TCR_Public/151215.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Tuesday, December 15, 2015, Vol. 19, No. 349

                            Headlines

33 PECK: Gets Final Approval to Use Cash Collateral Until February
ACADEMY ROAD: Voluntary Chapter 11 Case Summary
ADAMS FLOOR: Case Summary & 20 Largest Unsecured Creditors
ALPHA NATURAL: $410K in Claims Switched Hands Between Oct & Nov
ALPHA NATURAL: Committee Seeks Extension of Challenge Period

ALPHA NATURAL: DIP Lenders Want Plan Support Deal by Jan. 22
ALPHA NATURAL: Feb. 9 Hearing on Approval of Asset Sale
ALPHA NATURAL: Increase of Term L/C Cap to $138-Mil. Approved
ALPHA NATURAL: Jan. 20 Bid Deadline; Jan. 27 Auction Date
AMERICAN EAGLE: Closes $36.75M Asset Sale to Resource Energy

ANGELS OF THE VALLEY: Case Summary & 20 Top Unsecured Creditors
ATLANTIC CITY, NJ: Moody's Affirms 'Caa1 GO Rating, Outlook Neg
ATLANTIC CITY, NJ: Moody's Affirms B2 Rating on Net Water Rev. Debt
BATE LAND: BLC Entitled to $14.68MM Secured Claim
BEHAVIORAL SUPPORT: Amends Schedules of Assets and Liabilities

BLOUNT INC: S&P Puts 'BB-' CCR on CreditWatch Negative
BOOMERANG SYSTEMS: Wants Request for Additional Loans Approved
CANAL ASPHALT: Creditors Object to Auction of Asphalt Plant
CANAL ASPHALT: Thalle Seeks Turn Over of Deposit
CARDIAC SCIENCE: Court Approves Sale Procedures; Bids Due Jan. 6

CHESAPEAKE ENERGY: Taps Restructuring Advisers at Evercore
CORINTHIAN COLLEGES: Student Debt Discharged Not Taxable
CUBIC ENERGY: Asks Court to Approve Consensual Cash Collateral Use
CUBIC ENERGY: Joint Administration of Cases Sought
CUPEYVILLE SCHOOL: Case Summary & 20 Largest Unsecured Creditors

DIOCESE OF DULUTH: In Ch. 11 Amid Sexual Abuse Claims
EXPERT TRANSPORTATION: Case Summary & 15 Top Unsecured Creditors
FILMED ENTERTAINMENT: Columbia House Sale Wins Court Approval
GRAHAM GULF: Debtor Objects to Wells Fargo's Attorneys Fees, Costs
HORIZON PHARMA: Moody's to Retain B2 CFR on Crealta Acquisition

JW RESOURCES: Seeks to Sell Assets to Revelation Energy
LUTHERAN CHURCH: Jan. 23 Creditor's Meeting to Vote on Plan
MINERAL PARK: Seeks Dismissal of Cases After Sale Closed
MOLYCORP INC: Watchdog Questions Oaktree's Role in Ch. 11 Case
MOTORS LIQUIDATION: Pays Ignition Victims With Less than $600M

NEW JERSEY: Moody's Maintains Ba2 Rating on District Project Bonds
NEWBURY COMMON: Voluntary Chapter 11 Case Summary
OZ GAS: Ch. 11 Trustee Seeks Conversion of Cases to Chapter 7
PARALLEL ENERGY: Claims Bar Date Set for January 5
PICO HOLDINGS: New Business Plan Piques Activist Investor Interest

PIEDMONT CENTER: Creditors Seek Stay of Proposed Property Sale
POC PROPERTIES: Voluntary Chapter 11 Case Summary
PUTNAM ENERGY: Hearing on Cash Access Continued Until Dec. 16
QUIKSILVER INC: Watchmaker Fights to Keep Licensing Deal Alive
QUIRKY INC: Gets Approval on $4.7M Asset Sale to Q Holdings LLC

RANCH 967: Seeks Dismissal of Ch. 11 Case Effective Dec. 31
RIENZI & SONS: Exclusive Periods Extended for 60 Days
ROPER AND TWARDOWSKY: Files for Chapter 11 Bankruptcy Protection
SABINE OIL: Court Approves Performance Award Program
SAGA CREEK: Declared Bankrupt by Akmola Court

SEABOARD REALTY: Files Chapter 11 Bankruptcy Petition
SHERIDAN INVESTMENT I: Moody's Cuts CFR to Caa3, Outlook Negative
SHERIDAN INVESTMENT II: Moody's Cuts CFR to 'Caa3', Outlook Neg.
SOP ACADEMY: Voluntary Chapter 11 Case Summary
TECK RESOURCES: Moody's Lowers CFR to Ba3, Outlook Negative

TRANSCOASTAL CORP: In Chapter 11 with Prepack Plan
TRIUMPH GROUP: Moody's Affirms Ba2 CFR & Changes Outlook to Neg.
VALLEY FORGE: Says Thompson Coburn Must Face Negligence Suit
VANGUARD NATURAL: Moody's Lowers CFR to B3, Outlook Negative
WALTER ENERGY: Canada Holdings Restructures Under CCAA

WALTER ENERGY: May Use Cash Collateral Through Jan. 8
[*] 3 Firms Earn High Praise from Clients for 15 Consecutive Years
[*] DOJ Seeks Comments on Reports in Ch. 11 Cases
[*] Jones Day's Scott Greenberg Named as Law360's Bankruptcy MVP
[*] Soured Buyouts Bring Kirkland & Ellis $107M Bonanza

[^] Large Companies with Insolvent Balance Sheet

                            *********

33 PECK: Gets Final Approval to Use Cash Collateral Until February
------------------------------------------------------------------
The Hon. James L. Garrity, Jr., of the U.S. Bankruptcy Court for
the Southern District of New York authorized, on a final basis, 33
Peck Slip Acquisition LLC, et al., to use the cash collateral of 33
Peck Slip Hotel Capital LLC, the lender, and provide adequate
protection, including monthly payments to the lender.

The Debtor would use the cash collateral until Feb. 29, 2016, to,
among other things, preserve and maximize the value of the Debtor's
assets.

As adequate protection from any diminution in value of the lender's
collateral, the Debtor will grant the lender (a) replacement liens;
(b) a superpriority administrative expense
claim; and (c) periodic payments.

If necessary, a continued hearing on the motion to consider any
extension of or changes to the budget will be held on Feb. 23,
2016, at 10:00a.m.

                         About 33 Peck

Owners of four New York City hotel properties, namely 33 Peck Slip
Acquisition LLC, Gemini 37 West 24th Street MT, LLC, 36 West 38th
Street LLC and 52 West 13th P, LLC, have sought Chapter 11
bankruptcy protection, intending to auction off their assets in
connection with a Chapter 11 plan.  The Debtors are affiliated
with
Gemini Real Estate Advisors.

As of the bankruptcy filing, the Debtors owned:

   * the Best Western Seaport Hotel, at 33 Peck Slip in the South
Street Seaport Historic District on the Lower Manhattan waterfront
in New York City, New York;

   * the Wyndham Flatiron Hotel, at 37 West 24th Street in the
Flatiron district of New York City, New York;

   * the Jade Greenwich Village Hotel at 52 West 13th Street in
Greenwich Village in Lower Manhattan in New York City, New York;
and

   * the Bryant Park Development Site, a development lot that is
approved for development as a 114-room boutique hotel at 34-36
West 38th Street in the Bryant Park district of New York City, New
York.

33 Peck Slip Acquisition LLC, et al., sought Chapter 11 bankruptcy
petition (Bankr. S.D.N.Y. Case Nos. 15-12479 to 15-12482) on
Sept. 3, 2015.

The Debtors reported total assets of $205.8 million and total
liabilities of $135.6 million.

The Debtors tapped Robins Kaplan LLP as attorneys; and
Robert Douglas as real estate advisor.

The bar date for filing proofs of claim is Dec. 16, 2015.

The Debtors have submitted a liquidating plan that will pay off
creditors from proceeds of the sale of the assets.

The Debtors have solicited stalking horse initial offers for the
properties totaling $200 million, subject to potential higher bids
at a Nov. 10 auction.  The Debtors plan to sell the Seaport hotel
for $37.5 million, the Jade hotel for $78 million, the Wyndham
hotel for $57 million, and the development site for $25.5 million.


ACADEMY ROAD: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Academy Road Partners, LLC
        408 E. Ravine Baye Road
        Bayside, WI 53217

Case No.: 15-33293

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: December 11, 2015

Court: United States Bankruptcy Court
       Eastern District of Wisconsin (Milwaukee)

Judge: Hon. Susan V. Kelley

Debtor's Counsel: Jerome R. Kerkman, Esq.
                  KERKMAN & DUNN
                  757 N. Broadway, Suite 300
                  Milwaukee, WI 53202-3612
                  Tel: 414-277-8200
                  Fax: 414-277-0100
                  Email: jkerkman@kerkmandunn.com

                     - and -

                  Justin M. Mertz, Esq.
                  KERKMAN & DUNN
                  757 N. Broadway, Suite 300
                  Milwaukee, WI 53202
                  Tel: 414-277-8200
                  Email: jmertz@kerkmandunn.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Warren Blumenthal, authorized person.

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


ADAMS FLOOR: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Adams Floor Decor, LLC
           aka Coker Floor Company
        11444 Reeder Rd., Ste. 104
        Dallas, TX 75229

Case No.: 15-34981

Chapter 11 Petition Date: December 11, 2015

Court: United States Bankruptcy Court
       Northern District of Texas (Dallas)

Judge: Hon. Stacey G. Jernigan

Debtor's Counsel: Robert Thomas DeMarco, Esq.
                  DEMARCO-MITCHELL, PLLC
                  1255 W. 15th St., Ste 805
                  Plano, TX 75075
                  Tel: (972) 578-1400
                  Fax: (972) 346-6791
                  Email: robert@demarcomitchell.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Cody Adams, managing director.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txnb15-34981.pdf


ALPHA NATURAL: $410K in Claims Switched Hands Between Oct & Nov
---------------------------------------------------------------
In the Chapter 11 cases of Alpha Natural Resources, Inc., et al.,
three claims switched hands from Oct. 9 to Nov. 25, 2015:

     Transferee                 Transferor          Claim Amount
     ----------                 ----------          ------------
Claims Recovery Group LLC    Buchanan Oil Corp       $351,299.12

Claims Recovery Group LLC    Greer Industries Inc.    $58,358.05

Liquidity Solutions, Inc.    Laurel Foodsystems          $900.64  


                  About Alpha Natural Resources

Alpha Natural -- http://www.alphanr.com/-- is a coal supplier,    

ranked second largest among publicly traded U.S. coal producers as
measured by 2014 consolidated revenues of $4.3 billion.  

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

Judge Kevin R. Huennekens presides over the case.

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

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

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors.  Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP;
and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M.
Terry, Jr., Esq. at Sands Anderson PC, represent the Committee.


ALPHA NATURAL: Committee Seeks Extension of Challenge Period
------------------------------------------------------------
The Official Committee of Unsecured Creditors seeks an extension of
the Challenge Period by 90 days, to a date that is 180 days after
entry of the Final DIP Order issued to Alpha Natural Resources,
Inc. and its affiliated.

Paragraph 23 of the Final DIP Order provides that the Committee
will have 90 days after entry of the Final DIP Order to file an
adversary proceeding or contested matter challenging (A) the
validity, enforceability, priority, or extent of the Stipulated
Debt or the Stipulated Security Interests; or (B) otherwise assert
an action in connection with matters related to the Existing Credit
Documents, the Existing Second Lien Indentures Documents, the
Stipulated Debt, the Senior Lender Collateral, and the Second
Priority Collateral.

William A. Gray, Esq., at Sands Anderson PC, in Richmond, Virginia,
asserts that ample cause exists under the circumstances of these
Cases to support an extension of the Challenge Period.  The
Committee, according to Mr. Gray, has not had a chance to fully
develop its analysis of potential claims and causes of action
because the Debtors' statements and schedules do not contain a
complete listing of, or information concerning, the Debtors' real
property interests and the Debtors have not produced or otherwise
identified documents necessary to determine and evaluate the
Debtors' real property interests.

Moreover, an extension is in the best interests of the Debtors'
estates and would not prejudice the secured lenders, Mr. Gray
further asserts.

The Official Committee of Unsecured Creditors is represented by:

          William A. Gray, Esq.
          George R. Pitts, Esq.
          Eric C. Howlett, Esq.
          SANDS ANDERSON PC
          P.O. Box 1998
          Richmond, Virginia 23218-1998
          Telephone: (804) 648-1636
          Email: BGray@SandsAnderson.com
                 GPitts@sandsanderson.com
                 EHowlett@SandsAnderson.com

                       About Alpha Natural

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

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

Judge Kevin R. Huennekens presides over the case.

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

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

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors.  Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP;
and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M.
Terry, Jr., Esq. at Sands Anderson PC, represent the Committee.


ALPHA NATURAL: DIP Lenders Want Plan Support Deal by Jan. 22
------------------------------------------------------------
Alpha Natural Resources, Inc. and its debtor-affiliates on Nov. 24,
2015, entered into Amendment No. 4 to Superpriority Secured
Debtor-in-Possession Credit Agreement.

The Bankruptcy Court for the Eastern District of Virginia on
November 19, 2015, issued a supplemental order, among other things,
(a) approving and authorizing the Debtors to enter into Amendment
No. 3, subject to the modifications set forth in the Fourth DIP
Amendment, (b) authorizing the Debtors to enter into the Fourth DIP
Amendment and (c) thereby authorizing the amendment and
restatement, in its entirety, of Section 5.17(c) of the First Out
DIP Credit Agreement.

The amended and restated Section 5.17(c) now provides that no later
than January 22, 2016, the Debtors will enter into a plan structure
agreement with First Out DIP Lenders constituting the Required
Lenders (and potentially other stakeholders), which PSA will be
based on an Agreed Business Plan and be in form and substance
acceptable to the Required Lenders acting in a commercially
reasonable manner (it being understood that withholding consent to
a PSA on the basis of a determination of encumbered and
unencumbered assets inconsistent with any order of the Bankruptcy
Court shall be commercially unreasonable).

The PSA will also (i) outline a construct for a Chapter 11 plan for
the Debtors, including a waterfall analysis demonstrating
distributions under such Chapter 11 plan to each class of claims
according to their relative priority under the Bankruptcy Code,
(ii) identify property that was encumbered as of the Petition Date
and property that was unencumbered as of the Petition Date, and
include a discussion of the Debtors' approach to the valuation of
such property; (iii) set forth a timeline for filing a Chapter 11
plan and related disclosure statement with the Bankruptcy Court and
for seeking Bankruptcy Court approval thereof; provided, however,
that the failure to meet any such deadlines that may be set forth
in the PSA shall not constitute an Event of Default under the First
Out DIP Credit Agreement absent further approval of the Bankruptcy
Court; and (iv) outline a process for implementing one or more
agreed restructuring alternatives for the Debtors in a manner
reasonably acceptable to the Required Lenders and the Debtors (for
the avoidance of doubt, including a timeline for implementation of
each strategic restructuring alternative).

To facilitate the achievement of this milestone and by January 22,
2016, the Debtors will populate a data room, and prepare related
materials, to permit existing stakeholders and/or new third party
potential investors to assess potential investments in the Debtors
or other restructuring transaction for the Debtors.

The Fourth DIP Amendment also amends the definition of "New Term
L/C Conditions" established in Amendment No. 3 to require the
Required Lenders (as defined in the First Out DIP Credit Agreement)
to act in a reasonable manner in objecting to the issuance of any
Term Facility Letter of Credit.

As previously disclosed, the Debtors filed a motion on the Petition
Date seeking authorization to use cash collateral and to approve
financing under (i) that Superpriority Secured Debtor-in-Possession
Credit Agreement by and among the Company as borrower, certain
Debtors party thereto as guarantors, the lenders party thereto --
First Out DIP Lenders -- and Citibank, N.A. -- First Out Agent --
as Administrative Agent and Collateral Agent (as amended by
Amendment No. 1, Amendment No. 2 and Amendment No. 3, and as may be
further amended from time to time, the "First Out DIP Credit
Agreement") and (ii) that Superpriority Secured Second Out
Debtor-in-Possession Credit Agreement by and among the Company as
borrower, certain Debtors party thereto as guarantors, the lenders
party thereto -- Second Out DIP Lenders -- the issuing banks
thereto and Citicorp North America, Inc. as Administrative Agent
and Collateral Agent -- Second Out DIP Credit Agreement.

On August 4, 2015, the Court issued an interim order approving the
DIP Financing on an interim basis, and on September 17, the Court
issued a final order approving the DIP Financing on a final basis.

A copy of Amendment No. 4 to Superpriority Secured
Debtor-In-Possession Credit Agreement dated as of November 24, 2015
by and among Alpha Natural Resources, Inc., as borrower, certain
parties thereto as guarantors, the lenders party thereto, Citibank,
N.A. as administrative agent and other agents party thereto, is
available at http://is.gd/wL2VHA

                  About Alpha Natural Resources

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

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

Judge Kevin R. Huennekens presides over the case.

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

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

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors.  Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP;
and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M.
Terry, Jr., Esq. at Sands Anderson PC, represent the Committee.

Certain Alpha Natural Resources' equity security holders holding in
excess of 2.5 million shares of the Company's common stock have
filed with the Court a motion to appoint an official committee of
equity security holders.


ALPHA NATURAL: Feb. 9 Hearing on Approval of Asset Sale
-------------------------------------------------------
The Hon. Kevin R. Huennekens of the U.S. Bankruptcy Court for the
Eastern District of Virginia will consider on Feb. 9, 2016, at
10:00 a.m., the approval of the sale of some or all of Alpha
Natural Resources, Inc.'s assets.

Objections, if any, are due Jan. 20.

An auction will be held if more than one qualified bid is received
for a particular asset or group of assets.  The initial auction is
scheduled to take place at offices of the Debtors' counsel, Jones
Day, at 222 East 41st Street, in New York City, at 10:00 a.m., on
Jan. 27, 2016.  Deadline for qualified bids is Jan. 20, at
5:00 p.m.

As previously reported by The Troubled Company Reporter, the
Debtors amended its list of assets for sale in an already
court-approved bidding procedure, adding seven active Central
Appalachian coal complexes.  These assets in West Virginia were
added to the sale list: (a) the Bandmill complex; (b) the Delbarton
complex; (c) the Inman/Admiral complex; (d) the Mammoth complex;
and (e) the Litwar complex.  The Kentucky additions to the list
include the Sidney complex and Roxana complex.  The Company said in
court documents that it could add more assets for sale to the list,
which it noted "remains subject to further modification."

                       About Alpha Natural

Alpha Natural -- http://www.alphanr.com/-- is a coal supplier,    

ranked second largest among publicly traded U.S. coal producers as
measured by 2014 consolidated revenues of $4.3 billion.  

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

Judge Kevin R. Huennekens presides over the case.

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

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

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


ALPHA NATURAL: Increase of Term L/C Cap to $138-Mil. Approved
-------------------------------------------------------------
The United States Bankruptcy Court for the Eastern District of
Virginia, Richmond Division, granted Alpha Natural Resources, Inc.,
and its affiliated debtors' request seeking an order supplementing
the Final DIP Order.

Under the Supplemental Final DIP Financing Order, the Debtors are
permitted to increase the Term L/C Cap from $108,000,000 to
$138,000,000, subject to the terms of the Amendment, and may, on a
temporary basis, and with the consent of the Administrative Agent,
increase the Term L/C Cap up to $201,000,000 solely to facilitate
the replacement of any letter of credit that was backstopped by the
Term Facility Letter of Credit issued on the Effective Date
pursuant to the Collateral Substitution Agreement with a Term
Facility Letter of Credit.

The Debtors are represented by:

         Tyler P. Brown, Esq.
         J.R. Smith, Esq.
         Henry P. (Toby) Long, III , Esq.
         Justin F. Paget, Esq.
         HUNTON & WILLIAMS LLP
         Riverfront Plaza, East Tower
         951 East Byrd Street
         Richmond, Virginia 23219
         Telephone: (804) 788-8200
         Facsimile: (804) 788-8218
         Email: tpbrown@hunton.com
                jrsmith@hunton.com
                hlong@hunton.com

         -and-

         David G. Heiman, Esq.
         Carl E. Black, Esq.
         Thomas A. Wilson, Esq.
         JONES DAY
         North Point
         901 Lakeside Avenue
         Cleveland, Ohio 44114
         Telephone: (216) 586-3939
         Facsimile: (216) 579-0212
         Email: dgheiman@jonesday.com
                ceblack@jonesday.com
                tawilson@jonesday.com

                       About Alpha Natural

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

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

Judge Kevin R. Huennekens presides over the case.

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

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

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors.  Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP;
and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M.
Terry, Jr., Esq. at Sands Anderson PC, represent the Committee.


ALPHA NATURAL: Jan. 20 Bid Deadline; Jan. 27 Auction Date
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia
approved the bidding procedures for the sale of certain mining
properties, assets and related infrastructure of Alpha Natural
Resources Inc. and its debtor-affiliates.

Interested buyers must submit their bid for the Debtors' assets on
or before Jan. 20, 2016, at 5:00 p.m. (prevailing Eastern Time).
An auction will take place on Jan. 27, 2016, at 10:00 a.m. (Eastern
Time) followed by a sale hearing on Feb. 9, 2016, at 10:00 a.m.
(Eastern Time) before the Hon. Kevin R. Huennekens in Courtroom
5000, United States Bankruptcy Court, 701 East Broad Street in
Richmond, Virginia.  Objections, if any, are due Jan. 20, 2016.

                  About Alpha Natural Resources

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

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

Judge Kevin R. Huennekens presides over the case.

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

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

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors.  Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP;
and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M.
Terry, Jr., Esq. at Sands Anderson PC, represent the Committee.


AMERICAN EAGLE: Closes $36.75M Asset Sale to Resource Energy
------------------------------------------------------------
American Eagle Energy Corporation disclosed in a Form 8-K filing
with the Securities and Exchange Commission that on Nov. 23, 2015,
the sale of the Company's assets closed in accordance with the
terms of the purchase agreement with Resource Energy Can-Am LLC.

In connection with the Company's bankruptcy, the Colorado
Bankruptcy Court entered an order approving various of its motions,
including the establishment of Bidding and Sale Procedures for
substantially all assets -- excluding the Company's cash and
accounts receivable. In that context, Resource Energy Can-Am and
American Eagle executed an Asset Purchase Agreement dated as of
October 21, 2015.

Pursuant to the terms and conditions of the Purchase Agreement, at
the "Closing" of the transactions contemplated thereby, the
Purchaser is to pay to us the "Base Purchase Price" of $36,750,000
for substantially all assets -- primarily the hydrocarbon leases
and related operating assets. The Base Purchase Price is subject to
certain adjustments in accordance with the terms and conditions of
the Purchase Agreement, which potential adjustments are relatively
usual and customary for transactions of this type. The Closing is
subject to various usual and customary closing conditions and,
pursuant to the Purchase Agreement, is required to occur not later
than November 30, 2015.

Pursuant to the terms and conditions of the Purchase Agreement, the
Purchaser timely tendered the required "Performance Deposit" into
an escrow account on October 22, 2015. The amount of the
Performance Deposit was $3,675,000, which represented 10% of the
Base Purchase Price. The Performance Deposit was required under the
Purchase Agreement to assure the Purchaser's performance
thereunder, subject to the terms and conditions thereof. The
distribution of the Performance Deposit is governed by the
provisions of the Purchase Agreement.

"Upon Closing, the Purchaser and we are to execute and deliver to
the Escrow Agent a joint written instruction instructing the Escrow
Agent to release the Performance Deposit to us and the Performance
Deposit is to be credited against the Purchase Price," the Company
said.  "If the Closing does not occur, depending on the reason
therefor, the Performance Deposit may be returned to the Purchaser
or may be released to us. The escrow account is governed by an
Escrow Agreement by and among the Purchaser, Wells Fargo Bank, and
us (the "Escrow Agreement") dated October 23, 2015."

"In addition to tendering the Performance Deposit into the escrow
account, the Purchaser will also deposit the balance of the Base
Purchase Price into the escrow account. Further, at closing the
Purchaser is obligated to deposit an additional One Million Dollars
($1,000,000.00) into a separate account also to be held in escrow
and released by the Escrow Agent in accordance with the terms of
the Purchase Agreement and the Escrow Agreement. Because of the
claims of various lienholders to some or all of the proceeds of the
sale of our assets, the escrowed funds will be held in the current
escrow account or in a subsequent account until the Bankruptcy
Court or various state courts determine the allowable amount of
such claims."

"On October 22, 2015, the Bankruptcy Court held a hearing at which
(i) substantially all of the previously filed objections by our
creditors and other parties-in-interest were voluntarily withdrawn
or overruled, (ii) the effectiveness of the current cash collateral
order was continued to November 6, 2015, and (iii) a hearing was
set for November 6, 2015, for the Bankruptcy Court to consider the
assignment of certain executory contracts to Purchaser in
accordance with the Purchase Agreement.

"On November 6, 2015, the Bankruptcy Court held a hearing at which
(i) the sale order was approved, (ii) all remaining objections to
the cash sale, as contemplated by the Purchase Agreement, that had
not been withdrawn, waived, settled, or otherwise dealt with as
expressly provided in the Bankruptcy Court's Order were overruled
on the merits, with prejudice, subject to the closing of the cash
sale, as contemplated by the Purchase Agreement, and (iii) as of
the closing of the cash sale, as contemplated by the Purchase
Agreement, the Company's assets to be transferred thereunder were
deemed to be free and clear of any and all lien claimant's liens."

                       About American Eagle

Littleton, Colorado-based American Eagle Energy Corporation is
engaged in the acquisition, exploration and development of oil and
gas properties.  The Company is primarily focused on extracting
proved oil reserves from those properties.

American Eagle Energy Corporation and its wholly-owned subsidiary,
AMZG, Inc., filed on May 8, 2015, voluntary petitions (Bankr. D.
Colo., Case No. 15-15073).  The case is assigned to Judge Howard R.
Tallman.  The Debtors are represented by Elizabeth A. Green, Esq.,
at Baker & Hostetler LLP, in Orlando, Florida.

On May 13, 2015, Judge Tallman granted the Debtors' request for
joint administration.

American Eagle Energy disclosed total assets of $21,980,687 and
total liabilities of $193,604,113 as of the Chapter 11 filing.

The U.S. Trustee for Region 6 appointed seven creditors to serve on
the Official Committee of Unsecured Creditor.  The Committee tapped
Pachulski Stang Ziehl & Jones LLP as counsel, and Conway Mackenzie
as financial advisor.


ANGELS OF THE VALLEY: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Angels of the Valley Hospice Care, LLC
        2600 Foothill Blvd Suite 202
        La Crescenta, CA 91214

Case No.: 15-28771

Nature of Business: Health Care

Chapter 11 Petition Date: December 11, 2015

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Hon. Sandra R. Klein

Debtor's Counsel: Julie J Villalobos, Esq.
                  OAKTREE LAW
                  10900 183rd St Ste 270
                  Cerritos, CA 90703
                  Tel: 562-741-3938
                  Fax: 888-408-2210
                  Email: julie@oaktreelaw.com

Total Assets: $777,839

Total Liabilities: $1.60 million

The petition was signed by Emerald Argonza, CEO.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb15-28771.pdf


ATLANTIC CITY, NJ: Moody's Affirms 'Caa1 GO Rating, Outlook Neg
---------------------------------------------------------------
Moody's Investors Service has affirmed the City of Atlantic City,
NJ's General Obligation rating of Caa1.  The outlook remains
negative.  Concurrently, Moody's has affirmed the B2 rating on
Atlantic City Municipal Utilities Authority's (MUA) city-guaranteed
$7.5 million water revenue bonds.

SUMMARY RATING RATIONALE

Affirmation of the Caa1 reflects continued uncertainty regarding
the city's solvency and ability to meet debt service obligations in
the near-term.  The Caa1 rating incorporates the city's very weak
liquidity with Current Fund cash projected to fall below zero by
April 2016 or sooner, absent a cash infusion from proposed Atlantic
City fiscal recovery legislation or continued state support.  The
Caa1 rating indicates a high risk of default over the next five
years.

OUTLOOK

The negative outlook reflects ongoing risks from large unsettled
casino tax appeals, increased competition from new casinos opening
in the region, and uncertainty in meaningfully closing the city's
large structural budget deficit.

WHAT COULD MAKE THE RATING GO UP

  Timely repayment of all debt obligations with expressed
   commitments to honor future obligations

  Adoption of legislation that materially reduces the structural
   budget deficit over the short and long-term

  Growth in the city's tax base or significant improvement in
   existing casino operations in the face of increased competition

WHAT COULD MAKE THE RATING GO DOWN

  Chapter 9 filing or default on debt obligations

  Additional casino closures or adverse settlement for existing
   casino property tax appeals

  Less than anticipated revenues under Atlantic City recovery
   legislation, if adopted

  Discontinued or reduced liquidity support from the state

  Bondholder recoveries under 90% in a potential debt
   restructuring

OBLIGOR PROFILE

Atlantic City is located on coast in southern New Jersey in
Atlantic County (Aa2 negative).  Its economy is based primarily in
the casino industry and the economy is primarily tourism based. The
tax base is still large, at $11.27 billion in 2014, and will remain
large, despite continued contractions.

LEGAL SECURITY

The bonds are secured by the city's unlimited ad valorem tax
pledge.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was US Local
Government General Obligation Debt published in January 2014.



ATLANTIC CITY, NJ: Moody's Affirms B2 Rating on Net Water Rev. Debt
-------------------------------------------------------------------
Moody's Investors Service has affirmed the B2 rating Atlantic City
Municipal Utilities Authority's (NJ) net water revenue debt.  The
outlook remains negative.

SUMMARY RATING RATIONALE

The B2 reflects the authority's governance relationship with
Atlantic City, and authority's rapidly declining customer base due
to the city's contracting casino industry.  The rating also
reflects the authority's currently adequate debt service coverage
and strong days cash on hand, low debt burden, sum-sufficient rate
covenant, and a cash funded debt service reserve fund.

Although these bonds are guaranteed by Atlantic City's GO pledge
(Caa1 negative), they are not rated at the same level as Atlantic
City's GO bonds because the bonds are backed by a pledge on the net
revenues of the authority.  The B rating category indicates that
the rated obligation is speculative and subject to high credit
risk.

OUTLOOK

The negative outlook reflects ongoing heightened risk to water
revenue bondholders given signals that Atlantic City may pursue a
sale or dissolution of the water system, and that the city may
undergo debt restructuring, and/or a bankruptcy filing.

WHAT COULD MAKE THE RATING GO UP

  An Atlantic City fiscal recovery plan that protects water
   revenue bondholders

WHAT COULD MAKE THE RATING GO DOWN

  Dissolution of the MUA and city absorption of water operations

  Formal proposals or plans by Atlantic City to sell or lease MUA
   assets without protecting water revenue bondholders

  Additional casino closures beyond our projection of one to two
   within the next two years

  Further risk of the city filing for Chapter 9 bankruptcy

OBLIGOR PROFILE

The authority is a relatively small system with $15.7 million of
annual revenues.  It collects 70% of its raw water from underground
wells and the remainder from surface water at two reservoirs.

LEGAL SECURITY

The bonds are secured by net revenues of the authority and
additionally by a general obligation guarantee pledge of the city,
via the provisions of a service contract.



BATE LAND: BLC Entitled to $14.68MM Secured Claim
-------------------------------------------------
Judge Stephani W. Humrickhouse of the United States Bankruptcy
Court for the Eastern District of North Carolina, Wilmington
Division, granted Bate Land Company a secured claim in the amount
of $14,685,079 in the Chapter 11 case of Bate Land & Timber, LLC.

This order is the fourth and last in a series of orders leading up
to the confirmation of Bate Land & Timber, LLC's ("BLT") chapter 11
plan of reorganization.

On August 25, 2015, the court issued a short order resolving the
dispute between BLT and BLC as to whether, and in what amount, BLC
was entitled to post-petition interest and attorneys' fees.

Judge Humrickhouse ruled that BLC was entitled to reimbursement
under Section 506(b) for attorneys' fees and expenses incurred by
BLC's legal counsel, Stubbs & Perdue, P.A., through January 20,
2015.   However, the judge determined that the appropriate amount
of post-petition attorneys' fees and expenses to be awarded to BLC
is only $325,000.00.

Judge Humrickhouse also determined that BLC is entitled to
post-petition interest at the non-default contract rate, but
reduced the post-petition interest award by $724,645.18,
representing 266 days at a per diem of $2,724.23.

In sum, Judge Humrickhouse concluded that BLC shall be entitled to
a secured claim in the amount of $14,685,079.49, comprised of:

     $11,048,260.05 - petition date principal amount
     $1,876,157.82  - pre-petition interest at the non-default
                      contract rate
     $1,356,666.54  - post-petition interest at the non-default
                      contract rate
     $325,000.00    - post-petition attorneys' fees
     $78,995.08     - other non-legal professional fees and costs

Finally, Judge Humrickhouse found that the proposed treatment of a
combination of cash payments and the surrender of property is fair
and equitable under Section 1129(b).

The case is IN RE: BATE LAND & TIMBER, LLC Debtor, CASE NO.
13-04665-8-SWH (Bankr. E.D.N.C.).

A full-text copy of Judge Humrickhouse's November 25, 2015
memorandum opinion is available at http://is.gd/1mrfUUfrom
Leagle.com.

Bate Land & Timber, LLC is represented by:

          George M. Oliver, Esq.
          THE LAW OFFICES OF OLIVER & CHEEK, PLLC
          405 Middle Street
          New Bern, NC 28563
          Tel: (252) 633-1930
          Fax: (252) 633-1950
          Email: george@olivercheek.com  

                 About Bate Land & Timber

Willotte, North Carolina-based Bate Land & Timber, LLC, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D.N.C. Case No. 13-04665) on July 25, 2013.  Judge Stephani W.
Humrickhouse oversees the Chapter 11 case.

The Debtor, in amended schedules, disclosed $53,477,624 in assets
and $74,162,211 liabilities as of the Chapter 11 filing.  The
petition was signed by Brad Cheers, manager.

The Bankruptcy Administrator for the Eastern District of North
Carolina was unable to organize and recommend the appointment of a
committee of creditors holding unsecured claims against the
Debtor.


BEHAVIORAL SUPPORT: Amends Schedules of Assets and Liabilities
--------------------------------------------------------------
Behavioral Support Services, Inc., filed with the U.S. Bankruptcy
Court for the Middle District of Florida amended schedules of
assets and liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $18,961,422
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $471,063
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                        $2,935,565
                                 -----------      -----------
        Total                    $18,961,422       $3,406,629

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

A copy of the amended schedules is available for free at:

  http://bankrupt.com/misc/BEHAVIORALSUPPORT_132_amendedSAL.pdf

                    About Behavioral Support Services

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

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

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

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


BLOUNT INC: S&P Puts 'BB-' CCR on CreditWatch Negative
------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
ratings on Portland, Ore.-based Blount Inc. (a wholly owned
subsidiary of unrated Blount International Inc.), including S&P's
'BB-' corporate credit rating, on CreditWatch with negative
implications.

"The CreditWatch placement follows Blount's announcement that it
has agreed to be acquired by affiliates of American Securities LLC
and P2 Capital Partners LLC for about $855 million, including
assumed debt," said Standard & Poor's credit analyst Jaissy
Lorenzo.  "We expect that all of Blount's outstanding rated debt
could be repaid or refinanced as part of the transaction."  The
acquisition is subject to regulatory and shareholder approval and
S&P expects that it will close in the first half of 2016.

S&P will likely resolve the CreditWatch placement when it receives
additional information or after the transaction closes.



BOOMERANG SYSTEMS: Wants Request for Additional Loans Approved
--------------------------------------------------------------
BankruptcyData reported that Boomerang Systems filed with the U.S.
Bankruptcy Court a motion for entry of an order (i) approving a
first amendment to its debtor-in-possession loan agreement and (ii)
amending the order authorizing the Debtors to obtain postpetition
financing.

The motion explains, "Subject to the terms and conditions of the
agreement, the Borrowers will be entitled to request additional
loans (each a draw) up to an aggregate amount of $750,000 with
$250,000 to be funded upon execution of the amendment after
approval by the Court and the remaining $500,000 to be funded into
to an Escrow Account to be disbursed upon confirmation of the
Liquidating Plan….The remainder of the Commitment ($500,000) will
be funded into an escrow account established at a mutually agreed
upon financial institution pursuant to the escrow
agreement….Certain officers and directors of the Borrowers,
including Mark Patterson and James Gelly will, prior to the date
hereof, have individually invested an aggregate of $200,000 as
participants under the loan participation agreement dated as of
Aug. 17, 2015.  $66,667 of such amount will be funded to the
borrowers as part of the initial draw, with the remainder funded
into the escrow."  The motion continues, "The proposed amendment is
necessary to fund an orderly liquidation of the Debtors' estates
while maintaining the value of the estates' assets in an effort to
maximize returns to the various creditor constituencies in these
cases….Without the funding obtained via the First Amendment, the
Debtors would convert these cases and the value of the Debtors'
assets would be lost forever….The Debtors believe that the
consensual amendment to the DIP loan will help begin the process of
a confirmable liquidation plan and the maximization of value for
all parties in interest."

                      About Boomerang Systems

Headquartered in Morristown, New Jersey, Boomerang Systems, Inc.
(OTCMKTS: BMER) through its wholly owned subsidiary, Boomerang
Utah, is engaged in the design, development, and marketing of
automated racking and retrieval systems for automobile parking and
automated racking and retrieval of containerized self-storage
units.

As of March 31, 2015, the Company had $6 million in total assets,
$19.5 million in total liabilities, and a $13.5 million total
stockholders' deficit.

Boomerang Systems, Inc., and three affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 15-11729) on Aug. 18,
2015.

The Company has engaged the law firms of Togut, Segal & Segal LLP
as general bankruptcy counsel, Ciardi, Ciardi & Astin as local
bankruptcy counsel, and Garden City Group, LLC, as claims and
noticing agent.  In addition, the Company has retained the law
firm
Berg & Androphy, which filed a lawsuit on Aug. 18, 2015 in the
Southern District of New York against the Company's defaulting
lender.

The Company's official committee of unsecured creditors is composed
of three members: AV Excellence LLC, Xaplos Inc. and Quay
Consulting.  On Nov. 18, 2015, Quay Consulting replaced HERE
Lawrence Property Owner LLC, which was appointed by the Office of
the U.S. Trustee on Sept. 3, 2015.


CANAL ASPHALT: Creditors Object to Auction of Asphalt Plant
-----------------------------------------------------------
Peckham Materials Corp., C.L. Consulting & Management Corp., and
Eastern Concrete Materials, Inc., object to Canal Asphalt, Inc.'s
request for authority from the United States Bankruptcy Court for
the Southern District of New York to conduct an auction for the
sale of its asphalt plant located at 800 Canal Street, in Mount
Vernon, New York, and certain property and other assets related
thereto.

C.L. Consulting argues that it should be deemed automatically a
Qualified Bidder having a $1.2 million claim against the Debtor.
C.L. Consulting also asserts that the Auction Minimum Bid should
not be left to the Debtor's sole discretion and that the $100,000
deposit should be refunded if the Debtor cannot close the sale for
any reason.

Peckham, as the Debtor's senior secured creditor, asks that it be
deemed a Qualified Bidder without the need to comply with the
requirements set forth in the Motion.  Peckham also asks permission
from the Court to credit bid the full amount of its secured claim
at any auction of the Debtor's assets.  Peckham complains that the
minimum bid suggested by the Debtor is too high and will lead to a
delay in the sales process and suggests that the minimum bid be
established by the Debtor in consultation with independent
third-party experts and approved by the Court.

Eastern Concrete asserts that in the event the Court approves the
Debtor's motion, any and all funds realized therefrom should be
held in escrow by the Debtor's counsel pending an Order by the
Court directing the distribution of the same.  Eastern also objects
that the attendance in the Auction should not be restricted and any
and all creditors and interested parties of the debtor should be
permitted to attend the auction not only the representatives of the
debtor and qualified bidders, the auctioneer appointed by the
Bankruptcy Court, and a stenographer.

As previously reported by The Troubled Company Reporter, the Debtor
sought authority to conduct a private sale of the asphalt plant and
certain property and other assets related thereto free and clear of
all liens, claims, encumbrances and interests of any kind to Thalle
Industries Inc., for $16,500,000.  Thalle has withdrawn its asset
purchase agreement with the Debtor.

The Debtor is represented by:

         Gary M. Kushner,  Esq.
         Scott D. Simon, Esq.
         GOETZ FITZPATRICK LLP
         One Penn Plaza, 31st Floor
         New York, New York 10119
         Tel. No. (212) 695-8100
         Fax No. (212) 629-4013
         Email: gkushner@goetzfitz.com
                ssimon@goetzfitz.com

C.L. Consulting & Management Corp. is represented by:

          David M. Capriotti, Esq.
          HARRIS BEACH PLLC
          333 West Washington St., Suite 200
          Syracuse, New York 13202
          Phone: (315) 423-7100
          Email: dcapriotti@harrisbeach.com

Peckham Materials Corp. is represented by:

         Robert Rattet, Esq.
         HERRICK, FEINSTEIN LLP
         2 Park Avenue
         New York, NY 10016
         Phone: (212) 592-1400
         Fax: (212) 592-1500
         Email: rrattet@herrick.com

Eastern Concrete Materials, Inc., is represented by:

          Thomas Genova, Esq.
          Law Office of Thomas J. Genova
          11 Martine Avenue, 9th Floor
          White Plains, New York 10606-4025
          Phone: (914) 686-4737
          Fax: (914) 560-2160

                    About Canal Asphalt

Canal Asphalt Inc. filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 15-23094) on July 31, 2015.  The petition was
signed by August Nigro III as president.  The Debtor disclosed
total assets of $20.3 million and total liabilities of $23
million.
Goetz Fitzpatrick LLP serves as the Debtor's counsel.  CohnReznick
LLP serves as financial advisor.  Hon. Robert D. Drain presides
over the case.


CANAL ASPHALT: Thalle Seeks Turn Over of Deposit
------------------------------------------------
Thalle Industries, Inc., asks the United States Bankruptcy Court
for the Southern District of New York to compel Canal Asphalt Inc.
to comply with the terms of their Purchase and Sale Agreement and
direct the Debtor to turn over the contract deposit provided for
under the PSA.

Thalle also asks the Court to award legal fees in connection with
Thalle's efforts to recover the Deposit.

Jonathan S. Pasternak, Esq., at Delbello Donnellan Weingarten Wise
& Wiederkehr, LLP, in White Plains, New York, tells the Court that
Thalle's decision to terminate the PSA, while not required to be
disclosed, was not due to any coercion, compensation, incentive or
pressure by Peckham Industries or any third party for that matter,
nor was it engaged in any scheme intended to do harm to the Debtor.
Rather, it was a business decision, made by Thalle, in accordance
with its absolute negotiated rights under the PSA approved by the
Court.

Instead of responding to the good faith termination in kind, the
Debtor has waged an unfounded, bad-faith, smear campaign designed
to "punish" Thalle for its termination, seeking harassing, costly
and irrelevant discovery, much of which is subject to
confidentiality agreements, and delaying the return of the Deposit
without any legal or factual basis to do so, Mr. Pasternak further
tells the Court.

Erica R. Aisner, counsel for Thalle, filed a declaration contending
that Thalle's termination of the PSA was timely and the Debtor's
interpretation of the calculation of deadlines and when the service
of the notice is deemed effective is incorrect.

                      Debtor Objects

The Debtor opposes Thalle's Motion to Compel Turnover of Contract
Deposit and asks the Court to deny the Motion and keep the status
quo.

The Debtor argues that Thalle is not entitled to the return of the
Deposit in as much as the release of the Deposit would be
premature.  According to the Debtor, Thalle has broadly interpreted
its right to terminate the PSA to mean that it had no duty
whatsoever to perform its obligations under the agreement, that is,
to make a prompt and complete application for financing for the
purchase of the Canal Plant.  Thalle, the Debtor points out, failed
to produce any document evidencing that it had applied for mortgage
financing with Key Bank or any other lender or in the process of
obtaining a mortgage commitment.

In addition, the Debtor emphasized that the notice of termination
was served only on September 28, 2015, in violation to the PSA's
stipulated termination deadline which is September 25, 2015, which
was conditioned that the termination notice should be received by
the Debtor and its counsel on or before that date.  The Debtor
further argues that the termination provided no reason for Thalle's
termination of the APA.  It was only in Pacchiana's Affidavit which
revealed that Thalle's decision to terminate was based upon its
inability to obtain a financing package from either its bank or
private investment, the Debtor notes.  The Debtor also tells the
Court that it learned from various sources that Peckham may have
influenced Thalle's decision to terminate the APA.

Thalle Industries, Inc. is represented by:

         Jonathan S. Pasternak, Esq.
         Erica Feynman Aisner, Esq.
         DELBELLO DONNELLAN WEINGARTEN WISE & WIEDERKEHR, LLP
         One North Lexington Avenue, 11th Floor
         White Plains, New York 10601
         Phone: (914) 681-0200
         Email: jsp@ddw-law.com
                efeynman@ddw-law.com

The Debtor is represented by:

         Gary M. Kushner
         Scott D. Simon
         GOETZ FITZPATRICK LLP
         One Penn Plaza – Suite 3100
         New York, New York 10119
         Telephone: (212) 695-8100
         Email: gkushner@goetzfitz.com
                ssimon@goetzfitz.com

                     About Canal Asphalt

Canal Asphalt Inc. filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 15-23094) on July 31, 2015.  The petition was
signed by August Nigro III as president.  The Debtor disclosed
total assets of $20.3 million and total liabilities of $23
million.
Goetz Fitzpatrick LLP serves as the Debtor's counsel.  CohnReznick
LLP serves as financial advisor.  Hon. Robert D. Drain presides
over the case.


CARDIAC SCIENCE: Court Approves Sale Procedures; Bids Due Jan. 6
----------------------------------------------------------------
The Hon. Robert D. Martin of the U.S. Bankruptcy Court for the
Western District of Wisconsin approved the bidding procedures in
connection with the sale of substantially all assets of Cardiac
Science Corporation.  The Debtor may sell its assets to the
stalking-horse buyer or such other successful bidder at an auction
free and clear of liens, claims, encumbrances and other interest
pursuant to section 363 of the Bankruptcy Code.

Deadline to submit a qualifying bid for the Debtor's assets is Jan.
5, 2016, at 11:00 a.m. (Central Time).  An auction will take place
on Jan. 6, 2016, at 9:00 a.m. (Central Time) followed by a sale
hearing on Jan. 7, 2016, at 9:00 a.m. (Central Time) before Judge
Martin at 120 N. Henry St. #320 in Madison, Wisconsin.

Objections to the sale, if any, must be filed no later than 3:00
p.m. (Central Time) on Dec. 24, 2015.

As reported by the Troubled Company Reporter on Oct. 23, 2015,
Cardiac Science Corporation entered into a stalking horse agreement
with CFS 915 LLC, its prepetition secured lender, pursuant to which
CFS 915 will purchase substantially all of the Company's assets.

As stated in the bankruptcy filing, the Company initiated this
Chapter 11 case to "enable it to stabilize its operations, obtain
access to new financing and maximize the value of its assets
through a sale of substantially all of its assets pursuant to
Section 363 of the Bankruptcy Code."  To that end, prior to the
Petition Date, the Company negotiated the terms of a credit bid and
a debtor-in-possession financing facility with CFS 915 whereby the
Lender would be designated the stalking horse purchaser for its
assets.  On Oct. 19, 2015, the Debtor and CFS 915 finalized the
Stalking Horse Agreement, which is subject to higher and better
offers through an auction process and the Court's approval.

"The proposed sale process contemplates, among other things, that
interested parties will be afforded an opportunity to submit higher
and better offers for the Debtor's assets and that an auction will
be held to the extent that qualified offers are received from any
other parties," said Michael Kang, chief restructuring officer of
Cardiac Science.

The aggregate consideration to be paid for the acquisition of the
Company's Assets will be:

   (1) the release and waiver of the Debtor under (A) the Pre-
       Petition Facility Agreement and (B) the DIP Loan Agreement
       of obligations, claims, rights, actions, causes of action,
       suits, liabilities, damages, debts, costs, expenses and
       demands whatsoever, in law or in equity, arising under, or
       otherwise relating to, the Pre-Petition Facility Agreement
       and the DIP Loan Agreement in an aggregate amount equal to
      (1) the full amount of the DIP Loan outstanding as of the
       Closing Date plus (2) $65,000,000 (the "Credit Bid
       Amount"); plus

   (2) an amount in cash equal to (A) the Senior Loan Payoff
       Amount, and (B) the Cure Costs.

According to the Debtor, the Stalking Horse Buyer is entitled to
credit bid some or all of the claims for the Stalking Horse Buyer's
collateral pursuant to Section 363(k) of the Bankruptcy Code as the
Stalking Horse Buyer holds claims that are secured by substantially
all of its Assets.

The Stalking Horse Agreement contemplates the approval of bidding
procedures to govern an auction process to ensure that the highest
or otherwise best offer is received for the Company's Assets.

A bid may offer to purchase all or substantially all of the
Debtor's Assets or only a portion of the Seller Assets; provided
that the Debtor determines, in consultation with the creditor
constituencies, that the aggregate consideration offered by any bid
or combination of bids for all or substantially all of the
Company's Assets satisfies the "Minimum Bid" requirements.

The TCR said CFS 915 requires certain expense reimbursement as a
precondition to entering into the Stalking Horse Agreement.  The
Debtor believes reimbursement to the Stalking Horse Buyer will
likely maximize the realizable value of its for the benefit of the
Debtor's estate, its creditors, and other parties-in-interest.

                        About Cardiac Science

Headquartered in Waukesha, Wisconsin, Cardiac Science Corporation
develops, manufactures and sells a variety of advanced diagnostic
and therapeutic cardiology devices and systems, including automated
external defibrillators, hospital defibrillators and related
products and consumables.

Cardiac Science filed Chapter 11 bankruptcy petition (Bankr. W.D.
Wisc. Case No. 15-13766) on Oct. 20, 2015.  The petition was signed
by Michael Kang as chief restructuring officer.

The Company currently employs approximately 200 people in two
facilities located in Wisconsin, and another 93 part time
"educators" around the country who educate the Debtor's customers
on how to use its products.  The Debtor has customers in more than
100 countries.

The Company estimated assets in the range of $10 million to $50
million and liabilities of at least $100 million.

Celestica Electronics (M) SDN BHD is the Debtor's largest unsecured
creditor holding a claim of $2.5 million.

The Debtor has engaged Whyte Hirschboeck Dudek S.C. as bankruptcy
counsel, Livingstone Partners LLC as investment banker and Garden
City Group, LLC as notice and claims agent.

Judge Robert D. Martin presides over the case.


CHESAPEAKE ENERGY: Taps Restructuring Advisers at Evercore
----------------------------------------------------------
Matt Jarzemsky and Ryan Dezember, writing for Dow Jones' Daily
Bankruptcy Review, reported that Chesapeake Energy Corp. is working
with restructuring advisers at Evercore Partners Inc. to shore up
its balance sheet as commodity prices extend their decline,
according to people familiar with the matter.

According to the report, citing the people, Evercore bankers are
advising the natural-gas producer on potential measures to reduce
its $11.6 billion debt load, such as exchanging existing bonds at a
discount for new securities or selling assets.

                     *     *     *

The Troubled Company Reporter, on Dec. 8, 2015, reported that
Standard & Poor's Ratings Services said it affirmed its 'BB-'
corporate credit rating on Oklahoma City-based oil and gas
exploration and production company Chesapeake Energy Corp.  The
outlook is negative.

On the same day, the TCR reported that Moody's Investors Service
downgraded Chesapeake Energy Corporation's Corporate Family Rating
to B2 from Ba2, the Probability of Default Rating (PDR) to B2-PD
from Ba2-PD, and the company's senior unsecured notes ratings to B3
from Ba3.  Moody's also assigned a B1 rating to Chesapeake's
proposed $1.5 billion second lien secured notes.  Affirmed the
Speculative Grade Liquidity (SGL) Rating at SGL-3.  The rating
outlook remains negative.

Fitch Ratings, also on the same day, affirmed Chesapeake Energy
Corporation's (Chesapeake; NYSE: CHK) Long-term Issuer Default
Rating (IDR) at 'BB-'. The Rating Outlook has been revised to
Negative.


CORINTHIAN COLLEGES: Student Debt Discharged Not Taxable
--------------------------------------------------------
Diane Freda, writing for Bloomberg Brief - Distress & Bankruptcy,
reported that the Internal Revenue Service said people with federal
student loans to attend schools owned by bankrupt Corinthian
Colleges Inc. won't have to pay taxes on amounts that are
discharged under the Department of Education's "closed school" or
"defense to repayment" processes.

According to the report, under Revenue Procedure 2015-57, released
Dec. 3, taxpayers whose federal student loans are discharged under
either of those programs won't be forced to recognize discharged
amounts in gross income.  The Department of Education has begun a
process for settling and discharging federal student loans taken
out to finance attendance at schools owned by Corinthian, a
for-profit university that filed for Chapter 11 bankruptcy in May.

More than 50,000 Corinthian borrowers may be eligible for
discharges under the program, the Internal Revenue Service said,
the report related.  Most borrowers whose Corinthian student loans
are discharged under the defense to repayment discharge process
would be able to exclude all or substantially all of the discharged
amounts from gross income anyway -- based on fraudulent
misrepresentations made by the colleges to the students, the
insolvency exclusion or another tax law authority, the IRS said,
the report related.

                   About Corinthian Colleges

Corinthian Colleges, Inc., et al., were founded in February 1995
and through acquisitions became one of the largest for-profit
post-secondary education companies in the U.S. and Canada.  In
January 2010, Corinthian purchased Heald Capital LLC, which
operated Heald College, a 150 year-old regionally-accredited
institution with 12 campuses.

Corinthian Colleges, Pegasus Education, Inc., and 23 affiliated
entities filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead
Case No. 15-10952) on May 4, 2015, to complete an orderly wind
down
of operations.  The cases are jointly administered under Case No.
15-10952.  Judge Kevin J. Carey presides over the case.  

Corinthian Colleges, Inc., disclosed $721,596,789 in assets and
$2,929,448,278 in liabilities as of the Chapter 11 filing.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel;
FTI Consulting, Inc., as restructuring advisors;
PricewaterhouseCoopers, LLC, as tax advisors; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.

The U.S. Trustee for Region 3 formed an Official Committee of
Unsecured Creditors and an Official Committee of Student
Creditors. The Creditors Committee retained Brown Rudnick LLP and
Rosner Law Group as attorneys.   The Student Committee tapped
Robins Kaplan LLP and Poslinelli PC as attorneys.

                          *     *     *

The Debtors closed each of their campus locations effective as of
April 27, 2015, and immediately began the process of liquidating
their assets and winding down operations.

The Troubled Company Reporter, on Oct. 9, 2015, reported that
Corinthian Colleges, Inc., et al., notified that the effective
date
of their Third Amended and Modified Combined Disclosure Statement
and Chapter 11 Plan of Liquidation was Sept. 21, 2015.


CUBIC ENERGY: Asks Court to Approve Consensual Cash Collateral Use
------------------------------------------------------------------
Cubic Energy, Inc., et al., seek authority from the Bankruptcy
Court to utilize the cash collateral of their prepetition secured
notes holders and of their prepetition senior secured creditor,
Wells Fargo Energy Capital, Inc., for working capital, general
corporate purposes and administrative costs and expenses.

As of Nov. 30, 2015, the Debtors had 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.

"It is critical that the Debtors have access to the Cash Collateral
in order to fund their business operations pending confirmation of
the Chapter 11 Plan for the benefit of all constituents and the
long term financial health of the Debtors," says Justin R. Alberto,
Esq., at Bayard, P.A., attorney to the Debtors.  "The Debtors'
access to the Cash Collateral is necessary to ensure that the
Debtors have sufficient working capital and liquidity to operate
their business and thus preserve and maintain the going concern
value of the Debtors' estates," he adds.

The Debtors propose to grant various forms of adequate protection
to Wilmington Trust, National Association, as noteholder agent and
collateral agent for the benefit of the Prepetition Secured
Noteholders and WFEC.

The Prepetition Secured Notes Parties and WFEC affirmatively
consent to the use of Cash Collateral, provided that the Debtors
continue to comply with the terms of the Plan Support Agreement.

                      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.


CUBIC ENERGY: Joint Administration of Cases Sought
--------------------------------------------------
Cubic Energy, Inc., et al., ask the Bankruptcy Court to enter an
order directing the joint administration of their Chapter 11 cases
for procedural purposes only under the case styled In re Cubic
Energy, Inc., et al., Case No. 15-12500.

Cubic Energy is the sole shareholder and ultimate parent company of
all Debtors, holding its interest in the operating entities, Cubic
Asset and Cubic Louisiana through intermediate holding companies,
Cubic Asset Holding and Cubic Louisiana Holdings.

Justin R. Alberto, Esq., at Bayard, P.A., counsel to the Debtors,
said that, "Joint administration will ease the administrative
burden for the Court in the oversight of, and docketing of filings
in, these Cases."  He continued, " The entry of an order directing
joint administration of the Chapter 11 cases will serve to reduce
fees and costs by avoiding the time and expense associated with
multiple, duplicative docketing tasks and service."

The Debtors assured creditors that they will not be adversely
affected by joint administration of these cases since the relief
sought in this Motion is purely procedural and is in no way
intended to affect substantive rights.  According to the Debtors,
schedules of assets and liabilities and statements of financial
affairs will be filed on a debtor-by-debtor basis to provide
parties-in-interest information regarding the assets and
liabilities of each Debtor, and proofs of claim will also be filed
on a debtor-by-debtor basis.

                        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.


CUPEYVILLE SCHOOL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Cupeyville School, Inc.
        P.O. Box 20486
        San Juan, PR 00928-0483

Case No.: 15-09822

Chapter 11 Petition Date: December 12, 2015

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

Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
                  FUENTES LAW OFFICES, LLC
                  PO BOX 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 722-5216
                  Fax: (787) 722-5206
                  Email: alex@fuentes-law.com

Total Assets: $7.01 million

Total Liabilities: $7.25 million

The petition was signed by Ricardo Gonzalez, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-09822.pdf


DIOCESE OF DULUTH: In Ch. 11 Amid Sexual Abuse Claims
-----------------------------------------------------
Diocese of Duluth filed for Chapter 11 bankruptcy protection
(Bankr. D. Minn. Case No. 15-50792) on Dec. 7, 2015, estimating its
assets and liabilities at between $1 million and $10 million each.
The petition was signed by Rev. James Bissonette, vicar general.

Jerry Burnes at Mesabi Daily News reports that the Diocese filed
for bankruptcy a month after a victim of priest sex abuse was
awarded $8 million in damages.  Mesabi Daily recalls that the
Diocese was found responsible for $4.8 million.  The Diocese says
on its website that the award is greater than its annual budget of
$3.2 million.  

Mesabi Daily relates that the bankruptcy filing isn't expected to
affect day-to-day operations at the local level.  According to the
report, Rev. James Bissonette, vicar general of the Diocese, said
his knowledge of the process is that the Diocese's assets go under
review and not its services.

Judge Robert J Kressel presides over the case.

Bruce A Anderson, Esq., and J Ford Elsaesser, Esq., at Elsaesser
Jarzabek Anderson Elliott & MacDonald, Chtd., serve as the Debtor's
lead counsel.

Phillip Kunkel, Esq., at Gray, Plant, Mooty, Mooty & Bennett, P.A.,
serves as the Debtor's local counsel.

Diocese of Duluth is headquartered in Duluth, Minnesota.  It covers
northern Minnesota parishes and 10 counties with Cass to the west,
Koochiching to the north, Cook to the east and Pine to the south.


EXPERT TRANSPORTATION: Case Summary & 15 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Expert Transportation & Service, Inc.
           dba Land O' Lakes Recycling
        PO Box 2021
        Land O Lakes, FL 34639

Case No.: 15-12347

Chapter 11 Petition Date: December 11, 2015

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Debtor's Counsel: Buddy D. Ford, Esq.
                  BUDDY D. FORD, P.A.
                  115 N. MacDill Avenue
                  Tampa, FL 33609-1521
                  Tel: 813-877-4669
                  Fax: 813-877-5543
                  Email: Buddy@tampaesq.com

                    - and -

                  Jonathan A Semach, Esq.
                  BUDDY D. FORD, P.A.
                  115 N. MacDill Avenue
                  Tampa, FL 33609
                  Tel: 813-877-4669
                  Email: jonathan@tampaesq.com

Total Assets: $342,585

Total Liabilities: $1.29 million

The petition was signed by Gregory N. Conaty, president.

A list of the Debtor's 15 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flmb15-12347.pdf


FILMED ENTERTAINMENT: Columbia House Sale Wins Court Approval
-------------------------------------------------------------
Tom Corrigan, writing for Dow Jones' Daily Bankruptcy Review,
reported that the bankrupt owner of Columbia House, which became a
household name by selling records to millions of club members, won
court approval Monday to sell the brand and other assets to its
chief executive.

According to the report, Judge Shelley Chapman of the U.S.
Bankruptcy Court in Manhattan agreed to sign off on the sale, which
overcame months of struggling to attract outside offers as well as
strenuous objections from junior creditors.

                    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.


GRAHAM GULF: Debtor Objects to Wells Fargo's Attorneys Fees, Costs
------------------------------------------------------------------
Judge Henry A. Callaway of the U.S. Bankruptcy Court for the
Southern District of Alabama authorized the interim use of cash
collateral by debtor Graham Gulf, Inc., through Dec. 11, 2015.

Judge Callaway had previously authorized the interim use of cash
collateral following an initial hearing on Sept. 22, 2015.

Judge Callaway allowed the Debtor interim use of cash collateral as
it is (1) necessary to avoid immediate and irreparable harm to the
Debtor's estate pending a Final Hearing, (2) fair and reasonable
and in the best interests of the Debtor, its creditors, estate and
equity holders, and (3) essential for the continued operation of
the Debtor's business.

Judge Calloway ordered the amendment of the Budget, as follows:

     (1) the Debtor will to pay Wells Fargo Bank, N.A., advances
for reimbursement of Wells Fargo's professional fees incurred in
connection with the Bankruptcy Case ("Wells Fargo Professional Fee
Advances") as follows: (a)$50,000 on or before Oct. 7, 2015, and
(b) an additional $13,500 each week commencing the week of Sept.
19, 2015.

     (2) any disbursements relating to the insider funding under
the "Interest - DIP" line item in the Budget are eliminated, and

     (3) the "Interest - WFB Line of Credit" is amended to provide
interest payments to Wells Fargo in the amount of $145,403.

The Debtor informs the Court that it objects to the attorneys fees,
costs and expenses of Wells Fargo, as agent for Debtor's senior
secured lenders.  The Debtor relates that it received an invoice
from Greenberg Traurig, counsel for Wells Fargo, for the month of
September 2015.  The Debtor further relates that pursuant to the
Court's Interim Order, it objects to the reasonableness and
necessity of the fees, costs and expenses sought by Wells Fargo's
attorneys.  The Debtor requests the Court for an evidentiary
hearing to determine the reasonableness and/or necessity of each
fee, cost and/or expense requested by Wells Fargo's attorneys.

Graham Gulf is represented by:

          Jeffrey J. Hartley, Esq.
          Christopher T. Conte, Esq.
          HELMSING, LEACH, HERLONG, NEWMAN & ROUSE, P.C.
          Post Office Box 2767
          Mobile, AL 36652
          Telephone: (251)432-5521
          Facsimile: (251)432-0633
          E-mail: jjh@helmsinglaw.com
                  ctc@helmsinglaw.com

                        About Graham Gulf

Founded in 1996, Graham Gulf, Inc. operates 11 fast supply vessels
designed specifically for providing a more efficient and
cost-effective support for field production operations and remote
drilling location services.

Graham Gulf filed Chapter 11 bankruptcy petition (Bankr. S.D. Ala.
Case No. 15-03065) on Sept. 18, 2015.  The petition was signed by
Janson Graham, the president and owner.  The Debtor estimated
assets and liabilities in the range of $10 million to $50 million.

Helmsing, Leach, Herlong, Newman & Rouse PC serves as the Debtor's
counsel.


HORIZON PHARMA: Moody's to Retain B2 CFR on Crealta Acquisition
---------------------------------------------------------------
Moody's Investors Service commented that Horizon Pharma plc's
acquisition of privately-held Crealta Holdings LLC for $510 in cash
is credit positive.

"The acquisition enhances Horizon's position in rare diseases,
provides an already-marketed drug, and reduces Horizon's revenue
concentration from its primary care products Vimovo and Duexis,"
stated Michael Levesque, Moody's Senior Vice President.

The acquisition will be funded with existing cash and not require
incremental debt.  There are no changes to the ratings or outlook
of Horizon's subsidiary Horizon Pharma, Inc. (B2 Corporate Family
Rating and stable outlook) at this time.

Headquartered in Deerfield, Illinois, Horizon Pharma, Inc., is an
indirect wholly-owned subsidiary of Dublin, Ireland-based Horizon
Pharma plc.  Horizon is a publicly-traded specialty pharmaceutical
company marketing products in arthritis, inflammation and orphan
diseases.



JW RESOURCES: Seeks to Sell Assets to Revelation Energy
-------------------------------------------------------
JW Resources, Inc., et al., ask the United States Bankruptcy Court
for the Eastern District of Kentucky for authority to sell
substantially all of their assets, except mobile equipment, free
and clear of all liens and claims, to Revelation Energy, LLC, as
the stalking horse bidder.

The Stalking Horse Bidder will acquire (i) certain real property
and improvements, (ii) certain executory contracts or unexpired
leases, (iii) the LTT Collateral, (iv) the Debtors' Xinergy Escrow
Funds if and when received, (v) any pre-paid expenses, (vi) certain
governmental licenses including all mining permits, (vii) certain
books, records, and files, (viii) rights of re-entry pursuant to
certain terminated contracts and leases, and (ix) a payment
totaling approximately $4.7 million.

The Stalking Horse Bidder will also acquire (y) all liabilities and
obligations arising under Assumed Contracts, with the exception of
cure costs, and (z) all of the Debtors' reclamation and other
Environmental Liabilities related to any of the Assumed Contracts,
mining permits, terminated contracts or leases with rights of
re-entry, and/or purchased real property.

The Stalking Horse Bidder will acquire two highwall mining machines
in exchange for the reduction of $1,500,000 in principal
indebtedness owing under the GB Credit Agreement by the Debtors.

In order to maximize the value of the Debtors' assets, an auction
will be conducted if more than one bid is received before the bid
submission deadline.

The Official Committee of Unsecured Creditors asked for the
continuance of the hearing to approve the sale of substantially all
of the Debtors' assets to allow the Committee time to investigate
the sale, the sale process, and the ability of the Stalking Horse
Bidder to consummate the sale.  The Committee objects to the
proposed Bidding Procedures, complaining that committing a $375,000
Break-up Fee is excessive and inappropriate in light of the current
Revelation bid.  Approval of the Break-Up Fee would discourage
competitive bidding and ensure that the Revelation bid is deemed
the highest and best bid for the Debtors' assets, the Committee
asserts.  The Court overruled the Committee's objection to the
proposed break-up fees.

The Debtors are represented by:

          Ronald E. Gold, Esq.
          Douglas L. Lutz, Esq.
          Paige L. Ellerman, Esq.
          FROST BROWN TODD LLC
          3300 Great American Tower
          301 East Fourth Street
          Cincinnati, Ohio 45202
          Phone: (513) 651-6800
          Fax: (513) 651-6981
          Email: rgold@fbtlaw.com
                 dlutz@fbtlaw.com
                 pellerman@fbtlaw.com

             -- and --

          Adam R. Kegley, Esq.
          250 West Main Street, Suite 2800
          Lexington, KY 40507
          Phone: (859) 231-0000
          Email: akegley@fbtlaw.com

The Committee is represented by:

         Thomas R. Schuck, Esq.
         W. Timothy Miller, Esq.
         Casey Cantrell Swartz, Esq.
         TAFT, STETTINIUS & HOLLISTER, LLP
         425 Walnut Street, Suite 1800
         Cincinnati, OH 45202
         Phone: (513) 357-9452
         Fax: (513) 381-0205
         Email: schuck@taftlaw.com
                miller@taftlaw.com
                swartz@taftlaw.com

            -- and --

         T. Kent Barber, Esq.
         BARBER LAW PLLC
         3168 Arrowhead Dr.
         Lexington, KY 40503
         Phone: (859) 296-4372
         Email: kbarber@barberlawky.com

                         About JW Resources

JW Resources Inc. and its subsidiaries are U.S. producers of
thermal coal with mineral reserves, mining operations and coal
properties located in the Central Appalachian ("CAPP") regions
of  Kentucky. JW acquired the thermal coal mining operations of
Xinergy in eastern Kentucky for $47.2 million in February 2013.
JW's business operations comprise what is known as the "Straight
Creek" operations located in Bell, Leslie and Harlan Counties,
Kentucky, and the "Red Bird" operations located in Bell, Leslie,
Knox, and Clay Counties, Kentucky.  JW Resources is the parent and
sole shareholder of SCRB Properties, Inc., Straight Creek Coal
Mining, Inc. and SCRB Processing, Inc.

JW Resources and its subsidiaries sought Chapter 11 bankruptcy
protection (Bankr. E.D. Ky. Lead Case No. 15-60831) in London,
Kentucky on June 30, 2015.

The Debtors tapped Frost Brown Todd LLC as counsel, and Energy
Ventures Analysis, Inc., as sale advisor.  

JW Resources estimated $1 million to $10 million in assets and
$50 million to $100 million in debt.  Straight Creek estimated
$10 million to $50 million in assets and $50 million to $100
million in debt.


LUTHERAN CHURCH: Jan. 23 Creditor's Meeting to Vote on Plan
-----------------------------------------------------------
The Alberta Court of Queen's Bench established procedures to call,
hold, and conduct a meeting of creditors to consider and vote on
the plan of compromise and arrangement for Lutheran Church -
Canada, the Alberta - British Columbia District Investments Ltd.
dated Nov. 21, 2015, and amended on Dec. 5, 2015.  The creditor's
meeting will be held on Jan. 23, 2016, at 10:00 a.m., at the Prince
of Peace Church and School, 243209 Garden Road in Calgary, Canada.

In order for the plan to become effective:

a) the plan must be approved at the creditor's meeting by the
affirmative vote of a majority in number, representing not less
than two-thirds in value of the voting claims of eligible affected
creditors, in person, by proxy, or by election letter;

b) the plan must be sanctioned by the Court; and

c) the conditions of the implementation of the plan as set out in
the plan must be satisfied and waived.

Information package is available in the monitor's website at
Deloitte Restructuring Inc. -- http://www.insolvencies.deloitte.ca.
The package can also be obtain by contacting
josithhole@deloitte.ca or at 1-587-293-3203.


MINERAL PARK: Seeks Dismissal of Cases After Sale Closed
--------------------------------------------------------
Mineral Park Inc. and its affiliated debtors ask the U.S.
Bankruptcy Court for the District of Delaware to dismiss their
Chapter 11 cases.

The Debtors relate that on Jan. 20, 2015, they had closed on the
Court-approved sale of substantially all of their operating assets
to Origin Mining Company, LLC.  The Debtors further relate that
since the Sale, they have been winding up their affairs,
liquidating their remaining assets, including the collection of
accounts receivable, and addressing various claim-related and
inter-creditor disputes.

The Debtors tell the Court that aside from distributing certain
funds set aside for professionals, they expect that by the time the
Court enters and Order approving their Motion, they will no longer
have any material assets to administer, and no ongoing matters that
require further attention by the Court, aside from approval of
final fee applications.  The Debtors further tell the Court that
they do not have sufficient assets to satisfy various
administrative expenses and priority claims, and cannot confirm a
chapter 11 plan.  Given the lack of remaining assets in the estate,
the Debtors believe that dismissal of the cases is appropriate, as
opposed to conversion to chapter 7.

Mineral Park Inc. and its affiliated debtors are represented by:

          Jeremy V. Richards, Esq.
          Maxim B. Litvak, Esq.
          James E. O'Neill, Esq.
          PACHULSKI STANG ZIEHL & JONES LLP
          919 North Market Street, 17th Floor
          P.O. Box 8705
          Wilmington, DE 19899-8705
          Telephone: (302)652-4100
          Facsimile: (302)652-4400
          E-mail: jrichards@pszjlaw.com
                  mlitvak@pszjlaw.com
                  joneill@pszjlaw.com

                     About Mineral Park Inc.

Mineral Park, Inc., Bluefish Energy Corp. and two affiliates
commenced proceedings under Chapter 11 of the Bankruptcy Code in
Delaware on Aug. 25, 2014.  The cases are pending before the
Honorable Kevin J. Carey and are jointly administered under Case
No. 14-11996.

Mineral Park and its affiliated debtors are subsidiaries of
Mercator Minerals Ltd. ("MML"), a mineral resource company engaged
through various subsidiaries in the mining, exploration,
development and operation of its mineral properties in Mohave
County, Arizona, and Sonora, Mexico.

Mineral Park's principal asset is the Mineral Park Mine, a
producing copper-molybdenum mine located near Kingman, Arizona.
Bluefish is the owner and operator of the industrial gas turbine
power generator at the Mine.

British Columbia, Canada-based MML, which has shares trading on
the
Toronto Stock Exchange under the trading symbol "ML", is not
included in the bankruptcy filing.

The Debtors have tapped Pachulski Stang Ziehl & Jones LLP as
counsel, Evercore Group LLC as investment banker, FTI Consulting,
Inc., as financial advisor, FTI's David J. Beckman as CRO, and
FTI's Paul Hansen as assistant CRO.  Prime Clerk LLC is the claims
and noticing agent.

The U.S. Trustee for Region 3 appointed three creditors of Mineral
Park, Inc. and its affiliates to serve on the official committee
of
unsecured creditors.  The Committee selected Stinson Leonard
Street
LLP and Hiller & Arban LLC as its counsel.

Mineral Park reported $286 million in total assets and $266
million
in total liabilities.



MOLYCORP INC: Watchdog Questions Oaktree's Role in Ch. 11 Case
--------------------------------------------------------------
Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,
reported that a federal bankruptcy watchdog is objecting to the
outsize role it says Molycorp Inc. lender Oaktree Capital
Management plays in the rare-earths miner's bid to exit chapter 11
protection.

According to the report, Acting U.S. Trustee Andrew R. Vara
recently filed court papers urging a bankruptcy judge not to let
Molycorp advance its current restructuring plan, which he says
falls short when it comes to disclosing important details and also
includes "unacceptable" liability releases.

                       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 management members are located at its U.S.
corporate headquarters in Greendwood Village, Colorado.

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

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

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

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

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

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

Secured creditor Oaktree Capital Management L.P., consented to the
use of cash collateral and to extend postpetition financing.

On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case
of Molycorp Inc. appointed eight creditors of the company to serve
on the official committee of unsecured creditors.


MOTORS LIQUIDATION: Pays Ignition Victims With Less than $600M
--------------------------------------------------------------
Emily Field at Bankruptcy Law360 reported that the General Motors
Co.'s ignition switch compensation fund has awarded nearly $600
million to 399 eligible death and injury claims, according to its
last report released on Dec. 9, 2015, before it closes up shop.

Over the past 16 months, the fund has evaluated 4,343 claims and
found that 124 death claims and 18 claims for serious injuries such
as quadriplegia, paraplegia, amputation and permanent brain damage
were eligible for compensation, according to the report.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

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

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

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

As of June 30, 2015, Motors Liquidation had $860 million in total
assets, $74 million in total liabilities and $786 million in net
assets in liquidation.



NEW JERSEY: Moody's Maintains Ba2 Rating on District Project Bonds
------------------------------------------------------------------
Moody's Investors Service maintains the Ba2 rating with a stable
outlook on the Kapkowski Road Landfill Reclamation Improvement
District Project Bonds.  The Mills at Jersey Gardens is owned by JG
Elizabeth II, LLC, a subsidiary of Simon Property Group, L.P.
("Simon"; A2 Stable, Senior Unsecured).

SUMMARY RATING RATIONALE

The Ba2 rating and stable outlook reflect the healthy and growing
cash flow from the property, whose payment-in-lieu-of-tax (PILOT)
payments secure the bonds; relatively diverse and stable retail
tenants and a good location adjacent to the New Jersey Turnpike and
Newark-Liberty International Airport near densely populated areas.
The rating also reflects the absence of a debt reserve fund (DSRF)
and a weak external liquidity support agreement to provide timely
payment of debt service.

OUTLOOK

The stable outlook reflects the expected high occupancy rate at the
mall, as well as the strong mall sales per square foot.

WHAT COULD MAKE THE RATING GO UP

Positive rating pressure could arise with a long term improvement
in the liquidity position and/or the creation of a debt service
reserve fund with adequate funding.

WHAT COULD MAKE THE RATING GO DOWN

Negative rating pressure could arise if there is a change in
competitive market position or tax environment which results in
lower occupancy rates or sales per square foot and there is a
decline in financial performance such that net income to PILOT
coverage falls below 2.0 times on a sustainable basis.

OBLIGOR PROFILE

The Jersey Gardens mall is an enclosed two-level, value-oriented
fashion and entertainment mega-mall located in Elizabeth, New
Jersey with a OLA of approximately 1.3 million square feet.  The
Mall Property is located approximately three miles from Newark
International Airport and 15 miles from Manhattan at Exit I 3A of
the New Jersey Turnpike.  Advertised as "New Jersey's Largest
Outlet Mall," Jersey Gardens is the only value mega-mall located in
northern New Jersey and the New York City metro area. Construction
was completed in late 1999.

LEGAL SECURITY

PILOTs are made by the mall owner quarterly and paid directly to
the bond trustee through assignment by the City of Elizabeth.  The
Landfill Improvement Act of New Jersey provides for imposition of a
special assessment as a back-up taxing mechanism to the lien of
PILOT payments.  The city's assessment ordinance prescribes the
lien on the special assessment as $180 million and requires it to
be pay so long as the bonds are outstanding, or 30 years, whichever
is less.  There is no mortgage interest in the property for bond
holders.  There is a one times PILOT payments debt service coverage
financial covenant.



NEWBURY COMMON: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                        Case No.
       ------                                        --------
       Newbury Common Associates, LLC                15-12507
       1 Atlantic St.
       Stamford, CT 06901

       Seaboard Realty, LLC                          15-12508

       600 Summer Street Stamford Associates, LLC    15-12509

       Seaboard Hotel Member Associates, LLC         15-12510

       Seaboard Hotel LTS Member Associates, LLC     15-12511

       Park Square West Member Associates, LLC       15-12512

       Seaboard Residential, LLC                     15-12513

       One Atlantic Member Associates, LLC           15-12514

       88 Hamilton Avenue Member Associates, LLC     15-12515

       316 Courtland Avenue Associates, LLC          15-12516

       300 Main Management, Inc.                     15-12517

       300 Main Street Member Associates, LLC        15-12518

       PSWMA I, LLC                                  15-12519

       PSWMA II, LLC                                 15-12520

       Tag Forest, LLC                               15-12528
       1 Atlantic St.
       Stamford, CT 06901

Chapter 11 Petition Date: December 13, 2015 for all debtors,
                             excluding Tag Forest LLC
                          December 14, 2015 for Tag Forest LLC

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

Debtors' Counsel: Robert S. Brady, Esq.
                  YOUNG, CONAWAY, STARGATT & TAYLOR, LLP
                  1000 North King Street
                  Wilmington, DE 19801
                  Tel: 302-571-6600
                  Fax: 302-571-1253
                  Email: rbrady@ycst.com

Debtors'          DECHERT LLP
Co-Counsel:

Debtors'          BEILINSON ADVISORY GROUP
Restructuring
Advisor:

Debtors'          ANCHIN, BLOCK & ANCHIN
Forensic
Accounting
Services
Provider:

Estimated Assets: $100 million to $500 million

Estimated Debts: $100 million to $500 million

The petition was signed by Marc Beilinson, chief restructuring
officer.

The Debtors did not include a list of their largest unsecured
creditors when they filed the petitions.


OZ GAS: Ch. 11 Trustee Seeks Conversion of Cases to Chapter 7
-------------------------------------------------------------
Guy C. Fustine, Chapter 11 Trustee for Oz Gas, Ltd., et. al., asks
the U.S. Bankruptcy Court for the Western District of Pennsylvania
to convert the Chapter 11 cases to cases under Chapter 7.

Mr. Fustine relates that since his appointment as Trustee, he has
evaluated each Debtor's ability to continue production and has, in
fact, continued the business operations of each Debtor. He further
relates that based upon his investigation and negotiations with the
interested parties, he has concluded that no universal agreement is
possible in these cases.  Mr. Fustine tells the Court that the
economics of each case make it impossible to satisfy the
requirements for confirmation of a plan under 11 U.S.C. Section
1129.  He further tells the Court that confirmation is not a
possibility and the time and effort expended toward that end would
be an exercise in futility.  

Mr. Fustine asserts that the best interests of the creditors will
only be best served if the cases are converted to Chapter 7, the
assets are liquidated and the proceeds distributed in accordance
with the priorities set forth under Chapter 7 of the Bankruptcy
Code.

Mr. Fustine recommends that the businesses be sold as separate
going-concerns, or as a single going-concern, in order to maximize
the value of the assets.  He relates that he has had preliminary
discussions with several groups who have expressed an interest in
buying the assets as a going-concern.

Chapter 11 Trustee Guy C. Fustine can be reached at:

          Guy C. Fustine, Esq.
          KNOX MCLAUGHLIN GORNALL & SENNETT, P.C.
          120 West Tenth Street
          Erie, PA 16501-1461
          Telephone: (814)459-2800
          E-mail: gfustine@kmgslaw.com
                 
                        About Oz Gas Ltd.

Mentor, Ohio-based John D. Oil & Gas Co., is in the business of


acquiring, exploring, developing, and producing oil and
natural
gas in Northeast Ohio.  The Company has 58 producing wells.  The
Company also has one self storage facility located in Painesville,

Ohio. The self-storage facility is operated through a partnership
agreement between Liberty Self-Stor Ltd. and the Company.

John D. Oil's affiliated entities -- Oz Gas, LTD., and Great Plains

Exploration, LLC -- filed voluntary Chapter 11
 petitions (Bankr.

W.D. Pa. Case Nos. 12-10057 and 12-10058) on Jan. 11, 2012.  Two
days later, John D. Oil filed its own Chapter 11 petition (Bankr.
W.D. Pa. Case No. 12-10063).

On Nov. 21, 2011, at the request of the lender RBS Citizens, N.A.,

dba Charter One, a receiver was appointed for all three corporate
Debtors, in the United States District Court for the Northern
District of Ohio at case No. 11-cv-2089-CAB.  District Judge
Christopher A. Boyko issued an order appointing Mark E. Dottore as

receiver.  The Receivership Order was appealed to the Sixth Circuit

Court of Appeals on Dec. 19, 2011, and the appeal is currently
pending.

Judge Thomas P. Agresti oversees the Chapter 11 cases.  Robert S.
Bernstein, Esq., at Bernstein Law Firm P.C., serves as counsel to
the Debtors.  Each of Great Plains and Oz Gas estimated $10 million

to $50 million in assets and debts.  John D. Oil's balance sheet at

Dec. 31, 2011, showed $6.98 million in total assets, $13.26 million

in total liabilities, and a stockholders' deficit of $6.28 million.

The petitions were signed by Richard M. Osborne, CEO.

The U.S. Trustee said a committee under 11 U.S.C. Sec. 1102 has not

been appointed because no unsecured creditor responded to the U.S.

Trustee's communication for service on the committee.



PARALLEL ENERGY: Claims Bar Date Set for January 5
--------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware set Jan. 5,
2016, at 5:00 p.m. (ET) as the deadline for persons and entities to
file proofs of claim against Parallel Energy LP and its
debtor-affiliates.

The Court also set May 9, 2016, at 5:00 p.m. (ET) as the last day
for governmental units to file their claims against the Debtors.

Each Proof of Claim, including supporting documentation, must be
submitted either (a) electronically via the Claims Agent's Web site
(http://cases.primeclerk.com/Parallel)or (b) by U.S. Mail,
overnight mail, or other hand delivery system, so as to be actually
received by the Claims Agent on or before the Bar Date at the
applicable address:

                       Prime Clerk LLC,
                       830 Third Avenue, 3rd Floor,
                       New York, NY 10022

                      About Parallel Energy

Tulsa, Oklahoma-based natural gas producer Parallel Energy LP
formerly known as Parallel Energy Acquisitions LP, and Parallel
Energy GP LLC filed for Chapter 11 protection (Bankr. D. Del Case
Nos. 15-12263 and 15-12264) on Nov. 9, 2015.  The petition was
signed by Richard N. Miller, chief financial officer.

The Hon. Kevin Gross presides over the case.  Demetra L. Liggins,
Esq., and David M. Bennett, Esq., at Thompson & Knight LLP and
GianClaudio Finizio, Esq., at Bayard, P.A., represent the Debtor as
co-counsel.  Alvarez & Marsal North America, LLC serves as
financial advisor.  Prime Clerk LLC serves as notice, claims,
solicitation and balloting agent.  The Debtor estimated assets and
debts at $100 million to $500 million.


PICO HOLDINGS: New Business Plan Piques Activist Investor Interest
------------------------------------------------------------------
By Geoffrey J. Bailey -- gjbaileypb@hotmail.com -- On Nov. 17,
2015, the Board of Directors for PICO Holdings, Inc. (Nasdaq:PICO),
a diversified holding company based in La Jolla, Calif., authorized
a share repurchase of up to $50 million "as capital becomes
available."  PICO also outlined modifications to executive
compensation "to better align compensation with an objective of
returning capital to shareholders as assets are monetized," whereby
PICO CEO John Hart's base salary is reduced by over 54%.  According
to the release, "compensation will be calculated based on value
created from asset monetizations in excess of their current book
value and payable only upon the return of capital to shareholders."
These actions have piqued the interest of Central Square
Management, LLC.  

   Background
   ----------
PICO Holdings has 3 consolidated subsidiaries and a securities
portfolio.  

          Water Assets: PICO owns 100% of Vidler Water Company,
Inc., which acquires and develops water resources and water storage
operations in Nevada, Arizona, Colorado and New Mexico.  At
September 30, 2015, PICO carried the tangible water assets at
$42.518 million and the intangible water assets at $126.835
million, for total water assets of $169.353 million.  However, the
PICO 2014 Letter to Shareholders indicates that, "Considering
market comparables, including all adjustments, and the current
overall economic outlook in our markets, it is possible to arrive
at a potential value for Vidler Water of approximately 2.2 times
Vidler's book value."  PICO management has made similar public
statements recently.

          Real Estate Assets: PICO owns 57.2% of UCP (NYSE: UCP), a
homebuilder and land developer operating in California, Washington
State, North Carolina, South Carolina and Tennessee.  PICO formed
UCP, LLC, the predecessor company to UCP, in 2007 to acquire
finished and partially-developed residential lots in California and
Washington State.  In 2010, UCP, LLC formed Benchmark Communities,
LLC to design, construct and sell single-family homes on lots owned
by UCP, LLC.

On July 23, 2013, in an Initial Public Offering, UCP floated 42.8%
of its shares at $15 per share, which left PICO with a 57.2%
stake.

On April 10, 2014, UCP acquired Citizens Homes, Inc., a residential
homebuilder in North Carolina, South Carolina and Tennessee.  The
purchase price was $14 million with $6 million in potential
earnouts.  According to PICO, the "Citizens Acquisition provides
increased scale and presence in established markets with immediate
revenue opportunities through an established backlog.  Additional
synergies are expected in the areas of purchasing leverage and
integrating the best practices in operational effectiveness."
Shares of UCP currently trade at $7.16 per share (12/11/15).

          Oil & Gas Assets: PICO owns and operates Mendell Energy,
LLC, an oil and gas venture operating in the Wattenberg Field in
Colorado that has drilled and completed four wells.  Mendell owns
over 400 acres of oil and gas leases in the Wattenburg Field and
owns over 600 other acres of oil and gas leases in Wyoming.  In
2014, PICO recorded a $4.4 million impairment loss on Mendell,
reducing its carrying value to $1.7 million.  In the first 9 months
of 2015, PICO recorded Mendell impairments of $1.8 million, which,
when netted against 2015 investments, produced a carrying value of
$2.5 million at September 30, 2015.

          Securities:

PICO owns the following securities:

          (a) Synthonics:  PICO owns $2.2 million of preferred
stock, representing an 18.3% voting interest, in Synthonics.
Kenneth J. Slepicka, a PICO director, co-founded, and is currently
the Chairman, Chief Executive Officer and acting Chief Financial
Officer of Synthonics.  During 2014, PICO extended a $450,000 line
of credit, at 15% annual interest, to Synthonics.  The outstanding
balance and accrued interest was repaid in April 2015.

          (b) Mindjet: At December 31, 2014 PICO owned 28.4% of the
voting stock of Mindjet (comprised of common stock, several series
of preferred stock, and convertible debt) and held one board seat
out of six.  Mindjet, of San Francisco, California, is a privately
held company that provides business innovation software.  Mindjet
markets its products worldwide and has offices in the US, Germany,
France, Japan, Australia, and the UK.  

At December 31, 2014, PICO carried Mindjet at $25.1 million, with
an "estimated fair value was $32.9 million."  In 2015, PICO
recorded a $20.7 million impairment loss on the Mindjet investment,
leaving $1.3 million in value on the books.

     Agricultural History
     --------------------
In December 2010, PICO paid $60 million for an 87.7% equity
interest in Northstar Hallock, LLC, doing business as Northstar
Agri Industries, of Hallock, Minnesota.  

Subsequently, Northstar Hallock completed a $100 million debt
financing comprised of $89.5 million senior secured term loan to
fund the construction of the plant and a $10.5 million senior
secured revolving credit facility for working capital.  During
2012, the plant began operations and the revolving credit facility
was increased to $27 million.  Later, PICO purchased of $40.4
million of 10% Northstar Hallcok preferred stock.  The plant, a
canola seed crushing facility, had crushing capacity of 1,400 tons
per day.

On March 31, 2015, River Road Asset Management, in a 13-D filing
with the U.S. Securities and Exchange Commission, reminded
investors that it owned 2 million PICO shares, which represented an
8.8% interest.  Among other things, River Road encouraged PICO to
"monetize the firms investment in Northstar."  On July 31, 2015,
PICO closed the sale of Northstar to CHS Inc., a farmer-owned
cooperative and global energy, grains and foods company.  The price
was $127 million; PICO recorded a loss on sale of the discontinued
agribusiness operations of $18.3 million during the nine months
ended September 30, 2015.  

     Activist Dialogue
     -----------------
On August 7, 2015, Kelly Cardwell, of Central Square Management,
LLC, in a letter to PICO Chairwoman Kristina Leslie and the Board
of Directors, indicated that his firm owned approximately 6% of
PICO shares outstanding.  Mr. Cardwell relates that he privately
reached out to the PICO Board and CEO Mr. Hart on several
occasions, but both parties were unresponsive.  Mr. Cardwell
intended to keep the dialogue quiet, but after receiving the silent
treatment, his side has "become increasingly frustrated with the
Company's failure to substantively address the important issues"
currently facing PICO.

In a section entitled "PICO - A History of Poor Performance," Mr.
Cardwell explains that PICO has underperformed all peers, indices,
alternative investment options and expectations -- over any and all
relevant time periods.  Mr. Cardwell attributes this remarkable
negative performance to poor capital allocation.  By his
calculations, PICO destroyed $85 million on Northstar Hallock, $50
million on UCP and even more on various investments and securities.
In relation to the securities, Mr. Cardwell presciently notes that
"future impairments are probable."

Next, Mr. Cardwell addresses PICO's executive compensation
practices.  His analysis, based on a 4 x 4 matrix with axes
measuring total shareholder return in relation to executive
compensation, places PICO squarely in the "Quadrant of Shame,"
which is represented by low total shareholder return and high
executive compensation.  "After a period in which PICO was one of
the worst performing stocks driven by terrible capital allocation
decisions, the CEO's total compensation package was increased by
135% year-over-year to over $5 million in 2014," he explains.

Mr. Cardwell closes his compensation section by noting that PICO
Officers and Directors own only 1.9% of PICO shares outstanding,
"so they have little stake in the Company's success."  With "so
little 'skin in the game' and not enough confidence in the Company
to engage in meaningful stock purchases, management and the Board
do not have the same commitment to shareholder value," as Central
Square.

Mr. Cardwell encourages PICO to adopt a three-part plan to create
shareholder value:

     (1) Conduct a thorough review and overhaul of compensation
         policies;

     (2) Conduct a formal sale process of UCP; and

     (3) Use the UCP sale proceeds and other excess cash in an
         issuer self-tender.

Mr. Cardwell concludes his communication by stating, "Despite the
Company's poor performance, we believe there is still time for
management to put PICO on the path towards significant shareholder
value creation.  In fact, if management follows the steps outlined
in this letter, we believe PICO's stock price could double or even
triple."

     Central Square Strikes Again
     ----------------------------     
On October 13, 2015, Central Square filed a second 13-D.  

"Unfortunately, it has become clear that the Company does not
intend to address our serious concerns or suggestions in a timely
or meaningful manner.  It is deeply troubling that the Company
remains closed-minded to alternative value creation initiatives as
its performance continues to be abysmal.  Through our recent
efforts to work with PICO, we have become increasingly
uncomfortable with the leadership of the Company and believe
significant changes are needed immediately."  Mr. Cardwell proffers
three candidates for the PICO Board:

     (a) Anthony Bergamo;
     (b) James Henderson; and
     (c) Daniel Silvers.

This request is justified because, "It is simply unacceptable for
the Board to continue along the same path that has resulted in the
destruction of more than $170 million of book value (reported
shareholders' equity decline from 3Q'07 peak) and more than
two-thirds of its equity market capitalization over the same
timeframe (approximate $530 million market capitalization decline).
Given PICO's endemic underperformance and egregious compensation
schemes, we believe it is crucial to have meaningful shareholder
representation on the Board immediately."  

Additionally, Central Square expands its list of suggested steps
for PICO from three to four:

     (a) Sell UCP;
     (b) Use the proceeds for a self-tender;
     (c) Monetize a portion of the Vidler Water portfolio; and
     (d) Overhaul executive compensation.

     PICO Investor Day
     -----------------
On November 17, 2015, PICO held its Investor Day in Reno, Nevada.
Only certain investors selected by PICO were allowed to attend.
The first hour consisted of an explanation and analysis of Vidler
Water by that unit's President and COO Dorothy Timian-Palmer and
Mr. Hart, which was followed by Q&A.  Mr. Hart admonished the
hand-picked attendees, "Now we'll open it up for questions, JUST on
Vidler Water."

After the Vidler Water presentation, attendees took a break and
returned to hear Mr. Hart read the Revision to Its Business Plan
and Board Authorization for a Stock Repurchase Program.  Mr. Hart
indicated that the PICO Board of Directors authorized a share
repurchase of up to $50 million "as capital becomes available."
PICO also outlined modifications to executive compensation "to
better align compensation with an objective of returning capital to
shareholders as assets are monetized," whereby PICO Mr. Hart's base
salary is reduced by over 54%.  According to the release,
"compensation will be calculated based on value created from asset
monetizations in excess of their current book value and payable
only upon the return of capital to shareholders."
Once Mr. Hart finished reading the press release, he announced that
Q&A would follow, but that the webcast would be cut off to prevent
its dissemination to the public.

     Third 13-D by Central Square
     ----------------------------
Mr. Cardwell and Central Square Management were not pacified.  On
November 23, 2015, in a 13-D filing with the SEC, Mr. Cardwell
again addresses Chairwoman Leslie and the PICO Board: "We had been
hopeful following our October 29, 2015 conversation, in which you
alluded to an ongoing near-term dialogue, that the Board was
finally willing to work with us to implement the strategies we
believe would materially improve the Company's performance.
However, PICO's recent announcements at its Investor Day held on
November 17, 2015 flies in the face of our stated concerns and your
apparent self-serving statements. It has become clear to us that
the Company has no intention of addressing our concerns or our
suggestions in a serious manner."

"While on the surface these announcements appear to be a step in
the right direction, we believe they fall short of the change
required at PICO to improve the Company's performance. Importantly,
we, along with other PICO shareholders, as discussed in more detail
below, believe that any steps to address the issues currently
facing the Company cannot be implemented by the same individuals
who should be held accountable for the Company's failures. It has
therefore become unequivocally clear that additional independent
oversight is needed at the Board-level immediately."

PICO's changes to executive compensation represent an improvement,
but they do not go far enough, according to Mr. Cardwell.   He
raises five issues:

     (1) Mr. Hart's base salary continues to be "unjustifiably
         high;"

     (2) Incentive compensation remains misaligned;

     (3) Mr. Hart's additional bonus formula is "outrageous;"

     (4) Insufficient detail pertaining to amendments to
         Mr. Hart's compensation; and

     (5) No detail on Mr. Hart's golden parachute.

Addressing PICO's decision to censor the general Q&A, Mr. Cardwell
states "Putting aside the legitimate question of whether the
failure to webcast this session is in compliance with the spirit of
Regulation FD for investors who could not attend the meeting in
Reno, we view this decision as indicative of management and the
Board's decided indifference to, and misalignment of interests
with, the Company's shareholders. The lack of webcast availability
is particularly disheartening, as we are aware of a number of
shareholders who sought to attend the event but whose requests were
rejected by the Company. Notably, during the Q&A session, Mr. Hart
indicated that the Board has engaged an executive search firm to
identify new candidates for the Board -- an important governance
announcement that we believe should have been made available to all
shareholders via webcast."

Apparently, at Investor Day, PICO announced that its 2016 Annual
Meeting would be held in August, despite its historical custom to
hold such meeting in April.  Mr. Cardwell demands that PICO hold
the Annual Meeting no later than April 15, 2016, "to enable
shareholders to establish a clear mandate for the Company,
including the election of director candidates that they believe are
most qualified to provide effective oversight of the Company.
Shareholders cannot afford to wait until next summer to address the
shortcomings of this Board."  Mr. Cardwell warns the PICO Board
that, "taking measures to further entrench itself is a breach of
its fiduciary duties and will not be tolerated."

Concluding, Mr. Cardwell states, "We hold each of the Board members
accountable for the destruction of shareholder value at PICO that
has occurred under their oversight. For over a year now, we have
attempted to work constructively with you, other members of the
Board and management team to implement meaningful steps to enhance
shareholder value at PICO but to no avail.  We will continue to
closely monitor the Company's performance and actions and will not
hesitate to take any and all actions that we deem necessary to
protect shareholders' rights and maximize shareholder value. We
once again strongly urge you to reconsider your uncooperative
approach and to do the right thing for PICO shareholders by
reconstituting the Board with the three highly qualified
individuals we have identified. We expect the shareholders'
interests to remain of paramount importance and as we have
repeatedly stated, we stand ready to meet at your convenience to
discuss next steps."


PIEDMONT CENTER: Creditors Seek Stay of Proposed Property Sale
--------------------------------------------------------------
Roger V.S. Camp, on behalf of the creditors and/or owners of
Peidmont Center Investments, LLC, and its professionals, asks the
U.S. Bankruptcy Court for the Eastern District of North Carolina,
Raleigh Division, to order a stay of Trustee, NorthenBlue LLP's
proposed sale of the PCI property located in Gibsonville, North
Carolina, and reschedule its consideration of the sale until proper
Notice of the pending sale and the inclusive terms thereof is
received by Petitioner and reasonable time is provided for a
response.

Roger V.S. Camp is represented by:

         Susan E. Laidlaw
         Attorney-in-Fact
         104 Timberlyne Ct.
         Chapel Hill, NC 27514

              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.


POC PROPERTIES: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: POC Properties, LLC
        408 E. Ravine Baye Road
        Bayside, WI 53217

Case No.: 15-33291

Chapter 11 Petition Date: December 11, 2015

Court: United States Bankruptcy Court
       Eastern District of Wisconsin (Milwaukee)

Judge: Hon. Susan V. Kelley

Debtor's Counsel: Jerome R. Kerkman, Esq.
                  KERKMAN & DUNN
                  757 N. Broadway, Suite 300
                  Milwaukee, WI 53202-3612
                  Tel: 414-277-8200
                  Fax: 414-277-0100
                  Email: jkerkman@kerkmandunn.com

                    - and -

                  Justin M. Mertz, Esq.
                  KERKMAN & DUNN
                  757 N. Broadway, Suite 300
                  Milwaukee, WI 53202
                  Tel: 414-277-8200
                  Email: jmertz@kerkmandunn.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Warren S. Blumenthal, authorized
person.

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


PUTNAM ENERGY: Hearing on Cash Access 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 Putnam Energy, L.L.C.'s motion for continued use of cash
collateral.

As reported by The Troubled Company Reporter on Nov. 2, 2015, the
Court has authorized the use of cash collateral.  The Court also
authorized the Debtor to pay monthly provisional and partial
adequate protection of $9,900 to Bridgeview Bank Group.

As reported by the TCR on May 13, 2015, Bridgeview Bank Group has a
judgment against Putnam Energy in the sum of $1,763,622 as of April
16, 2014, which accrues interest at the statutory rate of 9% per
annum plus attorneys' fees and costs.  

Bridgeview Bank Group asserts a security interest in all of the
property of Putnam Energy's estate.  As adequate protection from
any diminution in value of the lender's collateral, the company
granted the lender replacement liens and a superpriority claim.

                        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.


QUIKSILVER INC: Watchmaker Fights to Keep Licensing Deal Alive
--------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that Watchmaker E.
Gluck Corp. filed an objection on Dec. 10, 2015, in Delaware
Bankruptcy court to Quiksilver Inc.'s plan to nix a licensing deal
to produce Quiksilver and Roxy brand watches, saying the company
stands to lose $2.5 million it has sunk in start-up expenses.

EGC said Quiksilver has not proven that its attempt to reject the
licensing agreement signed last year between the two companies is
in the Debtor's best interest.  EGC said the companies stand to
make a "substantial profit" if Quiksilver continues to honor the
branding.

                      About Quiksilver Inc.

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

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

The Debtors' First Amended Joint Chapter 11 Plan of Reorganization

provides that on the effective date, Reorganized Quiksilver will
issue new common stock to be distributed as follows: (a) first,
19%
to holders of Allowed Secured Notes Claims; (b) second, up to 77%
to Rights Offering Participants; and (c) third, 4% to the Backstop
Parties.  As of the Effective Date, the anticipated value of the
New Quiksilver Common Stock will be approximately $276 million.

The U.S. trustee overseeing the Chapter 11 cases of Quiksilver
Inc. and its affiliates appointed seven members to the official
committee of unsecured creditors.  The Committee tapped Akin Gump
Strauss Hauer & Feld LLP, and Pepper Hamilton LLP as its
co-counsel
as co-counsel; Province Inc. as its financial advisor and PJT
Partners Inc. as investment banker.


QUIRKY INC: Gets Approval on $4.7M Asset Sale to Q Holdings LLC
---------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that a New York
bankruptcy judge on Dec. 10, 2015, signed off on the $4.7 million
sale of invention incubator Quirky Inc.'s remaining assets after
fielding an objection from creditors.

U.S. Bankruptcy Judge Martin Glenn approved the sale of its assets
to Q Holdings LLC after bumping its initial offer of $2.3 million.
The sale includes Quirky's trademark domain name and a plethora of
products the company has had a role in developing, including Pivot
Power brand power strip and Cordies brand computer cable
organizer.

                        About Quirky, Inc.

Headquartered in New York City, Quirky designs and develops
various products ranging from electronics, home and garden, kitchen
and organization and sells those products through big box retailers
like Target and Home Depot and online through its Web site.  The
Company sold over 150 different products and a total of 4 million
units, generating over $50 million in revenue from its retail and
consulting businesses in 2014.

Quirky, Inc., Wink, Inc. and Undercurrent Acquisition, LLC filed
Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No.
15-12596) on Sept. 22, 2015, with a deal to sell their assets
related to the Wink business line as a going concern to
Flextronics International USA Inc., for $15 million, absent higher
and better offers.

The petitions were signed by Charles Kwalwasser, the chief
administrative officer.

Judge Martin Glenn is assigned to the jointly administered cases.

Quirky estimated assets in the range of $10 million to $50 million
and liabilities of at least $50 million.

The Debtors have engaged Cooley LLP as counsel, Klestadt Winters
Jureller Southard & Stevens LLP as conflicts counsel, Centerview
Partners LLC as investment bankers, FTI Consulting, Inc., as
financial advisors, Rust Consulting/Omni Bankruptcy as claims and
noticing agent and Hilco IP Services LLC dba Hilco Streambank as
intellectual property disposition consultant to Quirky, Inc.

The U.S. Trustee for Region 2 appointed five members to the
Official Committee of Unsecured Creditors.


RANCH 967: Seeks Dismissal of Ch. 11 Case Effective Dec. 31
-----------------------------------------------------------
Ranch 967 LLC asks the U.S. Bankruptcy Court for the Western
District of Texas, Austin Division, to dismiss its Chapter 11
case.

The Debtor relates that the Court has approved the Sale of the
Debtor's property, consisting of 1,559 acres of real estate located
in Hays County, Texas for $12,500,000, and the disbursement of
certain of the sale proceeds in satisfaction of the Debtor's
secured debts, U.S. Trustee fees, and debts related to certain
costs of Closing associated with the Sale.  The Debtor further
relates that it has filed a motion to distribute the remaining sale
proceeds, in the amount of $872,706.  The Debtor adds that if the
motion is approved, there will effectively be no estate to
administer and no need to keep the case in chapter 11. The Debtor
requests that after its remaining funds are disbursed, that the
case be dismissed, effective as of 11:59 p.m. on Dec. 31, 2015.

Ranch 967 is represented by:

          Eric J. Taube, Esq.
          Morris D. Weiss, Esq.
          Christopher G. Bradley, Esq.
          TAUBE SUMMERS HARRISON TAYLOR
          MEINZER BROWN LLP
          100 Congress Avenue, Suite 1800
          Austin, TX 78701
          Telephone: (512)472-5997
          Facsimile: (512)472-5248
          E-mail: etaube@taubesummers.com
                  mweiss@taubesummers.com
                  cbradley@taubesummers.com

                         About Ranch 967

Ranch 967 LLC was formed to acquire and develop approximately 1,559
acres of real estate located in Dripping Springs, Texas.  Its
managing members are Brady Oman of Austin, Texas and Frank Carmel
from Bethesda, Maryland.

Ranch 967 purchased the property in November 2013 for $10.1
million, financed by a loan from a consortium of lenders located
in
Texas under a single loan of $10,296,000.  The Company's intent
was
to subdivide the property into 15 large executive ranches, build
the access road to the individual ranches, install underground
electrical access, an entrance gate and other improvements to the
property originally planned to be known as "O Bar Ranch".

Though the Company has been successful in taking steps to develop
the project and generate interested buyers of both lots and bulk
sales, the lenders did not extend the Nov. 25, 2015 maturity date
of the indebtedness.

A foreclosure sale scheduled by the lenders prompted Ranch 967 LLC
to file a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case
No.
15-10314) on March 3, 2015.  The petition was signed by Frank J.
Carmel, the managing member.  

The Debtor disclosed $22,500,000 in assets and $12,979,971 in
liabilities as of the Chapter 11 filing.

Judge Tony M. Davis presides over the case.

On March 31, 2015, the U.S. Trustee filed its notice that it did
not intend to appoint a committee of unsecured creditors in the
Chapter 11 Case.

The Debtor in April 2015 won approval to hire Taube Summers
Harrison Taylor Meinzer Brown as counsel, and Aegis Group, Inc. as
its appraiser.

The lenders sought and obtained entry of an order declaring that
the Ranch 967 bankruptcy case is a single asset real estate
proceeding subject to 11 U.S.C. Sec. 362(D)(3).


RIENZI & SONS: Exclusive Periods Extended for 60 Days
-----------------------------------------------------
Rienzi & Sons, Inc., sought and obtained from Judge Nancy Hershey
Lord of the U.S. Bankruptcy Court for the Eastern District of New
York, an extension of its exclusive periods to file and solicit
acceptances of a plan of reorganization through Nov. 30, 2015 and
Jan. 29, 2016, respectively.

Judge Lord contends that the extension of the 120-day exclusive
period to file a chapter 11 plan of reorganization and the 180-day
exclusive period to obtain acceptances thereof for a period of 60
days each, is in the best interests of the Debtor's estate, its
creditors, and other parties-in-interest. Judge Lord mandated that
other than the Debtor and the Official Committee of Unsecured
Creditors, no other entity may file a Plan during the Exclusive
Periods.

Rienzi & Sons, Inc., is represented by:

          Vincent J. Roldan, Esq.
          BALLON STOLL BADER & NADLER, P.C.
          729 Seventh Avenue
          New York, NY 10019
          Telephone: (212)575-7900
          Facsimile: (212)764-5060
          E-mail: vroldan@ballonstoll.com

                       About Rienzi & Sons

Rienzi & Sons filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 15-40926) on March 3, 2015. The petition was
signed by Michael Rienzi as president.  The Debtor disclosed
assets
of 13,349,383 and total liabilities of $24,965,511.

Vincent J Roldan, Esq., and Michael J. Sheppeard, Esq., at Ballon
Stoll Bader & Nadler P.C., serve as counsel to the Debtor.  Judge
Nancy Hershey Lord presides over the Chapter 11 case.

Wayne Greenwald, P.C., represents Alma Bank.

The U.S. Trustee for for Region 2 appointed five creditors to
serve
in the Official Committee of Unsecured Creditors.  Klestadt
Winters
Jureller Southard & Stevens LLP represents the Committee.


ROPER AND TWARDOWSKY: Files for Chapter 11 Bankruptcy Protection
----------------------------------------------------------------
Roper and Twardowsky, LLC, filed for Chapter 11 bankruptcy
protection (Bankr. D.N.J. Case No. 15-32878) on Dec. 4, 2015,
estimating its assets at up to $50,000 and liabilities at between
$1 million and $10 million.  The petition was signed by Angela M.
Roper, managing member.

Richard Newman at NorthJersey.com reports that the Company filed
for bankruptcy after a federal jury in Kansas awarded lawyers
William J. Skepnek, Esq., and Steven M. Smoot, Esq., $2.25 million
for advisory and legal work farmed out to them by the Company, for
which they were not paid.  The report recalls that the Company had
asked Messrs. Skepnek and Smoot to provide services to support
litigation against Prudential Financial Inc. and law firm Leeds
Morelli & Brown PC starting in the fall of 2002.  A Kansas lawsuit
was filed in 2011, the report adds.

Judge Stacey L. Meisel presides over the case.

Vincent Commisa, Esq., who has an office in West Orange, New
Jersey, serves as the Company's bankruptcy counsel.

Roper and Twardowsky, LLC, is headquartered in Totowa, New Jersey.


SABINE OIL: Court Approves Performance Award Program
----------------------------------------------------
The United States Bankruptcy Court for the Southern District of New
York on December 1, 2015, approved the implementation of the
Performance Award Program of Sabine Oil & Gas Corporation.

The PAP provides performance-based cash payments to nine key
executives of the Company, based on the achievement of specified
performance goals during the Company's Chapter 11 restructuring
process. Included in the group of Key Executives are:

     * David Sambrooks, President and Chief Executive Officer;
     * Todd Levesque, Executive Vice President and Chief
       Operating Officer;
     * Cheryl Levesque, Senior Vice President, Asset Development
       and
     * Michael D. Magilton, Jr., Senior Vice President and Chief
       Financial Officer, as well as
     * five additional officers.

Under the PAP, the Key Executives will receive performance-based
cash payments based upon the Company meeting targets of five
performance metrics.  The five performance metrics are: total
production, EBITDA, operating expenses, capital expenditures and
capital efficiency. Threshold and maximum payout levels are set at
50% and 150% of the target for each metric; provided that, for Mr.
Sambrooks, such threshold levels are set at 25% of the target for
each metric.

Performance will be measured semi-annually, with measurement period
end dates of December 31, 2015 and June 30, 2016.  For the
measurement period ending June 30, 2016, certain adjustment factors
will be applied to reduce the amounts earned by certain of the Key
Executives if certain bankruptcy milestones (including filing and
securing approval for a disclosure statement and commencing a
confirmation hearing) are not achieved during the period.  

The total estimated costs for the PAP are $2.4 million at
threshold, $6.0 million at target and $9.0 million at maximum
performance.

The PAP terminates at the earlier of June 30, 2016 or the effective
date of a Chapter 11 plan of reorganization. If the restructuring
process continues beyond June 30, 2016, Bankruptcy Court approval
would be necessary to extend the existing program for the expected
duration of the case.

                About Sabine Oil & Gas Corporation

Sabine Oil & Gas Corp. is an independent energy company engaged in
the acquisition, production, exploration, and development of
onshore oil and natural gas properties in the U.S.  The Company's
current operations are principally located in the Cotton Valley
Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in
South Texas, the Granite Wash in the Texas Panhandle, and the North
Louisiana Haynesville.  The Company operates, or has joint working
interests in, approximately 2,100 oil and gas production sites
(roughly 1,800 operating and roughly 315 non-operating) and has
approximately 165 full-time employees.

Sabine Oil and its affiliated entities sought Chapter 11 Protection
(Bankr. S.D.N.Y. Lead Case No. 15-11835) in Manhattan on July 15,
2015.

The Debtors have engaged Kirkland & Ellis LLP and Kirkland & Ellis
International LLP, as counsel; Lazard Freres & Co. LLC, as
investment banker and Prime Clerk LLC as notice, claims and
balloting agent.  The Debtors also tapped Zolfo Cooper Management,
LLC, to provide Jonathan A. Mitchell as CRO and other additional
personnel.

The U.S. Trustee for Region 2 appointed five creditors to serve on
the official committee of unsecured creditors.  The Committee is
represented by Mark R. Somerstein, Esq., Keith H. Wofford, Esq.,
and D. Ross Martin, Esq., at Ropes & Gray LLP as their counsel.
The Committee is also hiring Blackstone Advisory Partners L.P. as
investment banker; and Berkeley Research Group, LLC as financial
advisor.


SAGA CREEK: Declared Bankrupt by Akmola Court
---------------------------------------------
Alhambra Resources Ltd., an international gold explorer and
producer, on Dec. 14 disclosed that on December 7, 2015, the
Specialised Interdistrict Economic Court of the Akmola Oblast in
Kazakhstan ordered that Alhambra's wholly-owned Kazakhstan
subsidiary Saga Creek Gold Company JV LLP be declared bankrupt.  As
a matter of Kazakhstan law, the Bankruptcy Order came into legal
effect immediately on December 7, 2015.  A copy of the Bankruptcy
Order became available to Saga Creek on December 14, 2015.  The
Bankruptcy Order provides, among other things, that the management
of Saga Creek, including its property and affairs, shall be vested
in a bankruptcy trustee from the date of the Bankruptcy Order.  The
trustee will now commence the bankruptcy procedure of Saga Creek in
accordance with the bankruptcy law of Kazakhstan.

The Bankruptcy Order has been issued at the time when Alhambra has
been trying to complete a financing to provide the Corporation with
the working capital it requires to continue its mining operations
in Kazakhstan.  Alhambra has suspended those operations for some
time due to a series of actions and omissions of the Government of
Kazakhstan against Saga Creek, that Alhambra and its legal counsel
believe are both unfair and inequitable including, without
limitation, the assessment of taxes on the company in the amount of
tens of millions of dollars and, the withholding of required mining
and financing approvals, all in breach of the company's investment
contract with the Government and the applicable law.  Alhambra's
attempts to seek improvement of the situation with the Government,
including numerous petitions to and meetings with the relevant
Government officials, have been unsuccessful.  This conduct by the
Government has frustrated Alhambra's investment activities in
Kazakhstan, drained the Corporation's resources and culminated in
the bankruptcy of Saga Creek.

To defend its position, Alhambra has put the Government on notice
that it intends to submit the matter to arbitration at the
International Centre for Settlement of Investment Disputes (ICSID)
if an amicable resolution to the matter is not promptly achieved.
To represent Alhambra in this matter, the Corporation has retained
Jones Day, one of the world's leading law firms in investor-State
arbitration.

John J. Komarnicki, Chairman and Chief Executive Officer of
Alhambra, commented, "We are considering all available legal
options to vigorously defend our position, including starting an
international arbitration procedure against the Government seeking
full compensation of all losses suffered in Kazakhstan if the
Government does not take immediate action to resolve the situation.
We intend to vigorously press the process to its conclusion and
ensure that Alhambra's rights are fully vindicated."

The Corporation will provide further updates as the matter
progresses.

                         About Alhambra

Alhambra -- http://www.alhambraresources.com-- is a Canadian based
international exploration and gold production corporation producing
gold in Kazakhstan.

Alhambra's common shares are listed in Canada on The NEX Board
under the symbol ALH.H; in the United States on the
Over-The-Counter Pink Sheets Market under the symbol AHBRF; and in
Germany on the Frankfurt Open Market under the symbol A4Y.


SEABOARD REALTY: Files Chapter 11 Bankruptcy Petition
-----------------------------------------------------
Seaboard Realty LLC and certain of its affiliates on Dec. 13 filed
petitions with the United States Bankruptcy Court for the District
of Delaware seeking protection under Chapter 11 of the United
States Bankruptcy Code.

Seaboard and its affiliates own a portfolio of first class
commercial real estate in Stamford, Connecticut, including office,
residential and hotel properties.  All operations are expected to
continue as normal throughout this process.

The Chapter 11 filing includes Seaboard Realty LLC and a number of
affiliates it manages, which own the equity of subsidiaries that
directly own the properties, but does not include the
property-owning subsidiaries themselves.

Seaboard Realty LLC is owned by John DiMenna, Thomas Kelly and
William Merritt.  Mr. DiMenna actively managed the Seaboard
operations as the managing member of Seaboard Realty LLC, and
managed the properties owned by its affiliates through a
property-management company owned solely by Mr. DiMenna.

Recent events caused Messrs. Kelly and Merritt to become
increasingly concerned that the operations and finances of the
company were not as they had been represented to be by Mr. DiMenna.
As a result, they then engaged sophisticated professional
advisors, including retaining Dechert LLP as counsel and directing
the accounting firm of Anchin, Block and Anchin as forensic
accountant.  

In the last few days, Messrs. Kelly and Merritt concluded that
immediate additional steps needed to be taken to protect the value
of the enterprise for all stakeholders.  Mr. DiMenna agreed to
resign voluntarily from having any managerial or decision-making
role in each of the entities, thereby terminating his authority to
represent or act for Seaboard Realty or any of its affiliates.  
Marc Beilinson of Beilinson Advisory Group was retained as Chief
Restructuring Officer.  Messrs. Kelly and Merritt are also in the
process of appointing an independent manager to join them on the
board of Seaboard Realty and its subsidiaries.    

As the investigation into the company's operations, accounting and
financing continues, and after discussion with the various lenders
to the enterprise, management will determine if or when Seaboard
Realty affiliates that directly own Seaboard's properties should
also file for bankruptcy.

"The Seaboard properties are among the most sought after collection
of office, residential and hotel assets in Fairfield county, and
the Courtyard is one of the top-performing Courtyards in the
country," Mr. Beilinson said.  "I expect the properties to operate
without interruption through this process, so that tenants and
guests are not impacted.  Our goal and expectation is that the
properties can be restructured or sold in an orderly fashion that
maximizes recoveries for all stakeholders, including lenders and
investors."

"I will be contacting the lenders immediately and hope to be able
to work collectively with them to maximize recoveries," Mr.
Beilinson said.


SHERIDAN INVESTMENT I: Moody's Cuts CFR to Caa3, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded each of Sheridan Investment
Partners I, LLC's (SIP I), Sheridan Production Partners I-A, L.P.'s
(Fund I-A) and Sheridan Production Partners I-M, L.P.'s (Fund I-M),
(collectively Sheridan I) Corporate Family Ratings (CFR) to Caa3
from B2 and Probability of Default Ratings (PDR) to Caa3-PD from
B3-PD.  The senior secured term loans at SIP I, Fund I-A and Fund
I-M were also downgraded to Caa3 from B2.  The outlook remains
negative.

"The downgrades of Sheridan I's ratings and negative outlook
reflect the potential for a borrowing base deficiency and the
further exacerbation of liquidity stress given low commodity
prices," said Sreedhar Kona, Moody's Senior Analyst.  "There is a
high likelihood that Sheridan I will do additional discounted debt
prepayments."

A list of rating actions is:

Downgrades:

Issuer: Sheridan Investment Partners I, LLC

  Corporate Family Rating, Downgraded to Caa3 from B2
  Probability of Default Rating, Downgraded to Caa3-PD from B3-PD
  Senior Secured Term Loan, Downgraded to Caa3 (LGD4) from B2
   (LGD3)

Issuer: Sheridan Production Partners I-A, LP

  Corporate Family Rating, Downgraded to Caa3 from B2
  Probability of Default Rating, Downgraded to Caa3-PD from B3-PD
  Senior Secured Term Loan, Downgraded to Caa3 (LGD4) from B2
   (LGD3)

Issuer: Sheridan Production Partners I-M, LP

  Corporate Family Rating, Downgraded to Caa3 from B2
  Probability of Default Rating, Downgraded to Caa3-PD from B3-PD
  Senior Secured Term Loan, Downgraded to Caa3 (LGD4) from B2
   (LGD3)

Outlook Actions:

Issuer: Sheridan Investment Partners I, LLC
  Outlook, Negative

Issuer: Sheridan Production Partners I-A, LP
  Outlook, Negative

Issuer: Sheridan Production Partners I-M, LP
  Outlook, Negative

RATINGS RATIONALE

The downgrade of Sheridan I's CFR to Caa3 reflects the high
likelihood of a further deterioration in the funds' already weak
asset value to loan coverage (reflected in the borrowing base to
loan ratio) and the potential for a borrowing base deficiency. This
could result in violation of the asset coverage covenant or
increasing occurrences of debt prepayments at steeper discounts to
face value, resulting in a distressed exchange (an event of default
per Moody's definition of default) or other restructuring
initiatives.  While the funds continue to generate positive
operating cash flow supported by a moderately strong hedging
program, liquidity (in the form of availability under the revolver
and balance sheet cash) is likely to remain stressed through 2016.
With the hedges rolling-off starting in 2016 and no signs of a
meaningful recovery in commodity prices, the funds' cash flow
generation will deteriorate and stress on liquidity will escalate.
Sheridan I was created to be an investment vehicle with a mandate
to buy mature producing fields while minimizing commodity price
risk with an aggressive hedging program, but near term reserves
growth through reinvestment will be limited in the current price
environment.  The rating also reflects Sheridan I's complex
organizational structure that was created to address business and
tax considerations of a diverse mix of individual, corporate, and
tax-exempt investors.

The term loans (currently $943 million outstanding in total) of all
the funds are rated Caa3, in line with their Caa3 CFRs.  The senior
secured debt of Sheridan I is comprised of revolving credits and
term loans made available to SIP, Fund I-A, and Fund I-M.  Term
loan outstandings are subtracted from the borrowing base to
determine the revolving credit availability.  In May 2015, the
borrowing base was set at $1,155 million.  A further reduction in
December 2015 is highly likely and could result in zero
availability under the revolving credit facility.

On a combined basis, Sheridan I has weak liquidity.  As of
Sept. 30, 2015, the cash balance was $17 million.  Moody's expects
cash flow from operations to be sufficient to fund projected
capital expenditure needs.  Excess cash flow will most likely be
used to reduce debt, driven by borrowing base redeterminations. The
current availability under the borrowing base is about $39 million
but with the potential for the borrowing base to be lowered in
December 2015 and again in May 2016, we anticipate that the funds
will have minimal external sources of funding above and beyond the
internally generated cash flow.  The revolving credit facility
commitments expire in May 2019 and have three financial covenants:
a minimum interest coverage ratio of 2.25x, a current ratio of 1.0x
and a minimum asset coverage ratio of 1.0x.  While the minimum
interest coverage ratio allows for some business deterioration
before it is triggered, the asset coverage ratio is likely to have
very minimal cushion at least through 2016.  Under the terms of the
credit agreements, Sheridan I can sell assets valued at up to 2% of
the borrowing base amount (about $23 million) before triggering a
redetermination of the borrowing base which provides a limited
"back door" to additional liquidity.

The negative outlook reflects the potential for the borrowing base
to be reduced in December 2015 and May 2016, leading to increased
stress on the funds' ability to service debt.

Ratings could be downgraded if the present value to loan ratio
(represented by the borrowing base to the total revolver borrowings
and term loan balance outstanding) sustains below 1x or if the
borrowing base deficiency is left uncured.

A ratings upgrade is less likely in the short term given the
challenging commodity price environment as well as the structure of
the funds, which requires a gradual liquidation of the asset base
over time.  Sheridan I could be considered for an upgrade if the
capital structure improves considerably and it maintains adequate
liquidity.

SIP I, Fund I-A, Fund I-B, and Fund I-M are a related group of
private investment companies created to acquire and exploit mature
producing oil and gas properties in the United States.

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



SHERIDAN INVESTMENT II: Moody's Cuts CFR to 'Caa3', Outlook Neg.
----------------------------------------------------------------
Moody's Investors Service downgraded each of Sheridan Investment
Partners II, L.P.'s (SIP II), Sheridan Production Partners II-A,
L.P.'s (Fund II-A) and Sheridan Production Partners II-M, L.P.'s
(Fund II-M), (collectively Sheridan II) Corporate Family Ratings
(CFR) to Caa3 from B3 and Probability of Default Ratings (PDR) to
Caa3-PD/LD from Caa1-PD.  The senior secured term loans at SIP II,
Fund II-A and Fund II-M were also downgraded to Caa3 from B3.  The
outlook remains negative.  The SGL-4 Speculative Grade Liquidity
(SGL) rating was withdrawn.

On Nov. 25, 2015, Sheridan II amended its senior secured term loan
credit facilities to introduce a process for lenders to voluntarily
tender their loans for prepayment.  As a result of this
transaction, Sheridan II prepaid $70 million principal amount of
the term loans at 66.875% of the par value.

Moody's considers Sheridan II's prepayment of term loans at a
discount as a distressed exchange, which is an event of default
under Moody's definition of default.  As noted above, Moody's
appended the Caa3-PD PDR with a "/LD" designation indicating
limited default.  The "/LD" designation will be removed three
business days hereafter.

"The downgrades of Sheridan II's ratings and negative outlook
reflect the potential for further exacerbation of liquidity stress
due to additional potential borrowing base deficiency driven by the
persistent low commodity price environment" commented Sreedhar
Kona, Moody's Senior Analyst.  "There is high likelihood that
Sheridan II will do additional discounted debt prepayments."

A list of rating actions is:

Downgrades:

Issuer: Sheridan Investment Partners II, LP

  Corporate Family Rating, Downgraded to Caa3 from B3

  Probability of Default Rating, Downgraded to Caa3-PD/LD from
   Caa1-PD

  Senior Secured Term Loan, Downgraded to Caa3 (LGD4) from B3
   (LGD3)

Issuer: Sheridan Production Partners II-A, LP

  Corporate Family Rating, Downgraded to Caa3 from B3

  Probability of Default Rating, Downgraded to Caa3-PD/LD from
   Caa1-PD

  Senior Secured Term Loan, Downgraded to Caa3 (LGD4) from B3
   (LGD3)

Issuer: Sheridan Production Partners II-M, LP

  Corporate Family Rating, Downgraded to Caa3 from B3

  Probability of Default Rating, Downgraded to Caa3-PD/LD from
   Caa1-PD

  Senior Secured Term Loan, Downgraded to Caa3 (LGD4) from B3
   (LGD3)

Outlook Actions:

Issuer: Sheridan Investment Partners II, LP
  Outlook, Negative

Issuer: Sheridan Production Partners II-A, LP
  Outlook, Negative

Issuer: Sheridan Production Partners II-M, LP
  Outlook, Negative

Rating Withdrawals:

Issuer: Sheridan Investment Partners II, LP
  Speculative Grade Liquidity (SGL) Rating, SGL-4 Withdrawn

Issuer: Sheridan Production Partners II-A, LP
  Speculative Grade Liquidity (SGL) Rating, SGL-4 Withdrawn

Issuer: Sheridan Production Partners II-M, LP
  Speculative Grade Liquidity (SGL) Rating, SGL-4 Withdrawn

RATINGS RATIONALE

The downgrade of Sheridan II's CFR to Caa3 reflects Moody's view
that a borrowing base deficiency will persist through 2016 due to
the weak commodity price outlook.  Poor asset value to loan
coverage (reflected in the borrowing base to loan ratio) and
elevated liquidity stress also constrain the funds' ratings.  While
Sheridan II is able to generate positive operating cash flow, total
liquidity (in the form of revolver availability and cash balance)
is expected to remain minimal at least through 2016. Moody's
projects any excess cash flow generated in 2016 will be required to
reduce debt balances to cure borrowing base deficiencies.  With
weak commodity prices and with some of the hedges rolling-off, cash
flow generation will weaken in 2016 and beyond.  The company could
seek one of a few alternatives at hand to cure the borrowing base
deficiency, but credit profile improvement is unlikely at least
through 2016.  The rating is also constrained by Sheridan II's
complex organizational structure that was created to address
business and tax considerations of a diverse mix of individual,
corporate, and tax-exempt investors. The funds were created to be
an investment vehicle with a mandate to buy mature producing fields
while minimizing commodity price risk with an aggressive hedging
program.  In the current price environment, reserve growth will be
limited due to a reduced reinvestment program.

The term loans (currently $714 million outstanding in total) of all
the funds were also downgraded to Caa3, in line with their Caa3
CFRs.  The senior secured debt of Sheridan II is comprised of
revolving credit facilities (currently $607 million outstanding in
total) and term loans made available to SIP II, Fund II-A, and Fund
II-M.

On a combined basis, Sheridan II has weak liquidity.  As of
Sept. 30, 2015, the cash balance was $32 million and Moody's
expects cash flow from operations to be sufficient to fund
projected capital expenditure requirements.  Sheridan II's
revolving credit facility matures in February 2018 and the term
loans mature in December 2020.  Any excess cash flow generated will
most likely be used to reduce debt, given the high likelihood of
the borrowing base being further reduced in December 2015 and/or
May 2016, resulting in a borrowing base deficiency.  Any borrowing
base deficiency amount would need to be repaid within six months
after the determination of the deficiency.  Under the terms of the
credit agreements, Sheridan II can sell assets valued at up to 2%
of the borrowing base amount (about $27 million) before triggering
a redetermination of the borrowing base.  Such asset sales provide
a limited "back door" to additional liquidity.

The negative outlook reflects the potential for the borrowing base
to be reduced in December 2015 and May 2016, leading to severe
stress on the company's ability to service debt.

Ratings could be downgraded if the present value to loan ratio
(represented by the borrowing base to the total revolver borrowings
and term loan balance outstanding) continues to remain less than 1x
beyond the second quarter of 2016 or if the borrowing base
deficiency is left uncured.

A ratings upgrade is less likely in the short term given the
challenging commodity price environment as well as the structure of
the funds, which requires a gradual liquidation of the asset base
over time.  Sheridan II could be considered for an upgrade if the
capital structure improves considerably and it maintains adequate
liquidity.

Sheridan Investment Partners II, L.P. (SIP II), Sheridan Production
Partners II-A, L.P. (Fund II-A), Sheridan Production Partners II-B,
L.P. (Fund II-B), and Sheridan Production Partners II-M, L.P. (Fund
II-M) are a related group of private investment companies created
to acquire and exploit mature producing oil and gas properties in
the United States.

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



SOP ACADEMY: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: SOP Academy, LLC
        408 E. Ravine Baye Road
        Bayside, WI 53217

Case No.: 15-33292

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: December 11, 2015

Court: United States Bankruptcy Court
       Eastern District of Wisconsin (Milwaukee)

Judge: Hon. Susan V. Kelley

Debtor's Counsel: Jerome R. Kerkman, Esq.
                  KERKMAN & DUNN
                  757 N. Broadway, Suite 300
                  Milwaukee, WI 53202-3612
                  Tel: 414-277-8200
                  Fax: 414-277-0100
                  Email: jkerkman@kerkmandunn.com

                    - and -

                  Justin M. Mertz, Esq.
                  KERKMAN & DUNN
                  757 N. Broadway, Suite 300
                  Milwaukee, WI 53202
                  Tel: 414-277-8200
                  Email: jmertz@kerkmandunn.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Warren Blumenthal, authorized person.

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


TECK RESOURCES: Moody's Lowers CFR to Ba3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded Teck Resources Limited's
Corporate Family rating to Ba3 from Ba1, Probability of Default
Rating to Ba3-PD from Ba1-PD and senior unsecured note ratings to
Ba3 from Ba1.  Teck's Speculative Grade Liquidity Rating remains
unchanged at SGL-2.  The rating outlook is negative.

RATINGS RATIONALE

"A continued weakening of commodity prices and the expectation that
a meaningful recovery is unlikely in 2016 or 2017, combined with
Teck's sizable investment spending requirements will cause Teck's
credit metrics to be weak for a sustained period despite announced
dividend cuts and cost reduction plans" said Carol Cowan, Moody's
Senior Vice President.

Teck's Ba3 CFR is driven by its weakened leverage profile, material
free cash flow consumption as a result of sizable capital
expenditure requirements, exposure to commodity price volatility,
and production and development risks.  Providing an offset are the
diversity and scale of its business, low geopolitical risks,
average cost position and good liquidity.  Moody's expects Teck's
adjusted Debt/EBITDA will exceed 6.5x through 2016, incorporating a
1.32 USD/CAD exchange rate and base commodity price assumptions of
US$80/tonne for benchmark metallurgical coal, US$2.15/pound for
copper and US$0.75/pound for zinc (2016 sensitivities).  Though
Moody's expects modest improvement in the noted commodity prices
beyond 2016, which should enable Teck's cash flows to strengthen
somewhat in 2017, Teck's leverage will remain weak for the rating.
The company's significant spending on the Fort Hills oil sands
development project (of which it does not control the capital
decision process), at a time when commodity prices continue to be
under pressure, will cause Teck's cash consumption to total
approximately C$1.3 billion in 2016 and C$1.0 billion in 2017, even
after recently announced operating cost cuts expected next year.
Absent asset sales or other inorganic actions taken by management,
this will further increase debt levels and limit material
improvement in Teck's adjusted Debt/EBITDA.

Teck's rating outlook is negative because its leverage will remain
at higher than normal levels for its rating, cash flow will remain
sizably negative through at least 2017, and there remains the
potential for further earnings deterioration as a result of
commodity price pressures.

Teck's liquidity is good (SGL-2), driven by Moody's estimate that
Teck's cash requirements total about C$2.4 billion through the five
quarters ending Q4/2016 compared to cash sources that total about
C$7.8 billion.  Teck's cash requirements include about C$1.3
billion of negative free cash flow, about C$300 million of minimum
balance sheet cash needs and $831 million of near term maturities.
Sources include C$1.5 billion of cash at Sept. 30, 2015, C$5.5
billion of unused revolvers at September 30, 2015 (US$1.2 billion
matures in June 2017 and US$3 billion matures in 2020), and about
C$789 million in proceeds from the Antamina mine streaming
transaction, which closed subsequent to the end of the third
quarter.  Moody's expects that Teck will maintain ample cushion to
its maximum 50% Debt/Capitalization debt covenant (37% at Q3/15).

Teck's rating could be downgraded to B1 if adjusted Debt/EBITDA is
likely to be sustained above 4x and (CFO-Dividend)/Debt will likely
be sustained at less than 15%.  Greater than expected cash
consumption or a weakening of existing robust liquidity could also
cause Teck's rating to be downgraded.  An upgrade to Ba2 is
unlikely currently, but would be considered if adjusted Debt/EBITDA
is likely to be sustained towards 3.5x and (CFO-Dividend)/Debt will
likely be sustained above 20%, coupled with evident improvement in
commodity prices and continued robust liquidity.

Downgrades:

Issuer: Teck Resources Limited

  Corporate Family Rating, downgraded to Ba3 from Ba1

  Probability of Default Rating, downgraded to Ba3-PD from Ba1-PD

  Senior Unsecured Regular Bond/Debentures, Downgraded to Ba3
   (LGD 4) from Ba1 (LGD 4)

  Senior Unsecured Shelf, Downgraded to (P)Ba3 from (P)Ba1

Affirmation:

  Speculative Grade Liquidity Rating, affirmed at SGL-2

Outlook Actions:

Issuer: Teck Resources Limited

  Outlook, Remains Negative

Headquartered in Vancouver, British Columbia, Canada, Teck
Resources is a diversified mining company with assets in Canada,
the U.S., Peru and Chile.  The company is a leading producer of
metallurgical coal, operates one of the world's largest zinc mines
(Red Dog in Alaska) and also produces a meaningful amount of
copper.  Revenues for LTM Q3/2015 were C$8.4 billion.

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



TRANSCOASTAL CORP: In Chapter 11 with Prepack Plan
--------------------------------------------------
TransCoastal and affiliated debtor CoreTerra Operating filed for
Chapter 11 protection with a Joint Prepackaged Plan of
Reorganization that would convert $21 million in loans to equity.

The Company, which engages in the acquisition, exploration,
development and production of oil and natural gas properties, is
represented by Stephen M. Pezanosky of Haynes & Boone.  Documents
filed with the Court note, "As oil prices have declined and access
to capital has deteriorated, many E&P companies have been forced to
reduce their capital expenditure budgets, focus efforts on managing
liquidity, and address outstanding debt obligations.  TC-TX has not
been spared from the same difficulties and as a result has seen
reductions in operating cash flow and a deteriorating working
capital position."  

According to BankruptcyData, the Company concurrently filed with it
Chapter 11 petition a Joint Prepackaged Plan of Reorganization and
related Disclosure Statement.  Under the Plan, approximately $21
million of loans and obligations outstanding under the Company's
prepetition loan agreement will be converted into (i) 100% of the
new equity in the reorganized TC-TX, and (ii) 100% of the new exit
facility term loan in full and final satisfaction of the claims,
liens and rights of the senior lender against the Debtors arising
under or in connection with the pre-petition loan agreement.
General unsecured claims will be unimpaired, all prepetition equity
interests in TC-TX will be extinguished and existing equity will
not receive or retain any property under the Prepackaged Plan.

Dallas, Texas-based TransCoastal Corporation, et al., filed for
Chapter 11 protection (Bankr. N.D. Tex. Case No. 15-34956) on
Dec. 8, 2015.  The petitions were signed by Stuart Hagler, chief
executive officer.  The Hon. Harlin DeWayne Hale presides over the
cases.  

The Debtors tapped Stephen M. Pezanosky, Esq., at Haynes And Boone,
LLP, as counsel, and Blackhill Partners, LLC, as their financial
advisor.

TransCoastal estimated assets at $1 million to $10 million and
debts at $10 million to $50 million.



TRIUMPH GROUP: Moody's Affirms Ba2 CFR & Changes Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service has affirmed the debt ratings of Triumph
Group Inc., including the Ba2 corporate family rating and Ba3
senior unsecured ratings, but changed the rating outlook to
negative from stable.  The Speculative Grade Liquidity Rating is
unchanged at SGL-2.

This reflects the rating actions and Moody's ratings for Triumph:

These ratings were affirmed:

Issuer: Triumph Group, Inc.

  Probability of Default Rating, Ba2-PD

  Corporate Family Rating, Ba2

  $375 million senior unsecured notes due 2021, Ba3 (LGD5)

  $300 million senior unsecured notes due 2022, Ba3 (LGD5)

Outlook changed:

Rating Outlook, to Negative from Stable

RATINGS RATIONALE

The negative outlook reflects a revenue and earnings trajectory
that is lower than expectations as well as continued concerns
around the mix of Triumph's platform portfolio.  Declining
production rates on key programs such as the 747, G450 & G550, and
A330 continue to pressure revenues and profitability (YTD Sept '15
organic sales down 12%) and we expect to see a further weakening in
both organic sales and earnings over the next 12 to 18 months. At
this time it remains unclear whether Triumph's upcoming work on
newer platforms will be of a magnitude and level of profitability
that is sufficient to offset the on-going declines in its legacy
programs.  The negative outlook also reflects concerns around
design and execution risk associated with the Bombardier Global
7000/8000, an important program for Triumph's intermediate growth
prospects.  Thus far, the program has been delayed by two years and
has resulted in design and engineering costs that have materially
exceeded expectations.  Moody's believes the next 12 to 24 months
will be a critical period for the Global series and Triumph's
ability to efficiently transition from the design and development
phase to the initial build phase will be an important rating
consideration.

Triumph's Ba2 corporate family rating reflects the company's
well-established presence as an aerospace supplier with a large
Tier One capable-aerostructure business, diversified across a wide
breadth of programs as well as the sole-source nature of many of
the company's programs.  Triumph continues to have a robust backlog
($4.80 billion as of Sept. 30, 2015, - representing more than 100%
of annual revenues) supported by the cyclical upturn in commercial
aerospace demand.  Prospects for a relatively robust free cash flow
profile over the intermediate term appear favorable and are likely
to be driven by the tapering off of investments in developing
programs such as the Global 7000/8000 and Embraer E-Jet, reduced
cash burn on the Gulfstream 280/650 and lower pension contributions
(Triumph's transition to a cash tax payer in FY 16/17 will
partially offset these factors).

The rating also recognizes a continued decline in sales and
earnings levels that has resulted in a weakening of credit metrics.
As of September 2015, Moody's adjusted Debt-to-EBITDA was about
3.7x and Moody's expects leverage to remain at elevated levels over
the next 12 to 18 months.  Profitability metrics remain under
pressure (particularly in the Aero-structures segment) with
firm-wide LTM Sept '15 EBITDA margins of about 13.3% as compared to
FY 2014 margins of 15.3%.  Triumph's sizable footprint, comprised
of 47 companies spread over more than 60 locations, should provide
ample opportunity for cost reductions and management's ability to
improve efficiencies and execution and increase profitability will
be an important rating consideration.

Given the current phase of the aerospace cycle, Moody's has
concerns that there are increasingly fewer opportunities for
content wins on new and derivative OEM platforms.  Moody's expects
to see a continued weakening in organic sales in the next 12 to 18
months and over the intermediate term we believe Triumph will face
challenges in offsetting the on-going declines in legacy work with
new, profitable content.  Design and execution risk on developing
platforms as well as the potential for further program delays,
particularly on the Global 7000/8000, also weigh on the rating.
Finally, the risk of further production rate cuts on legacy
programs, beyond what is already contemplated, also acts as a
tempering consideration.

The SGL-2 Speculative Grade Liquidity rating denotes expectations
for a good liquidity profile over the next 12-18 months.  Free cash
flow generation for FY 2016 is anticipated to be modest (and
meaningfully lower than expected) due to a higher than anticipated
level of spend on development programs and the timing of certain
milestone payments.  Moody's expects improved cash flows in FY 2017
with FCF as a % of debt anticipated to be in the mid-single digit
range.  External liquidity is provided by a $1.0 billion senior
secured revolving credit facility and a $225 million Accounts
Receivables (A/R) securitization facility and we expect continued
usage under both facilities driven by the company's efforts to grow
through acquisitions and continued investments in working capital.
The revolver and A/R facility contain three financial covenants and
Moody's expects Triumph to maintain significant cushions under its
financial covenants over the next four quarters.

Downward rating pressure would be prompted by revenue and earnings
levels that continue to trail expectations.  An unanticipated rate
cut in any of Triumph's existing platforms, delays and/or cost
overages in new platforms (particularly the Global 7000/8000) could
also result in a ratings downgrade.  The ratings could also be
lowered if Triumph were to increase debt levels materially for any
reason, including acquisitions with debt to EBITDA exceeding 4.0
times or if free cash flow generation were to remain at weak
levels.

Upward rating momentum is unlikely at this time given Triumph's
current revenue and earnings trajectory and on-going concerns about
the mix of its platform portfolio.  A ratings upgrade could occur
if meaningful new program wins and/or a significant upsizing of
existing programs were deemed to largely mitigate the risk of
further production cuts on existing key platforms.  The ratings
could also be upgraded if Triumph were to sufficiently lower
leverage such that Debt to EBITDA on a Moody's adjusted basis was
sustained below 2.75 times and free cash flow to debt was sustained
above 15%.

The Ba3 (LGD5) rating assigned to the $375 million senior unsecured
notes due 2021 as well as the $300 million senior unsecured notes
due 2022 is one notch below the Ba2 Corporate Family Rating,
reflecting that the notes are unsecured obligations of the company
and rank junior to the company's senior secured credit facility.

The principal methodology used in these ratings was Global
Aerospace and Defense Industry published in April 2014.

Triumph designs, engineers, manufactures, repairs, overhauls and
distributes a broad portfolio of aerostructures, aircraft
components, accessories, subassemblies and systems.  The company
serves commercial aerospace (57% of sales), military (22%),
business jet (19%) and regional and other (2%) markets.  Revenues
were approximately $3.9 billion for the twelve months ended
Sept. 30, 2015.



VALLEY FORGE: Says Thompson Coburn Must Face Negligence Suit
------------------------------------------------------------
Dani Meyer at Bankruptcy Law360 reported that Thompson Coburn LLP
shouldn't be able to escape negligence allegations for failing to
shut down a scheme by Valley Forge Composite Technologies Inc.'s
CEO to illegally sell military-grade components to China, the
company's Chapter 7 trustee told a Pennsylvania federal court to
Dec. 7, 2015.

Trustee John P. Neblett said he's presented more than enough facts
to support a plausible claim for gross negligence against Thompson
Coburn and partner Michael Hawthorne, blasting their attempt to
shake his suit alleging they could have stopped former CEO Louis J.
Brothers' scheme.

Valley Forge Composite Technologies, Inc., sought Chapter 11
bankruptcy protection (Banrk. M.D. Pa. Case No. 13-05253) on Oct.
9, 2013.  The case is assigned to Judge John J. Thomas.  The
Company, which produces technology products, is represented by
Maurice R. Mitts of Mitts Milavec.


VANGUARD NATURAL: Moody's Lowers CFR to B3, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded Vanguard Natural Resources,
LLC's Corporate Family Rating to B3 from B1, Probability of Default
Rating to B3-PD from B1-PD and the ratings on its senior unsecured
notes to Caa2 from B3.  The Speculative Grade Liquidity Rating
moved to SGL-4 and the rating outlook is negative.

"The downgrade to a B3 CFR reflects Vanguard's weak liquidity and
our expectation that its cash flow metrics will deteriorate over
the next 12 to 18 months in a persistently weak commodity price
environment as hedges roll off in 2017," stated James Wilkins, a
Moody's Vice President - Senior Analyst.   "The company's liquidity
could continue to shrink unless it reduces or suspends its
dividend."

This summarizes the ratings activity.

Issuer: Vanguard Natural Resources, LLC

Ratings Downgraded:

  Corporate Family Rating, B3 from B1
  Probability of Default Rating, B3-PD from B1-PD
  $550 million Senior Unsecured Notes, Caa2 (LGD5) from B3 (LGD5)

Ratings Lowered:

  Speculative Grade Liquidity Rating, SGL-4
  Outlook – Negative

RATINGS RATIONALE

Vanguard's B3 CFR reflects its weak cash flow metrics (retained
cash flow to debt of 6.4% as of Sept. 30, 2015), weak liquidity and
high leverage, as well as Moody's expectation that these metrics
will deteriorate over the next 12-18 months if the current weak oil
and gas price environment continues.  The company has benefited
from having a significant portion of its 2015 production hedged.
In 2016, its hedges will drop, covering 69% of natural gas
production and 59% of oil production.  In 2017, hedged volumes will
decrease even more to cover only 39% natural gas production and 17%
of oil production, which will have a material negative impact on
cash flows at current commodity prices.

The company's ratings are supported by its significant scale,
geographical diversity, long-lived and predominately proved
developed reserve base, low operational risk, and low capital
intensity.

Vanguard's SGL-4 rating reflects Moody's expectation that the
company will have weak liquidity in 2016.  The company is dependent
on its revolving credit facility to finance its ongoing operations
and had borrowings of $1.69 billion and availability of $110
million as of 8 December 2015.  The borrowing base was $1.8 billion
following the fall redetermination and closing of the Eagle Rock
Energy Partners and LRR Energy acquisitions.  However, a reduction
in the revolver's borrowing base during the Spring 2016
redetermination could have a material impact on the company's
liquidity.

Vanguard does have the option to improve its free cash flow by
reducing its dividend ($37 million in the third quarter 2015) to
offset the impact of lower hedged volumes and low oil and gas
prices.  The company's facility has two financial covenants -- a
secured debt to EBITDA ratio of no more than 5.5x in 2015, 5.25x in
2016 and 4.5x starting in 2017 and beyond (4.86x as of
Sept. 30, 2015, before its latest acquisitions), as well as a
current ratio of no less than 1.0x (2.35x as of Sept. 30, 2015).
The company may be challenged to maintain compliance with the
covenants if the low commodity prices persist.

The outlook is negative.  A rating downgrade is likely if
Vanguard's liquidity deteriorates further or retained cash flow to
debt falls below 5%.  A positive rating action could occur if
Vanguard improves its liquidity, it reduces debt and the company is
capable of generating positive free cash flow without the benefit
of hedges.

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

Vanguard Natural Resources, LLC is an independent exploration and
production company headquartered in Houston, Texas.



WALTER ENERGY: Canada Holdings Restructures Under CCAA
------------------------------------------------------
Walter Energy Canada Holdings Inc. and its affiliates commenced
court-supervised restructuring proceedings under the Companies'
Creditors Arrangement Act on Dec. 7, 2015.

The Supreme Court British Columbia granted an order under the CCAA
for a stay of proceedings against Walter Energy et al., as well as
against Walter Canadian Coal Partnership, and appointed KPMG Inc.
as monitor.  In addition, the Court also granted a limited stay of
proceedings against Belcourt Saxon Coal Ltd, and Belcourt Saxon
Coal Limited Partnership in relation to the Belcourt Saxon Limited
Partnership Agreement dated March 2, 2015.

The monitor can be reached at:

  KMPG INc.
  777 Dunsmuir Street
  PO Box 10426
  Vancouver, BC V7Y 1K3

  Telephone:
  Toll free within North America: 1-855-383-3547
  Local and abroad: 1-416-649-7580
  Fax: (416) 777-8818
  Email: waltercanada@kpmg.ca

                    About Walter Energy

Walter Energy -- http://www.walterenergy.com/-- is a publicly  
traded "pure-play" metallurgical coal producer for the global steel
industry with strategic access to steel producers in Europe, Asia
and South America.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas. Walter
Energy employs approximately 2,700 employees, with operations in
the United States, Canada and the United Kingdom.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.  

Walter Energy, Inc., and its affiliates sought Chapter 11
protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham,
Alabama on July 15, 2015, after signing a restructuring support
agreement with first-lien lenders.

Walter Energy disclosed total assets of $5.2 billion and total debt
of $5 billion as of March 31, 2015.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as
counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree
Deakins LLP, as labor and employment counsel; Maynard, Cooper &
Gale, P.C., as special counsel; Blackstone Advisory Services, L.P.,
as investment banker; AlixPartners, LLP, as financial advisor, and
Kurtzman Carson Consultants LLC, as claims and noticing agent.

The Bankruptcy Administrator for the Northern District of Alabama
appointed an Official Committee of Unsecured Creditors and an
Official Committee of Retirees.  The Creditors Committee tapped
Morrison & Foerster LLP and Christian & Small LLP as attorneys. The
Retiree Committee retained Adams & Reese LLP and Jenner & Block LLP
as attorneys.

The informal group of certain unaffiliated First Lien Lenders and
First Lien Noteholders (the "Steering Committee") retained Akin,
Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard
Freres & Co. LLC as financial advisor.


WALTER ENERGY: May Use Cash Collateral Through Jan. 8
-----------------------------------------------------
Walter Energy, Inc., on Dec. 1, 2015, filed a notice with the
Bankruptcy Court for the Northern District of Alabama announcing
that the Debtors' right to use cash collateral pursuant to the
Amended Cash Collateral Order had been extended by agreement with
the steering committee to the earlier (i) the termination of the
Stalking Horse Agreement and (ii) January 8, 2016.

On November 5, 2015, the Debtors, entered into a stalking horse
asset purchase agreement with Coal Acquisition LLC, a Delaware
limited liability company formed by members of the Company's senior
lender group, pursuant to which, among other things, Coal
Acquisition agreed to acquire substantially all of the Company's
Alabama assets.  The sale of the Subject Assets, among other
assets, is being conducted under the provisions of Sections 363 and
365 of the Bankruptcy Code, including proposed bidding procedures,
subject to receipt of higher or otherwise better bids and a
proposed auction.

In connection with the proposed sale of the Subject Assets, on
November 25, 2015, the Bankruptcy Court entered the Order (I)
Establishing Bidding Procedures for the Sale(s) of All, or
Substantially All, of the Debtors' Assets; (II) Approving Bid
Protections; (III) Establishing Procedures Relating to the
Assumption and Assignment of Executory Contracts and Unexpired
Leases; (IV) Approving Form and Manner of the Sale, Cure and Other
Notices; and (V) Scheduling an Auction and a Hearing to Consider
the Approval of the Sale(s); and (VI) Certain Related Relief.

As reported by the Troubled Company Reporter, Bankruptcy Judge
Tamara O. Mitchell scheduled Jan. 5, 2016, at 10:00 a.m. to auction
substantially all of the assets of Walter Energy at the offices of
Bradley Arant Boult Cummings LLP, One Federal Place, 1819 Fifth
Avenue North in Birmingham, Alabama.

Interested buyers have until Jan. 4, 2016, at 12:00 noon
(prevailing Central Time) to file their offers for the Debtors'
assets followed by a sale hearing on Jan. 6, 2016, at 9:00 a.m.
(prevailing Central Time) at the United States Bankruptcy Court for
the Northern District of Alabama, Southern Division, 1800 Fifth
Avenue North in Birmingham, Alabama.  Objections, if any, are due
Dec. 17, 2015, at 4:00 p.m. (prevailing Central Time).

During the auction, each bid must be accompanied by a cash deposit
in the amount of 10% of the purchase price (excluding any assumed
liabilities) contained in the modified asset purchase agreement,
which deposit will be held in an interest-bearing escrow account to
be identified and established by the Debtors.  A Bid for all or
substantially all of the core acquired assets must, individually or
in conjunction with one or more other Bids, have a purchase price,
including any assumption of liabilities, that in the Debtors'
reasonable business judgment has a value greater than the sum of
(i) the purchase price plus (ii) $10 million.

The Bid must include a commitment to close the transactions
contemplated by the modified asset purchase agreement by no later
than Feb. 29, 2016; provided that such date may be extended for a
period not to exceed 30 days and solely for the purpose of
obtaining any necessary regulatory approvals.

                        About Walter Energy

Walter Energy -- http://www.walterenergy.com/-- is a publicly
traded "pure-play" metallurgical coal producer for the global steel
industry with strategic access to steel producers in Europe, Asia
and South America.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas.  Walter
Energy employs approximately 2,700 employees, with operations in
the United States, Canada and the United Kingdom.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.  

Walter Energy, Inc., and its affiliates sought Chapter 11
protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham,
Alabama on July 15, 2015, after signing a restructuring support
agreement with first-lien lenders.

Walter Energy disclosed total assets of $5.2 billion and total debt
of $5 billion as of March 31, 2015.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as
counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree
Deakins LLP, as labor and employment counsel; Maynard, Cooper &
Gale, P.C., as special counsel; Blackstone Advisory Services, L.P.,
as investment banker; AlixPartners, LLP, as financial advisor, and
Kurtzman Carson Consultants LLC, as claims and noticing agent.

The Bankruptcy Administrator for the Northern District of Alabama
appointed an Official Committee of Unsecured Creditors and an
Official Committee of Retirees.  The Creditors Committee tapped
Morrison & Foerster LLP and Christian & Small LLP as attorneys.
The Retiree Committee retained Adams & Reese LLP and Jenner & Block
LLP as attorneys.

The informal group of certain unaffiliated First Lien Lenders and
First Lien Noteholders (the "Steering Committee") retained Akin,
Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard
Freres & Co. LLC as financial advisor.


[*] 3 Firms Earn High Praise from Clients for 15 Consecutive Years
------------------------------------------------------------------
Melissa Maleske at Bankruptcy Law360 reported that only three firms
have earned high praise from their clients for 15 consecutive
years, a new survey shows.  By consistently keeping their clients
happy since the BTI Client Service 30 report began 15 years ago,
Jones Day, Morgan Lewis & Bockius LLP, and Sidley Austin LLP have a
rare distinction among the 30 law firms that corporate counsels
have named the creme de la creme of client service delivery.  All
three also made the top 10 in the 2016 BTI Client Service A-Team
report by BTI.


[*] DOJ Seeks Comments on Reports in Ch. 11 Cases
-------------------------------------------------
Diane Davis, writing for Bloomberg Brief - Distress & Bankruptcy,
reported that the Executive Office for United States Trustees will
hold a public hearing Feb. 17, 2016, in Washington, D.C., for
interested parties to express their views on proposed rules and
forms for completing uniform periodic reports in non-small business
cases filed under Chapter 11.

According to the report, these Periodic Reports are to be used by
all Chapter 11 debtors who don't qualify as a "small business
debtor" as defined in Bankruptcy Code Section 101(51D).  Chapter 11
is for businesses or individuals whose debts exceed the statutory
thresholds for Chapter 13, the report related.

For purposes of the Bankruptcy Code, a "small business debtor" is a
"person, or an affiliate of such person, engaged in commercial or
business activities that either individually, or as a group of
affiliates, has noncontingent liquidated secured and unsecured
debts in an amount not more than $2,490,925 (excluding debts owed
to 1 or more affiliates or insiders) for a case in which a
committee of unsecured creditors has not been appointed, or where
the court has determined that the committee of unsecured creditors
is not sufficiently active and representative to provide effective
oversight of the debtor," the report related.

The EOUST has also reopened the comment period for the proposed
rule, and new or supplemental comments will be accepted until Feb.
22, 2016, the report further related.


[*] Jones Day's Scott Greenberg Named as Law360's Bankruptcy MVP
----------------------------------------------------------------
Stewart Bishop at Bankruptcy Law360 reported that Scott Greenberg
of Jones Day led embattled telecommunications firm NII Holdings
Inc. through a bruising restructuring process, ultimately winning
approval of a reorganization plan -- over the fierce objections of
bondholders -- designed to slash $4.35 billion in debt and propel
the company out of Chapter 11, earning him a spot on Law360's
Bankruptcy MVPs.  Jones Day's Greenberg was the head attorney
navigating the multibillion-dollar restructuring of NII, a publicly
listed wireless communications services provider that operates
under the Nextel brand.

Mr. Greenberg can be reached at:

          Scott J. Greenberg, Esq.
          JONES DAY
          222 East 41st Street
          New York, NY 10017-6702
          Tel: (212) 326-3939
          Fax: (212) 755-7306
          E-mail: sgreenberg@jonesday.com


[*] Soured Buyouts Bring Kirkland & Ellis $107M Bonanza
-------------------------------------------------------
Steven Church, writing for Bloomberg Brief - Distress & Bankruptcy,
reported that as some of the biggest leveraged buyouts of the past
decade go bust, one law firm is doing particularly well: Kirkland &
Ellis LLP.

According to the report, Energy Future Holdings Corp., Caesars
Entertainment Operating Co. and Samson Resources Corp. all picked
Kirkland as lead counsel after buyouts saddled them with
unsustainable levels of debt, sending them into bankruptcy.  They
all saw plans for quick exits dashed by complicated debt histories
and creditor relations, the report said.

As of mid-November, the law firm had billed the three companies
$107.4 million, Bloomberg noted.  That bounty has helped Kirkland
surpass the bankruptcy powerhouses of decades past, like Weil
Gotshal & Manges LLP, which shepherded Lehman Brothers through its
record meltdown, and Skadden, Arps, Slate, Meagher & Flom LLP,
whose clients have included Delphi Corp., the report noted.


[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
                                               Total
                                              Share-      Total
                                   Total    Holders'    Working
                                  Assets      Equity    Capital
  Company         Ticker            ($MM)       ($MM)      ($MM)
  -------         ------          ------    --------    -------
ABSOLUTE SOFTWRE  OU1 GR           140.4       (51.4)     (47.6)
ABSOLUTE SOFTWRE  ALSWF US         140.4       (51.4)     (47.6)
ABSOLUTE SOFTWRE  ABT CN           140.4       (51.4)     (47.6)
ACCRETIVE HEALTH  ACHI US          490.9      (223.5)    (126.7)
ADV MICRO DEVICE  AMD* MM        3,229.0      (336.0)   1,017.0
ADVENT SOFTWARE   ADVS US          424.8       (50.1)    (110.8)
AEROJET ROCKETDY  GCY GR         1,957.4      (107.2)      96.3
AEROJET ROCKETDY  GCY TH         1,957.4      (107.2)      96.3
AEROJET ROCKETDY  AJRD US        1,957.4      (107.2)      96.3
AIR CANADA        ADH2 QT       12,755.0       (51.0)     531.0
AIR CANADA        ADH2 TH       12,755.0       (51.0)     531.0
AIR CANADA        ACEUR EU      12,755.0       (51.0)     531.0
AIR CANADA        AC CN         12,755.0       (51.0)     531.0
AIR CANADA        ADH2 GR       12,755.0       (51.0)     531.0
AIR CANADA        ACDVF US      12,755.0       (51.0)     531.0
AK STEEL HLDG     AKS* MM        4,250.3      (484.7)     792.0
AMER RESTAUR-LP   ICTPU US          33.5        (4.0)      (6.2)
AMYLIN PHARMACEU  AMLN US        1,998.7       (42.4)     263.0
ANGIE'S LIST INC  8AL GR           173.2       (19.8)     (33.1)
ANGIE'S LIST INC  8AL TH           173.2       (19.8)     (33.1)
ANGIE'S LIST INC  ANGI US          173.2       (19.8)     (33.1)
ARCH COAL INC     ACI* MM        5,848.0      (605.4)     824.1
ARIAD PHARM       ARIA SW          576.1       (49.7)     213.9
ARIAD PHARM       ARIACHF EU       576.1       (49.7)     213.9
ARIAD PHARM       ARIA US          576.1       (49.7)     213.9
ARIAD PHARM       APS TH           576.1       (49.7)     213.9
ARIAD PHARM       ARIAEUR EU       576.1       (49.7)     213.9
ARIAD PHARM       APS GR           576.1       (49.7)     213.9
ASPEN TECHNOLOGY  AST GR           266.8       (63.0)     (44.1)
ASPEN TECHNOLOGY  AZPN US          266.8       (63.0)     (44.1)
AUTOZONE INC      AZ5 GR         8,102.3    (1,701.4)    (742.6)
AUTOZONE INC      AZ5 TH         8,102.3    (1,701.4)    (742.6)
AUTOZONE INC      AZOEUR EU      8,102.3    (1,701.4)    (742.6)
AUTOZONE INC      AZ5 QT         8,102.3    (1,701.4)    (742.6)
AUTOZONE INC      AZO US         8,102.3    (1,701.4)    (742.6)
AVID TECHNOLOGY   AVID US          264.2      (327.6)    (158.4)
AVID TECHNOLOGY   AVD GR           264.2      (327.6)    (158.4)
AVINTIV SPECIALT  POLGA US       1,991.4        (3.9)     322.1
AVON - BDR        AVON34 BZ      3,774.7      (768.4)     660.1
AVON PRODUCTS     AVP GR         3,774.7      (768.4)     660.1
AVON PRODUCTS     AVP* MM        3,774.7      (768.4)     660.1
AVON PRODUCTS     AVP TH         3,774.7      (768.4)     660.1
AVON PRODUCTS     AVP CI         3,774.7      (768.4)     660.1
AVON PRODUCTS     AVP US         3,774.7      (768.4)     660.1
BARRACUDA NETWOR  7BM GR           421.3       (26.4)      42.0
BARRACUDA NETWOR  CUDAEUR EU       421.3       (26.4)      42.0
BARRACUDA NETWOR  CUDA US          421.3       (26.4)      42.0
BENEFITFOCUS INC  BNFT US          172.4        (8.7)      28.3
BENEFITFOCUS INC  BTF GR           172.4        (8.7)      28.3
BERRY PLASTICS G  BERY US        5,028.0       (53.0)     678.0
BERRY PLASTICS G  BP0 GR         5,028.0       (53.0)     678.0
BLUE BIRD CORP    1291067D US      307.6      (133.8)       5.4
BLUE BIRD CORP    BLBD US          307.6      (133.8)       5.4
BLUE BUFFALO PET  BUFF US          479.1        (2.7)     290.6
BLUE BUFFALO PET  B6B GR           479.1        (2.7)     290.6
BLUE BUFFALO PET  B6B TH           479.1        (2.7)     290.6
BOMBARDIER INC-B  BBDBN MM      23,863.0    (3,660.0)   1,076.0
BOMBARDIER-B OLD  BBDYB BB      23,863.0    (3,660.0)   1,076.0
BOMBARDIER-B W/I  BBD/W CN      23,863.0    (3,660.0)   1,076.0
BRINKER INTL      BKJ GR         1,549.3      (108.1)    (201.0)
BRINKER INTL      EAT US         1,549.3      (108.1)    (201.0)
BURLINGTON STORE  BUI GR         2,805.3      (121.9)     112.6
BURLINGTON STORE  BURL US        2,805.3      (121.9)     112.6
BURLINGTON STORE  BURL* MM       2,805.3      (121.9)     112.6
CABLEVISION SY-A  CVY GR         6,745.7    (4,957.7)      39.4
CABLEVISION SY-A  CVCEUR EU      6,745.7    (4,957.7)      39.4
CABLEVISION SY-A  CVC US         6,745.7    (4,957.7)      39.4
CABLEVISION SY-A  CVY TH         6,745.7    (4,957.7)      39.4
CABLEVISION-W/I   CVC-W US       6,745.7    (4,957.7)      39.4
CABLEVISION-W/I   8441293Q US    6,745.7    (4,957.7)      39.4
CAMBIUM LEARNING  ABCD US          185.8       (72.7)     (12.7)
CASELLA WASTE     WA3 GR           660.7       (15.6)       4.9
CASELLA WASTE     CWST US          660.7       (15.6)       4.9
CENTENNIAL COMM   CYCL US        1,480.9      (925.9)     (52.1)
CHOICE HOTELS     CHH US           712.8      (400.6)     168.4
CHOICE HOTELS     CZH GR           712.8      (400.6)     168.4
CINCINNATI BELL   CIB GR         1,460.2      (323.3)     (38.6)
CINCINNATI BELL   CBB US         1,460.2      (323.3)     (38.6)
CLEAR CHANNEL-A   C7C GR         6,133.3      (297.8)     433.3
CLEAR CHANNEL-A   CCO US         6,133.3      (297.8)     433.3
COMMUNICATION     CSAL US        2,622.8    (1,092.2)       -
COMMUNICATION     8XC GR         2,622.8    (1,092.2)       -
CPI CARD GROUP    PNT CN           289.3      (207.8)      55.7
CPI CARD GROUP I  PMTS US          289.3      (207.8)      55.7
CPI CARD GROUP I  CPB GR           289.3      (207.8)      55.7
CYAN INC          YCN GR           112.1       (18.4)      56.9
CYAN INC          CYNI US          112.1       (18.4)      56.9
DELEK LOGISTICS   DKL US           361.8       (11.7)       8.2
DELEK LOGISTICS   D6L GR           361.8       (11.7)       8.2
DENNY'S CORP      DENN US          289.7        (7.5)     (18.3)
DENNY'S CORP      DE8 GR           289.7        (7.5)     (18.3)
DIRECTV           DTVEUR EU     25,321.0    (3,463.0)   1,360.0
DIRECTV           DTV CI        25,321.0    (3,463.0)   1,360.0
DIRECTV           DTV US        25,321.0    (3,463.0)   1,360.0
DOMINO'S PIZZA    EZV TH           603.2    (1,255.9)     125.1
DOMINO'S PIZZA    EZV GR           603.2    (1,255.9)     125.1
DOMINO'S PIZZA    DPZ US           603.2    (1,255.9)     125.1
DUN & BRADSTREET  DNB US         2,082.4    (1,146.5)     (96.6)
DUN & BRADSTREET  DNB1EUR EU     2,082.4    (1,146.5)     (96.6)
DUN & BRADSTREET  DB5 GR         2,082.4    (1,146.5)     (96.6)
DUN & BRADSTREET  DB5 TH         2,082.4    (1,146.5)     (96.6)
DUNKIN' BRANDS G  2DB GR         3,348.1       (65.8)     285.7
DUNKIN' BRANDS G  DNKN US        3,348.1       (65.8)     285.7
DUNKIN' BRANDS G  2DB TH         3,348.1       (65.8)     285.7
DURATA THERAPEUT  DTA GR            82.1       (16.1)      11.7
DURATA THERAPEUT  DRTXEUR EU        82.1       (16.1)      11.7
DURATA THERAPEUT  DRTX US           82.1       (16.1)      11.7
EDGE THERAPEUTIC  EU5 GR            58.5       (50.6)      47.1
EDGE THERAPEUTIC  EDGE US           58.5       (50.6)      47.1
EDGEN GROUP INC   EDG US           883.8        (0.8)     409.2
ELRAY RESOURCES   ERAP GR            2.2        (8.4)      (9.9)
ENERGIZER HOLDIN  ENR US         1,629.6       (60.1)     658.7
EOS PETRO INC     EOPT US            1.2       (27.9)     (29.0)
EPL OIL & GAS IN  EPA1 GR        1,140.6      (388.7)    (257.6)
EPL OIL & GAS IN  EPL US         1,140.6      (388.7)    (257.6)
EXELIXIS INC      EX9 GR           363.2       (74.2)     151.4
EXELIXIS INC      EXELEUR EU       363.2       (74.2)     151.4
EXELIXIS INC      EX9 TH           363.2       (74.2)     151.4
EXELIXIS INC      EXEL US          363.2       (74.2)     151.4
FREESCALE SEMICO  FSL US         3,159.0    (3,079.0)   1,264.0
FREESCALE SEMICO  1FS TH         3,159.0    (3,079.0)   1,264.0
FREESCALE SEMICO  FSLEUR EU      3,159.0    (3,079.0)   1,264.0
FREESCALE SEMICO  1FS QT         3,159.0    (3,079.0)   1,264.0
FREESCALE SEMICO  1FS GR         3,159.0    (3,079.0)   1,264.0
GAMING AND LEISU  GLPI US        2,516.1      (236.6)     (98.2)
GAMING AND LEISU  2GL GR         2,516.1      (236.6)     (98.2)
GARDA WRLD -CL A  GW CN          1,531.1      (362.2)      56.2
GARTNER INC       IT US          2,091.5      (159.6)    (173.7)
GARTNER INC       GGRA GR        2,091.5      (159.6)    (173.7)
GENESIS HEALTHCA  SH11 GR        6,121.4      (306.4)     223.8
GENESIS HEALTHCA  GEN US         6,121.4      (306.4)     223.8
GENTIVA HEALTH    GTIV US        1,225.2      (285.2)     130.0
GENTIVA HEALTH    GHT GR         1,225.2      (285.2)     130.0
GLG PARTNERS INC  GLG US           400.0      (285.6)     156.9
GLG PARTNERS-UTS  GLG/U US         400.0      (285.6)     156.9
GOLD RESERVE INC  GRZ CN            15.0       (32.3)     (42.5)
GRAHAM PACKAGING  GRM US         2,947.5      (520.8)     298.5
GYMBOREE CORP/TH  GYMB US        1,243.7      (378.0)      32.7
H&R BLOCK INC     HRB US         2,289.9       (27.2)     160.2
H&R BLOCK INC     HRB TH         2,289.9       (27.2)     160.2
H&R BLOCK INC     HRBEUR EU      2,289.9       (27.2)     160.2
H&R BLOCK INC     HRB GR         2,289.9       (27.2)     160.2
HCA HOLDINGS INC  HCA US        31,896.0    (5,812.0)   2,908.0
HCA HOLDINGS INC  2BH TH        31,896.0    (5,812.0)   2,908.0
HCA HOLDINGS INC  HCAEUR EU     31,896.0    (5,812.0)   2,908.0
HCA HOLDINGS INC  2BH GR        31,896.0    (5,812.0)   2,908.0
HD SUPPLY HOLDIN  HDS US         5,486.0      (126.0)   1,101.0
HD SUPPLY HOLDIN  5HD GR         5,486.0      (126.0)   1,101.0
HECKMANN CORP-U   HEK/U US         582.6        (4.9)      50.0
HERBALIFE LTD     HLFEUR EU      2,421.5      (130.7)     461.6
HERBALIFE LTD     HOO GR         2,421.5      (130.7)     461.6
HERBALIFE LTD     HLF US         2,421.5      (130.7)     461.6
HOVNANIAN-A-WI    HOV-W US       2,602.3      (128.1)   1,612.1
HUGHES TELEMATIC  HUTCU US         110.2      (101.6)    (113.8)
IDEXX LABS        IDXX US        1,477.2       (38.8)       8.6
IDEXX LABS        IX1 GR         1,477.2       (38.8)       8.6
IDEXX LABS        IX1 TH         1,477.2       (38.8)       8.6
INFOR US INC      LWSN US        6,778.1      (460.0)    (305.9)
INSTRUCTURE INC   INST US           64.2       (15.3)     (15.5)
INTERNATIONAL WI  ITWG US          345.4        (9.7)      99.8
INVENTIV HEALTH   VTIV US        2,205.7      (699.2)     112.4
IPCS INC          IPCS US          559.2       (33.0)      72.1
ISTA PHARMACEUTI  ISTA US          124.7       (64.8)       2.2
J CREW GROUP INC  JCG US         1,627.1      (759.0)     111.7
JUST ENERGY GROU  JE CN          1,281.8      (650.4)     (48.0)
JUST ENERGY GROU  JE US          1,281.8      (650.4)     (48.0)
JUST ENERGY GROU  1JE GR         1,281.8      (650.4)     (48.0)
KEMPHARM INC      1GD GR            61.4        (5.7)      52.8
KEMPHARM INC      KMPH US           61.4        (5.7)      52.8
L BRANDS INC      LTD TH         7,969.0      (657.0)   1,836.0
L BRANDS INC      LB* MM         7,969.0      (657.0)   1,836.0
L BRANDS INC      LTD GR         7,969.0      (657.0)   1,836.0
L BRANDS INC      LBEUR EU       7,969.0      (657.0)   1,836.0
L BRANDS INC      LB US          7,969.0      (657.0)   1,836.0
LEAP WIRELESS     LWI TH         4,662.9      (125.1)     346.9
LEAP WIRELESS     LWI GR         4,662.9      (125.1)     346.9
LEAP WIRELESS     LEAP US        4,662.9      (125.1)     346.9
LORILLARD INC     LLV GR         4,154.0    (2,134.0)   1,135.0
LORILLARD INC     LO US          4,154.0    (2,134.0)   1,135.0
LORILLARD INC     LLV TH         4,154.0    (2,134.0)   1,135.0
MADISON-A/NEW-WI  MSGN-W US        863.1    (1,246.3)      78.8
MAJESCOR RESOURC  MJXEUR EU          0.0        (0.1)      (0.1)
MALIBU BOATS-A    MBUU US          195.3        (8.5)       9.7
MALIBU BOATS-A    M05 GR           195.3        (8.5)       9.7
MANNKIND CORP     MNKD IT          278.0      (124.6)    (196.1)
MARRIOTT INTL-A   MAR US         6,153.0    (3,589.0)  (1,786.0)
MARRIOTT INTL-A   MAQ QT         6,153.0    (3,589.0)  (1,786.0)
MARRIOTT INTL-A   MAQ TH         6,153.0    (3,589.0)  (1,786.0)
MARRIOTT INTL-A   MAQ GR         6,153.0    (3,589.0)  (1,786.0)
MCBC HOLDINGS IN  MCFT US           89.7       (42.3)     (34.4)
MCBC HOLDINGS IN  1SG GR            89.7       (42.3)     (34.4)
MDC COMM-W/I      MDZ/W CN       1,617.2      (376.7)    (326.5)
MDC PARTNERS-A    MDZ/A CN       1,617.2      (376.7)    (326.5)
MDC PARTNERS-A    MDCA US        1,617.2      (376.7)    (326.5)
MDC PARTNERS-A    MD7A GR        1,617.2      (376.7)    (326.5)
MDC PARTNERS-EXC  MDZ/N CN       1,617.2      (376.7)    (326.5)
MERITOR INC       AID1 GR        2,195.0      (646.0)     174.0
MERITOR INC       MTOR US        2,195.0      (646.0)     174.0
MERRIMACK PHARMA  MP6 GR           102.7      (140.7)     (24.3)
MERRIMACK PHARMA  MACK US          102.7      (140.7)     (24.3)
MICHAELS COS INC  MIK US         2,083.1    (1,909.9)     585.9
MICHAELS COS INC  MIM GR         2,083.1    (1,909.9)     585.9
MIDSTATES PETROL  MPO1EUR EU     1,298.1      (816.0)      96.2
MONEYGRAM INTERN  MGI US         4,511.4      (244.2)     (27.1)
MOODY'S CORP      DUT TH         4,772.9      (240.2)   1,811.9
MOODY'S CORP      DUT QT         4,772.9      (240.2)   1,811.9
MOODY'S CORP      MCO US         4,772.9      (240.2)   1,811.9
MOODY'S CORP      DUT GR         4,772.9      (240.2)   1,811.9
MOODY'S CORP      MCOEUR EU      4,772.9      (240.2)   1,811.9
MOTOROLA SOLUTIO  MOT TE         8,086.0      (298.0)   2,758.0
MOTOROLA SOLUTIO  MSI US         8,086.0      (298.0)   2,758.0
MOTOROLA SOLUTIO  MTLA GR        8,086.0      (298.0)   2,758.0
MOTOROLA SOLUTIO  MTLA TH        8,086.0      (298.0)   2,758.0
MPG OFFICE TRUST  1052394D US    1,280.0      (437.3)       -
MSG NETWORKS- A   MSGN US          863.1    (1,246.3)      78.8
MSG NETWORKS- A   1M4 TH           863.1    (1,246.3)      78.8
NATHANS FAMOUS    NFA GR            81.9       (61.6)      60.8
NATHANS FAMOUS    NATH US           81.9       (61.6)      60.8
NATIONAL CINEMED  NCMI US        1,006.2      (228.3)      65.4
NATIONAL CINEMED  XWM GR         1,006.2      (228.3)      65.4
NAVIDEA BIOPHARM  NAVB IT           17.5       (51.8)       8.7
NAVISTAR INTL     IHR TH         6,769.0    (4,809.0)     873.0
NAVISTAR INTL     IHR GR         6,769.0    (4,809.0)     873.0
NAVISTAR INTL     NAV US         6,769.0    (4,809.0)     873.0
NEFF CORP-CL A    NEFF US          656.3      (178.0)      20.5
NEW ENG RLTY-LP   NEN US           202.4       (30.1)       -
NORTHERN OIL AND  4LT GR         1,001.2       (28.3)      32.8
NORTHERN OIL AND  NOG US         1,001.2       (28.3)      32.8
NORTHWEST BIO     NBYA GR           51.6       (57.4)     (80.2)
NORTHWEST BIO     NWBO US           51.6       (57.4)     (80.2)
NTELOS HOLDINGS   NTLS US          668.4       (22.1)     150.8
OMEROS CORP       OMER US           41.4        (9.0)      17.2
OMEROS CORP       3O8 TH            41.4        (9.0)      17.2
OMEROS CORP       OMEREUR EU        41.4        (9.0)      17.2
OMEROS CORP       3O8 GR            41.4        (9.0)      17.2
OMTHERA PHARMACE  OMTH US           18.3        (8.5)     (12.0)
OUTERWALL INC     OUTR US        1,266.8        (2.1)      (7.0)
OUTERWALL INC     CS5 GR         1,266.8        (2.1)      (7.0)
PALM INC          PALM US        1,007.2        (6.2)     141.7
PBF LOGISTICS LP  11P GR           432.7      (191.5)      27.8
PBF LOGISTICS LP  PBFX US          432.7      (191.5)      27.8
PHILIP MORRIS IN  PMI1 IX       32,011.0   (12,226.0)      10.0
PHILIP MORRIS IN  4I1 GR        32,011.0   (12,226.0)      10.0
PHILIP MORRIS IN  PM1EUR EU     32,011.0   (12,226.0)      10.0
PHILIP MORRIS IN  PM1 TE        32,011.0   (12,226.0)      10.0
PHILIP MORRIS IN  PM FP         32,011.0   (12,226.0)      10.0
PHILIP MORRIS IN  PMI EB        32,011.0   (12,226.0)      10.0
PHILIP MORRIS IN  PM1CHF EU     32,011.0   (12,226.0)      10.0
PHILIP MORRIS IN  PMI SW        32,011.0   (12,226.0)      10.0
PHILIP MORRIS IN  PM US         32,011.0   (12,226.0)      10.0
PHILIP MORRIS IN  4I1 TH        32,011.0   (12,226.0)      10.0
PLANET FITNESS-A  3PL GR           701.1       (14.2)      (1.2)
PLANET FITNESS-A  3PL TH           701.1       (14.2)      (1.2)
PLANET FITNESS-A  PLNT US          701.1       (14.2)      (1.2)
PLAYBOY ENTERP-A  PLA/A US         165.8       (54.4)     (16.9)
PLAYBOY ENTERP-B  PLA US           165.8       (54.4)     (16.9)
PLY GEM HOLDINGS  PGEM US        1,311.1       (80.8)     264.6
PLY GEM HOLDINGS  PG6 GR         1,311.1       (80.8)     264.6
POLYMER GROUP-B   POLGB US       1,991.4        (3.9)     322.1
PROTALEX INC      PRTX US            1.1       (13.5)       0.6
PROTECTION ONE    PONE US          562.9       (61.8)      (7.6)
PUREBASE CORP     PUBC US            0.4        (1.1)      (1.4)
PURETECH HEALTH   PRTCGBX EU         -           -          -
PURETECH HEALTH   PRTC LN            -           -          -
PURETECH HEALTH   PRTCL EB           -           -          -
PURETECH HEALTH   PRTCL B3           -           -          -
PURETECH HEALTH   PRTCL IX           -           -          -
PURETECH HEALTH   PRTCL PO           -           -          -
QUALITY DISTRIBU  QLTY US          413.0       (22.9)     102.9
QUALITY DISTRIBU  QDZ GR           413.0       (22.9)     102.9
QUINTILES TRANSN  Q US           4,033.7      (179.9)     996.2
QUINTILES TRANSN  QTS GR         4,033.7      (179.9)     996.2
RAYONIER ADV      RYAM US        1,286.9       (17.0)     208.0
RAYONIER ADV      RYQ GR         1,286.9       (17.0)     208.0
REGAL ENTERTAI-A  RGC* MM        2,409.1      (902.0)    (133.8)
REGAL ENTERTAI-A  RETA GR        2,409.1      (902.0)    (133.8)
REGAL ENTERTAI-A  RGC US         2,409.1      (902.0)    (133.8)
RENAISSANCE LEA   RLRN US           57.0       (28.2)     (31.4)
RENTECH NITROGEN  RNF US           291.1      (138.0)      13.7
RENTECH NITROGEN  2RN GR           291.1      (138.0)      13.7
RENTPATH LLC      PRM US           208.0       (91.7)       3.6
REVLON INC-A      RVL1 GR        1,924.5      (623.3)     334.4
REVLON INC-A      REV US         1,924.5      (623.3)     334.4
ROUNDY'S INC      4R1 GR         1,095.7       (92.7)      59.7
ROUNDY'S INC      RNDY US        1,095.7       (92.7)      59.7
RURAL/METRO CORP  RURL US          303.7       (92.1)      72.4
RYERSON HOLDING   RYI US         1,793.9      (119.1)     620.3
SALLY BEAUTY HOL  S7V GR         2,094.4      (297.8)     695.4
SALLY BEAUTY HOL  SBH US         2,094.4      (297.8)     695.4
SANCHEZ ENERGY C  SN* MM         1,532.2      (473.6)     171.9
SANCHEZ ENERGY C  SN US          1,532.2      (473.6)     171.9
SANCHEZ ENERGY C  13S TH         1,532.2      (473.6)     171.9
SANCHEZ ENERGY C  13S GR         1,532.2      (473.6)     171.9
SBA COMM CORP-A   SBAC US        7,396.8    (1,697.7)      46.6
SBA COMM CORP-A   SBJ TH         7,396.8    (1,697.7)      46.6
SBA COMM CORP-A   SBACEUR EU     7,396.8    (1,697.7)      46.6
SBA COMM CORP-A   SBJ GR         7,396.8    (1,697.7)      46.6
SCIENTIFIC GAM-A  TJW GR         8,615.1      (980.8)     655.1
SCIENTIFIC GAM-A  SGMS US        8,615.1      (980.8)     655.1
SEARS HOLDINGS    SHLD US       12,769.0    (1,293.0)     701.0
SEARS HOLDINGS    SEE TH        12,769.0    (1,293.0)     701.0
SEARS HOLDINGS    SEE GR        12,769.0    (1,293.0)     701.0
SILVER SPRING NE  SSNI US          529.8       (99.3)     (31.1)
SILVER SPRING NE  9SI TH           529.8       (99.3)     (31.1)
SILVER SPRING NE  9SI GR           529.8       (99.3)     (31.1)
SIRIUS XM CANADA  XSR CN           293.1      (143.4)    (185.6)
SOLERA HOLDINGS   BXS GR         3,754.7       (10.8)     378.4
SOLERA HOLDINGS   SLH US         3,754.7       (10.8)     378.4
SPORTSMAN'S WARE  06S GR           343.4       (14.0)      91.8
SPORTSMAN'S WARE  SPWH US          343.4       (14.0)      91.8
STINGRAY - SUB V  RAY/A CN         128.2       (17.8)     (41.0)
STINGRAY DIG-VSV  RAY/B CN         128.2       (17.8)     (41.0)
SUN BIOPHARMA IN  SNBP US            -           -          -
SUPERVALU INC     SJ1 GR         4,612.0      (511.0)     (42.0)
SUPERVALU INC     SJ1 TH         4,612.0      (511.0)     (42.0)
SUPERVALU INC     SVU US         4,612.0      (511.0)     (42.0)
SYNERGY PHARMACE  SGYP US          144.0       (27.1)     123.4
SYNERGY PHARMACE  S90 GR           144.0       (27.1)     123.4
SYNERGY PHARMACE  SGYPEUR EU       144.0       (27.1)     123.4
THERAVANCE        HVE GR           437.6      (323.0)     212.5
THERAVANCE        THRX US          437.6      (323.0)     212.5
TRANSDIGM GROUP   TDG US         8,427.0    (1,038.3)   1,173.7
TRANSDIGM GROUP   T7D GR         8,427.0    (1,038.3)   1,173.7
TRINET GROUP INC  TNET US        1,609.6       (14.1)      54.4
TRINET GROUP INC  TN3 GR         1,609.6       (14.1)      54.4
UNISYS CORP       UISCHF EU      2,097.9    (1,451.3)     124.7
UNISYS CORP       UIS US         2,097.9    (1,451.3)     124.7
UNISYS CORP       UISEUR EU      2,097.9    (1,451.3)     124.7
UNISYS CORP       USY1 TH        2,097.9    (1,451.3)     124.7
UNISYS CORP       UIS1 SW        2,097.9    (1,451.3)     124.7
UNISYS CORP       USY1 GR        2,097.9    (1,451.3)     124.7
VECTOR GROUP LTD  VGR US         1,398.8       (56.8)     457.4
VECTOR GROUP LTD  VGR GR         1,398.8       (56.8)     457.4
VENOCO INC        VQ US            403.8      (354.3)     195.7
VERISIGN INC      VRS QT         2,577.3    (1,031.4)     (38.8)
VERISIGN INC      VRS GR         2,577.3    (1,031.4)     (38.8)
VERISIGN INC      VRS TH         2,577.3    (1,031.4)     (38.8)
VERISIGN INC      VRSN US        2,577.3    (1,031.4)     (38.8)
VERIZON TELEMATI  HUTC US          110.2      (101.6)    (113.8)
VERSEON CORP      VSN LN             -           -          -
VIRGIN MOBILE-A   VM US            307.4      (244.2)    (138.3)
WEIGHT WATCHERS   WTWEUR EU      1,395.2    (1,337.7)    (193.6)
WEIGHT WATCHERS   WW6 GR         1,395.2    (1,337.7)    (193.6)
WEIGHT WATCHERS   WTW US         1,395.2    (1,337.7)    (193.6)
WEIGHT WATCHERS   WW6 TH         1,395.2    (1,337.7)    (193.6)
WEST CORP         WSTC US        3,556.9      (595.5)      (6.6)
WEST CORP         WT2 GR         3,556.9      (595.5)      (6.6)
WESTERN REFINING  WNRL US          412.0       (28.1)      66.3
WESTERN REFINING  WR2 GR           412.0       (28.1)      66.3
WINGSTOP INC      WING US          117.2       (14.3)       3.6
WINGSTOP INC      EWG GR           117.2       (14.3)       3.6
WINMARK CORP      GBZ GR            46.8       (36.0)      11.1
WINMARK CORP      WINA US           46.8       (36.0)      11.1
WORKHORSE GROUP   WKHSD US           4.4        (1.7)      (5.6)
WYNN RESORTS LTD  WYNN SW        9,981.2       (60.8)   1,234.7
WYNN RESORTS LTD  WYR GR         9,981.2       (60.8)   1,234.7
WYNN RESORTS LTD  WYR TH         9,981.2       (60.8)   1,234.7
WYNN RESORTS LTD  WYNN US        9,981.2       (60.8)   1,234.7
WYNN RESORTS LTD  WYNNCHF EU     9,981.2       (60.8)   1,234.7
WYNN RESORTS LTD  WYNN* MM       9,981.2       (60.8)   1,234.7
XERIUM TECHNOLOG  XRM US           570.2      (107.3)      71.1
XERIUM TECHNOLOG  TXRN GR          570.2      (107.3)      71.1
YRC WORLDWIDE IN  YEL1 GR        1,964.8      (427.3)     197.3
YRC WORLDWIDE IN  YEL1 TH        1,964.8      (427.3)     197.3
YRC WORLDWIDE IN  YRCW US        1,964.8      (427.3)     197.3


                            *********

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

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

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

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

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

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

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

                   *** End of Transmission ***