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/raid1/www/Hosts/bankrupt/TCR_Public/151201.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, December 1, 2015, Vol. 19, No. 335 Headlines ALPHA NATURAL: Has Until March 30 to Propose Chapter 11 Plan ALROSE ALLEGRIA: Hearing Today on Bid to Employ Douglas Schwartz AMERICAN APPAREL: Court Approves $2.3-Mil. KERP ATLANTIC & PACIFIC: Plan Filing Exclusivity Extended to March BERNARD L. MADOFF: Feds Drop Appeal of Five Employees' Sentences BIRMINGHAM COAL: Terry Humphryes Okayed as Panel's Accountant BUILDERS FIRSTSOURCE: Recasts First Quarter Financial Statements BUILDERS FIRSTSOURCE: Recasts Second Quarter Financial Statements CCR INC: Voluntary Chapter 11 Case Summary CHARLESTON ASSOCIATES: CNB, RAS Deadline to File Briefs Extended COMDISCO HOLDING: Bankruptcy Court Approves Litigation Settlement COMMUNITY FACILITIES: Plan for Adjustment of Debts Confirmed COYNE INTERNATIONAL: Cintas to Acquire Assets for $28.25-Mil. COYNE INTERNATIONAL: Judge Approves $4-Mil. Sale to Clean Uniforms COYNE INTERNATIONAL: Prudential to Acquire Assets for $10.2-Mil. COYNE INTERNATIONAL: Sells Buffalo Facility to Pendera for $1-Mil. ENERGY FUTURE: Luminant to Acquire NextEra's La Frontera Portfolio ENERGY FUTURE: Strikes Deal Resolving Plan Objection of Creditors FOUR OAKS: Posts $734,000 Net Income for Third Quarter GAS-MART USA: Asks Court to Approve Stipulation with St. Johns GAS-MART USA: Court Okays GlassRatner as Financial Advisor GLYECO INC: Stockholders Elect 7 Directors GOLDEN COUNTY: FTI Consulting Okayed to Provide Advisory Services HAGGEN HOLDINGS: Claims Bar Date Set for January 4 HUTCHESON MEDICAL: Court Approves GlassRatner as Trustee's Advisor HYDROCARB ENERGY: Sells $200,000 Note to Darling Capital HYDROCARB ENERGY: Watts Reports 20.6% Stake as of July 14 MOKO SOCIAL MEDIA: Auditor Expresses Going Concern Doubt MOLYCORP INC: Judge Robert Drain to Mediate Spat with Creditors NII HOLDINGS: Securities Suit Granted Class Certification OW BUNKER: Shipper Fears Loss of Ship Over Fuel Shipment Debt PROGEN PHARMACEUTICALS: Auditor Raises Going Concern Doubt QUICKSILVER RESOURCES: Bankruptcy Raises Going Concern Doubt QUIRKY INC: Centerview Partners Approved as Investment Banker RECYCLE SOLUTIONS: U.S. Trustee Wants Ch. 11 Dismissed RIVER CREE: DBRS Confirms 'BB(low)' Issuer Rating ROLLAGUARD SECURITY: Jeweler Faces Arrest in $12M Investor Dispute SEALAUNCH LLC: Boeing Seeks Alter Ego Presumption in JV Trial SIGNAL INTERNATIONAL: Court OKs PwC as Tax Compliance Provider TARGET CORP: Pays $99M to End Lease Row Over Canadian Stores URANIUM ONE: S&P Affirms 'B+' Corporate Credit Rating WALTER ENERGY: Keightley & Ashner OK'd as Pension Benefits Counsel WESTMORELAND COAL: Files San Juan Financial Information YAHN GROUP: Case Summary & 20 Largest Unsecured Creditors [^] Large Companies with Insolvent Balance Sheet ********* ALPHA NATURAL: Has Until March 30 to Propose Chapter 11 Plan ------------------------------------------------------------ The Hon. Kevin R Huennekens of the U.S. Bankruptcy Court for the Eastern District of Virginia extended Alpha Natural Resources, et al.'s exclusive periods to file a chapter 11 plan until March 30, 2016; and (b) solicit acceptances for that plan until May 30, 2016. Absent the extensions, the Debtors' exclusive periods to file a plan and solicit acceptances thereof will expire on Dec. 1, 2015, and Jan. 30, 2016, respectively. The Debtors explained that they are in the early stages of the chapter 11 cases and have not yet fully developed the multifaceted strategy necessary to restructure their complex operations. The Debtors are represented by: David G. Heiman, Esq. Carl E. Black, Esq. Thomas A. Wilson, Esq. JONES DAY North Point 901 Lakeside Avenue Cleveland, OH 44114 Tel: (216) 586-3939 Fax: (216) 579-0212 -- and -- Tyler P. Brown, Esq. J.R. Smith, Esq. Henry P. (Toby) Long, III, Esq. Justin F. Paget, Esq. HUNTON & WILLIAMS LLP Riverfront Plaza, East Tower 951 East Byrd Street Richmond, VA 23219 Tel: (804) 788-8200 Fax: (804) 788-8218 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. Dennis F. Dunne, Esq., Evan R. Fleck, Esq., and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP; and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M. Terry, Jr., Esq. at Sands Anderson PC, represent the Committee. ALROSE ALLEGRIA: Hearing Today on Bid to Employ Douglas Schwartz ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York will convene a hearing today, Dec. 1, 2015, at 11:00 a.m., to conider Alrose Allegria LLC's motion to employ Douglas I. Schwartz, CPA/CFF/CGMA, CFE as accountant nunc pro tunc to Oct. 22, 2015. The Debtor sought to employ Schwartz to (i) assist with review of various tax liabilities and related proofs of claim; (ii) provide tax analysis and support to the Debtor and its counsel in connection with negotiations with the various taxing authorities that have filed proofs of claim in the case; (iii) act as an expert witness for the Debtor (if necessary) regarding the Debtor's tax liability; and (iv) provide related services as requested by the Debtor. According to the Debtor, Schwartz will not duplicate any efforts of any other professional retained, including Isaac Goldstein, who has also been retained by the Debtor as its tax accountant to perform tax-related services, including preparation of tax returns and support with respect to an ongoing sales tax audit being conducted by New York State. Schwartz's current hourly rate is $395. To the best of the Debtor's knowledge, Schwartz is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. In a separate order, the Court authorized the Debtor to employ Isaac Goldstein as tax accountant, nunc pro tunc to Aug. 1, 2015. The Debtor is represented by: Richard J. Bernard, Esq. Alissa M. Nann, Esq. FOLEY & LARDNER LLP 90 Park Avenue New York, NY 10016 Tel: (212) 682-7474 Fax: (212) 687-2329 E-mails: rbernard@foley.com anann@foley.com About Alrose Allegria 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 APPAREL: Court Approves $2.3-Mil. KERP ----------------------------------------------- American Apparel, Inc., and its affiliated debtors sought and obtained from Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware approval of their Key Employee Retention Plan. The Debtors relate that they have identified 82 Key Employees who are critical to their continued operation and successful reorganization. The Debtors further relate that the Key Employees work across the Debtors' organizational structure, and are responsible for managing a variety of tasks and processes critical to the Debtors' day-to-day business operations. The Debtors note that the majority of the Key Employees work in or support the Debtors' manufacturing and retail operations and that many have worked for them for years, and have extensive institutional knowledge. The Debtors further note that other Key Employees were recruited in the months leading up to the bankruptcy cases to help implement their turnaround plan. The Debtors contend that all Key Employees are critical to their reorganization effort, and their loss would cause significant disruption in the Debtors' operations and ability to implement their turnaround plan. The Key Employee Retention Plan ("KERP") provides for a maximum aggregate pool of approximately $2.3 million and has, among others, the following terms: * Tier I - payment of 40% of base salary, with 50% cash award if the participant remains with the Debtors 30 days after the Debtors' emergence from bankruptcy and the remaining 50% if the participant remains 120 days after Emergence. Total tier amount is $562,000. * Tier II - payment of 30% of base salary, with 50% cash award if the participant remains with the Debtors 30 days after the Debtors' Emergence and the remaining 50% if the participant remains 120 days after Emergence. Total tier amount is $555,300. * Tier III - payment of 15% of base salary, with 50% cash award if the participant remains with the Debtors 30 days after the Debtors' emergence from bankruptcy and the remaining 50% if the participant remains 120 days after Emergence. Total tier amount is $454,170. * Tier IV - payment of 10% of base salary, with 100% cash award if the participant remains with the Debtors 30 days after the Debtors' Emergence. Total tier amount is $250,590. The Debtors tell the Court that based on its analysis specific to the Debtors, and its experience in the design of other chapter 11 approved, non-insider retention plans, FTI Consulting, Inc. found the design and structure of the proposed KERP to be within the range of observed practice as compared to related plans approved at similarly situated companies. The Debtors further tell the Court that each relevant metric -- the participation rate, cash award, and cost -- relative to the size of the Debtor, was within or below the observed market range. The Debtors assert that based on this analysis, their proposed KERP is reasonable compared to similar programs when considered under the facts and circumstances of the chapter 11 cases. The Official Committee of Unsecured Creditors supports the Debtors' KERP and contends that it is a reasonable exercise of the Debtors' business judgment in that it will, among other things, properly incentivize certain non-insider key-personnel to remain in the Debtors employ through and well after their reorganization efforts. American Apparel is represented by: Laura Davis Jones, Esq. James E. O'Neill, Esq. Joseph M. Mulvihill, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 N. Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 (Courier 19801) Telephone: (302)652-4100 Facsimile: (302)652-4400 E-mail: ljones@pszjlaw.com joneill@pszjlaw.com jmulvihill@pszjlaw.com - and - Richard L. Wynne, Esq. Erin N. Brady, Esq. JONES DAY 555 South Flower Street, 50th Floor Los Angeles, CA 90071 Telephone: (213)489-3939 Facsimile: (213)243-2539 E-mail: rlwynne@jonesday.com enbrady@jonesday.com - and - Scott J. Greenberg, Esq. Michael J. Cohen, Esq. JONES DAY 222 East 41st Street New York, NY 10017 Telephone: (212)326-3939 Facsimile: (212)755-7306 E-mail: sgreenberg@jonesday.com mcohen@jonesday.com The Official Committee of Unsecured Creditors is represented by: Domenic E. Pacitti, Esq. Richard M. Beck, Esq. KLEHR HARRISON HARVEY BRANZBURG LLP 919 Market Street, Suite 1000 Wilmington, DE 19801-3062 Telephone: (302)426-1189 Facsimile: (302)426-9193 E-mail: dpacitti@klehr.com rbeck@klehr.com - and - David M. Posner, Esq. Gianfranco Finizio, Esq. KILPATRICK TOWNSEND & STOCKTON LLP The Grace Building 1114 Avenue of the Americas New York, NY 10036-7703 Telephone: (212)775-8764 Facsimile: (212)658-9523 E-mail: dposner@kilpatricktownsend.com gfinizio@kilpatricktownsend.com - and - Todd C. Meyers, Esq. Paul Rosenblatt, Esq. KILPATRICK TOWNSEND & STOCKTON LLP 1100 Peachtree Street NE, Suite 2800 Atlanta, Georgia 30309-4528 Telephone: (404)815-6482 Facsimile: (404)541-3307 E-mail: tmeyers@kilpatricktownsend.com paulrosenblatt@kilpatricktownsend.com About American Apparel American Apparel, Inc., American Apparel (USA), LLC, American Apparel Retail, Inc., American Apparel Dyeing & Finishing, Inc., KCL Knitting, LLC and Fresh Air Freight, Inc. sought Chapter 11 bankruptcy protection (Bankr. D. Del. Proposed Lead Case No. 15-12055) on Oct. 5, 2015. The petition was signed by Hassan Natha as chief financial officer. The Debtors reported total assets of $199,360,934 and total liabilities of $397,576,744. The Debtors and their non-debtor affiliates operate a vertically integrated manufacturing, distribution, and retail business focused on branded fashion-basic apparel, employing approximately 8,500 employees across six manufacturing facilities and approximately 230 retail stores in the United States and 17 other countries worldwide. The Debtors have engaged Jones Day as restructuring counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, Moelis & Company as investment banker, FTI Consulting, Inc. as financial advisor, DJM Real Estate as real estate consultant and Garden City Group, LLC as claims and noticing agent. ATLANTIC & PACIFIC: Plan Filing Exclusivity Extended to March ------------------------------------------------------------- The Great Atlantic & Pacific Tea Company Inc. obtained a court order extending the period of time during which it alone holds the right to file a Chapter 11 plan. The order, issued by U.S. Bankruptcy Judge Robert Drain, extended the company's exclusive right to propose a plan to March 16, 2016, and solicit votes from creditors to May 16, 2016. The extension would prevent others from filing rival plans in court and maintain the company's control over its bankruptcy case. About Atlantic & Pacific Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea Company, Inc., and its affiliates are one of the nation's oldest leading supermarket and food retailers, operating approximately 300 supermarkets, beer, wine, and liquor stores, combination food and drug stores, and limited assortment food stores across six Northeastern states. The primary retail operations consist of supermarkets operated under a variety of well known trade names, or "banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food Basics, The Food Emporium, Best Cellars, and A&P Liquors. The Company employs approximately 28,500 employees, over 90% of whom are members of one of twelve local unions whose members are employed by the Debtors under the authority of 35 separate collective bargaining agreements. Then with 429 stores, A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, and in 2012 emerged from Chapter 11 bankruptcy as a privately held company with 320 supermarkets. On July 19, 2015, with 300 stores, A&P and 20 affiliated debtors each filed a Chapter 11 petition (Bankr. S.D.N.Y.) after reaching deals for the going concern sales of 120 stores. The Debtors are seeking joint administration under Case No. 15-23007. As of Feb. 28, 2015, the Debtors reported total assets of $1.6 billion and liabilities of $2.3 billion. The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore Group L.L.C., as investment banker, FTI Consulting, Inc., as financial advisor, Hilco Real Estate, LLC, as real estate advisor, and Prime Clerk LLC, as claims and noticing agent. Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York issued an order directing joint administration of the Chapter 11 cases of The Great Atlantic & Pacific Tea Company, Inc., and its debtor affiliates under lead case no. 15-23007. BERNARD L. MADOFF: Feds Drop Appeal of Five Employees' Sentences ---------------------------------------------------------------- Carmen Germaine at Bankruptcy Law360 reported that Federal prosecutors agreed to withdraw appeal of the sentences handed to five people who were convicted of helping Bernard Madoff orchestrate his $65 billion Ponzi scheme, according to documents filed with the Second Circuit on Nov. 23, 2015. The prosecutors filed a stipulation with the Second Circuit agreeing to withdraw appeal of sentences handed down in late December of five former employees of Bernard L. Madoff Investment Securities LLC who were accused of contributing to the fraud. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims. As of the end of May 2015, the SIPA Trustee has recovered more than $10.699 billion and has distributed approximately $7.576 billion. When additional settlements awaiting distribution are taken into account, the recovery in the Madoff liquidation proceeding totals $10.734 billion. BIRMINGHAM COAL: Terry Humphryes Okayed as Panel's Accountant ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Alabama authorized the retention of Terry Humphryes as accountant for the Official Consolidated Unsecured Creditors' Committee. As reported by the Troubled Company Reporter on Nov. 17, 2015, the Debtors has filed the conditional consent in response to the application to retain Terry Humphryes as the Committee's accountant, stating that parties needed time to discuss and agree upon a line item in the budget for Mr. Humphryes. Regions Bank, Regions Equipment Finance Corporation, and Regions Commercial Equipment Finance, LLC, also joined in the conditional consent of the Debtors, provided that (a) Mr. Humphryes' compensation during the first 30 days of his employment will not exceed $20,000, and (b) further provided that Debtors, the Committee, and Regions will negotiate in good faith a line item in the cash collateral budget for any and all fees incurred by the Committee in connection with the Committee's employment of Mr. Humphreys beyond the initial 30 days of Mr. Humphreys' employment. The Committee requires Mr. Humphryes to perform accounting services which include gathering information and discussing with the Committee and attorney for the Committee on, among other things: 1. Bankruptcy Preference Analysis; 2. Bankruptcy fraudulent transfer analysis; and 3. substantial consolidation of the Debtor's estate. About Birmingham Coal Birmingham Coal & Coke Company, Inc. produces and markets coal to industrial, utility and export markets. It owns and operates three coal mines with an average annual coal production of approximately 480,000 tons. The company also offers coal brokerage services. Birmingham Coal & Coke Company, Inc. was founded in 2000 and is based in Birmingham, Alabama. As of May 9, 2011, Birmingham Coal operates as a subsidiary of CanAm Coal Corp. On May 27, 2015, Birmingham Coal and affiliates Cahaba Contracting & Reclamation LLC, and RAC Mining LLC each filed a voluntary petition for Chapter 11 reorganization (Bankr. N.D. Ala. Lead Case No. 15-02075) in Birmingham, Alabama. The Debtors tapped Jones Walker LLP as counsel. Birmingham Coal and Cahaba Contracting each estimated $10 million to $50 million in assets and debt. RAC Mining estimated $1 million to $10 million in assets and debt. BUILDERS FIRSTSOURCE: Recasts First Quarter Financial Statements ---------------------------------------------------------------- Builders FirstSource, Inc., filed a current report on Form 8-K with the Securities and Exchange Commission to recast certain financial information contained in its quarterly report on Form 10-Q for the quarterly period ended March 31, 2015, due to changes in its reportable segments. As a result of the Company's reorganization following the acquisition of ProBuild Holdings LLC, the Company now has four reportable segments based on an aggregation of the geographic regions in which it operates. The Company began to report under the new reporting segment structure with the filing of its Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2015. A copy of the Revised Condensed Consolidated Financial Statements for the quarter ended March 31, 2015, is available at: http://is.gd/4qMa2t About Builders FirstSource Headquartered in Dallas, Texas, Builders FirstSource -- http://www.bldr.com/-- is a supplier and manufacturer of structural and related building products for residential new construction. The Company operates 56 distribution centers and 56 manufacturing facilities in nine states, principally in the southern and eastern United States. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. Builders Firstsource reported net income of $18.2 million on $1.60 billion of sales for the year ended Dec. 31, 2014, compared to a net loss of $42.7 million on $1.48 billion of sales in 2013. As of Sept. 30, 2015, the Company had $3.03 billion in total assets, $2.88 billion in total liabilities and $156 million in total stockholders' equity. * * * As reported by the TCR on July 15, 2015, Standard & Poor's Ratings Services said it raised its corporate credit rating on Builders FirstSource Inc. to 'B+' from 'B'. "The stable outlook reflects our view that Builders FirstSource will continue to increase sales and EBITDA as U.S. residential construction continues to recover from an historic downturn and the company realizes significant synergies from the merger. As a result, we expect some improvement in the company's leverage measures over the next 12 to 24 months while it maintains adequate liquidity," said Standard & Poor's credit analyst Pablo Garces. In the May 13, 2014, edition of the TCR, Moody's Investors Service upgraded Builders FirstSource's Corporate Family Rating to 'B3' from 'Caa1'. The upgrade reflects Moody's expectation that BLDR's operating performance will continue to benefit from improved housing construction, repair and remodeling. BUILDERS FIRSTSOURCE: Recasts Second Quarter Financial Statements ----------------------------------------------------------------- Builders FirstSource, Inc., filed a current report on Form 8-K to recast certain financial information contained in its quarterly report on Form 10-Q for the quarterly period ended June 30, 2015, due to changes in its reportable segments. As a result of the Company's reorganization following the acquisition of ProBuild Holdings LLC, the Company now has four reportable segments based on an aggregation of the geographic regions in which it operates. The Company began to report under the new reporting segment structure with the filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2015. A copy of the Revised Condensed Consolidated Financial Statements of Builders FirstSource is available at http://is.gd/Gb5qwu About Builders FirstSource Headquartered in Dallas, Texas, Builders FirstSource -- http://www.bldr.com/-- is a supplier and manufacturer of structural and related building products for residential new construction. The Company operates 56 distribution centers and 56 manufacturing facilities in nine states, principally in the southern and eastern United States. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. Builders Firstsource reported net income of $18.2 million on $1.60 billion of sales for the year ended Dec. 31, 2014, compared to a net loss of $42.7 million on $1.48 billion of sales in 2013. As of Sept. 30, 2015, the Company had $3.03 billion in total assets, $2.88 billion in total liabilities and $156 million in total stockholders' equity. * * * As reported by the TCR on July 15, 2015, Standard & Poor's Ratings Services said it raised its corporate credit rating on Builders FirstSource Inc. to 'B+' from 'B'. "The stable outlook reflects our view that Builders FirstSource will continue to increase sales and EBITDA as U.S. residential construction continues to recover from an historic downturn and the company realizes significant synergies from the merger. As a result, we expect some improvement in the company's leverage measures over the next 12 to 24 months while it maintains adequate liquidity," said Standard & Poor's credit analyst Pablo Garces. In the May 13, 2014, edition of the TCR, Moody's Investors Service upgraded Builders FirstSource's Corporate Family Rating to 'B3' from 'Caa1'. The upgrade reflects Moody's expectation that BLDR's operating performance will continue to benefit from improved housing construction, repair and remodeling. CCR INC: Voluntary Chapter 11 Case Summary ------------------------------------------ Debtor: CCR, Inc. fka Coastal Cool Refrigerated, Inc. 9102 Herlong Road Jacksonville, FL 32221 Case No.: 15-05183 Chapter 11 Petition Date: November 27, 2015 Court: United States Bankruptcy Court Middle District of Florida (Jacksonville) Debtor's Counsel: Robert D Wilcox, Esq. WILCOX LAW FIRM 814 Highway A1A North, Suite 202 Ponte Vedra Beach, FL 32082 Tel: 904-405-1248 Email: rw@wlflaw.com eb@wlflaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by David Lancaster, president. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. CHARLESTON ASSOCIATES: CNB, RAS Deadline to File Briefs Extended ---------------------------------------------------------------- Judge Miranda M. Du of the United States District Court for the District of Nevada extended the deadline for City National Bank and RA Southeast Land Company, LLC, to file and serve their response to the Statement of Appellant Charleston Associates, LLC, in Lieu of Opening Brief. CNB and RAS requested the extension pursuant to Bankruptcy Rules 8013 and 8018. Charleston Associates, LLC does not oppose the extension of time to and including December 1, 2015. The bankruptcy case is In re: CHARLESTON ASSOCIATES, LLC, Chapter 11, Debtor, BANKRUPTCY CASE NO. 13-10499-LBR (Bankr. D. Nev.). The appealed case is CHARLESTON ASSOCIATES, LLC, Plaintiff/Appellant, v. RA SOUTHEAST LAND COMPANY, LLC; CITY NATIONAL BANK, Defendants/Appellees, APPEAL NO. 2:14-CV-00017-MMD,, ADVERSARY NO. 10-1452-LBR (D. Nev.). A full-text copy of Judge Du's November 17, 2015 order is available at http://is.gd/5VoJCQfrom Leagle.com. City National Bank is represented by: Richard F. Holley, Esq. F. Thomas Edwards, Esq. COTTON, DRIGGS, WALCH, HOLLEY, WOLOSON & THOMPSON 400 S. Fourth Street, 3rd Floor Las Vegas, NV 89101 Tel: (702) 791-0308 Fax: (702) 791-1912 Email: rholley@nevadafirm.com tedwards@nevadafirm.com -- and –- Lance N. Jurich, Esq. LOEB & LOEB, LLP 10100 Santa Monica Boulevard Suite 2200 Los Angeles, CA 90067 Tel: (310) 282-2000 Fax: (310) 282-2200 Email: ljurich@loeb.com RA Southeast Land Co., LLC is represented by: Lenard E. Schwartzer, Esq. SCHWARTZER & MCPHERSON LAW FIRM 2850 South Jones Boulevard Las Vegas, NV 89146 Tel: (702) 228-7590 Fax: (702) 892-0122 -- and –- Steve Morris, Esq. Rosa Solis-Rainey, Esq. MORRIS LAW GROUP 125 Main Street East Hamilton, ON L8N 3Z3 Tel: (905) 526-8080 Fax: (905) 521-1927 About Charleston Associates Based in Las Vegas, Nevada, Charleston Associates, LLC, is the successor by merger to Boca Fashion Village Syndications Group, LLC. The Debtor initially owned a 96-acre parcel of real estate in Las Vegas, Nevada and began developing a large community shopping center thereon. Situated at the northeast corner of the intersection of Charleston Boulevard and Rampart Boulevard, the entire shopping center was to be known as "The Shops at Boca Park." The Debtor developed Phases I and II (approximately 54 acres) into an operating shopping center whose tenants currently include Target, Petland, Vons, Famous Footwear, Ross, OfficeMax, and a number of other major national retailers and local retailers. The Debtor transferred developed portions of Phases I and II to affiliates, but retained and continues to own nearly nine acres of land in Phases I and II. Phase III encompassed approximately 41.72 acres. The Debtor divided Phase III into two parcels consisting of the approximately 18.28-acre parcel that is the Boca Fashion Village property, and an approximately 23.44-acre parcel of undeveloped land adjacent thereto. The Undeveloped Land, which remains largely unimproved, was subsequently the subject of a "friendly foreclosure" by City National Bank. The Debtor developed Boca Fashion Village into an operating shopping center whose tenants currently include The Cheesecake Factory, Gordon Biersch, Total Wine and More, Grimaldi's Pizzeria, Kona Grill, REI, Pink the Boutique, and many other national and local retailers. Boca Fashion Village consists of three in-line buildings containing 138,869 square feet of rentable area and an additional 3.74 acre site. The 3.74 acre site was formerly subject to a ground lease, but is currently owned by Quality Real Estate Management ("QREM"), and is being renovated to accommodate the opening of a Fry's Electronics, Inc. store, a "big-box" retail electronics store. Approximately 118,258 square feet, or 85.2% of the rentable area in Boca Fashion Village, is currently leased. In addition, there is a cellular tower located on the property that is currently leased to Nextel. Charleston Associates filed for Chapter 11 protection (Bankr. D. Del. Case No. 10-11970) on June 17, 2010. Judge Kevin J. Carey presides over the case. Neal L. Wolf, Esq., Dean Gramlich, Esq., and Jordan M. Litwin, Esq., at Neal Wolf & Associates, LLC, in Chicago, Ill., represent the Debtor as counsel. Bradford J. Sandler, Esq., and Kathleen P. Makowski, Esq., at Pachulski Stang Ziehl & Jones, LLP, in Wilmington, Del., represent the Debtor as Delaware counsel. In its schedules, the Debtor disclosed $92,348,446 in assets and $65,064,894 in liabilities. Attorneys at Brinkman Portillo Ronk, PC, represent the Official Committee of Unsecured Creditors as counsel. Thomas M. Horan, Esq., Steven K. Kortanek, Esq., and Ryan Cicoski, Esq., at Womble Carlyle Sandridge & Rice, LLP, in Wilmington, Del., represent the Committee as Delaware counsel. COMDISCO HOLDING: Bankruptcy Court Approves Litigation Settlement ----------------------------------------------------------------- Comdisco Holding Company, Inc. on Nov. 30 disclosed that on November 23, 2015, the United States Bankruptcy Court for the Northern District of Illinois Eastern Division entered an order approving the motion filed on October 6, 2015 by the Comdisco Litigation Trustee. The Order (i) approved a proposed settlement with the remaining defendants who had executed promissory notes in connection with Comdisco, Inc.'s Shared Investment Plan, (ii) approved the filing of the final report of the Litigation Trustee and (iii) to be effective only upon the wind-up of the Comdisco Litigation Trust and final disbursement of its net proceeds to the beneficiaries of the Litigation Trust, approved the termination of the Litigation Trust and discharge of the Litigation Trustee and the Comdisco Litigation Trust Advisory Board. Bankruptcy Court set a status hearing for April 1, 2016. About Comdisco Comdisco emerged from Chapter 11 bankruptcy proceedings on August 12, 2002. The purpose of reorganized Comdisco is to sell, collect or otherwise reduce to money in an orderly manner the remaining assets of the corporation. Pursuant to the Plan and restrictions contained in its certificate of incorporation, Comdisco is specifically prohibited from engaging in any business activities inconsistent with its limited business purpose. Accordingly, within the next few years, it is anticipated that Comdisco will have reduced all of its assets to cash and made distributions of all available cash to holders of its common stock and contingent distribution rights in the manner and priorities set forth in the Plan. At that point, the company will cease operations. The company filed on August 12, 2004 a Certificate of Dissolution with the Secretary of State of the State of Delaware to formally extinguish Comdisco Holding Company, Inc.'s corporate existence with the State of Delaware except for the purpose of completing the wind-down contemplated by the Plan. Under the Plan, Comdisco was charged with, and has been, liquidating its assets. COMMUNITY FACILITIES: Plan for Adjustment of Debts Confirmed ------------------------------------------------------------ Judge Robert S. Bardwil of the United States Bankruptcy Court for the Eastern District of California, Sacramento Division, confirmed the amended plan for adjustment of debts for the Community Facilities District No. 1990-1 (Wildwood Estates), Nevada County, California. On August 12, 2015, CFD 1990-1 filed, among other things, (i) the plan for adjustment of debts, and (ii) a disclosure statement with respect to the plan. Both were modified on September 2, 2015 and amended on September 10, 2015. Exhibit A to the plan is the settlement agreement dated April 28, 2015 by and among the County of Nevada, CFD 1990-1, Wildwood Resolutions LLC, and Nevco Land Acquisition, LLC. No objections to the plan and the settlement agreement were filed or raised. The confirmation hearing was held on November 18, 2015. The case is In re COMMUNITY FACILITIES DISTRICT NO. 1990-1 (WILDWOOD ESTATES), NEVADA COUNTY, CALIFORNIA, Chapter 9, Debtor, CASE NO. 2015-23888 (Bankr. E.D. Cal.). A full-text copy of Judge Bardwil's November 23, 2015 findings of fact and conclusions of law in support of the plan's confirmation order is available at http://is.gd/0HgcEj from Leagle.com. The Debtor is represented by: Debra A. Riley, Esq. ALLEN MATKINS LECK GAMBLE MALLORY & NATSIS LLP 501 West Broadway 15th Floor San Diego, CA 92101 Tel: 619-233-1155 Email: driley@allenmatkins.com COYNE INTERNATIONAL: Cintas to Acquire Assets for $28.25-Mil. ------------------------------------------------------------- Coyne International Enterprises Corp. will sell some of its assets to Cintas Corporation No. 2 for $28.25 million. Cintas will acquire assets related to the company's businesses in Buffalo, New York; Cleveland, Ohio; Bristol, Tennessee; Syracuse, New York; York, Pennsylvania; and London, Kentucky. The assets include customer contracts and inventory. Cintas emerged as the winning bidder at a court-supervised auction conducted on Oct. 27, beating out rival bidder G&K Services Co. G&K Services will be the "back-up bidder," according to court filings. Judge Margaret Cangilos-Ruiz, who oversees Coyne's Chapter 11 case, approved the sale. A copy of the order is available for free at http://is.gd/WaCPMR The $28.25 million deal is one of the three major sale transactions entered into by the company following its bankruptcy filing in July. Coyne also put up for sale its businesses in New Bedford, Massachusetts; Greenville, South Carolina; and Richmond, Virginia. Coyne's official committee of unsecured creditors and the U.S. trustee had earlier opposed the sale process. Both criticized the absence of a provision calling for a distribution to unsecured creditors. Coyne defended the sale by arguing that the provision is not supported by law. The same argument was echoed by the company's pre-bankruptcy lender NXT Capital LLC, which backed the sale. The sale process had also drawn opposition from Excellus Health Plan Inc., the New York-based company that provided health insurance to 70% of Coyne's employees. Coyne will assume its contract with the insurer and has agreed to pay the cure amount of $240,855 due under the contract, court filings show. 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. serves as the Debtor's environmental consultant. COYNE INTERNATIONAL: Judge Approves $4-Mil. Sale to Clean Uniforms ------------------------------------------------------------------ Coyne International Enterprises Corp. received court approval to sell some of its assets to Clean Uniforms And More!. The order, issued by U.S. Bankruptcy Judge Margaret Cangilos-Ruiz, approved the sale of Coyne's customer contracts and inventory in New Bedford, Massachusetts, to the industrial laundry company for $4 million. Under the deal, Clean Uniforms will assume certain liabilities of the company. It will also accept applications from Coyne employees for new positions. Clean Uniforms' $4 million offer was selected as the winning bid at a court-supervised auction on Oct. 27, according to court filings. A copy of the court order is available without charge at http://is.gd/kI5SLl 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. serves as the Debtor's environmental consultant. COYNE INTERNATIONAL: Prudential to Acquire Assets for $10.2-Mil. ---------------------------------------------------------------- Prudential Overall Supply Inc. will acquire some of Coyne International Enterprises Corp.'s assets for $10.2 million, according to court filings. The industrial laundry company will acquire assets related to Coyne's businesses in Richmond, Virginia, and Greenville, South Carolina. Under the deal approved by U.S. Bankruptcy Judge Margaret Cangilos-Ruiz, Prudential will assume certain liabilities of the company and will accept job applications from current Coyne employees. A copy of the court order is available without charge at http://is.gd/nHccf3 RT Highway 290 Building 2, LLC had previously opposed the sale of Coyne's personal properties at the Greenville facility. The landlord wanted to use a portion of the sale proceeds to pay for the repair of the building. To resolve the objection, Coyne will set aside $300,000 to pay any administrative expense claim of the landlord, court filings show. 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. serves as the Debtor's environmental consultant. COYNE INTERNATIONAL: Sells Buffalo Facility to Pendera for $1-Mil. ------------------------------------------------------------------ U.S. Bankruptcy Judge Margaret Cangilos-Ruiz approved the sale of Coyne International Enterprises Corp.'s facility located in Buffalo, New York. The U.S. commercial laundry service company will sell the facility to Pendera Holdings LLC, which made a $1 million offer. The buyer will also assume certain liabilities of the company. Pendera Holdings was selected as the winning bidder at a court-supervised auction conducted last month, court filings show. A copy of the court order is available without charge at http://is.gd/VvhqFS 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. serves as the Debtor's environmental consultant. ENERGY FUTURE: Luminant to Acquire NextEra's La Frontera Portfolio ------------------------------------------------------------------ Furthering its commitment to powering Texas and serving its customers, Luminant on Nov. 27 disclosed it has entered into a definitive agreement to acquire generating assets representing 2,988 MW of capacity in the competitive ERCOT market. Luminant has agreed to purchase NextEra's La Frontera portfolio, which consists of Forney Energy Center and Lamar Energy Center, both located in Northeast Texas. La Frontera's generating capacity has the ability to power about 1.5 million homes during normal conditions. "These plants are strategic investments that enhance our asset portfolio while building on our existing operations in ERCOT," said Luminant Chief Executive Officer Mac McFarland. Luminant adds these combined-cycle gas turbine power plants to an already diverse energy portfolio that includes coal, natural gas and nuclear power, as well as significant purchases of wind-generated electricity and a recently announced solar power purchase agreement. Key Transaction Terms -- $1.313 billion purchase price ($440 per installed kilowatt) plus approximately $239 million for cash and approximately $37 million for net working capital, subject to customary adjustments based on the amounts of cash and net working capital at closing. -- Transaction is expected to close in the spring of 2016, pending customary regulatory approvals. -- Funding of the purchase price is expected to come from cash on hand as well as borrowings under available credit facilities. -- The United States Bankruptcy Court and appropriate creditor groups have granted the necessary approvals for the acquisition. Key La Frontera Portfolio Facts -- The Forney Energy Center is located in Forney, Texas. It has a capacity of 1,912 MW with a commercial operation date of 2003. -- Lamar Energy Center is located in Paris, Texas. It has a capacity of 1,076 MW with a commercial operation date of 2000. About Luminant Luminant, a subsidiary of Energy Future Holdings Corp., is a competitive power generation business, including mining, wholesale marketing and trading, and development operations. Luminant has more than 13,700 megawatts of generation in Texas, including 2,300 MW fueled by nuclear power and 8,000 MW fueled by coal. The company is a large purchaser of wind-generated electricity. EFH is a Dallas-based energy holding company that has a portfolio of competitive and regulated energy subsidiaries in Texas. About Energy Future Holdings 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 FUTURE: Strikes Deal Resolving Plan Objection of Creditors ----------------------------------------------------------------- Matt Chiappardi at Bankruptcy Law360 reported that Energy Future Holdings Corp. said on Nov. 23, 2015, that it has struck a settlement with the creditors on the so-called E-side of the massive case that resolves their opposition to the power giant's Chapter 11 plan, potentially removing one of the final barriers in the way of the restructuring strategy. EFH filed for Chapter 11 bankruptcy reorganization in a Delaware court in April 2014. The deal, filed on the Delaware bankruptcy court docket Nov. 23 afternoon, could significantly ease EFH's path to court approval of its plan. About Energy Future Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a Portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep their businesses operating while reducing their 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. FOUR OAKS: Posts $734,000 Net Income for Third Quarter ------------------------------------------------------ Four Oaks Fincorp, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $734,000 on $7.38 million of total interest and dividend income for the three months ended Sept. 30, 2015, compared to a net loss of $8.59 million on $7.13 million of total interest and dividend income for the same period in 2014. For the nine months ended Sept. 30, 2015, the Company reported net income of $19.19 million on $22.13 million of total interest and dividend income compared to a net loss of $4.82 million on $21.62 million of total interest and dividend income for the same period last year. As of Sept. 30, 2015, the Company had $714.50 million in total assets, $654.28 million in total liabilities and $60.21 million in total shareholders' equity. A full-text copy of the Form 10-Q is available for free at: http://is.gd/VY4gEZ About Four Oaks Four Oaks Fincorp, Inc., through its wholly-owned subsidiary, Four Oaks Bank & Trust Company, offers a broad range of financial services through its sixteen offices in Four Oaks, Clayton, Smithfield, Garner, Benson, Fuquay-Varina, Wallace, Holly Springs, Harrells, Zebulon, Dunn, Raleigh (LPO), Apex (LPO) and Southern Pines (LPO), North Carolina. Four Oaks Fincorp, Inc. trades through its market makers under the symbol of FOFN. Four Oaks Fincorp reported a net loss of $4.18 million in 2014, a net loss of $350,000 in 2013, a net loss of $6.96 million in 2012 and a net loss of $9.09 million in 2011. GAS-MART USA: Asks Court to Approve Stipulation with St. Johns -------------------------------------------------------------- Gas-Mart USA, Inc., and its debtor affiliates ask approval from the U.S. Bankruptcy Court for the Wester District of Missouri of a Consent Order and Stipulation in Settlement of Relief from the Automatic Stay or Adequate Protection from St. Johns Bank and Trust Company. Prior to the Petition Date, an offset dispute arose between Gas-Mart and St. Johns. The Debtors assert that the St. Johns offset $381,812 from its operating accounts and that $371,889 of which is avoidable and recoverable under Sections 550 and 553(b) of the Bankruptcy Code. St. Johns asserted that only $258,211 of the amount is arguably avoidable and recoverable due to various alleged subsequent advances. The Stipulation provides that St. Johns will approve an additional advance of $258,211, wherein $150,000 of the amount will be set aside as a payment reserve for adequate protection payments in the amount of $25,000 from July 2015 through December 2015, and the balance of $108,211 will be made available to the Debtors to pay for improvements, repairs or equipment for the enhancement St. Johns' Collateral. Furthermore, the Stipulation provides that Gas-Mart is required to pay the real estate taxes and must maintain current insurance for the property. Paul M. Hoffmann, Esq., at Stinson Leonard Street, LLP, in Kansas City, Missouri, asserts that the adequate protection proposed in the Stipulation is fair and reasonable and sufficient to satisfy the requirement to protect a secured creditor from diminution in the value of its interest in the particular collateral during the period of use. Lenders Object to Stipulation Lenders UMB Bank N.A. and Sun Life Assurance Company of Canada objects to the stipulation between the Debtors and St. Johns, complaining that the stipulation is unacceptable for it would allow the settlement proceeds only to benefit St. Johns. The Lenders also complain that the motion is subordinating UMB's interest in DIP Collateral to St. Johns, thereby, the Debtors will be paying St. Johns adequate protection from UMB's collateral while at the same time the Lenders are not receiving adequate protection payments. This proposed settlement will put greater pressure on the Carve-Out and the Avoidance Action Carve-Out, the Lenders argue. The Lenders find it premature to enter into an adequate protection arrangement at this time, especially one that compromises a $370,000 Avoidance Action for it may be detrimental to other creditors, compromising on such a valuable action with no benefit to other creditors, the Lenders tell the Court. Gas-Mart USA, Inc. is represented by: Paul M. Hoffmann, Esq. Sharon L. Stolte, Esq. Nicholas J. Zluticky, Esq. STINSON LEONARD STREET LLP 1201 Walnut, Suite 2900 Kansas City, MO 64106 Telephone: (816) 842-8600 Facsimile: (816) 691-3495 Email: paul.hoffmann@stinsonleonard.com sharon.stolte@stinsonleonard.com nicholas.zluticky@stinsonleonard.com UMB Bank, N.A. is represented by: Scott J. Goldstein, Esq. Eric L. Johnson, Esq. SPENCER FANE LLP 1000 Walnut Street Kansas City, Missouri 64106 Telephone: (816) 478-8100 Facsimile: (816) 471-6467 Email: sgoldstein@spencerfane.com ejohnson@spencerfane.com -- and -- William C. Heuer, Esq. DUANE MORRIS LLP 1540 Broadway New York, NY 10036 Telephone: (212) 692-1070 Facsimile: (212) 208-4521 Email: wheuer@duanemorris.com Sun Life Assurance Company of Canada is represented by: Jeffrey A. Deines, Esq. Shane J. McCall, Esq. LENTZ CLARK DEINES PA 9260 Glenwood Overland Park, KS 66212 Telephone: (913) 648-0600 Facsimile: (914) 648-0664 Email: jdeines@lcdlaw.com smccall@lcdlaw.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. 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 GlassRatner as Financial Advisor ---------------------------------------------------------- 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 GlassRatner Advisory & Capital Group, LLC to provide financial advisory, investment banking and capital raising services to the Debtors The Debtors require GlassRatner Advisory to provide: (a) financial advisory services related to the Debtors' chapter 11 bankruptcy cases; (b) assistance in raising capital to refinance the Debtors' existing DIP loan and create additional availability for working capital and capital expenditures; and (c) investment banking services related to the sale of some or all of the Debtors' assets through a section 363 sale process. For the financial advisory services GlassRatner Advisory will be paid at these hourly rates: Evan Blum, Principal $575 Richard Peil, Sr. Managing Director $475 David Tiffany, Managing Director $390 Marc Levee, Vice President $350 Other Directors/ Sr. Managing Directors $400-$550 Other Vice Presidents $300-$400 Associates/Senior Associates $200-$300 Other Staff $95-$200 For the capital raising services, GlassRatner Advisory shall be paid a success fee equal to 2.5% of the amount of capital raised. For the investment banking services, Applicant shall be paid as follows: -- GlassRatner Advisory will receive a base fee equal to 3.0% of the purchase price of the Debtors' assets so long as the purchase price does not exceed $27 million; -- At any purchase price above $27 million but not exceeding $32 million, GlassRatner Advisory will receive an additional fee of 4.5% of the increase in the purchase price over $27 million; -- At any purchase price above $32 million but not exceeding $37 million, GlassRatner Advisory will receive an additional fee of 6.0% of the increase in the purchase price over $32 million; -- At any purchase price above $37 million, GlassRatner Advisory will receive an additional fee of 7.5% of the increase in the purchase price over $37 million. Evan Blum, principal of GlassRatner Advisory, 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. GlassRatner Advisory can be reached at: Evan Blum GLASSRATNER ADVISORY & CAPITAL GROUP, LLC 60 East 42nd Street, Suite 1062 New York, NY 10165 Tel: (212) 223-2430 E-mail: eblum@glassratner.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. 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. GLYECO INC: Stockholders Elect 7 Directors ------------------------------------------ GlyEco, Inc., held its 2015 annual meeting of stockholders on Nov. 13, 2015, at which the stockholders elected Dwight Mamanteo, David Ide, Michael Jaap, Richard Q. Opler, Karim Babay, Charles Trapp, and Frank Kneller as directors of the Company to serve for a one-year term or until their successors have been elected and qualified. The stockholders also ratified the appointment of KMJ Corbin & Company, LLP as the Company's independent registered public accounting firm for the fiscal year ending Dec. 31, 2015. About GlyEco, Inc. Phoenix, Ariz.-based GlyEco, Inc., is a green chemistry company formed to roll-out its proprietary and patent pending glycol recycling technology that transforms waste glycols, a hazardous material, into profitable green products. Glyeco reported a net loss attributable to common shareholders of $8.73 million on $5.89 million of net sales for the year ended Dec. 31, 2014, compared with a net loss of $4 million on $5.53 million of net sales for the year ended Dec. 31, 2013. As of Sept. 30, 2015, the Company had $15.1 million in total assets, $2.37 million in total liabilities and $12.8 million in total stockholders' equity. Semple, Marchal & Cooper, LLP, in Phoenix, Arizona, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing that the Company has yet to achieve profitable operations and is dependent on its ability to raise capital from stockholders or other sources to sustain operations and to ultimately achieve viable operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. GOLDEN COUNTY: FTI Consulting Okayed to Provide Advisory Services ----------------------------------------------------------------- The Hon. Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware authorized Plover Appetizer Co., formerly known as Golden County Foods, Inc., et al., to employ FTI Consulting Inc. as to provide advisory services. FTI will work under the direction of Neligen Foley LLP. Stephen Rosen, will participate as managing director maintaining overall administrative responsibility for the engagement, including billing and client relations. Joseph Nichols will participate as senior director and lead actuary for the engagement. The hourly rates of FTI personnel to render services are: Senior Managing Director $635 - $820 Managing Director $570 - $640 Senior Director $535 - $585 Director $450 - $550 Senior Consultant $345 - $445 Consultant $270 - $335 Project Assistant $160 - $250 The Debtor will also reimburse out-of pocket expenses incurred in relation to the engagement. To the best of the Debtor's knowledge, FTI is "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Golden County Foods Golden County and its affiliates GCF Franchisee, Inc., and GCF Holdings II, Inc., filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11062 to 15-11064) on May 15, 2015. Mark D. Collins, Esq., and Tyler D. Semmelman, Esq., at Richards, Layton & Finger, P.A., represent the Debtor in their restructuring effort. The Debtors also hired Neligan Foley LLP as local counsel. The Debtors estimated assets and debts at $10 million to $50 million. The U.S. Trustee for Region 3 appointed seven creditors to serve on the Official Committee of Unsecured Creditors. The Committee selected Lowenstein Sandler LLP and Gellert Scali Busenkell & Brown, LLC, to serve as its co-counsel, and GlassRatner Advisory & Capital Group to serve as its financial advisor. HAGGEN HOLDINGS: Claims Bar Date Set for January 4 -------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware set Jan. 4, 2016, at 5:00 p.m. (prevailing Eastern Time) as deadline for persons or entities to file proofs of claim against Haggen Holdings LLC and its debtor-affiliates. The Court set March 7, 2016, at 6:00 p.m. (prevailing Eastern Time) as last day for governmental units to file their claims against the Debtors. All proofs of claim must be filed at: Haggen Claims Processing Center c/o KKC 2335 Alaska Avenue El Segundo, CA 90245 About Haggen Holdings Headquartered in Bellingham, Washington, Haggen was founded in 1933 as a single grocery store. From 1933 to 2014, Haggen grew into a 30 store family-run grocery chain, with stores located in the northwestern United States. From 2011 to 2014, Haggen reduced its store base to 18, including a stand-alone pharmacy location. Haggen rapidly expanded in 2014 and 2015, and, as of the Petition Date, Haggen owned and operated 164 stores through three operating companies: Haggen, Inc., Haggen Opco North, LLC and Haggen Opco South, LLC. Haggen Holdings, LLC, and its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11874 to 15-11879) on Sept. 8, 2015, with the intention of reorganizing, or selling as a going concern, their stores for the benefit of their creditors. The petitions were signed by Blake Barnett, the chief financial officer. The Debtors estimated assets of $50 million to $100 million and estimated liabilities of $10 million to $50 million. Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors' local counsel. Stroock & Stroock & Lavan LLP serves as the Debtors' general counsel. Alvarez & Marsal North America, LLC, acts as the Debtors' financial advisor. Kurtzman Carson Consultants LLC serves as the Debtors' claims and noticing agent. HUTCHESON MEDICAL: Court Approves GlassRatner as Trustee's Advisor ------------------------------------------------------------------ Ronald Glass, the Chapter 11 trustee of Hutcheson Medical Center, Inc. and its debtor-affiliates, sought and obtained permission from the U.S. Bankruptcy Court for the Northern District of Georgia to employ GlassRatner Advisory & Capital Group, LLC as financial advisor to the Trustee. The Trustee requires GlassRatner to: (a) assist Debtors in fulfilling its statutory reporting requirements during the chapter 11 proceedings, including Monthly Operating Reports (MORs); (b) assist Debtors with the preparation of reports for, and communications with, the Bankruptcy Court, creditors, the ombudsman and any other constituents; (c) oversee Hutcheson's accounting department and cash management, which may include daily cash reconciliations; (d) assess the company's near-term liquidity and cash flow Forecast; (e) assist management in implementing needed operational and/or strategic enhancements; and (f) any other duty or task which falls within the normal responsibilities of a Financial Advisor. GlassRatner will be paid at these hourly rates: Marshall Glade, Director $350 Tess Wolf, Senior Associate $275 Directors $325-$395 Associates $200-$325 GlassRatner will also be reimbursed for reasonable out-of-pocket expenses incurred. Marshall Glade, director of GlassRatner, 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. GlassRatner can be reached at: Marshall Glade GLASSRATNER ADVISORY & CAPITAL GROUP, LLC 3424 Peachtree Road, Suite 2150 Atlanta, GA 30326 E-mail: mglade@GlassRatner.com About Hutcheson Medical Center Hutcheson Medical Center, Inc., operates the 179-bed hospital and related ancillary facilities, including, without limitation, a skilled nursing home and an ambulatory surgery center, located in Ft. Oglethorpe, Georgia, known as Hutcheson Medical Center. HMC leases the land and buildings that comprise the Medical Center from The Hospital Authority of Walker, Dade and Catoosa Counties. HMC and Hutcheson Medical Division, Inc., sought Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No. 14-42863 and 14-42864) in Rome, Georgia, on Nov. 20, 2014. The cases are jointly administered under Case No. 14-42863. The cases have been assigned to the Honorable Paul W. Bonapfel. The Debtors are represented by Ashley Reynolds Ray, Esq., and J. Robert Williamson, Esq., at Scroggins and Williamson, in Atlanta, Georgia. HMC disclosed $32.8 million in assets and $52.9 million in liabilities as of the Chapter 11 filing. HYDROCARB ENERGY: Sells $200,000 Note to Darling Capital -------------------------------------------------------- Hydrocarb Energy Corporation, on Nov. 17, 2015, sold Darling Capital, LLC an 8% Short Term Cash Redeemable Note in the principal amount of $200,000, pursuant to the terms of a Securities Purchase Agreement entered into between the Company and Darling dated Oct. 21, 2015. The Darling Note, which was dated Nov. 12, 2015, accrues interest at the rate of 8% per annum (22% upon the occurrence of an event of default) and is payable on Sept. 12, 2016, provided that the Company has the option to extend the maturity date of the note for an additional nine months in the event we provide Darling at least 30 days' notice of the Company's intention to extend such maturity date. In the event the Company does not prepay the Darling note, together with accrued and unpaid interest, on or prior to the 180th day after the issuance date, together with the pre-payment penalties, Darling has the right to convert the principal and accrued interest owed under such note into the Company's common stock. The conversion price for such conversions is the greater of a 40% discount, to the lowest closing bid price for the Company's common stock during the 15 trading days immediately preceding a conversion request and $0.001 per share. Notwithstanding the above, in the event the Market Price on the date (i) the conversion shares are transferred to and deposited into Darling's brokerage account and (ii) Darling's broker has confirmed that it can execute trades, is lower than the Market Price on the date of conversion, the conversion price is adjusted to such lower price and additional shares are required to be issued to the holder. Notwithstanding the foregoing, there is an initial soft floor of $0.30 per share on conversions, which means that in the event the Company's common stock closes below $0.30 per share, then the holder may not convert its note for the 10 trading days immediately preceding the first time the price closes below $0.30 per share. However, in the event the price of the Company's common stock closes above $0.30 per share in that 10 day period, the holder may convert, without waiting the balance of the 10 days. Additionally, following the 10 day period, the holder has a three day grace period to convert, even if the common stock closes below the next lower soft floor level. This process is repeated with soft floors of $0.15 per share and $0.075 per share. At no time may the Darling Note be converted into shares of the Company's common stock if such conversion would result in Darling and its affiliates owning an aggregate of in excess of 9.9% of the then outstanding shares of the Company's common stock. Darling also entered into a Subordination Agreement in favor of the Company's senior lender, Shadow Tree Capital Management, LLC, to subordinate the repayment of the Darling Note to amounts owed by the Company to Shadow Tree. About Hydrocarb Energy Hydrocarb Energy, formerly known as Duma Energy Corp, is a publicly-traded Domestic and International energy exploration and production company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With exploration concessions in Africa, production in Galveston Bay and Oil Field Services in the United Arab Emirates, the Company maintain offices in Houston, Texas, Abu Dhabi, UAE and Windhoek, Namibia. Hydrocarb Energy reported a net loss of $12.6 million on $3.94 million of revenues for the year ended July 31, 2015, compared to a net loss of $6.55 million on $5.06 million of revenues for the year ended July 31, 2014. As of July 31, 2015, the Company had $31.1 million in total assets, $32.2 million in total liabilities and a total deficit of $1.08 million. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended July 31, 2015, citing that the Company has suffered recurring losses from operations, which raises substantial doubt about its ability to continue as a going concern. HYDROCARB ENERGY: Watts Reports 20.6% Stake as of July 14 --------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Kent P. Watts disclosed that as of July 14, 2015, he beneficially owns 5,286,833 shares of Hydrocarb Energy Corporation's outstanding common stock representing 20.6 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/VtvCR1 About Hydrocarb Energy Hydrocarb Energy, formerly known as Duma Energy Corp, is a publicly-traded Domestic and International energy exploration and production company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With exploration concessions in Africa, production in Galveston Bay and Oil Field Services in the United Arab Emirates, the Company maintain offices in Houston, Texas, Abu Dhabi, UAE and Windhoek, Namibia. Hydrocarb Energy reported a net loss of $12.6 million on $3.94 million of revenues for the year ended July 31, 2015, compared to a net loss of $6.55 million on $5.06 million of revenues for the year ended July 31, 2014. As of July 31, 2015, the Company had $31.1 million in total assets, $32.2 million in total liabilities and a total deficit of $1.08 million. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended July 31, 2015, citing that the Company has suffered recurring losses from operations, which raises substantial doubt about its ability to continue as a going concern. MOKO SOCIAL MEDIA: Auditor Expresses Going Concern Doubt -------------------------------------------------------- BDO East Coast Partnership, in an Oct. 30, 2015 letter to the Board of Directors and Stockholders of MOKO Social Media Limited, disclosed that substantial doubt about the company's ability to continue as a going concern exists. The firm has audited the consolidated financial statements of the company and its subsidiaries, which comprise the consolidated balance sheets as of June 30, 2014 and 2015, and the related consolidated statements of profit or loss and comprehensive income, changes in equity and cash flows for the three years ended June 30, 2015, and the related notes to the consolidated financial statements. BDO said that the ability of the company to continue as a going concern is dependent upon the future successful raising of necessary funding through equity. "These conditions, along with other matters, indicate the existence of a material uncertainty that may cast significant doubt about the consolidated entity's ability as a going concern..." MOKO Social Media Chief Executive Officer Ian Rodwell and Chairman Greg McCann revealed, in a regulatory filing with the U.S. Securities and Exchange Commission dated October 30, 2015, that the company is operating on a negative operating cash flow basis. Net cash used in operations for the year ended 30 June 2015 was A$18,231,444 (2014: A$7,067,727). The company made an operating loss of A$20,294,007 for the year ended 30 June 2015 (2014: A$13,596,459). The company's balance sheets disclosed total assets of A$14,106,444, total liabilities of A$3,025,868, and total stockholders' equity of A$11,080,576. As of June 30, 2015, the company's consolidated cash and cash equivalents were A$7,219,908 ($5,562,217). "We currently hold no outstanding debt. At June 30, 2015, the company's significant non-cancellable forward commitments relate only to operating lease payments, and total A$977,711 ($753,229) which are payable as A$414,406 ($319,258) within one year and A$563,305 ($433,970) within one year and five years," Mr. McCann said. "In order to continue as a going concern, the company needs to raise additional funds. The directors acknowledge that the requirement to raise additional funding represents a material uncertainty which may cast significant doubt over the ability of the company to continue as a going concern," Messrs. Rodwell and McCann told the SEC. To initiate the capital raising process, on 14 July 2015 the company filed a Form F-3 Registration Statement with the SEC for a maximum aggregate public offering of up to US$40,000,000. The current state of the securities markets has posed some challenges to this capital raising process. In the light of this, the directors are pursuing a number of funding possibilities ranging from working with brokers (both institutional and retail investors), strategic stakeholders and major shareholders. Through one of, or a combination of these, together with a reduction in expenditure, the directors expect that sufficient funds will be raised to continue trading with a view to reassessing the company mid-term working capital requirements in the new calendar year. "The Directors are confident that following successful capital raising the company can continue to meet its debts as and when they become due and payable. The financial report has therefore been prepared on a going concern basis. "Should the company be unable to continue as a going concern it may be required to realise its assets and discharge its liabilities other than in the normal course of business and at amounts different to those stated in the financial statements. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount of liabilities that might result should the company be unable to continue as a going concern and meet its debts as and when they fall due," Messrs Rodwell and McCann pointed out. Moreover, the company has made a strategic decision to focus its resources on the student market. The results from the monetization of its student focused products, REC*IT and SPEAKIESY, are not yet reflected in the company's operating results or cash flows. The company's decision to focus on the student market has been made on the basis that the U.S. student audience is among the most valuable to brands and advertisers and provides huge potential for future monetization. As these products are not yet commercialized there remains uncertainty over this expectation. A full-text copy of the company's annual report is available for free at: http://tinyurl.com/jra3nd6 Moko Social Media Limited, formerly MOKO.mobi Limited, (ASX: MKB) is an Australia-based company, which is engaged in the development and branding of mobile social networks for tailored audiences to enable mobile communities of groups of people to socialize and communicate around their common interests. MOLYCORP INC: Judge Robert Drain to Mediate Spat with Creditors --------------------------------------------------------------- Jonathan Randles at Bankruptcy Law360 reported that the New York bankruptcy judge who is overseeing the court-monitored restructuring of A&P supermarkets and has managed Hostess' high-profile Chapter 11 case has agreed to mediate a dispute between miner Molycorp Inc. and its creditors over control of that bankruptcy. U.S. Bankruptcy Judge Robert Drain will mediate a dispute between Molycorp, a group of secured noteholders and unsecured creditors related to the Debtor's recently unveiled reorganization strategy, according to court papers filed in Delaware. About Molycorp, Inc. Molycorp Inc. -- http://www.molycorp.com/-- is a global rare earths and rare metals producer. Molycorp owns several prominent rare earth processing facilities around the world. It has a workforce of 2,530 employees at locations on three continents. Molycorp's Mountain Pass Rare Earth Facility in San Bernadino County, California, is home to one of the world's largest and richest deposits of rare earths. Molycorp has corporate offices in the United States, Canada and China. CEO Geoffrey R. Bedford, and other senior management members are located in Molycorp's corporate offices in Toronto, Canada. Other senior manageemnt members are located at its U.S. corporate headquarters in Greendwood Village, Colorado. Molycorp reported a net loss of $623 million in 2014, a net loss of $377 million in 2013 and a net loss of $475 million in 2012. As of March 31, 2015, the Company had $2.49 billion in total assets, $1.78 billion in total liabilities and $709 million in total stockholders' equity. Molycorp and its North American subsidiaries, together with certain of its non-operating subsidiaries outside of North America, filed Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead Case No. 15-11357) on June 25, 2015, after reaching agreement with a group of lenders on a financial restructuring. The Chapter 11 cases of Molycorp and 20 affiliated debts are pending before Judge Christopher S. Sontchi. The agreement provides for a financial restructuring of the Company's $1.7 billion in debt and provides up to $225 million in gross proceeds in new financing to support operations while the Company completes negotiations with creditors. The Company's operations outside of North America, with the exception of non-operating companies in Luxembourg and Barbados, are excluded from the filings. Molycorp Rare Metals (Oklahoma), LLC, with operations in Quapaw, Oklahoma, also is excluded from the filings as it is not 100% owned by the Company. Molycorp is being advised by the investment banking firm of Miller Buckfire & Co. and is receiving financial advice from AlixPartners, LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP act as legal counsel to the Company in this process. Prime Clerk serves as claims and noticing agent. Secured creditor Oaktree Capital Management L.P., consented to the use of cash collateral and to extend postpetition financing. On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of Molycorp Inc. appointed eight creditors of the company to serve on the official committee of unsecured creditors. NII HOLDINGS: Securities Suit Granted Class Certification --------------------------------------------------------- Judge Leonie M. Brinkema of the United States District Court for the Eastern District of Virginia, Alexandria Division, granted the Motion for Class Certification and Appointment of Class Representatives and Class Counsel filed by the lead plaintiffs in the case captioned IN RE NII HOLDINGS, INC. SECURITIES LITIGATION, NO. 1:14-CV-227(LMB/JFA) (E.D. Va.). The lead plaintiffs, all of which are large pension funds, sought to certify a nationwide class composed of "[a]ll persons and entities that, during the period from February 25, 2010 through February 27, 2014, inclusive, purchased or otherwise acquired the publicly traded securities of NII Holdings, Inc. and/or NII Capital Corp. and who were damaged thereby." They also requested that this class include all persons and entities that transacted in NII common stock and three different NII bonds, a 10% Note, an 8.875% Note, and a 7.625% Note. The lead plaintiffs also sought their appointment as class representatives, and the appointment of Labaton Sucharow LLP and Kessler Topaz Meltzer & Check, LLP as co-class counsel and Susan R. Podolsky as class liaison counsel. Judge Brinkema held that the lead plaintiffs have demonstrated that they satisfy the requirements of Fed. R. Civ. P. 23(a) and (b) by a preponderance of the evidence. The judge found that the plaintiffs have satisfied the prerequisites of Rule 23(a) on numerosity, commonality, typicality, and adequacy of representation by the lead plaintiff, co-class counsel, and class liaison counsel. Judge Brinkema also found that the lead plaintiffs have satisfied the requirements of "opt-out class" certification under Rule 23(b)(3) on predominance and superiority. A full-text copy of Judge Brinkema's November 17, 2015 memorandum opinion is available at http://is.gd/i0ohhefrom Leagle.com. Iron Workers District Council of New England Pension Fund, State-Boston Retirement System, Industriens Pensionsforsikring A/S, Danica Pension, Livsforsikringsaktieselskab, The Local 58/NECA Funds, The Pension Trust Fund for Operating Engineers Pension Plan, and Jacksonville Police and Fire Pension Fund are represented by: Elizabeth Anne Aniskevich, Esq. Steven Jeffrey Toll, Esq. COHEN MILSTEIN SELLERS & TOLL PLLC 1100 New York Ave NW Suite 500 Washington, DC 20005 Tel: (202) 408-4600 Fax: (202) 408-4699 Email: eaniskevich@cohenmilstein.com stoll@cohenmilstein.com -- and –- Susan Rebbeca Podolsky, Esq. THE LAW OFFICE OF SUSAN R PODOLSKY 1800 Diagonal Road Alexandria, VA 22314 Tel: (571) 366-1702 Fax: (703) 647-6009 NII Capital Corp. is represented by: Edwin Louis Fountain, Esq. Tara Lynn Renee Zurawski, Esq. JONES DAY 51 Louisiana Avenue, N.W. Washington, D.C. 20001-2113 Tel: (202) 879-3939 Fax: (202) 626-1700 Email: tzurawski@jonesday.com Steven M. Shindler, Steven P. Dussek and Gokul Hemmady are represented by: Michael Dana Warden, Esq. SIDLEY AUSTIN BROWN & WOOD LLP 1501 K Street, N.W. Washington, DC 20005 Tel: (202) 736-8000 Fax: (202) 736-8711 Email: mwarden@sidley.com DeKalb County Employees Retirement Plan, Sheet Metal Workers' National Pension Fund and Wayne County Employees' Retirement System are represented by: Craig Crandall Reilly, Esq. LAW OFFICE OF CRAIG C. REILLY 111 Oronoco Street Alexandria, VA 22314 Tel: (703) 549-5354 Fax: (703) 549-2604 Email: craig.reilly@ccreillylaw.com TOBAM, SAS is represented by: Craig Crandall Reilly, Esq. LAW OFFICE OF CRAIG C. REILLY 111 Oronoco Street Alexandria, VA 22314 Tel: (703) 549-5354 Fax: (703) 549-2604 Email: craig.reilly@ccreillylaw.com -- and –- Susan Rebbeca Podolsky, Esq. THE LAW OFFICE OF SUSAN R PODOLSKY THE LAW OFFICE OF SUSAN R PODOLSKY 1800 Diagonal Road Alexandria, VA 22314 Tel: (571) 366-1702 Fax: (703) 647-6009 About NII Holdings NII Holdings Inc. through its subsidiaries provides wireless communication services for businesses and consumers in Brazil, Mexico and Argentina. NII Holdings has the exclusive right to use the Nextel brand in its markets pursuant to a trademark license agreement with Sprint Corporation and offers unique push-to-talk ("PTT") services associated with the Nextel brand in Latin America. NII Holdings' shares of common stock, par value $0.001, are publicly traded under the symbol NIHD on the NASDAQ Global Select Market. NII Holdings and its affiliated debtors sought bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 14-12611) in Manhattan on Sept. 15, 2014. The Debtors' cases are jointly administered and are assigned to Judge Shelley C. Chapman. The Debtors tapped Jones Day's Scott J. Greenberg, Esq. and Michael J. Cohen, Esq., as counsel and Prime Clerk LLC as claims and noticing agent. NII Holdings disclosed $1.22 billion in assets and $3.068 billion in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 2 appointed five creditors of NII Holdings to serve on the official committee of unsecured creditors. The panel is represented by Kenneth H. Eckstein, Esq. and Adam C. Rogoff, Esq. of Kramer Levin Naftalis & Frankel LLP. Kurtzman Carson Consultants LLC is the panel's information agent. On Jan. 26, 2015, the Debtors reached an agreement for the sale of their operations in Mexico, operated by non-debtor Comunicaciones Nextel de Mexico, S.A. de C.V., to an affiliate of AT&T for $1.875 billion, subject to adjustments. The sale was approved on March 23, 2015, and completed on April 30, 2015. On June 19, 2015, Judge Shelley C. Chapman confirmed the First Amended Joint Plan of Reorganization proposed by the Debtors and the Creditors' Committee. The Plan embodies the sale transaction. Under the Plan, approximately 100 million shares of NII Holdings' new common stock and $745 million in cash will be distributed to holders of senior notes issued by the Company's subsidiaries, NII Capital Corp. and NII International Telecom S.C.A. The Company has applied to list the shares of NII Holdings' new common stock on the NASDAQ Stock Exchange. The Plan was declared effective on June 26, 2015, signalling the emergence of NII Holdings, et al., from the bankruptcy proceedings. OW BUNKER: Shipper Fears Loss of Ship Over Fuel Shipment Debt ------------------------------------------------------------- Jacob Fischler at Bankruptcy Law360 reported that a New York shipping company told a federal judge on Nov. 23, 2015, it did not know whom to pay to settle a bankrupt customer's debt for a fuel shipment and asked that the judge stop ING Bank and a fueling company from arresting one of its ships. Colonial Navigation Co. Inc. sued ING Bank NG, maritime fueler Searights Maritime Services PTE Ltd. and O.W. Bunker & Trading A/S for interpleader in New York federal court, seeking an order blocking any of them from arresting its ship. About OW Bunker OW Bunker AS is a global marine fuel (bunker) company founded in Denmark. The company declared bankruptcy on Nov. 7, 2014, following its admission that it had lost US$275 million through a combination of fraud committed by senior executives at its Singaporean unit. The Danish company placed its U.S. subsidiaries -- O.W. Bunker Holding North America Inc., O.W. Bunker North America Inc. and O.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn. Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13, 2014. The U.S. cases are assigned to Judge Alan H.W. Shiff. The U.S. Debtors have tapped Patrick M. Birney, Esq., and Michael R. Enright, Esq., at Robinson & Cole LLP, as counsel. McCracken, Walker & Rhoads LLP is serving as co-counsel. Alvarez & Marsal is the financial advisor.ne fuel (bunker) company founded in Denmark. The company declared bankruptcy on Nov. 7, 2014, following its admission that it had lost US$275 million through a combination of fraud committed by senior executives at its Singaporean unit. The Danish company placed its U.S. subsidiaries -- O.W. Bunker Holding North America Inc., O.W. Bunker North America Inc. and O.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn. Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13, 2014. The U.S. cases are assigned to Judge Alan H.W. Shiff. The U.S. Debtors have tapped Patrick M. Birney, Esq., and Michael R. Enright, Esq., at Robinson & Cole LLP, as counsel. McCracken, Walker & Rhoads LLP is serving as co-counsel. Alvarez & Marsal is the financial advisor. PROGEN PHARMACEUTICALS: Auditor Raises Going Concern Doubt ---------------------------------------------------------- PKF O'Connor Davies, in a letter to the Board of Directors and Shareholders of Progen Pharmaceuticals Limited on October 27, 2015, said there is substantial doubt about the company's ability to continue as a going concern. The firm audited the consolidated statement of financial position of Progen Pharmaceuticals Limited as of June 30, 2015 and 2014 and the related consolidated statements of comprehensive income (loss), changes in equity, an cash flows for each of the three years in the period ended June 30, 2015. For the fiscal year ended June 30, 2015, the company incurred a net loss of $4,684,104 and will be required to raise additional funds to continue as a going concern, according to PKF. "These conditions raise substantial doubt about the company's ability to continue as a going concern." Progen Group Financial Accountant Generosa Hipona related in a regulatory filing with the U.S. Securities and Exchange Commission on June 30, 2015 that the company incurred a net loss of $4,684,104 for the year ended 30 June 2015, compared to a net loss of $1,806,945 for the year ended 30 June 2014. As at 30 June 2015 the company has cash reserves of $2,813,301, net current assets of $3,036,429 and net assets of $3,461,752. The company is currently active in the discovery, research and development of pharmaceutical therapeutics for the treatment of human diseases. "Current cash inflows are not sufficient to continue to fund operations and based on current and projected expenditure levels management may contemplate a capital raising to continue to fund operations," Ms. Hipona disclosed. The ability of the consolidated entity to continue as a going concern is principally dependent upon one or more of: * the ability of the company to raise additional capital funding in the form of equity and/or government sponsored research; * the continued support of the current shareholders; * the ability to successfully develop and extract value from its projects that are under development; and/ or * The ability to spin-off or cease operations in non-core areas of the company. "These conditions give rise to material uncertainty which may cast significant doubt over the company's ability to continue as a going concern. "In the past, the company has been able to raise funds in order to meet its capital requirements and the directors will continue to explore ways to obtain the needed funding for the continuity and further development of the company's assets. Ms. Hipona revealed that the directors believe that the going concern basis of preparation is appropriate due to the following reasons: * To date the company has funded its activities through issuance of equity securities and it is expected that the company will be able to fund its future activities through further issuances of equity securities; and * The directors believe there is sufficient cash available for the consolidated entity to continue operating until it can raise sufficient further capital to fund its ongoing activities. Should the Group be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements, Ms. Hipona added. At June 30, 2015, the company had total assets of $5,056,665, total liabilities of $1,594,913, and total stockholders' equity of $3,461,752. A full-text copy of the company's annual report is available for free at: http://tinyurl.com/hjomuyk Progen Pharmaceuticals Limited discovers, develops and commercializes small molecule therapeutics primarily for the treatment of cancer. The company operates the Research and Development business segment primarily in Australia following the closure of the U.S. office in October 2010. QUICKSILVER RESOURCES: Bankruptcy Raises Going Concern Doubt ------------------------------------------------------------ Quicksilver Resources Inc. posted a net loss of $122,452,000 for the three months ended September 30, 2015, compared to a net income of $23,757,000 for the quarter ended September 30, 2014. The company had total assets of $730,224,000, liabilities subject to compromise of $1,884,128,000, and total stockholders' equity of $1,566,342,000 as of September 30, 2015. "As a result of sustained losses and our Chapter 11 proceedings, the realization of assets and satisfaction of liabilities, without substantial adjustments and/or changes in ownership, are subject to uncertainty. "Given the uncertainty surrounding our Chapter 11 proceedings, there is substantial doubt about our ability to continue as a going concern," Quicksilver Resources Senior Vice President, Chief Financial Officer and Treasurer Vanessa Gomez LaGratta disclosed in a regulatory filing with the U.S. Securities and Exchange Commission dated October 29, 2015. Ms. LaGratta explained, "In 2015, all of our derivative positions were terminated, which will significantly reduce our operating cash flow in future periods given current commodity prices. Proceeds and interest thereon from these terminated derivative positions of $139.1 million were used to reduce amounts outstanding under our Combined Credit Agreements. Our Chapter 11 filings constituted an event of default under the Combined Credit Agreements and all borrowings and other fees under the Combined Credit Agreements became immediately due and payable. As a result, we no longer have any liquidity available to us under the Combined Credit Agreements." Since the Chapter 11 filings, the company's principal sources of liquidity have been limited to cash flow from operations and cash on hand. As of September 30, 2015, the company held cash and cash equivalents of $175.7 million. The following impacted the company's balance sheet as of September 30, 2015, compared to its balance sheet as of December 31, 2014: * Cash and cash equivalents decreased $47.9 million as we have used cash for investing activities and payment of adequate protection payments, which are treated as a reduction of our outstanding debt and included in financing activities and payment of reorganization expense. Additionally, all cash proceeds received from terminated derivatives during the 2015 period were used to repay our Combined Credit Agreements. * The valuation of our current and non-current derivative assets was $149.6 million lower on a net basis, which was primarily due to the termination of all of our derivative positions in the 2015 period. * Our net property, plant and equipment balance decreased $226.2 million primarily due to DD&A incurred of $35.8 million, impairment expense of $180.2 million and $32.7 million related to U.S.-Canadian exchange rate changes. Offsetting these decreases, we incurred capital costs of $22.5 million during the 2015 period. * Other non-current assets decreased $26.2 million primarily due to the recognition as expense at the Petition Date of $23.3 million of deferred financing costs and unamortized discounts for our Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes as we believe these debt instruments may be impacted by the bankruptcy reorganization process, amortization of deferred financing costs of $2.9 million and U.S.-Canadian exchange rate changes. * Current portion of long-term debt decreased $1.88 billion primarily from the reclassification of the majority of our debt to Liabilities Subject to Compromise. The remainder of the decrease was due to net payments under the Combined Credit Agreements of $110.8 million, changes to the U.S.-Canadian exchange rate resulting in a decrease of $6.8 million and recognition of $0.5 million of interest rate swaps, partially offset by $1.3 million of amortized discounts. * Our accrued liabilities decreased $43.1 million, primarily due to the reclassification of the majority of our previously accrued interest to Liabilities Subject to Compromise. "Although we believe our cash flow from operations and cash on hand will be adequate to meet the short term operating costs of our existing business, there are no assurances that our cash flow from operations and cash on hand will be sufficient to continue to fund our operations or to allow us to continue as a going concern until a Chapter 11 plan is confirmed by the Bankruptcy Court or other alternative restructuring transaction is approved by the Bankruptcy Court and consummated," Ms. LaGratta stated. "Our long-term liquidity requirements, the adequacy of our capital resources and our ability to continue as a going concern are difficult to predict at this time and ultimately cannot be determined until a Chapter 11 plan has been confirmed, if at all, by the Bankruptcy Court. In addition to the cash requirements necessary to fund ongoing operations, we have incurred and expect that we will continue to incur significant professional fees and other costs in connection with the administration of the Chapter 11 proceedings. "If our future sources of liquidity are insufficient, we could face substantial liquidity constraints and be unable to continue as a going concern and will likely be required to significantly further reduce, delay or eliminate capital expenditures, implement further cost reductions, seek other financing alternatives or seek the sale of some or all of our assets. If we further limit, defer or eliminate our 2015 capital expenditure plan or are unsuccessful in developing reserves and adding production through our capital program or our cost-cutting efforts are too overreaching, the value of our oil and natural gas properties and our financial condition and results of operations could be adversely affected." A full-text copy of the company's quarterly report is available for free at: http://tinyurl.com/h63soh6 About Quicksilver Resources Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration and production company engaged in the development and production of long-lived natural gas and oil properties onshore North America. Based in Fort Worth, Texas, the company claims to be a leader in the development and production from unconventional reservoirs including shale gas, and coal bed methane. Following more than 30 years of operating as a private company, Quicksilver became public in 1999. The Company has U.S. offices in Fort Worth, Texas; Glen Rose, Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank, Montana. The Company's Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta. On March 17, 2015, Quicksilver Resources Inc. and certain of its affiliates filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in Delaware. The Debtors are seeking joint administration under the main case, In re Quicksilver Resources Inc. Case No. 15-10585. Quicksilver's Canadian subsidiaries were not included in the chapter 11 filing. The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLP in the U.S. and Bennett Jones in Canada. Richards Layton & Finger, P.A., is legal co-counsel in the Chapter 11 cases. Houlihan Lokey Capital, Inc., is serving as financial advisor. Garden City Group Inc. is the claims and noticing agent. The Company's balance sheet at Dec. 31, 2014, showed $1.21 billion in total assets, $2.35 billion in total liabilities and total stockholders' deficit of $1.14 billion. The U.S. Trustee for Region 3 appointed five creditors of Quicksilver Resources Inc. to serve on the official committee of unsecured creditors. * * * The Debtors have previously been given exclusive right to file a bankruptcy plan through October 13, 2015. They are seeking a further extension of the exclusive plan filing period through Feb. 1, 2016. QUIRKY INC: Centerview Partners Approved as Investment Banker ------------------------------------------------------------- The Hon. Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York authorized Quirky, Inc., et al., to employ Centerview Partners LLC as investment banker nunc pro tunc to the Petition Date. The order also provides that, credit of monthly fees against the transaction fee as set forth in Section 2.A. of the engagement letter will include $150,000 received from the Debtors prepetition. Centerview Partners is expected to provide investment banking and sale services consisting of, among other things: i. familiarizing itself with the business, operations, properties, financial condition and prospects of the Debtors; ii. reviewing the Debtors' financial condition and outlook; and iii. assisting in the development of presentations to the Debtors' board of directors, various creditors and other parties. Centerview; FTI Consulting, Inc.as financial advisor; and Hilco Streambank LLC as investment banker with respect to certain assets not being marketed by Centerview, will work diligently to avoid duplication of effort. The fee structure provides for: a. a monthly financial advisory fee of $50,000; b. if at any time during the term of the engagement or within the 24 full months after the termination of the engagement, (1) the Debtors consummate any restructuring or sale of the core assets or (2) the Debtors enter into an agreement in principle, definitive agreement or Plan to effect a restructuring or sale of core assets, and at any time, any restructuring or sale of the core assets is consummated, Centerview will be entitled to receive a transaction fee, contingent upon the consummation of (i) a sale of the Wink Assets and payable at the closing thereof equal to the greater of (A) $1,000,000 and (B) 2% of aggregate consideration, or (ii) a restructuring of the Wink Assets and payable at the closing thereof equal to $1,000,000. For the avoidance of doubt, in the event of both a sale and a restructuring, Centerview will not be entitled to two transaction fees. c. in addition to the fees payable by the Debtors to Centerview, the Company will, whether or not any restructuring and sale will be proposed or consummated, reimburse Centerview on a periodic basis for its travel and other reasonable out-of-pocket expenses incurred in connection with, or arising out of Centerview's activities under or contemplated by the engagement; provided, however, that the Debtors will not be required to reimburse Centerview for (i) any fees, disbursements and other charges of outside counsel retained by Centerview in connection with the engagement, and (ii) any individual expense that exceeds $5,000 which was incurred without the prior written consent of the Debtors. The Debtors will also reimburse Centerview, at such times as Centerview will request, for any sales, use or similar taxes (including additions to such taxes, if any) arising in connection with any matter referred to in, or contemplated by, the engagement. Such reimbursements will be made promptly upon submission by Centerview of statements for such expenses. To the best of the Debtors' knowledge, Centerview is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Quirky, Inc. Headquartered in New York City, Quirky designs and develops various products ranging from electronics, home and garden, kitchen and organization and sells those products through big box retailers like Target and Home Depot and online through its Web site. The Company sold over 150 different products and a total of 4 million units, generating over $50 million in revenue from its retail and consulting businesses in 2014. Quirky, Inc., Wink, Inc. and Undercurrent Acquisition, LLC filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 15-12596) on Sept. 22, 2015, with a deal to sell their assets related to the Wink business line as a going concern to Flextronics International USA Inc., for $15 million, absent higher and better offers. The petitions were signed by Charles Kwalwasser, the chief administrative officer. Judge Martin Glenn is assigned to the jointly administered cases. Quirky estimated assets in the range of $10 million to $50 million and liabilities of at least $50 million. The Debtors have engaged Cooley LLP as counsel, Klestadt Winters Jureller Southard & Stevens LLP as conflicts counsel, Centerview Partners LLC as investment bankers, FTI Consulting, Inc., as financial advisors, Rust Consulting/Omni Bankruptcy as claims and noticing agent and Hilco IP Services LLC dba Hilco Streambank as intellectual property disposition consultant to Quirky, Inc. The U.S. Trustee for Region 2 appointed five members to the Official Committee of Unsecured Creditors. RECYCLE SOLUTIONS: U.S. Trustee Wants Ch. 11 Dismissed ------------------------------------------------------- Samuel K. Crocker, the United States Trustee for Region 8, filed a motion asking the United States Bankruptcy Court for the Western District of Tennessee, Western Division, to dismiss Recycle Solutions, Inc.'s Chapter 11 case, or, in the alternative, convert the case to one under Chapter 7 of the Bankruptcy Code. In a Joint Motion filed on September 10, 2015, the Debtor proposes to relinquish absolute control of its business and corporate affairs to a third party selected and controlled by Regions. Regions Bank asserts a blanket lien on all of the Debtor's pre- and post-petition property. The U.S. Trustee objected to the Joint Motion, asserting that the pre- and post-petition property of the Debtor is necessary to the Debtor's business operations. The Debtor's business operations are its sole source of income, without which, the Debtor is unable to fund a plan and does not have a reasonable likelihood of rehabilitation, the U.S. Trustee further asserts. The U.S. Trustee also points out that the Debtor has failed to file a Monthly Operating Report for the month of August 2015. From the Debtor's last Monthly Operating Report that was filed on September 1, 2015, it reflected a total net cash loss of $468,346 for the six-month period covering February through July 2015. This continued net cash loss indicates a continuing loss and diminution to the estate, the U.S. Trustee asserts. Moreover, the continued loss indicates the Debtor does not have funds to fund a plan of reorganization, the Trustee adds. Furthermore, the U.S. Trustee points out that the Debtor has not obtained approval of its Disclosure Statement and has not filed a Plan of Reorganization. Debtor, Regions Bank Object The Debtors objects to the U.S. Trustee's motion and would show to the Court that the relief requested is not warranted under the circumstances. Regions Bank also objects to the motion on the ground that it is a secured creditor, which holds claims against the Debtor totaling in excess of $2,604,185 that are secured by properly perfected, first priority liens on the Debtor's personal property, on certain real property owned by Debtor and on certain real property owned by the Debtor's principals. The United States Trustee is represented by: Carrie Ann Rohrscheib, Esq. Trial Attorney United States Department of Justice Office of the United States Trustee 200 Jefferson Avenue, Suite 400 Memphis, TN 38103 Tel: (901) 544-3303 The Debtor is represented by: Steven N. Douglass, Esq. 40 S. Main Street, Suite 2700 Memphis, TN 38103 Telephone: (901) 525-1455 Email: sdouglass@harrisshelton.com Regions Bank is represented by: Harris P. Quinn (7333) PROCHASKA QUINN & FERRARO, P.C. 50 North Front Street, Suite 845 Memphis, TN 38103 Telephone (901) 577-1042 Facsimile (901) 521-0206 About Recycle Solutions Recycle Solutions, Inc., founded in 2002, is in the business of recycling and reusing plastic, wood and packaging for film rolls. The company is owned by James Downing (75%) and Mark Huber (25%). Founded in 2001 by James Downing, Recycle Solutions currently has operations in Tennessee and Georgia. It is headquartered in Memphis, Tennessee, with at its 7.5-acre recycling center. Recycle Solutions sought Chapter 11 bankruptcy protection in its home-town in Memphis (Bankr. W.D. Tenn. Case No. 14-31338) on Nov. 4, 2014, disclosing assets of $11.5 million against liabilities of $6.4 million. The case is assigned to Judge George W. Emerson Jr. The Debtor is represented by Steven N. Douglass, Esq., at Harris Shelton Hanover Walsh, PLLC, in Memphis. The U.S. Trustee for Region 8 appointed three creditors to serve on the official committee of unsecured creditors. Adam B. Emerson of Bridgforth & Buntin, PLLC, represents the Committee as counsel. * * * Recycle Solutions has filed a reorganization plan that contemplates an orderly sale of the business as a going concern, whether in part or as a whole, following the effective date of the Plan. RIVER CREE: DBRS Confirms 'BB(low)' Issuer Rating ------------------------------------------------- DBRS Limited confirmed the Issuer Rating and the Senior Secured 2nd-Lien Notes rating of River Cree Enterprises Limited Partnership at BB (low) and B (high), respectively, both with Stable trends. The Notes have a recovery rating of RR5. The confirmation is based on the Company’s relatively stable operating performance in a challenging macroeconomic environment over the last year. The ratings reflect an emphasis on River Cree's single asset and market concentration and are also based on the significant benefits from the Company’s First Nations status and its leading market position. River Cree's earnings profile continues to be supported by the high quality of its property relative to local competitors as well as the significant advantages of its First Nations status. Earnings have been negatively affected in 2015 by the closure of the Company’s entertainment venue, challenging weather and softened economic conditions in Alberta. As a result, EBITDA margins weakened materially because of increased promotional offerings to preserve market share, which remained steady near 31%. River Cree’s adjusted EBITDA, which includes First Nations Development Fund (FNDF) proceeds, decreased to $56 million for the last 12 months ended September 30, 2015, from $59 million in 2014. Proceeds from the FNDF have been more than sufficient to fund 90% (the maximum allowable percentage) of the Company’s debt service requirements on its term loan and notes and the Company has used its cash and free cash flow to fund the remaining amortization payments. Gross debt-to-EBITDA and EBITDA coverage have weakened moderately to 4.2 times (x) and 2.3x from 3.9x and 2.5x, respectively. DBRS expects River Cree’s earnings profile to remain steady over the near to medium term as the Company maintains its leading market share and revenue/earnings growth moderates. Despite the softened economic conditions in Western Canada, DBRS expects moderate revenue growth in the low single digits based on increasing customer traffic from promotional activity and the newly opened entertainment venue. DBRS believes that margins will remain similar to 2015 levels as revenue gains will likely be offset by higher marketing and promotional costs. As such, DBRS expects adjusted EBITDA to grow in the low single digits to approximately $60 million in 2016. DBRS expects River Cree's financial profile to remain stable over the medium term as the Company modestly increases its cash-generating capacity and uses FNDF proceeds to fund 90% of debt service on its term loan and notes, including scheduled repayments. DBRS estimates that operating EBITDA will grow moderately to approximately $9 million in 2016, more than sufficient to fund the $1 million of maintenance capital expenditures not covered by the FNDF proceeds and the remaining 10% of debt service requirements of approximately $3 million. As such, DBRS believes that surplus operating EBITDA will amount to $5 million in 2016. As a result of the above, DBRS expects key credit metrics to improve slightly and remain well placed within the current rating category. ROLLAGUARD SECURITY: Jeweler Faces Arrest in $12M Investor Dispute ------------------------------------------------------------------ Carolina Bolado at Bankruptcy Law360 reported that a Florida bankruptcy judge on Nov. 20, 2015, held a West Palm Beach jewelry business and its owner in contempt and threatened him with arrest for failing to comply with orders to produce documents to Rollaguard Security LLC's liquidating trustee, who claims $12 million in investor funds were funneled into the jewelry business. U.S. Bankruptcy Judge Erik P. Kimball held Anthony Simpson, who owns both Palm Beach Gardens-based Shamrock Jewelers Inc. and the bankrupt Rollaguard, in contempt and confiscated his passport. SEALAUNCH LLC: Boeing Seeks Alter Ego Presumption in JV Trial ------------------------------------------------------------- Bryan Koenig at Bankruptcy Law360 reported that Boeing asked a California federal judge on Nov. 22, 2015, to sanction a Russian state-controlled space company's subsidiaries with a presumption that they are legally indistinct from their parent, as the aerospace giant seeks to recoup $111 million it says they owe over a failed satellite-launching joint venture. Boeing wants U.S. Magistrate Judge Andrew J. Wistrich's Oct. 30 order denying those same sanctions against the subsidiaries of SP Korolev Rocket and Space Corp. Energia, known as RSC Energia, overturned, arguing that Energia has continually refused court orders. Boeing won a judgment in the suit that one of its former partners in the joint venture -- SP Korolev Rocket and Space Corp. Energia, known as RSC Energia -- must repay it for $111 million in loan guarantees Boeing issued to get the company off the ground, and has come to trial arguing that ELUS and another Energia subsidiary, Energia Overseas, are simply sham companies created to shield RSC Energia from the bill. The suit stems from the 1995 Sea Launch joint venture between RSC Energia and Boeing that aimed to provide sea- and land-based launch sites for satellites. The JV filed for Chapter 11 protection in June 2009, listing more than $1 billion in debt and citing credit constrictions, a weakened commercial satellite industry, the effects of a failed launch and the global economy for its failure. Boeing is represented by Xanath McKeever, Michael B. Slade and Michael E. Baumann of Kirkland & Ellis LLP. The Energia subsidiaries are represented by Ronald D. Kent, Steven A. Velkei, David Simonton, Claude D. Montgomery and Lee P. Whidden of Dentons. The Yuzhnoye companies are represented by James W. Hunt of Fitzpatrick & Hunt Tucker Pagano Aubert LLP and Rudolph V. Pino Jr. of Pino & Associates LLP. The case is The Boeing Co. et al. v. KB Yuzhnoye et al., case number 2:13-cv-00730, in the U.S. District Court for the Central District of California. SIGNAL INTERNATIONAL: Court OKs PwC as Tax Compliance Provider -------------------------------------------------------------- Signal International Inc., et al. sought and obtained authorization from the U.S. Bankruptcy Court for the District of Delaware to employ PricewaterhouseCoopers LLP to provide tax compliance services, effective September 1, 2015. The Debtors require PwC to: (a) provide tax compliance services for tax year 2014 and 2015; (b) provide tax consulting services; and (c) other tax services. PwC will seek compensation for the 2014 Tax Compliance Services, but excluding the 2015 Tax Compliance Services, Tax Consulting Services, and Other Tax Services, on a fixed fee basis. The fixed fee for such services is estimated to be $45,000 to $55,000 for the 2014 Tax Compliance Services. PwC will seek compensation for any necessary Tax Consulting Services at the following customary hourly rates: Partner $845-$975 Director $415-$450 Manager $320-$355 Senior Associate $245-$265 Associate $170-$190 PwC will also be reimbursed for reasonable out-of-pocket expenses incurred. Gerald Louviere, partner of PwC, 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. PwC can be reached at: Gerald Louviere PricewaterhouseCoopers LLP 909 Poydras Street, Suite 3100 New Orleans, LA 70112 Tel: (504) 558 8200 Fax: (504) 558 8960 About Signal International Signal International Inc. -- http://www.signalint.com/-- primarily engages in the business of offshore drilling rig overhaul, repair, upgrade, and conversion, as well as new shipbuilding construction. Additionally, Signal provides services to the general marine and heavy fabrication markets for barges, power plants, and modular construction. Signal International, LLC ("SI LLC"), was organized on Dec. 6, 2002, as a limited liability company after acquiring the assets of the Offshore Division of Friede Goldman Halter from bankruptcy. SI Inc. was incorporated on Oct. 12, 2007, and began operations with offshore fabrication and repair in Mississippi. Today, Signal's corporate headquarters are in Mobile, Alabama, with operations in Alabama and Mississippi, and a sales office in Texas. On Oct. 3, 2014, Signal International Texas, L.P., sold substantially all of its assets to Westport Orange Shipyard, LLC, in a partially seller-financed transaction for a total purchase price of $35,900,000. As part of the transaction, Westport provided a down payment of $7,000,000 and delivered a promissory note in the principal amount of $28,900,000 to SI Texas due on or before Oct. 3, 2019 (the "Texas Note"). On July 12, 2015, SI Inc. and its direct and indirect wholly owned subsidiaries, including SI LLC, commenced cases under chapter 11 of title 11 of the United States Code (Bankr. D. Del. Lead Case No. 15-11498). The Debtors tapped Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, Hogan Lovells US LLP as general corporate counsel, GGG Partners, LLC, as financial and restructuring advisors, and Kurtzman Carson Consultants LLC as claims and noticing agent. Signal International Inc. estimated $10 million to $50 million in assets and $50 million to $100 million in debt. The U.S. Trustee for Region 3 appointed seven creditors to serve on the official committee of unsecured creditors. TARGET CORP: Pays $99M to End Lease Row Over Canadian Stores ------------------------------------------------------------ Andrew McIntyre at Bankruptcy Law360 reported that Target Corp. has paid C$132 million ($98.7 million) to a Canadian real estate investment trust as part of an indemnity agreement concerning 18 leases the now-defunct Target Canada Co. held, according to a statement on Nov. 23. After filing for bankruptcy in January 2015, Target Canada had said that it was closing its remaining Canadian stores. And while Toronto-based RioCan Real Estate Investment Trust reassigned some of its more than two dozen leases with the stores, the retailer was still liable. Target Corporation -- http://www.target.com/-- is engaged in providing everyday essentials and fashionable, and differentiated merchandise at discounted prices. The Company operates in two segments: U.S. and Canadian. The U.S. Segment includes all of its the United States retail operations, including digital sales. The Canadian segment offers retail operations in Canada. The Company's owned brands include Archer Farms, Gilligan & O'Malley, Sutton & Dodge, Simply Balanced, Market Pantry, Threshold, Boots & Barkley, Merona, up & up, CHEFS, Room Essentials, Wine Cube, Circo, Smith & Hawken, Xhilaration, Embark and Spritz, among others. Target operates through a network of approximately 1,801 stores. The Company sells an assortment of general merchandise and food. The Company's general merchandise and City Target stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items. URANIUM ONE: S&P Affirms 'B+' Corporate Credit Rating ----------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its 'B+' long-term corporate credit rating, and stable outlook, on Toronto-based uranium producer Uranium One Inc. Standard & Poor's also affirmed its 'B+' issue-level rating on the company's senior secured notes. The '3' recovery rating on the notes is unchanged and corresponds with a meaningful (50%-70%; upper half of the range) recovery in S&P's simulated default scenario. At the same time, Standard & Poor's raised its issue-level rating on the company's unsecured ruble bonds to 'B' from 'B-' and revised its recovery rating on the debt to '5' from '6' based on lower outstanding unsecured debt. "We base our upgrade on the unsecured debt on Uranium One's lower debt levels, including senior-ranking and unsecured claims," said Standard & Poor's credit analyst Jarrett Bilous. Finally, Standard & Poor's revised its financial risk profile on Uranium One to "aggressive" from "highly leveraged," resulting in a revision to S&P's anchor score to 'b+' from 'b'. "We assess Uranium One's financial risk profile as "aggressive," which incorporates the improvement in the company's core credit measures that we expect it will sustain over the next 12 months. The assessment also takes into account the high sensitivity of the company's credit measures to uranium market and foreign exchange volatility. In our view, the company's prospective estimated core cash flow and leverage ratios are strong for our financial risk assessment; over the past year, Uranium One's debt has declined due to repayment of a portion of the company's secured notes and, more notably, foreign exchange translation of Uranium One's ruble bonds following the relative strengthening of the U.S. dollar," S&P said. S&P's view of Uranium One's "weak" business risk profile primarily reflects the company's limited operating diversity, high country risk compared with similarly rated mining companies, and high volatility of profitability mainly related to its exposure to uranium price volatility. The stable outlook primarily reflects Standard & Poor's expectation for Uranium One to generate gradual strengthening in its core credit ratios beyond 2015. S&P estimates the company will generate a proportionately consolidated adjusted FFO-to-debt ratio of about 20% and an adjusted debt-to-EBITDA ratio of about 3x in 2015, with improvement thereafter driven mainly by higher estimated uranium prices and relatively stable debt. The outlook also incorporates the potential for volatility in the company's core credit measures, largely related to uranium prices and foreign exchange. S&P expects that the ratings could be pressured if the company's adjusted FFO-to-debt falls below 20% and adjusted debt-to-EBITDA ratio exceeds 4x for a sustained period. In S&P's view, this could result from significantly tighter uranium margins that lead to a material reduction in cash flow generation, or an increase in debt levels. In addition, a downgrade could also result from a change in S&P's view of the likelihood of extraordinary government from Russia (to "low"), or if Standard & Poor's lowers its local currency sovereign rating on Russia to 'BB' or lower. S&P could consider a positive rating action following improvement in the company's SACP and core credit measures, including an adjusted FFO-to-debt above 30% and an adjusted debt-to-EBITDA ratio of below 3x on a sustained basis. In addition, an upgrade could result if, in S&P's view, a fundamental improvement in Uranium One's role and link to the Russian Federation leads to a greater likelihood of extraordinary government support. WALTER ENERGY: Keightley & Ashner OK'd as Pension Benefits Counsel ------------------------------------------------------------------ The Hon. Tamara O. Mitchell of the U.S. Bankruptcy Court for the Northern District of Alabama authorized Walter Energy, Inc., et al., to employ Keightley & Ashner LLP as special pension benefits counsel nunc pro tunc to Sept. 9, 2015. K&A is expected to advice and guide the Debtors relating to: -- employee benefits issues, as assigned, including issues relating to the possible termination of the two pension plans that are maintained by the Debtors and covered by the plan termination insurance program of the Pension Benefit Guaranty Corporation; -- the evaluation of the claims expected to be filed by the PBGC in the case; and -- the development by the Debtors of a strategy to resolve such claims. The standard hourly billing rates of K&A are from $660 and $910 for its attorneys and other professionals and $250 for paralegals and law clerks. To the best of the Debtors' knowledge, K&A is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About Walter Energy Walter Energy -- http://www.walterenergy.com/-- is a publicly traded "pure-play" metallurgical coal producer for the global steel industry with strategic access to steel producers in Europe, Asia and South America. The Company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Walter Energy employs approximately 2,700 employees, with operations in the United States, Canada and the United Kingdom. For the year ended Dec. 31, 2014, the Company reported a net loss of $471 million following a net loss of $359 million in 2013. Walter Energy, Inc., and its affiliates sought Chapter 11 protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham, Alabama on July 15, 2015, after signing a restructuring support agreement with first-lien lenders. Walter Energy disclosed total assets of $5.2 billion and total debt of $5 billion as of March 31, 2015. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree Deakins LLP, as labor and employment counsel; Maynard, Cooper & Gale, P.C., as special counsel; Blackstone Advisory Services, L.P., as investment banker; AlixPartners, LLP, as financial advisor, and Kurtzman Carson Consultants LLC, as claims and noticing agent. The Bankruptcy Administrator for the Northern District of Alabama appointed an Official Committee of Unsecured Creditors and an Official Committee of Retirees. The Creditors Committee tapped Morrison & Foerster LLP and Christian & Small LLP as attorneys. The Retiree Committee retained Adams & Reese LLP and Jenner & Block LLP as attorneys. The informal group of certain unaffiliated First Lien Lenders and First Lien Noteholders (the "Steering Committee") retained Akin, Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard Freres & Co. LLC as financial advisor. WESTMORELAND COAL: Files San Juan Financial Information ------------------------------------------------------- Westmoreland Coal Company, on July 1, 2015, announced that it had entered into an agreement with respect to the acquisition of all of the issued and outstanding capital stock of San Juan Coal Company and San Juan Transportation Corporation. The parties' obligation to complete the San Juan Acquisition is conditioned upon a number of conditions set forth in the related purchase agreement, including receipt of all required regulatory approvals. The Company expects to close the San Juan Acquisition on Dec. 31, 2015. There can be no assurance that the San Juan Acquisition will be completed on the anticipated timeframe, or at all, or that any anticipated benefits of the San Juan Acquisition will be realized. The Company filed with the Securities and Exchange Commission certain historical and pro forma financial information, copies of which are available at: http://is.gd/ClCsPn http://is.gd/3S3Gun http://is.gd/eQ1jtZ About Westmoreland Coal Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest independent coal company in the United States. The Company's coal operations include coal mining in the Powder River Basin in Montana and lignite mining operations in Montana, North Dakota and Texas. Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. Westmoreland Coal Company reported a net loss applicable to common shareholders of $173 million in 2014, a net loss applicable to common shareholders of $6.05 million in 2013 and a net loss applicable to common shareholders of $8.58 million in 2012. As of Sept. 30, 2015, the Company had $1.72 billion in total assets, $2.21 billion in total liabilities and a $489 million total deficit. * * * As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating Services raised its corporate credit rating on Westmoreland Coal Co. one-notch to 'B' from 'B-'. "The stable outlook is supported by Westmoreland's committed sales position over the next year, which should result in stable cash flows," said Standard & Poor's credit analyst Chiza Vitta. Moody's upgraded the corporate family rating (CFR) of Westmoreland Coal Company to 'B3' from 'Caa1', and assigned 'Caa1' rating to the company's proposed new $300 million First Lien Term Loan, the TCR reported on Nov. 20, 2014. The upgrade of the CFR reflects the company's successful integration of the Canadian mines acquired in April 2014, and Moody's expectation that the company's Debt/ EBITDA will track at around 5x in 2015 and 2016 and that the company will be break-even to modestly free cash flow positive over the same time period. YAHN GROUP: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Yahn Group, Inc. 11701 Garrett Road Houston, TX 77044 Case No.: 15-36205 Chapter 11 Petition Date: November 28, 2015 Court: United States Bankruptcy Court Southern District of Texas (Houston) Judge: Hon. Marvin Isgur Debtor's Counsel: Thomas E. Bair, Esq. TOM BAIR LAW PLLC 808 Travis Street, Suite 1530 Niels Esperson Building Houston, TX 77002-5709 Tel: 713-223-8585 Fax: 713-223-4324 Email: tbair@tombairlaw.com Total Assets: $1.26 million Total Liabilities: $1.13 million The petition was signed by Barbara Yahn, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/txsb15-36205.pdf [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE OU1 GR 140.4 (51.4) (47.6) ABSOLUTE SOFTWRE ALSWF US 140.4 (51.4) (47.6) ABSOLUTE SOFTWRE ABT CN 140.4 (51.4) (47.6) ADV MICRO DEVICE AMD* MM 3,229.0 (336.0) 1,017.0 ADVENT SOFTWARE ADVS US 424.8 (50.1) (110.8) AEROJET ROCKETDY AJRD US 1,957.4 (107.2) 96.3 AEROJET ROCKETDY GCY GR 1,957.4 (107.2) 96.3 AIR CANADA ADH2 GR 12,755.0 (51.0) 531.0 AIR CANADA ADH2 TH 12,755.0 (51.0) 531.0 AIR CANADA ACEUR EU 12,755.0 (51.0) 531.0 AIR CANADA ACDVF US 12,755.0 (51.0) 531.0 AIR CANADA AC CN 12,755.0 (51.0) 531.0 AK STEEL HLDG AKS* MM 4,250.3 (484.7) 792.0 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMYLIN PHARMACEU AMLN US 1,998.7 (42.4) 263.0 ANGIE'S LIST INC ANGI US 173.2 (19.8) (33.1) ANGIE'S LIST INC 8AL TH 173.2 (19.8) (33.1) ANGIE'S LIST INC 8AL GR 173.2 (19.8) (33.1) ARCH COAL INC ACI* MM 5,848.0 (605.4) 824.1 ARIAD PHARM ARIACHF EU 576.1 (49.7) 213.9 ARIAD PHARM APS TH 576.1 (49.7) 213.9 ARIAD PHARM ARIAEUR EU 576.1 (49.7) 213.9 ARIAD PHARM APS GR 576.1 (49.7) 213.9 ARIAD PHARM ARIA US 576.1 (49.7) 213.9 ARIAD PHARM ARIA SW 576.1 (49.7) 213.9 ASPEN TECHNOLOGY AST GR 266.8 (63.0) (44.1) ASPEN TECHNOLOGY AZPN US 266.8 (63.0) (44.1) AUTOZONE INC AZOEUR EU 8,102.3 (1,701.4) (742.6) AUTOZONE INC AZO US 8,102.3 (1,701.4) (742.6) AUTOZONE INC AZ5 TH 8,102.3 (1,701.4) (742.6) AUTOZONE INC AZ5 GR 8,102.3 (1,701.4) (742.6) AUTOZONE INC AZ5 QT 8,102.3 (1,701.4) (742.6) AVID TECHNOLOGY AVID US 264.2 (327.6) (158.4) AVID TECHNOLOGY AVD GR 264.2 (327.6) (158.4) AVINTIV SPECIALT POLGA US 1,991.4 (3.9) 322.1 AVON - BDR AVON34 BZ 3,774.7 (768.4) 660.1 AVON PRODUCTS AVP US 3,774.7 (768.4) 660.1 AVON PRODUCTS AVP* MM 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US 1,532.2 (473.6) 171.9 SANCHEZ ENERGY C 13S TH 1,532.2 (473.6) 171.9 SANCHEZ ENERGY C 13S GR 1,532.2 (473.6) 171.9 SANCHEZ ENERGY C SN* MM 1,532.2 (473.6) 171.9 SBA COMM CORP-A SBAC US 7,396.8 (1,697.7) 46.6 SBA COMM CORP-A SBACEUR EU 7,396.8 (1,697.7) 46.6 SBA COMM CORP-A SBJ GR 7,396.8 (1,697.7) 46.6 SBA COMM CORP-A SBJ TH 7,396.8 (1,697.7) 46.6 SCIENTIFIC GAM-A SGMS US 8,615.1 (980.8) 655.1 SCIENTIFIC GAM-A TJW GR 8,615.1 (980.8) 655.1 SEARS HOLDINGS SEE GR 13,186.0 (906.0) 2,092.0 SEARS HOLDINGS SEE TH 13,186.0 (906.0) 2,092.0 SEARS HOLDINGS SHLD US 13,186.0 (906.0) 2,092.0 SECTOR 5 INC SECT US - (0.0) (0.0) SILVER SPRING NE SSNI US 529.8 (99.3) (31.1) SILVER SPRING NE 9SI TH 529.8 (99.3) (31.1) SILVER SPRING NE 9SI GR 529.8 (99.3) (31.1) SIRIUS XM CANADA XSR CN 293.1 (143.4) (185.6) SOLAZYME INC SZYM US 209.0 (19.5) 120.5 SOLAZYME INC S7Y TH 209.0 (19.5) 120.5 SOLERA HOLDINGS BXS GR 3,754.7 (10.8) 378.4 SOLERA HOLDINGS SLH US 3,754.7 (10.8) 378.4 SPORTSMAN'S WARE 06S GR 343.4 (14.0) 91.8 SPORTSMAN'S WARE SPWH US 343.4 (14.0) 91.8 STINGRAY - SUB V RAY/A CN 128.2 (17.8) (41.0) STINGRAY DIG-VSV RAY/B CN 128.2 (17.8) (41.0) SUN BIOPHARMA IN SNBP US - - - SUPERVALU INC SVU* MM 4,612.0 (511.0) (42.0) SUPERVALU INC SVU US 4,612.0 (511.0) (42.0) SUPERVALU INC SJ1 TH 4,612.0 (511.0) (42.0) SUPERVALU INC SJ1 GR 4,612.0 (511.0) (42.0) SYNERGY PHARMACE SGYP US 144.0 (27.1) 123.4 SYNERGY PHARMACE S90 GR 144.0 (27.1) 123.4 SYNERGY PHARMACE SGYPEUR EU 144.0 (27.1) 123.4 THERAVANCE HVE GR 437.6 (323.0) 212.5 THERAVANCE THRX US 437.6 (323.0) 212.5 THRESHOLD PHARMA THLD US 64.0 (30.9) 38.0 THRESHOLD PHARMA NZW1 GR 64.0 (30.9) 38.0 TRANSDIGM GROUP T7D GR 8,427.0 (1,038.3) 1,173.7 TRANSDIGM GROUP TDG US 8,427.0 (1,038.3) 1,173.7 TRINET GROUP INC TN3 GR 1,609.6 (14.1) 54.4 TRINET GROUP INC TNET US 1,609.6 (14.1) 54.4 UNISYS CORP USY1 GR 2,097.9 (1,451.3) 124.7 UNISYS CORP USY1 TH 2,097.9 (1,451.3) 124.7 UNISYS CORP UIS1 SW 2,097.9 (1,451.3) 124.7 UNISYS CORP UISCHF EU 2,097.9 (1,451.3) 124.7 UNISYS CORP UIS US 2,097.9 (1,451.3) 124.7 UNISYS CORP UISEUR EU 2,097.9 (1,451.3) 124.7 VECTOR GROUP LTD VGR US 1,398.8 (56.8) 457.4 VECTOR GROUP LTD VGR GR 1,398.8 (56.8) 457.4 VENOCO INC VQ US 403.8 (354.3) 195.7 VERISIGN INC VRS GR 2,577.3 (1,031.4) (38.8) VERISIGN INC VRS TH 2,577.3 (1,031.4) (38.8) VERISIGN INC VRSN US 2,577.3 (1,031.4) (38.8) VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8) VERSEON CORP VSN LN - - - VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3) W&T OFFSHORE INC UWV GR 1,600.0 (475.8) (136.4) W&T OFFSHORE INC WTI US 1,600.0 (475.8) (136.4) WEIGHT WATCHERS WW6 GR 1,395.2 (1,337.7) (193.6) WEIGHT WATCHERS WTWEUR EU 1,395.2 (1,337.7) (193.6) WEIGHT WATCHERS WW6 TH 1,395.2 (1,337.7) (193.6) WEIGHT WATCHERS WW6 QT 1,395.2 (1,337.7) (193.6) WEIGHT WATCHERS WTW US 1,395.2 (1,337.7) (193.6) WEST CORP WT2 GR 3,556.9 (595.5) (6.6) WEST CORP WSTC US 3,556.9 (595.5) (6.6) WESTERN REFINING WNRL US 412.0 (28.1) 66.3 WESTERN REFINING WR2 GR 412.0 (28.1) 66.3 WINGSTOP INC EWG GR 117.2 (14.3) 3.6 WINGSTOP INC WING US 117.2 (14.3) 3.6 WINMARK CORP WINA US 46.8 (36.0) 11.1 WINMARK CORP GBZ GR 46.8 (36.0) 11.1 WYNN RESORTS LTD WYNN SW 9,981.2 (60.8) 1,234.7 WYNN RESORTS LTD WYNNCHF EU 9,981.2 (60.8) 1,234.7 WYNN RESORTS LTD WYR TH 9,981.2 (60.8) 1,234.7 WYNN RESORTS LTD WYR QT 9,981.2 (60.8) 1,234.7 WYNN RESORTS LTD WYNN US 9,981.2 (60.8) 1,234.7 WYNN RESORTS LTD WYNN* MM 9,981.2 (60.8) 1,234.7 WYNN RESORTS LTD WYR GR 9,981.2 (60.8) 1,234.7 XERIUM TECHNOLOG TXRN GR 570.2 (107.3) 71.1 XERIUM TECHNOLOG XRM US 570.2 (107.3) 71.1 YRC WORLDWIDE IN YRCW US 1,964.8 (427.3) 197.3 YRC WORLDWIDE IN YEL1 GR 1,964.8 (427.3) 197.3 YRC WORLDWIDE IN YEL1 TH 1,964.8 (427.3) 197.3 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***