/raid1/www/Hosts/bankrupt/TCR_Public/160112.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, January 12, 2016, Vol. 20, No. 12
Headlines
ABERTA INC: La. Ct. App. Reverses Grant of Preliminary Injunctions
ALPHA NATURAL: Equity Stake in Rice Energy Slashed to 39%
AMERICAN APPAREL: Closing Sales at 8 More Stores Approved
ANGLO IRISH: Liquidators Sell Boston's Mandarin Hotel for $140M
ARCH COAL: Case Summary & 30 Largest Unsecured Creditors
BOOMERANG TUBE: Asks Judge to Extend Deadline to Remove Suits
BRONCO MIDSTREAM: Moody's Affirms Ba2 CFR, Outlook Stable
BRONCO MIDSTREAM: S&P Lowers CCR to 'B' Following Criteria Revision
BROOKLYN RENAISSANCE: Agrees to Pay $2.5K to NYCTL, BNY
C.K. INVESTMENTS: Voluntary Chapter 11 Case Summary
COLT DEFENSE: PwC Out, BlumShapiro In as Accountants
COYNE INTERNATIONAL: Court Converts Case to Chapter 7 Liquidation
DETROIT LACROSSE: Case Summary & 20 Largest Unsecured Creditors
ECOSMART INC: Court Denies Bid to Pay Commission Claims
ENDURANCE INTERNATIONAL: S&P Affirms 'B' CCR, Outlook Stable
ENERGY TRANSFER: Moody's Affirms Ba2 CFR, Outlook Stable
ESSENTIAL POWER: S&P Affirms 'BB-' Senior Secured Project Rating
FARMACIA BRISAS: Case Summary & 19 Largest Unsecured Creditors
FOREST PARK FORT WORTH: Case Summary & 20 Top Unsecured Creditors
GOODMAN AND DOMINGUEZ: Files for Chapter 11 Bankruptcy Protection
GREENFIELD REDEVELOPMENT: S&P Cuts 2006/2002 Bonds Rating to BB
HAGGEN HOLDINGS: Court Allows Sale of Store 2175 to Smart & Final
HYPHEN CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors
IFM (U.S.): S&P Lowers CCR to 'BB', Outlook Stable
IHEART COMMUNICATIONS: Asset Sale No Impact on Fitch's CCC IDR
JOE'S FRIENDLY: Court Denies Raj's Second Appeal
JOYCE LESLIE: Case Summary & 20 Largest Unsecured Creditors
LANDAMERICA FINANCIAL: Chapter 11 Case Reaches Conclusion
LONESTAR GEOPHYSICAL: Gets Approval of Financing Deal With FIFC
MACCO PROPERTIES: Court Denies Joint Bid to Junk Suit vs. McGinnis
MANUEL MEDIAVILLA: Directed to File Amended Joint Plan
MARICOPA COUNTY: Moody's Affirms Caa2 Rating on 2000A/B Bonds
MEDEXPRESS AMBULANCE: Case Summary & 20 Top Unsecured Creditors
METROPOLITAN AUTOMOTIVE: Engages Richard Pachulski as CRO
METROPOLITAN AUTOMOTIVE: In Chapter 11 to Forestall Receivership
METROPOLITAN AUTOMOTIVE: Section 341 Meeting Scheduled for Feb. 4
METROPOLITAN AUTOMOTIVE: Seeks Joint Administration of Cases
METROPOLITAN AUTOMOTIVE: Wants to Use Bank of West Cash Collateral
MOHAVE AGRARIAN: Sec. 341 Meeting to Be Continued on Feb. 11
MOHAVE AGRARIAN: Section 341 Meeting Moved to Feb. 11
NCI BUILDING: Moody's Affirms B1 CFR & Changes Outlook to Stable
NEIGHBORHOOD BANK: Online Auction of Vacant Lot Begins Jan. 19
NEW YORK CRANE: Court Directs Joint Administration of Cases
NEW YORK CRANE: Section 341 Meeting Scheduled for Feb. 12
ONE SOURCE INDUSTRIAL: Closed Financing, Sale Transactions
PATTERSON PARK: Fitch Affirms 'BB+' Rating on $12.3MM Bonds
PGT INC: Moody's Affirms B2 CFR, Outlook Stable
PHARMEDIUM HEALTHCARE: S&P Hikes CCR From 'B' Then Withdraws Rating
PINETREE CAPITAL: Cures Events of Default
PRESIDIO HOLDINGS: Netech Plans No Impact on Moody's B2 CFR
PRINCE INTERNATIONAL: Moody's Lowers CFR to Caa1, Outlook Negative
RCS CAPITAL: Experts Say Docupace Unlikely to Go Away Anytime Soon
RED BARN MOTORS: Ct. Recommends Denial of NextGear's Dismissal Bid
REX ENERGY: S&P Lowers CCR to 'CCC-', Outlook Negative
RICK SEEBERGER: Court Dismisses Suit Against BofA, et al.
RIENZI & SONS: Agrees to Participate in Mediation
SAMSON RESOURCES: Court Okays PJT Partners as Investment Banker
SAMSON RESOURCES: Says Khler Harrison's Fee is Reasonable
SHERWIN ALUMINA: USW Will Be Active Participant in Bankruptcy
SIGA TECHNOLOGIES: Haynes Steps Down as EVP & Gen. Counsel
SIGA TECHNOLOGIES: Lewis Discloses Equity Stake
SMALL BUSINESS DEV'T: Files for Chapter 11; Filing Fee Due Today
SPECALLOY CORP: Files for Chapter 11 Bankruptcy Protection
SUN BIOPHARMA: Admits Going Concern Doubt, Needs to Seek Financing
SWIFT ENERGY: Jan. 14 Meeting Set to Form Creditors' Panel
TECHNOLOGY MINING: Case Summary & 20 Largest Unsecured Creditors
U.S. LIGHT ENERGY: Inventory Being Sold in Bankruptcy Auction
VANGUARD NATURAL: S&P Lowers CCR to 'B-' on Weak Liquidity
VERSO PAPER: Moody's Retains Caa2 CFR on Sale of Subsidiary
WALTER ENERGY: Pension Plans Appeal Rejection of UMWA Labor Pact
[*] HauteCouture Domain Name to be Sold in Bankruptcy Auction
[^] Large Companies with Insolvent Balance Sheet
*********
ABERTA INC: La. Ct. App. Reverses Grant of Preliminary Injunctions
------------------------------------------------------------------
The Court of Appeals of Louisiana, Fourth Circuit, reversed two
judgments of the district court, which granted preliminary
injunctions in favor of Robert G. Harvey, Sr., in his capacity as
managing member/sole owner of Wagner's Chef, L.L.C., Aberta, inc.
(d/b/a Chicken Box Cafeteria & Market), and B-Xpress Elysian
Fields, L.L.C.
The State of Louisiana, Department of Revenue, Office of Alcohol
and Tobacco Control, and Troy Herbert, individually and in his
capacity as Commisssioner of the Office of the Alcohol and Tobacco
Control, appealed the following two judgments of the district
court:
(1) the December 30, 2013 judgment prohibiting the State from
enforcing the State's September 11, 2013 order suspending alcohol
permits at Harvey's three businesses; and
(2) the June 20, 2014 amended judgment mandating the State to
issue renewal alcohol, beer, and tobacco permits and licenses to
Harvey's three businesses and holding the State in contempt for
violating the first injunction.
The appellate court reversed both judgments. The court also denied
in part and granted in part the writ application seeking review of
the district court's December 30, 2013 order overruling the State's
peremptory exceptions which were consolidated with the appeal. A
converted writ application seeking review of the district court's
contempt finding of June 20, 2014 was also granted.
The case is ROBERT G. HARVEY, SR. IN HIS CAPACITY AS MANAGING
MEMBER/OWNER OF WAGNER'S CHEF, L.L.C., ABERTA, INC. (D/B/A CHICKEN
BOX CAFETERIA & MARKET), AND B-XPRESS ELYSIAN FIELDS, L.L.C., v.
STATE OF LOUISIANA, DEPARTMENT OF REVENUE, OFFICE OF ALCOHOL AND
TOBACCO CONTROL, AND TROY HEBERT (INDIVIDUALLY AND IN HIS CAPACITY
AS COMMISSIONER OF THE OFFICE OF ALCOHOL AND TOBACCO CONTROL)
CONSOLIDATED WITH: ROBERT G. HARVEY, SR., ET AL. v. STATE OF
LOUISIANA, ET AL. CONSOLIDATED WITH: ROBERT G. HARVEY, SR., IN HIS
CAPACITY AS MANAGING MEMBER/OWNER OF WAGNER'S CHEF, L.L.C., ABERTA,
INC., ET AL., v. STATE OF LOUISIANA, DEPARTMENT OF REVENUE, OFFICE
OF ALCOHOL AND TOBACCO CONTROL, AND TROY HEBERT, ET AL.
CONSOLIDATED WITH: ROBERT G. HARVEY, SR., IN HIS CAPACITY AS
MANAGING MEMBER/OWNER OF WAGNER'S CHEF, L.L.C., ABERTA, INC. (D/B/A
CHICKEN BOX CAFETERIA & MARKET), AND B-XPRESS ELYSIAN FIELDS,
L.L.C., v. STATE OF LOUISIANA, DEPARTMENT OF REVENUE, OFFICE OF
ALCOHOL AND TOBACCO CONTROL CONSOLIDATED WITH: WAGNER WORLD, L.L.C.
v. STATE OF LOUISIANA, DEPARTMENT OF REVENUE, OFFICE OF ALCOHOL AND
TOBACCO CONTROL AND TROY HEBERT, IN HIS CAPACITY AS COMMISSIONER OF
THE OFFICE OF ALCOHOL AND TOBACCO CONTROL, No. 2014-CA-0156,
Consolidated With No. 2014-C-0035., 2014-CA-0977, 2014-CA-0978,
2014-CA-0979 (La. Ct. App.).
A full-text copy of the Court of Appeals of Louisiana's December
16, 2015 order is available at http://is.gd/RvQrNHfrom
Leagle.com.
Plaintiff/Appellee is represented by:
Robert G. Harvey, Sr., Esq.
LAW OFFICE OF ROBERT G. HARVEY, SR., APLC
600 North Carrollton Avenue
New Orleans, LA 70119
-- and --
Scott W. McQuaig, Esq.
McQUAIG & STELLY
100 Lilac Street
Metairie, LA 70005-1817
Tel: (504)836-5070
-- and --
Carl N. Finley, Esq.
CARL N. FINLEY, ATTORNEY-AT-LAW, L.C.
100 Lilac Street
Metairie, LA 70005
-- and --
G. Patrick Hand, Jr., Esq.
Timothy F. Hand, Esq.
THE HAND LAW FIRM
901 Derbigny Street
Gretna, LA 70053
Email: gpatjr@handlawnola.com
timhand@handlawnola.com
Defendant/Appellant is represented by:
Jan M. Hayden, Esq.
BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, PC
201 St. Charles Avenue, Suite 3600
New Orleans, LA 70170
Tel: (504)566-5200
Fax: (504)636-4000
Email: jhayden@bakerdonelson.com
-- and --
James L. Hilburn, Esq.
E. Wade Shows, Esq.
SHOWS, CALI & WALSH, L.L.P.
628 St. Louis Street
Baton Rouge, LA 70802
ALPHA NATURAL: Equity Stake in Rice Energy Slashed to 39%
---------------------------------------------------------
Alpha Natural Resources, Inc., on behalf of itself and its indirect
wholly owned subsidiary, Foundation PA Coal Company, LLC, filed
with the Securities and Exchange Commission a Schedule 13D/A
(Amendment No. 7) on Jan. 7 to disclose that the Alpha Entities may
be deemed to beneficially own 53,322,756 shares of Common Stock of
Rice Energy, Inc., which constitutes approximately 39.1% of the
outstanding Common Stock of Rice Energy.
Alpha said Foundation directly holds 4,016,146 shares of the Rice
Energy Common Stock. Because of Alpha's relationship to
Foundation, Alpha is deemed to beneficially own 4,016,146 shares of
Common Stock of Rice Energy.
Alpha also disclosed that Foundation has sold 2,392,839 shares of
the Common Stock through open-market transactions.
The disclosure assumes that there are a total of 136,383,510 shares
of Common Stock of Rice Energy, based on its Quarterly Report on
Form 10-Q filed on November 5, 2015 with the SEC.
In 2010, Foundation entered into a 50/50 joint venture with Rice
Drilling C LLC, a wholly owned subsidiary of Rice Drilling B LLC,
in order to develop a portion of Alpha's Marcellus Shale natural
gas holdings in southwest Pennsylvania. On December 6, 2013,
Foundation, Rice Drilling C LLC and Rice Energy entered into a
transaction agreement. Pursuant to the Transaction Agreement,
Foundation agreed to transfer its 50% interest in the Alpha Shale
JV to Rice Energy in exchange for total consideration of $300
million, consisting of $100 million of cash and the issuance by
Rice Energy to Foundation of 9,523,810 shares of Common Stock
concurrently with, and contingent upon, the consummation of Rice
Energy's initial public offering.
A copy of the Schedule 13D/A is available at http://goo.gl/jeB7nX
About Alpha Natural
Alpha Natural -- http://www.alphanr.com/-- is a coal supplier,
ranked second largest among publicly traded U.S. coal producers as
measured by 2014 consolidated revenues of $4.3 billion.
Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)
and its affiliates filed separate Chapter 11 bankruptcy petitions
on Aug. 3, 2015, listing $9.9 billion in total assets as of June
30, 2015, and $7.3 billion in total liabilities as of June 30,
2015. The petition was signed by Richard H. Verheij, executive
vice president, general counsel and corporate secretary.
Judge Kevin R. Huennekens presides over the cases.
David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson,
Esq., at Jones Day serve as the Debtors' general counsel.
Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III,
Esq., and Justin F. Paget, Esq., serve as the Debtors' local
counsel. Rothschild Group is the Debtors' financial advisor.
Alvarez & Marshal Holdings, LLC, is the Debtors' investment
banker. Kurtzman Carson Consultants, LLC, is the Debtors' claims
and noticing agent.
The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources to serve on an official committee of unsecured
creditors.
AMERICAN APPAREL: Closing Sales at 8 More Stores Approved
---------------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court issued an
order approving American Apparel's supplemental motion for an order
authorizing, but not directing, the Debtors to conduct store
closing sales at eight additional stores consistent with the
Court's order granting the Debtors' motion for an order authorizing
store closing sales with respect to thirteen stores in accordance
with the store closing sale guidelines.
As previously reported, "The Debtors plan to sell this Sellable
Inventory online or to redistribute it to those stores around which
the Debtors will reorganize their businesses (the Core Stores')….
First, closing underperforming stores is a routine part of many
chapter 11 cases, as are associated sales to liquidate the assets
in those stores….Second, the Debtors have thoroughly considered
all options with respect to the Additional Stores and determined
that conducting the Store Closing Sales at the Additional Stores,
without the assistance of a liquidation agent, will maximize the
proceeds available from the Excess Merchandise while also
minimizing administrative expenses and damage to the American
Apparel brand.
Further, the Debtors have determined that additional sales efforts,
beyond their customary company-wide sales and promotions, may be
necessary in order to liquidate the Excess Merchandise in a timely
manner….Third, the Debtors have determined that the Store Closing
Sales must begin as soon as possible.
Delaying the Store Closing Sales by even a couple of weeks could
impair the Debtors' ability to sell the Excess merchandise at the
additional stores….Finally, the DIP Agent, for the benefit of the
DIP Lenders, has perfected liens on the inventory subject to the
Store Closing Sales."
About American Apparel
American Apparel, Inc., American Apparel (USA), LLC, American
Apparel Retail, Inc., American Apparel Dyeing & Finishing, Inc.,
KCL Knitting, LLC and Fresh Air Freight, Inc. sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 15-12055) on
Oct. 5, 2015. The petition was signed by Hassan Natha as chief
financial officer.
The Debtors reported total assets of $199,360,934 and total
liabilities of $397,576,744.
The Debtors and their non-debtor affiliates operate a vertically
integrated manufacturing, distribution, and retail business
focused
on branded fashion-basic apparel, employing approximately 8,500
employees across six manufacturing facilities and approximately
230
retail stores in the United States and 17 other countries
worldwide.
The Debtors have engaged Jones Day as restructuring counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, Moelis &
Company as investment banker, FTI Consulting, Inc. as financial
advisor, DJM Real Estate as real estate consultant and Garden City
Group, LLC as claims and noticing agent.
ANGLO IRISH: Liquidators Sell Boston's Mandarin Hotel for $140M
---------------------------------------------------------------
Patrick Fitzgerald, writing for Dow Jones' Daily Bankruptcy Review,
reported that the successor to Ireland's failed Anglo Irish Bank
Corp. is selling Boston's Mandarin Hotel for $140 million to Hong
Kong's Mandarin Oriental International Ltd.
As previously reported by The Troubled Company Reporter, on April
23, 2015, citing the Daily Bankruptcy Review, the liquidators asked
for a bankruptcy court-supervised auction of the hotel, along with
retail property that connects the Mandarin to the Prudential Center
on Boston's Back Bay, close by the Boston Marathon finish line.
About Anglo Irish
Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011. It went into wind-down mode after nationalization
in 2009. In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation (IBRC).
Standard & Poor's Ratings Services lowered its long- and short-
term counterparty credit ratings on Irish Bank Resolution Corp.
Ltd. (IBRC) to 'D/D' from 'B-/C'. S&P also lowered the senior
unsecured ratings to 'D' from 'B-'. S&P then withdrew the
counterparty credit ratings, the senior unsecured ratings, and
the preferred stock ratings on IBRC. At the same time, S&P
affirmed its 'BBB+' issue rating on three government-guaranteed
debt issues.
The rating actions follow the Feb. 6, 2013, announcement that the
Irish government has liquidated IBRC.
The former Irish bank sought protection from creditors under
Chapter 15 of the U.S. Bankruptcy Code on Aug. 26, 2013 (Bankr.
D. Del., Case No. 13-12159). The former bank's Foreign
Representatives are Kieran Wallace and Eamonn Richardson. Its
U.S. bankruptcy counsel are Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware.
ARCH COAL: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:
Debtor Case No.
------ --------
Arch Coal, Inc. 16-40120
One CityPlace Drive, Suite 300
St Louis, MO 63141
King Knob Coal Co., Inc. 16-40121
Ark Land KH, Inc. 16-40122
ACI Terminal, LLC 16-40123
Allegheny Land Company 16-40124
Ark Land LT, Inc. 16-40125
Arch Coal West, LLC 16-40126
Lone Mountain Processing, Inc. 16-40127
Ark Land WR, Inc. 16-40128
Apogee Holdco, Inc. 16-40129
Marine Coal Sales Company 16-40130
Arch Development, LLC 16-40131
Melrose Coal Company, Inc. 16-40132
Arch Energy Resources, LLC 16-40133
Mingo Logan Coal Company 16-40134
Arch Western Acquisition, LLC 16-40135
Arch Coal Sales Company, Inc. 16-40136
Ashland Terminal, Inc. 16-40137
Mountain Gem Land, Inc. 16-40138
Arch Western Bituminous Group, LLC 16-40139
Arch Reclamation Services, Inc. 16-40140
Bronco Mining Company, Inc 16-40141
Mountain Mining, Inc. 16-40142
Arch Western Finance, LLC 16-40143
Mountaineer Land Company 16-40144
Catenary Coal Holdings, Inc. 16-40145
Arch Western Resources, LLC 16-40146
P.C. Holding, Inc. 16-40147
Arch Western Acquisition Corporation 16-40148
Patriot Mining Company, Inc 16-40149
Arch of Wyoming, LLC 16-40150
Catenary Holdco, Inc. 16-40151
Prairie Holdings, Inc. 16-40152
CoalQuest Development LLC 16-40153
Ark Land Company 16-40154
Saddleback Hills Coal Company 16-40155
Coal Mac Inc 16-40156
ICG Beckley, LLC 16-40157
Simba Group, Inc. 16-40158
ICG East Kentucky, LLC 16-40159
ICG, LLC 16-40160
Cumberland River Coal Company 16-40161
Upshur Property, Inc. 16-40162
ICG Eastern, LLC 16-40163
Vindex Energy Corporation 16-40164
ICG Eastern Land LLC 16-40165
Energy Development Co. 16-40166
ICG Tygart Valley, LLC 16-40167
ICG Illinois, LLC 16-40168
Western Energy Resources, Inc. 16-40169
Hawthorne Coal Company, Inc. 16-40170
ICG Knott County, LLC 16-40171
White Wolf Energy, Inc. 16-40172
Jacobs Ranch Coal LLC 16-40173
Hobet Holdco, Inc. 16-40174
ICG Natural Resources LLC 16-40175
Wolf Run Mining Company 16-40176
Hunter Ridge, Inc. 16-40177
Jacobs Ranch Holdings I LLC 16-40178
Hunter Ridge Coal Company 16-40179
Hunter Ridge Holdings, Inc. 16-40180
Jacobs Ranch Holdings II LLC 16-40181
ICG, Inc. 16-40182
Mountain Coal Company, L.L.C. 16-40183
International Coal Group, Inc. 16-40184
Juliana Mining Company Inc 16-40185
Otter Creek Coal, LLC 16-40186
Powell Mountain Energy, LLC 16-40187
Shelby Run Mining Company, LLC 16-40188
Thunder Basin Coal Company, L.L.C. 16-40189
Triton Coal Company, LLC 16-40190
Prairie Coal Company, LLC 16-40191
Type of Business: Arch is a producer and marketer of coal in the
United States, with operations and coal reserves
in each of the major coal-producing regions of
the Country. As of November 2015, it was the
second-largest holder of coal reserves in the
United States, owning or controlling over five
billion tons of proven and probable reserves.
Chapter 11 Petition Date: January 11, 2016
Court: United States Bankruptcy Court
Eastern District of Missouri (St. Louis)
Judge: Hon. Charles E. Rendlen III
Debtors' DAVIS POLK & WARDWELL LLP
Counsel:
Debtors' Local Brian C. Walsh, Esq.
Counsel: BRYAN CAVE LLP
211 N. Broadway, Suite 3600
St. Louis, MO 63102
Tel: (314) 259-2000
Email: brian.walsh@bryancave.com
Debtors' FTI CONSULTING, INC.
Restructuring
Advisor:
Debtors' PJT PARTNERS
Investment 280 Park Ave
Banker: New York, NY 10017
Tel: 212-364-7800
Debtors' PRIME CLERK LLC
Notice,
Claims and
Solicitation
Agent:
Total Assets: $5.84 billion
Total Debts: $6.45 billion
The petition was signed by Robert G. Jones, senior vice president
- law, general counsel and secretary.
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
UMB Bank Bond Claim $1,041,284,722
2 South Broadway
Suite 600
St. Louis, MO 63102
UMB Bank Bond Claim $1,039,961,111
2 South Broadway
Suite 600
St. Louis, MO 63102
US Bank, NA Bond Claim $510,069,444
One US Bank Plaza
SI-MO-T3CT
St. Louis, MO 63101
UMB Bank Bond Claim $396,087,240
2 South Broadway
Suite 600
St. Louis, MO 63102
UMB Bank Bond Claim $363,611,111
2 South Broadway
Suite 600
St. Louis, MO 63102
Kinder Morgan Operating L.P. Trade Debt $59,625,000
Kinder Morgan
Terminals
500 Dallas Street
Suite 1000
Houston, TX 77002
Office Of Natural Royalty $11,510,671
Resources Revenue Claim
Royalty Management
Program
PO Box 5810
Denver, CO 80217
Wyoming Machinery Trade Debt $4,385,768
1940 Elk Street
Rock Springs, WY 82901
AFCO Premium Finance Insurance $4,208,369
Credit LLC
4501 College Boulevard
Leawood, KS 66211
BNSF Railway Trade Debt $3,517,427
Revenue Management
176 East Fifth Street
St. Paul, MN 55101
Joy Global Trade Debt $2,960,841
722 Kentucky Avenue
PO Box 139
Norton, VA 24273
Mine Safety And Health Government $2,232,331
Administration Authority
MSHA Finance Branch
PO Box 25367
Denver, CO 80225
Environmental Protection Agency Government $2,000,000
1200 Pennsylvania Authority
Avenue
Washington, DC 20460
Union Pacific Railroad Company Trade Debt $1,950,000
12567 Collections Center Drive
Chicago, IL 60693
State Of Wyoming Royalty $1,785,726
Office of Public Lands
122 West 25th St.
Herschler Building
Cheyenne, WY 82002
Nelson Brothers Trade Debt $1,654,085
888 Oakwood Road
Suite 100
Charleston, WV 25314
Flanders Electric Motor Service Trade Debt $1,223,018
8108 Baumgart Road
PO Box 23130
Evansville, IN 47711
Cecil I. Walker Trade Debt $916,920
29773 Network Place
Chicago, IL 60673
Thermo Environmental Trade Debt $792,263
Instrument
PO Box 742784
Atlanta, GA 30374
Fairmont Supply Trade Debt $775,431
1136 Coal Heritage Road
Bluefield, WV 24701
Bank Direct Capital Finance Insurance $689,996
150 N. Field Drive
Suite 190
Lake Forest, IL 60045
URS Energy & Trade Debt $674,998
Construction, Inc.
720 Park Boulevard
Boise, ID 83729
Monongahela Power Company Utility $659,839
76 South Main Street
Akron, OH 43308
MCRL LLC Trade Debt $611,073
200 Meridian Centre
Suite 300
Rochester, NY 14618
Komatsu Equipment Trade Debt $583,367
10790 Highway 59 South
Gillette, WY 82718
Kanawha Stone Company Trade Debt $577,284
PO Box 503
Nitro, WV 25143
Cole & Crane Real Estate Trust Royalty $535,000
7265 Kenwood Road
Suite 366
Cincinnati, OH 45236
AON Premium Finance LLC Insurance $533,543
200 E. Randolph Street
Chicago, IL 60601
Enserco Energy Inc. Trade Debt $529,487
1900 16th Street
Suite 450
Denver, CO 80202-5219
UMWA Health & Litigation Unknown
Retirement Funds
2121 K Street, NW
Washington, DC 20037
BOOMERANG TUBE: Asks Judge to Extend Deadline to Remove Suits
-------------------------------------------------------------
Boomerang Tube LLC has filed a motion seeking additional time to
remove lawsuits involving the company and its affiliates.
In its motion, the company asked U.S. Bankruptcy Judge Mary Walrath
to move the deadline for filing notices of removal of the lawsuits
to May 3, 2016.
The motion is on Judge Walrath's calendar for Jan. 27. Objections
are due by Jan. 14.
About Boomerang Tube
Boomerang Tube, LLC, is a manufacturer of welded Oil Country
Tubular Goods ("OCTG") in the United States. OCTG are used by
drillers in exploration and production of oil and natural gas and
consist of drill pipe, casing and tubing. Boomerang has corporate
offices in Chesterfield, Missouri and manufacturing facilities in
Liberty, Texas, strategically located near major steel production
centers and end-user markets. With a 487,000 square foot plant
that houses two mills and heat treat lines and a contingent 119
acres, these facilities constitute the second largest alloy OCTG
mill in North America. Access Tubulars, LLC, owns 81% of the
equity interests in Boomerang.
Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
15-11247) on June 9, 2015, with a deal with lenders on a balance
sheet restructuring that would convert $214 million of debt to 100%
of the common stock of the reorganized company.
The cases are assigned to Judge Mary F. Walrath.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as
attorneys; Lazard Freres & Co. LLC, as financial advisor; and
Donlin, Recano & Co., Inc., as claims and noticing agent.
* * *
Boomerang Tube secured approval of its Amended Disclosure Statement
in support of its Prearranged Chapter 11 Plan.
Judge Mary F. Walrath on Sept. 21, 2015, began the hearing to
consider confirmation of the Debtors' Amended Joint Prearranged
Chapter 11 Plan filed Sept. 4, 2015. The Debtors anticipate that
the confirmation hearing will take multiple days over a few weeks,
given the Court's and parties' calendars.
BRONCO MIDSTREAM: Moody's Affirms Ba2 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service affirmed the ratings of Enable Midstream
Partners, LP (Enable, Baa3 senior unsecured and P-3 commercial
paper rating) and Enable Oklahoma Intrastate Transmission, LLC
(EOIT, a subsidiary of Enable; Baa3 senior unsecured). The ratings
outlook for Enable and EOIT are both stable.
Concurrently, Moody's affirmed the ratings of Bronco Midstream
Funding LLC (Bronco, a financing vehicle through which ArcLight
Capital Partners, LLC (unrated) and affiliates own a limited
partner interest in Enable) at Ba2 corporate family rating and Ba2
senior secured bank credit facility. The ratings outlook for
Bronco is stable. Bronco's speculative grade liquidity rating is
SGL-2.
RATINGS RATIONALE
"Enable's Baa3 rating and stable outlook reflect conservative
sponsorship by investment grade utility sponsors; stable cash flow
contributed by its transmission and storage segment; and good
shipper counterparty exposure, all of which differentiate Enable
within the MLP sector and offset increasing leverage amid
challenging market fundamentals for gas gathering and processing,"
said Ryan Wobbrock, Moody's Assistant Vice President.
"We think Enable's debt to EBITDA will rise closer to 4.5x this
year - a level that reflects bottom-cycle market dynamics, but is
comparable to other investment grade MLP peers," added Wobbrock.
Strong investment grade utility sponsorship provided by CenterPoint
Energy (Baa1 stable) and OGE Energy (A3 stable), unique in the
midstream sector, combined with relatively conservative financial
policies position Enable to weather market challenges for an
extended period of time. Enable's management has taken several
defensive measures to support its rating over the last year,
including increased hedging, ongoing cost control efforts and
reduced distribution growth targets. The Baa3 rating and stable
outlook incorporate a view that additional credit-friendly
financial policies will persist (e.g., the use of equity, which
could come in the form of a hybrid type security that has already
been used in the sector), with leverage going no higher than 4.5x
in 2016 and improving thereafter.
Enable also has adequate liquidity over the next twelve months,
including a $1.75 billion credit facility. Moody's expects for the
company to internally produce around $700 million of funds from
operations in 2016, compared to $115 million in maintenance capital
(3Q15 earnings guidance midpoint) and distribute up to $540 million
(i.e., 3% growth on the $526 million distributed through LTM 3Q15)
to sponsors. Moody's expects that any growth capex, and the 2017
maturity of $363 million of intercompany notes, will be financed in
a manner that will maintain debt to EBITDA levels between 4.0x and
4.5x.
Compared to its peers, Enable's operations benefit from the
generally stable and predictable transmission and storage segment
(roughly 40% of gross margin), which helps to offset some of the
more risky gathering and processing business exposure (about 60% of
gross margin). Still, the company faces significant challenges in
2016, including potential volume declines from producers,
persistently low commodity prices and some degradation to the
credit quality of its counterparties.
The stable outlook for EOIT and Bronco reflect the stable outlook
for Enable, as both companies derive their ratings and outlook from
Enable. Bronco, for example, generates its entire debt service
from Enable's dividend.
What Could Change the Rating -- Down
Enable would be downgraded if the ratio of debt to EBITDA is
sustained at 4.5x for multiple years, if distribution coverage
falls to the 1.0x range, or if there are signs of material
contentiousness developing between the strategic direction of its
sponsors.
Bronco would be downgraded if Enable is downgraded, if it chooses
to increase its standalone debt level, rather than the debt
reduction that we are currently anticipating, or if a more
aggressive than expected merger and/or acquisition strategy arises
at Enable.
What Could Change the Rating -- UP
Enable's rating could be upgraded if debt to EBITDA levels were to
reduce to between 3.0x -- 3.5x. This could result from improved
commodity prices, ample access to equity, increased producer
activity or reductions to distribution payout levels. However, it
is unlikely that any of these events will come to fruition over the
next 12-18 months.
The principal methodology used in these ratings was Global
Midstream Energy published in December 2010.
Outlook Actions:
Issuer: Bronco Midstream Funding LLC
Outlook, Remains Stable
Issuer: Enable Midstream Partners, LP
Outlook, Remains Stable
Issuer: Enable Oklahoma Intrastate Transmission, LLC
Outlook, Remains Stable
Affirmations:
Issuer: Bronco Midstream Funding LLC
Probability of Default Rating, Affirmed Ba2-PD
Speculative Grade Liquidity Rating, Affirmed SGL-2
Corporate Family Rating, Affirmed Ba2
Senior Secured Bank Credit Facility, Affirmed Ba2
Issuer: Enable Midstream Partners, LP
Senior Unsecured Bank Credit Facility, Affirmed Baa3
Senior Unsecured Commercial Paper, Affirmed P-3
Senior Unsecured Regular Bond/Debenture, Affirmed Baa3
Issuer: Enable Oklahoma Intrastate Transmission, LLC
Senior Unsecured Regular Bond/Debenture, Affirmed Baa3
BRONCO MIDSTREAM: S&P Lowers CCR to 'B' Following Criteria Revision
-------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit and
issue-level ratings on Bronco Midstream LLC to 'B' from 'B+'. The
outlook is stable. The '3' recovery rating on the issue-level debt
is unchanged.
"The downgrade reflects the implementation of the 'Companies With
Noncontrolling Equity Interests' [NCEI] criteria," said Standard &
Poor's credit analyst Mike Llanos. The 'B' corporate credit rating
reflects a four-notch negative ratings differential relative to the
stand-alone credit profile (SACP) of Enable Midstream Partners L.P.
(Enable), of which Arclight owns an approximate 11% equity interest
in.
In the criteria, S&P developed an approach to establish a
stand-alone credit profile on companies whose only significant
assets consist of one or two noncontrolling equity stakes in other
unrelated corporate entities. These entities are typically rated
three to six notches below the underlying entity.
The notching differential reflects the structural subordination of
the NCEI relative to the investee company and its discretionary
dividends that they do not control. The main factors that
determine the number of notches below the SACP on the investee
company include cash flow stability, corporate governance and
financial policy, financial ratios, and the ability to liquidate
investments. S&P would assess such factors as positive, neutral,
or negative.
The stable outlook on Bronco reflects S&P's expectation that it
will maintain adequate liquidity while receiving stable
distributions from Enable. Although S&P expects debt leverage to
exceed 6x in 2016, it believes leverage should decrease from the
mandatory cash flow sweep.
S&P could lower the rating if Enable's distribution rate decreased
to a level such that S&P expects Bronco to sustain interest
coverage below 1.5x.
Higher ratings are unlikely in the absent a material deleveraging,
an improvement in Enable's SACP, or if Enables equity price
increased significantly such that Bronco could liquidate its shares
in Enable and pay off debt by a factor of 3x.
BROOKLYN RENAISSANCE: Agrees to Pay $2.5K to NYCTL, BNY
-------------------------------------------------------
NYCTL 1998-2 Trust, the Bank of New York Mellon as Collateral Agent
and Custodian for the NYCTL 1998-2 Trust, and Brooklyn Renaissance
LLC have agreed and stipulated to resolve their motion seeking
relief from the automatic stay to permit the continuation of a
prepetition tax lien foreclosure action against Brooklyn
Renaissance, LLC, in the Supreme Court, Kings County, under Index
Number 6695/09, or, in the alternative, requiring the Debtor to
make adequate protection payments.
The Parties also agreed that the Debtor will remit monthly adequate
protection payments in the amount of $2,500 commencing December 15,
2015, and payable on the 15th day of each month thereafter for a
period of six months. The Payments will be made payable to NYCTL
1998-2 / MTAG.
Finally, the Parties have agreed that if the Creditor's Tax Lien is
not paid in full by May 15, 2016, the automatic stay will be
vacated as to the Property upon 10 days written notice of default
to the Debtor.
In their Lift Stay Motion, the Creditors assert that the Debtor is
the owner of certain property located at 320 Court Street, in
Brooklyn, New York, Block 333, Lot 38, for which the Creditor holds
certain tax and other City of New York Liens with a total amount of
$816,975 as of the Petition Date plus interest and charges
continuing to accrue on the amount. Accordingly, on September 4,
2015, the Creditor filed eight Proofs of Claim on the claims
register of the Bankruptcy Court but the Debtor has failed to pay
any amounts due under the Tax Liens.
The Debtor opposed the Lift Stay Motion asserting that there is
sufficient equity in the Property considering that the value of the
Property is in excess of $5.5 million, subject only to the insider
mortgage in the amount of $4.0 million, which leaves equity that is
twice the amount of Creditor's claim, and as such the equity
cushion more than adequately protects Creditor's lien.
Notwithstanding the substantial equity cushion, the Debtor is
offering the Creditor a monthly adequate protection payment in the
amount of $2,500.
Brooklyn Renaissance LLC is represented by:
Jonathan S. Pasternak, Esq.
Julie Cvek Curley, Esq.
DELBELLO DONNELLAN WEINGARTEN WISE & WIEDERKEHR, LLP
One North Lexington Avenue
White Plains, NY 10601
Tel: (914) 681-0200
Email: jsp@ddw-law.com
jcvek@ddw-law.com
NYCTL 1998-2 Trust and the Bank of New York Mellon are represented
by:
Rachel B. Drucker, Esq.
WINDELS MARX LANE & MITTENDORF, LLP
156 West 56th Street
New York, NY 10019
Tel: (212) 237-1000
Fax: (212) 262-1215
Email: rdrucker@windelsmarx.com
About Brooklyn Renaissance
Brooklyn Renaissance, LLC, which manages various parcels of real
property located in Kings, New York and Suffolk County, New York,
sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No.
15-43122) on July 6, 2015 in Brooklyn. James McGown, the managing
member, signed the petition. The case is assigned to Judge Nancy
Hershey Lord.
The Debtor estimated $10 million to $50 million in assets and less
than $10 million in debt.
The Debtor tapped Jonathan S. Pasternak, Esq., at DelBello
Donnellan Weingarten Wise & Wiederkehr, LLP, in White Plains, New
York, as counsel.
C.K. INVESTMENTS: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: C.K. Investments, Inc.
dba B&K Trucking
P.O. Box 454
Sheffeild, TX 79781
Case No.: 16-60008
Chapter 11 Petition Date: January 9, 2016
Court: United States Bankruptcy Court
Northern District of Texas (San Angelo)
Judge: Hon. Robert L. Jones
Debtor's Counsel: Ronald M. Mapel, Esq.
RONALD M. MAPEL, ATTORNEY AT LAW
3119 Cumberland Drive
San Angelo, TX 76904
Tel: (325) 658-8579
Fax: (325) 655-1172
Email: mapel@suddenlinkmail.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Clayton Kenedy, president.
The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.
COLT DEFENSE: PwC Out, BlumShapiro In as Accountants
----------------------------------------------------
Colt Defense LLC on December 30, 2015, dismissed
PricewaterhouseCoopers LLP as its independent registered public
accounting firm. The decision to dismiss PwC was effective on
December 30, 2015, after being recommended by the Company's audit
committee and approved by the Company's board of directors.
That same day, following the recommendation of the Company's audit
committee, the Board approved the engagement of Blum, Shapiro &
Company, P.C., an independent public accounting firm, as its
principal accountant to perform independent audit services
beginning with the fiscal year ending December 31, 2015.
The report of PwC on the Company's consolidated financial
statements for the fiscal year ended December 31, 2013 did not
contain an adverse opinion or disclaimer of opinion, and was not
qualified or modified as to uncertainty, audit scope, or accounting
principle except the report indicated that as a result of liquidity
challenges there was substantial doubt about the Company's ability
to continue as a going concern. PwC did not issue a report on the
Company's consolidated financial statements for the fiscal year
ended December 31, 2014.
During the Company's fiscal years ended December 31, 2014 and
December 31, 2013, and the interim period from January 1, 2015
through and including December 30, 2015, the date of PwC's
dismissal, the Company said (i) there were no disagreements (as
that term is defined in Item 304(a)(1)(iv) of Regulation S-K and
the related instructions) between the Company and PwC on any matter
of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which, if not resolved
to the satisfaction of PwC, would have caused PwC to make reference
to the subject matter of the disagreement in connection with its
reports on the Company's consolidated financial statements for such
years or any subsequent interim period through the date of
dismissal, and (ii) there were no reportable events (as defined in
Item 304(a)(1)(v) of Regulation S-K) except as follows.
The Company reported that its disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934, as amended) were not effective as of December
31, 2013, March 30, 2014, June 29, 2014 and September 28, 2014 in
the Company's annual report for the fiscal year ended December 31,
2013 and the Company's quarterly reports for the quarterly periods
ended March 30, 2014, June 29, 2014 and September 28, 2014 and that
the Company's internal control over financial reporting was not
effective as of December 31, 2013 in the Company's annual report
for the fiscal year ended December 31, 2013, in each case, because
of a material weakness in its internal control over financial
reporting relating to contract modifications. Specifically, we did
not appropriately consider the accounting implications of a
contract modification to the M240 machine gun program for the US
government.
Further, in February 2015, management concluded that the Company
did not maintain effective controls over (i) the preparation and
review of its financial statement disclosures and (ii) the accuracy
of inventory transactions as of December 31, 2014, including that
it did not process inventory transactions timely and/or accurately
and that the Company's detective controls did not prevent the
inaccuracies. Management has determined that these two above
control deficiencies also constitute material weaknesses. A
material weakness is a deficiency, or a combination of deficiencies
in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the
Company's annual or interim financial statements will not be
prevented or detected on a timely basis.
Also, as noted in the Company's Annual Report on Form 10-K/A
(Amendment No. 2) for the fiscal year ended December 31, 2013,
filed May 7, 2015, the Company had preliminarily determined,
through its Step I goodwill impairment analysis, that the fair
value of its West Hartford reporting unit was less than its
carrying value and the Company was working to complete Step II of
the goodwill impairment analysis to determine the actual amount of
the non-cash impairment charge to be recorded in the fourth quarter
of 2014 and that the Company may also need to record a non-cash
impairment charge with respect to its indefinite-lived trademarks
in the fourth quarter of 2014. The preliminary Step II goodwill
impairment analysis indicated that the Company will need to record
a non-cash impairment charge in the fourth quarter of 2014 to
write-off all of the Company's West Hartford reporting unit's
goodwill. The goodwill recorded at the Company's West Hartford
reporting unit as of September 28, 2014 was $41.1 million. The
Company reported that its preliminary impairment analysis with
respect to its indefinite-lived trademarks indicates that the
Company will need to record a non-cash impairment charge in the
fourth quarter of 2014 of $11.8 million. The carrying value of the
Company's indefinite-lived trademarks recorded at September 28,
2014 was $50.1 million. The Company previously reported that its
preliminary analysis did not indicate any other fourth quarter 2014
impairment charges with respect to its other tangible or intangible
assets. The impairment of the Company's West Hartford reporting
unit's goodwill and indefinite-lived trademarks was a result of
decreased revenue and earnings projections as a result of the
decline in market demand for its commercial modern sporting rifle
("MSR"), declines in demand for the Company's commercial handguns
and delays in the timing of U.S. Government and certain
international sales. The Company's impairment analyses have not
been subject to audit.
On June 14, 2015, the Company filed voluntary petitions for relief
under Chapter 11 of Title 11 of the United States Code in the
United States Bankruptcy Court for the District of Delaware.
The Audit Committee discussed these matters with PwC and has
authorized PwC to respond fully to the inquiries of the successor
auditor.
During the Company's fiscal years ended December 31, 2014 and
December 31, 2013, and the interim period from January 1, 2015
through and including December 30, 2015, the date of BlumShapiro's
engagement, neither the Company, nor anyone acting on its behalf,
consulted BlumShapiro regarding either (i) the application of
accounting principles to a specified transaction, either completed
or proposed, or the type of audit opinion that might be rendered
with respect to the consolidated financial statements of the
Company, in any case where a written report or oral advice was
provided to the Company by BlumShapiro that BlumShapiro concluded
was an important factor considered by the Company in reaching a
decision as to any accounting, auditing or financial reporting
issue, or (ii) any matter that was the subject of a disagreement
(as that term is defined in Item 304(a)(1)(iv) of Regulation S-K
and the related instructions to Item 304 of Regulation S-K) or a
reportable event (as that term is described in Item 304(a)(1)(v) of
Regulation S-K).
About Colt Defense
Colt Defense LLC is one of the world's oldest and most iconic
designers, developers, and manufacturers of firearms for military,
law enforcement, personal defense, and recreational purposes and
was founded over 175 years ago by Samuel Colt, who patented the
first commercial successful revolving cylinder firearm in 1836 and
began supplying U.S. and international military customers with
firearms in 1847. Colt is incorporated in Delaware and
headquartered in West Hartford, Connecticut.
In 1992, Colt Manufacturing Company, then the principal operating
subsidiary, filed chapter 11 petitions (Bankr. D. Conn.). An
investment by Zilkha & Co. allowed CMC to confirm a chapter 11
plan
and emerge from Bankruptcy in 1994.
Sometime after 1994, majority ownership of the Company
Transitioned
from Zilkha & Co. to Sciens Capital Management.
Colt Holding Company LLC and nine affiliates, including Colt
Defense LLC, on June 14, 2015, filed voluntary petitions (Bankr.
D.
Del. Lead Case No. 15-11296) for relief under Chapter 11 of the
Bankruptcy Code to pursue a sale of the assets as a going concern.
Colt Defense estimated $100 million to $500 million in assets and
debt.
On June 16, 2015, the Court directed the joined administration of
the assets.
The Debtors tapped Richards, Layton & Finger, P.A., and O'Melveny
&
Myers LLP, as attorneys, and Kurtzman Carson Consultants LLC as
claims and noticing agent. Perella Weinberg Partners L.P. is
acting as financial advisor of the Company, and Mackinac Partners
LLC is acting as its restructuring advisor.
Wilmington Savings Fund Society, FSB, as agent under the $13.3
million Term DIP Loan Agreement, is represented by Pryor Cashman
LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's
Leonard Klingbaum, Esq.
Cortland Capital Market Services LLC, as agent under the $6.67
million Senior DIP Credit Agreement, is represented by Holland &
Knight LLP's Joshua M. Spencer, Esq.; Stroock & Stroock & Lavan
LLP's Brett Lawrence, Esq.; and Osler, Hoskin & Harcourt LLP's
Richard Borins, Esq., and Tracy Sandler, Esq.
The U.S. Trustee for Region 3 appointed five creditors of Colt
Defense Inc. and its affiliates to serve on the official committee
of unsecured creditors. MagPul Industries Corp. has resigned from
the committee leaving only four Committee members.
Sciens Capital is represented by Skadden, Arps, Slate, Meagher &
Flom LLP's Anthony W. Clark, Esq., and Jason M. Liberi, Esq.
COYNE INTERNATIONAL: Court Converts Case to Chapter 7 Liquidation
-----------------------------------------------------------------
Medley Opportunity Fund II LP sought and obtained from Judge
Margaret Cangilos-Ruiz the conversion of its Chapter 11 case to a
case under Chapter 7.
Medley related that it is debtor Coyne International Enterprises
Corp.'s sole remaining secured creditor and its largest unsecured
creditor. Medley further related that the Debtor has consummated
sales of substantially all of its operating assets for cash
purchase prices aggregating approximately $42.6 million. Medley
contended that these funds were sufficient to pay in full the
approximately $36 million claim of the Debtor's prior senior
secured lender and certain professional fees and other expenses in
the chapter 11 case. Medley further contended that the Debtor, a
relatively mid-sized company, has paid a staggering amount of
professional fees to advisors for the company and its prior secured
lender, NXT Capital, LLC ("NXT"), pre and postpetition. Medley
asserted that while NXT has been paid in full, the other
constituencies in the case have borne the brunt of these fees.
Medley further asserted that there is no reason for future accrual
of significant fees at this point.
Medley told the Court that the estate has been operating at a
sizeable loss since the commencement of the case and that there are
currently no remaining operations to generate ongoing revenue.
Medley further told the Court that the assets remaining in the
estate following the sales -- which constitute Medley's collateral
-- are not expected to generate significant funds for the estate.
Medley alleged that according to the Debtor's, latest projections,
Medley will recover less than ten cents on the dollar for its
claims. Medley further alleged that the only remaining assets are
all subject to its liens. Medley contended that the Debtor seeks to
fund its stay in chapter 11 from carve-outs from Medley's
collateral, to which Medley will not agree. Medley relates that the
Debtor has ignored Medley's concerns about the budgets proffered
and refused Medley's requests to decrease expenses. Medley believes
that a chapter 7 trustee will be in the best position to liquidate
the remaining assets and address the remaining issues in the case.
Coyne International's Objection to Medley's Motion
The Debtor told the Court that Medley's motion should be considered
in conjunction with its recently filed objection to the Debtor's
use of cash collateral. The Debtor further told the Court that it
is clear that Medley seeks to conflate a disagreement about cash
collateral usage into a motion for the conversion of the Debtor's
case. The Debtor added that through a conversion, Medley seeks to
evade payment of taxes incurred as a result of the asset sale
transactions and payment of various priority and administrative
expenses. The Debtor contended that by seeking conversion to
circumvent these payments, Medley fails to take into account the
proper analysis of whether there is a substantial loss to the
Debtor's estate to constitute cause justifying conversion to
Chapter 7. The Debtor warned that if there is a conversion, there
is no assurance that any of the Debtor's management will agree to
assist the trustee.
U.S. Trustee's Reply to Medley's Motion
William K. Harrington, United States Trustee for Region 2, related
that he has concerns, similar in nature, to those raised by Medley
in its motion. The U.S. Trustee submitted that the Debtor's
remaining assets should be liquidated through a process that
maximizes recovery to the estate, as expeditiously as possible,
with the least amount of expense. The U.S. Trustee related that a
review of the Debtor's wind-down budget calls into question whether
allowing the Debtor to remain in Chapter 11 facilitates, or
hinders, the liquidation process. The U.S. Trustee asserted that
$1.8 million in professional fees for the wind-down of the estate
is excessive. He further asserted that the Debtor has not
explained why continued payment of board fees and salaries to top
executives is necessary considering the Debtor is no longer
operating. He added that the Debtor has likewise made no
indication that the ongoing retention of other professionals, such
as CohnReznick LLP, financial advisor to the Debtor, is reasonable
or necessary through June 2016.
Committee's Objection
The Official Committee of Unsecured Creditors related that it was
mindful of the need to maximize value for the Debtor's estate,
including through the sale of the Debtor's remaining assets in an
orderly fashion. The Committee opined that a conversion of the
case midstream in the process of the sales contemplated in the
Debtor's Remaining Assets Sale Motion and De Minimis Assets Sale
Motion, would be premature. The Committee contended that the
Debtor has been successful in selling its assets for amounts that
exceeded expectations, and has moved forward expeditiously to
liquidate the remainder of its assets in an organized way. The
Committee further contended that sales of the majority of the
Debtor's assets have already closed, and if the Court approves the
Remaining Assets Sale Motion and De Minimis Assets Sale Motion,
then the sales of the Debtor's remaining assets will conclude
within a matter of approximately two months.
Medley Opportunity Fund II is represented by:
Thomas R. Califano, Esq.
Daniel G. Egan, Esq.
DLA PIPER LLP (US)
1251 Avenue of the Americas, 27th Floor
New York, NY 10020
Telephone: (212) 335-4500
Facsimile: (212) 335-4501
E-mail: Thomas.Califano@dlapiper.com
Daniel.Egan@dlapiper.com
Coyne International Enterprises Corp. is represented by:
Robert L. Rattet, Esq.
Stephen B. Selbst, Esq.
Hanh V. Huynh, Esq.
HERRICK, FEINSTEIN LLP
2 Park Avenue
New York, NY 10016
Telephone: (212)592-1400
E-mail: rrattet@herrick.com
sselbst@herrick.com
hhuynh@herrick.com
William K. Harrington, United States Trustee for Region 2, is
represented by:
Guy A. Van Baalen, Esq.
OFFICE OF THE UNITED STATES TRUSTEE
105 U.S. Courthouse & Federal Building
Utica, NY 13501
Telephone: (315)793-8191
The Official Committee of Unsecured Creditors is represented by:
Jeffrey A. Dove, Esq.
MENTER, RUDIN & TRIVELPIECE, P.C.
Syracuse, NY 13204-1439
Telephone: (315)474-7541
Facsimile: (315)474-4040
E-mail: jdove@menterlaw.com
- and -
Matthew P. Ward, Esq.
Ericka F. Johnson, Esq.
Morgan L. Patterson, Esq.
WOMBLE CARLYLE SANDRIDGE & RICE, LLP
222 Delaware Avenue, Suite 1501
Wilmington, DE 19801
Telephone: (302)252-4320
Facsimile: (302)252-4330
E-mail: maward@wcsr.com
erjohnson@wcsr.com
mpatterson@wcsr.com
About Coyne International Enterprises
Coyne International Enterprises Corp. filed a Chapter 11 bankruptcy
petition (Bankr. N.D.N.Y. Case No. 15-31160) on
July 31, 2015. The petition was signed by Mark Samson as CEO.
Herrick Feinstein LLP serves as the Debtor's general counsel.
Phillips Lytle LLP acts as the Debtor's local bankruptcy counsel.
Cohnreznick LLP is the Debtor's financial advisor. SSG Capital
Advisors LLC is the Debtor's investment banker. Rust Omni serves
the Debtor as claims and administrative agent. Raab, Sturm &
Ganchrow, LLP acts as labor counsel to the Debtor. Harbridge
Consulting Group, LLC serves as the Debtor's pension consultant.
Beveridge & Diamond PC is the Debtor's environmental counsel. GZA
Geoenvironmental, Inc., serves as the Debtor's environmental
consultant.
DETROIT LACROSSE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Detroit Lacrosse Company
aka Detroit Sports
44830 Vic Wertz Drive
Clinton Township, MI 48036
Case No.: 16-40229
Chapter 11 Petition Date: January 8, 2016
Court: United States Bankruptcy Court
Eastern District of Michigan (Detroit)
Judge: Hon. Phillip J Shefferly
Debtor's Counsel: Gerald L. Decker, Esq.
GERALD D. DECKER
16931 19 Mile Road, Ste. 100
Clinton Township, MI 48038
Tel: 586-263-1600
Fax: 586-263-1430
Email: gldeckerlaw@aol.com
Total Assets: $88,315
Total Liabilities: $931,099
The petition was signed by Kenneth Rymiszewski, president.
A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mieb16-40229.pdf
ECOSMART INC: Court Denies Bid to Pay Commission Claims
-------------------------------------------------------
In a Memorandum Decision and Order dated December 18, 2015, which
is available at http://is.gd/xTEzlqfrom Leagle.com, Judge Robert
K. Wan of the United States Bankruptcy Court for the Central
District of California, Los Angeles Division, denies EcoSmart,
Inc.'s motion to pay prepetition wages, employee deductions, salary
and commissions, and related relief.
Having partially granted the Motion to allow immediate payment of
prepetition priority claims of the Debtor's employees and of
independent contractors Torruella and Lam by prior orders, the
court specifically denies the Motion as to the request for
authorization of immediate payment of the prepetition commission
claims of other independent contractors not entitled to priority.
The case is In re: EcoSmart, Inc., Chapter 11, Debtor, Case No.
2:15-bk-27139-RK (Bankr. C.D. Cali.).
ENDURANCE INTERNATIONAL: S&P Affirms 'B' CCR, Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on Burlington, Mass.-based Endurance
International Group Inc. The outlook is stable.
At the same time, S&P affirmed the 'B' issue-level rating on the
company's first-lien credit facility, which consists of a $1.05
billion term loan A due 2019. S&P revised its recovery rating for
the first-lien debt to '4' from '3'. The '4' recovery rating
indicates S&P's expectation for average recovery (30% to 50%; upper
end of the range) in the event of payment default as a result of
incremental first-lien debt incurred to acquire Constant Contact.
S&P also assigned a 'B' issue-level rating and '4' recovery
rating(upper end of the 30% to 50% range) to the company's new
first-lien credit facilities, which consist of a $735 million
incremental term loan due 2023 and a $175 million revolving credit
facility (undrawn at close). In addition, S&P assigned its 'CCC+'
issue-level rating and '6' recovery rating to the company's
proposed $350 million senior unsecured notes. The '6' recovery
rating indicates S&P's expectation for negligible (0% to 10%)
recovery in the event of a payment default.
"Our 'B' corporate credit rating reflects our assessment of
Endurance's business risk profile within the highly competitive
web-hosting services industry, which has low barriers to entry and
strong price competition," said Standard & Poor's credit analyst
Sylvester Malapas.
Partly offsetting these factors are the company's highly recurring
revenue base, low industry penetration rates, and good market
position as one of the leading providers of web hosting services.
S&P's ratings on Endurance reflect S&P's assumptions that the
ongoing Securities and Exchange Commission (SEC) investigation of
the company's financial disclosures will not have a material impact
on its credit metrics or cash flow. The company received a
subpoena on Dec. 10, 2015 from the SEC's Boston Regional Office
requiring documents related to financial reporting, operating and
non-generally-accepted-accounting-principles metrics, and sales and
marketing practices.
The stable outlook reflects S&P's expectation for Endurance
International Group's continuing revenue and EBITDA growth, solid
free cash flow in excess of $200 million annually, and gradual
deleveraging prospects.
S&P could lower the rating if the company were to maintain debt to
EBITDA of more than 7x over the next 12 months as a result of a
significant loss of its customer base, acquisition integration
challenges, or additional debt-funded acquisitions.
S&P could upgrade the company if it reduces debt to EBITDA to less
than 5x on a sustained basis through debt reduction and EBITDA
growth and if its private equity owners reduce their ownership to
less than 40%.
ENERGY TRANSFER: Moody's Affirms Ba2 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service changed Energy Transfer Equity, L.P.'s
(ETE) outlook to stable from positive, while affirming ETE's Ba2
Corporate Family Rating, its Ba2 Senior Secured debt rating and its
SGL-3 liquidity rating. The change in outlook to stable largely
reflects Moody's downgrade of Williams Partners L.P.'s (WPZ) senior
unsecured rating to Baa3 with a negative outlook from Baa2 negative
on Jan. 7, 2015. ETE announced on September 28 that it would
combine with The Williams Companies, Inc. (WMB, Ba1 review down),
WPZ's general partner, in a transaction which is expected to close
in the second quarter of 2016.
"ETE's Ba2 CFR and stable outlook reflect the far-reaching scope
and scale of the proposed energy midstream combination of ETE's and
WMB's respective asset bases, which will create the US's largest
energy infrastructure company," commented Andrew Brooks, Moody's
Vice President. "However, with WPZ's contribution to the aggregate
cash distribution to ETE on a pro forma basis expected to exceed
50%, the reduced credit quality of that distribution stream as
evidenced by WPZ's rating downgrade no longer supports a positive
outlook on ETE's Ba2 rating."
Affirmations:
Issuer: Energy Transfer Equity, L.P.
Probability of Default Rating, Affirmed Ba2-PD
Corporate Family Rating, Affirmed Ba2
Speculative Grade Liquidity Rating, Affirmed SGL-3
Senior Secured Bank Credit Facility, Affirmed Ba2
Senior Secured Regular Bond/Debentures, Affirmed Ba2
Outlook Actions:
Issuer: Energy Transfer Equity, L.P.
Outlook, Changed To Stable From Positive
RATINGS RATIONALE
ETE's Ba2 CFR recognizes the benefits of the massive size, scope
and diversification of ETE's pro forma midstream asset base, and is
heavily influenced by the asset quality of the entities controlled
by ETE through its general partnership interests, specifically ETP,
and WPZ on a pro forma basis. Underpinning the credit of ETP and
WPZ is the asset composition of their respective midstream
portfolios, the durability of cash flow generated by these
portfolios as well as each of ETP's and WPZ's growth prospects.
ETE's sources of cash will be supplemented and further diversified
through distributions from WPZ, whose contribution to the aggregate
cash distributed to ETE on a pro forma basis is expected to exceed
50%. WPZ's Baa3 rating and negative outlook, however, reflect the
inherent volume risk in its gathering and processing (G&P) assets
and the stress faced by exploration and production companies in
this low commodity price environment. While a substantial portion
of WPZ's G&P business is supported by long-term contracts that have
minimum volume commitments or other contractual terms to mitigate
volumetric risk, WPZ is exposed to a high level of customer
concentration with Chesapeake Energy Corporation (CHK, B2
negative). These challenges could cause WPZ's projected earnings
growth to falter and result in higher financial leverage.
ETE is also subjected to the associated size of approximately $75
billion of proportionately consolidated pro forma debt, the high
level of consolidated debt leverage at about 5.3x pro forma for the
combination, the extent to which ETE's debt obligations are
structurally subordinated to subsidiary debt, and the challenge of
merging two large midstream companies in a highly stressed energy
environment. ETE is pressured by its aggressive growth objectives
and a complex organizational structure that result in the
structural subordination of ETE's $16.6 billion of pro forma
stand-alone debt at closing to the debt at subsidiary levels, which
is likely to grow beyond the roughly $50 billion Moody's estimates
could be outstanding at closing.
ETE has provided for as much as $6 billion of the WMB acquisition
to be financed with new debt, and proposes to guarantee the
approximately $4.25 billion of outstanding WMB unsecured debt
assumed through the combination. The remainder of the transaction
will be financed with ETE equity. ETE's stable outlook reflects
the potential upside for EBITDA growth and a moderation in debt
leverage, and further presumes ETE is successful in its execution
of this very large business combination in a highly stressed energy
environment. ETE's rating could be upgraded if its stand-alone
leverage approaches 2.5x and consolidated leverage drops below 5x.
ETE's ratings could be downgraded should consolidated leverage
increase on a permanent basis to over 6x EBITDA. A downgrade of
ETP's or WPZ's Baa3 ratings to below investment grade could further
prompt an ETE rating downgrade. Should cash distributions to ETE
become compromised through higher leverage or weakness in
distributable cash flows at partnership and subsidiary levels,
ratings could be downgraded.
The principal methodology used in these ratings was Global
Midstream Energy published in December 2010.
Energy Transfer Equity, L.P. is headquartered in Dallas, Texas and
through its subsidiaries, principally Energy Transfer Partners,
L.P., a publicly traded master limited partnership (MLP) in which
it holds the general partnership interest, owns and operates a
broad array of midstream energy assets.
ESSENTIAL POWER: S&P Affirms 'BB-' Senior Secured Project Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' senior
secured project rating on Essential Power LLC. At the same time,
S&P revised the outlook to negative from stable. The recovery
rating on this debt is unchanged at '2', which indicates S&P's
expectations for "substantial" (70% to 90%; at the lower half of
the range) recovery of principal if a default occurs.
Essential Power LLC is a ring-fenced, special-purpose entity that
owns 1,767 megawatts (MW) net capacity of nominal natural gas-fired
and hydroelectric generation assets in the Pennsylvania-New
Jersey-Maryland (PJM) Interconnection and the Independent System
Operator-New England (ISO-NE) regions. Australian pension fund
manager IFM Investors owns 100% of the company. Essential Power
has a $565 million term bank loan ($535.0 million outstanding as of
Sept 30, 2015) due 2019 and a $100 million revolving credit
facility due 2017.
The portfolio consists of these project subsidiaries:
-- Newington, a 575 MW combined-cycle gas turbine (CCGT) in
Newington, N.H.
-- Lakewood, a 265 MW CCGT in Lakewood, N.J., of which
Essential Power owns 80% interest. Ocean Peaking Power, a
358 MW peaking combustion turbine in Lakewood, N.J. Rock
Springs, a 358 MW combustion turbine (CT) in Rising Sun,
M.D.
-- EP Energy Massachusetts, a 105 MW oil and gas steam turbine,
five hydro units representing 18 MW, three kerosene-fired
gas turbines representing 57 MW, and two oil- and gas- fired
turbines representing 84 MW.
"The ratings and outlook reflect that while the project's revenue
streams from hedges and capacity payments and strong operational
performance should allow for adequate debt service coverage at the
rated level, lower energy margins from sluggish demand and lower
gas prices could cause downward pressure on cash flows," said
Standard & Poor's credit analyst Aneesh Prabhu. S&P's base-case
expectation is for a debt service coverage ratio (DSCR) of about
1.45x in 2016, and subsequently 1.65x, and higher, from 2017
through 2019.
Combined with operational issues, milder weather conditions have
adversely affected prompt and forward market heat rates, and have
resulted in a downward revision in S&P's forecast DSCRs, especially
for 2016. S&P is now expecting more conservative cash flows for
Newington, which has slowed Essential Power's deleveraging under
our base case. While depressed power prices do not immediately
affect credit due to the IFM Investor floor support, S&P now
expects a one-in-three probability that cash flows could be lower
than its base case due to lower demand growth and declining spark
spreads. Additional factors that could lead to a lower rating
include operational problems at the plants or sustained
weaker-than-expected financial performance, with DSCRs dropping
below 1.4x on a sustained basis.
A higher rating or outlook revision would require
stronger-than-expected financial performance on a sustained basis
and higher confidence that refinancing risk will not be a major
issue. To consider an upgrade, DSCRs would likely need to be
consistently above 1.6x; this would stem from a recovery in power
prices or strengthening of capacity markets in PJM and ISO-NE.
FARMACIA BRISAS: Case Summary & 19 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Farmacia Brisas Del Mar, Inc.
Box 1238
Luquillo, PR 00773-2463
Case No.: 16-00054
Chapter 11 Petition Date: January 8, 2016
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Judge: Hon. 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
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Ana I De La Cruz Padilla, secretary.
A list of the Debtor's 19 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-00054.pdf
FOREST PARK FORT WORTH: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: Forest Park Medical Center at Fort Worth, LLC
5400 Clearfork Main St.
Fort Worth, TX 76109
Case No.: 16-40198
Type of Business: Health Care
Chapter 11 Petition Date: January 10, 2016
Court: United States Bankruptcy Court
Northern District of Texas (Ft. Worth)
Judge: Hon. Russell F. Nelms
Debtor's Counsel: J. Robert Forshey, Esq.
FORSHEY & PROSTOK, LLP
777 Main St., Suite 1290
Ft. Worth, TX 76102
Tel: 817-877-8855
Email: jrf@forsheyprostok.com
Estimated Assets: $10 million to $50 million
Estimated Debts: $50 million to $100 million
The petition was signed by Dr. Abdolreza Siadati, chairman of the
Board of Managers.
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
FPMC Fort Worth Realty Rent $11,122,907
Partners LP
3030 Olive St. Suite 220
Dallas, TX 75219
The Management Co. Management Fees $1,110,939
12222 N. Central Expy.
Dallas, TX 75234
Valley Services Inc. Trade Debt $474,361
PO Box 742992
Atlanta, GA 360374
Vintage Medical LLC Trade Debt $467,100
1801 Royal Lane, Suite 908
Farmers Branch, TX 75229
Vertebral Technologies Inc. Trade Debt $302,400
5909 Baker Rd. Suite 550
Minnetonka, MN 55345
Summit Spine LLC Trade Debt $276,047
2912 Network Place
Chicago, IL 60673
Pro Silver Star Ltd. Trade Debt $273,313
1 Cowboys Parkway
Irving, TX 75063
Inpatient Physician Assoc. PLLC Trade Debt $236,733
Spinefrontier Inc. Trade Debt $222,530
Globus Medical Inc. Trade Debt $221,365
Provation Medical Inc. Trade Debt $213,345
Terumo BCT Inc. Trade Debt $175,635
Intuitive Surgical Trade Debt $146,606
Indentity Media Services LLC Trade Debt $135,340
Sidley Austin LLP Legal Fees $112,087
Amendia Inc. Trade Debt $111,831
Microsoft Licensing GP Trade Debt $99,649
Thomas Protective Service Inc. Trade Debt $95,890
Surgical Information Systems LLC Trade Debt $94,680
Medusa Group LLC Trade Debt $91,919
GOODMAN AND DOMINGUEZ: Files for Chapter 11 Bankruptcy Protection
-----------------------------------------------------------------
Goodman and Dominguez, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. S.D. Fla. Case No. 16-10056) on Jan. 4, 2016,
estimating its assets and liabilities at between $1 million and $10
million each. The petition was signed by David Goodman,
president.
Emon Reiser at South Florida Business Journal reports that the
Company filed for bankruptcy, citing increasing pressure from
online shopping. The Company's owner seeks to close stores and
restructure operational costs, the report states.
According to Business Journal, the Company's 608 workers are owed
$300,000 in wages. Business Journal adds that the Company also
owes:
-- Forever Link Int'l Inc., which holds an unsecured claim
of $2.4 million;
-- Hana Financial Inc., which has an unsecured claim of
$524,184; and
-- Yoki Fashion International LLC, which has an unsecured
claim of $226,036.
Judge Robert A Mark presides over the case.
Peter D. Russin, Esq., at Meland Russin & Budwick, P.A., serves as
the Company's bankruptcy counsel.
Goodman and Dominguez, Inc. -- dba Traffic, Traffic Shoe, Goodman &
Dominguez, Inc., Traffic Shoes, and Traffic Shoe, Inc. -- is a
retailer headquartered in Medley, Florida. It operates 83 stores
in malls across nine states and Puerto Rico. It also sells its
teen fashion products at trafficshoe.com.
GREENFIELD REDEVELOPMENT: S&P Cuts 2006/2002 Bonds Rating to BB
---------------------------------------------------------------
Standard & Poor's Ratings Services has corrected by lowering its
long-term rating and underlying rating (SPUR) on Greenfield
Redevelopment Agency, Calif.'s series 2006 and 2002 tax allocation
bonds to 'BB' from 'A-'. The outlook is stable.
HAGGEN HOLDINGS: Court Allows Sale of Store 2175 to Smart & Final
-----------------------------------------------------------------
Haggen Holdings, LLC, and its affiliated debtors sought and
obtained from Judge Kevin Gross of the U.S. Bankruptcy Court
approval for the sale of the premises located at 72675 Highway 111,
Palm Desert, California ("Store 2175") to Smart & Final Stores
LLC.
The Debtors contended that Smart & Final has agreed to acquire
Store 2175 subject to the terms of the Asset Purchase Agreement.
The Debtors further contended that the APA with respect to Store
2175 will terminate if, among other things, Smart & Final is not
permitted to access Store 2175 in order to perform necessary due
diligence related to the sale prior to Dec. 30, 2015.
The Asset Purchase Agreement contains, among others, the following
relevant terms:
(a) Sale of Assets: At the Closing, Seller will sell, assign,
assume and assign, transfer, convey and deliver to Buyer, and Buyer
will purchase, acquire and accept from Seller, all of Seller's
right, title and interest in, to and under the following assets,
properties and rights of Seller, among others:
(i) the Store Leases, together with the Improvements located
on or attached to the underlying real property, and all rights
arising out of the ownership thereof, including all options, rights
of first refusal and other rights, all Real Property Documents, and
all of Seller's rights, title and interest in, to and under all
Real Property Documents;
(ii) to the extent primarily related to the Store Properties,
all easements and rights-of-way; all water rights; all rights,
titles and interests in all strips and gores; all reciprocal
easements; all alleys and the land laying in the bed of any street,
road or right- of-way; all of Seller's right, title and interest
in, to and under any award made or to be made in lieu of, and in
and to any unpaid award for, any taking by condemnation of, or any
damages to, any Store Property; and all tenements, hereditaments,
appurtenances and other real property rights appertaining thereto,
subject to the rights of the landlord under the Store Leases;
(iii) all computer, networking, security and telephone
hardware, furniture, furnishings, signage, forklifts and other
vehicles, appliances, refrigeration systems, equipment, machinery,
point-of-sale hardware (including cash registers, dyna-key
keyboards, computers, screens, card readers, in-lane scales and
check-stands), tooling, parts, racking, rolling stock, carts,
2-wheelers, u-boats, shelving, end caps, checkstands, produce
fixtures, bag holders, scales and other tangible personal property
owned or leased by Seller and primarily related to the other
Assets, together with all rights against the manufacturers or
suppliers of any of the foregoing;
(iv) to the extent permitted under applicable Law, all files,
documents, instruments, papers, computer files and records and all
other books and records of Seller in any form or media, in each
case primarily related to the other Assets or the Assumed
Liabilities;
(b) Allocation of Purchase Price: Within 20 days following the
date on which the Final Purchase Price has been determined, Buyer
shall deliver to Seller for its review a schedule setting forth the
allocation of the Final Purchase Price among the Assets in
accordance with Section 1060 of the Code and the Treasury
Regulations promulgated thereunder. The Allocation Schedule shall
be deemed final and binding upon the Parties upon Seller's approval
thereof.
The Debtors related that they had given 26 Del Sur Palms, LLC
("Landlord") access to the keys for Store 2175 because the Landlord
had requested the ability to visit the property. The Debtors
further related that the Landlord changed the locks to Store 2175
and deprived them of the ability to access Store 2175. The Debtors
told the Court that since being given access to the keys for Store
2175, in direct violation of the automatic stay and the Debtors'
rights under Sections 363 and 365 of the Bankruptcy Code, the
Landlord has prohibited the Debtors from accessing the leased
premises. The Debtors further told the Court that in light of
this, Smart & Final is unable to perform its necessary due
diligence in connection with the proposed sale. The Debtors
asserted that the actions of the Landlord are not only unsupported
by, and in direct contravention of, the Bankruptcy Code, they are
jeopardizing the Debtors' continuing efforts to preserve and
maximize value in connection with the Chapter 11 cases through the
sale of Store 2175 to Smart & Final.
26 Del Sur Palms' Limited Objection
The Landlord contended that it has offered to waive all unpaid cure
amounts, including significant post-petition tax liabilities and
terminate the lease, which will relieve the Debtor's estate of any
unsecured pre-petition or rejection claims. The Landlord further
contended that the Debtors have not responded to this offer or
explained how assigning the lease to Smart & Final is in the best
interests of the Debtors' estates and a sound business judgment
decision.
The Landlord related that the Debtors have failed to provide
adequate assurance of future performance about the proposed
assignee. The Landlord further related that it does not know the
exact identity of the proposed assignee of the Lease, has only
received financial information about the assignee and has not
received any offer of a security deposit or parent company.
Haggen Holdings and its affiliated debtors are represented by:
Matthew B. Lunn, Esq.
Robert F. Poppiti, Jr., Esq.
Ian J. Bambrick, Esq.
Ashley E. Jacobs, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Telephone: (302)571-6600
Facsimile: (302)571-1256
Email: mlunn@ycst.com
rpoppiti@ycst.com
ibambrick@ycst.com
ajacobs@ycst.com
- and -
Frank A. Merola, Esq.
Sayan Bhattacharyya, Esq.
Elizabeth Taveras, Esq.
STROOCK & STROOCK & LAVAN LLP
180 Maiden Lane
New York, NY 10038
Telephone: (212)806-5400
Facsimile: (212)806-6006
E-mail: fmerola@stroock.com
sbhattacharyya@strook.com
etaveras@stroock.com
26 Del Sur Palms is represented by:
Robert L. LeHane, Esq.
Gilbert R. Saydah, Jr., Esq.
Jennifer D. Raviele, Esq.
KELLEY DRYE & WARREN LLP
101 Park Avenue
New York, NY 10178
Telephone: (212)808-7800
Facsimile: (212)808-7897
E-mail: rlehane@kelleydrye.com
gsaydah@kelleydrye.com
jraviele@kelleydrye.com
About Haggen Holdings
Headquartered in Bellingham, Washington, Haggen was founded in 1933
as a single grocery store. From 1933 to 2014, Haggen grew into a
30 store family-run grocery chain, with stores located in the
northwestern United States. From 2011 to 2014, Haggen reduced its
store base to 18, including a stand-alone pharmacy location.
Haggen rapidly expanded in 2014 and 2015, and, as of the Petition
Date, Haggen owned and operated 164 stores through three operating
companies: Haggen, Inc., Haggen Opco North, LLC and Haggen Opco
South, LLC.
Haggen Holdings, LLC, and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11874 to
15-11879) on Sept. 8, 2015, with the intention of reorganizing, or
selling as a going concern, their stores for the benefit of their
creditors.
The petitions were signed by Blake Barnett, the chief financial
officer.
The Debtors estimated assets of $50 million to $100 million and
estimated liabilities of $10 million to $50 million.
Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors'
local counsel. Stroock & Stroock & Lavan LLP serves as the
Debtors' general counsel. Alvarez & Marsal North America, LLC,
acts as the Debtors' financial advisor. Kurtzman Carson
Consultants LLC serves as the Debtors' claims and noticing agent.
In September 2015, T. Patrick Tinker, assistant U.S. trustee for
Region 3, appointed seven creditors to the official committee of
unsecured creditors.
HYPHEN CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Hyphen Construction Group, Inc.
18208 Preston Road
Suite D9245
Dallas, tx 75252
Case No.: 16-40057
Chapter 11 Petition Date: January 8, 2016
Court: United States Bankruptcy Court
Eastern District of Texas (Sherman)
Judge: Hon. Brenda T. Rhoades
Debtor's Counsel: Eric A. Liepins, Esq.
ERIC A. LIEPINS P.C.
12770 Coit Road, Suite 1100
Dallas, TX 75251
Tel: (972) 991-5591
Email: eric@ealpc.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by Mahesh Chandiramani, CEO.
A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txeb16-40057.pdf
IFM (U.S.): S&P Lowers CCR to 'BB', Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on IFM (U.S.) Colonial Pipeline 2 to 'BB' from 'BB+'. The
outlook is stable. At the same time, S&P lowered the issue-level
ratings to 'BB' from 'BBB-' and revised the recovery rating on this
debt to '4' from '2'. The '4' recovery rating indicates S&P's
expectation of average recovery (30% to 50; upper half of the
range) in the event of default.
"The downgrade reflects the implementation of the 'Companies With
Noncontrolling Equity Interests' [NCEI] criteria, rather than a
weakness in the underlying operations and or cash flows at either
Colonial Pipeline Co. or IFM (U.S.) Colonial Pipeline 2 LLC Corp.,"
said Standard & Poor's credit analyst Mike Llanos. The 'BB'
corporate credit rating reflects a six-notch ratings differential
relative to the corporate credit rating of Colonial Pipeline Co.,
of which IFM owns a 15.8% equity interest.
Per the criteria, S&P establishes a stand-alone credit profile
(SACP) on companies whose only significant assets consist of one or
two noncontrolling equity stakes in other unrelated corporate
entities. These entities are typically rated three to six notches
below the underlying entity.
The stable outlook reflects S&P's expectation of adequate liquidity
and steady dividends from Colonial pipeline resulting in leverage
of about 5x and interest coverage above 3x, albeit marginally.
S&P could lower the rating if dividends from Colonial decline such
that debt to EBITDA at IFM Colonial rises above 5x or if EBITDA to
interest coverage falls below 3x. If S&P forecasts that EBITDA to
interest will fall below 3x on a sustained basis, it would lower
the rating to 'B+'.
S&P can raise the rating to 'BB+' if it believes interest coverage
will be in the upper 3x range and debt to EBITDA to be below 4.5x
on a sustained basis.
IHEART COMMUNICATIONS: Asset Sale No Impact on Fitch's CCC IDR
---------------------------------------------------------------
iHeart Communications, Inc.'s (iHeart) 'CCC' Long-Term Issuer
Default Ratings (IDR) and Clear Channel Worldwide Holdings, Inc.'
(CCWW) 'B' Long-Term IDR are unaffected by Clear Channel Outdoor
Americas' (CCOA) sale of five non-strategic outdoor markets to
Lamar Advertising Company (Lamar) for $458.5 million, according to
Fitch Ratings.
CCWW is an indirect, wholly-owned subsidiary of Clear Channel
Outdoor Holdings, Inc. (CCOH) while CCOA is a wholly-owned
operating segment of CCOH. CCOH is a 90%-owned subsidiary of iHeart
and holds all of iHeart's outdoor assets. The Rating Outlook for
CCWW remains Stable. A complete list of ratings follows at the end
of this release.
On Jan. 7, 2016, CCOA closed on two transactions involving the sale
of non-strategic outdoor assets to Lamar for total consideration of
$458.5 million, representing a 12.5x blended multiple of
company-calculated last twelve months ended Sept. 30, 2015 (LTM)
OIBDAN. The first transaction involved the sale of assets in the
Reno, NV; Seattle/Tacoma, WA; and Des Moines, IA markets that
generated $18.9 million of LTM OIBDAN. The second involved the sale
of assets in the Cleveland, OH and Memphis, TN markets that
generated $17.8 million of LTM OIBDAN. Fitch notes that the
combined LTM OIBDAN of the assets sold represents approximately 5%
of CCOH's total LTM OIBDAN. In addition, the 12.5x blended sale
multiple exceeds iHeart's total leverage of 11.6x and represents a
potentially delevering event.
The company did not disclose any specific use of proceeds but,
given iHeart's current capital structure, Fitch expects that a
portion of the proceeds may be used to indirectly fund a dividend
to CCOH's stockholders, including iHeart. Fitch also expects iHeart
to use any potential dividend proceeds for general corporate
purposes, including repurchasing or making payments on its existing
indebtedness.
These transactions follow the December 2015 issuance of $225
million of senior secured notes by Clear Channel International B.V.
(CCI), a wholly-owned subsidiary of CCWW. Proceeds from that
transaction were used to indirectly fund a special dividend to
CCOH's stockholders, including iHeart who is expected to use the
proceeds for general corporate purposes, including repurchasing or
making payments on its existing indebtedness.
Fitch regards iHeart's current liquidity as limited. As of
Sept. 30, 2015, iHeart had approximately $209.9 million in cash
excluding $172.9 million in cash held at CCOH (neither balances
account for CCI's debt issuance). Backup liquidity consists of the
ABL facility that matures in December 2017.
RATING SENSITIVITIES
Negative: Cyclical or secular pressures on operating results that
further weaken credit metrics or liquidity position could result in
negative rating pressure. Additionally, indications that a
distressed debt exchange is probable in the near term would also
drive a downgrade.
Positive: Fitch's sensitivities do not currently anticipate a
rating upgrade.
Pro forma for the CCI debt issuance, as of Sept. 30, 2015, iHeart
had approximately $21.0 billion in consolidated debt.
Debt held at iHeart was $15.9 billion and consisted of:
-- $6.3 billion secured term loans due 2019;
-- $190 million secured receivable based credit facility due
2017;
-- $6.3 billion secured PGNs, maturing 2019-2023;
-- $1.7 billion in senior unsecured 12% cash pay / 2% PIK notes
maturing in February 2021 (net of FinCo holdings of $432
million);
-- $730 million senior unsecured 10% notes due 2018 (net of FinCo
holdings of $120 million);
-- $668 million senior unsecured legacy notes, with maturities of
2016-2027 (net of FinCo holdings of $57 million.)
Debt held at CCWW was $4.9 billion and consisted of:
-- $2.7 billion in senior unsecured 6.5% notes due 2022;
-- $2.2 billion in subordinated 7.625% notes due 2020.
Debt held at CCI consisted of:
-- $225 million of senior unsecured 8.75% notes due 2020
Fitch currently rates iHeart and its subsidiaries as follows:
iHeartCommunications, Inc.
-- Long-term IDR 'CCC';
-- Senior secured term loans 'CCC/RR4';
-- Senior secured priority guarantee notes 'CCC/RR4';
-- Senior unsecured guarantee notes due 2021 'CC/RR6';
-- Senior unsecured legacy notes 'C/RR6'.
Clear Channel Worldwide Holdings, Inc.
-- Long-term IDR 'B';
-- Senior unsecured notes 'BB-/RR2';
-- Senior subordinated notes 'B-/RR5'.
Clear Channel International B.V.
-- Long-term IDR 'B';
-- Senior unsecured notes 'BB-/RR2'.
The Rating Outlooks are Stable for CCWH and CCI.
JOE'S FRIENDLY: Court Denies Raj's Second Appeal
------------------------------------------------
Judge Arthur D. Spatt of the United States District Court for the
Eastern District of New York denied, in its entirety, a second
appeal filed by Yama Raj from orders of the United States
Bankruptcy Court for the Eastern District of New York.
Judge Spatt subsequently directed the Clerk of Court to close the
case.
Judge Spatt had adjudicated the first appeal in an August 21, 2015
Memorandum of Decision and Order. The judge denied the first
appeal and affirmed a January 6, 2015 order of the bankruptcy
court, which denied Raj's motion to: (i) vacate his purchase of
certain real property of the debtor Joe's Friendly Service and Son,
Inc. at a public auction and (ii) refund a deposit that he made in
furtherance of that purchase.
Raj took a second appeal arising from the same underlying
transaction. The second appeal sought relief from a stipulation
that the Trustee had entered into with Bethpage Federal Credit
Union ("BFCU") which authorized the Trustee to release $626,000
from Raj's deposit to BFCU, as a priority lien holder, in partial
settlement of BFCU's claims against the debtor's bankruptcy
estates.
Judge Spatt found that Raj lacked appellate standing for the second
appeal and that dismissal is warranted. The judge explained that
since the court has previously held that Raj may not invalidate his
prevailing auction bid and that his deposit has been forfeited and
is now the property of the debtors' bankruptcy estates, the court
can discern no rational basis for concluding that Raj is presently
a person who is "directly and adversely affected pecuniarily" by
the Trustee's stipulation.
The case is In re: JOE'S FRIENDLY SERVICE & SON, INC. d/b/a
THATCHED COTTAGE AT THE BAY, Chapter 11 Debtor, In re: THATCHED
COTTAGE, LP, Chapter 11 Debtor, YAMA RAJ, Appellant, v. R. KENNETH
BARNARD, ESQ., Chapter 11 Operating Trustee, and BETHPAGE FEDERAL
CREDIT UNION, Apellees, Case No.: 14-70002(REG), Case No.:
14-70001(REG), No. 15-cv-01740 (ADS) (E.D.N.Y.).
A full-text copy of Judge Spatt's December 16, 2015 memorandum
decision and order is available at http://is.gd/5yqUzofrom
Leagle.com.
Yama Raj is represented by:
Gary C. Fischoff, Esq.
BERGER, FISCHOFF & SHUMER LLP
40 Crossways Park Dr. Suite 104
Woodbury, NY 11797
Tel: (800)806-1136
R. Kenneth Barnard, Trustee is represented by:
Gary F. Herbst, Esq.
LAMONICA HERBST & MANISCALCO, LLP
3305 Jerusalem Avenue
Wantagh, NY 11793
Tel: (516)826-6500
Fax: (516)826-0222
Email: gfh@lhmlawfirm.com
Bethpage Federal Credit Union is represented by:
Richard J. McCord, Esq.
CERTILMAN BALIN ADLER & HYMAN, LLP
90 Merrick Avenue
East Meadow, NY 1154
Tel: (516)296-7000
Fax: (516)296-7111
Email: rmccord@certilmanbalin.com
United States Trustee is represented by:
Alfred M Dimino, Esq.
OFFICE OF THE UNITED STATES TRUSTEE
Alfonse D'Amato Federal Courthouse
560 Federal Plaza
Central Islip, NY 11722
Tel: (631)715-7800
Fax: (631)715-7777
JOYCE LESLIE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Joyce Leslie, Inc.
170 W. Commercial Avenue
Moonachie, NJ 07074
Case No.: 16-22035
Type of Business: Retail Store Operator
Chapter 11 Petition Date: January 9, 2016
Court: United States Bankruptcy Court
Southern District of New York (White Plains)
Judge: Hon. Robert D. Drain
Debtor's Counsel: Evan M. Lazerowitz, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
1501 Broadway, 22nd Fl.
New York, NY 10036
Tel: 212-221-5700
Fax: 212-221-6532
Email: elazerowitz@gwfglaw.com
- and -
Kevin J. Nash, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
1501 Broadway, 22nd Floor
New York, NY 10036
Tel: (212)-301-6944
Fax: (212) 422-6836
Email: KNash@gwfglaw.com
Debtor's CLEAR THINKING GROUP
Financial 401 Towne Centre Dr
Advisor: Hillsborough Township, NJ 08844
Tel: 908-359-7155
Debtor's OBERON SECURITIES, LLC
Investment 1412 Broadway # 2304
Advisor: New York, NY 10018
Tel: 212-386-7080
Debtor's SB CAPITAL GROUP LLC,
Liquidation TIGER CAPITAL GROUP, LLC, AND
Agent: 360 MERCHANT SOLUTIONS, LLC
Debtor's RUST CONSULTING/OMNI BANKRUPTCY
Claims and
Noticing
Agent:
Total Assets: $7 million
Total Debts: $9 million
The petition was signed by Lee Diercks, chief restructuring
officer.
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
International Inmates Trade $157,967
Privy, Inc. Trade $148,981
Pride & Joys, Inc. Trade $148,100
Gaze USA Trade $135,827
Louise Paris Ltd. Trade $123,528
Golden Too Trade $118,725
American Attitude Trade $107,949
Levco Route 46 Assoc Landlord $92,555
Airport Plaza, LLC Landlord $86,553
Just One LLC/Secret Lace Trade $85,663
Hot Steps Inc Trade $85,346
Fashion Avenue Knits, Inc. Trade $80,653
One Step Up Trade $80,513
Teenbell Trade $74,734
Rosee Fashion Inc. Trade $74,515
A-3 Design Trade $74,233
NYC Dept. of Finance Trade $70,739
RPAI Us Management LLC Landlord $70,670
Jesco Footwear Group Inc. Trade $70,148
Almost Famous Trade $70,049
LANDAMERICA FINANCIAL: Chapter 11 Case Reaches Conclusion
---------------------------------------------------------
Michael Schwartz at Richmond BizSense reports that the Hon. Kevin
Huennekens of the U.S. Bankruptcy Court for the Eastern District of
Virginia entered on Dec. 22, 2015, a final order ending the Chapter
11 bankruptcy case of LandAmerica Financial Group, Inc.
According to BizSense, trustee Bruce Matson, Esq., an attorney with
LeClairRyan and the gatekeeper of the case, said he made a final
distribution to creditors in the first week of December, bringing
the total recovery to about 80 cents on the dollar for creditors
out of almost $600 million worth of claims. The report states that
the 80 cents on the dollar was after accounting for all the
professional fees that piled up over the years. Mr. Matson, the
report says, estimated that there was more than $100 million dished
out to all those involved in working in the case.
The report quoted Mr. Matson as saying, "It was a big success that
no one expected. The initial (reorganization) plan projected 26
cents on the dollar, plus some from litigation, so we were thinking
it would be about 31 cents."
BizSense relates that the resolution of the case followed the final
distributions to creditors of the other large piece of the Company,
LandAmerica Exchange Services, whose creditors -- largely
individuals -- have since been repaid 100% of the $230 million they
were owed.
BizSense shares that the largest sources of recovered funds came
from the sale of Centennial Bank, a large settlement from a lawsuit
against the Company's former executives and directors, and a $169
million tax refund. It led to 10 distributions to creditors over
the life of the bankruptcy, the report states.
The 24,000-square-foot home in Escondido, California, was also
ultimately sold for $5.5 million in December 2015, far less than
the property's previous listing at $12.5 million and less than what
Mr. Matson had thought it would go for, BizSense reports.
About LandAmerica Financial
LandAmerica Financial Group, Inc., provided real estate
transaction services with offices nationwide and a vast network of
active agents. LandAmerica Financial Group and its affiliate
LandAmerica 1031 Exchange Services Inc. filed for Chapter 11
protection (Bankr. E.D. Va. Lead Case No. 08-35994) on Nov. 26,
2008. Attorneys at Willkie Farr & Gallagher LLP and McGuireWoods
LLP served as co-counsel. Zolfo Cooper served as restructuring
advisor. Epiq Bankruptcy Solutions served as claims and notice
agent.
Attorneys at Akin Gump Strauss Hauer & Feld LLP and Tavenner &
Beran PLC served as counsel to the Creditors Committee of 1031
Exchange. Bingham McCutchen LLP and LeClair Ryan served as
counsel to the Creditors Committee of LFG.
In its bankruptcy petition, LFG reported total assets of
$3.325 billion and total debts of $2.839 billion as of Sept. 30,
2008.
On March 6, 2009, March 27, 2009, March 31, 2009, July 17, 2009,
Oct. 12, 2009, and Nov. 4, 2009, various LFG affiliates --
LandAmerica Assessment Corporation, LandAmerica Title Company,
Southland Title Corporation, Southland Title of Orange County,
Southland Title of San Diego, LandAmerica Credit Services, Inc.,
Capital Title Group, Inc., and LandAmerica OneStop Inc. -- also
commenced voluntary Chapter 11 cases. The Chapter 11 cases of
LFG, LES, and the LFG Affiliates are jointly administered under
case number 08-35994.
LandAmerica filed a Joint Plan of Liquidation on Sept. 9, 2009.
The Court on Nov. 23, 2009, entered an order confirming the Joint
Chapter 11 Plan of LFG and its Affiliated Debtors, dated Nov. 16,
2009, as to all Debtors other than OneStop. The effective date
with respect to the Plan was Dec. 7, 2009. Plan trustees were
appointed for LFG and LES.
LONESTAR GEOPHYSICAL: Gets Approval of Financing Deal With FIFC
---------------------------------------------------------------
LoneStar Geophysical Surveys LLC received court approval to enter
into an insurance premium finance agreement with First Insurance
Funding Corp.
Under the agreement, FIFC will provide financing to the company for
the purchase of insurance policies necessary for the operation of
its business.
In exchange for the financing, the insurance company will get a
"first priority" lien on and security interest in unearned
premiums, according to court filings.
The order was issued by Sarah Hall of the U.S. Bankruptcy Court for
the Western District of Oklahoma.
About LoneStar Geophysical
LoneStar Geophysical Surveys, LLC, is in the business of acquiring
seismic data for the oil and gas industry. It owns a fleet of 13
state-of-the-art vibes (vibrators that generate seismic waves) and
a commensurately large inventory of wireless nodes (that receive
those seismic waves and transmit the resulting information for
processing and interpretation). LoneStar was formed as an
Oklahoma limited liability company on August 4, 2009, by Heath
Harris who continues to serve as its manager.
LoneStar Geophysical sought Chapter 11 bankruptcy protection
(Bankr. W.D. Okla. Case No. 15-11872) on May 18, 2015. The Debtor
disclosed total assets of $21,643,793 and total liabilities of
$12,311,768 in its amended schedules.
Judge Hon. Sarah A. Hall presides over the case. The Debtor tapped
Ross A. Plourde, Esq., at McAfee & Taft, as counsel.
* * *
LoneStar sought and obtained an order authorizing its use of cash
collateral claimed by Frontier State Bank through December 2015.
MACCO PROPERTIES: Court Denies Joint Bid to Junk Suit vs. McGinnis
------------------------------------------------------------------
Michael E. Deeba, Trustee, and Defendant Lew S. McGinnis filed a
joint motion for dismissal with prejudice of the adversary
proceeding filed by the trustee in 2013.
The U.S. Trustee, Cobblestone Apartments of Tulsa, LLC, et al., and
Jackie Hill objected to the Joint Motions for Dismissal.
In the adversary proceeding, the Trustee sought to recover $192,461
that McGinnis allegedly converted while acting as representative of
the Debtor, and to recover lost profits and other damages resulting
from that alleged breach of fiduciary duty. McGinnis denies the
allegations.
In December 2013, Trustee agreed to dismiss this adversary
proceeding as part of a comprehensive settlement Trustee and others
entered into with McGinnis and his wife, Macco's sole shareholder,
Jennifer Price. On December 16, 2013, the Court entered an order
that documented the terms of the Settlement, including the
agreement that the Macco bankruptcy case would be converted to a
case under Chapter 7 of the Bankruptcy Code.
In compliance with the order and Settlement, in March 2014, Trustee
(now the Chapter 7 trustee) and McGinnis filed the Joint Motion to
Dismiss. In the motion, Trustee recites that he "agreed to the
Mutual Releases and Dismissal With Prejudice of all Adversaries for
the reason that the Chapter 7 Trustee believed at the time that
there were sufficient funds on hand to pay all allowed unsecured
creditors and as a result, it was not cost efficient to continue to
prosecute this Adversary." The UST, Cobblestone, and Hill filed
objections to the Joint Motion to Dismiss, pointing out that
litigation commenced by Price and McGinnis against Trustee and
other estate professionals after the Settlement was reached was
likely to cause administrative expense claims to snowball to the
extent that full payment to unsecured creditors would no longer be
achievable. In setting this matter for hearing, the Court advised
the parties that it would review the agreement to dismiss the
proceeding under the standards set forth in In re Kopexa Realty
Venture Co., 213 B.R. 1020 (B.A.P. 10th Cir. 1997) to determine
whether the agreement is fair, equitable, and in the best interests
of the estate.
In an Order dated December 21, 2015, which is available at
http://is.gd/f2t4cpfrom Leagle.com, Judge Dana L. Rasure of the
United States Bankruptcy Court for the Western District of Oklahoma
concludes that the agreement to dismiss the adversary proceeding is
not fair, equitable, or in the best interests of the estate.
Dismissal of the Conversion Claim would benefit only McGinnis, and
would unfairly prejudice unsecured and administrative expense
claimants, Judge Rasure held. Accordingly, the Joint Motion to
Dismiss is denied.
The case is IN RE: MACCO PROPERTIES, INC., NV BROOKS APARTMENTS,
LLC, Chapter 7, Debtors. MICHAEL E. DEEBA, TRUSTEE, Plaintiff, v.
LEW S. McGINNIS, Defendant. COBBLESTONE APARTMENTS OF TULSA, LLC;
LARRY D. AND JEANETTE A. JAMISON FAMILY TRUST; AND JACKIE L. HILL,
JR., Intervenors, Case Nos. 10-16682-R, 10-16503-R, Adv. No.
13-1029-R.
Michael E. Deeba, Plaintiff, is represented by Lysbeth L George,
Esq. -- Crowe & Dunlevy, Judy Hamilton Morse, Esq. -- Crowe &
Dunlevy, P.C..
Lew S. McGinnis, Defendant, represented by Joyce W. Lindauer, Esq.
-- Joyce@joycelindauer.com -- JOYCE W. LINDAUER ATTORNEY, PLLC,
Haley L Simmoneau, Esq.
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.
MANUEL MEDIAVILLA: Directed to File Amended Joint Plan
------------------------------------------------------
PRLP 2011 Holding, LLC, the individual and corporate debtors,
Manuel Mediavilla, Maydin G. Melendez and Manuel Mediavilla, Inc.,
filed cross motions for partial reconsideration of the Opinion and
Order entered on June 16, 2015, denying the Joint Plan's
confirmation for failure to provide for the Debtors' substantive
consolidation of the two cases.
In an Opinion and Order dated December 30, 2015, which is available
at http://is.gd/cpsqThfrom Leagle.com, Judge Mildred Caban Flores
of the United States Bankruptcy Court for the District of Puerto
Rico denies PRLP's motion for partial reconsideration and grants
the Debtors' motion for reconsideration in part.
The Debtors are ordered to file an amended Joint Plan to provide
for post-petition interest paid to PRLP's secured claim classified
under Classes 4A and 4B of the Joint Plan subject to conditions
within 30 days.
The cases are IN RE: MANUEL MEDIAVILLA, INC., Chapter 11, Debtor;
IN RE: MANUEL MEDIAVILLA AND MAYDIN G. MELENDEZ, Chapter 11,
Debtors, Case Nos. 13-2800 (MCF), 13-2802 (MCF)(Bankr. D.P.R.).
Manuel Mediavilla, Inc., aka Muebleria Mediavill, sought protection
under Chapter 11 of the Bankruptcy Code on April 11, 2013 (Bankr.
D.P.R., Case No. 13-02800). The case is assigned to Judge Mildred
Caban Flores.
The Debtor's counsel is Carmen D. Conde Torres, Esq., at C. Conde &
Assoc., in San Juan, Puerto Rico.
The Scheduled Assets is $2,191,098, while the Scheduled Liabilities
is $2,484,529.
The petition was signed by Manuel Mediavilla Garcia, president.
MARICOPA COUNTY: Moody's Affirms Caa2 Rating on 2000A/B Bonds
-------------------------------------------------------------
Moody's Investors Service has affirmed the Caa2 rating on Maricopa
County Industrial Development Authority Charter School's (AZ)
Education Revenue Bonds, Series 2000A and Taxable 2000B. The
affirmation affects approximately $2.8 million of debt outstanding.
Concurrently, Moody's has withdrawn the rating because Moody's
expects timely information from the pool's last remaining
participant, Westwind Academy, to be insufficient going forward.
Westwind Academy recently ceased operations. It no longer has an
accessible management team and does not generate timely financial
information. The other original pool participants have either
closed or refunded out of the pool after 2000. The rating actions
conclude Moody's review with direction uncertain initiated on Nov.
2, 2015, due to a lack of sufficient information.
The Caa2 affirmation reflects an improvement in the ratio of
available reserves relative to outstanding pool debt. Available
pool assets primarily include a Liquid Reserve Fund totaling
approximately $1.9 million or 68% of outstanding debt, roughly
equivalent to six years of debt service payments. The rating also
reflects our expectation that bondholder recovery will likely be
bolstered upon conclusion of Westwind Academy's property
foreclosure and sale of assets. However, it is currently unknown
when the property foreclosure will conclude or if the amount
generated will be enough to redeem remaining principal and
interest, as well as any other fees and expenses, after the use of
available reserves.
The withdrawal of the rating reflects the recent closure of the
pool's remaining participant, Westwind Academy. The school does
not employ a management team and does not generate timely financial
information.
Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.
Methodology
The principal methodology used in this rating was Public Sector
Pool Financings published in July 2012.
MEDEXPRESS AMBULANCE: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: MedExpress Ambulance Service, Inc.
7525 Hwy 71 South
Alexandria, LA 71302
Case No.: 16-80026
Nature of Business: Health Care
Chapter 11 Petition Date: January 8, 2016
Court: United States Bankruptcy Court
Western District of Louisiana (Alexandria)
Judge: Hon. John W. Kolwe
Debtor's Counsel: Bradley L. Drell, Esq.
GOLD, WEEMS, BRUSER, SUES & RUNDELL
POB 6118
Alexandria, LA 71307-6118
Tel: (318) 445-6471
Email: bdrell@goldweems.com
Total Assets: $1.80 million
Total Liabilities: $3.07 million
The petition was signed by Mark Majors, president.
A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/lawb16-80026.pdf
METROPOLITAN AUTOMOTIVE: Engages Richard Pachulski as CRO
---------------------------------------------------------
Metropolitan Automotive Warehouse, Inc., seeks authority from the
Bankruptcy Court to employ Richard M. Pachulski as its chief
restructuring officer nunc pro tunc to the Petition Date.
Personnel of Pachulski Stang Ziehl & Jones LLP will provide
services to the Debtor in support of the CRO. Mr. Pachulski is a
founding member of PSZJ.
Mr. Pachulski will assist management in evaluating strategic
alternatives, communicating and negotiating with the Debtor's
stakeholders, and providing business plan analysis for the
purpose of restructuring the estate aimed to maximize value for the
estate pursuant to the terms of the Engagement Contract.
Specifically, Mr. Pachulski will:
(1) lead efforts to facilitate the Debtor's restructuring and
sale efforts;
(2) lead management efforts to identify and implement both
short-term and long-term liquidity generation and profit
improvement in an effort to improve the ongoing viability of
the Debtor;
(3) participate in development of strategy to negotiate with key
stakeholders in order to effectuate a capital raise, sale
transaction, or restructuring;
(4) assist with negotiations with the secured lenders and other
parties, as appropriate, to facilitate restructuring
efforts;
(5) work with counsel to develop strategic solutions to address
demands of divergent stakeholders;
(6) assist the Debtor in identifying, reviewing and negotiating
debtor in possession financing, if required;
(7) assist the Company and its other advisors with the
formulation of a Chapter 11 plan of reorganization/
liquidation and the preparation of the corresponding
disclosure statement;
(8) identify nonessential assets to be sold and manage the sale
process;
(9) attend meetings and court hearings as may be required;
(10) render expert testimony as requested from time to time;
(11) participate in Board meetings in order to report on the
progress of the turnaround and restructuring initiatives;
and
(12) perform other duties and other services as mutually agreed
to by Mr. Pachulski and the Debtor.
The Debtor will indemnify Mr. Pachulski and those persons to whom
he delegates Services pursuant to the terms of the Engagement
Contact.
The Company agrees to pay Mr. Pachulski on an hourly basis at
$1,145. The Company further agrees that Mr. Pachulski may delegate
to any other person employed by PSZJ tasks related to his Services,
and the Debtor agrees to pay by the hour at PSZJ's prevailing rates
for all time spent on Client's matter by the Firm's personnel, so
long as those rates do not exceed the then
current hourly rate of Mr. Pachulski. The CRO Fee is due and
payable, on the fifth day following each calendar month of
service and will be deemed accrued and earned upon receipt.
No pre-petition retainer was paid to Mr. Pachulski, and no
postpetition retainer is due.
In addition to the CRO Fee, the Debtor will reimburse Mr. Pachulski
for all reasonable out-of-pocket expenses incurred in connection
with this engagement such as travel, lodging, telephone and
facsimile charges.
The Debtor believes that Mr. Pachulski is a "disinterested person"
as defined in Section 101(14) of the Bankruptcy Code.
About Metropolitan Automotive
Metropolitan Automotive Warehouse, Inc. filed a Chapter 11
bankruptcy petition (Bankr. C.D. Cal. Case No. 16-10096) on Jan. 6,
2016. The petition was signed by Ron Turner, the president.
The Debtor has estimated assets in the range $10 million to $50
million and estimated liabilities of $50 million to $100 million.
Winthrop Couchot Professional Corporation serves as the Debtor's
counsel. Judge Wayne E. Johnson has been assigned the case.
Metropolitan Automotive Wholesale, Inc. is a family-owned Southern
California-based business, distributing automotive aftermarket
parts for the last 60 years, with operations in Southern California
and Central California. The Debtor distributes aftermarket
automotive parts to retail stores and also sells to and fulfills
orders for various e-commerce customers.
Star Auto Parts, Inc., a wholly-owned subsidiary of the Debtor, is
a Southern California based retailer of aftermarket parts. Star
sells aftermarket automotive parts directly to repair facilities
also known as the "Do-it-for-Me" channel, end users, also known as
the "Do-it-Yourself" channel, and businesses which own and operate
vehicle fleets. The Debtors employ approximately 1,000 persons.
METROPOLITAN AUTOMOTIVE: In Chapter 11 to Forestall Receivership
----------------------------------------------------------------
Metropolitan Automotive Warehouse, Inc., a distributor of
aftermarket automotive parts to retail stores and various
e-commerce customers, sought for Chapter 11 bankruptcy protection
in order to stave of the potential appointment of a receiver.
The Debtor disclosed in the filing that it generated sales of
approximately $225 million and $206 million each of the years
ending 2015 and 2014, respectively. The Debtor reported a net loss
of approximately $4 million and net income of approximately $1
million in each of the years ending 2015 and 2014, respectively.
Garrick A. Hollander, Esq., at Winthrop Couchot Professional
Corporation, counsel for the Debtor, related that the Company's
business grew very rapidly from 2009 thru 2015 following the
bankruptcy of its largest competitor Pacific Supply. As a result
of growing demand during this timeframe, the Debtor expanded
operations from one distribution center and eight retail stores in
2009 to five distribution center and nine retail stores in 2015, as
well as launched a business to support a growing list of e-commerce
customers across all five distribution centers.
"Due to the need to provide high service levels seven days per week
and to compete aggressively to maintain and grow its e-commerce
business, the business experienced rising operating costs and
falling margins leading to operating losses and cash flow issues,"
Mr. Hollander said in a document filed with the Court.
Recently, one of the Debtor's largest unsecured trade creditors
filed an action to recover on its claim. As part of this effort,
this creditor filed a motion to appoint a Federal Court receiver in
Michigan. The Michigan court had scheduled a hearing to discuss
this motion for Jan. 7, 2016.
Metropolitan Automotive filed a Chapter 11 bankruptcy petition
(Bankr. C.D. Calif. Case No. 16-10096) on Jan. 6, 2016. The
petition was signed by Ron Turner as president. The Debtor has
estimated assets in the range $10 million to $50 million and
estimated liabilities of $50 million to $100 million. Judge Wayne
E. Johnson has been assigned the case.
Star Auto Parts, Inc., a wholly-owned subsidiary of the Debtor, is
a Southern California based retailer of aftermarket parts. Star
sells aftermarket automotive parts directly to repair facilities
also known as the "Do-it-for-Me" channel, end users, also known as
the "Do-it-Yourself" channel, and businesses which own and operate
vehicle fleets. The Debtors employ approximately 1,000 persons.
METROPOLITAN AUTOMOTIVE: Section 341 Meeting Scheduled for Feb. 4
-----------------------------------------------------------------
A meeting of creditors in the bankruptcy case of Metropolitan
Automotive Warehouse, Inc. will be held on Feb. 4, 2016, at
1:00 p.m. at RM 720, 3801 University Ave., Riverside, California.
This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.
All creditors are invited, but not required, to attend. This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.
About Metropolitan Automotive
Metropolitan Automotive Warehouse, Inc. filed a Chapter 11
bankruptcy petition (Bankr. C.D. Cal. Case No. 16-10096) on Jan. 6,
2016. The petition was signed by Ron Turner as president.
The Debtor has estimated assets in the range $10 million to $50
million and estimated liabilities of $50 million to $100 million.
Winthrop Couchot Professional Corporation serves as the Debtor's
counsel. Judge Wayne E. Johnson has been assigned the case.
METROPOLITAN AUTOMOTIVE: Seeks Joint Administration of Cases
------------------------------------------------------------
Metropolitan Automotive Warehouse, Inc., asks the Bankruptcy Court
to jointly administer its Chapter 11 bankruptcy case with the
related Chapter 11 case of Star Auto Parts, Inc., under Lead Case
No.: 16-10096.
It is anticipated that numerous similar, if not identical,
applications, motions and orders will be involved in each of the
Debtors' cases. According to Garrick A. Hollander, Esq., at
Winthrop Couchot Professional Corporation, counsel for the Debtors,
joint administration will increase efficiency as the Debtors will
no longer be required to review and separately respond to similar
motions, disclosure statements, and other papers that would
otherwise be filed in the separate cases. He added that joint
administration will potentially save the Debtors' estates thousands
of dollars in administrative fees and costs, as well as save the
Court numerous hours in setting and hearing matters and in
reviewing two separate sets of virtually identical pleadings.
Mr. Hollander said the creditors of each member of the Debtors
stand to benefit from the increased efficiency of administration
anticipated through joint administration because they will not be
required to review and separately respond to substantially similar
motions, disclosure statements, and other pleadings that would
otherwise be filed in separate cases.
The Debtors propose that they be jointly liable for administrative
professional fees and expenses. All fees and expenses would be
charged to the main case and only one joint fee application need be
filed by any professional.
About Metropolitan Automotive
Metropolitan Automotive Warehouse, Inc. filed a Chapter 11
bankruptcy petition (Bankr. C.D. Calif. Case No. 16-10096) on
Jan. 6, 2016. The petition was signed by Ron Turner as president.
The Debtor has estimated assets in the range $10 million to $50
million and estimated liabilities of $50 million to $100 million.
Winthrop Couchot Professional Corporation serves as the Debtor's
counsel. Judge Wayne E. Johnson has been assigned the case.
Metropolitan Automotive Wholesale, Inc. is a family-owned Southern
California-based business, distributing automotive aftermarket
parts for the last 60 years, with operations in Southern California
and Central California. The Debtor distributes aftermarket
automotive parts to retail stores and also sells to and fulfills
orders for various e-commerce customers.
Star Auto Parts, Inc., a wholly-owned subsidiary of the Debtor, is
a Southern California based retailer of aftermarket parts. Star
sells aftermarket automotive parts directly to repair facilities
also known as the "Do-it-for-Me" channel, end users, also known as
the "Do-it-Yourself" channel, and businesses which own and operate
vehicle fleets. The Debtors employ approximately 1,000 persons.
METROPOLITAN AUTOMOTIVE: Wants to Use Bank of West Cash Collateral
------------------------------------------------------------------
Metropolitan Automotive Warehouse, Inc., seeks authority from the
Bankruptcy Court to use any cash collateral of any secured
claimants, including but not limited to any cash collateral of Bank
of West, and to grant to the Bank post-petition replacement liens
as adequate protection.
The Debtors employ approximately 1,000 employees in its $250
million business. The Debtors said immediate use of cash
collateral is vital to the sustenance of their business and going
concern value.
According to the Debtors, the Bank supports their proposed
immediate use of cash collateral. Moreover, the Office of the
United States Trustee supports that cash collateral and related
motions be heard on as shortened time as possible.
Bank of West is the Debtors' primary secured creditor. The Bank is
also the only creditor that holds lien rights against the Debtors'
"cash collateral" as that term is defined in Section 363(a) of the
Bankruptcy Code. Currently, the Debtors owe the Bank approximately
$24 million pursuant to a line of credit.
The Debtors will provide to the Bank all monthly operating reports
required to be submitted to the Office of the United States
Trustee, and monthly cash flow reports, broken down by the expense
line items contained in the budget, within 25 days after the end of
each monthly period after the Petition Date.
About Metropolitan Automotive
Metropolitan Automotive Warehouse, Inc. filed a Chapter 11
bankruptcy petition (Bankr. C.D. Calif. Case No. 16-10096) on
Jan. 6, 2016. The petition was signed by Ron Turner as president.
The Debtor has estimated assets in the range $10 million to $50
million and estimated liabilities of $50 million to $100 million.
Winthrop Couchot Professional Corporation serves as the Debtor's
counsel. Judge Wayne E. Johnson has been assigned the case.
Metropolitan Automotive Wholesale, Inc. is a family-owned Southern
California-based business, distributing automotive aftermarket
parts for the last 60 years, with operations in Southern California
and Central California. The Debtor distributes aftermarket
automotive parts to retail stores and also sells to and fulfills
orders for various e-commerce customers.
Star Auto Parts, Inc., a wholly-owned subsidiary of the Debtor, is
a Southern California based retailer of aftermarket parts. Star
sells aftermarket automotive parts directly to repair facilities
also known as the "Do-it-for-Me" channel, end users, also known as
the "Do-it-Yourself" channel, and businesses which own and operate
vehicle fleets. The Debtors employ approximately 1,000 persons.
MOHAVE AGRARIAN: Sec. 341 Meeting to Be Continued on Feb. 11
------------------------------------------------------------
The meeting of creditors in the bankruptcy case of Mohave Agrarian
Group, LLC, will be continued on Feb. 11, 2016, at 12:00 p.m. at
341s - Foley Building, Room 1500.
As reported by the Troubled Company Reporter on Jan. 7, 2016, the
meeting will be held on Feb. 4, 2016, at 4:00 p.m. at 341s - Foley
Building, Room 1500. Creditors have until May 4, 2016, to file
their proofs of claim.
The Company has until Jan. 19, 2016, to submit its summary of
assets and liabilities and statement of financial affairs.
The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Nev. Case No. 16-10025) on Jan. 5, 2016, estimating its assets at
between $10 million and $50 million and its liabilities at between
$1 million and $10 million. The petition was signed by James M.
Rhodes as president of Truckee Springs Holdings, Inc., manager of
Mohave Agrarian. Fox Rothschild LLP represents the Debtor as
counsel. Judge Mike K. Nakagawa has been assigned the case.
Petra Tantcheva at Bankrupt Company News relates that along with a
few government and state agencies, the creditor matrix includes
Bruno, Brooks & Goldberg, PC, Chesterfield Faring, Ltd.; Contrail
Holdings, LLC and Snell & Wilmer, LLP.
About Mohave Agrarian
Headquartered in Las Vegas, Nevada, Mohave Agrarian Group, LLC, is
a privately-held company founded in January 2014.
MOHAVE AGRARIAN: Section 341 Meeting Moved to Feb. 11
-----------------------------------------------------
The 11 U.S.C. Sec. 341(a) meeting of creditors Mohave Agrarian
Group, LLC, originally scheduled for Feb. 4, 2016, at 4:00 p.m. has
been continued to Feb. 11, 2016, at 12:00 p.m., in the Foley
Federal Building, 300 Las Vegas Boulevard South, Room 1500, Las
Vegas, Nevada.
About Mohave Agrarian
Mohave Agrarian Group, LLC filed a Chapter 11 bankruptcy petition
(Bankr. D. Nev. Case No. 16-10025) on Jan. 5, 2016. The petition
was signed by James M. Rhodes as president of Truckee Springs
Holdings, Inc., manager of Mohave Agrarian. The Debtor has
estimated assets of $10 million to $50 million and liabilities of
at least $1 million. Fox Rothschild LLP represents the Debtor as
counsel. Judge Mike K. Nakagawa has been assigned the case.
NCI BUILDING: Moody's Affirms B1 CFR & Changes Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service changed NCI Building Systems, Inc.'s
outlook to stable from negative. The rating action was driven by
improved performance resulting in better credit metrics. In a
related action, Moody's also affirmed all of NCI's ratings,
including its B1 Corporate Family Rating.
Affirmations:
Issuer: NCI Building Systems, Inc.
Probability of Default Rating, Affirmed B1-PD
Corporate Family Rating (Local Currency), Affirmed B1
Senior Secured Term Loan, Affirmed Ba3 (LGD3)
Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5)
Outlook Actions:
Outlook, Changed To Stable From Negative
RATINGS RATIONALE
The change in NCI's outlook to stable from negative results from
improved operating performance, resulting in better key credit
metrics. NCI ended FY 2015 with adjusted debt/EBITDA at 3.6x,
steadily decreasing from a pro forma level of 5.9x after the $250
million note offering used to finance the acquisition of CENTRIA in
January 2015. (All our calculations include Moody's standard
adjustments). Also a part of the improved operating performance
during the last 12-18 months, NCI had meaningful increases in both
sales and margins despite less than stellar performance of the
non-residential construction sector. Moody's expects NCI to
continue recording positive developments during our time horizon if
the company is able to execute on its key initiatives of commercial
discipline, competent supply chain management and operational
efficiencies.
The B1 corporate family rating also reflects NCI's leverage levels,
along with their higher interest burden since the acquisition of
CENTRIA. The rating also considers NCI's close correlation with
the behavior of the non-residential construction sector, from which
the company derives most of its earnings. Although the
non-residential construction sector underperformed during 2015,
Moody's expects this sector to gain momentum during 2016 and
experience low to mid-single digit growth during our time horizon.
Moody's anticipates NCI being able to benefit from this
macroeconomic improvement.
The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.
WHAT COULD CHANGE RATINGS UP/DOWN
Improvements in NCI's operating performance so that 1) adjusted
EBITA margins are maintained above 5.0%; 2) adjusted
EBITA-to-interest expense is sustained above 3.0x; and 3) adjusted
debt-to-EBITDA is held below 4.0x, would all have a positive impact
on our assessment of NCI's rating. Additionally, since private
equity owned companies typically do not achieve Ba rating status,
if NCI is able to resolve its ultimate ownership, this would be
considered as a positive credit condition for the company.
Alternatively, if NCI 1) reports operating losses on a trailing
12-month basis; 2) generates adjusted EBITA to-interest expense
below 1.0x; or 3) keeps its adjusted debt-to-EBITDA above 5.5x,
negative rating action will be considered. Recording negative
adjusted free cash flows, making acquisitions through material
indebtedness increases, or a worsening of conditions in the
non-residential construction sector could also place downward
pressure on NCI's rating.
Corporate Profile:
Headquartered in Houston, Texas, NCI Building Systems, Inc. is one
of the largest integrated manufacturers of metal products for the
non-residential building industry in North America. During FY
2015, NCI generated $1.6 billion of revenue and $139 million of
Moody's adjusted EBITDA. These figures include the contributions
of CENTRIA, acquired in January 2015. Clayton, Dubilier & Rice
("CD&R"), through its investment funds, owns approximately 57% of
NCI as of December 2015.
NEIGHBORHOOD BANK: Online Auction of Vacant Lot Begins Jan. 19
--------------------------------------------------------------
Tranzon LLC will conduct an online auction for a roughly 0.81 acre
commercial development land located at State Highway 100 East, Palm
Coast, FL 32137.
Bidding opens Jan. 19, 2016 at 9:00 a.m. ET and closes Jan. 26,
2016, at 11:00 a.m. ET.
For more information, contact:
TRANZON DRIGGERS
Rick Eberhart
1 NE 1st Ave., Ste 304
Ocala, FL 34470
Tel: 877-374-4437
E-mail: reberhart@tranzon.com
This vacant parcel is one of the last remaining assets of a bank
holding company to be sold to complete a court ordered liquidation.
The property is located on the north side of a 4 lane highway less
than two miles from the Atlantic Ocean at Flagler Beach. In close
proximity to the site is a multi-family development and retail
development including a Publix shopping center.
This property is owned by Neighborhood Bank Corporation. On Feb.
5, 2015, Neighborhood Bank Corporation filed a petition in the
Circuit Court of the Seventh Judicial Circuit in Putnam County,
Fla., commencing an assignment for the benefit of creditors
pursuant to chapter 727.111, Florida Statutes. The case number is
15-000057-CA. The Assignee is:
Robert Altman, Esq.
5256 Silver Lake Dr.
Palatka, FL 32177
Telephone: (386) 325-4691
and Mr. Altman's is represented by:
Allan E. Wulbern, Esq.
SMITH HULSEY BUSEY
225 Water St., Suite 1800
Jacksonville, FL 32202
Telephone: (904) 359-7814
E-mail: awulbern@smithhulsey.com
NEW YORK CRANE: Court Directs Joint Administration of Cases
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
entered an order directing the joint administration of the
bankruptcy cases of New York Crane & Equipment Corp., et al., under
the Lead Case 16-40043 - New York Crane & Equipment Corp. with
Member Cases: 16-40044 - J.F. Lomma, Inc. (De.), 16-40045 - J.F.
Lomma, Inc. (N.J.), 16-40048 - James F. Lomma.
The Debtors sought joint administration of their cases to obviate
the need for duplicative notices, applications and orders
throughout the proceedings, thereby saving unnecessary time and
expenses. According to the Debtors, the Court will also be
relieved by the burden of making duplicate orders and keeping
duplicate files. Further, the Debtors said, supervision of the
administrative aspects of the Chapter 11 cases by the Office of the
United States Trustee will be streamlined.
For ease of review, however, each of the Debtors will file its own
separate monthly operating report, which will be filed in the Lead
Case. Each of the Debtors will also pay separate quarterly fees.
About New York Crane
New York Crane & Equipment Corp., J.F. Lomma, Inc. (De.), J.F.
Lomma, Inc. (N.J.), and James F. Lomma filed Chapter 11 bankruptcy
petitions (Bankr. E.D.N.Y. Case Nos. 16-40043, 16-40044, 16-40045
and 16-40048, respectively. The petitions were signed by James F.
Lomma as president. New York Crane & Equipment disclosed total
assets of $9.8 million and total debts of $22.05 million. Goldberg
Weprin Finkel Goldstein LLP serves as the Debtors' counsel. Judge
Carla E. Craig presides over the cases.
NEW YORK CRANE: Section 341 Meeting Scheduled for Feb. 12
---------------------------------------------------------
A meeting of creditors in the bankruptcy case of New York Crane &
Equipment Corp. will be held on Feb. 12, 2016, at 10:00 a.m. at
Room 2579, 271-C Cadman Plaza East, Brooklyn, New York.
This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.
All creditors are invited, but not required, to attend. This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.
About New York Crane
New York Crane & Equipment Corp., J.F. Lomma, Inc. (De.), J.F.
Lomma, Inc. (N.J.), and James F. Lomma filed Chapter 11 bankruptcy
petitions (Bankr. E.D.N.Y. Case Nos. 16-40043, 16-40044, 16-40045
and 16-40048, respectively. The petitions were signed by James F.
Lomma as president. New York Crane & Equipment disclosed total
assets of $9.8 million and total debts of $22.05 million. Goldberg
Weprin Finkel Goldstein LLP serves as the Debtors' counsel. Judge
Carla E. Craig presides over the cases.
ONE SOURCE INDUSTRIAL: Closed Financing, Sale Transactions
----------------------------------------------------------
SSG Capital Advisors, LLC acted as the investment banker to the One
Source companies on refinancing its working capital facility with
Briar Capital L.P. and the sale of its membership interests in
multiple business divisions to Dynamic Holdings, LLC. The
transactions closed in October and November 2015, respectively.
One Source provides well site and related services to blue chip
customers throughout the Permian Basin, Barnett Shale, and the
Houston Ship Channel. The Company's services include crude hauling,
well site, equipment rental and transportation, and environmental,
construction, and roustabout services.
Plunging oil prices in late 2014 exerted tremendous pressure on
companies in the oil and gas energy sector with oilfield service
companies taking one of the biggest hits. Oilfield service
companies were squeezed by larger exploration and production
companies that were focused on cutting costs and improving cash
flow. The industry decline coupled with One Source's significant
debt burden led to certain entities of the Company filing for
Chapter 11 in December 2014 and January 2015. One Source engaged
SSG to evaluate strategic alternatives to help restructure the
Company.
The Company's pre-petition lender initially continued to support
its factoring agreement with One Source. However, in order to
reduce its portfolio exposure to energy companies, the lender
significantly modified the terms of the factoring agreement which
ultimately led the Company to seek an alternate source of
financing. SSG contacted a wide range of potential lenders to
discuss a new financing facility. While several parties submitted
competitive offers, the term sheet from Briar was determined to be
the best solution. SSG's experience in identifying lenders and
running an expedited financing process enabled the Company to
preserve liquidity. The transaction closed in October 2015.
In addition to replacing its lender, some of the alternatives
considered by One Source and SSG included marketing non-core assets
and business units for sale, implementing operational initiatives,
and ultimately restructuring the Company around core businesses.
While management believed that they had derived a configuration for
the businesses which would allow for them to operate on a
profitable basis, the cyclical nature of the businesses and time
required to implement the plan made a standalone restructuring
impossible.
One Source and its advisors concluded that the best option was to
sell the Company's membership interests in its core business units
to Dynamic, a group of managers who presented an offer to assume
all the outstanding liabilities connected with the purchased assets
and provide additional cash to the estate. The sale enabled One
Source to maximize value while preserving a significant number of
jobs and maintaining the loyalty of its customer base. The
transaction closed in November 2015.
Other professionals who worked on the transaction include:
* Jay H. Krasoff -- jkrasoff@chironfinance.com -- of Chiron
Financial Group, Inc., co-investment banker to the One
Source companies;
* J. Robert Forshey -- bforshey@forsheyprostok.com -- and
Suzanne K. Rosen -- srosen@forsheyprostok.com -- of
ForsheyProstok, L.L.P., bankruptcy counsel to the One
Source companies;
* Gordon W. Hall -- ghall@hall-stephen.com -- of Hall &
Stephen, P.C., corporate counsel to the One Source
companies;
* John P. Boylan and Roy W. Jageman of EJC Ventures, L.P.,
financial consultants to the One Source companies:
John P Boylan, CPA, President
Roy W. Jageman
EJC VENTURES LP
PO Box 27086
Houston, TX 77227-7086
Tel: (713) 816-0440
E-mail: john_p_boylan@yahoo.com
* Lynnette R. Warman -- lwarman@culhanemeadows.com -- of
Culhane Meadows, PLLC, counsel to the Official Committee
of Unsecured Creditors.
SSG Capital Advisors is an independent boutique investment bank
that assists middle-market companies and their stakeholders in
completing special situation transactions. We provide our clients
with comprehensive investment banking services in the areas of
mergers and acquisitions, private placements, financial
restructurings, valuations, litigation and strategic advisory. SSG
has a proven track record of closing over 300 transactions in North
America and Europe and is a leader in the industry.
To contact SSG:
Mark E. Chesen
Managing Director
Five Tower Bridge, Suite 420
300 Barr Harbor Drive
West Conshohocken, PA 19428
E-mail: mchesen@ssgca.com
Tel: (610) 940-5801
Neil Gupta
Vice President
Five Tower Bridge, Suite 420
300 Barr Harbor Drive
West Conshohocken, PA 19428
E-mail: ngupta@ssgca.com
Tel: (610) 940-2663
Brian Martin
Associate
Five Tower Bridge, Suite 420
300 Barr Harbor Drive
West Conshohocken, PA 19428
E-mail: bmartin@ssgca.com
Tel: (610) 940-1072
About One Source Industrial
One Source Industrial Holdings, LLC, and One Source Industrial LLC
are both limited liability companies that are part of a corporate
family of affiliated companies.
One Source Industrial Holdings holds equipment utilized by various
related entities which provide rental equipment and industrial
services to businesses in the oil and gas, refining, manufacturing,
pipeline, shipping, and construction industries. The types of
equipment possessed by One Source include, e.g., hazardous material
transportation vehicles, frac tanks, tank trailers, barrel mix tank
and vacuum tankers, air machines, and waste and other industrial
boxes and tanks. Industrial provides executive management,
accounting, and overhead services for Holdings.
One Source Holdings sought Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 14-44996) in Ft. Worth, Texas, on Dec. 16, 2014.
One Industrial sought Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 15-400038) on Jan. 4, 2015.
On Jan. 9, 2015, the Court approved the joint administration of the
Debtors' cases for procedural purposes only.
Holdings' case is assigned to Judge Russell F. Nelms.
The Debtors each estimated $10 million to $50 million in assets and
debt.
The Debtors are represented by J. Robert Forshey, Esq., and Suzanne
K. Rosen, Esq., at Forshey & Prostok, LLP, in Ft. Worth, Texas.
Lynnette R. Warman of Culhane Meadows, PLLC, serves as counsel to
the Official Committee of Unsecured Creditors.
PATTERSON PARK: Fitch Affirms 'BB+' Rating on $12.3MM Bonds
-----------------------------------------------------------
Fitch Ratings affirms the 'BB+' rating on $12.3 million of
outstanding series 2010A and B bonds issued by the Maryland Health
and Higher Educational Facilities Authority (MHHEFA) on behalf of
the Patterson Park Public Charter School (PPPCS).
The Rating Outlook is Stable.
SECURITY
The bonds are a general obligation of PPPCS, secured by a first
mortgage on the school's facilities. A cash-funded debt service
reserve (DSR) provides further security.
KEY RATING DRIVERS
FINANCIAL METRICS DRIVE RATING: Operating and liquidity metrics for
PPPCS are considered speculative grade per Fitch's charter school
rating criteria. PPPCS' operating results are typically below or
close to break-even on a GAAP basis.
ADEQUATE DEBT SERVICE COVERAGE: PPPCS has demonstrated consistent
coverage of transaction maximum annual debt service (TMADS) at or
above the covenanted 1.1x. Fiscal 2014 coverage was 1.2x, and
fiscal 2015 coverage is expected to be similar. PPPCS benefits from
strong demand and stable enrollment, which supports the school's
primary revenue-driver, per pupil funding.
LIMITED BALANCE SHEET FLEXIBILITY: PPPCS has stable but weak
balance sheet ratios, consistent with the rating category and
typical of the sector, that limit flexibility to manage budget
fluctuations. An additional factor is union contracts for its
teachers.
RATING SENSITIVITIES
MARGIN DETERIORATION: A decline in Patterson Park Public Charter
Schools' operating margin that causes Transactional MADS coverage
to fall below 1.1x, or causes significant depletion of available
funds (defined by Fitch as cash and investments not permanently
restricted), would result in a negative rating action.
STANDARD SECTOR CONCERNS: A limited financial cushion; substantial
reliance on enrollment-driven, per pupil funding; and charter
renewal risk are credit concerns common among all charter school
transactions that, if pressured, could negatively impact the
rating.
CREDIT PROFILE
PPPCS opened in 2005 in a former Catholic school located just north
of Patterson Park in Baltimore, MD. PPPCS expanded its facilities
in fall 2011. Since receiving an initial three-year charter in
2005, PPPCS has received two five-year charter renewals from
Baltimore City Public Schools (BCPS). The most recent five-year
renewal extends the charter to June, 2018.
Enrollment in this PreK-8 charter school is stable with solid
demand. For fall 2015, enrollment was 686 students, up from 673 in
fall 2013. About 20% of students are K or Pre-K. The school is
located in southeastern Baltimore and has a curriculum that
emphasizes diversity and a thematic, experiential learning
approach. Management reports that the school is in good standing
under its charter and has a positive working relationship with the
authorizer, BCPS.
SPECULATIVE GRADE OPERATIONS AND BALANCE SHEET METRICS
The 'BB+' rating reflects weak balance sheet ratios, which are
consistent with the rating category. Available funds (AF), defined
by Fitch as cash and investments not permanently restricted,
reached $1.46 million at June 30, 2014, an increase from $1.1
million in fiscal 2013. Unaudited fiscal 2015 AF is expected to be
similar. This resource level represented only 17% of fiscal 2014
operating expenses and 12% of outstanding debt. AF provides only
limited budgetary cushion.
Operating margins on a full accrual basis have been break-even or
slightly negative in recent years. The fiscal 2014 net operating
deficit was $208,000, an operating margin of negative 2.5%. The
fiscal 2015 operating results are expected to be very similar. The
primary driver of the slim GAAP results is depreciation and
interest expense associated with the series 2010 bond-financed
facility expansion.
The school reports that the fiscal 2016 budget is balanced and
operating results should be comparable to both fiscal 2014 and
preliminary fiscal 2015. Management budgets to meet or slightly
exceed the 1.1x coverage covenant. As a result, GAAP performance is
expected to remain below break-even for the near term. PPPCS has
limited control on increases in operating expenses (mainly salaries
and benefits), which are mandated by BCPS union contracts.
ADEQUATE DEBT SERVICE COVERAGE
PPPCS' budgets generate adequate coverage of the school's TMADS
obligation. TMADS is MADS excluding a planned double payment in the
final amortization year ($942,762 for the series 2010 bonds). The
fixed rate debt service structure is level. PPPCS generated 1.18x
TMADS coverage in fiscal 2014, and expects to have a similar level
in fiscal 2015 based on preliminary financial results. The TMADS
obligation represented a high 11.5% of fiscal 2014 operating
revenues; debt burden for fiscal 2015 is expected to be similar.
Bond covenants include a 1.1x minimum MADS coverage ratio and a
requirement for cash and investments to be at least 7% of total
operating expenses. Per the school's fiscal 2013 and 2014
disclosure, both of these covenants were met; the same is expected
for fiscal 2015. Bond documents also require quarterly funding of a
renewal and replacement fund up to $200,000 over time; at June 30,
2014, the R&R fund held $86,000; the balance at June 30, 2015
(unaudited) was similar.
SOLID DEMAND AND STABLE ENROLLMENT
Like most charter schools, PPPCS is heavily reliant on per pupil
funding to support its annual operating budget, primarily from per
pupil funding through the Baltimore City Public Schools.
Student-generated revenues typically provide more than 92% of
operating revenues. Given the concentrated revenue stream,
maintaining stable enrollment and balance sheet reserves over time
are important credit factors.
PPPCS has modestly increased enrollment in recent years, well past
the originally anticipated 585 students. Enrollment was 686 in fall
2015, up from 682 in fall 2014 and 673 in fall 2013. Management
indicates that about 35 additional K-8 students could be added
under the existing charter cap, which allows enrollment of up to
675 K-8 students. This gap provides some demand and budget
flexibility, as the school has no facility constraints. School
management has no plans to request a higher enrollment cap from its
authorizer.
BUDGET CONSTRAINTS
Per pupil funding (PPF) is the school's largest revenue source.
Actual PPF for fiscal 2016 is $9,387, down slightly from $9,556 in
fiscal 2015 and $9,450 in fiscal 2014. The fiscal 2017 funding
level is not yet available. Over time, PPF for PPPCS tends to be
flat or increase modestly.
PPPCS' expense flexibility is more limited than many charter
schools because its instructional faculty, employed by BCPS, is
unionized. PPPCS must fund any negotiated pay/benefit increases,
even if the annual PPF amount is not adjusted to accommodate such
increases. That is again the situation for fiscal 2016, with salary
increases of 4.7% and benefit increases of 7.1%, but a slight
decline in the PPF amount.
The current three-year BCPS contract was negotiated effective for
fiscal 2014, 2015 and 2016, and included annual teacher bonus, wage
increases and step increase. As salaries and benefits typically
comprise the majority of operating expenses, Fitch views this as a
significant limitation. PPPCS's budgets are consistently tight.
Additionally, Baltimore charter schools, including PPPCS, are
required to pay a portion of BCPS debt service, even if a school is
not located in BCPS facilities. For PPPCS, who owns its own
facility, management reports this is about $200,000 per year.
Positively, however, PPPCS does not have teacher pension expense
(that is a liability and expense of the city).
PPPCS' relative budgetary stability benefits from solid expense
management, as well as strong demand. For fall 2015, PPPCS received
163 applications for 46 pre-kindergarten openings and 163
applications for 96 kindergarten openings. Retention is quite
strong, and very few new grade 1-8 students are admitted (only six
students in fall 2015).
The school does not carry or draw from wait lists during the
academic year. The strong retention and very selective admissions
indicate strong family satisfaction with the academic program.
PGT INC: Moody's Affirms B2 CFR, Outlook Stable
-----------------------------------------------
Moody's Investors Service affirmed PGT, Inc.'s B2 Corporate Family
Rating, B3-PD Probability of Default Rating, and assigned B2
ratings to the company's proposed $310 million senior secured term
loan due 2023 and $40 million senior secured revolving credit
facility due 2021 (together "the $350 million senior secured credit
facility"). Concurrently, Moody's affirmed PGT's Speculative-Grade
Liquidity ("SGL") rating of SGL-2. The rating outlook remained
stable.
The proceeds from the $350 million senior secured credit facility
are being used to refinance the company's current $235 million
senior secured credit facility and fund the acquisition of WinDoor
Inc. WinDoor is a manufacturer of impact resistant doors and
windows primarily serving the Florida market. This transaction
will increase PGT's debt to EBITDA ratio to 4.5x from 3.2x,
however, this currently is still an acceptable level of debt
leverage for the B2 rating category. Nevertheless, if PGT
continues to use debt as an acquisition financing method on an
ongoing basis and increases its debt leverage beyond 5.0x, Moody's
could downgrade the company's ratings or change the outlook to
negative. The ratings on the existing credit facility will be
withdrawn at the close of the transaction.
These ratings were affirmed:
Corporate Family Rating, affirmed B2;
Probability of Default Rating, affirmed B3-PD;
Speculative-Grade Liquidity Rating, affirmed SGL-2.
These ratings were assigned (the ratings are subject to the
completion of the transaction and Moody's review of final
documentation):
$40 million Senior Secured Revolving Credit Facility due 2021,
assigned B2 (LGD3);
$310 million Senior Secured Term Loan due 2023, assigned B2
(LGD3);
Rating outlook remains stable;
The ratings on the existing credit facility will be withdrawn at
the close of the transaction.
RATINGS RATIONALE
The B2 Corporate Family Rating is predicated on the fact that PGT's
customer base is heavily concentrated in Florida's coastal areas
and the company's product line is focused on impact resistant
windows and doors. This outsized exposure to Florida's housing
market implies a credit risk; should housing or remodeling demand
in the state suffer a downturn, PGT's sales would be severely
impacted. In Moody's view, PGT's options for expanding its niche
product line are hindered because it would have difficulty
competing with national window and door manufacturers given the
size, scale, and product penetration of national players outside of
PGT's core markets and product categories. PGT's products require
made-to-order specifications, making economies of scale challenging
to achieve. Additionally, the B2 Corporate Family Rating considers
the company's acquisitive growth strategy that tends to be debt
financed. The acquisition of WinDoor provides evidence of this as
the transaction will increase PGT's debt to EBITDA ratio by over a
full turn from 3.2x to 4.5x pro forma as of 3Q 2015.
At the same time, the B2 Corporate Family Rating acknowledges that
many of PGT's credit metrics, besides debt leverage, remain
attractive. The company's customizable, niche product gives PGT
the highest margins among its rated peers. Gross and EBITA margins
were 31.0% and 14.0% for the twelve months trailing October 3,
2015. Similarly, EBITA interest coverage remains high at 4.3x for
the same time period. Moody's projects that over the next 12 to 18
months gross margin will be 32% to 34%, EBITA margin will be 15.5%
to 17%, and EBITA interest coverage will be 4.0x to 5.0x.
Additionally, PGT's ability to deleverage following this
transaction eases some of the credit risks associated with the debt
issuance. Moody's projects the company to generate $32 million and
$45 million in free cash flow in 2016 and 2017, respectively. This
would allow PGT to reduce the outstanding balance of its term loan
and suggests revolver usage will remain intra-quarter. Even with a
constant level of debt, Moody's projected EBITDA growth from a 2015
pro forma level of $70 million to $103 million in 2017 would
provide additional deleveraging. PGT's credit profile also benefits
from the company's intimacy with Florida building codes, allowing
its products to match changes in standards quicker than
competitors.
The stable outlook reflects Moody's view that the company's credit
metrics will remain at acceptable levels for the current rating
category.
The ratings could be downgraded if PGT is unable to maintain its
current credit metrics. Specifically, the rating would be lowered
if the company continues to engage in debt financed acquisitions or
shareholder friendly activities that would increase its debt to
EBITDA ratio beyond 5.0x. Further, any material deterioration in
the company's liquidity profile could cause concern and prompt a
downgrade.
The ratings could be upgraded once the company has expanded its
geographic reach and product mix. Additionally, an improvement in
credit metrics from current levels will be considered.
The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.
PGT, Inc. is a U.S. manufacturer and supplier of residential impact
resistant doors in primarily the coastal Florida market. The
revenues for the trailing twelve months ended Oct. 3, 2015, were
$382 million.
PHARMEDIUM HEALTHCARE: S&P Hikes CCR From 'B' Then Withdraws Rating
-------------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on PharMEDium Healthcare Corp. to 'BBB+' from 'B'. At the
same time, S&P removed all its ratings on PharMEDium from
CreditWatch, where it placed them with positive implications on
Oct. 7, 2105. The outlook is stable.
S&P subsequently withdrew all the ratings, including the corporate
credit rating.
S&P's upgrade on PharMEDium reflects the company's acquisition by
AmerisourceBergen (A-/Stable/A-2). "Given our view that PharMEDium
is a 'highly strategic' [as our criteria define the term]
subsidiary of AmerisourceBergen, we raised our corporate credit
rating on PhaMEDium to one notch below new parent
AmerisourceBergen, with the view that the company will support
PharMEDium in almost all circumstances," said Standard & Poor's
credit analyst Arthur Wong.
PINETREE CAPITAL: Cures Events of Default
-----------------------------------------
Pinetree Capital Ltd. has cured the "Event of Default" that
resulted from its October 2014 breach of a debt covenant contained
in the indenture governing the company's 10% Convertible Secured
Debentures maturing May 31, 2016. Pinetree's debt-to-assets ratio
was below 33% as at October 31, 2015 in compliance with the
Covenant.
The effect of the cure is that the holders of the Debentures (the
"Debentureholders") no longer have any rights or remedies in
respect of the Event of Default, including the right to immediately
demand repayment of the principal amount of the Debentures.
Furthermore, the company is no longer subject to the forbearance
agreement that it entered into with the Debentureholders in
February 2015 in connection with the Event of Default, all of the
terms and conditions of which were complied with by Pinetree during
the forbearance period.
With the expiration of the forbearance period on October 31st, the
Investment Oversight Committee of the board of directors was
dissolved in accordance with its mandate and Dennis Logan, Andrew
Steuter and John Varghese, the Debentureholder nominees to the
company's board of directors, will be resigning effective November
9, 2015.
The company is also no longer required to continue the monthly
disclosure of its net asset value per share (NAV), which it will
cease doing following the October NAV disclosure. As Pinetree's
private company investments have become a more significant part of
the company's portfolio by fair value, monthly NAV calculations are
less meaningful. The company will continue to disclose quarterly
NAV along with its financial results.
"We've worked responsibly and diligently over the course of the
last eight months to ensure that Pinetree remained on-side of the
commitments made to debt holders in February, when we undertook
this process", said Richard Patricio, Pinetree's Chief Executive
Officer. "Our task was certainly not made easier by the
challenging valuations in the junior resource and tech spaces that
persisted throughout the year. I am quite proud of the Pinetree
team and of what we have accomplished in a relatively brief and
certainly challenging period of time. With our debt level reduced
from $54.8 million to $9.7 million and our return to being in
compliance with our covenants, we can focus more completely on
growing the portfolio."
About Pinetree
Pinetree is a diversified investment and merchant banking firm
focused on the small cap market, with early stage investments in
resource, biotechnology and technology companies. Pinetree's
shares are listed on the Toronto Stock Exchange ("TSX") under the
symbol "PNP".
PRESIDIO HOLDINGS: Netech Plans No Impact on Moody's B2 CFR
-----------------------------------------------------------
Moody's Investors Service says that Presidio Holdings Inc.'s
announcement that it will acquire value-added solutions provider
Netech will not affect the company's B2 corporate family rating or
the B2-PD probability of default rating.
PRINCE INTERNATIONAL: Moody's Lowers CFR to Caa1, Outlook Negative
------------------------------------------------------------------
Moody's Investors Service downgraded Prince International
Corporation's (Prince Mineral Holding Corp.) corporate family
rating to Caa1 from B3, its probability of default rating to
Caa1-PD from B3-PD and its senior secured note rating to Caa2 from
Caa1. The ratings downgrades reflect the recent deterioration in
Prince International's operating results and credit metrics and the
expectation this will persist in the near term due to continued
weakness in the upstream energy sector. The ratings outlook is
negative.
These actions were taken:
Downgrades:
Corporate family rating, downgraded to Caa1 from B3;
Probability of default rating, downgraded to Caa1-PD from B3-PD;
$285 Million Senior Secured Notes due 2019, downgraded to Caa2
(LGD4) from Caa1 (LGD4)
Outlook Actions:
Outlook, Remains Negative
RATINGS RATIONALE
Prince International's Caa1 corporate family rating reflects its
small size, elevated leverage, weak interest coverage, inconsistent
free cash flow generation and significant exposure to the cyclical
oil & gas and steel sectors. The rating also reflects the
company's acquisitive history and the likelihood of further
acquisitions, which could limit future deleveraging. These factors
are somewhat balanced by the company's above average margins
relative to other steel and energy sector distributors, long-term
relationships with large and well-established customers and the
diverse mix of products distributed by the company.
Prince's operating results have deteriorated materially in 2015 due
to the impact of the significant decline in oil & gas drilling
activity on its Energy segment, the loss of a supply agreement and
weakness in the foundry, refractory and steel sectors in its
Americas segment and the impact of unfavorable foreign exchange
rate movements on its International segment. The company's
revenues have declined by about 20% and its adjusted EBITDA by
about 40% during the first nine months of 2015. As a result, the
company's credit metrics have deteriorated substantially with its
leverage ratio (Debt/EBITDA) rising to about 7.0x and its interest
coverage ratio (EBITA/Interest Expense) declining to 0.8x as of
September 2015.
Moody's expects the weak trends in Prince International's business
to persist in the near term as oil and natural gas prices are
expected to improve only modestly over the next 12 to 18 months and
the steel sector remains under intense competitive pressure. This
will be somewhat tempered by the company's focus on cost cutting
initiatives. However, Moody's still expects Prince's operating
results to remain under pressure in 2016. Prince's credit metrics
will remain weak until it is able to grow its operating earnings
since its ability to deleverage is limited by its low amount of
pre-payable debt ($1 million as of September 2015). It can redeem
its senior secured notes, but would have to pay a substantial make
whole premium (107% of par value) and the notes do not mature until
December 2019.
Prince International has a good liquidity profile and no near-term
debt maturities. The company amended its senior secured
asset-based revolving credit facility in June 2015 and increased
the size of the facility to $85 million from $50 million and
extended the maturity to 2019 from 2017. The facility provides for
up to $65 million in borrowings in the US and $20 million in
Europe. The company had about $10 million of cash, no outstanding
borrowings and about $60 million of borrowing availability as of
September 2015. Prince is likely to use the revolver to support
seasonal and cyclical working capital needs and to fund
acquisitions, but its liquidity should remain adequate.
Prince's outlook could return to stable if the company's liquidity
remains good and its operating results improve substantially
resulting in stronger credit metrics. This would include the
leverage ratio declining below 7.0x and the interest coverage ratio
(EBITA/Interest Expense) rising above 1.0x.
An upgrade is not likely in the near term, but could occur if the
company maintains operating margins of at least 5% and achieves
improved free cash flow and credit metrics. This would include
consistently generating free cash flow, reducing its leverage ratio
below 6.5x and raising its interest coverage above 1.5x.
Negative rating pressure could develop if operating results remain
weak or debt financed acquisitions or shareholder distributions
result in its leverage ratio rising above 8.0x or its interest
coverage ratio remaining below 1.0x. A significant reduction in
borrowing availability or liquidity could also result in a
downgrade.
The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in December 2015.
Prince International Corporation, headquartered in Houston, TX is a
processor and distributor of specialty minerals, raw materials, and
niche industrial additives to customers in a diverse range of
industries including agriculture, construction, glass, appliances,
foundry, refractory, steel and other specialized industries through
its Americas and International segments. Its Energy segment
manufactures and distributes specialty additives and chemicals used
in oilfield drilling and cementing fluids primarily in the United
States and Canada. Prince operates out of 20 facilities located in
the United States, South America, Europe and Africa. The company
generated revenues of $355 million during the twelve months ended
Sept. 30, 2015. The company was formed in 2003 and is owned by
affiliates of Palladium Equity Partners.
RCS CAPITAL: Experts Say Docupace Unlikely to Go Away Anytime Soon
------------------------------------------------------------------
Alessandra Malito at InvestmentNews reports that RCS Capital
Corporation is yet considering what to do with its majority stake
in Docupace. According to the report, experts say the paperless
processing system used by thousands of advisers is unlikely to go
away anytime soon.
QuonWarrene co-founder Neal Quon said that the Company may look to
reposition Docupace, InvestmentNews states.
The systems is too popular to be wound down, InvestmentNews
relates, citing Mr. Quon. The report quoted him as saying, "I
don't think Docupace is going away. It is being used too heavily .
. . . I would probably bet it is one of the more viable assets
left in RCAP's portfolio."
It makes sense if Cetera were to take Docupace with it in its
spinoff, InvestmentNews states, citing Chad Chubb, WealthKeel
founder and adviser who uses Docupace because it is mandatory for
Cetera representatives. According to the report, Docupace has been
the system of choice for Cetera Financial Group, which has 9,500
advisers and is spinning off as its own independent firm.
The report quoted Mr. Cubb as saying, "Any time you invest time
into learning the technology, you don't want to make a change.
That's the only downside if for some reason Cetera would not bring
over Docupace."
About RCS Capital
RCS Capital Corporation (NYSE: RCAP) -- http://www.rcscapital.com
-- is a holding company of Cetera Financial Group.
As reported by the Troubled Company Reporter on Jan. 6, 2016, the
Company intends to file a voluntary petition for a prearranged
Chapter 11 bankruptcy in late January 2016. The Company disclosed
on Jan. 4 that it reached an agreement in principle with certain of
its key stakeholders for a new investment of $150 million and the
restructuring of its debt and capital structure. This agreement,
which is supported by a steering committee of first- and
second-lien lenders representing a majority of the principal amount
outstanding, will allow the Company to restructure its debt and
balance sheet and to focus on its retail advice division, Cetera
Financial Group, one of the nation's leading networks of
independent broker-dealer firms.
RED BARN MOTORS: Ct. Recommends Denial of NextGear's Dismissal Bid
------------------------------------------------------------------
Red Barn Motors, Inc., a car dealership, and Dealer Services
Corporation, had an agreement for the latter to finance Red Barn's
purchase of vehicles at auction. Red Barn alleges that DSC charged
interest and fees before any money was loaned. Red Barn stopped
making payments on its line of credit and DSC began seizing Red
Barn's assets. Red Barn delivered some vehicles to Defendant
Louisiana's First Choice Auto Auction, L.L.C., to sell, but First
Choice delivered the vehicles to DSC. Defendant NextGear Capital,
Inc., is the successor-in-interest to DSC.
Red Barn sued NextGear and First Choice in district court in the
Middle District of Louisiana, alleging state law claims. NextGear
moved to transfer the case to this district and its motion was
granted. Before the case was transferred, however, NextGear had
filed a Motion to Dismiss for Failure to State a Claim and First
Choice filed a Motion to Dismiss for Failure to State a Claim Upon
Which Relief May be Granted, or, Alternatively, Motion to Dismiss
the Individual Plaintiffs and Motion for a More Definite Statement.
Thereafter, Plaintiffs Donald B. Richardson and Barbara A.
Richardson dismissed all of their claims against both Defendants,
leaving the claims by Red Barn. District Judge Tanya Walton Pratt
has referred the two pending motions to the undersigned Magistrate
Judge for a Report and Recommendation.
NextGear moves to dismiss contending that Red Barn lacks standing
to pursue its claims because: (1) it failed to obtain authority to
employ legal counsel from the bankruptcy court, and (2) it did not
specifically and unequivocally reserve the alleged claims against
NextGear in its Amended Plan of Reorganization.
First Choice moves for dismissal for failure to state a claim,
arguing that a claim under Louisiana Additional Default Remedies
Act (ADRA) can only be made against a secured party and it is not a
secured party as defined by that statute. It also argues that the
lawsuit should be dismissed for the reasons advanced by NextGear.
Finally, First Choice contends that if its motion is denied, then
Red Barn should be required pursuant to Rule 12(e) of the Federal
Rules of Civil Procedure to provide a more definite statement
concerning the description and precise quantity of vehicles at
issue.
In a Report and Recommendation dated December 11, 2015, which is
available at http://is.gd/BTXIqgfrom Leagle.com, Magistrate Judge
Denise K. Larue of the United States District Court for the
Southern District of Indiana, Indianapolis Division, recommends
that NextGear's Motion to Dismiss for Failure to State a Claim be
denied and that First Choice's Motion to Dismiss for Failure to
State a Claim Upon Which Relief May be Granted, or, alternatively,
Motion to Dismiss the Individual Plaintiffs and Motion for a More
Definite Statement be denied.
The case is RED BARN MOTORS, INC., Plaintiff, v. LOUISIANA'S FIRST
CHOICE AUTO AUCTION, L.L.C., et al., Defendants, No.
1:14-cv-1589-TWP-DKL.
RED BARN MOTORS, INC., Plaintiff, represented by Cassie E. Felder,
Esq. --cfelder@felderllc.com -- CASSIE FELDER & ASSOCIATES, LLC &
Joshua P. Melder, Esq. -- CASSIE FELDER & ASSOCIATES, LLC.
LOUISIANA'S FIRST CHOICE AUTO AUCTION, L.L.C., Defendant,
represented by Lisa Brener, Esq. -- lbrener@brenerlawfirm.com --
Brener Law Firm, LLC.
NEXTGEAR CAPITAL, INC., as successor-in-interest to Dealer Services
Corporation, Defendant, represented by David J. Jurkiewicz, Esq. --
djurkiewicz@boselaw.com -- BOSE MCKINNEY & EVANS, LLP & Steven D.
Groth, Esq. -- sgroth@boselaw.com -- BOSE MCKINNEY & EVANS, LLP.
REX ENERGY: S&P Lowers CCR to 'CCC-', Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Rex Energy Corp. to 'CCC-' from 'B-'. The outlook
is negative. S&P also lowered the issue-level rating on the
company's senior unsecured notes to 'CC' from 'CCC+'. The recovery
rating on the senior unsecured notes is unchanged at '5', and
indicates "modest" (10%-30%; higher half of the range) recovery if
a default occurs.
The downgrade follows Rex's announcement that it has scheduled a
special meeting of stockholders on Jan. 11, 2016, to gain
authorization and approval to negotiate a transaction with Franklin
Resources Inc., which may involve the issuance of additional equity
or debt securities, or restructuring or refinancing of existing
debt, or a combination of these. Franklin, which holds positions
in the company's senior unsecured debt, is considered an
"interested stockkholder" with more than 15% of the company's
outstanding voting stock. Currently, Delaware corporate law
prohibits Rex from including Franklin in any transaction unless
two-thirds of common shareholders approve such a transaction.
"Although Rex has stated any deal not involving Franklin would be
less effective at achieving its goals, we feel a restructuring or
exchange would still be possible with other potential
counterparties," said Standard & Poor's credit analyst Aaron
Mclean.
S&P would view any transaction as distressed if investors receive
less value than what was promised on the original securities when
the transaction closes. In S&P's opinion, the likelihood that a
potential transaction will qualify as distressed is high based on
current market indicators that include the value of Rex's existing
senior unsecured notes.
The negative outlook reflects the increased likelihood that Rex may
pursue a debt exchange or capital restructuring that S&P views as
distressed and could result in lower ratings on the company and its
debt.
RICK SEEBERGER: Court Dismisses Suit Against BofA, et al.
---------------------------------------------------------
In an Order dated December 16, 2015, which is available at
http://is.gd/6JN5VYfrom Leagle.com, Judge Kathleen Cardone of the
United States District Court for the Western District of Texas, El
Paso Division, granted Bank of America, et al.'s motion to dismiss
the complaint captioned RICK J. SEEBERGER AND SUSAN C. SEEBERGER,
Plaintiffs, v. BANK OF AMERICA, N.A., BAC HOME LOANS SERVICING, LP,
PRLAP, INC., BANK OF AMERICA CORPORATION, VENTURES TRUST 2013
I.H.R., AND BSI FINANCIAL SERVICES, INC., Defendants, VENTURES
TRUST 2013 I.H.R., Counter-Plaintiff, v. RICK J. SEEBERGER AND
SUSAN C. SEEBERGER, Counter-Defendants, No. EP-14-CV-366-KC (W.D.
Tex.).
Rick J. Seeberger, Plaintiff, Pro Se.
Susan C. Seeberger, Plaintiff, Pro Se.
Bank Of America, N.A., Defendant, represented by Gordon O.
Stafford, Jr., Esq. -- gstafford@mcguirewoods.com -- McGuireWoods
LLP & Randall Burton Clark, Esq. -- rclark@mcguirewoods.com --
McGuireWoods LLP.
BAC Home Loans Servicing, LP, Defendant, represented by Gordon O.
Stafford, Jr., McGuireWoods LLP & Randall Burton Clark,
McGuireWoods LLP.
PRLAP, Inc., Defendant, represented by Gordon O. Stafford, Jr.,
McGuireWoods LLP & Randall Burton Clark, McGuireWoods LLP, Corey W.
Haugland, Esq. -- James & Haugland, P.C.
Bank of America Corporation, Defendant, represented by Gordon O.
Stafford, Jr., McGuireWoods LLP & Randall Burton Clark,
McGuireWoods LLP.
Ventures Trust 2013 I.H.R., Defendant, represented by Corey W.
Haugland, James & Haugland, P.C..
BSI Financial Services, Inc., Defendant, represented by Corey W.
Haugland, James & Haugland, P.C..
Ventures Trust 2013 I.H.R., Counter Plaintiff, represented by Corey
W. Haugland, James & Haugland, P.C..
Rick J. Seeberger, Counter Defendant, Pro Se.
Susan C. Seeberger, Counter Defendant, Pro Se.
RIENZI & SONS: Agrees to Participate in Mediation
-------------------------------------------------
Rienzi & Sons, Inc., the Official Committee of Unsecured Creditors,
Alma Bank, and Banco Popolare Societa Cooperativa agreed to
participate in mediation, and consented to Arthur Gonzalez as
mediator.
Mr. Gonzalez will assist the parties in attempting to reach a
mutually acceptable negotiated resolution of the dispute. The
mediation parties consented to share the cost of mediation as: 20%
by Banco Populare; 20% by Alma Bank; 30% by the Debtor; and 30% by
the Committee (with the Committee's share to be paid out of to the
Debtor's estate.
About Rienzi & Sons
Rienzi & Sons filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 15-40926) on March 3, 2015. The petition was
signed by Michael Rienzi as president. The Debtor disclosed
assets of 13,349,383 and total liabilities of $24,965,511.
Vincent J Roldan, Esq., and Michael J. Sheppeard, Esq., at Ballon
Stoll Bader & Nadler P.C., serve as counsel to the Debtor. Judge
Nancy Hershey Lord presides over the Chapter 11 case.
Wayne Greenwald, P.C., represents Alma Bank.
The U.S. Trustee for for Region 2 appointed five creditors to
serve in the Official Committee of Unsecured Creditors. Klestadt
Winters Jureller Southard & Stevens LLP represents the Committee.
SAMSON RESOURCES: Court Okays PJT Partners as Investment Banker
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Samson Resources Corporation, et al., to employ PJT Partners LP as
investment banker nunc pro tunc to the Petition Date.
The Court also ordered that the Debtors will not be required to
maintain a $50,000 expenses advance or retainer; provided that the
advisor may draw down on the expense advance provided by the
Debtors upon execution of the engagement letter.
On Oct. 28, 2015, the Debtors amended their application for
permission to employ PJT Partners. The original application filed
on Sept. 25, 2015, was an application to employ Blackstone Advisory
Partners L.P. as investment banker.
According to the Debtors, Blackstone was spun off and became PJT
Partners effective Oct. 1, 2015. In discussing the spin off and
the original application with the U.S. Trustee for the District of
Delaware, the U.S. Trustee requested that PJTP file the amended
application.
In this relation, the amended application provides for the
employment and retention of PJTP (and not Blackstone, its
predecessor-in-interest) as investment banker pursuant to the terms
and conditions set forth in the original application and the
engagement letter.
About Samson Resources
Samson Resources Corporation, et al., filed Chapter 11 bankruptcy
petitions (D. Del. Lead Case No. 15-11934) on Sept. 16, 2015.
Philip W. Cook signed the petition as executive vice president and
chief financial officer. The Debtors estimated assets and
liabilities of more than $1 billion.
Samson is an onshore oil and gas exploration and production
company with interests in various oil and gas leases primarily
located in Colorado, Louisiana, North Dakota, Oklahoma, Texas, and
Wyoming. The Operating Companies operate, or have royalty or
working interests in, approximately 8,700 oil and gas production
sites.
Samson was acquired by KKR and Crestview from Charles Schusterman
in December 2011 for approximately $7.2 billion. The investor
group provided approximately $4.1 billion in equity investments as
part of the purchase price.
Kirkland & Ellis LLP represents the Debtors as general counsel.
Klehr Harrison Harvey Branzburg LLP is the Debtors' local counsel.
Alvarez & Marsal LLC acts as the Debtors' financial advisor.
Blackstone Advisory Partners L.P. serves as the Debtors'
investment banker. Garden City Group, LLC serves as claims and
noticing
agent to the Debtors.
Andrew Vara, acting U.S. trustee for Region 3, appointed three
creditors of Samson Resources Corp. and its affiliated debtors to
serve on the official committee of unsecured creditors.
SAMSON RESOURCES: Says Khler Harrison's Fee is Reasonable
---------------------------------------------------------
Samson Resources Corporation, et al., filed with the U.S.
Bankruptcy Court for the District of Delaware a reply in support of
their application for authority to employ Klehr Harrison Harvey
Branzburg LLP.
According to the Debtors, on Nov. 24, 2015, the Court authorized
the employment of Klehr Harrison as co-counsel for the Debtors nunc
pro tunc to the Petition Date. A hearing to consider the
reimbursement provision of the Klehr Harrison employment
application was held on Jan. 6.
The Debtors related that as of the Nov. 6 objection deadline, the
Debtors received an informal comment to the proposed order from the
U.S. Trustee and the Debtors revised the proposed order.
The Debtors maintained that the proposed third party fee litigation
provision is reasonable and market-based. It is a far more limited
provision than the indemnification provisions routinely approved by
the Court and others around the country in bankruptcy and
non-bankruptcy cases alike, the Debtors said.
In its objection, the U.S. Trustee complained that certain
provisions of the proposed retention stating that Klehr Harrison
sought to be paid from the Debtors' estates for all fees and
expenses which include those arising out of the successful defense
of any fee application by Klehr Harrison in the bankruptcy cases.
The U.S. Trustee further complained that the broad provision
violates the Bankruptcy Code and the American Rule, ignores the
express directives of the United States Supreme Court, and is
otherwise unreasonable.
About Samson Resources
Samson Resources Corporation, et al., filed Chapter 11 bankruptcy
petitions (D. Del. Lead Case No. 15-11934) on Sept. 16, 2015.
Philip W. Cook signed the petition as executive vice president and
chief financial officer. The Debtors estimated assets and
liabilities of more than $1 billion.
Samson is an onshore oil and gas exploration and production
company
with interests in various oil and gas leases primarily located in
Colorado, Louisiana, North Dakota, Oklahoma, Texas, and Wyoming.
The Operating Companies operate, or have royalty or working
interests in, approximately 8,700 oil and gas production sites.
Samson was acquired by KKR and Crestview from Charles Schusterman
in December 2011 for approximately $7.2 billion. The investor
group provided approximately $4.1 billion in equity investments as
part of the purchase price.
Kirkland & Ellis LLP represents the Debtors as general counsel.
Klehr Harrison Harvey Branzburg LLP is the Debtors' local counsel.
Alvarez & Marsal LLC acts as the Debtors' financial advisor.
Blackstone Advisory Partners L.P. serves as the Debtors'
investment
banker. Garden City Group, LLC serves as claims and noticing
agent
to the Debtors.
Andrew Vara, acting U.S. trustee for Region 3, appointed three
creditors of Samson Resources Corp. and its affiliated debtors to
serve on the official committee of unsecured creditors.
SHERWIN ALUMINA: USW Will Be Active Participant in Bankruptcy
-------------------------------------------------------------
The USW released the following statement in response to Sherwin
Alumina's decision to file petitions under Chapter 11 of the United
States Bankruptcy Code to pursue a reorganization under which
Corpus Christi Alumina would acquire Sherwin's assets subject to a
bankruptcy auction:
The USW is in the process of reviewing the company's filings and
expects to be an active participant in all aspects of the Sherwin
Alumina bankruptcy case.
"We are well aware that the current crisis in the commodities
industry has made this a difficult time for the aluminum industry.
Still, we are disappointed that Sherwin has taken this course of
action, given that the USW has been trying for more than a year to
take a cooperative approach in working through these issues with
the company."
"We are particularly concerned that the sale of Sherwin Alumina to
Corpus Christi Alumina, LLC, an affiliate of Glencore subsidiary
Commodity Funding, LLC, could be used as a means to sidestep its
employee, retiree and pension obligations. If this is Glencore's
intention, this would be a gross misuse of the bankruptcy
process."
The USW remains committed to ensuring fair treatment for all of our
members and retirees at Sherwin as this process moves forward and
remains willing to bargain a fair agreement with any party that
bids on these assets.
The USW represents 850,000 workers in North America employed in
many industries that include metals, rubber, chemicals, paper, oil
refining and the service and public sectors.
SIGA TECHNOLOGIES: Haynes Steps Down as EVP & Gen. Counsel
----------------------------------------------------------
William J. Haynes II on December 31, 2015, tendered his resignation
as Executive Vice President and General Counsel of SIGA
Technologies, Inc., effective January 5, 2016, to pursue other
opportunities.
The terms of Mr. Haynes' departure are largely consistent with the
provisions of his previously filed Employment Agreement. He will
be entitled to receive certain bonus payments, one of which was
delayed due to the Company's pending case under chapter 11 of the
United States Bankruptcy Code and one of which remains subject to
approval of the Company's Compensation Committee. Any such bonus
payments will be subject to the occurrence of the effectiveness of
SIGA's previously announced Plan of Reorganization which is subject
to confirmation by the Bankruptcy Court in accordance with the
provisions of the Bankruptcy Code.
About SIGA Technologies
Publicly held SIGA Technologies, Inc., with headquarters in
Madison Avenue, New York, is a biotech/pharmaceutical company that
specializes in the development and commercialization of solutions
for serious unmet medical needs and biothreats. SIGA's lead
product is Tecovirimat, also known as ST-246, an orally
administered antiviral drug that targets orthopoxviruses.
SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 14-12623) on Sept. 16, 2014, in Manhattan. The case is
assigned to Judge Sean H. Lane.
The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and
Prime Clerk LLC as claims agent.
The Debtor's Chapter 11 plan and disclosure statement are due
May 14, 2015.
The Debtor disclosed total assets of $131,669,746 and $7,954,645
in liabilities as of the Chapter 11 filing.
The Statutory Creditors' Committee is represented by Martin J.
Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at
Proskauer Rose LLP. The Committee tapped to retain Guggenheim
Securities, LLC, as its financial advisor and investment banker.
SIGA TECHNOLOGIES: Lewis Discloses Equity Stake
-----------------------------------------------
John Latane Lewis, IV filed with the Securities and Exchange
Commission a Schedule 13G document to disclose that he may be
deemed to beneficially own 2,730,852 or roughly 5.0% of Siga
Technologies, Inc. common stock. A copy of the SEC filing is
available at http://goo.gl/oJq3jB
About SIGA Technologies
Publicly held SIGA Technologies, Inc., with headquarters in
Madison Avenue, New York, is a biotech/pharmaceutical company that
specializes in the development and commercialization of solutions
for serious unmet medical needs and biothreats. SIGA's lead
product is Tecovirimat, also known as ST-246, an orally
administered antiviral drug that targets orthopoxviruses.
SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 14-12623) on Sept. 16, 2014, in Manhattan. The case is
assigned to Judge Sean H. Lane.
The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and
Prime Clerk LLC as claims agent.
The Debtor's Chapter 11 plan and disclosure statement are due
May 14, 2015.
The Debtor disclosed total assets of $131,669,746 and $7,954,645
in liabilities as of the Chapter 11 filing.
The Statutory Creditors' Committee is represented by Martin J.
Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at
Proskauer Rose LLP. The Committee tapped to retain Guggenheim
Securities, LLC, as its financial advisor and investment banker.
SMALL BUSINESS DEV'T: Files for Chapter 11; Filing Fee Due Today
----------------------------------------------------------------
Small Business Development Group, Inc., filed for Chapter 11
bankruptcy protection (Bankr. D. Maine Case No. 16-10005) on Jan.
5, 2016, listing $5.32 million in total assets and $1.21 million in
total liabilities. The petition was signed by Roy Y Salisbury,
CEO/President.
Jeffrey P. White, Esq., at Jeffrey P. White And Associates, P.C.,
serves as the Company's bankruptcy counsel.
Ben Schlafman at Bankrupt Company News reports that in response to
its failure to submit the Chapter 11 filing fee, the Hon. Michael
Fagone of the U.S. Bankruptcy Court for the District of Maine
docketed an order to comply and notice to dismiss the case, with a
Jan. 12, 2016 final due date for the filing fee.
Bankrupt Company News says that the U.S. Trustee scheduled a Sec.
341-Meeting of Creditors for Feb. 5, 2016. According to Bankrupt
Company News, interested parties have until May 5, 2016 to file
proofs of claim.
Small Business Development Group, Inc., fka Virogen, Inc., is
headquartered in Rockland, Maine.
SPECALLOY CORP: Files for Chapter 11 Bankruptcy Protection
----------------------------------------------------------
SpecAlloy Corporation filed for Chapter 11 bankruptcy protection
(Bankr. M.D. Ala. Case No. 16-10013) on Jan. 5, 2016, estimating
its assets at $1 million and $10 million and liabilities at between
$10 million and $50 million. The petition was signed by Joseph
Donovan, CEO.
Judge Dwight H. Williams Jr. presides over the case.
Cameron A. Metcalf, Esq., at Espy, Metcalf & Espy, P.C., serves as
the Company's bankruptcy counsel.
According to Petra Tantcheva at Bankrupt Company News, the
Company's list of creditors holding the largest unsecured claims
includes:
-- Heesung Pmtech Corp., owed $9.76 million by the Company;
-- Wells Fargo, owed $1.92 million by the Company; and
-- LKQ Corp., owed $1.6 million by the Company.
Headquartered in Dothan, Alabama, SpecAlloy Corporation -- dba
Panhandle Converter Recycling, Panhandle Recycling -- is a
catalytic converter recycling company that can process and recycle
ferrous and non-ferrous scrap and that services industrial
manufacturers, auto salvage companies, metal dealers and the
public.
SUN BIOPHARMA: Admits Going Concern Doubt, Needs to Seek Financing
------------------------------------------------------------------
Sun BioPharma, Inc., has substantial doubt about its ability to
continue as a going concern, noting its need to seek additional
funds to continue its operations, according to David B. Kaysen,
chief executive officer, and Scott Kellen, chief financial officer
of the company in a regulatory filing with the U.S. Securities and
Exchange Commission dated November 16, 2015.
Messrs. Kaysen and Kellen related: "We have incurred losses of
$13.0 million since inception. For the nine months ended September
30, 2015 and 2014, we incurred net losses of $4.2 million and $2.6
million, respectively, and negative cash flows from operating
activities of $3.0 million and $2.2 million, respectively. We
expect to incur substantial losses, which will continue to generate
negative net cash flows from operating activities, as we continue
to pursue research and development activities and commercialize our
SBP-101 product candidate.
"Our cash and cash equivalents were $1.8 million as of September
30, 2015, compared to $1.7 million as of December 31, 2014. We
believe our cash and cash equivalents as of September 30, 2015,
will be sufficient to fund our planned operations through the first
quarter of 2016.
"We will need to seek additional sources of funds to support our
current business plans. We may seek to raise additional funds
through various sources, such as equity and debt financings, or
through strategic collaborations and license agreements. We can
give no assurances that we will be able to secure additional
sources of funds to support our operations, or if such funds are
available to us, that such additional financing will be sufficient
to meet our needs or on terms acceptable to us. This risk would
increase if our clinical data is not positive or economic and
market conditions deteriorate.
"If we are unable to obtain additional financing when needed, we
would need to scale back our operations taking actions that may
include, among other things, reducing use of outside professional
service providers, reducing staff or staff compensation,
significantly modify or delay the development of our SBP-101
product candidate, license to third parties the rights to
commercialize our SBP-101 product candidate for pancreatic cancer,
acute pancreatitis or other applications that we would otherwise
seek to pursue, or cease operations.
"Our future success is dependent upon our ability to obtain
additional financing, the success of our development efforts, our
ability to obtain marketing approval for our SBP-101 product
candidate in the United States or other markets and ultimately our
ability to market and sell our SBP-101 product candidate. If we
are unable to obtain additional financing when needed, if our
clinical trials are not successful, if we are unable to obtain
marketing approval, we would not be able to continue as a going
concern and would be forced to cease operations and liquidate our
company.
"There can be no assurances that we will be able to obtain
additional financing on commercially reasonable terms, or at all.
The sale of additional convertible debt or equity securities would
likely result in dilution to our current shareholders.
"Our ability to continue as a going concern, realize the carrying
value of our assets and discharge our liabilities in the ordinary
course of business is dependent upon a number of factors, including
our ability to obtain additional financing, the success of our
development efforts, our ability to obtain marketing approval for
our SBP-101 product candidate in the United States, Australia, the
European Union or other markets and ultimately our ability to
market and sell our SBP-101 product candidate.
"These factors, among others, raise substantial doubt about our
ability to continue operations as a going concern."
At September 30, 2015, the company had total assets of $2,041,000
and total shareholders' deficit of $1,989,000.
The company posted a net loss of $793,000 for the three months
ended September 30, 2015, compared with a net loss of $1,144,000
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/zywn5nv
Waconia, Minnesota-based Sun BioPharma, Inc., formerly known as
Cimarron Medical, Inc., is engaged in the commercial development of
a polyamine analogue for pancreatic cancer and for a second
indication in chronic pancreatitis. In August 2015, the U.S. FDA
granted an Investigational New Drug (IND) approval for the
company's SBP-101 product candidate and the company expects to
start a Phase 1 clinical trial by the end of the year (2015).
SWIFT ENERGY: Jan. 14 Meeting Set to Form Creditors' Panel
----------------------------------------------------------
Andy Vara, Acting United States Trustee of Region 3, will hold an
organizational meeting on January 14, 2016, at 1:00 p.m. in the
bankruptcy case of Swift Energy Company.
The meeting will be held at:
The DoubleTree Hotel
700 King St., Salon C
Wilmington, DE 19801
The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.
The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code. A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.
To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization. The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.
TECHNOLOGY MINING: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Technology Mining Company, Inc.
2801 Technology Drive, Suite 157
Plano, TX 75074
Case No.: 16-40052
Chapter 11 Petition Date: January 8, 2016
Court: United States Bankruptcy Court
Eastern District of Texas (Sherman)
Judge: Hon. Brenda T. Rhoades
Debtor's Counsel: Eric A. Liepins, Esq.
ERIC A. LIEPINS P.C.
12770 Coit Road, Suite 1100
Dallas, TX 75251
Tel: (972) 991-5591
Email: eric@ealpc.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by David Juring, chief executive officer.
A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txeb16-40052.pdf
U.S. LIGHT ENERGY: Inventory Being Sold in Bankruptcy Auction
-------------------------------------------------------------
A large quantity of brand new solar panels, transfer switches,
wire, cable and related equipment and tools will be sold in an
online auction as part of the Chapter 11 bankruptcy proceedings of
U.S. Light Energy and its affiliated companies.
"This inventory should appeal to those already in the solar energy
business along with individual homeowners. It's also a great
opportunity for those who seek to reduce their energy costs or
reduce their dependency on the commercial power grid. Someone
seeking to install quality new solar panels on a business or even a
home may be able to obtain the materials for a fraction of the
usual cost," said David Fiegel, president of Blackbird Auctions,
which is selling the assets.
"A growing number of people who identify with various 'survivalist'
and 'prepper' organizations worry about the security of the power
grid. These individuals, many of whom likely have the skills to use
these materials to install their own systems, may find this auction
an excellent way to establish supplemental or replacement energy
separate from the grid," said Fiegel.
U.S. Light Energy, a major solar installation firm specializing in
commercial installations, filed in May for Chapter 11 protection
with the U.S. Bankruptcy Court for the Northern District of New
York.
Items are currently stored at 2622 7 [th] Avenue South, Watervliet,
New York. They will be available for inspection Tuesday, Jan. 26,
from 9 a.m. to 2 p.m. or by appointment. The items will be listed
at www.blackbirdauction.com, with the first items beginning to
close at 11 a.m. (Eastern) Wednesday, Jan. 27.
Blackbird Asset Services LLC, based in Williamsville, New York, is
an industrial auction firm based in Buffalo, New York, with
auctioneers specializing in bankruptcy auctions, industrial
auctions, secured creditor auctions, and commercial real estate
auctions.
VANGUARD NATURAL: S&P Lowers CCR to 'B-' on Weak Liquidity
----------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on Vanguard Natural Resources LLC to 'B-'
from 'B+'. At the same time, S&P lowered its issue-level rating on
the company's senior unsecured debt to 'CCC+' from 'B'. The
recovery rating on this debt remains '5', indicating S&P's
expectation for modest (10% to 30%, higher half of the range)
recovery in the event of a default payment. The outlook is
negative.
The ratings downgrade reflects the company's weaker than expected
liquidity profile and depressed commodity prices as the company's
hedges begin to roll off, particularly in 2017.
The negative rating outlook on Vanguard reflects S&P's expectation
that the company's liquidity could deteriorate due to a reduction
in its borrowing base due to current commodity prices and weaker
hedges than historical standards.
VERSO PAPER: Moody's Retains Caa2 CFR on Sale of Subsidiary
-----------------------------------------------------------
Moody's Investors Service says Verso Paper Holdings LLC's ("Verso",
Caa2 negative) sale of its subsidiary, Verso Androscoggin Power LLC
(VAP) for about $62 million is credit positive because the sale
will strengthen the company's liquidity position with no
significant impact on operations and minimal cost impacts.
Verso's Caa2 Corporate Family Rating, SGL-4 Speculative Grade
Liquidity rating and negative outlook remain unchanged.
WALTER ENERGY: Pension Plans Appeal Rejection of UMWA Labor Pact
----------------------------------------------------------------
A group of pension plans and trusts filed a notice it will appeal a
bankruptcy judge's order that allowed Walter Energy Inc. to reject
its labor agreement with the United Mine Workers of America and end
retiree benefits.
The group led by the United Mine Workers of America 1974 Pension
Plan and Trust will appeal the order, issued by U.S. Bankruptcy
Judge Tamara Mitchell, before the U.S. District Court for the
Northern District of Alabama.
The order, issued on Dec. 28 last year, would pave the way for the
coal producer to complete the sale of its assets to Coal
Acquisition LLC, a company owned by its lenders.
"The court finds credible that no potential buyers have an interest
in assuming such obligations, let alone assuming such obligations
and investing such new capital," Judge Mitchell said.
Walter Energy will be forced to shut down its coal mines in Alabama
and sell assets in piecemeal fashion if the sale fails to close,
according to the bankruptcy judge.
The group and the labor union UMWA, which represents more than
1,280 current and laid-off employees of the company, had earlier
criticized the rejection of the labor agreement and the termination
of the retiree benefits.
In court filings, both argued that relief under sections 1113 and
1114 of the Bankruptcy Code is not appropriate since the company is
selling substantially all of its assets only to then possibly
liquidate in a Chapter 7.
Both also argued that the company inappropriately sought to
terminate its obligations to retirees under the Coal Act, which it
cannot modify under section 1114.
Walter Energy defended its move by saying that it has satisfied the
requirements of sections 1113 and 1114 of the Bankruptcy Code.
The coal producer also received an objection from the committee
representing its non-union retirees. The objection had already
been resolved, court filings show.
About Walter Energy
Walter Energy -- http://www.walterenergy.com/-- is a publicly
traded "pure-play" metallurgical coal producer for the global steel
industry with strategic access to steel producers in Europe, Asia
and South America. The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas. Walter
Energy employs approximately 2,700 employees, with operations in
the United States, Canada and the United Kingdom.
For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.
Walter Energy, Inc., and its affiliates sought Chapter 11
protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham,
Alabama on July 15, 2015, after signing a restructuring support
agreement with first-lien lenders.
Walter Energy disclosed total assets of $5.2 billion and total debt
of $5 billion as of March 31, 2015.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as
counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree
Deakins LLP, as labor and employment counsel; Maynard, Cooper &
Gale, P.C., as special counsel; Blackstone Advisory Services, L.P.,
as investment banker; AlixPartners, LLP, as financial advisor, and
Kurtzman Carson Consultants LLC, as claims and noticing agent.
The Bankruptcy Administrator for the Northern District of Alabama
appointed an Official Committee of Unsecured Creditors and an
official Committee of Retirees. The Creditors Committee tapped
Morrison & Foerster LLP and Christian & Small LLP as attorneys.
The Retiree Committee retained Adams & Reese LLP and Jenner & Block
LLP as attorneys.
The informal group of certain unaffiliated First Lien Lenders and
First Lien Noteholders (the "Steering Committee") retained Akin,
Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard
Freres & Co. LLC as financial advisor.
[*] HauteCouture Domain Name to be Sold in Bankruptcy Auction
-------------------------------------------------------------
Hilco Streambank is selling the HauteCouture.com domain name in a
bankruptcy court approved auction. Jil Mazer Marino, the chapter 7
trustee has filed a Sale Motion with the Bankruptcy Court for the
Southern District of New York seeking approval of bid procedures
which include an auction to conclude on February 2, 2016.
"Interest in the domain name has been robust" said Jack Hazan, EVP
of Hilco Streambank. "HauteCouture.com is a premium domain name
that can be utilized to drive traffic in any segment of the fashion
industry including online fashion retail, flash sales, fashion
publications and bloggers."
The proposed bid procedures provide for the possibility of a live
auction or an online auction on Hilco Streambank's online platform.
The proposed bid procedures will also allow the Trustee to select
a stalking horse bidder before the auction and provide bid
protections including a break-up fee. Interested bidders can
register online at HilcoDomains.com or by contacting Hilco
Streambank directly.
The domain name is an asset of a personal chapter 7 bankruptcy
estate being administered by Jil Mazer Marino, as Chapter 7
Trustee.
About Hilco Streambank
Hilco Streambank is a market leading advisory firm specializing in
intellectual property disposition and valuation. Over the last
three years Hilco Streambank has become a leader in the IP
valuation and disposition market, representing brands across
various industries. Having completed numerous transactions
including sales in publicly reported Chapter 11 bankruptcy cases,
private transactions, and online sales through HilcoDomains.com and
IPv4Auctions.com, Hilco Streambank has established itself as the
premier intermediary in the consumer brand, internet and telecom
communities. Hilco Streambank is part of Northbrook, Illinois based
Hilco Global -- www.hilcoglobal.com -- , a worldwide financial
services company and leader in helping companies maximize the value
of their assets.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABSOLUTE SOFTWRE ABT CN 140.4 (51.4) (47.6)
ABSOLUTE SOFTWRE ALSWF US 140.4 (51.4) (47.6)
ABSOLUTE SOFTWRE OU1 GR 140.4 (51.4) (47.6)
ADV MICRO DEVICE AMD* MM 3,229.0 (336.0) 1,017.0
ADVANCED EMISSIO ADES US 106.4 (46.1) (15.3)
ADVENT SOFTWARE ADVS US 424.8 (50.1) (110.8)
AEROJET ROCKETDY AJRD US 1,957.4 (107.2) 96.3
AEROJET ROCKETDY GCY TH 1,957.4 (107.2) 96.3
AEROJET ROCKETDY GCY GR 1,957.4 (107.2) 96.3
AIR CANADA ADH2 GR 12,755.0 (51.0) 531.0
AIR CANADA AC CN 12,755.0 (51.0) 531.0
AIR CANADA ACDVF US 12,755.0 (51.0) 531.0
AIR CANADA ACEUR EU 12,755.0 (51.0) 531.0
AIR CANADA ADH2 TH 12,755.0 (51.0) 531.0
AIR CANADA ADH2 QT 12,755.0 (51.0) 531.0
AK STEEL HLDG AKS* MM 4,250.3 (484.7) 792.0
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMYLIN PHARMACEU AMLN US 1,998.7 (42.4) 263.0
ANGIE'S LIST INC 8AL GR 173.2 (19.8) (33.1)
ANGIE'S LIST INC 8AL TH 173.2 (19.8) (33.1)
ANGIE'S LIST INC ANGI US 173.2 (19.8) (33.1)
ARCH COAL INC ACI* MM 5,848.0 (605.4) 824.1
ARIAD PHARM ARIACHF EU 576.1 (49.7) 213.9
ARIAD PHARM ARIA SW 576.1 (49.7) 213.9
ARIAD PHARM ARIA US 576.1 (49.7) 213.9
ARIAD PHARM ARIAEUR EU 576.1 (49.7) 213.9
ARIAD PHARM APS TH 576.1 (49.7) 213.9
ARIAD PHARM APS GR 576.1 (49.7) 213.9
ASPEN TECHNOLOGY AZPN US 266.8 (63.0) (44.1)
ASPEN TECHNOLOGY AST GR 266.8 (63.0) (44.1)
AUTOZONE INC AZO US 8,217.5 (1,778.1) (721.4)
AUTOZONE INC AZ5 QT 8,217.5 (1,778.1) (721.4)
AUTOZONE INC AZ5 GR 8,217.5 (1,778.1) (721.4)
AUTOZONE INC AZOEUR EU 8,217.5 (1,778.1) (721.4)
AUTOZONE INC AZ5 TH 8,217.5 (1,778.1) (721.4)
AVID TECHNOLOGY AVD GR 264.2 (327.6) (158.4)
AVID TECHNOLOGY AVID US 264.2 (327.6) (158.4)
AVINTIV SPECIALT POLGA US 1,991.4 (3.9) 322.1
AVON - BDR AVON34 BZ 3,774.7 (768.4) 660.1
AVON PRODUCTS AVP* MM 3,774.7 (768.4) 660.1
AVON PRODUCTS AVP QT 3,774.7 (768.4) 660.1
AVON PRODUCTS AVP CI 3,774.7 (768.4) 660.1
BARRACUDA NETWOR CUDAEUR EU 429.9 (30.5) (27.7)
BARRACUDA NETWOR 7BM GR 429.9 (30.5) (27.7)
BARRACUDA NETWOR CUDA US 429.9 (30.5) (27.7)
BENEFITFOCUS INC BNFT US 172.4 (8.7) 28.3
BENEFITFOCUS INC BTF GR 172.4 (8.7) 28.3
BERRY PLASTICS G BP0 GR 5,028.0 (53.0) 678.0
BERRY PLASTICS G BERY US 5,028.0 (53.0) 678.0
BLUE BIRD CORP BLBD US 307.6 (133.8) 5.4
BLUE BIRD CORP 1291067D US 307.6 (133.8) 5.4
BLUE BUFFALO PET B6B GR 479.1 (2.7) 290.6
BLUE BUFFALO PET B6B TH 479.1 (2.7) 290.6
BLUE BUFFALO PET BUFF US 479.1 (2.7) 290.6
BOMBARDIER INC-B BBDBN MM 23,863.0 (3,660.0) 1,076.0
BOMBARDIER-B OLD BBDYB BB 23,863.0 (3,660.0) 1,076.0
BOMBARDIER-B W/I BBD/W CN 23,863.0 (3,660.0) 1,076.0
BRINKER INTL BKJ GR 1,549.3 (108.1) (201.0)
BRINKER INTL EAT US 1,549.3 (108.1) (201.0)
BURLINGTON STORE BURL US 2,805.3 (121.9) 112.6
BURLINGTON STORE BUI GR 2,805.3 (121.9) 112.6
BURLINGTON STORE BURL* MM 2,805.3 (121.9) 112.6
CABLEVISION SY-A CVY GR 6,745.7 (4,957.7) 39.4
CABLEVISION SY-A CVY TH 6,745.7 (4,957.7) 39.4
CABLEVISION SY-A CVCEUR EU 6,745.7 (4,957.7) 39.4
CABLEVISION SY-A CVC US 6,745.7 (4,957.7) 39.4
CABLEVISION-W/I CVC-W US 6,745.7 (4,957.7) 39.4
CABLEVISION-W/I 8441293Q US 6,745.7 (4,957.7) 39.4
CAMBIUM LEARNING ABCD US 185.8 (72.7) (12.7)
CASELLA WASTE WA3 GR 660.7 (15.6) 4.9
CASELLA WASTE CWST US 660.7 (15.6) 4.9
CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1)
CHOICE HOTELS CZH GR 712.8 (400.6) 168.4
CHOICE HOTELS CHH US 712.8 (400.6) 168.4
CINCINNATI BELL CIB GR 1,460.2 (323.3) (38.6)
CINCINNATI BELL CBB US 1,460.2 (323.3) (38.6)
CLEAR CHANNEL-A C7C GR 6,133.3 (297.8) 433.3
CLEAR CHANNEL-A CCO US 6,133.3 (297.8) 433.3
COMMUNICATION CSAL US 2,622.8 (1,092.2) -
COMMUNICATION 8XC GR 2,622.8 (1,092.2) -
CPI CARD GROUP I CPB GR 289.3 (207.8) 55.7
CPI CARD GROUP I PNT CN 289.3 (207.8) 55.7
CPI CARD GROUP I PMTS US 289.3 (207.8) 55.7
CYAN INC CYNI US 112.1 (18.4) 56.9
CYAN INC YCN GR 112.1 (18.4) 56.9
DELEK LOGISTICS DKL US 361.8 (11.7) 8.2
DELEK LOGISTICS D6L GR 361.8 (11.7) 8.2
DENNY'S CORP DENN US 289.7 (7.5) (18.3)
DENNY'S CORP DE8 GR 289.7 (7.5) (18.3)
DIRECTV DTVEUR EU 25,321.0 (3,463.0) 1,360.0
DIRECTV DTV CI 25,321.0 (3,463.0) 1,360.0
DIRECTV DTV US 25,321.0 (3,463.0) 1,360.0
DOMINO'S PIZZA DPZ US 603.2 (1,255.9) 125.1
DOMINO'S PIZZA EZV TH 603.2 (1,255.9) 125.1
DOMINO'S PIZZA EZV GR 603.2 (1,255.9) 125.1
DUN & BRADSTREET DB5 TH 2,082.4 (1,146.5) (96.6)
DUN & BRADSTREET DNB US 2,082.4 (1,146.5) (96.6)
DUN & BRADSTREET DNB1EUR EU 2,082.4 (1,146.5) (96.6)
DUN & BRADSTREET DB5 GR 2,082.4 (1,146.5) (96.6)
DUNKIN' BRANDS G 2DB GR 3,348.1 (65.8) 285.7
DUNKIN' BRANDS G 2DB TH 3,348.1 (65.8) 285.7
DUNKIN' BRANDS G DNKN US 3,348.1 (65.8) 285.7
DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7
DURATA THERAPEUT DRTX US 82.1 (16.1) 11.7
DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7
EDGE THERAPEUTIC EU5 GR 58.5 (50.6) 47.1
EDGE THERAPEUTIC EDGE US 58.5 (50.6) 47.1
EDGEN GROUP INC EDG US 883.8 (0.8) 409.2
ENERGIZER HOLDIN ENR US 1,629.6 (60.1) 658.7
EOS PETRO INC EOPT US 1.2 (27.9) (29.0)
EPL OIL & GAS IN EPL US 1,140.6 (388.7) (257.6)
EPL OIL & GAS IN EPA1 GR 1,140.6 (388.7) (257.6)
EXELIXIS INC EXELEUR EU 363.2 (74.2) 151.4
EXELIXIS INC EX9 GR 363.2 (74.2) 151.4
EXELIXIS INC EX9 TH 363.2 (74.2) 151.4
EXELIXIS INC EXEL US 363.2 (74.2) 151.4
FREESCALE SEMICO FSL US 3,159.0 (3,079.0) 1,264.0
FREESCALE SEMICO 1FS TH 3,159.0 (3,079.0) 1,264.0
FREESCALE SEMICO FSLEUR EU 3,159.0 (3,079.0) 1,264.0
FREESCALE SEMICO 1FS GR 3,159.0 (3,079.0) 1,264.0
FREESCALE SEMICO 1FS QT 3,159.0 (3,079.0) 1,264.0
GAMING AND LEISU 2GL GR 2,516.1 (236.6) (98.2)
GAMING AND LEISU GLPI US 2,516.1 (236.6) (98.2)
GARDA WRLD -CL A GW CN 1,828.2 (378.3) 124.2
GARTNER INC IT US 2,091.5 (159.6) (173.7)
GARTNER INC GGRA GR 2,091.5 (159.6) (173.7)
GARTNER INC IT* MM 2,091.5 (159.6) (173.7)
GENESIS HEALTHCA GEN US 6,121.4 (306.4) 223.8
GENESIS HEALTHCA SH11 GR 6,121.4 (306.4) 223.8
GENTIVA HEALTH GTIV US 1,225.2 (285.2) 130.0
GENTIVA HEALTH GHT GR 1,225.2 (285.2) 130.0
GLG PARTNERS INC GLG US 400.0 (285.6) 156.9
GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9
GOLD RESERVE INC GRZ CN 15.0 (32.3) (42.5)
GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5
GYMBOREE CORP/TH GYMB US 1,242.0 (386.5) 30.8
H&R BLOCK INC HRB GR 2,289.9 (27.2) 160.2
H&R BLOCK INC HRB US 2,289.9 (27.2) 160.2
H&R BLOCK INC HRB TH 2,289.9 (27.2) 160.2
H&R BLOCK INC HRBEUR EU 2,289.9 (27.2) 160.2
HCA HOLDINGS INC 2BH GR 31,896.0 (5,812.0) 2,908.0
HCA HOLDINGS INC HCAEUR EU 31,896.0 (5,812.0) 2,908.0
HCA HOLDINGS INC 2BH TH 31,896.0 (5,812.0) 2,908.0
HCA HOLDINGS INC HCA US 31,896.0 (5,812.0) 2,908.0
HD SUPPLY HOLDIN HDS US 5,486.0 (126.0) 1,101.0
HD SUPPLY HOLDIN 5HD GR 5,486.0 (126.0) 1,101.0
HECKMANN CORP-U HEK/U US 582.6 (4.9) 50.0
HERBALIFE LTD HOO GR 2,421.5 (130.7) 461.6
HERBALIFE LTD HLF US 2,421.5 (130.7) 461.6
HERBALIFE LTD HLFEUR EU 2,421.5 (130.7) 461.6
HOVNANIAN-A-WI HOV-W US 2,602.3 (128.1) 1,612.1
HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8)
IDEXX LABS IX1 GR 1,477.2 (38.8) 8.6
IDEXX LABS IDXX US 1,477.2 (38.8) 8.6
IDEXX LABS IX1 TH 1,477.2 (38.8) 8.6
INFOR US INC LWSN US 6,778.1 (460.0) (305.9)
INSTRUCTURE INC 1IN GR 64.2 (15.3) (15.5)
INSTRUCTURE INC INST US 64.2 (15.3) (15.5)
INTERNATIONAL WI ITWG US 345.4 (9.7) 99.8
INVENTIV HEALTH VTIV US 2,205.7 (699.2) 112.4
IPCS INC IPCS US 559.2 (33.0) 72.1
ISTA PHARMACEUTI ISTA US 124.7 (64.8) 2.2
J CREW GROUP INC JCG US 1,627.1 (759.0) 111.7
JUST ENERGY GROU JE CN 1,281.8 (650.4) (48.0)
JUST ENERGY GROU JE US 1,281.8 (650.4) (48.0)
JUST ENERGY GROU 1JE GR 1,281.8 (650.4) (48.0)
KEMPHARM INC 1GD GR 61.4 (5.7) 52.8
KEMPHARM INC KMPH US 61.4 (5.7) 52.8
L BRANDS INC LB* MM 7,969.0 (657.0) 1,836.0
L BRANDS INC LB US 7,969.0 (657.0) 1,836.0
L BRANDS INC LBEUR EU 7,969.0 (657.0) 1,836.0
L BRANDS INC LTD TH 7,969.0 (657.0) 1,836.0
L BRANDS INC LTD GR 7,969.0 (657.0) 1,836.0
LEAP WIRELESS LWI GR 4,662.9 (125.1) 346.9
LEAP WIRELESS LWI TH 4,662.9 (125.1) 346.9
LEAP WIRELESS LEAP US 4,662.9 (125.1) 346.9
LORILLARD INC LLV GR 4,154.0 (2,134.0) 1,135.0
LORILLARD INC LLV TH 4,154.0 (2,134.0) 1,135.0
LORILLARD INC LO US 4,154.0 (2,134.0) 1,135.0
MADISON-A/NEW-WI MSGN-W US 863.1 (1,246.3) 78.8
MAJESCOR RESOURC MJXEUR EU 0.0 (0.1) (0.1)
MALIBU BOATS-A MBUU US 195.3 (8.5) 9.7
MALIBU BOATS-A M05 GR 195.3 (8.5) 9.7
MANNKIND CORP MNKD IT 278.0 (124.6) (196.1)
MARRIOTT INTL-A MAQ TH 6,153.0 (3,589.0) (1,786.0)
MARRIOTT INTL-A MAQ GR 6,153.0 (3,589.0) (1,786.0)
MARRIOTT INTL-A MAR US 6,153.0 (3,589.0) (1,786.0)
MDC COMM-W/I MDZ/W CN 1,617.2 (376.7) (326.5)
MDC PARTNERS-A MDZ/A CN 1,617.2 (376.7) (326.5)
MDC PARTNERS-A MD7A GR 1,617.2 (376.7) (326.5)
MDC PARTNERS-A MDCA US 1,617.2 (376.7) (326.5)
MDC PARTNERS-EXC MDZ/N CN 1,617.2 (376.7) (326.5)
MERITOR INC MTOR US 2,195.0 (646.0) 174.0
MERITOR INC AID1 GR 2,195.0 (646.0) 174.0
MERRIMACK PHARMA MACK US 102.7 (140.7) (24.3)
MERRIMACK PHARMA MP6 GR 102.7 (140.7) (24.3)
MICHAELS COS INC MIM GR 2,083.1 (1,909.9) 585.9
MICHAELS COS INC MIK US 2,083.1 (1,909.9) 585.9
MIDSTATES PETROL MPO1EUR EU 1,298.1 (816.0) 96.2
MONEYGRAM INTERN MGI US 4,511.4 (244.2) (27.1)
MOODY'S CORP MCOEUR EU 4,772.9 (240.2) 1,811.9
MOODY'S CORP DUT TH 4,772.9 (240.2) 1,811.9
MOODY'S CORP DUT GR 4,772.9 (240.2) 1,811.9
MOODY'S CORP MCO US 4,772.9 (240.2) 1,811.9
MOTOROLA SOLUTIO MOT TE 8,086.0 (298.0) 2,758.0
MOTOROLA SOLUTIO MTLA TH 8,086.0 (298.0) 2,758.0
MOTOROLA SOLUTIO MSI US 8,086.0 (298.0) 2,758.0
MOTOROLA SOLUTIO MTLA GR 8,086.0 (298.0) 2,758.0
MPG OFFICE TRUST 1052394D US 1,280.0 (437.3) -
MSG NETWORKS- A 1M4 TH 863.1 (1,246.3) 78.8
MSG NETWORKS- A 1M4 GR 863.1 (1,246.3) 78.8
MSG NETWORKS- A MSGN US 863.1 (1,246.3) 78.8
NATHANS FAMOUS NFA GR 81.9 (61.6) 60.8
NATHANS FAMOUS NATH US 81.9 (61.6) 60.8
NATIONAL CINEMED NCMI US 1,006.2 (228.3) 65.4
NATIONAL CINEMED XWM GR 1,006.2 (228.3) 65.4
NAVIDEA BIOPHARM NAVB IT 17.5 (51.8) 8.7
NAVISTAR INTL NAV US 6,692.0 (5,160.0) 834.0
NAVISTAR INTL IHR GR 6,692.0 (5,160.0) 834.0
NAVISTAR INTL IHR TH 6,692.0 (5,160.0) 834.0
NEW ENG RLTY-LP NEN US 202.4 (30.1) -
NORTHERN OIL AND 4LT GR 1,001.2 (28.3) 32.8
NORTHERN OIL AND NOG US 1,001.2 (28.3) 32.8
NTELOS HOLDINGS NTLS US 668.4 (22.1) 150.8
OMEROS CORP OMER US 41.4 (9.0) 17.2
OMEROS CORP 3O8 TH 41.4 (9.0) 17.2
OMEROS CORP OMEREUR EU 41.4 (9.0) 17.2
OMEROS CORP 3O8 GR 41.4 (9.0) 17.2
OMTHERA PHARMACE OMTH US 18.3 (8.5) (12.0)
OUTERWALL INC OUTR US 1,266.8 (2.1) (7.0)
OUTERWALL INC CS5 GR 1,266.8 (2.1) (7.0)
PALM INC PALM US 1,007.2 (6.2) 141.7
PBF LOGISTICS LP 11P GR 432.7 (191.5) 27.8
PBF LOGISTICS LP PBFX US 432.7 (191.5) 27.8
PHILIP MORRIS IN 4I1 TH 32,011.0 (12,226.0) 10.0
PHILIP MORRIS IN 4I1 GR 32,011.0 (12,226.0) 10.0
PHILIP MORRIS IN PM1EUR EU 32,011.0 (12,226.0) 10.0
PHILIP MORRIS IN PM1 TE 32,011.0 (12,226.0) 10.0
PHILIP MORRIS IN PM FP 32,011.0 (12,226.0) 10.0
PHILIP MORRIS IN PMI1 IX 32,011.0 (12,226.0) 10.0
PHILIP MORRIS IN PMI EB 32,011.0 (12,226.0) 10.0
PHILIP MORRIS IN PM1CHF EU 32,011.0 (12,226.0) 10.0
PHILIP MORRIS IN PM US 32,011.0 (12,226.0) 10.0
PHILIP MORRIS IN PMI SW 32,011.0 (12,226.0) 10.0
PLANET FITNESS-A PLNT US 701.1 (14.2) (1.2)
PLANET FITNESS-A 3PL TH 701.1 (14.2) (1.2)
PLANET FITNESS-A 3PL GR 701.1 (14.2) (1.2)
PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9)
PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9)
PLY GEM HOLDINGS PGEM US 1,311.1 (80.8) 264.6
PLY GEM HOLDINGS PG6 GR 1,311.1 (80.8) 264.6
POLYMER GROUP-B POLGB US 1,991.4 (3.9) 322.1
PROTECTION ONE PONE US 562.9 (61.8) (7.6)
PUREBASE CORP PUBC US 0.4 (1.1) (1.4)
PURETECH HEALTH PRTCL L3 - - -
PURETECH HEALTH PRTCL EB - - -
PURETECH HEALTH PRTC LN - - -
PURETECH HEALTH PRTCL IX - - -
PURETECH HEALTH PRTCGBX EU - - -
QUALITY DISTRIBU QDZ GR 413.0 (22.9) 102.9
QUALITY DISTRIBU QLTY US 413.0 (22.9) 102.9
QUINTILES TRANSN Q US 4,033.7 (179.9) 996.2
QUINTILES TRANSN QTS GR 4,033.7 (179.9) 996.2
RAYONIER ADV RYAM US 1,286.9 (17.0) 208.0
RAYONIER ADV RYQ GR 1,286.9 (17.0) 208.0
REGAL ENTERTAI-A RGC US 2,409.1 (902.0) (133.8)
REGAL ENTERTAI-A RGC* MM 2,409.1 (902.0) (133.8)
REGAL ENTERTAI-A RETA GR 2,409.1 (902.0) (133.8)
RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4)
RENTECH NITROGEN RNF US 291.1 (138.0) 13.7
RENTECH NITROGEN 2RN GR 291.1 (138.0) 13.7
RENTPATH LLC PRM US 208.0 (91.7) 3.6
REVLON INC-A RVL1 GR 1,924.5 (623.3) 334.4
REVLON INC-A REV US 1,924.5 (623.3) 334.4
ROUNDY'S INC 4R1 GR 1,095.7 (92.7) 59.7
ROUNDY'S INC RNDY US 1,095.7 (92.7) 59.7
RURAL/METRO CORP RURL US 303.7 (92.1) 72.4
SALLY BEAUTY HOL S7V GR 2,094.4 (297.8) 695.4
SALLY BEAUTY HOL SBH US 2,094.4 (297.8) 695.4
SANCHEZ ENERGY C SN* MM 1,532.2 (473.6) 171.9
SANCHEZ ENERGY C 13S GR 1,532.2 (473.6) 171.9
SANCHEZ ENERGY C 13S TH 1,532.2 (473.6) 171.9
SANCHEZ ENERGY C SN US 1,532.2 (473.6) 171.9
SBA COMM CORP-A SBJ TH 7,396.8 (1,697.7) 46.6
SBA COMM CORP-A SBACEUR EU 7,396.8 (1,697.7) 46.6
SBA COMM CORP-A SBJ GR 7,396.8 (1,697.7) 46.6
SBA COMM CORP-A SBAC US 7,396.8 (1,697.7) 46.6
SCIENTIFIC GAM-A TJW GR 8,615.1 (980.8) 655.1
SCIENTIFIC GAM-A SGMS US 8,615.1 (980.8) 655.1
SEARS HOLDINGS SEE TH 12,769.0 (1,293.0) 701.0
SEARS HOLDINGS SEE GR 12,769.0 (1,293.0) 701.0
SEARS HOLDINGS SHLD US 12,769.0 (1,293.0) 701.0
SILVER SPRING NE SSNI US 529.8 (99.3) (31.1)
SILVER SPRING NE 9SI GR 529.8 (99.3) (31.1)
SILVER SPRING NE 9SI TH 529.8 (99.3) (31.1)
SIRIUS XM CANADA XSR CN 293.1 (143.4) (185.6)
SOLERA HOLDINGS SLH US 3,754.7 (10.8) 378.4
SOLERA HOLDINGS BXS GR 3,754.7 (10.8) 378.4
SONIC CORP SONCEUR EU 616.1 (20.7) 7.4
SONIC CORP SO4 GR 616.1 (20.7) 7.4
SONIC CORP SONC US 616.1 (20.7) 7.4
SPORTSMAN'S WARE SPWH US 343.4 (14.0) 91.8
SPORTSMAN'S WARE 06S GR 343.4 (14.0) 91.8
STINGRAY - SUB V RAY/A CN 128.2 (17.8) (41.0)
STINGRAY DIG-VSV RAY/B CN 128.2 (17.8) (41.0)
SUN BIOPHARMA IN SNBP US - - -
SUPERVALU INC SJ1 TH 4,612.0 (511.0) (42.0)
SUPERVALU INC SVU US 4,612.0 (511.0) (42.0)
SUPERVALU INC SJ1 GR 4,612.0 (511.0) (42.0)
SYNERGY PHARMACE S90 GR 144.0 (27.1) 123.4
SYNERGY PHARMACE SGYP US 144.0 (27.1) 123.4
SYNERGY PHARMACE SGYPEUR EU 144.0 (27.1) 123.4
THERAVANCE THRX US 437.6 (323.0) 212.5
THERAVANCE HVE GR 437.6 (323.0) 212.5
TRANSDIGM GROUP T7D GR 8,427.0 (1,038.3) 1,173.7
TRANSDIGM GROUP TDG US 8,427.0 (1,038.3) 1,173.7
TRINET GROUP INC TNET US 1,609.6 (14.1) 54.4
TRINET GROUP INC TN3 GR 1,609.6 (14.1) 54.4
UNISYS CORP UISCHF EU 2,097.9 (1,451.3) 124.7
UNISYS CORP UIS1 SW 2,097.9 (1,451.3) 124.7
UNISYS CORP UIS US 2,097.9 (1,451.3) 124.7
UNISYS CORP UISEUR EU 2,097.9 (1,451.3) 124.7
UNISYS CORP USY1 TH 2,097.9 (1,451.3) 124.7
UNISYS CORP USY1 GR 2,097.9 (1,451.3) 124.7
VECTOR GROUP LTD VGR GR 1,398.8 (56.8) 457.4
VECTOR GROUP LTD VGR US 1,398.8 (56.8) 457.4
VENOCO INC VQ US 403.8 (354.3) 195.7
VERISIGN INC VRS QT 2,577.3 (1,031.4) (38.8)
VERISIGN INC VRSN US 2,577.3 (1,031.4) (38.8)
VERISIGN INC VRS TH 2,577.3 (1,031.4) (38.8)
VERISIGN INC VRS GR 2,577.3 (1,031.4) (38.8)
VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8)
VERSEON CORP VSN LN - - -
VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3)
WEIGHT WATCHERS WW6 QT 1,395.2 (1,337.7) (193.6)
WEIGHT WATCHERS WW6 TH 1,395.2 (1,337.7) (193.6)
WEIGHT WATCHERS WTW US 1,395.2 (1,337.7) (193.6)
WEIGHT WATCHERS WW6 GR 1,395.2 (1,337.7) (193.6)
WEIGHT WATCHERS WTWEUR EU 1,395.2 (1,337.7) (193.6)
WEST CORP WSTC US 3,556.9 (595.5) (6.6)
WEST CORP WT2 GR 3,556.9 (595.5) (6.6)
WESTERN REFINING WR2 GR 412.0 (28.1) 66.3
WESTERN REFINING WNRL US 412.0 (28.1) 66.3
WINGSTOP INC EWG GR 117.2 (14.3) 3.6
WINGSTOP INC WING US 117.2 (14.3) 3.6
WINMARK CORP GBZ GR 46.8 (36.0) 11.1
WINMARK CORP WINA US 46.8 (36.0) 11.1
WYNN RESORTS LTD WYNNCHF EU 9,981.2 (60.8) 1,234.7
WYNN RESORTS LTD WYNN SW 9,981.2 (60.8) 1,234.7
WYNN RESORTS LTD WYNN US 9,981.2 (60.8) 1,234.7
WYNN RESORTS LTD WYR GR 9,981.2 (60.8) 1,234.7
WYNN RESORTS LTD WYNN* MM 9,981.2 (60.8) 1,234.7
WYNN RESORTS LTD WYR TH 9,981.2 (60.8) 1,234.7
XERIUM TECHNOLOG XRM US 570.2 (107.3) 71.1
XERIUM TECHNOLOG TXRN GR 570.2 (107.3) 71.1
YRC WORLDWIDE IN YEL1 GR 1,964.8 (427.3) 197.3
YRC WORLDWIDE IN YEL1 TH 1,964.8 (427.3) 197.3
YRC WORLDWIDE IN YRCW US 1,964.8 (427.3) 197.3
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.
Copyright 2016. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.
*** End of Transmission ***