TCR_Public/151214.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, December 14, 2015, Vol. 19, No. 348

                            Headlines

ADAMIS PHARMACEUTICALS: Substantial Doubt on Going Concern Exists
ADVANCEPIERRE FOODS: Moody's Hikes Corporate Family Rating to B2
AMC ENTERTAINMENT: Fitch Retains BB+ Rating on Secured Credit Loans
AMERICAN AIRLINES: Fitch Raises Rating to BB-, Outlook Stable
AMERICAN AXLE: OKs Termination of Terry Woychowski's Employment

ANACOR PHARMACEUTICALS: FMR Reports 13.4% Stake as of Dec. 9
ANDALAY SOLAR: CEO to Get $250,000 Annual Salary
APCO HOLDINGS: Moody's Assigns 'B3' Corporate Family Rating
APPLIED MINERALS: Discusses Current State at Annual Meeting
AR CAPITAL: Faces Liquidation If Business Combination Fails

ARCH COAL: Fails to Comply With NYSE Listing Standards
ASR 2401: Okins & Adams Granted $207K in Fees, Expenses
ATLANTIC & PACIFIC: Millwood Buying NY Store for $2.4-Mil.
ATLANTIC & PACIFIC: Sells New Castle Store to L&S for $750K
ATLANTIC & PACIFIC: Sells Six NY Stores to Best Yet Market

AVIS BUDGET: DBRS Hikes Issuer Rating to 'BB'
BERNARD L. MADOFF: Kingate Denied Appeal in $825M Clawback Suit
BFG INVESTMENTS: High Court Won't Hear Suit Against Ch. 11 Trustee
BION ENVIRONMENTAL: Has Substantial Doubt on 'Going Concern'
BON-TON STORES: Incurs $34 Million Net Loss in Third Quarter

CANADIAN ENERGY: DBRS Confirms B(high) Issuer Rating
CITI HELD 2015-PM3: Fitch to Rate Cl. C Debt 'BB-sf(EXP)'
CLEVELAND BIOLABS: Posts $3.22M Net Loss in Qtr. Ended Sept. 30
CONNER CREEK: S&P Cuts Rating on Series 2007 Bonds to 'B'
CONSOLIDATED FREIGHTWAYS: Ex-Employee Wants Retrial on Atty. Suit

CORD BLOOD: Board Mulls Possible Sale of Assets
CRP-2 HOLDINGS: Has Until Jan. 15 to Use Cash Collateral
CTI BIOPHARMA: BlackRock Owns 4.4% Stake as of Nov. 30
CTI BIOPHARMA: BVF Partners May Nominate Two Directors
CTI BIOPHARMA: Closes Offering of $52.4M Preferred Shares

CTI BIOPHARMA: Mark Lampert Reports 15.5% Stake as of Dec. 9
CTI BIOPHARMA: Obtains $5 Million Funding
CUBIC ENERGY: Case Summary & 30 Largest Unsecured Creditors
CUBIC ENERGY: Files for Chapter 11 with Prepackaged Plan
CUI GLOBAL: Implements Requirements for Director Nominations

DEWEY & LEBOEUF: Prosecutors to Trim Charges in Retrial of Execs
DIOCESE OF DULUTH: To Enter Mediation with Abuse Victims
DOMARK INTERNATIONAL: BNY Mellon No Longer A Shareholder
DREAMWORKS ANIMATION: Fitch Assigns 'B+' IDR, Outlook Positive
DREW UNIVERSITY: Moody's Cuts Revenue Bonds Rating to Ba3

EDENOR SA: Permanent and Alternate Directors Quit
ELBIT IMAGING: Announces Series H Notes Buyback
ELEPHANT TALK: Jaime Bustillo Withdraws as Director Nominee
EMMAUS LIFE: Ian Zwicker Named as Director
ENERGY FUTURE: Court Enters Amended Plan Confirmation Order

F-SQUARED INVESTMENT: Liquidation Plan Goes to Jan. 14 Hearing
FERGUSON, MO: Moody's Cuts General Obligation Rating to Ba2
FILMED ENTERTAINMENT: Wants Until Feb. 6 to Propose Ch. 11 Plan
FJK PROPERTIES: PJC Obtains Automatic Stay Relief
FOREVERGREEN WORLDWIDE: Amends 2014 Form 10-K Per SEC's Request

FRAC SPECIALISTS: Granted March 14 Lease Decision Extension
FREEDOM INDUSTRIES: Two Former Execs Settle Spill Lawsuit
FREESEAS INC: Sells $600,000 Convertible Note to MTR3S Holding
FTE NETWORKS: Common Stock Begins Trading on OTC Pink Market
FUHU INC: Gets Nod to Use Cash Collateral to Smooth Sale Process

FUSION TELECOMMUNICATIONS: Acquires Fidelity for $30 Million
GALLAGHER'S INC: Case Summary & 20 Largest Unsecured Creditors
GALLAGHER'S NOR'WEST: Case Summary & 9 Top Unsecured Creditors
GATEWAY CASINOS: S&P Revises Outlook to Stable & Affirms 'B+' CCR
GENERAL MOTORS: Closing Ignition Switch Victims' Fund

GETTY IMAGES: Moody's Affirms Caa1 PDR & Rates New Secured Notes B3
GLOBAL COMPUTER: Minimum Account Balance Reduced to $4.18-Mil.
GMG CAPITAL: Court Dismisses Chapter 11 Cases of Non-Plan Debtors
HANSEN MEDICAL: Has Insufficient Liquidity to Meet Cash Needs
HEALTHWAREHOUSE.COM INC: Melrose Waives Covenants Violations

HEBREW HOSPITAL: Has $12M DIP Financing From Millennium Trust
HEBREW HOSPITAL: Proposes to Pay Critical Vendor Claims
HEBREW HOSPITAL: Seeks to Assume Restructuring Support Agreement
HEBREW HOSPITAL: Wants Jan. 22 Deadline to File Schedules
HERCULES OFFSHORE: Loomis Reports 13.5% Equity Stake

HOME CASUAL: Trustee Awarded $250K Recovery from HCEL, et al.
HORSEHEAD HOLDING: Moody's Cuts Corporate Family Rating to Caa2
HOVNANIAN ENTERPRISES: Fitch Lowers Issuer Default Rating to 'CCC'
INSPIREMD INC: Has Doubt on Ability to Continue as Going Concern
JMC STEEL: S&P Revises Outlook to Negative & Affirms 'B' CCR

KSIX MEDIA: Has Substantial Doubt About Going Concern Ability
LIGHTSQUARED INC: Settles Dispute with Deere Over GPS Spectrum
MAGNUM HUNTER: Debt Obligations Raise Going Concern Doubt
MANNKIND CORP: Sept. 30 Balance Sheets Upside Down by $125M
MERITOR INC: Fitch Raises Issuer Default Rating to 'B+'

MICHAEL GLENN: Court Passes on Appeal Over Fraud Debt Discharge
MICROPHASE CORP: Financial Condition Raises Going Concern Doubt
MIDSTATES PETROLEUM: EVP & COO Mark Eck Resigns
MILLENNIUM LAB: Ch. 11 Plan Clears Major Hurdle in Court
MILLION AIR: Moody's CutsRating on 2011 Revenue Bonds to Caa1

MOLYCORP INC: PBGC, Sureties and Westchester Object to Sale Motion
MOLYCORP INC: Seeks Approval of Bid Procedures
MONTREAL MAINE: Ch. 11 Trustee Says Checks for Victims in January
MUSCLEPHARM CORP: Chairman Bullish About Company's Future
NAKED BRAND: Incurs $3.53 Million Net Loss in Third Quarter

NAVISTAR INTERNATIONAL: Amends Severance Agreement with Executives
NAVISTAR INTERNATIONAL: To Release Q4 Results on Dec. 17
NEOGENIX ONCOLOGY: Wants Ex-GC's Role in Securities Scheme
NET ELEMENT: Board OKs Grants Under 2013 Equity Incentive Plan
NEW SOURCE: Debt Obligations Raise Going Concern Doubt

NITON FUND: Seeks Recognition of Cayman Liquidation Proceeding
ONEMAIN FINANCIAL: Fitch Assigns 'B-' LT Issuer Default Rating
OXYSURE THERAPEUTICS: Black Mountain Beneficially Owns 3.6M Shares
OXYSURE THERAPEUTICS: Gemini Master, et al., Report 9.9% Stake
PARAGON OFFSHORE: Potential Covenant Breach Raises Doubt

PARKERVISION INC: Capital Resources Insufficient for Current Needs
PEP BOYS: Moody's Changes Direction of Rating Review to Uncertain
PHARMACYTE BIOTECH: Incurs $1.09 Million Net Loss in 2nd Quarter
PIEDMONT CENTER: Ch. 11 Trustee Sells NC Property for $495K
PLATINUM STUDIOS: Suspending Filing of Reports with SEC

PRECISION OPTICS: AWM Investment Reports 10% Stake as of Nov. 30
PUTNAM ENERGY: Hearing on Case Dismissal Continued Until Dec. 16
PUTNAM ENERGY: Hearing on Plan, Outline Continued Until Dec. 16
RADNOR HOLDINGS: 3rd Circuit Upholds Skadden's $4 Million Fee
RDIO INC: U.S. Trustee Objects to Key Personnel Bonuses

RELATIVITY FASHION: Names Robert Kors as Chief Consultant
RESPONSE BIOMEDICAL: Partners with Alere to Sell BNP Products
REVA MEDICAL: Losses, Neg Cash Flows Cast Going Concern Doubt
RITE AID: T. Rowe Price Holds 6.1% Equity Stake as of Nov. 30
ROCK CREEK: Posts $2.8M Net Loss in Quarter Ended Sept. 30

SAMSON RESOURCES: Skadden Arps Approved as Counsel for Director
SAVANNA ENERGY: DBRS Cuts Issuer Rating to 'B'
SEADRILL PARTNERS: S&P Lowers CCR to 'B', Outlook Negative
SEANERGY MARITIME: Completes Acquisition of 7 Dry Bulk Vessels
SEQUENOM INC: Appoints President and Chief Executive Officer

SIBLING GROUP: Has Substantial Doubt on Going Concern Ability
SPRINT INDUSTRIAL: Moody's Cuts Corporate Family Rating to Caa2
TAMARA MELLON: Court Approves Fast-Track Reorganization Schedule
TARGET CANADA: Plan of Compromise Offers Up to 85% Recovery
TEMPLE UNIVERSITY: Fitch Affirms BB+ Rating on 2012 and 2007 Bonds

TENET HEALTHCARE: Further Amends Existing $1-Bil. Credit Agreement
TERRA TECH: Posts $2-Mil. Net Loss in Quarter Ended Sept. 30
TRACK GROUP: Incurs $5.66 Million Net Loss in Fiscal 2015
TRANS-LUX CORP: Marcum Replaces BDO USA as Accountants
TRANSENTERIX INC: Recurring Losses Raise Going Concern Doubt

TRUMP ENTERTAINMENT: Exclusive Filing Period Extended to May 9
TRUMP ENTERTAINMENT: Has Until March 9 to Propose Chapter 11 Plan
ULTRA PETROLEUM: Moody's Cuts Corporate Family Rating to 'Caa1'
UNILIFE CORP: Continues to Have Doubt on Going Concern Ability
UNITED CORE: Case Summary & 18 Largest Unsecured Creditors

USELL.COM INC: Posts $294K Net Loss in Quarter Ended Sept. 30
UTSTARCOM HOLDINGS: Shah Capital Owns 15.2% of Ordinary Shares
VERTIS HOLDINGS: Court Dismisses Third Chapter 11 Bankruptcy
VIRTUAL PIGGY: Issues $100,000 Promissory Note to Chairman
VRINGO INC: Posts $11.9M Net Loss in Quarter Ended Sept. 30

WARNER MUSIC: Posts $91 Million Net Loss for Fiscal 2015
WPCS INTERNATIONAL: Has 2.56 Million Outstanding Common Stock
YUM! BRANDS: S&P Lowers CCR to 'BB' on Financial Plan
[*] 4 Former Spizz Cohen Attorneys Sued for Misrepresentation
[*] Jones Day's Gregory M. Gordon Named Law360 Bankruptcy MVP

[^] BOND PRICING: For the Week from December 7 to 11, 2015

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ADAMIS PHARMACEUTICALS: Substantial Doubt on Going Concern Exists
-----------------------------------------------------------------
Adamis Pharmaceuticals Corporation incurred a net loss of
$3,148,207 for the three months ended September 30, 2015, compared
to a net loss of $2,124,546 for the quarter ended September 30,
2014.   The company had total assets of $14,577,967, total
liabilities of $2,231,173, and total stockholders' equity of
$12,346,794.

Adamis Chief Executive Officer Dennis J. Carlo and Vice President,
Finance and Chief Financial Officer Robert O. Hopkins, in a
November 9, 2015 regulatory filing with the U.S. Securities and
Exchange Commission, said, "Our independent registered public
accounting firm has included a 'going concern' explanatory
paragraph in its report on our consolidated financial statements
for the nine-month transition period ended December 31, 2014 and
fiscal year ended March 31, 2014 indicating that we have sustained
substantial losses from continuing operations and have used, rather
than provided, cash in its continuing operations, and incurred
recurring losses from operations and have limited working capital
to pursue our business alternatives, and that these factors raise
substantial doubt about our ability to continue as a going
concern."

As of September 30, 2015, the company had cash of approximately
$6.3 million, an accumulated deficit of approximately $65.4
million, and liabilities of approximately $2.2 million.  "We will
need significant funding to continue operations, satisfy our
obligations and fund the future expenditures that will be required
to conduct the clinical and regulatory work to develop and launch
our product candidates.  If we do not obtain required additional
equity or debt funding, our cash resources will be depleted and we
could be required to materially reduce or suspend operations, which
would likely have a material adverse effect on our business, stock
price and our relationships with third parties with whom we have
business relationships, at least until additional funding is
obtained," the officers pointed out.

"The foregoing conditions raise substantial doubt about our ability
to continue as a going concern... Without additional funds from
debt or equity financing, sales of assets, sales or out-licenses of
intellectual property or technologies, or from a business
combination or a similar transaction, after expenditure of our
existing cash resources we would exhaust our resources and would be
unable to continue operations.

"Our management intends to attempt to secure additional required
funding through equity or debt financings, sales or out-licensing
of intellectual property assets, seeking partnerships with other
pharmaceutical companies or third parties to co-develop and fund
research and development efforts, or similar transactions. However,
there can be no assurance that we will be able to obtain any
required additional funding.  If we are unsuccessful in securing
funding from any of these sources, we will defer, reduce or
eliminate certain planned expenditures and delay development or
commercialization of some or all of our products.  If we do not
have sufficient funds to continue operations, we could be required
to seek bankruptcy protection or other alternatives that could
result in our stockholders losing some or all of their investment
in us," Messrs. Carlo and Hopkins stated.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/zjko7tg

Adamis Pharmaceuticals Corporation is focused on combining
specialty pharmaceuticals and biotechnology to provide medicines
for allergy and respiratory ailments, including Epinephrine PFS
product.  The San Diego-based company also has biotechnology
product candidates and technologies, including therapeutic vaccine
and cancer product candidates for unmet medical needs in the global
cancer market.



ADVANCEPIERRE FOODS: Moody's Hikes Corporate Family Rating to B2
----------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating of
AdvancePierre Foods, Inc. ("AdvancePierre" or "APF") to B2 from B3,
as well as its Probability of Default Rating to B2-PD from B3-PD.
As a result of this rating action, the company's first and second
lien term loans have been upgraded to B1 from B2 and Caa1 from
Caa2, respectively. The upgrade is largely driven by credit metrics
that have improved and Moody's view that metrics will be sustained
at levels that support a B2 rating. The upgrade also incorporates
Moody's expectation that the company's ABL expiring January 2017
will be refinanced by June 30, 2016. The rating outlook is
maintained at stable.

APF's leverage has come down significantly during the last twelve
months ended October 3, 2015 (the "LTM period"), largely as a
result profitability improvement driven by price increases, lower
input costs, cost savings initiatives, and a mix shift towards
higher margin products. Moody's estimates debt-to-EBITDA (Moody's
adjusted) was approximately 6.0 times over the LTM period, which
represents a 2.5 turn improvement from 8.5 times at FYE14. Also,
interest coverage as measured by EBIT-to-interest improved to 1.5
times over the LTM period from 0.9 times at FYE14. Moody's expects
APF's leverage to continue to improve but at a more moderate pace
going forward.

According to Moody's analyst Brian Silver, "A more dynamic pricing
model and a number of management driven strategic growth and cost
saving initiatives were key to improving AdvancePierre's credit
profile, and we expect this positive momentum to continue."

The following ratings have been upgraded at AdvancePierre Foods,
Inc.:

Corporate Family Rating to B2 from B3;

Probability of Default Rating to B2-PD from B3-PD;

$925 million first lien term loan maturing July 2017 to B1 (LGD3)
from B2 (LGD3); and

$375 million second lien term loan maturing October 2017 to Caa1
(LGD5)
from Caa2 (LGD5).

The rating outlook is maintained at stable

RATINGS RATIONALE

APF's B2 Corporate Family Rating ("CFR") is reflective of the
company's elevated leverage profile, moderate interest coverage and
aggressive financial policies. The company's leverage as measured
by Moody's adjusted debt-to-EBITDA (including capitalization of
operating leases) was approximately 6.0 times during the LTM
period, which is high when compared to similarly rated consumer
packaged goods companies, especially when considering its exposure
to volatile raw material costs, seasonal working capital needs, and
competition from other protein suppliers. APF has recently
experienced significant top-line growth and material profitability
improvements that Moody's expects will continue. This will drive
further deleveraging and reduce reliance on the company's ABL over
the next twelve months. The aggressive financial policies of APF's
private equity owners weigh on the rating and include the potential
for debt-financed dividends and large acquisitions. The B2 CFR
acknowledges APF's benefits from its healthy size and scale, good
diversity of product offerings and sales channels, moderate degree
of customer concentration, and its ability to pass-through a
significant portion of its raw material costs through a dynamic
pricing model. Also factored into the rating is the company's
recent success in maintaining pricing initiatives and
rationalization of SKUs towards higher margin products.

The stable outlook reflects Moody's expectation that the company
will continue to generate positive free cash flow of which a
healthy portion will be used for debt repayment. We expect leverage
(Moody's adjusted debt-to-EBITDA) to approach the mid-5.0 times
range over the next 12 to 18 months. Also, the stable outlook
incorporates Moody's expectation that the company's ABL will be
refinanced by June 30, 2016.

While not anticipated in the near-term, the ratings could be
upgraded if APF is successful in reducing debt while generating
positive free cash flow and reducing reliance on its ABL facility.
Quantitatively, Moody's adjusted debt-to-EBITDA will need to be
sustained below 4.5 times while EBIT-to-interest is sustained above
2.0 times prior to any ratings upgrade. Alternatively, the ratings
could be downgraded if liquidity deteriorates and ABL borrowings
increase beyond Moody's expectations. In addition, if Moody's
adjusted debt-to-EBITDA increases and is sustained above 6.5 times
and/or if Moody's adjusted EBIT-to-interest falls below 1.0 time
the ratings could face pressure.

AdvancePierre Foods, Inc. ("AdvancePierre" or "APF"), headquartered
in Cincinnati, OH, is a producer and marketer of value-added
protein and hand-held convenience items serving the foodservice,
retail and convenience and vending store channels. Key products
include packaged sandwiches, fully-cooked burgers, Philly steaks,
stuffed chicken breasts and country fried chicken. Oaktree Capital
Management LP (Oaktree) has owned the company since Pierre Foods,
Inc. emerged from bankruptcy in 2008. Net sales for the twelve
months ending October 3, 2015 were $1.67 billion.



AMC ENTERTAINMENT: Fitch Retains BB+ Rating on Secured Credit Loans
-------------------------------------------------------------------
Fitch Ratings will maintain the 'BB+/RR1' issue rating on AMC
Entertainment Inc.'s proposed senior secured credit facility that
is expected to be used to refinance the company's existing secured
credit facility.  The facility will be comprised of a $150 million
revolver maturing in 2020 and an $881 million term loan maturing in
2022.  The Issuer Default Rating (IDR) for AMC Entertainment Inc.
is 'B+' with a Stable Outlook.  AMC had approximately
$1.9 billion of debt outstanding as of Sept. 30, 2015.

Fitch views the transaction favorably as the transaction will
benefit AMC's maturity schedule and financial flexibility by
extending the term loan and revolver maturities to 2022 and 2020,
respectively.  The terms of the new credit facility, including the
security and guaranty structure are expected to be substantially
similar to the existing term loan due 2020.  Consistent with the
existing credit facilities, the revolver will have a maximum net
secured leverage ratio of 3.25x financial covenant.  Outside of the
extension of the company's maturity profile and an expected
reduction of interest expense related to this transaction, there
have been no material changes to AMC's credit profile.

KEY RATING DRIVERS

Through improvements in operations and reduction in absolute levels
of debt, AMC has driven unadjusted gross leverage from 8.7x in 2011
to Fitch estimated 3.9x as of Sept. 30, 2015, pro forma for the new
credit facility.

AMC has demonstrated traction in key strategic initiatives, as can
be seen in its improving admission revenue per attendee, concession
revenue per attendee, and concession gross profit per attendee.
Fitch calculates Sept. 30, 2015 latest 12 months (LTM) EBITDA
margins of 16.6% (excludes National Cinemedia distribution), an
improvement from 13.6% at Sept. 27, 2012.  Fitch recognizes that
AMC's expected investment into premium food offerings will pressure
high concession margins; however, growth in the top line should
grow absolute gross profit dollars in this segment.

AMC Entertainment Holdings Inc. (AMCH) instituted a quarterly
dividend of $19.6 million ($78 million for the full year), with the
first dividend paid in the second quarter of 2014 (2Q'14.)  For the
LTM period ended Sept. 30, 2015, AMCH paid $78.5 million in
dividends.  In conjunction with elevated capital expenditures
relative to historical periods, the dividend will pressure free
cash flow (FCF).  Fitch has modeled capital expenditure spending of
approximately $255 million and $275 million in 2015 and 2016,
respectively.  As a result, Fitch expects FCF will range from zero
to positive $50 million over the next two years. LTM FCF at
Sept. 30, 2015 was $6 million.

Fitch believes that AMC has sufficient liquidity to fund capital
initiatives, make small theater circuit acquisitions, and cover its
term loan amortization.  Liquidity is supported by cash balances of
$96 million and availability of $137 million on its secured
revolver as of Sept. 30, 2015.

AMC's ratings reflect Fitch's belief that movie exhibition will
continue to be a key promotion window for the movie studios'
biggest/most profitable releases.

Despite 2014's film slate delivering negative growth in box office
revenues, down 5.2%, according to Box Office Mojo, industry
fundamentals have so far benefitted from a strong film slate in
2015.  Year-to-date through Sept. 30, 2015, 2015 box office
revenues were up 6.2% over 2014 for the same period.  Industry-wide
attendance declines of 5.6% in 2014 were offset minimally by a 0.5%
increase in average ticket price, and year-over-year comparisons
will prove easy in 2015.  Similar to past years, the 2015 film
slate featured many high-profile sequels, some of which have
already proven to be domestic and international successes. The
releases of 'Furious 7', 'Avengers: Age of Ultron', 'Jurassic
World,' 'The Hunger Games: Mockingjay - Part 2,' and 'Star Wars:
The Force Awaken' headline a strong film slate.  Fitch believes the
film slate will support industry-wide box office revenue levels
with low- to mid-single-digit increase in attendance and a slightly
increased average ticket price.

Fitch believes the investments made by AMC and its peers to improve
the patron's experience is prudent.  While capital expenditure may
be elevated in the near term and concession high margins may be
pressured over the long term, Fitch believes that the exhibitors
will benefit from delivering an improved value proposition to its
patrons and that the premium food services/offerings will grow
absolute levels of revenue and EBITDA.

In addition, AMC and its peers rely on the quality, quantity, and
timing of movie product, all factors out of management's control.

RATING SENSITIVITIES

Positive Trigger: Fitch heavily weighs the prospective challenges
facing AMC and its industry peers in arriving at the long-term
credit ratings.  Significant improvements in the operating
environment (sustainable increases in attendance from continued
success of operating initiatives) driving FCF/adjusted debt above
2% and adjusted leverage below 4.5x on a sustainable basis could
have a positive effect on the rating.  In strong box office years,
metrics may be strong in order to provide a cushion for weaker box
office years.

Negative Trigger: A debt-financed material buyout, acquisition or
return of capital to shareholders that would raise the unadjusted
gross leverage beyond 5.5x could have a negative effect on the
rating.  In addition, meaningful, sustained declines in attendance
and/or per-guest concession spending that drove leverage beyond
5.5x would pressure the rating as well.

LIQUIDITY AND DEBT STRUCTURE

AMC's liquidity is supported by $96 million of cash on hand (as of
Sept. 30, 2015) and $137 million availability (net of letters of
credit) on its revolving credit facility, which is sufficient to
cover minimal amortization payments on its term loan.



AMERICAN AIRLINES: Fitch Raises Rating to BB-, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded American Airlines Group Inc. (American,
AAG) to 'BB-' from 'B+'. The ratings also apply to American's
primary operating subsidiaries, American Airlines, Inc., US Airways
Group, Inc. and US Airways, Inc. The Ratings Outlook is Stable.

Fitch has also upgraded or affirmed various classes of American and
US Airways EETCs as described at the end of this release.

The corporate rating upgrade is supported by the strong financial
results that American has posted since its merger with US Airways
and concurrent emergence from bankruptcy. The upgrade also reflects
fading integration risk. Now nearly two years into the process,
American's integration with US Airways has gone smoothly. Fitch
considers most of the ratings pressure from integration risk to be
in the past now that the two companies have successfully merged on
to one reservation system.

Fitch expects continued solid financial results from American over
the intermediate-term based on a stable domestic travel
environment, low fuel costs, and the benefits of the company's
on-going integration and fleet renewal processes. The ratings are
also supported by American's sizeable liquidity balance, which
includes $8.9 billion in cash and short-term investments and newly
upsized revolver capacity of $2.4 billion.

The 'BB-' rating also incorporates the risks in American's credit
profile, including a significant debt balance and expectations for
leverage to be somewhat high for the rating over the next two
years, heavy upcoming capital requirements, and shareholder focused
cash deployment. Other rating concerns include risks that are
inherent to the airline industry including cyclicality, intense
competition, sensitivity to spikes in the price of jet fuel, and
exposure to exogenous shocks (i.e. war, terrorism, epidemics,
etc.).

KEY RATING DRIVERS

Solid Financial Performance Since Merger

Fitch expects American to continue to generate solid financial
results in 2016 based on a relatively stable demand environment,
manageable cost pressures, and ongoing benefits to be gained from
the merger integration process. Although operating margins may be
down from the peak levels generated in 2015 due to Fitch's
expectations for a soft unit revenue environment and labor cost
pressures, Fitch expects the company to continue to produce margins
well in excess of averages produced over the past several years.

American's financial performance since its emergence from
bankruptcy has been notably positive. EBITDAR margins have expanded
by more than 550 bps to 27.5% during the first nine months of 2015.
Margin expansion is notable compared to American's peers.
Profitability has outpaced its competitor United, and has recently
surpassed Delta, which has been the clear leader among legacy
carriers for several years. Importantly, American has been able to
keep its operating costs in check during the integration process.
Excluding special items, American's mainline casm-ex fuel increased
a moderate 3.2% through the first nine months of 2015.

Integration Risks Waning

Merger integration has been a key concern since American's 2013
merger with US Airways but most major integration related risks are
now in the past. The steps taken thus far, including the cut-over
to a single reservations system, progress towards reaching joint
agreements with various labor groups, re-banking certain hubs, etc.
have all progressed smoothly. While there is still considerable
work to be done before the integration is complete, such as moving
to a single flight operating system and reaching a combined pilots
seniority list, American's success in the process thus far gives
Fitch confidence that the integration risks are no longer primary
drivers for the rating.

Credit Metrics Consistent with 'BB' Category Rating

Improved profitability driven by merger benefits and lower fuel
prices has allowed American to reduce its adjusted debt/EBITDAR to
3.8x as of Sept. 30, 2015, down from more than 5.3x at year end
2013. Fitch expects American's leverage to increase into the 4x -
4.5x range over the next 1 - 2 years, which Fitch views as being on
the high end for a 'BB' category rating. Higher leverage will be
driven by incremental debt as the company will likely have to
borrow to fund its upcoming capital expenditures. Other credit
metrics are also supportive of the ratings upgrade. Fitch expects
FFO Fixed charge coverage to trend towards 3x over the next several
years (currently 2.8x) and EBITDAR margins should remain above 20%


Heavy Capital Spending

Fitch predicts that average annual capital expenditures will hover
around $5.5 billion through 2016 and 2017 or around 13% of annual
revenue, putting heavy pressure on free cash flow. Nevertheless,
Fitch expects FCF to be moderately positive, in the low-single
digits as a percentage of revenue, assuming a continued stable
demand environment and moderately increasing fuel prices. Capex
should moderate over the longer-term with heavy deliveries in the
2014-2017 timeframe making up for significant under-investment in
American's fleet over the last decade.

As part of its efforts to bring operating costs down and retire
aging planes, AAG is in the midst of a major overhaul of its fleet.
Between 2016 and 2017 AAG is scheduled to take delivery of 117 new
mainline aircraft, and 56 new regional jets. Near-term deliveries
consist of 737 NGs and A320s which will be used to replace AAG's
aging fleet of MD-80s. The company is also taking new 777-300ERs
and 787s. On the regional side, AAG will take a mix of CRJ-900s and
E175s, with the Bombardier jets being delivered in 2015 and 2016
and the Embraers between 2015 and 2017.

While the new aircraft deliveries will represent a sizeable burden
in terms of capital investment, Fitch expects American to enjoy
significant benefits in terms of unit costs as the new planes are
delivered.

Aggressive Cash Deployment Strategy Compared to Peers

American has taken a more aggressive approach to its capital
structure and cash deployment strategies compared to its peers,
particularly given that the company only emerged from bankruptcy
and merged with US Airways at the end of 2013. Fitch views
American's credit profile as consistent with a 'BB-' rating for
many reasons including its status as the world's largest airline,
its operating margin profile and improving fixed charge coverage.
However, its cash deployment and leverage strategies are limiting
influences, which may delay further ratings upgrades over the
near-term. A key item to watch will be announcements from the
company clarifying its cash deployment strategy, which are expected
to happen in the first quarter of 2016.

LIQUIDITY

American's sizeable liquidity balance is supportive of the ratings.
As of the reporting of Sept. 30, 2015 financial results American
had a total unrestricted cash and short-term investments balance of
$8.9 billion plus $2.4 billion in undrawn revolver capacity, equal
to 27% of latest-12-month (LTM) revenue. AAG's cash balance
includes $609 million held in Venezuelan Bolivars. American has
held excess liquidity on its balance sheet over the past two years
as a precautionary measure as it worked through its integration
process and it will likely begin to pare liquidity down over the
next year. Fitch does not anticipate that American will reduce
liquidity to a point that puts pressure on the ratings.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for American
include;

-- Low single-digit capacity growth through the forecast period;

-- Continued stable/slow growth in demand for U.S. domestic
    travel;

-- Mid-single-digit PRASM decline in 2015 followed by relatively
    flat unit revenues thereafter;

-- Conservative fuel price assumption which includes crude oil
    increasing to $80+/barrel by 2018.

EETC Ratings

Fitch Ratings has also reviewed the ratings for multiple American
Airlines backed EETCs concurrent with its review and upgrade of
American's Issuer Default Rating (IDR). The rating affirmations
cover American Airlines Pass-Through Trust Series 2013-1, 2013-2,
2014-1 and 2015-1 and US Airways Pass-Through Trusts Series 2012-1,
2012-2, and 2013-1.

Fitch has upgraded the senior tranche ratings for the three series
of US Airways EETCs. The upgrades reflect the improvement in the
company's credit profile, which Fitch considers as a qualitative
factor when analysing senior EETC tranches. The US Airways
transactions have also exhibited stable loan-to-value ratios, as
asset value degradation has been offset by scheduled principal
amortization.

Fitch has affirmed the senior tranche ratings for the American
Airlines EETCs. In general, stressed LTVs for these transactions
have deteriorated somewhat since our last review, due to higher
than expected depreciation rates for certain pieces of collateral,
particularly on the wide body side. Nonetheless the 2013-2
transaction continues to pass Fitch's 'BBB' level stress test and
the remaining transactions continue to pass the agency's 'A' level
stress test. Fitch expects these transactions to de-lever
incrementally over the near-to-intermediate term.

Subordinated Tranche Ratings

Fitch has affirmed the ratings for the class B certificates across
all of the transactions. Ratings affirmations are due to ratings
compression that occurs as the airline's IDR moves up the ratings
scale, per Fitch's methodology. Various class C certificates have
been upgraded by one notch to remain in line with the airline IDR.
The US Airways 2012-2 class C certificates matured in October of
this year.

RATING SENSITIVITIES

Positive Rating Sensitivities for the corporate rating include:

-- Adjusted leverage sustained below 4x;
-- FFO Fixed charge coverage sustained around 3x;
-- Free cash flow generation above Fitch's base case expectation;
-- Further progress towards reaching joint collective bargaining
    agreements with various labor groups.

Future actions that may individually or collectively cause Fitch to
take a negative rating action include:

-- Adjusted debt/EBITDAR sustained above 4.5x;
-- EBITDAR margins deteriorating into the low double-digit range;
-- Shareholder focused cash deployment at the expense of a
    healthy balance sheet.

EETC Sensitivities

Senior Tranche Ratings are primarily based on a top-down analysis
based on the value of the collateral. Therefore, a negative rating
action could be driven by an unexpected decline in collateral
values. Potential risks for the A320 family aircraft include the
introduction of the updated NEO models, which could pressure
secondary market values. Likewise, values for the 777-300ER could
be impacted over the longer term by the entry of the 777x, which is
scheduled to enter into service in 2020, and current generation
737s could be impacted by the entry of the MAX. Senior tranche
ratings could also be affected by a perceived change in the
affirmation factor or deterioration in the underlying airline
credit.

Alternatively, senior tranche ratings could be upgraded if
American's credit ratings were to continue to improve. Fitch
considers the airline's IDR as a qualitative factor to the 'A'
tranche ratings.

Subordinated tranche ratings are based off of the underlying
airline IDR. As such, Fitch may upgrade various B tranches to
'BBB+' if American were upgraded to 'BB'. However, the B tranche
may not be downgraded if American were downgraded to 'B+', as
Fitch's EETC criteria allows for a wider notching differential for
'BB' and 'B' category rated airlines. Alternatively, the B tranche
could be downgraded by one notch if collateral values were to
weaken and recovery prospects were to fall.

Fitch has taken the following rating actions:

American Airlines Group Inc.
-- IDR upgraded to 'BB-' from 'B+';
-- Senior Unsecured Notes upgraded to 'BB-/RR4' from 'B+/RR4'.

American Airlines, Inc.
-- IDR upgraded to 'BB-' from 'B+';
-- Senior secured credit facility affirmed at 'BB+/RR1'.

US Airways Group, Inc.
-- IDR upgraded to 'BB-' from 'B+';
-- Senior Unsecured Notes upgraded to 'BB-/RR4' from 'B+/RR4'.

US Airways, Inc.
-- IDR upgraded to 'BB-' from 'B+';
-- Senior secured credit facility affirmed at 'BB+/RR1'.

American Airlines Pass Through Trust Certificates, Series 2013-1
-- Class A Certificates affirmed at 'A-';
-- Class B Certificates affirmed at 'BB+';
-- Class C Certificates upgraded to 'BB-' from 'B+'.

American Airlines Pass Through Trust Certificates, Series 2013-2
-- Class A Certificates affirmed at 'BBB+';
-- Class B Certificates affirmed at 'BB+';
-- Class C Certificates upgraded to 'BB-' from 'B+'.

American Airlines Pass Through Trust Certificates, Series 2014-1
-- Class A Certificates affirmed at 'A';
-- Class B Certificates affirmed at 'BBB-'.

American Airlines Pass Through Trust Certificates, Series
2015-1
-- Class A Certificates affirmed at 'A';
-- Class B Certificates affirmed at 'BBB'.

US Airways Pass Through Trust Certificates, Series 2012-1
-- Class A Certificates upgraded to 'A' from 'A-';
-- Class B Certificates affirmed at 'BB+'.

US Airways Pass Through Trust Certificates, Series 2012-2
-- Class A Certificates upgraded to 'A' from 'A-';
-- Class B Certificates at 'BB+';
-- Class C Certificates upgraded to 'BB-' from 'B+'.

US Airways Pass Through Trust Certificates, Series 2013-1
-- Class A Certificates upgraded to 'A' from 'A-';
-- Class B Certificates affirmed at 'BB+'.



AMERICAN AXLE: OKs Termination of Terry Woychowski's Employment
---------------------------------------------------------------
Terry J. Woychowski, former senior vice president - advanced
engineering and a named executive officer, ended his employment
with American Axle & Manufacturing, Inc. effective Dec. 9, 2015,
by mutual agreement with the company.

                      About American Axle

Headquartered in Detroit, Michigan, American Axle & Manufacturing
Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- manufactures,
engineers, designs and validates driveline and drivetrain systems
and related components and chassis modules for light trucks, sport
utility vehicles, passenger cars, crossover vehicles and
commercial vehicles.

As of Sept. 30, 2015, the Company had $3.39 billion in total
assets, $3.17 billion in total liabilities, and $227 million in
total stockholders' equity.

                           *     *     *

In September 2012, Moody's Investors Service affirmed the 'B1'
Corporate Family Rating (CFR) and Probability of Default Rating
(PDR) of American Axle.

American Axle carries a 'BB-' corporate credit rating from
Standard & Poor's Ratings Services.  "The 'BB-' corporate credit
rating on American Axle reflects the company's 'weak' business
risk profile and 'aggressive' financial risk profile, which
incorporate substantial exposure to the highly cyclical light-
vehicle market," S&P said, as reported by the TCR on Sept. 6,
2012.

As reported by the TCR on Sept. 1, 2014, Fitch Ratings had
upgraded the Issuer Default Ratings (IDRs) of American Axle &
Manufacturing Holdings, Inc. (AXL) and its American Axle &
Manufacturing, Inc. (AAM) subsidiary to 'BB-' from 'B+'.  The
upgrade of the IDRs for AXL and AAM is supported by the
fundamental improvement in the drivetrain and driveline supplier's
credit profile over the past several years.


ANACOR PHARMACEUTICALS: FMR Reports 13.4% Stake as of Dec. 9
------------------------------------------------------------
FMR LLC, Edward C. Johnson 3d and Abigail P. Johnson disclosed in a
Schedule 13G filed with the Securities and Exchange Commission on
Dec. 9, 2015, that they beneficially own 5,928,403 shares of common
stock of Anacor Pharmaceuticals representing 13.435 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/mFG9p7

                About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

Anacor reported a net loss of $87.1 million on $20.7 million of
total revenues for the year ended Dec. 31, 2014, compared with net
income of $84.8 million on $17.2 million of total revenues for the
year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $188 million in total
assets, $128 million in total liabilities, $4.95 million in
redeemable common stock and $55.8 million in total stockholders'
equity.


ANDALAY SOLAR: CEO to Get $250,000 Annual Salary
------------------------------------------------
Andalay Solar, Inc., previously appointed Edward Bernstein as chief
executive officer, president and interim chief financial officer of
the Company, effective Nov. 21, 2015.

In connection with his appointment, Mr. Bernstein entered into an
employment agreement with the Company dated Dec. 6, 2015.  Pursuant
to the Employment Agreement, Mr. Bernstein will be entitled to an
annual base salary of $250,000 and will be eligible for
discretionary performance bonuses payable in cash or equity. Mr.
Bernstein is also entitled to a bonus upon the "Sale of the
Company" pursuant to which he would receive 10% of any sale
proceeds (including the value of any equity received as
consideration) should (i) the Company sell substantially all of its
assets to a third party; (ii) the equity holders of the Company
sell substantially all of the equity of the Company to a third
party; (iii) the Company merges with or into a third party; or (iv)
any other transaction that results in a change in over 50% of the
voting control of the Company.  

Pursuant to the Employment Agreement, within 90 days after the
effective date of the Employment Agreement, the Company's Board of
Directors will grant to Mr. Bernstein options to purchase shares of
the Company's common stock in an amount to be determined in the
Board's reasonable discretion.  The exercise price of such options
will be equal to the Company's per share fair market value on the
date of the grant.  These options will vest as to 1/16th  of the
shares subject to the option on the three month anniversary of the
date of the grant, another to 1/16th vesting on the six month
anniversary of the date of the grant and thereafter vesting as to
1/16th each subsequent quarter.  Mr. Bernstein also executed a
related agreement that includes confidentiality obligations and
inventions assignments by Mr. Bernstein.

                      About Andalay Solar

Founded in 2001, Andalay Solar, Inc., formerly Westinghouse Solar,
Inc., is a provider of innovative solar power systems.  In 2007,
the Company pioneered the concept of integrating the racking,
wiring and grounding directly into the solar panel.  This
revolutionary solar panel, branded "Andalay", quickly won industry
acclaim.  In 2009, the Company again broke new ground with the
first integrated AC solar panel, reducing the number of components
for a rooftop solar installation by approximately 80 percent and
lowering labor costs by approximately 50 percent.  This AC panel,
which won the 2009 Popular Mechanics Breakthrough Award, has
become the industry's most widely installed AC solar panel.  A new
generation of products named "Instant Connect" was introduced in
2012 and is expected to achieve even greater market acceptance.

Andalay Solar reported a net loss attributable to common
stockholders of $1.87 million for the year ended Dec. 31, 2014,
compared with a net loss attributable to common stockholders of
$3.85 million for the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $826,350 in total assets,
$3.31 million in total liabilities and a total stockholders'
deficit of $2.49 million.

Burr Pilger Mayer, Inc., in San Jose, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company's significant
operating losses and negative cash flow from operations raise
substantial doubt about its ability to continue as a going concern.


APCO HOLDINGS: Moody's Assigns 'B3' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and a Caa1-PD probability of default rating to APCO Holdings, Inc.
The rating agency also assigned ratings to the credit facilities
being issued in connection with the acquisition of a majority
equity stake in APCO by the Ontario Teachers' Pension Plan (OTPP).
The acquisition is expected to close within the next several weeks.
The rating outlook for APCO is stable.

RATINGS RATIONALE

"APCO's ratings reflect its strong franchise as a marketer and
administrator of vehicle service contracts (VSCs) and related
finance and insurance products sold to automotive dealers
throughout the US," said Pano Karambelas, Moody's lead analyst for
APCO.

The company's solid cash generation reflects its fee-centric third
party administrator (TPA) business model which is based on
designing and administering VSC programs marketed to both franchise
and independent car dealerships. We expect the company will
continue to expand its distribution capabilities as a means to
capture additional dealer relationships. APCO designs the VSCs,
services customer claims on behalf of a number of insurers, and
participates in profit sharing when underwriting results are
favorable. However, the company does not bear material underwriting
risk on the VSCs.

These strengths are offset by the company's limited size, and its
largely monoline business profile which we view as strongly tied to
auto sales and the economy. The VSC industry includes a number of
large, well-established competitors including TPAs, insurers and
original equipment manufacturers.

Following the transaction, the company will continue to have
significant financial leverage. However, we expect solid cash flow
support for debt service based on mandatory cash-sweeps and
limitations on shareholder dividends pursuant to the credit
agreement and the expectation of less aggressive capital management
going forward. We expect interest coverage in the 1.5x to 2.0x
range and steady repayments of debt in conjunction with EBITDA
growth such that leverage improves significantly.

The proposed financing arrangement includes a $20 million
first-lien revolving credit facility (rated B3, expected to be
undrawn at closing) and a $190 million first-lien term loan (rated
B3), both to be issued by APCO Holdings, Inc. Proceeds will be used
to partially fund the recapitalization, including repayment of
APCO's existing debt.

Factors that could lead to an upgrade of APCO's ratings include:
(i) track record of reducing debt, (ii) EBITDA - capex coverage of
interest consistently exceeding 2x, and (iii)
free-cash-flow-to-debt ratio consistently exceeding 5%. Factors
that could lead to a rating downgrade include: (i) delay in
reducing debt, (ii) EBITDA - capex coverage of interest below 1.2x,
or (iii) free-cash-flow-to-debt ratio below 2%.

Moody's has assigned the following ratings (and loss given default
(LGD) assessments) to APCO:

Corporate family rating B3;

Probability of default rating Caa1-PD;

$20 million first-lien revolving credit facility B3 (LGD3);

$190 million first-lien term loan B3 (LGD3).

APCO is a leading marketer and administrator of vehicle service
contracts and complementary products sold by auto dealers
throughout the United States and Canada. Founded in 1984 and based
in Norcross, Georgia, APCO uses an employee sales force and a
network of independent agents that specialize in serving the auto
dealer community to market its EasyCare, GWC, and private label
products. Total revenue for 2014 was $272 million.



APPLIED MINERALS: Discusses Current State at Annual Meeting
-----------------------------------------------------------
Applied Minerals, Inc., uploaded a slide presentation to its Web
site discussing the current state of the Company and expectations
over the next several months.  The Company relied on this
presentation at the annual meeting on Dec. 9, 2015.  A copy of this
presentation is available for free at http://is.gd/ByJfV4

                      About Applied Minerals

New York City-based Applied Minerals, Inc. (OTC BB: AMNL) is a
leading global producer of halloysite clay used in the development
of advanced polymer, catalytic, environmental remediation, and
controlled release applications.  The Company operates the Dragon
Mine located in Juab County, Utah, the only commercial source of
halloysite clay in the western hemisphere.  Halloysite is an
aluminosilicate clay that forms naturally occurring nanotubes.

Applied Minerals reported a net loss of $10.3 million in 2014, a
net loss of $13.06 million in 2013 and a net loss of $9.73 million
in 2012.  As of Dec. 31, 2014, the Company had $18.5 million in
total assets, $26 million in total liabilities, and a $7.51 million
total stockholders' deficit.


AR CAPITAL: Faces Liquidation If Business Combination Fails
-----------------------------------------------------------
AR Capital Acquisition Corp. may face liquidation if it fails to
complete an initial business combination, raising substantial doubt
about its ability to continue as a going concern, according to the
company's Chief Executive Officer and Director William M. Kahane
and Chief Financial Officer, Treasurer and Secretary Nicholas
Radesca in a regulatory filing with the U.S. Securities and
Exchange Commission on November 9, 2015.

Messrs. Kahane and Radesca explained, "If the company does not
complete an Initial Business Combination by October 7, 2016, the
company will (i) cease all operations except for the purpose of
winding up, (ii) as promptly as reasonably possible but not more
than ten business days thereafter, redeem 100% of the common stock
sold as part of the units in the Public Offering, at a per-share
price, payable in cash, equal to the aggregate amount then on
deposit in the Trust Account, including interest earned on the
funds held in the Trust Account and not previously released to the
company to pay its franchise and income taxes (less up to $100,000
of interest to pay dissolution expenses), divided by the number of
then outstanding public shares, which redemption will completely
extinguish public stockholders' rights as stockholders (including
the right to receive further liquidation distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the
company's remaining stockholders and the company's board of
directors, dissolve and liquidate, subject in each case to the
company's obligations under Delaware law to provide for claims of
creditors and the requirements of other applicable law.  

"This mandatory liquidation and subsequent dissolution requirement
raises substantial doubt about the company's ability to continue as
a going concern.

"There will be no redemption rights or liquidating distributions
with respect to the company's warrants, which will expire worthless
if the company fails to complete an Initial Business Combination by
October 7, 2016."

The company posted a net loss of $243,545 and $735,458 for the
three months and nine months ended September 30, 2015.

At September 30, 2015, the company had total assets of
$240,855,791, total liabilities of $8,620,802, and total
stockholders' equity of $5,000,010.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/jsjb3to

New York-based AR Capital Acquisition Corp. is a blank check
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
other similar business combination.  The company intends to
effectuate its initial business combination from the proceeds of
its public offering.



ARCH COAL: Fails to Comply With NYSE Listing Standards
------------------------------------------------------
Arch Coal, Inc., said it has been notified by the New York Stock
Exchange Regulation, Inc., that it is not in compliance with the
New York Stock Exchange, Inc.'s continued listing standards.

Arch Coal is considered below criteria established by the NYSE for
continued listing standards because its average equity market
capitalization has been less than $50 million over a consecutive 30
trading-day period, and because its stockholders' equity was below
$50 million in its most recent 10-Q filed with the Securities and
Exchange Commission on Nov. 11, 2015, for the period ended Sept.
30, 2015.

In accordance with applicable NYSE procedures, Arch Coal has 10
business days to submit a letter to the NYSE confirming whether it
will submit a plan that demonstrates its ability to regain
compliance within 18 months.  Upon submission of such a letter,
Arch would then submit a plan within 45 days of the receipt of the
notice.  Upon receipt of the plan, the NYSE would have 45 calendar
days to review and determine whether Arch Coal has made reasonable
demonstration of its ability to come into conformity with the
relevant standards within the 18-month period.  The NYSE will
either accept the plan, at which time Arch Coal would be subject to
ongoing monitoring for compliance with the plan, or the NYSE will
not accept the plan and Arch Coal would be subject to suspension
and delisting proceedings.  During the 18-month cure period, Arch
Coal shares would continue to be listed and traded on the NYSE,
subject to its continued compliance with other NYSE continued
listing standards.  Arch can provide no assurances that it will be
able to satisfy any of the steps outlined above and maintain a
listing of its shares.

The notice of non-compliance does not affect Arch's ongoing
business operations, and does not trigger any violation of any of
the company's credit agreements or other debt obligations.  Arch
Coal will continue to file periodic and certain other reports with
the SEC under applicable federal securities laws.

                      About Arch Coal

Arch Coal, Inc.'s primary business is the production of thermal
and metallurgical coal from surface and underground mines located
throughout the United States, for sale to utility, industrial and
steel producers both in the United States and around the world.
The Company currently operates mining complexes in West Virginia,
Maryland, Virginia, Illinois, Wyoming and Colorado.

Arch Coal reported a net loss of $558 million in 2014, a net loss
of $642 million in 2013 and a net loss of $684 million in 2012.

As of Sept. 30, 2015, the Company had $5.84 billion in total
assets, $6.45 billion in total liabilities and a $605 million total
stockholders' deficit.

                           *     *     *

The Troubled Company Reporter, on July 8, 2015, reported that
Fitch Ratings has downgraded the Issuer Default Rating of Arch
Coal, Inc. to 'C' from 'CCC'.  The downgrade follows Arch Coal's
announcements of exchange offers which Fitch considers Distressed
Debt Exchanges in accordance with Fitch's Distressed Debt Exchange
criteria.

The TCR, on May 6, 2015, reported that Moody's Investors Service
downgraded the corporate family rating of Arch Coal to 'Caa3' from
'Caa1' and the probability default rating to 'Caa3-PD' from
'Caa1-PD'.  The downgrade follows the continued stress on the coal
sector, and the resulting deterioration in the company's credit
metrics.  At the same time, Moody's downgraded the ratings on the
senior secured term loan and bank revolving facility to 'Caa1'
from 'B2', the second lien notes to Caa3 from Caa1, and all
unsecured notes to 'Ca', from 'Caa2'.  Moody's also affirmed the
Speculative Grade Liquidity rating of SGL-3.  The outlook is
negative.

As reported by the TCR on July 9, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Arch Coal
to 'CC' from 'CCC+'.  Standard & Poor's Ratings Services said it
lowered its corporate credit rating on Arch Coal to 'CC' from
'CCC+'.  The rating action reflects Arch Coal's July 3, 2015,
announcement of a private debt exchange offer for its senior
unsecured debt.


ASR 2401: Okins & Adams Granted $207K in Fees, Expenses
-------------------------------------------------------
Judge Letitia Z. Paul of the United States Bankruptcy Court for the
Southern District of Texas, Houston Division, granted the fee
application filed by Okin & Adams LLP, counsel for ASR 2401
Fountainview, LLC, and ASR 2401 Fountainview, LP, for the period
September 30, 2014, through June 12, 2015.

Okins & Adams LLP sought allowance of $205,490 in compensation for
services rendered, and $2,250 in reimbursement of expenses, for
657.5 hours of services rendered in between September 30, 2014, and
June 12, 2015.

Judge Paul found that although the fee application was filed no
more than 20 days after the date set forth in the debtor's plan,
there is no prejudice to adverse parties from the late filing,
there are no pending proceedings affected by the short delay, and
that the applicant acted in good faith.  The judge thus concluded
that the fee application should be granted, subject to the
limitation that all other claims receive the full distribution to
which they are entitled under the plan.

The case is IN RE ASR 2401 FOUNTAINVIEW, LLC and ASR 2401
FOUNTAINVIEW, LP, Debtors, CASE NO. 14-35323-H3-11, (JOINTLY
ADMINISTERED) (Bankr. S.D. Tex.).

A full-text copy of Judge Paul's November 30, 2015 memorandum
opinion is available at http://is.gd/33r3qcfrom Leagle.com.

Embraer Aircraft Maintenance Services, Inc. is represented by:

          Derek W. Edwards, Esq.
          WALLER, LANSDEN, DORTCH & DAVIS
          Nashville City Center
          511 Union Street Suite 2700
          Nashville, TN 37219
          Tel: (615) 244-6380
          Fax: (615) 244-6804
          Email: derek.edwards@wallerlaw.com

                       About ASR 2401

ASR 2401 Fountainview, LP, owns and operates a 10-story office
building located at 2401 Fountainview, Houston, Texas 77057 ("2401
Fountainview").  2401 Fountainview was purchased in February 2006.
The property is located at the southeast corner of Burgoyne Road
and Fountainview Drive.  The land contains approximately 3.5789
acres or 155,897 square feet.  The office building contains
approximately 179,726 square feet of net rentable space.

ASR 2401 Fountainview, LP, and ASR 2401 Fountainview, LLC sought
Chapter 11 bankruptcy protection in Houston (Bankr. S.D. Tex. Case
Nos. 14-35322) on Sept. 30, 2014.  Each debtor estimated assets
and debt of $10 million to $50 million.

The Debtors have tapped Christopher Adams, Esq., at Okin Adams &
Kilmer LLP, in Houston, as counsel.

By an agreed order entered Jan. 6, 2015, Preferred Income Partners
IV, LLC, the limited partner of the LP Debtor, was allowed to
assume operational control with respect to the operation and
management of 2401 Fountainview, and the LP Debtor was authorized
to retain Jetall Companies, Inc. to manage the property.

JPMCC 2006-LDP7 Office, 2401, LLC, has a secured claim on account
of a $12,750,000 loan to the Debtor to finance the purchase of
2401 Fountainview.  Petrochem Development I, LLC, and Dansk ASR
Investment, LLC, also assert secured claims against the Debtors
but the Debtors are objecting to their claims.

The Debtors and Dansk have submitted competing Chapter 11 plans
for the Debtors.

Dansk is represented by Julia A. Cook, Esq., and Jeffrey M. Hirsch,
Esq., at Schlanger, Silver, Barg & Paine, LLP.  JPMCC 2006-LDP7
Office 2401, LLC, is represented by Sean B. Davis, Esq., and Joseph
G. Epstein, Esq., at Winstead PC.  Preferred Income Partners IV,
LLC, is represented by Harold N. May, Esq., at Harold "Hap" May,
PC.


ATLANTIC & PACIFIC: Millwood Buying NY Store for $2.4-Mil.
----------------------------------------------------------
A&P Real Property LLC has entered into an agreement with Millwood
Merchant LLC for the sale of its retail store in New York.

Under the deal, A&P will receive $2.4 million for the assets used
in operating the store located at 230 Saw Mill River Road,
Millwood, New York.

Millwood Merchant will pay the company $2.25 million for the
assignment of the lease, and $150,000 for the other assets.

A certain Ruben Luna was selected as the winning bidder at the
court-supervised auction held in October for the Millwood store.
Mr. Luna assigned his bid to Millwood Merchant after the auction,
according to court filings.

The sale is subject to approval by U.S. Bankruptcy Judge Robert
Drain who oversees A&P's bankruptcy case.

       About The Great Atlantic & Pacific Tea Company, Inc.

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.

The Debtor disclosed total assets of $601,441,108 and total
liabilities of $1,984,459,086 as of the Petition Date.

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

The U.S. Trustee for Region 2 appointed seven creditors to serve on
the official committee of unsecured creditors.  Pachulski Stang
Ziehl & Jones LLP serves as its counsel, and Zolfo Cooper, LLC, as
serves as its financial advisors and bankruptcy consultants.


ATLANTIC & PACIFIC: Sells New Castle Store to L&S for $750K
-----------------------------------------------------------
An affiliate of Great Atlantic & Pacific Tea Company Inc. has sold
some of its assets to L&S Properties Inc., which made a $750,000
offer.

Under the deal, L&S Properties offered $400,000 to acquire the
lease, and $350,000 for the other assets used in operating A&P Real
Property LLC's retail store in Delaware.

The store, located at 2044 New Castle Avenue, New Castle, operates
under the Superfresh name, according to court filings.

The sale was approved by Judge Robert Drain of the U.S. Bankruptcy
Court for the Southern District of New York.  A copy of the court
order is available for free at http://is.gd/SV7HjE

The unions affected by the sale had dropped their objections and
waived their rights to assert any claim against the company under
the "successorship" provisions of their collective bargaining
agreements.

UFCW Union Local 27 and UFCW International Union had earlier
criticized the company for not requiring the buyer to assume their
contractual agreements, court filings show.

       About The Great Atlantic & Pacific Tea Company, Inc.

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.

The Debtor disclosed total assets of $601,441,108 and total
liabilities of $1,984,459,086 as of the Petition Date.

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

The U.S. Trustee for Region 2 appointed seven creditors to serve on
the official committee of unsecured creditors.  Pachulski Stang
Ziehl & Jones LLP serves as its counsel, and Zolfo Cooper, LLC, as
serves as its financial advisors and bankruptcy consultants.



ATLANTIC & PACIFIC: Sells Six NY Stores to Best Yet Market
----------------------------------------------------------
A&P Real Property, LLC will get $4.725 million from the sale of six
stores in New York state to Best Yet Market Inc.

U.S. Bankruptcy Judge Robert Drain recently allowed A&P, an
affiliate of Great Atlantic & Pacific Tea Company Inc., to sell its
stores located in Great Neck, Greenwich, Islip, Selden, Shirley and
West Babylon.

The company runs the stores under the Waldbaums, Pathmark and Food
Emporium names.

As part of the deal, A&P will assume and assign the store leases to
the buyer.  Moreover, Best Yet Market will offer employment to
certain A&P workers, according to court filings.

A copy of Judge Drain's order is available without charge at  
http://is.gd/78k5oJ

       About The Great Atlantic & Pacific Tea Company, Inc.

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.

The Debtor disclosed total assets of $601,441,108 and total
liabilities of $1,984,459,086 as of the Petition Date.

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

The U.S. Trustee for Region 2 appointed seven creditors to serve on
the official committee of unsecured creditors.  Pachulski Stang
Ziehl & Jones LLP serves as its counsel, and Zolfo Cooper, LLC, as
serves as its financial advisors and bankruptcy consultants.


AVIS BUDGET: DBRS Hikes Issuer Rating to 'BB'
---------------------------------------------
DBRS, Inc. upgraded the Issuer Rating of Avis Budget Group, Inc.
and its related subsidiaries, to BB from BB (low). The Company's
Senior Unsecured Debt rating was also upgraded to BB (low) from B
(high). The trend on all ratings is Stable. The rating action
follows a detailed review of the Company’s operating results,
financial fundamentals and future prospects.

The rating action reflects the strength of the Avis Budget
franchise, which is underpinned by its multi-brand strategy and
top-tier market position in North America, and the Company’s
increasing international presence following a number of strategic
acquisitions. Importantly to the ratings, DBRS sees these
acquisitions, in particular the transformative acquisition of Avis
Europe plc in 2011, along with other actions taken by management,
as strengthening the Company’s earnings capacity. From DBRS’s
perspective, this improvement entails not only higher revenue
generation and improved operating margins, but also a more
resilient earnings profile, better positioning the Company to
withstand a cyclical downturn while maintaining appropriate
operating results. The rating action also considers the Company’s
fleet management acumen and well-managed liquidity profile. Ratings
are constrained by the Company’s reliance on secured forms of
wholesale funding and the leveraged balance sheet.

The Stable trend reflects DBRS’s view that Avis Budget will
continue to generate solid operating results in 2016. Indeed,
modest economic expansion in the U.S. and other key markets should
support higher business and leisure travel volumes underpinning
rental car demand. The Stable trend also incorporates DBRS’s view
that industry fundamentals will remain mostly favorable supported
by transaction volume growth and a modest improvement in pricing.
While residual values are moderating, DBRS expects values to remain
above historical averages anchored by still favorable supply and
demand trends.

While upward ratings movement is unlikely over the medium-term,
further improvement in the capital structure, specifically higher
levels of tangible equity, reduced levels of outstanding debt and
lower leverage may lead to positive rating momentum. Further,
continuing sound operating performance accompanied by a notable
reduction in the reliance on the North American on-airport market
could have positive rating implications. Conversely, a sustained
decline in revenue generation indicating a weakening of the
franchise, or a material loss resulting from fleet mismanagement
could result in downward rating pressure. Moreover, a deterioration
in the Company’s liquidity position or a notable increase in
leverage; especially if driven by a large acquisition, may
negatively impact ratings.

In recent years, Avis Budget has strengthened the franchise by
broadening its geographic operating footprint and diversifying its
portfolio of brands. Further, management has sought to expand
revenues from more profitable channels and improve operating
efficiency. As a result of these actions, Avis Budget has become
less dependent on North American travel volumes, while improving
the resiliency of revenues. Indeed, International revenues were 30%
of total revenues in 9M15, compared to 16% in 2009, despite
headwinds from the stronger U.S. dollar. Meanwhile, off-airport
revenues were also 30% of total revenues in 9M15, up from
approximately 19% in 2009. This improvement in revenue mix was
accomplished while improving operating margins and returns. For
9M15, Avis Budget generated pre-tax income of $378 million, a 5%
improvement year-over-year (YoY) on total revenues of $6.6 billion.
Cost adjusted EBITDA margins for 9M15 were a very solid 11.7%,
which would be the highest in Company history, if maintained for
the full year.

Avis Budget's risk profile is stable with no material change in the
Company’s risk exposures. However, the Company has taken a number
of actions since the last recession to better mitigate these risks
during another industry downturn. To lower the Company’s exposure
to residual value risk from the vehicle fleet, Avis Budget has
broadened the number of manufacturers and vehicle models in the
fleet, while also having a more balanced fleet mix by vehicle risk
type. At year-end 2014, 42% of the Company’s fleet was comprised
of program vehicles (those vehicles benefiting from a residual
value guarantee from the manufacturer), a greater portion than its
industry peers. To offset the impact of higher vehicle costs on
financial results, Avis Budget has also expanded the usage of
alternative sales channels for the disposition of risk vehicles,
allowing the Company to capture a greater share of the normally
higher retail sales price compared to those via the wholesale
auction channel. DBRS also sees the greater fleet diversity by
original equipment manufacturer (OEM) as better protecting the
Company from a disruption to vehicle supply should any one
manufacturer become financially distressed or face a prolonged work
stoppage. Overall, DBRS sees these actions as prudent during a
period of expected moderation in used vehicle values, and further
evidence of Avis Budget’s sound fleet management capabilities,
which is an important factor in the ratings.

Liquidity continues to be well-managed and sufficient to meet
upcoming requirements. Corporate debt maturities are manageable
with no maturities until late 2017 ($548 million). Nevertheless,
the Company’s reliance on vehicle-backed debt, which tends to
have shorter durations than corporate debt, does introduce a degree
of refinancing risk.

Avis Budget's highly leveraged balance sheet continues to be a
constraint on the ratings. At September 30, 2015, balance sheet
leverage (debt-to-equity, including fleet debt) was a very high
22.5x. Importantly, DBRS notes on a cash flow leverage basis,
(Debt-to-last twelve months EBITDA) leverage was relatively stable
from the comparable period a year ago at 4.4x.




BERNARD L. MADOFF: Kingate Denied Appeal in $825M Clawback Suit
---------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that a New York
federal judge on Dec. 8, 2015, blocked Bernie Madoff feeder fund
Kingate Management Ltd.'s bid for a quick appeal after failing over
the summer to escape a trustee's $825 million clawback suit, saying
the appeal doesn't raise a novel legal question.

U.S. District Judge Paul Oetken denied Kingate's motion seeking
leave to file an interlocutory appeal that would have challenged a
bankruptcy court ruling from August that left intact most of the
lawsuit against the fund.  The complaint seeks the return of
millions in proceeds.

                    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.


BFG INVESTMENTS: High Court Won't Hear Suit Against Ch. 11 Trustee
------------------------------------------------------------------
Carmen Germaine at Bankruptcy Law360 reported that the U.S. Supreme
Court has declined to take up an appeal of a Fifth Circuit ruling
that a company can't sue its bankruptcy trustee for allegedly
failing to pursue a claim against its insurance provider because
the company failed to get the approval of the bankruptcy court.
The high court on Dec. 7, 2015, denied a petition for writ of
certiorari filed by BFG Investments LLC and its president John E.
Villegas, who had sought review of a May decision.

BFG Investments, L.L.C. and BFG Development, Inc. were both owned
by John E. Villegas.  Both Investments and Development filed for
relief under Chapter 11 of the United States Bankruptcy Code in
2005.  When the cases were converted to Chapter 7 in 2006, Michael
B. Schmidt was appointed to act as the Chapter 7 Trustee for
Investments and Lisa Nichols served as Trustee for Development.

The Plaintiffs filed their Complaint, alleging that the Bankruptcy
Judge issued void orders that deprived the Plaintiffs of their
property.  In particular, Villegas complains that he lost all
value in the corporations when the automatic stay of 11 U.S.C.
Sec. 362 was lifted to allow creditors to collect against
corporate property without the benefit of insurance proceeds. The
Plaintiffs allege that the properties had been insured by
Nationwide Insurance and that the insurance should have been made
available to satisfy creditors.  Nationwide denied having issued
any coverage and a cause of action against Nationwide was
scheduled as property of the estate valued at $10 million.
However, Schmidt did not pursue that claim and it was abandoned.
Investments' Chapter 7 bankruptcy has been closed.

Plaintiffs John E. Villegas, BFG Investments LLC, and BFG
Development Inc., are represented by:

     Chad Edward Fulda, Esq.
     HELLER AND ASSOCIATES LAW OFFICES PLLC
     801 W. Nolana Ave., Suite 321
     McAllen, TX 78504
     Tel: 956-687-8181
     Fax: 888-805-7885

Michael B. Schmidt, Trustee, is represented by:

     Michael Stuart Lee
     THE LEE FIRM PC
     615 N Upper Broadway Street # 708
     Corpus Christi, TX 78401
     Tel: (361) 882-4444


BION ENVIRONMENTAL: Has Substantial Doubt on 'Going Concern'
------------------------------------------------------------
Bion Environmental Technologies, Inc. has not generated significant
revenues and has incurred net losses (including significant
non-cash expenses) of approximately $5,640,000 and $5,762,000
during the years ended June 30, 2015 and 2014, respectively and a
net loss of approximately $833,000 during the three months ended
September 30, 2015, compared to a net loss of $706,000 for the same
period in 2014.  At September 30, 2015, the company has a working
capital deficit and a stockholders' deficit of approximately
$9,802,000 and $11,146,000, respectively.  

"These factors raise substantial doubt about the company's ability
to continue as a going concern," Mark A. Smith, president and chief
financial officer, and Dominic Bassani, chief executive officer of
the company said in a regulatory filing with the U.S. Securities
and Exchange Commission on November 9, 2015.

According to Messrs. Smith and Bassani, the company continues to
explore sources of additional financing to satisfy its current
operating requirements as it is not currently generating any
significant revenues.

During the years ended June 30, 2015 and 2014, the company received
total proceeds of $1,000,940 and $944,400, respectively, from the
sale of its equity securities.  Proceeds during the 2015 and 2014
fiscal years have been lower than in earlier years and accordingly
has negatively impacted the company's business development efforts.


During the three months ended September 30, 2015, the company
entered into subscription agreements to exercise certain warrants
with expiry dates on or before December 31, 2015, into restricted
shares of the company's common stock at a reduced exercise price of
$1.05, for the period from June 30, 2015 through July 15, 2015.   
Pursuant to the offering, 265,894 warrants were exercised and
265,894 shares of the company's restricted common stock were issued
during the three months ended September 30, 2015, resulting in cash
proceeds of $174,189 and receipt of a $105,000 interest bearing,
collateralized promissory note.  

Messrs. Smith and Bassani disclosed: "During fiscal years 2015 and
2014 and through the three months ended September 30, 2015, the
company experienced greater difficulty in raising equity funding
than in the prior years.  As a result, the company faced, and
continues to face, significant cash flow management challenges due
to working capital constraints. To partially mitigate these working
capital constraints, the company's core senior management and
several key employees and consultants have been deferring (and
continue to defer) all or part of their cash compensation and/or
are accepting compensation in the form of securities of the company
and members of the company's senior management have made loans to
the company.  Additionally, the company made reductions in its
personnel during the year ended June 30, 2014.  

"The constraint on available resources has had, and continues to
have, negative effects on the pace and scope of the company's
efforts to develop its business.  The company has had to delay
payment of trade obligations and has had to economize in many ways
that have potentially negative consequences.  If the company does
not have greater success in its efforts to raise needed funds
during the balance of the 2016 fiscal year (and subsequent
periods), management will need to consider deeper cuts (including
additional personnel cuts) and curtailment of operations (including
possibly Kreider 1 operations) and/or research and development
activities.

"The company will need to obtain additional capital to fund its
operations and technology development, to satisfy existing
creditors, to develop Integrated Projects and Concentrated Animal
Feeding Operation (CAFO) waste remediation systems (including the
Kreider 2 facility) and to continue to operate the Kreider 1
facility.  The company anticipates that it will seek to raise from
$2,500,000 to $50,000,000 or more debt and/or equity through joint
ventures and/or sale of its equity securities  (common, preferred
and/or hybrid) and/or debt (including convertible) securities,
and/or through use of 'rights' and/or warrants (new and/or
existing)  during the next twelve months.  However, there is no
assurance, especially in light of the difficulties the company has
experienced in recent periods and the extremely unsettled capital
markets that presently exist (especially for small companies), that
the company will be able to obtain the funds that it needs to stay
in business, complete its technology development or to successfully
develop its business and projects.

"There is no realistic likelihood that funds required during the
next twelve months or in the periods immediately thereafter for the
company's basic operations and/or proposed projects will be
generated from operations.  Therefore, the company will need to
raise sufficient funds from external sources such as debt or equity
financings or other potential sources.  The lack of sufficient
additional capital resulting from the inability to generate cash
flow from operations and/or to raise capital from external sources
would force the company to substantially curtail or cease
operations and would, therefore, have a material adverse effect on
its business.  Further, there can be no assurance that any such
required funds, if available, will be available on attractive terms
or that they will not have a significantly dilutive effect on the
company's existing shareholders.  

"All of these factors have been exacerbated by the extremely
unsettled credit and capital markets presently existing for small
companies like Bion."

At September 30, 2015, the company had total assets of $2,220,299,
total liabilities of $13,304,703, and total deficit of
$11,084,404.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/jzmrsyz

Crestone, Colorado-based Bion Environmental Technologies, Inc. is
focused on using applications of its patented and proprietary waste
management technologies and technology platform to pursue three
main business opportunities: installation of Bion systems to
retrofit and environmentally remediate existing Concentrated Animal
Feeding Operations (CAFOs) in selected markets; development of
Integrated CAFOs; and licensing and joint venturing of Bion's
technology and applications outside North America.



BON-TON STORES: Incurs $34 Million Net Loss in Third Quarter
------------------------------------------------------------
The Bon-Ton Stores, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $33.99 million on $623.40 million of net sales for the 13 weeks
ended Oct. 31, 2015, compared to a net loss of $11 million on
$642.73 million of net sales for the 13 weeks ended Nov. 1, 2014.

For the 39 weeks ended Oct. 31, 2015, the Company reported a net
loss of $107.62 million on $1.78 billion of net sales compared to a
net loss of $78.71 million on $1.81 billion of net sales for the 39
weeks ended Nov. 1, 2014.

As of Oct. 31, 2015, the Company had $1.86 billion in total assets,
$1.88 billion in total liabilities and a total shareholders'
deficit of $17.79 million.

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

                      http://is.gd/n3AwZC

                     About Bon-Ton Stores

The Bon-Ton Stores, Inc., with corporate headquarters in York,
Pennsylvania and Milwaukee, Wisconsin, operates 270 stores, which
includes nine furniture galleries and four clearance centers, in
26 states in the Northeast, Midwest and upper Great Plains under
the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman,
Herberger's and Younkers nameplates.  The stores offer a broad
assortment of national and private brand fashion apparel and
accessories for women, men and children, as well as cosmetics and
home furnishings.  For further information, please visit the
investor relations section of the Company's Web site at
http://investors.bonton.com.   

Bon-Ton Stores reported a net loss of $6.97 million on $2.75
billion of net sales for the fiscal year ended Jan. 31, 2015,
compared to a net loss of $3.55 million on $2.77 billion of net
sales for the fiscal year ended Feb. 1, 2014.  The Company reported
a net loss of $21.6 million for the fiscal year ended Feb. 2,
2013.

                           *     *     *

As reported by the TCR on May 15, 2013, Moody's Investors Service
upgraded Bon-Ton Stores's Corporate Family Rating to 'B3' from
'Caa1' and its Probability of Default Rating to 'B3-PD' from
'Caa1-PD'.

"The upgrade of Bon-Ton's Corporate Family Rating considers the
company's ability to drive modest same store sales growth as well
as operating margin expansion beginning in the second half of 2012
and that these positive trends have continued, with the company
reporting that its same store were positive, and EBITDA margins
expanded, in the first fiscal quarter of 2013," said Moody's Vice
President Scott Tuhy.

As reported by the TCR on May 17, 2013, Standard & Poor's Ratings
Services affirmed the 'B-' corporate credit rating on Bon-Ton
Stores.


CANADIAN ENERGY: DBRS Confirms B(high) Issuer Rating
----------------------------------------------------
DBRS Limited has confirmed the Issuer Rating and the Senior
Unsecured Notes rating of Canadian Energy Services & Technology
Corp. (CES or the Company) at B (high) and maintained the trends at
Negative. The recovery rating for the Notes remains unchanged at
RR4. The confirmations reflect: (1) CES's business risk profile
remaining supportive of the current rating category, underpinned by
continued growth in the Production and Specialty Chemical segment
(Production and Specialty Chemical); (2) reasonable key credit
metrics, although at the low end for the rating range; and (3) an
adequate liquidity position with manageable refinancing risk over
the next 24 months. The Negative trend reflects the significant,
ongoing challenges of a low commodity pricing environment on market
activity and pricing across all business segments, but to a greater
extent for the Drilling Fluids segment (Drilling Fluids), and
concerns of continued deterioration of CES's key credit metrics to
levels materially beyond the current rating on a prolonged basis.

CES's business risk profile remains supportive of the B (high)
rating as the Company continued to experience organic growth in
Production and Specialty Chemicals in both Canada and the United
States despite the weak commodity pricing environment in 2015.
Growth over the past couple years have been driven by the
successful integration of a number of acquisitions, most notably
JACAM Chemical Company, Inc. in 2013. Production and Specialty
Chemicals benefits from relatively more stable demand and stronger
margins compared to Drilling Fluids. Going forward, DBRS expects
that Production and Specialty Chemicals will account for an
increasing proportion of CES’s consolidated earnings and
operating cash flow. The Company’s size and scale, and moderately
flexible capital expenditure (capex) profile also remain supportive
of the current rating. As such, DBRS expects CES’s business risk
profile to remain commensurate with the B (high) rating.

On February 11, 2015, DBRS changed the trends on CES's Issuer
Rating and the Notes to Negative to reflect concerns of a material
deterioration of CES's financial profile beyond the current rating
parameters, given the low commodity environment. For the nine
months ended September 30, 2015 (9M 2015), CES's key credit metrics
have weakened, driven by a significant decline in market activity
and ongoing pricing pressures on margins, particularly from
Drilling Fluids. Operating cash flows and EBITDA declined 22% and
36%, respectively, year over year, while EBITDA margins declined to
14% from 19%. These negative drivers were partially offset by
continued market share growth in Production and Specialty
Chemicals, a stronger USD exchange rate combined with increasing
earnings contributions from the U.S. and a reduction of debt as the
Company converted a significant amount of working capital into cash
in the low activity environment ($313 million of total debt
outstanding at 9M 2015 versus $376 million in 2014). As a result,
despite weakening over the past 12 months, CES's key credit metrics
are currently still supportive of the B (high) rating, although
they are now on the low end of the rating range.

However, CES's financial profile remains vulnerable as reflected by
the Negative trend, particularly if the weak commodity pricing
environment were to extend through 2016. Under a continued low
commodity pricing environment, drilling activity and margins are
expected to remain weak in North America, which will likely result
in a continued deterioration of operating cash flows, particularly
for Drilling Fluids. Continued growth in Production and Specialty
Chemicals going forward could partially offset this negative
pressure. Nonetheless, with a dividend payout ratio (71% as a
percentage of operating cash flows in 9M 2015) that is high, the
Company will likely generate a significant free cash flow deficit,
assuming capex and dividends remain in line with 2015 levels. DBRS
recognizes that there is flexibility in CES's expansionary capex
program that could reduce the funding pressure on its balance
sheet. Notwithstanding the expectation of further capex curtailment
under weak market conditions, should CES's key credit metrics
deteriorate beyond the current rating range with no improvements
expected over time, this could lead to a rating downgrade. CES's
trends may be changed to Stable if the magnitude of the expected
free cash flow deficits are reduced significantly going forward,
leading to an improved outlook on credit metrics to a level that is
commensurate with the rating. This can potentially be achieved
through significant capex and dividend curtailment and/or sustained
improvement in market activity and margins.

CES's liquidity position is expected to remain adequate to fund
near-term capex and operations (including working capital).
Liquidity is supported by a $200 million senior credit facility
(undrawn as of September 30, 2015) and $21 million of cash on hand.
Refinancing risk is manageable as the Notes do not mature until
April 2020, while the credit facility does not mature until
September 2018.




CITI HELD 2015-PM3: Fitch to Rate Cl. C Debt 'BB-sf(EXP)'
---------------------------------------------------------
Fitch Ratings expects to assigns the following ratings to Citi Held
for Asset Issuance 2015-PM3 (CHAI 2015-PM3), which consists of
notes backed by marketplace loans serviced by Prosper Funding, LLC
(Prosper):

-- $161,525,000 class A notes at 'A+sf(EXP)'; Outlook Stable;
-- $59,825,000 class B notes at 'BBB+sf(EXP)'; Outlook Stable;
-- $43,375,000 class C notes at 'BB-sf(EXP)'; Outlook Stable.

KEY RATING DRIVERS

Adequate Collateral Quality: The 2015-PM3 trust pool consists of
100% unsecured, fixed-rate, fully amortizing, consumer loans that
have either 36- or 60-month original loan terms, as well as
originated and serviced on Prosper's marketplace online lending
platform. The pool exhibits a weighted average FICO score of 705
and a weighted average borrower rate of 13.61%.

Sufficient CE and Liquidity Support: The initial hard credit
enhancement (CE) for class A, B and C is expected to be 46.50%,
26.50% and 12.00%, respectively. Liquidity support is provided by a
nondeclining reserve account, which will be fully funded at closing
at 0.50% of the initial pool balance. Transaction cash flows were
satisfactory under all stressed scenarios, commensurate with the
expected ratings.

Untested Performance through a Full Economic Cycle: Loans
originated and serviced via online platforms, such as Prosper's, do
not yet have a performance history through a recessionary
environment. Furthermore, as the underlying consumer loans are
unsecured and primarily intended for debt consolidation, Fitch
expects borrowers to treat paying down these loans as a lower
priority relative to other borrowings, such as an auto loan or a
mortgage. As such, the pool could experience especially elevated
default frequency in an economic downturn.

Satisfactory Servicing Capabilities: Prosper will service all the
loans in the 2015-PM3 trust, and Citibank, N.A. will act as the
backup servicer. Fitch considers the servicing operations of
Prosper of consumer loans to be acceptable and Citibank, as a
backup servicer, to be effective.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults or chargeoffs
on customer accounts could produce loss levels higher than the base
case and would likely result in declines of CE and remaining loss
coverage levels available to the investments. Decreased CE may make
certain ratings on the investments susceptible to potential
negative rating actions, depending on the extent of the decline in
coverage.

Fitch conducts sensitivity analysis by stressing a transaction's
initial base case charge-off assumption by 1.5x, 2.0x, and 2.5x and
examining the rating implications. Under the 1.5x base case stress
scenario, the class A notes would retain the current rating, while
the class B notes would experience a two notch downgrade. Under the
2.0x base case stress scenario, the class A notes would be
downgraded two notches, while the class B notes would downgraded
below investment grade. Under the 2.5x base case stress scenario,
the class A notes would be downgraded to 'BBBsf', and the class B
notes would experience downgrades greater than two categories.
Under all three stressed scenarios, the class C notes would fall to
'CCCsf'.

Additionally, loans originated and serviced via online platforms
such as Prosper's are still relatively new, and may be subject to
regulatory scrutiny over concerns such as the 'true lender' among
the parties and violations of state usury laws. Fitch believes it
to be unlikely that this transaction will be materially affected by
such regulatory actions.

DUE DILIGENCE USAGE

There were no third party due diligence provided, as Citi conducted
all the due diligence in-house.



CLEVELAND BIOLABS: Posts $3.22M Net Loss in Qtr. Ended Sept. 30
---------------------------------------------------------------
Cleveland BioLabs, Inc. (NASDAQ: CBLI) posted a net loss of
$3,215,900 for the three months ended Sept. 30, 2015, compared with
a net loss of $4,615,663 for the same period in 2014.

"Our auditors, Meaden & Moore, LLP, have indicated in their report
on our financial statements for the year ended December 31, 2014,
that conditions exist that raise substantial doubt about our
ability to continue as a going concern due to our recurring losses
and substantial decline in our working capital," said Yakov Kogan,
chief executive officer, and C. Neil Lyons, chief financial
officer, in a November 9, 2015 regulatory filing with the U.S.
Securities and Exchange Commission.

Messrs. Kogan and Lyons related, "We have incurred cumulative net
losses and expect to incur additional losses related to our
research and development activities.  We do not have commercial
products and have limited capital resources."

As of Sept. 30, 2015 we had $22.5 million in cash, cash equivalents
and short-term investments which, along with the active government
contracts, we believe will be sufficient to fund our projected
operating requirements for at least the next 12 months.  "However,
until we are able to commercialize our product candidates at a
level that covers our cash expenses, we will need to raise
substantial additional capital in the future to fund our operations
and we may be unable to raise such funds when needed and on
acceptable terms," the officers pointed out.

"Our plans with regard to these matters may include seeking
additional capital through debt or equity financing, the sale or
license of our drug candidates, or the issuance of equity and
additional revenues from the U.S. or Russian governments.  There is
no assurance that we will be successful in obtaining additional
financing on commercially reasonable terms or that we will be able
to secure funding from anticipated government contracts and
grants.

"We believe we have generated sufficient cash flow to sustain our
operations for at least the next 12 months.  However, we do not
have any firm commitments for funding in the future.  If we are
unable to raise adequate capital and/or achieve profitable
operations, our future operations might need to be scaled back or
discontinued," Messrs. Kogan and Lyons stated.

At September 30, 2015, the company had total assets of $24,661,981,
total liabilities of $10,136,763, and total stockholders' equity of
$14,525,218.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/ze9vqnc

Cleveland BioLabs, Inc. (NASDAQ: CBLI) is a biopharmaceutical
company developing novel approaches to activate the immune system
and address serious unmet medical needs.  The Buffalo, New
York-based company's proprietary platform of toll-like immune
receptor activators has applications in radiation mitigation,
oncology immunotherapy and vaccines.


CONNER CREEK: S&P Cuts Rating on Series 2007 Bonds to 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating on
Conner Creek Academy East (CCAE), Mich.'s series 2007 revenue and
refunding bonds to 'B' from 'B+'.  The outlook is stable.

"The rating action reflects our view of CCAE's very limited balance
sheet flexibility, with persistently low days' cash on hand and
unrestricted net assets that are below covenant levels," said
Standard & Poor's ratings analyst Avani Parikh.

S&P understands the school is making progress toward building
reserves, with expected covenant compliance in fiscal 2016.
Further, the violation is not considered an event of default nor
have bondholders taken any action at this time.  "In our view, the
school's steady operations, with near 1x maximum annual debt
service coverage, fairly stable enrollment and recent three-year
charter renewal provide a degree of flexibility at the current
rating level and support the stable outlook at this time,"
Ms. Parikh added.  In addition, academic performance has been
generally improving, though scores remain weak in certain areas
relative to district and state averages, based on latest available
data.

The stable outlook reflects S&P's view of CCAE's relatively stable
enrollment, with expectations of sustained operations providing 1x
maximum annual debt service coverage, steady liquidity and growth
in unrestricted net assets to covenant levels over the one-year
outlook period.  S&P also expects academic performance will
continue to improve based on the school's targeted strategies and
turnaround plan.

S&P could consider a negative rating action within its outlook
period if enrollment declines from current levels, operations or
coverage are pressured, or liquidity falls below current days' cash
on hand.  In addition, if the school fails to make progress toward
bond covenant compliance, with resulting bondholder action or
potential acceleration, we could lower the rating.  In the unlikely
event of a significant increase in liquidity, enrollment, and
academic performance within the outlook period, S&P could consider
a positive rating action.



CONSOLIDATED FREIGHTWAYS: Ex-Employee Wants Retrial on Atty. Suit
-----------------------------------------------------------------
Jacob Fischler at Bankruptcy Law360 reported that a former
Consolidated Freightways employee has again asked the U.S. Supreme
Court to hear his malpractice suit against a Goldman & Rosen Ltd.
attorney who represented him in the company's bankruptcy, renewing
a plea that an Ohio appeals court's unprecedented ruling blocked
future malpractice claims.

After the high court early last month turned down James W. Hall's
petition for writ of certiorari in a malpractice suit claiming Marc
P. Gertz limited how much of an $800,000 discrimination verdict the
former Consolidated Freightways worker could recover.

                  About Consolidated Freightways

Headquartered in Vancouver, Washington, Consolidated Freightways
Corporation was comprised of national less-than-truckload carrier
Consolidated Freightways, third party logistics provider Redwood
Systems, Canadian Freightways LTD, Grupo Consolidated Freightways
in Mexico and CF AirFreight, an air freight forwarder.
Consolidated Freightways was a transportation company primarily
providing LTL freight transportation throughout North America
using
its system of 300 terminals and over 18,000 employees.  

The Company and its debtor-affiliates filed for chapter 11
protection on September 3, 2002 (Bankr. C.D. Cal. Case No.
02-24284).  Michael S. Lurey, Esq., at Latham & Watkins LLP,
represented the Debtors.  When the Debtors filed for bankruptcy,
they listed $783,573,000 in total assets and $791,559,000 in total
debts.

The Bankruptcy Court confirmed the Debtors' Amended Consolidated
Plan of Liquidation on Nov. 18, 2004.


CORD BLOOD: Board Mulls Possible Sale of Assets
-----------------------------------------------
Cord Blood America, Inc., announced that its Board of Directors
has unanimously determined to undertake a review of strategic
alternatives available to the Company, which may include a possible
sale of assets or the sale of the Company, along with other
alternatives or forms of business combination.  The review of any
alternatives would be evaluated against the Company's progress as a
standalone business as it continues to execute or considers a
change in its strategic business plan.

CBAI's Chairman David Sandberg stated, "Our Board is committed to
acting in the best interests of shareholders and believes it is
appropriate to explore strategic alternatives that might provide
additional opportunities to enhance value for shareholders."

The Company noted that no decision has been made to enter into any
transaction at this time, and there can be no assurance that the
Board's review process will result in any transaction or other
alternative.  The review of strategic alternatives will be run by a
committee of the Board consisting of all independent directors.
There is no set timetable for the strategic review process and the
Company does not intend to provide updates unless or until the
Board approves a specific action or otherwise determines that
disclosure is appropriate or necessary.

                      About Cord Blood America

Based in Las Vegas, Nevada, Cord Blood America, Inc., is primarily
a holding company whose subsidiaries include Cord Partners, Inc.,
CorCell Co. Inc., CorCell Ltd.; CBA Professional Services, Inc.
D/B/A BodyCells, Inc.; CBA Properties, Inc.; and Career Channel
Inc, D/B/A Rainmakers International.  Cord specializes in
providing private cord blood stem cell preservation services to
families.  BodyCells is a developmental stage company and intends
to be in the business of collecting, processing and preserving
peripheral blood and adipose tissue stem cells allowing
individuals to privately preserve their stem cells for potential
future use in stem cell therapy.  Properties was formed to hold
the corporate trademarks and other intellectual property of CBAI.
Rain specializes in creating direct response television and radio
advertising campaigns, including media placement and commercial
production.

The Company has been the subject of a going concern opinion by its
independent auditors who have raised substantial doubt as to the
Company's ability to continue as a going concern.  De Joya
Griffith, LLC, in Henderson, NV, noted that the Company has
incurred losses from operations, which losses have caused an
accumulated deficit of approximately $53.46 million as of Dec. 31,
2014.

The Company disclosed net income of $240,000 on $4.33 million of
revenue for the year ended Dec. 31, 2014, compared to a net loss of
$2.97 million on $3.82 million of revenue for the year ended Dec.
31, 2013.

As of Sept. 30, 2015, the Company had $3.87 million in total
assets, $3.42 million in total liabilities and $453,000 in total
stockholders' equity.


CRP-2 HOLDINGS: Has Until Jan. 15 to Use Cash Collateral
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
approved an agreed order between CRP-2 Holdings AA, L.P., and U.S.
Bank National Association, authorizing use of cash collateral until
Jan. 15, 2016.

The stipulation with U.S. Bank, solely as trustee for the
registered holders of J.P. Morgan Commercial Mortgage Securities
Trust 2006-LDP9, Commercial Mortgage Pass through Certificates
Series 2006-LDP9, acting by and through CW Capital Asset Management
LLC as special servicer under the Pooling and Service Agreement,
dated as of Dec. 1, 2006, provides that, among other things, the
continued hearing set for Dec. 1 is stricken, the Court will hold a
hearing on Dec. 15, 2015, at 10:00 a.m.

As reported by the Troubled Company Reporter on Oct. 2, 2015, the
Court gave the Debtor interim authority to use cash collateral
through and including Jan. 15, 2016.

The court overruled any objections to the Debtor's use of cash
collateral.  The court also granted U.S. Bank National Association
payment of monthly adequate protection of $660,000.

A hearing to consider the continued use of cash collateral is
scheduled for Dec. 1, 2015.

                       About CRP-2 Holdings

CRP-2 Holdings AA, L.P., a Delaware limited partnership that was
formed in May 2006 for the primary purpose of acquiring and
managing real property.  CRP-2 is controlled by Colony Realty
Partners GP II, LLC.  Between May and October of 2006, CRP-2
acquired 14 properties for a total purchase price of $286,732,400,
financing approximately 60% of the purchase price with proceeds
from a $171 million secured credit facility with JPMorgan Chase
Bank.  The Debtor at present owns 10 properties consisting of six
office buildings and 26 industrial buildings located in and around
Chicago, Washington D.C., Boston and New Jersey.

CRP-2 Holdings filed a Chapter 11 bankruptcy petition (Bankr. N.D.
Ill. Case No. 15-24683) on July 21, 2015.  Judge Donald R. Cassling
is assigned to the case.

The Debtor disclosed total assets of $171,349,208 and total
liabilities of $166,637,095.

The Debtor tapped FrankGecker LLP as counsel.

The official committee of unsecured creditors tapped Sugar
Felsenthal Grais & Hammer LLP as substitute counsel effective as of
Sept. 21, 2015.


CTI BIOPHARMA: BlackRock Owns 4.4% Stake as of Nov. 30
------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Nov. 30, 2015, it
beneficially owns 10,184,243 shares of common stock of CTI
Biopharma Corp., representing 4.4 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/Cjq1Vf

                      About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) --
http://www.ctibiopharma.com/-- formerly known as Cell
Therapeutics, Inc., is a biopharmaceutical company focused on
the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers
that offer a unique benefit to patients and healthcare providers.
The Company has a commercial presence in Europe and a late-stage
development pipeline, including pacritinib, CTI's lead product
candidate that is currently being studied in a Phase 3 program for
the treatment of patients with myelofibrosis.  CTI BioPharma is
headquartered in Seattle, Washington, with offices in London and
Milan under the name CTI Life Sciences Limited.

CTI Biopharma reported a net loss attributable to common
shareholders of $96 million in 2014, compared with a net loss
attributable to common shareholders of $49.6 million in 2013.

As of Sept. 30, 2015, the Company had $63.1 million in total
assets, $90.6 million in total liabilities and a $27.5 million
total shareholders' deficit.


CTI BIOPHARMA: BVF Partners May Nominate Two Directors
------------------------------------------------------
CTI BioPharma Corp., on Dec. 9, 2015, entered into a letter
agreement with BVF Partners L.P., an existing shareholder of the
Company, pursuant to which the Company granted BVF Partners a
one-time right to nominate not more than two individuals to serve
as members of the Company's Board of Directors, subject to the
Board's consent, which is not to be unreasonably withheld and which
consent shall be deemed automatically given with respect to two
individuals specified in such Letter Agreement.  One of such
nominees must (i) qualify as an "independent" director as defined
under the applicable rules and regulations of the SEC and The
NASDAQ Stock Market LLC and (ii) must not be considered an
"affiliate" of BVF Partners as such term is defined by Rule 12b-2
of the Securities

Pursuant to the Letter Agreement, BVF Partners has agreed, subject
to certain exceptions, from the date of the Letter Agreement until
the BVF Nominee is serving on the Board and the Letter Agreement is
terminated, that BVF Partners and its affiliates will not:

   (a) initiate or support any proposed transaction (whether
       merger, stock, purchase, tender offer, asset or otherwise)
       involving the acquisition of debt of the Company, greater
       than 50% of the Company's voting securities or
       substantially all of the Company's assets;

   (b) seek or propose to influence, advise, change or control the
       Company's management, Board, governing instruments,
       policies or affairs, including by means of a proxy
       solicitation;

   (c) initiate or support any proposal through a public
       communication for any Acquisition Transaction or certain
       other transactions;

   (d) publicly seek election of or publicly seek to place a
       director on the Board, publicly seek the removal of any
       director of the Company or call or seek to have called a
       meeting of the Company;

   (e) enter into any arrangements or understanding with, or
       advise or assist any third party with respect to, the
       foregoing, including through the formation of a group
       within the meaning of Section 13(d)(3) of the Exchange Act;

   (f) advise, assist, encourage or knowingly finance any person
       in connection with the foregoing;

   (g) publicly disclose any plan, intention or proposal to do any
       of the foregoing; or

   (h) make any public disclosure or take any action that could
       require the Company to make any disclosure with respect to
       the foregoing.

In addition, the Letter Agreement provides that, if subsequently
deemed necessary to limit the beneficial ownership of Common Stock
of BVF Partners and its affiliates to 9.99%, the Company, subject
to any Board or Board committee approvals, will exchange shares of
Common Stock underlying the convertible Series N-2 Preferred Stock
purchased by BVF Partners in the Offering into shares of a
convertible non-voting preferred stock with substantially similar
terms as the convertible Series N-2 Preferred Stock, including a
conversion "blocker" initially set at 9.99% of the Common stock,
but without the automatic conversion provisions.  That right would
terminate if at any time BVF Partners' beneficial ownership falls
below 5% of the Company.  The Company will take commercially
reasonable efforts to cooperate to effectuate such exchange,
provided that it does not adversely affect the Company's ability to
effect a reverse stock split without the necessity for shareholder
approval.

                       About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) --
http://www.ctibiopharma.com/-- formerly known as Cell
Therapeutics, Inc., is a biopharmaceutical company focused on
the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers
that offer a unique benefit to patients and healthcare providers.
The Company has a commercial presence in Europe and a late-stage
development pipeline, including pacritinib, CTI's lead product
candidate that is currently being studied in a Phase 3 program for
the treatment of patients with myelofibrosis.  CTI BioPharma is
headquartered in Seattle, Washington, with offices in London and
Milan under the name CTI Life Sciences Limited.

CTI Biopharma reported a net loss attributable to common
shareholders of $96 million in 2014, compared with a net loss
attributable to common shareholders of $49.6 million in 2013.

As of Sept. 30, 2015, the Company had $63.13 million in total
assets, $90.64 million in total liabilities and a $27.51 million
total shareholders' deficit.


CTI BIOPHARMA: Closes Offering of $52.4M Preferred Shares
---------------------------------------------------------
CTI BioPharma Corp., on Dec. 4, 2015, entered into an underwriting
agreement with Piper Jaffray & Co. acting as sole book-running
manager and as representative of the several underwriters named
therein, relating to the offer and sale of 55,000 shares of the
Company's Series N-2 Preferred Stock, no par value per share.  The
price to the public in this Offering was $1,000 per share of Series
N-2 Preferred Stock.  The net proceeds to the Company from this
Offering are expected to be approximately $52.4 million, after
deducting underwriting discounts, commissions and other estimated
offering expenses.  The Offering closed on Dec. 9, 2015.

Each share of Series N-2 Preferred Stock is convertible at the
option of the holder (subject to a limited exception), at any time
after issuance, into the number of shares of the Company's common
stock, no par value per share, determined by dividing the aggregate
stated value of the Series N-2 Preferred Stock of $1,000 per share
to be converted by the initial conversion price of $1.10 per share
of Common Stock.  Cash will be paid in lieu of any fractional
shares.  The initial conversion price is subject to adjustment in
certain events.

The Company plans to use the net proceeds from the Offering to
support the commercial launch of pacritinib in the United States
for patients with myelofibrosis, to conduct additional research
concerning the possible application of pacritinib in indications
outside of myelofibrosis, to advance the commercialization of
PIXUVRI and to support the development of tosedostat in
registration-directed trials, as well as for general corporate
purposes, which may include funding research and development,
conducting preclinical and clinical trials, acquiring or
in-licensing potential new pipeline candidates, preparing and
filing possible new drug applications and general working capital.

In the Underwriting Agreement, the Company has agreed to indemnify
the Underwriters against certain liabilities, including liabilities
under the Securities Act of 1933, as amended, or to contribute to
payments that the Underwriters may be required to make because of
such liabilities.

On and effective Dec. 8, 2015, the Company filed an Articles of
Amendment to its Amended and Restated Articles of Incorporation, as
amended with the Secretary of State of the State of Washington,
establishing and designating the Series N-2 Preferred Stock and the
rights, preferences and privileges thereof.  Pursuant to the Series
N-2 Articles of Amendment, each share of Series N-2 Preferred Stock
is entitled to a liquidation preference equal to the initial stated
value of such holder's Series N-2 Preferred Stock of $1,000 per
share, plus any declared and unpaid dividends and any other
payments that may be due on such shares, before any distribution of
assets may be made to holders of capital stock ranking junior to
the Series N-2 Preferred Stock.

                      About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) --
http://www.ctibiopharma.com/-- formerly known as Cell
Therapeutics, Inc., is a biopharmaceutical company focused on
the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers
that offer a unique benefit to patients and healthcare providers.
The Company has a commercial presence in Europe and a late-stage
development pipeline, including pacritinib, CTI's lead product
candidate that is currently being studied in a Phase 3 program for
the treatment of patients with myelofibrosis.  CTI BioPharma is
headquartered in Seattle, Washington, with offices in London and
Milan under the name CTI Life Sciences Limited.

CTI Biopharma reported a net loss attributable to common
shareholders of $96 million in 2014, compared with a net loss
attributable to common shareholders of $49.6 million in 2013.

As of Sept. 30, 2015, the Company had $63.13 million in total
assets, $90.64 million in total liabilities and a $27.51 million
total shareholders' deficit.


CTI BIOPHARMA: Mark Lampert Reports 15.5% Stake as of Dec. 9
------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Mark N. Lampert disclosed that as of Dec. 9, 2015, he
beneficially owns 43,795,613 shares of common stock of CTI
Biopharma, Inc. representing 15.5 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/ikotmm

                     About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) --
http://www.ctibiopharma.com/-- formerly known as Cell
Therapeutics, Inc., is a biopharmaceutical company focused on
the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers
that offer a unique benefit to patients and healthcare providers.
The Company has a commercial presence in Europe and a late-stage
development pipeline, including pacritinib, CTI's lead product
candidate that is currently being studied in a Phase 3 program for
the treatment of patients with myelofibrosis.  CTI BioPharma is
headquartered in Seattle, Washington, with offices in London and
Milan under the name CTI Life Sciences Limited.

CTI Biopharma reported a net loss attributable to common
shareholders of $96 million in 2014, compared with a net loss
attributable to common shareholders of $49.6 million in 2013.

As of Sept. 30, 2015, the Company had $63.13 million in total
assets, $90.64 million in total liabilities and a $27.51 million
total shareholders' deficit.


CTI BIOPHARMA: Obtains $5 Million Funding
-----------------------------------------
CTI BioPharma Corp. and its wholly-owned subsidiary, Systems
Medicine LLC, entered into a Fourth Amendment to the Loan and
Security Agreement dated March 26, 2013, as amended with Hercules
Technology Growth Capital, Inc., as administrative agent, and the
lenders.

Pursuant to the Amendment, the Lender agreed to fund the remaining
$5 million term loan available under the Facility.  On Dec. 11,
2015, $5 million (less fees and expenses) was funded, thereby
resulting in a current outstanding principal balance under the
Facility of $25 million.  Under the Amendment, the applicable
milestone event that the Borrower is required to satisfy to extend
the interest-only period until June 30, 2016, is amended such that
such milestone will be satisfied upon receipt by Lender on or
before March 31, 2016, of satisfactory evidence that the Borrower
has submitted to the United States Food and Drug Administration the
fully completed new drug application for pacritinib, and the FDA
has confirmed in writing acceptance of the Pacritinib NDA.

The interest rate on the Term Loan Borrowings floats at a rate per
annum equal to 10.95% plus the amount by which the prime rate
exceeds 3.25%.  The Borrower is initially required to make interest
payments only on a monthly basis, and the principal amount of the
Term Loan Borrowings is repayable over 36 monthly installments
commencing on Jan. 1, 2016.  The interest-only period may be
extended, at the Borrower's option, by three months if the Lender
receives on or prior to Dec. 31, 2015, satisfactory evidence that
the Borrower has achieved full patient enrollment for the PERSIST-2
Phase 3 clinical trial for pacritinib and by an additional three
months if the Borrower satisfies the Milestone Event No. 2 prior to
April 1, 2016.  The Term Loan Borrowings will mature on Dec. 1,
2018.  The Borrower may elect to prepay some or all of the Term
Loan Borrowings at any time subject to a prepayment fee, if any,
pursuant to the terms of the Facility. Under certain circumstances,
the Borrower may be required to prepay the Term Loan Borrowing with
proceeds of asset dispositions.  The Term Loan Borrowings are
secured by a first priority security interest on substantially all
of the Company's personal property except its intellectual property
and subject to certain other exceptions.

The Borrower paid a facility charge of $50,000 in connection with
the Amendment.

The Facility contains certain representations and warranties,
covenants and conditions that are customarily required for similar
financings and certain events of default (subject, in certain
instances, to specified grace periods) including, but not limited
to, the failure to make requisite payments of interest or premium,
if any, on, or principal, the failure to comply with certain
covenants and agreements, the occurrence of a material adverse
effect, defaults in respect of certain other indebtedness and
certain events of insolvency.  If any event of default occurs, all
monetary obligations owing under the Facility may become due and
payable immediately.

                   About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) --
http://www.ctibiopharma.com/-- formerly known as Cell
Therapeutics, Inc., is a biopharmaceutical company focused on
the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers
that offer a unique benefit to patients and healthcare providers.
The Company has a commercial presence in Europe and a late-stage
development pipeline, including pacritinib, CTI's lead product
candidate that is currently being studied in a Phase 3 program for
the treatment of patients with myelofibrosis.  CTI BioPharma is
headquartered in Seattle, Washington, with offices in London and
Milan under the name CTI Life Sciences Limited.

CTI Biopharma reported a net loss attributable to common
shareholders of $96 million in 2014, compared with a net loss
attributable to common shareholders of $49.6 million in 2013.

As of Sept. 30, 2015, the Company had $63.13 million in total
assets, $90.64 million in total liabilities and a $27.51 million
total shareholders' deficit.


CUBIC ENERGY: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

      Debtor                                  Case No.
      ------                                  --------
      Cubic Energy, Inc.                      15-12500
      9870 Plano Road
      Dallas, TX 75238

      Cubic Asset Holding, LLC                15-12499
      9870 Plano Road
      Dallas, TX 75238

      Cubic Asset, LLC                        15-12501

      Cubic Louisiana Holding, LLC            15-12502

      Cubic Louisiana, LLC                    15-12503

Type of Business: Engaged in the development and production of,
                  and exploration for, crude oil, natural gas, and

                  natural gas liquids.

Chapter 11 Petition Date: December 11, 2015

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Debtors' Delaware  Justin R. Alberto, Esq.
Counsel:           BAYARD, P.A.
                   222 Delaware Avenue, Suite 900
                   P.O. Box 25130
                   Wilmington, DE 19899
                   Tel: 302-429-4226
                   Fax: 302-658-6395
                   Email: jalberto@bayardlaw.com

                     - and -

                   Neil B. Glassman, Esq.
                   BAYARD, P.A.
                   222 Delaware Avenue, Ste 900
                   Wilmington, DE 19801
                   Tel: 302 655-5000
                   Fax: 302-658-6395
                   Email: bankserve@bayardlaw.com

Debtors'           Robert W. Jones, Esq.
Restructuring      Brent R. McIlwain, Esq.
Counsel:           Brian Smith, Esq.
                   HOLLAND & KNIGHT LLP
                   200 Crescent Court, Suite 1600
                   Dallas, TX 75201
                   Tel: 214.964.9500
                   Fax: 214.964.9501
                   Email: robert.jones@hklaw.com
                          brent.mcilwain@hklaw.com
                          brian.smith@hklaw.com

Debtors'           HOULIHAN LOKEY CAPITAL, INC.
Financial
Advisor:

Debtors'           PRIME CLERK LLC
Notice
Balloting
and Claims
Agent:

Estimated Assets: $50 million to $100 million

Estimated Debts: $50 million to $100 million

The petition was signed by Jon R. Ross, executive vice president,
corporate secretary.

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
AIO III CE, L.P.                   Money Borrowed     $73,144,371
c/o Michael H. Torkin            (Partially Secured)
Sullivan & Cromwell LLP
125 Road Street
New York, NY 10004
Tel: 212-558-3471
Fax: 212-558-3588

Wells Fargo Energy Capital, Inc.   Money Borrowed     $30,138,812
c/o Michael D. Rubenstein        (Partially Secured)
Liskow & Lewis
1001 Fannin, Suite 1800
Houston, TX 77002
Tel: 713-651-2953
Fax: 713-651-2952

Corbin Opportunity Fund, L.P.      Money Borrowed     $16,091,758
c/o Michael H. Torkin            (Partially Secured)
Sullivan & Cromwell LLP
125 Broad Street
New York, NY, 10004
Tel: 212-558-3471
Fax: 212-558-3588

O-CAP Partners, L.P.               Money Borrowed      $4,191,170
c/o Michael H. Torkin            (Partially Secured)
Sullivan & Cromwell LLP
125 Broad Street
New York, NY, 10004
Tel: 212-558-3471
Fax: 212-558-3588

O-CAP Offshore Masterfund. L.P.    Money Borrowed      $3,123,262
c/o Michael H. Torkin            (Partially Secured)
Sullivan & Cromwell LLP
125 Broad Street
New York, NY, 10004
Tel: 212-558-3471
Fax: 212-558-3588

Fallon Family                      Land Lease Note       $180,000

Monarch Natural Gas, LLC             Trade Claim          $96,000

ETC Katy Pipeline, Ltd.              Trade Claim          $96,000

Hilltop Resort GS, LLC               Trade Claim          $75,682

ETC Texas Pipeline, Ltd.             Trade Claim          $72,000

The Wildman Trust                   Surface Lease         $60,000

Billy Jack Greer                    Surface Lease         $56,000

EXCO Resources, Inc.                 Trade Claim          $25,000

Wilmington Trust Corp.               Note Claim           $17,500

ETC Oasis Pipeline, Ltd.             Note Claim           $15,000

Chesapeake Energy                   Trade Claim           $14,783

Trinity Energy Services             Trade Claim           $11,500

Indigo Materials, LLC               Trade Claim           $11,303

Goodrich Petroleum Co., LLC         Trade Claim           $10,825

Casa Development                    Trade Claim            $8,000

Michael & Phyllis Ellis            Surface Lease           $7,200

Glenda Ann Greer Smith             Surface Lease           $6,000

RR Donnelly & Sons Co.              Trade Claim            $3,588

Juneau Realty Management, LLC      Surface Lease           $3,000

Property Owners Association        Surface Lease           $3,000
of Hilltop Lakes

Jim and Bob Freeman                Surface Lease           $3,000

Wilmar Pipelines, Inc.              Trade Claim            $2,500

Ronald Coy                         Surface Lease           $2,400

XO Communications                  Trade Claim               $547

TXU Energy                         Trade Claim               $509


CUBIC ENERGY: Files for Chapter 11 with Prepackaged Plan
--------------------------------------------------------
Cubic Energy, Inc., and four of its affiliates sought for Chapter
11 bankruptcy protection in Delaware with the goal of confirming
and consummating their prepackaged Chapter 11 plan of
reorganization.  The Plan has the support of the Debtors' primary
creditors, having been approved by both Wells Fargo Energy Capital
and the Prepetition Secured Noteholders, as well as counterparties
to all of the Debtors' hedging and other derivative contracts.

Pursuant to the Plan, the claims of WFEC will be converted into
equity interests constituting ownership and control of Cubic
Louisiana and/or Cubic Louisiana Holding and the claims of the
Prepetition Secured Noteholders will be converted into new senior
notes and equity interests constituting ownership and control of
the other reorganized Debtors.

The Debtors believe that the Chapter 11 Plan will preserve the
value of their assets for the benefit of their creditors and
prevent the destruction of "going concern" value that could occur
in a disorderly liquidation.

Like many other independent oil and gas exploration and production
companies, the Debtors said they have been adversely impacted by
the significant decline in oil and gas prices that began in 2014.
According to the Debtors, their financial struggles have been
compounded by unexpected operational difficulties associated with
certain of their properties, including the failure of drilling
contractors to properly complete well overhauls and the last minute
withdrawal by a third party from an acquisition opportunity.

The Debtors disclosed they have funded debt obligations of
approximately $126.4 million, including indebtedness of
approximately $96.5 million under the Prepetition Note Purchase
Agreement, and $29.9 million under the WFEC Credit Agreement.
Prior to the filing of the cases, the Debtors retained advisory
firms Global Hunter Securities and Houlihan Lokey Capital, Inc. to
identify potential transactions that would allow them to repay or
refinance their significant prepetition indebtedness.  However,
neither firm was able to identify such a transaction.

                      Plan Support Agreement

In connection with their formulation of the Chapter 11 Plan, the
Debtors entered into a Plan Support Agreement with their other key
creditor constituencies, including the Prepetition Secured Notes
Parties, WFEC, and BP Energy.

The Plan Support Agreement binds the parties to implement a series
of steps and transactions necessary to restructure the Debtors'
prepetition debts through confirmation of the Chapter 11 Plan,
which will transfer control of the applicable reorganized Debtors
to each of the Prepetition Noteholders and Wells Fargo.

The Plan Support Agreement requires the Debtors to take or forego
certain actions in order to further confirmation of the Chapter 11
Plan including, without limitation, filing these Chapter 11 cases
and accompanying First Day Motions, obtaining entry of orders
approving the Cash Collateral Motion and other First Day Motions,
obtaining entry of an order confirming the Chapter 11 Plan within
60 days of the Petition Date, stipulating to the nature, existence
and validity of the liens securing the Prepetition Secured Notes
Parties and WFEC's claims against the Debtors, and taking other
actions consistent with expedient confirmation of the Plan.

The Supporting Creditors are also required to take certain actions
in furtherance of confirmation of the Chapter 11 Plan, including,
without limitation, voting for the Chapter 11 Plan, consenting to
the Debtors' use of Cash Collateral, funding certain employee
severance claims, refraining from trading their claims against the
Debtors to any person not party to the Plan Support Agreement, and
taking other actions consistent with expedient confirmation of the
Plan.

The Debtors related they entered into the Plan Support Agreement
after months of intense negotiations with creditors and an
exhaustive process that included input and direction from the
Debtors' experienced restructuring professionals, including two
prominent investment advisory firms, GHS and Houlihan.

"Because the Debtors' year-long search for restructuring
alternatives failed to identify any potential alternative
transactions that would refinance or satisfy the Debtors' secured
debts, the Debtors believe that the restructuring contemplated by
the Plan Support Agreement is the best possible alternative under
the circumstances," said Jon S. Ross, executive vice president and
corporate secretary of Cubic Energy.

In the event that a better alternative to the proposed Chapter 11
Plan were to present itself, the Plan Support Agreement provides
that the Debtors may pursue the alternative transaction.

                        First Day Motions

To minimize the adverse effects on the Debtors related to the
filing of these Chapter 11 proceedings, and to avoid irreparable
harm that might be caused by the inability of the Debtors to take
certain actions as a result of the filings, the Debtors are filing
a number of motions requesting various types of "first day" relief,
including authority to, among other things, use cash collateral,
utilize cash management procedures, restrict equity trading, and
pay prepetition employee wages.

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

      http://bankrupt.com/misc/13_CUBIC_Declaration.pdf

                        About Cubic Energy

Texas-based Cubic Energy, Inc., Cubic Asset Holding, LLC, Cubic
Asset, LLC, Cubic Louisiana Holding, LLC and Cubic Louisiana, LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Proposed Lead
Case No. 15-12500) on Dec. 11, 2015.  Jon R. Ross signed the
petition as executive vice president and corporate secretary.
Cubic Energy disclosed total assets of $120.7 million and total
debts of $114.2 million, both as of March 31, 2015.

The Debtors have engaged Bayard P.A., as Delaware counsel,  Holland
& Knight LLP as restructuring counsel, Houlihan Lokey Capital, Inc.
as financial advisor and Prime Clerk LLC as noticing, balloting and
claims agent.

The Debtors are independent energy companies engaged in the
development and production of, and exploration for, crude oil,
natural gas and natural gas liquids.  The Debtors' oil and gas
assets are located in Texas and Louisiana.


CUI GLOBAL: Implements Requirements for Director Nominations
------------------------------------------------------------
CUI Global's Board of Directors adopted amended and restated
corporate bylaws to implement specific requirements for the
nominations of persons for election to the Board of Directors and
the proposal of other business to be considered by the
corporation's stockholders at any meeting of stockholders by or at
the direction of the Board of Directors or by any stockholder of
the corporation.  The amended and restated bylaws adopt notice
procedures and incorporate the provisions of Rule 14a-8 under the
Securities Exchange Act of 1934, as amended.

Among other matters, the amendments to the bylaws:

  * Revise the provisions related to the advance notice of
    stockholder proposals for stockholder meetings;

  * Specify the information required to be provided by
    stockholders in their advance notice of stockholder proposals,
    including information about the stockholder and associated
    persons, as well as their ownership, direct and indirect, in
    the corporation's securities, including any derivative
    interests, any agreements with respect thereto and information

    about the business proposed;

  * Add a requirement for the proposing stockholder to update and
    supplement the information provided by stockholders in their
    advance notice of stockholder proposals;

  * Clarify certain procedural matters relating to the proposal of
    business by a stockholder including the prerequisites for a
    stockholder to bring business before a stockholders' meeting
    including, but not limited to, the requirement that such
    stockholder: (a) be a beneficial owner of shares of the
    corporation: at the time of giving the advance notice of
    stockholder proposal, on the record date for the determination

    of stockholders entitled to provide notice of and to vote at
    the meeting, and at the time of the meeting and (b) comply
    with the advance notice procedures set forth in the bylaws in
    all applicable respects;

  * Specify the information required to be provided by
    stockholders in their advance notice of nominations of
    candidates for election to the board.  Such information will
    include information about the stockholder and associated
    persons, as well as their ownership, direct and indirect, in
    the corporation's securities and information about the
    persons being nominated.  Ownership includes any derivative
    interests and any agreements with respect thereto;

  * Specify any agreements, arrangements and understandings,
    written and oral, between or among any nominating stockholder
    and any other person or entity in connection with the proposal
    of a director nomination by a stockholder and other
    stockholder proposals;

  * Clarify the indemnification that the corporation provides to
    its directors, officers and other agents is to the fullest
    extent permitted by applicable law except as specifically
    limited by the certificate of incorporation or the bylaws;

  * Specify and describe the eligibility and requirements for
    access to the corporation's shareholder meeting proxy
    materials by shareholder nominees for director;

  * Create the office of Chief Financial Officer and a description

    of the Chief Financial Officer responsibilities.

                         About CUI Global

Tualatin, Ore.-based CUI Global, Inc., formerly known as Waytronx,
Inc., is a platform company dedicated to maximizing shareholder
value through the acquisition, development and commercialization
of new, innovative technologies.

CUI Global reported a consolidated net loss of $2.80 million in
2014, a consolidated net loss of $943,000 in 2013 and a
consolidated net loss of $2.52 million in 2012.

As of Sept. 30, 2015, the Company had $91.20 million in total
assets, $30.10 million in total liabilities and $61.10 million in
total stockholders' equity.


DEWEY & LEBOEUF: Prosecutors to Trim Charges in Retrial of Execs
----------------------------------------------------------------
Max Stendahl at Bankruptcy Law360 reported that the Manhattan
District Attorney's Office told a New York state judge on Dec. 7,
2015, that it plans to launch a trimmed-down criminal trial against
two former Dewey & LeBoeuf LLP executives over the firm's collapse
unless they accept plea deals, but it will resolve charges against
ex-chairman Steven Davis.

During a hearing before New York Supreme Court Judge Robert Stolz,
Assistant District Attorney Peirce Moser said prosecutors were
prepared to retry former Dewey Executive Director Stephen DiCarmine
and Chief Financial Officer Joel Sanders on charges of grand
larceny.

In another report, Mr. Stendahl reported that the criminal case
over Dewey & LeBoeuf LLP's demise came into sharper focus on Dec.
7, 2015, as prosecutors neared a deferred prosecution deal with the
firm's former chairman and dangled plea offers to three others in a
bid to avoid another trial.

Three former Dewey employees that may face trial unless they strike
plea deals, includes (i) Stephen DiCarmine: charges: grand larceny,
scheme to defraud, securities fraud, conspiracy.  DA's offer: plead
guilty to one felony count of scheme to defraud, 500 hours of
community service; and Joel Sanders.

                      About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) to complete the wind-down of its operations.
The firm had struggled with high debt and partner defections.
Dewey disclosed debt of $245 million and assets of $193 million in
its chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe.  When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million.  The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc. was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March.  The plan created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


DIOCESE OF DULUTH: To Enter Mediation with Abuse Victims
--------------------------------------------------------
Tom Corrigan, writing for Dow Jones' Daily Bankruptcy Review,
reported that the Diocese of Duluth, Minn., is expected to enter
mediation with clergy sexual abuse victims, following in the
footsteps of other bankrupt dioceses that have sought to resolve
growing legal and financial turmoil tied to the abuse crisis.

According to the report, Ford Elsaesser, a lawyer for the diocese,
said on Dec. 11 that the diocese will "very likely" seek the
appointment of a mediator.  Mediation is likely the best
opportunity to resolve the diocese's bankruptcy case, which was
filed Dec. 7, through a settlement that compensates victims and
also protects the church from future litigation, the report
related.

Diocese of Duluth sought protection under Chapter 11 of the
Bankruptcy Code on Dec. 7, 2015 (Bankr. D. Minn., Case No.
15-50792).  The case is assigned to Judge Robert J Kressel.  The
Debtor's lead counsel is Bruce A Anderson, Esq., and J Ford
Elsaesser, Esq., at ELSAESSER JARZABEK ANDERSON ELLIOTT &
MACDONALD, CHTD., in Sandpoint, Idaho.  The Debtor's local counsel
is Phillip Kunkel, Esq., at GRAY, PLANT, MOOTY, MOOTY & BENNETT,
P.A., in St Cloud, Minnesota.


DOMARK INTERNATIONAL: BNY Mellon No Longer A Shareholder
--------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, The Bank of New York Mellon Corporation, BNY Capital
Markets Holdings, Inc. and BNY Mellon Capital Markets, LLC
disclosed that as of Nov. 30, 2015, they have ceased to be the
beneficial owner of shares of common stock of Domark International
Inc.  A copy of the regulatory filing is available for free at:

                      http://is.gd/LG9K2z

                   About Domark International

Based in Lake Mary, Florida, DoMark International, Inc., was
incorporated under the laws of the State of Nevada on March 30,
2006.  The Company was formed to engage in the acquisition and
refinishing of aged furniture using exotic materials and then
reselling it through interior decorators, high-end consignment
shops and online sales.  The Company abandoned its original
business of exotic furniture sales in May of 2008 and pursued the
acquisition of entities to best bring value to the company and its
shareholders.

For the nine months ended Feb. 28, 2015, the Company reported a net
loss of $1.86 million on $0 of sales compared to a net loss of
$2.34 million on $0 of sales for the same period a year ago.

As of Aug. 31, 2015, the Company had $1.26 million in total assets,
$4.41 million in total liabilities and a $3.15 million total
stockholders' deficit.


DREAMWORKS ANIMATION: Fitch Assigns 'B+' IDR, Outlook Positive
--------------------------------------------------------------
Fitch Ratings has assigned a first-time Issuer Default Rating of
'B+' to DreamWorks Animation SKG, Inc. (DWA).  The Rating Outlook
is Positive.  As of Sept. 30, 2015, DWA had approximately $390
million of debt outstanding.

The Positive Outlook reflects Fitch's comfort in management's
ability to execute its plan to stabilize the film segment and the
expected operational profile improvement resulting from DWA's
diversification efforts.  Fitch believes the film segment will
benefit from Jeffrey Katzenberg's return to a more active role in
film production and from the revised annual film output mix (one
sequel and one original).  In addition, Fitch believes the TV and
New Media segment will continue to grow due in part to the
segment's contractual income sources thereby improving DWA's
operating profile and diversification.  A positive rating action
would entail a combination of a return to positive FCF generation,
continued diversification of revenue streams, and/or sustained
leverage of 3.5x or below.

KEY RATING DRIVERS

Inherent Volatility of Movie Studios: The film industry is
characterized by meaningful operating volatility due to its
hit-driven nature.  This risk is magnified with standalone studios
relative to studios housed in media conglomerates.  Through 2012
DWA demonstrated an uncommon level of consistency, producing 17
consecutive 3D animation hit films and creating notable franchises
despite low output.  Since 2012, DWA has suffered from uneven film
performance and increased production costs resulting in several
impairments.  Fitch believes recent leadership changes and
reorganization efforts, coupled with a reduction in annual
releases, should have a positive effect on DWA's future
performance.

Recent Box Office Challenges: The underperformance of releases
since 2012 demonstrated that DWA was not immune to the industry's
volatility.  Recent box office underperformance led to impairments
for four of its last seven releases.  Management has addressed the
losses with a substantial restructuring effort.

Restructuring Initiative: In 2015, management restructured its core
film business including the layoff of 500 employees (of 2,700), the
closure of its Northern California facility and the sale-leaseback
of its Glendale, CA headquarters.  In addition, DWA made several
senior management changes, with the most important being that
Jeffrey Katzenberg returned to a more active, hands-on role with
feature films.  Mr. Katzenberg was the primary architect of DWA's
successful animated film performance prior to 2012. Finally, the
studio's annual film output strategy was revised from three to two
films (one sequel and one original) with a reduced budget of $120
million per film starting with 'Trolls', which is scheduled for
release in November 2016.  In 2014, related pre-tax charges totaled
$210 million (approximately $110 million in cash charges).  The
plan is expected to generate approximately $30 million in pre-tax
run-rate savings in 2015, increasing to $60 million by 2017.

Fitch views the announced changes favorably as DWA's track record
prior to 2012 is associated with Jeffrey Katzenberg's heavy
involvement in the creative direction of feature films.  In
addition, Fitch believes the new film slate mix reduces risk as
DWA's sequels have, on average, outperformed originals in box
office both domestically and abroad.

Diversification Improvements: Over the last several years,
management has a made material progress in diversifying DWA's
business operations.  As of the last twelve months (LTM) ended
Sept. 30, 2015, Feature Films contributed 61% of revenue compared
to 78% for the fiscal year ended Dec. 31, 2011.  Remaining revenues
came from TV, Consumer Products, and New Media and Other segments.
Within the TV segment, DWA benefits from long-term contractual
agreements paying per-episode fees with Netflix in the U.S. (over
1,000 episodes pre-sold) and similar output arrangements with other
distributors abroad.  The TV segment is guided to generate $200 to
$250 million in revenues for 2015, with Netflix accounting for the
majority.  Contract renewal risk is mitigated by strong demand from
other Over-The-Top (OTT) players for first run original TV content.
The New Media and Other segment (primarily AwesomenessTV)
represent a promising growth area as it reaches the Gen Z
demographic outside traditional distribution channels.  Fitch
believes growth in these new segments will continue to materially
improve DWA's risk profile.

Emerging Distribution Opportunities: Fitch believes the new
distribution platforms via OTT services create additional outlets
and exploitation opportunities for DWA's content, intellectual
properties and past libraries, while allowing the company to reduce
its reliance on theatrical distribution.  DWA is better positioned
to take advantage of the emerging distribution platforms as the
company is much less dependent on the traditional TV ecosystem
relative to other studios.  DWA also retained TV/SVOD distribution
rights for its feature films in the Americas, which were carved out
from its current distribution agreement with Twentieth Century Fox.
However, Fitch believes an acceleration in the decline of theater
ticket sales or physical content sales could pose serious
challenges before the company can get meaningful traction on
emerging platforms.

Credit Metrics Pressured: DWA's leverage (Total Debt to
Fitch-calculated EBITDA) can experience significant fluctuations
due to the volatility of the underlying business and timing of film
releases.  As a result, Fitch believes FCF is a more appropriate
measure of DWA's credit profile and therefore prioritizes FCF
measures over EBITDA metrics.  As of LTM Sept. 30, 2015, Fitch
calculates LTM FCF at negative $49 million and adjusted gross
leverage (adjusted for restructuring charges and film impairments)
at 4.2x.  Material debt reductions would be difficult in the short
term due to incremental cash outlays required for content
deliveries under the Netflix contract.

KEY ASSUMPTIONS

   -- Stabilization within the Feature Film segment due to the
      company's restructuring efforts, revised film mix, and
      leadership changes;

   -- Increase in working capital needs in 2016 due to ramp up for

      content deliveries, primarily to Netflix;

   -- Continued growth in the TV and New Media and Other segments
      due to favorable secular trends.

RATING SENSITIVITIES

Positive: A positive rating action would entail a combination of a
return to positive FCF generation, continued diversification of
revenue streams, and/or sustained leverage of 3.5x or below.  The
Positive Rating Outlook reflects Fitch's confidence that DWA can
achieve these measure by end of 2017 or early 2018.

Negative: A negative rating action would entail the removal of the
Positive Outlook.  Ratings may be pressured if Feature Films
materially underperform at the box office and FCF continues to be
pressured.  In addition, any leveraging transaction including large
acquisitions and material debt-funded share buyback activities
without a clear plan to de-lever may pressure the rating.

LIQUIDITY

Liquidity is supported by cash on hand of $88.9 million and
availability of $360 million under the $450 million revolver due
2020.  The company has no debt maturities until 2020.  Although DWA
is expected to require incremental cash for film investments in the
short-term, current liquidity should be sufficient to meet these
expected cash needs.

FULL LIST OF RATING ACTIONS

Fitch has assigned these ratings:

DreamWorks Animation SKG, Inc.

   -- IDR 'B+';
   -- Senior secured credit facility 'BB+/RR1';
   -- Senior unsecured notes 'B+/RR4'.

The Rating Outlook is Positive



DREW UNIVERSITY: Moody's Cuts Revenue Bonds Rating to Ba3
---------------------------------------------------------
Moody's Investors Service downgrades Drew University's revenue
bonds to Ba3 from Baa3. The rating outlook is negative.

SUMMARY RATING RATIONALE

The downgrade to Ba3 is driven by materially worse than previously
projected operating deficits, which will continue for a period
longer than previously anticipated, leading to substantial
deterioration of spendable cash and investments. The deficits stem
primarily from continued declining net tuition revenue - Drew's
primary source of revenue - and the university's decision not to
commensurately adjust expenses. Drew has already eroded all of its
unrestricted liquidity, and is budgeting for extraordinary draws
from temporarily restricted funds over the next several years. The
university's plan to restore fiscal stability is predicated on
speculative enrollment and net tuition revenue growth projections.
The university's projected level of remaining spendable cash and
investments currently supports the Ba3 rating.

OUTLOOK

The negative outlook reflects significant challenges to executing
the university's planned turnaround strategy in a highly
competitive student market environment and a history of inability
to meet projections.

WHAT COULD MAKE THE RATING GO UP

-- Significant and sustained improvement in currently very weak
    financial performance to demonstrate long-term viability

-- Material improvement in unrestricted cash and investments

WHAT COULD MAKE THE RATING GO DOWN

-- Operating deficits that are either deeper or longer than those

    currently projected.

-- Further reduction in spendable cash and investments beyond
    those currently projected

OBLIGOR PROFILE

Drew University is a coeducational private university located in
Madison, New Jersey. The university enrolls approximately 1,800
students and generates $69 million in revenue.

LEGAL SECURITY

The rated bonds, Series 2003C, 2007D, and 2008B (all fixed rate)
are general obligations of the university. The Series 2003C bonds
are secured by a debt service reserve fund and a mortgage on Simon
Forum and Athletic Center. To issue additional debt, Drew has to
comply with the Additional Indebtedness Tests (AIT). It has to
maintain a Liquidity Coverage Ratio of at least 1 times. The
university reported 1.07 times coverage based on FY 2015
financials. Additionally, the university is required to maintain
MADS (Maximum Annual Debt Service) less than 15% of unrestricted
revenue. This ratio was 15.6% based on FY 2015 financials, as
reported by the university. Drew does not need to comply with AIT
if it grants a mortgage for which the appraised value of real
estate equals the outstanding par value of the bonds.

Drew has loans and a direct bond placement with TD Bank N.A. The
Series 2008I and 2010C Bonds and 2010 TD Bank Loan are general
obligations of the university. The university has to comply with
AIT tests or provide a mortgage in real estate at least equal to
the par value of outstanding debt (same as above) in order to issue
additional debt. Drew is subject to an annual covenant test on the
Series 2010C bonds under which the ratio of Cash and Investments to
Total Debt must be equal to or greater than 1.80. The university
reported a ratio of 2.48 times in FY 2015.



EDENOR SA: Permanent and Alternate Directors Quit
-------------------------------------------------
Edenor SA disclosed in a Form 6-K filed with the Securities and
Exchange Commission that it received the resignations of Messrs.
Ariel Saks, Emmanuel Alvarez Agis, Eduardo Endeiza, Santiago Duran
Cassiet and Eduardo Setti to the position of permanent directors of
the Corporation and Messrs. Haroldo Montagu, Martin Breinlinger,
Juan Donnini and Esteban Serrani to the position of alternate
directors for which they have been appointed in the Ordinary and
Extraordinary General Shareholders' meeting held on April 28, 2015,
by Class B and C Shareholders.

According to the Company, said resignations were based on personal
grounds, became effective on Dec. 10, 2015 and and will be
submitted for consideration by the Company's Board of Directors
during its next meeting.  Mr. Santiago Duran Cassiet was a member
of Edenor's Audit Committee.

                       About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor SA reported a loss of ARS780 million on ARS3.59 billion of
revenue for the year ended Dec. 31, 2014, compared with profit of
ARS773 million on ARS3.44 billion of revenue for the year ended
Dec. 31, 2013.

As of June 30, 2015, Edenor had ARS 10.74 billion in total assets,
ARS 9.63 billion in total liabilities and ARS 1.11 billion in total
equity.



ELBIT IMAGING: Announces Series H Notes Buyback
-----------------------------------------------
Elbit Imaging Ltd. disclosed that with regard to the Board of
Directors' resolution to approve a notes' Buy-Back plan of the
Company's series H and I Notes which are traded on the Tel Aviv
Stock Exchange, the repurchases of the following Notes was executed
since Oct. 12, 2015 to Dec. 10, 2015:

                          Note: Series H

     The acquiring corporation: Elbit Imaging Ltd

Quantity purchased (Par value): 54,990,543

        Weighted average price: 89.26

        Total amount paid(NIS): 49,086,989

                      About Elbit Imaging

Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF)
holds investments in real estate and medical companies.  The
Company, through its subsidiaries, also develops shopping and
entertainment centers in Central Europe and invests in and manages
hotels.

Since February 2013, Elbit has intensively endeavored to come to
an arrangement with its creditors.  Elbit has said it has been
hanging by a thread for more than five months.  It has encountered
cash flow difficulties and this burdens its day to day activities,
and it certainly cannot make the necessary investments to improve
its assets.  In light of the arrangement proceedings, and
according to the demands of most of the bondholders, as well as an
agreement that was signed on March 19, 2013, between Elbit and the
Trustees of six out of eight series of bonds, Elbit is prohibited,
inter alia, from paying off its debts to the financial creditors
-- and as a result a petition to liquidate Elbit was filed, and
Bank Hapoalim has declared its debts immediately payable,
threatening to realize pledges that were given to the Bank on
material assets of the Company -- and Elbit undertook not to sell
material assets of the Company and not to perform any transaction
that is not during its ordinary course of business without giving
an advance notice to the trustees.

Accountant Rony Elroy has been appointed as expert for examining
the debt arrangement in the Company.

In July 2013, Elbit Imaging's controlling shareholders, Europe-
Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company
that the Tel Aviv District Court has appointed Adv. Giroa Erdinast
as a receiver with regards to the ordinary shares of the Company
held by Europe Israel securing Europe Israel's obligations under
its loan agreement with Bank Hapoalim B.M.  The judgment stated
that the Receiver is not authorized to sell the Company's shares
at this stage.  Following a request of Europe-Israel, the Court
also delayed any action to be taken with regards to the sale of
those shares for a period of 60 days.  Europe Israel and
Mr. Zisser have also notified the Company that they utterly reject
the Bank's claims and intend to appeal the Court's ruling.


ELEPHANT TALK: Jaime Bustillo Withdraws as Director Nominee
-----------------------------------------------------------
Mr. Jaime Bustillo informed Elephant Talk Communications Corp. of
his decision, for personal reasons, to withdraw as a nominee as a
director at the Company's 2015 annual meeting of stockholders,
scheduled to be held on Wednesday Dec. 16, 2015 at 10:00 a.m. EST.

In connection therewith, he will not stand for re-election to the
Company's Board at the Meeting.  The Company said Mr. Bustillo's
decision was not as a result of any disagreement with the Company
on any matter relating to the Company's operations, policies or
practices.  Mr. Bustillo intends to serve the remainder of his term
as a director, as well as a member of the Nominating and Corporate
Governance Committee, Audit and Finance Committee and the
Compensation Committee, through the date of the Meeting.

The Board then, at the recommendation of its Nominating Committee,
nominated Mr. Robert Skaff as a substitute director nominee.  Any
shares voted by proxy for the election of Mr. Bustillo as a
director at the Meeting will instead be voted for the election of
Mr. Skaff.

                       About Elephant Talk

Lutz, Fla.-based Elephant Talk Communications, Inc. (OTC BB: ETAK)
-- http://www.elephanttalk.com/-- is an international provider of
business software and services to the telecommunications and
financial services industry.

Elephant Talk reported a net loss of $21.9 million in 2014, a net
loss of $25.5 million in 2013 and a net loss of $23.1 million in
2012.

As of Sept. 30, 2015, the Company had $30.7 million in total
assets, $14.3 million in total liabilities and $16.4 million in
total stockholders' equity.


EMMAUS LIFE: Ian Zwicker Named as Director
------------------------------------------
The Board of Directors of Emmaus Life Sciences, Inc. appointed Ian
Zwicker to serve as a director of the Company, effective upon the
acceptance of his appointment, which acceptance occurred on
Dec. 7, 2015.  

While Mr. Zwicker was not appointed as a member of any committee of
the Board in connection with his appointment, it is anticipated
that Mr. Zwicker would serve as a member of the Board's Audit
Committee and the Board's Compensation, Nominating and Corporate
Governance Committee.  As of this time, Mr. Zwicker has not entered
into any material plan, contract, arrangement or amendment in
connection with his election to the Board.

Mr. Zwicker, 68, is the founder of Zwicker Advisory Group and has
been its chief executive officer since 2014.  From 1981 to 1990,
Mr. Zwicker served as managing director and held a variety of
management positions at the investment banking firms of SG Cowen
and Hambrecht & Quist.  From 1990 to 1999, Mr. Zwicker served as
managing director and head of worldwide technology investment
banking for Donaldson, Lufkin & Jenrette Securities Corporation,
and from 2000 to 2001 as the President of WR Hambrecht + Co (WRH).
He was a director of Stirling Energy Systems, Inc. from 2006 to
2012.  Mr. Zwicker was a Partner at WRH and was also Head of
Capital Markets from 2013 to 2014.  Mr. Zwicker's executive
experience provides him with valuable business expertise which the
Board believes qualifies him to serve as a director of the
Company.

Mr. Zwicker is eligible to participate in all benefit plans or
compensatory arrangements from time to time in effect for the
Company's other board members.

                      About Emmaus Life

Emmaus Life Sciences, Inc., is engaged in the discovery,
development, and commercialization of treatments and therapies
primarily for rare and orphan diseases.  This biopharmaceutical
company's headquarters is in Torrance, California.

Emmaus Life reported a net loss of $20.8 million on $500,700 of net
revenues for the year ended Dec. 31, 2014, compared to a net loss
of $14.06 million on $391,000 of net revenues for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.2 million in total assets,
$24.3 million in total liabilities and a $22.1 million total
stockholders' deficit.

KPMG LLP, in San Diego, California, issued a "going Concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014.  The independent auditors noted that the
Company has suffered recurring losses from operations, has
significant amounts of debt due within a year, and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.


ENERGY FUTURE: Court Enters Amended Plan Confirmation Order
-----------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware on
December 9, 2015, entered an amended order confirming the Sixth
Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the
Bankruptcy Code of Energy Future Holdings Corp. ("EFH Corp.") and
the substantial majority of its direct and indirect subsidiaries,
including Energy Future Intermediate Holding Company LLC ("EFIH"),
Energy Future Competitive Holdings Company LLC ("EFCH") and Texas
Competitive Electric Holdings Company LLC ("TCEH"), but excluding
Oncor Electric Delivery Holdings Company LLC ("Oncor") and its
direct and indirect subsidiaries.

The Plan effectuates the Debtors' chapter 11 restructuring, among
other things, in the following manner:

     * all of the equity interests of EFH Corp. will be
       cancelled and EFH Corp.'s direct and indirect interests
       in each of its subsidiaries (other than EFIH and Oncor)
       will be either (a) canceled or abandoned pursuant to the
       Plan, (b) acquired by New EFH pursuant to the Merger or
       (c) transferred to Reorganized TCEH pursuant to the Plan,
       with each such acquired or transferred subsidiary having
       been discharged and released, to the fullest extent
       permitted under applicable law;

     * the Debtors will execute the following transactions:

     * TCEH will transfer all of TCEH's interests in its
       subsidiaries, and EFH Corp. and certain of its
       subsidiaries will transfer (i) the equity interests in
       the Reorganized EFH Shared Services Debtors and
       (ii) with the consent of TCEH and the TCEH first lien
       creditors, certain other assets, liabilities and equity
       interests related to the TCEH Debtors' operations --
       Reorganized EFH -- in each case to a newly formed limited
       liability company -- Reorganized TCEH LLC;

     * immediately following the completion of the Transfer,
       Reorganized TCEH LLC (or a direct or indirect subsidiary
       of Reorganized TCEH LLC) will contribute certain assets
       to a newly formed direct or indirect corporate subsidiary
       of Reorganized TCEH LLC -- Reorganized TCEH PrefCo -- in
       exchange for 100% of Reorganized TCEH PrefCo's (i) common
       stock and (ii) non-voting preferred stock -- Reorganized
       TCEH PrefCo Preferred Shares -- and immediately
       thereafter, and pursuant to a prearranged and binding
       agreement, Reorganized TCEH LLC (or such direct or
       indirect subsidiary of Reorganized TCEH LLC) will sell
       the Reorganized TCEH PrefCo Preferred Shares to third
       party investors in exchange for cash and distribute the
       proceeds from such sale to TCEH -- Reorganized TCEH PrefCo
       Preferred Stock Sale;

     * immediately following the Reorganized TCEH PrefCo
       Preferred Stock Sale, Reorganized TCEH LLC will be
       converted -- Reorganized TCEH Conversion -- from a
       Delaware limited liability company into a Delaware
       corporation -- as converted, Reorganized TCEH; and

     * immediately following the Reorganized TCEH Conversion,
       TCEH will distribute (i) all of the equity of Reorganized
       TCEH, (ii) the rights to receive payments under (and
       otherwise share in the benefits of) a tax receivable
       agreement (or similar arrangement), if any, under which
       Reorganized TCEH will agree to make payments in respect
       of its (or its subsidiaries') specified tax items and
       (iii) the net cash proceeds from (a) all or a portion
       of the new long-term debt that will be issued by
       Reorganized TCEH (or one of its subsidiaries) on the
       Effective Date -- New Reorganized TCEH Debt -- and
       (b) the Reorganized TCEH PrefCo Preferred Stock Sale,
       in each case to the first lien creditors of TCEH in
       exchange for the cancellation of their claims against
       TCEH;

     * upon emergence from bankruptcy, the TCEH second lien
       creditors, the TCEH unsecured creditors and Reorganized
       TCEH will receive certain equity interests in Reorganized
       EFH;

     * immediately after the consummation of the EFH
       Reorganization, a third-party consortium consisting of
       certain TCEH second lien creditors and TCEH unsecured
       creditors, an affiliate of Hunt Consolidated, Inc.,
       certain other investors designated by Hunt, and
       potentially certain TCEH first lien creditors, will
       acquire Reorganized EFH;

     * in connection with the EFH Acquisition, (i) the Investor
       Group will invest or raise approximately $12.6 billion
       of equity and debt financing (including approximately
       $5.8 billion through a rights offering for New EFH Common
       Stock to occur before the Effective Date -- Rights
       Offering -- (ii) Reorganized EFH will merge with and into
       Ovation Acquisition I, L.L.C. -- New EFH -- with New EFH
       surviving, (iii) all allowed claims against EFH Corp. and
       the EFIH Debtors will be repaid in full, and (iv) EFH
       Corp.'s interests in its EFH Debtor subsidiaries will be
       cancelled or, in the case of EFH Corp.'s interests in
       certain Debtors, LSGT Gas Company LLC, EECI, Inc., EEC
       Holdings, Inc., and LSGT SACROC, Inc., reinstated;

     * pursuant to the Amended and Restated Settlement Agreement,
       the Debtors, its sponsor equity owners, certain settling
       TCEH first lien creditors, certain settling TCEH second
       lien creditors, certain settling TCEH unsecured creditors
       and the official committee of unsecured creditors of TCEH
       have settled and terminated, among other things, (a)
       intercompany claims among the Debtors; (b) claims and
       causes of actions against holders of first lien claims
       against TCEH and the administrative agent and collateral
       agent under TCEH's pre-petition secured credit agreement;
       (c) claims and causes of action against holders of
       interests in EFH Corp. and certain related entities;
       and (d) claims and causes of action against each of the
       Debtors' current and former directors, managers and
       officers; and

     * EFCH, TCEH and certain of the other Debtor entities
       (other than the subsidiaries of TCEH being transferred
       to Reorganized TCEH in the Transfer) will be dissolved
       and liquidated in accordance with the Plan and applicable
       law.

The Plan will become effective and the Debtors will emerge from
Chapter 11, if and when, certain conditions (including the receipt
of certain regulatory approvals) set forth in the Plan are
satisfied or waived. The legal names under which Reorganized TCEH
and New EFH will operate following the Effective Date have not yet
been determined.

On the Effective Date, 450,000,000 shares of common stock of
Reorganized TCEH -- Reorganized TCEH Common Stock -- are expected
to be issued and outstanding, subject to dilution only by shares of
Reorganized TCEH Common Stock issuable under a management incentive
plan expected to be established by Reorganized TCEH. Also on the
Effective Date, Reorganized TCEH PrefCo is expected to issue 100%
of the Reorganized TCEH PrefCo Preferred Shares to Reorganized TCEH
LLC (or a direct or indirect subsidiary), and Reorganized TCEH LLC
(or a direct or indirect subsidiary), pursuant to a prearranged and
binding agreement, will in turn sell the Reorganized TCEH PrefCo
Preferred Shares to third party investors in exchange for cash.

On the Effective Date, (i) the New EFH Common Stock will be issued
as part of the Merger and (ii) the Reorganized EFH Common Stock
will be issued to TCEH second lien creditors, TCEH unsecured
creditors and Reorganized TCEH, which shares will be converted into
a number of shares of New EFH Common Stock equal to 2% of the New
EFH Common Stock, after accounting for dilution on account of the
Merger and Rights Offering.

On December 2, 2015, the Settling Parties entered into an amended
and restated settlement agreement, which effected, among other
matters, the settlement of certain disputes with the official
committee of unsecured creditors of EFH Corp., EFIH, EFIH Finance
Inc. and EECI, Inc. by providing for the reduction in the amount of
the TCEH Cash Payment (as defined in the Amended & Restated
Settlement Agreement) to account for payment of certain creditors'
claims under certain circumstances.

On December 7, 2015, the Bankruptcy Court entered an order
approving the Amended & Restated Settlement Agreement and
authorizing the Debtors to take any and all actions reasonably
necessary to consummate, and to perform the obligations
contemplated by, the Amended & Restated Settlement Agreement.

A trial to consider confirmation of the Plan and the Proposed
Confirmation Order commenced on Nov. 3, 2015, and Dec. 2, 2015.
Consistent with the Court's ruling on the record on Dec. 3, and
comments received from the U.S. Trustee, the Debtors prepared a
revised version of the Proposed Confirmation Order.  A full-text
copy of the Plan dated Dec. 7 is available at
http://bankrupt.com/misc/EFHplan1207.pdf

More than 20 parties objected to confirmation of the Plan.  To
address the objections, the Debtors filed a table addressing each
issue.  A full-text copy of the Chart is available at
http://bankrupt.com/misc/EFHobjchart.pdf

A copy of the Court's Amended Confirmation Order is available at
http://is.gd/IIHOlY

A copy of the Sixth Amended Plan is available at
http://is.gd/gMp9M9

A copy of the Amended & Restated Settlement Agreement is available
at http://is.gd/85Cmus

The Settling Interest Holders are represented by:

     WACHTELL LIPTON ROSEN & KATZ
     51 W. 52nd Street
     New York, NY 10019
     Attn: Richard G. Mason, Esq.
           Emil A. Kleinhaus, Esq.
           Austin T. Witt, Esq.
     E-mail: rgmason@wlrk.com
             eakleinhaus@wlrk.com
             awitt@wlrk.com

The Settling TCEH First Lien Creditors are represented by:

     PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
     1285 Avenue of the Americas
     New York, NY 10019
     Attn: Alan W. Kornberg, Esq.
           Brian S. Hermann, Esq.
           Jacob A. Adlerstein, Esq.
     E-mail: akornberg@paulweiss.com
             bhermann@paulweiss.com
             jadlerstein@paulweiss.com

The TCEH First Lien Agent is represented by:

     SEWARD & KISSEL LLP
     One Battery Park Plaza
     New York, NY 10004
     Attn: John R. Ashmead, Esq.
           Mark D. Kotwick, Esq.
           Thomas Ross Hooper, Esq.
     E-mail: ashmead@sewkis.com
             kotwick@sewkis.com
             hooper@sewkis.com

The Settling TCEH Unsecured Noteholders are represented by:

     WHITE & CASE LLP
     1155 Avenue of the Americas
     New York, NY 10036
     Attn: Gregory Pryor, Esq.
           J. Christopher Shore, Esq.
     E-mail: gpryor@whitecase.com
             cshore@whitecase.com

          - and -

     WHITE & CASE LLP
     Southeast Financial Center
     200 S. Biscayne Blvd., Suite 4900
     Miami, FL 33131
     Attn: Thomas E Lauria, Esq.
           Matthew C. Brown, Esq.
     E-mail: tlauria@whitecase.com
             mbrown@whitecase.com

The TCEH Unsecured Notes Trustee is represented by:

     PATTERSON BELKNAP WEBB & TYLER LLP
     1133 Avenue of the Americas
     New York, NY 10036
     Attn: Daniel A. Lowenthal, Esq.
           Brian P. Guiney, Esq.
           Craig W. Dent, Esq.
     E-mail: dalowenthal@pbwt.com
             bguiney@pbwt.com
             cdent@pbwt.com

The Settling TCEH Second Lien Noteholder or to the TCEH Second Lien
Notes Trustee is represented by:

     BROWN RUDNICK LLP
     Seven Times Square
     New York, NY 10036
     Attn: Edward S. Weisfelner, Esq.
     E-mail: eweisfelner@brownrudnick.com

The TCEH Official Committee is represented by:

     MORRISON & FOERSTER LLP
     250 West 55th Street
     New York, NY 10019-9601
     Attn: Brett H. Miller, Esq.
           James M. Peck, Esq.
           Lorenzo Marinuzzi, Esq.
           Todd M. Goren, Esq.
     E-mail: brettmiller@mofo.com
             jpeck@mofo.com
             lmarinuzzi@mofo.com
             tgoren@mofo.com

The Debtors are represented by:

     KIRKLAND & ELLIS LLP
     601 Lexington Avenue
     New York, NY 10022
     Attn: Edward O. Sassower, P.C., Esq.
           Stephen E. Hessler, Esq.
           Brian E. Schartz, Esq.
     E-mail: esassower@kirkland.com
             shessler@kirkland.com
             bschartz@kirkland.com

          - and -

     KIRKLAND & ELLIS LLP
     300 North LaSalle Street
     Chicago, IL 60654
     Attn: James H.M. Sprayregen, P.C., Esq.
           Marc Kieselstein, P.C., Esq.
           Chad J. Husnick, Esq.
           Steven N. Serajeddini, Esq.
     E-mail: jsprayregen@kirkland.com
             marc.kieselstein@kirkland.com
             chusnick@kirkland.com
             steven.serajeddini@kirkland.com

          - and -

     PROSKAUER ROSE LLP
     Three First National Plaza
     70 W. Madison Street, Suite 3800
     Chicago, IL 60602
     Attn: Mark K. Thomas, Esq.
           Paul V. Possinger, Esq.
     Email: mthomas@ proskauer.com
            ppossinger@proskauer.com

          - and -

     CRAVATH, SWAINE AND MOORE LLP
     Worldwide Plaza
     825 Eighth Avenue
     New York, NY 10019
     Attn: Philip A. Gelston, Esq.
     Email: pgelston@cravath.com

          - and -

     JENNER & BLOCK LLP
     919 Third Avenue
     New York, NY 10022
     Attn: Richard Levin, Esq.
     Email: rlevin@jenner.com

          - and -

     MUNGER, TOLLES & OLSON LLP
     335 South Grand Avenue, 35th Floor
     Los Angeles, CA 90071
     Attn: Thomas B. Walper, Esq.
           Seth Goldman, Esq.
     Email: thomas.walper@mto.com

                       About Energy Future

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

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

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

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

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

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

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

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

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

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


F-SQUARED INVESTMENT: Liquidation Plan Goes to Jan. 14 Hearing
--------------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware on Dec. 7, 2015, approved the disclosure
statement explaining F-Squared Investment Management, LLC, et al.'s
Joint Plan of Liquidation and scheduled the confirmation hearing
for Jan. 14, 2016, at 10:00 a.m.

The Plan Objection Deadline will be Jan. 7.  The Voting Deadline
will also be Jan. 7.

The Liquidation Plan, which is co-proposed by the Official
Committee of Unsecured Creditors, provides that holders of Class 3
- General Unsecured Claims are estimated to recover 6.0% to 11.9%
of the total allowed claim amount.

As of the General Bar Date, the Debtors received or scheduled the
following Claims:

                            No. of
   Claim Priority           Claims   Amount of Claims
   --------------           ------   ----------------
   Secured Claims                9           $112,512
   Admin. Claims                 2           $367,540
   Priority Non-Tax Claims      43           $588,121
   Priority Tax Claims           8            $24,811
   Unsecured Claims            375     $2,654,222,161

Of the General Unsecured Claims mount, approximately $512 million
constitutes Intercompany Claims (which are being eliminated by
virtue of the substantive consolidation proposed under the Plan),
significant portions thereof are currently and will in the future
be subject to objection on various substantive and non-substantive
grounds and $2.0 billion constitutes four proofs of Claim in the
amount of $500 million each filed by the Youngers Plaintiffs in
connection with the Youngers Litigation.  The Debtors have
already objected to one of the Youngers Plaintiffs' proofs of
Claim
as being duplicative and have filed an objection to the remaining
three proofs of Claim.

A full-text copy of the Disclosure Statement dated Dec. 7, 2015, is
available at http://bankrupt.com/misc/FSIds1207.pdf

The Debtors are represented by:

         Russell C. Silberglied, Esq.
         Zachary I. Shapiro, Esq.
         Rachel L. Biblo, Esq.
         RICHARDS, LAYTON & FINGER, P.A.
         920 N. King Street
         Wilmington, DE 19801
         Tel: 302-651-7700
         Fax: 302-651-7701
         Email: silberglied@rlf.com
                shapiro@rlf.com
                biblo@rlf.com

                    About F-Squared Investment

Headquartered in Wellesley, MA, F-Squared Investments, Inc. --
http://www.f-squaredinvestments.com-- is a privately owned        

investment manager.  The firm primarily provides its services to
other investment advisers.  It also caters to individuals, high
net worth individuals, and pension and profit sharing plans.  The
firm provides index management services.  It manages separate
client-focused equity, fixed income, and multi-asset portfolios.
The firm invests in the public equity, fixed income, and
alternative investment markets across the globe.  It makes all its
investments through exchange-traded funds.  The firm invests in
small-cap stocks of companies across diversified sectors.

F-Squared Investment Management, LLC and eight of its affiliates
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case
No. 15-11469) on July 8, 2015.  The petition was signed by Laura
Dagan as president and chief executive officer.  The cases are
assigned to Laurie Selber Silverstein.

Richards, Layton & Finger, P.A. serves as the Debtors' counsel.
Gennari Aronson, LLP represents the Debtors as special corporate
counsel.  Grail Advisory Partners LLC (d/b/a PL Advisors) and
Managed Account Services, LLC act as the Debtors' financial
advisors and investment bankers.  Stillwater Advisory Group LLC is
the Debtors' crisis managers and restructuring advisors.  BMC
Group, Inc. acts as the Debtors' claims and noticing agent.


FERGUSON, MO: Moody's Cuts General Obligation Rating to Ba2
-----------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the City
of Ferguson's general obligation rating. Concurrently, Moody's has
downgraded to Ba3 from Ba2 the rating on the city's Series 2013
certificates of participation and to B1 from Ba3 the rating on the
Series 2012 refunding certificates of participation. Moody's has
also assigned a negative outlook and concluded the review for
possible downgrade or withdrawal for insufficient information that
Moody's had initiated on September 17. The city has $6.7 million
outstanding on the Series 2011 GO bonds, $8.4 million on the Series
2013 certificates of participation and $1.5 million on the Series
2012 certificates of participation.

SUMMARY RATING RATIONALE

The downgrade of the general obligation rating to Ba2 reflects the
lack of an adopted plan to address the city's rapidly declining
reserves and limited options for restoring fiscal stability. The
declines represent a severe departure from the city's prior strong
financial performance, following the civil unrest in 2014.

If the city were to continue on the current negative trajectory,
the city could become insolvent by June 30, 2017, which it
acknowledges in its fiscal 2016 budget. Management remains
committed to identifying solutions to bringing the budget back into
balance, but its options are limited.

The rating further incorporates the city's moderately sized tax
base with a trend of declining assessed valuation, below average
socioeconomic profile, and average debt burden.

The Ba3 rating on the Series 2013 COPs reflects the annual risk of
non-appropriation, the essential nature of the pledged asset, a
police facility, and the credit factors reflected in the city's
general obligation rating. The B1 rating on the Series 2012 COPs
reflects an additional notch for the less essential nature of the
pledged asset, approximately 25 acres of park land with an office
building and aquatic center.

OUTLOOK

The conclusion of the review initiated on September 17 reflects
additional information provided by the city regarding fiscal 2015
financial operations and the status of pending litigation and
consent decree negotiations with the US Department of Justice. The
assignment of negative outlook reflects our expectation that the
persistent structural imbalance will continue to pressure the
city's financial position. The imbalance could grow with the
introduction of any costs related to a consent decree or additional
legal fees. Further downgrades of the city's ratings are likely in
the event the city fails to adopt measures to produce a balanced
fiscal 2017 budget.

WHAT COULD MAKE THE RATING GO UP

-- Restoration of balanced operations and a plan to reverse the
    recent loss of reserves

-- Detailed financial plan to address significant costs
    associated with the DOJ consent decree and any litigation
    expenses not covered under the city's liability insurance

WHAT COULD MAKE THE RATING GO DOWN

-- Any further financial deterioration beyond what the city
    budgeted for fiscal 2016

-- Failure to institute measures to balance the city's budget for

    fiscal 2017

-- Substantial financial liability stemming from litigation or
    the pending consent decree

-- Deterioration of local economic conditions that result in
    further revenue declines

-- Indications of any intent to default on debt or seek to
    restructure obligations through Chapter 9 protection

OBLIGOR PROFILE

The city is located within St. Louis County (Aaa stable),
approximately 13 miles northwest of downtown St. Louis (A1 stable).


LEGAL SECURITY

The general obligation bonds are payable from taxes levied without
limitation as to rate or amount. The certificates of participation
are payable from any legally available sources, subject to annual
appropriation.



FILMED ENTERTAINMENT: Wants Until Feb. 6 to Propose Ch. 11 Plan
---------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that the owner of
the once-popular music-by-mail club Columbia House is fighting to
maintain control of its court-monitored restructuring as creditors
seek to block a proposed sale of the business, asking a New York
bankruptcy judge on Dec. 8, 2015, to extend until next year the
exclusive period in which it can file a Chapter 11 plan.  Filmed
Entertainment Inc. filed court papers seeking an extension until
Feb. 6, 2016, of the exclusive period for filing a Chapter 11
plan.

                    About Filmed Entertainment

Filmed Entertainment Inc. owns and operates the "Columbia House DVD
Club," a direct-to-customer distributor of movies and television
series in the United States.  FEI conducts its business through
physical catalogues and through the --
http://www.columbiahouse.com/Web site.  FEI was historically   
active in the musical compact disc business, but exited the music
business in 2010.  Founded in 1955 as a division of CBS Inc. to
sell vinyl records and cassette tapes, FEI is a unit of Pride Tree
Holdings, Inc., which acquired FEI in December 2012.

On Aug. 10, 2015 FEI filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y.
Case No. 15-12244) in Manhattan, New York.  The case is pending
before the Honorable Shelley C. Chapman.

The Debtor tapped Griffin Hamersky P.C. as counsel, and Prime Clerk
LLC as claims and noticing agent.

The Debtor estimated assets of $1 million to $10 million and debt
of $50 million to $100 million.

The U.S. Trustee for Region 2 appointed five creditors of Filmed
Entertainment Inc. to serve on the official committee of unsecured
creditors.


FJK PROPERTIES: PJC Obtains Automatic Stay Relief
-------------------------------------------------
Creditors PJC Holdings, LLC, and PJC Funding, LLC, sought for and
obtained from Judge Paul G. Hyman, Jr., of the U.S. Bankruptcy
Court for the Southern District of Florida, Palm Beach Division,
relief from the automatic stay.

Debtor FJK Properties Inc. was indebted to General Electric Capital
Corporation under an Amended, Restated and Renewal Promissory Note
and Mortgage, Security Agreement and Fixture Filing, and an
Assignment of Rents and Leases.  The Mortgage encumbered property
located at 230 Royal Palm Way, Palm Beach, Florida. The original
principal balance of the Note was $9,361,000.  The Debtor FJK III
Properties, Inc., was also indebted to GECC by virtue of a Note and
Mortgage, Security Agreement, and Fixture Filing, and an Assignment
of Rents and Leases to GECC. The Mortgage encumbered property
located at 240 Royal Palm Way, Palm Beach, Florida.  The original
principal balance of the Note was $5,239,000.  The loans were
cross-collateralized and further secured by a Guaranty executed by
Frederick J. Keitel.

Following a default in payment, GECC commenced foreclosure action
against FJK, FJK III, and Keitel ("FJK Parties") in the Circuit
Court of the Fifteenth Judicial Circuit in and for Palm Beach
County, Florida.  The foreclosure action was dismissed by virtue of
a Settlement Stipulation.  As a result of the Settlement
Stipulation, FJK and FJK III were thereafter indebted in the
aggregate amount of $11,155,000 ("Amended Loan Agreement").  The
Amended Loan Agreement required FJK and FJK III, among other
things, to pay $3,000,000 to GECC to be applied to the amounts due
under the new loan.  The FJK Parties approached PJC Funding, LLC
and obtained a loan from the latter for the $3,000,000.

GECC commenced another foreclosure proceeding to foreclose
mortgages and for turnover of leases and rents and for damages
against the Debtors and PJC Funding, LLC in the 15th Judicial
Circuit, Palm Beach County, Florida, as a result of another payment
default by the Debtors.  The Debtors and PJC Funding, LLC entered
into a Consent Final Judgement of Foreclosure with GECC, which set
a sale date of May 27, 2015.  PJC Holdings, LLC, an affiliate of
PJC Funding, purchased an assignment of GECC's Consent Final
Judgment of Foreclosure for $10,929,910.

The Creditors contended that the Debtors collectively owe PJC
Funding LLC, not less than $4,224,824, and PJC Holdings LLC, not
less than $10,938,444.  The Creditors further contended that the
Palm Beach County Property Appraiser's 2015 assessed value of the
240 Royal Palm Way property is $4,091,381.00 and the Palm Beach
County Property Appraiser's 2015 assessed value of the 230 Royal
Palm Way property is $6,403,033.

The Creditors told the Court that the Debtors were required to file
plans that were reasonably capable of being confirmed or to begin
making monthly payments on Aug. 24, 2015.  The Creditors further
told the Court that the Debtors have failed to do so and as such,
the Creditors are entitled to relief from the automatic stay.

Judge Hyman modified the stay to allow, among others, the following
conditions:

     (a) All rents received, excluding rents necessary to pay the
utilities and reasonable and necessary maintenance and repairs and
health insurance premiums currently in place for Rick Keitel shall
be paid to PJC Funding LLC, on or before the 5th of every month
with an accounting of the rents received and expenditures paid.

     (b) Mr. Keitel will not be allowed to receive, either directly
or indirectly, any distributions or management fees from the rents
received by the Debtor.  However, Mr. Keitel will be allowed to pay
the health insurance premiums currently in place for Rick Keitel
from the rents received by the Debtor.

     (c) A purchase and sale agreement for the Royal Palm Way
properties will be entered into on or before December 21, 2015 for
not less than the debt owed to the Creditors.  If a bona-fide
contract is received with a minimum 10% deposit by Dec. 21, 2015,
Debtor will have a maximum of 45 days after the date of the
contract to close on the sale.  If no such binding contract is
received by Dec. 21, 2015, or if a contract does not close within
45 days after the date of the contract, Creditors will at their
option be given a deed-in-lieu of foreclosure, or will be entitled
to file an expedited motion for stay relief and will be entitled to
an order granting immediate termination of the automatic stay in
this case.

PJC Holdings and PJC Funding are represented by:

          Leslie C. Adams, Esq.
          HAILE, SHAW & PFAFFENBERGER, P.A.
          660 U.S. Highway One, Third Floor
          North Palm Beach, FL 33408
          Telephone: (561)627-8100
          Facsimile: (561)622-7603
          E-mail: ladams@haileshaw.com

                       About FJK Properties

FJK Properties Inc. filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Fla. Case No. 15-19494) on May 26, 2015.  The Debtor tapped
Robert C. Furr and the law firm Furr and Cohen, P.A., as its
counsel.  Hon. Paul G. Hyman, Jr., is assigned to the case.



FOREVERGREEN WORLDWIDE: Amends 2014 Form 10-K Per SEC's Request
---------------------------------------------------------------
Pursuant to a limited review of Forevergreen Worldwide Worldwide
Corporation's reports by the Securities and Exchange Commission,
the SEC has requested that the Company amend its annual report for
the year ended Dec. 31, 2014, to expand its disclosures to quantify
and discuss in more detail its increased revenues for the 2014
year.  In addition, the SEC requested that the Company revise Item
9A to clarify the effectiveness of its internal control over
financial reporting.

The Company disclosed that it recognized product revenues of
$58,267,466, royalty revenues of $5,029, and $68,927 other revenues
for 2014 compared to product revenues of $17,466,415, royalty
revenues of $290,973, and $0 other revenues for 2013.  The Company
recognizes revenue upon shipment of a sales order.

The Company experienced a 229% increase in revenues in 2014 over
2013 resulting from a quarter over quarter increase in revenues.
The Company's source of revenues is from the sale of various foods,
other natural products, member sign up fees, kits, freight and
handling to deliver products to the members and customers. This
increase in revenues for 2014 is directly related to the increased
number of members and their business.  In 2013, the Company had
36,216 active Members.  In 2014 that number jumped dramatically to
139,077 active Members, which is a 284% increase.  This increase
very closely reflects the revenue growth of 229%.   In addition,
the significant increase in revenues is related to the Company's
FGXpress products which began to be released for purchase at the
end of 2012.  This product offering is unique to our business as it
could be delivered through the US Postal Service via First Class
mail, giving the Company a more global sales opportunity than
previous products.  

A complete copy of the Form 10-K/A is available for free at:

                     http://is.gd/vZZzlA

                 About ForeverGreen Worldwide

Orem, Utah-based ForeverGreen Worldwide Corporation is a holding
company that operates through its wholly owned subsidiary,
ForeverGreen International, LLC.  The Company's product philosophy
is to develop, manufacture and market the best of science and
nature through innovative formulations as it produces and
manufactures a wide array of whole foods, nutritional supplements,
personal care products and essential oils.

Forevergreen Worldwide reported net income of $1.02 million on
$58.3 million of net total revenues for the year ended Dec. 31,
2014, compared to net income of $117,000 on $17.8 million of net
total revenues in 2013.

As of Sept. 30, 2015, the Company had $10.4 million in total
assets, $10.6 million in total liabilities and a total
stockholders' deficit of $181,000.


FRAC SPECIALISTS: Granted March 14 Lease Decision Extension
-----------------------------------------------------------
Frac Specialists, LLC, and its affiliated debtors sought and
obtained from Judge Mark X. Mullin of the U.S. Bankruptcy Court for
the Northern District of Texas, Fort Worth Division, the extension
of the time for the Debtors to assume or reject the Storage Lease
between Frac Specialists and lessor Soil Mender Products, LP,
through March 14, 2016.

Frac Specialists is a party to a certain Sand Storage Agreement
with Lessor, pursuant to which Frac Specialist leases the real
property and improvements located in Swisher County, Texas. The
current assumption/rejection period is set to expire on December
14, 2015.  The Lessor consented to the extension of the deadline
for Frac Specialists to assume or reject the Storage lease through
and including March 14, 2016.

The Debtors relate that Frac Specialists is currently using the
storage facility to store sand which is needed for upcoming fracing
jobs.  They further relate that at this time, the Debtors have not
yet confirmed a plan of reorganization and have not yet determined
if the Storage Lease should be assumed or rejected.

Frac Specialists and its affiliated debtors are represented by:

          Jeff P. Prostok, Esq.
          Lynda L. Lankford, Esq.
          FORSHEY & PROSTOK LLP
          777 Main St., Suite 1290
          Ft. Worth, TX 76102
          Telephone: (817)877-8855
          Facsimile: (817)877-4151
          E-mail: jprostok@forsheyprostok.com
                  llankford@forsheyprostok.com

                      About Frac Specialists

Frac Specialists, LLC, Cement Specialists, LLC, and Acid
Specialists, LLC, are oilfield service providers serving the
exploration and production industry within the Permian Basin.
Noble Natural Resources, LLC, Javier Urias and Alex Hinojos
collectively own 100% of the membership interests in the
Companies.

The Companies sought Chapter 11 bankruptcy protection (Bankr. N.D.
Tex. Lead Case No. 15-41974), on May 17, 2015.  Larry P. Noble
signed the petitions as manager.  

On May 27, 2015, the Court directed the joint administration of
the cases.  The Debtors disclosed $61,675,313 in assets and
$57,982,488 in liabilities.

Judge Michael Lynn presides over the cases.  The Debtors tapped
Lynda L. Lankford, Esq., and Jeff P. Prostok, Esq., at Forshey &
Prostok, LLP, as their counsel.

The U.S. Trustee appointed five creditors to serve on an
official committee of unsecured creditors.  The Committee is
represented by Mark E. Andrews, Esq., and Aaron M. Kaufman, Esq.,
at Dykema Cox Smith.


FREEDOM INDUSTRIES: Two Former Execs Settle Spill Lawsuit
---------------------------------------------------------
The Associated Press reported that two former Freedom Industries
executives have agreed to a settlement in a class-action lawsuit
stemming from a West Virginia chemical spill that tainted tap water
for 300,000 people.

According to AP, under the proposed settlement, former Freedom
President Gary Southern would pay $350,000 and former executive
Dennis Farrell would pay $50,000.

                      About Freedom Industries

Freedom Industries Inc. is engaged principally in the business of
producing specialty chemicals for the mining, steel and cement
industries.  The Debtor operates two production facilities located
in (a) Nitro, West Virginia; and (b) Charleston, West Virginia.

The company, connected to a chemical spill that tainted the water
supply in West Virginia, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. W.Va. Case No. 14-bk-20017) on Jan.
17, 2014.  The case is assigned to Judge Ronald G. Pearson.
The petition was signed by Gary Southern, president.

The Debtor is represented by Mark E Freedlander, Esq., at McGuire
Woods LLP, in Pittsburgh, Pennsylvania; and Stephen L. Thompson,
Esq., at Barth & Thompson, in Charleston, West Virginia.

On Dec. 31, 2013, four companies merged under the umbrella of
Freedom Industries: Freedom Industries Inc., Etowah River Terminal
LLC, Poca Blending LLC and Crete Technologies LLC.

As reported in the Troubled Company Reporter on Feb. 20, 2014,
Kate White, writing for The Charleston Gazette, reported that the
Debtor disclosed $16 million in assets and $6 million in
liabilities when it filed for bankruptcy.

On Feb. 5, 2014, the U.S. Trustee appointed an official committee
of unsecured creditors.  The Committee retained Frost Brown Todd
LLC as counsel.

On March 18, 2014, the Bankruptcy Court approved the hiring of
Mark Welch at Morris Anderson in Chicago as Freedom's chief
restructuring officer.

The Troubled Company Reporter, on Oct. 12, 2015, citing Jonathan
Randles at Bankruptcy Law360, reported that Freedom Industries got
a bankruptcy judge to sign off on Oct. 6, 2015, on a reorganization
plan which will divvy up about $6.1 million to compensate creditors
and victims and help fund remediation efforts.

Freedom Industries' reorganization plan was approved by U.S.
Bankruptcy Judge Ronald Pearson 10 months after the business filed
for Chapter 11 under the weight of litigation and government
scrutiny after a chemical used in coal production spilled into the
Elk River.


FREESEAS INC: Sells $600,000 Convertible Note to MTR3S Holding
--------------------------------------------------------------
FreeSeas Inc. entered into a securities purchase agreement with
MTR3S Holding Ltd., on Dec. 8, 2015, pursuant to which, the Company
sold a $600,000 principal amount convertible note to the Investor
for gross proceeds of $600,000.

The Note will mature on the one year anniversary of the Closing
Date and will bear interest at the rate of 8% per annum, which will
be payable on the maturity date or any redemption date and may be
paid, in certain conditions, through the issuance of shares, at the
discretion of the Company.

The Note will be convertible into shares of the Company's common
stock, par value $0.001 per share, at a conversion price equal to
the lesser of (i) $0.17 and (ii) 60% of the lowest volume weighted
average price of the Common Stock during the 21 trading days prior
to the conversion date.

If an event of default under the Notes occurs, upon the request of
the holder of the Note, the Company will be required to redeem all
or any portion of the Note (including all accrued and unpaid
interest), in cash, at a price equal to the greater of (i) up to
127.5% of the amount being converted, depending on the nature of
the default, and (ii) the product of (a) the number of shares of
Common Stock issuable upon conversion of the Note, times (b) 127.5%
of the highest closing sale price of the Common Stock during the
period beginning on the date immediately preceding such event of
default and ending on the trading day that the redemption price is
paid by the Company.

The Company has the right, at any time, to redeem all, but not less
than all, of the outstanding Note, upon not less than 30 days nor
more than 90 days prior written notice.  The redemption price will
equal 127.5% of the amount of principal and interest being
redeemed.

The convertibility of the Note may be limited if, upon conversion
or exercise, the holder thereof or any of its affiliates would
beneficially own more than 4.99% of the Common Stock.

In addition, the Company reimbursed the Investor for all costs and
expenses incurred by it or its affiliates in connection with the
transactions contemplated by the transaction documents in a
non-accountable amount equal to $20,000.

                     About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

Freeseas reported a net loss of $12.7 million in 2014, a net loss
of $48.7 million in 2013 and a net loss of $30.9 million in 2012.

As of June 30, 2015, the Company had $41.4 million in total assets,
$32.2 million in total liabilities and $9.22 million in total
shareholders' equity.

RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company has incurred recurring operating
losses and has a working capital deficiency.  In addition, the
Company has failed to meet scheduled payment obligations under its
loan facilities and has not complied with certain covenants
included in its loan agreements.  Furthermore, the vast majority of
the Company's assets are considered to be highly illiquid and if
the Company were forced to liquidate, the amount realized by the
Company could be substantially lower that the carrying value of
these assets.  Also, the Company has disclosed alternative methods
of testing the carrying value of its vessels for purposes of
testing for impairment during the year ended December 31, 2014.
These conditions among others raise substantial doubt about the
Company's ability to continue as a going concern.


FTE NETWORKS: Common Stock Begins Trading on OTC Pink Market
------------------------------------------------------------
FTE Networks, Inc., announced that its common stock has been
approved for trading on the OTC Pink Open Market, operated by OTC
Markets Group Inc.  The ticker symbol is FTNW.

The common stock is currently trading on OTC Pink, and the Company
anticipates that its common stock will upgraded to the OTCQX Best
Market, also operated by OTC Markets Group Inc., in early 2016.

Michael Palleschi, CEO of FTE Networks stated, "This is a major
milestone in the development of our company.  We believe that the
higher profile we have from being a public company will enhance our
credibility in the telecoms and technology markets we serve."

He added, "For all our shareholders, new and old, we believe we
have high growth potential and plan to continue to build a strong
business, which will result in increased shareholder value for all.
We have commenced an active investor communications program, and
look forward to updating investors on a regular basis."

"I would like to take this opportunity to thank the staff at FTE
Networks who have given so much more than just their time and their
talents.  They have given their passion to our company.  This
achievement is their achievement, and we look forward to even
greater accomplishments in the future," concluded Mr. Palleschi.

                      About FTE Networks, Inc.

FTE Networks, formerly known as Beacon Enterprise Solutions Group,
Inc., is a vertically integrated company with an international
footprint.  Since its inception, FTE Networks has steadily
advanced its management, operational and technical capabilities to
become a leading provider of services to the telecommunications
and wireless sector with a focus on turnkey solutions.  FTE
Networks provides a comprehensive array of services centered on
quality, efficiency and customer service.

As of June 30, 2015, the Company had $4.10 million in total assets,
$13.64 million in total liabilities and a $9.53 million total
stockholders' deficiency.

                        Bankruptcy Warning

"[W]e have not achieved a sufficient level of revenues to support
our business and development activities and have suffered
substantial recurring losses from operations since our inception,
which conditions raise substantial doubt that we will be able to
continue operations as a going concern.

"Management's plans are to continue to raise additional funds
through the sales of debt or equity securities.  Currently in
process, management's plans are to increase liquidity and enhance
capital resources by attempting to complete negotiations for a $6
million asset-based line of credit which is in the final phases of
the approval process and completion of refinancing $3.5 million of
senior secured notes which will generate an approximate $1.45
million of availability to be used for expansion of the business.
However, there is no assurance that additional financing, including
the aforementioned transactions, will be available when needed or
that management will be able to obtain and close financing on terms
acceptable to the Company and whether the Company will become
profitable and generate positive operating cash flow.  If the
Company is unable to raise sufficient additional funds, it will
have to develop and implement a plan to further extend payables and
reduce overhead until sufficient additional capital is raised to
support further operations, which would have a material adverse
effect on the Company's business, financial condition and results
of operations, and ultimately we could be forced to discontinue our
operations, liquidate and/or seek reorganization under the U.S.
bankruptcy code," the Company stated in its quarterly report for
the period ended June 30, 2015.


FUHU INC: Gets Nod to Use Cash Collateral to Smooth Sale Process
----------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that a Delaware
bankruptcy judge on Dec. 9, 2015, signed off on children's tablet
maker Fuhu Inc.'s bid to tap into cash collateral, a decision that
is expected to smooth its proposed sale to Mattel and provide the
company with an infusion of money to fund the business in the short
term.

U.S. Bankruptcy Judge Christopher Sontchi gave interim approval to
Fuhu's motion to tap into cash collateral.  Fuhu, which filed for
bankruptcy on Dec. 7, said it had just $2 million in cash on hand.

                           About Fuhu

Fuhu, Inc. and Fuhu Holdings, Inc. filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Proposed Lead Case No. 15-12465) on Dec.
7, 2015.  The petition was signed by James Mitchell as chief
executive officer.  The Debtors estimated assets in the range of
$10 million to $50 million and liabilities of $100 million to $500
million.  Pachulski Stang Ziehl & Jones LLP represents the Debtors
as counsel.  Judge Christopher S. Sontchi presides over the case.

Fuhu is headquartered in El Segundo, California, and employs
approximately 115 employees and retains one independent contractor
who work in various areas including marketing, sales, operations,
creative, technology, development and management.

Court document indicates that between 2010 and 2013, Fuhu's
revenue
grew to more than $195 million in 2013.  Fuhu's array of nabi
tablets are sold in more than 10,000 retail outlets, including
Target, Best Buy, Costco Wholesale, Toys R'Us and Walmart stores.

Fuhu Moldings owns significant intellectual property assets of the
Debtors, including trademarks and copyrights.


FUSION TELECOMMUNICATIONS: Acquires Fidelity for $30 Million
------------------------------------------------------------
Fusion has acquired Beachwood, Ohio-based Fidelity Voice and Data,
provider of cloud voice, cloud connectivity, security, data center
and cloud storage services to approximately 2,000 small, medium,
and large business customers in the Midwest and throughout the U.S.
Fusion expects to complete the integration of Fidelity by the end
of the second quarter of 2016.

Total consideration in the transaction, which closed on Dec. 8,
2015, was $30 million consisting of $28.5 million in cash and $1.5
million in Fusion common stock.  The cash portion of the
consideration was funded via Fusion's existing bank credit facility
and its cash balances.  The transaction is immediately accretive to
Fusion, with substantial opportunity for cost savings through
elimination of redundancies.

Fidelity Acquisition Highlights

  * Contributes a revenue base of approximately $18 million per
    year, over 90% of which consists of monthly recurring revenues
   (MRR), growing nearly 10% organically through the first nine
    months of 2015

  * Adds approximately $6 million in annual pro forma Adjusted
    EBITDA after giving effect to projected cost synergies

  * Brings a customer base of approximately 2,000 businesses with
    a high average monthly revenue per customer (ARPU) of
    approximately $750 with a low churn rate of approximately 0.5%

    per month

  * Purchase price represents a valuation of 5.0x pro forma
    Adjusted EBITDA

  * Offers a highly comparable set of cloud solutions and network  

    infrastructure which can be tightly integrated into Fusion's
    existing platform

  * Contributes a strong team of experienced cloud technology
    professionals

Also, on Dec. 7, 2015, Fusion completed an offering of common
shares totaling approximately $6 million via its shelf registration
statement, priced at the market close on Dec. 4, 2015.  The
offering included significant additional commitments from Fusion's
largest institutional shareholder and from its chairman, its chief
executive officer and other members of its board of directors.

Matthew Rosen, Fusion's chief executive officer, said, "The
acquisition of Fidelity brings Fusion closer to its goal of
building significant scale in the fragmented but rapidly growing
cloud services market.  Fidelity will also contribute to Fusion's
organic growth, accelerating Fusion's progress over the last year
in expanding its business.  We intend to drive additional organic
growth by cross-selling and up-selling Fusion's comprehensive suite
of integrated cloud solutions and leveraging the benefits of
Fusion's nation-wide network to Fidelity’s current customer
base.

"Fusion adheres to a disciplined acquisition strategy based on a
strict set of criteria.  Fidelity met each of these criteria,
including a business customer base with predictable, contracted
recurring revenues, a high ARPU, and low churn, as well as a team
of professionals and network assets that can be tightly
integrated," Mr. Rosen continued.  "We expect to quickly integrate
the Fidelity sales and marketing team, its network and back office
infrastructure to accelerate the introduction of Fusion's advanced,
proprietary cloud solutions and national footprint to Fidelity's
customers."

Don Hutchins, Fusion's president and chief operating officer, said,
"Fidelity's strong business profile means that the acquisition is
immediately accretive to Fusion.  We have also identified a range
of specific cost savings opportunities which we expect to achieve
as we integrate Fidelity into Fusion's platform, just as we have
accomplished with Fusion's four previous acquisitions.  We
anticipate that these synergies will contribute significantly to
our cash flow over the coming quarters.

Mr. Hutchins added, "Fusion's growth through acquisition has been
enabled by the financial flexibility we gained through the new and
expanded credit facility we established in August.  By funding the
Fidelity acquisition with borrowings under our new credit facility,
we have lowered Fusion's blended cost of debt to approximately 8%
from 9% previously, and from 11.2% prior to establishing this
facility.  This, together with the common share offering we
completed earlier this week, demonstrate our ongoing commitment to
optimizing our balance sheet for sustainable growth."

                  About Fusion Telecommunications

New York City-based Fusion Telecommunications International, Inc.,
(OTC BB: FSNN) is a provider of Internet Protocol ("IP") based
digital voice and data communications services to corporations and
carriers worldwide.

Fusion incurred a net loss applicable to common shareholders of
$4.31 million in 2014, a net loss applicable to common shareholders
of $5.48 million in 2013 and a net loss applicable to common
stockholders of $5.61 million in 2012.

As of Sept. 30, 2015, the Company had $66.9 million in total
assets, $62.5 million in total liabilities and $4.42 million in
total stockholders' equity.


GALLAGHER'S INC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Gallagher's, Inc.
        1708 E Bethany Home Rd
        Phoenix, AZ 85016

Case No.: 15-15573

Chapter 11 Petition Date: December 10, 2015

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Hon. Madeleine C. Wanslee

Debtor's Counsel: Alan A. Meda, Esq.
                  BURCH & CRACCHIOLO PA
                  702 E Osborn Rd Suite 200
                  Phoenix, AZ 85014
                  Tel: 602-234-8797
                  Fax: 602-850-9797
                  Email: ameda@bcattorneys.com

Total Assets: $716,984

Total Liabilities: $4.67 million

The petition was signed by Rachel Jaquith, vice president &
director of operations.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/azb15-15573.pdf


GALLAGHER'S NOR'WEST: Case Summary & 9 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Gallagher's Nor'West, LLC
        1708 E Bethany Home RD
        Phoenix, AZ 85016

Case No.: 15-15570

Chapter 11 Petition Date: December 10, 2015

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Hon. George B. Nielsen Jr.

Debtor's Counsel: Alan A. Meda, Esq.
                  BURCH & CRACCHIOLO PA
                  702 E Osborn Rd Suite 200
                  Phoenix, AZ 85014
                  Tel: 602-234-8797
                  Fax: 602-850-9797
                  Email: ameda@bcattorneys.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Rachel Jaquith, vice president &
director of operations.

A list of the Debtor's nine largest unsecured creditors is
available for free at http://bankrupt.com/misc/azb15-15570.pdf


GATEWAY CASINOS: S&P Revises Outlook to Stable & Affirms 'B+' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Burnaby,
B.C.-based Gateway Casinos and Entertainment Ltd. to stable from
negative.

At the same time, Standard & Poor's affirmed its 'B+' long-term
corporate credit rating on the company.  In addition, Standard &
Poor's affirmed its 'BB' issue-level rating on Gateway's first-lien
senior secured debt.  The '1' recovery rating on the debt is
unchanged, indicating Standard & Poor's expectation of very high
(90%-100%) recovery in a default scenario.  Standard & Poor's also
affirmed its 'B+' issue-level rating on the company's second-lien
senior secured debt.  The '4' recovery rating on the debt is
unchanged, indicating S&P's expectation of average (30%-50%; in the
high end of the range) recovery in a default scenario.

"The outlook revision reflects our view of higher year-to-date
earnings and improved forecast credit measures," said Standard &
Poor's credit analyst Steve Goltz.

S&P believes that Gateway will face some pressure on its covenant
cushion because of annual step-downs combined with high capital
spending.  However, S&P expects the company will either reduce
capital spending or sell surplus assets to fund its capital
expenditure should it not generate sufficient cash flow to support
growth.

S&P continues to view Gateway's business risk profile as
"satisfactory," with a strong share of the concentrated gaming
market in British Columbia (B.C.), which benefits from attractive
growth prospects and a supportive regulatory regime.

Gateway operates three casinos in the Vancouver region, four in the
Okanagan Valley, and two in Edmonton, Alta., as well as three
community gaming centers and a bingo license in B.C.  S&P believes
that Gateway's credit profile benefits from facility development
commissions (FDCs) and accelerated FDCs, which it receives in B.C.
in connection with the large capital expenditures it has undertaken
in recent years.  The British Columbia Lottery Corp. effectively
reimburses eligible capital expenditures with the aim of
accelerating the development of the industry by improving gaming
assets and creating the potential for higher revenue growth.

For analytical purposes, S&P includes these reimbursements in
EBITDA when calculating leverage and debt service coverage ratios,
because of the reliability of the FDCs and the fact that gaming
companies realize these as an additional operator's share of gaming
wins.  As such, Gateway benefits from this addition to EBITDA,
which is a significant contributor to some of the best adjusted
margins for gaming companies in North America.

S&P views Gateway's financial risk profile as "highly leveraged,"
with a heavy debt burden and commensurately low, but improving,
interest coverage supported by steady free cash flow and adequate
liquidity.

The company does not release its financial statements to the
public.

The stable outlook on Gateway reflects S&P's expectation that the
company's cash flow will support its mandatory amortization and its
ambitious capital plan while maintaining debt-to-EBITDA between
5x-6x.  S&P believes that Gateway will have no cushion in its
covenants during the early part of 2016 and will either reduce
capital spending or sell surplus assets to fund its capital
expenditure should it not generate sufficient cash flow to support
its growth.

S&P could take a negative rating action if operating difficulties,
project execution delays or competition negatively affect
profitability and cash flow generation such that debt-to-EBITDA
remains above 6x with poor prospects for improvement.

S&P is unlikely to raise the ratings during the outlook period
because of the company's heavy debt load, which leads to S&P's view
on Gateway's "highly leveraged" financial risk profile and the
financial policy modifier which caps the rating at 'B+'. However,
S&P would consider a positive rating action if the company were to
reduce debt on a permanent basis such that debt-to-EBITDA were to
fall below 3.5x.



GENERAL MOTORS: Closing Ignition Switch Victims' Fund
-----------------------------------------------------
Mike Spector, writing for Dow Jones' Daily Bankruptcy Review,
reported that a third of the money General Motors Co. is paying
from a fund to victims of a defective ignition switch will go to
those who under a legal shield granted during the auto maker's
government-brokered bankruptcy otherwise might have received
nothing.

GM offered a total of roughly $595 million to victims through a
fund managed by compensation expert Kenneth Feinberg over the past
16 months, the report said, citing a final report on the
compensation fund released on Dec. 10.  About 32% of the claims Mr.
Feinberg accepted were for victims tied to accidents predating the
company's 2009 restructuring, the report related.

As previously reported by The Troubled Company Reporter, citing the
DBR, GM offered roughly $595 million to victims of a defective
ignition switch installed on millions of recalled vehicles, a lower
figure than the auto maker warned it could have to pay from a
compensation fund it set up to address the safety lapse.

Mr. Feinberg, an outside lawyer hired by GM to administer the fund,
offered payment to 399 claimants after negotiating with them and
their lawyers over the past 16 months, the report said, citing the
final report the compensation fund released on Dec. 10.

                    About General Motors

With its global headquarters in Detroit, Michigan, General Motors
-- http://www.gm.com/-- is one of the world's largest automakers,



traces its roots back to 1908.

General Motors Co. was formed to acquire the operations of
General Motors Corp. through a sale under 11 U.S.C. Sec. 363
following Old GM's bankruptcy filing.  The U.S. government
provided financing.  The deal was closed July 10, 2009, and Old GM
changed its name to Motors Liquidation Co.

Old GM -- General Motors Corporation -- filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1,
2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  The Debtors tapped Weil, Gotshal & Manges LLP
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel; and Morgan Stanley, Evercore Partners and the Blackstone
Group LLP as financial advisor.  Garden City Group is the claims
and notice agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation was dissolved.  On the
Dissolution Date, pursuant to the Plan and the Motors Liquidation
Company GUC Trust Agreement, dated March 30, 2011, between the
parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.


GETTY IMAGES: Moody's Affirms Caa1 PDR & Rates New Secured Notes B3
-------------------------------------------------------------------
Moody's Investors Service affirmed the Probability of Default
Rating ("PDR") of Getty Images, Inc. and appended the PDR with the
"/LD" designation to indicate limited default, reflecting the
closing of the company's distressed exchange. Moody's assigned a B3
rating to the new 10.5% senior secured notes due October 16, 2020.
Moody's affirmed the Corporate Family Rating ("CFR") of Caa1, the
B3 rating of the senior secured credit facilities, and the Caa3
rating of the existing 7% senior unsecured notes due 2020. The
outlook remains stable.

Getty Images completed its distressed exchange, issuing $252.5
million of new 10.5% senior secured notes due October 16, 2020 at a
5% original issue discount in exchange for $100 million of cash
plus roughly $240 million of existing 7% senior unsecured notes due
2020, representing a 36% discount to face value. Moody's views the
transaction as a distressed exchange which is an event of default
under Moody's definition of default. Moody's appends a "Limited
Default" or "LD" indicator to the company's PDR and the LD
designation will be removed in three business days. The new secured
notes offered as a result of the exchange rank pari passu with the
senior secured credit facilities and share in the guarantees of the
credit facility.

Issuer: Getty Images, Inc.

Assignments:

-- $252.5 million 10.5% Senior Secured Notes due 2020: Assigned
    B3, LGD3

Affirmations:

-- Probability of Default Rating: Affirmed and appended the "/LD"

    indicator to Caa1-PD/LD

-- Corporate Family Rating: Affirmed Caa1

-- Sr Secured 1st lien Term Loan due 2019: Affirmed B3, LGD3

-- Sr Secured 1st lien Revolving Credit Facility due 2017:
    Affirmed B3, LGD3

-- 7% Senior Unsecured Notes due 2020: Affirmed Caa3, LGD6

Outlook actions:

-- Outlook remains stable

RATINGS RATIONALE

Getty Images' Caa1 CFR reflects Moody's updated projections
indicating excessive leverage with debt-to-EBITDA exceeding 9.0x
(Moody's adjusted) through the end of 2016 as a result of high
single digit percentage revenue declines in the company's Midstock
segment for FY2015 and free cash flow-to-debt of less than 1% over
the next 12 months. As a result, the company will need more time to
turnaround operating performance sufficiently to restore credit
metrics to be in line with a higher debt rating. The completion of
the note exchange increases leverage slightly and erodes annual
free cash flow by roughly $10 million due to higher interest
payments. Although cash balances increase initially by roughly $85
million post-transaction, planned funding of growth investments and
higher debt service will leave the company with only adequate
liquidity and limited ability to reduce debt balances over the next
18 months.

Getty Images expects targeted growth investments to enhance revenue
and EBITDA; however, Moody's believes timing and the extent to
which these benefits will be realized is uncertain. Moody's also
views the company as having greater risk related to its financial
policies as we believe Getty Images' growth investments should be
funded with equity capital given the company's high leverage.
Moody's expects revenue to increase in the low-single digit
percentage range over the next 12-18 months; however, we do not
expect EBITDA to grow until after 2016 due to targeted investments.
The company has an undrawn revolver maturing in 2017 and a $1.85
billion covenant-lite term loan maturing in 2019, followed by note
maturities in 2020. Moody's believes an orderly refinancing of the
debt facilities will require debt-to-EBITDA closer to 6.5x, similar
to leverage at closing of the October 2012 buyout by Carlyle. Risk
of another distressed exchange remains high to the extent the
company is not able to perform in line with its operating plan.

The stable rating outlook reflects Moody's expectations that
revenue will grow in the low single-digit percentage range over the
next 18 months and that debt-to-EBITDA will remain elevated over
this period due to an increase in SG&A from planned growth
investments. The outlook incorporates free cash flow-to-debt of
less than 1% (including Moody's standard adjustments) over the next
12 months reflecting extraordinary tax payments and increased
capital spending related to targeted investments. Ratings could be
downgraded if operating performance tracks below Moody's
expectations or if we believe the company will not be able to
reduce leverage sufficiently to refinance the term loan in advance
of its 2019 maturity in an orderly fashion. Ratings could also be
downgraded if liquidity deteriorates or the company issues
additional debt in excess of nominal levels. While unlikely in the
next 18 months, ratings could be upgraded if the company
demonstrates stability in Midstock revenue, free cash flow-to-debt
improves to the mid single digit percentage range, and
debt-to-EBITDA is sustained comfortably below 6.0x (including
Moody's standard adjustments). Moody's would also need assurances
that the company will be able to refinance near term maturities in
an orderly fashion.

Headquartered in Seattle, WA, Getty Images, Inc. is a leading
creator and distributor of still imagery, video and multimedia
products, as well as a recognized provider of other forms of
premium digital content, including music. The company was founded
in 1995 and provides stock images, music, video and other digital
content through gettyimages.com and iStockphoto.com. In 2012, The
Carlyle Group completed the acquisition of a controlling indirect
interest in Getty Images in a transaction valued at approximately
$3.3 billion. The Carlyle Group owns approximately 51% of the
company with a trust representing certain Getty family members
owning approximately 49%. Revenue totaled roughly $811 million for
the 12 months ended September 30, 2015.



GLOBAL COMPUTER: Minimum Account Balance Reduced to $4.18-Mil.
--------------------------------------------------------------
Global Computer Enterprises, Inc., doing business as GCE, sought
and obtained from Judge Robert G. Mayer of the U.S. Bankruptcy
Court for the Eastern District of Virginia, Alexandria Division,
authorization to use cash and set a new minimum account balance.

Judge Mayer authorized the Debtor to pay ordinary course of
business expenses up to the maximum amount of $423,500 through
March 31, 2016.  Judge Mayer also required the Debtor to maintain a
balance of no less than $4,175,000 in its debtor-in-possession bank
account ("Minimum Account Balance").  He mandated that any
distribution of funds that would reduce the total balance of the
Debtor's bank account below the Minimum Account Balance, other than
quarterly fees due to the Office of the United States Trustee,
payment of the disputed claims, and allowed professional fee
applications, may not be made without further order of the Court.

The Debtor related that the Court's Payment Order required the
Debtor, among others, to maintain a balance of no less than
$6,000,000 in its debtor-in-possession bank accounts after payment
of claims and obligations.

Global Computer Enterprises is represented by:

          David I. Swan, Esq.
          MCGUIRE WOODS LLP
          1750 Tysons Boulevard
          Suite 1800
          Tysons Corner, VA 22102-4215
          Telephone: (703)712-5365
          Facsimile: (703)712-5246
          E-mail: dswan@mcguirewoods.com

                About Global Computer Enterprises

Global Computer Enterprises, Inc., doing business as GCE, is a
cloud-based "software as a service" provider, commonly referred to
as a "SAAS," offering financial management solutions primarily to
executive departments of the federal government and independent
federal government agencies.  GCE sought protection under Chapter
11 of the Bankruptcy Code (Case No. 14-13290, Bankr. E.D. Va.) on
Sept. 4, 2014.  The case is assigned to Judge Robert G. Mayer.

The Debtor's counsel is David I. Swan, Esq., at McGuirewoods LLP,
in McLean, Virginia.  The Debtor's financial advisor is Weinsweig
Advisors.  The petition was signed by Mike Freeman, interim chief
operating officer.

Judge Mayer designated Mike Freeman to perform duties imposed upon
GCE by the Bankruptcy Code.

The U.S. Trustee for Region 4 appointed three creditors of Global
Computer Enterprises, Inc. to serve on the official committee of
unsecured creditors.  The Committee tapped Armstrong Teasdale LLP,
as its counsel and Leach Travell Britt PC as its local bankruptcy
counsel.



GMG CAPITAL: Court Dismisses Chapter 11 Cases of Non-Plan Debtors
-----------------------------------------------------------------
GMG Capital Partners III, L.P., and its affiliated debtors sought
and obtained from Judge Stuart M. Bernstein of the U.S. Bankruptcy
Court for the Southern District of New York the dismissal of the
Chapter 11 cases of non-plan debtors GMG Capital Investments, LLC,
and GMS Capital Partners, II L.P.

The Debtors contended that all four of them were jointly and
severally liable upon a  multi-million dollar 2013 Delaware
judgment in favor of Athenian Venture Partners, I L.P., and
Athenian Venture Partners II, L.P. ("Athenian").  The Debtors
further contended that in the months before the Petition Date, the
Delaware state court had issued an order authorizing the seizure of
the Debtors' assets and had held the Debtors in civil contempt in
connection with ongoing judgment enforcement proceedings.  The
Debtors related that it was the Plan Debtors that originally filed
in September 2013 because it was the Plan Debtors that had the
assets deemed necessary to protect, i.e. equity interests in two
portfolio companies held by the Debtors, and from which it could
ultimately pay its stakeholders, including Athenian.  The Debtors
further related that notwithstanding their lack of assets, the
Non-Plan Debtors filed their voluntary petitions two months later
when it became clear that Athenian would continue to press the
enforcement proceedings against them -- which the Debtors
collectively believed to be a burden on their ability to
successfully navigate and avail themselves of the relief afforded
through chapter 11.

The Debtors told the Court that pursuant to a settlement agreement,
incorporated into the Plan, between each of the Debtors and
Athenian, Athenian agreed to accept a compromised one-time payment
cash of $5 million in satisfaction of all obligations due and owing
from each of the Debtors.  The Debtors further told the Court that
payment was made to Athenian on Aug. 27, 2015, and Athenian has
released the Non-Plan Debtors.  The Debtors added that the Athenian
judgment was fully satisfied through the Plan and the settlement
agreement. They submitted that because the Non-Plan Debtors have no
assets and because their primary obligation – joint and several
liability to Athenian -- was resolved through the Plan, "cause"
exists to dismiss the Chapter 11 cases of the Non-Plan Debtors.

GMG Capital Partners III and its affiliated debtors are represented
by:

         Michael S. Fox, Esq.
         Jonathan T. Koevary, Esq.
         OLSHAN FROME WOLOSKY LLP
         Park Avenue Tower
         65 East 55th Street
         New York, NY 10022
         Telephone: (212)451-2300
         E-mail: mfox@olshanlaw.com
                 jkoevary@olshanlaw.com

                    About GMG Capital Partners

GMG Capital Partners III, L.P., and GMG Capital Partners III
Companion Fund, L.P., sought Chapter 11 protection (Bankr.
S.D.N.Y. Case No. 13-12937 and 13-12939) in Manhattan on Sept. 10,
2013.  Stuart M. Bernstein oversees the Debtor's case.  Olshan
Frome Wolosky LLP represents the Debtor its Chapter 11 Bankruptcy
Case.  GMG Capital Partners III disclosed $21,696,757 in assets
and $7,877,498 in liabilities as of the Chapter 11 filing.


HANSEN MEDICAL: Has Insufficient Liquidity to Meet Cash Needs
-------------------------------------------------------------
Hansen Medical, Inc., does not have sufficient liquidity to meet
its anticipated cash requirements through the next 12 months, Cary
G. Vance, president and chief executive officer, and Christopher P.
Lowe, interim chief financial officer, disclosed in a November 9,
2015 regulatory filing with the U.S. Securities and Exchange
Commission.

"These factors raise substantial doubt about the company's ability
to continue as a going concern."

Messrs. Vance and Lowe related, "We recognized our first revenues
in 2007 and have not achieved profitability or generated net income
to date.  We have experienced significant fluctuations in quarterly
shipments and revenues, and potential customers have lengthened
their sales cycles and postponed purchase decisions. From inception
to September 30, 2015, we have incurred losses totaling
approximately $442.4 million and have not generated positive cash
flows from operations.  We expect such losses to continue as we
continue to commercialize our products, maintain and develop the
infrastructure required to manufacture and sell our products,
pursue additional applications for our technology platforms and
develop new products.  

"As of September 30, 2015, our cash, cash equivalents, short-term
investments and restricted cash balances were $35.6 million.  We
incurred a net loss of $34.7 million and negative cash flows from
operations of $30.0 million for the nine months ended September 30,
2015.  In addition, we are also subject to minimum liquidity
requirements under our existing borrowing arrangements with White
Oak which require us to maintain $15.0 million in liquidity at all
times, consisting of at least $13.0 million in cash, cash
equivalents and investments, of which $5.0 million is required to
be restricted subject to lenders' control, and $2.0 million in
eligible accounts receivable.  

"Based on our current operating projections, we do not have
sufficient liquidity to meet our anticipated cash requirements
through the next twelve months.  These factors raise substantial
doubt about the company's ability to continue as a going concern."


"In order to continue our operations, we will need to obtain
sufficient additional funding to satisfy our current and longer
term liquidity requirements and may attempt to do so at any time
by, for example, selling equity or debt securities, licensing core
or non-core intellectual property assets, entering into future
research and development funding arrangements, refinancing or
restructuring existing debt arrangements or entering into a credit
facility in order to meet our continuing cash needs.  If such
financing, licensing, funding or credit arrangements do not meet
our longer term needs, we may be required to extend our existing
cash and liquidity by adopting additional cost-cutting measures,
including reductions in our work force, reducing the scope of,
delaying or eliminating some or all of our planned research,
development and commercialization activities and/or reducing
marketing, customer support or other resources devoted to our
products.  Any of these factors could harm our financial condition.


"There can be no assurance, however, that such a funding
alternative will be successfully completed on terms acceptable to
us or that the Company can implement cost cutting measures
sufficient to extend our cash and liquidity.  Management is
currently considering various financing alternatives.  Failure to
raise additional funding or manage our spending may adversely
impact our ability to achieve our long term intended business
objectives. We will continue to evaluate the extent of our
implemented cost-saving measures based upon changing future
economic conditions and will consider the implementation of
additional cost reductions if and as circumstances warrant.

"If we seek additional funding in the future by selling additional
equity or debt securities, refinancing or restructuring existing
debt arrangements or entering into a credit facility, such
additional funding may result in substantial dilution to existing
stockholders, may contain unfavorable terms or may not be available
on any terms.  If we are unable to obtain any needed additional
funding, we may be required to reduce the scope of, delay, or
eliminate some or all of, our planned research, development and
commercialization activities or to license to third parties the
rights to commercialize products or technologies that we would
otherwise seek to commercialize ourselves or on terms that are less
attractive than they might otherwise be, any of which could
materially harm our business," Messrs. Vance and Lowe told the
SEC.

At September 30, 2015, the company had total assets of $54,705,000,
total liabilities of $41,844,000, and total stockholders' equity of
$12,861,000.

The company also posted a net loss of $10,227,000 during the three
months ended September 30, 2015, compared to a net loss of
$15,594,000 during the same period in 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/gp4dgbg

Mountain View, California-based Hansen Medical, Inc. develops,
manufactures and sells medical robotics designed for accurate
positioning, manipulation and stable control of catheters and
catheter-based technologies.  Its Sensei System is designed to
allow physicians to instinctively navigate flexible catheters with
sold stability and control in electrophysiology procedures.



HEALTHWAREHOUSE.COM INC: Melrose Waives Covenants Violations
------------------------------------------------------------
Healthwarehouse.com is a party to a Loan and Security Agreement,
dated as of March 28, 2013, as amended on March 9, 2015 and Sept.
8, 2015, with Melrose Capital Advisors, LLC.  Under the terms of
the Loan Agreement, the Company borrowed an aggregate of $750,000
from the Lender.  

The Loan is evidenced by a promissory note in the face amount of
$750,000, as amended.  The principal amount and all unpaid accrued
interest on the Senior Note is payable on Nov. 1, 2015, or earlier
in the event of default or a sale or liquidation of the Company.

The Company granted the Lender a first priority security interest
in all of the Company's assets, in order to secure the Company's
obligation to repay the Loan, including a Deposit Account Control
Agreement, dated as of Aug. 18, 2014, which grants the Lender a
security interest in certain bank accounts of the Company.  Upon
the occurrence of an event of default, the Lender has the right to
impose interest at a rate equal to five percent per annum above the
otherwise applicable interest rate.  The repayment of the Loan may
be accelerated prior to the maturity date upon certain specified
events of default, including failure to pay, bankruptcy, breach of
covenant, and breach of representations and warranties.

On Aug. 27, 2015, Northlich, a vendor of the Company, was granted
an order of garnishment against the Company's funds held in a bank
account in the amount of $83,766 for an unpaid debt in the Court of
Justice, Boone Circuit Court, Commonwealth of Kentucky.  On Sept.
16, 2015, the Lender filed a Motion to Intervene in the Boone
Circuit Court, requesting to intercede in the garnishment action on
the grounds that had a superior lien on all funds being held in the
Company's bank accounts.  The Lender notified the Company that as a
result of the garnishment action, an event of default occurred on
the Senior Note and the Loan is in default and immediately
payable.

On Nov. 11, 2015, the Company and the Lender entered into a Loan
Extension Agreement and an Amended and Restate Promissory Note,
both effective Nov. 1, 2015, pursuant to which the Lender agreed to
increase the face amount of the Senior Note to $1,000,000 and to
extend the maturity date of the Senior Note to Dec. 31, 2015.  

On Nov. 30, 2015, the Boone Circuit Court issued an order finding
that: (1) the Lender is the priority lienholder on the Company's
bank accounts and that Northlich was not entitled to the funds in
the bank accounts; and (2) $108,911 from the Company's deposit
accounts was applied as a principal payment on the Loan.

On Dec. 9, 2015, the Lender acknowledged that the event of default
has been cured and the Lender waived certain other violations of
covenants in the Senior Note and Loan as a result of to the
garnishment and lien.

                     About HealthWarehouse.com

HealthWarehouse.com, Inc., headquartered in Florence, Kentucky,
is a U.S. licensed virtual retail pharmacy ("VRP") and healthcare
e-commerce company that sells brand name and generic prescription
drugs as well as over-the-counter medical products.

Healthwarehouse.com reported a net loss attributable to common
stockholders of $2.08 million on $6.12 million of net sales for the
year ended Dec. 31, 2014, compared with a net loss attributable to
common stockholders of $7.3 million on $10.23 million of net sales
in 2013.

Marcum LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

As of Sept. 30, 2015, the Company had $1.06 million in total
assets, $4.78 million in total liabilities and total stockholders'
deficiency of $3.71 million.

                          Bankruptcy Warning

"The Company recognizes it will need to raise additional capital in
order to fund operations, meet its payment obligations and execute
its business plan.  There is no assurance that additional financing
will be available when needed or that management will be able to
obtain financing on terms acceptable to the Company and whether the
Company will become profitable and generate positive operating cash
flow.  If the Company is unable to raise sufficient additional
funds, it will have to develop and implement a plan to further
extend payables, attempt to extend note repayments, attempt to
negotiate the preferred stock redemption and reduce overhead until
sufficient additional capital is raised to support further
operations.  There can be no assurance that such a plan will be
successful.  If the Company is unable to obtain financing on a
timely basis, the Company could be forced to sell its assets,
discontinue its operation and /or seek reorganization under the
U.S. bankruptcy code," the Company states in the report for the
period ended Sept. 30, 2015.


HEBREW HOSPITAL: Has $12M DIP Financing From Millennium Trust
-------------------------------------------------------------
Hebrew Hospital Senior Housing, Inc., seeks authority from the
Bankruptcy Court to obtain a super-priority post-petition
debtor-in-possession financing, secured by a first priority lien on
all of its property, in the aggregate principal amount of $12.2
million -- $9.2 million of which is to be borrowed on an interim
basis -- pursuant to the terms and conditions of a senior secured
super-priority debtor-in-possession credit agreement between the
Debtor and Millennium Trust Company, LLC, as lender.  In addition,
the Debtor asks permission to use cash collateral of the
prepetition secured parties in accordance with a budget.

"The Debtor has an immediate and critical need to obtain the
post-petition financing under the DIP Facility and to use Cash
Collateral so that it can ensure that services to its residents
remain undisturbed and that the Debtor has sufficient runway to
operate through an orderly sale process," according to Raymond L.
Fink, Esq., at Harter Secrest & Emery LLP, counsel to the Debtor.
"The quality of care for the clients who reside in the Debtor's
enriched housing and skilled nursing facilities is of paramount
importance, and without the DIP Facility the Debtor will have
insufficient funds to service those needs on an ongoing basis," Mr.
Fink continued.

In addition to paying off the Debtor's existing Pre-Petition
Obligations, which is required, in part, under the Restructuring
Support Agreement, the funds received under DIP Facility will be
used to pay various parties that provide essential services to the
Debtor in the ordinary course of business and enable it to operate,
maintain and insure its assets through the sale process. These
parties include employees, third party vendors, utilities,
insurance companies, taxing authorities, professionals, consultants
and advisors.

"Without access to the DIP Facility and the use of Cash Collateral,
the Debtor would suffer immediate and irreparable harm to the
significant detriment of the Debtor's estate, its residents and its
creditors," Mr. Fink tells the Court.

The DIP Facility contemplates the payment of fees and reimbursement
of expenses to professionals of the DIP Lender.

The DIP Facility also includes (i) an interim closing fee of 2.0%
of DIP Lender's commitment amount under the DIP Facility, which is
due and payable upon entry of the Interim Order, and (ii) an exit
fee of 2.0% of DIP Lender's commitment amount under the DIP
Facility, which is due and payable at maturity of the DIP Facility.
The first $50,000 of the interim closing fee was paid by the
Debtor to the DIP Lender upon execution of that certain commitment
letter between the DIP Lender and the Debtor.

Loans under the DIP Facility will accrue interest at the rate of
9.75% per annum.  Upon the occurrence and during the continuance of
an Event of Default, Loans under the DIP Facility will accrue
interest at the rate of 14.75% per annum.

The DIP Credit Agreement requires:

   (a) filing of a Sale Procedures Motion and a Sale Motion in
       form and substance acceptable to the DIP Lender on or
       before Dec. 17, 2015;

   (b) entry of a Sale Procedures Order on or before Dec. 31,
       2015, approving the procedures for marketing, conducting an

       auction, and obtaining approval of a sale of all or
       substantially all of the Debtor's business and assets;

   (c) entry of a Sale Order on or before Jan. 29, 2016, approving
       the sale of all or substantially all of the Debtor's
       business and assets that provides for payment in cash
       in full of the obligations under the DIP Facility;

   (d) on or before March 1, 2016, assumption by the purchaser
       approved by the Sale Order of the management and operations
       of the Debtor; and

   (e) on or before Sept. 31, 2016, closing of a sale of all or
       substantially all of the Debtor's business and assets that
       provides for indefeasible payment in cash in full of the
       obligations under the DIP Facility.

                    About Hebrew Hospital

Hebrew Hospital Senior Housing Inc. sought for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 15-13264) on
Dec. 9, 2015.  The petition was signed by Mary Frances Barrett as
CEO.  Harter Secrest & Emery LLP represents the Debtor as counsel.
The Debtor has engaged RBC Capital Markets as its investment
banker.  Judge Michael E. Wiles has been assigned the case.

The Debtor is engaged in the sponsorship and operation of a 120
unit continuing care retirement community.  CCRCs are senior adult
programs that offer independent living apartments, residential
amenities and long-term care services to senior adults.  The Debtor
generates the majority of its revenue from resident entrance fees
and monthly rents.


HEBREW HOSPITAL: Proposes to Pay Critical Vendor Claims
-------------------------------------------------------
Hebrew Hospital Senior Housing, Inc., asks permission from the
Bankruptcy Court to pay prepetition obligations of certain critical
vendors in the approximate amount of $250,000 to $300,000.  The
Debtor asserts that payment of the Critical Vendor Claims is
necessary to preserve operations and successfully reorganize.

"The need for flexibility to pay the Critical Vendor Claims is
particularly acute during the initial stages of the cases and the
continuity of services is critical for the Debtor to properly house
and care for the elderly residents at an appropriate standard,"
said John A. Mueller, Esq., at Harter Secrest & Emery LLP, attorney
for the Debtor.

The Debtor has identified Nutrition Management Services Company and
Westchester Ambulette Service Inc. as the only services providers
which warrant consideration as Critical Vendors.

Nutrition Management provides a series of invaluable services to
the Debtor and has been doing so for approximately 15 years.  In
particular, NMSC provides dietary, maintenance and housekeeping
services to the Debtor, all of which are absolutely necessary for
daily operations and the physical well-being of the elderly
residents.

Westchester Ambulette is the Debtor's exclusive provider of
ambulatory transportation and related services for the Debtor's
skilled nursing facility, which includes an adult day healthcare
program.

As a condition of receiving payment of the pre-petition arrearages,
each of the Critical Vendors is required to, among other things,
stipulate and agree as follows: (i) to continue to provide services
without delay or disruption for the duration of the Chapter 11
case; (ii) to provide pricing at the same rates (or better rates if
applicable) as were being charged to the Debtor on a pre-petition
basis; (iii) provide credit terms consistent with those terms
provided to the Debtor pre-petition; and (iv) submit to the
jurisdiction of the Bankruptcy Court to adjudicate any disputes
with the Debtor.

                       About Hebrew Hospital

Hebrew Hospital Senior Housing Inc. sought for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 15-13264) on Dec.
9, 2015.  The petition was signed by Mary Frances Barrett as CEO.
Harter Secrest & Emery LLP represents the Debtor as counsel. The
Debtor has engaged RBC Capital Markets as its investment banker.
Judge Michael E. Wiles has been assigned the case.

The Debtor is engaged in the sponsorship and operation of a 120
unit continuing care retirement community.  CCRCs are senior adult
programs that offer independent living apartments, residential
amenities and long-term care services to senior adults.  The Debtor
generates the majority of its revenue from resident entrance fees
and monthly rents.


HEBREW HOSPITAL: Seeks to Assume Restructuring Support Agreement
----------------------------------------------------------------
Hebrew Hospital Senior Housing, Inc., is asking Bankruptcy Court's
permission to assume an executory contract with Hebrew Hospital
Home of Westchester, Inc., New York State Attorney General's office
and Westchester Meadow's Residents' Council.

The RSA provided for HHHW to loan $3,500,000 to the Debtor, secured
by a second mortgage upon the Westchester Meadows real estate.  The
proceeds of this loan were earmarked for the purpose of repaying
approximately $2,500,000 of outstanding resident refunds and
$1,000,000 for operations pursuant to a specific budget.  The loan
is to be repaid from the Debtor's post-petition
debtor-in-possession financing.

The RSA was approved by order of the Supreme Court, Westchester
County (A.J.S.C. David Zuckerman, presiding) on Oct. 21, 2015.
On Nov. 9, 2015, the mortgage was recorded after obtaining the
consents of Manufacturers and Traders Trust Company, the
Westchester County Industrial Development Agency and the bond
trustee, U.S. Bank N.A., as evidenced by the fully executed Consent
and Acknowledgement.

The Debtor said that in compliance with the RSA, the outstanding
resident refunds were duly paid and satisfied by it using the loan
proceeds from HHHW, with the balance serving to sustain the
Debtor's operations pending the filing of its Chapter 11 case.

Via conference call on Nov. 30, 2015, all parties to the RSA,
either directly or through their legal counsel, agreed to extend
the November 30th deadline for the Debtor's bankruptcy filing by
7-10 days, in order to allow for finalization of the DIP Loan and
all related documentation.

Per the above agreement, the Debtor commenced this Chapter 11 case
by filing a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code in the United States Bankruptcy Court for the
Southern District of New York on Dec. 9, 2015.

"Without the RSA and corresponding Consent, the Debtor would never
have made it to the Petition Date.  Due to the Debtor's inability
to obtain traditional financing from any other resource, the loan
from HHHW was absolutely necessary to sustain the Debtor's
operations long enough to obtain the DIP Loan, while also staving
off the entry of adverse court judgments in favor of former
residents' estates," said John A. Mueller, Esq., at Harter Secrest
& Emery LLP, counsel to the Debtor.

According to Mr. Mueller, the RSA remains necessary for the Debtor
to effectively proceed through the Chapter 11 case towards an
eventual, and mutually beneficial, sale of its business.

"If the Debtor is not permitted to assume the RSA and unable to
perform in accordance therewith, it will result in 'events of
default' under numerous critical agreements, including the DIP
Loan; thus, causing an immediate collapse of this Chapter 11 Case
to the severe detriment of all involved parties," Mr. Mueller
asserted.

                      About Hebrew Hospital

Hebrew Hospital Senior Housing Inc. sought for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 15-13264) on
Dec. 9, 2015.  The petition was signed by Mary Frances Barrett as
CEO.  Harter Secrest & Emery LLP represents the Debtor as counsel.
The Debtor has engaged RBC Capital Markets as its investment
banker.  Judge Michael E. Wiles has been assigned the case.

The Debtor is engaged in the sponsorship and operation of a 120
unit continuing care retirement community.  CCRCs are senior adult
programs that offer independent living apartments, residential
amenities and long-term care services to senior adults.  The Debtor
generates the majority of its revenue from resident entrance fees
and monthly rents.


HEBREW HOSPITAL: Wants Jan. 22 Deadline to File Schedules
---------------------------------------------------------
Hebrew Hospital Senior Housing, Inc., asks the Bankruptcy Court to
extend the deadline within which it must file its schedules of
assets and liabilities and statement of financial affairs until
Jan. 22, 2016.

The Debtor tells the Court that due to the complexity and diversity
of its operations, it will be unable to complete its Schedules and
SOFAs by the current deadline.

Given the substantial burden already imposed on the Debtor's
management by the commencement of this Chapter 11 case, the limited
number of employees available to collect the required information,
the competing demands upon those employees, and the fact that the
Debtor has a substantial number of creditors, the Debtor asserts
that "cause" exists to extend the Schedules deadline by 30 days.

                     About Hebrew Hospital

Hebrew Hospital Senior Housing Inc. sought for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 15-13264) on
Dec. 9, 2015.  The petition was signed by Mary Frances Barrett as
CEO.  Harter Secrest & Emery LLP represents the Debtor as counsel.
The Debtor has engaged RBC Capital Markets as its investment
banker.  Judge Michael E. Wiles has been assigned the case.

The Debtor is engaged in the sponsorship and operation of a 120
unit continuing care retirement community.  CCRCs are senior adult
programs that offer independent living apartments, residential
amenities and long-term care services to senior adults.  The Debtor
generates the majority of its revenue from resident entrance fees
and monthly rents.


HERCULES OFFSHORE: Loomis Reports 13.5% Equity Stake
----------------------------------------------------
Loomis Sayles & Co., L.P. disclosed in a Schedule 13G filing with
the Securities and Exchange Commission that it may be deemed to
beneficially own 2,703,499 shares of common stock of Hercules
Offshore Inc. as of November 30, 2015.

As of Nov. 30, about 20,000,000 shares are outstanding.  Loomis may
be deemed to own 13.52% of those shares.

                     About Hercules Offshore

Headquartered in Houston, Hercules Offshore, Inc. --
http://www.herculesoffshore.com/-- operates a fleet of 27 jackup  
rigs, including one rig under construction, and 21 liftboats.  The
Company offers a range of services to oil and gas producers to
meet
their needs during drilling, well service, platform
inspection, maintenance, and decommissioning operations in several
key shallow water provinces around the world.

On Aug. 13, 2015 Hercules Offshore and 14 affiliated debtors each
filed a voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 15-11685) in the
U.S.
Bankruptcy Court for the District of Delaware.  The cases are
pending before the Honorable Kevin J. Carey.

The Debtors tapped Baker Botts LLP as counsel; Morris, Nichols,
Arsht & Tunnell, as local counsel; Andrews Kurth LLP, as general
corporate counsel; Lazard Freres & Co. LLC, as investment banker,
Alvarez & Marsal, as restructuring advisor; and Prime Clerk, LLC,
as claims and noticing agent.

The Steering Group of Holders of Senior Notes is represented by
Akin Gump Strauss Hauer & Feld LLP's Arik Preis, Esq., and Michael
S. Stamer, Esq.

HERO disclosed $546 million in assets and $1.306 billion in debt
as
of Aug. 11, 2015.

                           *     *     *

The Debtors on the Petition Date filed a pre-packaged Chapter 11
plan that would convert $1.2 billion of outstanding senior notes
to
96.9% of new common equity.

Hercules Offshore on Nov. 6, 2015, disclosed that it has completed
its financial restructuring and emerged from Chapter 11.  The
Company also said funding of its new $450 million senior secured
credit facility has been completed.

Delaware Bankruptcy Judge Kevin J. Carey on Sept. 24, 2015,
confirmed Hercules Offshore's Joint Prepackaged Plan of
Reorganization and approved the disclosure statement explaining the
Plan.  The Plan provides, among other things, that the Debtors will
convert approximately $1.2 billion of debt into equity, raise $450
million of new capital and provide an opportunity for existing
equity holders to receive a distribution if they do not opt out of
the releases under the Plan.  Holders of Allowed General Unsecured
Claims will be paid in the ordinary course of business in
accordance with ordinary course terms under the Plan subject to any
non-bankruptcy rights or defenses the Debtors may have to all or
any portion of the Claims.  Effectively, the Plan reinstates
General Unsecured Claims and leaves them unimpaired.


HOME CASUAL: Trustee Awarded $250K Recovery from HCEL, et al.
-------------------------------------------------------------
Judge Robert D. Martin of the Bankruptcy Court for the Western
District of Wisconsin awarded Robert T. Kasdorf, Trustee for Home
Casual, LLC, $250,000 with interest as recovery for an avoidable
transfer.

Judgment was also rendered in favor of the Trustee and against the
defendants Home Casual Enterprise, Ltd. (HCEL), Zhejiang Hemei
Leisure Products Co., Ltd., Hangzhou Volly Garden Furniture Co.,
Ltd., and Hangzhou King-Rex Furniture Industry Co., Ltd., for the
return of the Debtor's interest in a promissory note.

On March 26, 2015, an adversary proceeding was commenced against
the defendants to avoid transfers, compel turnover, and disallow
claims.

On April 1, 2013, Brian Sanderson paid $250,000 to HCEL pursuant to
a summary judgment granted by the Dane County Circuit Court on a
non-earnings garnishment action filed by the defendants against
Sanderson.

Kasdorf contended that the defendants received an avoidable
transfer in the form of defendants' garnishment of the Brian
Sanderson debt.  While Sanderson was served with the garnishment
summons and complaint on December 28, 2012 which was 91 days before
the bankruptcy, the summary judgment on that complaint was entered
only on March 19, 2013.

Judge Martin held that the lien which constitutes a transfer for
preference analysis did not arise until entry of the garnishment
judgment on March 19, 2013 which is within the 90-day preference
period.  Thus, the judge concluded that the transfer is voidable by
the trustee.

In addition, Judge Martin found that the Sanderson payment
constituted a transfer of estate property because the debtor
maintained an interest in the Sanderson promissory note even after
the entry of the garnishment judgment.  As such, the judge
concluded that the Sanderson payment, which was not authorized by
the Bankruptcy Code or the court, is voidable and the trustee may
recover the transfer from the defendants.

Finally, Judge Martin disallowed the claims of the defendants
completely due to their failure to turn over the avoidable
transfers they have received.

The case is In the Matter of: Home Casual LLC, Chapter 7 Debtor.
ROBERT T. KASDORF, TRUSTEE, TRUSTEE OF HOME CASUAL, LLC, Plaintiff,
v. HOME CASUAL ENTERPRISE, LTD., ZHEJIANG HEMEI LEISURE PRODUCTS
CO., LTD., HANGZHOU VOLLY GARDEN FURNITURE CO., LTD., and HANGZHOU
KING-REX FURNITURE INDUSTRY CO., LTD., Defendants, CASE NO.
13-11475, ADV. NO. 15-00043 (Bankr. W.D. Wis.).

A full-text copy of Judge Martin's November 30, 2015 memorandum
decision is available at http://is.gd/brimcafrom Leagle.com.

Robert T. Kasdorf, Trustee, is represented by:

          Claire Ann Resop, Esq.
          STEINHILBER SWANSON RESOP & SIPSMA
          107 Church Avenue
          Oshkosh, WI 54903-0617
          Tel: (920) 235-6690
          Fax: (920) 426-5530
          Email: cresop@swansonresop.com

Home Casual Enterprises, Ltd. is represented by:

          John Driscoll, Esq.
          STEINHILBER SWANSON RESOP & SIPSMA
          107 Church Avenue
          Oshkosh, WI 54903-0617
          Tel: (920) 235-6690
          Fax: (920) 426-5530

            -- and --

          Christopher J. Stroebel, Esq.
          VON BRIESEN & ROPER, S.C.
          10 East Doty Street Suite 900
          Madison, WI 53703
          Tel: (608) 441-0300
          Fax: (608) 441-0301
          Email: cstroebel@vonbriesen.com

                    About Home Casual LLC

Home Casual LLC filed a chapter 11 bankruptcy (Bankr. W.D. Wis.
Case No. 13-11475) on March 29, 2013.  Bankruptcy Judge Robert D.
Martin presided over the case.  J. David Krekeler, Esq., at
Krekeler Strother, S.C., served as counsel to the Debtor.  In its
petition, the Debtor estimated $1 million to $10 million in assets,
and $10 million to $50 million in liabilities.  A list of its 16
largest unsecured creditors filed with the petition is available
for free at http://bankrupt.com/misc/wiwb13-11475.pdf The petition
was signed by Donald D. Corning.  The Debtor's case was immediately
converted to chapter 7.


HORSEHEAD HOLDING: Moody's Cuts Corporate Family Rating to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Horsehead
Holding Corp., including its corporate family rating (CFR) to Caa2
from B3, probability of default rating (PDR) to Caa2-PD from B3-PD
and senior secured notes to Caa1 from B2. The company's Speculative
Grade Liquidity rating was lowered to SGL-4 from SGL-3. The outlook
is negative.

Downgrades:

Issuer: Horsehead Holding Corp.

-- Probability of Default Rating, Downgraded to Caa2-PD from B3-
    PD

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

-- Corporate Family Rating, Downgraded to Caa2 from B3

-- Senior Secured Regular Bond/Debenture Jun 1, 2017, Downgraded
    to Caa1 (LGD3) from B2 (LGD3)

Outlook Actions:

-- Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The downgrade to a Caa2 Corporate Family Rating results from the
continued delays at the company's new zinc production facility and
reflects the company's weak earnings performance as evidenced by
negative EBITDA of $25 million for the nine months through
September 30, 2015 (including Moody's standard adjustments). The
downgrade also considers the subsequent deterioration of the
company's liquidity position as a result of the weak operating
performance and continued capital spending on the new facility.
Given the further drop in zinc prices following the third quarter,
and the expectation for a protracted industry recovery period, we
expect Horsehead's performance and liquidity to remain pressured
over the next twelve months.

Base metals prices, including zinc and nickel prices, have fallen
significantly over the past year. Spot LME zinc prices in November
2015 averaged $0.72/lb, after retreating approximately 29% since
November 2014, while nickel has declined about roughly 41% over the
same time period, and averaged $4.19/lb in November. Price declines
have been driven by softening global demand and the strong US
dollar. Additionally, zinc prices have been further pressured by
the challenges facing the global steel industry, which is a major
market for zinc. We expect those factors to persist and for zinc
and nickel prices to remain under downward pressure over the next
12-18 months. As such, Horsehead's operating performance will
continue to be negatively impacted over that time frame. However,
the company hedges a portion of its expected zinc shipments, which
limits its downside price exposure.

The ramp-up of the company's new zinc production facility in
Mooresboro, North Carolina continues to be delayed and has
progressed at a much slower pace than previously anticipated. The
facility has a projected capacity of 150,000 tons of zinc metal per
year and, once fully operational, is expected to significantly
improve the company's cost position and production profile.
However, the facility produced only 9,700 tons of zinc metal in the
past quarter and the timeframe for the plant reaching near full
capacity levels remains unclear as the company works through
several challenges including a bottleneck associated with the bleed
treatment system and deteriorated anodes in the cell house. As this
facility will be Horsehead's principal revenue and earnings driver,
any meaningful operating performance improvement is dependent on a
timely and successful ramp-up over the next several quarters.
However, regardless of the pace of the ramp-up, the company's
reliance principally on one smelting/refining facility remains a
limiting factor for the rating.

Horsehead's rating is supported by the company's solid position as
a leading US producer of zinc metal and zinc oxide and a recycler
of other metals recovered through its high temperature metals
recovery facilities. The rating also considers the company's
relatively unique feedstock source for its zinc requirements- the
waste material from steel mills electric arc furnaces (EAF)- which
provides a cost advantage relative to mined zinc.

The lowering of Horsehead's Speculative Grade Liquidity to SGL-4
from SGL-3 reflects the company's deteriorating liquidity position.
As of September 30, 2015, the company had a cash balance of $35
million and combined availability of $33 million under the
company's $80 million asset-based revolving credit facility (ABL)
and $20 million revolver at the Zochem Inc. subsidiary (Zochem
revolver). We expect free cash flow generation to remain negative
over the next four quarters, with some improvement coming in the
second half of 2016 as the Mooresboro facility reaches higher
capacity levels. Additional delays in the ramp-up or further
weakening in zinc pricing will likely result in the company
reaching an insufficient liquidity level in the second half of
2016.

The Caa1 senior secured notes rating reflect their priority
position in the capital structure, the benefit of loss absorption
provided by the unsecured debt below the notes, and the relatively
modest size of the ABL and the Zochem revolver. The senior secured
notes are secured by a first lien on all domestic assets other than
inventory and accounts receivables, which are pledged to the
revolver. The secured notes have a second lien claim on the
inventory and accounts receivable. We note that the senior secured
notes' rating may be negatively impacted should Horsehead increase
the total size of its revolving credit facilities.

The negative outlook considers the uncertainty with respect to the
timing of the ramp-up at the Mooresboro facility and the potential
for continued delays. The negative outlook also captures the
potential for industry conditions to weaken further and the company
not be able to improve its performance and maintain sufficient
liquidity.

A positive rating action will be considered once Mooresboro
facility reaches higher capacity levels such that the company
generates consistent positive EBITDA.

A ratings downgrade would be considered if operating performance
remains challenged and the liquidity position continues to
deteriorate.

Horsehead Holding Corp. through its subsidiary Horsehead
Corporation, is a producer of zinc metal and a recycler of other
metals recovered through its high temperature metals recovery
facilities. The company also recycles electric arc furnace dust, a
hazardous waste generated by steel minimills. Horsehead also has
two other business segments: Zochem, a producer of zinc oxide, and
The International Metals Reclamation Company Llc. (INMETCO) which
processes a variety of metal bearing waste material. Headquartered
in Pittsburgh, Pennsylvania, Horsehead generated $439 million of
revenues for the twelve months ending September 30, 2015.



HOVNANIAN ENTERPRISES: Fitch Lowers Issuer Default Rating to 'CCC'
------------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Hovnanian Enterprises,
Inc. (NYSE: HOV), including the company's Issuer Default Rating
(IDR), to 'CCC'.

KEY RATING DRIVERS

The downgrade of the ratings reflects HOV's high debt load and
leverage and Fitch's expectation that the company's liquidity
position will weaken in the near- to intermediate-term due to
upcoming debt maturities.  Fitch had previously expected the
company to refinance debt maturing in 2016, but HOV has been unable
to access the capital markets.  As of Oct. 31, 2015, the company
had $245.4 million of unrestricted cash and $2.1 million of
borrowing availability under its $75 million revolver that matures
in 2018.  HOV has $172.8 million of senior notes maturing in
January 2016, $86.5 million coming due in May 2016, and $121
million maturing in January 2017.

The company currently has sufficient cash to repay the $172.8
million of senior notes maturing in January 2016.  However, the
company's overall liquidity will be meaningfully exhausted
following this debt repayment (and before the May 2016 maturity)
unless it is able to access the capital markets, generate
meaningful free cash flow (FCF) during the first half of fiscal
2016, or is able to successfully tap alternative liquidity sources.
Typically, homebuilders generate negative FCF during the first
half of the year as they build their inventory and then turn cash
flow positive during the second half (particularly during the
fourth quarter) as homes are sold.

POTENTIAL SOURCES OF LIQUIDITY
Management has identified several levers it can pull to allow the
company to repay its 2016 maturities while still investing in
growth opportunities.

   -- Land banking - HOV could choose to take a higher percentage
      of new land deals through land banking arrangements instead
      of using the company's cash to purchase these lots.  This
      reduces the upfront cash required to purchase and/or develop

      the land while still controlling the lots through option
      contracts.  Fitch believes that this type of arrangement
      results in a lower operating margin compared to the margin
      derived from homes delivered on lots that are purchased
      and/or developed by the company.

Another land banking option is for HOV to take existing owned land
and sell it to a land banker and then enter into an option
agreement to purchase those lots back on a just-in-time basis.  The
company currently has $300 million of land banking arrangements -
$125 million with Domain Real Estate Partners (affiliate of DW
Partners) and $175 million with GSO Capital Partners (credit arm of
Blackstone).  As of Nov. 30, 2015, GSO had closed on one land
parcel totaling 186 lots with total acquisition and future
development costs of $24.2 million.  GSO and HOV have also entered
into a non-binding letter of intent to land-bank a portfolio of
assets totaling about $95 million of land acquisition and future
development costs with the expectation to close the transaction
prior to Dec. 31, 2015.  Fitch estimates that HOV's land banking
arrangements with Domain Real Estate Partners and GSO Capital
Partners could generate cash inflows of between $175 million to
$200 million.

   -- Joint Ventures - HOV could monetize certain of its assets by

      contributing them to joint ventures (JV), wherein the
      company typically contributes about 10%-15% of the required
      capital and the JV partner(s) puts up the remainder.  In
      November 2015, HOV completed a JV transaction for a 278-unit

      midrise building in New Jersey that generated $26 million of

      cash for the company.

   -- Non-recourse project-specific financing - the company
      currently has $143.9 million of non-recourse land mortgages,

      up from $104 million at the end of FY2014.  The company can
      use project financing to fund its land and development
      spending.

   -- Model sale leasebacks - during FY2015, the company raised
      $43 million from model sale leaseback transactions.

Management indicated that the company has about $500 million of
inventory that it can utilize for additional land banking
arrangements, joint ventures and/or nonrecourse project financing.

HIGH DEBT LOAD AND LEVERAGE

The company had total debt of $2.1 billion as of Oct. 31, 2015.
Leverage at the end of FY2015 (ending Oct. 31, 2015) was about
14.8x compared with 10.1x at the end of FY2014 and FY2013.
EBITDA-to-interest coverage is low at 0.9x for FY2015 compared with
1.2x for FY2014 and FY2013.  Fitch expects HOV's credit metrics
will remain weak during the next 12 months, with leverage situating
around 10.0x and interest coverage of roughly 1.0x at the end of
FY2016.

STRONG 4Q15 ORDER ACTIVITY AND BACKLOG

HOV ended FY2015 strongly, reporting an 18% growth in consolidated
net orders during 4Q15 compared with 4Q14.  The company ended the
year with 2,905 homes in backlog with a total value of $1.2
billion.  The homes in backlog are 30% higher YOY while the total
value is up 42.1% compared with the end of 2014.  The strong
backlog supports the robust revenue growth projected for the
company during FY2016.

HOUSING INDUSTRY OUTLOOK

Housing metrics increased in 2014 due to more robust economic
growth during the last three quarters of the year, and,
consequently, there was an acceleration in job growth despite
modestly higher interest rates as well as more measured home price
inflation.  Total starts in 2014 were 1.003 million, up 8.4%.  New
home sales were up a modest 1.6% to 436,000, while existing home
volume was off 2.9% to 4.940 million largely due to fewer
distressed homes for sale and limited inventory.  New home price
inflation moderated in 2014, at least partially because of higher
interest rates and buyer resistance.  Average new home prices, as
measured by the Census Bureau, rose 6.4% in 2014, while median home
prices advanced about 5.4%.

Housing activity ratcheted up more sharply in 2015 with the support
of a steadily growing economy.  Through the first 10 months of
2015, total housing starts grew 10.2% versus the same period last
year, while existing home sales and new home sales are up 7.0% and
15.7%, respectively.  Fitch projects total housing starts will
expand 9.2% to 1.095 million this year.  New home sales should grow
14.9%, while existing home sales should rise 6.6%.

Sparked by a slightly faster growing economy, the housing recovery
is expected to continue in 2016.  Although interest rates are
likely to be higher, a more robust economy, healthy job creation
and further moderation in lending standards should stimulate
housing activity.  Housing starts should be approximately 1.20
million (+9.8%) with single-family volume of 0.79 million and
multifamily starts of 0.41 million.  New home sales should reach
581,000, up 16.0%.  Existing home volume growth should again be up
by mid-single digits (+4.0%).

LAND POSITION

As of Oct. 31, 2015, the company controlled 37,659 lots, of which
49.4% were owned, 42.3% were optioned, and the remaining lots
controlled through joint ventures.  Based on LTM closings
(excluding unconsolidated JVs), HOV controlled 6.3 years of land
(excluding lots controlled through JVs) and owned roughly 3.4 years
of owned land.  Total lots controlled were flat YOY while owned
lots increased 5%.

HOV spent $656.5 million on land and development during FY2015
compared with $585 million in FY2014, $502 million in FY2013, $364
million in FY2012 and $400 million in FY2011.  Fitch estimates that
HOV generated negative cash flow from operations (CFFO) between
$250 million - $300 million during FY2015 (cash flow statement for
FY2015 is not yet available).  This compares to negative CFFO of
$190.6 million during FY2014 and positive CFFO of $9.3 million
during FY2013.

Fitch expects HOV will generate positive CFFO during FY2016 as it
monetizes some of its land assets and utilizes land banking
arrangements for new land transactions.

GEOGRAPHIC AND PRICE POINT DIVERSITY

HOV is geographically diversified, offering homes for sale in 206
communities in 34 markets across 16 states.  According to Builder
Magazine, during 2014, the company ranked among the top 10 builders
in such metro markets as Houston and Dallas, TX, Phoenix, AZ,
Washington DC / Arlington, VA / Alexandria, WV markets, New York /
Northern New Jersey, Baltimore, MD, Philadelphia, PA / Camden, NJ /
Wilmington, DE markets, Chicago, IL, Riverside / San Bernardino,
CA, and Minneapolis / St. Paul, MN.  Management estimates that
about 29% of its 2014 product designs were to first-time
homebuyers, 36% to the move-up segment, 22% to luxury homebuyers
and 13% to the active adult segment.

EXPOSURE TO THE HOUSTON METRO MARKET

About 16% of HOV's LTM homebuilding revenues were generated from
the Houston metro market.  The company was the fifth largest
homebuilder in Houston in 2014 with 1,312 home deliveries.  The
Houston/Sugarland/Baytown, TX market is one of the largest metro
areas in the U.S., with about 49,329 housing permits issued through
the first 10 months of 2015.  The 2015 YTD housing permits are 6.2%
below the 52,571 issued during the same period last year. About
63,741 housing permits were issued during 2014 and 51,333 were
issued during 2013.

Fitch is concerned with the impact of continued low oil prices on
the economy of this metro area.  The unemployment rate for the
Houston/Sugarland/Baytown metro market was 4.8% in October 2015, up
from the 4.4% rate reported in October 2014 and the September 2015
rate of 4.6%.  The monthly unemployment rate has ranged from 4% to
4.8% during the first 10 months of 2015.

HOV's average sales price in Houston is $302,000 and the company is
focused on the entry-level and first move-up market.  Based on
general commentary from homebuilders, the weakness in the Houston
market is currently most evident in the trade-up market ($300,000
and above price range).  During 4Q15, HOV's net orders in Houston
fell 9% YOY and the net contracts per community fell 12% compared
with last year.

While the Houston market is HOV's largest market in terms of home
deliveries, it is not the largest market in terms of land
investment.  HOV's strategy in Houston has been to purchase
finished lots on a quarterly takedown basis, which somewhat limits
the company's exposure and risk in a downside scenario.  Owned lots
in Houston were 1,631 or 8.8% of HOV's total owned lot position as
of Oct. 31, 2015.

KEY ASSUMPTIONS

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

   -- Housing starts expand 9.2% to 1.095 million during 2015,
      while new home sales grow 14.9% and existing home sales
      advance 6.6%;

   -- Housing starts advance 9.8% during 2016 and new and existing

      home sales expand 16% and 4%, respectively;

   -- HOV's revenues increase 25%-30% during 2016;

   -- EBITDA margins improve 25 bps-75 bps during 2016;

   -- HOV generates positive FCF;

   -- The company ends FY2016 with about $125 million - $175
      million of liquidity (combination of unrestricted cash and
      revolver availability).

RATING SENSITIVITIES

HOV's ratings could be downgraded further if the company is unable
to refinance $172.8 million of senior notes maturing in January
2016 and $86.5 million coming due in May 2016 and HOV's liquidity
position falls below $150 million, and the company does not provide
a credible plan to address $121 million of senior notes maturing in
January 2017.

A rating upgrade is unlikely in the next 12 months as liquidity
remains constrained, leverage is expected to remain elevated, and
coverage will continue to be weak.  However, Fitch may consider a
positive rating action if the housing recovery is meaningfully
better than Fitch's current outlook and is maintained over a
multi-year period, allowing the company to significantly improve
its liquidity position and credit metrics.

FULL LIST OF RATING ACTIONS

Fitch has downgraded these ratings:

Hovnanian Enterprises, Inc.

   -- Long-term IDR to 'CCC' from 'B-';

   -- Senior secured first lien notes due 2020 to 'B/RR1' from
      'BB-/RR1';

   -- Senior secured second lien notes due 2020 to 'CCC-/RR5' from

      'B-/RR4';

   -- Senior unsecured notes to 'CCC-/RR5' from 'CCC/RR6';

   -- Series A perpetual preferred stock to 'C/RR6' from
      'CCC-/RR6'.

Fitch has also revised the Recovery Ratings for:

Hovnanian Enterprises, Inc.

   -- Senior secured notes (5% and 2%) due 2021 to 'CCC+/RR3' from

      'CCC+/RR5'.

Recovery Ratings

HOV's Recovery Ratings reflects Fitch's expectation that the
enterprise value of the company will be maximized in a
restructuring scenario (going concern).  Fitch employs a 6x
distressed EBITDA enterprise value multiple and assumes going
concern EBITDA of $180 million.

The 'B/RR1' rating for HOV's $550 million first lien senior secured
notes reflect Fitch's estimate for a recovery range of 91%-100%.
The company's first lien and second lien notes due 2020 are secured
by $784.7 million of inventory and $197.1 million of cash.  Fitch
rates HOV's second lien senior secured notes
'CCC-/RR5', reflecting 11%-30% recovery for this debt issue.

The 'CCC+/RR3' rating for the company's 5% and 2% senior secured
notes due 2021 reflect Fitch's estimate for a recovery range of
51%-70%.  These notes are secured by $140.1 million of inventory,
$50.9 million of cash, and HOV's interest in certain joint
ventures.

Fitch's 'CCC-/RR5' rating on the company's senior unsecured notes
reflects recovery of 11%-30% for these debtholders.  Fitch assumed
that assets that are not pledged and the excess value from property
specifically pledged to certain lenders is distributed to unsecured
claims on a pro rata basis, including the senior unsecured
noteholders and the undersecured claim portion held by other
secured lenders.

The 'C/RR6' rating on HOV's preferred stock assumes zero recovery.



INSPIREMD INC: Has Doubt on Ability to Continue as Going Concern
----------------------------------------------------------------
InspireMD, Inc., has an accumulated deficit as of September 30,
2015, as well as net losses and negative operating cash flows in
recent years.  

InspireMD President and Chief Executive Officer Alan Milinazzo and
Chief Financial Officer, Secretary and Treasurer Craig Shore, in a
regulatory filing with the U.S. Securities and Exchange Commission
on November 9, 2015, stated, "The company expects to continue
incurring losses and negative cash flows from operations until its
products (primarily CGuard(TM)) reach commercial profitability.  
As a result of these expected losses and negative cash flows from
operations, along with the company's current cash position, the
company does not have sufficient resources to fund operations
beyond the first half of 2016.

"Therefore, there is substantial doubt about the company's ability
to continue as a going concern."

According to Messrs Milinazzo and Shore, management's plans include
the continued commercialization of their products and raising
capital through the sale of additional equity securities, debt or
capital inflows from strategic partnerships.  "There are no
assurances however, that the company will be successful in
obtaining the level of financing needed for its operations. If the
company is unsuccessful in commercializing its products and raising
capital, it may need to reduce activities, curtail or cease
operations."

"During the first quarter of 2015, the board of directors approved
to curtail developing and promoting our bare metal stent platform
and implementing another cost reduction/focused spending plan.  The
plan has four components: (i) reducing headcount; (ii) limiting the
focus of clinical and development expenses to only carotid and
neurovascular products; (iii) limiting sales and marketing expenses
primarily to those related to the CGuard EPS stent launch; and (iv)
reducing all other expenses (including conferences, travel,
promotional expenses, executive cash salaries, director cash fees,
rent, etc.)," the officers told the SEC.

The company's net loss decreased by $3.2 million, or 46.3%, to $3.6
million for the three months ended September 30, 2015 from $6.8
million during the same period in 2014.  The decrease in net loss
resulted primarily from a decrease of $2.9 million in operating
expenses primarily associated with lower research and development
and sales and marketing expenses related to our cost
reduction/focused spending plan, an increase of $0.2 million in
gross profit and a decrease of $0.1 million in financial expenses.

At September 30, 2015, the company had total assets of $9,761,000,
total liabilities of $10,335,000, and total capital deficiency of
$574,000.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/jdtdjqe

InspireMD, Inc. is a medical device company based in Boston.  The
company is focused on the development and commercialization of its
proprietary MicroNet(TM) stent platform technology for the
treatment of complex coronary and vascular disease.  



JMC STEEL: S&P Revises Outlook to Negative & Affirms 'B' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Chicago-based JMC Steel Group Inc. to negative from stable and
affirmed its ratings on the company, including the 'B' corporate
credit rating.

The '1' recovery rating and associated 'BB-' issue-level rating on
JMC's senior secured term loan due 2017 remain unchanged.  The '1'
recovery rating indicates S&P's expectation for very high (90% to
100%) recovery in the event of a payment default.  The '5' recovery
rating and associated 'B-' issue-level rating on JMC's 8.25% senior
unsecured notes due 2018 also remain unchanged.  The '5' recovery
rating indicates S&P's expectation for modest (10% to 30%; at the
upper end of the range) recovery in the event of a payment
default.

"The negative outlook reflects our view that JMC Steel Group Inc.'s
liquidity could be revised to 'weak' during the second quarter of
2016 if the senior secured term loan due 2017 is not refinanced
before it becomes current in April 2016," said Standard & Poor's
credit analyst Michael Maggi.  "The current 'B' rating is also
predicated upon our expectations that adjusted debt to EBITDA will
remain below 8x over the next 12 months."

S&P could lower the rating by one notch if JMC's liquidity were
seen as "weak" rather than "adequate," which would cap S&P's rating
at 'B-', under its criteria.  A weak liquidity assessment
represents an overarching credit risk, such as a material deficit
over the next 12 months.  S&P could downgrade JMC by more than one
notch, however, if it viewed its financial commitments to be
unsustainable in the long-term or it is likely the issuer will
default.

Until JMC refinances its upcoming debt maturities, it is unlikely
that S&P would take a positive rating action.  However, if its debt
is refinanced in a timely and favorable manner, it is possible S&P
could raise its ratings on JMC given the recent improvement in its
operating results and credit measures. Specifically, S&P could
raise the rating if improvements in steel prices and end-market
demand, specifically nonresidential construction, resulted in
sustainable leverage below 5x.  At the very least, S&P would likely
return the outlook to stable if the company addresses the
refinancing by the end of the first quarter of 2016.



KSIX MEDIA: Has Substantial Doubt About Going Concern Ability
-------------------------------------------------------------
KSIX Media Holdings, Inc., has recently sustained operating losses
and has an accumulated deficit of $492,712 at September 30, 2015.
In addition, the company has negative working capital of $281,576
at Sept. 30, 2015.

The company incurred a net loss of $186,866 for the three months
ended Sept. 30, 2015, compared with net income of $39,610 for the
same period in 2014.

"These factors among others, raise substantial doubt about the
ability of the company to continue as a going concern.  There is no
assurance that the company will be successful in raising additional
capital or in achieving profitable operations," Carter Matzinger,
chief executive officer and chief financial officer, said in a
November 6, 2015 regulatory filing with the U.S. Securities and
Exchange Commission.

"We are currently trying to raise capital through private offerings
of common stock and longer term debt.  Our ability to continue as a
going concern is dependent on the success of this plan."

At Sept. 30, 2015, the company had total assets of $1,273,467,
total liabilities of $1,420,120, and a stockholders' deficit of
$146,653.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/hyk97rk

Based in Henderson, Nevada, KSIX Media Holdings, Inc. is a provider
of affiliate marketing services in the U.S.  This company provides
performance based marketing solutions to drive traffic and
conversions within a Cost-Per-Action (CPA) business model.


LIGHTSQUARED INC: Settles Dispute with Deere Over GPS Spectrum
--------------------------------------------------------------
Y. Peter Kang at Bankruptcy Law360 reported that one day after
LightSquared emerged from years of bankruptcy protection, the
reorganized wireless broadband company on Dec. 7, 2015, announced a
settlement with Deere & Co. to resolve years of contentious
litigation over the use of its wireless spectrum.

Now known as New LightSquared, the company said it agreed to end
its dispute with the farm equipment operator over how it uses its
spectrum, or the specific frequencies through which wireless data
is transmitted, for ground-based wireless broadband services.

In a separate report, Carmen Germaine reported that the Second
Circuit on Dec. 7 upheld a decision dismissing Harbinger Capital
Partners LLC's $1.9 billion suit claiming three GPS makers hid
market information and drove its startup LightSquared Inc. into
bankruptcy, finding a lack of a relationship between the companies
and the hedge fund.

The three-judge panel affirmed U.S. District Judge Richard M.
Berman's February decision, which dismissed Harbinger's fraud
claims against GPS manufacturers Garmin International Inc., Deere &
Co. and Trimble Navigation Ltd.

                  About LightSquared Inc.

LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, as the Company seeks to resolve regulatory issues
that have prevented it from building its coast-to-coast integrated
satellite 4G wireless network.

LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network.  In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries.  In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.

LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with
liquidity and runway necessary to resolve its issues with the FCC.
Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties.

Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties.

Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors.  Alvarez & Marsal North America, LLC, is the
financial advisor.  Kurtzman Carson Consultants LLC serves as
claims and notice agent.

                          *     *     *

Bankruptcy Judge Shelley C. Chapman in late March 2015, approved
LightSquared Inc.'s Chapter 11 reorganization plan.  As previously
reported by The Troubled Company Reporter, the Debtors, in
December, filed a joint plan and disclosure statement, which
contemplate, among other things, (A) new money investments by the
New Investors in exchange for a combination of preferred and
common equity, (B) the conversion of the Prepetition LP Facility
Claims into new second lien debt obligations, (C) the repayment in
full, in cash, of the Inc. Facility Prepetition Inc. Facility
NonSubordinated Claims immediately following confirmation of the
Plan, (D) the payment in full, in cash, of LightSquared's general
unsecured claims, (E) the provision of $1.25 billion in new money
working capital for the Reorganized Debtors, (F) the assumption of
certain liabilities, (G) the resolution of all inter-Estate
disputes, and (H) the contribution by Harbinger of the Harbinger
Litigations.


MAGNUM HUNTER: Debt Obligations Raise Going Concern Doubt
---------------------------------------------------------
Magnum Hunter Resources Corporation (MHR) incurred a net loss of
$113,181,000 for the three months ended September 30, 2015,
compared with a net loss of $123,447,000 for the same period in
2014.

MHR Chairman and Chief Executive Officer Gary C. Evans and Senior
Vice President and Chief Financial Officer Joseph C. Daches, in a
regulatory filing with the U.S. Securities and Exchange Commission
on November 9, 2015, disclosed that as of September 30, 2015, the
company had $6.5 million in cash and a working capital deficit of
$1,037.2 million, and the company continues to incur significant
losses from continuing operations.  Additionally, as of September
30, 2015, the company was in default under its senior revolving
credit facility (as amended, the Credit Facility) and Second Lien
Credit Agreement.  In addition, the company has an interest payment
due on November 15, 2015 on its Senior Notes of approximately $29.3
million, of which $22.1 million was accrued as of September 30,
2015, which the company does not expect to be able to pay.

"Although the company has taken proactive measures to address these
issues, including entering into such forbearance agreements, these
factors raise substantial doubt about the company's ability to
continue as a going concern," Messrs. Evans and Daches told the
SEC.

"The failure by the company to make an interest payment on the
Senior Notes within 30 days following the due date would constitute
an event of default under the Senior Notes, and the Senior Notes
could be declared immediately due and payable.  The company does
not expect to make the interest payment by December 15, 2015;
however, payments under the Senior Notes are the subject of
forbearance agreements.  Therefore, the company's outstanding
obligations on its Senior Notes are reflected as current
liabilities in the accompanying consolidated balance sheet as of
September 30, 2015."

On October 9, 2015, the company announced that it had suspended
monthly cash dividends on all of its outstanding series of
preferred stock.  The suspension commenced with the monthly cash
dividend that would otherwise have been declared and paid for the
month ending October 31, 2015 and will continue indefinitely.  As a
result of the suspension of monthly cash dividends on its preferred
stock, the Company became ineligible to issue securities, including
issuances of common stock in At-the-Market (ATM) offerings, under
its universal shelf Registration Statement on Form S-3, which was
declared effective on April 22, 2015.

Messrs. Evans and Daches further disclosed that on October 9, 2015,
the company also announced that it has engaged a financial advisor
and a special legal advisor to advise management and the Board
regarding potential strategic alternatives to enhance liquidity and
address the company's current capital structure, which may include
liquidity-enhancing transactions that the company has commenced
previously, as well as restructuring some or all of the company's
debt and preferred equity to preserve cash flow, which may include
seeking private restructuring or reorganization under Chapter 11 of
the U.S. Bankruptcy Code.

On November 3, 2015, the company entered into the Sixth Amendment
(the Sixth Amendment) to the Credit Facility by and among the
Company, as borrower, the guarantors party thereto, certain holders
of the Company's Senior Notes (the New Senior Notes Lenders),
certain holders of the loans outstanding pursuant to the Company's
Second Lien Term Loan Agreement (the New Second Lien Lenders and
collectively with the New Senior Notes Lenders, the New First Lien
Lenders), as lenders, Bank of Montreal, as administrative agent and
Cantor Fitzgerald Securities, as loan administrator. (as so
amended, the Refinancing Facility) in order to, among other
things:

* assign amounts outstanding of approximately $5.0 million under
   the Credit Facility in the form of a single tranche of term
   loans to the New First Lien Lenders;

* cash collateralize certain outstanding letters of credit issued
   under the Credit Facility in an aggregate amount of
   approximately $39.0 million; and

* provide the company with an additional new term loan in the
   aggregate principal amount of approximately $16.0 million,
   which was funded in full by the New First Lien Lenders on the
   closing date of the Sixth Amendment.

"As a result of the Sixth Amendment, the New First Lien Lenders
became the lenders under the Refinancing Facility, the Credit
Facility was restructured from a senior secured revolving credit
facility to a senior secured term loan facility represented by the
Refinancing Facility and the aggregate amounts outstanding under
the Refinancing Facility as of the closing date of the Sixth
Amendment totaled approximately $60.0 million.  In addition, the
Refinancing Facility includes an uncommitted incremental credit
facility for up to an additional $10.0 million aggregate principal
amount of term loans to be provided to the company, if and to the
extent requested by the company and agreed to by a specified
percentage of the New First Lien Lenders," the officers noted.

On November 3, 2015, the company and the New Senior Notes Lenders
also entered into a Forbearance Agreement (the Forbearance
Agreement) whereby the New Senior Notes Lenders agreed to forbear
during a certain period from exercising any remedies as a result of
any default, Default or Event of Default under (as such terms are
defined in) the Indenture that is present as a result of (i) the
failure of the company to make any interest payment otherwise due
under the Senior Notes, (ii) a breach of the debt incurrence
covenant under the Indenture, or (iii) the failure of the Company
to make any interest payment otherwise due pursuant to the Second
Lien Term Loan Agreement.  Additionally, the New Senior Notes
Lenders consented to an amendment to the Indenture, pursuant to a
supplemental indenture, which such amendment amends the incurrence
of indebtedness covenant in the Indenture to permit the incurrence
of the $70.0 million aggregate principal amount of borrowings under
the Refinancing Facility.

On November 3, 2015, the company entered into a Forbearance
Agreement and Second Amendment (the Second Amendment) to the Second
Lien Credit Agreement, by and among the Company, as borrower,
Credit Suisse AG, Cayman Islands Branch, as administrative agent
and collateral agent, the lenders party thereto and the agents
party thereto (the Second Lien Term Loan Agreement).  The Second
Amendment provides for a forbearance by the lenders under the
Second Lien Term Loan Agreement that entered into the Refinancing
Facility with respect to exercising remedies regarding any default
or event of default that results from the failure of the company to
make any interest payment under the Second Lien Term Loan
Agreement, the failure to meet certain financial covenants, and
certain other matters (including the default that arose on account
of trade payables being outstanding for more than 180 days).  

"The company believes that the Refinancing Facility will provide
the company with liquidity for approximately 30 to 45 days, during
which time the company and the New First Lien Lenders will continue
to discuss various options and alternatives regarding the company's
balance sheet," Messrs. Evans and Daches revealed.

The company's balance sheets showed total assets of $1,456,715,000,
total liabilities of $1,117,025,000, and total shareholders' equity
of $239,690,000 as of September 30, 2015.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/j97pswd

Irving, Texas-based Magnum Hunter Resources Corporation (MHR) is
engaged primarily in the exploration for and the acquisition,
development and production of natural gas and natural gas liquids
resources in the U.S.  The company is focused on two of the most
prolific unconventional shale resource plays in the U.S.: Marcellus
Shale in West Virginia and Ohio and the Utica Shale in southeastern
Ohio and western West Virginia.



MANNKIND CORP: Sept. 30 Balance Sheets Upside Down by $125M
-----------------------------------------------------------
MannKind Corporation reported a total stockholders' deficit of
$124,569,000 for the three months ended September 30, 2015,
compared to a total stockholders' deficit of $73,770 for the
quarter ended December 31, 2014.  The current stockholders' deficit
of $124.6 million "may raise concerns about our solvency and affect
our ability to raise additional capital", said MannKind Corporate
Vice President and Chief Financial Officer Matthew J. Pfeffer in a
regulatory filing with the U.S. Securities and Exchange Commission
on November 9, 2015.

According to Mr. Pfeffer, "As of September 30, 2015, we had $32.9
million in cash and cash equivalents.  We expect to continue to
incur significant expenditures to support commercial manufacturing
of AFREZZA and the development of other product candidates.  In
addition, our the company's facility agreement (the Facility
Agreement) with Deerfield Private Design Fund II, L.P. and
Deerfield Private Design International II, L.P. (collectively,
Deerfield) contains a financial covenant that requires the
company's cash and cash equivalents, which include available
borrowings under the company's loan arrangement (the Loan
Arrangement) with The Mann Group LLC (The Mann Group), on the last
day of each fiscal quarter to not be less than $25.0 million.  The
company must continue to incur expenses to support
commercialization of Afrezza and will need to raise additional
capital to finance such activities.

"The company cannot be certain that it will be able to raise
additional capital on favorable terms, or at all, which raises
substantial doubt about the company's ability to continue as a
going concern."

He further noted: "We intend to use our capital resources to
support the commercialization of AFREZZA.  We are expending a
portion of our capital resources to scale up our manufacturing and
development activity capabilities in our Danbury facilities and to
develop our other product candidates.  We also intend to use our
capital resources for general corporate purposes.

"Under the Sanofi License Agreement whereby Sanofi-Aventis U.S. LLC
is responsible for global commercial, regulatory and development
activities for AFEEZA, Sanofi paid the company an up-front cash
payment of $150.0 million in the third quarter of 2014, and $50.0
million in milestone payments in the first quarter of 2015.  The
foregoing milestone payments were earned as of December 31, 2014.
The company is also eligible to receive up to $725.0 million in
additional milestone payments under the Sanofi License Agreement if
certain development, regulatory and sales milestones are achieved.
Worldwide profits and losses, which are determined based on the
difference between the net sales of AFREZZA and the costs and
expenses incurred by the company and Sanofi that are specifically
attributable or related to the development, regulatory filings,
manufacturing, or commercialization of AFREZZA, will be shared 65%
by Sanofi and 35% by the company.  In connection with the Sanofi
License Agreement, an affiliate of Sanofi provided the company with
a secured loan facility (the Sanofi Loan Facility) of up to $175.0
million to fund the company's share of net losses under the Sanofi
License Agreement.

"Additional funding sources that are, or in certain circumstances
may be available to the company, include approximately $30.1
million principal amount of available borrowings under its Loan
Arrangement and potential proceeds from the exercise of warrants
issued in its February 2012 public offering of approximately $9.4
million, and the company's at-the-market issuance sales agreements
which allow the company to sell up to $37.5 million in common stock
provided no sales may be made except pursuant to an effective
registration statement.  In September 2015, the company sold $12.2
million in common stock under the at-the-market sales agreement.
The registration statement under which the shares that may be sold
pursuant to the at-the-market issuance sales agreements are
registered will expire on September 4, 2018.

"The company cannot provide assurances that its plans will not
change or that changed circumstances will not result in the
depletion of its capital resources more rapidly than it currently
anticipates.  The company will need to raise additional capital,
whether through a sale of equity or debt securities, a strategic
business collaboration with a pharmaceutical company, the
establishment of other funding facilities, licensing arrangements,
asset sales or other means, in order to continue the development
and commercialization of AFREZZA and other product candidates and
to support its other ongoing activities.  However, the company
cannot provide assurances that such additional capital will be
available on acceptable terms or at all.

"If we enter into strategic business collaborations with respect to
our other product candidates, we would expect, as part of the
transaction, to receive additional capital.  In addition, we may in
the future pursue the sale of equity and/or debt securities or seek
to establish other funding facilities to fund our operations.
Issuances of debt or additional equity could impact the rights of
our existing stockholders, dilute the ownership percentages of our
existing stockholders and may impose restrictions on our
operations.  These restrictions could include limitations on
additional borrowing, specific restrictions on the use of our
assets as well as prohibitions on our ability to create liens, pay
dividends, redeem our stock or make investments. We also will need
to raise additional capital by pursuing opportunities for the
licensing, sale or divestiture of certain intellectual property and
other assets, including our Technosphere technology platform.

"There can be no assurance, however, that any strategic
collaboration, sale of securities or sale or license of assets will
be available to us on a timely basis or on acceptable terms, if at
all.  If we are unable to raise additional capital, we may be
required to enter into agreements with third parties to develop or
commercialize products or technologies that we otherwise would have
sought to develop independently, and any such agreements may not be
on terms as commercially favorable to us.

"We cannot provide assurances that our plans will not change or
that changed circumstances will not result in the depletion of our
capital resources more rapidly than we currently anticipate.  If
planned operating results are not achieved or we are not successful
in raising additional capital through equity or debt financing or
entering business collaborations, we will be required to reduce
expenses through the delay, reduction or curtailment of our
projects, or further reduction of costs for facilities and
administration, and there will be substantial doubt about our
ability to continue as a going concern."

As of September 30, 2015, the company had total assets of
$278,014,000 and total liabilities of $402,583,000.

The company also posted a net loss of $31,857,000 for the quarter
ended September 30, 2015, compared to a net loss of $36,520,000 for
the same period in 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/h2n4ere

MannKind Corporation is a biopharmaceutical company focused on the
discovery and development of therapeutic products for diseases like
diabetes.  The Valencia, California-based company's only approved
product, AFREEZA is a rapid-acting inhaled insulin that was
approved by the U.S. Food and Drug Administration in June 2014 to
improve glycemic control in adult patients with diabetes.



MERITOR INC: Fitch Raises Issuer Default Rating to 'B+'
-------------------------------------------------------
Fitch Ratings has upgraded Meritor, Inc.'s (MTOR) Issuer Default
Rating (IDR) to 'B+' from 'B'.  Fitch has also upgraded MTOR's
senior secured credit facility rating to 'BB+/RR1' from 'BB/RR1'
and its senior unsecured notes rating to 'B+/RR4' from 'B/RR4'.

MTOR's ratings apply to a $499 million secured revolving credit
facility and $1.1 billion in senior unsecured notes.  The Rating
Outlook is Stable.

KEY RATING DRIVERS

The upgrade of MTOR's ratings reflects the fundamental improvement
in the company's credit profile that has resulted from its work to
strengthen its balance sheet, improve the flexibility of its cost
structure and grow its customer base.  The ratings also incorporate
MTOR's continued strong market position as a supplier of axles and
brakes in the highly cyclical commercial and off-road vehicle
sectors.  Although the company's top line has been pressured over
several years by persistently weak commercial vehicle market
conditions outside the U.S., its profitability and credit
protection metrics have improved as the company has made progress
on the various initiatives packaged in its M2016 plan.  As a result
of its improved margin performance, MTOR has begun producing
positive annual free cash flow (FCF) on a consistent basis, which
it has used, along with proceeds from stake sales and a legal
settlement, to reduce debt and significantly improve the funded
status of its pension plans.  Going forward, Fitch expects the
increased flexibility of the company's cost structure to improve
its ability to manage the potentially extreme demand swings often
seen in the global commercial vehicle sector.

Despite the fundamental improvement in MTOR's operations and
financial profile, Fitch continues to have several significant
rating concerns.  Chief among these is the heavy cyclicality of the
global commercial and off-road vehicle markets.  The North American
commercial truck market was near its cyclical peak in fiscal year
(FY) 2015 and is likely to cool a bit in FY2016. Meanwhile, Fitch
expects the South American and Asian markets to remain relatively
weak over the intermediate term, while demand conditions in Western
Europe are better but remain tenuous. Defense-related demand is
likely to remain weak until the Joint Light Tactical Vehicle (JLTV)
program hits its regular run rate, which may be several years away.
Even then, MTOR's content on the JLTV will be significantly less
than on the Family of Medium Tactical Vehicles (FMTV) program,
which is winding down.  These conditions will likely constrain
MTOR's revenue growth over the next couple of years, and, although
MTOR's more-flexible cost structure is better equipped to manage
market cycles, tepid global demand could make further credit
profile improvement over the intermediate term more challenging.

Along with weaker demand, competition in the industry remains high,
which could make new business wins more difficult and put increased
pressure on pricing.  That being said, MTOR successfully entered
into a new multi-year supply agreement with PACCAR Inc. in FY2015,
cementing its position as a significant supplier to all four major
North American Class 8 truck manufacturers.

REVENUE PERFORMANCE

After growing modestly in FY2014, MTOR's revenue declined $261
million, or 6.9%, in FY2015 to $3.5 billion from $3.8 in the
previous year.  Negative foreign exchange translation of $226
million was the driver of most of the decline, with weaker South
American, Chinese and defense-related volumes making up much of the
remainder.  The overall decline masked the positive effect of very
strong demand in the North American commercial truck and trailer
segments, as well as solid demand in Western Europe and India.
Looking ahead, Fitch expects revenue in FY2016 to remain under
pressure and likely down in the low-single digit range compared to
FY2015, as North American demand softens a bit from the very strong
level seen in FY2015.  However, Fitch expects North American truck
production to remain relatively strong by historical standards.
Outside North America, Fitch expects many of the trends seen in
FY2015 to carry over, with stronger conditions in Western Europe
and India, offset by weakness in South America, China and defense
sales.

LIQUIDTIY AND FCF

MTOR's liquidity position remained substantial at year-end FY2015
and included $193 million in cash and marketable securities,
augmented by full access to its $499 million secured revolver.  In
addition, MTOR had $94 million available on its $100 million
committed U.S. accounts receivable securitization facility.
Intermediate-term debt maturities are light, with only $31 million
in debt maturities over the next three years.  However, Fitch
expects the company will redeem its remaining $55 million in 4.625%
convertible notes due 2021 when they become callable in FY2016.

MTOR produced positive FCF in FY2015 and FY2014 following three
years of negative FCF.  In FY2015, FCF totaled $18 million, or $122
million excluding $94 million in voluntary pension-related
expenditures and $10 million of cash usage related to discontinued
operations.  This compared to FCF of $138 million in FY2014, which
included $209 million in cash proceeds received from a settlement
with Eaton Corporation plc (Eaton), offset by $134 million of
discretionary pension contributions and $12 million of cash
outflows related to discontinued operations.  Adjusting for those
unusual items, FCF in FY2014 would have been $75 million.  FCF in
both years included cash restructuring payments, which totaled $16
million in FY2015 and $10 million in FY2014.  Fitch expects FCF to
improve over the intermediate term, following the substantial
amount of voluntary pension-related payments made over the past two
years.  Fitch expects MTOR's FCF margin to rise to the low-3% range
in FY2016 and potentially rise to the mid-3% range in FY2017.

DEBT AND LEVERAGE

At year-end FY2015, the principal value of MTOR's balance sheet
debt stood at $1.1 billion, up from $1 billion at year-end FY2014.
During FY2015, MTOR issued $225 million in 6.25% notes due 2024 as
an add-on to its existing $225 million in 6.25% notes.  Partially
offsetting this increase, the company repurchased a total of $129
million in principal amount of its outstanding convertible debt and
also reduced its capital leases and export financing debt
outstanding by a total of $22 million.  The net $74 million
increase in debt was primarily used to fund payments to the
company's Canadian and German pension plans in connection with
shifting the plans to an annuity structure.  As noted above, Fitch
expects MTOR to call its remaining $55 million in 4.625%
convertible notes when they become callable in FY2016.  Similar to
many U.S. industrial companies with global operations, most of
MTOR's debt has been issued in the U.S., while 51% of its FY2015
revenue was derived outside the U.S.  While this creates some risk,
MTOR has had no meaningful issues repatriating cash when necessary
to cover its U.S. obligations.

In addition to its balance sheet debt, MTOR utilizes several
off-balance sheet factoring programs in Europe.  As of year-end
FY2015, MTOR had factored $255 million of its receivables in
off-balance sheet programs.  Of this amount, $204 million was
related to a committed factoring program involving only receivables
from AB Volvo.  The remaining $51 million of factored receivables
was through various uncommitted European factoring programs.  Fitch
includes MTOR's factored receivables in its calculation of
lease-adjusted leverage.

As calculated by Fitch, MTOR's EBITDA declined to $299 million in
FY2015 from $304 million in FY2014, mostly due to the decline in
revenue.  However, improvement in the company's cost structure
resulted in an increase in its EBITDA margin to 8.5% from 8.1%.
Fitch-calculated leverage (balance sheet debt/Fitch-calculated
EBITDA) rose to 3.7x at year-end FY2015 from 3.3x at FY2014, but it
was well below the 5.7x level seen at year-end FY2013.
Lease-adjusted leverage, including MTOR's off-balance sheet
factoring, was 4.6x at year-end FY2016, up from 4.2x at year-end
FY2014 but down substantially from 7.2x at year-end FY2013.  FFO
adjusted leverage was 6.1x at year-end FY2015, but this figure was
skewed higher due to the $94 million in aforementioned voluntary
pension-related payments that depressed the company's FFO in the
fiscal year.  Fitch expects MTOR's credit protection metrics to
strengthen a bit over the intermediate term as EBITDA and FCF grow
on continued improvement in the company's operational performance
and as it looks for further opportunities to reduce debt.

EQUITY-LINKED REPURCHASE PROGRAM

In FY2014, in conjunction with the Eaton settlement, MTOR's Board
of Directors authorized the repurchase of up to $210 million in
equity or equity-linked securities once its M2016 debt reduction
target was met.  Although Fitch has some concerns regarding the
repurchase program, particularly given MTOR's current rating level,
Fitch expects the company to be judicious in administering the
program, and it appears to remain committed to reducing leverage
and maintaining a strong liquidity position.  Through Nov. 10,
2015, the company had repurchased $94 million worth of securities
under the program, including $19 million of its 4% convertible
notes.  The repurchase of the remaining 4.625% convertible notes in
FY2016 could be accomplished within the $116 million in
authorization remaining under the program.

PENSION FUNDING

The funded status of MTOR's global pension plans improved in FY2015
as the company settled its German pension plan by purchasing an
annuity and settled three Canadian plans via lump sum payments and
the purchase of another annuity.  Improvement in the funded status
also reflected the company's de-risking initiatives.  As of
year-end FY2015, the company's global plans were 93% funded on a
projected benefit obligation basis, with a shortfall of $109
million, down from a funded status of 88% and a $219 million
shortfall at year-end FY2014.  However, at year-end FY2015, the
company's key U.S. plans were only 80% funded, with a $212 million
net liability.  MTOR expects to contribute $5 million to its
pension plans in FY2016, down from $12 million in FY2015, and
roughly $60 million to $65 million less than its typical
contributions several years ago.  The decline in required pension
contributions has been a significant factor in the improvement in
MTOR's FCF generating capability.

RECOVERY RATINGS

The rating of 'BB+/RR1' on MTOR's secured revolver reflects its
substantial collateral coverage and outstanding recovery prospects
in a distressed scenario, which Fitch estimates in the 90% to 100%
range.  Collateral includes hard assets, accounts receivable,
intellectual property, and investments in certain subsidiaries,
which MTOR valued at $636 million as of Sept. 30, 2015.  The rating
of 'B+/RR4'on the company's senior unsecured notes reflects Fitch's
expectations of average recovery in the 30% to 50% range in a
distressed scenario.

KEY ASSUMPTIONS

   -- The global truck and industrial equipment markets remain
      relatively steady in FY2016, although the North American
      commercial truck market declines by about 11% from the very
      strong level seen in FY2015.

   -- Beyond FY2016, global truck and industrial production
      increases modestly.

   -- MTOR picks up additional revenue over the next several years

      as recent business wins begin to gain traction.

   -- The company calls its remaining $55 million in 4.265%
      convertible notes in FY2016.

   -- Capital expenditures are about $90 million in FY2016 and run

      at a rate equal to about 2.5% of revenue in later years.

   -- Free cash flow is in the 3% to 4% range over the
      intermediate term.

   -- The company maintains around $150 million to $200 million in

      cash on its balance sheet, with any excess used for
      strategic opportunities or share repurchases.

RATING SENSITIVITIES

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

   -- Maintaining EBITDA leverage below 3.5x and lease-adjusted
      leverage (lease-adjusted debt, including off-balance sheet
      debt/EBITDAR) below 4.0x through the cycle;

   -- Producing a 3.5% FCF margin on a consistent basis;

   -- Maintaining an EBITDA margin above 9% through the cycle.

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

   -- A material deterioration in the global commercial truck or
      industrial equipment markets for a prolonged period;

   -- An increase in EBITDA leverage to above 4.0x and lease-
      adjusted leverage above 4.5x through the cycle;

   -- A decline in the EBITDA margin to below 8% through the
      cycle.

Fitch has upgraded MTOR's ratings as:

   -- IDR to 'B+' from 'B';

   -- Secured revolving credit facility rating to 'BB+/RR1' from
      'BB/RR1';

   -- Senior unsecured notes rating to 'B+/RR4' from 'B/RR4'.



MICHAEL GLENN: Court Passes on Appeal Over Fraud Debt Discharge
---------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that the U.S.
Supreme Court on Dec. 7, 2015, passed on an appeal that sought to
prevent a couple from discharging a loan debt arising from fraud
committed by their former broker, a case that questioned the limits
of the bankruptcy code's protection for innocent third parties.

Justices denied a cert petition brought by attorney Brian Sullivan,
who challenged the ability of debtors Michael and Michelle Glenn to
discharge debt on an unpaid $250,000 loan.  The decision leaves in
place lower court rulings.


MICROPHASE CORP: Financial Condition Raises Going Concern Doubt
---------------------------------------------------------------
Microphase Corporation's financial condition raises substantial
doubt that it will be able to continue as a "going concern",
according to Necdet Ergul, chief executive officer, and James
Ashman, chief financial officer, in a Nov. 9, 2015 regulatory
filing with the U.S. Securities and Exchange Commission.

Through the three months ended September 30, 2015, the company
reported net income of $70,387 and had cash and cash equivalents of
$198,371.  At September 30, 2015, the company had an accumulated
deficit of $12,784,833.  At September 30, 2015, the company had a
working capital deficit of $1,464,844 as compared to a working
capital deficit of $1,468,082 as of June 30, 2015, a decrease of
$3,238 in the deficit.

"Our financial condition raises substantial doubt that we will be
able to continue as a 'going concern', and our independent auditors
included an explanatory paragraph regarding this uncertainty in
their report on our financial statements as of June 30, 2015 when
we had an accumulated deficit of $12,855,220 and a working capital
deficit of $1,468,082," Messrs. Ergul and Ashman told the SEC.

"The company has been seeking to diversify its market focus beyond
its legacy products.  By utilizing our current capability together
and positioning ourselves through targeted acquisitions, strategic
alliances and product partnering we believe we can augment our
current product offerings and will further enable us to continue to
introduce a mix of Military Electronic Defense, Department of
Homeland Security and commercial products for the wireless telecom,
autonomous auto, test & measurements, and medical instrumentation
markets.  This strategy should enable Microphase to broaden its
customer base and reduce risk by spreading its revenue base across
multiple market sectors. Targeted strategic acquisitions should
increase our market share and technology value of our product lines
as well as broaden our product offering and diversify our customer
base."

"The company anticipates that over the next eighteen months it may
need between $1,000,000 and $3,000,000 of additional capital to
implement our plan of operations.  We have continued to improve
operations relating to our legacy products, which has resulted in
increased sales volume and a net profit in the current quarter.  We
may also need to issue shares of the company's common stock to
maintain and fund the existing strategic alliances, product
partnering and those targeted acquisitions the company believes it
can integrate in a productive manner.  Having integrated the
business that we acquired from Microsemi Corp., now known as
Microphase West, we plan to finalize and implement our strategic
partnership with Dynamac, Inc. to develop, manufacture and market a
portfolio of low cost RF/Microwave and Millimeter-wave calibrated
test probes and related universal test platforms.  We will also
continue to develop and work on additional strategic
opportunities.

"The company's ability to continue as a going concern and its
future success is dependent upon its ability to raise capital in
the near term to: (1) satisfy its current obligations, (2) continue
its research and development efforts, and (3) successfully continue
the development, marketing and delivery of its products," Messrs.
Ergul and Ashman related.

The company recorded net income of $70,387 for the three months
ended September 30, 2015 as compared to a loss of $126,783 for the
same period ended September 30, 2014, an improvement of $197,170.
The primary factor for this improvement is the increase in
revenues.

At September 30, 2015, the company had total assets of $3,204,375
and total stockholders' deficit of $754,356.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/z3c27ha

Microphase Corporation is a design to manufacture original
equipment manufacturer (OEM) that delivers radio frequency (RF) and
microwave filters, diplexers, multiplexers, detectors, switch
filters, integrated assemblies and detector logarithmic video
amplifiers (DLVA) to the military, aerospace and telecommunications
industries.  The company is based in Shelton, Connecticut.



MIDSTATES PETROLEUM: EVP & COO Mark Eck Resigns
-----------------------------------------------
Midstates Petroleum Company, Inc., announced that that Mark E. Eck,
executive vice president & chief operating officer of the Company,
would resign from his position effective Jan. 4, 2016, to pursue
other opportunities.  Subsequent to Mr. Eck's departure, his duties
and responsibilities will be assumed by other members of the
Company's management team.

Jake Brace, the Company's interim president & chief executive
officer commented, "The Company appreciates Mark's contribution to
Midstates, providing leadership and guidance during a very critical
time for the Company.  Mark was a key member of the management team
whose 2015 successes included a significant corporate debt
restructuring, building a strong team as part of the transition of
our corporate offices from Houston, Texas to Tulsa, Oklahoma, and
helping to effectively manage the Company's assets in a volatile
commodity price environment."

In connection with his resignation, Mr. Eck entered into an
agreement with the Company pursuant to which Mr. Eck will receive a
lump sum payment equivalent to his accrued 2015 short term
incentive bonus, to be paid in such amount and at such time (which
will be no earlier than Jan. 1, 2016, but no later than March 14,
2016) as the Company's Board of Directors determines.  That payment
will be no less than Mr. Eck's current base salary multiplied by
his 2015 target incentive percentage multiplied by the corporate
bonus percentage award as approved by the Company's Board of
Directors pursuant to the terms and conditions of the Company's
2015 Short-Term Incentive Plan, less applicable taxes and
withholdings.  Pursuant to the terms of Company's 2012 Long-Term
Incentive Plan, any unvested shares of restricted stock which were
previously awarded to Mr. Eck will expire on Jan. 4, 2016.

               About Midstates Petroleum Company

Midstates Petroleum Company, Inc. --
http://www.midstatespetroleum.com/-- is an independent exploration
and production company focused on the application of modern
drilling and completion techniques in oil and liquids-rich basins
in the onshore U.S. Midstates' drilling and completion efforts are
currently focused in the Mississippian Lime oil play in Oklahoma
and Anadarko Basin in Texas and Oklahoma.  The Company's operations
also include the upper Gulf Coast tertiary trend in central
Louisiana.

Midstates reported net income of $117 million on $794 million of
total revenues for the year ended Dec. 31, 2014, compared to a net
loss of $344 million on $470 million of total revenues for the year
ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $2.47 billion in total assets,
$2 billion in total liabilities and $466 million in total
stockholders' equity.

The Company's independent auditor, Deloittee & Touche LLP, in
Houston, Texas, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that Midstates' projected debt covenant violation and
resulting lack of liquidity raise substantial doubt about its
ability to continue as a going concern.

                             *    *    *

Midstates Petroleum carries a 'B' corporate credit rating from
Standard & Poor's Ratings Services.

As reported by the TCR on April 8, 2013, Moody's Investors Service
affirmed Midstates Petroleum's 'B3' Corporate Family Rating.


MILLENNIUM LAB: Ch. 11 Plan Clears Major Hurdle in Court
--------------------------------------------------------
Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review,
reported that Millennium Health LLC's chapter 11 plan cleared a
major hurdle on Dec. 11 when a bankruptcy judge brushed aside
objections to the plan, which funds a $256 million settlement of
fraud accusations with the Justice Department.

According to the report, Judge Laurie Selber Silverstein approved
the bulk of a reorganization strategy designed as a fresh start for
the drug-testing company. Millennium has not admitted to civil
charges that it fraudulently billed taxpayers.  The judge withheld
her signature while pondering the form of the order she is being
asked to sign, the report said.

                       About Millennium Lab

Millennium Lab Holdings II, LLC, Millennium Health, LLC and Rxante,
LLC, providers of laboratory-based diagnostic testing focused on
drugs of abuse and clinical medication monitoring, filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-12284, 15-12285
and 15-12286, respectively) on Nov. 10, 2015.  The Debtors
estimated assets in the range of $100 million to $500 million and
liabilities of more than $1 billion.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel; Young Conaway Stargatt & Taylor, LLP as conflicts
counsel; Lazard Freres & Co., LLC, as investment banker; Alvarez &
Marsal as financial advisor; and Prime Clerk LLC as claims and
noticing agent.

Judge Laurie Selber Silverstein has been assigned the case.


MILLION AIR: Moody's CutsRating on 2011 Revenue Bonds to Caa1
-------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 Million
Air One LLC's General Aviation Facilities Projects Revenue Bonds,
Series 2011 issued by the Capital Trust Agency. The outlook is
stable.

SUMMARY RATING RATIONALE

The downgrade reflects our expectation that Million Air One's (MA1)
lower than expected operating performance will not allow for
replenishment of the supplemental reserve fund which has been
depleted, a violation of that agreement which heightens the
likelihood of bondholders declaring default. Over the past two
years the balance in the supplemental reserve, which is required to
be at $4.62 million, has fallen from $3.62 million in December
2013, to $2.3 million in December 2014 to approximately zero at the
current time. Though management is working on several fronts to
restore full funding to the supplemental reserve there is no
clarity on when that will happen.

With no balance in the supplemental reserve, management has
indicated Million Air One's parent organization will ensure MA1
will make its scheduled January principal and interest payment of
approximately $2.1 million if MA1 revenues and reserves are not
sufficient. We do not expect MA1 to use any funds in its debt
service reserve fund before July 2016. The rating is at the Caa1
level as the company's defaults to date have been technical in
nature due to narrow financial margins and tight cash flow. There
have been no payment defaults. Based on operating performance, it
is likely that MA1 will continue to be able to make required debt
service payments to the bondholders for at least the next year and
is taking steps to increase the funds in the supplemental reserve.
Additionally, given the underlying strengths of the businesses and
the leasehold mortgages, we expect bondholders would have high
recovery rates in the event a default was declared.

The rating reflects Million Air One's competitiveness as one of the
major brands in the Fixed Base Operator (FBO) industry, its
diversified revenue stream from three locations, at two of which
MA1 currently faces no competition, and project finance features
including a fully funded 12 month debt service reserve. The rating
considers the specialized nature of service within the FBO
industry, a customer base susceptible to macroeconomic conditions,
the lack of long-term contracts, and low financial margins. The
rating acknowledges Million Air One's reliance on cash flow from
its Houston operation, which faces competition. Moreover, the
rating recognizes the project's exposure to event risk, given the
geographic concentration across the Gulf of Mexico much of which is
mitigated by a comprehensive insurance package.

OUTLOOK

The stable outlook is based on our expectation that the company
will remain in violation of the bond indenture and the forbearance
agreement between MA1 and the trustee that is effective through
June 30, 2016, but will not have a payment default in the outlook
period of 12 to 18 months.

What could change the rating -- UP

Positive pressures could emerge from full compliance with the terms
of and removal of the forbearance agreement. Funding of all reserve
accounts and sustainable growth in Million Air One's customer base
resulting in higher revenues and margins that yield a sustained
minimum DSCR that exceeds 1.75 times could also place positive
pressure on the rating.

What could change the rating -- DOWN

Downward rating pressure will increase if there is weaker financial
performance, use of the debt service reserve, the termination of
any of the existing ground leases, a failure to satisfactorily
address the elements in the forbearance agreement, or a declaration
of default by the bondholders.

OBLIGOR PROFILE

MillionAir One is a holding company for three wholly owned
subsidiaries, which function as FBOs at Houston, Tallahassee and
Gulfport-Biloxi airports. In August 2011, MA made a bond issuance
of $48.35 million through Capital Trust Agency - a government
agency which serves as a conduit. These bonds were issued to (i)
finance the costs of acquiring a fixed base operation ("FBO") at
Tallahassee Regional Airport and FBO facility improvements at
Tallahassee Airport, Houston's William P. Hobby Airport and
Gulfport-Biloxi International Airport and (ii) pay costs of
issuance of the Series 2011 Bonds. Each subsidiary has a ground
lease with the governmental entity owning the premises on which the
FBO operations are located.

MillionAir is one of five FBOs at Houston Hobby (medium hub) and
competes with Bush Intercontinental and Ellington Field. At
Tallahassee, MillionAir is the only FBO and provider of fuel on the
airfield. This unit's revenue is mostly driven by the amount and
mix of airport traffic as well as the price charged. Flightline
Aviation continues to provide aviation sales, pilot training and
aircraft maintenance at the airfield, but no fueling. MillionAir is
the sole FBO operator at Gulfport since Atlantic Aviation closed
its operations in mid-2012.

LEGAL SECURITY: Million Air One (the company) is obligated to make
loan payments at the times and in the amounts sufficient to make
timely payment of the principal of, premium, if any and interest on
the Series 2011 Bonds as the same become due and payable.

The bonds were issued by the Capital Trust Agency, a legal entity
of the State of Florida formed through an interlocal agreement
between the cities of Gulf Breeze and Century. The Capital Trust
Agency has assigned and pledged a first priority security interest
in the funds created by the indenture, all of the issuer's right,
title, and interest in the Trust Estate established under the
indenture including, without limitation, all of the issuer's right,
title and interest in the loan agreement and all revenues,
payments, receipts and moneys.

Each subsidiary at the three airports has assigned and pledged to
the bond trustee, and granted a first priority security interest in
all funds held under the indenture and in all right, title and
interest in the revenues and the mortgages of the facilities
(pursuant to the leasehold mortgages).



MOLYCORP INC: PBGC, Sureties and Westchester Object to Sale Motion
------------------------------------------------------------------
The Pension Benefit Guaranty Corporation, Sureties Ironshore
Indemnity, Inc., et al., and Westchester Fire Insurance Company
filed objections to Debtors Molycorp Inc., et. al.'s motion asking
the U.S. Bankruptcy Court for the District of Delaware to approve
their Bidding Procedures in connection with the sale of
substantially all of their assets.

-- PBGC

The Pension Benefit Guaranty Corporation contends that the bidding
procedures proposed by the Debtors fail to take into account the
possibility that a qualified bidder may wish to assume all or some
portion of the Magnequench International, Inc. Hourly Pension Plan,
a defined benefit pension plan sponsored by the Debtors.  The PBGC
further contends that the Bidding Procedures do not expressly state
that the Debtors will provide appropriate credit for the value of
any pension liabilities assumed when determining the highest and
best bid.

-- Ironshore Indemnity, et al.

Sureties Ironshore Indemnity, Inc., Lexon Insurance Co. and Bond
Safeguard Insurance Co., contend that the Sale Motion does not
contain a proposed asset purchase agreement and that the lack of an
asset purchase agreement and/or stalking horse bidder does not
permit the creditors to make an informed determination on the sale
of the assets.  The Sureties further contend that the Debtors must
be able to show that the sale will not leave it so administratively
insolvent that it will not be able to cure all environmental issues
to the satisfaction of the appropriate state and federal agencies.
The Sureties tell the Court that the proposed Order approving the
Sale Motion contains certain bid procedures that do not discuss the
requirement that the potential purchaser must demonstrate an
ability to obtain government, licensing or regulatory approval.

-- Westchester Fire Insurance

Westchester Fire Insurance Company contends that the Bidding
Procedures and Form APAs contained in the order approving the Sale
Motion do not address the permits or the Surety Bonds that are
necessary to the continued operation of the mining facilities and
the activities at Moutain Pass.  Westchester further contends that
the Bidding Procedures and Form APAs are entirely devoid of any
requirement that a potential purchaser replace the Surety Bonds.
Westchester adds that the Bidding Procedures and Form APAs also
fail to require that a purchaser demonstrate the financial
wherewithal to replace the requisite bonds or the ability to take
transfer of the permits required by federal, state and local
agencies to continue mining operations at Mountain Pass.

                          *     *     *

The Pension Benefit Guaranty Corporation is represented by:

          Israel Goldowitz, Esq.
          Charles L. Finke, Esq.
          Joel W. Ruderman, Esq.
          Deborah J. Bisco, Esq.
          PENSION BENEFIT GUARANTY CORPORATION
          1200 K Street, N.W.
          Washington, D.C. 20005
          Telephone: (202)326-4020 ext. 3062
          Facsimile: (202)326-4112
          E-mail: bisco.deborah@pbgc.gov
                  efile@pbgc.gov

Ironshore Indemnity, Inc., et al., are represented by:

          Jason C. Powell, Esq.
          FERRY JOSEPH, P.A.
          824 Market Street, Suite 1000
          P.O. Box 1351
          Wilmington, DE 19899
          Telephone: (302)575-1555
          Facsimile: (302)575-1714
          E-mail: jpowell@ferryjoseph.com      

                  - and -   

          Wendy A. Kinsella, Esq.
          Lee E. Woodard, Esq.
          HARRIS BEACH PLLC
          333 West Washington St.
          Suite 200
          Syracuse, NY 13202
          Telephone: (315)423-7100
          Facsimile: (315)422-9331
          E-mail: wkinsella@harrisbeach.com
                  lwoodard@harrisbeach.com

                  - and -   

          Bruce L. Maas, Esq.
          HARRIS BEACH PLLC
          99 Garnsey Road
          Pittsford, NY 14534
          Telephone: (585)419-8650
          Facsimile: (585)419-8811
          E-mail: bmaas@harrisbeach.com

Westchester Fire Insurance Company is represented by:

          Gary D. Bressler, Esq.
          Jason D. Angelo, Esq.
          MCELROY, DEUTSCH, MULVANEY & CARPENTER, LLP
          300 Delaware Ave., Suite 770
          Wilmington, DE 19801
          Telephone: (302)300-4515
          Facsimile: (302)654-4031
          E-mail: gbressler@mdmc-law.com
                  jangelo@mdmc-law.com

                       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.



MOLYCORP INC: Seeks Approval of Bid Procedures
----------------------------------------------
Molycorp Inc. and its affiliated debtors ask the U.S. Bankruptcy
Court for the District of Delaware to approve bidding procedures in
connection with the sale of substantially all of their assets.

The Debtors relate that they will seek approval of the sale or
sales of substantially all of their assets pursuant to the Chapter
11 Plan only in the event that the conditions necessary for the
"Entire Company Sale Trigger" occur.  They further relate that they
will proceed with the Entire Company Sale only if they make a
determination that the Entire Company Sale is in the best interests
of the Debtors' estates.  The Debtors contend that the Plan sets
forth a formula for the Entire Company Sale Trigger, which will be
used to determine the minimum amount that a bid or collection of
bids must provide for the Debtors to proceed with the Entire
Company Sale.

The Bidding Procedures contain, among others, these key terms:

     (a) Permitted Asset Groups: The Debtors will only consider
bids on one or more of the following categories of Assets:

          (1) substantially all of the Assets of Molycorp, Inc. and
each of its affiliates;

          (2) one or more of the following business unites in their
entirety as going concern businesses: Magnetic Minerals and Alloys
("MMA"), Chemicals and Oxides ("C&O") and Rare Metals ("RM");

          (3) any of the Molycorp Minerals Assets, either as a
whole, or individual Assets; and/or

          (4) the Oaktree Equipment.

     (b) Bid Deadline: Jan. 4, 2016

     (c) Auction: Jan. 7, 2016 at 10:00 a.m.

     (d) Confirmation Hearing: Jan. 13, 2016

     (e) Stalking Horse Bidder: The Debtors, in their discretion,
exercised in good faith and in consultation with the Consultation
Parties, may execute, subject to higher or otherwise better offers,
a purchase agreement with a Qualified Bidder that submits a
Qualified Bid for all or substantially all of the Debtors' assets
that also satisfies the Entire Company Sale Trigger, provided that
such Stalking Horse Agreement is executed no later than Jan. 4,
2016.

The Debtors believe that the Bidding Procedures are appropriately
tailored to ensure that the bidding process is fair and reasonable
and will yield the maximum value for their estates and creditors.
The Debtors contend that the proposed Bidding Procedures are
designed to maximize the value received for the Assets by
facilitating a competitive bidding process in which all potential
bidders are encouraged to participate and submit competing bids.
The Debtors further contend that by encouraging bids for the
company as a whole for or for the Downstream Businesses, either as
a group or by business unit, the Debtors' proposed Sale Process
seeks to provide the best opportunity for aggregate bids to satisfy
the Entire Company Sale Trigger and, if the aggregate bids do not
satisfy the Entire Company Sale Trigger, then creditors can be
assured that the Stand-Alone Reorganization is the best
value-maximizing option.

Molycorp Inc. and its affiliated debtors are represented by:

          M. Blake Cleary, Esq.
          Edmon L. Morton, Esq.
          Justin H. Rucki, Esq.
          Ashley E. Jacobs, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR LLP
          Rodney Square
          1000 North King Street
          Wilmington, DE 19801
          Telephone: (302)571-6600
          Facsimile: (302)571-1253
          E-mail: mbcleary@ycst.com
                  emorton@ycst.com
                  jrucki@ycst.com
                  ajacobs@ycst.com

                - and -

          Paul D. Leake, Esq.
          Lisa Laukitis, Esq.
          George R. Howard, Esq.
          JONES DAY
          222 East 41st Street
          New York, NY 10017
          Telephone: (212)326-3939
          Facsimile: (212)755-7306
          E-mail: pdleake@jonesday.com
                  llaukitis@jonesday.com
                  grhoward@jonesday.com

                - and -

          Brad E. Erens, Esq.
          Joseph M. Tiller, Esq.
          JONES DAY
          77 West Wacker
          Chicago, Illinois 60601
          Telephone: (312)782-3939
          Facsimile: (312)782-8585
          E-mail: bberens@jonesday.com
                  jtiller@jonesday.com

                       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.


MONTREAL MAINE: Ch. 11 Trustee Says Checks for Victims in January
-----------------------------------------------------------------
The Associated Press reported that the U.S. bankruptcy trustee says
a settlement fund for victims of an oil train disaster in Canada
remains on track, and payments will be made next month.

According to the report, Trustee Bob Keach, who oversaw Montreal,
Maine & Atlantic's chapter 11 case, said Friday that participants
in the settlement fund are providing payments, and he expects it to
be fully funded by Dec. 21.

                       About Montreal Maine

Montreal, Maine & Atlantic Railway Ltd., operated the train that
derailed and exploded in July 2013, killing 47 people and
destroying part of Lac-Megantic, Quebec.

The Company sought bankruptcy protection (Bankr. D. Maine Case No.
13-10670) on Aug. 7, 2013, with the aim of selling its business.
Its Canadian counterpart, Montreal, Maine & Atlantic Canada Co.,
meanwhile, filed for protection from creditors in Superior Court of
Quebec in Montreal.

Montreal, Maine & Atlantic Canada Co. ("MMA Canada"), the Canadian
unit of Chapter 11 debtor Montreal, Maine & Atlantic Railway Ltd.
("MMA"), on July 20, 2015, filed a Chapter 15 bankruptcy petition
(Bankr. D. Maine Case No. 15-20518) in Portland, Maine, to seek
recognition and enforcement in the U.S. of the order by the Quebec
Court approving MMA Canada's plan to pay off victims of the July
2013 derailment.

The law firm of Verrill Dana serves as counsel to the Debtor.

Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,
P.A., is the Chapter 11 trustee.  Lindsay K. Zahradka and and D.
Sam Anderson, Esq. serves as his counsel.  Development Specialists,
Inc., serves as his financial advisor; and Gordian Group, LLC,
serves as his investment banker.

Justice Martin Castonguay oversees the case in Canada.  Andrew
Adessky at Richter Consulting was named CCAA monitor.  The CCAA
Monitor is represented by Sylvain Vauclair at Woods LLP.  MM&A
Canada is represented by Patrice Benoit, Esq., at Gowling LaFleur
Henderson LLP.

The U.S. Trustee appointed a four-member official committee of
derailment victims.  The Official Committee is represented by
Richard P. Olson, Esq., at Perkins Olson; and Luc A. Despins,
Esq., at Paul Hastings LLP.

The unofficial committee of wrongful death claimants is Represented
by George W. Kurr, Jr., Esq., at Gross, Minsky & Mogul, P.A.;
Daniel C. Cohn, Esq., at Murtha Cullina LLP; Peter J. Flowers,
Esq., at Meyers & Flowers, LLC; Jason C. Webster, Esq., at The
Webster Law Firm; and Mitchell A. Toups, Esq., at Weller,

                           *     *     *

Judge Peter G. Cary of U.S. Bankruptcy Court in Bangor, Maine, on
Oct. 9, 2015, approved Montreal, Maine & Atlantic Railway's
bankruptcy-exit plan, day after a Canadian judge gave conditional
approval to the plan.  The exit plan earmarks about $86 million to
families of those who died from the explosive crash.  The plan
provides for the creation of a C$446 million settlement fund for
victims of the derailment.


MUSCLEPHARM CORP: Chairman Bullish About Company's Future
---------------------------------------------------------
Musclepharm Corporation has released a letter from Executive
Chairman Ryan Drexler to update shareholders on the current status
of the Company.

Dear Fellow MusclePharm Shareholders:

I am writing to update you on the Company's progress, and discuss
how we are positioning MusclePharm going forward.  I appreciate
your patience and loyalty as we work our way through this
challenging period in the Company's history, and am confident
MusclePharm will come out of this stronger than ever.

My Belief in MusclePharm

As a measure of my confidence in MusclePharm as a company and as a
brand, I recently loaned the Company $6 million in the form of a
convertible note at 8 percent interest with a conversion price set
at $2.30 a share, to be used for general corporate purposes.  This
follows my October 2015 personal guarantee of the Company's
existing bank loans up to $6.2 million.  We are also in the process
of identifying other credit and lending facilities which will
provide additional financial support for our objectives.

To say that I have skin in the game would be an understatement.
Because of my confidence in the strength of MusclePharm's brand,
its relationship with retailers and popularity among consumers, I
feel very bullish about my investment in the Company's future.  The
power of the Company's brand and its products was recently
reinforced by an analyst report from Credit Suisse in November,
which listed MusclePharm among the "key players in the sports
nutrition market," and placed us in the top five for market share
in three of five different categories, and second place in the
category of non-protein products.

This is an extraordinary accomplishment for a company founded only
in 2010, considering that many of our competitors have been in the
business for a substantially longer period of time.  The Credit
Suisse report also noted that there is substantial room for growth
in our industry, where we are an established independent player
with strong relationships with retailers that include GNC, Walmart
Stores, Costco, The Vitamin Shoppe, and Bodybuilding.com.  Today we
are recognized as a global leader in a multi-billion dollar
industry.

Bringing Innovative New Products to Market

Among other accomplishments we can be proud of, our Combat Crunch
family of protein bars has been a huge success. Combat Crunch was
voted as "Protein Bar of The Year" this year by Bodybuilding.com
users, in addition to being selected among "The 10 Best-Tasting
Protein Bars" by the website.  We are actively pursuing expanded
distribution of Combat Crunch through the convenience store, club
and grocery channels.

We have identified and are correcting production and forecasting
challenges and expect to benefit from a more than doubling of
Combat Crunch supply beginning in the first quarter of 2016.  I
want to focus management's energies on these and other brands
rather than less profitable products that we will discontinue if
they cannot contribute to the Company’s margins and growth.

As an indication that we are continuing to push forward, we are
excited to begin distribution next year of our groundbreaking new
Nature Sports series of plant based supplements.  A brand extension
such as Nature Sports allows us to incrementally leverage our
existing sales and distribution force without a significant new
investment of resources.  We are also extending our exclusive MP
Black Label at GNC and our MP Hardcore series at Bodybuilding.com.
I would be remiss in not mentioning our popular FitMiss series of
pre-workout, post-workout and weight-loss products that, together
with our other products, enable MusclePharm to reach every
demographic in a household.

Positioning Ourselves for Profitability

We are committed to growing our award-winning family of brands and
expanding markets and product offerings to meet the expectations of
both the serious fitness enthusiast and the casual weekend warrior,
even as we restructure our operations to allow for growth and
profitability in 2016 and beyond.  While this period of
restructuring has been challenging, I fully expect these actions
will pay off in the long term.

As previously announced, I have identified supply chain issues as
our primary challenge, and we are working on measures to address
this critical area.  As discussed in the third quarter conference
call, we are targeting an improvement in fill rates of 15 to 20
percentage points from our current run rate, which would provide a
significant incremental addition to operating income.

We are also closing certain facilities and realigning the
organization with our business needs, including exploring the sale
of all or substantially all of the assets of our BioZone
Laboratories Inc. subsidiary.  As I said at the time of that
announcement, we are a sales and marketing organization, and that
is where we want to focus.  As a result, we are going to
concentrate on our core competencies while leaving other aspects of
the business to strategic partners or outside parties who can bring
more expertise to those areas.

In conjunction with achieving our objectives and incentivizing our
staff, we plan to only award stock options, not stock grants, to
management and employees to maximize participation in the Company's
success.

Sponsorship and Endorsement Agreements

We have applied the same scrutiny to our sponsorship and
endorsement agreements with athletes, celebrities, and sporting
organizations.  While we believe that our old model of agreements
with these partners helped to boost our credibility by increasing
exposure to our brand, we also need to be mindful of the costs
associated with these arrangements as compared to the return on
investment.  Although these investments have helped build our
brand, and we will continue to spend on traditional sponsorships
and endorsements, we want to be strategic and targeted about these
relationships.

As a result, we are reducing reliance on certain costly
arrangements in favor of traditional channel efforts.  Endorsement,
sponsorship agreements and future contractual payments are expected
to peak next year and then are expected to decline steadily.

One example of our new model is our recent sponsorship of Team
Elevation, a mixed martial arts team. We previously had a
traditional strategic sponsorship agreement with Ultimate Fighting
Championship in which we received brand and logo visibility.  So
while we will continue our association with combat sports, I made
the decision to sponsor a mixed martial arts team, instead of
continuing with our traditional sponsorship of UFC following the
conclusion of our agreement.  As a competitive jiu-jitsu fighter
myself with two gold medals and a world title at the Gi Worlds in
2014, I am passionate about supporting athletes.

Our distinguished fighters are led by head coach Leister Bowling
and include UFC bantamweight champion TJ Dillashaw, welterweight
contender Matt Brown and welterweight Neil Magny.  In addition to
being less expensive than our sponsorship agreement with UFC, the
team is beneficial on several levels.  For instance, Team Elevation
trains at MusclePharm's 35,000 square-foot, state-of-the-art
athletic and testing space at our Denver headquarters.

This initiative has already paid off in the form of invaluable
publicity about our fighters and their upcoming fights, in which
MusclePharm is prominently featured.  This included a recent
"Inside MMA" video feature, "Elevation Fight Team, the Next Big
Thing in MMA?", filmed in our facility and shown on AXS TV.  I
encourage you to watch the video to learn more about our
science-based approach to training and athletic development.

All of us at MusclePharm believe that our current market
capitalization does not reflect our Company's underlying
fundamentals.  This brand grew faster than its infrastructure.  We
are an entrepreneurial company that is going through growing pains,
but I assure you that we are fixing them.  I am holding the entire
management team accountable, as well as myself, to ensure that we
enhance shareholder value going forward.

Thank you for your time,

Ryan Drexler

Executive Chairman of the Board

                       About MusclePharm

Headquartered in Denver, Colorado, MusclePharm Corporation
(OTC BB: MSLP) -- http://www.muslepharm.com/-- is a healthy life-
style company that develops and manufactures a full line of
National Science Foundation approved nutritional supplements that
are 100 percent free of banned substances.  MusclePharm is sold in
over 120 countries and available in over 5,000 U.S. retail
outlets, including GNC and Vitamin Shoppe.  MusclePharm products
are also sold in over 100 online stores, including
bodybuilding.com, Amazon.com and Vitacost.com.

MusclePharm Corporation reported a net loss of $13.8 million in
2014, a net loss of $17.7 million in 2013 and a net loss of $19
million in 2012.

As of Sept. 30, 2015, the Company had $62.24 million in total
assets, $67.79 million in total liabilities and a $5.54 million
total stockholders' deficit.


NAKED BRAND: Incurs $3.53 Million Net Loss in Third Quarter
-----------------------------------------------------------
Naked Brand Group Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $3.53 million on $317,748 of net sales for the three months
ended Oct. 31, 2015, compared to net income of $7.22 million on
$145,790 of net sales for the same period in 2014.

For the nine months ended Oct. 31, 2015, the Company reported a net
loss of $8.48 million on $938,157 of net sales compared to a net
loss of $23.03 million on $430,590 of net sales for the same period
last year.

As of Oct. 31, 2015, the Company had $2.01 million in total assets,
$2.46 million in total liabilities and a $444,074 total capital
deficit.

                          Going Concern

"At October 31, 2015, we did not have sufficient working capital to
implement our proposed business plan over the next 12 months, had
not yet achieved profitable operations and expect to continue to
incur significant losses from operations in the immediate future.
These factors cast substantial doubt about our ability to continue
as a going concern.  To remain a going concern, we will be required
to obtain the necessary financing to meet our obligations and repay
our substantial existing liabilities as well as further liabilities
arising from normal business operations as they come due.
Management plans to obtain the necessary financing through the
issuance of equity to existing stockholders.  Should we be unable
to obtain this financing, we may need to substantially scale back
operations or cease business.  The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.  There are no assurances that we will be able to
obtain additional financing necessary to support our working
capital requirements.  To the extent that funds generated from
operations are insufficient, we will have to raise additional
working capital.  No assurance can be given that additional
financing will be available, or if available, will be on terms
acceptable to us," the Company states in the Quarterly Report.

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

                     http://is.gd/6zAkda

                      About Naked Brand

Naked Brand Group Inc. designs, manufactures, and sells men's
innerwear and lounge apparel products in the United States and
Canada.  It offers various innerwear products, including trunks,
briefs, boxer briefs, undershirts, T-shirts, and lounge pants
under the Naked brand, as well as under the NKD sub-brand for men.
The company sells its products to consumers and retailers through
wholesale relationships and direct-to-consumer channel, which
consists of an online e-commerce store, thenakedshop.com.  Naked
Brand Group Inc. is based in New York, New York.

Naked Brand reported a net loss of $21.07 million for the year
ended Jan. 31, 2015, compared to a net loss of $4.23 million for
the year ended Jan. 31, 2014.

BDO USA, LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Jan. 31, 2015, citing that the Company incurred a net loss of
$21,078,265 for the year ended Jan. 31, 2015, had a capital deficit
of $2,224,180 at Jan. 31, 2015, and the Company expects to incur
further losses in the development of its business.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


NAVISTAR INTERNATIONAL: Amends Severance Agreement with Executives
------------------------------------------------------------------
The Compensation Committee of the Board of Directors of Navistar
International Corporation approved an amendment to the Revised
Restated and Amended Executive Severance Agreement with two named
executive officers: Walter G. Borst, executive vice president and
chief financial officer, and William R. Kozek, president, Truck and
Parts of Navistar, Inc., the Company's principal operating
subsidiary.

The amendment provides that for the purpose of determining the
entitlement of the NEO to benefits under certain Navistar, Inc.
supplemental retirement plans in the event of a Change in Control
(as defined in the ESA), the NEO will be deemed to have the greater
of either (i) 18 additional months of age and pension service
credit or (ii) the number of additional months of age and pension
service credit the NEO needs to attain the five years of credited
service required to vest in those supplemental retirement plans.
As a result of the amendment, in the event of a Change in Control
the NEO will be deemed to have attained the requisite five years of
credited service to vest in the designated supplemental retirement
plans.  

                   About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.navistar.com/-- is a holding company whose         
subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The Company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

Navistar International reported a net loss attributable to the
Company of $619 million for the year ended Oct. 31, 2014, compared
to a net loss attributable to the Company of $898 million for the
year ended Oct. 31, 2013.

                          *     *     *

In the Oct. 9, 2013, edition of the TCR, Moody's Investors Service
affirmed the ratings of Navistar International Corp., including the
'B3' corporate family rating.  The ratings reflect Moody's
expectation that Navistar's successful incorporation of Cummins
engines throughout its product line up will enable the company to
regain lost market share, and that progress in addressing component
failures in 2010 vintage-engines will significantly reduce warranty
expenses.

As reported by the TCR on Oct. 9, 2013, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on Navistar
International to 'CCC+' from 'B-'.  "The rating downgrades reflect
our increased skepticism regarding NAV's prospects for achieving
the market shares it needs for a successful business turnaround,"
said credit analyst Sol Samson.

In January 2013, Fitch Ratings affirmed the issuer default ratings
for Navistar International at 'CCC' and removed the negative
outlook on the ratings.  The removal reflects Fitch's view that
immediate concerns about liquidity have lessened, although
liquidity remains an important rating consideration as NAV
implements its selective catalytic reduction engine strategy.


NAVISTAR INTERNATIONAL: To Release Q4 Results on Dec. 17
--------------------------------------------------------
Navistar International Corporation will present via live web cast
its fiscal 2015 fourth quarter financial results on Thursday,
December 17th.  A live web cast is scheduled at approximately 9:00
a.m. Eastern.  Speakers on the web cast will include Troy Clarke,
president and chief executive officer and Walter Borst, executive
vice president and chief financial officer, and other company
leaders.

The web cast can be accessed through a link on the investor
relations page of Company's web site at
http://www.navistar.com/navistar/investors/webcasts. Investors are
advised to log on to the Web site at least 15 minutes prior to the
start of the web cast to allow sufficient time for downloading any
necessary software.  The web cast will be available for replay at
the same address approximately three hours following its
conclusion, and will remain available for a period of at least 12
months.

                   About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.navistar.com/-- is a holding company whose         
subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The Company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

Navistar International reported a net loss attributable to the
Company of $619 million for the year ended Oct. 31, 2014, compared
to a net loss attributable to the Company of $898 million for the
year ended Oct. 31, 2013.

                          *     *     *

In the Oct. 9, 2013, edition of the TCR, Moody's Investors Service
affirmed the ratings of Navistar International Corp., including the
'B3' corporate family rating.  The ratings reflect Moody's
expectation that Navistar's successful incorporation of Cummins
engines throughout its product line up will enable the company to
regain lost market share, and that progress in addressing component
failures in 2010 vintage-engines will significantly reduce warranty
expenses.

As reported by the TCR on Oct. 9, 2013, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on Navistar
International to 'CCC+' from 'B-'.  "The rating downgrades reflect
our increased skepticism regarding NAV's prospects for achieving
the market shares it needs for a successful business turnaround,"
said credit analyst Sol Samson.

In January 2013, Fitch Ratings affirmed the issuer default ratings
for Navistar International at 'CCC' and removed the negative
outlook on the ratings.  The removal reflects Fitch's view that
immediate concerns about liquidity have lessened, although
liquidity remains an important rating consideration as NAV
implements its selective catalytic reduction engine strategy.


NEOGENIX ONCOLOGY: Wants Ex-GC's Role in Securities Scheme
----------------------------------------------------------
Jessica Corso at Bankruptcy Law360 reported that cancer treatment
developer Neogenix Oncology Inc. wants answers from its former
chief legal officer about the securities sale program that
bankrupted the company, moving in New York federal court on
Dec. 9, 2015, to force the attorney to answer questions about his
role in the scheme.

Neogenix says questions sent to defendant Daniel Scher were
returned without a response, over objections that the
interrogatories were unduly burdensome and premature.  The company
said in its motion to compel on Dec. 9, that Scher was leaning on
unqualified legal jargon.

                      About Neogenix Oncology

Neogenix Oncology Inc. in Rockville, Maryland, filed a Chapter 11
petition (Bankr. D. Md. Case No. 12-23557) on July 23, 2012, in
Greenbelt with a deal to sell the assets to Precision Biologics
Inc., absent higher and better offers.

Founded in December 2003, Neogenix is a clinical stage,
pre-revenue generating, biotechnology company focused on developing
therapeutic and diagnostic products for the early detection and
treatment of cancer.  Neogenix, which has 10 employees, says it its
approach and portfolio of three unique monoclonal antibody
therapeutics -- hold the potential for novel and targeted
therapeutics and diagnostics for the treatment of a broad range of
tumor malignancies.

Thomas J. McKee, Jr., Esq., at Greenberg Traurig, LLP, in McLean,
Virginia, serves as counsel.  Kurtzman Carson Consultants LLC is
the claims and notice agent.

The Debtor estimated assets of $10 million to $50 million and
debts of $1 million to $10 million.

The U.S. Trustee for Region 4 has appointed seven members to the
committee of equity security holders.  Sands Anderson PC
represents the Official Committee of Equity Security Holders.  The
Committee tapped FTI Consulting, Inc., as its financial advisor.


NET ELEMENT: Board OKs Grants Under 2013 Equity Incentive Plan
--------------------------------------------------------------
The Compensation Committee of the Board of Directors of Net
Element, Inc., approved and authorized grants of the following
equity awards pursuant to the Company's 2013 Equity Incentive
Compensation Plan, as amended:

  (i) 1,800,000 qualified options to acquire shares of the Company
      common stock (subject to vesting on Dec. 8, 2015) to Steven
      Wolberg, the chief legal officer of the Company; and

(ii) 591,667 qualified options to acquire shares of the Company
      common stock (subject to vesting on Dec. 8, 2015) to
      Jonathan New, the chief financial officer of the Company.

(iii) 154,500 shares of the Company common stock (subject to
      vesting on Dec. 8, 2015) to Irina Bukhanova, the chief
      financial officer of the Company.

     Awards Outside 2013 Equity Incentive Compensation Plan

On Dec. 3, 2015, in reliance on applicable exemption from the
securities laws registration requirements and subject to the
Corporation shareholders' approval for purposes of compliance with
the Nasdaq Rule 5635(c), the Committee approved and authorized the
issuance of 5,791,717 restricted shares of the Company common stock
(subject to Rule 144 of the 1933 Securities Act, as amended) to
Oleg Firer, the chief executive officer of the Company, in lieu of
and in satisfaction of (unless the Corporation shareholders'
approval for such issuance is not obtained by the end of the
Corporation's fiscal year 2016) accrued and unpaid compensation due
to him in the amount of $1,042,509.  Those restricted shares will
be not issued and will be deemed forfeited if such shareholders'
approval is not obtained until the end of the Corporation's fiscal
year 2016, in which case Oleg Firer will be entitled to the Accrued
Cash Compensation.

On Dec. 3, 2015, the Committee awarded to Oleg Firer, the chief
executive officer of the Company, 3,750,000 restricted shares of
the Company common stock as performance bonus.  The Committee also
awarded to Steven Wolberg, the chief legal officer of the Company,
800,000 restricted shares of the Company common stock as
performance bonus.  Such restricted shares will not be issued and
will be deemed forfeited if shareholders' approval is not obtained
until the end of the Corporation's fiscal year 2016.

                       About Net Element

Miami, Fla.-based Net Element International, Inc., formerly Net
Element, Inc., currently operates several online media Web sites
in the film, auto racing and emerging music talent markets.

Net Element reported a net loss of $10.18 million on $21.2
million of net revenues for the 12 months ended Dec. 31, 2014,
compared to a net loss of $48.3 million on $18.7 million of net
revenues for the 12 months ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $26.17 million in total
assets, $17.03 million in total liabilities, and $9.14 million in
total stockholders' equity.

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014.  The accounting firm
said that the Company has suffered recurring losses from operations
and has used substantial amounts of cash to fund its operating
activities that raise substantial doubt about its ability to
continue as a going concern.


NEW SOURCE: Debt Obligations Raise Going Concern Doubt
------------------------------------------------------
New Source Energy Partners L.P.'s debt obligations raise
substantial doubt about its ability to continue as a going concern,
Paula Maxwell, vice president and principal accounting officer of
the company said in a regulatory filing with the U.S. Securities
and Exchange Commission on November 9, 2015.

The company had incurred a net loss of $61,528,000 for the three
months ended September 30, 2015, compared to a net loss of
$2,754,000 for the same period in 2014.  The company also had total
assets of $139,659,000, total liabilities of $115,610,000, and
total unitholders' deficit of $20,933,000.

"As shown in the accompanying financial statements, the partnership
has incurred losses and has a working capital deficit at September
30, 2015.  The partnership anticipates it will continue to generate
losses from operations and that cash flows may not be sufficient to
cover its operating expenses, capital needs or additional debt
payments resulting from the violation of debt covenants.  The
partnership's ability to continue as a going concern depends on its
ability to execute its business plan," Ms. Maxwell stated.

"However, our current cash position and our ability to access
additional capital may limit our available opportunities and may
not provide sufficient cash for operations, capital requirements or
debt service.  The borrowing base on our senior secured revolving
credit facility (the credit facility) was reduced at the October
2015 redetermination due to continued declines in oil, natural gas
and NGL prices and the resulting impact on our reserves.  Our
credit facility requires any deficiency to be settled in full
within 30 days or in equal installments over a 90-day period.
During a deficiency, an additional 2% is applied to the interest
rate on the outstanding balance under the credit facility, not to
exceed the maximum rate as defined in the credit agreement. Our
lenders also have the option to cause the liquidation of collateral
in order to satisfy the deficiency.

"The partnership does not currently have sufficient cash resources
to repay or additional collateral to cure the borrowing base
deficiency of $25.0 million. I f the Partnership is unable to
successfully negotiate a forbearance agreement, obtain a waiver of
compliance or cure the borrowing base deficiency, an event of
default under the Credit Facility would occur on November 9, 2015.
The Partnership is in discussions with the lenders under the credit
facility and expects to enter into a forbearance arrangement soon.


"While our lenders have not called the debt, it is possible that we
will have to pay amounts outstanding sooner than anticipated based
on the original maturity.  These factors raise substantial doubt
about the Partnership's ability to continue as a going concern."

According to Ms. Maxwell, management is actively pursuing
additional sources of capital.  The partnership, however, is
dependent upon its ability to secure equity or debt financing or
monetize certain of its oilfield services assets and there are no
assurances that the partnership will be successful in such
endeavors.  "If we are unsuccessful in securing additional
financing, we expect that we will not be able to meet our
obligations as they come due."

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/gq6z87k

New Source Energy Partners L.P. was formed to own and acquire oil
and natural gas properties in the U.S.  The Oklahoma City-based
company is engaged in the production of onshore oil and natural gas
properties that extend across conventional resource reservoirs in
east-central Oklahoma.


NITON FUND: Seeks Recognition of Cayman Liquidation Proceeding
--------------------------------------------------------------
Matthew James Wright and Christopher Barnett Kennedy, duly
appointed joint official liquidators and foreign representatives of
Niton Fund SPC for and on behalf of the Short Term Shipping Fund
Segregated Portfolio, a company in liquidation under the
supervision of the Grand Court of the Cayman Islands, Financial
Services Division, case no. FSD 0117/2015 (NRLC), pursuant to
Section 124 of the Cayman Islands Companies Law (2013 Revision),
are seeking recognition in the United States of the Cayman
Liquidation as a foreign main proceeding.

The Liquidators filed a petition under Chapter 15 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the Southern District of New
York in order to get the Bankruptcy Court's assistance in obtaining
critical discovery from entities subject to its jurisdiction.  The
Liquidators principally seek discovery of records from banks that
concern Niton transactions and claims arising from those
transactions.  Niton, its Special Purpose Vehicles, as well Niton's
counterparties/potential defendants principally transacted business
in U.S. dollars, which transactions cleared through intermediary or
correspondent banks located in the Southern District of New York.
These banks maintain the records of these wire transfer
transactions, and those records are essential for the Liquidators
to gain a better understanding of how Niton's assets and funds were
transferred prior to the commencement of the Cayman Liquidation,
and to investigate claims of Niton against any third parties.

                 Niton's Pre-Liquidation Business

Niton is a Cayman Islands Monetary Authority registered,
open-ended, exempted, segregated portfolio company that was
incorporated in the Cayman Islands on Nov. 21, 2008.  Niton is
registered for and on behalf of the Short Term Fund. There are no
other portfolios within Niton.  The registered holders of
participating shares are invested in Niton.

The manager of Niton is Niton Capital Partners S.A.  Additionally,
Niton Capital Investments Ltd. is the sole voting shareholder of
Niton.

STSF Ship Holdings Limited is the sole wholly owned subsidiary of
Niton.  Short Term Holdings in turn is the 100% shareholder of six
underlying special purpose vehicles and the Short Term Fund is the
100% shareholder of six additional special purpose vehicles, which
together with the Short Term Holdings SPVs, are considered the
"Niton SPVs."

Dubai Trading Agency LLC is registered in Dubai, United Arab
Emirates, was the so-called 'commercial manager' of Niton.  The
Liquidators understand that DTA is the holding company of a number
of offshore companies,  some of which have underlying special
purpose vehicles.

By its updated offering documents, namely, an Offering Memorandum
accompanied by an Offering Supplement both dated Sept. 30, 2014,
Niton offered participating shares to prospective investors.

            Events Leading Up to the Cayman Liquidation

Warren E. Gluck, Esq., at Holland & Knight LLP, counsel to the
Petitioners, said it appears that at the end of 2014 and during the
beginning of 2015, in accordance with the terms of the Offering
Documents, Niton received a number of redemption requests in the
aggregate of $5,701,784, which were payable up to and including
Aug. 3, 2015.

None of the Redemption Requests were paid in full by Niton to any
of the redeeming investors.  Having missed five payment due dates,
the Niton directors convened a meeting of the board of directors on
June 2, 2015.  According to the minutes of the June 2 Meeting, the
Niton directors noted that the current cash balances held at
Niton's banks were insufficient to meet the outstanding Redemption
Requests and that "immediate and urgent action" would be needed to
realize funds in order to meet the segregated portfolio's cash flow
requirements.

Accordingly, at the June 2 Meeting, the Niton directors resolved to
suspend redemptions in respect of participating shares in Niton,
and further, to delay payment of redemption proceeds with respect
to past Redemption Requests, effective immediately.

Also at the June 2 Meeting, the Niton directors were informed that
DTA had advised Niton Capital that certain financial irregularities
had been discovered within DTA's London operation and that they
were currently being investigated.

According to the minutes of the June 2 Meeting, DTA was holding
funds due to Niton rather than immediately transferring them back
to the segregated portfolio purportedly in order to facilitate new
purchases of ships in an efficient manner so as to obtain
sufficient credit facilities with banking institutions that DTA
claimed were easier to source at the DTA level rather than at the
Niton level.

Thereafter, Niton was informed that one of DTA's employees, who was
responsible for drafting DTA's 2014 balance sheet, had defrauded
DTA.  Although it is believed that one hundred and three Vessel
Transactions had taken place between Niton and DTA, it is not clear
which of the Vessel Transactions were contracted for and on behalf
of Niton, and which were contracted for and on behalf of other DTA
clients.  In addition, the Liquidators understand that DTA's
operations were down to a bare minimum because the scrap market had
considerably dropped.

Accordingly, DTA and/or the DTA Offshore Companies and its SPVs
could thus potentially hold up $36,893,950 on behalf of Niton and
the segregated portfolio.  DTA disputes this figure.  The
Liquidators have requested and have been provided with some
supporting  documentation relating to the transactions with DTA
under the Commercial Management Agreement, or related to the
Commercial Management Agreement, but these will need to be
reconciled in due course.  Significant information requests remain
outstanding.

On June 16, 2015, a Statutory Demand was served on the registered
office of Niton by attorneys for a Niton shareholder.  The
shareholder had previously sought, but not received any proceeds in
respect of a Redemption Request of its shares in the segregated
portfolio.

After receipt of the Statutory Demand, the Niton directors convened
a meeting on June 22, 2015, at which they voted to recommend to
Niton Investments, Niton's sole voting shareholder, that Niton's
affairs should be wound up and that it should be placed into
voluntary liquidation as expeditiously as possible.

As matters currently stand, the Liquidators have identified the
following potential debts/creditors of Niton:

a. The unpaid, redeemed shareholders of Niton, whose potential
    claims total:  $2,857,304 (as of June 2, 2015);

b. Unpaid Redemption Requests by shareholders of Niton, whose
    potential claims total: $2,462,187 (post-June 2, 2015);

c. Management and performance fees allegedly owed to Niton
    Capital in the approximate amount of $296,123 and $600,953,
    respectively;

d. Commercial management fees alleged owed to DTA in the
    approximate amount of $713,205; and

e. Service provider fees, including, registered office fees,
    attorneys' fees, and administrators' fees which amount to
    approximately $145,000.

The Liquidators believe that they may identify additional creditors
of Niton in connection with their ongoing investigation of Niton's
business.

Niton's primary assets are still being investigated.  At present,
the Liquidators are investigating, inter alia: (i) potential claims
and causes of action to recover amounts due to Niton from DTA, the
DTA Offshore Companies, and the DTA SPVs under the Commercial
Management Agreement, or relating to the Commercial Management
Agreement, (ii) various causes of action in respect of the Medium
Term Loans and CAPL Loan made to the Medium Term Fund and CAPL
respectively, as well as (iii) potential claims for breach of
fiduciary duty and breach of contract that may be asserted against
Niton's directors and management.

On July 15, 2015, the Liquidators filed a petition under Section
124 of the Cayman Companies Law with the Cayman Court seeking entry
of an order (i) permitting the Niton liquidation to continue under
the supervision of the Cayman Court, (ii) appointing Messrs. Wright
and Kennedy as Liquidators of Niton, and (iii) granting the
Liquidators certain powers as described in the Cayman Liquidation
Petition.  The Cayman Liquidation Petition indicates that as of the
beginning of January 2015, Niton was unable to pay its debts as
they came due.

The Cayman Court entered its Order granting the Cayman Liquidation
Petition on July 31, 2015.

                         About Niton Fund

Niton Fund SPC filed Chapter 15 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 15-13252) on Dec. 7, 2015.  Matthew James Wright,
Christopher Barnett Kennedy signed the petitions as foreign
representatives.  Holland & Knight LLP represents the Petitioners
as counsel.


ONEMAIN FINANCIAL: Fitch Assigns 'B-' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has assigned a long-term Issuer Default Rating (IDR)
of 'B-' to OneMain Financial Holdings, LLC and a 'B/RR3' rating to
OneMain's existing senior unsecured debt. The Rating Outlook is
Stable.

The ratings actions follow the completion of the acquisition of
OneMain by Springleaf Holdings Inc., which was subsequently renamed
OneMain Holdings Inc. (OneMain Holdings).

KEY RATING DRIVERS - IDR AND SENIOR UNSECURED DEBT

The equalization of OneMain's IDR with those assigned to OneMain
Holdings and Springleaf Finance Corporation (SFC) reflects Fitch's
view of OneMain as a core subsidiary. OneMain is wholly-owned by
OneMain Holdings, with shared management and strategy, and an
expectation that operations are to be fully integrated with the
legacy Springleaf over the longer term. Also longer-term, capital
and funding are expected to be highly fungible throughout the
combined organization, once existing OneMain bonds with restrictive
covenants have matured or otherwise been retired.

The 'B' rating assigned to OneMain existing senior unsecured debt
is one notch higher than OneMain's 'B-' IDR, reflecting Fitch's
expectation of above average recoveries for the instruments, as
indicated by the Recovery Rating (RR) of 'RR3', which implies a
stressed recovery of 51-70%.

The unsecured debt ratings also reflect the restrictive covenants
within OneMain's existing bond indenture that limit the level of
unsecured indebtedness OneMain can incur and the outflow of capital
from OneMain for so long as the existing bonds remain outstanding.
As a result, OneMain's stand-alone leverage is expected to remain
considerably lower than the consolidated entity. These positive
factors are counterbalanced by the ability of the holding company
to extract up to 50% of OneMain cumulative net income generated
from 4Q'14 in addition to other one-time and annual payments
allowable under the bond indenture.

RATING SENSITIVITIES - IDRs AND SENIOR UNSECURED DEBT

OneMain's IDR is equalized with those assigned to OneMain Holdings
and SFC and therefore would be expected to move in tandem with any
changes in Fitch's view of the consolidated credit risk profile of
the overall organization.

Downside risks for the overall organization include the integration
of OneMain, elevated leverage, reduced liquidity, refinance risk
associated with SFC's 2017 debt maturities and on-going regulatory
scrutiny.

Longer-term positive drivers include successful integration of
OneMain, de-leveraging improved debt maturity profile, and
sustained improvements in profitability and operating performance.


The rating assigned to OneMain's senior unsecured debt is one notch
above OneMain's IDR and would be expected to move in tandem with
any change in OneMain's IDR, absent a material change in the
recovery prospects for the senior unsecured notes, as expressed by
the RR, or material changes to OneMain's bond indenture. Were
OneMain to incur material additional secured debt, such that the
recovery prospects for the senior unsecured notes were viewed as
average or below average, this could result in a downgrade of the
notes and the RR.

Fitch has assigned the following ratings:

OneMain Financial Holdings, LLC.

-- Long-term IDR 'B-'.
-- Senior unsecured debt 'B/RR3'.

The Rating Outlook is Stable.



OXYSURE THERAPEUTICS: Black Mountain Beneficially Owns 3.6M Shares
------------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Black Mountain Equities, Inc. and Adam Baker disclosed
that as of Dec. 4, 2015, they beneficially own
3,622,764 shares of common stock of OxySure Therapeutics, Inc.,
representing 9.1 percent of the shares outstanding.  A copy of the
regulatory filing is available for free at http://is.gd/D04tCd

                   About OxySure Therapeutics

Frisco, Tex.-based OxySure Therapeutics, Inc., formerly known as
OxySure Systems, Inc. (OTC QB: OXYS) is a medical technology
company that focuses on the design, manufacture and distribution of
specialty respiratory and emergency medical solutions.  The company
pioneered a safe and easy to use solution to produce medically pure
(USP) oxygen from inert powders.  The Company owns nine issued
patents and patents pending on this technology which makes the
provision of emergency oxygen safer, more accessible and easier to
use than traditional oxygen provision systems.

Oxysure Systems reported a net loss of $2.75 million in 2014
following a net loss of $712,000 in 2013.

As of Sept. 30, 2015, the Company had $4.42 million in total
assets, $2.24 million in total liabilities and $2.18 million in
total stockholders' equity.

Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company had accumulated losses of $18.0 million as of Dec. 31, 2014
which raises substantial doubt about its ability to continue as a
going concern.


OXYSURE THERAPEUTICS: Gemini Master, et al., Report 9.9% Stake
--------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Gemini Master Fund, Ltd, Gemini Strategies LLC, Inc.
and Steven Winters disclosed that as of Dec. 1, 2015, they
beneficially own 4,020,058 shares of common stock of OxySure
Therapeutics, Inc., representing 9.99 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/vvsBj9

                     About OxySure Therapeutics

Frisco, Tex.-based OxySure Therapeutics, Inc., formerly known as
OxySure Systems, Inc. (OTC QB: OXYS) is a medical technology
company that focuses on the design, manufacture and distribution of
specialty respiratory and emergency medical solutions.  The company
pioneered a safe and easy to use solution to produce medically pure
(USP) oxygen from inert powders.  The Company owns nine issued
patents and patents pending on this technology which makes the
provision of emergency oxygen safer, more accessible and easier to
use than traditional oxygen provision systems.

Oxysure Systems reported a net loss of $2.75 million in 2014
following a net loss of $712,000 in 2013.

As of Sept. 30, 2015, the Company had $4.42 million in total
assets, $2.24 million in total liabilities and $2.18 million in
total stockholders' equity.

Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company had accumulated losses of $18.0 million as of Dec. 31, 2014
which raises substantial doubt about its ability to continue as a
going concern.


PARAGON OFFSHORE: Potential Covenant Breach Raises Doubt
--------------------------------------------------------
Paragon Offshore plc's potential covenant breach under its
Revolving Credit Facility and continuing adverse market
developments raise substantial doubt regarding its ability to
continue as a going concern, the company's President, Chief
Executive Officer and Director Randall D. Stilley, Senior Vice
President and Chief Financial Officer Steven A. Manz, and Vice
President and Chief Accounting Officer Alejandra Veltmann in a
regulatory filing with the U.S. Securities and Exchange Commission
on November 9, 2015.

CEO Stilley explained, "Our Revolving Credit Facility includes
financial covenants that require us to (i) maintain a net leverage
ratio (defined as total debt, net of cash and cash equivalents,
divided by earnings excluding interest, taxes, depreciation and
amortization charges) less than 4.00 to 1.00 and (ii) a minimum
interest coverage ratio (defined as earnings excluding interest,
taxes, depreciation and amortization charges divided by interest
expense) greater than 3.00 to 1.00.  As of September 30, 2015, our
net leverage ratio was 3.07 and our interest coverage ratio was
5.91.

"We must comply with each of these financial covenants at the end
of each fiscal quarter based upon our financial results for the
prior twelve month period.  Reduced activity levels in the oil and
natural gas industry, such as we are currently experiencing, could
negatively affect our financial position and adversely impact our
ability to comply with these covenants in the future.  Our failure
to comply with such covenants would result in an event of default
under our Revolving Credit Facility if we are unable to obtain a
waiver under such facility.

"An event of default would prevent us from borrowing under our
Revolving Credit Facility, which would in turn have a material
adverse effect on our available liquidity.  In addition, an event
of default would result in our having to immediately repay all
amounts outstanding under the Revolving Credit Facility, our Term
Loan and our Senior Notes."

"While we may take certain corrective measures to maintain
compliance with this financial covenant, including reducing
operating and capital expenditures or seeking a waiver of this
covenant from our lenders, there is no assurance that these
measures will be effective or available to us.  Any corrective
measures that we do implement may prove inadequate and could have
negative long-term consequences for our business.

"We have engaged financial and legal advisors to assist us in
evaluating potential strategic alternatives related to our capital
structure.  We are currently reviewing our alternatives, and we may
adopt other strategies that may include actions such as a
refinancing or restructuring of our indebtedness or capital
structure, reducing or delaying capital investments, or seeking to
raise additional capital through debt or equity financing.  

"However, our current credit rating limits our ability to access
the debt capital markets.  In addition, the recent low trading
price of our common stock severely limits our ability to raise
capital in the equity capital markets.  Our ability to timely raise
sufficient capital may also be limited by New York Stock Exchange
(NYSE) stockholder approval requirements for certain transactions
involving the issuance of our shares or securities convertible into
our shares.

"In light of a potential covenant breach under our Revolving Credit
Facility and continuing adverse market developments, there is
substantial doubt regarding our ability to continue as a going
concern within the subsequent twelve-month period," Mr. Stilley
emphasized.

Net loss for the three months ended September 30, 2015 was $1.1
billion, or a loss of $12.46 per diluted share, on operating
revenues of $369 million, compared to a net loss for three months
ended September 30, 2014 of $869 million, or a loss of $10.26 per
diluted share, on operating revenues of $505 million.

At September 30, 2015, the company had total assets of
$2,474,627,000, total liabilities of $2,962,630,000, and total
deficit of $488,003,000.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/z2mjubv

Houston-based Paragon Offshore plc is a global provider of offshore
drilling rigs. Paragon's operated fleet includes 34 jackups,
including two high specifications heavy duty/harsh environment
jackups and six floaters.



PARKERVISION INC: Capital Resources Insufficient for Current Needs
------------------------------------------------------------------
ParkerVision, Inc.'s capital resources at Sept. 30, 2015 include
cash, cash equivalents, and available-for-sale securities of
approximately $1.7 million.  "These capital resources are not
sufficient to support our liquidity requirements through 2015.  At
September 30, 2015, our current liabilities exceed our current
assets by approximately $0.85 million," stated Jeffrey L. Parker,
chairman and chief executive officer, and Cynthia L. Poehlman,
chief financial officer of the company in a regulatory filing with
the U.S. Securities and Exchange Commission on November 9, 2015.
  
"These circumstances raise substantial doubt about our ability to
continue as a going concern."

Mr. Parker and Ms. Poehlman noted: "In June 2015, we implemented a
reduction in staff which resulted in a reduction in our recurring
payroll costs of approximately 40%.  Also in June 2015, we entered
into a fully contingent funding arrangement for our ongoing patent
infringement litigation against Qualcomm, HTC and Samsung in
district court.  Despite these cost reduction measures, revenues
generated from patent enforcement actions, technology licenses
and/or the sale of products and services in 2015 will not be
sufficient to cover our operational expenses for 2015.

"We may secure additional working capital through public or private
debt or equity financing arrangements, although no such
arrangements are in place at this time.  Failure to obtain
additional funding from debt or equity financing arrangements may
require us to further reduce our operating costs which could have a
material adverse effect on our ability to meet our business
objectives.  Failure to obtain additional funding and/or further
reduce operating costs could have a material adverse effect on our
ability to meet both short-term and longer-term liquidity needs.
In addition, the incurrence of debt may result in the imposition of
operational limitations and other covenant and payment obligations
which may be burdensome to us.

"Our future business plans call for continued investment in patent
enforcement activities to protect our intellectual property rights.
We believe these efforts will be largely, if not entirely, funded
under contingent-based funding arrangements where the funding party
is repaid from proceeds resulting from our patent licensing and
enforcement activities.  In December 2014, we entered into a
funding agreement with 1624 PV, LLC (1624) whereby 1624 committed
to fund up to $7 million for legal fees and expenses for specified
future patent infringement litigation.  To the extent that we draw
down committed funds under this agreement, we will be obligated to
reimburse and compensate 1624 from the proceeds resulting from the
specified actions as well as proceeds from other ongoing and/or
future patent-related activities.   To date, we have not drawn any
funds under this agreement, and therefore have no contingent
obligation to 1624.  We expect to continue to evaluate this and
other litigation funding arrangements to support our future
business plans.

"Our future business plans also call for continued investment in
product development and sales, marketing, and customer support for
our technologies and products.  Our ability to generate revenues
sufficient to offset costs is subject to successfully enforcing our
intellectual property rights and securing new product and licensing
customers for our technologies.   The long-term continuation of our
business plan is dependent upon the generation of sufficient
revenues from our technologies and/or products to offset expenses."


As of September 30, 2015, the company had total assets of
$10,669,646, total liabilities of $3,273,972, and total
shareholders' equity of $7,425,674.  

The company posted a net loss of $3,135,516 for the three months
ended September 30, 2015, compared to a net loss of $6,409,128 for
the same period in 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/jvdbzy8

ParkerVision, Inc. designs, develops and markets proprietary radio
frequency technologies and products for use in semiconductor
circuits for wireless communication products.  The company
maintains its headquarters in Jacksonville, Florida.



PEP BOYS: Moody's Changes Direction of Rating Review to Uncertain
-----------------------------------------------------------------
Moody's Investors Service changed the direction of the review of
the ratings of The Pep Boys. - Manny, Moe, & Jack, which includes
the B1 Corporate Family Rating, to review-direction uncertain from
review for upgrade.

"T[he] change in the potential outcome of Pep Boys' rating review
is due to the announcement that Icahn Enterprises has launched an
offer to acquire Pep Boys for $15.50 per share, trumping the
existing $15.00 a share offer from Bridgestone," stated Moody's
Vice President Charlie O'Shea. "Given the uncertainty with respect
to the potential final purchaser, and the fact that a financial
buyer, though we acknowledge Icahn Enterprises does own a company
in this general sub-sector of retail, is likely to behave
differently than a strategic buyer in terms of capitalization, we
are no longer able to definitively state that the impact on ratings
is likely to be positive," continued O'Shea.

On Review Direction Uncertain:

Issuer: The Pep Boys -- Manny, Moe & Jack (The)

-- Probability of Default Rating, Placed on Review Direction
    Uncertain

-- Corporate Family Rating (Local Currency), Placed on Review
    Direction Uncertain

-- Senior Secured Bank Credit Facility (Local Currency) Oct 11,
    2018, Placed on Review Direction Uncertain

Outlook Actions:

Issuer: The Pep Boys -- Manny, Moe & Jack (The)

-- Outlook, Continues as Rating Under Review

No Action Taken on Speculative Grade Liquidity Rating of SGL-1

RATINGS RATIONALE

Pep Boys B1 Corporate Family Rating reflects increased stability in
overall operating performance, which effectively improves credit
metrics given its low level of funded debt. We expect Pep Boys to
maintain lease adjusted debt to EBITDA around 4.0 times, and EBITA
to interest expense above 1.0 time. The rating also considers Pep
Boys challenged competitive position, where it significantly lags
its rated peer group consisting of AutoZone, Inc. (Baa1, Stable),
O'Reilly Automotive Inc (Baa2, Stable), and Advance Auto Parts,
Inc. (Baa2, Stable) from an operating performance perspective, as
evidenced by its much weaker margins. Pep Boys continues to benefit
from the positive industry fundamentals of the automotive parts and
repair segment, which we believe will remain one of the top
performing sectors in retail for the next 12-18 months.

The challenge for Pep Boys going forward will be its ability to
continue generating additional traction on the revenue side,
particularly in its service component, which when combined with
lower interest costs, will help the company strengthen its weak
interest coverage. Ratings could be upgraded if operating
performance continues to improve, which would demonstrate that
management's strategy was generating continued traction as
evidenced by improved levels of EBITDA, and if financial policy
remains conservative. Quantitatively, if debt/EBITDA is sustained
below 4.25 times or if RCF/net debt is sustained above 20%, and
EBITA/interest expense is sustained above 2 times, ratings could be
upgraded. Ratings could be downgraded in the event operating
performance deteriorates, which could indicate that management's
strategy was losing traction, or if financial policy were to become
aggressive. Quantitatively, ratings could be downgraded if
debt/EBITDA increased above 5 times or RCF/net debt dropped below
12% or EBITA/interest remained around 1.5 times for a sustained
period. Stagnating or falling sales and/or margins, which could
indicate that the company's strategic execution was faltering,
could lead to negative rating pressure.

Headquartered in Philadelphia, Pennsylvania, Pep Boys - Manny Moe &
Jack (Pep Boys) is an automotive parts and service retailer,
operating just over 800 stores in 35 states and Puerto Rico. Annual
revenues are approximately $2.1 billion.



PHARMACYTE BIOTECH: Incurs $1.09 Million Net Loss in 2nd Quarter
----------------------------------------------------------------
Pharmacyte Biotech, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.09 million on $0 of total revenue for the three months ended
Oct. 31, 2015, compared to a net loss of $4.06 million on $0 of
total revenue for the same period in 2014.

For the six months ended Oct. 31, 2015, the Company reported a net
loss of $1.64 million on $0 of total revenue compared to a net loss
of $5.64 million on $0 of total revenue for the same period  a year
ago.

As of Oct. 31, 2015, the Company had $7.64 million in total assets,
$1.08 million in total liabilities and $6.56 million in total
stockholders' equity.

As of October 31, 2015, the Company's cash totaled approximately
$2.3 million, compared to approximately $2.7 million at April 30,
2015.  Working capital was approximately $1.4 million at Oct. 31,
2015, and approximately $800,000 at April 30, 2015.  The decrease
in cash is attributable to the Company's operating expenses, net of
the proceeds from the sale of the Company's common stock.

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

                      http://is.gd/K0iaBR

                 About PharmaCyte Biotech, Inc.

PharmaCyte Biotech, Inc., formerly known as Nuvilex Inc, is
dedicated to bringing to market scientifically derived products
designed to improve the health, condition and well-being of those
who use them.  The Company is a clinical stage biotechnology
company focused on developing and preparing to commercialize
treatments for cancer and diabetes based upon a proprietary
cellulose-based live-cell encapsulation technology known as
Cell-in-a-Box.  The Company intends to use this unique and patented
technology as a platform upon which to build treatments for several
types of cancer, including advanced, inoperable pancreatic cancer,
and diabetes.

Pharmacyte reported a net loss of $10.8 million for the year ended
April 30, 2015, a net loss of $27.2 million for the year ended
April 30, 2014 and a net loss of $1.6 million for the year ended
April 30, 2013.


PIEDMONT CENTER: Ch. 11 Trustee Sells NC Property for $495K
-----------------------------------------------------------
John A. Northen, Chapter 11 Trustee for Piedmont Center
Investments, LLC, sought and obtained authority from the United
States Bankruptcy Court for the Eastern District of North Carolina,
Raleigh Division, to sell the Debtor's real property located at 231
Burke Street, in Gibsonville, North Carolina, to David Stoughton
for $495,000.

The Chapter 11 Trustee also sought and obtained authority to pay at
closing from the sale proceeds all reasonable and ordinary closing
costs, including the broker's commissions, the bankruptcy estate's
pro-rated portion of 2015 property taxes, to be held by the
Purchaser and disbursed to the applicable taxing authority when
due, and all remaining sale proceeds to Business Partners, to be
applied to its Secured Claim under the Confirmed Plan.

Lundy Group, Inc., acted as the listing agent in brokering the sale
of the Property, and is entitled to a commission of 3% of the
purchase price.  Dowell Commercial Realty, Inc., acted as the
buyer's agent and is entitled to a commission of 3% of the selling
price.

The Chapter 11 Trustee is represented by:

          John A. Northen,  Esq.
          Vicki L. Parrott, Esq.
          John Paul H. Cournoyer, Esq.
          NORTHEN BLUE, LLP
          Post Office Box 2208
          Chapel Hill, NC 27515-2208
          Telephone: 919-968-4441
          Email: jan@nbfirm.com
                 vlp@nbfirm.com
                 jpc@nbfirm.com

                 About Piedmont Center Investments

Raleigh, North Carolina-based Piedmont Center Investments, LLC,
owns, leases, and manages seven shopping centers located in (i)
Graham, Alamance County, North Carolina; (ii) Mebane, Alamance
County, North Carolina; (iii) Pittsboro, Chatham County, North
Carolina; (iv) Gibsonville, Guilford County, North Carolina; (v)
Murfreesboro, Hertford County, North Carolina; (vi) Nashville,
Nash County, North Carolina; and (vii) Roxboro, Person County,
North Carolina.

Manager and part-owner Roger Camp signed a Chapter 11 petition
for Piedmont Center Investments, LLC (Bankr. E.D.N.C. Case No.
11-06178) on Aug. 11, 2011.  Trawick H. Stubbs, Jr., Esq., at
Stubbs & Perdue, P.A., in New Bern, North Carolina, serves as
counsel to the Debtor.  In its schedules, the Debtor disclosed
$27.2 million in assets and $15.5 million in liabilities.

The Debtor's two primary secured creditors are Business Partners,
LLC, and KeySource Commercial Bank.  Counsel for KeySource are
James B. Angell, Esq., and Nicolas C. Brown, Esq., at Howard,
Stallings, From & Hutson, P.A.

The Honorable J. Rich Leonard appointed John A. Northen, Esq. as
Chapter 11 trustee in September 2011.  Lehman Pollard of Nelson &
Company, PA, serves as trustee's accountant.

The Bankruptcy Administrator sought a Chapter 11 trustee, citing
that in August 2011, federal grand jury in the Eastern District of
North Carolina indicted Piedmont's Roger van Santvoord Camp on
fifteen felony counts related to bank fraud, false statements, and
identity theft.


PLATINUM STUDIOS: Suspending Filing of Reports with SEC
-------------------------------------------------------
Platinum Studios, Inc., has suspended its reporting obligations
under Section 15(d) of the Securities Exchange Act of 1934, as
amended, by filing a Form 15 with the Securities and Exchange
Commission on Dec. 8, 2015.

                     About Platinum Studios

Los Angeles, Calif.-based Platinum Studios, Inc., controls a
library consisting of more than 5,000 characters and is engaged
principally as a comics-based entertainment company adapting
characters and storylines for production in film, television,
publishing and all other media.

The Company reported a net loss of $9.94 million on $2.27 million
of revenue for the year ended Dec. 31, 2010, compared with a net
loss of $3.38 million on $292,940 of revenue during the prior
year.

The Company also reported a net loss of $13.83 million on
$10.47 million of net revenue for the nine months ended Sept. 30,
2011, compared with a net loss of $1.70 million on $2.24 million
of net revenue for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2011, showed
$1.75 million in total assets, $29.70 million in total
liabilities, all current, and a $27.94 million total shareholders'
deficit.  The Company has not filed any periodic report after the
filing of its Form 10-Q for the period ended Sept. 30, 2011.

The Company is also delinquent in payment of $116,308 for payroll
taxes as of Sept. 30, 2011, and in default of certain of its short
term notes payable including it $4,916,665 note payable to
Standard Chartered Bank.  These matters raise substantial doubt
about the Company's ability to continue as a going concern.
As reported by the TCR on April 21, 2011, HJ Associates &
Consultants, LLP, in Salt Lake City, Utah, expressed substantial
doubt about the Company's ability to continue as a going concern,
following the 2010 financial results.  The independent auditors
noted that the Company has suffered recurring losses from
operations which have resulted in an accumulated deficit.


PRECISION OPTICS: AWM Investment Reports 10% Stake as of Nov. 30
----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, AWM Investment Company, Inc. disclosed that as of Nov.
30, 2015, it beneficially owns 843,398 shares of common stock of
Precision Optics Corporation, representing 10.2 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/0w9Qbs

                     About Precision Optics

Headquartered in Gardner, Massachusetts, Precision Optics
Corporation, Inc., has been a developer and manufacturer of
advanced optical instruments since 1982.  The Company designs and
produces high-quality micro-optics, medical instruments and other
advanced optical systems.  The Company's medical instrumentation
line includes laparoscopes, arthroscopes and endocouplers and a
world-class product line of 3-D endoscopes for use in minimally
invasive surgical procedures.

Precision Optics reported a net loss of $1.17 million on $3.91
million of revenues for the year ended June 30, 2015, compared to a
net loss of $1.16 million on $3.65 million of revenues for the year
ended June 30, 2014.

As of Sept. 30, 2015, the Company had $1.72 million in total
assets, $1.33 million in total liabilities, all current, and
$385,000 in total stockholders' equity.

Stowe & Degon LLC, in Westborough, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended June 30, 2015, citing that the Company has suffered
recurring net losses and negative cash flows from operations, which
raises substantial doubt about its ability to continue as a going
concern.


PUTNAM ENERGY: Hearing on Case Dismissal Continued Until Dec. 16
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
continued until Dec. 16, 2015, at 10:30 a.m., the hearing to
consider the U.S. Trustee's motion to dismiss or convert the
Chapter 11 case of Putnam Energy, L.L.C., to one under Chapter 7 of
the Bankruptcy Code.

As reported by the Troubled Company Reporter on Nov. 24, 2015,
the Debtor has consented to the United Trustee's motion to convert
or dismiss its case.

Putnam Energy, L.L.C., a company with power plant and pipeline
assets, sought Chapter 11 protection (Bankr. N.D. Ill. Case No.
15-08733) on March 11, 2015, in Chicago, Illinois, after it failed
to reach a forbearance agreement with its lender.

The Debtor disclosed $10,394,596 in assets and $2,283,218 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge Carol A. Doyle.  Terrence O'Malley,
manager and CEO, signed the petition.  

The Debtor is represented by Douglas S Draper, Esq., at Heller,
Draper, Patrick, Horn & Dabney, LLC, in New Orleans, as counsel.


PUTNAM ENERGY: Hearing on Plan, Outline Continued Until Dec. 16
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
continued until Dec. 16, 2015, at 10:30 a.m., the status hearing on
Putnam Energy, L.L.C.'s plan and disclosure statement.

On Oct. 5, the Debtor requested that the Court extend its deadline
to file a plan of reorganization until Dec. 31.  The Debtor
explained that it hopes to sit down with parties and negotiate a
fair plan.  The Debtor does not have access to funds to pay off its
creditors.  It is the hope of the Debtor that the parties will see
that conversion or dismissal are not beneficial to creditors.  The
Debtor believes that liquidation or dismissal is not in the best
interests of creditors.

The Troubled Company Reporter, on Nov. 25, 2015, reported that the
Bankruptcy Court denied the Debtor's motion for extension of its
exclusive periods to file a Chapter 11 Plan and Disclosure
Statement until Oct. 6, 2015, and solicit acceptances for that plan
until Dec. 7.

                        About Putnam Energy

Putnam Energy, L.L.C., a company with power plant and pipeline
assets, sought Chapter 11 protection (Bankr. N.D. Ill. Case No.
15-08733) on March 11, 2015, in Chicago, Illinois, after it failed
to reach a forbearance agreement with its lender.

The Debtor disclosed $10,394,596 in assets and $2,283,218 in
liabilities as of the Chapter 11 filing.

The case is assigned to Judge Carol A. Doyle.  Terrence O'Malley,
manager and CEO, signed the petition.  

The Debtor is represented by Douglas S Draper, Esq., at Heller,
Draper, Patrick, Horn & Dabney, LLC, in New Orleans, as counsel.


RADNOR HOLDINGS: 3rd Circuit Upholds Skadden's $4 Million Fee
-------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that the Third
Circuit upheld the $4 million fee awarded to Skadden Arps Slate
Meagher & Flom LLP for its work on defunct packaging company Radnor
Holdings Corp.'s bankruptcy on Dec. 10, 2015, delivering another
blow to the long series of unsuccessful challenges by the company's
founder, who accuses the firm of misconduct.

A three-judge panel rejected arguments from former Radnor CEO
Michael Kennedy that the Delaware bankruptcy court did not consider
evidence of what he claims was Skadden's "willful misconduct" in
the case.

                       About Radnor Holdings

Based in Radnor, Pennsylvania, Radnor Holdings Corporation
-- http://www.radnorholdings.com/-- manufactured and distributed  

disposable food service products in the United States, and
specialty chemicals worldwide.  

Radnor and its affiliates filed for Chapter 11 protection (Bankr.
D. Del. Lead Case No. 06-10894) on Aug. 21, 2006.  When the
Debtors filed for protection from their creditors, they disclosed
total assets of $361,454,000 and debt of $325,300,000.

Gregg M. Galardi, Esq., and Sarah E. Pierce, Esq., at Skadden,
Arps, Slate, Meagher & Flom, LLP, in Wilmington, Del.; and Timothy
R. Pohl, Esq., Patrick J. Nash, Jr., Esq., and Rena M. Samole,
Esq., at Skadden, Arps, Slate, Meagher &Flom, LLP, in Chicago,
Ill., served as the Debtors' bankruptcy counsel.


RDIO INC: U.S. Trustee Objects to Key Personnel Bonuses
-------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that a federal
bankruptcy watchdog filed court papers on Dec. 4, 2015, in
California challenging music streaming service Rdio's plan to pay
$1.7 million in cash bonuses to senior executives and other key
personnel before the company is sold to Pandora Media, arguing the
Debtor hasn't shown the bonuses are permitted under the code.  U.S.
Trustee Tracy Hope filed a motion requesting U.S. Bankruptcy Judge
Dennis Montali reconsider his order approving the bonus payments.


                        About Rdio, Inc.

Rdio, Inc. filed Chapter 11 bankruptcy petition (Bankr. N.D.
Calif.
Case No. 15-31430) on Nov. 16, 2015.  The petition was signed by
Elliott Peters as senior vice president.  The Debtor estimated
assets in the range of $50 million to $100 million and liabilities
of more than $100 million.  Levene, Neale, Bender, Yoo & Brill LLP
serves as the Debtor's counsel.  Judge Dennis Montali has been
assigned the case.

The Debtor was founded in 2008 as a digital music service.  The
Debtor's business operations were launched in 2010 after the
Debtor
secured all of the major record label rights.  Since that time,
the
Debtor has strived to grow into a world wide music service, and
today is in approximately 86 countries.


RELATIVITY FASHION: Names Robert Kors as Chief Consultant
---------------------------------------------------------
Relativity Fashion, LLC and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the Southern
District of New York to employ Robert A. Kors as chief consultant
pursuant to the terms and conditions of that certain letter
agreement between Castellammare Advisors, LLC and the Debtors, nunc
pro tunc to the Nov. 4, 2015 engagement date.

The Debtors seek to retain Mr. Kors as Chief Consultant, effective
as of the Engagement Date, to, among other things:

  -- support the Debtors in their efforts to finalize, file,
     confirm and make effective a Plan and render general
     business consulting, administrative assistance, or the
     other assistance as the Debtors, the Debtors' counsel or
     other professionals may deem necessary and which are not
     duplicative of services provided by other professionals in
     this case;

  -- provide independent review of cash movements and performance
     in relation to the budget. In connection therewith, the
     Debtors will provide Chief Consultant with full visibility
     into all cash movements and accurate and complete financial
     information necessary to review the Debtors' performance in
     relation to the approved budget on a timely basis. Chief
     Consultant is directed by Debtors to communicate directly
     with those lenders requiring oversight as a condition to
     financing and their representatives if Chief Consultant
     determines that additional disclosure regarding cash
     movements and performance in relation to the budget is
     appropriate or desirable.

  -- provide other services, which may include:

     * working with counsel to create and maintain an overall
       timeline and task list, including daily responsibilities
       and follow-up, to enable preparation and timely filing
       of a plan or plans of reorganization;

     * acting as point of contact to support counsel and outside
       financial professionals with materials and information as
       and when needed to complete tasks on time and cost-
       effectively;

     * advising the Debtors on financial and business decisions
       attendant to the reorganization process, including risk
       factors and cost efficiency measures;

     * coordinating information flow between the Debtors'
       personnel; and

     * identifying and communicating issues and decisions between
       and among personnel and outside professionals to ensure
       consistency and to optimize the overall plan process.

Castellammare and Mr. Kors will be paid according to these terms:

   (a) Castellammare will be paid base compensation in the
       aggregate amount of $325,000.

   (b) the Base Compensation shall be paid in the amount of
       $60,000 per month for each of the months of November and
       December, payable on November 15, 2015 and December 15,
       2015. Beginning on December 31, 2015 and every 15 days
       thereafter, the Base Compensation shall be paid in the
       amount of $30,000 every 15 days, through termination
       of the Engagement Letter.

   (c) to the extent the Effective Date occurs prior to April
       30, 2016, any unpaid portion of the Base Compensation
       shall be paid in full upon the Effective Date. Upon
       termination of the Engagement Letter for any reason,
       Castellammare will receive an additional $60,000 on
       account of Base Compensation; provided, however, that the
       payment may not cause the total Base Compensation to be
       paid hereunder to exceed the total Base Compensation in
       the amount of $325,000.

   (d) Castellammare shall be entitled to a restructuring fee in
       the amount of: (i) $225,000; plus (ii) (w) $150,000 if the
       Effective Date occurs in January 2016; (x) $100,000 if the
       Effective Date occurs in February 2016; (y) $50,000 if
       Effective Date occurs in March 2016; or (z) $0 if the
       Effective Date occurs in April 2016, for a maximum total
       Restructuring Fee of $375,000.

   (e) the Restructuring Fee will vest according to the following
       schedule, subject to Bankruptcy Court approval:

       30% will vest on December 15, 2015;
       20% will vest on December 31, 2015;
       10% will vest on January 15, 2016;
       15% will vest on January 31, 2016; and
       25% shall be deemed to have vested on that date which
           is ten days prior to entry of a confirmation order
           on the Plan.

In addition, the Debtors have provided Castellammare with a
retainer deposit of $60,000 which shall be held by Castellammare in
a segregated account to be applied as provided in the Engagement
Letter and subject to approval of the Court.

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

Robert A. Kors, principal of Castellammare Advisors, LLC, 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.

Castellammare Advisors can be reached at:

       Robert A. Kors
       CASTELLAMMARE ADVISORS, LLC
       232 Quadro Vecchio Drive
       Pacific Palisades, CA 90272
       Tel: (310) 454-6867
       Fax: (310) 459-4592
       E-mail: rakors@verizon.net

                          About Relativity

Relativity -- http://relativitymedia.com/-- is a next-generation  

global media company engaged in multiple aspects of content
production and distribution, including movies, television, sports,
digital and music.  More than just a collection of
entertainment-related businesses, Relativity is a content engine
with the ability to leverage each of these business units,
independently and together, to create content across all mediums,
giving consumers what they want, when they want it.

Relativity Studios, the Company's largest division, has produced,
distributed or structured financing for more than 200 motion
pictures, generating more than $17 billion in worldwide box-office
revenue and earning 60 Oscar nominations.  Relativity's films
include Oculus, Safe Haven, Act of Valor, Immortals, Limitless, and
The Fighter.

Relativity Media LLC and its affiliates, including Relativity
Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy
Code on July 30, 2015 (Bankr. S.D.N.Y., Case No.
15-11989).  The case is assigned to Judge Michael E. Wiles.

The Debtors are represented by Craig A. Wolfe, Esq., Malani J.
Cademartori, Esq., and Blanka K. Wolfe, Esq., at Sheppard Mullin
Richter & Hampton LLP, in New York; and Richard L. Wynne, Esq.,
Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq., at Jones Day,
in New York.

Brian Kushner of FTI Consulting, Inc., serves as chief
restructuring officer and crisis and turnaround manager.  Luke
Schaeffer of FTI Consulting, Inc., serves as deputy CRO.

Blackstone Advisory Partners L.P. serves as the Debtors'
investment banker.  The team is led by Timothy Coleman, Senior
Managing Director, CJ Brown, Senior Managing Director, Paul
Sheaffer, Vice President, and Joseph Goldschmid, Associate.

The Debtors' noticing and claims agent is Donlin, Recano &
Company, Inc.

                           *     *     *

An investor group composed of Anchorage Capital Group, L.L.C.,
Falcon Investment Advisors, LLC and Luxor Capital Group, LP on
Oct. 21, 2015, completed its purchase of the assets of Relativity
Television.

After selling their TV business, the Debtors filed a proposed plan
of reorganization that will allow the Debtors to reorganize their
non-TV business units with a substantially de-levered balance sheet
utilizing new equity investments and new financing.  Jim Cantelupe,
of Summit Trail Advisors, LLC, has committed to work with the
Debtors to raise up to $100 million of new equity to fund the Plan.


RESPONSE BIOMEDICAL: Partners with Alere to Sell BNP Products
-------------------------------------------------------------
Response Biomedical Corp. reported a restructuring of the marketing
of its BNP (B-type natriuretic peptide) products in Japan.
Effective Jan. 5, 2016, Alere Medical Co., Ltd. will become the
exclusive national distributor in Japan for the marketing and sales
of Response manufactured BNP tests and readers.  Response's long
time partner in Japan, Shionogi & Co. Ltd, will continue to supply
biological reagents to Response under separate license and supply
agreements.

Response has been in a partnership in Japan with Shionogi since May
2006.  Shionogi has marketed a clinical point of care diagnostic
system manufactured exclusively by Response.  The Shionospot Reader
and Shionospot BNP test are used to assist in the diagnosis and
management of heart failure in primary care settings.  Under the
new three-way partnership, Shionogi will continue to supply
biological reagents to Response.  Response will manufacture and
sell BNP kits and instruments to Alere Japan for distribution under
the new brand name "AlereTMSpot" into primary care settings and new
point of care locations in the Japanese market.

"We are pleased to report this new business relationship with Alere
Japan," said Dr. Barbara Kinnaird, chief executive officer of
Response.  "We have worked with Shionogi over the last six months
to find a new strategic partner to market Shionospot BNP in Japan.
We have identified Alere Japan as the most suitable partner since
Alere is the world leader in BNP testing and they do not have a
competing BNP product registered in Japan.  We believe that Alere
Japan has the resources and commitment to improve our business in
the Japanese market," noted Dr. Kinnaird.

"Due to the high quality performance and good reputation of the
Shionospot BNP test in the Japanese market, the team at Alere Japan
is eager to re-brand the product and launch the AlereTM Spot BNP
test through an aggressive marketing campaign supported by our
sales team covering the entire Japanese market," commented Yasushi
Michiuchi, president of Alere Japan.

                    About Response Biomedical

Based in Vancouver, Canada, Response Biomedical Corporation
develops, manufactures and sells diagnostic tests for use with its
proprietary RAMP(R) System, a portable fluorescence immunoassay-
based diagnostic testing platform.  The RAMP(R) technology
utilizes a unique method to account for sources of error inherent
in conventional lateral flow immunoassay technologies, thereby
providing the ability to quickly and accurately detect and
quantify an analyte present in a liquid sample.  Consequently, an
end-user on-site or in a point-of-care setting can rapidly obtain
important diagnostic information.  Response Biomedical currently
has thirteen tests available for clinical and environmental
testing applications and the Company has plans to commercialize
additional tests.

Response Biomedical reported a net loss and comprehensive loss of
C$5.99 million in 2013, a net loss and comprehensive loss of C$5.28
million in 2012 and a net loss and comprehensive loss of C$5.37
million in 2011.

As of Sept. 30, 2015, the Company had C$12.6 million in total
assets, C$13.6 million in total liabilities and a total
shareholders' deficit of C$992,000.

PricewaterhouseCoopers LLP, in Vancouver, Canada, in its report on
the consolidated financial statements for the year ended Dec. 31,
2014, noted that the company has incurred recurring losses from
operations and has an accumulated deficit at Dec. 31, 2014, which
raises substantial doubt about its ability to continue as a going
concern.


REVA MEDICAL: Losses, Neg Cash Flows Cast Going Concern Doubt
-------------------------------------------------------------
REVA Medical, Inc., has experienced recurring losses and negative
cash flows from operating activities since our inception and, as of
September 30, 2015, the company had an accumulated deficit of
$304,917,000, Regina E. Groves, chief executive officer, and
Katrina L. Thompson, chief financial officer and secretary,
disclosed in a regulatory filing with the U.S. Securities and
Exchange Commission on November 9, 2015.

For the three months ended September 30, 2015, the company had a
net loss of $34,868,000, compared to a net loss of $4,397,000
during the same period in 2014.  The company also had total assets
of $15,576,000, total liabilities of $91,807,000 and total
stockholders' deficit of $76,231,000 as of September 30, 2015.

"Until we generate revenue, and at a level to support our cost
structure, we expect to continue to incur substantial operating
losses and net cash outflows.  Even if we do attain revenue, we may
never become profitable and even if we do attain profitable
operations, we may not be able to sustain that profitability or
positive cash flows on a recurring basis.  

"These conditions, combined with the uncertainty of the timing of
receipt of proceeds, if any, from the exercise of warrants to
purchase common stock, raise substantial doubt about our ability to
continue as a going concern.

"If the remaining warrants are not exercised, or are not exercised
to coincide with the timing of our liquidity needs, or even if the
warrants are exercised, we may need to raise further capital in the
future to fund our operations until such time as we can sustain
positive cash flows.

"If we are unable to raise sufficient additional capital when
needed, we may be compelled to reduce the scope of our operations
and planned capital expenditures or sell certain assets, including
our intellectual property assets," Ms. Groves and Ms. Thompson told
the SEC.

"In November 2014, we completed a financing to provide ongoing
capital for our operations. The financing comprised the issuance of
$25,000,000 in convertible notes and 8,750,000 warrants for the
purchase of common stock.  The convertible notes and the warrants
remained outstanding, and we had $12,342,000 in cash and
investments available for operations, as of September 30, 2015.
Subsequent to our third quarter end, on October 1, 2015, we
received cash proceeds of $9,506,000 from the issuance of common
stock upon the exercise of 4,375,000 warrants, which provided us
cash and investments available for operations of $21,848,000 as of
October 1, 2015.

"We believe this October 1, 2015 balance will be sufficient to fund
our operating and capital needs into, and possibly through, the
third fiscal quarter of 2016.  The remaining 4,375,000 warrants are
exercisable at a price of $2.6073 per share; when and if they are
exercised, we have the potential to receive $11,407,000 additional
cash proceeds.

"In order to successfully transition to profitable operations, we
will need to achieve a level of revenues and product margins to
support the company's cost structure.  Until such time as we
generate positive cash flow, we plan to continue to fund our
operating and capital needs by utilizing our current cash and
investments and by raising additional capital through equity or
debt financings, strategic or other transactions, or through the
exercise of the remaining warrants issued in November 2014.  We
currently have no set plans for raising additional capital," the
officers disclosed.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/gtqkjj4

San Diego-based REVA Medical, Inc. is a pre-revenue stage medical
device company working toward commercialization of its proprietary
technologies to provide minimally invasive medical devices for the
treatment of conditions in the human body.  The company is in the
later stages of developing and clinically testing bioresorbable
drug-eluting coronary stents.



RITE AID: T. Rowe Price Holds 6.1% Equity Stake as of Nov. 30
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, T. Rowe Price Associates, Inc. disclosed that as of
Nov. 30, 2015, it beneficially owns 64,324,881 shares of common
stock of Rite Aid Corp, representing 6.1 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/qJGkMZ

                       About Rite Aid Corp.

Rite Aid is a drugstore chain with 4,570 stores in 31 states and
the District of Columbia.

The Company disclosed in its annual report for the year ended
Feb. 28, 2015, that it is highly leveraged.  Its substantial
indebtedness could limit cash flow available for its operations and
could adversely affect its ability to service debt or obtain
additional financing if necessary.

As of Aug. 29, 2015, the Company had $11.97 billion in total
assets, $11.5 billion in total liabilities and $430 million in
total stockholders' equity

                           *     *     *

In March 2015, Moody's Investor Service confirmed its 'B2'
Corporate Family Rating of Rite Aid.  The confirmation reflects
Moody's expectation that Rite Aid will maintain debt to EBITDA
below 7.0 times after closing the acquisition of Envision
Pharmaceutical Holdings, Inc.

As reported by the TCR on Oct. 2, 2013, Standard & Poor's Ratings
Services said it raised its ratings on Rite Aid, including the
corporate credit rating, which S&P raised to 'B' from 'B-'.

In April 2014, Fitch Ratings upgraded its ratings on Rite Aid,
including its Issuer Default Rating to 'B' from 'B-'.  The upgrades
reflect the material improvement in the company's operating
performance, credit metrics and liquidity profile over the past 24
months.


ROCK CREEK: Posts $2.8M Net Loss in Quarter Ended Sept. 30
----------------------------------------------------------
Rock Creek Pharmaceuticals, Inc., had a net loss of approximately
$2.8 million for the three months ended Sept. 30, 2015, compared
with a net loss of approximately $10.0 million for the same period
in 2014.  The decreased net loss for the three months ended
September 30, 2015 was primarily due to cost savings in relation to
restructuring, a decrease in non-cash expenditures related to stock
based compensation, and recognition of a gain on derivatives and
the sale of repossessed assets, according to Rock Creek Chief
Financial Officer William McMahon, chief in a regulatory filing
with the U.S. Securities and Exchange Commission on November 9,
2015.

"We have been operating at a loss for the past twelve years.  Our
future prospects will depend on our ability to successfully pursue
our strategy of pharmaceutical development, manage overall
operating expenses, and obtain additional capital necessary to
support our operations.

"As a result of this uncertainty, there is substantial doubt about
our ability to continue to be a going concern," Mr. McMahon
stated.

Mr. McMahon further noted: "Historically, we generally funded our
operations through private placements, sales under At Market
Issuance Sales Agreement, Securities Purchase Agreements, as well
as revenues from sale of our now-discontinued tobacco products,
Anatabloc(R) and our other anatabine-based products.  We have more
recently focused our operations on the research and development of
drug candidates, with the initial interest on developing our
anatabine based compounds as potential drug candidates.  Since we
voluntarily discontinued the sale of our prior products, we have
obtained the capital necessary to supports our operations through
private placements, sales under our At Market Issuance Sales
Agreement and a registered direct offering all.

"On May 8, 2015, we entered into a Securities Purchase Agreement
with an accredited investor, pursuant to which we issued and sold a
total of 77,590 shares of our common stock, at a purchase price of
$3.00 per share; and warrants to purchase up to a total of 69,831
shares of common stock.  An aggregate of $232,000 was raised in the
private placement, all of which was paid to us as an advance in
March 2015.

"On June 16, 2015, we entered into a Securities Purchase Agreement
(the Purchase Agreement) with five institutional investors which
provided for the issuance and sale of 1,644,500 shares of common
stock (the Shares) and warrants to purchase up to 1,233,375 shares
of common stock (the Warrants) in a registered direct offering. The
closing of the offering occurred on June 19, 2015.  An aggregate of
$3,441,116, net of expenses, was raised in the offering.

"On October 14, 2015, we entered into definitive agreements with
several institutional investors relating to a private placement of
$20.0 million in principal amount of Senior Secured Convertible
Notes due on October 15, 2018 (the Notes).  The Notes were issued
pursuant to a Securities Purchase Agreement, dated October 14,
2015, among the company and the purchasers of the Notes.  The
closing of the Private Placement took place on October 15, 2015.
The Private Placement results in gross proceeds of $20.0 million,
before placements fees and other expenses associated with the
transaction.  We received $1.0 million in proceed at closing of the
Private Placement and received another $1.0 million upon our public
announcement that our initial Phase I clinical trial in the United
Kingdom resulted in no safety concerns and enables us to continue
clinical studies.

"As of the date of this filing, we had received $2.0 million under
the Notes, which is sufficient to support our current operations
through January 2016.  On November 3, 2015, NASDAQ informed us that
they had denied our request for continued listing on the NASDAQ
Stock Market and suspended our shares from listing effective at the
open of business on November 5, 2015.  As a result of the
delisting, under the terms of the Notes, we will be unable to repay
our obligations using shares of our common stock and will be
required to repay the principal and interest in cash, unless this
condition is waived by the Holders.  We are negotiating a waiver of
this requirement with the Holders of the Notes.  There can be no
assurance that we will be successful.

"Even if we are successful in renegotiating the payment terms and
can continue to draw funds in accordance with the terms and
conditions under the Notes, we will need to negotiate longer term
payment plans on various liabilities and outstanding obligations.
As a result, regardless of the outcome of the discussion with the
Holders of the Notes, we will need to continue to explore a variety
of potential financing options, including additional private
placements and financing transactions.  There can be no assurance
that we will be successful in obtaining such additional funding on
commercially favorable terms, if at all. If we are not successful
in negotiating terms or we do not raise sufficient funding, we may
be forced to curtail clinical trials and product development
activities.

"Our continuation as a going concern depends upon our ability to
negotiate favorable payment terms on various obligations and obtain
additional financing to provide cash to meet our obligations as may
be required, and ultimately to attain profitable operations and
positive cash flows.

"We have no commercial products on the market at this time, and no
associated revenues due to exiting the dietary supplement market in
the U.S.  While we are evaluating overseas market opportunities
through possible licensing arrangements, we have not yet entered
into any such licensing arrangements."

At September 30, 2015, the company had total assets of $2,033,000,
total liabilities of $11,530,000 and a stockholders' deficit of
$9,497,000.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/z5ld2bv

Rock Creek Pharmaceuticals, Inc. is focused on the discovery,
development and commercialization of therapies for chronic
inflammatory disease and neurologic disorders.  The company
maintains its headquarters in Sarasota, Florida.



SAMSON RESOURCES: Skadden Arps Approved as Counsel for Director
---------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that a Delaware
bankruptcy judge sided with Samson Resources Corp. on Dec. 8, 2015,
over retaining Skadden Arps Slate Meagher & Flom LLP to represent
one of its directors, a bright spot on a day the debtor in the
uncertain case also said it was struck by a $1.8 million hacking
attack.

During a hearing in Wilmington, U.S. Bankruptcy Judge Christopher
S. Sontchi rejected arguments from the official committee of
unsecured creditors that Skadden would be conflicted if the firm
represented independent director Alan Miller.

                      About Samson Resources

Samson Resources Corporation, et al., filed Chapter 11 bankruptcy
petitions (D. Del. Lead Case No. 15-11934) on Sept. 16, 2015.
Philip W. Cook signed the petition as executive vice president and
chief financial officer.  The Debtors estimated assets and
liabilities of more than $1 billion.

Samson is an onshore oil and gas exploration and production
company with interests in various oil and gas leases primarily
located in Colorado, Louisiana, North Dakota, Oklahoma, Texas, and
Wyoming.  The Operating Companies operate, or have royalty or
working interests in, approximately 8,700 oil and gas production
sites.

Samson was acquired by KKR and Crestview from Charles Schusterman
in December 2011 for approximately $7.2 billion.  The investor
group provided approximately $4.1 billion in equity investments as
part of the purchase price.

Kirkland & Ellis LLP represents the Debtors as general counsel.
Klehr Harrison Harvey Branzburg LLP is the Debtors' local counsel.

Alvarez & Marsal LLC acts as the Debtors' financial advisor.
Blackstone Advisory Partners L.P. serves as the Debtors'
investment banker.  Garden City Group, LLC serves as claims and
noticing agent to the Debtors.

Andrew Vara, acting U.S. trustee for Region 3, appointed three
creditors of Samson Resources Corp. and its affiliated debtors to
serve on the official committee of unsecured creditors.


SAVANNA ENERGY: DBRS Cuts Issuer Rating to 'B'
----------------------------------------------
DBRS Limited has downgraded the Issuer Rating and the rating of the
$175 million Senior Unsecured Notes of Savanna Energy Services
Corp. to B from B (high), and has maintained the trends at
Negative. The Recovery Rating of the Notes remains unchanged at
RR4. The ratings downgrade reflects the expected continued
deterioration of the Company’s key credit metrics with no
meaningful recovery expected within the next 12 months given the
challenging market conditions, despite the significant balance
sheet preservation initiatives to-date. The current B rating also
reflects the heightened refinancing risk of the Notes under a
prolonged, weak market environment.

On February 11, 2015, DBRS changed the trend of Savanna to Negative
and noted that "should Savanna's key credit metrics deteriorate
materially beyond current rating parameters without any material
improvements expected over time and/or fail to resolve its covenant
breach risk, this could lead to further negative rating actions."
In April 2015, Savanna amended certain financial covenants under
its senior secured revolving credit facility (the Credit Facility)
which alleviated the covenant breach risk and provided the Company
with greater covenant flexibility going forward. In the nine months
ended September 30, 2015 (9M 2015), the Company also undertook
significant balance sheet preservation initiatives to mitigate
against the expected weak market conditions on its financial
profile. These initiatives included: (1) substantial reduction of
operating and general and administrative costs, which improved
margins year-over-year despite pricing pressures from customers,
(2) elimination of the dividend program in Q1 2015 ($24 million
paid in 2014), (3) curtailment of capital expenditures (capex)
(2015 budget of $58 million versus $247 million in 2014), (4)
disposition of non-operating assets ($30 million expected by
year-end 2015), and (5) reduction of debt outstanding ($312 million
in 9M 2015 versus $351 million in 2014).

However, notwithstanding these initiatives, the Company’s key
credit metrics have still weakened significantly in 9M 2015,
primarily because of low market activity. In 9M 2015, the
utilization rate of Savanna’s contract drilling rigs and well
servicing rigs decreased year-over-year to 23% from 57%, and to 38%
from 51%, respectively. This decline in market activity has
resulted in a significant year-over-year reduction in revenue
(41%), EBITDA (25%) and operating cash flows (34%). DBRS believes
that a material improvement in the key credit metrics remains
unlikely over the next 12 months given the challenging market
outlook in 2016, which could lead to further weakness in
Savanna’s financial profile. Activity during the 2015/2016 winter
drilling season in Canada is expected to be muted, with uncertainty
post-spring breakup in 2016. Utilization is also expected to be
very low in the United States, where activity is mainly supported
by current contracts in place. The low utilization rates in North
America, albeit partially offset by the mostly contracted assets in
Australia, could continue to constrain earnings and operating cash
flow over the near term, limiting any significant improvements in
the Company’s financial profile. DBRS recognizes that these
negative pressures are expected to be partially offset by the
minimal level of funding requirements going forward for capex
(maintenance capex of $17 million in 2015, with all growth capex
competed in 9M 2015) and dividends (eliminated in Q1 2015), which
should allow the Company to partially reduce the level of debt
outstanding with positive free cash flow. However, continued
weakness in earnings and operating cash flow is expected to more
than offset the expected reduction in debt for the Company’s key
credit metrics.

DBRS also views that the refinancing risk of the Notes has
heightened amidst the current weak commodity pricing environment.
The Notes mature in May 2018; however, the $250 million Credit
Facility will mature in January 2018 if the Notes are not repaid or
refinanced on terms acceptable to the lenders. Should market
conditions remain weak through 2016 and beyond, it could be
increasingly challenging for Savanna to refinance the Notes. As a
result, the Company will become more reliant on the Credit Facility
as a refinancing alternative. In DBRS’s view, with this
heightened refinancing risk, combined with potential further
weakness in the key credit metrics, Savanna’s risk profile is no
longer commensurate with a B (high) rating.

The Negative trend reflects DBRS's concerns for the increasing
refinancing risk and potential further weakness in the key credit
metrics beyond the next 12 months should market activity levels
remain depressed without any outlook improvements, which could lead
to further negative rating action. The trend may be changed to
Stable if market activity outlook improves for 2016 and beyond
and/or the Company further reduces its leverage significantly to
stabilize its key credit metrics at a level that is commensurate
with the current rating range.

Savanna's liquidity is expected to remain manageable to fund
near-term capex and operations. Liquidity is supported by its $250
million Credit Facility ($117.3 million drawn as of November 2,
2015), which could mature as early as January 2018.










SEADRILL PARTNERS: S&P Lowers CCR to 'B', Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'B' from
'BB-' its long-term corporate credit rating on Marshall
Islands-domiciled offshore drilling company Seadrill Partners LLC
and its subsidiary Seadrill Capricorn Holdings LLC.  The outlook is
negative.  At the same time, S&P affirmed its 'B' short-term credit
rating on the two entities.

S&P also lowered the issue rating on the $100 million super senior
revolving credit facility (RCF) due in 2019 to 'B+' from 'BB', one
notch higher than the corporate credit rating.  This was co-issued
by Seadrill Operating LP and Seadrill Capricorn Holdings LLC. The
recovery rating on this instrument is '2' at the higher end of the
range, indicating substantial (70%-90%) recovery prospects in the
event of a payment default.

S&P also lowered the issue rating on the $2.9 billion term loan B
due in 2021 to 'B' from 'BB-'.  This was issued by Seadrill
Operating LP and guaranteed by Seadrill Capricorn Holdings.  The
recovery rating is '3', at the higher end of the range, indicating
S&P's expectation of meaningful (50%-70%) recovery prospects in the
event of a payment default.

The two-notch downgrade reflects our view that market conditions in
the offshore drilling market have continued to deteriorate
significantly in recent quarters.  Market day rates have materially
decreased across all segments and challenging conditions are likely
to remain in 2016 and beyond.  S&P now assess liquidity as less
than adequate at Seadrill Partners given tight financial covenant
headroom in 2017 under S&P's assumptions, particularly if
distributions are maintained.  The rating action also reflects
S&P's view that the potential funding needs of persistently high
debt maturities and 14 new vessels on order at Seadrill Limited
could have implications for Seadrill Partners, in which Seadrill
Limited has material financial and strategic interests.

Seadrill Limited has material funding needs in 2016 and 2017,
particularly if it cannot continue to delay the delivery of new
build projects.  As of Sept. 30, 2015, Seadrill Limited had
$4.5 billion of payments due to shipyards, including about
$2.4 billion in 2016.  S&P understands that these speculatively
built vessels are not yet contracted with operators and Seadrill
Limited is therefore renegotiating these commitments with the
shipyards.  The company has previously been successful at
materially pushing back vessel delivery dates, and therefore S&P
anticipates new-build commitments to be materially deferred or
reduced, as they were in 2015.  Indeed, S&P notes the recent
standstill agreement with the Jurong Shipyard regarding the West
Rigel Rig.

Although S&P understands that there are no plans at present for
further vessel drop downs, S&P notes Seadrill Partners' purchase of
the West Polaris drillship from Seadrill Limited in June 2015, for
$204 million cash and $336 million of additional debt.  The
immediate consequence of the acquisition was to reduce liquidity
and increase absolute debt levels at Seadrill Partners.  S&P's
financial policy assessment recognizes this risk that management
decisions could result in higher leverage than it assumes.  In
S&P's view, Seadrill Limited and Seadrill Partners' organizational
complexity, including partial ownership of assets and consequent
dividend leakage, is a relative weakness (as reflected in S&P's
comparable rating analysis one-notch negative modifier).

In S&P's view, the majority of units in the market with contracts
expiring in the next 12 months--and likely beyond--are unlikely to
find work with profitable day rates.  S&P notes that both Seadrill
Limited and Seadrill Partners have a relatively high firm contract
backlog, and therefore are better protected than peers until at
least 2017.  It will be important for Seadrill to negotiate new
contracts-—or to continue to renegotiate contract extensions as
recently demonstrated--with customers for 2017 and beyond, to
improve revenue and cash flow visibility.

The ratings on Seadrill Partners reflect S&P's assessment of the
company's fair business risk profile and its aggressive (previously
significant) financial risk profile.  S&P's business risk
assessment recognizes Seadrill Partners' very modern,
high-specification fleet of contracted vessels, which had a revenue
backlog of $4.7 billion as of Sept. 30, 2015 and an average
remaining contract term of 2.8 years.  Seadrill Partners is likely
to avoid construction, start-up, initial contracting, and
associated funding and liquidity risks, as these are largely borne
by its parent.

S&P's base case assumes:

   -- A Brent oil price of $50 per barrel (/bbl) for the remainder

      of 2015, $55/bbl in 2016, $65/bbl in 2017, and $70/bbl
      thereafter.

   -- Day rates as contracted and average utilization of over 90%.

      In 2016, S&P assumes that rigs do not receive any revenues
      in uncontracted periods.  In following periods S&P assumes a

      50% utilization rate of currently uncontracted rigs.  EBITDA

      margins of more than 60% for the full-year 2015 and 2016.

   -- No further drop downs or acquisitions of interests in
      specific rigs.  Any such cash or debt-funded activity could
      represent a downside to S&P's forecasts.  Distributions to
      unit holders remaining high in the full-years 2015 and 2016.

      S&P notes that a material cut to distribution levels could
      represent significant upside to forecasts.  For example,
      under S&P's forecast, if distribution levels are halved in
      2016, adjusted debt to EBITDA would improve by about 0.2x.

Based on these assumptions, S&P arrives at these credit measures:

   -- Adjusted funds from operations (FFO) to debt of about 18%-
      20% in 2015 and 2016.

   -- Adjusted debt to EBITDA of 3.8x-4.5x in 2015 and 2016.

   -- Positive free operating cash flow, after modest maintenance
      capital investment--as the modern vessels require only
      modest capital expenditure--and before distributions, of
      $625 million-$725 million in 2015 and 2016.

S&P assumes that Seadrill Partners will not acquire any further
vessels from Seadrill Limited, although S&P notes that this could
represent downside to liquidity.

S&P assess Seadrill Partners as having a strategically important
link with Seadrill Limited and the combined group.  In S&P's view,
a potential default at Seadrill Limited could impact Seadrill
Partners given the currently high level of distributions from
Seadrill Partners, cross default clauses in some bank debt, and the
potential for further debt-funded vessel sales.  Therefore the
credit quality of Seadrill Limited is an important rating driver
for Seadrill Partners, in S&P's opinion.  S&P assess the combined
group as having a highly leveraged financial risk profile.

S&P views liquidity at Seadrill Limited as less than adequate (and
borderline weak) due to its high amount of debt which amortizes
aggressively--about $1.7 billion due in the 12 months from
Sept. 30, 2015—-and 14 new vessels currently on order.  S&P
assumes that Seadrill Limited is able to push out a high proportion
of its capital commitments as demonstrated historically; otherwise
S&P would view its liquidity as weak, which would be likely to have
negative consequences for the rating on Seadrill Partners.

S&P forecasts potential covenant breaches at Seadrill Limited as
test levels tighten at the beginning of 2017.  That said, S&P notes
that the parent has a strong track record of negotiating with banks
to attain new secured facilities and renegotiating the relaxation
of covenant test levels, as demonstrated by recent arrangements.

The negative outlook on Seadrill Partners reflects S&P's view that
the adverse effect of the weak market outlook and a potential
deterioration in liquidity at Seadrill Limited could cause S&P to
lower the ratings on Seadrill Partners in the next year.  S&P will
monitor Seadrill Partners' success in securing new important
contracts as some existing ones expire in 2017, and could review
the rating in six-to-12 months if cash flow visibility has not
improved.

S&P could lower the rating if it was to observe any further
increased liquidity pressure at either Seadrill Partners or
Seadrill Limited.  This could occur at Seadrill Limited if it
cannot materially delay new-build deliveries as expected, or has
reduced or insufficient access to external funding.  If financial
covenant test levels are breached at either entity, this could also
lead to a downgrade.

S&P could also lower the ratings if it sees or forecasts that
operational performance will deteriorate materially at the Seadrill
Partners level, without action from management such as distribution
cuts to protect credit metrics, such that debt to EBITDA increases
above 6.0x.  In this case, S&P would likely reassess Seadrill
Partners' financial risk profile as highly leveraged.  This could
also occur if Seadrill Partners completes unforeseen debt-funded
acquisitions.

S&P could revise the outlook to stable if Seadrill Limited manages
to defer payments on its new-build vessels over several years, so
that liquidity returns to an adequate level at the parent.  This
would also require more headroom on financial covenants, at both
the parent level and at Seadrill Partners.



SEANERGY MARITIME: Completes Acquisition of 7 Dry Bulk Vessels
--------------------------------------------------------------
Seanergy Maritime Holdings Corp. announced that it took delivery of
a 179,238 DWT Capesize dry bulk vessel, which has been renamed to
M/V Championship.  The M/V Championship, which was built in 2011 by
Sungdong SB, will be employed in the spot market.  The acquisition
cost of the M/V Championship has been funded by a senior secured
loan agreement with an international financial institution and by a
funding arrangement with the Company's sponsor.

As previously announced, the M/V Championship is the last delivery
of a series of seven modern secondhand dry bulk vessels that the
Company agreed to acquire in August 2015.

Stamatis Tsantanis, the Company's chairman and chief executive
officer, stated: "We are very pleased to announce the delivery of
the M/V Championship that marks the completion of our delivery
schedule under the purchase agreement to acquire seven secondhand
dry bulk vessels.  In less than four months we managed to
significantly increase our fleet size from one to eight vessels
with a carrying capacity in excess of 1.1 million DWT.  At the
current depressed levels of the drybulk market, we strongly believe
that our fleet expansion represents a unique opportunity to
participate in a market recovery.  Our acquisition cost, which is
among the lowest of our peers, together with our financing
arrangements provide significant potential for our investors.  We
will continue to cautiously pursue acquisition opportunities that
we believe can further enhance value for our shareholders."

                           About Seanergy

Athens, Greece-based Seanergy Maritime Holdings Corp. is an
international company providing worldwide seaborne transportation
of dry bulk commodities.  The Company owns and operates a fleet
of seven dry bulk vessels that consists of three Handysize, two
Supramax and two Panamax vessels.  Its fleet carries a variety of
dry bulk commodities, including coal, iron ore, and grains, as
well as bauxite, phosphate, fertilizer and steel products.

Ernst & Young (Hellas) Certified Auditors-Accountants S.A., in
Athens, Greece, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that following the disposal of the Company's entire fleet in
early 2014 in the context of its restructuring plan, the Company
was unable to generate sufficient cash flow to meet its obligations
and sustain its continuing operations that raise substantial doubt
about the Company's ability to continue as a going concern.

The Company disclosed net income of $80.3 million on $2.01 million
of net vessel revenue for the year ended Dec. 31, 2014, compared
with net income of $10.9 million on $23.1 million of net vessel
revenue for the year ended Dec. 31, 2013.

As of June 30, 2015, the Company had $19.6 million in total
assets, $10.2 million in total liabilities, and $9.42 million in
stockholders' equity.


SEQUENOM INC: Appoints President and Chief Executive Officer
------------------------------------------------------------
Sequenom, Inc. announced that its Board of Directors has appointed
current Interim President and Chief Executive Officer Dirk van den
Boom, Ph.D. as president and chief executive officer, effective
Dec. 9, 2015.  Dr. van den Boom will also retain his seat on
Sequenom's Board of Directors.

"The Board's unanimous decision reflects our strong confidence in
Dirk's ability to execute on our strategic plan and to restore
Sequenom's growth," said Dr. Kenneth Buechler, chairman of
Sequenom's Board of Directors.  "Dirk is a proven leader with a
long history at Sequenom, deep scientific knowledge of our
products, experience developing and implementing Sequenom's
business strategy, and the demonstrated ability to bring our people
together to accomplish goals.  In the space of only 10 weeks since
he was appointed Interim President and Chief Executive Officer, he
has established a clear path forward for Sequenom, focusing on
entering a new market channel, driving the growth of our newest
product, MaterniT GENOME, and bringing new efficiencies to
Sequenom's operations.  The company is well positioned to execute
on these and other opportunities, and the Board is confident that
there is no better leader than Dirk to realize Sequenom's
potential."

Dr. van den Boom also commented, "I am honored by the opportunity
to lead Sequenom into this next chapter.  We remain focused on
bringing the best products to market while aggressively positioning
the company for success and expanding our leadership in the
field."

Dr. van den Boom joined Sequenom in 1998 and has served in various
management roles within Sequenom's R&D department.  More recently,
he has served as the Company's chief scientific and strategy
officer, and in September 2015 was appointed interim president and
chief executive officer.  Dr. van den Boom received his PhD in
biochemistry/molecular biology from the University of Hamburg where
he focused on various aspects of nucleic acid analysis with mass
spectrometry.  He has co-authored more than 50 scientific articles
and is inventor on 48 patents/patent applications.

In connection with Dr. van den Boom's appointment, the Board:

    (i) at the request of Dr. van den Boom, reduced his annual
        base salary from $550,000 to $475,000, which amount is at
        the 25th percentile for the Company's 2015 peer group
        companies;

   (ii) granted Dr. van den Boom an option to purchase 959,167
        shares of the Company's common stock at an exercise price
        per share equal to $1.33, which was the closing price of
        the Company's common stock on the date of grant; and

  (iii) granted Dr. van den Boom a restricted stock unit covering
        751,880 shares of the Company's common stock.

                        About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

As of Sept. 30, 2015, the Company had $129 million in total assets,
$156 million in total liabilities and a $27.7 million total
stockholders' deficit.

"If we fail to generate enough cash flow from our operations or
otherwise obtain the capital necessary to fund our operations, our
financial results, financial condition and our ability to continue
as a going concern will be adversely affected and we will have to
cease or reduce further commercialization efforts or delay or
terminate some or all of our diagnostic testing services or other
product development programs," the Company said in its 2014 annual
report.


SIBLING GROUP: Has Substantial Doubt on Going Concern Ability
-------------------------------------------------------------
Sibling Group Holdings, Inc., incurred a net loss of $1,196,653 for
the three months ended September 30, 2015, compared to a net loss
of $1,484,530 for the same period in 2014.  During the quarter
ended September 30, 2015, the company also had negative cash flow
from operations of $1,842,327.

"These conditions raise substantial doubt about the company's
ability to continue as a going concern," Julie Young, chief
executive officer, and Angelle Judice, chief financial officer,
said in a regulatory filing with the U.S. Securities and Exchange
Commission on November 9, 2015

"The ability of the company to continue as a going concern is
dependent on generating future profitable operations and raising
additional capital needed until the company generates profits.
There can be no assurance that the company will be able to raise
the necessary funds when needed to finance its ongoing costs."  

According to Ms. Young and Ms. Judice, "Management has developed
new product offerings internationally as well as focused on
increasing sales by hiring seven new sales team members to provide
coverage for most of the United States and South America.  The
company has also implemented cost reduction programs to reduce
discretionary expenses."

The company's balance sheets showed total assets of $5,231,473 and
total stockholders' equity of $2,946,428 as of Sept. 30, 2015.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/hvwm7db

Sibling Group Holdings, Inc. doing business as Global Personalized
Academics (GPA) provides virtual and classroom learning to help
students across the globe transform the way they learn.  The
Orlando-based company offers online courses, teacher trainings,
learning management system hosting services, online school
solutions and international dual-diploma offerings.



SPRINT INDUSTRIAL: Moody's Cuts Corporate Family Rating to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded Sprint Industrial Holdings,
LLC's corporate family rating to Caa2 from Caa1, citing
deterioration in the company's operating performance due to end
market weakness, as well as further weakening of its liquidity
profile. Concurrently, Moody's lowered the rating on Sprint's
first-lien credit facilities by one notch to Caa1 from B3 and
affirmed the Caa3 rating on the company's second-lien term loan.
The rating outlook is negative.

The following ratings were affected:

Corporate Family Rating downgraded to Caa2 from Caa1;

Probability of Default Rating downgraded to Caa2-PD from Caa1-PD;


$12.5 million sr. secured revolving credit facility due 2018
downgraded to Caa1 (LGD3) from B3 (LGD3);

$160 million (originally $165 million) sr. secured first-lien
term loan due 2019 downgraded to Caa1 (LGD3) from B3(LGD3);

$70 million sr. secured second-lien term loan due 2019 affirmed
at Caa3 (LGD5)

RATINGS RATIONALE

The ratings downgrades were prompted by the company's weaker than
expected operating performance, which was primarily attributable to
a decline in demand and equipment utilization rates within the oil
and gas sector. Reduced demand due to sustained softness in energy
markets has contributed to operating losses and adjusted
debt/EBITDA over 8.0x for the 12 months ended September 30, 2015
(metrics incorporate Moody's standard adjustments for operating
leases). The downgrade also reflects further deterioration in
Sprint's liquidity profile. At the end of 3Q15, the company had
minimal cash balances, expectations for weak near-term free cash
flow generation, and a fully-drawn revolving credit facility.
Sprint also currently has a low likelihood of maintaining
compliance with its financial covenants as thresholds step down at
the end of 2015.

Sprint's Caa2 CFR reflects the company's modest revenue scale and
high debt leverage, as well as a geographic footprint that is
limited to the US Gulf Coast region. In addition, Moody's does not
expect any meaningful improvement in credit metrics until oil
prices recover and increased demand strengthens equipment
utilization rates. The company's small size makes it more
vulnerable to unpredictable swings in demand, particularly as a
regionally-concentrated business. Heightened competition within the
frac rental industry, which has recently pressured rental rates and
equipment utilization levels, presents additional risks.

In contrast to some of its industry peers in the tank rental and
services business, Sprint possesses a more diverse business model,
which provides support to the ratings. The company's safety
equipment business accounts for roughly one-third of total
revenues. Although the margins within this segment are lower than
those in the rental business, Sprint's safety business currently
helps to offset revenue declines related to depressed oil prices
and general energy market softness.

The negative outlook reflects Sprint's weak liquidity profile and
concerns that the company may breach prescribed financial covenants
as the leverage threshold steps down at the end of 2015. In
addition, oil and gas end markets are expected to remain
challenging, which will add further pressure to ratings over the
near term. Stabilization of the outlook would require an
improvement in liquidity, especially with respect to substantially
alleviating the potential for a violation of covenants, along with
a material improvement in operating performance.

Ratings could be downgraded if the company violates its financial
maintenance covenant or if free cash flow generation weakens
further while the revolver remains fully-drawn. Ratings could also
be lowered if the company pursues refinancing activities that would
result in a distressed exchange of debt.

An upgrade is unlikely over the near term given the current
liquidity concerns. Over the longer term, ratings could be upgraded
if debt/EBITDA and EBIT/interest expense are sustained below 6.5x
and above 1.0x, respectively, with a stronger liquidity profile.

Sprint Industrial Holdings, LLC, headquartered in Texas, is a
rental provider of liquid and solid storage tanks primarily for the
refinery, energy and industrial end markets along the US Gulf
Coast. The company also offers technical safety equipment products
and services and equipment transportation services. Sprint is
currently owned by First Atlantic Capital, CSW Private Equity and
GS Merchant Banking Division. Revenues for the 12 months ended
September 30, 2015 were approximately $96 million.



TAMARA MELLON: Court Approves Fast-Track Reorganization Schedule
----------------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that a Delaware
bankruptcy judge approved a fast-track reorganization schedule on
Dec. 8, 2015, for Tamara Mellon Brand LLC, setting a roughly
six-week Chapter 11 timetable for the luxury shoe, handbag and
accessory retailer's bid to shed debt and gain access to new
financing.

The company's namesake and chief executive officer, Tamara Mellon,
is a co-founder of the Jimmy Choo designer shoe label and formed
her own company with a public flourish in 2013, but filed for
Chapter 11 on Dec. 2.


TARGET CANADA: Plan of Compromise Offers Up to 85% Recovery
-----------------------------------------------------------
Target Canada Co. and its related entities have unveiled a Plan of
Compromise and Arrangement.  If approved by the creditors, the Plan
will:

     -- provide significant monetary recovery for creditors,

     -- accelerate timely payout to creditors,

     -- ensure global resolution of all claims against the
        Target Canada Entities, and

     -- resolve with certainty and finality the proceedings
        under the Companies' Creditors Arrangement Act.

The Target Canada Entities were slated to appear before the Court
on December 8, to seek an order that a single class of unsecured
creditors be permitted to vote on the Plan at a meeting to be held
on January 15, 2016, which is exactly one year from the date on
which the Target Canada Entities filed for CCAA protection.  This
creditor class will include the Company's landlords (with and
without guarantees), trade creditors, suppliers of services,
pharmacists and all other unsecured creditors.

Key features of the Plan of Compromise include:

     1. Based on current information available to date, and working
with the Monitor to understand the creditor claims profile, Target
Canada anticipates an expected range of recovery for the affected
unsecured creditors of 75% to 85% of their proven claims.

     2. An essential component of the Plan is the involvement of
Target Corporation, the largest single creditor of the Target
Canada Entities, as Plan Sponsor

     3. The level of recovery under the Plan is only possible
because Target Corporation has agreed for purposes of the Plan to
permit the subordination of approximately $5 billion of the
intercompany claims against the Target Canada Entities, including
Propco's intercompany claim against Target Canada.

     4. Landlord claims arising from disclaimers of real property
leases are valued for Plan purposes by applying a uniform formula
that provides a reasonable approximation of the value of their
damage claims. The formula, while initially derived from that
contained in the Bankruptcy and Insolvency Act, has been enhanced
by the Target Canada Entities to provide a more substantial
recovery for landlords. Use of a uniform formula avoids the cost
and delay inherent in valuing landlord claims on an individual
lease-by-lease basis and the uncertainty associated with future
events, including mitigation.

     5. The Plan resolves all guarantee claims held by landlords of
real property leases against Target Corporation, facilitating a
global and certain resolution to Target Canada's estate, including
resolution of any subrogated claims held by Target Corporation
relating to such landlord guarantee claims. Target Corporation will
fund accelerated and enhanced payments in a net amount estimated to
be between $19 million and $33 million to landlords with
guarantees, by way of a "top-up" of the general landlord recovery,
which top-up will be fully paid to these landlords with guarantees
on the initial distribution to creditors.  In effect, landlords
with guarantee claims will be paid 100% of their formula claim
amounts on the initial distribution date.

     6. A global solution that includes resolution of landlord
guarantee claims eliminates any delay associated with protracted
litigation relating to the resolution of guarantee claims outside
of the CCAA proceedings (and related subrogated claims arising
therefrom against the Target Canada estate), enabling Target Canada
to make distributions to its unsecured creditors on a more timely
basis.

     7. The Plan separates claims according to whether they are
asserted and proven against: (1) Target Canada or its subsidiaries
(on a consolidated basis), (2) Propco, or (3) Property LP.  After
claims against Propco and Property LP are paid or provided for in
accordance with the Plan, any remaining cash at Propco will be
contributed to Target Canada for payment to the unsecured creditors
under the Plan from a single pool of cash resulting from the
liquidation and asset realizations previously achieved.

     8. As part of the global resolution of claims, the Target
Canada Entities, Target Corporation, Zellers Inc., Hudson's Bay
Company and certain other entities will receive releases, including
a release of all landlord guarantee claims. The releases of Target
Corporation are to be delivered in consideration for Target
Corporation's significant and critical economic contributions to
Target Canada's estate -- both in the Plan and throughout these
CCAA proceedings, including the extensive subordination of recovery
by Target Corporation as provided by the Plan -- and are rationally
related to the Plan.

     9. If the creditors vote to approve the Plan at the creditors'
meeting, the Target Canada Entities expect to apply to the Court on
January 20, 2016, seeking an order sanctioning the Plan.  The
Initial Order states that landlord guarantee claims are to be dealt
with outside of the CCAA proceedings. The Target Canada Entities
will ask the Court to amend the Initial Order to remove paragraph
19A of the Initial Order, in order to facilitate the global
resolution of claims contemplated by the Plan.  Following Plan
sanction, the Target Canada Entities hope to make the initial
distribution to creditors as quickly as possible.

                        Classes of Claims

The plan refers to creditors with proven claims of less than or
equal to $25,000 (in the aggregate) as "Convenience Class
Creditors". They will be paid 100% of their proven claims on the
initial distribution date.

Other creditors can elect to become, and be treated for all Plan
purposes as, Convenience Class Creditors, in which case they will
be paid $25,000 on the initial distribution date.

All other creditors of Target Canada and its subsidiaries are
expected to be paid aggregate distributions in the range of 75% to
85% of their proven claims. Payments will begin on the initial
distribution date and continue until the final distribution date.

Restructuring period claims for landlords arising from disclaimers
of leases will be valued in accordance with the formula set out in
the Plan.  Landlords, like other creditors of Target Canada, are
expected to recover a range of 75% to 85% of their proven formula
and other claims. Payments will begin on the initial distribution
date and continue until the final distribution date.

In addition, Landlords with guarantees from Target Corporation will
be paid an enhanced and accelerated payment on the initial
distribution date (the "Top-Up"), with the result that they will
receive 100% of their proven restructuring period claims (valued in
accordance with the formula) on the initial distribution date.

Third party creditors of Propco and Property LP will be paid 100%
of their proven claims against Propco and Property LP on the
initial distribution date from Propco, or, in the case of a
disputed claim that becomes a proven claim against Propco or
Property LP, by the final distribution date.

All payments under the Plan will be made in Canadian dollars. For
claims denominated in US dollars, the conversion rate is US$1 to
Cdn$1.1932.

                           *     *     *

In a letter to creditors dated November 27, Aaron Alt, Chief
Executive Officer of Target Canada, said the Company has worked
exhaustively over the course of these CCAA proceedings on an
expedited basis to maximize the value of assets through
comprehensive processes to sell Inventory and Real Property
Portfolio.  By July 2015, these sale processes were substantially
concluded and a claims process was undertaken by the Monitor.  

Additional information about the Plan may be obtained from:

     OSLER, HOSKIN & HARCOURT LLP
     Box 50, 1 First Canadian Place
     100 King Street West
     Toronto, ON M5X 1B8
     Attention: Tracy C. Sandler
     E-mail: tsandler@osler.com

          - and -

     ALVAREZ & MARSAL CANADA INC.
     Box 22, Royal Bank Plaza, South Tower
     200 Bay Street, Suite 2900
     Toronto, ON M5J 2J1
     Attention: Alan J. Hutchens
     E-mail: ahutchens@alvarezandmarsal.com


TEMPLE UNIVERSITY: Fitch Affirms BB+ Rating on 2012 and 2007 Bonds
------------------------------------------------------------------
Fitch Ratings has affirmed its 'BB+' rating on the following series
of bonds issued by the Hospital and Higher Education Facilities
Authority of Philadelphia on behalf of Temple University Health
System (TUHS):

-- $307.8 million series 2012A and B;
-- $205.8 million series 2007 A and B.

The Rating Outlook is revised to Positive from Stable.

SECURITY

The bonds are secured by a pledge of gross revenues of the
obligated group, mortgages on certain properties of the obligated
group, and a debt service reserve fund. The obligated group
represented approximately 94% of the assets and 100% of the
revenues of the consolidated system in fiscal 2015 Fitch reports on
the performance of the consolidated system.

KEY RATING DRIVERS

IMPROVING OPERATING PERFORMANCE TREND: The revision in the Outlook
to Positive reflects TUHS's continued trend in operating
improvement. The system ended fiscal 2015 (year-end June 30) with
operating income of $3.9 million, reversing the declining but still
sizeable losses in the prior two years. Management budgets to end
the fiscal 2016 with a $2.6 million operating income.

ESSENTIALITY AND HIGH DEPENDENCE ON SUPPLEMENTAL PAYMENTS: TUHS's
flagship facility - Temple University Hospital (TUH) - serves both
as a provider of high-end specialty services and as a de facto
safety net hospital for North Philadelphia. As such, its continued
viability is of critical importance to the greater Philadelphia
market, which has been reflected in the significant support the
institution has been receiving in the form of supplementary
revenues, which in the current fiscal year are expected to remain
significant and level with the prior year. However, due to issues
surrounding the Commonwealth of Pennsylvania (the Commonwealth)
2015-2016 budget approval process, a portion may be delayed, which
could potentially affect Temple's liquidity in the 2016 fiscal
year.

LOWER VOLUMES, HIGHER ACUITY: While overall volumes have declined
reflecting the general decreasing volume trend in the greater
Philadelphia market, a major driver for the improved operating
performance, in addition to better results at Jeanes and Fox-Chase
division, was the system's ability to attract higher acuity, more
highly reimbursed cases. TUH's case mix index was 1.79 in 2015, as
compared to 1.69 in the prior year and the system has actually
increased its share of the high-end cases to 6% from 4.9% since
2011.

MODERATE LEVERAGE: The system's coverage of maximum annual debt
service (MADS) of $38.9 million by EBITDA was a stronger 2.5x in
fiscal 2015, close to the 'BBB' median of 2.7x and the system has a
still modest leverage with MADS equal 2.6% of revenues, an all
fixed rate debt structure and no swap exposure. There are no
additional debt plans.

MODEST LIQUIDITY: While liquidity remains light, cash and
unrestricted investments increased to $374.3 million at 2015
year-end from $318.8 million in 2012, translating to 94 days cash
on hand (DCOH), cushion ratio of 9.6x and cash equal to 70.5% of
debt. Liquidity metrics are slightly higher than Fitch's NIG
medians but still materially lower than Fitch's 'BBB' category
medians of 161.5 DCOH, 11.1x cushion ratio and 93.6% cash to debt.
Liquidity is projected to decline slightly by 2016 fiscal year-end
to $357 million due to a Medicare overpayment and could potentially
be temporarily impacted by a delay in the receipt of the
supplementary payments.

RATING SENSITIVITIES

NEED TO MAINTAIN OPERATING PERFORMANCE: The Positive Rating Outlook
reflects Fitch's expectation that Temple University Health System
will maintain profitable operations, which should produce solid
debt service coverage due to its moderate debt load. A return to
the investment grade rating category would require maintaining
operating performance in line with fiscal 2015 results over the
next 12-24 months, leading to strengthened coverage and balance
sheet metrics.

CREDIT PROFILE

TUHS is a Philadelphia based health care system, whose flagship is
TUH, a 722-bed teaching hospital located on the campus of Temple
University (University) in North Philadelphia. TUH sits on the
University's health science campus, along with the University's
School of Medicine and its other research and educational
facilities. TUHS also owns and operates Jeanes Hospital (Jeanes), a
176-licensed bed community hospital located in a residential area
in Northeast Philadelphia and the adjoining 100-bed American
Oncologic Hospital d/b/a Fox Chase Cancer Center (Fox Chase), one
of only 41 National Cancer Institute designated Comprehensive
Cancer Centers in the nation. TUHS reported $1.6 billion revenues
in fiscal 2015.

IMPROVING OPERATING PERFORMANCE TREND

Operations continued to improve in fiscal 2015, with TUHS recording
operating income of $3.9 million, equal to a slim, but positive
0.3% operating margin and 5.4% operating EBITDA margin compared to
sizeable operating losses of $15.8 million (2014) and $24.8 million
in fiscal 2013. The improved performance had several components
including a rather significant turnaround at the Fox-Chase and
Jeanes divisions. The Fox-Chase improvement included both more
robust outpatient volumes as management continued to recruit
physicians and develop programs, including launching the Access
Service, which offers new patients a guaranteed next-business-day
appointment with the relevant specialist, as well as expense
management and revenue cycle improvement and better managed care
contracts. Jeanes results also improved materially from a focus on
cost reductions and improved physician relations under a new CEO,
who also serves as the head of Temple Physicians Inc. While the
improvement at Fox-Chase is sustainable, management will have to
find a more optimal operating platform for Jeanes, whose operations
will need to be more closely integrated into one of TUHSs system
components.

Profitability improvement was somewhat hampered by lower results at
TUH compared to the prior year, which included the planned reduced
level of University support, increased pharma expenses, while
carrying a higher portion of IT implementation costs. Although
TUHS's performance through the three months ended Sept. 30, 2015,
is behind budget with a $3.9 million operating loss (but favorable
compared to same prior year period), management expects to meet its
budgeted operating income of $2.6 million for fiscal 2016.

LOWER VOLUMES, HIGHER ACUITY

The Philadelphia market has seen a continuing decline in inpatient
volumes, but the decline for TUHS has been lower than the market in
general. TUHS's discharges were 2.9% lower in 2015 and volumes are
slightly softer than budgeted through the first quarter of fiscal
2016. However, TUHS has been able to gain a higher market share of
the better reimbursed high acuity cases, which increased to 6% from
4.9% four years ago. Between 2011 and 2015 TUH had a 17.4% increase
in high acuity cases, and most notably, that increase came from
referrals outside of the PSA. TUH's transplant program increased
38% in 2014 and a further 29% in 2015.

SUPPLEMENTARY PAYMENTS RECEIPT TIMING CONCERN

The supplementary payments are essential to supporting the
organization's position as a 'safety net provider' to inner city
Philadelphia. Management has historically worked closely with the
Commonwealth for the critically needed supplemental payments.
TUHS's management was requested by the new Commonwealth
administration to formulate a proposal, which would help to
permanently stabilize the supplemental support, replacing the need
for protracted annual negotiations. The proposal would have TUH
serve as the anchor for the plan to address the needs of the North
Philadelphia indigent and underinsured population that is the major
determinant of the level of the supplemental funding it receives.
However, the discussion over a new funding mechanism is ongoing and
there continues to remain a concern about the level and timing of
the supplemental funding. TUH's payor mix includes close to 46% of
revenues from Medicaid.

The supplemental payments for fiscal 2016 are expected to be level
with the prior year. However, given the issues surrounding the
timing of the approval of the 2015-2016 Commonwealth budget, there
is a possibility that the receipt of a portion of the support may
be delayed past the end of Temple's fiscal year, which could
negatively affect liquidity. At this time, there is no certainty as
to the ultimate timing of the Commonwealth budget decision and
whether the receipt of any of the supplemental funds will be
delayed. While there is a concern that liquidity may be temporarily
impacted, in management's estimate the Temple obligated group would
need to maintain unrestricted cash and investments at approximately
$250 million in order to meet its 60 DCOH covenant, a level which
appears manageable even given some delay in receipts of the funds.

DEBT PROFILE

TUHS had $530.6 million of long-term debt at 2015 fiscal year-end,
all of which is fixed rate and the system has no swaps. Coverage of
MADS of $38.9 million was 2.5x in fiscal 2015, close to the 'BBB'
category median of 2.7x, and MADS is a manageable 2.6% of system
revenues, which is lighter than the 'BBB' median of 3.6%. Fitch's
calculation of TUHS's metrics excludes the non-preferred
appropriations ($6.2 million in 2015), for which TUHS only serves
as a conduit for Temple University.

DISCLOSURE

TUHS covenants to provide timely annual quarterly financial and
operating data to MSRB's EMMA system.



TENET HEALTHCARE: Further Amends Existing $1-Bil. Credit Agreement
------------------------------------------------------------------
Tenet Healthcare Corporation entered into an Amendment No. 3 to its
existing $1 billion Amended and Restated Credit Agreement dated as
of Oct. 19, 2010, by and among Tenet, as the borrower, the lenders
and issuers party thereto and Citicorp USA, Inc., as administrative
agent.

The Amendment has an effective date of Dec. 4, 2015, and amends
certain provisions under the Existing Credit Agreement to, among
other things, (i) extend the scheduled maturity date of the
Facility, (ii) reduce the applicable margin payable with respect to
outstanding loans under the Facility, (iii) reduce the applicable
commitment fee payable with respect to undrawn portions of the
commitments under the Facility and (iv) remove certain restrictions
with respect to the borrowing base eligibility of certain accounts
receivable.

The New Credit Agreement provides for revolving loans in an
aggregate principal amount of up to $1 billion, subject to
borrowing availability, with a $300 million sub-facility for
letters of credit.  Tenet's borrowing availability is calculated by
reference to a borrowing base which is determined by specified
percentages of eligible accounts receivable.

Tenet's obligations under the New Credit Agreement are guaranteed
by substantially all of the domestic wholly-owned hospital
subsidiaries of Tenet.  Tenet's and the Subsidiary Guarantors'
obligations under the New Credit Agreement are secured by a
first-priority lien on the accounts receivable owned by Tenet and
the Subsidiary Guarantors.

The Facility will terminate on the earlier of (i) Dec. 4, 2020, or
(ii) 45 business days prior to the maturity date of any series of
Tenet’s senior notes due in 2018, 2019 or 2020, unless (a) prior
to each Springing Maturity Date, with respect to at least 80% of
the aggregate principal amount of the applicable series of notes,
the maturity date is extended to a date no earlier than one year
after the Scheduled Maturity Date or such amount is repaid,
defeased, discharged or refinanced or (b) on each such Springing
Maturity Date, the Excess Availability Condition, determined on a
pro forma basis, after giving effect to the full repayment of the
applicable series of the notes, is satisfied.

Outstanding revolving loans under the Facility accrue interest
during the period prior to the first delivery of a borrowing base
certificate following the Closing Date at a rate equal to either
(i) a base rate plus a margin of 0.50% per annum or (ii) LIBOR plus
a margin of 1.50% per annum.  Thereafter, outstanding revolving
loans under the Facility accrue interest at either (a) a base rate
plus an applicable margin ranging from 0.25% to 0.75% per annum or
(b) LIBOR plus an applicable margin of 1.25% to 1.75% per annum, in
each case based upon available credit under the Facility.  The
undrawn portions of the commitments under the Facility are subject
to a commitment fee at a rate equal to (x) during the period prior
to the first delivery of a borrowing base certificate following the
Closing Date, 0.375% per annum, or (y) thereafter, at a rate
ranging from 0.25% to 0.375% per annum, based upon available credit
under the Facility.

The administrative agent and certain lenders that are party to the
New Credit Agreement, as well as certain of their affiliates, have
performed, and may in the future perform, for Tenet and its
subsidiaries, various commercial banking, investment banking,
underwriting and other financial advisory services, for which they
have received and may in the future receive customary fees and
expenses.

                            About Tenet

Tenet Healthcare Corporation -- http://www.tenethealth.com/-- is  

a national, diversified healthcare services company with 110,000
employees united around a common mission: to help people live
happier, healthier lives.  The company operates 80 hospitals, 214
outpatient centers, six health plans and Conifer Health Solutions,
a leading provider of healthcare business process services in the
areas of revenue cycle management, value based care and patient
communications.

Tenet Healthcare reported net income attributable to the Company's
shareholders of $12 million for the year ended Dec. 31, 2014,
compared to a net loss attributable to the Company's shareholders
of $134 million during the prior year.

As of Sept. 30, 2015, the Company had $23.2 billion in total
assets, $20.5 billion in total liabilities, $1.68 billion in
redeemable noncontrolling interests in equity of consolidated
subsidiaries and $1.01 billion in total equity.

                         *    *    *

Tenet carries a 'B' IDR from Fitch Ratings, 'B' corporate credit
rating from Standard & Poor's Ratings Services and 'B1' Corporate
Family Rating from Moody's Investors Service.


TERRA TECH: Posts $2-Mil. Net Loss in Quarter Ended Sept. 30
------------------------------------------------------------
Terra Tech Corp. incurred a net loss of approximately $2.0 million,
or $0.01 per share, for the quarter ended September 30, 2015,
compared to a net loss of approximately $9.5 million, or $0.05 per
share, for the quarter ended September 30, 2014.  The primary
reasons for the improvement in net loss is an increase in revenue,
a decrease in cost of goods sold (as a percentage of revenue), a
significant decrease in sales, general and administrative expenses,
and a reduction in the issuance of convertible debt and warrants
during the quarter ended September 30, 2015 compared to the prior
year's third quarter, Michael C. James, chief financial officer and
chief accounting officer, in a regulatory filing with the U.S.
Securities and Exchange Commission on November 9, 2015.

Mr. James noted, "Our future success is dependent upon our ability
to achieve profitable operations and generate cash from operating
activities, and upon additional financing.  Management believes
they can raise the appropriate funds needed to support their
business plan and develop an operating company which is cash flow
positive.

"However, we have incurred net losses for the nine months ended
September 30, 2015, and have an accumulated deficit of
approximately $43.5 million at September 30, 2015.  We have not
been able to generate sufficient cash from operating activities to
fund our ongoing operations.  There is no guarantee that we will be
able to generate enough revenue and/or raise capital to support our
operations.

"These factors raise substantial doubt about our ability to
continue as a going concern."

"We intend to raise additional capital through equity and debt
financing as needed, although there cannot be any assurance that
such funds will be available to us on acceptable terms, on an
acceptable schedule, or at all.

"We will be required to raise additional funds through public or
private financing, additional collaborative relationships or other
arrangements until we are able to raise revenues to a point of
positive cash flow.  We believe our existing and available capital
resources will be sufficient to satisfy our funding requirements
through the third quarter of 2016.  We are evaluating various
options to further reduce our cash requirements to operate at a
reduced rate, as well as options to raise additional funds,
including obtaining loans and selling common stock.  

"There is no assurance that we will be able to obtain further funds
required for our continued operations or that additional financing
will be available for use when needed or, if available, that it can
be obtained on commercially reasonable terms.  If we are not able
to obtain the additional financing on a timely basis, we will not
be able to meet our other obligations as they become due and we
will be forced to scale down or perhaps even cease our operations.

"Due to the uncertainty of our ability to meet our current
operating and capital expenses, our independent auditors included a
note to our financial statements for the year ended December 31,
2014 regarding concerns about our ability to continue as a going
concern.  There is substantial doubt about our ability to continue
as a going concern as the continuation and expansion of our
business is dependent upon obtaining further financing, successful
and sufficient market acceptance of our products, and achieving a
profitable level of operations," Mr. James emphasized.

At September 30, 2015, the company had total assets of $8,638,629,
total liabilities of $3,467,697, and total stockholders' equity of
$5,170,932.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/zgel8cc

Terra Tech Corp.'s business consists of hydroponic produce and
cannabis products.  The Newport Beach, California-based company's
hydroponic produce is locally grown while its cannabis products are
currently produced in its supercritical Co2 lab in California and
are sold in select dispensaries throughout the state.  The company
plans to operate medical marijuana cultivation, production and
dispensary facilities in Nevada.



TRACK GROUP: Incurs $5.66 Million Net Loss in Fiscal 2015
---------------------------------------------------------
Track Group, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to common shareholders of $5.66 million on $20.8
million of total revenues for the fiscal year ended Sept. 30, 2015,
compared with a net loss attributable to common shareholders of
$8.76 million on $12.26 million of total revenues for the fiscal
year ended Sept. 30, 2014.

As of Sept. 30, 2015, the Company had $54.0 million in total
assets, $39.7 million in total liabilities and $14.4 million in
total equity.

As of Sept. 30, 2015, the Company had unrestricted cash of $4.90
million, compared to unrestricted cash of $11.1 million as of Sept.
30, 2014.  As of Sept. 30, 2015, the Company had a working capital
surplus of $7.39 million, compared to a working capital surplus of
$11.3 million as of Sept. 30, 2014.

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

                        http://is.gd/jFvbeR

                         About Track Group

Track Group (formerly SecureAlert) -- http://www.trackgrp.com/--
is a global provider of customizable tracking solutions that
leverage real-time tracking data, best-practice monitoring, and
analytics capabilities to create complete, end-to-end solutions.

SecureAlert incurred a net loss attributable to the Company's
common stockholders of $18.9 million for the year ended Sept. 30,
2013, following a net loss attributable to the Company's common
stockholders of $19.9 million for the fiscal year ended Sept. 30,
2012.


TRANS-LUX CORP: Marcum Replaces BDO USA as Accountants
------------------------------------------------------
The Audit Committee of the Board of Directors of Trans-Lux
Corporation approved the engagement of Marcum LLP as the Company's
independent registered public accounting firm for the Company's
fiscal year ending Dec. 31, 2015, effective Dec. 8, 2015, and
dismissed BDO USA, LLP as the Company's independent registered
public accounting firm.  The change in the Company's independent
registered public accounting firm was made to reduce the fees
payable by the Company in connection with the audit of its
financial statements for the fiscal year ending Dec. 31, 2015.

BDO's audit reports on the Company's consolidated financial
statements as of and for the fiscal years ended Dec. 31, 2014, and
2013 did not contain an adverse opinion or a disclaimer of opinion
and were not qualified or modified as to uncertainty, audit scope
or accounting principles, except that BDO's audit reports stated
that such financial statements have been prepared assuming that the
Company will continue as a going concern.

The Company disclosed that it had no disagreement with BDO during
the fiscal years ended Dec. 31, 2014, and 2013, and the subsequent
interim periods through Dec. 8, 2015.

During the fiscal years ended Dec. 31, 2014, and 2013, and the
subsequent interim periods through Dec. 8, 2015, neither the
Company nor anyone acting on its behalf has consulted with Marcum.

                    About Trans-Lux Corporation

Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a
designer and manufacturer of digital signage display solutions for
the financial, sports and entertainment, gaming and leasing
markets.

Trans-Lux Corporation incurred a net loss of $4.62 million on $24.4
million of total revenue for the year ended Dec. 31, 2014, compared
with a net loss of $1.86 million on $20.9 million of total revenue
for the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $15.4 million in total
assets, $18.6 million in total liabilities and a total
stockholders' deficit of $3.24 million.

BDO USA, LLP, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that the Company has suffered recurring losses from
operations and has a significant working capital deficiency that
raise substantial doubt about its ability to continue as a going
concern.  Further, the auditors said, the Company is in default of
the indenture agreements governing its outstanding 9-1/2%
Subordinated debentures which were due in 2012 and its 8-1/4%
Limited convertible senior subordinated notes which were due in
2012 so that the trustees or holders of 25% of the outstanding
Debentures and Notes have the right to demand payment immediately.
Additionally, the Company has a significant amount due to their
pension plan over the next 12 months.


TRANSENTERIX INC: Recurring Losses Raise Going Concern Doubt
------------------------------------------------------------
TransEnterix, Inc.'s recurring losses raise substantial doubt about
its ability to continue as a going concern, Todd M. Pope, president
and chief executive officer, and Joseph P. Slattery, executive vice
president and chief financial officer of the company said in a
regulatory filing with the U.S. Securities and Exchange Commission
on Nov. 9, 2015.

"We are a medical device company with a limited operating history.
We are not profitable and have incurred losses since our inception.
Substantial doubt exists about our ability to continue as a going
concern as a result of recurring losses and an accumulated
deficit."

Messrs. Pope and Slattery stated, "We continue to incur research
and development and general and administrative expenses related to
our operations.  Our net loss for the nine months ended September
30, 2015 was $33.4 million, and our accumulated deficit as of
September 30, 2015 was $169.3 million.

"We believe that our existing cash and cash equivalents, together
with cash received from sales of our products, will not be
sufficient to meet our anticipated cash needs for the next 12
months.

"We expect to continue to incur losses for the foreseeable future,
and these losses will likely increase as we continue to develop and
commercialize our products and product candidates.  If our products
fail in development or do not gain regulatory clearance or
approval, or if our products do not achieve market acceptance, we
may never become profitable.  Even if we achieve profitability in
the future, we may not be able to sustain profitability in
subsequent periods.  

"We anticipate that, if needed, we will seek capital from other
sources, such as equity offerings. Absent a significant increase in
revenue or additional equity or debt financing, we may not be able
to sustain our ability to continue as a going concern beyond the
next 12 months. We have filed shelf registration statements which
have been declared effective by the SEC.

"As of September 30, 2015, we had $80.9 million available for
future financings.  However, we cannot assure you that we will be
successful in obtaining such additional financing on terms
acceptable to the company or at all."

At September 30, 2015, the company had total assets of
$268,432,000, total liabilities of $75,736,000, and total
stockholders' equity of $192,696,000.

The company incurred a net loss of $13,901,000 for the three months
ended Sept. 30, 2015, compared to a net loss of $11,507,000 for the
quarter ended Sept. 30, 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/z38d62j

TransEnterix, Inc. is a medical device company that is pioneering
the use of robotics to improve minimally invasive surgery.  The
Morrisville, North Carolina-based company is specifically focused
on the development and commercialization of the SurgiBot(TM)
System, a single-port, robotically enhanced laparoscopic surgical
platform, and the commercialization of ALF-X(R) Surgical Robotic
System (ALF-X System), a multi-port robotic system that brings the
advantages of robotic surgery to patients.


TRUMP ENTERTAINMENT: Exclusive Filing Period Extended to May 9
--------------------------------------------------------------
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware extended Trump Entertainment Resorts, Inc., et al.'s
exclusive plan filing period through and including March 9, 2016,
and exclusive solicitation period through and including May 9,
2016.

According to the Debtors, the requested extension will allow them
to maintain the Exclusive Periods in the unlikely event that their
Plan does not become effective.

                      About Trump Entertainment

Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and    

operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino.  The Company
conducts gaming activities and provides customers with casino
resort and entertainment.

Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company.  The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.

Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 protection on Feb. 17, 2009
(Bankr. D. N.J. Lead Case No. 09-13654).  The Company tapped
Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as
lead counsel, and Weil Gotshal & Manges as co-counsel.  Ernst &
Young LLP served as the Company's auditor and accountant and
Lazard Freres & Co. LLC was the financial advisor.  Garden City
Group was the claims agent.  The Company disclosed assets of
$2,055,555,000 and debts of $1,737,726,000 as of Dec. 31, 2008.

Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925).  Trump Hotels obtained the Court's confirmation
of its Chapter 11 plan on April 5, 2005, and in May 2005, it
exited from bankruptcy under the name Trump Entertainment Resorts
Inc.

                        *     *     *

The Troubled Company Reporter, on March 19, 2015, reported that
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware confirmed Trump Entertainment Resorts, Inc., et al.'s
Third Amended Joint Plan of Reorganization and Disclosure Statement
pursuant to Section 1129 of the Bankruptcy Code.

Judge Gross also approved the consensual resolution of certain
Confirmation Objections, as presented at the Confirmation Hearing.

Any Confirmation Objections, responses and reservation of rights
not previously resolved or withdrawn are overruled.

In the Court's findings of fact and conclusions of law dated March
12, 2015, Judge Gross also approved the Global Settlement pursuant
to Section 1123(b) of the Bankruptcy Code and Rule 9019 of the
Federal Rules of Bankruptcy Procedure.

As previously reported by The Troubled Company Reporter, the
Debtors filed on January 5, 2015, the Plan and accompanying
Disclosure Statement to, among other things, provide that holders
of General Unsecured Claims will receive Distribution Trust
Interests, which will include $1 million in cash and the proceeds,
if any, of certain avoidance actions.  Under the revised plan,
holders of general unsecured claims are estimated to recover 0.47%
to 0.43% of their total allowed claim amount.  The Amended Plan
also includes language reflecting the recently-approved $20 million
loan from Carl Icahn.


TRUMP ENTERTAINMENT: Has Until March 9 to Propose Chapter 11 Plan
-----------------------------------------------------------------
Jenna Ebersole at Bankruptcy Law360 reported that a Delaware
bankruptcy judge on Dec. 8, 2015, gave Trump Entertainment Resorts
additional time to retain control of its case after the casino
operator sought "breathing room" in the event a Chapter 11 plan
does not become effective, finding it served the parties' involved
best interests.

In an order, U.S. Bankruptcy Judge Kevin Gross extended until March
9, 2016, the exclusive filing period, when Trump Entertainment
Resorts Inc. alone is permitted to propose a plan, and until May 9
the exclusive solicitation period, in which the company can
solicit.

                     About Trump Entertainment

Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and    
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino.  The Company
conducts gaming activities and provides customers with casino
resort and entertainment.

Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company.  The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.

Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 protection on Feb. 17, 2009
(Bankr. D. N.J. Lead Case No. 09-13654).  The Company tapped
Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as
lead counsel, and Weil Gotshal & Manges as co-counsel.  Ernst &
Young LLP served as the Company's auditor and accountant and
Lazard Freres & Co. LLC was the financial advisor.  Garden City
Group was the claims agent.  The Company disclosed assets of
$2,055,555,000 and debts of $1,737,726,000 as of Dec. 31, 2008.

Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925).  Trump Hotels obtained the Court's confirmation
of its Chapter 11 plan on April 5, 2005, and in May 2005, it
exited from bankruptcy under the name Trump Entertainment Resorts
Inc.

                           *     *     *

The Troubled Company Reporter, on March 19, 2015, reported that
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware confirmed Trump Entertainment Resorts, Inc., et al.'s
Third Amended Joint Plan of Reorganization and Disclosure Statement
pursuant to Section 1129 of the Bankruptcy Code.

The Debtors filed on January 5, 2015, the Plan and accompanying
Disclosure Statement to, among other things, provide that holders
of General Unsecured Claims will receive Distribution Trust
Interests, which will include $1 million in cash and the proceeds,
if any, of certain avoidance actions.  Under the revised plan,
holders of general unsecured claims are estimated to recover 0.47%
to 0.43% of their total allowed claim amount.  The Amended Plan
also includes language reflecting the recently-approved $20 million
loan from Carl Icahn.


ULTRA PETROLEUM: Moody's Cuts Corporate Family Rating to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service  downgraded Ultra Petroleum Corp.'s
Corporate Family Rating (CFR) to Caa1 from Ba3, Probability of
Default Rating (PDR) to Caa1-PD, Speculative Grade Liquidity Rating
to SGL-4 from SGL-3, and senior unsecured notes rating to Caa3 from
B2. The rating outlook is negative.

"The downgrade of Ultra's CFR to Caa1 reflects Moody's expectations
that the company's cash flows will decline without the support of
hedges in 2016, a weak liquidity profile and high leverage,"
commented James Wilkins, a Moody's Vice President.

The following summarizes the ratings.

Issuer: Ultra Petroleum Corp.

Ratings Downgraded:

-- Corporate Family Rating -- Caa1 from Ba3

-- Probability of Default Rating -- Caa1-PD from Ba3-PD

-- $450 million Sr Unsec Notes due 2018 -- Caa3 (LGD5) from B2
   (LGD5)

-- $850 million Sr Unsec Notes due 2024 -- Caa3 (LGD5) from B2
   (LGD5)

Ratings Lowered:

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

Outlook:

-- Outlook -- Negative

RATINGS RATIONALE

Ultra's Caa1 CFR is primarily driven by its weak liquidity and
Moody's expectation that its EBITDA and leverage will worsen in
2016. The company has high debt balances as a result of significant
investments made during 2010-2014 (including acquisitions of
properties in the Uinta and Green River Basins) that were
significantly debt financed. The company's debt on production of
$27,491 per boe per day and debt on reserves of $8.76 per PD boe
(as of 30 September 2015) are typical of B and Ba-rated peers, but
its retained cash flow to debt of 15% is typical of Caa-rated
peers.

The rating is constrained by Ultra's focus on natural gas
operations (over 90% of 2014 production was natural gas) that
results in weak cash margins in the current low natural gas price
environment. With no hedges in place for 2016, the company's cash
flow will decline materially in 2016.

Ultra's SGL-4 rating reflects weak liquidity and Moody's
expectation that the company will be required to seek a waiver of
one or more of its financial covenants in the first quarter of
2016. The company is likely to be unable to meet its debt to EBITDA
covenant, surpassing the 3.5x limit as early as the first quarter
of 2016 and may not maintain a present value of reserves to debt
ratio above the minimum 1.5x covenant level. The leverage covenant
applies to both the revolving credit agreement and Ultra Resources,
Inc.'s senior unsecured notes. Moody's expects the company to
restrict capital spending to limit negative free cash flow in 2016,
but Ultra's revolver matures in 2016 at which time all of the
drawings ($648 million as of 30 September 2015) will become due
absent an extension of the revolver's term. The company may have
the ability to lower its leverage and improve its liquidity by
selling assets.

The negative outlook reflects Moody's expectation that Ultra will
have difficulty remaining compliant with its financial covenants in
2016 and may need to fund substantial negative free cash flow. The
rating could be downgraded if the company's liquidity does not
improve or interest coverage appears to be unsustainable above
1.0x. Moody's expects the company to refinance the revolving credit
facility well before its October 2016 maturity. The rating could be
upgraded if the company improves its liquidity and maintains
retained cash flow-to-debt above 10% on a sustained basis.

Ultra Petroleum Corp. is a publicly traded independent exploration
and production company headquartered in Houston, Texas, engaged in
domestic natural gas and crude oil exploration, development, and
production. Over 90% of the company's 2014 production consisted of
natural gas. Its operations focus on developing natural gas assets
in the Green River basin of Wyoming (Pinedale Anticline and Jonah
Field), but it also has a drilling program in the Uinta Basin where
it owns crude oil assets.



UNILIFE CORP: Continues to Have Doubt on Going Concern Ability
--------------------------------------------------------------
Unilife Corporation has incurred recurring losses from operations
as well as negative cash flows from operating activities during the
fiscal year ended June 30, 2015, and the three months ended
September 30, 2015, and anticipates incurring additional losses and
negative cash flows until such time that it can generate sufficient
revenue from the sale, customization, or exclusive use and
licensing of its proprietary range of injectable drug delivery
systems to pharmaceutical and biotechnology customers, the
company's Chief Financial Officer David C. Hastings said in a
regulatory filing with the U.S. Securities and Exchange Commission
on November 9, 2015.

"These factors raise substantial doubt about the company's ability
to continue as a going concern."

As of November 6, 2015, the company's cash balance was
approximately $6.6 million, including restricted cash of $2.0
million.  This cash balance does not include proceeds from the
Discover Fund Purchase Agreement in which the company issued and
sold to Discover Growth Fund 790 shares of the company's newly
designated Series A Redeemable Convertible Preferred Stock of the
company, par value $0.01 per share for total gross proceeds of $7.5
million.  

According to Mr. Hastings, "The remaining funding under an Amended
Credit Agreement with ROS Acquisition Offshore LP (the Lender or
ROS) and proceeds from the Discover Fund Purchase Agreement along
with the company's cash and restricted cash will provide the
company with sufficient liquidity to fund the company's operations
only to December 31, 2015.

"However, the company intends to raise additional capital through
other sources, including through and the New Sales Agreement with
Cantor Fitzgerald & Co and, if we obtain shareholder approval to
sell additional shares of common stock to Lincoln Park Capital
Fund, LLC (the LPC Shareholder Approval), through the LPC Purchase
Agreement that contemplates our selling to LPC of up to $45.0
million in shares of our common stock through July 2017, subject to
limitations.  Through September 30, 2015, the company issued
$3,244,650 shares of common stock to LPC and received net proceeds
of approximately $4.8 million after expenses.  

"The company is also pursuing the Strategic Process, having engaged
Morgan Stanley & Co. LLC to conduct a review of strategic
alternatives to maximize shareholder value.  This process is
continuing and we have received interest from several parties.  

"If the company is able to complete a strategic transaction, the
company expects to have sufficient liquidity to operate the
business through at least 12 months from the date of the
consolidated financial statements included in this report.

"In addition, the company may also pursue alternative sources of
financing.  However, the company does not have any guaranteed
sources of financing and there can be no assurance that cash from
the Amended Credit Agreement, customer agreements or proceeds from
the LPC Purchase Agreement or the New Sales Agreement will be
available when needed, as such sources of liquidity are not
entirely within its control."

Mr. Hastings pointed out, "If it is unable to obtain additional
financing or engage in a strategic transaction on acceptable terms
and when needed, the company may default under one or more of its
debt obligations.  A breach of any of the covenants related to its
debt instruments could result in a higher rate of interest to be
paid or the lenders could elect to declare all amounts outstanding
under the applicable agreements to be immediately due and payable.
If the lenders were to make such a demand for repayment, the
company would be unable to pay the obligations as it does not have
existing facilities or sufficient cash on hand to satisfy these
obligations.  These factors, and the foregoing factors, continue to
raise substantial doubt about the company's ability to continue as
a going concern.

"The company continues to have discussions with current and
prospective customers for many active programs in its commercial
pipeline and has executed several agreements featuring a
combination of revenue streams and cash payments, including
exclusivity fees, device customization programs and product sales.
Given the substantial size, complexity and long-term duration of
many of these prospective agreements, some can take a significant
time to negotiate and finalize."

The company had incurred a net loss of $25,864,000 for the three
months ended September 30, 2015, compared to a net loss of
$22,262,000 for the same period in 2014.

At September 30, 2015, the company had total assets of $99,807,000,
total liabilities of $131,475,000, and total stockholders' deficit
of $31,668,000.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/zyw6nto

Unilife Corporation is a York, Pennsylvania-based designer,
manufacturer and supplier of injectable drug delivery systems
designed to enhance and differentiate the injectable therapies of
its pharmaceutical and biotechnology customers.  The company has a
broad portfolio of product platforms, including pre-filled
syringes, wearable injectors, insulin delivery systems, disposable
and reusable auto-injectors, drug reconstitution delivery systems
and more.



UNITED CORE: Case Summary & 18 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: United Core, Inc.
        4400 Homerlee Ave
        East Chicgo, IN 46312-2679

Case No.: 15-23813

Chapter 11 Petition Date: December 10, 2015

Court: United States Bankruptcy Court
       Northern District of Indiana (Hammond Division)

Judge: Hon. Philip Klingeberger

Debtor's Counsel: Rosalind G. Parr(JLS), Esq.
                  ATTORNEY AT LAW
                  P.O. Box 2474
                  Gary, IN 46403
                  Tel: (219) 267-1960
                  Fax: (219) 225-0065
                  Email: nwibankruptcy@yahoo.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ruben Sanchez, president.

A list of the Debtor's 18 largest unsecured creditors is available
for free at http://bankrupt.com/misc/innb15-23813.pdf


USELL.COM INC: Posts $294K Net Loss in Quarter Ended Sept. 30
-------------------------------------------------------------
uSell.com, Inc., posted a net loss of $294,284 for the Sept. 30,
2015, compared with a net loss of $1,750,648 for the same period in
2014.  

The company had a net loss of approximately $2,299,000 and net cash
and cash equivalents used in operations of approximately $1,306,000
for the nine months ended Sept. 30, 2015.  The company has an
accumulated deficit of approximately $54,342,000 at Sept. 30, 2015.
The company does not yet have a history of financial stability.
Historically, the principal source of liquidity has been the
issuance of debt and equity securities, uSell.com Chief Executive
Officer Nikhil Raman and Chief Financial Officer and Executive Vice
President of Finance Jennifer Calabrese disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission on November
9, 2015.

"These factors raise substantial doubt about the company's ability
to continue as a going concern."

According to Mr. Raman and Ms. Calabrese, the accompanying
condensed consolidated financial statements have been prepared on a
going concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of
business.  

"On October 26, 2015, uSell closed on its acquisition of a
smartphone wholesaler, We Sell Cellular LLC.  With the acquisition
of We Sell Cellular, management expects that the going concern
qualification will be eliminated.  We Sell Cellular has been
profitable and with the additional capital provided by the
company's new loan facility, management believes We Sell Cellular
can expand its revenues and profitability.  This, in addition to
the company's improved cash flow, leads management to believe that
the combined entity will be profitable in future quarters," Mr.
Raman and Ms. Calabrese related.

The company's balance sheets showed total assets of $2,066,057,
total liabilities of $1,157,142, and total stockholders' equity of
$908,915 as of Sept. 30, 2015.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/h9xy27y

uSell.com, Inc. (OTCQB: USEL) is a New York-based reCommerce
marketplace that finds cash offers for used smartphones and
electronics.  In October 2015, the company acquired We Sell
Cellular LLC whose primary business is to buy used smart phones
that have been traded in with the major carriers and the big box
retailers and sell these devices after full inspection and
refurbishment.


UTSTARCOM HOLDINGS: Shah Capital Owns 15.2% of Ordinary Shares
--------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Shah Capital Management, Inc. disclosed that as of Dec.
4, 2015, it beneficially owns 5,649,369 ordinary shares of
Utstarcom Holdings Corp., representing 15.2 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/vsZlHA

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

UTStarcom reported a net loss of $30.3 million in 2014, a net loss
of $22.7 million in 2013 and a net loss of $34.4 million in 2012.

As of Sept. 30, 2015, the Company had $209.41 million in total
assets, $105 million in total liabilities and $104 million in total
equity.


VERTIS HOLDINGS: Court Dismisses Third Chapter 11 Bankruptcy
------------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that remnants of one
of the nation's largest printing and direct marketing companies
took a side door out of Chapter 11 on Dec. 8, 2015, as Vertis
Holdings Inc. ended its third Delaware bankruptcy with a dismissal
instead of a plan for continued operation.

U.S. Bankruptcy Judge Christopher S. Sontchi said the conclusion of
the company's latest Chapter 11 foray produced benefits, even if it
ended without a reorganized going concern or a diversion to Chapter
7 liquidation.

"You can accomplish a lot without a confirmed plan," Sontchi said.

                      About Vertis Holdings

Vertis Holdings Inc. -- http://www.thefuturevertis.com/-- provides
advertising services in a variety of print media, including
newspaper inserts such as magazines and supplements.

Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821),
returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to
sell the business to Quad/Graphics, Inc., for $258.5 million,
subject to higher and better offers in an auction.

As of Aug. 31, 2012, the Debtors' unaudited consolidated financial
statements reflected assets of approximately $837.8 million and
liabilities of approximately $814.0 million.

Bankruptcy Judge Christopher Sontchi presides over the 2012 case.
Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal,
and Cadwalader, Wickersham & Taft LLP.  Quad/Graphics is advised by
Blackstone Advisory Partners, Arnold & Porter LLP and Foley &
Lardner LLP, special counsel for antitrust advice.  Kurtzman Carson
Consultants LLC is the Debtors' claims agent.

Quad/Graphics is a global provider of print and related
multichannel solutions for consumer magazines, special interest
publications, catalogs, retail nserts/circulars, direct mail,
books, directories, and commercial and specialty products,
including in-store signage. Headquartered in Sussex, Wis. (just
west of Milwaukee), the Company has approximately 22,000 full-time
equivalent employees working from more than 50 print-production
facilities as well as other support locations throughout North
America, Latin America and Europe.

Vertis first filed for bankruptcy (Bankr. D. Del. Case No.
08-11460) on July 15, 2008, to complete a merger with American
Color Graphics.  ACG also commenced separate bankruptcy
proceedings.  In August 2008, Vertis emerged from bankruptcy,
completing the merger.

Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 10-16170) on Nov. 17, 2010.  The Debtor estimated its
assets and debts of more than $1 billion.  Affiliates also filed
separate Chapter 11 petitions -- American Color Graphics, Inc.
(Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr.
S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case
No. 10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No.
10-16172), Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and
Webcraft Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174).  The
bankruptcy court approved the prepackaged Chapter 11 plan on
Dec. 16, 2010, and Vertis consummated the plan on Dec. 21.  The
plan reduced Vertis' debt by more than $700 million or 60%.

GE Capital Corporation, which serves as DIP Agent and Prepetition
Agent, is represented in the 2012 case by lawyers at Winston &
Strawn LLP.  Morgan Stanley Senior Funding Inc., the agent under
the prepetition term loan, and as term loan collateral agent, is
represented by lawyers at White & Case LLP, and Milbank Tweed
Hadley & McCloy LLP.

On Jan. 16, 2013, Quad/Graphics completed the acquisition of Vertis
Holdings for a net purchase price of $170 million.  This assumes
the purchase price of $267 million less the payment of $97 million
for current assets that are in excess of normalized working capital
requirements.


VIRTUAL PIGGY: Issues $100,000 Promissory Note to Chairman
----------------------------------------------------------
Virtual Piggy, Inc., issued on Dec. 8, 2015, a $100,100 principal
amount unsecured Promissory Note to Martha McGeary Snider pursuant
to a Promissory Note Agreement.  The Investor also received a
two-year Warrant to purchase 20,000 shares of Company common stock
at an exercise price of $0.90 per share.  Ms. McGeary Snider is
Chairman of the Board of the Company.

The Note bears interest at a rate of ten percent per annum and
matures on the six month anniversary of the issuance date, or on
such earlier date that (i) the Company completes the closing of a
specified joint venture agreement or (ii) the Company completes the
sale of at least an additional $1 million of 10% Secured
Convertible Promissory Notes.  As an additional inducement, the
Investor will receive, on the Maturity Date, a commitment fee equal
to seven and one-half percent of the original principal amount.

               About Oink (Virtual Piggy, Inc.)

Virtual Piggy is the provider of Oink, a secure online and in-store
teen wallet.  Oink enables teens to manage and spend money within
parental controls, while gaining valuable financial management
skills.  The technology company also delivers payment platforms
designed for the Under 21 age group in the global market, and
enables online businesses the ability to function in a  manner
consistent with the Children's Online Privacy Protection Act and
similar international children's privacy laws.  The company, based
in Hermosa Beach, CA, is on the Web at: http://www.oink.com/and
holds three technology patents, US Patent No. 8,762,230, 8,650,621
and 8,812,395.

Virtual Piggy reported a net loss of $9.65 million in 2014, a net
loss of $16 million in 2013 and a net loss of $12.03 million in
2012.

As of Sept. 30, 2015, the Company had $1.31 million in total
assets, $6.26 million in total liabilities, all current, and a
$4.94 million stockholders' deficit.

Morison Cogen LLP, in Bala Cynwyd, PA, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company's losses from
development stage activities raise substantial doubt about its
ability to continue as a going concern.


VRINGO INC: Posts $11.9M Net Loss in Quarter Ended Sept. 30
-----------------------------------------------------------
Vringo, Inc. posted a net loss of $11,871,000 for the quarter ended
September 30, 2015, compared to a net loss of $12,376,000 for the
three months ended September 30, 2014.

"We expect to incur further losses in the operations of our
business and have been dependent on funding our operations through
the issuance and sale of equity and debt securities," Vringo Chief
Financial Officer Anastasia Nyrkovskaya said in a November 9, 2015
regulatory filing with the U.S. Securities and Exchange Commission.


"These circumstances raise substantial doubt about our ability to
continue as a going concern."  

Ms. Nyrkovskaya noted, "As a result of this uncertainty and the
substantial doubt about our ability to continue as a going concern
as of December 31, 2014, KPMG LLP, our independent registered
public accounting firm, issued a report dated March 16, 2015,
stating its opinion that our recurring losses from operations,
negative cash flows from operating activities, and potential
insufficiency of cash or available sources of liquidity to support
our current operating requirements raise substantial doubt as to
our ability to continue as a going concern.

"Management's plans include increasing revenue through the
licensing of our intellectual property, strategic partnerships, and
litigation, when required, which may be resolved through a
settlement or collection.  We also intend to continue to expand our
planned operations through acquisitions and monetization of
additional patents, other intellectual property or operating
businesses.

"We anticipate that we will continue to seek additional sources of
liquidity, when needed, until we generate positive cash flows to
support our operations.  We cannot give any assurance that the
necessary capital will be raised or that, if funds are raised, it
will be on favorable terms.  If we are unable to obtain additional
funding on a timely basis, we may be required to curtail or
terminate some of our business plans.  We cannot guarantee when or
if we will ever generate positive cash flows.

"As a result of the events and circumstances described, including
the cash proceeds received in connection with the May 2015
financing transaction whereby we entered into a securities purchase
agreement with certain institutional investors in a registered
direct offering of $12,500,000 of Notes and certain warrants and
received net cash proceeds of $12,425,000, and our operating plans,
which include paying the principal and interest related to the
Notes in shares of our common stock, we believe that we currently
have sufficient cash to continue our current operations for at
least the next twelve months.

"However, no assurance can be given at this time as to whether we
will be able to achieve these objectives or whether we will have
the sources of liquidity for follow through with these plans."

At September 30, 2015, the company had total assets of $33,630,000
and total stockholders' equity of $16,702,000.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/jg7rgvh

Vringo, Inc. is engaged in the development and monetization of
intellectual property worldwide, with a portfolio of more than 600
patents and patent applications covering telecom infrastructure,
internet search and mobile technologies.  In October 2015, the New
York-based company expanded its intellectual property and
technology portfolio through its acquisition of International
Development Group Limited, including two of IDG's subsidiaries.  



WARNER MUSIC: Posts $91 Million Net Loss for Fiscal 2015
--------------------------------------------------------
Warner Music Group Corp. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to the Company of $91 million on $2.96 billion of
revenues for the fiscal year ended Sept. 30, 2015, compared to a
net loss attributable to the Company of $308 million on $3.02
billion of revenues for the fiscal year ended Sept. 30, 2014.

For the three months ended Sept. 30, 2015, the Company reported a
net loss attributable to the Company of $23 million on $750 million
of revenue compared to a net loss attributable to the Company of
$26 on $771 million of revenue for the same period last year.

As of Sept. 30, 2015, the Company had $5.67 billion in total
assets, $5.43 billion in total liabilities and $239 million in
total equity.

As of Sept. 30, 2015, the company reported a cash and equivalents
balance of $246 million, total long-term debt of $2.994 billion and
net debt (total debt including the current portion minus cash) of
$2.748 billion.  There was no balance outstanding on the company's
revolver at the end of the quarter.

"We had an excellent year," said Stephen Cooper, Warner Music
Group's CEO.  "We've topped the charts with break-out talent,
legendary songwriters and global superstars.  As the first music
major to report streaming revenue exceeding download revenue, we've
continued to lead the digital transformation, helping us to achieve
four consecutive years of revenue growth in our combined recorded
music digital and physical business.  We've outperformed the
industry and we are well positioned to build on our success this
coming year and beyond."  

"Our fourth-quarter and full-year results are impressive," added
Eric Levin, Warner Music Group's executive vice president and CFO.
We stayed focused on cost and cash management throughout the year
and saw significant improvement in key financial metrics.  As I
reflect on my first full year at the company, I'm pleased by our
progress and excited by our potential."

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

                       http://is.gd/rF48BT

                     About Warner Music Group

Based in New York, Warner Music Group Corp. (NYSE: WMG)
-- http://www.wmg.com/-- was formed by a private equity
consortium of investors on Nov. 21, 2003.  The Company is the
direct parent of WMG Holdings Corp., which is the direct parent of
WMG Acquisition Corp.  WMG Acquisition Corp. is one of the world's
major music-based content companies and the successor to
substantially all of the interests of the recorded music and music
publishing businesses of Time Warner Inc.

The Company classifies its business interests into two fundamental
operations: Recorded Music and Music Publishing.  The Company's
Recorded Music business primarily consists of the discovery and
development of artists and the related marketing, distribution and
licensing of recorded music produced by such artists.  The
Company's Music Publishing operations include Warner/Chappell, its
global Music Publishing company, headquartered in New York with
operations in over 50 countries through various subsidiaries,
affiliates and non-affiliated licensees.

In May 2011, Warner Music Group Corp. and Access Industries, the
U.S.-based industrial group, announced the execution of a
definitive merger agreement under which Access Industries will
acquire WMG in an all-cash transaction valued at $3.3 billion.
The purchase includes WMG's entire recorded music and music
publishing businesses.

On July 20, 2011, the Company notified the New York Stock
Exchange, Inc., of its intent to remove the Company's common stock
from listing on the NYSE and requested that the NYSE file with the
SEC an application on Form 25 to report the delisting of the
Company's common stock from the NYSE.  On July 21, 2011, in
accordance with the Company's request, the NYSE filed the Form 25
with the SEC in order to provide notification of that delisting
and to effect the deregistration of the Company's common stock
under Section 12(b) of the Securities Exchange Act of 1934, as
amended.  On August 2, 2011, the Company filed a Form 15 with the
SEC in order to provide notification of a suspension of its duty
to file reports under Section 15(d) of the Exchange Act.  The
Company continues to file reports with the SEC pursuant to the
Exchange Act in accordance with certain covenants contained in the
instruments governing the Company's outstanding indebtedness.

                           *    *     *

As reported by the TCR on March 28, 2014, Standard & Poor's
Ratings Services affirmed its 'B+' corporate credit rating on
recorded music and music publishing company Warner Music Group
Corp. (WMG).  S&P's rating and negative outlook reflect continued
uncertainty surrounding industry wide revenue and profitability
trends affecting WMG over the intermediate term, despite recent
signs of stabilization in the industry.


WPCS INTERNATIONAL: Has 2.56 Million Outstanding Common Stock
-------------------------------------------------------------
WPCS International Incorporated issued 73,546 shares of its common
stock, par value $0.0001 per share, in transactions that were not
registered under the Securities Act of 1933, from Sept. 11, 2015,
through Dec. 11, 2015.  The shares of Common Stock were issued upon
the conversion of shares of Series G-1 and Series H Convertible
Preferred Stock in reliance upon the exemption from registration in
Section 3(a)(9) of the Securities Act of 1933.

On Aug. 1, 2015, the Company entered into an engagement letter
with an investment bank to provide investment banking services for
a period of 12 months, which may be extended by mutual consent of
the parties.  The Company agreed to pay a $7,500 monthly fee to the
investment bank payable in shares of Common Stock, calculated based
on the closing bid price of the Common Stock on the trading day
immediately prior to date payment is due.  On each date of payment,
the Common Stock is issued in reliance upon the exemption from
registration in Section 4(a)(2) of the Securities Act of 1933.  The
shares issued for the payments due for the period from Sept. 11,
2015, through Dec. 11, 2015, were 20,483 and the total shares
issued under this agreement to date is 25,321.

As of Dec. 11, 2015, the Company has 2,565,915 shares of Common
Stock outstanding.

               About WPCS International Incorporated

WPCS -- http://www.wpcs.com/-- operates in two business segments
including: (1) providing communications infrastructure contracting
services to the public services, healthcare, energy and corporate
enterprise markets worldwide; and (2) developing a Bitcoin trading
platform.

WPCS reported a net loss attributable to the Company's common
shareholders of $11.3 million on $24.4 million of revenue for the
year ended April 30, 2015, compared with a net loss attributable to
the Company's common shareholders of $11.2 million on $15.7 million
of revenue for the year ended April 30, 2014.

As of April 30, 2015, the Company had $15.1 million in total
assets, $15.3 million in total liabilities and a $139,064 total
deficit.


YUM! BRANDS: S&P Lowers CCR to 'BB' on Financial Plan
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Louisville, Ky.-based Yum! Brands Inc. to 'BB' from
'BBB'.  At the same time, S&P also lowered the issue-level ratings
on the company’s senior secured debt to 'BB' from 'BBB' and
assigned a '3' recovery rating, reflecting S&P's expectation of
meaningful recovery in the event of a default at the high end of
the 50% to 70% range.  S&P removed the ratings from CreditWatch
with negative implications, where it placed them in October 2015.

"The downgrade primarily reflects our expectation for meaningfully
higher leverage according to the company’s newly communicated
financial policy, which includes a leverage target of about 5x.
Yum! plans to return up to $6.2 billion to shareholders before
completing the planned separation of its China division using new
debt proceeds," said credit analyst Helena Song.  "This is a
significant shift from the company’s previous financial policy
(with adjusted debt to EBITDA below 3x) and results in S&P's
reassessment of the company’s financial risk profile as "highly
leveraged"."

The stable outlook on Yum! reflects S&P's expectation for improved
stability in operating performance and credit metrics, based on the
company's highly franchised model (about 92%) following the planned
separation of its China division.  S&P also expects operating
performance will improve moderately in 2016, supported by gradual
recovery in China, continuing solid performance from its Taco Bell
brand, and further growth in other emergent markets. Moreover, S&P
believes credit metrics will remain stable following the completion
of its debt offerings in the next 12 months, supported by the
company's commitment to its new financial policy.

S&P could lower the ratings if more aggressive financial policy or
significantly weakened operating performance result in debt to
EBITDA approaching 6x or higher on a sustained basis.  Given the
company's highly franchised model (92%) following the separation
and S&P's expectation for greater stability of cash flow
generation, it believes a lower rating would more likely result
from a more aggressive financial policy, for example, if Yum!
raises more than about $1.5 billion additional debt to finance
incremental returns to shareholders.

S&P could raise the ratings if leverage declines to mid- to high-4x
on a sustained basis on higher earnings growth and S&P believes
Yum! can maintain a financial policy commensurate with a higher
rating.  This could happen if EBITDA rises about 10% on greater
store expansion while debt remains consistent or if the company
decided to raise less debt to return to the shareholders.



[*] 4 Former Spizz Cohen Attorneys Sued for Misrepresentation
-------------------------------------------------------------
Aebra Coe at Bankruptcy Law360 reported that a New York woman took
aim on Dec. 8, 2015, at three attorneys who once worked at
now-defunct Spizz Cohen & Serchuk PC with a legal malpractice suit
seeking more than $1 million in damages, alleging they failed her
in the bankruptcy of her estranged husband's Chelsea art gallery.

Helena Barquet, who is divorcing her husband and is in the process
of launching a Lower East Side homeware shop, says that Janice
Grubin, Barton Nachamie and Joseph Cervini Jr.'s representation of
her in the bankruptcy was conflicted.


[*] Jones Day's Gregory M. Gordon Named Law360 Bankruptcy MVP
-------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that over the past
year, Jones Day's Gregory M. Gordon steered two of the most
difficult Chapter 11 cases in the Delaware bankruptcy court,
RadioShack and Specialty Products Holding Corp., to successful plan
confirmations and merited a spot among Law360's 2015 bankruptcy
MVPs.

Both of Jones Day's cases presented unique challenges and hung on
precarious wires, with the potential to fall into a morass of long
and expensive litigation at each step.


[^] BOND PRICING: For the Week from December 7 to 11, 2015
----------------------------------------------------------
   Company                  Ticker  Coupon Bid Price   Maturity
   -------                  ------  ------ ---------   --------
ACE Cash Express Inc        AACE    11.000    36.000   2/1/2019
ACE Cash Express Inc        AACE    11.000    33.000   2/1/2019
AK Steel Corp               AKS      7.625    34.733  5/15/2020
AM Castle & Co              CAS     12.750    79.950 12/15/2016
AM Castle & Co              CAS      7.000    52.020 12/15/2017
AM Castle & Co              CAS     12.750    77.125 12/15/2016
AM Castle & Co              CAS     12.750    77.125 12/15/2016
Affinion Investments LLC    AFFINI  13.500    44.500  8/15/2018
Ally Financial Inc          ALLY     2.900   100.000 12/15/2015
Ally Financial Inc          ALLY     2.150   100.000 12/15/2015
Alpha Appalachia
  Holdings Inc              ANR      3.250     5.500   8/1/2015
Alpha Natural
  Resources Inc             ANR      6.000     0.500   6/1/2019
Alpha Natural
  Resources Inc             ANR      9.750     0.550  4/15/2018
Alpha Natural
  Resources Inc             ANR      6.250     0.500   6/1/2021
Alpha Natural
  Resources Inc             ANR      7.500     6.250   8/1/2020
Alpha Natural
  Resources Inc             ANR      4.875     3.500 12/15/2020
Alpha Natural
  Resources Inc             ANR      3.750     2.216 12/15/2017
Alpha Natural
  Resources Inc             ANR      7.500     4.941   8/1/2020
Alpha Natural
  Resources Inc             ANR      7.500     6.000   8/1/2020
Alta Mesa Holdings LP /
  Alta Mesa Finance
  Services Corp             ALTMES   9.625    39.250 10/15/2018
American Eagle
  Energy Corp               AMZG    11.000    17.125   9/1/2019
American Eagle
  Energy Corp               AMZG    11.000    17.125   9/1/2019
Appvion Inc                 APPPAP   9.000    42.000   6/1/2020
Appvion Inc                 APPPAP   9.000    39.375   6/1/2020
Arch Coal Inc               ACI      7.000     1.700  6/15/2019
Arch Coal Inc               ACI      7.250     1.629  10/1/2020
Arch Coal Inc               ACI      8.000     4.750  1/15/2019
Arch Coal Inc               ACI      8.000     5.030  1/15/2019
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      7.750    26.000  1/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      9.250    29.900  8/15/2021
Avaya Inc                   AVYA    10.500    28.000   3/1/2021
Avaya Inc                   AVYA    10.500    33.000   3/1/2021
BPZ Resources Inc           BPZR     8.500     6.950  10/1/2017
BPZ Resources Inc           BPZR     6.500     8.000   3/1/2015
BPZ Resources Inc           BPZR     6.500     7.500   3/1/2049
Basic Energy Services Inc   BAS      7.750    32.750  2/15/2019
Berry Petroleum Co LLC      LINE     6.750    29.250  11/1/2020
Black Elk Energy Offshore
  Operations LLC /
  Black Elk Finance Corp    BLELK   13.750     9.750  12/1/2015
Bon-Ton Department
  Stores Inc/The            BONT     8.000    28.000  6/15/2021
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     7.875    27.619  4/15/2022
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     8.625    28.133 10/15/2020
Caesars Entertainment
  Operating Co Inc          CZR     10.000    29.500 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR      6.500    36.550   6/1/2016
Caesars Entertainment
  Operating Co Inc          CZR     12.750    32.000  4/15/2018
Caesars Entertainment
  Operating Co Inc          CZR     10.000    32.000 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR      5.750    41.000  10/1/2017
Caesars Entertainment
  Operating Co Inc          CZR      5.750    12.250  10/1/2017
Caesars Entertainment
  Operating Co Inc          CZR     10.000    29.125 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR     10.000    32.250 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR     10.000    29.125 12/15/2018
Chaparral Energy Inc        CHAPAR   7.625    19.000 11/15/2022
Chaparral Energy Inc        CHAPAR   8.250    20.000   9/1/2021
Chaparral Energy Inc        CHAPAR   9.875    22.500  10/1/2020
Chassix Holdings Inc        CHASSX  10.000     8.000 12/15/2018
Chassix Holdings Inc        CHASSX  10.000     8.000 12/15/2018
Checkers Drive-In
  Restaurants Inc           CHKR    11.000   105.250  12/1/2017
Checkers Drive-In
  Restaurants Inc           CHKR    11.000   105.500  12/1/2017
Chesapeake Energy Corp      CHK      6.500    62.000  8/15/2017
Chesapeake Energy Corp      CHK      6.625    33.070  8/15/2020
Chesapeake Energy Corp      CHK      3.571    33.170  4/15/2019
Chesapeake Energy Corp      CHK      2.500    57.500  5/15/2037
Chesapeake Energy Corp      CHK      6.875    32.250 11/15/2020
Chesapeake Energy Corp      CHK      2.500    53.000  5/15/2037
Claire's Stores Inc         CLE      7.750    16.500   6/1/2020
Claire's Stores Inc         CLE      8.875    30.900  3/15/2019
Claire's Stores Inc         CLE     10.500    41.412   6/1/2017
Claire's Stores Inc         CLE      7.750    17.500   6/1/2020
Cliffs Natural
  Resources Inc             CLF      5.950    27.200  1/15/2018
Cliffs Natural
  Resources Inc             CLF      5.900    17.853  3/15/2020
Cliffs Natural
  Resources Inc             CLF      4.875    15.833   4/1/2021
Cliffs Natural
  Resources Inc             CLF      4.800    14.179  10/1/2020
Cliffs Natural
  Resources Inc             CLF      7.750    24.875  3/31/2020
Cliffs Natural
  Resources Inc             CLF      7.750    25.750  3/31/2020
Colt Defense LLC /
  Colt Finance Corp         CLTDEF   8.750     4.280 11/15/2017
Colt Defense LLC /
  Colt Finance Corp         CLTDEF   8.750     6.875 11/15/2017
Colt Defense LLC /
  Colt Finance Corp         CLTDEF   8.750     6.875 11/15/2017
Community Choice
  Financial Inc             CCFI    10.750    24.204   5/1/2019
Comstock Resources Inc      CRK      7.750    15.500   4/1/2019
Comstock Resources Inc      CRK      9.500    18.000  6/15/2020
Constellation
  Enterprises LLC           CONENT  10.625    63.250   2/1/2016
Constellation
  Enterprises LLC           CONENT  10.625    63.125   2/1/2016
Continental Airlines
  2001-1 Class B Pass
  Through Trust             UAL      7.373    99.587 12/15/2015
Cumulus Media Holdings Inc  CMLS     7.750    33.896   5/1/2019
Dow Chemical Co/The         DOW      2.500    99.950 12/15/2019
Dow Chemical Co/The         DOW      4.100   100.000 12/15/2023
Dow Chemical Co/The         DOW      1.750   100.000  6/15/2018
Dow Chemical Co/The         DOW      2.750    99.950  6/15/2016
Dow Chemical Co/The         DOW      3.200   100.000  6/15/2019
Dow Chemical Co/The         DOW      3.100    99.950 12/15/2022
Dow Chemical Co/The         DOW      3.500    99.925  6/15/2023
Dow Chemical Co/The         DOW      3.250    99.600  6/15/2019
Dow Chemical Co/The         DOW      3.350    99.501  6/15/2023
Dow Chemical Co/The         DOW      3.500    99.828  6/15/2023
Dow Chemical Co/The         DOW      3.600    97.989 12/15/2024
Dow Chemical Co/The         DOW      3.300   100.000  6/15/2023
Dow Chemical Co/The         DOW      4.050   100.035 12/15/2023
Dow Chemical Co/The         DOW      3.050   100.000 12/15/2022
Dow Chemical Co/The         DOW      2.550   100.000  6/15/2017
Dow Chemical Co/The         DOW      2.400    99.587  6/15/2017
Dow Chemical Co/The         DOW      2.500    99.500  6/15/2017
Dow Chemical Co/The         DOW      2.750   100.000  6/15/2016
Dow Chemical Co/The         DOW      3.400    98.950 12/15/2024
Dow Chemical Co/The         DOW      3.600    98.550  6/15/2022
Dow Chemical Co/The         DOW      3.550   100.020  6/15/2024
Dow Chemical Co/The         DOW      1.850    99.850 12/15/2017
Dow Chemical Co/The         DOW      3.550   100.100  6/15/2022
Dow Chemical Co/The         DOW      2.950   100.000  6/15/2021
Dow Chemical Co/The         DOW      2.600    99.975 12/15/2016
Dow Chemical Co/The         DOW      2.900    99.950 12/15/2021
Dow Chemical Co/The         DOW      4.050   100.100 12/15/2023
Dow Chemical Co/The         DOW      2.700   100.000  6/15/2016
Dow Chemical Co/The         DOW      3.000   100.000  6/15/2019
Dow Chemical Co/The         DOW      2.050   100.035  6/15/2018
Dow Chemical Co/The         DOW      2.450   100.000 12/15/2019
Dow Chemical Co/The         DOW      2.850   100.000  6/15/2020
Dow Chemical Co/The         DOW      2.000    97.590  6/15/2018
Dow Chemical Co/The         DOW      2.550    99.723 12/15/2019
Dow Chemical Co/The         DOW      3.650   100.001 12/15/2018
Dow Chemical Co/The         DOW      3.400   100.000 12/15/2020
Dow Chemical Co/The         DOW      2.250   100.000  6/15/2019
Dow Chemical Co/The         DOW      2.100   100.000  6/15/2019
Dow Chemical Co/The         DOW      1.850   100.000 12/15/2017
Dow Chemical Co/The         DOW      2.850   100.000  6/15/2020
Dow Chemical Co/The         DOW      2.450   100.000  6/15/2017
Dow Chemical Co/The         DOW      3.100   100.000 12/15/2021
Dow Chemical Co/The         DOW      2.300   100.000 12/15/2018
Dow Chemical Co/The         DOW      2.600   100.281  6/15/2017
Dow Chemical Co/The         DOW      2.750    99.501  6/15/2020
Dow Chemical Co/The         DOW      2.150    99.370  6/15/2019
Dow Chemical Co/The         DOW      2.300   100.100 12/15/2018
Dow Chemical Co/The         DOW      1.850   100.000 12/15/2017
Dow Chemical Co/The         DOW      2.600   100.000  6/15/2020
Dow Chemical Co/The         DOW      3.300   100.000 12/15/2020
Dow Chemical Co/The         DOW      3.450   100.000 12/15/2024
Dow Chemical Co/The         DOW      2.350   100.000 12/15/2018
Dow Chemical Co/The         DOW      2.450   100.000 12/15/2019
Dow Chemical Co/The         DOW      2.250   100.000  6/15/2019
Dow Chemical Co/The         DOW      2.350    99.500 12/15/2019
Dow Chemical Co/The         DOW      3.000    99.102 12/15/2021
Dow Chemical Co/The         DOW      2.350    98.750 12/15/2019
Dow Chemical Co/The         DOW      2.900   100.000  6/15/2021
Dow Chemical Co/The         DOW      3.600   100.000  6/15/2024
EPL Oil & Gas Inc           EXXI     8.250    27.250  2/15/2018
EXCO Resources Inc          XCO      7.500    29.000  9/15/2018
EXCO Resources Inc          XCO      8.500    21.500  4/15/2022
Eagle Rock Energy
  Partners LP / Eagle
  Rock Energy
  Finance Corp              EROC     8.375    32.000   6/1/2019
Emerald Oil Inc             EOX      2.000    35.500   4/1/2019
Endeavour
  International Corp        END     12.000     6.000   3/1/2018
Endeavour
  International Corp        END     12.000     6.000   3/1/2018
Endeavour
  International Corp        END     12.000     6.000   3/1/2018
Endo Finance LLC /
  Endo Finco Inc            ENDP     7.500   103.405 12/15/2020
Endo Health Solutions Inc   ENDP     7.000   103.498 12/15/2020
Energy & Exploration
  Partners Inc              ENEXPR   8.000    12.875   7/1/2019
Energy & Exploration
  Partners Inc              ENEXPR   8.000    12.875   7/1/2019
Energy Conversion
  Devices Inc               ENER     3.000     7.875  6/15/2013
Energy Future
  Holdings Corp             TXU      9.750    36.000 10/15/2019
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc          TXU     10.000     2.875  12/1/2020
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc          TXU     10.000     2.875  12/1/2020
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc          TXU      6.875     2.666  8/15/2017
Energy XXI Gulf Coast Inc   EXXI    11.000    36.000  3/15/2020
Energy XXI Gulf Coast Inc   EXXI     9.250    29.500 12/15/2017
Energy XXI Gulf Coast Inc   EXXI     7.500    21.865 12/15/2021
Energy XXI Gulf Coast Inc   EXXI     7.750    13.000  6/15/2019
Energy XXI Gulf Coast Inc   EXXI     6.875    15.000  3/15/2024
FBOP Corp                   FBOPCP  10.000     1.843  1/15/2009
FCA US LLC /
  CG Co-Issuer Inc          FCAIM    8.250   107.552  6/15/2021
FCA US LLC /
  CG Co-Issuer Inc          FCAIM    8.250   107.552  6/15/2021
FairPoint
  Communications Inc/Old    FRP     13.125     1.879   4/2/2018
Federal Farm Credit Banks   FFCB     3.625   100.025 12/17/2029
Federal Home Loan Banks     FHLB     3.680   100.000 10/22/2029
Federal Home Loan
  Mortgage Corp             FHLMC    3.200   100.000  6/13/2028
Fleetwood Enterprises Inc   FLTW    14.000     3.557 12/15/2011
Forbes Energy Services Ltd  FES      9.000    41.070  6/15/2019
GT Advanced
  Technologies Inc          GTAT     3.000     1.080  10/1/2017
GT Advanced
  Technologies Inc          GTAT     3.000     0.830 12/15/2020
Gastar Exploration Inc      GST      8.625    49.063  5/15/2018
Getty Images Inc            GYI      7.000    33.000 10/15/2020
Getty Images Inc            GYI      7.000    31.200 10/15/2020
Goodman Networks Inc        GOODNT  12.125    28.000   7/1/2018
Goodrich Petroleum Corp     GDP      8.875     6.550  3/15/2019
Goodrich Petroleum Corp     GDP      5.000    15.500  10/1/2032
Goodrich Petroleum Corp     GDP      8.875    20.000  3/15/2018
Goodrich Petroleum Corp     GDP      8.875    31.875  3/15/2018
Goodrich Petroleum Corp     GDP      8.875    10.000  3/15/2019
Goodrich Petroleum Corp     GDP      8.875    10.000  3/15/2019
Gymboree Corp/The           GYMB     9.125    19.900  12/1/2018
Halcon Resources Corp       HKUS     9.750    28.133  7/15/2020
Halcon Resources Corp       HKUS     8.875    28.250  5/15/2021
Halcon Resources Corp       HKUS     9.250    31.500  2/15/2022
Horsehead Holding Corp      ZINC     3.800    29.275   7/1/2017
ION Geophysical Corp        IO       8.125    36.000  5/15/2018
Interactive Network Inc /
  FriendFinder
  Networks Inc              FFNT    14.000    62.000 12/20/2018
JPMorgan Chase & Co         JPM      5.850   100.000  3/15/2037
JPMorgan Chase & Co         JPM      5.750   100.000 12/15/2036
JPMorgan Chase & Co         JPM      5.800    99.883  1/15/2037
John Hancock
  Life Insurance Co         MFCCN    1.860 #N/A N/A  12/15/2015
Key Energy Services Inc     KEG      6.750    25.250   3/1/2021
Las Vegas Monorail Co       LASVMC   5.500     3.000  7/15/2019
Legacy Reserves LP /
  Legacy Reserves
  Finance Corp              LGCY     8.000    27.963  12/1/2020
Lehman Brothers
  Holdings Inc              LEH      4.000     5.500  4/30/2009
Lehman Brothers
  Holdings Inc              LEH      5.000     5.500   2/7/2009
Lehman Brothers Inc         LEH      7.500     3.750   8/1/2026
Level 3 Financing Inc       LVLT     8.625   105.010  7/15/2020
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     8.625    20.113  4/15/2020
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.250    17.000  11/1/2019
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.500    21.000  5/15/2019
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     7.750    18.400   2/1/2021
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.500    15.250  9/15/2021
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.250    18.375  11/1/2019
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.250    18.375  11/1/2019
Logan's Roadhouse Inc       LGNS    10.750    43.000 10/15/2017
MBIA Insurance Corp         MBI     11.581    19.750  1/15/2033
MF Global Holdings Ltd      MF       3.375     1.619   8/1/2018
MF Global Holdings Ltd      MF       9.000     1.619  6/20/2038
MModal Inc                  MODL    10.750    10.125  8/15/2020
Magnetation LLC /
  Mag Finance Corp          MAGNTN  11.000    15.000  5/15/2018
Magnetation LLC /
  Mag Finance Corp          MAGNTN  11.000    14.375  5/15/2018
Magnetation LLC /
  Mag Finance Corp          
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.750    13.700  10/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO      9.250    15.500   6/1/2021
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.750    14.375  10/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.750    14.375  10/1/2020
Modular Space Corp          MODSPA  10.250    43.125  1/31/2019
Modular Space Corp          MODSPA  10.250    58.500  1/31/2019
Molycorp Inc                MCP     10.000     5.225   6/1/2020
Morgan Stanley              MS       1.337    99.950 12/15/2015
Murray Energy Corp          MURREN  11.250    19.250  4/15/2021
Murray Energy Corp          MURREN   9.500    19.625  12/5/2020
Murray Energy Corp          MURREN  11.250    24.250  4/15/2021
Murray Energy Corp          MURREN   9.500    19.625  12/5/2020
Navient Corp                NAVI     5.350    99.153 12/15/2015
Navient Corp                NAVI     2.245    99.900 12/15/2015
Navient Corp                NAVI     4.100    95.750 12/15/2015
Navient Corp                NAVI     2.045 #N/A N/A  12/15/2015
Navient Corp                NAVI     2.245    99.250 12/15/2015
New Gulf Resources LLC/
  NGR Finance Corp          NGREFN  12.250    16.125  5/15/2019
New Gulf Resources LLC/
  NGR Finance Corp          NGREFN  12.250    16.250  5/15/2019
New Gulf Resources LLC/
  NGR Finance Corp          NGREFN  12.250    23.500  5/15/2019
Nine West Holdings Inc      JNY      6.875    20.000  3/15/2019
Noranda Aluminum
  Acquisition Corp          NOR     11.000    10.063   6/1/2019
Nuverra Environmental
  Solutions Inc             NES      9.875    32.175  4/15/2018
OMX Timber Finance
  Investments II LLC        OMX      5.540    12.050  1/29/2020
Peabody Energy Corp         BTU      6.000    17.700 11/15/2018
Peabody Energy Corp         BTU      6.250    12.270 11/15/2021
Peabody Energy Corp         BTU     10.000    17.300  3/15/2022
Peabody Energy Corp         BTU      6.500    12.150  9/15/2020
Peabody Energy Corp         BTU      4.750     4.750 12/15/2041
Peabody Energy Corp         BTU      7.875    14.293  11/1/2026
Peabody Energy Corp         BTU     10.000    17.750  3/15/2022
Peabody Energy Corp         BTU      6.000    17.500 11/15/2018
Peabody Energy Corp         BTU      6.000    17.250 11/15/2018
Peabody Energy Corp         BTU      6.250    12.625 11/15/2021
Peabody Energy Corp         BTU      6.250    12.625 11/15/2021
Pedernales Electric
  Cooperative Inc           PEDELC   8.850   107.042 11/15/2016
Penn Virginia Corp          PVA      8.500    18.750   5/1/2020
Penn Virginia Corp          PVA      7.250    16.383  4/15/2019
Permian Holdings Inc        PRMIAN  10.500    39.000  1/15/2018
Permian Holdings Inc        PRMIAN  10.500    38.625  1/15/2018
Prospect Capital Corp       PSEC     6.250    98.920 12/15/2015
Prospect Capital Corp       PSEC     6.250    99.747 12/15/2015
Prospect Holding Co LLC /
  Prospect Holding
  Finance Co                PRSPCT  10.250    49.250  10/1/2018
Prospect Holding Co LLC /
  Prospect Holding
  Finance Co                PRSPCT  10.250    54.500  10/1/2018
Quicksilver Resources Inc   KWKA     9.125     4.750  8/15/2019
Quicksilver Resources Inc   KWKA    11.000     6.750   7/1/2021
Quiksilver Inc /
  QS Wholesale Inc          ZQK     10.000     3.664   8/1/2020
RAAM Global Energy Co       RAMGEN  12.500     8.750  10/1/2015
RAIT Financial Trust        RAS      7.000    87.000   4/1/2031
RS Legacy Corp              RSH      6.750     0.554  5/15/2019
RS Legacy Corp              RSH      6.750     0.231  5/15/2019
Ralcorp Holdings Inc        CAG      6.625    95.791  8/15/2039
Ralcorp Holdings Inc        CAG      4.950   112.125  8/15/2020
Rex Energy Corp             REXX     8.875    23.500  12/1/2020
Roundy's Supermarkets Inc   RNDY    10.250   114.750 12/15/2020
Roundy's Supermarkets Inc   RNDY    10.250   114.625 12/15/2020
Sabine Oil & Gas Corp       SOGC     7.250     8.000  6/15/2019
Sabine Oil & Gas Corp       SOGC     9.750    10.500  2/15/2017
Sabine Oil & Gas Corp       SOGC     7.500     6.000  9/15/2020
Sabine Oil & Gas Corp       SOGC     7.500     6.500  9/15/2020
Sabine Oil & Gas Corp       SOGC     7.500     6.500  9/15/2020
SandRidge Energy Inc        SD       8.750    30.750   6/1/2020
SandRidge Energy Inc        SD       7.500    12.189  3/15/2021
SandRidge Energy Inc        SD       8.125    13.250 10/15/2022
SandRidge Energy Inc        SD       8.750    14.617  1/15/2020
SandRidge Energy Inc        SD       7.500    12.750  2/15/2023
SandRidge Energy Inc        SD       8.125    18.110 10/16/2022
SandRidge Energy Inc        SD       8.750    33.150   6/1/2020
SandRidge Energy Inc        SD       7.500    19.021  2/16/2023
SandRidge Energy Inc        SD       7.500    13.375  3/15/2021
SandRidge Energy Inc        SD       7.500    13.375  3/15/2021
Scotts Miracle-Gro Co/The   SMG      6.625   103.450 12/15/2020
Sequa Corp                  SQA      7.000    33.750 12/15/2017
Sequa Corp                  SQA      7.000    33.375 12/15/2017
Seventy Seven Energy Inc    SSE      6.500    19.000  7/15/2022
Seventy Seven
  Operating LLC             SSE      6.625    37.000 11/15/2019
Sigma-Aldrich Corp          SIAL     3.375   104.570  11/1/2020
Simon Property Group LP     SPG      7.375   115.046  6/15/2018
SquareTwo Financial Corp    SQRTW   11.625    60.792   4/1/2017
Swift Energy Co             SFY      7.875     7.120   3/1/2022
Swift Energy Co             SFY      7.125    10.985   6/1/2017
Swift Energy Co             SFY      8.875    11.339  1/15/2020
Syniverse Holdings Inc      SVR      9.125    47.000  1/15/2019
TMST Inc                    THMR     8.000    15.250  5/15/2013
Talos Production LLC /
  Talos Production
  Finance Inc               TALPRO   9.750    43.500  2/15/2018
Talos Production LLC /
  Talos Production
  Finance Inc               TALPRO   9.750    44.000  2/15/2018
Terrestar Networks Inc      TSTR     6.500    10.000  6/15/2014
TetraLogic
  Pharmaceuticals Corp      TLOG     8.000    41.497  6/15/2019
Texas Competitive Electric
  Holdings Co LLC /
  TCEH Finance Inc          TXU     10.250     7.625  11/1/2015
Texas Competitive Electric
  Holdings Co LLC /
  TCEH Finance Inc          TXU     11.500    31.000  10/1/2020
Texas Competitive Electric
  Holdings Co LLC /
  TCEH Finance Inc          TXU     15.000     5.875   4/1/2021
Texas Competitive Electric
  Holdings Co LLC /
  TCEH Finance Inc          TXU     10.250     5.000  11/1/2015
Texas Competitive Electric
  Holdings Co LLC /
  TCEH Finance Inc          TXU     10.500    10.250  11/1/2016
Texas Competitive Electric
  Holdings Co LLC /
  TCEH Finance Inc          TXU     11.500    34.750  10/1/2020
Texas Competitive Electric
  Holdings Co LLC /
  TCEH Finance Inc          TXU     15.000     8.500   4/1/2021
Texas Competitive Electric
  Holdings Co LLC /
  TCEH Finance Inc          TXU     10.250     2.422  11/1/2015
Texas Competitive Electric
  Holdings Co LLC /
  TCEH Finance Inc          TXU     10.500     8.875  11/1/2016
Thermo Fisher
  Scientific Inc            TMO      3.200   100.350   3/1/2016
Toyota Motor Credit Corp    TOYOTA   1.350   100.000 12/15/2017
Toys R Us Inc               TOY      7.375    44.821 10/15/2018
UCI International LLC       UCII     8.625    36.000  2/15/2019
Vanguard Natural
  Resources LLC /
  VNR Finance Corp          VNR      7.875    30.750   4/1/2020
Venoco Inc                  VQ       8.875    23.065  2/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750    15.000  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750    18.750  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750     3.250  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     13.000     1.350   8/1/2020
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS      8.750     1.600   2/1/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750    18.250  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750     1.461  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750     1.461  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750    18.250  1/15/2019
Vulcan Materials Co         VMC     10.125   100.000 12/15/2015
W&T Offshore Inc            WTI      8.500    33.952  6/15/2019
Walter Energy Inc           WLTG     9.500    30.000 10/15/2019
Walter Energy Inc           WLTG     8.500     0.250  4/15/2021
Walter Energy Inc           WLTG     9.500    30.125 10/15/2019
Walter Energy Inc           WLTG     9.500    30.125 10/15/2019
Walter Energy Inc           WLTG     9.500    30.125 10/15/2019
Warren Resources Inc        WRES     9.000    19.250   8/1/2022
Warren Resources Inc        WRES     9.000    19.250   8/1/2022
Warren Resources Inc        WRES     9.000    19.250   8/1/2022
iHeartCommunications Inc    IHRT    10.000    40.250  1/15/2018


                            *********

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 ***