TCR_Public/150930.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, September 30, 2015, Vol. 19, No. 273

                            Headlines

1526 ROCK SPRING: Case Summary & Largest Unsecured Creditors
4522 KATELLA: Case Summary & 11 Largest Unsecured Creditors
ACCUDYNE INDUSTRIES: S&P Lowers CCR to 'B-', Outlook Stable
AJ METAL: Case Summary & 20 Largest Unsecured Creditors
ALCOA INC: Moody's Affirms Ba1 CFR & Changes Outlook to Developing

ALPHA NATURAL: Court Approves Hiring of Jones Day as Counsel
ALPHA NATURAL: Court Okays McKinsey RTS as Turnaround Advisor
ALPHA NATURAL: Court Okays Rothschild as Financial Advisor
ALROSE ALLEGRIA: 3 Creditors Hold $9.3MM Unsecured, Priority Claims
AMERICAN LIBERTY: Gets Final Approval to Obtain $100K Loan

ARAMID ENTERTAINMENT: Okayed to Conduct Private UCC Foreclsoure Sal
ATLANTIC HYDROGEN: Enters Voluntary Bankruptcy in Canada
BAHA MAR: Northshore Mainland Remains in Chap. 11
BEHAVIORAL SUPPORT: Amends Schedule F to Add 2 Creditors
BUNKERS INTERNATIONAL: Court OKs Joint Administration of Cases

CACHE INC.: Chapter 7 Conversion Sought by U.S. Trustee
CACHE INC: Opposes Ch. 7, Wants Structured Dismissal
CAESARS ENTERTAINMENT: Unit, Bondholders Gear Up for Trial
CALIFORNIA RESOURCES: S&P Lowers CCR to 'BB-', Outlook Negative
CAMBRIDGE ENDOSCOPIC: Has $3.1M Sale Deal With Lenders

CAMBRIDGE ENDOSCOPIC: Lenders Bid $3.1M for Assets
CONSTELLATION ENTERPRISES: Moody's Lowers CFR to 'Caa2'
COYNE INTERNATIONAL: G&K Services No Longer Member of Committee
DAIICHI CHUO: Chapter 15 Case Summary
DAIICHI CHUO: Seeks U.S. Recognition of Japan Reorganization

DYNAMIC PRECISION: S&P Affirms 'B' CCR, Outlook Stable
EL PASO CHILDREN'S: County Objects to Miller Buckfire Employment
EL PASO CHILDREN'S: Has Until Dec. 15 to Decide on UMC Lease
EL PASO: U.S. Trustee Forms Five-Member Creditors' Committee
ENERGY FUTURE: Ballots, Plan Objections Due Oct. 23

ENERGY FUTURE: Hunt Seeks PUCT Approval for Sale of Oncor Stake
ENERGY OILFIELD: Case Summary & 20 Largest Unsecured Creditors
ENERGY TRANSFER: Fitch Puts 'BB' Ratings on Watch Positive
ENERGY TRANSFER: S&P Affirms 'BB' CCR, Placed on CreditWatch Pos.
FAIRWAY GROUP: Moody's Lowers CFR to Caa1, Outlook Negative

FIRST QUANTUM: Moody's Lowers CFR to B2, Outlook Negative
FORBES ENERGY: Moody's Lowers CFR to Caa1, Outlook Negative
FRED FULLER: Fine-Tunes Plan Disclosure Statement
FTS INTERNATIONAL: S&P Affirms 'B-' CCR & Revises Outlook to Neg.
GARLOCK SEALING: Time to Remove Actions Extended to March 31, 2016

GAS-MART USA: BMC Group Approved as Claims Agent
GAS-MART USA: Court Okays Freeborn & Peters as Committee Counsel
GLEACHER & CO: Makes 3rd Liquidating Distribution to Stockholders
GOODRICH PETROLEUM: Moody's Lowers CFR to Caa3, Outlook Negative
GRANITE DELLS: Court Enters Final Decree Closing Chapter 11 Case

GREEN TREE: SSG Capital Advisors Was Investment Banker in Sale
HEI INC: Admin. Claims, Final Fee Applications Deadline Set
HUNTER MILL: John T. Donelan Authorized to Perform Legal Services
HUNTER MILL: Managing Member Designated as Responsible Person
HYPNOTIC TAXI: Joshua Rizack Named Chief Restructuring Officer

HYPNOTIC TAXI: Klestadt Winters OK'd as General Bankruptcy Counsel
INTERNATIONAL BRIDGE: Hires Robert Steffy as Guam Accountant
IVERSON GENETIC: Case Summary & 20 Largest Unsecured Creditors
LINCOLN PAPER: Case Summary & 20 Largest Unsecured Creditors
LINCOLN PAPER: Files for Chapter 11 Bankruptcy, To Seek Buyer

LINCOLN PAPER: Siena Lending Agrees to Provide $6.6-Mil. DIP Loan
LOCAL CORPORATION: Court OKs Cash Collateral Use Through Nov. 30
LOCAL CORPORATION: Hires Haskell & White to Provide Audit Services
LOCAL CORPORATION: Taps Andrews Kurth as Litigation Counsel
LOCAL CORPORATION: Taps BDO USA as Tax and Audit Services Provider

MALIBU ASSOCIATES: Stay Relief, Disclosure Hearing Moved to Oct. 22
MET-TEC INC: Case Summary & 20 Largest Unsecured Creditors
MFM INC: Voluntary Chapter 11 Case Summary
MHH INC: Voluntary Chapter 11 Case Summary
MIDWAY GOLD: FTI Consulting Approved as Financial Advisor

NET DATA CENTERS: Seeks Dec. 21 Plan Filing Exclusivity Extension
NEW YORK LIGHT: Wants January 2016 Plan Filing Deadline
NEW YORK LIGHT: Wants Until Dec. 23 to Decide on Loudon Road Lease
OAKFABCO INC: Court OKs FrankGecker as Attorneys to Asbestos Panel
OAS FINANCE: Provisional Relief in Effect on BVI Proceeding

PAGAN & PINTADO: Case Summary & 8 Largest Unsecured Creditors
PEANUT CORP: Former Managers Face Sentencing in Salmonella Case
PRESTIGE INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors
QUINCY NEWSPAPERS: S&P Assigns 'B+' CCR, Outlook Stable
RADIOSHACK CORP: Discloses Initial Liquidating Trust Board Members

ROMAD REALTY: Voluntary Chapter 11 Case Summary
SANCHEZ ENERGY: Moody's Affirms 'B2' Rating on Midstream Asset Sale
SB&B OF FLORIDA: Case Summary & 14 Largest Unsecured Creditors
SKYLINE CORP: Gets Audit Opinion with Going Concern Qualification
SPX CORP: S&P Withdraws 'BB+' Corporate Credit Rating

STANDARD PACIFIC: Fitch Hikes Issuer Default Rating to 'BB-'
STOCKTON CITY: Moody's Raises Rating on 2006 Revenue Bonds to Ba2
SUNOPTA INC: Moody's Assigns B2 CFR, Outlook Stable
SW LIQUIDATION: EisnerAmper's Phillips Named Liquidating Trustee
SW LIQUIDATION: Hearing on Plan Deferred to Oct. 28 Amid Mediation

SW LIQUIDATION: Objects to Hill Entities' Rule 3018 Motions
SW LIQUIDATION: Wants Hill Entities' Plan Objection Overruled
TOYS 'R' US: Fitch Affirms 'CCC' Issuer Default Ratings
TRANS COASTAL SUPPLY: Can Use Cash Collateral Use Until Oct. 7
TRANS COASTAL: Court Approves AFEC Commodities as Collection Agent

TURNBERRY MGM GRAND: Claims Bar Date Set for October 5
UNISYS CORP: S&P Affirms 'B+' CCR, Outlook Negative
WORLD MARKETING: Case Summary & 20 Largest Unsecured Creditors
WRIGHTWOOD GUEST: Hires Walter & Wilhelm as Bankruptcy Counsel
[*] Dentons Launches Greek Desk in Brussels

[*] More Companies File Second Bankruptcy After Reforms

                            *********

1526 ROCK SPRING: Case Summary & Largest Unsecured Creditors
------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                   Case No.
       ------                                   --------
       1526 Rock Spring Road LLC                15-23442
       112 S. Main Street
       Bel Air, MD 21014

       1528 Rock Spring Road, LLC               15-23443
       112 S. Main Street
       Bel Air, MD 21014-7776

Chapter 11 Petition Date: September 28, 2015

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

Judge: Hon. James F. Schneider (15-23442)
       Hon. David E. Rice (15-23443)
  
Debtors' Counsel: Curtis C. Coon, Esq.
                  COON & COLE, LLC
                  Suite 501, 401 Washington Avenue
                  Towson, MD 21204
                  Tel: (410) 244-8800
                  Fax: 410-244-8801
                  Email: ccc@cooncolelaw.com

                                          Estimated   Estimated
                                           Assets    Liabilities
                                         ----------  -----------
1526 Rock Spring Road                    $1MM-$10MM  $1MM-$10MM
1528 Rock Spring Road                    $1MM-$10MM  $1MM-$10MM

The petition was signed by Joseph F. Snee, Jr., sole member.

A. List of 1526 Rock Spring Road's four Largest Unsecured    
   Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Howard Bank                                             $258,028

Manufacturers and Traders                             $2,116,457
Trust Company

Snee, Mahoney, Lutche &            Legal Services        $63,672
Helmlinger, P.A.

Traffic Concepts, Inc.              Traffic Study         $4,500

B. List of 1528 Rock Spring Road's three Largest Unsecured   
   Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Manufacturers and Traders                             $2,116,457
Trust Company

Snee, Mahoney, Lutche &             Legal Services       $63,672
Helmlinger, P.A.

Traffic Concepts, Inc.              Traffic Study         $4,500


4522 KATELLA: Case Summary & 11 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: 4522 Katella Avenue, LLC
        1360 Las Altos Avenue
        Long Beach, CA 90815

Case No.: 15-12107

Chapter 11 Petition Date: September 25, 2015

Court: United States Bankruptcy Court
       District of Kansas (Wichita)

Judge: Hon. Dale L. Somers

Debtor's Counsel: David G. Arst, Esq.
                  ARST & ARST, P.A.
                  555 N. Woodlawn, Bldg. 1, Ste. 115
                  Wichita, KS 67208
                  Tel: (316) 265-4222
                  Email: support@arstarst.kscoxmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by James A. Rainboldt, managing member.

List of Debtor's 11 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Bank of America                      Credit Card           $9,300
                                      purchases

COLFIN MF5 Funding LLC                                 $2,168,000

Eviction One                      Eviction Services        $2,000

GWIRE                                                     $12,000

James Rainboldt                                          $164,000

Jeff White                                                $60,000

Midland Loan Services                                     Unknown

Pam Carver                           Bookeeping            $3,000

Speedy Amazing Carpet                                     $10,000

Westar Energy                     Utility Services        Unknown

Wheatland REM LLC                                         $24,000


ACCUDYNE INDUSTRIES: S&P Lowers CCR to 'B-', Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
corporate credit rating on U.S.-based industrial products
manufacturer Accudyne Industries Borrower S.C.A. to 'B-' from 'B'.
The outlook is stable.

At the same time, S&P lowered its issue-level rating on the
company's senior secured credit facilities to 'B' from 'B+'.  The
'2' recovery rating on the debt is unchanged, indicating S&P's
expectation of substantial (70%-90%; low end of the range) recovery
in the event of a payment default.

Additionally, S&P lowered its issue-level rating on Accudyne's
senior unsecured notes to 'CCC' from 'CCC+'.  The '6' recovery
rating on the debt remains unchanged, indicating S&P's expectation
of negligible (0%-10%) recovery in the event of a default.

"The downgrade reflects our expectation that Accudyne's credit
measures will continue to weaken in 2015 because of the
deteriorating conditions in the company's oil and gas end markets,
the economic slowdown in China, and foreign currency headwinds,"
said Standard & Poor's credit analyst Svetlana Olsha.  "Although we
expect that demand for the company's products will stabilize in
2016, we believe that Accudyne's credit measures will remain weak
compared with those of its peers that we rate 'B'."  Therefore, S&P
is revising its comparable ratings adjustment modifier on Accudyne
to "negative" from "neutral."

Standard & Poor's Ratings Services' stable outlook on Accudyne
reflects S&P's expectation that the challenging conditions in
energy-related markets and the slowing Chinese economy, coupled
with foreign-currency headwinds, will cause the company's leverage
levels to increase in 2015 and remain elevated in 2016.  Despite
the challenging operating conditions, S&P expects the company to
maintain its good profitability and to generate free cash flow of
about $75 million annually.

S&P could raise its rating on Accudyne if S&P expects the company's
operating performance to experience a sustained improvement such
that its debt-to-EBITDA metric approaches 7x and its FFO-to-total
debt ratio remains above 5%.  This could occur if Accudyne's
revenues increased by the mid-single digits, percentagewise, over
the next 12-18 months and the company uses its free cash flow to
repay its debt.

S&P could lower its rating on Accudyne if S&P come to believe that
the company's end markets will likely continue to weaken in 2016
and that Accudyne will not be able to generate positive free cash
flow, pressuring its liquidity position.  S&P could also lower the
rating if it appears likely that the company will draw on its
revolver to the extent that it triggers the leverage covenant and
S&P expects that Accudyne will not likely have 15% of headroom.



AJ METAL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: AJ Metal Inc.
           fka GM Metal Inc.
        1634 MLK Jr. Blvd.
        Wichita Falls, TX 76301

Case No.: 15-70295

Chapter 11 Petition Date: September 28, 2015

Court: United States Bankruptcy Court
       Northern District of Texas (Wichita Falls)

Judge: Hon. Harlin DeWayne Hale

Debtor's Counsel: Joyce W. Lindauer, Esq.
                  JOYCE W. LINDAUER ATTORNEY, PLLC
                  12720 Hillcrest Road, Suite 625
                  Dallas, TX 75230
                  Tel: (972) 503-4033
                  Fax: (972) 503-4034
                  Email: joyce@joycelindauer.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Manohar Mann, president.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Heritage Bank                        Business Debt     $1,346,965

Heritage Bank                        Business Debt       $746,800

Manohar S. Mann                      Business Debt       $375,000

Hardip S. Mann                       Business Debt       $340,850

Heritage Bank                        Line of Credit      $195,506

JP Environmental Recycling LLC         Judgment          $135,000

Shavinder Madan                      Business Debt       $130,000

Baldev Singh                         Business Debt       $113,000

Jeremias P. Portillo                 Business Debt       $100,000

Marco Carrillo                       Business Debt        $70,000

Tily Mohamad                         Business Debt        $60,000

Internal Revenue Service                 Taxes            $43,658

Praxair                              Business Debt        $38,223

Houston Crushed Concrete             Business Debt        $32,563

Heritage Bank                        Business Debt        $32,481

NCM                                  Business Debt        $24,474

CNH Industrial                       Business Debt        $20,721

Amandeep Sidhu                       Business Debt        $20,000

Harris County Property Tax           Property Taxes       $18,744

American Express Bank                 Credit Card         $16,343


ALCOA INC: Moody's Affirms Ba1 CFR & Changes Outlook to Developing
------------------------------------------------------------------
Moody's Investors Service changed Alcoa Inc's outlook to developing
from positive.  At the same time, Moody's affirmed the Ba1
Corporate Family Rating, Ba1-PD Probability of Default Rating, Ba1
senior unsecured ratings, (P)Ba1 medium term note program rating,
(P)Ba1 senior unsecured shelf rating, Ba2 preferred stock rating
and SGL-1 Speculative Grade Liquidity rating.

The change to a developing outlook follows Alcoa's announcement
that it will split the company into two separate companies: a
commodity oriented company comprising the bauxite, alumina and
primary metals business, and a more value added focused company
(the "Value-Add Company") comprising the company's Engineered
Products and Solutions (EPS), Transportation and Construction
Solutions (TCS) and Global Rolled Products (GRP) businesses.  The
developing outlook encompasses the uncertainty as to the final
capital structure of each of the separate companies, the
organizational and management structures and apportionment of other
liabilities or legal proceedings that might exist.  Ultimate rating
outcomes will depend upon clarity with respect to the foregoing and
earnings and cash flow generation expectations going forward.

Following the closing of the acquisition of RTI International
Metals on July 23, 2015, Alcoa realigned its EPS portfolio,
creating the TCS business segment which includes the Alcoa Wheel &
Transportation Products and Alcoa Building & Construction Systems,
previously residing within EPS.  The EPS segment will now be
principally focused on the aerospace markets.  In 2014, the
commodity oriented business accounted for roughly 44% of revenues
and 54% of EBITDA with GRP and EPS accounting for the balance. This
does not include contributions from RTI Metals.  RTI generated
revenue of approximately $794 million in 2014.

Affirmations:

Issuer: Alcoa Inc.

  Corporate Family Rating, Affirmed Ba1
  Probability of Default Rating, Affirmed Ba1-PD
  Speculative Grade Liquidity Rating, Affirmed SGL-1
  Multiple Seniority Shelf (Local Currency) due 2017,
   Affirmed (P)Ba1
  Senior Unsecured Regular Bond/Debenture (Local Currency),
   Affirmed Ba1, LGD4
  Pref. Stock Preferred Stock (Local Currency), Affirmed Ba2, LGD6
  Senior Unsecured Medium-Term Note Program (Local Currency),
   Affirmed (P)Ba1

Issuer: Chelan County Development Corporation, WA

  Senior Unsecured Revenue Bonds (Local Currency), Affirmed Ba1,
   LGD4

Issuer: Iowa Finance Authority

  Senior Unsecured Revenue Bonds (Local Currency), Affirmed Ba1,
   LGD4

Outlook Actions:

  Outlook, Changed To Developing From Positive

RATINGS RATIONALE

Alcoa's Ba1 CFR considers the company's ongoing transformation to a
major player in light weight metals manufacturing and engineering.
However, at the same time, the rating incorporates the company's
leverage to the volatility in aluminum prices and premiums in its
primary segment, particularly in the smelter system.  Alcoa holds a
commanding and competitive position in the alumina industry, a
leading position as a provider of primary aluminum, as well as a
leading provider of value added products in a wide variety of
markets served by its GRP, EPS and TCS segments. Factored into the
rating is the focus the company continues to maintain on cost
reduction and cost control, as well as working capital management
and productivity improvements.  While there have been meaningful
smelter capacity curtailments by Alcoa and others in the industry
and demand fundamentals, from a physical perspective, remain
acceptable, the inventory overhang continues and new capacity and
capacity restarts together with weakening global economic
conditions continue to pressure the aluminum price.

Although Moody's expects cost creep in various input costs, the
decrease in oil and natural gas prices as well as currency
devaluations in countries in which Alcoa has operations are
expected to benefit the overall cost performance in 2015.  In
addition, a significant portion of savings achieved in recent
years, particularly in the smelting system, is believed
sustainable, better positioning the company for improved earnings
and cash flow generation over the medium to longer term, enhanced
by stability and growth in the GRP, EPS and TCS segments.  The
company continues to focus on productivity improvements and cost
savings and through the first six months of 2015 achieved $562
million in productivity gains against its annual target of $900
million.  While the rating incorporates Alcoa's focus on increasing
the level of value added contributions from its mid-stream and
down-stream businesses, it also considers that the upstream
businesses need continued success in moving down the cost curve,
and a combination of sustained higher aluminum prices and/or
premiums to achieve a material and sustainable strengthening in
consolidated performance and stronger metrics relative to adjusted
debt levels of $12.8 billion at June 30, 2015.  The acquisitions of
Firth Rixson and RTI International Metals, which primarily serve
the aerospace industry and strengthen Alcoa's position in the suite
of products offered to this industry, are in line with Alcoa's
strategic objective to increase the value added component of its
business mix.

An additional consideration in the rating is the fact that Alcoa
fully consolidates the Alcoa World Alumina and Chemicals (AWAC)
joint venture (encompasses bauxite and alumina assets) but only
holds a 60% interest.

Alcoa's solid liquidity, including its $1.3 billion cash position
at June 30, 2015 and manageable near-term debt maturities are also
important considerations in the rating.

The Ba1 senior unsecured debt rating, at the same level as the CFR,
reflects the absence of secured debt in the capital structure.  If
this were to change, the unsecured rating could be adversely
impacted.

Given the announcement that Alcoa will be separated into two
companies, upward rating action is unlikely prior to the split.
Should the Value-Add Company maintain a leverage of no more than
3.25x and interest coverage as measured by EBITA/interest being at
least 5x, it could achieve an investment grade rating.  The rating
could be downgraded should EBIT/interest fall below and be
sustained lower than 2.75x and leverage deteriorate such that the
debt/EBITDA ratio trends toward and is sustained above 4x.  A
material contraction in liquidity could also pressure the rating.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Headquartered in New York, New York, Alcoa is a leading global
integrated aluminum producer with an increasing focus on
lightweight and high performance materials including titanium and
nickel in addition to aluminum, and the engineering and
manufacturing of value added products in these metals.  This is in
line with Alcoa's ongoing implementation of its strategic objective
to provide higher value added products while at the same time
reducing the cost base in its more commodity oriented business.
For the twelve months ended June 30, 2015, Alcoa generated revenues
of $24.3 billion.



ALPHA NATURAL: Court Approves Hiring of Jones Day as Counsel
------------------------------------------------------------
Alpha Natural Resources, Inc. and its debtor-affiliates sought and
obtained permission from the Hon. Kevin R. Huennekens of the U.S.
Bankruptcy Court for the Eastern District of Virginia to employ
Jones Day as counsel, effective August 3, 2015 petition date.

The Debtors require Jones Day to:

   (a) advise the Debtors of their rights, powers and duties as
       debtors and debtors in possession continuing to operate and

       manage their respective businesses and properties under
       chapter 11 of the Bankruptcy Code;

   (b) prepare on behalf of the Debtors all necessary and
       appropriate applications, motions, proposed orders, other
       pleadings, notices, schedules and other documents, and
       review all financial and other reports to be filed in these

       chapter 11 cases;

   (c) advise the Debtors concerning, and preparing responses to,
       applications, motions, other pleadings, notices and other
       papers that may be filed by other parties in these chapter
       11 cases and appear on behalf of the Debtors in any
       hearings or other proceedings relating to those matters;

   (d) review the nature and validity of any liens asserted
       against the Debtors' property and advise the Debtors
       concerning the enforceability of such liens;

   (e) advise the Debtors regarding their ability to initiate
       actions to collect and recover property for the benefit of
       their estates;

   (f) advise and assist the Debtors in connection with any asset
       dispositions;

   (g) advise and assist the Debtors with respect to employment-
       related issues;

   (h) advise and assist the Debtors with respect to issues
       relating to environmental law and government regulation;

   (i) advise and assist the Debtors in negotiations with the
       Debtors' debt holders and other stakeholders;

   (j) advise the Debtors concerning executory contract and
       unexpired lease assumptions, assignments and rejections;

   (k) advise the Debtors in connection with the formulation,
       negotiation and promulgation of any plan or plans of
       reorganization, and related transactional documents;

   (l) assist the Debtors in reviewing, estimating and resolving
       claims asserted against the Debtors' estates;

   (m) advise and assist the Debtors in connection with any offers

       to provide debtor-in-possession financing and/or exit
       financing;

   (n) commence and conduct litigation that is necessary and
       appropriate to assert rights held by the Debtors, protect
       assets of the Debtors' chapter 11 estates or otherwise
       further the goal of completing the Debtors' successful
       reorganization;

   (o) provide non-bankruptcy services for the Debtors to the
       extent requested by the Debtors, including, among other
       services, advice related to mergers and acquisitions and
       corporate governance; and

   (p) perform all other necessary and appropriate legal services
       in connection with these chapter 11 cases for or on behalf
       of the Debtors.

Jones Day will be paid at these hourly rates:

       Partners            $575-$1,200
       Counsel             $575-$1,050
       Associates          $300-$850
       Paralegals          $200-$375

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

On July 1, 2015, the Debtors provided Jones Day with an advance
payment of $2,000,000 to establish a retainer for professional
services to be rendered and expenses to be incurred by Jones Day on
or after such date. On account of such services and expenses, Jones
Day (a) issued invoices to the Debtors reflecting applications
against the Retainer and (b) received funds from the Debtors in
replenishment of the Retainer. As of the Petition Date, the balance
of the Retainer was $560,125.54.

Carl E. Black, partner of Jones Day, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

Jones Day also intends to make a reasonable effort to comply with
the U.S. Trustee's requests for information and additional
disclosures as set forth in the U.S. Trustee Guidelines in
connection with the interim and final fee applications to be filed
by Jones Day in these chapter 11 cases.

In response to the request for additional information set forth in
Paragraph D.1 of the U.S. Trustee Guidelines, Jones Day disclosed
that:

  -- the firm represented the Debtors during the 12-month
     period prior to the Petition Date. During that period, Jones
     Day charged the Debtors its standard rates. The material
     financial terms of the Debtors' engagement of Jones Day --
     including the hourly rates charged by Jones Day -- have not
     changed post-petition.

  -- the firm and the Debtors developed a budget and
     staffing plan that reflects (a) the estimated number of hours

     and amount of fees that Jones Day will expend on the Debtors'

     chapter 11 cases during the first three months after the
     Petition Date and (b) the estimated type and number of Jones
     Day professionals and paraprofessionals needed to
     successfully represent the Debtors during the first three
     months after the Petition Date (the "Budget and Staffing
     Plan"). The Debtors approved the Budget and Staffing Plan.
     The Debtors recognize, however, that in the course of large
     chapter 11 cases such as these, it is possible that there may

     be a number of unforeseen fees and expenses that will need to

     be addressed by the Debtors and Jones Day. As these chapter
     11 cases continue to develop, the Debtors and Jones Day will
     work together to revise the Budget and Staffing Plan as
     needed.

Jones Day can be reached at:

       Carl E. Black, Esq.
       JONES DAY
       North Point
       901 Lakeside Avenue
       Cleveland, OH 44114
       Tel: (216) 586-3939
       Fax: (216) 579-0212

                         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.


ALPHA NATURAL: Court Okays McKinsey RTS as Turnaround Advisor
-------------------------------------------------------------
Alpha Natural Resources, Inc. and its debtor-affiliates sought and
obtained permission from the Hon. Kevin R. Huennekens of the U.S.
Bankruptcy Court for the Eastern District of Virginia to employ
McKinsey Recovery & Transformation Services U.S., LLC ("McKinsey
RTS") as turnaround advisor, effective August 3, 2015 petition
date.

The Debtors anticipate that McKinsey RTS will provide a range of
necessary services related to the Business Plan. Such services
include the following:

  -- Market Outlook - Create a domestic and seaborne metallurgical

     and thermal coal market analysis including demand, supply and

     price scenarios (and North America coal basin perspective).
     Perform an assessment of the Debtors' competitive position.

  -- Business Plan - Develop/validate a fully integrated business
     plan for the current and future operating portfolio of the
     Debtors, including the estimated impact of performance
     improvement initiatives. It is anticipated that the business
     plan will include an outlook for key performance indicators,
     including production and sales tonnage, net realized price
     per ton, direct and indirect operating expenses, selling,
     general and administrative expenses, working capital, capital

     budget and debt capacity.

  -- Value Creation Plan - Develop a top-down value creation and
     performance improvement plan for the Debtors' current
     operating portfolio utilizing McKinsey RTS's industry and
     market expertise, proprietary operations databases and
     comprehensive benchmarking tools.

  -- Operations Footprint Assessment - Prepare a rapid footprint
     optimization assessment for the Debtors considering product
     demand and market outlook, cost positions and cost
     improvement potential, likely evolution of product quality,
     transport logistics and legacy costs.

  -- Pennsylvania Land Resources Holding Company, LLC Business
     Plan - Develop, along with the Debtors' management, a
     strategic assessment and business plan for PLR. Provide an
     assessment of PLR's configuration and development plans,
     prepare a strategic review of forecast operating costs and
     field performance and support evaluation of potential
     commercial and asset strategies.

  -- Constituent Management - Assist in development of supporting
     diligence materials and presentations for use in various
     stakeholder meetings, attend diligence sessions and working
     meetings with various stakeholders and constituents, and
     provide ad hoc support to the management team, including the
     development and preparation of analytics to be used in
     restructuring discussions.

  -- Other Restructuring Services - As appropriate, assist the
     Debtors with other restructuring matters as may be requested
     by the Debtors and that are mutually agreed upon between
     McKinsey RTS and the Debtors.

McKinsey RTS will be paid at these hourly rates:

       Practice Leader               $875-$1,050
       Senior Vice President         $675-$810
       Vice President                $525-$675
       Senior Associate              $435-$525
       Associate                     $375-$435
       Analyst                       $250-$350
       Paraprofessional              $200-$225

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

Pursuant to the Prepetition Agreement, on June 29, 2015, the
Debtors paid McKinsey RTS a $500,000 retainer in connection with
services to be performed by McKinsey RTS on or after such date. As
of the Petition Date, the Retainer balance was $500,000.

Kevin Carmody, practice leader of McKinsey RTS, 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.

McKinsey RTS can be reached at:

       Kevin Carmody
       MCKINSEY RECOVERY &
       TRANSFORMATION SERVICES U.S., LLC
       55 East 52nd Street, 21st Floor
       New York, NY 10022
       Tel: (212) 446-7000
       Fax: (212) 446-8575

                        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.


ALPHA NATURAL: Court Okays Rothschild as Financial Advisor
----------------------------------------------------------
Alpha Natural Resources, Inc. and its debtor-affiliates sought and
obtained permission from the Hon. Kevin R. Huennekens of the U.S.
Bankruptcy Court for the Eastern District of Virginia to employ
Rothschild Inc. as financial advisor and investment banker,
effective August 3, 2015 petition date.

The Debtors require Rothschild to:

   (a) identify and/or initiate potential Transactions;

   (b) review and analyze the Debtors' assets and the operating
       and financial strategies of the Debtors;

   (c) review and analyze the business plans and financial
       projections prepared by the Debtors including, but not
       limited to, testing assumptions and comparing those
       assumptions to historical company and industry trends;

   (d) evaluate the Debtors' debt capacity in light of their
       projected cash flows and assisting in the determination of
       an appropriate capital structure for the Debtors;

   (e) assist the Debtors and their other professional advisors in
       reviewing the terms of any proposed Transactions, in
       responding thereto and in evaluating alternative proposals
       for a Transaction;

   (f) determine, together with the Debtors and, if appropriate,
       the Debtors' other professional advisors, a range of values

       for the Debtors and any securities that the Debtors offer
       or propose to offer in connection with a Transaction;

   (g) together with, if appropriate, the Debtors' other
       professional advisors, advising the Debtors on the risks
       and benefits of considering a Transaction with respect to
       the Debtors' intermediate and long-term business prospects
       and strategic alternatives to maximize the business
       enterprise value of the Debtors;

   (h) assist the Debtors with the arranging, consummation and
       implementation of their proposed debtor-in-possession
       financing;

   (i) review and analyzing any proposals the Debtors receive from
       third parties in connection with a Transaction, including,
       without limitation, any proposals for post-petition
       financing, as appropriate;

   (j) assist or participate in negotiations with parties in
       interest, including, without limitation, any current or
       prospective creditors of, holders of equity interests in,
       or claimants against, the Debtors and/or their respective
       representatives in connection with a Transaction;

   (k) advise the Debtors with respect to, and attend, meetings of

       the Board of Directors of the Debtors, creditor groups,
       official constituencies and other interested parties, as
       necessary;

   (l) participate in hearings before the Court and provide
       relevant testimony with respect to the matters described in

       the Engagement Letter and issues arising in connection with

       any proposed chapter 11 plan; and

   (m) render such other financial advisory and investment banking
       services as may be agreed upon by Rothschild and the
       Debtors.

The Debtors will compensate Rothschild the following Fee and
Expense Structure:

   -- Monthly Fees: $225,000 per month.

   -- Completion Fee: $11,500,000, payable once, upon the earlier
      of (i) confirmation and effectiveness of a Plan or (ii) the
      closing of a Transaction, provided that Rothschild provided
      material services to the Debtors within the scope of
      services set forth in the Engagement Letter with respect to
      such Plan or Transaction.

   -- M&A Fee. A fee determined pursuant to Exhibit B to the
      Engagement Letter, payable if (i) the Debtors sell or
      acquire, directly or indirectly, through a credit bid or
      otherwise, assets or equity interests or any securities
      convertible into, or options, warrants or other rights to
      acquire, such equity interests, or otherwise consummates any

      merger, consolidation, sale or other business combination   
      transaction and (ii) Rothschild provides material services
      in connection with such M&A Transaction, which fee shall be
      payable at the closing of such M&A Transaction. For the
      avoidance of doubt, an M&A Transaction shall include,
      without limitation, any transaction described above that is
      effected pursuant to section 363 of the Bankruptcy Code, a
      Plan or otherwise. Notwithstanding the definition of M&A
      Transaction above, an M&A Transaction shall not include any
      sale of the assets listed on Exhibit C to the Engagement
      Letter that is not effected as part of a larger M&A
      Transaction involving the sale of other assets or equity
      interests of the Debtors.

   -- New Capital Fee: A fee equal to (i) 0.75% of the face amount

      of any senior secured debt raised, including, without
      limitation, any debtor-in-possession financing raised, (ii)
      2.0% of the face amount of any junior secured or senior or
      subordinated unsecured debt raised and (iii) 5.0% of any
      equity capital, capital convertible into equity or hybrid
      capital raised, including, without limitation, equity
      underlying any warrants, purchase rights or similar
      contingent equity securities. The New Capital Fee shall be
      payable upon the closing of the transaction by which the new

      capital is committed.

   -- Credits: Rothschild will credit against the Completion Fee:
      (i) 50% of any M&A Fees previously paid pursuant to a prior
      M&A Transaction; (ii) 50% of any New Capital Fees paid; and
      (iii) 50% of any Monthly Fees paid in excess of $1,350,000;
      provided that the sum of such credits shall not exceed the
      Completion Fee.

   -- Expense Reimbursement: Reimbursement of reasonable and
      documented expenses incurred in connection with the
      engagement, including reasonable and documented legal
      expenses, provided that Rothschild shall notify the Debtors
      if its counsel fees exceed an aggregate of $100,000.

Homer D. Parkhill, managing director of Rothschild, 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.

Rothschild can be reached at:

       Homer D. Parkhill
       ROTHSCHILD, INC.
       1251 Avenue of the Americas
       New York, NY 10020
       Tel: (212) 403-3677
       Fax: (212) 403-5454

                        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.


ALROSE ALLEGRIA: 3 Creditors Hold $9.3MM Unsecured, Priority Claims
-------------------------------------------------------------------
Alrose Allegria LLC filed with the U.S. Bankruptcy Court for the
Southern District of New York Schedule E disclosing that three
creditors hold a total of $9,355,517 unsecured priority claims.

A full-text copy of Schedule E is available at
http://bankrupt.com/misc/AlroseAllegria_44_SAL_E.pdf

The Debtor also filed:

   -- Schedule A - Real Property, full-text copy of which is
available at http://bankrupt.com/misc/AlroseAllegria_41_SAL_A.pdf

   -- Schedule B - Personal Property, full-text copy of which is
available at http://bankrupt.com/misc/AlroseAllegria_42_SAL_B.pdf

   -- Schedule D - Creditors Holding Secured Claim, full-text copy
of which is available at
http://bankrupt.com/misc/AlroseAllegria_43_SAL_D.pdf

   -- Schedule F - Creditors Holdings Unsecured non-Priority
Claims, full-text copy of which is available at
http://bankrupt.com/misc/AlroseAllegria_50_SAL_F.pdf

Alrose Allegria LLC sought Chapter 11 protection (Bankr. S.D.N.Y.
Case No. 15-11760) in Manhattan on July 2, 2015, estimating $10
million to $50 million in assets and $1 million to $10 million in
debt.  Allen Rosenberg, managing member of Alrose Allegria and
president of the Alrose Group, signed the bankruptcy petition.  The
Debtor tapped Richard J. Bernard, Esq., at Foley & Lardner LLP, in
New York, as counsel.

According to the docket, the Debtor's Chapter 11 plan and
disclosure statement are due Oct. 30, 2015.   The initial case
conference was set for Aug. 3, 2015.  

In July 2011, another unit of the Alrose Group, Alrose King David
LLC filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y.
Case No. 11-75361) in Brooklyn.  Alrose King David LLC was a
special entity established by the Alrose Group to own the 143-room,
beachfront hotel property called the Allegria Hotel & Spa in Long
Beach, Long Island.  Alrose King David won approval of its
reorganization plan in March 2012.


AMERICAN LIBERTY: Gets Final Approval to Obtain $100K Loan
----------------------------------------------------------
A federal judge approved a $100,000 financing to get American
Liberty Oil Company LP through bankruptcy.

Judge Stacey Jernigan of the U.S. Bankruptcy Court for the Northern
District of Texas gave final approval to the loan to be provided by
Climbing Tree Holdings LLC.

The bankruptcy judge earlier allowed the company to borrow an
initial $40,000 from the same lender, court filings show.

In exchange for the $100,000 loan, Climbing Tree will get a secured
claim and lien against the company's real property.  The lender is
also entitled to the protections of "good faith credit providers"
under Section 364 of the Bankruptcy Code, according to the order.

Judge Jernigan's order also authorized American Liberty to get
additional loan necessary to support its operations.

A copy of the court order is available without charge at
http://bankrupt.com/misc/AmericanLiberty_CTHLoanOrder.pdf

                      About American Liberty

American Liberty Oil Company, LP filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Tex. Case No. 15-32019) on May 6, 2015.  The
petition was signed by Wreno S. Wynne, Jr., as managing partner of
ALOC LLC.  The Debtor estimated assets of $10 million to $50
million and debts of $1 million to $10 million in its petition.
Quilling, Selander, Lownds, Winslett & Moser, P.C., serves as the
Debtor's counsel.  The case is assigned to Hon. Stacey G. Jernigan.


ARAMID ENTERTAINMENT: Okayed to Conduct Private UCC Foreclsoure Sal
-------------------------------------------------------------------
U.S. Bankruptcy Judge Sean H. Lane has granted the motion of Aramid
Entertainment Fund Limited to conduct a private Private Uniform
Commercial Code Foreclosure Sale.

The Debtors notified the U.S. Bankruptcy Court for the Southern
District of New York t that there has been no objections or other
responsive pleadings to the motion to conduct the sale.

The Debtors have entered into an asset purchase agreement to
monetize their security interests in most of the motion pictures
that were previously subject to the Seer transaction.  In
consideration for the transfer, delivery, assignment and conveyance
of the acquired assets, Content will pay $5,500,000 minus (i)
$768,827 allocated to the Guild APA and (ii) subject to adjustments
set forth in the APA, all cash received by the Obligors from the
Acquired Assets on or after Feb. 28, 2015.

                   About Aramid Entertainment

Aramid Entertainment Fund Limited has been engaged in the
businesses of providing short and medium term liquidity to
producers and distributors of film, television and other media and
entertainment content by way of loans and equity investments.

On May 7, 2014, Geoffrey Varga and Jess Shakespeare of Kinetic
Partners (Cayman) Limited were appointed under Cayman law as the
joint voluntary liquidators ("JVLs") of AEF and two affiliates.

On June 13, 2014, the JVLs authorized AEF and two affiliates to
file for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead
Case No. 14-11802) in Manhattan on June 13, 2014.

The Debtors have tapped James C. McCarroll, Esq., Jordan W. Siev,
Esq., Richard A. Robinson, Esq., and Michael J. Venditto, Esq. of
Reed Smith, LLP, in New York, as counsel and Kinetic Partners
(Cayman) Limited as crisis managers.

AEF estimated at least $100 million in assets and between $10
million to $50 million in liabilities.



ATLANTIC HYDROGEN: Enters Voluntary Bankruptcy in Canada
--------------------------------------------------------
Atlantic Hydrogen Inc. on Sept. 29 disclosed that it has filed for
voluntary bankruptcy pursuant to the Bankruptcy and Insolvency Act
(Canada).  Deloitte has been appointed trustee for the
proceedings.

The Board of Directors of AHI made the decision to file after they
determined it would be in the best interest of the company and its
stakeholders.  Consistent with proceedings of this nature, AHI's
directors have resigned and the employment of the management team
and employees has been discontinued.

"It's disappointing to take this step, but we think the employees
and many stakeholders of AHI have reason to be proud.  In 2004, AHI
was born out of a bold idea to create a revolutionary clean energy
technology.  While we were not able to take the idea all the way to
commercialization, many people did tremendous work along this
journey," said Bill Stanley, Chairman of the AHI Board of
Directors.  "We give our deepest thanks to our talented employees
who have stood by AHI through difficult times.  We wish them the
very best in their future pursuits."

"AHI still believes in the vast potential of the CarbonSaver
technology.  Although progress has continued, we haven't reached
the point of the technology being commercially viable, which has
limited our ability to attract additional funding," said Mr.
Stanley.  "That's why we feel this was the right thing to do."

The key focus of AHI's work has been to find an efficient,
non-polluting way to decarbonize natural gas to generate hydrogen
and carbon.

As part of the next steps, Deloitte will initiate a process to find
a buyer for the assets of the company.  The proceeds from the sale
will be used as outlined in the Bankruptcy and Insolvency Act.

Atlantic Hydrogen Inc. focuses on sustainable energy and GHG
reduction technologies.



BAHA MAR: Northshore Mainland Remains in Chap. 11
-------------------------------------------------
Judge Kevin Carey of the United States Bankruptcy Court for the
District of Delaware denied CCA Bahamas, Ltd. and Export-Import
Bank of China's motions to dismiss Northshore Mainland Services,
Inc.'s bankruptcy case but granted the creditors' motions to
dismiss the Chapter 11 cases of the remaining Debtors.

In a memorandum, Judge Carey explained,"the events leading up to
the bankruptcy filing clearly show the Debtors on the edge of a
financial precipice.  The Debtors preference for reconstructing
under the protections of the U.S. Bankruptcy Code is understandable
and entitled to some weight.  Chapter 11 of the U.S. Bankruptcy
Code, with all the stakeholders participating, 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, be in sound financial
footing, with appropriate treatment of creditors."  Judge Carey
admitted he is disappointed that the parties have so far been
unable to formulate a consensual exit strategy, whether that would
involve taking a plan to confirmation or providing for an agreed
dismissal as part of a consensual resolution of their disputes.

In conclusion, Judge Carey ordered that the dismissal of the
Chapter 11 cases and abstention under section 305(a) is in the best
interests of the Debtors and creditors of all the Chapter 11
Debtors, except Northshore.

                       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.


BEHAVIORAL SUPPORT: Amends Schedule F to Add 2 Creditors
--------------------------------------------------------
Behavioral Support Services, Inc., filed with the U.S. Bankruptcy
Court for the Middle District of Florida amended Schedule F of its
schedules of assets and liabilities to add two creditors to the
list.

According to the Debtor, its owes Emma Antonios an unliquidated
amount in relation to a libel/slander lawsuit and owes Sara Brady
Public Relations, Inc., $4,080 for unpaid public relations
services.

As reported by The Troubled Company Reporter on June 25, 2015, the
Debtor disclosed total assets of $13,969,705 and total liabilities
of $989,929.

The Debtor also filed amended Schedule B Personal Property.  Copies
of amended schedules are available for free at:

  http://bankrupt.com/misc/BehavioralSupport_56_ASALsummary.pdf
  http://bankrupt.com/misc/BehavioralSupport_58_amendedSAL_F.pdf
  http://bankrupt.com/misc/BehavioralSupport_69_amendedSAL_B.pdf
  http://bankrupt.com/misc/BehavioralSupport_76_amendedSAL_B.pdf

                     About Behavioral Support Services

Altamonte Springs, Florida-based Behavioral Support Services, Inc.,
is an operator of an out-patient mental health care facility.

The Company sought Chapter 11 protection (Bankr. M.D. Fla. Case No.
15-bk-04855) on June 2, 2015.

According to the docket, the Debtor's Chapter 11 plan and
disclosure statement are due Sept. 30, 2015.

The Debtor tapped Elizabeth A. Green, Esq., at Baker &
Hostetler LLP, as counsel.


BUNKERS INTERNATIONAL: Court OKs Joint Administration of Cases
--------------------------------------------------------------
The Hon. Cynthia C. Jackson of the U.S. Bankruptcy Court for the
Middle District of Florida ordered that the Chapter 11 case of
Bunkers International Corp., will be consolidated for procedural
purposes only and will be jointly administered with the cases of
Americas Bunkering, LLC, Atlantic Gulf Bunkering, LLC, and Dolphin
Marine Fuels, LLC.  The lead case for purposes of the joint
administration will be Bunkers International Corp. Case No.
6:15-bk-07397-CCJ (Bankr. M.D. Fla.).

As reported by The Troubled Company Reporter on Sept. 3, 2015, the
Debtor sought joint administration of its bankruptcy case with the
cases of its affiliates: Americas Bunkering, LLC (Case No.
6:15-bk-07400-CCJ); Atlantic Gulf Bunkering, LLC (Case No.
6:15-bk-07402-CCJ); and Dolphin Marine Fuels, LLC (Case No.
6:15-bk-07404-CCJ).

Bankruptcy Rule 1015(b) provides, in relevant part: "If a joint
petition or two or more petitions are pending in the same court
against a debtor and an affiliate, the court may order a joint
administration of the estates."

The Debtor asserts that joint administration of their Chapter 11
cases will expedite the administration of these cases and reduce
administrative expenses without prejudicing any creditor's
substantive rights.

The Debtor anticipates numerous notices, applications, and other
pleadings and motions in their cases.  Joint administration will
permit counsel for all parties-in-interest to include the Debtors'
respective cases in a single caption on the numerous documents that
will be filed and served in these cases.  Joint administration also
will enable parties-in- interest in each of the Chapter 11 cases to
be apprised of the various matters before the Court in all of these
cases, the Debtor tells the Court.

The rights of parties-in-interest will not be prejudiced by the
proposed joint administration of these cases, as each creditor may
still file its claim against a particular estate.

The Debtor has proposed that a docket entry be made in each of
their cases substantially as:

   "An order has been entered in this case for the joint
    administration of the chapter 11 bankruptcy cases of BUNKERS
    INTERNATIONAL CORP., Case No. 6:15-bk-07397-CCJ; AMERICAS
    BUNKERING, LLC (Case No. 6:15-bk-07400-CCJ); ATLANTIC
    GULF BUNKERING, LLC (Case No. 6:15-bk-07402-CCJ); and
    DOLPHIN MARINE FUELS, LLC (Case No. 6:15-bk-07404-CCJ)
    for procedural purposes only and providing for its joint
    administration in accordance with the terms thereof.  The
    Docket in Case No.: 6:15-bk-07397-CCJ should be consulted for
    all matters affecting the jointly-administered cases."

                   About Bunkers International

Bunkers International Corp. and three affiliates sought Chapter 11
bankruptcy protection (Bankr. M.D. Fla. Proposed Lead Case No.:
15-07397) on Aug. 28, 2015.  The petition was signed by John T.
Canal as president/CEO.  The Debtors estimated assets of $10
million to $50 million and liabilities of at least $10 million.
Latham, Shuker, Eden & Beaudine, LLP represents the Debtors as
counsel.

The Debtors offer trading services to ship owners, ship operators,
charterers, brokers, and traders through its global sales offices
located in Lake Mary, Florida, Singapore, South Africa, Greece, New
York, the UK, and Turkey.


CACHE INC.: Chapter 7 Conversion Sought by U.S. Trustee
-------------------------------------------------------
Andrew R. Vara, Acting United States Trustee for Region 3, asks the
U.S. Bankruptcy Court for the District of Delaware to convert
Cache, Inc. and its affiliated debtors' Chapter 11 cases to cases
under Chapter 7.

Mr. Vara relates that the wind-down budget provided by lender Salus
Capital Partners, while sufficient to pay professional fees, was
insufficient to fund the Debtors' pre-termination obligations under
its self-funded health insurance plan.  He further relates that 840
of the Debtors' former employees whose medical plan contributions
were withheld from their paychecks are facing responsibility for
medical bills that were covered under the Debtors' self-insured
medical plan.  Mr. Vara contends that the Debtors deducted medical
insurance payments from its employees' final paychecks and failed
to turn these insurance payments over to its insurance
administrator.  Mr. Vara tells the Court that the Debtors have
demonstrated that they cannot manage their own bankruptcy cases and
that their professionals, officers and lender cannot be depended
upon to hold, account for, and pay administrative expenses without
converting employee trust fund monies for the Debtors' own use.
For this reason, Mr. Vara asserts that the Court should immediately
convert the Debtors' cases to Chapter 7 cases.

                       Aetna Life Response

Aetna Life Insurance Company relates that although it does not take
any position on the U.S. Trustee's motion, it submits its response
to provide additional information to the Court regarding the lack
of funding with respect to the Debtors' employee welfare benefit
plan ("Benefit Plan").

According to Aetna, Cache provided certain medical, dental and
prescription drug benefits to its qualified full-time employees or
retirees and certain of their dependents under the Benefit Plan.
The Medical Benefits were self-insured by Cache and were not in the
nature of insured obligations of Aetna.

Aetna relates that pursuant to an Administrative Services Agreement
between Aetna and Cache, Aetna provided certain services with
respect to the administration of claims.  Aetna further relates
that its typical practice was to advance funds for approved Medical
Benefits and to request reimbursement from Cache and that the
requests were typically satisfied by same day wire transfer.  Aetna
adds that it held certain standing advances against Cache
obligations for Medical Benefits ("Seed Money") that Aetna could
apply to any outstanding balance if Cache failed to meet its
obligations to pay Medical Benefits.  The Services Agreement
included a provision that anticipated that, after termination,
Cache would continue to fund Plan benefits for "runoff claims"
("Runout Claims") incurred prior to the termination date but
received up to 12 months after termination (“Runout Period").

Aetna tells the Court that to date, it has advanced Medical
Benefits to Cache Plan Participants without reimbursement in a
total amount well in excess of the Seed Money it is holding. Aetna
further tells the Court that it has a substantial administrative
claim against Cache's estate.

Andrew R. Vara, Acting United States Trustee for Region 3, is
represented by:

          David L. Buchbinder, Esq.
          Hannah Mufson McCollum, Esq.
          J. Caleb Boggs Federal Building
          844 King Street, Suite 2207, Lockbox 35
          Wilmington, DE 19801
          Telephone: (302)573-6491
          Facsimile: (302)573-6497
        
Aetna Life Insurance Company is represented by:

          Katharine L. Mayer, Esq.
          Matthew Rifino, Esq.
          MCCARTER & ENGLISH, LLP
          405 N. King Street, 8th Floor
          Wilmington, DE 19801
          Telephone: (302)984-6300
          Facsimile: (302)984-6399
          E-mail: kmayer@mccarter.com
                 mrifino@mccarter.com

                  - and -

          Aaron McCollough, Esq.
          Patricia K. Smoots, Esq.
          MCGUIRE WOODS LLP
          77 W. Wacker Drive, Suite 4100
          Chicago, IL 60601
          Telephone: (312)849-8100
          E-mail: amccoullough@mcguirewoods.com
                  psmoots@mcguirewoods.com

                        About Cache, Inc.

Cache, Inc., operates 236 women's apparel specialty stores under
the trade name "Cache."  On Dec. 4, 2014, New York-based Cache
announced that it has received an inquiry from a third party
regarding a potential sale of the Company.

Cache, Inc., and its two affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No.15-10172) on Feb.
4, 2015.  The case is assigned to Judge Mary F. Walrath.

The Debtors are represented by Laura Davis Jones, Esq., Peter J.
Keane, Esq., and Colin R. Robinson, Esq., at Pachulski Stang
Ziehl& Jones LLP, in Wilmington, Delaware. The Debtors'
restructuring advisors is FTI Consulting Inc., while their
investment banker and financial advisor is Janney Montgomery Scott
LLC. Thompson Hine represents the Debtors in corporate and
securities matter, while Jackson Lewis P.C. represents the Debtors
in employment matters.

The Debtors' communications services provider is Epiq Systems,
Inc., while their noticing and claims management services provider
is Kurtzman Carson Consultants. A&G Realty Partners, LLC, serves
as
the Debtors' real estate consultants.

The Debtors had total assets of $53.7 million and total liabilities
of $51.1 million as of Sept. 27, 2014. In its schedules, the Debtor
disclosed $38,793,006 in assets and $84,113,066 in liabilities.

The U.S. Trustee for Region 3 has appointed seven members to the
Official Committee of Unsecured Creditors in the Debtors' case. The
Committee retained Bayard, P.A., as local Delaware counsel, and
Otterbourg P.C. as lead bankruptcy counsel.



CACHE INC: Opposes Ch. 7, Wants Structured Dismissal
----------------------------------------------------
Cache, Inc., and its affiliated debtors oppose efforts by the U.S.
Trustee to convert the Chapter 11 bankruptcy cases to Chapter 7
liquidation.

The Debtors tell the Court that over the course of the bankruptcy
case, they paid Aetna approximately $1.333 million under the health
plan.  They contend that the total payments to Aetna under the plan
were 4.5 times greater than the approximately $306,000 collected
from employees and former employees during that time. The Debtors
further contend that while they paid approximately $1.333 million
for employee health benefits, and prepared a post-petition
operating budget that anticipated employee health benefit expenses
consistent with prior experience (plus a cushion), they
unexpectedly received much higher claims than they had historically
encountered.  

The Debtors assert that they worked with the main constituents in
the case to reach a potential "structured dismissal" solution to
satisfy these claims, among other obligations.  The Debtors further
assert that they fully cooperated with the U.S. Trustee's factual
inquiry, and have been candid and forthright with the U.S. Trustee
about their desired plan of action and the need for more time to
gather information from affected employees.  The Debtors tell the
Court that without knowing the universe of unpaid claims
(information they have had difficulty obtaining), they are simply
unable to assess the magnitude of the problem and therefore cannot
correct it.

                     Great American Objection

Great American Group WF, LLC, tells the Court that the conversion
of these Chapter 11 cases at this time would be unfortunate and
potentially damaging even to the employees that the U.S. Trustee
seeks to protect.  While the U.S. Trustee's allegations are
serious, Great American believes that precipitous and irreversible
action in the form of conversion should not be taken until after
the employees have had until September 30, 2015 to submit their
claims, and interested parties (including the Debtors and Great
American) have had adequate time to evaluate the options, which may
include payment of those claims.

The Great American Group is represented by:

          Richard A. Robinson, Esq.
          REED SMITH LLP
          1201 N. Market Street, Suite 1500
          Wilmington, DE 19801
          Telephone: (302)778-7500
          Facsimile: (302)778-7575
          E-mail: rrobinson@reedsmith.com

The Debtors' attorneys can be reached at:

          Laura Davis Jones, Esq.
          David M. Bertenthal, Esq.
          Colin R. Robinson, Esq.
          PACHULSKI STANG ZIEHL & JONES LLP
          919 N. Market Street, 17th Floor
          Wilmington, DE 19801
          Telephone: (302)652-4100
          Facsimile: (302)652-4400
          E-mail: ljones@pszjlaw.com
                  dbertenthal@pszjlaw.com
                  crobinson@pszjlaw.com

                        About Cache, Inc.

Cache, Inc., operates 236 women's apparel specialty stores under
the trade name "Cache."  On Dec. 4, 2014, New York-based Cache
announced that it has received an inquiry from a third party
regarding a potential sale of the Company.

Cache, Inc., and its two affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No.15-10172) on Feb.
4, 2015.  The case is assigned to Judge Mary F. Walrath.

The Debtors are represented by Laura Davis Jones, Esq., Peter J.
Keane, Esq., and Colin R. Robinson, Esq., at Pachulski Stang
Ziehl& Jones LLP, in Wilmington, Delaware. The Debtors'
restructuring advisors is FTI Consulting Inc., while their
investment banker and financial advisor is Janney Montgomery Scott
LLC. Thompson Hine represents the Debtors in corporate and
securities matter, while Jackson Lewis P.C. represents the Debtors
in employment matters.

The Debtors' communications services provider is Epiq Systems,
Inc., while their noticing and claims management services provider
is Kurtzman Carson Consultants. A&G Realty Partners, LLC, serves
as
the Debtors' real estate consultants.

The Debtors had total assets of $53.7 million and total liabilities
of $51.1 million as of Sept. 27, 2014. In its schedules, the Debtor
disclosed $38,793,006 in assets and $84,113,066 in liabilities.

The U.S. Trustee for Region 3 has appointed seven members to the
Official Committee of Unsecured Creditors in the Debtors' case. The
Committee retained Bayard, P.A., as local Delaware counsel, and
Otterbourg P.C. as lead bankruptcy counsel.



CAESARS ENTERTAINMENT: Unit, Bondholders Gear Up for Trial
----------------------------------------------------------
Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,
reported that Caesars Entertainment Operating Co. and the
bondholders that sought to force it into bankruptcy are finally
ready to square off in court in a battle in which nearly $500
million is at stake.

According to the report, beginning Sept. 28, the U.S. Bankruptcy
Court in Chicago will preside over a trial over whether the casino
company was unable to pay its debts as they came due as of Jan. 12,
when a group of junior bondholders filed an involuntary chapter 11
petition against it in a Delaware court.

                  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: S&P Lowers CCR to 'BB-', Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Los Angeles-based exploration and production
company California Resources Corp. (CRC) to 'BB-' from 'BB+'.  The
outlook is negative.

At the same time, S&P lowered the rating on CRC's senior unsecured
debt to 'BB-' from 'BB', and revised the recovery rating to '3'
from '5'.  The '3' indicates expectations for meaningful recovery
(50% to 70%; upper half of range).  Finally, S&P lowered the
ratings on CRC's term loan and credit facility to 'BB+' from 'BBB'.
The '1' recovery rating on this debt is unchanged.

"The ratings downgrade reflects the application of our revised
price assumptions for crude oil and natural gas, and resulting
reassessment of the company's financial risk profile to 'highly
leveraged' from 'aggressive'," said Standard & Poor's credit
analyst Paul Harvey.

S&P now expects funds from operations (FFO)/debt to average between
7% to 10% and debt/EBITDAX to exceed 5x through 2016, with
improvement in 2017.

The ratings on CRC reflect S&P's assessment of the company's
"satisfactory" business risk profile, "highly leveraged" financial
risk profile, and "adequate" liquidity.  These assessments
incorporate S&P's expectation for high near-term debt leverage,
potential for debt repayment from asset monetizations, and adequate
liquidity.  Ratings also reflect the company's sizable scale of
operations; limited geographic diversity (limited to California,
albeit in four separate basins); oil-focused reserves and
production base; and participation in the capital-intensive and
very cyclical exploration and production (E&P) industry.

The negative outlook reflects the potential for a downgrade over
the next six to 12 months if S&P no longer expects the company's
financial performance to show material improvement beyond 2016.

S&P could lower the ratings if it expects FFO/debt to remain well
below 12% and debt/EBITDAX well above 5x beyond 2016, which would
most likely occur if the company fails to announce a definitive
transaction that will allow it to repay debt.  In addition,
weaker-than-expected operating performance or more
aggressive-than-expected capital spending could result in a
downgrade.

S&P could stabilize ratings if it expects debt/EBITDAX to trend
downward toward 5x and FFO/debt to improve to around 12%.  This
would most likely occur if CRC can reduce debt levels by monetizing
assets.



CAMBRIDGE ENDOSCOPIC: Has $3.1M Sale Deal With Lenders
------------------------------------------------------
Cambridge Endoscopic Devices, Inc., is selling substantially all of
its assets, including without limitation, (i) tangible property
(including machinery and tooling, fixtures, research equipment,
inventory), (ii) intellectual property, consisting chiefly of
patents and patent applications, and (iii) regulatory clearances,
to White Sand Beach LLC, as agent for CED's secured creditors, or
to such other entity that submits the highest and otherwise best
offer to acquired the assets.

The Proposed Sale is made pursuant to an Asset Purchase Agreement
between the Company and WSB, for a purchase price of $3,100,000.
Pursuant to Section 363 (f) of the Bankruptcy Code, the Assets will
be sold free and clear of liens, claims and encumbrances as set
forth in the APA.  A more detailed description of the Assets and
the terms and conditions of the proposed sale is contained in the
APA. Competing offers must comply with the procedures set forth in
the Sale Notice.  Competing bids for the Assets must be submitted
by Nov. 19, 2015 by 5:00pm EST.

Any party that is interested in submitting a bid to purchase the
Assets or any substantial portion thereof should contact John
Schulte, in order to obtain additional information about the Assets
and to arrange for execution and delivery to CED of a
confidentiality agreement pursuant to which such additional will be
provided.  To obtain a copy of the Sale Notice or APA please
contact CED's counsel, Michael Goldberg of Casner & Edwards, LLP,
(617) 426-5900, goldberg@casneredwards.com

Cambridge Endoscopic Devices, Inc. has developed and marketed a
line of disposable, hand held laparoscopic devices that have full 7
degrees of freedom tip articulation.  More than 30 issued patents
and additional applications cover this technology for laparoscopic
applications as well as other markets.  A complete due diligence
package is available to prospective bidders.

                    About Cambridge Endoscopic

Headquartered in Farmingham Massachusetts, Cambridge Endoscopic
Devices, Inc. -- http://www.cambridgeendo.com/-- is a medical
device company that designs, develops, and manufactures
articulating laparoscopic instruments.

Cambridge Endoscopic sought Chapter 11 protection (Bankr. D. Mass.
Case No. 15-41706) in Worcester, Massachusetts, on Sept. 3, 2015.
The case is assigned to Judge Melvin S. Hoffman.  The Debtor is
represented by Michael J. Goldberg, Esq., and David Koha, Esq., at
Casner & Edwars, LLP, in Boston.  The Debtor disclosed $3.1 million
in total assets and $17.2 million in debt.



CAMBRIDGE ENDOSCOPIC: Lenders Bid $3.1M for Assets
--------------------------------------------------
Patrick Fitzgerald, writing for Dow Jones' Daily Bankruptcy Review,
reported that Massachusetts-based medical device maker Cambridge
Endoscopic Devices Inc. has agreed to sell its assets to its
lenders for $3.1 million, subject to higher bids at a bankruptcy
auction.

According to the report, the company, which makes handheld surgical
devices, said on Sept. 29 that senior lenders led by White Sand
Beach LLC have agreed to serve as the stalking horse, or lead
bidder, for the company's equipment, intellectual property and
other assets.

Cambridge Endoscopic Devices Inc., a Framingham medical device
company, sought protection under Chapter 11 of the Bankruptcy Code
on Sept. 3, 2015 (Bankr. D. Mass. Case No. 15-41706).  The case is
assigned to Judge Melvin S. Hoffman.  The Debtor is represented by
Michael J. Goldberg, Esq., and David Koha, Esq., at Casner &
Edwards, LLP, in Boston, Massachusetts.


CONSTELLATION ENTERPRISES: Moody's Lowers CFR to 'Caa2'
-------------------------------------------------------
Moody's Investors Service downgraded Constellation Enterprises,
LLC's Corporate Family Rating to Caa2 from Caa1, Probability of
Default Rating to Caa2-PD from Caa1-PD, and the company's rating on
senior secured notes due 2016 to Caa2 from Caa1.  The rating
outlook is negative.

The rating action reflects substantial re-financing risk associated
with the company's upcoming debt maturities, a constrained
liquidity profile, and weak operating performance in a number of
its business segments owing to challenging end market demand
conditions, particularly in the oil & gas sector.  The rating
action reflects Moody's concerns about the company's ability to
refinance its debt without resorting to a transaction that Moody's
would consider a distressed exchange.  Constellation's $130 million
senior secured notes mature on
Feb. 1, 2016, its $22 million revolving credit facility expires on
January 28, 2016, and its $13 million term loan is due on Jan. 28,
2016.  The company's weak liquidity position is characterized by
low cash balances, negative free cash flow generation, and limited
availability under its $22 million ABL revolving credit facility.

The negative rating outlook reflects Moody's view of the company's
heightened refinancing risk.

These rating actions have been taken:

Issuer: Constellation Enterprises, LLC:

  Corporate Family Rating, downgraded to Caa2 from Caa1;
  Probability of Default Rating, downgraded to Caa2-PD from
    Caa1-PD;
  Rating on $130 million of 10.625% Senior Secured Notes due
    Feb. 2016, downgraded to Caa2 (LGD4) from Caa1 (LGD4);

Negative rating outlook.

RATINGS RATIONALE

The Caa2 CFR reflects Constellation's upcoming Q1 2016 debt
maturities and Moody's concerns about its ability to refinance in a
timely manner given the challenging end market conditions and the
company's weak liquidity profile.  The rating also reflects the
cyclicality of the company's businesses, which are primarily driven
by the demand for capital goods in the energy, transportation, and
industrial segments of the North American economy, and the
associated high degree of volatility of the company's revenues and
earnings.  The rating also reflects the company's small size and
relatively thin operating margins, geographic concentration,
relatively high debt leverage, and negative free cash flow.  The
CFR favorably considers significant barriers to entry provided by a
combination of short lead times, specialized equipment, high
freight costs and long-term customer relationships.

Moody's assesses Constellation's liquidity position as weak,
characterized by minimal cash balances and expectations for
negative free cash flow over the near term, and exacerbated by the
maturity of effectively all of the company's debt within the next
few months.  The company's liquidity is also constrained by its
significant reliance on the $22 million ABL facility, and thus it's
limited remaining availability.  Net of borrowings outstanding,
Moody's estimates revolver availability to be approximately $8
million.  Given the minimum liquidity covenant requirement of $5
million, the availability is effectively reduced to approximately
$3 million.  However, the company's recently established term loan
facility provides up to $6 million of additional availability.

Ratings could be lowered if the company fails to refinance its debt
and improve its liquidity profile over the next few months.

Given the upcoming debt maturities, a ratings upgrade is unlikely
in the near term.  However, over the long term, higher ratings
could be considered if the company maintains a sustainable capital
structure and healthy liquidity, generates positive free cash flow,
and demonstrates steady revenue growth, and margin stability.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

Constellation Enterprises, LLC, through its operating subsidiaries,
is a manufacturer of custom engineered metal components for various
end markets such as rail transportation, oil & gas, general
industrial, nuclear, aerospace, and small gas engine markets.  The
company's operating subsidiaries include Jorgensen Forge,
Commercial Metal Forming, Columbus Castings and Zero.
Constellation is owned by Protostar Partners LLC.  In the LTM
period ending June 30, 2015, the company generated approximately
$133 million in revenues and $227 million including the
discontinued operations of Columbus Castings.



COYNE INTERNATIONAL: G&K Services No Longer Member of Committee
---------------------------------------------------------------
Minnesota-based G&K Services Co. is no longer a member of Coyne
International Enterprises Corp.'s official committee of unsecured
creditors, according to a filing with the U.S. Bankruptcy Court for
the Northern District of New York.  

The remaining members of the committee are:

     (1) NYS Teamsters Conference
         Pension & Retirement Fund
         151 Northern Concourse
         Syracuse, NY 13212-4047
         Attn: Kenneth Stilwell, Executive Administrator
         Tel: (315) 455-4640

     (2) Central States, Southeast and Southwest
         Areas Pension fund
         9377 West Higgins Road
         Rosemont, IL 60018
         Attn: Brad Berliner, Associate General Counsel
         Tel: (847) 939-2478

The committee members were appointed on August 12 by the U.S.
Trustee for Region 2, which oversees the bankruptcy case of Coyne
International.

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 Coyne International

Coyne International Enterprises Corp. filed a Chapter 11 bankruptcy
petition (Bankr. N.D.N.Y. Case No. 15-31160) on
July 31, 2015.  The petition was signed by Mark Samson as CEO.  

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


DAIICHI CHUO: Chapter 15 Case Summary
-------------------------------------
Chapter 15 Petitioner: Masakazu Yakushiji

Chapter 15 Debtor: Daiichi Chuo Kisen Kaisha
                   14-4 Shintomi 2-chome
                   Chuo-ku, Tokyo, 104-8544
                   Japan

Chapter 15 Case No.: 15-12650

Type of Business: Shipping company

Chapter 15 Petition Date: September 29, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Michael E. Wiles

Chapter 15          Melanie McLaughlin Kotler, Esq.
Petitioner's        David A. Rosenzweig, Esq.
Counsel:            NORTON ROSE FULBRIGHT US LLP
                    666 Fifth Avenue
                    New York, NY 10103
                    Tel: 212-318-3000
                    Email: melanie.kotler@nortonrosefulbright.com
                         david.rosenzweig@nortonrosefulbright.com

                       - and -

                    Kristian W. Gluck, Esq.
                    Gregory M. Wilkes, Esq.
                    Timothy S. Springer, Esq.
                    NORTON ROSE FULBRIGHT US LLP
                    2200 Ross Avenue, Suite 3600
                    Dallas, Texas 75201-7932
                    Tel: (214) 855-8000
                    Fax: (214) 855-8200
                    Email:
                    kristian.gluck@nortonrosefulbright.com
                    greg.wilkes@nortonrosefulbright.com
                    tim.springer@nortonrosefulbright.com

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $100 million to $500 million


DAIICHI CHUO: Seeks U.S. Recognition of Japan Reorganization
------------------------------------------------------------
Japanese shipper Daiichi Chuo Kisen Kaisha is seeking U.S.
recognition of its civil rehabilitation proceeding under Japanese
law, currently pending as Case No. Heisei 27 (2015) (Sai) 53 before
the 20th Civil Division of the Tokyo District Court, Japan.

Masakazu Yakushiji, in his capacity as president and foreign
representative of Daiichi Chuo Kisen Kaisha, filed a petition under
Chapter 15 of the Bankruptcy Code in the U.S. Bankruptcy Court for
the Southern District of New York (Bankr. S.D.N.Y. Case No.
15-12650) on Sept. 29, 2015, "which would permit the Company the
breathing room necessary to develop and confirm a rehabilitation
plan that maximizes payments to its rehabilitation creditors."

The Japanese shipper filed for bankruptcy protection in Tokyo
amid a massive drop in cargo movements around the world impacted by
the global financial crisis that began in September 2008 with the
collapse of Lehman Brothers.  Daiichi Chuo intends to reorganize
its financial affairs and maximize recoveries for all
stakeholders.

The Company hasn't been able to post an operating profit from
fiscal year 2011.

"[I]t became difficult for the Petitioner, who mainly focuses its
business on transporting dry bulk using trampers ... to generate
profit as its revenue continued to decline due to the market's
prolonged stagnation, and the Petitioner has been stuck in the same
inextricable situation," according to papers filed with the Court.

David A. Rosenzweig, Esq., at Norton Rose Fulbright US LLP, counsel
for Mr. Yakushiji, said, "The downturn in the shipping  industry
greatly impacted Daiichi Chuo given that it relies heavily on
voyage charter vessels for a large percentage of its business."

Before the collapse of Lehman Brothers, the Company was working on
expanding its fleet by entering into many long-term time charter
agreements between ship owners that obligated it to pay a
substantial amount in charter fees.  As a result of high charter
fees and very low freight charges, Daiichi Chuo ended up in a
"backwardation" in which the charter fees exceeded its freight
revenue.

Mr. Rosenzweig added that factors such as the increase in debt
burden due to newly-built vessels, a lack of funding, the rise of
the Japanese yen and the rise of fuel prices contributed to the
Company's worsening cash-flow problems.

As early as 2009, the Debtor began terminating charter parties in
an attempt to reduce vessel expenses.

According to the Company's balance sheet as of June 30, 2015, it
has JPY 54,502,783,921 in assets and JPY 46,795,310,126 in
liabilities.

The consolidated operating results for the first quarter of fiscal
year 2015 were JPY 5,447,000,000 in operating loss and
JPY 5,663,000,000 yen in ordinary loss, and the Company presumed
that fiscal year 2015 will once again run a large deficit.

The Company said that due to factors such as China's deteriorating
economic conditions, it is unlikely that the dry bulk tramper
market will take a favorable turn.  Therefore, the Company
maintained there is a high risk of its financial condition
deteriorating and for it to fall into a state of asset deficiency.

The Petitioner has hired Norton Rose Fulbright US LLP as counsel.

As of Aug. 1, 2015, Daiichi Chuo had 224 employees; all but 26 are
located in Japan, and only three are located in the Company's New
York office.

The Company disclosed that it has 461 general creditors holding an
aggregate claim of JPY 6,434,884,040.

Star Bulk Carrier Co., S.A., its wholly owned subsidiary, also
commenced a civil rehabilitation proceedings in Japan.

                     Tokyo Court Issues TRO

The Tokyo Court issued on Sept. 29, 2015, a temporary restraining
order and an order appointing Katsuyuki Miyakawa, a Japanese
attorney, as Daiichi Chuo's supervisor.  Under the Tokyo Court
Orders, Daiichi Chuo cannot execute any agreement with any third
party, or initiate or pursue any legal proceeding, without the
consent of the Supervisor.

Under the current status of the Japan Proceeding, the Supervisor
does not have the powers to manage the assets of Daiichi Chuo.  As
a consequence, the current management of the Company remains in
place and is allowed to continue to operate its businesses as a
debtor-in-possession, subject to the limitations of the supervision
order.

Contemporaneously with the filing of the petition, the Company
seeks entry of a temporary restraining order in the U.S. staying
execution against the assets of Daiichi Chuo and applying Section
362 of the Bankruptcy Code in the Chapter 15 Case on a provisional
basis.  The Petitioner believes that an order staying the execution
against the assets of Daiichi Chuo and extending the protections
afforded by Section 362 is crucial to prevent irreparable injury to
the value of Daiichi Chuo's assets and to preserve the integrity of
the Company as a going concern.

A copy of the Petition for Recognition is available for free at:

        http://bankrupt.com/misc/2_DAIICHI_recognition.pdf



DYNAMIC PRECISION: S&P Affirms 'B' CCR, Outlook Stable
------------------------------------------------------
Standard & Poor's Rating Services said that it has affirmed all of
its ratings on Dynamic Precision Group Inc. (DPG), including S&P's
'B' corporate credit rating.  The outlook is stable.

"DPG's credit metrics deteriorated in the first half of 2015 --
despite our initial expectation that they would improve -- because
of acquisition and integration-related expenses, operational
issues, and the company's weak sales mix," said Standard & Poor's
credit analyst Christopher Denicolo.  "We expect the company's
metrics to improve somewhat in the second half of the year, with
its debt-to-EBITDA metric falling to 4.0x-4.5x and its funds from
operations (FFO)-to-debt ratio increasing to between 15% and 18%
from 5.7x and 11.5%, respectively, for the 12 months ended June 30,
2015."

Standard & Poor's Ratings Services' stable outlook on DPG reflects
that the company's revenues and earnings have been weaker than S&P
expected in the first half of 2015 because of reduced orders from
certain customers, operational issues at two of the company's
largest sites, and acquisition integration-related expenses.  S&P
expects DPG's credit metrics to improve gradually over its forecast
as the company benefits from new growth programs, contract
extensions, contributions from its recent acquisitions, and a
strong overall commercial aerospace market.

It is unlikely that S&P will lower its ratings on DPG over the next
year, but S&P could do so if there is a change in the company's
business dynamics, if the company engages in a debt-financed
acquisition, or if its debt-to-EBITDA metric increases to more than
7x and its EBITDA interest coverage metric declines to less than
1.5x, leading S&P to revise its assessment of DPG's liquidity to
"less than adequate" or "weak.

It is unlikely that S&P will raise its rating on DPG over the next
year, given the potential that the company may take on additional
debt to undertake acquisitions and/or dividends.  However, S&P
could raise the rating if it believes that the company's financial
sponsor owners would commit to maintain a debt-to-EBITDA metric of
less than 5x (including acquisitions) on an ongoing basis.



EL PASO CHILDREN'S: County Objects to Miller Buckfire Employment
----------------------------------------------------------------
El Paso County objects to El Paso Children's Hospital Corporation's
application to employ Miller Buckfire & Co., LLS, as investment
banker, complaining that the employment of Miller Buckfire serves
no useful purpose in the reorganization process.

As reported in the Troubled Company Reporter on Aug. 19, 2015,
Miller Buckfire has agreed to provide these services:

   (a) General Services. Miller Buckfire will familiarize itself
       with the business, operations, properties, financial
       condition and prospects of the Debtor, and advise and
       assist the Debtor in structuring and effecting the
       financial aspects of a restructuring, financing or sale
       transaction.

   (b) Restructuring Services. If the Debtors pursue a
       Restructuring, Miller Buckfire will assist in developing
       and seeking approval of the Debtor's Plan, assist in
       structuring any new securities to be issued under the Plan,
       participate or otherwise assist in negotiations with
       entities or groups affected by the Plan and participate in
       hearings before the Bankruptcy Court in connection with
       Miller Buckfire's other services, including related
       testimony, in coordination the Debtor's counsel.

   (c) Financing Services. If the Debtors pursue a Financing,
       Miller Buckfire will assist in structuring and effecting
       any Financing, identify and contact potential Investors and
       participate or otherwise assist in negotiations with
       Investors.

   (d) Sale and Joint Operation Transaction Services. If the
       Company pursues a Sale or Joint Operation Transaction,
       Miller Buckfire will assist with the Sale or Joint
       Operation Transaction, identify and contact potential
       acquirers or joint operators, and participate or otherwise
       assist in negotiations with acquirers or joint operators.

The Debtor has agreed to pay Miller Buckfire:

       -- Monthly Fee: $50,000;

       -- DIP Financing Fee: Upon a DIP Financing, 2% of gross
          Proceeds;

       -- Financing Fee: Upon a Financing, 2% of gross proceeds or

          $250,000, whichever is greater'

       -- Sale Fee: Upon a Sale, 1.5% of Aggregate Consideration
          or $250,000, whichever is greater;

       -- Joint Operation Transaction Fee: Upon a Joint Operation
          Transaction, $250,000;

       -- Crediting: 50% of the first six Monthly Fees paid will
          be credited against the Financing Fee, Sale Fee and
          Joint Operation Transaction Fee. 100% of the seventh and
          following Monthly Fees paid will be credited against the
          Financing Fee, Sale Fee and Joint Operation Transaction
          Fee;

       -- Multiple Fees: If a single transaction gives rise to
          more than one of the Financing Fee, Sale Fee and Joint
          Operation Transaction Fee, only the largest such fee
          will be due; and

       -- Expenses: The Debtor agrees to reimburse Miller Buckfire
          for the expenses incurred by Miller Buckfire in
          connection with the matters contemplated by the
          Engagement Letter, including reasonable fees,
          disbursements, and other charges of Miller Buckfire's
          counsel.

D. Kyle Herman, a director of Miller Buckfire, 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.

                 About El Paso Children's Hospital

El Paso Children's Hospital Corporation operates the El Paso
Children's Hospital, the only not-for-profit children's hospital
in the El Paso region.  The hospital opened its doors in February
2012, features 122 private pediatric rooms, and is located at the
campus of El Paso County Hospital District dba University Medical
Center of El Paso.

The Company sought Chapter 11 protection (Bankr. W.D. Tex. Case
No. 15-30784) on May 19, 2015.  The case is assigned to Judge H.
Christopher Mott, following disputes with UMC.  The Debtor tapped
Jackson Walker LLP as counsel.

The Debtor disclosed $34,907,119 in assets and $14,934,578 in
liabilities as of the Chapter 11 filing.

The Official Committee of Unsecured Creditors tapped to retain
Brinkman Portillo Ronk, APC as its counsel, and Singer & Levick
P.C. as its co-counsel.

Suzanne Koenig, the patient care ombudsman appointed in the case
tapped Greenberg Traurig LLP as his counsel.


EL PASO CHILDREN'S: Has Until Dec. 15 to Decide on UMC Lease
------------------------------------------------------------
The Hon. H. Christopher Mott of the U.S. Bankruptcy Court for the
Western District of Texas extended until Dec. 15, 2015, El Paso
Children's Hospital Corporation's time to assume or reject a
facility lease agreement with the University Medical Center of El
Paso, and other agreements between the Debtor and UMC that could
constitute an unexpired lease of nonresidential real property.

                 About El Paso Children's Hospital

El Paso Children's Hospital Corporation operates the El Paso
Children's Hospital, the only not-for-profit children's hospital
in the El Paso region.  The hospital opened its doors in February
2012, features 122 private pediatric rooms, and is located at the
campus of El Paso County Hospital District dba University Medical
Center of El Paso.

The Company sought Chapter 11 protection (Bankr. W.D. Tex. Case
No. 15-30784) on May 19, 2015.  The case is assigned to Judge H.
Christopher Mott, following disputes with UMC.  The Debtor tapped
Jackson Walker LLP as counsel.

The Debtor disclosed $34,907,119 in assets and $14,934,578 in
liabilities as of the Chapter 11 filing.

The Official Committee of Unsecured Creditors tapped to retain
Brinkman Portillo Ronk, APC as its counsel, and Singer & Levick
P.C. as its co-counsel.

Suzanne Koenig, the patient care ombudsman appointed in the case
tapped Greenberg Traurig LLP as his counsel.


EL PASO: U.S. Trustee Forms Five-Member Creditors' Committee
------------------------------------------------------------
Judy A. Robbins, U.S. Trustee for Region 7, appointed five members
to serve in the Official Committee of Unsecured Creditors in the
Chapter 11 case of El Paso Children's Hospital Corporation.

The Committee members are:

      1. Blood Systems, Inc.
         d/b/a United Blood Services
         d/b/a Bio Care
         Attn: Bhavi Shah
         6210 E. Oak Street
         Scottsdale, AZ 85257
         Tel: (480) 675-5653
         E-mail: bshah@bloodsystems.org

      2. GeneDX, Inc.
         Attn: Vaughn R. Klug
         207 Perry Parkway
         Gaithersburg, MD 20877
         (800) 229-5227, Ext 8286
         E-mail: vklug@bioreference.com

      3. MedAssets, Inc.
         Attn: Natalie Gray
         5543 Legacy Drive
         Plano, TX 75024
         Tel: (972) 813-2698
         E-mail: ngray@medassets.com

      4. Navigant Healthcare Cymetrix Corporation
         Attn: Monica Weed
         30 S. Wacker Dr., Suite 3550
         Chicago, IL 60606
         Tel: (312) 573-5603
         E-mail: monica.weed@navigant.com

      5. Nova Biomedical Corporation
         Attn: Suzy E. Rosov
         200 Prospect Street
         Waltham, MA 02454
         Tel: (781) 647-3700, Ext. 547
         E-mail: srosov@novabio.com

The Committee has sought Court authority to retain Singer & Levick
P.C. and Brinkman Portillo Ronk, APC as counsel.

                 About El Paso Children's Hospital

El Paso Children's Hospital Corporation operates the El Paso
Children's Hospital, the only not-for-profit children's hospital
in the El Paso region.  The hospital opened its doors in February
2012, features 122 private pediatric rooms, and is located at the
campus of El Paso County Hospital District dba University Medical
Center of El Paso.

The Company sought Chapter 11 protection (Bankr. W.D. Tex. Case
No. 15-30784) on May 19, 2015.  The case is assigned to Judge H.
Christopher Mott, following disputes with UMC.  The Debtor tapped
Jackson Walker LLP as counsel.

The Debtor disclosed $34,907,119 in assets and $14,934,578 in
liabilities as of the Chapter 11 filing.

The Official Committee of Unsecured Creditors tapped to retain
Brinkman Portillo Ronk, APC as its counsel, and Singer & Levick
P.C. as its co-counsel.

Suzanne Koenig, the patient care ombudsman appointed in the case
tapped Greenberg Traurig LLP as his counsel.


ENERGY FUTURE: Ballots, Plan Objections Due Oct. 23
---------------------------------------------------
Judge Christopher Sontchi on Sept. 22, 2015 entered an order
approving the disclosure statement explaining Energy Future
Holdings Corp., et al.'s Fifth Amended Joint Plan of
Reorganization, set a Nov. 3 hearing to consider confirmation of
the Plan, and approved procedures for soliciting votes on the Plan.
The judge set:

  -- Sept. 4, 2015, as the date for determining holders of claims
and interests entitled to receive solicitation procedures.

  -- Oct. 23, 2015, at 4:00 p.m. as the deadline to submit ballots;
and

  -- Oct. 23, 2015 at 4:00 p.m. as the deadline to submit written
objections to the Plan.

The hearing to consider confirmation of the Plan will commenced at
11:00 a.m. (Eastern Standard Time) on Nov. 3, 2015.

                      The Reorganization Plan

The Debtors' Plan of Reorganization, as amended, contemplates a
tax-free spinoff of Texas Competitive Electric Holdings Company LLC
(TCEH), and an injection of approximately $7 billion of equity
capital and approximately $5 billion of debt to finance a tax-free
merger of reorganized EFH Corp., which new capital would fund the
payoff of E-side claims.  In addition to enjoying broad support
among T-side creditors, the Plan contemplates payment in full of
all allowed E-side claims.  In connection with consummation of the
merger, Oncor would be restructured to permit the surviving company
to convert to a REIT.  

Under the Plan, Energy Future's 80% stake in Oncor Electric
Delivery Company LLC is to be taken over by a consortium of
investors, including an affiliate of Hunt Consolidated Inc.,
Anchorage Capital Group, Arrowgrass Capital Partners, BlackRock,
Centerbridge Partners, the Blackstone Group's GSO Capital Partners
LP, Avenue Capital Group and the Teacher Retirement System of
Texas.

The Debtors have sought and obtained approval of a Plan Support
Agreement.  The PSA is a key element of the comprehensive
settlement reached between the Debtors and the key TCEH creditors,
who are parties to the PSA.  The PSA may be terminated if the Plan
is not confirmed (at least orally) by Jan. 15, 2016.

On Aug. 10, 2015, the Debtors filed a motion to approve a
Settlement Agreement that includes a global settlement and release
of litigation claims.  The settlement removes the cloud of
potential litigation that has loomed over the Chapter 11 cases for
the past year and a half, and is a condition of confirmation of the
Plan.

On Sept. 21, the Debtors -- after negotiations with various
creditor groups and third parties regarding the Debtors' plan of
reorganization -- filed a fifth amended joint plan of
reorganization and a disclosure statement for the Fifth Amended
Plan.  The Plan superseded the fourth amended joint plan that were
filed by the Debtors on Sept. 18, 2015.

The September Disclosure Statement contains or discusses certain
projections of TCEH's financial performance for fiscal years 2015
through 2020 and certain projections of Oncor's financial
performance for fiscal years 2015 through 2022, which are the same
projections that were included in the August Disclosure Statement
that was filed on Aug. 10, 2015.

Copies of the Fifth Amended Plan and September Disclosure Statement
are available for free at:

                     http://is.gd/Tf4yAn
                     http://is.gd/3sCGNT

                 About Energy Future Holding Corp.

Energy Future Holdings Corp., formerly known as TXU Corp., is A
privately held diversified energy holding company with a Portfolio
of competitive and regulated energy businesses in Texas.

Oncor, an 80 percent-owned entity within the EFH group, is the
Largest regulated transmission and distribution utility in Texas.

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

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

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

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

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

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

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

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



ENERGY FUTURE: Hunt Seeks PUCT Approval for Sale of Oncor Stake
---------------------------------------------------------------
Hunt Consolidated, Inc. on Sept. 29 disclosed that its affiliates
have jointly filed an application along with Oncor Electric
Delivery Company L.L.C. (Oncor) to the Public Utility Commission of
Texas (PUCT).  This application seeks regulatory approval for the
sale of Energy Future Holdings' (EFH) current ownership stake in
Oncor as part of EFH's ongoing bankruptcy proceeding.  By statute,
the PUCT will have 180 days to review and take action on the
proposed transaction.

If approved, Hunt and its consortium of investors would acquire
EFH's current stake in Oncor and restructure it into a Real Estate
Investment Trust (REIT), and Hunt would assume full operational
control of Oncor by mid-2016.

"We believe our proposed plan represents the best path forward for
Oncor, its employees and the communities they serve," said Hunter
L. Hunt, co-chief executive officer for Hunt Consolidated, Inc.,
and chief executive officer of Hunt Consolidated Energy.  "We are
fully committed to working closely with the PUCT Commissioners and
their staff, as well as with all interested stakeholders, to ensure
our proposed transaction receives a thorough, open, and transparent
review over the next six months."

Under the plan filed on Sept. 29 with the PUCT, Oncor would be
split into two companies -- an asset company and an operating
company -- for the purposes of reorganizing it into a Real Estate
Investment Trust structure.

First, Hunt and its consortium of investors would acquire EFH's 80
percent stake in Oncor and restructure it into an asset company,
which would be a subsidiary of a REIT currently known as Ovation
Acquisition I, L.L.C. (Ovation).  This asset company would continue
to own the physical transmission and distribution assets currently
owned by Oncor, including substations, transmission and
distribution towers and poles, wire conductors, and other assorted
components and equipment.  The newly restructured asset company
would be owned by the consortium of investors and managed by Hunt.

Second, a new operating company would be created and would keep the
Oncor name, with its headquarters remaining in Oncor's existing
office in Dallas, Texas.  It would be responsible for the
day-to-day operation, maintenance, and construction of Oncor's
existing system. Oncor's existing management team, its employees,
and its operating assets would transfer to this operating company,
which would be owned and controlled by the Hunt family through
Shary Holdings, L.L.C., the same entity that owns Sharyland
Utilities (the Hunt family's other regulated electric utility in
Texas).

The newly restructured asset company would lease the transmission
and distribution assets to Oncor, who would operate the system on
the REIT's behalf.  Hunt has successfully operated this REIT
structure in the Texas electric utility market since December
2009.

Benefits of this proposed transaction include:

   -- Provides a quicker and more efficient solution to EFH's
      current bankruptcy proceedings.

   -- Ensures that operational control of Oncor remains in Dallas,

      Texas, where it belongs.

   -- Plans to keep Oncor's existing management and personnel in
      place.

   -- Commits there would be no change in rates or service for
      Oncor customers due to this transaction.

   -- Maintains Oncor's current plan with a renewed commitment for

      capital investment.

   -- Maintains a "ring fence" around Oncor.

   -- Significantly reduces debt currently located above Oncor.

   -- Provides benefits of having both a privately-held operator
      and greater access to various forms of capital.

Would be implemented under the current statutory and regulatory
framework within Texas, where all interested stakeholders would be
able to participate in an open and transparent review.

This application was filed under PUCT Docket No. 45188, Joint
Report and Application of Oncor Electric Deliver Company, L.L.C.,
Ovation Acquisition I, L.L.C., Ovation Acquisition II, L.L.C., and
Shary Holdings, L.L.C. for Regulatory Approvals Pursuant to PURA
14.101, 37.154, 39.262(l)-(m), and 39.915.

                About Hunt Consolidated, Inc. (HCI)

Hunt Consolidated, Inc. -- http://www.huntconsolidated.com-- is a
diversified holding company for a privately-owned group of entities
based in Dallas, Texas, and managed by the Ray L. Hunt family.
These entities are engaged in oil and gas exploration and
production, refining, power, real estate, ranching and private
equity investments.  Hunt Consolidated Energy, a subsidiary of HCI,
is the holding company for HCI's energy activities.  Ray L. Hunt is
Executive Chairman of HCI, and Hunter L. Hunt and Chris Kleinert
each serve as co-CEO of HCI.

                About Consortium of Investors

In addition to Hunt, the consortium members include current
creditors of EFH and its subsidiaries who are investing more than
$7 billion of additional equity as part of the transaction.
Additional members of the consortium include Anchorage Capital
Group, L.L.C., Arrowgrass Capital Partners, Avenue Capital Group,
BlackRock, Centerbridge Partners, L.P., GSO Capital Partners, L.P.,
and the Teacher Retirement System of Texas.

               About Energy Future Holding Corp.

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a Portfolio
of competitive and regulated energy businesses in Texas.  Oncor, an
80 percent-owned entity within the EFH group, is the Largest
regulated transmission and distribution utility in Texas.  The
Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

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

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

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

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

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

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

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



ENERGY OILFIELD: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Energy Oilfield Services LLC
        15425 North Freeway, Ste 140
        Houston, TX 77090

Case No.: 15-35003

Chapter 11 Petition Date: September 25, 2015

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

Judge: Hon. Letitia Z. Paul

Debtor's Counsel: Reese W Baker, Esq.
                  BAKER & ASSOCIATES
                  5151 Katy Freeway, Ste 200
                  Houston, TX 77007
                  Tel: 713-869-9200
                  Fax: 713-869-9100
                  Email: courtdocs@bakerassociates.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Carl T. Mitchell, president.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
PlainsCapital Bank                      Loan           $1,581,017

PlainsCapital Bank                  Line of Credit     $1,081,439

PlainsCapital Bank                      Loan             $195,725

Fluid Systems Inc.                  Unsecured Debt       $174,389

Dynamic Oilfield Services           Unsecured Debt       $163,452

Rig Site Rental                     Unsecured Debt       $156,371

D&D Power                           Unsecured Debt       $123,136

Kubco Decanter Services Inc         Unsecured Debt       $119,166

Genesis Services Inc                Unsecured Debt       $117,806

Kirby-Smith                         Unsecured Debt        $61,761

Chris Burns Welding                 Unsecured Debt        $57,619

McAnear Machinery                   Unsecured Debt        $46,633

Mays Welding Service Inc.           Unsecured Debt        $40,670

Lightning Oilfield Services         Unsecured Debt        $30,653

BCR Services, LLC                   Unsecured Debt        $30,420

Advanced Solids Control LLC         Unsecured Debt        $23,923

GreySun Rental Services             Unsecured Debt        $21,495

CenTex Centrifuge Rentals           Unsecured Debt        $20,651

Ford Credit                             Loan              $32,971

Screen Logix                        Unsecured Debt        $18,683


ENERGY TRANSFER: Fitch Puts 'BB' Ratings on Watch Positive
----------------------------------------------------------
Fitch Ratings has placed Energy Transfer Equity, LP's (ETE) ratings
on Rating Watch Positive following the announcement that it would
merge with Williams Companies (WMB; 'BBB-', Rating Watch Negative)
in a $37.7 billion transaction including the assumption of $4.2
billion of WMB debt. The transaction is expected to be funded by a
combination of $6.05 billion in cash, generated from a new debt
offering, and equity in a newly created up-C corporation Energy
Transfer Corp LP (ETC). The transaction is expected to close in the
first half of 2016, subject to WMB stockholder vote and receipt of
regulatory approvals; no ETE unitholder vote is required.

Fitch believes the merger of WMB is positive for ETE. It should
benefit from the acquisition of WMB and its controlling ownership
interest in Williams Partners, LP (WPZ; 'BBB', /Rating Watch
Negative) and WPZ's operating pipelines. The combined ETE/WMB group
of companies will become the largest energy infrastructure group in
the U.S. It will have a significant amount of geographic diversity,
as well as, an advantageous focus on the Northeastern U.S. where
there is significant demand for midstream service solutions. The
combined family should create greater scale and cash flow diversity
including increased cash flows from higher rated subsidiaries up to
ETE.

From an operational standpoint, Fitch believes WMB's and WPZ's
addition to the ETE family of partnerships will have many strategic
positives. Generally, bigger is better in the master limited space
(MLP) space and the size, scale, and geographic and business line
diversity that a combination of WMB with the ETE family would
create could provide a significant opportunity for benefits on
projects and existing assets from all the affiliated entities, as
well as operational and financial synergies.

From a financial perspective, Fitch expects ETE's cash flow to
diversify and increase, as WPZ limited partner and general partner
incentive distributions will become the largest provider of cash
flow to ETE. WPZ is expected to make up roughly 54% of ETE's cash
flow in 2015 pro forma for the transaction. Absent the transaction,
Energy Transfer Partners, LP (ETP; 'BBB-'/Stable Outlook), a
lower-rated entity compared to WPZ, was expected to make up 74% of
ETE's cash flows. This shift should provide modest credit uplift to
ETE's credit profile provided WPZ continues to be managed to 'BBB'
business risk profile and credit metrics. Pro forma for the
transaction, management expects 2015 cash distributions from
subsidiaries of roughly $3.9 billion, which has the potential to
grow significantly through 2018 as WMB, ETP, Sunoco Logistics, LP
(SXL; 'BBB'/Stable Outlook) and Sunoco, LP (SUN; 'BB'/Stable
Outlook) all work through heavy growth-capital spending backlogs.
Management also expects to achieve a fair amount of synergies from
the transaction.

The resolution of the Rating Watch will be determined at or near
merger closing. The expected ratings action will ultimately be
determined by the credit profiles of ETE's underlying operating
partnerships, capital funding and distribution plans at the
partnerships and at ETE, and cash flow expectations at ETE in
support of its leverage. Fitch would expect ETE to strive to
maintain or improve current ratings profiles at each of its
operating subsidiary partnerships and to reduce stand-alone parent
company leverage in order to achieve a positive rating action. WMB
is expected to become a co-obligor on ETE's notes and ETE is
expected to become a co-obligor on WMB's notes at merger close.
Fitch would equalize the ratings of WMB and ETE upon merger close.


KEY RATING DRIVERS

Increased Scale and Diversity: Recent mergers and growth projects
at and among ETE's subsidiaries have resulted in a larger, more
diversified, and generally stronger family of Energy Transfer
companies. Pro-forma for the WMB merger the Energy Transfer group
is expected to become the largest energy infrastructure company
which should offer increased advantages of scale and the potential
for a fair amount of synergy savings. Additionally, on a
consolidated basis, the percentage of contractually supported
fee-based margins has gradually increased and will continue to rise
pro-forma for the WMB merger as WPZ's gross margin profile is over
80% fixed fee. ETE should benefit from the slightly improved credit
profile of its subsidiaries though it remains structurally
subordinate to a significant amount of subsidiary debt. Pro-forma
for the merger with WMB, the percentage of cash flows up to ETE
from its underlying subsidiaries coming from BBB rated entities is
expected to increase, with WPZ (BBB/ RWN) expected to become the
largest provider of cash distributions up to the combined ETE/WMB.

Continued Growth at Partnerships: Cash flow up to ETE is expected
to grow significantly over the next several years as it
partnerships work through large organic capital spending backlogs.
Current board approved projects at the ETE family of partnerships
and the WMB family is over $50 billion. These projects are largely
contracted for and should provide solid returns even in the current
commodity price environment, which should drive increased
distributions up to ETE.

Leverage Metrics Expected to Improve: ETE's adjusted debt-EBITDA,
which measures ETE parent company debt against distributions it
receives from its affiliates less ETE specific general and
administrative expenses, was 4.3x at the end of 2014. Standalone
leverage at ETE is expected to be maintained in the 3.0x to 4.0x
range pro-forma for the acquisition for 2016, but improve to below
3.0x in 2017. Fitch had previously listed that a material weakening
in leverage metrics beyond 4.5x could result in a negative rating
action and continues to believe this to be appropriate. However,
with the increased percentage of cash flow received by ETE coming
from higher rated entities Fitch believes that expectations for
sustained leverage on a standalone below 3.0x would be catalyst for
a positive rating action provided more than 50% of cash
distributions are coming from subsidiaries rated 'BBB' or better.
Fitch has typically maintained a 0-to-2 notch difference in IDRs
between parent and subsidiaries MLPs in cases where subsidiaries
MLPs have had stronger credit profiles than their ultimate parent
company.

KEY ASSUMPTIONS

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

-- WTI oil price that trends up from $50/barrel in 2015 to
    $60/barrel in 2016 and a long-term price of $75/barrel; and
    Henry Hub gas that trends up from $3/mcf in 2015 to $3.25/mcf
    in 2016 and a long-term price of $4.50/mcf consistent with
    Fitch's published Base Case commodity price deck;
-- Moderate revenue growth on existing assets at subsidiaries;
-- Distribution growth at subsidiaries based on public guidance;
-- Balanced funding of projected growth capital spending at
    subsidiaries with both debt and equity funding of growth
    capital spending and acquisitions aimed at maintain leverage
    and coverage metric profiles consistent with current ratings.

RATING SENSITIVITIES

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

-- ETE parent company debt to EBITDA maintained below 3.0x
    provided the majority of distributions up from subsidiaries
    are coming from 'BBB' rated subsidiaries;
-- Improving credit profiles at underlying partnerships.

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

-- Increasing ETE parent company leverage above 4.5x;
-- Weakening credit profiles or negative ratings actions at
    underlying partnerships. Fitch would seek to maintain a one to

    two notch separation between ETE and the entities providing
    the majority of the cash needed to support ETE's structurally
    subordinated debt.

LIQUIDITY

Liquidity is Adequate: ETE has access to a $1.5 billion secured
revolving credit facility that matures in December 2018. ETE's
operating affiliates have significant operating flexibility with
adequate liquidity and the ability to fund their planned growth
with capital market transactions. Potential uses of the revolver
include: funding stock buybacks, future acquisitions, and to
initiate organic growth projects not financed at the MLPs. Pro
forma for the transaction maturities remain highly manageable with
the combined ETE/WMB having no significant debt maturities until
2018. Approximately $230 million was drawn under ETE's revolver as
of June 30, 2014 leaving $1.27 billion in availability. The
revolver capacity was increased to $1.5 billion (from $1.2 billion)
in February 2015.

The ETE revolver and term loans have two financial covenants: a
maximum leverage ratio of 6.0x to 1.0x; 7.0x to 1.0x during a
specified acquisition period and fixed charge coverage ratio of
1.5x to 1.0x. ETE notes, term loan and credit facility are secured
by a first priority interest in all tangible and intangible assets
of ETE, including its ownership interests in ETP. ETE was in
compliance with all of its covenants as of June 30, 2015. Pro-forma
for the transaction ETE is expected to be well within compliance of
its covenants.

FULL LIST OF RATING ACTIONS

Fitch has placed the following ratings on Rating Watch Positive:

Energy Transfer Equity, L.P.

-- Issuer Default Rating (IDR) at 'BB';
-- Secured senior notes at BB+';
-- Secured term loan at 'BB+';
-- Secured revolving credit facility at 'BB+'.



ENERGY TRANSFER: S&P Affirms 'BB' CCR, Placed on CreditWatch Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB'
corporate credit rating and other ratings on U.S. midstream energy
master limited partnership (MLP) Energy Transfer Equity L.P. (ETE)
and placed them on CreditWatch with positive implications after the
company announced an agreement to purchase The Williams Cos. Inc.
(WMB) for $38 billion.  The '4' recovery rating on the senior
secured debt is unchanged (the '4' indicates "average" recovery
[30% to 50%; higher end of the range] if a default occurs).

S&P also affirmed its ratings on WMB, Williams Partners L.P. (WPZ),
Northwest Pipeline LLC, and Transcontinental Gas Pipe Line Co. LLC
and removed the ratings from CreditWatch with developing
implications, where S&P placed them on June 22, 2015.  S&P is
revising the recovery rating on WMB to '4' from '3'.  The outlook
on the ratings is stable.

The ratings action reflects S&P's expectation that the pro forma
weighted average stand-alone credit profile (SACP) of distributions
received from ETE's MLPs improves to 'bbb' from 'bbb-'.  S&P
expects to raise ETE's corporate credit rating to 'BB+' and
maintain the two-notch downward revision from the revised SACP at
close.  The ratings difference between ETE and the underlying
entities reflects the structural subordination of ETE's debt
relative to the underlying cash flows, and takes into consideration
S&P's views on the underlying cash flow stability of ETE's
subsidiaries, the risk of distributions being halted, and the level
of debt at ETE itself.

Several credit factors influence ETE's corporate credit rating.
S&P's assessment of ETE's cash flow diversity remains positive.  In
S&P's view, the combination adds impressive scale and diversity to
the Energy Transfer franchise.  WPZ's assets more than double
gathering and processing throughput and increase natural gas
pipeline mileage to 104,000.  In S&P's view, the pro forma
footprint allows for many organic growth opportunities,
particularly related to the buildout of liquids infrastructure in
the Northeast and potential expansions of the Transcontinental,
Northwest, and Transwestern pipelines.  ETE's assets will continue
to consist solely of its general partner and limited partner
interests.  In S&P's view, it do not consider the default
characteristics of the underlying MLPs and the Lake Charles LNG
regasification facility in Louisiana to be highly correlated.  WPZ
mainly focuses on gathering and processing and olefins production,
Energy Transfer Partners L.P. (ETP) on natural gas and natural gas
liquids infrastructure, Sunoco Logistics Partners L.P. on crude
oil-based transportation, and Sunoco L.P. on wholesale and retail
motor fuel distribution.

"We expect to resolve the positive CreditWatch listing of ETE when
the transaction closes in the first half of 2016.  At closing, we
would expect to raise the rating on ETE one notch to 'BB+'," said
Standard & Poor's credit analyst Nora Pickens.

S&P's outlook on WMB's rating is stable, reflecting S&P's
expectation that it will successfully be merged with ETE and
maintain corporate credit ratings in line with ETE

The stable rating outlook on WPZ and its wholly owned subsidiaries
reflect S&P's view that the company will maintain adequate
liquidity, fund its sizable organic spending program in a
disciplined manner, and have total debt to EBITDA in the upper 4x
area at year-end.  S&P expects the company's leverage to improve to
the low-4x area by 2016 as the company issues equity as appropriate
to fund its growth initiatives and it realizes EBITDA from its
growing joint ventures and various fee-based organic projects.



FAIRWAY GROUP: Moody's Lowers CFR to Caa1, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded Fairway Group Acquisition
Company's Corporate Family Rating to Caa1 from B3.  Moody's also
downgraded the rating for Fairway's $268 million senior secured
term loan and $40 million senior secured revolving credit facility
to Caa1 from B2.  Additionally, Moody's lowered Fairway's
speculative grade liquidity rating to SGL- 4 from SGL-2.  The
outlook is negative.  The Probability of Default Rating was
affirmed at Caa1-PD.

"Fairway's operating performance and liquidity have deteriorated to
well below our expectations as competitive store openings and
increased promotional activity have resulted in lower profits and
declining same store sales," Moody's Senior Analyst Mickey Chadha
stated.  "At the current levels of profitability and free cash
flow, the company's current highly leveraged capital structure is
unsustainable and we anticipate that the company will need some
form of covenant relief in the next 12 months", Chadha further
stated.

RATINGS RATIONALE

The Caa1 Corporate Family Rating reflects Fairway's continued weak
operating results, small scale, weak liquidity, geographic
concentration, weak credit metrics, and Moody's expectation that
cash flow and profitability will continue to be strained as same
store sales continue to decline and competitive pricing pressures
continue.  Fairway's operations are highly concentrated
geographically and the combination of small scale and close
proximity of its stores increase vulnerability to competitive
openings.  For example the Whole Foods store opening on the Upper
East Side of Manhattan took market share from the company's
flagship Upper East Side location.  The company has also had to
scale back on its aggressive expansion plans partially due to
declining profitability and free cash flow Moody's believes store
growth will be limited to one to two stores a year with new stores
having a smaller footprint with less SKU's.  In the past new store
openings have also resulted in cannibalizing sales from older
stores, negatively impacting same store sales. Fairway's capital
structure remains highly leveraged.  Moody's estimates debt to
EBITDA (with Moody's standard adjustments) to be over 10.0 times.
We expect credit metrics to improve only modestly in the next 12
months as new stores mature and increase their EBITDA contribution
and management initiatives start to bear fruit.  However, this
improvement will be partially offset by margin pressure due to
increased competition and promotional activity.  Ratings also
reflect Fairway's good market presence, attractive market niche,
name recognition and strong brand equity.

The two notch downgrade in the company's senior secured debt rating
is due to Moody's use of a 50% recovery rate in its Loss Given
Default Model as opposed to a 65% recovery rate previously used
given its all bank debt capital structure.  The lower recovery rate
is based on the lower estimated valuation of the company as its top
line and profitability growth has slowed considerably and is much
lower than previously expected.  Despite Moody's expectation of
modest improvement in the next 12 months, EBITDA will still be
significantly lower than Moody's original expectations.

These ratings are downgraded:

  Corporate Family Rating at Caa1 from B3
  $40 million senior secured revolving credit facility maturing
   2017 at Caa1 (LGD3) from B2 (LGD2)
  $268 million senior secured term loan maturing 2018 at Caa1
   (LGD3) from B2 (LGD2)

This rating is lowered:

  Speculative Grade Liquidity rating at SGL-4 from SGL-2

This rating is affirmed:

  Probability of default rating at Caa1-PD

The negative rating outlook reflects Moody's expectation that the
company's profitability and top-line will continue to be pressured
and that absent any improvement in operating performance the
company will most likely need to issue equity or get some type of
relief from its lenders to avoid covenant violations in the next 12
months.

Ratings could be upgraded if the company's liquidity profile
improves such that it is adequate, financial policies remain benign
and same store sales growth is positive.  Quantitatively ratings
could be upgraded if the company demonstrates the ability to
achieve and maintain debt/EBITDA below 7.0 times and maintain
EBIT/interest above 1.0 time.

Ratings could be downgraded if liquidity deteriorates, financial
policies become aggressive or the company is unable to improve its
operating performance and avoid covenant violations.  Ratings could
also be downgraded if debt/EBITDA and EBIT/interest does not
demonstrate a sustained improvement from current level.

Fairway is a publicly traded grocery store operator with 15 grocery
stores and 4 wine stores in New York, New Jersey and Connecticut.
Sterling Investment Partners owns about 48% of the company.
Revenues totaled $793 million for the LTM period ending June 28,
2015.

The principal methodology used in these ratings was the Global
Retail Industry published in June 2011.



FIRST QUANTUM: Moody's Lowers CFR to B2, Outlook Negative
---------------------------------------------------------
Moody's Investors Service has downgraded by one notch the corporate
family rating and the probability of default rating (PDR) of First
Quantum Minerals Ltd (FQM) to B2 and B2-PD, respectively.
Concurrently, the rating agency has downgraded the ratings on all
of the senior unsecured notes issued by FQM to B3 from B2.  The
outlook on all ratings is negative.

"Our downgrade of First Quantum Minerals to B2 reflects the
deterioration in the company's financial profile and our
expectation that their credit metrics are unlikely to realign by
the end of 2016 to levels commensurate with a B1 rating,
particularly with continuing concerns over the knock on impact of
lower copper and nickel prices, which are unlikely to change, on
the business", said Douglas Rowlings, Moody's Analyst and local
market analyst for FQM.

RATINGS RATIONALE

Under the rating agency's revised base metal price assumptions and
factoring in FQM's locked in prices for production, Moody's does
not expect that these credit metrics will realign with a B1 rating
by the end of 2016.  On Sept. 10, 2015, Moody's revised its 2016
base price assumptions for copper to $2.35/lb from $3/lb and nickel
to $4.8/lb from $6.25/lb.  Capital expenditure at FQM's Cobre
Panama project will continue to weigh on free cash flow generation
and FQM's ability to reduce debt levels.

At the same time the B2 CFR also factors in the material production
exposure that FQM has to Zambia through its mines in the country.
Moody's downgraded Zambia to B2 with a stable outlook, from B1 with
a negative outlook on Sept. 25, 2015. Moody's is unlikely to rate
FQM higher than Zambia's sovereign rating, for now, because of its
heavy reliance on mining operations in the country and the strong
link between operating performance and government policy.  FQM's
two Zambian mines, Kansanshi and Sentinel, are expected to generate
in the region of 50% of total cash flow until the Cobre Panama mine
in Panama (Baa2 stable) reaches full production levels in 2018.

Despite these challenges, FQM's credit profile continues to benefit
from a number of operational risk mitigants.  The company has a
natural hedge against a low copper price through its low C1 cash
cost that Moody's expects will be close to lower end of 2015
guidance of $1.25-1.4/lb, which compares favorably with its copper
mining peers on the global industry cost curve with an average of
around $1.5/lb.  The company also has a strong demonstrated track
record of finding buyers for the production it supplies to the
market.  The Zambian government has already implemented a number of
proactive measures to shore up electricity, which include adding
power from alternative sources, along with accelerating start dates
for new power generation capacity.  This will add to grid supply
and electricity distribution to FQM's Kansanshi and Sentinel
mines.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook factors in the near-term challenges that the
FQM's credit profile will continue to face.  These include (1)
continued electricity supply uncertainty in Zambia and the impact
on FQM's production levels and costs should electricity tariffs
increase; (2) a weak base metal price environment where under
Moody's stress price assessment of a copper price at $2.2/lb and a
nickel price of $4.4/lb, FQM's B2 rating would come under pressure;
and (3) uncertainty surrounding the ability to meet the 4.5x net
debt/EBITDA bank covenant target in second half of 2016, where
Moody's assessment of FQM's ability to meet funding needs remains
reliant upon availability under its $3 billion senior revolving
credit facility.

A stable outlook could be considered once there is greater
certainty around (1) FQM's ability to prospectively meet bank
facility covenants in the second half of 2016; (2) sufficient
electricity supply to both Kansanshi and Sentinel mines in Zambia
with no meaningful impact on costs if electricity tariffs were to
be increased; and (3) realignment of operations and capital
expenditure spend to protect against a volatile low copper and
nickel price environment.

WHAT COULD CHANGE THE RATING -- UP/DOWN

FQM's rating could be downgraded to B3 if it appeared likely that
the debt to EBITDA ratio above 5x and EBIT to interest ratio below
2x would be sustained over the next 12 to 18 months and should
liquidity contract.

An upgrade to FQM's ratings is unlikely until such time that there
material production diversification away from Zambia (B2 stable),
given the linkage of operation performance operating risk profile
in the country and Zambia's government policy.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

First Quantum Minerals Ltd (FQM), headquartered in Canada and
listed on the Toronto Stock Exchange and the London Stock Exchange,
is a medium size mining company with a large operation in Zambia
(B2 stable), where it manages Kansanshi, a large and low-cost
copper and gold deposit.  FQM also operates a small copper and gold
mine in Mauritania (unrated), a nickel mine in Australia (Aaa
stable), a copper-nickel and copper-zinc mine in Finland (Aaa
negative), a copper mine in Spain (Baa2 positive) and another one
in Turkey (Baa3 negative).  FQM has an 80% interest in Cobre Panama
one of the world's largest copper deposits in Panama (Baa2 stable).
For the last 12 months ended 30 June 2015 FQM reported revenues of
$2.966 billion and EBITDA of $998.8 million.

The Local Market analyst for this rating is Douglas Rowlings,
971.4.237.9543.



FORBES ENERGY: Moody's Lowers CFR to Caa1, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded Forbes Energy Services Ltd.'s
Corporate Family Rating to Caa1 from B3, its senior unsecured notes
rating to Caa2 from Caa1, and affirmed its SGL-3 Speculative Grade
Liquidity Rating.  The outlook was changed to negative from
stable.

"The downgrade reflects Forbes' elevated leverage metrics and weak
interest coverage," said John Thieroff, Moody's VP-Senior Analyst.
"While Forbes has a measure of flexibility due to its low
maintenance capital spending requirements, we expect weak demand
for oilfield services to continue through 2016 and Forbes' cash
flow metrics to remain pressured."

Issuer: Forbes Energy Services Ltd.

Ratings Downgraded:

  Corporate Family Rating, Downgraded to Caa1 from B3

  Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

  Senior Unsecured Notes Rating, Downgraded to Caa2 (LGD4) from
   Caa1 (LGD4)

Ratings Affirmed:

  Speculative Grade Liquidity Rating, affirmed SGL-3

Outlook Actions:

  Outlook Changed to Negative from Stable

RATINGS RATIONALE

The Caa1 Corporate Family Rating reflects Forbes' modest cash flow
generation, driven by declining demand from upstream exploration &
production (E&P) companies, and elevated financial leverage.  A
pronounced protracted downturn in oil prices since late 2014 and
the resulting diminished demand for its services has materially
weakened Forbes' credit metrics.  While ratings benefit from the
company's low maintenance capital requirements, Forbes' small scale
and operational concentration in the Eagle Ford and Permian basins
are limiting factors.

Although considerable cuts to spending and G&A have helped Forbes
preserve liquidity and somewhat limit margin erosion, the steep
decline in utilization rates and the pricing of Forbes services has
led to a steep decline in EBITDA.  Demand for services is expected
to remain weak with dim prospects for material cash flow
improvement flow through 2016, given our assumption of a WTI price
of $52 per barrel for 2016.  As a result, adjusted EBITDA to
interest coverage is likely to remain below 1.5x through at least
2016, with debt to EBITDA approaching 9.0x.  Despite weak cash
flow, we expect Forbes to internally fund maintenance level capital
spending in 2016, augmented by cash from the balance sheet.

The SGL-3 Speculative Grade Liquidity Rating reflects Moody's view
of adequate liquidity through 2016.  At June 30, Forbes had $75
million of balance sheet cash and $55 million of availability under
their secured borrowing base revolving credit facility, net of $7.6
million posted letters of credit.  The facility contains two
springing covenants, which become effective if utilization exceeds
$76.5 million.  If initiated, the covenants would require
maintenance of a fixed charge ratio greater than 1x, and a secured
debt leverage ratio under 2.5x.  While Moody's expects that Forbes
will not be able to fully comply with these covenants through 2016,
Forbes is not expected to utilize the facility to the extent the
covenants would become effective.  The credit facility matures July
2018.

The Caa2 unsecured notes rating reflect the subordination of the
notes to Forbes' senior secured revolving credit facility's
priority claim to company assets, causing them to be rated one
notch below the Caa1 CFR under Moody's Loss Given Default
Methodology.

The negative outlook reflects Moody's concern about the weak
operating environment we expect for Forbes to face in 2016 and the
weak cash flow generation that results.  A ratings downgrade is
likely if liquidity falls below $50 million.  While unlikely in
2016, an upgrade could be considered if interest coverage improves
to above 2x and leverage is reduced to under 4.5x for a sustained
period.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in December 2014.



FRED FULLER: Fine-Tunes Plan Disclosure Statement
-------------------------------------------------
Fred Fuller Oil & Propane Co., Inc., on Sept. 18 made minor
amendments to the disclosure statement that explains a
reorganization plan that allows Frederick Fuller will retain
ownership of the company.

According to the Amended Disclosure Statement, the Plan nominates
the following persons to be the initial members of the Oversight
Committee: (1) the Chairman of the Committee, George LeCours, (2)
Senior Ass't. Attorney General, Peter C.L. Roth or another person
designated by the New Hampshire Attorney General, and (3) Peter
Tamposi, Esq. or a third person to be designated by the
Confirmation Order.  Attorney Tamposi may be paid $200 per hour for
advice given to the Oversight Committee in his professional
capacity.

Under the Plan, the Debtor, acting by and through the Plan
Administrator, Jeffrey T. Varsalone, in consultation with an
Oversight Committee will pay the dividends due creditors holding
allowed claims through what is sometimes called a Pot Plan.  

The Plan Administrator will pay allowed claims on a Class by Class
in a series of distributions from the Available Funds from time to
time strictly in accordance with this order of preference and
priority or waterfall:

   (i) first and second, Class 1, the non-professional
administrative expense claims (estimated at $137,000, and Class 2,
the Professional administrative expense claims (estimated at
$175,000), which classes are pari passu with respect to each
other,

  (ii) third, Class 3, the priority employee benefit claims
(estimated at $24,000),

(iii) the priority consumer deposit claims (estimated at $174,000
to $459,000),

  (iv) fourth, Class 5, the general unsecured claims (estimated at
a maximum of $7,025,000),

   (v) fifth, the subordinated claims (estimated at a maximum of
$8,669,000), and

  (vi) sixth, the equity interests class.

No dividends will be paid to any Class until those due the senior
Class have been paid in full.  

Entry of the Confirmation Order also means approval of Jeffrey T.
Varsalone, the current CRO, to serve as the Plan Administrator.

Following Confirmation, the Debtor will be owned by Frederick
Fuller subject to the terms of the Plan, which will be administered
by the Debtor in consultation with the Oversight Committee.

A copy of the First Amended Disclosure Statement filed Sept. 18,
2015 is available for free at:

       http://bankrupt.com/misc/Fred_Fuller_1st_Am_DS.pdf

                       Reservation of Rights

The State of New Hampshire, by its attorneys, the Office of the
Attorney General, informs the Court that it would object to the
Debtor's First Amended Disclosure Statement Dated September 18,
2015 for a number of reasons, some of which have been discussed
with Debtor's counsel. The State reserves its right to make any and
all objections to the proposed Disclosure Statement once proper
notice thereof has been given.

                       About Fred Fuller Oil

Hudson, New Hampshire-based Fred Fuller Oil & Propane Co., Inc.,
the largest heating oil company in the state, serving about 30,000
New Hampshire customers.  It sought Chapter 11 protection (Bankr.
D. N.H. Case No. 14-12188) in Manchester, New Hampshire, on Nov.
10, 2014, without stating a reason.  It estimated $10 million to
$50 million in assets and debt.  The Nov. 10, 2014 court filing
shows that the Debtor has about $13.5 million in debts.  Jeremy
Blackman at Concord Monitor reports that the Debtor owes more than
$276,000 to Harvard Pilgrim Health Care and nearly $94,000 to the
city of Laconia and the towns of Hudson, Milford and Northfield.

According to Concord Monitor, the bankruptcy case was initially
filed on Nov. 10 under Chapter 7, but that has since been
terminated and replaced with a Chapter 11 restructuring
proposal.

William S. Gannon, Esq., at William S. Gannon PLLC, in
Manchester, serves as counsel to the Debtor.  Fredrick J. Fuller,
the president, signed the bankruptcy petition.

On Feb. 12, 2015, the Office of the United States Trustee appointed
an Official Committee of Unsecured Creditors.  The Committee
selected Brinkman Portillo Ronk, APC, as its counsel with Deming
Law Office acting "of counsel."


FTS INTERNATIONAL: S&P Affirms 'B-' CCR & Revises Outlook to Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
corporate credit rating Fort Worth, Texas-based oilfield services
provider FTS International Inc. (FTSI) and revised the outlook to
negative from stable.  At the same time, S&P affirmed the 'CCC+'
issue-level ratings on FTSI's term loan due 2021 and senior secured
notes due 2022.  The recovery ratings on these debt instruments
remain '5', indicating modest (10% to 30%; higher end of range)
recovery to creditors if a payment default occurs.  S&P also
affirmed the 'B+' issue-level rating and '1' recovery rating on the
company's $350 million senior secured floating-rate notes. The '1'
recovery rating reflects our estimate of very high (90% to 100%)
recovery to creditors if a default occurs.

"The outlook revision reflects our view of depressed market
conditions in the oilfield services industry as a result of the
protracted slump in oil prices and our expectation of reduced
exploration and production capital spending in 2016," said Standard
& Poor's credit analyst Christine Besset.

Similar to many of its peers, FTSI's utilization and pricing for
completion and fracking services have declined materially in the
first half of 2015 due to shrinking demand and fierce market
competition, and S&P believes that activity levels and prices will
remain weak through 2016.  S&P now expects EBITDA to be negative in
2015, and it forecasts debt measures to remain very weak in 2016,
with funds from operations to debt below 10% and debt to EBITDA in
excess of 10x.  In addition, although FTSI's liquidity position is
currently "strong", liquidity could deteriorate beyond S&P's
expectations if the company's cash flows fall below its current
forecasts.  Nevertheless, FTSI has taken steps to cut costs, which
might mitigate the negative impact of falling activity levels and
prices.

"We base our corporate credit rating on our assessment of FTSI's
"vulnerable" business risk and "highly leveraged" financial risk
profiles, as defined in our criteria.  The company is one of the
top three fracturing service providers in the U.S. Fracturing (or
fracking) services are primarily pressure-pumping services provided
to oil and gas exploration and production companies as part of well
completion and are subject to a high degree of demand and price
volatility.  FTSI is particularly vulnerable to changes in demand
because it relies solely on this single product line within the
oilfield services industry.  About 25% of FTSI's assets are working
in the Northeast, about 25% in South Texas, 20% in the Permian
Basin, and the remainder in other basins," S&P said.

The negative outlook reflects S&P's view that due to challenging
market conditions, FTSI's leverage could approach levels S&P views
as unsustainable in 2016 and liquidity could deteriorate unless the
company can further reduce costs.

S&P could lower the rating if it viewed debt leverage as
unsustainable or liquidity deteriorated such that S&P viewed it as
"less than adequate".

S&P could revise the outlook to stable if FTSI can generate annual
EBITDA in excess of $150 million on a sustained basis and maintain
adequate liquidity for a sustained period.  Such a scenario would
most likely incorporate a recovery in commodity prices.



GARLOCK SEALING: Time to Remove Actions Extended to March 31, 2016
------------------------------------------------------------------
U.S. Bankruptcy Judge Craig Whitley has granted the motion of
Garlock Sealing Technologies LLC to enlarge the time within which
they may file notices of removal of related proceedings through
March 31, 2016.

The Debtors have not determined whether to remove any prepetition
actions which may be subject to removal.  The number of prepetition
actions which may be subject to removal are numerous, and the
necessity of their removal cannot be assessed at the moment.  The
parties' efforts have largely been devoted first to an estimation
proceeding and now to plan confirmation proceedings.  It would be
premature to attempt to conclusively identify any specific
prepetition actions that should be removed.

                         About Garlock Sealing

Headquartered in Palmyra, New York, Garlock Sealing Technologies
LLC is a unit of EnPro Industries, Inc. (NYSE: NPO).  For more than
a century, Garlock has been helping customers efficiently seal the
toughest process fluids in the most demanding applications.

On June 5, 2010, Garlock filed a voluntary Chapter 11 petition
(Bankr. W.D.N.C. Case No. 10-31607) in Charlotte, North Carolina,
to establish a trust to resolve all current and future asbestos
claims against Garlock under Section 524(g) of the U.S. Bankruptcy
Code.  The Debtor estimated $500 million to $1 billion in assets
and up to $500 million in debts as of the Petition Date.

Affiliates The Anchor Packing Company and Garrison Litigation
Management Group, Ltd., also filed for bankruptcy.

Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A.,
represents the Debtor in their Chapter 11 effort.  Garland S.
Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel for
asbestos matters.

The Official Committee of Asbestos Personal Injury Claimants in the
Chapter 11 cases is represented by Travis W. Moon, Esq., at
Hamilton Moon Stephens Steele & Martin, PLLC, in Charlotte, NC,
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, in New
York, and Trevor W. Swett III, Esq., Leslie M. Kelleher, Esq., and
Jeanna Rickards Koski, Esq., in Washington, D.C. 20005.

Joseph W. Grier, III, the Court-appointed legal representative for
future asbestos claimants, has retained A. Cotten Wright, Esq., at
Grier Furr & Crisp, PA, and Richard H. Wyron, Esq., and Jonathan P.
Guy, Esq., at Orrick, Herrington & Sutcliffe LLP, as his
co-counsel.

Judge George Hodges of the United States Bankruptcy Court for the
Western District of North Carolina on Jan. 10, 2014, entered an
order estimating the liability for present and future mesothelioma
claims against Garlock Sealing at $125 million, consistent with the
positions GST put forth at trial.



GAS-MART USA: BMC Group Approved as Claims Agent
------------------------------------------------
Gas-Mart USA, Inc. and its debtor-affiliates sought and obtained
permission from the U.S. Bankruptcy Court for the Western District
of Missouri to employ BMC Group, Inc. as claims, noticing and
solicitation agent of the Bankruptcy Court retroactive to the
July 2, 2015 petition date.

The Debtors anticipate that BMC may perform the following services
as Claims, Noticing and Solicitation Agent, at the request of the
Debtors or the Clerk's Office:

The Debtors anticipate that BMC may perform the following services
as Claims, Noticing and Solicitation Agent, at the request of the
Debtors or the Clerk's Office:

   (a) prepare and serve those notices required in these Cases,
       including but not limited to:

       - notice of the claims bar dates;

       - notices of objections to claims;

       - notices of any hearings on a disclosure statement and
         confirmation of a plan of reorganization; and

       - such other miscellaneous documents as the Debtors or the
         Court may deem necessary or appropriate for an orderly
         administration of these Cases;

   (b) receive, record and maintain copies of all proofs of claim
       and proofs of interest filed in these Cases;

   (c) maintain official claims registers in these cases by
       docketing all proofs of claim and proofs of interest in a
       claims database that includes the following information for

       each such claim or interest asserted:

       - the name and address of the claimant or interest holder
         and any agent thereof, if the proof of claim or proof of
         interest was filed by an agent;

       - the date the proof of claim or proof of interest was
         received by the Claims, Noticing and Solicitation Agent
         and/or the Court;

       - the claim number assigned to the proof of claim or proof  

         of interest; and

       - the asserted amount and classification of the claims;

   (d) maintain an up-to-date mailing list for all entities that
       have filed proofs of claim, proofs of interest and/or
       requests for notices in these Cases and make such list
       available upon request to the Clerk's Office or any party-
       in-interest;

   (e) implement necessary security measures to ensure the
       completeness and integrity of the claims registers;

   (f) record all transfers of claims pursuant to Bankruptcy Rule
       3001(e) and provide notice of such transfers as required by

       Bankruptcy Rule 3001(e), if directed to do so by the Court;

   (g) assist the Debtors and their counsel with the
       administrative management, reconciliation and resolution of

       claims;

   (h) print, mail and tabulate ballots for purposes of plan
       voting;

   (i) assist with the preparation and maintenance of Debtors'
       Schedules of Assets and Liabilities, Statements of
       Financial Affairs and other master lists and databases of
       creditors, assets and liabilities;

   (j) assist with the production of reports, exhibits and
       schedules of information or use by the Debtors, their
       counsel or to be delivered the Court, the Clerk's
       Office, the Office of the U.S. Trustee or third parties;

   (k) provide other technical and document management services of

       a similar nature requested by Debtors, their counsel or the

       Clerk's office;

   (l) facilitate or perform plan distributions; and

   (m) assist the Debtors with all analyses and/or collections of
       avoidance actions pursuant to Chapter 5 of the Bankruptcy
       Code.

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

Tinamarie Feil, co-founder and the President of Client Services of
BMC, 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.

BMC can be reached at:

       Tinamarie Feil
       BMC Group, Inc.
       259 W. 30th St., Ste 401
       New York, NY 10001
       Tel: (206) 499-2169
       Fax: (206) 374-2727
       E-mail: tfeil@bmcgroup.com

                          About Gas-Mart

Gas-Mart USA, Inc., Aving-Rice, LLC, Fran Transport & Oil Company,
and G&G Enterprises, LLC, sought Chapter 11 bankruptcy protection
(Bankr. W.D. Mo. Lead Case No. 15-41915) in Kansas City, Missouri,
on July 2, 2015.

Gas-Mart and Aving-Rice own and operate gasoline
station/conveniences stores ("C-Stores").  With locations in Iowa,
Illinois, Indiana, Nebraska, and Wisconsin, Gas-Mart and Aving Rice
operate 22 and 20 stores, respectively, as of the Petition Date.
G&G owns and leases ATM's to the 42 Gas-Mart and Aving-Rice
locations as well as certain ConocoPhillips locations in the
greater Kansas City Area.  Fran is a fuel hauling business located
in and serving Kansas City.

Judge Arthur B. Federman presides over the Chapter 11 cases.

The Debtors tapped Stinson Leonard Street LLP as attorneys;
Polsinelli PC as special counsel; Brown & Ruprecht, PC as conflicts
counsel; and Frank Wendt as special conflicts counsel.

The Debtors' Chapter 11 plan and disclosure statement are due
Oct. 30, 2015.

Gas-Mart estimated $10 million to $50 million in assets and debt.

In July, Daniel Casamatta, acting U.S. trustee, appointed seven
creditors to serve on Gas-Mart's official committee of unsecured
creditors.  The committee is represented by Freeborn & Peters LLP,
in Chicago, Illinois.



GAS-MART USA: Court Okays Freeborn & Peters as Committee Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Gas-Mart USA, Inc.
and its debtor-affiliates sought and obtained permission from the
U.S. Bankruptcy Court for the Western District of Missouri to
retain Freeborn & Peters LLP as counsel to the Committee, effective
July 15, 2015.

The Committee requires Freeborn & Peters to:

   (a) advise the Committee on all legal issues as they arise;

   (b) advise the Committee on all motions and pleadings filed by
       the Debtors and other parties-in-interest and responding to

       the same;

   (c) represent and advise the Committee regarding the terms of
       any sale of assets or plan of reorganization or liquidation

       and assisting the Committee in negotiations with the
       Debtors and other parties;

   (d) investigate the Debtors' assets and pre-bankruptcy conduct;

   (e) analyze the perfection and priority of the liens of the
       Debtors' secured creditors;

   (f) prepare, on behalf of the Committee, all necessary motions,

       applications, pleadings, reports, responses, objections,
       and other papers;

   (g) represent and advise the Committee in all proceedings in
       this case;

   (h) assist and advise the Committee in its administration; and

   (i) provide such other services as are customarily provided by
       counsel to a creditors' committee in cases of this kind.

Freeborn & Peters will be paid at these hourly rates:

       Richard S. Lauter, Partner        $615
       Shelly A. DeRousse, Partner       $400
       Devon J. Eggert, Partner          $370
       Elizabeth L. Janczak, Associate   $290
       Senior Partners                   $615
       New Associates                    $250
       Paraprofessional                  $200-$280

Freeborn & Peters will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Richard S. Lauter, partner of Freeborn & Peters, 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.

Freeborn & Peters can be reached at:

       Richard S. Lauter, Esq.
       FREEBORN & PETERS LLP
       311 South Wacker Drive, Ste 3000
       Chicago, IL 60606-6677
       Tel: (312) 360-6000
       Fax: (312) 360-6520

                          About Gas-Mart

Gas-Mart USA, Inc., Aving-Rice, LLC, Fran Transport & Oil Company,
and G&G Enterprises, LLC, sought Chapter 11 bankruptcy protection
(Bankr. W.D. Mo. Lead Case No. 15-41915) in Kansas City, Missouri,
on July 2, 2015.

Gas-Mart and Aving-Rice own and operate gasoline
station/conveniences stores ("C-Stores").  With locations in Iowa,
Illinois, Indiana, Nebraska, and Wisconsin, Gas-Mart and Aving Rice
operate 22 and 20 stores, respectively, as of the Petition Date.
G&G owns and leases ATM's to the 42 Gas-Mart and Aving-Rice
locations as well as certain ConocoPhillips locations in the
greater Kansas City Area.  Fran is a fuel hauling business located
in and serving Kansas City.

Judge Arthur B. Federman presides over the Chapter 11 cases.

The Debtors tapped Stinson Leonard Street LLP as attorneys;
Polsinelli PC as special counsel; Brown & Ruprecht, PC as conflicts
counsel; and Frank Wendt as special conflicts counsel.

The Debtors' Chapter 11 plan and disclosure statement are due
Oct. 30, 2015.

Gas-Mart estimated $10 million to $50 million in assets and debt.

In July, Daniel Casamatta, acting U.S. trustee, appointed seven
creditors to serve on Gas-Mart's official committee of unsecured
creditors.  The committee is represented by Freeborn & Peters LLP,
in Chicago, Illinois.


GLEACHER & CO: Makes 3rd Liquidating Distribution to Stockholders
-----------------------------------------------------------------
Gleacher & Company, Inc. on Sept. 28 disclosed that the Board has
determined to make a third liquidating distribution to Company
stockholders in the amount of $4.00 per share of the Company's
common stock (approximately $24.7 million in the aggregate).  The
record date for this distribution is October 12, 2015.  The Company
anticipates that the payment date will be on or about October 23,
2015.

Total liquidating distributions, including this third distribution,
since the filing of the Company's Certificate of Dissolution in
July 2014 amount to $8.55 per share of the Company's common stock
(approximately $52.9 million in the aggregate).

Gleacher & Company, Inc. -- http://www.gleacher.com/-- is a
dissolved corporation under the laws of the State of Delaware.



GOODRICH PETROLEUM: Moody's Lowers CFR to Caa3, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service downgraded Goodrich Petroleum
Corporation's Corporate Family Rating to Caa3 from Caa1 and revised
the Probability of Default Rating (PDR) to Caa3-PD/LD from Caa1-PD.
Moody's also downgraded Goodrich's senior unsecured notes to Ca
from Caa2, and preferred debt to C from Caa3.  Speculative Grade
Liquidity Rating was changed to SGL-4 from SGL-3.  The rating
outlook remains negative.

Moody's considers Goodrich's debt exchanges announced in September,
2015 as distressed exchanges for its senior unsecured debt (both
senior notes and convertible notes).  A distressed exchange is
effectively a default under Moody's definition of default.  On
Sept. 25, 2015, the company announced exchange of $158.2 million of
rated senior notes (out of the total $275 million originally
issued) due 2019 for $75 million of new second lien notes due 2018.
On Sept. 8, 2015, it closed a transaction to exchange $55 million
of unrated convertible notes due 2032 (out of the roughly $175
million total convertible notes issued) for $27.5 million of new
convertible notes due 2032.  Goodrich may seek to consummate
further exchanges as it seeks to manage its untenable capital
structure.  Moody's appended Goodrich's revised Caa3-PD PDR with an
"/LD" designation indicating limited default, which will be removed
after three business days.

RATINGS RATIONALE

Goodrich's Caa3 CFR reflects its high financial leverage despite
the debt exchange, very modest production scale and proved reserve
scale, early stage and higher cost operations in the Tuscaloosa
Marine Shale, and expectation of negative free cash flow even with
a drastically reduced capex program.  Goodrich's debt-to-average
daily production metric is roughly $80,000 per barrel of oil
equivalent (boe) per day.  Goodrich's rating also reflects the
elevated risk that the company will find it difficult to grow out
of its levered capital structure as reduced capital expenditures in
2015-16 and lower commodity prices will impact production and
EBITDA.  However, the CFR also recognizes the approximately $116
million of proceeds from the sale of Eagle Ford acreage which was
partly used to repay borrowings under its senior secured revolving
credit facility, and some debt reduction through exchanges.

The senior unsecured notes are rated Ca, one notch below Goodrich's
Caa3 CFR, reflecting their effective subordination to the senior
secured notes and senior secured revolver under Moody's Loss Given
Default Methodology.  The C preferred stock rating reflects the
size of both the secured debt's and senior unsecured notes'
priority claims relative to the preferred stock, resulting in the
preferred stock being rated two notches beneath the Caa3 CFR.

Goodrich has weak liquidity, as indicated by the SGL-4 Speculative
Grade Liquidity rating.  Although the company will have $75 million
undrawn under its borrowing base revolver following the close of
the debt exchange announced on September 25 and expected to close
on Oct. 1, 2015, Goodrich could generate negative cash flows during
the remainder of 2015 and in 2016 as the commodity prices remain
weak.  The availability under the revolver is expected to decline
due to the expected usage.  In addition, the company has three
financial covenants: minimum current ratio of 1x, minimum
EBITDAX/cash interest of 2x, and maximum secured debt/EBITDAX of
2.5x.  The company is likely to violate the covenants in 2016 as
the trailing EBITDA number continues to reduce.  With the majority
of Goodrich's assets pledged as security under the credit facility,
the company's ability to raise additional liquidity through asset
sales and joint ventures may be limited in a depressed commodity
price environment.

The negative outlook reflects our assumption that leverage will
remain at high levels, and further debt exchanges are likely to
happen.  The rating could be downgraded if asset value further
erodes or the company initiates a much broader debt restructuring,
e.g. bankruptcy.  For consideration of an upgrade, Goodrich would
need to substantially reduce financial leverage.  In addition, it
would need to improve operating performance and liquidity such that
Retained Cash Flow to Debt approaches 5% and interest coverage is
sustained above 1.5x.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011.

Goodrich Petroleum Corporation's is an independent exploration and
production company headquartered in Houston, Texas.



GRANITE DELLS: Court Enters Final Decree Closing Chapter 11 Case
----------------------------------------------------------------
The Hon. Eddward P. Ballinger Jr., of the U.S. Bankruptcy Court for
the District of Arizona entered a final decree closing th Chapter
11 case of Granite Dells Ranch Holdings, LLC.

As reported by The Troubled Company Reporter on Aug. 6, 2015,
Arizona Eco Development LLC, as liquidating agent and assignee of
the dissolved debtor asked the Court to close the Chapter 11 case
and grant a final decree.

As of July 29, 2015, GDRH, by and through AED and the Liquidation
Board, has completed all obligations under the Plan, and GDRH has
no further distributions to make under the Plan.

Donald L. Gaffney, Esq., at Snell & Wilmer L.L.P., in Phoenix,
Arizona, asserted that a final decree is appropriate because (1)
the Confirmation Order is final; (2) all Estate assets have been
transferred pursuant to the Plan; (3) GDRH has been dissolved; (4)
all Claims litigation has been fully and finally resolved; (5)
GDRH's Estate Causes of Action against the Cavan Group have been
settled; (6) all distributions under the Plan have been made; and
(7) all motions, contested matters and adversary proceedings in the
Bankruptcy Case have been resolved.  Leaving the Bankruptcy Case
open would needlessly increase administrative expenses, Mr. Gaffney
further asserted.

                   About Granite Dells Ranch Holdings

Scottsdale, Arizona-based Granite Dells Ranch Holdings LLC filed a
bare-bones Chapter 11 petition (Bankr. D. Ariz. Case No. 12-04962)
in Phoenix on March 13, 2012.  Judge Redfield T. Baum PCT Sr.
oversees the case.  The Debtor is represented by Alan A. Meda,
Esq., at Stinson Morrison Hecker LLP.  The Debtor disclosed
$2.22 million in assets and $157 million in liabilities as of the
Chapter 11 filing.

Cavan Management Services, LLC is the Debtor's manager.  David
Cavan, member of the firm, signed the Chapter 11 petition.

Arizona ECO Development LLC, which acquired a $83.2 million 2006
loan by the Debtor, is represented by Snell & Wilmer L.L.P.  The
resolution authorizing the Debtor's bankruptcy filing says the
Company is commencing legal actions against Stuart Swanson, AED,
and related entities relating to the purchase by Mr. Swanson of a
promissory note payable by the Company to the parties that sold a
certain property to the Company.  According to Law 360, AED sued
Granite Dells on March 6 asking the Arizona court to appoint a
receiver.  Arizona ECO is foreclosing on a secured loan backed by
15,000 acres of Arizona land.

The United States Trustee said that an official committee has not
been appointed in the bankruptcy case of Granite Dells because an
insufficient number of unsecured creditors have expressed interest
in serving on a committee.


GREEN TREE: SSG Capital Advisors Was Investment Banker in Sale
--------------------------------------------------------------
SSG Capital Advisors, LLC acted as the investment banker to Green
Tree School & Services in the sale of all of its outstanding stock
and its real estate to affiliates of Salisbury Management, Inc.
The real estate transaction closed in June 2015 and the stock
transaction closed in August 2015.

Green Tree is a non-profit organization that provides education and
therapeutic clinical support to children and young adults ages 3-21
who are diagnosed with autism spectrum disorder or with severe
emotional disturbance.  The Organization was founded in 1957 and
serves over 350 children annually on-site at its Philadelphia
facility or in schools throughout the region, primarily in
Philadelphia County.  Green Tree receives revenue directly from
school districts, other government-funded organizations and from
third-party insurance payers so families do not pay tuition or any
fees for services.

In 2011, in response to the increased demand for services and faced
with facilities that were outdated, Green Tree decided to
consolidate operations to one location.  In order to fund the
construction of a new building, the Organization entered into an
agreement with a regional bank for a significant construction loan
and utilized a large portion of its reserve fund.  While Green
Tree's operating cash flow at the time was sufficient to service
its debt, its senior management team led by CEO Patricia Wellenbach
and COO Julie Alleman, hired in 2013, uncovered a variety of
organizational, billing and operational problems.  The new
management team addressed these issues expeditiously and a number
of initiatives were implemented to improve operations and ensure
that Green Tree was capable of continuing its mission.

However, in the fall of 2014 Community Behavioral Health, which
funds the Organization's behavioral health services, announced a
major region-wide change that mandated additional staff resources
be devoted to the core behavioral health program, decreased the
authorization approvals for services and unilaterally decreased the
reimbursable rate for the program.  The combination of these
changes severely impacted Green Tree's liquidity and ability to
service its debt on a standalone basis.  As a result, management
and the board decided to assess other options to help support the
Organization.

SSG was retained by Green Tree in January 2015 to evaluate
strategic alternatives.  In addition to contacting a number of
potential lenders to attempt to refinance the debt, SSG also
conducted a comprehensive marketing process to non-profit and
for-profit organizations to determine if there was an interest in
creating a partnership.  While multiple organizations engaged in
discussions regarding an affiliation or acquisition, the ultimate
party chosen was Salisbury, a Baltimore based behavioral health and
special education organization with operations throughout
Pennsylvania and Ohio.  SSG's experience in identifying buyers and
running a thorough sale process enabled key stakeholders to
maximize value while preserving the legacy of Green Tree with its
long history of providing services to special needs children in the
Philadelphia area.

Other professionals who worked on the transaction include:
    * James M. Matour, Stephen J. Harmelin, Richard L. Fox,
Jennifer P. Snyder and Catherine G. Pappas of Dilworth Paxson LLP,
counsel to Green Tree School
    * Leo J. Pound of Pound Consulting Inc., financial advisor to
Green Tree School
    * Brian P. Tierney and Aimee Tysarczyk of Brian Communications,
public relations advisor to Green Tree School
    * Michael J. O'Donoghue of Wisler Pearlstine, LLP, counsel to
Salisbury Management, Inc.; and
    * Scott M. Esterbrook and Brian M. Schenker of Reed Smith LLP,
counsel to Green Tree's Lender.

                 About SSG Capital Advisors, LLC

SSG Capital Advisors is an independent boutique investment bank
that assists middle-market companies and their stakeholders in
completing special situation transactions.  It provides clients
with comprehensive investment banking services in the areas of
mergers and acquisitions, private placements, financial
restructurings, valuations, litigation and strategic advisory.  SSG
has a proven track record of closing over 250 transactions in North
America and Europe and is a leader in the industry.  SSG Capital
Advisors, LLC (Member FINRA, SIPC) is a wholly owned broker dealer
of SSG Holdings, LLC.  SSG is a registered trademark for SSG
Capital Advisors, LLC.  SSG provides investment banking,
restructuring advisory, merger, acquisition and divestiture
services, private placement services and valuation opinions.



HEI INC: Admin. Claims, Final Fee Applications Deadline Set
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Minnesota on Sept.
23, 2015, entered an order confirming HEI, Inc.'s Chapter 11 Plan
dated June 3, 2015.

The order provided that all applications for award of compensation
or expenses to a trustee, examiner, attorney or other professional
person, and all other requests to order payment of an
administrative expense, will be made by motion and will be served
and filed within 30 days after the date of the Plan Confirmation
Order (Oct. 23).

All objections to claims, except objections to administrative
expense claims or objections arising solely under 11 U.S.C. Sec.
502(d), will be made by motion under Local Rule 3007-1, and will be
served and filed within 90 days after the Effective Date of the
plan, or 30 days after the claim is filed, whichever is later.  Any
claim objections arising solely under 11 U.S.C. Sec. 502(d) are not
subject to the 90 day deadline and may be pursued through an
adversary proceeding asserting an avoidance claim.

HEI, which made microelectronics, has sold its assets in
bankruptcy.  The Debtor sold its facility in Victoria, Minnesota,
to Industrial Asset Corp. and Maynards Industries Inc. for $1.88
million.  It sold its other facility, located in Tempe, Arizona, to
Cochlear Manufacturing Corp. for $2.55 million.

The Debtor's contemplates the liquidation of remaining assets by a
liquidating agent.  The liquidating agent will distributes proceeds
to creditors in accordance with the terms of the Plan.

                          About HEI Inc.

HEI, Inc., an electronic manufacturing service provider, filed a
Chapter 11 bankruptcy petition (Bankr. D. Minn. Case No. 15-40009)
in Minneapolis, Minnesota, on Jan. 4, 2015, listing $15 million in
assets.  It is represented by James L. Baillie, Esq., James C.
Brand, Esq. and Sarah M. Olson, Esq. at Fredrikson & Byron, P.A.
in
Minneapolis, MN; Alliance Management as business and financial
consultant; and Winthrop & Weinstine, P.A., as special counsel.
The case is assigned to Judge Kathleen H. Sanberg.

On Jan. 9, 2015, the Office of the United States Trustee appointed
an Official Committee of Unsecured Creditors comprised of: (a)
Teamvantage Molding LLC; (b) Watson-Marlow, Inc.; and (c) the
Vergent Products.  The United States Trustee has designated Cathy
Longtin of Teamvantage Molding LLC as acting chairperson, and the
Committee selected Ms. Longtin as permanent chairperson.



HUNTER MILL: John T. Donelan Authorized to Perform Legal Services
-----------------------------------------------------------------
The Hon. Brian F. Kennedy of the U.S. Bankruptcy Court for the
Eastern District of Virginia authorized Hunter Mill West, L.C., to
employ John T. Donelan and the Law Office of John T. Donelan as
counsel.

The firm will perform legal services for the Debtor as necessary to
assist the Debtor in carrying out its duties, with compensation to
be determined by future order of the Court.

On July 2, 2015, the Debtor paid a retainer of $25,000.  Counsel
will charge the Debtor at his usual and customary hourly rate of
$450 and his associate at his usual and customary hourly rate of
$200 per hour for bankruptcy services rendered and will seek the
reimbursement of all out-of-pocket expenses incurred.

The firm may receive post petition retainers from cash collateral
or otherwise; however, the firm's charges and work will be subject
to review by the Court and other interested parties at all times.

To the best of the Debtor's knowledge, the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached at:

         John T. Donelan, Esq.
         LAW OFFICE OT JOHN T. DONELAN
         125 S. Royal Street
         Alexandria, VA 22314
         Tel: (703) 684-7555
         E-mail: donelanlaw@gmail.com

Vienna, Virginia-based Hunter Mill West, L.C., filed for Chapter 11
protection (Bankr. E.D. Va. Case No. 15-12305) on July 2, 2015.
The petition was signed by John M. Thoburn, managing member.

The Hon. Brian F. Kenney presides over the case.  John T. Donelan,
Esq., at the Law Office of John T. Donelan represents the Debtor in
its restructuring effort.

The Debtor estimated assets and debts at $10 million to
$50 million.


HUNTER MILL: Managing Member Designated as Responsible Person
-------------------------------------------------------------
The Hon. Brian F. Kennedy of the U.S. Bankruptcy Court for the
Eastern District of Virginia designated John Thoburn, managing
member of Hunter Mill West, L.C., to perform the duties imposed
upon the debtor by the Bankruptcy Code.

The designation will remain in effect during the entire pendency of
the case until altered by order of the Court.

Vienna, Virginia-based Hunter Mill West, L.C., filed for Chapter 11
protection (Bankr. E.D. Va. Case No. 15-12305) on July 2, 2015.
The petition was signed by John M. Thoburn, managing member.

The Hon. Brian F. Kenney presides over the case.  John T. Donelan,
Esq., at the Law Office of John T. Donelan represents the Debtor in
its restructuring effort.

The Debtor estimated assets and debts at $10 million to $50
million.


HYPNOTIC TAXI: Joshua Rizack Named Chief Restructuring Officer
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorized Hypnotic Taxi LLC, et al., to: (i) employ The Rising
Group Consulting, Inc., to provide Debtors with a chief
restructuring officer and additional personnel; and (ii) designate
Joshua Rizack as CRO effective as of the Petition Date.

TRGC and Mr. Rizack is expected to, among other things:

   a. assume the role of CRO to oversee and manage Client Group
during the pendency of its case;

   b. advise, assist and direct the Debtors in the operation of
their business;

   c. direct the preparation of operating reports in the case as
required by applicable bankruptcy rules and US Trustee Guidelines.

Pursuant to the terms of the engagement letter, the Debtors agreed
to compensate TRGC with a flat fee of $9,750 per week for the first
12 weeks of the cases.  Thereafter, the Debtors agreed to
compensate TRGC at Mr. Rizack's hourly rate of $400 and additional
personnel, if needed, at $300 per hour.

On July 21, 2015, TRGC received a retainer from the Debtors in the
amount of $39,000.

To the best of the Debtors' knowledge, Mr. Rizack and TRGC are a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                        About Hypnotic Taxi

Hypnotic Taxi LLC and 21 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. E.D.N.Y. Lead Case No. 15-43300) on
July 22, 2015.  The petition was signed by Evgeny Freidman as sole
and managing member.

Klestadt Winters Jureller Southard & Stevens LLP serves as the
Debtors' counsel.  Judge Carla E. Craig presides over the case.

The Debtors each own either two or three medallions issued by the
New York City Taxi and Limousine Commission that permit taxi
services to be performed by the Debtors.

Hypnotic Taxi LLC disclosed total assets of $1,941,314 and total
liabilities of $2,825,401 as of the Petition Date.

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


HYPNOTIC TAXI: Klestadt Winters OK'd as General Bankruptcy Counsel
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorized Hypnotic Taxi LLC, et al., to employ Klestadt Winters
Jureller Southard & Stevens, LLP, as general bankruptcy counsel
nunc pro tunc to July 22, 2015.

Fred Stevens, Esq. at KWJSS told the Court that the firm received a
retainer deposit from Philadelphia Taxi Management LLC, an entity
owned in whole or in part by Evgeny Freidman, the sole-owner of the
stock or membership interests in the Debtors.  On July 17, PTM
advanced $75,000 on account of services to be rendered and expenses
incurred in connection with the contemplated Chapter 11 filing for
the Debtors.

In addition, KWJSS received a payment from PTM in the amount of
$39,491 on account of filing fees for the 22 debtors.  Just prior
to filing the Petition, KWJSS drew on its retainer to pay for all
prepetition services and pay the filing fees associated with the
cases.  The remaining retainer balance after payment for
prepetition services and filing fees is $47,479.

To the best of the Debtors' knowledge, KWJSS is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached at:

         Fred Stevens, Esq.
         Sean C. Southard, Esq.
         KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP
         570 Seventh Ave., 17th Floor
         New York, NY 10018
         Tel: (212) 972-3000
         Fax: (212) 972-2245
         E-mails: fstevens@klestadt.com
                  ssouthard@klestadt.com

                        About Hypnotic Taxi

Hypnotic Taxi LLC and 21 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. E.D.N.Y. Lead Case No. 15-43300) on
July 22, 2015.  The petition was signed by Evgeny Freidman as sole
and managing member.

Klestadt Winters Jureller Southard & Stevens LLP serves as the
Debtors' counsel.  Judge Carla E. Craig presides over the case.

The Debtors each own either two or three medallions issued by the
New York City Taxi and Limousine Commission that permit taxi
services to be performed by the Debtors.

Hypnotic Taxi LLC disclosed total assets of $1,941,314 and total
liabilities of $2,825,401 as of the Petition Date.

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


INTERNATIONAL BRIDGE: Hires Robert Steffy as Guam Accountant
------------------------------------------------------------
International Bridge Corporation seeks authorization from the U.S.
Bankruptcy Court for the District of Kansas to employ Robert J.
Steffy as Guam accountant.

The Debtor requires Mr. Steffy to prepare the Debtor's 2014 Federal
and State income tax returns.

Mr. Steffy will charge the Debtor $200 per hour in connection with
its representation of the Debtor in the Bankruptcy proceeding, and
estimates fees and expenses necessary to prepare the Debtor's 2014
Federal and State tax returns at $1,250.

Mr. Steffy 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.

                        About Int'l Bridge Corp.

International Bridge Corporation, a contractor for government
projects in the South Pacific and Guam, sought Chapter 11
protection (Bankr. D. Kan. Case No. 15-20951) in Kansas City on May
7, 2015.  Robert Toelkes, the sole shareholder and manager, signed
the petition.  The Debtor disclosed total assets of $17.4 million
and total debts of $27.4 million.

The case is assigned to Judge Robert D. Berger.  The Debtor tapped
Stevens & Brand, LLP, as its counsel.  Foulston Siefkin, LLP,
serves as the Debtor's special litigation counsel.  Robert G. Nath,
PLLC, represents the Debtor as special tax counsel.


IVERSON GENETIC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Iverson Genetic Diagnostics, Inc.
        2939 Pacific Drive
        Norcross, GA 30071

Case No.: 15-51332

Chapter 11 Petition Date: September 25, 2015

Court: United States Bankruptcy Court
       District of Nevada (Reno)

Judge: Hon. Bruce T. Beesley

Debtor's Counsel: Alan R Smith, Esq.
                  THE LAW OFFICES OF ALAN R. SMITH
                  505 Ridge St
                  Reno, NV 89501
                  Tel: (775) 786-4579
                  Email: mail@asmithlaw.com

Total Assets: $993,135

Total Liabilities: $5.7 million

The petition was signed by T. Lee Brown, director.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
TRIMGEN CORPORATION                 Goods/Services     $1,468,979

PIONEER CREDIT RECOVERY, INC.      Collection Health     $916,247
                                   & Human Services

X-GENE INC.                         Goods/Services       $615,560

GARVEY SCHUBERT BARER               Goods/Services       $322,283

LIFE TECHNOLOGIES CORPORATION       Goods/Services       $215,067

AVEE LABORATORIES, INC.             Goods/Services       $130,000

AXIO RESEARCH, LLC                  Goods/Services       $126,631

JEFF NYWEIDE                        Goods/Services       $112,500

TIP CAPITAL                         Goods/Services       $107,995

MINTZ, LEVIN, COHN, ETC.            Goods/Services       $106,567

MEDSOURCE, LLC                      Goods/Services        $88,335

INSTITUTE FOR SYSTEMS BIOLOGY       Goods/Services        $82,998

BURRILL & COMPANY                   Goods/Services        $74,229

LAW OFFICES OF MORTON TAUBMAN       Goods/Services        $72,800

FRANCISCAN RESEARCH CENTER          Goods/Services        $54,148

STOEL RIVES, LLP                    Goods/Services        $44,537

NEBRASKA HEART INSTITUTE            Goods/Services        $40,206

TRACTUS ASIA LIMITED                Goods/Services        $40,145

INFOCLINIKA, INC.                   Goods/Services        $40,000

SARASOTA MEMORIAL HOSPITAL          Goods/Services        $39,545


LINCOLN PAPER: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Lincoln Paper and Tissue, LLC
        50 Katahdin Avenue
        P.O. Box 490
        Lincoln, ME 04457

Case No.: 15-10715

Type of Business: Manufacturer of white tissue

Chapter 11 Petition Date: September 28, 2015

Court: United States Bankruptcy Court
       District of Maine (Bangor)

Judge: Hon. Peter G. Cary

Debtor's Counsel: D. Sam Anderson, Esq.
                  BERNSTEIN SHUR SAWYER & NELSON, P.A.
                  100 Middle St., West Tower
                  Portland, ME 04101
                  Tel: (207) 774-1200
                  Fax: (207) 774-1127
                  Email: sanderson@bernsteinshur.com

                     - and -

                  Timothy J. McKeon, Esq.
                  BERNSTEIN SHUR SAWYER & NELSON, P.A.
                  100 Middle Street
                  Portland, ME 04101
                  Tel: (207) 228-7117
                  Fax: (207) 774-1127
                  Email: tmckeon@bernsteinshur.com

Debtor's          SPINGLASS MANAGEMENT GROUP
Financial
Advisor:

Debtor's          SSG CAPITAL ADVISORS, LLC
Investment
Banker:

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Keith Van Scotter, president and CEO.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Constellation Newenergy                Utility        $1,000,380
P.O. Box 25230
Lehigh Valley, PA
18002-5230

Greenville Colorants                  Trade Debt        $752,308
50 Page Road
Clifton, NJ 07012

AV Terrace Bay Inc.                   Trade Debt        $464,733
21 Mill Road
Terrace Bay, ON POT 2WO

Sibley Transportation                 Trade Debt        $418,194
P.O. Box 1874
Bangor, ME 04402-1874

Woodland Pulp, LLC                    Trade Debt        $373,541
Attn: Andrew Then
144 Main Street
Baileyville, ME. 04694-0000

Ekman & Co., Inc.                     Trade Debt        $344,396
8750 Nw 36 St. Ste. 400
Miami, FL 33178

Solenis                               Trade Debt        $311,827
500 Hercules Road
Wilmington, Delaware
19808-0000

H.C. Haynes, Inc.                     Trade Debt        $309,845
P.O. Box 96
Winn. ME 04495

Hub Group                             Trade Debt        $162,061
P.O. Box 532083
Atlanta, GA 30353-2083

Bangor Gas Company, LLC                Utility          $131,563

Sonoco Products Company               Trade Debt        $124,036

Axchem Usa, Inc.                      Trade Debt        $123,152

Treasurer - State of Maine              Taxes           $114,225

AFCO Premium Credit LLC               Trade Debt         $88,079

Shell Energy North America            Trade Debt         $72,916
(US), L.P.

Xpedx                                 Trade Debt         $72,687

Honeywell International               Trade Debt         $71,134

Timberland Trucking Co., Inc.         Trade Debt         $68,792

Hartt Transportation                  Trade Debt         $61,718

Weavexx                               Trade Debt         $56,031


LINCOLN PAPER: Files for Chapter 11 Bankruptcy, To Seek Buyer
-------------------------------------------------------------
Lincoln Paper and Tissue, LLC, filed for Chapter 11 bankruptcy
protection with the intention of selling all of its assets as soon
as possible.  Lincoln Paper's primary assets include its real
estate, machinery, equipment, inventory and accounts receivable.
The white tissue manufacturer began to sustain cash losses in 2013
as a result of a significant destruction to its pulp mill recovery
boiler due to an explosion which resulted to its closure.  The
idling of the pulp mill forced the Company to reconfigure several
processes and layoff 185 mill workers.  The Company said insurance
proceeds were not enough to rebuild the boiler and as a consequence
the Company now purchases all of its pulp from third parties.

According to the Company, its cash flow situation worsened in 2014
as the tissue paper market began to experience contraction and
energy costs continued to increase.

Late last month, the Debtor received a letter from Siena Lending
Group LLC alleging its default under the terms of prepetition loan
documents with principal amount outstanding of $4.3 million as of
the Petition Date.

Lincoln Paper also said it is obligated under a collective
bargaining agreement with the United Steel, Paper and Forestry,
Rubber, Manufacturing, Energy, Allied Industrial and Service
Workers International Union to fund significant labor obligations.

"[T]he combination of these issues caused cash flow problems that
have greatly hindered Lincoln's ability to operate as a going
concern," said Keith Van Scotter, president and chief executive
office of Lincoln Paper.

The Company said an out-of-court restructuring with its current
condition would be difficult to achieve.

The Finance Authority of Maine holds a secured debt of $950,000, as
of the Petition Date under the Economic Recovery Loan Program Loan
Agreement dated as of Dec. 9, 2014.

Contractors Fastco Corporation and Sullivan and Merritt
Constructors, Inc., have asserted liens in connection with various
services provided to Lincoln Paper prior to the Petition Date.
Fastco asserts that it is owed approximately $337,000 while
Sullivan asserts that it is owed approximately $1.1 million.

The Debtor listed Constellation Newenergy as its largest unsecured
creditor holding a $1 million utility claim.

Concurrently with the filing of the bankruptcy petition, the
Company is seeking authority obtain up to $6.6 million in
debtor-in-possession financing from Siena to fund general operating
expenses during the pendency of its case and to operate its
business going forward.  The Company is also asking Court
permission to pay employee obligations and continue using its
existing cash management system.

                  About Lincoln Paper and Tissue

Lincoln Paper and Tissue, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. D. Maine Case No. 15-10715) on Sept. 28, 2015.
Keith Van Scotter, the president and CEO, signed the petition.

The Debtor estimated both assets and liabilities of $10 million to
$50 million.

Judge Peter G. Cary is assigned to the case.

The Debtor has engaged Bernstein Shur Sawyer & Nelson as counsel,
Spinglass Management Group as financial advisor, and SSG Capital
Advisors, LLC, as investment banker.

Lincoln Paper claims to have produced 70,000 tons of tissue and
75,000 tons of specialized, high-bulk uncoated free-sheet paper.



LINCOLN PAPER: Siena Lending Agrees to Provide $6.6-Mil. DIP Loan
-----------------------------------------------------------------
Lincoln Paper and Tissue, LLC, seeks Bankruptcy Court authority to
obtain postpetition financing of up to $6,600,000 from Siena
Lending Group LLC, with the initial $4,500,000 to be made available
as soon as the interim order is entered.  The Debtor also seeks to
utilize cash collateral of prepetition secured parties.

Lincoln Paper said it needs the DIP Loan to continue to operate as
a going concern and to conduct a sale of its assets.

As of the Petition Date, the Debtor owed Siena approximately
$4,300,000.

The Company intends to grant Siena a superpriority claim and a
senior security interest in substantially all of its assets.

Without the DIP Loan and the ability to use cash collateral, the
Debtor would likely become unable to pay general operating expenses
immediately, including, without limitation, employee payroll and
other benefits, rent, utilities and the various other items
reflected in the Budget, says Keith Van Scotter, president and
chief executive officer of Lincoln Paper.

The Revolving Loans will, in part, be subject to an interest rate
equivalent to Prime Rate (as defined in the DIP Credit Agreement)
plus 6.0%, but not less than 9.25% (with respect to Revolving Loans
against accounts receivable and inventory), and, in part, be
subject to an interest rate equivalent to Prime Rate plus 7.5%, but
not less than 10.75% (with respect to Revolving Loans against
machinery and equipment).

The Debtor emphasizes it does not have an alternative source of
financing, and has been unable to obtain one on equal or better
terms than the DIP Loan.

The DIP Term Sheet, DIP Credit Agreement and the DIP Loan also
contemplate the Debtor timely achieving the following milestones in
the case:

   (a) Identify a stalking horse bidder reasonably acceptable to
       Siena on or before the Petition Date;

   (b) File a motion under Section 363 of the Bankruptcy Code for
       approval of a bidding procedures order by Oct. 13, 2015;

   (c) Obtain Court approval of proposed bidding procedures, and
       entry of an order granting those procedures by Oct. 28,
       2015;

   (d) Obtain Court approval of a sale order by Nov. 12, 2015; and

   (e) Close the proposed sale by Nov. 27, 2015.

Fastco Corporation and Sullivan and Merritt Constructors, Inc.
have filed suit in state court against the Debtor in relation to
work performed on the mill facility prior to the Petition Date.  In
the state court action, Sullivan is asserting a mechanic lien and
seeking to prime the interests of Siena on certain assets pledged
to Siena.  Fastco is not seeking to prime Siena, however, it is
seeking to lien property of the Debtor.  

Premised on these issues, Siena conditioned the DIP Loan on
reaching consensual resolutions of the claims of Fastco and
Sullivan.  The Debtor has agreed to provide Fastco and Sullivan
payments upon the closing of the DIP Loan and grant mechanic liens,
provided the liens and interests are subordinated to Siena.

Fastco and Sullivan have each entered into subordination agreements
with Siena evidencing the subordination.

Fastco asserts that it is owed approximately $336,999 while
Sullivan asserts that it is owed approximately $1,120,318, both as
of the Petition Date.

                        About Lincoln Paper

Lincoln Paper and Tissue, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. D. Maine Case No. 15-10715) on Sept. 28, 2015.
Keith Van Scotter, the president and CEO, signed the petition.

The Debtor estimated both assets and liabilities of $10 million to
$50 million.

Judge Peter G. Cary is assigned to the case.

The Debtor has engaged Bernstein Shur Sawyer & Nelson as counsel,
Spinglass Management Group as financial advisor, and SSG Capital
Advisors, LLC as investment banker.

Lincoln is a manufacturer of white tissue located on approximately
350 acres of land along the Penobscot River in Lincoln, Maine.
The Company claims to have produced 70,000 tons of tissue and
75,000 tons of specialized, high-bulk uncoated free-sheet paper.


LOCAL CORPORATION: Court OKs Cash Collateral Use Through Nov. 30
----------------------------------------------------------------
Local Corporation entered into a stipulation with Fast Pay
Partners, LLC for the use of cash collateral through Nov. 30, 2015.
The Stipulation has been approved by Judge Scott C. Clarkson of
the U.S. Bankruptcy Court for the Central District of California,
Santa Ana Division.

The Court had entered a final order authorizing the Debtor Local
Corporation's ongoing use of the Lender Fast Pay Partners, LLC's
cash collateral through and including Sept. 21, 2015.  The Debtor
and the Lender later reached an agreement as to the Debtor's
continued use of cash collateral beyond Sept. 21.

The salient terms of the agreement, among others, are:

     (1) Cash Collateral.  The Debtor is authorized to continue to
use any cash collateral of the Lender through November 30, 2015,
pursuant to the terms and conditions set forth in the Final Cash
Collateral Order and the cash flow budget.

     (2) Lender Payment.  As a reduction to the balance owing to
Lender, the Debtor agrees to remit $150,000 to the Lender on or
before the later of: (i) the date that the order approving the
Stipulation is entered, or (ii) Sept. 30, 2015.

Local Corporation's attorneys can be reached at:

          Marc J. Winthrop, Esq.
          Garrick A. Hollander, Esq.
          Jeannie Kim, Esq.
          WINTHROP COUCHOT
          PROFESSIONAL CORPORATION
          660 Newport Center Drive, Fourth Floor
          Newport Beach, CA 92660
          Telephone: (949)720-4100
          Facsimile: (949)720-4111
          E-mail: mwinthrop@winthropcouchot.com
                  ghollander@winthropcouchot.com
                 jkim@winthropcouchot.com

                     About Local Corporation

Local Corporation, a publicly traded Delaware corporation (NASDAQ
symbol LOCM), is in the business of providing search results to
consumers who are searching online for local businesses, products
and services.  Founded in 1999, the Irvine, California-based
company went public in 2004 and has been one of the fastest growing
online local media businesses for a number of years, and for the
past four years it has been listed by Deloitte on its Technology
Fast 500.  The Company's search results are provided through the
Company's flagship Local.com Web site and through other proprietary
Web sites, and they are also delivered to a network of over 1,600
other Web sites that rely on search syndication services to provide
local search results to their own users.  The Company generates
revenue from ad units placed alongside its search results, which
include pay-per-click, pay-per-call, and display ad units.

The Company reported a net loss of $5.50 million on $83.1 million
of revenue for the year ended Dec. 31, 2014, compared with a net
loss of $10.4 million on $94.4 million of revenue in the prior
year.  The Company's balance sheet at March 31, 2015, showed $36.8
million in total assets, $25.7 million in total liabilities, and
stockholders' equity of $11.2 million.

Local Corp. filed a Chapter 11 bankruptcy petition (Bankr. C.D.
Cal. Case No. 15-13153) in Santa Ana, California, on June 23,
2015.
The Debtor disclosed $16,141,222 in assets and $29,519,418 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge Scott C. Clarkson.  The Debtor tapped
Winthrop Couchot as counsel.

Robins Kaplan LLP represents as counsel to the Official Committee
of Unsecured Creditors.



LOCAL CORPORATION: Hires Haskell & White to Provide Audit Services
------------------------------------------------------------------
Local Corporation seeks authorization from the U.S. Bankruptcy
Court for the Central District of California to employ Haskell &
White LLP to provide Audit services for the Local.com Corporation
(401)k Plan, nunc pro tunc to Aug. 20, 2015.

Haskell & White will be paid at these hourly rates:

       Partners                $400-$450
       Managers                $250-$350
       Senior and staff        $150-$220

In accordance with the terms and conditions of the Post-Petition
Agreement, Haskell & White has agreed to fix its fees for the Audit
Services at $14,000, and expenses for travel and other reasonable,
documented out-of-pocket costs necessarily incurred in connection
with Haskell & White's providing of Audit Services at $200. The
Proposed Compensation is inclusive of the $2,800 of services that
the Firm already has provided to the Debtor, pre-petition.

Patrick Ross, partner of Haskell & White, 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.

Haskell & White can be reached at:

       Patrick Ross
       HASKELL & WHITE LLP
       300 Spectrum Center Dr., #300
       Irvine, CA 92618
       Tel: (949) 450-6200
       Fax: (949) 450-6201

                        About Local Corporation

Local Corporation, a publicly traded Delaware corporation (NASDAQ
symbol LOCM), is in the business of providing search results to
consumers who are searching online for local businesses, products
and services.  Founded in 1999, the Irvine, California-based
company went public in 2004 and has been one of the fastest growing
online local media businesses for a number of years, and for the
past four years it has been listed by Deloitte on its Technology
Fast 500.  The Company's search results are provided through the
Company's flagship Local.com Web site and through other proprietary
Web sites, and they are also delivered to a network of over 1,600
other Web sites that rely on search syndication services to provide
local search results to their own users.  The Company generates
revenue from ad units placed alongside its search results, which
include pay-per-click, pay-per-call, and display ad units.

The Company reported a net loss of $5.50 million on $83.1 million
of revenue for the year ended Dec. 31, 2014, compared with a net
loss of $10.4 million on $94.4 million of revenue in the prior
year.  The Company's balance sheet at March 31, 2015, showed $36.8
million in total assets, $25.7 million in total liabilities, and
stockholders' equity of $11.2 million.

Local Corp. filed a Chapter 11 bankruptcy petition (Bankr. C.D.
Cal. Case No. 15-13153) in Santa Ana, California, on June 23, 2015.
The Debtor disclosed $16,141,222 in assets and $29,519,418 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge Scott C. Clarkson.  The Debtor tapped
Winthrop Couchot as counsel.

Robins Kaplan LLP represents as counsel to the Official Committee
of Unsecured Creditors.



LOCAL CORPORATION: Taps Andrews Kurth as Litigation Counsel
-----------------------------------------------------------
Local Corporation seeks authorization from the U.S. Bankruptcy
Court for the Central District of California to employ Andrews
Kurth LLP as special litigation counsel, effective July 6, 2015.

The Debtor required Andrews Kurth to continue to assist the Debtor
in connection with the Litigation and enforcement of the Debtor's
intellectual property. Andrews Kurth and the Debtor expect that
Paul D. Ackerman will be the professional primarily responsible for
providing the services.

Andrews Kurth will be paid at these hourly rates:

       Paul D. Ackerman, Partner          $670
       Ralph Tarr, Of Counsel             $525
       Greg Miller, Associate             $450
       Ruth Conley, Paralegal             $300

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

Paul D. Ackerman, partner of Andrews Kurth, 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.

Andrews Kurth can be reached at:

       Paul D. Ackerman, Esq.
       Andrews Kurth LLP
       450 Lexington Avenue
       New York, NY 10017
       Tel: (212) 850-2858
       Fax: (212) 813-8148
       E-mail: paulackerman@andrewskurth.com

                         About Local Corporation

Local Corporation, a publicly traded Delaware corporation (NASDAQ
symbol LOCM), is in the business of providing search results to
consumers who are searching online for local businesses, products
and services.  Founded in 1999, the Irvine, California-based
company went public in 2004 and has been one of the fastest growing
online local media businesses for a number of years, and for the
past four years it has been listed by Deloitte on its Technology
Fast 500.  The Company's search results are provided through the
Company's flagship Local.com Web site and through other proprietary
Web sites, and they are also delivered to a network of over 1,600
other Web sites that rely on search syndication services to provide
local search results to their own users.  The Company generates
revenue from ad units placed alongside its search results, which
include pay-per-click, pay-per-call, and display ad units.

The Company reported a net loss of $5.50 million on $83.1 million
of revenue for the year ended Dec. 31, 2014, compared with a net
loss of $10.4 million on $94.4 million of revenue in the prior
year.  The Company's balance sheet at March 31, 2015, showed $36.8
million in total assets, $25.7 million in total liabilities, and
stockholders' equity of $11.2 million.

Local Corp. filed a Chapter 11 bankruptcy petition (Bankr. C.D.
Cal. Case No. 15-13153) in Santa Ana, California, on June 23, 2015.
The Debtor disclosed $16,141,222 in assets and $29,519,418 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge Scott C. Clarkson.  The Debtor tapped
Winthrop Couchot as counsel.

Robins Kaplan LLP represents as counsel to the Official Committee
of Unsecured Creditors.



LOCAL CORPORATION: Taps BDO USA as Tax and Audit Services Provider
------------------------------------------------------------------
Local Corporation seeks authorization from the U.S. Bankruptcy
Court for the Central District of California to employ BDO USA, LLP
to provide tax and audit services to the Debtor, effective August
26, 2015.

The Debtor requires BDO USA to:

   (a) provide the following tax compliance services with respect
       to the year ended December 31, 2014:

       - Form 1120 - U.S. Corporation Income Tax Return;

       - Form 100 - California Corporation Franchise or Income
         Tax Return;

       - Form CT-1120 - Connecticut Corporation Business Tax
         Return;

       - Form 355U - Massachusetts Excise for Taxpayers Subject
         to Combined Reporting; and

   (b) review the unaudited condensed quarterly consolidated
       financial statements of the Debtor, which comprise the
       unaudited condensed consolidated balance sheet as of
       June 30, 2015 and the related unaudited condensed
       consolidated statements of operations, and cash flows for
       the three and six months then ended, and the related notes
       to the unaudited condensed consolidated financial
       statements to be included in Form 10-Q to be filed with
       the Securities and Exchange Commission.

BDO USA will be paid at these hourly rates:

      David Yasukochi, Tax Office Managing Partner $650
      Kevin Jang, Senior Tax Director              $630
      Brittani Becerra-Agostino, Tax Manager       $315
      Tax Professionals                            $165-$250
      Kristen McCarthy, Audit Engagement Partner   $595
      Jamie Mason, Audit Concurring Review Partner $595
      Nanda Gopal, Audit SEC Reviewing Partner     $650
      Nhi Nguyen, Audit Engagement Manager         $315
      Audit Professionals                          $175-$240

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

The Debtor and BDO USA have agreed, subject to Court approval, to
the terms of BDO USA's employment as set forth in the Engagement
Agreements. Specifically, BDO USA has agreed that its fee for
providing tax compliance services will be based on the BDO USA's
standard hourly rates, not to exceed $19,500. Based on the limited
scope of tax compliance services that the Debtor requires, which
BDO USA has agreed to provide, subject to Court approval, the
Debtor seeks further authorization from this Court to pay to BDO
USA an amount not to exceed $19,500 for tax compliance services, on
a final basis, without the need for BDO USA to file with the Court
a final fee application.

With respect to the independent audit services that BDO USA has
agreed to provide to the Debtor, BDO USA estimates that its fee
will be between $45,000 and $65,000.

David K. Yasukochi, tax office managing partner at BDO USA, and
Kristen McCarthy audit engagement partner at BDO USA, 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.

BDO USA can be reached at:

       David Yasukochi
       Kristen McCarthy
       BDO USA, LLP
       3200 Bristol Street
       Fourth Floor
       Costa Mesa, CA 92626
       Tel: (714) 913-2597
       Fax: (714) 957-1080
       E-mail: dyasukochi@bdo.com
               kmccarthy@bdo.com

                         About Local Corporation

Local Corporation, a publicly traded Delaware corporation (NASDAQ
symbol LOCM), is in the business of providing search results to
consumers who are searching online for local businesses, products
and services.  Founded in 1999, the Irvine, California-based
company went public in 2004 and has been one of the fastest growing
online local media businesses for a number of years, and for the
past four years it has been listed by Deloitte on its Technology
Fast 500.  The Company's search results are provided through the
Company's flagship Local.com Web site and through other proprietary
Web sites, and they are also delivered to a network of over 1,600
other Web sites that rely on search syndication services to provide
local search results to their own users.  The Company generates
revenue from ad units placed alongside its search results, which
include pay-per-click, pay-per-call, and display ad units.

The Company reported a net loss of $5.50 million on $83.1 million
of revenue for the year ended Dec. 31, 2014, compared with a net
loss of $10.4 million on $94.4 million of revenue in the prior
year.  The Company's balance sheet at March 31, 2015, showed $36.8
million in total assets, $25.7 million in total
liabilities, and stockholders' equity of $11.2 million.

Local Corp. filed a Chapter 11 bankruptcy petition (Bankr. C.D.
Cal. Case No. 15-13153) in Santa Ana, California, on June 23, 2015.
The Debtor disclosed $16,141,222 in assets and $29,519,418 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge Scott C. Clarkson.  The Debtor tapped
Winthrop Couchot as counsel.

Robins Kaplan LLP represents as counsel to the Official Committee
of Unsecured Creditors.


MALIBU ASSOCIATES: Stay Relief, Disclosure Hearing Moved to Oct. 22
-------------------------------------------------------------------
U.S. Bankruptcy Judge Deborah Saltzman has approved a stipulation
between U.S. Bank National Association and Malibu Associates LLC to
continue hearings on motion for relief from stay, motion to convert
the case to Chapter 7 and the disclosure statement to
Oct. 22, 2015, at 10:30 a.m.  

The deadline to file an objection to the extension of the
exclusivity period for obtaining acceptances of the Plan is
extended to Oct. 26, 2015.

The U.S. Bank previously filed a motion to convert the Debtor's
Chapter 11 case to one under Chapter 7 of the Bankruptcy Code.  The
motion was opposed to by the Debtor.   The Debtor filed a motion to
extend exclusivity period for obtaining acceptances of the plan on
Aug. 6, 2015, which was likewise opposed by the Bank.

                     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.



MET-TEC INC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Met-Tec, Inc.
        PO Box 176
        Freeport, PA 16229

Case No.: 15-23527

Chapter 11 Petition Date: September 25, 2015

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Pittsburgh)

Judge: Hon. Carlota M. Bohm

Debtor's Counsel: Corey J. Sacca, Esq.
                  BONONI & COMPANY, P.C.
                  20 North Pennsylvania Ave.
                  Greensburg, PA 15601
                  Tel: 724-832-2499
                  Fax: 724-836-0370
                  Email: csacca@bononilaw.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Margaret Ellen Shotts, president.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
A&M Machining and Fab                 Supplier           $4,870

Alternative Service, Inc.                                $4,170

Amada America                                           $29,280

American Express                                        $10,355

Dominion Gas                                            $10,331

First National Bank                Business Assets      $99,996

First National Bank                Business Assets     $397,873

Freeport Steel Co.                                      $12,059

Greco Gas, Inc.                                         $18,422

Internal Revenue Service                               $200,000

Keystone Rustproofing                                    $5,303

Mikam CNC                                               $12,842

On Deck                            Business Assets      $81,365

PA Department of Revenue                                $11,820

Pennsylvania Labor & Industry                           $25,285

PNC Visa                                                $20,668

Precision Finishes                                       $6,004

SigmaNest                                               $13,015

Verizon Wireless                                         $7,265

West Penn Power                                          $6,902


MFM INC: Voluntary Chapter 11 Case Summary
------------------------------------------
Debtor: MFM, Inc.
        2482 S 3270 W
        West Valley City, UT 84119

Case No.: 15-29023

Chapter 11 Petition Date: September 25, 2015

Court: United States Bankruptcy Court
       District of Utah (Salt Lake City)

Judge: Hon. William T. Thurman

Debtor's Counsel: Tyler J. Jensen, Esq.
                  LEBARON & JENSEN, P.C.
                  476 West Heritage Park Blvd., Suite 230
                  Layton, UT 84041
                  Tel: (801) 773-9488
                  Fax: (801) 773-9489
                  Email: tylerjensen@lebaronjensen.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Heather Higgins, authorized individual.

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


MHH INC: Voluntary Chapter 11 Case Summary
------------------------------------------
Debtor: MHH, Inc.
        2482 S 3270 W
        West Valley City, UT 84119

Case No.: 15-29024

Chapter 11 Petition Date: September 25, 2015

Court: United States Bankruptcy Court
       District of Utah (Salt Lake City)

Judge: Hon. Kimball Mosier

Debtor's Counsel: Tyler J. Jensen, Esq.
                  LEBARON & JENSEN, P.C.
                  476 West Heritage Park Blvd.
                  Suite 230
                  Layton, UT 84041
                  Tel: (801) 773-9488
                  Fax: (801) 773-9489
                  Email: tylerjensen@lebaronjensen.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Heather Higgins, authorized individual.

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


MIDWAY GOLD: FTI Consulting Approved as Financial Advisor
---------------------------------------------------------
The Hon. Michael E. Romero of the U.S. Bankruptcy Court for the
District of Colorado authorized Midway Gold US Inc., et al., to
employ FTI Consulting, Inc. as financial advisor and consultant.

FTI is expected to:

   (a) prepare financial related disclosures required by the Court,
including the schedules of assets and liabilities, the statement of
financial affairs and monthly operating reports;

   (b) comply with the information and analysis requirements of the
Debtors' postpetition financing arrangements;

   (c) develop and implement short-term cash management procedures;
and

   (d) develop standardized financial and operational reporting
processes.

Pursuant to the engagement letter, on June 17, 2015, the Debtors
paid to FTI funds in the amount of $150,000 that FTI holds as "cash
on account" to secure the payment and reimbursement of FTI's fees
and expenses and any disbursements made on behalf of the Debtors.

As of the Petition Date, $98,765 of the retainer remained and will
be held and applied by FTI going forward as provided for below and
subject to any orders of the Court.  

As of the Petition Date, the Debtors have paid FTI in full for all
known fees, expenses, and other disbursements incurred prior to the
Petition Date.

For professional services, FTI's fees are based primarily on its
customary hourly rates less a 10% discount, which rates are
periodically adjusted in accordance with FTI's policy.  Further,
FTI's monthly fees will be capped at $175,000 for the first month
of its engagement and $150,000 for each month thereafter.  FTI's
fees in connection with this matter will be calculated by
multiplying (a) the time incurred providing services, by (b) FTI's
standard hourly rates, and by (c) 90%.

The customary hourly rates charged by FTI professionals anticipated
to be assigned to the cases are:

         Senior Managing Directors         $800 - $975
         Directors/Managing Directors      $595 - $795
         Consultants/Senior Consultants    $315 - $575
         Administrative/Paraprofessionals  $125 - $250

To the best of the Debtors' knowledge, FTI is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                         About Midway Gold

Midway Gold Corp., incorporated on May 14, 1996 under the laws of
the Province of British Columbia, Canada, is engaged in the
acquisition, exploration and development of mineral properties
located in the state of Nevada and Washington.

Midway Gold operates primarily through its wholly-owned subsidiary
located in the United States, Midway Gold US Inc.  The executive
offices are in Englewood, Colorado.  Midway US currently has one
gold producing property: the Pan gold mine located in White Pine
County, Nevada.  Midway also has gold properties which are
exploratory stage projects where gold mineralization has been
identified, such as the Tonopah project in Nye County, Nevada, the
Gold Rock project in White Pine County, Nevada, and the Golden
Eagle project in Ferry County, Washington.  Out of these projects,
a permitting process has been undertaken only for the Gold Rock
project.  Finally, Midway's Spring Valley property, another gold
property located in Pershing County, Nevada, is subject to a joint
venture with Barrick Gold Exploration Inc.

On June 22, 2015, Midway Gold US Inc. and 12 related entities,
including parent Midway Gold Corp. each filed a petition in the
U.S. Bankruptcy Court for the District of Colorado seeking relief
under Chapter 11 of the U.S. Bankruptcy Code.  The Debtors' cases
have been assigned to Judge Michael E. Romero.  

Judge Michael E. Romero directed the joint administration of the
cases under Case No. 15-16835.

The Debtors tapped Squire Patton Boggs (US) LLP as lead bankruptcy
counsel; Sender Wasserman Wadsworth, P.C., as special bankruptcy
and restructuring counsel; DLA Piper (Canada) LLP, as Canadian
bankruptcy counsel; Ernst & Young Inc., as information officer of
Canadian court; RBC Capital Markets, as investment banker; FTI
Consulting as financial advisor; and Epiq Solutions, as claims and
noticing agent.

Midway Gold Corp. disclosed $184 million in assets and $62.4
million in liabilities as of March 31, 2015.  Midway Gold US Inc.,
disclosed total assets of $2,461,673 and total liabilities of    
$122,448,181 as of the Chapter 11 filing.

In July, the U.S. Trustee overseeing the Debtors' cases appointed
seven creditors to serve on the official committee of unsecured
creditors.  The creditors are American Assay Laboratories, EPC
Services Company, InFaith Community Foundation, Jacobs Engineering
Group Inc., SRK Consulting (US) Inc., Sunbelt Rentals, and Boart
Longyear.  Gavin/Solmonese LLC serves as its financial advisor.


NET DATA CENTERS: Seeks Dec. 21 Plan Filing Exclusivity Extension
-----------------------------------------------------------------
Net Data Centers, Inc., asks the U.S. Bankruptcy Court for the
Central District of California, Los Angeles Division, to extend its
exclusivity periods for 61 days, advancing the plan filing and plan
acceptance exclusivity periods to Dec. 21, 2015 and Feb. 19, 2016,
respectively.

The Debtor tells the Court that it is seeking a 61-day extension of
exclusivity solely to resolve the plan critical issues of
stabilizing post-sale cash flow and accruing rejection claims to be
treated under the proposed plan.  It further tells the Court that
the extension seeks to retain exclusivity and the status quo, and
thereby avoid the cost and expense of competing plans while
fundamental case contingencies are in the process of being
addressed and resolved.

The Debtor's motion is scheduled for hearing on Oct. 14, 2015 at
2:00 p.m.

The Debtor's attorneys can be reached at:

          Paul A. Beck, Esq.
          Lewis R. Landau, Esq.
          LAW OFFICES OF PAUL A. BECK, APC
          13701 Riverside Drive, Suite 701
          Sherman Oaks, CA 91423
          Telephone: (818)501-1141
          Facsimile: (818)501-1241
          E-mail: pab@pablaw.org
                 lew@landaunet.com

                      About Net Data Centers

Net Data Centers, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. C.D. Cal. Case No. 15-12690) on Feb. 23, 2015.  Pervez
P. Delawalla, the president & CEO, signed the petition.  The
Hon. Sheri Bluebond is assigned to the case.  William F Govier,
Esq., at Lesnick Prince & Pappas LLP, serves as counsel to the
Debtor.

The Debtor disclosed, in its amended schedules, $9,566,908 in
assets and $13,352,373 in liabilities.  In its original schedules,
the Debtor disclosed $9,110,070 in assets and $5,236,687 in
liabilities.  

The U.S. trustee appointed three creditors to serve on the Official
Committee of Unsecured Creditors.  The Committee is represented by
Buchalter Nemer, APC.



NEW YORK LIGHT: Wants January 2016 Plan Filing Deadline
-------------------------------------------------------
New York Light Energy, LLC and its affiliated debtors ask the U.S.
Bankruptcy Court for the Northern District of New York to extend
the exclusive periods during which they may file a plan of
reorganization, from Sept. 24, 2015 to Jan. 22, 2016, and extend
their deadline to solicit acceptances of the plan from Nov. 23,
2015 to March 22, 2016.

The Debtors tell the Court that they have been operating under the
protection of chapter 11 for approximately three months.  They
relate that they have made significant progress in administering
their Chapter 11 cases.  They further relate that because of the
size of the Debtors' businesses and the complexity of the
restructuring process, they require additional time to complete the
restructuring process and determine the most beneficial conclusion
and exits from bankruptcy for their estates and creditors.  The
Debtors further tell the Court that an extension of their exclusive
filing period and exclusive solicitation period is necessary to
prevent the distraction and additional strain on their limited
resources that would be caused if a competing chapter 11 plan were
to be filed while the Debtors are determining the most favorable
means of exiting bankruptcy.

                  Creditors Committee Objection

The Official Unsecured Creditors' Committee contends that the
Debtors' motion for a six-month extension in exclusivity does not
have any real explanation of what the Debtors are doing.  The
Committee submits that the Debtors' motion is based on boiler plate
allegations of generalities but no specific details on how or why
the Debtors will be better able to formulate a Plan in March of
2016 that it can now, and no commitment by the Debtor to reserve
proceeds of the Betnr Project for unsecured creditors.

The Committee relates that the Debtors have projected a cash
surplus of approximately $900,000 arising from the completion of
the Betnr Project.  It further relates that it had consented to and
supported the Debtors' Application to continue with the Betnr
Project with the understanding that the proceeds thereof would be
used to fund an initial 10% dividend to allowed unsecured claims.

The Debtors' attorneys can be reached at:

          Joseph Zagraniczny, Esq.
          Sara C. Temes, Esq.
          BOND, SCHOENECK & KING, PLLC
          One Lincoln Center
          Syracuse, New York 13202
          Telephone: (315)218-8000
          Facsimile: (315)218-8100
          E-mail: jzagraniczny@bsk.com
                  stemes@bsk.com

                   About New York Light Energy

Founded in 2009 and based in Latham, New York, New York Light
Energy, LLC, designs and installs medium-scale solar arrays in New
York State and Massachusetts.  The Company has installed solar
arrays on more than 180 industrial, commercial, municipal, and
residential sites, with a total of over 15 megawatts of capacity
to
date.

NYLE and its affiliates commenced Chapter 11 bankruptcy cases
(Bankr. N.D.N.Y. Lead Case No. 15-11121) in Albany, New York, on
May 27, 2015.  

The Debtors tapped Bond, Schoeneck & King, PLLC, as counsel.
Judge
Robert E. Littlefield Jr. is assigned to the cases.

The U.S. Trustee for Region 2, appointed three creditors to serve
in an Official Committee of Unsecured Creditors in the Chapter 11
cases of New York Light Energy, LLC, et al.  The Committee retains
Hodgson Russ LLP as its attorneys and Emerald Capital Advisors
Corp. as financial advisor.



NEW YORK LIGHT: Wants Until Dec. 23 to Decide on Loudon Road Lease
------------------------------------------------------------------
New York Light Energy, LLC, asks the U.S. Bankruptcy Court for the
Northern District of New York, to extend its time to assume or
reject a lease of non-residential real property to Dec. 23, 2015.

NYLE relates that it is leasing commercial property from 942 New
Loudon Road, LLC for the operation of NYLE and its affiliated
Debtors' businesses. NYLE further relates that the premises is
located at 839 New Loudon Rd, Latham, New York and that the lease
is for a period of two years, beginning June 1, 2010.

NYLE tells the Court that the Lease is integral to the Debtors'
operations, and houses their administrative team and serves as
their headquarters.  NYLE further tells the Court that under the
Lease, NYLE is responsible for paying monthly rent in the amount of
$2,500 as well as all real property taxes, leasehold improvements,
property insurance and common area maintenance, repairs and utility
charges incurred in connection with the Lease. NYLE adds that it is
current on all postpetition obligations due under the Lease.

NYLE relates that the current statutory deadline for NYLE to assume
or reject the Lease is Sept. 24, 2015.  It contends that if it is
forced to immediately make an assumption or rejection decision with
respect to the Lease, it could jeopardize the Debtors'
reorganization process.  NYLE further contends that if it is
required to immediately assume, rather than reject, the Lease, such
action could create a substantial administrative claim.

The Debtor's attorneys can be reached at:

          Joseph Zagraniczny, Esq.
          Sara C. Temes, Esq.
          BOND, SCHOENECK & KING, PLLC
          One Lincoln Center
          Syracuse, New York 13202
          Telephone: (315)218-8000
          Facsimile: (315)218-8100
          E-mail: jzagraniczny@bsk.com
                  stemes@bsk.com

                   About New York Light Energy

Founded in 2009 and based in Latham, New York, New York Light
Energy, LLC, designs and installs medium-scale solar arrays in New
York State and Massachusetts.  The Company has installed solar
arrays on more than 180 industrial, commercial, municipal, and
residential sites, with a total of over 15 megawatts of capacity to
date.

NYLE and its affiliates commenced Chapter 11 bankruptcy cases
(Bankr. N.D.N.Y. Lead Case No. 15-11121) in Albany, New York, on
May 27, 2015.

The Debtors tapped Bond, Schoeneck & King, PLLC, as counsel.  Judge
Robert E. Littlefield Jr. is assigned to the cases.

The U.S. Trustee for Region 2, appointed three creditors to serve
in an Official Committee of Unsecured Creditors in the Chapter 11
cases of New York Light Energy, LLC, et al.  The Committee retains
Hodgson Russ LLP as its attorneys and Emerald Capital Advisors
Corp. as financial advisor.



OAKFABCO INC: Court OKs FrankGecker as Attorneys to Asbestos Panel
------------------------------------------------------------------
The Asbestos Claimants' Committee of Oakfabco, Inc. sought and
obtained permission from the Hon. Jack B. Schmetterer of the U.S.
Bankruptcy Court for the Northern District of Illinois to retain
FrankGecker LLP as attorneys to the Asbestos Committee, effective
August 27, 2015.

The Committee requires FrankGecker to:

   (a) represent the Asbestos Committee in any proceedings and
       hearings that involve or might involve matters pertaining
       to the Debtor's asbestos claimants;

   (b) prepare on behalf of the Asbestos Committee any necessary
       adversary complaints, motions, Motions, orders and other
       legal papers relating to such matters;

   (c) give the Asbestos Committee legal advice with respect to
       its powers and duties in this case;

   (d) assist the Asbestos Committee in its investigation of the
       acts, conduct, assets and insurance, liabilities, financial

       condition, and operation of the Debtor's business and any
       other matters relevant to the case, if necessary;

   (e) advise the Committee with respect to the negotiation and
       confirmation of a plan of reorganization;

   (f) perform all other legal services as required.

The primary attorneys anticipated to work on this engagement are
Joseph D. Frank, Frances Gecker, Dwight B. Palmer, Jr., Micah R.
Krohn and Reed Heiligman.

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

Frances Gecker, 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:

       Frances Gecker, Esq.
       FRANKGECKER LLP
       325 North LaSalle Street, Suite 625
       Chicago, Illinois 60654
       Tel: (312) 276-1400
       Fax: (312) 276-0035
       E-mail: fgecker@fgllp.com

                       About Oakfabco, Inc.

Oakfabco, Inc, formerly known as Kewanee Boiler Corporation, has
not manufactured boilers since 1988 when it sold its Kewanee boiler
business in an 11 U.S.C. Section 363 sale to Coppus Engineering
Corporation.  In early 2009, it sold all of its remaining assets.
The Debtor has no employees, and, Frederick W. Stein is the
Debtor's sole officer and director.  The Debtor's sole remaining
asset is its insurance, and it has no known liabilities other than
asbestos claims.

In January 1970, Kewanee Boiler Corp, then a newly-formed Illinois
Corporation, acquired the assets and debt of American Standard,
Inc.'s commercial boiler manufacturing division known as "Kewanee
Boiler."  The boilers manufactured and sold by Kewanee Boiler were
insulated with asbestos.

Oakfabco sought Chapter 11 protection (Bankr. N.D. Ill. Case No.
16-27062) on Aug. 7, 2015, to resolve its remaining asbestos
claims.  Reed Smith LLP serves as counsel to the Debtor.

The Debtor estimated $10 million to $50 million in assets and debt.


OAS FINANCE: Provisional Relief in Effect on BVI Proceeding
-----------------------------------------------------------
U.S. Bankruptcy Judge Stuart Bernstein has ordered that his
provisional relief order in the Chapter 15 case of OAS Finance
Limited will continue in full force and effect until such time as
the court issues a ruling on the petitioners' request for
recognition of the BVI Proceeding.

As reported in the Troubled Company Reported on May 20, 2015,
Marcus Allender Wide and Mark T. McDonald, in their capacities as
joint provisional liquidators of OAS Finance Limited, filed a
Chapter 15 bankruptcy petition for OAS Finance in New York to:

  (i) facilitate OAS Finance's provisional liquidation proceeding,
which is pending before the Eastern Caribbean Supreme Court, High
Court of Justice Commercial Division, British Virgin Islands,
prevent attachment of OAS Finance's United States assets (to the
extent they exist),

(ii) protect OAS Finance's rights and claims in the United States,
and

(iii) obtain information that will allow them to properly protect
the interests of OAS Finance and its creditors and maximize value.

Prior to the commencement of the BVI Proceeding, OAS Finance was
(and remains) subject to bankruptcy proceedings in Brazil.  Renato
Fermiano Tavares, a purported foreign representative of those
Brazilian proceedings, commenced Chapter 15 cases in the
UnitedStates on behalf of the Brazilian Proceeding of OAS Finance
and certain of its affiliates.  Through the Tavares Chapter 15
Cases, Tavares obtained a limited provisional stay, which halted
certain creditor attachment activities with respect to the assets
of OAS Finance that are located in the territorial jurisdiction of
the United States.

On April 16, 2015, one day after the Tavares Chapter 15 Cases were
commenced, and at the behest of creditors, the BVI Court issued an
order placing OAS Finance into provisional liquidation and
appointing Messrs.  Wide and McDonald as OAS Finance's joint
provisional liquidators.  In their role as OAS Finance's joint
provisional liquidators, and pending the conversion of the BVI
Proceeding into a full liquidation proceeding, Messrs.  Wide and
McDonald's paramount responsibility is to protect OAS Finance's
assets and the interests of OAS Finance's creditors, and to conduct
the investigations required to identify the assets, rights, claims,
and other interests that accrue to the benefit of OAS Finance's
creditors.  Their appointment automatically divested OAS Finance's
directors, and Tavares whom those directors appointed, of all
authority to act for, or cause actions to be taken on behalf of,
OAS Finance.

Messrs. Wide and McDonald have therefore filed a notice of
withdrawal of the petition in the OAS Finance Tavares Chapter 15
case, and have commenced this case in its place.  To ensure that
their withdrawal of that petition does not expose OAS Finance's
United States assets to further attachment risk, Messrs. Wide and
McDonald are seeking provisional relief in the form of a
substantively identical stay to that imposed in the Tavares Chapter
15 Cases, extending through June 23, 2014 at 10:00 a.m.

                         About OAS Finance

The OAS Group is among the largest and most experienced
infrastructure companies in Brazil, focusing on heavy engineering
and equity investments in infrastructure projects located in and
outside Brazil and abroad for both public and private clients. The
OAS Group provides services in 22 countries in Latin America, the
Caribbean and Africa.  OAS Finance, a member of the OAS Group, is
special purpose vehicle, the sole purpose of which was to raise
financing through the international capital markets to be loaned to
other members of the OAS Group.

Based in Sao Paulo, Brazil, OAS S.A. is the holding company at the
apex of the OAS Group. Its share capital is divided between CMP
Participacoes Ltda. (owned by Mr. Cesar de Araujo Mata Pires),
which has a 90% stake, and LP Participacoes e Engenharia Ltda
(owned by Mr. Jose Adelmario Pinheiro Filho, which has a 10%
stake.

Amid an investigation into alleged corruption and money laundering,
and missed interest payments, OAS S.A. and its affiliates
Construtora OAS S.A., OAS Investments GmbH, and OAS Finance Limited
on March 31, 2015, commenced judicial reorganization proceedings
before the First Specialized Bankruptcy Court of Sao Paulo pursuant
to Federal Law No. 11.101 of February 9, 2005 of the laws of the
Federative Republic of Brazil.  On April 1, 2015, the Brazilian
Court entered an order approving the continuation of the joint
reorganization proceedings for the Debtors.

On April 15, 2015, OAS S.A., et al., filed Chapter 15 bankruptcy
petitions (Bankr. S.D.N.Y. Lead Case No. 15-10937) in Manhattan, in
the United States to seek U.S. recognition of the Brazilian
proceedings. Renato Fermiano Tavares, as foreign representative,
signed the petitions.  The cases are assigned to Judge Stuart M.
Bernstein.  White & Case, LLP, serves as counsel in the U.S. cases.
OAS S.A. listed at least US$1 billion in assets and liabilities.

On April 16, 2015, at the behest of a group of creditors, the
Eastern Caribbean Supreme Court, High Court of Justice Commercial
Division, British Virgin Islands, issued an order placing OAS
Finance into provisional liquidation and appointing Marcus Allender
Wide and Mark T. McDonald as OAS Finance's joint provisional
liquidators.

Messrs. Wide and McDonald on May 18, 2015, submitted a Chapter 15
bankruptcy petition (Bankr. S.D.N.Y. Case No. 15-11304) in
Manhattan to seek U.S. recognition of the BVI proceeding.  Andrew
Rosenblatt, Esq., at Chadbourne & Parke LLP, serve as counsel in
the new U.S. case.  OAS Finance is estimated to have US$500 million
to US$1 billion in assets and debt.



PAGAN & PINTADO: Case Summary & 8 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Pagan & Pintado Inc.
        Mendez Vigo 110 East
        Mayaguez, PR 00680

Case No.: 15-07415

Nature of Business: Health Care

Chapter 11 Petition Date: September 25, 2015

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Debtor's Counsel: Armando Lamourt Rodriguez, Esq.
                  LAMOURT & RIOS LAW FIRM
                  PO BOX 236
                  Mayaguez, PR 00681-0236
                  Tel: (787) 632-6241
                  Email: alamourt@yahoo.com

Total Assets: $62,725

Total Liabilities: $143,474

The petition was signed by Samuel Vazquez Gonazalez, authorized
individual.

List of Debtor's eight Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
UMECO                                                   $54,612

INTERNAL REVENUE SERVICE                                $36,000

AXISCARE HEALTH LOGISTIC INC                            $13,696

DEPARTAMENTO DE TRABAJO Y RECURSOS HUMAN                $13,500

CARDINAL HEALTH PR                                      $12,941

CRIM                                                     $6,700

MUNICIPIO DE MAYAGUEZ                                    $4,300

THE JOINT COMMISSION                                     $1,725


PEANUT CORP: Former Managers Face Sentencing in Salmonella Case
---------------------------------------------------------------
The Associated Press reported that two former managers of Georgia
peanut plant, Peanut Corp. of America, who were star witnesses who
helped convict their old boss in the company's salmonella case, are
now facing the prospect of going to prison themselves.

According to the report, Sammy Lightsey and Danny Kilgore are
scheduled to return on Oct. 1 to a U.S. district court for
sentencing by the same judge who sent their ex-employer, former
Peanut Corp. owner Stewart Parnell, to prison for 28 years.

As previously reported by The Troubled Company Reporter, citing The
Wall Street Journal, Mr. Parnell was sentenced to 28 years in
prison on Sept. 21 for presiding over a cover-up that led to a
deadly salmonella outbreak, marking what legal experts believe to
be the most severe punishment yet in a U.S. food-safety case.

According to the Journal, a U.S. district judge in Albany, Ga.,
sentenced Mr. Parnell after a jury found him guilty last year on
dozens of felony counts, including conspiracy to conceal that many
of the company's products were contaminated with salmonella.  The
prison sentence -- believed to be by far the harshest ever
levied in a food-safety case -- highlights the government's
stricter enforcement of food-safety laws following several major
outbreaks of foodborne illnesses over the past decade, the Journal
said.

                        About Peanut Corp.

Peanut Corporation of America sold peanut butter and peanut paste
to companies that made products including cookies, crackers and
pet food.  Following a 2008 nationwide outbreak of Salmonella
poisoning that reports say sickened more than 700 people and
killed nine, Peanut Corp. -- http://www.peanutcorp.com/-- filed a


Chapter 7 bankruptcy petition in February 2009 (Bankr. W.D. Va.
Case No. 09-60452).  The Company estimated its assets and
liabilities in the range of $1 million to $10 million at the time
of the filing.

In September 2010, Judge Norman Moon of the U.S. District Court
for the Western District of Virginia allowed PCA settle tort
claims with more than two dozen victims of the 2008 salmonella
outbreak at the company's facilities.  Under the settlement, the
PCA trustee would distribute $12 million to resolve tort claims
arising from people who became ill or died after eating
salmonella-tainted peanut products.


PRESTIGE INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: Prestige International Products, Inc.
           fka Prestige International, Inc.
        1393 Dodson Way
        Riverside, CA 92507

Case No.: 15-19497

Chapter 11 Petition Date: September 26, 2015

Court: United States Bankruptcy Court
       Central District of California (Riverside)

Judge: Hon. Meredith A. Jury

Debtor's Counsel: D. Edward Hays, Esq.
                  MARSHACK HAYS LLP
                  870 Roosevelt Ave
                  Irvine, CA 92620
                  Tel: 949-333-7777
                  Fax: 949-333-7778
                  Email: ehays@marshackhays.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by John R. O'Neill, president.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
1393 Dodson Way                       Back Rent         $15,756

1393 Dodson Way LLC                   Judgment          $32,287

Bluelinx                            Business Debt        $6,751

Cal Panel                           Business Debt        $5,769

Codysales, Inc.                        Judgment        $675,793
Collins and Company                   Business Debt      $4,435

CR&R Inc                              Business Debt        $653

Decotone Surfaces                     Business Debt      $1,425

E.B. Bradley Co.                      Business Debt      $4,933

Hallmark Building Supplies, Inc.      Business Debt      $3,884

Kanak                                 Business Debt      $8,335

Law Offices of F. Glenn Nichols      Attorneys Fees  $1,194,694    


Leitz Tooling Systems LP              Business Debt        $458

Professional Plastics, Inc.           Business Debt      $2,132

R.S. Hughes                           Business Debt      $3,358

Rugby                                 Business Debt     $32,548

TMC Financing                           Guarantee      $725,529

Toyota Forklift Services                                   $335

Yeeda International, LLC                Judgment       $240,598

Zion First National Bank                Guarantee      $954,764


QUINCY NEWSPAPERS: S&P Assigns 'B+' CCR, Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
corporate credit rating to Quincy, Ill.-based TV broadcaster Quincy
Newspapers Inc.  The rating outlook is stable.

"At the same time, we assigned our 'BB' issue-level rating and '1'
recovery rating to the company's proposed $30 million first-out
senior secured revolving credit facility due 2020.  The '1'
recovery rating indicates our expectation for very high (90%-100%)
recovery of principal for debtholders in the event of default," S&P
said.

S&P also assigned its 'B+' issue-level rating and '3' recovery
rating to the company's proposed $250 million senior secured term
loan B.  The '3' recovery rating indicates S&P's expectation for
meaningful (50%-70%; upper half of the range) of principal for
debtholders in the event of default.

"The 'B+' corporate credit rating reflects Quincy's relatively
smaller size and scale compared to peers and the secular pressures
television advertising is facing, which is somewhat offset by the
growing retransmission revenue the company receives from cable and
satellite video service providers," said Standard & Poor's credit
analyst Jawad Hussain.  The rating also reflects the company's
"significant" financial risk profile assessment, which results from
the increased debt in the capital structure due to Quincy's
acquisition of Granite Broadcasting Corp.'s television assets.

The stable rating outlook on Quincy reflects S&P's expectation that
the company will maintain leverage, based on average
trailing-eight-quarter EBITDA, in the 4x area or lower while
maintaining "adequate" liquidity.

S&P could raise the rating if the company meaningfully increases
its size and scale.  S&P would expect an increase in size and scale
to reduce the company's reliance on a few states to bring in most
of its political revenue in election years and result in the
company's EBITDA margin profile improving toward the mid-30% area.
Additionally, S&P could raise the rating if Quincy commits to a
financial policy under which debt to average trailing-eight-quarter
EBITDA remains below 3.5x on a sustained basis, which could result,
in our view, from better-than-expected EBITDA growth coupled with
debt repayment.

S&P could lower the rating if the company's debt to average
trailing-eight-quarter EBITDA increases to around 5x or higher.
This would likely occur due to weaker-than-expected operating
performance or if the company pursues an expensive debt-financed
acquisition that drives leverage higher.



RADIOSHACK CORP: Discloses Initial Liquidating Trust Board Members
------------------------------------------------------------------
RadioShack Corp. disclosed in a court filing the seven initial
members of the Liquidating Trust Board.

The members are David Dunn of Arrowgrass Capital Partners; James
Grudus of AT&T; Ronald Tucker of Simon Property Group; Seth Green
of National Distribution Warehouse; Julie Minnick Bowden of General
Growth Properties; Richard Salzman of Tracfone Wireless, Inc.; and
Martin Moad, a retiree and former employee of RadioShack.

The Liquidating Trust Board was formed pursuant to the company's
proposed liquidation plan.

                 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


ROMAD REALTY: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Romad Realty Inc.
        2201 Davidson Avenue
        Bronx, NY 10453

Case No.: 15-12644

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: September 28, 2015

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Debtor's Counsel: Arnold Mitchell Greene, Esq.
                  ROBINSON BROG LEINWAND GREENE
                  GENOVESE & GLUCK P.C.
                  Genovese & Gluck, P.C.
                  875 Third Avenue, 9th Floor
                  New York, NY 10022
                  Tel: (212) 603-6300
                  Fax: (212) 956-2164
                  Email: amg@robinsonbrog.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by David Goldwasser, president.

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


SANCHEZ ENERGY: Moody's Affirms 'B2' Rating on Midstream Asset Sale
-------------------------------------------------------------------
Moody's Investors Service commented that Sanchez Energy
Corporation's (Sanchez, B2 stable) announcement that it will sell
its midstream assets in Western Catarina to Sanchez Production
Partners, LP (SPP, unrated) is credit positive.  Sanchez is
expected to receive net cash proceeds of approximately $345
million.  The deal enhances its liquidity profile in a period of
weak commodity prices, increasing cash balances to above $600
million and supporting its ability to meet its production targets
with internal cash flow in 2016.  The transaction is expected to
close in October 2015.  Sanchez is not directly related to SPP
which is a publicly-traded MLP, however, both share a common
owner.

Sanchez Energy Corporation is an independent oil and gas
exploration and production (E&P) company with production operations
in the Eagle Ford Shale in South Texas.



SB&B OF FLORIDA: Case Summary & 14 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: SB&B of Florida L.L.C.
        2115 Trescott Drive
        Tallahassee, FL 32308

Case No.: 15-40500

Chapter 11 Petition Date: September 26, 2015

Court: United States Bankruptcy Court
       Northern District of Florida (Tallahassee)

Judge: Hon. Karen K. Specie

Debtor's Counsel: Robert C. Bruner, Esq.
                  2810 Remington Green Circle
                  Tallahassee, FL 32308
                  Tel: 850-385-0342
                  Fax: 850-270-2441
                  Email: RobertCBruner@hotmail.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by L. Blair Bailey, manager.
List of Debtor's 14 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Barbara Ford-Coates Tax           Real Estate Taxes       $16,517
Collector of Sarasota
County, Florida

Bay Cities Bank                    Office Building     $2,216,088

BB&T                               Commercial Note       $500,000

Coastal States Realty & Managment     Trade Debt             $347

Custom Air & Plumbing Inc.            Trade Debt           $5,004

Florida Department of Revenue         Sales Tax              $551

L. Blair Bailey                    Promissory Notes        $9,500

Natural Designs                       Trade Debt             $150
Landscaping Management

Perimeter Investments Inc.         Promissory Notes      $349,054

Premium Assignment Corporation        Trade Debt           $2,171

Prister & Company CPA                 Trade Debt           $4,492

Sally Huey Bailey                  Promissory Notes      $146,876

Union Investment Properties Inc.   Promissory Notes      $104,518

Verizon Wireless                      Trade Debt             $121


SKYLINE CORP: Gets Audit Opinion with Going Concern Qualification
-----------------------------------------------------------------
Skyline Corporation's audited consolidated financial statements for
the fiscal year ended May 31, 2015, included in the Corporation's
Annual Report on Form 10-K, which was filed with the Securities and
Exchange Commission on August 26, 2015, contains an audit opinion
from its independent registered public accounting firm which
includes a going concern qualification.  This announcement is made
pursuant to NYSE MKT Company Guide Section 610(b), which requires
separate disclosure of receipt of an audit opinion containing going
concern explanatory language.

Skyline Corporation, together with its subsidiaries, designs,
produces, and markets manufactured housing, modular houses, and
recreational vehicles to independent dealers and manufactured
housing communities in the United States and Canada.  The company
was founded in 1951 and is headquartered in Elkhart, Indiana.



SPX CORP: S&P Withdraws 'BB+' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'BB+' corporate credit rating on SPX Corp. -- which S&P had placed
on CreditWatch with negative implications on Oct. 29, 2014 -- at
the issuer's request.

SPX Corp. has reassigned its $600 million senior unsecured notes
due 2017 to SPX FLOW Inc.  As a result, S&P removed the notes from
CreditWatch, where it had placed them with negative implications on
Oct. 29, 2014.  At the same time, S&P lowered its issue-level
rating on the $600 million notes to 'BB' from 'BB+' and revised the
recovery rating to '4' from '3'.  The '4' recovery rating indicates
S&P's expectation of average recovery (30%-50%; lower half the
range) in a default scenario.

"Following SPX Corp.'s recently completed spin-off transaction,
wherein the company transferred its flow technology assets and
obligations to another rated legal entity, SPX FLOW Inc., we are
withdrawing our corporate credit rating on the company at the
issuer's request," said Standard & Poor's credit analyst Liley
Mehta.



STANDARD PACIFIC: Fitch Hikes Issuer Default Rating to 'BB-'
------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Standard Pacific Corp.
(NYSE: SPF), including the company's Issuer Default Rating (IDR),
to 'BB-' from 'B+'. The Rating Outlook is Stable.

On June 16, 2015, Fitch placed the company's ratings on Rating
Watch Positive following a definitive agreement designating that
Standard Pacific and The Ryland Group (NYSE: RYL) will combine in a
merger of equals that will create the fourth-largest homebuilder in
the U.S. The shareholders of both companies approved the merger
agreement on Sept. 28, 2015 and the transaction is expected to
close on Oct. 1, 2015.

At the time of the merger, Standard Pacific will implement a
1-for-5 reverse stock split. After giving effect to the reverse
stock split, Ryland shareholders will receive 1.0191 shares of
Standard Pacific common stock for each share of Ryland common
stock. Upon closing of the transaction, Standard Pacific
shareholders will own approximately 59% and Ryland shareholders
will own about 41% of the combined company.

At the closing of the merger, Ryland will be merged into Standard
Pacific. Concurrent with the closing, the name of the combined
company will be changed to CalAtlantic Group, Inc. (NYSE: CAA).

KEY RATING DRIVERS

The rating upgrade reflects the following:

-- Lower leverage: Fitch projects a decrease in financial
    leverage (debt-to-EBITDA) for the combined company versus
    Standard Pacific's leverage of 4.5x on a stand-alone basis for

    the latest 12 months (LTM) ended June 30, 2015. Fitch
    estimates that initial pro forma leverage will be about 4.0x,
    based on the two companies' EBITDA and debt levels for the
    June 30, 2015 LTM period. Fitch expects leverage will be below

    4.0x by the end of 2016.

-- Geographic Diversity: The combination with Ryland will expand
    Standard Pacific's geographic presence to 10 additional states

    and 15 new metropolitan statistical areas (MSAs). The combined

    company's total MSAs served will increase from 26 to 41. More
    importantly, the combined company will have less reliance on
    the state of California. Revenues directed to this state will
    decline from 46% (on a stand-alone basis for Standard Pacific)

    to 27% pro forma for the combined company.

-- Larger Size: CalAtlantic will be the fourth-largest
    homebuilder based on LTM revenues. For the June 30, 2015 LTM
    period, the pro forma combined company delivered more than
    12,750 homes in the aggregate with combined pro forma revenues

    of almost $5.2 billion. Importantly, both management teams
    have had experience managing large companies in the past. In
    2005, Standard Pacific delivered 11,411 homes with total
    homebuilding revenues of almost $4 billion. Similarly, in
    2005, Ryland had revenues of $4.7 billion on 16,673 home
    deliveries.

-- Leading Market Share: CalAtlantic will have a top 10 position
    in 29 MSAs, including a top five market share in 15 of the
    largest 25 MSAs.

-- Land Supply: CalAtlantic will control roughly 76,000 lots, 72%

    of which will be owned and the remaining 28% will be optioned.

    Total land supply will decrease to 6 years for the combined
    company compared with 7.2 years for Standard Pacific on a
    stand-alone basis.

-- Debt Structure: All existing senior notes and convertible
    notes are expected to remain in place. CalAtlantic will have
    total debt of about $3.5 billion. In addition, the combined
    company's debt maturities are well laddered, with about $280
    million in 2016 and $483 million in 2017 (including $253
    million of convertible senior notes).

LAND STRATEGY

During 2014, Standard Pacific spent $943 million on land and
development ($586 million for land and $357 million for development
activities). This compares with $808 million spent during 2013 and
$711 million during 2012. For the first six months of 2015,
Standard Pacific expended $350 million on land and development
activities. Earlier in the year, management expected to spend
between $800 million and $1.2 billion on land and development
during 2015.

In the case of Ryland, land and development spending totalled $913
million ($538 million for land and $375 million for development)
during 2014 and roughly $950 million during 2013. For the first
half of 2015, Ryland's land acquisitions totalled $274 million
while development spending was $201 million. On a standalone basis,
the company expected to spend about $900 million on land and
development during 2015.

For 2016, Fitch expects land and development spending will
approximate 2015 projected levels of about $2 billion on a combined
basis. At this level of spending, Fitch expects CalAtantic will be
slightly cash flow positive for the year.

LIQUIDITY

As of June 30, 2015, Standard Pacific had unrestricted homebuilding
cash of $77.1 million and $420 million of borrowing availability
under its $450 million unsecured revolving credit facility that
matures in July 2018. As of June 30, 2015, Ryland had $213.7
million available under its $300 million revolver that matures in
2018. Ryland also had $280 million of cash and $17.8 million of
marketable securities at the end of the second quarter.

Fitch expects the combined company will increase its unsecured
revolving credit facility to $750 million to provide additional
liquidity. Fitch expects CalAtlantic will have liquidity of at
least $500 million from a combination of unrestricted homebuilding
cash and equivalents and revolver availability.

IMPROVING HOUSING MARKET

Housing metrics increased in 2014 due to more robust economic
growth during the last three quarters of the year (prompted by
improved household net worth, industrial production and consumer
spending), and consequently acceleration in job growth (as
unemployment rates decreased to 6.2% for 2014 from an average of
7.4% in 2013), despite modestly higher interest rates, as well as
more measured home price inflation. Single-family starts in 2014
improved 4.8% to 648,000 as multifamily volume grew 15.6% to
355,000. Thus, total starts in 2014 were 1.003 million. New home
sales were up a modest 1.6% to 436,000, while existing home volume
was off 2.9% to 4.940 million largely due to fewer distressed homes
for sale and limited inventory. New home price inflation moderated
in 2014, at least partially because of higher interest rates and
buyer resistance. Average new home prices, as measured by the
Census Bureau, rose 6.4% in 2014, while median home prices advanced
approximately 5.4%.

Housing activity is likely to ratchet up more sharply in 2015 with
the support of a steadily growing, relatively robust economy
throughout the balance of the year. Considerably lower oil prices
should restrain inflation and leave American consumers with more
money to spend. The unemployment rate should continue to move lower
(average 5.3% in 2015). Credit standards should steadily,
moderately ease throughout 2015. Demographics should be more of a
positive catalyst. More of those younger adults who have been
living at home should find jobs and these 25-35 year olds should
provide some incremental elevation to the rental and starter home
markets. Through the first eight months of the year, total housing
starts are 11.3% higher versus the same period last year, while
existing home sales and new home sales are up 7.8% and 21.1%,
respectively.

Single-family starts are forecast to rise about 12.5% to 729,000 as
multifamily volume expands 7.3% to 381,000. Total starts would be
in excess of 1.1 million (up 10.7%). New home sales are projected
to increase 20% to 523,000. Existing home volume is expected to
approximate 5.152 million, up 4.3%. New home price inflation should
further taper off with higher interest rates and the mix of sales
shifting more to first time homebuyer product. Average and median
home prices should increase 3%-3.5%.

Fitch expects further improvement in 2016, with total housing
starts projected to rise 12.2%, new home sales to advance 18%, and
existing home sales to grow 5% for the year.

KEY ASSUMPTIONS

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

-- The merger agreement between Standard Pacific and Ryland is
    consummated;

-- Debt-to-EBITDA falls below 4.0x for the combined company by
    the end of 2016;

-- Interest coverage above 4.5x in 2016;

-- CalAtlantic expends approximately $2 billon on land and
    development activities during 2016;

-- The combined company will be cash flow neutral to slightly
    cash flow positive during 2016;

-- CalAtlantic maintains at least $500 million of liquidity from
    a combination of cash and revolver availability;

-- Industry single-family housing starts improve 12.5%, while new

    and existing home sales grow 20% and 4.3%, respectively, in
    2015. Housing metrics continue to improve in 2016.

RATING SENSITIVITIES

Future ratings and Outlooks will be influenced by broad housing
market trends as well as company specific activity, such as trends
in land and development spending, general inventory levels,
speculative inventory activity (including the impact of high
cancellation rates on such activity), gross and net new order
activity, debt levels, free cash flow trends and uses, and the
company's cash position.

Further positive rating actions may be considered if the recovery
in housing is maintained and is meaningfully better than Fitch's
current outlook, the combined company shows continuous improvement
in credit metrics (particularly debt to EBITDA consistently below
3.5x and interest coverage above 5x). The company would be expected
to maintain a healthy liquidity position consisting of unrestricted
homebuilding cash and revolver availability (above $500 million)
through the cycle with a bias towards unrestricted homebuilding
cash component into the next downturn.

A negative rating action could be triggered if the industry
recovery dissipates; 2016/2017 revenues each drop at roughly a
mid-teens pace while EBITDA margins fall below 12% and debt to
EBITDA consistently remains above 5.0x; and the company's liquidity
position falls sharply, perhaps below $300 million as the company
maintains an overly aggressive land and development spending
program.

FULL LIST OF RATING ACTIONS

Fitch has upgraded the following ratings with a Stable Outlook:

Standard Pacific Corp.

-- Long-term IDR to 'BB-' from 'B+';

-- Senior unsecured notes to 'BB-/RR4' from 'B+/RR4';

-- Unsecured revolving credit facility to 'BB-/RR4' from
'B+/RR4'.

In accordance with Fitch's updated Recovery Rating (RR)
methodology, Fitch is now providing RRs to issuers with IDRs in the
'BB' category. The Recovery Rating of '4' for Standard Pacific's
unsecured debt supports a rating of 'BB-', and reflects average
recovery prospects in a distressed scenario.

Following the closing of the merger, Fitch also expects to assign a
'BB-/RR4' rating to Ryland's existing senior unsecured and senior
convertible notes.



STOCKTON CITY: Moody's Raises Rating on 2006 Revenue Bonds to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 the City of
Stockton's (CA) series 2006 lease revenue bonds and affirmed the
city's 2007 pension obligation bonds at Ca.  Moody's has also
assigned a stable outlook to the Series 2006 and 2007 bonds.  This
rating action affects approximately $71 million of bonds.

SUMMARY RATINGS RATIONALE

Moody's rating actions on the city's 2006 lease revenue bonds and
2007 pension obligation bonds reflect in part, the treatment of
these bonds' creditors as outlined in the city's plan of
adjustment, which the bankruptcy court confirmed on October 30,
2014.  Under Chapter 9 of the bankruptcy code, a municipality must
issue and have confirmed a plan of adjustment before it can emerge
from bankruptcy.  Unless the confirmation is overturned on appeal,
the confirmation locks into place Stockton's proposed treatment of
its various creditors.  Even though one creditor is appealing the
confirmation with respect to the city's series 2009 certificates of
participation, which series we do not rate, the holders of the
series 2006 COPs and 2007 POBs agreed to the terms of the
confirmation.  As a result, the proposed treatment of these bonds
is unlikely to change, although the uncertainty surrounding the
outcome of the appeal is a significant factor in our rating.

For the series 2007 pension obligation bonds, the plan imposes
significant losses to Assured Guaranty Municipal Corp ("Assured",
A2 stable), the bond insurer.  Moody's estimates these losses to be
approximately 59% of principal from the date the city first
defaulted on the series 2007 bonds.  Investor recovery of at least
41% of principal is consistent with the Ca-rating recovery range of
between 35%-65% of principal.  Under the plan, Assured will receive
annual payments from the city from various sources.  The city has
deemed these payments "non-contingent."  Assured may receive
additional, "contingent" payments tied to the performance of the
city's future revenues, which would increase bondholder recovery.
Moody's analysis only considers these "non-contingent" payments,
although Assured could receive a higher recovery if the city
exceeds certain performance benchmarks beginning in FY 2018.

For the Series 2006 lease-revenue bonds, the bankruptcy did not
have an impact either on investor debt service payments or
principal repayment and the payment of debt service has continued
uninterrupted.  The plan of adjustment treats this obligation as
unimpaired.  Therefore, the Ba2 rating reflects our forward-looking
evaluation of the city's credit fundamentals, tax base, financial
position and debt, including the lease-revenue pledge versus
California's general obligation pledge, and the city's recent
bankruptcy.  The city's actions taken in connection with its
bankruptcy filing to impair a significant portion of its debt
raises the risk that it would consider impairing the Series 2006
debt in the event of a subsequent bankruptcy filing, although the
risk of such a bankruptcy is becoming increasingly more remote with
the city's much improved financial position.

The debt service reductions and other actions to reduce
expenditures, including the elimination of retiree medical
benefits, have had and will continue to have a positive effect on
the city's budget.  The city has posted budget surpluses each year
since 2011, despite declaring bankruptcy in 2012, and credibly
projects surpluses at least through 2016.  Fund balances and cash
reserves are also growing.  The city's economy is improving, with
key revenues increasing as a result of asset appreciation and
increases in underlying economic activity.  The city's
pre-bankruptcy debt levels were high.  The vast majority of the
debt consists of lease-revenue or pension-obligation debt, which,
before the bankruptcy, were unconditional promises of the city.
Going forward, the majority of the city's debt that has not been
discharged by the bankruptcy plan will paid from dedicated sources;
if those sources are insufficient to repay the new obligations, the
city will not be obligated to repay those obligations.

The Ba2 rating for the city's 2006 lease-revenue debt reflects a
significantly weaker assessment than under a general obligation
pledge.  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.  A
lease pledge is a contractual obligation, on parity with a city's
other unsecured obligations, backed by the city's available
financial resources.  The difference between a GO and lease-revenue
pledge also reflects the additional risk to investors from the
city's financial, operational and economic condition over the more
secure GO pledge A California municipality's lease revenue pledge
is relatively less secure than our prior estimates, both in terms
of probability of default and likely losses in the event of
default.

OUTLOOK

The stable outlook on the city's lease revenue bonds reflects
likely improvements in the credit profile of the city over the next
two years, given the improving local economy and the city's
commitment to maintaining fund balance levels that are well above
median reserve levels for the rating category.  If Stockton
prevails in the pending appeal of its plan of adjustment, this
would also remove a significant source of uncertainty and result in
further upward pressure on the rating.

The stable outlook on the city's 2007 POBs reflects the likelihood
that the rating will not change over the next 2-3 years since we do
not expect a significant change in the expected rate of recovery in
the short term.  The city's agreement with Assured Guaranty
provides that the city may be liable for additional debt service
payments to Assured beginning in FY 2018, which could increase
bondholder recovery if the city's financial position improves
materially.  Therefore, the rating currently reflects the recovery
level to bondholders for the near- to medium-term.

WHAT COULD MAKE THE RATING GO UP

   -- Trend of operating surpluses and increasing reserve levels

   -- Continuing improvements in the local economy, including a
      significant increase in key socio-economic indicators

   -- Further increases in the city's tax base

WHAT COULD MAKE THE RATING GO DOWN

   -- Return to recession of the local economy, resulting in
      declines in key revenue sources

   -- A trend of operating deficits and further narrowing of
      reserve levels
   -- Declines in key socio-economic indicators

OBLIGOR PROFILE

With a population of approximately 300,000, Stockton is
California's thirteenth's largest city and the largest city in San
Joaquin County.

LEGAL SECURITY

For both the lease-revenue and pension obligation bonds, the city's
obligation consists of an unconditional obligation to make the
underlying lease or pension obligation payment from all legally
available sources.

USE OF PROCEEDS

Not applicable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was US Local
Government General Obligation Debt published in January 2014.  An
additional methodology used in these ratings was The Fundamentals
of Credit Analysis for Lease-Backed Municipal Obligations published
in December 2011.



SUNOPTA INC: Moody's Assigns B2 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service assigned ratings to SunOpta Inc.,
consisting of a B2 corporate family rating, B2-PD probability of
default rating, B3 rating to its proposed second lien notes, and
SGL-3 speculative grade liquidity rating.  The ratings outlook is
stable.  This is the first time Moody's has assigned ratings to
SunOpta.

Net proceeds from the new US$330 million notes together with $65
million of drawings under the company's North American ABL
facilities and $100 million of new equity issuance will be used to
fund the $445 million acquisition of Sunrise Holdings (Delaware)
Inc. (Sunrise), a supplier of private label non-genetically
modified conventional (non-GMO) and organic frozen fruit in the US.
The transaction is expected to close in Q4/2015.

Ratings Assigned:

  Corporate Family Rating, B2

  Probability of Default Rating, B2-PD

  US$330 million Second Lien Notes due 2022, B3 (LGD4)

  Speculative Grade Liquidity, SGL-3

Outlook:

  Assigned as Stable

RATINGS RATIONALE

SunOpta's B2 CFR primarily reflects its weak margins, and
integration risks with the transformational Sunrise acquisition,
but mitigated by the company's good positions in private label
organic and non-GMO food and beverage categories and attractive
long-term sector growth prospects.  The rating anticipates that
acquisitions, which have supported the company's growth over time,
will slow until integration of the Sunrise deal is completed.  Pro
forma leverage (adjusted Debt/EBITDA), excluding non-recourse Opta
Minerals debt, will start at 5.3x and the rating assumes the
company will grow EBITDA and apply free cash flow to repay debt in
order to reduce leverage towards 4.5x over the next 12 to 18
months.

SunOpta has adequate liquidity (SGL-3), supported by pro forma cash
of $4 million, Moody's expectation for annual free cash flow of at
least $20 million and $80 million of availability (after funding
Sunrise) under its $165 million and C$10 million North American ABL
facilities due in January 2017.  SunOpta also has four European ABL
facilities totaling EUR92.5 mil. (US$104 mil), with $80M
outstanding, which are uncommitted and on-demand: Moody's assumes
the outstandings will be a use of liquidity over the next year.
The North American ABL facilities are subject to one covenant and
Moody's assumes cushion in excess of 50%.  The company has certain
assets (e.g. Opta Minerals) that could be sold to boost liquidity.

The stable outlook assumes the company will successfully integrate
the Sunrise acquisition and reduce leverage towards 4.5x over the
next 12 to 18 months, although integration risk exists.

A rating upgrade to B1 would require SunOpta to sustain EBIT
margins towards 8%, Debt/EBITDA towards 4x and EBIT/Interest above
2x.  A rating downgrade to B3 could occur if the company has
difficulty integrating Sunrise, if free cash flow were to turn
negative for an extended period or if Debt/EBITDA was sustained
above 6x and EBIT/Interest below 1x.

The principal methodology used in these ratings was Global Packaged
Goods published in June 2013.

SunOpta Inc. is a global company focused on both procuring and
processing non-genetically modified and organic ingredients and
manufacturing healthy packaged beverages, fruit and snacks. Revenue
for the twelve months ended July 4, 2015 from the core food
business was $1.1 billion.  The company is headquartered in
Brampton, Ontario, Canada.



SW LIQUIDATION: EisnerAmper's Phillips Named Liquidating Trustee
----------------------------------------------------------------
SW Liquidation LLC on Sept. 10, 2015 filed a plan supplement in
connection with its Amended Plan of Liquidation filed on Aug. 8,
2015.  Included in the plan supplement are the form of the
liquidating trust agreement, the identity of the liquidating
trustee and the identity of the retained causes of action.

Serving as liquidating trustee under the Plan would be:

          Edward A. Phillips
          Partner
          EisnerAmper LLP
          Two Logan Square, Suite 1101
          100 North 18th street
          Philadelphia, PA 19103
          Tel: (215) 881-8800
          Fax: (215) 881-8802

According to the Debtor, the liquidating trustee will retain all
causes of action against, but not limited to, these individuals and
entities: (i) Vernon W. Hill, II, (ii) WS Finance, LLC; (iii) JVSW,
LLC; (iv) Metro Bank; (v) InterArch, Inc; (vi) Site Development,
Inc.; (vii) HSS Leasing, LLC); (viii) all general unsecured
creditors who opted out of the General Unsecured Claim Settlement;
and (ix) all individuals and entities who are not (a) holders of
General Unsecured Claims who did not opt out of the General
Unsecured Claim Settlement, (ii) Exculpated Persons or (iii)
Released Parties.

A copy of the Plan Supplement is available free of charge at:

    http://bankrupt.com/misc/SW_Liq_534_Plan_Supplement.pdf

                      About Saladworks, LLC

Developed in 1986, Saladworks, LLC, is the first and largest
fresh-salad franchise concept in the United States.  From its
beginning in the Cherry Hill Mall, Saladworks quickly expanded to
12 additional locations in area malls and soon thereafter began
franchising.   

Then with franchise agreements with 162 different franchisees,
Saladworks, LLC, sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 15-10327) on Feb. 17, 2015.  The dispute between
Saladworks founder and CEO Anthony Scardapane and Vernon W. Hill,
II prompted the bankruptcy filing.  Scardapane's J Scar Holdings,
Inc., held a 70% stake in the company while Hill's JVSW LLC held
30%.

The bankruptcy case is assigned to Judge Laurie Selber
Silverstein.

Saladworks, LLC, disclosed $2,303,632 in assets and $14,220,722 in
liabilities as of the Chapter 11 filing.

The Debtor tapped Adam G. Landis, Kerri K. Mumford and Kimberly A.
Brown of Landis Rath & Cobb LLP, as counsel; SSG Advisors, LLC, as
investment banker; and Edward A. Phillips and Ryan W. Farley of
EisnerAmper LLP, as financial advisor.  The Debtor engaged Upshot
Services LLC, as claims and noticing agent.

The Official Committee of Unsecured Creditors tapped Richard M.
Beck and Sally E. Veghte of Klehr Harrison Harvey Branzburg LLP,
counsel to the Official Committee of Unsecured Creditors.

D. Stephen Antion, Paige E. Barr, John P. Sieger, Logan J. Dolph
and Scott C. Cutrow of Katten Muchin Rosenman LLP, serves as
counsel to Centre Lane Partners, LLC, the buyer of most of the
Debtor's assets.

Saladworks, LLC, sought and obtained authority from the U.S.
Bankruptcy Court for the District of Delaware to sell substantially
all of its assets to SW Acquisition Company, LLC, an affiliate of
Centre Lane for $16.9 million, and, pursuant to the purchase
agreement, will no longer be able to use the name "Saladworks"
following the closing of the sale.  The Debtor changed its name to
SW Liquidation LLC following the closing of the sale.

The Debtor has proposed a plan of liquidation that's backed by the
Creditors Committee and Scardapane but opposed by the Hill
Entities.



SW LIQUIDATION: Hearing on Plan Deferred to Oct. 28 Amid Mediation
------------------------------------------------------------------
The hearing to consider confirmation of SW Liquidation LLC's
Amended Plan of Liquidation has been continued to Oct. 28 at 10:00
a.m. after Bankruptcy Judge Laurie Selber Silverstein directed the
Debtor and its equity owners to participate mediation.

The Debtor has proposed a liquidating plan that is backed by the
Official Committee of Unsecured Creditors, and founder Anthony
Scardapane and related entities.  Vernon W. Hill, II and related
entities, however, have opposed confirmation of the Plan.  The Hill
Entities have asserted that since the Debtor's business was sold
for an amount sufficient to pay all of the non-insider general
unsecured creditors in full with interest, the Amended Plan is
really a battle between the insiders and their respect entities
over the excess funds.  

Other pleadings disputed by the parties include the Debtor's
objections to claims filed by Hill's JVSW, LLC, motions by WS
Finance and other parties for temporary allowance of claims,
objections of and JVSW to claims of J Scar (collectively, "Pending
Motions/Objections").

In a Sept. 21 order, Judge Silverstein appointed the Honorable
Brendan L. Shannon as mediator to mediate the Plan issues and any
other claims, affirmative defenses, counterclaims or issues that
are otherwise connected to the Plan.

The mediator will determine the date and location of the mediation
and those persons who will attend the mediation.

Depositions previously scheduled in connection with the Plan issues
may be rescheduled at any date during reasonable business hours by
agreement between the parties and the representatives of the
deponent commencing on Oct. 13, 2015 but will b e scheduled so as
to be completed on or before Oct. 19, 2015.

Additional depositions may be noticed prior to Oct. 7, 2015
regarding objections or responses to the Pending Motions/Objections
to be scheduled at any date during treasonable business hours by
agreement between the parties and representatives of the deponent
commencing on Oct. 12 but will be scheduled so as to be completed
on or before Oct. 19, 2015.

To the extent not already produced, the parties will complete their
respective document productions on a rolling basis, but will
complete such productions on or before Oct. 9.

The Pending Motions/Objections are continued and will be heard in
connection with the Plan on Oct. 28, 2015 at 10:00 a.m. prevailing
Eastern Time, and to the extent the deadline to respond to a
Pending Motion/Objection has not already expired, the response
deadline to any Pending Motions/Objections is extended to Oct. 21,
2015 at 4:00 p.m. prevailing Eastern Time.

The Claims Objections are continued to the next omnibus hearing
date following the last hearing on the confirmation of the Plan.

                      About Saladworks, LLC

Developed in 1986, Saladworks, LLC, is the first and largest
fresh-salad franchise concept in the United States.  From its
beginning in the Cherry Hill Mall, Saladworks quickly expanded to
12 additional locations in area malls and soon thereafter began
franchising.   

Then with franchise agreements with 162 different franchisees,
Saladworks, LLC, sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 15-10327) on Feb. 17, 2015.  The dispute between
Saladworks founder and CEO Anthony Scardapane and Vernon W. Hill,
II prompted the bankruptcy filing.  Scardapane's J Scar Holdings,
Inc., held a 70% stake in the company while Hill's JVSW LLC held
30%.

The bankruptcy case is assigned to Judge Laurie Selber
Silverstein.

Saladworks, LLC, disclosed $2,303,632 in assets and $14,220,722 in
liabilities as of the Chapter 11 filing.

The Debtor tapped Adam G. Landis, Kerri K. Mumford and Kimberly A.
Brown of Landis Rath & Cobb LLP, as counsel; SSG Advisors, LLC, as
investment banker; and Edward A. Phillips and Ryan W. Farley of
EisnerAmper LLP, as financial advisor.  The Debtor engaged Upshot
Services LLC, as claims and noticing agent.

The Official Committee of Unsecured Creditors tapped Richard M.
Beck and Sally E. Veghte of Klehr Harrison Harvey Branzburg LLP,
counsel to the Official Committee of Unsecured Creditors.

D. Stephen Antion, Paige E. Barr, John P. Sieger, Logan J. Dolph
and Scott C. Cutrow of Katten Muchin Rosenman LLP, serves as
counsel to Centre Lane Partners, LLC, the buyer of most of the
Debtor's assets.

Saladworks, LLC, sought and obtained authority from the U.S.
Bankruptcy Court for the District of Delaware to sell substantially
all of its assets to SW Acquisition Company, LLC, an affiliate of
Centre Lane for $16.9 million, and, pursuant to the purchase
agreement, will no longer be able to use the name "Saladworks"
following the closing of the sale.  The Debtor changed its name to
SW Liquidation LLC following the closing of the sale.

The Debtor has proposed a plan of liquidation that's backed by the
Creditors Committee and Scardapane but opposed by the Hill
Entities.


SW LIQUIDATION: Objects to Hill Entities' Rule 3018 Motions
-----------------------------------------------------------
Various pleadings have been filed by parties in connection with SW
Liquidation LLC's proposed Amended Plan of Liquidation.

In early September, the Hill Entities -- namely, Site Development,
Inc., and WS Finance LLC -- filed separate motions pursuant to Fed.
R. Bankr. P. 3018(A) for allowance of their claims for voting
purposes in Class 3 (SDI's general unsecured claim of $128,000 and
WS Finance's general unsecured claim for $1.41 million).  HSS
Leasing, LLC, filed a motion for permission to vote Proof of Claim
no. 76 in the amount of $475,000 in Class 3 of the Amended Plan.
The Debtor and the Official Committee of Unsecured Creditors filed
objections to the motions.

On Sept. 9, WS Finance, HSS, and SDI filed an expedited motion to
designate and NOT COUNT any of the ballots of the members of the
Official Committee of Unsecured Creditors and of any general
unsecured creditor that voted in Class 3 of the Amended Plan to
accept and did not opt out of the Settlement ("Hill Entities'
Designation Motion").  Stradely Ronon Stevens & Young, LLP filed an
objection to the motion.

The Debtor on Sept. 10 filed its motion to designate the votes of
HSS, SDI and WS as being cast in bad faith.  The Committee
supported the Debtor's motion.  The Debtor claims that the Hill
Entities have not voted to reject the Plan in good faith because
(i) the votes cast were without regard to the treatment of the Hill
Entities' claims nor was in their economic interests to vote to
reject and (ii) their votes were cast out of malice to further
Hill's interests in destroying Saladworks and Hill's inappropriate
efforts to have all of JVSW's claims and/or interest paid prior to
the tax distribution claims.

As to the Hill Entities' Designation Motion, the motion alleges
that the Committee letter date Aug. 6, 2015, that was included in
solicitation materials was inaccurate and misleading in that, among
other things, it fails to explain that a creditor who votes to
accept the Plan but fails to opt out on the ballot is agreeing to
waive postpetition interest on its claim and thereby agreeing to
accept a smaller payment.  The Committee says that the Letter
simply sets forth that, the Committee reached a settlement embodied
in the Amended Plan and urged the GUCs to vote in favor of the
Amended Plan.  It noted that if the GUCs do not support the Amended
Plan and it is not confirmed, payment of the claims will be subject
to significant additional delay since no other plan is currently
proposed.  The Debtor joined in the Committee's objection to the
Hill Entities' Designation Motion.

In response to WS Finance's motion to temporarily allow their
claims, the Debtor and the Committee pointed out that WS Finance's
Claim No. 38 is included in the definition of the WS Finance
Claims.  If allowed, the WS Finance Claims are to be reinstated and
paid pursuant to the requirements of the loans.  As a result, the
WS Finance Claims are unimpaired.  As to the SDI claim, the Debtor
noted that SDI has elected to opt out of the General Unsecured
Claims Settlement and, as such, has rendered itself unimpaired.

In response to HSS's to vote on Claim No. 76, the Official
Committee of Unsecured Creditors says that HSS, one of the Hill
Entities, is requesting permission to cast ballots rejecting the
Amended Plan even though the treatment provided to HSS under the
Plan would ensure a full recovery on the allowed amount of its
claims, plus postpetition interest.  According to Debtor and the
Committee, the Hill Entities cannot show the required excusable
neglect required in order to extend the voting record deadline to
accommodate its negative ballot.  The Committee says that
permitting HSS to vote at this late date would inflict significant
prejudice upon the Committee and the Debtor since they would be
required to initiate yet another round of litigation with the Hill
Entities.

                         *     *     *

In its Sept. 21 order sending the parties to mediation, the Court
ruled that the Pending Motions/Objections are continued and will be
heard in connection with the Plan on Oct. 28, 2015 at 10:00 a.m.
prevailing Eastern Time, and to the extent the deadline to respond
to a Pending Motion/Objection has not already expired, the response
deadline to any Pending Motions/Objections is extended to Oct. 21,
2015 at 4:00 p.m. prevailing Eastern Time.

                      About Saladworks, LLC

Developed in 1986, Saladworks, LLC, is the first and largest
fresh-salad franchise concept in the United States.  From its
beginning in the Cherry Hill Mall, Saladworks quickly expanded to
12 additional locations in area malls and soon thereafter began
franchising.   

Then with franchise agreements with 162 different franchisees,
Saladworks, LLC, sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 15-10327) on Feb. 17, 2015.  The dispute between
Saladworks founder and CEO Anthony Scardapane and Vernon W. Hill,
II prompted the bankruptcy filing.  Scardapane's J Scar Holdings,
Inc., held a 70% stake in the company while Hill's JVSW LLC held
30%.

The bankruptcy case is assigned to Judge Laurie Selber
Silverstein.

Saladworks, LLC, disclosed $2,303,632 in assets and $14,220,722 in
liabilities as of the Chapter 11 filing.

The Debtor tapped Adam G. Landis, Kerri K. Mumford and Kimberly A.
Brown of Landis Rath & Cobb LLP, as counsel; SSG Advisors, LLC, as
investment banker; and Edward A. Phillips and Ryan W. Farley of
EisnerAmper LLP, as financial advisor.  The Debtor engaged Upshot
Services LLC, as claims and noticing agent.

The Official Committee of Unsecured Creditors tapped Richard M.
Beck and Sally E. Veghte of Klehr Harrison Harvey Branzburg LLP,
counsel to the Official Committee of Unsecured Creditors.

D. Stephen Antion, Paige E. Barr, John P. Sieger, Logan J. Dolph
and Scott C. Cutrow of Katten Muchin Rosenman LLP, serves as
counsel to Centre Lane Partners, LLC, the buyer of most of the
Debtor's assets.

Saladworks, LLC, sought and obtained authority from the U.S.
Bankruptcy Court for the District of Delaware to sell substantially
all of its assets to SW Acquisition Company, LLC, an affiliate of
Centre Lane for $16.9 million, and, pursuant to the purchase
agreement, will no longer be able to use the name "Saladworks"
following the closing of the sale.  The Debtor changed its name to
SW Liquidation LLC following the closing of the sale.

The Debtor has proposed a plan of liquidation that's backed by the
Creditors Committee and Scardapane but opposed by the Hill
Entities.



SW LIQUIDATION: Wants Hill Entities' Plan Objection Overruled
-------------------------------------------------------------
SW Liquidation LLC, then known as Saladworks, LLC, before selling
most of its assets to Centre Lane Partners, LLC, said in a document
filed Sept. 15 that its Amended Plan of Liquidation meets the
requirements under the Bankruptcy Code and Bankruptcy Court should
overrule the objections of Vernon W. Hill, II and related
entities.

Facing imminent catastrophic damage to the enterprise as a result
of litigation orchestrated by the Hill entities, the Debtors
commenced its bankruptcy case in February 2015.  Following an
extensive marketing process, the Debtor in June 2015 sold most of
its assets to SW Acquisition Company an affiliate of Centre Lane
Partners, LLC.

Despite the efforts of the Debtor, the Official Committee of
Unsecured Creditors, and founder Anthony Scardapane and related
entities to achieve a global settlement, the Hill Entities continue
to seek the Debtor's ruin.  Given the option to have their claims
paid in full (if and to the extent ultimately allowed), the Hill
Entities nonetheless seek to vote against the Plan, void the
Scardapane Settlement, and burden the estate with costly
litigation.

The Creditors Committee says that the dispute between two equity
owners (Scardapane vs. Hill) must not be allowed to defeat the
successful conclusion of the Chapter 11 case for creditors.  It
points out that the Debtor has proceeded with the Amended Plan in
good faith to provide a prompt distribution of 100% of principal on
unsecured claims.

                          Plan Filing

The Debtor filed its proposed plan of liquidation on July 1, 2015,
and amended the Plan on Aug. 3.  The plan term sheet negotiated
with the Creditors Committee and Scardapane formed the basis of the
Plan.

The Court approved the Disclosure Statement on Aug. 5 and set a
hearing to consider confirmation of the Plan on Sept. 16.  The
Debtor and other parties objected to a move by the Hill Entities to
adjourn the Plan hearing to a later date.

The hearing was continued to Sept. 18.  The judge later entered an
order sending outstanding plan issues to mediation.  The hearing on
the Plan has again been continued to Oct. 28.

If confirmed, the Plan will distribute net sale proceeds to
creditors, settle litigation that chased the Debtor into bankruptcy
and create a liquidating trust to wind down the estate.

The Plan divides holders of claims and interests into nine
classes:

  -- Class 1 (Priority Non-Tax Claims, Class 2 (Secured Claims),
Class 4 (WS Finance Claims), Class 5 (Guaranteed Payment Claims),
and Class 6 (Tax Distribution Claims) will receive treatment that
renders holders of these claims unimpaired.

  -- Class 3 (General Unsecured Claims) are impaired and entitled
to vote in favor of or against the Plan.

  -- Class 7 (Class C Claim) are objected to by the Debtor based on
the treatment of Class 8 as equity and such claims are deemed
disallowed.

  -- Class 8 (Class C Interests) and Class 9 (Class A Interests)
are unimpaired and are deemed to accept the Plan.

                       Plan Objections

The Hill Entities, namely WS Finance, LLC, and JVSW, LLC, have
filed an objection to the Amended Plan, asserting, among other
things, that:

  -- WS Finance Claim for Note 1 should be treated as a Class 3
general unsecured claim;

  -- Class 3 is artificially impaired, and the Class 3 treatment is
defective because it is unclear how and when a general unsecured
claim will get paid.

  -- Class 4 - WS Finance Claims cannot be reinstated "in light of
the fact that certain of the Loans were payable on-demand."

  -- The Plan was proposed in bad faith because of, among other
things, the separate classification of WS Finance Claims and Class
C Claims from other general unsecured creditors.

  -- The Scarpadane Settlement is not permissible.

The U.S. Trustee also filed an objection, saying, among other
things, that the exculpation provision is overbroad.

                      Response to Objections

The Debtor explained that the third party releases are
appropriately tailored under the facts and circumstances of the
case and are supported by ample consideration.  The releases,
according to the Debtors represent an integral part of the Plan.

As to the Hill Entities' objection, the Debtor explained that given
the nature of the WS Finance Claim, the Debtor and the Committee
recognized that absent separate classification of the WS Finance
Claim, all other general unsecured creditors would be left without
a voice in the case.  Without the separate classification -- a
classification that is intended to leave WS Finance unimpaired and
paid in full -- a plan could not be confirmed as WS Finance would
have rejected the Plan.

As to the reinstatement of the WS Finance claims, the Debtor says
reinstatement is expressly allowed pursuant to Section 1124(2).

The Debtor says that the Hill Entities provide no legal support for
their contention that "good faith" of the Debtor is lacking because
of the entry into the Scardapane Settlement.  The Debtor says that
the Scardapane Settlement is fair and reasonable and the releases
are appropriate.

As to JVSW's Class C Claims, the Debtor contends that the claims
should be disallowed because they are not "claims" under the
Bankruptcy Code; rather JVSW holds 300 Class C Shares.

To the extent the Court does not sustain the Class C Claim
Objection, Class 7, which consists solely of Class C Claims, is the
sole impaired, non-accepting Class under the Plan.  However, if the
Court rules that the Class C Claims are "claims" under the
Bankruptcy Code and are properly subordinated as argued infra, the
Debtor will modify the Plan and the treatment of Class C Claims to
provide that such claims will receive all remaining cash after the
establishment of the reserved funds, and payment in full of all
Class 1-6 claims, leaving the Class C Claims unimpaired.

A copy of the Debtor's Sept. 15 memorandum of law in support of
confirmation of the Plan is available for free at:

    http://bankrupt.com/misc/SW_Liq_572_Plan_Conf_Memo.pdf

A copy of the Committee's Sept. 14 brief in support of confirmation
is available for free at:

    http://bankrupt.com/misc/SW_Liq_567_Plan_UCC_Memo.pdf

The Committee's attorneys can be reached at:

        KLEHR HARRISON HARVEY BRANZBURG LLp
        Richard M. Beck, Esq.
        Sally E. Veghte, Esq.
        919 Market Street, Suite 1000
         Wilmington, Delaware 19801
         Tel: (302) 426-1189
         Fax: (302) 426-9193
         E-mail: rbeck@klehr.com
                 sveghte@klehr.com

The Debtor's attorneys can be reached at:

         LANDIS RATH & COBB LLP
         Adam G. Landis
         Kerri K. Mumford
         Kimberly A. Brown, Esq.
         919 N. Market Street, Suite 1800
         Wilmington, DE 19801
         Tel: 302-467-4400
         Fax: 302-467-4450
         E-mail: landis@lrclaw.com
                 mumford@lrclaw.com
                 brown@lrclaw.com

The Hill Entities' are represented by:

         WEIR & PARTNERS LLP
         Kenneth E. Aaron, Esq.
         Jeffrey C. Cianciulli, Esq.
         824 N. Market Street, Suite 800
         Wilmington, Delaware 19899
         Tel: (302) 652-8181
         Fax: (302) 652-8909

                      About Saladworks, LLC

Developed in 1986, Saladworks, LLC, is the first and largest
fresh-salad franchise concept in the United States.  From its
beginning in the Cherry Hill Mall, Saladworks quickly expanded to
12 additional locations in area malls and soon thereafter began
franchising.   

Then with franchise agreements with 162 different franchisees,
Saladworks, LLC, sought Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 15-10327) on Feb. 17, 2015.  The dispute between
Saladworks founder and CEO Anthony Scardapane and Vernon W. Hill,
II prompted the bankruptcy filing.  Scardapane's J Scar Holdings,
Inc., held a 70% stake in the company while Hill's JVSW LLC held
30%.

The bankruptcy case is assigned to Judge Laurie Selber
Silverstein.

Saladworks, LLC, disclosed $2,303,632 in assets and $14,220,722 in
liabilities as of the Chapter 11 filing.

The Debtor tapped Adam G. Landis, Kerri K. Mumford and Kimberly A.
Brown of Landis Rath & Cobb LLP, as counsel; SSG Advisors, LLC, as
investment banker; and Edward A. Phillips and Ryan W. Farley of
EisnerAmper LLP, as financial advisor.  The Debtor engaged Upshot
Services LLC, as claims and noticing agent.

The Official Committee of Unsecured Creditors tapped Richard M.
Beck and Sally E. Veghte of Klehr Harrison Harvey Branzburg LLP,
counsel to the Official Committee of Unsecured Creditors.

D. Stephen Antion, Paige E. Barr, John P. Sieger, Logan J. Dolph
and Scott C. Cutrow of Katten Muchin Rosenman LLP, serves as
counsel to Centre Lane Partners, LLC, the buyer of most of the
Debtor's assets.

Saladworks, LLC, sought and obtained authority from the U.S.
Bankruptcy Court for the District of Delaware to sell substantially
all of its assets to SW Acquisition Company, LLC, an affiliate of
Centre Lane for $16.9 million, and, pursuant to the purchase
agreement, will no longer be able to use the name "Saladworks"
following the closing of the sale.  The Debtor changed its name to
SW Liquidation LLC following the closing of the sale.

The Debtor has proposed a plan of liquidation that's backed by the
Creditors Committee and Scardapane but opposed by the Hill
Entities.


TOYS 'R' US: Fitch Affirms 'CCC' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating (IDR) and
individual issue ratings for Toys 'R' Us, Inc. (Toys), Toys 'R' Us
- Delaware, Inc., Toys 'R' Us Property Co. II, LLC, and Toys 'R' Us
Property Co. I, LLC.

KEY RATING DRIVERS

Secular/Competitive Pressures Dampen Revenue Growth:

Secular issues in the baby and entertainment product categories,
which comprise roughly 40% of Toys' revenues, underpin Fitch's
expectations for generally flat to modestly negative consolidated
comparable store sales (comps) growth through the medium term.
Domestic comps have been positive in only two of the last 12
quarters, hampered by the company's increased (41%) exposure to the
secularly challenged baby (newborns and children up to four years
old) and entertainment (video game software, systems and
accessories) categories. Internationally these categories are less
than 30% of revenues. On a constant currency basis, international
comps have been positive in the 1% to 3% range in each of the past
six quarters, benefitting from exposure to action figures and
construction toys within the core toy and learning categories as
well as net sales from new locations. These two categories comprise
more than 50% of international revenues.

For the most part, Toys is a slow growth developed market story
with less than 10% of revenues in markets with high birth rates and
relatively rapid increases in per capita income. More than 80% of
sales are in the U.S., Europe and Japan. The population is
shrinking in continental Europe and Japan (21% of 2014 revenues)
with fertility rates under the 2.1 times needed to maintain a
stable population. The U.S. growth rate is also shrinking, helping
to limit the market for categories dependent on this population
such as Toys' baby category (baby clothes, joggers, diapers etc.).


Competitive intensity and channel shift adds to the secular issues.
The ongoing encroachment by discount formats and the rise of
ecommerce, particularly in the U.S., has contributed to a channel
shift from traditional specialty brick and mortar toy retailers
eating into this shrinking category. Additionally, there is a
global secular decline in the video game market from physical
purchases in the brick and mortar retailers to subscription and
digital downloads. Per the NPD Group (NPD), dollar sales for U.S.
computer and videogames purchased at physical retail stores have
dwindled to 34% in 2014 from 44% in 2012. Toys has also been
disadvantaged by having to maintain a large physical footprint
year-round and bearing high levels of inventory risk compared to
most competitors. With this, Fitch's expectation for sustained
positive top line momentum is muted.

Comp Variability Modest So Far:

Fitch expects comps to be flat to down 2% in the near term. Despite
the secular pressure on revenue growth (except for 2013 when
discounting, inventory clearance and write-downs had an outsized
negative impact on revenues), consolidated comps on a constant
currency basis has been modest thus far. Comps have been between
-2.1% and +2.1% over the past five years. While the first half is
not representative of this highly seasonal company's performance,
first half 2015 consolidated performance has been in line with
historical levels with -1% or less.

Positively, annual comp store sales have improved sequentially from
-5.2% in 2012 to flat at 2014. Domestic comps have been a trouble
spot with negative results in each of the past four quarters. That
is not expected to abate, though there could be a modest uptick in
4Q2015 as the NPD Group expects robust 6.2% growth for traditional
toys this year after many years at essentially flat levels. This
should be helpful even if the company does not grow as fast -
signifying market share loss - but it should still enjoy some part
of the category lift. If the company can keep comps essentially
flat to modestly negative and with costs declining at a much faster
pace, margins and FCF should improve.

Highly Seasonal Profits and FCF:

Almost all of Toys' profits and FCF are generated in the fourth
quarter. As with all seasonal companies, including the traditional
toymakers, poor performance in one or more holiday seasons can
begin a cascade of negative impacts including discounting through
vendors tightening trade terms. Toys' leveraged capital structure
limits its financial flexibility.

Periodic Foreign Exchange Volatility:

A side effect of Toys' 40% geographic diversity will be periods of
currency volatility with translation creating moderate short-term
swings in revenues and margins. The U.S. Dollar's strength has
negatively impacted revenue growth and reduced profits in each of
the past three years and through the first half of 2015.
Translation negatively impacted EBITDA margins by almost 100bps in
2014 and 150bps in the first half of this year. Translation
increased leverage (Total Adjusted Debt/EBITDAR) by approximately a
half of a turn up to the 8x seen in 2014. The spread is even wider
at the LTM. Based on current Bloomberg forecasts, average exchange
rates for the Euro, Yen and Sterling are expected to be flat in
2016, which should minimize the currency impact on Toys' next year.
There is also potential for an upside to gross margins with the
August 2015 3.5% devaluation of the Chinese Yuan, but it would be
modest next year as Toys' private label brands sourced and
manufactured in China account for only 14% of products sold.

EBITDA/Leverage to Improve:

Despite the pressure on revenues the firm has taken two key
actions, which Fitch anticipates should result in improved
profitability if holiday revenues increase to the 2% range in
4Q2015. The first is a more rational approach to promotional
activity, although it has meant some decline in comp store sales
growth domestically. The second is reducing costs by $196 million
to date with a goal of $325 million with the Fit For Growth
program. As a result, Fitch expects EBITDA margins to improve to
the 6% range over the next two years from the 4.5% average of the
past two years. EBITDA is also anticipated to be in the $700
million range over the next two years from an average of $560
million. EBITDA growth based on cost savings further buttressed by
less F/X translation in 2016 and less demand for growth based CAPEX
as major projects such as side by side and flat debt is expected to
result in lower leverage of around half a turn to the 7.5x range.

KEY ASSUMPTIONS

-- Flat to modestly negative comps to the -2% range;

-- F/X will be in the -5% range in 2015, after tracking at -5.5%
    in the first half of this year, leading to overall revenue
    declines of nearly the same amount before moderating in 2016;

-- EBITDA margin improvement to the 6% range over the next two
    years with FCF steady in the $70 million range over the
    comparable period.

RATING SENSITIVITIES

Positive Rating Action: A positive rating action could result if
there is sustainable improvement in Toys' domestic comp and online
traffic, which indicates stable and/or improved market share. The
company's ability to maintain the benefits of cost savings is also
required. Toys would need sustainable positive FCF in the $100
million range to enable it to fund moderate to meaningful levels of
its financing requirements (including working capital) from
internally generated cash flow. These steps are viewed as base
requirements to comfortably refinance its debt maturity wall in
2017.

Negative Rating Action:

Toys' inability to extend or refinance its $450 million 10.375%
million senior notes and the $725 million 8.25% senior secured
notes before they become current in August and December 2015 would
be of concern, potentially prompting a negative rating action.

Additionally, a negative rating action could result if comps trends
in the U.S. and international businesses revert to mid-single digit
declines and/or gross margins decline meaningfully without any
offset from cost reductions. This would indicate more severe market
share losses and lead to tighter liquidity than Fitch's current
expectation over the next 18-24 months.

LIQUIDITY

Adequate Near-Term FCF:

FCF has been uneven over the past four years but has averaged
approximately $90 million but was as high as $269 million last
year. Toys was able to wring out significant improvements in
working capital over the past two years, but those benefits are not
expected to remain high going forward. FFO from operations will
improvement strongly from the -$28 in 2013 and $215 million in 2014
to $235 million. However, lower working capital benefits are likely
to leave FCF steady in the $70 million range over the next two
years.

The company's liquidity remains adequate under a scenario of flat
to positive FCF which is expected in the next two years barring a
marked under-performance from Fitch's forecasts during holiday
2015. At Aug. 1, 2015 Toys' liquidity was $914 million comprised of
$417 million in cash, which Fitch views as unrestricted and
available to pay down debt and $497 million in availability under
the $1.85 billion ABL. However, in 2017 Toys has a $450 million
10.375% senior note and a $725 million, 8.5% senior secured notes
maturing. Refinancing prospects may be heavily contingent upon
holiday performance.

ISSUE RATINGS BASED ON RECOVERY ANALYSIS

For issuers with IDRs at 'B+' and below, Fitch performs a recovery
analysis for each class of obligations of the issuer. Issue ratings
are derived from the IDR and the relevant Recovery Rating and
notching based on the expected recoveries in a distressed scenario
of each of the company's debt issues and loans. Toys' debt is at
three types of entities: operating companies (OpCo); property
companies (PropCo); and HoldCo, with a summary structure
highlighted below:

Toys 'R' Us, Inc. (HoldCo)

(I) Toys 'R' Us-Delaware, Inc. (Toys-Delaware) is a subsidiary of
HoldCo.
(a) Toys 'R' Us Canada (Toys-Canada) is a subsidiary of
Toys-Delaware.
(b) Toys 'R' Us Property Co. II, LLC (PropCo II) is a subsidiary of
Toys-Delaware.
(II) Toys 'R' Us Property Co. I, LLC (PropCo I) is a subsidiary of
HoldCo.

OpCo Debt

Fitch takes the higher of liquidation value or enterprise value
(based on 5.0x-5.5x multiple applied to the stressed EBITDA) at the
OpCo levels - Toys-Delaware and Toys-Canada. The 5.0x-5.5x is
consistent with the low end of the 10-year valuation for the public
retail space and Fitch's average distressed multiple across the
retail portfolio. The stressed enterprise value (EV) is adjusted
for 10% administrative claims.

Toys-Canada

Toys has a $1.85 billion ABL revolver with Toys-Delaware as the
lead borrower, and this contains a $200 million subfacility in
favor of Canadian borrowers. Any assets of the Canadian borrower
and its subsidiaries secure only the Canadian liabilities, besides
65% of Canadian real estate which secures the whole facility (with
50% toward the Canadian subfacility and 15% applied toward the
domestic ABL and FILO term loan). The $200 million subfacility is
more than adequately covered by the EV calculated based on stressed
EBITDA at the Canadian subsidiary. Therefore, the fully recovered
subfacility is reflected in the recovery of the consolidated $1.85
billion revolver discussed below.

The residual value of approximately $200 million is applied toward
the ABL revolving facility and term loan.

Toys-Delaware

At the Toys-Delaware level, the recovery on the various debt
tranches is based on the: liquidation value of the domestic assets
at the Toys-Delaware level estimated at over $1.5 billion;
estimated value for Toys' trademarks and IP assets, which are held
at Geoffrey, LLC as a wholly owned subsidiary of Toys-Delaware;
equity residual from Toys-Canada; and the benefit to the B-4 term
loan from an unsecured guarantee from the indirect parent of PropCo
I.

The $1.85 billion revolver is secured by a first lien on inventory
and receivables of Toys-Delaware. In allocating an appropriate
recovery, Fitch has considered the liquidation value of domestic
inventory and receivables at the seasonal peak at the end of the
third quarter, and has applied advance rates of 75% and 80%,
respectively. Fitch assumes $1.3 billion, or approximately 70%, of
the facility commitment is drawn under the revolver. The facility
is fully recovered and is therefore rated 'B/RR1'.

The FILO term loan is secured by the same collateral as the $1.85
billion ABL facility and ranks second in repayment priority
relative to the ABL. The FILO tranche is governed by the residual
borrowing base within the ABL facility and benefits from a lien
against 15% of the estimated value of real estate at Toys-Canada.
The facility is rated 'B/RR1' based on outstanding recovery
prospects (91%-100%) as it benefits from the excess liquidation
value of domestic inventory and A/R and the recovery on the
Canadian real estate.

The $1,025 million B-4 term loan benefits from the same credit
support as the existing B-2 and B-3 term loans, which includes a
first lien on all present and future IP, trademarks, copyrights,
patents, websites and other intangible assets and a second lien on
the ABL collateral. It also benefits from an unsecured guaranty by
the indirect parent of PropCo I and is secured by a first priority
pledge on two-thirds of the Canadian subsidiary stock.

After prorating the ascribed value of the IP assets (estimated at
$350 million), the residual equity in Toys-Canada and applying the
benefit from the guaranty by the indirect parent of PropCo I, the
B-4 term loan is expected to have good recovery prospects
(51%-70%), and is therefore rated 'CCC+/RR3'.

The $200 million in remaining B-2 and B-3 term loans are rated
'CCC/RR4' as they are expected to have average recovery prospects
(31%-50%) mainly from their prorated claim against the IP assets.
The $22 million 8.75% debentures due Sept. 1, 2021, have poor
recovery prospects (0%-10%) and are therefore rated 'CC/RR6'.

PropCo Debt

At the PropCo levels - PropCo I, PropCo II and other international
PropCos - LTM net operating income (NOI) is stressed at 20%.

PropCo I and PropCo II are set up as bankruptcy-remote entities
with a 20-year master lease through 2029 covering all the
properties within the entities, which requires Toys-Delaware to pay
all costs and expenses related to leasing these properties from
these two entities. The ratings on the PropCo debt reflect a
distressed capitalization rate of 12% applied to the stressed NOI
of the properties to determine a going-concern valuation. The
stressed rates reflect downtime and capital costs that would need
to be incurred to re-tenant the space.

Applying these assumptions to the $725 million 8.50% senior secured
notes at PropCo II and the $985 million senior unsecured term loan
facility at PropCo I results in recovery in excess of 90%.
Therefore, these facilities are rated 'B/RR1'.

The PropCo II notes are secured by 125 properties. The PropCo I
unsecured term loan facility benefits from a negative pledge on all
PropCo I real estate assets, which includes around 340 properties.
Fitch typically limits the recovery rating on unsecured debt at
'RR2' or two notches above the Issuer Default Rating (IDR) level
(under its criteria Recovery Ratings and Notching Criteria for
Non-Financial Corporate Issuers, dated June 12, 2015). However, in
the few instances where the recovery waterfall suggests an 'RR1'
rating and such a recovery rating is supported by the structural
and legal characteristics of the debt, unsecured debt may qualify
for an 'RR1' rating. In addition, the rating also benefits from the
structural consideration that Toys 'R' Us has limited capacity to
secure debt using real estate given that there is a limitation on
principal property of domestic subsidiaries at 10% of consolidated
net tangible assets under the
$400 million of 7.375% notes due 2018 issued by HoldCo.

As described above, the residual value of $300 million after fully
recovering the $985 million term loan at PropCo I is applied
towards the Delaware B-4 term loan via an unsecured guaranty by the
indirect parent of PropCo I.

Toys 'R' Us, Inc. - HoldCo Debt

The $450 million 10.375% unsecured notes due Aug. 15, 2017, and the
$400 million 7.375% unsecured notes due Oct. 15, 2018, no longer
benefit from the residual value at PropCo I and there is no
residual value ascribed from Toys-Delaware or other operating
subsidiaries. Therefore the HoldCo debt and the $577 million senior
notes due to Toys-Delaware that are considered pari passu with the
publicly traded HoldCo notes have poor recovery prospects (0%-10%)
and are rated 'CC/RR6'.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Toys 'R' Us, Inc.
-- IDR at 'CCC';
-- Senior unsecured notes at 'CC/RR6'

Toys 'R' Us - Delaware, Inc.
-- IDR at 'CCC';
-- Secured revolver at 'B/RR1';
-- Secured FILO term loan at 'B/RR1'
-- Secured B-4 term loan at 'CCC+/RR3'
-- Secured B-2 and B-3 term loans at CCC/RR4';
-- Senior unsecured notes at 'CC/RR6'.

Toys 'R' Us Property Co. II, LLC
-- IDR at 'CCC';
-- Senior secured notes at 'B/RR1'.

Toys 'R' Us Property Co. I, LLC
-- IDR at 'CCC';
-- Senior unsecured term Loan facility at 'B/RR1'.



TRANS COASTAL SUPPLY: Can Use Cash Collateral Use Until Oct. 7
--------------------------------------------------------------
Judge Mary P. Gorman of the U.S. Bankruptcy Court for the Central
District of Illinois authorized debtor Trans Coastal Supply
Company, Inc., to use the cash collateral of lender U.S. Bank
National Association through Oct. 7, 2015.

Judge Gorman authorized the Debtor to use the following cash
collateral of the Lender:

     (i) Cash Collateral constituting the proceeds of a settlement
between the debtor and Lansing Trade Group-Kansas, in an amount up
to $100,000, to pay operating expenses incurred by the Debtor in
the ordinary course of business; and.

     (ii) Cash collateral constituting proceeds of accounts
receivable that are subject to the prepetition liens, to the extent
such accounts receivable proceeds are collected by Global Altus
Trade Solutions ("GATS"), in an amount up to 15% of such accounts
receivable proceeds that are collected by GATS, which shall be used
to pay GATS for such collection services.

As adequate protection for the Debtor's use of the cash collateral,
the Debtor will: (i) use the cash collateral only in accordance
with the manner set by the Court and (ii) will, within two business
days following the Debtor's receipt thereof, remit to the Lender
(A) all cash collateral and (B) all other cash proceeds of the
prepetition collateral.

As additional adequate protection, the Court granted the Lender a
valid, binding, enforceable and duly perfected security interest in
and lien and mortgage on the real property and improvements located
at 2803 No. 22nd Street, Decatur, Macon County, Illinois and all
proceeds, products, leases, rents and profits thereof.

The Debtor's right to use the cash collateral will expire on the
earliest to occur of:

     (i) Oct. 7, 2015;

    (ii) the entry by the Court of an order reversing, amending,
supplementing, staying, vacating or otherwise modifying the terms
of its Interim Order;

   (iii) the conversion of the Debtor's bankruptcy case to a case
under chapter 7 of the Bankruptcy Code;

    (iv) the appointment of a trustee or examiner or other
representative with expanded powers for the Debtor;

     (v) the occurrence of the effective date or consummation of a
plan of reorganization,

    (vi) the Debtor's non-compliance with any term or provision of
the Court's Interim Order, or

   (vii) the filing of an adversary proceeding by any
party-in-interest against the Lender for any reason during the
Investigation Period.

The hearing to consider entry of a final order on the Debtor's
Motion is scheduled on Oct. 6, 2015 at 9:30 a.m.

                    About Trans Coastal Supply

Headquartered in Decatur, Illinois, Trans Coastal Supply Company
Inc ships grain and other agricultural products like the ethanol
byproduct distillers dried grains (DDGS) in containers to overseas
buyers.

Trans Coastal Supply Company Inc. filed for Chapter 11 bankruptcy
protection (Bankr. C.D. Ill. Case No. 15-71147) on July 23, 2015.
Judge Mary P. Gorman presides over the Debtor's case.  Jeffrey D
Richardson, Esq., at Richardson & Erickson, represents the Debtor.

The Debtor estimated both assets and liabilities between $10
million and $50 million.



TRANS COASTAL: Court Approves AFEC Commodities as Collection Agent
------------------------------------------------------------------
Trans Coastal Supply Company, Inc. sought and obtained
authorization from the Hon. Mary P. Gorman of the U.S. Bankruptcy
Court for the Central District of Illinois to employ AFEC
Commodities Services & Solutions, Inc. as collection agent to
collect certain overseas accounts receivable.

These collection efforts relate to prepetition accounts which are
pledged to US Bank, N.A. which has agreed to allow the 10%
commission to be deducted from its net receivables and to apply the
net receivable balance to the amount the Debtor owes US Bank, N.A.

Teun Baas of AFEC Commodities 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.

AFEC Commodities can be reached at:

       Mr. Teun Baas
       AFEC COMMODITIES SERVICES
       & SOLUTIONS, INC.
       205 E. Honda Bow Road
       Phoenix, AZ 85086
       Tel: (832) 477-8842

                        About Trans Coastal

Headquartered in Decatur, Illinois, Trans Coastal Supply Company
Inc ships grain and other agricultural products like the ethanol
byproduct distillers dried grains (DDGS) in containers to overseas
buyers.

Trans Coastal Supply Company Inc. filed for Chapter 11 bankruptcy
protection (Bankr. C.D. Ill. Case No. 15-71147) on July 23, 2015.
Judge Mary P. Gorman presides over the Debtor's case.  Jeffrey D
Richardson, Esq., at Richardson & Erickson, represents the Debtor.

The Debtor estimated both assets and liabilities between $10
million and $50 million.


TURNBERRY MGM GRAND: Claims Bar Date Set for October 5
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada set Oct. 5,
2015, at 5:00 p.m. (prevailing Pacific Time) as deadline for
creditors of Turnberry/MGM Grand Towers LLC and its
debtor-affiliates to file proofs of claim against the Debtors.

The Court fixed Dec. 23, 2015, at 5:00 p.m. (prevailing Pacific
Time) as last day for all governmental units to file claims against
the Debtors.

Each proof of claim must be filed by United States mail or other
hand delivery system at:

   Turnberry/MGM Grand Tower LLC Claims Processing
   c/o Prime Clerk LLC
   830 3rd Avenue, 9th Floor
   New York, New NY 10022

Based in Las Vegas, Nevada, Turnberry/MGM Grand Towers LLC and two
of its affiliates filed for bankruptcy protection under Chapter 11
on June 26, 2015 (Bankr. D. Nev. Lead Case No. 15-13706).  Judge
August B. Landis presides over the Debtors' cases.  Gregory E
Garman, Esq., at Garman Turner Gordon LLP, represents the Debtors
in their cases.  The Debtors estimated both assets and liabilities
between $1 million and $10 million.


UNISYS CORP: S&P Affirms 'B+' CCR, Outlook Negative
---------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
corporate credit rating on Blue Bell, Pa.-based Unisys Corp.  The
outlook is negative.

At the same time, S&P lowered the issue-level rating on the firm's
existing $210 million of senior unsecured notes to 'B+' from 'BB',
and revised the recovery rating on the notes to '4' from '1'.  The
'4' recovery rating indicates S&P's expectation for average
(30%-50%; lower end of the range) recovery in the event of payment
default.

"Our affirmation of the corporate credit rating reflects our
expectation that the firm will continue to need to seek external
financing to fund announced restructuring plans," said Standard &
Poor's credit analyst James Thomas.

S&P believes that weak cash flow generation and the high level of
upfront cash required to achieve expense reduction goals in its
European operations will cause the firm to issue debt in some form
over the next six months, and that leverage will broadly remain in
line with our prior expectations.

"Our rating on Unisys incorporates its "weak" business risk
profile, reflecting our view of the company's second-tier position
in the global information technology (IT) services market, the
highly competitive conditions in the IT services industry, and the
volatile earnings from the firm's technology hardware business.
Unisys's significant base of contractually recurring service
revenues partly offsets these factors.  Our "aggressive" financial
risk profile assessment of Unisys reflects our expectations that
the company's EBITDA interest coverage will exceed 3x in the coming
year and that it will be challenging for the firm to reduce its
debt to EBITDA to less than 5x during the next 24 months despite
its plans for expense reductions," S&P said.

S&P bases its negative outlook on Unisys on S&P's expectation that
it will be challenging for the company to generate free cash flow
as a result of high restructuring charges and weakened margins in a
highly competitive IT services environment.

S&P would consider a downgrade if Unisys is unable to make headway
in its cost reduction plans as a result of regulatory or other
challenges and if free cash flow turns persistently negative.

S&P would consider revising the outlook to stable if Unisys is able
to demonstrate progress in reducing operating expenses and assumes
a trajectory to raise its adjusted free cash flow to debt ratio
over 5%.



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

      Debtor                                      Case No.
      ------                                      --------
      World Marketing Chicago, LLC                15-32968
      1301 W. Canal Street, Suite 100
      Milwaukee, WI 53233

      World Marketing Atlanta, LLC                15-32975
      1301 W. Canal Street, Suite 100
      Milwaukee, WI 53233

      World Marketing Dallas, LLC                 15-32977
      1301 W. Canal Street, Suite 100
      Milwaukee, WI 53233

Chapter 11 Petition Date: September 28, 2015

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

Judge: Hon. Timothy A. Barnes (15-32968)
       Hon. Jacqueline P. Cox (15-32975)
       Hon. Janet S. Baer (15-32977)

Debtors' Counsel: Jeffrey C Dan, Esq.
                  CRANE HEYMAN SIMON WELCH & CLAR
                  135 S Lasalle St Ste 3705
                  Chicago, IL 60603
                  Tel: 312 641-6777
                  Fax: 312 641-7114
                  Email: jdan@craneheyman.com

                                   Estimated    Estimated
                                     Assets    Liabilities
                                  ----------   -----------
World Marketing Chicago           $1MM-$10MM    $1MM-$10MM
World Marketing Atlanta           $1MM-$10MM    $1MM-$10MM
World Marketing Dallas            $1MM-$10MM    $1MM-$10MM

The petitions were signed by Robert W. Kraft, authorized
individual.

A. List of World Marketing Chicago's 20 Largest Unsecured   
   Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Advance Mailing Services, Inc.                          $11,263

Alternative Staffing, Inc.                              $65,803

Bell & Howell, LLC                                      $11,346

Continental Envelope                                    $26,860

Continuous Printing Solutions, Inc.                     $25,472

Dahlgren Buckley Dement                                  $8,779

Essentra                                                 $8,823

General Electric Capital Corp                            $6,882

Integrated Print & Graphics, Inc.                       $76,837

Jet Lithocolor, Inc.                                    $30,587

Label Source, Inc.                                      $16,206

Landsberg Chicago                                       $16,954

Lindenmeyr Munroe                                       $17,621

MCS Inc.                                                $52,286

Pitney Bowes                                            $21,287

RR Donnelley Logistics                                 $322,537

RR Donnelley Presort Solutions                          $29,331

Think Ink                                                $9,299

Window Book, Inc.                                        $6,500

Xerox Corporation                                       $28,418

B. List of World Marketing Atlant's 20 Largest Unsecured
   Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Accu Tek Imaging Resource, Inc.                         $20,916

Bid to Print, Inc.                                       $9,463

Cobb County Tax                                         $14,858

Continuous Printing Solutions, Inc.                     $40,836

CoWorx Staffing Services                                $15,918

Custom Graphic Services                                  $7,077

Eastman Kodak Co.                                       $16,799

Ennis, Inc.                                             $21,775

Essentra                                                $12,831

First Edge Solutions, Inc.                              $33,615

GE Capital                                              $10,389

Goelzer Industries                                      $16,586

Mac Papers                                              $89,843

Micro Computer Solutions, Inc.                          $64,491

RR Donnelley Logistics Services                        $195,852

Sull Graphics                                           $53,311

Three Z Printing                                        $18,331

U.S. Tape and Label Corp.                                $5,118

Unisource Worldwide, Inc.                                $3,632

Window Book, Inc.                                        $4,000

C. List of World Marketing Dallas's 20 Largest Unsecured      
   Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
AC Printing                                             $34,718

ALG Worldwide Logistics, LLC                            $38,533

Ameritas Life Insurance Corp.                           $50,533

Bridgeport Capital Funding LLC                          $39,750

Clampitt Paper Company                                  $37,027

Continuous Printing Solutions, Inc.                     $30,862

Direct Energy                                           $20,622

Electronics for Imaging, Inc.                           $27,478

Goelzer Ind/env Manufactures                            $34,272

InfoSeal, LLC                                           $26,168

Label Source Ltd.                                       $32,664

MCS Services, Inc.                                      $51,909

Micro Computer Solutions, Inc.                          $17,100

MSI Worldwide Mail                                      $51,790

RR Donnelley Logistics                                  $83,691

Staff Force Inc.                                        $21,391

Tension Envelope Corporation                            $24,158

United Parcel Service                                   $20,088

US Postmaster                                           $18,050

Xerox Corp                                              $55,074


WRIGHTWOOD GUEST: Hires Walter & Wilhelm as Bankruptcy Counsel
--------------------------------------------------------------
Wrightwood Guest Ranch, LLC asks for permission from the Hon. Scott
C. Clarkson of the U.S. Bankruptcy Court for the Central District
of California to employ Walter & Wilhelm Law Group as general
bankruptcy counsel.

The Debtor requires Walter & Wilhelm to:

   (a) take all necessary actions to protect, preserve and
       represent the Debtor, including if required by the facts
       and circumstances, the prosecution of actions and adversary

       or other proceedings on the Debtor's behalf; the defense of

       any actions and adversary or other proceedings against the
       Debtor; negotiations concerning all disputes and litigation

       in which the Debtor is involved, and, where appropriate,
       the filing and prosecution of objections to claims filed
       against the Debtor;

   (b) prepare on behalf of the Debtor, all necessary
       applications, motions, answers, orders, briefs, reports and

       other papers in connection with the administration of the
       estate;

   (c) develop, negotiate and promulgate a plan; and

   (d) perform other legal services as requested.

Walter & Wilhelm will be paid at these hourly rates:

       Riley C. Walter                    $450
       Michael L. Wilhelm                 $395
       Holly Estes                        $225
       Danielle Bethel                    $150
       Nicole A. Medina                   $130
       Natalie Cox                        $85
       Melissa Ruzicka                    $85

Walter & Wilhelm will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Prior to filing the petition, the Debtor paid a retainer of $30,000
to Walter & Wilhelm. The Debtor drew down $16,530.55 leaving a
retainer on hand on August 31, 2015 of $13,469.45.

Riley C. Walter, member of Walter & Wilhelm, 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.

Peter C. Anderson, the U.S. Trustee for Region 16 objects to the
employment of Walter Wilhelm as general bankruptcy counsel. The
U.S. Trustee indicated that the application does not establish
Walter & Wilhelm's right to an evergreen retainer.

Walter & Wilhelm can be reached at:

       Riley C. Walter, Esq.
       WALTER & WILHELM LAW GROUP
       205 E. River Park Circle, Suite 410
       Fresno, CA 93720
       Tel: (559) 490-0949
       E-mail: rileywalter@W2LG.com

The U.S. Trustee is represented by:

       Jason Schrader, Esq.
       3801 University Ave., Suite 720
       Riverside, CA 92501-2804
       Tel: (951) 276-6990
       Fax: (951) 276-6973
       E-mail: Jason.K.Schrader@usdoj.gov

Masterpiece Marketing, Larry Rundle, and Snyder Dorenfeld, filed an
involuntary petition against Wrightwood Guest Ranch LLC (Bankr.
C.D. Calif., Case No. 15-17799) on Aug. 5, 2015.  The case is
assigned to Judge Scott C. Clarkson.  The Petitioners' counsel is
Douglas A Plazak, Esq., at Reid & Hellyer, APC, in Riverside,
California.

The Bankruptcy Court later granted Wrightwood Guest Ranch's request
for relief under Chapter 11 and vacated the Involuntary Petition
filed against the Debtor.


[*] Dentons Launches Greek Desk in Brussels
-------------------------------------------
Dentons announced the launch of its Greek Desk operating from the
Firm's Brussels office to provide Greek, other European, US and
other clients with innovative cross-border business and legal
solutions on a broad range of practices including core corporate
and financial regulatory legal services, expert counseling on
energy, EU competition, privatization, infrastructure, debt
restructuring, bank reorganization, international dispute
resolution, restructuring, insolvency and bankruptcy.

The wide scale reforms and the Greek Government's impending
privatizations, set to be one of the largest undertaken in recent
times, will see increased interest from international companies
looking to establish a presence in Greece.

Dentons' Greek Desk will operate as a one-stop shop for the Firm's
clients already active in the Greek market as well as those
considering entering for the first time.  The team has a strong
network of contacts in both the Greek Government and the market
including in the energy, financial institutions, government,
infrastructure and PPP, private equity and real estate industries.
In addition, the Desk will be uniquely positioned to assist clients
active in related markets in the broader Southeastern Mediterranean
region, including Cyprus.

Counsel Orestis Omran will head the Greek Desk.  Orestis Omran is
both Greek and US qualified, with extensive experience advising
international and Greek companies on a full range of corporate and
finance matters.  A graduate of the University of Chicago Law
School and a frequent speaker at international business and legal
conferences on both EU and Greek law, Mr. Omran has successfully
represented clients in international arbitrations and litigation
before Greek courts and has handled Greek aspects of US and
cross-border litigation, oil & gas, infrastructure and PPP
projects, investment funds and insolvency matters, and he has
strong contacts in the Greek Government and the wider market.

                         About Dentons

Dentons -- http://www.dentons.com-- is a global law firm driven to
provide a competitive edge in an increasingly complex and
interconnected world.  A top 20 firm on the Acritas 2015 Global
Elite Brand Index, Dentons is committed to challenging the status
quo in delivering consistent and uncompromising quality in new and
inventive ways.  Dentons' clients now benefit from 3,000 lawyers
and professionals in more than 80 locations spanning 50-plus
countries.  With a legacy of legal experience that dates back to
1742 and builds on the strengths of our foundational firms --
Salans, Fraser Milner Casgrain (FMC), SNR Denton and McKenna Long &
Aldridge -- the Firm serves the local, regional and global needs of
private and public clients.



[*] More Companies File Second Bankruptcy After Reforms
-------------------------------------------------------
Katy Stech, writing for Dow Jones' Daily Bankruptcy Review,
reported that a Fordham University study shows that while
Congress's changes to U.S. bankruptcy law in 2005 made corporate
reorganizations faster -- to 261 days from 480 -- the proportion of
companies that needed to file for chapter 11 bankruptcy a second or
third time increased by 30%.

According to the report, the 26-page study suggested that company
executives who face new deadlines to get their business out of
bankruptcy faster after the 2005 law change may lead them to
"ignore operational problems and hastily attempt to emerge from its
chapter 11 proceedings."


                            *********

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

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

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

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

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

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

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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