TCR_Public/151224.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, December 24, 2015, Vol. 19, No. 358

                            Headlines

21ST CENTURY ONCOLOGY: Appoints Robert Miller to Board
ACOSTA INC: Moody's Affirms B2 CFR & Changes Outlook to Stable
ADVANTAGE SALES: Moody's Affirms B2 CFR, Outlook Stable
ALEXZA PHARMACEUTICALS: Reports Interim Results From AZ-002 Study
AMAZING ENERGY: DeCoria Maichel Raises Going Concern Doubt

AMC NETWORKS: Moody's Raises Corp. Family Rating to 'Ba2'
AMERICAN LIBERTY: JW GST Wants Court to Limit Exclusive Periods
AMR CORP: Unions Say Tax Withholding Flouts Chapter 11 Plan
ASBURY EQUITIES: Voluntary Chapter 11 Case Summary
ASCENT RESOURCES: S&P Lowers CCR to 'CCC', Outlook Negative

BLACK ELK: Court Extends Plan Filing Deadline to March 21
BLUEGREEN CORP: S&P Affirms 'B+' CCR on New Finance Criteria
BTB CORP: Has Until Jan. 19 to Solicit Acceptances to Plan
BUCCANEER ENERGY: Court Grants $744K in Fees, Expenses to Directors
BUDD COMPANY: Asbestos Panel Seeks to Prosecute Victims' Claims

CANYON COMPANIES: Moody's Puts B2 CFR Under Review for Downgrade
CHARTER NEX: Moody's Confirms B2 CFR & Changes Outlook to Negative
CHUNG FAT SUPERMARKET: Case Summary & 20 Top Unsecured Creditors
CITY OF PEARL: Moody's Lowers Rating on GOULT Bonds to 'Ba1'
COMMUNITY HOME FINANCIAL: Court Partially Allows Attorney's Fees

COMPASS MINERALS: Moody's Assigns Ba1 Rating on $100MM Term Loan E
CREW ENERGY: DBRS Confirms 'B' Issuer Rating
DIAMOND RESORTS: S&P Affirms 'B+' CCR on New Finance Criteria
ELBIT IMAGING: Unit Reappoints Ron Hadassi as Chairman
ESSAR STEEL: S&P Assigns 'B' Rating on US$200MM DIP Loans

FILMED ENTERTAINMENT: Seeks to Extend Exclusive Right to File Plan
FORESIGHT ENERGY: S&P Lowers CCR to 'CCC', on Watch Developing
GELT PROPERTIES: Gets Final Decree Closing Chapter 11 Case
GEOMET INC: Company Dissolution Takes Effect
GRANITE BROADCASTING: S&P Withdraws 'B' CCR at Company's Request

GRL-MESA INVESTMENTS: Voluntary Chapter 11 Case Summary
GROWLIFE INC: History of Losses Raises Going Concern Doubt
HCSB FINANCIAL: Has Going Concern Doubt, Says Management
HONGLI CLEAN ENERGY: Capital Deficit Casts Going Concern Doubt
HYDROCARB ENERGY: Incurs $4.15 Million Net Loss in First Quarter

HYDROCARB ENERGY: MaloneBailey Raises Going Concern Doubt
KEMET CORP: Morgan Stanley Reports 1.8% Stake as of Dec. 14
LANDMARK WEST: Owes Loanvest $773K, Court Rules
LARRY GENTRY: 10th Cir. Reverses in Part Plan Confirmation Order
LOUISVILLE ARENA: S&P Affirms 'BB' Rating on $292.28MM Bonds

MACCO PROPERTIES: Court Denies Joint Bid to Dismiss Clawback Suit
MAKINO PREMIUM: Fairway's Complaint Dismissed With Prejudice
MEDIACOM BROADBAND: Moody's Assigns Ba2 Rating on Sr. Sec. Loans
MEDIACOM COMMUNICATIONS: S&P Rates New Sr. Secured Debt 'BB'
MILLENNIUM LAB: Lenders Ask to Appeal Ch. 11 Plan to 3rd Circuit

MILLENNIUM LAB: Wants $1-Bil. Bond Posted If Chapter 11 Plan Halted
MOBIQUITY TECHNOLOGIES: Posts Net Loss, Admits Going Concern Doubt
MURRAY ENERGY: S&P Lowers CCR to 'B', on CreditWatch Negative
NEWLEAD HOLDINGS: Incurs $42.1-Mil. Net Loss in June 30 Quarter
NUO THERAPEUTICS: Uncertainty Over Debt Casts Going Concern Doubt

OMNICOMM SYSTEMS: Losses, Deficits Raise Going Concern Doubt
OVERSEAS SHIPHOLDING: S&P Raises Rating on $119MM Notes to 'BB-'
PACIFIC EXPLORATION: Moody's Lowers CFR to Caa3, Outlook Negative
PATRIOT COAL: Jan. 11 Deadline to File Objections to Admin Claims
PEDEVCO CORP: Recurring Losses, Deficits Raise Going Concern Doubt

QUANTUM MATERIALS: Incurs Net Loss, Admits Going Concern Doubt
REGIONS FINANCIAL: DBRS Confirms 'BB' Preferred Stock Rating
ROCKIES REGION 2006: Capex, et al., Raise Going Concern Doubt
SABINE OIL: Has Until March 11 to Propose Chapter 11 Plan
SAN BERNARDINO, CA: Creditor Fights Plan to Set Aside $200M

ST MICHAEL'S: Exclusive Right to File Plan Extended to April 6
STEVEN SANN: Court Denies Use of Assets to Pay Attorneys' Fees
TARGETED MEDICAL: Has Going Concern Doubt Due to Losses, Deficit
TEEKAY CORP: Moody's Puts B1 CFR Under Review for Downgrade
TERRAFORM POWER: S&P Lowers CCR to 'B-', Outlook Negative

TERRENO REALTY: Fitch Assigns 'BB' Rating on Preferred Stock
TRANSTAR HOLDING: S&P Lowers CCR to 'CCC+', Outlook Negative
TRAVELPORT WORLDWIDE: Morgan Stanley Has 1.2% Stake as of Dec. 11
TRILOGY ENERGY: DBRS Cuts Issuer Rating to 'B(low)'
TRUE DRINKS: Posts Net Loss, Has Going Concern Doubt

TRUE RELIGION: S&P Lowers CCR to 'CCC', Outlook Negative
TRUMP ENTERTAINMENT: Deadline to Remove Suits Extended to April 1
TRUMP ENTERTAINMENT: Seeks Until April 1 to Remove Actions
VILLAS DEL MAR: Case Summary & 20 Largest Unsecured Creditors
VIREOL BIO: Ch. 7 Involuntary Converted to Ch. 11 Reorganization

[*] Law360 Names Top Three Firms That Dominated in 2015
[*] Mayer Brown Snags Clifford Chance Corporate Securities Team
[*] Moody's Liquidity Stress Index Continues to Increase
[*] US Leveraged Loan Default in 2016 to Rise to 2.5%, Fitch Says
[*] Willkie Farr Snags Paul Hastings Restructuring Team

[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

21ST CENTURY ONCOLOGY: Appoints Robert Miller to Board
------------------------------------------------------
21st Century Oncology Holdings, Inc., announced that on Dec. 15,
2015, the Board of Directors increased the size of the Board from
seven to eight members and appointed Robert W. Miller as an
independent member of the Board, effective immediately.  The Board
also appointed Mr. Miller as the Chairperson of its Compliance and
Quality Committee.

Dr. Daniel Dosoretz, founder, president and chief executive
officer, commented, "We are pleased to add Mr. Miller to our Board
of Directors.  His extensive expertise in governance, compliance
and audit will be an important asset to our current board."

On Dec. 21, 2015, Mr. Miller entered into an incentive unit grant
agreement with 21st Century Oncology Investments, LLC ("21CI"), the
sole stockholder of the Company.  Pursuant to the Incentive
Agreement, Mr. Miller will receive 20,000 Class E Units of 21CI,
which vest equally over five years.  Under certain conditions, 21CI
has the right to repurchase all or a portion of any vested Class E
Units. In addition, on Dec. 21, 2015, Mr. Miller and the Company
entered into a bonus agreement which provides that upon a sale of
the Company, Mr. Miller will receive a cash bonus equal to 0.12% of
the equity value of the Company upon such sale, not to exceed
$252,600.

Mr. Miller, age 74, was a partner in the law firm of King &
Spalding from 1985 until his retirement in 1997.  In addition, Mr.
Miller has served on the board of directors of SunCrest Healthcare,
an operator of home health agencies, since 2013.  Mr. Miller
previously served as a director of QuadraMed Corporation, from 2003
to 2010, where he was a member of the Audit Committee and the
Chairman of the Compensation Committee, and as a director of Sonic
Innovation, from 2006 to 2010, where he was a member of the Audit
Committee and chairman of the Nominating and Governance Committee.
Mr. Miller served on the Nonprofit Board of Directors of Grady
Memorial Hospital in Atlanta, Georgia, where he served as
Chairperson of its Audit Committee, from 2008 to 2014.  In
addition, he has served as an Adjunct Professor of Law at Emory
University School of Law and Editor-in-Chief of the Journal of
Health and Life Sciences Law.  Mr. Miller has a B.A. from the
University of Georgia and an LL.B. from Yale Law School.

                       About 21st Century

21st Century Oncology, Inc., formerly known as Radiation Therapy
Services, Inc. ("RTS") owns and operates radiation treatment
facilities in the US and Latin America.

The Company's balance sheet at June 30, 2014, showed $1.11 billion
in total assets, $1.38 billion in total liabilities, $46.65
million in noncontrolling interests-redeemable, and a $325.04
million total deficit.

                            *     *     *

As reported by the TCR on Feb. 27, 2015, Moody's Investors Service
upgraded 21st Century Oncology, Inc.'s Corporate Family Rating and
Probability of Default Rating to B3 and B3-PD, respectively.
The upgrade of the Corporate Family Rating to B3 and SGL to SGL-2
reflects the receipt of a $325 million preferred equity investment
from the Canada Pension Plan Investment Board and subsequent debt
reduction.

In the April 16, 2015, edition of the TCR, Standard & Poor's
Ratings Services affirmed its 'B-' corporate credit rating on Fort
Myers-based cancer care provider 21st Century Oncology Holdings
Inc.


ACOSTA INC: Moody's Affirms B2 CFR & Changes Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service changed Acosta, Inc.'s outlook to stable
from negative and affirmed both the B2 Corporate Family Rating and
B2-PD Probability of Default Ratings.  Moody's also affirmed the B1
rating on the company's senior secured first lien bank facility and
the Caa1 rating on the senior unsecured notes.

These ratings were affirmed:

  B2 Corporate Family Rating

  B2-PD Probability of Default Rating

  B1 (LGD3) rating on $225 million sr. secured 1st lien revolving
   credit facility due 2019

  B1 (LGD3) rating on $2.051 billion (originally $2.065 billion)
   sr. secured 1st lien term loan due 2021

  Caa1 (LGD5) rating on $800 million sr. unsecured notes due 2022

RATING RATIONALE

The change in the rating outlook to stable from negative reflects
the improvement in Acosta's debt leverage from elevated post-LBO
levels at the time the company was acquired by The Carlyle Group.
Acosta has reduced debt/EBITDA to approximately 7.6x for the 12
months ended July 31, 2015, from over 8.5x following the Sept. 2014
leveraged buyout (metrics incorporate Moody's standard
adjustments).  For the fiscal year ended Oct. 31, 2015, Moody's
estimates further improvement to approximately 7.5x on a pro forma
basis, accounting for acquisitions closed during the year, and we
anticipate this trend to continue in 2016.  The deleveraging is
achieved through a combination of growth from new client and
business wins and cost cutting measures implemented to support
operating margin growth, as well as annual term loan amortization
of approximately $20 million and steady repayments of acquisition
financing notes.

Acosta's B2 CFR reflects the company's elevated debt leverage,
which remains high relative to similarly-rated business services
companies, but in line with that of its closest industry peer.
Year-over-year sales growth has softened in recent quarters as
certain large consumer packaged goods (CPG) manufacturers reassess
their sales and marketing service needs, and as certain large
retailers reallocate shelf and end-cap space to save costs.  Also
factored into the ratings is moderate concentration among the
company's top five customers (25% of revenues) and the potential
impact of reduced spending by a few key clients.  The ratings also
take into consideration Acosta's ongoing acquisition integration
risk, its strategy of financing acquisitions partially with debt,
and event risk related to financial policy under private equity
ownership.  The company faced heightened risk following the $4.8
billion leveraged buyout by Carlyle in September 2014.  The highly
leveraged capital structure reduces the company's financial
flexibility as it executes expansion plans and integrates
acquisitions, while also satisfying the financial goals of its
equity sponsor.  The company's recent track record of growth
through acquisitions points to a greater likelihood that excess
cash will be used for growth opportunities before optional term
loan prepayments.

Moody's expects Acosta will continue to benefit from new client and
business wins, helping to offset the recent pull-back in spending
by certain large CPG manufacturers.  Despite the recent decline in
sales growth, the company will maintain its double-digit EBITA
margins due to the highly variable cost structure and cost saving
initiatives put in place.  Moody's projects that earnings growth,
along with mandatory amortization and estimated payments on seller
notes related to certain past acquisitions, will allow the company
to reduce leverage to below 7.0x over the next 12 to 18 months,
absent additional debt financings.  Moody's recognizes the
company's good cash flow generation through the cycle due to the
relative inelasticity of demand for the products it represents, as
well as for outsourced sales and marketing services.  Acosta is one
of two dominant SMAs in the US, and its market position, high
barriers to entry, potential switching costs for its customers, and
the conflict of interest for SMAs representing competing clients
all contribute to high customer retention rates.

Acosta's ratings could be downgraded if debt/EBITDA is sustained
above 7.5x.  A deterioration in Acosta's liquidity profile,
weaker-than-expected improvement in operating margins, or a
material contraction in revenues could also pressure the ratings.
Significant leveraging transactions to finance acquisitions or
distributions to the owners could also result in negative rating
actions.

Given Acosta's highly leveraged capital structure, a rating upgrade
in the near term is unlikely.  Ratings could be upgraded if the
company uses excess cash to prepay debt obligations such that
debt/EBITDA is sustained below 6.0x and interest coverage
(EBITA/interest expense) is maintained above 2.0x.  An upgrade
would also require a demonstrated commitment to conservative
financial policies with regard to dividends and acquisitions.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Acosta Sales and Marketing, Inc., headquartered in Jacksonville,
FL, is a leading sales and marketing agency in the US, providing
outsourced marketing and merchandising services to manufacturers,
suppliers, and producers of, primarily, food-related consumer
packaged goods.  In September 2014, the company underwent a $4.8
billion leveraged buyout by The Carlyle Group.  For the 12 months
ended July 31, 2015, the company generated close to $2.0 billion in
revenues.



ADVANTAGE SALES: Moody's Affirms B2 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service changed Advantage Sales and Marketing,
Inc.'s outlook to stable from negative and affirmed both the B2
Corporate Family Rating (CFR) and B2-PD Probability of Default
Ratings.  Moody's also affirmed the B1 rating on the company's
senior secured first lien bank facility and the Caa1 rating on the
senior secured second lien term loan.

These ratings were affirmed:

  B2 Corporate Family Rating

  B2-PD Probability of Default Rating

  B1 (LGD3) rating on $200 million sr. secured 1st lien revolving
   credit facility due 2019

  B1 (LGD3) rating on $1.991 billion (originally $2.01 billion)
   sr. secured 1st lien term loan due 2021 (incl. fully drawn
   delayed draw term loan)

  Caa1 (LGD5) rating on $760 million sr. secured 2nd lien term
   loan due 2022

RATING RATIONALE

The change in the rating outlook to stable from negative reflects
the improvement in ASM's debt leverage from elevated post-LBO
levels at the time the company was acquired by Leonard Green &
Partners and CVC Capital Partners.  On a pro forma basis,
accounting for new business wins and acquisitions closed in 2015,
adjusted debt/EBITDA for the 12 months ended Sept. 30, 2015, was
7.5x, down from over 8.5x following the July 2014 leveraged buyout
(metrics incorporate Moody's standard adjustments).  Moody's
anticipates further improvement to approximately 7.1x (pro forma)
by the end of 2015.  The deleveraging is achieved through a
combination of growth from new client and business wins, realized
acquisition synergies, and annual term loan amortization of
approximately $20 million.

ASM's B2 CFR reflects the company's elevated debt leverage, which
remains high relative to similarly-rated business services
companies, but in line with that of its closest industry peer.
Year-over-year sales growth has softened slightly in recent
quarters as certain large consumer packaged goods (CPG)
manufacturers reassess their sales and marketing service needs, and
as certain large retailers reallocate shelf and end-cap space to
save costs.  Also factored into the ratings is significant
concentration among the company's top five customers (25% of
revenues) and the potential impact of reduced spending by a few key
clients.  The ratings also take into consideration ASM's ongoing
acquisition integration risk, its willingness to raise debt for
identified acquisitions without firm commitments, and event risk
related to financial policy under private equity ownership.  The
company faces heightened risk following the $4.2 billion leveraged
buyout by Leonard Green & Partners and CVC Capital Partners in July
2014.  The highly leveraged capital structure reduces the company's
financial flexibility as it executes expansion plans and integrates
acquisitions, while also satisfying the financial goals of its
equity sponsors.  The company's recent track record of growth
through acquisitions points to a greater likelihood that excess
cash will be used for growth opportunities before optional term
loan prepayments.

Moody's expects ASM will continue to benefit from new client and
business wins, helping to offset the recent pull-back in spending
by certain large CPG manufacturers.  Despite the recent decline in
sales growth, the company will maintain its double-digit EBITA
margins due to the highly variable cost structure and continued
realization of acquisition synergies.  Moody's projects that
earnings growth, along with mandatory amortization, will allow the
company to reduce leverage to below 7.0x over the next 12 to 18
months, absent additional debt financings.  Moody's recognizes the
company's good cash flow generation through the cycle due to the
relative inelasticity of demand for the products it represents, as
well as for outsourced sales and marketing services.  ASM is one of
two dominant SMAs in the US, and its market position, high barriers
to entry, potential switching costs for its customers, and the
conflict of interest for SMAs representing competing clients all
contribute to high customer retention rates.

ASM's ratings could be downgraded if debt/EBITDA is sustained above
7.5x.  A deterioration in ASM's liquidity profile,
weaker-than-expected improvement in operating margins, or a
material contraction in revenues could also pressure the ratings.
Significant leveraging transactions to finance acquisitions or
distributions to the owners could also result in negative rating
actions.

Given ASM's highly leveraged capital structure, a rating upgrade in
the near term is unlikely.  Ratings could be upgraded if the
company uses excess cash to prepay debt obligations such that
debt/EBITDA is sustained below 6.0x and interest coverage
(EBITA/interest expense) is maintained above 2.0x.  An upgrade
would also require a demonstrated commitment to conservative
financial policies with regard to dividends and acquisitions.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Advantage Sales & Marketing Inc., headquartered in Irvine, CA, is a
national sales and marketing agency in the US, providing outsourced
sales, marketing and merchandising services to manufacturers,
suppliers and producers of consumer packaged goods. In July 2014,
affiliates of Leonard Green & Partners, L.P. and funds advised by
CVC Capital Partners purchased a majority ownership stake in the
company.  For the 12 months ended Sept. 30, 2015, ASM generated
total revenues of close to $2 billion.



ALEXZA PHARMACEUTICALS: Reports Interim Results From AZ-002 Study
-----------------------------------------------------------------
Alexza Pharmaceuticals, Inc., announced interim results of its
Phase 2a study of AZ-002 (Staccato alprazolam) in epilepsy
patients.  AZ-002 produced a dose-related decrease in mean
Standardized Photosensivity Range (SPR), the primary endpoint in
the study.  AZ-002 is being developed for the management of
epilepsy in patients with acute repetitive seizures.  ARS occurs in
a subset of patients with epilepsy who regularly experience
breakthrough seizures, despite treatment with a regular regimen of
anti-epileptic drugs.

This study employs the intermittent photic sensitivity model in
patients with epilepsy who previously exhibited photoparoxysmal
responses on their electroencephalogram.  The IPS model provides a
means for assessing the effects of potential therapeutics in
epilepsy patients in a controlled laboratory setting by measuring
epileptiform changes on the EEG to varying frequencies of flashes
of light.  In addition to producing a dose-related decrease in mean
SPR, there have been no serious adverse events reported to date and
AZ-002 was generally safe and well tolerated in the study
patients.

"Our team has been working with some of the key thought leaders in
the field of epilepsy to assess the clinical viability of AZ-002
for ARS.  We are encouraged with the preliminary data from the
interim analysis of our AZ-002 Phase 2a study," said Thomas B.
King, president and CEO of Alexza.  "We believe that AZ-002, if
developed and approved, could offer great benefit to epilepsy
patients who experience seizure emergencies like ARS."

AZ-002 Study Interim Analysis Results and Clinical Trial Design
Summary

The interim analysis from this study shows that AZ-002 had
dose-related effects on the SPR, no serious adverse effects and was
well tolerated in the patients studied.  There were also
dose-related changes in two visual-analogue scales for sedation and
for alertness, which are established pharmacodynamic markers of
benzodiazepine drug activity. Importantly, in both measures the
pharmacodynamic effect was demonstrated at the two-minute time
point, which was the first assessment in the study, demonstrating
the rapid onset of effect of alprazolam as delivered by the
Staccato technology.

The AZ-002 Phase 2a study is an in-clinic, randomized,
placebo-controlled, double-blind design, 5-way crossover evaluating
patients with epilepsy using the IPS model, with the primary
endpoint being reduction in mean SPR.  This exploratory study has
enrolled 3 patients to date (of the 6 planned) at three U.S.
clinical centers.  The interim analysis was conducted at the
midpoint in this study.  The primary aim of this study is to assess
the safety and the pharmacodynamic EEG effects of a single dose of
AZ-002 at three dose strengths (0.5mg, 1.0mg and 2.0mg) vs. placebo
(administered twice during the 6-weeek protocol for each patient).


Interim IPS Results for AZ-002

   * For the placebo dose (administered twice during the study
     period), the mean SPR was approximately 7 at all time points,

     from pre-dose baseline to 6 hours post dosing.

   * For the 0.5 mg dose, the mean SPR at baseline was 6.3 and the
     maximal effect occurring at the 1 hour time point) was 3.3,
     reflecting approximately a 48% decrease in the mean SPR.

   * For the 1.0 mg dose, the mean SPR at baseline was 7 and the
     maximal effect, occurring at the 2 minute time point, was 3,
     reflecting approximately a 42% decrease in the mean SPR.

   * For the 2.0 mg dose, the mean SPR at baseline was 6.7 and the
     maximal effect, occurring at the 2 min time point, was 2,
     reflecting approximately a 70% decrease in the mean SPR.

   * Duration of effect also appeared to be dose-related.  The
     observed reduction in SPR approximately 4 hours and 6 hours
     for the 0.5mg and 1.0mg doses.  At the six-hour time point
    (the last time point measured), the 2.0 mg dose still
     exhibited IPS activity, with the mean SPR remaining below
     baseline.

The most frequently reported adverse events in subjects receiving
AZ-002 were sedation and/or somnolence.  At the 1.0 mg and 2.0 mg
doses, there was a rapid onset of effect observed at 2 minutes post
inhalation, which can be attributed to the IV-like pharmacokinetics
resulting from Staccato drug delivery.

In previous clinical studies, where more than 100 subjects and
patients have been dosed, AZ-002 demonstrated dose-proportionality,
exhibited a median Tmax (time to peak plasma concentration) of two
minutes, and was generally safe and well-tolerated.

The Intermittent Photic Stimulation Model

The Intermittent Photic Stimulation (IPS) model has been used
successfully to evaluate potential anti-seizure effects of new
agents in early stage development in small groups of patients with
photically-induced generalized epileptiform responses on their
electroencephalogram (EEG), called photoparoxysmal responses (PPR).
The number of flash frequencies at which PPR can be elicited
(delineated by upper and lower thresholds elicited during IPS) can
be used as a quantitative measure of photosensitivity and therefore
epileptogenic threshold.  When patients with PPR receive single
test doses of possible anti-seizure medication, changes in the
number of frequencies at which a PPR response is identified on the
EEG can be used to screen for antiepileptic effects without
triggering actual seizures.  In photosensitivity studies, the
patient is exposed to IPS at 14 predetermined unequally separated
frequencies in order to detect changes in response around typical
upper and lower frequency thresholds.  Each flash frequency that
elicits a photosensitive response is considered one "step".  The
ranges in Hz between the upper bound and the lower bound for each
patient are transformed into a metric, called the standardized
photosensitive range (SPR).  The maximum SPR is 14, based on the
total number of flash frequencies tested.

Acute Repetitive Seizures (ARS)

Epilepsy, a disorder of recurrent seizures, affects approximately
2.5 million Americans, making it the third most common neurological
disorder in the United States.  ARS refers to seizures that are
serial, clustered or crescendo, and ones that are distinct from the
patient's usual seizure pattern.  Typically there is recovery
between the seizures in the cluster.

Among the implications of ARS are concerns for patient safety.
Seizure effects generally correlate directly with seizure duration.
Prolonged or recurrent seizure activity persisting for 30 minutes
or more may result in serious injury, health impacts or death.  If
left untreated, ARS has been reported to evolve into status
epilepticus, a life-threatening condition in which the brain is in
a state of persistent seizure which has a mortality rate of 3% in
children and 26% in adults.

Benzodiazepines are considered to be medications of first choice
for the treatment of ARS.  The most immediate treatment for
out-of-hospital care and the only U.S. Food and Drug
Administration-approved product for acute repetitive seizures is
rectal diazepam gel.  Treatment may produce central nervous system
depression. Oral, buccal, and sublingual benzodiazepines
(lorazepam, diazepam), which are not approved for patients with
ARS, are sometimes used for treatment, but only if the risk of
aspiration is not a concern and it is recognized that the
absorption time will be increased.  Nasal benzodiazepine products,
available in some countries, are not yet available in the United
States. Intravenous benzodiazepines are rapidly acting, but must be
administered by a healthcare professional in a medical facility.

The ability to treat a patient quickly is clinically imperative to
avoid the epilepsy becoming status epilepticus or causing other
serious complications.  Alexza believes that a product that can be
administered easily in the home setting to effectively treat ARS
may result in avoiding a trip to the hospital for treatment or
diminish the use of the rectal formulation of diazepam.  AZ-002
could be administered after the first seizure in a cluster, with
the aim of preventing further seizures.  The caregiver could
provide dosing assistance between seizures.  The product could also
be used in a healthcare facility, thus avoiding the use of an IV or
a rectal formulation of a benzodiazepine.

While there are not firm incidence and prevalence numbers in the
literature, there are estimated to be less than 200,000 people with
ARS in the United States, which could make AZ-002 eligible for
orphan product status.

More information on this Phase 2a study can be found at
www.clinicaltrials.gov.  Alexza owns full development and
commercial rights to AZ-002.

               About Alexza Pharmaceuticals, Inc.

Alexza Pharmaceuticals is focused on the research, development, and
commercialization of novel, proprietary products for the acute
treatment of central nervous system conditions.  Alexza's products
and development pipeline are based on the Staccato(R) system, a
hand-held inhaler designed to deliver a pure drug aerosol to the
deep lung, providing rapid systemic delivery and therapeutic onset,
in a simple, non-invasive manner.  Active pipeline product
candidates include AZ-002 (Staccato alprazolam) for the management
of epilepsy in patients with acute repetitive seizures and AZ-007
(Staccato zaleplon) for the treatment of patients with middle of
the night insomnia.

Alexza Pharmaceuticals reported a net loss of $36.7 million in 2014
compared to a net loss of $39.6 million in 2013.

As of Sept. 30, 2015, the Company had $26.2 million in total
assets, $95.1 million in total liabilities and a $68.8 million
total stockholders' deficit.

Ernst & Young LLP, in Redwood City, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.


AMAZING ENERGY: DeCoria Maichel Raises Going Concern Doubt
----------------------------------------------------------
DeCoria, Maichel & Teague, P.S., in a letter to the board of
directors and stockholders of Amazing Energy Oil and Gas, Co. dated
November 12, 2015, expressed substantial doubt about the company's
ability to continue as a going concern.  The firm audited the
consolidated balance sheets of the company as of July 31, 2015 and
2014, and the related consolidated statements of operations,
changes in stockholders' equity, and cash flows for the years then
ended.  

DeCoria Maichel pointed out that the company has accumulated losses
since inception and has negative working capital.  "These factors
raise substantial doubt about the company's ability to continue as
a going concern."

"As of the independent registered public accounting firm's report
date, the company has not yet achieved profitable operations, has
had accumulated losses since its inception and expects to incur
further losses in the development of its business," Jed Miesner,
president and principal executive officer, and Matthew J. Colbert,
secretary, treasurer, principal financial officer and principal
accounting officer of the company said in a regulatory filing with
the U.S. Securities and Exchange Commission on November 13, 2015.

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

The officers noted, "The company's ability to continue as a going
concern is dependent on its ability to generate future profitable
operations and/or to obtain the necessary financing to meet its
obligations and repay its liabilities arising from normal business
operations when they come due.

"Management's plan to address the company's ability to continue as
a going concern includes:  (1) obtaining debt or equity funding
from private placement or institutional sources; (2) obtaining
loans from financial institutions, where possible, or (3)
participating in joint venture transactions with third parties.
Although management believes that it will be able to obtain the
necessary funding to allow the company to remain a going concern
through the methods, there can be no assurances that such methods
will prove successful."

At July 31, 2015, the company had total assets of $6,414,577, total
liabilities of $4,370,994 and total stockholders' equity of
$2,043,583.

The company posted a net loss of $15,083,992 for the year ended
July 31, 2015, compared to a net loss of $423,658 for the same
period in 2014.

A full-text copy of the company's annual report is available for
free at: http://tinyurl.com/gr5p6ca

Amazing Energy Oil and Gas, Co., formerly Gold Crest Mines, Inc.,
is an independent energy company focused on the exploration,
development and production of oil and gas in Pecos County, Texas
where it has leasehold rights within approximately 70,000 acres as
of July 31, 2015.  The company is headquartered in Amarillo,
Texas.



AMC NETWORKS: Moody's Raises Corp. Family Rating to 'Ba2'
---------------------------------------------------------
Moody's Investors Services has upgraded AMC Networks Inc.'s
Corporate Family Rating to Ba2 from Ba3, the senior secured bank
credit facilities to Baa3 from Ba1 and the senior global notes to
Ba3 from B1.

The upgrade reflects AMC's material reduction in leverage and a
demonstrated commitment to a more conservative capital structure.
Moreover, we do not expect any significant use of debt for stock
buybacks or acquisitions in the near-term.  AMC Networks has had
strong revenue growth driven primarily by US Advertising Sales and
significant growth from US affiliate fees, though international and
digital sales have also increased year over year.  The rating
incorporates risks associated with customer and revenue
concentration and a highly competitive environment in which
programming drives viewership and advertising revenues.
Nevertheless, AMC has in place contractual carriage agreements
which generate the affiliate fee revenues with all of the major
MVPDs, which often extend several years, and accounts for a large
portion of their revenue.  The outlook for AMC is stable.

Upgrades:

Issuer: AMC Networks Inc.

  Corporate Family Rating, Upgraded to Ba2 from Ba3

  Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

  Senior Secured Revolving Credit Facility due 2018, Upgraded to
   Baa3 (LGD2) from Ba1 (LGD2)

  Senior Secured Term Loan due 2019, Upgraded to Baa3 (LGD2) from
   Ba1 (LGD2)

  Senior Global Notes due 2021, Upgraded to Ba3 (LGD5) from B1
   (LGD5)

  Senior Global Notes due 2022, Upgraded to Ba3 (LGD5) from B1
   (LGD5)

Affirmations:

  Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

  Outlook, Changed To Stable From Positive

RATINGS RATIONALE

The upgrade to Ba2 is driven by our view that AMC is likely to
sustain debt-to-EBITDA leverage at or below 3.5x (with Moody's
standard adjustments) which we believe is the level consistent with
the Ba2 rating.  The rating benefits from the company's positive
and reliable free cash flow generation, aided by the contractual
nature of the company's revenue which is generated by carriage fees
from pay TV providers.  AMC's Ba2 rating incorporates the risk
associated with customer and revenue concentration, though
acquisitions have reduced such reliance, and a highly competitive
environment in which programming drives viewership and advertising
revenues.  It is also somewhat impacted by event risk concerns as
the company's controlling owner, the Dolan family, has historically
been comfortable with leveraging and transformative events.
Although AMC Networks Inc. is a controlled company, these risks
remain balanced by what Moody's believes is a lower probability of
a reloading of leverage for shareholder returns while the Dolans
complete their lucrative sale of their other major controlled
company, Cablevision Systems Corporation.  Additionally, the credit
benefits from the company's desirable and well distributed cable
networks which Moody's estimates could draw interest from strategic
buyers in the future. The company also has a strong liquidity
profile, as Moody's projects that it will generate over $200
million of annual free cash flow on average over the
intermediate-term and will maintain a largely undrawn revolver of
$500 million.

The principal methodology used in these ratings was Global
Broadcast and Advertising Related Industries published in May
2012.

With its headquarters in New York, New York, AMC Networks Inc.
supplies television programming to pay-TV service providers
throughout the United States.  The company predominantly operates
five entertainment programming networks - AMC, WE tv, IFC, Sundance
TV and BBC America (49.9% ownership), and has expanded into
international markets with its acquisition of Chellomedia (acquired
in January 2014).  The company's predecessor, Rainbow Media
Holdings LLC, was a wholly owned subsidiary of Cablevision Systems
Corporation ("Cablevision" -- Ba3 CFR), and was spun off in June
2011.  Revenues for LTM 09/30/2015 were approximately $2.5 billion



AMERICAN LIBERTY: JW GST Wants Court to Limit Exclusive Periods
---------------------------------------------------------------
JW GST Exempt Trust and James Y. Wynne, in response to American
Liberty Oil Company, LP's second motion seeking extension of their
exclusive periods, ask the U.S. Bankruptcy Court for the Northern
District of Texas to grant the motion but limit the Debtor's plan
exclusivity period to be consistent with the parties' agreement.

JW GST and Mr. Wynne also ask the Court to confirm that they have
the right to propose a plan of reorganization for confirmation.

The Debtor and the respondents attended mediation on Nov. 17, 2015.
The parties have reached an interim agreement regarding several
significant issues in the case with a condition subsequent being
finalizing the interim agreement as a permanent, final, and binding
settlement agreement.

Respondents would be entitled to propose their own plan of
reorganization in order to implement the parties' agreement by
dividing land, debt, and personal property among the Wynne family
interests at the end of the exclusivity period.  However,
respondents have agreed to conditionally support the motion (until
Dec. 4, 2015) and extend exclusivity to allow Debtor, in
good-faith, to present its own plan for confirmation if the parties
have agreed to make the interim agreement a permanent, final, and
binding settlement agreement.

As reported in the Troubled Company Reporter on Nov. 16, 2015, the
Debtor requested that the Court extend its exclusive periods to
file a plan and solicit acceptance thereof through Feb. 1, 2016,
and April 1, 2016, respectively.

The Court had previously granted the Debtor's prior motion to
extend the exclusive periods, extending the original deadlines to
Dec. 2, 2015 and Feb. 1, 2016.

The Debtor related that since the Court granted the First
extension, the Debtor has continued to make significant progress
toward a confirmable plan of reorganization.  The Debtor contended
than in an effort to reach a fully consensual plan, the Debtor has
scheduled a Nov. 17 mediation with the JW Trust and James Wynne.
The Debtor further contends that if the mediation is successful,
will need additional time to incorporate the terms of the mediation
into a plan to present to the Court.  The Debtor related that even
if the mediation does not result in a full settlement, the outcome
of the mediation will likely affect the Debtor's plan going forward
in the case and the Debtor needs additional time to file its plan
and obtain approval of disclosures and have an opportunity for
confirmation.

                      Objection to Mediation

JW GST and Mr. Wynne objected to the Debtor's motion to approve
agreed mediation.

On Oct. 30, 2015, the Debtor requested the Court approve mediation
to be conducted by David Keltner of the law firm Kelly Hart in Fort
Worth on Nov. 17, 2015.

According to movants, paragraph 8 of the Debtor's motion proposed
that it should be responsible for 50% of the mediator's fees, which
are being billed at $650 per hour.  As set forth in paragraph 10 of
the Debtor's motion, the Debtor proposed the Debtor's portion of
the mediation fee will be funded by counsel for the Debtor, subject
to reimbursement from the bankruptcy estate following a notice and
a hearing.

Movants objected to this proposed allocation of mediation fee
expenses on grounds that multiple non-debtor parties will be
attending the mediation, including but not limited to movants and
the Trustee of the WW GST Trust.

As reported in the Troubled Company Reporter on Nov. 16, 2015, the
Debtor related that there is dispute involving the Debtor and
parties claiming ownership or control of the Debtor that arose
prepetition and continues to exist.  The Debtor further related
that such issues have been brought to the Court by virtue of the
bankruptcy case filing, the removal of state court action involving
the Debtor styled as The JW GST Exempt Trust, by and through its
Trustee James Y. Wynne v. William M. Bywaters et al., Cause No.
60-2013CL2, County Court at Law No. 2, Henderson County, Texas, and
the filing of a Motion to Dismiss, among other pleadings, by the JW
GST Exempt Trust and James Y. Wynne.  

The Debtor told the Court that in order to resolve the issues in
the Removed Action, the Motion to Dismiss and the broader issues as
they relate to the Chapter 11 bankruptcy case, the respective
parties have agreed to mediation.  The Debtor further tells the
Court that the Mediation will provide the parties the opportunity
to confer and potentially narrow the issues between and come to a
full or partial resolution of their disputes, any of which would be
beneficial to the Debtor, the bankruptcy estate, and other parties
in interest.  The Debtor adds that the mediation will foster the
preservation of the resources of the Court and the parties in such
matters.

The movants can be reached at:

         Alan B. Padfield, Esq.
         Mark W. Stout, Esq.
         Christopher V. Arisco, Esq.
         PADFIELD & STOUT, L.L.P.
         421 W. Third Street, Suite 910
         FortWorth, Texas 76102
         Tel: (817) 338-1616
         Fax: (817) 338-1610
         E-mails: abp@livepad.com
                  ms@livepad.com
                  carisco@livepad.com

                About American Liberty Oil Company

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


AMR CORP: Unions Say Tax Withholding Flouts Chapter 11 Plan
-----------------------------------------------------------
Hannah Sheehan at Bankruptcy Law360 reported that a group of labor
unions on Dec. 15, 2015, urged a U.S. Bankruptcy judge to make
American Airlines stick to its reorganization plan, accusing the
airline of planning to circumvent already agreed-upon rules and
shortchanging flight attendants, pilots and other employees to
cover a tax bill.

The Association of Professional Flight Attendants, the Allied
Pilots Association and the Transport Workers Union of America
AFL-CIO asked Judge Sean H. Lane to enforce "true-up" distribution
provisions in AMR Corp.'s Chapter 11 plan by stopping American
Airlines from transferring excess funds.

                   About American Airlines

AMR Corp. and its subsidiaries including American Airlines, the
third largest airline in the United States, filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan
on Nov. 29, 2011, after failing to secure cost-cutting labor
agreements.

The Debtors tapped Weil, Gotshal & Manges LLP as bankruptcy
counsel;  Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law
Group, Chartered, as special counsel; Rothschild Inc., as financial
advisor; and Garden City Group Inc. as claims and notice agent.

The Official Committee of Unsecured Creditors retained Jack Butler,
Esq., John Lyons, Esq., Felecia Perlman, Esq., and Jay Goffman,
Esq., at Skadden, Arps, Slate, Meagher & Flom LLP as counsel;
Togut, Segal & Segal LLP as co-counsel for conflicts and other
matters; Moelis & Company LLC as investment banker; and Mesirow
Financial Consulting, LLC, as financial advisor.

AMR Corp., emerged from Chapter 11 bankruptcy protection on Dec. 9,
2013, upon which it merged with US Airways Group.  The combination
of American Airlines and US Airways will result in
the largest U.S. airline, with the leading share of traffic along
the East Coast and Central U.S. regions.


ASBURY EQUITIES: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Asbury Equities, LLC
        511 Fourth Avenue
        Asbury Park, NJ 07712

Case No.: 15-33777

Chapter 11 Petition Date: December 22, 2015

Court: United States Bankruptcy Court
       District of New Jersey (Trenton)

Judge: Hon. Kathryn C. Ferguson

Debtor's Counsel: Dennis M. Mahoney, Esq.
                  DENNIS M. MAHONEY, LLC
                  One Woodbridge Center, Suite 240
                  Woodbridge, NJ 07095
                  Tel: (732) 855-1776
                  Email: dmmahoneypa@aol.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by John K. Carroll, managing member.

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


ASCENT RESOURCES: S&P Lowers CCR to 'CCC', Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Oklahoma City-based oil and gas exploration and
production company Ascent Resources – Marcellus LLC (ARM) to
'CCC' from 'CCC+'.  The outlook is negative.

At the same time, S&P lowered its issue-level rating on the
company's first-lien debt to 'CCC' from 'CCC+'.  The recovery
rating on this debt is a '4', reflecting S&P's estimate of average
(30% to 50%, higher end of the range) recovery to creditors in the
event of a default.  S&P also lowered its issue-level rating on the
company's second-lien debt to 'CC' from 'CCC-', with a recovery
rating of '6', reflecting S&P's estimate of negligible (0% to 10%)
recovery to creditors in the event of a default.

"The downgrade reflects our assessment of the company's
deteriorating liquidity, as weak natural gas prices and wide price
differentials in the Appalachian region continue to depress
operating cash flows," said Standard & Poor's analyst Carin
Dehne-Kiley.  "We have revised our liquidity assessment to weak
from less than adequate, indicating our estimate of a material
liquidity deficit over the next 12 months, unless ARM is able to
raise additional equity or execute on asset sales," she added.

Importantly, however, the company still has $143.2 million
remaining in its capital spending reserve account, which would be
released upon incremental equity contributions from either its
financial sponsors or third parties.

S&P's ratings on ARM reflect S&P's view of the company's vulnerable
business risk profile, highly leveraged financial risk profile, and
weak liquidity.

The negative outlook reflects S&P's view that Ascent Resources –
Marcellus LLC will be unable to meet its financial obligations over
the next 12 months, absent additional equity contributions or asset
sales.

S&P could lower the rating if it viewed a default to be inevitable
within six months, absent unanticipated significantly favorable
changes in ARM's circumstances.

S&P could raise the rating if liquidity improved, which would most
likely occur if the company raised additional equity to unlock its
capital spending reserve, or executed an asset sale.



BLACK ELK: Court Extends Plan Filing Deadline to March 21
---------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
Texas, Houston Division, extended the exclusive period of Black Elk
Energy Offshore Operations LLC to file a plan of reorganization
from December 30, 2105, through and including March 1, 2016; and
the exclusive period to seek confirmation of that plan through and
including May 1, 2016.

As reported by the Troubled Company Reporter on Dec 21, 2015, the
Debtor said it is continuing to negotiate with its creditors in an
effort to develop a business plan going forward, and is continuing
to pursue all reorganization efforts and other options available to
it, with the goal of maximizing its value for all stakeholders.
Additionally, the Debtor is in the process of investigating many of
the prepetition transactions with its affiliates and others.

The Debtor anticipates that the investigation will require
significant effort on its part and may bring substantial value to
the estate.  Accordingly, the Debtor believes it is in the best
interest of the estate and all interested parties to briefly extend
the exclusivity periods.

                 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.


BLUEGREEN CORP: S&P Affirms 'B+' CCR on New Finance Criteria
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
corporate credit rating on Boca Raton, Fla.-based Bluegreen Corp.
The outlook is stable.

"The affirmation reflects our assessment of the company's financial
risk following the implementation of our new captive finance
criteria, which incorporate adjustments to segregate captive
finance operations from consolidated operating performance at
Bluegreen," said Standard & Poor's credit analyst Shivani Sood.

The "aggressive" financial risk assessment reflects BFC Financial'
s controlling ownership of Bluegreen, relatively high historical
annual loan losses in the captive's loan portfolio, and S&P's
belief that leverage in the captive will remain significant between
3x and 5x debt to equity over the next few years.  However, S& do
not expect that the loss and leverage ratios in the captive will
worsen meaningfully because S&P believes that underwriting
standards at the captive are stable in terms of loss and
delinquency ratio trends and loan portfolio credit quality.

The stable outlook reflects S&P's expectation for good system-wide
timeshare sales growth and operating performance.  Although
Bluegreen may modestly increase its financing propensity from time
to time, S&P believes debt to equity in its captive finance
operations will remain below 5x and loan losses will remain below
9% on average.  Additionally, S&P believes that owner BFC Financial
will not use Bluegreen's balance sheet in a manner that would
increase Bluegreen's captive finance adjusted debt to EBITDA above
our 4x threshold.

A downgrade would result from a deterioration in operating
performance, or if financial sponsor BFC Financial increased
leverage at Bluegreen to fund additional dividends or distributions
to the parent that sustained captive finance-adjusted debt to
EBITDA above 4x or FFO to debt below 20%.  S&P would also consider
lower ratings if the company increased and sustained debt to equity
in its captive above 5x or if S&P expected loan losses inside the
captive's portfolio to increase above 9% on average.  S&P would
also consider a lower rating if access to external liquidity
sources meaningfully deteriorates over the intermediate term.

Near-term rating upside is currently limited given Bluegreen's
ownership by BFC Financial, which S&P believes may occasionally use
cash flow or debt capacity at Bluegreen to finance acquisition and
investment spending, or to return capital to shareholders.



BTB CORP: Has Until Jan. 19 to Solicit Acceptances to Plan
----------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico extended BTB Corporation's exclusive
periods to file a Chapter 11 Plan until Nov. 20, 2015,  and solicit
acceptances for that Plan until Jan. 19, 2016.

The Debtor, on Nov. 20, filed a Chapter 11 Plan and an accompanying
Disclosure Statement that offer to pay non-insider unsecured
creditors in full within 5 years.

The Plan is to be funded by the Lease and Sub-Lease agreement
reached with Petroleum Products Supply, LLC, which will produce
$150,000 per month for a period of five years.

According to the Debtor, a Chapter 7 liquidation of the Debtor's
assets would produce 100% distribution to non-contingent unsecured
creditors but without interest and after the successful sale of
all assets.

The Debtor said, in its extension motion, that it has filed
numerous stipulations with several of its creditors, which almost
guarantees a consensual plan of reorganization.  Furthermore,
Debtor has already agreed to enter into a long term lease agreement
to rent its facilities, which in Debtor's business judgment, would
provide an even more feasible plan of reorganization.

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

           http://bankrupt.com/misc/BTB_Corp_211_DS.pdf

                      About BTB Corporation

BTB Corporation was organized in 2003 to be engaged in bitumen
supply activities and the rendering of any other services which may
be 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.

The Debtor's Chapter 11 Plan offers to pay non-insider unsecured
creditors in full within 5 years.


BUCCANEER ENERGY: Court Grants $744K in Fees, Expenses to Directors
-------------------------------------------------------------------
Patrick O'Connor, Gavin Wilson and Alan Stein filed an application
for reimbursement of fees and expenses.

Judge David R. Jones of the United States Bankruptcy Court for the
Southern District of Texas, Victoria Division, finds that the
following amounts were reasonable and necessary and should be
allowed as follows:

   Category                   Amount Requested   Amount Allowed
   --------                   ----------------   --------------
   Expenses related to
   2004 Examinations
   in London                        $37,913.40        $6,729.21

   Expenses incurred in
   connection with
   preparation of the
   Examinations                     $15,675.77        $6,098.21

   Expenses in connection
   with document production         $36,494.11       $36,494.11

   Attorney's Fees in
   preparing the Directors
   for the Examination              $91,927.63       $85,467.89

   Attorney's Fees in
   defending the Examinations       $34,425.00       $34,425.00

   Attorney's Fees for
   collecting and reviewing
   documents                       $590,302.08      $525,984.53

   Attorney's Fees and Expenses
   related to Hearings in
   Connection with the
   Examinations                     $47,250.33       $43,225.33

   Attorneys' Fees incurred
   preparing the Application        $22,515.96        $6,000.00
                              ----------------   --------------
      TOTAL                        $876,504.28      $744,424.28
                              ================   ==============

The case is IN RE: BUCCANEER RESOURCES, LLC, et al., Debtor(s),
Case No. 14-60041 (Bankr. S.D. Tex.).

A full-text copy of the Memorandum Opinion dated December 10, 2015
is available at http://is.gd/o1lNHFfrom Leagle.com.

Buccaneer Resources, LLC, Debtor, represented by Robert Andrew
Black, Esq. -- andrew.black@nortonrosefulbright.com  -- Norton Rose
Fulbright LLP, Jason Lee Boland, Esq. --
jason.boland@nortonrosefulbright.com -- Norton Rose Fulbright US
LLP, Robert Bernard Bruner, Esq. --
bob.bruner@nortonrosefulbright.com  --Norton Rose Fulbright US LLP,
William R Greendyke, Esq. --
william.greendyke@nortonrosefulbright.com  -- Norton Rose Fulbright
US LLP, Ryan E Manns, Esq. -- ryan.manns@nortonrosefulbright.com --
Norton Rose Fulbright US LLP.

US Trustee, U.S. Trustee, represented by Hector Duran, U.S.
Trustee, Stephen Douglas Statham, Office of US Trustee.

Official Committee of Unsecured Creditors, Counsel to the Official
Committee of Unsecured Creditors, Creditor Committee, represented
by David Robert Eastlake, Esq. -- eastlaked@gtlaw.com  -- Greenberg
Travrig LLP, Shari L Heyen, Esq. -- heyens@gtlaw.com -- Greenberg
Traurig LLP, Ronald Kyle Woods, Esq. -- woodsk@gtlaw.com --
Greenberg Traurig, LLP.

                   About Buccaneer Energy

Buccaneer Resources, LLC, and eight affiliates, including
Buccaneer Energy Ltd., sought Chapter 11 bankruptcy protection in
Victoria, Texas (Bankr. S.D. Tex. Lead Case No. 14-60041) on
May 31, 2014.

Buccaneer Resources' primary business is the exploration for and
production of oil and natural gas in North America and their
operations are focused on both onshore and offshore activities in
the Cook Inlet of Alaska as well as the development of offshore
projects in the Gulf of Mexico and onshore oil opportunities in
Texas and Louisiana.

Founded in 2006, Buccaneer Energy, Ltd., is a publicly traded
independent oil and gas company listed on the Australian
Securities Exchange under the symbol "BCC".  Although BCC is an
Australian listed entity, the company operates exclusively through
its eight U.S. subsidiary debtors, each of which are headquartered
in the U.S. and which maintain offices in Houston and Dallas,
Texas, and Kenai and Anchorage, Alaska.

CEO Curtis Burton was terminated in May 2014.  Manning the
Debtors' operations is Conway MacKenzie senior managing director
John T. Young, who was appointed chief restructuring officer in
March 2014.

The bankruptcy cases are assigned to Judge David R Jones.  The
Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.  The other debtors are
Buccaneer Energy Limited, Buccaneer Energy Holdings, Inc.,
Buccaneer Alaska Operations, LLC, Buccaneer Alaska, LLC, Kenai
Land Ventures, LLC, Buccaneer Alaska Drilling, LLC, Buccaneer
Royalties, LLC, and Kenai Drilling, LLC.

The Debtors have tapped Robert Andrew Black, Esq., Jason Lee
Boland, Esq., Robert Bernard Bruner, and William R Greendyke,
Esq., at Fulbright Jaworski LLP as counsel.  Norton Rose Fulbright
Australia will render legal services related to cross-border
insolvency and general corporate and litigation matters to
Buccaneer Energy Ltd.  Epiq Systems is the claims and notice
agent.

U.S. Bankruptcy Judge David R. Jones has conditionally approved
Buccaneer's First Amended Disclosure Statement and Plan of
Reorganization dated Nov. 5, 2014.  The Debtors' assets are being
marketed for sale with the assistance of a sales agent based on
prior authorization from the Court.  The Debtors anticipate that
the majority of their oil and gas properties and interests will be
sold at an auction to be held prior to the hearing on the Plan.
The Plan will not become effective until after the closing of this
sale.

The U.S. Trustee for Region 7 on June 10, 2014, appointed five
creditors to serve on the official committee of unsecured
creditors.  The Committee retained Greenberg Traurig, LLP, as
legal
counsel to the Committee, and Alvarez & Marsal North America, LLC,
as financial advisors.

As reported by the Troubled Company Reporter on March 23, 2015,
BankruptcyData reported that Buccaneer Energy Limited's First
Amended Joint Chapter 11 Plan, as modified, became effective; and
the Company emerged from Chapter 11 protection.


BUDD COMPANY: Asbestos Panel Seeks to Prosecute Victims' Claims
---------------------------------------------------------------
The Official Committee of Asbestos Personal Injury Claimants asks
the United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division, to modify the automatic stay imposed in
the Chapter 11 case of Budd Company, Inc., to allow the panel to
prosecute asbestos victims' personal injury claims to be against
the Debtor in the tort system.

The Asbestos Committee avers that since the Petition Date, the
Debtor has repeatedly asserted that its asbestos liabilities are de
minimis, representing a mere 2% of its total liabilities.  However,
the Debtor's asbestos victims have received nothing since the case
was filed, the Asbestos Committee further complains.  In addition,
while the Debtor's union and non-union retirees continue to receive
full health care and retirement benefits during the pendency of the
case, roughly $4 to $5 million each month, the Debtor's asbestos
victims must wait indefinitely to be compensated for injuries
caused by exposure to the Debtor's asbestos-containing products.

Furthermore, the Asbestos Committee alleges that the Debtor's
proposed "pass-through" treatment of asbestos claims in its Chapter
11 Plan dated Sept. 30, 2015, only amplifies the its contention
that its asbestos liabilities are negligible and the Plan further
asserts that those liabilities are almost entirely covered by
insurance.  Thus, even if the Plan, which remains substantially
incomplete, were somehow confirmed by the middle of 2016, holders
of Asbestos Claims would not pass through to the Tort System until
at least 2017, after to 32-month stay, which could last even longer
if a claim objection remains unresolved at the end of that period,
the Asbestos Committee adds.

The Asbestos Committee's counsel, Reed Heiligman, Esq., at Frank
Gecker LLP, in Chicago, Illinois, explains that these biased Plan
procedures place an undue burden on the Debtor's asbestos victims,
while the Debtor and its insurers get two attempts to dispose of
Asbestos Claims: First in the Court and, second if the Debtor
and/or its insurers are unsuccessful in those forums, they will
re-litigate surviving Asbestos Claims in the tort system.

Under the proposed Plan, Asbestos Claimants must endure improper
challenges brought by the Debtor and its insurers' post-effective
date in a highly inconvenient forum before their personal injury
cases can be heard in the tort system, Mr. Heiligman asserts.
Thus, the claims are not passed through the bankruptcy unless they
survive a full-scale multi-party attack, he adds.

The automatic stay is a powerful tool to allow the Debtor a respite
from their financial burdens and an opportunity to regain their
financial health -- something that is not applicable to this
non-operating Debtor, Mr. Heiligman further asserts.  Maintaining
the automatic stay would permit the Debtor to continue its attack
on the very Asbestos Claims that it deems de minimis, he argues.
Any hardship to the Debtor in modification of the automatic stay is
outweighed by the delay and hardship to the Debtor's asbestos
victims if the automatic stay is not lifted, Mr. Heiligman
expounds.

                         Debtor Opposes

The Debtor opposes to the Stay Motion alleging that it fails to
establish cause to modify the stay, and instead offers (a)
premature plan objections and (b) irrelevant comparison of
potential asbestos claimants to the Debtor's thousands of retirees
who are known creditors of the estate and that are continuing to
receive benefits in accordance with Section 1114.

In addition, the Debtor argues that before the merits of the Stay
Motion may be addressed, the Court must answer the "threshold
question" of whether or not the Asbestos Committee is a "party"
that has standing to move for relief from the stay pursuant to
Section 362(d)(1).  The Debtor asserts that the Asbestos Committee
has no standing to assert the asbestos claimants' rights.
According to the Debtor, the Supreme Court had settled the rule
that in order to have standing to assert a third party's rights,
the Asbestos Committee must demonstrate (a) a "'close' relationship
with the person who possesses the right," and (b) that "there is a
'hindrance' to the possessor's ability to protect his own
interests."

                    Certain Insurers' Response

Liberty Mutual Insurance company and several insurers of the Debtor
argue that while the Debtor and the Asbestos Committee correctly
assert that significant insurance coverage is available for
asbestos claims, the policies generally impose obligations on the
Debtor to provide notice and to cooperate and assist in defense of
claims, which will be triggered if the stay is lifted.

The Insurers tell the Court that they understand that the Asbestos
Committee objects only to specific terms of the plan regarding how
and when the claims will pass through back to the tort system.  The
Insurers welcome discussions with the Asbestos Committee and
further discussion with the Debtor regarding those terms.  The
Insurers would be pleased to initiate contact with the Asbestos
Committee, and will favorably consider including the Asbestos
Committee in the mediation process, if the Asbestos Committee
believes that would be helpful.  The Insurers see no reason why the
plan in this case should be anything other than consensual as to
treatment of asbestos claims.

The Budd Company, Inc. is represented by:

         Jeff J. Marwil, Esq.
         Brandon W. Levitan, Esq.
         PROSKAUER ROSE LLP
         70 W. Madison St.
         Chicago, Illinois 60602-4342
         Telephone: (312) 962-3550
         Facsimile: (312) 962-3551
         Email: jmarwil@proskauer.com
                blevitan@proskauer.com

The Official Committee of Asbestos Personal Injury Claimants is
represented by:

         Joseph D. Frank, Esq.
         Reed Heiligman, Esq.
         FRANK GECKER LLP
         325 North LasSalle Street, Suite 625
         Chicago, Illinois 60654
         Telephone: (312) 276-1400
         Facsimile: (312) 269-0035
         Email: JFrank@fgllp.com
                RHeiligman@fgllp.com

Liberty Mutual Insurance Company is represented by:

         Robert B. Millner, Esq.
         Geoffrey M. Miller, Esq.
         DENTONS US LLP
         233 South Wacker Dr., Suite 5900
         Chicago, Illinois 60606
         Telephone: (312) 876-8000
         Facsimile: (312) 876-7934
         Email: robert.millner@dentons.com
                geoffrey.miller@dentons.com

            -- and --

         John C. Sullivan, Esq.
         CHRISTIE SULLIVAN & YOUNG PC
         1880 John F. Kennedy Boulevard, 10th Fl.
         Philadelphia, PA 19103
         Telephone: (215) 587-1687
         Facsimile: (215) 587-1699
         Email: jsullivan@christiesullivanyoung.com

Pacific Employers Insurance Company, Century Indemnity Company and
Central National Insurance Company of Omaha are represented by:

         Stephen C. Ascher, Esq.
         COHN BAUGHMAN & MARTIN
         333 West Wacker Drive, suite 900
         Chicago, IL 60606
         Telephone: (312) 753-6602
         Facsimile: (312) 753-6601
         Email: Stephen.Ascher@mclolaw.com

            -- and --

         Tancred Schiavoni, Esq.
         O'MELVENY & MYERS LLP
         Times Square Tower
         7 Times Square
         New York, New York 10036
         Telephone: (212) 326-2000
         Facsimile: (212) 326-2061
         Email: tschiavoni@omm.com

            -- and --

         Michael S. Neumeister, Esq.
         O'MELVENY & MYERS LLP
         400 South Hope Street
         Los Angeles, California 90071
         Telephone: (213) 430-6000
         Facsimile: (213) 430-6407
         Email: mneumeister@omm.com

Allstate Insurance Company is represented by:

         Brad A. Berish, Esq.
         ADELMAN & GETTLEMAN, LTD.
         53 W. Jackson Blvd., Suite 1050
         Chicago, Illinois 60604
         Telephone: (312) 435-1050
         Facsimile: (312) 435-1059
         Email: bberish@ag-ltd.com

Travelers Indemnity Company is represented by:

         William T. Corbett, Jr., Esq.
         DRINKER BIDDLE & REATH LLP
         600 Campus Dr.
         Florham Park, NJ 07932-1047
         Telephone: (973) 549-7040
         Facsimile: (973) 360-9831
         Email: william.corbett@dbr.com

Arrowood Indemnity Company is represented by:

         Michael J. McNaughton, Esq.
         SEDGWICK LLP
         One North Wacker Dr., Ste 4200
         Chicago, Illinois
         Telephone: (312) 641-9050
         Email: michael.mcnaughton@sedgwicklaw.com

American Empire Surplus Lines Insurance Company is represented by:

         Ernesto R. Palomo, Esq.
         LOCKE LORD LLP
         111 South Wacker Drive
         Chicago, Illinois 60606
         Telephone: (312) 443-0477 (E.R. Palomo)
         Email: epalomo@lockelord.com

Sentry Insurance A Mutual Company, As Assumptive Reinsurer of Great
Southwest Fire Insurance Company is represented by:

         Jessica M. Zeratsky, Esq.
         Heidi L. Vogt, Esq.
         VON BRIESEN & ROPER, s.c.
         411 East Wisconsin Ave., Suite 1000
         Milwaukee, Wisconsin 53202
         Telephone: (414) 287-1562
         Email: jzeratsk@vonbriesen.com
                hvogt@vonbriesen.com

Nationwide Indemnity Company On Behalf of Employers Insurance
Company of Wausau is represented by:

         Coyette Holley
         Managing Counsel
         Nationwide Indemnity Company
         500 North Third Street, 6th Fl.
         Wausau, WI 54403
         Email: holleyk1@nationwide.com

First State Insurance Company, New England Insurance Company and
New England Reinsurance Corporation are represented by:

         Steve Jakubowski, Esq.
         ROBBINS, SALOMON & PATT, LTD.
         180 N LaSalle St., Suite 3300
         Chicago, IL 60601
         Telephone (312) 456-0191
         Facsimile: (312) 444-1028
         Email: sjakubowski@rsplaw.com

            -- and --

         James P. Ruggeri
         Edward B. Parks II, Esq.
         SHIPMAN & GOODWIN LLP
         1133 Connecticut Avenue NW
         Third Floor - Suite A
         Washington, DC 20036-4305
         Telephone (202) 469-7750
         Facsimile: (202) 290-3056
         Email: jruggeri@goodwin.com
                eparks@goodwin.com

            -- and --

         Craig Goldblatt, Esq.
         Nancy L. Manzer, Esq.
         WILMER CUTLER PICKERING HALE AND DORR LLP
         1875 Pennsylvania Ave., N.W.
         Washington, DC 20006
         Telephone (202) 663-6000
         Facsimile: (202) 663-6363
         Email: Craig.goldblatt@wilmerhale.com
                nancy.manzer@wilmerhale.com

The Continental Insurance Company, Continental Casualty Company and
Columbia Casualty Company are represented by:

         Michael Lotus, Esq.
         DAVID CHRISTIAN ATTORNEYS LLC
         105 W. Madison St., Suite 1400
         Chicago, IL 60602
         Telephone: (312) 273-1806
         Email: mlotus@davidchristianattorneys.com

            -- and --

         David Christian, Esq.
         DAVID CHRISTIAN ATTORNEYS LLC
         3515 W. 75th St., Suite 208
         Prairie Village, KS 66208
         Telephone: (913) 674-8215
         Email: dchristian@davidchristianattorneys.com

                      About The Budd Company

The Budd Company, Inc., a former supplier to the automotive
industry, filed for chapter 11 bankruptcy protection (Bankr. N.D.
Ill. Case No. 14-11873) on March 31, 2014, with a deal to settle
potential claims against its parent, ThyssenKrupp AG.

The company -- which ceased manufacturing operations in 2006 and
does not have any current employees, facilities or customers --
has obligations consisting largely of medical and other benefits
to approximately 10,000 former employees.

Liabilities amount to approximately $1 billion with assets of
approximately $400 million.  Most of the debt consists largely of
medical and other benefits to approximately 10,000 former
employees.

The Debtor disclosed $387,555,681 in assets and $1,107,350,034 in
liabilities as of the Chapter 11 filing.

The Hon. Jack B. Schmetterer oversees the case.  The Debtor has
tapped Proskauer Rose LLP as Chapter 11 counsel, Dickinson Wright
PLLC as special counsel, Epiq Bankruptcy Solutions, LLC as
noticing, claims and balloting agent, and Conway MacKenzie
Management Services, LLC's Charles M. Moore as CRO.

The U.S. Trustee appointed five individuals to serve on the
Committee of Executive & Administrative Retirees.  The Segal
Company (Eastern States), Inc. serves as the Committee's actuarial
consultant.  The Committee retained Solic Capital Advisors, LLC as
its financial advisor.

Reed Heiligman, Esq., at FrankGecker LLP, in Chicago, Illinois,
represents the ad hoc committee of asbestos personal injury
claimants.

                           *     *     *

The Budd Company has filed a Chapter 11 plan that proposes to pay
off claims from cash on hand and the proceeds of a settlement with
parent ThyssenKrupp North America, Inc. ("TKNA").  Unsecured
creditors are expected to recover 67 cents on the dollar.


CANYON COMPANIES: Moody's Puts B2 CFR Under Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Canyon Companies
S.A.R.L. (dba "Cision"), including the B2 Corporate Family Rating,
under review for downgrade.  This follows Cision's announcement on
Dec. 15, 2015, that it intends to acquire PR Newswire, a leading
provider of multimedia communications, for $841 million.  The
transaction, which requires shareholder approval from UBM plc (the
owner of PR Newswire) and regulatory approvals, is expected to
close in late first quarter 2016.  UMB plc will receive about $810
million in cash and about $31 million of preferred equity in this
transaction.  Cision has not announced how the transaction will be
funded, although we assume a large portion of it will be debt
financed.

Moody's took these rating actions on Canyon Companies S.A.R.L.

Ratings placed on review for downgrade (LGD assessments subject to
revision upon close of transaction):

Issuer: Canyon Companies S.A.R.L.

   -- Corporate Family Rating, B2
   -- Probability of Default Rating, B2-PD

Issuer: GTCR Valor Companies, Inc.

   -- Senior Secured 1st Lien Revolver, B1 (LGD 3)
   -- Senior Secured 1st Lien Term Loan, B1 (LGD 3)
   -- Senior Secured 2nd Lien Term Loan, Caa1 (LGD 5)

Issuers: Canyon Companies S.A.R.L./GTCR Valor Companies, Inc.

Outlook, changed to ratings under review from negative

RATINGS RATIONALE

The review for downgrade reflects Moody's assessment that the
proposed acquisition of PR Newswire is credit negative, as it will
(i) likely increase Cision's leverage (already high for the B2
ratings category) and ii) raise its integration risks (currently
elevated from another large acquisition, Gorkana, that Cision is in
the early stages of integrating).

The review will focus on the proposed capital structure,
integration risks, potential synergies and expected financial
policies going forward.

Canyon Companies S.A.R.L. (dba "Cision") along with its operating
subsidiaries, provides database tools and software for PR industry
professionals.  Cision is owned by private equity firm GTCR.


CHARTER NEX: Moody's Confirms B2 CFR & Changes Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service changed Charter Nex US Holdings, Inc.'s
rating outlook to negative and confirmed the company's existing
ratings including its B2 Corporate Family Rating.  These actions
conclude the review for downgrade initiated on Dec. 4, 2015,
following Charter Nex's announcement of its acquisition of Optimum
Plastics.

The change to a negative outlook reflects increased leverage,
integration risk associated with the acquisition of Optimum
Plastics, Inc., and a worsened liquidity position as the company
used a substantial amount of its existing revolver to partially
finance the acquisition.  According to Moody's Analyst Inna Bodeck,
"the heavy use of the revolver reduces Charter Nex's liquidity
cushion at a time when the addition of Optimum Plastics' operations
could increase cash requirements."

Moody's confirmed Charter Nex's ratings because its good margins
and positive projected free cash flow provide capacity to reduce
leverage.  The company will benefit from recent and planned
capacity additions as well as from continuing growth in the
flexible packaging segment driven by substitution from rigid
packaging.  Moody's believes that EBITDA (pro-forma for the
transaction) will increase modestly in 2016 and projects that the
company will have the ability to reduce its Moody's adjusted
debt-to-EBITDA leverage to the high 5x range.

Moody's took these specific actions on Charter Nex:

Ratings Confirmed:

  Corporate Family Rating, at B2
  Probability of Default Rating, at B2-PD
  $50 million Revolving Facility, at B1 (LGD3)
  $270 million First-lien Term Loan, at B1 (LGD3)
  $110 million Second-lien Term Loan, at Caa1 (LGD5)

Ratings Assigned:

  $105 million First-lien Term Loan, at B1 (LGD3)
  $55 million Second-lien Term Loan, at Caa1 (LGD5)

  Outlook, Changed to Negative from Rating Under Review for
   Possible Downgrade

RATING RATIONALE

Charter Nex's B2 Corporate Family Rating (CFR) reflects its good
market position in a niche segment of technically complex specialty
film, resulting in strong margins and positive projected free cash
flow.  These strengths are tempered by its modest scale, limited
operating history at current sales levels, high customer
concentration, strong competition and high leverage.  The company
has long-term relationships with its customer base.  Moody's
nevertheless believes that earnings are vulnerable to changing
customer preferences and competitor actions.

The acquisition of Optimum Plastics creates execution risk as it
increases the number of customers in more cyclical end markets,
such as the construction, aerospace and automotive sectors.
However, this acquisition adds scale and diversity and enhances
Charter Nex's product and manufacturing capabilities.  Also, the
majority of the company's products will still be used in the more
stable packaged food segment.  Moody's projects that Charter Nex's
high debt-to-EBITDA leverage (estimated 6.7x LTM 9/30/15
incorporating Moody's standard adjustments and pro-forma for the
transaction) will decline over the next 12 months as it continues
to grow, but that leverage is vulnerable to swings based on event
risk under private equity ownership.

Charter Nex's negative outlook reflects Moody's concern with the
company's deteriorated liquidity position.

Failure to reduce leverage below 6.0x within the next 12 months,
any material additional debt-financed acquisitions, shareholder
distributions or other actions could result in a downgrade.
Negative free cash flow on a sustained basis could also result in a
downgrade.

Given the company's small size, Moody's don't expect to upgrade its
ratings in the intermediate term.  The ratings could be upgraded if
the company increases its revenue base, and diversifies its
products and customers.  Charter Nex would also need to maintain
debt-to-EBITDA leverage below 4.5x and maintain a good liquidity
position to be considered for an upgrade.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
September 2015.



CHUNG FAT SUPERMARKET: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Chung Fat Supermarket, Inc.
        41-82 Main Street
        Flushing, NY 11355

Case No.: 15-45685

Chapter 11 Petition Date: December 21, 2015

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

Judge: Hon. Elizabeth S. Stong

Debtor's Counsel: Douglas J Pick, Esq.
                  PICK & ZABICKI LLP
                  369 Lexington Avenue, 12th Floor
                  New York, NY 10017
                  Tel: (212) 695-6000
                  Fax: (212) 695-6007
                  Email: dpick@picklaw.net

Total Assets: $1.87 million

Total Liabilities: $9.41 million

The petition was signed by Yue Meing Jiang, Co-CEO.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nyeb15-45685.pdf


CITY OF PEARL: Moody's Lowers Rating on GOULT Bonds to 'Ba1'
------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from A3 the City of
Pearl, MS's general obligation unlimited tax bonds, affecting
$12.46 million of the city's outstanding debt.  Moody's also placed
the rating under review for possible downgrade.

The downgrade reflects the city's deteriorating General Fund
position at fiscal year-end 2014 stemming from support for other
funds.  General Fund operations yielded a deficit in fiscal 2014,
with the ending fund balance representing negative 6.7% of
revenues.  General Fund cash balance dropped to negative 13.9% of
revenues from negative 5.5% in fiscal 2013.  The decline represents
a departure from preliminary projections reported in our Dec. 24,
2014, report and stems from inadequate revenues, despite
significant legal flexibility to increase utility and property tax
rates.  General Fund position is unlikely to improve in the near
term given the city relied on short term borrowing to alleviate
severe cash shortage.

The Ba1 rating also reflects the city's moderately-sized and stable
tax base, below average wealth levels, and elevated debt burden.

Rating Outlook

The review for downgrade reflects the city's potential exposure to
contingent liabilities stemming from various debt financings used
to construct a stadium in 2004.  During the review period, we
expect to obtain and review debt documentation to ascertain the
potential impact on the city's finances.  Without this information,
Moody's could withdraw the ratings for lack of information.

Factors that Could Lead to an Upgrade

  Established trend of structurally balanced operations

  Rebuilding of reserves to adequate levels

  Substantial tax base growth

Factors that Could Lead to a Downgrade

  Further financial deterioration

  Continued reliance on short term borrowing and one-time measures

   to balance future budgets

  Deterioration of local economic conditions that result in
   revenue declines

  Indications of any intent to default on debt

  Legal Security

The general obligation bonds are secured by an annual ad valorem
tax, levied against all taxable property in the city without legal
limitation as to rate or amount.

Obligor Profile

The City of Pearl is located in Rankin County (Aa2), approximately
2 miles east of the state capital, the City of Jackson (A3
negative).



COMMUNITY HOME FINANCIAL: Court Partially Allows Attorney's Fees
----------------------------------------------------------------
Judge Edward Ellington of the United States Bankruptcy Court for
the Southern District of Mississippi allowed in part and disallowed
in part the fifth application for payment of fees and allowance of
costs filed by Derek A. Henderson, Esq., attorney for Community
Home Financial Services, Inc.

In his application, filed on January 2, 2014, Henderson sought
compensation for services rendered to CHFS from September 2, 2013,
through December 28, 2013, in the amount of $46,595, and for
expenses in the amount of $5,169.

On January 23, 2013, Edwards Family Partnership, L.P. and Beher
Holding Trust filed an objection to Henderson's fee application,
contending that Henderson should not be compensated because "a
considerable amount of time was spent working on... matters which
are of no apparent value to the bankruptcy estate."  The Trustee
likewise filed her objection.

Judge Ellington found the hours billed and the hourly rates in the
application of $275.00 for Henderson and $65.00 for his paralegal
to be reasonable.

Judge Ellington also found that, except for the services provided
by Henderson in connection with the motion to have the Section 362
stay applied to CHFS' President William D. Dickson personally,
Henderson has established that his services were necessary for the
administration of the bankruptcy estate at the time he performed
the services.  The judge stated, however, that Henderson may not be
compensated for the $2,337.50 of his requested fees which relate to
the imposition of a stay for Dickson personally.

The case is IN RE: COMMUNITY HOME FINANCIAL SERVICES, INC., Chapter
11, Case No. 1201703EE (Bankr. S.D. Miss.).

A full-text copy of Judge Ellington's December 7, 2015 memorandum
opinion is available at http://is.gd/Ab5l1ffrom Leagle.com.

Kristina M. Johnson is represented by:

          Laura F Ashley, Esq.
          Mark Alan Mintz, Esq.
          JONES WALKER LLP
          201 St. Charles Ave
          New Orleans, LA 70170-5100
          Tel: (504) 582-8000
          Fax: (504) 582-8583
          Email: lashley@joneswalker.com
                 mmintz@joneswalker.com

            -- and --
          
          Jeffrey Ryan Barber, Esq.
          Stephanie Bentley McLarty, Esq.
          JONES WALKER LLP
          Suite 800 190 Capitol St
          Jackson, MS 39201
          Tel: (601) 949-4900
          Fax: (601) 949-4804
          Email: jbarber@joneswalker.com
                 smclarty@joneswalker.com

            -- and --

          John D. Moore, Esq.
          Melanie T Vardaman, Esq.
          LAW OFFICES OF JOHN D. MOORE, P.A.
          301 Highland Park Cove, Suite B (39157)
          Ridgeland, MS 39158-3344
          Tel: (601) 853-9131
          Fax: (601) 853-9139
          Email: john@johndmoorepa.com

United States Trustee, U.S. Trustee is represented by:

          Ronald H. McAlpin, Esq.
          Margaret O Middleton, Esq.
          Christopher James Steiskal, Sr., Esq.
          Sammye Sue Tharp, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          United States Courthouse
          501 East Court Street, Suite 6-430
          Jackson, MS 39201
          Tel: (601) 965-5241
          Fax: (601) 965-5226

            About Community Home Financial

Community Home Financial Services, Inc., filed a Chapter 11
petition (Bankr. S.D. Miss. Case No. 12-01703) on May 23, 2012.
The petition was signed by William D. Dickson, president.

Community Home Financial is a specialty finance company located in
Jackson, Mississippi, providing contractors with financing for
their customers.  CHFS operates from one central location
providing financing through its dealer network throughout 25
states, Alabama, Delaware, and Tennessee.  The Debtor scheduled
$44.9 million in total assets and $30.3 million in total
liabilities.  Judge Edward Ellington presides over the case.

The Debtor was first represented by Roy H. Liddell, Esq., and
Jonathan Bissette, Esq., at Wells, Marble, & Hurst, PPLC as
Chapter 11 counsel.  Wells Marble was terminated Nov. 13, 2013.

The Debtor is now being represented by Derek A. Henderson, Esq., in
Jackson, Miss.  In 2013, the Debtor sought to employ David Mullin,
Esq., at Mullin Hoard & Brown LLP, as special counsel.

On Jan. 9, 2014, Kristina M. Johnson was appointed as Chapter 11
Trustee for the Debtor.  Jones Walker LLP serves as counsel to the
Chapter 11 trustee, while Stephen Smith, C.P.A., acts as
accountant.


COMPASS MINERALS: Moody's Assigns Ba1 Rating on $100MM Term Loan E
------------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the new $100
million Term Loan E issued by Compass Minerals International, Inc.
due May 18, 2017.  The new Term Loan was issued on 14 December
2015.  The company has stated the proceeds from the new issuance
will largely fund the acquisition of a 35% stake in the Brazilian
plant nutrient manufacturer Produquimica Industria e Comercio S.A.
(Produquimica, unrated).  All other ratings, including the Ba1
corporate family rating (CFR), remain unchanged.  The company's
rating outlook is stable.

"At approximately $115 million (at today's exchange rate), this
largely debt-funded investment is relatively small for Compass
Minerals whose Moody's-adjusted EBITDA is around $360 million for
the last 12 months ending September 2015; however, the strategic
transaction will further expand the company's plant nutrition
business, improving diversity, and modestly grow EBITDA," says
Anthony Hill, a Moody's Vice President - Senior Credit Officer and
lead analyst for Compass Minerals.

Assignments:

Issuer: Compass Minerals International, Inc.

  100 million Senior Secured Bank Credit Facility, Term Loan E
   add-on, due 2017, Ba1 LGD3

RATINGS RATIONALE

Compass Mineral's Ba1 CFR reflects the company's small scale
measured by net sales, net assets, and limited product portfolio
diversity that is significantly exposed to weather-driven demand
volatility for rock salt.  For example, the salt segment typically
makes-up approximately 80% of Compass Minerals' net sales.  The
weather-dependent highway deicing business (which is a part of the
salt segment) alone typically generates around 50% of the company's
net sales.  Additionally, the rating reflects the mature nature of
the highway deicing business (we expect continued low single digit
volume growth rates over the coming years), as well as the
company's need to pursue capital projects or acquisitions in order
to provide any desired increase in revenue and earnings growth over
time.  Moody's also notes that the company's capital structure
includes senior secured facilities, indicating a lack of funding
options other than what is typical for most speculative-grade
companies with growth prospects.

More positively, the rating also reflects the company's strong
operating and credit metrics.  Compass Minerals' Moody's-adjusted
debt/EBITDA ratio for the last 12 months ending September 2015 was
1.9x, and the company's Moody's-adjusted EBITDA margin was 38% for
the same period.  Additionally, Compass Minerals has
cost-advantaged, secure access to high quality salt deposits, and
maintains an efficient distribution network that utilizes low-cost
water transportation.  The company is also a cost-advantaged
producer of sulfate of potash (SOP) fertilizer from naturally
occurring brines.  As a specialty fertilizer for high-value crops
such as fruits and nuts that is sold at a premium over commodity
potash fertilizer, SOP helps to insulate the company from commodity
potash industry pressures.

Compass Minerals' liquidity is currently good, as reflected by the
assigned SGL-2 rating.  Moody's expects Compass Minerals to
maintain sufficient cash balances and ample availability under its
$125 million revolving credit facility over the next 12 to 18
months; however, the company may exhibit negative free cash flow in
2016 as it embarks on a number of capital expenditure projects to
support its stated goal to reach EBITDA generation of $500 million
by 2018 (versus an approximate Moody's-adjusted EBITDA of $360
million for the 12 months ending September 2015).  Moody's expects
cash flow from operations and revolver availability to support the
company's good liquidity over the next 12 to 18 months.

In accordance with the rating agency's Loss Given Default
methodology, the first-lien senior secured credit facilities (the
$125 million revolver due 2017, the $379.3 million term Loan and
new $100 million term loan E add-on also due in 2017) are rated
Ba1, at the same level as the CFR.  This is due to the first-lien
senior secured agreement's priority over the outstanding $250
million senior unsecured notes due 2024, which are rated Ba2 or one
notch below the Ba1 CFR.  The senior unsecured notes due 2024 are
notched down from the CFR, reflecting their subordinated ranking in
the capital structure.

The stable rating outlook reflects Moody's expectation of solid
operating performance from Compass Minerals over at least the next
18 months.

Compass Minerals' business profile, modest size, and secured
capital structure constrain its long-term rating to the high-end of
the Ba-rating category.  Further growth in the company's specialty
fertilizer business such that it becomes a larger contributor to
Compass Minerals' overall earnings could help the company achieve
an investment-grade profile (Baa3 or higher). Additionally, to be
considered for an investment-grade rating, Moody's would expect the
company to exhibit an investment-grade capital structure (comprised
only of unsecured debt with extended maturities); and establish a
financial policy appropriate for an investment-grade rating.

Moody's does not expect any pressure to move the rating downward
over the coming quarters.  However, if Compass Minerals made a
large acquisition or if there was a change in the company's
financial philosophy, the rating agency would consider downgrading
the rating.  Quantitatively, Moody's would consider downgrading
Compass Minerals' rating if its EBITDA margin falls sustainably to
around 20%; or its debt/EBITDA ratio rises towards 3.5x, both on a
Moody's-adjusted basis.

The principal methodology used in this rating was Global Chemical
Industry Rating Methodology published in December 2013.

Headquartered in Kansas, US, Compass Minerals International, Inc.
(Compass Minerals) is a leading North American producer of salt
used for highway deicing, agriculture applications, water
conditioning, and other consumer and industrial uses.  The company
is also a significant producer of sulfate of potash (SOP) used on
specialty crops, such as fruits and nuts, in the US and Canada. For
the twelve months ended March 2015 Compass Minerals generated net
sales (gross revenues after shipping and handling) and a
Moody's-adjusted EBITDA of $945 million and $428 million,
respectively.



CREW ENERGY: DBRS Confirms 'B' Issuer Rating
--------------------------------------------
DBRS Limited confirmed the Issuer Rating and the Senior Unsecured
Notes rating of Crew Energy Inc.  at B and maintained the trends at
Negative. The recovery rating for the Notes remains unchanged at
RR4. The Notes are effectively subordinated to the Company’s
secured bank facility (the Credit Facility). The rating
confirmations reflect DBRS's assessment of the Company's financial
profile amidst the current weak commodity pricing environment, with
current leverage levels being relatively lower than its DBRS-rated
non-investment-grade peers. This provides the Company with somewhat
more financial flexibility over the near term. The Company has
funded its aggressive development initiatives in 2015 with a
prudent mix of a $100 million equity offering, approximately $87
million of asset dispositions and moderate incremental debt. In
2016, DBRS expects the Company to significantly reduce capital
expenditures (capex) and to spend within its operating cash flows,
mitigating against any further material increase in debt levels and
to preserve liquidity. However, continued deterioration in key
credit metrics and/or liquidity would likely lead to a rating
downgrade in 2016. This could be driven by a persistently weak
commodity pricing outlook, the Company’s inability to curtail
capex significantly and/or operational challenges.

On February 11, 2015, DBRS changed the trends of Crew Energy to
Negative from Stable over concerns of weakening key credit metrics
beyond current rating parameters under a weak crude oil and North
American natural gas pricing environment. DBRS also noted that the
B rating reflects the expectation that Crew Energy will maintain a
reasonable production profile for the rating considering the
heightened concentration risk in the Montney following the
significant asset dispositions in 2014. For the nine months ended
September 30, 2015 (9M 2015), Crew Energy's key credit metrics have
deteriorated as a result of the significant decline in commodity
prices (approximately 52% decline in realized prices on a per
barrels of oil equivalent (boe) basis before hedging) and
production size (approximately 30% decline in daily production) on
a year-over-year basis; however, key credit metrics remained
supportive of a B rating category overall. For the last 12 months
2015, DBRS lease-adjusted debt-to-capital and debt-to-cash flow
were 21.2% and 2.37 times (x), respectively, although DBRS
lease-adjusted EBIT interest coverage was significantly weaker at
0.54x. Crew Energy partially mitigated against the weak earnings
and operating cash flows with a significant hedging program in 2015
(realized $6.14/boe gain in 9M 2015), a $100 million equity
offering in March 2015 and approximately $87 million in asset
dispositions ($50 million in non-core Lloydminster assets and $37
million from the sale of a 50% interest in the new West Septimus
facility). As a result, Crew Energy is expected to enter 2016 with
relatively more financial flexibility than some of its DBRS-rated
non-investment-grade peers. Crew Energy is expected to average
approximately 22,000 boe/d (midpoint guidance) in Q4 2015, an
increase over 9M 2015 production levels. The confirmation also
incorporates DBRS’s assessment of the Company’s business risk
profile that remains supportive of the current B rating, albeit
being moderately weaker given the reduced size and scale and
limited geographic diversification.

Nonetheless, a prolonged weak commodity pricing environment would
be challenging for Crew Energy, which is reflected by the Negative
trend. The Company’s profitability is relatively weak given its
production mix, which is weighted heavily toward natural gas and
heavy oil production. Regional natural gas prices have remained
depressed, while the Company’s Lloydminster heavy oil production
(3,741 bbl/d for the three months ended September 30, 2015) is
exposed to the heavy/light pricing differentials in addition to the
weak crude oil prices. DBRS expects the Company to significantly
reduce capex in 2016 and to spend within its operating cash flows.
However, if capex remains below sustaining levels consistently
going forward, this could lead to a decline in production volumes
and add further pressure on cash flows beyond 2016. As a result,
should key credit metrics and/or the liquidity position deteriorate
significantly beyond the current rating parameters or if the
Company’s production profile is no longer expected to remain
reasonable for a B rating, DBRS could downgrade the rating.

Crew Energy's liquidity is supported by its $250 million Credit
Facility, which matures in June 2016. As of September 30, 2015, the
Company had drawings of $67.7 million and had issued letters of
credit of $2.6 million. The current liquidity position is expected
to sufficiently fund near-term capex, working capital and
operations, given the expectation of significant capex reduction in
2016. The Credit Facility is subject to a semi-annual borrowing
base review, with the last review completed in October 2015. The
October borrowing base review resulted in a modest decrease to $250
million from $260 million. The next review is expected to be
completed in early Q2 2016. The utilization of the Credit Facility
is expected to be relatively low at 25% by year-end 2015; however,
a lower commodity pricing outlook by the lenders in Q2 2016 versus
the Q4 2015 review, combined with pressure on the determination of
reserves based on current market conditions, could lead to a
greater negative impact on the borrowing base. The rating
confirmation also incorporates DBRS’s expectation that the Credit
Facility will be extended at the time of the next review.



DIAMOND RESORTS: S&P Affirms 'B+' CCR on New Finance Criteria
-------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed all ratings on
Las Vegas-based Diamond Resorts International Inc., including its
'B+' corporate credit rating.  The outlook is stable.

"The affirmation reflects our assessment of the company's financial
risk following the implementation of our new captive finance
criteria, which incorporate adjustments to segregate captive
finance operations from consolidated operating performance at
Diamond," said Standard & Poor's credit analyst Shivani Sood.

"The "aggressive" financial risk assessment reflects significant
adjusted leverage at the parent, relatively high historical annual
loan losses that ranged from 6% to 9% from 2009 to 2014 in the
captive's loan portfolio, and our belief that leverage in the
captive will be high at about 5x debt to equity over the next few
years.  However, we do not expect that the loss and leverage ratios
in the captive will worsen meaningfully because we believe that
underwriting standards at the captive are stable in terms of loss
and delinquency ratio trends and loan portfolio credit quality.  We
have updated our base-case forecast on Diamond for captive
finance-adjusted debt to EBITDA of around 2x and funds from
operations (FFO) to debt of around 40% through 2016.  While these
measures would otherwise be aligned with an intermediate financial
risk assessment, we are assessing financial risk as significant,
one category lower, as a result of a high level of anticipated
EBITDA volatility over the economic cycle attributable to timeshare
sales.  The parent financial risk assessment is further impaired by
our aggressive assessment of the captive's asset and leverage risk,
based on the high level of historical and anticipated loan losses
in the captive's loan portfolio and a high level of debt to equity
in the captive," S&P said.

The stable outlook reflects S&P's expectation that EBITDA growth
will continue to offset increases in debt to finance timeshare
notes receivable originations and opportunistic acquisitions.  In
addition, although S&P believes Diamond intends to pursue an
aggressive pace of financing sales of vacation ownership intervals
(VOIs), S&P believes debt to equity inside the company's captive
operation will not increase meaningfully above 5x and anticipated
losses inside the captive's loan portfolio will not increase
meaningfully above the 6% to 9% range experienced over the past
five years.

S&P could lower the rating as a result of a deterioration in
operating performance or increased leverage as a result of
acquisitions or increased capital returns to shareholders that
results in captive finance adjusted debt to EBITDA above 4x or FFO
to adjusted debt of below 20%.  S&P would also consider a lower
rating if debt to equity in the captive was sustained above 5x or
if S&P expected losses in the captive's loan portfolio would be
sustained above 9%.  Additionally, S&P would consider a lower
rating if access to external liquidity sources meaningfully
deteriorates over the intermediate term.

S&P would consider raising the rating if it was confident that
Diamond could comfortably sustain adjusted debt to EBITDA below 2x
and FFO to debt above 45%, and if S&P believed that Diamond would
sustain debt to equity in the captive below 5x.



ELBIT IMAGING: Unit Reappoints Ron Hadassi as Chairman
------------------------------------------------------
Elbit Imaging Ltd. announced that Plaza Centers N.V., an indirect
subsidiary of the Company, has reappointed Mr. Ron Hadassi as
Chairman of the Board of Directors following a meeting of Plaza's
Board on Monday, Dec. 21, 2015.

                       About Elbit Imaging

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

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

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

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


ESSAR STEEL: S&P Assigns 'B' Rating on US$200MM DIP Loans
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' point-in-time
rating to Canada-based steel producer Essar Steel Algoma Inc.'s
US$200 million debtor-in-possession (DIP) facility.  Standard &
Poor's long-term corporate credit rating on the company remains 'D'
(default).  

"This DIP loan rating is a point-in-time rating effective only for
the date of this report," said Standard & Poor's credit analyst
Jarrett Bilous.  "We will not review, modify, or provide ongoing
surveillance of the rating.  We base the rating on various items,
including court orders, the DIP credit agreement, and our view of
prospective steel market conditions," Mr. Bilous added.

On Nov. 9, 2015, ESA filed for creditor protection under the
Companies' Creditors Arrangement Act (CCAA) in Canada (granted by
the Ontario Superior Court (the court) and filed under Chapter 15
of the U.S. Bankruptcy Code.  Concurrent with the filing, ESA
entered into a US$200 million DIP facility, including a US$175
million term loan and US$25 million asset-based loan (DIP ABL)
revolving facility.  The company has received US$125 million in
proceeds from the term loan; we expect the remaining US$50 million
of term loan capacity and the ABL facility to be available by the
end of January 2016, subject to a final court order and other
closing conditions.  The DIP facility constitutes a super-priority
claim.

S&P's DIP ratings primarily capture S&P's view of the likelihood of
full cash repayment of the DIP facility through the company's
reorganization and emergence from bankruptcy--our capacity for full
repayment at emergence (CRE) assessment.  The DIP rating also
considers the potential for the company to fully repay the DIP
facility if its reorganization is not successful and liquidation
becomes necessary.  If S&P believes the DIP facility is
sufficiently over-collateralized to be fully repaid under its
simulated liquidation scenario, S&P could assign a rating that is
one or two notches higher than the rating indicated by the CRE
assessment.

S&P's rating on the US$200 million DIP facility incorporates a CRE
assessment of 'b-'.  S&P applied a one-notch enhancement to the CRE
assessment, based on its view of recovery prospects under a
liquidation scenario, to arrive at its 'B' rating on the DIP
facility.

In rating ESA's DIP facility, S&P has applied "Principles of Credit
Ratings" criteria in conjunction with "Debtor-In-Possession
Financing" criteria: the company filed for creditor protection
under the CCAA but Standard & Poor's Debtor-In-Possession Financing
criteria is specific to bankruptcy filings under Chapter 11 of the
U.S. Bankruptcy Code.  In S&P's view, there are sufficient
similarities between the Chapter 11 and CCAA regimes to support the
use of Debtor-In-Possession Financing criteria.



FILMED ENTERTAINMENT: Seeks to Extend Exclusive Right to File Plan
------------------------------------------------------------------
Filmed Entertainment Inc. asked a federal judge to extend the
period of time during which it alone holds the right to file a
Chapter 11 plan.

In a motion, the company asked U.S. Bankruptcy Judge Shelley
Chapman to extend its exclusive right to propose a bankruptcy plan
to Feb. 6, 2016, and to solicit votes from creditors to April
6, 2016.  

The extension would prevent others from filing rival plans in court
and maintain the company's control over its bankruptcy case.

                    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.



FORESIGHT ENERGY: S&P Lowers CCR to 'CCC', on Watch Developing
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Foresight Energy L.P. to 'CCC' from 'B+' and
placed the rating on CreditWatch with developing implications.

S&P also lowered its issue-level rating on the partnership's
first-lien debt to 'B-' from 'BB'.  The recovery rating on the debt
is unchanged at '1', indicating S&P's expectation of very high
recovery (90% to 100%) in the event of a payment default.  In
addition, S&P lowered its issue-level rating on the company's
senior unsecured notes to 'CCC' from 'B+'.  The recovery rating on
the debt is unchanged at '3' indicating S&P's expectation of
meaningful recovery (50% to 70%; lower half of the range) in the
event of a payment default.  S&P placed all issue-level ratings on
CreditWatch with developing implications, in line with the issuer
credit rating.

"We are lowering our corporate credit rating on Foresight to 'CCC'
in accordance with our criteria.  We typically reserve 'CCC'
ratings for cases where specific default scenarios are envisioned
within a year," Standard & Poor's credit analyst Chiza Vitta.  "The
rating further reflects our view that the change in control
provisions in Foresight's debt, along with the recent ruling, make
it likely that the issuer will default without an unforeseen
positive development."

The CreditWatch developing listing indicates that ratings could be
raised or lowered within approximately three months as a result of
a specific event.

In this case, if the change in control provisions is resolved, S&P
would likely raise the rating to coincide with the GCP.  If
Foresight is unable to resolve the change in control issues in a
timely manner, if the company is not able to secure interim or
alternative sources of liquidity, or if the resolution results in
weaker credit measures, S&P could stabilize or lower the current
rating.



GELT PROPERTIES: Gets Final Decree Closing Chapter 11 Case
----------------------------------------------------------
The Hon. Magdelene D. Coleman of the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania issued a final decree closing the
Chapter 11 bankruptcy cases of Gelt Properties LLC and Gelt
Financial Corporation, noting that the Debtors have paid all
outstanding fees and filed all outstanding reports with the U.S.
Trustee.

As reported by the Trouble Company Report on Oct. 6, 2015, the
Debtors told the Court that they have substantially consummated
their plan by staying within the terms with all of their secured
lenders and by paying the required distributions to priority and
unsecured creditors.  Moreover, the Debtors submitted that they
have paid all outstanding fees due to the office of the U.S.
Trustee up through and including the first quarter of 2015 fees,
thus submit that the cases have been fully administered.

However, Paul J. Schoff, Esq., at Schoff Law Offices, in
Philadelphia, Pennsylvania, the former counsel to the Official
Unsecured Creditors Committee, objected to the Debtors' motion on
behalf of himself.  Mr. Schoff stated that the Debtors have not
substantially consummated their plan of reorganization and he
believes that, without the court's oversight, the Debtors will
continue to allow its operations to languish, further providing
generous salaries and benefits for its principals while the
unsecured creditors and administrative claimants receive nothing
but a bare minimum of $6000 per quarter.

In response, the Debtors asked the Court to deny the objection.
The Debtors argued that they have substantially consummated their
plan.  They have reduced their secured debt, made payments to the
Committee Professionals, sold properties, refinanced certain loans
and otherwise conducted their respective businesses pursuant to
their confirmed plan.  The Debtors asserted that it is unclear
whether the Schoff Law Offices now purports to represent the
interests of the unsecured creditors despite its prior withdrawal
as counsel to the Committee.

In an supplemental response to Mr. Schoff's objection, the Debtors
asserted that the Mr. Schoff made at least two false statements
recorded on the September 9 hearing.  Moreover and with respect to
Mr. Schoff's allegations that he made requests of counsel for
financial reporting that went unaddressed and/or unanswered, no
such requests have been located.  However, the last correspondence
from Mr. Schoff, received on July 21, 2015, outlines Mr. Schooff's
major issues on the motion and yet somehow does not mention
reporting or lack thereof.

                   About Gelt Properties

Based in Huntington Valley, Pennsylvania, Gelt Properties, LLC,
and affiliate Gelt Financial Corporation borrow money from
traditional lenders and make loans to commercial borrowers.  They
also acquire and manage real estate.  Gelt Properties and Gelt
Financial filed for (Bankr. E.D. Pa. Case Nos. 11-15826 and
11-15826) on July 25, 2011.  Judge Magdeline D. Coleman presides
over the cases.

William John Baldini, Esq., Albert A. Ciardi, III, Esq., Jennifer
E. Cranston, Esq., Daniel S. Siedman, Esq., and Jennifer C.
McEntee at Ciardi Ciardi & Astin, in Philadelphia, Pa.; Thomas
Daniel Bielli, Esq., at O'Kelly Ernst & Bielli, LLC, in
Philadelphia, Pa.; Janet L. Gold, Esq., at Eisenberg, Gold &
Cettei, P.C., in Cherry Hill, N.J.; David A. Huber, Esq., at
Benjamin Legal Services, in Philadelphia, Pa.; Alan L. Nochumson,
Esq., at Nochumson PC, in Philadelphia, Pa.; Axel A. Shield, II,
Esq., of Huntington Valley, Pa., serve as counsel for Debtor Gelt
Properties, LLC.

Ciardi Ciardi & Astin also represents Debtor Gelt Financial
Corporation as counsel.

Gelt Properties disclosed $4.73 million in assets and
$4.84 million in liabilities as of the Chapter 11 filing.  Its
affiliate, Gelt Financial has scheduled $20.3 million in assets
and $17.05 million in liabilities as of the Chapter 11 filing.

Paul J. Schoff, Esq., and Francis X. Gorman, Esq., at Schoff
McCabe, P.C., represented the Unsecured Creditors' Committee.
Craig Howe, CPA, and Howe, Keller & Hunter, P.C., serve as the
Committee's accountants.


GEOMET INC: Company Dissolution Takes Effect
--------------------------------------------
Based on the approval of the Plan of Dissolution by GeoMet, Inc.'s
stockholders at its Special Meeting of Stockholders held on
Dec. 10, 2015, the Company filed a Certificate of Dissolution on
Dec. 11, 2015, with the Delaware Secretary of State dissolving the
Company with an effective time of 5:00 p.m. Eastern Time on Dec.
21, 2015.  Under applicable law, as of the Effective Time, the
Company, as a general matter, no longer is able to issue stock, and
consequently it closed its stock transfer books and discontinued
recording transfers and issuing stock certificates (other than
replacement certificates).  Following the Effective Time, the
Company's stockholders of record are not able to transfer shares,
except assignments by will, intestate succession or operation of
law.

GeoMet filed a post-effective amendment to its Form S-3
registration statement on Form S-1, which was originally filed with
the Commission on March 29, 2012, registering securities of the
Company for resale by the selling stockholders using the "shelf
registration" process under Rule 415 of the Securities Act of 1933,
as amended.  Because the Company no longer satisfies the
eligibility requirements of Form S-3, the Company had filed the
Post-Effective Amendment No. 2 on Form S-1 to terminate the
registration of securities that remain unsold under the
Registration Statement.

On Nov. 13, 2009, GeoMet filed a Registration Statement on Form
S-8, registering 2,000,000 shares of the Company's common stock,
par value $0.001 per share, for equity awards granted under the
Company's 2005 Stock Option Plan, its 2006 Long-Term Incentive Plan
and the Stock Acquisition and Stockholders' Agreement, dated Dec.
7, 2000.  The offerings have been terminated.  The Company filed a
post-effective amendment No. 1 to deregister all 2,000,000 shares
of Common Stock registered pursuant to the Registration Statement,
or such lesser portion that remain unsold.

On Aug. 28, 2006, GeoMet filed a Registration Statement on Form
S-8, registering 3,607,170 shares of the Company's common stock,
par value $0.001 per share, for equity awards granted under the
Company's 2005 Stock Option Plan, its 2006 Long-Term Incentive Plan
and the Stock Acquisition and Stockholders' Agreement, dated Dec.
7, 2000.  The offerings have been terminated.  The Company filed a
post-effective amendment No. 1 to deregister all 3,607,170 shares
of Common Stock registered pursuant to the Registration Statement.

                      About Geomet Inc.

Houston, Texas-based GeoMet, Inc., is an independent energy
company primarily engaged in the exploration for and development
and production of natural gas from coal seams (coalbed methane)
and non-conventional shallow gas.  Its principal operations and
producing properties are located in the Cahaba and Black Warrior
Basins in Alabama and the central Appalachian Basin in Virginia
and West Virginia.  It also owns additional coalbed methane and
oil and gas development rights, principally in Alabama, Virginia,
West Virginia, and British Columbia.  As of March 31, 2012, it
owns a total of 192,000 net acres of coalbed methane and oil and
gas development rights.

As reported by the TCR on Feb. 20, 2015, GeoMet said it has no
operations and minimal assets, which raises substantial doubt about
its ability to return any additional value to its stockholders.
The Company added it may file a plan of dissolution if it cannot
consummate a corporate transaction/merger prior to the third
quarter of 2015.

As of Sept. 30, 2015, the Company had $18.82 million in total
assets, $138,000 in total liabilities, $52.81 million in series A
convertible redeemable preferred stock and a $34.12 million total
stockholders' deficit.


GRANITE BROADCASTING: S&P Withdraws 'B' CCR at Company's Request
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its
ratings on New York-based Granite Broadcasting Corp. at the
company's request.  The withdrawn ratings include the 'B' corporate
credit rating on Granite and the 'BB-' issue-level rating on the
company's senior secured term loan B.

Granite recently completed the sale of most of its television
station assets to Quincy Newspapers Inc.  The company has fully
repaid its outstanding senior secured term loan B.



GRL-MESA INVESTMENTS: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: GRL-Mesa Investments, LLC
        708 N. Camden Drive
        Beverly Hills, CA 90210-3205

Case No.: 15-29107

Chapter 11 Petition Date: December 21, 2015

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

Debtor's Counsel: Alan F Broidy, Esq.
                  LAW OFFICES OF ALAN F BROIDY, APC
                  1925 Century Park E 17th Fl
                  Los Angeles, CA 90067
                  Tel: 310-286-6601
                  Fax: 310-286-6610
                  Email: alan@broidylaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by David Page, authorized agent.

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


GROWLIFE INC: History of Losses Raises Going Concern Doubt
----------------------------------------------------------
GrowLife, Inc.'s net loss for the three months ended June 30, 2015
was $1,384,000 as compared to a net income of $19,232,000 for the
three months ended June 30, 2014.

Marco Hegyi, president and director, and Mark Scott, consulting
chief financial officer of the company said in a regulatory filing
with the U.S. Securities and Exchange Commission on November 13,
2015, "The company incurred net losses of $3,368,161, $86,626,099
and $21,380,138 for the six months ended June 30, 2015 and the
years ended December 31, 2014 and 2013, respectively.  Our net cash
used in operating activities was $229,367, $2,122,577 and
$1,791,074 for the six months ended June 30, 2015 and the years
ended December 31, 2014 and 2013, respectively.

"The company anticipates that it will record losses from operations
for the foreseeable future.  As of June 30, 2015, our accumulated
deficit was $114,394,964.  The company has experienced recurring
operating losses and negative operating cash flows since inception,
and has financed its working capital requirements during this
period primarily through the recurring issuance of convertible
notes payable and advances from a related party.

"The audit report prepared by our independent registered public
accounting firm relating to our financial statements for the year
ended December 31, 2014 and filed with the SEC on September 30,
2015 includes an explanatory paragraph expressing the substantial
doubt about our ability to continue as a going concern.

"Our history of net losses has raised substantial doubt about our
ability to continue as a going concern, and as a result, our
independent registered public accounting firm included an
explanatory paragraph in its report on our financial statements as
of and for the year ended December 31, 2013 and 2012 with respect
to this uncertainty.

"Accordingly, our ability to continue as a going concern will
require us to seek alternative financing to fund our operations.
This going concern opinion could materially limit our ability to
raise additional funds through the issuance of new debt or equity
securities or otherwise.  Future reports on our financial
statements may include an explanatory paragraph with respect to our
ability to continue as a going concern.

"Continuation of the company as a going concern is dependent upon
obtaining additional working capital."

At June 30, 2015, the company had total assets of $1,707,760 and
total stockholders' deficit of $5,335,021.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/j7yeus2

Seattle-based GrowLife, Inc. aims to serve cultivators in the
design, build-out, expansion and maintenance of their facilities
with hydroponics equipment, organic plant nutrients and more.  The
company sells its own branded goods as well as more than 3,000
products through its e-commerce distribution channel, Greners.com.


HCSB FINANCIAL: Has Going Concern Doubt, Says Management
--------------------------------------------------------
HCSB Financial Corporation has substantial doubt about its ability
to continue as a going concern, James R. Clarkson, president and
chief executive officer, and Edward L. Loehr, Jr., chief financial
officer of the company said in a regulatory filing with the U.S.
Securities and Exchange Commission on November 13, 2015.

Messrs. Clarkson and Loehr stated: "The company had a history of
profitable operations and sufficient sources of liquidity to meet
its short-term and long-term funding needs.  However, the Bank
(Horry County State Bank)'s financial condition has suffered as a
result of the economic downturn.

"The effects of the current economic environment are being felt
across many industries, with financial services and residential
real estate being particularly hard hit.  The Bank, with a loan
portfolio consisting of a concentration in commercial real estate
loans, has seen a decline in the value of the collateral securing
its portfolio as well as rapid deterioration in its borrowers' cash
flows and abilities to repay their outstanding loans to the Bank.
As a result, the Bank's level of nonperforming assets increased
substantially during 2010 and 2011, resulting in significant
loan-related charge-offs and significantly deteriorating the
Company and Bank capital positions. However, since 2012, the Bank's
nonperforming assets have begun to stabilize. The Bank's
nonperforming assets at September 30, 2015 were $25.3 million
compared to $31.3 million at December 31, 2014 and $35.6 million at
December 31, 2013.  As a percentage of total assets, nonperforming
assets were 6.68%, 7.43% and 8.19% as of September 30, 2015, and
December 31, 2014 and 2013, respectively.  As a percentage of total
loans, nonperforming loans were 3.09%, 5.02%, and 4.15% as of
September 30, 2015, and December 31, 2014 and 2013, respectively.

"The company and the Bank operate in a highly regulated industry
and must plan for the liquidity needs of each entity separately.  A
variety of sources of liquidity have historically been available to
the Bank to meet its short-term and long-term funding needs.
Although a number of these sources have been limited following
execution of the Consent Order with the Federal Deposit Insurance
Corporation and South Carolina Board of Financial Institutions,
management has prepared forecasts of these sources of funds and the
Bank's projected uses of funds during 2015 in an effort to ensure
that the sources available are sufficient to meet the Bank's
projected liquidity needs for this period.

"Prior to the recent economic downturn, the company, if needed,
would have relied on dividends from the Bank as its primary source
of liquidity.  Currently, however, the company has no available
sources of liquidity.  The company is a legal entity separate and
distinct from the Bank.  Various legal limitations restrict the
Bank from lending or otherwise supplying funds to the Company to
meet its obligations, including paying dividends.  In addition, the
terms of the Consent Order further limits the Bank's ability to pay
dividends to the company to satisfy its funding needs.   Unless the
company is able to raise capital, it will have no means of
satisfying its funding needs."

Messrs. Clarkson and Loehr continued, "Management believes the
Bank's liquidity sources are adequate to meet its needs for at
least the next 12 months, but if the Bank is unable to meet its
liquidity needs, then the Bank may be placed into a federal
conservatorship or receivership by the FDIC, with the FDIC
appointed conservator or receiver.

"The company will also need to raise substantial additional capital
to increase the Bank's capital levels to meet the standards set
forth by the FDIC.  Receivership by the FDIC is based on the Bank's
capital ratios rather than those of the company.  As of September
30, 2015, the Bank is categorized as significantly
undercapitalized.  The Bank would need $19.9 million to meet the
definition of well-capitalized.

"There can be no assurances that the company or the Bank will be
able to raise additional capital.  An equity financing transaction
by the Company would result in substantial dilution to the
company's current shareholders and could adversely affect the
market price of the Company's common stock.  Likewise, an equity
financing transaction by the Bank would result in substantial
dilution to the Company's ownership interest in the Bank.  It is
difficult to predict if these efforts will be successful, either on
a short-term or long-term basis.  Should these efforts be
unsuccessful, the Company would be unable to realize its assets and
discharge its liabilities in the normal course of business.

"The company has been deferring interest payments on its trust
preferred securities since March 2011 and has deferred interest
payments for 19 consecutive quarters.  The company is allowed to
defer payments for up to 20 consecutive quarterly periods, although
interest will also accrue and compound quarterly from the date such
deferred interest would have been payable were it not for the
extension period.  All of the deferred interest, including interest
accrued on such deferred interest, is due and payable at the end of
the applicable deferral period, which is in March 2016.  At
September 30, 2015, total accrued interest equaled $852,000.  If we
are not able to raise a sufficient amount of additional capital,
the company will not be able to pay this interest when it becomes
due and the Bank may be unable to remain in compliance with the
Consent Order.  In addition, the company must first make interest
payments under the subordinated notes, which are senior to the
trust preferred securities.  Even if the company succeeds in
raising capital, it will have to be released from the Written
Agreement or obtain approval from the Federal Reserve Bank of
Richmond to pay interest on the trust preferred securities.  If
this interest is not paid by March 2016, the company will be in
default under the terms of the indenture related to the trust
preferred securities.  If the company fails to pay the deferred and
compounded interest at the end of the deferral period the trustee
or the holders of 25% of the aggregate trust preferred securities
outstanding, by providing written notice to the company, may
declare the entire principal and unpaid interest amounts of the
trust preferred securities immediately due and payable.  The
aggregate principal amount of these trust preferred securities is
$6.0 million.  The trust preferred securities are junior to the
subordinated notes, so even if a default is declared the trust
preferred securities cannot be repaid prior to repayment of the
subordinated notes.  However, if the trustee or the holders of the
trust preferred securities declares a default under the trust
preferred securities, the company could be forced into involuntary
bankruptcy.

"As a result of management's assessment of the company's ability to
continue as a going concern, the accompanying consolidated
financial statements for the Company have been prepared on a going
concern basis, which contemplates the realization of assets and the
discharge of liabilities in the normal course of business for the
foreseeable future, and does not include any adjustments to reflect
the possible future effects on the recoverability or classification
of assets.  

"There is substantial doubt about the company's ability to continue
as a going concern."

At September 30, 2015, the company had total assets of
$378,547,000, total liabilities of $389,722,000, and total
shareholders' deficit of $11,175,000.

The company posted a net income of $368,000 for the quarter ended
September 30, 2015, compared to a net loss of $755,000 for the same
period in 2014.  

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/z9xxrd2

HCSB Financial Corporation is the holding company for Horry County
State Bank.  The Loris, South Carolina-based company's principal
business activity is to provide commercial banking services in
Horry County, South Carolina, and in Columbus and Brunswick
Counties, North Carolina.



HONGLI CLEAN ENERGY: Capital Deficit Casts Going Concern Doubt
--------------------------------------------------------------
Hongli Clean Energy Technologies Corp. (NASDAQ: CETC) reported a
working capital deficit that raises substantial doubt about its
ability to continue as a going concern, Jianhua Lv, chief executive
officer, and Song Lv, chief financial officer of the company said
in a regulatory filing with the U.S. Securities and Exchange
Commission on November 13, 2015.

The officers pointed out, "The company's ability to continue as a
going concern depends upon the liquidation of current assets.  As
of September 30, 2015, the company reported a working capital
deficit in the amount to $24,593,648, which raises substantial
doubt about the company's ability to continue as a going concern."

"In an effort to improve its financial position, the company is
working to obtain new loans from banks, renew its current loans,
and to increase sales of its higher profit margin products, coke
and syngas.  The company continues to wait for the mine
consolidation schedule to finalize.  If the schedule should
finalize by this fiscal year, the company may be able to obtain
lines of credit by pledging its mining rights as collateral.  In
addition, the company keeps investing in developing the underground
coal gasification techniques which may be able to be applied to its
mining assets.  Management believes that if successfully executed,
the foregoing actions would enable the company to continue as a
going-concern," the officers told the SEC.

At September 30, 2015, the company had total assets of
$182,615,556, total liabilities of $51,111,346, and total equity of
$131,504,210.

The company reported net income of $1,707,962 in the three months
ended September 30, 2015, including the change of $2,535,412 in
fair value of warrants, as compared to a net loss of $2,553,257 for
the same period in 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/j55nfp9

Hongli Clean Energy Technologies Corp. (NASDAQ: CETC) is a
vertically integrated producer of clean energy products
headquartered in Henan Province, China.  The company has been
producing metallurgical coke since 2002 and acts as a key supplier
to regional steel producers in central China.



HYDROCARB ENERGY: Incurs $4.15 Million Net Loss in First Quarter
----------------------------------------------------------------
Hydrocarb Energy Corp. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $4.15 million on $1.21 million of revenues for the three months
ended Oct. 31, 2015, compared to a net loss of $1.78 million on
$1.20 million of revenues for the same period in 2014.

As of Oct. 31, 2015, the Company had $26.7 million in total assets,
$26.5 million in total liabilities and $181,000 in total equity.

"The Company has not generated any significant revenues from
ongoing operations and incurred net losses since inception.  These
matters raise substantial doubt about the Company's ability to
continue as a going concern," the Company states in the quarterly
report.

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

                       http://is.gd/EdXKaq

                      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.

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


HYDROCARB ENERGY: MaloneBailey Raises Going Concern Doubt
---------------------------------------------------------
MaloneBailey, LLP, in a November 13, 2015 letter to the board of
directors of Hydrocarb Energy Corp., expressed substantial doubt
about the company's ability to continue as a going concern.  The
firm audited the consolidated balance sheets of the company and its
subsidiaries as of July 31, 2015 and 2014 and the related
consolidated statements of operations and comprehensive loss, cash
flows and changes in stockholders' equity for each of the years
then ended.

MaloneBailey noted that the company has suffered recurring losses
from operations, "which raises substantial doubt about its ability
to continue as a going concern."

"The company has not generated any significant revenues from
ongoing operations and incurred net losses since inception.  These
matters raise substantial doubt about the Company's ability to
continue as a going concern," echoed Kent P. Watts, chief executive
officer, executive chairman and director, and Christine P. Spencer,
chief accounting officer of the company in a regulatory filing with
the U.S. Securities and Exchange Commission dated November 13,
2015.

"Management's principal objective is to maximize shareholder value
by, among other things, increasing production by developing its
acreage, increasing profit margins by evaluating and optimizing its
production, and executing its business plan to increase property
values, prove its reserves, and expand its asset base.   While
management currently has no plans to discontinue or revise its
business plan, recent volatility and decrease in crude oil prices
may cause management to cut back on its development or acquisition
plans, or otherwise revisit its business and/or its capital
expenditure plan.  Continued volatility and decreases in crude oil
prices may accelerate such cut back or revisions.  To combat price
volatility in crude oil process and further diversify the business,
management has increased its focus on the development of the
company."

At July 31, 2015, the company had total assets of $31,134,501,
total liabilities of $32,223,123, and total deficit of $1,088,622.

The company incurred a net loss of $12,629,323 for the year ended
July 31, 2015, compared to a net loss of $6,554,849 for the same
period in 2014.

A full-text copy of the company's annual report is available for
free at: http://tinyurl.com/gqdq8a2

Hydrocarb Energy Corp. is a natural resource exploration and
production company based in Houston.  The company maintained
developed acreage offshore in Texas and was producing oil and gas
from its working interest in Galveston Bay, Texas as of July 31,
2015.  



KEMET CORP: Morgan Stanley Reports 1.8% Stake as of Dec. 14
-----------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Morgan Stanley disclosed that as of Dec. 14, 2015, it
beneficially owns 804,780 shares of common stock of Kemet Corp.
representing 1.8 percent of the shares outstanding.  A copy of the
regulatory filing is available for free at http://is.gd/ZYbISl

                          About KEMET

KEMET, based in Greenville, South Carolina, is a manufacturer and
supplier of passive electronic components, specializing in
tantalum, multilayer ceramic, film, solid aluminum, electrolytic,
and paper capacitors.  KEMET's common stock is listed on the NYSE
under the symbol "KEM."

As of Sept. 30, 2015, the Company had $739 million in total assets,
$609 million in total liabilities, and $130 million in total
stockholders' equity.

                           *     *     *

As reported by the TCR on March 26, 2013, Moody's Investors
Service downgraded KEMET Corp.'s Corporate Family Rating to 'Caa1'
from 'B2' and the Probability of Default Rating to 'Caa1-PD' from
'B2- PD' based on Moody's expectation that KEMET's liquidity will
be pressured by maturing liabilities and negative free cash flow
due to the interest burden and continued operating losses at the
Film and Electrolytic segment.

As reported by the TCR on Aug. 9, 2013, Standard & Poor's Ratings
Services lowered its corporate credit rating on KEMET to 'B-' from
'B+'.  "The downgrade is based on continued top-line and margin
pressures and lagging results from the restructuring of the Film &
Electrolytic [F&E] business, which combined with cyclical weak
end-market demand, has resulted in sustained, elevated leverage
well in excess of 5x, persistent negative FOCF, and diminishing
liquidity," said Standard & Poor's credit analyst Alfred
Bonfantini.

The TCR reported in August 2014 that S&P revised its outlook on
KEMET to 'stable' from 'negative'.  S&P affirmed the ratings,
including the 'B-' corporate credit rating.


LANDMARK WEST: Owes Loanvest $773K, Court Rules
-----------------------------------------------
Judge Charles Novack of the United States Bankruptcy Court for the
Northern District of California determined that, as of November 17,
2015, Landmark West, LLC, owes Loanvest IX, L.P. a total of
$773,796.

The amount consisted of $770,820 due on its loan and reimbursement
for $2,849 in fees and $127 in costs that Loanvest paid to Stephen
Finestone and Old Republic Title.

Kensington Apartment Properties, LLC, a co-obligor with Landmark
under the Loanvest note, filed a motion to determine the amount due
Loanvest under Landmark's Chapter 11 plan.  However, Judge Novack
held that he shall only determine the amount that Landmark owes
Loanvest under its confirmed Chapter 11 plan of reorganization.
The judge explained that while Kensington and Landmark were
co-obligors under the Loanvest note, their confirmed Chapter 11
plans treat the Loanvest note differently, thereby creating two
separate contractual obligations.

In determining the amount that Landmark owes Loanvest under its
confirmed Chapter 11 plan of reorganization, Judge Novack applied
the 13% post-effective date interest rate, but applied the 20%
default interest rate as the applicable post-petition/pre-effective
date rate.  Judge Novack also awarded Loanvest reimbursement for
the fees and costs that it paid to Stephen Finestone and Old
Republic Title for their work relating to the Landmark bankruptcy.

The case is In re: LANDMARK WEST, LLC, a California Limited
Liability Company, Chapter 11, Debtor, Case No. 11-44240 CN (Bankr.
N.D. Cal.).

A full-text copy of Novack's December 3, 2015 memorandum decision
is available at http://is.gd/Db40Egfrom Leagle.com.

Landmark West, LLC is represented by:

          Darvy Mack Cohan, Esq.
          LAW OFFICES OF DARVY MACK COHAN
          7855 Ivanhoe Avenue, Suite 400
          La Jolla, CA 92037-3669
          Tel: (858) 459-4432
          Fax: (858) 454-3548

Office of the U.S. Trustee/Oak is represented by:

          Julie M. Glosson, Esq.
          Matthew R. Kretzer, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          235 Pine Street Suite 700
          San Francisco, CA 94104-3401
          Tel: (415) 705-3333
          Fax: (415) 705-3379


LARRY GENTRY: 10th Cir. Reverses in Part Plan Confirmation Order
----------------------------------------------------------------
FB Acquisition Property I, LLC, appeals from the district court's
order affirming the confirmation of a Chapter 11 plan for Debtors
Larry and Susan Gentry.

The United States Court of Appeals for the Tenth Circuit finds that
the bankruptcy court erred in limiting the Gentrys' liability, thus
the Tenth Circuit affirmed in part and reversed in part the
District Court's Order and remanded the case for the bankruptcy
court to reconsider the amount of FB Acquisition's claim under the
guaranties.  Given that the bankruptcy court's determination of the
Gentrys' liability may alter its assessment of feasibility, the
court should also reassess the feasibility of the plan, the Tenth
Circuit held.

The appeals case is In re: LARRY RALPH GENTRY, a/k/a Larry Gentry,
officer, director, shareholder Ball Four, Inc.; SUSAN ELLEN GENTRY,
a/k/a Susan Gentry, officer, director, shareholder Ball Four, Inc.,
Debtors. FB Acquisition Property I, LLC, Appellant, v. LARRY RALPH
GENTRY; SUSAN ELLEN GENTRY, Appellees,
No. 14-1441 (10th Cir.).

A full-text copy of the Decision dated December 8, 2015 is
available at http://is.gd/fzdC2Ufrom Leagle.com.

Appellant is represented by Christina F. Gomez, Esq. --
cgomez@hollandhart.com -- Holland & Hart, LLP,  Matthew J. Ochs,
Esq. -- mjochs@hollandhart.com -- Holland & Hart, LLP

Appellee is represented by Jordan D. Factor, Esq.,
jfactor@allen-vellone.com – Allen & Vellone, Patrick D. Vellone,
Esq. – pvellone@allen-vellone.com – Allen & Vellone


LOUISVILLE ARENA: S&P Affirms 'BB' Rating on $292.28MM Bonds
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' issue rating
on Louisville Arena Authority Inc.'s $292.28 million project
revenue bonds secured IRB series 2008A-1 due 2042, $26.939 million
capital appreciation bonds secured IRB series 2008A-2 due 2024, and
$20.1 million taxable fixed-rate project revenue bonds series 2008B
due 2021.

At the same time, S&P assigned its '3' recovery rating to the three
bond issues, indicating S&P's expectation for average (50% to 70%,
at the higher end of the range) recovery in the event of a payment
default.  The outlook is stable.

The assignment of the recovery rating to the Louisville Arena
Authority issue ratings reflects the revision in S&P's project
finance criteria.

The arena's operations profile remains unchanged.

"Our 'BB' senior secured issue ratings reflect our view that
performance at the arena has improved due to strong government
support, an experienced operator, a long-term lease, modestly
improving cash flow, and fully funded debt service reserves," said
Standard & Poor's credit analyst David Lum.



MACCO PROPERTIES: Court Denies Joint Bid to Dismiss Clawback Suit
-----------------------------------------------------------------
Judge Dana L. Rasure of the United States Bankruptcy Court for the
Western District of Oklahoma denied a Joint Motion for Dismissal as
the agreement to dismiss the adversary proceeding is not fair,
equitable, or in the best interests of the estate.

Dismissal of the Avoidance Claim would benefit only the defendant,
Pinkerton & Finn, P.C., and would unfairly prejudice unsecured and
administrative expense claimants.  The Avoidance Claim is property
of the Macco Properties, Inc.'s bankruptcy estate, and Michael E.
Deeba, Trustee's agreement to voluntarily dismiss the claim as part
of a comprehensive settlement is subject to the Court's scrutiny,
Judge Rasure held.  The Court found that, at this time, there is a
reasonable probability that Trustee will succeed on the merits of
the Avoidance Claim.

P&F argued that the projected cost to the estate of litigating this
claim outweighs any possible benefit to the estate.

The claim is a simple, straightforward, avoidance claim asserted
solely against P&F. Trustee testified that he intends to negotiate
a blended fee arrangement with counsel in order to limit and
control the cost of litigation, and Trustee reasonably believes the
matter can be resolved expeditiously and inexpensively on summary
judgment.

The Court found that at this time, the matter appears to be an
uncomplicated claim to recover money transferred post-petition that
should not require an extensive investment of professional time.

The adversary proceeding is MICHAEL E. DEEBA, TRUSTEE, Plaintiff,
v. PINKERTON & FINN, P.C., Defendant. COBBLESTONE APARTMENTS OF
TULSA, LLC; LARRY D. AND JEANETTE A. JAMISON FAMILY TRUST; AND
JACKIE L. HILL, JR., Intervenors, Adv. No. 12-1118-R (Bankr. W.D.
Okla.).

The bankruptcy case is IN RE: MACCO PROPERTIES, INC., NV BROOKS
APARTMENTS, LLC, Chapter 7, Debtors, Case Nos. 10-16682-R,
10-16503-R (Jointly Administered)(Bankr. W.D. Okla.).

A full-text copy of the Order dated December 11, 2015 is available
at http://is.gd/CJiNwYfrom Leagle.com

Michael E. Deeba, Plaintiff, represented by Lysbeth L George, Esq.
--  lysbeth.george@crowedunlevy.com -- Crowe & Dunlevy, Judy
Hamilton Morse, Esq. --  judy.morse@crowedunlevy.com -- Crowe &
Dunlevy, P.C..

Pinkerton & Finn, PC, Defendant, represented by Laurence L
Pinkerton, Esq. -- Pinkerton & Finn PC.

Lew S. McGinnis, Defendant, represented by Joyce W Lindauer, Esq.
-- Joyce@joycelindauer.com -- Joyce W. Lindauer Attorney, PLLC

                  About Macco Properties

Oklahoma City, Oklahoma-based Macco Properties, Inc., is a
property management company that is the sole or controlling member
and/or manager of numerous multi-family residential rental units
in Oklahoma City, Oklahoma, Wichita, Kansas, and Dallas, Texas,
and several and commercial business properties in Oklahoma City,
Oklahoma, and Holbrook, Arizona.

Macco Properties filed for Chapter 11 bankruptcy protection
(Bankr. W.D. Okla. Case No. 10-16682) on Nov. 2, 2010.  The Debtor
disclosed $50,823,581 in total assets, and $4,323,034 in total
liabilities.

Affiliated entities also sought bankruptcy protection: NV Brooks
Apartments, LLC (10-16503); JU Villa Del Mar Apartments, LLC, and
(10-16842); and SEP Riverpark Plaza, LLC (10-16832).  SEP
Riverpark Plaza owns or controls The Riverpark Apartments, a
multi-family apartment complex located in Wichita, Kansas.

Receivership Services Corp., a division of the Martens Cos.,
serves as property manager for the six Wichita apartment complexes
caught up in the bankruptcy of Macco Properties of Oklahoma City.

On May 31, 2011, an Order was entered appointing Michael E. Deeba
as the Chapter 11 Trustee for Macco Properties.  He is represented
by Christopher T. Stein, of counsel to the firm of Bellingham &
Loyd, P.C.  Grubb & Ellis/Martens Commercial Group LLC acts as
the Chapter 11 Trustee's exclusive listing broker/realtor for
properties.

The Official Unsecured Creditors' Committee is represented by
Ruston C. Welch, Esq., at Welch Law Firm, P.C., in Oklahoma City.

In August 2013, the Bankruptcy Court signed off on an agreed order
dismissing the Chapter 11 cases of SEP Riverpark Plaza and JU
Villa Del Mar Apartments.


MAKINO PREMIUM: Fairway's Complaint Dismissed With Prejudice
------------------------------------------------------------
Judge James C. Mahan of the United States District Court for the
District of Nevada dismissed with prejudice the first amended
complaint filed by Fairway Restaurant Equipment Contracting, Inc.

On November 21, 2013, Fairway filed suit against defendants Mr.
Kaku Makino, Mr. Joon Ho Ha, and other unnamed individuals and
companies.  Fairway claimed that between a 2009 judgment in its
favor against Makino Premium Outlet LV, LLC ("Makino Premium") and
Makino Premium's bankruptcy filing in 2012, the defendants and
nonparties to the case transferred Makino Premium's assets to
themselves and others in order to prevent Fairway from collecting
its judgment.

On April 27, 2014, Fairway filed its first amended complaint
asserting the same causes of action contained in the original
complaint.  Mr. Makino moved to dismiss Fairway's claims for lack
of subject matter jurisdiction and standing.

Mr. Makino asserted that Fairway lacks standing to bring a claim
for fraudulent transfer because any such claim against Makino
Premium or its insiders is property of the bankruptcy estate in the
prior bankruptcy action.  

Judge Mahan found that regardless of any jurisdictional standing
issue, Fairway is precluded from bringing any fraudulent transfer
action under state or federal law by the Bankruptcy Code and the
confirmed plan.

Judge Mahan also found that Fairway's attempt to bring a fraudulent
transfer and related tort claims outside of Makino Premium's
bankruptcy case against non-debtor defendants after plan
confirmation, but before the close of the bankruptcy case,
constitutes impermissible claim splitting.

The case is FAIRWAY RESTAURANT EQUIPMENT CONTRACTING, INC.,
Plaintiff(s), v. KAKU MAKINO, et al., Defendant(s), CASE NO.
2:13-CV-2155 JCM (NJK) (D. Nev.).

A full-text copy of Judge Mahan's December 2, 2015 order is
available at http://is.gd/a1poEkfrom Leagle.com.

Fairway Restaurant Equipment Contracting, Inc. is represented by:

          Robert Duane Frizell, Esq.
          CALLISTER & FRIZELL
          8275 South Eastern Avenue, Suite 200
          Las Vegas, NV 89123
          Tel: (702) 657-6000
          Fax: (702) 657-0065

Kaku Makino is represented by:

          Bradley J. Hofland, Esq.
          HOFLAND & ASSOCIATES
          228 S 4th St
          Las Vegas, NV 89101
          Tel: (702) 895-6760

Joon Ho Ha is represented by:

          Jeffrey A. Cogan, Esq.
          JEFFREY A. COGAN ESQ LTD.
          6900 Westcliff Drive Suite 602
          Las Vegas, NV 89145
          Tel: (702) 474-4220
          Fax: (702) 474-4228
          Email: jeffrey@jeffreycogan.com


MEDIACOM BROADBAND: Moody's Assigns Ba2 Rating on Sr. Sec. Loans
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the senior
secured term loans of Mediacom Broadband LLC and Mediacom LLC,
wholly owned subsidiaries of Mediacom Communications Corporation.
The new term loans will consist of a $151.5 million term loan at
Mediacom Broadband LLC, and a $153.5 million term loan at Mediacom
LLC.  Proceeds from the transaction plus revolver usage will be
used to refinance existing debt.

The new term loan at Broadband, along with revolver usage, will be
used to repay the remaining balance of its Term Loan "G" (currently
$194 million outstanding).  The new term loan matures in 2021, one
year later than the existing loan.

The new term loan at LLC will be used to pay down a portion of its
Term Loan "E" (currently $237 million outstanding) and will have a
maturity of 2021, while the existing term loan has a maturity of
2017.  The remaining balance will be approximately $83 million.

Following the transaction, the company will have approximately $200
million drawn on their revolvers split evenly between LLC and
Broadband, and the total debt at the combined entities will remain
the same.

Mediacom's Ba3 Corporate Family Rating and stable outlook remain
unchanged.

A summary of the action follows:

Assignments:

Issuer: Mediacom Broadband LLC
  Senior Secured Bank Credit Facility, Assigned Ba2 (LGD3)

Issuer: Mediacom LLC
  Senior Secured Bank Credit Facility, Assigned Ba2 (LGD3)

RATINGS RATIONALE

The company's Ba3 CFR is driven by high leverage of approximately
4.8 times debt-to-EBITDA for the last twelve months ended September
30, 2015, a risk for a company operating in a competitive industry
with modest growth prospects.  Additionally, Moody's expects
Mediacom's revenue and EBITDA per homes passed to remain below the
rated industry average and negative trends in video subscribers to
continue.  However, the company's track record of good free cash
flow and debt reduction supports the rating, along with the
stability of the business driven by a more benign competitive
environment than many rated cable peers.  Moody's also expects
continued growth in high speed data subscribers and the commercial
business.

Moody's analyzes the credit risk for Mediacom on a consolidated
basis, viewing Broadband and LLC as one reporting unit based on its
ability to unilaterally manage the capital and operations of both
companies as if it was one.

The principal methodology used in these ratings was Global Pay
Television - Cable and Direct-to-Home Satellite Operators published
in April 2013.

With its headquarters in Mediacom Park, New York, Mediacom
Communications Corporation offers traditional and advanced video
services such as digital television, video-on-demand, digital video
recorders, and high-definition television, as well as high-speed
Internet access and phone service.  The company had approximately
862 thousand video subscribers, 1.1 million high speed data
subscribers, and 424 thousand phone subscribers as of Sept. 30,
2015.  The company primarily serves smaller cities in the
mid-western and southern United States, operating through two
wholly owned subsidiaries, Mediacom Broadband and Mediacom LLC.
Revenue for the last twelve months ended Sept. 30, 2015, were
approximately $1.7 billion.



MEDIACOM COMMUNICATIONS: S&P Rates New Sr. Secured Debt 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating and '2' recovery rating to Mediacom Broadband Group's and
Mediacom LLC Group's proposed senior secured term loan A tranches.
The '2' recovery rating indicates our expectation for substantial
(70% to 90%; upper end of the range) recovery in the event of a
payment default.  The tranches consist of a $153.5 million term
loan A due Nov. 15, 2021 at Mediacom LLC and a $151.5 million term
loan A due Jan. 15, 2021 at Mediacom Broadband.  S&P expects that
proceeds will be used to refinance existing secured debt at each
subsidiary.  As a result, S&P's 'BB' issue-level rating and '2'
recovery rating on the company's existing secured credit facilities
at both subsidiaries remain unchanged.  The proposed refinancing
will modestly extend debt maturities and lower annual interest
expense due to the refinancing of higher cost secured debt.

Mediacom Broadband Group and Mediacom LLC Group are subsidiaries of
Mediacom Park, N.Y.-based cable-TV operator Mediacom Communications
Corp. (MCC).  The 'BB-' corporate credit rating and stable rating
outlook on MCC remain unchanged.

RATINGS LIST

Mediacom Communications Corp.
Corporate Credit Rating                       BB-/Stable/--

Mediacom Illinois LLC
Mediacom Indiana LLC
Mediacom Iowa LLC
Mediacom Minnesota LLC
Mediacom Wisconsin LLC
Zylstra Communications Corp.
Mediacom Arizona LLC
Mediacom California LLC
Mediacom Delaware LLC
Mediacom Southeast LLC
Senior Secured term loan A tranches
$153.5 mil term loan A tranches due 2021      BB
  Recovery Rating                              2H

MCC Georgia LLC
MCC Illinois LLC
MCC Iowa LLC
MCC Missouri LLC
Senior Secured term loan A tranches   
$151.5 mil term loan A tranches due 2021      BB
  Recovery Rating                              2H



MILLENNIUM LAB: Lenders Ask to Appeal Ch. 11 Plan to 3rd Circuit
----------------------------------------------------------------
Dani Kass at Bankruptcy Law360 reported that a Delaware bankruptcy
judge on Dec. 16, 2015, agreed to consider whether Millennium
lenders can ask the Third Circuit whether they're allowed to be
barred from suing certain parties under the company's Chapter 11
plan, which was submitted in a deal to pay off a $200 million False
Claims Act deal.

The objecting lenders, led by Voya Investment Management,
previously known as ING U.S. Inc., said on Dec. 14, 2015, that
they're not being allowed the chance to opt out of the deal with
Millennium Lab Holdings II LLC.

                       About Millennium Lab

Millennium Lab Holdings II, LLC, Millennium Health, LLC and
Rxante, LLC are providers of laboratory-based diagnostic testing
focused on drugs of abuse and clinical medication monitoring.

Millennium Lab, et al., sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 15-12284) on Nov. 10, 2015, with a prepackaged
plan of reorganization that incorporates a settlement agreement
with the United States of America.

Millennium Lab estimated assets in the range of $100 million to
$500 million and liabilities of more than $1 billion.

The Debtors engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel; Young Conaway Stargatt & Taylor, LLP as conflicts
counsel; Lazard Freres & Co., LLC, as investment banker; Alvarez &
Marsal as financial advisor; and Prime Clerk LLC as claims and
noticing agent.

Judge Laurie Selber Silverstein has been assigned the cases.

                          *     *     *

On Dec. 14, 2015, the Court entered an order confirming the
Debtors' amended prepackaged joint plan of reorganization.

On Dec. 18, 2015, the Effective Date of the Plan occurred.


MILLENNIUM LAB: Wants $1-Bil. Bond Posted If Chapter 11 Plan Halted
-------------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that Millennium Labs
pushed the Delaware bankruptcy court on Dec. 17, 2015, to force
objecting creditors to post an at least $1 billion bond if their
bid to halt implementation of the debtor's already-confirmed
Chapter 11 plan and fast-track an appeal to the Third Circuit
succeeds, arguing the company would otherwise be ruined.

During a hearing in Wilmington, Millennium Lab Holdings II LLC
attorney Anthony Clark of Skadden Arps Slate Meagher & Flom LLP
said that the company has a hard deadline to pay the U.S.
Department of Justice.

                       About Millennium Lab

Millennium Lab Holdings II, LLC, Millennium Health, LLC and
Rxante, LLC are providers of laboratory-based diagnostic testing
focused on drugs of abuse and clinical medication monitoring.

Millennium Lab, et al., sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 15-12284) on Nov. 10, 2015, with a prepackaged
plan of reorganization that incorporates a settlement agreement
with the United States of America.

Millennium Lab estimated assets in the range of $100 million to
$500 million and liabilities of more than $1 billion.

The Debtors engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel; Young Conaway Stargatt & Taylor, LLP as conflicts
counsel; Lazard Freres & Co., LLC, as investment banker; Alvarez &
Marsal as financial advisor; and Prime Clerk LLC as claims and
noticing agent.

Judge Laurie Selber Silverstein has been assigned the cases.

                          *     *     *

On Dec. 14, 2015, the Court entered an order confirming the
Debtors' amended prepackaged joint plan of reorganization.

On Dec. 18, 2015, the Effective Date of the Plan occurred.


MOBIQUITY TECHNOLOGIES: Posts Net Loss, Admits Going Concern Doubt
------------------------------------------------------------------
Mobiquity Technologies, Inc. incurred a net loss of $2,797,818 for
the three months ended Sept. 30, 2015, compared with a net loss of
$2,080,906 for the quarter ended September 30, 2014.

"The company's continued existence is dependent upon the company's
ability to obtain additional debt and/or equity financing to
advance its new technology revenue stream," Dean L. Julia,
co-principal executive officer, Michael D. Trepeta, co-principal
executive officer, and Sean McDonnell, principal financial officer
of the company disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission dated November 13, 2015.

"The company has incurred losses for the nine months ended
September 30, 2015 of $8,318,690.  As of September 30, 2015, the
Company has an accumulated deficit of $38,330,556.  The company has
had negative cash flows from operating activities of $6,533,705 for
the nine months ended September 30, 2015.

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

According to the officers, "We anticipate that our future liquidity
requirements will arise from the need to finance our accounts
receivable and inventories, hire additional sales persons, capital
expenditures and possible acquisitions.  The primary sources of
funding for such requirements will be cash generated from
operations, raising additional capital from the sale of equity or
other securities and borrowings under debt facilities which
currently do not exist.  We believe that we can generate sufficient
cash flow from these sources to fund our operations for at least
the next twelve months.  In the event we should need additional
financing, we can provide no assurances that we will be able to
obtain financing on terms satisfactory to us, if at all."

At September 30, 2015, the company had total assets of $2,992,149,
total liabilities of $8,028,364, and total stockholders' deficit of
$5,036,215.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/hsy8bnd

Garden City, New York-based Mobiquity Technologies, Inc. operates a
national location-based mobile advertising network that has
developed a consumer-focused proximity network.  Its integrated
suite of proprietary location based mobile advertising technologies
allows clients to execute more personalized and contextually
relevant experiences.



MURRAY ENERGY: S&P Lowers CCR to 'B', on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Murray Energy Corp. to 'B' from 'B+' and placed
the rating on CreditWatch with negative implications.

At the same time, S&P lowered its issue-level rating on the
company's first-lien term loans to 'B' from 'B+', with the recovery
rating unchanged at '3' indicating S&P's expectation of average
recovery (50% to 70%; upper half of the range) in the event of
default.  S&P also lowered the rating on the company's second-lien
notes to 'CCC+' from 'B-' with the issue-level rating unchanged at
'6' indicating S&P's expectation of negligible recovery (0% to 10%)
in the event of default.  S&P placed all issue-level ratings on
CreditWatch with negative implications, in line with the issuer
credit rating.

Murray, independently and with Foresight, operates, 17 active mines
at 15 mining complexes located in the U.S., with seven in Northern
Appalachia, eight in the Illinois Basin, and two in the Uintah
Basin in Utah.

"The CreditWatch negative listing indicates that ratings could be
lowered within approximately three months as a result of a specific
event," said Standard & Poor's credit analyst Chiza Vitta.
"Because we consider Murray and Foresight to be members in the same
group, in our view, the change of control provisions in Foresight's
capital structure could have a material effect on the rating on
Murray, depending on how they are resolved."

In this case, S&P would resolve the CreditWatch and likely lower
the rating if additional Foresight debt holders decide to formally
accelerate their claims.  S&P could also lower the rating if
Foresight is unable to resolve the change in control issues in a
timely manner, particularly if the company is not able to secure
interim or alternative sources of liquidity.



NEWLEAD HOLDINGS: Incurs $42.1-Mil. Net Loss in June 30 Quarter
---------------------------------------------------------------
NewLead Holdings Ltd. reported a net loss of $42.1 million on $13.8
million of revenues for the six months ended June 30, 2015,
compared to a net loss of $38.06 million on $3.96 million of
revenues for the same period in 2014.  As of June 30, 2015, the
Company had $161 million in total assets,
$311 million in total liabilities and a $149 million total
shareholders' deficit.  A full-text copy of the Quarterly Report is
available for free at http://is.gd/hFCi2y

                     About NewLead Holdings Ltd.

Based in Athina, Greece, NewLead Holdings Ltd. --
http://www.newleadholdings.com/-- is an international, vertically
integrated shipping company that owns and manages product tankers
and dry bulk vessels.  NewLead currently controls 22 vessels,
including six double-hull product tankers and 16 dry bulk vessels
of which two are newbuildings.  NewLead's common shares are traded
under the symbol "NEWL" on the NASDAQ Global Select Market.

Newlead reported a net loss attributable to the Company's
shareholders of $100 million on $12.6 million of revenues for the
year ended Dec. 31, 2014, compared to a net loss attributable to
the Company's shareholders of $158 million on $7.34 million of
revenues for the year ended Dec. 31, 2013.

Cherry Bekaert LLP, in Charlotte, North Carolina, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company has
incurred a net loss, has negative cash flows from operations,
negative working capital, an accumulated deficit and has defaulted
under its credit facility agreements resulting in all of its debt
being reclassified to current liabilities all of which raise
substantial doubt about its ability to continue as a going concern.


NUO THERAPEUTICS: Uncertainty Over Debt Casts Going Concern Doubt
-----------------------------------------------------------------
Nuo Therapeutics, Inc.'s inability to negotiate modifications to
its credit facility will create substantial doubt about its ability
to continue as a going concern, Dean Tozer, chief executive
officer, and David E. Jorden, acting chief financial officer of the
company said in a regulatory filing with the U.S. Securities and
Exchange Commission on November 12, 2015.

Messrs. Tozer and Jorden related, "As of September 30, 2015, we had
approximately $4.1 million in cash and cash equivalents.  Pursuant
to the terms of the Deerfield Facility Agreement with Deerfield
Management Company, L.P., prior to its temporary modification, we
were required to maintain cash on deposit, subject to control
agreements in favor of the Deerfield lenders, of not less than $5.0
million.

"As of September 30, 2015, we were not in compliance with that
covenant, resulting in a technical failure to satisfy the covenant
and an event of default under the Deerfield Facility Agreement.  In
addition, the terms of the Deerfield Facility Agreement required us
to pay Deerfield the accrued interest amount of approximately $2.6
million on October 1, 2015, which we were unable to do. Subject to
the terms of the modification agreements we were, and continue to
be, required to make the October 1, 2015 interest payment in cash,
as our ability to pay in freely tradable shares of our common stock
is contingent upon, among others, no default occurring or
continuing under Deerfield Facility Agreement, our market
capitalization not being less than $50 million, and our common
stock closing at not less than $0.35 per share, on the last trading
day prior to the date of our notice electing to pay such interest
in common stock.  

"Our inability to maintain sufficient cash on deposit and make the
required interest payment when due resulted in the occurrence of
events default under the Deerfield Facility Agreement.  As a
result, Deerfield may declare the principal, including accrued and
unpaid interest, on, all of the notes or any part of any of them,
immediately due and payable by providing written notice to us as of
December 4, 2015 for failure to maintain sufficient cash on deposit
accounts or to pay interest when due, or prior thereto for any
other event of default thereunder.  As of the date of this filing,
Deerfield has not declared a default under the Deerfield Facility
Agreement.  In addition, because our revenue for the three month
period ended September 30, 2015 was less than the net sales
threshold contemplated in the Deerfield Facility Agreement,
Deerfield has the option of requiring us to prepay on March 31,
2016, an amount equal to one-third of the aggregate amount of the
credit facility together with accrued and unpaid interest
thereon."

The officers further noted: "On November 11, 2015, we entered into
a letter agreement with Deerfield and certain of its affiliates
pursuant to which the Deerfield Facility Agreement was modified to
provide that, (i) between November 11, 2015 and December 4, 2015,
the amount of cash that is required to be maintained in a deposit
account subject to control agreements in favor of our senior
lenders was reduced from $5,000,000 to $1,750,000 and (ii) the date
for payment of the accrued interest amount originally payable on
October 1, 2015 was extended to December 4, 2015.  We believe the
modification agreement will allow us to continue our substantive
discussions with the lenders to reduce our risk of default, thereby
permitting us to continue our operations, but we can provide no
assurance that we will be successful in this effort.

"We cannot provide any assurance that the lenders will agree to
modify the Deerfield Facility Agreement, whether any proposed
modifications to the agreement would be on terms favorable, or
acceptable, to us, or whether the lenders will declare an event of
default under the agreement and foreclose on our assets by
enforcing their rights under our agreements with them.  If we
cannot agree on additional modifications to the Deerfield Facility
Agreement, we may be required to curtail or cease operations or,
alternatively, seek court supervised protection from creditor
claims.  Even if we can reach an agreement to further modify the
Deerfield Facility Agreement in a manner that is acceptable to us,
management believes that we will be required to identify additional
sources of capital in the near term to continue our operations
beyond January 2016.  Any additional agreement that we reach with
the lenders under the Deerfield Facility Agreement is expected to
involve substantial dilution to the ownership interests of holders
of our common stock, and could involve other conditions causing the
value of our common stock to decline.

"Therefore, our inability to negotiate modifications to the
existing Deerfield Facility Agreement that are favorable to us will
create substantial doubt regarding our ability to continue as a
going concern."

At September 30, 2015, the company had total assets of $19,151,928,
total liabilities of $13,119,282, and total stockholders' equity of
$5,532,646.

The company posted a net loss of $13,828,987 for the three months
ended September 30, 2015, compared to a net loss of $4,785,583 for
the quarter ended September 30, 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/gtwb9me

Nuo Therapeutics, Inc. is a regenerative therapies company
headquartered in Gaithersburg, Maryland.  The company develops and
markets cell-based technologies that harness the regenerative
capacity of the human body to trigger natural healing.



OMNICOMM SYSTEMS: Losses, Deficits Raise Going Concern Doubt
------------------------------------------------------------
OmniComm Systems, Inc. has substantial doubt about its ability to
continue as a going concern, Cornelis F. Wit, chief executive
officer, and Thomas E. Vickers, chief financial officer of the
company said in a regulatory filing with the U.S. Securities and
Exchange Commission on November 13, 2015.

Messrs. Wit and Vickers explained: "We have experienced net losses
and negative cash flows from operations and have utilized debt and
equity financings to help provide for our working capital, capital
expenditure and R&D needs.  We will continue to require substantial
funds to continue our R&D activities and to market, sell and
commercialize our technology.  We may need to raise substantial
additional capital to fund our future operations.  

"Our capital requirements will depend on many factors, including
the following: problems, delays, expenses and complications
frequently encountered by companies developing and commercializing
new technologies; the progress of our R&D activities; the rate of
technological advances; determinations as to the commercial
potential of our technology under development; the status of
competitive technology; the establishment of collaborative
relationships; the success of our sales and marketing programs; and
other changes in economic, regulatory or competitive conditions in
our planned business.

"To satisfy our capital requirements, we may seek additional
financing through debt and equity financings.  There can be no
assurance that any such funding will be available to us on
favorable terms or at all.  If adequate funds are not available
when needed, we may be required to delay, scale back or eliminate
some or all of our research and product development and marketing
programs.  If we are successful in obtaining additional financings,
the terms of such financings may have the effect of diluting or
adversely affecting the holdings or the rights of the holders of
our common and preferred stock or result in increased interest
expense in future periods.

"The ability of the company to continue in existence is dependent
on its having sufficient financial resources to bring products and
services to market for marketplace acceptance.  

"As a result of our historical operating losses, negative cash
flows and accumulated deficits for the period ending September 30,
2015 there is substantial doubt about the company's ability to
continue as a going concern."

At September 30, 2015, the company had total assets of $6,797,163,
total liabilities of $37,907,866, and total shareholders' deficit
of $31,110,703.  

The company posted a net income of $2,530,859 for the three months
ended September 30, 2015, compared to a net income of $1,281,730
for the same period in 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/zljpyd4

Fort Lauderdale, Florida-based OmniComm Systems, Inc. is a
healthcare technology company that provides web-based electronic
data capture (EDC) solutions and related services to pharmaceutical
and biotech companies, clinical research organizations (CROs) and
other clinical trial sponsors worldwide.  The company's proprietary
EDC software applications, TrialMaster(R), TrialOne(R), eClinical
Suite and Promasys(R) allow
clinical trial sponsors and investigative sites to securely
collect, validate, transmit and analyze clinical trial data.



OVERSEAS SHIPHOLDING: S&P Raises Rating on $119MM Notes to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its issue-level rating on
Overseas Shipholding Group's (OSG's) $119 million 8.125% senior
unsecured notes due 2018 to 'BB-' from 'B-' and removed the rating
from CreditWatch--where S&P had placed it with positive
implications on Dec. 3, 2015--because the company completed its
early tender offer, resulting in a decline in the company's total
amount of outstanding senior unsecured debt.  S&P also revised the
recovery rating on the notes to '1' from '5', indicating its
expectation for a very high recovery (90%-100%) in the event of a
payment default.

At the same time, S&P withdrew its 'B-' issue-level rating on OSG's
7.5% Election I senior unsecured notes due 2021 because they were
fully redeemed with the early tender.  A marginal amount of the
7.5% Election II senior unsecured notes due 2021 and 7.5% senior
unsecured notes due 2024 remain outstanding but S&P anticipates
withdrawing its 'B-' issue-level ratings on these notes if they are
fully redeemed by end of the tender offer period.  The company
expects to finalize the tender settlement on the 7.5% Election II
notes by Dec. 31, 2015, and the 7.5% notes due 2024 by Jan. 4,
2016.

In connection with the tender offers, OSG received consent from
holders of the notes to amend the notes indentures.  Although the
company has no immediate plans to separate its business segments,
the amendment affirms that its international subsidiary, OSG
International (OIN), does not constitute substantially all of the
company's assets, for the purposes of the restriction in the
indentures on the company's ability to dispose of assets.  The
amendment provides OSG with flexibility as it continues to review
strategic alternatives with respect to OIN.

S&P's corporate credit rating and outlook on OSG remain unchanged.
Additionally, the issue-level and recovery ratings on OSG's credit
and term loan facilities for each of its principal subsidiaries
remain unchanged.

RATINGS LIST

Overseas Shipholding Group Inc.
Corporate credit rating                 B/Stable/--

Upgraded; CreditWatch Action; Recovery Rating Revised
                                        To           From
Overseas Shipholding Group Inc.
Senior unsecured
8.125% notes due 2018                  BB-          B-/Watch Pos
  Recovery Rating                       1            5H

Withdrawn
Overseas Shipholding Group Inc.
Senior unsecured
7.5% Election 1 notes due 2021         NR           B-
  Recovery Rating                       NR           5H



PACIFIC EXPLORATION: Moody's Lowers CFR to Caa3, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Pacific Exploration and
Production Corp's (Pacific E&P) Corporate Family Rating and senior
unsecured rating to Caa3 from B3.  The ratings outlook remains
negative.

RATINGS RATIONALE

The downgrade of Pacific E&P's ratings to Caa3 reflects Moody's
view that the company's risk of default has increased given
weakened industry conditions, with oil prices at multi-year lows.
Even if Pacific E&P is able to obtain waivers and renegotiate the
financial covenants under its banking credit loans, its liquidity
will remain pressured for a longer period given much lower cash
flows, difficulty in selling assets and limited access to credit.
This rating decision incorporates the loss of the Pacific E&P's
production from the Rubiales field, currently representing 40% of
production, 5% higher than June 2015.  The negative outlook is
based on Moody's expectation that the company's liquidity position
and credit metrics are vulnerable to volatile oil prices,
increasing the risk of it breaching financial covenants, defaulting
or entering into a debt restructure.

Pacific E&P's credit metrics worsened so far during 2015.  As of
Sept. 30, 2015, the company's last-twelve-month EBITDA/interest was
3.8 times, down from 4.9 times as of June 2015 and 5.7 times in
March 2015.  Similarly, its RCF/debt was at 11.5%, down from 17.4%
and 25.5% in the same periods.  In addition, the company has not
been able to sell a significant amount of assets that could provide
liquidity cushion.  There is also no clarity if the company will be
able to adjust capex further down to protect its liquidity given
the 70% slash already seen in 2015, on an annualized basis.  The
lack of a committed bank credit facility and the limited financial
flexibility are embedded in the company's rating.

Moody's acknowledges Pacific E&P's cost reduction efforts since
late 2014.  As of September 2015, the company managed to reduce
operating costs by 36% and general and administrative expenses by
45% on a year over year basis (although during the third quarter
the company did not achieve any reduction in particular and
actually increased its general and administrative expenses by 4%).
However, these have not been enough to fully offset the impact of
low crude prices on profits and, in the first nine months of 2015,
its negative free cash flow reached USD 437 million.

Pacific E&P's Caa3 ratings continue to incorporate other risks such
as asset concentration in Colombia and a short proved reserve life
of 5.8 years.  The ratings also consider the development and
financing risks associated with the company's heavy oil fields and
large infrastructure investments.  Moody's continues to incorporate
into Pacific E&P's ratings that the company will not rapidly
replace the Rubiales-Piriri field, which represented 40% of
production as of the third quarter 2015, and will be returned to
Ecopetrol in mid-2016.

The ratings are supported by Pacific E&P's capable and seasoned
management team and the company's successful technology that
optimizes oil recoveries from producing but underdeveloped fields,
especially applied in production of heavy oil.  In addition, the
company's historical exploration success has been a high 78%.

Weaker liquidity in the form of low available cash or inability to
obtain waivers or renegotiate financial covenants could result in
further negative rating actions.

An upgrade of Pacific E&P's ratings is unlikely in the short to
medium term but if liquidity is adequate and leverage declines so
that RCF/debt is sustained above 15% an upgrade of its ratings
could occur.

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

Pacific Exploration and Production Corp., previously named Pacific
Rubiales, is a Canadian-based exploration and production company
with production operations primarily in Colombia, where it is the
second largest producer, operating in partnership with Ecopetrol
S.A., the national oil company.  It also has other assets in Peru,
Brazil, Guatemala, Papua New Guinea, Guyana and Belize.  The
company is predominantly a heavy oil producer (58% oil production)
in the Llanos Basin.  As of Sept. 30, 2015, the company had last
twelve month revenues of USD 3.2 billion dollars, USD 10.1 billion
dollars in total assets and an average daily production of 150
MBOE/day.



PATRIOT COAL: Jan. 11 Deadline to File Objections to Admin Claims
-----------------------------------------------------------------
Judge Keith Phillips of the U.S. Bankruptcy Court for the Eastern
District of Virginia has given Patriot Coal Corp. until Jan. 11,
2016, to file objections to administrative claims.

                 About Patriot Coal Corporation

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.



PEDEVCO CORP: Recurring Losses, Deficits Raise Going Concern Doubt
------------------------------------------------------------------
PEDEVCO Corp. posted a net loss attributable to PEDEVCO common
stockholders of $5,455,000 for the three months ended September 30,
2015, compared to a net loss attributable to PEDEVCO common
stockholders of $4,804,000 for the three months ended September 30,
2014.  

"The company has suffered recurring losses from operations, due in
part to the current crude oil price environment.  The company had a
working capital deficit and accumulated deficit at September 30,
2015," Frank Ingriselli, chief executive officer, and Michael L.
Peterson, president and chief financial officer of the company said
in a November 13, 2015 regulatory filing with the U.S. Securities
and Exchange Commission.

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

The officers further noted, "The current crude oil prices have
negatively affected the capital markets due to the uncertainty of
oil and gas industry investors resulting in fewer and more costly
financing opportunities.

"Management believes that following the completion of the Exchange
contemplated by the Reorganization Agreement with Dome Energy AB
and Dome Energy, Inc. (collectively, Dome Energy) and a
contemplated additional financing, the company will be able to meet
its future obligations and attain profitable operations.  However,
because the closing of the transactions contemplated by the
Reorganization Agreement is subject to various closing conditions,
no assurance can be made that the transactions contemplated by the
Reorganization Agreement will be completed.  In the event the
Exchange is not completed, the company will seek financing from
other sources.  Such financings may not be available or, if
available, may not be on terms acceptable to the company.
Accordingly, the financial statements do not include any
adjustments related to the recoverability of assets or
classification of liabilities that might be necessary should the
company be unable to continue as a going concern.  The ability of
the company to continue as a going concern is dependent upon its
ability to raise capital to meet its obligations and attain
profitable operations."

At September 30, 2015, the company had total assets of $69,214,000,
total liabilities of $48,393,000, and total shareholders' equity of
$20,821,000.

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

PEDEVCO Corp. is an energy company based in Danville, California.
The company engaged primarily in the acquisition, exploration,
development and production of oil and natural gas shale plays in
the Denver-Julesberg Basin in Colorado.



QUANTUM MATERIALS: Incurs Net Loss, Admits Going Concern Doubt
--------------------------------------------------------------
Quantum Materials Corp. posted a net loss of $866,949 for the three
months ended September 30, 2015, compared to a net loss of $95,638
for the same period in 2014.

"At September 30, 2015, we have not yet achieved profitable
operations, have a working capital deficit of $478,292 and expect
to incur further losses in the development of the business, all of
which casts substantial doubt about our ability to continue as a
going concern," Stephen Squires, principal executive officer, and
Craig Lindberg, principal financial officer of the company stated
in a regulatory filing with the U.S. Securities and Exchange
Commission dated November 13, 2015.

Messrs. Squires and Lindberg stated, "The company recorded losses
from continuing operations in the current period presented and has
a history of losses.  The ability of the company to continue as a
going concern is dependent upon its ability to reverse negative
operating trends, obtain revenues from operations, raise additional
capital, and/or obtain debt financing.

"We continue to explore available financing options, including,
without limitation, the sale of equity, debt borrowing and/or the
receipt of product licensing fees and royalties.

"In conjunction with anticipated revenue streams, management is
currently negotiating equity financing, the proceeds from which
would be used to settle outstanding debts, to finance operations,
and for general corporate purposes.  However, there can be no
assurance that the company will be able to raise capital, obtain
debt financing, or improve operating results sufficiently to
continue as a going concern."

At September 30, 2015, the company had total assets of $1,898,469,
total liabilities of $1,740,608, and total stockholders' equity of
$157,861.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/jndhk9w

Quantum Materials Corp. specializes in the design, development,
production and supply of quantum dots, including tetrapod quantum
dots, a high performance variant of quantum dots, and highly
uniform nanoparticles, using its patented automated continuous flow
production process. This nanotechnology company is based in San
Marcos, Texas-based.



REGIONS FINANCIAL: DBRS Confirms 'BB' Preferred Stock Rating
------------------------------------------------------------
DBRS, Inc. confirmed the ratings for Regions Financial Corporation
(Regions or the Company), including its BBB Issuer & Senior Debt
rating. At the same time, DBRS has revised the trend for all
ratings to Positive from Stable with the exception of Regions
Bank's Short-Term Instruments rating, which remains Stable. These
rating actions follow a detailed review of the Company’s
operating results, financial fundamentals and future prospects.

Regions' ratings reflect its geographically diverse, super regional
banking franchise, along with its ample funding profile and strong
capital position. Focused on the Southeast, Regions' franchise
stretches across 16 states from Texas to the Midwest. The Company
maintains solid deposit market shares in a number of states
including the number one ranking in its home state of Alabama and
neighboring Mississippi, number two ranking in Tennessee and a
number five ranking in the large Florida market. Additionally, the
Company's earnings are diversified with a decent level of
non-interest income garnered from a variety of sources.

The Positive trend reflects the progress the Company has made
improving its asset quality and reducing its risk profile. Since
the financial crisis, Regions has de-risked its loan portfolio,
strengthened its risk management process and reduced its
concentration in commercial real estate and construction loans.
Indeed, investor real estate has declined from 24% of the loan
portfolio at YE09 to 8% at the end of 3Q15. Additionally, while
earnings remain pressured, DBRS anticipates that initiatives being
implemented by Regions to grow and diversify revenue, while
controlling expenses, have begun to, and will continue to, drive
improving operating results. For an upgrade of the ratings, DBRS
will look for the Company to achieve sustained earnings improvement
including positive operating leverage while maintaining sound asset
quality. Conversely, if the Company is unable to deliver a
consistent earnings improvement, or there is a perceived increase
in risk appetite, DBRS would likely revise the trend back to
Stable.

A challenge for the Company, as well as the industry in general,
continues to be pressured earnings generation, which remains
strained by the low interest rate environment and modest loan
demand. Additionally, the benefit from reserve releases has begun
to wane as provisioning needs has increased with loan growth. The
Company has balanced making investments to generate future growth
with the need to reduce expenses. To improve its bottom line, the
Company continues to strengthen its wealth, capital markets and
insurance businesses, and remains focused on rationalizing its
branch distribution network and overall expense base. DBRS
anticipates that these strategies will take time to be fully
executed, although it appears based on recent results that the
investments are paying off.

As with many banks, Regions' spread income remains pressured by the
low interest rate environment. For 9M15, the Company's net interest
income was up a moderate 0.45%, year-over-year (YoY), driven by an
8 basis point drop in the net interest margin (NIM) to 3.15%,
offset by growth in average earning assets including a 4.4%
increase in average loans. DBRS notes that future spread income
should benefit from the eventual rise in interest rates, especially
given the Company’s moderately asset sensitive position, as well
as continued loan growth.

Regions' 9M15 fee income (excluding discontinued operations), which
represented approximately 37% of adjusted total revenues, increased
4.5%, YoY, driven by increases in a number of categories including
card and ATM fees, insurance commissions and fees and capital
markets fee income. Meanwhile, the Company’s 9M15 efficiency
ratio of 65.3% reflects room for improvement in both expenses and
revenues to reach the Company's goal of a sub 60% efficiency
ratio.

Although still modestly lagging similarly sized regional banks,
Regions' asset quality remains sound and has improved, YoY.
Specifically, non-performing assets as a percent of loans plus OREO
(excluding performing restructured loans) represented a manageable
1.14% at September 30, 2015, as compared to 1.28% at YE14.
Meanwhile, 9M15 net charge-offs were low, representing 0.27% of
average loans, down from 0.40% for 2014. DBRS notes that the
Company does have exposure to the energy industry, as well as
geographies likely to be affected by a slowdown in this sector.
Nonetheless, DBRS anticipates that these exposures and potential
increase in problem loans will remain manageable.

Overall, Regions's funding and capital profiles remain ample.
Funding is underpinned by a solid loan to deposit ratio of 83%, at
September 30, 2015, providing additional support for loan growth as
well as Basel III liquidity requirements. Overall, liquidity is
solid. The Company expects to be compliant with the phased in LCR
requirement of 90%, by the January 1, 2016 deadline, without
material changes to the balance sheet. Meanwhile, DBRS views the
Company’s capital position as solid. Indeed, at September 30,
2015, Regions' Basel III Common Equity ratio was 10.98%,
comfortably above the minimum requirement.

Regions Financial Corporation, a financial holding company
headquartered in Birmingham, Alabama, reported $124.8 billion in
assets as of September 30, 2015.



ROCKIES REGION 2006: Capex, et al., Raise Going Concern Doubt
-------------------------------------------------------------
Rockies Region 2006 Limited Partnership has substantial doubt about
its ability to continue as a going concern, according to Barton R.
Brookman, president and chief executive officer of PDC Energy,
Inc., the managing general partner of the company, in a regulatory
filing with the U.S. Securities and Exchange Commission on November
13, 2015.

"The significant decreases in crude oil, natural gas and NGLs sales
and cash flows from operations, as well as anticipated future
capital expenditures and asset retirement obligations, raise
substantial doubt about this partnership's ability to continue as a
going concern."

Mr. Brookman related: "This partnership has historically funded its
operations with cash flows from operations.  This partnership's
most significant cash outlays relate to its operating expenses,
capital program and distributions to partners.   The market price
for crude oil, natural gas and NGLs decreased significantly during
the fourth quarter of 2014, with continued weakness in the nine
months ended September 30, 2015.  As a result of these decreases,
crude oil, natural gas and NGLs sales decreased $0.6 million, or
50%, to $0.6 million for the nine months ended September 30, 2015
compared to $1.2 million for the nine months ended September 30,
2014.  Decreases in the market price for this partnership's
production directly reduce its cash flows from operations and
create operating deficits.

"Although this partnership experienced an increase in production
during the three months ended September 30, 2015 due to reduced
line pressures as a result of the Lucerne II processing plant, the
negative impact to its liquidity resulting from declining commodity
prices raises substantial doubt about the partnership's ability to
continue as a going concern.  While this partnership generated
modest positive cash flows from operations during the three months
ended September 30, 2015, due to the significant decrease in
liquidity experienced in the first half of 2015 and anticipated
future capital expenditures required to remain in compliance with
certain regulatory requirements and to satisfy asset retirement
obligations, we believe that cash flows from operations will be
insufficient to meet this partnership's obligations.

"One of this partnership's most significant obligations is to the
managing general partner (PDC Energy, Inc.), which is currently
due, for reimbursement of costs paid on behalf of this partnership
by the Managing General Partner.  During the three months ended
September 30, 2015, this partnership made no quarterly cash
distributions to the managing general partner or investor
partners.

"The ability of this partnership to continue as a going concern is
dependent upon its ability to attain a satisfactory level of cash
flows from operations.  Greater cash flow would most likely occur
from improved commodity pricing and, to a lesser extent, a
sustained increase in production.  However, historically, as a
result of the normal production decline in a wells' production life
cycle, this Partnership has not experienced a sustained increase in
production without capital expenditures.

"The managing general partner is considering various options to
mitigate risks that raise substantial doubt about this
Partnership's ability to continue as a going concern, including,
but not limited to, deferral of obligations, continued suspension
of distributions to partners, partial or complete sale of assets
and the shutting-in of wells.  However, there can be no assurance
that this Partnership will be able to mitigate such conditions.
Failure to do so could result in a partial asset sale or some form
of bankruptcy, liquidation or dissolution of this partnership."

At September 30, 2015, the company had total assets of $2,241,430,
total liabilities of $1,879,570, and total partners' equity of
$361,860.

The company incurred a net loss of $65,516 for the three months
ended September 30, 2015, compared to a net loss of $13,790 for the
quarter ended September 30, 2014.

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

Denver-based Rockies Region 2006 Limited Partnership engages in the
development, production and sale of crude oil, natural gas and
NGLs.  This partnership began crude oil and natural gas operations
in September 2006 and currently operates 63 gross wells located in
the Wattenberg Field of Colorado.



SABINE OIL: Has Until March 11 to Propose Chapter 11 Plan
---------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that a New York
bankruptcy judge on Dec. 16, 2015, granted Sabine Oil & Gas Corp.'s
request for more breathing room as it works to come up with a plan
to restructure its debt, as the U.S. oil and gas industry continues
to struggle amid an ongoing market downturn.

U.S. Bankruptcy Judge Shelley Chapman signed off on Sabine's motion
to extend through March 11 the exclusivity period for filing a
Chapter 11 plan.  Sabine said despite progress, it needs more time
to file a plan.

                   About Sabine Oil & Gas

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

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

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

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


SAN BERNARDINO, CA: Creditor Fights Plan to Set Aside $200M
-----------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that a Luxembourg
bank that holds millions of dollars in San Bernardino debt on Dec.
15, 2015, challenged in California bankruptcy court the
municipality's plan to set aside $200 million to cover future
expenses and invest in police, weeks after a mass shooting in the
city left 14 people dead.  Erste Europaeische Pfandbrief-und
Kommunalkreditbank AG, or EEPK, filed an objection to San
Bernardino's revised disclosure statement, filed last month, which
lays out how the city plans to pay its debt to various creditors.

                    About San Bernardino

San Bernardino, California, filed an emergency petition for
municipal bankruptcy under Chapter 9 of the U.S. Bankruptcy Code
(Bankr. C.D. Cal. Case No. 12-28006) on Aug. 1, 2012.  San
Bernardino, a city of about 210,000 residents roughly 65 miles
(104
km) east of Los Angeles, estimated assets and debt of more than $1
billion in the bare-bones bankruptcy petition.

The city council voted on July 10, 2012, to file for bankruptcy.
The move lets San Bernardino bypass state-required mediation with
creditors and proceed directly to U.S. Bankruptcy Court.

The city is represented that Paul R. Glassman, Esq., at Stradling
Yocca Carlson & Rauth.

San Bernardino joined two other California cities in bankruptcy:
Stockton, an agricultural center of 292,000 east of San Francisco,
and Mammoth Lakes, a mountain resort town of 8,200 south of
Yosemite National Park.

The City was granted Chapter 9 protection on Aug. 28, 2013.

The City filed on May 14, 2015, a Plan to exit court protection.
The Plan proposes to some bondholders a penny on the dollar but
maintains pension benefits for retired city workers.  The Plan
proposes to make full payments into the pension fund run by
California Public Employees' Retirement System.

                          *     *     *

The Troubled Company Reporter, on Oct. 28, 2015, reported that the
hearing on the disclosure statement with respect to the Plan for
the Adjustment of Debts of the City of San Bernardino, California,
has been continued to Dec. 23, 2015, at 1:30 p.m.


ST MICHAEL'S: Exclusive Right to File Plan Extended to April 6
--------------------------------------------------------------
Saint Michael's Medical Center obtained a court order extending the
period of time during which it alone holds the right to file a
Chapter 11 plan.

The order, issued by U.S. Bankruptcy Judge Vincent Papalia,
extended the company's exclusive right to propose a plan to April
6, 2016, and solicit votes from creditors to June 5, 2016.  

The extension would prevent others from filing rival plans in court
and maintain the company's control over its bankruptcy case.  

                About Saint Michael's Medical Center

Saint Michael's Medical Center, Inc., was incorporated in 2008 to
acquire St. Michael's Medical Center and 2 other now defunct
hospitals (Saint James Hospital and Columbus Hospital) was acquired
from Cathedral Healthcare System Inc., a New Jersey nonprofit.

SMMC is a second tier subsidiary of Trinity Health Corporation.
The immediate sole corporate member of SMMC is Maxis Health System,
a Pennsylvania not-for-profit corporation.

Established by the Franciscan Sisters of the Poor in 1867, St.
Michael's Medical Center is a 357- bed licensed regional
tertiary-care, teaching, and research center in the heart of
Newark, New Jersey's business and educational district and is
accredited by The Joint Commission.

On Aug. 10, 2015, SMMC Inc. and three affiliated debtors each filed
a voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
New Jersey.  The cases are pending before the Honorable Vincent F.
Papalia, and the Debtors requested that their cases be jointly
administered under Case No. 15-24999.

The Debtors tapped Cole Schotz P.C. as bankruptcy counsel;
EisnerAmper LLP as financial advisor; and Prime Clerk LLC as claims
and noticing agent.

SMMC estimated $100 million to $500 million in assets and debt.

United States Trustee Region 3, notified the United States
Bankruptcy Court for the District of New Jersey of the appointment
of Susan N. Goodman, RN JD, as patient care ombudsman in the
Chapter 11 case of Saint Michael's Medical Center, Inc., and its
debtor affiliates.

U.S. trustee for Region 3, appointed seven creditors of Saint
Michael's Medical Center Inc. and its affiliates to serve on the
official committee of unsecured creditors.   Andrew H. Sherman,
Esq., Boris I. Mankovetskiy, Esq., and Lucas F. Hammonds, Esq., at
Sills Cummis & Gross PC, represent the Committee.



STEVEN SANN: Court Denies Use of Assets to Pay Attorneys' Fees
--------------------------------------------------------------
American Evoice, Ltd., et al., filed multiple motions seeking for
the release of frozen or restrained assets to be used for
attorneys' fees.

Steven V. Sann, Terry Lane, and Emerica Media Corporation, and
Bibliologic, Ltd., move the United States District Court for the
District of Montana, Missoula Division, to release $150,000 from
currently restrained assets to be applied towards attorneys' fees.

Bibliologic, Ltd., on behalf of all Defendants except Robert
Braach, moves the Court to release funds from currently restrained
assets to pay for future attorneys' fees, or in the alternative, to
allow its attorneys to withdraw from representation in the case.

Bibliologic also moves the Court to release funds to pay for future
attorneys' fees to defend against an adversary action filed in
Bankruptcy Court.

The Schwartz Law Firm, Inc., Nevada bankruptcy attorneys for Sann,
moves the Court for approval to use funds currently held in SLF's
trust account to pay for past legal fees and costs.

Judge Dana L. Christensen of the United States District Court for
the District of Montana, Missoula Division, denied the Defendants'
motions for the release of frozen funds to provide for attorneys'
fees as they pertain to the use of assets for the attorneys' fees.
The Court partially granted the Defendants' second motion as it
pertains to the request for attorney withdrawal.  The Court found
good cause for attorney withdrawal and will allow it.  The motion
is denied in all other respects.  

The case is FEDERAL TRADE COMMISSION, Plaintiff, v. AMERICAN
EVOICE, LTD., EMERICA MEDIA CORPORATION, FONERIGHT, INC., GLOBAL
VOICE MAIL, LTD., HEARYOU2, INC., NETWORK ASSURANCE, INC.,
SECURATDAT, INC., TECHMAX SOLUTIONS, INC., VOICE MAIL
PROFESSIONALS, INC., STEVE V. SANN, TERRY D. LANE, a/k/a TERRY D.
SANN, NATHAN M. SANN, ROBERT M. BRAACH, Defendants. BIBLIOLOGIC,
LTD., Relief Defendants, No. CV 13-03-M-DLC.

A full-text copy of the Order dated December 8, 2015 is available
at http://is.gd/NMlMZofrom Leagle.com.  

Federal Trade Commission, Plaintiff, is represented by Michael P.
Mora, FEDERAL TRADE COMMISSION, Richard McKewen, FEDERAL TRADE
COMMISSION & Connor B. Shively, FEDERAL TRADE COMMISSION.

Defendants are represented by Andrew B. Lustigman, Esq. --
alustigman@olshanlaw.com  -- OLSHAN FROME WOLOSKY LLP, Brian
Blankenship, Esq. -- THE SCHWARTZ LAW FIRM, Michael J. Sherwood,
Esq. -- MICHAEL J. SHERWOOD, P.C., Samuel A. Schwartz, Esq. -- THE
SCHWARTZ LAW FIRM, Scott A. Shaffer, Esq. -- sshaffer@olshanlaw.com
-- OLSHAN FROME WOLOSKY LLP & Sarah J. Rhoades, Esq.


TARGETED MEDICAL: Has Going Concern Doubt Due to Losses, Deficit
----------------------------------------------------------------
Targeted Medical Pharma, Inc., has substantial doubt about its
ability to continue as a going concern, according to Kim Giffoni,
chief executive officer, and William B. Horne, chief financial
officer and principal accounting officer of the company in a
regulatory filing with the U.S. Securities and Exchange Commission
on November 13, 2015.

Ms. Giffoni and Mr. Horne pointed out, "The company has incurred
recurring losses and reported losses for the three and nine months
ended September 30, 2015, totaling $237,758 and $2,462,337,
respectively, as well as an accumulated deficit as of September 30,
2015, amounting to $29,379,753.  As a result of our continued
losses, at September 30, 2015, the company's current liabilities
significantly exceed current assets, resulting in negative working
capital of $13,308,269.  Further, the company does not have
adequate cash to cover projected operating costs for the next 12
months.  Included in the company's current liabilities at September
30, 2015, is approximately $736,000 owed to the Internal Revenue
Service (IRS) and the California Franchise Tax Board (FTB) for
unpaid payroll taxes.

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

"In order to ensure the continued viability of the company, either
future equity or debt financings must be obtained or profitable
operations must be achieved in order to repay the existing
short-term debt and to provide a sufficient source of operating
capital.  

"To address its liquidity issues, the company has significantly
reduced its operating expenses and continues to explore
opportunities for additional financing and/or restructuring of its
existing debt.  No assurances can be made that the company will be
successful obtaining additional equity or debt financing and/or in
restructuring existing debt, or that the company will achieve
profitable operations and positive cash flow."

At September 30, 2015, the company had total assets of $2,449,205,
total liabilities of $14,783,496, and total stockholders' deficit
of $12,334,291.

Net loss for the three months ended September 30, 2015, was
$237,758 compared to a net loss of $1,013,837 for the three months
ended September 30, 2014.  The decreased net loss was primarily a
result of the reduction of expenses in the 2015 period.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/jkda94q

Targeted Medical Pharma, Inc. (OTCQB: TRGM) is a Los Angeles-based
biotechnology company that develops amino acid based medical foods
for the treatment of chronic disease, including pain syndromes,
peripheral neuropathy, hypertension, obesity, sleep and cognitive
disorders.  The company also develops a line of dietary supplements
designed to support health and wellness.



TEEKAY CORP: Moody's Puts B1 CFR Under Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service placed the ratings of Teekay Corporation
under review for downgrade.  The review was prompted by the
company's announcement that it would substantially cut the
distributions it receives from its Master Limited Partnership (MLP)
subsidiaries, Teekay LNG Partners L.P. (not rated) and Teekay
Offshore Partners L.P. (not rated).

RATINGS RATIONALE

The review will focus on: (a) the rationale and timing of projects
that led to the company's decision to accumulate cash at the MLPs;
(b) the standalone cash flow prospects at the Parent, given its
financial obligations; (c) anticipated liquidity, including cash
available and bank facilities at Teekay; and (d) the expected
financial condition of the MLP subsidiaries.  Moody's characterizes
the company's SGL-3 liquidity profile as adequate, with the
expectation that the Parent's cash balance of approximately $304
million (as of Sept. 30, 2015) will sufficiently cover the nearest
debt maturity of about $70 million, due in the second quarter of
2016.

Moody's has placed these ratings under review for downgrade:

Teekay Corporation:

  Corporate Family Rating, B1;
  Senior Unsecured Bond/Debenture due 2020, B2.

Moody's has affirmed this rating:

  Speculative Grade Liquidity rating, SGL-3

The principal methodology used in this rating was Global Shipping
Industry published in February 2014.

Teekay Corporation, a Marshall Islands Corporation headquartered in
Bermuda with executive offices in Vancouver, Canada, is an
operational leader and project developer in the marine midstream
space.  Through its general partnership interests in two master
limited partnerships (MLPs), Teekay LNG Partners L.P. (NYSE: TGP,
unrated ) and Teekay Offshore Partners L.P. (NYSE: TOO, unrated),
its controlling ownership of Teekay Tankers Ltd. (NYSE: TNK,
unrated) and its fleet of directly-owned vessels and offshore
units, Teekay is responsible for managing and operating
consolidated vessel assets with a book value of about $9.4 billion,
comprised of 215 liquefied gas, offshore, and conventional tanker
assets, including vessels on order or under conversion, and
ownership interests in a number of joint ventures. Teekay provides
a comprehensive set of marine services to the world's leading oil
and gas companies.  It and its subsidiaries have common management
and the subsidiaries have conflict committees to assure
transactions between the group's various units are conducted at
arm's length.  The company reported consolidated revenue of $2.3
billion for the twelve months ended Sept. 30, 2015.



TERRAFORM POWER: S&P Lowers CCR to 'B-', Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on TerraForm Power Inc. (TERP) to 'B-' from 'B+'.  The
outlook is negative.

At the same time, S&P lowered the rating on TerraForm Power
Operating LLC's senior unsecured debt to 'B-' from 'B+'.  The
recovery rating on this debt is '4', indicating expectations of
average (30% to 50%; upper half of the range) recovery if a default
occurs.

S&P is lowering its corporate credit rating on TerraForm Global
Inc. (GLBL) to 'B' from 'B+'.  The outlook is negative.  At the
same time, S&P is lowering its rating on Terraform Global Operating
LLC's senior unsecured debt to 'B' from 'B+' and on the senior
secured debt to 'BB-' from 'BB'.  The recovery rating on the senior
unsecured debt is '3', indicating S&P's expectation of meaningful
(50% to 70%; upper half of the range) recovery if a default occurs.
The recovery rating on the senior secured debt is '1', indicating
S&P's expectation of very high (90% to 100%) recovery if a default
occurs.

"The downgrade on TERP mainly reflects its aggressive debt
financing of the recently closed Invenergy acquisition and
potentially a similar aggressive financing of the pending Vivint
acquisition," said Standard & Poor's credit analyst Nora Pickens.

The downgrade on GLBL reflects the same closer ratings linkage with
SUNE.  However, GLBL's stand-alone credit profile (SACP) remains
unchanged at 'b+', as there have been no recent developments that
have affected the SACP.

The negative outlook on TERP reflects S&P's view that challenging
market conditions coupled with meaningful purchase commitments over
the next few months and execution risk associated with the pending
Vivint transaction could limit the company's financial flexibility
and lead to debt to EBITDA above 6x for an extended period.

At the current ratings, S&P's negative outlook on GLBL stems from
its view of SUNE's group credit profile.



TERRENO REALTY: Fitch Assigns 'BB' Rating on Preferred Stock
------------------------------------------------------------
Fitch Ratings has assigned a 'BBB-' rating to Terreno Realty LLC's
$50 million unsecured notes issued through a private placement on
Oct. 13, 2015.  The notes have a 12-year term and bear interest at
a fixed rate of 4.65%.  Terreno Realty LLC is a wholly-owned
operating subsidiary of Terreno Realty Corporation (NYSE:TRNO
[Terreno or the company]).

These notes represent the second closing of a $100 million private
placement of senior unsecured notes that the company announced on
Sept. 2, 2015.  A full list of Fitch's ratings for Terreno and its
operating partnership Terreno Realty LLC follows at the end of this
release.

The Rating Outlook is Stable.

KEY RATING DRIVERS

Fitch's ratings take into account TRNO's strong portfolio market
concentrations, transparent industrial property-focused business
model, experienced management, and credit metrics that are
moderately strong for the rating.  The potential for greater cash
flow volatility stemming from market, asset and tenant
concentration risk and possible missteps surrounding the company's
value added acquisition-led growth strategy balance these credit
positives.  Also, the company has a less developed and shorter
track record as an unsecured borrower.

The Stable Outlook reflects Fitch's expectation that TRNO will
maintain credit metrics over the rating horizon (typically one to
two years) that are consistent with the 'BBB-' rating, as well as
our outlook for positive near- to medium-term industrial property
fundamentals.

Portfolio Concentrated in Strong Markets

Fitch expects TRNO's portfolio market fundamentals to outperform
the U.S. average over the rating horizon, based on the superior
demographics and barriers to new supply.  The company's portfolio
is located in six of the strongest U.S. industrial markets,
characterized by vibrant and growing local and regional economies,
favorable population demographics and meaningful barriers to new
supply.

The above-average occupancies and rents within Terreno's markets
relative to the broader U.S. industrial property base evidences the
strong fundamentals.  The institutional investor and lender
interest in TRNO's assets is likely above its peer average given
the desirable market locations supporting the company's contingent
liquidity position.

Terreno owned 141 buildings aggregating approximately 10.5 million
square feet that were approximately 90.2% leased to 317 customers
as of Sept. 30, 2015, as well as two improved land parcels
consisting of 3.5 acres.

Transparent Operating Strategy

Fitch views Terreno's transparent and well-defined operating
strategy as a credit positive.  The company targets 100% fee simple
ownership of industrial assets in six key logistics markets that
include Northern NJ/NY (24% of annualized base rent [ABR]),
D.C./Baltimore (26%), Miami (12%), Los Angeles (16%), San Francisco
(12%) and Seattle (10%).

TRNO has not made, nor does its business model contemplate,
investments in ground-up development or unconsolidated joint
venture partnerships (JVs).  The absence of these items helps
simplify the company's business model, improve financial reporting
transparency and reduce potential contingent liquidity claims,
which Fitch views positively.

Fitch's ratings for TRNO include some flexibility for selective
ground-up development at existing owned in-fill properties, as well
as a limited amount of JVs if, for example, only a partial interest
in an attractive industrial portfolio in its markets was available
for purchase.

Appropriate Credit Metrics

Fitch expects TRNO's leverage to sustain within a range of
6.0x-6.5x through 2017, on an adjusted basis that includes a
full-year's contribution from external investment activity.  TRNO's
leverage was 6.4x based on an annualized run rate of TRNO's
recurring operating EBITDA for the quarter ending Sept. 30, 2015,
which is appropriate for the 'BBB-' rating.

Fitch expects the company's fixed-charge coverage (FCC) to
moderate, but remain strong over the rating horizon as the company
transitions toward more fixed-rate debt.  TRNO's FCC was 3.8x for
the quarter ending Sept. 30, 2015, compared to 3.3x and 2.0x for
year-ended Dec. 31, 2014 and 2013.  Fitch's projections show the
company's FCC improving to the mid-3.0x range through 2017.

The company has publicly committed to financial policies through
the cycle that are consistent to moderately strong for a 'BBB-'
rated REIT with TRNO's asset profile.  These include maintaining
net debt-to-recurring operating EBITDA below 6.5x and FCC above
2.0x.  The company's stated policy is to target a dividend payout
of 100% of its taxable net income.

Solid Liquidity Position

Fitch estimates TRNO's sources of capital cover its uses by 2.4x
for the period Oct. 1, 2015 to Dec. 31, 2017.  Several factors
support the company's liquidity position, including limited
near-term debt maturities, full availability under the company's
$100 million revolver and the absence of unfunded development
commitments.

Although near-term maturities are modest, the company has a
meaningful amount of debt maturing between 2019 to 2021,
principally comprised of its three unsecured term loans.  Fitch
expects the company to refinance these obligations well ahead of
their stated maturities, most likely with proceeds from new
unsecured private placement notes.

TRNO's unencumbered assets cover its unsecured debt (UA/UD) by
2.5x, pro forma for its $50 million unsecured notes offering. Fitch
calculates unencumbered asset value using a direct capitalization
approach of TRNO's annualized 3Q'15 unencumbered net operating
income (NOI) that assumes a stressed 8.75% through the cycle cap
rate.  Fitch expects the company's UA/UD to moderate to the
low-to-mid 2x range as it progresses in its unsecured borrowing
strategy, which would remain appropriate for the 'BBB-' rating.
Experienced Management

TRNO has a strong management team with extensive industrial real
estate and capital markets experience.  Many of the company's key
executives previously held high level executive positions at AMB
Property prior to its merger with ProLogis.

Portfolio Market and Tenant Concentration

TRNO's concentrated portfolio strategy exposes it to idiosyncratic
market and asset risks and could result in above-average property
income volatility.  Examples could include a regional economic
downturn or loss of a significant tenant.  Fitch expects the
portfolio's asset and tenant granularity to improve as TRNO
executes on its value-add acquisition-led growth strategy. However,
we do not expect the company to expand beyond its six major
markets.

The company's small size and concentration in markets with higher
per square foot industrial values relative to its peers has
contributed to its below-average asset granularity.  Two markets -
Northern NJ/NY and D.C./Baltimore - comprised 50.3% of the
company's ABR as of Sept. 30, 2015.  Moreover, its 10 largest
properties (at cost) accounted for roughly 40% of its total
investment in real estate.  The multiple-building nature of many of
its larger assets, as well as their infill locations help to offset
the asset concentration risk.

TRNO's top-20 tenants comprised 40.1% of ABR at Sept. 30, 2015,
which is meaningfully more concentrated than the comparable 21%
median for its peers.  Moreover, the company's largest tenant
(FedEx Corp.) comprised 4.6% of its ABR versus a comparable median
of 2.2% for its peers.  Fitch views the company's portfolio tenant
concentration as a credit risk that could lead to greater cash flow
volatility.  However, the generally strong credit quality of its
largest tenants and multiple leases with several of these tenants
help balance the concentration risk.

Execution Risk in Value-Add Acquisitions

TRNO's external growth strategy centers on the acquisition and
stabilization of industrial assets, primarily through some
combination of lease-up and property redevelopment.  Fitch
generally views the value-add strategy as being in between 'core'
investments and ground-up development in risk/return space.
Value-add acquisitions can entail additional risk given less
familiarity with an asset relative to the repositioning of existing
owned assets.  However, Fitch views TRNO management's extensive
industrial property experience and the small dollar value and
homogeneity of industrial assets as risk mitigants.

Improving Unsecured Capital Access

TRNO's sale of $100 million of private placement unsecured notes is
an important milestone in the company's transition to a
predominantly unsecured borrowing strategy that evidences broader
access to unsecured debt capital.  Prior to the company's inaugural
private unsecured notes placement, TRNO's unsecured borrowings were
limited to its three term loans, as well as drawdowns under the
company's unsecured revolver.  However, Fitch continues to view
TRNO as a less established unsecured bond issuer pending further
private placement issuance.

Preferred Stock Notching

The two-notch differential between TRNO's IDR and preferred stock
rating is consistent with Fitch's criteria for corporate entities
with a 'BBB-' IDR.  These preferred securities are deeply
subordinated and have loss absorption elements that would likely
result in poor recoveries in the event of a corporate default.

KEY ASSUMPTIONS

   -- GAAP SSNOI growth (excluding redevelopment properties) of
      roughly 4% in 2015 and 3% in 2016 and 2017;

   -- Acquisitions of $350 million in 2015, 2016 and 2017 at an
      approximate 6% stabilized average cap rate;

   -- Dispositions of $25 million per annum at cap rates of 5.5%;

   -- Unsecured borrowings of $150 million during 2015, $120
      million during 2016 and $115 million during 2017 at rates of

      4.25%, 4.5% and 4.75%, respectively;

   -- Equity issuance of roughly $40 million during 2015, $200
      million during 2016 and $150 million during 2017;

   -- TRNO refinances its preferred equity when it becomes
      callable in 2017 with new common equity;

   -- The company unencumbers assets as mortgages mature with the
      proceeds from new unsecured debt and equity raises.

RATING SENSITIVITIES

These factors may have a positive impact on the ratings and/or
Rating Outlook:

   -- Further asset and tenant level diversification within the
      company's concentrated, six-market portfolio;

   -- Demonstrated access to the unsecured bond market;

   -- Fitch's expectation of leverage sustaining in the low 6.0x
      range (leverage was 6.4x for the annualized quarter ended
      Sept. 30, 2015);

   -- Fitch's expectation of FCC sustaining above 3.0x (coverage
      was 3.8x for the quarter ended Sept. 30, 2015).

These factors may have a negative impact on the ratings and/or
Rating Outlook:

   -- Fitch's expectation of leverage sustaining above 7.0x;
   -- Fitch's expectation of FCC sustaining below 2.0x.

FULL LIST OF RATING ACTIONS

Fitch currently rates Terreno as:

Terreno Realty Corporation

   -- Issuer Default Rating (IDR) 'BBB-';
   -- Preferred stock 'BB'.

Terreno Realty LLC

   -- IDR 'BBB-';
   -- Senior unsecured revolving line of credit 'BBB-';
   -- Senior unsecured term loans 'BBB-';
   -- Senior unsecured notes 'BBB-'.

In addition, Fitch has assigned a rating of 'BBB-' to Terreno
Realty LLC's $50 million senior unsecured private placement notes
that closed on Oct. 13, 2015.



TRANSTAR HOLDING: S&P Lowers CCR to 'CCC+', Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Cleveland, Ohio-based Transtar Holding Co. to
'CCC+' from 'B' and revised the rating outlook to negative from
stable.

S&P also lowered its issue-level ratings on the company's
first-lien revolving credit facility and term loan to 'B-' from
'B+'.  S&P maintained the recovery rating at '2', indicating its
expectation for substantial (70%-90%; higher end of the range)
recovery in the event of payment default.  S&P also lowered its
issue-level rating on the company's second-lien term loan to
'CCC-' from 'CCC+'.  S&P maintained the recovery rating at '6',
indicating its expectation for negligible recovery (0%-10%) in the
event of payment default.

"The negative outlook on Transtar Holding Co. reflects our opinion
that there is at least a one in three chance that we could lower
the corporate credit rating on Transtar during the next 12 months,"
said Standard & Poor's credit analyst Naomi Dsouza.

The company has a new management team in place that is focused on
reversing some of the operational mishaps that have caused the
deterioration in EBITDA margins and extremely tight cushion under
the company's financial maintenance covenant.  At this time, S&P
believes the turnaround will be prolonged.  S&P will continue to
monitor the situation and we will reassess our ratings when
additional information becomes available.

S&P could lower the ratings if Transtar's new management team is
unable to recapture the lost sales volume and/or the company
experiences further difficulties with integrating the acquisition
of ETX such that S&P's adjusted EBITDA margins continue to slide
and remain in the mid-single-digit percentage area.  This could put
further pressure on the company's liquidity and cash flow position
as well as its ability to maintain compliance with its financial
maintenance covenant with sufficient headroom, such that a specific
default scenario is envisioned over the next 12 months.

S&P would consider revising our outlook to stable if the company is
able to restore adjusted EBITDA margins toward 10%-12% and also
restore covenant cushion toward 15%.  This could be the result of
successfully winning back lost customers through management actions
and its current capabilities as the largest integrated distributor
of automotive aftermarket driveline replacement parts.

A debt-to-EBITDA multiple approaching 5x and free operating cash
flow-to-total adjusted debt of about 5% would be more consistent
with a higher rating.



TRAVELPORT WORLDWIDE: Morgan Stanley Has 1.2% Stake as of Dec. 11
-----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Morgan Stanley disclosed that as of Dec. 11, 2015, it
beneficially owns 1,489,859 shares of common stock of Travelport
Worldwide Ltd, representing 1.2 percent of the shares outstanding.
A copy of the regulatory filing is available at:

                      http://is.gd/vdBBkD

                    About Travelport Worldwide

Travelport Worldwide Limited is a travel commerce platform
providing distribution, technology, payment and other solutions for
the global travel and tourism industry.

As of Sept. 30, 2015, the Company had $2.93 billion in total
assets, $3.29 billion in total liabilities and a $359 million total
deficit.

                           *     *     *

As reported by the TCR in March 2015, Standard & Poor's Ratings
Services raised to 'B' from 'B-' its long-term corporate credit
rating on U.K.-based travel services provider Travelport Worldwide
Ltd.  The rating action reflects Travelport's good operating
performance in 2014.


TRILOGY ENERGY: DBRS Cuts Issuer Rating to 'B(low)'
---------------------------------------------------
DBRS Limited downgraded the Issuer Rating and the $300 million
Senior Unsecured Notes (the Notes) rating of Trilogy Energy
Corporation to B (low) from B, and has maintained the trends at
Negative. The recovery rating of the Notes remains unchanged at
RR4. The Notes are effectively subordinated to the Company’s
secured bank facility (the Credit Facility).

On February 11, 2015, DBRS changed the trend of Trilogy to Negative
from Stable, reflecting the expected deterioration of the
Company’s key credit metrics under the weak crude oil and North
American natural gas pricing environment and the expected decline
in production levels. The trend change also reflected the risk of a
potential breach of the Credit Facility’s financial covenants
under a prolonged low commodity pricing scenario. In May 2015, the
Company amended its financial covenants, which alleviated the
short-term covenant breach risk. However, should the current weak
pricing outlook persist or deteriorate further, covenant breach
risk is expected to heighten toward the second half of 2016 and
into 2017 as the amended financial covenants come under pressure.
To address the negative impact of the weak commodity prices and the
decline of production in 2015 on its balance sheet and liquidity
profile, Trilogy: (1) proactively eliminated its dividend program
($53 million in 2014), (2) curtailed capital expenditures (capex)
significantly with the intent to remain free cash flow neutral
going forward, (3) achieved considerable asset dispositions ($49
million for the nine months ended September 30, 2015 (9M 2015), and
a USD 85 million disposition of certain Duvernay assets in November
2015) and (4) implemented operating cost-reduction measures. Pro
forma the Duvernay disposition, the Company is expected to be drawn
approximately $270 million on its Credit Facility by year-end 2015
($355 million drawn as of September 30, 2015).

However, despite Trilogy’s balance sheet and liquidity
preservation initiatives to-date, the Company's key credit metrics
have deteriorated materially in 9M 2015 as netbacks have been
constrained under a low commodity pricing environment given the
Company’s cost structure and declining production profile. This
has resulted in a material year-over-year decline in EBITDA (62%)
and operating cash flow (69%) in 9M 2015. Pro forma the USD 85
million asset divestiture, year-end 2015 key credit metrics are
expected to improve moderately relative to 9M 2015 but are still
expected to no longer support the B rating. Going forward, DBRS
does not expect Trilogy’s key credit metrics to improve
significantly over the next 12 months without an immediate,
material improvement in liquids and natural gas prices, which is
unlikely. Although the Company has hedged some production in 2016
(3,000 barrels per day at a West Texas Intermediate price of $77.18
) that should provide a cushion, it is not expected to be
significant enough to offset the impact of a prolonged weak pricing
environment, particularly for North American natural gas prices
(approximately 70% of 2015 production). As a result, with a
significantly weaker financial risk profile to-date and a
challenging outlook going forward, DBRS views that Trilogy’s
credit risk profile is no longer commensurate with a B rating.

The current B (low) rating also factors in the Company's current
liquidity position and its business risk profile that is
underpinned by Trilogy’s production and proved reserves size,
moderate capex flexibility, limited geographic diversification and
relatively weaker netbacks because of its production mix and cost
structure. In 2015, Trilogy's business risk profile declined
modestly due to a decreasing production profile (approximately 20%
year-over-year decline expected) and a higher natural gas-weighted
production mix (approximately 70% versus 60% in 2014). DBRS
recognizes that the decline in production and liquids-mix in 2015
was a result of Trilogy’s capex curtailment below sustaining
levels in order to protect its balance sheet and liquidity.
However, should the pricing environment remain low and lead to
capex remaining below sustaining levels going forward, this could
result in a continued decline in production volumes and further
pressure on earnings.

Trilogy's liquidity is supported by its $450 million Credit
Facility. Based on the current liquidity available, which has
improved moderately following the $85 million asset disposition in
November 2015, Trilogy is expected to have sufficient liquidity to
fund near-term capex, working capital and operations, given its
flexible capex program. The last borrowing base review was
completed in November 2015. However, Trilogy expects to utilize
approximately 60% ($270 million) of its Credit Facility by year-end
2015, which is viewed to be relatively high by DBRS. Available
liquidity could change materially following subsequent semi-annual
borrowing base reviews, with the next review expected in Q2 2016. A
lower commodity pricing outlook by the lenders in Q2 2016 versus
the Q4 2015 review, combined with pressure on the determination of
reserves based on current market conditions, could further
negatively impact the borrowing base. The Negative trend reflects
DBRS’s concerns of prolonged weakness in key credit metrics and
liquidity if the depressed commodity pricing outlook further
weakens and persists.



TRUE DRINKS: Posts Net Loss, Has Going Concern Doubt
----------------------------------------------------
True Drinks Holdings, Inc. (OTCUS: TRUU)'s net loss for the three
months ended September 30, 2015 was $2,132,666, as compared to a
net loss of $1,666,216 for the three months ended September 30,
2014.  This year-over-year increase in net loss is primarily
attributable to increased sales, general and administrative
expenses during the quarter, offset, in part, by higher sales and
gross profit, Lance Leonard, president, chief executive officer and
director, and Daniel Kerker, chief financial officer of the company
said in a regulatory filing with the U.S. Securities and Exchange
Commission on November 13, 2015.

Messrs. Leonard and Kerker explained: "Our auditors have included a
paragraph in their report on our consolidated financial statements,
included in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2014, indicating that there is substantial doubt
as to the ability of the company to continue as a going concern.

"For the three months ended September 30, 2015, the company
incurred a net loss of $2,132,666.  At September 30, 2015, the
company has negative working capital of $3,239,565 and an
accumulated deficit of $25,182,085.  Although, during the year
ended December 31, 2014 and the nine-months ended September 30,
2015 the company raised approximately $9.0 million from the sale of
shares of Series C Preferred and $800,000 from the issuance of
Secured Notes, additional capital will be necessary to advance the
marketability of the company's products to the point at which the
company can sustain operations, including satisfying our
contractual obligations with Niagara.

"Management's plans are to continue to contain expenses, expand
distribution and sales of its AquaBall(TM) Naturally Flavored Water
as rapidly as economically possible, and raise capital through
equity and debt offerings to execute the company's business plan
and achieve profitability from continuing operations.

"The company has financed its operations through sales of equity
and, to a lesser degree, cash flow provided by sales of
AquaBall(TM).  Despite recent sales of preferred stock as
described, funds generated from sales of shares of our preferred
stock or other equity or debt securities, and cash flow provided by
AquaBall(TM) sales are insufficient to fund our operating
requirements for the next twelve months.  As a result we will
require additional capital to continue operating as a going
concern.  No assurances can be given that we will be successful.  
In the event we are unable to obtain additional financing in the
short-term, we will not be able to fund our working capital
requirements, and therefore will be unable to continue as a going
concern."

At September 30, 2015, the company had total assets of $7,893,537
and total stockholders' equity of $1,552,245.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/hf8xdgw

Irvine, California-based True Drinks Holdings, Inc. (OTCUS: TRUU)
develops, markets, sells and distributes its flagship product,
AquaBall(TM) Naturally Flavored Water, a vitamin-enhanced,
naturally flavored water drink packaged in patented stacking
spherical bottles.  The company distributes AquaBall(TM) through
select retail channels like grocery stores, mass merchandisers,
drug stores and online.



TRUE RELIGION: S&P Lowers CCR to 'CCC', Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Manhattan Beach, Calif.-based True Religion
Apparel Inc. to 'CCC' from 'B-'.  The outlook is negative.

At the same time, S&P lowered its issue-level rating on the
company's first-lien term loan to 'CCC' from 'B-', with a '3'
recovery rating.  The '3' recovery rating indicates S&P's
expectation of "meaningful" (50% to 70%; lower half of the range)
recovery in the event of default.  S&P also lowered its issue-level
rating on the company's second-lien term loan to 'CC' from 'CCC',
with a '6' recovery rating.  The '6' recovery rating indicates
S&P's expectation of negligible (0% to 10%) recovery in the event
of a payment default.

"The downgrade reflects our assessment of True Religion's weak
liquidity and unsustainable capital structure, given its sustained
weak operating performance," said Standard & Poor's credit analyst
Mathew Christy.

S&P's forecast considers operating performance weakness will likely
persist over the next 12 months, resulting in the company's
dependence on its asset-backed revolver to make interest payment
obligations amid S&P's projection for negative free cash flow for
fiscal 2015 and next year.  S&P also believes the likelihood of the
capital structure improving in the near term is low given its
expectations for operating performance amid a slow-down in customer
traffic and an increase in promotional activity in specialty
retailers and the premium denim retailers.

The negative outlook reflects S&P's view of the company's eroding
liquidity as a result of sharply declining earnings.  In addition,
S&P believes its capital structure could be unsustainable given its
earnings expectations absent a meaningful performance improvement.

S&P could lower its ratings if it believes a default is inevitable
within the next six months.  This could occur if continuous
operating performance deterioration is worse than S&P's base-case
assumptions, causing further erosion in liquidity leading the
company to seek a restructuring of its capital structure.

A higher rating is unlikely in the next 12 months given declining
performance trends and S&P's view that the company does not
generate sufficient cash flows to support its operations and
interest burden. A positive rating action would be predicated on a
significant reversal in operating performance and traffic trends,
leading to an improvement in the company's liquidity position and
credit protection metrics.



TRUMP ENTERTAINMENT: Deadline to Remove Suits Extended to April 1
-----------------------------------------------------------------
U.S. Bankruptcy Judge Kevin Gross has given Trump Entertainment
Resorts Inc. until April 1, 2016, to file notices of removal of
lawsuits involving the company and its affiliates.

                 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.


TRUMP ENTERTAINMENT: Seeks Until April 1 to Remove Actions
----------------------------------------------------------
Trump Entertainment Resorts, Inc., and its affiliated debtors ask
the United States Bankruptcy Court for the District of Delaware for
time extension through and including April 1, 2016, within which
the Debtors may remove actions and related proceedings.

The Debtors tell the Court that they have not had sufficient time
to review the Actions to determine if any should be removed and
that extending the Current Removal Deadline will afford the Debtors
an opportunity to make more fully informed decisions concerning the
removal of any Actions, and will assure that the Debtors and their
estates do not forfeit the valuable rights afforded to them.

The Debtors are represented by:

          Robert F. Poppiti, Jr., Esq.
          Matthew B. Lunn, Esq.
          Ian J. Bambrick, Esq.
          Ashley E. Markow, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR, LLP
          Rodney Square
          1000 North King Street
          Wilmington, Delaware 19801
          Telephone: (302) 571-6600
          Facsimile: (302) 571-1253
          Email: rpoppiti@ycst.com
                 mlunn@ycst.com
                 ibambrick@ycst.com
                 amarkow@ycst.com

          -- and --

          Kristopher M. Hansen, Esq.
          Erez E. Gilad, Esq.
          Gabriel E. Sasson, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR, LLP
          180 Maiden Lane
          New York, New York 10038-4982
          Telephone: (212) 806-5400
          Facsimile: (212) 806-6006
          Email: khansen@ycst.com
                 egilad@ycst.com
                 gsasson@ycst.com

                     About Trump Entertainment

Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and   
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino.  The Company
conducts gaming activities and provides customers with casino
resort and entertainment.

Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company.  The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.

Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 protection on Feb. 17, 2009
(Bankr. D. N.J. Lead Case No. 09-13654).  The Company tapped
Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as
lead counsel, and Weil Gotshal & Manges as co-counsel.  Ernst &
Young LLP served as the Company's auditor and accountant and
Lazard Freres & Co. LLC was the financial advisor.  Garden City
Group was the claims agent.  The Company disclosed assets of
$2,055,555,000 and debts of $1,737,726,000 as of Dec. 31, 2008.

Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925).  Trump Hotels obtained the Court's confirmation
of its Chapter 11 plan on April 5, 2005, and in May 2005, it
exited from bankruptcy under the name Trump Entertainment Resorts
Inc.

                           *     *     *

The Troubled Company Reporter, on March 19, 2015, reported that
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware confirmed Trump Entertainment Resorts, Inc., et al.'s
Third Amended Joint Plan of Reorganization and Disclosure Statement
pursuant to Section 1129 of the Bankruptcy Code.

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


VILLAS DEL MAR: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Villas Del Mar Hau, Inc.
        PO Box 510
        Isabela, PR 00662

Case No.: 15-10146

Chapter 11 Petition Date: December 22, 2015

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

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Victor Gratacos Diaz, Esq.
                  GRATACOS LAW FIRM, P.S.C.
                  P.O. BOX 7571
                  Caguas, PR 00726
                  Tel: 787 746-4772
                  Email: bankruptcy@gratacoslaw.com

Total Assets: $3.80 million

Total Liabilities: $4.46 million

The petition was signed by Myrna Hau Rodriguez, president/owner.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-10146.pdf


VIREOL BIO: Ch. 7 Involuntary Converted to Ch. 11 Reorganization
----------------------------------------------------------------
Michael Schwartz at Richmond BizSense reports that Bankruptcy Judge
Keith Phillips granted on Dec. 14, 2015, Vireol Bio Energy's
request to have the Chapter 7 liquidation case filed by the
creditors against the Company converted to one under Chapter 11
reorganization.

BizSense recalls that the creditors, which include a division of
Dominion Resources, filed the involuntary bankruptcy petition for
the Company in November, asking the Bankruptcy Court to determine
whether the Company can be forced into Chapter 7 to liquidate any
remaining assets.  Creditors, says BizSense, claimed that the
Company and its affiliates left a trail of unpaid bills in the wake
of selling the Hopewell plant to a Nebraska firm for $18 million.
On Dec. 4, the Company asked the Bankruptcy Court to convert the
case into one under Chapter 11, the report adds.

Putting the Company into Chapter 11 was an alternative that will
allow any of the Company's remaining assets to be found and
potentially paid out to creditors, BizSense relates, citing Bruce
Arkema of DurretteCrump, Esq., the attorney for the Company.  The
Company admits in court documents that it is not paying its debts.

Vireol Bio Energy is the former operator of an on-again, off-again
55-acre ethanol production facility at 701 S. Sixth Avenue in
Hopewell, Virginia.


[*] Law360 Names Top Three Firms That Dominated in 2015
-------------------------------------------------------
Three legal stalwarts landed at the top of the pack in 2015 to take
the title of Law360's Firms of the Year, bolstered by their
combined 27 Practice Group of the Year wins and their deft handling
of high-stakes, high-profile work.  Earning the distinction this
year are Gibson Dunn, Latham & Watkins LLP and Kirkland & Ellis
LLP.  The trio topped the 80 firms that Law360 honored with
Practice Group of the Year awards.


[*] Mayer Brown Snags Clifford Chance Corporate Securities Team
---------------------------------------------------------------
Vidya Kauri at Bankruptcy Law360 reported that Mayer Brown has
acquired a three-member team from Clifford Chance to join its
corporate and securities practice in Frankfurt and advise financial
and industrial companies on corporate restructurings, tax matters
and mergers and acquisitions.

The firm said in a statement that Andre Schwanna, who has been a
partner at Clifford Chance for seven years, will lead the team, but
won't begin at Mayer Brown till April.  Schwanna will be joined by
partner Benjamin Buttner and Alexander Taumer, who served as a
senior associate at Clifford Chance.


[*] Moody's Liquidity Stress Index Continues to Increase
--------------------------------------------------------
Moody's Liquidity Stress Index (LSI) continued to increase in
mid-December, reaching 6.5% from 6.4% in November, and approaching
its 6.7% long-term average, says the rating agency in its most
recent edition of SGL Monitor.

The LSI is shown to be a leading indicator of the default rate,
which Moody's forecasts will rise to a five-year high of 4.1% in 12
months, from 3.0%.

"Liquidity pressure continues to predominately affect energy
issuers, but cash flow weakness and higher borrowing costs are
starting to strain liquidity of some low-rated companies in other
sectors," said John Puchalla, a Moody's Senior Vice President.  "It
is worth noting that although the majority of sector LSIs have
increased over the past year, most remain at modest levels that do
not portend meaningfully higher defaults in 2016."

Speculative-grade liquidity downgrades have continued to outpace
upgrades since the fourth quarter of 2014, with nine downgrades in
December and only two upgrades.

Deteriorating liquidity conditions continue to largely reflect low
commodities prices, with five of the six issuers downgraded to
SGL-4, the weakest liquidity rating, thus far in December coming
from commodity industries, including two in energy and the others
in the mining, steel, paper & forest products, and utilities
sectors.

Moody's notes that the shift to a less accommodative monetary
policy, slowing growth in emerging markets, headwinds in commodity
industries and geopolitical concerns have contributed to higher
borrowing costs for speculative-grade companies, which is reducing
debt issuance levels.  According to Dealogic, high-yield bond
issuance is down 19% year to date through November from 2014.

"If issuance continues to be soft in January, lower-rated companies
will face more challenges if they need to tap the markets for
refinancing or other needs," said Puchalla.

Moody's Liquidity Stress Index falls when corporate liquidity
appears to improve and rises when it appears to weaken.


[*] US Leveraged Loan Default in 2016 to Rise to 2.5%, Fitch Says
-----------------------------------------------------------------
The trailing 12 month (TTM) U.S. institutional leveraged loan
default rate is forecast to rise to 2.5% in 2016, according to
Fitch Ratings.  This rate would result from the $24 billion in
defaults -- nearly a 50% increase in volume from the current TTM,
and more than the defaulted volumes tallied in 2011-2013 combined.


"To date, the leveraged loan universe has been much more insulated
from commodity-related challenges than the high yield bond market,
but it's not exempt," said Eric Rosenthal, Senior Director of
Leveraged Finance.  "We expect those challenges to persist in 2016,
contributing to an acceleration in leveraged loan defaults."

The TTM leveraged loan default rate stood at 1.7% at end-November.
Vantage Drilling, Energy & Exploration Partners and Magnum Hunter
Resources filed for bankruptcy since then, adding $1.8 billion of
default volume to the tally.  A likely filing from Dex Media by
year end would bring the default rate closer to 2%.  The TTM
default rates for the energy and metals/mining sectors stood at
5.9% and 12.7%, respectively at end-November.  The three December
energy defaults brings the TTM rate to 10%.  Outside of energy and
metals/mining, the retail sector continues to face pressure from
shifting consumer spending habits while healthcare/pharma saw
secondary weakness due to contagion concerns from Valeant.

While bids in the energy and metals/mining sectors have been
particularly pressured in the secondary market, loan trading prices
have retreated more broadly due to lackluster demand and persistent
loan fund outflows.  The institutional term loan market traded at
an average bid of 93.5 at end-of-day on December 14. This is down
from 95 one-month earlier. Removing energy and metals/mining moves
the average to 95.



[*] Willkie Farr Snags Paul Hastings Restructuring Team
-------------------------------------------------------
Carmen Germaine at Bankruptcy Law360 reported that Willkie Farr &
Gallagher LLP has expanded its Paris practice with the addition of
a top Paul Hastings LLP restructuring attorney and two associates,
who will focus on insolvency proceedings and international issues.

Lionel Spizzichino joined Willkie Farr on Dec. 1 as a partner in
its Paris office, bringing his extensive experience as head of Paul
Hastings' Paris restructuring team to co-manage Willkie Farr's own
restructuring department alongside leading restructuring attorney
Alexandra Bigot.  He was joined in the move by two associates who
also worked in Paul Hastings restructuring practice.

They can be reached at:

        Alexandra Bigot, Esq.
        Lionel Spizzichino, Esq.
        WILLKIE FARR & GALLAGHER LLP
        21-23 rue de la Ville l'Eveque
        75008 Paris
        Tel: +33 1 53 43 4550
        Fax: +33 1 40 06 9606
        E-mail: abigot@willkie.com



[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Caroline Beth Somers
   Bankr. C.D. Cal. Case No. 15-28715
      Chapter 11 Petition filed December 9, 2015
         represented by: M Jonathan Hayes, Esq.
                         SIMON RESNIK HAYES LLP
                         E-mail: jhayes@srhlawfirm.com

In re Blues BBQ & Grill East Dundee, Inc.
   Bankr. N.D. Ill. Case No. 15-41510
      Chapter 11 Petition filed December 9, 2015
         See http://bankrupt.com/misc/ilnb15-41510.pdf
         represented by: Colleen G. Thomas, Esq.
                         THOMAS LAW OFFICE
                         E-mail: colleenthomaslaw@aol.com

In re Carters Property Management, LLC
   Bankr. N.D. Ind. Case No. 15-23808
      Chapter 11 Petition filed December 9, 2015
         See http://bankrupt.com/misc/innb15-23808.pdf
         represented by: Gordon E. Gouveia, Esq.
                         GORDON E. GOUVEIA LLC
                         E-mail: geglaw@gouveia.comcastbiz.net

In re B & Z Restaurant Group - Chicago No. 1, LLC
   Bankr. E.D. Mich. Case No. 15-57887
      Chapter 11 Petition filed December 9, 2015
         See http://bankrupt.com/misc/mieb15-57887.pdf
         represented by: John C. Lange, Esq.
                         GOLD, LANGE & MAJOROS, PC
                         E-mail: jlange@glmpc.com

In re Drabzin International LLC
   Bankr. D. Nev. Case No. 15-16802
      Chapter 11 Petition filed December 9, 2015
         See http://bankrupt.com/misc/nvb15-16802.pdf
         represented by: Brandon L. Phillips, Esq.
                         BRANDON L. PHILLIPS ATTORNEY AT LAW PLLC
                         E-mail: blp@abetterlegalpractice.com

In re Lani Alfaro Dizon
   Bankr. D. Nev. Case No. 15-16804
      Chapter 11 Petition filed December 9, 2015

In re L.R.B. Nurses Registry, Inc., a New York Corporation
   Bankr. E.D.N.Y. Case No. 15-45532
      Chapter 11 Petition filed December 9, 2015
         See http://bankrupt.com/misc/nyeb15-45532.pdf
         represented by: Norma E Ortiz, Esq.
                         ORTIZ & ORTIZ LLP
                         E-mail: email@ortizandortiz.com

In re 239 Warwick Corp.
   Bankr. E.D.N.Y. Case No. 15-45539
      Chapter 11 Petition filed December 9, 2015
         See http://bankrupt.com/misc/nyeb15-45539.pdf
         filed Pro Se


In re Trista Sue Holwager
   Bankr. W.D.N.C. Case No. 15-31946
      Chapter 11 Petition filed December 9, 2015

In re Mark D Dalhart and Deanne K Dalhart
   Bankr. S.D. Ohio Case No. 15-34020
      Chapter 11 Petition filed December 9, 2015

In re BC Freeman Mechanical and Electrical, Inc.
   Bankr. M.D. Penn. Case No. 15-05278
      Chapter 11 Petition filed December 9, 2015
         See http://bankrupt.com/misc/pamb15-05278.pdf
         represented by: Lawrence V. Young, Esq.
                         CGA LAW FIRM
                         E-mail: lyoung@cgalaw.com

In re IPhone Solutions Corp
   Bankr. D.P.R. Case No. 15-09744
      Chapter 11 Petition filed December 9, 2015
         See http://bankrupt.com/misc/prb15-09744.pdf
         represented by: Luis E Correa Gutierrez, Esq.
                         Correa BUSINESS CONSULTING GROUP, LLC
                         E-mail: lcorrea@correalawoffice.com

In re Flowing Springs Commercial Center LLC
   Bankr. N.D.W. Va. Case No. 15-01193
      Chapter 11 Petition filed December 9, 2015
         See http://bankrupt.com/misc/wvnb15-01193.pdf
         represented by: Tate Morgan Russack, Esq.
                         RUSSACK ASSOCIATE, LLC
                         E-mail: Tate@russacklaw.com


                            *********

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
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are $25 each.  For subscription information, contact Peter A.
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                   *** End of Transmission ***