TCR_Public/151218.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, December 18, 2015, Vol. 19, No. 352

                            Headlines

937-943 E. 51ST STREET: Voluntary Chapter 11 Case Summary
AETERNA ZENTARIS: Regains NASDAQ Listing Compliance
ALLEGHENY TECHNOLOGIES: Moody's Cuts B2 Corporate Family Rating
AMERICAN EAGLE: Wins Approval of Incentive Bonus Plan
ARCH COAL: Elects To Exercise Interest Payment Grace Period

ARCHDIOCESE OF SAINT PAUL: Can File Chapter 11 Plan Until May 2016
ASCENT SOLAR: February 11 Nasdaq Listing Qualification Review Set
BEHAVIORAL SUPPORT: Lee Barrett OK'd to Handle AG's Investigation
BLACK ELK: Has Court Authority to Wind Down 2 Subsidiaries
BLACK ELK: Locke Lord Files Rule 2019 Statement

BLACK ELK: Seeks Authority to Obtain $30-Mil. DIP Loan
BOOMERANG SYSTEMS: Court Extends Investigation Termination Date
BTB CORP: Gets Court Approval of Deal With FIRST Insurance
CASCADE INTEGRATED: Case Summary & 20 Largest Unsecured Creditors
CINEDIGM CORP: Receives Nasdaq Listing Non-Compliance Notice

COLT DEFENSE: Bankruptcy Court Confirms Joint Reorganization Plan
COLT DEFENSE: UAW Pleased With Plan Confirmation
CUBIC ENERGY: $24M Debt Omission Mars First Bankruptcy Hearing
CUBIC ENERGY: Chairman and CEO Reports 43.8% Stake
DENCO INC: Case Summary & 7 Largest Unsecured Creditors

DEX MEDIA: Moody's Cuts CFR to Ca for Lapsed Grace Pd. for Payment
DIOCESE OF DULUTH: To Enter Mediation With Abuse Victims
DWAYNE LEE BLANKENSHIP: Court Confirms 1st Amended Ch. 11 Plan
ESSEX RENTAL: To Voluntarily Terminate Nasdaq Listing
FILMED ENTERTAINMENT: USHE Seeks Access to Video Devices

FORESTAR (USA): Moody's Cuts Corporate Family Rating to B2
FUSION TELECOMMUNICATIONS: Unit Amends $40M Credit Agreement
GT ADVANCED: Has Until Jan. 22 to Propose Chapter 11 Plan
GT ADVANCED: Mediation Hearing Over Manz Dispute Set for Jan. 6
HAVERHILL CHEMICALS: Amends Purchase Agreement with ALTIVIA

HOVENSA LLC: Files Liquidating Plan Based on Sale to Limetree
HOVENSA LLC: Targeting January 2016 Confirmation of Plan
HOVENSA LLC: Virgin Islands Legislature Tackles Limetree Deal
HRK HOLDINGS: LT Care Line of Credit Maturity Extended to 2016
HYDROCARB ENERGY: Delays Oct. 31 Form 10-Q Filing

INTEGRATED STRUCTURES: Case Summary & 20 Top Unsecured Creditors
LAKE MICHIGAN BEACH: Case Summary & Top Unsecured Creditor
MAGNUM HUNTER: Bankruptcy Court Approves "First Day" Motions
MILLER ENERGY: Amends Joint Plan of Reorganization and Outline
MINERAL PARK: Court Approves Deal with Admin. Agent, Evercore

NAYLOR ROAD SCHOOL: Voluntary Chapter 11 Case Summary
NEW GULF RESOURCES: Business as Usual During Ch. 11 Process
NEW GULF RESOURCES: Case Summary & 30 Largest Unsecured Creditors
NEW GULF RESOURCES: Files for Chapter 11 with Pre-Arranged Plan
NOVA DIRECTIONAL: Case Summary & 13 Largest Unsecured Creditors

PARK GREEN: Case Summary & 4 Largest Unsecured Creditors
PATRIOT COAL: Bid for Injunctive Relief vs. Peabody Denied
PATRIOT COAL: Spilman Files Rule 2019 Verified Statement
PENNYMAC: Moody's Assigns B1 Corp. Family Rating, Outlook Stable
PTC GROUP: Moody's Cuts Corp. Family Rating to Caa2, Outlook Neg

QUICKSILVER RESOURCES: Canada Unit Obtains 4th Forbearance Deal
REVSTONE INDUSTRIES: Suit Against Fasig-Tipton Moved to Kentucky
ROTHSTEIN ROSENFELDT: Segall Gordich Says Sanctions Unwarranted
SA INTER INVEST: Case Summary & 8 Largest Unsecured Creditors
SILICON GENESIS: Seeks Dismissal of Chap. 11 Case

TEAM EXPRESS: Case Summary & 20 Largest Unsecured Creditors
TEXAS REGENCY APARTMENTS: Interim Cash Collateral Order Entered
THORNBURG MORTGAGE: 11th Cir. Affirms Dismissal of "Lawrence"
TONZOF INC: Case Summary & 20 Largest Unsecured Creditors
TRUMP ENTERTAINMENT: DIP Loan Hiked to $39.1 Million

TWIN RINKS: Liquidating Plan Confirmed by Judge
UNITED REFINING: Moody's Withdraws B2 Corp. Family Rating
VARIANT HOLDING: Conix, et al., Appeal $20.5MM Loan Approval
VARIANT HOLDING: Needs Until Feb. 28 to File Ch. 11 Plan
VIGGLE INC: Robert Sillerman Reports 55.9% Stake as of Dec. 3

VIGGLE INC: To Sell Assets to Perk.com in All-Stock Transaction
WORLD WIDE WHEAT: Case Summary & 3 Largest Unsecured Creditors
[*] Huron Bags 2015 Restructuring Technology Deal of the Year Award
[*] Moody's Reviews 29 Exploration & Production Firms for Downgrade
[^] BOOK REVIEW: Risk, Uncertainty and Profit


                            *********

937-943 E. 51ST STREET: Voluntary Chapter 11 Case Summary
---------------------------------------------------------
Debtor: 937-943 E. 51st Street Realty Corp.
        4203 Ocean Avenue
        Brooklyn, Ny 11235

Case No.: 15-45628

Chapter 11 Petition Date: December 16, 2015

Court: United States Bankruptcy Court
       Eastern District of New York (Brooklyn)

Judge: Hon. Nancy Hershey Lord

Debtor's Counsel: Perry I Tischler, Esq.
                  LAW OFFICES OF PERRY I TISCHLER, P.C.
                  38-39 Bell Boulevard, Suite 203
                  Bayside, NY, 11361
                  Tel: (718) 229-5390
                  Fax: (718) 229-5759

Total Assets: $1.1 million

Total Liabilities: $988,990

The petition was signed by Vladimir Grinberg, president.

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


AETERNA ZENTARIS: Regains NASDAQ Listing Compliance
---------------------------------------------------
Aeterna Zentaris Inc. disclosed that on December 7, 2015, NASDAQ
notified the Company that it has regained compliance with Rule
5450(a)(1), which requires a minimum bid price of $1.00 for
continued listing on the NASDAQ Capital Market.

Commenting on the announcement, David A. Dodd, Chairman, President
and Chief Executive Officer of the Company, stated: "We are pleased
that we have been able to regain compliance with NASDAQ's minimum
bid price rule, because our NASDAQ listing is important in
maintaining liquidity in the trading of our common shares."

The Company also disclosed that at its annual end-of-year meeting,
its Board of Directors recently adopted the following objectives
for the Company in 2016:

Zoptrex(TM): Completion of the pivotal ZoptEC Phase 3 Clinical
Trial  

The objective is to complete the ZoptEC Phase 3 study of
Zoptrex(TM) during the third quarter of 2016 and to report top-line
results of the study shortly thereafter.  In adopting this
objective, the Board noted that the Company disclosed, on October
13, 2015, that the independent Data and Safety Monitoring Board
recommended that the Company continue the ZoptEC Phase 3 clinical
study to its conclusion following a comprehensive review of
efficacy and safety data at 192 events.  The Board viewed this as a
very encouraging development.

Macrilen(TM): Completion of the confirmatory Phase 3 Clinical Trial


The objective is to complete the confirmatory Phase 3 clinical
trial of Macrilen(TM) during the fourth quarter of 2016 and to
report top-line results within eight weeks of completion.

Commercial Operations: Addition of another product to our
commercial portfolio

The objective is to acquire or in-license at least one product
during 2016 and to increase revenues from existing co-promotion
arrangements.

Financial Condition: Capital structuring and strengthening

The objective is to further strengthen the cash balance, while
continuing to reduce burn rate.  The Board noted that over the past
two years, the Company has reduced its staff by over 50%, while
significantly reducing its operating burn rate, successfully
progressing its commercial focus and running two pivotal Phase 3
programs.

                   About Aeterna Zentaris Inc.

Aeterna Zentaris is a specialty biopharmaceutical company engaged
in developing and commercializing novel treatments in oncology,
endocrinology and women's health.  It is engaged in drug
development activities and in the promotion of products for others.
The focus of its business development efforts is the acquisition
of licenses to products that are relevant to our therapeutic areas
of focus.


ALLEGHENY TECHNOLOGIES: Moody's Cuts B2 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service downgraded Allegheny Technologies
Incorporated's (ATI) Corporate Family Rating (CFR) and Probability
of Default rating to B2 and B2-PD from Ba3 and Ba3-PD respectively.
The senior unsecured note ratings of ATI and Allegheny Ludlum
Corporation (guaranteed by ATI) were downgraded to B3 from B1. The
speculative grade liquidity rating remains unchanged at SGL-3. The
outlook is negative. This concludes the review for downgrade
initiated on November 6, 2015.

The downgrade reflects the significant deterioration in ATI's
operations and margins, which is largely attributed to the Flat
Rolled Products segment incurring an operating loss of $91.8
million in the third quarter ended September 30, 2015, up from a
loss of $3 million in second quarter of 2015. This segment
experienced reduced shipments (sequentially down 25%), continued
deterioration in prices realized and high costs associated with the
start-up of the Hot-Rolling and Processing Facility (HRPF). Segment
operating profit in the same quarter for High Performance of $18.8
million was also down by 56% sequentially due to a slow ramp-up in
aerospace volumes. As a result, debt protection metrics such as
EBIT/interest weakened to 0.4 x for the twelve months ended
September 30, 2015 while leverage, as measured by the debt/EBITDA
ratio increased to 9 x from 6.6x in fiscal 2014 (including Moody's
standard adjustments, principally for pension). ATI's metrics are
expected to weaken further for the fiscal year 2015 given the
overall challenging market conditions and downward movement in
steel prices and industry capacity utilization rates subsequent to
the third quarter, which will again impact the Flat Rolled Products
segment. The High Performance segment is expected to remain
relatively in line with the third quarter performance. As a result,
we expect leverage at year-end 2015 will be elevated and exceed
12x. Leverage is expected to remain elevated in 2016 as we expect
the time horizon for recovery to be extended but evidence an
improving trend to around 8x by year-end 2016.

Downgrades:

Issuer: Allegheny Technologies Incorporated

Corporate Family Rating, Downgraded to B2 from Ba3

Probability of Default Rating, Downgraded to B2-PD from Ba3-PD

Senior Unsecured Regular Bond/Debenture, Downgraded to B3 (LGD4)
from B1 (LGD4)

Outlook Actions:

Issuer: Allegheny Technologies Incorporated

Outlook, Changed To Negative From Rating Under Review

Issuer: Allegheny Ludlum Corporation

Backed Senior Unsecured Regular Bond/Debenture, Downgraded to B3
(LGD4) from B1 (LGD4)

Outlook Actions:

Issuer: Allegheny Ludlum Corporation

Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

ATI's B2 CFR reflects the weak debt protection metrics and high
leverage evidenced by the company as challenging conditions in the
U.S. steel industry and weak fundamentals in certain end markets
continue to negatively impact and delay the level of improvement
that can be achieved in ATI's overall business profile. The rating
also considers the company's position as a leading producer of
specialty titanium and titanium alloys, nickel-based alloys and
super alloys and its technological capabilities, which provide the
company with the ability to fulfill customers' unique product
requests. ATI's strong relationship, order book and LTA (Long Term
Agreements) position with the aerospace industry and major
aerospace companies is also a favorable consideration and is
expected to contribute to improving performance as build rates
increase both for aircraft and engines.

Weakness in a number of important end markets for the company, such
as oil and gas, electrical energy, and construction/mining
equipment and a weaker contribution from automotive contributed to
a material revenue decline in ATI's quarterly revenues relative to
the same period the prior year (down approximately 22%). The
quarter also had some costs associated with the restart of
facilities within the flat rolled segment following the labor
lockout. Nonetheless, we expect performance over the next several
quarters to remain challenged given fundamental industry
conditions. With the low oil prices and inventory glut, which will
take several quarters to clear, recovery in this sector is not
expected for an extended period, while the overall steel sector is
expected to continue to experience weak performance and face a low
price environment, with risk to the downside. As such, performance,
particularly in the Flat Rolled Products side is expected to
experience losses, although at a lower level than seen in the third
quarter. ATI's recent announcement to take rightsizing actions to
align its Flat Rolled Products operations to the challenging
business conditions for its commodity products should provide some
improvement relative to current expectations. Although the company
has a good aerospace backlog with improving deliveries expected
under the LTA's (long-term agreements), the flow through to
material profit improvement is expected to be modest in 2016. In
addition, the duration of the labor lockout and costs and
inefficiencies that might be associated remain uncertain.

The SGL-3 speculative grade liquidity rating reflects our view that
ATI will maintain adequate liquidity over the next four quarters.
The liquidity rating also reflects expectations that ATI will
evidence a cash burn over the next twelve to fifteen months,
particularly as recent cash receipts from a federal tax refund and
the settlement of certain foreign exchange forward contracts are
unlikely to be repeated. As such, the company is likely to borrow
under its asset base lending (ABL) revolver. Liquidity is supported
by its $400 million asset based revolving credit facility (ABL)
which includes a letter of credit sub-facility of up to $200
million expiring in March 2020 with roughly $392 million of
availability after considering amounts borrowed and outstanding
letters of credit. Under the ABL facility the company is required
to satisfy a minimum fixed charge coverage ratio of 1.0x, which is
tested only if availability drops to less than $40 million. We
expect that the ABL will have sufficient availability over the next
four quarters such that the covenant will not be tested. We note
that downward pressure on the company's liquidity profile could
occur should borrowings under the ABL exceed our current
expectations or should steel prices drop and be sustained below
current levels such that the borrowing base capacity shrinks. Given
ATI's liquidity availability and minimal debt maturity profile, the
company is expected to be able to cover requirements within its
overall liquidity profile although free cash flow will likely be
negative.

The negative outlook reflects our expectations that earnings and
cash flow generation will only slowly improve over the next twelve
to eighteen months as increased deliveries to the aerospace
industry begin to flow through performance and the HRPF begins to
achieve the desired cost improvements. However continued challenged
performance for the Flat Rolled segment will continue to offset
some of this improvement.

Given ATI's metrics and the anticipated slow improvement, an
upgrade is unlikely in the next twelve to eighteen months. However,
should leverage, as measured by the debt/EBITDA ratio improve to
and be sustainable at 4x, the EBIT margin strengthen to and be
sustained at or above 5% and (operating cash flow minus
dividends)/debt be at least 15%, the ratings could be upgraded.

The ratings could be further downgraded if performance in 2016 does
not show improving trends such that the EBIT margin remains less
than 2%, and leverage remains above 5.5x. Ratings could also be
downgraded should the company's liquidity position deteriorate
materially due to weak operating performance and further cash burn
than anticipated.

The B3 rating on the senior unsecured instruments under Moody's
loss given default methodology reflects the weaker position of the
notes in the capital structure behind the ABL revolver and priority
payables.

Headquartered in Pittsburgh, Pennsylvania, ATI is a diversified
producer and distributor of components and specialty metals such as
titanium and titanium alloys, nickel-based alloys and stainless and
specialty steel alloys. For the twelve months ended September 30,
2015 the company generated revenues of $4.billion.



AMERICAN EAGLE: Wins Approval of Incentive Bonus Plan
-----------------------------------------------------
U.S. Bankruptcy Judge Howard R. Tallman has approved American Eagle
Energy Corporation, et al.'s motion to implement an incentive bonus
plan.

The Debtors sought for authorization to pay a total of $121,800 in
bonuses which is reasonable in the context of the Debtors assets,
liabilities and what they expect to realize at a sale of
substantially all of the Debtor assets.  The Debtors anticipate
that assets will be sold for no less than $70 million.

The Incentive Bonus Plan will only be paid upon consummation of a
sale of substantially all of Debtors' assets or confirmation of a
plan of reorganization.

                       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.



ARCH COAL: Elects To Exercise Interest Payment Grace Period
-----------------------------------------------------------
Arch Coal, Inc. on Dec. 15 disclosed that it has elected to
exercise the 30-day grace period under its indenture agreements
with holders of its 9.875% Senior Notes due 2019, the 7.00% Senior
Notes due 2019 and the 7.25% Senior Notes due 2021.  This extends
the time period the company has to make the approximately $90
million interest payment due December 15, 2015 without triggering
an event of default under the indentures.  Events of default will
exist under the company's term loan facility and receivables
facility as a result of this election and other recent events, but
the company is in active discussions with its lenders and does not
anticipate the lenders taking any remedial action in respect of any
such event of default.

Arch intends to use the 30-day grace period to continue
constructive discussions with various creditors regarding its
ongoing effort to develop and implement a comprehensive plan to
restructure its balance sheet.

The company has sufficient liquidity to continue normal mining
operations and to meet its obligations in the ordinary course, and
it intends to continue providing customers the same high quality
services they expect from Arch.  The company had approximately
$694.5 million in cash and short term investments as of September
30, 2015.  Arch's operations are strong and reflect the actions it
has taken to adapt to rapidly evolving coal markets, including
reducing costs and enhancing efficiency across the company.

                        About Arch Coal

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

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

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

                           *     *     *

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

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

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


ARCHDIOCESE OF SAINT PAUL: Can File Chapter 11 Plan Until May 2016
------------------------------------------------------------------
The Hon. Robert J. Kressel of the U.S. Bankruptcy Court for the
District of Minnesota extended the exclusive periods of The
Archdiocese of Saint Paul and Minneapolis to file a Chapter 11 plan
until May 31, 2016, and to solicit acceptance of that plan until
July 29, 2016.

                About the Archdiocese of St. Paul

The Archdiocese of Saint Paul and Minneapolis was originally
established by the Vatican in 1850 and serves a geographical area
consisting of 12 greater Twin Cities metro-area counties in
Minnesota, including Ramsey, Hennepin, Anoka, Carver, Chisago,
Dakota, Goodhue, Le Sueur, Rice, Scott, Washington, and Wright
counties.  There are 187 parishes and approximately 825,000
Catholic individuals in the region.  These individuals and
parishes are served by 3999 priests and 173 deacons.

The Archdiocese of St. Paul and Minneapolis filed for Chapter 11
protection (Bankr. D. Minn. Case No. 15-30125) in Minnesota on
Jan.
16, 2015, saying it has large and growing liabilities related to
child sexual abuse and that its pension obligations are
underfunded.

The Debtor disclosed $45,203,010 in assets and $15,890,460 in
liabilities as of the Chapter 11 filing.

The Debtor has tapped Briggs and Morgan, P.A., as Chapter 11
counsel; BGA Management LLC d/b/a Alliance Management as financial
advisor; Lindquist & Vennum LLP as attorney.

Eleven other dioceses have commenced Chapter 11 bankruptcy cases
in
the United States to settle claims from current and former
parishioners who say they were sexually molested by priests.

U.S. Trustee for Region 12 appointed five creditors to serve on
the
official committee of unsecured creditors.

The U.S. Trustee appointed five creditors to serve on the
Committee
of Parish Creditors.  Ginny Dwyer appointed as the acting
chairperson of the committee until such time as the members can
meet and officially elect their own person.

                             *   *   *

The Debtor's exclusive period for filing a Chapter 11 plan and
disclosure statement ends on Nov. 30, 2015.


ASCENT SOLAR: February 11 Nasdaq Listing Qualification Review Set
-----------------------------------------------------------------
Ascent Solar Technologies, Inc., a developer and manufacturer of
state-of-the-art, flexible thin-film photovoltaic modules
integrated into the Company's EnerPlex(TM) series of consumer
products, on
Dec. 16 announced an update on the status of its pending Special
Meeting of Stockholders which has been adjourned due to a lack of
quorum to December 18, 2015 at 2:00 p.m. Mountain Time at the
Company's offices, 12300 North Grant Street, Thornton, Colorado
80241.

CEO Victor Lee commented, "We are pleased that the technical issue
involving proxy vote processing has been resolved.  We now believe
that a quorum will be present on Friday so that the meeting can
proceed at the rescheduled time."

Mr. Lee also commented on the status of the Company's pending
proceedings regarding the listing of the Company's Nasdaq listing.
"Our hearing before a Nasdaq Listing Qualification Panel to review
our listing status on the Nasdaq Capital Market has been scheduled
for February 11, 2016.  We look forward to presenting our plan to
regain compliance with the Nasdaq Listing Rules at that time.  Any
delisting action will be stayed until the Panel renders a decision
subsequent to the hearing."

                About Ascent Solar Technologies

Ascent Solar Technologies, Inc. -- http://www.ascentsolar.com-- is
a developer of award winning thin-film photovoltaic modules with
substrate materials that are more flexible, versatile and rugged
than traditional solar panels.  Ascent Solar modules can be
directly integrated into consumer products and off-grid
applications, as well as aerospace and building integrated
applications.  EnerPlex is the Company's brand of consumer products
and is a division of Ascent Solar.  Ascent Solar and EnerPlex are
headquartered in Thornton, Colorado.


BEHAVIORAL SUPPORT: Lee Barrett OK'd to Handle AG's Investigation
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida
authorized Behavioral Support Services, Inc., to employ Lee Barrett
and the law firm of Barrett, Chapman, & Ruta, P.A., as special
counsel to the Debtor's employees nunc pro tunc to Sept. 9, 2015.

The firm will represent, on a limited basis, the Debtor's employees
in connection with the Attorney General's investigation.  Since the
Petition Date, BSS received two separate investigative subpoenas
duces tecum from the office of the Attorney General.

The firm will review, as may be necessary, documents produced to
the Attorney General by BSS in connection with any investigative
subpoena received by BSS; and advise and represent BSS employees in
connection with any  examination under oath sought by the office of
the Attorney General.

The current hourly rates for BCR attorneys are:

         Professional                      Rate Per Hour
         ------------                      -------------
         Lee Barrett                          $400
         Other BCR Partners                   $400
         Paralegals                            $75

To the best of the Debtor's knowledge, Mr. Barrett and BCR do not
hold or represent any interest adverse to the Debtor or its Chapter
11 estate with respect to the matter on which they are to be
employed.

The firm may be reached at:

          Lee Barrett, Esq.
          BARRETT, CHAPMAN & RUTA, P.A.
          18 Wall Street
          Orlando, FL 32801
          Tel: (407) 839-6227
          Email: lee@bcrlaw.net

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


BLACK ELK: Has Court Authority to Wind Down 2 Subsidiaries
----------------------------------------------------------
Judge Marvin Isgur of the United States Bankruptcy Court for the
Southern District of Texas authorized Black Elk Operations, LLC, to
wind down its subsidiaries, Black Elk Energy Finance and Black Elk
Energy Land Operations.

Judge Isgur also gave the Debtors authority to enter into
agreements for the succession of indenture Trustee for the 13.75%
Senior Secured Notes.

In support of their request for authority to wind down the
subsidiaries, the Debtors explained that after the Petition Date,
the 13.75% Noteholders sought to replace The Bank of New York as
the Indenture Trustee with WSFS Bank.  However, in order to
complete the change of trustee, the Noteholders needed the consent
of the co-issuer, Black Elk Energy Finance Corp., a limited
liability company.

The Debtors said it appears that there are no officers, directors
or managers of the limited liability company remaining to sign the
documents allowing the change of trustee.  After an investigation
as to the ownership of Black Elk Energy Finance Corp., the Debtors
discovered that Black Elk Energy Finance Corp.'s governing
documents indicated that it was owned by Black Elk Energy Land
Operations, LLC, and there are no assets at the Black Elk
Subsidiaries.

Black Elk Energy Operations, LLC is represented by:

         Pamela Gale Johnson, Esq.
         BAKER & HOSTETLER, LLP
         811 Main Street, Suite 1100
         Houston, Texas 77002-6111
         Telephone: (713) 751-1600
         Facsimile: (713) 751-1717
         E-mail: pjohnson@bakerlaw.com

            -- and --

         Elizabeth A. Green, Esq.
         BAKER & HOSTETLER, LLP
         Jimmy D. Parrish, Esq.
         SunTrust Center, Suite 2300
         200 South Orange Avenue
         Orlando, Florida 32801-3432
         Telephone: (407) 649-4000
         Facsimile: (407) 841-0168
         Email: egreen@bakerlaw.com
                jparrish@bakerlaw.com

            -- and --

         Jorian L. Rose, Esq.
         BAKER & HOSTETLER, LLP
         45 Rockefeller Plaza
         New York, New York
         Telephone: (212) 589-4200
         Facsimile: (212) 589-4201
         Email: jrose@bakerlaw.com

            -- and --

         Joseph M. Esmont, Esq.
         BAKER & HOSTETLER, LLP
         1900 E. 9th St., Ste. 3200
         Cleveland, OH 44114
         Telephone: (216) 621-0200
         Facsimile: (216) 696-0740
         Email: jesmont@bakerlaw.com

                      About Black Elk

Black Elk Energy Offshore Operations, LLC, is a Houston, Texas
based privately held limited liability company engaged in the
acquisition, exploitation, development and production of oil and
natural gas properties primarily in the shallow waters of the Gulf
of Mexico near the coast of Louisiana and Texas.

Black Elk had total assets of $339.7 million and total debt of
$432.3 million as of Sept. 30, 2014.

Judge Letitia Z. Paul of the U.S. Bankruptcy Court in the Southern
District of Texas placed Black Elk under Chapter 11 bankruptcy
protection on Sept. 1, 2015, converting an involuntary Chapter 7
bankruptcy petition by its creditors.  Thereafter, the Company
filed with the Court a voluntary Chapter 11 petition (Bankr. S.D.
Tex. Case No. 15-34287) on Sept. 10, 2015.  

Judge Paul later recused herself from the case and the matter was
given to Judge Marvin Isgur, according to information posted on
the case docket on Sept. 14.

The Debtor is represented by Elizabeth E. Green of Baker &
Hostetler.  Blackhill Partners' Jeff Jones is the Debtor's Chief
Restructuring Officer.


BLACK ELK: Locke Lord Files Rule 2019 Statement
-----------------------------------------------
Locke Lord LLP disclosed in a court filing that it represents these
companies in the Chapter 11 case of Black Elk Energy Offshore
Operations LLC:

     (1) McMoRan Oil & Gas LLC
         1615 Poydras St.
         New Orleans, Louisiana 70112

     (2) Merit Energy Company LLC
         13727 Noel Road, Suite 1200
         Dallas, Texas 75240

     (3) W&T Offshore Inc.
         Nine Greenway Plaza, Suite 300
         Houston, Texas 77046

     (4) ConocoPhillips Company
         600 North Dairy Ashford
         Houston, Texas 77252

The firm has not filed a proof of claim on its own behalf in the
bankruptcy case, according to the filing.
  
Locke Lord made the disclosure pursuant to Rule 2019 of the Federal
Rules of Bankruptcy Procedure.

The firm can be reached at:

     Philip G. Eisenberg
     W. Steven Bryant
     Steven W. Golden
     Locke Lord LLP
     600 Travis Street, Suite 2800
     Houston, Texas 77002
     Telephone: 713-226-1200
     Facsimile: 713-223-3717
     Email: peisenberg@lockelord.com
            steven.golden@lockelord.com

          -- and --

     Omer F. Kuebel, III
     Bradley C. Knapp
     Locke Lord LLP
     601 Poydras St., Suite 2660
     New Orleans, Louisiana 70130
     Telephone: 504-558-5100
     Facsimile: 504-558-5200
     Email: nobankecf@lockelord.com

                          About Black Elk

Black Elk Energy Offshore Operations, LLC, is a Houston, Texas
based privately held limited liability company engaged in the
acquisition, exploitation, development and production of oil and
natural gas properties primarily in the shallow waters of the Gulf
of Mexico near the coast of Louisiana and Texas.

Black Elk had total assets of $339.7 million and total debt of
$432.3 million as of Sept. 30, 2014.

Judge Letitia Z. Paul of the U.S. Bankruptcy Court in the Southern
District of Texas placed Black Elk under Chapter 11 bankruptcy
protection on Sept. 1, 2015, converting an involuntary Chapter 7
bankruptcy petition by its creditors.  Thereafter, the Company
filed with the Court a voluntary Chapter 11 petition (Bankr. S.D.
Tex. Case No. 15-34287) on Sept. 10, 2015.  

Judge Paul later recused herself from the case and the matter was
given to Judge Marvin Isgur, according to information posted on the
case docket on Sept. 14.

The Debtor is represented by Elizabeth E. Green of Baker &
Hostetler.  Blackhill Partners' Jeff Jones is the Debtor's Chief
Restructuring Officer.


BLACK ELK: Seeks Authority to Obtain $30-Mil. DIP Loan
------------------------------------------------------
Black Elk Energy Offshore Operations, LLC, seeks authority from the
U.S. Bankruptcy Court for the Southern District of Texas, Houston
Division, to obtain postpetition financing up to the aggregate
principal amount of $30 million and use cash collateral securing
its prepetition indebtedness.

AQR Capital Management LLC and Phoenix Investment Adviser or their
affiliates committed a senior secured multi-draw term loan facility
in an aggregate principal amount of $30.0 million, composed of (i)
New Money DIP Loans in an aggregate amount of $15.0 million and
(ii) subject to entry of a final order, $15 million roll-up of the
outstanding obligations owed by the Debtor to each lender.

All DIP Loans will become due and payable on the earliest of (i)
the Stated Maturity Date, (ii) Jan. 10, 2016, if the Final Order
has not been entered by the Bankruptcy Court on or prior to Jan.
10, (iii) the consummation of any sale of all or substantially all
of the Debtor's assets, (iv) the date on which the Court enters an
order confirming a plan of liquidation or reorganization, (v) the
date on which the case is  converted to a case under Chapter 7 of
the Bankruptcy Code, or (vi) the acceleration of the DIP Loans and
the termination of the New Money DIP Commitments.

The DIP Loans bears interest at a rate equal to the sum of (i)
12.00% per annum and (ii) 3.00% per annum but in no event to exceed
the Highest Lawful Rate.  The Escrowed Loans will bear interest at
a rate equal to 6.50% per annum but in no event to exceed the
Highest Lawful Rate.

During the continuance of an event of default, the DIP Loans will
bear interest at an additional 2.00% per annum.  A commitment fee
in an amount equal to 2.00% of the New Money DIP Commitment of each
Lender, is payable at Closing.

The Debtor asserts that its ability to preserve the value of its
estate depends on immediate access to the DIP Facility, else, the
Debtor will not be able to pay the costs of administering its
Chapter 11 case or have liquidity for continuing operations and
establishing a prudent P&A plan, among other things.

Black Elk Energy Operations, LLC is represented by:

         Pamela Gale Johnson, Esq.
         BAKER & HOSTETLER, LLP
         811 Main Street, Suite 1100
         Houston, Texas 77002-6111
         Telephone: (713) 751-1600
         Facsimile: (713) 751-1717
         E-mail: pjohnson@bakerlaw.com

            -- and --

         Elizabeth A. Green, Esq.
         BAKER & HOSTETLER, LLP
         Jimmy D. Parrish, Esq.
         SunTrust Center, Suite 2300
         200 South Orange Avenue
         Orlando, Florida 32801-3432
         Telephone: (407) 649-4000
         Facsimile: (407) 841-0168
         Email: egreen@bakerlaw.com
                jparrish@bakerlaw.com

            -- and --

         Jorian L. Rose, Esq.
         BAKER & HOSTETLER, LLP
         45 Rockefeller Plaza
         New York, New York
         Telephone: (212) 589-4200
         Facsimile: (212) 589-4201
         Email: jrose@bakerlaw.com

            -- and --

         Joseph M. Esmont, Esq.
         BAKER & HOSTETLER, LLP
         1900 E. 9th St., Ste. 3200
         Cleveland, OH 44114
         Telephone: (216) 621-0200
         Facsimile: (216) 696-0740
         Email: jesmont@bakerlaw.com

                      About Black Elk

Black Elk Energy Offshore Operations, LLC, is a Houston, Texas
based privately held limited liability company engaged in the
acquisition, exploitation, development and production of oil and
natural gas properties primarily in the shallow waters of the Gulf
of Mexico near the coast of Louisiana and Texas.

Black Elk had total assets of $339.7 million and total debt of
$432.3 million as of Sept. 30, 2014.

Judge Letitia Z. Paul of the U.S. Bankruptcy Court in the Southern
District of Texas placed Black Elk under Chapter 11 bankruptcy
protection on Sept. 1, 2015, converting an involuntary Chapter 7
bankruptcy petition by its creditors.  Thereafter, the Company
filed with the Court a voluntary Chapter 11 petition (Bankr. S.D.
Tex. Case No. 15-34287) on Sept. 10, 2015.  

Judge Paul later recused herself from the case and the matter was
given to Judge Marvin Isgur, according to information posted on
the case docket on Sept. 14.

The Debtor is represented by Elizabeth E. Green of Baker &
Hostetler.  Blackhill Partners' Jeff Jones is the Debtor's Chief
Restructuring Officer.


BOOMERANG SYSTEMS: Court Extends Investigation Termination Date
---------------------------------------------------------------
The U.S. Bankruptcy Court in Delaware approved an agreement, which
extends the investigation termination date, solely for Boomerang
Systems Inc.'s official committee of unsecured creditors, to Dec.
31, 2015.

                      About Boomerang Systems

Headquartered in Morristown, New Jersey, Boomerang Systems, Inc.
(Pink Sheets: 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.

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 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 legal advisors are Akin Gump Strauss Hauer & Feld LLP
in the U.S. and Bennett Jones in Canada.  Richards Layton &
Finger, P.A., is legal co-counsel in the Chapter 11 cases.
Houlihan Lokey Capital, Inc., is serving as financial advisor.
Garden City Group Inc. is the claims and noticing agent.

The Company's balance sheet at Dec. 31, 2014, showed $1.21 billion
in total assets, $2.35 billion in total liabilities and total
stockholders' deficit of $1.14 billion.

The U.S. Trustee for Region 3 appointed five creditors of
Quicksilver Resources Inc. to serve on the official committee of
unsecured creditors.  The Committee is represented by Landis Rath &
Cobb LLP's Richard S. Cobb, Esq., Matthew B. McGuire, Esq., and
Joseph D. Wright, Esq.; and Paul Weiss Rifkind Wharton & Garrison
LLP's Andrew N. Rosenberg, Esq., Elizabeth R. McColm, Esq., and
Adam M. Denhoff, Esq.


BTB CORP: Gets Court Approval of Deal With FIRST Insurance
----------------------------------------------------------
BTB Corp. received court approval to enter into an agreement with
FIRST Insurance Funding Corp.

Under the agreement, FIRST Insurance will provide financing to BTB
Corp. for the purchase of the company's insurance policies.  The
total amount to be financed is $155,404.

In exchange for the financing, FIRST Insurance will get a first
priority lien on and security interest in unearned premiums,
according to court filings.  

The agreement was approved by Judge Mildred Caban Flores of the
U.S. Bankruptcy Court for the District of Puerto Rico.

                      About BTB Corporation

BTB Corporation was organized in 2003 to be engaged in bitumen
supply activities and the rendering of any other services which
maybe complementary to such activities. Debtor initiated operations
from a leased terminal and storage facility located in Penuelas,
Puerto Rico.

In 2007, BTB acquired 100% of the stock of The Placco Company of
Puerto Rico, Inc., ("PLACCO"), a corporation organized under the
laws of Puerto Rico on May 10, 1988 primarily to manufacture,
produce, process and sell bitumen and other related or similar
products.  PLACCO became a wholly owned subsidiary of BTB, and is
the owner of the bitumen terminal leased by BTB from where BTB
operates its business in Guaynabo, Puerto Rico.

In 2012, the current majority shareholders acquired BTB from IOTC
Asphalt, LLC, retaining Mr. Juan Vazquez as President of the
company.

BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.
Samuel Lizardi signed the petition as interim president.  The
Debtor disclosed total assets of $16.5 million and total
liabilities of $13.2 million.

BTB said it sought bankruptcy protection as it is unable to meet
obligations as they mature, and creditors are threatening suit and
have threatened to undertake steps to obtain possession of its
assets.

The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law
Offices, LLC, as its counsel.


CASCADE INTEGRATED: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Cascade Integrated Services, LLC
            fka Cascade Tanks LLC
        4600 S. Ulster St., Suite 880
        Denver, CO 80237

Case No.: 15-23704

Chapter 11 Petition Date: December 16, 2015

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: Hon. Howard R Tallman

Debtor's Counsel: John C. Parks, Esq.
                  LEWIS BRISBOIS BISGAARD & SMITH LLP
                  1700 Lincoln St., Ste. 4000
                  Denver, CO 80203
                  Tel: 303-861-7760
                  Fax: 303-861-7767
                  Email: john.parks@lewisbrisbois.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Robert Pelham, chief executive officer.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cob15-23704.pdf


CINEDIGM CORP: Receives Nasdaq Listing Non-Compliance Notice
------------------------------------------------------------
Cinedigm Corp. on Dec. 16 disclosed that on December 10, 2015, the
Company received a letter from the Nasdaq Staff indicating that the
Company had not regained compliance with the $1.00 per share bid
price requirement for continued listing on The Nasdaq Global Market
by the end of the previously granted compliance period, which
expired on December 7, 2015.  As a result, the Company would be
subject to delisting unless it timely requests a hearing before a
Nasdaq Listing Qualifications Panel.  Based on the foregoing, the
Company intends to timely request a hearing before the Panel at
which it will present its plan of compliance and request a further
extension of time.  The Panel has the discretion to grant the
Company up to an additional 180 calendar days from December 10,
2015 to regain compliance.  This request will automatically stay
any delisting or suspension action pending the issuance of a final
decision by the Panel and the expiration of any further extension
granted by the Panel.

There can be no assurance that the Panel will ultimately grant an
extension of the compliance period.  However, the Company has
already obtained the approval of its stockholders empowering the
Board to effect a reverse stock split sufficient to regain
compliance with the Bid Price Rule.  The Board of Directors intends
to effectuate such a reverse split promptly if it becomes clear
that the continued listing of the Class A common stock cannot
otherwise be assured.

                         About Cinedigm

Cinedigm is an independent content distributor in the United
States, with direct relationships with thousands of physical retail
storefronts and digital platforms, including Wal-Mart, Target,
iTunes, Netflix, and Amazon, as well as the national Video on
Demand platform on cable television.  The company's library of
films and TV episodes encompasses award-winning documentaries from
Docurama Films(R), next-gen Indies from Flatiron Film Company(R),
acclaimed independent films and festival picks through partnerships
with the Sundance Institute and Tribeca Films and a wide range of
content from brand name suppliers, including National Geographic,
Discovery, Scholastic, NFL, Shout Factory, Hallmark, Jim Henson and
more.


COLT DEFENSE: Bankruptcy Court Confirms Joint Reorganization Plan
-----------------------------------------------------------------
Colt Defense LLC on Dec. 16 disclosed that the United States
Bankruptcy Court for the District of Delaware has confirmed the
Company's Second Amended Joint Plan of Reorganization.  The Plan
received full support from all of the Company's stakeholders.  Upon
completion of the restructuring process, which is expected to occur
in the coming weeks, the Plan will significantly restructure and
reduce the Company's debt, improve its capital structure and
enhance its liquidity profile.  The Company will also have a new
lease for its West Hartford Facility and the Plan reaffirms the
Company's strong relationship with the UAW.

The Plan finalizes a global settlement of all outstanding issues in
the cases, achieved through a consensus reached among Colt's key
stakeholders, including a consortium of Colt's secured lenders,
Morgan Stanley as the lender under Colt's pre-petition and
post-petition secured term loan facilities, the official committee
of unsecured creditors appointed in Colt's bankruptcy cases, Sciens
Capital Management and the landlord at Colt's West Hartford
facility.

In conjunction with [Wednes]day's confirmation, Colt also disclosed
that it has reached an agreement with the United Auto Workers Union
that resolves issues relating to retiree medical benefits.

"[Wednes]day we achieved the last important milestone on Colt's
path to emerging from Chapter 11 as a stronger and more competitive
company," said Dennis Veilleux, President and Chief Executive
Officer of Colt Defense LLC. Mr. Veilleux added, "We greatly
appreciate the dedication and support of our extraordinary
employees during this process, as well as the support we received
from our financial stakeholders, Sciens Capital and our customers
and vendors."

Perella Weinberg Partners L.P. is acting as financial advisor of
the Company, Mackinac Partners LLC is acting as restructuring
advisor of the Company and O'Melveny & Myers LLP is the Company's
legal counsel.

                       About Colt Holding

Colt Defense LLC is one of the world's oldest and most iconic
designers, developers, and manufacturers of firearms for military,
law enforcement, personal defense, and recreational purposes and
was founded over 175 years ago by Samuel Colt, who patented the
first commercial successful revolving cylinder firearm in 1836 and
began supplying U.S. and international military customers with
firearms in 1847.  Colt is incorporated in Delaware and
headquartered in West Hartford, Connecticut.

In 1992, Colt Manufacturing Company, then the principal operating
subsidiary, filed chapter 11 petitions (Bankr. D. Conn.).  An
investment by Zilkha & Co. allowed CMC to confirm a chapter 11
plan and emerge from Bankruptcy in 1994.

Sometime after 1994, majority ownership of the Company Transitioned
from Zilkha & Co. to Sciens Capital Management.

Colt Holding Company LLC and nine affiliates, including Colt
Defense LLC, on June 14, 2015, filed voluntary petitions (Bankr. D.
Del. Lead Case No. 15-11296) for relief under Chapter 11 of the
Bankruptcy Code to pursue a sale of the assets as a going concern.

Colt Defense estimated $100 million to $500 million in assets and
debt.

On June 16, 2015, the Court directed the joined administration of
the assets.

The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny &
Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as
claims and noticing agent.  Perella Weinberg Partners L.P. is
acting as financial advisor of the Company, and Mackinac Partners
LLC is acting as its restructuring advisor.

Wilmington Savings Fund Society, FSB, as agent under the $13.3
million Term DIP Loan Agreement, is represented by Pryor Cashman
LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's
Leonard Klingbaum, Esq.  

Cortland Capital Market Services LLC, as agent under the $6.67
million Senior DIP Credit Agreement, is represented by Holland &
Knight LLP's Joshua M. Spencer, Esq.; Stroock & Stroock & Lavan
LLP's Brett Lawrence, Esq.; and Osler, Hoskin & Harcourt LLP's
Richard Borins, Esq., and Tracy Sandler, Esq.

The U.S. Trustee for Region 3 appointed five creditors of Colt
Defense Inc. and its affiliates to serve on the official committee
of unsecured creditors.  MagPul Industries Corp. has resigned from
the committee leaving only four Committee members.

Sciens Capital is represented by Skadden, Arps, Slate, Meagher &
Flom LLP's Anthony W. Clark, Esq., and Jason M. Liberi, Esq.


COLT DEFENSE: UAW Pleased With Plan Confirmation
------------------------------------------------
Colt Defense LLC and the United Auto Workers Union have issued the
following joint statement regarding the Dec. 16 court confirmation
of Colt's plan of reorganization:

The UAW and Colt reached agreement on a Memorandum of Understanding
("MOU") on Dec. 16 that led to court confirmation of Colt's plan of
reorganization.  With this confirmation, Colt expects to complete
the restructuring process and exit bankruptcy in the coming weeks.
The plan will significantly restructure and reduce the Company's
debt, improve its capital structure and enhance its liquidity
profile.  The Company will also have a new lease for its West
Hartford Facility.

The MOU reaffirms the Company's strong relationship with the Union.
Under the MOU, Colt and the Union agree to work together to find
efficiencies within the current collective bargaining agreement.
The only changes to the contract are modifications of retiree
health benefits and representation of the Union on the Board of
Directors.  With regard to the latter, going forward, the Union's
representative on the Board will have observer status.

"This is a good day for Colt and also the hard working Union
members that stayed the course throughout this entire
reorganization process," said Mike Holmes, UAW Local 376 Shop
Chair.  "Together, we have succeeded in maintaining our contract
and securing good jobs with a continued presence in West
Hartford."

"We are very pleased to have received plan confirmation and
execution of the MOU with the Union.  We are proud of our workforce
and the dedication that they have given Colt during this difficult
restructuring process.  We are confident in our future in large
part because of the solid foundation that we have with the Union
and the world class craftsmanship and skills of our Union
employees," added Dennis Veilleux, CEO of Colt.

"UAW members at Colt have been the foundation of our Union's
historical role in Connecticut's manufacturing base.  We will do
everything in our power to see that these good jobs continue for
generations to come," said Julie Kushner, Director of UAW Region
9A.

Kushner, Holmes and Veilleux stated their shared belief that
"working together, Colt and the UAW have achieved their common
goal: a strong Company that provides both good jobs and fair
treatment to the Colt retirees who helped build this iconic
company.  Colt and UAW are committed to building a strong Colt for
the future."

                         About The UAW

UAW Region 9A represents 50,000 workers in diverse occupations
throughout eastern New York (including the New York City
metropolitan area, the Hudson Valley and the Capital District
area), Connecticut, Massachusetts, Rhode Island, New Hampshire,
Vermont, Maine and Puerto Rico.

                      About Colt Holding

Colt Defense LLC is one of the world's oldest and most iconic
designers, developers, and manufacturers of firearms for military,
law enforcement, personal defense, and recreational purposes and
was founded over 175 years ago by Samuel Colt, who patented the
first commercial successful revolving cylinder firearm in 1836 and
began supplying U.S. and international military customers with
firearms in 1847.  Colt is incorporated in Delaware and
headquartered in West Hartford, Connecticut.

In 1992, Colt Manufacturing Company, then the principal operating
subsidiary, filed chapter 11 petitions (Bankr. D. Conn.).  An
investment by Zilkha & Co. allowed CMC to confirm a chapter 11 plan
and emerge from Bankruptcy in 1994.

Sometime after 1994, majority ownership of the Company Transitioned
from Zilkha & Co. to Sciens Capital Management.

Colt Holding Company LLC and nine affiliates, including Colt
Defense LLC, on June 14, 2015, filed voluntary petitions (Bankr. D.
Del. Lead Case No. 15-11296) for relief under Chapter 11 of the
Bankruptcy Code to pursue a sale of the assets as a going concern.

Colt Defense estimated $100 million to $500 million in assets and
debt.

On June 16, 2015, the Court directed the joined administration of
the assets.

The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny &
Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as
claims and noticing agent.  Perella Weinberg Partners L.P. is
acting as financial advisor of the Company, and Mackinac Partners
LLC is acting as its restructuring advisor.

Wilmington Savings Fund Society, FSB, as agent under the $13.3
million Term DIP Loan Agreement, is represented by Pryor Cashman
LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's
Leonard Klingbaum, Esq.  

Cortland Capital Market Services LLC, as agent under the $6.67
million Senior DIP Credit Agreement, is represented by Holland &
Knight LLP's Joshua M. Spencer, Esq.; Stroock & Stroock & Lavan
LLP's Brett Lawrence, Esq.; and Osler, Hoskin & Harcourt LLP's
Richard Borins, Esq., and Tracy Sandler, Esq.

The U.S. Trustee for Region 3 appointed five creditors of Colt
Defense Inc. and its affiliates to serve on the official committee
of unsecured creditors.  MagPul Industries Corp. has resigned from
the committee leaving only four Committee members.

Sciens Capital is represented by Skadden, Arps, Slate, Meagher &
Flom LLP's Anthony W. Clark, Esq., and Jason M. Liberi, Esq.


CUBIC ENERGY: $24M Debt Omission Mars First Bankruptcy Hearing
--------------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that Texas-based oil
and gas company Cubic Energy Inc. found itself scrambling on Dec.
15, 2015, to explain to a judge its omission of a $24.5 million
debt from court disclosures in its fast-moving, prepackaged Chapter
11 case in Delaware bankruptcy court.  Cubic's failure to list a
Louisiana court judgment against it, won by oil and gas lease owner
Gloria's Ranch LLC, was one of a handful of issues that threatened
to disrupt the company's bid for a tightly scheduled reorganization
during first-day proceedings before U.S. Bankruptcy Judge
Christopher S. Sontchi.

                       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: Chairman and CEO Reports 43.8% Stake
--------------------------------------------------
Calvin A. Wallen, III disclosed in a regulatory filing with the
Securities and Exchange Commission that he beneficially owns
50,196,471 shares of common stock of Cubic Energy, Inc.
representing 43.89 percent of the shares outstanding.  Mr. Wallen
is a director and Chairman of the Board of Directors of the Company
and president and chief executive officer of the Company, and
president of each of Tauren Exploration, Inc. and Langtry Mineral &
Development, LLC, entities that are wholly owned by Wallen.  A copy
of the regulatory filing is available at:

                   http://is.gd/qy0s1s

                    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.


DENCO INC: Case Summary & 7 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Denco, Inc.
        A New Mexico Corporation
        10990 Bataan Memorial East, Suite 100
        Las Cruces, NM 88011

Case No.: 15-13249

Chapter 11 Petition Date: December 16, 2015

Court: United States Bankruptcy Court
       District of New Mexico (Albuquerque)

Judge: Hon. David T. Thuma

Debtor's Counsel: R Trey Arvizu, III, Esq.
                  ARVIZULAW.COM LTD
                  PO Box 1479
                  Las Cruces, NM 88004-1479
                  Tel: 575-527-8600
                  Fax: 575-527-1199
                  Email: trey@arvizulaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Cynthia A. Jonasson, president.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/nmb15-13249.pdf


DEX MEDIA: Moody's Cuts CFR to Ca for Lapsed Grace Pd. for Payment
------------------------------------------------------------------
Moody's Investors Service downgraded Dex Media, Inc.'s Probability
of Default Rating to Ca-PD/LD from Caa3-PD and downgraded the
Corporate Family Rating to Ca from Caa3. The limited default "LD"
designation appended to Dex's probability of default rating
reflects Moody's view that the company has defaulted under Moody's
definition. The limited default designation will remain for three
business days to reflect our view that a default has occurred.
Concurrently, the senior subordinated notes are lowered to C from
Ca and the senior secured credit facilities of Dex Media East,
Inc., Dex Media West, Inc., R.H. Donnelley Inc. and SuperMedia Inc.
remain unchanged at Caa3. The downgrade reflects Dex's missed
September 30, 2015 interest payment on its senior subordinated
notes and the subsequent failure to make the payment during the
grace period. Moody's views this as a limited default as it
represents a default of only one element of the company's capital
structure. The ratings outlook remains negative.

Should the company default on other elements of its debt capital,
execute a distressed exchange or pursue a formal reorganization
under the U.S. Bankruptcy Code, ratings could be downgraded
further. Additionally, ratings could be downgraded further if
Moody's comes to expect the recovery values on Dex's debt
instruments to be lower than currently estimated.

Downgrades:

Issuer: Dex Media, Inc.

Corporate Family Rating, Downgraded to Ca from Caa3

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

Senior Subordinated Regular Bond/Debenture, Downgraded to C (LGD6)
from Ca (LGD6)

Unchanged:

Speculative Grade Liquidity, unchanged at SGL-4

Outlook Actions:

Outlook, Remains Negative

RATINGS RATIONALE

Dex Media's Ca Corporate Family Rating ("CFR") reflects the
company's highly leveraged capital structure, the rapid structural
decline of print directories and expanding competitive challenges
and very low barriers to entry in digital advertising in which Dex
Media is very weakly positioned and executing poorly. We believe
there is a high likelihood of the company declaring bankruptcy
again or restructuring its debt.

The rating is supported by its position as the second largest print
and digital yellow pages business in the U.S., modest EBITDA
margins, low capital intensity and the company's ability to
generate relatively healthy, albeit declining, levels of free cash
flows.

The negative outlook reflects Moody's view that Dex Media will have
difficulty refinancing debt without a restructuring and impairment
to lenders.

The ratings are unlikely to be upgraded without a successful
refinancing of its debt or a meaningful reduction of its debt
balances. An upgrade is also unlikely due to the secular decline of
the print business and low barriers to entry in the digital
segment.

Dex Media's ratings could be downgraded if liquidity deteriorates
or its probability of default increases for any reason.




DIOCESE OF DULUTH: To Enter Mediation With Abuse Victims
--------------------------------------------------------
ABI.org reported that the Diocese of Duluth, Minn., is expected to
enter mediation with clergy sexual abuse victims, following in the
footsteps of other bankrupt dioceses that have sought to resolve
growing legal and financial turmoil.

The 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.

The Diocese of Duluth sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Minn. Case No. 15-50792) on Dec. 7,
2015.  The case is assigned to Judge Robert J Kressel.  

The Debtor's lead counsel is Bruce A Anderson, Esq., and J Ford
Elsaesser, Esq., at Elsaesser Jarzabek Anderson Elliott &
MacDonald, CHTD., in Sandpoint, Idaho.  The Debtor's local counsel
is Phillip Kunkel, Esq., at Gray, Plant, Mooty, Mooty & Bennett,
P.A., in St Cloud, Minnesota.


DWAYNE LEE BLANKENSHIP: Court Confirms 1st Amended Ch. 11 Plan
--------------------------------------------------------------
Judge Frederick P. Corbit of the United States Bankruptcy Court for
the Eastern District of Washington confirmed Debtors Dwayne Lee and
Burlene Wilma Blankenship's First Amended Plan of Reorganization.

All payments made or promised by the Debtors or by a person issuing
securities or acquiring property under the Plan or by any other
person for services or for costs and expenses in, or in connection
with, the Plan and incident to the case, have been fully disclosed
to the Court and are reasonable and are hereby approved, or, if to
be fixed after confirmation of the Plan, will be subject to
approval of the Court.

Creditors were given Notice of Confirmation and no objections
thereto were made, or if made, have been withdrawn, resolved or
overruled.

The case is In re: DWAYNE LEE & BURLENE WILMA BLANKENSHIP, d/b/a
RIDGERUNNER FARMS, d/b/a RIDGERUNNER TRAVEL, AND f/d/b/a MULLAN
TRAIL, INC., Chapter 11, Debtors, No. 14-04033-FPC11 (Bankr. E.D.
Wash.).

A full-text copy of the Findings of Fact dated December 2, 2015, is
available at http://is.gd/hTLpntfrom Leagle.com.

Dwayne Lee Blankenship, Debtor, represented by Dan Orourke, Esq. --
Southwell & Orourke.

US Trustee, U.S. Trustee, represented by James D Perkins, U S Dept
of Justice/U S Trustee Office.


ESSEX RENTAL: To Voluntarily Terminate Nasdaq Listing
-----------------------------------------------------
Essex Rental Corp. on Dec. 8 disclosed that it has submitted a
notice to The Nasdaq Stock Market LLC of its intention to
voluntarily withdraw the Company's common stock, par value $0.0001
per share, from listing on Nasdaq and to voluntarily terminate the
registration of Common Stock under the Securities Exchange Act of
1934, as amended.

The Company intends to file a Notification of Removal from Listing
and/or Registration on Form 25 with the Securities Exchange
Commission on or after December 18, 2015 as a result of which the
Company expects the Common Stock will cease to be listed on Nasdaq
on or about December 28, 2015.  The Company anticipates that the
Common Stock will be quoted on the OTC Pink Sheets following
delisting, but there is no assurance that the Common Stock will be
quoted on any over-the-counter market.

Upon delisting from Nasdaq, the Company intends to file a Form 15
with the SEC to terminate the registration of its Common Stock
under the Exchange Act.  At such time, the Company's periodic
reporting obligations under Sections 13 and 15(d) of the Exchange
Act will be suspended, including its obligations to file annual
reports on Form 10-K, quarterly reports on Form 10-Q and current
reports on Form 8-K.  The Company, however, intends to continue to
publicly disclose, through press releases, postings on its website
and through the OTC Disclosure and News Service, periodic financial
and other information regarding the Company.

As previously disclosed, on August 4, 2015, the Company received a
letter from Nasdaq providing notification that the Company failed
to meet the minimum $1.00 per share bid price requirement for
continued listing on Nasdaq, and that the Company had until
February 1, 2016, to regain compliance with such requirement before
it was involuntarily delisted from Nasdaq.  The Company's Board of
Directors unanimously determined to voluntarily delist from Nasdaq
and deregister the Common Stock in light of the impending
involuntary delisting from Nasdaq, and after consideration of the
advantages and disadvantages of being a company registered with the
SEC, including the cost of maintaining such registration and the
Company's continuing ability to finance such costs.

                   About Essex Rental Corp.

Essex, through its subsidiaries, is one of North America's largest
providers of rental and distribution for mobile cranes (including
lattice-boom crawler cranes, truck cranes and rough terrain
cranes), self-erecting cranes, stationary tower cranes, elevators
and hoists, and other lifting equipment used in a wide array of
construction projects.  In addition, the Company provides product
support including installation, maintenance, repair, and parts and
services for equipment provided and other equipment used by its
construction industry customers.  With a large fleet, consisting
primarily of cranes, as well as other construction equipment and
unparalleled customer service and support, Essex supplies a wide
variety of innovative lifting solutions for construction projects
related to power generation, petro-chemical, refineries, water
treatment and purification, bridges, highways, hospitals,
shipbuilding, offshore oil fabrication and industrial plants, and
commercial and residential construction.


FILMED ENTERTAINMENT: USHE Seeks Access to Video Devices
--------------------------------------------------------
Universal Studios Home Entertainment LLC asks the United States
Bankruptcy Court for the Southern District of New York to lift the
automatic stay imposed in the Chapter 11 cases of Filmed
Entertainment, Inc., f/k/a BMG Columbia House, et al., to permit it
to pursue its state law rights and remedies as to certain Video
Devices owned by USHE.

USHE also asks the Court to compel the Debtors to provide
statements reflecting which Video Devices have been sold since July
1, 2015, to ensure that all remaining Video Devices are returned to
USHE and instruct the Debtors to cooperate with USHE's recovery of
the Video Devices and to grant USHE reasonable access to do so.

Universal Studios Home Entertainment LLC is represented by:

         Christopher A. Lynch, Esq.
         599 Lexington Avenue, 22nd Floor
         REED SMITH LLP
         New York, NY 10022
         Telephone: (212) 521-5400
         Facsimile: (212) 521-5450
         Email: clynch@reedsmith.com
         
            -- and --

         Marsha A. Houston, Esq.
         Christopher O. Rivas, Esq.
         REED SMITH LLP         
         355 S. Grand Ave., Suite 2900
         Los Angeles, CA 90071
         Telephone: (213) 457-8000
         Facsimile: (213) 457-8080
         Email: mhouston@reedsmith.com
                crivas@reedsmith.com

                       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.


FORESTAR (USA): Moody's Cuts Corporate Family Rating to B2
----------------------------------------------------------
Moody's Investors Service downgraded the ratings of Forestar (USA)
Real Estate Group Inc., including its Corporate Family Rating to B2
from B1, Probability of Default to B2-PD from B1-PD, and the rating
on its senior secured notes to B3 from B2. In the same rating
action, Moody's changed the company's outlook to negative from
stable. The downgrade reflects Forestar's deteriorating credit
metrics as the company grapples with its energy business and the
weak performance of its core land development segment. With oil
prices at multi-year lows, we expect the company's metrics will
remain under pressure in the next 12 -- 18 months.

The following rating actions were taken:

Corporate Family Rating downgraded to B2 from B1;

Probability of Default downgraded to B2-PD from B1-PD;

Gtd Senior secured notes downgraded to B3 (LGD4) from B2 (LGD4);

Speculative Grade Liquidity Rating changed to SGL-3 from SGL2.

Outlook changed to negative from stable.

RATINGS RATIONALE

The B2 corporate family rating reflects Forestar's small size and
scale and its exposure to two highly capital intensive and cyclical
industries. Its energy segment, which accounts for approximately
30% of its revenues, has been dragging the overall company's
performance down after recording large impairments in 2015, pushing
Forestar's debt leverage higher. As of September 30, 2015, the
company's debt leverage, as measured by Moody's adjusted debt to
book capitalization, was 48%, almost 10 percentage points higher
than the same time last year. In addition, the company's land
development segment's performance in 2015 has been disappointing,
as it experienced a year-over-year decline despite strong
improvements in the overall housing market.

At the same time, however, Forestar's debt leverage, while
significantly higher than before, is still good for its rating
level. In addition, the rating is supported by Moody's positive
outlook on the homebuilding industry and expectations of a strong
growth in 2016, which should support Forestar's land development
segment.

Forestar's SGL- 3 rating reflects the company's decreasing cash
balances ($93 million as of September 30, 2015), our expectation of
continued negative cash flow generation, and its requirement to
maintain compliance with several covenants. At the same time, the
company's liquidity is supported by its large, undrawn $300 million
secured revolver maturing in 2017 that has $283 million in
availability as of September 30, 2015. Forestar must maintain
compliance with three key covenants under its secured credit
facility: an interest coverage ratio of greater than 2.5x, a
leverage ratio of less than 50%. and a tangible net worth
requirement of higher than $379 million. While the company was in
compliance with all of them as of September 30, 2015, its cushions
were small, and additional large impairments and/or continued
decline in oil prices could lead to covenant violations.

The negative outlook reflects our expectation that Forestar's
credit metrics will remain under pressure as its oil and gas
segment continues to suffer from the low energy prices.

A rating upgrade is unlikely at this time. The outlook will be
stabilized if the company successfully sells its non-core,
non-residential assets, demonstrates solid growth in its land
development business, and strengthens its liquidity.

The Corporate Family Rating could be pressured if adjusted debt to
capitalization grows to above 55% on a sustained basis, net losses
continue, cash flow becomes increasingly negative, or liquidity
sources are diminished.

Spun off from Temple-Inland Inc. at the end of 2007, primarily
institutionally owned, and headquartered in Austin, TX, Forestar is
principally a real estate and natural resources company. Total
revenues for the 12 months ended on September 30, 2015 were $229
million.



FUSION TELECOMMUNICATIONS: Unit Amends $40M Credit Agreement
------------------------------------------------------------
Fusion NBS Acquisition Corp., a subsidiary of Fusion
Telecommunications International, Inc., on Dec. 8, 2015, entered
into an Amended and Restated Credit Agreement, which amends and
restates the $40 million Credit Agreement, dated as of Aug. 28,
2015, with Opus Bank.  The Amended Credit Agreement amends the
Original Credit Facility by (i) providing Opus Bank's consent to
FNAC's acquisition of the Fidelity Companies, (ii) adding the
Fidelity Companies as guarantors under the Amended Credit
Agreement, and (iii) modifying or eliminating certain of the
financial covenants contained in the Original Credit Facility.

All borrowings under the Amended Credit Agreement are secured by a
first priority security interest on all of the assets of FNAC,
Fusion, Fusion BVX, LLC, PingTone Communications, Inc., Network
Billing Systems, LLC and the Fidelity Companies (other than FTL),
as well as the capital stock of each of Fusion's subsidiaries.  In
addition, subject to certain limitations, Fusion, FBVX, NBS,
PingTone and the Fidelity Companies (other than FTL) have
guaranteed FNAC's obligations under the Amended Credit Agreement,
including FNAC's obligations to repay all borrowings.  FTL will be
joined as a guarantor under the Amended Credit Agreement at the
time of the Second Closing.

Simultaneous with the execution of the Amended Credit Agreement,
Fusion, FNAC, FBVX, NBS, PingTone and the Fidelity Companies (other
than FTL) executed the Fourth Amended and Restated Securities
Purchase Agreement and Security Agreement with Praesidian Capital
Opportunity Fund III, L.P., Praesidian Capital Opportunity Fund
III-A, LP and United Insurance Company of America.  The Restated
Purchase Agreement amends and restates the terms of the Third
Amended and Restated Securities Purchase Agreement and Security
Agreement, dated as of Aug. 28, 2015, pursuant to which FNAC
previously sold its Series A, Series B, Series C, Series D, Series
E and Series F senior notes in an aggregate principal amount of $51
million.

The Restated Purchase Agreement amends the Third Amendment by (i)
providing the lenders' consent to the acquisition of the Fidelity
Companies, (ii) joining the Fidelity Companies as guarantors and
credit parties under the Restated Purchase Agreement, and (iii)
modifying or eliminating certain of the financial covenants
contained in the Third Amendment.  Subject to certain limitations,
Fusion, FBVX, NBS, PingTone and the Fidelity Companies (other than
FTL) have guaranteed FNAC's obligations under the Restated Purchase
Agreement, including FNAC's obligations to repay the Notes.  FTL
will be joined as a credit party and guarantor under the Restated
Purchase Agreement at the time of the Second Closing.

                About Fusion Telecommunications

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

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

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


GT ADVANCED: Has Until Jan. 22 to Propose Chapter 11 Plan
---------------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved GT
Advanced Technologies' motion to extend the exclusive period during
which the Company can file a Chapter 11 plan and solicit
acceptances thereof until Jan. 22, 2016, and March 22, 2016,
respectively.

As previously reported, "On Nov. 29, 2015, GTAT filed its Emergency
Motion for Order (A) Authorizing Debtors to Pay Put Option Premium
and Expenses in Connection With Exit Financing Commitment and (B)
Approving Indemnity Obligations Thereunder (the 'Exit Financing
Commitment Motion'), which requests, among other things,
authorization to pay certain fees and expenses in connection with
the commitment for GTAT's exit financing.  GTAT has requested
expedited consideration of the Exit Financing Commitment Motion at
the hearing scheduled on Dec. 1, 2015.

The exit-financing commitment letter includes a requirement that
GTAT file its plan of reorganization and disclosure statement no
later than Dec. 21, 2015.  Against this backdrop, GTAT submits that
the requested extension of the Exclusive Periods balances GTAT's
operational need to emerge from chapter 11 as soon as possible --
which will help preserve estate value -- while also providing the
necessary runway for a thorough confirmation process and a
consensual plan.  Accordingly, the extension of the Exclusive
Periods requested here is appropriate under the circumstances
because it will allow GTAT the time it needs to document a plan of
reorganization consistent with the Plan Term Sheet, as well as a
disclosure statement for such plan, begin the confirmation process,
and build consensus as it advances the plan process."

                   About GT Advanced

Headquartered in Merrimack, New Hampshire, GT Advanced
Technologies
Inc. -- http://www.gtat.com/-- produces materials and equipment  
for the electronics industry.  On Nov. 4, 2013, GTAT announced a
multi-year supply deal with Apple Inc. to produce sapphire glass
material for use in consumer electronics products.

Under the deal, Apple would provide GTAT with a prepayment of
approximately $578 million paid in four installments and, starting
in 2015, GTAT would reimburse Apple for the prepayment over a
five-year period.

GT is a publicly held corporation whose stock was traded on NASDAQ
under the ticker symbol "GTAT."  GTAT was de-listed from the
NASDAQ
stock exchange in October 2014.

As of June 28, 2014, the GTAT Group's unaudited and consolidated
financial statements reflected assets totaling $1.5 billion and
liabilities totaling $1.3 billion.  As of Sept. 29, 2014, GTAT had
$85 million in cash, $84 million of which is unencumbered.

On Oct. 6, 2014, GT Advanced Technologies and eight affiliates
filed voluntary petitions for relief under Chapter 11 of the
United
States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 4-11916).  GT
says that it has sought bankruptcy protection due to a severe
liquidity crisis brought about by its issues with Apple.

The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as
attorneys and Kurtzman Carson Consultants LLC as claims and
noticing agent.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee' professionals are Kelley
Drye as its bankruptcy counsel; Devine, Millimet & Branch,
Professional Association as local counsel; EisnerAmper LLP as
financial advisors; and Houlihan Lokey Capital, Inc. as investment
banker.

GTAT has reached a settlement with Apple.  The settlement gives
Apple an approved claim for $439 million secured by more than
2,000
sapphire furnaces that GT Advanced owns and has four years to
sell,
with proceeds going to Apple.  In addition, Apple gets
royalty-free, non-exclusive licenses for GTAT's technology.

The bankruptcy case is assigned to Judge Henry J. Boroff.


GT ADVANCED: Mediation Hearing Over Manz Dispute Set for Jan. 6
---------------------------------------------------------------
GT Advanced Technologies Inc. and its related subsidiaries, and
Manz China Suzhou Ltd., and Manz AG, agreed to hold a mediation on
Jan. 6, 2016, from 9:00 a.m. to 6:00 p.m. (Eastern Standard Time),
at the New York office of Paul Hastings, 75 East 55th Street, New
York, New York, 10022.

The U.S. Bankruptcy Court for the District of New Hampshire
appointed the Retired Judge Arthur J. Gonzalez to serve as the
mediator.  The mediator is authorized to mediate any issues
concerning or related to the Disputes and aid of the Parties in
entering into a global settlement of such Disputes.  The mediator
is also authorized to implement additional procedures for
conducting the mediation. Fees charged by the mediator for the
mediation will be shared equally by the Parties.

Parties will provide their confidential mediation statements to the
mediator no later than 5:00 p.m. (Eastern Standard Time) on Dec.
29, 2015.

Manz China and Manz Germany filed separate proofs of claim in the
Debtors' Bankruptcy Cases on January 23, 2015.  Later, GT Advanced
objected to Manz China's Motion for Relief from the Automatic Stay
to Allow it to Exercise its Right of Recoupment or, in the
alternative, to Permit a Setoff.  The Debtors also instituted an
adversary proceeding against Manz China and Manz AG5 on October 9,
2015, alleging a combined total of 16 causes of action. Manz is
seeking dismissal of the complaint.

Manz China & Manz AG retained as counsel:

   Michael A. Klass, Esq.
   Michael A. Siedband, Esq.
   BERNSTEIN, SHUR, SAWYER & NELSON
   Jefferson Mill Building
   670 North Commercial Street, Suite 108
   Manchester, NH 03105-1120
   Tel: (603) 623-8700
   Email: mklass@bernsteinshur.com
          mseidband@bernsteinshur.com

        - and -

   Douglas L. Lutz, Esq.
   Paige L. Ellerman, Esq.
   FROST BROWN TODD LLC
   3300 Great American Tower
   301 East 4th Street
   Cincinnati, OH 45202
   Tel: (513) 651-6800
   Fax: (513) 651-6981
   Email: dllutz@fbtlaw.com
          pellerman@fbtlaw.com

                   About GT Advanced

Headquartered in Merrimack, New Hampshire, GT Advanced Technologies
Inc. -- http://www.gtat.com/-- produces materials and equipment  
for the electronics industry.  On Nov. 4, 2013, GTAT announced a
multi-year supply deal with Apple Inc. to produce sapphire glass
material for use in consumer electronics products.

Under the deal, Apple would provide GTAT with a prepayment of
approximately $578 million paid in four installments and, starting
in 2015, GTAT would reimburse Apple for the prepayment over a
five-year period.

GT is a publicly held corporation whose stock was traded on NASDAQ
under the ticker symbol "GTAT."  GTAT was de-listed from the NASDAQ
stock exchange in October 2014.

As of June 28, 2014, the GTAT Group's unaudited and consolidated
financial statements reflected assets totaling $1.5 billion and
liabilities totaling $1.3 billion.  As of Sept. 29, 2014, GTAT had
$85 million in cash, $84 million of which is unencumbered.

On Oct. 6, 2014, GT Advanced Technologies and eight affiliates
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 4-11916).  GT
says that it has sought bankruptcy protection due to a severe
liquidity crisis brought about by its issues with Apple.

The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as
attorneys and Kurtzman Carson Consultants LLC as claims and
noticing agent.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee' professionals are Kelley
Drye as its bankruptcy counsel; Devine, Millimet & Branch,
Professional Association as local counsel; EisnerAmper LLP as
financial advisors; and Houlihan Lokey Capital, Inc. as investment
banker.

GTAT has reached a settlement with Apple.  The settlement gives
Apple an approved claim for $439 million secured by more than 2,000
sapphire furnaces that GT Advanced owns and has four years to sell,
with proceeds going to Apple.  In addition, Apple gets
royalty-free, non-exclusive licenses for GTAT's technology.

The bankruptcy case is assigned to Judge Henry J. Boroff.


HAVERHILL CHEMICALS: Amends Purchase Agreement with ALTIVIA
-----------------------------------------------------------
Haverhill Chemicals LLC has filed a Second Amendment to Asset
Purchase Agreement dated Nov. 4, 2015, with ALTIVIA Petrochemicals,
LLC.  A copy of the Second Amended APA is available for free at
http://is.gd/uCQc12

The U.S. Bankruptcy Court for the Southern District of Texas
entered the Order Approving Sale of Substantially All of Debtor's
Assets and Assumption and Assignment of Contracts and Leases,
authorizing Haverhill Chemicals LLC to sell and transfer
substantially all of its assets to ALTIVIA Petrochemicals, LLC
under the terms of the Asset Purchase Agreement dated as of Sept.
18, 2015.

                     About Haverhill Chemicals

Haverhill Chemicals LLC owns and operated a chemical plant in
Haverhill, Ohio, to produce Phenol, Acetone, Bisphenol A (BPA) and
Alpha-Methylstyrene ("AMS") for sale to customers.  The chemicals
are used to manufacture a wide variety of chemical intermediates,
including phenolic resins, paint, varnishes, pharmaceuticals, film,
epoxy resins, flame retardants, coatings and heat resistance of
polystyrene.

Haverhill Chemicals filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Tex. Case No. 15-34918) on Sept. 18, 2015, with a deal to sell
its Haverhill plant to ALTIVIA Petrochemicals, LLC, for $3 million,
subject to higher or better bids.

The Debtor estimated assets of $1 million to $10 million and
liabilities of $100 million to $500 million.

The petition was signed by Paul Deputy, the chief financial
officer.   The case is assigned to Judge Marvin Isgur.

Diamond McCarthy LLP serves as the Debtor's counsel.

On Sept. 29, 2015, the U.S. trustee overseeing the Debtor's Chapter
11 case appointed Marathon Petroleum Company LP, Pritchard Electric
Co., and CB&I Stone & Webster Construction Inc. to serve on the
official committee of unsecured creditors.  The Committee is
represented by Gardere Wynne Sewell LLP.



HOVENSA LLC: Files Liquidating Plan Based on Sale to Limetree
-------------------------------------------------------------
Hovensa, L.L.C., which has agreed to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million, filed a liquidating
plan that contemplates allocating $30 million of the sale proceeds
for holders of allowed non-priority general unsecured claims.

The primary objective of the Plan is to maximize the value of
recoveries to all holders of allowed claims and to distribute all
property of the Estate that is or becomes available for
distribution in accordance with the priorities established by the
Bankruptcy Code.  The explanatory Disclosure Statement has blanks
as to the estimated recovery for holders of GVI claims, tort
claims, and general unsecured claims.  Holders of equity interests
will not receive any distribution on account of their interests.

On the Petition Date, the Debtor submitted a motion seeking
approval of proposed bidding procedures and disclosed a deal to
sell its crude oil and product storage and terminalling business to
Limetree Bay Holdings, LLC, an affiliate of ArcLight Capital
Partners, LLC, for $184 million, absent higher and better offers.

The Debtor received a rival offer from Buckeye Partners, L.P. for
$198.6 million by the Nov. 5 bid deadline, as well as nine bids
from parties interested in purchasing and liquidating the Debtor's
refinery assets, and proposals from Capswell Energy Co. and Monarch
Energy Partners, Inc.

Following an auction on Nov. 10, 11 and 16, Limetree submitted a
final bid of $220 million, including $100 million in cash, and
Buckeye submitted a final bid of $365 million, which includes $345
million in cash.  The Debtor, however, selected Limetree Bay as the
winning bidder due to the greater conditionality in the Buckeye
bid.  The Debtor pointed out that Buckeye has no agreement with the
Governor of the USVI on a concession agreement.

Limetree Bay's final offer provides:

   i. purchase price of $220 million consisting of: (a) $100
million of cash to the Government of the Virgin Islands (the "GVI")
in satisfaction of certain of its claims and as a concession fee,
(b) $90 million to the Debtor's estate, and (c) up to $30 million
of reimbursement of post-closing wind-down costs and expenses;

  ii. an agreement to provide the Debtor with free power after the
closing to the extent that the minimum turndown amount of power
exceeds the power generation load used by Limetree Bay to operate
its business, and the first $15 million of additional power for
which the Debtor would have otherwise paid free of charge under a
power supply services agreement to be entered into at closing; and

iii. an agreement with the Governor on a concession agreement to
be taken to the Legislature, which agreement contains additional
payments and other financial consideration to be paid by Limetree
Bay to the GVI.

In an effort to obtain the Committee's support for a sale
transaction to Limetree Bay, the parties agreed that HOVIC or one
of its affiliates will assume the Debtor's ongoing pension
obligations, which will materially reduce the amount of the
Debtor's projected unsecured claims pool, in exchange for the
Committee's support for estate releases.

In advance of the Nov. 30 sale hearing, the Debtor, the JV Parties,
and the Committee engaged in further negotiations over the form of
order approving the sale.  Ultimately, the sale order was further
revised to include a paragraph that requires $30 million of the
sale proceeds to be placed in a separate interest bearing account
for the sole benefit of holders of allowed non-priority general
unsecured claims other than: (1) claims held by HOVIC or PDV-VI;
(2) any claims of the GVI; and (3) any claim of any governmental
entity, unless otherwise agreed in writing by the Committee, the
Debtor, and any liquidating trustee, as appropriate.

On Dec. 1, 2015, the Bankruptcy Court entered the Sale Order.

The Purchase Agreement provides for the Debtor's estate to receive
approximately $90 million from the sale proceeds.  Pursuant to the
Sale Order, the Debtor is required to repay in full in cash to the
DIP Lenders all accrued but unpaid DIP Obligations upon the
Closing.  In addition, based upon the Debtor's claims estimates,
the sale proceeds will permit the Debtor to cover its remaining
pre-closing administrative obligations and make the best possible
distribution to unsecured creditors under the circumstances.

In addition, the Sale Order and the Purchase Agreement provide
that, at the Closing, Limetree Bay will pay the USVI Government the
USVI Concession Fee in the amount of $100 million.  In addition to
this fee, the GVI also will receive several monetary and
non-monetary benefits directly from Limetree Bay pursuant to a
separate agreement reached among the Governor and Limetree Bay
dated Nov. 9, 2015.  On Dec. 1, 2015, the Governor held a press
conference to announce the terms of the Operating Agreement, which
includes among other things:

   * $220 million in an upfront payment to the GVI;

   * A commitment from Limetree Bay to operate the oil storage
facility for at least 25 years and up to 40 years;

   * A commitment from Limetree Bay to employ a minimum of 80
full-time workers, at least 80% of whom must be long-term USVI
residents;

   * An agreement from Limetree Bay to potentially restart the
refinery and dismantle any part that is not being used;

   * A donation of 330 acres of land and 130 units of housing along
with a vocational school and a community center to the GVI; and

   * Payment of $150,000 annually as rent for the submerged lands
that are part of the Debtor's property, which is an increase from
the current $1 per year rent.

The Governor also stated that he believes the Operating Agreement
represents a total value to the GVI and the people of the USVI of
more than $800 million.  The Governor also announced that he called
the 31st Legislature of the Virgin Islands of the United States
into special session to be held on Dec. 17, 2015 to consider
approval of the Operating Agreement.

A copy of the Disclosure Statement explaining the Debtor's Plan of
Liquidation, dated Dec. 10, 2015, is available for free at:

           http://bankrupt.com/misc/Hovensa_421_DS.pdf

                           *     *     *

The Court will consider approval of the Disclosure Statement at a
hearing on Jan. 7, 2016.

The Debtors' attorneys:

         Richard H. Dollison
         LAW OFFICES OF RICHARD H. DOLLISON, P.C.
         48 Dronningens Gade, Suite 2C
         St. Thomas, U.S. Virgin Islands 00802
         Telephone: (340) 774-7044
         Facsimile: (340) 774-7045

                - and -

         Lorenzo Marinuzzi, Esq.
         Jennifer L. Marines, Esq.
         MORRISON & FOERSTER LLP
         250 West 55th Street
         New York, NY 10019
         Telephone: (212) 468-8000
         Facsimile: (212) 468-7900

                           About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of agreements
dated October 30, 1998, became a joint venture between Hess Oil
Virgin Islands Corporation ("HOVIC"), a subsidiary of Hess
Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I., Inc.
("PDV-VI" and together with HOVIC, the "JV Parties"), a subsidiary
of Petróleos de Venezuela, S.A. ("PDVSA"), the national oil
company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr.
D. V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy counsel;
Alvarez & Marsal North America, LLC to provide Thomas E. Hill as
chief restructuring officer; Lazard Frères & Co. LLC as investment
banker; White & Case LLP as special mergers and acquisitions
counsel; and Prime Clerk LLC as claims and noticing agent and as
administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US LLP
counsel; Hamm Eckard, LLP as its local/co-counsel; and Berkeley
Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP facility
requires the Debtors to achieve certain milestones, including
closing of the sale by Dec. 31, 2015.


HOVENSA LLC: Targeting January 2016 Confirmation of Plan
--------------------------------------------------------
Hovensa, L.L.C., has filed before the U.S. District Court of the
Virgin Islands, Bankruptcy Division, St. Croix, Virgin Islands a
motion for an order (i) granting conditional approval of the
disclosure statement explaining its proposed liquidating plan, and
(ii) setting a January 7 combined hearing to consider final
approval of the Disclosure Statement and confirmation of the Plan.

The Debtor says it lacks access to additional financing and is
expected to exhaust its liquidity in short order.  In order to
maximize the value of its estate, the Debtor hopes that the sale
transaction with Limetree Bay Holdings, LLC, will close shortly,
upon receiving the approval of the U.S. Virgin Islands Legislature.
The Debtor wants to reduce the administrative costs associated with
the chapter 11 case and be in a position to make distributions to
creditors as soon as possible.

To that end, the Debtor seeks to proceed as expeditiously and
efficiently as possible to obtain approval of the Disclosure
Statement and confirm the Plan.

In light of the circumstances of the chapter 11 case, the Debtor
submits that the proposed timeline is reasonable and appropriate
under the circumstances:

                 Event                                  Date
                 -----                                  ----
   Voting Record Date                                12/17/2015
   Solicitation Commencement                         12/18/2015
   Solicitation Deadline                             12/21/2015
   Deadline to Send Notice to Assume Executory
     Contracts and/or Unexpired Leases               12/24/2015
   Disclosure Statement Objection Deadline           12/31/2015
   Plan Objection Deadline                           12/31/2015
   Deadline for Filing Bankruptcy Rule 3018 Motions  12/31/2015
   Voting Deadline                                   12/31/2015
   Plan Supplement Date                              01/04/2016
   Deadline to File Voting Report                    01/04/2016
   Deadline to File (a) Confirmation Brief and/or
     (b) Omnibus Reply to Any (i) Plan or Disclosure
     Statement Objection or (ii) Bankruptcy Rule
     3018 Motions                                    01/04/2016
   Hearing on Disclosure Statement and Plan          01/07/2016

                           About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of agreements
dated October 30, 1998, became a joint venture between Hess Oil
Virgin Islands Corporation ("HOVIC"), a subsidiary of Hess
Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I., Inc.
("PDV-VI" and together with HOVIC, the "JV Parties"), a subsidiary
of Petróleos de Venezuela, S.A. ("PDVSA"), the national oil
company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell most
of the assets.  Judge Mary F. Walrath is assigned to the case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy counsel;
Alvarez & Marsal North America, LLC to provide Thomas E. Hill as
chief restructuring officer; Lazard Frères & Co. LLC as investment
banker; White & Case LLP as special mergers and acquisitions
counsel; and Prime Clerk LLC as claims and noticing agent and as
administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US LLP
counsel; Hamm Eckard, LLP as its local/co-counsel; and Berkeley
Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP facility
requires the Debtors to achieve certain milestones, including
closing of the sale by Dec. 31, 2015.



HOVENSA LLC: Virgin Islands Legislature Tackles Limetree Deal
-------------------------------------------------------------
According to the Web site of the Legislature of the Virgin Islands
-- http://www.legvi.org/-- Legislators, chaired by Senate
President Neville A. James, stepped down into Committee of the
Whole, Wednesday, to receive testimony from officials regarding the
operating agreement relative to the refinery on St. Croix.

Bill No. 31-0283 is an act ratifying the operating agreement by and
among the government of the Virgin Islands and Limetree Bay
Terminals LLC -- the buyers of the oil refinery, storage terminal,
and related facilities located at Limetree Bay, St. Croix.

After swearing to tell the truth under the penalty of perjury,
officials representing the Department of Finance, The Department of
Planning and Natural Resources, ArcLight Capital, Limetree Bay
Terminals, and government consultants testified on the measure.

Valdamier Collens, Commissioner of the Department of Finance, said
that the agreement "offers by far the best opportunity to
refurbish, restart, operate and potentially expand the oil storage
terminal."  Additionally, he said, the agreement leaves open the
possibility of future petroleum processing operations at the
facility.

Senators expressed dissatisfaction with the timing allotted to
digest the terms of the operating agreement and questioned
officials at length on varying aspect of the agreement including
environmental impact, liability, payout fairness etc.

Sen. Kurt A. Vialet referenced a Wall Street Journal article by
Georgi Kantchev noting that oil "inventories next year are expected
to rise by 300 million barrels."

Vialet noted that based on the growing need for oil storage, it was
likely that Arclight would meet the full 31 million barrels of
storage capacity, maximizing the government's payout.  However, the
fiscal obligation is likely worth more than the agreement requires
the buyer, ArcLight, to pay.  "It's up to us to make sure that we
have the best agreement," said Vialet.

If passed, the government of the Virgin Islands will receive an
immediate cash fusion of 220 million dollars.  Of that amount, 200
million will go directly to the treasury, while the remaining 20
million will go toward tax refunds owed to the people of the Virgin
Islands.

Subsequently, ArcLight has committed to investing at least  $125
million in the facility within the first two years, secured 12
million barrels of storage for a ten year period and expressed a
vision for the future of the refinery facility showing a vested
interested in a long-term relationship.

Collens explained the government's history with the refinery since
its closure in 2012 when Hovensa abdicated its contract 10 years
early, leaving the people of the Virgin Islands to grapple with the
loss of more than 2,000 jobs.

Bill Cline, Senior Advisor with Gaffney Cline and Associates, also
testified.  The agreement "has a 25 year term with a 15 year
extension" possibility, he said.  Additionally, "regardless of the
revenues of the facility the government will be entitled to a
minimum annual payment of $4 million in year one, rising to $5
million in year two, $6 million in year three and $7 million in
year four and each year thereafter."

Moreover, "there will also be a variable annual payment to the
government during each year of the facility's operation," said
Cline.  That variable payment will be nine percent of terminal
revenues when the latter is less than $120 million in that year. If
the refinery is restarted in whole or in part however, the
government would be entitled to 17.5% of earnings before interest,
taxes, depreciation and amortization (EBITDA).

At press time, legislators continued to question officials.

All senators including Marvin A. Blyden, Jean A. Forde, Novelle E.
Francis, Kenneth L. Gittens, Clifford F. Graham, Justin Harrigan
Sr., Myron D. Jackson, Neville A. James, Almando "Rocky" Liburd,
Terrence "Positive" Nelson, Nereida Rivera O'Reilly, Tregenza A.
Roach, Sammuel L. Sanes, Kurt A. Vialet, and Janette Millin Young,
were present.

                           About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of agreements
dated October 30, 1998, became a joint venture between Hess Oil
Virgin Islands Corporation ("HOVIC"), a subsidiary of Hess
Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I., Inc.
("PDV-VI" and together with HOVIC, the "JV Parties"), a subsidiary
of Petróleos de Venezuela, S.A. ("PDVSA"), the national oil
company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell most
of the assets.  Judge Mary F. Walrath is assigned to the case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy counsel;
Alvarez & Marsal North America, LLC to provide Thomas E. Hill as
chief restructuring officer; Lazard Frères & Co. LLC as investment
banker; White & Case LLP as special mergers and acquisitions
counsel; and Prime Clerk LLC as claims and noticing agent and as
administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US LLP
counsel; Hamm Eckard, LLP as its local/co-counsel; and Berkeley
Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP facility
requires the Debtors to achieve certain milestones, including
closing of the sale by Dec. 31, 2015.


HRK HOLDINGS: LT Care Line of Credit Maturity Extended to 2016
--------------------------------------------------------------
The Hon. K. Rodney May of the U.S. Bankruptcy Court for the Middle
District of Florida extended the maturity under the long term care
line of credit from Sept. 7, 2015 to Sept. 7, 2016, as requested
by HRK Holdings LLC and HRK Industries LLC.

The judge ordered that:

   * The Debtors are authorized to execute and deliver to Regions
Bank the documentation as it reasonably requires to evidence the
extension of the maturity of the Long Term Care Line of Credit and
the Letter of Credit.

   * The Corrected Budget under the Long Term Care Line of Credit
is approved.

   * The Debtors are further authorized to take advances under the
Long Term Care Line of Credit pursuant to the Corrected Budget, as
set forth in the Funding Agreement.

   * The provisions of the Fourth Financing Order will remain in
full force and effect, except to the extent modified by the Funding
Agreement and the Order.

   * The provisions of the Funding Agreement will remain in full
force and effect except as modified by this Order.

The Court previously entered a final order approving the Fourth DIP
facility from Regions Bank.  Pursuant to the Fourth DIP Facility,
the Debtors established a line of credit from funds made available
upon closing of sales to Allied, Mayo, and Thatcher Chemical of
Florida, Inc., to address certain long-term case issues with
respect to the maintenance of the Gypstacks -- phosphogypsum stack
system.

                        About HRK Holdings

HRK Holdings and HRK Industries LLC filed for Chapter 11
protection (Bankr. M.D. Fla. Case Nos. 12-09868 and 12-09869) on
June 27, 2012.  Judge K. Rodney May oversees the case.  Barbara A.
Hart, Esq., and Scott A. Stichter, Esq., at Stichter, Riedel,
Blain & Prosser, P.A., represents the Debtors.

HRK Holdings disclosed $33.4 million in assets and $26.09 million
in liabilities in its revised schedules.

According to the Debtors, the bankruptcy filing was necessitated
by the immediate need to sell a portion of the remaining property
to create liquidity for (a) funding the urgent management of the
site-related environmental concerns; the benefit of creditors;
funding a litigation filed by the Debtors; and funding of expenses
related to additional sales of the remaining property.

HRK Holdings is selling real property assets to Allied Universal
Corp. and Mayo Fertilizer, Inc.  The Court allowed HRK and the
purchasers to enter into any modifications to the agreements
without need of further Court approval, provided that no
amendments will occur without prior consent of Regions Bank.



HYDROCARB ENERGY: Delays Oct. 31 Form 10-Q Filing
-------------------------------------------------
Hydrocarb Energy Corporation filed with the U.S. Securities and
Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its quarterly report on Form 10-Q for the quarter ended
Oct. 31, 2015.   

The Company said it has been unable to timely compile the
accounting reports necessary to complete financial statements for
review by its auditor due mainly to the fact that the Company did
not complete and file its annual report on Form 10-K for the year
ended July 31, 2015, until Nov. 13, 2015, and has not had
sufficient time between the filing date of such Annual Report and
the due date of the Quarterly Report on Form 10-Q for the quarter
ended Oct. 31, 2015, to prepare the required information.  

                      About Hydrocarb Energy

Hydrocarb Energy, formerly known as Duma Energy Corp, is a
publicly-traded Domestic and International energy exploration and
production company targeting major under-explored oil and gas
projects in emerging, highly prospective regions of the world.
With exploration concessions in Africa, production in Galveston
Bay and Oil Field Services in the United Arab Emirates, the
Company maintain offices in Houston, Texas, Abu Dhabi, UAE and
Windhoek, Namibia.

Hydrocarb Energy reported a net loss of $12.6 million on $3.94
million of revenues for the year ended July 31, 2015, compared to a
net loss of $6.55 million on $5.06 million of revenues for the year
ended July 31, 2014.

As of July 31, 2015, the Company had $31.1 million in total assets,
$32.2 million in total liabilities and a total deficit of $1.08
million.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended July 31, 2015, citing that the Company has suffered recurring
losses from operations, which raises substantial doubt about its
ability to continue as a going concern.


INTEGRATED STRUCTURES: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Integrated Structures Corp.
        335 New South Road
        Hicksville, NY 11801

Case No.: 15-75420

Chapter 11 Petition Date: December 16, 2015

Court: United States Bankruptcy Court
       Eastern District of New York (Central Islip)

Judge: Hon. Louis A. Scarcella

Debtor's Counsel: Gabriel Del Virginia, Esq.
                  LAW OFFICES OF GABRIEL DEL VIRGINIA
                  30 Wall Street, 12th Floor
                  New York, NY 10005
                  Tel: (212) 371-5478
                  Fax: (212) 371-0460
                  Email: gabriel.delvirginia@verizon.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mr. Francis Lee, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nyeb15-45624.pdf


LAKE MICHIGAN BEACH: Case Summary & Top Unsecured Creditor
----------------------------------------------------------
Debtor: Lake Michigan Beach Pottawattamie Resort LLC
        103 E. Irving Park Road
        Roselle, IL 60172

Case No.: 15-42427

Chapter 11 Petition Date: December 16, 2015

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Hon. Timothy A. Barnes

Debtor's Counsel: Miriam R. Stein, Esq.
                  CHUHAK & TECSON, P.C.
                  30 South Wacker Drive, Suite 2600
                  Chicago, IL 60606
                  Tel: 312-444-9300
                  Fax: 312-444-9027
                  Email: mstein@chuhak.com

Total Assets: $7.2 million

Total Liabilities: $2.7 million

The petition was signed by Gary Danno, member.

The Debtor listed Erica Friedman as its largest unsecured
creditor.

A full-text copy of the petition is available for free at:

           http://bankrupt.com/misc/ilnb15-42427.pdf


MAGNUM HUNTER: Bankruptcy Court Approves "First Day" Motions
------------------------------------------------------------
Magnum Hunter Resources Corporation and certain of its wholly-owned
subsidiaries on Dec. 17 disclosed that the United States Bankruptcy
Court for the District of Delaware has approved a variety of "first
day" motions related to Magnum Hunter's voluntary chapter 11
restructuring.  Collectively, the first day orders entered provide
the Company with the ability to continue operating in the ordinary
course while it continues to pursue a comprehensive financial
restructuring.

"The Court's approval is another positive step forward in our
efforts to address our capital constraints and reposition Magnum
Hunter as a market leader in the new oil and gas operating
environment due to record low commodity prices," said Gary C.
Evans, Magnum Hunter's Chairman and Chief Executive Officer.  The
Court approved motions that give the Company the ability to, among
other things, pay employee wages and benefits without interruption
throughout the restructuring process, continue its current cash
management program, continue making royalty payments to mineral
owners, and pay pre-bankruptcy claims to certain of the Company's
oil and gas vendors.

Importantly, the Court approved the Company's debtor-in-possession
financing ("DIP Financing") on an interim basis.  As previously
announced, the DIP Financing is a key component of the Company's
overall restructuring strategy, which is set forth in a
restructuring support agreement filed with the Bankruptcy Court
(the "RSA").  The DIP Financing generally provides for a $200
million senior and junior secured multi-draw term loan,
approximately $40 million of which was made available upon entry of
the interim order (the "Initial Draw").  The Initial Draw provides
the Company with sufficient liquidity to fund its postpetition
operations and continue operating in the ordinary course of
business without interruption during these chapter 11 cases.

As previously announced, on December 15, 2015, the Company filed
its voluntary chapter 11 cases to implement an in-court financial
restructuring that will result in a substantial deleveraging of the
Company's balance sheet and that is supported, pursuant to the RSA,
by approximately 75% in principal amount of the Company's funded
debt claims.  Under the timeline set forth in the RSA, the Company
expects to emerge from chapter 11 in approximately four months,
financially stronger than ever before.

PJT Partners LP is serving as financial advisor to Magnum Hunter,
Kirkland & Ellis LLP is serving as legal counsel, and Alvarez &
Marsal North America, LLC is serving as restructuring advisor.
Weil, Gotshal & Manges LLP and Houlihan Lokey are serving as legal
counsel and financial advisors, respectively, to an ad hoc group of
holders of the Company's first lien debt and second lien debt, in
their capacity as prepetition lenders and postpetition DIP lenders.
Akin Gump Strauss Hauer & Feld LLP and Centerview Partners are
serving as legal counsel and financial advisors, respectively, to
an ad hoc group of holders of the Company's first lien debt and
senior unsecured notes, in their capacity as prepetition lenders
and postpetition DIP lenders.

                        About Magnum Hunter

Magnum Hunter Resources Corporation and 19 of its affiliates filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Proposed Lead Case
No. 15-12533) on Dec. 15, 2015.  The petition was signed by
Gary C. Evans as chairman and chief executive officer.

The Debtors have engaged Kirkland & Ellis, LLP as their general
counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, PJT
Partners, LP as investment banker, Alvarez & Marsal North America,
LLC, as restructuring advisor, and Prime Clerk, LLC as notice,
claims and balloting agent.


MILLER ENERGY: Amends Joint Plan of Reorganization and Outline
--------------------------------------------------------------
BankruptcyData reported that Miller Energy Resources filed with the
U.S. Bankruptcy Court an Amended and Revised Joint Chapter 11 Plan
of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, "The primary purpose of the
Plan is to effectuate the restructuring of the Debtors' capital
structure (the 'Restructuring') by, among other things, reducing
their overall indebtedness and improving free cash flow. Presently,
the Debtors have a substantial amount of indebtedness outstanding
under the Credit Agreement in the amount of approximately $189.7
million, and other obligations to various third parties.  If the
Debtors are not able to consummate the Restructuring, the Debtors
will likely have to formulate an alternative plan or liquidate, and
the Debtors' financial condition will likely be further materially
adversely affected.
The Restructuring will reduce the amount of the Debtors'
outstanding indebtedness by converting the Credit Agreement Claims
into 100% of the New Miller Common Stock and issuance of the New
Notes.  Unsecured Claims, including the Lender Deficiency Claims,
will receive the treatment set forth in the Plan and discharged...
The Debtors' mid-point estimated Enterprise Value is $151 million.
Because the Lenders have a lien on substantially all assets of each
of the Debtors, this requires the bifurcation of the Credit
Agreement Claims of $189.7 million into the Lender Secured Claims
aggregating $151 million and the Lender Deficiency Claims
aggregating $38.7 million.  The Lender Secured Claims would thus be
entitled to the full value of the Debtors and there would be no
value left for distribution to Unsecured Creditors.  The Lenders
have nevertheless consented to the Distributions to Unsecured
Creditors summarized above as part of the global settlement on the
condition that they vote to accept the Plan, which would avoid the
need for a contested and potentially expensive Plan confirmation
process.  Accordingly, it is appropriate to treat all of the
Debtors' Unsecured Creditors equally for voting and distribution
purposes."

                  About Miller Energy Resources

Miller Energy Resources, Inc. --
http://www.millerenergyresources.com/-- is an oil and natural gas  

production company focused on Alaska.  The Company has a
substantial acreage, reserve, and resource position in the State,
significant midstream and rig infrastructure to support production,
and 100% working interest in and operatorship of most of its
assets.

Miller Energy Resources and 10 of its affiliates filed Chapter 11
bankruptcy petitions (Bank. D. Alaska Proposed Lead Case No.
15-00236) on Oct. 1, 2015.  Carl F. Giesler, Jr., signed the
petition as chief executive officer.

The Debtors disclosed total assets of $392,559,000 and total debts
of $336,910,000 as of Jan. 31, 2015.

Judge Gary Spraker is assigned to the case.

The Debtors have engaged Andrews Kurth LLP as counsel,
Seaport Global Securities as financial advisor, and Prime Clerk as
claims and noticing agent.

On Aug. 6, 2015, Cook Inlet, a wholly-owned by MER, became the
subject of an involuntary Chapter 11 case filed by four creditors
asserting to have an aggregate claim of $2.8 million.  The
petitioning creditors were Baker Hughes Oilfield, M-I LLC,
Schlumberger Tech. Corp, and Baker Petrolite, LLC.  Judge Spraker
granted an order for relief under Chapter 11 of the Bankruptcy Code
on Oct. 2, 2015.


MINERAL PARK: Court Approves Deal with Admin. Agent, Evercore
-------------------------------------------------------------
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware approved the settlement Mineral Park, Inc., et al.,
entered into with Evercore Group L.L.C. and Societe Generale, as
administrative agent.

To avoid the expense and uncertainty of protracted litigation, the
Debtors, Evercore and the Agent desire to settle their disputes
according to the terms of the Settlement Agreement.  The material
provisions of the Settlement Agreement are as follows:

   (1) the Debtors will disburse the Surcharge Amount as follows:
       (i) $222,661 to Evercore and (ii) $222,661 to the Agent;

   (2) upon receipt, the Agent may immediately apply the Lender
       Distribution in reduction of the Prepetition Obligations
       and Evercore may immediately apply the Evercore
       Distribution to the Sale Fee;

   (3) the Monthly Fee Claim will be entitled to payment from the
       Pre-Trigger Date Reserve, subject to final allowance of the
       claim by the Bankruptcy Court;

   (4) upon payment of the Evercore Distribution, Evercore will be
       deemed to have released any and all right, claim or
       interest whatsoever in or to the Sale Proceeds and the Cash
       Collateral; provided, however, that Evercore will retain
       the right to seek payment of the balance of the Sale Fee
       Claim from the Post-Trigger Date Reserve and its right to
       payment of the Monthly Fee Claim from the Pre-Trigger Date
       Reserve; and

   (5) all parties' rights are reserved with respect to the
       ultimate allocation of the Post-Trigger Date Reserve.

Judge Carey overruled the objections raised by Empire Southwest,
LLC, joined by Freiday Construction, Inc., and Action Welding.
Freiday says it has an allowed claim in the amount of $186,409 and
Acton in the amount of $166,788.

Freiday and Acton are represented by:

         Thomas D. Walsh, Esq.
         1007 North Orange Street, Suite 600
         P.O. Box 8888
         Wilmington, DE 19899-8888
         Telephone: (302) 552-4325
         Facsimile: (302) 552-4340
         Email: TDWalsh@MDWCG.com

                   About Mineral Park

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.


NAYLOR ROAD SCHOOL: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Naylor Road School Corporation
        2403 Naylor Road, SE
        Washington, DC 20020

Case No.: 15-00652

Chapter 11 Petition Date: December 16, 2015

Court: United States Bankruptcy Court
       District of Columbia (Washington, D.C.)

Debtor's Counsel: Steven H. Greenfeld, Esq.
                  COHEN, BALDINGER & GREENFELD LLC
                  2600 Tower Oaks Blvd., Suite 103
                  Rockville, MD 20852
                  Tel: 301-881-8300
                  Fax: 301- 881-8350
                  Email: steveng@cohenbaldinger.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Patricia A. Ward, president.

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


NEW GULF RESOURCES: Business as Usual During Ch. 11 Process
-----------------------------------------------------------
New Gulf Resources and certain subsidiaries on Dec. 17 disclosed
that they have filed voluntary petitions for relief under Chapter
11 of the United States Bankruptcy Code in the U.S. Bankruptcy
Court for the District of Delaware, to facilitate a pre-arranged
restructuring of their balance sheet through a collaborative
reorganization plan.  The company has entered into a Restructuring
Support Agreement ("RSA") with an ad hoc committee of creditors
holding more than 72% of its second lien notes and 22% of its
subordinated PIK notes, who have agreed, subject to the terms
thereof, to provide at least $125 million of new capital to
increase liquidity post-reorganization and permanently pay down
existing first lien debt.  Specifically, the RSA provides for $75
million in debtor-in-possession ("DIP") secured credit financing to
be funded by, and a $50 million rights offering to be backstopped
by, the ad hoc committee RSA.  The company believes this
demonstrates the lenders' support and approval of the Company's
restructuring plan, as well as their commitment to NGR's success.

The Company is pleased to have the continued support of its second
lien noteholders, who, together with the parties that are
backstopping the equity rights offering, will own substantially all
of the equity in the reorganized NGR.  All second lien noteholders
will have the right to participate in a portion of the new money
investment.

"This restructuring is an important step forward, and enables New
Gulf Resources to take full advantage of our attractive assets in
East Texas, most notably, the Bedias Creek, Johnson Ranch, Halliday
and Kurten areas and to compete more effectively in the challenging
commodity price environment," said  Ralph A. Hill, Chairman and
Chief Executive Officer of New Gulf Resources.  "We are confident
that by enhancing liquidity and right-sizing the Company's debt,
the restructuring will allow New Gulf Resources to navigate the
industry's current down-cycle and bridge to a recovery in commodity
prices.  We fully expect to operate business-as-usual throughout
this process and to emerge as a financially stronger company, with
long-term benefits for our employees, vendors and business
partners.  This is an important milestone for NGR.  We can now
combine the strength of our employees and assets in the prolific
East Texas Basin with the financial strength of our lenders
providing NGR new liquidity and a strong balance sheet.  I am proud
the team we brought to NGR has accomplished its goals of being able
to successfully navigate through this poor commodity environment
and clean up the balance sheet while attracting new talent and
proving up the vast potential of our portfolio of assets."

The Company expects to work diligently with all key parties to
reorganize and exit Chapter 11 in the most efficient manner
possible.  The current NGR management team is expected to remain in
place to lead the company through the bankruptcy process and
execute the Company's strategy upon post-reorganization.

New Gulf Resources also filed a series of motions which the Company
anticipates will be granted, enabling the Company to maintain
business-as-usual operations throughout the Chapter 11 process.
These first day motions will enable NGR to continue to produce oil
and gas from its existing operations, pay employee wages, honor
existing employee benefit programs and pay royalties to mineral
owners under the current terms of these agreements.

The Company has also filed a motion seeking authority to pay
expenses associated with production operations activities, drilling
and completion activities, costs associated with gathering,
processing, transportation and marketing and expenses related to
joint interest billings for non-operated properties.

The ad hoc committee of creditors has retained PJT Partners LP as
its financial advisor and Stroock & Stroock & Lavan LLP as legal
counsel.

New Gulf Resources has retained Barclays and Zolfo Cooper LLC as
its financial and restructuring advisors.  The Company is
represented by Baker Botts L.L.P.

                     About New Gulf Resources

Based in Tulsa, Oklahoma, New Gulf Resources, LLC --
http://www.newgulfresources.com-- is an independent energy company
engaged in the acquisition, exploration, development and production
of crude oil and natural gas.  NGR is highly experienced in the
application of advance technologies such as horizontal drilling and
multi-stage fracture stimulation to maximize production and
reserves.  NGR currently produces over 3500 BOE/D and owns over
77,000 net mineral leasehold acres in the prolific East Texas Basin
focusing on the stacked pay horizontal and vertical targets of the
Cretaceous Eagle Ford, Buda-Rose and Woodbine formations.


NEW GULF RESOURCES: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                        Case No.
       ------                                        --------
       New Gulf Resources, LLC                       15-12566
       10441 S. Regal Boulevard, Suite 210
       Tulsa, OK 74133

       NGR Holding Company LLC                       15-12565
       NGR Texas, LLC                                15-12568
       NGR Finance Corp.                             15-12567

Type of Business: Oil and Natural Gas Company

Chapter 11 Petition Date: December 17, 2015

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

Judge: Hon. Brendan Linehan Shannon

Debtors'          Luckey C. McDowell, Esq.
Counsel:          Ian E. Roberts, Esq.
                  Meggie S. Gilstrap, Esq.
                  BAKER BOTTS L.L.P.
                  2001 Ross Avenue
                  Dallas, TX 75201
                  Tel: 214.953.6500
                  Email: luckey.mcdowell@bakerbotts.com
                         ian.roberts@bakerbotts.com
                         meggie.gilstrap@bakerbotts.com

Debtors'          Ryan M. Bartley, Esq.
Co-Counsel:       YOUNG CONAWAY STARGATT & TAYLOR, LLP
                  Rodney Square
                  1000 North King Street
                  Wilmington, DE 19801
                  Tel: 302-571-6600
                  Email: rbartley@ycst.com

                    - and -

                  M. Blake Cleary, Esq.
                  YOUNG, CONAWAY, STARGATT & TAYLOR, LLP
                  1000 North King Street
                  Wilmington, DE 19801
                  Tel: 302-571-6600
                  Fax: 302-571-1253
                  Email: mbcleary@ycst.com

Debtors'          BARCLAYS CAPITAL INC.
Investment
Banker:

Debtors'          ZOLFO COOPER, LLC
Financial
Advisor:

Debtors'          PRIME CLERK LLC
Claims and
Notice Agent:

Estimated Assets: $100 million to $500 million

Estimated Debts: $500 million to $1 billion

The petition was signed by Danni Morris, chief financial officer.

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Bank of New York Mellon Trust      Unsecured Debt    $161,701,838
Company, N.A.
Attn: Corporate Trust
Administration
601 Travis Street, 16th Floor
Houston, TX 77002

Trinidad Drilling, LP              Trade Creditor        $501,059
Attention: General Counsel
15015 Vickery Dr
Houston, TX 77032‐2554

Commercial Billing                 Trade Creditor        $322,885
Service/Midway
Attention: General Counsel
12627 E. Hwy 21
Midway, TX 75852

Nalco Company                      Trade Creditor        $225,269

Jet Specialty, Inc.                Trade Creditor        $205,258

Baker Hughes                       Trade Creditor        $205,137

R Construction Company             Trade Creditor        $149,697

Champion Ranch Ltd A TX              Royalty             $136,349
Limited Partnership

EWS Consulting                     Trade Creditor        $126,983

DNOW, L.P.                         Trade Creditor        $111,475

Weatherford U.S., LP               Trade Creditor         $98,551

Triumph Downhole Services          Trade Creditor         $86,787

Spindletop Oil & Gas CO.               Royalty            $81,638

Vaquero Energy Services            Trade Creditor         $67,340

Light Tower Rentals, INC           Trade Creditor         $65,594

Core Laboratories LP               Trade Creditor         $64,701

Five Star Measurement              Trade Creditor         $60,439

Stuart Petroleum Testers, Inc      Trade Creditor         $55,785

Thru Tubing Solutions, Inc.        Trade Creditor         $52,379

Mercer Well Service                Trade Creditor         $50,165

H.K.ODOM,JR,INDIV&IND EXEC             Royalty            $50,163
OF LESLIE HERMAN, POA

Flowco Production Solutions        Trade Creditor         $49,952

KMMK Family Limited Partnership        Royalty            $47,122

CUDD Pressure Control, INC.        Trade Creditor         $46,784

Derrick Corporation                Trade Creditor         $46,263

Marlice Ward Clayton                   Royalty            $45,777

Texas Hot Oilers Inc               Trade Creditor         $45,643

Freeport Securities Company            Royalty            $44,695

Dodge Compton Hubbard Ind              Royalty            $42,103
& as TTEE Morgan Hubbard
Marital TR

Scout Downhole Inc                 Trade Creditor         $41,865


NEW GULF RESOURCES: Files for Chapter 11 with Pre-Arranged Plan
---------------------------------------------------------------
Tulsa, Oklahoma-based independent oil and natural gas company New
Gulf Resources, LLC, et al., sought for Chapter 11 bankruptcy
protection to effectuate an agreement with an ad hoc committee of
creditors who held in the aggregate approximately 72% of the Second
Lien Notes and approximately 22% of the Subordinated PIK Notes for
a comprehensive financial restructuring of New Gulf's capital
structure under a confirmable Chapter 11 plan of reorganization.

The Plan and Definitive Documents collectively provide the
opportunity for the Debtors to reorganize as a going concern,
continue their day-to-day operations substantially as currently
conducted, and exit Chapter 11 with a new capital structure and
appropriate leverage.

The Debtors maintained they have been hit hard by the dramatic
decline in the price of oil and gas as their revenues are generated
from the sale of unrefined oil and gas.  

"The price of oil had decreased by more than 50% year over year --
from approximately $92 a barrel as of Sept. 15, 2014, to below $50
a barrel as of Sept. 15, 2015.  On Aug. 24, 2015, the price of oil
hit a six-year low, dipping below $39 per barrel, and within a week
of the Petition Date had dropped below $37," the Debtors disclosed
in the Court filing, citing various sources.

Danni S. Morris, chief financial officer of NGR Holding Company
LLC, said, "[F]aced with a heavy debt burden, declining revenues
and a commodity price environment poised to remain depressed for a
sustained period of time, New Gulf engaged restructuring advisors
and began to proactively explore strategic alternatives to improve
its capital structure."  "In light of oil prices and related
financial modeling, it appeared the company's liquidity would
become materially constrained by early 2016 and that the company
would not be in compliance with its financial covenants to MidFirst
Bank," he continued.

Having extensively explored other alternatives, the Debtors
determined that the transactions negotiated with the Ad Hoc
Committee resented the highest and best value available to the
company and its stakeholders.

                  Restructuring Support Agreement

The Debtors and the Ad Hoc Committee entered into the Restructuring
Support Agreement on Dec. 17, 2015.

The Ad Hoc Committee has committed to provide $75 million in
debtor-in-possession financing.  In addition, the Ad Hoc Committee
has agreed -- subject to a 30-day diligence contingency (the
"Diligence Out") -- to backstop the $50 million rights offering and
exchanging the DIP financing for convertible PIK debt issued by the
reorganized Debtors pursuant to the Plan.  In the event the Ad Hoc
Committee exercises the Diligence Out, all milestones under the DIP
Credit Agreement are automatically extended, giving the company a
total of 180 days to formulate and implement a revised exit
strategy.

Subject to the Court's approval of the Disclosure Statement
and in accordance with the RSA, the Ad Hoc Committee has agreed to
vote in favor the Plan.  Moreover, all other creditors impaired by
the Plan (namely, the Subordinated PIK Noteholders) are
contractually subordinated to the Second Lien Notes and deeply out
of the money.  Nevertheless, as part of the overall settlement
embodied in the RSA and the Plan, the Second Lien Noteholders are
voluntarily forgoing their right to part of the distributions under
the Plan that they are otherwise entitled to receive so that the
Debtors can (i) unimpair (or minimally impair) allowed general
unsecured claims, such as the claims of suppliers and vendors, and
(ii) provide for a pro rata distribution to Subordinated PIK
Noteholders of a portion of the new equity of certain of the
Reorganized Debtors upon emergence.

On the Effective Date, certain of the Reorganized Debtors will
issue New First Lien Notes in the original aggregate principal
amount equal to $135.25 million.

The holders of Allowed Second Lien Notes Claims -- whose Claims
amount to approximately $365 million in aggregate principal amount
outstanding, plus accrued and unpaid interest, plus the Applicable
Premium in the amount of not less than $63 million -- will receive
95% of the New Equity Interests upon emergence, which amount will
be reduced to 87.5% if the Class of holders of Allowed Subordinated
PIK Notes Claims accept the Plan, in either case subject to the
Dilution Events.  In addition, the holders of Allowed Second Lien
Notes Claims have the right to participate Pro Rata in the Rights
Offering.

The holders of Allowed Subordinated PIK Notes Claims -- whose
Claims amount to approximately $162 million in aggregate principal
amount outstanding -- will receive their pro rata share of
approximately 12.5% of the New Equity Interests, but only if they
vote to accept the Plan, or 5% if they instead vote to reject the
Plan.  In either case, their recovery is subject to the Dilution
Events.

                       First Day Motions

Concurrently with the petition, the Debtors filed a number of
"first day" motions and applications seeking relief that they
believe is necessary to enable them to operate in Chapter 11 with
minimal disruption.  The Debtors are seeking Court permission to,
among other things, obtain debtor-in-possession financing, utilize
existing cash management system, pay employee wages and benefits,
prohibit utility providers from discontinuing services,  and pay
critical vendor claims.

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

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

                      About New Gulf Resources

New Gulf Resources, LLC, NGR Holding Company LLC, NGR Texas, LLC
and NGR Finance Corp. filed Chapter 11 bankruptcy petitions (Bankr.
D. Del. Proposed Lead Case No. 15-12566) on Dec. 17, 2015. The
petition was signed by Danni Morris as chief financial officer.  

The Debtors have estimated total liabilities of more than $570
million as of the Petition Date.

The Company currently employs 55 people.

The Debtors have engaged Baker Botts L.L.P., as bankruptcy counsel,
Young, Conaway, Stargatt & Taylor, LLP as co-counsel, Barclays
Capital Inc., as investment banker, Zolfo Cooper, LLC as financial
advisor, and Prime Clerk LLC as claims and notice agent.

Judge Brendan Linehan Shannon has been assigned the case.


NOVA DIRECTIONAL: Case Summary & 13 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Nova Directional, Inc.
        11402 Garden Shadow Lane
        P.O. Box 1862
        Cypress, tx 77410

Case No.: 15-36563

Chapter 11 Petition Date: December 16, 2015

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

Judge: Hon. Letitia Z. Paul

Debtor's Counsel: Brian A Kilmer, Esq.
                  KILMER CROSBY & WALKER PLLC
                  5100 Westheimer, Suite 200
                  Houston, TX 77056
                  Tel: 713-588-4344
                  Fax: 214-731-3117
                  Email: bkilmer@kcw-lawfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Edward Chiaramonte, president.

A list of the Debtor's 13 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txsb15-36563.pdf


PARK GREEN: Case Summary & 4 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Park Green LLC
        2570 E. Walnut Street
        Pasadena, CA 91107

Case No.: 15-28991

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: December 16, 2015

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

Judge: Hon. Vincent P. Zurzolo

Debtor's Counsel: Leonard Pena, Esq.
                  PENA & SOMA, APC
                  402 S Marengo Ave, Ste B
                  Pasadena, CA 91101
                  Tel: 626-396-4000
                  Fax: 213-291-9102
                  Email: lpena@penalaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steve C. Schultz, managing member.

A list of the Debtor's four largest unsecured creditors is
available for free at http://bankrupt.com/misc/cacb15-28991.pdf


PATRIOT COAL: Bid for Injunctive Relief vs. Peabody Denied
----------------------------------------------------------
Bankruptcy Judge Keith L. Phillips of the U.S. Bankruptcy Court for
the Eastern District of Virginia on Dec. 9, 2015, entered an order
denying Patriot Coal Corp. and United Mine Workers of America's
motion for injunctive relief against Peabody Corp. in connection
with the reopening of Patriot's previous bankruptcy case in St.
Louis, Missouri.

Patriot filed its first chapter 11 cases in the St. Louis Court in
2012 (the "Missouri Bankruptcy"), confirmed a plan of
reorganization on Dec. 17, 2013, and closed those cases on Sept.
30, 2014.  Patriot then filed chapter 11 cases before the United
States Bankruptcy Court Eastern District of Virginia on May 12,
2015, and the Court confirmed the plan of reorganization (the
"Plan") on Oct. 9, 2015.  The Plan went effective on Oct. 26, 2015
(the "Effective Date").  The claims administration process is
ongoing.

While Patriot prepared for its confirmation hearing in the Virginia
Court, Peabody filed a motion to reopen the chapter 11 cases in the
St. Louis Court, which motion was granted on October 9, 2015, right
before the confirmation of the Plan.

Peabody filed a motion to reopen the Debtors' first bankruptcy case
to allow Peabody to file an adversary complaint to determine, what,
if any, ongoing obligations Peabody, United Mine Workers of America
("UMWA"), UMWA Employees and UMWA Retirees have under the Peabody
Settlement Agreement once it is rejected by the Debtors in the
Second Patriot Bankruptcy Cases.  The Peabody Complaint seeks a
declaration that Patriot has "materially breached the Settlement
Agreement. . . and [Patriot's] material breaches of the Settlement
Agreement excuse Peabody from performing the Future Obligations."

According to the Debtors, with both cases open, substantively
overlapping disputes -- related to a tripartite agreement among
Peabody, Patriot, and UMWA (the "Settlement Agreement") -- are
pending in both cases: (a) proofs of claim filed by Peabody against
Patriot (the "Peabody Claim"); (b) proofs of claim filed by the
UMWA for a contingent claim against Patriot (the "UMWA Claim"); (c)
the adversary proceeding related to the Peabody Complaint (the
"Missouri Adversary Proceeding") pending before the St. Louis
Court; and (d) the joint complaint filed by Patriot and the UMWA in
response to the Peabody Claim in this Court (the "Patriot/UMWA
Complaint") (altogether, the "Disputes").  The threshold issue in
each of the Disputes is whether Patriot breached its obligations
under the Settlement Agreement.

Patriot Coal asked the Virginia Bankruptcy Court to order
injunctive relief against Peabody on various grounds:

  * The Peabody Complaint Will Interfere with the Court's
Jurisdiction.  The Peabody Complaint, filed in the St. Louis Court,
seeks adjudication of the parties' respective rights and
obligations in the event of an alleged breach of the Settlement
Agreement by Patriot, the same determination required of the
Virginia Court in connection with the Peabody Claim, the UMWA
Claim, and the Patriot/UMWA Complaint.

   * The Peabody Complaint Cannot Proceed in a Parallel Bankruptcy.
As Peabody's own motion acknowledges, many lower courts have held
that the Supreme Court's decision in Freshman v. Atkins, 269 U.S.
121 (1924), created a per se prohibition on parallel bankruptcy
proceedings.

   * The Virginia Court Has Subject Matter Jurisdiction and Should
Enjoin the Peabody Complaint.  The Peabody Objection addresses not
only the merits of the Preliminary Injunction Motion, but also
questions the Virginia Court's subject matter jurisdiction.

   * The Automatic Stay Was In Full Effect When Peabody Filed Its
Complaint, and It Prohibits the St. Louis Court From Litigating
Patriot's Rights Under the Settlement Agreement.  The Plan
expressly recognized that the automatic stay would continue to
protect the Debtors' estates through and including the Effective
Date.  Because the Peabody Complaint was filed before the Effective
Date while the automatic stay was still in effect, the Peabody
Complaint was void ab initio and the Defendants' standing arguments
must fail.

In their objection to the Debtors' motion, Peabody Energy
Corporation ("PEC") and Peabody Holding Company, LLC said the
Debtors and the UMWA are not entitled to injunctive relief for
several reasons:

   * First, as explained in Peabody's Motion to Dismiss or in the
Alternative to Transfer [Va. Adv. 5], the Virginia Court lacks
subject matter jurisdiction over the Dispute.

   * Second, injunctive relief is not available under section
105(a) of the Bankruptcy Code because the Debtors and the UMWA
cannot make the requisite showing that Missouri Adversary
Proceeding will frustrate or thwart the Debtors' reorganization
efforts -- which are now complete.  The Second Plan was confirmed
on October 9, 2015. The asset sales contemplated by it have been
closed, and the Second Plan has gone effective.

   * Third, the Missouri Adversary Proceeding did not violate the
automatic stay.  Section 362(a)(1) does not apply to actions
against non-debtors except in unusual circumstances, not present
here.  While section 362(a)(3) of the Bankruptcy Code stays actions
seeking to adjudicate a debtors' rights under a contract, it does
not stay actions seeking to adjudicate non-debtors' rights under a
contract even when the debtor is a party to that contract.
The Debtors are not a party to the Missouri Adversary Proceeding
and thus, regardless of the outcome in Missouri, are free to
litigate any issues regarding the 2013 Settlement Agreement in the
claims reconciliation process before the Virginia Court.  In any
event, neither the Debtors nor the UMWA have ever disputed that
Patriot has materially breached the 2013 Settlement Agreement.  Nor
could they.  In that agreement, Peabody agreed to, among other
things, provide over $140 million in credit support securing
Patriot's performance of various underlying obligations. Patriot,
however, remained obligated to perform those underlying obligations
and agreed to reimburse Peabody if the credit support was drawn.
Over $22.4 million of the credit support already has been drawn due
to Patriot's failure to perform the underlying obligations, and
additional draws likely will occur in the near future.  Patriot has
not reimbursed Peabody any of the $22.4 million and has no
intention of doing so.

   * Finally, the Missouri Adversary Proceeding does not violate
the Second Plan Injunction.  Peabody expressly opted out of the
Second Plan's third-party release (Art. VIII.D) and, thus, its
claims against third-parties (including those against the UMWA)
were not discharged, released or subject to exculpation under the
Article VIII of the Second Plan.  By its express terms, then, the
Second Plan Injunction does not enjoin the Missouri Adversary
Proceeding.
Counsel for the Debtors:

         Michael A. Condyles, Esq.
         Peter J. Barrett, Esq.
         Jeremy S. Williams, Esq.
         KUTAK ROCK LLP
         Bank of America Center
         1111 East Main Street, Suite 800
         Richmond, Virginia 23219-3500
         Telephone: (804) 644-1700
         Facsimile: (804) 783-6192

                 - and -

         James H. M. Sprayregen, P.C.
         Ross M. Kwasteniet
         Stephen C. Hackney
         KIRKLAND & ELLIS LLP
         300 North LaSalle
         Chicago, Illinois 60654
         Telephone: (312) 862-2000
         Facsimile: (312) 862-2200

Counsel for Peabody Energy and Peabody Holding Company:

         Daniel T. Moss, Esq.
         JONES DAY
         51 Louisiana Avenue. N.W.
         Washington, D.C. 20001-2113
         Tel: (202) 879-3794

         Heather Lennox, Esq.
         JONES DAY
         901 Lakeside Avenue
         Cleveland, Ohio 44114
         Tel: (216) 586-7111

         Matthew C. Corcoran, Esq.
         JONES DAY
         325 John H. McConnell Boulevard, Suite 600
         Columbus, Ohio 43215

            - and -

         Bruce H. Matson, Esq.
         Christopher L. Perkins, Esq.
         LECLAIRRYAN, A Professional Corporation
         919 East Main Street, 24th Floor
         Richmond, Virginia 23219
         Tel: (804) 783-7550

                        About Patriot Coal

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

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

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

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

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

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

                        *     *     *

The Debtors on Oct. 9, 2015, won confirmation of their Chapter 11
Plan.  On Oct. 26, 2015, the effective date of the Plan occurred.
The Plan contemplates the sale of most of the assets to Blackhawk
Mining LLC and the remaining assets to Virginia Conservation
Legacy Fund.  The Debtors named Eugene I. Davis as the liquidating
trustee.

The claims administration process is ongoing.



PATRIOT COAL: Spilman Files Rule 2019 Verified Statement
--------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
Spilman Thomas & Battle, PLLC, submitted a verified statement to
disclose that it is serving as counsel for these parties in
connection with Patriot Coal Corp., et al.'s bankruptcy cases:

   * Daniels Electric, Inc.
   * Penn Virginia Operating Co., LLC
   * Suncrest Resources, LLC
   * K Rail, LLC
   * Kanawha Rail, LLC
   * Toney Fork, LLC
   * Powell Construction Company, Inc.
   * Pardee Minerals, LLC
   * Courtney Company
   * Mohler Lumber Company

Each of the Parties may hold claims against the Debtors arising out
of applicable agreements, law, or equity pursuant to their
respective relationships with the Debtors.  The Parties are in the
process of analyzing their claims against the Debtors and will
identify such claims against the Debtors in proofs of claim filed
prior to the applicable deadline.

Spilman also discloses that it represented Penn Virginia Operating
Co., LLC prior to the filing of Patriot's cases.  K Rail, LLC,
Kanawha Rail, LLC, Suncrest Resources, LLC and Toney Fork, LLC are
wholly owned subsidiaries of Penn Virginia Operating Co., LLC.
Daniels Electric Co., Inc. retained Spilman for Patriot's case.
Powell Construction Company, Inc. retained Spilman for Patriot's
case. Spilman represented Pardee Minerals, LLC prior to the filing
of Patriot's cases.  Courtney Company is a wholly owned subsidiary
of Pardee Minerals, LLC. Mohler Lumber Company is a wholly owned
subsidiary of Pardee Minerals, LLC.

Spilman also discloses that it has in the past and continues to
represent certain employees of one or more of the Debtors in
actions filed pursuant section 110 of the Federal Mine Safety &
Health Act of 1977, as amended.  In such actions, the Debtors are
represented by other counsel and Spilman solely represents the
individual employees.  However, the applicable Debtor has agreed to
pay the fees associated with representation of each individual
employee. At the time of employment of Spilman by the Parties,
Spilman had a claim for employee representation in the approximate
amount of $2,700.

The firm can be reached at:

         Peter M. Pearl, Esq. (VSB #22344)
         SPILMAN THOMAS & BATTLE, PLLC
         Post Office Box 90
         Roanoke, VA 24002
         Telephone: (540) 512-1800
         Facsimile: (540) 342-4480
         E-mail: ppearl@spilmanlaw.com

                        About Patriot Coal

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

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

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

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

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

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

                        *     *     *

The Debtors on Oct. 9, 2015, won confirmation of their Chapter 11
Plan.  On Oct. 26, 2015, the effective date of the Plan occurred.
The Plan contemplates the sale of most of the assets to Blackhawk
Mining LLC and the remaining assets to Virginia Conservation
Legacy Fund.  The Debtors named Eugene I. Davis as the liquidating
trustee.

The claims administration process is ongoing.



PENNYMAC: Moody's Assigns B1 Corp. Family Rating, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
("CFR") and issuer rating to Private National Mortgage Acceptance
Company, LLC ("PennyMac"). The outlook is stable.

RATINGS RATIONALE

PennyMac's ratings reflect the company's strong profitability,
solid capital level, and experienced management team. PennyMac's
financial metrics compare well to its B-rated residential mortgage
finance peers. Pre-tax pre-provision profit as a percent of managed
assets averaged above 6% per annum over the last several years.
PennyMac maintains strong capital level, as demonstrated by the
company's tangible common equity to assets ratio of more than 25%.
Moody's expects PennyMac's tangible common equity to assets ratio
to be above 20% as the company continues to grow its loan
production and servicing operations.

Other risk factors include PennyMac's reliance on short-term
secured funding for its investment portfolio, which limits the
company's financial flexibility, its limited franchise position as
a financial services company in the residential mortgage market,
and the risks embedded in its rapid growth.

In addition the ratings reflect PennyMac's reliance on PennyMac
Mortgage Investment Trust ("PMT") as an important funding vehicle
and revenue source for its loan production and loan servicing
business.

The stable rating outlook reflects Moody's expectation that
PennyMac will be able to maintain its solid financial performance,
minimize operational risk and maintain solid capital level.

Ratings could be upgraded if PennyMac can further diversify its
origination channels and funding structure, reducing its reliance
on correspondent lending business as well as secured financing.

The ratings could be downgraded if financial performance
deteriorates - for example, if net income to managed assets falls
consistently below 4% or if leverage increases such that the
company's tangible common equity to assets falls below 20%.



PTC GROUP: Moody's Cuts Corp. Family Rating to Caa2, Outlook Neg
----------------------------------------------------------------
Moody's Investors Service downgraded PTC Group Holdings Corp.'s
corporate family rating to Caa2 from B3, its probability of default
rating to Caa2-PD from B3-PD and its senior secured term loan
rating to Caa3 from Caa1. The ratings downgrades reflect PTC's
deteriorating credit metrics, weak liquidity profile and the need
to address debt maturities due within the next year. The ratings
outlook is negative.

The following actions were taken:

Downgrades:

Corporate family rating, downgraded to Caa2 from B3;

Probability of default rating, downgraded to Caa2-PD from B3-PD;

Senior secured term loan, downgraded to Caa3 (LGD4) from Caa1
(LGD4)

Outlook Actions:

Outlook, Remains Negative

RATINGS RATIONALE

PTC's Caa2 corporate family rating reflects its deteriorating
credit metrics and diminished liquidity profile due to its recent
weak operating results and higher than anticipated costs on its
recently abandoned project to facilitate the production of seamless
tubular products. The rating also reflects its small size relative
to other rated steel companies, its high customer concentration,
its exposure to steel price volatility and the need to address debt
maturities due within the next year.

PTC's operating results have been weak over the past few years
driven by reduced shipments to service centers and original
equipment manufacturers exposed to the construction, mining and
agriculture sectors along with substantially lower steel product
prices. These trends accelerated during 2015 and the company's
revenues have declined by about 20% and its adjusted EBITDA by
about 80% during the first nine months of the year. While PTC's
operating performance has weakened it has also incurred additional
borrowings to support capital investments related to its abandoned
project to develop the capability to produce seamless tubular
products. The general contractor installing the seamless tubular
production equipment ceased work on the facility in March 2015 due
to disputes over engineering issues, cost overruns and missed
deadlines. The project resulted in several lawsuits including a
class action lawsuit (which has since been withdrawn) and a
contractor lawsuit against PTC Group Holdings and a lawsuit against
the general contractor on the project. As a result of the issues on
the project, PTC Seamless Tube Corp. filed for Chapter 11
bankruptcy protection in late April 2015 in an attempt to shield
PTC's other operating subsidiaries from the creditors of PTC
Seamless. However, PTC had already spent about $80 million on the
project before it was abandoned and its credit metrics have
materially weakened with its adjusted leverage ratio (Debt/EBITDA)
rising to 6.8x in September 2015 from 4.1x in December 2014 and its
interest coverage ratio (EBIT/Interest Expense) declining to 0.1x
from 1.7x. These metrics are expected to weaken in the near term
and are not likely to materially improve in 2016 since Moody's
expects steel prices and end market demand to remain weak.

The company's liquidity has deteriorated substantially due to
spending on the seamless tubular project and very weak operating
results. PTC had about $3 million of cash and $18.6 million of
availability on its $65 million asset based lending facility as of
September 30, 2015. The company had a borrowing base of about $43
million and about $25 million of outstanding borrowings. The ABL
facility has a springing fixed charge covenant that is tested when
availability falls below $10 million. Availability on the facility
could be reduced in the near term if PTC is unable to secure an
amendment to its credit agreement since business conditions remain
very weak and its fixed charge coverage ratio was barely in
compliance with the springing fixed charge ratio covenant for the
LTM period ended September 2015. The ABL facility matures in August
2019 or 91 days prior to the earliest maturity date of any of the
term loan debt. Therefore, the facility could mature as early as
mid-September 2016 since the $64 million Term Loan B-1 matures in
mid-December 2016.

The negative outlook reflects the company's weak liquidity profile
and the current weak operating environment including historically
depressed steel prices and lackluster demand, which will limit the
potential improvement in PTC's operating results. The outlook could
return to stable if the company's liquidity increases, its
operating results and credit metrics improve and it addresses its
looming debt maturities.

An upgrade of PTC's ratings is unlikely in the near term given the
company's weak liquidity and its looming debt maturities. However,
the ratings could experience upward pressure if the company is able
to generate positive free cash flow, significantly raise its
liquidity and extend its debt maturities while producing improved
credit metrics. A leverage ratio below 6.0x and EBIT-to-interest
expense trending above 1.25x could put upward pressure on the
rating.

Negative rating pressure could develop if PTC's credit metrics and
operating results remain very weak and it does not address its debt
maturities in the near term.

PTC Group Holdings Corp., headquartered in Wexford, PA, is a
manufacturer of welded and cold drawn mechanical steel tubing and
tubular shapes, fabricated parts, precision components and
chrome-plated rod. PTC's major end markets include construction,
agricultural and mining equipment, automotive and heavy truck
components and industrial machinery. PTC generated $270 million in
revenues for the 12-month period ended September 30, 2015. Black
Diamond Capital Management is the majority owner of PTC



QUICKSILVER RESOURCES: Canada Unit Obtains 4th Forbearance Deal
---------------------------------------------------------------
Quicksilver Resources Canada Inc., a wholly owned subsidiary of
Quicksilver Resources Inc., on December 15, 2015, entered into a
Fourth Forbearance Agreement with:

     -- JPMorgan Chase Bank, N.A., as global administrative
        agent,

     -- JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian
        administrative agent, and

     -- the lenders party thereto

relating to the Amended and Restated Credit Agreement dated as of
December 22, 2011 by and among the Company, as parent, Quicksilver
Canada, as borrower, the Canadian Administrative Agent, and the
lenders parties thereto.

A copy of the Fourth Forbearance Agreement is available at
http://is.gd/iVP6sY

Under the Fourth Forbearance Agreement, the Administrative Agents
and the requisite lenders agreed to, among other things, continue
to forbear from exercising all of their rights and remedies in
connection with specified defaults under the Canadian Credit
Agreement related to the chapter 11 filings of the Company and
certain of its subsidiaries until the earlier of:

     (i) February 16, 2016,

    (ii) the commencement against Quicksilver Canada or certain
specified Canadian subsidiary guarantors -- the Non-Filers -- of
any litigation in which the amounts involved, individually or in
the aggregate, equal or exceed $5,000,000, that could reasonably be
expected to have a material adverse effect on the validity or
enforceability of the Canadian loan documents, the rights and
remedies of the Canadian Administrative Agent and the Canadian
secured parties under the Canadian loan documents and applicable
law, or the business, operations, property or financial condition
of the Non-Filers, taken as a whole,

   (iii) the acceleration of, or any other exercise of any rights
or remedies in respect of, any other indebtedness of any Non-Filer
the outstanding principal amount of which exceeds, individually or
in the aggregate for such Non-Filer, $5,000,000,

    (iv) any Non-Filer taking any action to challenge the validity
or enforceability of the Fourth Forbearance Agreement or any other
Canadian loan document or any provision of the Fourth Forbearance
Agreement or such documents,

     (v) the commencement by any Non-Filer of proceedings under
bankruptcy, insolvency, receivership, restructuring or similar
law,

    (vi) the occurrence of any termination event under the cash
collateral order of the United States Bankruptcy Court for the
District of Delaware,

   (vii) any failure by Quicksilver Canada to pay interest on the
loans under the Canadian Credit Agreement at the applicable rate,
and

  (viii) any failure by the Company to pay interest on the loans
under the Amended and Restated Credit Agreement, dated as of
December 22, 2011 by and among the Company, as borrower, the
guarantors party thereto, the Global Administrative Agent and the
lenders parties thereto, at the applicable rate in accordance with
the terms of the cash collateral order and the Waiver and
Forbearance Agreement, dated March 16, 2015, by and among the
Company, Quicksilver Canada, the guarantors party thereto, the
Administrative Agents and the lenders party thereto.

The lending syndicate consists of:

     * BANK OF AMERICA, N.A., as a Lender under the
       U.S. Credit Agreement
     * BANK OF AMERICA, N.A., (by its Canada Branch) as a
       Lender under the Canadian Credit Agreement
     * CANADIAN IMPERIAL BANK OF COMMERCE, as a Lender under
       the Canadian Credit Agreement
     * CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH,
       as a Lender under the U.S. Credit Agreement
     * CITIBANK, N.A., as a Lender under the U.S. Credit
       Agreement
     * CITIBANK, N.A., CANADIAN BRANCH, as a Lender under the
       Canadian Credit Agreement
     * CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
       under the U.S. Credit Agreement and the Canadian Credit
       Agreement
     * GOLDMAN SACHS BANK USA, as a Lender under the U.S. Credit
       Agreement
     * TORONTO DOMINION (NEW YORK) LLC, as a Lender under the
       U.S. Credit Agreement
     * THE TORONTO-DOMINION BANK, as a Lender under the Canadian
       Credit Agreement
     * UBS AG, STAMFORD BRANCH, as a Lender under the U.S. Credit
       Agreement
     * UBS AG CANADA BRANCH, as a Lender under the Canadian
       Credit Agreement
     * WELLS FARGO BANK, N.A., as a Lender under the U.S. Credit
       Agreement
     * WELLS FARGO FINANCIAL CORPORATION CANADA, as a Lender
       under the Canadian Credit Agreement
     * DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender under
       the U.S. Credit Agreement
     * DEUTSCHE BANK AG CANADA BRANCH, as a Lender under the
       Canadian Credit Agreement


REVSTONE INDUSTRIES: Suit Against Fasig-Tipton Moved to Kentucky
----------------------------------------------------------------
Fasig-Tipton Company, Inc., filed a renewed motion asking the
United States Bankruptcy Court for the District of Delaware to
transfer to the Eastern District of Kentucky the venue of the
complaint filed by Fred C. Caruso, solely in his capacity as the
Revstone/Spara Litigation Trustee of the Revstone/Spara Litigation
Trust.

Fasig-Tipton contends that the Bankruptcy Court should transfer the
Proceeding because the transactions underlying the claim against it
took place entirely in Kentucky, between Kentucky individuals and
entities, and that all potential witnesses and evidence are located
in Kentucky.  In response, the Trustee argues that transferring
venue would prejudice the Debtor, Revstone Industries, LLC, by
forcing it to prosecute a core matter in a foreign jurisdiction and
would waste judicial and estate resources.

In a Memorandum Order dated November 4, 2015, which is available at
http://is.gd/IAPCCMfrom Leagle.com, U.S. Bankruptcy Judge Linehan
Shannon in Delaware granted Fasig-Tipton's Motion to Transfer the
Proceeding to the Eastern District of Kentucky, finding that
Fasig-Tipton has shown that the Proceeding should be transferred to
Eastern District of Kentucky.

The adversary case is Fred C. Caruso, solely in his capacity as the
Revstone/Spara Litigation Trustee of the Revstone/Spara Litigation
Trust, Plaintiff, v. Fasig-Tipton Company, Inc., Defendant, ADV.
NO. 14-50468 (BLS) (Bankr. Del.).

The bankruptcy case is In re: Revstone Industries, LLC, et al.,
Chapter 11, Debtors, CASE NO. 12-13262 (BLS)(Bankr. Del.).

Revstone Industries, LLC, Debtor, is represented by David M.
Bertenthal, Esq. -- dbertenthal@pszjlaw.com -- Pachulski Stang
Ziehl & Jones LLP, Timothy P. Cairns, Esq. -- tcairns@pszjlaw.com
--  Pachulski Stang Young & Jones LLP, Laura Davis Jones, Esq. --
ljones@pszjlaw.com -- Pachulski Stang Ziehl & Jones LLP, Alan J.
Kornfeld, Esq. -- akornfeld@pszjlaw.com -- Pachulski Stang Ziehl &
Jones LLP, Maxim B. Litvak, Esq. -- mlitvak@pszjlaw.com --
Pachulski Stang Ziehl & Jones LLP, Antoinette M. Pilzner, McDonald
Hopkins PLC, Esq. -- apilzner@mcdonaldhopkins.com -- Colin
Robinson, Esq. -- crobinson@pszjlaw.com -- Pachulski Stang Ziehl &
Jones LLP.

Homer W. McClarty, Trustee for each of the Megan G. Hofmeister
Irrevocable Trust, The Scott R. Hofmeister Irrevocable Trust and
the Jamie S. Hofmeister Irrevocable Trust, Trustee, represented by
Evan O Williford, Esq. -- EvanWilliford@thewillifordfirm.com -- The
Williford Firm, LLC.

Fred C. Caruso, as Litigation Trustee of the Revstone/Spara
Litigation Trust, Trustee, represented by Morgan L. Patterson, Esq.
-- MPatterson@wcsr.com -- Womble Carlyle Sandridge & Rice LLP.

United States Trustee, U.S. Trustee, represented by Jane M. Leamy,
Office of the U.S. Trustee.

Official Committee of Unsecured Creditors, Creditor Committee,
represented by Mark L. Desgrosseilliers, Esq. --
MDesgrosseilliers@wcsr.com  -- Womble Carlyle Sandridge & Rice,
LLP, Ericka Fredricks Johnson, Esq. -- EJohnson@wcsr.com -- Womble
Carlyle Sandridge & Rice, LLP, Steven K. Kortanek, Esq. --
SKortanek@wcsr.com -- Womble Carlyle Sandridge & Rice, PLLC,
Matthew P. Ward, Esq. -- MWard@wcsr.com -- Womble Carlyle Sandridge
& Rice, LLP.

                        About Revstone Industries

Lexington, Kentucky-based Revstone Industries LLC, a maker of
truck
parts, filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No.
12-13262) on Dec. 3, 2012.  Judge Brendan Linehan Shannon oversees
the case.  Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and
Colin Robinson, Esq., at Pachulski Stang Ziehl & Jones LLP
represent Revstone.  In its petition, Revstone estimated under $50
million in assets and debt.

Affiliate Spara LLC filed its Chapter 11 petition (Bankr. D. Del.
Case No. 12-13263) on Dec. 3, 2012.

Lexington-based Greenwood Forgings, LLC (Bankr. D. Del. Case No.
13-10027) and US Tool & Engineering LLC (Bankr. D. Del. Case No.
13-10028) filed separate Chapter 11 petitions on Jan. 7, 2013.
Judge Shannon also oversees the cases.

Duane David Werb, Esq., at Werb & Sullivan, serves as bankruptcy
counsel to Greenwood and US Tool.  

Greenwood estimated $1 million to $10 million in assets and $10
million to $50 million in debts.  US Tool & Engineering estimated
under $1 million in assets and $1 million to $10 million in debts.

The petitions were signed by George S. Homeister, chairman.

Metavation, also known as Hillsdale Automotive, LLC, joined parent
Revstone in Chapter 11 (Bankr. D. Del. Case No. 13-11831) on July
22, 2013, to sell the bulk of its assets to industry rival Dayco
for $25 million.  Following the sale, Metavation changed its name
to TPOP LLC.

Metavation tapped Pachulski as its counsel.  Pachulski also
serves as counsel to Revstone and Spara.  Metavation also has
tapped McDonald Hopkins PLC as special counsel, and Rust
Consulting/Omni Bankruptcy as claims agent and to provide
administrative services.  Stuart Maue is fee examiner.

Mark L. Desgrosseilliers, Esq., Ericka Fredricks Johnson, Esq.,
Steven K. Kortanek, Esq., and Matthew P. Ward, Esq., at Womble
Carlyle Sandridge & Rice, LLP, represent the Official Committee of
Unsecured Creditors in Revstone's case.

Boston Finance Group, LLC, a committee member, also has hired as
counsel Gregg M. Galardi, Esq., and Sarah E. Castle, Esq., at DLA
Piper LLP.

                           *     *     *

Revstone Industries, LLC, Spara, LLC, Greenwood Forgings, LLC, and
US Tool & Engineering, LLC, on Dec. 10, 2014, filed with the
Bankruptcy Court a joint Chapter 11 plan and disclosure statement,
which incorporate the Bankruptcy Court-approved settlement between
the Debtors and each of their respective debtor and non-debtor
subsidiaries, except TPOP LLC fka Metavation, the Pension Benefit
Guaranty Corporation, the Official Committee of Unsecured
Creditors, and Boston Finance Group, LLC, and a separate
intercompany settlement among Revstone and Spara and each of their
respective debtor and non-debtor subsidiaries.

Under the Plan, Revstone's unsecured creditors with claims ranging
from $24.5 million to $41.5 million, the projected recovery is
7.2%
to 12.2%.  For unsecured creditors of affiliate Spara LLC, the
predicted recovery is about 4.2% to creditors with some $13
million
in claims, while unsecured creditors of Greenwood Forgings LLC and
US Tool & Engineering LLC don't get anything.

The PBGC is projected for recovery of $77 million, although not
less than $75 million, after giving credit to money earmarked for
unsecured creditors.

Judge Shannon on Jan. 15, 2015, approved the disclosure statement
explaining the Chapter 11 Plan.  Judge Shannon on March 23, 2015,
confirmed the Joint Chapter 11 Plan of Reorganization of Revstone
Industries, LLC, Spara, LLC, Greenwood Forgings, LLC, and US Tool
&
Engineering, LLC, and the Chapter 11 plan of liquidation of TPOP,
LLC, f/k/a Metavation, LLC.


ROTHSTEIN ROSENFELDT: Segall Gordich Says Sanctions Unwarranted
---------------------------------------------------------------
Aebra Coe at Bankruptcy Law360 reported that Segall Gordich PA told
a Florida bankruptcy court Friday that a motion for sanctions filed
against it there is meritless, rejecting the contention that it was
improper for the firm to remove to the court a fee dispute
connected to Scott Rothstein's $1.2 billion Ponzi scheme.

According to Segall Gordich, an agreed order between it, Conrad &
Scherer LLP and Kozyak Tropin & Throckmorton LLP in the Florida
bankruptcy court guides the distribution of fees flowing from cases
that stemmed from the Rothstein Ponzi scheme.

                    About Rothstein Rosenfeldt

Scott Rothstein, co-founder of law firm Rothstein Rosenfeldt Adler
PA -- http://www.rra-law.com/-- was suspected of running a     
$1.2 billion Ponzi scheme.  U.S. authorities claimed in a civil
forfeiture lawsuit filed Nov. 9, 2009, that Mr. Rothstein, the
firm's former chief executive officer, sold investments in non-
existent legal settlements.  Mr. Rothstein pleaded guilty to five
counts of conspiracy and wire fraud on Jan. 27, 2010.

Creditors of Rothstein Rosenfeldt Adler signed a petition sending
the Florida law firm to bankruptcy (Bankr. S.D. Fla. Case No.
09-34791).  The petitioners include Bonnie Barnett, who says she
lost $500,000 in legal settlement investments; Aran Development,
Inc., which said it lost $345,000 in investments; and trade
creditor Universal Legal, identified as a recruitment firm, which
said it is owed $7,800.  The creditors alleged being owed money
invested in lawsuit settlements.

Herbert M. Stettin, the state-court appointed receiver for
Rothstein Rosenfeldt, was officially carried over as the
Chapter 11 trustee in the involuntary bankruptcy case.

On June 10, 2010, Mr. Rothstein was sentenced to 50 years in
prison.

The official committee of unsecured creditors appointed in the
case is represented by Michael Goldberg, Esq., at Akerman
Senterfitt.

RRA won approval of an amended liquidating Chapter 11 plan
pursuant to the Court's July 17, 2013 confirmation order.  The
revised plan, filed in May, is centered around a $72.4 million
settlement payment from TD Bank NA.



SA INTER INVEST: Case Summary & 8 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: SA Inter Invest 1, LLC
        255 Collins Ave Ste 1
        Miami Beach, FL 33138

Case No.: 15-31770

Chapter 11 Petition Date: December 16, 2015

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Hon. Jay A. Cristol

Debtor's Counsel: Joel M. Aresty, Esq.
                  JOEL M. ARESTY P.A.
                  309 1st Ave S
                  Tierra Verde, FL 33715
                  Tel: 305.899.9876
                  Fax: 305.723.7893
                  Email: aresty@mac.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Laurent Benzaquen, manager.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/flsb15-31770.pdf


SILICON GENESIS: Seeks Dismissal of Chap. 11 Case
-------------------------------------------------
Silicon Genesis Corporation asks the U.S. Bankruptcy Court for the
Northern District of California, San Jose Division, to dismiss its
Chapter 11 case, modify the terms of a prior cash collateral and
employment orders to eliminate the filing of final fee
applications, and retain jurisdiction to resolve disputes regarding
the allowable amount of fees to Firsthand Technology Value Fund,
Inc., incurred in connection with the case and any disputes between
Silicon Genesis Corporation and estate professionals regarding
compensation.

The Debtor proposes to pay the fees owed to Firsthand and the
estate's professionals outside the Chapter 11 case but resolve any
disputes regarding those fees in the Court.  The Debtor says it is
attempting to discard those elements of Chapter 11 it now views as
costly, such as confirming a plan and filing fee applications, yet
maintain the benefit of the Court's involvement in fee disputes.

Tracy Hope Davis, the United States Trustee for Region 17, objects
to the motion, contending that the Debtor seeks to circumvent the
Bankruptcy Code and involve the Court in a distribution scheme
absent a Confirmed Plan.  The U.S. Trustee asserts that the Debtor
and its creditors cannot pick and choose which provisions of
Chapter 11 they will comply with.  Given that the Debtor has funds
available to pay creditors, the Debtor should proceed with a plan
confirmation process in this case, the U.S. Trustee further
asserts.

The Debtor is represented by:

          Kevin W. Coleman, Esq.
          Todd B. Holvick, Esq.
          SCHNADER HARRISON SEGAL & LEWIS LLP
          650 California Street, 19th Floor
          San Francisco, California 94108
          Telephone: 415-364-6700
          Facsimile: 415-364-6785
          Email: kcoleman@schnader.com
                 tholvick@schnader.com

The U.S. Trustee is represented by:

          Edwina E. Dowell, Esq.
          Assistant U.S. Trustee
          Lynette C. Kelly, Esq.
          Trial Attorney
          United States Department of Justice
          Office of the U.S. Trustee
          1301 Clay Street, Suite 690N
          Oakland, California 94612-5231
          Telephone: (510) 637-3200
          Facsimile: (510) 637-3220
          Email: lynette.c.kelly@usdoj.gov

                      About Silicon Genesis

Silicon Genesis Corporation filed a Chapter 11 bankruptcy petition
(N.D. Cal. Case No. 15-50525) on Feb. 17, 2015.  Theodore E. Fong,
the president and CEO, signed the petition.  Judge Elaine Hammond
presides over the case.  Kevin W. Coleman, Esq., Schnader Harrison
Segal and Lewis LLP represents the Debtor as counsel.  The Debtor
disclosed $16,559,802 in assets and $7,951,043 in liabilities.


TEAM EXPRESS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Team Express Distributing, LLC
          dba Baseball Express, LLC
        5750 Northwest Pkwy., Suite 100
        San Antonio, TX 78249

Case No.: 15-53044

Chapter 11 Petition Date: December 16, 2015

Court: United States Bankruptcy Court
       Western District of Texas (San Antonio)

Debtor's Counsel: Marcus A. Helt, Esq.
                  GARDERE WYNNE SEWELL LLP
                  1601 Elm Street
                  3000 Thanksgiving Tower
                  Dallas, TX 75201
                  Tel: 214-999-4526
                  Fax: 214-999-3526
                  Email: mhelt@gardere.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Mark S. Marney, chief executive
officer.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Easton Sports                          Trade           $3,817,032
7855 Haskell Ave
Van Nuys, CA 91406

Louisville Slugger                     Trade           $2,551,378
8836 Polk Ln, Ste 105
Olive Branch, MS 38654

Nike Equipment, Inc.                   Trade           $1,892,612
1 Sw Bowerman Dr
Beaverton, OR 97005

Wilson Sporting                        Trade           $1,602,284
8700 W Bryn Mawr Ave
Chicago, IL 60631

Rawlings                               Trade             $948,854
510 Maryville U Dr
Ste 110
Saint Louis, MO 63141

Champro                                Trade             $915,340
Dept 8049
PO Box 5998
Carol Stream, IL
60197-5998

Under Armour Ath.                      Trade             $816,617
1020 Hull Street
Baltimore, MD
21230

All Star                               Trade             $812,720
PO Box 1356
Shirley, MA 01464

COMBAT                                 Trade             $769,414
20-5390 Canotek Rd.
Ottawa, ONK1JIH8
Canada

Mizuno USA, Inc.                       Trade             $647,469
1 Jack Curran Way
Norcross, GA 30071

Adlucent                               Trade             $630,488
Attn: Accounting Dept.
Austin, TX 78704

Schutt Sports                          Trade             $520,069
1200 E. Union Ave
Litchfield, IL 62056

Dingley Press LLC                      Trade             $509,916
PO Box 844046
Boston, MA 02284

New Balance Athletic Shoe              Trade             $505,510
PO Box 31978
Hartford, CT 06150

Junction Solutions                     Trade             $455,045
PO Box 71658
Chicago, IL 60694

Diamond Sports Co.                     Trade             $263,311
1880 E Saint Andrew PI
Santa Ana, CA 92705

Marucci Sports, LLC                    Trade             $236,992

UPS                                    Trade            $215,943

Evoshield                              Trade            $173,213

Alleson Athletic                       Trade            $171,285


TEXAS REGENCY APARTMENTS: Interim Cash Collateral Order Entered
---------------------------------------------------------------
Judge David R. Jones entered a second agreed interim order
authorizing Regency Apartments, L.P., to use cash collateral of TD
Bank.  The Debtor acknowledges and agrees that the indebtedness due
and owing to TD Bank as of the Petition Date is at least
$10,690,789.   

To adequately protect the Lender's interest in the Debtor's
continued use and operation of the Real Property and use of the
Cash Collateral, the Debtor will make the following adequate
protection payments directly to the Lender each month:

   * October 15, 2015 - $40,000
   * November 15, 2015 - $40,000
   * December 15, 2015 - $40,000

                  About Texas Regency Apartments

Texas Regency Apartments, L.P., owner of the 313-unit Regency
Square Apartments at 7222 Bellerive Dr., Houston, Texas, sought
Chapter 11 protection (Bankr. S.D. Tex. Case No. 15-33188) in
Houston, Texas, on June 10, 2015.  Gordon Steele, the CFO, signed
the petition.

Judge David R. Jones presides over the case.  

The Debtor tapped Matthew Hoffman, Esq., at the Law Offices of
Matthew Hoffman, P.C., as counsel.

The Debtor disclosed total assets of $11.1 million and total debts
of $11.4 million in its schedules.

                           *     *     *

Judge David R. Jones has approved the sale of the real property and
improvements located at 7222 Bellerive Drive, Houston, Texas 77036,
commonly known as "Regency Square," to FCA Miami, LLC for a total
consideration of $10,500,000.00.



THORNBURG MORTGAGE: 11th Cir. Affirms Dismissal of "Lawrence"
-------------------------------------------------------------
Plaintiff-Appellant Ronald Lawrence appeals pro se the dismissal of
his complaint that Defendants-Appellees Thornburg Mortgage Home
Loans, Inc., Cenlar Federal Savings Bank, and McCalla Raymer, LLC,
conspired to retaliate and to defraud Lawrence in a loan
transaction that ended with a non-judicial foreclosure on his real
property.  The district court, sua sponte, dismissed the complaint
against Thornburg Mortgage as violative of the automatic stay in
its proceedings under Chapter 11 of the Bankruptcy Act.  The
district court dismissed Lawrence's complaint against Cenlar Bank
and McCalla Raymer for failure to state a claim for relief and for
failure to plead with particularity the circumstances constituting
fraud.

In a Decision dated December 2, 2014, which is available at
http://is.gd/BDcb73from Leagle.com, the United States Court of
Appeals for the Eleventh Circuit affirms the dismissal of
Lawrence's complaint for finding that the district court did not
err by dismissing Lawrence's complaint against Cenlar Bank.

The Eleventh Circuit held that Lawrence failed to allege that
Cenlar Bank acted under color of state law or that it reached an
understanding with another defendant to deprive Lawrence of any
right under state or federal law. Lawrence's conclusory allegations
that defendants collectively and individually participated in a
conspiracy to retaliate and to commit fraud, misrepresentation and
to violate well-established laws were insufficient to withstand the
motion by Cenlar Bank to dismiss.

The case is RONALD A. LAWRENCE, Plaintiff-Appellant, v. THORNBURG
MORTGAGE HOME LOANS INC., CENLAR FEDERAL SAVINGS BANK, MCCALLA
RAYMER, LLC, Defendants-Appellees, NO. 10-10584, NON-ARGUMENT
CALENDAR.

                       About Thornburg Mortgage

Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family  
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages.  It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets.  Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.

Thornburg Mortgage and its four affiliates filed for Chapter 11
bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009.
Thornburg changed its name to TMST, Inc.

Judge Duncan W. Keir is handling the case.  David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, served as counsel to
Thornburg Mortgage.  Orrick, Herrington & Sutcliffe LLP served as
special counsel.  Jim Murray and David Hilty of Houlihan Lokey
Howard & Zukin Capital, Inc., served as investment banker and
financial advisor.  Protiviti Inc. served as financial advisory
services.  KPMG LLP served as the tax consultant.  Epiq Systems,
Inc., serves claims and noticing agent.  Thornburg disclosed total
assets of $24.4 billion and total debts of $24.7 billion, as of
Jan. 31, 2009.

On Oct. 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging
Strategies, Inc.  He is represented by his firm, Shapiro Sher
Guinot & Sandler.


TONZOF INC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Tonzof Inc.
           dba Tool King, LLC
        22465 Loveland Street
        Lakewood, CO 80228

Case No.: 15-23703

Chapter 11 Petition Date: December 16, 2015

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: Hon. Michael E. Romero

Debtor's Counsel: Kenneth J. Buechler, Esq.
                  BUECHLER LAW OFFICE, L.L.C.
                  1621 18th St., Ste. 260
                  Denver, CO 80202
                  Tel: (720)-381-0045
                  Fax: (720)-381-0392
                  Email: ken@kjblawoffice.com

Total Assets: $3.01 million

Total Liabilities: $3.85 million

The petition was signed by Gerald B. Eaton, CEO.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cob15-23703.pdf


TRUMP ENTERTAINMENT: DIP Loan Hiked to $39.1 Million
----------------------------------------------------
Judge Kevin Gross approved modifications to Trump Entertainment
Resorts' Chapter 11 financing that increased the size of the
company's loan from $26.5 million to $39.1 million to cover the
cost of paying Atlantic City property taxes due on its Taj Mahal
casino.  Pursuant to the Third Amendment to the DIP Credit
Agreement signed with initial lender IEH Investments I LLC, the
Debtors are authorized to pay the real estate taxes and interest
assessed against their casino properties for the second, third, and
fourth quarters of 2015 in the aggregate amount of $12.6 million.

                 About Trump Entertainment Resorts

Trump Entertainment Resorts Inc., owns two Atlantic City Boardwalk
casinos that bear the name of Donald Trump.

The predecessor, Trump Hotels & Casino Resorts, Inc., first filed
for Chapter 11 protection on Nov. 21, 2004 (Bankr. D.N.J. Case No.
04-46898 through 04-46925) and exited bankruptcy in May 2005 under
the name Trump Entertainment Resorts Inc.  Trump Entertainment
Resorts sought Chapter 11 protection on Feb. 17, 2009 (Bankr.
D.N.J. Lead Case No. 09-13654) and exited bankruptcy in 2010.

Trump Entertainment Resorts Inc. returned to Chapter 11 bankruptcy
(Bankr. D. Del. Case No. 14-12103) on Sept. 9, 2014, with plans to
shutter its casinos.

The Debtors have sought an order authorizing the joint
administration of their Chapter 11 cases and the consolidation
thereof for procedural purposes only.  Judge Kevin Gross presides
over the Chapter 11 cases.

The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as
counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan
Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as
noticing and claims agent.

TER estimated $100 million to $500 million in assets as of the
bankruptcy filing.

The Debtors as of Sept. 9, 2014, owe $285.6 million in principal
plus accrued but unpaid interest of $6.6 million under a first
lien debt issued under their 2010 bankruptcy-exit plan.  The
Debtors also have trade debt in the amount of $13.5 million.

                         *     *     *

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware on March 12, 2015, confirmed Trump Entertainment Resorts,
Inc., et al.'s Third Amended Joint Plan of Reorganization and
Disclosure Statement pursuant to Section 1129 of the Bankruptcy
Code.

The Debtors filed on January 5, 2015, the Plan and accompanying
Disclosure Statement to, among other things, provide that holders
of General Unsecured Claims will receive Distribution Trust
Interests, which will include $1 million in cash and the proceeds,
if any, of certain avoidance actions.  Under the revised plan,
holders of general unsecured claims are estimated to recover 0.47%
to 0.43% of their total allowed claim amount.  The Amended Plan
also includes language reflecting the recently-approved $20
million
loan from Carl Icahn.

The Effective Date of the Plan has not yet occurred, as certain
conditions precedent to  the occurrence of the Effective Date,
including the CBA Order having become a Final Order, have not yet
been met.


TWIN RINKS: Liquidating Plan Confirmed by Judge
-----------------------------------------------
Judge Robert E. Grossman has entered an order confirming the Second
Amended Plan of Liquidation of Twin Rinks At Eisenhower, LLC.

The Debtor set a Nov. 16, 2015 deadline for ballots and reported
that the Plan has been overwhelmingly accepted by voting creditors.
Judge Grossman held a hearing Nov. 23, 2015, to consider
confirmation of the Plan.  A copy of the judge's Dec. 1, 2015 order
confirming the Plan is available for free at:

    http://bankrupt.com/misc/Twin_Rinks_232_Plan_Conf_Order.pdf

The Plan provides that:

  -- Allowed priority claims (Class 1) will be paid in full.
The Debtor does not believe there are any unpaid priority claims or
priority tax claims at this time.

  -- Allowed secured claims (Class 2) will receive their pro rata
share of cash remaining in the Liquidation Fund after the
establishment of a reserve for the benefit of, or distributions to,
allowed administrative claims, allowed priority claims, allowed
priority tax claims and Class 3 allowed unsecured claims sufficient
to satisfy the obligations to such classes under the Plan.   The
secured claim of CMBS Venture Funding LLC is allowed in the amount
of $5,248,670.

  -- Holders of allowed unsecured claims (Class 3) will be paid 75%
without interest from the proceeds of the sale of substantially all
of the assets of the Debtor.   The Debtor estimates that ultimately
allowed unsecured claims will be approximately $4,600,000.

  -- For allowed unsecured claims of insiders (Class 3A), each
holder will receive its pro rata share of cash remaining in the
Liquidation Fund after payment of higher ranked claims.  The Class
3A Claim of Clearview Capital Management LLC is allowed in the
amount of $42,136,702.53.  The other members of this Class are
GL-2012 Family Trust, Peter Ferraro, Chris Ferraro and Ferraro
Brothers Hockey, LLC.  The claim of the Ferraro Brothers Hockey,
LLC is disputed.

  -- The allowed interests in the Debtor (Class 4) will be
cancelled and holders of these interests won't receive
distribution.

Holders of secured claims (Class 2), unsecured claims (Class 3) and
unsecured claims of insiders (Class 3A) were entitled to vote on
the Plan.

A copy of the Second Amended Disclosure Statement filed Oct. 20,
2015, is available for free at:

    http://bankrupt.com/misc/Twin_Rinks_194_2nd_Am_DS.pdf

                         About Twin Rinks

Twin Rinks At Eisenhower, LLC, an East Meadow, New York-based ice
skating rink operator and entertainment business, sought
Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 15
72466) on June 8, 2015, with plans to sell its business and its
assets as a going concern.

The Debtor disclosed $52.4 million in assets and $55.2 million in
debt as of May 25, 2015.  

The Debtor tapped Jones & Schwartz, P.C., as counsel, and Greenspan
Associates, CPAs, as accountants.


UNITED REFINING: Moody's Withdraws B2 Corp. Family Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn all assigned ratings for
United Refining Company (URC), including the B2 Corporate Family
Rating, following the final repayment of its rated debt.

Issuer: United Refining Company Ratings Withdrawn:

Probability of Default Rating, Withdrawn , previously rated B2-PD

Speculative Grade Liquidity Rating, Withdrawn , previously rated
SGL-2

Corporate Family Rating, Withdrawn , previously rated B2

Outlook Actions:

Issuer: United Refining Company

Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

The company recently announced that it had extinguished all of its
rated debt effective November 19, 2015.



VARIANT HOLDING: Conix, et al., Appeal $20.5MM Loan Approval
------------------------------------------------------------
Conix WH Holdings, LLC, Conix, Inc., Numeric Holdings Company, LLC,
Walker's Dream Trust, Variant Royalty Group, LP and Forward
Progress, LLC, equity holders, appeal to the U.S. District Court
for the District of Delaware from the Bankruptcy Court's Final
Order Approving the Fourth Amendment and Permitted Amendments to
the PI Loan, Security and Guaranty Agreement, entered on Sept. 24,
2015.

The Equity Holders intend to present these issues on appeal:

   A. Did the Bankruptcy Court err in deferring to the business
judgment of the CRO, who was not disinterested in the issue in
question?

   B. Is a CRO entitled to deference of his business judgment?

   C. Did the Bankruptcy Court err in approving a Fourth Amendment
to the DIP Agreement that effectively amended the previously
approved Settlement Agreement without the consent of all parties to
that prior agreement?

   D. Did the Bankruptcy Court err in elevating the priority of the
payments to the Debtor's professionals in contravention of 11
U.S.C. Sec. 364?

   E. Did the Bankruptcy Court err in finding the borrowing was
reasonable, necessary and in the best interests of the estate?

   F. Did the Bankruptcy Court err in finding good cause for
approving the loan?

   G. Did the Bankruptcy Court err in authorizing the Debtor to
borrow additional amounts on undisclosed terms and without
requiring further notice or approval from the Court or interested
parties?

As reported in the Oct. 8, 2015 edition of the TCR, Bankruptcy
Judge Brendan L. Shannon entered a final order approving the Fourth
Amendment and Permitted Amendments to the Debtor-In-Possession
Loan, Security and Guaranty Agreement, which authorizes Variant to
obtain an extension of its postpetition financing in the aggregate
amount of $20,574,038.  The Final Order also provides that the
Debtor may enter into and further implement amendments or
modifications to the DIP loan documents that may increase the DIP
loan commitment in incremental amounts not exceeding $4,000,000 and
up to $24,574,038 in the aggregate.

Parties to the Fourth Amendment are:

     -- debtor Variant Holding Company LLC,  

     -- Laser Focus Holding Company, LLC; Laser Focus Commercial
Investments, LLC; Houston 14 Apartments LLC; Houston 2 Apartments
LLC; Numeric Commercial Investments LLC; and Royal Numeric FX
Investments LLC, as guarantors;

     -- BPC VHI L.P., a Cayman Islands limited partnership; Beach
Point Total Return Master Fund L.P., a Cayman Islands limited
partnership; Beach Point Distressed Master Fund L.P., a Cayman
Islands limited partnership; as lenders; and

     -- Cortland Capital Market Services, L.L.C., a Delaware
limited liability company, as administrative agent.

Conix, et al., are represented by:

         CIARDI CIARDI & ASTIN
         Daniel K. Astin, Esq.
         John D. Mclaughlin, Jr.
         Joseph J. McMahon, Jr.
         1204 North King Street
         Wilmington, DE 19081
         Tel: (302) 384-9545
         Fax: (302) 658-1300
         E-mail: jmclaughlin@ciardilaw.com

              - and -

         Michael McGrath, Esq.
         Frederick J. Petersen, Esq.
         David J. Hindman, Esq.
         MESCH, CLARK & ROTHSCHILD, P.C.
         259 North Meyer Avenue
         Tucson, AZ 85701
         Tel: (520) 624-8886
         Fax: (520) 798-1037
         E-mail: mmcgrath@mcrazlaw.com
                 ecf@mcrazlaw.com

                       About Variant Holding

Variant Holding Company, LLC, commenced bankruptcy proceedings
under Chapter 11 of the U.S. Bankruptcy Code in Delaware (Case No.
14-12021) on Aug. 28, 2014, without stating a reason.

Tucson, Arizona-based Variant Holding estimated $100 million to
$500 million in assets and less than $100 million in debt.

The Debtor has tapped Peter J. Keane, Esq., at Pachulski Stang
Ziehl & Jones LLP, as counsel.

Members holding the majority of the interests in the company,
namely Conix WH Holdings, LLC, Conix Inc., Numeric Holding
Company, LLC, Walkers Dream Trust, and Variant Royalty Group, LP,
signed the resolution authorizing the bankruptcy filing.


VARIANT HOLDING: Needs Until Feb. 28 to File Ch. 11 Plan
--------------------------------------------------------
Variant Holding Company, LLC, asks the U.S. Bankruptcy Court for
the District of Delaware to further extend the period within which
only the Debtor may file a plan of reorganization to the statutory
maximum of Feb. 28, 2016, and the period within which only the
Debtor may obtain acceptances of the plan to the statutory maximum
of April 28, 2016.

According to the Debtor, it requires additional time to propose a
plan because any plan in its bankruptcy case will be based on value
to be derived from the Debtor's subsidiaries' assets.  The Debtor
was unable to consummate the sale of its Texas/East Coast Portfolio
previously approved by the Court due to the Debtor's equity
holders' appeal of the order.

The Debtor is represented by:

         Richard M. Pachulski, Esq.
         Maxim B. Litvak, Esq.
         Peter J. Keane, Esq.
         PACHULSKI STANG ZIEHL & JONES LLP
         919 North Market Street, 17th Floor
         P.O. Box 8705
         Wilmington, DE 19899-8705
         Tel: (302) 652-4100
         Fax: (302) 652-4400
         Email: rpachulski@pszjlaw.com
                mlitvak@pszjlaw.com
                pkeane@pszjlaw.com

                       About Variant Holding

Variant Holding Company, LLC, commenced bankruptcy proceedings
under Chapter 11 of the U.S. Bankruptcy Code in Delaware (Case No.
14-12021) on Aug. 28, 2014, without stating a reason.

Tucson, Arizona-based Variant Holding estimated $100 million to
$500 million in assets and less than $100 million in debt.

The Debtor has tapped Peter J. Keane, Esq., at Pachulski Stang
Ziehl & Jones LLP, as counsel.

Members holding the majority of the interests in the company,
namely Conix WH Holdings, LLC, Conix Inc., Numeric Holding
Company, LLC, Walkers Dream Trust, and Variant Royalty Group, LP,
signed the resolution authorizing the bankruptcy filing.


VIGGLE INC: Robert Sillerman Reports 55.9% Stake as of Dec. 3
-------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Robert F.X. Sillerman, executive chairman and chief
executive officer of the Company, disclosed that as of Dec. 3,
2015, he beneficially owns 21,380,954 shares of common stock of
Viggle Inc., representing 55.9 percent of the shares outstanding.

On Dec. 3, 2015, the Company and Sillerman Investment Company IV
LLC, of which Mr. Sillerman is the sole member and manager, entered
into a subscription agreement pursuant to which SIC IV subscribed
for 8,750,000 shares of the Company's Common Stock at a purchase
price of $0.47 per share.  This resulted in SIC IV paying a total
of $4,112,500 for the shares of Common Stock for which it
subscribed.  SIC IV paid the purchase price by reducing the amounts
outstanding pursuant to the Line of Credit.  After payment of the
purchase price for the shares, there is $4,562,500 in outstanding
principal amount under the Line of Credit.

A copy of the regulatory filing is available for free at:

                       http://is.gd/2lwtz1

                           About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss attributable to common stockholders of
$78.9 million on $25.5 million of revenue for the year ended
June 30, 2015, compared to a net loss attributable to common
stockholders of $68.1 million on $17.98 million of revenues for the
year ended June 30, 2014.

As of Sept. 30, 2015, the Company had $74.0 million in total
assets, $59.8 million in total liabilities, $12.04 million in
series C convertible preferred stock and $2.10 million in total
stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2015, citing that the Company has suffered recurring
losses from operations and at June 30, 2015, has a deficiency in
working capital that raise substantial doubt about its ability to
continue as a going concern.


VIGGLE INC: To Sell Assets to Perk.com in All-Stock Transaction
---------------------------------------------------------------
Viggle Inc. entered into an agreement to sell a number of assets,
including the Viggle applications and rewards program, to Perk.com,
a leading cloud-based mobile rewards platform provider based in
Austin, Texas, which trades on the Toronto Stock Exchange under the
symbol PER.TO.  Perk is a mobile-centric rewards platform targeting
the "New Consumer" and rewarding people for their everyday mobile
and internet activities.

Viggle intends to rebrand itself as DraftDay to focus greater
attention on its recently acquired DraftDay Gaming Group subsidiary
which it will retain as its entertainment publishing site (upon
completion of the transaction).  The fantasy sports market is
rapidly growing, with IBISWorld estimating that revenue for the
fantasy sports market has grown at an annual rate of 10.8 percent
to $2.0 billion from 2010 to 2015.  DraftDay is a differentiated
platform in the industry because it is focused on B2B partnerships,
including new ventures with companies within the regulated gaming
industry.  Viggle will change its trading symbol to DDAY, which it
has reserved with the NASDAQ.

At the present time, Wetpaint.com, its play-along app MyGuy, and
its B2B provider of digital rewards in loyalty programs Choose
Digital, will be retained and managed by Viggle as it explores
strategic alternatives for these non-DraftDay assets.  Due to the
deal structure, Viggle anticipates that it will participate in the
upside of the Viggle assets through the shares that it receives in
Perk.com, both at the closing of the transaction and upon earn-out,
depending on the business meeting certain performance metrics and
PER.TO shares reaching certain targeted levels.

Robert F.X. Sillerman, executive chairman and chief executive
officer, commented, "Having launched the Viggle app just a few
short years ago, we have accomplished a lot. Perk.com is now a
natural fit for further monetizing these assets, as it is the
leading mobile rewards program.  We believe this transaction will
be a win-win for all participants to the transaction, including our
shareholders, as we expect to benefit from two fast growing digital
spaces with DraftDay Gaming Group and our stake in Perk.com.  The
transaction will allow us to achieve continuing upside of a
significant ownership position in this exciting combination of
businesses."

Financial Details of the Transaction

Upon closing of the transaction, Perk.com has agreed to pay 1.5
million PER.TO shares to Viggle, which equates to $4.7 million
based on the closing price of PER.TO shares on Dec. 11, 2015.
Perk.com is also advancing $1 million to Viggle, which can be
repaid by reducing the number of shares Viggle receives at closing
to 1.37 million shares.  Additionally, if the annual revenue of the
combined companies exceeds $130 million in either 2016 or 2017,
Viggle will receive an additional 2.0 million PER.TO shares. Perk
will assume all of Viggle's points liability.  Perk will also
provide Viggle with two warrants to purchase a total of 2.0 million
PER.TO shares at CDN $6.25 per share.  The first warrant will vest
and become exercisable for1.0 million PER.TO shares if within two
years of the closing, PER.TO shares trade at an average of CDN
$12.50 for 20 consecutive days.  The second warrant will vest and
become exercisable for an additional1.0 million PER.TO shares if
within two years of closing, PER.TO shares trade at an average of
$18.75 for 20 consecutive days.

Mr. Sillerman stated, "Assuming the earnout is achieved and the
warrants become exercisable, Viggle will have received
approximately $75MM in consideration, with continuing potential
upside for Viggle's shareholders."

The transaction is expected to close in early 2016, subject to the
customary closing conditions.

                         About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss attributable to common stockholders of
$78.9 million on $25.5 million of revenue for the year ended
June 30, 2015, compared to a net loss attributable to common
stockholders of $68.1 million on $17.98 million of revenues for the
year ended June 30, 2014.

As of Sept. 30, 2015, the Company had $74.0 million in total
assets, $59.8 million in total liabilities, $12.04 million in
series C convertible preferred stock and $2.10 million in total
stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2015, citing that the Company has suffered recurring
losses from operations and at June 30, 2015, has a deficiency in
working capital that raise substantial doubt about its ability to
continue as a going concern.


WORLD WIDE WHEAT: Case Summary & 3 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                     Case No.
       ------                                     --------
       World Wide Wheat-Australia, LLC            15-15807
       7272 East Indian School #111
       Scottsdale, AZ 85251

       World Wide Wheat, LLC                      15-15808
       7272 East Indian School #111
       Scottsdale, AZ 85251

Chapter 11 Petition Date: December 16, 2015

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

Judge: Hon. Madeleine C. Wanslee

Debtors' Counsel: David R. Vandeventer, Esq.
                  VANDEVENTER LAW
                  7272 E. Indian School Rd., #111
                  Scottsdale, AZ 85251
                  Tel: 502-418-5555
                  Email: drv@tmrc.org
                         dvandeventerlaw@gmail.com

                                      Estimated    Estimated
                                        Assets    Liabilities
                                    -----------   -----------
World Wide Wheat-Australia, LLC      $0-$50,000   $1MM-$10MM
World Wide Wheat, LLC               $10MM-$50MM   $10MM-$50MM

The petition was signed by Barbara Richardson, member, manager.

List of World Wide Wheat-Australia, L.L.C.'s Three Largest
Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Gosport c/o atty Brian Sirower     Litigation Funding  $4,600,000
Two N. Central
Phoenix, AZ 85004

Cohen Kennedy et al                   Professional     $2,000,000
c/o atty Gerald Maltz                    Services
One South Church Avenue, Suite 900
Tucson, AZ 85701

Econlit c/o atty Trevor Fish            Professional     $120,555
2650 East Southern                        Services
Mesa, AZ 85204


[*] Huron Bags 2015 Restructuring Technology Deal of the Year Award
-------------------------------------------------------------------
The M&A Advisor selected Huron Business Advisory as a winner of the
10th Annual Turnaround Awards.  Huron was selected as the 2015
Restructuring Technology Deal of the Year Award for Allen Systems
Group.

ASG provides mission-critical enterprise information technology
management software solutions to large enterprises and small and
medium-sized businesses in a variety of industries.  The
restructuring occurred through a prepackaged bankruptcy, confirmed
in 45 days, which restructured $660 million of pre-petition debt
into $240 million of post-emergence secured debt.

The awards will be presented at the 2016 M&A Advisor Distressed
Investing Summit on Thursday, January 28th at the Colony Hotel,
Palm Beach, FL.

Huron congratulates Berger Singerman LLP, Epiq Systems, Latham &
Watkins, Pachulski Stang Ziehl & Jones LLP, Paul, Weiss, Rifkind,
Wharton & Garrison LLP, Rothschild, The Blackstone Group, Young
Conaway Stargatt & Taylor, LLP, and Huron employees John DiDonato,
Ray Anderson, Brett Anderson, Matt Fisher and Joe Polancich for
making an impact and achieving this recognition.


[*] Moody's Reviews 29 Exploration & Production Firms for Downgrade
-------------------------------------------------------------------
Moody's Investors Service placed the ratings of 29 US exploration
and production (E&P) companies and their rated subsidiaries on
review for downgrade. "Industry conditions have weakened further
with oil and natural gas prices at multi-year lows," said Pete
Speer, Moody's Senior Vice President. "E&P companies will be
stressed for a longer period with much lower cash flows,
difficulty selling assets and limited capital markets access."

RATINGS RATIONALE

As part of an ongoing assessment of energy markets, Moody's
sharply reduced its oil and gas price assumptions on December 15
in light of continuing oversupply in both the global oil markets
and the United States natural gas market. Throughout 2015, E&P has

accounted for the majority of Moody's rating actions and
downgrades consistent with deteriorating liquidity and heightened
default risk. Although most of the companies being put on review
have not had a negative rating action during the current slide of
oil and gas prices, today's review for downgrade reflects much
weaker industry fundamentals resulting in downward rating
pressure. While this review focuses on investment grade and Ba-
rated companies, Moody's continues its assessment of single-B and
lower rated companies.

This broad ratings review will focus on each individual E&P
company's asset base, portfolio durability, cost structure and
returns, as well as management's strategy for coping with a
prolonged downturn. The review will assess each company's cash
flow and credit metrics under our latest price assumptions,
liquidity profile, commodity hedges in place, debt maturity
profile and financing needs, capital spending requirements, and
relative rating positioning.

Moody's expects weaker industry conditions through at least 2017,
as lower prices lead to weaker cash flows, a challenging asset
sales environment and restricted access to capital markets. Low
oil and natural gas prices will reduce companies' cash flows and
further weaken their credit metrics. Asset sales are much more
difficult to transact in this environment and the values of these
assets are much lower. Capital markets access, both debt and
equity, is limited for energy companies, heightening refinancing
risk, particularly for speculative-grade rated companies.

Based on the severity and potential duration of the industry
challenges, Moody's expects that many companies will be downgraded

a notch and some companies could be downgraded more than one
notch. However, some companies' ratings could be confirmed as
well. Moody's expects to conclude most reviews over the next
several months.

The following ratings are placed on Review for Downgrade:

Issuer: Anadarko Finance Company

Backed Senior Unsecured Regular Bond/Debenture, Baa2, Placed on
Review for Downgrade

Issuer: Anadarko Petroleum Corporation

Senior Unsecured Shelf, (P)Baa2, Placed on Review for Downgrade

Senior Unsecured Commercial Paper, P-2, Placed on Review for
Downgrade

Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review  
for Downgrade

Issuer: Antero Resources Corporation

Corporate Family Rating, Ba2, Placed on Review for Downgrade

Probability of Default Rating, Ba2-PD, Placed on Review for
Downgrade

Senior Unsecured Regular Bond/Debenture, Ba3 (LGD5), Placed on
Review for Downgrade

Issuer: Antero Resources Finance Corporation (Assumed by Antero
Resources Corporation)

Senior Unsecured Regular Bond/Debenture, Ba3 (LGD5), Placed on
Review for Downgrade

Issuer: Apache Corporation

Senior Unsecured Regular Bond/Debenture, Baa1, Placed on Review
for Downgrade

Issuer: Apache Finance Canada Corporation

Backed Senior Unsecured Regular Bond/Debenture, Baa1, Placed on
Review for Downgrade

Issuer: Apache Finance Canada II Corporation

Backed Subordinate Shelf, (P)Baa2, Placed on Review for Downgrade

Backed Senior Unsecured Shelf, (P)Baa1, Placed on Review for
Downgrade

Issuer: Denbury Resources Inc.

Corporate Family Rating, Ba3, Placed on Review for Downgrade

Probability of Default Rating, Ba3-PD, Placed on Review for
Downgrade

Senior Subordinated Regular Bond/Debenture, B1 (LGD4), Placed on
Review for Downgrade

Issuer: EP Energy LLC

Corporate Family Rating, Ba3, Placed on Review for Downgrade

Probability of Default Rating, Ba3-PD, Placed on Review for
Downgrade

Senior Secured Bank Credit Facilities, Ba2 (LGD3), Placed on
Review for Downgrade

Backed Senior Unsecured Regular Bond/Debenture, B1 (LGD5), Placed

on Review for Downgrade

Senior Unsecured Regular Bond/Debenture, B1 (LGD5), Placed on
Review for Downgrade

Issuer: EQT Corporation

Senior Unsecured Medium-Term Note Program, (P)Baa3, Placed on
Review for Downgrade

Senior Unsecured Regular Bond/Debenture, Baa3, Placed on Review
for Downgrade

Senior Unsecured Shelf, (P)Baa3, Placed on Review for Downgrade

Issuer: Hess Corporation

Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review
for Downgrade

Issuer: Hilcorp Energy I, L.P

Corporate Family Rating, Ba1, Placed on Review for Downgrade

Probability of Default Rating, Ba1-PD, Placed on Review for
Downgrade

Senior Unsecured Regular Bond/Debenture, Ba2 (LGD5), Placed on
Review for Downgrade

Issuer: Hunt Oil Company

Issuer Rating, Baa2, Placed on Review for Downgrade

Issuer: Kerr-McGee Corporation

Backed Senior Unsecured Regular Bond/Debenture, Baa2, Placed on
Review for Downgrade

Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review
for Downgrade

Issuer: National Fuel Gas Company

Commercial Paper, P-2, Placed on Review for Downgrade

Senior Unsecured Medium-Term Note Program, (P)Baa2, Placed on
Review for Downgrade

Senior Unsecured Shelf, (P)Baa2, Placed on Review for Downgrade
currently

Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review  
for Downgrade

Underlying Senior Unsecured Regular Bond/Debenture, Baa2, Placed
on Review for Downgrade

Issuer: Occidental Petroleum Corporation

Commercial Paper, P-1, Placed on Review for Downgrade

Issuer Rating, A2, Placed on Review for Downgrade

Senior Unsecured Shelf, (P)A2, Placed on Review for Downgrade

Senior Unsecured Medium-Term Note Program, (P)A2, Placed on
Review for Downgrade

Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for

Downgrade

Issuer: Maryland Industrial Development Financing Authority

Backed Senior Unsecured Revenue Bonds, A2/VMIG1, Placed on Review

for Downgrade

Issuer: Maury County Industrial Development Broad, TN

Backed Senior Unsecured Revenue Bonds, A2, Placed on Review for
Downgrade

Issuer: Pioneer Natural Resources Company

Issuer Rating, Baa3, Placed on Review for Downgrade

Preferred Shelf, (P)Ba2, Placed on Review for Downgrade

Subordinate Shelf, (P)Ba1, Placed on Review for Downgrade

Senior Unsecured Shelf, (P)Baa3, Placed on Review for Downgrade

Backed Preferred Shelf, (P)Ba1, Placed on Review for Downgrade

Backed Subordinate Shelf, (P)Ba1, Placed on Review for Downgrade

Backed Senior Subordinate Shelf, (P)Ba1, Placed on Review for
Downgrade

Backed Senior Unsecured Shelf, (P)Baa3, Placed on Review for
Downgrade

Senior Unsecured Regular Bond/Debenture, Baa3, Placed on Review
for Downgrade

Issuer: SM Energy Company

Corporate Family Rating, Ba1, Placed on Review for Downgrade

Probability of Default Rating, Ba1-PD, Placed on Review for
Downgrade

Senior Unsecured Regular Bond/Debenture, Ba2 (LGD5), Placed on
Review for Downgrade

Issuer: Union Pacific Resources Group Inc.

Backed Senior Unsecured Regular Bond/Debenture, Baa2, Placed on
Review for Downgrade

Issuer: Unit Corporation

Corporate Family Rating, Ba3, Placed on Review for Downgrade

Probability of Default Rating, Ba3-PD, Placed on Review for
Downgrade

Senior Subordinated Regular Bond/Debenture, B1 (LGD5), Placed on
Review for Downgrade

Issuer: WPX Energy, Inc.

Corporate Family Rating, Ba1, Placed on Review for Downgrade

Probability of Default Rating, Ba1-PD, Placed on Review for
Downgrade

Senior Unsecured Regular Bond/Debenture, Ba1 (LGD4), Placed on
Review for Downgrade

Senior Unsecured Shelf, (P)Ba1, Placed on Review for Downgrade

Issuer: Burlington Resources Finance Company

Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on
Review for Downgrade

Issuer: Burlington Resources, Inc.

Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for

Downgrade

Issuer: Cimarex Energy Co.

Senior Unsecured Regular Bond/Debenture, Baa3, Placed on Review
for Downgrade

Issuer: Concho Resources Inc.

Corporate Family Rating, Ba1, Placed on Review for Downgrade

Probability of Default Rating, Ba1-PD, Placed on Review for
Downgrade

Senior Unsecured Regular Bond/Debenture, Ba2 (LGD4), Placed on
Review for Downgrade

Issuer: Conoco Funding Company

Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on
Review for Downgrade

Issuer: ConocoPhillips

Issuer Rating, A2, Placed on Review for Downgrade

Backed Senior Unsecured Shelf, (P)A2, Placed on Review for
Downgrade

Backed Senior Unsecured Commercial Paper, P-1, Placed on Review
for Downgrade

Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on
Review for Downgrade

Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for

Downgrade

Issuer: ConocoPhillips Canada Funding Company I

Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on
Review for Downgrade

Issuer: ConocoPhillips Canada Funding Company II

Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on
Review for Downgrade

Issuer: ConocoPhillips Canada Resources Limited

Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on
Review for Downgrade

Issuer: ConocoPhillips Company

Issuer Rating, A2, Placed on Review for Downgrade

Senior Secured Equipment Trust, A1, Placed on Review for
Downgrade

Senior Secured Regular Bond/Debenture, A2, Placed on Review for
Downgrade

Senior Secured Shelf, (P)A1, Placed on Review for Downgrade

Backed Senior Unsecured Shelf, (P)A2, Placed on Review for
Downgrade

Senior Unsecured Medium-Term Note Program, (P)A2, Placed on
Review for Downgrade

Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on
Review for Downgrade

Issuer: ConocoPhillips Holding Company (Assumed by ConocoPhillips
Company)

Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for

Downgrade

Issuer: ConocoPhillips Qatar Funding Ltd.

Backed Senior Unsecured Commercial Paper, P-1, Placed on Review
for Downgrade

Issuer: Continental Resources, Inc.

Senior Unsecured Regular Bond/Debenture, Baa3, Placed on Review
for Downgrade

Issuer: Energen Corporation

Corporate Family Rating, Ba1, Placed on Review for Downgrade

Probability of Default Rating, Ba1-PD, Placed on Review for
Downgrade

Preferred Shelf, (P)B1, Placed on Review for Downgrade

Senior Unsecured Shelf, (P)Ba2, Placed on Review for Downgrade

Senior Unsecured Medium-Term Note Program, (P)Ba2, Placed on
Review for Downgrade

Senior Unsecured Regular Bond/Debenture, Ba2 (LGD5), Placed on
Review for Downgrade

Issuer: EOG Resources, Inc.

Senior Unsecured Shelf, (P)A3, Placed on Review for Downgrade

Preferred Shelf, (P)Baa2, Placed on Review for Downgrade

Subordinate Shelf, (P)Baa1, Placed on Review for Downgrade

Senior Unsecured Regular Bond/Debenture, A3, Placed on Review for

  Downgrade

Issuer: Kodiak Oil & Gas Corp

Backed Senior Unsecured Regular Bond/Debenture, Ba3(LGD4), Placed

on Review for Downgrade

Issuer: Louisiana Land & Exploration Company

Senior Unsecured Regular Bond/Debenture, A2, Placed on Review for

Downgrade

Issuer: Marathon Oil Corporation

Senior Unsecured Shelf, (P)Baa1, Placed on Review for Downgrade

Senior Unsecured Medium-Term Note Program, (P)Baa1, Placed on
Review for Downgrade

Senior Unsecured Regular Bond/Debenture, Baa1, Placed on Review
for Downgrade

Issuer: Murphy Oil Corporation

Senior Unsecured Regular Bond/Debenture, Baa3, Placed on Review
for Downgrade

Issuer: Newfield Exploration Company

Probability of Default Rating, Ba1-PD, Placed on Review for
Downgrade

Corporate Family Rating, Ba1, Placed on Review for Downgrade

Preferred Shelf Shelf , (P)Ba3, Placed on Review for Downgrade

Senior Subordinate Shelf , (P)Ba2, Placed on Review for Downgrade

Senior Unsecured Shelf , (P)Ba1, Placed on Review for Downgrade

Senior Unsecured Regular Bond/Debenture, Ba1 (LGD4), Placed on
Review for Downgrade

Issuer: Noble Energy, Inc.

Senior Unsecured Shelf, (P)Baa2, Placed on Review for Downgrade

Senior Unsecured Regular Bond/Debenture, Baa2, Placed on Review
for Downgrade

Issuer: Polar Tankers, Inc.

Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on
Review for Downgrade

Issuer: QEP Resources, Inc.

Probability of Default Rating, Ba1-PD, Placed on Review for
Downgrade

Corporate Family Rating , Ba1, Placed on Review for Downgrade

Senior Unsecured Regular Bond/Debenture, Ba1 (LGD4), Placed on
Review for Downgrade

Issuer: Range Resources Corporation

Probability of Default Rating, Ba1-PD, Placed on Review for
Downgrade

Corporate Family Rating, Ba1, Placed on Review for Downgrade

Senior Subordinated Regular Bond/Debenture, Ba2 (LGD5), Placed on

Review for Downgrade

Senior Unsecured Regular Bond/Debenture, Ba1 (LGD3), Placed on
Review for Downgrade

Issuer: Southwestern Energy Company

Senior Unsecured Commercial Paper, P-3, Placed on Review for
Downgrade

Senior Unsecured Regular Bond/Debenture, Baa3 Placed on Review
for Downgrade

Issuer: St. John the Baptist (Parish of) LA

Backed Senior Unsecured Revenue Bonds, Baa1, Placed on Review for

Downgrade

Issuer: Tosco Corporation

Backed Senior Unsecured Regular Bond/Debenture, A2, Placed on
Review for Downgrade

Issuer: Valdez (City of) AK

Backed Senior Unsecured Revenue Bonds, A2/VMIG1, Placed on Review

for Downgrade

Issuer: Whiting Petroleum Corporation

Probability of Default Rating, Ba2-PD, Placed on Review for
Downgrade

Corporate Family Rating , Ba2, Placed on Review for Downgrade

Senior Subordinated Regular Bond/Debenture, B1 (LGD6), Placed on
Review for Downgrade

Senior Unsecured Conv./Exch. Bond/Debenture, Ba3 (LGD4), Placed
on Review for Downgrade

Senior Unsecured Regular Bond/Debenture, Ba3 (LGD4), Placed on
Review for Downgrade

Senior Unsecured Regular Bond/Debenture, Ba3 (LGD4), Placed on
Review for Downgrade

Outlook Actions:

Issuer: Anadarko Finance Company

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Anadarko Petroleum Corporation

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Antero Resources Corporation

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Apache Corporation

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Apache Finance Canada Corporation

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Apache Finance Canada II Corporation

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Denbury Resources Inc.

Outlook, Changed To Rating Under Review From Negative

Outlook Actions:

Issuer: EP Energy LLC

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: EQT Corporation

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Hess Corporation

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Hilcorp Energy I, L.P

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Hunt Oil Company

Outlook, Changed To Rating Under Review From Negative

Outlook Actions:

Issuer: Kerr-McGee Corporation

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: National Fuel Gas Company

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Occidental Petroleum Corporation

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Pioneer Natural Resources Company

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: SM Energy Company

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Union Pacific Resources Group Inc.

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: Unit Corporation

Outlook, Changed To Rating Under Review From Stable

Outlook Actions:

Issuer: WPX Energy, Inc.

Outlook, Changed To Rating Under Review From Negative

Outlook Actions:

Issuer: Burlington Resources Finance Company

Outlook, Changed To Rating Under Review From Stable

Issuer: Burlington Resources, Inc.

Outlook, Changed To Rating Under Review From Stable

Issuer: Cimarex Energy Co.

Outlook, Changed To Rating Under Review From Stable

Issuer: Concho Resources Inc.

Outlook, Changed To Rating Under Review From Stable

Issuer: Conoco Funding Company

Outlook, Changed To Rating Under Review From Stable

Issuer: ConocoPhillips

Outlook, Changed To Rating Under Review From Stable

Issuer: ConocoPhillips Canada Funding Company I

Outlook, Changed To Rating Under Review From Stable

Issuer: ConocoPhillips Canada Funding Company II

Outlook, Changed To Rating Under Review From Stable

Issuer: ConocoPhillips Canada Resources Limited

Outlook, Changed To Rating Under Review From Stable

Issuer: ConocoPhillips Company

Outlook, Changed To Rating Under Review From Stable

Issuer: Continental Resources, Inc.

Outlook, Changed To Rating Under Review From Stable

Issuer: Energen Corporation

Outlook, Changed To Rating Under Review From Negative

Issuer: EOG Resources, Inc.

Outlook, Changed To Rating Under Review From Stable

Issuer: Kodiak Oil & Gas Corp

Outlook, Changed To Rating Under Review From Stable

Issuer: Louisiana Land & Exploration Company

Outlook, Changed To Rating Under Review From Stable

Issuer: Marathon Oil Corporation

Outlook, Changed To Rating Under Review From Stable

Issuer: Murphy Oil Corporation

Outlook, Changed To Rating Under Review From Negative

Issuer: Newfield Exploration Company

Outlook, Changed To Rating Under Review From Stable

Issuer: Noble Energy, Inc.

Outlook, Changed To Rating Under Review From Stable

Issuer: Polar Tankers, Inc.

Outlook, Changed To Rating Under Review From Stable

Issuer: QEP Resources, Inc.

Outlook, Changed To Rating Under Review From Stable

Issuer: Range Resources Corporation

Outlook, Changed To Rating Under Review From Stable

Issuer: Southwestern Energy Company

Outlook, Changed To Rating Under Review From Stable

Issuer: Whiting Petroleum Corporation

Outlook, Changed To Rating Under Review From Stable

Affirmations:

Issuer: Apache Corporation

Senior Unsecured Commercial Paper, Affirmed P-2

Issuer: EOG Resources, Inc.

Commercial Paper, Affirmed P-2

Issuer: Marathon Oil Corporation

Senior Unsecured Commercial Paper, Affirmed P-2

Unchanged:

Issuer: Denbury Resources Inc.

Speculative Grade Liquidity Rating, Unchanged at SGL-3

Issuer: EP Energy LLC

Speculative Grade Liquidity Rating, Unchanged at SGL-2

Issuer: WPX Energy, Inc.

Speculative Grade Liquidity Rating, Unchanged at SGL-3

Issuer: Unit Corporation

Speculative Grade Liquidity Rating, Unchanged at SGL-2

Issuer: SM Energy Company

Speculative Grade Liquidity Rating, Unchanged at SGL-2

Issuer: Concho Resources Inc.

Speculative Grade Liquidity Rating, Unchanged SGL-2

Issuer: Energen Corporation

Speculative Grade Liquidity Rating, Unchanged SGL-2

Issuer: Newfield Exploration Company

Speculative Grade Liquidity Rating, Unchanged SGL-2

Issuer: Range Resources Corporation

Speculative Grade Liquidity Rating, Unchanged SGL-2

Issuer: Whiting Petroleum Corporation

Speculative Grade Liquidity Rating, Unchanged SGL-2

Issuer: Antero Resources Corporation

Speculative Grade Liquidity Rating, Unchanged SGL-2

Issuer: QEP Resources, Inc.

Speculative Grade Liquidity Rating, Unchanged SGL-2


[^] BOOK REVIEW: Risk, Uncertainty and Profit
---------------------------------------------
Author:  Frank H. Knight
Publisher:  Beard Books
Softcover:  381 pages
List Price:  $34.95
Review by Gail Owens Hoelscher

Order your personal copy today at
http://www.amazon.com/exec/obidos/ASIN/1587981262/internetbankrupt

The tenets Frank H. Knight sets out in this, his first book,
have become an integral part of modern economic theory. Still
readable today, it was included as a classic in the 1998 Forbes
reading list. The book grew out of Knight's 1917 Cornell
University doctoral thesis, which took second prize in an essay
contest that year sponsored by Hart, Schaffner and Marx. In it,
he examined the relationship between knowledge on the part of
entrepreneurs and changes in the economy. He, quite famously,
distinguished between two types of change, risk and uncertainty,
defining risk as randomness with knowable probabilities and
uncertainty as randomness with unknowable probabilities. Risk,
he said, arises from repeated changes for which probabilities
can be calculated and insured against, such as the risk of fire.
Uncertainty arises from unpredictable changes in an economy,
such as resources, preferences, and knowledge, changes that
cannot be insured against. Uncertainty, he said "is one of the
fundamental facts of life."

One of the larger issues of Knight's time was how the
entrepreneur, the central figure in a free enterprise system,
earns profits in the face of competition. It was thought that
competition would reduce profits to zero across a sector because
any profits would attract more entrepreneurs into the sector and
increase supply, which would drive prices down, resulting in
competitive equilibrium and zero profit.

Knight argued that uncertainty itself may allow some entrepreneurs
to earn profits despite this equilibrium. Entrepreneurs, he said,
are forced to guess at their expected total receipts. They cannot
foresee the number of products they will sell because of the
unpredictability of consumer preferences. Still, they must
purchase product inputs, so they base these purchases on the
number of products they guess they will sell. Finally, they have
to guess the price at which their products will sell. These
factors are all uncertain and impossible to know. Profits are
earned when uncertainty yields higher total receipts than
forecasted total receipts. Thus, Knight postulated, profits are
merely due to luck. Such entrepreneurs who "get lucky" will try to
reproduce their success, but will be unable to because their luck
will eventually turn.

At the time, some theorists were saying that when this luck runs
out, entrepreneurs will then rely on and substitute improved
decision making and management for their original
entrepreneurship, and the profits will return. Knight saw
entrepreneurs as poor managers, however, who will in time fail
against new and lucky entrepreneurs. He concluded that economic
change is a result of this constant interplay between new
entrepreneurial action and existing businesses hedging against
uncertainty by improving their internal organization.

Frank H. Knight has been called "among the most broad-ranging
and influential economists of the twentieth century" and "one of
the most eclectic economists and perhaps the deepest thinker and
scholar American economics has produced." He stands among the
giants of American economists that include Schumpeter and Viner.
His students included Nobel Laureates Milton Friedman, George
Stigler and James Buchanan, as well as Paul Samuelson. At the
University of Chicago, Knight specialized in the history of
economic thought. He revolutionized the economics department
there, becoming one the leaders of what has become known as the
Chicago School of Economics. Under his tutelage and guidance,
the University of Chicago became the bulwark against the more
interventionist and anti-market approaches followed elsewhere in
American economic thought. He died in 1972.


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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 ***