorneys. The Trust appealed, and U.S. Bank moved for additional sanctions under Rule 38 of the Federal Rules of Appellate Procedure, arguing the appeal is frivolous. The appellate court found that there was no procedural error in the district court's grant of summary judgment in favor of U.S. Bank. As explained by the district court, its "grant of summary judgment in favor of the Bank was governed by Fed. R. Civ. P. 56 because the Court considered matters outside the pleadings, and all parties were given an opportunity to present material pertinent to the motion. The appellate court also concluded that the appeal was not frivolous but was frivolously argued. It denied an award of attorney's fees to U.S. Bank but granted double costs as a Rule 38 sanction. A copy of the July 6, 2015 decision is available at http://is.gd/ghqxZ1from Leagle.com. DEFENSE LOGISTICS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Defense Logistics Support, Inc. P.O. Box 2577 Lumberton, NC 28358 Case No.: 15-04845 Chapter 11 Petition Date: September 4, 2015 Court: United States Bankruptcy Court Eastern District of North Carolina (Fayetteville Division) Judge: Hon. David M. Warren Debtor's Counsel: Trawick H Stubbs, Jr., Esq. STUBBS & PERDUE, P.A. P. O. Drawer 1654 New Bern, NC 28563 Tel: 252 633-2700 Fax: 252 633-9600 Email: efile@stubbsperdue.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Trevor J. Kracker, president and CEO. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/nceb15-04845.pdf ERG INTERMEDIATE: Wants Access to Financing Extended to Nov. 15 --------------------------------------------------------------- ERG Intermediate Holdings LLC has asked the Bankruptcy Court for approval of a third amendment to the DIP Facility and access to cash collateral. U.S. Bankruptcy Judge Harlin DeWayne Hale previously gave ERG Intermediate Holdings LLC approval to tap a $17.5 million loan to be provided by CLMG Corp. which serves as administrative agent for a consortium of lenders. The DIP Facility had a stated maturity date of July 29, 2015, reflecting that the financing contemplated funding the Debtors' operations through the consummation of a sale process for the California-based assets of the Debtors, which was originally intended to be completed by the end of July 2015. Because the Sale Process was delayed into August as a result of, among other things, negotiations between the Secured Lender and the Official Committee of Unsecured Creditors, the Secured Lender previously extended the Stated Maturity Date of the DIP Facility to Aug. 31, 2015. The Sale Process, as revised during the chapter 11 cases, had an Aug. 10, 2015 bid deadline for offers to purchase the Debtors' California assets. As of Aug. 10, the Debtors had received no qualifying bids in connection with such proposed sale. Pursuant to the Sale Process, the Secured Lender had the right to credit bid for the Debtors' assets after the bid deadline. On Aug. 12, 2015, in lieu of credit bidding for such assets, the Secured Lender proposed the terms of a plan of reorganization for the Debtors. Therefore, the Debtors seek to extend the DIP Facility, as amended, through and including Nov. 15, 2015. CLMG will be granted "superpriority" claim and "first priority" liens and security interests in some of ERG's properties as protection, according to the order. The collateral does not include funds maintained under ERG's 2010 agreement with IndemCo LP in connection with its deal with U.S. Specialty Insurance Company. About ERG Resources ERG Resources, LLC, is a privately owned oil & gas producer that was formed in 1996. Since 2010, ERG Resources and ERG Operating Co. have been primarily engaged in the exploration and production of crude oil and natural gas in the Cat Canyon Field in Santa Barbara County, California. ERG Resources owns 19,027 gross lease acreage in the Cat Canyon Field. ERG Resources also owns and operates oil & gas leases representing 683 gross acres of leasehold located in Liberty County, Texas. The Company's corporate headquarters is located in Houston, Texas. Scott Y. Wood, through two of his affiliates, owns 100% of the membership units in ERG Intermediate Holdings LLC, the parent company. ERG Intermediate Holdings, ERG Resources and three affiliates sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 15-31858) on April 30, 2015, in Dallas, Texas. The Debtors tapped Jones Day as counsel; DLA Piper as co-counsel; AP Services, LLC, to provide a CRO; and Epiq Bankruptcy Solutions, LLC. ERG Intermediate estimated $100 million to $500 million in assets and debt. The U.S. Trustee overseeing the Chapter 11 case of ERG Intermediate Holdings LLC appointed five creditors of the company to serve on the official committee of unsecured creditors. FRANCIS MAX FRICK: Bankruptcy Auction Scheduled for Sept. 15 ------------------------------------------------------------ In re Francis Max Frick, Jr. and Jo Billy Frick Bankr. M.D. Fla. Case No. 15-00423 Chapter 11 Petition filed January 30, 2015 Tranzon will auction 45+/- houses, commercial office and residential lots, at Ocala, Florida on September 15, 2015 at 10:55 a.m. Features: -- Will sell regardless of price -- Buy one, buy five, or buy all! -- Many homes income producing -- Bid live or bid online Tranzon Driggers Walter J. Driggers, III, Lic. Real Estate Broker, FL Lic. No. AU707 & AB3145 10% Buyer's Premium, Case No.: 3:15-bk-00423-PMG Property Location: Various Addresses Ocala, FL 34470 Auction Location: Hilton Ocala 3600 SW 36th Ave. Ocala, FL 34474 Contact: Tranzon Driggers Justin McQuary Tel: 877-374-4437 Email: jmcquary@tranzon.com For more details, please visit http://www.tranzon.com/DG09152015 GENON ENERGY: Moody's Affirms B3 CFR & Revises Outlook to Negative ------------------------------------------------------------------ Moody's Investors Service affirmed GenOn Energy Inc.'s (GEN) corporate family rating (CFR) at B3 and revised its outlook to negative from stable. "The negative outlook on GenOn reflects the sustained downward pressure on gas and power prices in the US unregulated markets", said Toby Shea, Senior Credit Officer. "Although the results of PJM's capacity market auction for 2018/2019 released on August 21, 2015 and the incremental capacity market auction for 2016/17 released on August 31, 2015 will both lead to an incremental improvement to GEN's cash flow, this will be insufficient to offset the declines in the broader energy markets" added Mr. Shea. Affirmations: Issuer: GenOn Americas Generation, LLC Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD 5) from (LGD 4) Issuer: GenOn Energy, Inc. Corporate Family Rating, Affirmed B3 Probability of Default Rating, Affirmed B3-PD Issuer Rating, Affirmed NP Speculative Grade Liquidity Rating, Affirmed SGL-3 Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD4) Issuer: GenOn Escrow Corp. Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD4) Issuer: GenOn Mid-Atlantic, LLC Senior Secured Pass-Through, Affirmed Ba3 (LGD1) Issuer: GenOn REMA, LLC Senior Secured Pass-Through, Affirmed B2 (LGD3) Outlook Actions: Issuer: GenOn Americas Generation, LLC Outlook, Changed To Negative From Stable Issuer: GenOn Energy, Inc. Outlook, Changed To Negative From Stable Issuer: GenOn Mid-Atlantic, LLC Outlook, Changed To Negative From Stable Issuer: GenOn REMA, LLC Outlook, Changed To Negative From Stable RATINGS RATIONALE GEN's B3 CFR largely reflects its high debt burden relative to cash flow. The default risk at the parent company is exacerbated by dividend restrictions at its two ring-fenced subsidiaries: GenOn Mid-Atlantic, LLC (GenMA, Ba3) and NRG REMA, LLC (REMA, B2). We estimate that GEN averaged about $442 million of open EBITDAR annually over the past four years (2011-2014) and has a total adjusted debt and lease obligation of $4.5 billion (or $4.25 billion without accounting for debt discount and premiums.) GenMA and REMA, combined, contributed about $305 million of open EBITDAR and hold $1.3 billion of debt and lease obligations. With some exceptions, GEN's portfolio is comprised mainly of peaking facilities and struggling coal plants. The exceptions are Hunterstown (810 MW) and REMA's interest in Keystone (283 MW) and Conemaugh (280 MW). Hunterstown is a combined cycle gas plant with about a 55% capacity factor while Keystone and Conemaugh are large coal plants that have continued to run at a high capacity factor despite the competition from cheap natural gas. All three plants are located in Pennsylvania and belong to the MAAC market within PJM. Within the GenMA portfolio, the 1,200 MW Morgantown coal plant appears to be the most valuable plant as it operated at around 60% capacity factor for 2014. The two other coal plants within the GenMA portfolio, Chalk Point and Dickerson have more marginal economics, with capacity factors of 43% and 25% respectively in 2014. The capacity factors are sourced from SNL Financial. Moody's ratings also factors in NRG's approach in managing GEN as a non-recourse subsidiary. Moody's believes that NRG will not develop new projects at GEN and only inject capital if the return justifies the incremental investment. Liquidity Moody's expects GEN to have sufficient liquidity for the next 12 to 18 months but with cash traps in effect at REMA and GenMA, we expect GEN's cash balance excluding REMA and GenMA to decline over time. In addition, REMA's liquidity could be challenged and may require GEN's support in 2016. Despite having a $322 million cash balance at the end of 2014 and only $307 million of lease debt outstanding, the company has decided to invest heavily in converting the 597 MW Shawville coal plant to burn gas, with most of the capital expenditure going toward building a gas pipeline to the plant. As a result, REMA's cash balance is likely to decline significantly as this project proceeds. At the end of second quarter 2015, GEN reported a cash balance of $520 million, excluding GenMA and REMA's cash holdings of $217 million and $283 million, respectively. GEN also has access to a $500 million revolving credit facility provided by NRG. Currently, GEN has not drawn cash from its credit facility but a large portion of it (about $261 million at the end of second quarter 2015) is used for posting letters of credit to support business transactions. GEN generated positive free cash flow of $231 million and $101 million in 2013 and 2014 but free cash flow would have been negative $90 million and $539 million in those years without contributions from REMA and GMA. GEN's next major debt maturity is a $725 million bond issuance due in June 2017. Based on current capital and commodity market conditions, GEN could have difficulty refinancing this debt maturity. However, GEN has various options that could bolster its liquidity before this maturity, including a reduction in its corporate services fee payable to NRG as more MWs are retired (~$200 million per year) and asset sales. What Could Change the Rating -- UP The negative outlook limits the likelihood of a near term rating upgrade. Prospects for an upgrade would require a marked improvement in the merchant power markets and positive free cash flow generation without contributions from GenMA and REMA. What Could Change the Rating -- DOWN Moody's could downgrade the ratings if power market conditions do not improve or actions are not taken this year or in early 2016 to improve GEN's ability to meet its $725 million debt maturity due in June 2017. The principal methodology used in these ratings was Unregulated Utilities and Unregulated Power Companies published in October 2014. GEORGETOWN MOBILE: Plan Gives Add'l 6 Months of Breathing Room -------------------------------------------------------------- Georgetown Mobile Estates, LLC, has a reorganization plan that proposes to refinance or sell its property within 181 days after Sept. 15, 2015. According to the disclosure statement explaining the terms of the Amended Plan of Reorganization dated Aug. 21, 2015, the terms of any proposed sale or refinance will be subject to the Secured Lender's approval, which approval will not be unreasonably withheld. If no refinance or sale occurs within the period, then the Secured Lender will have sole title to the Real Property, free and clear of all liens, claims and encumbrances and may record such deed or deeds. If the Reorganized Debtor refinances the debt owed to the Secured Lender as provided for in the Plan, then DellaValle shall replace the Receiver and act as Manager. The Cash, Disposable Income and Proceeds will be distributed as follows: * First, in full and final satisfaction of the Secured Lender's Allowed Secured Claim, the Debtor may pay the Secured Lender $11,500,000, plus all of the Secured Lender's costs, fees and expenses, including, but not limited to attorneys' fees and special servicing fees that accrue from July 1, 2015, which costs, fees and expenses will not exceed $100,000. * Second, the Debtor will pay the Unclassified Claims, being the U.S. Trustee's Fees, all allowed Professional and Administrative Fees and Expenses the lesser of (1) the full amount of each Allowed Unclassified Claim or (ii) each Allowed Unclassified Claim's pro rata share of the remaining Property Funds. * Third, the Debtor will pay the Tax Claims, if any, the lesser of (1) the full amount of each Allowed Tax Claim or (ii) each Allowed Tax Claim's pro rata share of the remaining Property Funds. * Fourth, the Debtor will pay each Allowed Unsecured Claim the lesser of (1) the full amount of each Allowed Unsecured Claim or (ii) each Allowed Unsecured Claim's pro rata share of the remaining Proceeds. It is anticipated that distributions to Allowed Claims will not begin until after the second anniversary year from the Effective Date. The Plan provides for an Early Payment Incentive of allowing the Debtor the option of paying all Allowed Claims 50% if paid within two years from the Effective Date. * Fifth, the remaining Property Funds, if any, will be distributed to the Debtor. The Debtor anticipates borrowing funds within 181-days from Sept. 15, 2015, to pay the Secured Lender's Agreed Secured Claim. Such financing is projected to be short term, which may increase the total payback to creditors in year 3 of the term. Such monthly payments to the finance company is not projected to have any substantial impairment to the Allowed Claims of Unsecured Creditors. A copy of the Modified Amended Disclosure Statement in support of its Amended Plan of Reorganization dated Aug. 21, 2015, is available at http://is.gd/Jr2shn U.S. Trustee Objects U.S. Trustee Samuel K. Crocker objects to the adequacy of the Debtor's Amended Disclosure Statement and confirmation of the Debtor's Amended Plan of Reorganization. Rachelle C. Dodson, Esq., representing the U.S. Trustee, notes that the principal of the Debtor, Daniel Sexton, has maintained throughout the case, including in the introductory sections of the Disclosure Statement, and his testimony at the First Meeting of Creditors, that the Debtor was defrauded by his former business partner and CPA, Jonathan Williams. Mr. Sexton alleges that Williams forged his name on loan instruments, borrowed unauthorized funds, and used those funds for unknown purposes. According to the U.S. Trustee, if the allegations are true, this recovery action against Williams is a substantial asset of the Debtor and demands pursuing. In the Disclosure Statement, the Debtor reserves the right to pursue these claims, but there is no real discussion of this option or what the Debtor intends to do with it. The Plan and Discussion should include a detailed discussion of these recovery options and the Debtors plan for pursuing them, or justification for choosing not to. According to Ms. Dodson, unsecured claims are estimated in an extremely wide range between $400,000 and $2.5 million. Payback is similarly estimated between at most 67% and maybe substantially less and 100%. As previously summarized, the Plan allows the principal of the Debtor relief from an estimated $1 million to $3 million in personal liability on deficiency balances when the property is not sold or reorganized in 180 days, while secured creditors would receive less than the value of their claims, and unsecureds would likely obtain nothing in that scenario. The Plan is designed to provide a huge personal benefit the Principal at its failure while leaving both secured and unsecured creditors with partial or no payment of their claims. None of this is adequately disclosed to creditors or discussed in the Plan, including the fact that the Plan is not confirmable for this reason. About Georgetown Mobile Estates Georgetown Mobile Estates, LLC, is a Kentucky corporation with headquarters in Georgetown, Scott County, Kentucky. Originally incorporated on Jan. 23, 2006, the Company operates a mobile home park in three areas on the county line of Scott and Fayette, Kentucky. The park can take up to 504 customers and, historically, had an occupancy rate of 92%. Georgetown Mobile Estates filed a Chapter 11 bankruptcy petition (Bankr. E.D. Ky. Case No. 15-50945) in Lexington, Kentucky, on May 11, 2015, to take back control of the mobile home park from a receiver. Daniel E. Sexton, the present owner, signed the petition. The bankruptcy case is assigned to Judge Tracey N. Wise. The Debtor estimated $10 million to $50 million in assets and debt. The Debtor tapped Bunch & Brock of Lexington, Kentucky, as counsel; Randy Reynolds of Magnum Capital Consultants, LLC, as financial advisor; Bradford Burgess of The Thayer Group as financial advisor; and Glen Dellavalle of Dellavalle Management Group as manager of business operations. The U.S. trustee overseeing the Chapter 11 case of Georgetown Mobile Estates LLC appointed three creditors of the company to serve on the official committee of unsecured creditors. GOLD LEAF LAND: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Gold Leaf Land Investments, LLC 9067 W. Post Road, Suite A Las Vegas, NV 89148 Case No.: 15-15133 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: September 4, 2015 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Judge: Hon. August B. Landis Debtor's Counsel: Jason M. Gerber, Esq. MARQUIS AURBACH COFFING 10001 Park Run Las Vegas, NV 89145 Tel: 702-207-6097 Fax: 702-856-8923 Email: jgerber@maclaw.com Total Assets: $4.7 million Total Liabilities: $3.6 million The petition was signed by Michael DeSilva, authorized signatory. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. INTERNATIONAL BRIDGE: Hearing on Cash Use Continued to Nov. 19 -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Kansas will continue until Nov. 19, 2015 at 1:30 p.m., the hearing to consider International Bridge Corporation's motion to use cash collateral. The continuance of the hearing was pursuant to the agreement among certain parties. AS reported in the Troubled Company Reporter on June 12, 2015, U.S. Bankruptcy Judge Dale L. Somers authorized the Debtor to use cash collateral on an interim basis, indicating that the Debtor will tender a monthly payment to Internal Revenue Service in the amount of $2,000 on June 1, 2015, and by the first of each month thereafter, and will grant a continuing and replacement lien in accounts receivable created post-petition to IRS. As reported in the TCR on May 12, 2015, the Debtor intends to use cash collateral for miscellaneous operating costs, the payment of income to its employees, payment of attorney's fees, and for payment of the U.S. Trustee's assessments and other expenses in the Ch. 11 proceeding. If allowed to use the cash collateral for its operating needs, the Debtor should not require any additional postpetition financing, nor should it incur further indebtedness during the pendency of the case. The cash collateral will be utilized on an interim, but likely ongoing basis, with extensions to the motion filed every 90 days, or other period as the Court. TOA Corporation, the Government of Guam, the Department of Revenue and Taxation and IRS may claim an interest in the cash collateral. The Debtor owes TOA in the amount of $7,769,779 (of which $629,000 is undisputed, and the remainder is disputed), the IRS the amount of $4,477,161 and Guam in the amount of $4,822,812. On Aug. 2, 2011, the IRS filed a notice of federal tax lien with the register of deeds in Shawnee County, Kansas. On March 12, 2015, Guam filed a notice of tax lien with the District of Guam. TOA may assert an interest in the cash collateral by virtue of a UCC-1 filled with some branch of the Guam Government but the description of the property that TOA claims an interest in does not seem to encompass the cash collateral. The Debtor sought permission to use cash collateral, only to extent of the account receivable owed by CaPFA Capital Corp. 2010 for the month of April and each month thereafter, to continue its business operations. The Debtor will grant a continuing and replacement lien in accounts receivable created postpetition. However, no further adequate protection will be provided. The Debtor contended that IRS and Guam are currently over-secured based upon the value of its assets and the secured claims as of the Petition Date, and therefore no additional security or value should be required for use of the cash collateral. About Int'l Bridge Corp. International Bridge Corporation, a contractor for government projects in the South Pacific and Guam, sought Chapter 11 protection (Bankr. D. Kan. Case No. 15-20951) in Kansas City on May 7, 2015. Robert Toelkes, the sole shareholder and manager, signed the petition. The Debtor disclosed total assets of $17.4 million and total debts of $27.4 million. The case is assigned to Judge Robert D. Berger. The Debtor tapped Stevens & Brand, LLP, as its counsel. Foulston Siefkin, LLP, serves as the Debtor's special litigation counsel. Robert G. Nath, PLLC, represents the Debtor as special tax counsel. According to the docket, the Debtor's Chapter 11 plan and disclosure statement are due by Sept. 4, 2015. ISLE OF CAPRI CASINOS: S&P Hikes Corp. Credit Rating to 'B+' ------------------------------------------------------------ Standard & Poor's Ratings Services said it raised its corporate credit rating on St. Louis-based Isle of Capri Casinos Inc. to 'B+' from 'B'. The rating outlook is stable. At the same time, S&P raised all issue-level ratings one notch in conjunction with the upgrade of the company. "The upgrade reflects EBITDA growth so far in calendar 2015 that exceeds our previous expectations due to revenue growth across most of Isle's portfolio, efficient marketing spending compared to prior years, and other good cost improvements," said Standard & Poor's credit analyst Melissa Long. S&P expects that a relatively stable consumer spending and competitive operating environment will allow Isle to modestly grow revenue and maintain the cost structure improvements it has implemented. As a result, S&P has raised its EBITDA forecast and expect Isle will be able to improve adjusted debt to EBITDA to around 5x by the end of fiscal 2016 (Isle's fiscal year ends the last Sunday in April), in spite of slightly higher capital spending needs for the development of a land-based facility in Bettendorf. S&P had previously expected Isle to end fiscal 2016 with adjusted debt to EBITDA in the low- to mid-5x area. Furthermore, S&P expects Isle will generate meaningful discretionary cash flow in fiscal 2017 that will support further deleveraging to the mid- to high-4x area, a forecasted range that is good compared to S&P's mid-5x threshold and in line with an improved financial risk assessment to "aggressive". S&P believes the anticipated improvement in leverage provides Isle with sufficient cushion compared to our mid-5x threshold to withstand operating volatility that could arise from adverse events like flooding that can have a meaningful impact on Isle's portfolio of properties. The stable rating outlook reflects S&P's expectation that Isle's EBITDA will grow modestly and S&P's measure of adjusted debt to EBITDA will improve to around 5x by the end of fiscal 2016 and to the mid- to high-4x area in fiscal 2017, a forecasted range that is good compared to S&P's mid-5x threshold at which it would lower ratings. S&P could raise the rating one notch to 'BB-' if it believes Isle could sustain adjusted debt to EBITDA below the mid-4x area, incorporating adverse weather events like flooding or regional economic weakness. While less likely, S&P could lower the rating if Isle meaningfully underperforms S&P's operating forecast and we expect adjusted debt to EBITDA to increase to and remain above the mid-5x area. This would likely result from greater-than-expected competitive pressures or weather-related events, or an increased level of capital expenditures or a shift in the company's financial policy that resulted in lower discretionary cash flow generation. JAMES RIVER: Seeks Oct. 7 Plan Filing Exclusivity Extension ----------------------------------------------------------- James River Coal Company and its affiliated debtors ask the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, to extend the exclusive periods within which they may file a plan to Oct. 7, 2015, and the period to solicit acceptances thereof, Dec. 7, 2015. Henry P. (Toby) Long, III, Esq., at Hunton & Williams LLP, in Richmond, Virginia, tells the Court that the Debtors seek these extensions to avoid the necessity of having to formulate a plan prematurely, and, furthermore, to ensure that their plan best addresses the interests of the Debtors and their creditors and estates. The Debtors' attorneys can be reached at: Tyler P. Brown, Esq. Henry P. (Toby) Long, III, Esq. Justin F. Paget, Esq. HUNTON & WILLIAMS LLP Riverfront Plaza, East Tower 951 East Byrd Street Richmond, VA 23219 Telephone: (804)788-8200 Facsimile: (804)788-8218 E-mail: tpbrown@hunton.com hlong@hunton.com jpaget@hunton.com - and - Marshall S. Huebner, Esq. Brian M. Resnick, Esq. Michelle M. McGreal, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Telephone: (212)450-4000 Facsimile: (212)607-7973 E-mail: marshall.huebner@davispolk.com brian.resnick@davispolk.com michelle.mcgreal@davispolk.com About James River Coal James River Coal Company is a producer and marketer of coal in the Central Appalachia ("CAPP") and the Midwest coal regions of the United States. James River's principal business is the mining, preparation and sale of metallurgical coal, thermal coal (which is also known as steam coal) and specialty coal. James River and 33 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. E.D. Va. Case Nos. 14-31848 to 14-31886) in Richmond, Virginia, on April 7, 2014. The petitions were signed by Peter T. Socha as president and chief executive officer. Judge Kevin R. Huennekens oversees the Chapter 11 cases. On the petition date, James River Coal disclosed total assets of $1.06 billion and total liabilities of $818.6 million. The Debtors are represented by Tyler P. Brown, Esq., Henry P. (Toby) Long, III, Esq., and Justin F. Paget, Esq. at Hunton & Williams LLP of Richmond, VA and Marwill S. Huebner, Esq, Brian M. Resnick, Esq., and Michelle M. McGreal, Esq. at Davis Polk & Wardwell LLP of New York, NY. Kilpatrick Townsend & Stockton LLP serves as the Debtors' special counsel. Perella Weinberg Partners L.P. is the Debtors' financial advisor. Deutsche Bank Securities Inc. serves as the Debtors' investment banker and M&G advisor. Epiq Bankruptcy Solutions, LLC, acts as the debtors' notice, claims and administrative agent. The U.S. Trustee for Region 4 has appointed five creditors to the Official Committee of Unsecured Creditors. Michael S. Stamer, Esq., Alexis Freeman, Esq., and Jack M. Tracy II, Esq., at Akin Gump Strauss Hauer & Feld LLP; and Jonathan L. Gold, Esq., Christopher L. Perkins, Esq., and Christian K. Vogel, Esq., at LeClairRyan. The Debtors, in August 2014, won authority to sell the Hampden Mining Complex (including the assets of Logan & Kanawha Coal Company, LLC), the Hazard Mining Complex (other than the assets of Laurel Mountain Resources LLC) and the Triad Mining Complex for $52 million plus the assumption of certain environmental and other liabilities, to a unit of Blackhawk Mining. The Buyer is represented by Mitchell A. Seider, Esq., and Charles E. Carpenter, Esq., at Latham & Watkins LLP. KNOLL INC: S&P Affirmed Then Withdrew 'BB' Corp. Credit Rating -------------------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its 'BB' corporate credit rating on East Greenville, Pa.-based office and home furnishings company Knoll Inc. The outlook is stable. S&P subsequently withdrew the rating at the company's request. "We affirmed the rating because we believe the company's operating performance, credit measures, and outlook remain largely unchanged from May 2015, when we affirmed the 'BB' corporate credit rating on the company," said Standard & Poor's credit analyst Gerald Phelan. S&P then withdrew the rating at the company's request. KORLEY SEARS: Summary Judgment Favoring Family Members Affirmed --------------------------------------------------------------- The bankruptcy court granted summary judgment in favor of appellees/claimants, Rhett R. Sears and Rhett R. Sears Revocable Trust, Ronald H. Sears and Ronald H. Sears Trust, and Dane Sears, and allowed their claims over the objections of debtor/appellant, Korley B. Sears. Senior District Judge Richard G. Kopf of the United States District Court for the District of Nebraska, in a memorandum and order dated Aug. 25, 2015, concluded that the bankruptcy court's judgment should be affirmed. The case is IN THE MATTER OF: KORLEY B. SEARS, (Chapter 11), Debtor, CASE NO. 4:14CV3206, NO. BK 10-40277 (D. Neb.). A full-text copy of Judge Kopf's Decision is available at http://is.gd/cBVJUqfrom Leagle.com. Korley B. Sears, Debtor, represented by Brian J. Koenig, Esq. -- brian.koenig@koleyjessen.com -- KOLEY, JESSEN LAW FIRM & Jerrold L. Strasheim, STRASHEIM LAW FIRM. Rhett R. Sears, Interested Party, represented by Brian J. Koenig, KOLEY, JESSEN LAW FIRM. Rhett R. Sears Revocable Trust, Interested Party, represented by Brian J. Koenig, KOLEY, JESSEN LAW FIRM. Ronald H. Sears, Interested Party, represented by Brian J. Koenig, KOLEY, JESSEN LAW FIRM. Ron H. Sears Trust, Interested Party, represented by Brian J. Koenig, KOLEY, JESSEN LAW FIRM. Dane R. Sears, Interested Party, represented by Brian J. Koenig, KOLEY, JESSEN LAW FIRM. U.S. Trustee, Trustee, represented by Patricia M. Fahey, U.S. TRUSTEE. LDG MIDWAY: Order Denying Anti-SLAPP Motion Reversed ---------------------------------------------------- The Court of Appeals of California, 4th District, Division 1, reversed the order denying the defendants' anti-SLAPP (strategic lawsuit against public participation) motion in the case captioned DON MERKIN, Plaintiff and Respondent, v. JULIAN OMIDI et al., Defendants and Appellants, NO. D067276 (Cal. Ct. App., 4th District, Div. 1). Don Merkin, an attorney, sued his former clients, ASC Capital Management, Inc., San Diego Ambulatory Surgery Center, LLC, Julian Omidi, and Ricky Oxman, an agent of the clients, for fraudulent deceit and other claims in connection with a settlement agreement over Merkin's unpaid fees. Merkin alleged that his former clients defrauded him of a portion of his fees by misrepresenting and/or suppressing material information to induce him to sign the settlement agreement. Defendants filed an anti-SLAPP motion to strike, which the trial court denied. The appellate court reversed the trial court's order denying the defendants' motion to strike. It agreed with the defendants' contention that any alleged misconduct was protected activity under section 425.16, and Merkin cannot prevail on his claims because settlement communications are covered by the litigation privilege, Civil Code section 47, subdivision (b). A copy of the July 6, 2015 opinion is available at http://is.gd/XcGKNLfrom Leagle.com. Weiss & Spees, Michael H. Weiss -- mw@weissandspees.com -- and Laura J. Meltzer -- lm@weissandspees.com –- for Defendants and Appellants. Don Merkin, in pro. per., for Plaintiff and Respondent. LEE COUNTY IDA: Fitch Affirms 'BB+' Rating on 2014 & 2012 Bonds --------------------------------------------------------------- Fitch Ratings has affirmed the 'BB+' rating on the following bonds issued by Lee County Florida Industrial Development Authority (IDA) on behalf of Cypress Cove at HealthPark Florida, Inc. (Cypress Cove): -- $19.5 million series 2014; -- $66 million series 2012. The Rating Outlook is Stable. LUCA INTERNATIONAL: Has Final Authority to Obtain $2MM DIP Loan --------------------------------------------------------------- The United States Bankruptcy Court for the Southern District of Texas, Houston Division, gave Luca International Group, LLC, and its affiliates, final authority to borrow $2,000,000 in postpetition financing from Schumann/Steier Holdings, LLC. The proceeds of the DIP loan will be generally used to (1) finance working capital needs; (2) pay fees, costs and expenses incurred in the Chapter 11 cases; and (3) to pay interest to and the fees of the DIP Lender. The Debtors filed a notice of filing draft of Post-Petition Superpriority Loan Agreement with the DIP Lender stating that the Lenders committed up to $2,000,000. Upon disbursement of the Interim Draw, interest will accrue at the LIBOR Rate of 3% per annum plus the 15% Application Margin or (i) the greater of the outstanding balance of the loans or (ii) $1,000,000 until all amounts owed by the Debtors under the DIP facility have been paid in full. In order to secure the Postpetition Debt, effective immediately upon entry of the Interim Order, the DIP Lender will be granted continuing, valid, binding, enforceable, non-avoidable, and automatically and properly perfected postpetition security interests in and liens, on all assets of the Debtors. To the extent permissible under the Bankruptcy Code, pursuant to Sec. 364(d)(1) of the Bankruptcy Code, the Postpetition Liens will be senior in priority and superior to any security, mortgage collateral interest, lien or claim on or to any of the Collateral. Upon entry of the Interim Order, the DIP Lender will be granted, pursuant to section 364(c)(1) of the Bankruptcy Code, an allowed superpriority claim against each of the Debtors in the Chapter 11 cases and any successor cases for all Postpetition Debt. The Debtors are represented by: Josh T. Judd, Esq. Edward L Rothberg, Esq. Brendetta Anthony Scott, 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 rothberg@hooverslovacek.com scott@hooverslovacek.com About Luca International Luca International Group LLC and Luca Operation, LLC, and their affiliates are engaged in the exploration and production of natural gas, petroleum and related hydrocarbons. The primary assets are located in Iberville and Ascension Parishes in Louisiana. These assets include 3 operating oil and gas wells -- Belle Grove 1, Dugas & Leblanc 1 and Jumonville 2. In addition, the assets include a water disposal well, Acosta 1, and a shut-in-oil and gas well, Jumonville 1. The Luca entities also own oil and gas leases in Texas and working interests in various locations. The Luca entities are owned by Bingqing Yang. Luca International Group and 11 related entities sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 15-34221) in Houston, Texas, on Aug. 6, 2015. The cases are assigned to Judge David R. Jones. The Debtors tapped Hoover Slovacek, LLP, as counsel, and BMC Group, Inc., as claims agent. Luca International estimated $50 million to $100 million in assets and debt. The petitions were signed by Loretta R. Cross, the CRO. MIDWAY GOLD: Has Interim Use of Cash Collateral Until Sept. 18 -------------------------------------------------------------- Judge Michael E. Romero of the United States Bankruptcy Court for the District of Colorado gave MDW Pan LLP interim authority to use cash collateral until September 18, 2015. The Court, on June 25, 2015, signed the First Interim Order for the Debtor to use the Cash Collateral, and the Secured Parties having agreed to a 30-day extension of the terms of the First Interim Order and the use of Cash Collateral and the Debtor having filed that certain Supplemental Motion to Extend Interim Cash Collateral Order pursuant to which the Debtors sought approval of this second interim order. The Debtor explained in court that they have an immediate need to use the Cash Collateral to permit among other things, the orderly continuation of its businesses, to maintain and generate the confidence of its customers and vendors, and to preserve its going concern value. EPC Services Company, Inc., opposed the Motion, complaining that the Motion assumes, without discussion, that the Secured Parties have senior liens on the estates' assets, other than perhaps tax and similar governmental liens. EPC told the Court that it is in the process of perfecting its mechanic's lien and, once perfected, will hold a lien that is senior in priority to the lien of the Secured Parties. For that reason, the Motion does not adequately protect its interests and should be denied, EPC asserted. The Debtor said it needs interim authority to use cash collateral through September 18 to allow it to finalize terms for the consensual use of cash collateral on a final basis and to allow it to make additional progress with their restructuring efforts. Ledcor CMI Inc., in response to the Cash Collateral Request, said it agrees that the additional period of time, as a practical matter, is necessary for the Debtor. The form of order, however, should recite that: "the Court has not made any ruling with regard to the needed evidentiary showing required of the secured lenders establishing the need for the extensive terms of the interim order to prevent a diminution of the secured lenders cash collateral, nor met its burden to establish "need or cause" for exceptions to the Court's own local rule," Ledcor asserted. The final hearing to consider the use of Cash Collateral is scheduled for Sept. 11, 2015, at 9:30 AM. The Debtor is represented by: Stephen D. Lerner, Esq SQUIRE PATTON BOGGS (US) LLP 221 E. Fourth Street, Suite 2900 Cincinnati, OH 45202 Tel: (513) 361-1200 Fax: (513) 361-1201 Email: Stephen.lerner@squirepb.com -- and -- Nava Hazan, Esq. SQUIRE PATTON BOGGS (US) LLP 30 Rockefeller Plaza, 23rd Floor New York, NY 10112 Tel: (212) 872-9800 Fax: (212) 872-9815 Email: Nava.hazan@squirepb.com -- and -- Harvey Sender, Esq. SENDER WASSERMAN WADSWORTH, P.C. 1660 Lincoln Street, Suite 2200 Denver, Colorado 80264 Tel: (303) 296-1999 Fax: (303) 296-7600 Email: dvw@sendwass.com EPC Services Company is represented by: Peter W. Ito, Esq. ITO LAW GROUP LLC 1550 Larimer Street, Suite 667 Denver, CO 80202 Tel: (720) 281-5294 Email: peter@itolawgroup.com Ledcor CMI Inc is represented by: Philip J. Giacinti, Jr., Esq. PROCOPIO, CORY, HARGREAVES & SAVITCH LLP 600 Seventeenth Street, Suite 2800-South Denver, Colorado 80202 Tel: (303) 892-1879 Fax: (303) 623-0552 Email: pjg@procopio.com About Midway Gold Midway Gold Corp., incorporated on May 14, 1996 under the laws of the Province of British Columbia, Canada, is engaged in the acquisition, exploration and development of mineral properties located in the state of Nevada and Washington. Midway Gold operates primarily through its wholly-owned subsidiary located in the United States, Midway Gold US Inc. The executive offices are in Englewood, Colorado. Midway US currently has one gold producing property: the Pan gold mine located in White Pine County, Nevada. Midway also has gold properties which are exploratory stage projects where gold mineralization has been identified, such as the Tonopah project in Nye County, Nevada, the Gold Rock project in White Pine County, Nevada, and the Golden Eagle project in Ferry County, Washington. Out of these projects, a permitting process has been undertaken only for the Gold Rock project. Finally, Midway's Spring Valley property, another gold property located in Pershing County, Nevada, is subject to a joint venture with Barrick Gold Exploration Inc. On June 22, 2015, Midway Gold US Inc. and 12 related entities, including parent Midway Gold Corp. each filed a petition in the U.S. Bankruptcy Court for the District of Colorado seeking relief under Chapter 11 of the U.S. Bankruptcy Code. The Debtors' cases have been assigned to Judge Michael E. Romero. The Debtors sought to have their cases jointly administered for procedural purposes, with all pleadings will be maintained on the case docket for Midway Gold US Inc.; Case No. 15-16835. The Debtors tapped Squire Patton Boggs (US) LLP as bankruptcy counsel; Sender Wasserman Wadsworth, P.C., as special bankruptcy and restructuring counsel; DLA Piper (Canada) LLP, as Canadian bankruptcy counsel; Ernst & Young Inc., as information officer of Canadian court; RBC Capital Markets, as investment banker; FTI Consulting as financial advisor; and Epiq Solutions, as claims and noticing agent. In July, the U.S. trustee overseeing the Debtors' cases appointed seven creditors to serve on the official committee of unsecured creditors. The creditors are American Assay Laboratories, EPC Services Company, InFaith Community Foundation, Jacobs Engineering Group Inc., SRK Consulting (US) Inc., Sunbelt Rentals, and Boart Longyear. Midway Gold disclosed $184 million in assets and $62.4 million in liabilities as of March 31, 2015. MIO DC LLC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: MIO DC, LLC 110 Vermont Avenue NW Washington, DC 20005 Case No.: 15-00467 Chapter 11 Petition Date: September 4, 2015 Court: United States Bankruptcy Court for the District of Columbia (Washington, D.C.) Judge: Hon. Martin S. Teel, Jr. Debtor's Counsel: Stuart A Weinstein-Bacal, Esq. WEINSTEIN-BACAL & MILLER PSC 154 Rafael Cordero Street Gonzalez Padin Building PH, San Juan PR 00901 Tel: 787-977-2550 Email: sawbacal@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Manuel Iguina, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/dcb15-00467.pdf NC12 INC: Tex. App. Affirms Ruling in Startup Venture Dispute ------------------------------------------------------------- Christoph Henkel contends a trial court erred in denying his special appearance because (1) he lacks the necessary minimum contacts to support personal jurisdiction over him in Texas, and (2) the trial court's exercise of jurisdiction over him does not comport with fair play and substantial justice. The interlocutory appeal arises from an order denying a special appearance. The underlying lawsuit arises from a failed coal gasification startup venture, via a company headquartered in Texas. The company declared bankruptcy in 2011, resulting in litigation in the federal and state courts. The suit stems from a partial remand from a federal bankruptcy court in the Southern District of Texas, Houston Division. Emjo Investments, Ltd. and H.J. von der Goltz, among other investors, sued Michael Sydow (a Texas resident and Emjo's former president, CEO, and director) and other former board members, including Christoph Henkel and John Preston. The plaintiff investors allege that Sydow, Henkel, and Preston conspired to commit fraud against them, causing their investment losses. In an opinion issued Aug. 27, 2015, the Court of Appeals of Texas, First District, Houston, affirmed the trial court's order. The case is CHRISTOPH HENKEL, Appellant, v. EMJO INVESTMENTS, LTD. AND H.J. VON DER GOLTZ, Appellees, NO. 01-14-00703-CV (Tex. App.). A full-text copy of the Decision is available at http://is.gd/SQkE1gfrom Leagle.com. About NC12, Inc. NC12, Inc. filed a voluntary Chapter 11 petition on Oct. 18, 2011 (Bankr. S.D. Tex. Case No. 11-38794). The case was converted into a Chapter 7 proceeding on March 27, 2012. The Hon. Marvin Isgur presides over the case. The Debtor engages in the production of electricity, steam, hydrogen, synthetic fuels, methane, transportation fuels, and chemical feedstock from biomass, coal, and waste products. It is also involved in the commercialization of liquid metal catalytic technology for the gasification of hydrocarbons into electricity, synthetic fuels, and chemicals. It has strategic partnerships with Quantum Catalytics, LLC. The Company was formerly known as Texas Syngas, Inc. NC12, Inc. was incorporated in 2006 and is based in Houston, Texas. NEW GOLD: S&P Affirms 'BB-' Corp. Credit Rating, Outlook Stable --------------------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its 'BB-' long-term corporate credit rating on Toronto-based gold producer New Gold Inc. The outlook is stable. At the same time, Standard & Poor's revised its anchor on the company to 'b+' from 'bb-', following its revision of New Gold's financial risk profile to "aggressive" from "significant." Standard & Poor's also affirmed its 'BB-' issue-level rating on the company's senior unsecured notes. The '3' recovery rating is unchanged and corresponds with meaningful recovery (50%-70% estimated recovery, at the higher end of the range) in a default scenario. "We have revised our financial risk profile on New Gold to aggressive from significant based on our view that the company will generate earnings and cash flow below our previous expectations, resulting in higher leverage and lower cash flow core ratios," said Standard & Poor's credit analyst Jarrett Bilous. "However, we continue to view the company's liquidity position as strong, resulting in no change to the company's ratings," Mr. Bilous added. Based on New Gold's "weak" business risk profile, which is unchanged, and "aggressive" financial risk profile, S&P derives a 'b+' anchor. S&P continues to assess the company's liquidity as "strong," which results in a one-notch uplift to the anchor, resulting in a 'BB-' rating. S&P's view of New Gold's financial risk profile as "aggressive" incorporates S&P's expectation that leverage and coverage ratios will remain at levels considered favorable for this assessment. However, the assessment is tempered by S&P's expectation for the company to generate negative free operating cash flow generation over the next several years that, in S&P's view, adds financial risk--particularly if gold prices further weaken. In addition, S&P expects the company's credit measures will remain sensitive to modest changes in volatile metals prices, albeit to a lesser degree than many gold producing peers. S&P lowered its earnings and cash flow estimates over this period to reflect the downward revision to S&P's gold and copper price assumptions. S&P's assessment of New Gold's business risk profile as "weak" primarily reflects S&P's view of the company's limited operating diversity, modest scale of production, and reliance on volatile gold, silver, and copper prices. The stable outlook on New Gold reflects Standard & Poor's view that New Gold will generate adjusted debt-to-EBITDA of close to 3.5x over the next 12 months. S&P also expects the company to maintain strong liquidity over this period despite expected negative free operating cash flow generation related to high discretionary capital expenditures, notably related to its Rainy River project. S&P could lower the rating in the event the company's adjusted debt-to-EBITDA ratio increases to about 4x and FFO-to-debt declines to about 20%. In S&P's view, this could result from unexpected operational disruptions, higher-than-expected costs, or weaker metals prices. S&P could also lower the rating if it revises New Gold's liquidity assessment to "adequate." Although unlikely in the next year, S&P could consider a positive rating action if New Gold continues to enhance its operating profile by adding producing assets that improve cash flow diversity and reserve life, resulting in a stronger business risk assessment. In this scenario, S&P would also expect the company to sustain a debt-to-EBITDA ratio below 3x and FFO-to-debt above 30%. NEW YORK LIGHT: Panel Wants Until Sept. 30 to Probe Transactions ---------------------------------------------------------------- The Official Committee of Unsecured Creditors submitted a limited objection to New York Light Energy, LLC's use of cash collateral and asked the U.S. Bankruptcy Court for the Northern District of New York to direct the Debtor to extend until Sept. 30, 2015, the time for filing avoidance actions. According to the Committee, it retained Emerald Capital advisors Corp as its financial advisor to investigate the financial transactions involving the Debtor and the Limited Fund it created. The Committee hopes to accomplish its investigation by Sept. 30, 2015. As reported in the Troubled Company Reporter on Aug. 21, 2015, the Committee filed a limited objection to the Debtor's request for final authority to use cash collateral. The Committee sought language in the final order clarifying that to the extent M&T Bank is made whole in its postpetition lending through the mechanism of receiving a Bill of Sale as contemplated in the Fund III Master Lease Agreement, that any remaining cash surplus will be made available to fund distributions to unsecured creditors as may be provided for in a Plan of Confirmation or otherwise and is not subject to the Cash Collateral Agreement or Final Cash Order. The Committee asserted that it needed to share in whatever carve out is provided in the Final Cash Order so that it can adequately report the interests of general unsecured creditors by evaluating any reorganization proposal and/or sale by the Debtor. The Debtor asks for a $100,000 carve out for its professionals as well. As reported in the TCR on July 27, 2015, Judge Robert E. Littlefield, Jr., gave the Debtor interim authority to use cash collateral securing their prepetition indebtedness from Manufacturers and Traders Trust Company. The Debtors are authorized to incur postpetition indebtedness to the limited extent that: (a) advances made by the Lender to Light Energy Fund, III, L.P., after the Petition Date pursuant to the Fund Loan Agreements will be secured, covered, and included within the scope of repayment of: (i) the Debtor Guaranties, and (ii) the Debtor Security Agreements, and (iii) the Post-Petition Energy Lien, and (b) the Debtors will comply with their obligations pursuant to the Fund Loan Agreements with respect to the Postpetition LEF Advances. About New York Light Energy Founded in 2009 and based in Latham, New York, New York Light Energy, LLC, designs and installs medium-scale solar arrays in New York State and Massachusetts. The Company has installed solar arrays on more than 180 industrial, commercial, municipal, and residential sites, with a total of over 15 megawatts of capacity to date. NYLE and its affiliates commenced Chapter 11 bankruptcy cases (Bankr. N.D.N.Y. Lead Case No. 15-11121) in Albany, New York, on May 27, 2015. The Debtors tapped Bond, Schoeneck & King, PLLC, as counsel. Judge Robert E. Littlefield Jr. is assigned to the cases. NGPL PIPECO: S&P Lowers Issuer Credit Rating to CCC-, Outlook Neg ----------------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its issuer credit and senior secured ratings on NGPL PipeCo LLC to 'CCC-' from 'CCC'. The outlook is negative. The recovery rating is unchanged at '3'. The '3' rating indicates "meaningful" (50% to 70%; lower half of the range) expectation of principal recovery if a default occurs. This downgrade is attributable to rapidly weakening liquidity. During the second quarter, the issuer fully drew its revolving credit facility, leaving about $9 million in cash on hand as of June 30, 2015. With amortization, interest, and capital spending needs coming during the next few months, as well as general working capital flows, S&P expects that NGPL may have insufficient cash from its operations to satisfy these needs and may fully exhaust liquidity by the end of the year. Although a sale at a favorable rate could mitigate this concern, S&P believes this is now unlikely. "An equity infusion could also forestall bankruptcy for some period of time, though this is also unlikely, in our opinion," said Standard & Poor's credit analyst Michael Ferguson. Lenders have waived financial covenants through the end of the second quarter of 2015. S&P assumes that they will resume thereafter, at which point the issuer could be in jeopardy of breaching these covenants, though the company has a limited number of opportunities to remedy such breaches with equity cures; there is currently cash held above the pipeline level for this purpose. Even if the company manages to sustain itself owing to unexpectedly strong performance or capital infusions this year, S&P notes that it faces $1.9 billion of debt coming due in 2017. With this considerable magnitude of leverage, refinancing these balances could be very challenging. The negative outlook on NGPL reflects S&P's expectation that the company will continue to face challenging business conditions, leading to adjusted debt to EBITDA and EBITDA-to-interest ratios in the 10x and 1.2x areas, respectively. Its liquidity profile will likely weaken further during 2015 due to continued market pressure, with liquidity possibly being exhausted by the end of the year or shortly thereafter. NORTH AMERICAN LIFTING: Moody's Lowers Corp. Family Rating to 'B3' ------------------------------------------------------------------ Moody's Investors Service downgraded North American Lifting Holdings, Inc.'s (operating as "TNT Crane & Rigging") corporate family rating to B3 from B2 and its probability of default to B3-PD from B2-PD. The downgrade reflects the deterioration in TNT's operating results and credit metrics, the company's constrained liquidity, as well as the expectation that TNT's credit profile will remain weak over the next 12 to 18 months. The rating outlook has been revised to negative from stable. This is a summary of Moody's ratings and rating actions taken for North American Lifting Holdings, Inc. ("TNT"): -- Corporate Family Rating ("CFR"), downgraded to B3 from B2; -- Probability of Default Rating, downgraded to B3-PD from B2- PD; -- $470 million first lien term loan (includes $65 million incremental term loan), downgraded to B2(LGD3) from B1 (LGD3); -- $75 million first lien revolving credit facility, downgraded to B2(LGD3) from B1 (LGD3); -- $185 million second lien term loan (includes $20 million incremental term loan), downgraded to Caa2(LGD5) from Caa1 (LGD5); -- Rating outlook revised to negative from stable. RATINGS RATIONALE As of June 30, 2015, TNT's adjusted debt/EBITDA was 8.8x, significantly above our downgrade triggers. Additionally, EBITDA to interest expense was 1.5x, again surpassing our downgrade triggers. TNT's funds from operations to debt was 5%. All of these key credit metrics deteriorated compared to FYE 2014 figures. Overall, TNT's B3 CFR is consistent with the company's deterioration in operating performance and key credit metrics under a challenging operating environment, which included record rainfall and labor strikes in several of TNT's main geographies, coupled with low oil prices. Although significant infrastructure spending in the US oil and gas segment backed a robust growth in this sector during the last five years, Moody's is now seeing sizeable spending cuts in the exploration and production sector. This trend is likely to work against companies such as TNT Crane. The rating also reflects the expectation that TNT's oil & gas end markets will continue to underperform during our time horizon. Although the company has shown sufficient flexibility to adapt to these circumstances with management proactively redeploying resources to other end markets such as wind energy maintenance, these moves are yet to make up for the loss in revenue thus far. Moody's expects TNT to close 2015 near the $300 million revenue mark with EBITDA approaching $80 million. The rating is further constrained by the TNT's limited liquidity and its relatively small revenue base and limited geographic reach. TNT's B3 CFR also accounts for the company's recurring revenue from maintenance for refineries and petrochemical facilities, which partially mitigates some of the negative considerations above mentioned. The ratings further recognize the considerable barriers to entry into the crane rental and services business that TNT operates in. OUTLOOK: The negative outlook reflects concerns about TNT's ability to improve operating performance enough to offset its top-line sales drop and successfully boost its key credit metrics in the next 12 to 18 months. What could change the rating -- UP: An upgrade for TNT at this time is unlikely. A stable outlook would be possible if EBITDA to interest expense is sustained above 3.0x with adjusted Debt/EBITDA steadily below 5.0x (all ratios incorporate Moody's standard adjustments). What could change the rating -- DOWN: A downgrade could ensue if actions taken by TNT fail to improve operating performance such that EBITDA to interest expense declines below 2.0x and adjusted Debt/EBITDA remains above 7.0x. Significant debt-financed acquisitions or other shareholder-friendly actions that could affect TNT's liquidity profile will also adversely affect the ratings. Corporate Profile: North American Lifting Services, Inc., operating as TNT & Rigging ("TNT"), provides lifting equipment rental services for oil and gas, commercial, construction, and industrial markets in North America. The company is headquartered in Houston, Texas and its customers include downstream, midstream, power, and upstream end companies including refineries, petrochemical facilities, and power plants. TNT has 38 branches and more than 600 cranes including hydraulic truck/all-terrain cranes and crawler cranes in North America. Revenues for the LTM period ended June 30, 2015 were $305 million. The principal methodology used in these ratings was Equipment and Transportation Rental Industry published in December 2014. NORTHWEST BANCORPORATION: Chapter 11 Case Closed ------------------------------------------------ U.S. Bankruptcy Judge Carol has approved the closing of Northwest Bancorporation of Illinois, Inc.'s Chapter 11 case effective Aug. 26, 2015. The Court finds that the Reorganized Debtor's estate has been fully administered within the meaning of Section 350 of the Bankruptcy Code and the Debtor has satisfied all U.S. Trustee fees. About Northwest Bancorporation Northwest Bancorporation of Illinois, Inc., formerly known as Hershenhorn Bancorporation, Inc., is a bank holding company that owns 100 percent of the outstanding shares of First Bank and Trust Company of Illinois, a single-branch bank in Palatine, Illinois. Approximately 90 percent of Northwest Bancorporation's equity is owned by Robert Hershenhorn and his family. Northwest Bancorporation commenced a Chapter 11 bankruptcy case (Bankr. N.D. Ill. Case No. 15-15245) in Chicago, Illinois, on April 29, 2015. The case is assigned to Judge Carol A. Doyle. The Debtor tapped Kirkland & Ellis LLP as counsel, and River Branch Capital LLC as financial advisor. The Debtor disclosed $20.3 million in assets and $51.3 million in liabilities as of the Chapter 11 filing. Northwest Bancorporation won approval from the U.S. Bankruptcy Court of its Prepackaged Chapter 11 Plan of Reorganization. Judge Carol A. Doyle on May 21, 2015, entered an order confirming the Prepackaged Plan. O.W. BUNKER: District Court May Hear Interpleader Actions --------------------------------------------------------- On November 13, 2014, O.W. Bunker USA, Inc., O.W. Bunker Holding North America Inc., and O.W. Bunker North America Inc. (the "U.S. Debtors") filed voluntary petitions for Chapter 11 relief in the United States Bankruptcy Court for the District of Connecticut. Since November 20, 2014, several interpleader actions involving fuel bunker transactions made through an O.W. Bunker Entity have been filed in or transferred to the Southern District of New York and referred to the district court. While each case involves different parties, slightly different facts, and, to some extent, unique legal issues, District Judge Valerie Caproni found that the district court has subject matter jurisdiction over the Interpleader Actions. She held that under 28 U.S.C. Section 1333, the Interpleader Actions are properly brought pursuant to the Court's admiralty and maritime jurisdiction, and that under 28 U.S.C. Section 1335, the Court has subject matter jurisdiction to adjudicate the claims in each of the Interpleader Actions. Judge Caproni also held that under 28 U.S.C. Section 2361, the Court may restrain all "claimants" from instituting or prosecuting any proceeding that may "affect" the subject matter of the interpleader to "protect the stakeholder from vexatious and multiple litigation." A copy of the July 1, 2015 memorandum opinion and order is available at http://is.gd/hSM09Ffrom Leagle.com. The case is captioned UPT POOL LTD., Plaintiff, v. DYNAMIC OIL TRADING (SINGAPORE) PTE. LTD., O.W. BUNKER USA INC., O.W. BUNKER NORTH AMERICA INC., O.W. BUNKER HOLDING NORTH AMERICA INC., HARLEY MARINE SERVICES, INC., ING BANK N.V., Defendants. BIRCH SHIPPING LTD., Plaintiff, v. O.W. BUNKER CHINA LTD. (HK), O.W. BUNKER USA INC., O.W. BUNKER NORTH AMERICA INC., O.W. BUNKER HOLDING NORTH AMERICA INC., O.W. BUNKER & TRADING A/S, CHEMOIL LATIN AMERICA, INC., ING BANK N.V., Defendants. CLEARLAKE SHIPPING PTE LTD., Plaintiffs, v. O.W. BUNKER (SWITZERLAND) SA, O.W. BUNKER USA INC., O.W. BUNKER NORTH AMERICA INC., O.W. BUNKER HOLDING NORTH AMERICA INC., WESTOIL MARINE SERVICES, INC., ING BANK N.V., Defendants. CLEARLAKE SHIPPING PTE LTD, Plaintiff, v. O.W. BUNKER (SWITZERLAND) SA, O.W. BUNKER USA INC., O.W. BUNKER NORTH AMERICA INC., O.W. BUNKER HOLDING NORTH AMERICA INC., NUSTAR ENERGY SERVICES INC., ING BANK N.V., Defendants. BONNY GAS TRANSPORT LIMITED, as owner of the LNG FINIMA (IMO No. 7702401), Plaintiff, v. O.W. BUNKER GERMANY GMBH, NUSTAR TERMINALS MARINE SERVICES N.V., NUSTAR ENERGY SERVICES, INC., ING BANK N.V., Defendants. MT CAPE BIRD TANKSCHIFFAHRTS GMBH & CO. KG, individually and on behalf of M/T CAPE BIRD (IMO No. 9260067), Plaintiff, v. O.W. USA INC., O.W. NORTH AMERICA INC., HARLEY MARINE SERVICES, INC., ING BANK N.V., Defendants. SHV GAS SUPPLY & RISK MANAGEMENT SAS AND EXMAR SHIPPING BVBA, as owner of the WAREGEM (IMO No. 9659127), Plaintiffs, v. O.W. BUNKER USA, INC., O.W. BUNKER HOLDING NORTH AMERICA INC., O.W. BUNKER NORTH AMERICA INC., NUSTAR ENERGY SERVICES, INC., ING BANK N.V., Defendants. HAPAG-LLOYD AKTIENGESELLSCHAFT, Plaintiff, v. U.S. OIL TRADING L.L.C., O.W. BUNKER GERMANY GMBH, O.W. BUNKER & TRADING A/S, ING BANK N.V., CREDIT AGRICOLE S.A., Defendants. OSG SHIP MANAGEMENT, INC., and 1372 TANKER CORPORATION as owner of the M/V OVERSEAS MULAN (IMO NO. 9230880), Plaintiffs, v. O.W. BUNKER USA INC., O.W. BUNKER MIDDLE EAST DMCC, CHEMOIL CORPORATION, CHEMOIL MIDDLE EAST DMCC, GPS CHEMOIL LLC FZC, ING BANK N.V., Defendants. HAPAG-LLOYD AKTIENGESELLSCHAFT, Plaintiff, v. O'ROURKE MARINE SERVICES L.P., L.L.P., O.W. BUNKER GERMANY GMBH, O.W. BUNKER USA, INC., ING BANK N.V., Defendants. CONTI 149 CONTI GUINEA, individually and on behalf of M/T CONTI GUINEA (IMO No. 9391402), Plaintiff, v. O.W. BUNKER PANAMA S.A., O.W. BUNKER USA INC., CLEMENTI PARK SHIPPING CO. PTE LTD., ING BANK N.V., Defendants. NYK BULK & PROJECT CARRIERS LTD., individually and on behalf of M/V OCEAN FRIEND (IMO No. 9401829), Plaintiff, v. O.W. BUNKER USA INC., NUSTAR ENERGY SERVICES, INC., HARLEY MARINE GULF, INC., ING BANK N.V., Defendants. NIPPON KAISHA LINE LIMITED, individually and on behalf of M/V RIGEL LEADER (IMO No.9604940), Plaintiff, v. O.W. BUNKER USA INC., NUSTAR ENERGY SERVICES, INC., KIRBY INLAND MARINE LP, ING BANK N.V., Defendants. HAPAG-LLOYD AKTIENGESELLSCHAFT, Plaintiff, v. O.W. BUNKER NORTH AMERICA, INC., O.W. BUNKER GERMANY GMBH, O.W. BUNKER USA, INC., ING BANK N.V., Defendants. APL CO. PTE LTD and AMERICAN PRESIDENT LINES, LTD., individually and on behalf of M/V APL SALALAH (IMO No. 9462029), M/V APL ENGLAND (IMO No. 9218650), M/V APL OAKLAND (IMO No. 9332250), M/V APL SOUTHHAMPTON (IMO No. 9462017), M/V APL THAILAND (IMO No. 9077123), M/V APL CHINA (IMO No. 9074389), M/V APL EGYPT (IMO No. 9196905), M/V APL PHILIPPINES (IMO No. 9077276), and, M/V APL YANGSHAN (IMO No. 9462031), Plaintiffs, v. O.W. BUNKER FAR EAST (SINGAPORE) PTE. LTD, O.W. BUNKER USA INC., O.W. BUNKER NORTH AMERICA INC., WESTOIL MARINE SERVICES, INC., ING BANK N.V., Defendants. CANPOTEX SHIPPING SERVICES LIMITED, individually and on behalf of M/V GLOBAL PHOENIX (IMO No. 9565053), M/V CMB GIULIA (IMO No. 9588419), and M/V ASTON TRADER II (IMO No. 9392731), Plaintiffs, v. O.W. BUNKERS (UK) LIMITED, O.W. SUPPLY & TRADING A/S, CHEVRON MARINE PRODUCTS LLC, ING BANK N.V., Defendants. STAR TANKERS INC, individually and on behalf of M/V SHARON SEA (IMO No. 9316232), Plaintiff, v. O.W. BUNKER PANAMA S.A., O.W. BUNKER USA INC., O.W. BUNKER NORTH AMERICA INC., O.W. BUNKER HOLDING NORTH AMERICA INC., ING BANK N.V., Defendants. SK SHIPPING CO., LTD., and SK B&T PTE. LTD., individually and on behalf of M/V AZURIT (IMO No. 9551703), Plaintiffs, v. NUSTAR ENERGY SERVICES, INC., O.W. BUNKER MIDDLE EAST DMCC, O.W. BUNKER USA INC., ING BANK N.V., Defendants. SIGMA TANKERS INC, individually and on behalf of M/V DUBAI ATTRACTION (IMO No. 9422536), M/V ORCHID (IMO No. 9624079), Plaintiffs, v. O.W. BUNKER PANAMA S.A., O.W. BUNKER USA INC., O.W. BUNKER NORTH AMERICA INC., O.W. BUNKER HOLDING NORTH AMERICA INC., ING BANK N.V., Defendants. BAERE MARITIME LLC, individually and on behalf of M/V YASA GOLDEN HORN (IMO No. 9334040), Plaintiff, v. O.W. BUNKER PANAMA S.A., O.W. BUNKER USA INC., O.W. BUNKER NORTH AMERICA INC., O.W. BUNKER HOLDING NORTH AMERICA INC., ING BANK N.V., Defendants. MSC MEDITERRANEAN SHIPPING COMPANY S.A., Plaintiff, v. O.W. BUNKER NORTH AMERICA INC., O.W. BUNKER USA, INC., O.W. BUNKER (SWITZERLAND) S.A., ING BANK N.V., HARLEY MARINE NY, INC. Defendants. O.W. BUNKER USA INC. and O.W. BUNKER NORTH AMERICA INC., Plaintiffs, v. COSCO PIRAEUS, I.M.O. NO. 9484364, her engines, tackle, equipment, and furnishings, in rem, Defendant. O.W. BUNKER USA INC., Plaintiff, v. M/V BAKKEDAL in rem, Defendant. KAWASAKI KISEN KAISHA, LTD and CATALINA SHIPPING SA, as owner of the M/V Bremen Bridge (IMO No. 9367188), Plaintiffs, v. O.W. BUNKER MIDDLE EAST DMCC, O.W. BUNKER NORTH AMERICA, INC., ING BANK N.V., HARLEY MARINE NY, INC., and PAUL DAVID COPLEY, IAN DAVID GREEN AND ANTHONY VICTOR LOMAS IN THEIR CAPACITIES AS JOINT RECEIVERS OF THE SECURITY ASSETS, Defendants, NOS. 14-CV-9262 (VEC), 14-CV-9282 (VEC), 14-CV-9286 (VEC), 14-CV-9287 (VEC), 14-CV-9542 (VEC), 14-CV-9646 (VEC), 14-CV-9720 (VEC), 14-CV-9949 (VEC), 14-CV-9973 (VEC), 14-CV-10027 (VEC), 14-CV-10089 (VEC), 14-CV-10090 (VEC), 14-CV-10091 (VEC), 15-CV-00190 (VEC), 15-CV-00620 (VEC), 15-CV-1351 (VEC), 15-CV-2090 (VEC), 15-CV-2141 (VEC), 15-CV-2733 (VEC), 15-CV-2734 (VEC), 15-CV-3221 (VEC), 15-CV-3471 (VEC), 15-CV-3988 (VEC), 15-CV-4138 (VEC) (S.D.N.Y.). UPT Pool Ltd., Plaintiff, represented by James H. Power -- james.power@hklaw.com -- Holland & Knight LLP & Marie Elizabeth Larsen -- marie.larsen@hklaw.com -- Holland & Knight LLP. O.W. Bunker USA Inc., O.W. Bunker North America Inc., and O.W. Bunker Holding North America Inc., Defendants, represented by Vincent M. DeOrchis -- vdeorchis@mmwr.com -- Montgomery, McCracken, Walker & Rhoads, LLP, Kaspar Kielland -- kkielland@mmwr.com -- Montgomery, McCracken, Walker & Rhoads, LLP & Robert Eugene O'Connor -- roconnor@mmwr.com -- Montgomery, McCracken, Walker & Rhoads, LLP. ING Bank N.V., Defendant, represented by Bruce G. Paulsen -- paulsen@sewkis.com -- Seward & Kissel LLP & Brian Paul Maloney -- maloney@sewkis.com -- Seward & Kissel LLP. O.W. Bunker North America Inc., O.W. Bunker Holding North America Inc., and O.W. Bunker USA Inc., Cross Claimants, represented by Vincent M. DeOrchis, Montgomery, McCracken, Walker & Rhoads, LLP, Kaspar Kielland, Montgomery, McCracken, Walker & Rhoads, LLP & Robert Eugene O'Connor, Montgomery, McCracken, Walker & Rhoads, LLP. ING Bank N.V., Cross Defendant, represented by Bruce G. Paulsen, Seward & Kissel LLP & Brian Paul Maloney, Seward & Kissel LLP. ING Bank N.V., Counter Claimant, represented by Bruce G. Paulsen, Seward & Kissel LLP & Brian Paul Maloney, Seward & Kissel LLP. UPT Pool Ltd., Counter Defendant, represented by James H. Power, Holland & Knight LLP & Marie Elizabeth Larsen, Holland & Knight LLP. OMNICARE INC: S&P Hikes Corp. Credit Rating From BB, Outlook Stable ------------------------------------------------------------------- Standard & Poor's Ratings Services raised its corporate credit rating on Omnicare Inc. to 'BBB' from 'BB'. The outlook is stable. At the same time, S&P raised the rating on the senior unsecured notes to 'BBB' from 'BBB-' and the senior unsecured debentures to 'BBB' from 'B+'. S&P also raised the rating on the subordinated debt to 'BBB-' from 'B+'. "The rating upgrade is based on our belief that, post-close of its acquisition by CVS, Omnicare is a highly strategic subsidiary of CVS," said Standard & Poor's credit analyst Michael Berrian. This is based on S&P's expectation that Omnicare is unlikely to be sold by CVS, it operates in a line of business that is similar to CVS and integral to CVS' strategy, and that it has a long-term commitment from senior management. However, given that Omnicare is significantly smaller in size than CVS and is unlikely to be fully integrated into CVS S&P do not believe that Omnicare is likely to be a core subsidiary of CVS, which is why S&P's rating on Omnicare is one-notch lower than CVS. The stable outlook reflects S&P's expectation that Omnicare will not be sold by CVS since it operates in a similar industry and, therefore, will remain a highly strategic subsidiary of CVS. It also reflects S&P's belief that CVS will continue to perform in line with its base-case expectations of $160 billion of revenues and almost $5 billion of free operating cash flow in 2016. S&P could lower the rating on Omnicare if CVS' performance is below S&P's base-case expectations or if a more aggressive financial policy results in maintenance of leverage at more than 3x at CVS. A lower rating could also occur if S&P believed that Omnicare was no longer a highly strategic subsidiary of CVS. S&P could raise the rating if it believed that Omnicare was instead a core subsidiary of CVS or, in the less likely scenario, that CVS achieved a sustained improvement to its financial risk profile with debt to EBITDA of almost 2x and funds from operations to total debt of 30%. PATRIOT COAL: Has Until Dec. 8, 2015 to Assume or Reject Leases --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Virginia granted Patriot Coal Corporation, et al., extension until Dec. 8, 2015, to assume or reject unexpired leases of nonresidential real property. The Court considered the Debtors' extension motion at a hearing on Aug. 31, 2015. About Patriot Coal Patriot Coal Corporation is a producer and marketer of coal in the United States. Patriot and its subsidiaries control 1.4 billion tons of proven and probable coal reserves -- including owned and leased assets in the Central Appalachia basin (in West Virginia and Ohio) and Southern Illinois basin (in Kentucky and Illinois) and their operations consist of eight active mining complexes in West Virginia. Patriot Coal first sought Chapter 11 protection on July 9, 2012, and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan from the U.S. Bankruptcy Court for the Eastern District of Missouri. The plan turned over most of the ownership of the company to bondholders that include New York hedge fund Knighthead Capital Management LLC. The linchpins of the plan were a global settlement among the Debtors, the United Mine Workers of America, and two third parties -- Peabody Energy Corporation and Arch Coal, Inc. -- and a commitment by a consortium of creditors, led by Knighthead, to backstop two rights offerings that funded the plan. Patriot Coal Corporation and its subsidiaries commenced new Chapter 11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in Richmond, Virginia, on May 12, 2015. The cases are assigned to Judge Keith L. Phillips. Patriot Coal estimated more than $1 billion in assets and debt. The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock L.L.P., as co-counsel; Centerview Partners LLC as investment bankers; Alvarez & Marsal North America, LLC, as restructuring advisors; and Prime Clerk LLC, as claims and administrative agent. The U.S. trustee overseeing the Chapter 11 case of Patriot Coal Corp. appointed seven creditors of the company to serve on the official committee of unsecured creditors. The Committee is represented by Morrison & Foerster LLP as its counsel, and Tavenner & Beran, PLC, as its local counsel. Jefferies LLC serves as its investment banker. The directed the U.S. Trustee to form an official committee of retirees at the behest of Patriot Coal Non-Union Retiree VEBA. * * * The deadline to file bids for the Debtors' assets is Sept. 4, 2015, at 5:00 p.m. An auction will take place on Sept. 9, at 10:00 a.m. Patriot Coal has filed with the Bankruptcy Court a letter of intent for a proposed sale of a substantial majority of its operating assets to Blackhawk Mining, LLC, as well as a motion outlining bidding procedures. Under the terms of the letter of intent, Blackhawk would issue to Patriot's secured lenders new debtsecurities totaling approximately $643 million plus Class B Units providing them an ownership stake in Blackhawk. In addition, Blackhawk would assume or replace surety bonds supporting reclamation and related liabilities associated with the purchased assets. PATRIOT COAL: Has Until Jan. 7, 2016 to File Chapter 11 Plan ------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Virginia extended Patriot Coal Corporation, et al.'s exclusive periods to file a Chapter 11 plan until Jan. 7, 2016; and solicit acceptances for that plan until March 7. The Court considered the matter at a hearing on Aug. 31, 2015. The Debtors, in their motion, noted that maintaining the exclusive right to file a plan and solicit votes thereon is critical to their ability to complete their restructuring process and achieve their remaining goals as efficiently and expeditiously as possible. The extension of the exclusivity periods will afford the Debtors and their stakeholders needed time to complete these initiatives and consummate the restructuring transactions already in progress. The Debtors are represented by: Michael A. Condyles, Esq. Peter J. Barrett, Esq. Jeremy S. Williams, Esq. KUTAK ROCK LLP Bank of America Center 1111 East Main Street, Suite 800 Richmond, VA 23219-3500 Tel: (804) 644-1700 Fax: (804) 783-6192 - and - Stephen E. Hessler, Esq. Patrick Evans, Esq. KIRKLAND & ELLIS LLP 601 Lexington Avenue New York, NY 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 - and - James H.M. Sprayregen, P.C. Ross M. Kwasteniet, Esq. (admitted pro hac vice) KIRKLAND & ELLIS LLP 300 North LaSalle Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 About Patriot Coal Patriot Coal Corporation is a producer and marketer of coal in the United States. Patriot and its subsidiaries control 1.4 billion tons of proven and probable coal reserves -- including owned and leased assets in the Central Appalachia basin (in West Virginia and Ohio) and Southern Illinois basin (in Kentucky and Illinois) and their operations consist of eight active mining complexes in West Virginia. Patriot Coal first sought Chapter 11 protection on July 9, 2012, and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan from the U.S. Bankruptcy Court for the Eastern District of Missouri. The plan turned over most of the ownership of the company to bondholders that include New York hedge fund Knighthead Capital Management LLC. The linchpins of the plan were a global settlement among the Debtors, the United Mine Workers of America, and two third parties -- Peabody Energy Corporation and Arch Coal, Inc. -- and a commitment by a consortium of creditors, led by Knighthead, to backstop two rights offerings that funded the plan. Patriot Coal Corporation and its subsidiaries commenced new Chapter 11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in Richmond, Virginia, on May 12, 2015. The cases are assigned to Judge Keith L. Phillips. Patriot Coal estimated more than $1 billion in assets and debt. The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock L.L.P., as co-counsel; Centerview Partners LLC as investment bankers; Alvarez & Marsal North America, LLC, as restructuring advisors; and Prime Clerk LLC, as claims and administrative agent. The U.S. trustee overseeing the Chapter 11 case of Patriot Coal Corp. appointed seven creditors of the company to serve on the official committee of unsecured creditors. The Committee is represented by Morrison & Foerster LLP as its counsel, and Tavenner & beran, PLC, as its local counsel. Jefferies LLC serves as its investment banker. The directed the U.S. Trustee to form an official committee of retirees at the behest of Patriot Coal Non-Union Retiree VEBA. * * * The deadline to file bids for the Debtors' assets is Sept. 4, 2015, at 5:00 p.m. An auction will take place on Sept. 9, at 10:00 a.m. Patriot Coal has filed with the Bankruptcy Court a letter of intent for a proposed sale of a substantial majority of its operating assets to Blackhawk Mining, LLC, as well as a motion outlining bidding procedures. Under the terms of the letter of intent, Blackhawk would issue to Patriot's secured lenders new debt securities totaling approximately $643 million plus Class B Units providing them an ownership stake in Blackhawk. In addition, Blackhawk would assume or replace surety bonds supporting reclamation and related liabilities associated with the purchased assets. PERESETSKY INVESTMENTS: Case Summary & 5 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Peresetsky Investments, LLC 3833 West Broad St. Columbus, OH 43228 Case No.: 15-55804 Chapter 11 Petition Date: September 4, 2015 Court: United States Bankruptcy Court Southern District of Ohio (Columbus) Judge: Hon. Kathryn C. Preston Debtor's Counsel: James E Nobile, Esq. NOBILE & THOMPSON CO., L.P.A. 4876 Cemetery Road Hilliard, OH 43026 Tel: 614-529-8600 Fax: 614-529-8656 Email: lahennessy@ntlegal.com Total Assets: $1.5 million Total Liabilities: $864,500 The petition was signed by Dmitry Peresetsky, managing member. A list of the Debtor's five largest unsecured creditors is available for free at http://bankrupt.com/misc/ohsb15-55804.pdf PREMIER GOLF: Should Move Forward With Dismissal, Says Cottonwood ----------------------------------------------------------------- Secured creditor Cottonwood Cajon ES, LLC, objected to Premier Golf Properties LP's notice of withdrawal of its motion to (1) approve forbearance and settlement agreement with Cottonwood; and (2) dismiss the bankruptcy case. According to Cottonwood, the notice of withdrawal is procedurally defective. The Debtor cannot unilaterally withdraw its Rule 9019 Motion without leave of Court: relief which it has neither sought nor obtained. Furthermore, Cottonwood avers that the Court must grant the Rule 9019 motion on the merits, thereby approving the Debtor's settlement agreement with Cottonwood and dismissing the case. Cottonwood says that the agreement is binding, irrevocable, and enforceable. It does not require Court approval. Withdrawing the motion to approve does not negate the agreement, Cottonwood tells the Court. Dismissal Request As reported in the Troubled Company Reporter on Aug. 14, 2015, the Debtor, in its motion, alleged that the core issue in the proceeding is that between Far East National Bank and the Debtor and that dispute was the trigger event for the commencement of the Chapter 11 case and is the subject of a pending California Superior Court action against the guarantor which remains unsolved. The Debtor told the Court that Far East National Bank had sold, transferred and assigned its note and deed of trust to Cajon ES, who has had no involvement in the dispute. The Debtor further tells the Court that the issues outstanding between it and Cajon ES had been resolved and that they had both entered into a Forbearance and Settlement Agreement. The forbearance and settlement agreement provides for these terms: (1) Premier and Cajon acknowledge and agree that the principal sum due at June 18, 2015 is $16,891,939 million. (2) Premier will pay, on the latter of the date upon which the Court approves the settlement set forth herein and orders the dismissal of the Chapter 11 proceeding or Oct. 21, 2015, whichever occurs later, an interim payment of $6,500,000. Said Interim Payment will not be applied to the Current Balance unless and until the entire Current Balance due is paid. Should the Interim Payment not be paid when due on Oct. 21, 2015, then Cajon ES may conduct a non-judicial foreclosure on that date or as soon thereafter as the same may be scheduled; (3) Premier will make 24 monthly payments in the amount of $40,000 each commencing on June 18, 2015 for a total of $960,000. Each monthly payment will be due on the 18th of each month thereafter and the final monthly payment shall be due on May 18, 2017. In the event of an uncured default which results in a foreclosure by Cajon ES all payments made under the Agreement will be credited to the note balance in accord with the terms of the Agreement; (4) Premier will pay the current balance of $16,891,939 plus all interest accrued as set forth in the Agreement on or before May 21, 2017. Interest will accrue on the Current Balance at a rate of 3.75% per annum up to Feb. 28, 2016 and at the rate of 8.75 thereafter; (5) Upon the condition that Premier fully performs all of the obligations set forth in the Agreement, Cajon ES shall, upon receipt of the final payment, deliver to Premier the original loan agreement, promissory note and deed of trust duly endorsed as paid in full together with a deed of re-conveyance of the deed of trust and cancellation of all security interests; (6) Premier will pay all past due and current real estate taxes, which are estimated to be $2,500,000, on or before Dec. 10, 2015. Upon the making of the real estate tax payment in a timely fashion, guarantor Henry Gamboa will be released from his guarantee of all obligations of Premier to Cajon ES. Should said real estate property taxes be paid earlier, guarantor Henry Gamboa shall be released when payment is made and posted by the San Diego County Assessor/Tax Collector; (7) Upon execution of the agreement and satisfaction of the conditions set forth above, Cajon ES agrees to dismiss that certain suit now pending in the Superior Court of the County of San Diego without prejudice and with the statute of limitations being tolled. Should the Superior Court decline to accept a stipulation and proposed order relative to dismissal and tolling, the Superior Court suit will be stayed and continued with an order to show cause re: dismissal until May 21, 2017. Moreover the Superior Court suit will be dismissed with prejudice upon payment of all real estate taxes due. (8) Upon execution of the agreement Premier will forthwith move to dismiss the Chapter 11 proceeding under Federal Rule of Bankruptcy Procedure 9019. Jack F. Fitzmaurice, Esq., at Fitzmaurice & Demergian, in Chula Vista, California, tells the Court that the precipitating event as to the initiation of the Chapter 11 case was the dispute and consequent threat of foreclosure by Cajon ES as Far East National Bank's successor. He says that the compromise removes that precipitating cause and will allow the Debtor to pay its creditors much more rapidly. A full-text copy of the Forbearance and Settlement Agreement dated July 22, 2015, is available at http://is.gd/kmitNf About Premier Golf Properties Premier Golf Properties, LP filed a Chapter 11 bankruptcy petition (Bankr. S.D. Cal. Case No. 15-01068) on Feb. 24, 2015. Daryl Idler signed the petition as secretary of Premier Golf Property Management Inc, general partner. Jack Fitzmaurice, Esq., at Fitzmaurice & Demergian, represents the Debtor as counsel. Premier Golf Properties LP disclosed $44,363,923 in assets and $19,228,427 in liabilities as of the Chapter 11 filing. PUTNAM ENERGY: Cash Collateral Hearing Continued Until Oct. 7 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois continued until Oct. 7, 2015, at 10:30 a.m., the hearing to consider Putnam Energy, L.L.C.'s use of cash collateral in which Bridgeview Bank Group asserts an interest. As reported in the TCR on May 13, 2015, Bridgeview Bank Group has a judgment against the Debtor in the sum of $1,763,622 as of April 16, 2014, which accrues interest at the statutory rate of 9% per annum plus attorneys' fees and costs. Bridgeview Bank Group asserts a security interest in all of the property of Debtor's estate. As adequate protection from any diminution in value of the lender's collateral, the Debtor will grant the lender replacement liens, and a superpriority claim. About Putnam Energy Putnam Energy, L.L.C., a company with power plant and pipeline assets, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-08733) on March 11, 2015, in Chicago, Illinois, after it failed to reach a forbearance agreement with its lender. The Debtor disclosed $10,394,596 in assets and $2,283,218 in liabilities as of the Chapter 11 filing. The case is assigned to Judge Carol A. Doyle. Terrence O'Malley, manager and CEO, signed the petition. The Debtor is represented by Douglas S Draper, Esq., at Heller, Draper, Patrick, Horn & Dabney, LLC, in New Orleans, as counsel. PUTNAM ENERGY: Has Until Oct. 6, 2015 to File Reorganization Plan ----------------------------------------------------------------- The Hon. Carol A. Doyle of the U.S. Bankruptcy Court for the Northern District of Illinois extended Putnam Energy, L.L.C.'s exclusive periods to file a plan of reorganization until Oct. 6, 2015, and solicit acceptances for that plan until Dec. 7. About Putnam Energy Putnam Energy, L.L.C., a company with power plant and pipeline assets, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-08733) on March 11, 2015, in Chicago, Illinois, after it failed to reach a forbearance agreement with its lender. The Debtor disclosed $10,394,596 in assets and $2,283,218 in liabilities as of the Chapter 11 filing. The case is assigned to Judge Carol A. Doyle. Terrence O'Malley, manager and CEO, signed the petition. The Debtor is represented by Douglas S Draper, Esq., at Heller, Draper, Patrick, Horn & Dabney, LLC, in New Orleans, as counsel. PUTNAM ENERGY: Has Until Sept. 12 to Decide on Unexpired Leases --------------------------------------------------------------- The Hon. Carol A. Doyle of the U.S. Bankruptcy Court for the Northern District of Illinois extended until Sept. 12, 2015, Putnam Energy, L.L.C.'s time to assume or reject unexpired non-residential leases. The Debtor requested that the Court extend the time for the Debtor to assume or reject any and all leases and other agreements until Oct. 7, 2015. About Putnam Energy Putnam Energy, L.L.C., a company with power plant and pipeline assets, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-08733) on March 11, 2015, in Chicago, Illinois, after it failed to reach a forbearance agreement with its lender. The Debtor disclosed $10,394,596 in assets and $2,283,218 in liabilities as of the Chapter 11 filing. The case is assigned to Judge Carol A. Doyle. Terrence O'Malley, manager and CEO, signed the petition. The Debtor is represented by Douglas S Draper, Esq., at Heller, Draper, Patrick, Horn & Dabney, LLC, in New Orleans, as counsel. PUTNAM ENERGY: Status Hearing on Plan Filing on Oct. 7 ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois continued until Oct. 7, 2015, at 10:30 a.m., the status hearing regarding Putnam Energy, L.L.C.'s filing of a chapter 11 plan and disclosure statement. In August, the bankruptcy judge entered an order extending until Oct. 6, 2015, the Debtor's deadline to file a Chapter 11 plan, and until Dec. 7, 2015, the period to solicit acceptances of that plan. About Putnam Energy Putnam Energy, L.L.C., a company with power plant and pipeline assets, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-08733) on March 11, 2015, in Chicago, Illinois, after it failed to reach a forbearance agreement with its lender. The Debtor disclosed $10,394,596 in assets and $2,283,218 in liabilities as of the Chapter 11 filing. The case is assigned to Judge Carol A. Doyle. Terrence O'Malley, manager and CEO, signed the petition. The Debtor is represented by Douglas S Draper, Esq., at Heller, Draper, Patrick, Horn & Dabney, LLC, in New Orleans, as counsel. RAIDER MARINE: 5th Cir. Affirms Judgment Against Comar ------------------------------------------------------ Comar Marine, LLC sued four vessel-owning LLCs for breach of contract after the LLCs decided to terminate their contract with Comar for management of their vessels. JPMorgan Chase Bank and Allegiance Bank Texas, who provided the financing for the vessel purchases, intervened to defend their preferred ship mortgages. The district court granted summary judgment in favor of JPMorgan and Allegiance and held that (1) the vessel-owning LLCs materially breached the agreements by terminating without cause, (2) the termination fee in the agreements was penal and thus unenforceable, (3) Comar did not have valid maritime liens on the vessels, and (4) Comar wrongfully arrested the vessels. The appellate court affirmed, finding that the district court did not clearly err in its judgment. A copy of the July 6, 2015 decision is available at http://is.gd/2pYajFfrom Leagle.com. The United States Court of Appeals for the Fifth Circuit affirmed a district court decision in the case captioned COMAR MARINE, CORPORATION, Plaintiff, v. RAIDER MARINE LOGISTICS, L.L.C., ETC., Defendant. CONQUEROR MARINE LOGISTICS, L.L.C., Plaintiff, JP MORGAN CHASE BANK, N.A., Intervenor Plaintiff-Appellee, v. COMAR MARINE, L.L.C., formerly known as Comar Marine, Corporation, formerly known as Nautical Offshore Corporation, Defendant-Intervenor Defendant-Appellant. COMAR MARINE, CORPORATION, formerly known as Nautical Offshore Corporation, Plaintiff Intervenor Defendant-Appellee Cross-Appellant, v. RAIDER MARINE LOGISTICS, L.L.C., in personam; CONQUEROR MARINE LOGISTICS, L.L.C., in personam; ENFORCER MARINE LOGISTICS, L.L.C., in personam Defendants-Appellees, MARAUDER MARINE LOGISTICS, L.L.C., in personam; TRACY P. LIRETTE, in personam; CHRIS ST. AMAND, in personam, Defendants-Appellants Cross-Appellees, JP MORGAN CHASE BANK, N.A.; ALLEGIANCE BANK TEXAS Intervenor Plaintiffs-Appellees. CONQUEROR MARINE LOGISTICS, L.L.C.; RAIDER MARINE LOGISTICS, L.L.C.; ENFORCER MARINE LOGISTICS, L.L.C., Plaintiffs-Appellants Cross-Appellees, JP MORGAN CHASE BANK, N.A. Intervenor Plaintiff-Appellee, v. COMAR MARINE, L.L.C., formerly known as Comar Marine, Corporation, formerly known as Nautical Offshore Corporation, Defendant Intervenor Defendant-Appellee Cross-Appellant, NO. 13-30156, CONSOLIDATED WITH 13-30819 (5th Cir.) RAILYARD COMPANY: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Railyard Company, LLC A New Mexico Limited Liability Company 500 Market St. Santa Fe, NM 87501 Case No.: 15-12386 Chapter 11 Petition Date: September 4, 2015 Court: United States Bankruptcy Court District of New Mexico (Albuquerque) Debtor's Counsel: William F. Davis, Esq. WILLIAM F. DAVIS & ASSOCIATES, P.C. 6709 Academy NE, Suite A Albuquerque, NM 87109 Tel: 505-243-6129 Fax: 505-247-3185 Email: daviswf@nmbankruptcy.com Total Assets: $13.85 million Total Liabilities: $11.22 million The petition was signed by Richard Jaramillo, managing member. List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1st Defense Fire Protection Vendor Debt $3,504 Allied Refrigeration Vendor Debt $610 ATI Security Fire Panel and $2,478 Fire System Service EZTV Install Vendor Debt $12,534 Kone Elevators, Inc. Elevator $1,528 Maintenance Lameraux Crane Services Vendor Debt $1,102 R&E Glass Company Vendor Debt $4,848 RBA Architecture Planning Design Vendor Debt $5,000 Reaction Consulting/Phil Consultant $63,281 Rubin Katz Law Firm Legal Fees $44,402 Sanchez, Mowrer & Desiderio, PC Legal Fees $31,385 Santa Fe County Treasurer Leasehold $140,777 Interest Santa Fe Sustainable Living Contractor $40,000 Sommer Law Firm Legal Fees $145,270 Split Mechanical Fire Suppression $11,410 System Sturm & Associates CPA Fees $15,313 Thermal Design and Control Vendor Debt $48,000 TLC Plumbing Vendor Debt $3,372 Travelers Insurance Insurance $10,000 Verizon Wireless Utility-Phones $1,369 REBEL LAND: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Rebel Land, LLC 9067 W. Post Road, Suite A Las Vegas, NV 89148 Case No.: 15-15134 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: September 4, 2015 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Judge: Hon. Aug. B. Landis Debtor's Counsel: Jason M. Gerber, Esq. MARQUIS AURBACH COFFING 10001 Park Run Las Vegas, NV 89145 Tel: 702-207-6097 Fax: 702-856-8923 Email: jgerber@maclaw.com Total Assets: $3.3 million Total Liabilities: $2.7 million The petition was signed by Michael DeSilva, authorized representative. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. RECOVERY CENTERS: Amends Schedule F in SALs ------------------------------------------- Recovery Centers of King County filed with the U.S. Bankruptcy Court for the Western District of Washington an amended schedule of creditors holding unsecured non-priority claims (Schedule F). A full-text copy of the document is available for free at: http://bankrupt.com/misc/RecoveryCenters_166_amendedSAL_F.pdf The Debtor disclosed total assets of $10.6 million and total liabilities of $5.07 million in a prior iteration of the schedules. About Recovery Centers Recovery Centers of King County -- http://www.rckc.org/-- provided Central Seattle and South King County residents with a continuum of care for those who suffer with alcoholism or other drug addiction. RCKC filed a Chapter 11 case (Bankr. W.D. Wash. Case No. 15-13060) on May 15, 2015. Judge Timothy W. Dore presides over the case. The Debtor tapped Jeffrey B Wells, Esq., at Wells and Jarvis, P.S., in Seattle, as counsel. The Debtor disclosed total assets of $32,462,383 and total liabilities of $17,184,837 as of the Chapter 11 filing. The Debtor's Chapter 11 plan contemplates the sale of its real estate located at 464 - 12th Ave S, Seattle, Washington, 1701 18th Ave. S, Seattle, WA and 505 Washington Ave. S., Kent, Washington. The Debtor will sell real property located at 464 12th Avenue, in Seattle, Washington, to Low Income Housing Institute for $4.1 million. Bank of America, N.A., is the Debtor's secured lender. The U.S. Trustee for Region 18 appointed five creditors to serve in the Official Unsecured Creditors Committee. The Committee is represented by Nagler Law Group, P.S. RECOVERY CENTERS: Granted Final Approval to Use BoA Cash Collateral ------------------------------------------------------------------- U.S. Bankruptcy Judge Timothy Dore has authorized, on a final basis, Recovery Centers of King County to use the cash collateral in which Bank of America has an interest in accordance with a budget. In addition to the equity cushion on the Debtor's real estate and the conditions on Debtor's use of cash and other collateral, as adequate protection for use of cash collateral, Bank of America is granted liens and security interests upon all property of the estate. About Recovery Centers Recovery Centers of King County -- http://www.rckc.org/-- provided Central Seattle and South King County residents with a continuum of care for those who suffer with alcoholism or other drug addiction. RCKC filed a Chapter 11 case (Bankr. W.D. Wash. Case No. 15-13060) on May 15, 2015. Judge Timothy W. Dore presides over the case. The Debtor tapped Jeffrey B Wells, Esq., at Wells and Jarvis, P.S., in Seattle, as counsel. The Debtor's Chapter 11 plan contemplates the sale of its real estate located at 464 - 12th Ave S, Seattle, Washington, 1701 18th Ave. S, Seattle, WA and 505 Washington Ave. S., Kent, Washington. The Debtor will sell real property located at 464 12th Avenue, in Seattle, Washington, to Low Income Housing Institute for $4.1 million. Bank of America, N.A., is the Debtor's secured lender. The U.S. Trustee for Region 18 appointed five creditors to serve in the Official Unsecured Creditors Committee. The Committee is represented by Nagler Law Group, P.S. REEVES DEVELOPMENT: Court Approves Settlement with Iberiabank ------------------------------------------------------------- Judge Robert Summerhays of the United States Bankruptcy Court of the Western District of Louisiana, Lake Charles Division, approved the forbearance and settlement agreement between Reeves Development Company, LLC, Reeves Commercial Properties, LLC, Suzanne Reeves, Charles Reeves, and MMA, Inc., on the one hand, and Iberiabank Corporation, Cameron Banc-Shares, Inc., and Morgan S. Harmison, on the other hand. The basic terms of the Settlement Agreement, include, among others: 1. Dismissal of Litigation Against Bank/Execution of Bank Release. On the Effective Date, all of the Reeves Parties (with the exception of MMA) will promptly move to dismiss, with prejudice, the RDC Adversary, the RCP Adversary and the Removed Suit as to the Bank, CSB and CBS and each of the Reeves Parties. 2. Dismissal of Litigation against Harmison/Execution of Mutual Release. On the Effective Date, all of the Reeves Parties (with the exception of MMA) will promptly move to dismiss, with prejudice, the RDC Adversary, the RCP Adversary and the Removed Suit as to Harmison provided that Harmison will have executed a mutual release releasing each of Harmison, and his successors, and releasing the Reeves Parties and their officers, directors, employees, and agents, from any and all liability to Harmison. 3. Agreed Balance. The Bank will reduce the total aggregate debt/liability of all of the Reeves Parties to Bank to the amount of $7,200,000. 4. Amendment of Proofs of Claim. The Bank will promptly amend the RDC POC and the RCP POC to reflect the Agreed Balance only and reflect that the Agreed Balance is non-interest bearing. 5. New Payment Terms for Agreed Balance. The Agreed Balance will not bear interest and will be repaid by the Reeves Parties to the Bank as follows: a. A lump sum payment of not less than $3,000,000 will be paid on or before September 30, 2015. b. A lump sum payment of not less than $3,700,000 will be paid on or before March 1, 2016. c. The Reeves Parties acknowledge and agree that they will pay to Bank $1.00/cubic yard of material sold from the RDC 397 Tract, without deduction or setoff of any nature or kind. d. A final lump sum payment of the lesser of: (i) $500,000.00; or (ii) if Bank has received either the Dirt Royalty, the Excess or the Second Excess, the remaining unpaid amount of the Agreed Balance will be paid on or before June 30, 2016. Reeves Development Company, LLC and Reeves Commercial Properties, LLC are represented by: William E. Steffes, Esq. Steffes, Vingiello & McKenzie, LLC 13702 Coursey Blvd., Building 3 Baton Rouge, Louisiana 70817 Tel: (225) 751-1751 Fax: (225) 751-1998 E-mail: bsteffes@steffeslaw.com About Reeves Development Reeves Development Company, LLC, a commercial and residential real estate developer, filed a Chapter 11 petition (Bankr. W.D. La.Case No. 12-21008) in Lake Charles, Louisiana, on Oct. 30, 2012. The closely held developer was founded in 1998 by Charles Reeves Jr., its sole owner. Reeves Development has about 80 employees and generates about $40 million in annual revenue, according to its Web site. Bankruptcy Judge Robert Summerhays oversees the case. Arthur A. Vingiello, Esq., at Steffes, Vingiello & McKenzie, LLC, in Baton Rogue, Louisiana, represents the Debtor as counsel. Reeves Development scheduled assets of $15,454,626 and liabilities of $20,156,597 as of the Petition Date. Affiliate Reeves Commercial Properties, LLC (Bankr. W.D. La. Case No. 12-21009) also sought court protection. The Bankruptcy Court approved on Feb. 21 the adequacy of information in the Amended Disclosure Statement explaining the Debtor's Plan of Reorganization dated Dec. 31, 2013. The Court has not set a confirmation hearing. Instead, the Court set a status conference for March 20, 2014. A full-text copy of the Dec. 31 version of the Amended Disclosure Statement is available for free at: http://bankrupt.com/misc/REEVESDEV_AmdDSDec31.PDF RENAULT WINERY: Empire, OceanFirst Object to Bidding Procedures --------------------------------------------------------------- Empire Tax Fund IV, L.L.C., and OceanFirst Bank objected to the motion filed by Renault Winery, Inc., and its affiliated debtors, which asked the U.S. Bankruptcy Court for the District of New Jersey, Vicinage of Camden, to approve the sale of their assets free and clear of all liens. Empire asserts that as a tax lien holder, it holds a first priority lien superior to all other liens except subsequent municipal taxes. It contends that a real estate tax lien is a continuous and first priority lien on lands, and there is no non-bankruptcy law that permits the sale of property free of the tax liens. OceanFirst makes its objection based on the following: (a) The Debtors have no plausible basis for not paying its lien at closing since the terms of payment of its lien have been provided for in their settlement agreement. (b) The Bid Procedures, Asset Purchase Agreement and accompanying documents do not address certain nuances in the event OceanFirst elects to make a credit bid of its Judgment. (c) The Bid Procedures and Motion do not adequately disclose and provide protections to assure the Debtor does not accept a bid which is inconsistent with the Settlement Agreement and preserve OceanFirst's right to implement its stay relief order to conduct a sheriff's sale, if none of the bids would satisfy the minimum payment to the Bank. Empire Tax Fund IV is represented by: Adam D. Greenberg, Esq. HONIG & GREENBERG, L.L.C. 1949 Berlin Road, Suite 200 Cherry Hill, NJ 08003-3737 Telephone: (856)770-0990 Facsimile: (856)770-8511 Email: agreenberg@hgllclaw.com OceanFirst Bank is represented by: Neal M. Ruben, Esq. NMR 8313 LAW OFFICES 179 Avenue at the Common, Suite 201 Shrewsbury, NJ 07702 Telephone: (732)460-0007 Sale Motion As reported in the Aug. 25, 2015 edition of the TCR, the Debtors are seeking approval of bidding procedures in connection with the proposed sale of substantially all of their assets. Equity Partners HG LLC will assist the Debtors in accomplishing the sale of their assets, pursuant to their Court-approved retention agreement. The Debtors propose this timeline: -- The bid deadline is Sept. 18, 2015; -- An auction will be conducted on Sept. 22, 2015, if they receive at least one qualified bid; and -- The Debtors seek to close on the sale not later than Oct. 15, 2015 which is the deadline for making the reduced payment to the Bank under the terms of the Bank Settlement Agreement. About Renault Winery Renault Winery, Inc., and its affiliates own and operate a hotel, two restaurants, a golf course, and a winery. The hotel is located in Egg Harbor City, N.J., and the other businesses are located on adjacent property in Galloway Township, N.J. Renault Winery has served South Jersey as a winery and restaurant facility for the past 150 years. Joseph Milza and his wife, Geraldine, took over the operations of Renault Winery in 1974. The companies that operate the businesses are Renault Winery Inc. (winery, restaurant and gift shop), Renault Golf LLC (golf course), and Tuscany House LLC (hotel, restaurant, and banquet facility). Renault Realty Co., Renault Winery Property LLC, and Renault Winery Inc., own the real estate on which the businesses operate, as well as other real estate in the immediate area. Renault Winery, Inc., and four affiliates sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 14-33075) in Camden, New Jersey, on Nov. 13, 2014. The cases are assigned to Judge Andrew B. Altenburg Jr. The Debtors tapped Subranni Zauber LLC as counsel. Renault Winery disclosed total assets of $11.3 million and total debt of $8.59 million. RENAULT WINERY: Seeks Approval of OceanFirst Settlement ------------------------------------------------------- Renault Winery, Inc., and its affiliated debtors ask the U.S. Bankruptcy Court for the District of New Jersey to approve their settlement agreement with Joseph and Geraldine Milza, and OceanFirst Bank. Prepetition, OceanFirst made two loans to Debtors; the first loan was in the original principal amount of $6,554,000 and the second in the original amount of $200,000 (the "Loans"). As security for payment of the Loans, Renault Winery Properties LLC, Renault Winery, Inc. and Renault Realty Co., LLC executed Mortgages and Assignments of Leases and Rents (the "Real Estate Collateral Documents") to OceanFirst on the real estate on which Debtors operate their businesses (the Bank's "Collateral Real Property"). Renault also provided to OceanFirst a Security Agreement and Uniform Commercial Code Financing Statement, granting the Bank a blanket lien on substantially all of Renault’s personal property assets and proceeds thereof (the "Real Estate Collateral Property" and the "Collateral Personal Property" are collectively referred to herein as (the "Collateral"). The Milzas executed and delivered to OceanFirst their personal guarantees, in which they agreed to pay all sums owed by Renault on the Loans. Subsequently, Renault defaulted under the Loans in July 2013. OceanFirst commenced foreclosure proceedings in the New Jersey Superior Court against the Collateral Real Property and a Final Judgment in Foreclosure was entered on Aug. 1, 2014 in the amount of $7,723,547 plus counsel fees of $54,408, for a total judgment of $7,777,955 (the "Foreclosure Judgment"). OceanFirst also commenced legal proceedings in the New Jersey Superior Court on the promissory note, and to replevy the Collateral Personal Property; on August 1, 2014 a final money judgment was entered jointly and severally against the Debtors and the Milzas in the amount of $7,886,257 (the "Money Judgment"). The Debtors have retained Equity Partners HG LLC to seek an equity investor, a refinancing lender, or a purchaser of the Debtors’ assets and businesses (the “Going Concern”). The Bankruptcy Court has authorized the Debtors' retention of Equity Partners. Equity Partners and the Debtors’ management are currently facilitating due diligence with interested parties Pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure, the Debtors seek Bankruptcy Court approval of the settlement, which provides for these terms: (a) Payment of OceanFirst's Judgment. On or before Oct. 15, 2015, from the new proceeds of a transaction involving the Going Concern (the "Transaction"), OceanFirst will be paid the sum of money by wire transfer equal to (i) $6.4 million from the net proceeds up to $8.5 million and (ii) 64.7% of the net proceeds in excess of $8.5 million up to the dollar amount due under the Money Judgment. (b) Stay Relief Order is to be Immediately Entered. Simultaneously with the execution of the Agreement, the Debtors agree that they will execute and deliver to the Bank a consent order in the Bankruptcy Cases granting OceanFirst relief from the automatic stay as to all of the Bank's Collateral Real and Collateral Personal Property, which are subject to OceanFirst's security interest. (c) Cash Collateral Order. The Debtors agree that they will not make a motion or otherwise apply to further modify the Cash Collateral Order at any time prior to Sept. 7, 2015. If after the conclusion of the marketing campaign and any bidding process the highest bidder would yield a lower sum to the Bank than the Payment as defined in the Agreement, then OceanFirst, in its sole discretion, may agree to accept less than the Payment amount, credit bid its judgment, or elect to implement the Stay Relief Order for disposition of its Collateral Real and Personal Property. The Debtors will disclose to OceanFirst all offers they, or their marketing professionals receive regarding the Going Concern. (d) Superior Court Proceedings: Consent Order for Turnover of Funds Levied against Bank Accounts. Contemporaneously with the execution of the Agreement, the Milzas will execute and deliver to the Bank a Consent Order providing for the turnover of the funds levied upon in the Milza Wells Fargo Bank Account in the amount of $99,956. Upon Approval of the Agreement by the Bankruptcy Court the Parties will submit the Consent Order to the Superior Court of New Jersey requesting its immediate entry. The Consent Order will provide for the release of $2,514 of the $102,470 to Milza, along with all subsequently deposited funds representing social security income. (e) Superior Court Proceedings: Consent Order Permitting Ocean First to Levy Upon Real Property of Milza. Milza will execute and deliver to OceanFirst a Consent Order Permitting the Bank to levy upon the condominium in South Seaside Park known as Kings Gate Condominium, Units C-2 and C-3, Lots 302 and 303, Block 1717.241. Upon approval of the Bankruptcy Court of the Agreement, the parties shall submit the Consent Order to the Superior Court of New Jersey requesting its immediate entry. (f) Forgiveness of Deficiency Balance. Upon receipt of the Payment of a minimum of $6.4 million by the date provided for in the Agreement, the Debtors and Milza will be forgiven from the balance owed under the OceanFirst Judgment/Loans. (g) Deficiency Balance. Upon receipt of the payment of a minimum of $6.4 million, the Debtor and Milzas will be forgiven from the balance owed under the Judgment. Scott M. Zauber, Esq., at Subranni Zauber LLC, in Marlton, New Jersey, relates that the settlement agreement is the result of substantial negotiation among the parties. He further relates that its approval, which is required and essential for the sale of the Collateral to occur, will allow the Debtors' Chapter 11 cases to continue and the Debtors to continue operating their businesses pending a sale or other transaction. Mr. Zauber notes that any sale of Debtors' assets is contingent upon the Settlement Agreement being approved. He adds that in exercising their business judgment, the Debtors have decided that the Settlement Agreement is in the best interest of the Debtors' estates and their creditors and the best opportunity to maximize the return to creditors. The Debtors' attorneys can be reached at: John P. Leon, Esq. Scott M. Zauber, Esq. Margaret A. Holland, Esq. SUBRANNI ZAUBER LLC 750 Route 73 South – Suite 307B Marlton, NJ 08053 Telephone: (609)347-7000 Facsimile: (609)345-4545 E-mail: jleon@subranni.com szauber@subranni.com mholland@subranni.com About Renault Winery Renault Winery, Inc., and its affiliates own and operate a hotel, two restaurants, a golf course, and a winery. The hotel is located in Egg Harbor City, N.J., and the other businesses are located on adjacent property in Galloway Township, N.J. Renault Winery has served South Jersey as a winery and restaurant facility for the past 150 years. Joseph Milza and his wife, Geraldine, took over the operations of Renault Winery in 1974. The companies that operate the businesses are Renault Winery Inc. (winery, restaurant and gift shop), Renault Golf LLC (golf course), and Tuscany House LLC (hotel, restaurant, and banquet facility). Renault Realty Co., Renault Winery Property LLC, and Renault Winery Inc., own the real estate on which the businesses operate, as well as other real estate in the immediate area. Renault Winery, Inc., and four affiliates sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 14-33075) in Camden, New Jersey, on Nov. 13, 2014. The cases are assigned to Judge Andrew B. Altenburg Jr. The Debtors tapped Subranni Zauber LLC as counsel. Renault Winery disclosed total assets of $11.3 million and total debt of $8.59 million. RIVERWALK JACKSONVILLE: Reorganization Plan Confirmed ----------------------------------------------------- U.S. Bankruptcy Judge Laurel Isicoff has approved the Disclosure Statement and confirmed the Second Amended Plan of Reorganization of Riverwalk Jacksonville Development, LLC, dated July 17, 2015. The Plan contemplates that the Debtor will pay all Allowed Claims in full, either upon the Brickell South Closing Date (the Effective Date of the Plan), or at the Alliance Closing Date. Funding will be derived from the Sale Proceeds of the Brickell South Transaction and the Alliance Transaction, and the ongoing income generated by the RJD Properties pending closing of both transactions. On the Effective Date, taxes and tax certificates will be paid in full on three of the four properties (Riverplace, Prudential and West Parking), the Sabadell Claim and the U.S. Century Claim will be paid in full in the amounts as agreed, the NonInsider Allowed Unsecured Creditors will be paid in full, the Allowed Priority Claim of the Internal Revenue Service will be paid in full, and the Allowed Priority Claim of the Florida Department of Revenue will be paid in full. Thereafter, upon closing of the Alliance Transaction about eight months later, Administrative professional fees and costs, as approved by the Court, tax claims on the East Parking Lot Parcel (which Parcel is included in the Alliance Transaction but not the Brickell South Transaction), and Allowed Insider Unsecured Claims, will be paid in full. As well, at that time, there will be a distribution to Equity. The Plan provides for full payment of all Administrative Expense Claims with the United States Trustee paid on the Effective Date, and remaining Allowed Administrative Expenses, including fees and costs awarded to Debtor's counsel, to be paid in full on closing of the Alliance Transaction. The Plan does not affect Equity as all Allowed Creditors will be paid in full on the Effective Date except for the Allowed Insider Unsecured Claims, and all the tax creditors will be paid in full on the Effective date except the tax creditors on the East Parking Lot Parcel which will be paid upon the Alliance Closing Date, consistent with 11 U.S.C. § 1129(a)(9)(C). The Plan is deemed Effective, and will be deemed consummated upon the closing of the Brickell South Transaction. That the Plan is deemed Effective and consummated will not affect the Reorganized Debtor's obligation to proceed with the Alliance Transaction and to make final distributions under the Plan which will derive from the Alliance Transaction. Both the Brickell South Transaction and the Alliance Transaction provide that each sale is to proceed free and clear of all liens, claims and encumbrances, with all liens, claims and encumbrances to attach to proceeds of sale. The proceeds of each sale will be distributed as set forth in the Plan. After consummation of the Brickell South Transaction and the Alliance Transaction, the Debtor will still own a small western section of the East Parking Lot Parcel. All Allowed Creditors will have been paid in full. The Plan does not address the distribution of excess funds to equity from the Alliance Transaction. In addition, this Plan provides for the disposition of the Chart House Lease pursuant to the Chart House Adversary Litigation. In addition to terminating the holdover tenancy, the Debtor believes that it has a claim against CHLN based upon its failure to pay the appropriate pro rata share of real estate taxes and its failure to pay double rent as a holdover tenant since January 2007. To the extent that there is a recovery from the Chart House Adversary Litigation prior to the Alliance Closing Date, such recovery will be applied to the Distributions required by this Plan to be made upon the Alliance Closing Date. In the event that the Court does not determine that the CHLN Lease was terminated by the unauthorized assignment of the Ground Lease to CHLN, Inc., the Plan provides for the rejection of the Chart House Lease. Even in that instance, the Debtor believes that CHLN/Landry’s would owe the Debtor real estate taxes, and CHLN/Landry’s should not have an Allowed Claim against the Debtor for its alleged overpayment of real estate taxes. A copy of the Disclosure Statement is available for free at: http://is.gd/CJF9ee About Riverwalk Jacksonville Development Riverwalk Jacksonville Development, LLC, owns four parcel of real property located in areas surrounding the Wyndham Hotel and Convention Center. The properties comprise approximately 10.4 acres and constitute prime downtown commercial space. The occupants of the area are a Chart House restaurant, various office building and parking amenities. Three of the four properties are encumbered to Sabadell and U.S. Century Bank. Riverwalk Jacksonville Development filed a Chapter 11 bankruptcy (Bankr. S.D. Fla. Case No. 14-19672) on April 28, 2014, in Miami. The Debtor estimated assets of at least $10 million and debts of at least $1 million. Geoffrey S. Aaronson, Esq., at Aaronson Schantz P.A., serves as the Debtor's counsel. Judge Laurel M Isicoff oversees the case. RIVIERA DRILLING: Gunnison's Bid to Junk Buccaneer Suit Denied -------------------------------------------------------------- Senior District Judge Richard P. Matsch of the United States District Court for the District of Colorado denied Gunnison Energy Corporation's motion for summary judgment as to the issues of release and res judicata, and denied the motion for summary judgment of SG Interests I, Ltd., and SG Interests VII, Ltd., as to the issues of res judicata and statute of limitations, in the case captioned BUCCANEER ENERGY (USA) INC., a Nevada corporation, Plaintiff, v. GUNNISON ENERGY CORPORATION, a Delaware corporation, SG INTERESTS I, LTD., a Texas limited partnership, and SG INTERESTS VII, LTD., a Texas limited partnership, Defendants, CIVIL ACTION NO. 12-CV-01618-RPM (D. Colo.). Gunnison contends that Buccaneer's claims against Gunnison in the action were released by a settlement agreement dated April 20, 2014. That settlement agreement resolved an adversary proceeding related to the Chapter 11 bankruptcy proceeding of Riviera Drilling & Exploration Company. Gunnison contends the release language in that agreement encompasses Buccaneer's claims against Gunnison in THE action, asserting that Buccaneer is an "affiliate" of the Thurners and the present action relates to Riviera. Judge Matsch rejected the argument, holdining that the settlement agreement does not express any intent to release Buccaneer's claims in its action and Gunnison has not established that Buccaneer is an "affiliate" of Scott Thurner or "the Thurner parties" as that term is defined in the settlement agreement. A full-text copy of Judge Matsch's Decision dated Aug. 21, 2015, is available at http://is.gd/frCRCsfrom Leagle.com. Buccaneer Energy (USA) Inc., Plaintiff, represented by Ronald L. Wilcox, Peters Mair Wilcox, Daniel M. Reilly, Esq. -- dreilly@rplaw.com -- Reilly Pozner, L.L.P. & Stephen C. Peters, Peters Mair Wilcox. Gunnison Energy Corporation, Defendant, represented by Timothy R. Beyer, Esq. -- tim.beyer@bryancave.com -- Bryan Cave LLP & Kathryn Reed DeBord, Esq. -- katie.debord@bryancave.com -- Bryan Cave LLP. Gunnison Energy Corporation, a Delaware corporation, Defendant, represented by Peter John Korneffel, Jr., Esq. -- peter.korneffel@bryancave.com -- Bryan Cave LLP & Sarah Levine Hartley, Esq. -- sarah.hartley@bryancave.com -- Bryan Cave LLP. SG Interests, I, Ltd., a Texas limited partnership, Defendant, represented by L. Poe Leggette, Esq. -- pleggette@bakerlaw.com -- Baker & Hostetler, LLP. SG Interests, I, Ltd., Defendant, represented by Mark Simeon Barron, Esq. -- mbarron@bakerlaw.com -- Baker & Hostetler, LLP & Rosario Clarissa Doriott Dominguez, Esq. -- rdoriottdominguez@bakerlaw.com -- Baker & Hostetler, LLP. SG Interests VII, Ltd., a Texas limited partnership, Defendant, represented by L. Poe Leggette, Baker & Hostetler, LLP. SG Interests VII, Ltd., Defendant, represented by Mark Simeon Barron, Baker & Hostetler, LLP & Rosario Clarissa Doriott Dominguez, Baker & Hostetler, LLP. Riviera Drilling & Exploration Company filed for Chapter 11 bankruptcy (Bankr. D. Colo. Case No. 10-11902) on February 2, 2010. The Debtor employed Kutner Miller Brinen, P.C., as bankruptcy counsel. The Troubled Company Reporter, on Jan 10, 2013, reported that Bankruptcy Judge Howard R. Tallman confirmed the Chapter 11 plan, as amended proposed by Gunnison Energy Corporation for Riviera Drilling & Exploration Company. The Amended Chapter 11 Plan was filed Aug. 31, 2012. ROLLING MEADOWS: Fitch Affirms BB+ Rating on $17.71MM Revenue Bonds ------------------------------------------------------------------- Fitch Ratings has affirmed the 'BB+' rating on the following bonds issued on behalf of Wichita Falls Retirement Foundation Project, d/b/a Rolling Meadows (RM): -- $17,715,000 Red River Health Facilities Development Corporation first mortgage revenue bonds (Wichita Falls Retirement Foundation Project), series 2012. The Rating Outlook is Stable. SECURITY Bonds are secured by a gross revenue pledge, a mortgage, and a debt service reserve fund. KEY RATING DRIVERS NOTABLE UPCOMING CAPITAL PROJECT: RM is planning a $6.5 million, 22-unit memory care addition, expected to break ground this October and anticipated to open by the end of 2016. RM plans to borrow $3.5 million, through a bank loan (unrated by Fitch), and add $3 million of its own equity to fund the project. The project budget is equal to 67% of 2014 revenue and will significantly increase RM's debt burden; however, Fitch believes that the additional debt and project risks are manageable at the current rating level and that the project will be accretive to revenues once completed. ADEQUATE COVERAGE DESPITE HIGHER LEVERAGE: Coverage in 2014 of pro forma MADS was good at 2.0x, consistent with the prior year. However, on a pro forma basis, RM will be highly leveraged, with MADS as a percent of revenue at 14.9%, above the BIG median, and adjusted debt to capitalization very high for a rental community (89.1%). MADS is estimated at $1.4 million, an 18% increase. ADEQUATE PRO FORMA LIQUIDITY: Pro forma liquidity metrics weaken substantially from current strong level to adequate levels for the rating level assuming RM's $3 million equity contribution for its assisted living expansion. Fitch estimates cash-to-pro forma debt at 43.9% and cushion ratio at 6.5x, which are in line with the rating level. IMPROVED SKILLED NURSING OCCUPANCY: Skilled nursing (SN) occupancy improved notably to 89% in 2014, up from 85% in 2013, and improved further through the interim period to 91%. Independent living occupancy has been stable since 2013, with 89% occupancy at the interim period. The good occupancy figures have supported solid operating metrics. ELEVATED REVENUE SENSITIVITY: RM's total operating revenues of $9.6 million in 2014 is one of the smallest for Fitch's senior living credits and compares with an investment grade median of $23.6 million for stand-alone facilities. While some of RM's operating metrics compare well with investment grade medians, Fitch views the smaller revenue base as a credit concern. Fitch believes small changes in RM's operational profile can impact its financial profile. RM's above median liquidity and coverage figures serve to offset the concerns regarding the smaller revenue base. RATING SENSITIVITIES OPERATIONAL STABILITY DURING PROJECT: Fitch expects Rolling Meadows to maintain stable operations and a continued adequate financial profile through the capital project, which will be key to rating stability over the coming two years. CREDIT PROFILE Located in Wichita Falls, TX, RM is a type D (rental) continuing care retirement community with 169 ILUs and 82 skilled nursing facility (SNF) beds in a gated community on 25.2 acres. RM has its own home health agency for residents, which provides assisted living services for a fee. STRONG 2014 PERFORMANCE Operations were strong in 2014, continuing 2013's operating improvements. RM's low operating ratio improved to 79.6% from 82.3% year prior, favorable to BIG category medians and consistent with a rental contract type. IL occupancy remained stable and SN occupancy improved to 89% from 85%. MEMORY CARE EXPANSION RM is planning a 22-unit greenfield memory care project on the north side of its campus, which will connect to its health center. The project is expected to break ground in October 2015 and reach 75% occupancy by year-end 2016. Fitch believes that the project has the potential to be accretive, allowing for individuals to age in place through the continuum of care, differentiating RM from local competitors. PROJECT FINANCING AND DEBT PROFILE Management estimates that total cost of the project at $6.5 million, $3 million of which will be equity funded and $3.5 million of which will be a seven-year bank loan from BOKF (rated 'A'/'F1'/Stable by Fitch) d/b/a/ Bank of Texas. The loan will be drawn after RM's makes it equity contributions. The loan is structured as a balloon payment and management expects to at least partially amortize principal over the seven year commitment. Pro forma MADS as a percent of revenue will remain high at 14.9% versus an 11.1% below investment grade (BIG) median. Positively, pro forma debt to net available will be 7.3x, marginally favorable to BIG median (7.8x). In addition to the bank loan, RM has $17,715,000 of fixed-rate bonds outstanding (series 2012). Conservatively, RM has no swaps. ADEQUATE PRO FORMA LIQUIDITY MITIGATES REVENUE SENSITIVITY Liquidity is currently strong for below investment grade rating, but Fitch expects that ratios will moderate significantly on a pro forma basis. Fitch estimates pro forma days cash on hand at 447 (assuming no further liquidity growth), still strongly favorable to BIG median (233 days), protecting to some extent RM from routine operational variability. However, a $3.5 million increase in debt results in a Fitch-estimated cash-to-pro forma debt ratio of 43.9% and cushion ratio of 6.5x, which are near respective BIG medians of 36.7% and 4.9x. Fitch believes that its estimates of pro forma liquidity are conservative, given the timing of equity contributions and expectations of continued adequate cash flow, and that RM will likely outperform these estimates. DISCLOSURE Rolling Meadows covenants to deliver to EMMA audited financial statements and utilization within 150 days of fiscal year end, and quarterly unaudited financial statements and utilization within 45 days of quarter end. SANTA CRUZ: Committee Taps Corporate Recovery as Financial Advisor ------------------------------------------------------------------ The Official Committee of Unsecured Creditors in the Chapter 11 cases of Santa Cruz Berry Farming Company, LLC, asks the U.S. Bankruptcy Court for the Northern District of California for permission to retain Corporate Recovery Associates, LLC, as its financial advisor. CRA will render these services to the Committee including: 1. investigation of the Debtor's assets, finances, liabilities, sources of recovery and cash position; 2. assisting with the wind down of the Debtor and the potential liquidation of its assets; and 3. providing additional financial analysis at the Committee's specific request including, without limitation, analysis at the plan confirmation stage of the case. CRA will bill at normal hourly rates for its professional staff involved in representing the Committee on its final application for payment of fees and costs, subject to a cap on its final application for fees of a blended rate of $275 per hour. Richard J. Feferman, senior managing director at CRA, tells the Court that the usual and customary rates are: Professional Standard Hourly Rate ------------ -------------------- Mr. Feferman $650 Directors $425 - $800 Associates $175 - $500 CRA will request reimbursement for actual, necessary expenses incurred in representing the Committee. To the best of the Committee's knowledge, CRA is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Santa Cruz Berry Farming Watsonville, California-based Santa Cruz Berry Farming grows conventional and organic strawberries. The privately owned company was founded by and is currently managed by Fritz Koontz. Seven Seas Berry Sales, a division of the Tom Lange Co., is the sales agent for the Company. Santa Cruz Berry Farming Company, LLC, and Corralitos Farms, LLC, commenced Chapter 11 bankruptcy cases (Bankr. N.D. Cal. Case Nos. 15-51771 and 15-51772) in San Jose, California, on May 25, 2015. The Debtors tapped Thomas A. Vogele, Esq., at Thomas Vogele and Associates, APC, in Costa Mesa, California, as counsel. The Official Committee of Unsecured Creditors has retained Michael A. Sweet, Esq., and Dale L. Bratton, Esq., at Fox Rothschild LLP, as attorneys. SANTA CRUZ: Wants to Pay Robert Fritz Koontz from Cash Collateral ----------------------------------------------------------------- Santa Cruz Berry Farming asks the U.S. Bankruptcy Court for the Northern District of California for authorization to pay insider compensation to Robert Fritz Koontz pursuant to the Aug. 10, 2015 order on use of cash collateral. Mr. Koontz, managing member of the Debtor, serves as general manager, and has no new compensation arrangement. His previous salary was $2,884/week). Mr. Koontz will also receive commissions of $.15/box on all conventional fruit sold at $9/box or more and organic fruit sold at $11/box or more, so long as Debtor achieves 75% of budget cash flow. About Santa Cruz Berry Farming Watsonville, California-based Santa Cruz Berry Farming grows conventional and organic strawberries. The privately owned company was founded by and is currently managed by Fritz Koontz. Seven Seas Berry Sales, a division of the Tom Lange Co., is the sales agent for the Company. Santa Cruz Berry Farming Company, LLC, and Corralitos Farms, LLC, commenced Chapter 11 bankruptcy cases (Bankr. N.D. Cal. Case Nos. 15-51771 and 15-51772) in San Jose, California, on May 25, 2015. The Debtors tapped Thomas A. Vogele, Esq., at Thomas Vogele and Associates, APC, in Costa Mesa, California, as counsel. The Official Committee of Unsecured Creditors is represented by Michael A. Sweet, Esq., and Dale L. Bratton, Esq., at Fox Rothschild LLP. Corporate Recovery Associates, LLC, serves as its financial advisor. STAR AMBULANCE: Confirmation of Jointly Administered Plan Denied ---------------------------------------------------------------- Judge Eduardo V. Rodriguez of the United States Bankruptcy Court for the Southern District of Texas, McAllen Division, denied the confirmation of Star Ambulance Service, LLC, et. al.'s Jointly Administered Amended Plan of Reorganization. Judge Rodriguez contends that the Debtors filed their Chapter 11 cases and elected the "small business" provisions of Section 101(51C) of the Bankruptcy Code and notes that the plain language of the statute provides a scheme whereby small business cases should move expeditiously from filing to confirmation, a timeframe lasting no longer than 300 days for a plan to be filed and confirmation to occur within 45 days of the small business debtor's filing of the plan. Judge Rodriguez held that the Debtors failed to seek leave of court to extend the 45-day limit and/or seek confirmation of their Jointly Administered Plan within the prescribed time limit, and thus, their Jointly Administered Plan, as amended, cannot be confirmed by the Court. In addition to the 45-day confirmation limitation, Judge Rodriguez also enumerates the following reasons, among others, as to why the Debtors' Jointly Administered Plan is not confirmable: (a) The Plan fails to comply with the applicable provisions of the Bankruptcy Code, thereby failing to satisfy Section 1129(a)(1). (b) The Debtor not has established by a preponderance of the evidence that the Plan satisfies the requirements of Section 1123(a)(1), which addresses the contents of a plan and requires that a plan designate classes of claims and interests. (c) The Debtor has not established by a preponderance of the evidence that it has met the requirements of Section 1123(a)(4), which requires that a plan "provide the same treatment for each claim or interest of a particular class, unless the holder of a particular claim or interest agrees to a less favorable treatment of such particular claim or interest." (d) The Debtor has failed to establish by a preponderance of the evidence that the Plan satisfies Section 1123(a)(5), which requires that a plan provide adequate means of implementation of the plan. The bankruptcy cases are IN RE: STAR AMBULANCE SERVICE, LLC, Chapter 11, Debtor, and IN RE: RODOLFO E. MARTINEZ JR. & SILVIA MARTINEZ, Chapter 11, Debtors, Case Nos. 15-70041-M-11, 15-70042-M-11 (Bankr. S.D. Tex.). A full-text copy of Judge Rodriguez's Memorandum Opinion dated August 24, 2015, is available at http://is.gd/N77XYJfrom Leagle.com. Star Ambulance Service, LLC is represented by: Marcos Demetrio Oliva, Esq. MARCOS D. OLIVA, PC 223 W. Nolana Ave. McAllen, TX 78504 Telephone: (956)502-0825 Facsimile: (866)868-4224 Email: marcos@oliva-law.com TEMSCO INC: Sept. 14 Hearing on Bid to Dismiss Ch. 11 Case ---------------------------------------------------------- Judge Enrique S. Lamoutte Inclan of the United States Bankruptcy Court for the District of Puerto Rico, in an order dated Aug. 26, 2015, will convene a hearing on Sept. 14, 2015 at 10:00 A.M., if a timely opposition to the United States Attorney's Motion to Dismiss or Convert Temsco NC Inc.'s Chapter 11 case. The bankruptcy case is IN RE: TEMSCO NC INC., XX-XX7349, Chapter 11, Debtor(s), CASE NO. 13-06907 ESL (D.P.R.). A full-text copy of Judge Lamoutte Inclan's Decision is available at http://is.gd/uLpHLGfrom Leagle.com. Temsco NC Inc. sought protection under Chapter 11 of the Bankruptcy Code on Aug. 24, 2013 (Bankr. D.P.R., Case No. 13-06907). The case is assigned to Judge Enrique S. Lamoutte Inclan. The Debtor's counsel is Hector Eduardo Pedrosa Luna, Esq., at The Law Offices of Hector Eduardo Pedrosa Luna, in San Juan, Puerto Rico. TLC HEALTH: Hearing on Cash Collateral Use Continued Until Oct. 19 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of New York continued until Oct. 19, 2015, at 1:00 p.m., the final hearing to consider TLC Health Network's motion for authorization to obtain credit under Section 364 of the Bankruptcy Code. In a 10th amended final order, the Court authorized the Debtor to (i) incur postpetition secured superpriority indebtedness from Brooks Memorial Hospital until Oct. 19, 2015, in an aggregate amount equal to the amounts in the revised budget with a variance of 7% per line item permitted; and (ii) use cash collateral in which Brooks, Community Bank, N.A., University of Pittsburg Medical Center, and the Dormitory Authority of the State of New York assert an interest. The Debtor would use the loan and cash collateral to continue to wind down its operations and market and sell the certain real and personal property and void immediate and irreparable harm to the Debtor's estate. As adequate protection from any diminution in value of the lender's collateral, the Debtor will, among other things, make adequate protection payments to Brooks in an amount not less than $12,500 on or before the 15th of each month commencing on Sept. 15, 2015. The Debtor will also make adequate protection payments to UPMC in an amounts less than $12,500 by Sept. 15, 2015. About TLC Health Network TLC Health Network filed a Chapter 11 petition (Bankr. W.D.N.Y. Case No. 13-13294) on Dec. 16, 2013. The petition was signed by Timothy Cooper as Chairman of the Board. The Debtor estimated assets of at least $10 million and debt of at least $1 million. Jeffrey A. Dove, Esq., at Menter, Rudin & Trivelpiece, P.C., serves as the Debtor's counsel. Damon & Morey LLP is the Debtor's special health care law and corporate counsel. The Bonadio Group is the Debtor's accountants. Howard P. Schultz & Associates, LLC is the Debtor's appraiser. The case is assigned to the Hon. Carl L. Bucki. A three-member panel composed of Cannon Design, Chautauqua Opportunities, Inc., and Jamestown Rehab Services has been appointed as the official unsecured creditors committee. Bond, Schoeneck & King, PLLC is the counsel to the Committee. The Committee has tapped NextPoint LLC as financial advisor. Gleichenhaus, Marchese & Weishaar, PC is the general counsel for Linda Scharf, the Patient Care Ombudsman of TLC Health. TLC HEALTH: Trustee Adjourns Meeting of Creditors to Oct. 19 ------------------------------------------------------------ U.S. Trustee Joseph Allen adjourned until Oct. 19, 2015, at 12:00 noon, the meeting of creditors in the Chapter 11 case of TLC Health Network. The meeting will be held at the Office of the U.S. Trustee, Olympic Towers, in Buffalo, New York City. About TLC Health Network TLC Health Network filed a Chapter 11 petition (Bankr. W.D.N.Y. Case No. 13-13294) on Dec. 16, 2013. The petition was signed by Timothy Cooper as Chairman of the Board. The Debtor estimated assets of at least $10 million and debt of at least $1 million. Jeffrey A. Dove, Esq., at Menter, Rudin & Trivelpiece, P.C., serves as the Debtor's counsel. Damon & Morey LLP is the Debtor's special health care law and corporate counsel. The Bonadio Group is the Debtor's accountants. Howard P. Schultz & Associates, LLC is the Debtor's appraiser. The case is assigned to the Hon. Carl L. Bucki. A three-member panel composed of Cannon Design, Chautauqua Opportunities, Inc., and Jamestown Rehab Services has been appointed as the official unsecured creditors committee. Bond, Schoeneck & King, PLLC is the counsel to the Committee. The Committee has tapped NextPoint LLC as financial advisor. Gleichenhaus, Marchese & Weishaar, PC is the general counsel for Linda Scharf, the Patient Care Ombudsman of TLC Health. TRIP II DULLES: Fitch Affirms 'BB+' Rating on $1BB Revenue Bonds ---------------------------------------------------------------- Fitch Ratings has affirmed the 'BB+' rating for Toll Road Investors Partnership II (TRIP II) Dulles Greenway project's approximately $1 billion in outstanding revenue bonds series 1999 and 2005. The Rating Outlook is Stable. The rating reflects TRIP II's relatively high leverage and back-loaded debt structure extending to 2056, combined with expected thin coverage and dependence on future toll increases despite already above-average toll rates. Revenue risk is partially offset by the presence of healthy reserve balances as well as cash-trap triggers and flexibility afforded by the debt structure. In Fitch's opinion, continual rate increases going forward, translating into sustained revenue growth, will be needed as the revenue growth breakeven rate, excluding unknown future capex obligations, is 0.64%. The Virginia State Corporation Commission's (SCC) approved formulaic toll increases add more certainty through 2020; however, some political risk surrounding the project's future tolling practices may remain. KEY RATING DRIVERS Revenue Risk - Volume: Midrange Solid, Competitive Service Area: Dulles Greenway's metro DC service area supports strong inherent demand and has long term growth potential despite housing-induced weakness experienced during the recent economic downturn. Dulles Greenway traffic, which is primarily commuter in nature and has experienced declines back to 2006, has in part been affected by improvements in alternative routes and a series of significant toll increases. Dulles Greenway continues to be subject to some risk from the expansion of free alternatives and implementation of mass transit. Revenue Risk - Price: Weaker Limited Rate-Making Flexibility: Economic rate-making ability is moderately limited; however, the negative effects on demand from rate increases have historically been minor. Congestion and non-peak toll rates per mile of $0.37 and $0.31, respectively, are on the higher end of Fitch's rated portfolio; however, they are viewed as comparable to recently-built or privately-owned peers. Scheduled annual increases through 2020 have been approved by the SCC, with the most recent in March 2015. Revenue maximization during a sustained weak economic environment may be constrained; especially when debt tenor and escalating obligations are considered. Infrastructure Development & Renewal: Midrange Manageable Capital Works: Dulles Greenway is a relatively young asset with a manageable six-year capital improvement plan through 2020, with over 70% of the $14 million plan allocated to resurfacing. Based on projected levels of traffic and due to historically sluggish development activity, additional construction works under existing agreements are not expected to occur over the medium-term; the amounts and timing of these construction obligations are currently uncertain. Debt Structure: Midrange Back-Loaded Debt; Flexible Amortization Structure: The mandatory early redemption debt service profile steadily increases to maximum annual debt service of $84.7 million at final maturity in 2056, reflecting 0.78% annual growth. The structure provides flexibility to mitigate potential near-term shortfalls in revenue to meet planned payments in the form of lower principal prepayments on the series 2005 debt and two triggers for cash trapping. However, a continued deferral of planned debt repayment would cause obligations to balloon in the latter years of the project's life. Current cash-funded reserve balances, of more than $91 million, provide some protection. Financial Metrics High Leverage; Tight Coverage: Leverage is high, in the high 14x range. The facility is dependent on continued toll rate increases and revenue growth through maturity to maintain minimum coverage levels at or above 1.25x. While the minimum debt service coverage threshold has been violated in recent years, a trend that is likely to continue in the near-to-medium term, the requirement to annually trap excess revenue when the threshold is breached somewhat mitigates this factor. Peer Group: TRIP II's peers include similar commuter-based facilities such as North Carolina Turnpike Authority's Triangle Expressway System (Triangle Expressway, rated 'BBB-'/Outlook Stable by Fitch) and San Joaquin Hills Transportation Corridor Agency (SJHTCA, 'BBB-'/'BB+'/Outlook Stable). Dulles Greenway and SJHTCA share similar franchise strength, as Triangle Expressway is still in ramp-up. TRIP II's leverage is comparable with its peers but benefits from a lower breakeven growth rate, accounting for the early redemption schedule. Long-term pricing power for all three assets is either limited or unknown at this time. RATING SENSITIVITIES Negative - Revenue Growth: The project's inability to sustain revenue growth above an annual rate of 4% in the near term; Negative - Tolling Flexibility: Changes in the pricing regime resulting in reduced overall tolls and/or lower than expected toll increases; Negative - Operational Performance: O&M and improvement expenses materially above expectations; Negative - Increased Competition: Further capacity enhancements on competing free routes or significant diversions resulting from the Dulles Metrorail project; Positive - Traffic Growth: A material, and sustained, improvement in financial metrics due to traffic growth. CREDIT UPDATE Since the last review, per Greenway officials, there have been no significant improvements in the alternative free routes and none are presently expected. Formal construction on Phase II of the Dulles Metrorail Silver Line should begin this year and take five years to complete. Phase II of the project will expand the Metrorail to Dulles with three stops in the eastern portion of the county. Loudoun County, located west of Washington, D.C., is among the fastest growing counties in the country. Population, estimated at 363,050 in 2014, nearly doubled during the last decade and is expected to continue growing, albeit at a slower rate, as development related to Dulles International Airport and the nation's capital attracts jobs to the county. While the county maintains significant agricultural activity and open land in its western portion, the eastern portion has become increasingly developed - benefitting Dulles Greenway - with tremendous single- and multi-family and commercial real estate development. According to county forecasts through 2040, the population is expected to grow 1.14% annually while housing units are expected to grow 1.34% annually. This recent corridor growth has supported the Greenway's traffic profile in recent years. Traffic during fiscal 2014 (ending Dec. 31) grew 3.0%, to 17.68 million transactions, and is currently up an additional 4.7% through July, representing a conservative year-end Fitch-estimate of 18.51 million transactions. Traffic hit a 10-year trough in fiscal 2011, at 16.95 million transactions, but has since grown 1.43% annually. The county's wealth indicators are well above state and national averages, and unemployment remained low at 4% as of February 2015. The county's median household income is more than double (230%) the national average and 92% higher than the state average. As traffic on the Dulles Greenway is primarily driven by commuters, revenue performance will largely be dependent on elasticity of demand and the economic performance of the region. Revenue has continued to grow due to annual toll increases, despite the 10 year traffic decline and only slight, recent recovery. The most recent of these toll increases, of 2.8%, occurred in March 2015. Revenue grew 5.2%, to $78.47 million, in fiscal 2014, and is currently up an additional 7.6% through July, representing a conservative year-end Fitch-estimate of $84.44 million. Comparing a similar three year historic period as traffic, revenue has grown 5.6% annually since the traffic low in 2011. Fitch views favorably the scheduled toll hikes and the continued acknowledgement of the SCC that TRIP II should be allowed to raise rates to comply with covenants to bondholders as it adds certainty to the amount and timing of increases through 2020. Additionally, the inflationary nature of the increases moderate the political risk associated with future toll increases. Operating costs during fiscal 2014 held relatively consistent with fiscal 2013, moderately decreasing 1%, after growing 14% during the prior year related to increased property tax and administrative costs. Property tax increases are allowed to be passed through via ad hoc toll increases in order to offset them, noted by last year's additional three cent toll increase for payment of increased local property taxes to Loudoun County and the Town of Leesburg. Debt service coverage in fiscal 2014 remained constant with the prior year's 1.09x which is calculated using the Planned Mandatory Early Redemption Schedule. Using the initial scheduled debt service, coverage was 1.78x. The Planned Early Redemption Schedule uses excess funds to defease the series 2005 bonds prior to their maturity in order to smooth the debt service profile. Leverage is currently in the 14.5x range and Fitch anticipates coverage to remain in the 1.05 - 1.10x range in the near term. On Feb. 15, 2015, TRIP II redeemed $24.2 million of the 2005A bonds in accordance with the Mandatory Early Redemption clause contained in the Fourth Supplemental Indenture. Fitch's base case assumes traffic growth of less than 1% from 2014 and in this scenario actual debt service coverage based on the mandatory redemption schedule would remain below the minimum coverage level requiring continued trapping of cash in the near term but then grows to over 1.25x in 2019, calculated without giving credit to the effects of the early series 1999 redemptions pursuant to the Seventh Supplemental Trust Agreement; and, per that calculation, TRIP II would be able to make distributions to investors. Fitch notes that the flexibility of the debt structure allows for lower scheduled debt service payments, which provides some relief in the near term but only increases the burden in the back end. Under a rating case that contemplates flat-to-declining traffic, coverage ratios border 1.0x over an extended time period. Should this traffic profile play out, and be viewed as more permanent, negative rating action would be likely. TRIP II is the special purpose company that owns the Dulles Greenway. The Dulles Greenway is a six-lane, 14-mile, limited access toll highway in Loudoun County, Virginia, a suburb of Washington, DC, connecting Dulles International Airport with US-15 in Leesburg. It serves as an extension of the state-owned Dulles Toll Road, which connects Dulles Airport and other high density employment centers in the corridor to the rest of the Washington metropolitan area. The two toll roads connect at a toll plaza, where drivers pay a single toll that is divided by the two operators. SECURITY The senior bondholders have a first priority lien on the security interest within the Trust Estate which includes all of the rights to net revenue, real estate interest, rights under the easements and rights, title and interest in the equipment. VERDE VALLEY: Ariz. App. Vacates Dismissal of Suit vs. Stonekings ----------------------------------------------------------------- Verde Valley Plaza, LLC, appeals the dismissal of its action against Brian Stoneking and Jane Doe Stoneking. The primary issue on appeal is whether the superior court erred in dismissing VVP's complaint against Stoneking based on judicial estoppel. In a memorandum decision dated Aug. 27, 2015, the Court of Appeals of Arizona, Division One, vacated the judgment of dismissal and remanded for further proceedings. In support of its decision, the Court ruled that "Stoneking has not established as a matter of law that VVP took an inconsistent position in the bankruptcy proceeding and obtained judicial relief resulting from that position. The inconsistent position must have been a factor in the relief obtained." The case is VERDE VALLEY PLAZA, LLC, a California limited liability company, Plaintiff/Appellant, v. BRIAN STONEKING and JANE DOE STONEKING, a married couple, Defendants/Appellees, NO. 1 CA-CV 14-0160 (Ariz. App.). A full-text copy of the Decision is available at http://is.gd/90eAsUfrom Leagle.com. Cottonwood, Arizona-based Verde Valley Plaza, LLC, dba DH Verde, LLC, sought bankruptcy protection under Chapter 11 of the Bankruptcy Code on Nov. 17, 2011 (Bankr. D. Ariz., Case No. 11-31874). The case is assigned to Judge Redfield T. Baum PCT Sr. The Debtor's counsel is Michael W. Carmel, Esq., in Phoenix, Arizona. YOUSIF HALLOUM: Ex-Attys Win Summary Judgment in Malpractice Suit ----------------------------------------------------------------- Judge Christopher M. Klein of the United States Bankruptcy Court for the Eastern District of California, in a memorandum decision dated Aug. 27, 2015, concluded that there is no genuine issue of material fact remaining for trial in the adversary proceeding captioned YOUSIF H. HALLOUM, et al., Plaintiff(s), v. HILTON A. RYDER, et al., Defendant(s), ADVERSARY NO. 15-2091 (Bankr. E.D. Calif.), and the movants are entitled to judgment as a matter of law. The adversary proceeding was originally filed by Yousif H. Halloum and Iman Y. Halloum in the Superior Court of California, County of San Francisco, on February 13, 2015, as case number CGC-15-544168. It seeks redress for the loss of the plaintiffs' business as the result of a bankruptcy case pending in the bankruptcy court. All defendants filed motions for summary judgment. The bankruptcy case is In re: YOUSIF H. HALLOUM, Debtor(s), CASE NO. 12-21477-C-7 (Bankr. E.D. Calif.). A full-text copy of Judge Klein's Decision is available at http://is.gd/YLmAB8from Leagle.com. Katzen & Schuricht, Defendant, represented by David I. Katzen, Esq. -- katzen@ksfirm.com Scott H. McNutt, Defendant, represented by Michael C. Abel, Esq. -- mcabel@ml-sf.com -- and Scott H. McNutt, Esq. -- smcnutt@ml-sf.com -- at McNutt Law Group, LLP. Hilton A. Ryder, Defendant, represented by Hilton A. Ryder, Esq. -- hilton.ryder@mccormickbarstow.com -- at McCormick Barstow LLP. ZEBRA TECHNOLOGIES: S&P Affirms 'BB-' CCR, Outlook Stable --------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Lincolnshire, Ill.-based Zebra Technologies Corp. The outlook is stable. At the same time, S&P raised its issue-level rating to 'B+' from 'B' on the company's $1.05 billion unsecured notes due 2022 and revised S&P's recovery rating to '5' from '6'. The '5' recovery rating indicates S&P's expectation for modest recovery (10% to 30%, in the lower half of the range) in the event of payment default. In addition, S&P affirmed its 'BB+' issue-level rating on the company's senior secured debt. The '1' recovery rating is unchanged and reflects S&P's expectation for very high recovery (90% to 100%) in the event of payment default. "The rating action reflects our view that recovery prospects for unsecured lenders have improved following the repayment of $130 million of the company's term loan," said Standard & Poor's credit analyst Christian Frank. The stable outlook reflects S&P's view that Zebra's leading market positions and cost saving opportunities are likely to result in leverage of less than 5x in 2016. ZLOOP INC: Cases Jointly Administered for Procedural Purposes ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized the joint administration of the Chapter 11 cases of ZLOOP, Inc., et al., for procedural purposes only. The cases will be administered under ZLOOP, Inc., Case No. 15-11660. About ZLOOP, Inc. ZLOOP, Inc., and two affiliates sought Chapter 11 protection (Bankr. D. Del.) on Aug. 9, 2015. The Court on Aug. 11, 2015, granted the joint administration of the Debtors' Chapter 11 cases, with the docket to be maintained at the docket for ZLOOP, Case No. 15-11660. ZLOOP operates a proprietary, state of the art, 100% landfill free eWaste recycling company headquartered in Hickory, North Carolina. The Debtors tapped DLA Piper LLP as counsel. As of the Petition Date, the Debtors' unaudited consolidated balance sheet reflect total assets of approximately $25 million, including the land and improvements, but excluding certain commodity inventories that are the output of eWaste recycling, and total liabilities of approximately $32 million. ZLOOP INC: Proposes Oct. 30, 2015 Gen. Claims Bar Date ------------------------------------------------------ ZLOOP, Inc., et al., ask the U.S. Bankruptcy Court for the District of Delaware to establish these claims bar dates as deadlines in relation to the Chapter 11 cases of ZLOOP, Inc., et al.: a) Oct. 30, 2015, as the deadline for all persons or entities, to file proofs of claims (the general claim deadline); b) Feb. 5, 2016, as the deadline for all governmental units to file proofs of claims (the government claim deadline); and c) Oct. 30, 2015 as the deadline for all persons or entities to file claim requests. Proofs of Claims must be received by the Clerk of Court at this address: By regular US Mail, messenger or overnight delivery: United States Bankruptcy Court Attn: Claims 824 Market Street, 3rd Floor Wilmington, DE 19801 About ZLOOP, Inc. ZLOOP, Inc., and two affiliates sought Chapter 11 protection (Bankr. D. Del.) on Aug. 9, 2015. The Court on Aug. 11, 2015, granted the joint administration of the Debtors' Chapter 11 cases, with the docket to be maintained at the docket for ZLOOP, Case No. 15-11660. ZLOOP operates a proprietary, state of the art, 100% landfill free eWaste recycling company headquartered in Hickory, North Carolina. The Debtors tapped DLA Piper LLP as counsel. As of the Petition Date, the Debtors' unaudited consolidated balance sheet reflect total assets of approximately $25 million, including the land and improvements, but excluding certain commodity inventories that are the output of eWaste recycling, and total liabilities of approximately $32 million. ZLOOP INC: Taps Miller Industrial To Market Nevada Property ----------------------------------------------------------- ZLOOP, Inc., et al., ask the U.S. Bankruptcy Court for the District of Delaware for permission to employ Miller Industrial Properties, LLC, as real estate broker with respect to the sale of their Nevada facility. The Court will consider the Debtors' request at a hearing on Sept. 24, 2015 at 11:00 a.m. Objections if any, are due Sept. 9, at 4:00 p.m. Debtor ZLOOP Nevada, LLC owns certain real property located at 190 Resource Drive, Fernley, Nevada (the "Nevada Facility"). While the Debtors purchased the Nevada Facility with an eye towards expanding their operations, as a result of the circumstances leading to the commencement of these chapter 11 cases, the Nevada Facility never became operational. Therefore, the Nevada Facility is an excess assets of the Debtors that they now seek to sell. Miller Industrial will, among other things: a) consult with the Debtors to discuss the Debtors' goals, objectives, and financial parameters in relation to the Nevada Facility; b) market the Nevada Facility for sale, including arranging for site visits and providing a data-room for interested parties; and c) serve as broker for the sale of the Nevada Facility. The Debtors intend that Miller's services will complement, and not duplicate, the services to be rendered by DLA Piper LLP (US), Miller Coffey Tate LLP, and any other professional retained by the Debtors in the chapter 11 cases. Miller will be paid a commission fee of six percent (6%) of the gross sales price in any disposition of the Nevada property. To the best of the Debtors' knowledge, Miller is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About ZLOOP, Inc. ZLOOP, Inc., and two affiliates sought Chapter 11 protection (Bankr. D. Del.) on Aug. 9, 2015. The Debtors have sought and obtained an order granting joint administration of their Chapter 11 cases, with the docket to be maintained at the docket for ZLOOP, Case No. 15-11660. ZLOOP operates a proprietary, state of the art, 100% landfill free eWaste recycling company headquartered in Hickory, North Carolina. The Debtors tapped DLA Piper LLP as counsel. As of the Petition Date, the Debtors' unaudited consolidated balance sheet reflect total assets of approximately $25 million, including the land and improvements, but excluding certain commodity inventories that are the output of eWaste recycling, and total liabilities of approximately $32 million. ZLOOP INC: Wants to Hire DLA Piper as Bankruptcy Counsel -------------------------------------------------------- ZLOOP, Inc., et al., ask the U.S. Bankruptcy Court for the District of Delaware for permission to employ DLA Piper LLP (US) as counsel nunc pro tunc to the Petition Date. The Debtor will pay the firm's standard hourly rates and reimburse actual and necessary out-of-pocket expenses. To the best of the Debtors' knowledge, DLA Piper is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About ZLOOP, Inc. ZLOOP, Inc., and two affiliates sought Chapter 11 protection (Bankr. D. Del.) on Aug. 9, 2015. The Debtors have sought and obtained an order granting joint administration of their Chapter 11 cases, with the docket to be maintained at the docket for ZLOOP, Case No. 15-11660. ZLOOP operates a proprietary, state of the art, 100% landfill free eWaste recycling company headquartered in Hickory, North Carolina. The Debtors tapped DLA Piper LLP as counsel. As of the Petition Date, the Debtors' unaudited consolidated balance sheet reflect total assets of approximately $25 million, including the land and improvements, but excluding certain commodity inventories that are the output of eWaste recycling, and total liabilities of approximately $32 million. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE ABT CN 149.9 (13.1) (8.1) ABSOLUTE SOFTWRE ALSWF US 149.9 (13.1) (8.1) ABSOLUTE SOFTWRE OU1 GR 149.9 (13.1) (8.1) ADV MICRO DEVICE AMD* MM 3,381.0 (141.0) 1,052.0 ADVANCED EMISSIO ADES US 106.4 (46.1) (15.3) ADVENT SOFTWARE ADVS US 424.8 (50.1) (110.8) AEROJET ROCKETDY AJRD US 1,898.1 (95.6) 143.6 AEROJET ROCKETDY GCY TH 1,898.1 (95.6) 143.6 AEROJET ROCKETDY GCY GR 1,898.1 (95.6) 143.6 AIR CANADA AC CN 12,374.0 (388.0) (53.0) AIR CANADA ADH2 TH 12,374.0 (388.0) (53.0) AIR CANADA ACDVF US 12,374.0 (388.0) (53.0) AIR CANADA ADH2 GR 12,374.0 (388.0) (53.0) AIR CANADA ACEUR EU 12,374.0 (388.0) (53.0) AK STEEL HLDG AKS* MM 4,335.4 (463.0) 863.4 ALLIANCE HEALTHC AIQ US 566.4 (89.6) 50.1 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMYLIN PHARMACEU 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US 352.0 (15.8) 5.5 DIRECTV DTVEUR EU 25,321.0 (3,463.0) 1,360.0 DIRECTV DIG1 GR 25,321.0 (3,463.0) 1,360.0 DIRECTV DTV CI 25,321.0 (3,463.0) 1,360.0 DIRECTV DTV US 25,321.0 (3,463.0) 1,360.0 DOMINO'S PIZZA DPZ US 597.9 (1,245.7) 135.3 DOMINO'S PIZZA EZV GR 597.9 (1,245.7) 135.3 DOMINO'S PIZZA EZV TH 597.9 (1,245.7) 135.3 DUN & BRADSTREET DNB US 2,092.7 (1,217.9) (412.7) DUN & BRADSTREET DNB1EUR EU 2,092.7 (1,217.9) (412.7) DUN & BRADSTREET DB5 TH 2,092.7 (1,217.9) (412.7) DUN & BRADSTREET DB5 GR 2,092.7 (1,217.9) (412.7) DUNKIN' BRANDS G DNKN US 3,358.7 (87.9) 269.5 DUNKIN' BRANDS G 2DB GR 3,358.7 (87.9) 269.5 DUNKIN' BRANDS G 2DB TH 3,358.7 (87.9) 269.5 DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7 DURATA THERAPEUT DRTX US 82.1 (16.1) 11.7 DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7 EDGEN GROUP INC EDG US 883.8 (0.8) 409.2 ENERGIZER HOLDIN EGG QT 1,117.1 (296.9) 316.4 ENERGIZER HOLDIN ENR-WEUR EU 1,117.1 (296.9) 316.4 ENERGIZER HOLDIN ENR US 1,117.1 (296.9) 316.4 EOS PETRO INC EOPT US 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TRANSN QTS GR 3,341.8 (701.7) 866.0 RAYONIER ADV RYAM US 1,261.0 (51.1) 188.6 RAYONIER ADV RYQ GR 1,261.0 (51.1) 188.6 REGAL ENTERTAI-A RGC* MM 2,590.9 (890.9) (107.2) REGAL ENTERTAI-A RETA GR 2,590.9 (890.9) (107.2) REGAL ENTERTAI-A RGC US 2,590.9 (890.9) (107.2) RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4) RENTECH NITROGEN 2RN GR 328.0 (73.5) 43.7 RENTECH NITROGEN RNF US 328.0 (73.5) 43.7 RENTPATH INC PRM US 208.0 (91.7) 3.6 REVLON INC-A REV US 1,926.6 (629.2) 322.1 REVLON INC-A RVL1 GR 1,926.6 (629.2) 322.1 RURAL/METRO CORP RURL US 303.7 (92.1) 72.4 RYERSON HOLDING 7RY GR 1,855.4 (114.9) 681.2 RYERSON HOLDING 7RY TH 1,855.4 (114.9) 681.2 RYERSON HOLDING RYI US 1,855.4 (114.9) 681.2 SALLY BEAUTY HOL SBH US 2,189.6 (190.2) 819.6 SALLY BEAUTY HOL S7V GR 2,189.6 (190.2) 819.6 SANCHEZ ENERGY C SN US 1,935.3 (53.1) 206.7 SANCHEZ ENERGY C 13S GR 1,935.3 (53.1) 206.7 SANCHEZ ENERGY C SN* MM 1,935.3 (53.1) 206.7 SANCHEZ ENERGY C 13S TH 1,935.3 (53.1) 206.7 SBA COMM CORP-A SBJ TH 7,751.9 (1,133.2) 30.4 SBA COMM CORP-A SBACEUR EU 7,751.9 (1,133.2) 30.4 SBA COMM CORP-A SBAC US 7,751.9 (1,133.2) 30.4 SBA COMM CORP-A SBJ GR 7,751.9 (1,133.2) 30.4 SCIENTIFIC GAM-A TJW GR 9,486.5 (260.1) 741.2 SCIENTIFIC GAM-A SGMS US 9,486.5 (260.1) 741.2 SEARS HOLDINGS SEE TH 13,186.0 (906.0) 2,092.0 SEARS HOLDINGS SEE GR 13,186.0 (906.0) 2,092.0 SEARS HOLDINGS SHLD US 13,186.0 (906.0) 2,092.0 SILVER SPRING NE 9SI GR 517.9 (104.9) (38.1) SILVER SPRING NE 9SI TH 517.9 (104.9) (38.1) SILVER SPRING NE SSNI US 517.9 (104.9) (38.1) SIRIUS XM CANADA SIICF US 297.1 (132.8) (177.9) SIRIUS XM CANADA XSR CN 297.1 (132.8) (177.9) SPIN MASTER -SVC SP9 GR 280.5 (52.3) (156.7) SPIN MASTER -SVC TOY CN 280.5 (52.3) (156.7) SPORTSMAN'S WARE 06S GR 325.9 (24.2) 81.4 SPORTSMAN'S WARE SPWH US 325.9 (24.2) 81.4 STINGRAY - SUB V RAY/A CN 128.2 (17.8) (41.0) STINGRAY DIG-VSV RAY/B CN 128.2 (17.8) (41.0) SUPERVALU INC SVU US 4,491.0 (561.0) (77.0) SUPERVALU INC SJ1 GR 4,491.0 (561.0) (77.0) SUPERVALU INC SJ1 TH 4,491.0 (561.0) (77.0) SYNERGY PHARMACE SGYP US 164.8 (21.9) 147.2 SYNERGY PHARMACE S90 GR 164.8 (21.9) 147.2 SYNERGY PHARMACE SGYPEUR EU 164.8 (21.9) 147.2 THERAVANCE THRX US 462.1 (294.0) 231.7 THERAVANCE HVE GR 462.1 (294.0) 231.7 THRESHOLD PHARMA NZW1 GR 73.9 (26.3) 46.6 THRESHOLD PHARMA THLD US 73.9 (26.3) 46.6 TRANSDIGM GROUP TDG US 8,350.4 (1,169.0) 1,349.8 TRANSDIGM GROUP T7D GR 8,350.4 (1,169.0) 1,349.8 TRINET GROUP INC TN3 GR 1,557.0 (7.9) 50.7 TRINET GROUP INC TNET US 1,557.0 (7.9) 50.7 TRINET GROUP INC TNETEUR EU 1,557.0 (7.9) 50.7 TRINET GROUP INC TN3 TH 1,557.0 (7.9) 50.7 UNISYS CORP USY1 TH 2,163.6 (1,455.9) 177.2 UNISYS CORP UIS US 2,163.6 (1,455.9) 177.2 UNISYS CORP UISEUR EU 2,163.6 (1,455.9) 177.2 UNISYS CORP USY1 GR 2,163.6 (1,455.9) 177.2 UNISYS CORP UISCHF EU 2,163.6 (1,455.9) 177.2 UNISYS CORP UIS1 SW 2,163.6 (1,455.9) 177.2 VECTOR GROUP LTD VGR GR 1,462.8 (1.7) 514.4 VECTOR GROUP LTD VGR US 1,462.8 (1.7) 514.4 VENOCO INC VQ US 598.9 (151.0) 207.6 VERISIGN INC VRSN US 2,570.7 (994.3) (15.0) VERISIGN INC VRS GR 2,570.7 (994.3) (15.0) VERISIGN INC VRS TH 2,570.7 (994.3) (15.0) VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8) VERSEON CORP VSN LN - - - VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3) W&T OFFSHORE INC WTI US 2,085.0 (0.8) (95.1) W&T OFFSHORE INC UWV GR 2,085.0 (0.8) (95.1) WEIGHT WATCHERS WTW US 1,341.2 (1,347.5) (207.2) WEIGHT WATCHERS WW6 GR 1,341.2 (1,347.5) (207.2) WEIGHT WATCHERS WTWEUR EU 1,341.2 (1,347.5) (207.2) WEIGHT WATCHERS WW6 TH 1,341.2 (1,347.5) (207.2) WEST CORP WSTC US 3,549.9 (625.9) 265.3 WEST CORP WT2 GR 3,549.9 (625.9) 265.3 WESTERN REFINING WNRL US 441.6 (27.7) 66.8 WESTERN REFINING WR2 GR 441.6 (27.7) 66.8 WESTMORELAND COA WME GR 1,777.6 (422.8) 40.1 WESTMORELAND COA WLB US 1,777.6 (422.8) 40.1 WINGSTOP INC EWG GR 117.4 (17.4) 6.0 WINGSTOP INC WING US 117.4 (17.4) 6.0 WINMARK CORP GBZ GR 45.3 (41.5) 11.5 WINMARK CORP WINA US 45.3 (41.5) 11.5 WYNN RESORTS LTD WYR GR 9,283.0 (110.7) 860.6 WYNN RESORTS LTD WYNN US 9,283.0 (110.7) 860.6 WYNN RESORTS LTD WYNN* MM 9,283.0 (110.7) 860.6 WYNN RESORTS LTD WYR TH 9,283.0 (110.7) 860.6 WYNN RESORTS LTD WYR QT 9,283.0 (110.7) 860.6 WYNN RESORTS LTD WYNNCHF EU 9,283.0 (110.7) 860.6 WYNN RESORTS LTD WYNN SW 9,283.0 (110.7) 860.6 XERIUM TECHNOLOG TXRN GR 578.2 (95.4) 75.9 XERIUM TECHNOLOG XRM US 578.2 (95.4) 75.9 YRC WORLDWIDE IN YRCW US 1,968.6 (445.2) 200.4 YRC WORLDWIDE IN YEL1 TH 1,968.6 (445.2) 200.4 YRC WORLDWIDE IN YEL1 GR 1,968.6 (445.2) 200.4 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***