TCR_Public/160123.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Saturday, January 23, 2016, Vol. 20, No. 23

                            Headlines

ALLIED SYSTEMS: Net Loss Decreases to $12,339 in October
ALPHA NATURAL: Posts $70.16 Million Net Loss in November
BOOMERANG TUBE: Incurs $11.65 Million Net Loss in September
BOOMERANG TUBE: Reports $11.54 Million Net Loss in October
BPZ RESOURCES: Reports $1.94 Million Net Loss in September

COLT DEFENSE: Had $504.96 Million in Total Liabilities at Nov. 1
FILMED ENTERTAINMENT: Reports $469,000 Net Loss at October 31
LIFE PARTNERS: Records $113,762 Net Loss in October
PITT PENN: Incurs $7,159 Net Loss in August
PITT PENN: Net Loss Decreases to $4,304 in September

PITT PENN: Records $3,239 Net Loss in October
RAPID AMERICAN: Had $3.94 Million Cash at November 30
SEAL123: Incurs $219,000 Net Loss in November
SOUTHERN REGIONAL: Ends October With $5.37 Million Cash
WALTER ENERGY: Incurs $55.68 Million Net Loss in September

ZUCKER GOLDBERG: Ends September With $728,074 Cash

                            *********

ALLIED SYSTEMS: Net Loss Decreases to $12,339 in October
--------------------------------------------------------
ASHINC Corporation, f/k/a Allied Systems Holdings, Inc., et. al.,
on November 20, 2015, filed its monthly operating report for
October 2015.

The Debtors' consolidated statement of operations showed a net loss
of $12,339 on zero revenues for October, a decrease from the
$121,287 net loss recorded in September.

At October 31, 2015, the Debtors had $196.65 million in total
assets; $117.85 million in total liabilities not subject to
compromise; $353.23 million in total liabilities subject to
compromise; and $274.44 million in total shareholders' deficit.

For the month of October, the Debtors reported total consolidated
deposits of $216,784 and total consolidated disbursements of
$204,433.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/AlliedSystems_oct2015mor.pdf

                    About Allied Systems Holdings

BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and
Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary
petitions for Allied Systems Holdings Inc. and Allied Systems Ltd.
(Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012.
The signatories of the involuntary petitions assert claims of at
least $52.8 million for loan defaults by the two companies.

Allied Systems, through its subsidiaries, provides logistics,
distribution, and transportation services for the automotive
industry in North America.

Allied Holdings Inc. first filed for chapter 11 protection (Bankr.
N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005.
Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented the
Debtors in the 2005 case.  Allied won confirmation of a
reorganization plan and emerged from bankruptcy in May 2007 with
$265 million in first-lien debt and $50 million in second-lien
debt.

The petitioning creditors said Allied defaulted on payments of
$57.4 million on the first lien debt and $9.6 million on the
second.  They hold $47.9 million, or about 20% of the first-lien
debt, and about $5 million, or 17%, of the second-lien obligation.

They are represented by Adam G. Landis, Esq., and Kerri K. Mumford,
Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., and
Robert J. Ward, Esq., at Schulte Roth & Zabel LLP.

Allied Systems Holdings Inc. formally put itself and 18
subsidiaries into bankruptcy reorganization June 10, 2012,
following the filing of the involuntary Chapter 11 petition.

The Company is being advised by Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., and Jeffrey W. Kelley, Esq., at Troutman
Sanders, Gowling Lafleur Henderson.

The bankruptcy court process does not include captive insurance
company Haul Insurance Limited or any of the Company's Mexican or
Bermudan subsidiaries.  The Company also announced that it intends
to seek foreign recognition of its Chapter 11 cases in Canada.

An official committee of unsecured creditors has been appointed in
the case.  The Committee consists of Pension Benefit Guaranty
Corporation, Central States Pension Fund, Teamsters National
Automobile Transporters Industry Negotiating Committee, and General
Motors LLC.  The Committee is represented by Sidley Austin LLP.

In January 2014, the U.S. Trustee for Region 3 appointed a
three-member Official Committee of Retirees.

Yucaipa Cos. has 55% of the senior debt and took the position it
had the right to control actions the indenture trustee would take
on behalf of debt holders.  The state court ruled in March 2013
that the loan documents didn't allow Yucaipa to vote.

In March 2013, the bankruptcy court gave the official creditors'
committee authority to sue Yucaipa.  The suit includes claims that
the debt held by Yucaipa should be treated as equity or
subordinated so everyone else is paid before the Los Angeles-based
owner. The judge allowed Black Diamond to participate in the
lawsuit against Yucaipa and Allied directors.

Yucaipa American Alliance Fund I, L.P., Yucaipa American Alliance
(Parallel) Fund I, L.P., Yucaipa American Alliance Fund II, L.P.,
Yucaipa American Alliance (Parallel) Fund II, L.P., represented by
Michael R. Nestor, Esq., and Edmund L. Morton, Esq., at Young
Conaway Stargatt & Taylor, LLP; and Robert A. Klyman, Esq., at
Gibson, Dunn & Crutcher LLP.

First Lien Agent, Black Diamond Commercial Finance, L.L.C.,
represented by Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at
Landis Rath & Cobb LLP; and Adam C. Harris, Esq., Robert J. Ward,
Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP.

Allied Systems Holdings, Inc., has changed its name to ASHINC
Corporation.

                          *     *     *

ASHINC Corporation, f/k/a Allied Systems Holdings, Inc., and its
debtor affiliates filed with the U.S. Bankruptcy Court for the
District of Delaware a joint Chapter 11 plan of reorganization,
co-proposed by the Committee and the first lien agents.

The Plan provides that certain of the Debtors' assets, the
Litigation Trust Assets, will vest in the Allied Litigation Trust,
and the remainder of the Debtors' assets, including the proceeds
from the sale of substantially all of the Debtors' assets, will
either revest in the Reorganized Debtors or be distributed to the
Debtors' creditors.


ALPHA NATURAL: Posts $70.16 Million Net Loss in November
--------------------------------------------------------
Alpha Natural Resources, Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for November 2015.

The Debtors reported a November net loss of $70.16 million on
$198.46 million of total revenues.

As of November 30, 2015, the Debtors had $9.97 billion in total
assets, $8.34 billion in total liabilities, and $1.63 billion in
total stockholders' equity.

The Debtors started the month with $830.94 million cash.  They
listed $26.68 million used in operating activities, $61.14 million
used in investing activities, and $3.81 million used in financing
activities.  They ended the month with $739.30 million.

A copy of the monthly operating report is available at the SEC at
http://is.gd/XkRnRD

                        About Alpha Natural

Alpha Natural -- http://www.alphanr.com/-- is a coal supplier,   
ranked second largest among publicly traded U.S. coal producers as
measured by 2014 consolidated revenues of $4.3 billion.  As of
Dec.
31, 2014, the Company operated 60 mines and 22 coal preparation
plants in Northern and Central Appalachia and the Powder River
Basin, with approximately 8,900 employees.

Alpha Natural Resources, Inc. and certain of its wholly-owned
subsidiaries filed voluntary petitions (Bankr. E.D. Va. Lead Case
No. 15-33896) on Aug. 3, 2015.  The petition was signed by Richard
H. Verheij, executive vice president, general counsel and
corporate
secretary.

Jones Day serves as general counsel to the Debtors.  Hunton &
Williams LLP acts as the Debtors' local counsel.  Rothschild Group
represents as the Debtors' financial advisor.  The Debtors'
investment banker is Alvarez & Marsal Holdings, LLC.  Kurtzman
Carson Consultants serves as the Debtors' claims and noticing
agent.



BOOMERANG TUBE: Incurs $11.65 Million Net Loss in September
-----------------------------------------------------------
Boomerang Tube, LLC, et al., on October 30, 2015, filed a monthly
operating report for September 2015.

The Debtors incurred a net loss of $15.23 million on $11.65 million
of total net sales in September.

At September 30, 2015, the Debtors' balance sheet for the period
recorded total assets of $289.67 million, total liabilities of
$522.21 million, and total shareholders' deficit of $232.53
million.

Boomerang Tube, LLC reported cash receipts of $9.97 million and
total cash disbursements of $10.75 million for the month.

A copy of the operating report is available at:

   http://bankrupt.com/misc/BoomerangTube_sept2015mor.pdf

                        About Boomerang Tube

Boomerang Tube, LLC, is a manufacturer of welded Oil Country
Tubular Goods ("OCTG") in the United States.  OCTG are used by
drillers in exploration and production of oil and natural gas and
consist of drill pipe, casing and tubing.  Boomerang has corporate
offices in Chesterfield, Missouri and manufacturing facilities in
Liberty, Texas, strategically located near major steel production
centers and end-user markets.  With a 487,000 square foot plant
that houses two mills and heat treat lines and a contingent 119
acres, these facilities constitute the second largest alloy OCTG
mill in North America.  Access Tubulars, LLC, owns 81% of the
equity interests in Boomerang.

Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
15-11247) on June 9, 2015, with a deal with lenders on a balance
sheet restructuring that would convert $214 million of debt to 100%
of the common stock of the reorganized company. The cases are
assigned to Judge Mary F. Walrath.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as
attorneys; Lazard Freres & Co. LLC, as financial advisor; and
Donlin, Recano & Co., Inc., as claims and noticing agent.


BOOMERANG TUBE: Reports $11.54 Million Net Loss in October
----------------------------------------------------------
Boomerang Tube, LLC, et al., on November 30, 2015, filed a monthly
operating report for October 2015.

The Debtors incurred a net loss of $11.54 million on $6.30 million
of total net sales in October.

As of October 30, 2015, the Debtors' balance sheet for the period
recorded total assets of $277.77 million, total liabilities of
$523.12 million, and total shareholders' deficit of $245.35
million.

Boomerang Tube, LLC reported cash receipts of $9.39 million and
total cash disbursements of $13.59 million for the month.

A copy of the operating report is available at:

   http://bankrupt.com/misc/BoomerangTube_oct2015mor.pdf

                About Boomerang Tube

Boomerang Tube, LLC, is a manufacturer of welded Oil Country
Tubular Goods ("OCTG") in the United States.  OCTG are used by
drillers in exploration and production of oil and natural gas and
consist of drill pipe, casing and tubing.  Boomerang has corporate
offices in Chesterfield, Missouri and manufacturing facilities in
Liberty, Texas, strategically located near major steel production
centers and end-user markets.  With a 487,000 square foot plant
that houses two mills and heat treat lines and a contingent 119
acres, these facilities constitute the second largest alloy OCTG
mill in North America.  Access Tubulars, LLC, owns 81% of the
equity interests in Boomerang.

Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
15-11247) on June 9, 2015, with a deal with lenders on a balance
sheet restructuring that would convert $214 million of debt to 100%
of the common stock of the reorganized company. The cases are
assigned to Judge Mary F. Walrath.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as
attorneys; Lazard Freres & Co. LLC, as financial advisor; and
Donlin, Recano & Co., Inc., as claims and noticing agent.


BPZ RESOURCES: Reports $1.94 Million Net Loss in September
----------------------------------------------------------
BPZ Resources, Inc., on October 20, 2015, filed with the U.S.
Securities and Exchange Commission their monthly operating report
for September 2015.

The Debtor's statement of operations showed a net loss of
$1.94 million on zero revenue in September.

At September 30, 2015, the Debtor recorded total assets of $99.47
million, total liabilities of $613.34 million, and
$513.87 million in total stockholders' deficit.

The Debtor had $12.38 million cash at the start of the period.
It listed total receipts of $3,596 and total disbursements of
$2.16 million. Disbursements include $1.87 million in professional
fees.  As a result, the Debtor had $10.23 million at the end of the
month.

A copy of the monthly operating report is available at the SEC at:

                     http://is.gd/537Gby

                     About BPZ Resources

BPZ Energy -- http://www.bpzenergy.com/-- is an independent oil   
and gas exploration and production company which had license
contracts covering 1.9 million net acres in offshore and onshore
Peru.  BPZ Resources maintains an office in Victoria, Texas, and
through its subsidiaries maintains offices in Lima and Tumbes,
Peru, and Quito, Ecuador.

BPZ Resources sought Chapter 11 protection (Bankr. S.D. Tex. Case
No. 15-60016) in Victoria, Texas, on March 9, 2015.  The case is
pending before the Honorable David R. Jones.  The Debtor disclosed
total assets of $364 million and debt of $275 million.

The Debtor tapped Stroock & Stroock & Lavan LLP as bankruptcy
Counsel; Hawash Meade Gaston Neese & Cicack LLP, as local Texas
Counsel; Houlihan Lokey Capital, Inc., as investment banker;
Opportune LLP, as restructuring advisor; Baker Hostetler, as the
audit committee's special counsel; and Kurtzman Carson Consultants
as claims and noticing agent.

The Official Committee of Unsecured Creditors retained Akin Gump
Strauss Hauer & Feld LLP as legal counsel, and Blackstone Advisory
Partners L.P. as its financial advisor.

                           *     *     *

Following an auction on June 30 to July 1, 2015, the Debtor won
court approval, and later closed, the sale of its equity interests
in its non-debtor subsidiaries for $8,500,000 to Zedd Energy
Holdco
Ltd.  The Debtor also sold assets relating to the onshore blocks
in
northwestern Peru, all equity interests in the power generation
subsidiary EENE and, subject to Ecuadorian government approval and
applicable rights of first refusal, all equity interests in SMC
Ecuador, Inc., for $750,000 million to Zorritos Peru Holdings,
Inc.

The Debtor on July 30, 2015, won approval to implement a key
employee retention plan and a key employee incentive plan and to
pay severance claims to certain critical employees.

On Sept. 7, 2015, the Debtor and the Committee filed an agreed
order extending the exclusive period to solicit acceptances of a
chapter 11 plan through Oct. 23, 2015.  The Court entered the
agreed order on Sept. 8.

The Debtor filed a Plan of Liquidation on Sept. 8, 2015, and then
an Amended Plan on Sept. 25, 2015.

On Nov. 12, 2015, the Bankruptcy Court entered an order confirming
the Company's Second Amended Plan of Liquidation.  As of Dec. 31,
2015, all conditions to the occurrence of the effective date set
forth in the Debtors' Plan and the Confirmation Order were
satisfied or waived in accordance therewith and the effective date
of the Plan occurred. On the same date, the Company filed a Notice
of Effective Date of the Plan with the Bankruptcy Court.



COLT DEFENSE: Had $504.96 Million in Total Liabilities at Nov. 1
----------------------------------------------------------------
Colt Holding Company LLC, et al., on November 30, 2015, filed a
monthly operating report for the period October 5, 2015, to
November 1, 2015.

The Debtors incurred a net loss of $3.97 million for the reporting
period.

The Debtors' balance sheet for the period recorded total assets of
$168.99 million, total liabilities of $504.96 million, and total
shareholders' deficit of $335.96 million.

Colt Defense - USA had $6.86 million cash at the start of the
period. It had total receipts of $12.72 million and total
disbursements of $14.34 million.  Disbursements include $2.20
million in net payroll.  Colt Defense - USA ended the month with
$5.24 million.

A copy of the operating report is available at:

   http://bankrupt.com/misc/ColtDefense_oct2015mor.pdf

                  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.

                           *     *     *

Colt's equity sponsor, Sciens Capital Management, has agreed to act
as a stalking horse bidder in a proposed asset sale.  The Debtors
called off the bankruptcy auction after no potential buyers emerged
by an Oct. 16, 2015 deadline.

The Debtors on Oct. 9 filed a proposed plan of reorganization
premised on a $50 million exit financing facility from
private-equity owner Sciens Capital Management, LLC, Fidelity
National Financial Inc., Newport Global Advisors LP, and certain
other lenders.  The Plan secures options for the Company to
continue operations in West Hartford, Connecticut on a long-term
basis.


FILMED ENTERTAINMENT: Reports $469,000 Net Loss at October 31
-------------------------------------------------------------
Filmed Entertainment Inc., on December 16, 2015, filed a monthly
operating report for October 2015.

Filmed Entertainment incurred a $469,000 net loss on $257,000 net
revenue for October 2015.

At October 31, 2015, Filmed Entertainment recorded $1.26 million in
total assets, $18.84 million in total liabilities, and -$62.26
million in net owners' equity.

The statement of cash flows shows that Filmed Entertainment had
$618,688 cash at the beginning of the month.  They listed total
cash receipts of $740,528 and total cash disbursements of $523,755
for the period.  They ended September with $835,481 in cash.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/FilmedEntertainment_oct2015mor.pdf

                  About Filmed Entertainment

Filmed Entertainment Inc. owns and operates the "Columbia House DVD
Club," a direct-to-customer distributor of movies and television
series in the United States.  FEI conducts its business through
physical catalogues and through the --
http://www.columbiahouse.com/Web site.  FEI was historically
active in the musical compact disc business, but exited the music
business in 2010.  Founded in 1955 as a division of CBS Inc. to
sell vinyl records and cassette tapes, FEI is a unit of Pride Tree
Holdings, Inc., which acquired FEI in December 2012.

On Aug. 10, 2015 FEI filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y.
Case No. 15-12244) in Manhattan, New York.  The case is pending
before the Honorable Shelley C. Chapman.

The Debtor tapped Griffin Hamersky P.C. as counsel, and Prime Clerk
LLC as claims and noticing agent.

The Debtor estimated assets of $1 million to $10 million and debt
of $50 million to $100 million.

The U.S. Trustee for Region 2 appointed five creditors of Filmed
Entertainment Inc. to serve on the official committee of unsecured
creditors.


LIFE PARTNERS: Records $113,762 Net Loss in October
---------------------------------------------------
Life Partners Holdings, Inc., filed with the U.S. Securities and
Exchange Commission their monthly operating report for October
2015.

The Debtor reported a net loss of $113,762 on zero revenue for the
period.

As of October 31, 2015, the Debtor had $2.26 million in total
assets, $9.13 million in total liabilities, and $6.87 million in
total stockholders' deficit.

The Debtor had $326,670 cash at the start of the month. They
reported total receipts of $77,117 and total disbursements of
$49,030. Thus, the Debtor had $354,758 ending cash balance at
October 31, 2015.

A copy of the monthly operating report is available at the SEC at:

                http://is.gd/K9ZLmM

                About Life Partners

Headquartered in Waco, Texas, Life Partners Holdings, Inc. --
http://www.lphi.com/-- is the parent company engaged in the      
secondary market for life insurance, commonly called "life
settlements."  Since its incorporation in 1991, Life Partners,
Inc. has completed over 162,000 transactions for its worldwide
client base of over 30,000 high net worth individuals and
institutions in connection with the purchase of over 6,500
policies totaling over $3.2 billion in face value.

LPHI is a publicly traded company incorporated in Texas and its
common stock has been delisted from the NASDAQ (formerly trading
under the symbol LPHI).

Life Partners Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20,
2015.

The case is assigned to Judge Russell F. Nelms.  J. Robert
Forshey, Esq., at Forshey & Prostok, LLP, serves as counsel to the
Debtor.

LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilities
as of the Chapter 11 filing.

The official committee of unsecured creditors formed in the case
tapped Munsch Hardt Kopf & Harr, P.C., as counsel.

Tracy A. Bolt of BDO USA, LLP was named as examiner for the
Debtor's case.  At the behest of the U.S. Securities and Exchange
Commission, the U.S. Trustee, and the Creditors Committee, the
Court ordered the appointment of a Chapter 11 trustee.  On March
13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee
in LPHI's case.  The trustee is represented by Thompson & Knight
LLP.

The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for
LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No.
15-41995) and LPI Financial Services, Inc. (Case No. 15-41996).

Life Partners is estimated to have $100 million to $500 million in
assets and more than $1 billion in debt.  LPI Financial estimated
less than $50,000.



PITT PENN: Incurs $7,159 Net Loss in August
-------------------------------------------
Pitt Penn Holding Company, Inc., on November 4, 2015, filed an
operating report for August 2015.

The Debtor incurred a net loss of $7,159 in August on zero net
revenue.

For the month of August, the Debtor had $9.98 million in total
assets, $15.42 million in total liabilities, and $5.44 million in
total shareholders' deficit.

At the start of the month, the Debtor had a cash balance of
$33,785. It had total receipts of $20,000 and total disbursements
of $31,016. At the end of the month, the Debtor had $22,769 cash.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/PittPennHolding_aug2015mor.pdf

                     About Pitt Penn

Pitt Penn Holding Co., Inc., and Pitt Penn Oil Co., LLC, each filed
voluntary petitions for Chapter 11 relief (Bankr. D. Del. Case Nos.
09-11475 and 09-11476) on April 30, 2009.  Industrial Enterprises
of America, Inc., f/k/a Advanced Bio/Chem, Inc., filed for Chapter
11 protection (Bankr. D. Del. Case No. 09-11508) on May 1, 2009.

EMC Packaging, Inc., filed a voluntary petition for Chapter 11
relief (Bankr. D. Del. Case No. 09-11524) on May 4, 2009.  Unifide
Industries, LLC, and Today's Way Manufacturing LLC, each filed a
voluntary petition for Chapter 11 relief (Bankr. D. Del. Case Nos.
09-11587 and 09-11586) on May 6, 2009.

PPH, PPO, EMC, Unifide, and Today's Way are each subsidiaries of
IEAM.  The cases are jointly administered under Case No. 09-11475.

Christopher D. Loizides, Esq., at Loizides, P.A., in Wilmington,
Del., represents the Debtors as counsel.  In its petition,
Industrial Enterprises disclosed total assets of $50,476,697 and
total debts of $17,853,997.

Industrial Enterprises originally operated as a holding company
with four wholly owned subsidiaries, PPH, EMC, Unifide, and Today's
Way.  PPH, through its wholly owned subsidiary, PPO, was a leading
manufacturer, marketer and seller of automotive chemicals and
additives.

EMC's original business consisted of converting hydrofluorocarbon
gases R134a and R152a into branded private label refrigerant and
propellant products.  Unifide was a leading marketer and seller of
automotive chemicals and additives.  Today's Way manufactured and
packaged the products which were sold by Unifide.

Norman L. Pernick was appointed as the chapter 11 trustee for the
Debtors.  The trustee tapped Cole, Schotz, Meisel, Forman &
Leonard, P.A., as counsel, and CohnReznick LLP as his exclusive
financial advisor.


PITT PENN: Net Loss Decreases to $4,304 in September
----------------------------------------------------
Pitt Penn Holding Company, Inc., on December 9, 2015, filed an
operating report for September 2015.

The Debtor incurred a net loss of $4,304 in September on zero net
revenue.

For the month of September, the Debtor had $9.99 million in total
assets, $15.43 million in total liabilities, and $5.44 million in
total shareholders' deficit.

At the start of the month, the Debtor had a cash balance of
$22,769. It had total receipts of $10,000 and total disbursements
of $9,767. At the end of the month, the Debtor had $23,001 cash.

A copy of the monthly operating report is available at:

     http://bankrupt.com/misc/PittPennHolding_sept2015mor.pdf

                       About Pitt Penn

Pitt Penn Holding Co., Inc., and Pitt Penn Oil Co., LLC, each filed
voluntary petitions for Chapter 11 relief (Bankr. D. Del. Case Nos.
09-11475 and 09-11476) on April 30, 2009.  Industrial Enterprises
of America, Inc., f/k/a Advanced Bio/Chem, Inc., filed for Chapter
11 protection (Bankr. D. Del. Case No. 09-11508) on May 1, 2009.

EMC Packaging, Inc., filed a voluntary petition for Chapter 11
relief (Bankr. D. Del. Case No. 09-11524) on May 4, 2009.  Unifide
Industries, LLC, and Today's Way Manufacturing LLC, each filed a
voluntary petition for Chapter 11 relief (Bankr. D. Del. Case Nos.
09-11587 and 09-11586) on May 6, 2009.

PPH, PPO, EMC, Unifide, and Today's Way are each subsidiaries of
IEAM.  The cases are jointly administered under Case No. 09-11475.

Christopher D. Loizides, Esq., at Loizides, P.A., in Wilmington,
Del., represents the Debtors as counsel.  In its petition,
Industrial Enterprises disclosed total assets of $50,476,697 and
total debts of $17,853,997.

Industrial Enterprises originally operated as a holding company
with four wholly owned subsidiaries, PPH, EMC, Unifide, and Today's
Way.  PPH, through its wholly owned subsidiary, PPO, was a leading
manufacturer, marketer and seller of automotive chemicals and
additives.

EMC's original business consisted of converting hydrofluorocarbon
gases R134a and R152a into branded private label refrigerant and
propellant products.  Unifide was a leading marketer and seller of
automotive chemicals and additives.  Today's Way manufactured and
packaged the products which were sold by Unifide.

Norman L. Pernick was appointed as the chapter 11 trustee for the
Debtors.  The trustee tapped Cole, Schotz, Meisel, Forman &
Leonard, P.A., as counsel, and CohnReznick LLP as his exclusive
financial advisor.


PITT PENN: Records $3,239 Net Loss in October
---------------------------------------------
Pitt Penn Holding Company, Inc., on December 9, 2015, filed an
operating report for October 2015.

The Debtor incurred a net loss of $3,239 in October on zero net
revenue.

For the month of October, the Debtor had $9.99 million in total
assets, $15.43 million in total liabilities, and $5.44 million in
total shareholders' deficit.

At the start of the month, the Debtor had a cash balance of
$23,001. It listed zero total receipts and zero total
disbursements. At the end of the month, the Debtor had $23,001
cash.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/PittPennHolding_oct2015mor.pdf

                   About Pitt Penn

Pitt Penn Holding Co., Inc., and Pitt Penn Oil Co., LLC, each filed
voluntary petitions for Chapter 11 relief (Bankr. D. Del. Case Nos.
09-11475 and 09-11476) on April 30, 2009.  Industrial Enterprises
of America, Inc., f/k/a Advanced Bio/Chem, Inc., filed for Chapter
11 protection (Bankr. D. Del. Case No. 09-11508) on May 1, 2009.

EMC Packaging, Inc., filed a voluntary petition for Chapter 11
relief (Bankr. D. Del. Case No. 09-11524) on May 4, 2009.  Unifide
Industries, LLC, and Today's Way Manufacturing LLC, each filed a
voluntary petition for Chapter 11 relief (Bankr. D. Del. Case Nos.
09-11587 and 09-11586) on May 6, 2009.

PPH, PPO, EMC, Unifide, and Today's Way are each subsidiaries of
IEAM.  The cases are jointly administered under Case No. 09-11475.

Christopher D. Loizides, Esq., at Loizides, P.A., in Wilmington,
Del., represents the Debtors as counsel.  In its petition,
Industrial Enterprises disclosed total assets of $50,476,697 and
total debts of $17,853,997.

Industrial Enterprises originally operated as a holding company
with four wholly owned subsidiaries, PPH, EMC, Unifide, and Today's
Way.  PPH, through its wholly owned subsidiary, PPO, was a leading
manufacturer, marketer and seller of automotive chemicals and
additives.

EMC's original business consisted of converting hydrofluorocarbon
gases R134a and R152a into branded private label refrigerant and
propellant products.  Unifide was a leading marketer and seller of
automotive chemicals and additives.  Today's Way manufactured and
packaged the products which were sold by Unifide.

Norman L. Pernick was appointed as the chapter 11 trustee for the
Debtors.  The trustee tapped Cole, Schotz, Meisel, Forman &
Leonard, P.A., as counsel, and CohnReznick LLP as his exclusive
financial advisor.


RAPID AMERICAN: Had $3.94 Million Cash at November 30
-----------------------------------------------------
Rapid-American Corporation, on December 16, 2015, filed a monthly
operating report for November 2015.

The Debtor listed total income of $196.85 for the month.

At the start of November, the Debtor had $4.02 million in cash.  It
reported total expenses of $81,267, which include $46,900 in
professional fees.  At the end of the month, the Debtor had $3.94
million cash.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/RapidAmerican_nov2015mor.pdf

               About Rapid-American Corp.

Rapid-American Corp. filed for Chapter 11 bankruptcy protection in
Manhattan (Bankr. S.D.N.Y. Case No. 13-10687) on March 8, 2013, to
deal with debt related to asbestos personal-injury claims.

New York-based Rapid-American was formerly a holding company with
subsidiaries primarily engaged in retail sales and consumer
products and was never engaged in an asbestos business of any
kind.

Through a series of merger transactions going back more than 45
years, Rapid has nevertheless incurred successor liability for
personal injury claims arising from plaintiffs' exposure to
asbestos-containing products sold by The Philip Carey Manufacturing
Company -- Old Carey -- as that entity existed prior to June 1,
1967.

Attorneys at Reed Smith LLP serve as counsel to the Debtor.

The Debtor disclosed assets in excess of $4,446,261 and unknown
liabilities.

The Official Committee of Unsecured Creditors retained Caplin &
Drysdale, Chartered, as counsel.

Young Conaway Stargatt & Taylor, LLP represents Lawrence
Fitzpatrick, the Future Claimants' Representative, as counsel.


SEAL123: Incurs $219,000 Net Loss in November
---------------------------------------------
Seal123, Inc., formerly known as Wet Seal, Inc., et al., filed with
the U.S. Securities and Exchange Commission their monthly operating
report for November 2015.

The Debtors listed a consolidated net loss of $219,000 on zero
revenue for the month.

As of November 30, 2015, the Debtors posted consolidated total
assets of $7.7 million consolidated total liabilities of $1.47
million, and consolidated total shareholders' equity of $6.23
million.

The Debtors listed consolidated total receipts of $57,000
consolidated total cash disbursements of $7,000 and total
non-operating disbursements of $212,000 for November.

A copy of the monthly operating report is available at the SEC at
http://is.gd/qa5dr9

                     About Seal123, Inc.

The Wet Seal, Inc., and three affiliates The Wet Seal Retail,
Inc., Wet Seal Catalog, Inc., and Wet Seal GC, LLC, filed separate
Chapter 11 petitions (Bankr. D. Del. Case Nos. 15-10081 to
15-10084) on Jan. 15, 2015. The Debtors are a national
multi-channel retailer selling fashion apparel and accessory items
designed for female customers aged 13 to 24 years old.  The Wet
Seal, Inc., disclosed $215,254,952 in assets and $60,598,968 in
liabilities as of the Chapter 11 filing.

The Hon. Christopher S. Sontchi presides over the jointly
administered cases. Maris J. Kandestin, Esq., and Michael R.
Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP; Lee R.
Bogdanoff, Esq., Michael L. Tuchin, Esq., David M. Guess, Esq.,
and Jonathan M. Weiss, Esq., at Klee, Tuchin, Bogdanoff & Stern
LLP;
and Paul Hastings LLP, serve as the Debtors' Chapter 11 counsel.
FTI Consulting serves as the Debtors' restructuring advisor.  The
Debtors' investment banker is Houlihan Lokey.  The Debtors tapped
Donlin, Recano & Co., Inc., as claims and noticing agent.

The petitions were signed by Thomas R. Hillebrandt, interim chief
financial officer.

B. Riley, the original DIP lender and plan sponsor, is represented
by Van C. Durrer, II, Esq., at Skadden, Arps, Slate, Meagher &
Flom
LLP.

Versa Capital Management, LLC, and its affiliate, Mador Lending,
LLC, which was selected as the successful bidder at an auction, is
being advised by Greenberg Traurig LLP, Klehr Harrison Harvey
Branzburg LLP, and KPMG LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors. The Committee retained Pachulski Stang Ziehl & Jones
LLP
as its counsel and Province Inc. as its financial advisor.

The Wet Seal, Inc., changed its name to "Seal123, Inc." on April
17, 2015, in accordance with the Asset Purchase Agreement with
Mador Lending, LLC, an affiliate of Versa Capital Management, LLC
as buyer.



SOUTHERN REGIONAL: Ends October With $5.37 Million Cash
-------------------------------------------------------
Southern Regional Health System, Inc., dba Southern Regional
Medical Center, et. al., on November 23, 2015, filed a monthly
operating report for October 2015.

At the start of October, the Debtor had $7.78 million in cash.  It
reported total receipts of $14.14 million and total disbursements
of $16.55 million, which include $295,578 in professional fees.  At
the end of the month, the Debtor had $5.37 million cash.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/SOUTHERNREGIONALoct2015mor.pdf

              About Southern Regional Health System

Southern Regional Health System, Inc., owns the Southern Regional
Medical Center, a 331-licensed bed full-service hospital located in
Riverdale, Georgia.  Managed by Emory Healthcare, Inc., the
hospital serves residents throughout the region south of Atlanta.
As a leader in neurologic, heart & vascular, bariatric, and women's
healthcare services, Southern Regional's medical staff is comprise
of more than 480 physicians that blend their passion for healing
with advanced technology to offer the latest procedures and
treatments.

Southern Regional and its subsidiaries sought Chapter 11 protection
(Bankr. N.D. Ga. Case No. 15-64266) on July 30, 2015, in Atlanta,
Georgia.  The cases are assigned to Judge Wendy L. Hagenau.

Southern Regional Health System, Inc. disclosed total assets of
$41,996,075 and total liabilities of $42,884,499.  The Debtors'
secured creditors are Gemino Healthcare Finance, LLC, and U.S.
Foods, Inc.

Gemino claims to be owed in excess of $10 million, while U.S. Foods
has a $60,000 claim.

The Debtors tapped Scroggins & Williamson, P.C., as bankruptcy
attorneys, Nelson Mulins Riley & Scarborough LLP, as outside
general counsel, and Kurtzman Carson Consultants LLC as claims and
balloting agent.  GGG Partners, LLC serves as financial advisors to
the Debtors.

The Official Committee of Unsecured Creditors tapped Lamberth,
ifelli, Ellis & Nason, P.A., and Pepper Hamilton, LLP, as
attorneys.  PricewaterhouseCoopers LLP serves as its financial
advisors.

                           *     *     *

Prime Healthcare has submitted a letter of intent to purchase most
of Southern Regional's assets, and would operate the hospital after
the proposed sale.  Prime has agreed to provide the Debtors with
$9.2 million of DIP financing.


WALTER ENERGY: Incurs $55.68 Million Net Loss in September
----------------------------------------------------------
Walter Energy, et al., filed with the U.S. Securities and Exchange
Commission their monthly operating report for September 2015.

As of September 30, 2015, the Debtors reported a net loss of $55.68
million on $72.64 million of total revenues.

As of September 30, 2015, the Debtors had $1.98 billion in total
assets, $4.37 billion in total liabilities, and $2.40 billion in
total stockholders' deficit.

The Debtors had $167.55 million cash at the start of the month.
They reported total cash receipts of $69.21 million and total cash
disbursements of $90.76 million.  Thus, the Debtors had $146.01
million for the four-week period ended September 26, 2015.

A copy of the monthly operating report is available at the SEC at:

                     http://is.gd/AfixzB

                      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.



ZUCKER GOLDBERG: Ends September With $728,074 Cash
--------------------------------------------------
Zucker Goldberg & Ackerman LLC, on November 12, 2015, filed a
monthly operating report for September 2015.

As of September 30, 2015, the Debtor listed total assets of $6.55
million, total liabilities of $51.14 million, and $44.59 million in
total shareholders' deficit.

At the start of September, the Debtor had $1.64 million in cash.
It reported total receipts of $1.81 million and total disbursements
of $2.72 million, which include $62,390 in professional fees.  At
the end of the month, the Debtor had $728,074 cash.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/ZuckerGoldberg_sept2015mor.pdf

                 About Zucker Goldberg

Formed in 1923 as Zucker & Goldberg, law firm Zucker, Goldberg &
Ackerman, LLC, is primarily engaged in the representation of
lenders and secured parties in foreclosure matters, insolvency
proceedings and related matters.  The sole members of ZGA are
Michael S. Ackerman, Esq. and Joel Ackerman, Esq. Michael S.
Ackerman is the managing member of the firm.  ZGA's primary offices
are in Mountainside, New Jersey.

Zucker, Goldberg & Ackerman, LLC, sought Chapter 11 protection
(Bankr. D.N.J. Case No. 15-24585) in Newark, New Jersey, on Aug. 3,
2015, to complete the orderly liquidation of the business.

The case is assigned to Judge Christine M. Gravelle.

The Debtor disclosed total assets of $11.5 million and total
liabilities of $53.3 million as of June 30, 2015.

ZGA tapped Wasserman, Jurista & Stolz, P.C. as bankruptcy counsel;
Brown, Moskowitz & Kallen, P.C., as special litigation counsel;
Genova Burns as labor counsel; and BMC Group, Inc., as noticing and
balloting agent.

The U.S. Trustee for Region 3 appointed seven creditors to serve on
an official committee of unsecured creditors.


                            *********

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
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