/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160130.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 30, 2016, Vol. 20, No. 30 Headlines CAL DIVE: Net Loss Increases to $2.92 Million in November IPC INTERNATIONAL: Files Operating Report for June & July IPC INTERNATIONAL: Files Operating Report for September & October IPC INTERNATIONAL: Lists $1.40 Million Ending Cash in August IPC INTERNATIONAL: Records $979,391 Cash at Nov. 30 LEE STEEL: Ends September With $1.74 Million Cash LEE STEEL: Had $1.62MM Ending Cash Balance at Oct. 31 RELATIVITY FASHION: Reports $90.43 Million Net Profit in October SIMPLY FASHION: Ending Cash Drops to $2.72 Million in July SIMPLY FASHION: Ends June With $5.13 Million Cash SIMPLY FASHION: Lists $2.17 Million Ending Cash at Sept 30 SIMPLY FASHION: Lists $2.31 Million Ending Cash at Aug. 31 SIMPLY FASHION: Posts $1.95 Million Ending Cash at Oct. 31 SIMPLY FASHION: Reports $1.77 Million Ending Cash at Nov. 30 STANDARD REGISTER: Incurs $2.27MM Net Loss in November [*] Fitch Revises Oil & Gas Outlook to Negative on Lower Prices ********* CAL DIVE: Net Loss Increases to $2.92 Million in November --------------------------------------------------------- Cal Dive International, Inc., and its subsidiaries, on Dec. 30, 2015, filed their monthly operating report for November 2015. Cal Dive Int'l. posted a $2.92 million net loss for November, an increase from the $1.01 million net loss recorded for October. As of Nov. 30, 2015, Cal Dive Int'l. had $196.03 million in total assets, $304.30 million in total liabilities, and a -$108.27 million net equity. Cal Dive Int'l. had $1.61 million at the start of the month. It listed $1.47 million in total receipts and $2.04 million in total disbursements for the period. The Debtor ended the month with $1.04 million cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/CALDIVEnov2015mor.pdf About Cal Dive Houston, Texas-based marine contractor Cal Dive International, Inc., provides manned diving, pipelay and pipe burial, platform installation and salvage, and light well intervention services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, West Africa, the Middle East, and Europe. Cal Dive and its U.S. subsidiaries filed simultaneous voluntary petitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015. Through the Chapter 11 process, the Company intends to sell non- core assets and intends to reorganize or sell as a going concern its core subsea contracting business. Cal Dive disclosed total assets of $571 million and total debt of $411 million as of Sept. 30, 2015. The Debtors tapped Richards, Layton & Finger, P.A., as counsel, O'Melveny & Myers LLP, as co-counsel; Jones Walker Jones Walker LLP as corporate counsel; and Kurtzman Carson Consultants, LLC, as claims and noticing agent. The Debtors also tapped Carl Marks Advisory Group LLC as crisis managers and appoint F. Duffield Meyercord as chief restructuring officer. The U.S. Trustee for Region 3 amended the committee of unsecured creditors in the case from five-member committee to four members. The Committee retained Akin Gump Strauss Hauer & Feld LLP and Pepper Hamilton LLP as co-counsel; and Guggenheim Securities, LLC as exclusive investment banker. Cal Dive Offshore Contractors, Inc., disclosed total assets of $233,273,806 and $311,339,932 in liabilities as of the Chapter 11 filing. IPC INTERNATIONAL: Files Operating Report for June & July --------------------------------------------------------- IPC International Corp., et al., filed, on Aug. 4, 2015, a monthly operating report for June and July 2015. The Debtors started June with $267,521 cash. They recorded $710 in total receipts and $2,115 in total cash disbursements for the month. Disbursements include $1,893 in Senior Lender Success Fees. At the end of the month, cash balance was listed at $266,115 million. The Debtors started July with $266,115 cash. They recorded $1.10 million in total cash receipts and $994 in total cash disbursements for the month. Disbursements include $771 in Senior Lender Success Fees. At the end of the month, cash balance increased at $1.36 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/IPCintljun-july2015mor.pdf About IPC International Based in Bannockburn, Illinois, IPC International Corp., a provider of security services for 350 shopping malls, filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 13-12050) on Aug. 9, 2013, in Delaware after signing a contract for Universal Protection Services LLC to buy the business, subject to higher and better offers at an auction. Bankruptcy was the result of losses on a U.K. affiliate that was sold, as well as competition and the cost of liability insurance. Scott M. Strong signed the petition as chief financial officer. The Debtor estimated assets and debts of at least $10 million. Jeremy William Ryan, Esq., and Etta R. Mayers, Esq., at Potter Anderson & Corroon, LLP, serves as local counsel. Paul V. Possinger, Esq., and Brandon W. Levitan, Esq., at Proskauer Rose, LLP, serve as the Debtor's general bankruptcy counsel. Silverman Consulting, LLC, acts as the Debtor's financial advisor and Livingstone Partners, LLP, serves as the Debtor's investment banker. KCC is the Debtor's noticing, claims and balloting agent. Judge Mary F. Walrath presides over the case. The Debtor disclosed $21,959,100 in assets and $31,056,575 in liabilities as of the Chapter 11 filing. Liabilities include $6.9 million on a revolving credit and $10.4 million on term loans owing to PrivateBank & Trust Co., as agent. PrivateBank also provided a $12 million loan to finance the Chapter 11 case. The DIP loan required quick sale. A three-member panel has been appointed as the official unsecured creditors committee in the case. The panel consists of Weinberg, Wheeler, Hudgins, Gunn & Dial, LLC; Mary Carmona-Rousse; and Drew Eckl & Farnham, LLP. In October 2013, IPC International won authorization to sell the business for $25.4 million to Universal Protection Services. Allied Security Holdings LLC, a competing bidder, forced Universal to raise the offer at an auction early in October. Universal initially offered $21.3 million plus assumption of specified liabilities. On July 10, 2015, the Bankruptcy Court entered an order confirming the First Amended Joint Plan of Liquidation of IPC International Corporation and The Security Network Holdings Corporation. IPC INTERNATIONAL: Files Operating Report for September & October ----------------------------------------------------------------- IPC International Corp., et al., filed, on Dec. 15, 2015, a monthly operating report for September & October 2015. For September 2015, the Debtors posted $35,364 in total receipts and $150,900 in total disbursements. Disbursements include $150,687 in Professional Fees. They started the month with $1.4 million cash, and ended the month with $1.28 million cash. For October 2015, the Debtors posted $18,679 in total receipts and $338,467 in total disbursements. Disbursements include $337,631 in Professional Fees. They started the month with $1.28 million cash, and ended the month with $961,883 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/IPCintlsept-oct2015mor.pdf About IPC International Based in Bannockburn, Illinois, IPC International Corp., a provider of security services for 350 shopping malls, filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 13-12050) on Aug. 9, 2013, in Delaware after signing a contract for Universal Protection Services LLC to buy the business, subject to higher and better offers at an auction. Bankruptcy was the result of losses on a U.K. affiliate that was sold, as well as competition and the cost of liability insurance. Scott M. Strong signed the petition as chief financial officer. The Debtor estimated assets and debts of at least $10 million. Jeremy William Ryan, Esq., and Etta R. Mayers, Esq., at Potter Anderson & Corroon, LLP, serves as local counsel. Paul V. Possinger, Esq., and Brandon W. Levitan, Esq., at Proskauer Rose, LLP, serve as the Debtor's general bankruptcy counsel. Silverman Consulting, LLC, acts as the Debtor's financial advisor and Livingstone Partners, LLP, serves as the Debtor's investment banker. KCC is the Debtor's noticing, claims and balloting agent. Judge Mary F. Walrath presides over the case. The Debtor disclosed $21,959,100 in assets and $31,056,575 in liabilities as of the Chapter 11 filing. Liabilities include $6.9 million on a revolving credit and $10.4 million on term loans owing to PrivateBank & Trust Co., as agent. PrivateBank also provided a $12 million loan to finance the Chapter 11 case. The DIP loan required quick sale. A three-member panel has been appointed as the official unsecured creditors committee in the case. The panel consists of Weinberg, Wheeler, Hudgins, Gunn & Dial, LLC; Mary Carmona-Rousse; and Drew Eckl & Farnham, LLP. In October 2013, IPC International won authorization to sell the business for $25.4 million to Universal Protection Services. Allied Security Holdings LLC, a competing bidder, forced Universal to raise the offer at an auction early in October. Universal initially offered $21.3 million plus assumption of specified liabilities. On July 10, 2015, the Bankruptcy Court entered an order confirming the First Amended Joint Plan of Liquidation of IPC International Corporation and The Security Network Holdings Corporation. IPC INTERNATIONAL: Lists $1.40 Million Ending Cash in August ------------------------------------------------------------ IPC International Corp., et al., filed, on Sept. 30, 2015, a monthly operating report for August 2015. The Debtors started August with $1.36 million cash. They recorded $35,792 in total cash receipts and $230 in total cash disbursements for the month. At the end of the month, cash balance sits at $1.40 million. A copy of the monthly operating report is available at: http://bankrupt.com/misc/IPCintlaug2015mor.pdf About IPC International Based in Bannockburn, Illinois, IPC International Corp., a provider of security services for 350 shopping malls, filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 13-12050) on Aug. 9, 2013, in Delaware after signing a contract for Universal Protection Services LLC to buy the business, subject to higher and better offers at an auction. Bankruptcy was the result of losses on a U.K. affiliate that was sold, as well as competition and the cost of liability insurance. Scott M. Strong signed the petition as chief financial officer. The Debtor estimated assets and debts of at least $10 million. Jeremy William Ryan, Esq., and Etta R. Mayers, Esq., at Potter Anderson & Corroon, LLP, serves as local counsel. Paul V. Possinger, Esq., and Brandon W. Levitan, Esq., at Proskauer Rose, LLP, serve as the Debtor's general bankruptcy counsel. Silverman Consulting, LLC, acts as the Debtor's financial advisor and Livingstone Partners, LLP, serves as the Debtor's investment banker. KCC is the Debtor's noticing, claims and balloting agent. Judge Mary F. Walrath presides over the case. The Debtor disclosed $21,959,100 in assets and $31,056,575 in liabilities as of the Chapter 11 filing. Liabilities include $6.9 million on a revolving credit and $10.4 million on term loans owing to PrivateBank & Trust Co., as agent. PrivateBank also provided a $12 million loan to finance the Chapter 11 case. The DIP loan required quick sale. A three-member panel has been appointed as the official unsecured creditors committee in the case. The panel consists of Weinberg, Wheeler, Hudgins, Gunn & Dial, LLC; Mary Carmona-Rousse; and Drew Eckl & Farnham, LLP. In October 2013, IPC International won authorization to sell the business for $25.4 million to Universal Protection Services. Allied Security Holdings LLC, a competing bidder, forced Universal to raise the offer at an auction early in October. Universal initially offered $21.3 million plus assumption of specified liabilities. On July 10, 2015, the Bankruptcy Court entered an order confirming the First Amended Joint Plan of Liquidation of IPC International Corporation and The Security Network Holdings Corporation. IPC INTERNATIONAL: Records $979,391 Cash at Nov. 30 --------------------------------------------------- IPC International Corp., et al., filed, on Dec. 15, 2015, a monthly operating report for November 2015. The Debtors started November with $961,883 cash. They recorded $24,023 in total cash receipts and $6,516 in total cash disbursements for the month. Disbursements include $6,378 in Professional Fees. At the end of the month, the Debtors had $979,391 cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/IPCintlnov2015mor.pdf About IPC International Based in Bannockburn, Illinois, IPC International Corp., a provider of security services for 350 shopping malls, filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 13-12050) on Aug. 9, 2013, in Delaware after signing a contract for Universal Protection Services LLC to buy the business, subject to higher and better offers at an auction. Bankruptcy was the result of losses on a U.K. affiliate that was sold, as well as competition and the cost of liability insurance. Scott M. Strong signed the petition as chief financial officer. The Debtor estimated assets and debts of at least $10 million. Jeremy William Ryan, Esq., and Etta R. Mayers, Esq., at Potter Anderson & Corroon, LLP, serves as local counsel. Paul V. Possinger, Esq., and Brandon W. Levitan, Esq., at Proskauer Rose, LLP, serve as the Debtor's general bankruptcy counsel. Silverman Consulting, LLC, acts as the Debtor's financial advisor and Livingstone Partners, LLP, serves as the Debtor's investment banker. KCC is the Debtor's noticing, claims and balloting agent. Judge Mary F. Walrath presides over the case. The Debtor disclosed $21,959,100 in assets and $31,056,575 in liabilities as of the Chapter 11 filing. Liabilities include $6.9 million on a revolving credit and $10.4 million on term loans owing to PrivateBank & Trust Co., as agent. PrivateBank also provided a $12 million loan to finance the Chapter 11 case. The DIP loan required quick sale. A three-member panel has been appointed as the official unsecured creditors committee in the case. The panel consists of Weinberg, Wheeler, Hudgins, Gunn & Dial, LLC; Mary Carmona-Rousse; and Drew Eckl & Farnham, LLP. In October 2013, IPC International won authorization to sell the business for $25.4 million to Universal Protection Services. Allied Security Holdings LLC, a competing bidder, forced Universal to raise the offer at an auction early in October. Universal initially offered $21.3 million plus assumption of specified liabilities. On July 10, 2015, the Bankruptcy Court entered an order confirming the First Amended Joint Plan of Liquidation of IPC International Corporation and The Security Network Holdings Corporation. LEE STEEL: Ends September With $1.74 Million Cash ------------------------------------------------- Lee Steel Corporation filed on November 2, 2015, its monthly operating report for September 2015. At September 30, the Debtor had $2.14 million in total assets, $13.48 million in total liabilities, and $11.31 million in total shareholders' deficit. The Debtor had a beginning cash balance of $7.33 million at September 1. It listed $4.29 million in total receipts and $9.88 million in total disbursements. Ending cash balance was $1.74 million at September 30. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/LeeSteel_Sept2015mor.pdf About Lee Steel Corporation Novi, Michigan-based Lee Steel Corp., provides flat rolled steel, including hot rolled steel, cold rolled steel, and exposed coated products for automotive and other manufacturing industries. Lee Steel and 2 affiliated companies -- Taylor Industrial Properties, L.L.C., and 4L Ventures, LLC -- filed for separate bankruptcy protection (Bankr. D. Del. Case No. 15-45784) on April 13, 2015. The Hon. Marci B. McIvor presides over the cases. Joshua A. Gadharf, Esq., at McDonald Hopkins PLC, represents the Debtor. Huron Business Advisory, serves as financial advisor; and Epiq Bankruptcy Solutions serves as claims and noticing agent. Lee Steel disclosed $63,206,282 in total assets and $62,659,806 in total liabilities. Hilco Global has purchased the steel processing facility located at the Lee Steel Corporation site in Romulus, Michigan. The deal which was approved in U.S. Bankruptcy Court includes a 200,000 square foot plant and all of the steel processing equipment located at that site. The sale is expected to close in mid-September. The U.S. Trustee for Region 9 appointed three creditors to serve on the official committee of unsecured creditors. Conway Mackenzie, Inc. serves as its financial advisor. * * * The Debtors sold their steel processing facility located in Romulus, Michigan, to Hilco Global for $14 million. The deal which was approved in U.S. Bankruptcy Court includes a 200,000 square foot plant and all of the steel processing equipment located at that site. Union Partners I, LLC, won an auction for the Debtors' Wyoming facility and working capital assets with a $23.6 million offer. Effective Sept. 18, 2015, the sale to Union Partners closed, and the Debtors ceased operations and commenced the process of winding down their affairs. The Debtors changed their names to LSC Liquidation Inc., et al., following the sale. LEE STEEL: Had $1.62MM Ending Cash Balance at Oct. 31 ----------------------------------------------------- Lee Steel Corporation filed on November 20, 2015, its monthly operating report for October 2015. At October 31, the Debtor had $2.02 million in total assets, $13.35 million in total liabilities, and $11.33 million in total shareholders' deficit. The Debtor had a beginning cash balance of $1.74 million at October 1. It listed $12,928 in total receipts and $139,312 in total disbursements. Ending cash balance was $1.62 million at October 30. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/LeeSteel_Oct2015mor.pdf About Lee Steel Corporation Novi, Michigan-based Lee Steel Corp., provides flat rolled steel, including hot rolled steel, cold rolled steel, and exposed coated products for automotive and other manufacturing industries. Lee Steel and 2 affiliated companies -- Taylor Industrial Properties, L.L.C., and 4L Ventures, LLC -- filed for separate bankruptcy protection (Bankr. D. Del. Case No. 15-45784) on April 13, 2015. The Hon. Marci B. McIvor presides over the cases. Joshua A. Gadharf, Esq., at McDonald Hopkins PLC, represents the Debtor. Huron Business Advisory, serves as financial advisor; and Epiq Bankruptcy Solutions serves as claims and noticing agent. Lee Steel disclosed $63,206,282 in total assets and $62,659,806 in total liabilities. Hilco Global has purchased the steel processing facility located at the Lee Steel Corporation site in Romulus, Michigan. The deal which was approved in U.S. Bankruptcy Court includes a 200,000 square foot plant and all of the steel processing equipment located at that site. The sale is expected to close in mid-September. The U.S. Trustee for Region 9 appointed three creditors to serve on the official committee of unsecured creditors. Conway Mackenzie, Inc. serves as its financial advisor. * * * The Debtors sold their steel processing facility located in Romulus, Michigan, to Hilco Global for $14 million. The deal which was approved in U.S. Bankruptcy Court includes a 200,000 square foot plant and all of the steel processing equipment located at that site. Union Partners I, LLC, won an auction for the Debtors' Wyoming facility and working capital assets with a $23.6 million offer. Effective Sept. 18, 2015, the sale to Union Partners closed, and the Debtors ceased operations and commenced the process of winding down their affairs. The Debtors changed their names to LSC Liquidation Inc., et al., following the sale. RELATIVITY FASHION: Reports $90.43 Million Net Profit in October ---------------------------------------------------------------- Relativity Fashion LLC, et al., on Dec. 22, 2015, filed their monthly operating report for October 2015. The Debtors gained a net profit of $90.43 million on $2.28 million net revenue in October, a complete turn around from $32.07 net loss recorded in September. The net profit is partially a result of gain from the sale of Relativity Television. At October 31, the Debtors had $265.86 million in total assets, $963.54 million in total liabilities, and an $697.67 million total shareholders' deficit. The Debtors started the month with $71.91 million cash. It listed $35.62 million in total receipts and $33.53 million in total disbursements. Disbursements include $4.65 million in professional fees. At month end, the Debtors had $74 million cash. A copy of the monthly operating report is available at: http://bankrupt.com/misc/RelativityFashionOct2015mor.pdf About Relativity Relativity -- http://relativitymedia.com/-- is a next-generation global media company engaged in multiple aspects of content production and distribution, including movies, television, sports, digital and music. More than just a collection of entertainment-related businesses, Relativity is a content engine with the ability to leverage each of these business units, independently and together, to create content across all mediums, giving consumers what they want, when they want it. Relativity Studios, the Company's largest division, has produced, distributed or structured financing for more than 200 motion pictures, generating more than $17 billion in worldwide box-office revenue and earning 60 Oscar nominations. Relativity's films include Oculus, Safe Haven, Act of Valor, Immortals, Limitless, and The Fighter. Relativity Media LLC and its affiliates, including Relativity Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy Code on July 30, 2015 (Bankr. S.D.N.Y., Case No. 15-11989). The case is assigned to Judge Michael E. Wiles. The Debtors are represented by Craig A. Wolfe, Esq., Malani J. Cademartori, Esq., and Blanka K. Wolfe, Esq., at Sheppard Mullin Richter & Hampton LLP, in New York; and Richard L. Wynne, Esq., Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq., at Jones Day, in New York. Brian Kushner of FTI Consulting, Inc., serves as chief restructuring officer and crisis and turnaround manager. Luke Schaeffer of FTI Consulting, Inc., serves as deputy CRO. Blackstone Advisory Partners L.P. serves as the Debtors' investment banker. The team is led by Timothy Coleman, Senior Managing Director, CJ Brown, Senior Managing Director, Paul Sheaffer, Vice President, and Joseph Goldschmid, Associate. The Debtors' noticing and claims agent is Donlin, Recano & Company, Inc. * * * An investor group composed of Anchorage Capital Group, L.L.C., Falcon Investment Advisors, LLC and Luxor Capital Group, LP on Oct. 21, 2015, completed its purchase of the assets of Relativity Television. After selling their TV business, the Debtors and CEO Ryan C. Kavanaughfiled a proposed plan of reorganization that will allow the Debtors to reorganize their non-TV business units with a substantially de-levered balance sheet utilizing new equity investments and new financing. Jim Cantelupe, of Summit Trail Advisors, LLC, has committed to work with the Debtors to raise up to $100 million of new equity to fund the Plan. SIMPLY FASHION: Ending Cash Drops to $2.72 Million in July ---------------------------------------------------------- Simply Fashion Stores Ltd., on August 24, 2015, filed its monthly operating report for the period July 1 to 31, 2015. The Debtor started the month with $5.13 million cash. It listed $623,654 in total receipts and $3.03 million in total disbursements. At July 31, the Debtor had $2.72 million cash, a decrease from the $5.13 million ending cash recorded for June. The Debtor's balance sheet and income statement were not available as of the filing of its monthly operating report. The Debtor said it is in the process of bringing its accounting records current. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SIMPLYFASHION_jul2015mor.pdf About Simply Fashion Owned by the Shah family, Simply Fashion has 247 stores in 25 states across the country in major markets such as Detroit, Miami, New Orleans, St. Louis, Chicago, Atlanta, Baltimore, Nashville and Dallas. Founded in 1991, Simply Fashion is primarily a brick and mortar retailer of Junior, Plus and Super Plus women's fashion catering to African-American women between the ages of 25 and 55, with locations in 25 states. Adinath Corp. is the general partner of Simply Fashion. It is owned 100% by Bhavana Shah. On April 16, 2015, Adinath and Simply Fashion Stores, Ltd., each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in Miami, Florida (Bankr. S.D. Fla., Case No. 15-16885). The cases are under the Honorable Laurel M. Isicoff. The Debtors have tapped Berger Singerman LLP as counsel; Kapila Mukamal, LLP, as restructuring advisor; and Prime Clerk LLC as claims and noticing agent. Simply Fashion estimated $10 million to $50 million in assets and debt. The U.S. Trustee for Region 21 appointed five creditors to serve on the official committee of unsecured creditors. On July 24, 2015, the U.S. Trustee appointed James P.S. Leshaw as consumer privacy ombudsman in the Debtors' Chapter 11 cases. SIMPLY FASHION: Ends June With $5.13 Million Cash ------------------------------------------------- Simply Fashion Stores Ltd., on July 23, 2015, filed its monthly operating report for the period June 1 to 30, 2015. The Debtor started the month with $6.28 million cash. It listed $11.08 million in total receipts and $12.23 million in total disbursements. At month end, the Debtor had $5.13 million cash. The Debtor's balance sheet and income statement were not available as of the filing of its monthly operating report. The Debtor said it is in the process of bringing its accounting records current. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SIMPLYFASHION_jun2015mor.pdf About Simply Fashion Owned by the Shah family, Simply Fashion has 247 stores in 25 states across the country in major markets such as Detroit, Miami, New Orleans, St. Louis, Chicago, Atlanta, Baltimore, Nashville and Dallas. Founded in 1991, Simply Fashion is primarily a brick and mortar retailer of Junior, Plus and Super Plus women's fashion catering to African-American women between the ages of 25 and 55, with locations in 25 states. Adinath Corp. is the general partner of Simply Fashion. It is owned 100% by Bhavana Shah. On April 16, 2015, Adinath and Simply Fashion Stores, Ltd., each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in Miami, Florida (Bankr. S.D. Fla., Case No. 15-16885). The cases are under the Honorable Laurel M. Isicoff. The Debtors have tapped Berger Singerman LLP as counsel; Kapila Mukamal, LLP, as restructuring advisor; and Prime Clerk LLC as claims and noticing agent. Simply Fashion estimated $10 million to $50 million in assets and debt. The U.S. Trustee for Region 21 appointed five creditors to serve on the official committee of unsecured creditors. On July 24, 2015, the U.S. Trustee appointed James P.S. Leshaw as consumer privacy ombudsman in the Debtors' Chapter 11 cases. SIMPLY FASHION: Lists $2.17 Million Ending Cash at Sept 30 ---------------------------------------------------------- Simply Fashion Stores Ltd., on October 21, 2015, filed its monthly operating report for the period September 1 to 30, 2015. The Debtor started the month with $2.31 million cash. It listed $170,078 in total receipts and $307,168 in total disbursements. At month end, the Debtor had $2.17 million cash. The Debtor's balance sheet and income statement were not available as of the filing of its monthly operating report. The Debtor said it is in the process of bringing its accounting records current. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SIMPLYFASHION_sept2015mor.pdf About Simply Fashion Owned by the Shah family, Simply Fashion has 247 stores in 25 states across the country in major markets such as Detroit, Miami, New Orleans, St. Louis, Chicago, Atlanta, Baltimore, Nashville and Dallas. Founded in 1991, Simply Fashion is primarily a brick and mortar retailer of Junior, Plus and Super Plus women's fashion catering to African-American women between the ages of 25 and 55, with locations in 25 states. Adinath Corp. is the general partner of Simply Fashion. It is owned 100% by Bhavana Shah. On April 16, 2015, Adinath and Simply Fashion Stores, Ltd., each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in Miami, Florida (Bankr. S.D. Fla., Case No. 15-16885). The cases are under the Honorable Laurel M. Isicoff. The Debtors have tapped Berger Singerman LLP as counsel; Kapila Mukamal, LLP, as restructuring advisor; and Prime Clerk LLC as claims and noticing agent. Simply Fashion estimated $10 million to $50 million in assets and debt. The U.S. Trustee for Region 21 appointed five creditors to serve on the official committee of unsecured creditors. On July 24, 2015, the U.S. Trustee appointed James P.S. Leshaw as consumer privacy ombudsman in the Debtors' Chapter 11 cases. SIMPLY FASHION: Lists $2.31 Million Ending Cash at Aug. 31 ---------------------------------------------------------- Simply Fashion Stores Ltd., on September 22, 2015, filed its monthly operating report for the period August 1 to 31, 2015. The Debtor started the month with $2.72 million cash. It listed $104,745 in total receipts and $517,126 in total disbursements. At month end, the Debtor had $2.31 million cash. The Debtor's balance sheet and income statement were not available as of the filing of its monthly operating report. The Debtor said it is in the process of bringing its accounting records current. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SIMPLYFASHION_aug2015mor.pdf About Simply Fashion Owned by the Shah family, Simply Fashion has 247 stores in 25 states across the country in major markets such as Detroit, Miami, New Orleans, St. Louis, Chicago, Atlanta, Baltimore, Nashville and Dallas. Founded in 1991, Simply Fashion is primarily a brick and mortar retailer of Junior, Plus and Super Plus women's fashion catering to African-American women between the ages of 25 and 55, with locations in 25 states. Adinath Corp. is the general partner of Simply Fashion. It is owned 100% by Bhavana Shah. On April 16, 2015, Adinath and Simply Fashion Stores, Ltd., each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in Miami, Florida (Bankr. S.D. Fla., Case No. 15-16885). The cases are under the Honorable Laurel M. Isicoff. The Debtors have tapped Berger Singerman LLP as counsel; Kapila Mukamal, LLP, as restructuring advisor; and Prime Clerk LLC as claims and noticing agent. Simply Fashion estimated $10 million to $50 million in assets and debt. The U.S. Trustee for Region 21 appointed five creditors to serve on the official committee of unsecured creditors. On July 24, 2015, the U.S. Trustee appointed James P.S. Leshaw as consumer privacy ombudsman in the Debtors' Chapter 11 cases. SIMPLY FASHION: Posts $1.95 Million Ending Cash at Oct. 31 ---------------------------------------------------------- Simply Fashion Stores Ltd., on November 24, 2015, filed its monthly operating report for the period October 1 to 31, 2015. The Debtor started the month with $2.17 million cash. It listed $27,373 in total receipts and $252,670 in total disbursements. At month end, the Debtor had $1.95 million cash. The Debtor's balance sheet and income statement were not available as of the filing of its monthly operating report. The Debtor said it is in the process of bringing its accounting records current. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SIMPLYFASHION_oct2015mor.pdf About Simply Fashion Owned by the Shah family, Simply Fashion has 247 stores in 25 states across the country in major markets such as Detroit, Miami, New Orleans, St. Louis, Chicago, Atlanta, Baltimore, Nashville and Dallas. Founded in 1991, Simply Fashion is primarily a brick and mortar retailer of Junior, Plus and Super Plus women's fashion catering to African-American women between the ages of 25 and 55, with locations in 25 states. Adinath Corp. is the general partner of Simply Fashion. It is owned 100% by Bhavana Shah. On April 16, 2015, Adinath and Simply Fashion Stores, Ltd., each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in Miami, Florida (Bankr. S.D. Fla., Case No. 15-16885). The cases are under the Honorable Laurel M. Isicoff. The Debtors have tapped Berger Singerman LLP as counsel; Kapila Mukamal, LLP, as restructuring advisor; and Prime Clerk LLC as claims and noticing agent. Simply Fashion estimated $10 million to $50 million in assets and debt. The U.S. Trustee for Region 21 appointed five creditors to serve on the official committee of unsecured creditors. On July 24, 2015, the U.S. Trustee appointed James P.S. Leshaw as consumer privacy ombudsman in the Debtors' Chapter 11 cases. SIMPLY FASHION: Reports $1.77 Million Ending Cash at Nov. 30 ------------------------------------------------------------ Simply Fashion Stores Ltd., on December 15, 2015, filed its monthly operating report for the period November 1 to 30, 2015. The Debtor started the month with $1.95 million cash. It listed $2,763 in total receipts and $176,472 in total disbursements. At month end, the Debtor had $1.77 million cash. The Debtor's balance sheet and income statement were not available as of the filing of its monthly operating report. The Debtor said it is in the process of bringing its accounting records current. A copy of the monthly operating report is available at: http://bankrupt.com/misc/SIMPLYFASHION_nov2015mor.pdf About Simply Fashion Owned by the Shah family, Simply Fashion has 247 stores in 25 states across the country in major markets such as Detroit, Miami, New Orleans, St. Louis, Chicago, Atlanta, Baltimore, Nashville and Dallas. Founded in 1991, Simply Fashion is primarily a brick and mortar retailer of Junior, Plus and Super Plus women's fashion catering to African-American women between the ages of 25 and 55, with locations in 25 states. Adinath Corp. is the general partner of Simply Fashion. It is owned 100% by Bhavana Shah. On April 16, 2015, Adinath and Simply Fashion Stores, Ltd., each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in Miami, Florida (Bankr. S.D. Fla., Case No. 15-16885). The cases are under the Honorable Laurel M. Isicoff. The Debtors have tapped Berger Singerman LLP as counsel; Kapila Mukamal, LLP, as restructuring advisor; and Prime Clerk LLC as claims and noticing agent. Simply Fashion estimated $10 million to $50 million in assets and debt. The U.S. Trustee for Region 21 appointed five creditors to serve on the official committee of unsecured creditors. On July 24, 2015, the U.S. Trustee appointed James P.S. Leshaw as consumer privacy ombudsman in the Debtors' Chapter 11 cases. STANDARD REGISTER: Incurs $2.27MM Net Loss in November ------------------------------------------------------ The Standard Register Company, et. al., on Dec. 18, 2015, filed their monthly operating report for the period November 2 to 29, 2015. The Debtors incurred a net loss of $2.27 million for November. As of Nov. 29, 2015, the Debtors recorded $10.76 million in consolidated total assets, $2.35 million in consolidated total liabilities not subject to compromise, $310.37 million in consolidated total liabilities subject to compromise, and a consolidated total shareholders' deficit of $301.97 million. The Debtors listed $224 inflows and total disbursements of $2.35 million for the period. Disbursements include $1.69 million for professional fees. A copy of the monthly operating report is available at: http://bankrupt.com/misc/StandardRegisterNov2015mor.pdf About Standard Register Standard Register provides market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The Company has operations in all U.S. states and Puerto Rico, and currently employs 3,500 full-time employees and 16 part-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. The Official Committee of Unsecured Creditors tapped Lowenstein Sandler LLP as its counsel and Jefferies LLC as its exclusive investment banker. [*] Fitch Revises Oil & Gas Outlook to Negative on Lower Prices --------------------------------------------------------------- Fitch Ratings has revised its 2016 rating outlook for the U.S. Oil & Gas industry to Negative from Stable, reflecting the impact of lower oil and gas prices, and Fitch's downward revision of its corporate oil & gas price deck earlier this month. These factors are likely to increase the number of negative ratings actions seen across the sector. As of Jan. 24, 2015, approximately 29% of companies in Fitch's U.S. oil & gas portfolio had Negative Outlooks. Low prices hit high yield oil & gas issuers hard last year, and they remain under considerable stress in this downturn. Single 'B'-rated companies in particular face a variety of challenges, including a higher cost base, declining hedge coverage, lack of financeable assets and limited market access. The credit impact of lower oil and gas prices is beginning to ripple out across the investment grade energy space. While most investment grade names have decent liquidity, cost positions, capex flexibility, and capital markets access, the current environment has pressured credit metrics enough to put downward pressure on ratings. Investment grade E&Ps currently on Negative Outlook include ConocoPhillips, Hess, and Southwestern Energy Company. ********* 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 ***