/raid1/www/Hosts/bankrupt/TCR_Public/150915.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 15, 2015, Vol. 19, No. 258
Headlines
ALLIANCE LAUNDRY: S&P Affirms 'B' CCR, Outlook Stable
AMERICAN EAGLE ENERGY: Canaccord Approved as Investment Banker
AMERICAN EAGLE ENERGY: Conway Mackenzie Okayed as Panel's Advisor
AMERICAN EAGLE ENERGY: Jones & Keller Okayed as Panel's Co-counsel
AMR CORPORATION: Court Rules on Bid to Dismiss Pilots' Class Suit
ANSWERS CORP: S&P Lowers CCR to 'CCC+', Outlook Stable
BAHA MAR: Objects to Rosewood Hotels's Bid to Modify Stay
BANK OF FLORIDA SOUTHWEST: FDIC to End Receivership
BINDER & BINDER: Creditors' Committee Members Down to Three
BINDER & BINDER: Oct. 30 Set as Deadine to File Proofs of Claim
BLUE SUN: U.S. Trustee Appoints Five-Member Creditors' Committee
BULLIONDIRECT INC: Court Approves Unique Strategies as Advisor
CENTRAL OKLAHOMA: Grooms Irrigation Allowed to Proceed with Suit
CENTRAL OKLAHOMA: Plan Outline Approval Taken Into Advisement
COLT DEFENSE: Bids Due Oct. 16, Auction Set for Oct. 20
COLT DEFENSE: Court Approves Procedures Governing Asset Sale
COUTURE HOTEL: Plan Must be Corrected to Obtain Confirmation
DAYS INN: Holloway Lodging Acquires Hotel for $2.1 Million
DETROIT SERVICE: S&P Affirms 'BB-' Rating on 2011 Refunding Bonds
DICKINSON STATE: North Dakota AG Seeks to Dissolve Foundation
DIVERSE ENERGY: Court OKs Agreement with Nations on Equipment Lease
DIVERSE ENERGY: Court Orders Joint Administration of Ch. 11 Cases
DIVERSE ENERGY: Section 341 Meeting Scheduled for Oct. 8
DIVERSE ENERGY: Wants to Use Lender's Cash Collateral
DRUMMOND CO: S&P Affirms 'BB' CCR & Revises Outlook to Negative
ENCLAVE AT BOYNTON: Files Schedules of Assets and Liabilities
F-SQUARED INVESTMENT: Court Approves Asset Sale to Broadmeadow
FIRSTENERGY CORP: Fitch Retains 'BB+' IDR Over PJM Developments
GALLERY MOTORS: Case Summary & 4 Largest Unsecured Creditors
HAGGEN HOLDINGS: Wins Interim Approval to Obtain $215MM Financing
HD SUPPLY: Posts $109 Million Net Income for Second Quarter
HEALTH DIAGNOSTIC: Seeks Authority to Sell CML Assets
HEALTH DIAGNOSTICS: True Health Diagnostics Acquires Business
HEALTHSOUTH CORP: S&P Assigns 'B+' Rating on New $300MM Notes
JOAN FABRICS: 2007 Tax Lien "Permitted Encumbrance," 3rd Cir Says
KID BRANDS: Taps CohnReznick to Prepare Federal Tax Returns
LEHR CONSTRUCTION: Samuels May Prosecute State Court Action
LEXINGTON ROAD: Case Summary & 3 Largest Unsecured Creditors
LONGVIEW POWER: Seeks Issuance of Final Decree
MOLYCORP INC: KEIP Challenged by Committee, Noteholders
MOLYCORP INC: Proposes Bonuses to 7 Senior Execs
MOLYCORP INC: Proposes Retention Plan for Key Employees
MOTORS LIQUIDATION: Court Denies Access to GUC Trust Assets
NAVEX ACQUISITION: S&P Retains 'B-' Rating Over $53MM Loan Add-on
NII HOLDINGS: Court Issues Plan Confirmation Memorandum Decision
NN INC: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable
NNN MET: Taps Elkington Shepherd as Local Bankruptcy Counsel
ORCHARD VALE: Case Summary & 14 Largest Unsecured Creditors
OSV DETERMINATION: Case Summary & 4 Largest Unsecured Creditors
PLEASE TOUCH MUSEUM: Seeks to Use U.S. Bank's Cash Collateral
POSITRON CORP: Seeks Dismissal of Chap. 11 Involuntary Case
PRINCE INTERNATIONAL: S&P Affirms 'B-' CCR, Outlook Stable
QUIKSILVER RESOURCES: Gordon Brothers, Hilco Lead Store Closings
RADIOSHACK CORP: Standard General, et al. Balk at Amended Plan
RAILYARD COMPANY: Amends William F. Davis Employment Application
RESPONSE GENETICS: Amends List of 20 Largest Unsecured Creditors
SIGNAL INTERNATIONAL: 2nd Amendment to Interim DIP Order Approved
SUNTECH AMERICA: Needs Until Jan. 2016 to File Plan
TRANS COASTAL: Seeks Court Approval to Hire B&B as Accountant
TRANS COASTAL: Taps Altus Global as Collection Agent
TRANS COASTAL: Taps Simmons Hanly to Pursue Syngenta Claims
UNIVERSAL PROPERTIES: Voluntary Chapter 11 Case Summary
WASHINGTON HEIGHTS: Sept. 30 Set as General Claims Bar Date
XFIRE HOLDING: Case Summary & 15 Largest Unsecured Creditors
XINERGY LTD: Has Until Nov. 12 to Propose Chapter 11 Plan
[*] MyBKHelp Provides Free Assessment for Bankruptcy Cases
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*********
ALLIANCE LAUNDRY: S&P Affirms 'B' CCR, Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Ripon, Wis.-based Alliance Laundry Systems LLC.
The outlook is stable.
At the same time, S&P is withdrawing its 'B' issue-level rating on
Alliance Laundry's first-lien senior secured credit facilities and
revolver and its 'CCC+' issue-level rating on the company's
second-lien senior secured credit facilities following the
company's successful refinancing.
"The rating affirmation reflects our expectation of continued solid
operating performance, which should support a gradual improvement
of credit metrics following the recent increase in leverage
following the buyout," said Standard & Poor's credit analyst
Beverly Correa. "This anticipation reflects our expectations that
the company continues to grow its EBITDA base following the Primus
acquisition in 2014 and applies excess cash flows toward debt
reduction."
At the close of this transaction, S&P estimates the company has $1
billion in adjusted debt outstanding, including its preferred
equity adjustment of $425 million, which S&P views as a debt
equivalent.
AMERICAN EAGLE ENERGY: Canaccord Approved as Investment Banker
--------------------------------------------------------------
American Eagle Energy Corporation and AMZG, Inc. sought and
obtained permission from the Hon. Howard R. Tallman of the U.S.
Bankruptcy Court for the District of Colorado to employ Canaccord
Genuity, Inc. as investment banker and financial advisor, nunc pro
tunc to May 8, 2015 petition date.
The Debtors require Canaccord to:
(a) review and analyze the Debtors' business and financial
projections;
(b) evaluate the Debtors' strategic and financial alternatives;
(c) assist the Debtors to negotiate, refinance, restructure,
defer or amend the maturity of, principal amount of, or
interest rate or yield of, exchange, or otherwise pay off
some or all of the Debtors' existing indebtedness;
(d) assist the Debtors in evaluating, structuring, negotiating
and implementing potential Transactions;
(e) assist the Debtors in preparing descriptive material to be
provided to potential parties that might participate in
potential Transactions;
(f) develop, update and review with the Debtors on an ongoing
basis a list of parties that might participate in potential
transactions;
(g) contact potential parties to potential transactions;
(h) provide summaries to the Debtors of communications with
potential parties to potential transactions;
(i) assist the Debtors and its counsel with evaluating
potential term sheets, indications of interest, letters of
intent and other Transaction agreements;
(j) evaluate, structure and negotiate the terms and conditions
of any proposed Transaction, whether in connection with a
confirmed chapter 11 plan or otherwise;
(k) together with the Debtors and its counsel, prepare for and
participate in meetings with the Debtors' existing lenders,
creditor groups, official constituencies and other
interested parties, as necessary;
(l) if requested by the Debtors and its counsel, participate in
hearings before the Court and provide relevant testimony
with respect to the matters described herein and arising in
connection with any Transaction or any proposed Plan;
(m) assist the Debtors and its counsel in negotiating
agreements and definitive contracts for Transactions;
(n) assist in the development of financial data (including
weekly cash flow forecasts, budget-to-actual comparisons,
analysis of accounts receivable, and analysis of accounts
payable), and participate in presentations to the Debtors'
Board of Directors, representatives, creditors, committees,
and other parties, providing such on-site presence as the
Debtors shall reasonably request;
(o) provide the Debtors with other advisory services in
connection with a Transaction as the Debtors and Canaccord
may mutually agree upon; and
(p) perform other such services as Canaccord and the Debtors
shall mutually agree in a separate writing, subject to
Court approval.
The Debtors and Canaccord have agreed to this compensation and
expense structure:
-- Monthly Retainer Fees. A monthly fee in the amount of
$75,000 due, earned and payable in advance in full, on the
date hereof and the first business day of every month
thereafter ("Monthly Retainer Fees"); provided however, to
the extent that the Services provided to Debtors are
reduced, the Debtors and Canaccord shall work together to
amend the Monthly Retainer Fee as appropriate for such
anticipated changes.
-- New Capital Fee. A new capital fee upon the consummation of
a New Capital Transaction, calculated by multiplying the
applicable fee percentage by the total gross proceeds raised
or committed pursuant to an executed final definitive
agreement as set forth below:
Funds Raised Fee %
------------ -----
Debt 3.00%
Equity or Equity Equivalents 6.00%
-- Recapitalization Fee. A recapitalization fee equal to
$1,750,000 upon the consummation of any Recapitalization
Transaction.
-- M&A Transaction Fee. Upon the consummation of a M&A
Transaction, a fee ("M&A Fee") equal to 2.0% of Aggregate
Consideration, subject to a $1,500,000 minimum fee.
-- Multiple Transactions. Canaccord shall be paid all
applicable fees in connection with a Transaction (e.g., if a
Transaction constitutes both a Recapitalization Transaction
and a New Capital Raise, then Canaccord shall be paid both
the Recapitalization Fee and the New Capital Fee), but such
fees shall be without duplication and calculated ratably
with respect to such proceeds raised or Aggregate
Consideration, as the case may be, and further provided,
Canaccord shall be entitled to the greater of such
applicable minimum fees.
-- Aggregate Consideration. For purposes hereof, the term
"Aggregate Consideration" means cumulative value of the M&A
Transaction, representing the total value of the Debtors
implied by the sum of (x) the total amount of cash and the
fair market value (on the date of payment) of all of the
property paid or payable in connection with the M&A
Transaction, including amounts paid or payable in respect
of, if any, convertible securities, preferred equity
securities, warrants, stock appreciation rights, option or
similar rights, whether or not vested, plus (y) the
principal amount of all indebtedness for borrowed money of
the Debtors as set forth on the most recent balance sheets
plus the excess of the projected liability of any pension
plan over its assets for the last completed reporting period
prior to close, or, in case of the sale of assets, all
liabilities assumed by the third party. If the Aggregate
Consideration is subject to increase by contingent payments
related to future events, the portion of Canaccord's fee
relating thereto shall be calculated by Canaccord in good
faith subject to the Debtors' reasonable approval, with the
full amount paid to Canaccord upon closing.
-- Calculation of Aggregate Consideration. For purposes of
calculating Aggregate Consideration: (i) in an M&A
Transaction involving the sale or transfer, directly or
indirectly, of 50% or more of the outstanding common stock
or other equity interest in, or assets of, the Debtors,
Aggregate Consideration shall be calculated as if 100% of
the outstanding common stock or other equity interest in, or
assets of, the Debtors were sold or transferred for the same
amount paid in such M&A Transaction; (ii) the value of any
security issuable in connection with a M&A Transaction will
be determined, if a publicly-traded security, on the basis
of the volume-weighted average of the closing prices for the
20 trading days prior to the closing, or, if the security is
not freely traded on the basis of the fair market value of
such security at closing as determined in good faith by
Canaccord and the Debtors; and (iii) the value of any
property transferred in connection with a Transaction will
be determined on the basis of the fair market value of such
property at closing as determined in good faith by Canaccord
and the Debtors.
Canaccord will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Geoffrey A. Richards, managing director of Canaccord, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Canaccord can be reached at:
Geoffrey A. Richards
CANACCORD GENUITY INC.
350 Madison Avenue
New York, NY 10017
Tel: (212) 389-8000
About American Eagle
Littleton, Colorado-based American Eagle Energy Corporation is
engaged in the acquisition, exploration and development of oil and
gas properties. The Company is primarily focused on extracting
proved oil reserves from those properties.
American Eagle Energy Corporation and its wholly-owned subsidiary,
AMZG, Inc., filed on May 8, 2015, voluntary petitions (Bankr. D.
Colo., Case No. 15-15073). The case is assigned to Judge Howard
R. Tallman. The Debtors are represented by Elizabeth A. Green,
Esq., at Baker & Hostetler LLP, in Orlando, Florida.
On May 13, 2015, Judge Tallman granted the Debtors' request for
joint administration.
American Eagle Energy Corporation disclosed total assets of
$21,980,687 and total liabilities of $193,604,113 as of the Chapter
11 filing.
The U.S. Trustee for Region 6, appointed seven creditors to serve
on the Official Committee of Unsecured Creditor. The Committee
tapped to retain Pachulski Stang Ziehl & Jones LLP as counsel.
AMERICAN EAGLE ENERGY: Conway Mackenzie Okayed as Panel's Advisor
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of American Eagle
Energy Corporation and its debtor-affiliates, sought and obtained
permission from the Hon. Howard R. Tallman of the U.S. Bankruptcy
Court for the District of Colorado to retain Conway Mackenzie as
financial advisor to the Committee, nunc pro tunc to May 20, 2015.
The Committee requires Conway Mackenzie to:
(a) assist in the analysis, review and monitoring of the
restructuring process, including, but not limited to an
assessment of potential recoveries for general unsecured
creditors;
(b) assist in the review of financial information prepared by
the Debtors, including, but not limited to, cash flow
projections and budgets, business plans, cash receipts and
disbursement analysis, asset and liability analysis, and
the economic analysis of proposed transactions for which
Court approval is sought;
(c) assist with the review of the Debtors' analysis of core and
non-core business assets and the potential disposition or
liquidation of the same;
(d) assist with review of any tax issues associated with, but
not limited to, preservation or net operating losses,
refunds due to the Debtors, plans of reorganization, and
asset sales;
(e) assist in the review and preparation of information and
analysis necessary for the confirmation of a plan and
related disclosure statement in these chapter 11
proceedings;
(f) attend meetings and assist in discussions with the Debtors,
potential investors, banks, other secured lenders, the
Committee and any other official committees organized in
these chapter 11 proceedings, the U.S. Trustee, other
parties in interest and professionals hired by the same, as
requested;
(g) assist in the review of financial related disclosures
required by the Court, including the Schedules of Assets
and Liabilities, the Statement of Financial Affairs and
Monthly Operating Reports;
(h) assist with the review of the Debtors' cost/benefit
analysis with respect to the affirmation or rejection of
various executory contracts and leases;
(i) assist in the evaluation, analysis, and forensic
investigation of avoidance actions, including fraudulent
conveyances and preferential transfers and certain
transactions between the Debtors and affiliated entities;
(j) assist in the prosecution of Committee responses/objections
to the Debtors' motions, including attendance at
depositions and provision of expert reports/testimony on
case issues as required by the Committee; and
(k) render such other general business consulting or such other
assistance as the Committee or its counsel may deem
necessary that are consistent with the role of a financial
advisor and not duplicative of services provided by other
professionals in this proceeding.
Conway Mackenzie will be paid at these hourly rates:
Senior Associate $400
Senior Managing Director $795
Conway Mackenzie will also be reimbursed for reasonable
out-of-pocket expenses incurred.
John T. Young Jr., senior managing director of Conway Mackenzie
will, assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtors and
their estates.
Conway Mackenzie can be reached at:
John T. Young Jr.
CONWAY MACKENZIE
1301 McKinney St., Ste. 2025
Houston, TX 77010
Tel: (713) 650-0500
Fax: (713) 650-0502
E-mail: JYoung@ConwayMacKenzie.com
About American Eagle
Littleton, Colorado-based American Eagle Energy Corporation is
engaged in the acquisition, exploration and development of oil and
gas properties. The Company is primarily focused on extracting
proved oil reserves from those properties.
American Eagle Energy Corporation and its wholly-owned subsidiary,
AMZG, Inc., filed on May 8, 2015, voluntary petitions (Bankr. D.
Colo., Case No. 15-15073). The case is assigned to Judge Howard
R. Tallman. The Debtors are represented by Elizabeth A. Green,
Esq., at Baker & Hostetler LLP, in Orlando, Florida.
On May 13, 2015, Judge Tallman granted the Debtors' request for
joint administration.
American Eagle Energy Corporation disclosed total assets of
$21,980,687 and total liabilities of $193,604,113 as of the Chapter
11 filing.
The U.S. Trustee for Region 6, appointed seven creditors to serve
on the Official Committee of Unsecured Creditor. The Committee
tapped to retain Pachulski Stang Ziehl & Jones LLP as counsel.
AMERICAN EAGLE ENERGY: Jones & Keller Okayed as Panel's Co-counsel
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of American Eagle
Energy Corporation and its debtor-affiliates, sought and obtained
permission from the Hon. Howard R. Tallman of the U.S. Bankruptcy
Court for the District of Colorado to retain Jones & Keller, P.C.
as local counsel to the Committee, nunc pro tunc to May 20, 2015.
The Committee requires Jones & Keller to:
(a) advise the Committee with respect to the powers and duties
of the Committee;
(b) consult with the Debtor and its affiliated debtors
concerning the administration of this and related cases;
(c) advise the Committee with respect to the powers and duties
of the Debtor in the continued operation of its business
and the management of its assets;
(d) investigate the acts, conduct, assets, liabilities, and
financial condition of the Debtor, the operation of the
Debtor's businesses and the desirability of the continuance
of such businesses, and any other matter relevant to the
cases or the formulation of a plan;
(e) advise the Committee with respect to the use, sale or lease
of property, financing and the rejection and assumption of
executory contracts and unexpired leases, among other
things;
(f) participate in the negotiation, formulation, and drafting
of a plan of reorganization, including modifications and
amendments, and advise the Committee regarding the
acceptance and confirmation process;
(g) draft, file and serve documents as requested by Pachulski,
including preparation of certificates of no objection,
certifications of counsel, and notices of fee applications
and motions;
(h) participate in any proceeding or hearing in the Bankruptcy
Court, any federal appellate court, or any other judicial
or administrative forum which any action or proceeding may
be pending that may affect the Debtor, its assets, or the
claims of its creditors;
(i) provide legal advice regarding local rules, practices, and
procedures and providing substantive and strategic advice
on how to accomplish Committee goals;
(j) review and comment on drafts of documents to ensure
compliance with local rules, practices and procedures;
(k) coordinate with Pachulski on pending matters that may need
responses;
(l) participate in meetings with the Committee; and
(m) provide additional administrative support to Pachulski as
requested.
Jones & Keller is proposed to serve as Colorado co-counsel for the
Committe with Pachulski as lead co-counsel.
Jones & Keller will be paid at these hourly rates:
Barry L. Wilkie $395
Where appropriate, Jones & Keller will use the services, of other
attorneys, paralegals, and other Jones & Keller personnel to
represent the Committee's interests efficiently and effectively.
The hourly rates of such other professionals will not exceed $395
per hour.
Jones & Keller will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Barry L. Wilkie, of Jones & Keller, assured the Court that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.
Jones & Keller can be reached at:
Barry L. Wilkie, Esq.
JONES & KELLER, P.C.
1999 Broadway, Suite 3150
Denver, CO 80202
Tel: (303) 573-1600
Fax: (303) 573-8133
E-mail: bwilkie@joneskeller.com
About American Eagle
Littleton, Colorado-based American Eagle Energy Corporation is
engaged in the acquisition, exploration and development of oil and
gas properties. The Company is primarily focused on extracting
proved oil reserves from those properties.
American Eagle Energy Corporation and its wholly-owned subsidiary,
AMZG, Inc., filed on May 8, 2015, voluntary petitions (Bankr. D.
Colo., Case No. 15-15073). The case is assigned to Judge Howard R.
Tallman. The Debtors are represented by Elizabeth A. Green, Esq.,
at Baker & Hostetler LLP, in Orlando, Florida.
On May 13, 2015, Judge Tallman granted the Debtors' request for
joint administration.
American Eagle Energy Corporation disclosed total assets of
$21,980,687 and total liabilities of $193,604,113 as of the Chapter
11 filing.
The U.S. Trustee for Region 6, appointed seven creditors to serve
on the Official Committee of Unsecured Creditor. The Committee
tapped to retain Pachulski Stang Ziehl & Jones LLP as counsel.
AMR CORPORATION: Court Rules on Bid to Dismiss Pilots' Class Suit
-----------------------------------------------------------------
Judge Sean H. Lane of the United States Bankruptcy Court for the
Southern District of New York granted in part and denied in part
the motion filed by American Airlines, Inc. to dismiss its pilots'
modified supplemental class action complaint.
In April 2001, American acquired the assets of former airline TWA,
including its unionized employees. At American, the plaintiffs,
who are American's pilots who previously worked at TWA, enjoyed
special job opportunities at the St. Louis hub until those
opportunities ended when the pilots' collective bargaining
agreement was abrogated in American's bankruptcy.
The plaintiffs alleged that their union -- the APA -- breached its
duty of fair representation in ten ways regarding plaintiffs' loss
of those special opportunities, including failing to fairly
represent the plaintiffs in an arbitration to provide job
protections. The plaintiffs sought a declaration voiding the
arbitrators' award, among other things.
In its motion to dismiss, American argued that some of the
plaintiffs' claims are precluded by the Section 1113 process before
the court or already rejected by a prior decision issued in the
adversary proceeding. American also contended that the plaintiffs
cannot challenge the results of the arbitration by filing a duty of
fair representation claim but must instead seek to directly vacate
the arbitration award.
Judge Lane dismissed the first four claims in light of the prior
proceedings before the court to abrogate the pilots' collective
bargaining agreement under Section 1113 of the Bankruptcy Code and
the court's subsequent approval of a new agreement.
Judge Lane, however, denied the rest of the motion. The judge
found that the plaintiffs have stated claims regarding the conduct
of the arbitration, the merits of which require further factual
development.
The bankruptcy case is In re: AMR CORPORATION, et al., Chapter 11,
Reorganized Debtors, CASE NO. 11-15463 (SHL)(Bankr. S.D.N.Y.).
The adversary proceeding is JOHN KRAKOWSKI, et al., Plaintiffs, v.
AMERICAN AIRLINES, INC., et al., Defendants, ADV. PRO. NO. 13-01283
(SHL)(S.D.N.Y.).
A full-text copy of Judge Lane's September 3, 2015 memorandum of
decision is available at http://is.gd/YK3yKtfrom Leagle.com.
John Krakowski is represented by:
Allen P. Press, Esq.
JACOBSON PRESS & FIELDS, P.C.
168 North Meramec Avenue Suite 150
Clayton, MO 63105
Tel: (314) 899-9789
Email: press@archcitylawyers.com
-- and --
Allen P. Press, Esq.
GREEN JACOBSON, P.C.
American Airlines, Inc. is represented by:
Jennifer Baldocchi, Esq.
Todd C. Duffield, Esq.
PAUL HASTINGS
515 South Flower Street 25th Floor
Los Angeles, CA 90071
Tel: (213) 683-6000
Fax: (213) 627-0705
Email: jenniferbaldocchi@paulhastings.com
Neal D. Mollen, Esq.
PAUL HASTINGS
875 15th Street, N.W.
Washington, D.C. 20005
Tel: (202) 551-1700
Fax: (202) 551-1705
Email: nealmollen@paulhastings.com
-- and --
Stephen Karotkin, Esq.
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, NY 10153-0119
Tel: (212) 310-8000
Fax: (212) 310-8007
Email: stephen.karotkin@weil.com
-- and --
David H. Luce, Esq.
CARMODY MACDONALD P.C.
120 S. Central Avenue Suite 1800
St. Louis, MO 63105
Tel: (314) 854-8600
Fax: (314) 854-8660
Email: dhl@carmodymacdonald.com
Allied Pilots Association is represented by:
Darin M. Dalmat, Esq.
Steven K. Hoffman, Esq.
Edgar N. James,Esq.
JAMES & HOFFMAN, P.C.
1130 Connecticut Avenue, N.W., Suite 950
Washington, D.C. 20036
Tel: (202) 496-0500
Fax: (202) 496-0555
Email: dmdalmat@jamhoff.com
skhoffman@jamhoff.com
ejames@jamhoff.com
-- and --
George O. Suggs, Esq.
SCHUCHAT, COOK & WERNER
1221 Locust Street, Ste 250
Saint Louis, MO 63103
Tel: (314) 732-1127
Fax: (314) 621-2378
-- and --
Joshua R. Taylor, Esq.
STEPTOE & JOHNSON LLP
1330 Connecticut Avenue, NW
Washington, DC 20036
Tel: (202) 429-3000
Fax: (202) 429-3902
Email: jrtaylor@steptoe.com
Garden City Group, Inc may be reached at:
Angela Ferrante, Esq.
GARDEN CITY GROUP, LLC
1985 Marcus Ave.
Lake Success, NY 11042
Tel: (800) 327-3664
Email: angela.ferrante@gardencitygroup.com
About American Airlines
AMR Corp. and its subsidiaries including American Airlines, the
third largest airline in the United States, filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan
on Nov. 29, 2011, after failing to secure cost-cutting labor
agreements.
AMR, previously the world's largest airline prior to mergers by
other airlines, is the last of the so-called U.S. legacy airlines
to seek court protection from creditors.
American Airlines, American Eagle and the AmericanConnection
carrier serve 260 airports in more than 50 countries and
territories with, on average, more than 3,300 daily flights. The
combined network fleet numbers more than 900 aircraft.
The Company reported a net loss of $884 million on $18.02 billion
of total operating revenues for the nine months ended Sept. 30,
2011. AMR recorded a net loss of $471 million in the year 2010, a
net loss of $1.5 billion in 2009, and a net loss of $2.1 billion in
2008.
AMR's balance sheet at Sept. 30, 2011, showed $24.72 billion
in total assets, $29.55 billion in total liabilities, and a
$4.83 billion stockholders' deficit.
Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law
Group, Chartered, are on board as special counsel. Rothschild
Inc., is the financial advisor. Garden City Group Inc. is the
claims and notice agent.
Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., and
Jay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP
serve as counsel to the Official Committee of Unsecured Creditors
in AMR's chapter 11 proceedings. Togut, Segal & Segal LLP is the
co-counsel for conflicts and other matters; Moelis & Company LLC
is the investment banker, and Mesirow Financial Consulting, LLC,
is the financial advisor.
ANSWERS CORP: S&P Lowers CCR to 'CCC+', Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on St. Louis based Answers Corp. to 'CCC+' from 'B-'.
The outlook is stable.
At the same time, S&P lowered its issue-level ratings on the
company's $325 million first-lien term loan due 2021 to 'CCC+' from
'B-'. The '3' recovery rating on this facility indicates S&P's
expectation for meaningful (50% to 70%; at the lower end of the
range) recovery in the event of a payment default. S&P also
lowered its issue-level rating on the company's $180 million
second-lien term loan due 2022 to 'CCC-' from 'CCC'. The '6'
recovery rating on this facility indicates S&P's expectation for
negligible (0% to 10%) recovery in the event of default.
"The downgrade reflects our expectation that Answers' credit
metrics will continue to worsen through the end of 2015, primarily
because of weakness in its promoted content business, Answers.com,"
said Standard & Poor's credit analyst Kenneth Fleming.
Answers Corp. operates in two business lines: Answer Cloud Services
(ACS), which was built through a number of acquisitions over the
past four years and offers content management and data analytic
services for brands and online retailers; and Answers.com, which
generates revenue through advertising.
The stable outlook reflects S&P's expectation that Answers is
likely to maintain break-even free cash flow and have access to its
$40 million revolving credit facility.
S&P could lower the rating if operating performance deteriorates
further or if liquidity becomes constrained.
Although unlikely over the coming year, S&P would consider an
upgrade or revise the outlook if the company can reverse negative
operating trends and show consistent year-over-year growth in
revenues and EBITDA.
BAHA MAR: Objects to Rosewood Hotels's Bid to Modify Stay
---------------------------------------------------------
Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., et
al., filed with the United States Bankruptcy Court for the District
of Delaware, an objection to the motion of Rosewood Hotels and
Resorts International Limited for an order modifying the automatic
stay to allow termination of license agreement and related
agreements with the Debtor Baha Mar Ltd.
The Debtors said that as a matter of law, alleged non-monetary
defaults may be cured if the default is not material or did not
cause substantial economic harm. According to the Debtors,
Rosewood's assertion that such defaults are "incurable," however,
is incorrect as a matter of both fact and law. Notwithstanding
Rosewood's conclusory and unsupported statements to the contrary,
the Debtors said they either have the ability to cure the purported
defaults, or are not required to cure them because they are neither
material nor have caused substantial economic harm to Rosewood. In
either event, these alleged defaults do not serve as a bar to the
Debtors' potential assumption of the Rosewood Hotel Agreements. Any
purported defaults under the Rosewood Hotel Agreements are capable
of cure, or are not required to be cured to be assumed or assigned.
Land ownership can be cured and Rosewood has suffered no
demonstrable harm as a result of the technical default.
The Debtors also said the technical default is capable of being
cured upon assumption: Baha Mar Ltd. could cause its wholly-owned
subsidiaries to transfer the Land to Baha Mar Ltd. upon receipt of
certain approvals by, among other third parties, the Government of
The Bahamas.
The Debtors also argued that modifying the stay will cause great
prejudice to the Debtors. Rosewood fails to cite even a single fact
to support its hollow assertion that the Debtors will not be
"greatly prejudiced" by a modification of the automatic stay to
allow Rosewood to terminate the Rosewood Hotel Agreements. To the
contrary, lifting the automatic stay to allow Rosewood to terminate
the Rosewood Hotel Agreements will cause significant harm to the
Debtors. With the Project approximately 97% complete, keeping the
various brand agreements, including Rosewood's, is critical. They
are an integral part of what Baha Mar will be -- a 3.3 million
square foot world-class resort complex consisting of many
first-class amenities, four premier hotels, a convention center,
golf course, spa and racquet club. Any potential acquirer of the
Debtors' assets (or financier of the chapter 11 cases) would
discount the value of the Debtors' estates (to the detriment of all
creditors and parties in interest) if the Rosewood Hotel Agreements
were terminated.
The Official Committee of Unsecured Creditors filed its Joinder to
the Debtors' objection to motion of Rosewood Hotels for an order
modifying the automatic stay to allow termination of license
agreement and related agreements with Debtor Baha Mar. The
Committee said the request should be denied.
Northshore Mainland Services Inc., et al. are represented by:
Laura Davis Jones, Esq.
James E. O'Neill, Esq.
Colin R. Robinson, Esq.
Peter J. Keane, Esq.
919 North Market Street, 17th Floor
Wilmington, DE 19801
Tel: (302) 652-4100
Fax: (302) 652-4400
Email: ljones@pszjlaw.com
joneill@pszjlaw.com
crobinson@pszjlaw.com
pkeane@pszjlaw.com
- and -
Paul S. Aronzon, Esq.
Mark Shinderman, Esq.
MILBANK, TWEED, HADLEY & McCLOY LLP
601 S. Figueroa Street, 30th Floor
Los Angeles, CA 90017
Tel: (213) 892-4000
Fax: (213) 629-5063
Email: paronzon@milbank.com
mshinderman@milbank.com
- and -
Tyson M. Lomazow, Esq.
Thomas J. Matz, Esq.
Steven Z. Szanzer, Esq.
MILBANK, TWEED, HADLEY & McCLOY LLP
28 Liberty Street
New York, NY 10005
Tel: (212) 530-5000
Fax: (212) 530-5219
Email: tlomazow@milbank.com
tmatz@milbank.com
sszanzer@milbank.com
The Official Committee of Unsecured Creditors is represented by:
Christopher M. Samis, Esq.
L. Katherine Good, Esq.
WHITEFORD, TAYLOR & PRESTON LLC
The Renaissance Centre, Suite 500
405 North King Street
Wilmington, DE 19801
Tel: (302) 353-4144
Email: csamis@wtplaw.com
kgood@wtplaw.com
- and -
Lawrence C. Gottlieb, Esq.
Jeffrey L. Cohen, Esq.
Richelle Kalnit, Esq.
Jeremy Rothstein, Esq.
COOLEY LLP
1114 Avenue of the Americas
New York, NY 10036
Tel: (212) 479-6000
Email: lgottlieb@cooley.com
jcohen@cooley.com
rkalnit@cooley.com
jrothstein@cooley.com
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 bankruptcy cases are assigned to Judge Kevin J. Carey. The
Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz,
Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in New York. The Debtors' Delaware counsel are Laura
Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq.,
and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien. The Debtors' special litigation counsel is Kobre
& Kim LLP. The Debtors' construction counsel is Glaser Weil Fink
Howard Avchen & Shapiro LLP.
The Debtors' investment banker and financial advisor is Moelis
Company LLC. The Debtors' claims and noticing agent is Prime
Clerk LLC.
BANK OF FLORIDA SOUTHWEST: FDIC to End Receivership
---------------------------------------------------
Dick Hogan at The News-Press reports that the Federal Deposit
Insurance Corp. issued a notice that it intends to end its
receivership for defunct Bank of Florida - Southwest.
The liquidation and the FDIC "will be making a final dividend
payment to proven creditors," The News-Press relates, citing FDIC.
As reported by the Troubled Company Reporter on May 31, 2010, Bank
of Florida - Southwest was closed on May 28, 2010, by the Florida
Office of Financial Regulation, which appointed the FDIC as
receiver. To protect the depositors, the FDIC entered into a
purchase and assumption agreement with EverBank to assume all of
the deposits of Bank of Florida – Southwest.
Naples, Florida-based Bank of Florida-Southwest had three branches:
one each in Naples, Bonita Springs and south Fort Myers.
BINDER & BINDER: Creditors' Committee Members Down to Three
-----------------------------------------------------------
William K. Harrington, U.S. Trustee for Region 2, filed an amended
notice of appointment of the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Binder & Binder - The National
Social Security Disability Advocates (NY), LLC, et al., to disclose
that Stellus Capital Investment Corporation, and United Service
Workers Union are no longer member of the Committee.
The Committee now consists of:
1. T&G Industries, Inc.
Attn: Edmund J. Carroll, CFO/COO
120 Third Street
Brooklyn, NY 11231
Tel: (718) 237-0060
E-Mail: ecarroll@tgioa.com
2. WB Mason Co.
Attn: Lisa Fiore, recovery specialist
59 Centre Street
Brockton, MA 02301
Tel: (508) 436-8365
E-Mail: Lisa.Fiore@WBMason.com
3. Teaktronics, Inc.
Attn: Roger Zheng, vice president
220 Jericho Turnpike
Mineola, NY 11501
Tel: (516) 741-8001
Fax: (516) 741-8002
E-Mail: rogerz@teaktronics.com
About Binder & Binder
Founded in 1979 by brothers Harry and Charles Binder, Binder &
Binder is the nation's largest provider of social security
disability and veterans' benefits advocacy services, with operating
scale and efficiencies unrivaled by its competitors in the highly
fragmented advocacy market. The company has more than 950
employees in 35 offices across the United States. In 2010, H.I.G.
Capital, LLC acquired a controlling equity interest in the
company.
Binder & Binder - The National Social Security Disability Advocates
(NY), LLC, et al., sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 14-23728) in White Plains, New York on Dec.
18, 2014. The cases are assigned to Judge Robert D. Drain.
The Debtors have tapped Kenneth A. Rosen, Cassandra Porter, Esq.,
and Nicholas B. Vislocky, Esq., at Lowenstein Sandler as counsel.
The Debtors have engaged Development Specialists, Inc., as
financial advisor, and BMC Group Inc. as claims and notice agent.
The Official Committee of Unsecured Creditors is represented by
Klestadt Winters Jureller Southard & Stevens, LLP as its counsel.
BINDER & BINDER: Oct. 30 Set as Deadine to File Proofs of Claim
---------------------------------------------------------------
The Hon. Robert D. Drain of the Bankruptcy Court for the Southern
District of New York established Oct. 30, 2015, at 5:00 p.m., as
the deadline for any individual or entity, including governmental
entities, to file proofs of claim against Binder & Binder - The
National Social Security Disability Advocates (NY), LLC, et al.
Proofs of claim must be filed either by mailing the original proof
of claim either by U.S. Postal Service mail or overnight delivery
to:
if by regular mail, send to:
BMC Group, Inc.
Attn: Binder & Binder Claims Processing
P.O. Box 90100
Los Angeles, CA 90009
if by messenger or overnight delivery, send to:
BMC Group, Inc.
Attn: Binder & Binder Claims Processing
300 N. Continental Blvd., No. 570
El Segundo, CA 90245
or by delivering the original proof of claim by hand to:
The U.S. Bankruptcy Court
Southern District of New York
300 Quarropas Street
White Plains, NY 10601
About Binder & Binder
Founded in 1979 by brothers Harry and Charles Binder, Binder &
Binder is the nation's largest provider of social security
disability and veterans' benefits advocacy services, with operating
scale and efficiencies unrivaled by its competitors in the highly
fragmented advocacy market. The company has more than 950
employees in 35 offices across the United States. In 2010, H.I.G.
Capital, LLC acquired a controlling equity interest in the
company.
Binder & Binder - The National Social Security Disability Advocates
(NY), LLC, et al., sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 14-23728) in White Plains, New York on Dec.
18, 2014. The cases are assigned to Judge Robert D. Drain.
The Debtors have tapped Kenneth A. Rosen, Cassandra Porter, Esq.,
and Nicholas B. Vislocky, Esq., at Lowenstein Sandler as counsel.
The Debtors have engaged Development Specialists, Inc., as
financial advisor, and BMC Group Inc. as claims and notice agent.
The Committee is represented by Klestadt Winters Jureller Southard
& Stevens, LLP as its counsel.
BLUE SUN: U.S. Trustee Appoints Five-Member Creditors' Committee
----------------------------------------------------------------
Daniel J. Casamatta, Acting U.S. Trustee for Region 13, appointed
five creditors to serve in the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Blue Sun St. Joe Refining,
LLC, and its debtor affiliates.
The Committee consists of:
(1) Charles Shapiro, Esq.
Novozymes North America, N.A.
77 Perry Chapel Church Road
Franklinton, NC 27525
Tel: (919) 494-3024
Fax: (919) 494-3421
E-mail:chsh@novozymes.com
(2) Martha S. Hartfiel
Farnam Street Financial, Inc.
240 Pondview Plaza, 5850 Opus Parkway
Minnetonka, MN 55343
Tel: (952) 908-0850
Fax: (952) 908-0796
E-mail: mhartfiel@farnamstreet.net
(3) Donnell M. Rehagen
National Biodiesel Board
605 Clark Avenue, P.O. Box 104989
Jefferson City, MO 65110-4898
Tel: (573) 635-3893
Fax: (573) 635-7913
E-mail: drehagen@biodiesel.org
(4) Robert Eblen
Harcros Chemicals
5200 Speaker Road
Kansas City, KS 66106
Tel: (913) 621-7717
Fax: (913) 621-7838
E-mail: robert.eblen@harcros.com
(5) Alan Meier
KWI North America Corp.
60 Willow Creek Road
P.O. Box 684
Lenox, MA 01240
Tel: (518) 755-0330
Fax: (413) 637-0285
E-mail: almeier@kwi-intl.com
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 have engaged as bankruptcy counsel Jeffrey A. Deines,
Esq., at Lentz Clark Deines PA, in Overland Park, Kansas; and Todd
A. Burgess, Esq., John R. Clemency, Esq., and Lindsi M. Weber,
Esq., at Gallagher & Kennedy, P.A., in Phoenix, Arizona. MCA
Financial Group, Ltd. serves as their financial advisors.
BULLIONDIRECT INC: Court Approves Unique Strategies as Advisor
--------------------------------------------------------------
BullionDirect, Inc. sought and obtained permission from the Hon.
Tony M. Davis of the U.S. Bankruptcy Court for the Western District
of Texas to employ Unique Strategies Group, Inc. as financial
advisor to the Debtor.
The Debtor requires Unique Strategies to:
(a) provide Dan Bensimon to serve as CRO;
(b) provide additional personnel as are necessary to assist the
CRO in performing his duties;
(c) with the assistance of additional personnel, the CRO will
perform an overall operational and financial review of the
Debtor and review all of the Debtor's financial information
that will be provided by its creditors;
(d) the CRO and additional personnel will assist with the
identification and management of cash flow procedures, and
prepare long term cash flow projections;
(e) the CRO will serve as principal contact for the Debtor
dealing with financial and operational matters;
(f) the CRO and additional personnel will assist the Debtor in
the preparation of a chapter 11 filing, if necessary;
(g) the CRO and additional personnel will continue to be
employed by Unique Strategies. Any other personnel required
to complete the functions necessary to operate the Debtor
in a bankruptcy environment will be employed by the Debtor.
Unique Strategies will be paid at these hourly rates:
Dan Bensimon $300
Beth Whatley $200
Staff Analysts $150
In addition to the hourly compensation, Unique Strategies will be
entitled to incentive compensation if a liquidation plan or
reorganization is approved by the bankruptcy court in the following
order:
Within 7 months of the filing date $150,000
Within 12 months of the filing date $100,000
Unique Strategies will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Dan Bensimon, director and secretary of Unique Strategies, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Unique Strategies can be reached at:
Dan Bensimon
UNIQUE STRATEGIES GROUP, INC.
7028 Cielo Azul Pass
Austin, TX 78732
Tel: (512) 529-7600
Fax: (512) 795-8431
About BullionDirect
BullionDirect, Inc. filed a Chapter 11 bankruptcy petition (Bankr.
W.D. Tex. Case No. 15-10940) on July 20, 2015. Dan Bensimon signed
the petition as president. The Debtor disclosed total assets of
$48,107 and total liabilities of $16,955,330 as of the Chapter 11
filing. Joseph D. Martinec, Esq., at Martinec, Winn & Vickers,
P.C., represents the Debtor as counsel. Judge Tony M. Davis
presides over the case.
The U.S. Trustee for Region 7 appointed three creditors to serve on
an official committee of unsecured creditors.
CENTRAL OKLAHOMA: Grooms Irrigation Allowed to Proceed with Suit
----------------------------------------------------------------
The Hon. Tom R. Cornish of the U.S. Bankruptcy Court for the
Western District of Oklahoma signed off an agreed order modifying
the automatic stay imposed in the Chapter 11 case of Central
Oklahoma United Methodist Retirement Facility, Inc., doing business
as Epworth Villa, to allow Grooms Irrigation Company to proceed
with a litigation in federal court.
The agreement provides for, among other things:
(1) the automatic stay is modified: (1) to allow movant to
proceed with litigation in the District Court to establish the
liability of the Debtor, if any (which is disputed), as asserted in
the Lien Statement; and, (2) in the event judgment for any such
liability is obtained, to allow movant to thereafter seek recovery
thereof exclusively from the cash bond;
(2) no litigation will be commenced for an additional 30 days
after entry of the order, during which time the parties may
continue settlement discussions and the automatic stay of Section
362 will continue unabated; and
(3) the Bankruptcy Court will retain jurisdiction to hear and
consider all disputes arising from the interpretation or
implementation of the order.
The parties said they will enter into an agreement to recover cash
bond posted to secure payment of amounts due to Grooms. The Court
said objections to the Lift Stay Motion had been resolved.
A copy of the agreement is available for free at:
http://bankrupt.com/misc/CentralOklahoma_agreement.pdf
According to Grooms' counsel, Lyle R. Nelson, Esq., in Oklahoma
City, Oklahoma, the Debtor owes Grooms $69,967 under the Debtor's
contract with Grooms for the latter to provide irrigation and
landscaping work on the Debtor's construction and expansion project
located at 14901 NW Pennsylvania, in Oklahoma City. Mr. Nelson
noted that Grooms filed a Mechanic's or Materialman's Lien
Statement asserting a lien against real property owned by the
Debtor. He further told the Court that the Debtor filed a cash
bond in the amount of $87,459 to secure the discharge of the lien
against the Debtor's real property.
Grooms sought modification of the automatic stay to permit it to
proceed with litigation in the District Court of Oklahoma County to
establish the Debtor's liability on the M&M claim and to thereafter
liquidate the liability against the bond posted to secure the
release of the M&M lien claim. The Debtor objected to the motion,
arguing that Grooms was overpaid for whatever work it performed and
any claim Grooms may have is subject to defenses or counterclaims
for offset, recoupment and the like.
The Debtor's counsel, G. Blaine Schwabe, III, Esq., at Gable &
Gotwals, P.C., in Oklahoma City, Oklahoma, told the Court that
Grooms' work was not acceptable to the Debtor and that Grooms'
contract was terminated. He asserted that with the deposit of
$87,459, which is 125% of the claimed amount, to secure the
discharge of the lien, Grooms' lien has been released of record and
the latter can only proceed against the Cash Deposit. Mr. Schwabe
further told the Court that the cash deposit is the Debtor's
property. Unless modified, the automatic stay precludes Grooms
from commencing an action to recover its alleged claim against the
Debtor, Mr. Schwabe asserted.
About Central Oklahoma United Methodist
Central Oklahoma United Methodist Retirement Facility, Inc., dba
Epworth Villa, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Okla. Case No. 14-12995) on July 18, 2014.
The Chapter 11 case of Central Oklahoma United Methodist Retirement
Facility, Inc., has been reassigned to Judge Tom R. Cornish,
according to an April 15, 2015 order.
Brandon Craig Bickle, Esq., Sidney K. Swinson, Esq., and Mark D.G.
Sanders, Esq., at Gable & Gotwals, P.C., in Tulsa, Oklahoma; and G.
Blaine Schwabe, III, Esq., at Gable & Gotwals, P.C., in Oklahoma
City, Oklahoma, represent the Debtor in its restructuring effort.
In an amended schedules, the Debtor disclosed total assets of
$117,659,919 and total liabilities of $108,037,034 as of the
Chapter 11 filing. The Debtor previously disclosed $117,659,919 in
total assets and $107,972,621 in total liabilities.
* * *
Central Oklahoma United Methodist Retirement Facility, Inc., has
filed a Plan of Reorganization dated Dec. 22, 2015, that provides
that, among other things, on the Distribution Date, from cash on
hand, the Reorganized Debtor will (i) make all payments and other
distributions then due under the terms of this Plan to Holders of
Administrative Claims, Tax Claims, Priority Claims (Class 1),
Administrative Convenience Claims (Class 4), and Key Creditor
Claims (Class 5); and (ii) reserve such funds as are required for
Contested Claims by Section 8.04(b) of the Plan. A copy of the
Reorganization Plan is available for free at http://is.gd/R1OaZZ
CENTRAL OKLAHOMA: Plan Outline Approval Taken Into Advisement
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Oklahoma has
taken into advisement the approval of disclosure statement filed by
Central Oklahoma United Methodist Retirement Facility, Inc., doing
business as Epworth Villa.
At the hearing on Aug. 25, the Court also considered, among other
things:
(1) the objections filed by William Hicks, individually and
guardian ad litem for Virginia Hicks, an incapacitated individual;
Jeffrey E. Tate; and Bancfirst; and
(2) the corrected joint motion for order approving and
authorizing compromise of controversy with the Debtor, Bancfirst in
its capacity as indenture trustee, and William Hicks, on behalf of
the estate of Virginia Hicks, deceased; and the limited response of
Homeland Insurance Company Of New York.
About Central Oklahoma United Methodist
Central Oklahoma United Methodist Retirement Facility, Inc., dba
Epworth Villa, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Okla. Case No. 14-12995) on July 18, 2014.
The Chapter 11 case of Central Oklahoma United Methodist Retirement
Facility, Inc., has been reassigned to Judge Tom R. Cornish,
according to an April 15, 2015 order.
Brandon Craig Bickle, Esq., Sidney K. Swinson, Esq., and Mark D.G.
Sanders, Esq., at Gable & Gotwals, P.C., in Tulsa, Oklahoma; and G.
Blaine Schwabe, III, Esq., at Gable & Gotwals, P.C., in Oklahoma
City, Oklahoma, represent the Debtor in its restructuring effort.
In an amended schedules, the Debtor disclosed total assets of
$117,659,919 and total liabilities of $108,037,034 as of the
Chapter 11 filing. The Debtor previously disclosed $117,659,919 in
total assets and $107,972,621 in total liabilities.
* * *
Central Oklahoma United Methodist Retirement Facility, Inc., has
filed a Plan of Reorganization dated Dec. 22, 2015, that provides
that, among other things, on the Distribution Date, from cash on
hand, the Reorganized Debtor will (i) make all payments and other
distributions then due under the terms of this Plan to Holders of
Administrative Claims, Tax Claims, Priority Claims (Class 1),
Administrative Convenience Claims (Class 4), and Key Creditor
Claims (Class 5); and (ii) reserve such funds as are required for
Contested Claims by Section 8.04(b) of the Plan. A copy of the
Reorganization Plan is available for free at http://is.gd/R1OaZZ
COLT DEFENSE: Bids Due Oct. 16, Auction Set for Oct. 20
-------------------------------------------------------
BankruptcyData reported that Colt Defense LLC filed with the U.S.
Bankruptcy Court a notice of the (i) the proposed sale of
substantially all of their assets free and clear of liens, claims
and encumbrance; (ii) an auction and (iii) related sale hearing.
The notice stated that pursuant to the bid procedures order, key
dates for the sale process include the following:
1. Sept. 21, 2015 -- deadline to designate the stalking horse
purchaser;
2. Oct. 16, 2015 -- bid deadline;
3. Oct. 20, 2015 -- auction, if necessary;
4. Oct. 21, 2015 -- sale hearing objection deadline; and
5. Oct. 26, 2015 -- sale hearing.
A Sept. 15 hearing is scheduled to take place before the Canadian
Court to seek recognition of bid procedures in that jurisdiction.
About Colt Defense
Colt Defense LLC is one of the world's oldest and most iconic
designers, developers, and manufacturers of firearms for military,
law enforcement, personal defense, and recreational purposes and
was founded over 175 years ago by Samuel Colt, who patented the
first commercial successful revolving cylinder firearm in 1836 and
began supplying U.S. and international military customers with
firearms in 1847. Colt is incorporated in Delaware and
headquartered in West Hartford, Connecticut.
In 1992, Colt Manufacturing Company, then the principal operating
subsidiary, filed chapter 11 petitions in the U.S. Bankruptcy Court
for the District of Connecticut. An investment by Zilkha & Co.
allowed CMC to confirm a chapter 11 plan and emerge from Bankruptcy
in 1994.
Sometime after 1994, majority ownership of the Company transitioned
from Zilkha & Co. to Sciens Capital Management.
On June 12, 2015, Colt's exchange offer, consent solicitation and
solicitation of acceptances of a prepackaged plan of
reorganization, dated April 14, 2015, as supplemented, with respect
to its $250 million in 8.75% Senior Notes due 2017 expired. The
conditions to the exchange offer, the consent solicitation and the
prepackaged plan of reorganization were not satisfied, and those
conditions were not waived by Colt. Colt's restructuring support
agreement with Marblegate Special Opportunities Master Fund, L.P.
and Morgan Stanley Senior Funding, Inc., the Company's senior
secured term loan lenders, requires it to file for Chapter 11
bankruptcy.
Accordingly, Colt Holding Company LLC and nine affiliates,
including Colt Defense LLC, on June 14, 2015, filed voluntary
petitions (Bankr. D. Del. Lead Case No. 15-11296) for relief under
Chapter 11 of the Bankruptcy Code to pursue a sale of the assets as
a going concern. Colt Defense estimated $100 million to $500
million in assets and debt.
On June 16, 2015, the Court directed the joined administration of
the assets.
The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny &
Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as
claims and noticing agent. Perella Weinberg Partners L.P. is
acting as financial advisor of the Company, and Mackinac Partners
LLC is acting as its restructuring advisor.
Wilmington Savings Fund Society, FSB, as agent under the $13.33
million Term DIP Loan Agreement, is represented by Pryor Cashman
LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's
Leonard Klingbaum, Esq.
Cortland Capital Market Services LLC, as agent under the $6.67
million Senior DIP Credit Agreement, is represented by Holland &
Knight LLP's Joshua M. Spencer, Esq.; Stroock & Stroock & Lavan
LLP's Brett Lawrence, Esq.; and Osler, Hoskin & Harcourt LLP's
Richard Borins, Esq., and Tracy Sandler, Esq.
The U.S. Trustee for Region 3 appointed five creditors of Colt
Defense Inc. and its affiliates to serve on the official committee
of unsecured creditors. MagPul Industries Corp. has resigned from
the committee leaving only four Committee members.
* * *
Colt's equity sponsor, Sciens Capital Management, has agreed to act
as a stalking horse bidder in the proposed asset sale. Details of
the deal were not provided in Colt's news statement announcing the
Chapter 11 filing. Colt, however, said it would be soliciting
competing bids and has appointed an independent committee of its
board of managers to manage the process and evaluate bids. Colt
expects to complete the entire Chapter 11 process in 60-90 days.
Sciens Capital is represented by Skadden, Arps, Slate, Meagher &
Flom LLP's Anthony W. Clark, Esq., and Jason M. Liberi, Esq.
COLT DEFENSE: Court Approves Procedures Governing Asset Sale
------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
approved bidding procedures governing the sale of substantially all
the assets of Colt Holding Company LLC, and its debtor affiliates.
The Court required that the Debtor must enter into an agreement
with a stalking horse purchaser of all the assets no later than
September 21, 2015.
Any entity that that desires to make an offer to purchase the
assets must submit a Qualified Bid so as to be actually received on
or before Oct. 16, 2015. The sale hearing will be held on Oct. 26,
at 10:00 a.m. (EDT).
International Union, UAW and its Local 376, objected to the sale
motion asserting that the Sale Order purports to authorize the
Debtors to sell their assets free and clear of interests, including
contractual claims regarding successorship, despite the CBA
requirement prohibiting the Debtors from selling assets to a
purchaser that does not assume the CBA.
The Official Committee of Unsecured Creditors also objected,
stating that the sale will authorize the Debtors to liquidate the
prepetition collateral for some unknown price, a price that likely
will be artificially low due to the uncertainty over whether and
how long the Debtors will remain in their manufacturing facility
and the Debtors’ depressed performance resulting from supply
chain issues. Moving forward with Bid Procedures that provide for
no stalking horse purchaser, an unknown purchase price, and no
guaranteed return to unsecured creditors from proceeds of the sale,
and without clarity that the business will have a place to
operate, is value destructive to these cases and a questionable
exercise of the Debtors’ business judgment, the Committee
complained.
In response to the objections, the Debtors maintain that the sale
was essential to ensure the Debtors will exit Chapter 11 as a going
concern as expeditiously as possible. With respect to the
Committee's objection, the Debtors explain that it does not dispute
the relevant facts facing the Debtors, and nothing in it
legitimately casts doubt on the Debtors' reasoned exercise of
business judgement. With respect to UAW's objection, the Debtors
relate that in the event that they determine that a bid to purchase
their assets do not intend to assume the CBA provides the highest
and best offer, the Debtors will take appropriate steps in seeking
court approval for that sale.
Keith A. Maib, Chief Restructuring Officer of Colt Defense LLC,
filed a declaration in support of the sale motion and stated that
he believes that the Debtors will be far more competitive in the
bidding process if there is greater certainty surrounding the
Debtors' plans for emergence from chapter 11. "Entry of the
proposed Bid Procedures Order and implementation of the sale
process contemplated thereunder, in my opinion, would provide this
certainty," Mr. Maib said.
Nikhil Menon, the Managing Director of Perella Weinberg Partners
LP, also filed a declaration of support of the sale and stated
that: "it is my belief that the Debtors can certainly run a
competitive sale process on the proposed timeline set forth in the
Bid Procedures Motion." Conducting the auction and pursing a sale
under section 363 of the Bankruptcy Code will allow the Debtors to
maximize value for their stakeholders, Mr. Menon added.
The Debtors are represented by:
Jason M. Madron, Esq.
Mark D. Collins, Esq.
RICHARD, LAYTON & FINGER P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Tel: (302) 651-7700
Fax: (302) 651-7701
Email: madron@rlf.com
Collins@rlf.com
-- and --
John J. Rapisardi, P.C., Esq.
Peter Friedman, P.C., Esq.
Joseph Zujkowski, P.C. Esq.
O'MELVENY & MYERS, LLP
Times Square Tower
Seventh Times Square
New York, NY 10036
Tel: (212) 326-2000
Fax: (212) 326-2061
Email: jrapisardi@omm.com
pfriedman@omm.com
jzujkowski@omm.com
International Union, UAW and its Local 376 are represented by:
Michael Nicholson, Esq.
NICHOLSON FELDMAN LLP
232 Nickels Arcade
Ann Arbor MI 48104
Tel: (734) 719-0850
Fax: (734) 619-6840
Email: mnicholson@nichfeld.com
The Official Committee of Unsecured Creditors is represented by:
Domenic E. Pacitti, Esq.
Richard M. Beck, Esq.
919 Market Street, Suite 1000
Wilmington, Delaware 19801-3062
Tel: (302) 426-1189
Fax: (302) 426-9193
Email: dpacitti@klehr.com
rbeck@klehr.com
-- and --
David M. Posner, P.C., Esq.
Shane G. Ramsey, P.C., Esq.
KILPATRICK TOWNSEND & STOCKTON LLP
The Grace Building
1114 Avenue of the Americas
New York, New York 10036-7703
Tel: (212) 775-8764
Fax: (212) 658-9523
Email: dposner@kilpatricktownsend.com
sramsey@kilpatricktownsend.com
-- and --
Todd C. Meyers, Esq. P.C., Esq.
1100 Peachtree Street NE, Suite 2800
Atlanta, Georgia 30309-4528
Tel: (404) 815-6482
Fax: (404) 541-3307
Email: tmeyers@kilpatricktownsend.com
About Colt Defense
Colt Defense LLC is one of the world's oldest and most iconic
designers, developers, and manufacturers of firearms for military,
law enforcement, personal defense, and recreational purposes and
was founded over 175 years ago by Samuel Colt, who patented the
first commercial successful revolving cylinder firearm in 1836 and
began supplying U.S. and international military customers with
firearms in 1847. Colt is incorporated in Delaware and
headquartered in West Hartford, Connecticut.
In 1992, Colt Manufacturing Company, then the principal operating
subsidiary, filed chapter 11 petitions in the U.S. Bankruptcy
Court
for the District of Connecticut. An investment by Zilkha & Co.
allowed CMC to confirm a chapter 11 plan and emerge from
Bankruptcy
in 1994.
Sometime after 1994, majority ownership of the Company
transitioned
from Zilkha & Co. to Sciens Capital Management.
On June 12, 2015, Colt's exchange offer, consent solicitation and
solicitation of acceptances of a prepackaged plan of
reorganization, dated April 14, 2015, as supplemented, with
respect
to its $250 million in 8.75% Senior Notes due 2017 expired. The
conditions to the exchange offer, the consent solicitation and the
prepackaged plan of reorganization were not satisfied, and those
conditions were not waived by Colt. Colt's restructuring support
agreement with Marblegate Special Opportunities Master Fund, L.P.
and Morgan Stanley Senior Funding, Inc., the Company's senior
secured term loan lenders, requires it to file for Chapter 11
bankruptcy.
Accordingly, Colt Holding Company LLC and nine affiliates,
including Colt Defense LLC, on June 14, 2015, filed voluntary
petitions (Bankr. D. Del. Lead Case No. 15-11296) for relief under
Chapter 11 of the Bankruptcy Code to pursue a sale of the assets
as
a going concern. Colt Defense estimated $100 million to $500
million in assets and debt.
On June 16, 2015, the Court directed the joined administration of
the assets.
The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny
&
Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as
claims and noticing agent. Perella Weinberg Partners L.P. is
acting as financial advisor of the Company, and Mackinac Partners
LLC is acting as its restructuring advisor.
Wilmington Savings Fund Society, FSB, as agent under the $13.33
million Term DIP Loan Agreement, is represented by Pryor Cashman
LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's
Leonard Klingbaum, Esq.
Cortland Capital Market Services LLC, as agent under the $6.67
million Senior DIP Credit Agreement, is represented by Holland &
Knight LLP's Joshua M. Spencer, Esq.; Stroock & Stroock & Lavan
LLP's Brett Lawrence, Esq.; and Osler, Hoskin & Harcourt LLP's
Richard Borins, Esq., and Tracy Sandler, Esq.
The U.S. Trustee for Region 3 appointed five creditors of Colt
Defense Inc. and its affiliates to serve on the official committee
of unsecured creditors.
* * *
Colt's equity sponsor, Sciens Capital Management, has agreed to
act
as a stalking horse bidder in the proposed asset sale. Details of
the deal were not provided in Colt's news statement announcing the
Chapter 11 filing. Colt, however, said it would be soliciting
competing bids and has appointed an independent committee of its
board of managers to manage the process and evaluate bids. Colt
expects to complete the entire Chapter 11 process in 60-90 days.
Sciens Capital is represented by Skadden, Arps, Slate, Meagher &
Flom LLP's Anthony W. Clark, Esq., and Jason M. Liberi, Esq.
COUTURE HOTEL: Plan Must be Corrected to Obtain Confirmation
------------------------------------------------------------
Judge Barbara J. Houser of the United States Bankruptcy Court for
the Northern District of Texas, Dallas Division, denied the Second
Amended Plan of Reorganization filed by Couture Hotel Corporation
and granted Mansa Capital, LLC's Motion to Lift Stay should the
Debtor fail to comply with the requirements set forth by the
Court.
Mansa alleges that cause exists to lift the automatic stay under
Section 362(d)(1) of the Bankruptcy Code because: (1) the Debtor is
unable to pay its ad valorem taxes, which is giving rise to priming
liens and further decreasing Mansa's interests, and (2) operations
at the Dallas Hotel are declining and there is no evidence that
operations will improve.
Judge Houser held that the Court finds and concludes that the Plan,
as drafted, may not be confirmed. She contends that the Plan's
infirmities may be corrected and it may be possible to consider
confirmation of an Amended Plan within a reasonable timeframe.
Judge Houser enumerates that the Amended Plan must:
(1) not include an improper third-party temporary injunction,
as is currently found in Plan Section 12.9;
(2) propose a Cramdown Interest Rate with respect to Mansa's
claim sufficient to satisfy the requirements of 11 U.S.C. Section
1129(b)(2)(A);
(3) provide for revisions to the Debtor's charter sufficient
to comply with 11 U.S.C. Section 1123(a)(6); and
(4) state that all fees payable under § 1930 of title 28, as
determined by the Court, have been paid or provide for the payment
of such fees or on before the Effective Date.
Judge Houser gave the Debtor 20 days from the entry of her
Memorandum Opinion and Order on the Court's docket to file an
Amended Plan and any other required documents. She says that if the
Debtor timely files an Amended Plan and any other required
documents, the automatic stay imposed by 11 U.S.C. Section 362(a)
shall remain in effect until such time as the Court considers
confirmation of an Amended Plan. She further says that the Debtor
shall seek prompt settings from the Court's Courtroom Deputy. Judge
Houser warns that if an Amended Plan and any other required
documents are not filed within 20 days of the entry of her
Memorandum Opinion and Order on the Court's docket, the Motion to
Lift Stay shall be granted.
The case is IN RE: COUTURE HOTEL CORPORATION a/k/a HUGH BLACK-ST.
MARY ENTERPRISES, INC., Chapter 11, Debtor, CASE NO. 14-34874-BJH.
A full-text copy of Judge Houser's Memorandum Opinion and Order
dated September 2, 2015, is available at http://is.gd/2sMcedfrom
Leagle.com.
Couture Hotel Corporation is represented by:
Jason Patrick Kathman, Esq.
Gerrit M. Pronske, Esq.
PRONSKE GOOLSBY & KATHMAN, P.C.
2200 Ross Avenue, Suite 5350
Dallas, TX 75201
Telephone: (214)658-6500
Facsimile: (212)658-6509
Email: jkathman@pgkpc.com
gpronske@pgkpc.com
-- and --
Mark Sean Toronjo, Esq.
TORONJO & PROSSER LAW
10000 N. Central Expy
Suite 407
Dallas, TX 75231
Telephone: 214-609-8787
Facsimile: (866)640-7043
Email: info@t-plaw.com
About Couture Hotel
Couture Hotel Corporation, fka Hugh Black-St Mary Enterprises,
Inc., owns and operates four hotels: a Wyndham Garden Inn in
Dallas, Texas, consisting of 356 rooms and remodeled in 2013; a
Howard Johnson in Corpus Christi, Texas, consisting of 140 rooms
and remodeled in 2012; a Howard Johnson in Las Vegas, Nevada,
consisting of 110 rooms and remodeled in 2012; and an independent
hotel in Las Vegas, Nevada (formerly branded as a Value Place),
consisting of 121 rooms and also remodeled in 2012. The Las Vegas
hotels are located at one of the entrances to Nellis Air Force
base
in North Las Vegas. The Debtor owns the real property and
improvements, as well as the franchise rights to the hotels
(except
for Las Vegas Value Place).
The Company sought Chapter 11 protection (Bankr. N.D. Tex. Case
No.
14-34874) in Dallas, Texas, on Oct. 7, 2014. The case is assigned
to Judge Barbara J. Houser. The Debtor has tapped Mark Sean
Toronjo, Esq., at Toronjo & Prosser Law, as counsel.
The Debtor, in an amended schedules, disclosed $20.8 million in
assets and $27.8 million in liabilities as of the Chapter 11
filing.
No creditors' committee or other official committee been appointed
in the case.
DAYS INN: Holloway Lodging Acquires Hotel for $2.1 Million
----------------------------------------------------------
The Chronicle Herald reports that Holloway Lodging Corp. has
completed the $2.1-million acquisition of Days Inn from a group of
investors in Vancouver and Surrey, B.C.
Days Inn will close this fall to undergo a $1.25-million renovation
and rebranding, The Chronicle Herald relates, citing Holloway
Lodging. The report adds that the property will reopen in March or
April 2016.
Receiver PricewaterhouseCoopers, according to The Chronicle Herald,
hired Holloway Lodging to manage the property during the sale
process.
Days Inn is a hotel in Sydney, Nova Scotia that went into
receivership earlier this year.
DETROIT SERVICE: S&P Affirms 'BB-' Rating on 2011 Refunding Bonds
-----------------------------------------------------------------
Standard & Poor's Rating Services revised its outlook to negative
from stable and affirmed its rating of 'BB-' on Michigan Finance
Authority's series 2011 public school academy limited obligation
revenue and refunding bonds, issued on behalf of Detroit Service
Learning Academy (DSLA).
"The 'BB-' rating and negative outlook reflect our view of DSLA's
recent enrollment declines, negative operations in fiscal 2014 with
similar results anticipated for fiscal 2015, volatile liquidity
levels and weakened maximum annual debt service coverage," said
Standard & Poor's credit analyst Ashley Ramchandani. "The rating
is currently constrained by academy's limited demand profile and by
plans to develop a high school, which in our opinion poses a
potential credit risk given the school's competitive environment,"
added Ms. Ramchandani.
DLSA was initially chartered as the YMCA Service Learning Academy
by LSSU in 1999. The academy is located in northwest Detroit and
currently serves more than 1,300 predominantly underprivileged
kindergarten through grade eight (K-8) students. The academy
functions as one consolidated preK-8 district with two campuses:
Detroit Service Learning Academy, and its second campus, Redford
Service Learning Academy, approximately three miles away.
DICKINSON STATE: North Dakota AG Seeks to Dissolve Foundation
-------------------------------------------------------------
Andrew Haffner at The Dickinson Press reports that North Dakota's
attorney general said the Dickinson State University Foundation is
insolvent and called for the dissolution of the non-profit
organization.
The Dickinson Press relates that Wayne Stenehjem filed an amended
complaint on September 4 in Stark County District Court seeking the
foundation's dissolution and stating there is "an imminent risk of
execution or foreclosure upon DSUF's assets."
According to the report, the complaint comes five days after
court-appointed financial receiver Sean Smith made the
recommendation to dissolve the foundation in his latest receiver's
report. The report relates that Mr. Smith said he had expected
Stenehjem to amend the complaint for the case he described as
"atypical."
"This doesn't happen every day," the report quotes Mr. Smith as
saying. "This is a very unusual case in North Dakota, probably in
any state for that matter, so there is no typical timeframe or
typical approach."
Mr. Stenehjem said in a news release that his greatest concern is
"to assure the orderly dissolution of the foundation, to preserve
restricted assets donated by generous donors over the years, and to
provide a clean slate," the report relays.
"As the receiver conducted his work, it became clear that the
Foundation was insolvent, owing more money than could be paid with
existing assets," the report quotes Mr. Stenehjem as saying in the
release. "We will work to preserve donations that were given with
the intent that they be devoted to specific purposes."
The dissolution process has "no roadmap," Mr. Smith said, and added
the court still must handle the ongoing litigation process, the
Dickinson Press reports.
"We're going to walk down this road and the court will be in charge
of every step, or at least it'll supervise every step,"
Mr. Smith, as cited by the Dickinson Press, said.
According to the report, Mr. Stenehjem's complaint -- amended from
the original he filed in November 2014 -- states that the
foundation's net assets "are all restricted assets subject to donor
restrictions," including scholarships and specified contributions
to DSU programs, and may be at risk from creditors.
"DSUF has acted in a manner that constitutes surrender or
abandonment of the corporate purpose," Mr. Stenehjem wrote, a
statement describing the foundation's trend away from being an
organization primarily geared toward funding university
scholarships and toward greater involvement in development
projects, the report relays.
The foundation was not a part of the university, it worked as its
primary fundraiser, adds the Dickinson Press.
The Dickinson Press relates that Mr. Smith's sixth receiver's
report listed the total net assets of the foundation as more than
$9.4 million with an undetermined amount of restricted assets.
According to the report, Mr. Stenehjem's complaint states the DSU
Foundation defaulted on its latest loan payment of $264,677.49 to
Wells Fargo Securities for the facility now known as the Henry
Biesiot Activities Center. It paid $99,750.71. The Mr. Smith's
report states the foundation is "the only party required to pay the
debt obligation on BAC," which stands at more than $3.8 million,
according to Mr. Smith's latest report.
The foundation's total debts are described as "significant," and
include approximately a $1.7 million judgment owed to developer
Granville Brinkman, along with "secured debt, unsecured debts,
personal guarantees and pledges owned to multiple lenders"
connected to Blue Hawk Square, Hawks Point and the BAC, the report
adds.
DIVERSE ENERGY: Court OKs Agreement with Nations on Equipment Lease
-------------------------------------------------------------------
The Bankruptcy Court approved an agreement between Diverse Energy
Systems, LLC, and Nations Fund I, LLC, in connection with a dispute
arising from a Master Lease Agreement dated Dec. 29, 2014, pursuant
to which the Debtor leases from Nations 25 pieces of equipment.
The Debtor then rented the Nations Equipment to a third party
customer Devon Energy Production Company, L.P. Pursuant to the
Lease, the Debtor is obligated to pay Nations $49,230, on the first
day of each month for lease payment.
Pursuant to the Lease, the Debtor is required to maintain a lockbox
account established by and under the exclusive dominion and control
of Nations, with respect to all payments due to the Debtor from the
Debtor's customer, Devon. Nations asserts it has a valid and
perfected security interest in the entire funds in the Lockbox
Account. In contrast, the Debtor asserts that Nations' lien
against the funds in the Lockbox Account is limited to funds
generated from the Nations Equipment.
As of the Petition Date, the Lockbox Account had zero balance. As
of the Petition Date, the Debtor relates it owed Nations $10,218
with respect to the Sept. 1, 2015, Base Lease Payment, the balance
thereof having been applied by Nations prior to the Petition Date.
The Debtor has advised Nations that on a monthly basis Devon pays
it, via the Lockbox Account, $83,766, solely on account of the
Nations Equipment. Further, the Debtor expects deposits in the
Lockbox Account, on a monthly basis, of approximately $150,000 from
Devon. Finally, the Debtor has advised that it expects
approximately $300,000 to be paid by Devon into the Lockbox Account
during the month of September 2015.
Nations asserts that the Lease is a true lease not subject to
challenge as, inter alia, a disguised financing transaction. The
Debtor takes no position as of this time with respect to this
issue.
The parties stipulate that funds sent by Devon to the Lockbox
Account in the month of September be distributed among them in the
following descending order:
(a) To Nations, the sum of $10,218 as and for the balance of
the September 2015 Base Lease Payment;
(b) To Nations, the sum of $60,000 as and for adequate
protection for, inter alia, the Debtor's obligations under
the Lease;
(c) To the Debtor, the sum of no more than $79,781;
(d) To Nations, the sum of $15,000, as additional adequate
protection funds; and
(e) To the Debtor, all sums in excess of the amounts
distributed.
For funds sent by Devon to the LockBox Account for October 2015 and
each month thereafter, Nations will distribute those funds in the
following descending order:
(a) To Nations, the sum of $49,230, as and for the Base Lease
Payment for said month;
(b) To Nations, the sum of $34,535, as additional adequate
protection funds; and
(c) To the Debtor, all sums in excess of the amount distributed
to Nations.
The Adequate Protection Funds Account, must, at no time, exceed
$75,000.
The Debtors have until until Oct. 5, 2015, to commence an adversary
proceeding against Nations to assert any claim with respect to the
validity, priority, status or amount of the obligations owed
pursuant to the Lease. The deadline for all other interested
parties to challenge the Lease is Oct. 25.
A full-text copy of the Approved Stipulation is available at:
http://bankrupt.com/misc/35_DIVERSE_Stipulation.pdf
About Diverse Energy
Diverse Energy Systems, LLC, et al., filed Chapter 11 bankruptcy
petitions (Bankr. S.D. Tex. Lead Case No. 15-34736) on Sept. 7,
2015. The jointly administered cases have assigned to Judge Karen
K. Brown.
Diverse Energy has estimated assets of $10 million to $50 million
and liabilities of $0 to $50,000.
Forshey Prostok LLP serves as the Debtor's counsel. SSG Advisors,
LLC serves as the Debtor's financial and restructuring advisor.
Diverse is the indirect parent of ITS Engineered Systems, Inc. ITS
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code on April 17, 2015. ITS's bankruptcy case is
currently pending in this Court as Case No. 15-32145.
Diverse is a provider of integrated solution platforms for upstream
and midstream customers in the natural gas production, oil
production, and water treatment industries.
DIVERSE ENERGY: Court Orders Joint Administration of Ch. 11 Cases
-----------------------------------------------------------------
Diverse Energy Systems, LLC, et al., sought and obtained the
Bankruptcy Court's order directing joint administration of their
Chapter 11 cases under Lead Case No. 15-34736 before Judge Karen K.
Brown.
Each Debtor will file under the original case number separate
Schedules of Assets and Liabilities and Statement of Financial
Affairs, and to the extent applicable, List of Equity Security
Holders.
Each Debtor may file its operating report under the original case
number or in the main case 15-34736 but designate in the docket
entry the individual debtor.
A separate claims register will be maintained for each of the
Debtors' cases.
The Debtors have sought the joint administration to expedite the
administration of their cases and reduce administrative expenses
without prejudicing any creditor's substantive rights.
The Debtors are "affiliates" as that term is defined in Section
101(2) of the Bankruptcy Code, in that Diverse Holdings is the sole
owner and direct parent of Diverse North Dakota, and Diverse North
Dakota is the sole owner and direct parent of Scribner Industries,
Inc., which, in turn, is the sole owner and direct parent of Rouly,
Inc..
About Diverse Energy
Diverse Energy Systems, LLC, et al., filed Chapter 11 bankruptcy
petitions (Bankr. S.D. Tex. Lead Case No. 15-34736) on Sept. 7,
2015. Judge Karen K. Brown is assigned to the jointly administered
cases.
Diverse Energy has estimated assets of $10 million to $50 million
and liabilities of $0 to $50,000.
Forshey Prostok LLP serves as the Debtor's counsel. SSG Advisors,
LLC serves as the Debtor's financial and restructuring advisor.
Diverse is a provider of integrated solution platforms for upstream
and midstream customers in the natural gas production, oil
production, and water treatment industries.
DIVERSE ENERGY: Section 341 Meeting Scheduled for Oct. 8
--------------------------------------------------------
A meeting of creditors in the bankruptcy case of Diverse Energy
Systems, LLC and its debtor affiliates will be held on Oct. 8,
2015, at t 1:30 p.m. at Houston, 515 Rusk Suite 3401. Creditors
have until Jan. 6, 2016, to submit their proofs of claim.
This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.
All creditors are invited, but not required, to attend. This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.
About Diverse Energy
Diverse Energy Systems, LLC, et al., filed Chapter 11 bankruptcy
petitions (Bankr. S.D. Tex. Lead Case No. 15-34736) on Sept. 7,
2015. Judge Karen K. Brown is assigned to the jointly administered
cases.
Diverse Energy has estimated assets of $10 million to $50 million
and liabilities of $0 to $50,000.
Forshey Prostok LLP serves as the Debtor's counsel. SSG Advisors,
LLC serves as the Debtor's financial and restructuring advisor.
The Debtors provide products and field operations services to oil
and natural gas markets in the United States and internationally.
DIVERSE ENERGY: Wants to Use Lender's Cash Collateral
-----------------------------------------------------
Diverse Energy Systems, LLC, and its debtor affiliates seek interim
and final orders authorizing the use of cash collateral securing
the interest of its primary secured prepetiton lender, Alerus
Financial, N.A.
The Debtors request interim authority to use cash collateral
through Oct. 11, 2015.
"Without the use of the Cash Collateral, the Debtors would be
unable to pay their operating expenses, which, in turn, would force
them to cease operating," says Robert Forshey, Esq., at Forshey &
Prostok, LLP, counsel to the Debtors.
Mr. Forshey relates the interests of Alerus in the Prepetition
Collateral are adequately protected through the issuance of a
replacement lien in favor of Alerus on the Cash Collateral
generated post-petition.
Diverse has the following loans with Alerus:
(i) a $10,000,000 revolving line of credit;
(ii) a $1.25 million equipment term loan;
(iii) a $1.5 million Phase II equipment acquisition loan;
(iv) a $2.1 million construction loan;
(v) a $500,000 property term note for a field services center
in Berthold, North Dakota; and
(vi) a $600,000 construction loan for fabrication shop in
Grafton, North Dakota.
The Alerus Loans are generally secured by Diverse's land and any
improvements thereon in North Dakota, including its manufacturing
facility in Grafton, field services property in Berthold, and
fabrication shop in Granton, as well as by Diverse's rents and
profits, inventory, accounts, deposit accounts, general
intangibles, and equipment.
The Debtors do not admit that Alerus holds valid, perfected,
enforceable or unavoidable prepetition liens and security interest
in and to any of the Prepetition Collateral. The Debtors also do
not waive the right to contest the validity, perfection,
enforceability, or avoidability of Alerus's liens and security
interests in and to the Prepetition Collateral.
About Diverse Energy
Diverse Energy Systems, LLC, et al., filed Chapter 11 bankruptcy
petitions (Bankr. S.D. Tex. Lead Case No. 15-34736) on Sept. 7,
2015. Judge Karen K. Brown is assigned to the jointly administered
cases.
Diverse Energy has estimated assets of $10 million to $50 million
and liabilities of $0 to $50,000.
Forshey Prostok LLP serves as the Debtor's counsel. SSG Advisors,
LLC, serves as the Debtor's financial and restructuring advisor.
Diverse is the indirect parent of ITS Engineered Systems, Inc. ITS
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code on April 17, 2015. ITS's bankruptcy case is
currently pending in this Court as Case No. 15-32145.
Diverse is a provider of integrated solution platforms for upstream
and midstream customers in the natural gas production, oil
production, and water treatment industries.
DRUMMOND CO: S&P Affirms 'BB' CCR & Revises Outlook to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB'
corporate credit rating on Drummond Co. Inc. At the same time, S&P
revised the outlook to negative from stable.
"We expect that Drummond's credit measures will remain weaker than
anticipated due to a combination of depressed thermal and
metallurgical (met) coal prices and lower production volumes for
2015 and 2016," said Standard & Poor's credit analyst Vania
Dimova.
The negative outlook reflects S&P's expectation that Drummond's
credit measures will remain between 3x and 4x in the next 12 months
due to the night rail service restriction, which lowered Colombian
production and sales levels in 2015. Challenges remain in the
seaborne thermal and met coal market, which put pressure on
Drummond's cash flow.
S&P could lower the rating if EBITDA does not recover and credit
ratios are sustained above 3x over the next 12 months. S&P could
also lower the rating if usage under the revolving credit facility
exceeds S&P's expectations. This could happen if the nighttime
restriction in Colombia continues into 2016 and the company does
not meet its production targets or if coal prices fall even further
than S&P expects.
S&P could revise the outlook to stable if the company's leverage is
sustained below 3x while maintaining adequate liquidity.
ENCLAVE AT BOYNTON: Files Schedules of Assets and Liabilities
-------------------------------------------------------------
Enclave at Boynton Waters Properties, LLC, and its debtor
affiliates filed with the Bankruptcy Court their schedules of
assets and liabilities.
A. Enclave at Boynton Waters Properties
Name of Schedule Assets Liabilities
---------------- ----------- -----------
A. Real Property $5,550,000
B. Personal Property $0
C. Property Claimed as
Exempt
D. Creditors Holding
Secured Claims $38,202,675
E. Creditors Holding
Unsecured Priority
Claims $38,419
F. Creditors Holding
Unsecured Non-priority
Claims $1,003,919
----------- -----------
TOTAL $5,550,000 $39,245,014
A full-text copy of the Schedules is available for free at:
http://bankrupt.com/misc/flsb15-26141.pdf
B. Antipodean Properties, LLC
Name of Schedule Assets Liabilities
---------------- ----------- -----------
A. Real Property $2,000,000
B. Personal Property $0
C. Property Claimed as
Exempt
D. Creditors Holding
Secured Claims $38,202,675
E. Creditors Holding
Unsecured Priority
Claims $23,955
F. Creditors Holding
Unsecured Non-priority
Claims $834,742
----------- -----------
TOTAL $2,000,000 $39,061,373
A full-text copy of the Schedules is available for free at:
http://bankrupt.com/misc/flsb15-26162.pdf
C. Kerekes Land Trust Properties, LLC
Name of Schedule Assets Liabilities
---------------- ----------- -----------
A. Real Property $7,000,000
B. Personal Property $0
C. Property Claimed as
Exempt
D. Creditors Holding
Secured Claims $38,202,674
E. Creditors Holding
Unsecured Priority
Claims $90,211
F. Creditors Holding
Unsecured Non-priority
Claims $915,339
----------- -----------
TOTAL $7,000,000 $39,208,224
A full-text copy of the Schedules is available for free at:
http://bankrupt.com/misc/flsb15-26165.pdf
Enclave at Boynton Waters Properties, LLC, et al., filed Chapter 11
bankruptcy petitions (Bankr. S.D. Fla., Case Nos. 15-26141,
15-26143, 15-26148, 15-26152, 15-26155, 15-26156, 15-26162 and
15-26165) on Sept. 8, 2015. The petitions were signed by John B.
Kennelly as manager. Erik P. Kimball is assigned to the
first-filed case (15-26141).
The Debtors own various parcels of real property that constitute
the collateral of the same secured lender, BI Boca Boynton
Portfolio, LLC.
F-SQUARED INVESTMENT: Court Approves Asset Sale to Broadmeadow
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
approved the sale of substantially all the assets of F-Squared
Investment Management, LLC, et al., to Broadmeadow Capital, LLC.
The Debtors filed a notice of designation of Broadmeadow Capital,
LLC, as the successful bidder. The Debtors cancelled the auction
after no qualified bid was timely received. Subject to the terms
of the Purchase Agreement, the assets will be sold free and clear
of all existing liens, claims and encumbrances. The aggregate
consideration for the Purchased Assets will be (a) an amount in
cash equal to (i) the Closing Payment, plus (ii) the Investment in
Hedge Fund Amount, plus (iii) the Investment in Seeded Strategies
amount, plus or minus (iv) the Fee Adjustment Amount, plus or minus
(v) the Adjustment Amount, plus (vi) the Initial Earn-Out Payment,
plus (vii) the Final Earn-Out Payment, and (b) the assumption of
certain liabilities.
In connection with the sale of substantially all of the Debtors’
assets, the Debtors filed a notice of Consent to assume and assign
executory contracts to notify all concerned parties to identify (i)
certain additional Contracts to be assumed by the Debtors and
assigned as part of the Sale; and (ii) the proposed entire cure
amount applicable to any and all defaults for each Contract
identified on the Cure Notice.
The Debtors are represented by:
Russell C. Silberglied, Esq.
Michael J. Merchant, Esq.
Zachary I. Shapiro, Esq.
Amanda R. Steele, Esq.
920 N. King Street
Wilmington, Delaware 19801
Tel: 302-651-7700
Fax: 302-651-7701
Email: silberglied@rlf.com
merchant@rlf.com
shapiro@rlf.com
steele@rlf.com
About F-Squared Investment
Headquartered in Wellesley, MA, F-Squared Investments, Inc. --
http://www.f-squaredinvestments.com-- is a privately owned
investment manager. The firm primarily provides its services to
other investment advisers. It also caters to individuals, high
net
worth individuals, and pension and profit sharing plans. The firm
provides index management services. It manages separate
client-focused equity, fixed income, and multi-asset portfolios.
The firm invests in the public equity, fixed income, and
alternative investment markets across the globe. It makes all its
investments through exchange-traded funds. The firm invests in
small-cap stocks of companies across diversified sectors.
F-Squared Investment Management, LLC and eight of its affiliates
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case
No.
15-11469) on July 8, 2015. The petition was signed by Laura Dagan
as president and chief executive officer. The cases are assigned
to Laurie Selber Silverstein.
Richards, Layton & Finger, P.A. serves as the Debtors' counsel.
Gennari Aronson, LLP represents the Debtors as special corporate
counsel. Grail Advisory Partners LLC (d/b/a PL Advisors) and
Managed Account Services, LLC act as the Debtors' financial
advisors and investment bankers. Stillwater Advisory Group LLC is
the Debtors' crisis managers and restructuring advisors. BMC
Group, Inc. acts as the Debtors' claims and noticing agent.
FIRSTENERGY CORP: Fitch Retains 'BB+' IDR Over PJM Developments
---------------------------------------------------------------
The ratings of FirstEnergy Corp. (FE; Issuer Default Rating [IDR]
'BB+'; Outlook Stable) are unchanged by the higher realized prices
and cleared megawatts (MW) in recently held PJM transition auctions
for generating capacity, according to Fitch Ratings. While a
constructive development from a credit point of view leading to
improved earnings and cash flows at the margin, it will not be
sufficient to move FE up the rating scale from its current 'BB+'
IDR.
FE's debt to EBITDA was 7.7x for the year-ended 2014 and improved
to 6.6x for the latest 12 months (LTM) ended June 30, 2015. Fitch
projects EBITDA based leverage will approximate 5x in 2015 and
2016, consistent with FE's current strong 'BB' credit rating. Fitch
projections incorporate improved pricing at FE's competitive unit
and the positive effects from management's cash flow improvement
initiative.
On Tuesday, Sept. 8, 2015, PJM announced results of its 2017/2018
capacity transition auction. The 2017/2018 transition auction
price of $151.50 per MW-day compares to $120 per MW-day in the
original auction. The 2017/2018 auction follows PJM's 2016/2017
capacity transition auction, the results of which were posted
Aug. 31, 2015. The 2016/2017 clearing price of $134 per MW-day in
the transition auction compares to $59.37 per MW-day in PJM's
initial auction.
In addition, all of FE's available generation units cleared the
2016/2017 and 2017/2018 PJM transition auctions, including 2,875-MW
and 2,835-MW of respective generation capacity that did not clear
the initial auctions.
Results of the 2018/2019 base residual auction were released Aug.
21, 2015, with a rest of RTO clearing price of $164.77 per MW-day.
This is the first auction to incorporate the FERC-approved tariff
reforms. The approved reforms are being implemented by PJM over a
five-year transition period that will be completed with the
2020/2021 base residual auction.
More material to FE's credit profile, proceedings continue before
the Public Utilities Commission of Ohio (PUCO) to consider its
electric security plan (ESP) IV. Under the latest PUCO schedule,
staff testimony is expected prior to completion of hearings, which
are currently underway. A final decision is likely in the first
quarter of 2016. Approval of the FE's ESP IV, including its
purchase power agreement (PPA), by the PUCO would meaningfully
improve FE's consolidated business risk and financial profile, in
Fitch's opinion.
The ESP IV rate case filing proposes a distribution base rate
freeze June 1, 2016 through May 31, 2019 for Ohio Edison (OE),
Toledo Edison (TE) and Cleveland Electric and Illuminating (CEI).
The plan, as filed with the PUCO, continues the utilities' delivery
capital rider with a $30 million annual incremental revenue cap.
FE's filing also proposes a 3,200-MW 15-year PPA with First Energy
Solutions (FES) in a bid to reregulate certain generating assets
and provide commodity price stability to ratepayers.
Under the proposal, FES would sell power through a PPA to OE, CEI
and TE from its Sammis coal-fired generating facility, the
Davis-Besse nuclear facility and its portion of the Ohio Valley
Electric Company's generation output beginning June 1, 2016 through
May 31, 2031. FE's Ohio utilities would in turn sell the purchased
power in wholesale markets passing through charges or credits to
customers to reflect purchase power costs embedded in the PPA.
GALLERY MOTORS: Case Summary & 4 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Gallery Motors Sport Inc.
HC02 Box 6035
Morovis, PR 00687
Case No.: 15-07013
Nature of Business: Single Asset Real Estate
Chapter 11 Petition Date: September 11, 2015
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Judge: Hon. Enrique S. Lamoutte Inclan
Debtor's Counsel: Wigberto Lugo Mender, Esq.
LUGO MENDER GROUP LLC
Centro International De Mercadeo
100 Carr 165 Suite 501
Guaynabo, PR 00968-8052
Tel: 787 707-0404
Email: wlugo@lugomender.com
Total Assets: $350,000
Total Liabilities: $562,857
The petition was signed by Noelia Gomez-Montalvo, president.
A list of the Debtor's four largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb15-07013.pdf
HAGGEN HOLDINGS: Wins Interim Approval to Obtain $215MM Financing
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware permitted
Haggen Holdings, LLC, and its debtor affiliates to borrow up to
$215 million of postpetition financing from PNC Bank, National
Association, in its capacity as agent, on an interim basis.
The Debtors are also authorized to use cash collateral in
accordance with the DIP financing documents during the interim
period.
The Court finds that the Debtors do not have sufficient available
sources of working capital to operate their business in the
ordinary course without the Post-Petition Financing and the ability
to use Cash Collateral.
The Pre-Petition Agent is granted valid and perfected replacement
and additional security interests in, and liens on the DIP
Collateral.
The Pre-Petition Secured Parties had no objection to the DIP
Facility and the Use of Cash Collateral.
A hearing has been set for Oct. 5, 2015, at 11:00 to consider final
approval of the Motion. Objections are due Sept. 28.
A copy of the Interim DIP Order is available for free at:
http://bankrupt.com/misc/55_HAGGEN_DipInterimOrd.pdf
About Haggen
Haggen Holdings, LLC, and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del., Case Nos. 15-11874 to
15-11879) on Sept. 8, 2015. The petitions were signed by Blake
Barnett as chief financial officer.
Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors'
local counsel. Stroock & Stroock & Lavan LLP serves as the
Debtors' general counsel. Alvarez & Marsal North America, LLC,
acts as the Debtors' financial advisor. Kurtzman Carson
Consultants LLC serves as the Debtors' claims and noticing agent.
The Debtors have estimated assets of $50 million to $100 million
and estimated liabilities of $10 million to $50 million.
HD SUPPLY: Posts $109 Million Net Income for Second Quarter
-----------------------------------------------------------
HD Supply Holdings, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $109 million on $2 billion of net sales for the three months
ended Aug. 2, 2015, compared to net income of $48 million on $1.8
billion of net sales for the three months ended Aug. 3, 2014.
For the six months ended Aug. 2, 2015, the Company reported net
income of $351 million on $3.7 billion of net sales compared to net
income of $36 million on $3.5 billion of net sales for the six
months ended Aug. 3, 2014.
As of Aug. 2, 2015, the Company had $6.5 billion in total assets,
$6.8 billion in total liabilities and $393 million in total
stockholders' deficit.
"I am very pleased with the team's performance in our second
quarter. We delivered 7 percent sales growth, 15 percent Adjusted
EBITDA growth and approximately 60% Adjusted EPS growth despite a
challenging environment," stated Joe DeAngelo, CEO of HD Supply.
"We also took transformative actions this quarter including the
announcement to sell our Power Solutions unit. We continue to
focus on controllable execution that enables customer success,
extends our differentiation and accelerates value creation."
On July 15, 2015, the Company announced that it had entered into a
definitive agreement to sell its HD Supply Power Solutions business
unit, a leading provider of a diverse product and service offering
serving investor-owned utility, public power, construction and
industrial markets, to Anixter Inc. The purchase price of $825
million is payable in cash at closing, with expected cash proceeds
to the company of approximately $800 million, net of transaction
costs. The company has now received regulatory approval and the
transaction is expected to close in HD Supply's third quarter of
fiscal 2015. In accordance with Accounting Standards Codification
205-20, Discontinued Operations, the results of Power Solutions are
classified as discontinued operations for all periods presented.
As of Aug. 2, 2015, HD Supply's combined liquidity of approximately
$1,451 million was comprised of $169 million in Cash and cash
equivalents and $1,282 million of additional available borrowings
under the Company's Senior ABL Facility, based on qualifying
inventory and receivables.
On July 24, 2015, the Company announced the public offering of
30,539,550 shares of its common stock by certain of the Company's
stockholders, including an investment fund associated with Bain
Capital Partners, LLC, and THD Holdings, LLC to Barclays Capital
Inc. and Credit Suisse Securities (USA) LLC, as the underwriters in
the registered public offering of those shares. This sale resulted
in the exit of all remaining financial sponsors of their ownership
stake in the company. The Company did not receive any of the
proceeds from the sale of these shares and no shares were sold by
the company.
A full-text copy of the Form 10-Q is available for free at:
http://is.gd/PrUqHp
About HD Supply
HD Supply, Inc., headquartered in Atlanta, Georgia, is one of the
largest North American wholesale distributors supporting
residential and non-residential construction and to a lesser
extent electrical consumption and repair and remodeling. HDS also
provides maintenance, repair and operations services. Its
businesses are organized around three segments: Infrastructure and
Energy; Maintenance, Repair & Improvement; and, Specialty
Construction. HDS operates through approximately 800 locations
throughout the U.S. and Canada serving contractors, government
entities, maintenance professionals, home builders and
professional businesses.
* * *
As reported by the TCR on Aug. 5, 2015, Moody's Investors Service
upgraded HD Supply, Inc.'s Corporate Family Rating to B2 from B3
and revised its rating outlook to positive from stable, since key
debt credit metrics are becoming more supportive of higher ratings.
The upgrade of HDS's Corporate Family Rating to B2 from B3 and the
change in rating outlook to positive from stable results from
Moody's expectations for key debt credit metrics becoming more
supportive of higher ratings, due to solid operating performance
and lower levels of balance sheet debt.
The TCR reported in August 2015 that Standard & Poor's Ratings
Services said that it has raised its corporate credit rating on
Atlanta-based industrial distributor HD Supply Inc. to 'B+' from
'B'. "The upgrade reflects the company's consistently good
operating performance over the past 12 months, which has caused its
leverage to fall below 6x as of May 3, 2015," said Standard &
Poor's credit analyst Svetlana Olsha.
HEALTH DIAGNOSTIC: Seeks Authority to Sell CML Assets
-----------------------------------------------------
Health Diagnostic Laboratory, Inc., et al., ask the United StateS
Bankruptcy Court for the Eastern District of Virginia, Richmond
Division, to approve bidding procedures governing the sale of all
or substantially all of the assets of Central Medical Laboratories,
LLC.
Since filing the request to sell substantially all of their assets,
the Debtors have been contacted by several potential purchasers
expressing interest in purchasing the CML Assets separate and apart
from the Debtors' other assets that are the subject of the
Strategic Transaction Bidding Procedures. The Debtors have
determined, in consultation with their professional advisors, that
selling the CML Assets on a more expedited basis than the timeline
proposed under the Strategic Transaction Bidding Procedures would
be in the best interest of the Debtors' estate and creditors.
The Debtors propose that the auction of the CML Assets will be
governed by bidding procedures similar to the Strategic Transaction
Bidding Procedures, except that (i) the Debtors do not intend to
select a "Stalking Horse Bidder" for the CML Assets; (ii) the CML
Bidding Procedures contemplate a shorter timeline; and (iii) the
CML Bidding Procedures only contemplate a sale of the CML Assets.
The Debtors assert that the CML Bidding Procedures are designed to
expedite the sale of the CML Assets in a manner that will maximize
recoveries for creditors and other parties in interest.
The Debtors are represented by:
Robert S. Westermann, Esq.
Rachel A. Greenleaf, Esq.
HIRSCHLER FLEISCHER, P.C., Esq.
The Edgeworth Building
2100 East Cary Street
Post Office Box 500
Richmond, Virginia 23218-0500
Tel: (804) 771-9500
Fax: (804) 644-0957
Email: rwestermann@hf-law.com
rgreenleaf@hf-law.com
About Health Diagnostic
Health Diagnostic Laboratory, Inc., Central Medical Laboratory,
LLC, and Integrated Health Leaders, LLC, are health care
businesses
based in Richmond, Virginia. HDL is a blood testing company.
Health Diagnostic Laboratory, Inc. (Bankr. E.D. Va. Case No.
15-32919) and affiliates Central Medical Laboratory, LLC (Bankr.
E.D. Va. Case No. 15-32920) and Integrated Health Leaders, LLC
(Bankr. E.D. Va. Case No. 15-32921) filed separate Chapter 11
bankruptcy petitions on June 7, 2015, estimating their assets at
between $100 million and $500 million and their debts at between
$100 million and $500 million. The petitions were signed by
Martin
McGahan, chief restructuring officer.
Justin F. Paget, Esq., Tyler P. Brown, Esq., Jason W. Harbour,
Esq., and Henry P. (Toby) Long, III, Esq. At Hunton & Williams LLP
serve as the Debtors' bankruptcy counsel. Alvarez & Marsal is the
Debtors' financial advisor. Robert S. Westermann, Esq., at
Hirshler Fleisher, P.C., serve as the Debtors' conflicts counsel.
American Legal Claims Services, LLC, is the Debtors' claims,
noticing and balloting agent.
HEALTH DIAGNOSTICS: True Health Diagnostics Acquires Business
-------------------------------------------------------------
True Health Diagnostics, an innovative, clinical diagnostics
laboratory focused on preventing chronic disease, on Sept. 11
announced the acquisition of Richmond-based Health Diagnostics
Laboratory Inc., in a court-supervised auction, making the
Frisco-based company the largest provider in the industry. True
Health Diagnostics' winning bid during the HDL's Chapter 11
bankruptcy auction was $37.1 million.
Chris Grottenthaler, the CEO of True Health, announced that "HDL's
culture of innovation and scientific excellence and commitment to
compliance with healthcare regulatory requirements aligns perfectly
with ours. We are very pleased to bring aboard hundreds of
employees whose talents will play a significant role in the success
of our company. Together, we will have the scale and talent we
need to pursue new market opportunities.
"While HDL, Inc. has encountered financial challenges, I have no
doubt its best days are ahead. The acquisition by True Health
Diagnostics is the best possible outcome for all involved,
including employees from both companies, the Richmond community,
healthcare providers and their patients."
True Health and HDL are committed to continue offering best in
class service to both companies' customers. The acquisition is
further evidence of True Health Diagnostics' commitment to help
improve patient outcomes by offering providers innovative assays
and diagnostics to help improve early detection of hidden risk to
reduce avoidable costly events and save lives. The acquisition is
a significant milestone for True Health Diagnostics to establish
the company as the premier diabetes and cardiovascular advanced
clinical diagnostics laboratory in the U.S.
About True Health Diagnostics
True Health Diagnostics -- http://www.truehealthdiag.com-- is an
advanced clinical laboratory and diagnostics information provider
focused on preventing chronic disease in order to empower
physicians and other medical specialists to achieve better patient
health outcomes. The Texas-based company specializes in innovative
bio-markers, which enables healthcare providers to more accurately
diagnose, manage, and prevent the progression of cardiovascular
diseases, genetic disorders, diabetes and other metabolic
conditions.
HEALTHSOUTH CORP: S&P Assigns 'B+' Rating on New $300MM Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue-level
rating to U.S.-based inpatient rehabilitation company HealthSouth
Corp.'s new $300 million senior notes due 2025. At the same time,
S&P assigned a '5' recovery rating to this debt, indicating its
expectation of modest (10% to 30%; at the higher end of the range)
recovery in the event of a payment default.
S&P's 'BB-' corporate credit rating remains unchanged following the
additional issuance of notes. S&P expects the company to use the
proceeds to assist in the funding of its acquisitions of the
operations of Reliant Hospital Partners.
The corporate credit rating on HealthSouth Corp is 'BB-' and the
rating outlook is negative. The rating reflects S&P's assessment
of the company's business risk profile as "weak" and the financial
risk profile as "aggressive".
RATINGS LIST
HealthSouth Corp.
Corporate Credit Rating BB-/Negative/--
New Rating
HealthSouth Corp.
$300 Mil. Senior Notes Due 2025 B+
Recovery Rating 5H
JOAN FABRICS: 2007 Tax Lien "Permitted Encumbrance," 3rd Cir Says
-----------------------------------------------------------------
Judge Cheryl Ann Kraus of the United States Court of Appeals, Third
Circuit, upheld a district court order that affirmed the order of
the bankruptcy court denying the motion that Appellant Fred Godley
had filed to enforce the Bankruptcy Court's Sale Order.
In the midst of their Chapter 11 bankruptcy, Joan Fabrics Corp. and
Madison Avenue Designs, LLC sold to Godley parcels of real
property, pursuant to an order of the Bankruptcy Court and an Asset
Purchase Agreement. The sale of the Properties closed in July
2007. Rutherford County did not issue a bill for the taxes at
issue until August 2007, and those taxes were never paid. As a
result, in 2011, Rutherford County demanded payment, and later sent
notice of its intention to garnish rents from Godley's tenants in
order to satisfy the lien.
Godley filed a motion with the Bankruptcy Court seeking to
"enforce" the Sale Order. In effect, Godley sought a declaration
that he purchased the Properties free and clear of the tax
obligation at issue.
Godley argued that the 2007 tax lien was not of record at the time
of the sale and therefore not a permitted encumbrance under the
Sale Order and APA. He asserted that the failure to record the lien
with the register of deeds means that it was not of record, and
thus unenforceable per the terms of the APA. Rutherford County, on
the other hand, maintained that the tax obligation: (1) arose prior
to the sale of the Properties, and (2) was appropriately listed
with the County's tax assessor's office.
Judge Kraus held that the Debtors submitted their business personal
property tax listings to the tax assessor's office prior to the
sale of the Properties, the obligation to pay the tax attached
prior to the sale, and the obligation was of record in the
appropriate office. Judge Kraus concluded that the District and
Bankruptcy Courts correctly concluded that the tax lien was a
permitted encumbrance under the Sale Order and APA.
The case is IN RE: JOAN FABRICS CORPORATION, ET AL., Debtors. FRED
GODLEY, Appellant, NO. 14-4677.
A full-text copy of Judge Krause's Opinion dated August 26, 2015,
is available at http://is.gd/RU4JhWfrom Leagle.com
About Joan Fabrics Corp.
Based in Tyngsboro, Massachusetts, Joan Fabrics Corporation
manufactured automotive and furniture upholstery fabrics. The
company had a manufacturing facility in North Carolina and an
affiliate entity in Mexico.
The Debtor and its affiliate, Madison Avenue Designs LLC, filed
for Chapter 11 protection on April 10, 2007 (Bankr. D. Del. Case
Nos. 07-10479 and 07-10480). Curtis A. Hehn, Esq., Laura Davis
Jones, Esq., and Michael Seidl, Esq., at Pachulski Stang Ziehl
Young Jones & Wein represented the Debtors in their restructuring
efforts. Bradford J. Sandler, Esq., at Benesch Friedlander
Coplan & Aronoff and David A. Matthews, Esq., at Shumaker, Loop
& Kendrick, LLP represented the Official Committee of Unsecured
Creditors. The Debtors' exclusive period to file a plan expired
on Aug. 8, 2007. The Debtors' schedules of assets and
liabilities disclose total assets of US$48,896,091 and total
debts of US$80,190,872.
On Nov. 19, 2007, the Court entered an order converting the
Debtors' Chapter 11 case to a case under Chapter 7 of the
Bankruptcy Code. The Debtors sought conversion after being barred
from using their lenders' cash collateral. Alfred T. Giuliano was
named the Chapter 7 Trustee.
KID BRANDS: Taps CohnReznick to Prepare Federal Tax Returns
-----------------------------------------------------------
Kid Brands, Inc., et al., ask the U.S. Bankruptcy Court for the
District of New Jersey for permission to employ CohnReznick LLP as
accountant.
The firm will prepared certain tax returns, including the Debtors'
2013 and 2014 federal tax returns, and any other tax returns that
may be necessary, on the Debtors' behalf.
The firm estimates that its fee for the services will total
$32,000. However, CohnReznick reserves the right to bill the
Debtors for any time incurred that is out of scope of the original
fee estimate.
George Sparacio, CPA, partner at CohnReznick LLP, which maintains
an office in Roseland, New Jersey, tells the Court that the hourly
rates of the firm's personnel are:
Partners/Senior Partner $600 - $810
Managers/Senior Managers/Directors $440 - $630
Other Professional Staff $295 - $430
Paraprofessionals $195
To the best of the Debtors' knowledge, the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
About Kid Brands
Based in Rutherford, New Jersey, Kid Brands, Inc., is a designer,
importer, marketer, and distributor of infant and juvenile consumer
products. Its operating subsidiaries consist of Kids Line, LLC,
CoCaLo, Inc., Sassy, Inc., and LaJobi, Inc.
Citing their inability to raise capital due to contingent
liabilities and operational issues, Kid Brands and six of its U.S.
subsidiaries each filed a voluntary petition (Bankr. D.N.J. Lead
Case No. 14-22582) on June 18, 2014. The Court approved the joint
administration of their cases. Kid Brands Inc. disclosed $921,358
in assets and $47,947,589 in liabilities as of the Chapter 11
filing.
Judge Donald H. Steckroth presides over the cases. Lowenstein
Sandler LLP represents the Debtors in their restructuring effort.
PricewaterhouseCoopers LLP is the Debtors' financial advisor, and
GRL Capital Advisors acts as restructuring advisors. GRL's Glenn
Langberg is the Debtors' chief restructuring officer. Rust
Consulting/Omni Bankruptcy is the Debtors' claims and noticing
agent.
The Debtors are pursuing a sale of the assets pursuant to Section
363 of the Bankruptcy Code.
Salus Capital Partners LLC and Sterling National Bank have
committed to provide up to $49 million in DIP financing to the
Debtors.
The Official Committee of Unsecured Creditors retained Kelley Drye
& Warren LLP as its counsel, and Emerald Capital Advisors Corp. as
its financial advisors.
LEHR CONSTRUCTION: Samuels May Prosecute State Court Action
-----------------------------------------------------------
Judge Sean H. Lane of the United States Bankruptcy Court for the
Southern District of New York granted the motion filed by Robert B.
Samuels for permission to continue prosecuting in state court a
claim against former principals of debtor Lehr Constuction Corp
for violation of their duties to the plaintiffs under Article 3-A
of New York State's Lien Law.
Samuels was subcontracted by Lehr to perform electrical work which
Lehr's customers needed to permanently improve eight permises in
New York City. Samuels, however, has not been paid for the
electrical work and materials it provided to improve Lehr's payor's
premises.
In June 2011, Samuels commenced a state court action complaining
that the principals allowed funds received by general contractor
Lehr to be used for Lehr's general corporate purposes when the
funds should have been held in trust for subcontractor Samuels.
The Trustee disagreed, arguing that claims for diversion of these
funds were released by a settlement the Trustee reached on behalf
of the estate with these same principals. The Trustee contended
that permitting Samuels to resume its state court action will
undermine or eliminate the trustee's abilities to settle with
similar defendants in the future.
Judge Lane concluded that the settlement injunctions do not prevent
Samuels from prosecuting its complaint in state court. The judge
stated that the more recent case law recognizes a trust
beneficiary's right to sue for a violation of Article 3-A.
The case is In re: LEHR CONSTRUCTION CORP., Chapter 11 Debtor, CASE
NO. 11-10723 (SHL) (Bankr. S.D.N.Y.).
A full-text copy of Judge Lane's September 2, 2015 memorandum of
decision is available at http://is.gd/KBw4gIfrom Leagle.com.
Lehr Construction Corp. is represented by:
James A. Beldner, Esq.
MEDIA 5 CO., LLC
Jonathan L. Flaxer, Esq., Chapter 11 Trustee is represented by:
Michael S. Devorkin, Esq.
Douglas L Furth, Esq.
Michael M. Munoz, Esq.
Michael Scott Weinstein, Esq.
GOLENBOCK EISEMAN ASSOR BELL PESKOE, LLP
437 Madison Avenue (49th + 50th)
New York, NY 10022-7020
Tel: (212) 907-7300
Fax: (212) 754-0330
Email: mdevorkin@golenbock.com
mmunoz@golenbock.com
mweinstein@golenbock.com
United States Trustee is represented by:
Susan D. Golden, Esq.
OFFICE OF THE UNITED STATES TRUSTEE
U.S. Federal Office Building
201 Varick Street, Suite 1006
New York, NY 10014
Tel: (212) 510-0500
Fax: (212) 668-2255
Official Committee of Unsecured Creditors of Lehr Construction Corp
is represented by:
Sean C. Southard, Esq.
Fred Stevens, Esq.
Ian R. Winters, Esq.
KLESTADT WINTERS JURELLER SOUTHARD & STEVENS
570 Seventh Avenue 17th Floor
New York, NY 10018-6314
Tel: (212) 972-3000
Fax: (212) 972-2245
Email: ssouthard@klestadt.com
fstevens@klestadt.com
iwinters@klestadt.com
About Lehr Construction
New York-based Lehr Construction Corp. was founded in 1979. It
specializes in interior construction and serves clients mainly
throughout the New York metropolitan area. It serves as
construction manager and general contractor for its clients.
Lehr filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y.
Case No. 11-10723) on Feb. 21, 2011. James A. Beldner, Esq., at
Cooley LLP, serves as the Debtor's bankruptcy counsel. The Debtor
estimated its assets and debts at $10 million to $50 million. Rust
Consulting/Omni Claims Agent serves as claims and noticing agent.
Jonathan Flaxer is the Chapter 11 Trustee for Lehr Construction.
He is represented by Douglas L. Furth, Esq., at Goldenbock Eiseman
Assor Bell & Peskoe LLP, in New York. Wolf Haldenstein Adler
Freeman & Hertz serves as conflicts counsel to the trustee.
Marotta Gund Budd & Dzera, LLC, serves as trustee's financial
advisor.
Tracy Hope Davis, the U.S. Trustee for Region 2, appointed five
creditors to serve on the Official Committee of Unsecured Creditors
in the Debtor's case. Fred Stevens at Klestadt & Winters, LLP
represents the Committee.
LEXINGTON ROAD: Case Summary & 3 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Lexington Road Real Estate Development Corp.
15 Old Carriage Path
Groton, MA 01450
Case No.: 15-41744
Chapter 11 Petition Date: September 11, 2015
Court: United States Bankruptcy Court
District of Massachusetts (Worcester)
Judge: Hon. Melvin S. Hoffman
Debtor's Counsel: Timothy M. Mauser, Esq.
LAW OFFICE OF TIMOTHY MAUSER
Suite 605, 11 Beacon Street
Boston, MA 02108
Tel: 617-338-9080
Fax: 617-275-8990
Email: tmauser@mauserlaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Sheryl Vaccaro, president.
A list of the Debtor's three largest unsecured creditors is
available for free at http://bankrupt.com/misc/mab15-41744.pdf
LONGVIEW POWER: Seeks Issuance of Final Decree
----------------------------------------------
Longview Power, LLC, et al., ask the United States Bankruptcy Court
for the District of Delaware to enter a final decree closing the
Reorganized Debtors' Chapter 11 cases.
The Debtors tell the Court that all issues, with the exception of
the Remaining Claims, have been fully resolved. The limited amount
of unresolved issues in the Chapter 11 cases -- less than 20
general unsecured claims -- will not prejudice any party in
interest or otherwise negatively affect the resolution of the
Remaining Claims, which the Reorganized Debtors anticipate will be
resolved without the need to come before the Court.
Accordingly, in light of the consummation of the Plan and the
restructuring contemplated thereby, and the substantial resolution
of nearly all claims left in these chapter 11 cases, the
Reorganized Debtors submit that the administration of these chapter
11 cases is no longer necessary and a final decree is warranted
under the circumstances.
Longview Power, LLC, et al. are represented by:
Daniel J. DeFranceschi, Esq.
Paul N. Heath, Esq.
Zachary I. Shapiro, Esq.
Marisa A. Terranova, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Tel: (302) 651-7700
Fax: (302) 651-7701
Email: defranceschi@rlf.com
heath@rlf.com
shapiro@rlf.com
terranova@rlf.com
-- and --
Paul M. Basta, P.C.
KIRKLAND & ELLIS LLP
601 Lexington Avenue
New York, NY 10022-4611
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: paul.basta@kirkland.com
-- and --
Ryan Preston Dahl, Esq.
KIRKLAND & ELLIS LLP
300 North LaSalle
Chicago, IL 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
Email: ryan.dahl@kirkland.com
About Longview Power
Longview Power LLC is a special purpose entity created to
construct, own, and operate a 695 MW supercritical pulverized
coal-fired power plant located in Maidsville, West Virginia, just
south of the Pennsylvania border and approximately 70 miles south
of Pittsburgh. The project is owned 92% by First Reserve
Corporation (First Reserve or sponsor), a private equity firm
specializing in energy industry investments, through its affiliate
GenPower Holdings (Delaware), L.P., and 8% by minority interests.
Longview Power, LLC, filed a Chapter 11 (Bank. D. Del. Lead Case
13-12211) on Aug. 30, 2013. The petitions were signed by Jeffery
L. Keffer, the Company's chief executive officer, president,
treasurer and secretary. The Debtor estimated assets and debts of
more than $1 billion. Judge Brendan Linehan Shannon presides over
the case. Kirkland & Ellis LLP and Richards, Layton & Finger,
P.A., serve as the Debtors' counsel. Lazard Freres & Company LLC
acts as the Debtors' investment bankers. Alvarez & Marsal North
America, LLC, is the Debtors' restructuring advisors. Ernst &
Young serves as the Debtors' accountants. The Debtors' claims
agent is Donlin, Recano & Co. Inc.
The Debtor disclosed assets of $1.72 billion plus undisclosed
amounts and liabilities of $1.08 billion plus undisclosed amounts.
A committee of unsecured creditors has not been appointed in the
case due to insufficient response to the U.S. Trustee's
communication/contact for service on the committee.
Judge Brendan Linehan Shannon on March 16, 2015, confirmed the
Debtors' Second Amended Joint Plan of Reorganization. The Plan
incorporates the settlement among the Debtors, First American Title
Insurance Company, and their contractors Amec Foster Wheeler North
America, Kvaerner, and Siemens Energy, Inc.
MOLYCORP INC: KEIP Challenged by Committee, Noteholders
-------------------------------------------------------
The Official Committee of Unsecured Creditors of Molycorp, Inc., et
al. asks the United States Bankruptcy Court for the District of
Delaware to adjourn the objection deadline and hearing on Debtors'
motion for order approving a key employee incentive program, cash
bonus incentive payments for certain employees and certain related
relief from the September 15, 2015 hearing date until the next
scheduled omnibus hearing and a corresponding extension of the
deadline to file any objection to the KEIP Motion.
The Committee said numerous issues and concerns raised by the
Committee have not been addressed, and the woefully scant terms of
the proposed KEIP have not been fleshed out. According, an
adjournment of the objection deadline and hearing date is warranted
to allow the Committee and other parties in interest, time to
analyze the proposed KEIP, attempt to resolve their concerns or,
failing an agreement, to take discovery to prepare for an
evidentiary hearing. No prejudice to the Debtors would occur from
such a delay because no payments are due under the proposed KEIP
for at least five months.
The Committee also pointed out that no payments would be due even
under the proposed KEIP for months, until the end of January 2016.
The Ad Hoc 10% Noteholders filed its Joinder to the Committee's
request.
Molycorp, Inc., et al. are represented by:
M. Blake Cleary, Esq.
Edmon L. Morton, Esq.
Justin H. Rucki, Esq.
Ashley E. Jacobs, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: mbcleary@ycst.com
emorton@ycst.com
jrucki@ycst.com
ajacobs@ycst.com
- and -
Paul D. Leake, Esq.
Lisa Laukitis, Esq.
JONES DAY
222 East 41st Street
New York, NY 10017
Tel: (212) 326-3939
Fax: (212) 755-7306
Email: pdleake@jonesday.com
llaukitis@jonesday.com
- and -
Ryan T. Routh, Esq.
JONES DAY
North Point
901 Lakeside Avenue
Cleveland, OH 44114
Tel: (216) 586-3939
Fax: (216) 579-0212
Email: rrouth@jonesday.com
The Official Committee of Unsecured Creditors is represented by:
William P. Bowden, Esq.
Gregory A. Taylor, Esq.
Stacy L. Newman, Esq.
ASHBY & GEDDES, P.A.
500 Delaware Avenue, 8th Floor
P.O. Box 1150
Wilmington, DE 19899
Tel: (302) 654-1888
Fax: (302) 654-2067
Email: wbowden@ashby-geddes.com
gtaylor@ashby-geddes.com
- and -
Luc A. Despins, Esq.
Andrew V. Tenzer, Esq.
Robert E. Winter, Esq.
PAUL HASTINGS LLP
75 East 55th Street
New York, NY 10022
Tel: (212) 318-6000
Fax: (212) 319-4090
Email: lucdespins@paulhastings.com
andrewtenzer@paulhastings.com
robertwinter@paulhastings.com
The Ad Hoc 10% Noteholders are represented by:
Laura Davis Jones, Esq.
James E. O'Neill, Esq.
Colin R. Robinson, Esq.
PACHULSKI STANG ZIEHL & JQNES LLP
919 N. Market Street, 17t" Floor
P.O. Box 8705
Wilmington, DE 19899-8705 (Courier 19801)
Tel: (302) 652-4100
Fax: (302) X52-440Q
Email: ljones@pszjlaw.com
jo'neill@pszjlaw.com
crobinson@pszj law. com
- and -
Thomas Moers Mayer, Esq.
Gregory A. Horowitz, Esq.
Joshua K. Brody, Esq.
Andrew M. Dove, Esq.
KRAMER LEVIN NAFTALIS & FRANKEL LLP
1177 Avenue of the Americas
New York, NY 1Q036
Tel: (212) 715-9100
Fax: (212) 715-80QQ
Email: tmayer@kramerlevin.com
ghorowitz@kramerlevin.com
jbrody@kramerlevin.com
adove@kramerlevin.com
About Molycorp
Molycorp Inc. -- http://www.molycorp.com/-- is a global rare
earths and rare metals producer. Molycorp owns several prominent
rare earth processing facilities around the world. Molycorp's
Mountain Pass Rare Earth Facility in San Bernadino County,
California, is home to one of the world's largest and richest
deposits of rare earths.
Molycorp reported a net loss of $623 million in 2014, a net loss of
$377 million in 2013 and a net loss of $475 million in 2012. As of
March 31, 2015, the Company had $2.49 billion in total assets,
$1.78 billion in total liabilities and $709 million in total
stockholders' equity.
Molycorp and its North American subsidiaries, together with certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring.
The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings. Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from the
filings as it is not 100% owned by the Company.
The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.
The Chapter 11 cases of Molycorp and 20 affiliated debts are
pending before Judge Christopher S. Sontchi. Molycorp is being
advised by the investment banking firm of Miller Buckfire & Co. and
is receiving financial advice from AlixPartners, LLP. Jones Day
and Young, Conaway, Stargatt & Taylor LLP act as legal counsel to
the Company in this process. Prime Clerk serves as claims and
noticing agent.
On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed eight creditors of the company to serve on
the official committee of unsecured creditors.
MOLYCORP INC: Proposes Bonuses to 7 Senior Execs
------------------------------------------------
Molycorp, Inc., et al., ask the United States Bankruptcy court for
the District of Delaware to approve a key employee incentive
program for seven senior executives.
The Debtors explained that the specific skills and areas of
expertise of each of the Senior Executives, along with their
familiarity and understanding of the operations, customer and
supplier relationships and infrastructure of both the Debtors and
each of the Business Units are vital not only to the day-to-day
operation of the Molycorp business but also to the ability of the
Debtors to effectuate a successful reorganization. The Debtors
tell the Court that survival of the Molycorp business and a
successful restructuring that maximizes value are premised on (a)
the continued successful operation of the Debtors' MM&A, C&O and RM
Business Units in accordance with the Debtors' revised and adjusted
business plan and (b) the successful implementation of the limited
operations plan for the Resources Business Unit.
The Debtors assure the Court that none of the senior executives
would qualify as "insiders" as defined by the Bankruptcy Code and
applicable law.
Historically, the Senior Executives generally have received three
principal forms of direct compensation: (a) base salary; (b) cash
bonus awards through an annual incentive plan and (c) equity
incentive awards pursuant to a long-term incentive plan. As a
consequence of the Debtors' recent financial difficulties and
precipitous decline in the value of the common stock of Molycorp,
Inc., however, (a) past equity incentive awards that were still
held by the Senior Executives have lost substantially all of their
value -- resulting in a decrease in Total Direct Compensation
previously awarded to the Senior Executives in 2013 and 2014 of
approximately $10.8 million -- and (b) the grant of equity
incentive awards during these bankruptcy cases likely would be of
no value to the Senior Executives. Without the LTIP and AIP award
components, the Total Direct Compensation of the Senior Executives
for 2015 will be significantly below market median, in total by
approximately 57% when compared to the non-bankrupt peer group from
the proxy data set and by approximately 53% when compared to the
non-bankruptcy peer group from the survey data set.
The KEIP, according to the Debtors, has been designed to
incentivize the Senior Executives to achieve various financial,
operational and restructuring metrics that will preserve and
maximize value for the benefit of all stakeholders.
The amount of payments available under the KEIP were established so
that the Total Direct Compensation of each Senior Executive,
assuming achievement of target levels of performance, would be
roughly consistent with the market median based on peer group
compensation data compiled by Towers Watson Delaware Inc.
Executive Leadership Team will have 30% of their potential KEIP
payments tied to the completion of a restructuring metric -- either
the consummation of a chapter 11 plan or the completion of sale(s)
of substantially all of the Debtors' assets -- by certain outside
dates. The total cost of the KEIP is estimated to be $1.843
million at threshold achievement levels, $2.329 million at target
achievement levels and $2.911 million at maximum achievement
levels. The aggregate dollar amount of the KEIP, whether measured
at threshold, target or maximum, is between the market median and
the 75th percentile when compared to comparable bankruptcy peer
companies. On a percentage of revenue basis, the total cost of the
KEIP at threshold, target and maximum levels is at or slightly
above the 75th percentile of the market for bankruptcy peer
companies, while on a percentage of assets basis, the total cost of
the KEIP is at or below the 25th percentile for bankruptcy peer
companies at all achievement levels.
Further, the Debtors have agreed to charge the cost of KEIP awards
for the Business Unit Heads attributable to the achievement of the
Business Unit metrics to the applicable non-Debtor operating
entities, which will further reduce the cost of the KEIP for the
Debtors' estates. Accordingly, as set forth in the TW Report, the
actual total cost of the KEIP to the Debtors' estates is even
lower. Finally, as discussed in greater detail below, assuming
achievement at target levels under the KEIP, the aggregate Total
Direct Compensation of the Senior Executives will be at or below
the market median when compared to non-bankrupt peers.
The bankruptcy court sets for hearing on September 15, 2015 at
11:00 a.m.
Molycorp, Inc., et al., are represented by:
M. Blake Cleary, Esq.
Edmon L. Morton, Esq.
Justin H. Rucki, Esq.
Ashley E. Jacobs, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: mbcleary@ycst.com
emorton@ycst.com
jrucki@ycst.com
ajacobs@ycst.com
-- and --
Paul D. Leake, Esq.
Lisa Laukitis, Esq.
JONES DAY
222 East 41st Street
New York, NY 10017
Tel: (212) 326-3939
Fax: (212) 755-7306
Email: pdleake@jonesday.com
llaukitis@jonesday.com
-- and --
Ryan T. Routh, Esq.
JONES DAY
North Point
901 Lakeside Avenue
Cleveland, OH 44114
Tel: (216) 586-3939
Fax: (216) 579-0212
Email: rrouth@jonesday.com
About Molycorp
Molycorp Inc. -- http://www.molycorp.com/-- is a global rare
earths and rare metals producer. Molycorp owns several prominent
rare earth processing facilities around the world. It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.
Molycorp has corporate offices in the United States, Canada and
China. CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada. Other senior management members are located at its U.S.
corporate headquarters in Greendwood Village, Colorado.
Molycorp reported a net loss of $623 million in 2014, a net loss of
$377 million in 2013 and a net loss of $475 million in 2012.
As of March 31, 2015, the Company had $2.49 billion in total
assets, $1.78 billion in total liabilities and $709 million in
total stockholders' equity.
Molycorp and its North American subsidiaries, together with certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring. The Chapter 11
cases of Molycorp and 20 affiliated debts are pending before Judge
Christopher S. Sontchi.
The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.
The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings. Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from the
filings as it is not 100% owned by the Company.
Molycorp is being advised by the investment banking firm of Miller
Buckfire & Co. and is receiving financial advice from AlixPartners,
LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act as
legal counsel to the Company in this process. Prime Clerk serves
as claims and noticing agent.
Secured creditor Oaktree Capital Management L.P., consented to the
use of cash collateral and to extend postpetition financing.
On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed eight creditors of the company to serve on
the official committee of unsecured creditors.
MOLYCORP INC: Proposes Retention Plan for Key Employees
-------------------------------------------------------
Molycorp, Inc., et al., ask the United States Bankruptcy Court for
District of Delaware to approve a key employee retention plan to
induce key employees to remain with the Debtors through either
completion of necessary tasks under the limited operations plan for
the Resource Business Unit or the completion of the restructuring
or the completion of the sale of substantially all of the Debtors'
assets.
Given the significant workforce reductions that are anticipated at
the Mountain Pass Facility, the WARN notices that were recently
sent out and the general uncertainty among the Debtors' employees
about their job security as a result of the Debtors' current
financial distress, among other reasons, it was determined that the
KERP was both necessary and appropriate to ensure the Debtors'
retention of the Key Employees.
Under the KERP, Key Employees will receive awards of 25% of their
base salary. Awards range from approximately $18,000 to $38,000
and are generally payable upon (a) the effective date of a chapter
11 plan, (b) the closing of sale(s) of substantially all of the
Debtors' assets or (c) an employee's involuntary termination, other
than for cause. In addition, for those Key Employees involved in
implementing the LOP, half of their KERP award will be paid upon
their successful implementation of the LOP.
The KERP also establishes a discretionary pool of $75,000 to award
any individual non-insider employee up to a maximum of $5,000 to
remain with the Debtors. The Debtors anticipate that they may need
the flexibility offered by this discretionary pool to award small
amounts to employees at the Mountain Pass Facility to stay through
the completion of specific LOP tasks. Any discretionary KERP
bonuses will be conditioned on the completion of the services the
Debtors require.
Including the cost of the discretionary pool, the total cost of the
KERP is expected to be approximately $619,000, assuming there is no
attrition among the Key Employees.
The eligibility in the KERP, the Debtors only considered
non-insider employees. Though the Key Employees have titles such
as director, manager and senior manager, the Key Employees are not
appointed by the Molycorp, Inc. board of directors and do not
exercise sufficient authority to dictate corporate policy. Rather,
each Key Employee reports to a more senior management employee and
must obtain approval from that senior manager before taking any
significant actions with respect to the Debtors' corporate policies
or the disposition of significant assets. Therefore, no Key
Employee is an "insider" of the Debtors, as the term is defined by
the Bankruptcy Code, and the restrictions of section 503(c)(1) of
the Bankruptcy Code are inapplicable to the KERP.
The Debtors tell the Court that they can ill afford to lose the Key
Employees -- employees who have the experience and institutional
knowledge necessary to the Debtors' smooth operation and the
implementation of the LOP. A failure to retain such Key Employees
would cause the Debtors to incur significant costs attempting to
obtain and train replacements, and obtaining replacement employees
for the Mountain Pass Facility when it is being put into full care
and maintenance likely would be extremely difficult if not
impossible. This, the Debtors assert, could hinder and delay the
Debtors' restructuring efforts and the implementation of the LOP,
thus imposing further costs upon the Debtors, risking damage to
equipment or environmental hazards at the Mountain Pass Facility
and impairing the value of the Debtors' estates to the detriment of
all stakeholders.
The Debtors further assert that the KERP was carefully designed, as
part of a comprehensive due diligence process, by identifying
employees crucial to the Debtors' operations, restructuring and
implementation of the LOP and awarding those Key Employees
retention payments structured in a way to ensure that the Key
Employees remain with the Debtors. The KERP is reasonable in terms
of the objectives it seeks to achieve, its cost and scope.
Additionally, the Debtors performed extensive due diligence in both
selecting the Key Employees and developing the KERP's terms.
Finally, the Debtors sought the advice of counsel, their investment
banker and their independent compensation advisor in assessing the
KERP's reasonableness. Thus, the KERP should be approved as a valid
exercise of the Debtors' business judgment pursuant to Section
363(b) of the Bankruptcy Code.
The bankruptcy court sets for hearing on September 15, 2015 at
11:00 a.m.
Molycorp, Inc., et al. are represented by:
M. Blake Cleary, Esq.
Edmon L. Morton, Esq.
Justin H. Rucki, Esq.
Ashley E. Jacobs, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: mbcleary@ycst.com
emorton@ycst.com
jrucki@ycst.com
ajacobs@ycst.com
-- and --
Paul D. Leake, Esq.
Lisa Laukitis, Esq.
JONES DAY
222 East 41st Street
New York, NY 10017
Tel: (212) 326-3939
Fax: (212) 755-7306
Email: pdleake@jonesday.com
llaukitis@jonesday.com
-- and --
Ryan T. Routh, Esq.
JONES DAY
North Point
901 Lakeside Avenue
Cleveland, OH 44114
Tel: (216) 586-3939
Fax: (216) 579-0212
Email: rrouth@jonesday.com
About Molycorp
Molycorp Inc. -- http://www.molycorp.com/-- is a global rare
earths and rare metals producer. Molycorp owns several prominent
rare earth processing facilities around the world. It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.
Molycorp has corporate offices in the United States, Canada and
China. CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada. Other senior management members are located at its U.S.
corporate headquarters in Greendwood Village, Colorado.
Molycorp reported a net loss of $623 million in 2014, a net loss of
$377 million in 2013 and a net loss of $475 million in 2012.
As of March 31, 2015, the Company had $2.49 billion in total
assets, $1.78 billion in total liabilities and $709 million in
total stockholders' equity.
Molycorp and its North American subsidiaries, together with certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring. The Chapter 11
cases of Molycorp and 20 affiliated debts are pending before Judge
Christopher S. Sontchi.
The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.
The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings. Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from the
filings as it is not 100% owned by the Company.
Molycorp is being advised by the investment banking firm of Miller
Buckfire & Co. and is receiving financial advice from AlixPartners,
LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act as
legal counsel to the Company in this process. Prime Clerk serves
as claims and noticing agent.
Secured creditor Oaktree Capital Management L.P., consented to the
use of cash collateral and to extend postpetition financing.
On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed eight creditors of the company to serve on
the official committee of unsecured creditors.
MOTORS LIQUIDATION: Court Denies Access to GUC Trust Assets
-----------------------------------------------------------
Judge Robert E. Gerber of the United States Bankruptcy Court for
the Southern District of New York, held that the Non-Ignition
Switch Plaintiffs have shown no reason to be treated differently
with the Court's earlier mootness rulings, and that they could not
access GUC Trust assets any more than Ignition Switch Plaintiffs
could.
In its April Decision, the Court ruled that by reason of mootness
concerns, Ignition Switch Plaintiffs could not access GUC Trust
assets even if they might otherwise be entitled to file late proofs
of claim. The Non-Ignition Switch Plaintiffs' claims were not
addressed in the April Decision because their issues could not be
easily melded into the earlier factual stipulations and briefing
schedule. Their issues were deferred pending the determination of
the issues addressed in the April Decision.
In the period during which the Non-Ignition Switch Plaintiffs'
issues were deferred, the Court made clear, in the Form of Judgment
Decision, that their claims would remain stayed, as they have not
yet shown that they were known claimants at the time of the 363
Sale, and that there was any kind of due process violation with
respect to them. The Court included, within the Judgement a
mechanism under which a Non-Ignition Switch Plaintiff could seek a
judicial determination from this Court as to whether he or she
would not be bound by the Court's mootness rulings as set forth in
the April Decision, the Form of Judgment Decision, and resulting
Judgment.
The Non-Ignition Switch Plaintiffs filed their GUC Trust Asset
Pleading, wherein they required the Court to decide the extent to
which the Non-Ignition Switch Plaintiffs should be treated
differently from the Ignition Switch Plaintiffs with regard to
either plaintiff group's ability to tap funds now, or in the
future, in the GUC Trust. They contended that it was "premature and
inappropriate to bar the Non-Ignition Switch Plaintiffs from
accessing GUC Trust Assets," but did not identify any facts germane
to mootness that might provide a basis for considering Non-Ignition
Switch Plaintiffs' circumstances different from those of the
Ignition Switch Plaintiffs with respect to whom the Court earlier
had ruled.
Judge Gerber held that there was no factual basis shown upon which
the two plaintiff groups could be distinguished, insofar as
mootness matters are concerned, nor could such be shown. He further
held that insofar as mootness issues are concerned, the Ignition
Switch and Non-Ignition Switch Plaintiffs' underlying factual
situations are identical. Judge Gerber contends that now that the
Non-Ignition Switch Plaintiffs have had an opportunity to be heard,
it is neither "premature" nor "inappropriate" to hold them to the
mootness elements of the Judgment for so long as the Judgment
remains unmodified in its mootness respects. He concludes that the
Court's mootness conclusions -- previously only stare decisis
insofar as they would affect Non-Ignition Switch Plaintiffs -- are
now res judicata as well.
The case is In re MOTORS LIQUIDATION COMPANY, et al., f/k/a General
Motors Corp., et al., Chapter 11, Debtors, CASE NO. 09-50026
(REG).
A full-text copy of Judge Gerber's Decision and Order on GUC Trust
Asset Pleading dated September 3, 2015 is available at
http://is.gd/HbmiK3from Leagle.com
Motors Liquidation Company is represented by:
Donald F. Baty, Jr., Esq.
Judy B. Calton, Esq.
Joseph R. Sgroi, Esq.
Tricia A. Sherick, Esq.
Robert B. Weiss, Esq.
HONIGMAN MILLER SCHWARTZ AND COHN LLP
2290 First National Building
660 Woodward Avenue
Detroit, MI 48226
Telephone: (313)465-7000
Email: dbaty@honigman.com
jcalton@honigman.com
jsgroi@honigman.com
tsherick@honigman.com
sweiss@honigman.com
- and -
David R. Berz, Esq.
Stephen Karotkin, Esq.
Robert J. Lemons, Esq.
Joseph H. Smolinsky, Esq.
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, NY 10153-0119
Telephone: (212)310-8000
Email: david.berz@retired.weil.com
stephen.karotkin@weil.com
robert.lemons@weil.com
joseph.smolinsky@weil.com
- and -
Deborah Kovsky-Apap, Esq.
PEPPER HAMILTON LLP
4000 Town Center, Suite 1800
Southfield, MI 48075-1505
Telephone: (248)359-7331
Facsimile: (313)731-1572
Email: kovskyd@pepperlaw.com
- and -
Daniel R. Murray, Esq.
Patrick J. Trostle, Esq.
JENNER & BLOCK LLP
353 N. Clark Street
Chicago, IL 60654-3456
Telephone: (312)222-9350
Facsimile: (312)527-0484
Email: dmurray@jenner.com
ptrostle@jenner.com
Wilmington Trust Company, Trustee is represented by:
Lisa H. Rubin, Esq.
Aric Wu, Esq.
GIBSON DUNN & CRUTCHER LLP
200 Park Avenue
New York, NY 10166-0193
Telephone: (212)351-4000
Facsimile: (212)351-4035
Email: lrubin@gibsondunn.com
awu@gibsondunn.com
GCG, Inc. is represented by:
Angela Ferrante, Esq.
Jeffrey S. Stein, Esq.
GARDEN CITY GROUP, LLC
1985 Marcus Ave.
Lake Success, NY 11042
Telephone: (800)327-3664
Email: angela.ferrante@gardencitygroup.com
The Official Committee of Unsecured Creditors of General Motors
Corporation is represented by:
Philip Bentley, Esq.
David E. Blabey, Esq.
Amy Caton, Esq.
Thomas Moers Mayer, Esq.
KRAMER, LEVIN, NAFTALIS & FRANKEL, LLP
1177 Avenue of the Americas
New York, NY 10036
Telephone: (212)715-9100
Facsimile: (212)715-8000
Email: pbentley@kramerlevin.com
dblabey@kramerlevin.com
acaton@kramerlevin.com
tmayer@kramerlevin.com
- and -
Eric Fisher, Esq.
DICKSTEIN SHAPIRO, LLP
1633 Broadway
New York, NY 10019-6708
Telephone: (212)277-6500
Facsimile: (212)277-6501
Email: fishere@dickensteinshapiro.com
About Motors Liquidation Company
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009. The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts. Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company. GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors. GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP. Garden City Group is the claims and notice
agent of the Debtors.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims. Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee. Attorneys at Butzel Long served as counsel
on supplier contract matters. FTI Consulting Inc. served as
financial advisors to the Creditors Committee. Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee. Legal Analysis Systems, Inc., served as asbestos
valuation analyst.
The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan
was declared effect on March 31.
On Dec. 15, 2011, Motors Liquidation Company was dissolved. On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.
As of March 31, 2015, Motors Liquidation had $1.01 billion in
total
assets, $69.2 million in total liabilities and $945 million in net
assets in liquidation.
NAVEX ACQUISITION: S&P Retains 'B-' Rating Over $53MM Loan Add-on
-----------------------------------------------------------------
Standard & Poor's Ratings Services said its 'B-' ratings on
Portland, Ore.-based corporate ethics and compliance software
provider NAVEX Acquisition LLC's first-lien term bank loan and
revolving bank loan and its 'CCC' rating on the company's
second-lien term bank loan remain unchanged following increases to
the loan amounts. The recovery rating on the first-lien term bank
loan and revolving bank loan is unchanged at '3', reflecting S&P's
view of meaningful (50%-70%; at the higher end of the range)
recovery in the event of a payment default. The recovery rating on
the second-lien term bank loan is '6', reflecting S&P's view of
negligible (0%-10%) recovery in the event of a payment default.
The company announced increases to its first-lien term loan due
2021 by $37 million and its second-lien term loan due 2022 by
$16 million. The company has used the incremental debt proceeds
along with additional cash equity to finance its acquisition of The
Network.
The ratings reflect S&P's view of NAVEX's limited scale, narrow
product focus on ethics and compliance applications, and
competition in a highly fragmented market.
The ratings also reflect S&P's view of the company's pro forma
fiscal year 2015 leverage in the mid-7x area.
The 'B-' corporate credit rating and stable outlook on NAVEX remain
unchanged.
RATINGS LIST
NAVEX Acquisition LLC
Corporate credit rating B-/Stable/--
Ratings Affirmed
NAVEX Acquisition LLC
$237 mil 1st lien term bank ln due 2021* B-
Recovery Rating 3H
$20 mil revolver bank ln due 2019 B-
Recovery rating 3H
$106 mil 2nd lien term bank ln due 2022* CCC
Recovery rating 6
*Following add-on.
NII HOLDINGS: Court Issues Plan Confirmation Memorandum Decision
----------------------------------------------------------------
Judge Shelley C. Chapman of the United States Bankruptcy Court for
the Southern District of New York, on Aug. 26, 2015, issued a
memorandum decision, available at http://is.gd/VB1Epvfrom
Leagle.com, confirming the first amended joint plan of
reorganization proposed by NII Holdings, Inc., et al., and the
Official Committee of Unsecured Creditors.
On March 13, 2015, the debtors and the Committee filed the plan and
related disclosure statement. No party in interest objected to the
disclosure statement, but a revised version was filed on April 9,
2015 at the request of the Ad Hoc Group of NII Capital 2021
Noteholders (the "Capco 2021 Group") and other parties. The
disclosure statement was approved by the court on April 20, 2015.
The confirmation hearing on the plan took place over nine days,
beginning on June 3, 2015, with closing arguments held on June 15,
16, and 17, 2015. The following witnesses gave live testimony at
the confirmation hearing: (i) Steven M. Shindler, (ii) Scott W.
Winn, (iii) Daniel E. Freiman, (iv) Homer Parkhill, and (v) Andrew
Scruton.
Although objections to the plan were filed by a number of parties,
Judge Chapman found that the settlements contained in the plan are
fair, reasonable, and well above the lowest point in the range of
reasonableness and thus, should be approved.
The case is In re: NII Holdings, Inc., et al., Chapter 11, Debtors,
CASE NO. 14-12611 (SCC)(Bankr. S.D.N.Y.).
A full-text copy of Judge Chapman's August 26, 2015 memorandum
decision is available at http://is.gd/VB1Epvfrom Leagle.com.
Debtors and Debtors in Possession are represented by:
Scott J. Greenberg, Esq.
Lee A. Armstrong, Esq.
Robert W. Hamilton, Esq.
George R. Howard, Esq.
JONES DAY
222 East 41st Street
New York, NY 10017-6702
Tel: (212) 326-3939
Fax: (212) 755-7306
Email: sgreenberg@jonesday.com
laarmstrong@jonesday.com
rwhamilton@jonesday.com
grhoward@jonesday.com
-- and --
Carl E. Black, Esq.
Michael A. Platt, Esq.,
JONES DAY
North Point 901 Lakeside Avenue
Cleveland, OH 44114-1190
Tel: (216) 586-3939
Fax: (216) 579-0212
Email: ceblack@jonesday.com
maplatt@jonesday.com
Official Committee of Unsecured Creditors is represented by:
Kenneth H. Eckstein, Esq.
P. Bradley O'Neill, Esq.
Stephen D. Zide, Esq.
KRAMER LEVIN NAFTALIS & FRANKEL LLP
1177 Avenue of the Americas
New York, NY 10036
Tel: (212) 715-9100
Fax: (212) 715-8000
Email: keckstein@kramerlevin.com
boneill@kramerlevin.com
szide@kramerlevin.com
Independent Manager of NII International Holdings S.a r.l. is
represented by:
Susheel Kirpalani, Esq.,
Robert S. Loigman, Esq.,
Kate Scherling, Esq.
QUINN EMANUEL URQUHART & SULLIVAN, LLP
51 Madison Avenue, 22nd Floor
New York, NY 10010
Tel: (212) 849-7000
Fax: (212) 849-7100
Email: susheelkirpalani@quinnemanuel.com
robertloigman@quinnemanuel.com
katescherling@quinnemanuel.com
Ad Hoc Group of NII Capital 2021 Noteholders is represented by:
Mitchell A. Seider, Esq.
Christopher Harris, Esq.
Adam J. Goldberg, Esq.
Sarah B. Rogers, Esq.
LATHAM & WATKINS LLP
885 Third Avenue
New York, NY 10022-4834
Tel: (212) 906-1200
Fax: (212) 751-4864
Email: mitchell.seider@lw.com
christopher.harris@lw.com
adam.goldberg@lw.com
sarah.rogers@lw.com
Capital Research & Management Company is represented by:
Adrew N. Rosenberg, Esq.
Elizabeth R. McColm, Esq.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
1285 Avenue of the Americas
New York, NY 10019-6064
Tel: (212) 373-3000
Fax: (212) 757-3990
Email: arosenberg@paulweiss.com
emccolm@paulweiss.com
Aurelius Capital Management, LP is represented by:
Daniel H. Golden, Esq.
David M. Zensky, Esq.
Deborah Newman, Esq.
AKIN GUMP STRAUSS HAUER & FELD LLP
One Bryant Park
Bank of America Tower
New York, NY 10036-6745
Tel: (212) 872-1000
Fax: (212) 872-1002
Email: dgolden@akingump.com
dzensky@akingump.com
djnewman@akingump.com
LuxCo Group is represented by:
Christopher J. Marcus, Esq.,
KIRKLAND & ELLIS LLP
601 Lexington Avenue
New York, NY 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: christopher.marcus@kirkland.com
Office of the United States Trustee is represented by:
Susan D. Golden, Esq.,
U.S. DEPARTMENT OF JUSTICE
U.S. Federal Office Building
201 Varick Street, Suite 1006
New York, NY 10014
Tel: (212) 510-0500
Fax: (212) 668-2255
Lead Plaintiff and the Putative Class are represented by:
Michael S. Etkin, Esq.
LOWENSTEIN SANDLER LLP
65 Livinston Avenue & 6 Becker Farm Road
Roseland, NJ 07068
Tel: (973) 597-2500
Fax: (973) 597-2400
Email: metkin@lowenstein.com
About NII Holdings
NII Holdings Inc. through its subsidiaries provides wireless
communication services for businesses and consumers in Brazil,
Mexico and Argentina. NII Holdings has the exclusive right to use
the Nextel brand in its markets pursuant to a trademark license
agreement with Sprint Corporation and offers unique push-to-talk
("PTT") services associated with the Nextel brand in Latin America.
NII Holdings' shares of common stock, par value $0.001, are
publicly traded under the symbol NIHD on the NASDAQ Global Select
Market.
NII Holdings and its affiliated debtors sought bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 14-12611) in Manhattan on
Sept. 15, 2014. The Debtors' cases are jointly administered and
are assigned to Judge Shelley C. Chapman.
The Debtors tapped Jones Day's Scott J. Greenberg, Esq. and Michael
J. Cohen, Esq., as counsel and Prime Clerk LLC as claims and
noticing agent. NII Holdings disclosed $1.22 billion in assets and
$3.068 billion in liabilities as of the Chapter 11 filing.
The U.S. Trustee for Region 2 appointed five creditors of NII
Holdings to serve on the official committee of unsecured creditors.
The panel is represented by Kenneth H. Eckstein, Esq. and Adam C.
Rogoff, Esq. of Kramer Levin Naftalis & Frankel LLP. Kurtzman
Carson Consultants LLC is the panel's information agent.
On Jan. 26, 2015, the Debtors reached an agreement for the sale of
their operations in Mexico, operated by non-debtor Comunicaciones
Nextel de Mexico, S.A. de C.V., to an affiliate of AT&T for $1.875
billion, subject to adjustments. The sale was approved on March
23, 2015, and completed on April 30, 2015.
On June 19, 2015, Judge Shelley C. Chapman confirmed the First
Amended Joint Plan of Reorganization proposed by the Debtors and
the Creditors' Committee. The Plan embodies the sale transaction.
Under the Plan, approximately 100 million shares of NII Holdings'
new common stock and $745 million in cash will be distributed to
holders of senior notes issued by the Company's subsidiaries, NII
Capital Corp. and NII International Telecom S.C.A. The Company has
applied to list the shares of NII Holdings' new common stock on the
NASDAQ Stock Exchange.
The Plan was declared effective on June 26, 2015, signalling the
emergence of NII Holdings, et al., from the bankruptcy
proceedings.
NN INC: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its ratings,
including its 'B+' corporate credit rating, on Johnson City,
Tenn.-based NN Inc. The outlook is stable.
At the same time, S&P assigned its 'BB-' issue-level ratings and
'2' recovery ratings to the company's proposed $625 million senior
secured revolving credit facility and term loan. The '2' recovery
rating indicates S&P's expectation for substantial (70%-90%; higher
end of the range) recovery in the event of a payment default.
Additionally, S&P assigned its 'B' issue-level and '5' recovery
rating to NN's proposed $300 million senior unsecured notes. The
'5' recovery rating indicates S&P's expectation for modest
(10%-30%; lower end of the range) recovery in the event of a
payment default.
All issue-level ratings are subject to review of final
documentation.
"Our rating on NN reflects the company's improved end-market and
customer diversity following its acquisition of PEP," said Standard
& Poor's credit analyst Naomi Dsouza.
"Although the company's debt-to-EBITDA metric has increased to over
5x following the proposed transaction, we believe that NN's
business strategy remains consistent with its previously announced
plan to increase its revenue base and improve its profitability and
end-market diversity by 2018," she added.
While the company has been growing aggressively, S&P had
anticipated this as part of NN's previously stated strategy and
expect that management will now focus on operational execution and
the successful integration of its recent acquisitions and maintain
financial discipline going forward.
The stable outlook reflects S&P's expectation that NN will improve
its credit metrics, including debt to EBITDA below 5x, with growth
in EBITDA margins over the next 12 months through supply chain and
productivity improvements.
S&P could raise its ratings on NN during the next 12 months if S&P
expects the company's FOCF-to-debt ratio to improve to above 10%
and its adjusted debt leverage to remain below 4x for a sustained
period. S&P could also raise the ratings if the company
demonstrates increased pricing flexibility and higher, sustained
gross margins. S&P believes the most likely driver of margin
improvement would be supply chain and productivity improvements as
well as higher operating leverage.
While unlikely, S&P could lower its rating on NN during the next 12
months if it appears that the company's debt-to-EBITDA metric will
remain above 5x on a sustained basis or if its FOCF-to-debt ratio
will fall below 5%, potentially as a result of acquisition
integration issues or worse-than-expected conditions in South
America.
NNN MET: Taps Elkington Shepherd as Local Bankruptcy Counsel
------------------------------------------------------------
NNN Met Center 15 39 and its debtor affiliates seek authority from
the U.S. Bankruptcy Court for the Northern District of California
to employ Elkington Shepherd LLP as local bankruptcy counsel nunc
pro tunc to July 31, 2015.
The Debtors have engaged Darvy Mack Cohan to act as their lead
bankruptcy counsel. Elkington Shepherd has assured the Debtors
that it will make every effort to economize on administrative
expenses and, to that end, will work with Mr. Cohan to minimize any
duplication of efforts.
The Debtors executed a written fee agreement that required payment
of an initial deposit of $40,000 to Elkington Shepherd, which
deposit was reduced to $37,255 after prepetition professional fees
were paid. A copy of the letter of engagement is available for
free at:
http://bankrupt.com/misc/NNNMET_35_30_localcounselletter.pdf
To the best of Debtors' knowledge, Elkington Shepherd is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached at:
Sally J. Elkington, Esq.
James A. Shepherd, Esq.
ELKINGTON SHEPHERD LLP
409 - 13th Street, 10th Floor
Oakland, CA 94612
Tel: (510) 465-0404
Fax: (510) 465-0202
Emails: Sally@ElkingtonLaw.com
Jim@ElkingtonLaw.com
About NNN Met
NNN Met Center 15 39 and 32 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. N.D. Calif. Lead Case No. 15-42359)
on
July 31, 2015. Alan Sparks signed the petitions as manager and
responsible individual. NNN Met Center 15 39, LLC, disclosed
total assets of $32,003,866 and total liabilities of $28,143,523
as of the Petition Date.
Judge William J. Lafferty presides over the cases. The Law Offices
of Darvy Mack Cohan represents the Debtors as counsel. Elkington
Shepherd LLP serves as their local counsel.
On Aug. 12, 2015, the Court, in its amended order approved the
joint
administration of the cases.
Creditors have until Oct. 30, 2015, to file proofs of claim against
the Debtors.
ORCHARD VALE: Case Summary & 14 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Orchard Vale Condominium Association
1400 N. Elmhurst Rd.
Mount Prospect, IL 60056
Case No.: 15-31014
Chapter 11 Petition Date: September 11, 2015
Court: United States Bankruptcy Court
Northern District of Illinois (Chicago)
Judge: Hon. Donald R Cassling
Debtor's Counsel: Thomas W. Goedert, Esq.
CRANE, HEYMAN, SIMON, WELCH & CLAR
135 S. LaSalle St., Suite 3705
Chicago, IL 60603
Tel: 312-641-6777
Fax: 312-641-7114
Email: tgoedert@craneheyman.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $100,000 to $500,000
The petition was signed by Scott Millard, agent, at direction of
the Board.
A list of the Debtor's 14 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ilnb15-31014.pdf
OSV DETERMINATION: Case Summary & 4 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: OSV Determination, LLC
Post Office Box 81813
Lafayette, LA 70598
Case No.: 15-51133
Chapter 11 Petition Date: September 11, 2015
Court: United States Bankruptcy Court
Western District of Louisiana (Lafayette)
Judge: Hon. Robert Summerhays
Debtor's Counsel: Thomas E. St. Germain, Esq.
WEINSTEIN & ST. GERMAIN
1414 NE Evangeline Thruway
Lafayette, LA 70501
Tel: (337) 235-4001
Fax: (337) 235-4020
Email: ecf@weinlaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by John D. Silvetti, II, manager.
A list of the Debtor's four largest unsecured creditors is
available for free at http://bankrupt.com/misc/lawb15-51133.pdf
PLEASE TOUCH MUSEUM: Seeks to Use U.S. Bank's Cash Collateral
-------------------------------------------------------------
Please Touch Museum is asking permission from the Bankruptcy Court
to use cash collateral existing on or after the Petition Date that
may be subject to liens of U.S. Bank, National Association.
The Debtor relates that as of the Petition Date, it does not have
sufficient unencumbered cash to fund its business operations and
pay present operating expenses.
"In order to effectuate its reorganization and maximize the
recovery to creditors, including the Indenture Trustee, the Museum
must be permitted to use cash collateral in its ordinary business
operations," asserts Lawrence G. McMichael, Esq. at Dilworth Paxson
LLP, counsel to the Debtor. "Indeed, access to the use of
pre-petition cash collateral in the form of pre-petition accounts
receivable and pre-petition gross receipts is essential to ensure
that the Debtor can fund its immediate post-petition operating
requirements and other financial obligations."
Mr. McMichael tells the Court that without approval of the use of
cash collateral, the Debtor will not be able to continue operating,
will not be able to undertake the aggressive fundraising campaign
that it will need to operate through this restructuring, and will
instead be forced to wind down its operations rather than
resuscitate them.
The Debtor maintains the Indenture Trustee is adequately protected
by the granting of replacement liens, supplemental liens on
unrestricted post-petition contributions, and the continuation of
its operation.
Pursuant to a Trust Indenture dated as of Nov. 1, 2006, between the
Philadelphia Authority for Industrial Development and U.S. Bank,
National Association, as trustee, the Authority issued Revenue
Bonds in the aggregate principal amount of $60,000,000 to provide
funding to the Museum.
The proceeds of the Bonds were loaned to the Museum in order to
finance the costs of construction, renovation, and improvements to
Memorial Hall, fund certain reserves, and fund interest and certain
costs associated with the Bonds.
Pursuant to a Security Agreement dated Nov. 1, 2006, between the
Museum and the Indenture Trustee, the Museum granted security
interests in certain collateral to the Indenture Trustee.
As of July 31, 2015, the Museum was obligated under the Bonds and
Bond Documents as follows:
(a) Unpaid principal on the Bonds in the amount of $57,890,000;
and
(b) Accrued but unpaid interest on the Bonds in the amount of
$2,960,025.
About Please Touch Museum
Please Touch Museum filed Chapter 11 bankruptcy petition (Bankr.
E.D. Pa. Case No. 15-16558) on Sept. 11, 2015. The petition was
signed by Lynn McMaster as president and chief executive officer.
The Debtor has estimated assets of $10 million to $50 million and
liabilities $50 million to $100 million.
Judge Jean K. FitzSimon is assigned to the case.
Dilworth Paxson LLP serves as the Debtor's counsel. EisnerAmper
LLP acts as the Debtor's financial advisor. Isdaner & Company, LLC
represents as the Debtor's tax advisor and auditor. Rust
Consulting/Omni Bankruptcy is the Debtor's claims, notice and
solicitation agent.
The Debtor operates a children's museum known as the Please Touch
Museum located at Memorial Hall in the Fairmount Park section of
Philadelphia. The Debtor generates its revenues through a
combination of sales of memberships and tickets to the Museum,
event revenue, endowment income, and charitable contributions.
POSITRON CORP: Seeks Dismissal of Chap. 11 Involuntary Case
-----------------------------------------------------------
Positron Corporation said it intends to vigorously oppose the
involuntary petition filed by alleged creditors
DX, LLC, Moress, LLC, and Jason and Suzanne Kitten.
On. Sept. 8, 2015, Positron was served with a petition for
Involuntary Bankruptcy in the U.S. Bankruptcy Court FOR THE
Northern District of Texas requesting relief from the Bankruptcy
Court under Chapter 11 of the U.S. Bankruptcy Code.
The Company intends to move for the dismissal of the filing on the
grounds that the subject petition failed to state facts sufficient
to invoke an involuntary bankruptcy and was not filed by the
required number of petitioning creditors with debts not subject to
bona fide dispute. There can be no assurance that the Company will
be successful in this action.
About Positron Corporation
Headquartered in Fishers, Indiana, Positron Corporation is a
molecular imaging company focused on nuclear cardiology.
Positron reported a net loss of $2.58 million on $1.46 million of
sales for the year ended Dec. 31, 2014, compared to a net loss of
$7.1 million on $1.63 million of sales for the year ended Dec. 31,
2013.
As of June 30, 2015, the Company had $1.64 million in total assets,
$2.97 million in total liabilities and a stockholders' deficit of
$1.32 million.
Sassetti LLC, in Oak Park, Illinois, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has a significant
accumulated deficit which raises substantial doubt about the
Company's ability to continue as a going concern.
PRINCE INTERNATIONAL: S&P Affirms 'B-' CCR, Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
corporate credit rating on Prince International Corp. The outlook
is stable.
At the same time, S&P affirmed its 'B-' issue-level rating on the
company's senior secured notes due 2019, but revised its recovery
rating on the notes to '4' from '3'. The '4' recovery rating on
the notes reflects S&P's expectation of average (30% to 50%; at the
upper end of the range) recovery in the event of a payment
default.
"The stable outlook reflects our expectation that despite continued
weakness in several of Prince's end markets, the company will
maintain adequate liquidity with adjusted debt to EBITDA around 8x
over the next 12 months," said Standard & Poor's credit analyst
Michael Maggi. "In addition, we expect EBITDA interest coverage to
be approximately 1x for the remainder of 2015 and into 2016."
S&P could lower the ratings if the company's liquidity deteriorated
such that S&P viewed it to be less than adequate or if credit
measures were to weaken further, such that debt to EBITDA rose
above 10x on a sustained basis. This could occur if Prince fails
to arrest the current downward trend in earnings, pressuring
margins further and lowering EBITDA interest coverage below 1x for
a prolonged period. This could also cause the company to increase
its borrowings under its revolving credit facility, which could
negatively affect liquidity and may cause S&P to view Prince's
capital structure as unsustainable.
S&P views an upgrade over the next 12 months as unlikely given
Prince's vulnerable business risk profile and current credit
measures. However, a positive rating action could occur if Prince
was able to stop the current downward trend in earnings and it
believed industry conditions had improved.
QUIKSILVER RESOURCES: Gordon Brothers, Hilco Lead Store Closings
----------------------------------------------------------------
BankruptcyData reported that Quicksilver Resources Inc. filed with
the U.S. Bankruptcy Court a motion for interim and final orders:
(i) authorizing the Debtors to assume agreements;
(ii) authorizing and approving the conduct of store closing or
similar themed sales (with such sales to be free and clear of all
liens, claims and encumbrances), and
(iii) authorizing customary bonuses to employees of closing
store locations.
According to documents filed with the Court, in connection with the
Company's contingency planning efforts, management worked with FTI
Consulting to accelerate and potentially expand the store closing
plan in the context of a Chapter 11 filing.
On Sept. 4, 2015, the Company entered into a store closing
agreement with Gordon Brothers Retail Partners Group (as agent), QS
Retail and Hilco Merchant Resources. The motion explains, "Failure
by the Debtors to continue performing pursuant to the Agreements at
this point would in all likelihood lead only to unnecessary delay
and expense that would in turn disrupt the Debtors' restructuring
efforts and cause significant harm to all stakeholders. The estate
will lose the benefit of the Agent's momentum, preparation for, and
commencement of the Sales. Among other things, the Debtors and
their advisors would be compelled to suspend the Sales and devote
valuable time and effort, at considerable expense to the Debtors
and their estates, to locating new agents and then recommencing the
Sales.
As the Sales are completed, the Debtors will reject their leases
and short-term license agreements pursuant to the contemporaneously
filed Debtors' motion for order pursuant to Bankruptcy Code
Sections 105, 65(a) and 554 and Bankruptcy Rules 6006 And 9014, and
Local Bankruptcy Rule 9013-1 authorizing and approving procedures
for rejection of executory contracts and unexpired leases."
The Court granted interim approval to the motion through and
including Oct. 6, 2015, at which time the Court will consider final
approval. Objections must file filed by Sept. 29, 2015.
About Quicksilver
Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration and
production company engaged in the development and production of
long-lived natural gas and oil properties onshore North America.
Based in Fort Worth, Texas, the company claims to be a leader in
the development and production from unconventional reservoirs
including shale gas, and coal bed methane. Following more than 30
years of operating as a private company, Quicksilver became public
in 1999.
The Company has U.S. offices in Fort Worth, Texas; Glen Rose,
Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,
Montana. The Company's Canadian subsidiary, Quicksilver Resources
Canada Inc., is headquartered in Calgary, Alberta.
Quicksilver Resources Inc. and certain of its affiliates filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 15-10585) on March 17, 2015.
Quicksilver's Canadian subsidiaries were not included in the
chapter 11 filing.
The Company's legal advisors are Akin Gump Strauss Hauer & Feld
LLP
in the U.S. and Bennett Jones in Canada. Richards Layton &
Finger,
P.A., is legal co-counsel in the Chapter 11 cases. Houlihan Lokey
Capital, Inc. is serving as financial advisor. Garden City Group
Inc. is the claims and noticing agent.
The Company's balance sheet at Dec. 31, 2014, showed $1.21 billion
in total assets, $2.35 billion in total liabilities and total
stockholders' deficit of $1.14 billion.
The U.S. Trustee for Region 3 appointed five creditors of
Quicksilver Resources Inc. to serve on the official committee of
unsecured creditors. The Committee is represented by Landis Rath
&
Cobb LLP's Richard S. Cobb, Esq., Matthew B. McGuire, Esq., and
Joseph D. Wright, Esq.; and Paul Weiss Rifkind Wharton & Garrison
LLP's Andrew N. Rosenberg, Esq., Elizabeth R. McColm, Esq., and
Adam M. Denhoff, Esq.
* * *
The Debtors have been given exclusive right to file a bankruptcy
plan through Oct. 13, 2015.
RADIOSHACK CORP: Standard General, et al. Balk at Amended Plan
--------------------------------------------------------------
BankruptcyData reported that multiple parties, including the Texas
Comptroller of Public Accounts, the United States, Wells Fargo
Bank, Standard General and the Pennsylvania Department of Revenue,
filed with the U.S. Bankruptcy Court separate objections to
RadioShack Corporation's First Amended Joint Plan of
Reorganization.
The United States asserted that, "The proposed plan includes a
settlement of the claims of Salus Capital Partners, LLC ('SCP').
While the United States is not opposed in principle to the
confirmation of a chapter 11 plan in the case, the terms of the
settlement prohibit confirmation of the proposed plan because they
violate the absolute priority rule set forth in Section 1129(b) of
the Bankruptcy Code. Specifically, the assignment of SCP's
adequate protection claims and diminution in value claims to the
general unsecured creditors gives value to a class of claims of a
lower priority than the United States, even though the plan does
not provide for any payment, let alone full payment, of the United
States' Section 507(a)(8) priority claim. Confirmation thus should
be denied because the terms of the plan violate the express
requirements of the Code without any justification."
ABI.org also reported that Standard General, the hedge fund that
salvaged much of RadioShack's business in a bankruptcy buyout
earlier this year, is leading the list of Plan objectors.
About RadioShack Corporation
Headquartered in Fort Worth, Texas, RadioShack is a retailer of
mobile technology products and services, as well as products
related to personal and home technology and power supply needs.
RadioShack's retail network includes more than 4,300
company-operated stores in the United States, 270 company-operated
stores in Mexico, and approximately 1,000 dealer and other outlets
worldwide.
RadioShack Corporation and affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. Judge
Kevin J. Carey presides over the case.
David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki,
Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul
M. Green, Esq., at Jones Day serve as the Debtors' bankruptcy
counsel.
David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H.
Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel.
Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors'
restructuring advisor. Maeva Group, LLC, is the Debtors'
Turnaround advisor. Lazard Freres & Co. LLC is the Debtors'
investment banker. A&G Realty Partners is the Debtors' real
estate advisor. Prime Clerk is the Debtors' claims and noticing
agent.
In their Petitions, the Debtors disclosed total assets of $1.2
billion, versus total debts of $1.3 billion.
Quinn Emanuel Urquhart & Sullivan, LLP and Cooley LLP represent
the Official Committee of Unsecured Creditors as co-counsel.
Houlihan Lokey Capital, Inc., serves as financial advisor and
investment banker. The bankruptcy case is assigned to Judge
Brendan L. Shannon.
The First Amended Plan provides that the SCP Agent will recover an
estimated 80% to 90% of its allowed claim amount, estimated to
total $70 million. General Unsecured Claims, estimated to total
$200 to $400 million, will receive a Pro Rata share, with Allowed
Claims in Classes 6 and 7, of the Remaining Liquidating Trust
Assets.
A blacklined version of the Disclosure Statement is available at
http://bankrupt.com/misc/RSIds0810.pdf
RAILYARD COMPANY: Amends William F. Davis Employment Application
----------------------------------------------------------------
Railyard Company, LLC filed with the Bankruptcy Court an amended
application to employ William F. Davis & Assoc., P.C., as its
counsel to reflect the firm's correct hourly rates as follows:
Name Rate/Hour
---------------------- ---------
William F. Davis, Esq. $325
Andrea S. Woody, Esq. $250
Nephi D. Hardman, Esq. $225
Christopher D. Dvorak, Esq. $200
Paralegal $105
The Debtor in its previous application disclosed its desire to pay
the firm at the hourly rate of $300 for William F. Davis, Esq.,
$225 for Andrea DS Woody, Esq., $200 for Nephi D. Hardman, Esq.,
$175 for Christopher D. Dvorak, Esq., $105 for paralegal.
Railyard Company, LLC filed a Chapter 11 petition (Bankr. D. N.M.
Case No. 15-12386) on Sept. 4, 2015. The petition was signed by
Richard Jaramillo as managing member. The Debtor is represented by
William F. Davis, Esq., at William F. Davis & Associates, P.C., as
counsel.
RESPONSE GENETICS: Amends List of 20 Largest Unsecured Creditors
----------------------------------------------------------------
Response Genetics, Inc., filed with the U.S. Bankruptcy Court for
the District of Delaware amended list of creditors holding 20
largest unsecured claim.
The amended list included F. Hoffman LaRoche Ltd. and Wilkie Farr &
Gallagher and excluded Littler Mendelson, PC.
The list now discloses:
Name of Creditor Nature of Claim Amount of Claim
---------------- --------------- ---------------
F. Hoffman LaRoche Ltd. Vendor $866,557
Diagnostics Division
Licensing Dept.
Bldg/Room 052/1415
CH 4070
Basel, Switzerland
Contact: D.A. Mauer
Tel: +41 61 688‐566
Fax: + 41 61 687‐2113
Willkie Farr & Gallagher Legal Services $450,000
787 Seventh Avenue
New York, NY 10019‐6099
Tel: 212‐728‐8000
Fax: 212‐728‐8111
Life Technologies Corporation Vendor $164,323
Abbott Molecular Inc. Vendor $115,173
The Trout Group $78,355
Affymetrix, Inc.-Active $77,296
University of Southern
California (Rent) Landlord $60,534
XIFIN, Inc. $41,946
Los Angeles County Tax Taxing Authority $41,601
CollectorKenneth Hahn Hall
of Administration,
BDO USA, LLP $30,000
AST Transfer & Trust $19,732
Company, LLC
Oregon Health & Science $19,550
University
Hogan Lovells US I.LP Legal Services $19,433
Columbia Square
College of American $18,793
Pathologists
Federal Express Vendor $14,453
Roche Diagnostics $13,137
Corporation
Leica Microsystems Inc. $13,008
First Medical Recruiters $11,000
Shareholder.com $10,115
Sincerus Solutions, Inc. $10,015
About Response Genetics
Los Angeles, California-based Response Genetics, Inc. (otcqb:RGDX)
-- http://www.responsegenetics.com-- is a CLIA-certified clinical
laboratory focused on the development and sale of molecular
diagnostic testing services for cancer. The Company's
technologies enable extraction and analysis of genetic information
derived from tumor cells stored as formalin-fixed and paraffin-
embedded specimens. The Company's principal customers include
oncologists and pathologists. In addition to diagnostic testing
services, the Company generates revenue from the sale of its
proprietary analytical pharmacogenomic testing services of clinical
trial specimens to the pharmaceutical industry.
Response Genetics, fdba Bio Type, Inc., filed for Chapter 11
bankruptcy (Bankr. D. Del. Case No. 15-11663) on Aug. 9, 2015,
represented by James E. O'Neill, Esq., at Pachulski Stang Ziehl &
Jones LLP. Canaccord Genuity, Inc., serves as its investment
banker; and Rust Consulting Omni Bankruptcy acts as its claims and
noticing agent.
The Company disclosed total assets of $10.7 million and total debts
of $15.7 million. The petition was signed by Thomas Bologna,
chairman and chief executive officer.
No request has been made for the appointment of a trustee or an
examiner in the cases, and no official committee has yet been
appointed by the Office of the U.S. Trustee.
* * *
Response Genetics executed a "stalking horse" agreement to
sell all of its business assets to Cancer Genetics, Inc. for
$14,000,000, comprised of a 50/50 split in value of cash and the
common stock of CGI.
CGI is represented by Kramer Levin Naftalis & Frankel LLP's James
A. Grayer, Esq.
SIGNAL INTERNATIONAL: 2nd Amendment to Interim DIP Order Approved
-----------------------------------------------------------------
Judge Mary F. Walrath of the United States Bankruptcy Court for the
District of Delaware on Sept. 1 signed a Second Amendment to the
Interim Order authorizing Signal International, Inc., et al., to
obtain postpetition financing and use cash collateral.
Pursuant to the Second Amendment to the Interim Order, clauses (n)
through (r) of Section 7.1 of the DIP Loan Agreement will be
amended and restated in its entirety to state as follows:
"(n) The Bankruptcy Court shall not have entered an order
approving the Borrower’s assumption of the PSA on or before
September 1, 2015.
(o) The Final Order shall not have been entered by the
Bankruptcy Court on or before September 11, 2015, or such later
date as may be agreed to in writing by Lender in its sole
discretion.
(p) The Sale Procedures Order shall not have been entered by
the Bankruptcy Court on or before September 1, 2015, or such later
date as may be agreed to in writing by Lender in its sole
discretion.
(q) The Auction shall not have been held on or before October
14, 2015.
(r) The Sale Approval Order and the Confirmation Order
contemplated by the PSA shall not have been entered by the
Bankruptcy Court on or before November 24, 2015.
Signal International, Inc., et al. are represented by:
M. Blake Cleary, Esq.
Kenneth J. Enos, Esq.
Jaime Luton Chapman, Esq.
Travis G. Buchanan, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: mbcleary@ycst.com
kenos@ycst.com
jchapman@ycst.com
tbuchanan@ycst.com
About Signal International
Signal International Inc. -- http://www.signalint.com/-- primarily
engages in the business of offshore drilling rig overhaul, repair,
upgrade, and conversion, as well as new shipbuilding construction.
Additionally, Signal provides services to the general marine and
heavy fabrication markets for barges, power plants, and modular
construction.
Signal International, LLC ("SI LLC"), was organized on Dec. 6,
2002, as a limited liability company after acquiring the assets of
the Offshore Division of Friede Goldman Halter from bankruptcy.
SI Inc. was incorporated on Oct. 12, 2007, and began operations
with offshore fabrication and repair in Mississippi. Today,
Signal's corporate headquarters are in Mobile, Alabama, with
operations in Alabama and Mississippi, and a sales office in
Texas.
On Oct. 3, 2014, Signal International Texas, L.P., sold
substantially all of its assets to Westport Orange Shipyard, LLC,
in a partially seller-financed transaction for a total purchase
price of $35,900,000. As part of the transaction, Westport
provided a down payment of $7,000,000 and delivered a promissory
note in the principal amount of $28,900,000 to SI Texas due on or
before Oct. 3, 2019 (the "Texas Note").
On July 12, 2015, SI Inc. and its direct and indirect wholly owned
subsidiaries, including SI LLC, commenced cases under chapter 11 of
title 11 of the United States Code (Bankr. D. Del. Lead Case No.
15-11498).
The Debtors tapped Young Conaway Stargatt & Taylor LLP as
bankruptcy counsel, Hogan Lovells US LLP as general corporate
counsel, GGG Partners, LLC, as financial and restructuring
advisors, and Kurtzman Carson Consultants LLC as claims and
noticing agent.
Signal International Inc. estimated $10 million to $50 million in
assets and $50 million to $100 million in debt.
The U.S. Trustee for Region 3 appointed seven creditors to serve on
the official committee of unsecured creditors.
SUNTECH AMERICA: Needs Until Jan. 2016 to File Plan
---------------------------------------------------
Suntech America, Inc., et al., ask the U.S. Bankruptcy Court for
the District of Delaware to extend the period by which they have
exclusive right to file a Chapter 11 plan through and including
Jan. 7, 2016, and the period by which they have exclusive right to
solicit votes on the plan through and including March 9, 2016.
The Debtors state that "although steps towards a consensual plan
remain the Debtors' goal, the Debtors must retain the ability to
focus on the remaining items that are important to their emergence
from chapter 11 without the distraction, disruption, and expense of
competing chapter 11 plans. Among other items, the Debtors must
resolve significant and complex claims that have been asserted
against the Debtors' estates, including Wuxi's disputed claim and
warranty claims that implicate Wuxi."
The Debtors add: "Maintaining the exclusive right to file and
solicit votes on a chapter 11 plan is critical to the Debtors'
ability to finalize and file a chapter 11 plan and emerge from
chapter 11 as efficiently and expeditiously as possible.
Accordingly, the Debtors request a further extension of the
Exclusivity Periods to allow the Debtors to continue focusing on
resolving outstanding litigation and on negotiating, finalizing,
filing, and obtaining confirmation of a chapter 11 plan and to
preclude the costly disruption that would occur if competing plans
were to be proposed at this time."
The Debtors are represented by Mark D. Collins, Esq., Paul N.
Heath, Esq., Zachary I. Shapiro, Esq., and Rachel L. Biblo, Esq.,
at Richards, Layton & Finger, P.A., in Wilmington, Delaware.
About Suntech America
Suntech America, Inc., and Suntech Arizona, Inc. filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-10054 and
15-10056) on Jan. 12, 2015. Judge Christopher S. Sontchi presides
over the case.
Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.
Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &
Finger, P.A., serve as the Debtors' bankruptcy counsel. Upshot
Services LLC is the Debtors' claims and noticing agent.
The Debtors estimated their assets at between $100 million and
$500 million, and their debts at between $100 million and $500
million.
Headquartered in San Francisco, California, Suntech America, aka
Suntech Power, an affiliate of Wuxi, China-based Suntech Power
Holdings Corp., was the main operating subsidiary of the Suntech
Group in the Americas and its primary business purpose was acting
as an intermediary for marketing, selling and distributing Suntech
Group manufactured products.
TRANS COASTAL: Seeks Court Approval to Hire B&B as Accountant
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of Illinois will
hold a hearing on Sept. 15, 2015, at 9:30 a.m. in Courtroom 232 in
Springfield, Illinois to consider approval of the motion filed by
Trans Coastal Supply Company, Inc., for authority to employ Diane
L. Beatty, certified public accountant, and Beatty & Beatty, Ltd.,
as its accountant to prepare its 2014 federal and state income tax
returns and for other basic accounting services.
The Debtor notes it reserves the right to modify the employment to
propose to compensate the firm if it performs other accounting
services in this case.
The Debtor believes that the firm has no conflict of interest and
are not otherwise disqualified to be employed in this case.
Ms. Beatty can be reached at:
Diane L. Beatty
Beatty & Beatty, Ltd.
2705 Lincoln Trail
Taylorville, IL 62568
Tel: (217) 824-8446
Headquartered in Decatur, Illinois, Trans Coastal Supply Company
Inc ships grain and other agricultural products like the ethanol
byproduct distillers dried grains (DDGS) in containers to overseas
buyers.
Trans Coastal Supply Company Inc. filed for Chapter 11 bankruptcy
protection (Bankr. C.D. Ill. Case No. 15-71147) on July 23, 2015.
Judge Mary P. Gorman presides over the Debtor's case. Jeffrey D
Richardson, Esq., at Richardson & Erickson, represents the Debtor.
The Debtor estimated both assets and liabilities between $10
million and $50 million.
Nancy J. Gargula, U.S. Trustee for Region 10, appointed five
members to the Official Committee of Unsecured Creditors in the
Chapter 11 bankruptcy case of Trans Coastal Supply Company Inc.
TRANS COASTAL: Taps Altus Global as Collection Agent
----------------------------------------------------
Trans Coastal Supply Company, Inc., asks the U.S. Bankruptcy Court
for the Central District of Illinois for permission to employ Altus
Global Trade Solutions as its collection agent to collect these
foreign accounts.
The Debtor tells the Court that it has accounts receivable with
foreign companies which periodically need to be placed for
collection. The Debtor says its business involves exporting corn
and corn and distillers dried grains with solubles overseas. These
accounts are placed with Altus Global for 15% of the amount
collected, according to the Debtor.
The Debtor believes that the firm has no conflict of interest and
is not otherwise disqualified from being employed for the
purposes.
The firm can be reached at:
Altus Global Trade Solutions,
2400 Veterans Blvd., Suite 300
P. O. Box 1389
Kenner, LA 70063
Tel: 1-800-509-6060
Headquartered in Decatur, Illinois, Trans Coastal Supply Company
Inc ships grain and other agricultural products like the ethanol
byproduct distillers dried grains (DDGS) in containers to overseas
buyers.
Trans Coastal Supply Company Inc. filed for Chapter 11 bankruptcy
protection (Bankr. C.D. Ill. Case No. 15-71147) on July 23, 2015.
Judge Mary P. Gorman presides over the Debtor's case. Jeffrey D
Richardson, Esq., at Richardson & Erickson, represents the Debtor.
The Debtor estimated both assets and liabilities between $10
million and $50 million.
Nancy J. Gargula, U.S. Trustee for Region 10, appointed five
members to the Official Committee of Unsecured Creditors in the
Chapter 11 bankruptcy case of Trans Coastal Supply Company Inc.
TRANS COASTAL: Taps Simmons Hanly to Pursue Syngenta Claims
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of Illinois will
hold a hearing on Sept. 15, 2015, at 9:30 a.m. in Courtroom 232 in
Springfield, Illinois, to approve the request filed by Trans
Coastal Supply Company, Inc., to employ the law firm of Simmons
Hanly Conroy LLC as special counsel to represent in its damage
claims against Syngenta AG and affiliates.
The Debtor tells the Court that it filed a class action lawsuit
against Syngenta in the United States District Court for the
Central District of Illinois on Sept. 12, 2014 styled as "Trans
Coastal Supply Company, Inc. v. Syngenta AG, et al". Case no.
14-CV-02221. The Judicial Panel on Multi-District Litigation has
since transferred the case to the Honorable John W. Lungstrum in
the United States District Court of Kansas for coordinated and
consolidated pretrial proceedings.
The Debtor notes the primary attorneys working on its litigation
are Jayne Conroy, Esq.; Paul Hanly, Esq.; Andrea Bierstein, Esq.;
and Sarah Burns, Esq. The contingency fees are a minimum of 35% of
any settlement or recovery plus expenses and could reach 40% of any
settlement or recovery if the matter is appealed, the Debtor adds.
The Debtor believes that the firm has no conflict of interest and
are not otherwise disqualified to be employed in this case.
The firm can be reached at:
Jayne Conroy, Esq.
Paul Hanly, Esq.
Andrea Bierstein, Esq.
Sarah Burns, Esq.
Simmons Hanly Conroy LLC
112 Madison Avenue
New York, New York 10016-7416
Tel: 212-784-6400
Fax: 212-213-5949
Email: JConroy@simmonsfirm.com
phanly@simmonsfirm.com
ABierstein@simmonsfirm.com
sburns@simmonsfirm.com
Headquartered in Decatur, Illinois, Trans Coastal Supply Company
Inc ships grain and other agricultural products like the ethanol
byproduct distillers dried grains (DDGS) in containers to overseas
buyers.
Trans Coastal Supply Company Inc. filed for Chapter 11 bankruptcy
protection (Bankr. C.D. Ill. Case No. 15-71147) on July 23, 2015.
Judge Mary P. Gorman presides over the Debtor's case. Jeffrey D
Richardson, Esq., at Richardson & Erickson, represents the Debtor.
The Debtor estimated both assets and liabilities between $10
million and $50 million.
Nancy J. Gargula, U.S. Trustee for Region 10, appointed five
members to the Official Committee of Unsecured Creditors in the
Chapter 11 bankruptcy case of Trans Coastal Supply Company Inc.
UNIVERSAL PROPERTIES: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Universal Properties Inc.
10153 95th St
Ozone Park, NY 11416-2536
Case No.: 15-44198
Chapter 11 Petition Date: September 13, 2015
Court: United States Bankruptcy Court
Eastern District of New York (Brooklyn)
Judge: Hon. Nancy Hershey Lord
Debtor's Counsel: H Bruce Bronson, Esq.
BRONSON LAW OFFICES PC
61-43 186th Street
Fresh Meadows, NY 11365
Tel: 877-385-7793
Email: G2514@notify.cincompass.com
Total Assets: $1.9 million
Total Liabilities: $1.9 million
The petition was signed by Manranjan Ramkirit, president.
The Debtor listed Richard Singh and Esardi Singh as its largest
unsecured creditor holding a claim of $150,000.
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/nyeb15-44198.pdf
WASHINGTON HEIGHTS: Sept. 30 Set as General Claims Bar Date
-----------------------------------------------------------
The Hon. Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York established Sept. 30, 2015, as the deadline
for any individual or entity to file proofs of claim against
Washington Heights Parking, LLC.
Judge Glenn also ordered that proofs of claim filed by governmental
units must be filed by Dec. 26, 2015.
Attorneys (with full access accounts) and employees of
institutional creditors (with limited access accounts) must file
proofs of claim electronically on the Court's Case
Management/Electronic Case File system. Those without accounts or
access to the CM/ECF system must file their proofs of claim
by mailing or delivering the original proof of claim by hand to:
The United States Bankruptcy Court
Southern District of New York
One Bowling Green
New York, NY 10004
About Washington Heights
Washington Heights Parking, LLC, one of 20 companies owned by real
estate developer Jose Espinal, sought bankruptcy protection (Bankr.
S.D.N.Y. Case No. 15-11687) in Manhattan on June 26, 2015.
Washington Heights Parking, a real estate business, owns a building
at 4320 Broadway, New York. It leases the premises to three
tenants who pay annualized rents of approximately $1.4 million.
XFIRE HOLDING: Case Summary & 15 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Xfire Holding
fka Xfire, Inc.
21000 Bryant St., #13
Canoga Park, CA 91304
Case No.: 15-13041
Chapter 11 Petition Date: September 11, 2015
Court: United States Bankruptcy Court
Central District of California (San Fernando Valley)
Judge: Hon. Victoria S. Kaufman
Debtor's Counsel: Lance N Jurich, Esq.
LOEB & LOEB LLP
10100 Santa Monica Blvd, Ste.2200
Los Angeles, CA 90067-4120
Tel: 310-282-2211
Fax: 310-919-3897
Email: ljurich@loeb.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Denis Gamobramov, chairman of the Board
of Directos of XFire Holding, Inc.
A list of the Debtor's 15 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb15-13041.pdf
XINERGY LTD: Has Until Nov. 12 to Propose Chapter 11 Plan
---------------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved
Xinergy Ltd.'s motion to extend the exclusive period during which
the Company can file a Chapter 11 plan and solicit acceptances
thereof until Nov. 12, 2015, and Jan. 11, 2016, respectively.
According to the report, "during the first three months of these
chapter 11 cases, the Debtors have (i) timely fulfilled the
numerous reporting and other statutory requirements attendant to
the commencement of these cases, (ii) obtained interim and final
approval of a debtor-in-possession credit facility, (iii) addressed
a multitude of creditor, supplier and customer inquiries, (iv)
established a bar date and claims administration process, (v)
obtained approval of a key employee retention plan, (vi) provided
the Committee with numerous business and financial records, and
(vii) been working on creating and negotiating a plan of
reorganization with its pre and post-petition secured lenders.
Accordingly, the Debtors' efforts during the short time since the
Petition Date establish that 'cause' exists for extending the
Exclusive Periods as requested herein."
About Xinergy Ltd.
Xinergy is a U.S. producer of metallurgical and thermal coal with
mineral reserves, mining operations and coal properties located in
the Central Appalachian ("CAPP") regions of West Virginia and
Virginia. Xinergy's operations principally include two active
mining complexes known as South Fork and Raven Crest located in
Greenbrier and Boone Counties, West Virginia. Xinergy also leases
or owns the mineral rights to properties located in Fayette,
Nicholas and Greenbrier Counties, West Virginia and Wise County,
Virginia. Collectively, Xinergy leases or owns mineral rights to
approximately 72,000 acres with proven and probable coal reserves
of approximately 77 million tons and additional estimated reserves
of 40 million tons.
Xinergy Ltd. and 25 subsidiaries commenced Chapter 11 bankruptcy
cases (Bankr. W.D. Va. Lead Case No. 15-70444) on April 6, 2015.
The cases have been assigned to Judge Paul M. Black. The cases
are
being jointly administered for procedural purposes.
Xinergy Ltd. disclosed $36,968,445 in assets and $215,000,000 in
liabilities as of the Chapter 11 filing.
The Debtors tapped Hunton & Williams LLP as attorneys; Global
Hunter Securities, as financial advisor, and American Legal Claims
Services, LLC as claims, noticing and balloting agent.
The U.S. Trustee appointed a two member official committee of
unsecured creditors. The Committee tapped to retain McGuireWoods
LLP as lead counsel, and Whiteford, Taylor & Preston, LLP as its
local counsel.
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[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABSOLUTE SOFTWRE OU1 GR 149.9 (13.1) (8.1)
ABSOLUTE SOFTWRE ABT CN 149.9 (13.1) (8.1)
ABSOLUTE SOFTWRE ALSWF US 149.9 (13.1) (8.1)
ADV MICRO DEVICE AMD* MM 3,381.0 (141.0) 1,052.0
ADVENT SOFTWARE ADVS US 424.8 (50.1) (110.8)
AEROJET ROCKETDY GCY GR 1,898.1 (95.6) 143.6
AEROJET ROCKETDY GCY TH 1,898.1 (95.6) 143.6
AEROJET ROCKETDY AJRD US 1,898.1 (95.6) 143.6
AIR CANADA ACEUR EU 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 AC CN 12,374.0 (388.0) (53.0)
AIR CANADA ADH2 GR 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 AMLN US 1,998.7 (42.4) 263.0
ANGIE'S LIST INC ANGI US 176.1 (21.6) (26.0)
ANGIE'S LIST INC 8AL TH 176.1 (21.6) (26.0)
ANGIE'S LIST INC 8AL GR 176.1 (21.6) (26.0)
ARIAD PHARM APS GR 543.0 (13.8) 209.9
ARIAD PHARM APS TH 543.0 (13.8) 209.9
ARIAD PHARM ARIAEUR EU 543.0 (13.8) 209.9
ARIAD PHARM ARIACHF EU 543.0 (13.8) 209.9
ARIAD PHARM ARIA SW 543.0 (13.8) 209.9
ARIAD PHARM ARIA US 543.0 (13.8) 209.9
ASPEN TECHNOLOGY AZPN US 315.4 (48.5) (32.8)
ASPEN TECHNOLOGY AST GR 315.4 (48.5) (32.8)
AUTOZONE INC AZ5 TH 8,032.4 (1,643.2) (742.6)
AUTOZONE INC AZOEUR EU 8,032.4 (1,643.2) (742.6)
AUTOZONE INC AZ5 GR 8,032.4 (1,643.2) (742.6)
AUTOZONE INC AZ5 QT 8,032.4 (1,643.2) (742.6)
AUTOZONE INC AZO US 8,032.4 (1,643.2) (742.6)
AVID TECHNOLOGY AVD GR 276.2 (338.1) (147.2)
AVID TECHNOLOGY AVID US 276.2 (338.1) (147.2)
AVINTIV SPECIALT POLGA US 1,991.4 (3.9) 322.1
BARRACUDA NETWOR CUDAEUR EU 400.4 (31.3) 36.9
BARRACUDA NETWOR 7BM GR 400.4 (31.3) 36.9
BARRACUDA NETWOR CUDA US 400.4 (31.3) 36.9
BERRY PLASTICS G BERY US 5,011.0 (74.0) 634.0
BERRY PLASTICS G BP0 GR 5,011.0 (74.0) 634.0
BLUE BUFFALO PET B6B GR 459.5 (33.7) 258.1
BLUE BUFFALO PET BUFF US 459.5 (33.7) 258.1
BLUE BUFFALO PET B6B TH 459.5 (33.7) 258.1
BRINKER INTL EAT US 1,435.9 (78.5) (228.8)
BRINKER INTL BKJ GR 1,435.9 (78.5) (228.8)
BRP INC/CA-SUB V DOO CN 2,223.5 (31.1) 255.8
BRP INC/CA-SUB V BRPIF US 2,223.5 (31.1) 255.8
BRP INC/CA-SUB V B15A GR 2,223.5 (31.1) 255.8
BURLINGTON STORE BURL* MM 2,673.6 (40.6) 166.6
BURLINGTON STORE BURL US 2,673.6 (40.6) 166.6
BURLINGTON STORE BUI GR 2,673.6 (40.6) 166.6
CABLEVISION SY-A CVY TH 6,712.1 (4,951.2) 61.0
CABLEVISION SY-A CVC US 6,712.1 (4,951.2) 61.0
CABLEVISION SY-A CVY GR 6,712.1 (4,951.2) 61.0
CABLEVISION SY-A CVCEUR EU 6,712.1 (4,951.2) 61.0
CABLEVISION-W/I 8441293Q US 6,712.1 (4,951.2) 61.0
CABLEVISION-W/I CVC-W US 6,712.1 (4,951.2) 61.0
CAMBIUM LEARNING ABCD US 156.6 (75.1) (16.2)
CASELLA WASTE WA3 GR 657.5 (18.9) (1.2)
CASELLA WASTE CWST US 657.5 (18.9) (1.2)
CEDAR FAIR LP 7CF GR 2,076.3 (3.5) (89.1)
CEDAR FAIR LP FUN US 2,076.3 (3.5) (89.1)
CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1)
CHARTER COM-A CHTR US 17,319.0 (31.0) (1,180.0)
CHARTER COM-A CKZA GR 17,319.0 (31.0) (1,180.0)
CHARTER COM-A CKZA TH 17,319.0 (31.0) (1,180.0)
CHOICE HOTELS CZH GR 702.6 (385.5) 195.9
CHOICE HOTELS CHH US 702.6 (385.5) 195.9
CINCINNATI BELL CBB US 1,509.6 (403.5) (0.2)
CLEAR CHANNEL-A CCO US 6,188.4 (263.3) 386.6
CLEAR CHANNEL-A C7C GR 6,188.4 (263.3) 386.6
CLIFFS NATURAL R CVA GR 2,609.4 (1,740.2) 623.8
CLIFFS NATURAL R CVA TH 2,609.4 (1,740.2) 623.8
CLIFFS NATURAL R CLF2EUR EU 2,609.4 (1,740.2) 623.8
CLIFFS NATURAL R CLF* MM 2,609.4 (1,740.2) 623.8
CLIFFS NATURAL R CLF US 2,609.4 (1,740.2) 623.8
COLLEGIUM PHARMA COLL US 5.1 (12.2) (5.9)
CORIUM INTERNATI CORI US 59.3 (5.4) 31.2
CORIUM INTERNATI 6CU GR 59.3 (5.4) 31.2
CYAN INC CYNI US 112.1 (18.4) 56.9
CYAN INC YCN GR 112.1 (18.4) 56.9
DELEK LOGISTICS D6L GR 352.0 (15.8) 5.5
DELEK LOGISTICS DKL US 352.0 (15.8) 5.5
DIRECTV DTV CI 25,321.0 (3,463.0) 1,360.0
DIRECTV DTVEUR EU 25,321.0 (3,463.0) 1,360.0
DIRECTV DTV US 25,321.0 (3,463.0) 1,360.0
DOMINO'S PIZZA EZV GR 597.9 (1,245.7) 135.3
DOMINO'S PIZZA EZV TH 597.9 (1,245.7) 135.3
DOMINO'S PIZZA DPZ US 597.9 (1,245.7) 135.3
DUN & BRADSTREET DB5 GR 2,092.7 (1,217.9) (412.7)
DUN & BRADSTREET DB5 TH 2,092.7 (1,217.9) (412.7)
DUN & BRADSTREET DNB US 2,092.7 (1,217.9) (412.7)
DUN & BRADSTREET DNB1EUR EU 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 DRTX US 82.1 (16.1) 11.7
DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7
DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7
EDGEN GROUP INC EDG US 883.8 (0.8) 409.2
ENERGIZER HOLDIN ENR US 1,117.1 (296.9) 316.4
ENERGIZER HOLDIN EGG QT 1,117.1 (296.9) 316.4
ENERGIZER HOLDIN ENR-WEUR EU 1,117.1 (296.9) 316.4
EOS PETRO INC EOPT US 1.2 (25.4) (26.6)
EXELIXIS INC EX9 TH 248.8 (188.2) 31.5
EXELIXIS INC EX9 GR 248.8 (188.2) 31.5
EXELIXIS INC EXELEUR EU 248.8 (188.2) 31.5
EXELIXIS INC EXEL US 248.8 (188.2) 31.5
EXTENDICARE INC EXE CN 2,167.5 (10.8) (47.7)
EXTENDICARE INC EXETF US 2,167.5 (10.8) (47.7)
FENIX PARTS INC FENX US 0.9 (1.9) (1.9)
FERRELLGAS-LP FGP US 1,592.9 (103.4) 23.7
FERRELLGAS-LP FEG GR 1,592.9 (103.4) 23.7
FREESCALE SEMICO FSL US 3,165.0 (3,173.0) 1,257.0
FREESCALE SEMICO FSLEUR EU 3,165.0 (3,173.0) 1,257.0
FREESCALE SEMICO 1FS TH 3,165.0 (3,173.0) 1,257.0
FREESCALE SEMICO 1FS GR 3,165.0 (3,173.0) 1,257.0
GAMING AND LEISU 2GL GR 2,516.0 (135.8) 5.9
GAMING AND LEISU GLPI US 2,516.0 (135.8) 5.9
GARDA WRLD -CL A GW CN 1,401.9 (325.2) 39.5
GARTNER INC IT US 1,861.0 (170.2) (138.5)
GARTNER INC GGRA GR 1,861.0 (170.2) (138.5)
GENESIS HEALTHCA GEN US 6,103.4 (244.5) 228.5
GENESIS HEALTHCA SH11 GR 6,103.4 (244.5) 228.5
GENTIVA HEALTH GHT GR 1,225.2 (285.2) 130.0
GENTIVA HEALTH GTIV US 1,225.2 (285.2) 130.0
GLAUKOS CORP GKOS US 28.3 (4.4) (4.9)
GLAUKOS CORP 6GJ GR 28.3 (4.4) (4.9)
GLG PARTNERS INC GLG US 400.0 (285.6) 156.9
GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9
GOLD RESERVE INC GRZ CN 16.3 (28.8) (39.0)
GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5
GYMBOREE CORP/TH GYMB US 1,243.7 (378.0) 32.7
HCA HOLDINGS INC HCA US 31,710.0 (5,955.0) 2,983.0
HCA HOLDINGS INC 2BH GR 31,710.0 (5,955.0) 2,983.0
HCA HOLDINGS INC HCAEUR EU 31,710.0 (5,955.0) 2,983.0
HCA HOLDINGS INC 2BH TH 31,710.0 (5,955.0) 2,983.0
HD SUPPLY HOLDIN 5HD GR 6,321.0 (498.0) 1,400.0
HD SUPPLY HOLDIN HDS US 6,321.0 (498.0) 1,400.0
HERBALIFE LTD HLF US 2,415.1 (196.4) 363.2
HERBALIFE LTD HLFEUR EU 2,415.1 (196.4) 363.2
HERBALIFE LTD HOO GR 2,415.1 (196.4) 363.2
HOVNANIAN-A-WI HOV-W US 2,549.3 (151.5) 1,595.3
HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8)
IEG HOLDINGS COR IEGH US - (3.8) (0.6)
IHEARTMEDIA INC IHRT US 13,626.9 (10,240.8) 816.5
INFOR US INC LWSN US 6,778.1 (460.0) (305.9)
INVENTIV HEALTH VTIV US 2,154.4 (613.8) 84.5
IPCS INC IPCS US 559.2 (33.0) 72.1
ISTA PHARMACEUTI ISTA US 124.7 (64.8) 2.2
JUST ENERGY GROU JE CN 1,229.2 (528.2) (6.6)
JUST ENERGY GROU 1JE GR 1,229.2 (528.2) (6.6)
JUST ENERGY GROU JE US 1,229.2 (528.2) (6.6)
L BRANDS INC LB* MM 6,804.0 (647.0) 928.0
L BRANDS INC LTD QT 6,804.0 (647.0) 928.0
L BRANDS INC LTD GR 6,804.0 (647.0) 928.0
L BRANDS INC LTD TH 6,804.0 (647.0) 928.0
L BRANDS INC LBEUR EU 6,804.0 (647.0) 928.0
L BRANDS INC LB US 6,804.0 (647.0) 928.0
LANTHEUS HOLDING LNTH US 233.6 (195.6) 41.4
LANTHEUS HOLDING 0L8 GR 233.6 (195.6) 41.4
LEAP WIRELESS LWI GR 4,662.9 (125.1) 346.9
LEAP WIRELESS LWI TH 4,662.9 (125.1) 346.9
LEAP WIRELESS LEAP US 4,662.9 (125.1) 346.9
LORILLARD INC LLV GR 4,154.0 (2,134.0) 1,135.0
LORILLARD INC LLV TH 4,154.0 (2,134.0) 1,135.0
LORILLARD INC LO US 4,154.0 (2,134.0) 1,135.0
MAJESCOR RESOURC MJXEUR EU 0.1 (3.2) (3.2)
MALIBU BOATS-A M05 GR 189.1 (11.3) 6.7
MALIBU BOATS-A MBUU US 189.1 (11.3) 6.7
MANNKIND CORP NNF1 TH 352.6 (115.5) (196.4)
MANNKIND CORP MNKDEUR EU 352.6 (115.5) (196.4)
MANNKIND CORP MNKD US 352.6 (115.5) (196.4)
MANNKIND CORP NNF1 GR 352.6 (115.5) (196.4)
MARRIOTT INTL-A MAR US 6,321.0 (3,033.0) (1,611.0)
MARRIOTT INTL-A MAQ QT 6,321.0 (3,033.0) (1,611.0)
MARRIOTT INTL-A MAQ GR 6,321.0 (3,033.0) (1,611.0)
MARRIOTT INTL-A MAQ TH 6,321.0 (3,033.0) (1,611.0)
MCBC HOLDINGS IN 1SG GR 91.6 (44.8) (38.2)
MCBC HOLDINGS IN MCFT US 91.6 (44.8) (38.2)
MDC COMM-W/I MDZ/W CN 1,848.6 (273.8) (394.7)
MDC PARTNERS-A MDCA US 1,848.6 (273.8) (394.7)
MDC PARTNERS-A MD7A GR 1,848.6 (273.8) (394.7)
MDC PARTNERS-A MDZ/A CN 1,848.6 (273.8) (394.7)
MDC PARTNERS-EXC MDZ/N CN 1,848.6 (273.8) (394.7)
MERITOR INC MTOR US 2,453.0 (591.0) 360.0
MERITOR INC AID1 GR 2,453.0 (591.0) 360.0
MERRIMACK PHARMA MACK US 105.0 (143.1) (33.7)
MERRIMACK PHARMA MP6 GR 105.0 (143.1) (33.7)
MICHAELS COS INC MIK US 1,864.0 (1,992.6) 501.0
MICHAELS COS INC MIM GR 1,864.0 (1,992.6) 501.0
MIDSTATES PETROL MPO1EUR EU 1,796.2 (322.8) 117.4
MONEYGRAM INTERN MGI US 4,464.6 (248.7) (40.4)
MOODY'S CORP DUT GR 4,999.5 (103.4) 1,939.2
MOODY'S CORP MCOEUR EU 4,999.5 (103.4) 1,939.2
MOODY'S CORP DUT TH 4,999.5 (103.4) 1,939.2
MOODY'S CORP MCO US 4,999.5 (103.4) 1,939.2
MPG OFFICE TRUST 1052394D US 1,280.0 (437.3) -
NATIONAL CINEMED NCMI US 1,010.5 (221.6) 73.0
NATIONAL CINEMED XWM GR 1,010.5 (221.6) 73.0
NAVIDEA BIOPHARM NAVB IT 22.2 (44.6) 13.9
NAVISTAR INTL IHR GR 6,769.0 (4,809.0) 873.0
NAVISTAR INTL NAV US 6,769.0 (4,809.0) 873.0
NAVISTAR INTL IHR TH 6,769.0 (4,809.0) 873.0
NEW ENG RLTY-LP NEN US 177.2 (29.6) -
NORTHWEST BIO NWBO US 64.2 (76.2) (95.3)
NORTHWEST BIO NBYA GR 64.2 (76.2) (95.3)
NTELOS HOLDINGS NTLS US 700.2 (14.3) 185.6
OMTHERA PHARMACE OMTH US 18.3 (8.5) (12.0)
PALM INC PALM US 1,007.2 (6.2) 141.7
PBF LOGISTICS LP PBFX US 417.8 (199.9) 18.7
PBF LOGISTICS LP 11P GR 417.8 (199.9) 18.7
PHILIP MORRIS IN PMI SW 32,713.0 (11,798.0) (1,614.0)
PHILIP MORRIS IN PM FP 32,713.0 (11,798.0) (1,614.0)
PHILIP MORRIS IN 4I1 TH 32,713.0 (11,798.0) (1,614.0)
PHILIP MORRIS IN 4I1 QT 32,713.0 (11,798.0) (1,614.0)
PHILIP MORRIS IN PM1EUR EU 32,713.0 (11,798.0) (1,614.0)
PHILIP MORRIS IN PM1CHF EU 32,713.0 (11,798.0) (1,614.0)
PHILIP MORRIS IN PM1 TE 32,713.0 (11,798.0) (1,614.0)
PHILIP MORRIS IN 4I1 GR 32,713.0 (11,798.0) (1,614.0)
PHILIP MORRIS IN PM US 32,713.0 (11,798.0) (1,614.0)
PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9)
PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9)
PLY GEM HOLDINGS PGEM US 1,312.8 (119.6) 258.1
PLY GEM HOLDINGS PG6 GR 1,312.8 (119.6) 258.1
POLYMER GROUP-B POLGB US 1,991.4 (3.9) 322.1
PROTALEX INC PRTX US 1.0 (12.6) 0.4
PROTECTION ONE PONE US 562.9 (61.8) (7.6)
PUREBASE CORP PUBC US 0.4 (0.9) (1.2)
PURETECH HEALTH PRTCL B3 - - -
PURETECH HEALTH PRTCL PO - - -
PURETECH HEALTH PRTCGBX EU - - -
PURETECH HEALTH PRTC LN - - -
PURETECH HEALTH PRTCL L3 - - -
QUALITY DISTRIBU QLTY US 413.0 (22.9) 102.9
QUALITY DISTRIBU QDZ GR 413.0 (22.9) 102.9
QUINTILES TRANSN Q US 3,341.8 (701.7) 866.0
QUINTILES 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 RETA GR 2,590.9 (890.9) (107.2)
REGAL ENTERTAI-A RGC US 2,590.9 (890.9) (107.2)
REGAL ENTERTAI-A RGC* MM 2,590.9 (890.9) (107.2)
RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4)
RENTECH NITROGEN RNF US 328.0 (73.5) 43.7
RENTECH NITROGEN 2RN GR 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 TH 1,855.4 (114.9) 681.2
RYERSON HOLDING 7RY GR 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 13S TH 1,935.3 (53.1) 206.7
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
SBA COMM CORP-A SBAC US 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 SBJ GR 7,751.9 (1,133.2) 30.4
SBA COMM CORP-A SBJ TH 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 SHLD US 13,186.0 (906.0) 2,092.0
SEARS HOLDINGS SEE GR 13,186.0 (906.0) 2,092.0
SEARS HOLDINGS SEE TH 13,186.0 (906.0) 2,092.0
SILVER SPRING NE SSNI US 517.9 (104.9) (38.1)
SILVER SPRING NE 9SI GR 517.9 (104.9) (38.1)
SILVER SPRING NE 9SI TH 517.9 (104.9) (38.1)
SIRIUS XM CANADA XSR CN 297.1 (132.8) (177.9)
SIRIUS XM CANADA SIICF US 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 SPWH US 325.9 (24.2) 81.4
SPORTSMAN'S WARE 06S GR 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 SJ1 GR 4,491.0 (561.0) (77.0)
SUPERVALU INC SVU US 4,491.0 (561.0) (77.0)
SUPERVALU INC SJ1 TH 4,491.0 (561.0) (77.0)
SYNERGY PHARMACE S90 GR 164.8 (21.9) 147.2
SYNERGY PHARMACE SGYP US 164.8 (21.9) 147.2
SYNERGY PHARMACE SGYPEUR EU 164.8 (21.9) 147.2
THERAVANCE HVE GR 462.1 (294.0) 231.7
THERAVANCE THRX US 462.1 (294.0) 231.7
THRESHOLD PHARMA THLD US 73.9 (26.3) 46.6
THRESHOLD PHARMA NZW1 GR 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 TNET US 1,557.0 (7.9) 50.7
TRINET GROUP INC TN3 GR 1,557.0 (7.9) 50.7
TRINET GROUP INC TN3 TH 1,557.0 (7.9) 50.7
TRINET GROUP INC TNETEUR EU 1,557.0 (7.9) 50.7
UNISYS CORP UISCHF EU 2,163.6 (1,455.9) 177.2
UNISYS CORP USY1 GR 2,163.6 (1,455.9) 177.2
UNISYS CORP USY1 TH 2,163.6 (1,455.9) 177.2
UNISYS CORP UISEUR EU 2,163.6 (1,455.9) 177.2
UNISYS CORP UIS1 SW 2,163.6 (1,455.9) 177.2
UNISYS CORP UIS US 2,163.6 (1,455.9) 177.2
VECTOR GROUP LTD VGR US 1,462.8 (1.7) 514.4
VECTOR GROUP LTD VGR QT 1,462.8 (1.7) 514.4
VECTOR GROUP LTD VGR GR 1,462.8 (1.7) 514.4
VENOCO INC VQ US 598.9 (151.0) 207.6
VERISIGN INC VRS GR 2,570.7 (994.3) (15.0)
VERISIGN INC VRS TH 2,570.7 (994.3) (15.0)
VERISIGN INC VRSN US 2,570.7 (994.3) (15.0)
VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8)
VERSEON CORP VSN LN - - -
VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3)
W&T OFFSHORE INC WTI US 2,085.0 (0.8) (95.1)
WEIGHT WATCHERS WW6 GR 1,341.2 (1,347.5) (207.2)
WEIGHT WATCHERS WTW US 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 WT2 GR 3,549.9 (625.9) 265.3
WEST CORP WSTC US 3,549.9 (625.9) 265.3
WESTERN REFINING WR2 GR 441.6 (27.7) 66.8
WESTERN REFINING WNRL US 441.6 (27.7) 66.8
WESTMORELAND COA WLB US 1,777.6 (422.8) 40.1
WESTMORELAND COA WME GR 1,777.6 (422.8) 40.1
WINGSTOP INC WING US 117.4 (17.4) 6.0
WINGSTOP INC EWG GR 117.4 (17.4) 6.0
WINMARK CORP WINA US 45.3 (41.5) 11.5
WINMARK CORP GBZ GR 45.3 (41.5) 11.5
WYNN RESORTS LTD WYR GR 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
WYNN RESORTS LTD WYNN* MM 9,283.0 (110.7) 860.6
WYNN RESORTS LTD WYNN US 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 YEL1 TH 1,968.6 (445.2) 200.4
YRC WORLDWIDE IN YEL1 GR 1,968.6 (445.2) 200.4
YRC WORLDWIDE IN YRCW US 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 ***