TCR_Public/150917.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, September 17, 2015, Vol. 19, No. 260

                            Headlines

800 BUILDING: Can Hire Wyatt Tarrant as Special Counsel
A123 SYSTEMS: Dismisses Securities Case Against Four Executives
AC I INV: Has Until Sept. 30 to Propose Plan of Reorganization
ALPHA NATURAL: Tweaks Bankruptcy Loans
AMERICAN AGENCIES: Case Summary & 20 Largest Unsecured Creditors

ATLANTIC & PACIFIC: Hires FTI Consulting as Financial Advisor
AUDATEX HOLDINGS: Moody's Puts B1 CFR Under Review for Downgrade
BAHA MAR: Comments on US Court Ruling on Chapter 11 Process
BDC SHARED SERVICES: Case Summary & 20 Top Unsecured Creditors
BLACK ELK ENERGY: Sec. 341 Meeting Set for Oct. 19

CAESARS ENTERTAINMENT: TJM Offers $3MM for Shuttered Miss. Casino
CALIFORNIA RESOURCES: Moody's Lowers Corp. Family Rating to B1
CARE CAPITAL: S&P Assigns 'BB+' Corp. Credit Rating
CLAIRE'S STORES: Incurs $18.8 Million Net Loss in Second Quarter
CRP-2 HOLDINGS: Court Approves Hiring of FrankGecker as Counsel

CUMULUS MEDIA: Moody's Lowers CFR to B3, Outlook Stable
DECATUR HOSPITAL: S&P Affirms 'BB+' Rating on 2014 Revenue Bonds
DUNE ENERGY: Combined Disclosure and Plan Hearing Today
E*TRADE FIN'L: Credit Profile Affected by Response to Challenges
ENDEAVOUR INT'L: Wants Ch 11 Case Dismissed by End of October

ENERGY FUTURE: UST Says Creditor Accord Improperly Solicits Votes
FLEXERA SOFTWARE: $45MM Debt Increase No Impact on Moody's CFR
FOUNTAIN VALLEY: Moody's Hikes 1998 Bonds Rating From Ba1
FOURTH QUARTER: Court Okays Jackson Hole as Real Estate Broker
FOURTH QUARTER: Files Disclosure Statement on Liquidating Plan

FRESNO, CA: Moody's Hikes 2004/2008/2009 Bonds Rating to Ba1
GLOBAL MARITIME: Case Summary & 50 Largest Unsecured Creditors
GLOBAL MARITIME: Files for Chapter 11 to Wind Down Operations
GOLFSMITH INTERNATIONAL: S&P Cuts CCR to CCC on Liquidity Concerns
GRASS VALLEY: Court Approves Durham Jones as Special Counsel

GRASS VALLEY: Names Squire & Company as Accountant
GRASS VALLEY: Selects Valbridge Property as Appraiser
HAGGEN HOLDINGS: Court Orders Joint Administration of Cases
HOVENSA L.L.C: Case Summary & 20 Largest Unsecured Creditors
HOVENSA LLC: Files for Ch.11; to Sell Assets to Limetree for $184MM

IMPAC LAB: Moody's Assigns Ba1 Rating to New $100MM Revolver Loan
IMPAX LABORATORIES: S&P Affirms 'BB' CCR & Revises Outlook to Neg.
LEAP TRANSIT: Auctions Off Buses After Filing for Chapter 7
LIFE PARTNERS: Trustee Files Multi-Million Dollar Suit Against CEO
LJ/HAH HOLDINGS: S&P Withdraws 'B' Corporate Credit Rating

MALIBU ASSOCIATES: US Bank, US Trustee Object to Plan Disclosure
MOLYCORP INC: Gets Approval to Reject Contracts at Calif. Mine
NEWZOOM INC: Proposes Prime Clerk as Noticing and Claims Agent
NEWZOOM INC: Section 341 Meeting Scheduled for October 6
ONEX TSG: Moody's Assigns B2 CFR, Outlook Stable

PACIFIC RECYCLING: U.S. Trustee Forms Four-Member Creditors' Panel
PATRIOT COAL: In "Advanced" Talks with Rival Bidders for Mines
PETTERS COMPANY: Court Approves WayPoint as Trustee's Consultant
PETTERS COMPANY: Ritchie Loses Round in Suit Against JPMorgan
PHILADELPHIA PERFORMING: S&P Affirms BB- Rating on 2013 Rev. Bonds

QUIKSILVER INC: Court Approves KCC as Claims and Noticing Agent
QUIKSILVER INC: Court Enforces Automatic Stay Protection
QUIKSILVER INC: Wins Interim OK to Pay $30-Mil. to Critical Vendors
RADIOSHACK CORP: Liquidation Plan Moves Closer to Final Approval
RANCHO MIRAGE, CA: Moody's Hikes TABs Rating From Ba1

REGNIS MANAGEMENT: Case Summary & 12 Largest Unsecured Creditors
REICHHOLD HOLDINGS: Stepan Co. Steps Down From Creditors' Panel
REVEL AC: Utility Says New Owner Wants to Resell, Not Reopen
ROTONDO WEIRICH: Sec. 341 Meeting Set for October 13
SCOOTER STORE: Wants Case Dismissed, Says No Assets to Liquidate

SPRINT CORP: Moody's Lowers CFR to B3, Outlook Still Negative
TARGET CANADA: Spars With Creditors Over $1.9 Billion Debt Claims
TECH LINK: Receiver Puts 0.5-Hectare Property on Sale
UFS HOLDINGS: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable
UNIVERSAL FIBER: Moody's Assigns First Time 'B2' CFR

VANTAGE DRILLING: Receives NYSE Share Delisting Notice
VIRGIN ISLANDS: Retirement System Seeks $600MM Aid to Stay Solvent
WALLDESIGN INC: Centex Seeks to Prosecute Indemnity Actions
WALLDESIGN INC: Centex Seeks to Prosecute Products Liability Action
WELLSVILLE FOUNDRY: Case Summary & 20 Largest Unsecured Creditors

[*] Alabama Bankruptcy Judge Thomas Bennett Joins Bailey Glasser
[*] Judge Thomas Ambro to Receive American Inns of Court Award
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

800 BUILDING: Can Hire Wyatt Tarrant as Special Counsel
-------------------------------------------------------
The Hon. Jacqueline P. Cox of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized The 800 Building LLC asks
for permission to employ Wyatt, Tarrant & Combs LLP as its special
counsel to provide the Debtor with legal services with respect to
the sale of The 800 Building pursuant to a purchase agreement
entered into by the Debtor before the petition date, and to assist
the Debtor with the closing of the sale.

The Wyatt Tarrant professional most active with respect to the
firm's representation of the Debtor has been, and will continue to
be, Michael B. Vincenti, Esq.  Mr. Vincenti's current hourly
billing rate is $440.

The Debtor assured the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

Mr. Vincenti can be reached at:

   Michael B. Vincenti, Esq.
   Wyatt, Tarrant & Combs LLP
   West Jefferson Street, Suite 2800
   Louisville, KY 40202
   Tel: 502-562-7518
   Fax: 502-589-0309500
   Email: mvincenti@wyattfirm.com

                     About The 800 Building

The 800 Building, LLC, owns and operates two adjacent but related
rental properties in downtown Louisville, Kentucky: (a) a 246-unit
residential apartment building known as The 800 Building, with a
street address of 800 South 4th Street; and (b) a 48-slot parking
garage, with a street address of 820 South 4th Street.  The company
is owned by Leon and Helen Petcov and is managed by Leon Petcov.

The 800 Building, LLC sought Chapter 11 protection (Bankr. N.D.
Ill. Case No. 15-17314) on May 15, 2015.  The Debtor disclosed
$21,564,298 in assets and $33,706,487 in liabilities as of the
Chapter 11 filing.

The case is assigned to Judge Pamela S. Hollis.  The Debtor tapped
Phillip W. Nelson, Esq., at Locke Lord LLP, in Chicago, as counsel.


A123 SYSTEMS: Dismisses Securities Case Against Four Executives
---------------------------------------------------------------
Cara Salvatore at Bankruptcy Law360 reported that a Manhattan
federal judge has dismissed a securities case against four
executives of A123 Systems Inc., a company that made batteries for
electric cars but allegedly kept mum about the imminent failure of
its biggest customer, saying on Sept. 8, 2015, that the investors
who brought the suit didn't back up their claims with strong
evidence.

The plaintiffs said the executives -- David Vieau, John Granara,
Jason Forcier and David Prystash -- failed to communicate to
investors that car maker Fisker Automotive, a big customer, was
headed toward bankruptcy.

                        About A123 Systems

Based in Waltham, Massachusetts, A123 Systems Inc. designed,
developed, manufactured and sold advanced rechargeable lithium-ion
batteries and battery systems and provided research and
development services to government agencies and commercial
customers.  A123 was the recipient of a $249 million federal grant
from the Obama administration.

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

Prior to the bankruptcy filing, A123 had an agreement to sell an
80% stake in the business to Chinese auto-parts maker Wanxiang
Group Corp.  U.S. lawmakers opposed the deal over concerns on the
transfer of American taxpayer dollars and technology to China.
When it filed for bankruptcy, the Debtors presented a deal to sell
all assets to Johnson Controls Inc., subject to higher and better
offers.  At the auction in December 2012, most of the assets ended
up being sold for $256.6 million to Wanxiang.  The deal received
approval from the Committee on Foreign Investment in the U.S. on
Jan. 29, 2013.

A123 Systems was renamed B456 Systems Inc., following the sale.

Wanxiang America Corporation and Wanxiang Clean Energy USA Corp.
are represented in the case by lawyers at Young Conaway Stargatt &
Taylor, LLP, and Sidley Austin LLP.  JCI is represented in the
case by Josh Feltman, Esq., at Wachtell Lipton Rosen & Katz LLP.

In May 2013, the Delaware bankruptcy court confirmed the
liquidation plan for A123 Systems Inc.  The Plan repays all
secured creditors in full with some money left over for unsecured
creditors.  Holders of $143.8 million in subordinated notes are
projected to recoup 36.3 percent.  If B456 Systems Inc., the
company's new name, reduces claims to amounts the company believes
correct, the recovery on the subordinated notes could increase to
62.9 percent, according to the disclosure statement.  General
unsecured creditors, who previously were said to have $124 million
in claims, would have roughly the same recovery.


AC I INV: Has Until Sept. 30 to Propose Plan of Reorganization
--------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York further extended AC I Inv Manahawkin
LLC, et al.'s exclusive periods to file a plan of reorganization
until Sept. 30, 2015, and solicit acceptances for that plan until
Nov. 30, 2015.

As reported by the Troubled Company Reporter on Aug. 5, 2015, Inv
owns a 100% interest in Mezz, a holding company, which in turn owns
a 100% interest in AC I Manahawkin LLC.  The sale of the Manahawkin
Commons Property closed on June 15, 2015.  The remaining proceeds,
after LLC's plan payments are completed, will be utilized to fund
Mezz's liquidating plan.      

The Debtors are engaged in continuing settlement negotiations in
connection with the disputed claim by Acadia Realty Limited
Partnership.  A consensual and global resolution of the Acadia
disputed claim will have a substantial impact on the amount of the
sale proceeds.  The Debtors will have to escrow an amount in excess
of $6,000,000 in connection with Acadia's disputed claim, which
will significantly decrease the amount to be distributed to Mezz.

The Debtors need the extension to be able to focus their energies
on potential resolutions of disputed claims, including the Acadia
disputed claim, which if successful, will inure to the benefit of
creditors by eliminating the need to reserve funds for disputed
claims and limiting time consuming and costly litigations.

                        About AC I Inv

AC I Inv Manahawkin LLC, AC I Manahawkin Mezz LLC and AC I
Manahawkin LLC filed separate Chapter 11 bankruptcy petitions
(Bankr. S.D.N.Y. Case Nos. 14-22791, 14-22792 and 14-22793) on
June 4, 2014.  The petitions were signed by David Goldwasser, of
GC Realty Advisors LLC, managing member.  The Debtors estimated
assets of $50 million to $100 million and debts of $0 to $50
million.  Robinson Brog Leinwand Greene Genovese & Gluck, P.C.,
serves as the Debtors' counsel.  Judge Robert D. Drain presides
over the cases.

Affiliates of AC I Inv., et al., have pending bankruptcy cases
before Judge Drain.  NY Affordable Housing Albany Assocs. LLC
sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 13-20007)
on July 26, 2013.  First Bronx LLC sought bankruptcy protection
(Bankr. S.D.N.Y. Case NO. 14-22047) on Jan. 13, 2014.  Ollie Allen
Holding Company LLC sought bankruptcy (Case NO. 14-22204) on
Feb. 18, 2014.

U.S. Trustee was unable to form an official unsecured creditors'
committee.


ALPHA NATURAL: Tweaks Bankruptcy Loans
--------------------------------------
Peg Brickley, writing for The Wall Street Journal, reported that
Alpha Natural Resources has hammered out deals with unhappy
creditors and representatives of its coal mine workforce in a bid
to win court approval of a $692 million bankruptcy loan.

According to the report, told that negotiations cleared up
criticism that threatened to derail the deal, Judge Kevin
Huennekens indicated at a hearing on Sept. 15 in the U.S.
Bankruptcy Court in Richmond, Va., that he will sign off on the
chapter 11 financing for the company.  Some final details remain to
be worked out before the order is ready for the judge's signature,
the Journal reported.

The bankruptcy loan Alpha brought to court on Sept. 15 marks a
"dramatic change" from an earlier version that drew a volley of
criticism, said Andrew Leblanc, lawyer for the official committee
representing Alpha's unsecured creditors, the Journal cited.
Changes negotiated in recent weeks persuaded the committee to drop
its opposition to Alpha's bankruptcy financing, he said, the
Journal further cited.

                      About Alpha Natural

Alpha Natural -- http://www.alphanr.com-- is a coal supplier,     
ranked second largest among publicly traded U.S. coal producers as
measured by 2014 consolidated revenues of $4.3 billion.  

Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)
and its affiliates filed separate Chapter 11 bankruptcy petitions
on Aug. 3, 2015, listing $9.9 billion in total assets as of June
30, 2015, and $7.3 billion in total liabilities as of June 30,
2015.  The petition was signed by Richard H. Verheij, executive
vice president, general counsel and corporate secretary.

Judge Kevin R. Huennekens presides over the case.

David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson,
Esq., at Jones Day serve as the Debtors' general counsel.

Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III,
Esq., and Justin F. Paget, Esq., serve as the Debtors' local
counsel.  Rothschild Group is the Debtors' financial advisor.
Alvarez & Marshal Holdings, LLC, is the Debtors' investment
banker.
Kurtzman Carson Consultants, LLC, is the Debtors' claims and
noticing agent.

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors.


AMERICAN AGENCIES: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                       Case No.
       ------                                       --------      

       American Agencies Co., Inc.                  15-07088
       Urbanizacion Caribe
       Sector El Cinco
       1554 Avenida Ponce De Leon
       Barrio Monacillos
       San Juan, PR 00926

       New Steel, Inc.                              15-07090
       Carr. 887 KM 0.7
       Ind. Julio N. Matos
       Bo. Saint Just
       Carolina, PR 00986

Nature of Business: Manufacturer of steel structures

Chapter 11 Petition Date: September 15, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtors' Counsel: Carmen D Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: 787-729-2900
                  Fax: 787-729-2203
                  Email: notices@condelaw.com

Debtors'          Doris Barroso Vicens, CPA
Accountant:       RSM ROC & COMPANY

                                       Total       Total
                                      Assets     Liabilities
                                    ----------   -----------
American Agencies Co.                $6.8-Mil.    $9.7-Mil.
New Steel, Inc.                      $8.4-Mil.    $12.2-Mil.

Total Assets: $6.8 million

Total Liabilities: $9.7 million

The petition was signed by Omir Mendez, president.

A. List of American Agencies Co.'s 20 Largest Unsecured Creditors:


   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Air Louvers                            Vendor           $10,545

Blueline Rental PR, Inc.               Vendor            $7,030

Cal-Royal Products, Inc.               Vendor           $14,364

Carribean Express Freight, Inc.    Freight Services     $16,667

Caribe Tecno, S.E.                    Overpayment      $197,968

Daniel Delgado Lopez                Prof. Services      $17,635

Gonzalez Trading Corp.                 Vendor           $21,719

Hager Hinge Company                    Vendor           $23,795

Joviri, Inc.                        Credit Facility    $420,000
Ave. Ponce De Leon, #1554
Bo. Monacillos
San Juan, PR 00927

Lawrence Hardware 1, Inc.                 Vendor         $6,780

Linde Gas PR. Inc.                        Vendor         $8,047

Luis Figueroa                        Prof. Services      $4,840

Master Lock Company, LLC                  Vendor         $7,610

New Steel, Inc.                        Inventory &   $6,188,833
PO Box 9021516                           Services
San Juan, PR 00902-1216

Nu-Vue Industires of PR                   Vendor         $4,534

Overly Door Company                       Vendor         $6,225

Pioneer Industries, Inc.                  Vendor        $91,109

PR Wire Products, Inc.                    Vendor        $32,458

Sargent MFG. Co.                          Vendor        $26,625

Trujillo Trucking Rental, Inc.            Vendor         $5,800

B. List of New Steel's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Anacleto Jimenez                   Vacation Salary       $1,710

Angel Rodriquez Gonzalez           Preferred Stocks  $6,455,773
Las Flores De                         Type "A"
Montehiedra
300 Blvd. De La Montana
APT #646
San Juan, PR 00926-7029

Carolina Building Materials             Vendor           $9,926

Guillermo Menendez Rodriquez       Preferred Stock     $578,578
URB. Sagrado Corazon                  Type "B"
354  Calle San Gerardo
San Juan, PR 00926

Infra-Metals Company                    Vendor           $4,350

Jorge Velazquez                    Vacation Salary         $789

Jose Lajara                        Vacation Salary         $773

Jose Perez                         Vacation Salary         $829

Linde Gas PR, Inc.                      Vendor           $2,998

Lucy Rodriquez                     Preferred Stock   $1,818,304
URB. Sagrado Corazon                 Type "B"
354 Calle San Gerardo
San Juan, PR 00926

Power Security, Inc.              Security Services      $5,500

Praxair PR                             Vendor            $4,122

Prendes Safety                         Vendor              $870

Priscilla Menendez                 Preferred Stock     $578,578
URB. Sagrado Corazon                   Type "B"
San Genero 354
San Juan, PR 00926

Rafael Benitez                         Vendor            $1,016

Rimco, Inc.                            Vendor              $798

Rodriquez Vacuum Services, Inc.        Vendor            $2,250

Sherwin Williams Co.                   Vendor            $3,789

Sigma Sales, Inc.                      Vendor            $8,215

Steel Services & Supplies, Inc.        Vendor            $6,978


ATLANTIC & PACIFIC: Hires FTI Consulting as Financial Advisor
-------------------------------------------------------------
The Great Atlantic & Pacific Tea Company, Inc., et al., seek
permission from the U.S. Bankruptcy Court for the Southern District
of New York to employ FTI Consulting, Inc. as financial advisor,
nunc pro tunc to the July 19, 2015 commencement date.

FTI Consulting agreed to provide the following financial advisory
and consulting services to:

  Financial Advisory Services:

   (a) rendering general financial advice, financial analytics and

       modeling as directed by Weil or the Debtors;

   (b) assisting in the development and analysis of various
       strategic alternatives available to the Debtors;

   (c) determining potential creditor recoveries under alternative

       scenarios;

   (d) assisting with analyzing and developing strategies to
       address the Debtors' existing obligations;

   (e) assisting in developing tactics and strategies for
       negotiating with the holders of the Debtors' obligations;

   (f) assisting with evaluating the Debtors' cash flows under a
       variety of scenarios;

   (g) assisting with sizing and securing DIP financing as needed
       to pursue potential asset sale strategies;

   (h) attending meetings, presentations and negotiations as may
       be requested by Weil or the Debtors; and

   (i) providing other services as requested by Weil or the
       Debtors.

  Contingency Planning:

   (a) assisting with developing accounting and operating
       procedures to segregate prepetition and post-petition
       business transactions;

   (b) supporting the preparation of first day motions and
       developing procedures and processes necessary to implement
       such motions;

   (c) assisting in the development of a creditor matrix;

   (d) working with the Debtors and their communications advisors
       to develop chapter 11 communications;

   (e) developing training materials and assist in training the
       Debtors' personnel with respect to chapter 11 procedures;

   (f) assisting with developing a process and infrastructure to
       respond to and track calls received from suppliers,
       employees and other constituents, including the production
       of various management reports reflecting call center
       activity;

   (g) assisting in the identification of executory contracts and
       unexpired leases and performing cost/benefit evaluations
       with respect to the assumption or rejection of each, as
       needed;

   (h) preparing the Debtors with respect to financial related
       disclosures that will be required by the Court;

   (i) assisting in the development of a key employee bonus plan,
       if needed; and

   (j) rendering such other restructuring and general business
       consulting or such other assistance for the Debtors as the
       Debtors' management or Weil may request.

  Asset Sales:

   (a) assisting with data collection and information gathering
       for third party due diligence relating to potential
       transactions with financial and strategic buyers;

   (b) assisting in developing, negotiating and executing plan of
       reorganization scenarios, 363 sales or other potential
       sales of all or portions of the Debtors' assets; and

   (c) rendering such other advice or providing assistance to the
       Debtors' as the Debtors' management or Weil may request.


The Debtors have agreed to pay FTI the compensation set forth in
the Engagement letter (the "Fee Structure"). The principal terms of
the Fee Structure are as follows:

   -- Hourly Fees: Fees for services rendered by FTI pursuant to
      the Engagement Letter will be based upon time incurred in
      providing such services, multiplied by 75% of FTI's standard

      hourly rates, which are as follows:

       Senior Managing Directors         $800-$975
       Directors/Managing Directors      $595-$795
       Consultants/Senior Consultants    $315-$570
       Administrative/Paraprofessionals  $125-$250

   -- Completion Fee. The Debtors, in their discretion, and
      subject to this Court's approval, may pay FTI a fee (the
      "Completion Fee") in an amount up to $2,000,000.

   -- Expenses. The Debtors will reimburse FTI for reasonable and
      customary out-of-pocket expenses incurred during the
      engagement, including telephone, overnight mail, messenger,
      travel, meals, accommodations and other expenses
      specifically related to the engagement.

   -- Court Testimony. In addition, if FTI and/or any of its
      employees are required to testify or provide evidence at or
      in connection with any judicial or administrative proceeding

      relating the engagement, the Debtors will compensate FTI at
      its regular hourly rates and reimburse FTI for reasonable
      allocated and direct expenses with respect thereto.

Prior to the Commencement Date, the Debtors provided FTI with a
retainer of $18,809.81 in December 2013 then increased the retainer
by $700,000.00 in June 2015 (these amounts together, the
"Retainer").

Michael R. Nowlan, senior managing director of FTI Consulting,
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.

FTI Consulting can be reached at:

       Michael R. Nowlan
       FTI CONSULTING, INC.
       200 State Street, 9th Floor
       Boston, MA 02109
       Tel: (617) 897-1500
       Fax: (617) 897-1510

                      About Atlantic & Pacific

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

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

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

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

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

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

Elise S. Frejka was appointed as consumer privacy ombudsman.



AUDATEX HOLDINGS: Moody's Puts B1 CFR Under Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Audatex Holdings,
LLC and Audatex North America, Inc. ("Audatex" or "Solera"),
including the B1 Corporate Family Rating, under review for a
downgrade, upon Audatex's September 14th announcement that it had
entered into a definitive merger agreement with an affiliate of
Vista Equity Partners ("Vista") for a Vista-led investment
consortium to acquire Audatex. The transaction's enterprise
valuation, approximately $6.5 billion, is about $3.5 billion in
excess of Audatex's existing debt, and represents a multiple of
roughly 15.0 times Moody's-adjusted EBITDA for the fiscal year
ended June 30, 2015. The valuation reflects the consortium's offer
to purchase Solera for $55.85 per share, a 13% premium over the
company's September 11th closing share price of $49.45. Moody's
also affirmed Audatex's SGL-1 liquidity rating.

Moody's took the following rating actions on Audatex Holdings,
LLC:

Ratings placed on review for downgrade:

B1 CFR

Ba3-PD PDR

B1 Senior Unsecured notes

Ratings affirmed:

Speculative Grade Liquidity rating at SGL-1

RATINGS RATIONALE

The review reflects Moody's expectation that the acquisition's
financing structure will likely result in a meaningful increase in
debt and raise the company's Moody's-adjusted debt to EBITDA
leverage to above its already high 7.0 times. In its review,
Moody's will also consider Solera's ability to capitalize on its
competitive position, growth prospects to mitigate the effects of
higher leverage, as well as the effect on Audatex's existing debt
and the final terms and composition of the transaction's
financing.

The company indicated existing debt would be a part of the
acquisition financing. However, Audatex's existing senior unsecured
notes have a change-of-control put right. If the notes remain
outstanding following the acquisition, the notes could be notched
below the CFR since the indentures provide the company the ability
to issue secured debt up to 3.75x and up to an additional $100
million of secured bank debt without having to pledge the
collateral to the note holders. Audatex does not currently have
material secured debt. A shift to a multi-layered debt structure
would also likely result in a downgrade of the Probability of
Default Rating to a level in line with the CFR.

Moody's affirmed the SGL-1 speculative-grade liquidity rating
because the acquisition will not have an immediate effect on the
company's liquidity position. However, the SGL rating could be
lowered in conjunction with the acquisition financing if liquidity
is weakened by factors such as a reduction in cash or free cash
flow or the introduction of debt with maintenance covenants.

The closing of the merger is expected no later than the first
calendar quarter of 2016, and is conditioned upon customary closing
events, including regulatory approval and the approval of Solera's
stockholders (its board of directors has already unanimously
approved the transaction).

Audatex Holdings, LLC is a wholly-owned subsidiary of Solera
Holdings, Inc. ("Solera", ticker: SLH) and a leading provider of
risk and asset management software and services to the automotive
and property marketplace, including the global property and
casualty industry. Customers for automobile
insurance-claims-processing solutions include automobile insurance
companies, collision repair facilities, appraisers, and dealers.
Moody's expects revenues, with the benefit of significant recent
acquisitions, of approximately $1.3 billion for the 2016 fiscal
year (ending in June 2016).


BAHA MAR: Comments on US Court Ruling on Chapter 11 Process
-----------------------------------------------------------
Baha Mar on Sept. 15 stated that it is disappointed that the
motions by China State Construction and The Export-Import Bank of
China to vacate Baha Mar's Chapter 11 process have been granted by
the U.S. Court, with the exception of the Chapter 11 case of
Northshore Mainland Services.  Accordingly, Baha Mar will explore
its alternatives with respect to the Sept. 15 Court decision.

Baha Mar stated, "With respect to the decision, we do note that the
Court affirmed that it was appropriate for Baha Mar to file for
Chapter 11 in the U.S. Court and that the Chapter 11 filings were
made in good faith."

In its ruling, the Court made clear that the Chapter 11 process
"with all stakeholders participating, under these circumstances,
would be an ideal vehicle for the restructuring of this family of
related companies with the ultimate goal of finishing a project
said to be 97% complete and, upon its exit from Chapter 11, to be
in sound financial footing, with appropriate treatment of
creditors."

The Court also made the point: "If I were convinced that denying
the Dismissal Motions would have the effect desired by the Debtors
-- bringing CCA, CEXIM and the government of The Bahamas back to
the bargaining table, I might consider denying the Dismissal
Motions.  But the evidence does not reflect this and I am not
convinced this will happen in short order."

Furthermore, in his decision, Judge Carey of the U.S. Court noted,
"It may well be that the Northshore Chapter 11 case could serve as
a useful vehicle for the parties as part of an overall resolution
of the corporate family's difficulties, in concert with the
proceedings in The Bahamas."

Baha Mar emphasized, "Our priority continues to be ensuring Baha
Mar is in a position to be completed properly and opened
successfully as soon as possible.  We are continuing to do all we
realistically can, including working with the provisional
liquidators appointed by The Bahamian Supreme Court, to try to
resolve the issues that have prevented Baha Mar from opening."

                         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.


BDC SHARED SERVICES: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: BDC Shared Services LLC
        46 Vreeland Drive, Suite 6
        Skillman, NJ 08558

Case No.: 15-27374

Chapter 11 Petition Date: September 15, 2015

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

Judge: Hon. Michael B. Kaplan

Debtor's Counsel: Barry J. Roy, Esq.
                  RABINOWITZ LUBETKIN & TULLY, LLC
                  293 Eisenhower Parkway, Suite 100
                  Livingston, NJ 07039
                  Tel: 973-597-9100
                  Fax: 973-597-9119
                  Email: broy@rltlawfirm.com

Total Assets: $107,722

Total Liabilities: $20.5 million

The petition was signed by Todd Singer, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/njb15-27374.pdf


BLACK ELK ENERGY: Sec. 341 Meeting Set for Oct. 19
--------------------------------------------------
A Meeting of Creditors pursuant to Sec. 341(a) of the Bankruptcy
Code is scheduled for Oct. 19, 2015 at 1:30 p.m. in the case of
Black Elk Energy Offshore Operations, LLC.  The meeting will be
held at Houston, 515 Rusk Suite 3401.

Proofs of claim are due by Jan. 17, 2016.

Black Elk holds oil and natural gas interests in offshore
properties in the Gulf of Mexico.


CAESARS ENTERTAINMENT: TJM Offers $3MM for Shuttered Miss. Casino
-----------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that Caesars
Entertainment Operating Co. told an Illinois bankruptcy court that
it has reached a deal in place to sell its shuttered Harrah's
Tunica Casino in Mississippi for $3 million to TJM Properties Inc.
after spending three years looking for a potential suitor.

CEOC filed a motion seeking approval of the proposed sale, saying
it will continue seeking better offers for the property but that
TJM's stalking horse bid "provides significant value" to the
debtors estate.

                  About Caesars Entertainment

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

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

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

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

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

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

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

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

                         *     *     *

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

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


CALIFORNIA RESOURCES: Moody's Lowers Corp. Family Rating to B1
--------------------------------------------------------------
Moody's Investors Service downgraded California Resources
Corporation's (CRC) Corporate Family Rating (CFR) to B1 from Ba2,
reflecting weak financial performance in the current commodity
price environment. The company's senior unsecured notes were
downgraded to B2 from Ba2 and its term loan and revolving credit
facility was upgraded to Ba1, as a result of becoming secured under
the terms of the existing credit agreement. Moody's also affirmed
CRC's SGL-3 Speculative Grade Liquidity Rating. The rating outlook
is negative.

"CRC's debt structure and relatively high cost position in the
current low oil price environment has stressed its credit metrics,"
said James Wilkins, a Moody's Vice President. "It will be difficult
for the company to realize meaningful debt reduction from
generation of positive free cash flow."

The following summarizes the ratings actions.

California Resources Corporation

Ratings Downgraded:

  Corporate Family Rating: B1 from Ba2

  Probability of Default Rating: B1-PD from Ba2-PD

  Senior unsecured notes: B2 (LGD4) from Ba2 (LGD4)

Ratings Upgraded:

  Revolving credit facility: Ba1 (LGD2) from Ba2 (LGD4)

  Term loan: Ba1 (LGD2) from Ba2, LGD4

Ratings affirmed:

  Speculative Grade Liquidity Rating, affirmed at SGL-3

  Outlook: Negative

RATINGS RATIONALE

The downgrade of CRC's CFR to B1 reflects its weak credit metrics
for leverage, cash flow coverage, and operating and capital
efficiency, that are more typical of single-B or Caa rated peers.
CRC's relatively high cost production (production, SG&A and
interest costs totaled $31.71 per boe for the second quarter 2015)
and weak commodity prices that Moody's does not expect to improve
materially in 2016, leaves CRC will a limited ability to generate
positive free cash flow and reduce balance sheet debt. Given CRC's
high cost structure, we expect to see leveraged cash margins
between $8-$11 per boe over the next 12 to 18 months. The company
has relatively little of its 2016 production hedged (just 5,000 bpd
or less than 5%). The company has stated that it plans to monetize
assets and will potentially consider other transactions that would
allow it to reduce balance sheet debt to $5 billion by year-end
2016. Even so, its leverage and cash flow metrics will be weak for
the B1 CFR.

In 2015, CRC has limited its capital expenditures to levels that
can be funded by internally generated cash flow. The company has
reduced the number of rigs working to three in January 2015 from a
peak of 27 in October 2014. Moody's believes this level of spending
and drilling activity could lead to only a small decline in
production in 2015 and 2016 compared to 2014. In addition, with the
reinvestment of its cash flow, there is little ability to reduce
the company's debt burden using free cash flow.

CRC's B1 CFR is supported by the company's large scale and legacy
production as one of the largest operators in California. At
year-end 2014, the company reported roughly 550 million boe of
proved developed reserves and during the second quarter 2015
reported 161,000 boe of production per day. This scale is larger
than other oil-focused B1-rated companies. The quality of CRC's
reserve base is another credit positive. CRC's production is mature
with a well-defined and shallow decline rate. The reserves are
well-diversified and have a reserve life index that is longer than
most peers.

CRC's SGL-3 Speculative Grade Liquidity Rating reflects Moody's
expectation the company will have adequate liquidity through 2016
supported by its funds from operations, modest cash balances ($37
million as of June 30, 2015) and availability under its revolving
credit facility due 2019. The credit facility agreement covering
the term loan and revolving credit facility calls for the loans to
be secured when the CFR is Ba3 or lower. As a result of the CFR
downgrade to B1, the revolving credit facility loans are subject to
a borrowing base. Moody's expects that the borrowing base will be
sufficient for CRC to have access to the full $1.25 billion in
commitments, but such borrowing base is a function of crude oil and
natural gas commodity prices. The company had $590 million of
borrowings and $27 million of letters of credit as of June 30,
2015, and will remain reliant on its revolver. CRC expects to limit
capital spending such that its free cash flow is breakeven or
positive. It does not have near-term debt maturities. The company
does not pay material dividends in its common stock.

In February 2015, the credit facility was amended to relax its
financial covenants. In return, a liquidity requirement was added
that effectively reduces availability under the revolving credit
facility to $1.25 billion and the rating trigger was modified so
that a Ba3 CFR would give the lenders an annual borrowing base to
govern availability, as well as collateral security. Moody's
expects the company will remain in compliance with the two
financial covenants in the revolver -- a maximum debt to EBITDAX
and minimum EBITDAX to interest expense.

The term loan and revolving credit facility are rated three notches
above the B1 CFR to reflect their secured nature and priority of
claim on assets over unsecured debt (including $5 billion of senior
notes) in accordance with Moody's Loss-Given-Default rating
methodology. The senior unsecured notes are now rated B2, one notch
below the B1 CFR, as a result of being contractually subordinated
in claim to the secured debt.

The negative outlook reflects uncertainty in CRC's ability to
improve its cash flow and leverage metrics to levels supportive of
the B1 CFR. The ratings could be downgraded if retained cash flow
to debt is not expected to increase above 10% on a sustained basis,
CRC does not continue to generate positive free cash flow or CRC
does not improve its leverage. It is unlikely that the ratings will
be upgraded given current cash flow and leverage expectations. To
be considered for an upgrade, the ratio of retained cash flow to
debt should be projected to be sustained above 20%.

California Resources Corporation, headquartered in Los Angeles, is
an independent, exploration and production company with operations
exclusively in California. It was spun out of Occidental Petroleum
in November 2014.



CARE CAPITAL: S&P Assigns 'BB+' Corp. Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' corporate
credit rating to Care Capital Properties Inc. (CCP).  The outlook
is stable.

"Our corporate credit rating on CCP incorporates the company's
mid-sized portfolio of health care assets, the reimbursement risk
inherent in the SNF industry, and very manageable debt leverage,"
said credit analyst Michael Souers.  "We believe CCP's management
is committed to a conservative financing strategy, and we expect it
to fund future investments in a leverage-neutral manner."

The outlook is stable.  S&P expects stable cash flows from CCP's
portfolio of triple-net leased properties and believe tenant-level
rent coverage will remain relatively flat in a generally unchanged
reimbursement environment.  S&P thinks coverage metrics will weaken
as CCP issues long-term fixed-rate debt, but expects debt to EBITDA
will remain around 5.0x over the next two years.

S&P could consider a downgrade if tenant concentration rises
modestly or operating results deteriorate, possibly driven by
reimbursement issues that cause rent coverage levels to drop
meaningfully.  Moreover, S&P would also consider lowering the
rating if the company aggressively pursues large debt-financed
acquisitions that cause debt to EBITDA to rise above 6.5x for a
sustained period, given the potential volatility associated with
government reimbursement programs.

While unlikely in the near term, S&P would consider a positive
rating action if CCP builds scale in a leverage-neutral fashion
while improving tenant and geographic diversification.  Moreover,
S&P would also need to see the company maintain or improve its
tenant-level rent coverage and grow into a more mature capital
structure, with far less reliance on floating-rate debt.  The
reimbursement risk inherent with the skilled nursing business also
reduces the likelihood of an upgrade over the next 12 months.



CLAIRE'S STORES: Incurs $18.8 Million Net Loss in Second Quarter
----------------------------------------------------------------
Claire's Stores, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $18.8 million on $347.58 million of net sales for the three
months ended Aug. 1, 2015, compared to a net loss of $20.6 million
on $377.8 million of net sales for the three months ended Aug. 2,
2014.

For the six months ended Aug. 1, 2015, the Company reported a net
loss of $54.3 million on $667.6 million of net sales compared to a
net loss of $58.7 million on $731.2 million of net sales for the
six months ended Aug. 2, 2014.

As of Aug. 1, 2015, the Company had $2.5 billion in total assets,
$2.9 billion in total liabilities and $390.22 million in
stockholders' deficit.

                           Cash Position

As of Aug. 1, 2015, the Company had cash and cash equivalents of
$83 million and all cash equivalents were maintained in one money
market fund invested exclusively in U.S. Treasury Securities.

In addition, as of Aug. 1, 2015, the Company's foreign subsidiaries
held cash and cash equivalents of $41.7 million. During the six
months ended Aug. 1, 2015, the Company repatriated cash held by
foreign subsidiaries but did not accrue U.S. income taxes since the
amount of its remaining U.S. net operating loss carry forwards was
sufficient to offset the associated income tax liability.  During
the remainder of Fiscal 2015, the Company expects a portion of its
foreign subsidiaries' future cash flow generation to be repatriated
to the U.S. to meet certain liquidity needs.  Based upon the amount
of the Company's remaining U.S. net operating loss carryforwards as
of Aug. 1, 2015, the Company does not expect to pay U.S. income tax
on future Fiscal 2015 repatriations.  When the Company's U.S. net
operating loss carryforwards are no longer available, the Company
would be required to accrue and pay U.S. income taxes, net of any
foreign tax credit benefit, on any such repatriation.

"We anticipate that cash generated from operations, borrowings
under our Credit Facilities, and future refinancings of our
indebtedness will be sufficient to allow us to satisfy payments of
interest and principal on our indebtedness as they become due, to
fund new store expenditures, and future working capital
requirements in both the next twelve months and over the longer
term.  However, this will depend, in part, on our future operating
performance.  Our future operating performance and liquidity, as
well as our ability to refinance our indebtedness, may be adversely
affected by general economic, financial, and other factors beyond
our control," the Company states in the report.

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

                        http://is.gd/c2rDV0

                        About Claire's Stores

Claire's Stores, Inc. -- http://www.clairestores.com/-- operates  

as a specialty retailer of fashion accessories and jewelry for
preteens and teenagers, as well as for young adults in North
America and internationally.  It offers jewelry products that
comprise costume jewelry, earrings, and ear piercing services; and
accessories, including fashion accessories, hair ornaments,
handbags, and novelty items.

Based in Pembroke Pines, Florida, Claire's Stores operates under
two brands: Claire's(R), which operates worldwide and Icing(R),
which operates only in North America.  As of Jan. 31, 2009,
Claire's Stores, Inc., operated 2,969 stores in North America and
Europe.  Claire's Stores also operates through its subsidiary,
Claire's Nippon, Co., Ltd., 213 stores in Japan as a 50:50 joint
venture with AEON, Co., Ltd.  The Company also franchises 198
stores in the Middle East, Turkey, Russia, South Africa, Poland
and Guatemala.

Claire's reported a net loss of $212 million for the fiscal year
ended Jan. 31, 2015, compared to a net loss of $65.3 million for
the fiscal year ended Feb. 1, 2014.

                           *     *     *

As reported by the TCR on April 13, 2015, Moody's Investors
Service downgraded Claire's Corporate Family Rating (CFR) to
Caa2 from Caa1.  The downgrade of Claire's ratings reflect
continued weak operating performance and deterioration of its
liquidity profile.

The TCR reported in April 2015 that Standard & Poor's Ratings
Services lowered its corporate credit rating on Claire's Stores
Inc. to 'CCC' from 'B-'.  "The rating action reflects our belief
that Claire's could violate its financial covenant under its
revolving credit facility in the upcoming quarters, given
continuously weak operating trends," said credit analyst Mariola
Borysiak.


CRP-2 HOLDINGS: Court Approves Hiring of FrankGecker as Counsel
---------------------------------------------------------------
CRP-2 Holdings AA, L.P. sought and obtained permission from the
Hon. Donald R. Cassling of the U.S. Bankruptcy Court for the
Northern District of Illinois to employ FrankGecker LLP as counsel,
retroactive to the July 21, 2015 petition date.

The Debtor requires FrankGecker to:

   (a) advise the Debtor concerning its powers and duties as a
       debtor in possession in the continued operations of its
       business and management of its properties;

   (b) attend meetings and negotiate with representatives of
       creditors and other parties in interest;

   (c) advise the Debtor on the conduct of its chapter 11 case,
       including all of the legal and administrative requirements
       of operating in chapter 11;

   (d) represent the Debtor in proceedings and hearings in the
       United States District and Bankruptcy Courts for the
       Northern District of Illinois;

   (e) act to help protect, preserve and maximize the value of the

       Debtor's estate;

   (f) analyze proofs of claim filed against the Debtor and
       potential objections to such claims;

   (g) prosecute and defend litigation matters and such other
       matters that might arise during the Debtor's chapter 11
       case;

   (h) prepare or assist in the preparation of all necessary
       motions, applications, reports, and pleadings in connection

       with the Debtor's chapter 11 case, including the
       solicitation of the chapter 11 plan filed herein and
       related documents; and

   (i) perform such other legal services for the Debtor in
       connection with its chapter 11 case that the Debtor
       determines are necessary and appropriate.

FrankGecker will be paid at these hourly rates:

       Partners                 $695
       Senior Counsel           $430
       Associates               $310-$410
       Paraprofessionals        $145-$200

FrankGecker will also be reimbursed for reasonable out-of-pocket
expenses incurred.

As of the Petition Date, FrankGecker holds $195,322.72 as a
retainer for post-petition services.

Joseph D. Frank, partner of FrankGecker, 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.

FrankGecker can be reached at:

       Joseph D. Frank, Esq.
       FRANKGECKER LLP
       325 North LaSalle St., Ste 625
       Chicago, IL 60654
       Tel: (312) 276-1400
       Fax: (312) 276-0035
       E-mail: jfrank@fgllp.com

                       About CRP-2 Holdings

CRP-2 Holdings AA, L.P., a Delaware limited partnership that was
formed in May of 2006 for the primary purpose of acquiring and
managing real property, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Ill. Case No. 15-24683) on July 21, 2015.  Neil
Waisnor signed the petition as vice president.  FrankGecker LLP
serves as the Debtor's counsel.  The Debtor disclosed total assets
of $171,349,208 and total liabilities of $166,637,095.  Judge
Donald R. Cassling is assigned to the case.

The U.S. Trustee appointed two creditors to serve on the official
committee of unsecured creditors.


CUMULUS MEDIA: Moody's Lowers CFR to B3, Outlook Stable
-------------------------------------------------------
Moody's Investors Service downgraded Cumulus Media Inc.'s Corporate
Family Rating to B3 from B2, Probability of Default Rating to B3-PD
from B2-PD, and Speculative Grade Liquidity Rating to SGL-3 from
SGL-2. Moody's also downgraded the company's secured credit
facilities to B2 from B1 and senior unsecured 7.75% notes to Caa2
from Caa1. The downgrades reflect Moody's view that the pace of
debt repayment and delevering will be slower than expected.
Although $200 million of pending asset sales are to be completed
within the next 18 months, Moody's now believes revenue and EBITDA
growth will remain below the agency's prior expectations reflecting
underperformance in key markets and with the company's radio
networks. The outlook is stable.

Issuer: Cumulus Media Inc.

Downgraded:

Corporate Family Rating: Downgraded to B3 from B2

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

Speculative Grade Liquidity (SGL) Rating: Lowered to SGL-3 from
SGL-2

Outlook Actions:

Outlook is Stable

Issuer: Cumulus Media Holdings Inc.

Downgraded:

  $200 million 1st Lien Senior Secured Revolver due 2018
  (undrawn): Downgraded to B2, LGD3 from B1, LGD3

  1st Lien Senior Secured Term Loan due 2020 ($1.9 billion    
  outstanding): Downgraded to B2, LGD3 from B1, LGD3

  $610 million of 7.75% senior notes due 2019: Downgraded to Caa2,

  LGD5 from Caa1, LGD6

RATINGS RATIONALE

Cumulus' B3 Corporate Family Rating reflects Moody's expectation
that debt-to-EBITDA will remain elevated and in the mid to high 8x
through FYE2015 (including Moody's standard adjustments) due to
continued revenue declines in core ad sales and network revenue as
well as the absence of political ad spending in 2015, an odd
numbered year. We expect leverage to improve in 2016 through a
combination of EBITDA growth and debt repayment with free cash flow
plus proceeds from planned asset sales ($125 million in 1Q2016 plus
another $75 million within 12 months). Despite the decline in
EBITDA margins to roughly 25% for 2015 compared to 33% in 2013, we
expect the company to generate low single digit percentage free
cash flow-to debt in 2015 improving to the mid single digit
percentage range in 2016. Management is intent on turning around
performance and has hired numerous executives with experience in
businesses Cumulus has targeted for growth. Ratings are supported
by Cumulus' national scale and our expectation that revenue will
stabilize in 2016 as increased demand for political advertising in
the second half of 2016, an election year, and incremental sales
from newer revenue streams (sports businesses including the NFL and
NASH country music initiatives) offset flat to low single digit
percentage declines in core time sales. Management is committed to
debt repayment and has repaid more than $500 million of debt and
preferred stock since the Citadel acquisition at the end of 2011.
Lower leverage will provide some financial flexibility and
partially offset risks related to the maturing demand for radio
advertising, media fragmentation and potential for increased
competition within its markets. Management stated its target
reported gross debt-to-EBITDA leverage is 4.0x or better and we
expect the company will apply most of its free cash flow to repay
debt until leverage comes closer to this target. After which,
Cumulus may look to fund dividends from a portion of free cash
flow, step up investments in organic growth, or fund tuck-in
acquisitions.

The stable outlook reflects Moody's expectations for Cumulus to
achieve generally flat revenue growth over the next 18 months as
political ad demand in 2016 and improved network results add to
flat to low single digit percentage declines in core time sales.
The outlook incorporates an improvement in leverage and coverage
ratios as free cash flow and asset sale proceeds (roughly $200
million) are applied to reduce debt balances. The outlook does not
include debt financed acquisitions or distributions. Ratings could
be downgraded if we expect debt-to-EBITDA will be sustained above
8.0x (including Moody's standard adjustments) after the sale of
real estate in LA (expected 1Q2016) due to deterioration in
performance as a result of increased competition or weak ad demand
in key markets, or audience and advertising revenue migration to
competing media platforms. Deterioration in liquidity could also
result in a downgrade. We could consider an upgrade of ratings if
the company sustains leverage under 6.5x (including Moody's
standard adjustments) with expectations for stable operating
performance. Liquidity would also need to be good with improved
availability under the company's committed revolver facilities and
free cash flow-to-debt in the high single digit percentage range.
The company is not able to draw under the revolver as reported 1st
lien net leverage of 6.3x as of June 30, 2015 exceeds the 5.5x
test.

Headquartered in Atlanta, GA, Cumulus Media Inc. is the largest
pure-play radio broadcaster in the U.S. with roughly 460 stations
in 90 markets, a nationwide network serving approximately 8,500
broadcast affiliates and numerous digital channels. Cumulus is
publicly traded with Crestview Radio Investors, LLC owning an
estimated 27% interest. The Dickey family owns roughly 5.1% with
Ares Management and Neuberger Berman LLC each owning roughly 4.9%
with the remainder being widely held. The company reported $1.1
billion of net revenue for LTM June 30, 2015.



DECATUR HOSPITAL: S&P Affirms 'BB+' Rating on 2014 Revenue Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to positive
from stable and affirmed its 'BB+' long-term rating on Decatur
Hospital Authority, Texas' series 2014 hospital revenue bonds.  The
authority does business as Wise Regional Health System, Decatur
Texas (Wise).

"The positive outlook reflects our view of Wise's improved
operations and maximum annual debt service coverage through the
year-to-date period ended June 30, 2015," said Standard & Poor's
credit analyst Robert Dobbins.  "Furthermore, debt metrics have
moderated modestly since we assigned the rating in 2014,"
Mr. Dobbins added.

Wise Regional Health System is a 196-licensed-bed, currently
four-campus regional health system located in Decatur, Texas, about
60 miles northwest of Dallas. Facilities include:

   -- 99-licensed-bed medical-surgical hospital in Decatur (East
      hospital, main);

   -- 49-licensed-bed west campus location that offers inpatient
      rehabilitation, inpatient behavioral medicine, and some
      ambulatory services;

   -- 36-licensed-bed inpatient acute-care facility in Bridgeport,

      Texas, acquired in March 2013 (this facility currently
      provides emergency care but offers no inpatient services);
      and

   -- 12-licensed-bed Parkway surgical and cardiovascular hospital

      that Wise opened in May 2014 in north Fort Worth.

In addition to the hospitals, Wise has eight primary/specialty
clinics, six imaging centers, three bariatric surgery program
offices, and dialysis and physical therapy centers located in
growing population areas on the west side of the Dallas-Fort Worth
metroplex.



DUNE ENERGY: Combined Disclosure and Plan Hearing Today
-------------------------------------------------------
Parties in the Chapter 11 case of Dune Energy, Inc. will reconvene
in bankruptcy today, Sept. 17.  U.S. Bankruptcy Judge H.
Christopher Mott is slated to hold a combined hearing on the
Chapter 11 Plan and Disclosure Statement at 10:00 a.m. (Central
Time).

The Plan provides for the resolution of Claims against and Equity
Interests in the Debtors and implements a Distribution scheme
derived from the effectuated Sale of the Debtors' Asset to the
Buyer.  In concert with the First Lien Agent and the Committee, the
Debtors have designed a structure whereby Administrative Claims and
Priority Claims will be satisfied, the First Lien Lenders will
receive the Class 3.1 Recoveries, and the Plan Trust will be
created to provide meaningful recoveries to the Debtors' Creditors.
Finally, the Plan provides for the wind down of the Debtors in an
orderly and cost efficient manner.

The Plan provides that Claims will be satisfied through either
Distributions from reserves out of the Sale Proceeds or
Distributions from the liquidation of Plan Trust Assets.  The Plan
Trust will be managed by the Plan Trustee, subject to oversight by
the Oversight Committee.  The Plan Trustee will be responsible for,
among other things, the Distribution of proceeds of the liquidation
of the Plan Trust Assets.

On the Effective Date under the Plan, the Debtors will (i) enter
into the Plan Trust Agreement with the Plan Trustee, and (ii)
transfer and convey the Plan Trust Assets to the Plan Trust.  The
Plan Trust Assets include all of the Estate Property except for the
Administrative and Priority Claim Reserve, the Professional
Compensation Claim Reserve, the Lien Reserve, the Remaining Assets,
and the Net Sale Proceeds.  On the Effective Date, the Remaining
Assets will vest in the Reorganized Debtors.  On the Effective
Date, the New Equity Interest in the Reorganized Debtors will be
issued to the Plan Trustee, free and clear of all Liens, Claims,
interests and encumbrances.  

Distribution of the Plan Trust Assets will be accomplished through
operation of the Plan Trust.  The general purpose of the Plan Trust
is to provide a mechanism for the disposition of the Plan Trust
Assets, and to distribute the proceeds of such assets, net of all
expenses, charges, liabilities, and obligations of the Plan Trust,
to the holders of Beneficial Interests in accordance with the terms
of the Plan.  The Plan Trust will not conduct or engage in any
trade or business activities, other than those associated with or
related to the Plan Trust Assets and the distributions to the
Beneficiaries.

A copy of the Disclosure Statement is available for free at:

                        http://is.gd/gk9IzH

                        About Dune Energy

Dune Energy, Inc. (OTCMKTS: DUNR) is an independent energy company
based in Houston, Texas.  Since May 2004, the Company has been
engaged in the exploration, development, acquisition and
exploitation of natural gas and crude oil properties, with
interests along the Louisiana/Texas Gulf Coast.  The Company's
properties cover over 90,000 gross acres across 27 producing oil
and natural gas fields.

Affiliates Dune Energy, Inc. (Bankr. W.D. Tex. Case No. 15-10336),
Dune Operating Company (Bankr. W.D. Tex. Case No. 15-10337), and
Dune Properties, Inc. (Bankr. W.D. Tex. Case No. 15-10338) filed
separate Chapter 11 bankruptcy petitions on March 8, 2015.  The
petitions were signed by James A. Watt, president and chief
executive officer.

Judge Christopher H. Mott presides over the case.  Charles A.
Beckham, Jr., Esq., Kourtney P. Lyda, Esq., and Kelli M.
Stephenson, Esq., at Haynes And Boone, LLP, serve as the Debtors'
bankruptcy counsel.  Deloitte Transactions And Business Analytics
LLP is the Debtors' restructuring advisors.  Parkman Whaling LLC
is the Debtors' sale professionals.

The Debtors listed $229 million in total assets and $144 million
in total debts as of Sept. 30, 2014.  In their schedules, Dune
Energy Inc., et al., disclosed $263,337,172 in assets and
$107,981,306 in liabilities.

The U.S. trustee overseeing the Chapter 11 case of Dune Energy
appointed three creditors to serve on the official committee of
unsecured creditors.  The Committee is represented by Hugh M.
Ray, Esq., at McKool Smith, P.C.


E*TRADE FIN'L: Credit Profile Affected by Response to Challenges
----------------------------------------------------------------
E*TRADE's progress in reconstructing its balance sheet has
substantially improved the company's key financial metrics, putting
it in a position to place more focus on developing its strategic
profile in the retail brokerage market and leaving open questions
for the company and its creditors, said Moody's Investors Service.

In a new report, Moody's said E*TRADE's plans to eliminate the
entirety of its $4.4 billion of legacy wholesale funding
obligations by the end of Q3 2015 would significantly reduce its
annual operating interest expense and further improve its credit
profile.

"E*TRADE's plans to eliminate all of its wholesale funding
obligations is another example of the company's credit-positive
capital utilization decisions, since it removes reliance on
expensive and confidence-sensitive short-term repurchase (repo)
funding" said Moody's Vice President Donald Robertson. "The company
continues to make steady progress in improving its balance sheet
and earnings from its core retail brokerage franchise."

Following E*TRADE's announcement of its plans on September 8,
Moody's placed the ratings of E*TRADE Financial Corporation
(E*TRADE) (Ba2 senior unsecured) and the long-term ratings of
E*TRADE Bank (Baa2 deposits) on review for upgrade, and affirmed
E*TRADE Bank's Prime-2 short-term deposit rating.

Moody's said its consideration of the company's positive
developments and credit challenges could result in an upgrade of
its senior unsecured and issuer ratings of up to two notches into
investment grade status. However, Moody's said that its review
would incorporate several strategic considerations beyond E*TRADE's
financial metrics.

"Now that E*TRADE has mitigated much of its legacy risk, there may
be more calls from shareholders for the company to close the
earnings gap with competitors in the retail brokerage space,
especially Charles Schwab and TD Ameritrade," said Robertson. "As
part of our evaluation, we'll be looking closely at management's
options in responding to these challenges."

Moody's said that E*TRADE's traditional focus on self-directed
electronic retail trading would make it hard for the company to
produce strong organic growth in recurring fee-based revenues. In
addition, the report notes that the company continues to face heavy
competition in its commission-based trading activities.

"Should emphasis on growth and increased profitability cause
E*TRADE to move into areas of increased risk, such as debt-funded
M&A activity, that could be negative to its creditors," said
Robertson. "The company's plans on the timing and magnitude of
shareholder distributions are also an important part of its credit
profile."



ENDEAVOUR INT'L: Wants Ch 11 Case Dismissed by End of October
-------------------------------------------------------------
Endeavour Operating Corp. said that dismissing its Chapter 11
bankruptcy case by the end of October 2015 would bring an
"efficient, timely and economical" resolution by providing for an
orderly wind-down.

The Company said in court filings that none of its creditors would
benefit from having its bankruptcy converted to Chapter 7 as its
official committee of unsecured creditor wants.

                   About Endeavour International

Houston, Texas-based Endeavour International Corporation (OTC:
ENDRQ) (LSE: ENDV) is an oil and gas exploration and production
company focused on the acquisition, exploration and development of
energy reserves in the North Sea and the United States.

On Oct. 10, 2014, Endeavour International and five affiliates
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 14-12308, Endeavour
Operating Corp.).  The Hon. Kevin J. Carey presides over the
cases.

As of June 30, 2014, the Company had $1.55 billion in total
assets, $1.55 billion in total liabilities, $43.7 million in Series
C convertible preferred stock, and a $41.5 million stockholders'
deficit.

Endeavour Operating Corporation, in its schedules, disclosed
$808,358,297 in assets and $1,242,480,297 in liabilities as of the
Chapter 11 filing.

The Debtors have tapped Weil, Gotshal & Manges LLP as counsel;
Richards, Layton & Finger, P.A., as co-counsel; The Blackstone
Group L.P., as financial advisor; AlixPartners, LLP, as
restructuring advisor; and Kurtzman Carson Consultants LLC, as
claims and noticing agent.

The U.S. Trustee for Region 3 has appointed three members to the
Official Committee of Unsecured Creditors in the Chapter 11 cases
of Endeavour Operating Corporation and its debtor affiliates.  The
Committee is represented by David M. Bennett, Esq., Cassandra
Sepanik Shoemaker, Esq., and Demetra L. Liggins, Esq., at Thompson
& Knight LLP, and Neil B. Glassman, Esq., Scott D. Cousins, Esq.,
and Evan T. Miller, Esq., at Bayard, P.A.  Alvarez & Marsal North
America, LLC, serves as financial advisors to the Committee, while
UpShot Services LLC serves as website administrator.

                        *     *     *

U.S. Bankruptcy Judge Kevin J. Carey in of Delaware, on Dec. 22,
2014, approved the disclosure statement explaining Endeavour
Operating Corporation, et al.'s joint plan of reorganization.

The Amended Plan, dated Dec. 19, 2014, provides that it is
supported by creditors who collectively hold 82.99% of the March
2018 Notes Claims (Class 3), 70.88% of the June 2018 Notes Claims
(Class 4), 99.75% of the 7.5% Convertible Bonds Claims (Class 5),
and 69.08% of the Convertible Notes Claims (Class 6).  The Amended
Plan also provides that holders of general unsecured claims will
recover an estimated 15% of the total claims amount, which is
estimated to be $6,000,000.

The hearing to consider confirmation of the Amended Joint Plan of
Reorganization, dated Dec. 23, 2014, of Endeavour Operating
Corporation and its affiliated debtors, including Endeavour
International Corporation, has been adjourned to a date to be
determined.

On April 29, 2015, the Debtor announced that, as a result of recent
declines in oil and gas prices, the Company withdrew the proposed
Plan.


ENERGY FUTURE: UST Says Creditor Accord Improperly Solicits Votes
-----------------------------------------------------------------
Peter Hall at Bankruptcy Law360 reported that the U.S. trustee's
office asked a Delaware bankruptcy court to reject Energy Future
Holdings Corp.'s pact with creditors on its $13 billion Chapter 11
reorganization proposal, saying it amounts to an impermissible
solicitation of votes by giving some favorable treatment.

The trustee's objection to EFH's plan support agreement accompanied
a filing critical of the Texas-based electricity giant's Chapter 11
disclosure statement, saying the filing lacks adequate information
about fees for professionals, a post-bankruptcy management
incentive program and other details of the costs.

                      About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a portfolio
of competitive and regulated energy businesses in Texas.  Oncor,
an 80 percent-owned entity within the EFH group, is the largest
regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).  The Debtors are seeking to have their cases
jointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion.  The Debtors have $42
billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
agreement are represented by Akin Gump Strauss Hauer & Feld LLP,
as legal advisor, and Centerview Partners, as financial advisor.
The EFH equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for
the second-lien noteholders owed about $1.6 billion, is
represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and
Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S.
Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq.,
Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee represents the interests of the unsecured
creditors of ONLY of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors.  The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring.  The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.


FLEXERA SOFTWARE: $45MM Debt Increase No Impact on Moody's CFR
--------------------------------------------------------------
Moody's Investor Service said Flexera Software LLC's B2 Corporate
Family Rating ("CFR") and stable outlook are not affected by an
approximate $45 million increase in debt incurred to acquire
"Secunia". All other ratings for Flexera are unchanged too,
including the B2-PD Probability of Default rating and existing debt
instrument ratings.



FOUNTAIN VALLEY: Moody's Hikes 1998 Bonds Rating From Ba1
---------------------------------------------------------
Moody's Investor's Service has upgraded to A2 from Ba1 the
Successor Agency to Fountain Valley Agency for Community
Development's 1998 Tax Allocation Refunding Bonds (Industrial Area
Redevelopment Project).

Moody's said, "On June 24, 2015, in connection with the release of
our Tax Increment Debt methodology, we placed the ratings for
nearly all California tax allocation bonds (TABs) on review for
upgrade, including this successor agency's (SA) TABs. This rating
action completes our review for this SA."

"Three years post-dissolution, the administrative risks related to
the payment of debt service have significantly lessened, so we are
now placing greater weight on the fundamental project area
characteristics and some of the positive features of the
dissolution legislation, including the closed lien status of the
debt and the availability of the 20% of tax increment (TI) revenues
previously restricted for use on affordable housing to pay debt
service."

SUMMARY RATING RATIONALE

Moody's said, "The upgrade to A2 takes into account high debt
service coverage, moderate sized incremental assessed value which
has displayed a healthy growth trend over the last few years,
strong ratio of incremental AV to total AV that minimizes revenue
volatility, and the above average socioeconomic profile of area
residents. The rating also incorporates the high taxpayer
concentration in the mostly industrial and commercial project area
and small geographical size of the project area. Additionally, the
rating reflects the presence of a cash funded debt service reserve
which will be utilized for the last debt service payment at the
beginning of 2016. While we recognize the short time to maturity,
our analysis still takes into account long-term fundamental credit
factors."

"The rating factors in the SA's successful adaptation to post
dissolution processes and administrative procedures and our
generally overall positive assessment of the implementation of the
legislation that dissolved redevelopment agencies (RDAs) by most
successor agencies over the last three years, leading to timely
payment of debt service on California TABs.

"In 2012, state legislation dissolved all California RDAs,
replacing them with "successor agencies" to serve as fiduciary
agents. Dissolution effectively changed the flow of funds and
processes around the payment of debt service on TABs. Tax increment
revenue is placed in trust with the county auditor-controller, who
makes semi-annual distributions of funds sufficient to pay debt
service on TABs and other "enforceable obligations" approved by the
state."

OUTLOOK

Outlooks are generally not applicable for local government credits
of this size.

WHAT COULD MAKE THE RATING GO UP

-- An upgrade is unlikely due to the short time to maturity for
    the bonds

WHAT COULD MAKE THE RATING GO DOWN

-- While unlikely due to the short time to maturity of the
    bonds, any additional legislative or administrative changes
    that create uncertainty as to the timely payment of debt
    service

OBLIGOR PROFILE

The Successor Agency to the Fountain Valley Agency for Community
Development is a separate legal entity from the City of Fountain
Valley. The SA is responsible for winding down the operations of
the former RDA, making payments on state-approved "enforceable
obligations" and liquidating any unencumbered assets to be
distributed to other local taxing entities.

LEGAL SECURITY

The legal security for bonds is tax increment revenue from the
project area net of housing set asides and senior pass-through
payments.

While not legally pledged, the dissolution laws permit TAB debt
service to be paid from tax increment revenues deposited in the
SA's Redevelopment Property Tax Trust Fund (RPTTF), less amounts
disbursed for pass-through payments and certain administrative
charges. This includes the 20% of tax increment revenue previously
considered restricted housing set aside.


FOURTH QUARTER: Court Okays Jackson Hole as Real Estate Broker
--------------------------------------------------------------
Fourth Quarter Properties 86, LLC sought and obtained permission
from the Hon. W. Homer Drake of the U.S. Bankruptcy Court for the
Northern District of Georgia to employ Jackson Hole Real Estate
Associates, LLC as real estate broker for the Debtor in its
proposed sale of Little Jennie Ranch located in Sublette County,
Wyoming (the "Property").

Jackson Hole's primary role in this case would be to assist the
Debtor in selling the Property from Aug. 7, 2015 to Aug. 8, 2016.

Jackson Hole will receive a 4.5% commission for selling the
Property and requires the Debtor to pay limited marketing costs as
they occur for a total of $9,250. Upon successful closing, the
marketing costs will be refunded back to the Debtor.

Richard Lewis of Jackson Hole 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.

Jackson Hole can be reached at:

       Richard Lewis
       JACKSON HOLE REAL ESTATE
       ASSOCIATES, LLC
       80 W Broadway
       Jackson, WY 83001
       Tel: (888) 733-6060

                        About Fourth Quarter

Fourth Quarter Properties 86, LLC, sought Chapter 11 protection
(Bankr. N.D. Ga. Case No. 15-10135) in Newnan, Georgia, on Jan. 22,
2015.  According to the docket, the Debtor's Chapter 11 plan and
disclosure statement are due May 22, 2015.

Little Suwanee Holdings, LLC, owns 95 percent of the membership
interests in the Debtor while J. Bruce Williams, Jr., holds the
remaining 5 percent.

The Debtor is represented by Ward Stone, Jr., Esq., at Stone &
Baxter LLP, in Macon, Georgia.

The Debtor disclosed $49,124,608 in assets and $75,377,946 in
liabilities in its schedules.


FOURTH QUARTER: Files Disclosure Statement on Liquidating Plan
--------------------------------------------------------------
Fourth Quarter Properties 86, LLC, has filed a Disclosure Statement
in support of its Liquidating Plan dated Aug. 28, 2015.

The Plan is a liquidating chapter 11 plan.  The funds required for
implementation of the Plan and repayment of the DIP financing will
be generated from operating the cattle ranch and proceeds of the
sale of personal property, and funds required the distributions
hereunder shall be provided from the proceeds of the sale of the
Real Property and Personal Property of the Debtor.

The Plan designates six Classes of Claims and one Class of Equity
Interests.  These Classes take into account the differing nature
and priority under the Bankruptcy Code of the various Claims and
Interests.  A Claim or Interest will be deemed classified in a
particular Class only to the extent that the Claim or Interest
qualifies within the description of that Class, and will be deemed
classified in a different Class to the extent that any remainder of
such Claim or Interest qualifies within the description of such
different Class.  A Claim or Interest is in a particular Class only
to the extent that such Claim or Interest is allowed in that Class
and has not been paid or otherwise settled prior to the Effective
Date.  To the extent that the holders of any Allowed Claims or
Interests object to Debtor’s classification scheme, such
objections will be considered at the Confirmation Hearing, and, if
sustained, the classifications outlined below will be deemed
modified in accordance with any order sustaining such objections.

Any Class of Claims that, as of the date of the commencement of the
Confirmation Hearing, contains no Allowed Claims will be deemed
deleted from the Plan for purposes of determining acceptance or
rejection of the Plan by such Class under Section 1129(a)(8) of the
Bankruptcy Code.

A copy of the Disclosure statement is available for free at:

                       http://is.gd/oHvcoD

                       About Fourth Quarter

Fourth Quarter Properties 86, LLC, sought Chapter 11 protection
(Bankr. N.D. Ga. Case No. 15-10135) in Newnan, Georgia, on Jan.
22, 2015.  According to the docket, the Debtor's Chapter 11 plan
and
disclosure statement are due May 22, 2015.

Little Suwanee Holdings, LLC, owns 95 percent of the membership
interests in the Debtor while J. Bruce Williams, Jr., holds the
remaining 5 percent.

The Debtor is represented by Ward Stone, Jr., Esq., at Stone &
Baxter LLP, in Macon, Georgia.

The Debtor disclosed $49,124,608 in assets and $75,377,946 in
liabilities in its schedules.


FRESNO, CA: Moody's Hikes 2004/2008/2009 Bonds Rating to Ba1
------------------------------------------------------------
Moody's Investors Service has upgraded the City of Fresno's
GOULT-equivalent rating (otherwise known as the "issuer" rating) to
A3 from Baa1. "In addition, we have also upgraded the following
lease-backed obligations by one notch to Ba1 from Ba2: Series 2004
A & C, Series 2008 A, C, E, F and Series 2009A. We have also
upgraded to Ba2 from Ba3 the ratings on the city's 2006A Convention
Center bonds, 2002 Pension Obligation Bonds and 2002 Judgment
Obligation Bonds. Approximately $306 million in rated debt is
affected by these rating actions," Moody's said.

"We have revised the outlook on the city's issuer rating to stable
from positive. The outlook on the city's other obligations is
positive," according to Moody's.

SUMMARY RATING RATIONALE

The rating upgrades reflect improvement in the city's fundamental
economic profile, with recent growth in taxable property values,
sales tax collections and employment. The city's strengthened
credit also reflects consecutive operating surpluses in fiscal 2014
and 2015; the elimination of deficit available General Fund
balances; repayment of inter-fund borrowing; and sound management
practices that have guided the city through the adoption of updated
zoning laws and economic development objectives, a revised reserve
policy and a favorable settlement with the police union.

The A3 issuer rating represents what the city's general obligation
bond rating would be if the city had outstanding GO debt. Under
California law, a city's GO pledge is an unlimited ad valorem
pledge of the city's tax base. The city must raise property taxes
by whatever amount necessary to repay the obligation, irrespective
of its underlying financial position.

The Ba1 rating on most of the city's lease secured obligations
reflects the significantly weaker security of these obligations
compared to general obligation pledges in California. The four
notch distinction between Fresno's issuer rating and the ratings on
these lease-secured obligations reflect the city's relatively weak
financial position, the above average burden of these obligations
on the city's finances and continued weakness of the city's
economy. The Ba2 rating on the 2006A convention center bonds
reflects the lesser essentiality of the leased assets relative to
the leased assets for those obligations rated Ba1. The Ba2 rating
on the pension and judgment obligations incorporates the weak
credit factors mentioned above and the additional weakness
resulting from the absence of assets securing these obligations.

OUTLOOK

The positive outlooks assigned to the city's lease revenue, pension
and judgment bonds reflect Moody's expectation that key fundamental
credit factors undergird the city's ratings at potentially higher
levels should current trends continue. Audited fiscal 2015 results
that are in line with projections and continued economic growth
will both represent critical factors in future reviews.

WHAT COULD MAKE THE RATING GO UP

-- Operating surpluses in line with expectations for fiscal 2015
    and budgeted 2016 figures

-- Continued progress in meeting the city's reserve targets

-- Final settlement with the fire union that will enhance
    predictability of future expenditure requirements

-- Continued economic growth with improvement in employment
    figures

WHAT COULD MAKE THE RATING GO DOWN

-- Operating deficits with erosion in reserves and liquidity

-- Economic weakening with declines in taxable values or key
    revenue streams

-- Declines in employment or agricultural production driven by
    the drought

OBLIGOR PROFILE

Fresno is California's fifth largest city by population (515,609)
and the economic center of the San Joaquin Valley, one of the most
productive agricultural centers in the U.S.

LEGAL SECURITY

Fresno's lease revenue bonds are secured by lease payments subject
to annual appropriation and abatement. The pension and judgment
bonds are an unconditional obligation of the city, and payment of
debt service is not limited to any special source of city funds.
The pension bonds are additionally secured by a tax levy limited to
$0.32438 per $100 of assessed valuation. The tax levy currently
covers close to 60% of annual debt service payments, although this
figure is expected to increase over time with tax base growth and
given the level debt service structure of the pension bonds.



GLOBAL MARITIME: Case Summary & 50 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

Debtor                                                 Case No.
------                                                 --------
GMI USA Management, Inc.                               15-12552   
     
21 Whitefriars Street
London, UK EC4Y 8JJ
United Kingdom

Global Maritime Investments Cyprus Limited             15-12553

Global Maritime Investments Holdings Cyprus Limited    15-12554

GMI Resources (Singapore) PTE Limited                  15-12555

Global Maritime Investments Vessel Holdings PTE Ltd    15-12556

Type of Business: Dry Bulk Shipping

Chapter 11 Petition Date: September 15, 2015

Court: U.S. Bankruptcy Court
       Southern District of New York (Manhattan)

Debtors' Counsel: John P. Melko, Esq.
                  Michael K. Riordan, Esq.
                  GARDERE WYNNE SEWELL, LLP
                  1000 Louisiana, Suite 3400
                  Houston, TX 77002-5007
                  Tel: (713) 276-5727
                  Fax: (713) 276-6727
                  Email: jmelko@gardere.com
                         mriordan@gardere.com

Debtors'          AMA CAPITAL PARTNERS
Financial
Advisor:

Estimated Assets: $1 million to $10 million

Estimated Debts: $100 million to $500 million

The petition was signed by Justin Knowles, chief restructuring
officer.

Consolidated List of Debtors' 50 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Draco Shipping PTE Ltd.              Contractual      $2,600,000
80 Robinson Rd #02-00
Singapore 068898
Singapore

Pegasus Shipping PTE Ltd.            Contractual      $2,600,000
2 Beach Rd.
Singapore 199589
Singapore

ADM Investor Services Limited        Trade Debt       $1,890,349
4th Flr Millennium Bridge House
2 Lambeth Hill London
EC4V 3TT
United Kingdom

OW Supply & Trading                  Trade Debt       $1,620,745
Stigsborgvej 60, PO Box 215
Norresundby, DK99400
Denmark

Dynamic Oil Trading (S)              Trade Debt         $663,120
Pte Ltd.
600 North Bridge Rd
#11-09-10 Parkview Sq
Singapore 188778
Singapore

EDF Trading                          Trade Debt         $464,887
80 Victoria St.
Cardinal Place, 3rd Flr
London, SW1E 5JL
United Kingdom

Southport Agencie Inc.               Trade Debt         $357,798
2700 LakeVilla Dr. Ste. 180
Metairie, Louisiana 70002

Calisto Trading Inc.                 Trade Debt         $341,891
Trust Co. Complex,
Ajeltake Rd
Ajeltake Island
Majuro, MH96960
Marshall Islands

Chimbusco Europe BV                  Trade Debt         $330,201
Weena 280
Weena 200 Bldg 8th Flr.
Rotterdam, 3012
Netherlands

Jia Foison Shipping Co., Ltd.        Trade Debt         $264,175
7 Flr, EIB Cenre 40
Bonham Strand
Hong Kong

Gard P&I (Bermuda) Ltd.              Trade Debt         $258,447
PO Box 789 Stoa
Arendal, No-4809
Norway

Mardinik Shipping Co. Ltd.           Trade Debt         $217,528

Kumiai Navigation (Pte) Ltd.         Trade Debt         $213,728

Ifchor SA                            Trade Debt         $193,586

D/S Norden AS                        Trade Debt         $190,956

Arrow Chartering UK Ltd.             Trade Debt         $159,809

Southport Agencie Inc.               Trade Debt         $139,429

Gains Inc.                           Trade Debt         $137,487

Jia Da Shipping Co., Ltd.            Trade Debt         $134,827

Cosco Bulk Carriers Co., Ltd.        Trade Debt         $129,106

Aegean Breeze Shipping Ltd.          Trade Debt          $94,697

Thurlestone Shipping (Singapore)     Trade Debt          $93,598
Pte Ltd.

F.H. Bertling Chartering & Ship      Trade Debt          $87,547
Management

Agencia Maritime Nabsa S.A.          Trade Debt          $86,524

M/S Mercator Lines (Singapore)       Trade Debt          $74,020
PTE Ltd.

MUR Shipping BV                      Trade Debt          $70,671

Pacific Bulk Cape Company Ltd.       Trade Debt          $66,587

Kawasaki Kisen Kaisha, Ltd.          Trade Debt          $62,373

Moore Stephens LLP                   Trade Debt          $54,429

Bunge S.A.                           Trade Debt          $52,145

Norvic Shipping North America Inc.   Trade Debt          $47,600

Waterfront Shipping & Trading Ltd.   Trade Debt          $47,411

Pacnav SA Panama                     Trade Debt          $41,362

Hong Kong Grace Shipping Co. Ltd.    Trade Debt          $40,951

E.A. Gibson Shipbrokers Ltd.         Trade Debt          $40,724

Monson Agencies Pte Ltd.             Trade Debt          $40,521

Bancosta (UK) Ltd.                   Trade Debt          $37,282

Sulnorte Servicos Maritimos Ltda.    Trade Debt          $31,527

Simpson Sence Young                  Trade Debt          $24,180

China Shipping (HK) Maritime Inc.    Trade Debt          $21,585

Bay-Houston Towing Co.               Trade Debt          $20,607

ICAP Shipping Ltd. Dry               Trade Debt          $20,498

Freight Investor Services Ltd.       Trade Debt          $13,952

D. Oltman (Hamburg)                  Trade Debt          $13,079

ADM Intermara                        Trade Debt          $11,753

Bernhard von Blomberg                Trade Debt          $11,357

Maersk Broker (UK) Ltd.              Trade Debt          $10,864

LBH Australia Pty Ltd.               Trade Debt          $10,058

Moore Stephens (Limassol) Ltd.       Trade Debt           $9,165

Raffles Shipping Group               Trade Debt           $8,477


GLOBAL MARITIME: Files for Chapter 11 to Wind Down Operations
-------------------------------------------------------------
Global Maritime Investments Cyprus Limited and four of its
affiliates have sought Chapter 11 bankruptcy protection due to "an
extraordinary downturn" in dry bulk shipping industry over the past
three years.

The Debtors filed the Chapter 11 cases in New York to wind down
their businesses and operations and liquidate their assets in an
orderly fashion.

Global Maritime, et al., are engaged in three segments of the dry
bulk shipping markets, utilizing Freight Forward Agreements,
physical "trading" or supplying of ships for hire, and management
of a dry bulk shipping pool on behalf of ships owned directly or
indirectly by the Debtors, as well as for third party owners.

In 2011 and 2012, the Debtors employed a fleet of over 60 vessels
offered for hire.  As of the Petition Date, the Debtors only have
15 ships in their fleet.

"The dry bulk shipping market ... has been especially hard hit by
economic downturn," says Justin Knowles, chief restructuring
officer of the Debtors.  "Although charter rates were at record
levels in 2007 and 2008, charter rates in recent years in many
sectors of the shipping industry have plummeted to decade-low
levels as a result of an excess supply of ships," he adds.

In each of 2012, 2013, and 2014, the Debtors incurred net losses of
$93 million, $7 million, and $47.8 million, respectively.  Despite
efforts to restructure their debt, in fiscal year 2015, the Debtors
posted a net loss of $67.6 million.

Under the pressure of extremely low charter rates for their
vessels, the Debtors have faced liquidity in servicing their debt
and funding their operating expenses.

Last month, Francolin, a lender under a credit agreement dated Nov.
1, 2014, notified Global Maritime of its decision not to provide
further funding under the Credit Facility based on, among other
things, the existence of events of defaults.  As of the Petition
Date, $32,616,184 principal amount is outstanding under the Credit
Facility plus accrued and unpaid interest.

The Debtors have no secured debt, other than the possibility of
maritime liens, and a relatively small amount of trade debt.  A
substantial majority of the Debtors' liabilities -- in excess of
$169 million -- consisted of funded debt.

As of the Petition Date, the Debtors have $59,000 in cash, $2.6
million in accounts receivable and an undetermined amount of
investment in GMI Panamax Pool Limited.

The Debtors have been involved in litigation in the United States
District Courts for the Southern District of New York and Southern
District of Texas both as either plaintiff or defendant.

To minimize disruption to their international operations and
preserve the value of their businesses, the Debtors have filed with
the Court certain "first day" motions seeking, among other things:
(a) joint administration of their cases, (b) permission to obtain
post-petition financing, (c) permission to pay foreign and critical
vendors, and (d) permission to continue using existing cash
management system.

A copy of the declaration in support of the First Day motions is
available for free at http://bankrupt.com/misc/2_GMI_Affidavit.pdf

                           About Global Maritime

GMI USA Management, Inc., Global Maritime Investments Cyprus
Limited, Global Maritime Investments Holdings Cyprus Limited, GMI
Resources (Singapore) PTE Limited and Global Maritime Investments
Vessel Holdings PTE Ltd filed Chapter 11 bankruptcy petitions
(Bankr. S.D.N.Y. Case Nos. 15-12552 to 15-12556) on Sept. 15,
2015.

Debtor GMI USA Management is a recently formed New York
corporation.  All of the other Debtors are foreign corporations
based in either Singapore or Cyrus.

Global Maritime Investments Holdings Cyprus Limited is a holding
company that owns 100% of the outstanding shares of each of (i)
Debtor GMI USA Management, Inc., (ii) Debtor Cyprus Tradeco, (iii)
Debtor Vessel Holdings, and (iv) non-Debtor GMI Panamax Pool
Limited.

Gardere Wynne Sewell, LLP, represents the Debtors as counsel.
AMA Capital Parnters serves as the Debtors' financial advisor.


GOLFSMITH INTERNATIONAL: S&P Cuts CCR to CCC on Liquidity Concerns
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Golfsmith International Holdings L.P. to
'CCC' from' B-'.  The outlook is negative.

At the same time, Standard & Poor's lowered its issue-level rating
on the company's C$125 million senior secured second-lien notes to
'CC' from 'CCC+' and revised its recovery rating on the debt to '6'
from '5'.  A '6' recovery rating reflects S&P's expectation of
negligible (0%-10%) recovery in a default scenario.

S&P also revised its liquidity score to "weak" from "less than
adequate," reflecting potential covenant restrictions and weak cash
flow through the seasonally important second quarter of 2015.

"We base the downgrade on poor operating performance, weak
liquidity, and high likelihood of a covenant breach," said Standard
& Poor's credit analyst Donald Marleau.  "Golfsmith's sales and
earnings remain weak along with intense competitive conditions and
a secular decline in demand for golf equipment in North America,"
Mr. Marleau added.

S&P's 'CCC' rating incorporates its view that it is likely that
Golfsmith will default without an unforeseen positive development,
such as liquidity support and covenant relief, along with improved
earnings prospects after several years of weak sales and
deteriorating margins.

Golfsmith is indirectly majority-owned by OMERS Administration
Corp., the pension system for Ontario's municipal employees, with
the remainder held by current and former members of management.

The negative outlook incorporates Standard & Poor's view that
Golfsmith's credit profile depends on favorable events to avoid a
payment default.  The company will likely require external support
to fund working capital investments and an interest payment over
the next four months.

S&P could lower the rating if the company is unable to make an
interest payment or breaches a financial covenant.

S&P could revise the outlook to stable if Golfsmith receives
external support that alleviates its near-term liquidity concerns.



GRASS VALLEY: Court Approves Durham Jones as Special Counsel
------------------------------------------------------------
The Hon. R. Kimball Mosier of the U.S. Bankruptcy Court for the
District of Utah authorized Grass Valley Holdings LP to employ
Durham Jones & Pinegar as its special counsel.

The Debtor related it was one of several defendants in a lawsuit
commenced in February 2013 by Garth O. Green Enterprises in Fourth
District Court for Utah County, Utah, case No. 130400184 ("Green
Enterprises Lawsuit").  The original defendants in the Green
Enterprises Lawsuit were Debtor Grass Valley Holdings, LP, Randall
Harward, Richard Harward, and Harward Irrigation Systems, Inc., the
Debtor noted.

The firm will represent the Debtor with respect to the Green
Enterprises Lawsuit and related proceedings concerning the
estimation or allowance of claims asserted against the Debtor in
the Green Enterprises Lawsuit and related matters, and in
connection with a Adv. No. (15-02141), and (15-02141), a lawsuit
commenced by the Debtor in the Fourth District Court, Utah County,
State of Utah as Case No. 159402466, entitled Grass Valley
Holdings, LP v. Bitner, and the claims asserted therein.

The Debtor noted, as of the petition date, it owed the firm $25,000
for legal services related to the Green Enterprises Lawsuit.

Evan A. Schmutz, Esq., shareholder of the firm, assured the Court
that the firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

   Evan A. Schmutz, Esq.
   Durham Jones & Pinegar
   Tel: 801.375.6600
   Direct: 801.655.4763
   Email: eschmutz@djplaw.com

                        About Grass Valley

Based in Springville, Utah, Grass Valley Holdings, L.P., is a
holding company for real property located in Utah as well as an
interest in real property located in Idaho Falls, Idaho.

Grass Valley Holdings commenced a Chapter 11 bankruptcy case
(Bankr. D. Utah Case No. 15-24513) in Salt Lake City, Utah, on May
15, 2015.

The Debtor disclosed $21,478,874 in assets and $13,187,245 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge R. Kimball Mosier.  The Debtor is
represented by Gary E. Jubber, Esq., and Douglas J. Payne, Esq., at
Fabian and Clendinin, in Salt Lake City.


GRASS VALLEY: Names Squire & Company as Accountant
--------------------------------------------------
The Hon. R. Kimball Mosier of the U.S. Bankruptcy Court for the
District of Utah authorized Grass Valley Holdings LP to employ
Shane D. Wood and Squire & Company PC as its accountant for the
estate.

The Debtor told the Court that it needs accounting services in
order to be able to complete its tax filings in a timely manner and
at a reasonable cost to the estate.

The firm's normal for entry level professional is $105 per hour and
partners is $225 per hour.  The Debtor said the firm had an
unsecured claim against it in the amount of $16,298, and the firm
has agreed to waive its claims against the bankruptcy estate.

Shane D. Wood, a certified public accountant of the firm, assured
the Court that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

   Shane D. Wood
   Squire & Company PC
   1329 South 800 East
   Orem, UT 84097
   Tel: 801-494-6037
   Email: shanew@squire.com
   
                        About Grass Valley

Based in Springville, Utah, Grass Valley Holdings, L.P., is a
holding company for real property located in Utah as well as an
interest in real property located in Idaho Falls, Idaho.

Grass Valley Holdings commenced a Chapter 11 bankruptcy case
(Bankr. D. Utah Case No. 15-24513) in Salt Lake City, Utah, on May
15, 2015.

The Debtor disclosed $21,478,874 in assets and $13,187,245 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge R. Kimball Mosier.  The Debtor is
represented by Gary E. Jubber, Esq., and Douglas J. Payne, Esq., at
Fabian and Clendinin, in Salt Lake City.


GRASS VALLEY: Selects Valbridge Property as Appraiser
-----------------------------------------------------
The Hon. R. Kimball Mosier of the U.S. Bankruptcy Court for the
District of Utah authorized Grass Valley Holdings LP to employ Stan
Craft and Valbridge Property Advisor | Free and Associates Inc. as
its appraiser for the estate.

The firm is expected to testify in the Court with respect to the
value of the Debtor's properties as necessary.  Additionally, the
firm will perform appraisal services with respect to the commercial
real property owned by the Debtor in Springville, Utah.  The Debtor
informed the Court that Valbridge Property Advisors | Free and
Associates Inc. prepared an appraisal of the Spanish Fork Property
for Central Bank in approximately 2010.

The Debtor will pay Stan Craft and Valbridge Property Advisors |
Free and Associates Inc. $4,400 upon completion of the appraisal of
the Spanish Fork Property and the Lehi Property.

Stan Craft, certified appraise of the firm, assured the Court that
the firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

    Stan Craft
    Valbridge Property Advisors | Free and Associates Inc.
    1100 East 6600 South, Suite 201
    Salt Lake City, Utah 84121
    Tel: 801.492.0000
         800.409.9328 (toll-free)
    Fax: 801.492.1420
    Email: scraft@valbridge.com

                        About Grass Valley

Based in Springville, Utah, Grass Valley Holdings, L.P., is a
holding company for real property located in Utah as well as an
interest in real property located in Idaho Falls, Idaho.

Grass Valley Holdings commenced a Chapter 11 bankruptcy case
(Bankr. D. Utah Case No. 15-24513) in Salt Lake City, Utah, on May
15, 2015.

The Debtor disclosed $21,478,874 in assets and $13,187,245 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge R. Kimball Mosier.  The Debtor is
represented by Gary E. Jubber, Esq., and Douglas J. Payne, Esq., at
Fabian and Clendinin, in Salt Lake City.


HAGGEN HOLDINGS: Court Orders Joint Administration of Cases
-----------------------------------------------------------
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware has entered an order directing the consolidation and joint
administration, for procedural purposes only, of the cases of
Haggen Holdings, LLC, Haggen Operations Holdings, LLC, Haggen Opco
South, LLC, Haggen Opco North, LLC, Haggen Acquisition, LLC and
Haggen, Inc., under Lead Case No. 15-11874.  The Clerk of the Court
is directed to maintain one file and one docket for all of the
Debtors' cases.

                            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 acts as the
Debtors' general counsel.  Alvarez & Marsal North America, LLC,
represents 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.


HOVENSA L.L.C: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Hovensa L.L.C.
        1 Estate Hope
        Christiansted, VI 00820

Case No.: 15-10003

Type of Business: Energy

Chapter 11 Petition Date: September 15, 2015

Court: United States Bankruptcy Court
       District of the Virgin Islands (St. Croix)

Judge: Hon. Mary F. Walrath

Debtor's Counsel: Richard H. Dollison, Esq.
                  LAW OFFICES OF RICHARD H. DOLLISON, P.C.
                  48 Dronningens Gade, Suite 2C
                  5302 Store Tvaer Gade, PMB 111
                  St. Thomas, VI 00802
                  Tel: 340-774-7044
                  Fax: 340-774-7045
                  Email: rhd@rdollisonlaw.com

Debtor's          PRIME CLERK LLC
Claims and
Noticing
Agent:

Estimated Assets: $100 million to $500 million

Estimated Liabilities: More than $1 billion

The petition was signed by Sloan Schoyer, authorized signatory.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
VWNA Caribbean, LLC                  Trade Debt        $1,225,000
1131 King Street
Christiansted, VI 00820-4971
United States

Geogas Trading SA                    Trade Debt          $840,000
28 Boulevard Pont D'Arve
Geneva, 1205
Switzerland

Pinnacle Services LLC                Trade Debt          $501,600
6002 Diamond Ruby - Ste 3-125
Christiansted, VI 00820
United States

Groundwater & Environmental          Trade Debt          $336,847
440 Creamery Way, Suite 500
Exton, PA 19341-2577
United States

AON Risk Services Companies, Inc.    Trade Debt          $191,198

AON Risk Services, Inc. of New York  Trade Debt          $135,873

Seven Seas Water Corp.               Trade Debt          $131,547

Christiansted Equipment, Ltd.        Trade Debt          $120,000

I-Tech                               Trade Debt           $96,000

Marine Services Tug & Tankers, Ltd.  Trade Debt           $93,391

Morgan Lewis & Bockius LLP          Legal Services        $61,703

National Response Corporation        Trade Debt      Undetermined

Pension Benefit Guaranty Corp       Pension Plan     Undetermined

United States Environmental         Environmental    undetermined
Protection Agency, Region 2          Obligations

United Steel Workers AFL/CIO-CLC       Union         Undetermined
                                    Obligations

United Industrial Workers of the       Union         Undetermined
Seafarers International Union       Obligations
of North America AFL/CIO              

Government of the Virgin Islands     Litigation      Undetermined

Commonwealth of Puerto Rico          Litigation      Undetermined

Francisca Almestica and Avilio       Litigation      Undetermined
Navarro Jr., et al.

Cruz, Elvira, Et al., v.             Litigation      Undetermined
Hovensa, LLC


HOVENSA LLC: Files for Ch.11; to Sell Assets to Limetree for $184MM
-------------------------------------------------------------------
Hovensa L.L.C. has filed for Chapter 11 bankruptcy protection
blaming, among other things, fluctuating crude oil prices due to
the 2008 economic downturn.  

Hovensa's oil refinery operations suffered approximately $1.3
billion in financial losses between 2009 and 2011.

In addition to significant challenges from competition from other
fuel suppliers, the Debtor said it also faces additional potential
liabilities, including those relating to environmental compliance
and remediation obligations and pending and potential lawsuits.

Hovensa idled some of its refinery operations in 2011 and its
remaining refinery operations in February 2012, terminating close
to 300 employees (including independent contractors).  Hovensa
continued to operate its facility solely as an oil storage
terminal.

The Debtor believes that the marketing and sale process for its
assets is the only and best path forward.  To this end, the Debtor
entered into a definitive stalking horse asset purchase agreement
with Limetree Bay Holdings, LLC, pursuant to which Limetree will
acquire the Debtor's assets for $184 million, subjec to higher and
better bids.

"If consummated, the sale transaction with the Stalking Horse
Bidder . . . will generate proceeds sufficient to pay in full in
cash the $40 million secured claim asserted by the Government of
the Virgin Islands in connection with certain prepetition
litigation regarding alleged environmental liability," says Thomas
E. Hill, proposed chief restructuring officer of the Debtor.

As of the Petition Date, the Debtor has approximately $750,000 in
cash on hand.  Hovensa has no outstanding secured or unsecured
funded debt, other than with respect to the promissory note
obligations, and does not have a credit facility with any lender.

Hovensa is a joint venture between Hess Oil Virgin Islands
Corporation, a subsidiary of Hess Corporation, and PDVSA V.I., Inc.
HOVIC and PDV-VI have agreed to provide the Debtor with $40
million of additional liquidity through a debtor-in-possession
financing facility.

                          DPNR Settlement

Hovensa became subject to a lawsuit initiated by the Virgin Islands
Department of Planning and Natural Resources on May 5, 2005, which
alleged that HOVIC's and Hovensa's operations at the refinery
contaminated and injured the public's natural resources, the marine
environment, plant life, and wildlife.  The DPNR sought damages,
the reimbursement of costs associated with the government's
investigation and litigation, and the performance of environmental
cleanup and remediation.

Following extensive litigation, in which a number of the DPNR's
claims were dismissed, Hovensa decided that despite its view that
the remaining claims were without merit, it needed to settle the
DPNR Litigation in order to allow it to pursue a marketing and sale
process free from the overhang of litigation.  Accordingly, on May
28, 2014, in anticipation of a sale, HOVIC and Hovensa entered into
a settlement agreement with the DPNR, pursuant to which Hovensa
agreed to pay the GVI $43.5 million in settlement of the purported
$800 million in claims raised by the DPNR complaint.

Hovensa paid $3.5 million of the settlement amount immediately upon
the execution of the DPNR Settlement Agreement.  The remaining $40
million obligation remains outstanding as of the bankruptcy filing
date.  Pursuant to the DPNR Settlement Agreement, in consideration
for Hovensa's agreement to pay $43.5 million to the GVI and to
grant a first priority lien on certain of its assets, the GVI
released HOVIC, Hovensa, and related parties from all claims
asserted in the DPNR Litigation and associated litigation costs.

Hovensa expected that it would be able to pay the remaining $40
million payment in respect of the DPNR Settlement Agreement by Dec.
31, 2014, in connection with a sale transaction with Atlantic Basin
Refining.  However, when the ABR Sale Transaction was rejected by
the USVI Senate, Hovensa was unable to make the additional payment
by that date.

On Jan. 26, 2015, the GVI commenced a Superior Court foreclosure
action to collect the $40 million payment under the DPNR Settlement
Agreement, despite the USVI Senate's decision to reject the ABR
Operating Agreement that would have funded the payment.  On March
17, 2015, Hovensas filed an answer to the GVI's complaint.  As of
the Petition Date, the Foreclosure Action remains in its
preliminary stages.  

The Honorable Douglas A. Brady, presiding over the Foreclosure
Action, has issued, sua sponte, an order requiring Hovensa and the
GVI to meet and confer on a discovery schedule to be put into place
by Sept. 30, 2015.

                          Sale Agreement

Beginning in November 2013, Hovensa and its professional advisors
engaged in an extensive marketing and sale process to find a
purchaser for all of its assets.

Nearly a year after the failed ABR Sale Transaction, the Debtor
ultimately entered into the APA with Limetree, an affiliate of
ArcLight Capital Partners, LLC.

Under the APA, the Debtor has agreed to sell, subject to higher and
better offers and approval of the Court, certain assets, including
all of its oil storage terminal assets, for a purchase price of
$184 million.

Simultaneously with the commencement of the chapter 11 case, the
Debtor has filed a motion seeking approval of bidding procedures
pursuant to which a competitive sale process will take place.  By
this process, the Debtor will solicit bids for the sale of the its
assets.

Amanda Rayborn at Platts, citing people familiar with the matter,
says Limetree Bay wants to scrap plans to operate the complex as a
refinery and instead reboot it as a storage facility with 15
million barrels of operable capacity.

"Other parties will have the opportunity to submit competing offers
for Hovensa's assets . . . and a federal judge will ensure that the
'highest and best' offer is approved," Platts quoted the Company as
saying.

Citing the Company, Lauren Baccus and Stephanie Hanlon-Nugent at
St. Croix Source report that proceeds from any sale will be used to
repay creditors, and the the U.S. Virgin Islands -- owed at $40
million -- will be the first creditor paid.  

Gov. Kenneth Mapp insists that the government is owed a total of
$92 million and hopes that through the lawsuit, the government
would get $1.5 billion in damages for the territory in addition to
the sale of the terminal, St. Croix Source says.

The sale, according to St. Croix Source, hinges on the approval of
an operating accord with the V.I. government, and then approval of
that agreement by the V.I. Senate and the Bankruptcy Court.

As reported by the Troubled Company Reporter on Sept. 16, 2015,
citing an Associated Press article, the V.I. Government sued the
Company for more than $1 billion, alleging that the Company
abandoned a massive oil refinery it had pledged to run through the
year 2022.  The complaint alleged that Hess conspired to strip the
facility's assets in order to leave the government with claims
against a broke, polluted and inoperable refinery, the report
further noted.

                         First Day Motions

To enable the Debtor to achieve its objectives in this chapter 11
case, the Debtor is seeking approval to:

   (a) obtain post-petition financing;

   (b) use existing cash management system;

   (c) pay critical vendor claims;

   (d) honor employee obligations;

   (e) prohibit utility providers from discontinuing services;
       and

   (f) extend time to file Schedules and Statements.

A copy of the declaration filed in support of the First Day Motions
is available for free at:

       http://bankrupt.com/misc/3_HOVENSA_Declaration.pdf

                         About Hovensa

Hovensa, L.L.C. produces and markets refined petroleum products.
The Company offers gasoline, diesel, home heating oil, jet fuel,
kerosene, and residual fuel oil.  Hovensa serves customers
throughout North America.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015.  The petition was signed
by Sloan Schoyer as authorized signatory.  The Debtor has estimated
assets of $100 million to $500 million, and liabilities of more
than $1 billion.

The Law Offices of Richard H. Dollison, P.C., serves as the
Debtor's counsel.  Prime Clerk LLC is the Debtor's claims and
noticing agent.  

Judge Mary F. Walrath is assigned to the case.


IMPAC LAB: Moody's Assigns Ba1 Rating to New $100MM Revolver Loan
-----------------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family Rating
of Impax Laboratories, Inc. Moody's also assigned a Ba1 rating to
the company's new $100 million senior secured revolving credit
facility expiring 2020. The facility replaces a $50 million
revolver expiring 2019, which has been terminated.

The actions follow the refinancing of Impax's $435 million senior
secured term loan on June 30, 2015 with $600 million of unsecured
convertible notes. As a result of the changes to the capital
structure, Moody's also upgraded the Probability of Default Rating
to B1-PD from B2-PD.

Moody's also raised the Speculative Grade Liquidity Rating to SGL-1
from SGL-2, signifying very good liquidity. The improvement in
liquidity stems from Impax's strong cash position ($190 million at
June 30) and Moody's greater confidence in free cash flow
generation following the lifting of the FDA Warning Letter on the
Hayward, California manufacturing facility and the approval of
Rytary (a branded drug to treat Parkinson's Disease) earlier in
2015. The improvement also reflects the larger sized revolving
credit facility (which we expect to remain undrawn except for
acquisitions), the loosening of Impax's financial covenants in
connection with the refinancing and the greater flexibility to sell
assets stemming from a largely all unsecured capital structure.

The outlook is stable.

Ratings actions:

Affirmed Corporate Family Rating, at B1

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

Assigned Ba1 (LGD1) to $100 million revolving credit facility,
expiring 2020

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

RATINGS RATIONALE

The B1 Corporate Family Rating reflects Impax's modest size and
scale in the rapidly consolidating generic drug industry, which
faces pricing pressure and increasing legal and regulatory costs.
The rating also incorporates our expectation that Impax will
continue to be acquisitive which -- though potentially adding scale
and diversity -- could further increase leverage and integration
risk.

The ratings are supported by Impax's modest adjusted debt to
EBITDA, which Moody's projects will be between 2.5x to 3.0x for the
year ending December 2015. The ratings are supported by the
relatively good product diversity of Impax following the
acquisition of CorePharma (which closed on March 9, 2015) as well
as the potential for strong revenue and earnings growth from key
products in its pipeline.

While not anticipated in the near-term because of the expectation
for more M&A activity, Moody's could upgrade the ratings if Impax
successfully launches key products in its generic pipeline, and can
successfully market and grow Rytary. Further, if Moody's expects
the company to maintain adjusted debt to EBITDA below 3.0x while
generating free cash flow to debt above 15%, the ratings could be
upgraded.

Moody's could downgrade the ratings if the company experiences
significant disruption to any of its key products, competitive
pressures or pursues large debt-funded acquisitions such that
adjusted debt to EBITDA is expected to increase above 4.0x.

Impax, headquartered in Hayward, CA, is a specialty generic and
branded pharmaceutical producer operating in the US. Pro forma for
the acquisition of CorePharma, Impax will generate revenue in
excess of $800 million.



IMPAX LABORATORIES: S&P Affirms 'BB' CCR & Revises Outlook to Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on IMPAX Laboratories Inc. and revised the rating
outlook to negative from stable.

At the same time, S&P assigned a 'BB' issue-level rating and '3'
recovery rating to IMPAX's $600 million convertible notes.  The '3'
recovery rating indicates expectations of meaningful (50% to 70%;
at the higher end of the range) recovery in the event of a
default.

"The outlook revision to negative from stable reflects our
expectation that leverage will be higher than our projected 2.5x to
3.0x over the next year, and could remain elevated over the longer
term if the company fails to achieve our base-case expectations for
sales and EBITDA growth or if it pursues significant debt-financed
acquisitions that add limited EBITDA over the next few months,"
said Standard & Poor's credit analyst Arthur Wong.

The ratings on IMPAX reflect the company's narrow branded
pharmaceutical portfolio as well as its limited scale and market
share in the generic pharmaceutical industry.  The company's
branded specialty business focuses on treatments for the central
nervous system.  IMPAX has successfully launched Rytary, its
extended-release capsule treatment for Parkinson's disease.  The
drug received U.S. Food and Drug Administration (FDA) approval in
early 2015 and is IMPAX's first internally developed branded drug
to be approved.

The negative outlook reflects the possibility that leverage will
remain at more than 3x due to EBITDA pressure from lackluster
product performance or acquisitions as the company seeks to grow
its portfolio and EBITDA.

A downgrade could occur if the company underperforms S&P's
base-case expectation that Rytary will generate $60 million sales
in 2016 and overall revenue will grow by at least 15% in 2016.
This would result in leverage being sustained at more than 3x.
Debt-financed acquisitions could also result in that level of
elevated leverage.

S&P could revise the outlook back to stable if the company
generates sales growth and EBITDA that enables it to reduce
leverage to 3x or less.  In particular, this could occur if the
company makes an acquisition with cash that is meaningfully
accretive to EBITDA in the near term or if the company's revenue
grows at a high-teen percentage rate or more in 2016 because of
stronger-than-expected performance of Rytary and an expansion in
margins by at least 100 basis points.  Given S&P's expectations
that the company will likely remain acquisitive over the next year,
a ratings upgrade is unlikely.



LEAP TRANSIT: Auctions Off Buses After Filing for Chapter 7
-----------------------------------------------------------
Joe Fitzgerald Rodriguez at San Francisco Examiner reports that
Leap Transit is auctioning off its remaining two buses.  The
Company filed for Chapter 7 liquidation on July 15, 2015,
estimating its assets and liabilities at between $100,000 and
$500,000 each, court documents say.  Founder Kyle Kirchoff signed
the petition.

West Auctions: Commercial Auctions and Asset Services says that
bidding for the buses will be from Oct. 6 until Oct. 8, 2015.
According to Examiner, the bids start at $5.  

Biz Carson at Business Insider recalls that after suspending its
service in May 2015, it put two of its buses up for auction in June
and auctioned off more buses in July.

Leap Transit is a private transit service in San Francisco.  It ran
tech-friendly luxury buses.


LIFE PARTNERS: Trustee Files Multi-Million Dollar Suit Against CEO
------------------------------------------------------------------
Thompson & Knight LLP on Sept. 15 disclosed that H. Thomas Moran
II, chapter 11 Trustee for Life Partners, filed a fraud and
racketeering lawsuit against Brian Pardo, the company's CEO and
chairman from 2000 until early 2015, seeking more than $40 million
in damages related to monies Mr. Pardo transferred to himself and
his family.

The lawsuit was filed Sept. 11 in the U.S. Bankruptcy Court for the
Northern District of Texas - Fort Worth Division.  The suit says
Mr. Pardo operated his company in such a way as to build maximum
trust from investors while systematically lying to and misleading
them to generate as much profit as possible for Life Partners,
himself, and his family.

"My investigation into the business practices of Life Partners
clearly shows investors were misled at every turn -- in marketing,
in life expectancy information, and in communications from Life
Partners and its Licensees after their money was invested," said
Mr. Moran.  "The suit seeks to recover the substantial losses
incurred by investors as a result of the wide-ranging, fraudulent
scheme led and perpetrated by Mr. Pardo."    

The suit outlines that from about 2007 until 2015, Mr. Pardo and
others marketed fractional interests in life insurance policies
purchased by Life Partners to retail investors by utilizing a
significantly underestimated life expectancy ("LE") of the insured,
which was prepared at the direction of Mr. Pardo.  In the marketing
of these fractional interests, Mr. Pardo and others concealed the
facts that (i) industry standard LE estimates predicted the insured
would likely live longer than the shortened LE estimates given to
investors; and (ii) Mr. Pardo and his sales team were receiving
large and excessive commissions, at times exceeding the actual
purchase price of the policies.

In addition, Mr. Pardo used the Life Partners business to line his
and his family's pockets.  Millions of dollars of dividends and
profits from the business were paid, at Mr. Pardo's direction, to
himself, his family, and other insiders and affiliates during the
course of this fraudulent scheme.  The money was derived almost
entirely from undisclosed fees paid to Life Partners when contract
positions in the proceeds of life insurance policies were sold.

The case is, Moran v. Pardo, case number 4:15-ap-4079.  

The trustee is represented by David M. Bennett, Katharine B. Clark,
Richard B. Roper, and Jennifer R. Ecklund of Thompson & Knight
LLP.

                     About Life Partners

Headquartered in Waco, Texas, Life Partners Holdings, Inc. --
http://www.lphi.com/-- is the parent company engaged in the
secondary market for life insurance, commonly called "life
settlements."  Since its incorporation in 1991, Life Partners,
Inc., has completed over 162,000 transactions for its worldwide
client base of over 30,000 high net worth individuals and
institutions in connection with the purchase of over 6,500 policies
totaling over $3.2 billion in face value.

LPHI is a publicly traded company incorporated in Texas and its
common stock has been delisted from the NASDAQ (formerly trading
under the symbol LPHI).

Life Partners Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20,
2015.

The case is assigned to Judge Russell F. Nelms.  J. Robert Forshey,
Esq., at Forshey & Prostok, LLP, serves as counsel to the Debtor.


LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilities
as of the Chapter 11 filing.

The official committee of unsecured creditors formed in the case
tapped Munsch Hardt Kopf & Harr, P.C., as counsel.

Tracy A. Bolt of BDO USA, LLP, was named as examiner for the
Debtor's case.  At the behest of the U.S. Securities and Exchange
Commission, the U.S. Trustee, and the Creditors Committee, the
Court ordered the appointment of a Chapter 11 trustee.  On  March
13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee in
LPHI's case.  The trustee is represented by Thompson & Knight LLP.

The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for
LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No.
15-41995) and LPI Financial Services, Inc. (Case No. 15-41996).

Life Partners is estimated to have $100 million to $500 million in
assets and more than $1 billion in debt.  LPI Financial estimated
less than $50,000.


LJ/HAH HOLDINGS: S&P Withdraws 'B' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it is withdrawing its
'B' corporate credit rating on LJ/HAH Holdings Corp. as well as the
'B' issue-level rating on its term loan, under borrower Henniges
Automotive Holdings Inc.

The withdrawal follows Henniges' announcement that it has been
acquired by AVIC Automotive Systems Holding Co. Ltd. (AVIC Auto), a
wholly-owned subsidiary of Aviation Industry Corp. of China (AVIC)
and receipt of documents supporting the repayment of Henniges'
previously outstanding term debt.



MALIBU ASSOCIATES: US Bank, US Trustee Object to Plan Disclosure
----------------------------------------------------------------
The U.S. Trustee filed an objection to the Disclosure Statement
filed by Malibu Associates, LLC.

Brian D. Fittipaldi, Esq., representing the U.S. Trustee, notes
that the Debtor seeks to give authority to the Reorganized Debtor
to employ professionals and pay them without any further Court
order.  The UST is concerned that there would be no notice to
interested parties of professional employment, their rates, and
accumulating fees.  The UST requests that the Debtor be required to
provide notice of any employment and proposed payments to those
professionals.

In addition, the UST requests that the Debtor provide a numerical
rendering of the Liquidation Analysis either in the text of the
Disclosure Statement or attached as an exhibit.

The Debtor has subsequently agreed to all of the U.S. Trustee's
requested modifications to the Disclosure Statement.  The Debtor
will make the changes/additions to the Disclosure Statement.

                         U.S. Bank Objects

Senior Secured Creditor U.S. Bank submits an objection to the
Disclosure Statement regarding its Plan of Reorganization.

Joshua D. Wayser, Esq., representing U.S. Bank, tells the Court
that the Debtor filed its second bankruptcy petition to stave off a
scheduled trustee sale of the Property by senior secured lender
U.S. Bank.  The Debtor then filed the Disclosure Statement and Plan
on the last day possible to avoid U.S. Bank from being granted
relief from the automatic stay regarding the Property as a matter
of right under the single asset rules.  While the Disclosure
Statement and Plan promise to pay all of the Debtor's secured
creditors in full through a future sale of the Property, it is an
empty promise, as the Disclosure Statement and Plan fail to include
an executed purchase agreement, fail to identify a buyer, and fail
to provide any evidence that suggests that Debtor could sell the
Property, which has been appraised at $16.9 million, for the over
$50 million required to pay its secured creditors in full. This is
all the more problematic given that Debtor has been attempting to
sell the Property for a year before it filed this chapter 22, with
no success, it has made no further progress during the four months
it has been in this second bankruptcy, and it owes over $500,000 in
property taxes that continue to accrue.

According to Mr. Wayser, the Plan is nothing more than another
delay tactic, further evidenced by Debtor's refusal to include a
definitive effective date so as to allow Debtor to remain
indefinitely in bankruptcy while U.S. Bank's senior loan -- which
matured almost one year ago -- remains unpaid, with not even
monthly payments being made and no payments received at all since
September 2014.  While U.S. Bank would be happy to be paid off in
full through the sale of the Property, Debtor has admittedly tried
and failed to do exactly this for the past year and a half.  The
Disclosure Statement and Plan provide no evidence that such a sale
will ever materialize.

Mr. Wayser submits that the Disclosure Statement fails to provide
adequate information regarding the Plan, more specifically
regarding the proposed sale of the Property and the value of the
Property.  And while U.S. Bank recognizes that confirmation issues
normally are deferred while considering disclosure statements, the
confirmation issues here are glaring enough that the Disclosure
Statement should not be approved. In particular, the Plan cannot be
confirmed as a matter of law, as (i) it is not feasible because it
provides no evidence that the proposed sale will ever occur, (ii)
it impermissibly deprives U.S. Bank, as well as all other secured
creditors, a vote on the Plan even though U.S. Bank is impaired by
the proposed indefinite delay between the Plan's confirmation and
its effective date, (iii) the Plan was not proposed in good faith
and is simply the latest in a series of tactical delays,
highlighted by Debtor's insistence upon an indefinite effective
date, and (iv) the Plan is not in the best interest of the
creditors because there is no guaranty that the Property will ever
sell for the required price, while a chapter 7 liquidation would
promptly pay secured creditors.  

Accordingly, Mr. Wayser concludes that the Disclosure Statement and
Plan are premature and incomplete at best, and, given their timing,
were more likely filed to stall U.S. Bank's collection on its loan
by delaying this bankruptcy indefinitely.  

U.S. Bank is represented by:

         Joshua D. Wayser, Esq.
         Cristina E. Bautista, Esq.
         KATTEN MUCHIN ROSENMAN LLP
         2029 Century Park East, Suite 2600
         Los Angeles, CA 90067-3012
         Tel: (310) 788-4400
         Fax: (310) 788-4471
         Email: joshua.wayser@kattenlaw.com
                cristina.bautista@kattenlaw.com

                       Debtor Defends Plan

Lindsey L. Smith, Esq., at Levene Neale Bender Rankin & Brill LLP,
representing the Debtor, notes that he Bank makes two primary
arguments in the Opposition: (1) that the Disclosure Statement does
not contain adequate information; and (2) that the Plan is patently
unconfirmable.  The Debtor believes the Disclosure Statement does
contain information which is adequate to enable a reasonable
creditor to make an informed judgment about whether to accept the
Plan.  However, to the extent that the Court determines that more
information and details are needed, the Debtor can easily amend the
Disclosure Statement to provide the requisite information and
details.

The Bank also argues, even though it admits that the proper context
for consideration of plan confirmation issues is not at the
Disclosure Statement approval phase, that the Plan is patently
unconfirmable.  The Debtor submits that all of the issues regarding
the confirmability of the Debtor's Plan can and should be dealt
with at the time of confirmation and not at this point in the
process.  Notwithstanding, the Debtor submits that the Plan is not
patently unconfirmable because it is feasible, properly classifies
the Bank's claim as unimpaired, was filed in good faith and
satisfies the best interests of creditors.

                       About Malibu Associates

Headquartered in Malibu, California, Malibu Associates, LLC, owns
the Malibu Golf Club.  The club has a restaurant and clubhouse, in
addition to an 18-hole golf course, on its 650-acre property in
the Santa Monica Mountains.

Malibu Associates sought Chapter 11 protection (Bankr. C.D. Cal.
Case No. 15-10477) in Santa Barbara, California, on March 10,
2015, disclosing $76.2 million in total assets and $47.8 million
in total liabilities.  Thomas Hix, managing member of the Debtor,
signed the bankruptcy petition.

The Debtor owns real property located at 901 Encinal Canyon Road,
Malibu, California.  The property secures a $46.8 million debt to
U.S. Bank, National Association, which is secured by a first deed
of trust on the property.  The Los Angeles County Treasurer and
Tax Collector is also owed $459,800, secured by a tax lien on the
property.

The case is assigned to Judge Deborah J. Saltzman.  David L.
Neale, Esq., at Levene Neale Bender Rankin & Brill LLP, in Los
Angeles, serves as counsel to the Debtor.

The Debtor previously sought bankruptcy protection on Nov. 3, 2009,
in the Central District of California, San Fernando Valley Division
(Case No. No. 9-24625).   That case was assigned to the Honorable
Maureen A. Tighe, but was later dismissed.  The real property in
Malibu was included in the prior filing.


MOLYCORP INC: Gets Approval to Reject Contracts at Calif. Mine
--------------------------------------------------------------
Peter Hall at Bankruptcy Law360 reported that a Delaware bankruptcy
judge on Sept. 15, 2015, permitted mine operator Molycorp Inc. to
reject leases associated with its key California mine where it had
scaled back production after seeking court protection in June.

An attorney for Molycorp told U.S. Bankruptcy Judge Christopher S.
Sontchi the company had reached a resolution of objections to its
motion to reject executory contracts by creditor Veolia Water North
America Operating Services LLC.

                        About Molycorp

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare  
earths and rare metals producer.  Molycorp owns several prominent
rare earth processing facilities around the world.  It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.

Molycorp has corporate offices in the United States, Canada and
China.  CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada.  Other senior manageemnt members are located at its U.S.
corporate headquarters in Greendwood Village, Colorado.

Molycorp reported a net loss of $623 million in 2014, a net loss of
$377 million in 2013 and a net loss of $475 million in 2012.

As of March 31, 2015, the Company had $2.49 billion in total
assets, $1.78 billion in total liabilities and $709 million in
total stockholders' equity.

Molycorp and its North American subsidiaries, together with certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring.  The Chapter 11
cases of Molycorp and 20 affiliated debts are pending before Judge
Christopher S. Sontchi.

The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.

The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings.  Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from the
filings as it is not 100% owned by the Company.

Molycorp is being advised by the investment banking firm of Miller
Buckfire & Co. and is receiving financial advice from AlixPartners,
LLP.  Jones Day and Young, Conaway, Stargatt & Taylor LLP act as
legal counsel to the Company in this process.  Prime Clerk serves
as claims and noticing agent.

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.


NEWZOOM INC: Proposes Prime Clerk as Noticing and Claims Agent
--------------------------------------------------------------
NewZoom, Inc., seeks authority from the Bankruptcy Court to employ
Prime Clerk LLC as noticing and claims agent.

As claims and noticing agent, Prime Clerk will, among other things:
(i) serve as the Court's notice agent to mail certain notices to
the estate's creditors and parties-in-interest, (ii) provide
computerized claims and claims objections services, and (iii)
provide expertise, consultation, and assistance with claim
processing and with other administrative information related to the
Debtor's bankruptcy case.

Prime Clerk will also maintain an official claims register and
copies of all proofs of claim and proofs of interest filed.

Prime Clerk will be compensated based on the services it provides
at these rates:

                Title                        Hourly Rate
        -----------------------              -----------
        Analyst                                $30-$45
        Technology Consultant                  $75-$95
        Consultant                            $90-$125
        Senior Consultant                     $135-$155
        Director                              $165-$185
        Solicitation Consultant                  $175
        Director of Solicitation                 $195

Within 20 days after the end of each month, Prime Clerk will submit
to the Debtor, to the United States Trustee and counsel to the
Official Committee of Unsecured Creditors, once appointed, its
statement for fees and expenses incurred during the previous
month.

Based upon the creditor matrix, there are approximately 2,100
creditors, former employees, and other parties-in-interest who
require notice of various matters.  The Debtor says the size of its
creditor body makes it impractical for the Clerk to send notices
and to maintain a claims register.

Prime Clerk is an experienced claims agent, having performed
similar services in numerous cases of comparable size throughout
the country.

In the year prior to the Petition Date, Prime Clerk has been paid
$15,000 by the Debtor.  There are no amounts owed to Prime Clerk as
of the Petition Date.  Prime Clerk is currently holding a
prepetition retainer of $15,000 from the Debtor for services
rendered and to be rendered in connection with this case.

To the best of the Debtor's knowledge, Prime Clerk is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

                           About NewZoom

Headquartered in San Francisco, California, NewZoom, doing business
as ZoomSystems, operates an automated retail channel.  It operates
ZoomShops, a custom-branded automated self-service retail stores
that facilitates online shopping.  It has ZoomShop network
locations in airports, malls, resorts, military bases, and retail
stores in the United States, Europe, and Japan.  The Debtor employs
approximately 115 people.

NewZoom, Inc. filed Chapter 11 bankruptcy petition (Bankr. N.D.
Calif. Case No. 15-31141) on Sept. 10, 2015.  John A. Lawrence
signed the petition as president and chief executive officer.

The Debtor has estimated assets and liabilities in the range of $10
million to $50 million.

Pachulski Stang Ziehl & Jones LLP represents the Debtor as
counsel.

The case is assigned to Judge Hannah L. Blumenstiel.


NEWZOOM INC: Section 341 Meeting Scheduled for October 6
--------------------------------------------------------
A meeting of creditors in the bankruptcy case of NewZoom, Inc.,
will be held on Oct. 6, 2015, at 9:00 a.m. at San Francisco U.S.
Trustee Office.  Proofs of claim are due by Jan. 4, 2016.

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

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

The Company offers an end-to-end technology and services solution
that allows its customers -- major brands and retailers -- to sell
its products to consumers through automated kiosks called
"ZoomShops," which are installed and operated by the Company in
high-traffic locations such as airports and malls.

NewZoom, Inc. filed Chapter 11 bankruptcy petition (Bankr. N.D.
Calif. Case No. 15-31141) on Sept. 10, 2015.  John A. Lawrence
signed the petition as president and chief executive officer.

The Debtor has estimated assets and liabilities in the range of $10
million to $50 million.

Pachulski Stang Ziehl & Jones LLP represents the Debtor as counsel.
Prime Clerk LLC acts as the Debtor's claims and noticing agent.

The case is assigned to Judge Hannah L. Blumenstiel.


ONEX TSG: Moody's Assigns B2 CFR, Outlook Stable
------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
B2-PD Probability of Default Rating to Onex TSG Intermediate Corp.,
the indirect parent of The Schumacher Group ("Schumacher"). At the
same time, Moody's assigned a B1 rating to Schumacher's proposed
$475 million senior secured credit facilities, composed of a $75
million 1st lien revolver and a $400 million 1st lien term loan.
Concurrently, Moody's also assigned a Caa1 rating to the company's
$135 million 2nd lien term. The rating outlook is stable. This is
the first time Moody's has assigned public ratings to Schumacher.

The proceeds will be used to fund the acquisition of The Schumacher
Group by financial sponsor Onex Partners Manager LP and complete
the acquisition of Hospital Physician Partners ("HPP") for $271
million. HPP is an emergency and hospital medicine contract
management company that operates in a similar line of business to
Schumacher.

The following ratings and LGD's have been assigned:

Onex TSG Intermediate Corp:

Corporate Family Rating at B2

Probability of Default Rating at B2-PD

$75 million revolving credit facility expiring in 2020 at B1 (LGD
3)

$400 million first lien term loan due in 2022 at B1 (LGD 3)

$135 million second lien term loan due in 2023 at Caa1 (LGD 5)

The outlook is stable

RATING RATIONALE

The B2 Corporate Family Rating reflects Schumacher's small size
relative to larger competitors, the company's high financial
leverage and its significant exposure to uninsured patients. In
addition, the company's high concentration in emergency medicine is
a further constraint on the rating. Schumacher's rating is
supported by favorable market trends within healthcare services
outsourcing, strong organic growth and no significant customer
concentration.

The stable outlook reflects Moody's expectation that Schumacher
will continue to produce positive operating results, characterized
by strong margins and steady cash flow. Moody's also believes that
internal cash will likely be used for additional growth
initiatives, instead of debt repayment, nonetheless Moody's expect
the company to deliver to about 5 times over the next 12-18 months,
primarily through EBITDA growth.

Moody's does not anticipate an upgrade in the near-term, however,
the rating could be upgraded if the company can grow its revenue
base, while expanding its product line. More specifically, if
Schumacher is able to deliver and maintain debt to EBITDA around
4.0 times, along with consistent positive free cash flow, the
rating could be upgraded.

The ratings could be downgraded if the company experiences a
negative change in the reimbursement rate environment, such that
operating profits deteriorate or credit metrics weaken. If these
conditions result in sustained debt to EBITDA greater than 6.0
times, a downgrade is possible.

Headquartered in Lafayette, LA, Schumacher is a national provider
of integrated emergency medicine, hospital medicine services and
healthcare advisory services. Schumacher operates in 28 states with
over 1,143 employees and 3,406 clinicians.






PACIFIC RECYCLING: U.S. Trustee Forms Four-Member Creditors' Panel
------------------------------------------------------------------
Gail Brehm GEIGER, acting U.S. trustee for Region 18, appointed
four creditors of Pacific Recycling Inc. to serve on the official
committee of unsecured creditors.  

The unsecured creditors are:

     (1) Steve Dorman, President
         Dorman Construction, Inc.
         steve@dorman-const.com
         303 S. 5th Street
         Suite #135
         Springfield, OR 97477
         Tel: 541-984-0012
         Fax: 541-984-0013

     (2) Sam Jacobs
         Jacobs Group, LLC
         samjacobs88@comcast.net
         2373 NE 30th Court
         Light House Point, FL 33064
         Tel: 402-910-5078
         Fax: 954-942-5356

     (3) Lisa Li, CEO
         HMS Trading
         LLTrading05@gmail.com
         P.O. Box 403
         Corte Madera, CA 94976
         Tel: 415-342-0218
         Fax: 415-461-2688

     (4) Sarah Coffman
         Ideal Steel, Inc.
         scoffman@idealsteelinc.com
         90693 Link Road
         Eugene, OR 97402
         Tel: 541-689-0901
         Fax: 541-689-6933

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense.  They may investigate the debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                     About Pacific Recycling

Pacific Recycling, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Ore. Case No. 15-62925) on Aug. 27, 2015.  The petition
was signed by Rodney Schultz as president.  The Debtor estimated
assets and liabilities of $10 million to $50 million.  Hon. Frank
R. Alley III is assigned to the case.  Cable Huston LLP represents
the Debtor as counsel.


PATRIOT COAL: In "Advanced" Talks with Rival Bidders for Mines
--------------------------------------------------------------
Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,
reported that talks with a rival bidder for Patriot Coal Corp.'s
mining assets are in an "advanced" stage and could yield a
competitive auction, according to the company's lawyer.

According to the report, Patriot attorney Stephen Hessler on Sept.
16 told a bankruptcy judge that the company's talks with the
potential bidder, whom he declined to name, could yield a challenge
to lead bidder Blackhawk Mining LLC at next week's auction.

                        About Patriot Coal

Patriot Coal Corporation is a producer and marketer of coal in the
United States.  Patriot and its subsidiaries control 1.4 billion
tons of proven and probable coal reserves -- including owned and
leased assets in the Central Appalachia basin (in West Virginia
and Ohio) and Southern Illinois basin (in Kentucky and Illinois)
and their operations consist of eight active mining complexes in
West Virginia.

Patriot Coal first sought Chapter 11 protection on July 9, 2012,
and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan
from the U.S. Bankruptcy Court for the Eastern District of
Missouri.  The plan turned over most of the ownership of the
company to bondholders that include New York hedge fund Knighthead
Capital Management LLC.  The linchpins of the plan were a global
settlement among the Debtors, the United Mine Workers of America,
and two third parties -- Peabody Energy Corporation and Arch Coal,
Inc. -- and a commitment by a consortium of creditors, led by
Knighthead, to backstop two rights offerings that funded the plan.

Patriot Coal Corporation and its subsidiaries commenced new
Chapter 11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in
Richmond, Virginia, on May 12, 2015.  The cases are assigned to
Judge Keith L. Phillips.

Patriot Coal estimated more than $1 billion in assets and debt.

The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock
L.L.P., as co-counsel; Centerview Partners LLC as investment
bankers; Alvarez & Marsal North America, LLC, as restructuring
advisors; and Prime Clerk LLC, as claims and administrative agent.

The U.S. trustee overseeing the Chapter 11 case of Patriot Coal
Corp. appointed seven creditors of the company to serve on the
official committee of unsecured creditors.  The Committee is
represented by Morrison & Foerster LLP as its counsel, and
Tavenner & Beran, PLC, as its local counsel.  Jefferies LLC serves
as its investment banker.

The directed the U.S. Trustee to form an official committee of
retirees at the behest of Patriot Coal Non-Union Retiree VEBA.

                        *     *     *

Patriot Coal has filed with the Bankruptcy Court a letter of
intent
for a proposed sale of a substantial majority of its operating
assets to Blackhawk Mining, LLC, as well as a motion outlining
bidding procedures.  Under the terms of the letter of intent,
Blackhawk would issue to Patriot's secured lenders new debt
securities totaling approximately $643 million plus Class B Units
providing them an ownership stake in Blackhawk.  In addition,
Blackhawk would assume or replace surety bonds supporting
reclamation and related liabilities associated with the purchased
assets.


PETTERS COMPANY: Court Approves WayPoint as Trustee's Consultant
----------------------------------------------------------------
Douglas A. Kelley, the Chapter 11 trustee of Petters Company, Inc.
et al., sought and obtained permission from the Hon. Gregory F.
Kishel of the U.S. Bankruptcy Court for the District of Minnesota
to employ WayPoint Inc. as tax and forensic accounting consultants,
effective June 1, 2015.

The Debtors require WayPoint Inc to provide tax consulting and
forensic accounting services related to federal and state tax
refunds applied for by Frank Vennes ("Vennes Refunds").

Frank Vennes was a business associate of Petters and a service
agent and primary fundraiser for Petters Company, Inc.

Compensation to WayPoint will be based on the current hourly rate,
plus reimbursement of actual and necessary expenses incurred by
WayPoint in providing services to the Trustee. The current hourly
rate of Rodney E. Oakes is $350.

Mr. Oakes 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.

WayPoint can be reached at:

       Rodney E. Oakes
       WAYPOINT, INC.
       4760 White Bear Parkway, Suite 201
       White Bear Lake, MN 55110
       Tel: (651) 702-0138
       E-mail: roakes@waypointinc.com

                     About Petters Company

Based in Minnetonka, Minn., Petters Group Worldwide LLC is a
collection of some 20 companies, most of which make and market
consumer products.  It also works with existing brands through
licensing agreements to further extend those brands into new
product lines and markets.  Holdings include Fingerhut (consumer
products via its catalog and Web site), SoniqCast (maker of
portable, WiFi MP3 devices), leading instant film and camera
company Polaroid (purchased for $426 million in 2005), Sun Country
Airlines (acquired in 2006), and Enable Holdings (online
marketplace and auction for consumers and manufacturers' overstock
inventory).  Founder and chairman Tom Petters formed the company in
1988.

Petters Company, Inc., is the financing and capital-raising unit of
Petters Group Worldwide.

Thomas Petters, the founder and former CEO of Petters Group, has
been indicted and a criminal proceeding against him is proceeding
in the U.S. District Court for the District of Minnesota.

Petters Company, Petters Group Worldwide and eight other
affiliates filed separate petitions for Chapter 11 protection
(Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008.  In its
petition, Petters Company estimated its debts at $500 million and
$1 billion.  Parent Petters Group Worldwide estimated its debts at
not more than $50,000.

Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed separate petitions for Chapter 11 bankruptcy protection
(Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and 08-35198) on Oct.
6, 2008.  Petters Aviation is a wholly owned unit of Thomas Petters
Inc. and owner of MN Airline Holdings, Sun Country's parent
company.

The Official Committee of Unsecured Creditors is represented by
David E. Runck, Esq., Lorie A. Klein, Esq., at Fafinski Mark &
Johnson, P.A.

Trustee Douglas A. Kelley is represented by James A. Lodoen, Esq.,
Mark D. Larsen, Esq., Kirstin D. Kanski, Esq., Adam C. Ballinger,
Esq., at Lindquist & Vennum LLP.


PETTERS COMPANY: Ritchie Loses Round in Suit Against JPMorgan
-------------------------------------------------------------
Pete Brush at Bankruptcy Law360 reported that a Minnesota federal
judge on Sept. 14, 2015, denied a bid by Ritchie Capital Management
LLC to lift a litigation stay shielding the $3.7 billion Thomas
Petters Ponzi scheme receivership, finding the hedge fund's bid to
recover from defendant JPMorgan Chase & Co. could hamper receiver
Douglas A. Kelley's own litigation against the megabank.

Ritchie and companion litigant Yorkville Investment I LLC extended
$189 million in loans to Petters prior to the fraud's collapse in
2008.

                      About Petters Company

Based in Minnetonka, Minn., Petters Group Worldwide LLC is a
collection of some 20 companies, most of which make and market
consumer products.  It also works with existing brands through
licensing agreements to further extend those brands into new
product lines and markets.  Holdings include Fingerhut (consumer
products via its catalog and Web site), SoniqCast (maker of
portable, WiFi MP3 devices), leading instant film and camera
company Polaroid (purchased for $426 million in 2005), Sun Country
Airlines (acquired in 2006), and Enable Holdings (online
marketplace and auction for consumers and manufacturers' overstock
inventory).  Founder and chairman Tom Petters formed the company
in
1988.

Petters Company, Inc., is the financing and capital-raising unit
of
Petters Group Worldwide.

Thomas Petters, the founder and former CEO of Petters Group, has
been indicted and a criminal proceeding against him is proceeding
in the U.S. District Court for the District of Minnesota.

Petters Company, Petters Group Worldwide and eight other
affiliates filed separate petitions for Chapter 11 protection
(Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008.  In its
petition, Petters Company estimated its debts at $500 million and
$1 billion.  Parent Petters Group Worldwide estimated its debts at
not more than $50,000.

Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed separate petitions for Chapter 11 bankruptcy
protection
(Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and 08-35198) on
Oct.
6, 2008.  Petters Aviation is a wholly owned unit of Thomas
Petters
Inc. and owner of MN Airline Holdings, Sun Country's parent
company.

The Official Committee of Unsecured Creditors is represented by
David E. Runck, Esq., Lorie A. Klein, Esq., at Fafinski Mark &
Johnson, P.A.

Trustee Douglas A. Kelley is represented by James A. Lodoen, Esq.,
Mark D. Larsen, Esq., Kirstin D. Kanski, Esq., Adam C. Ballinger,
Esq., at Lindquist & Vennum LLP.


PHILADELPHIA PERFORMING: S&P Affirms BB- Rating on 2013 Rev. Bonds
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to positive
from stable and affirmed its 'BB-' rating on the Philadelphia
Authority for Industrial Development's series 2013 revenue bonds,
issued for Philadelphia Performing Arts Charter School (PPACS).

"The outlook revision reflects our view of the school's steady
enrollment growth, robust demand, healthy operating surpluses
(adjusted for one-time expenses associated with the bond issuance
in fiscal 2014), good liquidity, improved maximum annual debt
service (MADS) coverage, and moderating debt burden, all of which
support potential for a higher rating," said Standard & Poor's
credit analyst Avani Parikh.

"The positive outlook reflects our expectation that the school will
maintain operating surpluses, a stable liquidity position, and
solid demand metrics, while continuing to successfully execute its
growth strategy," Ms. Parikh added.  "We could consider raising the
rating during the one-year outlook period if MADS coverage improves
to closer to 1.1x and the debt burden continues to moderate, while
the school maintains positive operations, steady liquidity, and
enterprise profile strength."

The series 2013 bonds were loaned to the school's foundation, a
legally separate tax-exempt organization from PPACS, which was
organized to manage the school's annual operations, facilities, and
long-term viability.  The bonds are a general obligation of the
foundation, payable from legally available funds generated and held
by PPACS.  A first-mortgage lien on the facilities secures the
bonds.  The school has a debt service fund, equal to MADS.  The
foundation and PPACS have a lease financing agreement under which
the foundation leases the facilities to the school.

PPACS specializes in the performing arts with dance, instrumental,
and vocal music lessons.



QUIKSILVER INC: Court Approves KCC as Claims and Noticing Agent
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Quiksilver, Inc. and its debtor affiliates to employ Kurtzman
Carson Consultants LLC as their claims and noticing agent, nunc pro
tunc to the Petition Date.

KCC will perform noticing services and to receive, maintain, record
and administer the proofs of claim filed in the Debtors' Chapter 11
cases.

The Court authorized the Debtors to pay KCC in accordance with the
terms of the Services Agreement, and to reimburse KCC for all
reasonable and necessary expenses it may incur.

                         About Quiksilver

Quiksilver, Inc., designs, produces and distributes branded
apparel, footwear and accessories.  The Company's apparel and
footwear brands, inspired by a passion for outdoor action sports,
represent a casual lifestyle for young-minded people who connect
with its boardriding culture and heritage.  The Company's
Quiksilver, Roxy, and DC brands have authentic roots and heritage
in surf, snow and skate.  The Company's products are sold in more
than 100 countries in a wide range of distribution, including surf
shops, skate shops, snow shops, its proprietary Boardriders shops
and other Company-owned retail stores, other specialty stores,
select department stores and through various e-commerce channels.
For additional information, please visit the Company's brand Web
sites at www.quiksilver.com, www.roxy.com and www.dcshoes.com.

Quiksilver began operations in 1976 as a California company
making boardshorts for surfers in the United States under a license
agreement with the Quiksilver brand founders in Australia. The
Company later reincorporated in Delaware and went public in 1986.

In fiscal year 2014 (ended Oct. 31, 2014), 34% of the Company's
revenue was generated by the Debtors, within the United States. The
remaining 66% is attributable to the Non-Debtor Affiliates located
outside the United States.

Sales at Company retail stores accounted for approximately
28% of Company revenue during fiscal year 2014.  The Company's
retail shops include full-price stores, factory outlet stores, and
"shop-in-shops."  At the end of the fiscal year 2014, the
Company had approximately 266 full-price core brand stores, of
which 75 are located in the United States.

Quiksilver, Inc., and its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. D. Del., Case Nos. 15-11880 to 15-11890) on Sept.
9, 2015. Andrew Bruenjes signed the petition as chief financial
officer.  The Debtors disclosed total assets of $337 million and
total debts of $826 million.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as the Debtors'
legal advisor, FTI Consulting, Inc. as their restructuring advisor,
and Peter J. Solomon Company as their investment banker.  Kurtzman
Carson Consultants LLC acts as the Debtors' claims and noticing
agent.


QUIKSILVER INC: Court Enforces Automatic Stay Protection
--------------------------------------------------------
The Bankruptcy Court entered an order enforcing the Bankruptcy
Code's automatic stay provisions and bankruptcy termination
provisions in the Chapter 11 cases of Quiksilver Inc. and its
debtor affiliates.

The automatic stay enjoins all persons and all governmental units
from, among other things, (a) commencing or continuing any
judicial, administrative, or other proceeding against the Debtors
that was or could have been initiated before the Debtors' Chapter
11 cases were commenced or recovering upon a claim against any of
the Debtors that arose before the commencement of the Debtors'
Chapter 11 cases and (b) taking any action to collect, assess, or
recover a claim against any of the Debtors that arose before the
commencement of the Chapter 11 cases.

                         About Quiksilver

Quiksilver, Inc., designs, produces and distributes branded
apparel, footwear and accessories.  The Company's apparel and
footwear brands, inspired by a passion for outdoor action sports,
represent a casual lifestyle for young-minded people who connect
with its boardriding culture and heritage.  The Company's
Quiksilver, Roxy, and DC brands have authentic roots and heritage
in surf, snow and skate.  The Company's products are sold in more
than 100 countries in a wide range of distribution, including surf
shops, skate shops, snow shops, its proprietary Boardriders shops
and other Company-owned retail stores, other specialty stores,
select department stores and through various e-commerce channels.
For additional information, please visit the Company's brand Web
sites at www.quiksilver.com, www.roxy.com and www.dcshoes.com.

Quiksilver began operations in 1976 as a California company
making boardshorts for surfers in the United States under a license
agreement with the Quiksilver brand founders in Australia. The
Company later reincorporated in Delaware and went public in 1986.

In fiscal year 2014 (ended Oct. 31, 2014), 34% of the Company's
revenue was generated by the Debtors, within the United States. The
remaining 66% is attributable to the Non-Debtor Affiliates located
outside the United States.

Sales at Company retail stores accounted for approximately
28% of Company revenue during fiscal year 2014.  The Company's
retail shops include full-price stores, factory outlet stores, and
"shop-in-shops."  At the end of the fiscal year 2014, the
Company had approximately 266 full-price core brand stores, of
which 75 are located in the United States.

Quiksilver, Inc., and its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. D. Del., Case Nos. 15-11880 to 15-11890) on Sept.
9, 2015. Andrew Bruenjes signed the petition as chief financial
officer.  The Debtors disclosed total assets of $337 million and
total debts of $826 million.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as the Debtors'
legal advisor, FTI Consulting, Inc. as their restructuring advisor,
and Peter J. Solomon Company as their investment banker.  Kurtzman
Carson Consultants LLC acts as the Debtors' claims and noticing
agent.


QUIKSILVER INC: Wins Interim OK to Pay $30-Mil. to Critical Vendors
-------------------------------------------------------------------
The Bankruptcy Court gave Quiksilver, Inc. and its debtor
affiliates permission to pay claims of suppliers, service
providers, and vendors in an amount not to exceed $30 million, on
an interim basis.  

The Court authorized the Debtors to cause the Critical Vendors to
enter into trade agreements with them as a condition to payment of
their claims.  If a Critical Vendor refuses to supply goods or
services to the Debtors on Temporary Trade Terms following receipt
of payment on its Critical Vendor Claim or fails to comply with any
Trade Agreement, the Debtors may declare that any Trade Agreement
is terminated and that payments made to the Critical Vendor on
account of its Critical Vendor Claim be deemed to have been made in
payment of then-outstanding postpetition claims of that Critical
Vendor.

A final hearing on the Motion is scheduled for Oct. 6.

                         About Quiksilver

Quiksilver, Inc., designs, produces and distributes branded
apparel, footwear and accessories.  The Company's apparel and
footwear brands, inspired by a passion for outdoor action sports,
represent a casual lifestyle for young-minded people who connect
with its boardriding culture and heritage.  The Company's
Quiksilver, Roxy, and DC brands have authentic roots and heritage
in surf, snow and skate.  The Company's products are sold in more
than 100 countries in a wide range of distribution, including surf
shops, skate shops, snow shops, its proprietary Boardriders shops
and other Company-owned retail stores, other specialty stores,
select department stores and through various e-commerce channels.
For additional information, please visit the Company's brand Web
sites at www.quiksilver.com, www.roxy.com and www.dcshoes.com.

Quiksilver began operations in 1976 as a California company
making boardshorts for surfers in the United States under a license
agreement with the Quiksilver brand founders in Australia. The
Company later reincorporated in Delaware and went public in 1986.

In fiscal year 2014 (ended Oct. 31, 2014), 34% of the Company's
revenue was generated by the Debtors, within the United States. The
remaining 66% is attributable to the Non-Debtor Affiliates located
outside the United States.

Sales at Company retail stores accounted for approximately
28% of Company revenue during fiscal year 2014.  The Company's
retail shops include full-price stores, factory outlet stores, and
"shop-in-shops."  At the end of the fiscal year 2014, the
Company had approximately 266 full-price core brand stores, of
which 75 are located in the United States.

Quiksilver, Inc., and its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. D. Del., Case Nos. 15-11880 to 15-11890) on Sept.
9, 2015. Andrew Bruenjes signed the petition as chief financial
officer.  The Debtors disclosed total assets of $337 million and
total debts of $826 million.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as the Debtors'
legal advisor, FTI Consulting, Inc. as their restructuring advisor,
and Peter J. Solomon Company as their investment banker.  Kurtzman
Carson Consultants LLC acts as the Debtors' claims and noticing
agent.


RADIOSHACK CORP: Liquidation Plan Moves Closer to Final Approval
----------------------------------------------------------------
Tom Corrigan, writing for Dow Jones' Daily Bankruptcy Review,
reported that lawyers for the former RadioShack said Sept. 16 the
defunct electronics retailer had resolved about a dozen objections
to its liquidation plan and will return to a bankruptcy courtroom
on Sept. 17 to seek a judge's order finalizing the proposal.

According to the report, lawyers for RS Legacy Corp., the corporate
shell of what was once RadioShack, spent much of the Sept. 16
hearing at the U.S. Bankruptcy Court in Wilmington, Del., outside
the courtroom, attempting to work through a handful of remaining
roadblocks.

The Debtors amended their plan ahead of the Sept. 17 hearing.  A
full-text copy of the Amended Plan dated Sept. 14, 2015, is
available at http://bankrupt.com/misc/RSplan0914.pdf

In support of confirmation of the Plan, the Debtors maintain that
the centerpiece of the Plan is the resolution of various disputes
among the Debtors, the Creditors' Committee and the SCP Secured
Parties.  After extensive negotiations, the Debtors, the Creditors'
Committee and the SCP Secured Parties entered into a settlement
term sheet that resolves various disputes among them, including
disputes regarding allocation of cash proceeds between the Debtors'
encumbered and unencumbered assets, the SCP Secured Parties'
alleged diminution and adequate protection claims, and the Debtors'
alleged section 506(c) claims.  The settlement not only resolves
these long-standing issues among the Debtors, their unsecured
creditors and the remaining unpaid secured creditor, it provides
sufficient cash for the Debtors to satisfy administrative and
priority claims pursuant to the agreed Wind Down Budget and creates
the prospect for a distribution to general unsecured creditors.

James Daloia, the Director of Solicitation and Disbursements at
Prime Clerk LLC, disclosed that an overwhelming majority of
creditors entitled to vote on the Plan voted to accept the Plan.
According to Mr. Daloia, 100% of Class 3 - RS Legacy Corporation
SCP Secured Claims, 85.71% of Class 5 - RS Legacy Corporation Dark
Store Claims and 88.46% of Class 7 RS Legacy Corporation 2019 Note
Claims voted to accept the Plan.  No ballots for Class 4 - RS
Legacy Corporation IRS Claims was returned.

Carlin Adrianopoli, Chief Financial Officer of the Debtors, filed a
declaration stating that the Plan complies with all applicable
provisions of Section 1129(a)(1) of the Bankruptcy Code, including
Sections 1122 and 1123 of the Bankruptcy Code.  Among other things,
Article II of the Plan properly classifies all Claims  and
Interests that require classification and segregates such Claims
and Interests into ten separate  Classes, Ms. Adrianopoli said.

                  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


RANCHO MIRAGE, CA: Moody's Hikes TABs Rating From Ba1
-----------------------------------------------------
Moody's Investor's Service has upgraded to Baa1 from Ba1 the
Successor Agency to the Rancho Mirage Redevelopment Agency's Tax
Allocation Bonds.

Moody's said, "On June 24, 2015, in connection with the release of
our Tax Increment Debt methodology, we placed the ratings for
nearly all California tax allocation bonds (TABs) on review for
upgrade, including this successor agency's (SA) TABs. This rating
action completes our review for this SA."

"Three years post-dissolution, the administrative risks related to
the payment of debt service have significantly lessened, so we are
now placing greater weight on the fundamental project area
characteristics and some of the positive features of the
dissolution legislation, including the closed lien status of the
debt and the availability of the 20% of tax increment revenues
previously restricted for use on affordable housing to pay debt
service."

SUMMARY RATING RATIONALE

The upgrade to Baa1 takes into account the sizeable incremental
assessed value (AV) of the merged project area, return to healthy
AV growth, average level of incremental AV to total AV, adequate
debt service coverage levels, minimal tax payer concentration and
an above average socio-economic profile of area residents.

Moody's said, "The rating factors in the SA's successful adaptation
to post dissolution processes and administrative procedures and our
expectation that this will continue. The rating also incorporates
our generally positive assessment of the implementation of the
legislation that dissolved redevelopment agencies (RDAs) by most
successor agencies over the last three years, leading to timely
payment of debt service on California TABs."

In 2012, state legislation dissolved all California RDAs, replacing
them with "successor agencies" to serve as fiduciary agents.
Dissolution effectively changed the flow of funds and processes
around the payment of debt service on TABs. Tax increment revenue
is placed in trust with the county auditor-controller, who makes
semi-annual distributions of funds sufficient to pay debt service
on TABs and other "enforceable obligations" approved by the state.

OUTLOOK

Outlooks are generally not applicable for local government credits
of this size.

WHAT COULD MAKE THE RATING GO UP

-- Sizable increase in incremental AV of the project area, leading
to greater debt service coverage

WHAT COULD MAKE THE RATING GO DOWN

-- Protracted decline in incremental AV

-- Erosion of debt service coverage levels

-- Additional legislative or administrative changes that create
uncertainty as to the timely payment of debt service

OBLIGOR PROFILE

The Successor Agency to the Rancho Mirage Redevelopment Agency is a
separate legal entity from the City of Rancho Mirage. The SA is
responsible for winding down the operations of the former RDA,
making payments on state-approved "enforceable obligations" and
liquidating any unencumbered assets to be distributed to other
local taxing entities.

LEGAL SECURITY

The legal security for the bonds is tax increment revenue pledged
from the specific project sub-areas, net of housing project bonds
debt service and pass through payments.

While not legally pledged, the dissolution laws permit TAB debt
service to be paid from tax increment revenues deposited in the
SA's Redevelopment Property Tax Trust Fund (RPTTF), less amounts
disbursed for pass-through payments and certain administrative
charges. This includes the 20% of TI revenue previously considered
restricted housing set aside. The SA is responsible for notifying
the county auditor-controller of any shortfall in TI revenue
expected to be deposited in the RPTTF needed for the payment of TAB
debt service that would result from the disbursal of the monies for
subordinated pass-through payments, so that the necessary
subordination can be effected through changes to the usual flow of
funds.



REGNIS MANAGEMENT: Case Summary & 12 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: REGNIS Management LLC
        46 Vreeland Drive, Suite 6
        Skillman, NJ 08558

Case No.: 15-27375

Chapter 11 Petition Date: September 15, 2015

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

Judge: Hon. Christine M. Gravelle

Debtor's Counsel: Barry J. Roy, Esq.
                  RABINOWITZ LUBETKIN & TULLY, LLC
                  293 Eisenhower Parkway, Suite 100
                  Livingston, NJ 07039
                  Tel: 973-597-9100
                  Fax: 973-597-9119
                  Email: broy@rltlawfirm.com

Total Assets: $179,592

Total Liabilities: $20 million

The petition was signed by Todd Singer, member.

A list of the Debtor's 12 largest unsecured creditors is available
for free at http://bankrupt.com/misc/njb15-27375.pdf


REICHHOLD HOLDINGS: Stepan Co. Steps Down From Creditors' Panel
---------------------------------------------------------------
Stepan Company has resigned from Reichhold Holdings US, Inc.'s
official committee of unsecured creditors, according to a filing
with the U.S. Bankruptcy Court in Delaware.

The U.S. Trustee for Region 3 appointed the Illinois-based company
to serve on the committee on Oct. 14, 2014.

                         About Reichhold

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, is one of the world's
largest manufacturer of unsaturated polyester resins and a leading
supplier of coating resins for the industrial, transportation,
building and construction, marine, consumer and graphic arts
markets.  Reichhold -- http://www.Reichhold.com/-- has
manufacturing operations throughout North America, Latin America,
the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.  Logan &
Company is the company's claims and noticing agent.  The cases are
assigned to Judge Mary F. Walrath.

The U.S. Trustee for Region 3 appointed seven creditors of
Reichhold Holdings US, Inc. to serve on the official committee of
unsecured creditors.

On April 1, 2015, the U.S. Trustee named three non-union retirees
of Debtors to serve as the official Non-Union Retiree Committee.
Each of the Retiree Committee members is receiving retiree welfare
benefits from one or more of the Debtors.

On April 2, 2015, Reichhold disclosed that the purchase of most of
the assets of the U.S. business was completed.  This transaction,
approved by the Delaware Bankruptcy Court on January 12, 2015,
allows Reichhold's U.S. businesses to successfully emerge from
bankruptcy and re-join the rest of the global Reichhold
organization.  Concurrent with this purchase, Reichhold completed a
debt-for-equity exchange with a group of investors led by Black
Diamond Capital Management LLC and including J.P. Morgan Investment
Management, Inc., Third Avenue Management LLC, and Simplon Partners
LP.


REVEL AC: Utility Says New Owner Wants to Resell, Not Reopen
------------------------------------------------------------
Alex Wolf at Bankruptcy Law360 reported that the former energy
provider for the shuttered Revel Casino Hotel, now enmeshed in
litigation with Revel operator Polo North Country Club Inc. over
supplying power to the building, said Polo North has refused to pay
for energy services while it tries to flip the complex to a new
buyer.

Just four months after the ill-fated Revel Casino in Atlantic City
was sold off, windows are broken, the power is off and little
progress has been made on reviving the facility, the former power
company notes.

Jeannie O'Sullivan at Bankruptcy Law360, meanwhile, reported that
Polo North said ACR Energy Partners LLC has resorted to raising
"irrelevant and frivolous issues" to block a motion to remand the
litigation between the parties to New Jersey state court.  ACR
Energy has gone to "great lengths" to argue that the motion is
precluded by the Entire Controversy Doctrine and to assert standing
for a breach-of-contract claim, "instead of focusing on the
jurisdiction issue," Polo North said.

                          About Revel AC

Revel AC, Inc. -- http://www.revelresorts.com/-- owns and operates
Revel, a Las Vegas-style, beachfront entertainment resort and
casino located on the Boardwalk in the south inlet of Atlantic
City, New Jersey.  Revel AC Inc. and five of its affiliates sought
bankruptcy protection (Bankr. D.N.J. Lead Case No. 14-22654) on
June 19, 2014, to pursue a quick sale of the assets.  The Chapter
11 cases of Revel AC LLC and its debtor-affiliates are transferred
to Judge Michael B. Kaplan.  The Debtors' cases was originally
assigned to Judge Gloria M. Burns.  The Debtors' Chapter 11 cases
are jointly consolidated for procedural purposes.  Revel AC
estimated assets ranging from $500 million to $1 billion, and the
same amount of liabilities.

White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors'
Counsel, and Moelis & Company, LLC, is the investment banker.  The
Debtors' solicitation and claims agent is Alixpartners, LLP.

The prepetition first lenders are represented by Cadwalader,
Wickersham & Taft LLP.  The prepetition second lien lenders are
represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP.  The
DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP.

This is Revel AC's second trip to bankruptcy.  The company first
sought bankruptcy protection (Bankr. D.N.J. Lead Case No.
13-16253)
on March 25, 2013, with a prepackaged plan that reduced debt by
$1.25 billion.  Less than two months later on May 15, 2013, the
2013 Plan was confirmed and became effective on May 21, 2013.

                        *     *     *

Revel AC, Inc., et al., on April 20, 2015, filed an amended plan of
reorganization and accompanying disclosure statement to incorporate
the terms of a settlement and plan support agreement entered into
with the Official Committee of Unsecured Creditors, and Wells Fargo
Bank, N.A., as DIP Agent, and Wells Fargo Principal Lending, LLC,
as a Prepetition First Lien Lender and DIP Lender.  The Settlement
Agreement, among other things, provides that Wells Fargo agrees to
give the general unsecured creditors $1.60 million of its recovery
from the proceeds of the sale of substantially all of the Debtors'
assets to Polo North Country Club, Inc., and to advance $150,000
from its recovery to fund the Debtors' reconciliation of claims and
prosecution of claims or estate causes of actions.
Early in April 2015, U.S. Bankruptcy Judge Gloria Burns approved an
$82 million sale of the Revel Casino Hotel to Polo North Country
Club, Inc., which is owned by Florida developer Glenn Straub,
ending nearly 10 months of contentious legal combat for control of
the Atlantic City, N.J., resort.


ROTONDO WEIRICH: Sec. 341 Meeting Set for October 13
----------------------------------------------------
The meeting of creditors of Rotondo Weirich Enterprises Inc. and
its affiliates is set to be held on Oct. 13, 2015, at 2:00 p.m.,
according to a filing with the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania.

The meeting will be held at the Office of the U.S. Trustee, Meeting
Room, Suite 501,833 Chestnut Street, in Philadelphia, Pennsylvania.


The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                      About Rotondo Weirich

Rotondo Weirich Enterprises, Inc. and five of its affiliates sought
Chapter protection (Bankr. E.D. Pa. Case Nos. 15-16146 - 15-16151)
on Aug. 27, 2015.  The petition was signed by Steven J. Weirich as
president & CEO.  The Debtors estimated assets and liabilities of
at least $10 million.   Maschmeyer Karalis P.C. represents the
Debtors as counsel.


SCOOTER STORE: Wants Case Dismissed, Says No Assets to Liquidate
----------------------------------------------------------------
Patrick Danner at San Antonio Express-News reports that The Scooter
Store is asking the U.S. Bankruptcy Court for the District of
Delaware to dismiss its Chapter 11 bankruptcy case.

A hearing is set for Oct. 1, 2015, for the Court to consider the
Company's request.
  
The Company said in a court filing on Sept. 10, 2015, that it has
sold substantially all of its assets and has no other assets to
liquidate.  The Company said in the court filing that it is "no
longer conducting any business operations.  As such, there is no
business to reorganize, no viable assets to liquidate, and the
(companies) have no unencumbered funds available to confirm a plan
of liquidation."

Express-News relates that almost $9.1 million has been distributed
to secured lender Personal Mobility LLC, which also now owns about
$552,000 in cash remaining on The Scooter Store companies' books.

According to the court filing, unsecured creditors in the cases are
unlikely to get anything, while former workers who participated in
the Company's stock-ownership plan and 401(k) plan can expect to
receive their distributions by year-end.

The Company stated in the court documents that Rincon Liquidation
Partners LLC bought most of its inventory for $800,000.
Express-News relates that miscellaneous assets were sold for about
$900,000.  The report adds that the client list was sold to
Hoveround Corp. for $350,000.

                      About The Scooter Store

The Scooter Store is a supplier of power mobility solutions,
including power wheelchairs, scooters, lifts, ramps, and
accessories.  The Scooter Store's products and services provide
today's seniors and disabled persons potential alternatives to
living in nursing homes or other care facilities.  Headquartered in
New Braunfels, Texas, the Scooter Store has a nationwide network of
distribution centers that service products owned or leased by the
Company's customers.  It has 57 distribution centers in 41 states.

Scooter Store Holdings Inc., and 71 affiliates filed for Chapter 11
bankruptcy (Bankr. D. Del. Lead Case No. 13-10904) in Wilmington.
The closely held company listed assets of less than $10 million and
debt of more than $50 million.

Affiliates of private equity firm Sun Capital Partners, based in
Boca Raton, Florida, purchased a majority voting interest in the
debtors in 2011.  Scooter Store is 66.8 percent owned by Sun
Capital Partners Inc., owed $40 million on a third lien.  In
addition to Sun's debt and $25 million on a second lien owing to
Crystal Financial LLC, there is a $25 million first-lien revolving
credit owing to CIT Healthcare LLC as agent.  Crystal is providing
$10 million in financing for bankruptcy.


SPRINT CORP: Moody's Lowers CFR to B3, Outlook Still Negative
-------------------------------------------------------------
Moody's Investors Service downgraded several ratings of Sprint
Corporation, including the company's Corporate Family Rating
("CFR") to B3 from B1, the company's Probability of Default Rating
("PDR") to B3-PD from B1-PD and Sprint's senior unsecured rating to
Caa1 from B2. Moody's also lowered Sprint's Speculative Grade
Liquidity ("SGL") Rating to SGL-4 from SGL-3. The rating action
reflects Moody's view that the numerous operational and network
initiatives, management changes, and funding plans recently
announced by Sprint and its parent company and majority
shareholder, SoftBank Group Corp. ("SoftBank"), will be
insufficient to stabilize Sprint's operations in the next few
years. The brutal competition now playing out in the US wireless
industry will pressure the financial performance of even the
strongest operators. Consequently, we expect Sprint's cash
consumption to remain high, liquidity to remain weak and leverage
to increase. Finally, we remain concerned about the ability of
Sprint to refinance its large upcoming debt maturities absent a
much stronger commitment from SoftBank to the long-term strategic
importance of Sprint in SoftBank's overall plans. The outlook
remains negative.

Moody's believes that despite some recent improvement in operating
metrics (i.e. reduced churn, decrease in postpaid handset losses)
the capital markets will be disinclined to provide funding to
Sprint without enhanced collateral in light of its ongoing very
large cash needs. "We believe that Sprint (and Softbank) recognize
this fact. To address this problem, Sprint, in conjunction with
Softbank, have announced plans to establish two leasing companies
in order to limit the need for any new debt or equity capital or to
sell spectrum "in the foreseeable future". These new leasing
companies will be set up to finance customer device leases and
network equipment for its network densification program. While
details haven't been finalized, the credit impact could be positive
for Sprint since liquidity is a key weakness for the company as it
invests in a turnaround. However, if the entity does not represent
a permanent partner for Sprint, one which can endure all phases of
the business or credit cycle, then the financial obligation of the
leasing company would likely be added back to Sprint's adjusted
credit metrics and further reflected in its long-term ratings,"
Moody's said.

Sprint's debt maturities ramp up significantly starting in December
2016 when $2.0 billion of senior notes mature. Annual debt
maturities over the following five years average about $2.5 billion
per year.

In addition, a major spectrum auction of low-band spectrum is
expected to occur in 2016. In the past, Sprint has expressed an
interest in this type of spectrum in order to complement its
holdings of mid-band and high-band spectrum. Recently, it has been
less clear on whether it would seek to augment its relatively
shallow low-band holdings. We believe that a balanced mix of
spectrum is critical for operators to compete effectively and
profitably in the US over the long-term. Consequently, we believe
Sprint may need to reconsider its reluctance to sell some of its
very deep holdings of 2.5GHz spectrum.

Moody's has taken the following rating actions:

Issuer: Sprint Corporation

  Corporate Family Rating -- B3, from B1

  Probability of Default Rating -- B3-PD, from B1-PD

  Speculative Grade Liquidity Rating -- SGL-4, from SGL-3

  Outlook -- remains Negative

  Senior Unsecured Notes -- Caa1, LGD5 from B2, LGD5

  Senior Unsecured Shelf -- (P)Caa1 from (P)B2

Issuer: Sprint Communications, Inc.

  Outlook -- remains Negative

  Senior Unsecured Notes -- Caa1, LGD5 from B2, LGD5

  Junior Guaranteed Unsecured Notes -- B1, LGD2, from Ba2, LGD2

  Senior Unsecured Gtd. Bank Credit Facility -- Ba3, LGD2, from
  Ba1, LGD2

Issuer: Sprint Capital Corporation

  Outlook -- remains Negative

  Senior Unsecured Notes -- Caa1, LGD5 from B2, LGD5

  Senior Unsecured MTN Program -- (P)Caa1 from (P)B2

Issuer: Clearwire Communications LLC

  Outlook -- remains Negative

  Senior Secured 1st Lien Notes -- Ba3, LGD1 from Ba1, LGD1

  Exchangeable Notes due 2040 -- B1, LGD3 from Ba2, LGD2

RATINGS RATIONALE

Sprint's B2 CFR reflects the company's highly leveraged capital
structure, intense competitive challenges, a deteriorating
liquidity position, our projection for substantial negative free
cash flow through at least 2017 and Sprint's need for significant
additional capital to fund its network buildout and to refinance
upcoming sizable maturities. The rating currently incorporates a
one notch lift due to our expectation that Sprint's parent company
and majority shareholder, SoftBank Group Corp. (Ba1 CFR, stable
outlook) will seek to retain the viability of Sprint as a going
concern. The rating also recognizes its valuable spectrum assets.

The lowering of Sprint's SGL rating to SGL-4 indicates Moody's
expectation that the company will sustain a weak liquidity profile
through the next 12 to 18 months. We believe that additional
liquidity will be required because of Sprint's aggressive pricing
plans and the negative cash flow impact from installment billing
plans. We expect Sprint to remain cash flow negative for CYE2015
and CYE2016, at least. As of June 30, 2015, Sprint had $2.3 billion
in cash and short-term investments and $2.9 billion borrowing
capacity on its $3.3 billion revolving credit facility and about
$1.4 billion borrowing capacity under its $3.3 billion service
receivables financing agreement. In addition, Sprint also has $1.3
billion of undrawn availability under its network vendor financing
which is utilized towards the purchase of 2.5 GHz equipment. We
anticipate Sprint utilizing its service receivables facility,
network vendor financing and possibly its revolver to support its
liquidity position. As of June 30, 2015, Sprint has $1.2 billion
(including $444 million of the Clearwire Exchangeable Notes that
becomes callable) and $3.6 billion of debt maturing for FYE2015 and
FYE2016 respectively.

The negative outlook reflects our belief that Sprint is going to
need significant additional funding going forward. It remains
uncertain whether or not the capital markets will be receptive to
additional funding in light of Sprint's weak performance. Also, if
T-Mobile US and Dish were to agree to a merger, capital market
access for Sprint would be further marginalized.

The outlook could be stabilized if Sprint received significant
additional equity funding to ensure the company has a fully funded
business plan. Also, a stronger commitment from SoftBank (i.e. debt
guarantee) regarding the financial and strategic importance of
Sprint to SoftBank's global strategy could stabilize the outlook.
Finally, the establishment of a leasing program(s) that improves
Sprint's liquidity and leverage profiles would also help stabilize
the outlook.

Given the negative outlook, a ratings upgrade for Sprint is very
unlikely. However, if leverage were to drop and remain below 5.5x,
and free cash flow were to turn positive, upward rating pressure
could ensue (note that all cited financial metrics are referenced
on a Moody's adjusted basis). In addition, significant financial
support from Softbank in the form of a debt guarantee or material
equity capital infusion could also support Sprint's ratings.

Sprint's ratings would be lowered if leverage were likely to be
sustained above 6.5x (Moody's adjusted) or if the company's
liquidity profile does not improve soon.



TARGET CANADA: Spars With Creditors Over $1.9 Billion Debt Claims
-----------------------------------------------------------------
Marina Strauss at The Globe and Mail reports that a new battle is
brewing over $1.9-billion of intercompany claims in Target Canada's
collapse as creditors push to free up money for their own debts.

According to the report, the monitor in the Target Canada
insolvency case said the $1.9-billion debt the chain has said it
owed its own property company should be reduced to $1.36-billion.
However, the monitor, Alvarez & Marsal Canada Inc., acknowledged in
a court filing that "a strict reading of the words" of the property
agreements shows "drafting errors," which, the monitor adds, can be
overlooked partly because of Target's "stated intention."

Now, some creditors are challenging the entire so-called Propco
intercompany claim -- the largest among a number of other such
debts -- on the grounds that it is technically flawed, the report
says.

"In our view, the entire Propco claim is zero," the report quotes
Lou Brzezinski, a lawyer at Blaney McMurtry LLP who represents
major suppliers such as Universal Studios Canada and Nintendo of
Canada, as saying. "I think it is a big problem for Target."

The Globe and Mail notes that Target's intercompany claims are
important to creditors because they are worried the claims could
end up in U.S. parent Target Corp.'s coffers and wipe out their own
recoveries. In all, creditors have been estimated to be owed more
than $2-billion, which could be almost as much as the intercompany
claims, the report says. Target Canada has so far raised roughly
$900-million from selling off properties and inventory, the Globe
and Mail discloses.

Target Canada got court protection from creditors on Jan. 15 after
less than two years in Canada. It closed all 133 of its discount
stores by mid-April, the report says.

The Globe and Mail says that at the start of the insolvency
process, an affiliate of the U.S. parent agreed to subordinate to
other unsecured creditors $3.1-billion it is owed by Target Canada,
allowing other creditors to be paid first. But it has not said it
will subordinate other intercompany claims, including the big
property debt.

In a filing earlier this month, the monitor said the language in
the property agreements "presents certain challenges." (The
property firm was set up to handle store real estate lease
assignments and operations.)

"The materials provided in support of this claim indicate that the
assignment and assumption agreement serve to assign all the
subleases and leasebacks entered into by Prop LP prior to the date
of the assignment," the monitor's report said.

"However, Prop LP only assigned all of its right, title, interest
and obligations as 'sublessor.' Accordingly, on a strict reading of
the words of the agreements, only the leasebacks were assigned," it
said. "However, on balance, the monitor has concluded that these
are simply drafting errors" given a number of factors, including
Target's "stated intention."

According to the Globe and Mail, the monitor also points to the
rationale for the assignment of the leasehold arrangements; the
conduct of the parties following the assignment, as shown by the
information provided by it in support of its claim; and the
property company not being in the position to serve "as lessor
under the leasebacks without possessing the benefit of the tenancy
afforded by the subleases."

Excluding the $3.1-billion of subordinated debt, Target Canada
filed for intercompany debts of more than $2.1-billion, the monitor
report suggests. Ultimately, it approved intercompany claims
against the retailer of more than $1.5-billion, the report relays.

Among the intercompany claims are $12-million tied to Target's
pharmacies, the report says.  Earlier this month, former franchised
pharmacists' representatives called on Ottawa to change the
Companies' Creditors Arrangement Act -- under which Target got
court protection -- to prevent other foreign companies from using
it as a way of going out of business. The pharmacists estimate
their claims to be between $150-million and $200-million, the Globe
and Mail relates.

"A fair CCAA process with Target must include a fair claim process
with non-Target creditors first," Dan Dimovski, a former Target
pharmacy partner and president of the Pharmacy Franchisee
Association of Canada, said in a letter to its members earlier this
month, adds the Globe and Mail.

                         About Target Canada

On Jan. 15, 2015, Target Canada Co. and certain entities commenced
court-supervised restructuring proceedings under the Companies'
Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended.  On
the same day, the Ontario Superior Court of Justice (Commercial
List) granted an order, which, among other things, provides for a
stay of proceedings until February 13, 2015.  The Stay Period may
be extended by the Court from time to time.  Although not
Applicants, the protections and authorizations provided for in the
Initial Order have been extended to the Partnerships.

Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was
appointed as monitor of the business and financial affairs of the
Target Canada Entities.  The Ontario Court has appointed Alvarez &
Marsal Canada Inc. as monitor in Target Canada et al.'s Companies'
Creditors Arrangement Act proceeding, and Koskie Minsky LLP as
representative counsel of all Target employees in the proceedings.


TECH LINK: Receiver Puts 0.5-Hectare Property on Sale
-----------------------------------------------------
The Chronicle Herald reports that Tech Link International
Entertainment Ltd.'s 0.5-hectare land and building on Kings Road in
Sydney River, Nova Scotia, has been put on sale.

The Chronicle Herald relates that the deadline for bids is Sept.
30.  The sale is being supervised by PricewaterhouseCoopers Inc.'s
Sydney office, as receiver.

Tech Link International Entertainment Ltd. is a custom computer
programming service company in Sydney, Nova Scotia.  It is a public
company founded in 1998.

The Company was forced into receivership in the Summer of 2015.
BDO Sydney took possession of other Tech Link assets, including
equipment, machinery and intellectual property.

Secured creditor Business Development Bank of Canada appointed
PricewaterhouseCoopers Inc. as receiver for the Company, while Nova
Scotia Business Inc. appointed a separate receiver.


UFS HOLDINGS: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to UFS Holdings Inc.  The outlook is stable.

At the same time, based on preliminary terms and conditions, S&P
assigned a 'B+' issue-level rating (one notch above the corporate
credit rating) and a recovery rating of '2' to UFS Holdings'
proposed $200 million first-lien secured credit facilities,
consisting of a $35 million revolving credit facility and $165
million first-lien term loan.  The '2' recovery rating indicates
S&P's expectation of substantial (lower half of the 70% to 90%
range) recovery in the event of a default.  S&P also assigned a
'CCC+' issue-level rating (two notches below the corporate credit
rating) and a '6' recovery rating to the proposed $40 million
second-lien term loan.  The '6' recovery rating indicates S&P's
expectation for negligible (0% to 10%) recovery in the event of a
default.  The debt is being issued by Universal Fiber Systems LLC
on behalf of UFS Holdings.

"The stable outlook for UFS Holdings Inc. reflects our view that
margins will improve in 2015 over their 2014 levels due to certain
cost-saving initiatives, and remain stable thereafter, because the
company has a leading position in the niche markets in which it
operates," said Standard & Poor's credit analyst Brian Garcia.

The ratings on UFS Holdings Inc. reflect S&P's assessments of the
company's "weak" business risk and "highly leveraged" financial
risk profiles.  UFS Holdings maintains leading market shares in
highly fragmented markets with weak pricing power.  S&P expects the
company to maintain EBITDA margins at slightly higher levels than
2014, due to certain cost-saving initiatives.  Although S&P expects
margins to improve from last year, it expects margins to be stable
going forward, and, as a result, S&P expects debt (funds from
operation [FFO]/debt) to remain near 10% over the next year. We
classify UFS Holdings' liquidity as "adequate."

S&P could lower the ratings if the company's performance
deteriorates as a result of increased raw material costs or
decreased end-market demand, causing leverage measures to weaken.
In addition, S&P could also lower the ratings if the company were
to make large debt-funded acquisitions or shareholder rewards.
Based on S&P's downside scenario, its trigger points are FFO to
total adjusted debt falling below 5% and total adjusted debt to
EBITDA increasing above 6x, without prospects for improvement over
the next 12 months.

S&P could raise the ratings if the company reduced debt levels,
such that the FFO to total adjusted debt ratio exceeded 15% on a
sustainable basis.  To consider a higher rating, S&P would also
have to be convinced that ownership is committed to maintaining
leverage at these levels by maintaining a prudent approach to
balancing debt reduction, growth investment, and returning capital
to shareholders.



UNIVERSAL FIBER: Moody's Assigns First Time 'B2' CFR
----------------------------------------------------
Moody's Investors Service assigned first-time ratings to Universal
Fiber Systems, LLC, including a B2 Corporate Family Rating ("CFR"),
B1 first lien senior secured ratings, and Caa1 second lien senior
secured rating. Universal will be acquired by H.I.G. Capital from
Sterling Group. Proceeds from $240 million of new secured debt will
help fund private equity firm H.I.G. Capital's acquisition of
Universal from Sterling Group for $275 million plus
transaction-related fees and expenses. The rating outlook is
stable.

"Moderate leverage and solid expected cash flow generation relative
to similarly-rated peers helps offset some notable concentrations
in Universal's business model," said Ben Nelson, Moody's Vice
President and lead analyst for Universal Fiber Systems LLC.

Issuer: Universal Fiber Systems, LLC

  Corporate Family Rating, Assigned B2;

  Probability of Default Rating, Assigned B2-PD;

  $35 million Senior Secured Revolving Credit Facility, Assigned
  B1 (LGD3);

  $165 million Senior Secured First Lien Term Loan, Assigned B1
  (LGD3);

  $40 million Senior Secured Second Lien Term Loan, Assigned Caa1
  (LGD5);

  Outlook, Assigned Stable

RATINGS RATIONALE

The B2 Corporate Family Rating ("CFR") reflects a leveraged balance
sheet, small size and scale, operational, supplier, and customer
concentration, modest organic growth prospects, and longer-term
risk associated with private equity ownership. Moody's estimates
adjusted financial leverage in the high 4 times (Debt/EBITDA) and
interest coverage near 3 times (EBITDA/Interest) on a pro forma
basis for the twelve months ended June 30, 2015. The rating assumes
that the company will generate at least $10 million of annual free
cash flow starting in 2016. Good market positions help support
profitability. Product, polymer, and end market diversity should
also help the company maintain more stable financial performance
over time compared to many rated peers in the chemical industry.
The company is also expected to maintain good liquidity.

The stable outlook assumes that the company will maintain leverage
below 5 times, retained cash flow of at least 10% (RCF/Debt), and a
good liquidity position. Moody's could upgrade the rating with
expectations for leverage sustained below 4 times and retained cash
flow sustained near 15%. An upgrade would require an increase in
size and scale and a commitment to more conservative financial
policies. Moody's could downgrade the rating with expectations for
leverage sustained above 6 times, retained cash flow below 5% of
debt, sustained negative free cash flow generation, or a material
reduction in margins. An adverse operational event, loss of a major
customer, adverse change in supplier relationships, or
deterioration in liquidity could also have negative rating
implications.

Universal Fiber Systems is a manufacturer of solution-dyed and
natural synthetic fibers that are supplied primarily to the
commercial carpet, automotive, specialty apparel, and industrial
markets. The company operations are located in Tennessee, Virginia,
North Carolina, Thailand China, and the United Kingdom. The company
generated revenues of $264 million for the twelve months ended June
30, 2015.



VANTAGE DRILLING: Receives NYSE Share Delisting Notice
------------------------------------------------------
Vantage Drilling Company on Sep. 15 disclosed that it received a
notice dated September 14, 2015 that the staff of NYSE Regulation,
Inc. has determined to suspend trading immediately and commence
proceedings to delist Vantage's ordinary shares from NYSE MKT LLC.
NYSE Regulation notified the Company that it is no longer suitable
for listing pursuant to Section 1003(f)(v) of the NYSE MKT Company
Guide, due to the "abnormally low" trading price of its ordinary
shares.

The Notice further indicates that Vantage has a right to a review
of this determination by a NYSE MKT Listing Qualifications Panel.
The NYSE MKT will apply to the Securities and Exchange Commission
to delist Vantage's ordinary shares upon completion of all
applicable procedures, including any appeal by Vantage of the NYSE
Regulation staff's decision.

Vantage will consider all of its options, including its option to
appeal, in responding to the Notice.  In the meantime, Vantage's
ordinary shares will trade on the over the counter markets under
the trading symbol VTGDF.

Vantage, a Cayman Islands exempted company, is an offshore drilling
contractor, with an owned fleet of three ultra-deepwater
drillships, the Platinum Explorer, the Titanium Explorer and the
Tungsten Explorer, and four Baker Marine Pacific Class 375
ultra-premium jackup drilling rigs.  Vantage's primary business is
to contract drilling units, related equipment and work crews
primarily on a dayrate basis to drill oil and natural gas wells.
Vantage also provides construction supervision services for, and
will operate and manage, drilling units owned by others.  Through
its fleet of seven owned drilling units, Vantage is a provider of
offshore contract drilling services globally to major, national and
large independent oil and natural gas companies.


VIRGIN ISLANDS: Retirement System Seeks $600MM Aid to Stay Solvent
------------------------------------------------------------------
The Virgin Islands Consortium reports that the Government
Employees' Retirement System (GERS) must see an infusion of cash of
$600 million if it is to remain solvent, officials testifying at a
Committee of the Whole hearing at the Earl B. Ottley Legislative
Hall on September 2 told senators.

It also needs contributors' monthly payments to be higher as part
of a plan to save the system, the report says.

To survive at its current rate, the system would need a 15% rate of
return every year "for the foreseeable future to just maintain its
current status," said Leandro Festino, managing principal of Meketa
Investment Group, the report relays. An amount that is impossible
to achieve at a time when wages in the territory remain stagnant
with an economy that is struggling to come out of recession, The
Virgin Islands Consortium relates.

According to the report, the system's current problems were
longtime in the making, too, and were only exacerbated during the
2008 recession and HOVENSA's closure in 2012, coupled with
government contraction over the years.

And the $600 million that GERS is requesting, to be paid fully by
the Government of the Virgin Islands, would only push the problem
down the road some 30 years, but at least it buys the system more
time to allow new contributors' benefits to kick in with changes
already made to the system, while longtime members would have
already been out as a result of mortality, the report states.

The Virgin Islands Consortium notes that in the year 2025, GERS
will have no money in the bank if the Senate fails to take action;
so the funds that will be available to pay benefits will be what
comes in from the employer and employee, meaning contributions
coming in will be immediately paid out. At that point,
beneficiaries will only receive 45% of what they're currently
receiving, the report discloses.

For example, "a person getting $1,000 a month in a pension now,
will only be able to get $450. And that's what we're looking at if
we don't have some major changes done to the system," the report
quotes Leon 'Rocky' Joyner of Segal Consulting as saying.

So GERS is supporting a measure that it helped create, sponsored by
Senator Neville James, which includes actions aimed at saving the
system, the report says.

The Virgin Islands Consortium relates that the bill, if enacted,
would do away with the cap placed on employee contributions. It
would also change the law by making high-earning government
employees pay full pension contributions on every dollar earned.
The measure also intends to raise retirement ages for some GERS
members while adding other types of employees to join immediately
as compared to waiting.  

According to the Virgin Islands Consortium, the law also changes
benefits for Tier 2 government employees from a final average
salary form of payment to a career average salary form of payment.
The change protects GERS from rapid inflation late in a person's
career and also expands contributions from less than $65,000 to all
salary, and adds a benefit for contributions for above $65,000 that
is 1 percent on every dollar earned above that level.

GERS officials said such a setup would see employees earning
$100,000 making payments of $350 upon their current annual payment
into the system, according to the report.

But the senate must act fast as an October 1 deadline is looming,
the date when Tier 2 government employees become completely secured
into GERS. If changed after the aforementioned date, system members
unhappy with the new law could sue, adds the Virgin Islands
Consortium.


WALLDESIGN INC: Centex Seeks to Prosecute Indemnity Actions
-----------------------------------------------------------
Centex Homes asks the U.S. Bankruptcy Court for the Central
District of California, Santa Ana Division, to lift the automatic
stay imposed in the Chapter 11 case of Walldesign Inc. to allow it
to prosecute the non-bankruptcy actions docketed as Wyss v. Centex
Homes and Acker v. Centex Homes, with docket numbers:
S-1500-CV282168 and MCC 1400817, pending in Kern County Superior
Court and Riverside County Superior Court, respectively.

Richard R. Sooy, Esq., at Sooy & Schlichting, in San Diego,
California, tells the Court that the causes of action or claims for
relief in the non-bankruptcy actions include: (a) express
indemnity; (b) implied contractual indemnity; (c) equitable
indemnity; (d) breach of written contract; (e) breach of written
contract to defend; (f) breach of express and implied warranties;
(g) negligence; (h) contribution and apportionment; and (i)
declaratory relief.

Mr. Sooy tells the Court that Centex seeks recovery only from
applicable insurance, if any, and waives any deficiency or other
claim against the Debtor or property of the Debtor's bankruptcy
estate. He further tells the Court that the actions were taken
before Centex knew that the bankruptcy case had been filed, and
Centex would have been entitled to relief from stay to proceed with
its nonbankruptcy actions.

Centex Homes is represented by:

          Richard R. Sooy, Esq.
          SOOY & SCHLICHTING
          550 West C Street, Suite 1650
          San Diego, CA 92101
          Telephone: (619)702-8800
          Facsimile: (619)702-8806
          Email: rsooy@sooylaw.com
                
                    About Walldesign, Inc.

Walldesign Inc., incorporated in 1983, installs drywall,
insulation, plaster and provides related services to single and
multi-family construction projects throughout California, Nevada
and Arizona.

Walldesign, based in Newport Beach, California, said the global
credit crisis that occurred in the third quarter of 2008 had a
severe negative impact on its business: capital for construction
projects dried up, buyers vacated the market for new homes and
profit margins on new jobs eroded.  Cash flow problems slowed
payments to vendors, precipitating collection lawsuits forcing it
to seek Chapter 11 protection (Bankr. C.D. Cal. Case No. 12-10105)
on Jan. 4, 2012.  The Debtor estimated $10 million to $50 million
in assets and debt.  

Marc J. Winthrop, Esq., Sean A. O'Keefe, Esq., and Jeannie Kim,
Esq., at Winthrop Couchot, serve as the Debtor's counsel.  Brian
Weiss of BSW & Associates serve as the Debtor's chief
restructuring
officer.  The official committee of unsecured creditors tapped
Jones Day as its counsel.

The Court confirmed the plan of liquidation of Walldesign on July
30, 2014.  The liquidation plan was jointly proposed by the
company
and the unsecured creditors' committee.  The plan calls for the
liquidation of Walldesign's assets and payments to holders of
administrative claims and other creditors entitled to
distributions
of all cash on hand well as net proceeds realized from the
litigation of claims held by the estate and liquidation of other
assets.

Walldesign, Inc., and the Unsecured Creditors' Committee notified
the Bankruptcy Court that the Effective Date of the Plan of
Liquidation is established as Jan. 2, 2015.


WALLDESIGN INC: Centex Seeks to Prosecute Products Liability Action
-------------------------------------------------------------------
Centex Homes asks the U.S. Bankruptcy Court for the Central
District of California, Santa Ana Division, to lift the automatic
stay imposed in the Chapter 11 case of Walldesign Inc. to allow it
to continue prosecuting the non-bankruptcy action, docketed as
Cuervo v. Centex Homes, with docket number: RIC1504129, in
Riverside County.

J. Nathan Owens, Esq., at Newmeyer & Dillion LLP, in Newport Beach,
California, relates that Centex is a defendant and cross-claimant
in the nonbankruptcy action.  Mr. Owens further relates that the
causes of action or claims for relief include: (a) strict products
liability; (b) breach of implied warranty; (c) breach of contract;
(d) negligence; (e) breach of express warranty; and (f) violation
of statute.

Mr. Owens tells the Court that Centex seeks recovery only from
applicable insurance, if any, and waives any deficiency or other
claim against the Debtor or property of the Debtor's bankruptcy
estate. He further tells the Court that the claims arise under
nonbankruptcy law and can be most expeditiously resolved in the
nonbankruptcy forum.

Centex Homes is represented by:

          J. Nathan Owens, Esq.
          NEWMEYER & DILLION LLP
          895 Dove Street, Suite 500
          Newport Beach, CA 92660
          Telephone: (949)854-7000
          Facsimile: (949)854-7099
          Email: nathan.owens@ndlf.com
                
                   About Walldesign, Inc.

Walldesign Inc., incorporated in 1983, installs drywall,
insulation, plaster and provides related services to single and
multi-family construction projects throughout California, Nevada
and Arizona.

Walldesign, based in Newport Beach, California, said the global
credit crisis that occurred in the third quarter of 2008 had a
severe negative impact on its business: capital for construction
projects dried up, buyers vacated the market for new homes and
profit margins on new jobs eroded.  Cash flow problems slowed
payments to vendors, precipitating collection lawsuits forcing it
to seek Chapter 11 protection (Bankr. C.D. Cal. Case No. 12-10105)
on Jan. 4, 2012.  The Debtor estimated $10 million to $50 million
in assets and debt.  

Marc J. Winthrop, Esq., Sean A. O'Keefe, Esq., and Jeannie Kim,
Esq., at Winthrop Couchot, serve as the Debtor's counsel.  Brian
Weiss of BSW & Associates serve as the Debtor's chief
restructuring
officer.  The official committee of unsecured creditors tapped
Jones Day as its counsel.

The Court confirmed the plan of liquidation of Walldesign on July
30, 2014.  The liquidation plan was jointly proposed by the
company
and the unsecured creditors' committee.  The plan calls for the
liquidation of Walldesign's assets and payments to holders of
administrative claims and other creditors entitled to
distributions
of all cash on hand well as net proceeds realized from the
litigation of claims held by the estate and liquidation of other
assets.

Walldesign, Inc., and the Unsecured Creditors' Committee notified
the Bankruptcy Court that the Effective Date of the Plan of
Liquidation is established as Jan. 2, 2015.


WELLSVILLE FOUNDRY: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: The Wellsville Foundry, Inc
        P.O. Box 424
        18150 Fife Coal Road
        Wellsville, OH 43968

Case No.: 15-41687

Chapter 11 Petition Date: September 15, 2015

Court: United States Bankruptcy Court
       Northern District of Ohio (Youngstown)

Judge: Hon. Kay Woods

Debtor's Counsel: Guy C. Fustine, Esq.
                  KNOX MCLAUGHLIN GORNALL & SENNETT, P.C.
                  120 W 10th Street
                  Erie, PA 16501
                  Tel: (814) 459-2800

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by C.H. Gilmore, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ohnb15-41687.pdf


[*] Alabama Bankruptcy Judge Thomas Bennett Joins Bailey Glasser
----------------------------------------------------------------
Thomas Bennett, the judge who oversaw the $4.1 billion bankruptcy
of Jefferson County, Alabama, joined Bailey Glasser LLP as a
partner in August and will work out of the Washington, D.C. office,
according to a firm press release.

Tom was appointed a U.S. Bankruptcy Judge for the Northern District
of Alabama in June 1995 and Chief U.S. Bankruptcy Judge in January
2011.  During his tenure, he presided over the Jefferson County,
Alabama bankruptcy, the largest municipal bankruptcy ever filed, at
the time, and second today only to Detroit's bankruptcy case.  In
2013, he was inducted as a Fellow in the American College of
Bankruptcy, for his professional excellence and exceptional
contributions to the fields of bankruptcy and insolvency.

According to Katy Stech, writing for The Wall Street Journal,
before becoming a judge in 1995, Mr. Bennett said he had a
reputation for taking the "nasty cases" in the energy sector and
other industries that no one else wanted to touch.  He worked as a
clerk for Judge John R. Brown of the U.S. Court of Appeals for the
Fifth Circuit, who ruled on civil rights issues, and also as a
partner at the law firm now known as Bowles Rice, the Journal
related.

Mr. Bennett may be reached at:

          Thomas B. Bennett, Esq.
          BAILEY & GLASSER LLP
          1054 31st Street, NW
          Suite 230
          Washington, DC 20007
          Tel: (202) 463-2101
          Fax: (202) 463-2103
          Email: tbennett@baileyglasser.com


[*] Judge Thomas Ambro to Receive American Inns of Court Award
--------------------------------------------------------------
Judge Thomas L. Ambro has been selected to receive the prestigious
A. Sherman Christensen Award by the American Inns of Court.  The
award will be presented at the 2015 American Inns of Court
Celebration of Excellence at the Supreme Court of the United States
in October; the event will be hosted by Associate Justice Elena
Kagan.

Ambro is a judge on the U.S. Court of Appeals for the Third
Circuit.  He was nominated by President William Jefferson Clinton
in September 1999.  Prior to taking the bench, he was in private
practice in Wilmington, Delaware, from 1976 to 2000.  He served as
law clerk to Chief Justice Daniel L. Herrmann of the Delaware
Supreme Court from 1975 to 1976.

Long active in the American Inns of Court movement, Judge Ambro is
a member and past president of the Richard S. Rodney American Inn
of Court and an organizing member and former co-chair of the
Delaware Bankruptcy American Inn of Court.  He served on the
American Inns of Court Board of Trustees for two terms, and has
also served on the strategic planning and awards committees, the
Leadership Council, and the Temple Bar Scholarships Committee.
Judge Ambro is an active volunteer in the American Inns of Court
Judicial Assistants Exchange Program.

A magna cum laude graduate of Georgetown University, Judge Ambro
worked on the staff of U.S. Senator William V. Roth, Jr.  He was
the first Delaware attorney to be inducted as a Fellow of the
American College of Commercial Finance Lawyers.  He is a member of
the American Bar Association, the Delaware State Bar Association,
the Board of Editors of Delaware Lawyer magazine, the American Law
Institute, the National Bankruptcy Conference, and the American
Bankruptcy Institute.  He is an adjunct assistant professor at
Georgetown University where he helped to establish a scholarship to
assist students whose financial need increases after their first
year.

The A. Sherman Christensen Award is bestowed upon a member of an
American Inn of Court who, at the local, state, or national level,
has provided distinguished, exceptional, and significant leadership
to the American Inns of Court movement.  The award is named for the
founder of the first American Inn of Court, and is funded by an
endowment established by LexisNexis.

Headquartered in Alexandria, Virginia, The American Inns of Court
-- http://www.innsofcourt.org-- fosters excellence in
professionalism, ethics, civility, and legal skills.  The
organization's membership includes more than 30,000 federal, state,
and local judges; lawyers; law professors; and law students in more
than 380 chapters nationwide and more than 100,000 alumni members.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Lilian Morris
   Bankr. N.D. Cal. Case No. 15-42732
      Chapter 11 Petition filed September 3, 2015

In re Lewis Health Institute, Inc.
   Bankr. S.D. Fla. Case No. 15-25980
      Chapter 11 Petition filed September 3, 2015
         See http://bankrupt.com/misc/flsb15-25980.pdf
         represented by: Craig I Kelley, Esq.
                         KELLEY & FULTON, PL
                         E-mail: craig@kelleylawoffice.com

In re Bottle Bar Resturants LLC
   Bankr. N.D. Ga. Case No. 15-67095
      Chapter 11 Petition filed September 3, 2015
         See http://bankrupt.com/misc/ganb15-67095.pdf
         represented by: Leonard R. Medley III, Esq.
                         MEDLEY & ASSOCIATES, LLC
                         E-mail: leonard@mkalaw.com

In re The Original Jerry's, LLC
   Bankr. D. Md. Case No. 15-22332
      Chapter 11 Petition filed September 3, 2015
         See http://bankrupt.com/misc/mdb15-22332.pdf
         represented by: Augustus T Curtis, Esq.
                         COHEN, BALDINGER & GREENFELD, LLC
                         E-mail: augie.curtis@cohenbaldinger.com

In re Jose Antonio Guzman
   Bankr. D. Nev. Case No. 15-15105
      Chapter 11 Petition filed September 3, 2015

In re Michael Omsted Smith and Cynthia Pittman Smith
   Bankr. W.D.N.C. Case No. 15-31390
      Chapter 11 Petition filed September 3, 2015

In re Manfred Philip Marotta and Lynne Kane Marotta
   Bankr. E.D. Pa. Case No. 15-16364
      Chapter 11 Petition filed September 3, 2015

In re Thomas J. Goldstein, OD, PA dba Pearle
   Bankr. W.D. Tex. Case No. 15-52167
      Chapter 11 Petition filed September 3, 2015
         See http://bankrupt.com/misc/txwb15-52167.pdf
         represented by: James Samuel Wilkins, Esq.
                         WILLIS & WILKINS, LLP
                         E-mail: jwilkins@stic.net

In re Diana Lynn Tellez
   Bankr. E.D. Va. Case No. 15-13085
      Chapter 11 Petition filed September 3, 2015

In re Caroline C Mendoza
   Bankr. C.D. Cal. Case No. 15-18846
      Chapter 11 Petition filed September 4, 2015

In re DCI Properties, LLC
   Bankr. N.D. Cal. Case No. 15-52872
      Chapter 11 Petition filed September 4, 2015
         See http://bankrupt.com/misc/canb15-52872.pdf
         filed Pro Se

In re Sebrenia Chambers
   Bankr. M.D. Fla. Case No. 15-04013
      Chapter 11 Petition filed September 4, 2015

In re Georgia Prep Sports Academy, Inc.
   Bankr. N.D. Ga. Case No. 15-67139
      Chapter 11 Petition filed September 4, 2015
         See http://bankrupt.com/misc/ganb15-67139.pdf
         represented by: Kenneth Mitchell, Esq.
                         GIDDENS, MITCHELL & ASSOCIATES, P.C.
                         E-mail: gmapclaw1@gmail.com

In re Andzelika Jastrzebska
   Bankr. N.D. Ill. Case No. 15-30418
      Chapter 11 Petition filed September 4, 2015

In re SD Concrete, Inc.
   Bankr. D.N.J.. Case No. 15-26817
      Chapter 11 Petition filed September 4, 2015
         See http://bankrupt.com/misc/njb15-26817.pdf
         represented by: Christopher Roy Higgins, Esq.
                         LAW OFFICE OF CHRISTOPHER R. HIGGINS
                         E-mail: christopher@higginslawnj.com

In re Dennis W. McGuirre
   Bankr. D.N.J. Case No. 15-26868
      Chapter 11 Petition filed September 4, 2015

In re Rafael Augusto Selosse Ramirez and Carmen Migdalia Rivera
Nazario
   Bankr. D.P.R. Case No. 15-06888
      Chapter 11 Petition filed September 4, 2015

In re JLB Electrical Services, Inc.
   Bankr. D.P.R. Case No. 15-06892
      Chapter 11 Petition filed September 4, 2015
         See http://bankrupt.com/misc/prb15-06892.pdf
         represented by: Wanda I. Luna Martinez, Esq.
                         LUNA LAW OFFICES
                         E-mail: quiebra@gmail.com

In re Mountain River Guides, Inc.
   Bankr. E.D. Tenn. Case No. 15-51384
      Chapter 11 Petition filed September 4, 2015
         See http://bankrupt.com/misc/tneb15-51384.pdf
         represented by: Mark S. Dessauer, Esq.
                         HUNTER, SMITH & DAVIS
                         E-mail: dessauer@hsdlaw.com

In re Rushing Rivers, LLC
   Bankr. E.D. Tenn. Case No. 15-51387
      Chapter 11 Petition filed September 4, 2015
         See http://bankrupt.com/misc/tneb15-51387.pdf
         represented by: Mark S. Dessauer, Esq.
                         HUNTER, SMITH & DAVIS
                         E-mail: dessauer@hsdlaw.com

In re A-1 Feed & Supply, Inc.
   Bankr. N.D. Tex. Case No. 15-33680
      Chapter 11 Petition filed September 4, 2015
         See http://bankrupt.com/misc/txnb15-33680.pdf
         represented by: Eric A. Liepins, Esq.
                         ERIC A. LIEPINS, P.C.
                         E-mail: eric@ealpc.com

In re Livestock Supply, Inc.
   Bankr. N.D. Tex. Case No. 15-33681
      Chapter 11 Petition filed September 4, 2015
         See http://bankrupt.com/misc/txnb15-33681.pdf
         represented by: Eric A. Liepins, Esq.
                         ERIC A. LIEPINS, P.C.
                         E-mail: eric@ealpc.com

In re Russell Lebkuecher
   Bankr. E.D. Pa. Case No. 15-16400
      Chapter 11 Petition filed September 5, 2015

In re American Meat Company, Inc.
   Bankr. D. Ariz. Case No. 15-11445
      Chapter 11 Petition filed September 8, 2015
         See http://bankrupt.com/misc/azb15-11445.pdf
         represented by: Alan R. Solot, Esq.
                         E-mail: arsolot@gmail.com

In re George Wesley Teats, Jr. and Ofelia R Teats
   Bankr. C.D. Cal. Case No. 15-14394
      Chapter 11 Petition filed September 8, 2015
         represented by: Michael Jones, Esq.
                         M JONES & ASSOICATES, PC
                         E-mail: mike@mjthelawyer.com

In re PSK Realty, LLC
   Bankr. D. Conn. Case No. 15-21593
      Chapter 11 Petition filed September 8, 2015
         See http://bankrupt.com/misc/ctb15-21593.pdf
         represented by: Timothy D. Miltenberger, Esq.
                         COAN LEWENDON GULLIVER & MILTENBERGER
                         E-mail: tmiltenberger@coanlewendon.com

In re Humberto Bethencourt
   Bankr. S.D. Fla. Case No. 15-26161
      Chapter 11 Petition filed September 8, 2015

In re Elite Imaging LLC
   Bankr. D. Haw. Case No. 15-01093
      Chapter 11 Petition filed September 8, 2015
         See http://bankrupt.com/misc/hib15-01093.pdf
         represented by: Sheri J. Tanaka, Esq.
                         LAW OFFICE OF SHERI J. TANAKA
                         E-mail: sheri.tanaka@gmail.com

In re Daddy Real Entertainment, Inc.
   Bankr. S.D. Ind. Case No. 15-07599
      Chapter 11 Petition filed September 8, 2015
         See http://bankrupt.com/misc/insb15-07599.pdf
         represented by: Eric C Redman, Esq.
                         REDMAN LUDWIG PC
                         E-mail: ksmith@redmanludwig.com

In re Si Hyung Cho and Sang Eun Lee
   Bankr. D. Md. Case No. 15-22452
      Chapter 11 Petition filed September 8, 2015

In re The Metuchen Car Wash, LLC
   Bankr. D.N.J. Case No. 15-26946
      Chapter 11 Petition filed September 8, 2015
         See http://bankrupt.com/misc/njb15-26946.pdf
         represented by: Robert C. Nisenson, Esq.
                         ROBERT C. NISENSON, LLC
                         E-mail: rnisenson@aol.com

In re Hitchcock Restaurant Group LLC
   Bankr. S.D.N.Y.  Case No. 15-12498
      Chapter 11 Petition filed September 8, 2015
         filed Pro Se

In re Francisco J Baez Rivera and Marta M Rodriguez Hernandez
   Bankr. D.P.R. Case No. 15-06943
      Chapter 11 Petition filed September 8, 2015

In re Andrew Corbman and Bonnie Corbman
   Bankr. E.D. Va. Case No. 15-13119
      Chapter 11 Petition filed September 8, 2015

In re Francisco O Lopez
   Bankr. C.D. Cal. Case No. 15-24071
      Chapter 11 Petition filed September 9, 2015

In re Suzanne Marie Taylor
   Bankr. N.D. Cal. Case No. 15-52905
      Chapter 11 Petition filed September 9, 2015

In re Carousel of Rockledge, Inc.
   Bankr. M.D. Fla. Case No. 15-07715
      Chapter 11 Petition filed September 9, 2015
         See http://bankrupt.com/misc/flmb15-07715.pdf
         represented by: Jeffrey Ainsworth, Esq.
                         BRANSONLAW PLLC
                         E-mail: jeff@bransonlaw.com

In re Carousel Properties, Inc.
   Bankr. M.D. Fla. Case No. 15-07716
      Chapter 11 Petition filed September 9, 2015
         See http://bankrupt.com/misc/flmb15-07716.pdf
         represented by: Jeffrey Ainsworth, Esq.
                         BRANSONLAW PLLC
                         E-mail: jeff@bransonlaw.com

In re Commercial Associates LLC
   Bankr. D. Md. Case No. 15-22546
      Chapter 11 Petition filed September 9, 2015
         See http://bankrupt.com/misc/mdb15-22546.pdf
         represented by: Tate Russack, Esq.
                         RUSSACK ASSOCIATES, LLC
                         E-mail: tate@russacklaw.com

In re Wilson Reynolds, Jr.
   Bankr. D. Md. Case No. 15-22558
      Chapter 11 Petition filed September 9, 2015

In re Constante F. Sosa and Jocyline Sosa
   Bankr. D.N.J. Case No. 15-27064
      Chapter 11 Petition filed September 9, 2015

In re Elizabeth's Pizza Oak Ridge LLC
   Bankr. M.D.N.C. Case No. 15-10974
      Chapter 11 Petition filed September 9, 2015
         See http://bankrupt.com/misc/ncmb15-10974.pdf
         represented by: Joshua H. Bennett, Esq.
                         BENNETT & GUTHRIE, PLLC
                         Email: jbennett@bennett-guthrie.com

In re MJA Properties, LLC
   Bankr. W.D. Pa. Case No. 15-70627
      Chapter 11 Petition filed September 9, 2015
         See http://bankrupt.com/misc/pawb15-70627.pdf
         represented by: Terry L. Graffius, Esq.
                         LEVENTRY & HASCHAK, LLC
                         E-mail: tgraffius@lhrklaw.com

In re David B. Hooper
   Bankr. D. Wyo. Case No. 15-20620
      Chapter 11 Petition filed September 9, 2015


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

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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.

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