TCR_Public/160114.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, January 14, 2016, Vol. 20, No. 14

                            Headlines

364 N.B.E.: Wins Summary Judgment in Suit Against Edge Capital
8 WEST 58TH: BMG Directed to Comply with Plan Funding Agreements
AMERICAN APPAREL: Hagan, Silver Creek Announce $300 Million Offer
AMPLIPHI BIOSCIENCES: Files Investor Presentation with SEC
ANACOR PHARMACEUTICALS: Submits NDA for Crisaborole Ointment

AOXING PHARMACEUTICAL: Grants 80,000 Stock Options to Officers
ARCH COAL: Common Stock Delisted From NYSE
ARCH COAL: Names John Drexler Principal Accounting Officer
ARCH COAL: Receives Court Approval of "First Day" Motions
AUDIOEYE INC: Working Capital Deficit Raises Going Concern Doubt

BION ENVIRONMENTAL: Provides Policy Update
BLUE LINE: Has Going Concern Doubt Amid Net Loss, Capital Deficit
BMB MUNAI: Peter Rosten Holds Less Than 5% Stake as of Jan. 6
BRIGHTLEAF TECHNOLOGIES: Files for Ch 11 Bankruptcy Protection
COLT DEFENSE: Completes Restructuring, Exits Chapter 11 Process

CONGREGATION BIRCHOS: Confirmation Hearing Adjourned to March 16
CONNEAUT LAKE VOLUNTEER: Case Summary & 15 Top Unsecured Creditors
COROWARE INC: Reaches Forbearance Agreement With Blackbridge
CTI BIOPHARMA: Mark Lampert Reports 15.9% Stake as of Jan. 7
CTI BIOPHARMA: Targets $92 Million Product Revenue for 2016

DUOS TECHNOLOGIES: Loss, Capital Deficit Cast Going Concern Doubt
DYNACAST INTERNATIONAL: Moody's Affirms B2 CFR, Outlook Stable
ENERGY TRANSFER: Fitch Affirms 'BB' LT Issuer Default Rating
ENVISION SOLAR: Loss, Deficit Raise Going Concern Doubt
FIRST DATA: FMR LLC Reports 7.9% Equity Stake as of Jan. 8

FREEDOM COMMUNICATIONS: ACI California Resigns From Committee
GCP APPLIED: S&P Assigns 'BB-' Corp. Credit Rating, Outlook Stable
GRAY TELEVISION: Moody's Changes Outlook to Pos. & Affirms B2 CFR
GREENHUNTER RESOURCES: Cites Factors Raising Going Concern Doubt
GREYSTONE LOGISTICS: Signs Agreement for 48x40 Plastic Pallets

GROTH BROTHERS: 9th Cir. Affirms Denial of Counsel's Employment
GUESTLOGIX INC: In Talks to Extend Forbearance Agreement
HAGGEN HOLDINGS: Court OKs 4th DIP Credit Agreement Amendment
HYDROCARB ENERGY: President and COO Charles Dommer Resigns
IDERA PHARMACEUTICALS: Releases Copy of Presentation Materials

INNOVATIVE CONSTRUCTION: Case Summary & 8 Top Unsecured Creditors
INTRAWEST RESORTS: Moody's to Retain B2 CFR on Proposed Offer
KALOBIOS PHARMACEUTICALS: Withdraws Appeal on Nasdaq Delisting
KINDRED HEALTHCARE: Moody's to Retain B1 CFR Following Settlement
LASER FOCUS: Case Summary & 20 Largest Unsecured Creditors

MACK-CALI REALTY: Fitch Affirms 'BB+' Issuer Default Rating
MAGNUM HUNTER: 341 Meeting of Creditors Set for Jan. 21
MAGNUM HUNTER: US Trustee Forms Three-Member Creditors' Committee
MEDICAL IMAGING: Debt Payment Obligations Cast Going Concern Doubt
MEDICURE INC: Estimates $21.9 Million Revenue for 2015

METINVEST B.V.: Chapter 15 Case Summary
MIDSTATES PETROLEUM: R/C IV Eagle Reports 26% Stake as of Jan. 6
MILLENNIUM HEALTH: Immunity of Former Owners Still at Issue
MILLER ENERGY: Settles Accounting Fraud Complaint with SEC
MOLYCORP INC: Can Make Pension Contributions to Legacy

NATIONAL ENERGY: Capital Deficit, et al., Cast Going Concern Doubt
NAVIOS MARITIME: Moody's Lowers CFR to Caa1, Outlook Stable
NIERZWICKI HOLDINGS: Council Can't Continue Suit Over Nightclub
NORTHSTAR ASSET: Moody's Assigns Ba2 CFR, Outlook Negative
OFFSHORE GROUP: F3 Capital Airs Concerns Over Bankruptcy

ONE SOURCE: May Guarantee Briar Capital Replacement Factoring Deal
ONE SOURCE: Santander Consumer Objects to Chapter 11 Plan
ORIGINCLEAR INC: Losses, et al. Raise Going Concern Doubt
OUTERBANKS KINNAKEET: Voluntary Chapter 11 Case Summary
PANDA SHERMAN: S&P Lowers Rating on $372MM Term Loan B to 'B-'

PANDA TEMPLE II: S&P Lowers Rating to 'B-', Outlook Stable
PANDA TEMPLE: S&P Revises Outlook to Neg. & Affirms 'B' Rating
PIONEER ENERGY: S&P Retains 'B+' CCR on Lower Credit Commitments
PREMIER EXHIBITIONS: Secures $3 Million Note Facility
PROJECT AURORA: Moody's Assigns B2 CFR, Outlook Stable

PROJECT AURORA: S&P Assigns 'B' CCR on Leveraged Buyout
PROTEA BIOSCIENCES: Has Going Concern Doubt, Needs to Raise Funds
RANCH 967: Court Approves Distribution of Sale Proceeds
RETROPHIN INC: Expects $99.9 Million Revenue for 2015
RICEBRAN TECHNOLOGIES: Hal Mintz Reports 9.7% Stake as of Dec. 31

ROBSTOWN, TX: Moody's Lowers GOLT Debt Ratings to Ba2
SAMSON RESOURCES: Chisos Ltd. Seeks Adequate Protection
SAMSON RESOURCES: Has Until April 13 to Remove Actions
SCIENTIFIC LEARNING: Noel Moore Lowers Stake to 1.4% as of Dec. 31
SEQUENOM INC: Expects $128 Million Revenue for 2015

SHERWIN ALUMINA: Joint Administration of Chapter 11 Cases
SHERWIN ALUMINA: To Continue Plant Operations While in Ch. 11
SIFCO INDUSTRIES: Receives NYSE Notice of Non-Compliance
SPANISH BROADCASTING: Joins FCC'S Television Spectrum Auction
STAR BULK: Fails Nasdaq's Minimum Bid Price Requirement

TERRAFORM GLOBAL: S&P Lowers CCR to 'B-', Outlook Stable
TRANSCOASTAL CORP: Reorganization Plan Wins Approval
TRANSGENOMIC INC: Obtains $2.2 Million From Private Placement
TRANSGENOMIC INC: Signs Conversion Agreement with Stockholders
UNITED AIRLINES: 7th Circ. Rejects Bid to Reopen Ch. 11 Case

VALENER INC: S&P Lowers Then Withdraws Corp. Credit Rating
VANGUARD NATURAL: S&P Lowers CCR to 'CC', Outlook Negative
VARIANT HOLDING: To Sell Properties to L.A. Hedge Fund
VERMILLION INC: Presented at J.P. Morgan Conference
VINCE INTERMEDIATE: S&P Revises Outlook to Neg. & Affirms 'B' CCR

WAFERGEN BIO-SYSTEMS: Hal Mintz Reports 9.9% Stake as of Dec. 31
WALTER ENERGY: WBWB Can Reject Royalty Agreement with Dominion
WR GRACE: S&P Affirms 'BB+' Corporate Rating, Outlook Stable
ZOGENIX INC: Begins Phase 3 Clinical Trial for ZX008
ZOGENIX INC: Estimates Cash & Cash Equiv. of $156M at Dec. 31

ZOGENIX INC: Presented at J.P. Morgan Healthcare Conference
[*] Jeffrey Schwartz Joins Robins Kaplan's New York Office
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

364 N.B.E.: Wins Summary Judgment in Suit Against Edge Capital
--------------------------------------------------------------
364 N.B.E Corp. initiated an adversary proceeding against Edge
Capital, LLC and JA Funding, Inc., for a determination that a
certain deed-in-lieu (DIL) is the equivalent of a mortgage under
New York Law, or alternatively, that the recordation of the
deed-in-lieu by the Defendants constituted a constructive
fraudulent conveyance, voidable under the Bankruptcy Code.

Previously, the Court granted the Debtor's motion for a preliminary
injunction, finding that its claims carried a likelihood of success
on the merits.  Subsequently, the Debtor moved for summary judgment
on the claim under section 320 of the Real Property Law.

On its face, section 320 mandates that a deed conveying real
property will be considered to be a mortgage when the instrument is
executed as security for a debt.

The Debtor's first claim is that, as a matter of New York law, the
DIL executed pursuant to the Stipulation was not an absolute
conveyance, but a mortgage. Thus, the Debtor argues, the DIL did
not give the Defendants the right to assert a claim of fee simple
ownership over the Property. The Defendants counter that the
parties intended the DIL to be a conveyance, and therefore, a
genuine dispute exists with respect to intent.

Here, it is apparent from the terms of the Stipulation that the DIL
was used as security for a debt. The parties agreed, in unequivocal
terms, that the DIL was to be held by the escrowee "as security for
364 and Nadav performing under the Modified and Extended Mortgage."
Moreover, the Stipulation provides for the Debtor's right to redeem
the Property.  

In a Decision on Summary Judgment dated December 29, 2015, which is
available at http://is.gd/I11wd5from Leagle.com, Judge Nancy
Hershey Lord of the United States Bankruptcy Court for the Eastern
District of New York granted the Debtor's motion for summary
judgment on the claim under section 320 of the Real Property Law.
Accordingly, the DIL did not effect a transfer, and thus, the Court
need not consider the Debtor's second claim of constructive
fraudulent conveyance.

The adversary proceeding is 364 N.B.E. CORP., Plaintiff, v. EDGE
CAPITAL, LLC and JA FUNDING, INC., Defendants, Adv. Pro No.
13-01517 (NHL)(Bankr. E.D.N.Y.).

The case is In re: 364 N.B.E. CORP., Chapter 11, Debtor, Case No.
13-46771 (NHL)(Bankr. E.D.N.Y.).

364 N.B.E. Corp., Plaintiff, is represented by Scott Markowitz,
Esq. -- smarkowitz@tarterkrinsky.com -- Tarter Krinsky & Drogin
LLP.

Edge Capital LLC, Defendant, is represented by Ashley Koenen, Esq.
-- akoenen@rosenpc.com -- Rosen & Associates PC, Nancy L Kourland,
Esq. -- nkourland@rosenpc.com -- Rosen & Associates PC.

364 N.B.E. Corp. sought protection under Chapter 11 of the
Bankruptcy Code on Nov. 11, 2013 (Bankr. E.D.N.Y., Case No.
13-46771).  The case is assigned to Judge Nancy Hershey Lord.

The Debtor's counsel is Scott Markowitz, Esq., at Tarter Krinsky &
Drogin LLP, in New York.  The petition was signed by Nadav
Ben-Eliezer, president.


8 WEST 58TH: BMG Directed to Comply with Plan Funding Agreements
----------------------------------------------------------------
In a Memorandum of Decision and Order dated December 21, 2015,
which is available at http://is.gd/OBsaonfrom Leagle.com, Judge
Sean H. Lane of the United States Bankruptcy Court for the Southern
District of New York denies Be My Guest LLC's Motion to Allow for
Limited Relief and grants 8 West 58th Street Hospitality, LLC's
Motion to Compel Compliance with Order Approving Plan Funding
Agreements to the extent it requires the securing of confessions of
judgment by BMG and Nello Balan and/or Lucy Balan.

The case is In re: 8 WEST 58TH STREET HOSPITALITY, LLC, Chapter 11,
Debtor, Case No. 14-11524 (SHL)(Bankr. S.D.N.Y.).

8 West 58th Street Hospitality, LLC, Debtor, is represented by J.
Ted Donovan, Esq. -- Goldberg Weprin Finkel Goldstein LLP, Kevin J.
Nash, Esq. -- Goldberg Weprin Finkel Goldstein LLP.

United States Trustee, U.S. Trustee, represented by Paul Kenan
Schwartzberg, Office of the United States Trustee.


AMERICAN APPAREL: Hagan, Silver Creek Announce $300 Million Offer
-----------------------------------------------------------------
An investor group comprised of Hagan Capital Group and Silver Creek
Capital Partners have submitted a $300 million offer to acquire
American Apparel, Inc.

--  Offer valuing American Apparel at $300 million is superior to

     the debtor's plan of reorganization and is a win-win solution

     for the Company and all of its stakeholders

--  Debtor's plan is not feasible and will lead to poor long-term
     recoveries for the Company's stakeholders and put thousands
     of manufacturing jobs in Los Angeles at risk

--  The acquisition proposal has the support of the Company's
     founder, Dov Charney, whose leadership and vision is central
     to American Apparel's long-term viability


The American Apparel investment would be managed by PressPlay
Group, the private equity arm of San Francisco and Shanghai based
PressPlay Global, which is backed by Hagan and Silver Creek.

The terms of the proposal includes an investment from the Investor
Group of $130 million, including $90 million of new equity and $40
million of a new term loan. American Apparel would exit bankruptcy
with approximately $160 million of liquidity and new equity,
including cash, a new $50 million undrawn revolving credit
facility, and $90 million of equity cushion at closing, versus
approximately $75 million under the debtor's plan of
reorganization.


The total enterprise value of the proposed transaction is $300
million, an attractive valuation to the debtor and above the
valuation range of $180 to $270 million publicly stated by the
debtor in its disclosure statement. The Investor Group's offer is
an upward revision to a prior proposal submitted by the Investor
Group to the Company in December 2015.

Under the Investor Group's offer, the Company's pre-petition senior
lenders will receive a recovery of over 100% versus 33% to 77%
under the debtor's plan, assuming the low and high values of the
debtor's valuation range. Additionally, the unsecured creditors
will receive a recovery of ten times that under the debtor's plan,
plus the benefits from the enhanced long-term viability of the
enterprise.

"American Apparel is a proven viable business model that needs to
be scaled from a sales point of view and should not be in
bankruptcy. If the Company is not turned around it will be a
pointless loss of American manufacturing jobs. We strongly urge the
creditors to evaluate and accept our offer," stated Chad Hagan,
Managing Partner of Hagan Capital Group.

Headquartered in Los Angeles, American Apparel is an iconic company
in the apparel industry, operating the largest clothing
manufacturing facility in the United States. In 2014, the Company
generated over $600 million of net sales and reported $40 million
of Adjusted EBITDA. Mr. Charney has a consistent track record of
driving the Company's business, growing sales for 25 consecutive
years with just one exception.

Hagan states, "Dov's creativity, entrepreneurialism, and dedication
are the cornerstone of American Apparel. Removing him from the
Company's board and leadership was a shortsighted mistake and we
are seeing the results of this error unfold in the declining
performance of the Company today."

In the nine months ended September 30, 2015, following Mr.
Charney's departure from the Company, but prior to the Company's
bankruptcy filing, net sales and gross profits at American Apparel
declined 15.5% and 29.2%, respectively. These trends have not
showed signs of reversing with net sales down 19.1% on a
year-over-year basis for the third quarter of 2015, the last
publicly disclosed financial information for the Company.

"The Company's existing management team has had a year to prove its
business strategies for American Apparel. The historical record on
this is clear at this point: the Company is a far less profitable
business than it was under Mr. Charney's tenure as Chairman and
CEO, and the Company's sales and EBITDA only continue to
deteriorate further under the new regime. We believe that under the
strategy being pursued by current management, the debtor's plan, if
confirmed by the court, will ultimately prove unfeasible. This will
result in disastrous outcomes for the Company's various
stakeholders," commented Hagan.

Charney has developed a business plan that he and the Investor
Group believe would rapidly improve the Company's business
performance. He has also held discussions with many highly regarded
industry executives, with exceptional track records, interested in
joining the Company if the Investor Group's proposal were to be
successful and Charney returns.

Mr. Charney stated, "American Apparel is one of the largest private
sector employers in the city of Los Angeles, providing thousands of
manufacturing jobs. This discussion is not just about the impact on
the investor returns, but also about the livelihood of thousands of
workers. I am confident that given the opportunity I will
successfully turn around the Company's fortunes, return it to
profitability and to a market leading position again."

Cardinal Advisors, LLC, is serving as financial advisor to Mr.
Charney and Proskauer Rose LLP is serving as legal counsel to Hagan
Capital Group and Silver Creek Capital Partners.



AMPLIPHI BIOSCIENCES: Files Investor Presentation with SEC
----------------------------------------------------------
AmpliPhi Biosciences Corporation has included certain previously
nonpublic information about the Company in its presentation handout
to be utilized in various meetings with securities analysts and/or
investors at the 34th Annual J.P. Morgan Healthcare Conference,
commencing on Jan. 11, 2016.  A copy of the presentation is
available for free at http://is.gd/9GgqUk

                          About AmpliPhi

AmpliPhi Biosciences Corp. is a biopharmaceutical company that
develops bacteriophage-based therapeutics.  It also develops an
internally generated pipeline of naturally occurring viruses
called bacteriophage (Phage) for the treatment of bacterial
infection, such as drug-resistant strains of bacteria that are
commonly found in the hospital setting.  The company's Phage
discovery also focuses on acute & chronic lung, sinus and
gastrointestinal infections.  AmpliPhi Biosciences was founded in
March 1989 and is headquartered in Glen Allen, Virginia.

The Company reported net income attributable to common stockholders
of $21.82 million for the year ended Dec. 31, 2014, compared to a
net loss attributable to common stockholders of $65.2 million for
the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $34.07 million in total
assets, $7.47 million in total liabilities, $10.94 million in
series B redeemable convertible preferred stock, and $15.66 million
in total stockholders' equity.


ANACOR PHARMACEUTICALS: Submits NDA for Crisaborole Ointment
------------------------------------------------------------
Anacor Pharmaceuticals, Inc., announced that it has submitted a New
Drug Application to the U.S. Food and Drug Administration seeking
approval of crisaborole topical ointment, 2%, a novel non-steroidal
topical anti-inflammatory phosphodiesterase-4 (PDE-4) inhibitor in
development for the potential treatment of mild-to-moderate atopic
dermatitis in children and adults.

"The submission of the NDA for crisaborole topical ointment, 2%
represents an important milestone for our atopic dermatitis
development program, as we continue to leverage our boron chemistry
platform to pursue innovative new therapies," said Paul L. Berns,
chairman and chief executive officer of Anacor.  "We believe there
is a significant unmet medical need for a novel non-steroidal
topical anti-inflammatory treatment option for the patients who are
suffering with mild-to-moderate atopic dermatitis and we look
forward to working with the FDA during its review of the
crisaborole NDA."

In July 2015, Anacor announced the positive top-line results from
its two Phase 3 pivotal studies of crisaborole.  In each of the two
Phase 3 pivotal studies, crisaborole achieved statistically
significant results on all primary and secondary endpoints and
demonstrated a safety profile consistent with previous studies.  In
October 2015, Anacor announced the top-line results from its
long-term safety study, in which crisaborole was found to be
well-tolerated and demonstrated a safety profile consistent with
that seen in the Phase 3 pivotal studies when used intermittently
for up to 12 months.

About Crisaborole Topical Ointment, 2%

Crisaborole topical ointment, 2%, is an investigational
non-steroidal topical anti-inflammatory PDE-4 inhibitor in
development for the potential treatment of mild-to-moderate atopic
dermatitis.  Crisaborole is a novel boron-containing small molecule
and, although the specific mechanism of action is not yet
completely defined, Anacor believes that crisaborole inhibits PDE-4
in target cells, which reduces the production of pro-inflammatory
cytokines thought to cause the signs and symptoms of atopic
dermatitis.

Meanwhile, Anacor will be conducting investor meetings during the
week of Jan. 11, 2016.  A copy of the investor presentation that
may be used by representatives of the Company at such meetings is
available for free at http://is.gd/TN8VZm

                  About Anacor Pharmaceuticals

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

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

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


AOXING PHARMACEUTICAL: Grants 80,000 Stock Options to Officers
--------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc.'s Board of Directors granted
common stock options to each of the Company's senior officers.
Zhenjiang Yue, the chief executive officer, received an option to
purchase 50,000 shares; Guoan Zhang, the interim chief financial
officer, received an option to purchase 30,000 shares.  The
purchase price on exercise of the options will be $0.64 per share,
which was the closing market price on Jan. 4, 2016.  The options
have a term of five years.  The options will not vest until the
grant has been approved by a vote of the Company's shareholders.

                          About Aoxing

Aoxing Pharmaceutical Company, Inc., has one operating subsidiary,
Hebei Aoxing Pharmaceutical Co., Inc., which is organized under
the laws of the People's Republic of China.  Since 2002, Hebei
Aoxing has been engaged in developing narcotics and pain management
products.  In 2008 Hebei Aoxing supplemented its product lines by
acquiring Shijiazhuang Lerentang Pharmaceutical Company, Ltd., a
specialty pharmaceutical company focusing on herbal pain related
therapeutics.  The Company owns 95% of the equity in Hebei Aoxing.

Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.

As of Sept. 30, 2015, the Company had $55.0 million in total
assets, $41.4 million in total liabilities and $13.6 million in
total equity.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the year
ended June 30, 2015, stating that the Company accumulated a large
deficit and a working capital deficit that raise substantial doubt
about its ability to continue as a going concern.


ARCH COAL: Common Stock Delisted From NYSE
------------------------------------------
The New York Stock Exchange determined that Arch Coal Inc. is no
longer suitable for listing pursuant to Section 8.02.01D of the
NYSE continued listing standards and trading in the Company's
common stock has been suspended.  

The NYSE reached this decision in view of the Company's Jan. 11,
2016, announcement that it and substantially all of its
wholly-owned domestic subsidiaries have filed voluntary petitions
for reorganization under Chapter 11 of the Bankruptcy Code in the
United States Bankruptcy Court for the Eastern District of
Missouri.  In reaching its delisting determination, the NYSE noted
that existing common stock of the Company would be extinguished,
and existing equity holders would not receive consideration in
respect of their equity interests.  The NYSE has informed the
Company that it will apply to the U.S. Securities and Exchange
Commission to commence proceedings to delist Arch's common stock
upon completion of all applicable procedures.  At this time, the
Company does not intend to take any further action to appeal the
NYSE's decision.

                         About Arch Coal

Founded in 1969, Arch Coal, Inc., 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
January 2016, 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.  As of the Petition Date, Arch
employed approximately 4,600 full- and part-time employees.

Arch Coal, Inc. and 71 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. E.D. Mo. Case Nos. 16-40120 to
16-40191) on Jan. 11, 2016.  The petition was signed by Robert G.
Jones as senior vice president-law, general counsel and secretary.
The Debtors disclosed total assets of $5.84 billion and total debts
of $6.45 billion.  Judge Charles E. Rendlen III has been assigned
the case.

The Debtors have engaged Davis Polk & Wardwell LLP as counsel,
Bryan Cave LLP as local counsel, FTI Consulting, Inc. as
restructuring advisor, PJT Partners as investment banker, and Prime
Clerk LLC as notice, claims and solicitation agent.


ARCH COAL: Names John Drexler Principal Accounting Officer
----------------------------------------------------------
Arch Coal, Inc.'s Board of Directors determined that Mr. John T.
Drexler would, in addition to his role as senior vice president and
chief financial officer, also serve as Arch's principal accounting
officer, replacing Mr. John W. Lorson who had previously served in
that capacity.  Such change took effect beginning Dec. 31, 2015.
Mr. Lorson will continue to serve in a senior accounting role and
has assumed other leadership responsibilities at Arch.

                         About Arch Coal

Founded in 1969, Arch Coal, Inc., 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
January 2016, 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.  As of the Petition Date, Arch
employed approximately 4,600 full- and part-time employees.

Arch Coal, Inc. and 71 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. E.D. Mo. Case Nos. 16-40120 to
16-40191) on Jan. 11, 2016.  The petition was signed by Robert G.
Jones as senior vice president-law, general counsel and secretary.
The Debtors disclosed total assets of $5.84 billion and total debts
of $6.45 billion.  Judge Charles E. Rendlen III has been assigned
the case.

The Debtors have engaged Davis Polk & Wardwell LLP as counsel,
Bryan Cave LLP as local counsel, FTI Consulting, Inc. as
restructuring advisor, PJT Partners as investment banker, and Prime
Clerk LLC as notice, claims and solicitation agent.


ARCH COAL: Receives Court Approval of "First Day" Motions
---------------------------------------------------------
Arch Coal, Inc. has received approval from the United States
Bankruptcy Court for the Eastern District of Missouri for all of
its First Day motions related to its Chapter 11 restructuring.
Collectively, the First Day orders issued by the Court on either an
interim or final basis will help Arch continue operating its
business in the ordinary course as it implements the agreements it
reached with the majority of the lenders under its $1.9 billion
first lien financing facility to significantly restructure the
company's debt load.

"These approvals represent a positive step forward in our financial
restructuring process," said John W. Eaves, Arch's chairman and
CEO. "With these approvals, Arch will continue normal operations as
we implement a comprehensive financial restructuring that will
further enhance Arch's position as a large-scale, low-cost
operator. We will continue providing our customers exceptional
service as we move through this process, and we will continue to
operate safely, responsibly and efficiently."

The Court granted Arch interim approval of a $275 million
debtor-in-possession (DIP) financing it expects to receive from
members of the ad hoc group of lenders that hold more than 65% of
the company's first lien debt. The Court also granted interim
approval for the company to continue its $200 million trade
accounts receivable securitization facility, which is subject to
customary conditions and supports Arch's letters of credit program.
In addition, the company had more than $600 million in cash and
short-term investments as of January 11, 2016. Together, with cash
generated from ongoing operations, the company's new financing and
existing liquidity will be used to support the business during the
restructuring process.


The company also received approval to, among other things, pay
employee wages, salaries, benefits and certain other employee
obligations, as well as use existing cash management systems. The
company also received approval to take certain other actions to
help ensure that Arch's mining operations and customer shipments
continue in the ordinary course. Arch intends to meet its
obligations in the ordinary course and expects its mining
operations and customer shipments to continue uninterrupted
throughout the reorganization process.

As previously announced, on January 11, 2016, Arch reached an
agreement with a majority of the lenders under its $1.9 billion
first lien financing facility that will eliminate more than $4.5
billion in debt from Arch's balance sheet.  To facilitate this
financial restructuring, Arch and substantially all of its
wholly-owned domestic subsidiaries filed voluntary petitions for
reorganization under Chapter 11 of the Bankruptcy Code in the
United States Bankruptcy Court for the Eastern District of
Missouri.



AUDIOEYE INC: Working Capital Deficit Raises Going Concern Doubt
----------------------------------------------------------------
AudioEye, Inc., had a working capital deficit of $57,533 as of
Sept. 30, 2015.  In addition, the company used net cash in
operations of $4,804,778 during the nine months ended Sept. 30,
2015.

"Even with a greater focus on cash revenue generation and the
ongoing cost reductions, the conditions described, raise
substantial doubt about the company's ability to continue as a
going concern," said Carr Bettis, executive chairman, and Sean
Bradley, president of the company in a regulatory filing with the
U.S. Securities and Exchange Commission dated November 16, 2015.

"While the company has been successful in raising capital in the
past, there is no assurance that it will be successful at raising
additional capital in the future.  Additionally, if the company's
plans are not achieved and/or if significant unanticipated events
occur, the company may have to further modify its business plan."

At Sept. 30, 2015, the company had total assets of $3,788,371,
total liabilities of $385,344 and total stockholders' equity of
$3,403,027.

For the three months ended Sept. 30, 2015, the company posted a net
loss of $578,543 as compared with a net loss of $2,469,517 during
the same period in 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/ht8qaqh

AudioEye, Inc.'s suite of technologies enables its customers to
provide their site visitors with an enhanced web experience.  The
Tucson, Arizona-based company offers businesses with solutions
designed to reach more customers, improve brand image and build
additional brand loyalty.


BION ENVIRONMENTAL: Provides Policy Update
------------------------------------------
Bion Environmental Technologies, Inc. released the following policy
update:

Pennsylvania is in default of its Chesapeake Bay nutrient reduction
targets and has acknowledged it will default on its 2017
Milestones.  As pointed out in the Auditor General's April 2015
report, this could result in EPA taking actions leading to billions
in additional costs to tax and rate payers.

Looming are EPA-mandated storm water requirements that
Pennsylvania's 2004 Tributary Strategy estimated would cost
taxpayers $5.6 billion (and would meet only 9 percent of their
Chesapeake Bay mandate).  The same Tributary Strategy had
originally estimated a cost of $376 million to upgrade
publicly-owned treatment works (POTWs) while the actual cost of
those upgrades was over $2 billion and still counting, a 500
percent 'miss'.

Senate Bill 724 was introduced by Senator Elder Vogel, Jr., in
response to the Pennsylvania Legislative Budget and Finance
Committee's (LBFC) bipartisan 2013 report that recommended a
competitive bidding program to engage the private sector and unlock
$1.5 billion in annual taxpayer savings.  The Bill is specifically
focused on substituting low-cost verified nutrient reductions from
agriculture for expensive stormwater reductions. Proven manure
control technologies such as Bion's can deliver large-scale and
verifiable solutions from agriculture at dramatically lower cost
than stormwater treatment.

The legislation is supported by state and national agricultural and
livestock producers, among others.  Collectively, SB 724 supporters
have made progress in highlighting to the Wolf Administration and
senior legislative leaders the real costs of today's failed clean
water strategy as well as the benefits and challenges involved with
restructuring that system to support private-sector solutions and
investment.  Both senior administration and legislative leaders
have come to understand that the existing strategy has failed
because it lacks certainty, transparency, and accountability, and
restricts private sector competition.  

Most of the goods and services acquired by federal (and state)
government on behalf of the taxpayer are acquired from the private
sector through competitive bidding, which provides a transparent
process that levels the playing field and identifies the low-cost
provider.  A 'verified credit' standard was adopted by US EPA in
2014, enabling a framework to allow nutrient reductions from
alternative sources like agriculture to be quantified and used to
offset EPA-mandated reductions.  The verified credit allows
reductions to be compared based solely on cost, opening the door
for states to use competitive bidding to identify the lowest-cost
nutrient solutions.  Provisions in the Federal Water Pollution
Control Act, as well as Pennsylvania's Fiscal Code, are already in
place to ensure that taxpayer funds are used only for the most
cost-effective solutions.

Craig Scott, Bion's Director of Communications, said, "We believe
that once the budget is resolved, the Wolf Administration and the
Legislature will address Pennsylvania's Chesapeake Bay default. The
current system is riddled with conflicts of interest and clearly
failing as a result.  The billions of dollars in taxpayer savings
outlined in the LBFC report are so large that we are optimistic
that Pennsylvania will be able to adopt a competitively-bid program
like SB 724 that protects the interests of the taxpayer, and will
also accelerate implementation to get the Commonwealth back on
track with its Chesapeake Bay commitments.

That said, Pennsylvania is one state in a nationwide battle against
nutrient runoff that US EPA calls the greatest water quality issue
today.  Policies are evolving at the national level to deal with
complex multi-state watersheds like the Bay - there is a consensus
that the Great Lakes and Mississippi River Basin are next.  Both US
EPA and USDA now publicly support engaging the private sector, as
well as nutrient trading that will allow states access to lower
cost solutions.

Livestock producers are ready to engage; onsite treatment of animal
waste such as Bion provides can supply large-scale low-cost
verifiable reductions.  It is now up to the leadership in the more
than thirty states in the U.S. that are affected to use all of the
tools available.  As we have seen in Pennsylvania, this will not be
a popular decision with the entrenched interests that benefit from
today's failed strategy; however, from the perspective of the
taxpayer and the environment it should be an easy one."  

Established in 1990, Bion's Environmental Technologies' patented,
next-generation technology provides comprehensive treatment of
livestock waste that achieves substantial reductions in nutrients
(nitrogen and phosphorus), ammonia, greenhouse and other gases, as
well as pathogens, hormones, herbicides and pesticides in the waste
stream.  Nutrients and renewable energy can now be recovered in the
form of valuable by-products, providing substantially improved
resource and operational efficiencies.  For more information, see
Bion's Web site, www.biontech.com.  

                    About Bion Environmental

Bion Environmental Technologies Inc.'s patented and proprietary
technology provides a comprehensive environmental solution to a
significant source of pollution in US agriculture, large scale
livestock facilities known as Confined Animal Feeding Operations.
Bion's technology produces substantial reductions of nutrient
releases (primarily nitrogen and phosphorus) to both water and air
(including ammonia, which is subsequently re-deposited to the
ground) from livestock waste streams based upon the Company's
operations and research to date (and third party peer review).

Bion Environmental reported a net loss of $5.6 million on $3,658 of
revenue for the year ended June 30, 2015, compared to a net loss of
$5.8 million on $5,931 of revenue for the year ended
June 30, 2014.

As of Sept. 30, 2015, the Company had $2.22 million in total
assets, $13.3 million in total liabilities and a total deficit of
$11.08 million.

GHP Horwath, P.C., in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the year
ended June 30, 2015, citing that the Company has not generated
significant revenue and has suffered recurring losses from
operations.  These factors raise substantial doubt about its
ability to continue as a going concern.


BLUE LINE: Has Going Concern Doubt Amid Net Loss, Capital Deficit
-----------------------------------------------------------------
Blue Line Protection Group, Inc. posted a net loss of $264,456 for
the three months ended September 30, 2015, compared with a net loss
of $752,016 for the same period in 2014.

The company incurred a net loss of $1,272,829 during the nine
months ended September 30, 2015, and had negative working capital
at September 30, 2015.

"These conditions raise substantial doubt about the company's
ability to continue as a going concern," said Daniel Allen, chief
executive officer, and Patrick Deparini, chief financial officer of
the company in a regulatory filing with the U.S. Securities and
Exchange Commission on November 16, 2015.

"In order to continue as a going concern, the company will need,
among other things, additional capital resources.  The company is
significantly dependent upon its ability, and will continue to
attempt, to secure additional equity and/or debt financing.  There
are no assurances that the company will be successful and without
sufficient financing it would be unlikely for the company to
continue as a going concern."

At September 30, 2015, the company had total assets of $1,560,390,
total liabilities of $1,515,227 and total stockholders' equity of
$45,163.

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

Blue Line Protection Group, Inc. provides armed protection,
financial solutions, logistics and compliance services to
businesses engaged in the legal cannabis industry.  The Lakewood,
Colorado-based company provides on-site security, transportation
and compliance verification services to marijuana businesses to
ensure that they are operating according to local, state and
federal regulations.



BMB MUNAI: Peter Rosten Holds Less Than 5% Stake as of Jan. 6
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Peter Rosten disclosed that as of Jan. 6, 2016, he
beneficially owns less than 5 percent of BMB Munai, Inc.'s
outstanding common stock.  A copy of the regulatory filing is
available for free at http://is.gd/6NavKR

                       About BMB Munai

BMB Munai, Inc., is engaged in oil and natural gas exploration and
production through Emir Oil LLP, which was sold to a third party
entity in 2011.  The Company has been focused on satisfying its
post-closing undertakings in connection with the sale of Emir Oil,
winding down its operations in Kazakhstan and exploring oil and
gas opportunities.

BMB Munai reported a net loss of $18,800 on $0 of revenues for the
year ended March 31, 2015, compared with a net loss of $1.6 million
on $0 of revenues for the year ended March 31, 2014.

As of Sept. 30, 2015, the Company had $8.59 million in total
assets, $8.67 million in total liabilities, all current, and a
total shareholders' deficit of $81,267.

Eide Bailly LLP, in Salt Lake City, Utah, issued a "going concern"
qualification on the consolidated financial statements for the year
ended March 31, 2015, citing that BMB Munai, Inc. has no continuing
operations that result in positive cash flow.  This situation
raises substantial doubt about its ability to continue as a going
concern.


BRIGHTLEAF TECHNOLOGIES: Files for Ch 11 Bankruptcy Protection
--------------------------------------------------------------
BrightLeaf Technologies, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D. Colo. Case No. 16-10121) on Jan. 7, 2016,
listing $1.3 million in total assets and $11.8 million in total
liabilities.

The Company told its shareholders it was contemplating bankruptcy
in December 2015, after potential equity investors backed out of a
tentative financing plan to help the Company manufacture generators
for commercial sale, Amy DiPierro at BusinessDen reports, citing
the Company's CEO and founder, Douglas Kiesewetter.

BusinessDen quoted Mr. Kiesewetter as saying, "We've been in active
fundraising mode, both equity and debt, and had some success.  But
lots of negotiations were bogging down largely due to this large
debt load.  Investors didn't want their capital going to servicing
the debt upfront."

According to BusinessDen, Mr. Kiesewetter said that the Company now
has a few prospective investors lined up and that the Company will
strive to repay all of its debts.

The Company said in court filings that it had no cash on hand but
maintains checking accounts at Alpine Bank and a certificate of
deposit at Wells Fargo totaling less than $100,000.

Judge Elizabeth E. Brown presides over the case.

Craig K. Schuenemann, Esq., at Bryan Cave LLP serves as the
Company's bankruptcy counsel.

BrightLeaf Technologies, Inc., fka BrightLeaf Power and
Aquasoladyne Partners, L.P., is a solar energy company
headquartered in Montrose, Colorado.  It makes a
photovoltaic-powered generator that produces both electricity and
heat energy, a process called "cogeneration".  Douglas Kiesewetter
founded the Company in 2008.


COLT DEFENSE: Completes Restructuring, Exits Chapter 11 Process
---------------------------------------------------------------
Colt Defense LLC on Jan. 13 disclosed that it has completed its
financial restructuring and emerged from its Chapter 11 process.
The Company concluded its restructuring after completing all
required actions and satisfying all remaining closing conditions to
its Amended Joint Plan of Reorganization, which was confirmed by
the United States Bankruptcy Court for the District of Delaware
last December.

Under the Plan, Colt has significantly restructured and reduced its
debt, improved its capital structure, and enhanced its liquidity
profile.  Specifically, the Company has reduced its debt by
approximately $200 million, after giving effect to $50 million of
new capital raised through the restructuring process.

In addition, the Company has executed a long-term lease for its
West Hartford Facility and has entered into a Memorandum of
Understanding with the United Auto Workers that reaffirms its
strong relationship with the union and its workforce.

"It is with profound appreciation to all of our key stakeholders
that we share that we have completed the restructuring process and
are emerging from Chapter 11 with a solid capital structure,
significantly less debt, and much greater financial flexibility,"
said Dennis Veilleux, President and Chief Executive Officer of Colt
Defense LLC.  Mr. Veilleux added "Importantly, we were able to
restructure our balance sheet while meeting all obligations to our
customers, vendors, and suppliers throughout this process.  This is
a true testament to the hard work and support of our dedicated
employees, as well as an affirmation of a shared confidence among
our key stakeholders and creditors that Colt is on the right path.
We are grateful for their commitment to Colt and we look forward to
the future as we build on our heritage as an iconic American brand
with renewed vigor and purpose."

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

GLC Advisors & Co., LLC acted as financial advisor and Brown
Rudnick LLP acted as the legal counsel to the Ad Hoc Group of
bondholders.

                       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.


CONGREGATION BIRCHOS: Confirmation Hearing Adjourned to March 16
----------------------------------------------------------------
The hearing on the confirmation of the Chapter 11 plan proposed by
TD Bank N.A. for Congregation Birchos Yosef has been adjourned to
March 16.

The deadline for filing objections to the plan is March 9,
according to a filing with the U.S. Bankruptcy Court for the
Southern District of New York.

The proposed plan calls for the swift sale of Congregation Birchos'
real property.  Proceeds from the sale will be used to pay
creditors in full.

Under the plan, TD Bank's $9.2 million secured claim will be paid
from the sale proceeds.  In case the net proceeds are less than the
amount of the secured claim, the deficiency portion will be treated
as an unsecured claim.

General unsecured claims estimated at $1 million will be paid in
full from the available cash or the litigation proceeds.  

Meanwhile, mechanic's lien claims), if allowed, will be paid from
the net proceeds from the sale of the 201 Route 306 property,
according to court filings.

                 About Congregation Birchos Yosef

Congregation Birchos Yosef is a religious corporation which was
formed on Jan. 16, 1985 for the purposes of creating and
maintaining a "House of Worship" in accordance with the traditions
of the Hebrew faith and to serve and advance the affairs of the
surrounding community under the leadership of the Grand Rebbe of
Nikolsburg.  Its principal office is located at 201 Route 306,
Monsey, New York.  It has real properties located in Spring Valley
and Monsey, New York.

Congregation Birchos Yosef sought bankruptcy protection (Bankr.
S.D.N.Y. Case No. 15-22254) in White Plains, New York, on Feb. 26,
2015.  Breindy Lebovits, the vice-president, signed the petition.

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

On May 4, 2015, the Debtor won approval to hire (i) Pick & Zabicki
LLP as its counsel, (ii) Frances M. Caruso as its bookkeeper and
(iii) Montalbano, Condon & Frank, P.C. as special counsel for real
property tax-related matters.  On May 18, the Court authorized the
Debtor's retention of Levine & Associates, PC as special litigation
counsel.  On Sept. 11, 2015, the Court approved the retention of
The Law Offices of David Carlebach, Esq. as the Debtor's
substituted bankruptcy counsel.  On Nov. 11, 2015, the Debtor filed
a stipulation of substitution of counsel, reflecting that The Law
Offices of Allen A. Kolber, Esq. will serve as the Debtor's
substituted bankruptcy counsel

                           *     *     *

The Debtor's "exclusivity period" under Section 1121 of the
Bankruptcy Code expired June 26, 2015.

On Aug. 24, 2015, the Court entered a memorandum of decision in
support of its order granting the Debtor's motion to enforce the
automatic stay against Bais Chinuch L'Bonois, Inc. and certain
individuals.  This order is being appealed.


CONNEAUT LAKE VOLUNTEER: Case Summary & 15 Top Unsecured Creditors
------------------------------------------------------------------
Debtor: Conneaut Lake Volunteer Fire Department of Conneaut Lake
        Borough and Sadsbury Township
        11877 Conneaut Lake Road
        Conneaut Lake, PA 16316

Case No.: 16-10019

Chapter 11 Petition Date: January 12, 2016

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Erie)

Judge: Hon. Thomas P. Agresti

Debtor's Counsel: Daniel P. Foster, Esq.
                  FOSTER LAW OFFICES
                  PO Box 966
                  Meadville, PA 16335
                  Tel: 814.724.1165
                  Fax: 814.724.1158
                  Email: dan@mrdebtbuster.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by George Zeljak, president.

A list of the Debtor's 15 largest unsecured creditors is available
for free at http://bankrupt.com/misc/pawb16-10019.pdf


COROWARE INC: Reaches Forbearance Agreement With Blackbridge
------------------------------------------------------------
CoroWare, Inc., entered into a Forbearance and Settlement Agreement
with Blackbridge Capital, LLC, a hedge fund focused on structured
debt, equity and real estate investments.

Under the terms of the Forbearance and Settlement Agreement,
Blackbridge Capital will refrain from converting their convertible
notes or exercising any rights or remedies that they may have as
specified in the convertible note agreements, unless a breach of
the Forbearance and Settlement Agreement occurs.

"I am pleased to report that CoroWare and Blackbridge have reach
accord through this Forbearance and Settlement Agreement," said
Lloyd Spencer, president and CEO of CoroWare, Inc. "Through this
agreement, CoroWare has begun its long term plan to extinguish
convertible debt with the objective of reducing debt and increasing
shareholder value."

In return for Blackbridge Capital's forbearance, CoroWare has
agreed to a structured repayment plan that will extinguish the
convertible notes over a 20-week period.


CTI BIOPHARMA: Mark Lampert Reports 15.9% Stake as of Jan. 7
------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Mark N. Lampert disclosed that as of Jan. 7, 2016, he
beneficially owns 44,796,940 shares of common stock of CTI
BioPharma Corp., representing 15.9 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/LQX1dt

                      About CTI BioPharma

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

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

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


CTI BIOPHARMA: Targets $92 Million Product Revenue for 2016
-----------------------------------------------------------
Commencing on or after Jan. 11, 2015, members of management at CTI
BioPharma Corp. will be providing a corporate update, including
preliminary, unaudited estimates of its cash and cash equivalents
balance and capital structure as of Dec. 31, 2015, and revenue
objectives for 2016, to analysts and investors through a series of
one-on-one meetings.

The Company disclosed that as of Dec. 31, 2015, it has
approximately 280 million of shares outstanding.  Cash and cash
equivalents as of Dec. 31, 2015, was approximately $128.2 million.

The Company is targetting partner and product revenue of $92
million for 2016.  Expenses are estimated at $65 million to $70
million net pacritinib R&D and commercial expense.

                      About CTI BioPharma

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

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

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


DUOS TECHNOLOGIES: Loss, Capital Deficit Cast Going Concern Doubt
-----------------------------------------------------------------
Duos Technologies Group, Inc., posted a net loss of $209,324 for
the three month period ended Sept. 30, 2015, compared with a
$464,053 net loss for the three months ended Sept. 30, 2014.   

The company had a net loss of $3,014,069 including an impairment
loss of $1,578,816 and other non-cash charges to earnings related
to the reverse merger with Information Systems Associates, Inc. for
the nine months ended September 30, 2015.  During the same period,
cash used in operations was $2,003,239.  The working capital
deficit, stockholders' deficit and accumulated deficit as of Sept.
30, 2015 was $5,142,859, $5,017,981 and $21,639,295, respectively.


"These matters raise substantial doubt about the company's ability
to continue as a going concern," Gianni B. Arcaini, chairman and
chief executive officer, and Adrian G. Goldfarb, chief financial
officer of the company in a November 16, 2015 regulatory filing
with the U.S. Securities and Exchange Commission.

The officers pointed out, "The ability of the company to continue
as a going concern is dependent on the company's ability to further
implement its business plan, raise capital and become profitable.
Our management embarked on a business growth strategy in 2014 to
engage with private companies in or related to our market space
with the intention of a merger or acquisition.  In April 2015, the
company completed a previously announced reverse triangular merger
whereby duostech became a wholly owned subsidiary of the company.
The two companies are now integrated and continue to operate in
their respective markets.  In addition, a complete and detailed
plan of operations has been developed which contemplates seeking to
raise capital and focus on growing revenue and profits from
existing operations.  On June 30, 2015, the company retained a
broker dealer to assist it in its capital raising efforts on a
'best efforts basis'.  At the present time, there are no
commitments for any amounts.  The company has also shed expenses
from existing operations as a result of the merger.

"Management believes that the actions presently being taken provide
the opportunity for the company not only to continue as a going
concern but also grow substantially and thus achieve profitability
in the near future.  Ultimately however, the continuation of the
company as a going concern is dependent upon the ability of the
company to execute the plan described, generate sufficient revenue
and to attain profitable operations."  

At Sept. 30, 2015, the company had total assets of $1,848,653,
total liabilities of $6,866,634 and total stockholders' deficit of
$5,017,981.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/ha37s4x

Jacksonville, Florida-based Duos Technologies Group, Inc., through
its subsidiary duostech, is primarily engaged in the design and
deployment of artificial intelligence driven intelligent
technologies systems with a focus on homeland security
applications.  duostech converges traditional security measures
with information technologies to create "actionable intelligence".


DYNACAST INTERNATIONAL: Moody's Affirms B2 CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed precision die cast component
manufacturer Dynacast International LLC's B2 Corporate Family and
B2-PD Probability of Default ratings.  Concurrently, Moody's
withdrew the SGL rating.  Moody's also downgraded the company's
rating on its $50 million Senior Secured Revolving Credit Facility
due 2020 and $530 million First Lien Term Loan due 2022 by one
notch to B1 from Ba3 due to the view that absolute debt levels will
be sustained at higher levels and will remain a larger proportion
of the capital structure than the ratings originally expected.  The
company's operating performance is consistent with our expectations
for the B2 rating category and liquidity remains adequate.  The
Caa1 rating on Dynacast's $170 million Second Lien Term Loan due
2023 was affirmed.  The ratings outlook remains stable.

Ratings affirmed:

  Corporate Family Rating, at B2
  Probability of Default Rating, at B2-PD
  $170 million second lien term loan, at Caa1 (LGD-5)

Ratings withdrawn:

  Speculative Grade Liquidity rating has been withdrawn,
   previously at SGL-3

Ratings downgraded:

  $50 million revolving credit facility, to B1 (LGD-3) from Ba3
   (LGD-3)
  $530 million first lien term loan, to B1 (LGD-3) from Ba3
   (LGD-3)

The ratings outlook is stable.

RATINGS RATIONALE

Dynacast's B2 CFR reflects the company's still high leverage
balanced against relatively high EBITDA margins with interest
coverage and annual free cash flow generation consistent with the
B2 rating category.  Debt/EBITDA is expected to modestly improve
over the next twelve to eighteen months but remain around the 5.5
times level on a Moody's adjusted basis.  EBIT/interest coverage is
anticipated to remain at 1.5 to 2.0 times with positive annual free
cash flow generation.  The company's elevated debt levels stem from
the January 2015 refinancing used to fund the acquisition of
Dynacast by affiliates of Partners Group (USA) Inc., Kenner &
Company, Inc. and American Industrial Partners.

The company has good geographic diversity with revenue balanced
among customers spanning North America, Asia, and Europe.  End
markets are also diverse but with significant segment concentration
in automotive and consumer electronics.  Despite a well-managed
operating business with growth in sales and EBITDA, excluding
foreign currency movements, the ratings are constrained by
uncertainty regarding the strength of global economies.  In
addition, continued foreign exchange differences negatively affect
dollar-based cash flows from its foreign operations due to the
dollar's strength and weak Euro relative to the dollar.  In line
with our prior expectations, we do not anticipate free cash flow
will be significant enough to materially improve credit metrics
over the next year.  Furthermore, leverage is expected to continue
to remain elevated because the company will likely continue to make
bolt-on acquisitions that may initially increase leverage.

A meaningful weakening of the company's EBITDA margins could
pressure the rating downward.  Additional debt financed
acquisitions that meaningfully raise leverage could pressure the
rating.  Moreover, Debt to EBITDA of over 5.75 times sustained for
a material length of time without expectations for improvement or a
decline in interest coverage below 2 times could also pressure the
rating.

Although a ratings upgrade is not anticipated over the near term,
positive ratings action would be supported by EBITDA to interest
coverage over 3.5 times and leverage under 3.75 times, both on a
sustained and improving basis.

The stable ratings outlook reflects the expectation that Dynacast's
credit metrics will remain in line with the B2 rating level while
maintaining at least an adequate liquidity profile. The outlook
could come under pressure if sales or margins contract, or if the
company's liquidity weakens.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

Dynacast, headquartered in Charlotte, North Carolina, is a global
manufacturer of small engineered precision die cast components. The
company's revenues for the last twelve months ended Sept. 30, 2015
totaled $655 million.



ENERGY TRANSFER: Fitch Affirms 'BB' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Energy Transfer Equity, LP's (ETE)
ratings, resolving the Positive Rating Watch, as follows:

Energy Transfer Equity, L.P.

-- Long Term Issuer Default Rating (IDR) at 'BB';
-- Secured senior notes at BB+';
-- Secured term loan at 'BB+';
-- Secured revolving credit facility at 'BB+'.

The Rating Outlook is Stable.

ETE was placed on Rating Watch Positive following the announcement
that ETE would be acquiring Williams Companies (WMB; 'BB+'/ Rating
Watch Negative) in a $37.7 billion transaction including the
assumption of $4.2 billion of WMB debt. The removal from Rating
Watch reflects Fitch's downgrade of WMB and of its operating
partner Williams Partners, LP (WPZ, to 'BBB-'/Stable Outlook from
'BBB'/Rating Watch Negative) and WPZ's pipeline operating
subsidiaries.

Fitch primarily assesses ETE's stand-alone (not consolidated)
financial characteristics to determine the company's ability to
support its fixed obligations. In particular, for financial ratio
analysis, Fitch assesses the amount and quality of ETE's cash flows
derived from distributions from its underlying partnership
subsidiaries relative to the amount of its direct debt and interest
payments at the ETE level. The prior Positive Watch reflected
Fitch's expectation that WPZ (which will provide roughly 50% of
distributions up to ETE) would continue to be rated 'BBB',
resulting in the majority of total distributions up to ETE coming
from 'BBB' rated entities, WPZ and Sunoco Logistics Partners, LP
(SXL; 'BBB'/Stable Outlook), leading to an improved credit profile
at the ETE level. With the WPZ downgrade as well as increased
uncertainty as to WPZ's counterparty risk and financing plans,
Fitch no longer expects any positive near-term rating actions at
ETE.

The affirmation and Stable Outlook reflect ETE's size, scale, asset
quality, manageable maturity schedule, and structural subordination
to its operating subsidiaries. Fitch expects that following the
merger, ETE's operating and financial profile will remain
consistent with its 'BB' IDR, two notches below the IDRs of the
subsidiaries providing the majority of ETE's earnings and cash
flow. Fitch expects ETE stand-alone leverage to be roughly 4.5x for
2016 before moving back toward its recent historical 3.0x to 4.0x
range in 2018 and beyond. ETE's capital needs at the ETE level are
limited and maturities are manageable in the near term.

Fitch continues to believe that the merger of WMB is generally
positive for ETE, which should benefit from the acquisition of WMB
and the controlling ownership interest in WPZ and WPZ's operating
pipelines. The combined ETE/WMB group of companies will become the
largest energy infrastructure group in the U.S. It will have a
significant amount of geographic diversity, as well as an
advantageous focus on the northeastern U.S., where there remains
demand for midstream service solutions. From an operational
standpoint, Fitch believes WMB and WPZ's addition to the ETE family
of partnerships will have many strategic positives. The merger
could provide significant benefits on projects and existing assets
from all the affiliated entities, as well as operational and
financial synergies.

The WMB transaction is expected to be funded by a combination of
$6.05 billion in cash (generated from an already committed 364-day
term loan) and equity in a newly created up-C corporation, Energy
Transfer Corp (ETC). The transaction is expected to close in the
first half of 2016, subject to WMB shareholder vote and receipt of
regulatory approvals; no ETE unitholder vote is required.

KEY RATING DRIVERS

Increased Scale and Diversity: Pro forma for the WMB merger the
Energy Transfer group is expected to become the largest energy
infrastructure conglomerate, which should offer increased
advantages of scale and the potential for a fair amount of synergy
savings. Additionally, on a consolidated basis, the percentage of
contractually supported fee-based margins has gradually increased
and will continue to rise pro forma for the merger as WPZ's gross
margin profile is over 80% fixed fee. With WPZ being downgraded,
ETE's largest providers of cash flow will be from 'BBB-' rated
entities (WPZ and Energy Transfer Partners, LP (ETP; 'BBB-'/Stable
Outlook)), warranting the removal from Rating Watch Positive.

Structural Subordination: ETE's ratings consider that, pro forma
for the merger transaction, ETE/WMB's parent-level debt (roughly
$17.7 billion pro forma at Sept. 30, 2015) is structurally
subordinate to significant subsidiary-level debt and reliant on
subsidiary distributions to support ETE/WMB-level obligations.
Fitch expects ETE to generate over $4 billion in standalone
adjusted EBITDA in 2016, pro forma for the acquisition and largely
absent any merger synergies, consisting primarily of distributions
from its subsidiaries with the majority coming from ETP and WPZ.
The distributions should be stable in later years as ETE's three
largest cash flow providers (ETP, WPZ, and SXL) all have operations
supported by mostly stable cash flow assets (pipelines) and are
expected to generate growing cash distributions over the long term
as they work through large growth-spending backlogs. Much of this
spending backlog is expected to be implemented despite low
commodity prices. These projects are largely focused on
transportation assets and are generally backed by capacity
reservation (i.e. fixed fee take-or-pay)-type contracts with solid
investment-grade counterparties.

ETE's current operating affiliates do have some flexibility with
regard to funding and liquidity, with ETP having previously raised
$2.2 billion in equity from an asset sale to Sunoco, LP (SUN;
'BB'/Stable Outlook). Fitch expects each subsidiary will be able to
fund its planned growth with capital market transactions, without
negatively affecting their credit metrics on a sustained basis. In
the near term, distribution and distribution growth from ETE's
underlying partnership subsidiaries could slow, given the current
constricted capital market environment and continued commodity
price weakness.

While not currently expected, Fitch believes there is room, given
the current environment, for ETE to forgo some of the distribution
growth it expects to receive in order to support its underlying
partnerships' capital spending needs. A rise in ETE's leverage from
temporarily forgoing distributions would not necessarily warrant a
negative rating action at ETE provided any ETE action helps
maintain the underlying subsidiary's current credit ratings, and
any resulting bump up in ETE leverage beyond Fitch's 4.5x
standalone estimate is temporary. We continue to believe that a
material weakening in leverage metrics beyond 4.5x on a sustained
basis could result in a negative rating action and continue to
believe this leverage target is appropriate longer term.

Maturities Manageable: Pro forma for the transaction, ETE/WMB
maturities remain manageable, with the combined entity having no
significant parent-level debt maturities until 2018. In
late-October 2015, ETE entered into a senior secured credit
facility for $6.05 billion in order to fund the cash portion of the
WMB Merger. Under the terms of the facility, the banks have
committed to provide a 364-day secured loan that can be extended at
ETE's sole option for an additional year. The interest rate on the
facility is capped at 5.5%.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for ETE include:
-- Fitch assumes the WMB transaction will close as currently
    proposed, including ETE's assumption of WMB's debt.
-- Balanced funding of projected growth capital spending at
    subsidiaries with both debt and equity funding and
    acquisitions aimed at maintaining leverage and coverage metric

    profiles consistent with current ratings.

RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

-- ETE parent company debt-to-EBITDA below 2.0x on a sustained
    basis provided the majority of distributions are coming from
    'BBB-' rated subsidiaries; that target could be higher if
    subsidiaries are rated higher than 'BBB-';
-- Improving credit profiles at underlying partnerships.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

-- Increasing ETE parent company leverage above 4.5x on a
    sustained basis. With no immediate 2016 maturities, Fitch
    could tolerate standalone leverage rising in the near term
    (2016-2017) if it is temporary and done in support of
    maintaining investment-grade credit profiles at operating
    subsidiaries;
-- Weakening credit profiles or negative rating actions at
    underlying partnerships. If this occurs, Fitch would seek to
    maintain a one-to-two-notch separation between ETE and the
    entities providing the majority of the cash needed to support
    ETE's structurally subordinated debt.

LIQUIDITY

Liquidity Adequate: ETE has access to a $1.5 billion secured
revolving credit facility that matures in December 2018. Potential
uses of the revolver include: funding share buybacks, future
acquisitions, and to initiate organic growth projects not financed
at the master limited partnerships (MLPs). Approximately $930
million was drawn under ETE's revolver as of Sept. 30, 2015,
leaving $570 million in availability. The ETE revolver and term
loans have two financial covenants: a maximum leverage ratio of
6.0x to 1.0x and 7.0x to 1.0x during a specified acquisition
period, and fixed charge coverage ratio of 1.5x. ETE notes, term
loan, and credit facility are secured by a first-priority interest
in all tangible and intangible assets of ETE, including ownership
interests in its subsidiary partnerships. ETE was in compliance
with all of its covenants as of Sept. 30, 2015. Pro forma for the
transaction ETE is expected to be well within compliance of its
covenants. As mentioned, ETE also has a $6.05 billion senior
secured facility to be used to finance the WMB transaction.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Energy Transfer Equity, L.P.

-- Long-term Issuer Default Rating (IDR) at 'BB';
-- Secured senior notes at BB+';
-- Secured term loan at 'BB+';
-- Secured revolving credit facility at 'BB+'.

The Rating Outlook is Stable.



ENVISION SOLAR: Loss, Deficit Raise Going Concern Doubt
-------------------------------------------------------
Envision Solar International, Inc., posted a net loss of $530,153
for the three months ended September 30, 2015, compared with a net
loss of $555,864 for the three months ended September 30, 2014.

"As reflected in the accompanying unaudited condensed consolidated
financial statements for the nine months ended September 30, 2015,
the company had a net loss and net cash used in operations of
$1,592,799 and $1,502,631 respectively.  Additionally, at September
30, 2015, the company had a working capital deficit of $1,821,183,
an accumulated deficit of $32,355,199 and a stockholders' deficit
of $1,387,023," disclosed Desmond Wheatley, chief executive
officer, and Chris Caulson, chief financial officer of the company
in a November 16, 2015 regulatory filing with the U.S. Securities
and Exchange Commission.

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

Messrs. Wheatley and Caulson related, "The company has incurred
significant losses from operations, and such losses are expected to
continue.  In addition, the company has limited working capital. In
the upcoming months, Management's plans include seeking additional
operating and working capital through a combination of private and
debt financings.  There is no guarantee that additional capital or
debt financing will be available when and to the extent required,
or that if available, it will be on terms acceptable to the
company.  Further, the company continues to seek out sales
contracts for new projects and product sales that should provide
additional revenues and, in the long term, gross profits.
Additionally, Envision intends to renegotiate the debt instruments
that currently become due in 2015.  All such actions and funds, if
successful, may not be sufficient to cover monthly operating
expenses or meet minimum payments with respect to the company's
liabilities over the next twelve months.

"The company's auditors have included a 'Going Concern
Qualification' in their report for the year ended December 31,
2014.  The 'Going Concern Qualification' might make it
substantially more difficult to raise capital."

At September 30, 2015, the company had total assets of $1,808,086
and total stockholders' deficit of $1,387,023.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/gwr6rur

San Diego, California-based Envision Solar International, Inc.
invents, designs and manufactures solar products and proprietary
technology solutions targeting three verticals: electric vehicle
charging infrastructure; out of home advertising infrastructure;
and energy security and disaster preparedness.  The company focuses
on creating renewably energized platforms for EV charging, media
and branding and energy security.  



FIRST DATA: FMR LLC Reports 7.9% Equity Stake as of Jan. 8
----------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, FMR LLC and Abigail P. Johnson disclosed that as of
Jan. 8, 2016, they beneficially own 14,322,289 shares of common
stock of First Data Corp representing 7.962% of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/HJz4Cn

                        About First Data

Based in Atlanta, Georgia, First Data Corporation provides
commerce and payment solutions for financial institutions,
merchants, and other organizations worldwide.

First Data reported a net loss attributable to the Corporation of
$458 million on $11.2 billion of total revenues for the year ended
Dec. 31, 2014, compared with a net loss attributable to the
Corporation of $869 million on $10.8 billion of total revenues
during the prior year.

As of Sept. 30, 2015, the Company had $33.4 billion in total
assets, $31.4 billion in total liabilities and $1.98 billion in
total equity.

                           *     *     *

The Company carries a 'B3' corporate family rating, with a
stable outlook, from Moody's Investors Service, a 'B' corporate
credit rating, with stable outlook, from Standard & Poor's, and
a 'B' long-term issuer default rating from Fitch Ratings.


FREEDOM COMMUNICATIONS: ACI California Resigns From Committee
-------------------------------------------------------------
The U.S. trustee overseeing the Chapter 11 case of Freedom
Communications Inc. announced that ACI California LLC has resigned
from the unsecured creditors' committee.  

The remaining members of the committee are:

     (1) Associated Press
         Alan Swain
         Phone: 917/525-5720
         450 West 33rd Street
         NY, NY 10001

     (2) Pension Benefit Guaranty Corporation
         John J. Butler
         Phone: 202/326-4000 Ext. 3471
         1200 K Street, NW
         Washington, DC 20005-4026

     (3) Electronic Business Solutions
         Hany El Tamami
         Phone: 949/212-2473
         19800 MacArthur Blvd.
         Suite 300
         Irvine, CA 92612

     (4) Newscycle Solutions
         Brian Cornelius
         Phone: 651/639-0662
         7900 International Dr.
         Suite 800
         Bloomington, MN 55425

     (5) Inland Empire Paper Company
         Lori McMahon
         Phone: 509/924-1911
         3320 N. Argonne
         Spokane, WA 99212

     (6) Ponderay Newsprint Company
         Lina Miniaci
         Pierre Pharand
         Phone: 514/394-3258
                514/207-9921
         111 Duke Street, Suite 5000
         Montreal, Quebec, Canada,
         H3CQH1

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense.  They may investigate the debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                   About Freedom Communications

Headquartered in Santa Ana, California, Freedom Communications,
Inc., owns two daily newspapers -- The Press-Enterprise in
Riverside, Calif. and The Orange County Register in Santa Ana,
Calif.

Freedom Communications and 24 of its affiliates sought Chapter 11
bankruptcy protection in California with the intention of selling
their assets to a group of local investors led by Rich Mirman,
Freedom's chief executive officer and publisher.

Headquartered in Santa Ana, California, Freedom owns two daily
newspapers -- The Press-Enterprise in Riverside, Calif. and The
Orange County Register in Santa Ana, Calif.

Freedom Communications, Inc., et al., filed Chapter 11 bankruptcy
petitions (Bankr. C.D. Cal. Proposed Lead Case No. 15-15311) on
Nov. 1, 2015.  Richard E. Mirman signed the petition as chief
executive officer.  Lobel Weiland Golden Friedman LLP serves as the
Debtors' counsel.

Freedom Communications Holdings estimated both assets and
liabilities in the range of $10 million to $50 million.


GCP APPLIED: S&P Assigns 'BB-' Corp. Credit Rating, Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to construction chemicals, building materials, and
packaging technologies company GCP Applied Technologies Inc., a
spin-off from W.R. Grace.  The outlook is stable.

S&P assigned its 'BB+' issue–level rating and '1' recovery rating
to GCP's proposed $275 million secured term loan and $250 million
revolving credit facility.  The '1' recovery rating indicates S&P's
expectation of very high (90%-100%) recovery in the event of
payment default.

At the same time, S&P assigned its 'B+' issue-level rating and '5'
recovery rating to GCP's proposed $525 million senior unsecured
notes.  The '5' recovery rating indicates S&P's expectation of
modest (10%-30%; lower half of the range) recovery in the event of
payment default.

S&P based its ratings on preliminary terms and conditions provided
by the company.

"The ratings on GCP reflect our assessment of the company's
business risk profile as fair and financial risk profile as
aggressive," said Standard & Poor's credit analyst Allison
Schroeder.  "The business risk profile largely reflects our view of
GCP's strengths, including its competitive advantages and a leading
market position in its key product offerings into construction
products, building materials, and packaging markets," she added.

In particular, GCP's large scale, geographic and product
diversification, and technological strengths relative to other
market players contribute to its leadership position.  In turn,
these credit factors help the company generate high margins
relative to industry averages.

The stable rating outlook reflects S&P's assumption that the
company will be able to achieve credit measures appropriate for an
aggressive financial risk profile.  S&P expects that the company
will continue to maintain EBITDA margins above 20%, which are
higher relative to some industry peers.  S&P also assumes that
management will use surplus cash to fund growth initiatives.  S&P
do not assume any acquisitions.  S&P based its assumptions about
shareholder rewards and capital spending on information provided to
us by the company.

S&P could lower ratings if the company's FFO to debt falls to
levels below 12% on a sustained basis.  This could result if the
company is not successful at operating as a stand-alone company, or
if the company pursues large debt-funded acquisitions or
shareholder rewards.  If the company is not able to successfully
maintain its EBITDA margins or there is a general macroeconomic
downturn, S&P could consider a negative rating action.

S&P could raise the ratings if the company is able to successfully
operate on a stand-alone basis and achieve credit measures
appropriate for the significant financial risk profile on a
sustained basis.  FFO to debt could exceed the 20% threshold if
industry conditions improve, which could result from an increase in
construction starts or general macroeconomic improvement.



GRAY TELEVISION: Moody's Changes Outlook to Pos. & Affirms B2 CFR
-----------------------------------------------------------------
Moody's Investors Service changed Gray Television, Inc.'s rating
outlook to Positive from Stable and affirmed its existing B2
Corporate Family Rating, B2-PD Probability of Default Rating, Caa1
on the senior notes, Ba3 on the existing senior secured term loan,
and the SGL -- 2 Speculative Grade Liquidity rating.  Moody's also
assigned Ba2 to the company's proposed $60 million senior secured
priority revolver and assigned Ba3 to the new $400 million
incremental senior secured term loan C.  Net proceeds from the new
term loan plus balance sheet cash will be used to fund the
acquisition of stations from Schurz Communications, Inc.  Moody's
will withdraw the rating on the existing revolving facility upon
closing of the transaction.
Issuer: Gray Television, Inc.

Outlook Actions:

  Outlook, Changed to Positive from Stable

Assignments:

  New $60 million Sr Secured 1st Lien Priority Revolving Credit
   Facility due 2020, Assigned Ba2, LGD1
  New $400 million Sr Secured 1st Lien Term Loan C due 2021,
   Assigned Ba3, LGD2

Affirmations:

  Corporate Family Rating, Affirmed B2
  Probability of Default Rating, Affirmed B2-PD
  $625 million Sr Secured 1st Lien Term Loan due 2021, Affirmed
   Ba3, LGD2
  $300 million Sr Notes due 2020, Affirmed Caa1, LGD5
  $375 million Sr Notes due 2020, Affirmed Caa1, LGD5
  Speculative Grade Liquidity Rating, Affirmed SGL – 2

RATINGS RATIONALE

Gray's B2 Corporate Family Rating reflects high leverage with pro
forma debt-to-2 yr avg EBITDA of roughly 5.7x at closing (including
Moody's standard adjustments) with high single digit percentage
free cash flow-to-debt over the next 12 months.  Gray benefits more
than its peer group from demand for political advertising during
election years reflecting its locations in battleground states
which contributed to higher percentage EBITDA growth than most
other broadcasters in 2012 and 2014, and Moody's expects the
company will benefit from significant political ad demand in the
second half of 2016.  In a scenario with no additional debt
financed acquisitions, Moody's expects 2-year avg leverage will
improve to less than 5.0x over the next 12 months if the majority
of free cash flow is applied to repay term loan advances.  Ratings
are supported by the company's longstanding track record for #1 and
#2 ranked positions in the vast majority of its markets and good
EBITDA margins (including Moody's standard adjustments) reflecting
its top ranked local news programming that captures a significant
share of market revenue and relatively low syndicated program
costs.  Gray's television stations and associated digital
properties also benefit from its strategy of operating in
collegiate markets or state capitals which generally have more
stable economies.  The company has been acquisitive over the past
two years, adding over 35 stations and increasing debt balances to
partially fund these transactions.  Moody's expects Gray will
continue to add to its station portfolio.  Liquidity is good with a
largely undrawn revolver facility and good free cash flow-to-debt.

Gray's acquisition of 11 stations from Schurz Communications, Inc.
enhances its scale and geographic diversity and gives the company
the top-rated and highest-grossing stations in five additional
markets.  The transaction reflects broader consolidation in US
broadcasting.  Schurz represents Gray's 13th acquisition since 2013
which increases its portfolio of midsize-market television stations
to 88 properties.  The transaction enhances Gray's political
advertising revenues due to Schurz's leading rankings in
traditional political battleground states such as Florida, Ohio and
Virginia.  Moody's expects record political campaign ad spending in
2016, with the greatest gains for broadcasters in the key
battleground states.  The Schurz acquisition also positions Gray
with the best portfolio of market-leading stations among its
closest US broadcast peers.  After buying Schurz, Gray will have
the top or second most-watched television station in 49 of its 50
markets, and the top-rated station in 40 markets.  Gray plans to
divest or swap television stations in South Bend, Indiana, and
Wichita, Kansas, to satisfy regulatory guidelines concerning limits
on market share.

The Positive outlook reflects Moody's belief that credit metrics
will improve from post-closing levels given our expectation for
revenue growth and excess cash being applied to prepay term loan
balances.  The Schurz stations give Gray roughly $150 million in
additional annual net revenue and more than $60 million of
broadcast cash flow, including increased retransmission fees and
synergies from combining operations in Rapid City and Augusta.  Pro
forma for the acquisition, Moody's expects debt-to-2-year avg
EBITDA to be roughly 5.7x (including Moody's standard adjustments),
and we expect leverage to improve to less than 5.0x by the end of
2016 despite higher debt levels with at least high single digit
percentage 2 yr avg free cash flow-to-debt.  Continued good
performance and improvement in credit metrics would cause upward
pressure on ratings; however, the company is expected to continue
acquiring stations which could cause leverage to remain elevated.
Ratings could be upgraded if core revenue and EBITDA track
expectations and free cash flow is applied to debt repayment
resulting in debt-to-2 year avg EBITDA being sustained below 5.0x
(including Moody's standard adjustments) with 2 yr avg free cash
flow-to-debt in the high single digit percentage range or better.
The company would also need to maintain financial policies that are
consistent with a higher rating.  The Positive outlook could revert
to Stable if operating performance were to fall below expectations
due to economic weakness or underperformance in one or more key
markets.  Although unlikely given the Positive outlook, ratings
could also be downgraded if debt financed acquisitions or
shareholder distributions result in 2-year avg debt-to-EBITDA
ratios being sustained above 6.0x (including Moody's standard
adjustments).  Deterioration in liquidity could also result in a
downgrade.

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

Gray Television, Inc., headquartered in Atlanta, GA, is a
television broadcaster and pro forma for the Schurz acquisition
will own 88 television stations serving 50 mid-sized markets
(ranked #61 to #209) and more than 80 additional channels covering
roughly 9.3% of US households.  Network affiliations include 35
CBS, 26 NBC, 19 ABC, and 14 FOX channels.  The company operates the
#1 or #2 ranked stations in 49 of 50 markets.  Gray is publicly
traded and its shares are widely held with the family and
affiliates of the late J. Mack Robinson collectively owning
approximately 12% of common stock.  The dual class equity structure
provides these affiliated entities with roughly 44% of voting
control.  Estimated pro forma revenue totaled $746 million for
FY2014.



GREENHUNTER RESOURCES: Cites Factors Raising Going Concern Doubt
----------------------------------------------------------------
GreenHunter Resources, Inc., has substantial doubt about its
ability to continue as a going concern, according to Gary C. Evans,
chairman and interim chief executive officer, Kirk J. Trosclair,
executive vice president and chief operating officer, Ronald T.
McClung, senior vice president and chief financial officer, and
Morgan F. Johnston, senior vice president, general counsel and
secretary of the company in a November 16, 2015 regulatory filing
with the U.S. Securities and Exchange Commission.

Mr. Evans, et al. elaborated: "Through the first nine months of
2015, we generally relied upon cash generated from operations, our
$13 million senior secured financing agreement, proceeds from the
sale of securities in the capital markets and through private stock
placements to fund our business.  Our ability to fund our ongoing
operations, our planned capital expenditures, and our potential
acquisitions depends on our future operating performance and our
continued ability to borrow under the credit facility arrangement
with our Chairman / Interim Chief Executive Officer.

"As of September 30, 2015, we had a working capital deficit of
$16.7 million.  We were not in compliance with a certain existing
debt covenant contained in a secured debt agreement as of December
31, 2014.  We obtained a waiver from the lender for non-compliance
of the debt covenant for the year ending December 31, 2014 and for
an additional grace period for the year ending December 31, 2015.  
Additionally, we were not in compliance with certain covenants
including a financial debt covenant related to our $13 million
senior secured financing agreement at June 30, 2015.  Our
non-compliance was mainly due to delays in the state regulatory
process necessary to finalize the permits on our new wells, and
decreases in both our trucking and disposal business in the second
quarter related to a slow-down in hydraulic fracturing activity in
our area of operations which resulted in a significant decrease in
flow-back water.  We have obtained a waiver of the non-compliance
of the covenants from the lender for both the second and third
quarters of 2015.  In exchange for obtaining a waiver of
non-compliance, the Note Purchase Agreement for our $13 million
senior secured financing agreement has been amended to require us
not to pay dividends on our Series C Cumulative Preferred stock
unless we have been in compliance with the Agreement's debt
covenants for two consecutive quarters.  The company may then
resume dividend payments, subject to certain conditions.  Part of
the waiver agreements terms was that the company must raise $2
million in net proceeds through the sale of equity by the end of
2015.  The company also agreed to temporarily increase its monthly
royalty payment as required by the Agreement from $0.10 per each
barrel of disposal water to the greater of $0.12 per barrel or five
percent (annualized) of the outstanding balance of the note until
certain conditions are met, which includes a $2 million equity
raise requirement.

"We were able to place new revenue producing assets into service in
the third quarter of 2015 that were financed by the proceeds from
our $13 million senior secured financing agreement.  We are
currently in various stages of adding additional revenue producing
assets to our portfolio that was also financed by this agreement.
Even if we are able to add additional revenue from these new
assets, we do not expect to meet all of the financial covenants
contained in this financing agreement for the fourth quarter of
2015 or for other subsequent periods.  Accordingly, the $13 million
senior secured financing agreement was reclassified as a current
obligation to our unaudited condensed consolidated balance sheet.
If we do not meet these covenants, we will have to seek additional
covenant waivers from our lender and, if these waivers are granted,
we will likely have to make additional concessions to our lender.

"These and other uncertainties raise substantial doubt about our
ability to continue as a going concern."

At September 30, 2015, the company had total assets of $36,294,082,
total liabilities of $29,050,181 and total stockholders' equity of
$7,243,901.

For the three months ended September 30, 2015, the company had a
net loss of $1,327,067 as compared with a net loss of $2,693,592
for the three months ended September 30, 2014.

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

GreenHunter Resources, Inc. is focused on providing water
management solutions as it relates to the oil and gas industry in
the unconventional resource plays in the Appalachian region where
it is predominantly active, including both the Marcellus and Utica
Shale areas.  The company is headquartered in Grapevine, Texas.



GREYSTONE LOGISTICS: Signs Agreement for 48x40 Plastic Pallets
--------------------------------------------------------------
Greystone Logistics, Inc., announced the signing of an agreement to
provide new generation 48x40 plastic pallets for a national
provider of lease pool services.

"Greystone signed a multi-year contract that will expand the
previously announced 40,000 pallet purchase order," stated Warren
Kruger, CEO.  Kruger continued, "The expected new generation mold
has recently arrived and will soon be in full production.  The
first components of an additional injection-molding machine, which
should be operational in about March 2016, are currently being
delivered.  This machine will be dedicated to the new customer.  We
anticipate that this new contract will have a positive impact on
top line sales and generate margins in line with expectations. We
foresee the need for additional molds later in the year for this
customer.  A significant amount of time, planning, testing and
capital has been expended on this project.  This undertaking was
accomplished due to the energy and patience of our dedicated and
knowledgeable employees."

                   About Greystone Logistics

Tulsa, Okla.-based Greystone Logistics, Inc. (OTC BB: GLGI.OB -
News) -- http://www.greystonelogistics.com/-- manufactures and
sells plastic pallets through its wholly owned subsidiary,
Greystone Manufacturing, LLC.  Greystone sells its pallets through
direct sales and a network of independent contractor distributors.
Greystone also sells its pallets and pallet leasing services to
certain large customers direct through its President, Senior Vice
President of Sales and Marketing and other employees.

As of Aug. 31, 2015, the Company had $15.39 million in total
assets, $16.59 million in total liabilities and a $1.20 million
total deficit.


GROTH BROTHERS: 9th Cir. Affirms Denial of Counsel's Employment
---------------------------------------------------------------
Groth Brothers Oldsmobile, Inc., appeals the Bankruptcy Appellate
Panel's decision affirming the bankruptcy court's denial of William
L. Needler and William F. Ghiringhelli's motion for retroactive
approval of employment as Groth's Chapter 11 counsel.

In a Memorandum dated December 24, 2015, which is available at
http://is.gd/q23Wcxfrom Leagle.com, the United States Court of
Appeals for the Ninth Circuit affirmed the BAP's decision.

The Ninth Circuit held that the bankruptcy court did not abuse its
discretion in declining to hear Needler's employment application
until Ghiringhelli's application as local co-counsel had been
approved or set for a hearing.  The bankruptcy court's decision to
condition its consideration of Needler's employment application
upon its consideration of local co-counsel's application was
reasonable, the Ninth Circuit further held.

The Ninth Circuit also ruled that the bankruptcy court did not
abuse its discretion in denying Needler's and Ghiringhelli's
employment nunc pro tunc as Groth's chapter 11 counsel.
Ghiringhelli's sole legal service was to sign Groth's Chapter 11
petition, the Ninth Circuit noted.  Needler played a more
substantial role but performed deficiently, the Ninth Circuit
further held.  Specifically, Needler did not effectively assist
Groth in complying with the requirements of Chapter 11, the court
added.  Moreover, Needler's efforts to secure floor plan financing
and to sell the Groth franchise were unsuccessful and did not
provide any benefit to the Groth estate, the court said.  The
bankruptcy court properly determined that Needler and Ghiringhelli
did not meet the requirements for employment nunc pro tunc as
Groth's chapter 11 counsel, the Ninth Circuit concluded.

The bankruptcy court did not abuse its discretion in denying
compensation and reimbursement of expenses to Needler, the Ninth
Circuit further ruled.  Needler did not receive court approval for
his employment.  As a result, Needler is not entitled to
compensation or reimbursement of expenses as Groth's chapter 11
counsel, the Ninth Circuit said.

The appeals case is GROTH BROTHERS OLDSMOBILE, INC., dba Groth
Brothers Chevrolet, Appellant, v. JOHN T. KENDALL; et al.,
Appellees, No. 13-60111, relating to In re: GROTH BROTHERS
OLDSMOBILE, INC., dba Groth Brothers Chevrolet, BAP Debtor.

Livermore, California-based Groth Bros Oldsmobile, Inc., doing
business as Groth Brothers Chevrolet, filed a Chapter 11 petition
(Baknr. N.D. Calif. Case No. 11-45396) on May 18, 2011.  William
L. Needler, Esq., at Needler Law P.C., in Northbrook, Illinois,
serves as counsel to the Debtor.  The Debtor estimated assets and
debts of $1 million to $10 million as of the Chapter 11 filing.


GUESTLOGIX INC: In Talks to Extend Forbearance Agreement
--------------------------------------------------------
GuestLogix Inc. disclosed that its forbearance agreements, pursuant
to which the Company's senior lender and subordinated lenders
agreed to forbear from taking any steps to demand repayment of the
amounts owing under the Company's US$7.5 million senior revolving
credit facility and CDN$9 million subordinated term credit
facility, expired on Dec. 31, 2015.

The Company is in negotiations with the Lenders to extend the
forbearance period in the forbearance agreements entered into on
Dec. 1, 2015, and expects to complete these negotiations this week.
The Company has been advised that the Lenders will not seek to
enforce any of their rights under the amended facilities agreement
during this period.

The extensions are to provide the Company with additional time to
continue its previously disclosed review of strategic alternatives
to enhance shareholder value, which is being carried out by its
financial advisor, Canaccord Genuity.


HAGGEN HOLDINGS: Court OKs 4th DIP Credit Agreement Amendment
-------------------------------------------------------------
Haggen Holdings, LLC, and its affiliated debtors sought and
obtained from Judge Kevin Gross of the U.S. Bankruptcy Court for
the District of Delaware approval of the Fourth Amendment of the
Debtor-In-Possession Revolving Credit and Security Agreement,
executed between Haggen, Inc., et al. and PNC Bank, National
Association.

Ian J. Bambrick, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware, related that the Court's Final DIP Order
authorized and approved the Debtor Loan Parties to enter into the
DIP Credit Agreement.  Mr. Bambrick further related that subsequent
to the entry of the Final DIP Order, the Debtor Loan Parties have
determined that it is necessary to further amend the DIP Credit
Agreement, and as a result, the Debtor Loan Parties, the DIP Agent
and the DIP Lenders have agreed to the terms of the Fourth
Amendment to Debtor-in-Possession Revolving Credit and Security
Agreement ("Fourth DIP Credit Agreement Amendment").

Agent PNC Bank and Lenders Haggen Acquisition, LLC, et al.,
asserted that certain events of default may have occurred under the
DIP Revolving Credit and Security Agreement dated September 11,
2015 ("Credit Agreement"), by reason of Borrowers Haggen, Inc., et.
al.'s failure to comply with the Minimum Receipt Covenant in
accordance with the requirements set forth in the Credit Agreement
for the week ending November 6, 2015 ("Asserted Event of Default").
On the other hand, the Borrowers contended that the Asserted Event
of Default does not constitute an Event of Default under the Credit
Agreement.  The Borrowers requested and the Agent and the Lenders
agreed, that the latter modify certain terms of the Credit
Agreement.

The Fourth DIP Credit Agreement Amendment contains, among others,
these relevant terms:

     (a) "Liquidity 363 Proceeds" shall mean, as applicable (i) as
to any individual Liquidity 363 Sale, the total amount of net cash
proceeds paid to Loan Parties in connection with such individual
Liquidity 363 Sale and actually applied to the Obligations in
accordance with this Agreement and the Interim Order and the Final
Order, or (ii) as to any individual Combined Sale, the total
Allocated Combined 363 Proceeds paid to Loan Parties in connection
with such individual Combined Sale and actually applied to the
Obligations in accordance with this Agreement and the Interim Order
and the Final Order.

     (b) "Maximum Revolving Advance Amount" will mean (i) an amount
equal to $170,000,000, minus the outstanding amount of all
Pre-Petition Obligations, minus (ii) an amount equal to 75% of the
Aggregate Liquidity 363 Proceeds received by Loan Parties and
applied to the Obligations in accordance with this Agreement and
the Interim Order and Final Order.

Spirit SPE HG 2015-1, LLC is represented by:

          Matthew G. Summers, Esq.
          Leslie C. Heilman, Esq.
          BALLARD SPAHR LLP
          919 North Market Street, 11th Floor
          Wilmington, DE 19801
          Telephone: (302)252-4465
          Facsimile: (302)252-4466
          E-mail: summersm@ballardspahr.com
                  heilmanl@ballardspahr.com

                 - and -

          David L. Pollack, Esq.
          BALLARD SPAHR LLP
          1735 Market Street, 51st Floor
          Philadelphia, PA 19103
          Telephone: (215)864-8325
          Facsimile: (215)864-8999
          E-mail: pollack@ballardspahr.com

                   - and -

          Craig Solomon Ganz, Esq.
          BALLARD SPAHR LLP
          1 East Washington Street, Suite 2300
          Phoenix, AZ 85004-2555
          Telephone: (602)798-5427
          Facsimile: (602)798-5595
          E-mail: ganzc@ballardspahr.com

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
          E-mail: 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
          Email: fmerola@stroock.com
                 sbhattacharyya@strook.com
                 etaveras@stroock.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.


HYDROCARB ENERGY: President and COO Charles Dommer Resigns
----------------------------------------------------------
Charles F. Dommer, the president and chief operating officer of
Hydrocarb Energy Corporation provided notice to the Board of
Directors of the Company of his resignation as an officer and
employee of the Company effective Dec. 29, 2015, in order to pursue
other opportunities in and out of the petroleum industry. The
Company is in discussions with Mr. Dommer regarding him potentially
staying on with the Company in an advisory role.  The Company
wishes to thank Mr. Dommer for his service and success in his
future endeavors.

Effective on Jan. 4, 2016, the Company's Board of Directors
appointed K. Andrew Lai, as the chief financial officer of the
Company.  On the same date, the Company entered into an employment
agreement with Mr. Lai. Mr.

Mr. Lai has over 28 years of corporate and financial experience
primarily in the exploration and production sector of the oil and
gas energy industry, with a specialization in accounting, legal and
administrative functions.  From January 2013 to December 2015, Mr.
Lai was an international financial consultant working mainly with
oil and gas and real estate investors from China. From January 2011
to December 2012, Mr. Lai was the chief financial officer of Lucas
Energy, Inc. in Houston, Texas.  From May 2010 to December 2010,
Mr. Lai was an international business consultant. From October 2007
to April 2010, Mr. Lai served as chief financial officer with Far
East Energy Corporation in Houston.  Mr. Lai joined Far East in
2007 and served as a member of Far East's management team until his
appointment as chief financial officer.  From 1999 to 2007, Mr. Lai
held various managerial positions with EOG Resources, Inc., in
Houston, including Financial Reporting Director and International
Accounting Director.  From 1987 to 1998, Mr. Lai held various
positions with UMC Petroleum Corp. (which subsequently merged into
Devon Energy).

Mr. Lai received from the University of Houston his Bachelor of
Business Administration in 1987, his Master of Business
Administration in 1991, and his Juris Doctorate in 2004.  Mr. Lai
is a Texas attorney and certified public accountant.

During the term of the agreement, Mr. Lai is due an annual salary
of (a) $200,000 in cash; (b) $40,000 in shares of the Company's
common stock (priced at market at the time of issuance and payable
in quarterly installments at the end of each fiscal quarter
starting on Jan. 31, 2016, provided that only $3,333 of shares of
common stock are due on Jan. 1, 2016); and (c) options to purchase
120,000 shares of the Company's common stock with an exercise price
equal to the fair market value of the Company's common stock on the
grant date and payable in equal quarterly installments at the
beginning of each fiscal quarter starting on Feb. 1, 2016.  Mr. Lai
is also eligible to receive an annual bonus of up to 50% of his
total base salary (cash, shares and options) in the discretion of
the Board of Directors, based on performance criteria to be
established by the Board of Directors.  The Board of Directors is
also authorized to review Mr. Lai's compensation each year to
determine whether any increases thereto or bonuses or incentive
awards should be made to Mr. Lai in connection therewith.  Mr. Lai
is due four weeks of paid vacation per year, of which up to two
weeks of unused vacation time are carried forward to the following
year.

In connection with Hydrocarb Energy Corp.'s entry into an
employment agreement with K. Andrew Lai, its newly appointed chief
financial officer, the Board of Directors agreed to grant Mr. Lai
options to purchase 10,000 shares of common stock with an exercise
price of $1.38 per share under the Company's 2015 Stock Incentive
Plan.  

                       About Hydrocarb Energy

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

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

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

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


IDERA PHARMACEUTICALS: Releases Copy of Presentation Materials
--------------------------------------------------------------
Idera Pharmaceuticals, Inc. uploaded a presentation to its Web
site, www.iderapharma.com, discussing the state of the Company.
The Company may rely on all or part of this presentation any time
it is discussing the current state of the Company in communications
with investors or at conferences.  A copy of the presentation is
available for free at http://is.gd/HwMRBN

                          About Idera

Cambridge, Massachusetts-based Idera Pharmaceuticals, Inc., is a
clinical stage biotechnology company engaged in the discovery and
development of novel synthetic DNA- and RNA-based drug candidates
that are designed to modulate immune responses mediated through
Toll-like Receptors, or TLRs.  The Company has two drug
candidates, IMO-3100, a TLR7 and TLR9 antagonist, and IMO-8400, a
TLR7, TLR8, and TLR9 antagonist, in clinical development for the
treatment of autoimmune and inflammatory diseases.

Idera Pharmaceuticals reported a net loss attributable to common
stockholders of $39.2 million in 2014, a net loss applicable to
common stockholders of $21.09 million in 2013 and a net loss
applicable to common stockholders of $22.5 million in 2012.

As of Sept. 30, 2015, the Company had $99.08 million in total
assets, $6.42 million in total liabilities and $92.7 million in
total stockholders' equity.


INNOVATIVE CONSTRUCTION: Case Summary & 8 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: Innovative Construction, Inc.
        1465 Sampson Street
        New Castle, PA 16101

Case No.: 16-20088

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: January 12, 2016

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Pittsburgh)

Judge: Hon. Jeffery A. Deller

Debtor's Counsel: Robert O Lampl, Esq.
                  ROBERT O LAMPL, ATTORNEY AT LAW
                  960 Penn Avenue, Suite 1200
                  Pittsburgh, PA 15222
                  Tel: 412-392-0330
                  Fax: 412-392-0335
                  Email: rol@lampllaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Linda Menichino, president.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/pawb16-20088.pdf


INTRAWEST RESORTS: Moody's to Retain B2 CFR on Proposed Offer
-------------------------------------------------------------
Moody's Investors Service said that Intrawest Resorts Holdings,
Inc.'s (NYSE: SNOW) proposed self-tender offer to purchase up to
$50 million of common stock is a credit negative, but does not
immediately affect the company's B2 corporate family rating or
stable rating outlook.


KALOBIOS PHARMACEUTICALS: Withdraws Appeal on Nasdaq Delisting
--------------------------------------------------------------
KaloBios Pharmaceuticals, Inc., has decided to withdraw its appeal
of the decision by the Nasdaq listing qualifications staff to
delist the Company's securities from the Nasdaq stock exchange.

As previously reported, the Company had requested a hearing to
appeal the delisting determination, which hearing was scheduled to
take place on February 25, 2016.  The Company has been the subject
of Nasdaq delisting proceedings since November 17, 2015.  The
Company's new board of directors has determined that pursuit of the
appeal while the Company is not in compliance with the Nasdaq
listing standards would require diversion of Company resources that
could be better spent pursuing the Company's business plan and
reorganization.  Accordingly, on January 12, 2016, the Company
notified Nasdaq of its withdraw of the appeal.

Nasdaq has announced that the Company's common stock will be
suspended from Nasdaq on Wednesday, Jan. 13, 2016.  At that time
the Company's common stock will be eligible for trading in
over-the-counter markets.


KINDRED HEALTHCARE: Moody's to Retain B1 CFR Following Settlement
-----------------------------------------------------------------
Moody's Investors Service commented that Kindred Healthcare, Inc.'s
announced settlement agreement with the United States Department of
Justice (DOJ) is credit negative.  The settlement, which will
require Kindred to pay $125 million plus accrued interest, relates
to an investigation of RehabCare Group, Inc., a contract therapy
service company acquired by Kindred in June 2011. There is no
impact on Kindred's ratings, including the B1 Corporate Family
Rating, or negative rating outlook as a result of the announcement.


LASER FOCUS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:


      Debtor                                       Case No.
      ------                                       --------
      Laser Focus Holding Company, LLC             16-10068
      c/o Development Specialists, Inc.
      333 S. Grand Ave., Suite 4070
      Los Angeles, CA 90071-1544

      Laser Focus Commercial Investments, LLC      16-10069
      Houston 14 Apartments, LLC                   16-10070
      Houston 2 Apartments, LLC                    16-10071
      Numeric Commercial Investments, LLC          16-10072
      FX3 Apartments Investors, LLC                16-10073
      Royal Numeric FX Investments, LLC            16-10074
      10301 Vista Apartments, LLC                  16-10075
      10400 Sandpiper Apartments, LLC              16-10076
      11911 Park Texas Apartments, LLC             16-10077
      1201 Oaks of Brittany Apartments, LLC        16-10078
      12500 Plaza Apartments, LLC                  16-10079
      13875 Cranbrook Forest Apartments, LLC       16-10080
      17103 Pine Forest Apartments, LLC            16-10081
      201 Ashton Oaks Apartments, LLC              16-10082
      3504 Mesa Ridge Apartments, LLC              16-10083
      4101 Pointe Apartments, LLC                  16-10084
      5900 Crystal Springs Apartments, LLC         16-10085
      667 Maxey Village Apartments, LLC            16-10086
      7170 Las Palmas Apartments, LLC              16-10087
      7600 Royal Oaks Apartments, LLC              16-10088
      Broadmoor Apartments, LLC                    16-10089
      Chesapeake Apartments, LLC                   16-10090
      Holly Ridge Apartments, LLC                  16-10091
      Holly Tree Apartments, LLC                   16-10092
      Majestic Heights Apartments, LLC             16-10093
      Pines of Westbury, Ltd.                      16-10094
      Preston Valley Apartments, LLC               16-10095
      Ravenwood Hills Apartments, LLC              16-10096
      River Road Terrace Apartments, LLC           16-10097
      Sandridge Apartments, LLC                    16-10098
      Sonterra Apartments, LLC                     16-10099
      The Oaks at Stonecrest Apartments, LLC       16-10100
      Toscana Villas Apartments, LLC               16-10101

Chapter 11 Petition Date: January 12, 2016

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

Debtors' Counsel: Peter J Keane, Esq.
                  PACHULSKI STANG ZIEHL & JONES LLP
                  919 N. Market Street, 17th Floor
                  Wilmington, DE 19801
                  Tel: 302-652-4100
                  Fax: 302-652-4400
                  Email: pkeane@pszjlaw.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Bradley D. Sharp, chief restructuring
officer.

Consolidated List of Debtors' 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
CFLane, LLC                          Professional     $1,141,190
303 Perimeter Center North             Services
Suite 201
Atlanta, GA 30346

Greenberg Traurig, LLP               Professional       $400,000
1840 Century Park Eat, Suite 1900      Services
Los Angeles, CA 90067-2121

Foundation Specialists Inc.           Trade Debt        $273,441
5728 Teague Rd
Houston, TX 77041

E.H.L. Construction and Painting                        $259,164
12927 Clarewood Dr.
Houston, TX 77072

Conservice LLC                        Trade Debt        $230,837

Gemstar Construction &                Trade Debt        $121,184
Development, Inc.

Spartan Security Service              Trade Debt         $88,793

JS Painting and Construction LLC      Trade Debt         $66,053

CM Paint, Cleaning and More           Trade Debt         $43,042

For Rent Media Solutions (For         Trade Debt         $41,885
Rent Magazine, Inc.)

Marvin's Remodeling                   Trade Debt         $41,010

Hire Priority                         Trade Debt         $39,713

Morrison & Head, LP                  Professional        $15,000-
                                       Services          $38,000

Hamilton-Steele Outdoor Accents        Trade Debt        $36,521

Tino's Carpet Care                     Trade Debt        $33,786

Direct TV                              Trade Debt        $25,375

Gabion Real Estate                     Trade Debt        $24,289

Quality Services Company               Trade Debt        $23,315

S.F.A. Landscaping Company             Trade Debt        $23,200

Hannah Plumbing                        Trade Debt        $19,702


MACK-CALI REALTY: Fitch Affirms 'BB+' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed its 'BB+' Issuer Default Rating (IDR)
for Mack-Cali Realty Corporation and its operating partnership
Mack-Cali Realty, L.P. (collectively, CLI). The agency has also
assigned a 'BB+'/'RR4' rating to CLI's $350 million unsecured term
loan due January 2019 with two one-year extension options. A full
list of Fitch's ratings for CLI follows at the end of this
release.

The Rating Outlook is Stable.

KEY RATING DRIVERS

Fitch's ratings for CLI reflect the company's weaker credit metrics
and capital markets access relative to other low investment grade
rated REITs, as well as challenging fundamentals in many of its
core northeast suburban office markets. Fitch expects CLI's credit
metrics to remain appropriate for a 'BB+' rated REIT through our
2017 projection period.

CLI's new management has communicated a credible turnaround plan
that considers bondholders but favors equity holders. The company
could reduce leverage below Fitch's 7.0x rating sensitivity for
positive rating momentum with the proceeds from $600 million to
$800 million of identified non-core asset sales. However, the
agency believes CLI is more likely to use the proceeds for
acquisitions and asset stabilization; repositioning and development
capex, particularly in the context of its manageable debt maturity
profile; and adequate access to unsecured bank term loan and
secured mortgage debt.

Longer-term, Fitch believes that management intends to reposition
CLI's portfolio and balance sheet to levels consistent with a low
investment grade rating, including leverage sustaining in the
mid-to-high 6x range. Fitch views public equity issuance as the
most likely avenue for future deleveraging, assuming successful
execution of the company's turnaround plan narrows the net asset
value (NAV) discount for its shares. Incremental net operating
income (NOI) from developments could also lead to lower leverage;
however, Fitch expects the company to continue to start new
developments as existing projects are delivered and stabilized.

SPECULATIVE GRADE CREDIT METRICS

Fitch expects Mack-Cali's leverage will sustain in the
low-to-mid-7.0x range through 2017, which is appropriate for a
'BB+' rated REIT with Mack-Cali's asset profile. Mack-Cali's
portfolio is principally comprised of capital intensive suburban
office properties in select New Jersey and, to a lesser extent, New
York and Connecticut suburbs - markets generally characterized by
stubbornly high vacancy rates and weak same-store NOI growth
prospects.

The company's leverage for the trailing 12-months (TTM) ended Sept.
30, 2015 was 7.2x. Fitch defines leverage as recurring operating
EBITDA, excluding non-cash above and below market lease
adjustments, over total debt net of readily available cash.

Fitch expects CLI's fixed-charge coverage (FCC) will weaken to the
mid-1.0x range, largely driven by elevated recurring maintenance
and leasing capex, including amenity capex related to the company's
portfolio repositioning and stabilization efforts. The latter is
somewhat non-routine in nature; however, Fitch has included it in
its estimate of maintenance capex, viewing it as deferred capital
spending, now required to keep the properties competitive. The
company's FCC was 1.8x for the LTM ended Sept. 30, 2015. Fitch
defines FCC as recurring operating EBITDA, excluding non-cash
revenues and including recurring cash distributions from joint
ventures, less maintenance capex over cash interest incurred.

FEWER CAPITAL AVENUES AVAILABLE

Fitch views CLI's access to attractively priced public equity and
debt as limited, based on the market implied discount to net asset
value (NAV) and yield for its shares and unsecured bonds. However,
Fitch believes the company retains adequate access to competitively
priced debt capital from unsecured bank term loans, as well as
mortgage debt capital for select higher value unencumbered assets.


CLI announced a new $350 million unsecured term loan on Jan. 9,
2016. The loan mature in January 2019 with two one-year extension
options at the company's election. The interest rate for the loan
is currently 140 basis points over LIBOR. Mack-Cali entered into
interest rate swap arrangements to fix LIBOR for the duration of
the term loan, resulting in a current all-in fixed rate of 3.12
percent, including transaction costs. CLI plans to use the term
loan proceeds to repay its $200 million, 5.8% unsecured bonds that
mature on Jan. 15, 2016, and to pay down outstanding borrowings on
its $600 million unsecured credit facility. The company had $35
million drawn under its $600 million revolver that matures in 2017
as of Sept. 30, 2015.

During November 2015, the company created a separate REIT
subsidiary for its residential operations called Roseland
Residential Trust (RRT) to facilitate raising approximately $300
million of equity (through entity or project level joint ventures)
to help fund a portion of its residential development pipeline at
more attractive prices than what the company could achieve by
issuing CLI shares.

Fitch views the creation of RRT as a modest net credit positive in
so far as it reduces the need for CLI to take on additional debt to
fund RRT's development equity needs. However, the move adds some
financial reporting complexity while reducing operational
flexibility. Longer term, isolating RRT could also facilitate a
shareholder spin-off of the company's residential operations. Fitch
would likely view this as a credit negative that reduces the
earnings power and collateral value of CLI.

WEAK LIQUIDITY

CLI's sources of liquidity fall short of uses by $209 million (pro
forma for the $350 million term loan issuance in January 2016),
resulting in 0.8x liquidity coverage under Fitch's liquidity
analysis for the period from Oct. 1, 2015 to Dec. 31, 2017. Fitch's
base case assumes that CLI successfully raises $300 million of
third-party equity to help fund its development pipeline at RRT.
Fitch expects the company to use the proceeds from non-core asset
sales (net of acquisitions) and secured mortgage and bank term loan
financings to fund its share of development equity. CLI's liquidity
coverage improves to 0.1x assuming it refinances 80% of its secured
mortgage maturities through 2017.

CLI's unencumbered asset coverage of unsecured debt (UA/UD) is
adequate for the 'BB+' rating at 1.9x based on a stressed 9%
capitalization rate and including the company's $350 million
unsecured term loan issuance net of $200 million of January 2016
unsecured bond maturities. Fitch expects this coverage to
moderately deteriorate due to incremental mortgage encumbrances and
the sale of select unencumbered properties. The company may also
contribute additional office assets to its RRT subsidiary for
redevelopment. Although these are likely to be underperforming
suburban office properties, they could lower the absolute value of
UA, nonetheless.

Fitch also sees the potential for CLI's UA portfolio quality to
decline in the near-to-medium term given the company's stated plans
to sell lower cap rate assets, such as its 125 Broad Street office
condo interest, depending on the use of proceeds. The company has
also indicated that it will consider putting mortgages on select
properties to help fund its share of development equity.

Mack-Cali has a low 40.8% dividend payout ratio of its adjusted
funds from operations (AFFO) for the quarter ended Sept. 30, 2015.
However, Fitch expects the company's AFFO payout ratio to exceed
100% during 2016, due to elevated maintenance and leasing capex,
including the company's planned building amenity enhancements.

CREDIBLE PLAN FACES HEADWINDS

Fitch views CLI's '20/15' turnaround strategy as generally
credible. Successful plan execution should improve the company's
overall asset and market quality and increase its property NOI. The
20/15 plan is a multi-year, multi-step strategy for reducing costs,
improving business relationships and enhancing the portfolio's
asset and market quality by 2018.

Regarding the latter, CLI plans to reposition its portfolio to
include 20 million square foot of office and 15,000 apartment units
by selling non-core and/or class B properties, reducing its office
and flex R&D portfolio exposure to roughly 10 submarkets from more
than 25. After completing its portfolio repositioning, CLI's office
portfolio will principally be concentrated in New Jersey markets
with access to transportation. The company will also exit its small
portfolio positions in the New York City, D.C. and suburban
Maryland office markets, as a result.

CLI has also outlined an aggressive, $2.7 billion apartment
development program to reach its 15,000 unit goal at its RRT
subsidiary by 2018. CLI will fund its share of the estimated
development costs with retained cash flow from operations and/or
asset sales, and possibly incremental borrowings.

The company's plan faces external execution risk, primarily from
challenging property market dynamics. Fitch expects New Jersey
office fundamentals will remain a headwind given the state's
relatively inhospitable business environment that includes high
labor and living costs, as well as regulatory and tax burdens.
Employment growth has been lackluster in New Jersey during the past
decade, partly due to consolidation in the telecom and
pharmaceutical industries, which has caused some jobs to be
eliminated or leave the state. Fitch's ratings case projections
assume the company's GAAP SSNOI grows by 3% during 2016 and is flat
during 2017 due to lease expiration driven vacancy in its New
Jersey waterfront portfolio.

Fitch is also less optimistic regarding some of the plan's
underlying assumptions. Amenity enhancements at select suburban
office properties should allow CLI to take leasing market share and
help stabilize portfolio occupancy, resulting in higher property
operating income. However, the agency lacks conviction that tenants
will pay premium rents for greater amenities given high submarket
vacancy rates and an uncertain competitive response from other New
Jersey office landlords. Separately, Fitch views the company's
goals for the retail at its New Jersey waterfront office assets as
ambitious relative to the $25 million estimated capital investment.


CLI's turnaround plan also assumes accommodative commercial real
estate (CRE) investment and capital markets. Although generally
open and attractively priced, the CRE debt capital markets have
experienced some disruption around interest rate volatility this
year. The company has identified roughly 40 non-core assets that
management estimates are worth between $600 million to $800 million
that CLI plans to sell in tempo with its capital needs. A delay in
timing or reduction in estimated proceeds could cause the company's
credit metrics to weaken further.

SOME NOTABLE GREEN SHOOTS

CLI's renewed operational focus appears to be gaining traction on
several fronts. Management has worked swiftly to devise and begin
implementing the 20/15 turnaround plan since joining the company in
June 2015. The initial phases have primarily focused on expense
reductions at the property and corporate levels, as well as
rebuilding relationships with market participants (i.e. CRE
brokers). The company has identified $25 million of annual savings
it expects to realize during 2016 from lower personnel, G&A,
property operating and interest costs.

Indeed, CLI's third-quarter 2015 (3Q'15) results showed
improvements in select portfolio operating metrics, as well as the
company's cost structure. The portfolio was 85.8% leased at Sept.
30, 2015, up from 82.3% at June 30, 2015. The improvement was
partly due to solid leasing velocity, which contributed about 150
basis points (bps). However, the 250 bps majority came from
reclassifying certain transitional/repositioning candidate
properties, thereby removing them from the company's 'in-service'
portfolio.

Same-store NOI grew by 6.5% year-over-year on a cash and GAAP basis
during the third quarter. However, a 7.9% reduction in expenses
drove the result, which Fitch views as lower quality relative to
top-line gains. SSNOI would have been negative 3.9% if selected low
vacancy properties were classified as 'in-service' and, therefore
kept in the same-store pool.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for CLI include:
-- SSNOI grows by 3% during 2016 and is flat during 2017 due to
    lease expiration driven vacancy in its NJ waterfront
    portfolio;
-- Dispositions of $575 million during 2016 and $150 million
    during 2017 at cap rates of 5.3% and 8%, respectively;
-- Acquisitions of $700 million during 2016 at a 6.5% cap rate;
-- Development spending of $354 million, including investments in

    unconsolidated JVs;
-- CLI's RRT subsidiary raises $300 million of JV equity during
    2016;
-- Recurring maintenance and amenity capital spending of $150
    million during 2016 and 2017;
-- The company raises $350 million of term loan debt, using a
    portion of the proceeds to refinance its $200 million of
    unsecured bonds that mature on Jan. 15, 2016;
-- CLI issues net mortgage debt of $489 million through 2017; and

-- No equity issuance by Mack-Cali, Inc. through the forecast
    period.

RATING SENSITIVITIES

Although Fitch does not anticipate positive rating actions in the
near-to-medium term, the following factors could result in positive
rating momentum:

-- Fitch's expectation of leverage sustaining below 7x (leverage
    was 7.2x for the TTM ended Sept. 30, 2015);
-- Fitch's expectation of fixed charge coverage sustaining above
    2x (coverage was 1.8x for the TTM ended Sept. 30, 2015).
-- Fitch's expectation of unencumbered asset coverage of
    unsecured debt sustaining above 2x, assuming no material
    change in the quality of the unencumbered pool due to sale of
    best relative assets (pro forma coverage was 1.9x at Sept. 30,

    2015).

The following factors may result in negative rating momentum:

-- A sustained liquidity shortfall and/or deterioration in the
    breadth and depth of capital access;
-- Fitch's expectation of leverage sustaining above 8x;
-- Fitch's expectation of fixed charge coverage sustaining below
    1.5x.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Mack-Cali Realty Corporation
-- IDR at 'BB+'.

Mack-Cali Realty, L.P.
-- IDR at 'BB+';
-- Unsecured revolving credit facility at 'BB+'/'RR4';
-- Senior unsecured notes at 'BB+'/'RR4'.

Fitch has also assigned a 'BB+'/'RR4' rating to Mack-Cali Realty,
L.P.'s $350 million unsecured term loan due January 2019.

The Rating Outlook is Stable.



MAGNUM HUNTER: 341 Meeting of Creditors Set for Jan. 21
-------------------------------------------------------
A meeting of creditors of Magnum Hunter Resources Corp. is set to
be held on Jan. 21, 2016, at 2:00 p.m., according to a filing with
the U.S. Bankruptcy Court in Delaware.

The meeting will be held at J. Caleb Boggs Federal Building, Room
2112, 844 King Street, Wilmington, Delaware.

The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                        About Magnum Hunter

Irving, Texas-based MHRC, an oil and gas company that primarily
engaged, through its subsidiaries, in the acquisition, development,
and production of oil and natural gas reserves in the United
States, said these macroeconomic factors, coupled with the their
substantial debt obligations and natural gas gathering and
transportation costs, strained their ability to sustain the weight
of their capital structure and devote the capital necessary to
maintain and grow their businesses.  The Debtors' total number of
drilling rigs in operation in the United States is just 38 percent
of the number of rigs that were in operation just one year ago,
court filing indicates.

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

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


MAGNUM HUNTER: US Trustee Forms Three-Member Creditors' Committee
-----------------------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, appointed three
creditors of Magnum Hunter Resources Corp. to serve on the official
committee of unsecured creditors.

The unsecured creditors are:

     (1) Wilmington Trust National Association
         Attn: Rita Marie Ritrovato
         Rodney Square N., 1100 N. Market St.
         Wilmington, DE 19890
         Phone: 302-636-5137
         Fax: 302-636-4130

     (2) Hunt Oil Company
         Attn: Curtis Riddle
         1900 N. Akard St.
         Dallas, TX 75201
         Phone: 214-978-8262
         Fax: 214-978-8575

     (3) Michael Rozenfeld
         12707 Boheme Dr. 512
         Houston TX 77024
         Phone: 512-809-8556

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense.  They may investigate the debtor's business and financial
affairs.  Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                        About Magnum Hunter

Irving, Texas-based MHRC, an oil and gas company that primarily
engaged, through its subsidiaries, in the acquisition, development,
and production of oil and natural gas reserves in the United
States, said these macroeconomic factors, coupled with the their
substantial debt obligations and natural gas gathering and
transportation costs, strained their ability to sustain the weight
of their capital structure and devote the capital necessary to
maintain and grow their businesses.  The Debtors' total number of
drilling rigs in operation in the United States is just 38 percent
of the number of rigs that were in operation just one year ago,
court filing indicates.

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

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


MEDICAL IMAGING: Debt Payment Obligations Cast Going Concern Doubt
------------------------------------------------------------------
Medical Imaging Corp. has substantial doubt about its ability to
continue as a going concern, noting its debt payment obligations
that are due within the next 12 months, according to Mitchell
Geisler, chief executive officer, and Richard Jagodnik, chief
financial officer of the company in a regulatory filing with the
U.S. Securities and Exchange Commission on November 16, 2015.

Messrs. Geisler and Jagodnik noted, "The company's operations have
produced $1,675,399 and $5,500,217 of revenues for the three and
nine months ended September 30, 2015, respectively, which have been
used to fund its operating expenses and to reduce its liabilities.
The company expects that current operations will be able to cover
its operating expenses on an ongoing basis through 2015 and
beyond.

"Based on the debt payment obligations of the company that are due
within the next 12 months, there is doubt about its ability to
continue as a going concern, and the company's continued operations
therefore are dependent upon either increasing revenues or adequate
additional financing being raised, or both, to enable it to
continue its operations as currently conducted.    

"Alternatively, the company could adjust some of its operational
requirements or modify some of its debt obligations; however, these
changes may not necessarily provide sufficient funds to continue as
a going concern.  In the event that the company is unable to
continue as a going concern, it may be forced to realize upon its
assets or even elect or be required to seek protection from its
creditors as provided by law or be subject to claims by creditors
or a general creditor action.  To date, management has not
considered these alternatives as a likely outcome, since it has
continuing revenues from operations and is considering capital
raising actions."

Moreover, the company incurred net loss of $926,372 for the nine
months ended September 30, 2015 as well as a working capital
deficit of $1,401,076.  "These conditions raise substantial doubt
as to the company's ability to continue as a going concern.
Management plans to raise additional financing in order to continue
its operations and fulfill its debt obligations in 2015, but there
can be no assurances that the plan will be successful," Messrs.
Geisler and Jagodnik pointed out.

"The company intends to explore capital raising options in the near
term which may include the issuance of additional debt and the sale
of equity or equity based securities.  The company has no
agreements or arrangements for additional capital at this time.  
There can be no assurance that it will be able to raise additional
capital, or if funds are offered, that they will on terms
acceptable to the company.  A substantial amount of the assets of
the company, held through its subsidiaries, are pledged to secure
certain debt; therefore, the ability of the company to issue
secured debt may be limited or require waivers or modifications to
the current outstanding debt, which the current lenders do not have
to provide."

At September 30, 2015, the company had total assets of $6,025,464,
total liabilities of $6,889,965, and total stockholders' deficit of
$864,501.

The company reported a net loss of $526,611 for the three months
ended September 30, 2015, compared with a net loss of $16,111 for
the three months ended September 30, 2014.

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

Las Vegas-based Medical Imaging Corp. (MIC) formerly Diagnostic
Imaging International Corp. (DIIC) developed a business plan for
private healthcare opportunities in Canada with the objective of
owning and operating private diagnostic imaging clinics in 2005. In
2009, the company purchased Canadian Teleradiology Services Inc.
that operates as Custom Teleradiology Services (CTS), CTS provides
remote reading of medical diagnostic imaging scans for rural
hospitals and clinics.  In early 2010, the company modified its
business plan to grow its CTS subsidiary while commencing the
acquisition of existing full service imaging clinics located in the
United States and exploring the development of new diagnostic
imaging technology.  In 2012, the company purchased Schuylkill Open
MRI Inc. that operates as Schuylkill Medical Imaging (SMI) an
independent diagnostic imaging facility located in Pottsville,
Pennsylvania.  In 2014, the company purchased Partners Imaging
Center of Venice, LLC (PIV) located in Venice, Florida; Partners
Imaging Center of Naples, LLC (PIN) located in Naples, Florida; and
Partners Imaging Center of Charlotte, LLC (PIC) located in Port
Charlotte, Florida.



MEDICURE INC: Estimates $21.9 Million Revenue for 2015
------------------------------------------------------
Medicure Inc. reported unaudited net revenue for the 2015 fourth
quarter and full fiscal year.

* Estimated net revenue of C$9.3 million during the quarter ended
   Dec. 31, 2015, compared to estimated net revenue of $2.5
   million for the three months ended Dec. 31, 2014.

* Estimated net revenue of $21.9 million for the year ended    
   Dec. 31, 2015, compared to estimated net revenue of $8.4
   million for the previous year.

The increase in revenue over the comparable periods in the previous
year is primarily attributable to an increase in the number of new
hospital customers using AGGRASTAT (tirofiban HCl) and an increase
in the product's market share.  Revenue growth for the quarter and
year ended Dec. 31, 2015, was also aided by favourable fluctuations
in the U.S. dollar exchange rate.

The Company's Financial Statements and Management Discussion and
Analysis for the year ending Dec. 31, 2015, is due to be filed no
later than April 30, 2016.

                        About Medicure Inc.

Medicure -- http://www.medicure.com/-- is a specialty
pharmaceutical company focused on the development and
commercialization of therapeutics for the U.S. hospital market.
The primary focus of the Company and its subsidiaries is the
marketing and distribution of AGGRASTAT (tirofiban HCl) for non-ST
elevation acute coronary syndrome in the United States, where it is
sold through the Company's U.S. subsidiary, Medicure Pharma, Inc.

Ernst & Young LLP expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company has
experienced losses and has accumulated a deficit of C$127 million
since incorporation and has a working capital deficiency of
C$503,000 as at Dec. 31, 2014.

The Company reported net income of C$1.2 million on C$5.26 million
in revenue for the year ended Dec. 31, 2014.  As of Sept. 30, 2015,
Medicure had C$12.1 million in total assets, C$10.2 million in
total liabilities and a C$1.95 million in total equity.


METINVEST B.V.: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Petitioner: Svitlana Romanova

Chapter 15 Debtor: Metinvest B.V.
                   23 Alexanderstraat
                   The Hague
                   Netherlands

Chapter 15 Case No.: 16-10105

Type of Business: Mining and Steel

Chapter 15 Petition Date: January 13, 2016

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

Judge: Hon. Laurie Selber Silverstein

Chapter 15 Petitioner's    Joseph M. Barry, Esq.
Counsel:                   YOUNG, CONAWAY, STARGATT & TAYLOR
                           1000 North King Street
                           Wilmington, DE 19801
                           Tel: 302-571-6600
                           Fax: 302-571-1253
                           Email: jbarry@ycst.com

                              - and -

                           Daniel Guyder, Esq.
                           Mark Nixdorf, Esq.
                           ALLEN & OVERY LLP
                           1221 Avenue of the Americas
                           New York, New York 10020
                           Tel: (212) 610-6300
                           Fax: (212) 610-6399
                           Email: daniel.guyder@allenovery.com
                                  mark.nixdorf@allenovery.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated


MIDSTATES PETROLEUM: R/C IV Eagle Reports 26% Stake as of Jan. 6
----------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, R/C IV Eagle Holdings, L.P., Riverstone/Carlyle Energy
Partners IV, L.P. and R/C Energy GP IV, LLC disclosed that as of
Jan. 6, 2016, they beneficially own 2,890,046 shares of common
stock of Midstates Petroleum Company, Inc., representing 26.5
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/JxOv2Y

                  About Midstates Petroleum Company

Midstates Petroleum Company, Inc. --
http://www.midstatespetroleum.com/-- is an independent exploration
and production company focused on the application of modern
drilling and completion techniques in oil and liquids-rich basins
in the onshore U.S. Midstates' drilling and completion efforts are
currently focused in the Mississippian Lime oil play in Oklahoma
and Anadarko Basin in Texas and Oklahoma.  The Company's operations
also include the upper Gulf Coast tertiary trend in central
Louisiana.

Midstates reported net income of $117 million on $794 million of
total revenues for the year ended Dec. 31, 2014, compared to a net
loss of $344 million on $470 million of total revenues for the year
ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $2.47 billion in total assets,
$2 billion in total liabilities and $466 million in total
stockholders' equity.

The Company's independent auditor, Deloittee & Touche LLP, in
Houston, Texas, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that Midstates' projected debt covenant violation and
resulting lack of liquidity raise substantial doubt about its
ability to continue as a going concern.

                             *    *    *

Midstates Petroleum carries a 'B' corporate credit rating from
Standard & Poor's Ratings Services.

As reported by the TCR on April 8, 2013, Moody's Investors Service
affirmed Midstates Petroleum's 'B3' Corporate Family Rating.


MILLENNIUM HEALTH: Immunity of Former Owners Still at Issue
-----------------------------------------------------------
Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review,
reported that Millennium Health LLC's former leaders may yet be on
the hook, in a lawsuit stemming from alleged fraud that led to a
$256 million settlement with the Justice Department, if a
bankruptcy-court ruling is upset on appeal.

According to the report, on Jan. 12, the judge who immunized
Millennium's former owners, James Slattery and TA Associates, from
a lawsuit brought by unhappy lender Voya Investment Management, put
an appeal of her decision on the fast track for review by a federal
appeals court in Philadelphia.

As previously reported by The Troubled Company Reporter on Dec. 23,
2015, Millennium Health on Dec. 21 disclosed that it has completed
the steps necessary to implement its financial restructuring and
emerged from its chapter 11 reorganization on December 18, 2015,
less than forty (40) days after it filed its prepackaged chapter 11
cases on November 10, 2015.

On December 18, 2015, the U.S. Bankruptcy Court for the District
of
Delaware confirmed Millennium Health's Plan of Reorganization.

                       About Millennium Lab

Millennium Lab Holdings II, LLC, Millennium Health, LLC and
Rxante, LLC, providers of laboratory-based diagnostic testing
focused on drugs of abuse and clinical medication monitoring,
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
15-12284, 15-12285 and 15-12286, respectively) on Nov. 10, 2015.
The Debtors estimated assets in the range of $100 million to $500
million and liabilities of more than $1 billion.

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

Judge Laurie Selber Silverstein has been assigned the case.


MILLER ENERGY: Settles Accounting Fraud Complaint with SEC
----------------------------------------------------------
Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,
reported that Miller Energy Resources Inc. has agreed to pay $5
million to settle the civil accounting fraud charges that preceded
the oil and gas company's bankruptcy filing.

According to the report, the settlement with the Securities and
Exchange Commission, for which Miller is seeking bankruptcy-court
approval, resolves regulators' charges against Miller for allegedly
overstating by more than $400 million the value of the oil and gas
properties it acquired in Alaska in 2009.

                  About Miller Energy Resources

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

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

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

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

Judge Gary Spraker is assigned to the case.  The Debtors have
engaged Andrews Kurth LLP as counsel, Seaport Global Securities as
financial advisor, and Prime Clerk as claims and noticing agent.

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


MOLYCORP INC: Can Make Pension Contributions to Legacy
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware issued a
second order authorizing Molycorp, Inc., et al., to make pension
contributions to Legacy Defined Benefit Pension Plan for the third
and fourth quarters in an amount not to exceed $130,000.

As previously reported by The Troubled Company Reporter, the
Debtors assert that making the pension contributions is in the best
interests of their estates.  A continuing failure to meet minimum
funding standards can provide grounds for the Person Benefit
Guaranty Corporation to seek an involuntary termination of a
pension plan, the Debtors tell the Court.

The Debtors intend to further evaluate the Pension Plan and will
consult with their creditor constituencies regarding the
appropriate treatment of the Pension Plan in these chapter 11
cases.  But because the Debtors have the means by which to make
the
relatively modest amount of the Pension Contributions at this
time,
and because any failure to make the contribution would increase
the
burden on the Debtors' estates, the Debtors believe that it is in
the best interest of their estates to make the Pension
Contributions for the third and fourth quarters of 2015.

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare  
earths and rare metals producer.  Molycorp owns several prominent
rare earth processing facilities around the world.  It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.

Molycorp has corporate offices in the United States, Canada and
China.  CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada.  Other senior management members are located at its U.S.
corporate headquarters in Greenwood Village, Colorado.

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

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

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

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

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

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

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

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


NATIONAL ENERGY: Capital Deficit, et al., Cast Going Concern Doubt
------------------------------------------------------------------
National Energy Services, Inc., had a working capital deficit of
$11,020,704 and a stockholders' deficit of $3,868,590 for the nine
months ended September 30, 2015, which raises substantial doubt
regarding the company's ability to continue as a going concern,
according to Robert W. Chance, president and chief executive
officer, and Jeremy W. Briggs, chief financial officer of the
company in a regulatory filing with the U.S. Securities and
Exchange Commission on November 16, 2015.

Messrs. Chance and Briggs elaborated: "Our principal liquidity
requirements are to finance current operations, fund capital
expenditures, including any future acquisitions, and to service our
debt.  Since our acquisition of JD Field Services, Inc., our
principal source of liquidity has been cash generated by JD's
operations.  Our other sources of liquidity have been funds
generated from debt and equity issuances of our securities.  We
believe that cash generated from these sources will be sufficient
to meet our short-term working capital requirements and long-term
capital expenditure requirements for at least the next twelve
months from date of filing.

"With our acquisition of JD, our revenues were at $11,535,486 for
the nine months ended September 30, 2015 compared to $11,887,589
during the same period in 2014.

"To help recapitalize the company, we are pursuing a four-step
approach that we expect to continue during 2015 that includes the
following:

* Applying to up-list to a national securities exchange;
* Seeking out further of acquisition candidates;
* Refinancing our balance sheet;

"Our ability to continue in our acquisition strategy and purchase
established businesses with a proven track record is vital to the
overall growth strategy of the company.  We continue to seek out
established businesses with a proven operating track record strong
financial performance, positive operating results, established or
growing contract backlogs, and/or the potential for positive
operating cash flow.

"In connection with the preparation of the company's financial
statements for the nine months ended September 30, 2015, the
company has analyzed its cash needs for the next twelve months.
The company believes that its current cash position and forecasted
cash flow from operations is adequate to meet its cash requirements
for at least the next twelve months."

At September 30, 2015, the company had total assets of $17,061,446,
total liabilities of $20,930,036 and total stockholders' deficit of
$3,868,590.

The company posted a net loss of $2,698,087 for the three months
ended September 30, 2015, compared with a net income of $191,960
during the three months ended September 30, 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/gn6clqt

National Energy Services, Inc. (NES) is a public holding company
that serves the petro-chemical industry.  The Las Vegas-based
company plans to expand through carefully selected acquisitions.
In July 2015, the company changed its name from National Automation
Services, Inc. to National Energy Services, Inc. as approved by the
Financial Industry Regulatory Authority.


NAVIOS MARITIME: Moody's Lowers CFR to Caa1, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Navios Maritime Holdings, Inc. to Caa1 from B2 and its
probability of default rating (PDR) to Caa1-PD from B2-PD.
Concurrently, Moody's downgraded the ratings on Navios Holdings'
$650 million senior secured first preferred ship mortgage notes to
B3 from B1 and the rating on its $350 million senior unsecured
notes to Caa3 from Caa1.  The outlook on all Navios Holdings'
ratings is stable.

"Our downgrade reflects both the significant weakening of Navios
Holdings' financial profile in recent quarters as a result of the
continued challenges in the dry bulk market and Moody's view that
market conditions are unlikely to improve in 2016 as previously
expected by the rating agency.  It also reflects Moody's
anticipation that the company's free cash flow will remain negative
in 2016 and its liquidity profile will consequently weaken, as
market conditions continue to be difficult," says Marie
Fischer-Sabatie, a Moody's Senior Vice President and lead analyst
for the issuer.

RATINGS RATIONALE

The downgrade reflects (1) Navios Holdings' weakened financial
profile, which has been affected by the challenging dry bulk market
since end-2014 and corresponding weak shipping rates; and (2)
Moody's expectations that the company's financial profile will not
recover in 2016.  The agency also expects that the company will
generate negative free cash flow in 2016 and that its liquidity
profile will consequently weaken.

During 2015, Navios Holdings' credit metrics deteriorated and its
leverage ratio (i.e., debt/EBITDA, including Moody's adjustments)
increased to 8.3x for the 12-month period through September 2015
from an already high level of 7.4x at end-2014.  Moody's does not
expect that Navios Holdings' financial profile will improve during
2016, as market conditions in dry bulk will remain difficult.

Despite the increasing pace with which the industry is retiring
aging ships, Moody's projects that growth in the supply of dry bulk
capacity will still outpace demand growth in 2016, owing to a high
level of planned vessel deliveries and a subdued demand growth,
which will weigh on dry bulk rates and keep them at low levels.
Dry bulk trade is highly dependent on China, which is the world's
largest iron ore importer and one of the largest coal importers.
China's economic slowdown has been weighing on the demand for dry
bulk shipments.

Moody's nevertheless acknowledges that, in spite of these weak
market conditions, Navios Holdings has recently managed to secure
eighteen-month to three-year charters for a number of its vessels
at rates above current market levels.  Navios Holdings also
announced in November that it would suspend its approximately $25
million annual dividend payment and replace it with a $25 million
share repurchase programme to be completed over two years,
resulting in $25 million of cash preservation.  However, this
action does not fully offset the effects of the recent dividend cut
by its affiliate Navios Maritime Partners L.P. (Ba3 negative).

Moody's expects that Navios Holdings' liquidity profile will weaken
in the next 12 months, as its cash balance will decline further
owing to negative free cash flow.  Navios Holdings had a cash
balance of around $175 million at Q3 2015 (versus approximately
$250 million at end-2014) and Moody's projects that cash flow from
operations will be limited to around $10-20 million during 2016.

During 2016, Navios Holdings' liquidity needs will essentially
comprise capital expenditures of around $150 million, of which $90
million relates to its consolidated subsidiary Navios South
American Logistics Inc. (B2 stable) and $60 million relates to new
buildings, and some limited cash outflows related to preferred
dividends and the company's $25 million share repurchase programme.
Overall, Moody's expects that Navios Holdings will have negative
free cash flow in 2016 of $140-150 million.  Part of the capital
expenditures will nevertheless be funded with drawings under two
committed financing lines of $41 million and $36 million,
respectively, limiting the decline in cash balance.  The company's
alternative liquidity sources are dependent on the financial
flexibility of its subsidiaries, as most of the dry bulk assets are
encumbered already.

The recently weak trading of Navios Holdings' bonds and shares may
in the near term restrict the company's access to debt and equity
markets.  However, the company does not have any immediate
refinancing needs.  Navios Holdings has limited debt repayments
amounting to approximately $20 million in 2016.  The next important
maturity takes place in February 2019, when the company's $350
million senior unsecured notes mature.  Navios Holdings does not
have any revolving credit facility at its disposal.  Under its
vessel-financing bank facilities, the company has several financial
covenants: headroom under one of its financial covenants has been
tight in past quarters.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that, in spite of
challenging market conditions, the company's financial profile will
remain within the boundaries set for the Caa1 rating in the next
12-18 months.

WHAT COULD CHANGE THE RATING UP/DOWN

Although not expected in the near term, upward rating pressure
could arise if market conditions in dry bulk improve, resulting in
the company returning to positive free cash flow generation and
reducing its leverage ratio comfortably below 8x through the
cycle.

Downward rating pressure could arise if Navios Holdings' (1)
negative free cash flow is larger in 2016 than Moody's expectations
or remains negative beyond 2016; and/or (2) its (fund from
operations + interest)/interest ratio moves towards 1x.
Furthermore, downward pressure on the ratings could result in case
of a weakening of Navios Holdings' liquidity profile beyond what
Moody's expects.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Shipping
Industry published in February 2014.

Navios Holdings, which is listed on the New York Stock Exchange, is
a global shipping and logistics company.  In addition to its own
operations in the transport of dry bulk commodities, Navios
Holdings owns a 63.8% stake in the logistics company Navios South
American Logistics Inc. and various minority stakes, including (1)
a 20.1% stake in the dry bulk and container shipping company Navios
Partners, (2) a 46.5% economic interest in the tanker company
Navios Maritime Acquisition Corporation (B2 stable) and (3) an
indirect economic interest of 28.3% in Navios Maritime Midstream
Partners LP (B2 stable).  In LTM September 2015, Navios Holdings
reported revenues of $518 million and EBITDA of $136 million.



NIERZWICKI HOLDINGS: Council Can't Continue Suit Over Nightclub
---------------------------------------------------------------
In a Memorandum Opinion and Order dated December 30, 2015, which is
available at http://is.gd/3XyukWfrom Leagle.com, Judge Gregory R.
Schaaf of the United States Bankruptcy Court for the Eastern
District of Kentucky, Lexington Division, denied the motions filed
by Main Council of Co-Owners, Inc., seeking permission to proceed
with a prepetition lawsuit it filed in the Fayette County Circuit
Court to enjoin Nierzwicki Holdings' operations of a nightclub that
the Council alleges is a noise nuisance.

The parties focused their closing arguments on factors identified
in United Imports for determination of whether cause exists for
relief from the automatic stay to allow prepetition litigation
against a debtor to continue: 1. judicial economy; 2. trial
readiness; 3. the resolution of preliminary bankruptcy issues; 4.
the creditor's chance of success on the merits; and 5. the cost of
defense or other potential burden to the bankruptcy estate and the
impact of the litigation on other creditors.

Judge Schaaf found that the evidence is sufficient to conclude that
adequate protection is necessary to minimize negative effect of
imposition of the automatic stay.

The Debtors are directed to provide adequate protection as
follows:

   (1) Continue to abide by any state-court orders limiting the use
of the common area sidewalks.

   (2) Promptly remove trash and other debris left by nightclub
patrons from common areas and sidewalks.

   (3) Continue intervention by nightclub staff to prevent patrons
from congregating and loitering on adjacent sidewalks to drink,
smoke, eat, or conduct any other activity.

   (4) Refrain from any coordinated activity with food-truck or
food-cart vendors to arrange sales to nightclub patrons.

   (5) Continue reasonable efforts to mitigate any potential noise
from nightclub operations that might constitute a nuisance in the
manner testified to at the evidentiary hearing.

The case is IN RE NIERZWICKI HOLDINGS, LLC, et al., Chapter 11,
Debtors in Possession, Case No. 15-51985, Jointly Administered
(Bankr. E.D. Ky.).

Nierzwicki Holdings, LLC, Debtor, is represented by Laura Day
DelCotto, Esq. -- ldelcotto@dlgfirm.com -- DelCotto Law Group
PLLC.

U.S. Trustee, U.S. Trustee, represented by Bradley M. Nerderman.


NORTHSTAR ASSET: Moody's Assigns Ba2 CFR, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to NorthStar Asset Management Group following the
announcement of its entry into an agreement to acquire a majority
stake in The Townsend Group.  Moody's has also assigned a Ba2
rating to a $500 million senior secured first lien term loan.  The
net proceeds will be used to finance the Townsend acquisition,
refinance a short-term bridge facility and for general corporate
purposes.  The rating outlook is negative.

RATINGS RATIONALE

NSAM is non-traditional real estate asset manager with
approximately $38 billion in assets under management pro-forma for
Townsend.  NSAM manages two publicly traded REITs, NorthStar Realty
Finance ("NRF") and NorthStar Realty Europe ("NRE"), and four
non-traded companies.  NSAM also holds two minority investments in
a hospitality and healthcare asset manager, respectively, and
intends to close its acquisition of an 85% interest in Townsend, an
investment manager and advisory, in early 2016.  The bulk of NSAM's
managed assets reside in permanent or semi-permanent capital
vehicles, reducing the risk posed by redemptions.

The Ba2 corporate family rating reflects NSAM's strong asset
retention ability and related downside revenue protection based
largely on long-term asset management contracts at NRF and NRE.
NSAM receives a base fee from NRF and NRE which, contractually,
cannot decline, but would increase if these companies raise equity.
These publicly traded REITs represent nearly half of NSAM's
projected, pro-forma revenues.  Other strengths for NSAM include
investment grade level leverage and profitability.

These strengths, however, are offset by NSAM's small scale and
asset class concentration.  While growing, pro-forma revenue is
relatively low.  Product and geographic diversification are limited
as NSAM is focused almost entirely in real estate assets and the
client base is US-focused.  Distribution channels are limited.  The
non-traded companies rely primarily on independent financial
advisors for distribution as the major wirehouses have been
reluctant to enter this space.  The pending acquisition of Townsend
does add a strong institutional direct distribution platform.  The
high leverage at NRF, NSAM's largest managed company, which is
notably more levered than its peers, also was a constraint on the
ratings.

The negative outlook reflects NSAM's announcement on Jan. 11, that
it hired Goldman Sachs to explore strategic alternatives.
Management believes the company is undervalued and that it has a
responsibility to maximize value for shareholders.  Moody's
understands that there is no transaction under consideration at
this time and management plans to run the company as usual.  Still,
a strategic exploration increases uncertainty and could lead to
actions adverse to creditors.

Given the negative outlook an upgrade is unlikely over the next
12-18 months.  The outlook could move to stable if the strategic
exploration results in a benign or favorable result for creditors.
The outlook also could benefit if revenues growth continues,
leverage declines at NSAM and NRF, and the company is able to
expand its distribution.  The ratings could see downward pressure
if the strategic exploration results in a negative outcome for
creditors, potential regulatory changes impair the non-traded REIT
space, there is a real estate downturn, and the public companies
are unable to raise equity for a prolonged period.

These ratings were assigned:

  Long-term Corporate Family Rating -- Ba2
  $500 million Senior Secured First Lien Term Loan -- Ba2

The principal methodology used in these ratings was Asset Managers:
Traditional and Alternative published in December 2015.



OFFSHORE GROUP: F3 Capital Airs Concerns Over Bankruptcy
--------------------------------------------------------
Following the news that Vantage Drilling Company subsidiaries filed
for Chapter 11 bankruptcy protection on Dec. 3, 2015 pursuant to a
Restructuring Agreement with Vantage Drilling Company, a publicly
traded company, which was to file a voluntary winding up petition
in the Cayman Islands, fresh concerns have been raised regarding
the lack of transparency and disclosure in the bankruptcy
procedure.

Mr. Nobu Su, the sole owner of F3 Capital which is a shareholder of
Vantage, and the Chairman of Taiwanese shipping firm TMT, like
other shareholders received the Plan Supplement for the
subsidiaries bankruptcy on Christmas Eve with limited time to
review over the holidays with few business days before the 7
January 2016 deadline to object.  His counsel has openly expressed
his concerns regarding the bankruptcy case proceeding at an
unusually fast pace and at shareholders being frozen out of the
process.

He commented: "This case is procedurally unique because there
appears to be a race by the Debtors to get the Plan confirmed
before a liquidator can be appointed for Vantage Drilling Company.
It would have been in all parties best interests and in the
interests of transparency and disclosure -- which we expect from
public companies -- to have a liquidator appointed to independently
act for Vantage in the Bankruptcy." The winding up petition was
ultimately not filed by Vantage but by Wells Fargo, a creditor. It
appears that shareholders should have had a right to vote on a
special resolution for the voluntary filing that Vantage agreed to
in the restructuring agreement.

"More unusual is the potential for a Bankruptcy to be approved with
the Debtors never filing Schedules or Statements of Financial
Affairs, leaving all parties in the dark as to: the actual
liabilities, executory contracts, potential litigation claims owned
by the Debtors or which may exist against the Debtors, potential
maritime liens, the names of creditors and amounts alleged to be
owed, etc. This raises the question of how the attorneys in the
case can even do a full conflicts check when the Debtors fail to
list the parties with interests in the estate?"

"Furthermore, if Vantage was insolvent and apparently insolvent for
some time, why did Vantage advertise in SEC records that it would
be listed for trading on the OTC after NYSE MKT delisted Vantage
and that its liquidity position is 'strong at about $250 million'.
How were the officers and directors meeting their fiduciary duties
to shareholders by seeking to have a company they believed to be
insolvent continue to be listed after it had already been
delisted?"

Commenting on the Restructuring Agreement, Mr. Su says: "It appears
to be a plan designed to privatize a public company by transferring
the public company's assets to its private subsidiaries while
contemporaneously seeking liquidation of the public company without
a shareholder vote to the detriment of shareholders' rights."

He concludes: "It certainly seems that the deal was done with the
intention of wiping out current shareholders of Vantage to the
benefit of management and existing creditors."

                       About Offshore Group

Offshore Group Investment Limited is an international offshore
drilling company operating a fleet of modern, high-specification
drilling units around the world.  Its principal business is to
contract their drilling units, related equipment, and work crews to
drill underwater oil and natural gas wells for major, national, and
independent oil and natural gas companies.

Offshore Group Investment Limited and 23 other units of publicly
traded Vantage Drilling Company filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-12421) on
Dec. 3, 2015 to pursue a prepackaged restructuring backed by
Vantage.

Christopher G. DeClaire, the authorized officer, signed the
petition.

The Debtors have engaged Weil, Gotshal & Manges LLP as counsel;
Richards, Layton & Finger, P.A. as co-counsel; Lazard Freres & Co.
LLC as investment banker; Alvarez & Marsal North America, LLC, as
restructuring advisor; and Epiq Bankruptcy Solutions, LLC as
claims and noticing agent.


ONE SOURCE: May Guarantee Briar Capital Replacement Factoring Deal
------------------------------------------------------------------
The Hon. Russell F. Nelms of the U.S. Bankruptcy Court for the
Northern District of Texas authorized One Source Industrial
Holdings LLC and One Source Industrial LLC to:

     -- guarantee a replacement factoring agreement with Briar
        Capital LP, and

     -- execute release of claims against Amegy Bank N.A. dba
        Amegy Bank Business Credit.

According to court documents, the Debtors and certain of their
operating entities -- including Once Source Industrial Services
LLC, Dynamic Rental Systems LLC, One Source Wells Services LLC, One
Source Industrial Safety & Supply LLC, and Dynamic Rental &
Transportation System LLC -- entered into a factoring agreement
with Amegy Bank.  The amount currently owed by the Debtors and
operating entities to Amegy under the agreement is about $2.7
million.

The Debtors noted the operating entities have received a proposal
from Briar Capital to act as a replacement factor under a sale of
accounts and security agreement, wherein Briar Capital is acquiring
all of the operating entities' outstanding receivables from Amegy
and will pay off the approximately $2.7 million in outstanding
indebtedness to Amegy.

The Debtors added the maximum amount of credit that will be made
available to the operating entities under the Briar Factoring
Agreement is $5 million.  The factoring fee under the agreement is
0.833% for invoices outstanding between 0 and 30 days, and an
additional 0.417% for each additional 15 day period for invoices
outstanding between 31 and 90 days.  The operating entities have
agreed to grant Briar Capital a first priority, perfected security
interest in their assets.  Finally, the maturity date for the Briar
Factoring Agreement will be one year from the date of closing, and
automatically extended on an annual basis, unless one party gives
at least 60 days written notice prior to the end of the original
term or any extension thereof, the Debtors noted.

The Debtors pointed out they are not parties to the new factoring
agreement between the operating entities and Briar Capital.
However, because they will benefit from the cash flow generated by
the sale of the receivables, Briar Capital has requested that the
Debtors guarantee the operating entities' obligations under the
factoring agreement.

The Debtors said, if they are denied the relief requested, their
non-debtor subsidiaries and affiliates of Holdings and Industrial
will not be able to obtain the critical financing from Briar
Capital.  Without the financing, the operating entities will not be
able to continue their business operations for either their own
benefit, or the benefit of the Debtors, from whom they receive
their equipment, fuel, executive management, and other critical
back-office services needed to operate their businesses.  Indeed,
none of the Debtors' entities can survive without the much-needed
source financing, said J. Robert Forshey, Esq., at Forshey &
Prostok LLP, attorney for the Debtors.

A full-text copy of the Briar Factoring Agreement is available for
free at http://is.gd/MGdstx

                   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.


ONE SOURCE: Santander Consumer Objects to Chapter 11 Plan
---------------------------------------------------------
Santander Consumer USA Inc., dba Chrysler Capital, objected to the
Chapter 11 plan of reorganization proposed by One Source Industrial
Holdings LLC and One Source Industrial Holdings LLC, saying the
Debtors' plan does not provide how its allowed secured claims are
to be paid.

Patrick M. Lynch, Esq., at Beasley, Hightower & Harris P.C.,
attorney for Santander Consumer, told the U.S. Bankruptcy Court for
the Northern District of Texas the Debtors' plan fails to provide
the specific amount of payments as to each of Santander Consumer's
clams, or the specific date for payments on each claim for the
collateral.  Mr. Lynch added Santander Consumer is the holder of a
security interest in the following owned by the Debtors:

  -- 2013 Dodge Ram, VIN: 3C7WRTCL0DG602747;
  -- 2013 Dodge Ram, VIN: 1C6RR7LG9DS664684;
  -- 2013 Dodge Ram, VIN: 1C6RR7LT9DS585562;
  -- 2013 Dodge Ram, VIN: 1C6RR7KTIDS712922;
  -- 2013 Dodge Ram, VIN: 1C6RR7LG9DS664684;
  -- 2013 Dodge Ram, VIN: 3C6UR5DL8DG554680;

According to Mr. Lynch, the Debtors' plan does not comply with
Section 1129(b)(2)(A)(i)(1) of the Bankruptcy Code as it fails to
provide Santander Consumer to retain its liens until its allowed
secured claims are paid in full.

Santander Consumer said it has been unable to verify insurance
coverage on the collateral, and believes that the Debtors does not
have full coverage insurance on the collateral pursuant to the
contracts with Santander Consumer.  Santander Consumer said the
collateral is not properly insured and its interest is not
adequately protected under the Debtors' plan.

Santander Consumer retained as counsel:

  Patrick M. Lynch, Esq.
  Beasley, Hightower & Harris P.C.
  1601 Elm Street, Suite 4350
  Dallas, TX 75201
  Tel: (214) 220-4700
  Fax: (214) 220-4753
  Email: plynch@bhhlaw.com

                   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.


ORIGINCLEAR INC: Losses, et al. Raise Going Concern Doubt
---------------------------------------------------------
OriginClear, Inc., reported a net loss of $3,894,005 for the three
months ended September 30, 2015, compared with a net loss of
$1,714,104 for the same period in 2014.

"During the nine months ended September 30, 2015, we did not
generate significant revenue, incurred a net loss of $7,362,848 and
cash used in operations of $2,350,081.  As of September 30, 2015,
we had a working capital deficiency of $11,035,646 and a
shareholders' deficit of $10,873,832," stated T Riggs Eckelberry,
chief executive officer and acting chief financial officer of the
company, in a regulatory filing with the U.S. Securities and
Exchange Commission on November 16, 2015.

"These factors, among others raise substantial doubt about our
ability to continue as a going concern."

Mr. Eckelberry further noted, "Our independent auditors, in their
report on our audited financial statements for the year ended
December 31, 2014 expressed substantial doubt about our ability to
continue as a going concern.  The ability of us to continue as a
going concern and appropriateness of using the going concern basis
is dependent upon, among other things, additional cash infusion. We
have obtained funds from our shareholders in the nine months ended
September 30, 2015, and have standing purchase orders and open
invoices with customers.  Management believes this funding will
continue from our current investors and has also obtained funding
from new investors.  Management believes the existing shareholders,
the prospective new investors and future revenue will provide the
additional cash needed to meet our obligations as they become due,
and will allow the development of our core business operations."

At September 30, 2015, the company had total assets of $1,234,254
and total shareholders' deficit of $10,873,832.  

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

Los Angeles-based OriginClear, Inc. formerly OriginOil, Inc. is
composed of two complementary businesses: The OriginClear
Group(TM), which is designed to unite the fragmented water
treatment industry and take advantage of the outsourcing trend in
water management; and Electro Water Separation(TM), a high-speed,
primarily chemical-free technology to clean up large quantities of
water.  In October 2015, the company acquired Progressive Water
Treatment, Inc., which designs and manufactures a line of water
treatment systems, for the OriginClear Group.


OUTERBANKS KINNAKEET: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Outerbanks Kinnakeet, Inc.
        PO Box 568
        Creedmoor, NC 27522

Case No.: 16-00159

Chapter 11 Petition Date: January 12, 2016

Court: United States Bankruptcy Court
       Eastern District of North Carolina
       (Greenville Division)

Judge: Hon. Joseph N. Callaway

Debtor's Counsel: Phillip H. Hayes, Esq.
                  LAW OFFICE OF PHILLIP HAYES
                  PO Box 1853
                  Kitty Hawk, NC 27949
                  Tel: 252-255-0080
                  Fax: 252-261-0225
                  Email: hayes@obxlitigation.com

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

Estimated Liabilities: $10 million to $50 million

The petition was signed by Ray E. Hollowell, Jr., president.

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


PANDA SHERMAN: S&P Lowers Rating on $372MM Term Loan B to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its project finance
ratings on Panda Sherman Power LLC's $372 million term loan B and
$30 million letter of credit to 'B-' from 'B'.  At the same time,
S&P removed the ratings from CreditWatch, where it placed them with
negative implications on Aug. 12, 2015.  The outlook is stable.
The '2' recovery rating on this debt, indicating "substantial" (70%
to 90%; upper end of the range) recovery if a default occurs, is
unchanged.

"The downgrade reflect our expectation that power prices in ERCOT
will remain low during the next few years, based on
weaker-than-expected demand, low natural gas prices, and
significant renewable penetration," said Standard & Poor's credit
analyst Michael Ferguson.

S&P notes that the project missed out on considerable energy
margins during a period of above-average prices, so the opportunity
costs of this outage were significant, which resulted in weak
performance against the project's covenants.  Still, S&P had
anticipated that 2015 would be a weak year for generators in the
ERCOT market anyway due to oversupply in the market and weaker than
previously expected growth in demand; however, S&P now anticipates
that these challenged conditions will continue during the coming
years, especially with ERCOT recently opining that reserve margins
could grow to over 20% during that time.  S&P expects a debt
service coverage ratio (DSCR) of about 1.2x during 2016 and 2017.
S&P also notes that the project, with weaker liquidity, is somewhat
more susceptible to downside risk; S&P assess this project as
having a downside resilience in the 'b' category, resulting in no
uplift for the project.

The stable outlook on the debt ratings reflects S&P's opinion that
the ERCOT market will remain weak for at least the next 18 months,
as a result of oversupply in the market and renewable penetration,
as well as weaker demand growth.  S&P expects the DSCR to be around
1.2x during the next year or so as a result of these challenging
conditions, though anticipate the project's operations will recover
somewhat in 2016.

A downgrade is possible if S&P's expectation of debt at maturity
changes to greater than $450 per kW, or if DSCRs stay low in the
1.1x area beyond 2017.  This would likely result from considerably
lower-than-expected spark spreads, consistently poor operational
performance, or higher operating and maintenance costs than
anticipated.

An upgrade is currently unlikely, but could occur if the project
mitigates its exposure to merchant market risk by entering into new
and effective hedging agreements that increase cash flow
predictability, or if S&P's assessment of the ERCOT market changes
such that S&P foresees energy prices in that market rising and
stabilizing for an extended period.  This would likely result in
leverage under $240 per kW at maturity and forecast minimum DSCRs
of over 1.4x.



PANDA TEMPLE II: S&P Lowers Rating to 'B-', Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services lowered the rating on
Texas-based Panda Temple II Power LLC to 'B-' from 'B'.  The
outlook is stable.  The recovery rating on this debt remains '3',
indicating S&P's expectation of meaningful (50% to 70%; lower end
of the range) recovery in the event of default.

"The downgrade stems from continued weak market conditions in
Electric Reliability Council of Texas [ERCOT]," said Standard &
Poor's credit analyst Michael Ferguson.  As a consequence of
weaker-than-expected growth in demand, persistently low gas prices,
and significant renewable production, power prices and spark
spreads have collapsed for merchant generators during the past 18
months.  While, so far, Temple II has not been as directly affected
as certain coal plants have been, generators like Temple II have
been significantly affected by these declining spark spreads in
part due to the absence of a capacity market and trimmed demand
expectations.  Because of this, S&P has typically assessed ERCOT
merchant generators, including Temple II, as having "high" market
risk; this risk has been borne out during the past 18 months, and
S&P anticipates that the volatility will continue through at least
the end of 2017.

The stable outlook reflects S&P's view that power prices could
continue to stay low in ERCOT during the next two years, leading to
consistently lower DSCRs and heightened refinancing risk.  S&P
anticipates DSCRs around 1.2x or 1.3x during the next 12 months,
based on industry factors.

A downgrade is possible if DSCRs stay low throughout 2016 and 2017.
Minimum DSCRs dropping below 1.1x would potentially lead to a
downgrade over the next year if this causes a challenge to
liquidity, while, longer term, the project could face ratings
pressure if leverage exceeds $330 per kW at refinancing in S&P's
base case.  This will become more likely if power prices continue
to stay low, potentially due to lower-than-expected demand growth
or greater-than-expected penetration of renewable assets.

S&P considers an upgrade unlikely but could occur if the project
mitigates its exposure to merchant market risk by entering into new
and effective hedging agreements that increase cash flow
predictability, or if S&P's assessment of the ERCOT market changes
such that S&P foresees energy prices in that market rising and
stabilizing for an extended period.  This would likely result in
leverage of under $90 per kW at maturity and minimum DSCRs
exceeding 1.4x.



PANDA TEMPLE: S&P Revises Outlook to Neg. & Affirms 'B' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Texas-based Panda Temple Power LLC to negative from stable.  S&P
affirmed the 'B' rating on the project.  The recovery rating on
this debt remains '2', indicating S&P's expectation for substantial
(70% to 90%; higher end of the range) recovery in the event of a
payment default.

"The outlook revision stems from continued weak market conditions
in Electric Reliability Council of Texas [ERCOT]," said Standard &
Poor's credit analyst Michael Ferguson.  As a consequence of
weaker-than-expected growth in demand, persistently low gas prices,
and significant renewable production, power prices and spark
spreads have collapsed for merchant generators during the past 18
months.  While not as directly affected as certain coal plants have
been, generators like Temple have been significantly affected by
these declining spark spreads in part due to the absence of a
capacity market.  Because of this, S&P has typically assessed ERCOT
merchant generators, including Temple, as having "high" market
risk; this risk has been borne out during the past 18 months, and
we anticipate that the volatility will continue.  S&P anticipates
the project will have a minimum DSCR of about 1.2x during the next
few years before increasing.

The negative outlook reflects S&P's view that power prices could
continue to weaken in ERCOT during the next two years, leading to
consistently lower DSCRs and heightened refinancing risk.  S&P
anticipates DSCRs around 1.2x during the next 12 months, based on
an current market conditions.

A downgrade is possible if DSCRs stay low throughout 2016.  Minimum
DSCRs dropping below 1.1x would potentially lead to a downgrade
over the next year, while, longer term, the project could face
ratings pressure if leverage exceeds $330 per kW at refinancing in
S&P's base case.  This will become more likely if power prices
continue to stay low, potentially due to lower-than-expected demand
growth or greater-than-expected penetration of renewable assets.

S&P considers an upgrade unlikely but we could revise the outlook
to stable if the project mitigates its exposure to merchant market
risk by entering into new and effective hedging agreements that
increase cash flow predictability, or if S&P's assessment of the
ERCOT market changes such that we foresee energy prices in that
market rising and stabilizing for an extended period.  This would
likely result in leverage of under $90 per kW at maturity and
forecasted minimum DSCR above 1.6x.



PIONEER ENERGY: S&P Retains 'B+' CCR on Lower Credit Commitments
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised the
recovery rating on San Antonio-based Pioneer Energy Services
Corp.'s senior unsecured notes to '3' from '4'.  The '3' recovery
rating indicates S&P's expectation of meaningful (50% to 70%, lower
half of the range) recovery in the event of default.  The corporate
credit rating, along with the issue-level rating, on the company's
senior unsecured notes remains 'B+'.  The outlook is negative.

S&P revised the recovery rating following the Dec. 23, 2015
announcement that commitments on the company's asset-backed
revolving credit facility were lowered to $200 million from
$300 million.

RATINGS LIST

Pioneer Energy Services Corp.
Corporate credit rating                  B+/Negative/--

Issue-Level Rating Unchanged; Recovery Rating Revised
                                         To          From
Pioneer Energy Services Corp.
Sr unsecd notes                         B+
  Recovery rating                        4L          3L



PREMIER EXHIBITIONS: Secures $3 Million Note Facility
-----------------------------------------------------
Premier Exhibitions, Inc., announced a corporate update to
shareholders regarding the status of the Company, its activities
since completion of the merger on Nov. 1, 2015, and its immediate
priorities.

Strategic Outlook for 2016

The immediate priorities for the Company include: 1) stabilizing
expenses with improved oversight and controls; 2) exploring
opportunities in Asia and Europe; and, 3) improving ticket sales at
the Company's existing permanent venues in Buena Park (CA), Las
Vegas, Orlando, Atlanta and New York.
Premier management recently implemented a plan to better align
costs with the current business levels.  Elements of the plan
include strategic and organizational changes across the Company in
venue operations, production and sales & marketing.  These changes
reflect Premier's commitment to long-term growth while streamlining
operations to support its touring exhibit business and
rationalizing certain operational expenses.  Part of the plan also
include a reduction in headcount, primarily from the Company's
corporate headquarters.

The Company is exploring various opportunities in Asia, including a
themed project in Macau which is part of a large-scale
redevelopment of Macau's Fisherman Wharf area being led by Macau
Legend Development Ltd.  Currently, the Company is providing design
work for the project.  As well, Premier is negotiating several
other opportunities to present Titanic and other exhibitions in a
series of Chinese venues.  The Company will provide additional
detail on these projects if and when definitive agreements are
executed.

Premier's core strength is its touring exhibits combined with its
expertise and know-how on delivering museum-quality guest
experiences.  There is steady interest from museums and science
centers in Asia and Europe, which the Company will explore while
being mindful of any incremental costs for pursuing these new
market opportunities.

Bridge Financing

On Dec. 9, 2015, the Company entered into a Secured Promissory Note
and Guarantee with a lender group for a minimum US$3,000,000 plus
an option at Lenders' discretion to loan the Company up to an
additional US$2,000,000 for a potential aggregate principal sum not
to exceed US$5,000,000.  The Company must repay 103% of all unpaid
principal, plus fees and accrued and unpaid interest under the Note
on Aug. 1, 2017.  The unpaid principal amount of the Note will
accrue interest at a rate of 12% per annum, provided that during an
event of default the Note will bear interest at a rate of 15% per
annum.

The Note provides that the Company will make draws of: (i)
US$1,000,000 on or before Dec. 10, 2015; (ii) $1,000,000, on or
before Dec. 18, 2015; and (iii) US$1,000,000 on or before Dec. 31,
2015.  To date, only the first US$1,000,000 draw has been made.  By
agreement of the Company and the Lenders, the two additional draws
of US$1,000,000 each are now scheduled to occur on Jan. 15, 2016,
and Jan. 28, 2016, respectively.  Subsequent to these two draws,
the Lenders retain the option to grant or deny Company requests for
additional advances at any time during the term. Proceeds of the
Note shall be used to satisfy the immediate needs of the Company's
business operations and the payment of certain outstanding current
liabilities while management considers alternatives for long term
financial viability.

Board Compensation

The Board of Directors of the Company approved a director
compensation plan for calendar year 2016.  Under the plan, the
Company will pay to each non-employee director of the Company an
annual cash retainer of C$25,000, with the exception of the Audit
Committee Chair, who will receive an annual cash retainer of
C$35,000.  The previous director compensation plan was an annual
retainer of US$50,000, payable half in cash and half in restricted
stock.

Venue Operations

The Company will continue to have significant cash outflows in the
near term based on our permanent venue operations while
alternatives are developed and executed.  These alternatives
include, but not limited to, substantial reduction in
marketing/advertising expenses, the negotiated restructure of
contractual obligations or a negotiated amendment or settlement of
certain lease agreements.

                   About Premier Exhibitions

Premier Exhibitions, Inc., develops, deploys and operates
exhibition products that are presented to the public in exhibition
centers, museums and non-traditional venues.  The Atlanta-based
Company's exhibitions generate income primarily through ticket
sales, third-party licensing, sponsorship and merchandise sales.

Premier Exhibitions reported a net loss of $11.7 million on $29.4
million of total revenue for the year ended Feb. 28, 2015, compared
with a net loss of $778,000 on $29.3 million of total revenue for
the year ended Feb. 28, 2014.

As of Aug. 31, 2015, the Company had $35.89 million in total
assets, $32.2 million in total liabilities, $2.66 million in equity
attributable to shareholders of the Company and $1.02 million in
equity attributable to non-controlling interest.


PROJECT AURORA: Moody's Assigns B2 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating to
Project Aurora Holdings, Inc. ("SolarWinds") and B1 to its proposed
first lien facilities.  The holding company and debt facilities are
being used to finance the going-private acquisition of SolarWinds
Inc. by private equity groups, Thoma Bravo and SilverLake.
Approximately 55% of the total transaction is being funded with
equity.  The ratings outlook is stable.

Ratings Rationale

The B2 corporate family rating reflects SolarWinds very high
leverage levels post-closing partially offset by the company's cash
demonstrated generating capabilities and unusually strong growth
prospects.  Proposed debt to trailing cash-based EBITDA (as of
September 2015) exceeds 8x but is expected to decline to well under
7x over the next 12 to 18 months driven by a combination of cost
cuts, and double digit revenue growth (GAAP closing leverage
exceeds 9x).  If not for the exceptional growth prospects, the
ratings would be lower.  The growth is driven by the company's
unique business model which emphasizes low priced IT infrastructure
management and monitoring software and ability to consistently
develop or acquire relevant software tools.  The company has
achieved this growth while maintaining very high operating margins
(cash EBITDA margins over 50%) partly driven by the company's
efficient, low cost sales and marketing structure. While the
company has consistently achieved double digit organic revenue
growth over the past four years, the company will cut costs as part
of the transaction, which could negatively impact its growth
profile.  Given the reliance on cost cuts to meet its plans, and
its potential negative impact on the business, the company is
considered weakly positioned in the B2 rating category.

SolarWinds has grown revenue, EBITDA and cash flow for the past
decade including growing through the last downturn.  Over this
period revenue and EBITDA have grown at a compound annual rate of
35% and 22% respectively through a combination of organic growth
and acquisitions.  In addition to the strong growth prospects, the
rating is supported by the recurring nature of much of (nearly 65%)
SolarWinds revenues.  The base of recurring revenues (primarily
maintenance and subscription revenue) have grown at double digit
rates through this period.

Liquidity is expected to be good based on an estimated $50 million
of cash on hand at closing, an undrawn $125 million revolver and
modest but positive free cash flow over the next year.

The ratings could be downgraded if growth slows significantly or
cash-based leverage is not on track to get well below 7x and free
cash flow to debt above 5%.  Additional debt funded acquisitions
before the company achieves those levels could also cause downward
pressure on the ratings.  Though unlikely in the near term, the
ratings could be upgraded if cash-based leverage is sustained below
5.5x while growth rates remain high.

These ratings were assigned:

Assignments:

Issuer: Project Aurora Holdings, Inc.
  Probability of Default Rating, Assigned B2-PD
  Corporate Family Rating, Assigned B2
  First Lien Senior Secured Bank Credit Facilities, Assigned B1
   LGD3

Outlook Actions:

Issuer: Project Aurora Holdings, Inc.

  Outlook, Assigned Stable

The ratings on the first lien debt are notched up from the
corporate family rating reflecting their senior position in the
capital structure.  The first lien debt facilities are positioned
ahead of the unrated second lien debt on the majority of SolarWinds
assets.  However, the first lien debt will not rank ahead of the
second lien debt on certain intercompany loans.

The principal methodology used in these ratings was Global Software
Industry published in October 2012.

SolarWinds is provider of IT infrastructure software.  The company,
headquartered in Austin, TX, had revenues of $486 million for the
twelve months ended Sept. 30, 2015.



PROJECT AURORA: S&P Assigns 'B' CCR on Leveraged Buyout
-------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
corporate credit rating to Austin, Texas-based Project Aurora
Holdings Inc., the holding company for SolarWinds Inc.  The outlook
is negative.

At the same time, S&P assigned its 'B' issue-level rating and '3'
recovery rating to the company's $1.625 billion first-lien credit
facility, comprising a $125 million revolving credit facility due
2021 and a $1.5 billion-equivalent U.S. dollar- and
euro-denominated first-lien term loan due 2023.  The '3' recovery
indicates S&P's expectation of meaningful (50%-70%, upper half of
the range) recovery for the first-lien debt holders in the event of
default.  S&P also assigned a 'CCC+' issue-level rating and '6'
recovery rating to the company's $580 million second-lien notes due
2024.  The '6' recovery indicates S&P's expectation of negligible
(0%-10%) recovery for the second-lien debt holders.

"The rating reflects our view of SolarWinds' strong free cash flow
with a large recurring revenue base and above-average EBITDA
margins offset by its narrow focus and niche position in the
fragmented network information technology (IT) infrastructure
management software market," said Standard & Poor's credit analyst
Geoffrey Wilson.

SolarWinds provides IT infrastructure management software that
primarily manages and monitors networks and applications
performance.



PROTEA BIOSCIENCES: Has Going Concern Doubt, Needs to Raise Funds
-----------------------------------------------------------------
Protea Biosciences Group, Inc., has substantial doubt about its
ability to continue as a going concern, according to Stephen
Turner, chief executive officer, president and director of the
company in a regulatory filing with the U.S. Securities and
Exchange Commission on November 16, 2015.

Mr. Turner related: "The company has experienced negative cash
flows from operations since inception.  Since inception, our
operations have been funded primarily through proceeds received
from the issuance of debt and sale of equity securities in private
placement offerings.  We will continue to require substantial funds
to advance our research products and services.  We intend to
continue to meet our operating cash flow requirements by raising
additional funds from the sale of equity or debt securities and
possibly developing corporate development partnerships to advance
our molecular information technology development activities by
sharing the costs of development and commercialization.  We may
also consider the sale of certain assets or entering into a
transaction such as a merger with a business complimentary to ours.
While we have been successful in raising funds to fund our
operations since inception and we believe that we will be
successful in obtaining the necessary financing to fund our
operations going forward, there are no assurances that we will be
able to secure additional funding.

"These factors raise substantial doubt about our ability to
continue as a going-concern.

"The company has worked closely with various state agencies that
financed our long and short term debt and has obtained various
extensions and modifications related to the repayment of these
obligations.

"With a goal of raising additional capital during the third quarter
of 2015, the company will be working closely with our financial
advisors to determine our tactical approach to the equity markets,
with particular emphasis on identifying the best deal structure to
attract and retain meaningful capital sponsorship from retail
and/or institutional investing communities.  However, there can be
no assurance that we will be successful in raising additional
capital on terms acceptable to us or at all.

"The company would have to raise not less than $10 million of
additional debt or equity financing in order to complete the
acquisition of vivoPharm Pty Ltd.  There can be no assurance that
the company will be successful in completing the necessary
financing or if completed, that the terms will be favorable to the
company and its stockholders.

"The company's molecular information services division has signed
new contracts with large-to-mid market pharmaceutical companies.
These contracts have provided more routine workflow resulting in
increased revenues and more consistent cash flows in 2015.

"Based on our current spending levels, management estimates that
the company will need approximately $2,300,000 in additional
working capital, net of cash flows from revenue, to maintain
current operations through the end of 2015 or $9,000,000 for the
next twelve calendar months.

"The company will require additional financing to continue its
operations.  If we cannot obtain financing, then we may be forced
to further curtail our operations or consider other strategic
alternatives.  Even if we are successful in raising the additional
financing, there is no assurance regarding the terms of any
additional investment and any such investment or other strategic
alternative would likely substantially dilute our current
stockholders."

At September 30, 2015, the company had total assets of $3,233,720
and total stockholders' deficit of $9,482,186.

For the three months ended September 30, 2015, the company incurred
a net loss of $2,307,040 as compared with a net loss of $4,658,776
for the same period in 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/hco5lou

Protea Biosciences Group, Inc., provides bioanalytical technologies
and capabilities to the pharmaceutical, diagnostic and life science
industries.  The company is headquartered in Morgantown, West
Virginia.


RANCH 967: Court Approves Distribution of Sale Proceeds
-------------------------------------------------------
Judge Tony M. Davis of the United States Bankruptcy Judge for the
Western District of Texas, Austin Division, issued an order
approving the distribution of the remaining proceeds of the sale of
Ranch 967, LLC's assets.

The Remaining Sale Proceeds will be distributed as follows:

   (a) First, the Commission will be paid to Riley-McLean in the
amount of $250,000.

   (b) Second, the Appraiser Fee of $5,500 will be paid to Aegis.

   (c) Third, the Professional Fees in the amount of $163,012 will
be funded to the Debtor's Counsel.

   (d) Fourth, an administrative claim of Susan Wise in the amount
of $5,730.

   (e) Any funds remaining after the payments contemplated above
will be distributed pro rata to the claims of the Unsecured
Claimants.

Judge Davis additionally authorizes the Debtor's counsel to draw
down the remainder of its prepetition retainer in the amount of
$14,582.  The Debtor's Counsel's only obligation with respect to
the amounts to be paid hereunder will be to disburse them pursuant
to the terms of the Order.

Judge Davis overruled the objection of Susan Wise.  Ms. Wise
complained that the list of Unsecured Creditors purports to provide
the amount of her unsecured claim to be $18,802 and that she may
expect an anticipated pro rata distribution from the bankruptcy
estate in the amount of $8,374 only.  According to Ms. Wise, these
amounts were premised on an inaccurate listing considering that she
filed on December 16, 2015, an Amended Proof of Claim in the amount
of $98,049 and that the parties have been aware of the true amount
of her claim for an extended period of time, certainly long before
the Amended Motion to Distribute was filed.

Ranch 967 LLC is represented by:

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

Susan Wise is represented by:

         Berry D. Spears, Esq.
         LOCKE LORD LLP
         600 Congress Ave., Suite 2200
         Austin, TX 78701
         Tel: (512) 305-4700
         Fax: (512) 305-4800
         Email: bspears@lockelord.com

            About Ranch 967

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

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

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

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

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

Judge Tony M. Davis presides over the case.

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

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

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


RETROPHIN INC: Expects $99.9 Million Revenue for 2015
-----------------------------------------------------
Retrophin, Inc., announced that, based on preliminary, and
unaudited financial data, the Company expects net product sales for
the fourth quarter of 2015 will be approximately $30.4 million.
For the fiscal year 2015, the Company expects total net product
sales of approximately $99.9 million.

"We are very pleased to report strong preliminary fourth quarter
and full-year 2015 revenue," said Stephen Aselage, chief executive
officer of Retrophin.  "These results reflect the expanding demand
for, and increased access to Retrophin's commercial portfolio, and
we look forward to further growth throughout 2016.  Additionally,
we remain focused on rapidly advancing our pipeline as we approach
significant milestones during the coming year, which we anticipate
will move us closer to providing therapeutics for patients
suffering from debilitating rare diseases, while generating
sustainable value for Retrophin's many stakeholders."

The Company will provide final financial results from the fourth
quarter and year-end 2015 as well as a corporate update in a press
release and conference call expected in late February.

                        About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

Retrophin reported a net loss of $111 million in 2014 following a
net loss of $34.6 million in 2013.  As of Sept. 30, 2015, the
Company had $512 million in total assets, $221 million in total
liabilities, and $291 million in total stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014.  The accounting firm noted that the Company has
suffered recurring losses from operations, used significant amounts
of cash in its operations, and expects continuing future losses.
In addition, at Dec. 31, 2014, the Company had deficiencies in
working capital and net assets of $70.2 million and $37.3 million,
respectively.  Finally, while the Company was in compliance with
its debt covenants at Dec. 31, 2014, it expects to not be in
compliance with these covenants in 2015.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


RICEBRAN TECHNOLOGIES: Hal Mintz Reports 9.7% Stake as of Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Hal Mintz disclosed that as of Dec. 31, 2015, he
beneficially owns 933,441 shares of common stock of RiceBran
Technologies, representing 9.79 percent of the shares outstanding.
  Also included in the filing are the following reporting persons:

                                    Amount
                                Beneficially       Percent
  Name                              Owned          of Class
  ----                          ------------       --------
Sabby Healthcare
Master Fund, Ltd.                   552,741          5.80%

Sabby Volatility Warrant
Master Fund, Ltd.                   380,700          3.99%

Sabby Management, LLC               933,441          9.79%

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

                      http://is.gd/Q7NSOt


                         About RiceBran

Scottsdale, Ariz.-based RiceBran Technologies, a California
corporation, is a human food ingredient and animal nutrition
company focused on the procurement, bio-refining and marketing of
numerous products derived from rice bran.

Ricebran incurred a net loss of $26.6 million in 2014 following a
net loss of $17.6 million in 2013.

As of Sept. 30, 2015, the Company had $35.5 million in total
assets, $27.2 million in total liabilities, $195,000 in temporary
equity and $8.14 million in total equity attributable to the
Company's shareholders.

Marcum, LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has suffered recurring
losses from operations resulting in an accumulated deficit of
$242.5 million at Dec. 31, 2014.  This factor among other things,
raises substantial doubt about its ability to continue as a going
concern.


ROBSTOWN, TX: Moody's Lowers GOLT Debt Ratings to Ba2
-----------------------------------------------------
Moody's Investors Service has downgraded the city of Robstown's
(TX) General Obligation ratings to Ba2 from Baa2.  Outlook is
negative.  The outstanding bonds and certificates are direct
obligations of the city, payable from ad valorem taxes levied
against all taxable property within the limits prescribed by law.
The Ba2 rating applies to $7.8 million in outstanding Moody's-rated
debt; the city has an additional $10.5 million in outstanding
parity debt not rated by Moody's.

The downgrade to Ba2 reflects the city's poor fiscal management
resulting in a very narrow financial position.  The rating also
reflects the city's modestly-sized tax base, a high tax rate, a
weak socioeconomic profile, and an above average debt burden.

Rating Outlook

The maintenance of the negative outlook reflects the expectation of
continued pressure on operations and a projected negative reserve
position.

Factors that Could Lead to an Upgrade

  Return to structural balance and replenishment of General Fund
   reserves
  Continued tax base expansion to off-set debt burden

Factors that Could Lead to a Downgrade

  Failure to regain structural balance in the general fund
  Increase in the city's debt profile

Legal Security

Both the bonds and certificates are direct obligations of the City,
payable from ad valorem taxes levied against all taxable property
within the limits prescribed by law.

Use of Proceeds
N/A

Obligor Profile

Robstown has a population of 11,688, per the 2013 US Census
estimate and is located in south Texas.  The city benefits from the
proximity to the Eagle Ford Shale formation, and the Corpus
Christi, TX MSA.

Methodology

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



SAMSON RESOURCES: Chisos Ltd. Seeks Adequate Protection
-------------------------------------------------------
Chisos, Ltd., asks the U.S. Bankruptcy Court for the District of
Delaware to direct Samson Resources Corporation, et al., to provide
adeequate protection pursuant to Section 363(e) of the Bankruptcy
Code.

Chisos assert that it is an undisputed holder of overriding royalty
interests in and to the oil, gas and other minerals produced from
various oil and gas wells operated by Debtor Samson Lone Star, LLC,
in the Cotton Valley Field in East Texas -- the "Samson Burdened
Wells."  Chisos emphasized that it qualifies as an entity protected
by Section 363(e) since, under Texas law, it holds an ownership and
security interest in the hydrocarbons, which are produced from the
Samson Burdened Wells, and the funds obtained from the sale of
those hydrocarbons.  Proceeds from the sale of hydrocarbons
attributable to Chisos' ORI constitute "cash collateral" as that
term is used in the Bankruptcy Code

According to Chisos, it has acquired the overriding royalty
interests pursuant to numerous recorded documents.  Because Chisos
had to rely on the Debtor's calculations of a complex formula for
Net Proceeds based on the Debtor's books and records, the Debtor
had a special duty of good faith and fair dealing, Chisos further
asserts.  However, Samson Lone Star improperly scheduled its
prepetition royalty obligations to Chisos as a "Trade Payable," and
listed the amount of that outstanding royalty as $913,451.

Chisos, Ltd. is represented by:

          Jason C. Powell, Esq.
          824 Market Street, Suite 1000
          P.O. Box 1351
          Wilmington, DE 19899
          Telephone: (302) 575-1555
          Email: jpowell@ferryjoseph.com

             -- and --

          Franklin Lewis Broyles, Esq.
          Law Office of Frank L. Broyles
          4956 N. O’Connor Blvd.
          Irving, TX 75062
          Telephone: (469) 417-0100 x 105
          E-mail: frank.broyles@utexas.edu

             -- and --

          Barry Frank Cannaday, Esq.
          Dentons US LLP
          2000 McKinney Ave., #1900
          Dallas, TX 75201
          Telephone (214) 259-1855
          E-mail: barry.cannaday@dentons

             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: Has Until April 13 to Remove Actions
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended to
April 13, 2016, the period by which Samson Resources Corporation,
et al., must remove certain actions.

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.


SCIENTIFIC LEARNING: Noel Moore Lowers Stake to 1.4% as of Dec. 31
------------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Noel G. Moore disclosed that as of Dec. 31, 2015, he
beneficially owns 336,710 shares of common stock of Scientific
Learning Corporation, representing 1.4 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/pRpdSQ

                   About Scientific Learning Corp

Scientific Learning is an education company.  The Company
accelerates learning by applying proven research on how the brain
learns in online and on-premise software solutions.  The Company
provides its learning solutions primarily to United States K-12
schools in traditional brick-and-mortar, virtual or blended
learning settings and also to parents and learning centers, in
more than 40 countries around the world.  The Company's sales are
concentrated in K-12 schools in the U.S., which in during the year
ended December 31, 2011 were estimated to total over 116,000
schools serving approximately 55 million students in almost 14,000
school districts. During the year ended Dec. 31, 2011, the K-12
sector accounted for 87 percent of the sales of the Company.

Scientific Learning incurred a net loss of $6.20 million on $21.06
million of total revenues for the year ended Dec. 31, 2013, as
compared with a net loss of $9.65 million on $28.1 million of total
revenues in 2012.  The Company incurred a net loss of $6.47 million
in 2011.

As of Dec. 31, 2013, the Company had $7.11 million in total
assets, $17.7 million in total liabilities, and a $10.6 million
total stockholders' deficit.

Armanino LLP, in San Ramon, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that the
Company's recurring losses from operations, deficiency in working
capital and its need to raise additional capital raise substantial
doubt about its ability to continue as a going concern.


SEQUENOM INC: Expects $128 Million Revenue for 2015
---------------------------------------------------
Sequenom, Inc., announced preliminary results for 2015, commented
on its business progress during the fourth quarter of 2015, and
provided an update on the performance of its recently launched
MaterniT GENOME laboratory-developed test.

Sequenom provided the following preliminary 2015 results
(unaudited):

   * Sequenom's preliminary revenue for 2015 was approximately
     $128 million

   * Over 42,000 total commercial diagnostic test samples were
     accessioned during the fourth quarter of 2015, as compared to

     approximately 41,000 in the third quarter of 2015

   * Of the total, 37,300 noninvasive prenatal test (NIPT) samples
     were accessioned in the fourth quarter of 2015, as compared
     to 35,500 in the third quarter of 2015

   * Total cash, cash equivalents and marketable securities as of
     Dec. 31, 2015, were approximately $76 million

   * Cash burn was approximately $25 million for 2015 and $5
     million for the fourth quarter of 2015

"Sequenom made considerable progress during the fourth quarter,"
said Dr. Dirk van den Boom, president and CEO.  "Our goal is to set
a new standard for NIPT by offering the most comprehensive
noninvasive prenatal test solutions for physicians and their
patients.  We are pleased to report that total test accessions
increased sequentially from the third quarter, reflecting our
increased focus on commercial and operational execution. Throughout
the fourth quarter, we also established clinical collaborations
with key opinion leaders at four major academic centers for the
development of our oncology liquid biopsy assay."

The Company's emphasis on women's health includes expanding its
presence in the obstetrician and gynecologist channel to better
serve average risk pregnancies, while continuing to maintain its
leadership among maternal fetal medicine specialists.  Sequenom
continues to advance its in-network relationships with insurers and
payor networks, and leveraging the potential of Sequenom's newly
launched MaterniT Genome product.

MaterniT GENOME Progress

"Demand for our new MaterniT GENOME product, launched just at the
end of August, has been stronger than we originally expected, both
domestically and internationally," remarked Dr. van den Boom.
"While we are encouraged by the positive reception of MaterniT
GENOME by physicians and patients, we are carefully positioning the
test with clinicians to ensure that it is used where it can provide
the highest value."  Over 3,000 MaterniT GENOME tests were
accessioned in the fourth quarter of 2015, representing the
product's first full quarter of sales.

2015 Results

Sequenom will provide its complete results for the fourth quarter
and full year 2015 in a conference call scheduled for March 2,
2016.  The Company also plans to provide guidance for 2016 at that
time. The Company will issue a press release with details for that
announcement and conference call at a later time.

JP Morgan Conference

On Jan. 13, 2016, Dirk van den Boom, the Company's president and
chief executive officer, presented at the JP Morgan 34th Annual
Healthcare Conference in San Francisco, CA to provide an overview
of and update on the Company.

In connection with the Company's participation at the J.P. Morgan
34th Annual Healthcare Conference, the Company is reporting on the
status of its oncology development program.  The Company is
currently developing an RUO assay with an initial focus on the
detection and molecular profiling of late stage non-hematologic
malignancies, where tissue biopsies are not available or too risky
to obtain.  Milestones achieved include:

   * Development of the most comprehensive circulating tumor DNA
     assay covering a breadth of cancer types by analyzing over
     130 cancer-related genes that are associated with a Food and
     Drug Administration (FDA)-approved drug treatment, included
     in professional society guidelines, linked to targeted
     therapies currently in clinical trials, or part of well-
     documented cancer pathways

   * Establishment of a network of key opinion leaders in the
     therapy selection and monitoring space

   * Development of data interpretation and delivery solutions

   * High sensitivity (99.999%)

   * Commencement of investigator initiated studies

                          About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

As of Sept. 30, 2015, the Company had $129 million in total assets,
$156 million in total liabilities and a $27.7 million total
stockholders' deficit.

"If we fail to generate enough cash flow from our operations or
otherwise obtain the capital necessary to fund our operations, our
financial results, financial condition and our ability to continue
as a going concern will be adversely affected and we will have to
cease or reduce further commercialization efforts or delay or
terminate some or all of our diagnostic testing services or other
product development programs," the Company said in its 2014 annual
report.


SHERWIN ALUMINA: Joint Administration of Chapter 11 Cases
---------------------------------------------------------
Sherwin Alumina Company, LLC, and Sherwin Pipeline, Inc., ask the
Bankruptcy Court to enter an order directing procedural
consolidation and joint administration of their related Chapter 11
cases.  The Debtors request that the Court maintain one file and
one docket for the jointly-administered cases under the case of
Sherwin Alumina Lead Case No. 16-20012.

Zack A. Clement, Esq., at Zack A. Clement PLLC, counsel for the
Debtors, said joint administration will provide significant
administrative convenience without harming the substantive rights
of any party in interest.  According to Mr. Clement, the entry of
an order directing joint administration will reduce fees and costs
by avoiding duplicative filings and objections.  Joint
administration also will allow the Office of the United States
Trustee for the Southern District of Texas and all parties-in-
interest to monitor these chapter 11 cases with greater ease and
efficiency, he added.

The Debtors maintain that joint administration will not adversely
affect their respective constituencies because this Motion seeks
only administrative, not substantive, consolidation of their
estates.

                       About Sherwin Alumina

Sherwin Alumina Company, LLC and Sherwin Pipeline, Inc. filed
Chapter 11 bankruptcy petitions (Bankr. S.D. Tex. Case Nos.
16-20012 and 16-20013, respectively) on Jan. 11, 2016.  Thomas
Russell signed the petitions as authorized signatory.  The Debtors
estimated both assets and liabilities in the range of $100 million
to $500 million.  Judge David R Jones has been assigned the case.

The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Zack A. Clement PLLC as local counsel, Huron Consulting Services
LLC as financial advisor and Kurtzman Carson Consultants LLC as
claims, notice and balloting agent.

Sherwin operates an alumina plant in Gregory, Texas that produces
aluminum oxide (or alumina), which is the primary component of
aluminum, from bauxite.  Sherwin produces alumina through the
"Bayer Process," a refining technique that produces alumina from
bauxite ore by dissolving the bauxite in a caustic solution.


SHERWIN ALUMINA: To Continue Plant Operations While in Ch. 11
-------------------------------------------------------------
Sherwin Alumina Company, LLC and Sherwin Pipeline, Inc. filed
voluntary petitions under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
Southern District of Texas, in Corpus Christi, TX (the "Court").
During the financial restructuring, the Company intends to continue
its plant operations in the ordinary course.

In connection with the Chapter 11 filing, Sherwin has filed a
Chapter 11 Plan that incorporates and contemplates a "stalking
horse" asset purchase agreement and marketing process with Corpus
Christi Alumina, LLC, an affiliate of its senior secured lender
Commodity Funding, LLC, which is a subsidiary of Sherwin's ultimate
equity owner, Glencore Ltd.  Under the terms of the asset purchase
agreement, Corpus Christi Alumina will acquire substantially all of
Sherwin's assets.  Corpus Christi Alumina will serve as the
"stalking horse bidder" and its bid is subject to higher and
otherwise better offers, among other conditions. Sherwin plans to
seek approval of the proposed sale as part of the confirmation of
the Plan.  If consummated, the proposal would allow the Company to
expeditiously complete its Chapter 11 sale process and emerge
debt-free.

Like many other commodity companies, Sherwin has been significantly
impacted by the challenging commodity pricing environment. These
macro-economic conditions have negatively affected the underlying
value of Sherwin's assets.  The Company intends to restructure
those obligations and unlock the value of its business enterprise
in Chapter 11.


Thomas Russell, President and Chief Executive Officer of Sherwin,
said, "Over the last 62 years, Sherwin's hard-working, talented
employees have established Sherwin as an economic pillar of the
Corpus Christi region and one of the world's leading alumina
production businesses.  However, the challenging global market
conditions for alumina prevent Sherwin from maximizing the
significant value of its assets.  To further confirm that the
proposed sale represents the highest or best offer for Sherwin's
assets, the Company plans to immediately launch a competitive sale
process.  Sherwin's proposed sale process will best position our
plant for long-term success and preserve an important source of
jobs and economic activity in our community."

Mr. Russell continued, "Sherwin is dedicated to the highest
standards of operational safety and environmental stewardship, and
will remain so throughout the financial restructuring process. We
look forward to the continued support of our vendors and the
ongoing hard work of our employees as we work through the
court-supervised sale process."

During this process, Sherwin remains committed to fulfilling its
obligations under the National Labor Relations Act and to bargain
in good faith with the United Steel Workers.

Sherwin has requested Court authority for standard and customary
"first day" relief to continue its customer shipments and plant
operations (including paying employee wages and benefits and
post-petition trade claims) in the ordinary course during the
restructuring process.  The Company has received a commitment for
$40 million in "debtor in possession" ("DIP") financing from
Commodity, the Company's primary prepetition lender, to support its
continued operations. Upon approval by the Court, the DIP
financing, combined with cash generated from ongoing operations,
will provide sufficient liquidity to support the business during
the restructuring process.

Court filings and other information related to the restructuring
proceedings are available at a website administered by the
Company's claims agent, Kurtzman Carson Consultants LLC, at
http://www.kccllc.net/sherwin.

Kirkland & Ellis LLP is serving as legal counsel to Sherwin and
Huron Consulting Services LLC is serving as financial advisor and
investment banker. Curtis, Mallet-Prevost, Colt & Mosle LLP is
serving as legal counsel to Commodity Funding, LLC and Corpus
Christi Alumina, LLC.

                         About Sherwin

Sherwin's Gregory, TX plant is capable of producing 1.65 million
tons of smelter grade aluminum oxide, or alumina, each year.
Alumina is a key component of aluminum, a lightweight, durable and
recyclable product used in a spectrum of consumer products that
include smart phones, zippers, wiring, building materials and cars.
Situated on the Texas Gulf Coast, Sherwin is strategically located
along a deep water port, accessible by vessels with displacements
of up to 60,000 tons, which are the primary transportation mode for
incoming bauxite and outgoing alumina. Sherwin also ships to
customers by barge, rail, and truck. Sherwin is ISO 9001 and ISO
14001 certified.



SIFCO INDUSTRIES: Receives NYSE Notice of Non-Compliance
--------------------------------------------------------
SIFCO Industries, Inc. received a notice on January 4, 2016 from
the NYSE MKT LLC indicating that the Company is below certain
listing standards, as set forth in Section 134 and 1101 of the NYSE
MKT Company Guide, due to the delay in filing of its Annual Report
on Form 10-K for the year ended September 30, 2015.  Under the NYSE
MKT guidelines, until SIFCO files its Form 10-K, its common stock
will remain listed on the NYSE MKT under the symbol "SIF," but will
be assigned an ".LF" indicator to indicate late filing status.
Five business days following the receipt of this noncompliance
notice, SIFCO will be added to the list of NYSE MKT noncompliant
issuers on the website and the indicator will be disseminated with
the Company's ticker symbol.  The indicator will be removed once
the Company has regained compliance with all applicable listing
standards.

In order to maintain its listing, SIFCO must submit a plan of
compliance by February 3, 2016 addressing its actions on how it
intends to regain compliance with Section 134 and 1101 of the NYSE
MKT Company Guide by July 5, 2016. If the plan is not accepted or
if it is accepted but the Company is not in compliance with the
continued listing standards by July 5, 2016, or if the Company does
not make progress consistent with its plan, the NYSE MKT will
initiate delisting procedures as appropriate. The Company intends
to submit a compliance plan on or before the deadline set by the
NYSE MKT.

Currently SIFCO is working diligently to compile and disseminate
the information required to be included in the Form 10-K.  The
Company expects to file the Form 10-K before the deadline set by
the NYSE MKT.

SIFCO Industries, Inc. is engaged in the production of forgings and
machined components primarily for the aerospace and energy markets.
The processes and services include forging, heat-treating, and
machining.



SPANISH BROADCASTING: Joins FCC'S Television Spectrum Auction
-------------------------------------------------------------
Spanish Broadcasting System, Inc. announced its participation in
the FCC's Television Spectrum Incentive Auction with its Miami and
Houston Television stations.

"We have filed applications to participate in the FCC's television
spectrum incentive auction with our Miami television station,
WSBS-CD - Channel 50, and our Houston television station, KTBU -
Channel 42, to potentially generate cash proceeds that are expected
to be created by the auction process.  As participants in the FCC's
television spectrum incentive auction we will be subject to the
FCC's anti-collusion rule, which prohibits certain communications
during a "quiet period."  The quiet period will end when the FCC
issues a public notice announcing the completion of the reverse and
forward auctions, which will likely be sometime in late 2016.
There can be no assurance that the FCC's television spectrum
incentive auction will be successfully completed and any potential
cash proceeds will be subsequently realized," the Company states in
a press release.

                    About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

As of Sept. 30, 2015, the Company had $457 million in total assets,
$551 million in total liabilities and a total stockholders' deficit
of $94 million.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


STAR BULK: Fails Nasdaq's Minimum Bid Price Requirement
-------------------------------------------------------
Star Bulk Carriers Corp. received a letter from the Listing
Qualifications department of The NASDAQ Stock Market LLC dated as
of January 6, 2016, notifying the Company that the minimum bid
price for its common shares was below $1.00 per share for a period
of 30 consecutive business days, and that the Company therefore did
not meet the minimum bid price requirement for the Nasdaq Global
Select Market, which is set forth in Nasdaq Listing Rule 5450(a).

The Company's common shares will continue to be listed on and trade
on the Nasdaq Global Select Market under the symbol "SBLK", as the
Nasdaq notification letter does not result in the immediate
delisting of the Company's common shares.  The Company's business
operations are not affected by the notification letter.  The
Company has a compliance period of 180 calendar days, or until July
5, 2016, to regain compliance with Nasdaq's minimum bid price
requirement.  Compliance would be regained if the minimum bid price
for the Company's common shares were to be at or above $1.00 per
share for a minimum of 10 consecutive business days before the
expiration of the grace period.  If the Company does not regain
compliance in that period, it may be eligible for an additional
grace period if it satisfies the continued listing requirement for
market value of publicly held shares and all other initial listing
standards, with the exception of the bid price requirement, and
provides written notice of its intention to cure the deficiency
during the second compliance period.

The Company intends to monitor the closing bid price of its common
stock between now and July 5, 2016 and is considering all options
that will allow its common shares to remain listed on the Nasdaq.

                         About Star Bulk

Star Bulk is a global shipping company providing worldwide seaborne
transportation solutions in the dry bulk sector.  Star Bulk's
vessels transport major bulks, which include iron ore, coal and
grain and minor bulks which include bauxite, fertilizers and steel
products.  Star Bulk was incorporated in the Marshall Islands on
December 13, 2006 and maintains executive offices in Athens,
Greece.  Its common stock trades on the Nasdaq Global Select Market
under the symbol "SBLK".  On a fully delivered basis, Star Bulk
will have a fleet of 80 vessels, with an aggregate capacity of 9.0
million dwt, consisting of Newcastlemax, Capesize, Post Panamax,
Kamsarmax, Panamax, Ultramax, Supramax and Handymax vessels with
carrying capacities between 45,588 dwt and 209,537 dwt.



TERRAFORM GLOBAL: S&P Lowers CCR to 'B-', Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services lowered all its ratings on
Terraform Private LLC (Private) and TerraForm Global Inc. (Global),
including the corporate credit rating to 'B-' from 'B'. The rating
outlook is stable.

"The rating actions on Private and Global are due to a downward
assessment of SunEdison's group credit profile following its recent
execution on a series of debt exchange transactions that, in our
view, represent a distressed debt exchange," said Standard & Poor's
credit analyst Nora Pickens.  Private's stand-alone credit profile
(SACP) remains 'b', reflecting S&P's assessment of its "weak"
business risk profile and "highly leveraged" financial risk
profile.  Global's SACP remains 'b+', reflecting S&P's assessment
of its "weak" business risk profile and "significant" financial
risk profile.  S&P views Global and Private as insulated
subsidiaries of SunEdison, so S&P has linked the ratings.  In S&P's
view, SunEdison has substantial control over both entities.
SunEdison owns a substantial portion of Global's common stock and
100% of the incentive distribution rights.  SunEdison also owns all
of Private's common stock and 100% of the common voting rights.  At
the same time, however, S&P believes the operating entities benefit
from various structural protections, allowing the ratings to be
higher than that of the parent company.

TerraForm Private LLC

Per S&P's group ratings methodology, it generally do not lower the
ratings of insulated subsidiaries, like Private, below 'B-' unless
S&P believes that the subsidiary would likely be drawn into an
insolvency of the parent company.  The outlook on Private is
stable, as its SACP of 'b' is above its corporate credit rating of
'B-'.

Any further credit degradation at SunEdison would not lead to a
negative rating action on Private unless S&P believes it's likely
that Private will be drawn into insolvency proceedings of the
parent company.  S&P could also lower ratings if Private's
liquidity unexpectedly becomes constrained or S&P believes that its
capital structure becomes unsustainable, which would prompt a
downgrade into the CCC category.  

If SunEdison's creditworthiness improves, S&P could raise the
rating on Private, assuming that its SACP remains at least 'b' or
higher.

TerraForm Global Inc.

Per S&P's group ratings methodology, it generally do not lower the
ratings of insulated subsidiaries, like Global, below 'B-' unless
S&P believes that the subsidiary would likely be drawn into an
insolvency of the parent company.  The outlook on Global is stable,
as its SACP of 'b+' is above its corporate credit rating of 'B-'.

Any further credit degradation at SunEdison would not lead to a
negative rating action on Global unless S&P believes it's likely
that the Global will be drawn into insolvency proceedings of the
parent company.  S&P could also lower ratings if Global's liquidity
unexpectedly becomes constrained or S&P believes that its capital
structure becomes unsustainable, which would prompt a downgrade
into the 'CCC' category.

If SunEdison's creditworthiness improves, S&P could raise the
rating on Global, assuming that its SACP remains at least 'b' or
higher.



TRANSCOASTAL CORP: Reorganization Plan Wins Approval
----------------------------------------------------
Lillian Rizzo, writing for Dow Jones' Daily Bankruptcy Review,
reported that TransCoastal Corp., one of the latest victims of
falling oil and gas prices, on Jan. 11 won approval from a
bankruptcy judge for its reorganization plan.

As previously reported by The Troubled Company Reporter,
TransCoastal and affiliated debtor CoreTerra Operating filed for
Chapter 11 protection with a Joint Prepackaged Plan of
Reorganization that would convert $21 million in loans to equity.

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

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

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

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

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


TRANSGENOMIC INC: Obtains $2.2 Million From Private Placement
-------------------------------------------------------------
Transgenomic, Inc., raised gross proceeds of approximately $2.2
million in a preferred stock and warrant private placement
financing with existing investors Crede Capital Group, LLC and
Third Security, LLC.

Through a definitive purchase agreement with the investors,
Transgenomic sold approximately $2.2 million of units consisting of
an aggregate of 2,365,243 shares of Series A-1 convertible
preferred stock and warrants to purchase up to an aggregate of
1,773,929 shares of common stock.  The units were sold to the
investors at a purchase price of $0.93 per unit.  The Series A-1
preferred shares are convertible into shares of common stock at an
initial rate of 1-for-1, with the conversion rate subject to
further adjustment.  The warrants are immediately exercisable, have
a term of five years and have an exercise price of $1.21 per share
of common stock.  Each warrant includes cash and cashless exercise
features, as well as an exchange feature.

Transgenomic expects to use the net proceeds from the offering for
general corporate and working capital purposes, including
activities supporting the ongoing commercialization of
Transgenomic's ICE COLD-PCR technology.

Craig-Hallum Capital Group LLC acted as the sole placement agent
for the offering.

                        About Transgenomic

Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global
biotechnology company advancing personalized medicine in
cardiology, oncology, and inherited diseases through its
proprietary molecular technologies and world-class clinical and
research services.  The Company is a global leader in cardiac
genetic testing with a family of innovative products, including
its C-GAAP test, designed to detect gene mutations which indicate
cardiac disorders, or which can lead to serious adverse events.
Transgenomic has three complementary business divisions:
Transgenomic Clinical Laboratories, which specializes in molecular
diagnostics for cardiology, oncology, neurology, and mitochondrial
disorders; Transgenomic Pharmacogenomic Services, a contract
research laboratory that specializes in supporting all phases of
pre-clinical and clinical trials for oncology drugs in
development; and Transgenomic Diagnostic Tools, which produces
equipment, reagents, and other consumables that empower clinical
and research applications in molecular testing and cytogenetics.
Transgenomic believes there is significant opportunity for
continued growth across all three businesses by leveraging their
synergistic capabilities, technologies, and expertise.  The
Company actively develops and acquires new technology and other
intellectual property that strengthens its leadership in
personalized medicine.

Transgenomic reported a net loss available to common stockholders
of $15.1 million in 2014, a net loss available to common
stockholders of $16.7 million in 2013 and a net loss available to
common stockholders of $8.98 million in 2012.

As of Sept. 30, 2015, the Company had $24.5 million in total
assets, $17.7 million in total liabilities and $6.71 million in
total stockholders' equity.

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


TRANSGENOMIC INC: Signs Conversion Agreement with Stockholders
--------------------------------------------------------------
Transgenomic, Inc., has moved to simplify and strengthen its
capital structure by entering into a conversion agreement with the
holders of its outstanding Series A and Series B convertible
preferred stock and by finalizing an amendment to its Loan and
Security Agreement with affiliates of Third Security, LLC that
extends the maturity date until November 2017.

Transgenomic's President and Chief Executive Officer Paul Kinnon
commented, "We believe that Third Security's support evidenced by
the conversion of the outstanding shares of Series A and Series B
preferred stock will help simplify our equity structure and thereby
position us for the growth we anticipate in the new year. The
conversion of the preferred stock eliminates certain preferences.
In 2015, we focused on building a strong foundation to support the
commercialization of our broadly-enabling ICE COLD-PCR™
technology, which should serve us well in our drive to accelerate
its adoption and increase its use.  We believe this revised equity
structure is better aligned with our growth plans going forward."

Conversion Agreement

Under the terms of the conversion agreement, the holders of
Transgenomic's Series A and Series B convertible preferred stock
elected to convert all of the outstanding preferred shares, and all
accrued and unpaid dividends on the preferred shares, into shares
of Transgenomic's common stock.  In connection with the conversion,
Transgenomic issued an aggregate of 6,780,179 shares of common
stock to the preferred stockholders.  Following this conversion, no
shares of Series A or Series B convertible preferred stock remain
outstanding.  Further details regarding the conversion agreement
are outlined in Transgenomic's Current Report on Form 8-K filed
with the Securities and Exchange Commission, a copy of which is
available at http://is.gd/e54BBq

Amendment to Loan Agreement

Additionally, Transgenomic entered into an amendment to its loan
and security agreement with affiliates of Third Security, LLC,
which, among other things, provides that the lenders will waive
specified events of default, modifies certain covenants and extends
the repayment and maturity dates to November 2017.

                       About Transgenomic

Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global
biotechnology company advancing personalized medicine in
cardiology, oncology, and inherited diseases through its
proprietary molecular technologies and world-class clinical and
research services.  The Company is a global leader in cardiac
genetic testing with a family of innovative products, including
its C-GAAP test, designed to detect gene mutations which indicate
cardiac disorders, or which can lead to serious adverse events.
Transgenomic has three complementary business divisions:
Transgenomic Clinical Laboratories, which specializes in molecular
diagnostics for cardiology, oncology, neurology, and mitochondrial
disorders; Transgenomic Pharmacogenomic Services, a contract
research laboratory that specializes in supporting all phases of
pre-clinical and clinical trials for oncology drugs in
development; and Transgenomic Diagnostic Tools, which produces
equipment, reagents, and other consumables that empower clinical
and research applications in molecular testing and cytogenetics.
Transgenomic believes there is significant opportunity for
continued growth across all three businesses by leveraging their
synergistic capabilities, technologies, and expertise.  The
Company actively develops and acquires new technology and other
intellectual property that strengthens its leadership in
personalized medicine.

Transgenomic reported a net loss available to common stockholders
of $15.1 million in 2014, a net loss available to common
stockholders of $16.7 million in 2013 and a net loss available to
common stockholders of $8.98 million in 2012.

As of Sept. 30, 2015, the Company had $24.5 million in total
assets, $17.7 million in total liabilities and $6.71 million in
total stockholders' equity.

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


UNITED AIRLINES: 7th Circ. Rejects Bid to Reopen Ch. 11 Case
------------------------------------------------------------
Jeffrey Brown, a former flight attendant for United Airlines,
appeals from a district court decision upholding the bankruptcy
court's denial of his motion to reopen the company's Chapter 11
bankruptcy, which was closed in 2009.

Brown wanted the bankruptcy case reopened so that he could pursue
prepetition state-law claims of employment discrimination arising
from his discharge in 2001.  The district court agreed with the
bankruptcy judge that Brown's years of inaction had amounted to an
abandonment of those claims.

In a Decision dated December 31, 2015, which is available at
http://is.gd/klkJERfrom Leagle.com, the United States Court of
Appeals for the Seventh Circuit affirmed the judgment of the
district court as the bankruptcy court did not abuse its discretion
by denying Brown's motion to reopen the UAL bankruptcy.

The appeals case is JEFFREY GLEN BROWN, Plaintiff-Appellant, v. UAL
CORPORATION, Defendant-Appellee, No. 13-2800 (7th Cir.), relating
to IN RE: UAL CORPORATION, et al., Debtors.

                    About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United    
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.

Judge Eugene R. Wedoff confirmed the Debtors' Second Amended Plan
on Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

                        *     *     *

The Troubled Company Reporter, on Aug. 24, 2014, reported that
Standard & Poor's Ratings Services assigned its 'A- (sf)' rating
to United Airlines Inc.'s series 2014-2 class A pass-through
certificates (with an expected maturity of Sept. 3, 2026).  At the
same time, S&P assigned its 'BB+ (sf)' rating to the company's
series 2014-2 class B pass-through certificates (with an expected
maturity of Sept. 3, 2022).

The TCR, on July 30, 2014, reported that S&P assigned its
preliminary 'A-(sf)' rating to United Airlines Inc.'s series 2014-
2 class A pass-through certificates (with an expected maturity of
Sept. 3, 2026).  At the same time, S&P assigned its preliminary
'BB+ (sf)' rating to the company's series 2014-2 class B pass-
through certificates (with an expected maturity of Sept. 3, 2022).

On the same date, the TCR reported that Fitch Ratings assigned the
following expected ratings to United Airlines' (UAL, rated 'B';
Outlook Positive by Fitch) proposed Pass Through Trusts Series
2014-2: (i) $823,071,000 Class A certificates due in September
2026 'A(EXP)'; and (ii) $238,418,000 Class B certificates due in
September 2022 'BB+(EXP)'.

The TCR, on July 29, 2014, reported that S&P assigned its 'BB-'
issue rating and '1' recovery rating to United Airlines Inc.'s new
$500 million senior secured term loan B due 2021.  The '1'
recovery rating indicates S&P's expectation for very high recovery
(90%-100%) in a payment default scenario.  At the same, the 'BB-'
issue level rating and '1' recovery rating on the upsized $1.35
billion revolving credit facility due 2019 remain unchanged.

On July 28, 2014, the TCR reported that Moody's Investors Service
assigned a Ba2 rating to the $500 million incremental term loan
facility due 2021 that United Airlines, Inc. ("United") announced
it plans to arrange. The Corporate Family rating of UAL is B2.


VALENER INC: S&P Lowers Then Withdraws Corp. Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services removed all its ratings on
Montreal-based Valener Inc. from "under criteria observation" (UCO)
and lowered its long-term corporate credit rating on Valener to
'BB+' from 'BBB+'.  The outlook is stable.

At the same time, Standard & Poor's lowered its issue-level rating
on Valener's preferred shares to 'B+' from 'BBB-' and its national
scale rating preferred shares to 'P-4(High)' from 'P-2(Low)'.
Standard & Poor's then withdrew all ratings at the company's
request.

"The downgrade reflects the implementation of the 'Methodology For
Companies With Noncontrolling Equity Interests' criteria," said
Standard & Poor's credit analyst Andrew Ng.

S&P bases this on the seniority of the distributions from Gaz Metro
L.P. (GMLP), which are the only material source of cash flow for
the company.  The difference relative to the corporate credit
rating on Gaz Metro L.P. (A/Stable/--), of which Valener owns a 29%
equity interest, would be four notches as per the criteria if not
for the SACP's capping at 'bb+' based on the factors outlined in
the criteria.

In the criteria, S&P developed an approach to establish an SACP on
companies whose only significant assets consist of one or two
noncontrolling equity stakes in other unrelated corporate entities.
S&P typically rates these entities three-to-six notches below the
underlying entity.

The notching differential reflects the structural subordination of
Valener relative to GMLP and its discretionary dividends that
Valener does not completely 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.



VANGUARD NATURAL: S&P Lowers CCR to 'CC', Outlook Negative
----------------------------------------------------------
Standard and Poor's Ratings Services said that it lowered its
corporate credit rating on Vanguard Natural Resources LLC to 'CC'
from 'B-'.  The outlook is negative.

S&P also lowered the issue-level rating on the company's 7.875%
senior unsecured notes due 2020 to 'CC' from 'CCC+'.

The downgrade follows Vanguard's announcement that it has launched
a private exchange to certain eligible holders of its 7.875% senior
unsecured notes due April 2020 for a new issue of 7% senior secured
second lien notes due February 2023.  The company is offering the
new notes at 45% of par value for investors that tender before Jan.
22, 2016 and 40% of par value for those that tender after that
date.  The closing date is expected to be
Feb. 5, 2016.

S&P views the transaction as a distressed exchange because
investors will receive less than what was promised on the original
securities.  S&P also notes that it assess liquidity as "weak",
reflecting limited availability and the potential for the borrowing
base to be lowered due to low crude oil and natural gas prices.  

Once the transaction is consummated, S&P will lower the corporate
credit rating to "SD" and the rating on the $550 million 7.875%
notes due 2020 to "D".



VARIANT HOLDING: To Sell Properties to L.A. Hedge Fund
------------------------------------------------------
Patrick Fitzgerald, writing for Dow Jones' Daily Bankrptcy Review,
reported that Variant Holding Co. put more than 20 apartment
building into bankruptcy to sell off the property portfolio to a
Los Angeles hedge fund.

According to the report, Laser Focus Holding Co., a Variant
subsidiary, filed for chapter 11 protection Tuesday in U.S
Bankruptcy Court in Wilmington, Del.  The company's bankruptcy
petition was signed by Bradley D. Sharp, the chief restructuring
officer who has been overseeing Variant's bankruptcy case, the
report related.

                       About Variant Holding

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

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

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

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


VERMILLION INC: Presented at J.P. Morgan Conference
---------------------------------------------------
Vermillion, Inc., filed with the Securities and Exchange
Commission
a copy of an investor presentation that the Company plans to use in
conjunction with meetings during the J.P. Morgan Healthcare
Conference.  A copy of the Investor Presentation dated January 2016
is available for free at http://is.gd/mFLemB


                       About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-11091) on March 30, 2009.  Vermillion's legal
advisor in connection with its successful reorganization efforts
wass Paul, Hastings, Janofsky & Walker LLP.  Vermillion emerged
from bankruptcy in January 2010.  The Plan called for the Company
to pay all claims in full and equity holders to retain control of
the Company.

Vermillion reported a net loss of $19.2 million in 2014, a net loss
of $8.81 million in 2013 and a net loss of $7.14 million in 2012.

As of Sept. 30, 2015, the Company had $25.38 million in total
assets, $3.27 million in total liabilities and $22.11 million in
total stockholders' equity.


VINCE INTERMEDIATE: S&P Revises Outlook to Neg. & Affirms 'B' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
N.Y.-based Vince Intermediate Holdings Inc. to negative from
stable.  S&P also affirmed all its ratings on the company,
including the 'B' corporate credit rating.

"The outlook revision reflects our belief that Vince many not be
able to improve its operating performance in the intermediate term,
given the high degree of fashion risk inherent in its business and
an otherwise difficult retail environment for apparel," said
Standard & Poor's credit analyst Mariola Borysiak. "We anticipate
Vince's weak operating performance trends will continue into 2016,
resulting in a steep, but temporary, deterioration in its credit
metrics in the near term."  

The company's operating results are likely to be weaker than
Standard & Poor's prior expectations.  Fashion missteps and weak
consumer demand led to a decline in sales and significant margin
erosion in recent quarters.  As a result, and combined with weaker
cash flow generation and deteriorating liquidity position, Vince
had to postpone a recent $21.8 million liability payment to Sun
Cardinal LLC, an affiliate of Sun Capital Partners Inc.  The
payment relates to the tax benefit Vince realized for its fiscal
2014 year in connection to the Tax Receivable Agreement between
Vince and Sun Capital. However, Sun Capital has agreed to allow for
a deferral of the payment, which is now due in September 2016.

Although Vince had significantly reduced its term loan balances
with excess cash flows over the past two years, S&P calculates debt
leverage (including the tax receivable liability of $21.8 million)
will increase to about 5.0x at the end of 2015, from about 2.2x one
year earlier, because of pressured profitability and higher lease
commitments related to opening of new retail locations.  S&P
estimates debt to EBITDA will remain in the 5x area throughout
fiscal 2016, before improving to about 5x one year later.
Similarly, S&P anticipates its funds from operations (FFO)-to-debt
ratio to deteriorate to the low-double-digit area at the end of
2015, from about 36% in fiscal 2014, and EBITDA interest coverage
will fall to the low-3x area from over 5x in 2014.

S&P believes Vince's narrow product focus and customer
concentration in premium priced women's apparel makes its
operations susceptible to fashion risk and changes in consumer
tastes.

Although the company has taken steps to enhance its product
offering and brand positioning (i.e., reducing sales to off-price
retailers, bringing back its original founders, and opening
stand-alone locations to reduce reliance on department stores), S&P
believes profitability will remain pressured through at least the
first half of 2016 because of the long lead times for the new
merchandise, but expect to see improving sales and cash flows
thereafter.  S&P bases this on its expectations that sales trends
and margins begin stabilizing toward the end of 2016, benefitting
from better inventory management and product offering.

The outlook is negative.  Standard & Poor's could consider lowering
the ratings, including its 'B' corporate credit rating, if S&P
believes the company's efforts to restore operating and financial
performance is not successful and sales and margin trends continue
to decline, leading to debt leverage increasing toward 6x.  In
addition, a lower rating could result if liquidity is further
eroded or if the company's majority shareholder requests immediate
payment of what it is owed under the tax receivable agreement,
without simultaneously providing fresh equity.



WAFERGEN BIO-SYSTEMS: Hal Mintz Reports 9.9% Stake as of Dec. 31
----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Hal Mintz disclosed that as of Dec. 31, 2015, he
beneficially owns 1,444,220 shares of common stock of WaferGen
Bio-systems, Inc., representing 9.9 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/GNVhjT

                 About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.

WaferGen Bio-systems reported a net loss of $10.7 million in 2014,
a net loss of $16.3 million in 2013 and a net loss of $8.97
million in 2012.

As of Sept. 30, 2015, the Company had $10.65 million in total
assets, $7.66 million in total liabilities and $2.99 million in
total stockholders' equity.


WALTER ENERGY: WBWB Can Reject Royalty Agreement with Dominion
--------------------------------------------------------------
Debtor Walter Black Warrior Basin, LLC, filed a motion seeking
bankruptcy court authority to reject certain agreements with
Dominion Resources Black Warrior Trust.

WBWB asserts that the Dominion Agreements are executory contracts,
and seeks to reject them.  Assuming that the Dominion Agreements
are indeed contracts, the threshold question is whether they are
"executory" contracts.

In a Memorandum Opinion and Order dated December 28, 2015, which is
available at http://is.gd/lddjNXfrom Leagle.com, Judge Tamara O.
Mitchell of the United States Bankruptcy Court for the Northern
District of Alabama, Southern Division, granted the Debtor's motion
and rejected the Dominion Agreements.

Judge Mitchell held that the Royalty Agreement did not convey a fee
interest in the Subject Gas to Dominion, but gives Dominion a
contractual right to payment.  Because the remaining Dominion
Agreements serve only to implement the Royalty Agreement, they are
also contracts that do not convey fee interests in the Subject Gas,
Judge Mitchell further held.  As contracts, the Dominion Agreements
may be rejected if they are "executory," the court ruled.  The
Dominion Agreements are executory contracts because they are
burdensome to WBWB, and rejection will benefit WBWB, its estate,
and its creditors, the court found.

The case is In re: WALTER ENERGY, INC., et al., Chapter 11,
Debtors, Case No. 15-02741-TOM11, Jointly Administered (Bankr. N.D.
Ala.).

Walter Energy, Inc., et al., Jointly Administered, Debtor,
represented by Allan J. Arffa, Esq. -- aarffa@paulweiss.com --
Paul, Weiss, Rifkind, Wharton & Garrison, James Blake Bailey, Esq.
-- jbailey@babc.com -- Bradley Arant Boult Cummings LLP, Jay R.
Bender, One Federal Place, Patrick Darby, Esq. -- pdarby@babc.com
-- Bradley Arant Boult Cummings, LLP, Robert N. Kravitz, Esq. --
rkravitz@paulweiss.com -- Paul, Weiss, Rifkind, Wharton & Garrison,
Jayna Partain Lamar, Maynard, Cooper & Gale, P.C., Daniel J.
Leffell, Esq. -- dleffell@paulweiss.com -- Paul, Weiss, Rifkind,
Wharton & Garrison, Cathleen C Moore, Esq. -- cmoore@babc.com --
Bradley Arant Boult Cummings LLP, Dan Youngblut, Esq. --
dyoungbluth@paulweiss.com -- Paul, Weiss, Rifkind, Wharton &
Garrison.
sshimshak@paulweiss.com
                 
UMWA 1974 Pension Plan and Trust, Creditor Committee, is
represented by Robert Moore Weaver, Esq. -- Quinn, Connor, Weaver,
Davies & Rouco LL.

                   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.


WR GRACE: S&P Affirms 'BB+' Corporate Rating, Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
rating on Columbia, Md.-based W.R. Grace & Co.  The outlook is
stable.

S&P is revising its recovery rating on the company's senior secured
debt to '1' from '2' and the corresponding debt issues to 'BBB'
from 'BBB-'.  The '1' recovery rating indicates S&P's expectation
of very high recovery (90% - 100%) in the event of payment default.
At the same time, S&P is revising its recovery rating on the
company's senior unsecured debt to '4' from '6' and the
corresponding debt issues to 'BB+' from 'BB-.'  The '4' recovery
rating indicates S&P's expectation of average recovery (30% - 50%;
lower half of the range) in the event of payment default.

"Our ratings, including our recovery and issue-level ratings,
assume that W.R. Grace will receive a distribution of approximately
$750 million from GCP in connection with the spin-off and will
prepay, in accordance with the requirements of its credit
agreement, $500 million of its term loans," said Standard & Poor's
credit analyst Allison Schroeder.  "We also assume that W.R. Grace
will reduce the size of its revolving credit facility to $300
million from $400 million as required by the credit agreement in
connection with the spin-off," she added.

W.R. Grace & Co. has announced that it will split into two
companies; the spin-off company is GCP Applied Technologies Inc.

The ratings reflect what S&P considers to be Grace's satisfactory
business risk profile and significant financial risk profile.  S&P
expects liquidity to be adequate, with sources exceeding uses by
more than 1.2x.  In addition, S&P expects liquidity sources to
exceed uses even if EBITDA is 15% lower than it projects.  S&P also
expects that the company will maintain sufficient cushion under the
maximum leverage covenant for its credit facilities.

The outlook is stable.  S&P expects that leverage will not change
significantly from current levels as a result of this transaction.
Starting in 2016, S&P expects credit ratios to fall within the
significant financial risk profile category, with adjusted FFO to
debt of about 20% and adjusted debt to EBITDA of about 3x.  S&P
believes the spin-off will only result in a modest weakening in the
business risk profile, which remains within the lower end of the
satisfactory category.

S&P will lower the ratings if it come to believe that
leverage-related credit measures are likely to be weaker than S&P's
expectation, specifically if debt to EBITDA rises to greater than
5x over the next year.  This could occur for reasons including
weaker-than-expected operating performance or if S&P assess that
financial policy is no longer supportive of current credit quality.
S&P could also lower the ratings if it assess that the spin-off
weakens the business risk profile more than S&P currently
forecasts.  Finally, S&P could lower ratings if the company decides
to pursue any material debt-funded acquisition or issue shareholder
rewards.

S&P considers an upgrade as unlikely at this point.  An upgrade
would require the establishment of a track record of improved
leverage credit measures so that the ratio of debt to EBITDA is
consistently below 3x accompanied by supportive financial policies
over the next year.  In addition, S&P would need to assess the
business risk profile at least as satisfactory.



ZOGENIX INC: Begins Phase 3 Clinical Trial for ZX008
----------------------------------------------------
Zogenix announced the initiation of the first Phase 3 clinical
trial for its lead product candidate, ZX008, as an adjunctive
treatment of seizures in children with Dravet syndrome.

The Phase 3 program for ZX008 includes two randomized, double-blind
placebo-controlled studies that will include two dose levels of
ZX008 (0.2 mg/kg/day and 0.8 mg/kg/day, up to a maximum daily dose
of 30 mg), as well as placebo.  Zogenix intends to enroll 105
subjects in each of the two studies, with 35 patients in each
treatment arm.  In addition to the U.S. Phase 3 study, a second
multi-national study, which will be conducted primarily in Europe,
is expected to initiate in the first quarter of 2016.  The primary
endpoint of both studies is the change in frequency of convulsive
seizures as compared to placebo.  The key secondary endpoints
include 40% and 50% responder analyses and convulsive seizure-free
interval.

                        About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

Zogenix reported net income of $8.58 million in 2014 following a
net loss of $80.85 million in 2013.

As of June 30, 2015, the Company had $246.7 million in total
assets, $138.6 million in total liabilities and $108.1 million in
total stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company's
recurring losses from operations and negative cash flows from
operating activities raise substantial doubt about its ability to
continue as a going concern.


ZOGENIX INC: Estimates Cash & Cash Equiv. of $156M at Dec. 31
-------------------------------------------------------------
Zogenix, Inc., announced that its preliminary unaudited cash and
cash equivalents as of Dec. 31, 2015, were approximately $155.9
million.  In addition, $10 million is being held in escrow from the
proceeds of the sale of Zohydro ER to Pernix Therapeutics Holdings,
Inc.

The preliminary unaudited cash position is subject to the
completion of financial closing procedures and other developments
that may arise between now and the time the financial results for
the fourth quarter are finalized, as well as the completion of the
audit of the 2015 financial statements.  Therefore, actual results
may differ materially from these estimates.  In addition, the above
estimates do not present all information necessary for an
understanding of Zogenix's financial condition as of December 31,
2015.

                         About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

Zogenix reported net income of $8.58 million in 2014 following a
net loss of $80.85 million in 2013.

As of June 30, 2015, the Company had $246.7 million in total
assets, $138.6 million in total liabilities and $108.1 million in
total stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company's
recurring losses from operations and negative cash flows from
operating activities raise substantial doubt about its ability to
continue as a going concern.


ZOGENIX INC: Presented at J.P. Morgan Healthcare Conference
-----------------------------------------------------------
Representatives of Zogenix will be attending meetings with
investors, analysts and other parties in connection with the J.P.
Morgan 33rd Annual Healthcare Conference in San Francisco,
California.  During these meetings, Zogenix will present slides,
copies of which are available for free at:

                      http://is.gd/iPDrft

                      About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

Zogenix reported net income of $8.58 million in 2014 following a
net loss of $80.85 million in 2013.

As of June 30, 2015, the Company had $246.7 million in total
assets, $138.6 million in total liabilities and $108.1 million in
total stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company's
recurring losses from operations and negative cash flows from
operating activities raise substantial doubt about its ability to
continue as a going concern.


[*] Jeffrey Schwartz Joins Robins Kaplan's New York Office
----------------------------------------------------------
Robins Kaplan LLP disclosed that H. Jeffrey Schwartz has joined the
firm as a partner and co-chair of the Restructuring and Business
Bankruptcy practice alongside Howard Weg.

"Jeffrey is a leader in the national restructuring bar centered in
New York with more than 30 years of experience in major
restructuring and reorganization engagements," said Martin Lueck,
chairman of Robins Kaplan's executive board.  "He is highly
respected within his vast network in the New York distressed debt
markets, and will immediately expand the firm's presence there
among hedge funds, noteholders, and private equity firms."

Throughout his career, Mr. Schwartz has led successful engagements
on behalf of debtors such as the Bayou Funds LLC and PTC Steel
Alliance, Inc., as well as official creditors' committees,
including those formed in the bankruptcies of Corinthian Colleges,
Inc., Digital Domain Media Group, Inc., Coda Automotive, Inc., and
Constar International, LLC. In the structured finance space, Mr.
Schwartz has represented MBIA, Inc. in the Chapter 11
reorganization case of FGIC Corporation as well as various private
equity and hedge funds in other major Chapter 11 cases.

Mr. Schwartz served as lead counsel of the Official General
Unsecured Creditors Committee of Corinthian Colleges, Inc., the
largest for-profit post-secondary education provider to file for
Chapter 11 reorganization. In this capacity, he has worked
alongside Robins Kaplan partner Scott Gautier and the Robins Kaplan
team representing the Official Committee of Student Creditors.

"We're thrilled to have Jeffrey join our team. His addition to the
firm positions Robins Kaplan as a leader in the representation of
official creditors' committees in Chapter 11 proceedings for
distressed for-profit secondary education providers," said Weg,
co-chair of the Restructuring and Business Bankruptcy practice.
"Having him on-board in our New York office will provide
exceptional benefit for our clients, and we look forward to
continued expansion in that market."

Robins Kaplan's Restructuring and Business Bankruptcy Group is a
national leader in representing debtors and creditors' committees,
as well as other constituents, including investors, lenders, and
indenture trustees, in corporate restructuring and business
bankruptcy cases. In July, the firm was named counsel to the
Official Committee of Unsecured Creditors in the bankruptcy case
commenced by Local Corp. in the Central District of California, and
was most recently named Chapter 11 restructuring counsel for four
high-value hotel properties in Manhattan that are affiliated with
Gemini Real Estate Advisors.

                        About Robins Kaplan

Robins Kaplan LLP is among the nation's premier trial law firms,
with more than 220 lawyers located in Atlanta; Bismarck, N.D.;
Boston; Los Angeles; Minneapolis; Mountain View, Calif.; New York;
Naples, Fla.; and Sioux Falls, S.D. The firm litigates, mediates,
and arbitrates high-stakes, complex disputes, repeatedly earning
national recognition.  Firm clients include—as both plaintiffs
and defendants—numerous Fortune 500 corporations,
emerging-markets companies, entrepreneurs, and individuals.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Jose Reyes
   Bankr. C.D. Cal. Case No. 15-29506
      Chapter 11 Petition filed December 30, 2015
         represented by: Anthony Obehi Egbase, Esq.
                         LAW OFFICES OF ANTHONY O EGBASE & ASSOC.
                         E-mail: info@anthonyegbaselaw.com

In re Glen Robert Anliker and Lorean Phyllis Anliker
   Bankr. D. Kan. Case No. 15-41302
      Chapter 11 Petition filed December 30, 2015

In re 625 Shelby LLC
   Bankr. E.D. Mich. Case No. 15-58714
      Chapter 11 Petition filed December 30, 2015
         See http://bankrupt.com/misc/mieb15-58714.pdf
         represented by: Angela K. Howell, Esq.
                         A.K. HOWELL & ASSOCIATES, PLLC
                         E-mail: attyahowell@gmail.com

In re Ryan D. Mulder
   Bankr. W.D. Mich. Case No. 15-90372
      Chapter 11 Petition filed December 30, 2015

In re Lion Food, Corp.
   Bankr. D.P.R. Case No. 15-10378
      Chapter 11 Petition filed December 30, 2015
         See http://bankrupt.com/misc/prb15-10378.pdf
         represented by: Alexis Fuentes Hernandez, Esq.
                         FUENTES LAW OFFICES, LLC
                         E-mail: alex@fuentes-law.com

In re Sunny Food, Corp.
   Bankr. D.P.R. Case No. 15-10380
      Chapter 11 Petition filed December 30, 2015
         See http://bankrupt.com/misc/prb15-10380.pdf
         represented by: Alexis Fuentes Hernandez, Esq.
                         FUENTES LAW OFFICES, LLC
                         E-mail: alex@fuentes-law.com

In re Nova Food, Corp.
   Bankr. D.P.R. Case No. 15-10381
      Chapter 11 Petition filed December 30, 2015
         See http://bankrupt.com/misc/prb15-10381.pdf
         represented by: Alexis Fuentes Hernandez, Esq.
                         FUENTES LAW OFFICES, LLC
                         E-mail: alex@fuentes-law.com

In re TMSP, LLC
   Bankr. N.D. Tex. Case No. 15-45150
      Chapter 11 Petition filed December 30, 2015
         See http://bankrupt.com/misc/txnb15-45150.pdf
         represented by: Robert M. Nicoud, Jr., Esq.
                         OLSON, NICOUD & GUECK, LLP
                         E-mail: rmnicoud@dallas-law.com

In re Rizwana Askri
   Bankr. E.D. Va. Case No. 15-14542
      Chapter 11 Petition filed December 30, 2015

In re Flora I Quijano-Puc
   Bankr. C.D. Cal. Case No. 15-29546
      Chapter 11 Petition filed December 31, 2015
         See http://bankrupt.com/misc/cacb15-29546.pdf
         represented by: Anthony Obehi Egbase, Esq.
                         LAW OFFICES OF ANTHONY O EGBASE & ASSOC
                         E-mail: info@anthonyegbaselaw.com

In re William S. Merrell
   Bankr. S.D. Fla. Case No. 15-32407
      Chapter 11 Petition filed December 31, 2015

In re DC&D Enterprises LLC
   Bankr. D. Minn. Case No. 15-44443
      Chapter 11 Petition filed December 31, 2015
         See http://bankrupt.com/misc/mnb15-44443.pdf
         represented by: Steven B Nosek, Esq.
                         STEVEN NOSEK
                         E-mail: snosek@noseklawfirm.com

In re Bowl-Inn, Inc.
   Bankr. W.D.N.Y. Case No. 15-12744
      Chapter 11 Petition filed December 31, 2015
         See http://bankrupt.com/misc/nywb15-12744.pdf
         represented by: Arthur G. Baumeister, Jr., Esq.
                         AMIGONE, SANCHEZ, ET AL
                         E-mail: abaumeister@amigonesanchez.com

In re Robert Peter Jakaitis
   Bankr. W.D.N.C. Case No. 15-32023
      Chapter 11 Petition filed December 31, 2015

In re Paula J. Lauer
   Bankr. W.D. Penn. Case No. 15-24745
      Chapter 11 Petition filed December 31, 2015

In re Green Valley Food, Corp.
   Bankr. D.P.R. Case No. 15-10391
      Chapter 11 Petition filed December 31, 2015
         See http://bankrupt.com/misc/prb15-10391.pdf
         represented by: Alexis Fuentes Hernandez, Esq.
                         FUENTES LAW OFFICES, LLC
                         E-mail: alex@fuentes-law.com

In re Giant Food, Corp.
   Bankr. D.P.R. Case No. 15-10394
      Chapter 11 Petition filed December 31, 2015
         See http://bankrupt.com/misc/prb15-10394.pdf
         represented by: Alexis Fuentes Hernandez, Esq.
                         FUENTES LAW OFFICES, LLC
                         E-mail: alex@fuentes-law.com

In re Kevin Christopher Gleason
   Bankr. S.D. Fla. Case No. 16-10001
      Chapter 11 Petition filed January 1, 2016

In re Shlomo Nahmany
   Bankr. C.D. Cal. Case No. 16-10003
      Chapter 11 Petition filed January 1, 2016
         represented by: Leslie Richards, Esq.
                         LAW OFFICES OF LESLIE RICHARDS APC
                         E-mail: ladylaw@leslierichards.com

In re Kevin Christopher Gleason
   Bankr. S.D. Fla. Case No. 16-10001
      Chapter 11 Petition filed January 1, 2016

In re Walter Kostrzewski
   Bankr. D. Conn. Case No. 16-50001
      Chapter 11 Petition filed January 2, 2016

In re CRN, Inc.
   Bankr. W.D. Tex. Case No. 16-30001
      Chapter 11 Petition filed January 2, 2016
         See http://bankrupt.com/misc/txwb16-30001.pdf
         represented by: Carlos A. Miranda, III, Esq.
                         MIRANDA & MALDONADO, P.C.
                         E-mail: cmiranda@mirandafirm.com

In re Doran Lofts
   Bankr. C.D. Cal. Case No. 16-10015
      Chapter 11 Petition filed January 4, 2016
         represented by: James A Tiemstra, Esq.
                         TIEMSTRA LAW GROUP PC
                         E-mail: jat@tiemlaw.com

In re Moeer Pourbrahim Hakimi
   Bankr. C.D. Cal. Case No. 16-10016
      Chapter 11 Petition filed January 4, 2016
         represented by: Rachel S. Ruttenberg Milman, Esq.
                         E-mail: rachelsmilman@gmail.com

In re Ursula Amon
   Bankr. M.D. Fla. Case No. 16-00004
      Chapter 11 Petition filed January 4, 2016

In re Felix W Amon
   Bankr. M.D. Fla. Case No. 16-00005
      Chapter 11 Petition filed January 4, 2016

In re Elmers II, Inc.
   Bankr. M.D. Fla. Case No. 16-00006
      Chapter 11 Petition filed January 4, 2016
         See http://bankrupt.com/misc/flmb16-00006.pdf
         represented by: Buddy D. Ford, Esq.
                         BUDDY D. FORD, P.A.
                         E-mail: Buddy@tampaesq.com

In re Traffic, Inc.
   Bankr. S.D. Fla. Case No. 16-10060
      Chapter 11 Petition filed January 4, 2016
         See http://bankrupt.com/misc/flsb16-10060.pdf
         represented by: Peter D. Russin, Esq.
                         MELAND RUSSIN & BUDWICK, P.A.
                         E-mail: prussin@melandrussin.com

In re Traffic Las Plazas, Inc
   Bankr. S.D. Fla. Case No. 16-10061
      Chapter 11 Petition filed January 4, 2016
         See http://bankrupt.com/misc/flsb16-10061.pdf
         represented by: Peter D. Russin, Esq.
                         MELAND RUSSIN & BUDWICK, P.A.
                         E-mail: prussin@melandrussin.com

In re Traffic Plaza del Norte, Inc.
   Bankr. S.D. Fla. Case No. 16-10062
      Chapter 11 Petition filed January 4, 2016
         See http://bankrupt.com/misc/flsb16-10062.pdf
         represented by: Peter D. Russin, Esq.
                         MELAND RUSSIN & BUDWICK, P.A.
                         E-mail: prussin@melandrussin.com

In re Vivian Thomas Smith
   Bankr. N.D. Ga. Case No. 16-50277
      Chapter 11 Petition filed January 4, 2016

In re Balzarini Realty, LLC
   Bankr. D. Mass. Case No. 16-10005
      Chapter 11 Petition filed January 4, 2016
         See http://bankrupt.com/misc/mab16-10005.pdf
         represented by: Laurel E. Bretta, Esq.
                         BRETTA & GRIMALDI, PA
                         E-mail: bglaw@lbretta.com

In re Marette Joanne Pace
   Bankr. D. Nev. Case No. 16-10005
      Chapter 11 Petition filed January 4, 2016

In re Yolanda C. Perry
   Bankr. D.N.J. Case No. 16-10057
      Chapter 11 Petition filed January 4, 2016

In re Sigma Builders Group, Inc.
   Bankr. E.D.N.Y. Case No. 16-40013
      Chapter 11 Petition filed January 4, 2016
         See http://bankrupt.com/misc/nyeb16-40013.pdf
         represented by: Wayne M Greenwald, Esq.
                         WAYNE GREENWALD, PC
                         E-mail: grimlawyers@aol.com

In re Bandhu Development Inc.
   Bankr. W.D. Penn. Case No. 16-20013
      Chapter 11 Petition filed January 4, 2016
         See http://bankrupt.com/misc/pawb16-20013.pdf
         filed Pro Se

In re Robert Andrew Lowry and Connie Coffey Lowry
   Bankr. E.D. Tenn. Case No. 16-10010
      Chapter 11 Petition filed January 4, 2016

In re Culego, Inc.
   Bankr. N.D. Tex. Case No. 16-30091
      Chapter 11 Petition filed January 4, 2016
         See http://bankrupt.com/misc/txnb16-30091.pdf
         represented by: Charles Brackett Hendricks, Esq.
                         CAVAZOS HENDRICKS POIROT & SMITHAM, P.C.
                         E-mail: chuckh@chfirm.com

In re Villam Investments, LLC
   Bankr. S.D. Tex. Case No. 16-10001
      Chapter 11 Petition filed January 4, 2016
         See http://bankrupt.com/misc/txsb16-10001.pdf
         represented by: Marcos Demetrio Oliva, Esq.
                         MARCOS D. OLIVA, PC
                         E-mail: marcos@oliva-law.com

In re Noah Eli Estrada
   Bankr. S.D. Tex. Case No. 16-80003
      Chapter 11 Petition filed January 4, 2016

In re Carl N Merkle
   Bankr. W.D. Tex. Case No. 16-50026
      Chapter 11 Petition filed January 4, 2016

In re Charles E. McDaniel
   Bankr. W.D. Tex. Case No. 16-50040
      Chapter 11 Petition filed January 4, 2016

In re Spain Investments, LLC
   Bankr. E.D. Va. Case No. 16-70004
      Chapter 11 Petition filed January 4, 2016
         See http://bankrupt.com/misc/vaeb16-70004.pdf
         represented by: John M. Barrett, Esq.
                         ALLEGIANT LAW, P.C.
                         E-mail: johnbarrett@lawyer.com

In re Grant L Learned, Sr. and Carolyn E Learned
   Bankr. E.D. Wash. Case No. 16-00010
      Chapter 11 Petition filed January 4, 2016

In re Dennis Meyer Danzik
   Bankr. D. Wyo. Case No. 16-20002
      Chapter 11 Petition filed January 4, 2016

In re Amos C Acoff
   Bankr. C.D. Cal. Case No. 16-10109
      Chapter 11 Petition filed January 5, 2016
         represented by: Michael Jay Berger, Esq.
                      E-mail: michael.berger@bankruptcypower.com

In re Allen Paul Furrer and Connie Eileen Furrer
   Bankr. M.D. Fla. Case No. 16-00063
      Chapter 11 Petition filed January 5, 2016

In re HBCU Properties LLC
   Bankr. N.D. Ga. Case No. 16-50285
      Chapter 11 Petition filed January 5, 2016
         filed Pro Se

In re Adeyinka Adesokan
   Bankr. N.D. Ga. Case No. 16-50297
      Chapter 11 Petition filed January 5, 2016

In re Got Mail, LLC
   Bankr. E.D.N.C. Case No. 16-00045
      Chapter 11 Petition filed January 5, 2016
         See http://bankrupt.com/misc/nceb16-00045.pdf
         represented by: Travis Sasser, Esq.
                         SASSER LAW FIRM
                         E-mail: tsasser@carybankruptcy.com

In re Charlie Fishs Lounge, Inc.
   Bankr. D.N.J. Case No. 16-10162
      Chapter 11 Petition filed January 5, 2016
         See http://bankrupt.com/misc/njb16-10162.pdf
         represented by: Robert Braverman, Esq.
                         LAW OFFICE OF ROBERT BRAVERMAN, LLC
                         E-mail: robert@bravermanlaw.com

In re BCR Oakridge LLC
   Bankr. S.D.N.Y Case No. 16-10011
      Chapter 11 Petition filed January 5, 2016
         See http://bankrupt.com/misc/nysb16-10011.pdf
         represented by: Arnold Mitchell Greene, Esq.
             ROBINSON BROG LEINWAND GREENE GENOVESE & GLUCK, P.C.
                         E-mail: amg@robinsonbrog.com

In re 5 Crown Funding, LLC
   Bankr. W.D. Okla. Case No. 16-10012
      Chapter 11 Petition filed January 5, 2016
         See http://bankrupt.com/misc/okwb16-10012.pdf
         represented by: Gabriel Rivera, Esq.
                         RIVERA & ASSOCIATES, INC
                         E-mail: rivassoc9@gmail.com

In re Laurie L. Morrison
   Bankr. D.P.R. Case No. 16-00027
      Chapter 11 Petition filed January 5, 2016

In re Subodh Naik
   Bankr. N.D. Tex. Case No. 16-30155
      Chapter 11 Petition filed January 5, 2016

In re P & L Gas Dispensers, LLC
   Bankr. S.D. Tex. Case No. 16-30165
      Chapter 11 Petition filed January 5, 2016
         See http://bankrupt.com/misc/txsb16-30165.pdf
         represented by: James Patrick Brady, Esq.
                         E-mail: notices@bradylaw.comcastbiz.net

In re Raymond Theodore Powers and Judith Ann Powers
   Bankr. D. Ariz. Case No. 16-00094
      Chapter 11 Petition filed January 6, 2016

In re Paulette V Moses
   Bankr. C.D. Cal. Case No. 16-10024
      Chapter 11 Petition filed January 6, 2016
         represented by: Donna Rebecca Dishbak, Esq.
                         DISHBAK LAW FIRM
                         E-mail: dishbaklaw@gmail.com

In re 1263 Investors LLC
   Bankr. E.D. Cal. Case No. 16-90002
      Chapter 11 Petition filed January 6, 2016
         See http://bankrupt.com/misc/caeb16-90002.pdf
         represented by: Stephen M. Reynolds, Esq.
                         REYNOLDS LAW CORPORATION
                         E-mail: sreynolds@lr-law.net

In re Gas Compressor Consultants
   Bankr. D. Colo. Case No. 16-10092
      Chapter 11 Petition filed January 6, 2016
         See http://bankrupt.com/misc/cob16-10092.pdf
         represented by: Aaron A Garber, Esq.
                         KUTNER BRINEN GARBER, P.C.
                         E-mail: aag@kutnerlaw.com

In re Shawn Michael Sullivan
   Bankr. D. Mass. Case No. 16-10034
      Chapter 11 Petition filed January 6, 2016

In re Webster House B & B, LLC
   Bankr. E.D. Mich. Case No. 16-20025
      Chapter 11 Petition filed January 6, 2016
         filed Pro Se

In re Lakewood Shopper, LLC
   Bankr. D.N.J. Case No. 16-10191
      Chapter 11 Petition filed January 6, 2016
         See http://bankrupt.com/misc/njb16-10191.pdf
         represented by: Brian W. Hofmeister, Esq.
                         LAW FIRM OF BRIAN W. HOFMEISTER
                         E-mail: bwh@hofmeisterfirm.com

In re Lincoln Center Community Development, Inc.
   Bankr. D.N.J. Case No. 16-10237
      Chapter 11 Petition filed January 6, 2016
         represented by: Mario M Blanch, Esq.
                         E-mail: mario@blanchlegal.com

In re Dorcas Hernandez
   Bankr. E.D.N.Y. Case No. 16-40050
      Chapter 11 Petition filed January 6, 2016

In re Gold Coast Homes @ Crooked Park, Inc.
   Bankr. E.D.N.Y. Case No. 16-70041
      Chapter 11 Petition filed January 6, 2016
         filed Pro Se

In re Donald Nelson Bauhofer
   Bankr. D. Or. Case No. 16-30020
      Chapter 11 Petition filed January 6, 2016

In re 2050 South Glebe Rd LLC
   Bankr. E.D. Va. Case No. 16-30050
      Chapter 11 Petition filed January 6, 2016
         filed Pro Se


                            *********

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 ***